test/14826	48	trade	"ASIAN EXPORTERS FEAR DAMAGE FROM U.S.-JAPAN RIFT
  Mounting trade friction between the
  U.S. And Japan has raised fears among many of Asia's exporting
  nations that the row could inflict far-reaching economic
  damage, businessmen and officials said.
      They told Reuter correspondents in Asian capitals a U.S.
  Move against Japan might boost protectionist sentiment in the
  U.S. And lead to curbs on American imports of their products.
      But some exporters said that while the conflict would hurt
  them in the long-run, in the short-term Tokyo's loss might be
  their gain.
      The U.S. Has said it will impose 300 mln dlrs of tariffs on
  imports of Japanese electronics goods on April 17, in
  retaliation for Japan's alleged failure to stick to a pact not
  to sell semiconductors on world markets at below cost.
      Unofficial Japanese estimates put the impact of the tariffs
  at 10 billion dlrs and spokesmen for major electronics firms
  said they would virtually halt exports of products hit by the
  new taxes.
      ""We wouldn't be able to do business,"" said a spokesman for
  leading Japanese electronics firm Matsushita Electric
  Industrial Co Ltd <MC.T>.
      ""If the tariffs remain in place for any length of time
  beyond a few months it will mean the complete erosion of
  exports (of goods subject to tariffs) to the U.S.,"" said Tom
  Murtha, a stock analyst at the Tokyo office of broker <James
  Capel and Co>.
      In Taiwan, businessmen and officials are also worried.
      ""We are aware of the seriousness of the U.S. Threat against
  Japan because it serves as a warning to us,"" said a senior
  Taiwanese trade official who asked not to be named.
      Taiwan had a trade trade surplus of 15.6 billion dlrs last
  year, 95 pct of it with the U.S.
      The surplus helped swell Taiwan's foreign exchange reserves
  to 53 billion dlrs, among the world's largest.
      ""We must quickly open our markets, remove trade barriers and
  cut import tariffs to allow imports of U.S. Products, if we
  want to defuse problems from possible U.S. Retaliation,"" said
  Paul Sheen, chairman of textile exporters <Taiwan Safe Group>.
      A senior official of South Korea's trade promotion
  association said the trade dispute between the U.S. And Japan
  might also lead to pressure on South Korea, whose chief exports
  are similar to those of Japan.
      Last year South Korea had a trade surplus of 7.1 billion
  dlrs with the U.S., Up from 4.9 billion dlrs in 1985.
      In Malaysia, trade officers and businessmen said tough
  curbs against Japan might allow hard-hit producers of
  semiconductors in third countries to expand their sales to the
  U.S.
      In Hong Kong, where newspapers have alleged Japan has been
  selling below-cost semiconductors, some electronics
  manufacturers share that view. But other businessmen said such
  a short-term commercial advantage would be outweighed by
  further U.S. Pressure to block imports.
      ""That is a very short-term view,"" said Lawrence Mills,
  director-general of the Federation of Hong Kong Industry.
      ""If the whole purpose is to prevent imports, one day it will
  be extended to other sources. Much more serious for Hong Kong
  is the disadvantage of action restraining trade,"" he said.
      The U.S. Last year was Hong Kong's biggest export market,
  accounting for over 30 pct of domestically produced exports.
      The Australian government is awaiting the outcome of trade
  talks between the U.S. And Japan with interest and concern,
  Industry Minister John Button said in Canberra last Friday.
      ""This kind of deterioration in trade relations between two
  countries which are major trading partners of ours is a very
  serious matter,"" Button said.
      He said Australia's concerns centred on coal and beef,
  Australia's two largest exports to Japan and also significant
  U.S. Exports to that country.
      Meanwhile U.S.-Japanese diplomatic manoeuvres to solve the
  trade stand-off continue.
      Japan's ruling Liberal Democratic Party yesterday outlined
  a package of economic measures to boost the Japanese economy.
      The measures proposed include a large supplementary budget
  and record public works spending in the first half of the
  financial year.
      They also call for stepped-up spending as an emergency
  measure to stimulate the economy despite Prime Minister
  Yasuhiro Nakasone's avowed fiscal reform program.
      Deputy U.S. Trade Representative Michael Smith and Makoto
  Kuroda, Japan's deputy minister of International Trade and
  Industry (MITI), are due to meet in Washington this week in an
  effort to end the dispute.
  

"
test/14828	17	grain	"CHINA DAILY SAYS VERMIN EAT 7-12 PCT GRAIN STOCKS
  A survey of 19 provinces and seven cities
  showed vermin consume between seven and 12 pct of China's grain
  stocks, the China Daily said.
      It also said that each year 1.575 mln tonnes, or 25 pct, of
  China's fruit output are left to rot, and 2.1 mln tonnes, or up
  to 30 pct, of its vegetables. The paper blamed the waste on
  inadequate storage and bad preservation methods.
      It said the government had launched a national programme to
  reduce waste, calling for improved technology in storage and
  preservation, and greater production of additives. The paper
  gave no further details.
  

"
test/14839	43	ship	"AUSTRALIAN FOREIGN SHIP BAN ENDS BUT NSW PORTS HIT
  Tug crews in New South Wales (NSW),
  Victoria and Western Australia yesterday lifted their ban on
  foreign-flag ships carrying containers but NSW ports are still
  being disrupted by a separate dispute, shipping sources said.
      The ban, imposed a week ago over a pay claim, had prevented
  the movement in or out of port of nearly 20 vessels, they said.
      The pay dispute went before a hearing of the Arbitration
  Commission today.
      Meanwhile, disruption began today to cargo handling in the
  ports of Sydney, Newcastle and Port Kembla, they said.
      The industrial action at the NSW ports is part of the week
  of action called by the NSW Trades and Labour Council to
  protest changes to the state's workers' compensation laws.
      The shipping sources said the various port unions appear to
  be taking it in turn to work for a short time at the start of
  each shift and then to walk off.
      Cargo handling in the ports has been disrupted, with
  container movements most affected, but has not stopped
  altogether, they said.
      They said they could not say how long the disruption will
  go on and what effect it will have on shipping movements.
  

"
test/14842	16	gold	"WESTERN MINING TO OPEN NEW GOLD MINE IN AUSTRALIA
  Western Mining Corp Holdings Ltd
  <WMNG.S> (WMC) said it will establish a new joint venture gold
  mine in the Northern Territory at a cost of about 21 mln dlrs.
      The mine, to be known as the Goodall project, will be owned
  60 pct by WMC and 40 pct by a local W.R. Grace and Co <GRA>
  unit. It is located 30 kms east of the Adelaide River at Mt.
  Bundey, WMC said in a statement
      It said the open-pit mine, with a conventional leach
  treatment plant, is expected to produce about 50,000 ounces of
  gold in its first year of production from mid-1988. Annual ore
  capacity will be about 750,000 tonnes.
  

"
test/14843	0	acq	"SUMITOMO BANK AIMS AT QUICK RECOVERY FROM MERGER
  Sumitomo Bank Ltd <SUMI.T> is certain to
  lose its status as Japan's most profitable bank as a result of
  its merger with the Heiwa Sogo Bank, financial analysts said.
      Osaka-based Sumitomo, with desposits of around 23.9
  trillion yen, merged with Heiwa Sogo, a small, struggling bank
  with an estimated 1.29 billion dlrs in unrecoverable loans, in
  October.
      But despite the link-up, Sumitomo President Koh Komatsu
  told Reuters he is confident his bank can quickly regain its
  position.
      ""We'll be back in position in first place within three
  years,"" Komatsu said in an interview.
      He said that while the merger will initially reduce
  Sumitomo's profitability and efficiency, it will vastly expand
  Sumitomo's branch network in the Tokyo metropolitan area where
  it has been relatively weak.
      But financial analysts are divided on whether and how
  quickly the gamble will pay off.
      Some said Sumitomo may have paid too much for Heiwa Sogo in
  view of the smaller bank's large debts. Others argue the merger
  was more cost effective than creating a comparable branch
  network from scratch.
      The analysts agreed the bank was aggressive. It has
  expanded overseas, entered the lucrative securities business
  and geared up for domestic competition, but they questioned the
  wisdom of some of those moves.
      ""They've made bold moves to put everything in place. Now
  it's largely out of their hands,"" said Kleinwort Benson Ltd
  financial analyst Simon Smithson.
      Among Sumitomo's problems are limits placed on its move to
  enter U.S. Securities business by taking a share in American
  investment bank Goldman, Sachs and Co.
      Sumitomo last August agreed to pay 500 mln dlrs for a 12.5
  pct limited partnership in the bank, but for the time being at
  least, the Federal Reserve Board has forbidden them to exchange
  personnel, or increase the business they do with each other.
      ""The tie-up is widely looked on as a lame duck because the
  Fed was stricter than Sumitomo expected,"" said one analyst.
      But Komatsu said the move will pay off in time.
      ""U.S. Regulations will change in the near future and if so,
  we can do various things. We only have to wait two or three
  years, not until the 21st century,"" Komatsu said.
      Komatsu is also willing to be patient about possible routes
  into the securities business at home.
      Article 65 of the Securities and Exchange Act, Japan's
  version of the U.S. Glass-Steagall Act, separates commercial
  from investment banking.
      But the walls between the two are crumbling and Komatsu
  said he hopes further deregulation will create new
  opportunities.
      ""We need to find new business chances,"" Komatsu said. ""In some
  cases these will be securities related, in some cases trust
  bank related. That's the kind of deregulation we want.""
      Until such changes occur, Sumitomo will focus on such
  domestic securities business as profitable government bond
  dealing and strengthening relations with Meiko Securities Co
  Ltd, in which it holds a five pct share, Komatsu said.
      He said Sumitomo is cautiously optimistic about entering
  the securities business here through its Swiss universal bank
  subsidiary, Banca del Gottardo.
       The Finance Ministry is expected to grant licences to
  securities subsidiaries of U.S. Commercial banks soon,
  following a similar decision for subsidiaries of European
  universal banks in which the parent holds a less than 50 pct.
      But Komatsu is reluctant to push hard for a similar
  decision on a Gottardo subsidiary.
      ""We don't want to make waves. We expect this will be allowed
  in two or three years,"" he said.
      Like other city banks, Sumitomo is also pushing to expand
  lending to individuals and small and medium businesses to
  replace disappearing demand from big business, he added.
      The analysts said Sumitomo will have to devote a lot of
  time to digesting its most recent initiatives, including the
  merger with ailing Heiwa Sogo.
      ""It's (Sumitomo) been bold in its strategies,"" said
  Kleinwort's Smithson.
      ""After that, it's a question of absorbing and juggling
  around. It will be the next decade before we see if the
  strategy is right or wrong.""
  

"
test/14844	47	tin	"SUBROTO SAYS INDONESIA SUPPORTS TIN PACT EXTENSION
  Mines and Energy Minister Subroto
  confirmed Indonesian support for an extension of the sixth
  International Tin Agreement (ITA), but said a new pact was not
  necessary.
      Asked by Reuters to clarify his statement on Monday in
  which he said the pact should be allowed to lapse, Subroto said
  Indonesia was ready to back extension of the ITA.
      ""We can support extension of the sixth agreement,"" he said.
  ""But a seventh accord we believe to be unnecessary.""
      The sixth ITA will expire at the end of June unless a
  two-thirds majority of members vote for an extension.
  

"
test/14854	23	ipi	"CHINA INDUSTRIAL OUTPUT RISES IN FIRST QUARTER
  China's industrial output rose 14.1 pct
  in the first quarter of 1987 against the same 1986 period, the
  People's Daily said.
      Its overseas edition said the growth rate, which compares
  with a target of seven pct for the whole of 1987, was ""rather
  high"" but the base in the first quarter of 1986 was on the low
  side. Industrial output grew 4.4 pct in the first quarter of
  1986.
      It said China's industrial production this year has been
  normal but product quality and efficiency need further
  improvement. It gave no further details.
  

"
test/14859	12	earn	"AMATIL PROPOSES TWO-FOR-FIVE BONUS SHARE ISSUE
  Amatil Ltd <AMAA.S> said it proposes to
  make a two-for-five bonus issue out of its revaluation reserve
  to shareholders registered May 26.
      Shareholders will be asked to approve the issue and an
  increase in authorised capital to 175 mln shares from 125 mln
  at a general meeting on May 1, it said in a statement.
      The new shares will rank for dividends declared after
  October 31. Amatil, in which B.A.T. Industries Plc <BTI.L>
  holds a 41 pct stake, said it does not expect to maintain its
  latest annual dividend rate of 29 cents a share on the enlarged
  capital.
  

"
test/14860	12	earn	"BOWATER 1986 PRETAX PROFITS RISE 15.6 MLN STG
  Shr 27.7p vs 20.7p
      Div 6.0p vs 5.5p making 10.0p vs 9.25p
      Turnover 1.34 billion stg vs 1.29 billion
      Pretax profit 48.0 mln vs 32.4 mln
      Tax 14.4 mln vs 6.9 mln
      Company name is Bowater Industries Plc <BWTR.L>
      Trading profit 63.4 mln vs 45.1 mln
      Trading profit includes -
      Packaging and associated products 23.2 mln vs 14.2 mln
      Merchanting and services 18.4 mln vs 9.6 mln
      Tissue and timber products 9.0 mln vs 5.8 mln
      Interest debit 15.4 mln vs 12.7 mln
      Minority interests 7.0 mln debit vs 6.2 mln debit
      Extraordinary items 15.4 mln credit vs 11.9 mln debit
  

"
test/14865	0	acq	"CRA SOLD FORREST GOLD FOR 76 MLN DLRS - WHIM CREEK
  <Whim Creek Consolidated NL> said the
  consortium it is leading will pay 76.55 mln dlrs for the
  acquisition of CRA Ltd's <CRAA.S> <Forrest Gold Pty Ltd> unit,
  reported yesterday.
      CRA and Whim Creek did not disclose the price yesterday.
      Whim Creek will hold 44 pct of the consortium, while
  <Austwhim Resources NL> will hold 27 pct and <Croesus Mining
  NL> 29 pct, it said in a statement.
      As reported, Forrest Gold owns two mines in Western
  Australia producing a combined 37,000 ounces of gold a year. It
  also owns an undeveloped gold project.
  

"
test/14867	26	jobs	"GERMAN INDUSTRIAL EMPLOYMENT SEEN STAGNATING
  The number of workers employed in
  the West German industrial sector stagnated in the last quarter
  of 1986 as a 50,000 increase in overall employment benefited
  only the services branch, the DIW economic institute said.
      A DIW report added the general downturn in the economy
  since last Autumn had had a negative effect on the willingness
  of firms to take on workers. It referred to a marked downturn
  in the number of workers taken on in the capital goods sector.
      New orders for manufacturing industry goods have mostly
  fallen or stagnated in recent months, but data for February
  finally showed a reversal of the trend, with a 1.9 pct rise.
  

"
test/14872	12	earn	"BOWATER INDUSTRIES PROFIT EXCEED EXPECTATIONS
  Bowater Industries Plc <BWTR.L> 1986
  pretax profits of 48.0 mln stg exceeded market expectations of
  around 40 mln and pushed the company's shares up sharply to a
  high of 491p from 468p last night, dealers said.
      The shares later eased back to 481p. Bowater reported a
  32.4 mln stg profit in 1985.
      The company said in a statement accompanying the results
  that the underlying trend showed improvement and it intended to
  expand further by developing existing businesses and seeking
  new opportunities.
      It added that it had appointed David Lyon, currently
  managing director of Redland Plc <RDLD.L> as its new chief
  executive.
      Analysts noted that Bowater's profits of 18.9 mln stg from
  13.2 mln previously had been given a boost by pension benefits
  of 4.5 mln stg.
      Profit from Australia and the Far East showed the greatest
  percentage rise, jumping 55.0 pct to 15.5 mln from 10.0 mln,
  while the profit from U.K. Operations rose 30.7 pct to 24.7
  mln, and Europe, 42.9 pct to 11.0 mln.
  

"
test/14873	12	earn	"CITIBANK NORWAY UNIT LOSES SIX MLN CROWNS IN 1986
  Citibank A/S <CCI.N>, the Norwegian
  subsidiary of the U.S.-based bank, said it made a net loss of
  just over six mln crowns in 1986 -- although foreign bankers
  said they expect it to show 1987 profits after two lean years.
      Citibank's Oslo treasury head Bjoern Sejerstad told
  Reuters, Citibank, one of seven foreign bank subsidiaries
  operating in Norway, lost money because of restructuring for
  investment banking away from commercial banking and an economic
  slump in Norway following last year's plunge in oil prices.
      Foreign banks have been allowed to operate susbidiaries in
  Norway since 1985.
      Foreign banking analysts in Oslo said access to Norway's
  second-hand securities and equities markets, to be approved
  later this spring, and lower primary reserve requirements would
  make profit this year.
      Citibank lost 490,000 crowns in Norway in 1985, but
  Sejerstad said a profit was likely this year because of planned
  liberalisation and better economic performance, helped by a
  steadier oil price of around 18 dlrs a barrel.
      Earlier this year, Chase Manhattan Bank's <CMB.N>
  subsidiary decided to stop foreign exchange trading after heavy
  losses and focus instead on fee-based merchant banking.
  

"
test/14875	12	earn	"VIEILLE MONTAGNE SAYS 1986 CONDITIONS UNFAVOURABLE
  A sharp fall in the dollar price of
  zinc and the depreciation of the U.S. Currency created
  unfavourable economic conditions for Vieille Montagne SA
  <VMNB.BR> in 1986.
      It said in a statement that the two factors led to a
  squeeze on refining margins and an 18.24 pct fall in sales and
  services income despite an unchanged level of activity.
      Vieille Montagne, which is actively pursuing a
  restructuring program, reported a 198 mln franc net loss, after
  187 mln francs in provisions for the closure of an electrolysis
  plant, compared with a 250 mln franc net profit in 1985.
  

"
test/14876	12	earn	"VIEILLE MONTAGNE REPORTS LOSS, DIVIDEND NIL
  1986 Year
      Net loss after exceptional charges 198 mln francs vs profit
      250 mln
      Exceptional provisions for closure of Viviez electrolysis
      Plant 187 mln francs vs exceptional gain 22 mln
      Sales and services 16.51 billion francs vs 20.20 billion
      Proposed net dividend on ordinary shares nil vs 110 francs
      Company's full name is Vieille Montagne SA <VMNB.BR>.
  

"
test/14877	47	tin	"EC MAINLY FOR TIN EXTENSION, NO U.K. STAND TAKEN
  European Community (EC) members of the
  International Tin Council, except Britain, have said they are
  prepared to back an extension of the International Tin
  Agreement, an EC spokesman said.
      He said at a meeting of EC states' representatives here
  yesterday, Britain undertook to communicate its own decision to
  its partners today. It said it was not ready yesterday to take
  a stand but did not say why.
      He added nine other EC states backed an extension. Spain
  and Portugal, which are not members of the International Tin
  Council, raised no objections to a common EC stance in favour.
  

"
test/14881	48	trade	"JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS
  A top U.S. Official said Japan has little
  chance of convincing the U.S. To drop threatened trade
  sanctions, despite the efforts of a Japanese team that left for
  Washington today.
      Michael Armacost, Under Secretary of State for Political
  Affairs, was asked at a press conference whether Japan's moves
  to boost its domestic economy and open its markets could
  persuade the U.S. Not to impose tariffs on Japanese imports
  said, and replied: ""...It is probably too early for the figures
  to demonstrate that the situation has turned around and to
  permit the result you have described.""
      Armacost said the U.S. Hopes Japan will take steps to lift
  its domestic economy and reduce dependence on exports, remove
  barriers to imports and settle outstanding trade issues.
      ""There are obvious problems at the moment in the trade area,
  but we do not wish those problems to divert attention from
  important areas of cooperation that continue to exist on
  security and political issues,"" he said.
      ""The question is whether through cooperative actions between
  our governments we can reduce the (trade) imbalance or whether
  Congress takes action to reduce it through protectionist
  legislation,"" he said.
  

"
test/14882	51	zinc	"THAI ZINC EXPORTS FALL IN MARCH
  Thai zinc ingot exports fell to 882
  tonnes in March from 1,764 in February and 3,008 in March 1986,
  the Mineral Resources Department said.
      A spokesman for Padaeng Industry Co Ltd, the country's sole
  exporter, attributed the decline to the company's lower stocks,
  which averaged 5,000 tonnes in the first quarter against 16,000
  tonnes in late 1985 when it began exporting.
      The department said major buyers included China, Japan, the
  Philippines, South Korea, Singapore and Taiwan.
      Thailand exported 4,842 tonnes of zinc ingots during the
  first quarter, down from 14,937 a year ago.
  

"
test/14885	45	sugar	"EC SUGAR TENDER HARD TO PREDICT - LONDON TRADE
  The outcome of today's European Community
  (EC) white sugar tender is extremely difficult to predict after
  last week's substantial award of 102,350 tonnes at the highest
  ever rebate of 46.864 European currency units (Ecus) per 100
  kilos, traders said.
      Some said they believed the tonnage would probably be
  smaller, at around 60,000 tonnes, but declined to give a view
  on the likely restitution. Last week, the European Commission
  accepted 785,000 tonnes of sugar into intervention by operators
  protesting about low rebates. This might be a determining
  factor in today's result, they added.
  

"
test/14886	45	sugar	"NORTH YEMEN CALLS SUGAR BUYING TENDER - TRADE
  North Yemen has called a buying tender
  for Saturday for the purchase of 30,000 tonnes of white sugar
  for arrival in June, traders said.
  

"
test/14888	0	acq	"ANHEUSER-BUSCH JOINS BID FOR SAN MIGUEL
  Anheuser-Busch Companies Inc <BUD.N> has
  joined several other foreign bidders for sequestered shares of
  the Philippines' largest food and beverage maker San Miguel
  Corp <SANM.MN>, the head of a government panel which controls
  the shares told Reuters.
      Ramon Diaz, Secretary of the Presidential Commission on
  Good Government (PCGG), said Anheuser-Busch had told the
  government it was interested in buying 14 mln ""B"" shares of San
  Miguel. He did not disclose the offered price.
      Diaz said Australian brewer Alan Bond's Bond Corp Holdings
  Ltd had offered 150 pesos per share for the ""B"" shares.
      Diaz said New York investment bank Allen and Co Inc had
  earlier said it was interested in buying all 38.1 mln
  sequestered shares. He told Reuters last month Elders IXL Ltd
  <ELXA.S>, the Melbourne-based brewing company, had also bid for
  the ""B"" shares.
      The Hong Kong Economic Journal last month quoted a
  spokesman of Australian stock broker Jacksons Ltd as saying
  that <Barwon Farmlands Ltd>, an Australian firm owned 30 pct by
  <Ariadne Australia Ltd>, was planning a Filipino branch in
  order to buy the entire block of 38.1 mln shares.
      Anheuser-Busch last year made a 150 mln dlr bid to buy <San
  Miguel Brewery Ltd>, a Hong Kong listed company which is 69.65
  pct owned by <Neptunia Corp Ltd>, a San Miguel Corp subsidiary.
      The talks broke down last June after the two sides said
  they could not agree on the terms of the sale.
  

"
test/14899	12	earn	"JARDINE MATHESON SAID IT SETS TWO-FOR-FIVE BONUS ISSUE REPLACING ""B"" SHARES
  JARDINE MATHESON SAID IT SETS TWO-FOR-FIVE BONUS ISSUE REPLACING ""B"" SHARES
  

"
test/14900	0	acq	"MONIER SAYS BRITAIN'S REDLAND MAY BID FOR IT
  Diversified building materials group
  Monier Ltd <MNRA.S> said talks are taking place which may lead
  to Britain's Redland Plc <RDLD.L> making an offer for the
  Monier shares it does not already hold, chairman Bill Locke
  said.
      Redland already holds about 49 pct of Monier's 156.28 mln
  issued shares, he said in a brief notice to the Australian
  Stock Exchange.
      Locke said shareholders would be advised as soon as the
  discussions progressed and recommended that they keep their
  shares.
      Monier shares were trading at a 1987 high of 3.10 dlrs
  today, up from the previous peak of 2.80 at yesterday's close,
  and well above the 1987 low of 2.18 dlrs.
      Monier is the largest concrete roof tile manufacturer in
  Australia, the U.S. And New Zealand and the world's largest
  marketer of fly ash, according to its annual report for 1985/86
  ended June 30.
      It recently reported first-half 1986/87 net fell to 15.02
  mln dlrs from 17.09 mln a year earlier due to the Australian
  housing downturn, although foreign earnings rose.
  

"
test/14903	12	earn	"ISUZU PLANS NO INTERIM DIVIDEND
  Isuzu Motor Ltd <ISUM.T> will pay no
  dividend for the first half year ending April 30, 1987, as the
  company is expected to mark a 12 billion yen parent company
  current loss in the first half due to slow exports caused by
  the yen's appreciation, a company spokesman said.
      The company has paid no dividend since the year ended
  October 31, 1983, when it paid five yen.
      It had a 4.44 billion yen current profit in the first half
  of 1985/86.
  

"
test/14904	48	trade	"JAPANESE OFFICIAL TAKES DATA TO MICROCHIP TALKS
  Ministry of International Trade and
  Industry (MITI) Vice Minister Makoto Kuroda leaves for
  Washington today with data he hopes will refute U.S. Charges
  Japan has violated a pact on microchip trade.
      A three-man Japanese trade team is already in Washington
  laying the groundwork for talks between Kuroda and Deputy U.S.
  Trade Representative Michael Smith aimed at persuading the U.S.
  Not to impose tariffs on certain Japanese products.
      But Kuroda said he is taking no new proposals. ""I have
  nothing in my briefcase except an explanation of the current
  situation,"" Kuroda told the daily newspaper Asahi Shimbun.
      Kuroda said the U.S. Decision was based on incorrect data
  and an exaggerated sense of MITI's power to control market
  forces. ""The U.S. Has excessive expectations. To stabilise
  supply-demand relations which have been disrupted by excess
  inventories since 1985 will take some time,"" he said.
      Kuroda also laid part of the blame for low U.S. Chip sales
  in Japan on a lack of effort by American firms here.
      He said if he fails in talks tomorrow and Friday to
  forestall sanctions, he will seek further talks with U.S. Trade
  Representative Clayton Yeutter. U.S. Officials said this week's
  talks are unlikely to delay imposition of tariffs.
  

"
test/14907	0	acq	"BELL GROUP CONFIRMS STANDARD CHARTERED STAKE
  The Bell Group Ltd <BLLA.S> said it now
  holds 14.9 pct of the issued capital of Standard Chartered Plc
  <STCH.L> after acquiring further shares.
      The one-sentence statement from Bell's headquarters
  confirmed what its brokers Warburg Securities told Reuters in
  London yesterday.
      Bell previously held 10 pct of Standard.
      Bell chairman Robert Holmes a Court, who is also a director
  of Standard, was not available for comment on his company's
  intentions in boosting its holding and other company officials
  contacted here by Reuters declined to comment.
  

"
test/14909	0	acq	"NIPPON STEEL DENIES CHINA SEEKING JAPANESE PLANTS
  Nippon Steel Corp <NSTC.T> denied local
  newspaper reports that China has been seeking to buy steel
  plants from Japanese firms which plan to suspend output under
  the recently announced rationalisation program.
      The Mainichi Shimbun quoted Nippon Steel as saying that
  China's State Planning Commission and some Chinese firms have
  asked Japanese makers to sell them steel works and rolling
  mills to expand steelmaking cheaply. It named no sources.
      A Nippon Steel spokesman told Reuters that China has made
  no such official request, and the company was not considering
  such sales at the moment.
      But Mainichi quoted Nippon Steel officials as saying if
  prices are reasonable, they would export their used mills to
  China.
      The paper said China's crude steel output totalled 52 mln
  tonnes in calendar 1986 and that it plans to increase to 80 mln
  by 1996.
      Japan's steel industry rationalisation plan is aimed at
  cutting production capacity sharply over the next few years.
  

"
test/14911	12	earn	"JARDINE MATHESON REPLACES ""B"" SHARE BY BONUS ISSUE
  Jardine Matheson Holdings Ltd
  <JARD.HK> said it will withdraw the previously announced
  four-for-one bonus issue of ""B"" shares and replace it by a
  two-for-five bonus issue of ordinary shares.
      A statement said the firm expects to pay total dividends
  for 1987 of not less than 40 cents a share on the expanded
  capital.
      Jardine Matheson decided to withdraw its issue because of a
  joint announcement earlier today by Ronald Li, chairman of the
  Stock Exchange of Hong Kong, and Securities Commissioner Ray
  Astin, that the listings of new ""B"" shares would be barred.
      The official announcement said this will include the
  proposal by Jardine Matheson.
      But the Jardine statement quoted chairman Simon Keswick as
  saying: ""We continue to believe that the issuing of ""B"" shares
  would benefit shareholders, and regret that they will not be
  given the opportunity to vote on the matter at this stage.""
      Keswick said the ""B"" share issue will benefit Jardine
  Matheson's shareholders by giving the firm flexibility to issue
  ordinary shares for expansion in future without diluting
  existing shareholders' voting rights.
      However, he added: ""We certainly welcome (the Secretary for
  Monetary Affairs) David Nendick's referral of this very
  important matter to the Standing Committee on Company Law
  Reform and are hopeful that the process will lead to the
  development of general principles which can be embraced by all
  constituents of the Hong Kong market.""
  

"
test/14912	48	trade	"JAPAN GIVEN LITTLE HOPE OF AVOIDING U.S. SANCTIONS
  A top U.S. Official said Japan has little
  chance of persuading the U.S. to drop threatened trade
  sanctions, despite the efforts of a Japanese team that left for
  Washington today.
      Michael Armacost, Under Secretary of State for Political
  Affairs, was asked at a press conference whether Japan's moves
  to boost its domestic economy and open its markets could
  persuade the U.S. Not to impose tariffs on Japanese imports
  said, and replied: ""...It is probably too early for the figures
  to demonstrate that the situation has turned around and to
  permit the result you have described.""
      Armacost said the U.S. Hopes Japan will take steps to lift
  its domestic economy and reduce dependence on exports, remove
  barriers to imports and settle outstanding trade issues.
      ""There are obvious problems at the moment in the trade area,
  but we do not wish those problems to divert attention from
  important areas of cooperation that continue to exist on
  security and political issues,"" he said.
      ""The question is whether through cooperative actions between
  our governments we can reduce the (trade) imbalance or whether
  Congress takes action to reduce it through protectionist
  legislation,"" he said.
  

"
test/14918	8	cpi	"INDONESIAN INFLATION RATE 8.8 PCT IN 1986/87
  Inflation was by 8.8 pct in Indonesia
  during fiscal 1986/87 to March 31, compared to 5.66 pct the
  previous year, Information Minister Harmoko said after a
  cabinet session to discuss the economic situation.
  

"
test/14921	0	acq	"SAN MIGUEL DEAL HIT BY MORE LAWSUITS
  A bid by San Miguel Corp (SMC) <SANM.MN>
  to buy back 38.1 mln sequestered shares from United Coconut
  Planters Bank (UCPB) has been hit by two new lawsuits, sources
  in the Philippine food and brewery company said.
      A Manila court yesterday issued an injunction barring UCPB
  from selling the shares, which represent 31 pct of SMC's
  outstanding capital stock of 121 mln shares, until hearings on
  April 21 on a petition filed by Eduardo Cojuangco, a former
  chairman of both SMC and UCPB.
      Cojuangco said the Coconut Industry Investment Fund (CIIF)
  and 1.4 mln farmers were the rightful owners of the shares.
      Cojuangco said the shares were held in trust by UCPB and
  represented a blue chip investment. His petition said UCPB's
  plans to sell the shares to SMC were ""a serious breach of
  fiduciary duties.""
      The SMC sources said the proposed share sale could also be
  held up by a second derivative suit filed before the Securities
  and Exchange Commission (SEC) by Eduardo de los Angeles, a
  government nominee on the company's board.
      De los Angeles, who represents SMC's minority stockholders,
  asked the SEC to block the transaction, approved last week by
  the company's board.
      On April 2 the board sanctioned the repurchase of the
  sequestered shares for 4.79 billion pesos at 126 pesos per
  share. De los Angeles told the SEC the company's retained
  earnings of 1.33 billion pesos would be wiped out by the
  purchase of the shares and would prevent the declaration of
  dividends.
      De los Angeles said the share purchase would also violate
  an SMC agreement with its creditors to maintain a 2.2-to-1 debt
  to equity ratio. He quoted SMC's chief financial director Ramon
  del Rosario as telling the board that the transaction would
  boost the ratio to 2.5-to-1.
      In petitioning the SEC, de los Angeles amended an earlier
  suit two weeks ago in which he charged SMC Chairman Andres
  Soriano III and nine other directors of violating their duties.
      De los Angeles' earlier complaint related to SMC assuming
  last December a 26.5 mln dlr loan contracted by SMC's Hong Kong
  subsidiary <Neptunia Corp> for a down payment on the shares.
  The loan assumption was again ratified by last week's board
  meeting.
      An arbitration panel set up by President Corazon Aquino to
  resolve the ownership issue is expected to submit its report by
  April 15.
      ""The amended suit filed by Eduardo de los Angeles is part of
  a continuing attempt by certain elements, in complete disregard
  of the facts and with questionable motives, to delay an early
  disposition of the sequestered shares,"" San Miguel Corp said in
  a statement.
      ""Coming as it does, when San Miguel Corp and UCPB have
  reached agreement on the price of the shares and the method of
  payment, this suit is in direct contravention of the
  government's expressed desire to reach an amicable settlement
  of the controversy by April 15,"" the statement added.
      A San Miguel spokesman said he had no comment on
  Cojuangco's court petition, adding: ""Any statement coming from
  us might be interpreted as adversarial.""
      Meanwhile, Ramon Diaz, the head of a government panel which
  sequestered the shares last year, said Soriano was not eligible
  to buy the major portion of the shares because he was a United
  States citizen.
      The sequestered shares are split into 24 mln ""A"" shares,
  which can only be owned by Filipinos, and 14 mln ""B"" shares which
  are available to foreign buyers.
      SMC sources said Soriano personally was not among
  prospective buyers. They said the shares would be purchased by
  the <A.Soriano> group of companies, SMC, Neptunia and unnamed
  institutional investors. Soriano was named as one of the buyers
  in a bid in March 1986 for 33 mln shares controlled by UCPB.
      The sale was aborted when Diaz's Presidential Commission on
  Good Government sequestered the shares on suspicion they were
  owned by Cojuangco, a close associate of former President
  Ferdinand Marcos. Cojuangco lives in self-imposed exile in the
  U.S.. The shares grew to 38.1 mln after a 15 pct stock dividend
  announced last June.
      ""We have no objection to Soriano buying the ""B"" shares,"" Diaz
  told Reuters. ""But everything is on hold now.""
      The SMC spokesman said he did not know if the controversy
  would be resolved before the company's annual stockholders'
  meeting, scheduled for May 14.
      San Miguel Corp reported sales revenue of 12.2 billion
  pesos in 1986, 11 pct above its 10.9 billion peso sales in
  1985. It said unaudited net profit was in the neighbourhood of
  700 mln pesos, an increase of about 50 pct over 1985.
  

"
test/14922	45	sugar	"RAIN BOOSTS CENTRAL QUEENSLAND SUGAR CANE CROP
  Good rains of one to four inches in the
  past 10 days have boosted moisture-stressed sugar cane crops in
  the Mackay-Burdekin region of Queensland's central coast, an
  Australian Sugar Producers' Association spokesman said.
      As previously reported, the region has been undergoing a
  severe dry spell, partly relieved by scattered rainfall, since
  December, following the virtual failure of the summer wet
  season.
      Mills in the area have been reporting that their crops are
  beginning to look healthy and greener and are putting on growth
  since the rains began, the spokesman said from Brisbane.
      Although the Mackay-Burdekin crop outlook is much better
  than it was, there will be some cane losses, the spokesman
  said. But is too early to say what they will be and more rain
  is needed to restore sub-soil moisture.
      Elsewhere, in far north Queensland, the Bundaberg region
  and southern Queensland, the cane is in excellent condition and
  some mills are forecasting record crops, he said.
      Initial 1987 crop estimates will probably be compiled
  towards the end of May, he said.
      The cane crush normally runs from June to December.
  

"
test/14923	45	sugar	"FRENCH TRADERS FORECAST EC SUGAR TENDER
  The European Community (EC) is expected to
  award export licences at today's weekly tender for above 60,000
  and possibly up to 100,000 tonnes of white sugar after last
  week's award for 102,350 tonnes, traders here said.
      They expected a maximum rebate of between 46.40 and 46.50
  Ecus per 100 kilos, compared to last week's 46.864.
      Earlier, traders in London said the outcome of the tender
  was very hard to predict after last week's substantial award
  and the placing of 785,000 tonnes of sugar into intervention.
  They said they believed the tonnage would be around 60,000 but
  declined to give a rebate figure.
  

"
test/14926	12	earn	"ITALY'S LA FONDIARIA TO REPORT HIGHER 1986 PROFITS
  Italian insurer La Fondiaria Spa <LFDI.MI>
  said it expects to report consolidated group profit in 1986
  significantly higher than the 60 billion lire reported in 1985.
      The company said in a statement that parent company net
  profit last year will rise from the 72 billion lire reported in
  1985. Consolidated group premiums totaled 1,700 billion lire in
  1986 compared with 1,490 billion the previous year.
      Iniziativa Meta <INZI.MI>, the financial services unit of
  Montedison Spa <MONI.MI>, controls the largest single stake in
  Florence-based Fondiaria with 49.9 pct.
  

"
test/14928	35	nickel	"NICKEL PRICES UNLIKELY TO RISE MUCH - SHEARSON
  Nickel prices are unlikely to rise
  significantly from current levels unless further steps are
  taken to reduce production, Shearson Lehman Brothers said in
  its quarterly nickel market report.
      The market had recovered slightly to around 1.72 dlrs a lb
  yesterday from its four year low of 1.55 dlrs in early January,
  due to the absence of Soviet nickel cathode deliveries, but
  Shearson sees Soviet shipments soon returning to last year's
  buoyant levels, which should ease current tightness.
      Output reductions by producers will take effect later this
  year but are likely to be offset by increases elsewhere.
      Shearson said the nickel market will be virtually in
  balance during 1987, with total non-Socialist world demand at
  556,000 tonnes, compared with an estimated 544,000 tonnes in
  1986, production at 505,000 tonnes (504,000) and imports from
  Socialist countries at 47,000 tonnes (50,000).
      It forecast prices will edge higher during the year from a
  first quarter average of 1.67 dlrs a lb up to 1.77 dlrs in the
  last quarter. The year's average will be around 1.72 dlrs a lb
  compared with 1.76 dlrs in 1986, using London Metal Exchange
  cash metal prices in dollar terms and assuming an average 1987
  sterling exchange rate of 1.55 dlrs.
  

"
test/14930	12	earn	"HIGHER 1986 PROFIT FOR DUTCH CHEMICAL FIRM DSM
  The fully state-owned Dutch
  chemical firm NV DSM <DSMN.AS> said its 1986 net profit rose to
  412 mln guilders from 402 mln in 1985, while turnover fell to
  17.7 billion guilders in 1986 from 24.1 billion in 1985.
      The company said 1986 dividend, which will be paid to the
  Dutch state in its capacity of the firm's sole shareholder,
  would be raised to 98 mln guilders from 70 mln guilders in
  1985.
      In an initial comment on its 1986 results, DSM said the
  drop in 1986 turnover had been caused mainly by losses in the
  company's fertilizer division.
  

"
test/14932	0	acq	"CINCINNATI BELL <CSN> STARTS AUXTON <AUXT> BID
  Cincinnati Bell Inc said it has started
  its previously-announced 15.75 dlr per share tender offer for
  all shares of Auxton Computer Enterprises Inc.
      In a newspaper advertisement, the company said the tender
  and withdrawal rights will expire May Five unless extended. The
  offer, which has been approved by the Auxton board and is to be
  followed by a merger at the same price, is conditioned on
  receipt of a majority of Auxton's voting stock on a fully
  diluted basis.
  

"
test/14933	12	earn	"CALIFORNIA BIOTECH <CBIO> SEES 1ST QTR LOSS
  California Biotechnology
  Inc said it expects to report a loss of 1,300,000 dlrs to
  1,600,000 dlrs for the first quarter due to increased
  investment in research and manufacturing and a scaleup of
  production.
      The company said research spending is running 50 to 60 pct
  above a year ago as it tries to commercialize its products as
  quickly as possible, and increased expenditures are expected to
  continue for several more quarters.  It said operating results
  will fluctuate quarter to quarter, depending on the timing of
  significant payments from commercial partners.
      In the first three months of 1986, the company lost 150,000
  dlrs.  The company changed its fiscal year in 1986 to a
  calendar year from a year ending November 30.  For the first
  quarter of last year, ended February 28, California Biotech
  earned 114,000 dlrs.
  

"
test/14934	12	earn	"PALL CORP <PLL> SETS QUARTERLY DIVIDEND
  Qtly div 8-1/2 cts vs 8-1/2 cts prior
      Pay May One
      Record April 20
  

"
test/14941	0	acq	"UNILEVER SEEKS BUYER FOR STAUFFER CHEMICAL
  Unilever Plc and NV <UN.AS> has issued a
  prospectus through investment bankers Goldman Sachs and Co
  seeking a buyer for <Stauffer Chemical Co> of the U.S., Which
  it acquired with the recent takeover of <Chesebrough-Pond's
  Inc>, a Unilever spokesman said.
      He noted Unilever has been indicating plans to dispose of
  Stauffer, plus some smaller assets of Chesebrough, since the
  bid was made in December.
      The Stauffer sale prospectus has been sent in recent weeks
  to a number of companies expressing interest.
      The Unilever spokesman declined to say how much the group
  expected to receive for Stauffer.
      Chesebrough's footwear and tennis racket businesses are
  also likely to be disposed of, he added.
      Immediately available financial information on Stauffer,
  which is wholly-owned, was limited, he added. Nine month sales
  to September 1986 were about 1.2 billion dlrs.
      Unilever aquired Chesebrough for 3.2 billion dlrs in order
  to benefit from its well-known toiletry brands and food
  products.
  

"
test/14943	0	acq	"CONRAC CORP SAID IT HAS ENTERED TALKS ON ITS ACQUISITION WITH SEVERAL PARTIES
  CONRAC CORP SAID IT HAS ENTERED TALKS ON ITS ACQUISITION WITH SEVERAL PARTIES
  

"
test/14949	0	acq	"CONRAC <CAX> IN MERGER TALKS WITH SEVERAL
  Conrac Corp sait has started
  negotiations with several interested parties on its possible
  acquisition.
      It said there can be no assurance that any transaction will
  result from the talks.  It gave no further details.
      Mark IV Industries Inc <IV> started tendering for all
  Conrac shares at 25 dlrs each on March 24 and owned 9.9 pct of
  Conrac before starting the bid.
      Conrac is a producer and marketer of computer-related
  information display and communications equipment which also
  produces special purpose architectural and industrial products.
      It owns Code-A-Phone Corp, a producer of telephone
  answering machines.
      For 1986, the company reported profits of 7.8 mln dlrs, or
  1.16 dlrs a share, on sales of 153.9 mln dlrs. It has nearly
  6.8 mln shares outstanding.
  

"
test/14954	12	earn	"COMPUTER RESEARCH INC <CORE> 2ND QTR FEB 28 NET
  Shr 14 cts vs nine cts
      Net 217,572 vs 153,454
      Revs 2,530,273 vs 2,558,924
      1st half
      Shr 19 cts vs 11 cts
      Net 299,838 vs 174,739
      Revs 4,865,249 vs 4,495,021
  

"
test/14957	43	ship	"AUSTRALIAN FOREIGN SHIP BAN ENDS
  Tug crews in New South Wales (NSW),
  Victoria and Western Australia yesterday lifted their ban on
  foreign-flag ships carrying containers but NSW ports are still
  being disrupted by a separate dispute, shipping sources said.
      The ban, imposed a week ago over a pay claim, had prevented
  the movement in or out of port of nearly 20 vessels, they said.
  The pay dispute went before a hearing of the Arbitration
  Commission today.
      Meanwhile, disruption began today to cargo handling in the
  ports of Sydney, Newcastle and Port Kembla, they said.
      The industrial action at the NSW ports is part of the week
  of action called by the NSW Trades and Labour Council to
  protest changes to the state's workers' compensation laws.
  

"
test/14958	12	earn	"RUBBERMAID INC 1ST QTR SHR 28 CTS VS 22 CTS
  RUBBERMAID INC 1ST QTR SHR 28 CTS VS 22 CTS
  

"
test/14959	43	ship	"INDEPENDENT CHAIRMAN FOR DUTCH CARGO DISPUTE
  The two sides in the Rotterdam port
  general cargo dispute have agreed to appoint an independent
  chairman, Han Lammers, to preside over future meetings,
  employers' spokesman Gerard Zeebregts said.
      Lammers, Queen's Commissioner for the province of
  Flevoland, will not act as a mediator but will draw up an
  agenda and procedures for meetings between the employers and
  unions on a work-practice agreement and proposed redundancies.
      Two months of strikes in the sector began on January 19 in
  protest at employers' proposals for 350 redundancies from the
  4,000-strong workforce this year.
      The strikes were called off by the main port union FNV on
  March 13 following an Amsterdam court's interim injunction
  against the redundancies on procedural grounds.
      The court is due to make a final ruling on May 7 but
  Zeebregts said he expected the judgment to go against the
  employers and they were therefore very likely to restart the
  complicated legal redundancy procedures in the near future.
      Meanwhile, the dispute over a new work-practice agreement
  in the port's grain sector continued, with 30 maintenance
  workers on strike, although loading was not affected, a
  spokesman for Graan Elevator Mij, the largest employer in the
  sector, said.
      The employers have written to the union asking it to
  reconsider its position and a meeting of union members has been
  called for tomorrow.
  

"
test/14960	12	earn	"ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET
  Shr 20 cts vs 32 cts
      Net 1,358,000 vs 2,476,000
      Revs 27.1 mln vs 26.2 mln
      Avg shrs 6,852,000 vs 7,764,000
      Nine mths
      Shr 68 cts vs 1.05 dlrs
      Net 4,957,000 vs 8,129,000
      Revs 82.6 mln vs 78.8 mln
      Avg shrs 7,316,000 vs 7,754,000
  

"
test/14962	12	earn	"RUBBERMAID INC <RBD> 1ST QTR NET
  Shr 28 cts vs 22 cts
      Net 20.6 mln vs 16.1 mln
      Sales 238.0 mln vs 188.8 mln
  

"
test/14963	12	earn	"WTC INTERNATIONAL INC <WAF> 4TH QTR FEB 28 NET
  Shr profit 13 cts vs loss 33 cts
      Net profit 1,149,000 vs loss 2,833,000
      Rev 51.8 mln vs 47.8 mln
      Year
      Shr profit 24 cts vs loss 18 cts
      Net profit 2,050,000 vs loss 1,551,000
      Rev 200.6 mln vs 180.1 mln
  

"
test/14965	12	earn	"MEAD CORP 1ST QTR OPER SHR 1.09 DLRS VS 67 CTS
  MEAD CORP 1ST QTR OPER SHR 1.09 DLRS VS 67 CTS
  

"
test/14967	12	earn	"RUBBERMAID <RBD> SEES CONTINUED IMPROVEMENT
  Rubbermaid Inc said its incoming
  order rates continue strong and it expects to continue
  recording favorable year to year comparisons in each remaining
  quarter of 1987.
      Today the company reported first quarter earnings of 20.6
  mln dlrs on sales of 238.0 mln dlrs, up from earnings of 16.1
  mln dlrs on sales of 188.8 mln dlrs.
  

"
test/14968	12	earn	"CAYUGA SAVINGS BANK <CAYB> 1ST QTR NET
  Shr 55 cts vs 41 cts
      Net 494,000 vs 204,000
      Avg shrs 896,655 vs 494,155
  

"
test/14969	12	earn	"JOHNSTOWN SAVINGS BANK FSB <JSBK> 1ST QTR NET
  Shr 33 cts vs not given
      Net 642,484 vs 362,883
      NOTE: Company went public in October 1986.
      Net includes pretax loan loss provisions of 90,000 dlrs vs
  56,250 dlrs and gain on sale of securities of 113,432 dlrs vs
  88,946 dlrs.
  

"
test/14970	12	earn	"HOME SAVINGS AND LOAN ASSOCIATION INC <HSLD>
  2nd qtr March 31
      Shr 57 cts vs not given
      Net 790,874 vs 628,020
      1st half
      Shr 1.15 dlrs vs not given
      Net 1,588,985 vs 1,073,163
      NOTE: Company recently went public.
  

"
test/14971	12	earn	"GEODYNAMICS CORP <GDYN> 3RD QTR FEB 27 NET
  Shr 21 cts vs 20 cts
      Net 596,000 vs 594,000
      Revs 8,693,000 vs 8,164,000
      Nine mths
      Shr 61 cts vs 58 cts
      Net 1,784,000 vs 1,653,000
      Revs 26.3 mln vs 23.0 mln
  

"
test/14974	26	jobs	"SWEDISH UNEMPLOYMENT STEADY IN MARCH
  Swedish unemployment was steady at 2.2
  pct of the workforce in March compared with the previous month,
  the Central Bureau of Statistics said.
      In March 1986, the figure stood at 2.4 pct.
  

"
test/14975	12	earn	"COMPAQ <CPQ> EXPECTS HIGHER FIRST QUARTER NET
  Compaq Computer Corp said it expects
  sales and earnings for the first quarter of 1987 to be higher
  than analysts expectations due to strong demand for its
  products.
      Rod Canion, president and chief executive officer of
  Compaq, said he expects sales of over 200 mln dlrs for the
  period ending March 31, above analysts' estimates of 165-185
  mln dlrs. He added that earnings per share would exceed
  analysts estimates of as high as 42 cts a share.
      Compaq reported earnings of 8.3 mln dlrs, or 30 cts a
  share, and sales of 144 mln dlrs for the first quarter 1986.
      The company said demand for its DESKPRO 386, PORTABLE III
  and the new COMPAQ DESKPRO 286 will contribute to the sales
  increase.
      ""The initial demand for the recently introduced COMPAQ
  PORTABLE III and the new models of the COMPAQ DESKPRO 286
  exceeds that of any other Compaq personal computers,"" Canion
  said. ""We saw continued demand for our personal computers
  across the quarter, with March (1987) being a particularly
  strong month.
  

"
test/14978	0	acq	"I.U. INTERNATIONAL <IU> TO SELL INSURANCE UNITS
  I.U. International Co said it
  reached a preliminary agreement to sell the Hawaiian Insurance
  Cos to Hawaiian Electric Industries Inc. <HE>.
      Terms of the transaction were not disclosed, the company
  said.
      The transaction is subject to the execution of definitive
  agreements, certain governmental approvals and approvals by the
  boards of directors involved, I.U. International said.
      Hawaiian Electric said the planned purchase was part of its
  strategy to increase the company's investment in selected
  service industries in Hawaii, including financial services.
  

"
test/14981	12	earn	"CXR TELCOM CORP <CXRL> 3RD QTR MARCH 31 NET
  Shr nil vs nil
      Net 215,000 vs 16,000
      Revs 2,800,000 vs 1,100,000
      Nine mths
      Shr one ct vs nil
      Net 620,000 vs 231,000
      Revs 8,100,000 vs 2,100,000
  

"
test/14982	0	acq	"PROXMIRE OUTLINES INSIDER TRADING LEGISLATION
  Senate Banking Committee Chairman
  William Proxmire (D-Wis) said he planned to introduce
  legislation shortly to require greater public disclosure of
  corporate takeovers and fairer treatment for all shareholders.
      Speaking to the National Association of Manufacturers,
  Proxmire said recent insider trading stock scandals increased
  the chance that Congress will act to curb abuses.
      ""We are proposing legislation that would provide for more
  disclosure, would be fairer to all shareholders, and would
  insure that takeovers are properly financed,"" he said.
      Among the provisions, the bill would reduce the threshold
  for notifying the Securities and Exchange Commission that a
  investor or group has acquired a percentage of stock in a
  company to three pct from the current five pct threshold within
  10 days, Proxmire said.
      In addition, there would be a pre-notificaton requirement
  that an investor intended to aquire three pct that would have
  to filed with the SEC.
      Proxmire said the pre-notification requirement was meant to
  prevent arbitragers from having a jump on the general public in
  knowing about coming takeover attempts.
      Proxmire said he would call for extending the period that a
  tender offer must be kept open under the Williams Act to 60
  business days from the current 20 business days.
      His bill would provide for private suits if the acquiring
  company violated the time period on the tender offer.
      To correct abuses in the financing of takeovers, Proxmire
  said the legislation would aim at insuring current margin
  requirments are properly enforced.
      The Federal Reserve Board has a 50 pct margin requirement
  for purchasing stock, but Proxmire said it is not generally
  enforced in hostile takeovers.
      Rather, the groups or individuals leading a takeover
  declare that they can raise the capital for a takeover without
  actually putting any of their own money, Proxmire said.
      He said his bill would allow private suits for damages for
  failure to meet the Federal Reserve's 50 pct margin
  requirements.
      The bill also would require more disclose when several
  investors form an alliance in a hostile takeover.
      ""When Pickens and Icahn get together we want people to know
  about it,"" Proxmire said.
      Proxmire said he favored the approach used in Britain
  towards two-tiered tender offers that insures that all
  shareholders recieve equal treatment.
      He said he expected amendments to the bill also would cover
  defensive mechanisms such as green mail and poison pills.
      Proxmire said he intended to introduce his bill later this
  month and predicted the Senate committee would act this spring.
      He said he was hopeful Congress could pass a bill this
  year.
  

"
test/14983	12	earn	"HELEN OF TROY CORP <HELE> 4TH QTR FEB 28 NET
  Shr 17 cts vs 13 cts
      Net 598,000 vs 392,000
      Sales 10.2 mln vs 7,474,000
      Avg shrs 3,432,000 vs 3,045,000
      Year
      Oper shr profit 1.05 dlrs vs loss 47 cts
      Oper net profit 3,498,000 vs loss 1,427,000
      Sales 52.2 mln vs 40.8 mln
      Avg shrs 3,320,000 vs 3,060,000
      NOTE: Latest year net excludes 782,000 dlr tax credit.
  

"
test/14984	12	earn	"BANKERS TRUST <BT> PUTS BRAZIL ON NON-ACCRUAL
  Bankers Trust New York Corp said it has
  placed its approximately 540 mln dlrs of medium- and long-term
  loans to Brazil on non-accrual status and that first-quarter
  net income will be reduced by about seven mln dlrs as a result.
      Brazil suspended interest payments on its 68 billion dlrs
  of medium- and long-term debt on February 22.
      U.S. banking regulations do not require banks to stop
  accruing interest on loans until payments are 90 days overdue,
  but Bankers Trust said it acted now because of ""the high
  potential of a continued suspension that would result in
  reaching the 90-day limit in the second quarter of 1987.""
      Assuming no cash payments at current interest rates are
  received for the rest of 1987, Bankers Trust estimated that
  full-year net income would be reduced by about 30 mln dlrs.
      Bankers Trust said it assumes that debt negotiations
  between Brazil and its commercial bank lenders will lead to the
  resumption of interest payments.
      The negotiations resume in New York on Friday when central
  bank governor Francisco Gros is expected to ask banks for a
  90-day rollover of some 9.5 billion dlrs of term debt that
  matures on April 15.
  

"
test/14985	12	earn	"<FIRST MERCANTILE CURRENCY FUND INC> 1ST QTR NET
  Shr profit 63 cts vs 22 cts
      Net 775,868 vs 276,446
      Revs 2,255,742 vs 706,130
  

"
test/14986	45	sugar	" UK INTERVENTION BD SAYS EC SOLD 118,350 TONNES WHITE SUGAR AT REBATE 46.496 ECUS.

   UK INTERVENTION BD SAYS EC SOLD 118,350 TONNES WHITE SUGAR AT REBATE 46.496 ECUS.
  

"
test/14987	32	money-fx	"STOLTENBERG SEES MOVES TO STRENGTHEN PARIS ACCORD
  West German Finance Minister Gerhard
  Stoltenberg said today's meetings of major industrial countries
  would look at ways of strengthening the Paris accord on
  stabilizing foreign exchange rates.
      Stoltenberg told journalists he saw no fundamental weakness
  of the February 22 agreement of the Group of Five countries and
  Canada to keep exchange rates near the then-current levels.
      But he declined to say what measures would be discussed
  ahead of a communique of the Group of Seven ministers later
  today.
      Stoltenberg and Bundesbank President Karl Otto Poehl said
  the importance of the Paris agreement, also known as the Louvre
  accord, had been underestimated.
      Stoltenberg said there is greater agreement now among major
  countries than six months ago, at the time of the annual
  meeting of the International Monetary Fund and World Bank,
  marked by sharp discord between the United States and its major
  trading partners.
      ""There is no fundamental weakness of the Paris accord,"" he
  said. ""We will be looking at ways of strengthening it, but I do
  not want to discuss that here.
      Stoltenberg said the Louvre agreement was working despite a
  ""slight firming"" of the yen against the dollar.
      And Poehl noted that the dollar/mark parity was unchanged
  since February 22 without the Bundesbank having had to sell
  marks to support the dollar.
      ""The Louvre agreement has been honored by the market,"" he
  said.
      Poehl said West Germany had lived up to its side of the
  bargain in Paris by preparing the way for tax cuts to be
  accelerated as a way of stimulating growth.
      Poehl said, however, that Japan had not yet fulfilled its
  pledges for economic stimulation.
      ""And we will have to see if the United States is able to do
  what they promised in Paris on reducing the budget deficit --
  and get it through Congress,"" he added.
      Stoltenberg reiterated West German concern about a further
  fall in the dollar, noting that the mark was up 85 pct against
  the dollar and nearly 20 pct on a trade-weighted basis.
      ""You cannot expect that to go unnoticed in an economy. And
  it is not just a German problem, it is a European problem,"" he
  said.
  

"
test/14988	45	sugar	"U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES
  A total 118,350 tonnes of current series
  white sugar received export rebates of a maximum 46.496
  European Currency Units (Ecus) per 100 kilos at today's
  European Community (EC) tender, the U.K. Intervention Board
  said.
      Out of this, traders in the U.K. Received 37,800 tonnes, in
  France 34,500, in West Germany 20,000, in Belgium 18,500, in
  Spain 5,800 and in Denmark 1,750 tonnes, it added.
      Earlier today, London traders had declined to give a
  projected view on the level of subsidy although some said total
  tonnage awards would be around 60,000 tonnes.
      Paris traders foresaw between 60,000 and 100,000 tonnes
  being authorised for export at a 46.40/46.50 Ecu subsidy.
      Cumulative sales authorisations for the current season
  (1986/87) now stand at 2,194,970 tonnes (43 weeks).
      Last week saw 102,350 tonnes whites authorised for export
  under licences to end-Sep at the higest ever rebate of 46.864
  European Currency Units (Ecus) per 100 kilos.
  

"
test/14993	12	earn	"MEAD <MEA> EXPECTS IMPROVED EARNINGS THIS YEAR
  Mead Corp said the outlook for its
  major paper markets looks strong for the second quarter and
  augurs well for its earnings in 1987.
      ""The generally strong outlook bodes well for significantly
  improved earnings this year,"" Burnell Roberts, chairman and
  chief executive officer said.
      Earlier, the company reported first quarter earnings of
  34.2 mln dlrs, or 1.09 dlrs a share, versus 20.3 mln dlrs, or
  65 cts a share, in last year's first quarter.
      In 1986 the company reported earnings from continuing
  operations of 109.3 mln dlrs, or 3.50 dlrs a share.
      Mead said its first quarter benefitted from stronger market
  conditions and improved operations.
      ""The combination of capital improvement programs and more
  employee involvement has been paying off throughout our paper
  operations,"" Roberts said.
      He added that Mead's pulp and paperboard businesses are
  operating well as prices have improved and strong demand has
  placed most products in a sold-out position through the middle
  of the year.
      Mead said sales of its unbleached coated paperboard was
  particularly strong, up 13 pct versus the first quarter 1986.
  

"
test/14995	12	earn	"AMERTEK INC <ATEKF> 1ST QTR NET
  Shr profit 20 cts vs loss three cts
      Net profit 849,299 vs loss 82,512
      Revs 7,929,138 vs 3,849,224
  

"
test/14998	12	earn	"ALEX BROWN INC <ABSB> 1ST QTR MARCH 27 NET
  Shr primary 78 cts vs 68 cts
      Shr diluted 75 cts vs 68 cts
      Qtrly div six cts vs five cts
      Net 7,929,000 vs 6,569,000
      Revs 78.7 mln vs 61.9 mln
      NOTE: Pay date for the qtrly div is April 28 for
  shareholders of record April 20.
  

"
test/15000	12	earn	"TOWN AND COUNTRY JEWELRY MANUFACTURING <TCJC>
  4thh qtr Feb 28
      Shr 46 cts vs 22 cts
      Net 2,139,034 vs 854,182
      Sales 30.8 mln vs 20.6 mln
      Avg shrs 5,280,854 vs 4,559,646
      Year
      Shr 1.34 dlrs vs 1.15 dlrs
      Net 5,935,117 vs 4,156,171
      Sales 107.2 mln vs 71.6 mln
      Avg shrs 5,281,387 vs 3,616,183
      NOTE: Town and Country Jewelry Manufacturing Corp.
  

"
test/15001	0	acq	"PAXAR CORP <PAKS> MAKES ACQUISITION
  Paxar Corp said it has
  acquired Thermo-Print GmbH of Lohn, West Germany, a distributor
  of Paxar products, for undisclosed terms.
  

"
test/15002	12	earn	"<MARK'S WORK WEARHOUSE LTD> YEAR JAN 31 NET
  Shr 10 cts vs 32 cts
      Net 975,000 vs 3,145,000
      Sales 159.1 mln vs 147.3 mln
  

"
test/15004	0	acq	"CANADIAN BASHAW, ERSKINE RESOURCES TO MERGE
  Canadian Bashaw Leduc Oil and
  Gas Ltd said it agreed to merge with Erskine Resources Ltd.
  Terms were not disclosed.
      Ownership of the combined company with 18.8 pct for the
  current shareholders of Canadian Bashaw and 81.2 pct to the
  current shareholders of Erskine, the companies said.
  

"
test/15005	12	earn	"ENTOURAGE <ENTG> HAS FIRST QUARTER LOSS
  Entourage International Inc said it had
  a first quarter loss of 104,357 dlrs, after incurring 70,000
  dlrs in costs for an internal audit, a report for shareholders
  and proxy soliciation and 24,000 dlrs in startup expenses for
  opening London offices.
      The company went public during 1986.
      Entourage also said it has started marketing a solid
  perfume packaged in a lipstick tube called ""Amadeus,"" retailing
  at 15 dlrs.
      The company also said it has acquired North Country Media
  Group, a video productions company.
  

"
test/15006	12	earn	"<MR. JAX FASHIONS INC> YEAR FEB 28 NET
  Shr 58 cts vs 29 cts
      Net 3,141,000 vs 1,440,000
      Sales 24.7 mln vs 13.0 mln
  

"
test/15011	12	earn	"F.W. WOOLWORTH CO SAYS IT HIKES DIVIDEND TO 33 CTS A SHARE FROM 28 CTS

  F.W. WOOLWORTH CO SAYS IT HIKES DIVIDEND TO 33 CTS A SHARE FROM 28 CTS
  

"
test/15012	12	earn	"F.W. WOOLWORTH CO <Z> HIKES DIVIDEND
  Qtly div 33 cts vs 28 cts prior
      Pay June 1
      Record May 1
  

"
test/15013	45	sugar	"DUTCH SUGAR BEET PLANTING HALF FINISHED
  Roughly half of this year's expected
  130,000 hectare Dutch sugar beet crop is already in the ground,
  a spokesman for Suiker Unie, the largest sugar processor in the
  Netherlands, told Reuters.
      Conditions are generally good and the average sowing date
  for the crop is expected to be around April 11, against April
  23 last year, and a 10-year average of April 14, the spokesman
  added.
      ""It is far too early yet to say what kind of output we can
  expect when it comes to harvest in September, but at least the
  crop is off to a very good start,"" he said.
      Last year, the Netherlands planted a record 137,600
  hectares of sugar beet and produced a record 1.2 mln tonnes of
  white sugar, substantially more than the country's combined ""A""
  and ""B"" quota of 872,000 tonnes.
      This year, however, a self-imposed quota system has been
  introduced with the aim of cutting plantings to 130,000
  hectares and reducing white sugar output to around 915,000
  tonnes to minimise the amount of non-quota ""C"" sugar produced.
      Only farmers with a record of growing suger beet have been
  allotted quotas. This is expected to prevent the area being
  boosted by dairy or cereal farmers moving into sugar.
  

"
test/15016	12	earn	"J.P. MORGAN AND CO INC 1ST QTR SHR 1.22 DLRS VS 1.28 DLRS

  J.P. MORGAN AND CO INC 1ST QTR SHR 1.22 DLRS VS 1.28 DLRS
  

"
test/15017	45	sugar	"EC COMMISSION DETAILS SUGAR TENDER
  The EC Commission confirmed it granted
  export licences for 118,350 tonnes of current series white
  sugar at a maximum export rebate of 46.496 European Currency
  Units (ECUs) per 100 kilos.
      Out of this, traders in France received 34,500 tonnes, in
  the U.K. 37,800, in West-Germany 20,000, in Belgium 18,500, in
  Spain 5,800 and in Denmark 1,750 tonnes.
  

"
test/15020	12	earn	"VOLKSWAGEN DIVIDEND DECISION DUE TOMORROW
  Volkswagen AG <VOWG.F>,
  VW, is due to make a formal announcement about its 1986
  dividend tomorrow after saying the 1985 level of 10 marks per
  ordinary share would be held, despite massive losses because of
  a suspected foreign currency fraud.
      A spokesman said VW's supervisory board will meet tomorrow
  to discuss the payout.  A statement will be made afterwards.
      VW has also said disclosed profits for 1986 will reach
  their 1985 level, despite provisions of a possible 480 mln
  marks linked to the currency affair. The figure is virtually
  the same as the 477 mln mark 1985 parent company net profit.
      When VW first confirmed the currency scandal on March 10 it
  said the management board would propose an unchanged 10-mark
  dividend to the supervisory board. A dividend of 11 marks would
  be proposed for the company's new preference shares.
      Share analysts said they saw supervisory board approval of
  the management board proposal as virtually a formality.
  ""Anything else would be more than a surprise,"" one said.
      Company sources said VW would have to dig into reserves to
  maintain the disclosed profit. Parent company reserves stood at
  around three billion marks at end-1985.
  

"
test/15023	12	earn	"CITYTRUST BANCORP INC <CITR> 1ST QTR NET
  Shr 1.40 dlrs vs 1.16 dlrs
      Net 5,776,000 vs 4,429,000
      Avg shrs 4,132,828 vs 3,834,117
  

"
test/15024	0	acq	"SOUTHMARK <SM> ACQUIRES 28 NURSING HOMES
  Southmark Corp said it acquired 28
  long-term care facilities containing for approximately 70 mln
  dlrs in cash.
      It said the facilities, which contain approximately 2,500
  beds in seven western states, were bought from Don Bybee and
  Associates, of Salem,Ore.
      The acquistion brings to 57 health care facilities acquired
  in the last three months, the company said.
  

"
test/15026	12	earn	"J.P. MORGAN AND CO INC <JPM> 1ST QTR NET
  shr 1.22 dlrs vs 1.28 dlrs
      net 226.4 mln vs 233.9 mln
      assets 80.45 billion vs 70.23 billion
      loans 35.16 billion vs 35.99 billion
      deposits 45.22 billion vs 39.68 billion
      return on assets 1.14 pct vs 1.35 pct
      return on common equity 18.20 pct vs 22.08 pct
      NOTE: 1987 qtr net was reduced by 20 mln dlrs because 1.3
  billion dlrs of loans to Brazil were placed on non-accrual.
      loan loss provision 35 mln dlrs vs 70 mln year earlier.
  

"
test/15027	12	earn	"FIRSTBANC CORP OF OHIO <FBOH> 1ST QTR NET
  Shr 74 cts vs 67 cts
      Net 8,067,000 vs 7,317,000
  

"
test/15028	12	earn	"MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR NET
  Qtr ends Feb 28
      Shr Class A 61 cts vs 48 cts
      Shr Class B 59 cts vs 46 cts
      Net 2,358,000 vs 1,876,000
      Revs 122,508,000 vs 105,871,000
      Six mths
      Shr Class A 1.15 dlrs vs 86 cts
      Shr Class B 1.13 dlrs vs 84 cts
      Net 4,485,000 vs 3,378,000
      Revs 242,453,000 vs 210,117,000
      NOTE: qtr and six mths prior figures reflect two-for-one
  stock split in August 1986.
  

"
test/15029	12	earn	"HANOVER INSURANCE <HINS> GET SPLIT APPROVAL
  Hanover Insurance Co said its
  stockholders approved a two-for-one stock split.
      As a result of the split, Hanover said it increases the
  number of authorized shares of capital stock from 10.4 mln,
  having a par value of one dlr, to 20.9 mln, also having a par
  value of one dlr.
      The stock split is payable April 30 to stockholders of
  record April 10, Hanover said.
  

"
test/15031	0	acq	"NATIONAL GUARDIAN <NATG> MAKES ACQUISITIONS
  National Guardian Corp said it
  has acquired a number of security services companies recently,
  with aggregate revenues of about 3,500,000 dlrs, for an
  aggregate cost of about 2,700,000 dlrs.
      It said it acquired guard service companies C.S.C. Security
  Gaurd Service of Paramus, N.J., from Cartel Security
  Consultants Inc, the Guard Services Division of Security
  Services of America of Wayne, N.J., Capital Investigations and
  Protective Agency of Hackensack, N.J., and Meyer Detective
  Agency Inc of National Park, N.J.
      The company said it bought alarm service operations
  Certified Security Services Inc of Key West, Fla., Custom
  Security Services of Myrtle Beach, S.C., A-T-E Security Group
  Inc of Houston and the Louisville, Kent and Nashville, Tenn,
  offices of Wells Fargo Alarm Services.
  

"
test/15032	12	earn	"UNIVERSAL MEDICAL <UMBIZ> DISTRIBUTION SET
  Qtly distribution 7-1/2 cts vs 7-1/2 cts prior (excluding
  2-1/2 cts special)
      Pay April 30
      Record April 22
      NOTE: Full name is Universal Medical Buildings L.P.
  

"
test/15037	0	acq	"WEDGESTONE REALTY <WDG> ACQUISITION APPROVED
  Wedgestone Realty Investors Trust
  said shareholkders have approved the acquisition of its
  advisor, Wedgestone Advisory Corp, for 600,000 shares.
      It said completion is expected to take place April 10.
  

"
test/15038	18	heat	"SUN <SUN> CUTS HEATING OIL BARGE PRICE
  Sun Co's Sun Refining and Marketing Co
  subsidiary said it is decreasing the price it charges contract
  barge customers for heating oil in ny harbor by 0.50 cent a
  gallon, effective today.
      The 0.50 cent a gallon price reduction brings Sun's heating
  oil contract barge price to 50 cts a gallon, the company said.
  

"
test/15045	26	jobs	"DUTCH ADJUSTED UNEMPLOYMENT RISES IN MARCH
  Dutch seasonally adjusted unemployment
  rose in the month to end-March to a total 693,000 from 690,600
  at end-February, but was well down from 730,100 at end-March
  1986, Social Affairs Ministry figures show.
      The figure for male jobless rose by 2,000 in the month to
  436,500 compared with 470,700 a year earlier. The figure for
  women was 256,500 at end-March against 256,100 a month earlier
  and 259,400 at end-March 1986.
      On an unadjusted basis total unemployment fell by 16,500 in
  the month to end-March to 692,200. In March 1986 the figure was
  725,000.
      A ministry spokesman said the unadjusted figures showed a
  smaller than usual seasonal decrease for the time of year,
  because of particularly cold weather delaying work in the
  building industry. He said this explained the increase in the
  adjusted statistics.
      Total vacancies available rose by 1,900 to 26,300 at
  end-March. A year earlier the figure was 28,763.
  

"
test/15046	12	earn	" 8-APR-1987 11:06:39.06
   8-APR-1987 11:06:39.06

"
test/15048	32	money-fx	"TOP OFFICIALS ARRIVE AT TREASURY FOR G-5 TALKS
  Top officials of leading industrial
  nations arrived at the U.S. Treasury main building to begin a
  meeting of the Group of Five.
      Officials seen arriving by Reuter correspondents included
  West German Finance Minister Gerhard Stoltenberg and Bundesbank
  President Karl Otto Poehl, French Finance Minister Edouard
  Balladur and his central banker Jacques de Larosiere.
      Also seen arriving were Japanese Finance Minister Kiichi
  Miyazawa and Japan's central bank governor Satoshi Sumita and
  British Chancellor of the Exchequer and central bank governor
  Robin Leigh Pemberton.
      There was no immediate sign of Italian or Canadian
  officials. Monetary sources have said a fully blown meeting of
  the Group of Seven is expected to begin around 3 p.m. local
  time (1900 gmt) and last at least until 6 p.m. (2200 gmt), when
  a communique is expected to be issued.
      Italian sources said Italian acting Finance Minister
  Giovanni Goria met Treasury Secretary James Baker last night.
      At those talks Baker apparently convinced Goria, who
  declined to attend the February meeting of the Group of Seven
  in Paris, that Italy would participate fully in any meaningful
  decisions.
  

"
test/15049	22	interest	"FED EXPECTED TO SET CUSTOMER REPURCHASES
  The Federal Reserve is expected to
  intervene in the government securities market to supply
  temporary reserves indirectly via customer repurchase
  agreements, economists said.
      Economists expect the Fed to execute 2.0-2.5 billion dlrs
  of customer repos to offset pressures from the end of the
  two-week bank reserve maintenance period today. Some also look
  for a permanent reserve injection to offset seasonal pressures
  via an outright purchase of bills or coupons this afternoon.
       The Federal funds rate opened at 6-3/8 pct and remained at
  that level, up from yesterday's 6.17 pct average.
  

"
test/15052	0	acq	"READER'S DIGEST ASSOCIATION SELLS UNIT
  <The Reader's Digest
  Association Inc> said it sold its subsidiary, Source
  Telecomputing Corp, to the venture capital firm of <Welsh,
  Carson, Anderson and Stowe>.
      The purchase price was not disclosed, Reader's Digest said.
      It said it purchased an 80 pct stake in Source in 1980 and
  earned an unspecified profit on 14 mln dlrs in revenues in
  1986.
  

"
test/15053	12	earn	"WEIS MARKETS INC <WMK> 1ST QTR MARCH 28 NET
  Shr 59 cts vs 51 cts
      Net 18.0 mln vs 15.6 mln
      Revs 278.6 mln vs 272.2 mln
  

"
test/15055	12	earn	"CONTINENTAL BANK INITIAL DISTRIBUTION APPROVED
  Continental Bank of Canada said
  shareholders approved a capital reorganization to allow an
  initial payout by the end of May to common shareholders from
  last year's 200 mln Canadian dlr sale of most Continental
  assets to <Lloyds Bank PLC>'s Lloyds Bank Canada.
      The bank said the initial distribution would take the form
  of a stock dividend of cumulative redeemable retractable class
  A series two preferred shares entitling holders to monthly
  floating rate dividends at 72 pct of prime and to 12.75 dlrs a
  share on retraction.
      Continental said the initial payout was subject to Canadian
  government approval.
      The bank reiterated that total distributions to common
  shareholders would range from 16.50 dlrs a share to 17.25 dlrs
  including the initial stock dividend and a final distribution
  in late 1988 or early 1989.
      The payout of existing preferred shareholders will be
  completed just before next month's initial distribution to
  common shareholders, Continental added.
  

"
test/15056	12	earn	"ATLAS CONSOLIDATED MINING AND DEVELOPMENT <ACMB>
  4th qtr
      Shr loss 17 cts vs loss 22 cts
      Net loss 14.5 mln vs loss 18.0 mln
      Revs 27.3 mln vs 23.7 mln
      Year
      Shr 58 cts vs 1.01 dlrs
      Net loss 48.3 mln vs loss 84.2 mln
      Revs 111.7 mln vs 141.9 mln
      NOTE: Atlas Consolidated Mining and Development Corp of
  Manila.
      Translated from Philippine pesos at 20.3489 pesos to dollar
  vs 18.5571 in quarter and 20.2315 vs 18.2743 in year.
  

"
test/15060	0	acq	"SCI-MED <SMLS> BOARD AGREES TO BRISTOL<BMY>DEAL
  Sci-Med Life Systems Inc said
  its directors approved a previously proposed agreement of
  merger with Bristol-Myers Co.
      The proposed transaction is subject to completion of a due
  diligence investigation, including a review by Bristol-Myers of
  a patent infringement suit served on Sci-Med by Advanced
  Cardiovascular Systems Inc on March 31, 1987.
      Bristol-Myers has the right to call off the agreement under
  certain circumstances, it said.
      Sci-Med said it continues to believe the patent suit is
  without merit.
  

"
test/15061	0	acq	"FIDELCOR <FICR> COMPLETES SALE OF UNIT
  Fidelcor Inc said it has completed
  the sale of its Industrial Valley Title Insurance Co subsidiary
  to a group of investors including the unit's management for
  undisclosed terms.
      Industrial Valley has assets of about 37.6 mln dlrs and was
  acquired last year along with IVB Financial Corp.
  

"
test/15062	12	earn	"DATA TRANSLATION INC <DATX> 1ST QTR FEB 28 NET
  Shr 18 cts vs 13 cts
      Net 575,000 vs 379,000
      Sales 6,625,000 vs 4,537,000
      Avg shrs 3,173,000 vs 2,977,000
  

"
test/15065	12	earn	"FIDATA CORP <FID> 4TH QTR LOSS
  Shr loss two cts vs profit 38 cts
      Net loss 90,000 vs profit 1,685,000
      Revs 1,826,000 vs 29.3 mln
      Year
      Shr profit 3.37 dlrs vs profit 46 cts
      Net profit 15.0 mln vs profit 2,047,000
      Revs 26.2 mln vs 123.6 mln
      NOTE: Net includes pretax securities sale gain 10,000 dlrs
  vs loss 1,000 dlrs in quarter and gain 486,000 dlrs vs loss
  112,000 dlrs in year.
      Net includes pretax gains on sale of businesses of nil vs
  4,656,000 dlrs in quarter and 26.0 mln dlrs vs 4,656,000 dlrs
  in year.
      Net includes pretax losses on disposition of product line
  of nil vs 3,150,000 dlrs in quarter and 3,300,000 dlrs vs
  3,150,000 dlrs in year.
      Quarter net includes tax credits of 102,000 dlrs vs 736,000
  dlrs.
      Net includes reversal of tax loss carryforwards of 259,000
  dlrs vs 264,000 dlrs in quarter and tax loss carryforwards of
  8,635,000 dlrs vs 579,000 dlrs in year.
  

"
test/15067	12	earn	"MARBLE FINANCIAL CORP <MRBL> 1ST QTR NET
  Oper shr 26 cts vs not given
      Oper net 866,000 vs 480,000
      NOTE: 1987 net excludes 157,000 dlr gain from termination
  of pension plan.
      Company went public in August 1986.
  

"
test/15069	0	acq	"DOMINION TEXTILE CALLS REPORT OF BID FOR BURLINGTON RUMOR

  DOMINION TEXTILE CALLS REPORT OF BID FOR BURLINGTON RUMOR
  

"
test/15070	12	earn	"RAYTHEON CO 1ST QTR SHR 1.37 DLRS VS 1.19 DLRS

  RAYTHEON CO 1ST QTR SHR 1.37 DLRS VS 1.19 DLRS
  

"
test/15074	12	earn	"FLEET FINANCIAL GROUP 1ST QTR SHR 73 CTS VS 60 CTS 

  FLEET FINANCIAL GROUP 1ST QTR SHR 73 CTS VS 60 CTS 
  

"
test/15077	12	earn	"DIEBOLD INC <DBD> DECLARES DIVIDEND
  Qtly div 30 cts vs 30 cts prior
      Pay June 8
      Record May 18
  

"
test/15078	12	earn	"INDEPENDENT BANK CORP <IBCP> REGULAR DIVIDEND
  Qtly div 10 cts vs 10 cts previously
      Pay April 20
      Record April 10
  

"
test/15079	12	earn	"RAYTHEON CO <RTN> 1ST QTR NET
  Shr 1.37 dlrs vs 1.19 dlrs
      Net 101.8 mln vs 92.3 mln
      Revs 1.750 billion vs 1.725 billion
      Avg shrs 74.2 mln vs 77.8 mln
  

"
test/15082	12	earn	"WALTHAM SAVINGS BANK <WLBK> INITIAL DIVIDEND
  Qtly div eight cts vs N.A.
      Payable May 11
      Record April 24
  

"
test/15090	12	earn	"FLEET FINANCIAL GROUP <FLT> 1ST QTR NET
  Shr primary 73 cts vs 60 cts
      Shr diluted 70 cts vs 58 cts
      Net 38,528,000 vs 31,680,000
      Avg shares 52,087,634 vs 51,294,652
      NOTE: Qtr net interest income is 130.7 mln dlrs vs 114.8
  mln dlrs. Earnings per share reflects two-for-one common stock
  split on March 15.
  

"
test/15091	0	acq	"DOMINION CALLS BURLINGTON <BUR> REPORT RUMOR
  <Dominion Textile Inc> considers a
  published report that it has bought a stake in Burlington
  Industries Inc and is considering making a joint bid for the
  company to be a rumor, a company spokesman said.
      ""As far as I am concerned and the company is concerned, they
  are rumors and we're not commenting on rumors,"" spokesman Michel
  Dufour told Reuters in response to a query.
      ""All the information that has been given out publicly is
  that, yes, Dominion Textile is interested in making an
  acquisition that big...probably based on that people are
  starting all sorts of rumors,"" he said.
      Dufour said yes when asked whether the report was only a
  rumor, but said the company was not prepared to comment
  further. Dominion Textile president and chairman Thomas Bell
  was out of town and unavailable for comment.
      Dominion Textile last year made an unsuccesful 104-mln-
  U.S.-dlr bid for Avondale Mills and has maintained a 120-mln-
  U.S.-dlr line of credit to be used for an American acquisition.
      Dufour said the company has been negotiating with ""many""
  U.S. textile companies but would not say whether Burlington
  Industries was one of them.
      Burlington's stock rose sharply this morning on the report,
  which said Dominion Textile had joined with U.S. investor Asher
  Edelman to buy a stake in the company and to consider making a
  takeover offer.
      Dominion Textile, which reported operating profit of 11.1
  mln Canadian dlrs last year on sales of 926.5 mln dlrs, has
  repeatedly said it will concentrate on expanding into the U.S. 
     The company has said it plans to diversify into new product
  and market areas in addition to expanding its textile
  operations.
  

"
test/15092	22	interest	"FED SETS OVERNIGHT SYSTEM REPURCHASES, FED SAYS

  FED SETS OVERNIGHT SYSTEM REPURCHASES, FED SAYS
  

"
test/15093	12	earn	"RAYTHEON <RTN> NET RISES ON OPERATIONS
  Raytheon said a 10 pct rise in
  its first quarter net to 101.8 mln dlrs reflected improved
  operations and a lower effective tax rate.
      The company said revenue gains in electronics, major
  appliances and other lines were offset by decreases in energy
  services and aircraft products. Revenues in the quarter rose
  1.4 pct to 1.75 billion dlrs, it said.
      The company said backlog stood at 7.520 billion dlrs, down
  from 7.912 billion dlrs a year earlier. It said a five year
  3.55 billion dlr U.S. defense contract was awarded shortly
  after the close of the first quarter.
  

"
test/15094	12	earn	"GENERAL INSTRUMENT CORP <GRL> 4TH QTR LOSS
  Ended Feb 28
      Shr loss 2.80 dlrs vs profit 17 cts
      Net loss 90.5 mln vs profit 5,271,000
      Revs 240.9 mln vs 159.4 mln
      Year
      Shr loss 2.49 dlrs vs loss 2.07 dlrs
      Net loss 80.4 mln vs loss 66.5 mln
      Revs 787.9 mln vs 612.4 mln
      NOTE: Includes loss of 89.6 mln dlrs vs loss 14.5 mln dlrs
  in year and loss of 91.6 mln dlrs in current qtr from
  discontinued operations.
      1986 qtr includes pretax gain of five mln dlrs from
  settlement of litigation and tax gain of 5.1 mln dlrs from
  change in estimated effective tax rate.
  

"
test/15095	4	cocoa	"COCOA EXPORTERS EXPECTED TO LIMIT SALES
  Major cocoa exporters are likely to
  limit sales in the weeks ahead in an effort to boost world
  prices, sources close to a meeting of the Cocoa Producers
  Alliance (CPA) said.
      The sources said the depressed world market had been one of
  the main topics discussed in a closed door meeting of the
  11-member CPA which began on Monday.
      They said producers agreed that cutting sales would aid the
  buffer stock manager of a new international cocoa pact in his
  effort to support prices.
      Major cocoa producing and consuming nations agreed
  operation rules for the buffer stock at a meeting in London
  last month and the stock manager is expected to enter the
  market soon.
      Prices, under the weight of three successive cocoa
  surpluses, recently fell to the level at which the manager has
  to buy cocoa under stock rules.
      The buffer stock aims to keep prices within a pre-set range
  by buying when prices fall and selling when they rise.
      ""The world's cocoa price at present is just not interesting,""
  commented one delegate representing a major CPA producer.
      Another source said that with much of the 1986/87
  (October-September) world cocoa crop sold, limiting sales in
  the near term concerns essentially next year's harvest.
      The sources noted, however, that the cocoa industry in
  Brazil, the world's number two producer, is in private hands.
  This means limiting sales is more difficult than in major West
  African producers, where sales are made or authorized by
  commodity marketing boards.
      The CPA includes the world's top three producers, Ivory
  Coast, Brazil and Ghana, and accounts for 80 pct of all output.
      The meeting here is due to end tomorrow evening.
  

"
test/15096	22	interest	"FED ADDS RESERVES VIA OVERNIGHT REPURCHASES
  The Federal Reserve entered the U.S.
  Government securities market to arrange overnight System
  repurchase agreements, a Fed spokesman said.
      Dealers said that Federal funds were trading at 6-3/8 pct
  when the Fed began its temporary and direct supply of reserves
  to the banking system.
  

"
test/15103	12	earn	"J.P. MORGAN <JPM> NET HURT BY BRAZIL, TRADING
  J.P. Morgan and Co Inc said its
  first-quarter earnings fell by 3.2 pct, largely reflecting its
  previously announced decision to place on non-accrual status
  its 1.3 billion dlrs of medium- and long-term loans to Brazil.
      That decision, spurred by Brazil's suspension of interest
  payments on February 20, reduced the quarter's net income by 20
  mln dlrs to 226.4 mln dlrs, compared with 233.9 mln in the
  first three months of 1986.
      Morgan also reported a loss of 1.8 mln dlrs from securities
  underwriting and trading, in contrast to a gain of 45.4 mln
  dlrs in the year-earlier period.
      In the fourth quarter of 1986, Morgan posted other trading
  losses of 5.5 mln dlrs because of setbacks in the trading and
  underwriting of Euromarket securities.
      Conditions in some sectors of the Euromarket remained
  difficult last quarter, with floating rate notes suffering
  heavy price falls, but a spokeswoman was unable to say whether
  Morgan's trading losses were restricted to the Euromarket.
      On the positive side, Morgan reduced its provision for loan
  losses to 35 mln dlrs from 70 mln a year earlier. Foreign
  exchange trading income rose to 82 mln dlrs from 72.6 mln and
  trust income increased to 95.9 mln dlrs from 75.9 mln.
      Morgan said other operating income, mainly fees and
  commissions, rose to 102.2 mln dlrs from 88.4 mln, but net
  investment securities gains dropped to 43.1 mln from 58.1 mln.
      Net interest earnings were 490.4 mln dlrs in the first
  quarter, down from 499.4 mln a year earlier, and net yield fell
  to 2.79 pct from 3.20 pct.
      If Brazil had not been placed on non-accrual, which means
  that interest can be recorded as income only when payments are
  actually received, net interest earnings would have been 525.9
  mln dlrs and net yield 2.99 pct. If Brazil does not resume
  payments, 1987 net would be cut by 72 mln dlrs, Morgan added.
      After the provision for loan losses, Morgan's allowance for
  credit losses at the end of March totaled 953 mln dlrs compared
  with 910 mln at end-1986 and 815 mln a year earlier.
      It reported net recoveries of six mln dlrs after
  charge-offs of eight mln, compared with net charge-offs of 49
  mln dlrs after recoveries of three mln a year earlier.
      Excluding Brazil, non-accruing loans at quarter's end were
  583 mln dlrs, down from 633 mln at end-1986 and 684 mln a year
  earlier. Non-interest expenses rose to 371.1 mln dlrs from
  303.5 mln dlrs, with more than half the increase related to
  personnel costs, Morgan said.
  

"
test/15104	12	earn	"ATLAS CONSOLIDATED MINING <ACMB> 4TH QTR
  Shr loss 17.3 cts vs 21.5 cts
      Net loss 14.5 mln vs loss 18.0 mln
      Revs 27.3 mln vs 23.7 mln
      Year
      Shr loss 58 cts vs loss 1.01 dlrs
      Net loss 48.3 mln vs loss 84.2 mln
      Revs 111.7 mln vs 141.9 mln
  

"
test/15107	12	earn	"FLEET <FLT> SHAREHOLDERS APPROVE SHARE INCREASE
  Fleet Financial Group said its
  shareholders approved an increase in shares of the company's
  authorized common stock to 100,000,000 shares from 75,000,000
  shares currently.
      The company said shareholders approved the move at the
  annual meeting in Providence today when the company reported
  that its first quarter earnings rose to 38.5 mln dlrs, or 73
  cts a share, from 31.7 mln dlrs, or 60 cts a share, in the
  first quarter 1986.
      J. Terence Murray, chairman and president of Fleet
  Financial, said, ""Fleet's mortgage banking activities in
  particular continued to produce signficant income increases (in
  the first quarter).""
      Murray said Fleet's mortgage servicing portfolio reached
  22.1 billion dlrs by March 31, including 1.8 billion dlrs
  purchased in March.
  

"
test/15109	12	earn	"ROWE FURNITURE CORP <ROWE> 1ST QTR FEB 28
  Shr 42 cts vs 35 cts
      Net 854,000 vs 839,000
      Revs 23.2 mln vs 21.9 mln
  

"
test/15110	12	earn	"REUTERS CHAIRMAN URGES FREER INFORMATION FLOWS
  Exchanges and telecommunications
  authorities should abolish their restrictions on full and free
  dissemination of information to the investment and banking
  communities, Reuters Holdings Plc <RTRS.L> chairman Sir
  Christopher Hogg said.
      In the 1986 annual repoprt, he said lengthy negotiations
  had brought agreement with the Tokyo and London Stock Exchanges
  for fuller, but still not complete, access to market data
  through Reuter services.
      ""Many other markets maintain restrictions,"" he added.
      Hogg said members of some markets appear to believe that
  information restrictions protected their interests.
      In other cases, exchanges seem to be limiting the
  distribution of data in order to provide competitive advantage
  to their own commercial information businesses.
      He also noted that despite increasing liberalisation in the
  telecommunications field, some countries continue to protect
  their state monopolies at the expense of other economic
  sectors.
      ""Reuter dealing services remain excluded from such
  countries. As a result, banking communities serving entire
  economies are put at a competitive disadvantage,"" he added.
      Reuters increased its 1986 pre-tax profit by 39 pct from
  the previous year to 130.1 mln stg on a 43 pct rise in revenues
  to 620.9 mln stg.
      Earnings per ordinary share were up 47 pct to 19.4p. The
  annual shareholder meeting will be held in London on April 29.
  

"
test/15111	0	acq	"CCL INDUSTRIES PURCHASES STAKE IN MONOBLOC
  <CCL Industries Inc> said it purchased a
  majority interest in Monobloc U.S.A. from Envases Metalurgicos
  de Alava of Spain.
      Terms were not disclosed.
      CCL also said it agreed to exchange present and future
  technology with Envases.
  

"
test/15112	47	tin	"PARIS GROUP PUBLISHING DAILY FRANC TIN PRICE
  The Association of White Metals has
  decided to publish a daily tin price here in French francs per
  100 kilos, the French Federation of Non-Ferrous Metals said.
      The price, quoted for the first time yesterday, was
  introduced as the lack of tin quotes was causing problems for
  some French companies, a spokesman for the non-ferrous metals
  association said.
      Today's price was set at 4,776 francs per 100 kilos and
  Tuesday's at 4,790.
      The International Chamber of Commerce stopped publishing a
  tin price after the London Metal Exchange (LME) stopped tin
  trading on October 24, 1985.
      The Association has tested the basis it uses to calculate a
  French franc price over the last few months to ensure it was
  reliable, the spokesman said.
      The French franc price is pre-tax, for specified quality, a
  minimum 99.9 pct purity, at a French port or border railway
  station and a minimum delivery of 10 tonnes.
      The French Federation of Non-Ferrous Metals groups various
  metal associations including the Association of White Metals.
  

"
test/15118	12	earn	"RHODES INC <RHD> DECLARES DIVIDEND
  Qtly div nine cts vs nine cts prior
      Pay July 15
      Record June 15
  

"
test/15119	0	acq	"MADEIRA IN LETTER OF INTENT TO BE ACQUIRED
  <Madeira Inc> said it
  signed a letter of intent to be acquired by Tradevest Inc
  through a stock-for-stock exchange.
      After completion of the transaction, Tradevest would own 90
  pct of the issued outstanding stock of Madeira.
  

"
test/15120	12	earn	"CELLTRONICS <CELT> DECLARES ONE-FOR-10 SPLIT
  Celltronics Inc said its directors
  declared a one-for-10 reverse stock split of its common stock.
      It said the split will be payable April 17 to shareholders
  of record April 16.
  

"
test/15121	12	earn	"MONTEDISON'S AGRIMONT UNIT 1986 EARNINGS
  <Montedison SPA> of Italy said net
  consolidated profit for its Agrimont Group, formed in June
  1986, totalled 1.5 billion lire in 1986.
      Agrimont SPA, the holding company for Montedison's
  Agro-Industrial businesses, had sales of 810 billion lire and a
  net profit of about 1.1 billion lire, after amortization costs
  of 35 billion lire and a 13 billion lire reduction in the value
  of inventory due to falling market prices, Montedison said.
      Agrimont, still wholly owned by Montedison, is taking steps
  to be traded on the Milan exchange, the company said.
      The company said that 1986 was characterized by an unstable
  fertlizer market due to the weak dollar and the decline of
  international prices for products sold in Europe and the U.S
  where Agrimont operates through its Conserv division.
      In pesticides and in animal health care products Agrimont
  maintained its previous level of revenues and market share in
  1986, Montedison said.
      Montedison said it named Ettore dell'Isola to the newly
  created position of president of Agrimont.
      Montedison also said it named Renato Picco, managing
  director of <Eridania SPA> and Gianfranco Ceroni, managing
  director of <Italiana Olii e Sifi>, both of whom are members
  of the the Ferruzzi Group's management board, to Argimont's
  board of directors. Ferruzzi owns about 40 pct of Montedison,
  the company said.
  

"
test/15122	0	acq	"DATRON <DATR> AGREES TO BUYOUT BY OFFICERS
  Datron Corp said it agreed to
  merge with GGFH Inc, a Florida-based company formed by the four
  top officers of the company.
      According to terms of the proposed transaction, each share
  of Datron common stock, excluding those shares owned by the
  four officers, will be bought for six dlrs a share, it said.
      Datron's officers hold about 73 pct of the total 896,000
  Datron common shares outstanding.
      Upon completion of the proposed transaction, the officers
  of Datron would own 100 pct of the company. The merger is
  subject to GGHF's receiving financing for the plan, Datron
  said.
      Shareholders of Datron will be asked to approve the plan at
  their annual meeting to be held in June or July, and the merger
  is expected to be completed by July 31, it said.
  

"
test/15124	0	acq	"TRUMP AND INTERSTATE PROPERTIES IN TALKS TO ACQUIRE ALEXANDERS

  TRUMP AND INTERSTATE PROPERTIES IN TALKS TO ACQUIRE ALEXANDERS
  

"
test/15126	12	earn	"SOUND WAREHOUSE INC <SWHI> 3RD QTR FEB 28 NET
  Shr 26 cts vs 52 cts
      Net 1,386,000 vs 2,773,000
      Revs 47.7 mln vs 38.5 mln
      Nine mths
      Shr 52 cts vs 97 cts
      Net 2,765,000 vs 5,419,000
      Revs 116.9 mln vs 97 mln
  

"
test/15128	0	acq	"TRUMP AND INTERSTATE IN TALKS FOR ALEXANDERS
  Donald Trump and Interstate Properties
  said they were holding preliminary discussions regarding a
  possible joint acquisition of Alexanders Inc at 47 dlrs per
  share.    
      The possible acquisition is subject to any applicable real
  estate gains and transfer taxes, the joint statement said.
      Trump and Interstate, which presently own about 40 pct of
  Alexander's common stock, said they intend to keep the company
  as a retailer if they succed in their acquisition.
      There can be no assurances that the parties will reach any
  agreement regarding an acquisition or what price might be
  offered, the statement said.
  

"
test/15130	12	earn	"TELECRAFTER CORP <SWHI> 2ND QTR FEB 28 NET
  Shr profit 12 cts vs loss 14 cts
      Net profit 183,000 vs loss 234,000
      Revs 2.4 mln vs 1.5 mln
      Six months
      Shr profit 22 cts vs loss 22 cts
      Net profit 345,000 vs loss 358,000
      Revs 5.2 mln vs 2.9 mln
      NOTE:1987 2nd qtr and six months include gains of 78,000
  dlrs and 154,000 dlrs for tax loss carryforward.
  

"
test/15136	12	earn	"COLT INDUSTRIES INC <COT> 1ST QTR NET
  Shr 28 cts vs 16 cts
      Net 9,387,000 vs 25,617,000
      Revs 410.1 mln vs 393.5 mln
      Avg shrs 35.4 mln vs 164.7 mln
      NOTE: 1987 net reflects interest expense on debt incurred
  to finance recapitalization in Oct. 1986. Prior year earnings
  restated to reflect recapitalization plan.
  

"
test/15138	0	acq	"YANKEE <YNK> UNIT NOT TO SELL SUBSIDIARY
  Yankee Cos Inc said its Eskey
  Inc <ESK> subsidiary has decided not to sell its Yale E. Key
  unit.
      Further details were not disclosed.
  

"
test/15141	12	earn	"MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR FEB 28
  Shr 59 cts vs 46 cts
      Net 2.4 mln vs 1.9 mln
      Revs 122.5 mln vs 105.9 mln
      Six months
      Shr 1.13 dlrs vs 84 cts
      Net 4.5 mln vs 3.4 mln
      Revs 242.5 mln vs 210.1 mln
      NOTE: 1986 share adjusted for 2-for-1 stock split.
  

"
test/15144	12	earn	"<BATON BROADCASTING INC> SIX MTHS FEB 28 NET
  Shr 33 cts vs 31 cts
      Net 9,219,017 vs 8,515,539
      Revs 112.0 mln vs 95.4 mln
  

"
test/15145	12	earn	"UNITED CABLE TELEVISION CORP <UCT> 3RD QTR NET
  Shr loss 24 cts vs profit seven cts
      Net loss 5,952,000 vs profit 2,078,000
      Revs 55.9 mln vs 50.6 mln
      Avg shrs 25.2 mln vs 24.7 mln
      Nine mths
      Shr loss 11 cts vs profit 24 cts
      Net loss 2,673,000 vs profit 6,800,000
      Revs 162.6 mln vs 143.9 mln
      Avg shrs 25.0 mln vs 24.4 mln
      NOTE: Current year net both periods includes pretax charge
  seven mln dlrs from increase in reserve for investments in
  broadcast television entities and tax credits of 1,002,000 dlrs
  in quarter and 520,000 dlrs in nine mths.
  

"
test/15146	0	acq	"CANADA ALLOWS PUBLISHING TAKEOVER BY HARCOURT
  Investment Canada said it has allowed the
  indirect takeover of Holt, Rinehart and Winston Canada Ltd.,
  W.B. Saunders Co of Canada Ltd and Les Editions HRW Ltd by
  Harcourt Brace Jovanovich Canada Inc.
      The government agency said, however, Harcourt Canada has
  agreed to sell control of the firms to Canadian interests
  within two years.
      Harcourt Canada's U.S. parent, Harcourt Brace Jovanovich
  Inc <HBJ>, indirectly acquired the Canadian book publishing
  companies when it purchased Holt Rinehart and Winston from CBS
  Inc <CBS> last October.           
  

"
test/15149	0	acq	"TALKING POINT/BURLINGTON INDUSTRIES <BUR>
  The largest U.S. textile maker focused
  on its own business as its competitors found merger partners,
  but now Burlington Industries Inc may have restructured itself
  into an attractive takeover candidate, analysts said.
      The takeover spotlight fell today on Burlington, which rose
  4-7/8 to 52-7/8 on speculation that investor Asher Edelman and
  Dominion Textiles Inc of Canada bought an almost five pct
  stake.
      A published report said Edelman and Dominion jointly
  acquired a stake in Burlington and were weighing a takeover
  offer. Edelman would not comment, and a spokesman for
  Montreal-based Dominion called the report just ""rumors.""
      Burlington said it did not know if the report was true.
      Wall Street professionals said they were not convinced of
  the story or that Edelman and Dominion would be the victors if
  Burlington actually came into play.
      Arbitragers said past comments from Dominion, however,
  added credence to the speculation. Dominion has said that it
  was looking for a takeover in the U.S.
      Last year, Dominion unsuccessfully bid for Avondale Mills
  and has maintained a 120 mln dlr line of credit to be used for
  a U.S. acquisition.
      A Dominion spokesman said Canada's largest textile producer
  has been negotiating with ""many"" U.S. textile companies, but
  would not say whether Burlington was among them.
      ""There have been acquisitions in this area. It's not
  unusual that someone could be looking at Burlington after the
  housecleaning they've done,"" said Eileen Gormley of Thomson
  McKinnon.
      Burlington sold its domestic operations, which made sheets
  and other linens, to J.P. Stevens and Co Inc for 110 mln dlrs
  last year. It also has reorganized management, and focused its
  operations on businesses that would be less affected by foreign
  competition, Gormley said.
      ""They've pulled back so as not to be a commodity marketer,""
  said Gormley. She said in moving more heavily into industrial
  fabrics, Burlington bought C.H. Masland, which supplies carpets
  and other fabric to the auto industry.
      ""In the past, they just spent and never realized the return
  on the outlays they did make,"" she said.
      ""You look at their record over the year, and I think
  they're poised to be more profitable than they had been in the
  past,"" Gormley said.
       She estimated 1987 earnings of 2.50 dlrs per share, up
  from 2.01 dlrs per share.
      Some analysts today recommended clients not buy Burlington
  at its current levels.
      Edward Johnson of Johnson Redbook said he recommends
  selling. He said he believes the stock is worth only about 50
  dlrs on a takeover basis and about 46 dlrs on an earnings
  basis.
      Some arbitragers, however, said takeover values have been
  placed on the company of 60 to 65 dlrs per share.
      ""After Asher's (Edelman) recent history, a lot of people
  don't find him very credible anymore,"" said one arbitrager.
      Another, however, said Edelman succeeds in forcing
  managements to take steps to enhance shareholder values even if
  he doesn't win the target company.
      Edelman was unsuccessful last year in offers for Lucky
  Stores Inc and Fruehauf Corp. He did succeed in buying
  Ponderosa Inc.
      The stocks of other textile makers rose along with
  Burlington.
      J.P. Stevens <STN> climbed 5/8 to 44-7/8, and Fieldcrest
  Cannon Inc <FLD>, the result of a merger of Fieldcrest and
  Cannon, rose 1-1/8 to 39-3/4. West Point-Pepperell Inc <WPM>
  rose 1-7/8 to 67-1/8.
  

"
test/15152	12	earn	"STERIVET LABORATORIES LTD <STVTF> 1ST QTR NET
  Shr profit 10 cts vs loss 17 cts
      Net profit 206,000 vs loss 281,000
      Revs 1,022,00 vs 344,000
  

"
test/15153	12	earn	"STERIVET LABORATORIES LTD <STVTF> YEAR LOSS
  Shr loss 48 cts vs loss 19 cts
      Net loss 746,000 vs loss 342,000
      Revs 3,213,000 vs 2,925,000
  

"
test/15154	48	trade	"JAPAN IN LAST-DITCH EFFORT TO AVERT TARIFFS
  Senior Japanese officials tomorrow
  open talks with American trade negotiators in a last-ditch
  effort to avert new high U.S. tariffs to be imposed on a wide
  variety of Japanese electronic exports.
      Makoto Kuroda, vice minister of Japan's Ministry of
  International Trade and Industry (MITI), is to hold two days of
  meetings with the Deputy U.S. Trade Representative, Michael
  Smith, and the Under Secretary of Commerce, Bruce Smart.
      The new tariffs, to go into effect on April 17, are in
  retaliation for Japan's failure to adhere to an agreement to
  end dumping semiconductors in world markets at below cost and
  to open its home market to U.S. semiconductor shipments.
      They are to be imposed on goods which use semiconductors,
  including television and audio equipment and computers.
      Both U.S. and Japanese officials have said there was little
  likelihood the talks would do anything to avert the 100 pct
  duties on 300 mln dlrs worth of Japanese shipments.
      President Reagan announced the planned tariffs on March 27
  after he said that close monitoring of the July 1986
  U.S.-Japanese semiconductor pact convinced U.S. officials that
  Japan was not honoring the agreement.
      In making the annoucement, Reagan said ""I am committed to
  the full enforcement of our trade agreements designed to
  provide American industry with free and fair trade.""
      Trade analysts said his move was aimed as much at Japan's
  semiconductor trade practices, which are said to have injured
  the U.S. semiconductor industry, as Congress, which has
  complained about presidential timidity on trade issues.
      Congressional Democrats have pledged to enact aggressive
  trade laws to counter what they contend has been Reagan's
  inaction to redress the growing U.S. trade deficit, which last
  year reached 169.8 billion dlrs.
      About one-third of the deficit was with Japan.
      Reagan said there were recent signs Japan was beginning to
  adhere to the pact and that was why he was not terminating it.
      Kuroda said on leaving Tokyo today he had no new proposals
  but did have an explanation of the semiconductor situation.
      He told the daily newspaper Ashai Shimbun that Reagan's
  decision was based on inaccurate data and an exaggerated sense
  of MITI's power to control Japanese traders.
      ""The United States has excessive expectations.,"" he said. To
  stabilize supply-demand relations which have been disrupted by
  excess inventories since 1985 will take some time.""
      He also said that U.S. firms had not been aggressive enough
  in trying to sell in the Japanese market.
  

"
test/15156	0	acq	"HOECHST CELANESE SENDS REPORT ON NEW FACILITIES
  <Hoechst Celanese Corp> said it
  sent propsective customers a confidential report describing its
  polyester textile fiber facilities in North Carolina and South
  Carolina.
      The company did not disclose any prices.
      The report describes the facilities in Darlington County,
  S.C., and Fayetteville, N.C., the company said. The report also
  decribes related manufacturing, marketing, administrative and
  technical resources that could be made avialable to a buyer.
      Hoechst Celanese was formed Feb 27 by the merger of
  Celanese Corp and American Hoechst Corp. The merger took place
  after an agreement was reached with the Federal Trade
  Commission that certain domestic polyester textile fiber assets
  of the combined companies would be divested, it said.
      Hoechst Celanese said it has the option of divesting either
  the South Carolina facilities of the former American Hoechst or
  a package of polyester textile fiber facilities of the former
  Celanese.
  

"
test/15157	12	earn	"MELLON PARTICIPATING MORTGAGE TRUST <MPMTS> DIV
  Qtly div 25 cts vs 25 cts prior
      Payable May 6
      Record April 24
  

"
test/15161	0	acq	"U.K. GEC DECLINES COMMENT ON U.S. PURCHASE RUMOUR
  General Electric Co Plc <GECL.L> (GEC)
  declined comment on rumours on the London stock market that it
  is planning another purchase in the U.S. Medical equipment
  field, in addition to its existing U.S. Subsidiary <Picker
  International Inc>.
      A GEC spokesman said that it is company policy not to
  comment on acquisition rumours.
      Stock Exchange traders said the rumour helped GEC's share
  price to rise 5p, to a final 206p from yesterday's closing
  price of 201p.
  

"
test/15162	12	earn	"PRESTON CORP <PTRK> SEES FIRST QUARTER LOSS
  Preston corp said it expects to
  report a loss of about 300,000 dlrs or five cts per share for
  the first quarter, compared with a profit of 1,081,000 dlrs or
  19 cts per share a year before.          
      The trucking company attributed the loss to the continued
  rate of discounted in its primary markets, flat revenues and
  increased costs, including uninsured claims expense resulting
  from adverse weather conditions during the last three months.
      It said results outside the Northeast were strong, and it
  expects to show improved results for the rest of the year.
  

"
test/15171	48	trade	"WHITE HOUSE STANDING FIRM ON JAPANESE SANCTIONS
  Presidential spokesman Marlin
  Fitzwater said U.S. trade sanctions against Japan were likely
  take effect on April 17 in spite of a ""full court press"" by
  Japanese officials to avoid them.
      ""All indications are they will take effect,"" he said.
      ""I would say Japan is applying the full court press ... They
  certainly are putting both feet forward in terms of explaining
  their position,"" Fitzwater told reporters.
      He noted high level meetings on the trade dispute are
  underway here but said, ""I don't think there's anything I can
  report and I don't believe there's been any official movement.""
  

"
test/15172	12	earn	"DOW JONES AND CO INC FIRST QUARTER SHR 69 CTS VS 64 CTS

  DOW JONES AND CO INC FIRST QUARTER SHR 69 CTS VS 64 CTS
  

"
test/15175	12	earn	"<HAYES-DANA INC> 1ST QTR NET
  Shr 30 cts vs 28 cts
      Net 5,000,000 vs 4,600,000
      Revs 125.2 mln vs 123.9 mln
      Note: 52 pct-owned by Dana Corp <DCN>.
  

"
test/15179	4	cocoa	"COCOA TERMINAL DEPOSITS TO BE CUT 25 PCT - ICCH
  The basic deposit on cocoa futures
  contracts will be reduced by 25 pct as from Friday, April 10,
  taking the required deposit for one 10 tonne lot to 300 stg
  from 400 previously, a spokesman for the International
  Commodity Clearing House (ICCH) said.
      The deposit for spread contracts will be similarly cut, to
  150 stg for a one 10 tonne lot from 200 previously, he said.
      The ICCH had been looking at cocoa market fluctuations over
  a period of weeks, he said, adding the market's basic stability
  had warranted a cut in deposit rates.
      The decision to cut deposits was taken by the ICCH after
  consultation with the London Cocoa Terminal Market, the
  spokesman said.
      The cuts were likely to attract more business to the
  market, he said.
  

"
test/15180	12	earn	"ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET
  Shr 20 cts vs 32 cts
      Net 1,358,000 vs 2,476,000
      Revs 27.1 mln vs 26.2 mln
      Nine Mths
      Shr 68 cts vs 1.05 dlrs
      Net 4,957,000 vs 8,129,000
      Revs 82.6 mln vs 78.8 mln
  

"
test/15185	12	earn	"WALGREEN CO 2ND QTR SHR 62 CTS VS 58 CTS

  WALGREEN CO 2ND QTR SHR 62 CTS VS 58 CTS
  

"
test/15188	12	earn	"JUDY'S INC <JUDY> 4TH QTR JAN 31 LOSS
  Shr loss two cts vs profit nine cts
      Net loss 74,000 vs profit 418,000
      Sales 18.2 mln vs 17.5 mln
      Year
      Shr profit nine cts vs profit 26 cts
      Net profit 426,000 vs profit 1,170,000
      Sales 58.7 mln vs 56.7 mln
  

"
test/15189	12	earn	"ORANGE-CO INC <OJ> 2ND QTR FEB 28 NET
  Shr profit 2.26 dlrs vs loss 81 cts
      Net profit 9,785,000 vs loss 3,422,000
      Revs 26.0 mln vs 18.9 mln
      Avg shrs 4,316,000 vs 4,207,000
      1st half
      Shr profit 2.75 dlrs vs loss 1.07 dlrs
      Net profit 11.9 mln vs loss 4,486,000
      Revs 39.0 mln vs 37.2 mln
      Avg shrs 4,318,000 vs 4,181,000
      NOTE: Current year net both periods includes gain 9,500,000
  dlrs from sale of Orange-Co of Florida subsidiary to American
  Agrnomics Corp <AGR>.
      Net includes pretax real estate disposition loss 920,000
  dlrs vs gain 52,000 dlrs in quarter and loss 863,000 dlrs vs
  gain 117,000 dlrs in half.
      Prior year net includes tax credits of 2,132,000 dlrs in
  quarter and 3,039,000 dlres in half.
      Current half net includes 2,051,000 dlr pretax gain
  2,051,000 dlrs from change in accounting.
  

"
test/15190	12	earn	"DOW JONES AND CO INC <DJ> 1ST QTR NET
  Shr 69 cts vs 64 cts
      Net 66,719,000 vs 61,773,000
      Rev 285.6 mln vs 259.7 mln
      NOTE: Earnings include after-tax gain of 29.4 mln dlrs, or
  30 cts a share, versus after-tax gain of 31.4 mln dlrs, or 32
  cts a share, for 1986 first quarter. Earnings per share
  reflects a 50 pct stock dividend in the form of a class B
  common stock distribution on June 30, 1986.
  

"
test/15193	12	earn	"LORD ABBETT AND CO MUTUAL FUND DIVIDENDS
  LORD ABBETT BOND DEBENTURE FUND
      Qtly div 28 cts vs 29 cts prior
      Pay May 5
      Record April 9
      ---
      LORD ABBETT U.S. GOVERNMENT SECURITIES FUND
      Daily div 2.9 cts vs 2.9 cts prior
      Pay May 15
      Record May 15
      LORD ABBETT TAX FREE INCOME FUND NATIONAL SERIES
      Daily div 6.7 cts vs 6.7 cts prior
      Pay May 15
      Record May 15
      ---
      LORD ABBETT TAX FREE INCOME NEW YORK SERIES
      Daily div 6.7 cts vs 6.7 cts prior
      Pay May 15
      Record May 15
      LORD ABBETT TAX FREE INCOME TEXAS SERIES
      Daily div 5.9 cts vs 5.9 cts prior
      Pay May 15
      Record May 15
      ---
      LORD ABBETT CALIFORNIA TAX FREE INCOME
      Daily div of 6.2 cts vs 6.2 cts prior
      Pay May 15
      Record May 15
  

"
test/15194	12	earn	"HEINEKEN SEES HIGHER PROFITS, WIDER PENETRATION
  Dutch brewer Heineken NV said it hoped
  to maintain for a number of years a similar earnings growth to
  the 7.5 pct increase in net profit achieved in 1986, despite
  continuing investments in a reorganization program and efforts
  to extend world penetration.
      Heineken last month reported a 1986 net profit of 285 mln
  guilders, after 265 mln in 1985.
      Chairman Freddie Heineken said the company, Europe's
  leading beer producer with six pct of market share in 1986,
  said sales increased by 6.3 pct to 42.1 mln hectoliters.
      The volume increase was due mainly to a rise in the U.S.,
  Where the brand Amstel Lite saw great demand, and in Europe,
  where sales accounted for 25.5 pct of the total.
      Turnover, despite losses in guilder terms due to weaker
  foreign currencies, rose by 4.4 pct, to 6.7 billion guilders.
      Further consolidation of foreign companies, including the
  increase of its stake in leading Spanish brewery <El Aguila
  S.A.> to 51.2 pct, new ventures and modernization, particularly
  in French and Spanish interests, eroded profit margins. The
  company still planned to invest 700 mln guilders this year in
  restructuring and marketing, Heineken said.
      Heineken's Spanish activities should start yielding profit
  next year, Heineken said, adding that its French operations had
  already turned to profit after vast rationalization last year.
      Vice Chairman Gerard van Schaik said the decision by the
  European Court of Justice in Luxembourg to allow foreign beer
  into the closed West German market -- Europe's biggest beer
  market -- offered interesting possibilities for Heineken. ""We
  have the beer, but distribution and sales is the important
  point,"" van Schaik said, adding that since the ruling Heineken
  had been inundated by German traders seeking joint ventures.
      ""The question is not if we want to penetrate the German
  market, but how we are to do it,"" van Schaik said, adding that
  while the widely traveled Germans seemed to be developing a
  taste for foreign beer, the internal structure was very
  regionalized.
       Heineken board member Hans Coebergh, responsible for
  African operations, said he saw Africa as one of the most
  important beer growth markets in the long term.
       He said the company, present in Africa since 1932 and with
  majority stakes in six breweries and interests in 25, was
  hampered by the lack of hard currencies there.
      Africa, where beer consumption averages only nine liters
  per head per year and sales are limited by import restrictions
  and currency risks, nonetheless accounted for 6.5 pct of total
  1986 sales.
      On-site production is rendered expensive by the high price
  of imports of essential ingredients. But Heineken scientists
  have been looking at other possibilities.
      To balance the costs of imported malt, Heinken launched on
  the Nigerian market a new beer made of 50 pct sorghum, which
  had sold successfully, Coebergh said.
      Heineken is urging farmers to grow the traditional raw
  materials, but Coebergh noted that banana and palm beer were
  popular in Rwanda . ""This is a possibility, but we could not
  possibly achieve the Heineken flavor,"" Coebergh said.
      Chairman Heineken said the company's seven year efforts to
  penetrate the Soviet market had finally resulted this week in a
  contract that relaxed some of the restrictions they faced.
      But again, a lack of hard currencies limited Heineken's
  market potential. Heineken now has seven bars in Moscow that
  are enjoying good sales, but the bars only accept western
  money.
  

"
test/15197	12	earn	"WALGREEN CO <WAG> VOTES QUARTERLY DIVIDEND
  Qtly div 13-1/2 cts vs 12-1/2 cts prior qtr
      Pay 12 June
      Record 21 May
  

"
test/15198	5	coffee	"COLOMBIA BUSINESS ASKED TO DIVERSIFY FROM COFFEE
  A Colombia government trade official has
  urged the business community to aggressively diversify its
  activities and stop relying so heavily on coffee.
      Samuel Alberto Yohai, director of the Foreign Trade
  Institute, INCOMEX, said private businessmen should not become
  what he called ""mental hostages"" to coffee, traditionally
  Colombia's major export.
      The National Planning Department forecast that in 1987
  coffee will account for only one-third of total exports, or
  about 1.5 billion dlrs, with oil and energy products making up
  another third and non-traditional exports the remainder.
  

"
test/15200	10	crude	"TURKEY CALLS FOR DIALOGUE TO SOLVE DISPUTE
  Turkey said today its disputes with
  Greece, including rights on the continental shelf in the Aegean
  Sea, should be solved through negotiations.
      A Foreign Ministry statement said the latest crisis between
  the two NATO members stemmed from the continental shelf dispute
  and an agreement on this issue would effect the security,
  economy and other rights of both countries.
      ""As the issue is basicly political, a solution can only be
  found by bilateral negotiations,"" the statement said. Greece has
  repeatedly said the issue was legal and could be solved at the
  International Court of Justice.
      The two countries approached armed confrontation last month
  after Greece announced it planned oil exploration work in the
  Aegean and Turkey said it would also search for oil.
      A face-off was averted when Turkey confined its research to
  territorrial waters. ""The latest crises created an historic
  opportunity to solve the disputes between the two countries,""
  the Foreign Ministry statement said.
      Turkey's ambassador in Athens, Nazmi Akiman, was due to
  meet Prime Minister Andreas Papandreou today for the Greek
  reply to a message sent last week by Turkish Prime Minister
  Turgut Ozal. The contents of the message were not disclosed.
  

"
test/15204	0	acq	"FRONTIER INSURANCE <FRTR> IN ACQUISITION TALKS
  Frontier Insurance Group Inc
  said it is currently negotiating to acquire the business of
  Medical Quadrangle Inc, formerly its largest medical
  malpractice insurance producer, and the business of its other
  malpractice producer, Medical Professional Liability Agency
  Inc.
      It gave no details.
  

"
test/15205	12	earn	"FRONTIER INSURANCE GROUP INC <FRTR> 4TH QTR NET
  Oper shr 25 cts vs six cts
      Oper net 840,000 vs 139,000
      Revs 8,290,000 vs 4,743,000
      Avg shrs 3,335,029 vs 2,400,000
      Year
      Oper shr 97 cts vs 53 cts
      Oper net 2,546,000 vs 1,275,000
      Revs 28.8 mln vs 18.5 mln
      Avg shrs 2,635,665 vs 2,400,000
      NOTE: Net excludes investment gain four cts shr vs loss six
  cts in quarter and gain five cts vs loss six cts in year.
  

"
test/15207	12	earn	"SOUTHINGTON SAVINGS BANK <SSBB> 1ST QTR NET
  Shr 39 cts vs not given
      Net 707,000 vs 505,000
      NOTE: Company went public in July 1986.
  

"
test/15208	12	earn	"CATERPILLAR INC <CAT> VOTES QUARTERLY DIVIDEND
  Qtly div 12-1/2 cts vs 12-1/2 cts prior qtr
      Pay 20 May
      Record 20 April
  

"
test/15210	0	acq	"CORRECTED - DATRON <DATR> AGREES TO BUYOUT
  Datron Corp said it agreed to
  merge with GGHF Inc, a Florida-based company formed by the four
  top officers of the company.
      According to terms of the proposed transaction, each share
  of Datron common stock, excluding those shares owned by the
  four officers, will be converted into six dlrs a share, it
  said.
      Datron's officers hold about 73 pct of the total 896,000
  Datron common shares outstanding, it said.
  (corrects company name, GGHF, in first paragraph)
  

"
test/15211	12	earn	"WALGREEN CO <WAG> 2ND QTR FEB 28 NET
  Shr 62 cts vs 58 cts
      Qtly div 13-1/2 cts vs 13-1/2 cts prior
      Net 38.8 mln vs 35.7 mln
      Revs 1.18 billion vs one billion
      Six mths
      Shr 84 cts vs 86 cts
      Net 52 mln vs 52.9 mln
      Revs 2.14 billion vs 1.82 billion
      NOTE: Results include charge of four cts shr for latest six
  mths vs credit of five cts shr for prior six mths from
  investment tax credit
       Dividend payable June 12, record May 21
  

"
test/15213	12	earn	"MEDTRONIC <MDT> SEES 15 PCT EARNINGS GROWTH
  Medtronic Inc said it sees 15 pct
  growth in sales and earnings for the year ending April 30,
  1988.
      At an analysts meeting here the company said that for the
  year ending April 30, 1987 it will earn about 73 mln dlrs, or
  about 5.15-5.35 dlrs a share on sales of about 500 mln dlrs.
      In the year ago period, the company earned 53.4 mln dlrs,
  or 3.65 dlrs a share, on sales of 402.8 mln dlrs.
      Winston Wallin, Medtronic chairman, said the company will
  improve market share in fiscal 1988 in cardiac pacemakers and
  expand its cardiovascular therapeutic product line.
      Wallin cautioned analysts not to quickly change their per
  share estimates for the company as he said Medtronic will have
  heavy sales and marketing expenses in fiscal 1988.
      He said the company intends to reinvest its earnings in its
  businesses and not in its dividends. ""Shareholders are better
  off if we grow the business rather than reinvest in dividends
  or share repurchases,"" he said.
      Wallin said he sees Medtronic's share of the total
  worldwide pacemaker market increasing to 42 pct in fiscal 1988,
  from 40 pct in fiscal 1987.
      He said the worldwide market for cardiovascualr therapeutic
  products, which includes pacemakers, valves, catheters and
  lasers, will be valued at about 2.5 billion dlrs 1990 and will
  double that by 1995.
      Wallin said, ""Our objective is to get a hold of new
  products and start building market share if we have to beg,
  borrow or steal to get into new markets.""
      In the past, Medtronic's pacemakers have been plagued with
  a number of problems leading to product recalls. Regulators
  also have criticized the industry, citing quality problems and
  a needless overprescription of pacemakers.
      ""We have no knowledge of any major problems in our
  pacemakers or leads,"" Wallin said. ""We intend to re-establish
  our company as the quality leader in the industry.""
      Glen Nelson, executive vice president for Medtronics, said
  the company intends to diversify internally and through
  acquisitions of companies in areas of Medtronic's expertise,
  such as drug delivery systems.
      Wallin said the 15 pct earnings growth for fiscal 1988 does
  not include dilutions from acquisitions. ""We hope to have some
  safety provisions so that we won't have any major dilutions
  from an acquisition.""
      Wallin also said the company will have virtual exclusivity
  in rate responsive pacemakers for all of fiscal 1988.
      The company markets Activitrax, the first single chamber
  pacemaker that varies heartrate in response to physical
  activity.
      Siemens AG, a West German company, is also developing a
  rate responsive pacemaker.
  

"
test/15217	0	acq	"SPIE BATIGNOLLES COULD INCREASE COMSTOCK HOLDING
  Construction group <Spie Batignolles> is
  negotiating to increase its holding in U.S. Engineering and
  electrical installations firm <Comstock>.
      Spie Batignolles, a subsidiary of Schneider SA <SCHN.PA>,
  said in a statement it was negotiating to invest 20 mln dlrs in
  Comstock in the form of bonds convertible into shares.
      Spie Batignolles has held a 20 pct stake in Comstock since
  February 1986. A spokesman said if Spie Batignolles converted
  all the new bonds, it could open the way for the French company
  to take control of Comstock but he gave no other details.
  

"
test/15219	47	tin	"TALKS CONTINUE ON TIN AGREEMENT EXTENSION
  Discussions on the possible extension of
  the sixth International Tin Agreement (ITA) began at the
  quarterly session of the International Tin Council (ITC) but
  the Council is still waiting for decisions from various member
  states.
      A number of producer governments in particular have not
  decided their final position on whether the ITA should be
  extended for up to two years or wound down after it expires on
  June 30, according to delegate sources.
      Earlier today European Community (EC) members decided to
  back an extension, with the exception of Britain, which
  undertook to communicate its decision to its EC partners later.
      Delegates said it could be Friday before all the member
  countries declare their positions on the possible extension.
  Today's full Council session started shortly before 1500 GMT
  after the scheduled 1330 start was delayed by an EC
  coordination meeting.
      The council reconvenes at 0930 GMT tomorrow, although
  delegates said the morning is likely to be taken up with minor
  technical matters and the main issue will probably not be
  discussed before the afternoon session.
  

"
test/15220	7	cotton	"PAKISTAN COTTON CROP SEEN RECORD 7.6 MLN BALES
  Pakistan is likely to produce a record
  7.6 mln bales (375 lbs each) of cotton from the current 1986/87
  crop, exceeding a target of 7.2 mln bales, Food and Agriculture
  Minister Mohammad Ibrahim Baluch said.
      He told a Pakistan Central Cotton Committee meeting here
  the present was the third consecutive poroduction
  record-setting year and said the momentum would be accelerated
  in the future, the official APP news agency reported.
      Baluch said indications were that Pakistan is to attain a
  record cotton production of 7.6 mln bales, compared to the
  1985/86 crop of 7.2 mln bales which also represented the target
  earlier set by authorities for this year's production.
  

"
test/15221	12	earn	"TRANZONIC COS <TNZ> 4TH QTR FEB 28 NET
  Shr 54 cts vs 24 cts
      Net 633,300 vs 300,859
      Sales 15.2 mln vs 13.0 mln
      Avg shrs 1,165,047 vs 1,224,982
      Year
      Shr two dlrs vs 1.64 dlrs
      Net 2,379,400 vs 2,011,924
      Sales 58.6 mln vs 54.0 mln
      Avg shrs 1,187,828 vs 1,223,511
  

"
test/15222	12	earn	"SECURITY PACIFIC EXPECTS BRAZIL LOAN ACTION TO CUT NET BY 7.2 MLN DLRS

  SECURITY PACIFIC EXPECTS BRAZIL LOAN ACTION TO CUT NET BY 7.2 MLN DLRS
  

"
test/15223	48	trade	"WHITE HOUSE SAYS JAPANESE TARRIFFS LIKELY
  The White House said high U.S.
  Tariffs on Japanese electronic goods would likely be imposed as
  scheduled on April 17, despite an all-out effort by Japan to
  avoid them.
      Presidential spokesman Marlin Fitzwater made the remark one
  day before U.S. And Japanese officials are to meet under the
  emergency provisions of a July 1986 semiconductor pact to
  discuss trade and the punitive tariffs.
      Fitzwater said: ""I would say Japan is applying the
  full-court press...They certainly are putting both feet forward
  in terms of explaining their position."" But he added that ""all
  indications are they (the tariffs) will take effect.""
  

"
test/15226	12	earn	"SHOWBOAT <SBO> TO TAKE CHARGE, SEES 3RD QTR LOSS
  Showboat Inc will take a
  charge of 19 to 20 mln dlrs pretax against results for the
  third quarter ended March 31, director and assistant to the
  president J. Kell Houssels III told Reuters.
      He said the charge results from pre-operating expenses of
  its recently-opened Atlantic City, N.J., Showboat Hotel, Casino
  and Bowling Center and will cause a loss for the third quarter
  and probably for all of fiscal 1987 as well.
      But Houssels said Showboat's earnings for fiscal 1988
  should show a sharp increase from fiscal 1986 levels due to the
  contribution of the new Atlantic City facility.
      Showboat earned 1,753,000 dlrs in last year's third
  quarter.  For all of fiscal 1986 it earned 5,769,000 dlrs.
      Houssels said Showboat since the opening of the Atlantic
  City hotel/casino, Showboat has had to start charging interest
  expenses connected with debt it sold to finance the facility
  directly against income rather than capitalizing the interest
  as it had been able to do previously.
      Showboat opened the hotel during its third quarter and
  gaming began last Thursday on a regular basis after test gaming
  was completed earlier in the week.
  

"
test/15227	12	earn	"SECURITY PACIFIC <SPC> LOANS PUT ON NON-ACCRUAL
  Security Pacific Corp said it is
  placing medium and long-term loans to Brazil and Ecuador on a
  non-accrual basis as of March 31, a move that will reduce first
  quarter earnings by 7.2 mln dlrs, or nine cts per share, after
  taxes.
      Despite the anticipated reduction to quarterly earnings,
  Security Pacific said it still expects to report first quarter
  earnings higher than the 88 mln dlrs, or 1.11 dlrs per share
  reported for the first quarter of 1986.
      The bank holding company said the action affects 401 mln
  dlrs of loans to Brazil and 73 mln of loans to Ecuador.
      Brazil suspended interest payments on its 68 billion dlrs
  of medium- and long-term debt on February 20.
      Ecuador, which has foreign debt of roughly eight billion
  dlrs, has not paid any interest to foreign banks since
  February.
      In March Ecuador said it would suspend interest payments
  for the rest of the year because of an earthquake which halted
  the export of oil, which accounts for about 75 pct the
  country's export revenues.
      In its announcement, Security Pacific said it will record
  interest income only as it is received in cash.
      The company also said it believes that Brazil will reach an
  agreement with its banks and that interest payments will resume
  later in 1987.
      The Brazilian negotiations resume on Friday in New York
  when Central Bank Governor Francisco Gros is expected to ask
  banks for a 90-day roll-over of some 9.5 billion dlrs of term
  debt that matures on April 15.
  

"
test/15230	10	crude	"IRAQI TROOPS REPORTED PUSHING BACK IRANIANS
  Iraq said today its troops were pushing
  Iranian forces out of positions they had initially occupied
  when they launched a new offensive near the southern port of
  Basra early yesterday.
      A High Command communique said Iraqi troops had won a
  significant victory and were continuing to advance.
      Iraq said it had foiled a three-pronged thrust some 10 km
  (six miles) from Basra, but admitted the Iranians had occupied
  ground held by the Mohammed al-Qassem unit, one of three
  divisions attacked.
      The communique said Iranian Revolutionary Guards were under
  assault from warplanes, helicopter gunships, heavy artillery
  and tanks.
      ""Our forces are continuing their advance until they purge
  the last foothold"" occupied by the Iranians, it said.
      (Iran said its troops had killed or wounded more than 4,000
  Iraqis and were stabilising their new positions.)
      The Baghdad communique said Iraqi planes also destroyed oil
  installations at Iran's southwestern Ahvaz field during a raid
  today. It denied an Iranian report that an Iraqi jet was shot
  down.
      Iraq also reported a naval battle at the northern tip of
  the Gulf. Iraqi naval units and forces defending an offshore
  terminal sank six Iranian out of 28 Iranian boats attempting to
  attack an offshore terminal, the communique said.
  

"
test/15233	12	earn	"GOLDEN ENTERPRISES INC <GLDC> 3RD QTR FEB 28 NET
  Shr 15 cts vs nine cts
      Qtly div six cts vs six cts in prior qtr
      Net 2,002,261 vs 1,168,638
      Revs 29.2 mln vs 29.3 mln
      Avg shrs 13.1 mln vs 13.0 mln
      Nine mths
      Shr 49 cts vs 36 cts
      Net 6,404,536 vs 4,623,295
      Revs 92.2 mln vs 88.2 mln
      Avg shrs 13.1 mln vs 13.0 mln
      NOTE: Dividend is payable April 30 to holders of record
  April 20
  

"
test/15234	32	money-fx	"GROUP OF FIVE MEETING ENDS
  A meeting of finance ministers and
  central bankers of the Group of Five ended after nearly three
  and a half hours.
      West German Finance Minister Gerhard Stoltenberg and
  British Chancellor of the Exchequer Nigel Lawson declined to
  comment on the meeting as they emerged from the U.S. Treasury.
      A European monetary official said the ministers of the
  Group of Seven countries would gather at about three p.m. local
  (1900 GMT) at the Treasury.
  

"
test/15237	29	livestock	"USDA TO PROPOSE FOREIGN MEAT INSPECTION RULE
  The U.S. Agriculture Department is
  preparing a proposal that would require all foreign meat
  products to be inspected at their point of arrival in the
  United States, a USDA official said.
      Donald Houston, administrator of USDA's Food Safety and
  Inspection Service, FSIS, told a House Agriculture subcommittee
  USDA was developing a proposed change in regulations that would
  put an end to the current practice of permitting foreign meat
  products to be unloaded at one port and inspected at another
  port.
      Houston said the requirement would be phased in over
  several years to ""avoid disruptions and economic hardship.""
  

"
test/15239	0	acq	"UAL <UAL> MAY RESPOND TO PILOTS TODAY
  UAL Inc may have a response this
  afternoon to the pilots union proposal to buy its United
  Airlines unit, a UAL spokesman said.
      ""Obviously, we have a lot of movement in our stock, and we
  need to get a clarification out,"" the spokesman said, adding
  that there was a ""50-50"" chance a statement would be released
  today.
      The pilots earlier this week offered to buy the airline for
  2.3 billion dlrs, and assume 2.2 billion dlrs of existing debt.
      Takeover speculation has driven UAL's stock for several
  weeks. UAL last month said New York Real estate developer
  Donald Trump held a position in its stock, and that he also
  held discussions with its chairman.
      The developer indicated in those talks that he took the
  position as an investment, but he revealed no other plans.
      Today, rumors circulated that Coniston Partners were buying
  UAL stock. UAL jumped five to 70-3/4 on volume of more than 3.2
  mln shares.
      ""United has got to consider this proposal. I think the
  pilot's proposal is realistic. I don't exptect them to take it,
  but it could put some interesting options in front of UAL
  management,"" said Timothy Pettee, Bear Stearns and co analyst.
      Analysts have said UAL made itself vulnerable to attack
  when it diversified away from its core airline. It added Hertz
  rental cars, Westin and Hilton International hotels in a
  strategy to become a travel service company.
      The strategy left its stock in a slump and its pilots union
  concerned that the company was not focussing enough attention
  on its airline.
      UAL has stood firm on its strategy. It is emphasizing its
  new focus by changing its name to Allegis, as of May one.
      But takeover speculation has escalated, and Wall Street has
  been busy calculating break up values well in excess of 100
  dlrs per share. Traders today described the buying in UAL as
  widespread, indicative to them that big institutions believe
  the stock is in play.
      Market sources have said that although Trump attracted
  attention to the stock, the pilots proposal acted as a
  catalyst, kicking off a new round of speculation and perhaps
  throwing the company into the hands of another buyer.
      ""The first domino is you have an investor with a
  considerable stake. the second domino is the union. That type
  of attitude has been a precursor to airline deals in the past,""
  said Pettee.
      ""What's interesting is the values are there. There's
  something for everybody,"" he said.
  

"
test/15240	12	earn	"HARTMARX <HMX> TARGETS EARNINGS GROWTH
  Hartmarx Corp, following a year of
  restructuring, continues to target record earnings for fiscal
  1987, Chairman John Meinert told the annual meeting.
      Meinert reiterated an earlier comment that earnings for the
  remainder of the year must double the 1986 level to meet that
  goal. In fiscal 1986, ended November 30, 1986, Hartmarx
  reported earnings of 24.8 mln dlrs, or 1.20 dlrs a share, down
  from the prior year's 42.7 mln dlrs, or 2.25 dlrs a share.
      The 110-year-old apparel manufacturer recently posted
  first-quarter earnings of 54 cts a share, up from 40 cts a year
  ago.
      Meinert told shareholders Hartmarx has no plans to sell any
  of its divisions. He added, ""We have the financial capacity to
  take advantage of acquisitions.""
      In 1987, Meinert said the company will open five new and 10
  redesigned Kuppenheimer direct-to-consumer stores in Atlanta,
  Detroit, St. Louis, Washington, D.C. and San Francisco.
      He said the company's women's apparel continues to grow,
  and Hartmarx has on the drawing board a Briar concept store
  which will feature ties, shirts and some tailored clothing.
  

"
test/15242	33	money-supply	"FED'S HELLER SEES RETURN TO SLOWER MONEY SUPPLY GROWTH

  FED'S HELLER SEES RETURN TO SLOWER MONEY SUPPLY GROWTH
  

"
test/15243	12	earn	"GENERAL ELECTRIC CO 1ST QTR SHR 1.37 DLRS VS 1.18 DLRS

  GENERAL ELECTRIC CO 1ST QTR SHR 1.37 DLRS VS 1.18 DLRS
  

"
test/15244	10	crude	"GHANA TO BUY CRUDE OIL FROM IRAN
  Ghana will import 15,000 tonnes of crude
  oil annually from Iran under an agreement reached in Tehran
  today, the Iranian news agency IRNA reported.
      The agency, received in London, said the accord was reached
  between Iranian Oil Minister Gholamreza Aqazadeh and a visiting
  Ghanaian delegation headed by Foreign Minister Obed Asamoah.
      IRNA said that under the agreement, Iran will also provide
  technical and scientific assistance in manpower training and
  oil exploitation, production and refining.
  

"
test/15246	33	money-supply	"FED'S HELLER SAYS MONETARY GROWTH TO BE SLOWER
  Robert Heller, a member of the
  Federal Reserve Board, said he expects ""more modest levels"" of
  growth in the money supply this year.
      ""In my view, this would not only be a logical, but also a
  most desireable development,"" he said in a speech prepared for
  delivery to an economic forum at Chapman College in Orange,
  Calif.
      A text was released in Washington.
      He said the effect of lower inflation and financial
  deregulation on monetary aggregates was now largely finished.
      ""Consequently, monetary growth may return to more modest
  levels,"" Heller said. He noted growth in the money supply slowed
  after mid-January.
      ""I would not be surprised at all if the monetary aggregates
  were to grow rather slowly during the balance of the year as
  well,"" he added.
      Heller said there was a danger of renewed price inflation.
      ""The pricing behavior of American producers in response to
  price increases of their foreign competitors will be crucial
  for our economic future,"" he said.
      Widespread domestic price rises in response to rising
  import prices would ""generalize the inflationary forces
  emanating from the foreign trade sector"" and might not gain more
  market share for U.S. producers.
      ""A return to the stagflation of the late 1970s may well be
  the result of such a behavior pattern,"" Heller warned.
      He said ""we at the Federal Reserve will have to be
  disciplined in our conduct of monetary policy."" 
      Heller said said the government should also exercise fiscal
  discipline and cut the deficit by spending restraint rather
  than new taxes.
      ""The imposition of new taxes would tend to rekindle
  inflation and certainly would not make us more competitive in
  international markets,"" Heller said.
      He said the U.S. economy should expand by nearly three pct
  during 1987, aided by higher exports to Europe and Canada.
      A free trade agreement currently being negotiated with
  Canada ""would be exceedingly helpful in allowing American
  producers to compete more effectively in that country,"" Heller
  said.
  

"
test/15247	12	earn	"GENERAL ELECTRIC CO <GE> 1ST QTR NET
  Shr 1.37 dlrs vs 1.18 dlrs
      Net 624 mln vs 537 mln
      Sales 8.32 billion vs 5.88 billion
      NOTE: Prior year does not include results of RCA Corp.
  

"
test/15250	12	earn	"ENERGY DEVELOPMENT <EDP> HAD YEAR LOSS
  Energy Development Partners Ltd said
  it had an operating loss for the year ended December 31 of 2.4
  mln dlrs, or 40 cts per share.
      But it said a 41.5 mln dlr non-cash writeoff of oil and gas
  properties taken in the first quarter resulted in a net loss of
  43.9 mln dlrs, or 7.21 dlrs per share.
      Energy Development Partners, is a limited partnership which
  began operating in September 1985.
      Full year revenues totaled 23.7 mln dlrs, the company also
  said.
      It said proved reserves at December 31 totaled 4.8 mln
  barrels of oil and 88 mln cubic feet of natural gas.
  

"
test/15253	32	money-fx	"INDUSTRIAL NATIONS RECONVENE FOR TALKS
  Financial ministers and central
  bankers of leading industrial nations reconvened here this
  afternoon.
      Canadian Finance Minister Michael Wilson said on entering
  the meeting the ministers would review the Paris agreement.
  Asked if he was satisfied with West German and Japanese
  stimulus, Wilson replied, ""They could do a little more.""
      French Finance Minister Edouard Balladur, meanwhile,
  confirmed there would be a communique at the end of the
  meeting.
      Finance ministers and central bankers of Britain, FRance,
  Canada and West Germany were seen by Reuter correspondents
  returning to a Treasury building.
      Japanese officials and Bundesbank President Karl Otto Poehl
  did not appear to have left the building at the end of earlier
  Group of Five talks which broke up around 2 p.m. local time
  (1800 gmt).
      There was no sign, however, of the Italian delegation whose
  position was thrown into question this morning by the
  resignation of the Christian Democratic wing of Italy's
  Socialist-led government.
      European monetary officials said later that the Italian
  delegation was inside the building.
      This meant that a full blown meeting of the Group of Seven
  was in progress.
  

"
test/15255	0	acq	"CHRYSLER <C> RENAULT DELAY AM MOTORS <AMO> PACT
  Chrysler Corp and Regie Natiionale des
  Usines Renault said they agreed to extend by up to two weeks
  the period for reaching definitive agreement on Chrysler's
  proposed 1.5 billion dlr takeover of American Motors Corp.
      The letter of intent signed by Chrysler and Renault on
  March nine set April nine as the target date for completing
  negotiations.
      However, the letter also allowed room for an extension of
  that date to April 23 if an agreement could not be reached.
      The two companies said they ""now plan to complete work by
  April 23.""
      Chrysler and Renault said, ""Given the complex nature of the
  deal, the need for additional time was to be expected.""
      The March letter of intent between the two companies says
  that Chrysler could ask Renault to extend the agreement date
  ""in the event that prior to April 9, 1987, Chrysler discovers
  an unforeseen problem in the course of its 'due diligence'
  investigation of the company,"" referring to American Motors.
      A Chrysler spokeswoman would not say whether some problem
  had cropped up in the talks. She stuck by the company's
  statement that more time was needed because the talks are
  complex. ""That is our definition of the delay,"" she said.
      Under the previous agreement between Chrysler and Renault,
  their letter of intent would be terminated on April nine or
  when an agreement was reached. But the letter could be amendend
  by a written agreement by both companies.
      The Chrysler spokeswoman said, ""We are still working toward
  a definitive agreement."" Said another Chrysler official who is
  not part of the talks but who would be told if the deal were in
  trouble: ""There are no glitches.""
      Analysts also downplayed the significance of the delay. ""I
  can't visualize where they wouldn't want it to be done,"" said
  Donaldson Lufkin Jenrette analyst Richard Henderson.
  

"
test/15258	12	earn	"RITE AID CORP <RAD> SETS DIVIDEND
  Qtly div 16-1/2 cts vs 16-1/2 cts
      Pay April 27
      Record April 20
  

"
test/15259	12	earn	"AIRSENSORS INC <ARSN> 3RD QTR JAN 31 LOSS
  Shr loss five cts vs loss six cts
      Net loss 696,777 vs loss 598,095
      Sales 472,812 vs 41,454
      Nine mths
      Shr loss 15 cts vs loss 17 cts
      Net loss 2,194,482 vs loss 1,751,884
      Sales 800,336 vs 151,884
  

"
test/15263	12	earn	"GENERAL ELECTRIC <GE> 1ST QTR HELPED BY RCA
  General Electric Corp said its
  first quarter results were significantly higher due to the
  strong results of RCA, which was acquired last year.
      General Electric also attibuted continued strong
  performances in plastics, major appliances and the Employers
  Reinsurance Corp for its strong quarter.
      GE recorded net earnings for the first quarter 1987 of 624
  mln dlrs, or 1.37 dls per shr, up 16 pct from 537 mln dlrs, or
  1.18 dlrs per share for the same quarter a year ago.
      General Electric chairman John Welch Jr reiterated the
  company's outlook for 1987 in which it expects double-digit GE
  earnings growth for the year. He said the first quarter results
  are in line with those expectations.
      General Electric cited the strong results in TV network and
  station operations of the National Broadcasting Co, which was
  not part of GE in the first quarter of 1986, as one reason for
  its strong earnings.
      It also noted that aircraft engine operating profit was
  much higher than a year ago, caused by a increase in shipments
  than the 1986 quarter, which was impacted by a strike.
      Aerospace revenues were sharply higher in this year's first
  quarter from a year ago, mainly because of the inclusion of
  RCA's aerospace and defense business, the company said.
      In addition, consumer products revenues were up from last
  year, mainly because of including sales of RCA video products.
      General Electric said restructuring provisions of 308 mln
  dlrs before taxes to implement various strategic moves were
  charged against operations in the first quarter of 1987. It
  added that there was a one-time gain of 281 mlns dlrs after
  taxes from an inventory accounting change.
      And technical products revenues and operating profit were
  ahead of last year, led by a strong increases in medical
  systems volume and the inclusion this year of RCA's
  communications and related services.
  

"
test/15264	6	copper	"TECK STILL IN TALKS ON B.C. COPPER VENTURE
  <Teck Corp> said it
  was continuing talks about joining a joint copper venture at
  Highland Valley, British Columbia, held by affiliates Cominco
  Ltd <CLT> and <Lornex Mining Corp>, but did not know when
  negotiations would be completed.
      Teck vice-president of administration John Guminski said in
  reply to a query that the talks had been ""ongoing for a long
  time."" He declined to speculate on the outcome.
      Cominco, 29.5 pct owned by a consortium led by Teck, is
  optimistic that the talks will soon be concluded, spokesman Don
  Townson told Reuters.
      ""I think all partners are hopeful that the situation will be
  resolved,"" Cominco's Townson said.
      ""We're optimistic that they will be concluded shortly,"" he
  added. Townson declined to specify when the talks might end.
      Cominco and Teck's 22 pct-owned Lornex agreed in January
  1986 to form the joint venture, merging their Highland Valley
  copper operations.
      Cominco and Lornex share equally in control and management
  of the Highland Valley operations, while Cominco has a 55 pct
  share of production and Lornex receives 45 pct.
      For the six months following July 1, 1986, when the venture
  officially started production, Highland Valley had total ore
  milled of 22.6 mln short tons, grading an average of 0.41 pct
  copper, Townson said.
      Cominco's share of production was 43,000 short tons of
  copper contained in concentrate, 1,200 short tons of Molybdenum
  in concentrate, 340,000 ounces of silver and 800 ounces of
  gold, he said.
      A consortium, 50 pct owned by Teck and 25 pct each by MIM
  (Canada) Inc and Metallgesellschaft Canada Ltd, acquired its
  Cominco stake last year from Canadian Pacific Ltd <CP>.
  

"
test/15265	12	earn	"BANPONCE CORP <BDEP> 1ST QTR NET
  Shr 1.08 dlrs vs 1.00 dlr
      Net 6,215,538 vs 5,757,013
  

"
test/15270	12	earn	"XEBEC <XEBC> TO REPORT 2ND QTR LOSS
  Xebec Corp said it expects to
  report a loss for its second quarter ended April three, due
  principally to a decline in sales to International Business
  Machines Corp <IBM>, the company's largest customer.
      Xebec also said it expects revenues to total about 23 mln
  dlrs.
      The company reported a second quarter loss last year of 1.9
  mln dlrs, or 14 cts per share, on 23.9 mln in revenues.
      Xebec said IBM has historically accounted for about 50 pct
  of the company's revenues, but that total fell to 20 pct during
  the quarter just ended.
      IBM had used Xebec's hard disk drive controller products in
  the IBM PC/XT, a product which IBM is phasing out.
      Xebec said it intends to continue streamlining its
  operations in light of the loss of business.
      The company also said it has already consolidated two of
  its plants in Nevada and it now plans to sell unused and
  surplus assets to provide additional liquidity.
  

"
test/15274	12	earn	"CATERPILLAR <CAT> REAFFIRMS FIRST QUARTER OUTLOOK
  Caterpillar Inc, in remarks
  delivered at its annual meeting in San Francisco, reiterated
  its expectation of a loss in the first quarter.
      It said results would be hurt by a 25 mln dlr one-time
  charge by Caterpillar Mitsubishi, a 50-pct owned affiliate. The
  company said it expected profit from operations for the full
  year to improve over 1986.
      In remarks prepared for delivery to shareholders, President
  Peter Donis said Caterpillar's targeted five pct cost reduction
  in 1987 ""will be difficult to achieve because the weaker dollar
  has limited opportunities to obtain lower material costs.""
  

"
test/15276	0	acq	"BROKER BOOSTS ZONDERVAN <ZOND> STAKE TO 7.1 PCT
  An investor group headed by
  Minneapolis, Minn., broker Jeffrey Wendel said it raised its
  stake in Zondervan Corp to 292,900 shares, or 7.1 pct of the
  total outstanding, from 238,900 shares, or 5.8 pct.
      In a filing with the Securities and Exchange Commission,
  the Wendel group said it bought 54,000 Zondervan common shares
  between March 24 and April 3 at prices ranging from 27.87 to
  29.96 dlrs a share.
      The Wendel group has acted in cooperation with another
  shareholder group headed by London investor Christopher Moran,
  who sought unsuccessfully last year to take over Zondervan.
  

"
test/15278	12	earn	"KIENA TWO-FOR-ONE SHARE SPLIT APPROVED
  <Kiena Gold Mines Ltd> said shareholders
  approved a previously reported proposed two-for-one common
  stock split.
      Record date of the split will be April 21, Kiena said.
  

"
test/15280	12	earn	"HANOVER INSURANCE <HINS> RAISES DIVIDEND
  Hanover Insurance Co said its
  board declared a quarterly dividend of nine cts per share
  payable May 15 to holders of record April 17.
      The dividend comes after a two-for-one stock split,
  effective April 10, which was approved by shareholders today.
      The company paid a dividend of 14 cts per share on a
  pre-split basis.
  

"
test/15281	0	acq	"DAY INT'L <DAY> TO SELL UNIT
  Day International Corp said it has
  entered into a letter of intent to sell its Allen Industries
  Inc unit to a group including the unit's current management.
      Day said the sale could enable Day to accelerate its
  earnings for its current fiscal year ending October 31, 1987.
      ""Net earnings for the full year (ending October 31)
  should be in the ball park of some analysts' estimates of 16
  mln dlrs to 19 mln dlrs,"" Richard Jacob, Day chairman and chief
  executive officer said.
      Day reported earnings of 3.1 mln dlrs, or 39 cts a share,
  in fiscal 1986.
      Day said the agreement is subject to the preparation and
  negotiation of a definitive agreement and the ability of the
  group to obtain financing.
  

"
test/15283	12	earn	"RITE AID CORP <RAD> SETS QUARTERLY DIVIDEND
  Qtly div 16.5 cts vs 16.5 cts
      Pay April 27
      Record April 20
  

"
test/15292	12	earn	"VULCAN <VUL> SEES FIRST QUARTER OPERATING LOSS
  Vulcan Corp's first quarter operating
  results will show a loss, Chairman Lloyd I. Miller told told
  the annual meeting.
      The company reported a profit of 365,883 dlrs, 23 cts a
  share, for the first quarter last year with one cent a share
  coming from non-operating factors, a spokesman said.
      Miller attributed the expected loss to completion of the
  purchase transfer and consolidation of operating assets of the
  O'Sullivan Rubber Division, saying this was proving more costly
  and taking more time than originally anticipated.
      Vulcan is working to resolve the problems, Miller told
  shareholders, adding it appears it will take most of 1987 to
  find solutions.
  

"
test/15294	0	acq	"UAL <UAL> HAS NO COMMENT ON STOCK RISE
  UAL Inc, citing company policy, told
  the New York Stock Exchange it would not comment on the unusual
  rise in its stock.
      UAL, parent of United Airlines, closed up 6-1/4 at 72 on
  volume of 3.9 mln shares.
      Wall Street traders said UAL's stock soared in response to
  the the proposed 4.6 billion dlr buyout offer by United Air's
  pilots union and on a general rise in air fares throughout the
  industry.
  

"
test/15295	12	earn	"STRATA CORP <STATA> YEAR DEC 31 LOSS
  Shr loss 1.11 dlrs vs loss 1.53 dlrs
      Net loss 7.1 mln vs loss 8.8 mln
      Revs 3.1 mln vs eight mln
  

"
test/15296	12	earn	"STRATA <STATA> 1986 EARNINGS REPORT QUALIFIED
  Strata Corp said its 1986
  earnings report contained a qualified opinion from its
  independent auditors.
      Strata said it owed 1.4 mln dlrs in overdue interest to its
  lender at the end of 1986, and the entire 10.9 mln dlr
  principle has been classified as a liability.
      The company, which has an agreement to merge with <Lomak
  Petroleum Inc>, lost 7.1 mln dlrs in 1986 against a loss of 8.8
  mln dlrs a year earlier.
  

"
test/15299	12	earn	"DAYTON HUDSON CORP <DH> VOTES QUARTERLY PAYOUT
  Qtly div 23 cts vs 23 cts prior qtr
      Pay 10 June
      Record 20 May
  

"
test/15300	12	earn	"VULCAN CORP <VUL> REGULAR DIVIDEND
  Qtly div 20 cts vs 20 cts in prior qtr
      Payable June 10
      Record May 22
  

"
test/15302	0	acq	"NAT'L DISTILLERS SAYS IT AGREES TO SELL SPIRITS UNIT FOR 545 MLN DLRS TO AMERICAN BRANDS

  NAT'L DISTILLERS SAYS IT AGREES TO SELL SPIRITS UNIT FOR 545 MLN DLRS TO AMERICAN BRANDS
  

"
test/15303	17	grain	"USDA SEEKS COMMENTS ON GRAIN DISCOUNT SCHEDULE
  The U.S. Agriculture Department is
  seeking public comments on the question of adjusting the
  Commodity Credit Corporation's (CCC) discount and premium
  schedules to improve the quality of grain it accepts as loan
  collateral or under price support programs.
      The premiums and discounts schedule are based on quality
  factors such as moisture content and kernel damage. The
  schedule stipulates the premiums and discounts used for valuing
  grain the CCC accepts or purchases during the year.
      The department said it is possible that producers could be
  encouraged to delivery higher quality grain to CCC by adjusting
  the premiums and discounts.
      Comments are due by April 24 and a report to Congress is
  required by law by May 10.
  

"
test/15306	0	acq	"CASCADE IMPORTERS UNIT ACQUIRES PARIS COMPANY
  <Cascade Importers Inc USA>'s
  Cascade International Europa GmbH of West Germany, said it
  tentatively acquired worldwide rights for the products of Madam
  Gre from the Bernard Tapie Group in Paris.
      The agreement calls for Cascade to have the rights for the
  manufacturing and trading of perfumes, skin care and treatment
  products, and cosmetics of the group, it said.
      Cascade said the agreement also includes the exclusive
  rights to trade through duty-free channels worldwide the
  designer Gres accessories.
      In addition, Cascade said it was granted an option to
  purchase all the assets including the plant and equipment
  located in France. 
      The company said the cosmetic product line in the U.S.
  market alone could represent 20 mln dlrs in revenue.
  

"
test/15307	12	earn	"ARMEL INC <AML> 4TH QTR LOSS
  Oper shr loss 79 cts vs loss 2.32 dlrs
      Oper net loss 2,536,896 vs loss 6,562,472
      Revs 13.8 mln vs 14.5 mln
      Year
      Oper shr loss 59 cts vs loss 2.35 dlrs
      Oper net loss 1,712,896 vs loss 5,747,472
      Revs 43.6 mln vs 44.2 mln
      NOTE: 1986 excludes charge of 12 cts per share in the
  fourth quarter and gain of 11 cts per share in the year.
  

"
test/15308	0	acq	"NATIONAL DISTILLERS <DR> TO SELL SPIRITS UNIT
  National Distillers and Chemical Corp
  said it signed a definitive agreement to sell its spirits
  division for 545 mln dlrs to James Beam Distilling Co, a unit
  of American Brands Inc <AMB>.
      The sale of the spirits division was made under the
  company's previously announced plan to sell its spirits and
  wines businesses, it said. The wine business was sold last
  month for 128 mln dlrs to Heublein Inc, part of Grand
  Metropolitan PLC, National Distillers said.
      The purchase price will be paid in cash, a National
  Distillers spokeswoman said.
      The sale permits National to focus on its core businesses,
  chemicals and propane marketing.
      Proceeds from the sale will be used to repay debt and for
  other corporate purposes, the company said.
      In a separate statement, American Brands said the sale
  would be for 545 mln dlrs plus the assumption of liabilities.
      The sale would be subject to compliance with the
  Hart-Scott-Rodino Antitrust Improvements Act and other
  regulatory approvals, the company said.
      National's distilled spirits business has sales of about
  580 mln dlrs, American Brands said. National's spirits brands
  include Gilbey's gin and vodka, DeKuyper Liqueurs and Windsor
  Supreme Canadian Whisky.
  

"
test/15309	12	earn	"MANAGEMENT SCIENCE <MSAI> LOSS MAY TOP 20 CTS
  Management Science America Inc,
  clarifying statements made earlier today, said its loss for the
  first quarter could exceed 20 cts a share because of
  non-recurring expenses associated with the acquisition of
  several companies, including Comserv Inc.
      Earlier today, the company told a meeting of investors here
  that the first quarter loss would be 20 cts a share.
  

"
test/15310	22	interest	"WOJNILOWER SEES DROP IN U.S. INTEREST RATES
  The Federal Reserve will promote lower
  interest rates this year to sustain world economic growth,
  First Boston Corp managing director Albert Wojnilower said.
      As much as the Fed would like to take a tough line against
  inflation, it cannot act to slow the growth of credit without
  subverting national U.S. economic policy.
      ""On selected occasions when the dollar seems steady, and,
  because the trade deficit is not responding, the United States
  decided to push Germany and Japan harder to meet their
  commitments to economic growth, the Federal Reserve will do its
  part by moving rates down,"" Wojnilower said in a report.
      ""Justifiably not anticipating either a recession or
  seriously higher interest rates, securities market participants
  have seen little to fear,"" Wojnilower said.
      He said last week's ""hiccup"" in money and currency rates
  and bond and stock prices was probably caused by Japanese
  window dressing for March 31 end-of-fiscal-year accounts.
      Wojnilower said the U.S. probably enjoyed above-average
  economic growth in the first quarter. However, the pick-up
  seems to reflect an unsustainable pace of inventory building
  and the prospect for the full year is still for real gross
  national product growth of about 2-1/2 pct, he said.
  

"
test/15311	0	acq	"RAYTECH <RAY> BUYS WEST GERMAN COMPANY
  Raytech Corp said it acquired
  <Raybestos Industrie-Produkte GmBH> for 7.5 mln dlrs.
      Raybestos, with manufacturing facilities in Radevormwald,
  West Germany, produces friction materials for use in clutch and
  braking applications.
  

"
test/15312	12	earn	"INTERCARE <CARE> TO POST 4TH QTR LOSS
  Intercare Inc said it
  expects to report a substantial loss for its fourth quarter
  ended January 31 because of a writeoff of expenses associated
  with its recently terminated debt and equity offering.
      The company also said the write off includes expenses
  associated with the acquisition of U.S. Medical Enterprises
  Inc, and with the restructuring of certain partnerships.
      Intercare also said it increased its reserve against
  accounts receivable.
      Executives at the company were not immediately available to
  provide additional details.
      Intercare also said it has implemented a workforce
  reduction, closed two medical centers and is considering
  additional closings as a means of reducing a working capital
  deficit.
  

"
test/15314	12	earn	"UNITED TECH <UTX> SEES NO EARNINGS IMPACT
  United Technologies Corp said
  the decision by an international consortium not to develop a
  new engine would have no impact on 1987 or 1988 earnings.
      <International Aero Engines>, IAE, 30 pct owned by United
  Technologies' Pratt and Whitney division, has decided not to
  launch a superfan version of its V2500 engine.
      ""We've told analysts that IAE's decision not to launch a
  full development program of the IAE superfan for certification
  in 1991 will have no short term impact on earnings,"" a United
  Technologies spokesman told Reuters.
      Short term refers to 1987 and 1988, the spokesman said. He
  declined to elaborate.
      IAE's other owners are Rolls Royce PLC, <Japanese Aero
  Engines Corp>, Fiat SPA and <MTU> of West Germany.
      Analysts are estimating United Technologies will earn 3.75
  dlrs to 4.50 dlrs a share in 1987. It reported earnings of 36
  cts a share in 1986, which included two large writeoffs.
  

"
test/15315	12	earn	"STEWART AND STEVENSON <SSSS> 4TH QTR NET
  Shr profit 72 cts vs profit 14 cts
      Net profit 3,309,000 vs profit 609,000
      Revs 72 mln vs 65 mln
      Year
      Shr nil vs loss 4.13 dlrs
      Net profit 1,000 vs loss 19 mln
      Revs 249 mln vs 269 mln
      NOTE: Full name Stewart and Stevenson Services Inc.
  

"
test/15321	12	earn	"WESTAMERICA BANCORP <WAB> 1ST QTR NET
  Shr 98 cts vs 63 cts
      Net 2,602,000 vs 1,571,000
      Loans 834.8 mln vs 729.0 mln
      Deposits 1.04 billion vs 942.1 mln
      Assets 1.15 billion vs 1.02 billion
  

"
test/15324	12	earn	"SOUTHEAST BANCORP <STB> ACTS ON BRAZILIAN DEBT
  Following the lead of other major
  banks, Southeast Banking Corp told the Securities and Exchange
  Commission it would place 54.2 mln dlrs of medium- and
  long-term Brazilian debt on non-accrual or cash status.
      Based on current interest rates, it estimated in a filing
  that the move will reduce net income by about 800,000 dlrs in
  the first quarter and 3.2 mln dlrs for all of 1987. The company
  also said it did not believe the Brazilian debt situation would
  have a ""material adverse"" effect on it.
      It also said it would issue 1,080,000 common shares in
  connection with its acquisition of Popular Bancshares Corp.
  

"
test/15325	12	earn	"WILLIAMS <WMB> SEES FLAT PIPELINE VOLUMES IN 1987
  Williams Cos said it expected oil and
  fertilizer transportation volumes to be flat in 1987 but said
  operating profits from the pipeline unit should improve from
  49.4 mln dlrs earned last year when a seven mln dlr special
  charge was incurred.
      Williams Pipeline Co took the charge against earnings in
  1986 for the removal of more than 500 miles of old pipeline
  from service and for casualty losses. Companywide, Williams had
  a net loss of 134 mln dlrs on total revenues of 1.85 billion
  dlrs, a decline from profits of 32 mln dlrs on sales of 2.46
  billion in 1985.
      In its annual report, Williams said its Northwest Pipeline
  Corp and Williams Natural Gas Co had natural gas costs that are
  among the lowest in the nation, averaging 2.04 dlrs and 2.07
  dlrs per mcf, respectively, last year. Total natural gas
  reserves for both units declined to 10,010 billion cubic feet
  in 1986 from 11,334 billion cubic feet the previous year.
      The company said its Williams Natural Gas unit, which has
  less take-or-pay exposure than most major pipelines, should
  show improvement in its 1987 operating results because of
  changes tariff and federal tax rates.
      The company's gas marketing business is expected to have
  somewhat lower earnings in 1987 because of competition in its
  operating region, the annual report said. The gas marketing
  unit earned 26.0 mln dlrs on sales of 285.6 mln dlrs last year.
      Williams also said it expected a substantial decline in its
  debt to equity ratio this year because of more than 250 mln
  dlrs received in cash from the sale of Agrico Chemical Co and
  proceeds from the sale and leaseback of Williams
  Telecommunications Co. The telecommunications business, a
  2,000-mile fiber optic system for long distance use, will not
  be profitable until late 1988, Williams said.
  

"
test/15326	12	earn	"SUPER VALU STORES INC <SVU> 4TH QTR FEB 28 NET
  Shr 38 cts vs 25 cts
      Net 28,339,000 vs 18,650,000
      Sales 2.27 billion vs 1.97 billion
      Avg shrs 74,485,000 vs 74,270,000
      Year
      Shr 1.20 dlrs vs 1.23 dlrs
      Net 89,301,000 vs 91,247,000
      Sales 9.07 billion vs 7.91 billion
      Avg shrs 74,387,000 vs 74,184,000
      NOTE: 1986 period ended February 22, 1986
      1986 earnings include net loss of unconsolidated subsidiary
  of 162,000 dlrs in the quarter and 702,000 dlrs for the year
  

"
test/15327	12	earn	"PARKER DRILLING CO <PKD> 2ND QTR FEB 28 LOSS
  Shr loss 70 cts vs loss 57 cts
      Net loss 20,616,000 vs loss 16,854,000
      Revs 23.1 mln vs 60.1 mln
      Six mths
      Shr loss 1.38 dlrs vs loss 1.02 dlrs
      Net loss 40,780,000 vs loss 29,996,000
      Revs 61.0 mln vs 114.9 mln
  

"
test/15329	5	coffee	"COFFEE COULD DROP TO 70/80 CTS, CARDENAS SAYS
  International coffee prices could drop to
  between 70 and 80 cents a lb by next October if no agreement is
  reached to support the market, Jorge Cardenas, manager of
  Colombia's National Coffee Growers' Federation said.
      Speaking at a forum for industrialists, he said one of the
  reasons was that the market was already saturated and that
  producers will have excess production and stockpiles of 39 mln
  (60-kg) bags in 1987.
      Today, May futures in New York settled at 107.90 cents a
  lb.
  

"
test/15335	0	acq	"HBO <HBOC> URGES SHAREHOLDERS AGAINST ANDOVER
  HBO and Co said it sent a letter of
  strongly urging shareholders not to sign any proxy cards sent
  by Andover Group.
      ON March 30, Andover Group, a two-man general partnership
  which owns about seven pct of HBO's stock, filed preliminary
  proxy materials with the Securities and Exchange Commission
  seeking to nominate an alternative slate of directors at the
  company's April 30 annual meeting.
      Andover had expressed an interest to acquire the company in
  September 1986 but HBO has never received an offer from them,
  it said.
      In addition, HBO said its financial condition is improving
  rapidly as the result of a significant restructuring
  implemented in 1986.
      It expects the company to report net income of about 40 cts
  per share in 1987 and a very significant increase in 1988.
      For the year ended December 1986, the company reported a
  loss of 3.6 mln dlrs, or 16 cts per share.
  

"
test/15336	12	earn	"(CFCF INC) SIX MTHS FEB 28 NET
  Shr 51 cts vs 56 cts
      Net 5,645,000 vs 6,153,000
      Revs 45.9 mln vs 45.3 mln            
  

"
test/15337	0	acq	"UAP MAKES ACQUISITIONS
  <UAP Inc> said it has acquired Slater
  Auto Electric Ltd, with two Ontario stores, and United Diesel
  Engine Parts Ltd, of Dartmouth, Nova Scotia, for undisclosed
  terms. It said the transactions, together with acquisitions
  earlier this year, will increase its annual sales by about 4.5
  mln dlrs.
  

"
test/15345	12	earn	"HAWKEYE <HWKB> 1986 ANNUAL REPORT QUALIFIED
  Hawkeye Bancorp's 1986 annual
  financial results were qualified by its auditors, according to
  the annual report.
      ""...there are conditions which may indicate that the
  company will be unable to continue as a going concern,""
  auditors Deloitte Haskins and Sells said in Hawkeye's annual
  report to shareholders.
      Hawkeye reported a 1986 loss of almost 59 mln dlrs, citing
  an increase in its loan loss provision to 34.7 mln dlrs and
  restructuring costs of 27 mln dlrs.
      However, Hawkeye, with assets of 1.09 billion dlrs at 1986
  year end, said it expects ""to have sufficient cash to meet its
  obligations for the next 12-month period.""
      Last July the bank holding company reached a debt
  restructuring agreement which identifed 17 bank subsidiaries
  and five non-bank operations for disposition.
      ""The restructuring has improved Hawkeye's financial
  condition, but it does not assure that Hawkeye will be able to
  survive as a going concern,"" the report said.
      Hawkeye's survival will depend on its ability to comply
  with provisions of the debt restructuring and regulatory
  agreements and on its ability to return to profitable
  operations, it said.
      There can be no assurance that Hawkeye will be able to meet
  these requirements. However, the company ""believes it will be
  able to do so,"" Hawkeye said.
  

"
test/15348	12	earn	"<WASHINGTON BANCORPORATION> 1ST QTR NET
  Shr 33 cts vs 37 cts
      Net 2,051,000 vs 1.8 mln
      Assets 1.7 billion vs 1.5 billion
      Deposits 1.4 billion vs 1.2 billion
      Loans 1.1 billion vs 900 mln
      Note: Year-ago results restated to reflect merger with
  Colson Inc.
  

"
test/15349	0	acq	"DOME <DMP> PLAN MAY FORCE SALE OF ENCOR STAKE
  Dome Petroleum Ltd's proposal to
  restructure debt of more than 6.10 billion Canadian dlrs
  includes provisions that may force the company to sell its 42
  pct stake in <Encor Energy Corp Inc>, Dome said in a U.S.
  Securities and Exchange Commission filing.
      Dome said in the filing that its debt plan proposes making
  payments under a five year income debenture to the lender whose
  debt is secured by Dome's Encor shares.
      After the five years are up, ""under certain circumstances
  the shares of Encor may be required to be disposed,"" the company
  said.
      Dome has pledged its 42.5 mln Encor shares as security for
  part of its debt to <Canadian Imperial Bank of Commerce>,
  estimated last year at 947 mln dlrs.
      Analysts have said Commerce Bank was pressing Dome to sell
  the stock to pay down its debt.
      Dome's Encor shares had a market value of 313 mln dlrs on
  March 17, 1987, the company's filing said.
      As previously reported, Dome is seeking approval in
  principle for the debt restructuring plan. Dome said in the
  filing it proposed lenders sign a letter of understanding in
  early April, with implementation to be effective July 1, 1987.
      Dome Petroleum reiterated in the SEC filing that its
  existence as a going concern is dependent on continuing the
  interim debt plan, due to expire on June 30, and winning
  agreement for its proposed restructuring plan.
      ""The company believes that the negotiation and
  implementation of the proposed debt restructuring plan is
  realistic and achievable,"" Dome said.
      ""However, the final outcome of the negotiations cannot be
  predicted at this time,"" it said.
  

"
test/15352	48	trade	"DEFICIT CUTS SEEN UNABLE TO CURE TRADE DEFICIT
  Financial analysts say they are
  pleased with congressional moves to trim next year's federal
  budget deficit but believe the actions will do little to help
  improve the U.S. trade deficit or buoy the economy.
      The House of Representatives is expected to vote tomorrow
  to approve a trillion-dollar budget blueprint for the coming
  fiscal year that reduces the deficit by 38 billion dlrs.
      Similarly, the Senate Budget Committee has approved a plan
  that would cut federal red ink by about 37 billion dlrs next
  year.
          ""In terms of the economy, 37-38 billion dlrs is
  infinitesimal, so cuts of this magnitude will have little
  impact on the economy and the trade deficit,"" said Stanley
  Collander, a Touche Ross federal budget policy analyst.
      ""At best, it will have a small positive effect,"" Collander
  said in an interview.
      Federal Reserve Board Chairman Paul Volcker has repeatedly
  told Congress that cutting federal red ink would go a long way
  to help reduce the massive trade deficit and also help ease
  some of the downward pressure on the value of the dollar.
      The U.S. government has attempted to remedy the trade
  imbalance by driving down the value of the dollar. But Volcker
  has warned that a further fall in the dollar's value is fraught
  with danger.
      Such a decline, he has said, could refuel inflation as
  imported goods become more expensive and chase away foreign
  capital needed to finance the federal budget deficit.
      In addition, in February, U.S. officials meeting with other
  major industrialized nations in Paris agreed that the value of
  the dollar had dropped enough and that world exchange rates
  should be stabilized at around current levels.
      As part of that agreement, Japan and West Germany agreed to
  take steps to stimulate their economies and the United States
  agreed to cut its budget deficit.
      The alternative to driving down the dollar any further as a
  way to deal with the trade deficit, Volcker said recently, is
  to reduce U.S. consumption, particularly federal spending.
      ""If you don't deal with the budget deficit, everything else
  you do is going to be counterproductive,"" Volcker said in recent
  testimony before the Senate Banking Committee.
      Volcker also said he would prefer to further tighten the
  government's purse strings than have the Fed tighten the credit
  supply if action was needed to fight inflationary pressures or
  to assure the continued flow of foreign capital into the United
  States.
      Analysts say that Fed tightening now could choke off the
  current modest economic expansion and threaten a recession.
      Kemper Financial Services economist John Silvia stressed
  that any deficit reduction was better than none.
      But he said the size of the cuts under consideration were 
  not enough to give the Federal Reserve Board the flexibility it
  needs to steer the economy or to keep the value of the dollar
  from plunging further in world exchange markets.
      ""There's no doubt that some deficit reduction helps, but if
  your objective is to stabilize the dollar and perserve the
  Fed's flexibility to conduct monetary policy, then the answer
  is, it's not enough,"" Silvia told Reuters.
      The U.S. trade deficit has become one of the government's
  most vexing and persistent problems.
      The 1986 deficit was 169.8 billion dlrs and there is as yet
  little indication that this year's figure will be any lower,
  though administration officials have predicted it will drop by
  about 20 to 30 billion dlrs by year's end.
      In the past, Volcker has joked that he never lost sleep
  worrying whether Congress would cut too much fat from the
  federal budget.
      On the other hand, he also has made it clear he is not
  attached to the gradually declining deficit ceilings set for
  the 1986-1991 period by last year's Gramm-Rudman balanced
  budget law.
      While the new law set a ceiling of 108 billion dlrs for
  next year's federal deficit, both the House and Senate Budget
  Committees have conceded that their budget plans would fall
  short of the deficit reduction goal by about 25 billion dlrs.
      ""For political reasons, 35 to 40 billion dlrs is about the
  most you're going to get"" out of Congress at the present time,
  said Touche Ross's Collander. ""To do something more than that
  would be extraordinary, remarkable and very, very difficult.""
      Collander said the real danger for Congress was to end up
  short of the deficit reduction goal set by its Budget panels.
      ""To an extent, this has become the minimum acceptable
  reduction level,"" he explained. ""Anything less than that will now
  look like a failure to Wall Street.""
      The budget plan now under debate on the House floor would
  lower an estimated 171 billion dlr deficit for the year
  beginning on October one to about 133 billion dlrs by cutting
  defense and domestic programs by 38 billion dlrs from their
  anticipated spending levels for next year.
      The Senate Budget Committee has called for a deficit of
  nearly 134 billion dlrs with about 18.5 billion dlrs in new 
  taxes and about the same amount in spending cuts.
  

"
test/15354	12	earn	"STEWART AND STEVENSON SERVICES <SSSS> 4TH QTR
  4th qtr ended Jan 31.
      Shr profit 72 cts vs profit 14 cts
      Net profit 3,309,000 vs 609,000
      Revs 72 mln vs 65 mln
      Year
      Shr profit nil vs loss 4.13 dlrs
      Net profit 1,000 vs loss 19 mln
      Revs 245 mln vs 269.1 mln
  

"
test/15356	12	earn	"WESTAMERICA BANCORPORATION <WSAM> 1ST QTR NET
  Shr 98 cts vs 63 cts
      Net 2,602,000 vs 1,571,000
      Assets 1.15 billion vs 1.02 billion
      Deposits 1.04 billion vs 942.1 mln
      Loans 834.8 mln vs 729.0 mln
      Return on avg assets 0.92 pct vs 0.63 pct
  

"
test/15357	5	coffee	"COLOMBIA COFFEE REGISTRATIONS REMAIN OPEN
  Colombia's coffee export registrations
  remain open and there are no plans to close them since a new
  marketing policy means an unlimited amount can be registered,
  Gilberto Arango, president of the private exporters'
  association said.
      ""The philosophy of the new policy is not to close
  registrations. Nobody so far said may would be closed,"" he told
  Reuters.
      On March 13, Colombia opened registrations for April and
  May for an unlimited amount.
      Without giving breakdowns, Arango said private exporters
  had registered 1,322,804 bags this calendar year up to April 6,
  or roughly 440,000 bags per month, slightly lower than the
  average in recent years.
      He estimated the amount of bags registered by the national
  coffee growers' federation at about the same, meaning a total
  of about 900,000 bags registered and sold per month by
  Colombia.
      ""The only change that could happen is, because of the
  volume, we would be told that from such a date, registrations
  would be for June shipment, etc"" Arango said.
  

"
test/15359	12	earn	"GATEWAY BANCORP INC <GBAN> 1ST QTR NET
  Shr 32 cts vs 34 cts
      Net 902,178 vs 662,647
      Deposits 174.7 mln vs 134.4 mln
      NOTE: Per share amounts adjusted to reflect 10-for-one
  stock split effective Sept 16, 1986.
  

"
test/15363	0	acq	"MORE AMERICAN BRANDS <AMB> ACQUISITIONS SEEN
  American Brands Inc's 545 mln dlrs
  acquisition of National Distillers and Chemical Corp's liquor
  business is expected to be one of a series of acquisitions by
  the tobacco company, analysts said.
       ""They were very frustrated with their inability to get
  Chesebrough. They said they were looking for an acquisition. It
  doesn't surprise me that they came up with another one,"" said
  Allan Kaplan of Merrill Lynch and Co.
      American Brands failed late last year in its 2.9 billion
  dlrs bid for Chesebrough-Ponds Inc when Unilever N.V. agreed to
  buy the company. But since then, Wall Street has been
  speculating that American Brands would find another candidate
  to help reduce its earnings exposure to tobacco.
      ""This is just typical,"" said George Thompson of
  Prudential-Bache securities. ""There's going to be more to come
  here. American Brands had to make an acquisition because
  tobacco is still a significant part of earnings. Their position
  is a little less favorable than Philip Morris and RJ Reynolds,""
  he said.
  cash flow from its low growth tobacco, but the tobacco business
  does require great amounts of capital expenditures. It can
  therefore use its funds to make acquisitions. Analysts said the
  National Distillers' spirits company, which makes Gilbey's gin
  and vodka, Old Grandad and Old Crow whiskey, is not quite the
  type of acquisition they envisioned.
      ""The distilled spirits business has been in a steady
  gradual decline for sometime, as has the tobacco business,""
  said Thompson.
   REUTER...
  

"
test/15365	26	jobs	"AUSTRALIAN UNEMPLOYMENT RISES IN MARCH
  Australia's seasonally adjusted
  unemployment rate rose to 8.4 pct of the estimated workforce in
  March from 8.2 pct in February and 7.9 pct a year earlier, the
  Statistics Bureau said.
      The number of jobless rose to 650,700 from 631,900 in
  February and 593,200 a year earlier, the Bureau said.
      Unadjusted, the number of unemployed rose to 702,600 from
  699,600 in February but the rate eased to 9.0 pct from 9.1,
  reflecting a slight increase in the estimated workforce. In
  March 1986, 640,400 persons, or 8.5 pct of the workforce, were
  out of work.
  

"
test/15366	0	acq	"CSR SAYS IT IS RETAINING NON-DELHI GAS-OIL STAKES
  CSR Ltd <CSRA.S> said its sale of <Delhi
  Petroleum Pty Ltd> will not affect the other oil and gas
  interests it manages or operates.
      CSR sold Delhi, which holds an average 25 pct in the Santos
  Ltd <STOS.S>-led Cooper-Eromanga Basin onshore gas and liquids
  joint ventures, to an Exxon Corp <XON> unit for 985 mln dlrs on
  April 1.
      In a statement to clarify the position, CSR said it will
  retain its Roma Gas unit, the associated Roma-Brisbane gas
  pipeline and the Bula oilfield on Seram, Indonesia, plus
  exploration interests in Queensland and Hainan Island, China.
  

"
test/15368	1	alum	"SHOWA DENKO EXPORTS ALUMINIUM CASTING EQUIPMENT
  <Showa Denko Ltd> said it is exporting
  aluminium billet casting equipment and technology to countries
  that have recently begun aluminium smelting.
      A company official said it won a 500 mln yen order to
  deliver 10 sets of casting equipment to Venezuela's Venalum by
  end-1987. He said it received an order for one set from
  Aluminium Bahrain B.S.C. Last year and expects further orders
  from the Bahrain smelter.
      Showa Denko withdrew from smelting last year but expects to
  increase its sales of equipment and technology, he said.
  

"
test/15379	12	earn	"RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg
vs 614.4 mln

  RIO TINTO-ZINC CORP PLC 1986 PRETAX PROFIT 601.7 mln stg
  vs 614.4 mln
  

"
test/15380	12	earn	"RIO TINTO-ZINC NET ATTRIBUTABLE PROFIT LOWER
  Year to December 31, 1986
      SHR 78.91p vs 83.05p
      DIV 16.5p making 23.5p vs 22p
      PRETAX PROFIT 601.7 mln stg vs 614.4 mln
      NET ATTRIBUTABLE PROFIT 245 mln stg vs 257 mln
      TURNOVER 3.34 billion stg vs 3.09 billion
      Note - Accounts have been restated
      Full name of company is Rio Tinto-Zinc Corp Plc <RTZL.L>
      Group operating profit 529.4 mln stg vs 470.7 mln
      Operating costs 2.81 billion stg 2.63 billion
      Share of profit less losses of related companies 104.4 mln
  stg vs 165.0 mln
      Interest receivable/other income 41.5 mln stg vs 47.4 mln
      Interest payable 73.6 mln stg vs 68.7 mln
      Tax 274.8 mln stg vs 277.1 mln
      Leaving 326.9 mln stg vs 337.3 mln
      RTZ' investment in Australian associate CRA has been equity
  accounted for 1986 and 1985 figures restated on the same basis
  after the reduction of RTZ's interest to 49 pct in October
  1986.
  

"
test/15383	12	earn	"Burmah Oil 1986 pre-tax profit 105.9 mln stg vs 79.6 mln.

  Burmah Oil 1986 pre-tax profit 105.9 mln stg vs 79.6 mln.
  

"
test/15384	22	interest	"GERMAN BANKERS' REMARKS REVIVE TALK OF RATE CUT
  Remarks by two leading central bankers
  sparked renewed speculation in financial markets that a cut in
  the West German three pct discount rate may be under
  discussion, currency dealers said.
      Bundesbank board member Claus Koehler said in a speech that
  monetary growth resulting from speculative capital inflows
  required cuts in interest rates.
      Separately, West Berlin state central bank president Dieter
  Hiss told journalists that the discount rate could fall below
  its lowest ever point of 2.75 pct. He made clear that he was
  not making a forecast on interest rates, however.
      Currency dealers here and in the Far East said the dollar
  gained slight background support from the speculation.
      But German dealers noted that the Bundesbank kept the 3.80
  pct rate unchanged at which it offered liquidity to the money
  market this week, dashing some expectations that it may either
  offer lower fixed rate money or offer a reduced minimum rate
  and let the strength of banks' demands set the allocation rate.
      It allocated 6.1 billion marks in new liquidity, much less
  than the 14.9 billion leaving the market as a prior pact
  expired. This further weakened sentiment the Bundesbank could
  move to a more accommodative monetary stance, dealers said.
      Koehler said in a speech in Surrey, England, speculative
  capital inflows may cause monetary growth, regardless of
  whether central banks intervened or exchange rates fell.
      ""In other words, the monetary policy measures required are
  different from -- and sometimes diametrically opposed to --
  those needed when the money stock is increasing as a result of
  mounting economic activity.""
      Though Koehler was known to be the most liberal of the
  generally monetarist Bundesbank board, his comments marked the
  first time cuts in rates had been concretely suggested as a
  counterpoint to overly strong monetary growth, dealers said.
  REUTER^M
  

"
test/15386	48	trade	"SOVIET TRADE DEFICIT WITH WEST SOARS IN 1986
  The Soviet trade deficit with the West
  almost quadrupled last year, reaching 2.72 billion roubles
  compared with 713 mln in 1985, official figures showed.
      Statistics published by the monthly journal Foreign Trade
  showed Soviet trade turnover for 1986 fell to 130.9 billion
  roubles from 142.1 billion the previous year, a drop of 7.8
  pct.
      Moscow's trade surplus with East Bloc countries continued
  to grow in 1986.
      Western analysts attributed the deficit rise with the West
  to the world oil price slump, which hit Moscow's main export
  and cut hard currency earnings needed for purchases in the
  West.
  

"
test/15387	12	earn	"BURMAH OIL PROFIT CLIMBS TO 105.9 MLN STG
  Year 1986
      Shr 33.54p vs 34.2p.
      Final div 9.5p, making 14p vs 12.75p.
      Pre-tax profit 105.9 mln stg vs 79.6 mln.
      Net profit before minorities 56 mln vs 52.1 mln.
      Turnover net of duties 1.32 billion stg vs 1.46 billion.
      Minorities 800,000 stg vs same.
      Extraordinary debit 20.4 mln vs 28.2 mln.
      NOTE: Company's full name is The Burmah Oil Co Plc <BURM.L>
  REUTER^M
  

"
test/15389	12	earn	"RTZ SEES RISING U.S. OUTPUT AIDING 1987 RESULTS
  Rio Tinto-Zinc Corp Plc <RTZL.L>, RTZ,
  said the predicted rise in industrial production in the U.S.
  And Europe should boost its 1987 performance.
      Consumption of some base metals and their dlr prices are
  showing signs of improvement, although iron ore markets have
  weakened. The oil price in U.S. Dlrs is above the 1986 average,
  and if sustained, should improve energy earnings.
      The company was commenting in a statement on its 1986
  results which, on a restated basis, showed net attributable
  profits lower at 245 mln stg after 257 mln the previous year.
  Pretax profits also dipped to 601.7 mln stg after 614.4 mln.
      RTZ said the excellent performance of its expanding range
  of industrial businesses in 1986 was offset by the collapse in
  oil prices.
      Industrial businesses contributed 202 mln stg to net
  profit, a 40 pct increase from 144 mln in 1985, and 60 pct of
  the total. Trading performance improved at wholly-owned
  subsidiaries RTZ Borax Ltd, RTZ Cement Ltd, RTZ Chemicals Ltd
  and RTZ Pillar Ltd. First time contributions from recent
  investment and acquisitions mainly in speciality chemicals and
  minerals also aided performance.
      Metals activities contributed 83 mln stg to net profit.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

"
test/15391	12	earn	"BRIDGESTONE CORP <BRIT.T> YEAR TO DECEMBER 31
  Group shr 35.99 yen vs 38.28
      Net 21.01 billion vs 21.08 billion
      Current 47.73 billion vs 48.06 billion
      Operating 55.04 billion vs 54.99 billion
      Sales 792.71 billion vs 864.28 billion
      NOTE - Company forecast for current year is group shr 37.70
  yen, net 22 billion, current 52 billion and sales 800 billion.
  

"
test/15394	45	sugar	"EC SUGAR TENDER SEEN MARKING NO CHANGE IN POLICY
  The maximum export rebate granted at
  yesterday's EC sugar tender marked no change in policy over
  producer complaints that they are not obtaining the EC
  intervention price in exporting sugar outside the Community, EC
  Commission sources said.
      The maximum rebate was 46.496 Ecus per 100 kilos for
  118,350 tonnes of sugar, down from 46.864 Ecus the previous
  week, but the change is explained by world market conditions.
      Producers claim the rebate was short of the level needed to
  obtain a price equivalent to the intervention price by over one
  Ecu per 100 kilos, and was 0.87 Ecu short the previous week,
  the sources said.
      They said this was despite the fact that the Commission had
  to accept 785,000 tonnes of sugar into intervention from
  operators protesting that rebates are too low.
      Operators have now until early May to withdraw this sugar.
  But they have not given any sign of planned withdrawals unless
  the Commission reviews its export policy, they said.
  

"
test/15396	12	earn	"BURMAH OIL PROSPECTS REMAIN FAVOURABLE
  The current year has opened well, with
  trading prospects remaining favourable, Burmah Oil Co Plc
  <BURM.L> said in a statement with its 1986 results.
      The company plans to maintain a steady rate of investment
  in its marketing operations and to obtain improved profit
  margins on its liquified natural gas, LNG, project.
      Burmah has the financial capacity to continue making
  acquisitions within its business sectors, it added. The
  rationalisation programme, including sale of the Bahamas oil
  terminal and all peripheral activities, is now complete.
      Pre-tax profit for 1986 rose to 105.9 mln stg from 79.6
  mln.
  REUTER^M
  

"
test/15397	12	earn	"GEBRUEDER SULZER 1986 PROFIT UP ALMOST 60 PCT
  Year 1986
      Consolidated net profit 67 mln Swiss francs vs 42 mln.
      Dividend 100 francs per registered share vs 80 francs and
  10 francs per participation certificate vs eight.
      Consolidated turnover 4.55 billion francs vs 4.54 billion.
      Parent company net profit 38.2 mln francs vs 26.4 mln.
      Parent company turnover 2.20 billion francs vs 2.29
  billion.
      Note - Company's full name is Gebrueder Sulzer AG <SULZ.Z>
  

"
test/15404	0	acq	"PERGAMON HOLDINGS REDUCES BPCC AND HOLLIS STAKES
  <Pergamon Holdings Ltd> and its associate
  companies said that they had sold 30 mln ordinary shares in the
  British Printing and Communication Corp Plc <BPCL.L> and 10.5
  mln in <Hollis Plc> together with other securities.
      No total price was given but the company said the proceeds
  of the sales would be used to fund Pergamon's expansion
  programme and worldwide acquisition stategy. The company said
  that following these sales Pergamon's ordinary shareholdings in
  both BPCC and Hollis remained above 51 pct. It said it had no
  intention of further reducing its holdings in either company.
  

"
test/15406	12	earn	"NATIONALE NEDERLANDEN PROFITS, SALES STEADY
  Year 1986
      Net profit 635.5 mln guilders vs 603.4 mln.
      Revenues 17.35 billion guilders vs 17.27 billion.
      Net profit per nominal 2.50 guilder share 5.79 guilders vs
  5.67, corrected for capital increase. (1985 uncorrected figure
  5.73).
      Dividend 2.50 guilders vs 2.38, corrected. (2.40
  uncorrected.)
      Note - Full name is Nationale Nederlanden NV <NTNN.AS>
  

"
test/15409	42	rubber	"SHANGHAI TYREb FACTORY TO RAISE 30 MLN U.S. DLRS
  Ta Chung Hua Rubber Factory of
  Shanghai will raise a 30 to 35 mln U.S. Dlr loan to expand and
  modernise its plant, arranger CCIC Finance Ltd said.
      The loan, to be lead managed by the Bank of China, is
  expected to mature in eight to nine years, but terms have not
  been finalized.
      The money will be used to import manufacturing equipment
  including technology transfer for the production of truck
  radial tyres. Part of the output will be exported.
      The expansion program is expected to cost a total 54 mln
  dlrs. The shortfall will be financed domestically.
  

"
test/15410	22	interest	"SAUDI RATES RISE AS BAHRAIN BANKS CAUGHT SHORT
  Saudi riyal interest rates rose as
  Bahrain-based banks scrambled to cover short positions, dealers
  said.
      Several Bahrain banks had been lending in the fixed periods
  and borrowing in the short dates, but today they found the
  day-to-day money in short supply, dealers said.
      ""Everybody's stuck in the spot-next,"" one trader said.
      Spot-next rose to as high as 6-1/4, six pct from 5-1/4,
  five pct yesterday, and the borrowing interest spilled over
  into the periods, with one month rising to around 6-3/16,
  5-15/16 pct from 5-15/16, 7/8 pct yesterday.
      Three months edged up to around 6-9/16, 5/16 pct from
  6-7/16, 1/4 pct, while six months was quoted a touch firmer by
  some banks at seven, 6-3/4 pct.
      Commercial banks quoted the spot riyal at 3.7500/04 to the
  dollar after 3.7507/09 yesterday.
  

"
test/15411	16	gold	"BELGIUM TO ISSUE GOLD WARRANTS, SOURCES SAY
  Belgium plans to issue Swiss franc
  warrants to buy gold, with Credit Suisse as lead manager,
  market sources said.
      No confirmation or further details were immediately
  available.
  

"
test/15413	12	earn	"PHILIPPINE TELEPHONE FIRM PLANS STOCK SPLIT
  The Philippine Long Distance Telephone Co
  <PLDT.MN> is planning a two-for-one stock split and a 20 pct
  stock dividend later this year to reduce excess market
  buoyancy, Vice-President Sennen Lazo told Reuters.
      Lazo said the stock split would reduce the par value of the
  company's common stock from 10 to five pesos.
      He said the stock split would apply to holders of about 18
  mln common shares of stock on the record date of September 15
  1987. ""The exercise should make our stock more marketable,"" Lazo
  said. ""Now it is beyond the reach of many small investors.""
      PLDT common stock surged from a low of 37 pesos in February
  1986 to 367.50 at close of trading yesterday on the Manila
  Stock Exchange.
      Lazo said the 20 pct stock dividend, payable on October 15,
  would also apply to stockholders on record as of September 15.
      PLDT reported 1986 net income of 1.89 billion pesos, up 68
  pct from 778.9 mln pesos in 1985, on operating revenues of six
  billion pesos, up from 4.7 billion pesos in 1985.
      At end December 1986 the company had 417,100 stockholders.
      A PLDT spokesman said the company's profits are likely to
  be substantial since the government raised its franchise tax to
  three pct from two and to impose a 35 pct corporate income tax
  from which it was previously exempt.
      The government has not so far ordered the implementation of
  the tax decision.
      PLDT is the largest of 58 telephone companies in the
  Philippines. On December 31 1986 the company had 856,014
  telephones in operation, representing 94 pct of all instruments
  in the country.
      In Manila item ""Philippine Telephone firm plans stock split""
  please read in page 3, first para, ""the company's profits are
  likely to be substantially cut"" (inserting dropped word). This
  replaces  ""the company's profits are likely to be substantial""
  

"
test/15415	45	sugar	"CARGILL CONFIRMS WHITE SUGAR SALE TO INDIA
  London-based trader Cargill (U.K.) Ltd
  confirmed it sold one cargo of white sugar to India for
  shipment April 15/May 15 at yesterday's tender.
      Price details were not immediately available but some
  traders suggested business had been done around 220 dlrs a
  tonne cif.
      India tendered for one or two cargoes of white sugar. There
  was no specific requirement on shipping period.
  

"
test/15416	34	nat-gas	"MALAYSIA SEEKS 42 BILLION YEN PIPELINE LOAN
  Malaysia has asked Japan for a 42
  billion yen 25-year loan to finance the construction of gas
  pipelines from eastern Trengganu to southern Johor, the
  Overseas Economic Cooperation Fund (OECF) said.
      OECF's chief representative, Takashi Matsuya, told
  reporters the Japanese Government is appraising the loan.
  Another OECF official told Reuters Japan is likely to approve
  the loan because ""it is technically and economically viable.""
      If approved, the loan would carry a coupon rate of four
  pct, a grace period of seven years, Matsuya said. It would be
  disbursed over three years, he added.
      The pipeline contruction is the second phase of the
  Peninsular Gas Utilisation Project by Petronas, Malaysia's
  national oil company.
      The first phase was the supply of gas to households in and
  around the eastern oil town of Kertih.
  

"
test/15417	12	earn	"CCF REPORTS 34.8 PCT PROFIT BOOST, SHARE SPLIT SEEN
  Credit Commercial de France <CCFP.PA>
  reported a parent company net profit up 34.8 pct to 140.1 mln
  francs from 103.9 mln francs a few weeks before its
  denationalisation around the end of this month.
      Official sources said the bank, France's sixth largest in
  terms of its deposits and seventh in terms of its assets,
  
  planned a share split to increase the number of shares on offer
  ahead of the sale of 40 pct of its ordinary share capital to
  the public, of 10 pct to staff and 20 pct abroad.
      Previously one of France's biggest private banks, it was
  nationalised by the Socialists in 1982.
      The sources said it was too early to give details of the
  planned split or of the share price, but cited April 27 as a
  likely date for the flotation launch.
      So far 30 pct of the group's capital, currently at 10.33
  mln shares of 100 francs nominal, has been offered for sale to
  large private investors to constitute a solid core of eight to
  ten shareholders before the flotation.
      The private tender offer closes on April 16, while a 12 mln
  franc advertising campaign for the flotation begins on Sunday.
  ""The privatisation will be a way of attracting extra clients,""
  CCF deputy director-general Rene de la Serre told Reuters.
      Market sources put the total value of CCF's privatisation
  at between four and five billion francs.
      De la Serre said the bank was likely to attract at least
  the same number of investors as <Sogenal>, another recently
  privatised bank in which 850,000 people bought shares.
      The government's sweeping privatisation programme has also
  included the sale of Saint-Gobain <SGEP.PA>, and Cie Financiere
  de Paribas <PARI.PA>. The sale of <Banque du Batiment et des
  Travaux Publics> and <Banque Industrielle et Mobiliere Privee>
  should be completed this month, while third largest French bank
  Societe Generale <SGEN.PA> will be privatised later this year.
  

"
test/15421	0	acq	"LEX SERVICE BUYS SEARS MOTOR GROUP
  Lex Service Plc <LEXL.L> said it had
  acquired <Sears Motor Group Ltd>, the retail motor distribution
  arm of Sears Plc < SEHL.L>, and an 11.9 mln stg loan note
  payable by Sears Motor for 33.4 mln stg.
      The purchase will be through 1.4 mln stg in cash and the
  issue to Sears Plc of 8.0 mln new Lex ordinary shares.
      The company said in a statement that immediately following
  the acquisition of the motor group, its car and commercial
  vehicle contract hire fleet of some 3,000 vehicles was sold to
  <Lex Vehicle Leasing Ltd> for 14.3 mln stg in cash, a sum equal
  to the net book value of the vehicles transferred.
      Lex Vehicle is owned equally by Lex Services and <Lombard
  North Central Plc>.
      Lex said the shares involved in the transaction were today
  being placed for Sears Plc with institutions at 400p. These
  shares will not qualify for the final Lex dividend on 10 April.
      Lex said in a statement that its acquisition of Sears Motor
  Group represents a major development for its automotive
  activities. The enlarged retailing operations of the Lex
  Automotive group now have a turnover of 530 mln stg. Lex's
  existing automotive interests include Volvo Concessionaires,
  the sole importer of Volvo cars and parts into the U.K.
      Lex said the turnover for Sears Motor Group in the year to
  31 December 1986 was 242 mln stg and that at the date of the
  acquisition the group had about 50 mln stg in external
  borrowings.
      Lex shares fell on the announcement to trade around 409p
  from a 419p close yesterday.
  

"
test/15424	42	rubber	"MAJOR RUBBER PRODUCERS TO MEET IN SINGAPORE
  Officials from Indonesia, Malaysia,
  Singapore and, perhaps, Thailand will meet here tomorrow to
  discuss increased regional cooperation on rubber marketing and
  ways to raise rubber prices, industry sources said.
      The officials will discuss linking rubber markets in the
  four countries to improve price transparency, the sources said.
      This is the first time Indonesia is attending such a
  meeting, they said, but representatives from Thailand may not
  be able to attend because of their tight schedule. Malaysia,
  Indonesia and Thailand account for 90 pct of world rubber
  exports and Singapore is a major regional rubber trading
  centre.
      The Malaysian Rubber Futures market, freighting and
  contracts for rubber are among other issues expected to be
  discussed.
      Last month, rubber importing and exporting countries
  adopted a new International Natural Rubber Agreement in Geneva.
  The new pact is more responsive to market trends than its
  predecessor, the sources said, and earlier provisions allowing
  the buffer stock to borrow from banks have been eliminated.
  

"
test/15425	0	acq	"MEPC EXTENDS OFFER FOR OLDHAM
  MEPC Plc <MEPC.L> said that its offer for
  <Oldham Estates Ltd> would remain open until further notice.
      On February 26 MEPC made an agreed bid for Oldham based on
  a formula reflecting its asset value at 30 September 1986. A
  year earlier Oldham's net asset value was put at 531.4 mln stg.
      As of 1 April the valuation used under the formula had
  still to be agreed so Oldham had yet to give a firm
  recommendation to its shareholders regarding the value of the
  the offer.
  

"
test/15427	12	earn	"GEORGE WIMPEY PROFITS UP 42 PCT TO 66.5 MLN STG
  Year to December 31, 1986.
      Shr 18.35p vs 14.95p
      Div 3.75p vs 2.9p making 4.75p vs 3.75p
      Pretax profit 66.5 mln stg vs 46.9 mln
      Tax 14.6 mln stg vs 4.5 mln
      Net profit 51.9 mln stg vs 42.4 mln
      Turnover 1.44 billion stg vs 1.58 billion
      Note - Full name of company is George Wimpey Plc <WMPY.L>.
      Operating profit before exceptional items 88.9 mln stg vs
  80.5 mln
      Exceptional debits 3.0 mln stg vs 11.6 mln
      Operating profit 85.9 mln stg vs 68.9 mln
      Share of profits less losses of associated companies 1.4
  mln stg vs 2.4 mln loss
      Interest - net payable 20.8 mln stg vs 19.6 mln
      Attributable minority profits debits 0.2 mln stg vs 0.3 mln
      Extraordinary items debit 3.4 mln stg vs 4.3 mln credit
      Net borrowings 195.1 mln stg vs 193.5 mln
  

"
test/15428	48	trade	"CANADA FEBRUARY TRADE SURPLUS 1.25 BILLION DLRS AFTER
JANUARY 623 MLN DLRS SURPLUS

  CANADA FEBRUARY TRADE SURPLUS 1.25 BILLION DLRS AFTER
  JANUARY 623 MLN DLRS SURPLUS
  

"
test/15429	12	earn	"AEGON 1986 NET PROFIT RISES 6.4 PCT
  Net profit 327.1 mln guilders vs
  307.5.
      Total revenue 7.97 billion guilders vs 8.7 billion.
      Net profit per five guilder nominal share 9.33 guilder vs
  9.25 (corrected for capital increase).
      Final dividend 1.30 guilders and 2.4 pct stock vs 1.30
  guilders and 2.2 pct in stock. Interim dividend already paid
  was 1.30 guilders.
      Note : full name of company is AEGON NV <AEGN.AS>
  

"
test/15430	48	trade	"CANADA FEBRUARY TRADE SURPLUS 1.2 BILLION DLRS
  Canada had a trade surplus of 1.25
  billion dlrs in February compared with an upward revised 623
  mln dlrs surplus in January, Statistics Canada said.
      The January surplus originally was reported at 533 mln
  dlrs. The February surplus last year was 189 mln dlrs.
      February exports, seasonally adjusted, were 10.44 billion
  dlrs against 9.85 billion in January and 10.05 billion in
  February, 1986.
      February imports were 9.19 billion dlrs against 9.23
  billion in January and 9.86 billion in February, 1986.
  

"
test/15438	12	earn	"NATNED FORECASTS 1987 RESULTS IN LINE WITH 1986
  The Netherlands' largest insurer
  Nationale Nederlanden NV <NTTN.AS> (NatNed) said it expected at
  least unchanged results in 1987 after reporting 1986 net
  profits up 5.3 pct to 635.5 mln guilders from 603.4 mln in
  1985,
      Revenues increased by 0.5 pct to 17.35 billion guilders
  after 17.27 billion the previous year, and the dividend was
  raised to 2.50 guilders per share from 2.38 guilders in 1985,
  corrected on a capital increase.
      The company said guilder revenue and profit were pressured
  by falls in exchange rates, particularly in the US and
  Australian dollar and sterling.
      Without these currency fluctuations, net profit would have
  been 30.7 mln guilders higher and revenue 1.97 billion higher,
  NatNed said.
      The international share in turnover was 50 pct in 1986
  compared with 52 pct in 1985.
      The company's life insurance result fell to 365.7 mln
  guilders after 428.4 mln in 1985 due to currency influences,
  tighter interest margins and increased investment.
      Claim payouts fell to 9.9 mln guilders after 66.6 mln the
  previous year.
      The company's total assets reached 69.87 billion guilders
  in 1986 against 67 billion the year before.
      Assets per share equalled 65.68 guilders against 65.53.
      Without these currency fluctuations, net profit would have
  been 30.7 mln guilders higher and revenue 1.97 billion higher,
  NatNed said.
      The international share in turnover was 50 pct in 1986
  compared with 52 pct in 1985.
      The company's life insurance result fell to 365.7 mln
  guilders aft
   INTERRUPTED
  

"
test/15441	40	reserves	" 9-APR-1987 07:38:18.81
   9-APR-1987 07:38:18.81

"
test/15446	45	sugar	"THAILAND TO RENEW LONG TERM SUGAR CONTRACTS -TRADE
  Thailand is to negotiate tomorrow with
  selected trade houses for renewal of long term raw sugar sales
  contracts, to cover the next five years at a rate of 60,000
  tonnes annually, traders said.
      They also reported vague talk Algeria may be seeking 50,000
  tonnes of raws tomorrow but details are unclear.
  

"
test/15447	48	trade	"EC LAUNCHES ANTI-DUMPING PROBE ON JAPANESE CHIPS
  The European Community launched an
  investigation into allegations of dumping by Japanese
  semiconductor makers in a move which diplomats said could mark
  an intensification of world trade strains.
      Tokyo already faces a deadline of April 17 from Washington
  for the imposition of 300 mln dlrs worth of tariffs on chips it
  imports into the U.S.
      The EC Executive Commission said today the European
  Electrical Component Manufacturers Association complained that
  Japanese firms were selling high capacity EPROM type (erasable
  programmable read only memory) chips at unfairly low prices.
      Japan last year took 78 pct of the 170 mln dlr EC EPROM
  market, up from 60 pct in 1984. The EC firms said they had been
  forced to offer their products at a discount of up to 30 pct in
  order to compete with the Japanese.
      The Commission said it believed the Association had given
  sufficient elements of proof for dumping to warrant an
  investigation, which could lead it to impose duties if it found
  the complaints were justified.
      The Commission claims last year's accord between the U.S.
  And Japan on microchip pricing gives U.S. Firms privileged
  access to the Japanese market.
  

"
test/15448	32	money-fx	"SWISS TO LAUNCH NEW SERIES OF MONEY MARKET PAPER
  The Swiss Federal Government will launch
  a new series of three month money market certificates totalling
  around 150 mln Swiss francs, the National Bank said.
      Subscriptions close April 14 and payment date is April 16.
      The last series of three month paper issued in March raised
  147.3 mln francs at an issue price of 99.142 pct, giving an
  average annual yield of 3.501 pct.
  

"
test/15450	32	money-fx	"FINANCE MINISTERS AGREE ON NEED FOR STABILITY
  Finance ministers from seven major
  industrialized nations agreed on the need to stabilize
  currencies at current levels but said more action was needed to
  reduce trade imbalances and sustain economic growth.
      In a communique issued after a four-hour meeting at the
  U.S. Treasury that ended last night, the ministers said the
  value of the dollar and other currencies was basically correct
  now, and they welcomed new measures planned by the Japanese to
  boost their economy.
      West German Finance Minister Gerhard Stoltenberg called it
  a ""good meeting"" and in brief remarks exchanged with reporters
  other ministers seemed pleased with its outcome.
      Shortly after the communique was issued and just as foreign
  exchange trading opened in Tokyo, the Bank of Japan intervened
  again to prevent the yen rising too quickly.
      The communique said, ""The ministers and governors reaffirmed
  the commitment to the cooperative approach agreed at the recent
  Paris meeting. They agreed, however, that further actions will
  be essential to resist rising protectionist pressures, sustain
  global economic expansion and reduce trade imbalances.""
      It welcomed the plans set this week by the Japan's ruling
  Liberal Democratic Party to stimulate its economy with what the
  communique termed ""extraordinary and urgent measures"" including
  an ""unprecedented front-end loading of public works
  expenditures.""
      The meeting of the so-called Group of Seven brought
  together ministers and central bank governors of the seven
  major industrial democracies, the United States, Japan, West
  Germany, France, Britain, Italy and Canada.
      The communique said the ministers reaffirmed the commitment
  on cooperation reached in a meeting on February 22 in Paris
  when they had agreed to stabilize foreign exchange rates at the
  then-current levels.
      In the weeks that followed, the dollar continued to fall
  against the Japanese yen despite massive dollar purchases by
  the Bank of Japan and other central banks and is now trading at
  around postwar lows.
      Japan has come under growing criticism from both the United
  States and European countries for its only modest efforts to
  open its markets to outside competition and to reduce its
  exports.
      The communique said Japan affirmed its intention to open
  domestic markets to foreign goods and services but did not
  elaborate.
      It said the officials ""reaffirmed the view that around
  current levels their currencies are within ranges broadly
  consistent with economic fundamentals and the basic policy
  intentions outlined at the Louvre meeting.""
  

"
test/15451	12	earn	"AEGON EXPECTS MODERATE RISE IN 1987 PROFITS
  Dutch insurer AEGON NV <AEGN.AS>
  reported a 6.4 pct increase in 1986 net profits to 327.1 mln
  guilders and said it expected a moderate increase in profits
  for 1987.
      Total revenue was eight pct lower in 1986 at 7.97 billion
  guilders vs 8.7 billion guilders in 1985. The company said its
  revenues were down due to lower foreign exchange rates and a
  change in accounting practice. It added that revenues would
  have risen by about seven pct had those changes not occurred.
      Revenue from Dutch operations rose five pct in 1986, mainly
  due to its life insurance business.
      Health insurance revenues in the Netherlands also rose
  despite a notable shift to insurances with lower premiums and
  higher personal risks.
      Damage insurances made losses, mainly due to car damage
  insurances. AEGON did not specify the loss.
      In the United States, revenue in guilders from health and
  life insurance was lower. AEGON said this was due to a change
  in accounting for U.S. Annuities.
      AEGON said annuities are subject to such strong personal
  investment influences that it should be accounted differently
  from the more traditional insurances.
      This change in accounting practice and another change to
  account for profits made on fixed interest investments,
  resulted in an incidental rise in net profits of 31 mln
  guilders.
      AEGON said incidental negative influences on net profits
  were slightly higher, being the lower dollar rate, high initial
  costs for new products, and the cost of new headquarters in The
  Hague.
      In 1986, a large number of new insurance products emerged
  in the Netherlands and the U.S., AEGON said. Large initial
  costs for these products have depressed net profits somewhat.
      Monumental Corp, a U.S. Insurer which merged with AEGON in
  May 1986, saw its profits almost completely eroded by these
  costs and made only a small contribution to the group's
  profits.
      AEGON said it has written-off 657 mln guilders in goodwill
  for Monumental Corp.
      AEGON's net equity was 2.71 billion guilders in December
  1986, against 3.46 billion the year before.
  

"
test/15453	32	money-fx	"G-7 WANTS TO SHOW MARKETS ITS RESOLVE - MIYAZAWA
  Japanese Finance Minister Kiichi
  Miyazawa said the Group of Seven (G-7) countries reaffirmed
  their Paris accord on stabilising currencies to convince the
  market of their resolve.
      At a news conference after today's G-7 meeting, Miyazawa
  said the ministers and central bank governors did not believe a
  totally new statement was needed.
      The speculative selling did not reflect economic
  fundamentals, and since the fundamentals had not changed only a
  reaffirmation of the goals of the Paris accord was needed, he
  said.
      He also noted that this test of the G-7 nations resolve had
  concentrated on the yen, while other currencies, especially the
  mark, had remained stable.
      Miyazawa said any change in economic conditions since the
  Paris accord was not worth being called fundamental.
      ""As I said at a time of Louvre (agreement), the expression
  of 'current level' is rather vague idea,"" he said.
      The yen's movement in the past several weeks is within the
  range agreed in Paris in Febraury, he said.
      It was better to give a vague expression than pin-pointing
  a level, which could have an adverse impact on the market,
  Miyazawa said.
      Asked why only Japan was committed to fresh measures in the
  statement, he said Japan was exceptional among the seven
  because the yen appreciated against the dollar while other
  major currencies largely have been stable.
      He also said Japan's ruling Liberal Democratic Party has
  justed adoped a package to reflate the economy while other
  nations are not supposed to produce new measures in a short
  period since the Paris agreement.
      Miyazawa also said the U.S. sanctions against Japanese
  semiconductor products was not discussed through the G-7
  meeting and did not affect the currency talks.
      The seven nations discussed the debt problems of developing
  countries and ways to proceed in line with the debt initiative
  outlined by U.S. Treasury Secretary James Baker 18 months ago.
  

"
test/15457	12	earn	"UNIFIRST CORP <UNF> SETS QUARTERLY
  Qtly div five cts vs five cts prior
      Pay July One
      Record June 17
  

"
test/15459	12	earn	"<TRUMP PLAZA> 4TH QTR NET
  Net profit 2,529,000 vs loss 1,066,000
      Revs 59.0 mln vs 52.6 mln
      Year
      Net profit 15.4 mln vs profit 865,000
      Revs 247.0 mln vs 231.1 mln
      NOTE: Company became wholly owned and operated by Donald
  Trump in May 1986, when he acquired 50 pct interest that had
  been owned by former operator Holiday Corp <HIA>.
  

"
test/15462	45	sugar	"WEST GERMAN BEET PLANTINGS DELAYED THREE WEEKS
  Unseasonal cold weather has delayed
  sugar beet plantings in West Germany by up to three weeks, the
  agriculture ministry said.
      A ministry spokesman said in some central areas, especially
  in the Rhineland, farmers have taken advantage of warmer
  weather and started plantings in the past two days.
      West German planting intentions this year are put at
  381,000 hectares, down from 390,500 ha last year, he said,
  adding that the 1980/1985 average was 405,000 ha.
  

"
test/15464	0	acq	"STEP-SAVER <CODA> SAYS WARRANT EXERCISED
  Step-Saver Data Systems Inc
  said Bergen-Richards Corp has exercised a warrant to buy
  450,000 Step-Saver shares at two dlrs each.
      It said warrants issued to the underwriter in its initial
  public offering were exercised in March for an aggregate of
  169,200 dlrs.
  

"
test/15467	0	acq	"COAST SAVINGS <CSA> IN TALKS ON BUYING BANK
  Coast Savings and Loan Association
  said it is in talks with the Federal Savings and Loan Insurance
  Corp on the acquisition of Central Savings and Loan Association
  of San Diego.
      Central, which operates 46 branches, has been under
  management guidance of the FSLIC since May 1985.
      Coast said the acquisition would give it an entry into the
  San Joaquin Valley market besides strengthening its presence in
  the San Diego, Los Angeles and Orange Counties areas.
  

"
test/15468	0	acq	"BRAMALL TO ACQUIRE GELCO FOR UP TO 26.3 MLN DLRS
  <C.D. Bramall Plc> said in a statement
  accompanying its annual results that it proposed to acquire
  Gelco U.K. For some 26.3 mln dlrs.
      Part of the cost will be met by the issue of 2.14 mln new
  ordinary Bramall shares which are being placed at 265p each.
      The acquisition will be satisfied by an initial payment of
  some 25.3 mln dlrs in cash with further payments of 500,000
  dlrs up to a maximum 26.3 mln dlrs. These further payments will
  only be made if profits achieved by Gelco for the year ending
  July 31, 1987 reach a certain level.
      Bramall shares were trading 6p lower at 278p.
  

"
test/15471	16	gold	"BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS
  The Kingdom of Belgium is launching 100
  mln Swiss francs of seven year notes with warrants attached to
  buy gold, lead mananger Credit Suisse said.
      The notes themselves have a 3-3/8 pct coupon and are priced
  at par. Payment is due April 30, 1987 and final maturity April
  30, 1994.
      Each 50,000 franc note carries 15 warrants. Two warrants
  are required to allow the holder to buy 100 grammes of gold at
  a price of 2,450 francs, during the entire life of the bond.
      The latest gold price in Zurich was 2,045/2,070 francs per
  100 grammes.
  

"
test/15476	12	earn	"CB AND T BANCSHARES INC <CBTB> 1ST QTR NET
  Shr 27 cts vs 24 cts
      Net 5,223,000 vs 4,682,000
      Avg shrs 19.7 mln vs 19.4 mln
      NOTE: Results reflected pooled acquisition of First
  Community Bancshares Inc on March 31, 1987 and include Camden
  Bancorp from January 31, 1987 purchase.
  

"
test/15477	12	earn	"XICOR INC <XICO> 1ST QTR MARCH 22 NET
  Shr profit five cts vs loss 16 cts
      Net profit 689,000 vs loss 1,910,000
      Revs 12.3 mln vs 9,432,000
      NOTE: 1987 net includes 276,000 dlr tax credit.
  

"
test/15478	12	earn	"GEORGE WIMPEY SAYS BENEFITS OF RESTRUCTURING SEEN
  George Wimpey Plc <WMPY.L> said  the
  outlook for 1987 looked encouraging as the company realised the
  continuing benefits of restructuring.
      It said its overall financial position showed further
  improvement in 1986 and the reshaping of its U.K. Business into
  clearly defined and activity related divisions had been
  successfully achieved.
      Wimpey was commenting in a statement on its 1986 results
  which showed pretax profits up 42 pct to 66.5 mln stg.
      The group had a good overall year in North America, the
  company said in a statement.
  

"
test/15479	0	acq	"C.O.M.B. <CMCO> MAKES ACQUISITION
  C.O.M.B. Co said it has acquired
  the principal assets of National Tech Industries Inc and Telkom
  Corp, which are engaged in the sale and telemarketing of
  consumer electronic merchandise and do business as House of
  Imports and N.L. Industries respectively.
      The company said it paid a total of 8,700,000 dlrs,
  including the assumption of liabilities.
      National Tech had sales of about 23 mln dlrs for 1986, it
  said.
  

"
test/15481	16	gold	"BELGIUM LAUNCHES BONDS WITH GOLD WARRANTS
  The Kingdom of Belgium is launching 100
  mln Swiss francs of seven year notes with warrants attached to
  buy gold, lead manager Credit Suisse said.
      The notes themselves have a 3-3/8 pct coupon and are priced
  at par. Payment is due April 30, 1987, and final maturity April
  30, 1994.
      Each 50,000 franc note carries 15 warrants. Two warrants
  are required to allow the holder to buy 100 grammes of gold at
  a price of 2,450 francs, during the entire life of the bond.
      The latest gold price in Zurich was 2,045/2,070 francs per
  100 grammes.
  

"
test/15482	12	earn	"DATATRAK INC <DTRK> 3RD QTR FEB 28 NET
  Shr profit nil vs profit nil
      Net profit 27,622 vs profit 5,556
      Sales 1,031,306 vs 840,906
      Nine mths
      Shr loss one ct vs loss two cts
      Net loss 195,095 vs loss 445,379
      Sales 2,702,085 vs 2,219,961
  

"
test/15484	43	ship	"TODD SHIPYARDS <TOD> STRUCK ON WEST COAST
  Todd Shipyards Corp said
  production workers represented by the multi-union Pacific Coast
  Metal Trades District Council at its San Francisco division
  struck on April Six.
      It said negotiations are expected to resume at the end of
  this month.
      Todd also said the collective bargaining division in effect
  at its Galveston Division expires April 17, and negotiations
  with the Galveston Metal Trades Council are continuing.
      The company said results of balloting on a new collective
  bargaining agreement proposal in its Seattle Division are
  expected to be tabulated at the close of business tomorrow.
      The Pacific Coast Council has recommended acceptance of
  that proposal by membership, Todd said.
  

"
test/15485	26	jobs	"U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK
  New applications for unemployment
  insurance benefits fell to a seasonally adjusted 338,000 in the
  week ended March 28 from 355,000 in the prior week, the Labor
  Department said.
      The number of people actually receiving benefits under
  regular state programs totaled 2,436,000 in the week ended
  March 21, the latest period for which that figure was
  available.
      That was down from 2,480,000 the previous week.
  

"
test/15487	0	acq	"CLEVITE INDUSTRIES SAYS J.P. INDUSTRIES OFFERED 13.50
DLRS A SHARE TO BUY COMPANY

  CLEVITE INDUSTRIES SAYS J.P. INDUSTRIES OFFERED 13.50
  DLRS A SHARE TO BUY COMPANY
  

"
test/15489	12	earn	"SUNTRUST BANKS INC <STI> 1ST QTR NET
  Shr 54 cts vs 49 cts
      Net 70.2 mln vs 64.0 mln
      NOTE: Share adjusted for two-for-one split in July 1986.
      Results restated for pooled acquisition of Third NAtional
  Corp in December 1986.
      Net chargeoffs 15.0 mln dlrs vs 14.2 mln dlrs.
      Assets 25.8 billion dlrs, up 7.2 pct from a year earlier,
  deposits 21.1 billion, up 9.4 pct, and loans 17.1 billion dlrs,
  up 17.2 pct.
  

"
test/15494	12	earn	"INTERNATIONAL THOMSON TO REPORT IN U.S. FUNDS
  <International Thomson Organisation Ltd>
  said it will report financial results in U.S. funds rather than
  sterling, beginning from Jan 1, 1987.
      It said the change will not be applied retroactively to
  prior financial periods.
      The company said as a result of recent investments, most of
  its assets now are located in the United States.
  

"
test/15495	12	earn	"PHILIP CROSBY ASSOCIATES INC <PCRO> 4TH QTR NET
  Shr three cts vs 18 cts
      Net 220,000 vs 1,250,000
      Revs 11.8 mln vs 9,430,000
      Year
      Shr 45 cts vs 69 cts
      Net 3,400,000 vs 4,037,274
      Revs 45.1 mln vs 34.3 mln
  

"
test/15496	12	earn	"COLONIAL AMERICAN BANKSHARES CORP <CABK> 1ST QTR
  Shr 52 cts vs 40 cts
      Qtly div 18 cts vs 15 cts prior
      Net 793,740 vs 603,661
      NOTE: Share adjusted for 10 pct stock dividend in November
  1986.
      Dividend pay May One, record April 25.
  

"
test/15501	0	acq	"CLEVITE <CLEV> GETS 13.50 DLR/SHR OFFER
  Clevite Industries Inc said it
  received a written proposal from J.P. Industries Inc <JPI>
  seeking to buy all of its outstanding shares for 13.50 dlrs a
  share.
      Clevite's stock was trading on NASDAQ at 13-1/4.
      J.P. Industries recently completed the acquisition of
  Clevite's Engine Parts Division.
      J.P. Industries said its proposed transaction would be
  financed through borrowings under its available bank lines and
  a bridge financing facility which Donaldson Lufkin and Jenrette
  Securities Corp agreed to arrange.
      To expedite the transaction, J.P. Industries said it would
  be willing to start a cash tender for Clevite's shares within
  five days after agreeing upon a definitive merger and
  confirmation of Clevite's financial results and condition.
  

"
test/15504	29	livestock	"ARGENTINE CATTLE MARKET REPORT
  ABOUT 3,314 HEAD OF CATTLE WERE
  AUCTIONED IN LINIERS CATTLE MARKET, AGAINST 13,952 ON WEDNESDAY
  AND 9,217 LAST THURSDAY, TRADE SOURCES SAID.
      MAXIMUN PRICES, IN AUSTRALES PER KILO, WITH DOLLAR
  EQUIVALENT IN BRACKETS, INCLUDED:
                                 TODAY     WEDNESDAY
      STEERS OVER 480 KILOS   1.02(0.658) 1.015(0.654)
      STEERS 460 TO 480 KILOS 1.05(0.677) 1.032(0.665)
      COWS FOR CANNING        0.56(0.361) 0.56 (0.361) REUTER
  

"
test/15510	32	money-fx	"U.K. MONEY MARKET DEFICIT REVISED DOWNWARD
  The Bank of England said it has revised
  its estimate of today's shortfall to 350 mln stg from 400 mln,
  before taking account of 103 mln stg morning assistance.
  

"
test/15511	12	earn	"PHYSIO TECHNOLOGY <PHYT> SEES LOSS, IN DEFAULT
  Physio Technology Inc said it
  expects to have a third quarter, ended March 31, loss of about
  200,000 dlrs and is in default on its bank loan because of the
  resignation of chairman and chief executive officer.
      The company said the loss followed four quarters of modest
  profits. In the year ago quarter it earned 11,000 dlrs, or one
  cent a share. For the first half of fiscal 1987, it reported a
  profit of 42,000 dlrs, or two cts a share, compared to a year
  earlier loss of 294,000 dlrs, or 17 cts a share.
      It said President Michael R. Hall will assume the duties of
  chief executive officer.
      Physio Technology said the resignation of Chairman James C.
  Lane can constitute non-compliance with its Series A
  convertible subordinated debentures due 1996 and a default
  under its agreement with the Merchants Bank of Kansas City.
      It explained a declaration of non-compliance under the
  debentures would create a a default under the loan agreements
  requiring immediate payment of 1.8 mln dlrs of debentures and
  about 450,000 dlrs outstanding under the bank credit line.
      The company said the debenture holders intend to waive the
  non-compliance, but reserve the right to withdraw the waiver at
  the end of any 30 day period.
      Physio Technology said it is changing its field sales force
  to independent representatives and dealers from employees to
  ""significantly reduce its fixed overhead.""
      Its statement did not indicate how many employees would be
  affected by the move.
      The company said Lane will become an independent dealter
  for the company in certain midwestern states. He will continue
  to serve as a director, it added.
  

"
test/15515	12	earn	"WASHINGTON FEDERAL SAVINGS <WFSL> 2ND QTR NET
  Qtr ends March 31
      Shr one dlr vs 76 cts
      Net 11.9 mln vs 8,929,000
      Six mths
      Shr 1.92 dlrs vs 1.43 dlrs
      Net 22.8 mln vs 16.8 mln
      NOTE: full name of bank is washington federal savings and
  loan association.
  

"
test/15521	12	earn	"PONCE FEDERAL BANK F.S.B. <PFBS> 1ST QTR NET
  Shr 63 cts vs 89 cts
      Net 3,425,216 vs 3,370,682
      Avg shrs 5,421,330 vs 3,803,425
      NOTE: net for both qtrs reflects gains on sales of
  securities of 1,755,137, or 51 pct of net, in 1987; and
  3,001,222, or 89 pct of net in 1986.
  

"
test/15523	32	money-fx	"U.K. MONEY MARKET DEFICIT REMOVED
  The Bank of England said it has satisfied
  its revised estimate of today's shortfall in the money market,
  providing 261 mln stg assistance in afternoon operations.
      The Bank bought in band one, 60 mln stg bank bills at 9-7/8
  pct and in band two 200 mln stg bank bills and one mln stg
  treasury bills at 9-13/16 pct. This brings the total help so
  far today to 364 mln stg, compared with its deficit estimate of
  350 mln stg.
  

"
test/15527	32	money-fx	"LEBANESE POUND FALLS SHARPLY AGAINST DOLLAR
  The Lebanese Pound fell sharply against
  the U.S. Dollar again today with dealers attributing the
  decline to continued political uncertainty.
      The pound closed at 118.25/118.75 against the dollar
  compared to yesterday's close of 115.60/115.80.
      ""Political deadlock is reflected in the pound's position.
  There was more demand and less on offer in the market,"" one
  dealer told Reuters.
      The pound, which was at 18 to the dollar in January, 1986,
  has lost more than 30 pct of its international value over the
  past three months.
  

"
test/15528	12	earn	"BROWN BOVERI UND CIE AG LIFTS 1986 DIVIDEND
  Dividend on 1986 business 12 marks per share vs seven
  marks.
      (Company is a subsidiary of Switzerland's BBC AG Brown
  Boveri und Cie <BBCZ.Z>).
  

"
test/15535	12	earn	"WHIRLPOOL CORP 1ST QTR SHR 66 CTS VS 67 CTS

  WHIRLPOOL CORP 1ST QTR SHR 66 CTS VS 67 CTS
  

"
test/15540	5	coffee	"BRAZILIAN COFFEE RAINFALL
  THE FOLLOWING RAINFALL WAS RECORDED IN
  THE AREAS OVER THE PAST 24 HOURS
      PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL,
  MARINGA NIL.
      SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL,
  FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL.
      MINAS GERAIS STATE: GUAXUPE NIL, TRES PONTAS NIL. REUTER
  

"
test/15542	0	acq	"E.F. HUTTON LBO INC SAID TENDER OFFER BY PC ACQUISITTION
FOR PUROLATOR COURIER EXPIRED

  E.F. HUTTON LBO INC SAID TENDER OFFER BY PC ACQUISITTION
  FOR PUROLATOR COURIER EXPIRED
  

"
test/15543	2	bop	"WORLD BANK TO SUPPORT SRI LANKA IF DEFICITS CUT
  The World Bank will support Sri Lanka's
  development program provided the country reduces its budget and
  current account deficits, the Ministry of Finance said.
      It said Bank President Barber Conable at a meeting with Sri
  Lanka's Finance Minister Ronnie de Mel in Washington also
  emphasised the need for structural adjustment and reform to the
  economy, battered by five years of separatist disturbances.
      Officials said Sri Lanka's budget deficit this year is
  expected to surpass the projected 28.7 billion rupees while
  defence spending, already up by two billion rupees from a
  targetted 10 billion, is also likely grow.
      The Ministry said de Mel asked the World Bank to give Sri
  Lanka 6.5 billion rupees balance of payments support.
  

"
test/15544	0	acq	"E.F. HUTTON LBO INC SAYS UNIT TERMINATES MERGER AGREEMENT
WITH PUROLATOR COURIER

  E.F. HUTTON LBO INC SAYS UNIT TERMINATES MERGER AGREEMENT
  WITH PUROLATOR COURIER
  

"
test/15545	0	acq	"GEMINA HAS NO COMMENT ON AMBROSIANO REPORT
  Holding company <Gemina Spa> said it had
  no comment on an Italian press report today that it has
  acquired a 12 pct stake in <Nuovo Banco Ambrosiano Spa>.
      Italian daily La Repubblica said that Gemina paid 205
  billion lire for the shareholding from several Italian banks. A
  Gemina spokeswoman told Reuters, ""We have nothing to say about
  the report.""
      A spokeswoman for Milan-based Ambrosiano said, ""We have no
  information at this time."" In February, Ambrosiano chairman
  Giovanni Bazoli said foreign and domestic firms have expressed
  interest in buying stakes in the bank.
  

"
test/15547	12	earn	"VOLKSWAGEN DIVIDEND UNCHANGED ON 1986
  Dividend on 1986 business unchanged at 10 marks per
  ordinary share. Company also set dividend of 11 marks for new
  preference shares, which were issued last year.
      (Note: Company has said profit will match 1985 level,
  despite provisions of 480 mln marks connected with alleged
  currency fraud. Group net profit in 1985 was 596 mln marks,
  parent company net was 477 mln marks. Company's full name is
  Volkswagen AG <VOWG.F>).
  

"
test/15548	12	earn	"WHIRLPOOL CORP <WHR> 1ST QTR NET
  Shr 66 cts vs 67 cts
      Net 48,700,000 vs 49,300,000
      Sales 961.0 mln vs 870.6 mln
      Avg shrs 74,123,837 vs 73,374,398
  

"
test/15550	22	interest	"BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED
  The Bank of France said it left its
  intervention rate unchanged at 7-3/4 pct when it injected funds
  in the market against first category paper in today's money
  market intervention tender.
      Money market dealers had earlier expressed mixed views on
  the possibility of quarter point cut.
      The rate was last adjusted on March 9, when it was cut to
  7-3/4 pct from the eight pct rate set in January.
  

"
test/15551	15	gnp	"GLOBAL ECONOMIC SLOWDOWN RAISES NEW DEBT FEARS
  The global economy is expected to
  weaken this year, adding new worries to an already serious
  poverty outlook, economic analysts said.
      For finance ministers and central bankers attending this
  week's semi-annual meetings of the International Monetary Fund
  and World Bank, the new figures released by the IMF add an
  additional concern.
      The Fund estimated world output would only grow by 2.7 pct
  this year, versus 2.9 pct last year, and 3.1 pct in 1985.
      In the industrial countries, Gross National Product, a
  measure of all goods and services, was expected to decline to
  2.3 pct this year, compared with 2.4 pct in 1986, the IMF said.
      For the developing countries, the Gross Domestic Product,
  another measure of economic growth, was expected to fall to 3.0
  pct from 3.5 pct last year.
      The new figures are considered a major disappointment to
  the poorest countries. They had hoped that new vitality in the
  industrial countries brought on by a sharp decline in oil
  prices would assist their economic recovery and help them cope
  with growing mounds of debt.
      IMF officials, discussing their outlook, said they believed
  the industrial country economies would move up to an annual
  growth rate of three pct by the end of the decade.
      Economic analysts and the IMF have been saying for some
  time that the ability to keep the debt crisis from turning into
  an economic rout rests on sustained economic growth.
      Since the debtor countries must look to the wealthier
  states for markets for their products as well as financial
  assistance, economic weakness in the developed nations' 
  economies poses fundamental worries.
      Debtor countries, including the very poorest states, have
  only a few avenues open to them for earning foreign exchange,
  including the key one of exports.
      The U.S. economy, which is in its fifth year of expansion,
  has served as a mainstay for developing country exports, but it
  too is seen as being rather feeble this year, growing by only
  2.3 pct, according to the IMF.
      For this reason and because of a high trade deficit, the
  United States has been pressuring Japan and West Germany to
  ignite their economies but with little apparent success.
      The IMF study also examines the course of the dollar and
  the curious lack of impact it has had on the U.S. trade
  deficit.
      Reagan administration officials have been saying that the
  impact is now beginning to show up, although it has been much
  slower than expected.
      The IMF observed in its World Economic Outlook that ""it has
  to be recognized that exchange rate adjustments take time to
  work through to payments flows -- probably at least three years
  to get a resonably complete effect.""
      The report added, however, ""the adjustments may take even
  more time on this occasion.""
  REUTER^M
  

"
test/15553	12	earn	"SHOWBOAT <SBO> DECLARES STOCK SPLIT
  Showboat Inc said its board declared a
  two-for-one stock split, payable to shareholders of record on
  May 15.
  

"
test/15556	27	lead	"LEAD PRICES RISE ON FINELY BALANCED PHYSICALS
  Lead prices have risen this week against
  a background of a finely balanced physical sector, traders
  said.
      Further gains are possible if the USSR steps up its buying
  or if labour problems develop in North America, they added.
      London Metal Exchange (LME) prices are unusually buoyant at
  a time of year when seasonal demand is normally slackening and
  prices tending to drift lower.
      This buoyancy is generally attributed by traders to the low
  level of LME stocks and steady, if unspectacular, physical
  demand in the Northern Hemisphere finding supplies curtailed.
      The supply problems are not new but are beginning to be
  felt by a market in which, as peak winter demand tails off,
  stocks usually build fast and availability increases, traders
  said.
      The lower supply levels result from a number of different
  factors around the globe.
      Delayed shipments from Peru to Mediterranean countries
  because of production and transport problems, lack of Spanish
  exports since the closure last year of Cia La Cruz's smelter at
  Linares and lower output in Morocco and Greece have all meant
  additional demand being directed to merchants who in turn have
  been drawing on LME stocks.
      In addition Broken Hill Associated Smelters' Port Pirie,
  South Australia, smelter is halting production for five weeks
  for maintenance. Although the company said it would meet
  commitments, this will put further pressure on stocks.
      And the U.S. Company Doe Run has kept its 140,000 tonnes
  per year Boss, Montana smelter closed. This cut producer stocks
  and contributed to a closer supply/demand balance within the
  U.S. Market, for many years depressed by surplus production and
  a regular supplier to the world market.
      Mexican supplies, which have sometimes swelled LME stocks,
  have been normal but are finding ready buyers, traders said.
      On the demand side, winter battery manufacture has held up
  quite well and some U.S. Buying of lead sheet has been reported
  in the U.K. Soviet lead buying, notably absent in Europe in the
  first two months of the year, was resumed when a large buying
  order was filled by merchants in March.
      Merchant demand has fuelled the rise in LME lead prices
  this week and has seen cash metal move above 320 stg and
  establish a premium of around 10 stg over three months
  delivery. Specific demand has been directed towards metal in
  Gothenburg and Trieste warehouses. Gothenburg material is often
  a target for merchants shipping to the USSR, traders said.
      On stocks, the popular LME Continental warehouses, Antwerp
  and Rotterdam, have little more than 3,000 tonnes of lead each,
  and this is believed to be in strong hands.
      Out of a total 22,125 tonnes in LME stocks, the lowest
  level since June 1980, just over half is in U.K. Warehouses
  which are not popular with merchants putting together
  shipments.
      But even U.K. Stocks have dropped around 6,000 tonnes since
  the start of the year. Traders said this is partly due to
  secondary smelters buying ingots to supplement feed supplies
  affected by environmental controls, which put restrictions on
  the transport of used batteries.
      Labour negotiations in North America will play an important
  part in determining the direction of prices, with contracts
  expiring end-April at Cominco's Trail and Kimberley, B.C.,
  Mine/smelter and at Doe Run's Herculaneum, Mo, smelter.
      Noranda's New Brunswick mine/smelter also has a contract
  expiry in July which may cause some nervousness in view of
  strikes by its zinc and copper workers over recent months.
      Traders said LME three months delivery, already attracting
  speculative buying, could rise to 320/330 stg on current
  firmness, while nearby tightness could widen the cash premium
  to 20 from four. Three months was quoted at 313 stg at
  midsession.
  

"
test/15558	12	earn	"REXHAM CORP <RXH> 1ST QTR NET
  Shr 70 cts vs 42 cts
      Net 2,918,000 vs 1,746,000
      Sales 68.3 mln vs 53.5 mln
      NOTE: 1987 net includes pretax gain 400,000 dlrs from
  change in pension accounting.
      1987 results include Production Graphics Corp and Systems
  Technology and Weapons System Test Divisions of NEw Technology
  Inc, acquired December 30, 1986.
  

"
test/15559	12	earn	"FIRST EASTERN CORP <FEBC> 1ST QTR NET
  Shr 50 cts vs 47 cts
      Net 3,445,000 vs 3,193,000
      NOTE: Share adjusted for two-for-one stock split in January
  1987.
  

"
test/15560	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
    30-174 days  5.00 pct  5.00 pct    30-87 days
   175-190 days  5.85 pct  5.82 pct   88-103 days
   191-270 days  5.00 pct  5.00 pct  104-179 days
   271-288 days  5.92 pct  5.85 pct  180-205 days
   289-360 days  5.00 pct  5.00 pct  206-360 days
  

"
test/15561	0	acq	"ANCHOR FINANCIAL <AFCX> TO MAKE ACQUISITION
  Anchor Financial Corp said it
  has agreed to acquire Waccamaw State Bank of Surfside Beach,
  S.C., in an exchange of 1.435 Anchor shares for each Waccamaw
  share, subject to regulatory and shareholder approvals.
      Waccamaw had assets of 22.8 mln dlrs as of March 31.
  

"
test/15562	11	dlr	"STOLTENBERG NOT SURPRISED BY DOLLAR REACTION
  West German Finance Minister Gerhard
  Stoltenberg said he was not surprised by the overnight decline
  of the dollar in foreign exchange markets.
      Speaking briefly with reporters before entering a meeting
  of the International Monetary Fund he said, ""These minor
  movements don't really affect us.""
      The dollar declined in the initial reaction to a statement
  by the Group of Seven industrial countries reaffirming their
  Paris agreement in February to maintain their currencies around
  current levels.
  

"
test/15563	27	lead	"ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 26.50 CTS
  Asarco Inc said it is increasing its
  base spot sales price for refined lead by one-half cent to
  26.50 cents a lb, FOB, delivered in carload lots, effective
  immediately.
  

"
test/15565	0	acq	"E.F. HUTTON <EFH> UNIT'S PUROLATOR OFFER EXPIRES
  E.F. Hutton LBO Inc said the tender
  offer by its wholly owned unit, PC Acquisition Inc, for
  Purolator Courier Corp <PCC> expired at 2400 EDT yesterday
  without the purchase of any Purolator common stock.
      Hutton added that PC Acquisition also terminated its merger
  agreement with Purolator.
      Hutton said the offer, which had been conditioned upon the
  tender of at least 5,116,892 Purolator shares, or about
  two-thirds of the outstanding shares, was terminated because
  the minimum number of shares was not tendered.
      Purolator had entered into a definitive agreement with PC
  Acquisition, part-owned by E.F. Hutton LBO Inc, a unit of E.F.
  Hutton, and some officers of Purolator's U.S. courier division,
  in which PC offered to purchase 6,332,471 Purolator common
  stock shares for 35 dlrs a share.
      Following that move, PC Acquisition planned to merge a
  subsidiary into Purolator, converting all outstanding Purolator
  common it did not own into an aggregate 46 mln dlrs principal
  amount of 12 pct guaranteed debentures due 2002 and warrants to
  purchase 15 pct of a Purolator unit comprised of Purolator's
  U.S courier operations.
      Hutton said as of 2400 EDT yesterday about 181,000 shares
  of Purolator common stock, or about 2.4 pct of the outstanding
  shares, had been validly tendered and not withdrawn.
      PC Acquisition has instructed its depository for the offer
  to return promptly the Purolator stock deposited by, or on
  behalf of, tendering shareholders, Hutton said.
  

"
test/15566	12	earn	"ABBOTT LABORATORIES 1ST QTR NET SHR 62 CTS VS 52 CTS

  ABBOTT LABORATORIES 1ST QTR NET SHR 62 CTS VS 52 CTS
  

"
test/15568	7	cotton	"CERTIFICATED COTTON STOCKS
  Certificated cotton stocks deliverable
  on the New York Cotton Exchange No 2 cotton futures contract as
  of April 8 were reported at 34,661 bales, down 421 bales from
  the previous day's figure. There were no bales awaiting review
  and 1,218 bales awaiting decertification.
  

"
test/15569	12	earn	"REICHHOLD CHEMICAL <RCI> SETS ANTI-TAKEOVER PLAN
  Reichhold Chemical Inc said its
  board adopted a warrant dividend plan in which one preferred
  stock purchase right will be distributed as a dividend on each
  common share outstanding.
      The company said its warrant dividend plan is designed to
  protect its shareholders against unsolicted, coercive attempts
  to aquire control without making an adequate offer for all
  shares.
      Reichhold said the adoption is not a response to any
  specific takeover attempt.
      Reichhold said each right will entitle shareholders to buy
  one one-hundreth of a share of a newly created series of
  preferred stock at an initial exercise price of 120 dlrs, with
  dividend and voting rights approximately equal to those of one
  share of the company's common stock.
      The rights will be exercisable only if, without Reichhold's
  prior consent, a person or group a acquires 20 pct or more of
  the voting power or announces a tender offer which would result
  in 20 pct ownership, the company said.
      Reichhold said it is entitled to redeem the rights at five
  cts apiece before a 20 pct position has been acquired, or
  before an existing 20 pct shareholder buys an additional two
  pct or more of the voting power of the company, or in
  connection with certain transactions afterward.
      The tax-free distribution will become effective May 1,
  1987, and will expire 10 years later, the company said.
      Details of the plan are outlined in a letter to be mailed
  to stockholders.
  

"
test/15570	12	earn	"ABBOTT LABORATORIES INC <ABT> 1ST QTR NET
  Shr 62 cts vs 52 cts 
      Net 142.0 mln vs 123.0 mln
      Sales 1.00 billion vs 865.0 mln
  

"
test/15571	0	acq	"HANSON <HAN> TO BUY INT'L PROTEIN <PRO> STOCK
  International Proteins Corp said
  it has agreed to sell in a private placement 330,000 common
  shares at 11.75 dlrs a share to a U.S. subsidiary of Hanson
  Trust Plc.
      In addition, David Clarke the president of another Hanson
  Trust subsidiary, Hanson Industries, will be named chairman of
  International Proteins's executive committee upon his election
  to the board at the annual meeting.
      International Proteins recently acquired Clarke's family
  business, Great South Beach Sales Co, for 900,000 restricted
  common shares of which 350,000 have been issued to date.
      International Proteins said its agreement with Hanson Trust
  is subject to stockholder approval at the annual meeting which
  is expected to be held in June.
      The company said Hanson Trust is purchasing the stock for
  investment purposes, adding the agreement includes restrictions
  on purchase or sale of the company by Hanson for the next five
  years.
      International Proteins said it will use the proceeds to
  expand domestic operations.
      The company has about 2.1 mln shares outstanding.          
  

"
test/15573	2	bop	"SPAIN HAS 35 MLN DLR CURRENT SURPLUS FEBRUARY
  Spain had a 35 mln dlr current account
  surplus in February compared with a 68 mln dlr surplus in
  January and a 355 mln dlr surplus in February last year, Bank
  of Spain figures show.
      Spain's trade deficit narrowed to 581 mln dlrs compared
  with 664 mln dlrs in January but the large increase in non-oil
  imports contributed to the substantial increase over the 159
  mln dlr deficit registered in February 1986.
      Exports at 2.58 billion dlrs were up 19 pct compared with
  February last year, but imports were 46 pct higher than last
  February, totalling 3.16 billion dlrs.
      Non-oil imports totalled 2.79 billion dlrs compared with
  1.91 billion in February last year, reflecting the large
  ammount of investment goods entering the country with the
  recovery of the Spanish economy, the Bank of Spain said.
      Spain's tourism earnings continued to grow and totalled 655
  mln dlrs in February, compared with 103 mln dlrs in January and
  502 mln dlrs in February last year.
  

"
test/15575	0	acq	"EXXON <XON> SOUTH AFRICAN UNIT ACQUIRED BY ZENEX
  <Zenex Oil Pty Ltd> said it
  acquired the interests of Esso South Africa, the local
  subsidiary of Exxon Corp <XON), and will use up to 20 mln rand
  in profits to finance educational and social programs.
      The profit scheme will begin after Zenex has paid Exxon an
  undisclosed purchase price for Esso, Zenex chairman John
  Truscott said in a statement.
      The acquisition follows the Exxon withdrawal from South
  Africa announced last December.
  

"
test/15578	22	interest	"SALLIE MAE ADJUSTS SHORT-TERM DISCOUNT NOTE RATES
  The Student Loan Marketing
  Association said its rates on short-term discount notes were as
  follows:
      MATURITY   NEW RATE    OLD RATE  MATURITY
      5-14 days  5.80 pct    5.75 pct     5-14 days
    15-360 days  5.00 pct    5.00 pct    15-85 days
                             5.80 pct    86-91 days
                             5.00 pct   92-176 days
                             5.83 pct  177-183 days
                             5.00 pct  184-360 days
  

"
test/15579	22	interest	"FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES
  The Federal Home Loan Mortgage Corp
  adjusted the rates on its short-term discount notes as follows:
     MATURITY   RATE       OLD RATE  MATURITY
      33 days   6.00 pct   6.00 pct  33 days
  

"
test/15580	17	grain	"ARGENTINE GRAIN BELT WEATHER REPORT
  ARGENTINE GRAIN BELT TEMPERATURES
  (CENTIGRADE) AND RAIN (MM) IN THE 24 HOURS TO 12.00 GMT WERE:
      ...............MAX TEMP..MIN TEMP..RAINFALL
      BUENOS AIRES.......24.......12............0
      BAHIA BLANCA.......22........7............0
      TRES ARROYOS.......22........8............0
      TANDIL.............22........7............0
      JUNIN..............24.......11............0
      SANTA ROSA.........--........6............0
      CORDOBA............23.......12............1
      SANTA FE...........21.......18...........17 REUTER
  

"
test/15581	12	earn	"VW SAYS 480 MLN MARKS MAXIMUM FOR CURRENCY LOSSES
  Losses for Volkswagen AG
  <VOWG.F>, VW, linked to an alleged foreign currency fraud will
  not exceed the 480 mln marks provision already made, a VW
  spokesman said.
      The spokesman was commenting after VW had confirmed it
  would pay an unchanged 10 mark dividend for ordinary shares on
  1986 business, despite the provision.
      One West German newspaper today quoted foreign currency
  dealers in Frankfurt as speculating that the total losses from
  the currency affair could be as high as 1.5 billion marks, but
  the VW spokesman described 480 mln marks as an ""upper limit.""
      VW said in a statement following today's supervisory board
  meeting that it had discussed the foreign currency scandal in
  detail, and was setting up a new probe into its foreign
  currency activities to be carried out by an unnamed auditing
  company.
      VW has said computer programs were erased and documents
  were faked in the alleged fraud in which it believes
  transactions intended to protect it against possible foreign
  currency losses were not completed.
      VW's former foreign currency chief Burkhard Junger was
  arrested on Monday on suspicion of embezzlement and of having
  evaded justice.
      Earlier VW had said that its 1986 results would match 1985
  profits. VW's group net profit in 1985 was 596 mln marks and
  parent company net was 477 mln marks. It also said it recommend
  an unchanged dividend to the supervisory board. The company has
  also set a dividend of 11 marks for new preference shares,
  which were issued last year. Analysts have described the held
  dividend as a move to reassure worried shareholders.
      VW increased nominal capital by 300 marks last year to 1.5
  billion marks, with the result that its total dividend payment
  on 1986 will be 306 mln marks compared with 240 mln on 1985,
  since the new capital was in preference shares.
      The share analysts say VW will have to dig into reserves in
  order to maintain the disclosed 1986 profit at 1985 levels. At
  the end of 1985, VW had parent company reserves of slightly
  less than three billion marks.
  

"
test/15583	12	earn	"FEDERATED DEPARTMENT STORES MARCH SALES UP 4.9 PCT

  FEDERATED DEPARTMENT STORES MARCH SALES UP 4.9 PCT
  

"
test/15584	5	coffee	"PRICES GENERALLY LOWER AT NAIROBI COFFEE AUCTION
  Prices were lower at this week's coffee
  auction for all grades and qualities except better quality AB
  grades, which held steady, the Coffee Board of Kenya said.
      The board said it offered 35,000 bags and sold 32,876.
      So far this coffee year, Kenya has sold 918,707 bags to all
  markets, of which 326,182 are for the 1986/7 pool, with an
  overall average price of 41,500 shillings a tonne, it added.
      The board will offer 35,000 bags at its next auction on
  April 14.
            BAGS                PRICE PER 50 KG
        OFFERED SOLD        AVERAGE
   PB      430   430   2304.78 (2267.21)
   AA     7289  6834   2292.92 (2358.96)
   AB    12664 11895   2289.99 (2291.13)
   C      3198  2867   2073.15 (2107.64)
   T       876   876   1508.79 (1510.67)
   TT     1375  1375   2053.25 (2095.64)
   E       159   159   2250.19 (2252.18)
   MISC   9009  8440   1409.50 (1398.60)
   TOTAL 35000 32876     AVERAGE FOR SALE      2014.93 (1994.94)
  

"
test/15585	12	earn	"ALEX. BROWN <ABSB> SETS SPLIT, TO OFFER SHARES
  Alex. Brown Inc said it has declared a
  three-for-two stock split, payable May 29, record May 22.
      The company also said it has filed to offer 912,000 common
  shares, including 162,000 to be sold by a shareholder, with
  company proceeds to be used for working capital and general
  corporate purposes.  Its Alex. Brown and Sons Inc subsidiary is
  lead underwriter.
      The offering is expected to be made before the record date
  of the split, the company said.
  

"
test/15590	12	earn	"HIGHLAND SUPERSTORES INC <HIGH> 4TH QTR NET
  Period ended Jan 31
      Shr 38 cts vs 61 cts
      Net 7,012,000 vs 11,193,000
      Revs 223.0 mln vs 200.3 mln
      Year
      Shr 1.11 dlrs vs 1.36 dlrs
      Net 20,214,000 vs 23,602,000
      Revs 656.5 mln vs 520.5 mln
      Avg shrs 18,257,631 vs 17,376,480
  

"
test/15591	0	acq	"LVI GROUP <LVI> TO MAKE ACQUISITION
  LVI Group Inc said it has agreed in
  principle to purchase all outstanding shares of <Spectrum
  Holding Corp> for a proposed 13 mln dlrs in cash.
      LVI said an additional 10 mln dlrs in common stock and
  seven mln dlrs in notes will become payable if Spectrum has
  certain minimum future earnings.
      LVI, an interior construction firm, said the acquisition is
  subject to execution of a definitive agreement and completion
  of due diligence.
      LVI and Spectrum, an asbestos abatement concern, expect to
  close the deal in June, LVI said.
  

"
test/15593	12	earn	"TEXAS AMERICAN <TAE> OMITS PREFERRED PAYOUT
  Texas American Energy Corp said
  its board has decided to again omit the quarterly dividend on
  its 2.575 dlr cumulative convertible exchangeable preferred
  stock.
      The dividend would have been payable May One.  The company
  last paid 64.3 cts a share on the issue in August 1986.
  

"
test/15594	12	earn	"VORNADO INC <VNO> 4TH QTR JAN 31 NET
  Shr 1.64 dlrs vs 1.56 dlrs
      Net 4,583,000 vs 5,313,000
      Revs 20.1 mln vs 19 mln
      Avg shrs 2.8 mln vs 3.4 mln
      Year
      Shr 5.06 dlrs vs 5.92 dlrs
      Net 16 mln vs 20.3 mln
      Revs 74.6 mln vs 68 mln
      Avg shrs 3.2 mln vs 3.4 mln
  

"
test/15595	0	acq	"BRENDA MINES SELLING KERR ADDISON SHARES
  <Brenda Mines Ltd> said it sold
  2,830,390 <Kerr Addison Mines Ltd> shares to a group of
  underwriters led by Wood Gundy Inc and Brown, Baldwin Nisker
  Ltd for redistribution.
      Financial terms were undisclosed.
  

"
test/15596	0	acq	"PHOENIX FINANCIAL <PHFC> BUYS DATA ACCESS STAKE
  Data Access Systems Inc said
  chairman David Cohen has sold 1,800,000 common shares to
  Phoenix Financial corp for undisclosed terms and resigned as
  chairman and chief executive officer.
      The company said Phoenix Financial now has a 27 pct
  interest in Data Access and effective control.
      Data Access said Phoenix chairman Martin S. Ackerman has
  been named chairman of Data Access as well and two other
  Phoenix representatives have been named to the Data Access
  board.  It said four directors other than Cohen have resigned
  from the board.
  

"
test/15597	12	earn	"HEALTH AND REHABILITATION <HRP> INITIAL PAYOUT
  Health and Rehabilitation
  Properties Trust said it declared an intitial dividend of 55
  cts per share for the period ending March 31, 1987
      The dividend will be payed May 20 to shareholders of record
  on April 20, the company said.
      The company said it organized in late 1986 and closed its
  intitial public offering of shares Dec 23, 1986.
      The initital dividend includes five cts attributable to the
  period between Dec 23 and 31, 1986, and 50 cts attributable to
  the first qtr of 1987, ending March 31, 1987.
  

"
test/15598	12	earn	"T. ROWE PRICE <TROW> SEES HIGHER FIRST QUARTER
  T. Rowe Price Associates said its
  first quarter earnings rose about 50 pct from the year-ago
  2,634,000 dlrs and revenues about 30 pct from the year-ago 24.2
  mln dlrs.
      It said it expects ""very good"" earnings and revenue growth
  this year.  In 1986 it earned 14.8 mln dlrs on revenues of
  111.1 mln dlrs.
  

"
test/15600	0	acq	"GENERAL PARTNERS CUTS STAKE IN GENCORP <GY>
  General Partners told the Securities
  and Exchange Commission it has reduced its stake in GenCorp Inc
  to 8.6 pct, from 9.8 pct, by selling 250,000 shares at a price
  equal to 118.5 dlrs per share.
      General Partners, which includes GC Holdings Inc and
  General Acquisitions Inc, said yesterday it was dropping its
  100-dlr-a-share hostile takeover bid for GenCorp because of
  GenCorp's move to buy back its shares for up to 130 dlrs each.
  

"
test/15601	12	earn	"HERITAGE FINANCIAL SERVICES <HERS> 1ST QTR NET
  Shr 45 cts vs 43 cts
      Net 1,503,000 vs 938,000
      Avg shrs 3,358,664 vs 2,158,664
      NOTE: Company had its initial public offering of 1,200,000
  shares in October, 1986
  

"
test/15602	12	earn	"NATIONAL COMPUTER <NLCS> SEES EARNINGS GROWTH
  National Computer Systems Inc
  expects fiscal year earnings to improve by about 20 pct, the
  company told analysts, although it said the April 30 first
  quarter should show ""down earnings and virtually flat
  revenues.""
      Chairman Charles Oswald said National Computer has taken
  steps to improve margins. He said revenues are expected to
  increase modestly because of the company's decision to downsize
  its leasing business, nonrecurring revenueslast year from a
  one-time Texas teacher assessment project and the impact of the
  discontinuance of products last year.
      Oswald said National Computer's first quarter results will
  be down as a result of a major financial systems sales last
  year, a higher effective tax rate and the increased number of
  shares outstanding.
      The company said the next three consecutive quarters should
  demonstrate ""excellent earnings growth.""
  

"
test/15603	22	interest	"U.K. CHANCELLOR LAWSON SAYS THERE MAY BE NEED TO CUT
INTEREST RATES IN SOME COUNTRIES

  U.K. CHANCELLOR LAWSON SAYS THERE MAY BE NEED TO CUT
  INTEREST RATES IN SOME COUNTRIES
  

"
test/15605	0	acq	"REXHAM <RXH> REPURCHASES STAKE FROM NORTEK <NTK>
  Rexham Corp said it has
  repurchased 381,050 of its shares or 9.1 pct from Nortek Inc
  for 42 dlrs each, and Nortek has withdrawn its proposal to
  acquire Rexham for 43 dlrs per share.
      Rexham said Nortek has also agreed not to buy Rexham shares
  or take other actions under a 10-year standstill agreement. 
  The Rexham board had rejected the Nortek bid as inadequate.
      The company also said its board has authorized the
  repurchase in the open market or privately from time to time of
  up to an additional five pct of its own shares and the
  establishment of an Employee Stock Ownership Plan.  The plan is
  expected to purchase from Rexham a new convertible preferred
  stock with 11.5 pct of Rexham's voting power with proceeds of a
  pension plan overfunding and borrowings.
  

"
test/15607	18	heat	"EXXON <XON> CUTS HEATING OIL PRICE, TRADERS SAID
  Oil traders in the New York area said
  Exxon Corp's Exxon U.S.A. unit reduced the price it charges
  contract barge customers for heating oil in New York harbor
  0.50 cent a gallon, effective today.
      They said the reduction brings Exxon's contract barge price
  to 49.75. The price decrease follows sharp declines in heating
  oil prices in the spot and futures markets, traders said.
  

"
test/15610	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
    30-174 days  5.00 pct  5.00 pct   30-174 days
   175-190 days  5.88 pct  5.85 pct  175-190 days
   191-270 days  5.00 pct  5.00 pct  191-270 days
   271-288 days  5.92 pct  5.92 pct  271-288 days
   289-360 days  5.00 pct  5.00 pct  289-360 days
  

"
test/15613	12	earn	"<STRATHFIELD OIL AND GAS LTD> YEAR NET
  Shr 46 cts vs 48 cts
      Net 1,196,331 vs 1,341,314
      Revs 5,153,109 vs 7,680,350
  

"
test/15616	0	acq	"DIAMOND CRYSTAL <DSLT> MIGHT SELL SALT UNIT
  Diamond Crystal Salt Co said it
  might sell its salt division.
      The company said it retained First Boston Corp to assist it
  with the possible sale of the division, ""assuming a fair price
  and reasonable terms can be obtained.""
      Diamond Crystal said sale of the unit was in the best
  long-term interests of its shareholders.
      The company also said it incorporated its Packet Products
  Division as of April one. The unit will be an indirect wholly
  owned subsidiary called Diamond Crystal Specialty Foods Inc.
  Current management of the division will remain.
  

"
test/15617	22	interest	"LAWSON SAYS SOME COUNTRIES COULD CUT RATES
  Nigel Lawson, Britain's Chancellor of
  the Exchequer, said some countries may need to cut interest
  rates with the aim of maintaining exchange rate stability.
      Speaking to journalists one day after the Group of Seven
  countries reaffirmed goals set in Paris six weeks ago, he said
  central banks would continue to intervene ""as and when
  necessary.""
      He said the G-7 countries were concerned that Japan do more
  to stimulate domestic demand and welcomed measures outlined by
  Japanese Finance Minister Kiichi Miyazawa yesterday.
      Lawson said he was still worried about  the risk of a
  simultaneous recession in the United States, Japan and West
  Germany, though less so than when he gave his March 17 budget
  speech to the British Parliament.
      ""If anything I'm a little bit less concerned, but there is
  still a risk,"" he said.
      Asked if the United States should consider increasing
  interest rates to support the dollar, he said, ""If there is a
  need for changes in relative interest rates, it doesn't need to
  be a rise in interest rates in the United States.""
      Lawson said there was some concern expressed in yesterday's
  meetings at the slow progress the United States had made in
  reducing its budget deficit.
      ""We believe there will be some worthwhile progress in
  reducing the deficit this year. The important thing is that it
  continue year after year,"" Lawson said.
      The February 22 Louvre accord called for efforts to
  stabilize currencies at then-current exchange rates. In the six
  weeks that followed the Japanese yen continued to rise against
  the dollar despite massive central bank intervention.
      Asked whether this intervention was a sign of weakness in
  the Louvre accord, he said, ""I don't think so. If there had been
  no intervention you would have called that a sign of weakness.""
      Although intervention could be a cause of inflation, Lawson
  said, ""the world does not appear to be in an inflationary mode
  ... but one has to be vigilant.""
      He said yesterday's G-7 statement, which affirmed that
  ""current levels"" of exchange rates were appropriate, had been
  ""carefully worded."" ""We know what we mean, and we all mean the
  same thing,"" he said.
      Lawson said financial markets seem to believe that Japanese
  measures outlined in the Louvre accord were the source of
  weakness for that agreement.
      Therefore, the G-7 countries welcomed Miyazawa's
  presentation of plans for a supplemental budget to stimulate
  domestic demand.
      They particularly welcomed the goal of an immediate
  increase in public works spending, but Lawson said the package
  also involved a second stage to increase expenditures during
  the second half of this year.
  

"
test/15620	39	potato	"U.K. POTATO FUTURES TRADING NOT TO BE SUSPENDED
  Trading on the London potato futures
  market will not be suspended, Richard Harris, Chairman of the
  London Potato Futures Association (LPFA), said in a statement
  to floor members.
      It was in response to strong representations by the Potato
  Marketing Board (PMB) complaining of a gross distortion of
  price which they say will result in large deliveries into the
  physical market when the April futures position expires.
      The PMB had sought an immediate suspension in futures
  trading and asked the LPFA to take action to restore the
  relationship between futures and physicals.
      Farmers and merchants have alleged a squeeze and cornering
  of the market but Harris pointed out that recent investigations
  by the Association of Futures Brokers and Dealers (AFBD), the
  International Commodities Clearing House (ICCH) and other
  parties, found no evidence to substantiate this.
      The main complaint from some sections of the physical
  market is what they say is an unrealistic futures premium over
  the PMB's average ex-farm price. April futures traded this
  morning between 168 and 170 stg per tonne compared with PMB's
  average price of 104 stg.
      Bill Englebright, joint secretary of the LPFA said there is
  a two-tier market for physical potatoes. He said quality
  potatoes are in short supply and prepackers have been paying
  between 145 and 165 stg per tonne for best samples. But lesser
  quality grades have traded below 100 stg.
      Some merchants fear that a large tonnage will be delivered
  against the April futures contract between now and the end of
  the month, and possibly disrupt the physical market.
      Harris said the LPFA rule book allows the management
  committee to take steps as necessary to correct any malpractice
  and he assured the committee is monitoring the situation.
  

"
test/15621	32	money-fx	"GROUP OF 10 WELCOMES LATEST G-7 AGREEMENT
  The Group of 10 developed nations
  issued a communique welcoming the reaffirmation of the Paris
  accord on currency stability by the Group of Seven leading
  industrial democracies yesterday.
      In the communique issued this morning, the G-10 said
  ""prospects of member countries' economies would be improved by
  stability in the exchange rates of their currencies.""
      The G-10 includes the group of seven - the United States,
  Canada, Britain, Japan, Italy, West Germany and France - plus
  Belgium, the Netherlands, Sweden and also Switzerland.
      Sources who attended the G-10 conference this morning said
  the reference to the latest G-7 agreement was especially added
  to the brief communique because currency stability will benefit
  all the G-10 members.
      The G-10 met briefly before the International Monetary Fund
  Interim Committee meeting scheduled for today.
  .
  

"
test/15623	24	iron-steel	"CANAM MANAC WINS 8.5 MLN DLR CONTRACT
  (The Canam Manac Group Inc) said its
  Canam Steel Works unit received a contract valued at 8.5 mln
  dlrs to supply steel trusses to (Canron Inc) for a new car
  plant in Ingersoll, Ontario.
      Canam Manac said it will produce the trusses at its Quebec
  and Ontario plants and delivery will be completed by August.
  

"
test/15624	47	tin	"SPOT TIN EASIER ON EUROPEAN FREE MARKET
  Spot tin on the European free market was
  indicated in the easier range 4,200 to 4,230 stg per tonne, for
  high grade metal in warehouse Rotterdam, down 20 stg from
  yesterday's afternoon kerb close.
      Stability in sterling versus the dollar continued to apply
  pressure to a market which is coming close to testing a
  psychological chart support base at 4,200 stg, traders said.
      Dealers said major consumers still need to cover their May
  and June requirements but are holding out for even lower
  offers. Reported high grade tin business in London was confined
  to end April metal at 4,225 stg.
      Small-scale spot business was reported by West German
  operators at 12.60 and 12.63 marks per kilo although the market
  was still being undercut by Chinese material, which traded at
  one stage down to 12.54 marks per kilo, traders said.
  

"
test/15626	12	earn	"CONSOLIDATED PAPERS INC <CPER> 1ST QTR NET
  Shr 1.01 dlrs vs 1.08 dlrs
      Net 21,983,000 vs 23,434,000
      Sales 174.9 mln vs 161.7 mln
  

"
test/15629	0	acq	"HUMANA <HUM> TO SELL MEDICAL OFFICES
  Humana Inc said it has agreed in
  principle to sell 68 MedFirst primary medical care facilities
  to <Primedical Corp> for undisclosed terms, with transfers
  taking place over the next four months.
      It said it retains 37 MedFirst offices, mostly in the
  Chicago area.
      The transaction is not expected to have any impact on
  earnings, Humana said.
  

"
test/15632	12	earn	"MET-COIL SYSTEMS CORP<METS> 3RD QTR FEB 28 NET
  Shr seven cts vs nine cts
      Net 168,000 vs 206,000
      Sales 15.3 mln vs 10.9 mln
      Nine mths
      Shr 10 cts vs 38 cts
      Net 228,000 vs 649,000
      Sales 35.8 mln vs 32.5 mln
      Qtly div three cts vs three cts prior
      Pay April 30
      Record April 20
  

"
test/15634	12	earn	"FORD RAISES QTLY PAYOUT 10 CTS/SHR TO 75 CTS

  FORD RAISES QTLY PAYOUT 10 CTS/SHR TO 75 CTS
  

"
test/15636	32	money-fx	"LAWSON SEES NO CHANGE IN U.K. MONETARY POLICY
  British Chancellor of the Exchequer
  Nigel Lawson said he saw no immediate implications for British
  monetary policy arising from the Group of Seven meeting
  yesterday.
      ""Exchange rate stability is in the U.K.'s interest,"" he told
  journalists.
      Asked what it meant for U.K. monetary policy, he said, ""No,
  I do not think there are any immediate implications.""
  

"
test/15637	12	earn	"FORD MOTOR CO <F> RAISES QTLY PAYOUT
  Qtly div 75 cts vs 65 cts prior
      Pay June one
      Record May one
  

"
test/15639	24	iron-steel	"TALKING POINT/STEEL COMPANIES
  Steel stocks, which have had a healthy
  runup recently, still present some short term investment
  opportunities, according to some steel analysts.
      But others say the upturn, based on strong orders and firm
  prices this spring, has been strictly seasonal and will end
  soon. They recommend taking profits.
      ""It's that time of year. This is strictly seasonal,"" said
  Charles Bradford of Merrill Lynch and Co. ""Orders will be
  strong for about two months, and there are signs that some
  (order rates) are starting to dive already.""
      But Dean Witter Reynolds Inc analyst Clarence Morrison sees
  some short-term potential in the group, which includes USX Corp
  <X>, Bethlehem Steel Corp <BS>, Armco Inc <AS> and Inland Steel
  Industries Inc <IAD>.
      ""There is still some attractiveness to steels over the
  short- to intermediate-term based on improved order rates and
  rising prices,"" Morrison said. He only recommends one stock,
  however, Inland, which is modernizing steelmaking operations to
  make them more efficient.
      Despite his bearishness, Merrill's Bradford continues to
  recommend Armco, which he sees as a major turnaround.
      Armco's steelmaking operations are profitable, the balance
  sheet has been improved, and its oilfield equipment business
  has been slimmed and put in a joint venture with USX, Bradford
  noted. ""It's not a high-quality investment situation yet but
  they've come a long way,"" he said.
      ""We think the stock will do moderately better than the
  market,"" he said. Armco shares, trading off 1/4 at 10 today,
  could go to 12, and possibly as high as 15, he said.
      Bradford sees Armco earning 50 to 75 cts a share in 1987,
  before special gains from recouped investment tax credits,
  against losses last year.
      Armco's 1988 earnings could be significantly higher, he
  said.
      Bradford is recommending sale of USX shares. ""We had a buy
  on it below 20 but when it gets to 28, let somebody else have
  it,"" he said.
      The steel and energy concern will earn about one dlr a
  share in 1987, about half of that coming from asset sales, and
  from two dlrs to 2.50 dlrs in 1988, Bradford said. ""But a lot
  depends on oil prices,"" he added. About 60 pct of USX's sales
  come from oil and natural gas.
      Other analysts, including Michelle Galanter Applebaum of
  Salomon Brothers Inc, recommend USX. ""The company's done a lot
  (of restructuring), more than the market's given them credit
  for,"" she said.
      She sees the stock going to the mid 30s or higher. USX was
  trading up 1/8 at 28-1/2. She predicts USX will earn 18 cts a
  share this year and 2.73 dlrs next year against large losses in
  1986.
      Applebaum, who is also positive on Armco and Inland, has
  been recommending the stocks since last November.
      Peter Marcus of Painewebber Inc is neutral on the group
  although he said the earnings outlook is improved through the
  third quarter.
      But he sees potential trouble beyond then. ""I think (steel)
  prices on a bookings basis will start to drop by the summer,""
  he said.
      Applebaum of Salomon Brothers also sees some seasonal
  dropoff later in the year. ""But there are more positives than
  negatives,"" she said, citing reduced capacity in the domestic
  industry, better prices, and a weaker dollar, which should
  cause steel imports to drop off slightly from last year.
  

"
test/15640	12	earn	"DEKALB CORP <DKLBB> 2ND QTR FEB 28 NET
  Shr 20 cts vs 14 cts
      Net 2.4 mln vs 1.7 mln
      Revs 136.7 mln vs 174.4 mln
      Six Mths
      SDhr 72 cts vs 82 cts
      Net 8.6 mln vs 9.9 mln
      Revs 212.5 mln vs 268.8 mln
  

"
test/15641	12	earn	"ABBOTT <ABT> SEES GAINS FROM WEAKER DOLLAR
  Abbott Laboratories Inc said
  its 1987 first quarter record results reflected continued
  productivity improvement, higher volume, better product mix and
  a weaker U.S. dollar.
      Abbott reported 1987 first quarter earnings rose to a
  record 142 mln dlrs or 62 cts a share on record sales of one
  billion dlrs.
      Research and development expenses, most of which was
  applied to diagnostic and pharmaceutical products, increased by
  23 pct to 78 mln dlrs, it said.
      Sales of pharmaceutical and nutritional products were 548
  mln dlrs in the first quarter, up 17.6 pct over a year ago,
  Abbott said. Hospital and laboratory product sales in the first
  quarter rose 14.1 pct to 456 mln dlrs, it said.
      First quarter sales in domestic markets advanced 11.5 pct
  to 688 mln dlrs while international sales jumped 27.1 pct to
  316 mln dlrs, Abbott said.
  

"
test/15643	7	cotton	"BRAZIL COTTON CROP LOWER -- USDA REPORT
  Brazil's 1986/87 cotton crop estimate
  has been reduced to 710,000 from 735,000 tonnes (lint basis),
  the U.S. Agriculture Department's officer in Sao Paulo said in
  a field report.
      The report, dated April 7, said the reduction is based on
  an expected smaller harvest in the center-south region.
      The center-south crop is now estimated at 550,000 tonnes --
  25,000 tonnes below the previous estimate.
      Hot, dry weather during part of January and excessive rains
  in some areas in February reduced yield prospects and may have
  affected quality, the report said.
      Nearly 60 pct of the crop has been harvested in Parana and
  slightly less in Sao Paulo, it said. Cotton entering gins is of
  fairly good quality, according to trade sources, it said.
  

"
test/15651	12	earn	"RJR NABISCO FIRST QUARTER NET TO INCLUDE 208 MLN DLR GAIN, 209 MLN DLR CHARGE

  RJR NABISCO FIRST QUARTER NET TO INCLUDE 208 MLN DLR GAIN, 209 MLN DLR CHARGE
  

"
test/15653	4	cocoa	"BRAZIL COCOA EXPORTERS UNLIKELY TO LIMIT SALES
  Brazilian cocoa exporters are not
  likely to follow the example of Cocoa Producers Alliance, CPA,
  members, who may limit sales of the product in an effort to
  boost world prices, trade sources said.
      They said a similar procedure was taken in the past in
  Brazil and that it did not work out according to plans.
      ""The cocoa market is completely free. Unlike coffee, which
  is controlled through export registrations, cocoa exporters in
  Brazil operate at their own free will,"" a trade source said.
      The traders were responding to questions whether they would
  follow the example of CPA members meeting in Yaounde.
      The sources said the Banco do Brasil's Foreign Trade
  Department, CACEX, never interferes in the cocoa market by
  rejecting sales that do not meet certain price or shipment
  criteria.
      ""The position of local producers is always to negotiate as
  they please. If they buy for ten and sell for eleven and think
  it's a good deal, they are free to go ahead,"" one source added.
  

"
test/15655	12	earn	"HEALTH/REHABILITATION <HRP> SETS FIRST PAYOUT
  Health and Rehabilitation
  Properties Trust said its board declared an initial dividend of
  55 cts, including 50 cts for the first quarter just ended and
  five cts from its initial operating period that began December
  23.
      The dividend is payable May 30, record April 20.
  

"
test/15656	32	money-fx	"U.S. TREASURY'S BAKER SAYS RATE SHIFTS ORDERLY
  Treasury Secretary James Baker said
  that changes in exchange rates have generally been orderly and
  have improved the prospects for a reduction in external
  imbalances to more sustainable levels.
      In remarks before the IMF's policy-making Interim
  Committee, Baker reiterated a Group of Seven statement last
  night that the substantial exchange rate changes since the
  Plaza agreement 18 months ago have ""now brought currencies
  within ranges broadly consistent with economic fundamentals.""
      Baker said, ""These exchange rate shifts have generally been
  orderly, and have improved prospects for the reduction of
  external imbalances to more sustainable levels.""
      As they are today, the trade and current account imbalances
  ""simply are not sustainable,"" Baker told the ministers.
      He said that the Reagan administration was resisting ""strong
  domestic pressure"" for trade protection and was working closely
  with the U.S. Congress in crafting a trade bill.
      ""While we cannot yet be sure of the outcome, we are doing
  what we can to ensure that the bill is not protectionist,"" he
  said.
      Baker also urged the International Monetary Fund's
  executive board to review possible modifications to the Fund's
  compensatory financing facility before the annual meeting this
  fall.
      ""We should pay particular attention to the lack of
  continuing conditionality associated with the use of the CFF
  and to whether shortfalls in export earnings are indeed
  temporary,"" he said.
  

"
test/15664	0	acq	"TIME <TL> TO SELL PART OF UNIT
  Time Inc said its Time-Life Video Inc
  subsidiary has agreed in principle to sell its institutional
  training business to Time-Life Video president William V.
  Ambrose for undisclosed terms.
      It said the business will operate as Ambrose Video
  Publishing.
  

"
test/15666	48	trade	"SPRINKEL SAYS TAX HIKE WOULD NOT REDUCE DEFICIT
  Council of Economic Advisers chairman
  Beryl Sprinkel said the Reagan Administration remains strongly
  opposed to a tax increase, including 18 billion dlrs of new
  revenues in the budget plan by Congressional Democrats.
      ""We believe that significant increases in taxes would not
  reduce deficits and could have adverse effects on growth,""
  Sprinkel told the House Rules Committee.
      He said the Administration wanted to continue its policy of
  gradually reducing deficits through restraining government
  spending and promoting economic growth. Sprinkel said cutting
  the budget deficit was the best way to lower the trade deficit.
  

"
test/15667	12	earn	"ROYAL BUSINESS GROUP INC <ROY> 2ND QTR MARCH ONE
  Shr 49 cts vs five cts
      Shr diluted 45 cts vs five cts
      Net 651,000 vs 95,000
      Revs not given
      1st half
      Shr 57 cts vs one ct
      Shr diluted 53 cts vs one ct
      Net 781,000 vs 56,000
      Revs not given
      NOTE: Current year net both periods includes gain 873,000
  dlrs from repurchase of securities.
      Results exclude Business Forms Division, which is to be
  sold.
  

"
test/15668	12	earn	"<MSE CABLE SYSTEMS INC> 4TH QTR NET
  Shr nil vs nil
      Net 18,534 vcs 27,431
      Revs 270,032 vs 188,326
      Avg shrs 6,598,871 vs 6,090,576
      Year
      Shr nil vs nil
      Net 47,299 vs 21,570
      Revs 1,004,392 vs 677,909
      Avg shrs 6,618,063 vs 5,931,324
      NOTE: Share adjusted for one-for-11 reverse split.
  

"
test/15669	12	earn	"RULE INDUSTRIES INC <RULE> 2ND QTR FEB 28 NET
  Shr 17 cts vs 10 cts
      Net 408,000 vs 237,000
      Revs 8,863,000 vs 6,738,000
      1st half
      Shr 27 cts vs 15 cts
      Net 647,000 vs 356,000
      Revs 17.2 mln vs 12.5 mln
  

"
test/15672	0	acq	"NEW JERSEY INVESTOR BUYS 5.2 PCT OF KINARK <KIN>
  A New Jersey investor, Joseph
  Falkenstein, told the Securities and Exchange Commission he
  holds 5.2 pct of the shares of Kinark Corp.
      He said he has no plans to change the company and that he
  bought the shares because he believed the stock was undervalued
  and would rise in the next six months.
  

"
test/15674	12	earn	"NATIONAL DISTILLERS <DR> SEES SECOND QTR GAIN
  National Distillers and Chemical Corp
  expects to realize a second quarter after-tax gain of four dlrs
  per share from the 545 mln dlr sale of its spirits business to
  American Brands Inc <AMB>.
      National Distillers' stock rose 1-1/8 to 65-1/2, after an
  opening delay on the New York Stock exchange for an imbalance
  of orders.
      ""I think the sales price was higher than most people
  expected,"" said John Henry of E.F. Hutton Group.
      A company spokeswoman said the four dlr per share gain will
  be included in second quarter net, which compares with 31 cts
  per share last year, including the spirits and wine business
      ""They netted over 700 mln dlrs for spirits and wine. That
  will ease their interest cost burden,"" said Henry.
      National Distillers sold its wine business last month to
  Grand Metropolitan PLC's Heublein Inc for 128 mln dlrs.
      Henry said he had anticipated National Distillers would net
  only 600 mln dlrs at the most from the sale of the two liquor
  businesses.
      Henry said the company recovered from the sales the cost of
  buying Enron Chemicals in the fourth quarter last year.
  National Distillers paid 570 mln dlrs cash for Enron and
  assumed 34 mln dlrs in debt. National Distillers said at the
  time it bought Enron it would sell the spirits and wine
  businesses, moving more into the chemical area.
      For 1986, two thirds of income were from chemicals and
  propane. National Distillers earned, excluding the liquor
  businesses, 2.21 dlrs per share for 1986. Income from
  discontinued operations, including the liquor businesses, was
  67 cts per share.
  

"
test/15675	36	orange	"WEATHER HURTS ITALIAN ORANGES - USDA REPORT
  Unfavorable weather conditions during
  the second week of March caused damage to oranges in the
  Calabria region in southern Italy, the U.S. Agriculture
  Department's officer in Rome said in a field report.
      The report, dated April 3, said the region accounts for
  about 22,000 hectares of the Italian orange crop or about 26
  pct of total production.
      However, orange production in the region for marketing year
  1986/87 is forecast at 565,000 tonnes or 25 pct of the total
  Italian orange crop, it said.
      The report said trade contacts agree that about 15 pct of
  the orange output in Calabria was damaged by frost.
  

"
test/15679	12	earn	"WASTE RECOVERY INC <WRII> 4TH QTR NET
  Shr loss eight cts vs loss nine cts
      Net loss 311,255 vs loss 157,941
      Revs 546,069 vs 284,636
      Avg shrs 3,790,235 vs 1,819,680
      Year
      Shr loss 27 cts vs loss 24 cts
      Net loss 858,624 vs loss 399,385
      Revs 1,491,518 vs 1,407,441
      Avg shrs 3,175,157 vs 1,692,700
  

"
test/15680	12	earn	"BRANCH CORP <BNCH> 1ST QTR NET
  Shr primary 99ct vs 82 cxts
      Shr diluted 93 cts vs 78 cts
      Net 7,784,000 vs 6,357,000
      Assets 3.25 billion vs 2.74 billion
      Deposits 2.58 billion vs 2.24 billion
      Loans 2.20 billion vs 1.81 billion
  

"
test/15682	0	acq	"KURZ-KASCH UPS STAKE IN COMPONENT TECH <CTEC>
  Kurz-Kasch Inc, a Dayton thermoset
  molding maker, told the Securities and Exchange Commission it
  had increased its holdings in Component Technology Corp by two
  pct, to 9.3 pct.
      It said it bought the 39,000 shares of stock at 5.30-6.875
  dlrs a share for investment purposes.
  

"
test/15688	12	earn	"ZAYRE CORP <ZY> RAISES QUARTERLY
  Qtly div 10 cts vs eight cts prior
      Pay June Four
      Record May 14
  

"
test/15691	12	earn	"RJR NABISCO <RJR> HAS OFFSETTING GAINS, CHARGES
  RJR Nabisco Inc said its
  1987 first quarter results will include an after-tax gain of
  208 mln dlrs from the sale of Heublein Inc and offsetting
  charges.
      The company said its operations are performing well and in
  line with expectations.
      RJR Nabisco said the charges reflect reserves it
  established to cover certain expenses.
      RJR Nabisco said the expenses covered, on after-tax basis,
  include --
      -- 50 mln dlrs for the write-down of redundant equipment
  and facilities resulting from modernization of its U.S. tobacco
  operations,
      -- 79 mln dlrs for continuing restruction of its food
  subsidiaries, and
      -- 80 mln dlrs in connection with the early retirement of
  high coupon debt.
  

"
test/15692	12	earn	"BAYBANKS INC <BBNK> 1ST QTR NET
  Oper shr 1.08 dlrs vs 96 cts
      Oper shr diluted 1.02 dlrs vs 89 cts
      Oper net 16.1 mln vs 12.8 mln
      Avg shrs 14.9 mln vs 13.4 mln
      Avg shrs 16.1 mln vs 14.8 mln
      NOTE: 1987 net excludes gain 4,820,000 dlrs from cumulative
  effect of change in calculating depreciation expense.
  

"
test/15694	32	money-fx	"FRANCE'S BALLADUR SAYS TARGET ZONE NOTION NEARER
  French Finance Minister Edouard
  Balladur said that the financial community is closer to
  arriving at a system of target zones for currencies despite the
  fact that little is being said about them.
      Speaking with reporters at the semiannual meetings of the
  International Monetary Fund, Balladur said, ""We are not very far
  from the notion of target zones, even if we don't say so.""
      He told reporters that ""our ideas are progressing,"" adding
  that the finance ministers have been talking about more
  cooperation on economic policies and on levels around which
  currencies should stabilize.
  

"
test/15695	12	earn	"STUDENT LOAN MARKETING ASSOCIATION <SLM> 1ST QTR
  Shr 95 cts vs 71 cts
      Net 42.4 mln vs 34.5 mln
      Assets 18.61 billion vs 15.66 billion
  

"
test/15698	0	acq	"JP INDUSTRIES <JPI> CONFIRMS PROPOSAL
  JP Industries Inc confirmed the
  announcement by Clevite Industries Inc <CLEV> that JP
  Industries has submitted a proposal to Clevite for the
  acquisition of the company at 13.50 dlrs per share in cash.
      John Psarouthakis, chairman and president of JP Industries,
  said that the company hopes to promptly negotiate an agreement
  with the special committee of Clevite's board.
      In February, JP Industries said it purchased Clevite's
  engine parts division.
      JP Industries said it is not aware of any other reason for
  activity in its stock.
  

"
test/15702	12	earn	"MEDITRUST <MTRUS> RAISES QUARTERLY
  Qtly div 43 cts vs 38 cts prior
      Pay May 15
      Record April 30  
  

"
test/15703	12	earn	"MONSANTO <MTC> UNIT SEES OPERATING LOSS IN 1987
  Monsanto Corp's G.D. Searle and Co unit
  said it will report an operating loss for 1987, mainly due to
  expenses for research and development.
      Searle chairman Sheldon Gilgore said Searle's operating
  loss in 1987 will be less than the 87 mln dlr operating loss in
  1986.
      He said Searle's first quarter sales will be up 21.8 pct to
  179 mln dlrs from 147 mln dlrs in the year ago quarter. In 1986
  Searle's sales were 665 mln dlrs.
      Gilgore said the company intends to have sales of three
  billion dlrs by the mid-1990s.
      He said the company anticipates approval in Japan, the
  U.S., Italy, Spain and the U.K. for its ulcer treatment drug
  Cytotech.
      He also said that in a paper not yet published the drug was
  shown to prevent a flare-up of ulcers for a longer period of
  time than Tagamet, made by SmithKline Beckman Corp <SKB>.
      Other drugs in Searle's pipeline include tissue plasminogen
  activator (TPA), made by a different process than Genentech's
  <GENE> TPA, expected to be approved for marketing this year.
  

"
test/15704	12	earn	"STATUS GAME CORP <STGM> 3RD QTR FEB 28 NET
  Oper shr six cts vs one ct
      Oper net 194,109 vs 28,751
      Revs 2,731,688 vs 347,134
      Avg shrs 3,360,527 vs 2,295,359
      Nine mths
      Oper shr 11 cts vs five cts
      Oper net 356,571 vs 111,545
      Revs 5,923,907 vs 1,491,852
      Avg shrs 3,296,982 vs 2,289,762
      NOTE: Share adjusted for 10 pct stock dividend in December
  1986. Prior year net excludes tax credits of 5,775 dlrs in
  quarter and 17,325 dlrs in nine mths.
      Net excludes discontinued amusement game operations gains
  144,095 dlrs vs 70,194 dlrs in quarter and loss 2,952,814 dlrs
  vs gain 196,872 dlrs in nine mths.
  

"
test/15707	12	earn	"UNIVERSAL FOODS CORP <UFC> VOTES DIVIDEND
  Qtly div 20 cts vs 20 cts prior qtr
      Pay 6 May
      Record 21 April
  

"
test/15708	12	earn	"BETZ LABORATORIES INC <BETZ> SETS QUARTERLY
  Qtly div 35 cts vs 35 cts prior
      Pay May 14
      Record April 30
  

"
test/15709	12	earn	"NORTHWESTERN NATIONAL LIFE <NWNL> UPS PAYOUT
  Qtly div 24 cts vs 21-1/2 cts prior
      Pay May 15
      Record April 24
      NOTE: Northwestern National Life Insurance Co.
  

"
test/15713	0	acq	"FOOTHILL <FGI>, SIERRITA IN STANDSTILL ACCORD
  Foothill Group Inc said it reached a
  standstill agreement with Santa Cruz Resources Inc and its
  parent, Sierrita Resources Inc, that bars the companies from
  acquiring more than a 30 pct interest in Foothill, except
  through a business combination approved by Foothill's board.
      The company also said Santa Cruz has advised it that it
  owns 24.7 pct of Foothill's outstanding common stock.
      In addition, Santa Cruz and Sierrita have agreed to vote
  their shares in accordance with instructions from the Foothill
  board in connection with certain business combinations and
  certain anti-takeover matters, Foothill said.
      Foothill said the arrangement also bars Santa Cruz and
  Sierrita fron tendering any Foothill securities owned by them
  into any tender offer unless certain unspecified conditions are
  met.
  

"
test/15715	12	earn	"FIRST FEDERAL OF MICHIGAN <FFOM> 1ST QTR NET
  Shr 3.33 dlrs vs 3.39 dlrs
      Net 37,069,000 vs 36,902,000
      Avg shrs 10.95 mln vs 10.05 mln
  

"
test/15717	0	acq	"COLONIAL BANCGROUP <CLBGA> MAKES ACQUISITION
  Colonial BancGroup said it has
  signed letter of intent to acquire Community Bank and Trust of
  Hartselle, Ala., with assets of 26 mln dlrs, for undisclosed
  terms, subject to approval by regulatory authorities and
  Community Bank shareholders.
      Completion is expected within the next year, it said.
  

"
test/15719	12	earn	"FAB INDUSTRIES INC <FIT> 1ST QTR FEB 28 NET
  Shr 69 cts vs 67 cts
      Net 2,488,000 vs 2,435,000
      Revs 27.6 mln vs 26.5 mln
  

"
test/15723	12	earn	"NORTHERN TRUST CORP <NTRS> 1ST QTR NET
  Shr 87 cts vs 73 cts
      Net 14.7 mln vs 11.7 mln
      Assets 8.38 billion vs 7.43 billion
      Loans 3.91 billion vs 3.40 billion
      Deposits 5.60 billion vs 5.08 billion
  

"
test/15729	12	earn	"HOME SAVINGS BANK <HMSB> 1ST QTR NET
  Shr 51 cts vs not given
      Net 6,089,000 vs 7,310,000
      NOTE: Company went public in November 1986.
      Net includes loan loss provisions of 75,000 dlrs vs 30,000
  dlrs and gains on sale of securities of 756,000 dlrs vs
  2,468,000 dlrs pretax.
      1986 net includes tax credit 1,022,000 dlrs.
      1987 net includes 2,400,000 dlr gain from tax credit
  resulting in reduction of goodwill.
  

"
test/15732	12	earn	"AMOSKEAG BANK SHARES INC <AMKG> 1ST QTR NET
  Shr 70 cts vs 67 cts
      Net 6,416,000 vs 6,057,000
      NOTE: Net includes pretax securities sales gains of
  5,900,000 dlrs vs 5,900,000 dlrs.
  

"
test/15733	12	earn	"MSR EXPLORATION LTD <MSR> YEAR LOSS
  Shr loss five cts vs profit 10 cts
      Net loss 381,391 vs profit 736,974
      Revs 6,161,391 vs 9,241,882
      NOTE: Canadian dollars.
      Proved oil reserves at year-end 3.3 mln barrels, up 39 pct
  from a year earlier, and natural gas reserves 4.7 billion cubic
  feet, off nine pct.
  

"
test/15736	12	earn	"SOUTHMARK <SM> TO OFFER SPECIAL DIVIDEND
  Southmark Corp said it will issue its
  shareholders a special dividend right to acquire 22 shares of
  American Realty Trust <ARB> for each 100 shares of Southmark
  they own.
      Each right entitles the holder to buy one share of
  beneficial interest of American Realty Trust at a price of 3.75
  dlrs per share, Southmark said.
      Southmark said the offer's record date is May 1, with an
  ex-dividend date of April 27, adding that the it will issue the
  rights to shareholders on May 6 and the offer will expire on
  May 22.
      Southmark said it received the rights on April 6 as the
  holder of about 84 pct of American Realty Trust's outstanding
  shares.
      Holders of fewer than 455 Southmark shares who would
  receive rights to acquire fewer than 100 American Realty shares
  will be paid cash in lieu of the rights distribution, the
  company said.
      Southmark said it will compute the cash price paid based on
  the average closing market price of the rights on the American
  Stock Exchange for the first ten days the rights are traded,
  beginning April 6.
      In order to get the dividend for these rights a Southmark
  shareholder must own common stock on the ex-dividend date,
  April 27, the company said.
      After that, Southmark said its common stock will be traded
  on an ex-rights basis.
  

"
test/15739	0	acq	"TAFT BROADCASTING <TFB> COMPLETES STATION SALE
  TVX Broadcast Group Inc
  <TVXG> said it has completed the previously-announced purchase
  of five Taft television stations.
      Last week, TVX said the sale, which was scheduled to close
  then, had been delayed.
      Taft said the purchase price was 240 mln dlrs, as
  previously announced. The price is subject to final
  adjustments, Taft said.
      Taft did not indicate the size of the gain, if any, it
  would post on the sale.
      It said the stations are WTAF-Philadelphia,
  WDCA-Washington, WCIX-Miami, KTXA-Dallas and KTXH-Houston.
  

"
test/15742	41	retail	"U.S. MARCH RETAIL SALES CUT BY LATE EASTER
  U.S. retailers' lackluster March sales
  were due to a late Easter, according to analysts who expect a
  recovery in April.
      ""Sales look soft because of the Easter shift, but
  underlying business is better than the numbers indicate,"" said
  Bear Stearns analyst Monroe Greenstein.
       Analysts generally average the sales results of March and
  April to account for the variation of Easter's occurance. This
  year, Easter is being observed on April 19, which is three
  weeks later than last year.
      Analyst Edward Johnson of Johnson Redbook Associates said
  sales for March rose an unadjusted 2.5 to 3.0 pct, and a
  seasonally adjusted 5.5 pct to six pct, compared to an adjusted
  5.7 pct last year.
      ""The obvious question is whether these numbers indicate
  that the consumer activity is slowing, but it does not appear
  to be because liquidity and employment are rising,"" said
  analyst Jeff Edelman, analyst of Drexel Lambert and Burnham.
      Overall, analysts said first half sales are coming in
  according to expectations. Sales for all of 1987 are expected
  to rise about 5.5 pct to six pct, up a bit from 1986's rise.
       In March, sales of housewares, furniture and big ticket
  items were stronger than apparel sales, signaling to many
  analysts that apparel sales will be strong in April as the
  holiday nears.
      ""Sales gains in home appliances and home fashions reflect a
  continuing strength in the housing market,"" said Edward
  Brennan, chairman of Sears Roebuck and Co <S> which reported an
  overall sales gain of 4.2 pct. Brennan said sales of women's
  sportswear were also excellent.
      ""Sears' total apparel sales was up only modestly, but even
  a modest improvement in apparel is a very good accomplishment
  due to the fact that most people will buy apparel in April,""
  said C.J. Lawrence analysts Harry Mortner. 
      J.C. Penney Co Inc <JCP> and Dayton Hudson Corp <DH> were
  among the weaker performers with comparable stores sales
  declining 1.5 pct and 4.9 pct, respectively. Penney's store and
  catalog sales declined 1.3 pct overall and Dayton Hudson's
  overall sales rose 4.8 pct.
      Penney chairman William Howell said, ""Sales continued
  strong for catalog operations and, geographically, ranged from
  very active in the east to weak in the economically depressed
  southwest.""
      ""Penney's been shifting away from leisure time activity
  wear to other apparel lines, which yield higher profit margins,
  but are currently hurting sales,"" said Greenstein of Bear
  Stearns.
      Hudson chairman Kenneth Mackes cited the late Easter for
  the decline. Edelman of Drexel said that ""Hudson had a tougher
  comparison because it had an exceptionally good 1986.""
      Most analysts agreed that promotions are slightly lower
  than last year.
      ""Retailers are not planning for much - inventories are
  being kept lean, markdowns are lower than last year, but sales
  are coming through anyway,"" said CJ Analyst Harry Mortner.
      Mortner said he expects profits in the first quarter to  
  be better than he had originally expected in the beginning of
  the year.
      Most retailers report their first quarter in the middle of
  May.
       MARCH RETAIL SALES FOR MAJOR U.S. RETAILERS
      STORE       PCT        1987       1986
      SEARS       4.2     2.6 BIL       2.5 BIL 
      K MART      4.6     2.2 BIL       2.1 BIL 
      JC PENNEY  (1.3)    1.1 BIL       1.1 BIL 
      WAL-MART     32     1.1 BIL       855 MLN
      FEDERATED   4.9     934 MLN       891 MLN
      MAY         3.5     885 MLN       855 MLN
      DAYTON      4.8     792 MLN       756 MLN
      WOOLWORTH   0.2     591 MLN       590 MLN
      ZAYRE      12.7     522 MLN       464 MLN
  

"
test/15749	12	earn	"FIRST INTERSTATE EXPECTS BRAZIL, ECUADOR LOAN ACTIONS TO CUT 1987 NET BY 15.4 MLN DLRS

  FIRST INTERSTATE EXPECTS BRAZIL, ECUADOR LOAN ACTIONS TO CUT 1987 NET BY 15.4 MLN DLRS
  

"
test/15753	12	earn	"MIDLANTIC CORP <MIDL> 1ST QTR NET
  Shr diluted 1.18 dlrs vs 1.04 dlrs
      Net 45.0 mln vs 39.2 mln
      Assets 16.7 billion vs 15.2 billion
      Deposits 13.0 billion vs 12.1 billion
      Loans 11.9 billion vs 10.1 billion
      NOTE: Results restated for merger of Midlantic Banks Inc
  and Continental Bancorp Inc on January 30, 1987.
  

"
test/15757	12	earn	"COMMUNITY BANK SYSTEM INC <CBSI> 1ST QTR NET
  Shr 46 cts vs 49 cts
      Net 1,101,551 vs 831,398
      NOTE: Share adjusted for two-for-one stock split in May
  1986.
  

"
test/15759	12	earn	"FITCHBURG GAS <FGE> RAISES QUARTERLY
  Qtly div 38 cts vs 35 cts prior
      Pay May 15
      Record May One
  

"
test/15762	12	earn	"NORTHERN TRUST <NTRS> NET HURT BY BRAZIL LOANS
  Northern Trust Corp said its first
  quarter earnings were reduced by 875,000 dlrs by placing 53.2
  mln dlrs of loans to Brazil and six mln dlrs in loans to
  Ecuador on a cash basis.
      Should these loans remain on nonperforming basis for the
  rest of 1987, net income for year will be cut by about 3.2 mln
  dlrs, the bank said.
      Earlier it posted net income for the period of 14.7 mln
  dlrs or 87 cts a share, up from 11.7 mln dlrs or 73 cts a
  share.
      Total nonperforming assets were 114.1 mln dlrs at March 31,
  up from 53.4 mln dlrs at December 31 and 79 mln dlrs at March
  31, 1986 the bank said.
      The provision for loan losses for the first quarter was
  eight mln dlrs compared to 11 mln a year ago. Net loan charge
  offs were six mln dlrs, down from 11 mln dlrs a year ago.
      The reserve for loan losses was 78.1 mln dlrs, or two pct
  of outstanding loans, higher than the 56 mln dlrs of 1.65 pct
  of loans outstanding at March 31, 1986.
  

"
test/15767	27	lead	"DOE RUN RAISES LEAD PRICE 0.50 CT TO 26.50 CTS
  Doe Run Company said it is
  increasing the price of its corroding grade lead by one-half
  cent to 26.50 cents a lb, effective immediately.
      The price is quoted FOB, Herculaneum, Mo., and FOB, Boss,
  Mo., with freight allowed for carload quantities.
  

"
test/15768	40	reserves	"SPAIN'S FOREIGN RESERVES RISE IN FEBRUARY
  Spain's foreign reserves rose by 905 mln
  dlrs in February to total 17.05 billion dlrs, compared with
  14.11 billion dlrs in February 1986, Bank of Spain figures
  show.
      Under a new accounting system introduced this month,
  Spain's foreign reserves now exclude foreign currency held by
  financial institutions.
      Under the previous system, Spain's foreign reserves would
  have risen by 391 mln dlrs in February, taking into account a
  fall of 514 mln dlrs in financial institutions' foreign
  currency position.
      In January this year, the Central Bank's foreign reserves
  rose by 143 mln dlrs, while financial institutions' foreign
  currency position fell by 118 mln dlrs.
  

"
test/15769	12	earn	"<SULPETRO LTD> 1ST QTR JAN 31 LOSS
  Shr not given
      Net loss 9,900,000 vs loss 17,300,000
      Revs 14.7 mln vs 29.8 mln
      Note: Previous loss restated.
  

"
test/15772	12	earn	"WESTERN FEDERAL SAVINGS BANK <WFPR> 1ST QTR NET
  Shr 74 cts vs 92 cts
      Net 1,300,450 vs 1,600,258
      NOTE: Share adjusted for 10 pct stock dividend in July
  1986.
      Company based in Mayaguez, Puerto Rico.
  

"
test/15777	12	earn	"FINAL TEST INC <FNLT> 4TH QTR LOSS
  Shr loss six cts vs loss 88 cts
      Net loss 123,840 vs loss 1,298,377
      Revs 1,333,416 vs 385,146
      Year
      Shr profit six cts vs loss 1.47 dlrs
      Net profit 124,872 vs loss 2,171,011
      Revs 4,618,232 vs 2,959,141
  

"
test/15778	0	acq	"PROTECTIVE LIFE <PROT> IN ACQUISITION
  Protective Life Corp said it
  has signed a letter of intent to assume <Liberty Life Insurance
  Co's> group insurance on July 1, subject to regulatory
  approvals.
      Terms were not disclosed.
  

"
test/15780	12	earn	"A.O. SMITH CORP <SMC> SETS QUARTERLIES
  Qtly divs Class A and B 20 cts vs 20 cts
      Pay May 15
      Record April 30
  

"
test/15782	12	earn	"CENTRAL BANCORP INC <CBAN> 1ST QTR NET
  Shr 1.02 dlrs vs 78 cts
      Net 14.4 mln vs 11.0 mln
      NOTE: 1987 net includes gain 2,222,000 dlrs from
  termination of pension plan.
      Results restated for pooled acquisitions and share adjusted
  for stock dividends.
  

"
test/15785	0	acq	"<EMCOR> COMPLETES SALE OF STOCK TO INVESTORS
  Emcore said it completed
  the sale of 4.1 mln dlrs of stock to Citicorp Venture Capital
  Ltd, Concord Ventures of Dillon Read and Co and private
  investors.
  

"
test/15790	12	earn	"VLSI TECHNOLOGY INC <VLSI> 1ST QTR NET
  Shr seven cts vs six cts
      Net 1,612,000 vs 1,406,000
      Revs 38.2 mln vs 34.3 mln
      Avg shrs 23,742,000 vs 22,945,000
  

"
test/15793	2	bop	"BELGIAN CURRENT ACCOUNT SURPLUS WIDENS IN 1986
  Belgium's current account surplus,
  measured on a cash basis, widened sharply to 134.9 billion
  francs last year from 17.5 billion in 1985, the Finance
  Ministry said.
      The increase was due almost entirely to a sharp rise in the
  goods trade surplus to 126.1 billion francs from 20.4 billion.
      The services trade surpluses increased to 52.4 billion
  francs from 38.9 billion while the deficit on transfers rose
  slightly to 43.6 billion from 41.8 billion.
      Private sector capital operations showed a steeply higher
  deficit of 160.7 billion francs after 56.9 billion in 1985.
  

"
test/15797	12	earn	"SILICON SYSTEMS INC <SLCN> 2ND QTR MARCH 28
  Shr profit five cts vs profit two cts
      Net profit 325,000 vs profit 105,000
      Revs 19.5 mln vs 16.1 mln
      Six Mths
      Shr profit nine cts vs loss 35 cts
      Net profit 627,000 vs loss 2,280,000
      Revs 36.9 mln vs 27.4 mln
  

"
test/15800	12	earn	"SHAWMUT CORP <SHAS> 1ST QTR NET
  Shr 1.32 dlrs vs 1.26 dlrs
      Net 21.2 mln vs 17.4 mln
      Avg shrs 16.1 mln vs 13.8 mln
      Assets 10.0 billion vs 8.4 billion
      Deposits 7.2 billion vs 6.1 billion
      Loans 6.7 billion up 26 pct
      NOTE: Results restated for pooled acquisitions of Shawmut
  Home Bank and Fidelity Trust Co and include First Gibraltar
  Mortgage Corp from December 30, 1986 purchase.
      Loan loss provision 8,800,000 dlrs vs 6,300,000 dlrs.
  

"
test/15801	12	earn	"MINNTECH <MNTX> SEES FIRST QUARTER LOSS
  Minntech Corp said it expects
  to report loss for its fiscal 1988 first quarter to end June
  30, due to start-up costs related to a new membrane oxygenator
  and water filtration products.
      However, revenues and earnings should consistently increase
  throughout the remainder of the year, President Louis Cosentino
  told analysts.
  

"
test/15803	16	gold	"GORDEX MINERALS LOCATES GOLD DEPOSITS
  <Gordex Mineral Ltd>
  said geologists located more than one mln tons of gold-bearing
  deposits, 0.057 ounces per ton, at Cape Spencer.
      The company said it plans to invest 2.5 mln Canadian dlrs
  to expand on-site treatment facilities to process 100,000 tons
  of gold-bearing deposits this year and 200,000 tons in 1988.
      Prior to the completion of the recent exploration program,
  Gordex estimated the Cape Spencer deposit had 200,000 tons.
      Gordex said the expansion of the Cape Spencer facilities is
  intented to enable it to operate 24 hours a day throughout the
  year.
  

"
test/15804	45	sugar	"U.S. CONGRESSMAN INTRODUCES REAGAN SUGAR BILL
  Rep. John Porter, R-Ill., introduced
  in the House of Representatives legislation proposed by the
  Reagan administration to slash the U.S. sugar price support, a
  spokesman for Porter said.
      The spokesman said the bill was introduced without any
  changes from the administration's proposal sent to Congress
  last month.
      That plan calls for a cut in the sugar loan rate to 12
  cents per pound from 18 cents now. Sugar growers would be
  compensated for the price cut with targeted direct payments,
  to be gradually phased-out through 1990. The payments to
  growers would cost an estimated 1.1 billion dlrs.
      Representatives of sugar growers have rejected the
  proposal, saying it would ruin the domestic sugar industry.
  

"
test/15805	22	interest	"CANADA 91-DAY T-BILLS AVERAGE 6.95 PCT, MAKING BANK RATE 7.20 PCT

  CANADA 91-DAY T-BILLS AVERAGE 6.95 PCT, MAKING BANK RATE 7.20 PCT
  

"
test/15807	12	earn	"REPUBLIC SAVINGS AND LOAN <RSLA> 3RD QTR NET
  Shr 89 cts vs not available
      Net 1,163,000 vs 466,000
      Nine Mths
      Net 3,696,000 vs 1,624,000
      NOTE: Company converted to stock ownership effective August
  1986.
      Periods end March 31, 1987 and 1986 respectively.
  

"
test/15808	12	earn	"SOUTHMARK <SM> TO ISSUE AMERICAN REALTY RIGHTS
  Southmark Corp said shareholders will be
  issued, as a special dividend, rights to acquire 22 shares of
  American Realty Trust <ARB> for each 100 shares of Southmark
  owned.
      The record date for Southmark shareholders to receive these
  rights will be May one with an ex-dividend date of April 27.
      Southmark received these rights on April six, as the holder
  of about 84 pct of American Realty Trust's outstanding shares.
  

"
test/15810	0	acq	"WALL STREET STOCKS/UAL INC <UAL>
  Takeover speculation continues to fuel
  heavy trading in UAL Inc, traders said.
      UAL rose 1-5/8 to 73-5/8 on volume of more than two mln
  shares, after trading with little upward movement earlier in
  the session.
      Traders said rumors, which began yesterday, added to
  speculation that the company would be the target of a takeover.
      They said it was believed Coniston Partners and the
  Pritzker family of Chicago were buying the stock.
      Coniston declined comment and the Pritzkers had no comment.
      Traders said there was speculation a bidder might appear,
  and also that real estate developer Donald Trump, who holds a
  stake in UAL, might participate in a takeover bid. UAL pilots
  said they would be willing to pay 4.5 billion dlrs, which
  includes debt, for the company's United Airlines unit.
  

"
test/15811	16	gold	"GORDEX MINERALS LOCATES CANADA GOLD DEPOSITS
  Gordex Mineral Ltd
  said geologists located more than one mln short tons of
  gold-bearing deposits, 0.057 ounces per ton, at Cape Spencer.
      The company said it plans to invest 2.5 mln Canadian dlrs
  to expand on-site treatment facilities to process 100,000 tons
  of gold-bearing deposits this year and 200,000 tons in 1988.
      Prior to the completion of the recent exploration program,
  Gordex estimated the Cape Spencer deposit had 200,000 tons.
      Gordex said the expansion of the Cape Spencer facilities is
  intended to enable operation 24 hours a day throughout the
  year.
  

"
test/15816	22	interest	"CANADIAN BANK RATE RISES IN WEEK
  Canada's key bank rate rose to 7.20 pct
  from 7.15 pct the week before, Bank of Canada said.
      Bank rate is set 1/4 percentage point above the average
  yield on the weekly issue of 91-day treasury bills. This week's
  yield was 6.95 pct compared with the previous week's 6.90 pct.
      Tenders were accepted for 2.55 billion dlrs of 91-day bills
  at an average price of 98.296 dlrs against 98.310 dlrs last
  week.
      The 1.40 billion dlrs of 182-day bills were priced at an
  average 96.488 dlrs against 96.549 dlrs last week, to yield an
  average 7.30 pct, versus 7.17 pct last week.
      The 500 mln dlrs of 364-day bills were priced at an average
  92.969 dlrs against 93.159 dlrs last week, to yield an average
  7.58 pct versus 7.38 pct last week.
      Tenders will be received next week for 2.50 billion dlrs of
   91-day bills, 1.40 billion dlrs of 182-day bills and 500 mln
  dlrs of 364-day bills.          
  

"
test/15817	47	tin	"CONSENSUS SEEN ON TIN PACT EXTENSION
  The quarterly session of the
  International Tin Council (ITC) continued without formal
  agreement on an extension of the sixth International Tin
  Agreement (ITA), but delegates said it was apparent there was a
  general consensus the Agreement should be prolonged.
      Some delegations are still awaiting formal instructions
  from capitals, but informally most have indicated they favour
  an extension, delegates said.
      This afternoon's session was used by delegates to seek
  further clarification on some of the issues involved, and to
  discuss internal matters.
      Some sources were optimistic a resolution on an extension
  could be passed tomorrow but others suggested a special session
  would be convened to adopt the resolution after the Association
  of Tin Producing Countries meeting April 14 to 16.
      The full Council session resumes tomorrow at 1330 GMT after
  a European Community coordination meeting at 1100.
  

"
test/15819	12	earn	"SLATER ELECTRIC INC <SLAT> 1ST QTR FEB 28 NET
  Shr four cts vs 10 cts
      Net 31,000 vs 82,000
      Sales 10.9 mln vs 9,760,000
  

"
test/15821	12	earn	"SOUTH JERSEY INDUSTRIES INC <SJI> 1ST QTR NET
  Oper shr 1.64 dlrs vs 1.50 dlrs
      Oper net 6,200,000 vs 5,600,000
      Revs not given
      12 mths
      Oper shr 2.76 dlrs vs 2.58 dlrs
      Oper net 10.4 mln vs 9,600,000
      NOTE: Net income including discontinued operation and, in
  both 1986 periods, 1,500,000 dlr gain from change in accounting
  for which results restated, 6,200,000 dlrs vs 7,200,000 dlrs in
  quarter and 10.6 mln dlrs vs 11.6 mln dlrs.
  

"
test/15822	12	earn	"CITY NATIONAL CORP <CTYN> 1ST QTR NET
  Shr 56 cts vs 35 cts
      Net 10,271,000 vs 6,425,000
      Loans 1.44 billion vs 1.20 billion
      Deposits 2.36 billion vs 1.96 billion
      Assets 2.96 billion vs 2.55 billion
  

"
test/15823	12	earn	"ALLIED BANKSHARES INC <ABGA> 1ST QTR NET
  Shr 50 cts vs 26 cts
      Net 1,316,000 vs 656,000
      NOTE: qtr 1987 includes tax gain 500,000 dlrs, or 19 cts
  per share.
  

"
test/15829	18	heat	"ROYAL DUTCH <RD> UNIT TO CUT HEATING OIL PRICE
  Royal Dutch/Shell's Scallop Petroleum
  Co subsidiary said it will reduce the price it charges contract
  barge customers in New York harbor for heating oil by 2.5 cts a
  gallon, effective tomorrow.
      The company said the price cut will bring the contract
  barge price for heating oil to 51 cts a gallon.
  

"
test/15831	6	copper	"MAGMA RAISES COPPER PRICE 0.25 CT TO 65.75 CTS
  Magma Copper Co, a subsidiary of
  Newmont Mining Corp, said it is raising its copper cathode
  price by 0.25 cent to 65.75 cents a lb, effective immediately.
  

"
test/15832	12	earn	"FIRST BANK SYSTEM INC <FBS> 1ST QTR NET
  Shr 95 cts vs 80 cts
      Net 57.4 mln vs 46.6 mln
      Assets 28.39 billion vs 25.87 billion
      Loans 13.99 billion vs 14.35 billion
  

"
test/15833	12	earn	"CENTERRE BANCORP <CTBC> 1ST QTR NET
  Shr 94 cts vs 1.02 dlrs
      Net 7,255,000 vs 7,856,000
      Loans 2.88 billion vs 2.94 billion
      Deposits 4.05 billion vs 3.73 billion
      Assets 5.43 billion vs 5.14 billion
  

"
test/15834	12	earn	"SEA GALLEY STORES INC <SEAG> 1ST QTR NET
  Oper shr four cts vs one ct
      Oper net 108,000 vs 30,000
      Revs 12.8 mln vs 14.8 mln
      Note: Current qtr figures exclude operating loss
  carryforward gain of 57,000 dlrs, or two cts per share vs gain
  of 21,000 dlrs, or one ct per share.
  

"
test/15838	44	strategic-metal	"HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE
  The House Armed Services Committee
  has voted for a transfer in the management of stockpiled
  materials for national defense to the U.S. Defense Secretary.
      The committee also voted for legally-binding quantity and
  quality requirements on the materials, mostly metals.
      The measures are a part of the Defense Authorization Bill
  which will be voted on in the House next month.
      The purpose of the measures, passed by the committee
  yesterday, is to improve stockpile management and discourage
  sell-offs of materials that could jeopardize strategic needs, a
  staff member of the committee told Reuters.
      ""They (the stockpiles) stand to gain the most by being
  managed properly,"" said the staffer. ""Management of the stockpile
  over the last 10 years has been atrocious.""
      Responsibility for stockpile management now belongs to a
  White House agency, the Federal Emergency Management Agency.
      The staffer said under the measures passed by the committee
  the Secretary of Defense would have more influence over
  decisions to keep or sell strategic stockpile materials.
      The administration has proposed a goal of 700 million dlrs
  worth of strategic materials to be held in the stockpile. The
  stockpile now contains around 10 billion dlrs of materials.
      He said several agencies currently helped FEMA to manage
  the stockpile and decide how much to sell to help the deficit.
      These agencies included the Office of Management and Budget
  and the Departments of Interior and Commerce, he said.
      The committee believed the shared involvement in stockpile
  management was counter-productive, he said.
  

"
test/15840	48	trade	"CANADA TRADE RISE SEEN AS START OF RECOVERY
  Canada's trade picture has brightened
  considerably, underscoring economists' predictions the sector
  would post a long awaited recovery this year.
      The federal government reported today that the monthly
  surplus soared to 1.25 billion Canadian dlrs in February,
  double January's 623 mln dlrs surplus and sharply higher than
  February 1986's 189 mln dlr tally.
      ""Hopefully it's the beginning of a trend,"" said Richardson
  Greenshields of Canada Ltd economist Susan Clark in Toronto.
      Economists generally don't expect such large gains over the
  next months, but are looking for an upward trend throughout the
  year.
      ""We thought the trade balance would improve ... over the
  year, and it certainly looks as if this morning's figure is
  indicative of that,"" commented economist James Donegan at the
  Toronto securities firm of Midland Doherty Ltd.
      Statistics Canada reported the surplus was driven by a 23
  pct gain in automobile product exports to a record 3.2 billion
  dls in the month.
      ""Recovery in the automotive sector helped push the value of
  exports up by 5.9 pct in February,"" the agency said in its
  monthly report.
      Total exports expanded to 10.44 billion dlrs from 9.85
  billion dlrs in February, while imports slipped to 9.19 billion
  dlrs from 9.23 billion dlrs.
      Economists have predicted the 1987 trade surplus would end
  up three to five billion dlrs higher than last year's dismal
  10.1 billion dlr total. In 1985 the surplus was 17.48 billion
  dlrs.
      Money market analysts said the positive trade news touched
  off a modest rally in the Canadian dollar, which rose to 76.85
  U.S. cts on North American markets early this morning after
  closing at 76.58 cts Wednesday.
      The currency was hovering around 76.78 cts in early
  afternoon trading.
      Economists have been banking on an improved trade
  performance this year to stimulate an otherwise sluggish
  Canadian economy.
      Money market analysts said the positive trade news touched
  off a modest rally in the Canadian dollar, which rose to 76.85
  U.S. cts on North American markets early this morning after
  closing at 76.58 cts Wednesday.
      The currency was hovering around 76.78 cts in early
  afternoon trading.
      Economists have been banking on an improved trade
  performance this year to stimulate an otherwise sluggish
  Canadian economy.
      They say the country's consumers, who have been spending at
  a torrid pace in recent years, will sharply curtail outlays
  this year and this should help curtail the flow of imports into
  the country.
      Meanwhile, demand for Canadian exports in the United
  States, by far the country's largest market, is expected to be
  strong as a result of a projected rise in American consumer
  spending and the relatively low value of the Canadian currency.
      ""We maintain what's going to drive Canada's export
  performance is income growth in the U.S.,"" said Midland's
  Donegan.
      But at the Bank of Nova Scotia, deputy chief economist
  Warren Jestin was less optimistic about the U.S. outlook and
  said it could be a mistake to read too much into February's
  trade upturn.
      Jestin said, ""Given the fact the U.S. economy is showing
  signs of weakening--particularly car sales--it would indicate
  that part of the strength (in Canada's trade figures) is
  probably transitory.""
  

"
test/15841	12	earn	"FIRST BANK <FBS> SEES LOSS ON BRAZILIAN LOANS
  First Bank Systems Inc, in reporting
  higher first quarter net, said that if interest is not paid on
  the 140 mln dlrs in Brazilian loans and nine mln dlrs in
  Ecuadorian loans for the rest of 1987, its profits for the
  entire year will be cut by 6.9 mln dlrs.
      The banking firm said the non-performing status of these
  loans cut first quarter net by 1.7 mln dlrs.
      Earlier it reported first quarter profits of 57.4 mln dlrs
  or 95 cts a share, up from 46.6 mln dlrs or 80 cts a share in
  the year-ago period.
      Nonaccrual loans, restructured loans and other real estate
  were 637 mln dlrs, or 2.24 pct of total assets, compared to 514
  mln dlrs or 1.84 pct of assets at the end of 1986 and 636.1
  mln, or 2.46 pct of assets at March 31, 1986.
      The provision for loan losses in the quarter was 35 mln
  dlrs, compared to 152.1 mln in the first quarter 1986, when
  there was a special addition to the reserve of 100 mln dlrs.
  Net charge offs were 34.7 mln, compared to 41.1 mln dlrs a year
  earlier.
  REUTER^M
  

"
test/15842	17	grain	"USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS  28.0 MLN TONNES VS 26.0 IN MARCH, 29.9 YEAR AGO

  USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS  28.0 MLN TONNES VS 26.0 IN MARCH, 29.9 YEAR AGO
  

"
test/15844	17	grain	"USDA ESTIMATES 1986 SOVIET GRAIN CROP  AT 210 MLN TONNES VS 210 IN MARCH, 192 YEAR-AGO

  USDA ESTIMATES 1986 SOVIET GRAIN CROP  AT 210 MLN TONNES VS 210 IN MARCH, 192 YEAR-AGO
  

"
test/15846	36	orange	"USDA 1986/87 U.S. ORANGE CROP 190,050,000  BOXES, FLORIDA CROP 122,900,000 BOXES

  USDA 1986/87 U.S. ORANGE CROP 190,050,000  BOXES, FLORIDA CROP 122,900,000 BOXES
  

"
test/15847	36	orange	"USDA ESTIMATES 1986/87 ORANGE JUICE YIELD  AT 1.50 GALS PER BOX FROM FLORIDA CROP

  USDA ESTIMATES 1986/87 ORANGE JUICE YIELD  AT 1.50 GALS PER BOX FROM FLORIDA CROP
  

"
test/15851	12	earn	"VORNADO INC <VNO> 4TH QTR JAN 31 NET
  Oper shr 1.64 dlrs vs 84 cts
      Oper net 4,583,000 vs 2,869,000
      Revs 20.1 mln vs 19.0 mln
      Avg shrs 2,791,639 vs 3,432,746
      Year
      Oper shr 4.46 dlrs vs 3.20 dlrs
      Oper net 14.1 mln vs 10.9 mln
      Revs 74.6 mln vs 68.0 mln
      Avg shrs 3,154,665 vs 3,425,187
      NOTE: Operating net excludes gains of nothing vs 2,444,000
  dlrs, or 72 cts a share, in quarter and 1,890,000 dlrs, or 60
  cts a share, vs 9,3267,000 dlrs, or 2.72 dlrs a share, in year
  from tax loss carryforwards
  

"
test/15852	12	earn	"FIRST UNION CORP FIRST QTR SHR 71 CTS VS 61 CTS

  FIRST UNION CORP FIRST QTR SHR 71 CTS VS 61 CTS
  

"
test/15854	36	orange	"U.S. CITRUS CROP ESTIMATE -- USDA
  The U.S. Agriculture Department
  estimated 1986/87 citrus production, as follows (in boxes) --
      Total U.S. orange crop (excluding Florida Temples) --
  190,050,000 boxes, vs 190,850,000 boxes last month and
  176,410,000 boxes in the 1985/86 crop.
      Florida oranges (excluding Temples) -- 122,900,000 boxes,
  vs 124,000,000 last month and 119,000,000 boxes in 1985/86.
      Florida Temples -- 3,400,000 boxes, vs 3,400,000 last month
  and 2,950,000 boxes in 1985/86.
      The department's estimates are based on April 1 crop
  conditions.
  

"
test/15855	36	orange	"USDA ORANGE JUICE YIELD ESTIMATE
  The U.S. Agriculture Department
  projected an average yield of 1.50 gallons of frozen
  concentrated orange juice per box (42.0 degree brix equivalent)
  from Florida's 1986/87 crop.
      That compares with 1.47 gallons per box previously and 1.38
  gallons per box from the 1985/86 crop.
      The crop reporting board said the estimates for the 1986/87
  season are based on maturity and yields tests as of April 1.
  

"
test/15858	39	potato	"USDA SPRING POTATO ESTIMATES
  The U.S. Agriculture Department
  estimated 1987 spring potato production, based on April 1
  conditions, at 19,267,000 cwts (100 lbs), vs 19,822,000 cwts
  indicated last year.
      The department estimated spring potato area for harvest at
  79,100 acres, vs 76,700 acres estimated last month and 75,900
  acres harvested last year.
      Spring potato yield per harvested acre is forecast at 244
  cwt per acre, vs 261 cwt per acre a year ago, USDA said.
  

"
test/15859	39	potato	"USDA REVISES 1986 SUMMER POTATOES
  The U.S. Agriculture Department made
  the following revisions for 1986 crop summer potatoes --
      Production -- 21,003,000 cwt (100 lbs), vs 20,900,000 cwt
  estimated previously.
      Acreage for harvest -- 95,700 acres, vs 95,800 acres
  estimated previously.
      Yield per harvested acre -- 219 cwt per acre, vs 218 cwt
  per acre previously estimated, the department said.
  

"
test/15861	0	acq	"CLEVITE <CLEV> AMENDS RIGHTS PLAN
  Clevite Industries Inc, which
  earlier received a 96 mln dlr takeover offer from J.P.
  Industries Inc <JPI>, said it amended its Shareholder Rights
  Plan so that certain provisions of the plan cannot occur until
  the board determines that it is in the best interests of the
  company and stockholders.
      The plan, adopted in December 1986, permits Clevite to
  issue shares at half price to existing stockholders and allows
  stockholders to buy shares of an unfriendly bidder at half
  price.
      Clevite said the amendments by its board effectively mean
  that the so-called flip-in and flip-over provisions of its
  rights plan can only be triggered by affirmative board
  approval.
      The company said it acted inview of the proposed
  acquisition and because certain debt restrictions could block
  its ability to redeem the rights.
  

"
test/15867	12	earn	"STOP AND SHOP COS IN 2-FOR-1 SPLIT, HIKES DIVIDEND

  STOP AND SHOP COS IN 2-FOR-1 SPLIT, HIKES DIVIDEND
  

"
test/15872	44	strategic-metal	"HOUSE PANEL WANTS PENTAGON MANAGE U.S. STOCKPILE
  The House Armed Services Committee
  has voted for a transfer in the management of stockpiled
  materials for national defense to the U.S. Defense Secretary.
      The committee also voted for legally-binding quantity and
  quality requirements on the materials, mostly metals.
      The measures are a part of the Defense Authorization Bill
  which will be voted on in the House next month.
      The purpose of the measures, passed by the committee
  yesterday, is to improve stockpile management and discourage
  sell-offs of materials that could jeopardize strategic needs, a
  staff member of the committee told Reuters.
      ""They (the stockpiles) stand to gain the most by being
  managed properly,"" said the staffer. ""Management of the stockpile
  over the last 10 years has been atrocious.""
      Responsibility for stockpile management now belongs to a
  White House agency, the Federal Emergency Management Agency.
      The staffer said that under the measures passed by the
  committee the Secretary of Defense would have more influence
  over decisions to keep or sell strategic stockpile materials.
      The administration has proposed a goal of 700 million dlrs
  worth of strategic materials to be held in the stockpile. The
  stockpile now contains around 10 billion dlrs of materials.
      He said several agencies currently helped FEMA to manage
  the stockpile and decide how much to sell to help the deficit.
      These agencies included the Office of Management and Budget
  and the Departments of Interior and Commerce, he said.
      The committee believed the shared involvement in stockpile
  management was counter-productive, he said.
  

"
test/15876	7	cotton	"USDA ESTIMATES USSR COTTON CROP
  The U.S. Agriculture Department
  forecast the Soviet 1986/87 cotton crop at 11.20 mln bales
  (480-lbs net), vs 11.20 mln bales forecast last month.
      The department also estimated the 1985/86 Soviet cotton
  crop at 12.10 mln bales, vs 12.10 mln bales last month.
  

"
test/15878	12	earn	"STOP AND SHOP COS <SHP> IN TWO-FOR-ONE SPLIT
  The Stop and Shop Cos Inc said its board
  voted a two-for-one stock split payable July One, to
  stockholders of record May 29.
      It also said it was raising its quarterly cash dividend 16
  pct to 32 cts per share from 27.5 cts per share prior.
      As a result of the split, the number of outstanding shares
  will increase to 28 mln from 14 mln, the company said.
      The dividend is payable July One to shareholders of record
  May 29, it said.
  

"
test/15879	0	acq	"NATIONAL BEVERAGE TO ACQUIRE FAYGO BEVERAGES
  <National Beverage Corp>
  said it agreed to acquire <Faygo Beverages Inc> for an
  undisclosed amount of cash.
      Faygo has revenues in excess of of 100 mln dlrs, National
  Beverage said.
  

"
test/15881	12	earn	"AUDIO/VIDEO AFFILIATES <AVA> 4TH QTR JAN 31 NET
  Shr 17 cts vs 28 cts
      Net 2,668,000 vs 3,655,000
      Revs 93.9 mln vs 83.8 mln
      Avg shrs 15.7 mln vs 13.2 mln
      12 mths
      Shr 48 cts vs 58 cts
      Net 7,510,000 vs 7,482,000
      Revs 228.8 mln vs 181.9 mln
      Avg shrs 15.7 mln vs 12.9 mln
      NOTE: full name of company is audio/video affiliates Inc.
  

"
test/15885	0	acq	"FLUOROCARBON <FCBN> BUYS EATON <ETN> DIVISION
  Fluorocarbon Co said it
  signed a definitive agreement to acquire Eaton Corp's
  Industrial Polymer division for an undisclosed price.
      The polymer division, based in Aurora, Ohio, had 1986 sales
  of 86 mln dlrs, Fluorocarbon also said.
  

"
test/15886	12	earn	"FIRST UNION CORP <FUNC> 1ST QTR NET
  Shr 71 cts vs 61 cts
      Net 78.5 mln vs 64.6 mln
      NOTE: Current qtr includes gain of seven cts/shr from sale
  of securities. Year-ago restated.
  

"
test/15888	12	earn	"FINANCIAL NEWS NETWORK INC <FNNI> 2ND QTR NET
  Qtr ended February 28
      Shr six cts vs three cts
      Net 765,138 vs 311,388
      Rev 8.3 mln vs 3.7 mln
      Avg shares 12,272,265 vs 11,377,491
      Six months
      Shr 17 cts vs five cts
      Net 2,073,057 vs 515,229
      Rev 15.0 mln vs 7.4 mln
      Avg shares 12,295,934 vs 11,200,000
  

"
test/15889	12	earn	"FIRST COLONIAL BANKSHARES CORP <FCOLA> 1ST QTR
  Shr 41 cts vs 35 cts
      Net 2,362,000 vs 1,613,000
      Avg shrs 5,567,300 vs 4,070,700
  

"
test/15892	0	acq	"HAWAIIAN ELECTRIC <HE> TO BUY HAWAIIAN INSURANCE
  Hawaiian Electric Industries said it
  has entered a letter of intent to buy the Hawaiian Insurance
  Companies.
      The transaction is subject to a definitive agreement, and
  government and board approvals.
      The Hawaiian Insurance Companies ad assets at the end of
  1986 of 137.4 mln dlrs and earned premiums of 46.1 mln dlrs.
      Hawaiian Electric said it plans to operate the comapny,
  which has 226 employees, with current management.
  

"
test/15894	0	acq	"DISNEY FAMILY MAKES BID FOR HOLLY SUGAR <HLY>
  The Roy Disney family disclosed in a
  filing with the Securities and Exchange Commission that it made
  a bid to acquire Holly Sugar Corp for a package of cash and
  securities.
      Shamrock Holdings of California Inc, a Disney family
  company, said it submitted the bid on April 8 to Salomon
  Brothers Inc, Holly Sugar's investment banker.
      The offer was for 45 dlrs in cash, securities with a face
  value of 70 dlrs, and a ""contingent payment certificate"" that
  would pay out as much as 70 dlrs over a 20-year period for each
  share of Holly Sugar outstanding.
      The Disney family already holds 101,300 Holly Sugar shares
  or 9.0 pct of the total outstanding following purchases of
  12,500 shares March 13-April 17, Shamrock told the SEC.
      Shamrock said it had asked for certain information about
  Holly Sugar's financial condition but had been turned down. It
  said its offer was therefore subject to further discussions.
      ""Once we have had an opportunity to complete our due
  diligence evaluation of the company, including inspections of
  certain facilities and meetings with key management personnel,
  we would be prepared to negotiate all aspects of our proposal,
  including price,"" it said in its April 8 letter.
  REUTER^M
  

"
test/15896	12	earn	"UNIVERSAL HEALTH REALTY <UHT> 1ST QTR NET
  Shr 26 cts vs nil
      Net 2,244,000 vs nil
      Rev 3.4 mln vs nil
      NOTE: Company's full name is Universal Health Realty Income
  Trust. Quarter is company's first full quarter of earnings.
  

"
test/15897	12	earn	"FROST AND SULLIVAN INC <FRSL> INCREASES PAYOUT
  Semi-annual div seven cts vs six cts prior
      Pay June One
      Record May One
  .
  

"
test/15898	0	acq	"C.O.M.B. <CMCO> MAKES ACQUISITION
  C.O.M.B. Co said it acquired for 8.7
  mln dlrs the principal assets of National Tech Industries Inc
  and Telkon Corp.
      The companies are engaged in servicing, sales and
  telemarketing of consumer electronic merchandise.
  

"
test/15899	12	earn	"RAI RESEARCH CORP <RAC> 3RD QTR FEB 28
  SHr one cts vs 14 cts
      Net 17,806 vs 328,290
      Revs 1.3 mln vs 2.2 mln
      Nine months
      Shr 27 cts vs 26 cts
      Net 640,156 vs 622,251
      Revs 5.6 mln vs 5.6 mln
      NOTE:1986 net includes loss of 49,040 in nine months from
  discontinued and gain of 15,598 dlrs in 3rd qtr.
  

"
test/15900	0	acq	"CENTEL <CNT> COMPLETES ACQUISITION
  Centel Corp said it completed the
  acquisition of Welbac Cable Television Corp, which serves more
  than 2,500 cable television subscribers in east central
  Michigan.
      Terms were not disclosed.
      With the addition of Welbac customers, Centel Cable
  Television Co of Michigan serves more than 83,000 customers.
  Overall, Centel has nearly 495,000 customers in seven states.
  

"
test/15901	12	earn	"JAMES RIVER CORP <JR> SETS REGULAR PAYOUT
  Qtrly div 10 cts vs 10 cts prior
      Pay April 30
      Record April 21
  

"
test/15902	12	earn	"THREE D DEPARTMENTS INC <TDD> SETS PAYOUT
  Class A qtly div 2-1/2 cts vs 2-1/2 cts prior
      Class B qtly div 1-1/2 cts vs 1-1/2 cts prior
      Pay May 8
      Record April 24
  

"
test/15908	12	earn	"ADAMS EXPRESS CO <ADX> MARCH 31 ASSETS
  Shr 22.50 dlrs vs 21.74 dlrs
      Assets 546.9 mln vs 485.2 mln
      Shrs out 24.3 mln vs 22.3 mln
      NOTE: lastest assets after capital gain distributions of 28
  cts a share in February 1987 and 2.55 dlrs a share in December
  1986
  

"
test/15909	12	earn	"PETROLEUM AND RESOURCES CORP <PEO> MARCH 31
  Shr 31.36 dlrs vs 25.23 dlrs
      Assets 286.5 mln vs 253.0 mln
      Shrs out 9,138,526 vs 8,839,695
      NOTE: latest assets after capital gain distributions of 50
  cts a share in February 1987 and 83 cts a share in December
  1986, and with 29,955,000 stated value 1.676 dlr convertible
  preferred stock outstanding.
  

"
test/15912	0	acq	"INTERNATIONAL AMERICAN <HOME> TO ACQUIRE COS
  International American Homes Inc
  said it entered into a conditional contract to acquire the
  <Maione-Hirschberg Cos Inc> and affiliated entitles for 19 mln
  dlrs.
      International American, whose stock was halted on Nasdaq
  earlier, said the purchase price is payable 12 mln dlrs in cash
  and the balance in its own common shares.
      Selling shareholders may earn an additional amount up to a
  maximum of eight mln dlrs payable in cash based on the future
  performance of the companies acquired during the three years
  ending March 31, 1990, International said.
      The acquisition is subject to certain conditions, such as
  satisfactory results of due diligence investigations, the
  company said.
  

"
test/15913	12	earn	"SONY CHAIRMAN FORECASTS LOWER PROFITS THIS YEAR
  Sony Corp <SNE.T> chairman Akio
  Morita said Sony's profits would be sharply down in 1987 as a
  result of the dollar's decline.
      Sony Corp posted net consolidated income of 41.89 billion
  yen (290 million dollars) in 1986, 42.6 pct down on 1985's
  73.02 billion yen (506 million dollars).
      But Morita added that Japan would benefit from the strong
  yen by saving on its energy import bill and he expected profits
  to recover from 1988 onwards.
      He was speaking to reporters at a sony factory opening
  here.
  

"
test/15914	17	grain	"COARSE GRAIN SUPPLY/DEMAND BY COUNTRY -- USDA
  The U.S. Agriculture Department
  detailed world supply/demand data for major importers and
  exporters of coarse grains, by country, as follows in mln
  tonnes --
      USSR COARSE GRAIN
                 1986/87           1985/86
            04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks  N.A.    N.A.      N.A.    N.A.
   Production 103.30  103.30     99.99   99.99
   Imports     12.00   10.00     13.70   13.70
   Domes Use  112.30  112.30    111.99  111.99
   Exports       NIL     NIL       NIL     NIL
   End Stocks   N.A.    N.A.      N.A.    N.A.
   N.A. - Not Available.
      EC-12 COARSE GRAIN, in mln tonnes --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks 14.91   14.93    10.53   10.53
   Production  81.22   81.19    88.21   88.28
   Imports     16.58   17.26    18.29   18.24
   Dom Use     79.64   81.27    82.38   82.55
   Exports     19.90   19.96    19.73   19.56
   End Stocks  13.18   12.15    14.91   14.93
      EASTERN EUROPE COARSE GRAIN, mln tonnes --
                 1986/87            1985/86
            04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks  4.07    3.72     5.14    5.14
   Production  73.95   74.50    68.28   68.38
   Imports      4.90    4.47     5.58    5.26
   Dom Use     73.04   73.23    72.65   72.77
   Exports      3.55    3.55     2.28    2.28
   End Stocks   6.34    5.46     4.07    3.72
      JAPAN COARSE GRAIN, in mln tonnes --
                1986/87           1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks 2.32    2.23     1.91    1.91
   Production  0.35    0.35     0.39    0.39
   Imports    21.56   21.50    21.51   21.51
   Dom Use    21.79   21.73    21.49   21.49
   Exports      NIL     NIL      NIL     NIL
   End Stocks  2.44    2.44     2.32    2.32
      ARGENTINA COARSE GRAIN, in mln tonnes --
                 1986/87            1985/86
            04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks  0.78    0.53     0.83    0.83
   Production  13.99   15.44    17.06   17.14
   Imports      0.02     NIL      NIL     NIL
   Domes Use    7.73    7.75     7.76    7.87
   Exports      6.60    7.73     9.43    9.58
   End Stocks   0.46    0.49     0.78    0.53
      CANADA COARSE GRAIN, in mln tonnes --
                1986/87            1985/86
           04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks 6.19    6.19     4.66    4.61
   Production 27.62   27.62    24.95   24.95
   Imports     0.30    0.30     0.31    0.31
   Dom Use    19.80   19.80    18.99   18.96
   Exports     7.41    7.21     4.74    4.72
   End Stocks  6.90    7.10     6.19    6.19
      THAILAND COARSE GRAINS, in mln tonnes --
                 1986/87            1985/86
            04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks  0.49    0.38     0.16   0.16
   Production   4.40    4.40     5.67   5.47
   Imports       NIL     NIL      NIL    NIL
   Domes Use    1.57    1.37     1.40   1.30
   Exports      3.10    3.30     3.94   3.95
   End Stocks   0.22    0.11     0.49   0.38
  

"
test/15918	0	acq	"WINN ENTERPRISES <WNN> UNIT SELLS DAIRY
  Winn Enterprises' Knudsen Foods Inc
  said it entered an agreement to sell its Hawaiian dairy
  operations to Foremost Foods Inc for 13 mln dlrs cash.
       The company said the purchase price is subject to
  adjustment and the entire transaction is subject to approval by
  the U.S. Bankruptcy Court for the Central District of
  California.
  

"
test/15920	0	acq	"NATIONAL BEVERAGE TO ACQUIRE FAYGO
  <National Beverage Corp>
  said it agreed to acquire privately held Faygo Beverages Inc
  for an undisclosed amount of cash.
      The company said Detroit-based Faygo, a soft drink maker,
  has annual revenues of more than 100 mln dlrs.
      National Beverage, which is also privately held, owns and
  bottles Shasta Beverages, Spree All Natural Beverages and
  private label brands in its 11 bottling facilities in the
  United States.
  

"
test/15924	13	fuel	"ROYAL DUTCH (RD) UNIT TO RAISE HEAVY FUEL PRICES
  Scallop Petroleum Corp, a subsidiary of
  Royal Dutch/Shell group, said it will raise contract prices for
  heavy fuel 50 cts to one dlr a barrel, effective tomorrow.
      The increase brings the price for 0.5 pct sulphur fuel to
  21.50 dlrs, up 50 cts, 0.7 pct sulphur to 21 dlrs, up 75 cts,
  0.7 pct sulphur to 21 dlrs, up 75 cts, one pct sulphur to 20.25
  dlrs, up 75 cts, two pct sulphur to 19.75 dlrs, up one dlr, 2.2
  pct sulphur to 19.50 dlrs, up one dlr, 2.8 pct sulphur 19 dlrs,
  up one dlr, the company said.
      Price for 0.3 pct sulphur was unchanged at 22.25 dlrs, it
  said.
  

"
test/15925	7	cotton	"COTTON SUPPLY/DEMAND BY COUNTRY -- USDA
  The U.S. Agriculture Department
  detailed world supply/demand data for major importers and
  exporters of cotton, by country, as follows, in mln 480-lb
  bales --
      CHINA COTTON --
                 1986/87           1985/86
            04/09/87 03/09/87  04/09/87 03/09/87
   Start Stcks 16.00  18.30      19.40  19.80
   Production  16.30  16.30      19.00  19.00
   Imports         X      X          X      X
   Domes Use   21.00  17.50      19.50  17.50
   Exports      2.30   2.50       2.90   2.90
   End Stocks   9.05  14.55      16.00  18.30
   X - Less than 5,000 bales
      PAKISTAN COTTON, in mln 480 bales --
                 1986/87           1985/86
            04/09/87 03/09/87  04/09/87 03/09/87
   Start Stocks 1.07   1.07      1.05   1.05
   Production   6.10   6.10      5.67   5.67
   Imports         X      X         X      X
   Domestic Use 2.50   2.50      2.34   2.34
   Exports      3.00   3.00      3.15   3.15
   End Stocks   1.51   1.51      1.07   1.07
   X - Less than 5,000 bales.
      USSR COTTON, in mln 480-lbs bales --
                  1986/87            1985/86
             04/09/87 03/09/87  04/09/87 03/09/87
   Start Stocks  2.76   2.76       2.62   2.62
   Production   11.20  11.20      12.10  12.10
   Imports       1.00   1.00       0.65   0.65
   Domestic Use  9.70   9.70       9.60   9.60
   Exports       2.80   2.80       3.00   3.00
   End Stocks    2.46   2.46       2.76   2.76
      JAPAN COTTON, in mln 480-lbs bales --
                  1986/87            1985/86
             04/09/87 03/09/87  04/09/87 03/09/87
   Start Stocks  0.52   0.52      0.61   0.61
   Production     NIL    NIL       NIL    NIL
   Imports       3.10   3.10      3.05   3.05
   Domestic Use  3.10   3.10      3.15   3.15
   Exports        NIL    NIL       NIL    NIL
   End Stocks    0.52   0.52      0.52   0.52
  

"
test/15929	36	orange	"USDA FLORIDA ORANGE REPORT CONSIDERED BEARISH
  The U.S. Agriculture Department's
  latest estimates on 1986/87 Florida orange production and
  orange juice yield are bearish for the frozen concentrated
  orange juice futures market because the yield increase was
  greater than expected, FCOJ traders and analysts said.
      The USDA projected an average yield of 1.50 gallons of FCOJ
  per box versus last month's estimate of 1.47 gallons.
      The government estimated Florida orange production
  (excluding Temples) at 122.9 mln boxes versus 124 mln last
  month. Temples were unchanged at 3.4 mln boxes.
      Traders and analysts said the unexpectedly large yield
  increase outweighed the anticipated drop in box count.
  

"
test/15930	12	earn	"JAMES RIVER CORP <JR> SETS REGULAR DIVIDEND
  Qtly div 10 cts vs 10 cts prior
      Pay April 30
      Record April 21
  

"
test/15932	6	copper	"NORANDA BEGINS SALVAGE OPERATIONS AT MURDOCHVILLE
  <Noranda Inc> said it began salvage
  operations at its Murdochville, Quebec, mine, where a fire last
  week killed one miner and caused 10 mln dlrs in damage.
       Another 56 miners were trapped underground for as long as
  24 hours before they were brought to safety.
      Noranda said the cause and full extent of the damage is
  still unknown but said it does know that the fire destroyed
  6,000 feet of conveyor belt.
       Noranda said work crews have begun securing the ramp
  leading into the zone where the fire was located. The company
  said extreme heat from the fire caused severe rock degradation
  along several ramps and drifts in the mine.
       Noranda estimated that the securing operation for the zone
  will not be completed before the end of April.
      Noranda said the Quebec Health and Safety Commission, the
  Quebec Provincial Police and Noranda itself are each conducting
  an investigation into the fire.
      Production at the mine has been suspended until the
  investigations are complete. The copper mine and smelter
  produced 72,000 tons of copper anodes in 1986 and employs 680
  people.
       The smelter continues to operate with available
  concentrate from stockpiled supplies, Noranda said. Reuter
  

"
test/15933	12	earn	"NEWHALL INVESTMENT PROPERTIES <NIP> PAYOUT
  Shr 10 cts vs 10 cts prior qtr
      Pay June one
      Record April 24
  

"
test/15934	12	earn	"NEWHALL RESOURCES <NR> QTLY DISTRIBUTION
  Shr 15 cts vs 15 cts prior qtr
      Pay June one
      Record April 24
  

"
test/15937	12	earn	"WESTINGHOUSE ELECTRIC CORP 1ST QTR SHR 1.05 DLRS VS 88 CTS

  WESTINGHOUSE ELECTRIC CORP 1ST QTR SHR 1.05 DLRS VS 88 CTS
  

"
test/15939	10	crude	"U.S. OIL DEPENDENCY SEEN RISING TO RECORD LEVEL
  The United States' dependency on
  foreign oil sources may reach record levels by the mid-1990s,
  according to John H. Lichtblau, president of Petroleum Industry
  Research Associates.
      Lichtblau, speaking at an alternative energy conference
  here, said the U.S. may depend on foreign suppliers for as much
  as 52 pct of its oil by 1995, surpasssing the previous high
  level of 47 pct in 1977.
      ""The long term growth in dependency on foreign oil is
  inevitable,"" Lichtblau said. As much as 30 pct of U.S. oil
  imports in 1995 could come from OPEC nations, he said.
      Lichtblau said the U.S. depended on foreign suppliers for
  33 pct of its oil in 1986 and predicted that would increase to
  40 pct by 1990.
      ""However, the rate of this growth can be affected
  positively or negatively through government action or
  inaction,"" Lichtblau said.
      He said that one of the government's negative actions is
  the maintenance of the windfall profits tax which acts as a
  disincentive to developing existing fields and reduces cash
  flow for oil exploration.
      Lichtblau called for the adoption of an international floor
  price for crude oil to help stabilize world oil prices.
      ""An international floor price adopted by all or most
  industrial countries would clearly be a much more effective
  measure and would be much less distortive for the U.S. than if
  we imposed it alone,"" Lichtblau said.
      Development of alternate energy sources such as synthetic
  fuels as well as increased development in Alaska could lessen
  U.S. dependency on foreign oil, Lichtblau said.
      A potential for alternative supplies could limit the
  willingness of OPEC nations to raise oil prices, he said.
      Lichtblau also called for the federal government to offer
  tax abatements for oil drilling, to fill the Strategic
  Petroleum Reserve at a faster rate and to develop pilot plans
  for alternative energy.
  

"
test/15944	12	earn	"WESTINGHOUSE ELECTRIC CORP <WX> 1ST QTR NET
  Shr primary 1.05 dlrs vs 88 cts
      Shr dilulted 1.05 dlrs vs 86 cts
      Net 151.6 mln vs 135.2 mln
      Revs 2.32 billion vs 2.55 billion
      Avg shrs 144.6 mln vs 154.5 mln
  

"
test/15949	29	livestock	"CCC GUARANTEES TO IRAQ SWITCHED --USDA
  The Commodity Credit Corporation
  (CCC) has transferred 12.0 mln dlrs in credit guarantees
  previously earmarked for sales of U.S. hatching eggs and 7.0
  mln dlrs in guarantees for breeder livestock to increase
  coverage on sales of U.S. protein concentrates to Iraq, the
  U.S. Agriculture Department said.
      The action was taken at the request of Iraq's State Trade
  Organization for Grains and Foodstuffs and reduces the line for
  hatching eggs to zero and the line for breeder livestock from
  15.0 mln dlrs to 8.0 mln dlrs, the department said.
      The guarantee line for sales of protein concentrates has
  been increased from 25.0 mln dlrs to 44.0 mln dlrs, it said.
  

"
test/15950	33	money-supply	"NEW YORK BUSINESS LOANS FALL 1.31 BILLION DLRS
  Commercial and industrial loans on the
  books of the 10 major New York banks, excluding acceptances,
  fell 1.31 billion dlrs to 62.70 billion in the week ended April
  1, the Federal Reserve Bank of New York said.
      Including acceptances, loans dropped 1.34 billion dlrs to
  63.23 billion.
      Commercial paper outstanding nationally fell 4.80 billion
  dlrs to 334.28 billion.
      National business loan data are scheduled to be released on
  Friday.
  

"
test/15951	33	money-supply	"N.Y. BANK DISCOUNT BORROWINGS 169 MLN DLRS
  The eight major New York City banks had
  daily average borrowings of 169 mln dlrs from the Federal
  Reserve in the week ended April 8, a Fed spokesman said.
      A Fed spokesman said that all of the borrowings were made
  yesterday by fewer than half the banks.
      It was the second half of the two-week bank statement
  period that ended on Wednesday. Average borrowings by these
  banks were 142 mln dlrs in the first week of the period.
  

"
test/15956	0	acq	"FUNDAMENTAL BROKERS BUYS PART OF MKI BROKERS
  Fundamental Brokers Institutional
  Associates, a leading inter-dealer broker in U.S. government
  securities, said it has agreed to acquire certain assets of MKI
  Government Brokers Inc for undisclosed terms.
      Acquisition documents have been signed and are being held
  in escrow pending the receipt of certain consents, it said.
      In conjunction with the sale of assets, MKI has ceased
  brokering treasury bills, notes and bonds, Fundamental said.
      Industry sources told Reuters yesterday that Fundamental
  was close to acquiring the government securities brokerage
  division of MKI, a major broker of corporate bonds.
      Fundamental said it intends to use the facilities formerly
  used by MKI to provide a new block brokering service in the
  most active Treasury issues.
      By separating the execution of wholesale trades from the
  heavy volume of smaller lots, large-scale transactions will be
  facilitated, the company said.
      ""The new system is expected to substantially enhance the
  liquidity and effiency of markets,"" Fundamental said.
      The wholesale brokering service will begin on or around
  April 20.
  

"
test/15959	12	earn	"NEWHALL INVESTMENT <NIP> SETS SPECIAL PAYOUT
  Newhall Investment Properties
  said it declared a special distribution of 50 cts per share,
  payable June one, to unitholders of record April 24.
  

"
test/15960	36	orange	"FCOJ MOVEMENT 4,496,533 GALLONS LAST WEEK
  Florida Citrus Processors
  Association said frozen concentrated orange juice movement into
  trade channels in the week ended April 4 totalled 4,496,533
  gallons versus 5,058,976 gallons in the week ended March 28 and
  4,141,578 gallons in the corresponding year-ago period.
      There were 499,967 gallons of foreign imports last week
  versus 341,280 gallons the week before. Domestic imports last
  week were 24,774. Retail movement was 1,741,139 versus
  1,464,490 a year ago. Bulk movement was 2,328,368 against
  2,139,383 a year earlier.
      Current season cumulative movement was 79,516,753 gallons
  versus 76,919,119 last year. Cumulative net pack for the season
  was 86,254,846 versus 82,355,864 a year ago. Inventory was
  75,212,711 versus 75,985,696 a year ago.
  

"
test/15961	0	acq	"NATIONAL HERITAGE <NHER> BUYS MANAGEMENT FIRM
  National Heritage Inc said it acquired
  the assets of Chartham Management Corp of Salem, Ore.
      Terms were not disclosed.
      The assets acquired will be used to form a new divisional
  office serving the northwest, the nursing home operator said.
      The newly acquired Salem operation has management
  responsibility for about 2,500 beds in 28 nursing homes in
  seven states.
      Southmark Corp <SM>, which owns 80 pct of National
  Heritage, recently agreed to acquire the 28 facilities.
  National is the manager of nursing home properties owned by
  Southmark.
  

"
test/15963	0	acq	"OHIO MATTRESS <OMT> BUYS SEALY OF MICHIGAN
  Ohio Mattress Co said that its
  Ohio-Sealy Mattress Manufacturing Co unit completed its
  previously announced acquisition of Sealy Mattress Co of
  Michigan Inc.
      In addition, the company said Sealy Inc, of which its owns
  82 pct, redeemed the outstanding Sealy stock held by Michigan
  Sealy, thus increasing the company's stake in Sealy to 93 pct.
  

"
test/15964	10	crude	"LA LAND <LLX>,DU PONT <DD>GET EXPLORATION TRACTS
  Louisiana Land and Exploration Co
  said it, Du Pont Co's Conoco Inc subsidiary and <Oranje-Nassau
  Energie B.V.> have been offered four exploration blocks
  offshore The Netherlands.
      Louisiana Land said Blocks Q4a, E12c and E15b were offered
  to the group in which Conoco has a 67.5 pct interest, Louisiana
  Land 20 pct and Orange-Nassau 12.5 pct, while this group along
  with a consortium headed by Pennzoil Co <PZL> were offered
  Block Q5c. The offers were the result of applications submitted
  to the Ministry of Economic Affairs for the Netherlands Sixth
  Offshore Licensing Round.
      Louisiana Land said the Conoco group intends to provide a
  formal acceptance of the blocks with plans to start exploration
  this year.
      The company also said the two Q blocks immediately offset
  other offshore blocks on which hydrocarbons have been found in
  commercial quantities.
  

"
test/15967	12	earn	"PATIENT <PTI> CONSIDERING DEBT RESTRUCTURING
  Patient Technology Inc said it
  retained an investment banking firm to consider alternatives in
  restructuring its long-term debt, including a possible exchange
  offer for 20 mln dlrs of outstanding convertible debentures.
      On April one, it began consolidating sales, marketing and
  manufacturing operations. The consolidation is expected to be
  complete by June one and the company said it is now focusing on
  restructuring its balance sheet. 
       The company said the first quarter will be adversely
  affected by the consolidation effort.
      For the year ago first quarter, the company reported a
  profit of 100,000 dlrs on 7.3 mln dlrs.
      The company further said that the second quarter will be 
  transitional period and that earnings growth will resume in the
  second half of 1987.
      For the year ended December 31, 1986, Patient reported a
  net loss of 1.4 mln dlrs on sales of 29.8 mln dlrs, due to
  write-offs from discontinued operations and a temporary backlog
  of orders.
  

"
test/15968	0	acq	"NAPCO <NPCO> MANAGEMENT CANNOT RAISE FUNDING
  Napco International Inc said it
  has suspended its plan to sell its international business to a
  group of that business' top managers because the group has
  failed to obtain satisfactory financing.
      The company also said it still intends to pursue a new
  corporate direction, and is exploring acquisition alternatives.
  

"
test/15969	12	earn	"BANKS OF MID-AMERICA INC <BOMA> 1ST QTR NET
  Shr loss 18 cts vs loss 89 cts
      Net profit 161,000 vs loss 5,938,000
      Assets 3.43 billion vs 3.46 billion
      Deposits 2.68 billion vs 2.67 billion
      Loans 1.45 billion vs 1.64 billion
      Note: Shr data after payment of preferred dividends.
  

"
test/15970	0	acq	"MCDONNELL DOUGLAS <MD> BUYS COMPUTER FIRM
  McDonnell Douglas Corp said it
  acquired Frampton Computer Services Ltd, a British software
  company that is also known as Isis.
      Terms of the acquisition were not disclosed.
      Based in Bristol, England, Isis employs 65 workers and has
  annual revenues of about five mln dlrs, McDonnell Douglas said.
      The company added that Isis will operate as part of
  McDonnell Douglas Information Systems International.
  

"
test/15973	7	cotton	"WORLD MARKET PRICE FOR UPLAND COTTON - USDA
  The U.S. Agriculture Department
  announced the prevailing world market price, adjusted to U.S.
  quality and location, for Strict Low Middling, 1-1/16 inch
  upland cotton at 50.57 cts per lb, to be in effect through
  midnight April 16.
      The adjusted world price is at average U.S. producing
  locations (near Lubbock, Texas) and will be further adjusted
  for other qualities and locations. The price will be used in
  determining First Handler Cotton Certificate payment rates.
      The department said since the adjusted world price is above
  the loan repayment rate of 44 cts per lb for the base quality,
  no First Handler Cotton Certificates will be issued during the
  period.
      Based on data for the week ended April 9, the adjusted
  world price for upland cotton is determined as follows, in cts
  per lb --
          Northern European Price -- 62.88
                   Adjustments --
   Average U.S. Spot Mkt Location --  9.98
           SLM 1-1/16 Inch Cotton --  1.80
            Average U.S. Location --  0.53
               Sum of Adjustments -- 12.32
             Adjusted World Price -- 50.63
  

"
test/15976	33	money-supply	"U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS IN MARCH 30 WEEK, FED SAYS

  U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS IN MARCH 30 WEEK, FED SAYS
  

"
test/15977	33	money-supply	"FED SAYS U.S. DISCOUNT WINDOW BORROWINGS 361 MLN DLRS IN APRIL 8 WEEK

  FED SAYS U.S. DISCOUNT WINDOW BORROWINGS 361 MLN DLRS IN APRIL 8 WEEK
  

"
test/15978	33	money-supply	"U.S. BANK NET FREE RESERVES 447 MLN DLRS IN TWO WEEKS TO APRIL 8

  U.S. BANK NET FREE RESERVES 447 MLN DLRS IN TWO WEEKS TO APRIL 8
  

"
test/15979	12	earn	"WESTINGHOUSE ELECTRIC <WX> OPTIMISTIC FOR YEAR
  Westinghouse Electric Corp chairman
  Douglas Danforth said he was encouraged by first quarter
  results for fiscal 1987, and said the company was positioned to
  capitalize on the economy's modest growth for the rest of the
  year.
      ""I am encouraged by the continuing improvement in
  earnings,"" Danworth said. ""The first quarter met our
  expectations.""
      Westinghouse recorded net income for the first quarter of
  151.6 mln dlrs, or 1.05 dlrs per share, on revenues of 2.32
  billion dlrs.
      Danworth attributed the results to an increase in the
  operating profit in the energy and advanced technology,
  industries and commerical segments.
  

"
test/15980	12	earn	"BSD BANCORP <BSD> 1ST QTR NET
  Shr seven cts vs five cts
      Net 240,000 vs 136,000
      Loans 264.5 mln vs 251.7 mln
      Deposits 319.7 mln vs 306.8 mln
      Assets 348.6 mln vs 334.6 mln
  

"
test/15981	12	earn	"GATEWAY COMMUNICATIONS INC <GWAY> 1ST QTR NET
  Shr 14 cts vs six cts
      Net 653,561 vs 251,955
      Revs 4,143,056 vs 2,199,238
  

"
test/15984	12	earn	"BAKER COMMUNICATIONS INC <BAKR> YEAR LOSS
  Shr loss 42 cts vs loss 56 cts
      Net loss 596,354 vs loss 795,009
      Revs 3,818,258 vs 2,070,772
  

"
test/15985	12	earn	"EASTOVER CORP <EASTS> 4TH QTR NET
  Shr 39 cts vs 28 cts
      Net 491,000 vs 356,000
      Revs 890,000 vs 720,000
      Year
      Shr 1.54 dlrs vs 2.49 dlrs
      Net 1,952,00 vs 3,165,000
      Rev 3,463,000 vs 3,005,000
      Note: Net includes state tax credit of 400,000 for 1986 qtr
  and year. Net also includes gains from sale of real estate of
  3,000 vs 83,000 for qtr and 563,000 vs 1,317,000 for year.
  

"
test/15987	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS 361 MLN DLRS
  U.S. bank discount window borrowings
  less extended credits averaged 361 mln dlrs a day in the week
  to Wednesday, April 8, the Federal Reserve said.
      Total daily borrowings in the week fell 99 mln dlrs to 591
  mln dlrs, with extended credits down 35 mln dlrs at 230 mln
  dlrs. The week was the second half of the two-week statement
  period that ended Wednesday. Net borrowings averaged 425 mln
  dlrs in the first week of the period.
      Commenting on the two-week statement period that ended on
  April 8, the Fed said banks had average net free reserves of
  447 mln dlrs.
      A Fed spokesman told a press conference that there were no
  large one-day net misses in the Fed's estimates of reserves in
  the week ended Wednesday.
      Of the week's borrowings, money center banks accounted for
  65 pct, and small banks for almost 35 pct. On Wednesday, when
  net borrowings were 1.36 billion dlrs and Fed funds averaged a
  high 6.45 pct, money center banks accounted for more than 90
  pct of the borrowing.
      Borrowings in the latest two weeks averaged 393 mln dlrs a
  day, the highest since the statement period ended January 28.
      Float ranged from about 250 mln dlrs on Thursday to between
  one and 1.25 billion dlrs on Monday and Tuesday.
      The spokesman said Monday's float included 500 mln dlrs in
  holdover float at one Fed branch due to mechanical problems.
      About 500 mln dlrs of Tuesday's float reflected
  non-weather-related transportation float in one Eastern Reserve
  bank.
      As-of adjustments ranged from minus 500 mln dlrs on Monday,
  when cash letter errors at two eastern reserve banks were
  corrected, to plus 500 mln dlrs on Thursday, when a correction
  was made to unposted funds at a single bank.
      In the first half of the statement period ended Wednesday,
  banks held excess reserves on the first four days of the week
  but ran a deficit on Wednesday.
      In the second week, they ran a deficit on Thursday, Friday
  and Monday but held excess reserves on the final two days.
  

"
test/15988	6	copper	"NORANDA BEGINS MURDOCHVILLE MINE SALVAGE
  Noranda Inc said it began salvage
  operations at its Murdochville, Quebec mine where a fire last
  week killed one miner and caused 10 mln dlrs in damage.
       Noranda said the cause and full extent of the damage is
  still unknown but the fire destroyed 6,000 feet of conveyor
  belt.
      The company said extreme heat from the fire caused severe
  rock degradation along several ramps and drifts in the mine.
      Production at the mine has been suspended until
  investigations are complete. The copper mine and smelter
  produced 72,000 tons of copper anodes in 1986.
       The smelter continues to operate with available
  concentrate from stockpiled supplies, Noranda said.
  

"
test/15989	33	money-supply	"U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS
  U.S. M-1 money supply fell two billion
  dlrs to a seasonally adjusted 738.9 billion dlrs in the March
  30 week, the Federal Reserve said.
      The previous week's M-1 level was revised to 740.9 billion
  dlrs from 741.0 billion, while the four-week moving average of
  M-1 rose to 739.8 billion dlrs from 739.7 billion.
      Economists polled by Reuters said that M-1 would be
  anywhere from down two billion dlrs to up 1.8 billion.
  

"
test/15993	0	acq	"BEVIS <BEVI> RECEIVES TAKEOVER INQUIRIES
  Bevis Industries Inc, which has
  been seeking to be acquired, said it recently received
  inquiries concerning the purchase of the company.
      The company did not identify the parties that made the
  inquiries, but it said they had been referred to its investment
  bankers, Tucker, Anthony and R.L. Day Inc, for study.
      On March 18, the company said it engaged Tucker, Anthony to
  seek purchasers of its operating units, Greenville Tube Corp
  and MD Pneumatics Inc.
  

"
test/15995	0	acq	"JACOR <JCOR> TO BUY TWO DENVER RADIO STATIONS
  Jacor Communications Inc said it
  agreed to buy two Denver radio stations from A.H. Belo Corp
  <BLC> for 24 mln dlrs in cash and notes.
      Jacor said the two stations are KOA-AM and KOAQ-FM.
      The acquisitions must be approved by the Federal
  Communications Commission, Jacor added.
  

"
test/15996	33	money-supply	"ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK
  Assets of money market mutual funds
  increased 1.39 billion dlrs in the week ended yesterday to
  236.77 billion dlrs, the Investment Company Institute said.
      Assets of 93 institutional funds were up 481.1 mln dlrs to
  65.65 billion dlrs, 93 broker-dealer funds rose 285.3 mln dlrs
  to 107.31 billion dlrs, and 197 general purpose funds gained
  625.5 mln dlrs to 63.8 billion dlrs.
  

"
test/15997	0	acq	"POLYCAST <PTCC> REDUCES SPARTECH <SPTN> STAKE
  Polycast Technology Corp told the
  Securities and Exchange Commission it sold off 119,800 of its
  Spartech Corp common shares, reducing its stake in Spartech to
  30,000 shares or 1.2 pct of the total outstanding.
      Polycast said it made the sales April 6-8 in the
  over-the-counter market.
      It gave no reason for the sales.
  

"
test/16002	0	acq	"HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP

  HOSPITAL CORP SAYS IT RECEIVED 47 DLR A SHARE OFFER FROM INVESTOR GROUP
  

"
test/16003	12	earn	"BEVERLY ENTERPRISES <BEV> SETS REGULAR DIVIDEND
  Qtly div five cts vs five cts prior
      Pay July 13
      Record June 30
  

"
test/16004	32	money-fx	"TREASURY'S BAKER SAYS FLOATING EXCHANGE RATE SYSTEM NEEDS GREATER STABILITY

  TREASURY'S BAKER SAYS FLOATING EXCHANGE RATE SYSTEM NEEDS GREATER STABILITY
  

"
test/16005	10	crude	"CRUDE OIL NETBACKS UP SHARPLY IN EUROPE, U.S.
  Crude oil netback values in complex
  refineries rose sharply in Europe and firmed in the U.S. last
  Friday from the previous week but fell sharply in Singapore,
  according to calculations by Reuters Pipeline.
      The firmer tone to refining margins in Europe and the U.S.
  relected higher prices for petroleum products, particularly
  gasoline, and support from crude oil prices.
      Netback values for crude oil refined in Northern Europe
  rose substantially following strong gains in gasoline prices
  there. Brent is valued at 19.45 dlrs, up 56 cts a barrel or
  three pct from the previous week.
      In the U.S. Gulf, sweet crudes rose in value by 14 cts to
  19.33 dlrs for West Texas Intermediate, up about 0.7 pct.
      Sour grades in the U.S. Gulf showed an increase of 33 cts a
  barrel for Alaska North Slope, up 1.7 pct.
      But netbacks for crude oil refined in Singapore fell
  sharply, down 15 cts to as much as 68 cts a barrel as ample
  distillate supplies weighed on petroleum product prices.
      Attaka in Singapore is valued at 18.55 dlrs, a decline of
  68 cts a barrel or 3.5 pct from the previous week.
      For refineries in the Mediterranean, netback values were
  mostly lower, with declines of seven to 14 cts. The value of
  Kuwait crude fell 14 cts to 18.37 dlrs, while Iranian Light
  fell 11 cts to 19.14 dlrs.
      On the U.S. West Coast, netback values for ANS CIF L.A.
  also jumped sharply, up 40 cts a barrel or 2.2 pct to 18.82
  dlrs on higher gasoline prices.
  

"
test/16006	32	money-fx	"TREASURY'S BAKER SAYS SYSTEM NEEDS STABILITY
  Treasury Secretary James Baker said
  the floating exchange rate system has not been as effective as
  had been hoped in promoting stability and preventing imbalances
  from emerging in the global economy.
      In remarks before the afternoon session of the
  International Monetary Fund's Interim Committee, Baker said he
  was not suggesting that the system should be abandoned.
      ""But I do suggest,"" he said, ""that we need something to give
  it more stability and to keep it headed in the right direction
  when the wind shifts.""
      He said that indicators can serve ""as a kind of compass"" but
  added that structural indicators can help focus attention on
  some policies.
      Baker, however, said the IMF ""needs to move beyond
  macroeconomic indicators and find structural indicators that
  can help focus attention on some of the policies of specific
  relevance to the imbalances we face today.""
      The Treasury Secretary said that indicators should be given
  a more prominent role in the annual economic reviews -- Article
  IV consultations -- that the Fund performs.
      Baker also told the policy making group that it was time
  for the IMF to adopt earlier recommendations making IMF
  surveillance more relevant to national policymakers and the
  public.
      ""In particular, we urge increased publicity for IMF
  appraisals developed in Article IV consultations, the use of
  follow-up reports on country actions to implement IMF
  recommendations, and greater use of special consultation
  procedures,"" he said.
      Baker emphasized that indicators were a device ""for moving
  beyond rhetoric to action.""
      He said they provide ""more structure to the system, and
  induce more discipline and peer pressure into the process of
  policy coordination.""
      He said the Fund's procedures for surveillance need to be
  reviewed and updated to reflect the use of indicators.
      ""This should be matter of priority for the executive board,""
  he said.
      Baker also urged the Fund to develop alternative
  medium-term economic scenarios for countries that ""can help us
  focus even more clearly on the most important imbalances, by
  identifying options for addressing them and analyzing the
  implications of these options.""
      He said also that further work should be done on finding
  paths that lead toward possible medium-term objectives.
      ""If we are to take effective remedial action when there are
  significant deviations from an intended course, then we must
  have more definitive ways of indentifying the right course for
  key variables,"" he said.
  

"
test/16013	12	earn	"TRUSTCORP INC <TTCO> 1ST QTR NET 
  Shr 67 cts vs 62 cts
      Net 9,160,000 vs 7,722,000
      Assets 4.5 billion vs four billion
      Note: Shr and net data are before accounting change
  announced in 1986, which added 30 cts a share to year-ago 1st
  qtr results.
  

"
test/16015	12	earn	"NAPA VALLEY BANCORP <NVBC> 1ST QTR NET
  Shr 20 cts vs 25 cts
      Net 487,000 vs 435,000
  

"
test/16016	12	earn	"INTERNATIONAL POWER MACHINES <PWR> 4TH QTR LOSS
  Shr loss 21 cts vs loss 28 cts
      Net loss 817,000 vs loss 1,058,000
      Revs 5,627,000 vs 7,397,000
      Year
      Shr loss 75 cts vs loss 1.36 dlrs
      Net loss 2,872,000 vs loss 5,200,000
      Revs 23.3 mln vs 21.1 mln
      Note: 1985 net includes 1,255,000 adjustment in inventory
  valuations and 486,000 in cost-reduction expenses.
      Full name is International Power Machines Corp.
  

"
test/16021	0	acq	"GREAT AMERICAN MGMT<GAMI> HAS ATCOR<ATCO> STAKE
  Great American Management and
  Investment Inc told the Securities and Exchange Commission it
  acquired a 7.7 pct stake in Atcor Inc.
      Great American said it bought the stake for investment.
      It added that it has also considered--but not yet
  decided--to buy additional Atcor shares, either in the open
  market, in private transactions, through a tender offer or
  otherwise.
      Great American said it paid about 6.1 mln dlrs for its
  462,400 Atcor shares. It said its most recent purchases
  included 191,400 shares bought March 18-April 6.
  

"
test/16022	12	earn	"RAI RESEARCH CORP <RAC> 3RD QTR FEB 28 NET
  Oper shr one ct vs 13 cts
      Oper net 17,806 vs 312,692
      Revs 1,318,165 vs 2,239,349
      Nine mths
      Oper shr 27 cts cs 28 cts
      Oper net 640,156 vs 671,291
      Revs 5,612,818 vs 5,632,044
      Note: Oper excludes gain from discontinued operations of
  15,598 for year-ago qtr and loss from discontinued operations
  of 49,040 for year-ago nine mths.
  

"
test/16023	12	earn	"MOORE <MCL> SEES SUBSTANTIAL 1987 PROFIT GAIN
  Moore Corp Ltd expects 1987 profits from
  continuing operations will exceed 1986 results and recover to
  1985 levels when the company earned 152 mln U.S. dlrs or 1.70
  dlrs a share, president M. Keith Goodrich said.
      ""We'll have a substantial increase in earnings from
  continuing operations,"" he told reporters after the annual
  meeting. He said he expected profits would recover last year's
  lost ground and reach 1985 results.
      In 1986, profits from continuing operations slumped to
  139.5 mln dlrs or 1.54 dlrs a share. The total excluded losses
  of 30 mln dlrs on discontinued operations.
      Goodrich said Moore is still actively looking for
  acquisitions related to its core areas of business forms
  manufacturing or handling.
      ""We could do a large acquisition,"" he said when asked if
  the company could raise as much as one billion dlrs for this
  purpose.
      Chairman Judson Sinclair, answering a shareholder's
  question, told the annual meeting that a special resolution
  passed by shareholders to create a new class of preferred
  shares would allow Moore to move quickly if it decided to
  pursue an acquisition.
      ""If we were to make a major acquisition ... it means we can
  move with a certain expediency,"" Sinclair said.
      Asked if the resolution was designed to give Moore
  protection from a possible hostile takeover, Sinclair said
  only, ""I know of no threat to the corporation at this time.""
  

"
test/16026	0	acq	"FIRM HAS 14.8 PCT OF DECISION/CAPITAL FUND<DCF>
  Gabelli Group Inc said it and two
  subsidiaries held a total of 295,800 Decision/Capital Fund Inc
  shares or 14.8 pct of the total outstanding.
      It said the shares were held on behalf of investment
  clients and it said it had no intention of seeking control of
  the fund.
      Gabelli said its most recent purchases of Decision/Capital
  Fund stock included 95,800 shares bought April 3-6 on the
  Philadelphia Stock Exchange.
      Gabelli is an investment firm headquartered in New York
  City. Its Gabelli and Co subsidiary is a brokerage firm.
  

"
test/16029	0	acq	"PARTNERSHIP BUYS IPCO <IHS> STAKE OF 6.8 PCT
  MP Co, a New York investment
  partnership, told the Securities and Exchange Commission it
  bought a 6.8 pct stake in IPCO Corp common stock.
      The partnership said it acquired 346,600 IPCO shares,
  paying 4.9 mln dlrs, because it believed the securities to be
  ""an attractive investment opportunity.""
      It said it planned to regularly review its investment and
  may in the future recommend business strategies or an
  extraordinary corporate transaction such as a merger,
  reorganization, liquidation or asset sale.
      The partnership is controlled by Marcus Schloss and Co Inc,
  a New York brokerage firm, and Prime Medical Products Inc, a
  Greenwood, S.C., medical supplies firm.
  

"
test/16030	12	earn	"DELMED INC <DMD> YEAR LOSS
  Oper shr loss 30 cts vs loss 1.27 dlrs
      Oper net loss 8,648,000 vs loss 25.6 mln
      Revs 27.4 mln vs 33.3 mln
      Avg shrs 29.1 mln vs 20.1 mln
      Note: Oper excludes loss on provision for discontinued
  operations of 971,000 vs 12.2 mln and loss from conversion of
  debt 587,000 vs gain of 1,734,000.
      1985 oper excludes loss from pension plan liquidation of
  631,000 and loss from discontinued operations of 1,015,000.
  

"
test/16033	0	acq	"CADILLAC FAIRVIEW SAYS IT HAS RECEIVED SOME ACQUISITION PROPOSALS

  CADILLAC FAIRVIEW SAYS IT HAS RECEIVED SOME ACQUISITION PROPOSALS
  

"
test/16037	0	acq	"CADILLAC FAIRVIEW SAYS IT RECEIVED TAKEOVER BIDS
  <Cadillac Fairview Corp Ltd> said it
  received proposals to acquire the company, following its
  announcement last August that it had retained investment
  dealers to solicit offers for all outstanding common shares.
      Cadillac Fairview said the offers are subject to
  clarification and negotiation and offered no further details.
  

"
test/16041	0	acq	"WINTERHALTER <WNTLC> HOLDERS OKAY TAKEOVER
  Winterhalter Inc said its
  shareholders approved the 525,000 dlr acquisition of
  Winterhalter by Interface Systems Inc <INTF>.
      The acquisition would be for 15 cts per Winterhalter share.
  

"
test/16045	12	earn	"<AMERICAN EAGLE PETROLEUMS LTD> YEAR LOSS
  Shr loss 10 cts vs profit 17 cts
      Net loss 1,546,000 vs profit 4,078,000
      Revs 22.6 mln vs 38.9 mln
  

"
test/16052	48	trade	"CHILEAN TRADE SURPLUS NARROWS SLIGHTLY IN FEBRUARY
  chile's trade surplus narrowed to 102.2
  mln dlrs in february, from 105.4 mln dlrs in the same month
  last year, but it was above the 18.2-mln-dlr surplus recorded
  in january 1987, the central bank said.
      Exports in february totalled 379.4 mln dlrs, 17.2 pct above
  the january figure. Imports fell 9.2 pct from the previous
  month to 277.2 mln dlrs. The figures for the same month last
  year were 314 mln and 208.6 mln dlrs, respectively.
      The accumulated trade surplus over the first two months of
  1987 stands at 120.4 mln dlrs against 132.8 mln dlrs the
  previous year.
  

"
test/16055	12	earn	"VALEX PETROLEUM INC <VALP> YEAR DEC 31
  Shr loss six cts vs loss 84 cts
      Net loss 219,632 vs loss 16.3 mln
      Revs 1.4 mln vs 2.8 mln
      NOTE:1985 net includes 15.5 mln dlrs of writedowns and tax
  benefit of 51,294.
  

"
test/16063	33	money-supply	"N.Z. TRADING BANK DEPOSIT GROWTH EASES SLIGHTLY
  New Zealand's trading bank
  seasonally adjusted deposit growth rose 2.1 pct in February
  compared with a 2.6 pct rise in January, the Reserve Bank said.
      Year-on-year total deposits rose 28.9 pct compared with a
  30.6 pct rise in January and 34.4 pct rise in February a year
  ago period, the bank said in its weekly statistical release.
      Total deposits rose to 17.55 billion N.Z. Dlrs in February
  compared with 17.18 billion in January and 13.61 billion in
  February 1986.
  

"
test/16074	22	interest	"AVERAGE YEN CD RATES FALL IN LATEST WEEK
  Average interest rates on yen
  certificates of deposit (CD) fell to 4.13 pct in the week ended
  April 8 from 4.33 pct the previous week, the Bank of Japan
  said.
      New rates (previous in brackets) -
      Average CD rates all banks 4.13 pct (4.33)
      Money Market Certificate (MMC) ceiling rates for week
  starting from April 13 -       3.38 pct (3.58)
      Average CD rates of city, trust and long-term banks -
      Less than 60 days          4.15 pct (4.41)
      60-90 days                 4.14 pct (4.29)
      Average CD rates of city, trust and long-term banks -
      90-120 days                4.12 pct (4.25)
      120-150 days               4.12 pct (4.23)
      150-180 days               unquoted (4.03)
      180-270 days               4.05 pct (4.05)
      Over 270 days              4.05 pct (unqtd)
      Average yen bankers acceptance rates of city, trust and
  long-term banks -
      30 to less than 60 days    3.98 pct (4.20)
      60-90 days                 4.03 pct (3.97)
      90-120 days                unquoted (unqtd)
  

"
test/16075	22	interest	"JAPAN HAS NO PLANS TO CUT DISCOUNT RATE
  Bank of Japan sources said the bank
  has no plans to cut its discount rate.
      They told reporters that there was no pressure on Japan
  during the Group of Seven (G-7) meeting here yesterday to lower
  its discount rate. They added that they themselves do not feel
  any need for a cut at all.
      Chancellor of the Exchequer Nigel Lawson told reporters
  earlier today that some countries - those with strong
  currencies - might have to cut interest rates.
      The Bank of Japan sources also said that it was too soon to
  call the G-7 pact a failure.
      The central bank sources were commenting on the dollar's
  renewed tumble in New York and Tokyo, which was sparked by
  remarks by U.S. Treasury Secretary James Baker that the
  dollar's fall had been orderly.
      They said the market must have misinterpreted Baker's
  comments because he was referring to the dollar's fall since
  the Plaza agreement in September 1985, over a long-time span,
  not the currency's recent movements.
      They added that the foreign exchange markest seem to seize
  on anything to use as an excuse to drive the dollar one way or
  the other.
      The Bank of Japan sources said the U.S. Is putting more
  weight on the dollar/yen rate in terms of judging market
  stability than on other currencies.
      Throughout the G-7 meeting, Japan pointed to the dangers
  that would arise from a further dollar fall because it would
  reduce the flow of Japanese capital to the U.S., Hurting the
  U.S. And world economies, they said.
      In February and in March of this year, Japanese investors
  reduced their purchases of U.S. Treasury bonds, the sources
  said.
      Each country in the G-7 - Britain, Canada, France, Italy,
  Japan, the U.S. And West Germany - has a different view about
  currency stability, the Bank of Japan sources said.
      This is because the overall foreign exchange market is a
  triangle of dollar/yen, European currencies/yen and
  dollar/European currencies.
      At the time of the Louvre agreement, European countries did
  not want the yen to weaken against their currencies so they did
  not object to the yen strengthening, they said.
  

"
test/16076	43	ship	"AUSTRALIAN UNIONS AND NSW GOVERNMENT REACH DEAL
  Union and New South Wales government
  officials have reached a compromise in a dispute over workers
  compensation, averting increased industrial action in the
  state, union sources said.
      But some unions, including those of building and mining
  workers, said they were dissatisfied with the deal and would
  continue their strikes for a few more days.
      State officials said the government had agreed to revise
  its proposals to cut compensation and would allow slightly
  higher cash benefits for injured workers.
      Under the original proposal, which sparked strikes and
  other industrial action in the state on April 7, workers'
  compensation would have been cut by one third. Full details of
  the compromise package are not yet known.
      The Labour Council, affiliated to the Australian Council of
  Trade Unions (ACTU), had threatened to paralyse New South Wales
  unless the government modified its pending legislation on the
  issue.
      State officials said the only sectors affected in the past
  three days were some government building projects, railway
  freight movement and cargo handling in Sydney's ports.
  

"
test/16077	10	crude	"ECUADOR CRUDE OIL OUTPUT TO RESUME NEXT MONTH
  Ecuador is due to resume limited crude oil
  output on May 8 when a new 43 km pipeline to neighbouring
  Colombia should be finished, an energy ministry spokesman said.
      Oil output was halted on March 5 by an earthquake which
  damaged 50 km of the main pipeline linking jungle oilfields at
  Lago Agrio to the Ecuadorean port of Balao on the Pacific.
      About 13 km of the new link, capable of carrying some
  50,000 barrels per day (bpd), has been built, he said.
      Ecuador pumped 245,000 to 250,000 bpd before the
  earthquake.
      The new link will connect Lago Agrio to Puerto Colon in
  Colombia, the starting point of Columbia's pipeline to the
  Pacific ocean port of Temuco.
      The government estimates it will take about four more
  months to repair the Lago Agrio to Balao pipeline and return
  output to normal levels, the spokesman said.
  

"
test/16086	12	earn	"MOBIL AUSTRALIA REPORTS 38.6 MLN DLR 1986 LOSS
  Wholly-owned Mobil Corp <MOB> unit,
  <Mobil Oil Australia Ltd>, reported a 38.63 mln dlr net loss in
  1986, a turnaround from its 37.25 mln profit in 1985.
      The loss reflected a combination of strikes plus scheduled
  and unscheduled refinery shutdowns for maintenance and
  inventory losses caused by government controls on both crude
  and product prices, Mobil said in a statement.
      However, equity-accounting of associates' profits reduced
  the loss to 24 mln dlrs against a 37 mln profit in 1985.
      Mobil said it was confident 1987 would see a return to
  profit as it built further on its 1985 company restructuring.
  

"
test/16088	48	trade	"JAPAN WARNS U.S. IT MAY RETALIATE IN TRADE DISPUTE
  Japan warned the United States it may
  take retaliatory measures if the United States imposes its
  planned trade sanctions on April 17, a senior government
  official said.
      Shinji Fukukawa, Vice Minister of the International Trade
  and Industry Ministry, said in a statement Japan would consider
  measures under the General Agreement on Tariffs and Trade and
  other actions if the United States imposes 100 pct tariffs on
  some Japanese exports as planned next week.
      However, Fukukawa said Japan was ready to continue trade
  talks with the United States despite its failure to convince
  America to call off the threatened tariffs during two days of
  emergency talks which ended in Washington yesterday.
      Last month President Reagan announced the sanctions in
  retaliation for what he called Japan's failure to honour a July
  1986 agreement to stop dumping computer microchips in markets
  outside the United States and to open its home market to
  American goods.
      Fukukawa said the United States had regrettably not
  listened to Japan's explanation of its efforts to live up the
  pact and said Washington had not given any detailed explanation
  of why it planned to impose the tariffs.
  

"
test/16091	0	acq	"KUWAIT INCREASES STAKE IN SIME DARBY
  The Kuwait Investment Office (KIO)
  has increased its stake in <Sime Darby Bhd> to 63.72 mln
  shares, representing 6.88 pct of Sime Darby's paid-up capital,
  from 60.7 mln shares, Malayan Banking Bhd <MBKM.SI> said.
      Since last November, KIO has been aggressively in the open
  market buying shares in Sime Darby, a major corporation with
  interests in insurance, property development, plantations and
  manufacturing.
      The shares will be registered in the name of Malayan
  Banking subsidiary Mayban (Nominees) Sdn Bhd, with KIO as the
  beneficial owner.
  

"
test/16093	45	sugar	"SMUGGLING BLAMED FOR CLOSURE OF HAITIAN SUGAR FIRM
  A sugar mill which was this
  nation's second largest employer closed its doors yesterday,
  saying it had been run out of business by sugar smuggled from
  Miami and the neighbouring Dominican Republic.
      The closure of the Haitian American Sugar Company (HASCO)
  will idle 3,500 employees and affect as many as 30,000 to
  40,000 small sugar cane planters in regions around the capital,
  the company said.
      ""Because of unprecedented and ever-growing smuggling, HASCO
  regrets ... It cannot continue to accept delivery of sugar cane
  after April 10,"" the mill warned planters earlier this week.
      Since President Jean-Claude Duvalier fled Haiti fourteen
  months ago, widescale smuggling of basic goods such as cooking
  oil, flour, rice, sugar and canned milk has lowered consumer
  prices but bankrupted several local manufacturers, throwing
  hundreds of thousands of Haitians out of work.
      At the HASCO compound, where grim-faced workers lined up to
  receive their last pay, Spokesman Georges D. Rigaud showed a
  warehouse stocked with an estimated 445,000 unsold 100-pound
  (45-kg) bags of sugar.
      ""We are closing because of our huge stock of unsold sugar.
  We have no money left to continue operations,"" Rigaud said.
      He said the company owed 7.6 mln dlrs and had borrowed an
  additional 1.5 mln dlrs in order to pay off workers.
      Rigaud blamed the mill's problems on an order by Duvalier
  two years ago forbidding HASCO from refining sugar.
      He said the government then began importing refined sugar
  at world market prices and reselling it at a huge profit and
  the provisional military-civilian government that replaced
  Duvalier last year continued the policy.
      ""But now with all the smuggling even the state can't compete
  with smuggled Dominican refined sugar,"" Rigaud said.
      HASCO workers earned 4.20 dlrs daily, considerably above
  the usual minimum wage of three dlrs.
      It is generally estimated that every employed Haitian
  supports at least six people. Rigaud said HASCO's closing at a
  minimum would affect 280,000 to 300,000 people.
      Laid-off workers were bitter about the closure. ""We're dead,
  and it's the government that's causing us to die,"" declared
  Lucien Felix, 34, who has five dependents.
  

"
test/16094	48	trade	"TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS
  Taiwan announced plans for another round
  of import tariff cuts on 862 foreign goods shortly before trade
  talks with Washington which officials described as a move to
  help balance trade with the United States.
      Wang Der-Hwa, Deputy Director of the Finance Ministry's
  Customs Administration Department, told reporters the list of
  products included 60 items asked by Washington.
      ""The move is part of our government efforts to encourage
  imports from our trading partners, particularly from the United
  States,"" he said.
      He said the ministry sent a proposal today to the cabinet
  that the tariffs on such products as cosmetics, bicycles,
  apples, radios, garments, soybeans and television sets be cut
  by between five and 50 pct.
      The cabinet was expected to give its approval next Thursday
  and the new tariff cuts would be implemented possibly starting
  on April 20, he added.
      Taiwan introduced a sweeping tariff cut on some 1,700
  foreign products last January aimed at helping reduce its
  growing trade surplus with the United States, the island's
  largest trading partner.
      Washington however was not satisfied with the cuts and
  pressed for more reductions as a way of cutting its huge trade
  deficit with Taipei.
      Washington's deficit with Taipei rose to a record 13.6
  billion U.S. Dlrs last year from 10.2 billion in 1985. It
  widened to 3.61 billion in the first quarter of 1987 from 2.78
  billion a year earlier, Taiwan's official figures show.
      Today's announcement came before a departure later today of
  a 15-member Taiwan delegation for Washington for a series of
  trade talks with U.S. Officials.
      The delegation's leader, Vincent Siew, told reporters last
  night he was leaving with ""a heavy heart,"" meaning that he would
  face tough talks in Washington because of rising protectionist
  sentiments in the U.S. Congress. Taiwan's 1986 trade surplus
  with Washington was the third largest, after Japan and Canada.
      Siew said the talks, starting on April 14, would cover U.S.
  Calls for Taiwan to open its market to American products,
  purchases of major U.S. Machinery and power plant equipment,
  import tariff cuts and protection of intellectual property.
      ""I am afraid this time we have to give more than take from
  our talks with the U.S.,"" he said without elaborating.
  

"
test/16095	48	trade	"BRITISH MINISTER SAYS HE WARNED TOKYO OF SANCTIONS
  A British minister said he had given the
  Japanese government a clear warning of sanctions against
  Japanese companies if Tokyo did not allow more access to its
  internal markets ""and it was clearly understood.""
      Corporate Affairs Minister Michael Howard said on his
  return from a visit to Japan he thought the Japanese were
  beginning to appreciate the need to be ""fair and open"" about
  access to their own markets.
      At an airport news conference Howard denied opposition
  charges that his trip had been a failure because he had
  returned empty-handed.
      ""I did what I set out to do. I was sent to deliver a clear
  message to the Japanese government, and I delivered it very
  clearly, and it has been clearly understood.""
      Howard said that under the Financial Services Act the
  govenment had considerable flexibility in taking sanctions
  against Japanese companies and finance houses operating in
  Britain.
      ""It is not simply a question of withdrawing or refusing
  operating licences. We can ban firms from certain countries
  from carrying out certain kinds of business, while allowing
  them to carry out other kinds.""
      ""I hope we don't have to use these powers, but I made it
  clear in Japan that if our timetable isn't met, we shall use
  them.""
      He said it would be unfortunate if Britain and Japan became
  involved in a tit-for-tat exchange, adding that Japan gained
  more than anyone else from an open trading relationship.
      ""I think they are beginning to appreciate that if this
  relationship is to continue, it is very important for them to
  be fair and open about access to their own markets.""
      On the question of the British firm Cable and Wireless Plc
  <CAWL.L>, which is trying to win a significant share of
  telecommunications contracts in Japan, Howard said he had told
  the Japanese this was being widely regarded as a test case.
      He said there were signs of movement on the case. Cable and
  Wireless was due to take part in talks in Japan next Tuesday,
  he said.
      Earlier this week British Prime Minister Margaret Thatcher
  said Britain could not go it alone on sanctions against Japan,
  but would have to coordinate action with its European Community
  partners.
      Community sources said after a meeting of trade officials
  yesterday that the group might impose steep new tariffs on a
  range of Japanese goods to prevent diversion from United States
  markets if Washington imposes trade sanctions against Tokyo as
  it has threatened.
  

"
test/16096	22	interest	"YIELD RISES ON 30-DAY SAMA DEPOSITS
  The yield on 30-day Bankers Security
  Deposit Accounts issued this week by the Saudi Arabian Monetary
  Agency (SAMA) rose by more than 1/8 point to 5.95913 pct from
  5.79348 a week ago, bankers said.
      SAMA decreased the offer price on the 900 mln riyal issue
  to 99.50586 from 99.51953 last Saturday. Like-dated interbank
  deposits were quoted today at 6-3/8, 1/8 pct -- 1/8 point
  higher than last Saturday.
      SAMA offers a total of 1.9 billion riyals in 30, 91 and
  180-day paper to banks in the kingdom each week.
  

"
test/16097	5	coffee	"UGANDA PULLS OUT OF COFFEE MARKET - TRADE SOURCES
  Uganda's Coffee Marketing Board (CMB)
  has stopped offering coffee on the international market because
  it is unhappy with current prices, coffee trade sources said.
      The board suspended offerings last week but because of its
  urgent need for cash it was not immediately clear how long it
  could sustain, the sources added.
      Hundreds of Ugandan coffee farmers and processors have been
  waiting several months for payment from the CMB, which has had
  trouble finding enough railway wagons to move the coffee to the
  Kenyan port of Mombasa.
      Foreign banks have contributed to the cash crisis by
  holding up remittance of Uganda's hard currency earnings from
  coffee exports, the government newspaper New Vision said.
      The banks are holding up to seven mln dlrs in coffee money
  and President Yoweri Museveni is thinking of imposing a penalty
  for such delays, it added.
      Banking sources said a third factor in the crisis was that
  commercial banks have lent the board only 77 billion shillings
  -- the equivalent of 55 mln dlrs -- for crop finance in the
  current coffee year, while the government had asked for 100
  billion.
      The CMB has 455,000 60-kg bags of coffee, about 15 pct of
  annual production, stockpiled in Kampala awaiting shipment.
      The crop accounts for over 90 pct of Uganda's export
  earnings and the recent slide in prices to four-year lows is
  likely to more than offset an expected increase in production.
      CMB officials have forecast that because the government has
  restored law and order in important growing areas, Uganda will
  produce over three mln bags of coffee in the year ending
  September 30, about 25 pct more than in 1985/6.
  

"
test/16098	4	cocoa	"W.GERMAN COCOA GRIND UP 2.9 PCT IN FIRST QUARTER
  The West German cocoa grind rose 2.9
  pct to 55,190 tonnes in the first quarter of 1987 from 53,643
  tonnes in the same quarter of of 1986, the Bonn-based
  Confectionery Industry Association said in a statement.
   REUTER TAW
  

"
test/16100	26	jobs	"SPANISH UNEMPLOYMENT FALLS SLIGHTLY IN MARCH
  Spain's registered unemployment fell by
  10,465 people to 2.97 mln or 21.4 pct of the workforce in
  March, Labour Ministry figures show.
      Registered unemployment in February was 2.98 mln people, or
  21.5 pct of the workforce.
      The figures were nonetheless higher than those for March
  1986 -- 2.8 mln people and 21 pct of the workforce.
  

"
test/16103	8	cpi	"HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT
  Hungary has announced sharp price
  increases for a range of food and consumer products as part of
  its efforts to curb a soaring budget deficit.
      The official MTI news agency said the government decided
  consumer price subsidies had to be cut to reduce state
  spending. From today the price of meat will rise by an average
  18 pct and that of beer and spirits by 10 pct, MTI said.
      MTI said consumer goods will also become more expensive,
  with the price of refrigerators rising some five pct. It also
  announced a number of measures to ease hardship, including
  higher pensions and family allowances.
      Statistics indicate the budget deficit tripled in 1986 to
  47 billion forints. Central banker Janos Fekete has said the
  Finance Ministry is trying to cut the 1987 shortfall to between
  30 and 35 billion from a planned 43.8 billion.
      A major tax reform, including the introduction of a
  Western-style valued added tax, is planned for January 1988 in
  an effort to cure problems in state spending.
      But diplomats said the latest announcement shows the
  authorities were forced to act quickly to keep this year's
  deficit under control.
      The measures are also aimed at cooling an overheated
  economy, and could help dampen Hungarians' appetite for
  imported Western goods which consume increasingly expensive
  hard currency, the diplomats said.
      The diplomats also said, however, that they did not expect
  the kind of social unrest that followed sharp price rises in
  other East Bloc states, notably Poland.
  

"
test/16107	7	cotton	"CHINA WANTS TO BUY 5,000 TONNES PAKISTANI COTTON
  China is negotiating with Pakistan to
  buy 5,000 tonnes of cotton this year, after importing the same
  amount last year under a barter agreement, Chinese consulate
  sources said.
      Chinese ambassador Tian Ding told a meeting of Pakistani
  industrialists on Thursday that China intended to increase
  imports from Pakistan to reduce a trade imbalance.
      Pakistani officials estimate the country's cotton output
  from the current crop at a record 7.6 mln bales (375 pounds
  each). Last year's output totalled 7.2 mln bales and domestic
  consumption was just below three mln bales, they said.
  

"
test/16110	6	copper	"ELECTROLYTIC REFINING LOWERS COPPER PRICE
  The Electrolytic Refining and
  Smelting Co of Australia Pty Ltd said it lowered its ex-works
  Port Kembla Refinery Copper Price by 20 dlrs to 2,160 dlrs a
  tonne, effective today.
  

"
test/16112	12	earn	"TEXACO SEES BUSINESS LITTLE HIT BY BANKRUPTCY MOVE
  Texaco Inc <TX> said its decision to
  file for protection under Chapter 11 of the U.S. Bankruptcy
  code will not affect the majority of its businesses.
      It said its subsidiaries, which account for 96 pct of its
  32.6 billion dlrs in revenues and 79 pct of its net property,
  plant and equipment, were free of the action.
      Only parent holding company, Texaco Inc, and operating
  subsidiaries, Texaco Capital Inc and Texaco Capital N.V, are
  affected, it said.
      But the company said it was likely to suspend its 75 cents
  per share quarterly common stock dividend and halt repayments
  on debts of some 6.8 billion dlrs.
      Texaco said it filed for Chaper 11 because suppliers were
  demanding cash payments and banks were withholding loans as a
  result of a legal dispute with Pennzoil Co <PZL>.
      Texaco is fighting a Texas law requiring it to post a bond
  of more than 10 billion dlrs before it can appeal a 1985
  judgment that ruled it illegally interfered with Pennzoil's
  1984 acquisition of Getty Petroleum Corp <GTY>. The bond almost
  matches the damages awarded against Texaco.
      Should Texaco fail to place the bond, Pennzoil could begin
  to attach its assets to secure the judgment.
      Last Monday, the Supreme Court overturned a decision to cut
  Texaco's bond to one billion dlrs, and sent the issue back to
  the Texas courts.
      Analysts said the bankruptcy filing effectively froze all
  Texaco's obligations while it continued to appeal the merits of
  the Pennzoil lawsuit.
      ""Attempts last week to win a compromise on both the bond
  issue and the larger dispute failed,"" James Kinnear, Texaco's
  president and chief executive officer, told reporters.
      Kinnear said Pennzoil's disclosure in court papers on
  Friday that it wanted to extend the bond issue hearing until
  the end of April, pushed Texaco further towards Chapter 11.
      Pennzoil had asked Texaco to post a 5.6 billion dlr cash
  bond and to reduce its dividend to not more than 50 pct of
  earnings. Pennzoil also wanted assurances that Texaco would not
  sell any assets, Kinnear said.
      Texaco offered to put up one billion dlrs in a letter of
  credit and agreed not to let the value of its assets fall under
  11.1 billion dlrs, he added.
      Joseph Jamail, a Houston attorney for Pennzoil, said the
  company had made its latest settlement offer to Texaco on
  Saturday and was taken by surprise when Texaco filed for
  bankruptcy.
      He declined to reveal the amount of the proposal, citing a
  confidentiality agreement between the two companies. ""Texaco
  told us they would get back to us but instead they chose to go
  to bankruptcy court,"" Jamail said.
      Attorneys for Pennzoil said they believed the company would
  prevail in court appeals, adding that Texaco's assets were
  ample ultimately to pay the Pennzoil judgment in full.
  

"
test/16115	5	coffee	"PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER
  U.S. roastings of green coffee in the
  week ended April 4 were about 275,000 (60-kilo) bags, including
  that used for soluble production, compared with 215,000 bags in
  the corresponding week of last year and about 320,000 bags in
  the week ended March 28, George Gordon Paton and Co Inc
  reported.
      It said cumulative roastings for calendar 1987 now total
  4,440,000 bags, compared with 4,540,000 bags by this time last
  year.
  

"
test/16117	0	acq	"WESTERN MINING SELLS ACM STAKE
  Western Mining Corp Holdings Ltd
  <WMNG.S> (WMC) said it sold its entire holding of 22.13 mln
  shares in the gold mining company <Australian Consolidated
  Minerals Ltd> (ACM).
      WMC gave no details, but stockbrokers said the sale was
  made at eight dlrs a share on Friday to a number of U.S.,
  European and Australian investors through WMC's usual brokers.
      The company purchased the 19.9 pct parcel in early March
  from Amax Inc <AMX.N> at 6.32 dlrs a share ahead of a
  one-for-three bonus issue when Amax sold its entire 47 pct
  stake in ACM to a number of local companies.
  

"
test/16119	12	earn	"ANZ BANK SETS ONE-FOR-TWO BONUS ISSUE
  Australia and New Zealand Banking
  Group Ltd <ANZA.S> said it will make a one-for-two bonus issue
  from its asset revaluation reserve to shareholders registered
  June 2.
      The proposed bonus and an increase in authorised capital to
  one billion one-dlr par shares from 600 mln will be put to
  shareholders for approval at an extraordinary general meeting
  on May 26, the ANZ said in a statement.
      The issue will absorb about 230 mln dlrs of the 260.9 mln
  standing in the asset revaluation reserve, it said.
      The bank said that by lowering the dividend rate it expects
  to maintain the value of dividend payout on the enlarged
  capital at about the level of its last full year ended
  September 30. The group paid 31 cents a share and 133.1 mln
  dlrs in all for that year.
      Shareholders will also be asked to approve changes in the
  bank's articles of association to allow it to offer shares in
  lieu of the interim dividend at a discount of five pct to the
  market price.
      The group is the latest to announce a tax-free bonus issue
  ahead of dividend imputation, effective July 1.
  

"
test/16120	22	interest	"UAE CENTRAL BANK CD YIELDS RISE
  Yields on certificates of deposit
  (CD) offered by the United Arab Emirates Central Bank were
  higher than last Monday's offering, the bank said.
      The one-month CD rose 1/4 point to 6-3/8 pct, while the
  two, three and six-month maturities rose 5/16 point each to
  6-7/16, 6-1/2 and 6-5/8 pct respectively.
  

"
test/16122	24	iron-steel	"CHINA SULPHUR-IRON MINE STARTS PRODUCTION
  China's largest sulphur-iron mine has
  started trial production at Yunfu in the southern province of
  Guangdong, the China Daily said.
      It said the mine has an annual output capacity of three mln
  tonnes of sulphur-iron ore, which can be used without
  processing because of its high quality.
  

"
test/16123	6	copper	"CHINA, CHILE TO BUILD COPPER TUBE PLANT IN CHINA
  China's state-owned Beijing Non-Ferrous
  Metals Industrial Corp and <Wrought Copper Ltd> of Chile signed
  a contract to jointly build a copper tube plant on the
  outskirts of Peking, the China Daily said.
      The Beijing-Santiago Copper Tube Co involves an investment
  of 9.93 mln dlrs and will, on completion, have a production
  capacity of 5,000 tonnes of copper tubes a year, it said.
      It said Chile will supply copper at preferential rates to
  the venture, whose equipment comes from <Wednesbury Tube Co> of
  U.K.
      The agreement calls for joint Sino-Chilean management of
  the venture for 15 years, the paper said.
      It said the venture is the first economic cooperation
  project between China and Chile, but gave no more details.
      China is a major copper importer. Customs figures show it
  imported 171,118 tonnes of copper and alloy in calendar 1986,
  down from 355,652 tonnes in 1985.
  

"
test/16125	48	trade	"SINGAPORE EXTERNAL TRADE GAINS 8.8 PCT IN QUARTER
  Singapore's external trade grew 8.8
  pct in first quarter 1987, against a 12.4 pct decline in the
  same period last year and two pct growth in the previous
  quarter, the Trade Development Board said.
      It said exports over the period rose by 8.7 pct to 12.38
  billion dlrs and imports by 8.9 pct to 14.64 billion for a
  trade deficit of 2.26 billion, against a 2.06 billion deficit
  in the same 1986 period and 1.78 billion deficit previously.
      The growth was attributed to the strength of non-oil trade,
  especially computers and computer parts, electronic components
  and garments, it said.
  

"
test/16126	48	trade	"MALAYSIA'S 1986 MANUFACTURING EXPORTS RISE 24 PCT
  Malaysia's manufacturing exports
  rose by 24.5 pct to 15.1 billion ringgit in 1986, chairman of
  the Export Promotion Council Ahmad Sarji Abdul Hamind said.
      The improved export performance was led by electrical and
  electronic products, textiles, footwear, clothing, processed
  food, timber, chemical and rubber products, he told a news
  conference.
      However, total gross exports for the year declined by 5.6
  pct to 35.9 billion ringgit from 38 billion in 1985 due to a
  fall in major commodity exports and weak prices, he said.
  

"
test/16130	0	acq	"OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS
  A 3.22 billion dlr offer for Dome
  Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
  may short-circuit Dome's restructuring plan and open the door
  for more takeover bids, oil analysts said.
      Dome is trying to get approval for a plan to refinance debt
  of more than 4.5 billion dlrs by July 1, 1987, when an interim
  debt plan that allowed the Canadian oil and gas firm to defer
  substantial payments to creditors will expire.
      Analysts said TransCanada's bid signals Dome's debtholders
  that an alternative exists to Dome's debt plan.
      Dome announced its plan to 56 major creditors as well as
  public noteholders in March after several months of delicate
  negotiations.
      TransCanada's proposal ""amounts to a quasi debt
  restructuring,"" oil analyst Doug Gowland of Brown Baldwin Nisker
  Ltd said from Toronto.
      Calgary-based Dome's restructuring plan would allow
  creditors to convert debt to common shares under a formula yet
  to be negotiated. Payments on remaining debt would be linked to
  cash flow generated by assets pledged against the debt.
      ""The weakness of the whole debt-refinancing proposal is that
  even with approval of creditors, there is no assurance that
  Dome will in fact be able to repay all of its debt obligations,""
  said Wilf Gobert, an oil analyst for Peters and Co Ltd in
  Calgary.
      TransCanada's announcement came as a surprise since Dome
  was waiting for responses from creditors on its proposed
  refinancing packages, Gobert said.
      The TransCanada proposal could open the bidding for Dome
  since other potential buyers were probably waiting for lenders
  to agree to a restructuring, he added.
      ""I would think that the debtholders would want to entertain
  any and all offers (for Dome),"" Gobert said.
      Dome spokesman David Annesley said in New York that
  TransCanada's announcement could be seen as an attempt to fix
  the bidding price for Dome and an effort to preclude other
  possible buyers from making an offer. ""By drawing attention to
  us in our discussions, it means that others may be a little
  reluctant to come forward,"" he said.
      Dome does not consider TransCanada's proposal a formal
  offer because the pipeline utility's announcement breached a
  confidential agreement between the two companies, he said.
      Dome responded to the statement by suspending discussions
  with TransCanada in order to pursue talks with other
  unidentified parties. However, Dome said its management and
  financial advisers would evaluate all proposals, including
  TransCanada's.
      Gowland said TransCanada's offer is probably a fair price
  for the company's 36.1 mln acres of oil and gas land holdings.
      However, he said not enough financial details are known
  about Dome's debt restructuring to compare the value of
  TransCanada's proposed offer.
  

"
test/16133	32	money-fx	"U.K. MONEY MARKET DEFICIT FORECAST AT 400 MLN STG
  The Bank of England said it forecast a
  shortage of around 400 mln stg in the money market today.
      Among the main factors affecting liquidity, bills maturing
  in official hands and the take-up of treasury bills will drain
  some 1.085 billion stg.
      Partly offsetting these outflows, a fall in note
  circulation will add some 340 mln stg, exchequer transactions
  around 300 mln and bankers' balances above target about 50 mln.
  

"
test/16134	8	cpi	"BANGLADESH COST OF LIVING INDEX FALLS IN JANUARY
  Bangladesh's cost of living index fell
  1.09 pct in January to 479, after a 1.6 pct decline to 484.28
  in December (1973-74 base 100), the Bureau of Statistics said.
      The cost of living index fell 0.14 pct to 434.49 in January
  1986.
      In the year to January, inflation ran at 10.24 pct after an
  11.3 pct rate a month earlier and 9.72 pct a year earlier.
  

"
test/16136	0	acq	"ROTHMANS DENIES SHARE SALE SPECULATION
  <Rothmans Holdings (Tobacco) Ltd> said
  in a sttement there was ""no foundation"" to press speculation that
  it would sell its stake in Rothmans International Plc <ROT.L>
  to Philip Morris Inc <MO.N>, or that it would buy Morris'
  stake.
      In the 1986 report, Rothmans International said RHT, which
  is controlled by <Rupert Foundation SA>, owned 18.25 mln
  ordinary and 64.37 mln B ordinary shares, or 99.9 pct and 26.1
  pct respectively.
      Morris owns 79.8 mln B ordinary shares, or 32.4 pct.
  Rothmans B shares, which firmed on the speculation to close at
  273p from 241p on Friday, eased to 245.5p at 0838 GMT.
  

"
test/16139	48	trade	"TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN
  Member states of the European
  Community are starting to run out of patience with Japan which
  they believe has repeatedly promised major initiatives to open
  its market to imports, but as often made only minor moves.
      Diplomatic sources here said several recent actions by EC
  countries bear witness to a new disillusionment with the
  willingness, or at least the ability, of the Japanese
  government to reduce its massive trade surplus with the EC.
      However, they said an all-out trade war may be far off, as
  EC states know they would suffer almost as much as Japan.
      Senior EC diplomats gave a generally favourable reaction to
  an EC executive commission proposal under which the EC could
  raise tariffs on a range of Japanese products if the U.S.
  Carries out a threat to make a similar move on April 17.
      The EC tariffs, which would involve renouncing obligations
  entered into with the world trade body GATT, would be designed
  to stop a diversion of exports to the EC market from that of
  the U.S.
      The diplomats were meeting as Tokyo announced that the EC's
  trade deficit with Japan reached a record 2.13 billion dlrs in
  March, up from 1.94 billion in February.
      In 1986, Japanese exports to the EC totalled 30.67 billion
  dlrs, up 4.5 pct from 1985, while EC exports to Japan fell one
  pct to 12.43 billion dlrs.
      In Paris, trade minister Michel Noir said France has
  decided to give Japan a taste of its own medicine.
      Burgeoning imports of microwave ovens and of frozen
  Coquilles St Jacques will be restricted by a strict application
  of French quality standards -- something EC states say often
  happens to their own exports entering Japan.
      Britain has threatened to withdraw the licences of Japanese
  banks and insurance companies to operate in the City of London,
  because the British Cable and Wireless company lost out in
  competition for a Japanese telecommucations contract.
      However, British officials in London have said that the
  government may have gone too far in implying that it would take
  immediate drastic action unless the contract was reopened.
      By contrast, West Germany, with the EC's most successful
  economy, has never threatened Tokyo with sanctions, preferring
  to rely on firm diplomacy and encouragement of its own
  industries to surmount obstacles to export to Japan.
      The EC Commission itself has switched its tactics in recent
  years, substituting general calls for action by Japan to open
  its market with specific demands for moves in key areas.
      At present, it is, for instance, pressuring Japan to end
  allegedly discriminatory taxation of imported wines and
  spirits, to ensure EC companies have a chance to win contracts
  for the building of a new international airport, and to
  simplify certification and safety checks on imported cars.
      EC officials say these tactics yield some benefits, but
  often the Japanese announce modifications of their non-tariff
  barriers which open the door to imports by only a token amount.
      They stress, however, that any action must be taken by the
  EC as a whole to stop beggar-my-neighbour action.
      One of the problems Britain could face if it were to
  withdraw licences for Japanese banks would be that the bankers
  would be welcomed with open arms in Frankfurt or Amsterdam,
  they point out.
  

"
test/16140	12	earn	"MORGAN CRUCIBLE SAYS PROSPECTS ARE ENCOURAGING
  Morgan Crucible Co Plc <MGCR.L> said the
  prospects for 1987 were encouraging, with orders and sales
  significantly up on last year in all divisions.
      It said there were good opportunities for growth in both
  existing and recently acquired businesses as well as for growth
  by acquisition in related areas.
      It earlier announced a 6.1 mln stg rise in pre-tax profit
  to 24.8 mln stg for the year to December 28. Turnover rose to
  242.1 mln from 211.5 mln.
      Most of its companies performed well despite a slowdown in
  the U.S., U.K. And Australian economies in the first half.
      Currency fluctuations reduced pretax profit by around one
  mln stg, it noted.
      Morgan said although profits in the electronics sector
  improved to 1.0 mln stg from 100,000 stg previously, results
  were nonetheless disappointing.
      Sales were lower than expected, due mainly to delayed
  defence orders and cancellations. However, it said it had taken
  the necessary remedial action, obtained new business and was
  now proceeding with the delivery of major delayed orders.
      Morgan shares firmed two pence to 318p at 0905 GMT from
  316p at Friday's close.
  

"
test/16141	12	earn	"MORGAN CRUCIBLE PRETAX PROFIT RISES 6.1 MLN STG
  Year to December 28, 1986
      Shr 20.1p vs 17.6p
      Div 5.0p vs 4.6p making 9.2p vs 8.5p
      Turnover 242.1 mln stg vs 211.5 mln
      Pretax profit 24.8 mln vs 18.7 mln
      Tax 6.7 mln vs 5.8 mln
      Operating profit 28.3 mln vs 21.3 mln
      Investment income 1.0 mln vs 0.7 mln
      Net finance charges 4.5 mln vs 3.3 mln
      Company full name is Morgan Crucible Co Plc <MGCR.L>
      Minorities and provisions for preference dividends 0.7 mln
  vs 1.2 mln
      Extraordinary debit - 0.9 mln vs 1.3 mln credit
      Operating profit includes -
      Carbon 8.3 mln vs 7.0 mln
      Technical ceramics 7.0 mln vs 5.6 mln
      Thermal ceramics 7.6 mln vs 4.6 mln
      Speciality chemicals 4.4 mln vs 4.0 mln
      Electronics 1.0 mln vs 0.1 mln
  REUTER^M
  

"
test/16142	23	ipi	"SWEDISH INDUSTRIAL PRODUCTION RISES SHARPLY
  Swedish industrial production rose
  2.6 pct in February, after a 1.8 pct fall in January, showing a
  4.4 pct rise over February 1986 and reaching its highest level
  ever, the Central Bureau of Statistics said.
      The rise reflected recovery in almost all sectors after an
  exceptionally cold spell in January, the Bureau said, adding
  that the highest rises were seen in the forest, chemical and
  metal industries.
  

"
test/16143	32	money-fx	"KENYA DEVALUES SHILLING BY 0.6 PCT AGAINST SDR
  Kenya devalued the shilling by 0.6 pct
  against the special drawing right (SDR) in response to the
  decline of the dollar last last week, bankers said.
      The Central Bank of Kenya set the shilling at 20.7449 to
  the SDR compared with the 20.6226 rate in force since the last
  devaluation on March 31.
      The Kenyan shilling has lost 5.6 pct of its value against
  the SDR this year in a series of devaluations designed to keep
  the value of the dollar above 16 shillings.
  

"
test/16145	0	acq	"WILLIAMS DETAILS ACCEPTANCES OF NORCROS OFFER
  <Williams Holdings Plc> said that it had
  received acceptances for its offer for Norcros Plc <NCRO.L>
  from the holders of 233,448 Norcros ordinary shares, or 0.18
  pct, and 180,240 preference shares, or 8.19 pct.
      Before the 568 mln stg contested bid was launched last
  month, Williams held 850,000 ordinary shares, or 0.67 pct and
  since then it had acquired options to buy a further 1.99 mln or
  1.58 pct.
      The offer has been extended to April 15. Norcros shares
  eased 26p to 410p on the announcement while Williams fell to
  767p from 785p.
  

"
test/16146	31	meal-feed	"DUTCH FEED COMPOUNDER STARTS CASE AGAINST EC LEVY
  A major animal feed producer, Cehave
  NV Veghel (CHV), has begun legal proceedings against the
  application of the European Community grain co-responsibility
  levy, with the full backing of the Dutch animal grain and feed
  trade association, Het Comite, association chief executive
  Peter Pex told Reuters.
      Oral proceedings were held in the Hague on Friday and the
  court said it would give its verdict within six weeks. ""However,
  that is the normal wording and we expect the Hague court to
  refer questions on the interpretation and application of the
  levy to the European Court of Justice in Luxembourg,"" Pex added.
      Het Comite claims the way the levy is applied does not take
  account of currency cross-rates of exchange and can mean a
  compounder in one country being asked to pay a higher levy in
  its own national currency than it received down the chain from
  the original producer of the grain.
      ""We would like the Business Administration Court in the
  Hague to ask the Luxembourg Court of Justice not only whether
  the Dutch Grain Commodity Board, the levy collection agency,
  has interpreted the levy regulations correctly, but also
  whether the regulations themselves may contravene European law,""
  Pex said.
      ""It is only with great regret that we have taken this route,
  but we have had no political help, and therefore have no option
  even though it could take years,"" Pex added.
      Het Comite asked CHV to act as a test case against the
  grain levy because the bill the company received from the
  commodity board included grain from a wide variety of origins
  and was therefore considered to be the best general basis for a
  legal challenge to the levy, Pex noted.
      Het Comite's actions will run in tandem with questions on
  the levy already posed to the Luxembourg Court in a case
  brought by the Association of European Animal Feed
  Manufacturers, FEFAC.
  

"
test/16148	4	cocoa	"WEST GERMAN COCOA GRINDINGS WITHIN EXPECTATIONS
  West German first quarter cocoa
  grindings, which rose 2.9 pct from the same 1986 quarter, were
  within expectations, trade sources said.
      They described the results, announced Saturday, as normal
  and unspectacular, considering that the grind in the fourth
  quarter was rather high and some was carried over into the
  first quarter.
      Grindings rose to 55,190 tonnes from 53,643 in the first
  1986 quarter. A spokesman for the Confectionery Industry
  Association said that West German grindings are expected to
  stay relatively high in comparison to other West European
  countries.
  

"
test/16149	16	gold	"ST.GOBAIN UNIT ISSUES ECU BOND WITH GOLD WARRANTS
  St.Gobain Netherlands, guaranteed by Cie
  de St.Gobain, is issuing a 75 mln ECU bond with gold warrants
  attached, due May 6, 1992 carrying a 4-1/2 pct coupon and
  priced at par, lead manager Salomon Brothers International Ltd
  said.
      Fees comprise 1-1/4 pct selling concession with 5/8 pct for
  management and underwriting combined. Listing is in Luxembourg.
      Each 1,000 ECU bond carries one gold warrant exercisable
  from May 6, 1987 until May 6, 1990 entitling the holder to
  purchase one ounce at an exercise price of 490 dlrs.
  

"
test/16150	22	interest	"COMMONWEALTH BANK CUTS AUSTRALIA PRIME TO 17.5 PCT
  The Commonwealth Bank of Australia said
  it will lower its prime lending rate to 17.5 pct from 18.25,
  effective April 15.
      The bank's new rate will be the lowest of Australia's
  current prime rates. They now range from 17.75 pct to 18.5
  after a recent series of reductions since late March following
  an easier trend in short term money market rates.
      Two of the three other major trading banks now have prime
  rates of 18 pct and one of 18.25.
      The Commonwealth's move reverses an increase from 17.5 pct
  in early February.
  

"
test/16152	0	acq	"HEPWORTH SELLS U.S. UNIT TO GLOBE MACHINE
  Hepworth Ceramic Holdings Plc <HEPC.L>
  said it had agreed to sell its <Western Plastics Corp> unit to
  <Globe Machine Manufacturing Co> for 16.25 mln dlrs cash.
      Western, which makes polystyrene foam and container
  products, has net assets of 19.3 mln dlrs and reported a 1986
  pre-tax profit of 0.9 mln.
      The proceeds of the sale would be used to reduce borrowings
  and develop activities in the U.K.
      Hepworth shares eased 0.5p on the announcement to 227.5p.
  

"
test/16155	0	acq	"BOND CORP TO ACQUIRE 80 PCT OF MERLIN PETE
  Bond Corp Holdings Ltd <BONA.S> said it
  has agreed to acquire an 80 pct stake in <Merlin International
  Petroleum Corp> from <Crowley Maritime Corp> for 90.8 mln U.S.
  Dlrs.
      Of this total, 7.8 mln dlrs is due on exchange of contracts
  on April 30 and 69 mln on July 7, subject to any regulatory
  approvals being obtained, Bond said in a statement.
      The balance of 14 mln dlrs will be paid as required by
  Merlin for its exploration and production commitments, it said.
      Bond said Merlin has a 6.25 pct working interest plus a 2.5
  pct reversionary interest in the Papua New Guinea permit,
  PPL-17, the site of the Iagifu oil discovery.
      Merlin also has a 12.5 pct stake in the adjacent Papuan
  Basin permit, PPL-18, which contains the Juha gas and
  condensate discovery.
      In addition to Papua New Guinea, Merlin has petroleum
  exploration and production interests in the U.S., Bond added.
  

"
test/16159	0	acq	"BLUE ARROW TO BUY U.S. RICHARDS COMPANIES
  <Blue Arrow Plc> said it had agreed
  terms to acquire a group of U.S. Companies collectively known
  as the <Richards Companies>, which specialise in executive
  recruitment and management consultancy on personnel matters.
      The total consideration will be 29 mln U.S. Dlrs of which
  50 pct will be payable in cash and 50 pct by the issue of 1.36
  mln new ordinary shares in Blue Arrow.
      The Richard Companies made a pre-tax profit of 3.6 mln dlrs
  in the year to end-1986, on turnover of 7.1 mln dlrs with net
  tangible assets at the end of 1986 of 3.4 mln dlrs.
      Blue Arrow shares were trading 9p lower at 670 this
  morning.
  

"
test/16163	0	acq	"BORG-WARNER AGREES TO BUYOUT BY MERRILL LYNCH FIRM
  Borg-Warner <BOR> Corp, facing an
  unwanted offer from GAF Corp <GAF>, agreed to a 4.23 billion
  dlr buyout offer from a company to be formed by <Merrill Lynch
  Capital Partners Inc>.
      Borg-Warner and Merrill said yesterday they entered a
  definitive merger agreement, under which a subsidiary of the
  new company, <AV Holdings Corp>, will begin a 48.50 dlr per
  share cash tender offer today for 77.6 mln shares or 89 pct of
  Borg-Warner common stock.
      The offer will be followed by a merger in which each
  remaining share will be converted into 19.75 dlrs cash and
  54.25 dlrs principal amount of AV Holdings junior subordinated
  discount debentures.
      As a result of the merger, Borg-Warner will become a wholly
  owned subsidiary of AV Holdings. A Borg-Warner spokeswoman said
  members of management do not plan to participate in the
  transaction, but they will retain their positions with the
  company.
      A spokesman for GAF was unavailable for comment. GAF holds
  19.9 pct of Borg-Warner's shares.
      GAF had said it would offer 46 dlrs per share.
      Borg-Warner's spokeswoman said the company still plans to
  sell its financial services unit, which includes Wells Fargo
  security guards, and the Chilton Corp, a credit rating service.
      Borg-Warner has been the focus of takeover speculation for
  about a year. Corporate raider Irwin Jacobs last year proposed
  a takeover of the firm and until recently held 10 pct of the
  stock. Following the GAF offer, analysts had calculated breakup
  values for the company in the low 50 dlrs per share range and
  speculated an offer would have to be sweetened.
      In its statement, Borg-Warner said its board endorsed the
  Merrill offer and it recommended that shareholders tender their
  shares. The board received opinions on the offer from its
  advisors, First Boston Corp and Goldman, Sachs and Co.
      James Burke, president of Merrill Lynch Capital Partners,
  said, ""We are very pleased to have entered into this transaction
  with Borg-Warner. We are looking forward to working with the
  employees of Borg-Warner and to Borg-Warner maintaining its
  strong presence in the Chicago community.""
      Merrill Lynch will be the dealer-manager for the offer,
  which expires at midnight EDT May 8 (0400 GMT, May 9), subject
  to conditions, including the completion of necessary financing
  arrangements.
      The offer is also subject to a minimum 44.25 mln shares, or
  51 pct of the outstanding shares, being tendered.
      Merrill Lynch and certain affiliates have committed to
  provide 200 mln dlrs in AV Holdings equity and 870 mln in
  subordinated financing and forward underwriting commitments.
      Merrill Lynch said that following discussions with
  commercial banks it is confident it can obtain the rest of the
  financing required to complete the transaction.
      The junior subordinated discount debentures to be issued in
  the merger will carry a 13 pct coupon and will begin paying
  cash interest after five years.
      The debentures will be redeemable at the company's option
  for the first six years at 105 pct, during the seventh year at
  102.5 pct and after that at 100 pct of the principal amount.
      The junior subordinated discount debentures have a maturity
  of 20 years and are entitled to a sinking fund commencing in
  the 16th year designed to retire 60 pct of the issue before
  maturity.
      Borg-Warner will also redeem all of its outstanding 4.50
  dlrs cumulative preferred stock, series A, for 100 dlrs per
  share. Holders who wish to participate in the offer must first
  convert their preferred stock into Borg-Warner common stock.
      The board of Borg-Warner has also taken steps to redeem its
  poison pill or share purchase rights for five cents per right,
  effective immediately.
  

"
test/16164	50	wpi	"U.K. MARCH PRODUCER PRICES RISE 0.3 PCT
  The price index for sales of
  manufactured goods in the U.K. Rose a provisional, unadjusted
  0.3 pct in March after an identical rise in February,
  Department of Trade and Industry figures show.
      The index for materials and fuel purchased by manufacturing
  industry fell a provisional and unadjusted 1.1 pct after a 1.7
  pct fall in February.
      The Department said the year-on-year rise in producer
  prices in March was a provisional 3.7 pct, compared with a
  provisional 4.2 pct increase in the year to end-February.
      The index for output prices, non-seasonally adjusted, was
  put at a provisional 149.7 in March after 149.3 in February.
      The index for input prices, also not seasonally adjusted,
  was set at 128.2 in March after February's 129.6.
      The 1.1 pct fall in input prices between February and March
  was mainly due to a seasonal fall in industrial electricity
  costs and lower scheduled prices for petroleum products, the
  Department said.
      The Department said these falls were only partly offset by
  a rise in prices of home-produced food manufacturing materials.
      The seasonally adjusted index for input prices showed a 0.2
  pct rise between February and March.
      Year-on-year, the input price index was down 0.7 pct in
  March after a 2.8 pct drop in February.
  

"
test/16166	34	nat-gas	"STATOIL SEEKS SHARE IN THAI GAS FIELD
  Norway's state oil company
  Den Norske Stats Oljeselskap A/S (Statoil) <STAT.OL>, has told
  Thai authorities it is interested in taking a 30 pct share in a
  big offshore Thailand gas field, Statoil said.
      The field, in the southern sector of the Gulf of Thailand,
  is currently operated by U.S. Oil company Texas Pacific Oil Co
  Inc, a unit of Canada's Seagram Co Ltd <VO.N>. Thailand's state
  oil company <Petroleum Authority Thailand> (PTT) also holds a
  major stake in the field.
      PTT wants to develop the field and has asked Statoil to
  consider co-development if the field's licence is renewed.
      PTT, according to Statoil, is currently negotiating with
  Texas Pacific to buy back the Dallas-based oil company's
  holdings in the field.
      ""PTT must first sort out its problems with Texas Pacific.
  When this is done, we have said we are interested in taking
  over a 30 pct share in the field,"" Statoil spokesman Willy Olsen
  told Reuters.
      Statoil, hired by PTT to carry out an independent appraisal
  of the field's reserves and propose a development plan, has
  estimated the field could be commercially developed at a cost
  of some 700 mln crowns.
      Industry sources said Texas Pacific has submitted lower
  reserve estimates for the field than Statoil and shown little
  interest in its development. Statoil refused to disclose its
  upgraded reserve estimate for the field.
      The field's reserves could be sold domestically through
  Thailand's gas distribution network or by converting the gas to
  electricity, the sources said.
      Sources would not say which field Statoil is considering.
  

"
test/16170	12	earn	"CREDIT COMMERCIAL DE FRANCE SPLITS SHARES
  French commercial bank Credit Commercial
  de France has split each of its shares into four to increase
  the number of shares on offer when it is privatised at the end
  of this month, a company official said.
      He told Reuters a general assembly had passed a proposal
  splitting 10.33 mln shares of 100 francs nominal into around
  41.32 mln shares of 25 francs nominal.
      Market sources have put the total value of CCF's selloff at
  between four and five billion francs. The bank said the share
  sale price was likely to be announced on April 24, before the
  launch of a public flotation offer on April 27.
  

"
test/16171	15	gnp	"WEST GERMAN INSTITUTES CALL FOR EARLY TAX CUTS
  The five leading West German economic
  research institutes said the government should do more to
  stimulate economic growth and called for early introduction of
  tax cuts planned for 1990.
      In their joint spring report the institutes were divided
  about 1987 growth forecasts, with three predicting two pct
  expansion and the other two only one pct growth. Gross national
  product grew 2.4 pct last year.
      But the report said all the institutes believed that ""more
  must be done to produce dynamic growth so that more additional
  jobs can be created.""
      The institutes said any step which improved basic economic
  conditions should be taken as quickly as possible. ""From this
  point of view, the tax reform planned for 1990 should be
  brought forward.""
      The government plans gross tax reductions of 44 billion
  marks as part of the major tax reform. The net tax relief from
  the tax reform will amount to 25 billion marks.
      However, the institutes criticised the government, not only
  for the timing of the reform, but also because the question of
  its financing had been left open.
      The government has not specified how the remaining 19
  billion marks of the tax reduction package will be paid for,
  though it has said it wants to cut state subsidies.
      The institutes said this lack of clarity from Bonn had
  caused uncertainty among companies and households as to what
  exactly they would receive from the tax reform and urged a
  quick decision from the government.
      They also said the government should reduce tax
  preferences, which would simplify the fiscal system, urged a
  restriction of state spending and called for no increase in
  value-added tax.
      The institutes also criticised Bonn for increasing
  subsidies at a time further reductions had been pledged.
      They referred specifically to a doubling of special
  writedowns for small and medium sized companies announced in a
  package of tax adjustments planned for 1988 and described this
  as an increase in subsidies.
      The institutes said total subsidies, including tax
  preferences, had reached 80 billion marks in 1985 and risen
  further since then. Given the scope of these subsidies, it
  should be possible ""despite ... Major political difficulties"" to
  finance the tax reform by cutting state handouts.
      The institutes said that if the government raised value
  added tax or other indirect taxes a large portion of the
  positive effects resulting from lower taxes would be lost.
      The report also noted that the government was progressing
  only slowly with its plans to privatise state companies and
  said more deregulation was needed. The government had to aim
  for more competition, it said.
  

"
test/16172	12	earn	" Glaxo pre-tax profit 376 mln stg vs 260 mln in six months to end-December

   Glaxo pre-tax profit 376 mln stg vs 260 mln in six months to end-December
  

"
test/16173	0	acq	"HILLSDOWN BUYS BEDDING COMPANIES FOR 23 MLN DLRS
  Hillsdown Holdings Plc <HLDN.L> said its
  Christie-Tyler Ltd unit would buy the European bedding making
  interests of Simmons Co U.S.A., Owned by Gulf and Western
  Industries Inc USA <GW>, for 23 mln dlrs.
      The acquisitions include <Sleepeeze Ltd> in the U.K.,
  <Compagnie Continentale Simmons SA> in France and <Compagnia
  Italiana Simmons SpA> in Italy.
      In 1986 the three businesses made pre-tax profit of around
  2.5 mln stg on sales of 39 mln stg. Net assets being acquired
  come to around nine mln stg.
      Hillsdown shares were unchanged at 266p.
  

"
test/16175	12	earn	"GLAXO PROFITS UP SHARPLY, DIVIDEND RAISED
  Six months to end-December
      Shr 32.6p vs 22.3p
      Div 5.0p vs 4.0p
      Pre-tax profit 376 mln stg vs 260 mln
      Turnover 883 mln vs 686 mln
      Tax 133 mln vs 94 mln
      Note - company full name is Glaxo Holdings Plc <GLXO.L>.
      Trading profit 338 mln vs 233 mln
      Share of profits of associates 14 mln vs seven mln
      Investment income less interest payable 24 mln vs 20 mln
      Profit after tax 243 mln vs 166 mln
      Minority interests two mln vs one mln
      Extraordianry credit eight mln vs nil
      Turnover includes -
      Continuing activities 875 mln vs 647 mln
      Discontinued activities eight mln vs 39 mln
      U.K. 111 mln vs 91 mln
      Europe 299 mln vs 218 mln
      North America 334 mln vs 229 mln
      Central and South America 21 mln vs 20 mln
      Africa and Middle East 29 mln vs 23 mln
      South East Asia and Far East 57 mln vs 47 mln
      Australasia 24 mln vs 19 mln
      Anti-peptic ulcerants 414 mln vs 285 mln
      Systemic antibiotics 112 mln vs 82 mln
      Respiratory system 183 mln vs 141 mln
  

"
test/16176	0	acq	"TAKEOVER BATTLE FOR DOME PETROLEUM BEGINS
  A takeover battle began today for
  debt-burdened Dome Petroleum Ltd <DMP.MO> as TransCanada
  PipeLines Ltd <TRP.TO> announced a 4.3 billion dlr offer and
  Dome said it is continuing talks with other possible buyers.
      Companies mentioned in market speculation as potential
  buyers for Dome include Imperial Oil Ltd <IMO.A> which is 70
  pct owned by Exxon Corp <XON.N>, <PanCanadian Petroleum Ltd>
  which is 87 pct owned by the conglomerate Canadian Pacific Ltd
  <CP.N> and British Petroleum Co Plc <BP.L>.
      Along with the TransCanada offer, Dome has had another
  proposal from ""a substantial company"" and discussions with a
  third company which could lead to an offer, Dome said in a
  statement.
      The statement confirmed Dome received TransCanada's bid,
  but did not identify the companies involved in talks.
      TransCanada, Canada's largest natural gas pipeline
  operator, said it is offering Dome a package of cash, common
  and preferred shares, and shares in a new subsidiary which
  would own and operate Dome's assets. TransCanada said the offer
  is to Dome management, not to shareholders.
      Dome has massive oil and gas landholdings in Canada,
  totalling 36.1 mln acres of which 7.4 mln have been developed.
  It also has tax credits worth about 2.5 billion dlrs.
      Dome's statement said the TransCanada announcement ""violated
  the terms and spirit of a confidentiality agreement entered
  into with prospective purchasers"" and was apparently timed to
  prevent Dome from considering other proposals.
      It said the TransCanada bid ""seems to require favourable and
  substantial taxation concessions from the federal and
  provincial governments."" But Dome added that its management and
  financial advisers will evaluate all proposals.
      TransCanada chief financial officer H. Neil Nichols said he
  was surprised at the vehemence of Dome's statement and denied
  that TransCanada was trying to usurp other bids. ""I find (Dome's
  statement) very bothersome. Once the board made the decision to
  authorise the proposal, it had a legal obligation to announce
  it,"" he said. Nichols said he did not know the identity of the
  other bidders, or the terms of other offers.
      Dome common shares closed at 1.13 dlrs on Friday on the
  Toronto Stock Exchange. The preferred class A stock closed at
  5.00 dlrs. Common stock traded as high as 25.00 dlrs in 1981.
  

"
test/16177	32	money-fx	"BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS
  The Bank of Japan will sell 800 billion
  yen in deficit financing bills today through 51-day repurchase
  agreements maturing June 3 to help absorb a projected money
  market surplus, money traders said.
      The operation will raise the outstanding supply of the
  bills to a record 4,800 billion yen.
      The yield on the bills for sale to banks and securities
  houses from money houses will be 3.8999 pct compared with the
  two-month commercial bill discount rate today of 3.8750 pct and
  the two-month certificate of deposit rate of 4.13/00 pct.
      The traders estimated the surplus today at about 1,800
  billion yen.
      They said it is mainly due to 1,300 billion yen of
  government tax allocations to local governments and public
  entities and to excessive banking system cash holdings due to
  continuous large central bank dollar purchases.
  

"
test/16179	1	alum	"LME CLARIFIES NEW ALUMINIUM CONTRACT DETAILS
  The London Metal Exchange (LME) has
  issued a note clarifying details on its new high grade
  aluminium contract, in response to questions from members
  following the announcement of the contract, due to start June
  1.
   All deliverable shapes of aluminium under the high grade
  primary aluminium contract (minimum 99.7 pct purity) will also
  be deliverable against the standard primary aluminium contract
  (min 99.5 pct), the LME said.
      Sows will not constitute good delivery against the standard
  contract until September 1, and 99.5 pct purity sows are not
  good delivery and cannot be placed on LME warrant.
      The dollar quotation for the high grade contract will be in
  multiples of one U.S. Dollar but carries may be made at 50
  cents for even tonnages only.
      Singapore, which is the first port warehouse outside Europe
  to be used as an LME delivery point, will be used for high
  grade metal only and the rent imposed by owners Steinweg will
  be 1.05 U.S. Dlr a tonne per week, the LME said.
      The LME Board, in response to representation from the
  trade, agreed to annul from LME contracts the minimum weight
  requirements of 450 kilos for T-bars and 250 kilos for sows,
  effective for high grade on June 1 and for standard on July 24.
  

"
test/16185	45	sugar	"NORTH YEMEN BOUGHT WHITE SUGAR AT TENDER - TRADE
  North Yemen at its weekend tender bought
  white sugar from a French operator acting on behalf of a Swiss
  house at 214.70 dlrs a tonne c and f, traders said.
      The amount bought was not immediately available, although
  the country had sought 30,000 tonnes of June arrival whites,
  they said.
  

"
test/16188	32	money-fx	"U.K. MONEY MARKET GIVEN 75 MLN STG ASSISTANCE
  The Bank of England said it had provided
  the money market with 75 mln stg help in the morning session.
  This compares with the Bank's estimate that the system would
  face a shortage of around 400 mln stg today.
      The central bank bought bank bills outright comprising two
  mln stg in band two at 9-13/16 pct, 15 mln stg in band three at
  9-3/4 pct and 58 mln stg in band three at 9-11/16 pct.
  

"
test/16194	51	zinc	"METAL BULLETIN ZINC PRODUCER PRICE
  The London based trade journal ""METAL
  BULLETIN'S"" average producer price of good ordinary brand zinc
  for week ended April 10 is 790.00 dlrs per tonne.
  

"
test/16195	50	wpi	"U.K. PRODUCER PRICES SEEN MOVED BY TECHNICALITIES
  U.K. Producer price data for March were
  roughly as expected after taking into account technical factors
  which affected the year-on-year outcome, economic analysts
  said.
      The figures showed a 0.3 pct provisional, non-seasonally
  adjusted rise in output prices in March, unchanged from
  February and close to the average for the last six months.
      The year-on-year rise was put at 3.7 pct, down from 4.2 pct
  in February.
      But Chris Tinker, economist at brokerage house Phillips and
  Drew, said the drop in the year-on-year rate mainly reflected a
  rise in excise duties which affected the index in March last
  year.
      He cautioned that it was dangerous to read too much into
  the monthly figure, adding that a rise of only 0.2 pct in April
  would take the year-on-year rise back above 4.2 pct.
      Analysts also noted that a drop in manufacturers' input
  prices was almost entirely due to anticipated seasonal factors
  such as a fall in industrial electricity costs.
      Duncan Squire of Lloyds Merchant Bank said the figures were
  slightly disappointing in that the strengthening of sterling
  had not yet reduced input prices as much as expected.
      Both he and Tinker said this factor should help keep input
  costs down over the next few months, although Tinker added that
  last year's fall in oil prices is now about to drop out of the
  year-on-year comparisons and is likely to lead to a return to
  rises in the index rather than falls.
  

"
test/16196	15	gnp	"BANGEMANN REJECTS CALL FOR EARLY TAX CUTS
  West German Economics Minister Martin
  Bangemann indirectly rejected a call from the country's leading
  economic research institutes for early introduction of a major
  tax reform involving gross tax cuts of 44 billion marks.
      In a statement reacting to the five institutes' joint
  spring report, Bangemann said that as far as the call for
  bringing forward the 1990 tax reform was concerned --
      ""The government points out that the positive effects for
  growth of its policy of consolidation (cutting the budget
  deficit) must not be allowed to be endangered.""
      Bangemann also recalled that the scope of tax cuts planned
  for 1988 had already been increased.
      Three institutes predicted two pct economic growth in 1987,
  with exports falling by 0.5 pct. The other two saw only one pct
  growth and said exports would fall 2.5 pct.
      Bangemann said ""The government, agreeing with the majority,
  sees no reason for the extraordinarily pessimistic estimate for
  exports expressed by the minority.""
      He said there was reason to believe that export demand
  would start to rise in the course of the year, partly because
  of a further increase in world trade.
  

"
test/16197	15	gnp	"ITALIAN GDP ROSE 2.4 PCT IN 1986 FOURTH QUARTER
  Italy's Gross Domestic Product, calculated
  at 1980 prices, rose 2.4 pct in the fourth quarter of 1986,
  compared with the same period in 1985, National Statistics
  Institute ISTAT said.
      ISTAT said in a statement that GDP growth in fourth quarter
  1986 was zero compared with the preceding quarter. Italy's
  budget ministry said last month that 1986 GDP rose 2.7 pct in
  real terms from 1985.
      Imports in the fourth quarter totalled 26,361 billion lire,
  down 1.4 pct from the 1985 fourth quarter and down 6.6 pct from
  the third 1986 quarter, ISTAT said.
      Istat said exports totaled 23,190 billion lire in the
  fourth quarter, down 4.1 pct from the comparable 1985 quarter
  and down 6.7 pct from the third quarter in 1986.
      Fixed investments were 23,438 billion lire in the fourth
  quarter, down 0.7 pct from the preceding quarter and up 1.1 pct
  from the comparable 1985 quarter.
  

"
test/16200	11	dlr	"G-7 SEEMS WORRIED MARKETS IGNORE COORDINATION
  Top officials of leading industrial
  nations appear deeply worried that financial markets have
  ignored their efforts to coordinate policies, which they
  believe they strengthened in talks last week.
      Monetary sources said officials were exasperated that the
  markets, which drove the dollar rapidly lower and severely
  disrupted bond and stock markets too, did not take heed of the
  policy commitments of the Group of Seven -- the United States,
  Japan, West Germany, France, Britain, Italy and Canada.
      Treasury Secretary James Baker went out of his way to
  reassure markets of his commitment to a stable dollar with a
  statement, and French Finance Minister Edouard Balladur
  underscored that by saying: ""I don't believe at all that the
  Americans want a weaker dollar.""
      West German Finance Minister Gerhard Stoltenberg said the
  dollar's latest rapid descent ""involves the risk -- now already
  a tangible threat -- of a new strong surge of inflation,
  leading to a renewed rise in interest rates.""
      But there were signs too, that while policymakers feared
  the market uproar, they seemed to accept there was little they
  could do until the economic picture changed, and currencies
  settled into a stable pattern as a result.
      Nor did there seem to be any enthusiasm at last week's
  semi-annual meetings of the IMF and the World Bank for higher
  U.S. Interest rates as the best way to curb the dollar's rapid
  descent. That distaste stems in part from fears of recession.
      Outgoing Deputy Treasury Secretary Richard Darman told
  television interviewers he did not think a policy of driving
  the dollar down would solve the U.S. trade deficit.
      ""It would slow growth in Germany and Japan which would
  adversely affect our trade balance and ultimately it would
  drive interest rates up here which would throw us, if not
  (into) recession, into slower growth,"" he said.
      Asked if higher U.S. Interest rates would stabilize the
  dollar, Balladur said: ""When a currency is maintained
  artificially high, by artificially high interest rates, it is
  not healthy.""
      And resorting to higher interest rates could lead to
  recession, he said.
      Acknowledging the dollar's latest slide was now a fact of
  life, Balladur said, ""there may be adjustments of course in one
  or other currencies, this is not a fixed rate system.""
      But Federal Reserve Board chairman Paul Volcker said he
  might rein in credit if the dollar's slide deepens.
      U.S. Monetary sources also said Washington wanted it
  understood by markets the seven's commitments were genuine.
      ""The United States and the six major industrial countries
  are fully committed to implementing our undertakings in these
  agreements,"" Baker told the meetings.
      Darman said Baker had been misinterpreted by markets which
  wrongly believed earlier remarks suggested he wanted a further
  decline in the dollar. Baker, Darman said, was committed to
  stabilizing currencies at current levels.
      Last week's statement from the seven reaffirmed a February
  22 agreement in Paris in which the Reagan administration agreed
  to reach a budget deficit compromise with Congress and to fight
  protectionism.
      West Germany and Japan, meanwhile, agreed to stimulate
  domestic demand and lead a global upturn.
      Ministers believed the Paris pact was bolstered by Japan's
  promise of a 35 billion dlr supplementary budget.
      The sources said they believed Baker saw it as a major
  action. But the seven seem to accept their commitment to stable
  currencies applied to today's exchange rates and not those at
  the time of the Paris agreement, when the dollar stood higher.
      The Paris accord said, ""currencies (are) within ranges
  broadly consistent with underlying economic fundamentals, given
  the policy commitments summarized in this statement.""
      Now they accept the dollar's lower level, especially
  against the yen, as hard reality that is nonetheless consistent
  with the agreement. ""The ministers and governors reaffirmed the
  view that around current levels their currencies are within
  ranges broadly consistent with fundamentals,"" last week's
  statement read.
      Monetary sources said policymakers understood markets were
  focusing on instability created by the gap between the U.S.
  Trade deficit and the surpluses of West Germany and Japan
  rather than prospective policy changes. European monetary
  sources said Bonn was still unconvinced that Washington meant
  business with its commitment to cut the budget deficit.
  

"
test/16201	15	gnp	"INSTITUTES SEE NO WEST GERMAN RECESSION
  The five leading West German economic
  research institutes, which have revised down their forecasts
  for 1987 growth, do not predict a recession in West Germany,
  their spokesman, Hans-Juergen Schmahl said.
      The institutes were divided in their spring report on
  forecasts for 1987, with three predicting two pct growth and
  two seeing only one pct expansion. Growth was 2.4 pct in 1986.
      Schmahl, presenting the report at a news conference, said,
  ""None of the institutes reckons with a recession or with the
  beginning of a recession."" He added, however, that exports
  remained the weak point of the economy .
      Schmahl also said West Germany would have to expect further
  encroachments of foreign goods onto its markets.
      Arthur Krumper of Munich's Ifo institute, which with the
  DIW of West Berlin had presented the more pessimistic view of
  the economy, said, ""The braking effects (on the economy)
  produced by external factors will remain considerable for most
  of the year.""
  

"
test/16202	12	earn	"DEPOSIT GUARANTY CORP <DEPS> 1ST QTR NET
  Shr 1.11 dlrs vs 1.10 dlrs
      Shr diluted 1.03 dlrs vs 1.02 dlrs
      Net 8,186,000 vs 8,114,000
  

"
test/16203	0	acq	"COMPUTER ASSOCIATES <CA> STARTS BPI <BPII> BID
  Computer Associates International Inc
  said it has started its previously-announced 1.92 dlr per share
  tender offer for all shares of BPI Systems Inc.
      In a newspaper advertisement, the company said the offer,
  which has been approved by the BPI board and is to be followed
  by a merger at the same price, is conditioned on receipt of at
  least 1,813,742 shares.  The offer and withdrawal rights expire
  May 15 unless extended.
      In addition to shares sought in the tender, shareholders of
  BPI owning 1,951,720 shares or 34.6 pct have agreed to sell
  their shares to Computer Associates for the tender price.
  

"
test/16206	12	earn	"KING WORLD PRODUCTIONS INC <KWP> 2ND QTR FEB 28
  Shr 21 cts vs eight cts
      Net 6,597,000 vs 2,602,000
      Revs 56.4 mln vs 23.2 mln
      1st half
      Shr 57 cts vs 32 cts
      Net 17.6 mln vs 9,810,000
      Revs 137.7 mln vs 76.0 mln
  

"
test/16207	12	earn	"BLUE CIRCLE PROFITS, DIVIDEND RISE
  Year to end-December Shr 76.7p vs 67.7p
      Div 17p making 23p vs 21p
      Pretax profit 127.0 mln stg vs 116.9 mln
      Turnover 1.10 billion vs 947.2 mln
      Tax 25.0 mln vs 26.3 mln
      Note - company full name is Blue Circle Industries Plc
  <BCIL.L>. Company said it proposes one-for-one capitalisation
  issue
      Gross profit 390.9 mln vs 321.6 mln
      Distribution costs 215.6 mln vs 177.6 mln
      Administrative expenses 65.1 mln vs 58.9 mln
      Other operating income 5.3 mln vs 11.0 mln
      Share of profits of related companies 50.0 mln vs 58.1 mln
      Operating profit 165.5 mln vs 154.2 mln
      Net interest payable 33.6 mln vs 32.2 mln
      Exceptional items 4.9 mln debit vs 5.1 mln debit
      Minorities 3.4 mln vs 6.9 mln
      Extraordinary items after tax 39.5 mln vs 4.2 mln
      Pretax profit includes -
      U.K. 37.7 mln vs 20.5 mln
      U.S. 27.5 mln vs 22.8 mln
      Mexico 15.0 mln vs 20.7 mln
      Australasia 15.7 mln vs 13.2 mln
      Africa 12.0 mln vs 12.6 mln
  

"
test/16210	0	acq	"CRAZY EDDIE <CRZY> MAY MAKE ACQUISITION
  Crazy Eddie Inc said it is
  negotiating for the possible acquisition of Benel Distributors
  Ltd, which operates Crazy Eddie Record and Tape Asylums in all
  Crazy Eddie stores.
      It said the acquisition would probably also include
  affiliate Disc-o-Mat Inc, which operates a number of record and
  tape stores in the New York metropolitan area.
      Other details were not disclosed.
  

"
test/16211	0	acq	"CRAZY EDDIE <CRZY> SETS DEFENSIVE RIGHTS
  Crazy Eddie Inc said its board has
  adopted a defensive shareholder rights plan and said it has
  received ""friendly inquiries"" on its acquisition.
      It said under the plan, shareholdrs of record as of April
  21 will receive a right to purchase under certain circumstances
  at a price of 42 dlrs 0.01 preferred share for each common
  share held.  The rights will expire April Nine.
      The company said the rights would be exercisable 20
  business days after a party were to acquire 20 pct or more of
  Crazy Eddie common stock or announce a tender or exchange offer
  that would result in ownership of 30 pct or more.
      Crazy Eddie said if a party owning 20 pct or more of its
  stock were to merge into it or if a party were to acquire 40
  pct or more of Crazy Eddie stock, right holders other than the
  acquiring party would be entitled to acquire common shares or
  other securities or assets with a market value equal to twice
  the rights' exercise price.
      If after a party acquired 20 pct or more of its stock Crazy
  Eddie were acquired or 50 pct of its earnings power or assets
  sold, rightholders other than the acquirer would be entitled to
  buy shares of the acquirer's common stock worth twice the
  rights' exercise price, the company said.
      Crazy Eddie said if a party were to acquire 30 pct or more
  of its common stock and then fail to acquire Crazy Eddie within
  180 days thereafter, rightholders would be entitled to exchange
  their Crazy Eddie common stock for subordinated notes of Crazy
  Eddie maturing either one year or, above a certain dollar limt,
  five years after issuance.
      Crazy Eddie said adoption of the plan is not in response to
  any known effort to acquire control of it.  But the company
  said it has become aware of some ""possible accumulations"" of
  its stock has has received some ""friendly inquiries.""
  

"
test/16212	16	gold	"SIX KILLED IN SOUTH AFRICAN MINE
  Six workers were killed and four
  injured in an undeground rock fall at South Africa's second
  largest gold mine today, the mine owners said.
      It was the third major mine accident in the country in less
  than a week.
      Thirty four workers died in methane gas explosion at a coal
  mine last Thursday.
  

"
test/16213	32	money-fx	"ZAMBIA'S KWACHA FALLS AT WEEKLY AUCTION
  The Zambian kwacha fell at this week's
  foreign exchange auction to 18.75 kwacha to the dollar from
  last week's 16.95, the Bank of Zambia said.
      The rate was the lowest since the auctions resumed two
  weeks ago under a new two-tier exchange rate system worked out
  with the World Bank and International Monetary Fund.
      The Bank of Zambia said it received 370 bids, ranging from
  13.00 to 20.75 kwacha, for the six mln dlrs on offer. One
  hundred and thirty-five bids were successful.
      A British High Commission spokesman said Britain would put
  eight mln stg into the auction at a rate of one mln a week as
  soon as Zambia reached a full agreement with the IMF.
      The money could be spent only on goods produced and
  supplied by British firms, excluding luxuries and defence
  equipment, the spokesman added.
  

"
test/16214	22	interest	"U.S. SENATE LEADER CALLS FOR INTEREST RATE CUTS
  Senate Finance Committee Chairman
  Lloyd Bentsen (D-Tex.) called on major industrial countries to
  make a pledge at the coming economic summit in Venice to cut
  interest rates.
      ""I think at the summit meeting in Venice what we ought to be
  trying to do is to get the other major industrial nations that
  are involved to bring interest rates down, say, one pct,""
  Bentsen told NBC Television's ""Meet the Press.""
      Bentsen said coordinated rate cuts could take ""billions off
  the debt service of the Latin countries"" and help ease
  protectionist pressures in the industrial countries.
      Bentsen also South Korea and Taiwan should be pressured to
  revalue their currencies in relation to the U.S. dollar.
      ""You take the Taiwanese, with an enormous capital surplus,
  enormous trade surplus, and we've had very little cooperation
  there,"" he said.
      Departing Deputy Treasury Secretary Richard Darman told the
  same television network he agreed that the U.S. dollar had not
  fallen enough against the currencies of some countries.
      ""I think that more does have to be done there in
  negotiations with the countries involved, the so-called NICs
  (newly industrialized countries),"" he said.
      Darman said such negotiations with newly industrialized
  countries were underway privately.
      Bentsen predicted Congress and the White House would agree
  on a fiscal 1988 budget that would raise between 18 and 22
  billion dlrs in new revenues.
      The Texas senator said a series of excise taxes would be
  considered by Congress, including an extension of the telephone
  tax and new levies on liquor and cigarettes.
      Bentsen said he supported an oil import fee, but that it
  would not happen without President Reagan's support.
      Darman called for a ""top level negotiation"" between the White
  House and Congress on a budget compromise that would include
  asset sales, some excise taxes, cuts in middle-class
  entitlement programs, ""a reasonable, steady rate of growth in
  defense"" and reform of the budget process.
  

"
test/16215	0	acq	"OFFER FOR DOME MAY SHORT-CIRCUIT ITS DEBT TALKS
  A 3.22 billion dlr offer for Dome
  Petroleum Ltd <DMP.MO> by TransCanada Pipelines Ltd <TRP.TO>
  may short-circuit Dome's restructuring plan and open the door
  for more takeover bids, oil analysts said.
      Dome is trying to get approval for a plan to refinance debt
  of more than 4.5 billion dlrs by July 1, 1987, when an interim
  debt plan that allowed the Canadian oil and gas firm to defer
  substantial payments to creditors will expire.
      Analysts said TransCanada's bid signals Dome's debtholders
  that an alternative exists to Dome's debt plan.
      Dome announced its plan to 56 major creditors as well as
  public noteholders in March after several months of delicate
  negotiations.
      TransCanada's proposal ""amounts to a quasi debt
  restructuring,"" oil analyst Doug Gowland of Brown Baldwin Nisker
  Ltd said from Toronto.
      Calgary-based Dome's restructuring plan would allow
  creditors to convert debt to common shares under a formula yet
  to be negotiated. Payments on remaining debt would be linked to
  cash flow generated by assets pledged against the debt.
      ""The weakness of the whole debt-refinancing proposal is that
  even with approval of creditors, there is no assurance that
  Dome will in fact be able to repay all of its debt obligations,""
  said Wilf Gobert, an oil analyst for Peters and Co Ltd in
  Calgary.
      TransCanada's announcement came as a surprise since Dome
  was waiting for responses from creditors on its proposed
  refinancing packages, Gobert said.
      The TransCanada proposal could open the bidding for Dome
  since other potential buyers were probably waiting for lenders
  to agree to a restructuring, he added.
      ""I would think that the debtholders would want to entertain
  any and all offers (for Dome),"" Gobert said.
      Dome spokesman David Annesley said in New York that
  TransCanada's announcement could be seen as an attempt to fix
  the bidding price for Dome and an effort to preclude other
  possible buyers from making an offer. ""By drawing attention to
  us in our discussions, it means that others may be a little
  reluctant to come forward,"" he said.
      Dome does not consider TransCanada's proposal a formal
  offer because the pipeline utility's announcement breached a
  confidential agreement between the two companies, he said.
      Dome responded to the statement by suspending discussions
  with TransCanada in order to pursue talks with other
  unidentified parties. However, Dome said its management and
  financial advisers would evaluate all proposals, including
  TransCanada's.
      Gowland said TransCanada's offer is probably a fair price
  for the company's 36.1 mln acres of oil and gas land holdings.
      However, he said not enough financial details are known
  about Dome's debt restructuring to compare the value of
  TransCanada's proposed offer.
  

"
test/16216	0	acq	"SOSNOFF RAISES BID FOR CAESARS WORLD <CAW>
  Investor Martin T. Sosnoff said he has
  raised his offer for Caesars World Inc shares to 32 dlrs each
  from 28 dlrs and has reduced the number of shares he is seeking
  to 29.1 mln from all those not already owned.
      In a newspaper advertisement, Sosnoff said the bid by his
  MTS Acquisition Corp, withdrawal rights and the proration
  period will now expire June 19 unless extended. The offer had
  been scheduled to expire May 15. In late March, Sosnoff said he
  had received a ""negligible"" number of shares in response to the
  offer, which had been rejected by Caesars as inadequate.
      Sosnoff already owns about four mln of Caesars' 30 mln
  common shares now outstanding, or a 13.3 pct interest on a
  primary basis.
      Last week, Caesars' board approved a recapitalization plan
  as an alternative to the Sosnoff offer under which shareholders
  would receive a special dividend of 25 dlrs per share, subject
  to approval by shareholders at a special meeting to be held in
  June.
      The company planned to borrow 200 mln dlrs and sell 800 mln
  dlrs in debt to finance the payout.
      Sosnoff said in the newspaper advertisement that the
  amended offer is conditioned on receipt of enough shares to
  give him a majority interest on a fully diluted basis and on
  the arrangement of financing, as well as to approvals by New
  Jersey and Nevada gaming authorities.
      He said the tender would be the first step in acquiring all
  of Caesars' shares and if successful would be followed by a
  merger transaction.
      Sosnoff said later in a statement that the 29.1 mln shares
  he is now seeking, together with the 4,217,675 shares he owns,
  would give him a 92.4 pct interest on a fully diluted basis.
      He said he still has received only a ""negligible"" number of
  shares in response to his tender.
      In a letter to Caesars' chairman Henry Gluck included in
  the statement, Sosnoff said Gluck had again refused, on April
  8, to meet with him, even though he had said he was willing to
  increase the price of his offer.
      Sosnoff said the financing for the offer is almost fully in
  place.
      Sosnoff said PaineWebber Group Inc <PWJ> has now delivered
  to him commitments to purchase up to 475 mln dlrs of increasing
  dividend cumulative exchangeable preferred stock of MTS Holding
  Corp, an indirect parent corporation of MTS Acquisition.
      He said Marine Midland Banks Inc <MM>, which leads a
  syndicate that has provided commitments for a 500 mln dlr
  margin facility, believes it will be able to arrange for
  further commitments under the margin facility to advance up to
  an additional 25 mln dlrs that may be needed to permit the
  purchase of shares under the offer.
      Sosnoff said under the merger that would follow his tender,
  each of the 2,750,000 Caesars shares not covered by the offer,
  or 7.6 pct on a fully diluted basis, would be converted into
  Series A preferred stock valued at 32 dlrs per shareby an
  independent investment baking firm.
      He said ""To the extent that fewer than 29,100,000 sdhares
  are purchased in the offer, the stockholders would receive a
  combination of cash and Series A preferred stock having a value
  of 32 dlrs per share of Caesars.""
      Sosnoff said he believes terms of his offer are superior to
  Caesars' recapitalization.
      Sosnoff said he will be meeting this week with gaming
  officials in Nevada in an effort to expedite the investigatory
  process required for regulatory approval, a process that it
  already underway in New Jersey.
      He said his offer has been extended based on the likely
  duration of the regulatory process.
      He said he intends to further extend the offer if the
  approval process is not completed by the expiration date.
  

"
test/16219	12	earn	"COMPACT VIDEO INC <CVSI.O> YEAR LOSS
  Shr loss 67 cts vs loss two cts
      Net loss 3,721,000 vs loss 107,000
      Revs 155.7 mln vs 24.2 mln
      NOTE: Results for 12 months ended Dec 31, 1986, and eight
  months ended Dec 31 1985. Because of the acquisition of Brooks
  Drug in September 1986 and the company's change of fiscal year,
  prior-year results are not comparable, Compact Video explained.
  

"
test/16221	12	earn	"NEWORLD BANK FOR SAVINGS <NWOR> 1ST QTR NET
  Oper shr 45 cts vs 26 cts
      Oper net 2,258,000 vs 1,166,000
      NOTE: 1986 net excludes 842,000 dlr tax credit.
  

"
test/16223	0	acq	"USAIR TO BUY 55 PCT OF 17.0 MLN PIEDMONT SHARES TENDERED

  USAIR TO BUY 55 PCT OF 17.0 MLN PIEDMONT SHARES TENDERED
  

"
test/16225	46	tea	"PAKISTAN CONFIRMS KENYA TEA IMPORT INVESTIGATION
  Pakistan's Corporate Law Authority,
  CLA, has begun an enquiry into imports of tea from Kenya and
  the trade imbalance between the two countries, CLA chairman
  Irtiza Husain confirmed.
      He told Reuters by telephone that importers Liptons and
  Brooke Bond had been asked to supply data to the authority and
  a hearing would be held.
      The CLA would then report back to the Commerce Ministry,
  which had requested the enquiry. Husain said no date had yet
  been set for the hearing and declined to give further details
  of the matter.
      Industry sources told Reuters reports that the companies'
  tea import licences had been suspended were incorrect.
  

"
test/16228	12	earn	"MERRILL LYNCH FIRST QTR SHR ONE DLR VS 85 CTS

  MERRILL LYNCH FIRST QTR SHR ONE DLR VS 85 CTS
  

"
test/16230	12	earn	"MERRILL LYNCH AND CO <MER> 1ST QTR NET
  Shr primary one dlr vs 85 cts
      Shr diluted 97 cts vs 81 cts
      Net 108.6 mln vs 86.8 mln
      Rev 2.70 billion vs 2.17 billion
  

"
test/16232	0	acq	"CORONA <ICR.TO> FAVORS ROYEX <RGM.TO> OFFER
  International Corona Resources Ltd said
  its board of directors believes that terms of Royex Gold Mining
  Corp's previously announced offer are fair and reasonable, but
  it decided it will make no recommendation on the offer to its
  shareholders.
      Royex on March 31 offered to buy four mln Corona shares.
  For each Corona share it offered four dlrs cash, one series B
  share of Royex, one series C share of Royex and one share
  purchase warrant. It also bid for all Corona warrants expiring
  Aug 31, 1987.
  

"
test/16233	0	acq	"S.ATLANTIC <SOAF.O>, INDEPENDENCE <INHO.O> MERGE
  South Atlantic Financial Corp
  said it has agreed in principle to merge with Independence
  Holding Co into a new company to be called SAFCO International
  Ltd.
      It said each South Atlantic share would be exchanged for
  one SAFCO share and each Independence share for 2.822 SAFCO
  shares.
      Independence now owns about 40 pct of South Atlantic's 9.8
  mln primary common shares.
      South Atlantic said said its chairman and chief executive
  officer Sheldon S. Gordon would have the same posts with SAFCO
  and Independence president Ronald G. Strackbein would be
  president of SAFCO.
      The company said the transaction is subject to execution of
  definitive agreements, the receipt of fairness opinions from
  investment banks and approval by boards and shareholders of
  both companies.  It said proxy materials are expected to be
  maioled this quarter.   Both South Atlantic and Independence
  are insurance companies.
  

"
test/16234	12	earn	"HOME FEDERAL UPPER EAST TENNESSEE <HFET> 1ST QTR
  Shr 47 cts vs not given
      Net 2,100,000 vs 1,277,000
      NOTE: Company went public in fourth quarter of 1986.
      Home Federal Savings and Loan Association of Upper East
  Tennessee.
  

"
test/16236	29	livestock	"U.S. FEEDER STEER PRICE
  The U.S. Feeder Steer Price, or USFSP,
  as posted by the CME is calculated by Cattle Fax and represents
  the price used for cash settlement of the CME Feeder Cattle
  contract.
      The USFSP is a seven-calendar-day average of feeder steer
  prices from 27 states, based on auction and direct country
  sales for feeder steers that weigh between 600 and 800 lbs and
  are estimated to grade between 60 and 80 pct choice when fed to
  slaughter weight.
      April 9         Previous quote
      70.03             69.87
  

"
test/16238	34	nat-gas	"COLUMBIA GAS <CG> SEEKS CONTRACT COST RECOVERY
  Columbia Gas Transmission
  corp said it made an abbreviated, streamlined filing with the
  Federal Energy Regulatory Commission to recover a portion if
  its costs of renegotiating high-cost gas purchase contracts.
      Recently, the Columbia Gas System Inc pipeline subsidiary
  said, FERC denied on procedural grounds and without prejudice a
  proposal to include these costs in the company's most recent
  purchased gas adjustment -- or PGA -- filing.
      Noting it has has asked for a rehearing on the denial
  ruling, Columbia Gas said it would withdraw its alternative
  filing if the commission grantes its request for a rehearing to
  include the contract renegotiation costs in its PGA or
  consolidates this issue in the pipeline's general rate filing
  and permit recovery, subject to refund, effective April one.
      The company said the alternative filing seeks to recover
  about 79 mln dlrs a year through the pipeline's non-gas sales
  commodity rates. This annual amortization amount is based on
  recovery of about 653 mln drls over an 8-1/4 year period,
  beginning April 1, 1987.
      Columbia Gas said the filing would increase the pipeline
  commodity rates by 15.74 cts per mln Btu to 2.95 dlrs per mln.
      The company said it orginially sought to include these
  costs in its PGA since the payments to products resulted in
  almost five billion dlrs in prospective price relief and were
  not related to take-or-pay buyout costs.
      It explained this interpretation was based on FERC's April
  10, 1985, Statement of Policy which said that only take-or-pay
  buyout costs must be recovered through a general rate filing
  under the Natural Gas Act.
      As a result of renegotiating contracts for high-cost gas,
  Columbia Gas said, it has been able to reduce the average price
  paid for gas purchased from Southwest producers to 1.96 dlrs
  per mln Btu in December 1986 from 3.64 dlrs per mln in April
  1985.
      The pipeline said Southwestern producers account for 46 pct
  of its total available gas supply this year.
  

"
test/16241	8	cpi	"HUNGARY RAISES PRICES IN EFFORT TO CURB DEFICIT
  Hungary has announced sharp price
  increases for a range of food and consumer products as part of
  its efforts to curb a soaring budget deficit.
      The official MTI news agency said the government decided
  consumer price subsidies had to be cut to reduce state
  spending. From today the price of meat will rise by an average
  18 pct and that of beer and spirits by 10 pct, MTI said.
      The measures are also aimed at cooling an overheated
  economy, and could help dampen Hungarians' appetite for
  imported Western goods which consume increasingly expensive
  hard currency, the diplomats said.
      The diplomats also said, however, that they did not expect
  the kind of social unrest that followed sharp price rises in
  other East Bloc states, notably Poland.
      MTI said consumer goods will also become more expensive,
  with the price of refrigerators rising some five pct. It also
  announced a number of measures to ease hardship, including
  higher pensions and family allowances.
  

"
test/16243	0	acq	"P.H. GLATFELTER CO SAYS IT WILL BUY ECUSTA CORP FOR 149 MLN DLRS IN CASH

  P.H. GLATFELTER CO SAYS IT WILL BUY ECUSTA CORP FOR 149 MLN DLRS IN CASH
  

"
test/16244	12	earn	"FAMILY HEALTH SYSTEMS INC <FHSY> 2ND QTR FEB 28
  Shr profit one ct vs nil
      Net profit 74,000 vs profit 10,000
      Revs 925,000 vs 112,000
      Avg shrs 10 mln vs nine mln
      Six mths
      Shr loss nil vs loss one ct
      Net loss 16,000 vs loss 90,000
      Revs 1,855,000 vs 333,000
  

"
test/16246	12	earn	"INTERNATIONAL BUSINESS MACHINES CORP <IBM> NET
  1st qtr
      Shr 1.30 dlrs vs 1.65 dlrs
      Net 785 mln vs 1.02 billion
      Gross income 10.68 billion vs 10.13 billion
      Avg shrs 604.6 mln vs 615.6 mln
      NOTE: Pretax net 1.34 billion vs 1.83 billion.
      Sales 6.50 billion vs 6.10 billion, maintenance gross
  income 1.95 billion vs 1.77 billion, program products gross
  income 1.40 billion vs 1.15 billion and rentals and other
  services 825 mln vs 1.10 billion.
  

"
test/16247	0	acq	"USAIR <U> REPORTS FINAL PRORATION FACTOR
  USAir Group Inc said, in announcing
  the final proration factor for its tender offer for Piedmont
  Aviation Inc <PIE>, that 17.0 mln shares, or 90 pct of the
  shares were validly tendered.
      USAir said it has purchased and will pay for 9.3 mln
  shares, representing about 55 pct of those tendered.
  

"
test/16251	32	money-fx	"U.K. MONEY MARKET GIVEN FURTHER 68 MLN STG HELP
  The Bank of England said it provided the
  market with a further 68 mln stg assistance this afternoon,
  bringing its total assistance on the day to 143 mln stg.
     Shortly before, the Bank said it had revised its estimate
  of the shortage up to 450 mln stg from the earlier forecast of
  400 mln.
      During the afternoon, the bank bought 22 mln stg of band
  two bank bills at 9-13/16 pct and two mln stg of local
  authority bills plus 44 mln stg of bank bills in band four at
  9-11/16 pct. These rates were in all cases unchanged from
  previous intervention levels.
  

"
test/16252	12	earn	"GOODYEAR <GT> PREDICTS FIRST QUARTER NET
  Goodyear Tire and Rubber Co said it
  expects to report earnings from continuing operations of over
  one dlr per share on 71.3 mln average shares outstanding.
      In last year's first quarter the company lost 60.0 mln dlrs
  or 55 cts per share on 108.4 mln shares outstanding, after a
  110.8 mln dlr writedown of oil reserves of its Celeron Corp
  unit.
      Goodyear said it will report first quarter results April 27.
      Goodyear chairman Robert E. Mercer also told the annual
  meeting that unless there is a major downturn in the economy,
  it expects to work its debt down to normal levels in three
  years through its restructuring and cash flow from improved
  margins.
      The company set up its restructuring program to fend off a
  hostile takeover attempt by Sir James Goldsmith.  As part of
  the restructuring, Goodyear executed a major stock buyback
  program that resulted in an increase in its debt.
  

"
test/16256	48	trade	"TRADE ISSUES STRAINING EC'S PATIENCE WITH JAPAN
  Member states of the European
  Community are starting to run out of patience with Japan which
  they believe has repeatedly promised major initiatives to open
  its market to imports, but as often made only minor moves.
      Diplomatic sources here said several recent actions by EC
  countries bear witness to a new disillusionment with the
  willingness, or at least the ability, of the Japanese
  government to reduce its massive trade surplus with the EC.
      However, they said an all-out trade war may be far off, as
  EC states know they would suffer almost as much as Japan.
     Senior EC diplomats gave a generally favourable reaction to
  an EC executive commission proposal under which the EC could
  raise tariffs on a range of Japanese products if the U.S.
  Carries out a threat to make a similar move on April 17.
      The EC tariffs, which would involve renouncing obligations
  entered into with the world trade body GATT, would be designed
  to stop a diversion of exports to the EC market from that of
  the U.S.
      The diplomats were meeting as Tokyo announced that the EC's
  trade deficit with Japan reached a record 2.13 billion dlrs in
  March, up from 1.94 billion in February.
  

"
test/16257	48	trade	"EC COULD DECIDE ON JAPAN TRADE MOVES IN LATE MAY
  The European Community (EC) has
  effectively given Japan six weeks to take moves to open its
  market to imports before it decides on possible tough
  retaliatory trade measures, EC diplomats said.
      They said EC foreign ministers will meet on May 25 and 26
  to review the state of trade relations between the two sides.
      The EC executive commission was asked by representatives of
  member states on Friday to propose a renunciation of some EC
  pledges to the world trade body, GATT, unless there are
  ""adequate and early measures to open the Japanese market.""
      Such a renunciation would be the first step to imposing
  stiff increases in duties, or quantitative limits, on Japanese
  exports.
      The diplomats said it was unlikely that the issue would be
  discussed in detail at the next meeting of EC foreign ministers
  on April 27 and 28 in Luxembourg as time was needed to prepare
  proposals for possible retaliatory action.
      They said the commission has powers to take some limited
  action before getting ministerial approval to prevent Japanese
  exports of electrical, photographic and other goods being
  diverted to Europe following of possible U.S. Tariff moves.
      In May, the ministers are also likely to discuss how to
  prevent Japan from getting an extra trading advantage as a
  result of Spain and Portugal joining the bloc, which obliges
  them gradually to reduce tariffs on many industrial goods.
      Japan's trade surplus with the Community has grown
  steadily, registering a record 2.13 billion dlrs in March.
  

"
test/16258	0	acq	"P.H. GLATFELTER <GLT> ACQUIRING ECUSTA
  P.H. Glatfelter Co said it
  has reached an agreement to acquire all the capital stock of 
  <Ecusta Corp> for 149,177,857 dlrs in cash.
      Glatfelter, a printing and writing paper maker, said Ecusta
  operates an uncoded three sheet and light-weight specialty
  paper mill in Pisgah Forest, N.C. The mill produces and
  converts paper products used by the doemstic and foreign
  tobacco industry.
      Glatfelter said it expects to close the deal by May 31.
  

"
test/16260	12	earn	"NCR CORP 1ST QTR SHR 65 CTS VS 51 CTS

  NCR CORP 1ST QTR SHR 65 CTS VS 51 CTS
  

"
test/16262	12	earn	"FIRST MARATHON <FMS.A.TO> PLANS STOCK SPLIT
  First Marathon Inc said it planned a
  two-for-one stock split, to be effective on shareholders'
  approval at the June 4 annual meeting.
      The financial services company said it also completed the
  previously reported 29.6 mln dlr private placement of 1.5 mln
  non-voting preferred shares convertible one-for-one into
  non-voting class A shares.
  

"
test/16263	12	earn	"U.S. BANCORP <USBC> 1ST QTR NET
  Shr 66 cts vs 57 cts
      Net 20.0 mln vs 17.1 mln
      Avg shrs 30.3 mln vs 30.0 mln
  

"
test/16264	12	earn	"IBM <IBM> HAS HIGHER SHIPMENTS, COSTS IN QTR
  International Business Machines
  Corp said shipments and revenues were higher in the first
  quarter, but net earnings fell 22.8 pct in part due to higher
  expenses.
      IBM said net income fell to 785 mln dlrs or 1.30 dlrs a
  share from 1.02 billion dlrs or 1.65 dlrs on about 1.8 pct
  fewer shares outstanding.
      While total sales and income rose 5.5 pct to 10.68 billion
  dlrs from 10.13 billion dlrs, costs and expenses rose 12.1 pct
  to 9.61 billion dlrs from 8.57 billion in the quarter, the
  computer maker said.
      The company said it continues to take actions to make it
  more competitive, including cost and expense reduction
  measures.
      ""Although the worldwide economic situation remains
  unsettled, there are some encouraging signs in our business,""
  IBM said in a statement.
      ""In addition to the increase in first quarter shipments, we
  have announced new offerings in our large processor and
  personal computing product lines,"" it said.
      ""We have yet to fully benefit from our recent product
  announcements, retirement incentives and other resource
  balancing measures, and we expect these actions will have a
  more significant impact as 1987 progresses,"" the company added.
      It said it expects more than 12,000 U.S. employees to take
  advantage of the retirement incentives announced last year.
      Pretax earnings fell 27 pct to 1.34 billion dlrs from 1.83
  billion, IBM said. Pretax margins slipped to 12.5 pct in 1987
  from 18.1 pct in 1986, it said.
  

"
test/16266	12	earn	"LINDBERG CORP <LIND> 1ST QTR NET
  Shr 15 cts vs 15 cts
      Net 689,561 vs 784,088
      Sales 19.2 mln vs 19.8 mln
      Avg shrs 4.7 mln vs 5.3 mln
      NOTE: 1986 net includes a gain of 108,000 dlrs or two cts a
  share from proceeds from the sale of property.
  

"
test/16269	12	earn	"NCR CORP <NCR> 1ST QTR NET
  Shr 65 cts vs 51 cts
      Net 61.5 mln vs 50.2 mln
      Revs 1.12 billion vs 960.8 mln
      Avg shrs 95.3 mln vs 99.4 mln
  

"
test/16270	50	wpi	"GERMAN PRODUCER PRICES FALL 0.1 PCT IN MARCH
  West German producer prices fell 0.1
  pct in March compared with February to stand 3.9 pct lower than
  in March last year, the Federal Statistics Office said.
      In February, producer prices fell 0.3 pct from January and
  dropped 4.2 pct from their levels a year earlier.
      The Statistics Office said producer prices for natural gas
  had fallen 3.0 pct in March against February, heavy heating oil
  prices were 3.2 pct down, liquefied gas prices fell 14 pct and
  coffee was 7.4 pct cheaper.
  

"
test/16274	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
    30-140 days  5.00 pct  5.00 pct   30-179 days
   141-160 days  6.13 pct  6.08 pct  180-200 days
   161-182 days  5.00 pct  5.00 pct  201-274 days
   183-200 days  6.17 pct  6.18 pct  275-290 days
   201-360 days  5.00 pct  5.00 pct  291-360 days
  

"
test/16275	12	earn	"GALILEO ELECTRO-OPTICS CORP <GAEO> 2ND QTR
  Shr 51 cts vs 40 cts
      Net 1.4 mln vs 851,000
      Revs 9.8 mln vs 6.5 mln
      Six months
      Shr 74 cts vs 50 cts
      Net 2.0 mln vs 1.1 mln
      Revs 17.7 mln vs 11.3 mln
      Avg shrs 2.7 mln vs 2.1 mln
      NOTE:Quarter ended March 31. 1987 six months includes
  charge of 115,000 dlrs due to reversal of investment tax
  credits.
  

"
test/16277	0	acq	"BOSTON FIVE <BFCS.O>, NEWORLD <NWOR.O> TO MERGE
  Boston Five Cents Savings Bank said it
  and Neworld Bank for Savings have agreed to merge, forming a
  new holding company, Boston Five Bancorp.
      Boston Five said the proposal calls for its holders to
  receive 1.163 shares of the new company's stock for each share
  now held and for Neworld Bank holders to recieve one share for
  each share held in a tax free exchange.
      Boston Five said the planned merger with Newworld Bank for
  Savings Will create the largest savings bank in Massachusetts
  and the third largest in New England with combined assets of
  3.1 billion dlrs.
      Boston Five chairman Robert J. Spiller said ""There is a
  natural fit between both banks. We consider this to be a merger
  of equals.""
      Spiller will become Chairman of Boston Five Bancorp and
  Neworld president James M. Oates will be president and chief
  executive officer. 
      Boston Five said its President, Peter J. Blampied, will
  become vice chairman and chief operating officer of the holding
  company. The board of the holding company will have an equal
  number of directors from each institution.
      ""Unlike many recent combinations, this merger has no
  acquisition premium associated with it,"" Blampied said.
      Boston Five has assetsof 1.9 billion dlrs and 35 officers.
  Neworld has assets of 1.2 billion dlrs and 24 officers in
  Massachusetts. It also has a loan center in New Hampshire.
  

"
test/16278	12	earn	"COOPERVISION <EYE> FORMS RECAPITALIZATION PLAN
  Coopervision Inc said it is
  preparing a recapitalization plan, which includes a common
  stock repurchase program and an exchange of debt securities for
  common stock.
      The plan, along with a proposal to change its name to
  Cooper Cos Inc, will be submitted for shareholders' approval at
  the company's annual meeting on June 22.
      The meeting had been postponed from its original date of
  May 14 in order to let management review recapitalization
  options, it said.
      In addition, Coopervision said operating income in its
  current fiscal quarter ending April 30 is expected to show an
  improvement over its prior fiscal quarter's 82.5 mln dlrs and
  its year ago quarter.
      Income from continuing operations was not immediately
  availalbe for the prior year's second quarter in which it
  reported a net loss of 14.9 mln dlrs.
      At a Drexel Burnham Lambert Investor Conference,
  Coopervision chairman Parker Montgomery said, as previously
  announced, he will listen to any bid that makes sense for
  shareholders.
      He also said Coopervision's stock fell in 1986 due to its
  second quarter loss, rumors of a liquidation at 30 dlrs and 35
  dlrs a share, and Ivan Boesky's subsequent sale of his
  position.
      ""The stock dropped six dlrs in three days after Boesky sold
  his position and has never recovered,"" Montgomery said. The
  company's stock is currently trading at 19-1/4.
      Montgomery further told the conference, ""Don't be an
  investor in the stock on the basis of any short term recovery
  in operating or net income in 1987 and 1988.""
      ""Our concentration is on maintaining or increasing market
  share in our core businesses this year and next, regardless of
  the impact to the bottom line,"" he said.
  

"
test/16279	5	coffee	"COLOMBIA JUNE COFFEE REGISTRATIONS OPENED
  Colombia has opened coffee
  registrations for June shipment with no limit set for private
  exporters, as in April and May, a National Coffee Growers'
  Federation official said.
      Colombia has sold an average of 900,000 bags per month
  since the beginning of the calendar year.
  

"
test/16281	28	lei	"CANADA LEADING INDICATOR UP 0.4 PCT IN JANUARY AFTER 0.4 PCT DECEMBER RISE - OFFICIAL

  CANADA LEADING INDICATOR UP 0.4 PCT IN JANUARY AFTER 0.4 PCT DECEMBER RISE - OFFICIAL
  

"
test/16282	33	money-supply	"SPANISH MONEY SUPPLY GROWING AT DOUBLE TARGET PACE
  Spain's principal measure of money
  supply, the broad-based liquid assets in public hands (ALP),
  grew at an annualised rate of 17.6 pct in March against 16.6
  pct in February and 19.6 pct in March last year, provisional
  Bank of Spain figures show.
      The bank's target range for this year is 6.5 to 9.5 pct,
  and Bank of Spain Governor Mariano Rubio said this month he was
  aiming for the lower end of that range.
      ALP grew by 11.4 pct during 1986.
  

"
test/16283	12	earn	"REEBOK INTERNATIONAL LIMITED <RBK> 1ST QTR
  Shr 72 cts vs 52 cts
      Net 38.6 mln vs 25 mln
      Revs 281.8 mln vs 174.5 mln
      Avg shrs 53.5 mln vs 48.2 mln
      NOTE: 1987 1st quarter amounts do not includes sales of
  AVIA Group International Inc, acquired at the end of the first
  quarter. 1987 1st quarter revenues include Rockport revenues of
  31 mln dlrs. 1986 1st quarter amounts do not include Rockport,
  as Reebok acuqired that company in October 1986.
  

"
test/16284	12	earn	"BLOUNT INC <BLT> 4TH QTR NET
  Oper shr 16 cts vs three cts
      Oper net 1,930,000 vs 391,000
      Revs 313.9 mln vs 308.9 mln
      Avg shrs 11.9 mln vs 12.0 mln
      Year
      Oper shr 60 cts vs 27 cts
      Oper net 7,215,000 vs 3,340,000
      Revs 1.23 billion vs 1.16 billion
      Avg shrs 11.9 mln vs 12.0 mln
      NOTE: Prior year net excludes gains 4,896,000 dlrs in
  quarter and 8,873,000 dlrs in year from termination of
  overfunded pension plans.
      Backlog 1.0 billion dlrs vs 942 mln dlrs.
  

"
test/16285	32	money-fx	"U.K. MONEY MARKET GIVEN LATE HELP OF 210 MLN STG
  The Bank of England said it gave the
  market late assistance of around 210 mln stg, bringing its
  total help on the day to some 353 mln stg.
      This compares with the Bank's estimate of the liquidity
  shortage of around 450 mln stg, raised from its early forecast
  of 400 mln stg.
  

"
test/16286	16	gold	"GIANT BAY <GBYLF> IN IDAHO GOLD VENTURE
  Giant Bay Resources
  Ltd said it signed an agreement in principle with Hecla Mining
  Co for an operating joint venture on Hecla's Stibnite, Idaho,
  gold deposit.
      Giant Bay said if its bioleaching technology is used for
  ore processing, it will have the right to acquire a working
  interest in the property. It said it may spend as much as three
  mln U.S. dlrs, excluding capital costs to bring the mine into
  production. It said drilling has indicated substantial sulphide
  reserves with a gold grade of about 0.1 ounce a ton, and early
  tests show the gold ore responds to bioleaching.
  

"
test/16287	0	acq	"BLUE ARROW TO ACQUIRE RICHARDS CONSULTANTS
  Blue Arrow PLC said it signed an
  agreement to acquire Richards Consultants Ltd for 29 mln dlrs
  in cash and securities.
      Richards is a privately-owned New York-based executive
  recruitment firm.
      As part of the agreement, Blue Arrow said the four
  principal shareholders who manage Richards will enter into
  long-term service contracts with it. The agreement is subject
  to approval of Blue Arrow shareholders.
  

"
test/16288	12	earn	"MERRY-GO-ROUND <MGRE> SETS STOCK SPLIT
  Merry-Go-Round Enterprises Inc said
  its board declared a three-for-two stock split, payable May One
  to holders of record April 17.
  

"
test/16289	27	lead	"ASARCO UPS U.S. LEAD PRICE 0.50 CT TO 27 CTS
  Asarco Inc said it is increasing its
  base spot sales price for refined lead by one-half cent to 27.0
  cents a lb, FOB, delivered in carload lots, effective
  immediately.
  

"
test/16291	12	earn	"IRVING BANK CORP 1ST QTR SHR 1.51 DLRS VS 1.62 DLRs

  IRVING BANK CORP 1ST QTR SHR 1.51 DLRS VS 1.62 DLRs
  

"
test/16294	12	earn	"IRVING BANK CORP <V> 1ST QTR NET
  Shr 1.51 dlr vs 1.62 dlr
      Net 28.6 mln vs 30.4 mln
      Assets 23.8 billion vs 20.9 billion
      Deposits 15.5 billion vs 14 billion
      Loans 13.8 billion vs 12 billion
  

"
test/16297	12	earn	"O'SULLIVAN CORP <OSL> 1ST QTR NET
  Shr 28 cts vs 32 cts
      Net 2,823,000 vs 3,216,000
      Rev 47.9 mln vs 42.9 mln
      NOTE: The 1986 earnings per share adjusted for a four for
  three stock distribution paid May 1986.
  

"
test/16298	22	interest	"FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.39 PCT FROM 7.36 PCT - OFFICIAL

  FRENCH 13-WEEK T-BILL AVERAGE RATE RISES TO 7.39 PCT FROM 7.36 PCT - OFFICIAL
  

"
test/16299	12	earn	"PARK COMMUNICATIONS INC <PARC> 1ST QTR NET
  Shr 15 cts vs 14 cts
      Net 2,028,000 vs 1,879,000
      Revs 32.1 mln vs 29.5 mln
  

"
test/16300	12	earn	"NVHOMES <NVH> SETS SPLIT PAYMENT DATE
  NVHomes LP said April 30 will be
  the distribution date for new units as a result of its
  previously-announced two-for-one split to unitholders of record
  April 20.
  

"
test/16301	12	earn	"13-APR-1987
  13-APR-1987

"
test/16302	0	acq	"DILLARD DEPARTMENT STORES AGREES TO BUY TWO ALLIED STORES UNITS FOR 255 MLN DLRS CASH

  DILLARD DEPARTMENT STORES AGREES TO BUY TWO ALLIED STORES UNITS FOR 255 MLN DLRS CASH
  

"
test/16303	12	earn	"CHEMICAL NEW YORK CORP 1ST QTR SHR 1.58 DLRS VS 1.93 DLRS

  CHEMICAL NEW YORK CORP 1ST QTR SHR 1.58 DLRS VS 1.93 DLRS
  

"
test/16304	22	interest	"BANKERS TRUST <BT> RAISES BROKER LOAN RATE
  Bankers Trust Co said it is raising
  its broker loan rate to 7-1/2 pct from 7-1/4 pct, effective
  immediately.
      U.S. Trust Co, the only other bank to publicize its broker
  rate, was already posting 7-1/2 pct.
  

"
test/16307	0	acq	"PENTLAND TO REDUCE REEBOK <RBK> HOLDINGS
  Pentland Industries PLC said it report
  a substantial capital gain from the sale of part of its
  holdings in Reebok International Limited, which will cut its
  stake in Reebok to 32.2 pct from 36.7 pct.
       It said Reebok filed a registration statement with the
  Securities and Exchange Commission for the offering of six mln
  shares of Reebok common. Reebok will sell three mln shares and
  Pentland will sell 1,404,866 shares, reducing its stake in
  Reebok to 18.1 mln from 19.5 mln shares.
      After the offering, Reebok will have 56.1 mln shares shares
  outstanding.
      Pentland said the amount of the capital gain from the sale
  depends on the offering price for the Reebok shares to be
  negotiated between it, Reebok, and the other selling
  stockholders who will offer about 1.6 mln shares of Reebok
  common, and the underwriters.
      Pentland said proceeds from the offering will be used by
  Reebok to retire bank debt incurred in its acquisition of AVIA
  Group for about 180 mln dlrs. Is said that afterwards, Reebok
  will have bank credit lines available for general corporate
  purposes, including possible acquisitions.
      Reebok's stock was selling at 45-1/2, up 1/8. At that
  price, the 1.4 mln Reebok shares Pentland will sell are worth
  about 64 mln dlrs and the three mln shares Reebok will sell are
  worth about 136.5 mln dlrs.
      Pentland said it will use proceeds to fund growth and
  possible acquisitions.
      Pentland said 4,500,000 shares of Rebbok will be offered in
  the U.S. by a syndicate led by Kidder, Peabody and Co Inc and
  1,500,000 shares will be offered outside the U.S. by an
  international syndicate led by Kidder.
      It said the U.S. underwriters have been granted an option
  to buy from certain selling stockholders up to an additional
  900,000 shares to cover overallotments. Pentland said it has
  not chosen to participate in this over allotment.
      Pentland said that as soon as the date and price of the
  offering have been determined it will release further details.
      It said it expects the offering to close in May.
  

"
test/16310	28	lei	"CANADA JANUARY LEADING INDICATOR UP 0.4 PCT
  Canada's leading composite indicator
  rose 0.4 pct in January with eight of the 10 major components
  posting gains, the most widespread monthly advance in the past
  year, Statistics Canada said.
      The index also gained 0.4 pct in the preceeding month. The
  unfiltered index, however, fell 0.1 pct in January after rising
  1.0 pct in December.
      The gain was led by the residential construction index
  while the manufacturing groups continued to improve and the
  stock market index turned up, the federal agency reported.
  

"
test/16311	12	earn	"<NATIONAL WESTMINSTER BANK PLC> 1ST QTR NET
  Net 17.7 mln vs 15.3 mln
      NOTE: <National Westminster Bank PLC> subsidiary.
      Loan loss provision 13.8 mln vs 13.0 mln
      Investment securitiesd gaons 2,003,000 dlrs vs 169,000
  dlrs.
      Figures in dollars.
  

"
test/16312	12	earn	"IRVING BANK <V> CITES LOANS IN EARNING DECLINE
  Irving Bank Corp said the decline in
  its first quarter earnings to 28.6 mln dlrs from 30.4 mln dlrs
  in the year-ago period were due to the placement on a
  non-accrual basis of 215 mln dlrs and 33 mln dlrs of medium and
  long-term loans to borrowers in Brazil and Equador.
      Excluding the impact of the non-accrual loans, Irving said
  its first quarter net income would have rose 8.4 pct to 32.9
  mln and per share amounts would have risen eight pct to 1.75
  dlr. In the first quarter the bank reported earnings per share
  of 1.51 dlr compared to 1.62 dlr in the same period last year.
  

"
test/16314	13	fuel	"GLOBAL LOWERS HEAVY FUELS PRICES
  Global Petroleum corp said today it
  lowered the posted cargo prices for number six fuel in the new
  york harbor 45 to 75 cts a barrel, effective today.
      The decrease brings the prices for one pct sulphur to 20.75
  dlrs, down 45 cts, two pct sulphur 20.10 dlrs, down 75 cts, 2.2
  pct sulphur 19.75 dlrs, down 75 cts and 2.5 pct sulphur 19.50
  dlrs, down 75 cts.
      Prices for 0.3 pct and 0.5 pct sulphur remained unchanged
  at 22.50 and 21.85 dlrs, it said.
  

"
test/16315	12	earn	"CHEMICAL NEW YORK CORP <CHL> 1ST QTR NET
  shr 1.58 dlrs vs 1.93 dlrs
      net 86,220,000 vs 102,629,000
      avg shrs 50,831,512 vs 49,156,828
      assets 61.04 billion vs 57.95 billion
      loans 38.76 billion vs 39.68 billion
      deposits 38.20 billion vs 33.14 billion
      return on assets 0.57 pct vs 0.71 pct
      return on common equity 11.47 pct vs 15.19 pct
      NOTE: 1987 qtr net reduced by 12 mln dlrs because 1.04
  billion dlrs of Brazil loans were placed on non-accrual
  

"
test/16316	29	livestock	"CCC ACCEPTS BONUS ON CATTLE TO CANARY ISLANDS
  The Commodity Credit Corporation
  (CCC) has accepted a bid for an export bonus to cover the sale
  of 2,750 head of dairy cattle to the Canary Islands, the U.S.
  Agriculture Department said.
      The cattle are for delivery May, 1987-October, 1988, it
  said.
      The bonus was 1,379.00 dlrs per head and was made to
  Holstein-Friesian, Inc and will be paid in the form of
  commodities from the CCC inventory.
      An additional 175 headed of dairy cattle for still
  available to the Canary Islands under the Export Enhancement
  Program initiative announced July 28, 1986, it said.
  

"
test/16317	12	earn	"AFG INDUSTRIES INC <AFG> 1ST QTR NET
  Shr primary 54 cts vs 41 cts
      Shr diluted 51 cts vs 38 cts
      Net 9,098,000 vs 5.924,000
      Revs 111.7 mln vs 85.0 mln
      Avg shrs primary 16,889,254 vs 14,500,737
  

"
test/16318	1	alum	"WORK ON GREEK ALUMINA PLANT TO START END MAY
  Preparatory work for construction of a
  450 mln dlr alumina plant near the village of Aghia Efthymia in
  the Greek province of Fokida will begin at the end of next
  month and the plant will be operational by 1992, Industry
  Undersecretary George Petsos said.
      Greece yesterday signed contracts with the Soviet Union for
  the joint venture project, the biggest investment in the
  country for 20 years.
      Petsos said the Soviet Union, which had initially agreed to
  buy 380,000 tonnes, would now purchase the plant's entire
  output of 600,000 tonnes a year.
  

"
test/16319	12	earn	"<NEW MILFORD SAVINGS BANK> 1ST QTR NET
  Shr 62 cts vs 26 cts
      Net 2,312,000 vs 944,000
      NOTE: 1987 includes five ct shr charge from loan loss
  provision.
  

"
test/16324	12	earn	"H.F. AHMANSON AND CO <AHM> 1ST QTR NET
  Shr 84 cts vs 80 cts
      Net 82,416,000 vs 67,819,000
      Revs 703.9 mln vs 759.7 mln
      Avg shrs 98,369,307 vs 84,807,498
      Loans 19.06 billion vs 19.51 billion
      Deposits 21.60 billion vs 19.86 billion
      Assets 27.16 billion vs 27.15 billion
      Note: Prior qtr per shr figure adjusted for three-for-one
  stock split of May 1986.
  

"
test/16327	45	sugar	"PAKISTAN REPORTEDLY BOUGHT WHITE SUGAR AT TENDER
  Pakistan is reported to have bought
  100,000 tonnes of white sugar at its weekend tender from a
  North Korean operator, traders said.
      The purchase, believed priced around 210 dlrs a tonne cost
  and freight for fine/medium grain, was due to be shipped for
  arrival in May (30,000 tonnes), in June (45,000) and in July
  (25,000 tonnes), they said.
  

"
test/16331	32	money-fx	"FED EXPECTED TO SET THREE-DAY REPURCHASE PACTS
  The Federal Reserve is expected to
  enter the U.S. Government securities market to add temporary
  reserves directly by arranging three-day System repurchase
  agreements, economists said.
      They said the Fed may add the reserves indirectly instead
  via a large round, two billion dlrs or more, of customer
  repurchase agreements.
      Federal funds, which averaged a high 6.35 pct on Friday,
  opened at 6-7/16 pct and traded between there and 6-1/2 pct.
  

"
test/16332	0	acq	"ALLIED STORES <ALS> SELLS DILLARD <DDS> TWO UNITS
  Dillard Department Stores Inc, based
  in Little Rock, Ark., and Allied Stores Corp jointly said they
  entered a definitive purchase agreement for the sale to Dillard
  of the Joske's and the Cain-Sloan divisions of Allied for 255
  mln dlrs cash, subject to certain closing adjustments.
      The sale excludes certain real estate assets of Joske's and
  Cain-Sloan, which Allied estimates have an aggregate value of
  30 mln dlrs based on current market conditions.
      Joske's has 26 stores in Texas and one in Arizona.
  Cain-Sloan has four stores in Nashville. Joske's is the largest
  unit Allied has slated for sale in its restructuring.
      Allied Stores Corp, a subsidiary of Campeau Corp, was
  acquired by acquired by the Canadian developer last year.
      Robert Campeau, chairman of Allied, said ""this is a
  terrific start to our disposition program which is proceeding
  well ahead of schedule. This sale will fulfill the requirements
  under our bank agreements to sell certain assets by June 30 and
  give us additional flexibility in the disposal of the remaining
  divisions being sold.""
       Allied Stores is required to pay 200 mln dlrs in bank debt
  by June 30. There had been some doubts on Wall Street that the
  company could meet the payment.
      A Campeau source said, ""We believe this cash sale puts us
  in a very strong negotiating position to maximize the proceeds
  Allied can receive from its other divisions.""
      ""Allied was able to put itself in a position where it knows
  it will be able to meet the June 30 payment schedules,"" the
  source said.
      About 1.1 bilion dlrs in Allied assets had been targeted
  for sale by Dec. 31, 1988 to pay for the aquisition of Allied
  by Campeau.
      Allied will be taking bids for its other divisions.
  Targeted for sale are Bonwit Tellers, Garfinckel's, Dey's,
  Donaldson's, Herpolsheimer's, Heer's, Miller's, Miller and
  Rhoads, Pomeroy's, Catherine's, Plymouth Shops, and Jerry
  Leonard. The divisions provided 38.4 pct of Allied net sales
  and 11.8 pct of store profit in fiscal 1985.
  

"
test/16336	12	earn	"NCR <NCR> CONTINUES TO EXPECT EARNINGS GROWTH
  NCR Corp, earlier reporting higher
  first quarter profit, said it continues to expect that it will
  report record earnings and revenue for all of 1987.
      ""Our optimism is based on our incoming order rates and the
  strength of our product lines,"" the company said.
      NCR Corp plans additional new product announcements this
  year, it said without elaborating.
      NCR earlier said first quarter profit increased to 61.5 mln
  dlrs or 65 cts share from 50.2 mln dlrs or 51 cts share in the
  prior year. NCR's 1986 full-year earnings rose to 336.5 mln
  dlrs from 315.2 mln dlrs in the prior year.
      NCR said the increase in first quarter profit resulted from
  strong revenue growth, which was particularly strong in Europe
  and Pacific marketing groups.
      Growth in U.S. revenues also improved, the company said.
  First quarter revenues increased to 1.12 billion dlrs from
  960.8 mln dlrs in the prior year.
      NCR's U.S. dollar value of 1987 first quarter worldwide
  incoming orders posted a very substantial gain over the prior
  year first quarter, NCR also said without giving specific
  figures. Order growth was broad based across NCR's product
  lines, with the greatest growth coming from U.S., it said.
  

"
test/16337	12	earn	"GENETICS INSTITUTE INC <GENI.O> 1ST QTR LOSS
  Period ended February 28
      Shr loss 11 cts vs loss 11 cts
      Net loss 1,309,000 vs loss 937,000
      Revs 5,271,000 vs 4,417,000
      Avg shrs 11,690,000 vs 8,724,000
  

"
test/16339	12	earn	"ENTRE COMPUTER <ETRE.O> CLOSING OVERSEAS UNITS
  Entre Computer Centers Inc said it
  is discontinuing its European and Australian operations.
      The company today reported a loss for the second quarter
  ended February 28 of 2,733,000 dlrs, after a 6,705,000 dlr
  pretax provision for the shutdown of the overseas units and a
  2,511,000 dlr tax credit.  A year earlier it earned 911,000
  dlrs.
      It said the overseas operations lost 400,000 dlrs in the
  second quarter and did not appear strong enough to provide for
  future growth.
  

"
test/16342	12	earn	"ENTRE COMPUTER CENTERS INC <ETRE> 2ND QTR LOSS
  Shr loss 29 cts vs profit 10 cts
      Net loss 2,733,000 vs profit 911,000
      Revs 21.5 mln vs 18.5 mln
      1st half
      Shr loss 23 cts vs profit 26 cts
      Net loss 2,154,000 vs profit 2,445,000
      Revs 37.8 mln vs 37.7 mln
      NOTE: Current year net both periods includes 6,705,000 dlr
  pretax provision for closing overseas operations and tax
  credits 2,511,000 dlrs in quarter and 1,977,000 dlrs in half.
  

"
test/16343	12	earn	"MERRILL LYNCH <MER> INVESTMENT REVENUES UP
  Merrill Lynch and Co said investment
  banking revenues were strong in the first quarter, rising to
  257.4 mln dlrs from 152.9 mln in the first quarter 1986.
      ""We have made steady progress in a period of market
  activity which has been marked by unprecedented activity,""
  William Schreyer, chairman and cheif executive officer, and
  Daniel Tully, president and chief operating officer, said.
      Earlier, the company reported first quarter net income of
  108.6 mln dlrs, or one dlr per share, up from 86.8 mln dlrs, or
  85 cts per share, in 1986's first quarter.
      Merrill Lynch said its insurance revenues made the biggest
  gains in the first quarter, rising to 242.3 mln dlrs in the
  this first quarter, from 68.3 mln dlrs in last year's first
  quarter.
  

"
test/16346	12	earn	"STANDARD MICROSYSTEMS CORP <SMSC.O> 4TH QTR NET
  Feb 28 end
      Shr profit four cts vs loss nil
      Net profit 448,000 vs loss 28,000
      Revs 15.1 mln vs 11.5 mln
      Avg shrs 11.2 mln vs 11.1 mln
      Year
      Shr profit four cts vs profit nil
      Net profit 459,000 vs profit 51,000
      Revs 53.2 mln vs 44.5 mln
      Avg shrs 11.2 mln vs 11.1 mln
      NOTE: Net includes tax credits of 53,000 dlrs vs 1,023,000
  dlrs in quarter and 48,000 dlrs vs 2,557,000 dlrs in year.
  

"
test/16347	12	earn	"PENNSYLVANIA REAL ESTATE INVESTMENT TRUST <PEI>
  Oper shr 39 cts vs 47 cts
      Oper net 2,104,462 vs 2,452,420
      Revs 4,675,904 vs 4,744,248
      Avg shrs 5,427,561 vs 5,139,415
      1st half
      Oper shr 82 cts vs 93 cts
      Oper net 4,418,718 vs 4,609,613
      Revs 9,346,483 vs 9,338,590
      Avg shrs 5,427,486 vs 4,943,966
      NOTE: Current year net excludes gains on sale of real
  estate of 470,778 dlrs in quarter and 1,533,273 dlrs in half.
      Period ended February 28.
  

"
test/16348	12	earn	"ALLWASTE INC <ALWS.O> 2ND QTR FEB 28
  Shr profit four cts vs loss one cts
      Net profit 172,000 vs loss 180,000
      Revs 4.2 mln vs 883,000
      Six months
      Shr profit nine cts vs loss four cts
      Net profit 315,000 vs loss 107,000
      Revs 7.4 mln vs 1.8 mln
      Avg shrs 4.4 mln vs 2.6 mln
  

"
test/16350	12	earn	"SCOTT AND STRINGFELLOW <SCOT.O> 3RD QTR MAR 31
  Shr 37 cts vs 37 cts
      Net 687,888 vs 441,659
      Revs 7.9 mln vs 6.8 mln
      Nine months
      Shr 1.12 dlrs vs 1.07 dlrs
      Net 1.8 mln vs 1.3 mln
      Revs 23.2 mln vs 19.7 mln
      Avg shrs 1.6 mln vs 1.2 mln
      NOTE:Full name is Scott and Stringfellow Financial Corp.
  

"
test/16354	12	earn	"FOSTER <FWC> UNIT AUDIT REVEALS DISCREPANCIES
  Foster Wheeler Corp <FWC> said an
  audit of its Stearns Airport Equiment Co Inc unit, revealed
  ""substantial discrepancies"" in Stearns accounts that may
  require material adjustments to previously announce
  consolidated results of the company and its subsidiaries.
      Foster said certain Stearn officers and senior management
  made Stearn's operations appear more profitable than they were
  by improperly recording job costs. It said Stearn's president
  and controller had resigned. A Foster spokesman said he did not
  know the names of the president and controller, and could not
  immediately comment on the release.
      Foster said the amount involved in the ""discrepancy"" is
  about 13.7 mln dlrs before taxes or about 8.2 mln dlrs net
  after tax due to an ""improper recording of job costs over a
  period of several years and continuing through part of the
  first quarter of 1987.""
      Stearns is a unit of Foster's Conergic Corp subsidiary.
  The company said the impact on its results for 1987 was not
  ""likely to be significant"" but the amount to be charged to
  prior periods had not been determined.
      Foster reported after tax earnings of 28 mln dlrs, 26 mln
  dlrs and 35.4 mln dlrs for 1986, 1985, and 1984, respectively.
      Stearns, based in Crowley, Texas, makes airport baggage
  conveyor equipment and passenger loading bridges.
      Foster, a diversified international concern with 27
  subsidiaries operating worldwide, is based in Livingston, New
  Jersey. Its reported revenues for the period ended December 26,
  1986 of 1.3 billion dlrs.
      The company said a detailed audit and investigation is
  continuing. A company spokesman declined to comment further on
  the investigation.
  

"
test/16357	48	trade	"TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS
  Taiwan announced plans for another round
  of import tariff cuts on 862 foreign goods shortly before trade
  talks with Washington which officials described as a move to
  help balance trade with the United States.
      Wang Der-Hwa, Deputy Director of the Finance Ministry's
  Customs Administration Department, told reporters the list of
  products included 60 items asked by Washington.
      ""The move is part of our government efforts to encourage
  imports from our trading partners, particularly from the United
  States,"" he said.
      He said the ministry sent a proposal today to the cabinet
  that the tariffs on such products as cosmetics, bicycles,
  apples, radios, garments, soybeans and television sets be cut
  by between five and 50 pct.
      The cabinet was expected to give its approval next Thursday
  and the new tariff cuts would be implemented possibly starting
  on April 20, he added.
      Taiwan introduced a sweeping tariff cut on some 1,700
  foreign products last January aimed at helping reduce its
  growing trade surplus with the United States, the island's
  largest trading partner.
      Washington however was not satisfied with the cuts and
  pressed for more reductions as a way of cutting its huge trade
  deficit with Taipei.
      Washington's deficit with Taipei rose to a record 13.6
  billion U.S. Dlrs last year from 10.2 billion in 1985. It
  widened to 3.61 billion in the first quarter of 1987 from 2.78
  billion a year earlier, Taiwan's official figures show.
      Today's announcement came before a departure later today of
  a 15-member Taiwan delegation for Washington for a series of
  trade talks with U.S. Officials.
      The delegation's leader, Vincent Siew, told reporters last
  night he was leaving with ""a heavy heart,"" meaning that he would
  face tough talks in Washington because of rising protectionist
  sentiments in the U.S. Congress. Taiwan's 1986 trade surplus
  with Washington was the third largest, after Japan and Canada.
      Siew said the talks, starting on April 14, would cover U.S.
  Calls for Taiwan to open its market to American products,
  purchases of major U.S. Machinery and power plant equipment,
  import tariff cuts and protection of intellectual property.
      ""I am afraid this time we have to give more than take from
  our talks with the U.S.,"" he said without elaborating.
  

"
test/16359	17	grain	"BULGARIA, ROMANIA GRAIN CROP SEEN LESS FAVORABLE
  Current prospects for this year's
  grain crop in Bulgaria and Romania appear less favorable than
  in 1986, the U.S. Agriculture Department's officer in Belgrade
  said in a field report.
      The report said the assessment was based on travel in the
  two countries from March 30 to April 4.
      It said crop conditions were better than earlier expected
  following the extreme dry conditions last fall and the
  prolonged winter temperatures this spring.
      However, in general plant development was at least three
  weeks or more behind normal this spring, and conditions varied
  greatly by regions, the report said.
      Fields seeded during the optimum period last fall, and
  especially those receiving supplemental irrigation water (about
  65 pct of the fields observed), appeared to be in good
  condition, with little evidence of winterkill, while others
  varied considerably, the report said.
      Fields lacking adequate moisture last fall showed weak and
  uneven stands. Spotty germination and winterkill in those
  fields averaged 10 to 30 pct, it said.
  

"
test/16360	12	earn	"ELCOR CORP <ELK> 3RD QTR MARCH 31
  Shr 21 cts vs eight cts
      Net 1.5 mln vs 536,000
      Revs 26.6 mln vs 17.7 mln
      Nine months
      Shr 1.11 dlrs vs 43 cts
      Net 7.8 mln vs 3.0 mln
      Revs 86.9 mln vs 82.9 mln
      NOTE:Shares adjusted for 2-for-1 stock split payable May
  28, 1987 to holders of record May 14, 1987.
      1987 3rd qtr and nine months includes tax loss carryforward
  gain of 695,000 dlrs and 3.6 mln dlrs, respectively.
      1986 3rd qtr nine months includes tax loss carryforward
  gains of 260,000 dlrs and 1.4 mln dlrs, respectively.
  

"
test/16363	12	earn	"ABINGTON SAVINGS BANK <ABBK.O> 1ST QTR NET
  Shr 27 cts vs not given
      Net 617,000 vs 550,000
      Loans 92.8 mln vs 84.7 mln
      Deposits 121.9 mln vs 119.4 mln
      Assets 155.4 mln vs 152.4 mln
      Note: prior share not given due to June 18, 1986 conversion
  to stock ownserhip
  

"
test/16365	12	earn	"BANKING CENTER <TBCX> 1ST QTR NET
  Shr 29 cts vs not given
      Net 3,508,000 vs 2,483,000
      NOTE: Company went public in August 1986.
      1986 figures restated.
      Net includes loan loss provision 550,000 dlrs vs 203,000
  dlrs, gain on sale of securities of 309,000 dlrs vs 638,000
  dlrs and gain on sale of loans 403,000 dlrs vs 553,000 dlrs.
  

"
test/16367	12	earn	"CHEMICAL <CHL> NET HURT BY BRAZIL, EXPENSES
  Chemical New York Corp said its
  first-quarter profits fell by 16 pct, largely because it placed
  1.04 billion dlrs of loans to Brazil on non-accrual.
      Chemical reported first-quarter net income of 86.2 mln
  dlrs, down from 102.6 mln a year earlier, but declaring the
  Brazilian loans non-performing cost Chemical 21 mln dlrs in
  lost interest income, or 12 mln dlrs after-tax.
      A 13.3 pct jump in non-interest expense to 471.3 mln dlrs
  from 415.9 mln also hit the bottom line. It said the rise was
  mainly due to staff costs associated with continued growth in
  consumer, capital markets and investment banking activities.
      Excluding the effect of placing Brazil on non-accrual,
  Chemical said its net income would have been 98.2 mln dlrs, or
  4.3 pct below 1986 earnings.
      Brazil suspended interest payments on 68 billion dlrs of
  medium- and long-term debt on February 20. If they are not
  resumed by year's end, Chemical said its after-tax net for the
  whole of 1987 will be reduced by about 51 mln dlrs.
      Chemical also placed 52 mln dlrs of loans to Ecuador on
  non-accrual because the Quito government also suspended
  interest payments on its foreign debt. This reduced interest
  income by 1.5 mln dlrs.
      Chemical said net interest income fell to 476.4 mln dlrs
  from 488.9 mln and its net spread narrowed to 3.61 pct from
  3.96 pct.
      This reflected the reclassification of Brazilian loans, a
  reduced federal income tax rate (which affected the calculation
  of the taxabale-equivalent adjustment on tax-exempt assets) and
  a narrowing of the spread between the prime rate and Chemical's
  cost of funds.
      Foreign exchange trading profits rose to 37.9 mln dlrs from
  27.0 mln, but bond trading profits dropped to 21.9 mln dlrs
  from 26.2 mln.
      Fees from trust and other banking services rose to 146.5
  mln dlrs from 129.3 mln a year earlier, Chemical said.
      The provision for loan losses was 87.2 mln dlrs, compared
  with 83.8 mln. Net loan charge-offs were 86.5 mln, up from 60.7
  mln, leaving the allowance for loan losses at 672.6 mln dlrs at
  quarter's end, or 1.74 pct of loans outstanding, compared with
  594.3 mln, or 1.50 pct, a year earlier.
      Non-accruing loans at the end of March were 2.39 billion
  dlrs (1.35 billion excluding Brazil), compared with 1.35
  billion at the end of 1986 and 1.22 billion at the end of
  March, 1986.
  

"
test/16369	12	earn	"GENETICS <GENI.O> SEES HIGHER 87 LOSSES
  Genetics Institute Inc,
  earlier reporting an increased first quarter net loss, said it
  expects to incur losses in fiscal 1987 ""that are somewhat higher
  than those reported in fiscal 1986.""
      It had a loss of 4,504,000 dlrs for fiscal 1986 ended
  November 30, compared to a fiscal 1985 loss of 1,732,00 dlrs.
      The company said the losses result from its strategic
  decision to invest prudent levels of equity in development of
  products the company can manufacture and bring to market.
      Genetics earlier said first quarter ended February 28
  losses rose to 1,309,000 dlrs from year-ago loss of 937,000
  dlrs.
  

"
test/16370	0	acq	"INVESTOR BOOSTS TRANS-LUX <TLX> STAKE
  Investor Albert Kahn said in a statement
  that a group he heads increased its stake in Trans-Lux Corp to
  8.9 pct from 8.1 pct on a fully diluted basis.
      Kahn said he indicated in a filing with the Securities and
  Exchange Commission that his group bought an additional 7,300
  Trans-Lux common shares and 100,000 dlrs of nine pct
  convertible subordinated debentures due 2005, convertible into
  an additional 6,803 shares.
      Kahn said he is considering seeking representation on the
  Trans-Lux board and starting a proxy contest in connection with
  the upcoming annual meeting.
      Kahn also said he is seeking an examination of the
  Trans-Lux shareholder list and corporate books and records
  under Delaware law.
      Trans-Lux is a Connecticut concern that leases teleprinters
  and display units in brokerage offices, airports and other
  public places.
      Kahn is a Miami insurance executive and investor.
  

"
test/16371	12	earn	"SOLITRON DEVICES INC <SOD> 4TH QTR NET
  Period ended February 28
      Shr 40 cts vs 15 cts
      Net 1,747,000 vs 775,000
      Revs 13.2 mln vs 13.3 mln
      Avg shrs 4,321,376 vs 5,148,318
      Year
      Shr 67 cts vs 67 cts
      Net 3,300,000 vs 3,299,000
      Revs 49.5 mln vs 50.2 mln
      Avg shrs 4,895,788 vs 4,951,177
      Note: 1986 year after 819,000 dlr tax provision and 660,000
  dlr tax credit
      1985 year after 559,000 dlr credit for anticipated income
  tax settlement for 1970 and 331,000 dlr tax provision
  

"
test/16372	12	earn	"U.S. TRUST CORP FIRST QTR SHR 88 CTS VS 83 CTS

  U.S. TRUST CORP FIRST QTR SHR 88 CTS VS 83 CTS
  

"
test/16374	12	earn	"PEOPLES HERITAGE BANK <PHBK> 1ST QTR NET
  Shr 51 cts vs not given
      Net 4,661,000 vs 2,499,000
      NOTE: Net includes securities gains of 663,000 dlrs vs
  1,173,000 dlrs.
      Company went public in December 1986.
  

"
test/16376	12	earn	"STUART HALL CO INC <STUH.O> 1ST QTR FEB 28 NET
  Shr 11 cts vs 12 cts
      Net 301,820 vs 248,419
      Revs 12.1 mln vs 10.2 mln
      Avg shrs 2,855,966 vs 2,033,881
  

"
test/16377	12	earn	"CLAYTON HOMES INC <CMH> 3RD QTR MARCH 31 NET
  Shr 21 cts vs 18 cts
      Net 2,256,000 vs 1,915,000
      Revs 38.2 mln vs 35.3 mln
      Nine mths
      Shr 62 cts vs 56 cts
      Net 6,474,000 vs 5,808,000
      Revs 125.9 mln vs 112.3 mln
      Backlog nine mln vs six mln
      NOTE: Share adjusted for five-for-four stock split in June
  1986.
  

"
test/16380	12	earn	"U.S. TRUST CORP <USTC.O> 1ST QTR NET
  Shr primary 88 cts vs 83 cts
      Shr diluted 84 cts vs 78 cts
      Net 8,869,000 vs 8,176,000
      Avg Assets 2.62 billion vs 2.42 billion
      Deposits 2.06 billion vs 1.80 billion
  

"
test/16385	12	earn	"DESPTP OMC <DSO> 1ST QTR NET
  Shr 54 cts vs 51 cts
      Net 2,151,000 vs 2,439,000
      Sales 90.3 mln vs 96.8 mln
      Avg shrs 3,960,000 vs 4,782,000
  

"
test/16386	12	earn	"PARK COMMUNICATIONS INC <PARC.O> 1ST QTR MAR 31
  Shr 15 cts vs 14 cts
      Net 2,028,000 vs 1,879,000
      Revs 32.1 mln vs 29.5 mln
  

"
test/16388	12	earn	"FEDERAL GUARANTEE CORP <FDGC.O> 1ST QTR NET
  Shr 34 cts vs 32 cts
      Net 2,891,844 vs 2,666,278
      Revs 13.7 mln vs 12.7 mln
  

"
test/16390	12	earn	"ANGELL CARE MASTER LP <ACR> RAISES QUARTERLY
  Shr 38 cts vs 36 cts prior
      Pay July 31
      Record June 23
  

"
test/16392	12	earn	"FRANKLIN MICHIGAN INSURED SETS LOWER PAYOUT
  Mthly div 6.6 cts vs 6.9 cts prior
      Pay April 30
      Record April 15
      NOTE: Franklin michigan Insured Tax-Free Income Fund.
  

"
test/16393	12	earn	"FRANKLIN HIGH YIELD SETS HIGHER PAYOUT
  Mthly div eight cts vs 7.1 cts prior
      Pay April 30
      Record April 15
      NOTE: Franklin High Yield Tax-Free Income Fund.
  

"
test/16394	12	earn	"FRANKLIN PENNSYLVANIA TAX-FREE IN INITIAL PAYOUT
  Franklin Pennsylvania
  Tax-Free Income Fund said its board declared an initial monthly
  dividend of six cts per share, payable April 30 to holders of
  record April 15.
  

"
test/16395	0	acq	"GENERAL PARTNERS SELLS GENCORP <GY> STAKE
  General Partners, a Texas
  partnership that recently ended its bid to take over GenCorp
  Inc, told the Securities and Exchange Commission it sold nearly
  all of its remaining 8.6 pct stake in the company.
      General Partners said it sold 1,930,500 shares of GenCorp
  on April 10 at 118.25 dlrs a share in an open market
  transaction on the New York Stock Exchange.
      It said the sale leaves it with 108 GenCorp common shares.
      The partnership, which includes Wagner and Brown of Midland
  Texas and Irvine, Calif.-based AFG Industries Inc, last week
  dropped its 100 dlr a share hostile tender offer.
  

"
test/16396	12	earn	"FRANKLIN PENNSYLVANIA U.S. SETS INITIAL PAYOUT
  Franklin Pennsylvania
  Investors U.S. Government Securities Fund Fund said its board
  declared an initial monthly dividend of 7.8 cts per share,
  payable April 30 to holders of record April 15.
  

"
test/16398	0	acq	"GAF <GAF> STUDYING BORG-WARNER <BOR> PLAN
  GAF Corp is studying an agreement
  under which Merrill Lynch Capital Partners will take
  Borg-Warner Corp private in a 4.23 billion dlr transaction, a
  GAF spokesman said.
      The spokesman had no further comment.
      Analysts said there was speculation GAF would make a new
  offer for the Chicago-based plastics and automobile parts
  company. Borg-Warner's stock rose 7/8 to 49-1/4, above the
  Merrill Lynch 48.50 dlrs per share tender offer price.
      Merrill Lynch Capital Partners, a unit of Merrill Lynch and
  Co, is tendering for 89 pct of Borg-Warner and offering a
  package of cash and securities for the balance of the shares.
      GAF had offered 46 dlrs per share previously. It holds 19.9
  pct of Borg-Warner's stock.
  

"
test/16399	12	earn	"NATIONAL WESTMINSTER BANK USA 1ST-QTR NET RISES
  National Westminster Bank USA said
  higher loans and core deposit volumes as well as a substantial
  increase in net interest income contributed to a 16 pct rise in
  first-quarter earnings to 17.7 mln dlrs from 15.3 mln reported
  a year earlier.
      The earnings gain came despite a 1.5 mln dlr reduction of
  income as a result of placing Brazilian loans on non-accrual.
      Net interest income totalled 92.5 mln dlrs compared with
  91.7 mln dlrs in the same 1986 period as loans, mostly to
  middle market businesses, increased by 896 mln dlrs. But some
  of these gains were offset by low levels of interest rates.
      Provision for loan losses rose to 13.8 mln dlrs from 13.0
  mln a year earlier. At March 31, the allowance for loan losses
  was 114.2 mln dlrs versus 94.8 mln at end of March 1986.
      Non-accrual loans rose to 286 mln dlrs from 132 mln at the
  end of the first quarter of 1986, largely because 119 mln dlrs
  of loans to Brazil were put on non-accrual status.
      The bank said that if these loans remain on non-accrual for
  the remainder of the year net income for 1987 would be reduced
  by about 4.9 mln dlrs.
      National Westminster Bank USA is a wholly-owned subsidiary
  of National Westminster Bank PLC.
  

"
test/16400	12	earn	"LASER PHOTONICS INC <LAZR.O> 4TH QTR DEC 31
  Shr loss 26 cts vs loss one cts
      Net loss 699,000 vs loss 20,617
      Revs 883,000 vs 1.1 mln
      Year
      Shr loss 62 cts vs loss eight cts
      Net loss 1.7 mln vs loss 185,003
      Revs 3.6 mln vs 4.5 mln
  

"
test/16401	12	earn	"EASTERN UTILITIES ASSOCIATES <EUA> UPS PAYOUT
  Qtly div 57-1/2 cts vs 54-1/2 cts prior qtr
      Pay May 15
      Record May 1
  

"
test/16403	0	acq	"MCGRAW-HILL <MHP> DIVESTS SOUTH AFRICAN UNIT
  McGraw-Hill Inc said it has sold its
  McGraw-Hill Book Co South Africa Pty Ltd subsidiary to a local
  management group for an undisclosed amount of cash and halted
  the sale of all products and services to South Africa.
      The company said the divestiture follows a resolution of
  its board in February that cited increased political and social
  unrest within South Africa and the refusal of the South African
  government to abolish the apartheid system.
  

"
test/16404	0	acq	"OAK ONDUSTRIES <OAK> TO BUY ELECTRONICS FIRM
  Oak Industries Inc said it
  agreed to buy the stock of Electronic Technologies Inc of New
  York for an undisclosed amount of cash.
      Electronic Technologies manufactures quartz crystal
  components, Oak said.
      It said the acquisition is part of its ongoing stategy to
  restructure its core businesses through cost reduction programs
  and the purchase of compatible companies.
  

"
test/16405	12	earn	"PEOPLES HERITAGE BANK <PHBK> 1ST QTR NET
  Shr 51 cts vs not given
      Net 4,661,000 vs 2,499,000
      NOTE: Includes net securities gains of 663,000 dlrs vs 1.2
  mln dlrs from.
      Company converted to stock ownership in December 1986.
  

"
test/16406	0	acq	"REVLON GROUP AGREES TO MERGE WITH MACANDREWS AND FORBES GROUP FOR 20.10 DLRS/SHR CASH

  REVLON GROUP AGREES TO MERGE WITH MACANDREWS AND FORBES GROUP FOR 20.10 DLRS/SHR CASH
  

"
test/16407	22	interest	"U.S. TRUST CO <USTC> RAISES BROKER LOAN RATE
  U.S. Trust Co said it raised its
  broker loan rate to 7-3/4 pct from 7-1/2 pct, effective
  immediately.
      Bankers Trust Co <BT>, which also quotes its broker loan
  rate publicly, raised its rate to 7-1/2 pct earlier today.
  

"
test/16409	0	acq	"(CORRECTED)-CRAZY EDDIE <CRZY.O> SETS RIGHTS
  Crazy Eddie Inc said its board has
  adopted a defensive shareholder rights plan and said it has
  reacived inquiries on a friendly merger.
      It said under the plan, shareholders of record as of April
  21 will receive a right to purchase under certain circumstances
  at a price of 42 dlrs 0.01 preferred share for each common
  share held.  The rights expire April 9, 1997.
      The company said the rights would be exercisable 20
  business days after a party were to acquire 20 pct or more of
  Crazy Eddie common stock or announce a bid for 30 pct or more.
      Adds dropped year of rights expiration.
  

"
test/16410	12	earn	"BIOTECH ELECTRONICS INC <ION.TO> 3RD QTR NET
  Shr eight cts vs one-half ct
      Net 508,000 vs 21,000
      Revs 7.2 mln vs 7.4 mln
      Nine mths
      Shr 28 cts vs 11 cts
      Net 1,523,000 vs 567,000
      Revs 26.2 mln vs 22.6 mln
      Note: period ended February 28.
   Reuter
  

"
test/16415	8	cpi	"PORTUGUESE CONSUMER PRICES UP 1.4 PCT IN MARCH
  Portugal's consumer prices rose 1.4 pct
  in March after a one pct increase in February and a 1.2 pct
  rise in March 1986, the National Statistics Institute said.
      The consumer price index (base 100 for 1976) rose to 772.0
  from 761.3 in February and compared with 703.4 in March 1986.
      This gave a year-on-year March inflation rate of 9.8 pct
  against 9.5 pct in February and 12.2 pct in March 1986.
      Measured as an annual average rate, inflation in March was
  10.9 pct compared with 11.1 pct in February. The government
  forecasts annual inflation of about eight pct this year.
  

"
test/16417	12	earn	"MYERS INDUSTRIES INC <MYE> 1ST QTR NET
  Shr 22 cts vs 18 cts
      Net 803,708 vs 642,534
      Sales 21.0 ln vs 18.8 mln
      NOTE: Per share figures adjusted for ten pct stock dividend
  paid August 1986.
  

"
test/16418	12	earn	"GTE CORP 1ST QTR SHR 78 CTS VS 86 CTS

  GTE CORP 1ST QTR SHR 78 CTS VS 86 CTS
  

"
test/16419	0	acq	"RESDEL <RSDL.O> TO MERGE WITH SAN/BAR <SBAR.O>
  Resdel Industries said it
  and San/Bar Corp has agreed to merge San/Bar into Resdel.
      The arrangement calls for San/Bar to spin-off assets of its
  Break-Free division to shareholders then exchange its own
  shares for Resdel stock at a ratio of one Resdel share for each
  San/Bar share held, Resdel said.
  

"
test/16420	0	acq	"MIDLANTIC <MIDL.O> TO ACQUIRE COUNTY BANCORP
  Midlantic Corp said it agreed to
  acquire County Bancorp for about 23 mln dlrs in an agreement
  calling for County Trust Co, a County Bancorp subsidiary, to
  merge into Midlantic National Bank/North.
      Midlantic said it will pay 83.73 dlrs a share in cash, or
  2.36 times County Bancorp's March 31 book value, for each of
  County's about 276,0000 shares outstanding. It said it received
  an option from three principal shareholders for 40 pct of
  County's outstanding.
      The acquisition is expected in the third quarter of 1987
  and is subject to regulatory and shareholder approvals.
  

"
test/16421	12	earn	"PEOPLE'S SAVINGS BANK OF BROCKTON <PBKB.O>
  Net 646,000 vs 470,000
      Assets 173.0 mln vs 152.9 mln
      NOTE:Quarter ended March 31. The company completed
  conversion from mutual to stock form in October 1986, raising
  14.1 mln dlrs in net proceeds through the sale of 2.3 mln
  shares of common stock.
  

"
test/16422	12	earn	"MICRO GENERAL CORP <MGEN.O> 4TH QTR LOSS
  Period ended December 28.
      Shr nil vs loss six cts
      Net loss 6,319 vs loss 265,651
      Revs 1,117,778 vs 1,090,001
      Avg shrs 6,874,383 vs 4,323,614
      Year
      Shr nil vs loss 10 cts
      Net profit 4,323 vs loss 432,458
      Revs 4,711,350 vs 4,256,708
      Avg shrs 6,837,871 vs 4,322,816
  

"
test/16424	12	earn	"GTE CORP <GTE> 1ST QTR MAR 31
  Shr 78 cts vs 86 cts
      Net 265.0 mln vs 283.0 mln
      Revs 3.7 billion vs 3.6 billion
      Avg shrs 329.0 mln vs 319.0 mln
  

"
test/16426	12	earn	"GTE POSTS PRE-TAX LOSS OF 121 MLN DLRS IN 1ST QTR FOR 50 PCT SHARE OF US SPRINT

  GTE POSTS PRE-TAX LOSS OF 121 MLN DLRS IN 1ST QTR FOR 50 PCT SHARE OF US SPRINT
  

"
test/16427	0	acq	"GROUP RAISES SCANDINAVIA FUND <SCF> STAKE
  A shareholder group consisting of
  foreign investment firms and investors said it raised its stake
  in Scandinavia Fund Inc to 2,607,900 shares, or 40.0 pct of the
  total outstanding from 2,309,700 shares, or 35.4 pct.
      In a filing with the Securities and Exchange Commission,
  the group also said it is considering an informal offer made by
  Scandinavia Fund President Bjorn Carlson on March 31 which
  would grant it representation on the company's board.
      The group includes VBI Corp, a Turks and Caicos Islands
  investment firm, and Ingemar Rydin Industritillbehor AB, a
  Swedish investment firm, and Erik Martin Vik, a Norwegian
  investor, and Vik's son, Alexander.
      The group said VBI and the elder Vik bought a combined
  298,200 Scandinavia Fund common shares since March 13 at prices
  ranging from 9.500 to 10.000 dlrs a share.
  

"
test/16428	12	earn	"SQUARE D CORP <SQD> 1ST QTR NET
  Shr 79 cts vs 73 cts
      Net 22,901,000 vs 21,042,000
      Sales 336.1 mln vs 334.1 mln
  

"
test/16429	10	crude	"TRITON <OIL> SAYS PARIS BASIN RESERVES UP 39 PCT
  Triton Energy Corp said proven reserves
  of the Villespedue oil field in France's Paris Basin were
  estimated at a total of 67.5 mln barrels on March one, up 39
  pct from 48.7 mln barrels on May 31, 1986.
      Triton said its 60 pct owned <Triton Europe Plc> subsidiary
  has a 50 pct interest in the field which is located 50 miles
  east of Paris. The other 50 pct is held by <Total Exploration
  S.A.>, the field's operator.
  

"
test/16430	12	earn	"TALKING POINT/IBM <IBM>
  International Business Machines Corp
  has started the year aggressively, but industry analysts said
  the company still faces some tough rounds in its fight to stop
  a two-year earnings slump.
      ""I am more impressed with what's happening at IBM than I
  have been in a long time,"" said PaineWebber analyst Stephen
  Smith.
      ""But they're not out of the woods yet,"" he added.
      At 1.30 dlrs a share, IBM's first-quarter net income easily
  topped most estimates on Wall Street, which had ranged from an
  even dollar to 1.20 dlrs.
      Most analysts said they were pleasantly surprised by IBM's
  performance. But they indicated that IBM's chances for a full
  recovery hinged on several key factors whose impact will not be
  felt until later in the year.
      These include the success of IBM's new personal computer
  line, introduced two weeks ago, and its 9370 minicomputers,
  which will begin volume shipments in July.
      In addition, IBM has said the full benefits of its
  early-retirement program and other cost-cutting moves will
  emerge as the year progresses.
      Analysts noted that IBM chairman John F. Akers was
  relatively more upbeat in assessing the company's outlook than
  he has been for nearly a year.
      ""Although the worldwide economic situation remains
  unsettled, there are some encouraging signs in our business,""
  Akers said, pointing to, among other things, higher
  first-quarter shipments. ""We remain optimistic about the
  prospects for both the industry and IBM,"" he said.
      ""Akers was most encouraging,"" said PaineWebber's Smith.
      A weak dollar, a lower tax rate and strong mainframe
  computer sales all contributed to the better-than-expected
  first-quarter results, analysts said.
      ""Shipments of the 3090 mainframes were very strong in
  March,"" after a weak January and February, said Ulric Weil of
  Washington-based Weil and Associates.
      Sales of the top-of-the-line mainframes, commonly called
  the Sierras, ""bailed out the whole quarter,"" Weil said, adding,
  ""If this continues, it augers well for the rest of the year.""
  REUTER...^M
  

"
test/16432	12	earn	"MICRO MASK INC <NMS.O> 2ND QTR MAR 31 OPER LOSS
  Oper shr loss 20 cts vs loss 63 cts
      Oper net loss 439,000 vs loss 1,347,000
      Sales 6,303,000 vs 5,062,000
      Six mths
      Oper shr loss 43 cts vs loss 1.02 dlrs
      Oper net loss 934,000 vs loss 2,333,000
      Sales 12.1 mln vs 9,878,000
      Note: oper data does not include 1986 losses from
  discontinued operations of 60,000 dlrs, or three cts per shr,
  in qtr and 151,000 dlrs, or seven cts per shr, in six mths.
  

"
test/16434	12	earn	"IRVING BANK <V> 1ST-QTR NET HURT BY BRAZIL
  Irving Bank Corp said a six pct drop
  in first-quarter net income from a year earlier was largely the
  result of placing medium- and long-term loans to borrowers in
  Brazil and Ecuador on non-accrual status.
      Income in the first three months fell to 28.60 mln dlrs
  from 30.43 mln in the same 1986 period. Earnings per share
  dropped to 1.51 dlrs from 1.62.
      Irving put 215 mln dlrs of Brazilian and 33 mln dlrs of
  Ecuadorean loans on non-accrual, reducing first-quarter net
  income by a total of 4.4 mln dlrs after tax.
      Irving estimates full year net would be reduced by 15.3 mln
  dlrs after tax if no cash interest payments are received on
  these loans during the remainder of 1987.
      Also adversely affecting earnings were losses on the
  trading of securities and higher non-interest expenses,
  although these were partly offset by increased trust income,
  profits from foreign exchange trading and investment securities
  gains, the bank said.
      The allowance for loan losses was 224.8 mln dlrs, up from
  185.2 mln a year earlier. The provision for loan losses was
  21.8 mln versus 19.5 mln in the first quarter of 1986.
  

"
test/16437	12	earn	"ALLEGHENY/WESTERN ENERGY <ALGH.O> UPS PAYOUT
  Qtly div 7-1/2 cts vs six cts prior
      Pay June 3
      Record May 15
      NOTE: Full name Allegheny and Western Energy Corp.
  

"
test/16440	12	earn	"UNITED TELECOMMUNICATIONS INC 1ST QTR SHR 13 CTS VS 47 CTS

  UNITED TELECOMMUNICATIONS INC 1ST QTR SHR 13 CTS VS 47 CTS
  

"
test/16441	12	earn	"<COAST R.V. INC> 1ST QTR NET
  Shr profit one ct vs loss 28 cts
      Net profit 23,000 vs loss 725,000
      Sales 20.6 mln vs 18.5 mln
      Avg shrs 3,959,011 vs 2,608,571
  

"
test/16442	48	trade	"U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS
  The February monthly merchandise
  trade figures to be reported Tuesday by the Commerce Department
  will be on a new basis reflecting more recent data, so avoiding
  future revisions of the monthly figure, Commerce officials
  said.
      The overall January deficit of 14.8 billion dlrs will be
  revised, but the February figure will be a final one, officials
  said.
      Previously, the initial monthly figure has had to be
  revised in subsequent months because of the time lag between
  the report and the compiling of final estimates on imports and
  exports.
      The reporting of the February trade data was delayed
  several weeks to permit gathering latest figures on imports and
  exports to give a clearer picture of the monthly trade balance.
  

"
test/16443	0	acq	"REVLON <REV> AND MACANDREWS AND FORBES TO MERGE
  <MacAndrews and Forbes Group> and
  Revlon Group Inc <REV> said that they have entered into a
  definitive mergewr agreement where MacAndrews will acquire
  Revlon at 20.10 dlrs per common share in cash.
      MacAndrews said it increased its offer to purchase all
  Revlon common shares to 20.10 dlrs a share, from its April 1
  offer of 18.50 dlrs a share.
      Following consummation of the offer, a unit of MacAndrews
  will merge into Revlon and each remaining share will be
  converted into the right to receive 20.10 dlrs per share in
  cash, the companies said.
      Revlon said its board of directors unanimously approved the
  merger agreement.
      MacAndrews and Revlon also said they have reached a
  settlement with the plaintiff in the pending litigation
  challenging acquisition of the shares by MacAnrews.
      The companies said the tender offer and withdrawal rights
  will expireon Tuesday April 28, unless extended.
      MacAndrews said it will promptly file revised tender offer
  material with the Securities and Exchange Commission. Drexel
  Burnham Lambert Inc is acting as dealer-manager for the offer,
  the companies said.
      Revlon currently has about 42 mln shares outstanding. The
  current offer price is about 782 mln dlrs, a company spokesman
  said, up from the previous offer of 720 mln dlrs.
      On April 1, MacAndrews and Forbes, owned by Ronald
  Perelman, offered 18.50 dlrs a share for the 63 pct of Revlon
  shares he did not already own.
      Since the offer was made over a dozen shareholder lawsuits
  were brought against Revlon alleging the original offer was too
  low.
      But, the companies said these lawsuits have been settled in
  the amended offer.
  

"
test/16444	0	acq	"REAL ESTATE FIRM CUTS INTERMAGNETICS<INMA> STAKE
  Roland International Corp, a Coconut
  Grove, Fla., real estate development company, said it cut its
  stake in Intermagnetics General Corp to 308,400 shares, or 4.8
  pct of the total outstanding, from 358,400 shares, or 5.6 pct.
      In a filing with the Securities and Exchange Commission,
  Roland said it sold 50,000 shares on Feb 4 at 5.13 dlrs each.
      As long as Roland's stake in Intermagnetics General is
  below five pct, it is not required to report any further
  dealings in the company's stock.
  

"
test/16448	12	earn	"FIRST COMMERCE CORP <FCOM> 1ST QTR NET
  Shr 40 cts vs 31 cts
      Net 5,151,000 vs 4,078,000
  

"
test/16449	0	acq	"DATAPRODUCTS <DPC> TO BUY IMAGING SOLUTIONS
  Dataproducts Corp said
  it signed a letter of intent to acquire the Imaging Solutions
  Inc unit of Reliance Electric Co under undisclosed terms.
      This acquisition will give it all rights to proprietary
  solid and liquid ink technologies which had been developed by a
  joint venture operated by it and Exxon Corp <XON>, Dataproducts
  said.
      It said Imaging Solutions, formerly named Exxon Printing
  Systems Inc, had been a Reliance Electric Co subsidiary.
      But Reliance recently became an independent company as the
  result of a leveraged buyout from its former owner, Exxon.
  

"
test/16450	0	acq	"JANNOCK <JN.TO> ACQUIRES HALF-STAKE IN PRINTER
  Jannock Ltd said its Jannock Imaging Co
  Ltd unit acquired a 50 pct stake in Arthurs-Jones Lithographing
  Ltd, of Toronto, for undisclosed terms.
      It said the acquisition would lift Jannock Imaging revenues
  to 50 mln dlrs this year. It did not specify Arthurs-Jones'
  1986 revenues.
  

"
test/16454	12	earn	"MARK IV INDUSTRIES INC <IV> 4TH QTR FEB 28 NET
  Shr 30 cts vs 17 cts
      Net 2,526,000 vs 1,452,000
      Revs 71.9 mln vs 25.2 mln
      Year
      Shr 1.20 dlrs vs 68 cts
      Net 10.2 mln vs 4,738,000
      Revs 291.5 mln vs 83.0 mln
      Avg shrs 8,511,000 vs 6,983,000
      NOTE: Current periods include gain of 299,000 dlrs in qtr
  and 1.2 mln dlrs in year from changes in pension accounting.
      Year-ago shr figures restated for 3-for-2 splits paid June
  1986 and January 1987.
  

"
test/16457	0	acq	"ELECTROHOME <EL.X.TO> TO SELL UNIT
  Electrohome Ltd said it
  agreed to sell certain assets of the computer service sector of
  its AABEX service division to Canadian General Electric Co Ltd
  <CGE.TO>.
      Terms were not disclosed. The closing date is expected to
  be May 1, 1987.
  

"
test/16458	12	earn	"SALICK HEALTH CARE INC <SHCI.O> 2ND QTR NET
  Period ended February 28.
      Shr 14 cts vs 10 cts
      Net 741,000 vs 510,000
      Revs 5,980,000 vs 4,836,000
      Six Mths
      Shr 29 cts vs 20 cts
      Net 1,556,000 vs 1,080,000
      Revs 12.2 mln vs 9,214,000
  

"
test/16459	0	acq	"LASER PHOTONICS INC <LAZR.O> CLOSES SALE
  Laser Photonics Inc said it
  completed a previously announced sale of 615,385 shares, or 18
  pct, of its common stock to a group of investors for one mln
  dlrs.
      A 400,000 dlrs loan made by the investors was repaid out of
  the proceeds, it said.
      It also said it restructured its board to include three
  members designated by the investors, including Pierre
  Schoenheimer, Roger Kirk and Leonard Lichter.
  

"
test/16460	0	acq	"AMSOUTH BANCORP <ASO> SETS EXCHANGE RATIO
  AmSouth Bancorp said it will
  issue about 3,166,000 shares of stock to acquire First
  Tuskaloosa Corp.
      Under a previously announced merger agreement, Amsouth
  offered 66 dlrs a share in Amsouth stock for First Tuskaloosa.
      The company said First Tuskaloosa shareholders will receive
  1.978825 shares of Amsouth stock for each First Tuskaloosa
  share held when the merger is effected April 17.
      First Tuskaloosa has assets of more than 425 mln dlrs.
  Amsouth's assets are about six billion dlrs.
  

"
test/16461	12	earn	"VOPLEX CORP <VOT> 1ST QTR MAR 31
  Shr 25 cts vs 23 cts
      Net 670,105 vs 599,107
      Revs 21.4 mln vs 20.1 mln
  

"
test/16463	0	acq	"HADSON CORP <HADS.O> COMPLETES ACQUISITION
  Hadson Corp said it
  completed the acquisition of 85 pct of the Seaxe Energy Corp's
  <SEAX.O> common stock for 182,415 shares of Hadson's stock.
      Seaxe is engaged in international oil and gas exploration
  and development primarily in the Paris basin of France.
  

"
test/16465	0	acq	"ARRAYS <ARAY> COMPLETES MERGER
  Arrays Inc said it completed
  its merger with Haba Systems Inc.
      Terms of the merger called for each share of Arrays to be
  exchange for a share of Haba in a transaction valued at 4.1 mln
  dlrs, the company said.
      Both companies produce and market microcomputer software.
  

"
test/16468	12	earn	"FRANKLIN MASSACHUSETTS SETS MONTHLY PAYOUT
  Mthly div 6.5 cts vs 6.5 cts prior
      Pay April 30
      Reord April 15
      NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.
  

"
test/16469	12	earn	"FRANKLIN MINNESOTA SETS MONTHLY PAYOUT
  Mthly div 6.6 cts vs 6.6 cts prior
      Pay April 30
      Reord April 15
      NOTE: Franklin Minnesota Insured Tax-Free Income Fund.
  

"
test/16470	12	earn	"FRANKLIN INSURED SETS MONTHLY PAYOUT
  Mthly div 7.1 cts vs 7.1 cts prior
      Pay April 30
      Reord April 15
      NOTE: Franklin Insured Tax-Free Income Fund.
  

"
test/16471	12	earn	"FRANKLIN OHIO SETS MONTHLY PAYOUT
  Mthly div 6.1 cts vs 6.1 cts prior
      Pay April 30
      Reord April 15
      NOTE: Franklin Ohio Insured Tax-Free Income Fund.
  

"
test/16472	12	earn	"FRANKLIN PUERTO RICO SETS MONTHLY PAYOUT
  Mthly div 7.1 cts vs 7.1 cts prior
      Pay April 30
      Reord April 15
      NOTE: Franklin Puerto Rico Tax-Free Income Fund.
  

"
test/16473	12	earn	"FRANKLIN CALIFORNIA SETS MONTHLY PAYOUT
  Mthly div 6.5 cts vs 6.5 cts prior
      Pay April 30
      Reord April 15
      NOTE: Franklin California Insured Tax-Free Income Fund.
  

"
test/16475	0	acq	"CANADA STOCKS/DOME PETROLEUM LTD <DMP>
  Dome Petroleum Ltd shares moved higher
  in the U.S. and Canada after TransCanada PipeLines Ltd <TRP>
  made a 4.3 billion Canadian dlr bid for Dome and Dome said it
  is in talks with two other unidentified companies.
      Market speculation is that the other two potential bidders
  are not Canadian companies and DuPont's <DD> Conoco and
  Atlantic Richfield Co <ARC> are mentioned as possibilities,
  Wilf Gobert of Peters and Co Ltd said.
      Dome rose 1/4 to 1-1/8 on the American Stock Exchange.
  TransCanada PipeLines was down 1/4 at 15-3/4 on the New York
  Stock Exchange.
      Dome was the most active stock on the Toronto exchange at
  1.50 dlrs per share, up 37 cts.
      Gobert characterized the market action in Dome as ""awfully
  optimistic"" but said investors are hoping for a competing offer
  to the shareholders.
      TransCanada PipeLines' offer is to Dome management, not to
  shareholders. However, it proposes issuing new equity in a
  subsidiary that would operate Dome assets. Current Dome
  shareholders would own 20 pct of the new subsidiary.
  

"
test/16476	12	earn	"UNITED TELECOMMUNICATIONS INC <UT> 1ST QTR NET
  Shr 13 cts vs 47 cts
      Net 13,492,000 vs 46,417,000
      Revs 720.2 mln vs 793.6 mln
      Avg shrs 99,085,000 vs 96,804,000
      NOTE: Per-share results reflect payment of preferred
  dividend requirements
  

"
test/16478	12	earn	"FIRST PENNSYLVANIA CORP <FPA> 1ST QTR NET
  Shr 15 cts vs 13 cts
      Net 8,753,000 vs 7,804,000
      Avg shrs 32.6 mln vs 23.2 mln
      NOTE: Includes gains of 4.1 mln dlrs or 12 cts vs 3.3 mln
  dlrs or 15 cts from tax loss carryforwards.
  

"
test/16479	0	acq	"<CLARK COPY INTERNATIONAL> BUYS W. GERMAN STAKE
  Clark Copy
  International Corp said it acquired a majority interest in
  Datagraph GMBH of Lich, West Germany.
      The acquisition was made through Clark Copy's majority
  owned subsidiary Interactive Computer Aids of Norway.
      No price was disclosed for the acquisition.
      Clark Copy said worldwide sales for Datagraph, which makes
  color graphics workstations, were 10 mln dlrs for the year
  ended Dec. 31, 1986.
  

"
test/16480	12	earn	"ENTRE COMPUTER CENTERS INC<ETRE.O> 2ND QTR LOSS
  Ended Feb 28
      Shr loss 29 cts vs profit 10 cts
      Net loss 2,733,000 vs profit 911,000
      Revs 21.5 mln vs 18.5 mln
      Six mths
      Shr loss 23 cts vs profit 26 cts
      Net loss 2,154,000 vs profit 2,445,000
      Revs 37.8 mln vs 37.7 mln
  

"
test/16481	12	earn	"GTE <GTE> CITES LOSS OF SPRINT
  GTE Corp said the decline in its
  first quarter net income reflects a 121 mln dlr loss from its
  50 pct share ownership of U.S. Sprint's operations.
      This loss is an increase from the 60 mln dlrs loss reported
  on operations GTE owned a year ago quarter and prior to
  entering a joint venture with United Telecommunications <UT> in
  July 1986. Under the joint venture, each company owns 50 pct of
  Sprint.
      Earlier, the company reported net income declined to 265.0
  mln dlrs from 283.0 mln dlrs in the first quarter a year ago.
      Theodore Brophy, chairman of GTE said, ""we expect US
  Sprint's losses to diminish later this year as customer traffic
  migrates to the new fiber-optic network for long distance
  telecommunications.
      The reason for the higher losses reflect lower prices as
  well as higher operating costs related, in part, to the
  fraudalent use of the network.
      Operating income of its telephone operations, which account
  for 91 pct of the total, rose eight pct to 736.0 mln dlrs. 
  Revenues from telephone operations rose eight pct to 2.9
  billion dlrs.
  

"
test/16486	12	earn	"NEW ENGLAND SAVINGS BANK <NESB> 1ST QTR NET
  Shr 44 cts vs not given
      Net 3,499,000 vs 2,295,000
      NOTE: Converted to stock ownership Aug 1, 1986.
  

"
test/16487	12	earn	"AMERICAN NATIONAL CORP <FNB> 1ST QTR NET
  Net 12.8 mln vs 12.2 mln
      Loans 2.8 billion vs 2.5 billion
      Deposits 3.2 billion vs 2.9 billion
      Assets 4.5 billion vs 3.8 billion
      NOTE: American National Corp is a wholly-owned subsidiary
  of First Chicago Corp.
  

"
test/16488	12	earn	"AB ASTRA SHARE SPLIT TO WIDEN FOREIGN OWNERSHIP
  AB Astra <ASTS.ST> said it was
  proposing a two-for-one share split and the issue in June of a
  new series of foreign-targeted shares with lower voting rights
  as part of a strategy to internationalise the company.
      The deal, which requires Swedish government approval, will
  raise the percentage of foreign voting rights allowed in the
  medical group to 22.5 pct from 20 pct, Astra said.
      An extraordinary meeting of Astra's board proposed the
  creation of B free shares open to foreign buyers with one tenth
  of a voting right per share. At present, Astra stock consists
  of one series of restricted shares and one of free shares.
  

"
test/16490	12	earn	"CORRECTED-<NATIONAL WESTMINSTER BANK USA>1ST QTR
  Net 17.7 mln vs 15.3 mln
      NOTE: <National Westminster Bank PLC> subsidiary.
      Loan loss provision 13.8 mln vs 13.0 mln
      Investment securities gains 2,003,000 dlrs vs 169,000 dlrs.
      Figures in dollars.
      Corrects name to subsidiary from parent.
  

"
test/16492	12	earn	"THE ONE BANCORP <TONE> 1ST QTR NET
  Shr 76 cts vs 51 cts
      Net 5,952,000 vs 4,374,000
      Avg shrs 7,837,511 vs 7,446,356
      NOTE: Includes gains of 1.3 mln dlrs vs 239,000 dlrs from
  benefit of tax loss carryforwards.
      Includes operations of Bank of Hartford, acquired Feb 23.
      Year-ago shr figures reflect 2-for-1 split on April 15,
  1986.
  

"
test/16493	0	acq	"NOR-QUEST <NQRLF> MAKES BID FOR NORTHAIR <NRM.TO>
  Nor-Quest Resources
  Inc said it will make a takeover offer to acquire all shares of
  Northair Mines Ltd on the basis of one Nor-Quest share plus one
  dlr for two shares of Northair.
      Nor-Quest said it plans to bring Northair's Willa Mine in
  the Nelson area of British Columbia into production using
  Nor-Quest's recently acquired 1200-ton per day mill located in
  the area.
  

"
test/16495	12	earn	"ARISTECH <ARS> SAYS 1ST QTR SHR ESTIMATE RIGHT
  Aristech Chemical Corp chairman and
  chief executive officer Thomas Marshall said analysts'
  estimates of its 1987 fiscal year earnings of 2.25 dlrs to 2.50
  dlrs per share are about right.
      Addressing a gathering of analysts and institutional
  investors, Marshall also said that analysts' estimates of its
  first qtr earnings - 50 cts to 55 cts per share - were ""in the
  ballpark.""
      Marshall said the full year estimates represent more than a
  32 pct increase over 1986's fiscal year net of 1.70 dlrs per
  share.
      He also said the first quarter estimates were 70 pct higher
  than 1986's first quarter net of 29 cts per share.
  Marshall attributibuted the first quarter earnings growth to
  several factors, including sustained demand in Aristech's major
  domestic markets and continued growth in exports.
      Aristech plans to spend approximately 200 mln dlrs over in
  capital investments over the next three years, Marshall added.
  

"
test/16496	12	earn	"UNITED TELECOM <UT> REPORTS US SPRINT LOSS
  United Telecommunications Inc
  said its lower first quarter earnings included a loss of
  63,055,000 dlrs from its equity in US Sprint.
      US Sprint was formed July 1, 1986, as a partnership which
  combined United Telecommunications' long distance voice and
  data operations with those of GTE Corp <GTE>.
      Earlier, United Telecommunications reported first-quarter
  earnings of 12.6 mln dlrs, or 13 cts a share compared to 46.4
  mln dlrs, or 47 cts a share a year ago. Revenues declined to
  720.2 mln dlrs from 793.6 mln dlrs.
      United Telecommunications said the transition of US
  Sprint's nationwide fiberoptic network is proceeding ahead of
  schedule.
      It said the transition to the fiber network from interim
  networks would not only reduce operating costs in the second
  half of 1987, but also assist in controlling unauthorized
  network use.
  

"
test/16499	34	nat-gas	"CANADA APPROVES U.S. GAS EXPORTS BY PROGAS
  ProGas Ltd was issued an export licence
  to sell 10.3 billion cubic meters of natural gas to Ocean State
  Power Co of Burrillville, Rhode Island, the federal energy
  department said.
      The sale, covering a 20 year period beginning May 1, 1989,
  was previously recommended by the National Energy Board.
      Contract terms were not released.
  

"
test/16502	12	earn	"BRAND COMPANIES <BRAN> SEES FIRST QUARTER LOSS
  Brand Companies Inc said it expects to
  report a 1987 first quarter loss of 15 to 17 cts a share on
  revenues of 20 to 22 mln dlrs.
      In the 1986 first quarter, Brand reported earnings of 21
  cts on revenues of 28.5 mln dlrs.
      No reason was given for the expected loss.
      Final quarterly results will be reported toward the end of
  the month or the beginning of May, a company spokesman said.
  

"
test/16505	48	trade	"U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS
  The February monthly merchandise
  trade figures to be reported Tuesday by the Commerce Department
  will be on a new basis reflecting more recent data, so avoiding
  future revisions of the monthly figure, Commerce officials
  said.
      The overall January deficit of 14.8 billion dlrs will be
  revised, but the February figure will be a final one, officials
  said.
      Previously, the initial monthly figure has had to be
  revised in subsequent months because of the time lag between
  the report and the compiling of final estimates on imports and
  exports.
      The reporting of the February trade data was delayed
  several weeks to permit gathering latest figures on imports and
  exports to give a clearer picture of the monthly trade balance.
  

"
test/16510	0	acq	"BOOTHE <BCMP.O> MAKES ACQUISITION
  Boothe Financial Corp, a
  diversified holding company, said it has acquired the <Robert
  Half and Accountemps> franchises in New England, including four
  offices in Boston and Eastern Massachusetts and one office in
  Providence, R.I.
      Boothe said it previously announced the purchase of <Robert
  Half International Inc> the franchisor of the Robert Half and
  Accountemps offices in the U.S.
      The company said the aggregate purchase price it paid for
  Robert Half International and the franchises was about 59 mln
  dlrs.
  

"
test/16512	0	acq	"ATLANTIC FINANCIAL <ATLF.O> TO ACQUIRE S AND L
  Atlantic Financial said it
  signed a definitive agreement to acquire <Centurion Savings and
  Loan Association>.
      Atlantic did not disclose the purchase price.
      Atlantic said it originally announced its intention to
  acquire Centurion, located in Los Angeles, on Feb 23, 1987.
      Centurion has assets of 105 mln dlrs, Atlantic said.
  

"
test/16513	0	acq	"GAF <GAF> SEEN RAISING BORG-WARNER <BOR> BID
  GAF Corp, set on acquiring Borg-Warner
  Corp's valuable plastics business, is believed by analysts to
  be preparing an increased offer for the Chicago-based company.
       Yesterday, Borg-Warner said it agreed to be acquired for
  4.23 billion dlrs by a company to be formed by Merrill Lynch
  Capital Partners. Merrill offered 48.50 dlrs cash per share for
  89 pct of Borg-Warner's common stock, and a package of cash and
  securities for the balance.
      Borg-Warner stock rose 1-3/8 to 49-5/8.
      ""I think it's (the stock price) telling us GAF is coming in
  with another bid,"" said one analyst, who values the company at
  51 or 52 dlrs per share.
      GAF has offered 46 dlrs per share. It holds 19.9 pct of
  Borg-Warner's stock.
      ""You're in a cat and mouse game on how you're going to up
  the price. Obviously, nobody wants to pay more than you have
  to. I think GAF is looking at the company the way we're looking
  at it - that it's worth more,"" Pershing and Co analyst Richard
  Henderson said.
      Henderson estimated it is worth abouth 55 dlrs per share.
      GAF has only said it was reviewing the situation. Merrill
  Lynch officials did not return phone calls.
      Analysts have said they believe GAF Chairman Samuel Heyman
  sought Borg-Warner because of its chemicals and plastics
  business. The rigid plastics are used in such things as
  telephones, computer terminals, and appliances.
      ""Where the heck can you buy a world class chemical
  operation these days,"" said Henderson.
      ""He's (Heyman's) got the bucks. He's a heavy hitter, and he
  does not like to get pushed around,"" said Henderson.
      GAF, a roofing and chemicals concern, attempted a takeover
  of the much larger Union Carbide Corp two years ago. While GAF
  did not win the company, it made a substantial gain on its
  investment in Carbide.
      Analysts said GAF already has a large profit built into its
  Borg-Warner holdings. They said even if GAF raises its offer
  and does not succeed, a higher bid from another company would
  give GAF millions of dollars in profits on its stock.
      ""It's a win-win situation,"" said one analyst.
      One analyst speculated an offer from GAF would be
  forthcoming shortly.
      ""I think we are finally down to the final paragraph in this
  book,"" he said.
      Borg-Warner's other businesses include automotive parts,
  protective services, which includes Wells Fargo security
  guards, and Chilton Corp, a credit rating service.
      Charles Rose, an Oppenheimer and Co analyst who follows
  GAF, said if GAF were to sell into the Merrill Lynch offer, it
  would realize about 125 mln dlrs net profit, or about 3.50 per
  share.
      ""I think there's a probability he goes up in price,"" said
  Rose.
      Rose said, however, he could not really predict what Heyman
  would do. ""Sam's a low-risk, high-return player.""
      ""Is he trying to build a major industrial chemical
  enterprise, or is he trying to be an investment bank,"" Rose
  said.
      Analysts said Borg-Warner's chemical business would add
  earnings momentum to GAF. ""I worked out that paying as much as
  50 dlrs per share would still be additive to GAF in time, if
  they sold off most of the non-chemical facilities,"" said John
  Henry of E.F. Hutton.
      Borg-Warner's chemical and plastics business provided 1986
  operating profits of 153.3 mln dlrs on revenues of 1.04 billion
  dlrs. Total operating profits were 349.7 mln dlrs, and net
  earnings were 206.3 mln dlrs for 1986.
      ""The Borg chemical business is great,"" said Rose, adding
  its only U.S. competitors are Monsanto Co <MCT> and Dow
  Chemical Co <DOW>.
  

"
test/16518	12	earn	"PUEBLO INTERNATIONAL INC <PII> SETS PAYOUT
  Qtly div five cts vs five cts prior
      Pay June Two
      Record April 27
  

"
test/16521	0	acq	"<GEN TERM CORP> ACQUIRES PRIVATE FIRM
  Gen Term Corp said it entered
  into escrow for the 5.2 mln dlr purchase of Lewis-Westco and
  Co, a privately-held bottler and distributor of wines and
  distilled spirits.
      Lewis-Westco had sales of more than 45 mln dlrs for its
  fiscal year ended June 30, Gen Term also said.
      Separately, Gen Term, which trades over-the-counter, said
  it plans to apply for NASDAQ listing after it completes the
  acquisition.
  

"
test/16522	12	earn	"<C AND R CLOTHIERS INC> JAN 31 YEAR NET
  Shr 1.46 dlrs vs 66 cts
      Net 1,514,312 vs 714,670
      Sales 62.1 mln vs 57.2 mln
  

"
test/16523	0	acq	"CCX NETWORK <CCXN> TO MAKE ACQUISITION
  CCX Network Inc said it has
  entered into a letter of intent to acquire privately-held
  <Modern Mailers Inc> and its affiliate <AnWalt Inc> for about
  3,200,000 dlrs in common stock.
      The company said Modern Mailers had revenues of 8,600,000
  dlrs for the year ended October 31 and provides computer
  service, computer printing and lettershop facilities.
  

"
test/16527	12	earn	"PERSONAL COMPUTER PRODUCTS <PCPI.O> EXPECTS LOSS
  Personal Computer Products
  Inc said it expects to report a loss of about 195,000 dlrs in
  its third quarter ended March 31, compared to a year ago loss
  in the quarter of 169,000 dlrs.
      It said revenues in the quarter are expected to be about
  1,200,000 dlrs, compared to 564,000 dlrs a year earlier.
      For the nine months ended March 31, Personal Computer
  expects a net loss of about 325,000 dlrs, compared to a loss of
  584,000 dlrs the previous year. Revenues in the nine months are
  expected to be about 3,880,000 dlrs, compared to 1,828,000 a
  year ago. The company said it will report its earnings soon.
  

"
test/16530	12	earn	"GREAT NORTHERN NEKOOSA FIRST QTR SHR 1.59 DLRS VS 54 CTS

  GREAT NORTHERN NEKOOSA FIRST QTR SHR 1.59 DLRS VS 54 CTS
  

"
test/16531	0	acq	"GANDER <GNDR.O> BUYS WESTERN WEAR RETAILER
  Gander Mountain Inc said it
  acquired the privately held Western Ranchman Outfitters, a
  catalog and point-of-purchase retailer of western apparel based
  in Cheyenne, Wyo.
      It said Western Ranchman had sales for the year ended Jan
  31, 1987 of about 2.2 mln dlrs.
      The purchase was made for an undisclosed amount of cast.
  

"
test/16533	12	earn	"GREAT NORTHERN NEKOOSA <GNN> 1ST QTR NET
  Shr 1.59 dlrs vs 54 cts
      Net 43.3 mln vs 13.9 mln
      Revs 566.7 mln vs 487.8 mln
      Avg shrs 27.2 mln vs 25.9 mln
      NOTE: 1986 figures restated for adoption of financial
  accounting standards board statement 87 ""employer's accounting
  for pensions."" 
      Net 1986 and 1987 includes 900,000 dlrs of investment tax
  credits in 1987, and 3.1 mln dlrs in 1986.
  

"
test/16538	12	earn	"AMERICAN HEALTH PROPERTIES INC <AHE> 1ST QTR
  Shr 18 cts
      Net 1,948,000
      Revs 3,397,000
      Note: Company began operating on February 20, 1987.
  

"
test/16539	12	earn	"WELLS FARGO AND CO 1ST QTR SHR 1.36 DLRS VS 1.13 DLRS

  WELLS FARGO AND CO 1ST QTR SHR 1.36 DLRS VS 1.13 DLRS
  

"
test/16545	12	earn	"WELLS FARGO AND CO <WFC> 1ST QTR NET
  Shr 1.36 dlrs vs 1.13 dlrs
      Net 78.3 mln vs 51.6 mln
      Avg shrs 53,698,000 vs 43,449,000
      Loans 35.89 billion vs 24.66 billion
      Deposits 31.71 billion vs 19.64 billion
      Assets 43.98 billion vs 28.60 billion
  

"
test/16546	12	earn	"COMERICA INC <CMCA.O> 1ST QTR NET
  Shr 1.78 dlrs vs 1.12 dlrs
      Shr diluted 1.72 dlrs vs 1.08 dlrs
      Net 20,029,000 vs 13,059,000
      Avg shrs 10,598,481 vs 10,430,649
      Loans 843.4 mln vs 727.5 mln
      Deposits 8.30 billion vs 7.82 billion
      Assets 9.89 billion vs 9.27 billion
      NOTE: Per-share results reflect payment of preferred
  dividends
  

"
test/16549	12	earn	"CHAMPION PRODUCTS <CH> SETS PAY DATE FOR SPLIT
  Champion Products Inc said the
  two-for-one stock split it declared February 26 will be payable
  April 24 to shareholders of record April One.
  

"
test/16551	12	earn	"SPEARHEAD INDUSTRIES INC <SPRH.O> 3RD QTR NET
  Periods ended Feb 28
      Shr 22 cts vs 30 cts
      Net 549,000 vs 747,000
      Sales 8.4 mln vs nine mln
      Avg shrs 2,550,784 vs 2,468,964
      Nine mths
      Shr 69 cts vs 63 cts
      Net 1,749,000 vs 1,554,000
      Sales 23.6 mln vs 21.3 mln
      Avg shrs 2,543,711 vs 2,453,520
  

"
test/16554	12	earn	"KDI CORP <KDI> 1ST QTR MARCH 31
  Shr 18 cts vs six cts
      Net 1.7 mln vs 610,000
      Revs 68.7 mln vs 63.5 mln
  

"
test/16555	0	acq	"RJ NABISCO'S <RJR> UNIT SELLS CIGAR BUSINESS
  RJR Nabisco Inc's RJ
  Reynolds Tobacco USA unit said it reached a definitive
  agreement to sell Winchester Little Cigar Business to Tobacco
  Exporters International USA Ltd of Atlanta, the U.S. subsidiary
  of Rothman's International PLC.
      Terms were not disclosed. 
      Last week, RJ Reynolds announced the sale of four smoking
  tobacco brands. These brands and Winchester represent less than
  one pct of Rj Reynolds Tobacco USA's total sales, which were
  4.7 billion dlrs in 1986.
      Reynolds said the sale is expected to be completed on April
  24.
      The company said it planned to concentrate its resources on
  the manufacture and sale of cigarettes.
      Reynolds said that Winchester, introduced in 1971, was a
  dominant brand in the little cigar market.
  

"
test/16561	12	earn	"SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET
  3rd qtr Feb 28
      Shr profit 14 cts vs loss four cts
      Net profit 311,994 vs loss 66,858
      Revs 2,229,273 vs 645,753
      Nine mths
      Shr profit 51 cts vs profit two cts
      Net profit 1,126,673 vs profit 42,718
      Revs 7,277,340 vs 1,378,372
  

"
test/16563	0	acq	"GANDER MOUNTAIN <GNDR.O> BUYS WESTERN WEAR FIRM
  Gander Mountain Inc said it
  acquired privately held Western Ranchman Outfitters, a
  Cheyenne, Wyo., retailer and catalog seller of western apparel.
      Terms were not disclosed.
      Western Ranchman had sales of about 2.2 mln dlrs for the
  year ended Jan 31, 1987, the company said.
      Gander Mountain sells brand name hunting, fishing and
  outdoor gear through catalogs.
  

"
test/16568	12	earn	"HEALTH AND REHABILITATION <HRP> SETS FIRST DIVI
  Health and Rehabilitation
  Properties Trust said it declared its initial dividend of 55
  cts per share for the quarter ending March 31, 1987.
      The dividend is payable May 20 to shareholders of record
  April 20, 1987, it said.
      The dividend includes five cts attributable to the period
  between Dec 23 and 31, 1986, and 50 cts attributable to the
  first quarter of 1987, ending March 31, 1987.
  

"
test/16569	12	earn	"UTAH POWER AND LIGHT CO <UTP> 1ST QTR NET
  Shr 46 cts vs 58 cts
      Net 29.0 mln vs 37.9 mln
      Revs 251.2 mln vs 254.2 mln
      Avg shrs 57.9 mln vs 56.0 mln
      12 mths
      Shr 1.36 dlrs vs 2.37 dlrs
      Net 93.7 mln vs 152.3 mln
      Revs 981.9 mln vs 1.03 billion
      Avg shrs 57.2 mln vs 55.3 mln
      NOTE: 1987 12 mth net includes 43.7 mln dlr charge due to
  December 1986 provision for coal mining operations refund.
  

"
test/16570	0	acq	"ERICSSON <ERICY.O> TO BUY REST OF SPANISH UNIT
  L.M. Ericsson of Sweden said it agreed
  in principle to buy the 49 pct of Intelsa, its Spanish unit,
  that it does not already own from <Telefonica>, Spain's
  telecommunications administration.
      Terms of the agreement were not disclosed.
      Ericsson said Intelsa, which controls about 40 pct of the
  Spanish telephone switch market, has 2,400 employees and annual
  sales of 800 mln crowns, or 117 mln dlrs.
      ""The purchase will not affect the close working
  relationship between Telefonica and Intelsa,"" Ericsson said.
  

"
test/16574	12	earn	"COMPUTRAC <LLB> SEES LOWER FIRST QUARTER NET
  CompuTrac Inc said it expects first
  quarter earnings to be down 50 to 60 pct from a year ago.
      In last year's first quarter ended April 30, CompuTrac
  earned 379,000 dlrs on revenues of 2.4 mln dlrs.
      The company said sales commitments on hand are about 50 pct
  above those of a year ago, but system sales revenues are
  recognized at shipment, and only 30 to 40 pct of sales
  commitments in hand will ship during the period.
      It said its outlook for the year remains unchanged.
  

"
test/16577	0	acq	"NOVA <NVA.A.TO> NOT PLANNING DOME <DMP> BID
  Nova, an Alberta Corp, chief executive
  Robert Blair expressed hope that Dome Petroleum Ltd <DMP>
  remains under Canadian ownership, but added that his company
  plans no bid of its own for debt-troubled Dome.
      ""We've no plan to bid,"" Blair told reporters after a speech
  to a business group, although he stressed that Nova and 57
  pct-owned Husky Oil Ltd <HYO> were interested in Dome's
  extensive Western Canadian energy holdings.
      ""But being interested can sometimes be different from
  making a bid,"" Blair said.
      TransCanada PipeLines Ltd <TRP> yesterday bid 4.30 billion
  dlrs for Dome, but Dome said it was discontinuing talks with
  TransCanada and was considering a proposal from another company
  and was also talking with another possible buyer, both rumored
  to be offshore.
      Asked by reporters if Dome should remain in Canadian hands,
  Blair replied, ""Yes. I think that we still need to be building
  as much Canadian position in this industry as we can and I
  think it would be best if Dome ends up in the hands of Canadian
  management.""
      He said he did not know who other possible bidders were.
      Blair said that any move to put Dome's financial house in
  order ""will remove one of the general problems of attitude that
  have hung over Western Canadian industry.""
      He added, however, that the energy industry still faced ""a
  couple of tough, tough additional years.""
      Asked about Nova's 1987 prospects, Blair predicted that
  Nova's net profit would rise this year to more than 150 mln
  dlrs from last year's net profit of 100.2 mln dlrs due to
  improved product prices and continued cost-cutting.
  

"
test/16581	14	gas	"EXXON <XON> EXTENDS MID-GRADE UNLEADED MARKETING
  Exxon Co U.S.A. said it is expanding
  marketing of its mid-grade unleaded gasoline along the U.S.
  East Coast.
      The Exxon Corp subsidiary said the changeover to the
  89-octane unleaded fuel will begin late this month and early
  next in major markets in Virginia, Maryland, Florida, and the
  District of Columbia. The product was introduced in New York,
  New Jersey, Delaware, Connecticut, Rhode Island, Massachusetts,
  New Hampshire and the Philadelphia area late last year.
  

"
test/16583	0	acq	"<FIRST MONTAUK SECURITIES> IN MERGER DEAL
  First Montauk Securities Corp
  said it has reached a preliminary merger agreement with
  MCC-Presidential Inc.
      The company said MCC shareholders would have a 25 pct stake
  in the combined company and would receive a cash distribution
  of about 35 cts per share.
  

"
test/16584	12	earn	"BARNETT BANKS OF FLORIDA INC <BBF> 1ST QTR NET
  Shr 82 cts vs 72 cts
      Net 44.6 mln vs 38.9 mln
      Avg shrs 54.3 mln vs 52.8 mln
  

"
test/16585	12	earn	"GOLDEN WEST FINANCIAL CORP <GDW> 1ST QTR NET
  Shr 1.35 dlrs vs 1.53 dlrs
      Net 42,137,000 vs 47,792,000
      Loans 10.26 billion vs 9.97 billion
      Deposits 7.65 billion vs 7.63 billion
      Assets 11.84 billion vs 12.00 billion
      Note: Current qtr figures include 3.3 mln dlr charge 
  resulting from penalties for prepayment of FHLB borrowings.
  

"
test/16587	12	earn	"HONEYWELL INC <HON> 1ST QTR OPER NET
  Oper shr 96 cts vs 79 cts
      Oper net 43.7 mln vs 36.4 mln
      Sales 1.48 billion vs 1.15 billion
      NOTE: 1987 sales includes operations of Sperry Aerospace.
      1986 operating net excludes a charge from discontinued
  operations of 10.2 mln dlrs or 22 cts a share.
  

"
test/16588	12	earn	"WALL STREET STOCKS/BROWNING FERRIS <BFI>
  The Environmental Protection Agency's
  five to 10 mln dlr suit against a Browning-Ferris Industries
  Inc <BFI> unit, CECOS International Inc, caused the stock to
  drop today, analysts said.
      The stock has fallen 2-1/4 to 56-1/8 so far today, after
  the news about the suit was released this morning.
      ""It's potentially a big suit and investors feel that its
  not good to go against regulators,"" Kenneth Ch'u-K'ai Leung, a
  Smith Barney analyst said.
      ""What investors are actually saying by selling off some BFI
  shares is the cloud over this industry is the threat that the
  EPA will get tough on waste management companies,"" Willard
  Brown, senior analyst for First Albany Corp.
      ""Investors are saying to themselves that waste management
  companies have that kind of exposure to regulatory suits,""
  Brown said. Brown said if the suit were settled for 10 mln dlrs
  it would have an impact on Browning Ferris earnings.
      Leung said, however, that Browning-Ferris has adequate cash
  reserves to cover the fine. ""It would have no impact on
  earnings whatsoever,"" he said.
  

"
test/16589	16	gold	"HOMESTAKE <HM> MULLS BUYING ORE RESERVES
  Homestake Mining Co is considering
  acquiring more gold ore reserves in addition to the company's
  exploration efforts, chief executive Harry Conger told Reuters
  in an interview.
      ""We are looking at more options to acquire more reserves
  rather than just exploration,"" Conger said adding, ""the move to
  consider acquisitions represents a change in the company's
  acquisitions policy.""
      Conger said all of Homestake's current cash position of 120
  mln dlrs would be available to acquire reserves. In addition,
  Homestake has two lines of credit totaling 150 mln dlrs which
  have not been drawn on today and could be used to finance an
  acquisition, he said.
      Conger said he anticipates 1987 exploration budget will be
  about the same as 1986 spending of 27.3 mln dlrs. Conger said
  exploration for precious metals may be slightly higher than
  last year's spending of 17.7 mln dlrs while oil and gas
  exploration spending will be slightly less than last year's 9.6
  pct.
      Conger said he sees Homestake's 1987 gold production about
  the same as 1986 gold production of 669,594 ounces.
      However, 1987 first quarter production from its McLaughlin
  reserve will be about 10 pct lower than last year's 45,400
  ounces due to start-up production problems.
      He said he believes gold prices will hold above the 400
  U.S. dlr an ounce level for the rest of 1987.
       IN 1986, company earnings were based an average market
  price for gold of 368 dlrs an ounce.
      Conger said a three pct change in gold prices represents a
  12 cts a share impact on earnings but he declined to give a
  specific forecast for 1987's first quarter, due to be released
  in 10 days, or for full year 1987 results.
  

"
test/16590	12	earn	"CHRONAR CORP <CRNR.O> YEAR LOSS
  Shr loss 95 cts vs loss nine cts
      Net loss 6,882,497 vs loss 513,153
      Revs 11.3 mln vs 10.0 mln
      Avg shrs 7,251,000 vs 6,017,000
      NOTE: 1986 net includes 1,600,000 dlrs in increased
  provisions for uncollectible receivables from affiliates, lower
  recoverable value of inventories and writeoffs of capitalized
  costs on discontinued projects, 1,700,000 dlr provision for
  resolution of shareholder class action suit and gain 1,300,000
  dlrs from repurchase of manufacturing equipment.
  

"
test/16591	0	acq	"EMPIRE <EMPA.TO> TO BUY SOBEYS <SYSA.TO> STOCK
  Empire Co Ltd said it will acquire all
  shares of Sobeys Stores Ltd it does not already own under an
  arrangement approved by directors of both companies.
      Holders of Sobeys class A non-voting shares and class B
  common shares may elect to receive either 1.6 non-voting class
  A Empire shares or one non-voting class A Empire share and
  one-half of an eight pct redeemable retractable preferred
  share. The preferred share has a par value of 25 dlrs and is
  retractable at the holder's option on May 1, 1994.
  

"
test/16592	12	earn	"INTERNATIONAL RESEARCH <IRDV> 1ST QTR NET
  Shr six cts vs three cts
      Net 152,360 vs 94,141
      Revs 4,073,911 vs 4,116,333
      NOTE: International Research and Development Corp is full
  name of company.
  

"
test/16597	0	acq	"(CORRECTED) - GOODYEAR <GT> TO SELL CELERON
  Goodyear Tire and Rubber Co said it
  expects to sell its Celeron Corp oil and gas subsidiary for
  about two billion dlrs in about two months.
      After the company's annual meeting, Rober Mercer,
  Goodyear's chairman and chief executive officer, also said 
  Goodyear expects to report a profit of more than one dlr a
  share from continuing operations in the first quarter. In the
  same year-ago period, Goodyear reported a loss of 59 cents a
  share from continuing operations.
      Mercer said about seven companies are interested in buying
  Celeron and they may form a consortium to buy the unit.
  

"
test/16598	12	earn	"INT'L RESEARCH/DEVELOPMENT <IRDV.O> 1ST QTR NET
  Shr six cts vs three cts
      Net 152,360 vs 94,141
      Revs 4,073,911 vs 4,116,333
      Note: Full name is International Research and Development
  Corp.
  

"
test/16599	12	earn	"BANK OF NEW ENGLAND CORP 1ST QTR SHR 1.04 DLRS VS 83 CTS

  BANK OF NEW ENGLAND CORP 1ST QTR SHR 1.04 DLRS VS 83 CTS
  

"
test/16600	12	earn	"HONEYWELL <HON> CITES COST CUTTING FOR GAIN
  Honeywell Inc said a gain of
  20.1 pct in its 1987 first quarter operating earnings was the
  result of cost cutting efforts which began last year.
      Honeywell reported 1987 first quarter operating earnings
  rose to 43.7 mln dlrs or 96 cts a share from 36.4 mln dlrs or
  79 cts in the same period a year ago.
      Better operating results in each of the company's three 
  sectors offset higher interest costs in the first quarter due
  to financing the December acquisition of Sperry Aerospace and
  the sharing of the Federal Systems subsidiary pre-tax profit
  with Honeywell Bull Inc, Honeywell said.
      ""Our first quarter results show clear benefits of our
  restructuring,"" chairman Edson Spencer said. ""All of our
  businesses are producing better results than last year, even
  though we do not see significant improvement in the external
  market environment,"" he said.
      Total orders in the first quarter were up substantially,
  with a sharp increase in aerospace and defense orders in
  addition to those of the new Sperry Aerospace group, it said.
      Domestic industrial automation and control orders were
  modestly higher than the same period in 1986, it said.
      Orders in Honeywell's home and building automation and
  control business were flat in the U.S. and up in international
  markets, it said.
      International orders increased, with the greatest strength
  in Europe, Honeywell said.
      The company said that by year-end 1987, it intends to
  complete the repurchase of 3.3 mln shares remaining of a five
  mln share buyback program which began in 1986.
  

"
test/16602	12	earn	"MGM/UA COMMUNICATIONS <MGM> 2ND QTR FEB 28 LOSS
  Shr loss 34 cts
      Net loss 17.1 mln vs profit 10.1 mln
      Revs 106.2 mln vs 101.2 mln
      Six mths
      Shr loss 28 cts
      Net loss 14.4 mln vs profit 11.6 mln
      Revs 237.2 mln vs 179.5 mln
      Note: Company said year ago per share not given as not
  comparable due to certain allocations of expenses from the
  Turner Entertainment Group, not made in subsequent periods.
  1987 results reflect the TBS merger agreement and operations of
  the company as independent agent. 1986 data includes
  extraordinary tax loss carryforward gains of 1,185,000 dlrs in
  qtr and six mths.
  

"
test/16604	16	gold	"HOMESTAKE MULLS BUYING ORE RESERVES
  Homestake Mining Co is considering
  acquiring more gold ore reserves in addition to the company's
  exploration efforts, chief executive Harry Conger told Reuters
  in an interview.
      Conger said, ""the move to consider acquisitions represents
  a change in the company's acquistions policy.""
      Conger said all of Homestake's current cash position of 120
  mln dlrs would be available to acquire reserves. In addition,
  Homestake has two lines of credit totaling 150 mln dlrs which
  have not been drawn on and could be used to finance an
  acquisition, he said.
      Conger said he anticipates 1987 exploration budget will be
  about the same as 1986 spending of 27.3 mln dlrs.
      Conger said exploration for precious metals may be slightly
  higher than last year's spending of 17.7 mln dlrs while oil and
  gas exploration spending will be slightly less than last year's
  9.6 pct.
      Conger said he sees Homestake's 1987 gold production about
  the same as 1986 gold production of 669,594 ounces.
      However, 1987 first quarter production from its McLaughlin
  reserve will be about 10 pct lower than last year's 45,400
  ounces due to start-up production problems.
      He said he believes gold prices will hold above the 400
  U.S. dlr an ounce level for the rest of 1987.
  

"
test/16606	12	earn	"INTERFIRST CORP 1ST QTR LOSS 28 CTS VS PROFIT THREE CTS

  INTERFIRST CORP 1ST QTR LOSS 28 CTS VS PROFIT THREE CTS
  

"
test/16607	10	crude	"KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE
  OPEC's credibility faces fresh scrutiny
  in coming weeks amid signs of a significant rise in supplies of
  oil to international oil markets, the Kuwait daily al-Qabas
  said.
      In an article headlined, ""Gulf oil sources say Middle East
  production up 1.4 mln bpd,"" it warned OPEC's official prices
  could face fresh pressure from international oil companies
  seeking cheaper supplies.
      It did not say whether only OPEC or both OPEC and other
  producers were behind the reported rise in Mideast output. Nor
  did it specify if the sources were official or other contacts. 
     ""The sources said the credibility of OPEC would come under
  fresh scrutiny from today (Monday), with activity in the
  European and American markets,"" the daily said.
      The sources were quoted as saying that after OPEC had in
  March demonstrated its commitment to quota agreements, some
  members had raised output last week. It gave no details.
      ""Dealers in oil markets were now waiting to see if Opec was
  able to control production, or whether the days of cheating and
  producing over quotas has begun anew,"" it said.
      The sources warned that ""maybe the (price of a) barrel of
  oil will fall below 18, perhaps 17.80 dlrs this week or next if
  there is no control on supplies,"" it said.
      ""The sources believed a return of oil below 18 dlrs a barrel
  may open the doors for international oil companies to pressure
  OPEC over contract prices, similar to the struggle last March,""
  it said, apparently referring to resistance by buyers to lift
  from Qatar unless it gave price discounts.
      ""More than one official has warned OPEC would find its
  solidarity under scrutiny by the end of April or start of May,""
  it said, noting demand usually fell with the onset of summer.
  

"
test/16608	12	earn	"WILLAMETTE INDUSTRIES <WMTT> 4TH QTR NET
  Shr 90 cts vs 30 cts
      Net 22.9 mln vs 7,567,000
      Sales 323.0 mln vs 272.1 mln
      Note: per share figures reflect April 25, 1986
  five-to-three stock split. Full year figures not available.
  

"
test/16610	12	earn	"MARINE MIDLAND BANKS INC 1ST QTR 1.74 DLRS VS 1.89 DLRS

  MARINE MIDLAND BANKS INC 1ST QTR 1.74 DLRS VS 1.89 DLRS
  

"
test/16611	12	earn	"AMERICAN CENTURY <ACT> RESTATES EARNINGS
  American Century Corp said it
  has restated its earnings for the fiscal year ended June 30,
  1986 to provide an additional five mln dlrs to its loan loss
  allowance, causing a restated year-end net loss of 14,937,000
  dlrs, instead of 9,937,000 dlrs.
      The company said the change came after talks with the
  Securities and Exchange Commission on the company's judgement
  in considering the five mln dlrs collectible.
      In the note to its 1986 financial statement, American
  Century said it considered the five mln dlrs collectible,
  making its loan loss provision less than required.
      The company said in spite of the SEC decision, it still
  feels its allowance for possible loan losses at June 30, 1986
  was adequate and that it has considered all relevant
  information to determine the collectibility of the five mln dlr
  receivable.
      But, it said continued disagreement with the SEC staff
  would not be in its best interest.
  

"
test/16615	12	earn	"INTERFIRST CORP <IFG> 1ST QTR LOSS
  Shr loss 28 cts vs profit three cts
      Net loss 18.9 mln vs profit 2.1 mln
      Assets 16.7 billion vs 19.8 billion
      Deposits 14.1 billion vs 16.2 billion
      Loans 12.2 billion vs 14.4 billion
      Note: Net includes securities gains of 20.4 mln vs 13.1
  mln. Net charge-offs totaled 41.9 mln vs 42.2 mln, while
  provisions for loan losses was 56.6 mln vs 52.2 mln.
  Non-performing assets totaled 1.24 billion vs 799 mln.
  

"
test/16619	12	earn	"MARINE MIDLAND BANKS INC <MM> 1ST QTR NET
  Shr 1.74 dlrs vs 1.89 dlrs
      Net 35.3 mln vs 38.2 mln
      Assets 24.5 billion vs 21.8 billion
      Deposits 16.9 billion vs 16.1 billion
      Loans 18.9 billion vs 16.0 billion
      NOTE: Qtr includes pre-tax provision of 9.7 mln dlrs,
  resulting in 5.7 mln dlrs after-tax loss, for reserve against
  interest due on medium- and long-term Brazilian loans.
      Net investment gains for the qtr were 2.2 mln dlrs versus a
  gain of 15.5 mln in last year's first quarter.
      Provision for loan losses in the quarter was 35.3 mln dlrs
  vs 44.1 mln dlrs the prior first quarter.
  

"
test/16621	0	acq	"<FOURTH NATIONAL CORP> STAKE ACQUIRED
  Fourth National Corp said an
  investor group led by management has acquired a 73 pct stake in
  the company from Interfirst Corp <IFC>, a Dallas bank holding
  firm.
      A Fourth National spokesman said the deal was for cash but
  would not disclose the amount.
      Fourth National, a bank holding company with about 500 mln
  dlrs in assets, said in a statement that it will continue to
  operate its four subsidiaries and retain its employees.
  

"
test/16622	0	acq	"DEL WEBB <WBB> UNIT SELLS JOINT VENTURE STAKE
  Del E. Webb Corp said its Del E.
  Webb Properties Corp unit sold one-half of its interest in the
  224-acre Towne Meadows mixed-use development near Mesa and
  Gilbert, Ariz., to Klukwan Inc, an Alaskan native cooperative.
      Terms of the sale were not disclosed.
      Webb said it had a one-half interest in the venture.
  

"
test/16623	12	earn	"BANK OF NEW ENGLAND CORP <BKNE.O> 1ST QTR
  Shr 1.04 dlrs vs 83 cts
      Net 51.7 mln vs 39.4 mln
  

"
test/16625	12	earn	"CANANDAIGUA WINE CO INC <CDG.A> 2ND QTR NET
  Qtr ended Feb 28
      Shr 35 cts vs 38 cts
      Net 1,682,047 vs 1,817,820
      Revs 36.1 mln vs 29.9 mln
      Six mths
      Shr 73 cts vs 75 cts
      Net 3,518,515 vs 3,606,689
      Revs 74.1 mln vs 62.7 mln
  

"
test/16626	12	earn	"13-APR-1987
  13-APR-1987

"
test/16627	36	orange	"U.S. TRADE PANEL RULES AGAINST BRAZILIAN  ORANGE JUICE IMPORTS, WILL IMPOSE DUTUES

  U.S. TRADE PANEL RULES AGAINST BRAZILIAN  ORANGE JUICE IMPORTS, WILL IMPOSE DUTUES
  

"
test/16628	12	earn	"FLORIDA PROGRESS CORP <FPC> 1ST QTR NET
  Shr 83 cts vs 94 cts
      Net 41.2 mln vs 45.5 mln
      Revs 428.4 mln vs 429.6
      Avg shrs 49.8 mln vs 48.1 mln
      12 months
      Shr 3.59 dlrs vs 3.53 dlrs
      Net 176.9 mln vs 164.4 mln
      Revs 1.87 billion vs 1.70 billion
      Avg shrs 49.3 mln vs 46.6
      NOTE: 1986 first quarter profits restated down one cent a
  share as a result of previously reported pooling of interests
  merger with Mid-Continent Life Insurance Co.
  

"
test/16630	36	orange	"U.S. AGENCY RULES AGAINST BRAZIL ORANGE JUICE
  The U.S. International Trade
  Commission, ITC, voted to authorize the Commerce Department to
  impose anti-dumping duties on imports of Brazilian frozen
  concentrated orange juice.
      The ITC voted 3-2 in favor of the anti-dumping petition in
  its final ruling on the matter.
      Today's ITC ruling was consistent with the Commerce
  Department's final ruling of March 9, and activates an
  anti-dumping duty of 1.96 pct on imports of Brazilian frozen
  concentrated orange juice, Stephen Vastagh, ITC investigator
  said.
      The ITC found that Brazilian orange juice imports have
  injured U.S. producers. The Commerce Department had already
  ruled that the imports were unfairly priced, and lowered to
  1.96 pct the anti-dumping margin that in a preliminary decision
  last fall had been set at 8.5 pct, Vastagh said.
      The U.S. government has been requiring bond to be posted on
  imports of Brazilian frozen concentrated orange juice since
  Commerce's preliminary ruling of last October 23, he said.
      Commerce had ruled that one major Brazilian producer --
  Cutrale -- would be excluded from the anti-dumping duty.
      Brazilian imports account for about 40 pct of total U.S.
  supply, Vastagh said. Between December 1985 and November 1986,
  the United States imported the equivalent of 546 mln gallons of
  Brazilian orange juice worth 622 mln dlrs, he said.
      Currently, the United States requires a 35-cent per gallon
  tariff on orange juice imports, Vastagh said.
      An ITC spokesman said the agency would forward its final
  report on the anti-dumping case to Commerce by April 22.
      Commerce then will process the anti-dumping order and
  transmit it to U.S Customs, which will liquidate bond entries
  dating from Commerce's preliminary ruling and begin assessing
  duties, Vastagh said.
      He said about 12 Brazilian orange juice exporters,
  including three major shippers, would be affected by the
  decision.
  

"
test/16633	12	earn	"NATIONAL CITY BANCORP <NCBM.O> 1ST QTR NET
  Shr 37 cts vs 27 cts
      Net 1,194,000 vs 870,000
  

"
test/16635	12	earn	"ONEOK INC <OKE> 2ND QTR FEB 28 NET
  Shr 1.21 dlrs vs 1.80 dlrs
      Net 16.9 mln vs 24.6 mln
      Revs 230.9 mln vs 289.6 mln
      12 mths
      Shr 1.97 dlrs vs 2.37 dlrs
      Net 27.6 mln vs 32.4 mln
      Revs 648.6 mln vs 875.7 mln
      NOTE: company reports earnings qtrly and includes the
  previous 12 mths figures.
  

"
test/16636	10	crude	"TEXACO <TX> SAYS SOME OIL FLOWS RE-ESTABLISHED
  Texaco Inc has re-established some key
  oil supply lines following yesterday's court filing for
  protection under Chapter 11 of the U.S. bankrupcty code, said
  Elton Yates, Texaco's coordinator of worldwide operations.
      ""Several companies say they are willing to start trading,""
  Yates told Reuters in an interview.
      The company last week had stated that a number of domestic
  and international oil suppliers were demanding cash for oil
  shipments, and in some cases, had cut supplies altogether.
  Banks had also cut credit lines, it said in court filings.
      Manufacturers Hanover Corp <MHC> and other banks told
  Texaco it would cut off a one billion dlr credit line, Texaco
  said in the court filing. Chase Manhattan Corp <CMB> and J.P.
  Morgan Co's <JPM> Morgan Guaranty Trust Co asked for deposits
  to cover transactions, it said.
      The severe conditions with suppliers and creditors arose
  from an unfavorable ruling last Monday by the U.S. Supreme
  Court in Texaco's ongoing dispute with Pennzoil Co <PZL> over
  the acquisition of Getty Oil Co in 1984.
      The High Court said Texas Courts must consider Texaco's
  plea to cut its 10.3 billion dlr bond while appealing the case.
      ""Most of the suppliers stayed with us as long as they
  could,"" Elton said. But following Monday's Supreme Court
  ruling, Texaco's suppliers began demanding cash and halting
  supplies.
      ""It wasn't until last Wednesday that it turned into an
  avalanche,"" he said. ""Supplies were cut to the point where we
  could not run the system at anywhere near capacity.""
      He said less than half of Texaco's oil supplies had been in
  jeapordy, but the cut off would have produced severe shortages
  by mid-May. Now the situation appears much less severe, Elton
  said.
      It said that Sonatrach, the Algerian national oil company,
  canceled future deliveries of crude oil and natural gas,
  Occidental Petroleum Co <OXY> demanded cash for crude, and
  Atlantic Richfield Co <ARC> asked for special safeguards.
      The company also said British Petroleum Co PLC <BP> last
  week refused to accept an order for fuel oil. But Yates today
  said, ""a big U.K. company has in fact said they would go on
  supplying. They had cancelled last week.""
      He declined to identify the company.
      <Petroleos de Venezuela S.A.>, the Venezuelan state oil
  company that supplies a large portion of Texaco's oil, also
  halted shipments two weeks ago, Yates said.
      But he added that Texaco expected to meet with the
  Venezuelans later today in an attempt to reestablish that key
  supply line. Talks were also expected to take place with the
  Algerians, he added.
      Bankruptcy specialists said it was likely Texaco's chapter
  11 filing would allow the company to secure its credit lines
  and oil supplies that are key to the company's business.
      ""It will be business as usual for Texaco,"" said Martin
  Klein, a bankruptcy attorney at the New York law firm Dreyer
  and Traub.
      ""Creditors are a nervous bunch of people,"" he said. ""But
  when the dust settles they will reevaluate the situation and
  will likely extend credit to the chapter 11 company.""
      But other officials at Texaco were not immediately
  available to say whether discussions were being held with its
  banks, or whether credit lines had been reestablished.
  

"
test/16638	12	earn	"NATIONAL CITY BANCORP <NCBM.O> 10 PCT DIVIDEND
  National City Bancorp said
  directors at the annual meeting declared a 10 pct stock
  dividend payable May 22, record April 24.
  

"
test/16641	12	earn	"FLAGLER BANK CORP <FLGLA.O> 1ST QTR NET
  Shr 25 cts vs 23 cts
      Net 488,000 vs 443,000
      Assets 289.3 mln vs 213.9 mln
      Deposits 254 mln vs 188.5 mln
      Loans 156.4 mln vs 123.4 mln
      NOTE: Per share amounts adjusted for stock dividends.
  

"
test/16642	12	earn	"NATIONAL CITY CORP <NCTY.O> 1ST QTR NET
  Shr primary 87 cts vs 83 cts
      Shr diluted 85 cts vs 74 cts
      Net 35.9 mln vs 30.6 mln
      Avg shrs 41.0 mln vs 34.2 mln
      Assets 13.95 billion vs 12.34 billion
      Deposits 10.21 billion vs 9.24 billion
      Loans 9.22 billion vs 7.89 billion
      Return on assets 1.07 pct vs 1.05 pct
      Note: Net includes securities gains of seven cts a shr vs
  two cts.
      Net includes loan loss provision of 20.2 mln vs 12.6 mln.
      Net charge-offs totaled 15.6 mln, brining the loan loss
  reserve at the end of the qtr to 120.5 mln.
  

"
test/16644	12	earn	"BANK OF NEW ENGLAND <BKNE.O> POST PRO FORMA NET
  Bank of New England Corp reported
  that pro forma first quarter earnings, which reflect its 
  combined operations under a pending merger with the Conifer
  Group, rose to 60 mln dlrs, or 89 cts a share, from 49 mln
  dlrs, or 75 cts a share in 1986.
      The merger is expected to close on April 22.
      Earlier, Bank of New England reported first quarter net
  income, not taking the merger into account, rose to 1.04 dlrs
  from 83 cts a share.
      NOTE:First quarter of 1986 does not include restatement
  from recent acquisitions. After restatement, net income was
  39.8 mln dlrs.
      The 1987 pro forma first quarter results include
  nonrecurring merger expenses of 4.7 mln dlrs.
      Excluding these expenses, growth in operating expenses of
  the combined companies was reduced from 14 pct to 12 pct during
  the first quarter.
      Loans and leases increased 34 pct to 19.5 billion dlrs and
  deposits grew 14 pct to 19.6 billion dlrs.
      The provision for possible credit losses was 14.4 mln dlrs
  in the first quarter compared with 19.7 mln dlrs last year.
      Net charge-offs were 10.9 mln dlrs, down from 12.8 mln dlrs
  in 1986.
  

"
test/16645	12	earn	"BURNHAM AMERICAN PROPOERTIES <BAPYZ.O> 2ND QTR
  Qtr ended March 31
      Net 268,760 vs 235,274
      Revs 721,882 vs 575,806
      Six mths
      Net 472,642 vs 464,042
      Revs 1,372,453 vs 1,059,462
      Note: per share data not given, as not comparable to net
  figures, which are before depreciation.
  

"
test/16646	0	acq	"CANADA'S WILSON HAS NO COMMENT ON DOME (DMP)
  Finance Minister Michael Wilson said it
  was too early to comment on the tax implications of TransCanada
  PipeLines Ltd's 4.3 billion dlr offer for Dome Petroleum Ltd.
      ""The specific offer by TransCanada is just in the course of
  being made and we don't have the details of all the elements of
  the proposal,"" Wilson told the House of Commons daily question
  period.
      Opposition parties were questioning Wilson about a possible
  loss of tax revenue if the takeover was completed because of
  the large tax credits held by Dome.               
  

"
test/16648	0	acq	"DAUPHIN DEPOSIT <DAPN> TO ACQUIRE COLONIAL
  Dauphin Deposit Corp said it
  signed a definitive agreement to acquire <Colonial Bancorp
  Inc>.
      The agreement calls for Colonial to be merged into Dauphin
  Deposit Corp, and Colonial's subsidiary, New Holland Farmers
  National Bank, to be merged into Dauphin Deposit Bank and Trust
  Co, the lead bank of Dauphin Deposit Corp, the company said.
      Shareholders of Colonial will receive between 3.6 and 4.4
  shares of Dauphin common stock for each share of Colonial,
  depending on Dauphin's current market value, it said.
      As of Dec 31, 1986, Colonia Bancorp had assets of 150 mln
  dlrs, Dauphin said.
  

"
test/16649	10	crude	"KUWAITI DAILY SAYS OPEC CREDIBILITY AT STAKE
  OPEC's credibility faces fresh scrutiny
  in coming weeks amid signs of a significant rise in supplies of
  oil to international oil markets, the Kuwait daily al-Qabas
  said.
      In an article headlined ""Gulf oil sources say Middle East
  production up 1.4 mln bpd"" and ""Markets witness new surplus amid
  whispers of return to cheating days,"" it warned OPEC's official
  prices could face fresh pressure from international oil
  companies seeking cheaper supplies.
      It did not say whether only OPEC or Opec and other
  producers were behind the reported rise in Mideast output. Nor
  did it specify if the sources were official or other contacts.
     ""The sources said the credibility of OPEC would come under
  fresh scrutiny from Monday, with activity in the European and
  American markets,"" it said.
      The sources were quoted as saying that after Opec had in
  March demonstrated its commitment to quota agreements, some
  members had raised output last week. It gave no details.
      ""Dealers in oil markets were now waiting to see if Opec was
  able to control production, or whether the days of cheating and
  producing over quotas has begun anew,"" it reported.
     ""The sources warned that maybe the (price of a) barrel of oil
  will fall below 18, perhaps 17.80 dlrs this week or next if
  there is no control on supplies.
      ""The sources believed a return of oil below 18 dlrs a barrel
  may open the doors for international oil companies to pressure
  Opec over contract prices, similar to the struggle last March,""
  it said, apparently referring to resistance by buyers to lift
  from Qatar unless it gave price discounts.
      ""More than one official has warned Opec would find its
  solidarity under scrutiny by the end of April or start of May,""
  it said, noting demand usually fell with the onset of summer.
  

"
test/16650	33	money-supply	"TREASURY BALANCES AT FED FELL ON APRIL 9
  Treasury balances at the Federal
  Reserve fell on April 10 to 3.373 billion dlrs from 3.523
  billion dlrs on the previous business day, the Treasury said in
  its latest budget statement.
      Balances in tax and loan note accounts fell to 11.645
  billion dlrs from 11.869 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 15.018
  billion dlrs compared with 15.392 billion dlrs on April 9.
  

"
test/16651	10	crude	"DOE RESOLVES ISSUES WITH ROYAL DUTCH <RD> UNIT
  The Energy Department said it had
  approved in final form an agreement that resolves all remaining
  issues with Shell Oil Co over oil pricing and allocation
  controls that ended in 1981.
      Under the agreement, The Royal Dutch/Shell Group unit 
  agreed to pay 20 mln dlrs to settle refiner pricing issues and
  160 mln dlrs to settle crude oil pricing issues, DOE said.
      DOE said that before making the pact final, it modified it
  to reflect Shell's compliance with the Tertiary Incentive
  Program, a provision not in the version published last Dec 31.
  

"
test/16652	0	acq	"CELLULAR COMMUNICATIONS <COMM.O> CLOSES BUYOUT
  Cellular Communications Inc said that
  a unit purchased a 6.99 pct interest in the Cincinnati
  non-wireline cellular system.
      As a result of the transaction, the company said it now
  owns 100 pct of the system in Cincinnati.
  

"
test/16653	12	earn	"ATHLONE INDUSTRIES INC <ATH> SETS QTLY DIVIDEND
  Qtly div 40 cts vs 40 cts prior
      Pay May 15
      Record May one.
  

"
test/16654	12	earn	"FIRST FEDERAL SAVINGS BANK <FFSD.O> 2ND QTR NET
  Qtr ended March 31
      Shr 88 cts
      Net 973,000 vs 713,000
      Six mths
      Shr 1.35 dlrs
      Net 1,497,000 vs 1,464,000
      Note: Bank went public on Dec 29, 1986.
  

"
test/16655	12	earn	"PLANTRONICS INC <PLX> 3RD QTR MARCH 28 NET
  Shr 39 cts vs 32 cts
      Net 2,524,000 vs 2,046,00
      Sales 28.5 mln vs 23.5 mln
      Nine Mths
      Shr 1.01 dlrs vs 1.09 dlrs
      Net 6,323,000 vs 6,990,000
      Sales 80.6 mln vs 68.8 mln
      Note: Current qtr and nine mth net include 447,000 dlr gain
  on asset sales.
      Prior nine mth net includes 3.4 mln dlr asset sale gain.
  

"
test/16656	0	acq	"GAF <GAF> SEEKS INFORMATION ON BORG-WARNER<BOR>
  GAF Corp said it is exploring its
  options in response to Merrill Lynch Capital Partners' 4.23
  billion dlr offer for Borg-Warner Corp, and it has asked for
  all information that was supplied to Merrill Lynch.
      A GAF spokesman said the company asked for the information
  in order to enable GAF to fully evaluate its alternatives.
      The spokesman also confirmed that GAF did raise its bid to
  48 dlrs cash from 46 dlrs per share on Friday.
      Merrill is offering 48.50 dlrs per share cash for 89 pct of
  Borg-Warner, and a package of cash and securities for the
  balance.
      The transaction with Merrill Lynch will take Borg-Warner
  private in the form of a leveraged buyout. Merrill Lynch does
  not intend to sell Borg-Warner assets, but it may be forced to
  do so in financing the deal, said sources familiar with the
  transaction.
       Borg-Warner has said its management is not a participant
  in the transaction, but managers will retain their positions.
      The investors involved with Merrill include pension funds,
  insurance companies and other institutional investors, sources
  said.
      Analysts believe GAF, which owns 19.9 pct of Borg-Warner,
  will raise its offer.
      That speculation drove Borg-warner stock up 1-3/8 to 49-5/8
  in heavy trading. GAF closed at 49-5/8, off 3/4.
  

"
test/16658	10	crude	"ABU DHABI MARKETING SAID NOT BREACHING OPEC PACT
  A senior Abu Dhabi oil official said
  in remarks published today the emirate, largest producer in the
  United Arab Emirates (UAE), was succeeding in marketing its
  crude oil without breaching OPEC accords.
      Khalaf al-Oteiba, Marketing Director at the Abu Dhabi
  National Oil Co (ADNOC), told the company's Petroleum Community
  magazine ADNOC was also keen to keep good customer relations.
  ""The company will maintain its dialogue with and care for its
  customers in accordance with market conditions...And take
  necessary steps to guarantee marketing its production,"" he said.
     ""The present oil marketing policy of ADNOC is based on
  adherence to OPEC decisions of December 1986 to control
  production and establish a new pricing system in an attempt to
  stabilize the market,"" he added.
      OPEC agreed last December to limit production to 15.8 mln
  bpd and return to fixed prices averaging 18 dlrs a barrel.
      Oteiba said stabilization of the oil market in the future
  depended on how much discipline OPEC showed.
      Oteiba said last year, when world oil prices dropped, was
  ADNOC's most difficult ever but ""a practical and flexible
  pricing policy was implemented to relate to the changed market
  environment.""
      He said crude oil sales last year jumped to an average
  609,000 bpd of which 73 pct was exported. Refined product sales
  totalled eight mln metric tonnes, of which 67 pct was exported.
      In 1985, ADNOC marketed a total of 476,000 bpd of crude oil
  and 7.2 mln tonnes of refined products.
  

"
test/16662	12	earn	"RHNB CORP <RHNB> 1ST QTR NET
  Shr 61 cts vs 55 cts
      Net 695,252 vs 633,329
      Loans 125.2 mln vs 89.9 mln
      Deposits 209.2 mln vs 172.9 mln
      Assets 245.5 mln vs 207.5 mln
  

"
test/16663	0	acq	"KRAFT <KRA> COMPLETES ACQUISITION
  Kraft Inc said it completed the
  acquisition of Holleb and Co, a foodservice distributor based
  in Bensenville, Ill.
      Terms were withheld.
      It said Holleb's 1986 sales were about 85 mln dlrs.
  

"
test/16664	12	earn	"FIRST OF AMERICA BANK INC <FABK.O> 1ST QTR NET
  Shr 1.12 dlrs vs 1.27 dlrs
      Net 15,000,000 vs 11,900,000
      Avg shrs 9,642,403 vs 8,322,245
      Loans 4.57 billion vs 3.29 billion
      Deposits 6.80 billion vs 4.75 billion
      Assets 7.75 billion vs 5.37 billion
  

"
test/16665	12	earn	"LOMAK PETROLEUM INC <LOMK.O> YEAR LOSS
  Shr loss 10 cts vs loss 19 cts
      Net loss 1,348,000 vs loss 2,410,000
      Revs 11.2 mln vs 22.3 mln
      Acg shrs 13.8 mln vs 12.9 mln
  

"
test/16667	0	acq	"NEWMONT <NEM> STAKE IN DU PONT <DD> DECLINES
  Newmont Mining Corp held 5,250,376 Du
  Pont Co shares, or about 2.2 pct of those outstanding, at the
  end of 1986, down from the 5,970,141 shares, or 2.5 pct of
  those outstanding, it held a year earlier, Newmont's annual
  report said.
      --Corrects March 30 item to show holdings decreased.
  

"
test/16668	12	earn	"BANKEAST CORP <BENH.O> 1ST QTR NET
  Shr 35 cts vs 29 cts
      Net 3,732,000 vs 3,131,000
      Assets 1.09 billion vs 861.2 mln
      Deposits 817.7 mlnvs 705.7 mln
      Loans 704.1 mln vs 553.4 mln
      Note: 1986 results restated to reflect acquisition of
  United Banks Corp.
  

"
test/16670	12	earn	"UST CORP <UTSB.O> 1ST QTR NET
  Shr 41 cts vs 31 cts
      Net 4,568,656 vs 3,461,674
      Assets 1.7 billion vs 1.4 billion
      Deposits 1.46 billion vs 1.19 billion
      Note: 1986 results restated to reflect a 100 pct stock
  dividend.
  

"
test/16672	12	earn	"CENTRAL ILL PUBLIC SERVICE <CIP> 1ST QTR NET
  Shr 28 cts vs 29 cts
      Net 10,978,000 vs 11,916,000
      Revs 153.5 mln vs 163.4 mln
      NOTE: Full name is Central Illinois Public Service Co
      Per-share results reflect payment of preferred dividends
  

"
test/16675	0	acq	"<THERA-CARE INC> TO ACQUIRE CUSHING
  Thera-Care Inc said it agreed
  to acquire Cushing and Associates of Glendale, Calif., in
  exchange for 1,480,000 Thera-Care shares.
  

"
test/16676	0	acq	"INTERCO <ISS> COMPLETES LANE<LANE> ACQUISITION
  Interco Inc said its shareholders and
  those of Lane Co approved a merger of the two companies at
  special meetings.
      As previously announced, Lane's shareholders will receive
  1.5 shares of Interco common stock for each share of Lane stock
  held.
      Interco said the merger becomes effective April 14.
  

"
test/16677	0	acq	"HMO AMERICA <HMOA> AGREES TO BE ACQUIRED
  HMO America Inc said it signed a letter
  of intent with Mount Sinai Medical Center here and an
  affiliate, providing that all of its common and preferred stock
  be acquired by a new not-for-profit company to be controlled by
  Mount Sinai and other Chicago area not-for-profit hospitals who
  may elect to participate in the acquisition.
      The form of the transaction has not yet been determined, it
  said.
      According to terms, HMO's shareholders would receive a
  combination of cash and debt securities to be issued by the
  buyer in exchange for their outstanding shares of common and
  preferred stock, it said.
      The amount of cash per share has not yet been determined,
  it added.
      Arrangements for financing have not yet been made and there
  can be no assurance that any financing will be received, HMO
  said.
      Closing of the proposed transaction, if it is completed, is
  expected on or before November 2, 1987, it said.
  

"
test/16678	12	earn	"EVEREST AND JENNINGS <EJ.A> QTLY DIVIDEND
  Shr five cts vs five cts prior qtr
      Pay May 15
      Record April 22
  

"
test/16679	12	earn	"PS GROUP INC <PSG> QTLY DIVIDEND
  Shr 15 cts vs 15 cts prior qtr
      Pay May 18
      Record April 27
  

"
test/16680	0	acq	"DOME <DMP> BENEFITS FROM TAKEOVER SPECULATION
  Shares of Dome Petroleum Ltd posted
  their biggest gain in months in the U.S. and Canada as stock
  markets foresaw a takeover tug-of-war beginning for the
  debt-heavy company.
      Dome rose 1/4 to 1-1/8 on the American Stock Exchange and
  gained 31 cents to 1.44 Canadian dlrs on the Toronto Stock
  Exchange, where it was the most active stock. It rose as high
  as 1.50 dlrs in Toronto during the day. In recent months, Dome
  has normally moved by only a few cents per day.
      TransCanada PipeLines yesterday announced a 4.3 billion dlr
  Canadian (3.22 billion U.S.) bid for all of Dome's assets, but
  Dome, which is based in Calgary, Alberta, said it is also still
  talking with two other companies, which it refuses to identify.
      Market analysts today said the other two firms are believed
  to be foreign oil companies, noting that TransCanada yesterday
  stressed that its bid is ""a Canadian solution to the financial
  difficulties of Dome Petroleum.""
      ""The talk is about Conoco, which is controlled by DuPont
  <DD>, and Atlantic Richfield Co <ARC>, which sold its Canadian
  interest in 1975 and could be getting back in,"" said Wilf Gobert
  of Peters and Co Ltd.
      David Bryson of Moss Lawson and Co also noted that British
  Petroleum PLC <BP> is mentioned as a possible buyer, despite
  BP's 70 U.S. dlr per share bid two weeks ago for the 45 percent
  of Standard Oil Co <SRD> it does not already own.
      Calgary-based independent analyst James Hamilton has said
  in recent reports that Amoco Corp <AN> has also been in talks
  with Dome.
      Representatives of Atlantic Richfield, British Petroleum,
  Conoco and Amoco were not immediately available for comment.
      Gobert characterized the market action in Dome today as ""awfully
  optimistic,"" given TransCanada's offer to give current Dome
  shareholders stock in a new subsidiary, which it valued at 1.10
  dlrs Canadian per common share.
      Under the offer, current Dome common and preferred
  shareholders would own 20 pct of the new subsidiary, which
  would own and operate all Dome's former assets. TransCanada
  would own 80 pct.
      However, Bryson said the market may be looking at the
  potential for shares in a publicly-traded subsidiary. ""The
  TransCanada offer has quite a bit of upside potential for Dome,""
  he said.
      Gobert said he believes the TransCanada offer is ""at the
  upper end of what I thought somebody would pay for Dome.""
      The TransCanada proposal would pay Dome's creditors 3.87
  billion Canadian dlrs (2.90 billion U.S. dlrs), with another
  one billion Canadian dlrs (750 mln U.S. dlrs) available to
  secured creditors if the Dome subsidiary earns profits above a
  certain level. TransCanada would not detail the profit level.
      Dome currently is seeking to restructure about six billion
  Canadian dlrs (4.5 billion U.S. dlrs) in debt, which it took on
  several years ago when oil prices were high and the company
  wanted to expand.
      ""There has been speculation that Dome's assets are capable
  of supporting debt of three to four billion dlrs, so on that
  basis, the TransCanada offer would be at the upper end of that,""
  Gobert said.
      Dome's debt troubles have often obscured the fact that it
  is a major player in the Canadian oil and gas field. It holds
  reserves of about 176 mln barrels of crude oil and 3.9 billion
  cubic feet of natural gas.
      The company also owns or has an interest in 14.2 mln acres
  of oil and gas exploration land in the province of Alberta, the
  heart of Canada's oil industry.
     Dome owns or has an interest in a total of 36.1 mln acres of
  land across Canada.
     The company also has tax credits of about 2.5 billion dlrs
  Canadian (1.9 billion dlrs U.S.). It reported a 1986 loss of
  2.2 billion dlrs (1.65 billion dlrs U.S.), believed to be the
  largest ever by a Canadian company.
  

"
test/16681	22	interest	"U.S. BILL AUCTION RATES AVERAGE 5.98, 6.08 PCT
  The U.S. Treasury said its weekly
  auction of three-month bills produced an average rate of 5.98
  pct, with a 6.08 pct rate on six-month bills.
      These rates compared with averages of 5.53 pct for the
  three- and 5.63 pct for the six-month bills sold last week.
      The bond-equivalent yield on three-month bills was 6.17
  pct. Accepted bids ranges from 5.92 to 5.99 pct and 60 pct of
  the bids at the high, or stopout rate, were taken. For six
  months, the yield was 6.38 pct and the bids ranged from 5.98
  pct to 6.10 pct with 48 pct of the bids accepted.
      The Treasury said it received 25.99 billion dlrs of bids
  for the three-month bills, including 1.2 billion dlrs in
  non-competitive bids from the public. It accepted 6.6 billion
  dlrs of bids, including 2.1 billion dlrs from the Federal
  Reserve and 180 mln dlrs from foreign and international
  monetary authorities.
      Some 24.7 billion dlrs in bids for six-month bills were
  received, including 832 mln dlrs in non-competitives. The
  Treasury accepted 6.6 billion dlrs, including 1.8 billion dlrs
  from the Fed and 1.2 billion dlrs from foreign and
  international authorities.
      The average price for the three-month bills was 98.488 and
  prices ranged from 98.504 to 98.486.  The average price for the
  six-months bills was 96.926, and prices ranged from 96.977 to
  96.916.
      The average yield on the three-month bills was the highest
  since 5.99 pct on June 30, 1986.  The average yield on the
  six-month bills was the highest since 6.13 pct on June 23,
  1986.
  

"
test/16684	0	acq	"GROUP RAISES COMPUTER MEMORIES <CMIN> STAKE
  A shareholder group led by Far
  Hills, N.J., investor Natalie Koether said it raised its stake
  in Computer Memories Inc to 573,300 shares, or 5.1 pct of the
  total outstanding, from 542,000 shares, or 4.8 pct.
      In a filing with the Securities and Exchange Commission,
  the group, which includes Sun Equities Corp, an investment
  firm, said it bought a net 31,300 Computer Memories common
  shares since March 31 at prices ranging from three to 3-5/16
  dlrs a share for ""capital appreciation.""
      The group had earlier abandoned plans to seek control of
  the company and lowered its stake to less than five pct.
  

"
test/16685	0	acq	"HONG KONG FIRM HAS 5.1 PCT OF MCGILL <MGLL.O>
  Industrial Equity (Pacific) Ltd told
  the Securities and Exchange Commission it has acquired 72,600
  shares of McGill Manufacturing Co Inc, or 5.1 pct of the total
  outstanding common stock.
      Industrial Equity, which is principally owned by Brierley
  Investments Ltd, a publicly held New Zealand firm, said it
  bought the stake for 2.3 mln dlrs for investment purposes.
      It said it may add to its stake, or sell some or all of it,
  but has no plans to seek control of the company.
  

"
test/16687	12	earn	"MONTGOMERY STREET INCOME <MTS> 1ST QTR NET
  Shr 49 cts vs 50 cts
      Net 3,922,533 vs 3,979,580
      Note: Full name Montgomery Street Income Securities Inc.
  

"
test/16688	0	acq	"NORTHAIR <NRM.TO> OPPOSING NORQUEST <NQRLF> BID
  Northair Mines Ltd
  said it would oppose Nor-Quest Resources Inc's earlier reported
  proposed takeover bid ""with every means at its disposal,""
  saying ""this attempt at a property grab is an insult to the
  intelligence of our shareholders.""
      It said Nor-Quest's offer to swap one Nor-Quest share plus
  one dlr for two Northair shares would seriously dilute
  Northair's equity in its Willa mine in British Columbia.
      ""Our company is in sound financial position and production
  financing can be readily arranged when required. We're not
  looking for a partner and if we were, it certainly wouldn't be
  these guys,"" Northair said.
  

"
test/16695	0	acq	"TEXAS AIR <TEX> UNIT COMPLETES SYSTEM SALE
  Texas Air Corp's Eastern Airlines said it
  completed its previously announced plan to sell its travel
  agency automation system, SystemOne Direct Access Inc, and its
  computer and communications support unit, EAL Automation
  Systems Inc, to SystemOne Corp, a wholly-owned subsidiary of
  Texas Air Corp.
  

"
test/16698	12	earn	"NCNB CORP <NCB> 1ST QTR NET
  Shr 68 cts vs 68 cts
      Net 53.9 mln vs 53.2 mln
      Assets 26.5 billion vs 22.2 billion
      Loans 15.7 billion vs vs 13.3 billion
      Deposits 13.8 billion vs vs 11.6 billion
  

"
test/16700	0	acq	"INVESTMENT FIRM HAS 5.3 PCT OF BLASIUS <BLAS.O>
  Fidelity International Ltd, a
  Bermuda-based investment advisory firm, and an affiliated
  investment firm, American Values III N.V., said they have
  acquired 208,000 share of Blasius Industries Inc.
      In a filing with the Securities and Exchange Commission,
  the group said it bought the stake, which amounts to 5.3 pct of
  the total outstanding common stock, to acquire an equity
  interest in the company for investment purposes.
      The group said it may raise its stake or sell some or all
  of it, and has no plans to seek control of the company.
  

"
test/16705	12	earn	"ISC SYSTEMS <ISCS.O> 3RD QTR MARCH 27 NET
  Shr seven cts vs 24 cts
      Net 1,114,000 vs 3,676,000
      Revs 43.6 mln vs 41.2 mln
      Nine mths
      Shr 25 cts vs 64 cts
      Net 3,952,000 vs 9,614,000
      Revs 118.6 mln vs 119.9 mln
  

"
test/16706	24	iron-steel	"SLATER <SSI.A.TO> PLANS U.S. MODERNIZATION
  Slater Industries Inc said it planned a
  15 mln dlr modernization of its Slater Steels Corp Fort Wayne
  specialty bar division in Indiana.
      It said the modernization would involve replacement of the
  existing bar mill with a high-speed, quick-change continuous
  mill. The new facility will lower labor and mill costs and
  enhance product quality and range, Slater said.
      Completion date of the new mill was undisclosed.
  

"
test/16707	0	acq	"ADAMS-RUSSELL <AAR> TO ACQUIRE CABLE SYSTEMS
  Adams-Russell Co Inc said it
  agreed to acquire cable television systems serving about 7,000
  customers in New York State from Sammons Communications Inc for
  undisclosed terms.
      Adams-Russell said the systems operate in Wellsville,
  Amity, Andover, Scio, Willing, Belmont, Milo, Jerusalem, Benton
  and Penn Yan, N.Y.
  

"
test/16708	12	earn	"INDEPENDENT BANK CORP <IBCP.O> 1ST QTR NET
  Shr 27 cts vs shr 18 cts
      Net 477,000 vs 305,000
  

"
test/16710	10	crude	"GULF CANADA <GOC> ACQUIRES SUEZ OIL STAKE
  Gulf Canada Corp said it
  acquired a 25 pct working interest in the Gulf of Suez oil
  concession for undisclosed terms.
      The company said its agreement with operator Conoco
  Hurghada Inc and Hispanoil covered the 168,374-acre East
  Hurghada offshore concession. It said a 15.6 mln U.S. dlr
  four-well program was planned for 1987.
      After the acquisition, which is subject to Egyptian
  government approval, working interests in the Hurghada block
  will be Conoco Hurghada at 45 pct, Hispanoil 30 pct and Gulf
  Canada the balance.
  

"
test/16711	12	earn	"CONVERGENT TECHNOLOGIES <CVGT.O> SEES QTR LOSS
  Convergent Technologies Inc
  said it expects to report in the first quarter a loss more than
  twice the size of the 4.8-mln-dlr loss reported in the fourth
  quarter of 1986.
      Convergent reported a first quarter 1986 profit of
  2,100,000 dlrs, or five cts per share.
      The company said results declined in the quarter both in
  its traditional OEM business and its business systems group.
      The anticipated loss reflects lower than expected operating
  margins, start-up costs for new product manufacturing and
  higher than planned expenses.
  

"
test/16714	0	acq	"INTERCO <ISS> SHAREHOLDERS APPROVE MERGER
  INTERCO Inc said its
  shareholders and shareholders of the Lane Co <LANE.O> approved
  the merger of the two companies.
      In the merger, Lane's stockholders will receive 1.5 shares
  of INTERCO common stock for each outstanding share of Lane
  common stock, INTERCO said.
  

"
test/16715	12	earn	"JOHN H. HARLAND CO <JH> 1ST QTR NET
  Shr 30 cts vs 25 cts
      Net 10.5 mln vs 8,697,589
      Revs 71.9 mln vs 64.9 mln
  

"
test/16717	12	earn	"<TRAVELERS REALTY INCOME INVESTORS> 1ST QTR NET
  Shr 32 cts vs 38 cts
      Qtrly div 35 cts vs 35 cts prior
      Net 731,055 vs 865,117
      NOTE: dividend payable May 20 to shareholders of record
  April 24.
  

"
test/16718	0	acq	"DOTRONIX INC <DOTX.O> TO BUY <VIDEO MONITORS>
  Dotronix Inc said it agreed
  in principle to buy Video Monitors Inc, a privately-held
  company.
      In payment for the acquisition, Dotronix will issue 312,500
  unregistered shares of its common stock, notes worth 1.8 mln
  dlrs payable over three years, and about 70,000 dlrs in cash.
      Dotronix said Video Monitors' sales for the fiscal year
  ended April 30, 1986, were 7.6 mln dlrs. Dotronix had income of
  659,663 dlrs on sales of 7.1 mln dlrs for the six months ended
  Dec. 31, 1986, as previously reported.
  

"
test/16719	12	earn	"DEVELCON ELECTRONICS LTD <DLCFF> 2ND QTR LOSS
  Period ended Feb 28
      Shr loss 34 cts vs loss 58 cts
      Net loss 1,252,000 vs 2,145,000
      Revs 4,539,000 vs 3,504,000
      SIX MTHS
      Shr loss 66 cts vs loss 86 cts
      Net loss 2,428,000 vs loss 3,163,000
      Revs 9,033,000 vs 8,192,000
  

"
test/16723	10	crude	"TEXACO FILING ADDS UNCERTAINTY IN OIL MARKET
  U.S. oil traders said Texaco Inc's
  filing for protection under the Chapter 11 bankruptcy code is
  adding uncertainty to an already skittish oil market, but
  opinions are divided on the impact to the market.
      ""The filing is holding up wet barrel trading today,"" said
  one trader. ""Everyone is talking about it, assessing their
  company's situations in relation to Texaco,"" he added.
       Some traders said companies that deal with Texaco are
  concerned about whether they will receive payment or supplies
  under the bankruptcy filing.
      However, others were less worried. ""The first paid will be
  the trading community and those connected with Texaco in the
  shipping industry,"" one New York trader said.
      ""If Texaco doesn't get crude supplies it can't run its
  refineries, so its other assets would not be worth anything,""
  he added.
      Texaco filed for protection under Chapter 11 of the U.S.
  bankruptcy code yesterday after failing to reach a settlement
  with Pennzoil on an 11 billion dlrs court award for illegally
  interferring with Pennzoil's proposed purchase of Getty Oil Co.
      However, others were less worried. ""The first paid will be
  the trading community and those connected with Texaco in the
  shipping industry,"" one New York trader said.
      ""If Texaco doesn't get crude supplies it can't run its
  refineries, so its other assets would not be worth anything,""
  he added.
      Texaco filed for protection under Chapter 11 of the U.S.
  bankruptcy code yesterday after failing to reach a settlement
  with Pennzoil on an 11 billion dlrs court award for illegally
  interferring with Pennzoil's proposed purchase of Getty Oil Co.
      ""There is some reluctance to trade with Texaco but no great
  change,"" said another trader, adding that traders are tending
  toward prudence in their dealings with the company.
      Traders are assessing whether to require cash prepayment or
  letters of credit, or to continue to trade as usual with Texaco
  on an open line basis, he said.
      Another trader, however, described today's activity as
  business as usual, adding that traders feel more secure because
  no liens can be put on Texaco's assets while it is in
  bankruptcy.
      Traders said there was no apparent effect of the Texaco
  filing on crude futures trading although they said the exchange
  might lower Texaco's position limit and require higher margins
  for Texaco's trades.
      New York Mercantile Exchange President Rosemary McFadden
  declined to comment on Texaco's futures trading, saying that is
  is proprietary information. McFadden did say, however, that as
  a matter of procedure, it is possible the exchange can lower
  allowable position limits or increase margin requirements for
  companies that are in financial trouble.
  

"
test/16725	12	earn	"VALLEY NATIONAL CORP <VNCP.O> 1ST QTR NET
  Shr 1.18 dlrs vs 1.15 dlrs
      Net 19.7 mln vs 19.3 mln
      Assets 10.05 billion vs 9.62 billion
      Deposits 8.56 billion vs 8.04 billion
      Net loans 6.95 billion vs 6.71 billion
  

"
test/16726	12	earn	"OTTER TAIL POWER CO <OTTR.O> SETS DIVIDEND
  Qtly dividend 73 cts vs 73 cts
      Pay June 10
      Record May 15
  

"
test/16727	0	acq	"MERRILL TO GET 30 MLN DLR FEE IN BORG <BOR> DEAL
  Merrill Lynch and Co Inc <MER>
  subsidiary seeking to take over of Borg-Warner Corp said it
  could realize a 30 mln dlr fee for its efforts, whether or not
  the deal, which it values at 4.7 billion dlrs, succeeds.
      In a filing with the Securities and Exchange Commission,
  Merrill Lynch Capital Partners Inc said it would receive a 30
  mln dlr fee from the surviving company for acting as dealer
  manager of the merger after the Borg-Warner deal is completed.
      But it said it could also receive a break-up fee of 30 mln
  dlrs if the deal fails for reasons, which include another party
  holding more than 40 pct of its stock or tendering for 50 pct.
      The 30 mln dlr fee is among the highest set down in any
  tender offer agreement, either in compensation for dealer
  manager services or for break-up of the deal.
      Merrill Lynch Capital Markets, backed by a group of
  investors it organized, has launched a 48.50 dlr a share tender
  offer for Borg-Warner for 90 pct of its stock.
      The company's board has approved the plan, which was
  intended to thwart an unsolicited offer from GAF Corp.
      Borg-Warner also agreed to redeem all outstanding Series A
  preferred shares and to pay off on all options at a 48.50 dlr a
  share exercise price before the merger is effective, it said.
      Merrill Lynch said its representatives discussed a possible
  leveraged buyout with Borg-Warner as early as last December.
      At that time, Merrill Lynch told the company it would
  consider a 43 dlr a share tender offer in cash and securities,
  if the Borg-Warner board approved, it said. On Feb 24, it said
  it was told the company had decided against a buyout.
      But talks were revived after GAF launched its 46 dlr a
  share proposal on March 31, Merrill Lynch said.
      Unlike its earlier proposal, Merrill Lynch said Borg-Warner
  management was asked not to take part in the new deal and it
  was conditioned upon payment of the fees.
      In addition to its fees, Merrill Lynch said it will also
  get up to 17 mln dlrs from Borg-Warner to cover its expenses in
  the tender offer.
      Merrill Lynch said it would continue operating Borg-Warner
  as a subsidiary with its current officers keeping their
  positions.
      But for flexibility purposes, Merrill Lynch said it is
  considering redistributing Borg-Warner's assets to a number of
  subsdiaries of an entity it created to carry out the merger.
      All in all Merrill Lynch estimated that there would be 130
  mln dlrs in fees and expenses connected with the deal.
      Another 250 mln dlrs will be needed to repay certain debt
  of Borg-Warner, Merrill Lynch said.
      To finance the deal, Merrill Lynch said it expects to
  borrow 3.5 billion dlrs from a group of banks and sell 100 mln
  dlrs of common stock of the new company, sell 100 mln dlrs of
  non-voting preferred stock of the new company to Merrill Lynch
  and Co, sell up to 650 mln dlrs of subordinated notes to
  Merrill Lynch and Co and sell to the public 204 mln dlrs of
  subordinated discount debentures.
      GAF has raised its offer to 48 dlrs a share cash.
  

"
test/16734	0	acq	"CHRYSLER <C> NON-PROFIT GROUP SELLS UNIT
  Chrysler Corp's Chrysler Motors Corp
  said its Chrysler Training Corp non-profit organization sold
  the name and assets of its Motech Auto Mechanic and Body Shop
  Schools to O/E Corp of Troy, Mich.
      The sale price was not disclosed.
      Under the Internal Revenue Service code, proceeds from the
  sale of Motech must be donated to another tax-exempt nonprofit
  organization. Chrysler did not reveal the name of the group
  that received the proceeds.
  

"
test/16735	12	earn	"POTLATCH CORP <PCH> 1ST QTR NET
  Shr 63 cts vs 47 cts
      Net 16.8 mln vs 12.4 mln
      Sales 248.6 mln vs 233.3 mln
  

"
test/16737	0	acq	"DICEON ELECTRONICS <DICN.O> TO BUY SYMTRON CORP
  Diceon Electronics Inc said it
  has entered an agreement in principal to buy closely-held
  Symtron Corp in a stock exchange transaction.
      Under the pact, Diceon would exchange 300,000 shares of its
  stock for all of Symtron's shares.
      The acquisition, which is subject to board approval and a
  definitive agreement, is expected to be concluded during May.
      Diceon said Symtron management would continue running the
  business, which would become a wholly-owned subsidiary.
      Symtron had 1986 sales of about 20 mln dlrs.
  

"
test/16739	10	crude	"ECUADOR SAYS WILL RESUME LIMITED OIL PRODUCTION
  Ecuador will resume limited crude output
  next week to fill up storage tanks as a first step to pump oil
  to a Colombian pipeline on May one, the state Ecuadorean
  Petroleum Corp (CEPE) said.
      CEPE manager Carlos Romoleroux told reporters that Ecuador
  would begin pumping an unspecified amount of crude in
  northeastern jungle oilfields at the end of next week in
  preparation to send the oil through a new pipeline link-up to
  neighbouring Colombia.
      Oil production in Ecuador was halted on March five when an
  earthquake damaged the country's main pipeline from Lago Agrio,
  at the heart of the Ecuadorean jungle oilfields, to the pacific
  port of Balao.
      It will take at least until the end of July to repair the
  pipeline and return output to normal levels. The country was
  pumping between 245,000 bpd and 250,000 bpd before the tremor.
      To resume limited output in the meantime, Ecuador is
  constructing a 26 mile pipeline linkup, capable of carrying
  55,000 bpd, from Lago Agrio to Puerto Colon, the starting point
  of Colombia's pipeline to the Pacific port of Tumaco.
      The original target date to resume limited crude output was
  May eight, the scheduled date for the inauguration of the Lago
  Agrio to Puerto Colon pipeline, an energy ministry spokesman
  said.
  

"
test/16740	8	cpi	"NEW ZEALAND CPI RISES 2.3 PCT IN MARCH QUARTER
  New Zealand's consumer price index,
  CPI, which measures the rate of inflation, rose 2.3 pct in the
  quarter ended March 31 against an 8.9 pct rise in the December
  1986 quarter and a 2.3 pct rise in the March 1986 quarter, the
  Statistics Department said.
      For the 12 months ended March 1987 the CPI rose 18.3 pct
  against 18.2 pct in 12 months ended December 1986 and 13.0 pct
  in the 12 months ended March 1986, it said in a statement.
      Nearly half the increase in the latest quarterly index was
  contributed by the housing group, the department said.
      The December quarter was significantly affected by the
  introduction of a 10 pct value added goods and services tax,
  GST, in October 1986, it added.
      However, some GST charges not measured in the December 1986
  quarter influenced the latest March quarterly figure, it said.
      This is because of an unavoidable lag in price information,
  particularly on housing, used cars and insurance on household
  contents, it added.
  

"
test/16745	48	trade	"MIYAZAWA SEES EVENTUAL LOWER U.S. TRADE DEFICIT
  Japanese Finance Minister Kiichi Miyazawa
  told a press conference he expects the U.S. Trade deficit to
  eventually start reflecting economic fundamentals, which should
  influence exchange rates.
      The minister was not referring to the U.S. Trade data to be
  released in Washington later today.
      Miyazawa also said he told major industrial nations when he
  was in Washington last week that present exchange rates are not
  necessarily good. He had said earlier in Washington that
  current exchange rates were within levels implied in the
  February Paris currency accord.
  

"
test/16746	50	wpi	"Japan March wholesale prices rise 0.2 pct (0.1 pct February drop) - official

  Japan March wholesale prices rise 0.2 pct (0.1 pct February drop) - official
  

"
test/16747	0	acq	"NO TALKS SET ON PROPOSED JAPAN TELECOM MERGER
  No formal talks have been scheduled yet
  among companies involved in a controversial proposal to merge
  two groups seeking to enter Japan's international
  telecommunications sector, an official from one group said.
      ""Nothing has been firmed up yet,"" said an official at
  <International Digital Communications Planning Inc> (IDC), one
  of the groups set up last year to study competing against
  <Kokusai Denshin Denwa Co Ltd>, which monopolises the sector.
      Britain's Cable and Wireless Plc <CAWL.L>, which holds a 20
  pct share in IDC, has opposed plans to merge with rival group,
  <International Telecom Japan Inc>.
      Under the plan, backed by the Post and Telecommunications
  Ministry, Cable and Wireless and U.S.-based <Pacific Telesis
  International Inc> would become core companies in the merged
  firm, with shares equal to those of the six major Japanese core
  companies and seats on the board of directors.
      Britain, angry over what it feels are moves to restrict
  Cable and Wireless' role in the sector, views the issue as a
  test case. The IDC official declined to specify what was
  holding up the talks.
      A spokesman for C. Itoh and Co Ltd <CITT.T>, which holds 20
  pct of IDC, said a meeting may be held later this week.
  

"
test/16749	45	sugar	"HAITIAN CANE PLANTERS PROTEST SUGAR MILL CLOSURE
  About 2,000 sugar cane planters
  marched to Port-au-Prince to protest against the closure of
  Haiti's largest sugar mill and second biggest employer.
      The Haitian American Sugar Company closed on Friday because
  of a huge surplus of unsold sugar. The firm said Haiti has been
  flooded with smuggled refined and unrefined sugar from the
  Dominican Republic and refined U.S. Sugar from Miami.
      The closure idled 3,500 factory workers and left 30,000
  small cane planters with no outlet for their cane. The
  protesters blamed Finance Minister Lesly Delatour for the
  closure, saying his policies have hurt Haitian businesses.
  

"
test/16750	1	alum	"CHINA TO OPEN FIRST PHASE OF LARGE ALUMINIUM PLANT
  China, a major aluminium importer, will
  open the first phase of its biggest aluminium plant on October
  1, the China Daily said.
      The first phase of the plant, located in Qinghai province,
  will have an annual capacity of 100,000 tonnes of ingots, half
  the capacity of the finished plant. It will turn out 4,000
  tonnes in 1987, the paper said, but gave no more details.
      Construction of the 510 mln yuan plant began in April 1984.
      Customs figures show China imported 266,241 tonnes of
  aluminium and alloy in 1986, down from 487,862 in 1985.
  

"
test/16754	32	money-fx	"Bank of Japan intervening to support dollar against yen, dealers

  Bank of Japan intervening to support dollar against yen, dealers
  

"
test/16755	33	money-supply	"JAPAN MARCH MONEY SUPPLY RISES 9.0 PCT
  Japan's broadly defined money supply
  average of M-2 plus certificate of deposits (CD) rose a
  preliminary 9.0 pct in March from a year earlier, compared with
  an 8.8 pct rise in February, the Bank of Japan said.
      The seasonally adjusted March average of M-2 plus CDs rose
  0.8 pct from February when it rose an identical 0.8 pct from a
  month earlier, it said.
      Unadjusted M-2 plus CDs stood at an average 343,600 billion
  yen in March compared with 336,015 billion in February.
  

"
test/16759	2	bop	"SOUTH KOREA TO CHANGE POLICIES TO AVERT TRADE WAR
  South Korea has decided on major changes
  in its trade, investment and finance policies aimed at reducing
  the growth of its balance of payments surplus and avoiding a
  trade war with the United States, Deputy Prime Minister Kim
  Mahn-je said.
      Kim told reporters the excessively fast rise in exports
  could make South Korea too reliant on exports, increase
  nflation and produce trade friction. The policy shift, which
  means abandoning Seoul's goal of rapidly reducing its foreign
  debt, was worked out at a series of ministerial meetings.
      Kim, who is also Economic Planning Minister, said the
  current account surplus, previously expected to exceed eight
  billion dlrs this year, would be held at about five billion
  dlrs by increasing imports, accelerating market liberalisation
  and rationalising exports.
      He said Seoul would try to limit its current account
  surplus to around five billion dlrs a year for the next few
  years, although trade volume would continue to grow.
      ""This will gradually reduce the ratio of the surplus to GNP
  (gross national product) from the current five pct level to
  three pct by 1991,"" he added.
      Koo Bon-yong, an aide to Kim, said South Korea's foreign
  debt had been expected to fall below 40 billion dlrs by the end
  of 1987, against the initial forecast of 41.8 billion, and 44.5
  billion dlrs at end-1986.
      ""But now (with the policy changes) the debt is expected to
  remain above 40 billion dlrs, although it could still be lower
  than the originally projected 41.8 billion dlrs,"" he said.
      The policy change was announced two days before the
  scheduled arrival of U.S. Commerce Secretary Malcolm Baldrige
  for talks with Trade Minister Rha Woong-bae.
      South Korea is under U.S. Pressure to reduce its bilateral
  trade surplus, which rose to 7.4 billion dlrs last year from
  4.3 billion dlrs in 1985.
      Kim said the policy changes were also prompted by the swing
  in South Korea's current account to a surplus of 2.06 billion
  dlrs in the first quarter of 1987 from a deficit of 438 mln
  dlrs in the same 1986 period. First quarter 1987 exports rose
  36 pct to 9.4 billion dlrs.
      The government would make foreign currency loans worth 2.5
  billion dlrs to firms willing to import capital goods, raw
  materials and equipment, preferably from the U.S., He said.
      ""The foreign currency-based loans, which carry interest at
  1.5 points above LIBOR (London Interbank Offered Rate), are
  considerable incentives given to increase imports,"" Koo said.
      Koo said the loans would be repayable in foreign currency.
  ""It means they could become interest-free loans if the Korean
  currency continues to rise in value,"" he said.
      He said the South Korean won would be revalued against the
  dollar gradually, but added ""We do not believe in rapid one-shot
  changes in the value of the won.""
      The won, fixed at 839.70 to the dollar today, has risen six
  pct against the dollar since the beginning of 1986.
  

"
test/16761	0	acq	"BANK OF CHINA BUYS SHARE IN LUXEMBOURG COMPANY
  State-owned Bank of China has bought a
  three to five pct share of BAII Holding SA, a financial
  institution registered in Luxembourg, the China Daily Business
  Weekly said.
      It said the institution is 50 pct owned by Arab interests
  and has set up a wholly owned commercial banking branch in Hong
  Kong but gave no more details.
  

"
test/16762	10	crude	"SAUDI ARABIA WANTS TO INCREASE OIL SALES TO JAPAN
  Saudi Arabia hopes to increase the volume
  of its oil exports to Japan through expanding bilateral trade,
  Saudi Arabian Interior Minister Naif bin Abdul-Aziz said.
      He told a Tokyo reception his country hopes to raise crude
  and products exports to Japan to earlier levels, but did not
  elaborate. To promote trade, Saudi Arabia is inviting Japanese
  industries to do business there, he said.
      Japanese firms now have long-term contracts to import a
  total of 150,000 barrels per day of Saudi crude.
  

"
test/16767	28	lei	"SOUTH KOREA'S LEADING INDICATORS RISE IN FEBRUARY
  South Korea's index of leading indicators
  rose 1.9 pct to 172.9 (base 1980) in February after a 0.8 pct
  rise in January, to stand 17.2 pct higher than in Feburary
  1986, provisional Economic Planning Board figures show.
      The index is based on 10 indicators which include export
  values, letters of credit received, warehouse stocks, M-1 and
  M-3 money supply figures and the composite stock exchange
  index.
  

"
test/16770	32	money-fx	"JAPAN'S LDP TO CALL FOR FLEXIBLE MONETARY POLICIES
  Japan's ruling Liberal Democratic Party
  (LDP) will call for adequate and flexible management of the
  nation's monetary polices in its plan to expand domestic
  demand, a senior LDP official told Reuters.
      Junichiro Koizumi, the head of the LDP committee working
  out the plan, said the phrase should not be taken as implying
  an immediate cut in Japan's 2.5 pct discount rate.
      ""The LDP generally believes that there is no need for a
  further discount rate cut at the moment,"" he said. But Koizumi
  said the LDP does not rule out a rate cut if necessary in the
  future.
      Bank of Japan Governor Satoshi Sumita told a press
  conference on Wednesday that the central bank does not have any
  intention of easing credit conditions.
  

"
test/16772	50	wpi	"INDIA'S ANNUAL INFLATION RATE DROPS MARGINALLY
  The Finance Ministry said India's
  wholesale-price linked inflation rate dropped marginally to 5.3
  pct in all fiscal 1986/87 ended March from 5.8 pct in 1985/86
  and 7.1 pct in 1984/85.
      The average wholesale-price related inflation stood at 5.2
  pct in March this year against 5.1 pct a year ago, the Ministry
  said in a statement.
      It said wholesale prices of cement, textiles and jute fell
  in 1986/87, compared with the previous year, but milk, cereals
  (mainly wheat and rice), fruits and vegetables, edible oils,
  tobacco and fertilisers were costlier in 1986/87.
  

"
test/16774	48	trade	"JAPAN DETAILS PLAN TO STAVE OFF TRADE PROBLEMS
  Japan's Liberal Democratic Party (LDP)
  has drawn up a detailed plan calling for large tax cuts and an
  increase in government purchases of foreign goods, the head of
  the committee working out the plan, Junichiro Koizumi, said.
      The plan will also urge the government to double 1985's
  official development assistance to 7.6 billion dlrs within five
  years instead of seven as the government had promised, senior
  LDP officials said at a press conference.
      LDP executive council chairman Shintaro Abe will explain
  the plan to U.S. Officials when he visits the U.S. On April 19.
      Abe's visit is to prepare for Prime Minister Yasuhiro
  Nakasone's talks with President Ronald Reagan later this month.
      Koizumi said the LDP plan will not specify the size of the
  tax cut or the amount of domestic demand to be stimulated.
  However, top LDP executives will work out figures so that Abe
  will be able to offer specifics to U.S. Officials.
      The proposed increase in procurement of foreign goods by
  the government will probably include the purchase of super
  computers, LDP officials said.
  
  specific trade problems with other nations and will encourage
  flows of funds to developing countries, the officials said.
      The LDP expects the measures to prop up the economy and
  lessen trade problems with the U.S., They added.
      The basic ideas of the LDP's plan were presented to and
  welcomed by monetary authorities of the major industrial
  nations in Washington last week, they said.
      The LDP plan will form the basis for the last of several
  packages to stimulate Japanese domestic demand and will be
  unveiled by the government in late May.
  

"
test/16776	42	rubber	"THAI VENTURE WILL SELL RUBBER TO CHINA
  Teck Soon Co Ltd, a major Thai rubber
  exporter has formed a joint venture with state-owned Chinese
  International Economic and Technology Development Corp to
  produce 50,000 tonnes of sheet rubber annually for export to
  the Chinese auto industry, Teck Soon general manager Chit
  Surivitchpan said.
      Chit said a new joint venture company will have a
  registered capital of four mln dlrs.
      China imported 69,952 tonnes of Thai sheet rubber last year
  and 60,296 tonnes in 1985.
  

"
test/16777	48	trade	"JAPAN FARM REFORM A KEY TO TRIMMING TRADE SURPLUS
  Basic reform of Japan's protected farm
  sector is a key to shifting its economy away from export to
  domestic-led growth, a vital step if it is to trim its trade
  surplus, securities analysts said.
      The farm sector, which is protected by import tariffs and
  quotas, propped up by subsidies and price supports, and
  sheltered by the tax system, has ample room for change, they
  said.
      ""In economic terms, reform would be a plus,"" said Christopher
  Chew of brokerage firm James Capel and Co.
      The ultimate cost of the existing system is food prices
  twice those in Europe and two to three times those in the U.S.,
  The analysts said.
      Spending on food accounts for about one quarter of the
  average household's budget and roughly 10 pct of the gross
  national product (GNP), according to a study by Chew.
      Reducing these prices could increase household spending
  power by five pct, his study said. The money could be spent on
  products which would have a more direct impact in boosting
  domestic growth, it added.
      ""There's a lot of slack,"" a U.S. Government official in Tokyo
  said. ""All that money could be spent on something else.""
      Direct central government subsidies to the farm sector
  amount to some five billion dlrs per year. Independent
  estimates put total subsidies from all sources as high as 37
  billion and the analysts said much of that money is wasted.
      Changing tax laws to encourage city residents who only farm
  on weekends to put their land up for sale for residential
  development would also give a boost to domestic spending,
  economists said.
      ""Housing construction is the key strategic variable in the
  expansion of domestic demand,"" wrote Chihiro Nakajima, professor
  at Kyoto Gakuen University.
      Japanese business groups are calling for staged farm reform
  to shift some of the burden of trade friction and economic
  restructuring away from the manufacturing sector and onto the
  farm sector. Employers groups also want change. ""If you really
  want to expand domestic demand, the way to do it is not to
  raise wages recklessly, but to reduce commodity prices,"" Bumpei
  Otsuki, President of the Japan Federation of Employers'
  Associations told a recent press conference.
      External pressures are rising as the U.S. And Europe seek
  removal of tariffs and quotas to help reduce their trade
  deficits with Japan.
      But vested Japanese interests opposed to change remain well
  entrenched, dimming prospects for quick reform, analysts said.
      Although the full-time farm population is falling and there
  are signs the LDP is paying more attention to urban
  constituencies, the ruling party remains heavily dependent on
  farm votes in the rural areas. One rural vote is worth several
  city votes due to the pattern of constituency borders.
      The LDP is already in political trouble over its tax reform
  plan and does not want to raise another sticky issue so soon,
  the analysts said.
      Consumer groups are politically weak and tend to accept the
  traditional view that higher prices are a small fee to pay for
  national food security, they said.
      Powerful agricultural cooperatives are fiercely opposed to
  import liberalisation, but are more flexible about reforms
  aimed at stepping up productivity, they said.
      Reform, when it comes, will be in response to specific
  pressure rather than an all-embracing program, said Chew.
  

"
test/16779	33	money-supply	"JAPAN SEES HIGHER MONEY SUPPLY GROWTH THIS QUARTER
  The Bank of Japan said it forecast
  Japan's broadly-defined M-2 money supply average plus
  certificates of deposit (CDs) will rise by about nine pct in
  the current April-June quarter against 8.5 pct a year earlier.
      Unadjusted M-2 plus CDs rose a preliminary 8.8 pct in
  January/March 1987 compared with a nine pct rise a year
  earlier, it said.
      The bank said the forecast rise is due to an increase in
  floating deposits due to recent low interest rates and a shift
  to private banks from the Bank of Japan of 400-1,000 billion
  yen by the recently privatised Japanese Railways.
  

"
test/16783	8	cpi	"OECD CONSUMER PRICES RISE IN FEBRUARY
  Consumer prices in the countries of the
  Organisation for Economic Cooperation and Development (OECD)
  rose 0.3 pct in February and inflation rose to 2.4 pct
  year-on-year, the OECD said in a communique.
      The OECD attributed the rise in consumer prices to the
  effects of the February 1986 drop in energy prices working
  their way out of the index. The February increase was less than
  Janauary's 0.4 pct increase but slightly above the average for
  the later months of 1986.
      Inflation in the 24 western industrialised nations in
  January was a revised 1.9 pct year-on-year. 
      Retail energy prices rose by 0.3 pct, less than January's
  1.1 pct increase. Energy prices for consumers were still nine
  pct lower than a year earlier, it said.
      Consumer prices excluding food and energy rose 0.3 pct in
  February, in line with previous months, although there has been
  some acceleration noticeable in the U.S. And Britain.
      Among the leading seven industrial countries, consumer
  price inflation was highest in Italy at 4.2 pct, followed by
  Canada at 4.0 pct, Britain at 3.9 pct, France at 3.4 pct, the
  U.S. At 2.1 pct and West Germany and Japan with negative rates
  of 0.5 pct and 1.4 pct respectively.
  

"
test/16787	48	trade	"JAPAN DETAILS PLAN TO STAVE OFF TRADE PROBLEMS
  Japan's Liberal Democratic Party (LDP)
  has drawn up a detailed plan calling for large tax cuts and an
  increase in government purchases of foreign goods, the head of
  the committee working out the plan, Junichiro Koizumi, said.
      The plan will also urge the government to double 1985's
  official development assistance to 7.6 billion dlrs within five
  years instead of seven as the government had promised, senior
  LDP officials said at a press conference.
      LDP executive council chairman Shintaro Abe will explain
  the plan to U.S. Officials when he visits the U.S. On April 19.
      Abe's visit is to prepare for Prime Minister Yasuhiro
  Nakasone's talks with President Ronald Reagan later this month.
      Koizumi said the LDP plan will not specify the size of the
  tax cut or the amount of domestic demand to be stimulated.
  However, top LDP executives will work out figures so that Abe
  will be able to offer specifics to U.S. Officials.
      The proposed increase in procurement of foreign goods by
  the government will probably include the purchase of super
  computers, LDP officials said.
      According to the plan, Japan will also strive to solve
  specific trade problems with other nations and will encourage
  flows of funds to developing countries, the officials said.
      The LDP expects the measures to prop up the economy and
  lessen trade problems with the U.S., They added.
      The basic ideas of the LDP's plan were presented to and
  welcomed by monetary authorities of the major industrial
  nations in Washington last week, they said.
      The LDP plan will form the basis for the last of several
  packages to stimulate Japanese domestic demand and will be
  unveiled by the government in late May.
  

"
test/16788	48	trade	"BALDRIGE TO LAUNCH FAR EAST TRADE DRIVE
  U.S. Commerce Secretary Malcolm
  Baldrige leaves on Saturday on a 10-day trip to the Far East to
  help spur U.S. Trade and improve business relations with China,
  South Korea and the Philippines, U.S. Officials say.
      Baldrige will also stop in Hong Kong to meet British
  officials and local U.S. And Hong Kong businessmen.
      The U.S. Last year had major deficits with three of its
  Asian trading partners -- South Korea 7.1 billion dlrs, Hong
  Kong 6.4 billion and China 2.1 billion. The deficit with the
  Philippines was 800 mln dlrs.
      Baldrige will meet South Korean President Chun Doo-hwan and
  Trade Minister Rha Woong Bae on Monday to discuss opening South
  Korean markets to more U.S. Goods.
      Baldrige will be in Peking from April 21 to 24. He will
  meet Zheng Tuobin, minister for foreign economic relations and
  trade, attend a meeting of the U.S.-China Joint Commission on
  Commerce and Trade and address a management and training
  organisation.
      However, U.S. Officials said a chief purpose of Baldrige's
  visit would be to discuss relaxed U.S. Rules for transferring
  modern technology to Chinese industries.
      In Hong Kong, Baldrige will hold meetings on April 27 with
  Governor David Wilson and Trade and Industry Secretary Eric Ho,
  as well as addressing the American Chamber of Commerce.
      U.S. Officials said Baldrige will meet Philippines
  President Corazon Aquino on April 28 to show continued U.S.
  Support for her government and to discuss steps it could take
  to improve the atmosphere for American investment.
      He will also will meet Finance Secretary Jaime Ongpin and
  Trade and Industry Secretary Jose Concepcion.
  

"
test/16792	12	earn	"FEDERATED GUARANTY <FDGC.O> SETS STOCK SPLIT
  Federated Guaranty corp said
  its board declared a two-for-one stock split and raised the
  quarterly dividend to 6-1/2 cts per share post-split from six
  cts, both payable June One, record May 15.
      The company said shareholders at the annual meeting
  approved an increase in authorized common shares to 19 mln from
  10 mln and a name change to Alfa Corp.  It said the name change
  should take effect next week, along with a NASDAQ ticker symbol
  change to <ALFA.O>.
  

"
test/16794	48	trade	"REAGAN TO ANNOUNCE DECISION ON JAPAN SANCTIONS
  President Reagan today is to
  announce a decision on tough new tariffs on Japanese exports to
  retaliate for what he calls Japan's failure to end its unfair
  practices in semiconductor trade.
      The 100 pct tariffs are to be imposed on 300 mln dlrs of
  Japanese goods recommended for curbs by a special panel of
  experts headed by the U.S. Trade Representative's Office.
      Reagan announced last March 27 he would impose the tariffs
  on certain goods taken from a list that ranged from computors
  and television sets to power tools and photographic film.
      The panel this week winnowed through the list of the some
  20 products and sent their recommendations yesterday to Santa
  Barbara, where Reagan is vacationing.
      In his March annoucement, Reagan said ""I am committed to
  full enforcement of our trade agreements designed to provide
  American industry with free and fair trade opportunities.""
      He added the tariffs would be lifted once Japan honored the
  pact it signed last year to end dumping semiconductors in world
  markets and opened its home market to U.S. products.
      U.S. officials said Japan had done nothing since the March
  announcement to alter Reagan's plan to invoke the sanctions.
      White House spokesman Marlin Fitzwater said yesterday:  ""we
  do not want a trade war, but we feel that this is the kind of
  action that requires meaningful action.""
      Reagan's move follows steadily rising U.S. trade deicits,
  with last year's hitting a record $169.8 billion.
      About one-third of the deficit is in trade with Japan.
      Congress is weighing a trade bill to force the president to
  retaliate in certain cases of unfair trade practices.
      He has opposed the legislation, saying it would prevent
  negotiated solutions to trade disputes and, in any case, that
  existing law was adqeuate to end unfair trade practices.
      Trade experts say his tough action against the Japanese was
  as much to penalize the Japanese as to show Congress he did not
  need any new trade legislation.
      The Japanese have complained that they have been honoring
  the semiconductor pact, but that it would take time before the
  results showed up.
      U.S. officials, however, have said their monitoring of
  Japanese semiconductor shipments to East Asian countries and
  Western Europe showed no letup in the dumping and that the
  Japanese home markets remained shut to American exports.
      Japan has said that if Reagan imposed the tariffs, it would
  file a complaint with the General Agreement on Tariff and Trade
  (GATT).
      It said hoped GATT would find the U.S. retaliation had
  violated the regulations of the global trading group and would
  approve compensation or Japanese retaliation.
      U.S. officials have said they did not think Japan would
  retaliate because it had too much to lose in any trade war with
  the United States.
  

"
test/16795	12	earn	"UNION PLANTERS CORP <UPCM.O> 1ST QTR NET
  Shr 92 cts vs 1.16 dlrs
      Qtly div 10 cts vs 10 cts prior
      Net 5,700,000 vs 5,400,000
      Avg shrs 6,100,000 vs 3,700,000
      NOTE: Dividend pay May 15, record May One.
  

"
test/16796	0	acq	"UNION PLANTERS <UPCM.O> ACQUISITIONS APPROVED
  Union Planters Corp said it has
  received regulatory approvals for its previously-announced
  acquisitions of Borc Financial Corp and First Citizens Bank of
  Hohenwald, and approval of its acquisition of Merchants State
  Holding Co is expected within 10 days.
      All are to be completed during the second quarter of 1987,
  it said.
  

"
test/16797	12	earn	"PIONEER SAVINGS BANK INC <PSBN.O> 2ND QTR NET
  March 31 end
      Shr 65 cts vs 51 cts
      Net 1,016,738 vs 526,057
      Avg shrs 1,561,774 vs 1,035,162
      1st half
      Shr 1.31 dlrs vs 1.09 dlrs
      Net 2,050,911 vs 1,130,462
      Avg shrs 1,561,643 vs 1,035,162
  

"
test/16798	12	earn	"MANAGEMENT SCIENCE AMERICA INC <MSAI.O> 1ST QTR
  Shr loss 29 cts vs loss two cts
      Net loss 5,168,000 vs loss 410,000
      Revs 46.5 mln vs 29.4 mln
      Avg shrs 17.6 mln vs 17.1 mln
      NOTE: Net includes tax credits of 3,938,000 dlrs vs 394,000
  dlrs.
  

"
test/16799	12	earn	"GENERAL HOUSEWARES CORP <GHW> 1ST QTR NET
  Shr two cts vs one ct
      Net 42,000 vs 26,000
      Sales 15.6 mln vs 15.2 mln
      NOTE: 1987 net includes gain 63,000 dlrs from change in
  pension accounting.
  

"
test/16800	12	earn	"OAKITE PRODUCTS INC <OKT> 1ST QTR NET
  Shr 53 cts vs 48 cts
      Net 873,000 vs 773,000
      Sales 19.5 mln vs 20.0 mln
  

"
test/16801	12	earn	"BHA GROUP INC <BHAG.O> 2ND QTR MARCH 31 NET
  Shr 18 cts vs 15 cts
      Net 387,000 vs 240,000
      Sales 9,346,000 vs 8,579,000
      Avg shrs 2,200,000 vs 1,600,000
      1st half
      Shr 36 cts vs 26 cts
      Net 734,000 vs 410,000
      Sales 18.4 mln vs 17.2 mln
      Avg shrs 2,051,648 vs 1,600,000
  

"
test/16802	12	earn	"P.A.M. TRANSPORTATION SERVICES INC <PTSI.O> NET
  1st qtr
      Shr 16 cts vs 10 cts
      Net 808,850 vs 297,266
      Revs 13.9 mln vs 7,588,280
      Avg shrs 4,926,566 vs 3,123,411
  

"
test/16803	12	earn	"FIRST FEDERAL BANK <FFBN.O> 2ND QTR MARCH 31 NET
  Shr 84 cts vs 75 cts
      Net 475,000 vs 425,000
      Total income 7,248,000 vs 7,286,000
      1st half
      Shr 1.61 dlrs vs 1.50 dlrs
      Net 911,000 vs 847,000
      Total income 14.6 mln vs 14.2 mln
  

"
test/16804	12	earn	"GLOBAL NATURAL RESOURCES INC <GNR> 4TH QTR LOSS
  Oper shr loss five cts vs loss nil
      Ope net loss 1,211,000 vs loss 2,000
      Revs 6,626,000 vs 11.0 mln
      Avg shrs 23.2 mln vs 23.5 mln
      Year
      Oper shr profit 12 cts vs loss one ct
      Oper net profit 2,632,000 vs loss 240,000
      Revs 34.8 mln vs 52.0 mln
      Avg shrs 22.9 mln vs 23.4 mln
      NOTE: Net excludes extraordinary tax charges 1,919,000 dlrs
  vs 49,000 dlrs in quarter and credits 1,431,000 dlrs vs
  2,335,000 dlrs in year.
  

"
test/16806	12	earn	"FIRST INTERSTATE OF IOWA INC <FIIA.O> 1ST QTR
  Shr profit two cts vs loss two cts
      Net profit 251,000 vs loss 222,000
      NOTE: Pretax net profit 295,000 dlrs vs loss 256,000 dlrs.
      Charge against earnings for loan losses 1,743,000 dlrs vs
  2,743,000 dlrs and net chargeoffs 1,636,000 dlrs vs 3,865,000
  dlrs.
  

"
test/16807	12	earn	"DOUBLE EAGLE PETROLEUM AND MINING CO <DBLB.O>
  2nd qtr Feb 28
      Shr loss two cts vs loss eight cts
      Net loss 33,482 vs loss 163,130
      Revs 143,961 vs 287,131
      1st half
      Shr loss 14 cts vs loss eight cts
      Net loss 276,238 vs loss 149,407
      Revs 273,737 vs 679,860
  

"
test/16808	12	earn	"<K-TEL INTERNATIONAL INC> 2ND QTR DEC 31 LOSS
  Shr loss two cts vs profit 10 cts
      Net loss 76,000 vs profit 357,000
      Sales 8,987,000 vs 15.3 mln
      1st half
      Shr loss 12 cts vs loss seven cts
      Net loss 440,000 vs loss 246,000
      Sales 13.2 mln vs 20.6 mln
  

"
test/16809	12	earn	"ELECTROMAGNETIC SCIENCES INC <ELMG.O> 1ST QTR
  Shr 20 cts vs 16 cts
      Net 1,507,000 vs 1,147,000
      Sales 13.8 mln vs 9,608,000
      Backlog 52.1 mln vs 37.8 mln
  

"
test/16810	12	earn	"CAPE COD BANK AND TRUST CO <CCBT.O> 1ST QTR NET
  Shr 95 cts vs 83 cts
      Shr diluted 89 cts vs 80 cts
      Net 2,297,842 vs 1,782,764
      Avg shrs 2,408,332 vs 2,160,000
      Avg shrs diluted 2,573,908 vs 2,326,667
  

"
test/16811	0	acq	"HOLIDAY CORP <HIA> SELLS STAKE IN VENTURE
  Residence Inn Corp said it has
  agreed to buy Holiday Corp out of their equaly-owned joint
  venture for 51.4 mln dlrs, with closing expected within the
  next few weeks.
      The all-suite Residence Inn system, which is geated to
  extended stays, currently has 93 open franchised or
  company-owned hotels nationwide and another 55 in construction
  or development.
  

"
test/16812	12	earn	"CADNETIX CORP <CADX.O> 3RD QTR MARCH 31 NET
  Oper shr 12 cts vs five cts
      Oper net 1,715,000 vs 730,000
      Sales 12.1 mln vs 7,719,000
      Avg shrs 13.9 mln vs 13.7 mln
      Nine mths
      Oper shr 32 cts vs 18 cts
      Oper net 4,379,000 vs 2,266,000
      Sales 32.8 mln vs 23.3 mln
      Avg shrs 13.8 mln vs 12.4 mln
      NOTE: prior year net excludes extraordinary credits of
  340,000 dlrs in quarter and 1,190,000 dlrs in nine mths.
  

"
test/16813	12	earn	"BUSH INDUSTRIES INC <BSH> 1ST QTR NET
  Shr 44 cts vs 11 cts
      Net 1,328,000 vs 344,000
      Sales 23.0 mln vs 12.3 mln
      NOTE: Share adjusted for three-for-two stock split in
  February 1987.
  

"
test/16814	12	earn	"PLASTI-LINE INC <SIGN.O> 1ST QTR NET
  Shr 16 cts vs 16 cts
      Net 566,000 vs 563,000
      Sales 14.2 mln vs 9,831,000
  

"
test/16815	12	earn	"ENDATA INC <DATA.O> 1ST QTR NET
  Oper shr 16 cts vs 11 cts
      Oper net 660,000 vs 447,000
      Revs 9,936,000 vs 9,005,000
      NOTE: 1986 net excludes 381,000 dlr tax credit.
  

"
test/16816	12	earn	"ROTO-ROOTER INC <ROTO> 1ST QTR NET
  Shr 20 cts vs 16 cts
      Net 973,000 vs 775,000
      Revs 12.8 mln vs 9,678,000
  

"
test/16817	12	earn	"<BIRDSBORO CORP> 4TH QTR LOSS
  Shr loss 24 cts vs loss 20 cts
      Net loss 1,718,000 vs loss 1,483,000
      Sales 7,266,000 vs 6,490,000
      Year
      Shr loss 1.83 dlrs vs loss 53 cts
      Net loss 13.2 mln vs loss 3,833,000
      Sales 19.1 mln vs 29.5 mln
      NOTE: 1986 year net includes pretax realized loss on
  secureity transaction of 4,124,000 dlrs.
      Net includes tax credits of 751,000 dlrs vs 606,000 dlrs in
  quarter and 1,163,000 dlrs vs 2,289,000 dlrs in year.
      1986 net both periods includes gain 1,887,000 dlrs from
  pension plan termination.
  

"
test/16818	12	earn	"DYNAMICS RESEARCH CORP <DRCO.O> 1ST QTR MARCH 21
  Shr 17 cts vs 13 cts
      Net 673,000 vs 514,000
      Revs 18.4 mln vs 17.2 mln
      NOTE: Share adjusted for five-for-four stock split in
  January 1987.
  

"
test/16819	12	earn	"MARTIN PROCESSING INC <MPI> 1ST QTR NET
  Oper shr 14 cts vs 10 cts
      Oper net 711,000 vs 517,000
      Sales 11.2 mln vs 11.1 mln
      NOTE: 1986 net excludes 84,000 dlr gain from discontinued
  machinery division.
  

"
test/16824	12	earn	"BUSH INDUSTRIES <BSH> SEES HIGHER YEAR RESULTS
  Bush Industries Inc said it
  expects higher earnings and sales for 1987, partly due to
  efficiencies in manufacturing that have improved its margins.
      The company reported first quarter earnings of 1,328,000
  dlrs, up from 344,000 dlrs a year before, on sales of 23.0 mln
  dlrs, up from 12.3 mln dlrs.  For all of last year it earned
  2,506,000 dlrs on sales of 65.4 mln dlrs.
  

"
test/16825	12	earn	"J. BILDNER AND SONS INC <JBIL.O> YEAR JAN 25 NET
  Shr 13 cts vs three cts
      Net 617,000 vs 112,000
      Sales 31.3 mln vs 11.4 mln
      Avg shrs 4,877,057 vs 3,310,585
      NOTE: 1987 net includes 87,000 dlr tax credit.
  

"
test/16826	12	earn	"J. BILDNER <JBIL.O> SEES IMPROVED RESULTS
  J. Bildner and Sons Inc said it expects
  improved earnings and sales in the current fiscal year.
      The company reported earnings for the year ended January 25
  of 617,000 dlrsl up from 112,000 dlrs a year before, on sales
  of 31.3 mln dlrs, up from 11.4 mln dlrs.
      Bildner also said it plans to offer 25 mln dlrs in
  Eurodollar convertible subordinated debentures due 2002 through
  underwriters led by PaineWebber Group Inc <PWJ> and Kidder,
  Peabody and Co Inc, with proceeds to be used to finance
  expansion and reduce debt.
  

"
test/16833	0	acq	"AMOCO <AN> MAY BUY DOME <DMP>, REPORT SAYS
  Amoco Corp is apparently the successful
  bidder for debt-laden Dome Petroleum Ltd, according to a
  published report.
      The Toronto Globe and Mail, quoting sources close to the
  negotiations, today said Dome broke off talks last night with
  TransCanada PipeLines Ltd, which last week announced a 4.3
  billion Canadian dlr offer for all of Dome's assets.
      No financial details about the Amoco offer were available
  and a Dome spokesman would neither confirm nor deny that Amoco
  had emerged the winner, the newspaper said.
      However, the Dome spokesman indicated that the sale of Dome
  could be finalized and announced this weekend, the Globe and
  Mail said.
      Representatives of Amoco were not immediately available for
  comment.
      Last Sunday, when TransCanada announced its offer, Dome
  said it was also in talks with two other companies, but refused
  to identify them.
      Since then, market speculation has centered on Amoco and
  Exxon Corp's <XON> 70 pct-owned Imperial Oil Ltd subsidiary in
  Canada.
      British Petroleum PLC <BP> and Royal Dutch/Shell Group <RD>
  have also been mentioned as possible suitors for Dome.
      In the past two days, Dome management has been pressured by
  the federal government to select the offer from TransCanada,
  the only Canadian company in the bidding.
      Prime Minister Brian Mulroney's government appears to want
  to avoid a Dome sale to a foreign company since the government
  gave Dome hundreds of millions of dollars in tax breaks to
  encourage oil and gas exploration in the Arctic, analysts and
  officials have said.
      A purchase by TransCanada would be least likely to run
  afoul of Canadian antitrust laws, however, TransCanada is
  asking for tax concessions from a federal government that is
  trying to hold its deficit below 30 billion Canadian dlrs,
  analysts have said.
      A takeover by Amoco or Imperial would also give a foreign
  oil company a dominant position in Canada's oil industry.
      Imperial Oil is already Canada's largest energy company,
  with 1986 revenues of 7.1 billion Canadian dlrs. Chicago-based
  Amoco had 1986 revenues of 20.23 billion U.S. dlrs. Its Amoco
  Canada Petroleum subsidiary is 100 pct owned by Amoco Corp.
  

"
test/16834	12	earn	"GORMAN-RUPP CO <GRC> SETS QUARTERLY
  Qtly div 21 cts vs 21 cts prior
      Pay June 10
      Record May Eight
  

"
test/16835	12	earn	"LILLY INDUSTRIAL COATINGS INC <LICIA> IN PAYOUT
  Qtly div 10-1/2 cts vs 10-1/2 cts prior
      Pay July One
      Record June 10    
  

"
test/16836	12	earn	"GRUMMAN CORP <GQ> IN PAYOUT
  Qtly div 25 cts vs 25 cts prior
      Pay May 20
      Record May Eight  
  

"
test/16837	12	earn	"AMBRIT INC <ABI> IN PAYOUT
  Qtly div two cts vs two cts prior
      Pay May 22
      Record May Eight  
  

"
test/16838	12	earn	"ONEOK INC <OKE> IN PAYOUT
  Qtly div 64 cts vs 64 cts prior
      Pay May 15
      Record April 30   
  

"
test/16839	12	earn	"DIAMOND SHAMROCK OFFSHORE PARTNERS <DSP> PAYOUT
  Qtly div 70 cts vs 70 cts prior
      Pay June Eight
      Record May Eight  
  

"
test/16843	23	ipi	"FRENCH INDUSTRIAL PRODUCTION RISES IN FEBRUARY
  French industrial production rose a
  seasonally adjusted three pct in February after an unrevised
  1.98 pct fall in January, the National Statistics Institute
  (INSEE) said.
      The figure, which excludes construction and public works,
  put the February index, base 1980, at 102 after 99 in January.
      INSEE changed its base year to 1980 from 1970 last month.
  

"
test/16848	12	earn	"RLC CORP <RLC> 2ND QTR MARCH 31 NET
  Shr loss nil vs profit six cts
      Net loss 89,000 vs profit 1,136,000
      Revs 105.0 mln vs 97.,3 mln
      1st half
      Shr loss two cts vs profit 21 cts
      Net loss 396,000 vs profit 3,790,000
      Revs 212.1 mln vs 194.8 mln
      Avg shrs 18.1 mln vs 18.3 mln
      NOTE: Current quarter net includes 77,000 dlr tax credit.
      Current half net includes reversal of 2,622,000 dlrs of
  investment tax credits.
  

"
test/16850	12	earn	"FRESH JUICE CO INC <FRSH.O> 1ST QTR FEB 28 NET
  Shr loss five cts
      NEt loss 90,066
      Sales 328,127
      NOTE: Company began opeations in April 1986.
  

"
test/16851	0	acq	"FRENCH GOVERNMENT SETS TERMS OF BIMP SALE
  The French Finance ministry said today a
  public flotation offer opening this coming Tuesday for 39 pct
  of the capital of <Banque Industrielle et Mobiliere Privee>
  (BIMP) has been set at 140 francs per share.
      The offer closes next Friday. The ministry said in a
  statement 51 pct of the bank's capital had been sold to a solid
  core of large investors, including insurance companies and
  Michelin subsidiary SPIKA, for 145 pct of the public offer
  price. Ten pct of the shares have been reserved for employees,
  who get a five pct discount increased to 20 pct if they keep
  the shares for two years.
      Employees also get one free share for each one bought, if
  the shares are held for at least one year.
      Small investors would receive one free share for every 10
  bought, with an upper limit of five free shares per investor,
  and on condition the shares are held for at least 18 months.
      The state-owned capital of BIMP comprises 2.51 mln shares.
  The bank is being sold to the public as part of a sweeping
  programme to privatise 65 state-owned groups over five years.
      In a separate statement, the ministry said last week's
  privatisation offer of 1.07 mln shares in <Banque du Batiment
  et des Travaux Publics> (BTP) was 65 times oversubscribed.
  

"
test/16852	22	interest	"BUDGET CHIEF MILLER WARNS FED ON INTEREST RATES
  White House Budget chief James
  Miller said he was concerned that the Federal Reserve might
  ""overreact"" to the decline in the value of the U.S. dollar by
  raising interest rates, a move he said could cause a recession
  next year.
      ""Our greatest danger is overreaction,"" Miller told newspaper
  reporters yesterday. ""I'm concerned about the Fed's
  overreaction. I'm concerned about what I see in recent data
  showing a substantial fall in the money supply.""
      Edwin Dale, Miller's spokesman, said the remarks, published
  in the New York Times today, were accurate.
      Miller said he was concerned the Fed might overreact to
  signals of rising inflation by tightening credit -- a move he
  said could have ""political consequences.""
      The White House budget chief appeared to be referring to
  the effect an economic slowdown could have on the presidential
  and congressional elections next year.
      ""My fear is that if we get into a recession we are in deep
  soup, and there is no question about it,"" he said.
      Miller said an economic slowdown could lead to lower tax
  revenues and a widening of the budget deficit.
      Miller's remarks reflected concern that the U.S. central
  bank might feel compelled to tighten credit as a means of
  bolstering the dollar.
      Both Treasury Secretary James Baker and Federal Reserve
  Board Chairman Paul Volcker recently have warned that further
  declines in the value of the U.S. dollar could jeopardize
  global growth prospects.
      U.S. officials have urged Japan and West Germany to
  stimulate economic growth in their countries -- a move that
  could boost U.S. exports and relieve trade protectionist
  pressures in the United States.
  

"
test/16853	23	ipi	"BANK OF FRANCE SEES PICKUP IN INDUSTRIAL ACTIVITY
  The Bank of France said in its latest
  monthly report on the French economy it expected a pickup in
  industrial production registered in March to gather steam over
  the next few months.
      Without giving figures, the report said last month's rise,
  partly linked to efforts to catch up with production lost
  earlier this year through industrial action, was due mainly to
  a firming of domestic demand.
      ""New progress is expected in all main sectors except capital
  goods where production will remain at its present level,"" the
  report added.
      The upbeat report comes in the wake of grim March trade
  balance figures which showed a deficit in industrial trade for
  the first time since June 1982.
      While the automobile industry remained unchanged from
  previously boosted levels, consumer goods production grew and
  was expected to accelerate except in the area of domestic
  appliances. Semi-finished goods showed a clear increase in all
  sectors. Construction and civil engineering, boosted by a rise
  in public works, also improved, while retail trade sales in all
  sectors continued to slow.
  

"
test/16854	50	wpi	"ITALIAN WHOLESALE PRICES UP 0.2 PCT IN FEBRUARY
  Italy's wholesale price index rose 0.2 pct
  month-on-month in February 1987 after increasing by 1.1 pct in
  January, the national statistics institute ISTAT said.
      The index, base 1980 equals 100, registered 173.1 in
  February compared with 172.8 in January.
      The February figure represents a decline of 0.2 pct
  compared with February 1986 after a year-on-year decline in
  January 1987 of 1.7 pct.
  

"
test/16856	48	trade	"YEUTTER SAYS JAPANESE CURB ALL BUT CERTAIN
  U.S. Trade Representative Clayton
  Yeutter said it was all but certain President Reagan would go
  ahead today and impose curbs on Japanese exports as planned.
      Asked in a television interview what the chance was for
  Reagan to cancel the scheduled 100 pct tariffs on Japanese
  electronic exports, he said ""slim to none.""
      Reagan announced on March 27 he would impose the tariffs to
  retaliate for Japan's failure to honor a 1986 agreement to end
  dumping computer semiconductors in world markets at less than
  cost and to open its home markets to U.S. products.
      Yeutter, on the NBC program ""Today,"" said the United States
  did not want to terminate the agreement and would drop
  the tariffs once Japan began fulfilling the agreement.
      He said Japanese negotiators last week told U.S. officials
  they were honoring the pact, but Yeutter said it would take
  time to monitor any compliance.
      Asked how long that would take, he said ""We want to see a
  pattern of compliance, so in a minimum I would say that would
  take a few weeks.""
      Yeutter said he did not think there would be much consumer
  impact by the tariffs on 300 mln dlrs worth of Japanese goods
  because the items selected are also readily available from
  other countries and manufacturers.
      He said he did not think Japan would retaliate.
      ""It seems to me it is not in the interests of either country
  to get in an escalating conflict.  The Japanese understand that
  full well,"" Yeutter said.
      He added Japan might challenge the tariffs in the General
  Agreement on Tariffs and Trade (GATT), but ""that's more of a
  paper kind of exercise and I don't really expect to see any
  adverse impact on U.S. trade.""
      Yeutter also said he did not see any way the semiconductor
  issue could be resolved before or during a Washington visit
  later this month by Japanese Prime Minister Yasuhiro Nakasone.
      He said he hoped the visit, which is to have trade as a
  major issue, would be productive but ""I don't see any practical
  way to resolve this particular dispute before or during his
  visit.""
  

"
test/16858	12	earn	"CHURCH'S FRIED CHICKEN INC <CHU> 1ST QTR NET
  Shr one ct vs 14 cts
      Qtly div 11-1/2 cts vs 11-1/2 cts prior
      Net 411,000 vs 5,299,000
      Revs 88.5 mln vs 108.4 mln
      NOTE: Dividend pay May 18, record May One.
  

"
test/16865	12	earn	"DOMINION RESOURCES INC <D> 1ST QTR NET
  Shr 1.31 dlrs vs 1.03 dlrs
      Net 123 mln vs 95 mln
      Revs 831 mln vs 764 mln
      Avg shrs 94 mln vs 91 mln
      12 mths
      Shr 4.38 dlrs vs 3.68 dlrs
      Net 409 mln vs 331 mln
      Revs 3.14 billion vs 2.77 billion
      Avg shrs 93 mln vs 90 mln
  

"
test/16868	1	alum	"FORD <F> DEVELOPING ALUMINUM CAR FRAME
  Ford Motor Co said it is developing an
  aluminum space frame for its Probe V concept car using extruded
  stretch-formed aluminum that could lead to new techniques for
  building production cars in the future.
      It said the frame would reduce vehicle weight and cost
  while maintaining structural integrity and crashworthiness. The
  frame has fewer parts than conventional steel frames, Ford
  said.  The company said the lighter weight would allow smaller
  powertrains and suspensions, further reducing weight and
  improving fuel economy.
      Ford said in addition, extrusion dies cost 1,000 to 12,000
  dlrs each, compared with hundreds of thousands of dollars for
  steel stamping dies, and using extruded aluminum the number of
  welds in a car could be reduced to about 40 from over 2,000.
  

"
test/16871	48	trade	"U.S. COMMERCE TRADE REPORT OMITS FREIGHT COSTS
  The Commerce Department said on that
  insurance and freight costs for imported goods of 1.45 billion
  dlrs were included in the February trade deficit of 15.1
  billion dlrs reported on Tuesday.
      The department is required by law to wait 48 hours after
  the initial trade report to issue a second report on a ""customs
  value"" basis, which eliminates the freight and insurance
  charges from the cost of imports.
      Private-sector economists emphasized that the Commerce
  Department was not revising down the deficit by 1.45 billion
  dlrs but simply presenting the figures on a different basis.
      A report in the Washington Post caused a stir in the
  foreign exchanges today because it gave the impression, dealers
  said, that the underlying trade deficit for February had been
  revised downward.
      The Commerce department would like to have the law changed
  to permit it to report both sets of figures simultaneously.
      ""My feeling is the second one is a better report but there's
  legislation that requires us to delay it two days,"" said Robert
  Ortner, Commerce undersecretary for economic affairs.
      ""But this has been going on for a long time and no one pays
  any attention to the second figure.""
      The 15.1 billion dlr February trade deficit compared with a
  revised January deficit of 12.3 billion dlrs.
      The law requiring a 48-hour delay in publishing the monthly
  trade figure excluding freight and insurance was passed in
  1979.
      Reportedly the feeling was the first figure, which includes
  customs, freight and insurance, allowed a better comparison
  with other countries that reported their trade balances on the
  same basis.
      The second figure, which would always be lower by deducting
  freight and insurance, presents the deficit in a more favorable
  light for the Reagan administration.
      Ortner said he would like to see the law changed to
  eliminate the 48-hour delay in reporting the two figures.
      ""We're considering it,"" he said, ""It's one of those dinosaur
  laws and I think it's time has come.""
      The second figure, which would always be lower by deducting
  freight and insurance, presents the deficit in a more favorable
  light for the Reagan administration.
      Ortner said he would like to see the law changed to
  eliminate the 48-hour delay in reporting the two figures.
      ""We're considering it,"" he said, ""It's one of those dinosaur
  laws and I think its time has come.""
  

"
test/16872	0	acq	"HONG KONG FIRM UPS CALMAT <CZM> STAKE TO 12 PCT
  Industrial Equity (Pacific) Ltd, a
  Hong Kong investment firm, said it raised its stake in CalMat
  Co to 3,712,860 shares, or 12.2 pct of the total outstanding
  common stock, from 3,312,460 shares, or 10.9 pct.
      In a filing with the Securities and Exchange Commission,
  Industrial Equity, which is principally owned by Brierley
  Investments Ltd, a publicly held New Zealand company, said it
  bought 400,400 Calmat common shares between April 9 and 13 for
  a total of 10.5 mln dlrs.
  

"
test/16873	0	acq	"FOUNDATION CUTS WURLITZER <WUR> STAKE
  The Farny R. Wurlitzer Foundation
  told the Securities and Exchange Commission it cut its stake in
  Wurlitzer Co to 89,000 shares, or 4.98 pct of the total
  outstanding common stock, from 125,000 shares, or 7.0 pct.
      The foundation said it sold 36,000 Wurlitzer common shares
  between March 13 and 30 at prices ranging from 3.25 to 2.375
  dlrs a share.
      As long as the foundation's stake in Wurlitzer is below
  five pct, it is not required to report further dealings it has
  in the company's common stock.
  

"
test/16874	0	acq	"INVESTMENT FIRMS RAISE ORIENT EXPRESS<OEH> STAKE
  Two affiliated investment firms and
  funds they control told the Securities and Exchange Commission
  they raised their Orient Express Hotels Inc stake to 1,663,800
  shares, or 17.0 pct of the total, from 1,560,800, or 15.9 pct.
      The firms, Boston-based FMR Corp and Bermuda-based Fidelity
  International Ltd, said they bought a combined 103,000 Orient
  Express common shares from March 12 to April 8 at prices
  ranging from 3.05 to 3.55 dlrs each.
  

"
test/16875	0	acq	"HOSPITAL CORP <HCA> BOARD AGAINST BUYOUT BID
  Hospital Corp of America said
  its management believes the 47 dlr per share acquisition offer
  it received from Charles R. Miller, Richard E. Ragsdale and
  Richard L. Scott is not in the best interest of shareholders,
  and it does not plan to meet with the individuals.
      The company said its board considered information on the
  three and their bid, and ""Given the lack of any demonstrated
  ability on the part of these individuals to consummate an
  acquisition of this magnitude, the board decided it was not
  necessary to take any action on their proposal at this time.""
      Hospital Corp said ""The benefits of the company's ongoing
  repositioning program are already being realized, and we will
  continue to explore appropriate alternatives for enhancing
  shareholder value.""
  

"
test/16884	12	earn	"CALNY INC <CLNY> SETS QUARTERLY
  Qtly div four cts vs four cts prior
      Pay May 13
      Record April 29
  

"
test/16885	12	earn	"ROWAN <RDC> SEES SUBSTANTIAL LOSSES FOR YEAR
  Rowan Cos Inc said it expects to incur
  substantial losses in 1987 despite expected improvement in
  drilling levels in the Gulf of Mexico and the North Sea.
      The offshore and onshore drilling company today reported a
  first quarter loss of 18.6 mln dlrs after a 12.2 mln dlr tax
  credit, compared with a year-earlier loss of 5,855,000 dlrs
  after a tax credit of 8,510,000 dlrs.  For all of 1986, Rowan
  lost 42.1 mln dlrs after a 47.6 mln dlr tax credit.
  

"
test/16886	12	earn	"ROWAN COS INC <RDC> 1ST QTR LOSS
  Shr loss 36 cts vs loss 11 cts
      Net loss 18.6 mln vs loss 5,855,000
      Revs 23.9 mln vs 53.9 mln
      NOTE: Net includes tax credits of 12.2 mln dlrs vs
  8,510,000 dlrs.
  

"
test/16888	12	earn	"CARE ENTERPRISES <CRE> 4TH QTR LOSS
  Oper shr loss 64 cts vs profit 11 cts
      Oper net loss 7,229,000 vs profit 902,000
      Revs 67.6 mln vs 66.7 mln
      Avg shrs 11.3 mln vs 8,507,000
      Year
      Oper shr loss 63 cts vs profit 43 cts
      Oper net loss 6,177,000 vs profit 3,604,000
      Revs 264.8 mln vs 238.5 mln
      Avg shrs 9,827,000 vs 8,403,000
      NOTE: 1986 quarter net includes 731,000 dlr tax credit.
      1986 net excludes charges from debt restructuring of
  1,976,000 dlrs in quarter and 3,800,000 dlrs in year.
  

"
test/16890	12	earn	"LANCE INC <LNCE> 1ST QTR NET
  Shr 56 cts vs 46 cts
      Qtly div 29 cts vs 27 cts prior
      Net 9,089,000 vs 7,585,000
      Sales 86.8 mln vs 83.0 mln
      NOTE: Pay May 15, record May One.
  

"
test/16893	12	earn	"FHLBB REPORTS THRIFT RESULTS IN FOURTH QUARTER
  The Federal Home Loan Bank Board
  said its insured savings and loan associations (thrifts) that
  made a profit in the fourth quarter of 1986 reported moderate
  increases in net earnings.
      It said that the 74 pct of the thrifts reporting profits
  had net after-tax income of 2.3 billion dlrs, up from 2.0
  billion dlrs earned by 77 pct of the profitable industry in the
  third quarter.
      For 1986 as a whole, the profitable firms had a net income
  of 9.2 billion dlrs, up from 7.3 billion dlrs in 1985.
       It said the 26 pct of the industry that made no profit in
  the fourth quarter had losses of 3.2 billion dlrs.
      The figure for the unprofitable firms was up from 2.1
  billion dlrs in the third quarter of 1986, it said.
      Over the year, these firms had total losses of 8.3 billion
  dlrs, up from 3.6 billion dlrs in 1985.
  

"
test/16897	23	ipi	"SOVIET INDUSTRIAL OUTPUT UP IN FIRST QUARTER
  Soviet industrial output in the first
  quarter of this year grew by 2.5 pct compared with the first
  three months of 1986, Tass news agency reported.
      A regular meeting of the Politburo heard that in March,
  industry achieved the average daily rate needed to fulfil
  annual targets.
      Quarterly plans were exceeded in the fuel and power sector
  and agriculture, where output grew by 8.7 pct compared with the
  same period last year, it said. Plans were not fulfilled by the
  engineering and building ministries, the chemical and timber
  sectors, rail transport and light industry, it added.
  

"
test/16903	32	money-fx	"WHITE HOUSE SAYS U.S. MONETARY POLICY CORRECT
  The White House,
  distancing itself from remarks by the administration's budget
  chief, said the Federal Reserve's current course of monetary
  policy was appropriate.
      ""The administration feels that the current course of
  monetary policy is appropriate,"" White House spokesman Marlin
  Fitwater said.
      Fitzwater said the administration did not endorse remarks
  by White House budget chief James Miller, who said he was
  concerned the Federal Reserve might overreact to the decline in
  the value of the U.S. dollar by raising interest rates.
   More
  

"
test/16908	33	money-supply	"U.S. BUSINESS LOANS FALL 1.08 BILLION DLRS
  Business loans on the books of major
  U.S. banks, excluding acceptances, fell 1.08 billion dlrs to
  276.37 billion dlrs in the week ended April 8, the Federal
  Reserve Board said.
      The Fed said that business loans including acceptances fell
  1.1 billion dlrs to 278.67 billion dlrs.
  

"
test/16909	12	earn	"COMMUNICATIONS SATELLITE CORP <CQ> 1ST QTR NET
  shr 46 cts vs 76 cts
      div 30 cts vs 30 cts prior
      net 8.5 mln vs 14.0 mln
      NOTE: 1987 qtr net is after a 5.5 mln dlr reserve for a
  potential refund as a result of the Federal Communications
  Commission's continuing rate investigation. company said it
  believes any refunds it may have to make would not materially
  affect its financial position.
  

"
test/16910	12	earn	"AMERICAN MANAGEMENT SYSTEMS <AMSY.O> 1ST QTR NET
  shr 21 cts vs 18 cts
      net 1,068,000 vs 902,000
      revs 38.1 mln vs 29.7 mln
      avg shrs 5,177,000 vs 5,120,000
      NOTE: shr reflects 2-for-1 stock split on June 9, 1986
  

"
test/16911	12	earn	"HYTEK MICROSYSTEMS INC <HTEK.O> 1ST QTR LOSS
  shr loss 17 cts vs loss 14 cts
      net loss 467,000 vs loss 400,000
      revs 3,856,000 vs 3,423,000
      avg shrs 2,821,000 vs 2,797,000
  

"
test/16912	12	earn	"TVI CORP <TVIE.O> YEAR 1986 LOSS
  shr loss 38 cts vs profit two cts
      net loss 2,254,533 vs profit 106,621
      revs 3,430,970 vs 4,104,506
  

"
test/16913	12	earn	"RIGGS NATIONAL CORP <RIGS.O> 1ST QTR NET
  shr 73 cts vs 1.03 dlrs
      net 10,245,000 vs 12,364,000
      avg shrs 13,981,024 vs 11,968,524
      assets 6.07 billion vs 5.22 billion
      loans 2.92 billion vs 2.45 billion
      deposits 4.78 billion vs 4.14 billion
      NOTE: gain from sale of securities 4.6 mln vs 12.8 mln.
  loan loss provision 100,000 dlrs vs 7.7 mln
  

"
test/16916	12	earn	"NORTHWEST NATURAL GAS CO <NWNG.O> 1ST QTR NET
  shr 1.35 dlrs vs 1.27 dlrs
      div 39 cts vs 39 cts prior
      net 14,291,000 vs 13,211,000
      revs 52.6 mln vs 51.1 mln
      avg shrs 10,234,000 vs 9,936,000
  

"
test/16917	0	acq	"KENTUCKY CENTRAL <KENCA.O> UNIT SELLS STATIONS
  Kentucky Central Life Insurance
  Co said its Bluegrass Broadcasting Co Inc subsidiary has agreed
  to sell two Orlando, Fla., radio stations to TK Communications
  Inc for 13.5 mln dlrs, subject to FCC approval.
  

"
test/16918	12	earn	"KIMBARK OIL AND GAS CO <KIMB.O> 1986 YEAR LOSS
  shr loss 57 cts vs loss 2.88 dlrs
      net loss 3,442,000 vs loss 13,750,000
  

"
test/16921	12	earn	"SOUTHERN NATIONAL CORP <SNAT.O> 1ST QTR NET
  shr 47 cts vs 46 cts
      net 3,470,859 vs 3,454,577
  

"
test/16922	0	acq	"FIRST BANK SYSTEM <FBS> SELLS LEWISTON BANK
  First Bank System said it has
  agreeed to sell its First Bank Lewiston subsidiary, of
  Lewiston, Mont., to two local bankers for undisclosed terms.
      First Bank Lewiston has assets of 101.4 mln dlrs at the end
  of the first quarter.
  

"
test/16923	0	acq	"ICN <ICN> HAS FIVE PCT OF SYNCOR <SCOR.O>
  ICN Pharmaceuticals Inc told the
  Securities and Exchange Commission it has acquired 556,500
  shares of Syncor International Corp, or 5.0 pct of the total
  outstanding common stock.
      ICN said it bought the stake for 3.9 mln dlrs as an
  investment and has no plans to seek control of the company or
  to participate in the management of it.
  

"
test/16925	0	acq	"DIXONS EXPLORING SALE OF CYCLOPS <CYL> UNIT
  Dixons Group Plc <DXNS.L>, the
  British concern that recently acquired operational control of
  Cyclops Corp, said it is exploring the possibility of selling
  the Cyclops subsidiary, Busy Beaver Building Centers Inc.
      In a filing with the Securities and Exchange Commission,
  Dixons said it has determined to explore the possibility of the
  sale following its preliminary review of the business and
  activities of Cyclops.
      Busy Beaver Building Centers is a Pittsburgh, Pa., lumber
  and building materials company. Dixons won control of Cyclops
  with a 95 dlr a share tender offer.
  

"
test/16926	48	trade	"JAPANESE TARIFFS SEEN AS WORLDWIDE WARNING
  The tough trade sanctions President
  Reagan imposed on Japanese exports are not only a shot across
  Japan's bow but also a sign Reagan will attack unfair trade
  practices worldwide, U.S. officials said.
      But Robert Crandall, a trade specialist at Brookings
  Institution, a think tank, said ""a shot across their bow can
  often result in a shot in our stern.""
      He said it left the United States open to retaliation.
      The U.S. officials said the 100 pct tariffs Reagan ordered
  on 300 mln dlrs worth of Japanese goods will also show Congress
  that a tough pro-trade stand can be taken under existing laws,
  and no new protectionist legislation is needed.
      In the past year tough trade action had been taken against
  the European Community over corn and sorghum, Taiwan over beer
  and wine, South Korea over counterfeiting of copyrights,
  patents and trademarkets and Japan on tobacco.
      White House spokesman Marlin Fitzwater told reporters the
  tariffs - up from five pct - should be seen as a ""serious signal""
  to other nations on the need for fair trade practices.
      Reagan said he imposed the sanctions on certain computers,
  television sets and some hand tools because Japan did not honor
  an agreement to end dumping semiconductors in world markets at
  less than cost and to open its markets to U.S. products. The
  tariffs were placed on items which were available from other
  sources so there would be little effect on the American
  consumer, Fitzwater said.
      Reagan has come under heavy pressure to take tougher action
  - especially against Japan - to end global unfair trade
  practices and reverse the growing U.S. trade deficit.
      The alternative was that if he did not, Congress would.
      The U.S. trade gap last year was a record 169.8 billion
  dlrs, and continues to rise, with Japan accounting for about
  one-third of America's overall deficit.
      But there are other two-way deficits - with Canada, West
  Germany, Taiwan and South Korea - and Reagan officials said the
  president is ready to fight them all.
      Reagan said in announcing the sanctions today that ""I regret
  that these actions are necessary,"" but that the health and
  vitality of the U.S. semiconductor industry was essential to
  American competitiveness in world markets.
      ""We cannot allow it to be jeopardized by unfair trading
  practices,"" Reagan added in the statement from his California
  vacation home at Santa Barbara.
      He said the tariffs would remain in force until Japan
  abided by the agreement.
      U.S. officials say the action today will show Congress -
  which is about to write a trade bill he does not like - that he
  already has the tools needed to fight unfair trade.
      The White House aide said of the tariff action, ""it wasn't
  done to appease Congress, but because there was an unfair trade
  practice.""
      The aide added, however, ""on another plane, it was an
  example of how the administration uses the trade law to fight
  unfair practices, an that it is not necessary to make a major
  overall of our trade laws.""
      But the analyst, Crandall, said the tariff action was not
  in the best interests of the United States, and that
  negotiations should have been pursued to resolve the issue.
      ""It's very dangerous to go down the retaliatory route,"" he
  said, ""because it leads to more retaliation and restrictions in
  trade.""
      Crandall said, ""the administration is doing this for its
  political impact across the country, and therefore its impact
  on Congress.""
      He said, ""I don't think it makes a lot of sense.""
      But other analysts said it made little difference whether
  the tariffs were aimed at U.S. trading partners or Congress,
  and that the main point was that the trading partners were on
  notice that retaliation was a weapon Reagan was ready to use.
      Spokesman Fitzwater said ""we don't want a trade war,"" but the
  imposition of sanctions showed the United States would act when
  it had evidence that trade pacts were being violated.
      Crandall said, ""the administration is doing this for its
  political impact across the country, and therefore its impact
  on Congress.""
      He said, ""I don't think it makes a lot of sense.""
      But other analysts said it made little difference whether
  the tariffs were aimed at U.S. trading partners or Congress,
  and that the main point was that the trading partners were on
  notice that retaliation was a weapon Reagan was ready to use.
      Spokesman Fitzwater said ""we don't want a trade war,"" but the
  imposition of sanctions showed the United States would act when
  it had evidence that trade pacts were being violated.
  

"
test/16929	48	trade	"YEUTTER ALMOST SURE JAPAN WILL NOT RETALIATE
  U.S. Trade Representative Clayton
  Yeutter said he was almost sure Japan would not retaliate
  against tariffs President Reagan slapped on 300 mln dlrs of
  Japanese electronic goods today.
      ""I'd say it's 99 plus pct sure that it (the tariffs) will
  not provoke a retaliation on American products,"" Yeutter told
  Cable News Network.
      ""Japan has far too much at stake in this relationship (with
  the United States) to seriously entertain thoughts of
  retaliation,"" Yeutter said.
      Earlier today, Reagan 
  imposed 100 pct tariffs on a range of
  Japanese goods in retaliation for Japan's alleged violation of
  a bilateral pact governing semiconductor trade.
      Yeutter did say that U.S. farm products would be targeted
  if Tokyo decided to hit back.
      ""If they (Japan) were to retaliate, it would probably be on
  something like American agricultural products,"" he said.
      ""But I really think the chances of that happening are
  between slim and none,"" he added.
  

"
test/16932	48	trade	"JAPAN WILL NOT RETALIATE NOW AGAINST U.S. TARIFFS
  Japan does not plan to take immediate
  retaliatory action against implementation of U.S. Tariffs on
  some Japanese electronic goods, the minister of international
  trade and industry, Hajime Tamura, said in a statement.
      Japan requested bilateral consultations in accordance with
  Article 23-1 of the General Agreement on Tariffs and Trade
  (GATT) in Washington yesterday.
      Tamura said there was deep regret over the U.S. Measures,
  which will impose 100 pct tariffs on about 300 mln dlrs worth
  of Japanese imports of some small computers, colour television
  sets and power tools.
  

"
test/17031	12	earn	"SOUTHAM INC <STM.TO> 1ST QTR NET
  Oper shr 32 cts vs 37 cts
      Oper net 18.9 mln vs 21.6 mln
      Revs 352.1 mln vs 323.0 mln
      Note: 1987 net excludes extraordinary gain of 2.8 mln dlrs
  or five cts shr from sale of surplus property.
  

"
test/17032	12	earn	"LOCTITE CORP <LOC> 3RD QTR MARCH 31 NET
  Shr 96 cts vs 53 cts
      Net 8,663,000 vs 4,798,000
      Revs 89.7 m ln vs 66.8 mln
      Nine mths
      Shr 2.33 dlrs vs 1.67 dlrs
      Net 21.1 mln vs 15.1 mln
      Revs 241.3 mln vs 192.8 mln
  

"
test/17034	12	earn	"GLENFED INC <GLN> 3RD QTR MARCH 31 NET
  Oper shr 1.54 dlrs vs 82 cts
      Oper net 33.7 mln vs 17.66 mln
      Revs 473.1 mln vs 419.0 mln
      Nine mths
      Oper shr 4.60 dlrs vs 2.39 dlrs
      Oper net 100.4 mln vs 51.0 mln
      Revs 1.38 billion vs 1.21 billion
      Assets 18.5 billion vs 15.5 billion
      Deposits 13.00 billion vs 11.29 billion
      Loans 15.04 billion vs 12.56 billion
      Note: Oper net excludes extraordinary loss 6,636,000 and
  11.9 mln for 1987 qtr and nine mths on prepayment of borrowings
  from the Federal Home Loan Bank Board.
      Oper also excludes tax credits of 15.8 mln vs 5,954,000 for
  qtr and 17.8 mln vs 11.6 mln for nine mths.
  

"
test/17035	12	earn	"HORIZON INDUSTRIES INC <HRZN> 2ND QTR NET
  Qtr ended April four
      Shr profit eight cts vs loss 22 cts
      Net profit 341,000 vs loss 903,000
      Revs 58.4 mln vs 46.3 mln
      Six mths
      Shr profit 35 cts vs loss 19 cts
      Net profit 1,466,000 vs loss 767,000
      Revs 121.4 ln vs 95.9 mln
  

"
test/17036	33	money-supply	"FED DATA PROVIDE NEW EVIDENCE OF TIGHTER POLICY
  U.S. banking data released today are
  too distorted to draw sweeping conclusions about monetary
  policy, but they do support the market's assumption that the
  Federal Reserve has started to tighten its grip on credit,
  economists said.
      ""It's clear that the Fed has firmed somewhat. Discount
  window borrowings, net free reserves, the Fed funds rate
  average and the pattern of reserve additions are all consistent
  with a modest tightening,"" said Dana Johnson of First Chicago
  Corp.
      Johnson, and several other economists, now estimate that
  the Fed funds rate should trade between 6-1/4 and 6-3/8 pct.
      Discount window borrowings in the week to Wednesday were
  935 mln dlrs a day, producing a daily average for the two-week
  statement period of 689 mln dlrs, the highest since the week of
  December 31, 1986, and up from 393 mln dlrs previously.
      Moreover, banks were forced to borrow a huge 5.2 billion
  dlrs from the Fed on Wednesday - the highest daily total this
  year - even though unexpectedly low Treasury balances at the
  Fed that day left banks with over two billion dlrs more in
  reserves than the Fed had anticipated.
      However, economists said it is almost certain that the Fed
  is aiming for much lower discount window borrowings than
  witnessed this week. They pointed to two factors that may have
  forced banks to scramble for reserves at the end of the week.
      First, economists now expect M-1 money supply for the week
  ended April 29 to rise by a staggering 15 to 20 billion dlrs,
  partly reflecting the parking in checking accounts of the
  proceeds from stock market sales and mutual fund redemptions to
  pay annual income taxes.
      As banks' checking-account liabilities rise, so do the
  reserves that they are required to hold on deposit at the Fed.
      Required reserves did indeed rise sharply by 2.5 billion
  dlrs a day in the two weeks ended Wednesday, but economists
  said the Fed may not have believed in the magnitude of the
  projected M-1 surge until late in the week and so started to
  add reserves too late.
      Second, an apparent shortage of Treasury bills apparently
  left Wall Street dealers with too little collateral with which
  to enagage in repurchase agreements with the Fed, economists
  said. Thus, although there were 10.3 billion dlrs of repos
  outstanding on Wednesday night, the Fed may have wanted to add
  even more reserves but was prevented from doing so.
      ""It's not at all inconceivable that the Fed didn't add as
  much as they wanted to because of the shortage of collateral,""
  said Ward McCarthy of Merrill Lynch Economics Inc.
      McCarthy estimated that the Fed is now targetting
  discount-window borrowings of about 400 mln dlrs a day,
  equivalent to a Fed funds rate of around 6-3/8 pct.
      After citing the reasons why the Fed probably has not
  tightened credit to the degree suggested by the data,
  economists said the fact that the Fed delayed arranging 
  overnight injections of reserves until the last day of the
  statement period was a good sign of a more restrictive policy.
      Jeffrey Leeds of Chemical Bank had not been convinced that
  the Fed was tightening policy. But after reviewing today's
  figures, he said, ""It's fair to say that the Fed may be moving
  toward a slightly less accommodative reserve posture.""
      Leeds expects Fed funds to trade between 6-1/4 and 6-3/8
  pct and said the Fed is unlikely to raise the discount rate
  unless the dollar's fall gathers pace.
      Johnson at First Chicago agreed, citing political
  opposition in Washington to a dollar-defense package at a time
  when Congress sees further dollar depreciation as the key to
  reducing the U.S. trade surplus with Japan.
  

"
test/17037	12	earn	"RORER GROUP INC <ROR> 1ST QTR NET
  Oper shr profit 34 cts vs loss 78 cts
      Oper net profit 7,434,000 vs loss 17.0 mln
      Revs 201.2 mln vs 171.7 mln
      Note: Year-ago oper exludes gain on sale of businesses of
  139.6 mln.
      Year-ago oper includes charges of 27.8 mln resulting from
  allocation of the purchase price of Revlon's businesses to
  inventory and 7.1 mln for restructuring costs.
  

"
test/17038	5	coffee	"MILD COFFEE GROWERS TO MEET IN GUATEMALA
  A large group of ""other milds""
  coffee-growing nations will hold talks in Guatemala next month
  to map their strategy for next September's meeting of the
  International Coffee Organisation (ICO).
      Mario Fernandez, executive director of the Costa Rican
  coffee institute, said delegates from Mexico, the Dominican
  Republic, Peru, Ecuador, India, Papua New Guinea and five
  central american nations will participate in the two-day
  strategy session beginning May 4.
      The main topic will be reform of what many producing
  countries perceive as the ICO's unfair distribution of export
  quotas, Fernandez said.
      He said Costa Rica would press for quotas ""based on the
  real production and export potential of each country in the
  past few years"" and to distribute quotas based on ""historic""
  production levels rather than recent harvests and crop
  estimates.
  

"
test/17039	0	acq	"US STUDY DISCUSSES DROPPED COMSAT-CONTEL MERGER
  A congressional study today said the
  proposed, but now apparently abandoned, merger of the
  Communications Satellite Corp <CQ> and Contel Corp <CTC>
  would technically be legal but could violate the spirt of the
  law setting up COMSAT.
      Two weeks ago before the study was completed, Contel
  announced it would seek to terminate the proposed merger.
      The study by the non partisan Congressional Research
  Service (CRS) said ""the proposed merger appears to comply,
  technically, with the mandates or letter of statutes, if may
  nevertheless violate the spirit of the law.""
      Comsat, created by a 1962 act of Congress, and Contel, a
  corporation of local telephone and communications firms, filed
  with the Federal Communications Commission last November 3 an
  application for merger. Several firms had protested the
  proposed merger.
      In an analysis of the law, the research service issued
  several critical comments about the structure of the new firm
  and said apparent domination by Contel of a restructured COMSAT
  would have broken the spirit of the law setting up
  COMSAT.COMSAT is the U.S. arm of Intelstat, the international
  satellite communications firm. 
   
  Reuter...^M
  

"
test/17042	33	money-supply	"AUSTRALIA'S M-3 MONEY SUPPLY RISE 1.5 PCT IN MARCH
  Australia's M-3 money supply growth was
  1.5 pct in March and 11.3 pct in the 12 months to March, the
  Reserve Bank said.
      This compared with a revised rise of 0.5 pct in February
  and 11.1 pct in the year to end-February.
      The Reserve Bank said the M-3 data for March was affected
  by the start of the operations of <National Mutual Royal
  Savings Bank Ltd>, which has resulted in the transfer of
  deposits (equivalent to around 1.5 pct of m-3) from the United
  Permanent Building Society to National Mutual Royal Savings
  Bank Ltd.
      The Reserve Bank said M-3 money supply in March was 110.77
  billion Australian dlrs compared with a revised 109.11 billion
  in February and 99.48 billion in March, 1986.
      M-3 is deposits of the private sector held by trading and
  savings banks plus holdings of notes and coins.
  

"
test/17045	11	dlr	"Many major nations yesterday intervened heavily to aid dlr - Miyazawa

  Many major nations yesterday intervened heavily to aid dlr - Miyazawa
  

"
test/17046	0	acq	"STANDARD OIL SAYS BRITISH PETROLEUM SHARE TENDER EXTENDED UNTIL MAY 4

  STANDARD OIL SAYS BRITISH PETROLEUM SHARE TENDER EXTENDED UNTIL MAY 4
  

"
test/17048	0	acq	"STANDARD OIL SAYS BP EXTENDS TENDER
  Standard Oil Co <SRD> said in a brief
  announcement issued after a meeting of its board of directors
  that British Petroleum Co PLC <BP.L> (BP) has extended its 70
  dlr per share tender offer until midnight May 4.
      The offer for the 45 pct of Standard shares not owned by BP
  had been due to expire midnight April 28.
      Standard Oil said discussions with BP concerning the tender
  were continuing but provided no further details.
      ""So long as those discussions continue, no recommendation
  will be made to Standard Oil shareholders regarding the offer,""
  Standard said.
      Standard directors met at the company's Cleveland
  headquarters on Thursday in a regularly scheduled meeting. The
  spokesman was unable to say if the meeting would continue on
  Friday.
      A committee of independent directors previously obtained an
  opinion from First Boston Corp that the Standard shares were
  worth 85 dlrs each, 15 dlrs more than the BP offer.
  

"
test/17052	22	interest	"NATIONAL MUTUAL CUTS AUSTRALIAN PRIME TO 17.75 PCT
  National Mutual Royal Bank Ltd said
  it would cut its prime rate to 17.75 pct from 18.25, effective
  April 27.
      The cut follows a trend toward lower rates started last
  month and accelerated by Westpac Banking Corp, which yesterday
  cut its prime to 17.50 pct from 18.25 pct. Westpac's 17.50 pct
  is the lowest prevailing rate.
  

"
test/17053	0	acq	"ELDERS PURCHASE OF CANADIAN BREWER APPROVED
  Elders IXL Ltd <ELXA.S> said the
  Canadian government approved its bid for <Carling O'Keefe Ltd>.
      Elders earlier announced it was buying 10.9 mln shares, or
  50.1 pct of Carling, from the Canadian subsidiary of Rothmans
  International Plc <ROT.L> for 18 Canadian dlrs each.
      Elders chairman John Elliott said in a statement when the
  offer for the ordinary shares closed on April 23, that
  acceptances representing over 93 pct of outstanding shares had
  been received. <IXL Holdings> would proceed to acquire the rest
  compulsorily, he said.
  

"
test/17054	10	crude	"ECUADOR TO USE COLOMBIA OIL LINK FOR FIVE YEARS
  Ecuador will use a new pipeline link
  with Colombia to export crude oil for the next five years,
  Colombian mines and energy minister Guillermo Perry said.
      The link will be inaugurated on May 8. It was built to
  allow Ecuador to resume exports of crude oil halted on March 5
  by earthquake damage to its Lago Agrio to Balao pipeline,
      Once that pipeline is repaired, Ecuador will exceed its
  OPEC quota in order to offset lost income and pay debts
  contracted with Venezuela and Nigeria since the quake, Ecuador
  mines and energy minister Javier Espinosa said.
      The two ministers were speaking at a news conference after
  signing an agreement for joint oil exploration and exploitation
  of the jungle border zone between the two nations. Drilling
  will begin in September.
      ""The agreement to transport Ecuadorean crude oil is not only
  for this emergency period but for the next five years, with
  possibility of an extension. Between 20,000 and 50,000 barrels
  per day (bpd) will be pumped along it,"" Perry said.
      Espinosa said Ecuador planned to pump 35 mln barrels
  through the link in the next five years, at a cost of 75 cents
  per barrel during the first year.
      The 43-km link, with a maximum capacity of 50,000 bpd, will
  run from Lago Agrio, the centre of of Ecuador's jungle
  oilfields, to an existing Colombian pipeline that runs to the
  Pacific port of Tumaco.
      Espinosa said the 32-km stretch of the link built on the
  Ecuadorean side cost 10.5 mln dlrs. Perry gave no figures for
  Colombia's 11 km segment but said it was ""insignificant compared
  with what we are going to earn.""
      OPEC member Ecuador was pumping around 250,000 bpd before
  the quake. Lost exports of 185,000 bpd are costing it 90 mln
  dlrs per month, Espinosa said.
  

"
test/17436	43	ship	"IRAN SAYS IT WILL COMBAT GULF INTERVENTION
  Iranian foreign minister Ali Akbar
  Velayati warned that Iran would combat any superpower
  intervention in the Gulf.
      ""Iran, which is the most powerful (country) in the Gulf...
  Will not allow the superpowers or any other foreign forces to
  interfere in the region,"" he said.
      Velayati, visiting the United Arab Emirates on the first
  leg of a Gulf tour, told reporters Iran had the ""capabilities
  and means"" to prevent any interference. President Reagan has
  pledged to keep the Gulf sealanes open and to protect Kuwaiti
  tankers from possible Iranian attack.
  

"
test/17440	12	earn	"TOSHIBA CORP <TSBA.T> YEAR ENDED MARCH 31
  Group shr 11.86 yen vs 19.24
      Net 34.18 billion vs 59.44 billion
      Pretax 78.02 billion vs 130.52 billion
      Operating 51.58 billion vs 121.50 billion
      Sales 3,308 billion vs 3,373 billion
  

"
test/17442	8	cpi	"PERU CONSUMER PRICES RISE 5.9 PCT IN MAY
  Peru's consumer price index rose 5.9 pct in
  May to 15,706.5 (base 1979) compared to 6.6 pct in April and
  3.3 pct in May 1986, the National Statistics Institute said.
      It said accumulated inflation for the first five months of
  this year was 33.8 pct against 24.1 pct for the same period in
  1986.
      Inflation for the year ending May 1987 was 75.7 pct
  compared to 76.8 pct for the year ending May 1986.
  

"
test/17445	22	interest	"Bundesbank's Schlesinger says no plan to cut discount rate-Nihon Keizai newspaper

  Bundesbank's Schlesinger says no plan to cut discount rate-Nihon Keizai newspaper
  

"
test/17446	14	gas	"SINGAPORE PETROLEUM CO REVISES PETROL PUMP PRICES
  Singapore Petroleum Co Pte Ltd will
  revise pump prices of petrol from June 2, an official said.
      Grade 97 octane with 0.15 gm/lead will be 96.8 cents/litre
  against 94 cents previously for 0.4 gm lead. Grade 92 octane
  will be 90.6 cents against 87.6 previously.
      SPC's price revision follows the Ministry of Trade and
  Industry's move to liberalise petrol pricing by allowing oil
  companies to set their own pump prices.
      New grades of petrol with lower lead content are sold in
  Singapore from today in line with the Ministry of Environment's
  regulations.
  

"
test/17448	22	interest	"BUNDESBANK REPORTED TO HAVE NO PLAN FOR RATE CUT
  Bundesbank Deputy President Helmut
  Schlesinger said the West German central bank had no plan to
  cut its three pct discount rate, Nihon Keizai newspaper
  reported.
      The financial daily quoted Schlesinger as saying in an
  interview that the bank would try to maintain current interest
  rate levels for the time being.
      He also told the newspaper he saw no need for large-scale
  intervention in the foreign exchange market because exchange
  rates are stable.
       Earlier, Schlesinger told a press conference that the
  Bundesbank would continue its policy of maintaining short-term
  interest rates at a low level for currency stability.
      He also said he was satisfied with the current dollar/mark
  exchange rate but added that he was not certain if it was ideal
  for the West German economy.
  

"
test/17449	48	trade	"SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.
  South Korea will cut import taxes on 50
  items, including construction equipment, photographic film,
  cigarettes and pipe tobacco, to help reduce its trade surplus
  with the United States, the finance ministry said.
      The tariff cuts, of between five and 30 percentage points,
  take effect on July 1.
      This brings to 157 the number of goods on which import
  taxes have been cut this year, a ministry official said.
      The 157 are among about 290 items on which Washington has
  asked Seoul to lower tariffs, he added.
      Today's announcement follows Saturday's removal of import
  curbs on 170 products. For 46 of those products, the U.S. Had
  had sought free access to the South Korean market.
      ""This is in line with the government's policy to limit our
  trade surplus with the United States to help reduce trade
  friction between the two countries,"" the official said.
      South Korea's trade surplus with the U.S. Rose to 7.3
  billion dlrs in 1986 from 4.3 billion in 1985. Officials said
  the surplus was expected to widen further in 1987 but Seoul
  would try to hold it below eight billion dlrs.
      The finance ministry said tariffs would be cut later this
  month on a further 53 items, including acrylic yarn and
  ethylene, by an average 7.7 percentage points in order to check
  inflation.
      The officials said the tariff cuts would contribute to
  holding wholesale and consumer price rises at less than three
  pct this year.
  

"
test/17452	48	trade	"U.S. STUDY SAYS TARIFFS AND QUOTAS COULD BACKFIRE
  The use of tariffs and quotas to
  reduce the flow of foreign goods into the United States will do
  little to cut the nation's swelling trade deficit, a government
  study said.
      In fact, the Federal Trade Commission (FTC) report said,
  such protectionist policies could make U.S. Products less
  competitive in the world marketplace by raising the cost of
  imported products that are re-exported in different forms.
      ""Such policies are much more likely to hurt, rather than
  help, the productive capabilities of the U.S. Economy,"" it said.
      The 218-page report, written by FTC economists John Hilke
  and Philip Nelson, blamed the rising trade shortfall, which
  climbed to a record 166.3 billion dlrs last year, on shifting
  currency exchange rates and growing U.S consumer demand.
      Other factors commonly blamed for the deficit, such as
  foreign trade practices, deteriorating U.S. Industrial
  competitiveness, high labour costs and government restrictions
  on mergers, added little to the problem, it said.
      ""Although each industry's competitiveness affects the level
  of imports and exports in that industry, in general we find
  that there have been no significant industry-specific changes
  affecting competitiveness that would explain the increase in
  the overall trade deficit,"" the study said.
      ""To the extent any government action is needed to deal with
  the trade deficits, policies should focus on economy-wide
  phenomena such as exchange rates and relative economic growth,""
  the FTC study said.
      Supporting its conclusion that broad-based economic shifts
  were the cause of the increase in the trade deficit, the report
  said it found that nearly all U.S. Industries lost some
  domestic market share to foreign competitors in the 1980s.
      It also said it found a ""fairly direct relationship"" between
  the increased trade deficit and the influence of shifting
  currency exchange rates, U.S. Economic growth and domestic
  demand for goods and services, which has outpaced foreign
  consumer demand.
      The study examined seven factors which have been commonly
  blamed for the trade deficit: foreign government subsidies and
  trade barriers to protect foreign industries, a lack of
  investment in U.S. Industry, declining research and development
  in U.S. Industry, high labour costs, union work rules, the oil
  prices rises of the 1970s and U.S. Antitrust regulations.
      In each case, the study found little or no evidence that
  the factor had any impact on the trade deficit.
  

"
test/17455	42	rubber	"TOKYO EXCHANGE ALLOWS MORE GOLD AND RUBBER BROKERS
  The Tokyo Commodity Exchange for Industry
  (TOCOM) said it will allow five more members to become precious
  metal brokers, taking the total to 54, and four more members to
  broke rubber, for a total of 39.
      An exchange official told Reuters the Ministry of
  International Trade and Industry is expected to approve the the
  new brokers by mid-June.
      The move has been under study since early May in response
  to requests by non-broker members of the exchange.
  

"
test/17457	16	gold	"RENISON GC AND CITY RESOURCES SET PNG GOLD VENTURE
  Renison Goldfields Consolidated Ltd
  <RGFJ.S> (RGC) and explorer <City Resources Ltd> have agreed in
  principle on a joint venture to re-examine the Bulolo alluvial
  gold field in Papua New Guinea, City Resources said.
      City Resources would progressively earn up to 66.66 pct of
  RGC's Prospecting Authority 585, which covers all the field, by
  spending a total of 6.5 mln kina, it said in a statement.
      It said it believed Bulolo was not fully exploited in the
  past, noting the literature refers to heavy gold losses in
  tailings during dredging from 1931 to 1967 which produced a
  total of 2.1 mln ounces.
      City Resources also said previous dredging was only carried
  out to a depth of 36 metres and high grade gold values are
  reported to at least 60 metres in the central part of the
  Bulolo Valley and possibly as deep as 90 metres.
      In its productive life, recovered average grade at Bulolo
  was 0.3 rpt 0.3 grams a tonne from some 207 mln cubic metres of
  gravel, it said. City Resources will act as operator.
      The Bulolo field, in Morobe Province, was the first
  successful gold mining operation of <Placer Development Ltd>
  after it was floated in Canada in 1926. It operated the field
  until dredging ceased in 1967.
  

"
test/17462	43	ship	"MOSCOW SAYS WILL RETALIATE AGAINST GULF ATTACKS
  Any Iranian attack on Soviet ships in the
  Gulf will bring a forceful and violent response, a Soviet
  foreign ministry official said in an interview published here.
      Alexander Ivanov, head of the Gulf desk at the Soviet
  Foreign Ministry, told Al-Rai al-Aam newspaper Moscow ""will
  answer back with force and violence if Iran attempts to attack
  any Soviet ship or tanker in the Gulf."" A Soviet tanker hit a
  mine in the Gulf last month.
      Ivanov also accused the United States of stepping up the
  regional crisis and of failing to exert genuine efforts to end
  the Iran-Iraq war.
  

"
test/17463	14	gas	"MOBIL RAISES SINGAPORE PETROL PUMP PRICES
  Mobil Oil Singapore Pte Lte will raise
  pump prices of petrol from June 2, a spokeswoman said.
      Grade 97 octane with 0.15 gm lead will be 96.8 cents/litre
  against 94 cents previously for 0.4 gm lead. Grade 92 octane
  will be 90.2 cents against 87.6 previously.
      SPC earlier announced its pump prices of 96.8 cents and
  90.6 cents for 97 and 92 octane, respectively, for 0.15 gm lead
  petrol which is being sold in Singapore from today in line with
  the Ministry of Environment's regulations.
  

"
test/17470	22	interest	"WINDOW FOR BANK AID IN KUWAIT REMAINS SHUT
  The Kuwait Central Bank kept its window
  for funds to the domestic interbank deposit market shut as
  banks returned from a four day holiday, dealers said.
      The move drove short-term interest rates sharply higher,
  with overnight and tomorrow-next funds more than doubling from
  last Wednesday and hitting 20 pct.
      There were few offers in a tight market and traders
  scrambled for any available funds. One-month to one-year
  deposits were indicated one point higher at eight, seven pct
  but there was little activity at the longer end of the market.
      Bankers see the suspension of central bank aid as a
  deliberate move to drive up Kuwaiti dinar interest rates and
  stem a flow of funds out of the country, where market
  nervousness is increasing over the growing tension in the Gulf.
      The central bank's move has been combined with a steady cut
  in the dinar exchange rate.
      Today's rate was reduced to 0.27939/73 to the dollar from
  0.27758/92 on Wednesday before the four day bank holiday that
  celebrated the end of the fasting month of Ramadan.
  

"
test/17472	14	gas	"SHELL, CALTEX, BP REVISE SINGAPORE PETROL PRICES
  Shell Eastern Pte Ltd will revise pump
  prices of petrol from 2300 hours local while Caltex Asia Ltd
  and BP Singapore Pte Ltd will revise theirs at midnight
  tonight, company officials said.
      Caltex and Shell will set prices of 0.15 gm lead at 96.8
  cents/litre for 97 octane and 90.2 cents for 92 octane. BP will
  set prices at 96.8 cents/litre and 90.6 cents, respectively.
  Previous industry pump prices for 0.4 gm lead were 94 cents for
  97 octane and 87.6 cents for 92 octane.
  

"
test/17473	13	fuel	"BANGLADESH TO IMPORT 60,000 TONS OF DIESEL FROM USSR
  Bangladesh will import 60,000 tons of high
  speed diesel oil from the Soviet Union under a barter agreement
  signed here last week, Bangladesh petroleum Corporation
  officials said.
      The oil worth about 10 mln U.S. Dlrs will be shipped by
  December this year, they added but did not say what Bangladesh
  would sell in return to the Soviet Union.
  

"
test/17478	10	crude	"PEMEX OFFICIAL SAYS OPEC OUTPUT CRITICAL TO PRICE
  Crude oil prices could remain around 18
  dlrs a barrel until the end of the year, but OPEC's decision on
  output at its next meeting would be the critical factor, an
  official of Mexico's state oil company, Petroleos Mexicanos
  (Pemex), told a group of Japanese businessmen.
      Adrian Lajous, Pemex' executive vice president of
  international trade, said current OPEC output already appeared
  to be very near the 16.6 mln barrel per day level it set itself
  for the third quarter. ""Production is surging ahead of what was
  originally planned, while demand is growing more slowly than
  envisaged a few months ago,"" he said.
      He said OPEC had to look very carefully at what level of
  production in the third quarter would effectively sustain the
  18 dlrs price, and that an increase to what had originally been
  envisaged might soften price levels.
      The 13-member cartel is scheduled to meet on June 25 in
  Vienna to review its December accord on prices and output.
      ""I hope OPEC will follow a very conservative attitude in
  terms of volume decisions,"" Lajous said.
      A repetition of what happened last year, when OPEC boosted
  output and sent oil prices tumbling down below 10 dlrs, is
  always there as a possibility, he said.
      ""I hope never again to go through the trauma of 1986. I
  expect other oil exporters have learned their lessons and
  discipline will be maintained,"" he said.
      Lajous said there was still excess supply and as long as
  this remains there will be a tendency to instability in oil
  markets, but prices should remain around 18 to 19 dlrs during
  1987 if output remains under control.
      He said Saudi King Fahd's remarks last month, that
  increased production was not so important as long as incomes
  would not be affected by the output, were ""very relevant and
  welcome from such a powerful producer.""
  

"
test/17479	0	acq	"CONISTON GROUP TO CONTINUE BID FOR ALLEGIS <AEG>
  An investor group led by Coniston
  Partners said it plans to continue its effort to gain control
  of Allegis Corp despite the defensive maneuvers Allegis
  announced last week.
      Allegis said then that it would borrow three billion dlrs
  and pay shareholders a dividend of 60 dlrs per share, lowering
  the company's net worth. The Coniston group, which owns 13 pct
  of Allegis stock, has said that it would seek shareholder
  consents to remove 13 of the 16 Allegis directors. The group
  had said it would consider breaking up Allegis into its
  airline, hotel and vehicle rental components if it succeeded.
      The Coniston group said it expects to make a further
  announcement today on its plans for Allegis.
      Wall Street analysts and traders had not expected Coniston
  to abandon its pursuit of Allegis as a result of the Allegis
  defensive measures.
      Allegis officials were unavailable for comment.
  

"
test/17481	0	acq	"SPECTRA-PHYSICS REJECTS CIBA-GEIGY TENDER OFFER

  SPECTRA-PHYSICS REJECTS CIBA-GEIGY TENDER OFFER
  

"
test/17484	0	acq	"FIRST CITY INDUSTRIES SELLS YALE AND NUTONE UNITS FOR 400 MLN DLRS AND SECURITIES

  FIRST CITY INDUSTRIES SELLS YALE AND NUTONE UNITS FOR 400 MLN DLRS AND SECURITIES
  

"
test/17487	0	acq	"BOEING CO TO ACQUIRE ARGOSYSTEMS FOR 37 DLRS A SHARE

  BOEING CO TO ACQUIRE ARGOSYSTEMS FOR 37 DLRS A SHARE
  

"
test/17488	0	acq	"FIRST CITY <FCY> SELLS YALE, NUTONE UNITS
  First City Industries Inc
  said it has reached a definitive agreement to sell its Nuton
  and Yale security subsidiaries to Valor PLC for 400 mln dlrs
  and warrants to purchase two mln Valor ordinary shares.
      In addition, the company said it will recieve a special
  dividend of 60 mln dlrs from Nutone and Yale and it has agreed
  to buy 35 mln dlrs of Valor convertible preference shares.
      First City said it is seeking to increase shareholder
  values by improving and realizing the values inherent in its
  operating subsidiaries.
      The company said the transaction is subject to approval by
  shareholders of Valor and is expected to be completed within 40
  days.
      It said Valor has arranged financing through an issue of
  ordinary and convertible preference shares underwritten by
  Hoare Govette Ltd and Barclays de Zoete Wedd Ltd.
      Nutone makes built-in electric products for the housing
  market and Yale makes door locks and electronic security
  products.
      Valor makes home products.
  

"
test/17489	12	earn	"GENOVESE DRUG STORES INC <GDXA.O> 1ST QTR MAY 22
  Shr 23 cts vs seven cts
      Net 911,000 vs 293,000
      Sales 88.1 mln vs 74.8 mln
  

"
test/17491	0	acq	"NATIONAL SECURITY <NSIC.O> STAKE ACQUIRED
  National Security Insurance Co said a
  group of investors has acquired 226,243 common shares, or a
  22.2 pct, interest, for 27.50 dlrs per share.
      The company said the acquisition of the portion of the
  shares over a five pct interest is subject to approval by the
  Alabama Department of Insurance.
      It said the sellers included Atlantic American Corp
  <AAME.O>, Bankers Fidelity Life Insurance Co and Georgia
  Casualty Insurance Co.
  

"
test/17493	0	acq	"COMPUTER ASSOCIATES TO ACQUIRE UCCEL CORP FOR ABOUT 800 MLN DLRS

  COMPUTER ASSOCIATES TO ACQUIRE UCCEL CORP FOR ABOUT 800 MLN DLRS
  

"
test/17494	46	tea	"SRI LANKAN TEA WORKERS LAUNCH ONE-DAY PROTEST
  Thousands of tea workers of Indian origin
  went on strike today to press demands for citizenship and
  voting rights in Sri Lanka, a union statement said.
      The Ceylon Workers Congress (CWC) said its 400,000 members
  launched a prayer campaign at temples and other places in a
  non-violent protest to get the authorities to expedite
  citizenship procedures.
      A CWC spokesman said a three-day campaign was suspended
  after a Cabinet committee promised to speed up procedures under
  a new set of regulations. Trade sources said the strike did not
  affect production or today's Colombo auction.
  

"
test/17499	4	cocoa	"DUTCH COCOA PROCESSORS UNHAPPY WITH ICCO BUFFER
  Dutch cocoa processors are unhappy with
  the intermittent buying activities of the International Cocoa
  Organization's buffer stock manager, industry sources told
  Reuters.
      ""The way he is operating at the moment is doing almost
  nothing to support the market. In fact he could be said to be
  actively depressing it,"" one company spokesman said.
      Including the 3,000 tonnes he acquired on Friday, the total
  amount of cocoa bought by the buffer stock manager since he
  recently began support operations totals 21,000 tonnes.
      Despite this buying, the price of cocoa is well under the
  1,600 Special Drawing Rights, SDRs, a tonne level below which
  the bsm is obliged to buy cocoa off the market.
      ""Even before he started operations, traders estimated the
  manager would need to buy at least up to his 75,000 tonnes
  maximum before prices moved up to or above the 1,600 SDR level,
  and yet he appears reluctant to do so,"" one manufacturer said.
      ""We all hoped the manager would move into the market to buy
  up to 75,000 tonnes in a fairly short period, and then simply
  step back,"" he added.
      ""The way the manager is only nibbling at the edge of the
  market at the moment is actually depressing sentiment and the
  market because everyone is holding back from both buying and
  selling waiting to see what the manager will do next,"" one
  processor said.
      ""As long as his buying tactics remain the same the market is
  likely to stay in the doldrums, and I see no indication he is
  about to alter his methods,"" he added.
      Processors and chocolate manufacturers said consumer prices
  for cocoa products were unlikely to be affected by buffer stock
  buying for some time to come.
  

"
test/17501	0	acq	"ENTERTAINMENT MARKETING SEEKS TO BUY CRAZY EDDIE FOR EIGHT DLRS A SHARE

  ENTERTAINMENT MARKETING SEEKS TO BUY CRAZY EDDIE FOR EIGHT DLRS A SHARE
  

"
test/17502	0	acq	"SPECTRA-PHYSICS <SPY> BOARD REJECTS TENDER OFFER
  Spectra-Physics Inc said its
  board rejected a 32 dlrs per share unsolicited tender offer for
  the company's stock from Ciba-Geigy Ltd <CIGZ.Z>, which already
  holds 18.8 pct of the stock.
      Spectra-Physics said it also filed a lawsuit in Delaware
  federal court this morning seeking to enjoin the offer and
  alleging, among other things, that the offer vilates federal
  securities laws, certain agreements between Ciba-Geigy and
  Spectra-Physics, and Ciba-Geigy's fiduciary duties.
      Spectra-Physics said the two Ciba-Geigy designess to its
  board were not present at yesterday's special meeting which
  voted to reject the offer as financially inadequate, unfair and
  not in the best interests of Spectra-Physics or its
  stockholders.
      The company said the board also authorized a special
  committee of outside directors to take whatever steps it deems
  necessary to protect the interests of Spectra-Physics and its
  stockholders and to investigate all alternatives to maximize
  the value of the stock, including talks with third parties.
      Spectra-Physics said a letter communicating the board's
  recommendation and reasons therefore is being mailed to
  stockholders.
      It said Robert Bruce, Reliance Group Holdings Inc's <REL>
  designee on Spectra-Physics' board, resigned his position on
  May 29. His letter of resignation said the action was to
  alleviate Ciba-Geigy's stated justification for making the
  unsolicited offer that it had not contemplated another
  significant investor having representation on the board when
  its Spectra-Physics' investment was made.
  

"
test/17506	0	acq	"BOEING <BA> TO ACQUIRE DEFENSE ELECTRONICS FIRM
  Boeing Co and ARGOSystems Inc <ARGI.O>
  said they reached an agreement for Boeing to acquire the
  Sunnyvale, Calif., defense electronics firm for about 275 mln
  dlrs.
      The boards of both companies have approved the merger,
  which will be accomplished through a tender offer by a Boeing
  subsidiary of 37 dlrs a share cash for all of ARGOSystems'
  shares, the companies said.
      Under the agreement, the Boeing subsidiary, TBC Holdings
  Corp, will begin the tender offer promptly. If at least 90 pct
  of the shares are not tendered, the offer will be prorated to
  49 pct, the companies said.
      ARGOSystems has granted Boeing an option to buy 1,238,311
  shares or 18.5 pct of the outstanding stock for 37 dlrs a
  share, they said.
      Also, Bill May, chairman of ARGOSystems, and three other
  officers have granted Boeing an option to buy their shares,
  another 8.9 pct of the outstanding stock, for 37 dlrs a share.
      ARGOSystems makes equipment to monitor and analyze military
  communications signals, electronic warfare equipment to monitor
  and jam radar signals and signal processing systems.
      For the nine months ended March 31, 1987, ARGOSystems
  reported earnings more than doubled to 6.3 mln dlrs or 95 cts a
  share from 3.1 mln dlrs or 46 cts. The year-ago period included
  a 2.2 mln dlr charge from a writedown of securities. Sales rose
  23.5 pct to 70.9 mln dlrs.
      Sales are expected to exceed 100 mln dlrs for the fiscal
  year ending June 30, the companies said in a joint statement.
      The company's backlog is currently more than 180 mln dlrs,
  they said. It has about 1,200 employees.
      About 30 pct of ARGOSystems' business comes from
  international customers.
      ""ARGOSystems is a clear leader in its field. This
  association will expand our overall activities and
  significantly enhance our ability to compete in the defense
  electronics area,"" Boeing president Frank Shrontz said in a
  statement.
      ARGOSystems will operate as a wholly owned subsidiary of
  Boeing Co.
      The merger following the tender offer will be subject to
  approval by ARGOSystems shareholders, the companies said.
      The tender offer and merger are subject to customary
  conditions and expiration of the Hart-Scott-Rodino notification
  waiting period, they said.
  

"
test/17507	0	acq	"COMPUTER ASSOCIATES <CA>, UCCEL SET MERGER
  Computer Associates International Inc
  and UCCEL Corp <UCE> said they have signed a definitive merger
  agreement under which Computer Associates will pay about 800
  mln dlrs in stock for all outstanding UCCEL shares.
      The companies said under the terms of the agreement, all
  UCCEL shareholders will receive about 1.69 shares of Computer
  common stock for each of the approximately 17 mln UCCEL shares
  outstanding.
     
      According to the companies, this would amount to about
  47.50 dlrs per UCCEL share, based on May 29 New York Stock
  Exchange closing prices.
      Closing of the transaction is anticipated in August, the
  companies said. The companies said the resulting company wil
  retain the name Computer Associates International Inc.
      Additionally, the companies said Charles Wang, currently
  Computer Associates chairman and chief executive, will continue
  as chairman of the new company.
  

"
test/17511	48	trade	"SEOUL ANNOUNCES MORE TARIFF CUTS FOR U.S.
  South Korea will cut import taxes on 50
  goods, including construction equipment, cigarettes and
  tobacco, to help reduce its trade surplus with the United
  States, the Finance Ministry said today. The tariff cuts of
  between five and 30 pct will take effect on July 1.
      South Korea ran a trade surplus of 7.3 billion dlrs with
  Washington in 1986, sharply up from 4.3 billion in 1985.
      Today's announcement brings to 157 the number of goods for
  which similar measures were taken this year, a ministry
  official said. The 157 are among about 290 items on which
  Washington has asked Seoul to lower tariffs.
      ""This is in line with the government's policy to limit our
  trade surplus with the United States to help reduce trade
  friction between the two countries,"" said the official.
  

"
test/17513	0	acq	"ENTERTAINMENT MAKES BUYOUT OFFER TO CRAZY EDDIE
  Entertainment Marketing Inc <EM>
  said it has made an offer to the board of Crazy Eddie Inc to
  acquire all outstanding shares of Crazy Eddie Inc for eight
  dlrs a share in cash.
      Entertainment said the offer would be conducted through a
  negotiated merger with a new corporation to be formed by
  Entertainment Marketing.
      Entertaiment said it has requested an early meeting with
  Crazy Eddie Inc's board and that it has committed 50 mln dlrs
  toward the purchase of the shares including those already
  purchased.
     
      The company also said it has retained Dean Witter Reynolds
  Inc to assist in raising the balance of the financing.
      According to Entertainment, its company and its chairman
  own about 4.3 pct of Crazy Eddie's currently outstanding
  shares.
      Additionally, the company said it is willing to negotiate
  all aspects of its offer and is willing to consider a
  transaction which would be tax free to Crazy Eddie's
  shareholders.
  

"
test/17518	0	acq	"SOCIETY FOR SAVINGS <SOCS.O> FORMS PARENT
  Society for Savings Bancorp Inc
  said it has completed its previously announced plan of
  acquisition making a new Delaware-chartered bank holding
  company the parent of Conneticut chartered Society for Savings.
  

"
test/17519	10	crude	"SAUDI RENEGOTIATION OF ARAMCO DEAL MOVING ALONG
  Saudi Arabia's renegotiation of its
  collective agreement with Aramco to purchase oil for the
  latter's ex-partners is moving along and should lead to a
  fundamental structural change in the contract, oil industry
  sources said.
      Petroleum Intelligence Weekly, in this Monday's edition,
  said negotiations are moving along for adjustment of the 1.34
  mln bpd joint long term agreement at official prices and
  volumes and other terms may be rearranged.
      The agreement signed in January for the months from
  February to June is up for renegotiation.
      Under the January contract Aramco was to purchase 1.34 mln
  bpd for the four partners allocated among them as Exxon Corp
  <XON> 440,000 bpd, Texaco Inc <TX> 350,000 bpd, Mobil Corp
  <MOB> and Chevron Corp <CHV> 550,000 bpd between them.
      But an overlifting by Texaco Inc in the first quarter
  allowed other companies like Exxon Corp to underlift its
  obligations under the contract
      PIW said that that one alternative under consideration is
  to revert to four individual contracts rather than a collective
  agrement.
      John Lichtblau, director of the Petroleum Industry Research
  Foundation Inc said that renegotiation of the pact was more of
  a formality as the Saudis have each company on a separate
  schedule although separate agreements with the companies would
  favor one on one negotiations and ensure that contracted
  liftings occur .
      ""The companies will probably follow the Saudi wants within
  limits as they do not want to antagonize them for the long
  haul,"" he said.
      Lichtblau said that the renegotiations would most likely
  concentrate on volume rather than price.
      Saudi displeasure with the agreement has long been noted
  and in April industry publications said that renegotiation were
  being sought, a fact later confirmed by Reuters with Aramco.
      Aramco Corp was formerly owned by Chevron Corp <CHV>, Exxon
  Corp <XON>, Mobil Corp <MOB> and Texaco Inc <TX> but is now
  owned by Saudi Arabia which bought its assets although the
  ex-partners have various agreements with Saudi Arabia.
  

"
test/17523	32	money-fx	"U.K. MONEY MARKET GIVEN 25 MLN STG LATE ASSISTANCE
  The Bank of England said it provided the
  money market with late assistance of around 25 mln stg.
      This takes the Bank's total help today to some 137 mln stg
  and compares with its latest forecast of a 150 mln stg
  shortage.
  

"
test/17529	0	acq	"CPC INTERNATIONAL <CPC> COMPLETES ASIAN SALE
  CPC International Inc said
  it has completed previously-announced transactions involving
  its grocery products businesses in four Asian countries with
  Ajinomoto Co Inc <AJIN.T>, raising about 300 mln dlrs.
      It said it will receive about 40 mln dlrs more later,
  mostly this month, when closings are expected in three more
  countries.  Proceeds will be used mostly for debt reduction.
      CPC said Ajinomoto has purchased its equity in Knorr Foods
  Co Ltd, a joint venture in Japan between the two companies,
  with CPC to get fees for trademark and technology use.
      CPC said Ajinomoto is also purchasing 50 pct interests in
  CPC's wholly-owned subsidiaries in Hong Kong, Malaysia, the
  Philippines, Singapore, Taiwan and Thailand.
  

"
test/17534	0	acq	"BORDEN TO ACQUIRE PRINCE CO FOR ABOUT 180 MLN DLRS

  BORDEN TO ACQUIRE PRINCE CO FOR ABOUT 180 MLN DLRS
  

"
test/17538	0	acq	"POREX <PORX.O> TO MERGE WITH MEDCO <MCCS.O>
  Porex Technologies Corp said it
  has agreed to merge with its partly-owned subsidiary Medco
  Containment Services Inc in a deal worth about 380 mln dlrs in
  cash and common stock to Porex shareholders.
      The company said under the agreement, Prex holders would
  receive new Medco shares representing a pro rata share of the
  9,159,552 Medco shares now owned by Porex plus a pro rata
  shares of the cash value of other porex assets, which is
  estimated at 60 mln dlrs subject to adjustment.
      Medco now has 16.9 mln shares outstanding.
      While exact terms may not be determined until the
  transaction becomes effective, Porex said each Porex share is
  expected to be exchanged for 0.82 Medco share and 5.38 dlrs in
  cash, subject to approval by sharehoilders of both companies.
  As part of the deal, Medco will split its stock five for two.
      The company said the merger will be accounted for as a
  corporate reorganization and be recorded at historical book
  values.
  

"
test/17540	0	acq	"COLT INDUSTRIES <COT> TO SELL BRITISH UNIT
  Colt Industries Inc said it signed a
  conditional agreement to sell its Woodville Polymer Engineering
  Ltd subsidiary in Great Britain to the Dowty Group PLC of
  Gloucestershire, England, for 35.9 mln stg.
      The deal is scheduled to close by the end of June, the
  company said.
      Woodville, which makes high technology precision products
  for aerospace, automotive and other industries, had 1986 sales
  of about 24 mln stg, it said.
  

"
test/17543	12	earn	"ADVANCED SYSTEMS INC<ASY> 2ND QTR APRIL 30 NET
  Shr 32 cts vs 22 cts
      Net 2,022,000 vs 1,355,000
      Revs 16.0 mln vs 13.2 mln
      Avg shrs 6,237,000 vs 6,052,000
      Six mths
      Shr 58 cts vs 42 cts
      Net 3,561,000 vs 2,525,000
      Revs 30.0 mln vs 26.1 mln
      Avg shrs 6,180,000 vs 6,017,000
  

"
test/17544	12	earn	"MANNVILLE OIL AND GAS LTD <MOG.TO> 1ST QTR NET
  Shr two cts vs seven cts
      Net 164,000 vs 417,000
      Revs 1,345,000 vs 2,021,000
  

"
test/17545	12	earn	"HOUSE OF FABRICS INC <HF> 1ST QTR NET APRIL 30
  Shr 27 cts vs 18 cts
      Net 1,757,000 vs 1,201,000
      Revs 73.5 mln vs 71.2 mln
  

"
test/17547	12	earn	"ORBIT OIL AND GAS LTD <ORB.TO> 1ST QTR NET
  Shr three cts vs three cts
      Net 421,000 vs 333,000
      Revs 2,103,000 vs 2,287,000
      Avg shrs 16,068,000 vs 12,041,000
  

"
test/17551	0	acq	"VIDEO <JUKE.O> TO BUY PRESIDENT'S SHARES
  Video Jukebox Network inc said it signed a
  letter of intent to purchase up to 3.5 mln shares of the four
  mln shares of the company's common stock from its founder and
  president, Steven Peters.
      Video said the shares are to be purchased by Louis Wolfson
  III, senior vice president of <Venture W Inc>, <National Brands
  Inc>, J. Patrick Michaels Jr and <CEA Investors Partnership
  II>.
      Video said it currently has 7,525,000 shares of common
  stock outstanding. The company said it went public earlier this
  year and its current ask price was 1-7/8.
     
      CEA Investors Partnership II has planned the partnership to
  be operated by Michaels, who is chairman and president of
  <Communications Equity Associates Inc>, a media brokerage firm,
  Video said.
      The terms of the proposed transaction were not disclosed.
      Video said Peters will continue as chairman and president
  of the company.
      It said the parties have until June 29 to agree to all
  terms of the letter of intent.
  

"
test/17554	12	earn	"BERKSHIRE GAS CO <BGAS.O> RAISES PAYOUT
  Qtly div 30-1/2 cts vs 28-1/2 cts prior
      Pay July 15
      Record June 30
  

"
test/17556	12	earn	"MARCADE GROUP INC <MAR> 1ST QTR MAY 2 NET
  Shr four cts vs 10 cts
      Shr diluted two cts vs 10 cts
      Net 1,841,000 vs 978,000
      Revs 36.1 mln vs 20.5 mln
      Avg shrs 25,734,000 vs 9,200,000
      Avg shrs diluted 48,878,000 vs 9,200,000
  

"
test/17558	12	earn	"GREENMAN BROS INC <GMN> 1ST QTR MAY 2 LOSS
  Shr loss 52 cts vs loss 49 cts
      Net loss 3,142,000 vs loss 2,936,000
      Sales 40.9 mln vs 40.1 mln
      NOTE: Year ago share results adjusted for five-for-four
  stock split in August 1986
  

"
test/17559	0	acq	"MARCADE GROUP <MAR> PLANS ACQUISITION
  Marcade Group Inc said it has agreed in
  principle to acquire a prominent, privately-held maker of
  ladies' sports wear for an cash, shares and options to purchase
  Marcade common valued at about 20 mln dlrs.
      In its fiscal year recently ended, Marcade said, the
  company to be acquired which owns five U.S. manufacturing
  facilities and one offshore had revenues of over 60 mln dlrs
  and pretax earnings of about four mln dlrs.
  

"
test/17562	0	acq	"PENNSYLVANIA ENTERPRISES <PENT.O> BID STANDS
  Utilities Investment Inc said
  it still is offering to acquire Pennsylvania Enterprises Inc
  for 55 dlrs per share.
      It said it is prepared to negotiate its offer.
      The Pennsylvania Enterprises board rejected the offer two
  weeks ago as being inadequate.
      Utilities said it has the financial commitments required to
  ensure that Pennsylvania Enterprises' facilities would be
  upgraded to insure an adequate supply of safe drinking water.
      It said its representatives will be attending Pennsylvania
  Enterprises' annual meeting tomorrow in Wilkes-Barre, Pa.
  

"
test/17563	37	pet-chem	"DOW CHEMICAL <DOW> TO INCREASE PRICES
  Dow Chemical U.S.A. Midland Co
  said it will increase prices of its high performance thermal
  fluids, in bulk and drums, effective July One, for contract and
  spot customers.
      The bulk list prices for diphenyl oxide, in both technical
  and refined grades, will be raised five pct to 1.26 dlrs per
  pound for technical and 1.36 dlrs per for refined, Dow said.
      Other increases include Dowtherm G to 21.92 dlrs per
  gallon; Dowtherm HT to 20.94 dlrs per gallon; Dowtherm J to
  14.96 dlrs per gallon, and Dowtherm LF to 18.68 dlrs per
  gallon.
  

"
test/17567	0	acq	"MERRILL LYNCH SAYS PRORATION FACTOR FOR SUPERMARKETS TENDER IS 85.66 PCT

  MERRILL LYNCH SAYS PRORATION FACTOR FOR SUPERMARKETS TENDER IS 85.66 PCT
  

"
test/17568	4	cocoa	"BRAZIL NOT SELLING TO COCOA BUFFER STOCK - TRADE
  Brazil is not selling cocoa beans
  to the International Cocoa Organization, ICCO, buffer stock, as
  spot prices for beans in the interior area are 20 to 25 pct
  higher than levels which would be paid by the ICCO buffer stock
  manager, trade sources in the major producing state Bahia said.
      The scarcity of beans because of the effects of drought on
  the current temporao harvest has pushed prices well above
  international levels, the sources noted.
      The only buyers are bean exporters or local processors
  covering previously contracted commitments, they added.
      If sales were made they would be executed by individual
  exporting companies which are members of the Brazilian Cocoa
  Trade Commission, they said.
  

"
test/17569	0	acq	"RAVEN INDUSTRIES <RAV> BUYS TRUCK BODY BUSINESS
  Raven Industries Inc said it
  purchased the utility truck body business of (Astoria
  Fibra-Steel, Inc) for cash.
      Details of the transaction were not disclosed.
      The Astoria product line, which has annual sales of about
  2.5 mln dlrs, will be manufactured and sold by Raven's newly
  formed subsidiary, Astoria Industries Inc, Raven said. Its
  Glasstite Inc subsidiary also manufactures and sells utility
  truck bodies.
  

"
test/17573	0	acq	"PAY N' PAK <PNP> GETS TWO OFFERS FOR COMPANY
  Pay N' Pak Stores Inc said it received
  two proposals in response to its previously announced
  solicitation of potential buyers for the company.
      The company said it is evaluating the proposals from Paul
  Bilzerian and from a third party which is active in the
  leveraged buyout field but which Pay N' Pak declined to
  identify.
      It said the Bilzerian proposal calls for shareholders to
  receive on a blended basis 16.67 dlrs in cash and 3.30 dlrs in
  liquidation value of cumulative exchangeable redeemable
  preferred stock for each common share.
     
      Pay N' Pak said the second proposal is structured as a
  merger in which each holder would receive a combination of
  17.50 dlrs in cash and 2.50 dlrs in liquidation value of 13-1/2
  pct cumulative preferred.
      The company said the dividend on the preferred offered by
  Bilzerian would be set so that in the opinion his financial
  advisor and the company's financial advisor the preferred would
  trade in the public market at its liquidation value.
      Dividends on the preferred could be paid at the option of
  the surviving corporation in cash or additional shares of
  preferred for the first five years, it added..
     
      Pay N' Pak said Bilzerian's proposal is subject to a
  physical inventory of merchandise at June 30. Bilzerian did not
  provide details with respect to financing of his proposal,
  which is not subject to a financing condition.
      The company said dividends on the preferred being offered
  in the second proposal would be paid in additional preferred in
  the first three years and the preferred would be redeemed in
  years 12 and 13.
      It said the second offer is contingent on the arrangement
  of financing, adding the party making the offer is confident of
  its ability to obtain the balance of the financing.
     
      Pay N' Pak said the second proposal is conditioned upon a
  satisfactory agreement with the company's management regarding
  its equity participation in the new company.
      The second party anticipates executing a letter of intent
  when it delivers its financing commitment to the Pay N' Pak
  board that would incorporate an expense reinbursement and
  option arrangement, the company said.
  

"
test/17574	0	acq	"MAXWELL FILES SUIT TO STOP HARCOURT <HBJ>
  Publisher Robert Maxwell's British
  Printing and Communicaton Corp PLC said it filed a lawsuit in
  U.S. district court against Harcourt Brace Jovanovich Inc, its
  directors and advisers to stop, among other things, payment of
  the special dividend Harcourt is paying as part of its
  recapitalization.
      The suit, filed in Manhattan, also names First Boston Corp
  <FBC> and seeks to void the issue by Harcourt of 40,000 shares
  of super voting preferred stock to First Boston Securities Corp
  and the issue of convertible voting preferred stock with
  4,700,000 votes in the Harcourt employee stock ownership plan.
      The preferred shares to be issued to First Boston have
  8,160,000 votes. The suit, brought derivatively on behalf of
  Harcourt and individually in British Printing's capacity as a
  substantial holder of Harcourt common shares and 6-3/8 pct
  convertible debentures.
      The suit alleges Harcourt's special dividend exceeds by
  more than one billion dlrs Harcout's surplus available for
  dividends under New York law and contstitutes a fraudulent
  conveyance.
      The lawsuit also alleges that Harcourt failed to disclose
  that one consequence of the payment of the dividend, which it
  terms illegal, will be that shareholders will be liable to
  repay it.
      Harcourt last week said it would pay 40 dlrs per share to
  stockholders as a special dividend. Harcourt also announced an
  extensive recapitalization plan, which analysts said was aimed
  at thwarting a takeover effort by British Printing.
      British Printing last week withdrew its 44 dlr per share,
  or two billion dlr offer for Harcourt because of the
  recapitalizaton plan. At the time, it said it was reviewing its
  alternatives.
      British Printing said it filed the suit after consultation
  with its advisers. Its lawsuit also alleges that Harcourt
  failed to disclose the effect of the special dividend on
  Harcourt 6-3/8 pct convertible debentures.
      British Printing alleges the effect will be an enormous
  increase effective on the June eight record date for the
  dividend in the number of Harcourt common shares issuable upon
  conversion of the debentures. British Printing also charged 
  Harcourt is unlawfully coercing debenture holders to convert
  denbentures before the record date because Harcourt may not
  have enough authorized common shares to honor conversion after
  the date.
      British Printing holds 460,600 shares and 5.6 mln dlrs
  worth of debentures.
      The suit also alleges that management, the board of
  directors, and First Boston engaged in an illegal scheme of
  entrenchment through a combination of selling to First Boston
  Securities Corp the super voting preferred at a bargain price,
  the grant to the company employee stock plan of convertible
  voting preferred, the six mln share open market repurchase
  program and the manner in which its financing has been
  structured.
  

"
test/17576	0	acq	"STEINBERG GROUP HAS FIVE PCT OF PIZZA INN <PZA>
  A group controlled by New York
  investor Saul Steinberg told the Securities and Exchange
  Commission it has acquired 168,500 shares of Pizza Inn Inc, or
  5.02 pct of the total outstanding common stock.
      The group, which includes Reliance Financial Serivces Corp,
  a subsidiary of Reliance Group Holdings Inc <REL>, said it
  bought the stock as an investment. It said it might add to its
  stake or sell some or all of it.
      The Steinberg group said it bought the stock for 1.75 mln
  dlrs in open market purchases between April 13 and May 19 at
  prices ranging from 13.625 to 14.2661 dlrs a share.
  

"
test/17579	0	acq	"SUPERMARKETS GENERAL <SGL> TENDER EXPIRES
  SMG Acquisition Corp, a subsidiary of
  Merrill Lynch Capital Partners Inc, said 38.3 mln shares of
  Supermarkets General Corp were validly tendered by the midnight
  Friday expiration, resulting in a preliminary proration factor
  of 85.66 pct.
      Merrill Lynch said it expects to announce the final
  proration factor within 10 business days and begin payment
  immediately thereafter. Shares validly tendered represented
  about 98.75 pct of the outstanding shares of Supermarkets
  General, the announcement said. The cash tender offer was for
  up to 32.8 mln shares at 46.75 dlrs net per share.
  

"
test/17584	10	crude	" 1-JUN-1987 11:14:25.82
   1-JUN-1987 11:14:25.82

"
test/17589	0	acq	"(SUBURBAN BANCORP), (WOODSTOCK BANCORP) TO MERGE
  (Suburban Bancorp Inc) and
  (Woodstock State Bancorp Inc) said they agreed to a merger
  under which Suburban will purchase Woodstock's shares for a
  total of more than 18 mln dlrs in cash and Suburban Bancorp
  shares.
      Woodstock is the holding company for the 110 mln dlr State
  Bank of Woodstock. The merger will bring Suburban's assets to
  661 mln dlrs and its total banks to 13.
      The merger is subject to regulatory and shareholder
  approval.
  

"
test/17593	22	interest	"U.K. BANKERS CONSIDER NEW ECGD FINANCING PLAN
  Representatives of major U.K. Based banks
  are meeting here today to consider a new plan for reducing the
  cost of financing British exports guaranteed by the Export
  Credits Guarantee Department (ECGD), senior banking sources
  said.
      The plan is being developed in conjunction with the ECGD
  and the Bank of England.
      Neither the ECGD nor the Bank of England would comment on
  the plan. However, bankers said one of the main points under
  discussion is a plan to refinance the bulk of the ECGD's medium
  term credit portfolio in the international capital markets.
  
      The proposals involve introducing a set of interest margins
  on ECGD backed debt of 5/16 to 7/8 pct, depending on the size
  and maturity of the credit and the currency.
      The banks are likely to push for a higher margin. Bankers
  said that while these rates would reduce a bank's return they
  would still be more than those proposed about a year ago when
  the government attempted unsuccessfully to initiate another
  cost reduction plan.
      At the same time, the banks would be expected to allow the
  ECGD to realise additional savings by refinancing existing
  government backed credit in the capital markets.
  
      On credits that are refinanced an original lender would
  receive a residual margin of 7/16 pct for loans up to 10 mln
  stg and 3/16 pct on larger transactions.
  

"
test/17595	0	acq	"COKE CONSOLIDATED <COKE.O> TO SELL CANADA UNIT
  Coca-Cola Bottling Co
  Consolidated said it has agreed in principle to sell its
  Vancouver-based Canadian bottling subsidiary to Coca-Cola Co
  <KO> for undisclosed terms, with closing expected within 60
  days subject to regulatroy approvals.
      The company said the sale, a previously-announced agreement
  for Coca-Cola to buy 1,600,000 Coke Consolidated common shares
  and operating cash flow should allow it to reduce its long-term
  debvt to about 200 nmln dlrs from 325 mln dlrs at the end of
  the first quarter.
  

"
test/17596	0	acq	"CAMPEAU <CMP.T> UNIT TO SELL GARFINCKEL'S
  Campeau Corp said its Allied Stores Corp
  entered into a definitive agreement to sell its Garfinckel's
  division to <Raleigh Stories Corp> for 95 mln dlrs.
       The transaction is expected to close in July, the company
  said.
      Garfinckel's net sales for fiscal 1986 were 111.9 mln dlrs,
  the company said.
      Campeau said it expects to sell its remaining Allied
  divisions in the near future. Campeau announced its first
  agreement to sell an Allied unit in April, the company said.
  

"
test/17597	0	acq	"WALLACE COMPUTER <WCS> BUY OFFICE PRODUCTS FIRM
  Wallace Computer Services Inc said
  it acquired for 12 mln dlrs in cash and industrial revenue
  bonds, certain assets of Rockwell-Barnes Inc, a Chicago-based
  office products company.
  

"
test/17601	0	acq	"SUN <SUN> TO ACQUIRE MORE OF WYOMING FIELD
  <Wolverine Exploration Co> said
  substantially all the material aspects of the agreement to sell
  its 8.95 pct working interest in the Luckey Ditch unit in Unita
  County, Wyo., to Sun Co Inc have been satisfied.
      Closing of the transaction is scheduled for June eight,
  Wolverine said. The company agreed to sell its interest for
  7,250,000 dlrs, subject to downward adjustment for certain
  title and state requirements. Sun already owns a 44 pct working
  interest in the unit.
  

"
test/17607	12	earn	"CONSOLIDATED PROFESSOR <CPF.TO> 1ST QTR NET
  Shr profit one ct vs nil
      Net profit 163,016 vs loss 23,527
      Revs 250,469 vs 48,473
      Note: Full name Consolidated Professor Mines Ltd.
  

"
test/17612	0	acq	"GEODYNE <GEOD.O> SETS WARRANTS, ACQUISITION
  Geodyne Resources Inc said iit filed a
  registration with the Securities and Exchange Commission
  covering a planned offering of 3.6 mln warrants to buy its
  common.
      The company also said its board is evaluating a proposal to
  acquire closely-held <Snyder Exploration Co> for one mln
  Geodyne shares. Members of Geodyne's senior management also
  serve as senior management at Snyder and PaineWebber Group Inc
  <PWJ>, which owns 40 pct of Geodyne's 12.6 mln outstanding
  shares, has a substantial equity interest in Snyder.
      The acquisition is being evaluated by Geodyne board members
  not employed by the company, PaineWebber or any company
  affiliated with PaineWebber. It will be subject to approval by
  the board and series C preferred shareholders.
      Geodyne Resources said a registration related to the stock
  to be exchanged for Snyder has been filed with the SEC but has
  not yet become effective.
      The Snyder owners other than PainWebber are Geodyne's
  president, Michael W. Tomasso, and its executive vice
  president, James D. Snyder.
      The company said the warrants will be offered solely to
  investors in the PaineWebber/Geodyne Energy Income Program II.
  For every 100 dlrs invested in the program, an investor will be
  entitled to buy one warrant to purchase one Geodyne common
  share at a price equal to 120 pct of the average closing price
  of the stock for the 15 trading days prior to formation of the
  partnership to which the investor subscribes.
      In adddition, Geodyne said, PaineWebber investment
  executives who market the program will be entitled to receive
  one warrant for every 500 dlrs in subcriptions generated after
  a four-year vesting period. These warrants would have an
  exercise price equal to 150 pct of the 15-day average.
      The company said the warrants are currently priced at 25
  cts each, but this price is suject to further evaluation by an
  independent underwriter.
  

"
test/17616	12	earn	"DETECTION SYSTEMS <DETC.O> YEAR END MARCH 31
  Shr 36 cts vs nil
      Net 713,000 vs 1,500
      Revs 13 mln vs 9,328,000
  

"
test/17617	12	earn	"J. BILDNER AND SONS INC <JBIL.O> 1ST QTR
  Shr one ct vs nil
      Net 32,345 vs 3,772
      Revs 9,946,578 vs 5,939,252
  

"
test/17618	10	crude	"COMPROMISE SEEN LIKELY OVER CONOCO-STATOIL DISPUTE
  Norway is expected to seek a compromise
  solution to defuse a row between Den Norske Stats Oljeselskap
  A/S <STAT.OL> (Statoil) and Conoco Norge A/S over which firm
  will operate the Heidrun oil field, government sources said.
      The sources, who asked not to be named, said the government
  will likely recommend that Conoco be allowed to continue as the
  field's operator through the development phase, with Statoil
  taking over only after production starts in the early 1990s.
      Oil Minister Arne Oeien told Reuters the government had
  today discused the Heidrun matter but that no final decision
  had been taken and several questions remained unresolved.
      It was unlikely the government would announce its decision
  on Heidrun operatorship until after Thursday's cabinet meeting
  and after discussing a proposed solution with both companies,
  the sources added.
      This spring Norway's state-owned oil company Statoil
  exercised an option in the Heidrun field exploration license
  that, if approved by the government, would allow it to relieve
  Conoco as Heidrun operator, a move sharply criticised by
  Conoco.
      Heidrun is often cited by the government and industry as
  the most likely candidate for the first field development
  project on the Haltenbanken exploration tract off central
  Norway.
  

"
test/17619	12	earn	"FIAT UNIT FIDIS REPORTS SHARPLY HIGHER 1986 PROFIT
  Year 1986
      Net profit 132 billion lire vs 82 billion
      Ordinary share dividend 500 lire vs 400
      Note - <Finanziaria Di Sviluppo Spa>, a financial services
  subsidiary of Fiat Spa <FIAT.MI>, said in a statement that
  shareholders approved a previously announced nominal share
  capital increase from 125 billion lire to 250 billion.
  

"
test/17622	16	gold	"NORTHGATE QUEBEC GOLD WORKERS END STRIKE
  Northgate Exploration Ltd said
  hourly-paid workers at its two Chibougamau, Quebec mines voted
  on the weekend to accept a new three-year contract offer and
  returned to work today after a one-month strike.
      It said the workers, represented by United Steelworkers of
  America, would receive a 1.21 dlr an hour pay raise over the
  life of the new contract and improved benefits.
      Northgate, which produced 23,400 ounces of gold in first
  quarter, said that while the strike slowed production, ""We are
  still looking forward to a very satisfactory performance.""
      The Chibougamau mines produced 81,500 ounces of gold last
  year.
  

"
test/17625	0	acq	"ROYAL GOLD <RGLD.O> AGREES TO MAKE ACQUISITION
  Royal Gold Inc said it has signed two
  agreements in principle to acquire the stock of two
  <Transwestern Mining Co> units for 1.1 mln shares of Royal Gold
  common stock.
      Royal said the assets of the units it will acquire from
  Transwestern are mostly gold properties.
      It added it expects to close the deals on June 18 and 19,
  subject to standard closing conditions, including title and
  environmental approval and closing of a definitive agreement.
      Royal said the shares issued in the deal will be subject to
  registration rights.
  

"
test/17630	12	earn	"HAWKINS CHEMICAL INC<HWKN.O> 2ND QTR MAR 31 NET
  Shr 12 cts vs six cts
      Net 398,318 vs 211,801
      Sales 7,385,107 vs 7,275,162
      Six Mths
      Shr 22 cts vs 13 cts
      Net 736,219 vs 446,288
      Sales 14.3 mln vs 14.2 mln
      NOTE: Per share earnings adjusted for ten pct stock
  dividend paid February 1987.
  

"
test/17632	16	gold	"NORTHGATE <NGX> QUEBEC WORKERS END STRIKE
  Northgate Exploration Ltd said
  hourly-paid workers at its two Chibougamau, Quebec, mines voted
  on the weekend to accept a three-year contract offer and
  returned to work today after a one-month strike.
      It said the workers, represented by United Steelworkers of
  America, would receive a 1.21-dlr-an-hour pay raise over the
  life of the new contract and improved benefits.
      Northgate, which produced 23,400 ounces of gold in first
  quarter, said that while the strike slowed production, ""We are
  still looking forward to a very satisfactory performance."" The
  Chibougamau mines produced 81,500 ounces of gold last year.
  

"
test/17633	26	jobs	"PORTUGUESE UNEMPLOYMENT STEADY IN FIRST QUARTER
  Unemployment in Portugal held steady at
  9.6 pct in the first quarter of 1987 after the same rate in the
  last quarter of 1986, the National Statistics Institute said.
      This compared with 11.1 pct unemployment in the first
  quarter of 1986.
      The total number of registered unemployed in the first
  quarter of this year was 437,500.
  

"
test/17640	0	acq	"PARTNERSHIP UPS HBO <HBOC.O> STAKE TO 8.7 PCT
  Andover Group, a Great Falls, Va.,
  investment partnership that is seeking control of HBO and Co,
  said it raised its stake in the company to 2,026,000 shares, or
  8.7 pct of the total, from 1,626,000 shares, or 7.0 pct.
      In a filing with the Securities and Exchange Commission,
  the partnership said it bought 400,000 HBO common shares for
  5.4 mln dlrs on May 28.
      The group, which has a slate of candidates seeking board
  seats, said it would decide whether to submit an offer to
  acquire the company after the HBO annual shareholders meeting,
  which was to have been April 30, but was postponed.
  

"
test/17643	0	acq	"HUMANA <HUM> TO BUY INT'L MEDICAL ASSETS
  Humana Inc said a Florida Judge
  approved a previously announced proposal for the company to buy
  certain assets of International Medical Centers, which had been
  declared insolvent and put into receivership in early May.
      Humana said it will pay 40 mln dlrs to the state's
  Department of Insurance to pay prior claims and 20 mln dlrs in
  working capital.
  

"
test/17644	0	acq	"DIVERSIFIED INDUSTRIES (DMC) TO SELL UNITS
  Diversified Industries Inc plans to
  recover more than four mln dlrs from the sale of two marginal
  subsidiaries, chairman Ben Fixman told the annual meeting.
      Fixman said Diversified Industries, as part of its effort
  to redeploy assets, wants to sell its Theodore Sall Inc and
  Liberty Smelting Works (1962) Ltd units. The two either lost
  money or had marginal profitability in recent years, he said.
      Diversified also said it is in the process of obtaining six
  mln dlrs in an industrial revenue bond financing from the State
  of Connecticut to modernize the company's Plume and Atwood
  Brass Mill plant in Thomaston, Conn.
  

"
test/17651	0	acq	"INSURANCE FIRM AS PIEZO <PEPI.O> PREFERRED STAKE
  Corporate Life Insurance Co, a West
  Chester, Pa., insurance firm, told the Securities and Exchange
  Commission it has acquired 44,600 shares of preferred stock in
  Piezo Electric Products Inc, or 10.8 pct of the total.
      Corporate insurance said it bought the cumulative
  convertible preferred stock stake for 199,690 dlrs for
  investment purposes.
  

"
test/17652	0	acq	"CELLULAR INC <CELS.O> TO SELL UNIT, TAKE GAIN
  Cellular Inc said it reached a definitive
  agreement to sell assets of its wholly owned Michigan Cellular
  Inc to Century Telephone Enterprises Inc <CTL> and add 28 cts a
  share to the year's earnings as a result.
      It said the sale, subject to regulatory approval,
  represents a capital gain in excess of 800,000 dlrs over the
  original price paid by Cellular for its cellular interests in
  Michigan, acquired in December 1986.
  

"
test/17655	12	earn	"COMPTEK RESEARCH INC <CMTK.O> 4TH QTR MARCH 31
  Shr 17 cts vs four cts
      Net 373,000 vs 82,000
      Sales 10.1 mln vs 7,825,000
      Year
      Shr 45 cts vs 27 cts
      Net 981,000 vs 595,000
      Sales 34.5 mln vs 28.5 mln
  

"
test/17659	0	acq	"DOTRONIX <DOTX.O> COMPLETES ACQUISITION
  Dotronix Inc said it completed
  the acquisition of Video Monitors Inc for 3.92 mln dlrs.
      Video Monitors is a privately-owned Wisconsin-based
  manufacturer of video display and and video monitor devices.
  

"
test/17660	12	earn	"DATAFLEX CORP <DFLX.O> 4TH QTR MARCH 31 NET
  Shr 11 cts vs eight cts
      Net 248,000 vs 155,000
      Revs 4,385,000 vs 2,487,000
      Year
      Shr 36 cts vs 12 cts
      Net 720,000 vs 220,000
      Revs 15.2 mln vs 9,253,000
      NOTE: Share adjusted for 10 pct stock dividend in April
  1987.
  

"
test/17661	12	earn	"POLYDEX PHARMACEUTICALS LTD <POLXF.O> 1ST QTR
  April 30 end
      Shr loss one ct vs loss two cts
      Net loss 83,116 vs loss 266,037
      Sales 1,393,455 vs 1,035,500
  

"
test/17666	0	acq	"(CLARK COPY) BUYS NORWEGIAN FIRM
  Clark Copy International
  Corp said it bought a Norwegian drafting machines company for
  three mln U.S. dlrs.
      Clark Copy said its majority-owned Norwegian subsidiary,
  Interactive Computer Aids Co of Norway, purchased Kongsberg
  Drafting Systems, a division of Norwegian state-owned Kongsberg
  Vappenfabrikk.
      Kongsberg Drafting's annual worldwide sales are about 15
  mln dlrs, Clark Copy said.
  

"
test/17671	0	acq	"SOCIETY/SAVINGS <SOCS.O> FORMS HOLDING COMPANY
  Society for Savings said it has
  completed a merger into newly formed holding company Society
  for Savings Bancorp Inc on a share-for-share basis.
  

"
test/17672	12	earn	"GEODYNE RESOURCES INC <GEOD.O> 4TH QTR FEB 28
  Shr profit three cts vs profit 31 cts
      Net profit 330,;575 vs profit 1,4;73,100
      Revs 1,501,996 vs 2,602,568
      Avg shrs 10,964,786 vs 4,446,958
      Year
      Shr loss eight cts vs profit six cts
      Net loss 91,523 vs profit 746,289
      Revs 3,854,821 vs 5,231,598
      Avg shrs 6,091,334 vs 4,446,958
      NOTE: Share results after preferred dividend requirements
  of 44,174 dlrs vs 99,901 dlrs in quarter and 377,111 dlrs vs
  480,851 dlrs in year
      Company 40 pct owned by PainWebber Group Inc <PWJ>
  

"
test/17673	0	acq	"LADD FURNITURE <LADF.O> COMPLETES ACQUISITION
  LADD Furniture Inc said it has
  completed the previously-announced acquisition of
  privately-held Colony House Furniture Inc for an undisclosed
  amount of cash and notes.
  

"
test/17674	24	iron-steel	"EC MINISTERS CONSIDER CUTBACKS IN STEEL SUPPORT
  A new steel quota system that would
  strictly limit European Community (EC) support to the industry
  could be forced on producers if they fail to find their own
  solution quickly, officials said.
      EC industry ministers meeting here considered two key
  proposals aimed at cutting back surplus capacity by 30 mln
  tonnes by 1990.
      The first would limit the current quota system, which has
  protected EC output for seven years, only to flat products and
  heavy sections, thereby forcing other types of steel products
  into free market competition.
      The second proposal would link continuation of a quota
  system with progress toward plant closures, although less than
  a month ago the EC steelmakers' lobby group Eurofer said they
  had abandoned efforts to close plants voluntarily.
      The ministers stopped short of imposing their own solution
  immediately, instead urging steel producers to try again to
  reach agreement on voluntary cutbacks.
      The EC Commission has said it will come up with detailed
  proposals in July on the future of the EC steel industry and EC
  industry ministers meet again in September to reach a final
  decision.
  

"
test/17677	0	acq	"PHILIP CROSBY <PCRO.O> MAKES ACQUISITION
  Philip Crosby Associates Inc
  said it has agreed to acquire Process Integrity Inc of Dallas,
  a computer software designer, for undisclosed terms.
      It said Process' software helps companies monitor
  industrial processes, identifies problems and recommends
  solutions.
  

"
test/17682	0	acq	"PEERLESS MANUFACTURING <PMFG.O> SELLS UNIT
  Peerless Manufacturing Co said it has sold
  its Industrial Sensors and Instruments Division and Panhandle
  Equipment Co subsidiaries for a total of 635,000 dlrs in cash.
      It said the transaction will result in a loss of about
  605,000 dlrs or 50 cts per share, which it will take in the
  fourth quarter ending June 30. Peerless said due to the sale it
  will probably have a loss for the year.
      It said it sold the units, to buyers it did not name, due
  to increasing losses caused by the depressed petroleum
  equipment market.
                                 
      Peerless earned 576,000 dlrs or 63 cts per share in fiscal
  1986.
      It said the units being sold lost 28 cts per share in the
  first nine months of fiscal 1987 and 12 cts in all of fiscal
  1986.
  

"
test/17683	0	acq	"HICKS AND HAAS GROUP GETS FINANCING FOR SPECTRADYNE ACQUISITION

  HICKS AND HAAS GROUP GETS FINANCING FOR SPECTRADYNE ACQUISITION
  

"
test/17685	12	earn	"UNITED TOTE INC <TOTE.O> 2ND QTR APRIL 30
  Shr profit four cts vs profit three cts
      Net profit 64,197 vs profit 56,437
      Revs 4.9 mln vs 1.6 mln
      Six months
      Shr profit four vs loss seven cts
      Net profit 67,133 vs loss 114,427
      Revs 9.1 mln vs 2.8 mln
      NOTE:1987 first half includes revnues of new racetrack
  operation.
  

"
test/17686	30	lumber	"CANADA LUMBER EXPORTS MAY BECOME UNPROFITABLE
  Canada's softwood lumber will become
  unprofitable for some forest product producers if prices
  decline to about 175 U.S. dlrs per thousand board feet of two
  by four inch lumber from current levels of about 195 U.S. dlrs,
  Canadian Forest Industry Council chairman Adam Zimmerman told
  reporters.
      Zimmerman reiterated profitability has been hurt by a move
  by Canadian negotiators to impose last January a 15 pct export
  tax on softwood lumber shipped to the U.S. in exchange for a
  U.S. lumbermen's lobby dropping its request for a countervail
  duty.
      ""I think that there has been a falling off in the market, so
  I think there is a moderate slow down in the price now,""
  Zimmerman said at a media briefing.
      Zimmerman said the adverse impact from lower U.S. lumber
  product prices would be felt by lumber mills in eastern Canada
  first, migrating westward.
      ""The country has swallowed a time bomb and it will go off
  when times get tough,"" Zimmerman said.
      He also said the federal government should maintain the
  existing 15 pct export tax and not allow provinces to offset
  the tax with increased provincial fees for cutting lumber.
  

"
test/17687	0	acq	"<SEMICON TOOLS INC> MAKING ACQUISITION
  Semicon Tools Inc said it has
  signed a letter of intent to acquire a majority interest in
  privately held East Coast Sales, a distributor and fabricator
  of technical ceramic products and disposable clean room
  materials and supplies.
      Terms were not disclosed.
      It said it expects to acquisition to result in a
  substantial sales increase.
  

"
test/17688	0	acq	"SAFETY-KLEEN <SK> COMPLETES ACQUISITION
  Safety-Kleen Corp said it completed
  the acquisition of an 80 pct interest in BresLube Enterprises,
  for about 12 mln dlrs in stock and cash.
       BresLube, based in Toronto, collects used lubricating oils
  from auto garages, car dealers and other businesses, and
  re-refines it for resale. Its annual revenues are about 18 mln
  dlrs.
  

"
test/17694	0	acq	"HICKS/HAAS GROUP HAS SPECTRADYNE <SPDY.O> FUNDS
  SPI Holding Inc, a group consisting of
  Hicks and Haas and Acadia Partners LP, said it has received
  commitments for the senior bank financing needed to complete
  its proposed acquisition of Spectradyne Inc for 46 dlrs a share
  in cash or securities, or a total of about 452 mln dlrs.
      The transaction was conditioned on the arrangement fo
  financing by today.
      It said it has also executed multi-year employment and
  non-competition agreements with five Spectrayne senior managers.
  

"
test/17698	1	alum	"ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT

  ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT
  

"
test/17700	0	acq	"COMPUTER ASSOC. <CA> BOLSTERS HAND AGAINST IBM
  Computer Associates International Inc's
  800 mln dlr merger with Uccel Corp <UCE> will eliminate its
  strongest rival, but the company still faces stiff competition
  from International Business Machines Corp <IBM>, Wall Street
  analysts said.
       ""IBM is still the ruling force in mainframe systems
  software,"" said Scott Smith, an analyst with Donaldson Lufkin
  and Jenrette.
      ""But the combination of the two companies will clearly
  present a much stronger front,"" he said.
      Besides IBM, ""Computer Associates will be far and away the
  most powerful company in the field,"" added E.F. Hutton analyst
  Terence Quinn.
      That field is a segment of the market known as system
  utilities, or software packages that boost the productivity of
  a company's data processing facilities by increasing the speed,
  power and efficiency of large mainframe computers.
      The merger of Uccel and Computer Associates combines the
  two biggest systems utilities suppliers other than IBM.
  Analysts said the remaining players are mostly small firms that
  will find the competition much harder than in the past.
      For Computer Associates, the merger with Uccel caps a
  six-year acquisition campaign that has vaulted the Garden City,
  N.Y.-based company to the top of the software industry.
      When the deal is completed sometime in August, the
  company's revenues will exceed 450 mln dlrs, pushing it past 
  Microsoft Corp <MFST> as the world's largest independent
  software vendor.
      Computer Associates founder and chairman Charles B. Wang
  took the company public in 1981, and since then he has bought
  15 companies and boosted annual sales from 18.5 mln to 309.3
  mln dlrs for the year ended March 31.
      Liemandt took charge of Wyly, sold off its non-computer
  businesses and decided that it would focus solely on mainframe
  computer software. In 1984, the company was renamed Uccel Corp.
      Liemandt, who said he will leave the company after the
  merger is completed, also turned to acquisitions for growth.
      On the last day of 1986, Uccel completed the buyouts of six
  companies for a total of about 60 mln dlrs.
      For 1986, it earned 17.0 mln dlrs, or 1.01 dlrs a share, on
  sales of 141.5 mln dlrs.
      The agreement took industry analysts by surprise, largely
  because the companies had been such bitter rivals. Also,
  Dallas-based Uccel had engineered a strong comeback from the
  dark days of 1982, when, as Wyly Corp, it lost 7.7 mln dlrs, or
  56 cts a share.
     At that time, Wyly owned a potpourri of 13 different
  businesses, only three of which were involved in computer
  software. In 1983, Walter Haefner, a Swiss financier and a
  major Wyly investor, lured Gregory J. Liemandt away from his
  job as chairman of General Electric Co's <GE> computer services
  unit.
      Computer Associates' Wang and Uccel's Liemandt said at a
  news conference that the merger would give computer users a
  single source for a wide range of software products.
      In addition to system utilities, Computer Associates also
  sell products for microcomputers, while Uccel has made inroads
  in the applications software market, where analysts said it has
  been successful with accounting and banking systems.
      Wang said Computer Associates would continue to support and
  enhance both companies' product lines, but noted that the
  company will eventually weed out duplicate offerings. He said
  about 20 pct of the companies' products overlap.
      Analysts said the merger would dilute the holdings of
  current Computer Associates shareholders by about 10 pct. But
  they joined Wang in forecasting that the deal will not dilute
  Computer Associates' earnings for the current fiscal year.
      Quinn of E.F. Hutton said Wang has a proven track record of
  completing acquisitions without earnings dilution. Therefore,
  he said he would not change his 1988 earnings estimate of 1.05
  dlrs a share.
      Wang said he would look closely at the combined operations
  of the two companies and cut duplication in sales, marketing
  and research and development.
      Analysts said Computer Associates paid a premium for Uccel.
  Based on Friday's closing price, the company will swap 47.50
  dlrs worth of its stock for each Uccel share, which is nearly
  33 times Uccel's 1987 estimated earnings of 1.45 dlrs a share.
      Stephen T. McClellan of Merrill Lynch Research said most
  software companies are currently valued at about 20 times
  per-share earnings. But the analyst said Uccel was worth the
  premium because of its earnings potential and customer base.
  
      Wang said Haefner, the Swiss investor, would hold about 25
  pct of Computer Associates stock after the merger. He currently
  owns 58 pct of Uccel.
      The executive said the merger would not alter his target of
  maintaining sales and earnings growth of 30 pct to 35 pct.
      In addition, he said he expects no problems in having the
  deal cleared by the antitrust division of the U.S. Justice
  Department.
      Uccel's Liemandt declined to say what he will do after the
  merger, but he did not rule out working together with Wang.
  

"
test/17701	0	acq	"MAXWELL WOULD NOT RENEW BID IF SUIT FAILS
  British press magnate Robert Maxwell said
  his British Printing and Communication Corp Plc would not renew
  its bid for Harcourt Brace Jovanovich Inc <HBJ> if the lawsuit
  filed against Harcourt in New York today fails.
      Speaking at a press conference, Maxwell denied market
  rumors that British Printing had approached British
  institutions to arrange a rights issue with a view to
  relaunching its bid for the U.S. publishing concern.
      ""I don't believe in chasing mirages,"" maxwell said.
      British Printing filed suit in U.S. District Court in
  Manhattan to block what Maxwell called a fraudulent
  recapitalization announced by Harcourt last week.
      Harcourt, in response to a hostile two billion dlr takeover
  proposal from Maxwell, planned a recapitalization that would
  pay shareholders 40 dlrs per share. Under the plan, it also
  said 40 pct of its shares will be controlled by its employees,
  management, and its financial adviser, First Boston Corp <FBC>.
  

"
test/17702	1	alum	"ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT

  ALCOA RAISING PRICES OF ALUMINUM BEVERAGE CAN STOCK EIGHT PCT
  

"
test/17703	12	earn	"<GRAND UNION CO> 4TH QTR MARCH 28 NET
  Net 7,237,000 vs 5,938,000
      Sales 630.8 mln vs 601.8 mln
      Year
      Net 34.1 mln vs 20.5 mln
      Sales 2.75 billion vs 2.61 billion
      NOTE: Twelve and 52-week periods.
      Generale Occidentale SA subsidiary.
      Prior year net both periods includes 7,580,000 dlr pretax
  charge for store closings.
      Year net includes pension gain 3,455,000 dlrs vs charge
  5,502,000 dlrs due to change in pension accounting.
      Income tax rate for year 45.9 pct vs 34.1 pct due to
  abolition of investment tax credits.  Elimination of investment
  tax credits approximately offset gain from change in pension
  accounting, company said.
  

"
test/17706	0	acq	"U.S. VIDEO <VVCO.O>, FIRST NATIONAL IN MERGER
  U.S. Video Vending Corp said it
  completed acquiring First National Telecommunications INc from
  First National Entertainment Corp for about 10 mln, or a
  controlling interest of U.S. Video Vending shares.
      Pursuant to the transaction, Harvey Seslowsky and William
  Hodes resigned from U.S. Video's board and were replaced by
  four members of First National.
  

"
test/17707	4	cocoa	"COCOA ORIGINS DISMAYED BY BUFFER STOCK ACTION
  Traders recently returned from West Africa
  say some producers there are dismayed by the ineffective action
  so far by the International Cocoa Organization (ICCO) buffer
  stock manager on buffer stock purchases.
      One trader said some West African producers are annoyed the
  Buffer Stock manager is not playing his part as required by the
  International Cocoa Pact to stabilise prices from current lows.
      So far, only 21,000 tonnes of second hand cocoa have been
  taken up for buffer stock purposes and this, traders noted,
  only on an intermittent basis.
      They noted the purchases, of 8,000 tonnes in the first week
  he bought and 13,000 in the second, are well short of the
  limitations of no more than 5,000 tonnes in one day and 20,000
  in one week which the cocoa agreement places on him.
      The traders recently returned from West Africa say
  producers there are unhappy about the impact on cocoa prices so
  far, noting producing countries are part of the international
  cocoa pact and deserve the same treatment as consumers.
      London traders say terminal market prices would have to
  gain around 300 stg a tonne to take the ICCO 10-day average
  indicator to its 1,935 sdr per tonne midway point (or reference
  price).
      However, little progress has been made in that direction,
  and the 10-day average is still well below the 1,600 sdr lower
  intervention level at 1,562.87 from 1,569.46 previously.
      The buffer stock manager may announce today he will be
  making purchases tomorrow, although under the rules of the
  agreement such action is not automatic, traders said.
      Complaints about the inaction of the buffer stock manager
  are not confined to West African producers, they observed.
      A Reuter report from Rotterdam quoted industry sources
  there saying Dutch cocoa processors also are unhappy with the
  intermittent buffer stock buying activities.
      In London, traders expressed surprise that no more than
  21,000 tonnes cocoa has been bought so far against total
  potential purchases under the new agreement of 150,000 tonnes.
  Carryover holdings from the previous International Cocoa
  Agreement in the stock total 100,000 tonnes.
      Terminal prices today rose by up to 10 stg a tonne from
  Friday's close, basis July at its high of 1,271.
      It seems that when the buffer stock manager is absent from
  the market, prices go up, while when he declares his intention
  to buy, quite often the reverse applies, traders said.
  

"
test/17710	0	acq	"RAPID-AMERICAN COMPLETES K MART <KM> STORE BUY
  Privately-held Rapid-American Corp said
  it has completed the previously-announced acquisition of 66
  Kresge and Jupiter stores from K Mart Corp.
      The company said it plans to operate 57 of the stores as
  McCrory Five and 10 variety stores and close the others by the
  end of July.
  

"
test/17712	12	earn	"HUGHES SUPPLY INC <HUG> 1ST QTR APRIL 30 NET
  Shr 58 cts vs 53 cts
      Shr diluted 54 cts vs 53 cts
      Net 1,957,745 vs 1,594,009
      Sales 95.8 mln vs 87.4 mln
      NOTE: Average shares up 11.7 pct on primary basis.
  

"
test/17716	0	acq	"TOTAL HEALTH <TLHT.O> TO MAKE ACQUISITION
  Total Health Systems Inc said it
  has agreed to acquire CoMED Inc of Denville, N.J., a health
  maintenance organization with over 63,000 subscribers, for an
  undisclosed amount of cash, the assumption of liabilities and
  the provision of up to 10 mln dlrs in equity and debt
  financing.
      The company said the acquisition is subject to regulatory
  approvals.
      It said CoMED had 1986 revenues of 30.0 mln dlrs and
  earnings of 650,383 dlrs and had revenues for the first four
  months of 1987 of 13.6 mln dlrs, up 60 pct from a year before.
  

"
test/17719	0	acq	"UNITED ASSET <UAM> COMPLETES ACQUISITION
  United Asset Management corp said it
  has completed the acquisition of Rice, Hall, James and
  Associates of San Diego for undisclosed terms.
      It said Rice Hall manages investments for institutions and
  individuals and has about 690 mln dlrs in assets under
  management currently.
  

"
test/17723	0	acq	"COMPUTERLAND TO BE ACQUIRED BY INVESTOR GROUP
  Computerland Corp said an
  investor group led by the financial services firm E.M. Warburg
  Pincus and Co Inc has agreed to acquire Computerland's
  business.
      Computerland, a privately-held company said to be the
  world's largest retailer of personal computers, declined to
  provide details of the arrangement.
      But the company said it expects to close the acquisition
  over the next 60 to 90 days.
      In announcing the transaction, Computerland said the
  acquisition will provide it with resources and support to
  maintain and expand its leadership position in the computer
  retail industry.
      Computerland also said its network retail sales in 1986
  totalled 1.45 billion dlrs.
  

"
test/17727	0	acq	"BILZERIAN SAYS IF PAY N'PAK SIGNS MERGER ACCORD HE WILL TENDER FOR 7.5 MLN SHARES

  BILZERIAN SAYS IF PAY N'PAK SIGNS MERGER ACCORD HE WILL TENDER FOR 7.5 MLN SHARES
  

"
test/17728	0	acq	"PIOSEC <PIO.AL> ACQUIRES SEMICONDUCTOR STAKE
  Piosec Technology Ltd said it
  exchanged 4.5 mln common shares for 21 pct of privately owned
  <Alliance Semiconductor Corp> of Santa Clara, Calif.
      Followin the acquisition, a Piosec spokesman said, the
  company has 6.5 mln shares outstanding.
  

"
test/17731	47	tin	"TIN TRADERS' RESPONSE MUTED TO KL FUTURES MARKET
  European free market tin traders made a
  somewhat muted response to plans for a Kuala Lumpur
  dollar-based tin futures market due to be launched in October.
      Traders said the new market would probably be a useful
  trading medium for Japan and other South East Asian tin
  interests although European traders generally appear to be
  reasonably satisfied with the current ""free market"" system
  which has been operating since London Metal Exchange, LME, tin
  trading ceased in October 1985. Dealers here will also want to
  see how acceptable foreign metal will be on the new market and
  what sort of demand develops for forward deliveries.
      There is also a view among European traders that, while the
  proposed Kuala Lumpur tin futures market would provide another
  useful reference point, a market inaugurated by the Malaysian
  government -- in the past viewed as a major player at times by
  the trade -- would make participants uncomfortable.
      Some traders expressed a preference for a resumption of
  trading on the London Metal Exchange, but they added that while
  there has been some behind the scenes discussion on the subject
  a definite move is unlikely until outstanding High Court
  litigation actions have been resolved.
      Spot tin prices on the European free market are currently
  around 4,200 stg per tonne for high grade metal in warehouse
  Rotterdam. Over the past 18 months the price moved to a ten
  year low of 3,400 stg in March 1986 and rebounded to as high as
  4,680 stg in December 1986.
      This compares with 8,140 stg last paid when LME trading
  ceased in October 1985 and a record high tin price of 10,350
  stg traded for Cash Standard Grade metal in June of that year.
      LME warehouse stocks are now near a two-year low at 28,065
  tonnes, having fallen steadily from a record high of 72,485
  tonnes reached in February 1986.
      Traders said the free market turned bullish during late
  last year based on producer forecasts of a supply/demand
  deficit of some 28,000/29,000 tonnes. Analysts were predicting
  prices of up to 5,000 stg per tonne during 1987.
      However, the trend was reversed following a strong upswing
  in sterling versus the dollar and values fell back briefly to
  4,100 stg last month after approaching 4,700 stg in December.
      The decline accelerated as producers who had sold very
  little metal at the higher levels became competitive sellers.
      There was also a lack of significant demand from major
  steel mills who made large purchases prior to the new year.
      Traders say the 15 ITC creditor banks' original tin
  holdings of nearly 45,000 tonnes have now been almost halved,
  and the bulk of material still available is being held by
  Malaysian and Japanese firms which are reluctant to depress the
  market with unwanted metal.
      Some 80,000 tonnes were held by banks and brokers after the
  International Tin Council's, ITC, buffer stock manager halted
  support operations on the LME on behalf of the 22 members
  nations of the International Tin Agreement.
      The overhang of metal was reduced further by broker
  Shearson Lehman Brothers, which earlier this year reported
  having sold its ITC-related holdings and halved its overall tin
  position.
      Analysts see no immediate sign of a rally in European tin
  prices and movements are still expected to be largely related
  to currency fluctuations, unless significant consumer demand
  emerges for the third quarter.
      The Association of Tin Producing Countries, ATPC, has made
  efforts since the collapse of the ITA to achieve higher world
  prices by attempting to bring all major producers under an
  export control umbrella, but to date Brazil and China, two
  major producers, remain unaffected by the ATPC argument and
  apparently are continuing to offer material at discounts to
  consumers in main European trading centres, dealers said.
  

"
test/17733	4	cocoa	"ICCO buffer stock manager to buy 5,000 tonnes cocoa Tuesday, June 2 - official

  ICCO buffer stock manager to buy 5,000 tonnes cocoa Tuesday, June 2 - official
  

"
test/17738	0	acq	"CO-OPERATIVE <COBK.O> COMPLETES ACQUISITION
  Co-operative Bancorp said it
  completed the acquisition of all the issued and outstanding
  stock of the Quincy Co-operative Bank <QBCK.O>.
      Under the agreement, Quincy stockholders will receive 30
  dlrs cash for each share owned of the Quincy Co-operative Bank,
  for a total transaction of approximately 50 mln dlrs,
  Co-operative said.
  

"
test/17742	32	money-fx	"REAGAN SAYS U.S., ALLIES MUST HONOR ACCORDS ON EXCHANGE RATE STABILITY

  REAGAN SAYS U.S., ALLIES MUST HONOR ACCORDS ON EXCHANGE RATE STABILITY
  

"
test/17746	0	acq	"INFO-DATA TO ACQUIRE USA OUTDOOR ADVERTISING
  <Info-Data Inc> said it
  will acquire <USA Outdoor Advertising Inc> of Jacksonville,
  Fla., in exchange for stock.
      USA Outdoor Advertising was acquired for 62.4 pct of the
  outstanding shares of Info-Data Inc, the company said.
      Info-Data said it plans to change its name to USA Outdoor
  Advertising Inc to reflect the change in the company's
  operations.
  

"
test/17748	32	money-fx	"REAGAN URGES FULFILLMENT OF EXCHANGE ACCORDS
  President Reagan, preparing to depart
  for the Venice economic summit on Wednesday, said the United
  States and its allies must fulfill agreements on exchange rate
  stability.
      ""Economic policy decisions made last year in Tokyo, and at
  this year's meetings of Group of 7 Finance ministers in Paris
  and in Washington, cannot be ignored or forgotten,"" he said.
      ""The commitments made at these meetings need to be
  translated into action,"" Reagan said in a pre-summit speech
  celebrating the 40th anniversary of the Marshall Plan.
  

"
test/17749	0	acq	"UNI-MARTS <IMMA.O> ACQUIRES GAS-N-ALL STORES
  Uni Marts Inc said it acquired
  seven <Gas-N-All Inc> convenience stores for an undisclosed
  amount of cash.
      The acquisition bring to 228 the number of convenience
  stores owned by Uni-Marts, the company said.
  

"
test/17751	12	earn	"MERRILL CORP <MRLL.O> 1ST QTR APRIL 30 NET
  Shr 21 cts vs 20 cts
      Net 965,000 vs 726,000
      Revs 13.4 mln vs 11.8 mln
      Avg shrs 4,606,242 vs 3,624,528
  

"
test/17752	0	acq	"ADVANCED TELECOMMUNICATIONS <ATEL.O> TO BUY CO
  Advanced Telecommunications Corp
  said it reached an agreement in principle to purchase <Teltec
  Savings Communications Co>, a long distance telephone service
  in Florida.
      The proposed acquisition price is approximately 17.5 mln
  dlrs in cash, the company said.
  

"
test/17753	12	earn	"ODETICS INC <OA/OB> 4TH QTR MARCH 31 NET
  Shr seven cts vs eight cts
      Net 278,000 vs 340,000
      Revs 11.4 mln vs 8,871,000
      Year
      Shr three cts vs one ct
      Net 113,000 vs 33,000
      Revs 39.7 mln vs 33.1 mln
  

"
test/17757	10	crude	"BASIN PIPELINE TEXAS/OKLA BORDER WASHED OUT BY FLOODS SOME 300,000 BPD CRUDE AFFECTED.

  BASIN PIPELINE TEXAS/OKLA BORDER WASHED OUT BY FLOODS SOME 300,000 BPD CRUDE AFFECTED.
  

"
test/17758	22	interest	"CCC INTEREST HIGHER IN JUNE, USDA SAYS
  Interest rates on commodity loans
  disbursed by the Commodity Credit Corporation (CCC) this month
  will carry a 6-7/8 pct interest rate, the U.S. Agriculture
  Department said.
      That is up from the May rate of 6-1/4 pct and reflects the
  interest rate charged the CCC by the U.S. Treasury in June,
  USDA noted.
  

"
test/17759	49	veg-oil	"ANDRIESSEN HINTS FATS/OIL TAX COULD GO TO SUMMIT
  European Community (EC)
  Agriculture Commissioner Frans Andriessen said his proposal for
  a tax of up to 330 European Currency Units per tonne on oils
  and fats was likely to go up for discussion at next week's
  summit meeting of EC leaders.
      EC farm ministers have been unable to agree the tax, one of
  the main items proposed by Andriessen for the 1987-88 farm
  price package.
      The tax, which would apply on both domestically-produced
  and imported oils and fats, has been fiercely opposed by the
  United States and developing countries' vegetable and marine
  oil producers.
  

"
test/17760	0	acq	"BILZERIAN PREPARED TO TENDER FOR PAY N'PAK <PNP>
  Investor Paul Bilzerian said if Pay N'
  Pak Stores Inc enters into a merger accord with him he will
  immediately begin a tender offer for 7.5 mln shares for 20 dlrs
  per share in cash.
      Bilzerian told Reuters he believes his offer is superior to
  a leveraged buyout proposal disclosed in an announcement by the
  company this morning.
      The company said it is evaluating both proposals.
  Bilizerian said he was optimistic his offer will be accepted at
  a meeting of the board of directors Wednesday. Officials of Pay
  N' Pak did were not immediately available for comment.
   
      Bilzerian said he has a pool of 150 mln dlrs raised by
  Shearson Lehman Brothers Inc available for the tender and ""we
  may add a bank to that.""
      ""We've submitted an agreement we're prepared to sign,"" he
  said. Shares not accepted in Bilzerian's tender would be
  exchangeable for 20 dlrs in convertible preferred stock.
      Asked what would happen if the leveraged buyout group,
  which the company did not identify, topped his offer between
  now and the board meeting, Bilzerian said he expected an
  opportunity to respond.
      Pay N' Pak gave no details about the buyout group, but did
  say the offer was contingent on financing and on an agrreement
  regarding management's equity participation.
      Bilzerian said it was his understanding that the management
  particpation was ""nominal.""
      Pay N' Pak fell 1-1/2 to 19. Arbitrageurs said there was
  disappointment that neither of the offers topped 20 dlrs.
      ""We were expecting an offer north of (above) 21 or 22
  dlrs,"" said one arbitrageur. The leveraged buyout plan was for
  17.50 dlrs per share in cash and 2.50 dlrs in 13-1/2 pct
  cumulative preferred stock.
  
      Robert Cheadle, analyst at Montgomery Securities, said ""you
  have to ask yourself why no one in the industry made a bid.""
      Scott Drysdale, analyst at Birr Wilson Securities, said the
  company has not made the best strategic moves over the years.
  ""They have not done the right things at the right time,"" he
  said, and as a result earnings per share have steadily declined
  since 1984. The 57 cts per share in earnings reported for the
  fiscal year ended in February was lower than 1978's earnings,
  he said. Earnings totaled 5.7 mln dlrs on revenue of 398.4 mln
  dlrs.
      Drysdale said Pay N' Pak has better trained sales people
  than many competitors, but it competes on price even though
  competitors have lower costs. The result is squeezed margins.
  He noted that there have been no other publicly identified
  bidders stepping forward since the company rejected an earlier
  Bilzerian proposal in mid-April.
      Another arbitrageur said it might not be too late for
  another bidder to get in the game. He speculated that someone
  in the same home improvement business might be able to offer a
  deal for stock that would top both the buyout proposal and
  Bilzerian's plan.
  

"
test/17762	0	acq	"FORSTMANN LITTLE AND CO SAID IT PLANS TO SELL SYBRON CORP UNIT

  FORSTMANN LITTLE AND CO SAID IT PLANS TO SELL SYBRON CORP UNIT
  

"
test/17763	0	acq	"PHARMACONTROL <PHAR.O> ACQUIRES REVCO UNIT
  PharmaControl Corp said it
  acquired Private Formulations Inc from <Revco D.S. Inc> for six
  mln dlrs in cash, a 13,550,000 dlr promissory note and warrants
  to buy 200,000 PharmaControl common shares.
      PharmaControl said the purchase price was financed, along
  with one mln dlrs in working capital, through secured
  institutional financing.
      The company said betweenm 11,550,000 dlrs and 12,550,000
  dlrs f the principal amount of the Revco note, plus accrued
  interest, is payable June 30. The balance is payable over three
  years.
      PharmaControl said it expects to make the payment due to
  Revco from proceeds of a proposed offering of units consisting
  of convertible subordinated debenturers and common stock
  currently on file with the Securities and Exchange Commission.
      Upon closing of the public offering, the company said, it
  expects the secured institutional financing to increase to a
  total of 12 mln dlrs.
      Private Formulations is primarily engaged in the
  manufacture and distribution of vitamins and private label
  over-the-counter pharmaceutical products.
  

"
test/17766	0	acq	"FISHER SHAREHOLDER INDECISIVE OVER STOCK BUY
  Fisher Foods Inc <FHR> said
  <5300 Richmond Road Corp>, its largest shareholder, has not yet
  reached a definitive decision about whether it will buy more
  Fisher stock through a possible merger, tender offer or another
  acquisition proposal.
      5300 is a Delaware corporation formed by <American Seaways
  Foods Inc>, <Rini Holding Co> and <Rego Companies> which owns
  1.5 mln shares of Fisher, or about 44 pct of its outstanding
  common stock.
      Fisher said 5300 had announced on April 20 that they would
  make a decision on June 1 about the move.
      Fisher said 5300 also told it they will continue to explore
  possible advantages and disadvantages of various acquisition
  proposals.
      5300 also said it is continuing to discuss with various
  financial groups about possible financing for such a move, but
  gave no indication of when any financing or proposal would be
  finalized, Fisher said.
  

"
test/17770	0	acq	"U.S. BANCORP <USBC.O> HAS ACQUISITION APPROVAL
  U.S. Bancorp (Oregon) said it has
  been advised orally that its application for the acquisition of
  Old National Bancorp has been approved by the Board of
  Governors of the Federal Reserve.
      The company said it has also been advised that it has
  received Fed approvals for its acquisition of Heritage Bank of
  Camas, Wash., and for its conversion of its subsidiary, U.S.
  Thrift and Loan of Salt Lake City, Utah, into a commercial
  bank.
      In January U.S. Bancorp and Old National reached a
  definitive agreement covering the acquisition of all the stock
  of Old National which it does not already own for 171 mln dlrs.
      U.S. Bancorp currently owns 4.9 pct of Old National's
  stock.
  

"
test/17771	10	crude	"MAJOR U.S. OIL PIPELINE SHUT DOWN BY FLOODS
  Flooding in the Red River on the
  Texas/Oklahoma border has shut down the Basin Pipeline, a
  24-inch pipeline that transports as much as 300,000 barrels per
  day of sweet and sour crudes from Texas to Cushing, Okla, a
  Texaco Pipeline Co spokesman confirmed.
      ""The water is rushing by so fast that we can't get any
  divers down to assess the damage but there is some possibility
  that the pipeline could be up by the end of the week,"" a company
  source said.
      The pipeline transmits roughly two-thirds sour crude and
  one-third sweet crude oil from the Midland, Texas region.
      Texaco sources said that if the pipeline service is
  restored by Friday there would be little problem in restoring
  oil which has been lost to the flood.
      ""But if the pipeline is down more than 10 days it will be
  difficult to make up without prorationing and we would not like
  to proration this pipeline, if we don't have to.""
      The Basin Pipeline is jointly owned by Atlantic Richfield
  Corp <ARC>, Shell Oil Co, a subsidiary of the Royal Dutch/Shell
  Group <RD> and Texaco Inc <TX>, which is the pipeline's
  operator.
       Peter Beutel, analyst at Elders Futures Inc, said crude
  oil futures contracts on New York Mercantile Exchange rose to
  new highs this afternoon following news of the pipeline break.
      July crude futures of West Texas Intermediate traded up to
  19.60 dlrs a barrel, a rise of more than 20 cts.
      Cash market prices also firmed on the news with sellers of
  WTI raising offers to 19.60 dlrs a barrel.
      Sour crudes, which would be most affected by the pipeline
  shutdown, however, were slow to react to the news with West
  Texas Sour and Alaska North Slope holding 50 cts to one dlr a
  barrel below WTI, respectively.
      Dan Stevens, manager of public and government affairs at
  Texaco, said the company hopes to fix the pipeline in five days
  but that will depend on when the water level of the Red River
  recedes. There is already evidence that the water level is
  dropping and it appears the rain has stopped in the area
  affecting the pipeline, Stevens said.
      He said the segment of the pipeline that was damaged was
  underground and at a distance from the Red River that flooded.
  The pipeline runs over the Red River and under the subsoil
  nearby, according to Stevens. He said some of this subsoil was
  apparently washed away.
     
      The potential for environmental damage is being downplayed
  at this time despite the volume of oil that runs through this
  line.
      Texaco's Stevens said that aerial surveillance has not
  found any crude on the water in the river or in Lake Texoma,
  which is nearby.
  

"
test/17773	12	earn	"BRITISH LAND OF AMERICA INC <BLA> YEAR MARCH 31
  Shr loss 36 cts vs loss 57 cts
      Net loss 4,589,000 vs loss 7,339,000
      Revs 19.9 mln vs 19.6 mln
      Avg shrs 14.7 mln vs 13.3 mln
      NOTE: Company is a subsidiary of <British Land Co PLC>
  

"
test/17775	0	acq	"FORSTMANN LITTLE AND CO TO SELL UNIT
  <Forstman Little and Co> said it plans
  to sell its Sybron Corp unit, a leading maker and marketer of
  dental and laboratory products, for an undisclosed sum.
      Forstmann Little said it acquired Sybron in February 1986
  and since that time Sybron has been substantially restructured,
  with new management, lower corporate overhead and a new
  location in Saddle Brook, N.J.
      Fortsmann Little said <Goldman Sachs and Co> will act as
  its financial advisor for the move. It added that Sybron
  expects revenues for the current fiscal year of 242 mln dlrs
  with operating income of about 51 mln dlrs.
  

"
test/17776	0	acq	"TAKEOVER SPECULATION LIFTS HUTTON <EFH> SHARES
  E.F. Hutton Group Inc shares rose on
  speculation the company would receive a takeover offer, traders
  said.
      Hutton's stock also was affected by a newspaper report that
  First Boston Corp <FBC> accumulated almost five pct of Hutton's
  stock on behalf of an outside client, traders said. Traders
  said the story, which appeared in USA Today, added speculation
  which began on the street last week. They said there were
  rumors the stock was under accumulation and speculation
  abounded the company would soon receive an offer. A Hutton
  official declined comment. Hutton's stock rose 2-1/4 to 39-3/8.
      Hutton several months ago rejected a buyout offer from
  Shearson Lehman Brothers Inc <SHE>. The newspaper story
  mentioned speculation American Express Co <AXP>, the parent of
  Shearson, was a possible buyer. But traders said the rumors
  today did not name buyers. First Boston officials were not
  immediatley available for comment.
      Prudential Bache analyst Larry Eckenfelder said he doubted
  the speculation about American Express. He said he believed
  Hutton, which is occassionally surrounded by rumors, moved up
  today as a result of the newspaper article. ""Hutton is still a
  takeover candidate,"" said Eckenfelder.
  

"
test/17777	0	acq	"HONG KONG FIRM UPS WRATHER <WCO> STAKE TO 28 PCT
  Industrial Equity (Pacific) Ltd, a
  Hong Kong investment firm, said it raised its stake in Wrather
  Corp to 2,025,850 shares, or 28.1 pct of the total outstanding
  common stock, from 1,808,700 shares, or 25.1 pct.
      In a filing with the Securities and Exchange Commission,
  Industrial Equity, which is principally owned by Brierley
  Investments Ltd, a publicly held New Zealand firm, said it
  bought 217,150 Wrather common shares on May 28 and 29 at 20.00
  dlrs a share, or 4.3 mln dlrs total.
  

"
test/17780	10	crude	"CONGRESSMAN SAYS U.S. UNPREPARED FOR OIL CUTOFF
  Rep. Mike Synar said today that while
  President Reagan is ready to use military force to protect
  Kuwait tankers in the Gulf, the United States is ill-prepared
  at home to deal with a new energy crisis.
      Synar, Democrat of Oklahoma, made his remarks in comments
  on a study by the General Accounting Office (GAO) on the U.S.
  participation in the 1985 test of the emergency oil sharing
  program of the International Energy Agency.
      The IEA, an alliance of 21 oil consuming countries, was
  formed after the 1973-74 Arab oil embargo to find ways to deal
  with any future oil cutoff.
      Synar said, ""the president is prepared to take military
  action to protect Kuwaiti oil tankers but has been unwilling to
  take less dangerous, equally-important action to prepare our
  nation for the next energy crisis.""
      Reagan said the U.S. military would protect Kuwaiti oilers
  to assure the West of a continuing supply of Middle East oil,
  increasingly being threatened by the Iranian-Iraqi war. Synar,
  who asked for the GAO report after criticism of U.S. action in
  a previous IEA test, said the United States successfully
  advocated a test limited to training participants in oil
  sharing procedures and the system's mechanical aspects.
  

"
test/17782	0	acq	"ALLIED-SIGNAL <ALD> COMPLETES SALE OF MPB CORP
  Allied-Signal Inc said it 
  completed the sale of its MPB Corp unit to Bearing Acquisition
  Corp for 145 mln dlrs plus assumption of certain MPB
  liabilities.
      Headquartered in Keene, N.H., MPB designs and makes
  precision ball and roller bearings used in aerospace, ordnance
  and computer applications. Allied-Signal said the unit had 1986
  sales of over 90 mln dlrs.
      It noted the sale to newly formed Bearing Acquisition was
  announced May 18.
     
      Allied-Signal said Bearing Acquisition is a newly-formed
  corporation owned by an investors group organized by Harold S.
  Geneen and Donaldson Lufkin and Jenrette Securities Corp.
      Wells Fargo Bank provided senior debt financing to Bearing
  Acquisition and Donaldson Lufkin and Jenrette provided bridge
  financing in the form of subordinated notes, preferred stock
  and common stock in an amount sufficient to fund the purchase
  price, Allied-Signal added.
  

"
test/17784	0	acq	"BASS GROUP CUTS NATIONAL DISTILLERS <DR> STAKE
  An investor group led by members of
  the Bass family of Fort Worth, Texas, said it lowered its stake
  in National Distillers and Chemical Corp to 1,159,400 shares,
  or 3.6 pct of the total common, from 1,727,200, or 5.3 pct.
      In a filing with the Securities and Exchange Commission,
  the Bass group said it sold 567,800 National Distillers common
  shares between May 15 and 29 at prices ranging from 59.94 to
  63.44 dlrs a share.
      As long as the group's stake is below five pct, it is not
  required to disclose its further dealings in National
  Distillers' common stock.
  

"
test/17785	0	acq	"REPUBLIC AMERICAN<RAWC.O> UPS BUCKEYE<BPL> STAKE
  Republic American Corp told the
  Securities and Exchange Commission it raised its stake in
  Buckeye Partners L.P. to 963,200 limited partnership units, or
  8.0 pct of the total, from 744,200 units, or 6.2 pct.
      Republic, which is controlled by Cincinnati, Ohio,
  financier Carl Lindner and his American Financial Corp, said it
  bought 219,000 Buckeye units between May 14 and 22 at prices
  ranging from 22.49 to 23.02 dlrs each, or about 5.0 mln dlrs
  total.
  

"
test/17787	0	acq	"KINGSBRIDGE, MASCO SET MERGER
  Kingsbridge Holdings Ltd, said it signed
  a letter of intent for a merger with <Masco Sports Inc>.
      The transaction calls for 230 mln sahres of Kingsbridge
  common stock to be issued to shareholders of Masco.
  

"
test/17788	12	earn	"INTERNATIONAL CORONA <ICR.TO> 2ND QTR NET
  Period ended March 31
      Oper shr profit four cts vs loss 17 cts
      Oper net profit 584,000 vs loss 2,165,000
      Revs 7,493,000 vs not given
      SIX MTHS
      Oper shr profit eight cts vs loss 14 cts
      Oper net profit 1,177,000 vs loss 1,778,000
      Revs 14.8 mln vs not given.
  

"
test/17791	12	earn	"ROYEX GOLD MINING <RGM.TO> 2ND QTR MARCH 31 NET
  Oper shr loss three cts vs loss one ct
      Oper net loss 1,796,000 vs loss 381,000
      Revs 2,501,000 vs 2,695,000
      SIX MTHS
      Oper shr loss eight cts vs loss four cts
      Oper net loss 3,235,000 vs loss 1,123,000
      Revs 4,850,000 vs 4,551,000
      Note: 1987 net excludes 2nd qtr extraordinary gain of 87
  mln dlrs or 1.54 dlrs shr from sale of 51 pct stake of Mascot
  Gold Mines Ltd <MSG.TO>. Full name Royex Gold Mining Corp.
  

"
test/17792	0	acq	"DRESSER INDUSTRIES INC TO SELL RELIANCE STANDARD LIFE INSURANCE TO ROSENKRANZ UNIT

  DRESSER INDUSTRIES INC TO SELL RELIANCE STANDARD LIFE INSURANCE TO ROSENKRANZ UNIT
  

"
test/17795	12	earn	"DIANA CORP <DNA> YEAR MARCH 28 OPER NET
  Oper shr 74 cts vs 30 cts
      Oper net 3,034,000 vs 1,225,000
      NOTE: 1987 operating net excludes credits of 1,043,000 dlrs
  or 25 cts a share.
      1986 operating net excludes discontinued operations of
  84,000 dlrs or two cts, and extraordinary charges of 1,119,000
  dlrs or a loss of 27 cts.
  

"
test/17798	0	acq	"WYSE <WYSE.O> TO GET LINK TECHNOLOGIES
  Wyse Technology said it agreed
  in principle to acquire privately-held Link Technologies Inc in
  exchange for an undisclosed amount of Wyse Technology shares.
      Link Technologies develops and markets computer terminals,
  Wyse also said.
  

"
test/17802	12	earn	"MCLAIN INDUSTRIES INC <MCCL.O> 2ND QTR MARCH 31
  Shr 11 cts vs 13 cts
      Net 234,326 vs 266,653
      Revs 5.5 mln vs 5.8 mln
      Six months
      Shr 21 cts vs 31 cts
      Net 445,509 vs 646,978
      Revs 9.4 mln vs 10.8 mln
  

"
test/17808	12	earn	"PHILLIPS-VAN HEUSEN CORP <PVH> 1ST QTR
  Shr 73 cts vs 60 cts
      Net 4.6 mln vs 3.8 mln
      Revs 112.8 mln vs 104.1 mln
      NOTE:1987 includes lifo charge of 1.5 mln dlrs, pension
  expenses declined by 879,000 dlrs due to change in accounting,
  interest decreased by 382,000 dlrs.
  

"
test/17809	0	acq	"DRESSER <DI> TO SELL UNIT TO ROSENKRANZ AND CO
  Dresser Industries Inc said it signed a
  definitive agreement to sell its Reliance Standard Life
  Insurance Co to RSL Holding Co Inc., a subsidiary of the
  privately-held, New York-based investment firm of Rosenkranz
  and Co.
      Terms were not undisclosed. Philadelphia-based Reliance
  earned 25.3 mln dlrs on sales of 201.6 mln dlrs in 1986.
      Dresser said it will use the proceeds from the sale for
  stock repurchases, debt reduction, and possibly complementary
  acquisitions in the field of engineered products and services
  for energy producers.
  

"
test/17810	0	acq	"ATCOR<ATCO.O> SEEKS BUYERS FOR CONSUMER BUSINESS
  Atcor Inc said that Roth-American Inc,
  which had signed a letter of intent on May 1 to acquire its
  Turco and Charmglow operations of its consumer products
  segment, has decided against buying Charmglow.
      While Roth-American said it is still interested in
  acquiring Turco, Atcor said it is now reviewing its options
  with other potential buyers who have expressed interest in its
  consumer products businesses.
  

"
test/17811	12	earn	"INTERNATIONAL CONSUMER BRANDS <ICBI.O> 1ST QTR
  Shr profit one cts vs loss three cts
      Net profit 68,607 vs loss 183,893
      Revs 4.2 mln vs 602,665
  

"
test/17812	0	acq	"USPCI <UPC> SEEN REJECTING UNION PACIFIC BID
  share bid made last Wednesday by Union Pacific Corp (UNP), 
  analysts said.
      ""The offer is inadequate,"" said Douglas Augenthaler, an
  analyst with E.F. Hutton, noting that it does not represent the
  needed premium over the company's fundamental value based on
  earnings estimates.
      USPCI, which has 8.7 mln shares outstanding, was trading at
  48-1/8, down 3/8.
      USPCI vice president of finance Larry Shelton said he could
  not comment on the adequacy of the offer or on when the board
  would meet to consider it.
      Augenthaler said that while USPCI was trading at only 34
  dlrs a share at the time of the takeover bid, its announcement
  that same day of higher earnings expectations changed its
  value. USPCI said its second quarter earnings would exceed
  analysts expectations of 24 to 30 cts a share.
      At that price, USPCI could maintain a stock price in the
  low 40s, Augenthaler said.
      Hutton revised its 1987 earnings estimate for the waste
  management concern to 1.40 dlrs a share from 1.20 dlrs on the
  announcment, he said. It lifted its 1988 projection to 1.90
  dlrs a share from 1.70 dlrs.
      In addition, analysts said the hazardous waste management
  business holds significant growth potential. The industry has
  grown from 16 to 35 pct over the last five years, based on
  earnings per share, said Jeffrey Klein, an analyst with Kidder
  Peabody and Co. The industry is expected to continue growing at
  15 to 35 pct over the next five years, he said.
      Augenthaler said the 43-dlr-a-share offer, or 375 mln dlrs
  total, would be a bargain for Union Pacific. The transportation
  and energy company would both gain entry into a profitable
  business and win cost-control benefits, he said.
      ""Union Pacific has what are rumored to be some fairly
  signficant environmmental problems of its own,"" he said.
      Herb Mee Jr., president of Beard Oil Co (BEC), which holds
  a 30.4 pct stake in USPCI, said last week Union Pacific's offer
  was ""grossly inadequate.""
  

"
test/17813	10	crude	"TOTAL PETROLEUM <TPN> SHUTS TEXAS PIPELINES
  Total Petroleum NA <TPN> shut down
  several small crude oil pipelines operating near the
  Texas/Oklahoma border last Friday as a precaution against
  damage from local flooding, according to Gary Zollinger,
  manager of operations.
      Total shut a 12-inch line that runs across the Ouachita
  River from Wynnewood to Ardmore with a capacity of 62,000 bpd
  as well as several smaller pipelines a few inches wide with
  capacities of several thousand bpd or less, Zollinger said.
      The Basin Pipeline, a major pipeline running 300,000 bpd,
  run by a consortium of other oil companies, was closed today.
      One other small pipeline that Total also closed has a
  capacity of 3,000 to 4,000 bpd and crosses the Red River in
  Fargo, Texas, Zollinger said.
      He said the closed pipelines run under river water and
  could be damaged as the flooded rivers erode the river banks
  and expose the piping.
      Zollinger said Total is waiting for the river waters to
  recede before they reactivate the pipelines.
  

"
test/17816	10	crude	"DOE REACHES PROPOSED OIL SETTLEMENTS
  The Energy Department said it reached
  proposed oil pricing settlements totaling 680,150 dlrs with the
  operator and four working interest owners of A.D. LeBlanc No. 1
  well, Vermillion Parish, La.
      Trigon Exploration Co., Inc operated the well from June
  1979 to January 1981 for D. Bryan Ferguson, C. William Rogers,
  Omni Drilling Partnership No 1978-2 and Entex Inc.
      DOE alleged Trigon caused overcharges of 624,208 dlrs by
  improperly classifying its oil as ""newly discovered crude,"" a
  classification that allowed charging higher prices during a
  period of price controls.
      It said the proposed settlements would resolve disputes
  over possible violations by the five parties. DOE added that in
  agreeing to the settlements, the five did not admit any
  violations or non-compliance with its regulations.
      It said it would receive written comments on the
  settlements before making it final.
  

"
test/17822	0	acq	"FIRST OF AMERICA (FABK.O) ACQUIRES KEYSTONE
  First of America Bank Corp said
  it acquired (Keystone Bancshares Inc) for 25 mln dlrs.
      Keystone shareholders will receive 45 dlrs per Keystone
  share, payable in First of America convertible preferred stock
  having a dividend rate of nine pct.
      Keystone has two affiliates with combined assets of 205 mln
  dlrs. First of America has 7.9 billion dlrs in assets.
  

"
test/17825	0	acq	"FLUOROCARBON <FCBN.O> COMPLETES ACQUISITION
  Fluorocarbon Co said it
  completed the acquisition of Eaton Corp's <ETN> industrial
  polymer division.
      The company said it paid about 70 mln dlrs in cash for the
  division, which will be renamed Samuel Moore Group.
      Fluorocarbon also said the division should boost annual
  sales to 165 mln dlrs from last year's 98 mln dlrs.
  

"
test/17829	24	iron-steel	"LTV <QLTV> TO NEGOTIATE WITH STEELWORKERS
  LTV Corp's LTV Steel Corp said it
  agreed to resume negotiations with the United Steelworkers of
  America at the local plant levels, to discuss those provisions
  of its proposal that require local implementation.
      The local steelworker union narrowly rejected a tentative
  agreement with the company on May 14, it said.
      LTV also said it agreed to reopen its offer contained in
  the tentative agreement reached with the union's negotiating
  committee as part of a plan to resolve problems through local
  discussions.
  

"
test/17834	12	earn	"CHARTER POWER SYSTEMS INC <CHP> 1ST QTR
  Shr 11 cts vs 21 cts
      Net 563,000 vs 863,00
      Revs 28.8 mln vs 32.5 mln
      Avg shrs 5.0 mln vs 3.3 mln
  

"
test/17835	0	acq	"FINANCIAL SECURITY <FSSLA.O> TO BE ACQUIRED
  Financial Security Savings and
  Loan Association said it signed a letter of intent for a
  controlling interest to be acquired by an investor group led by
  South Florida developer William Landa.
      Terms were not disclosed.
  

"
test/17837	0	acq	"EDELMAN GROUP CUTS BURLINGTON <BUR> STAKE
  New York investor Asher Edelman and
  Dominion Textile Inc <DTX.T>, who are currently seeking to
  acquire Burlington Industries Inc in a hostile tender offer,
  said they lowered their stake in the company.
      In a filing with the Secruties and Exchange Commission, the
  Edelman/Dominion group, known as Samjens Acqusition Corp, said
  it sold options to buy 258,800 Burlington common shares,
  reducing its stake in the company to 3,408,813 shares, or 12.33
  pct, from 3,667,313 shares, or 13.3 pct.
      The group said the sale, which represented all the
  Burlington options it owned, was made May 28 for 8.7 mln dlrs.
      The Edelman/Dominion group last week sweetened its hostile
  tender offer to 77 dlrs a share, after Burlington agreed to a
  leveraged buyout by a Morgan Stanley and Co-backed group for 76
  dlrs a share.
      But the Edelman/Dominion group, which has litigation
  pending against Burlington, also said it has held talks with
  Morgan Stanley about ""the possibility of settlement of
  outstanding matters among"" it, Morgan Stanley and Burlington.
  

"
test/17839	0	acq	"ENTERTAINMENT MARKETING TOPS CRAZY EDDIE OFFER
  A quickly growing Texas-based
  distributor of electronics products offered 240 mln dlrs
  for Crazy Eddie Inc <crzy>, the leading New York City
  electronics retailer, or one dlr per share more than its
  founder has bid.
      The 8-dlr-a-share offer by Entertainment Marketing Inc <em>
  for Crazy Eddie comes less than two weeks after founder Eddie
  Antar and a firm controlled by the Belzbergs of Canada
  announced a bid to take the 32-store Crazy Eddie chain private.
      Analysts said Entertainment Marketing, whose revenues and
  profits quadrupled in 1986, may be looking to break into the
  highly competitive New York City retail market for consumer
  electronics, the nation's biggest, at a time the fortunes of
  electronics retailers have sagged.
      The analysts questioned whether Houston-based Entertainment
  Marketing, founded by a former electronics retailer but whose
  present buinesses are primarily as wholesale distributors, had
  the management expertise for retailing or was merely trying to
  drive up the price of the Crazy Eddie shares it already owns.
      ""I have mixed feelings,"" said analyst Dennis Telzrow of
  Eppler, Geurin and Turner, a Dallas brokerage. ""On the one hand
  it's probably a cheap price. On the other hand, does
  Entertainment Marketing have the management talent to run it
  and will the Crazy Eddie people leave?""
      ""It's a risky strategy for Entertainment Marketing,"" said
  analyst Eliot Laurence of Wessels Arnold and Henderson, a
  Minneapolis brokerage. ""Electronics retailing is very management
  concentrated; they'd want to keep Crazy Eddie's management in
  place.""
      Laurence said that, since Entertainment Marketing already
  owns 4.3 percent of Crazy Eddie's 31.3 million shares, it may
  be trying to get the Antar-Belzberg group to increase its
  7-dlr-a-share offer.
      Shares of Crazy Eddie, which have jumped from the high
  4-dlr range to above 7 dlrs since the Antar-Belzberg bid was
  announced May 20, rose another 50 cents Monday to 8.375 a share
  in over-the- counter trading. 
      Antar, the reclusive founder of the chain in the New York
  City, Philadelphia and Connecticut areas, said last month that
  his group controlled 14 percent of Crazy Eddie's shares.
      A Crazy Eddie spokesman said the company's board has taken
  no decision on the Antar-Belzberg offer, worth some 187 mln dlrs
  since they own more shares than Entertainment Marketing. He
  would not comment on the new offer.
      Entertainment Marketing sells computer products such as
  disk drives and other, often discounted electronics goods to
  retailers, primarily in the southwest, and directly to
  consumers by cable television.
      In fiscal 1986, ending last January, its revenues rose to
  87.9 mln dlrs from 21.3 mln dlrs the previous year. Net profit
  went to 3.2 mln dlrs from 750,000 dlrs in 1985.
      Entertainment Marketing, whose chief executive officer,
  Elias Zinn, once ran an electronics retailing business, said in
  a statement it had committed 50 mln dlrs toward the purchase
  of Crazy Eddie and had retained Dean Witter Reynolds Inc to
  assist in financing the balance.
      Analyst Telzerow estimated that the company would have to
  borrow about 100 mln dlrs to complete the proposed buyout since
  Crazy Eddie has cash and other assets worth about the same
  amount.
      Shares of Entertainment Marketing were up 12.5 cents Monday
  to 9.50.
  

"
test/17847	0	acq	"FIRST UNION <FUNC.O> COMPLETES ACQUISITIONS
  First Union Corp said it
  completed the acquisition of two Florida-based banks, North
  Port Bank, based in North Port, and City Commerical Bank, based
  in Sarasota.
  

"
test/17848	12	earn	"CROP GENETICS INTERNATIONAL <CROP.O> 4TH QTR
  4th qtr ended March 31.
      Shr loss 24 cts vs loss 19 cts
      Net loss 751,900 vs loss 569,000
      Revs 497,500 vs 811,400
      Year
      Shr loss 1.13 dlrs vs loss 70 cts
      Net loss 3,472,700 vs 1,990,300
      Revs 2,484,100 vs 2,498,300
  

"
test/17849	0	acq	"INVESTORS MAY TAKE COMPUTERLAND PUBLIC
  The investor group that has agreed to
  buy <Computerland Corp> will likely take the leading personal
  computer retailer public or sell it to other investors,
  industry analysts said.
      ""Now's a good time,"" said Joe Levy of International Data
  Corp. ""The personal computer industry has bottomed out and is
  on the way up again,"" he said.
      Earlier today, closely held Computerland, the largest PC
  retailing chain in the country, said it agreed to be bought by
  an investor group led by E.M. Warburg Pincus and Co, New York.
      Neither Computerland, which is 96 pct owned by its founder,
  William H. Millard, nor E.M. Warburg, a money management and
  venture capital firm, would disclose the value of the
  transaction.
      Analysts estimated that Computerland, whose 800 stores
  generated 1.4 billion dlrs in sales last year, would fetch  150
  mln dlrs to 250 mln dlrs. Computerland franchise owners pay
  royalties averaging 5.9 pct to the parent company.
      Officials for E.M. Warburg referred all questions to
  Computerland. Computerland officials could not immediately be
  reached for comment.
      E.M. Warburg currently manages 1.5 billion dlrs in venture
  capital funds, and its past investments have included Mattel
  Inc <MAT> and the Ingersoll newspaper chain. It is also a money
  manager, with 3.5 billion dlrs under management.
     Although the PC retailers are benefitting from the strong
  upturn in PC sales, analysts said Computerland must make key
  changes if it is to fend off advances from rivals like
  Businessland Inc <BUSL.O> and Tandy Corp's <TAN> Radio Shack
  stores. ""The name of the game now is outbound sales forces,
  customer service and customer support,"" said Levy of
  International Data.
  
      Relations between Computerland and its franchise owners
  have mellowed recently after Millard was forced to give up
  managment control of the company in 1985.
      Ed Faber, who took over as chairman and chief executive
  officer, revamped the company's royalty plan, which help quell
  much of the franchisee dissent.
  

"
test/17853	0	acq	"LADD <LADD.O> UNIT COMPLETES ACQUISITION
  Ladd Furniture Inc's Clayton-Marcus
  Furniture subsidiary said it completed the previously announced
  purchase of privately-held Colony House Furniture Inc
  for an undisclosed amount of cash and notes.
  

"
test/17857	0	acq	"CIS <CISIF.O> AGREES TO SECOND EXTENSION
  CIS Technologies Inc said that it
  and the Swiss Reinsurance Co of Zurich, Switzerland agreed to a
  second extension of two dates for the final part of their share
  purchase agreement.
      It said the June one election date has been extended to
  June 15 and the June 30 closing date has been changed to July
  31.
  

"
test/17860	0	acq	"WASTE MANAGEMENT <WMX> BOARD OKAYS MODULAIRE BUY
  Waste Management Inc said its
  directors approved a May 10 accord with Modulaire Industries
  <MODX.O> under which Waste Management would acquire Modulaire.
      Under the agreement, Modulaire stockholders would receive
  16 dlrs in Waste Management stock for each Modulaire share.
      Modulaire has scheduled a special shareholders meeting for
  July 15 to vote on the merger. Waste Management said it has
  received proxies from holders of 49.6 pct of Modulaire's common
  stock that could be voted in favor of the merger.
      The Hart-Scott-Roding waiting period on the takeover will
  expire June 17.
  

"
test/17863	0	acq	"BURLINGTON <BUR> HEARING TO CONTINUE TOMORROW
  U.S. District Court Judge Eugene
  A. Gordon said he plans to issue a decision tomorrow on
  Burlington Industries Inc's request for an injunction to stop
  Samjens Acquisition Corp's takeover bid for the company.
      Wall Street sources have said the outcome of the case could
  be pivotal in determining the winner in the fierce takeover
  battle for Burlington, the largest u.s. textile maker.
      Gordon presided over six hours of argument today by lawyers
  for Burlington and Samjens, a partnership formed by Dominion
  Textile Inc and New York investor Asher Edelman.
      Hearings are scheduled to continue tomorrow. A preliminary
  injunction would hold up Samjens 2.47 billion dlr offer until
  the case is decided.
      Burlington had previously agreed to a 2.44 billion dlr
  buyout from Morgan Stanley Group Inc <MS>, one dlr per share
  lower than a sweetened 77 dlr per share bid made by Samjens
  last week. Burlington has not responded to the new Samjens
  offer.
      Burlington has alleged in its lawsuit that Edelman and
  Dominion used illegally obtained confidential information about
  the company in making their takeover attempt.
   
      That information, Burlington said, was provided by James
  Ammeen, a former Burlington executive, through PaineWebber
  Group Inc <PWJ>. Ammeen, who had worked for Burlington for 23
  years, had as many as 12 divisions with 50 pct of Burlington's
  sales reporting to him. When he left Burlington in November,
  1985, Burlington said he signed a contract promising never to
  divulge inside information about the company.
      Burlington lawyers said shortly after he left he began
  working with a PaineWebber employee on a hostile plan to
  ""takeover the company, dismember the company and displace its
  management,"" Burlington lawyer Hubert Humphrey said.
      Samjens lawyers acknowledged it received information from
  PaineWebber, but argued the information was public information
  and could be obtained either from texitle industry analysts or
  Burlington's public financial statements.
      Burlington lawyers said PaineWebber and Ammeen met with
  Edelman and Dominion in November and continued to meet with
  them until a couple of days before Edelman and Dominion went
  public April 24 with their intention to take over the company.
  Burlington lawyers claim Dominion's board decided to attempt a
  takeover of Burlington after Ammeen met with the board in
  February.
      Burlington lawyers said Edelman and Dominion held
  discussions with PaineWebber and Ammeen about acting as
  financial advisers to Samjens. But they allege talks broke off
  because Painewebber and Ammeen could not satisfy Edelman and
  dominion with a written statement that they did not provide
  inside information.
      Lawyers for Samjens contended that Painewebber and Ammeen
  withdrew as potential advisers because Burlington chairman
  Frank Greenberg had called a PaineWebber executive and
  threatened legal action if PaineWebber got involved in an
  effort to takeover Burlilgnton.
      ""The ultimate question is not the price per share or the
  profit, but rather the permissable standards of conduct for
  those who would takeover an American company,"" said burlington
  lawyer Humphrey.
      Burlington lawyers also contended that Burlington, as the
  largest manufacturer of denim in the United States, would be in
  violation of anti-trust laws if it acquired Dominion, Canada's
  largest textile maker. Dominion has denim manufacturing plants
  in Georgia, which would reduce competition in the denim market,
  the lawyers said.
      Samjens' lawyers discounted the concern. They said the
  market for denim is more fragmented than Burlington contends
  and that Burlington has the ability to switch between light
  weight and heavy weight denim production as demand and price
  dictate.
      Samjens lawyers also pointed to a lawsuit filed by
  Burlington in Canada, in which it said it was considering a bid
  for Dominion. ""Surely, what would have been sauce for the goose
  would have been sauce for the gander,"" said Sidney Rosdeitcher,
  a Samjens lawyer.
  

"
test/17864	0	acq	"EDELMAN DETAILS BURLINGTON <BUR> OPTIONS SALE
  A tender offer of Asher Edelman and
  Dominion Textile Ltd <DTX.TO> for Burlington Idustries Inc is
  not affected by the investors' sale of options to buy
  Burlington stock, according to an associate of Edelman.
      Noting that ""our tender offer is definitely in place"" the
  aide said the investors are prohibited by Securities and
  Exchange Commission regulations from exercising options as long
  as a tender offer is open. The options are due to expire at the
  end of June.
      He said the May 28 sale of options to buy 258,800
  Burlington shares was thus a ""non-event.""
  

"
test/17866	0	acq	"CONT'L MATERIALS <CUO> ENDS CONSIDERATION OF BID
  Continental Materials Corp said its
  directors decided not to give further consideration to
  ""business combination"" proposed by a stockholder group that
  holds 5.2 pct of Continental Materials stock.
      Continental Materials said the offer had been received from
  Continental Associates, a group of St. Louis businessmen.    
  According to Continental Materials, the group said May 11 it
  might boost its stake in Continental Materials. But the group
  also said in a letter last week to the company that the group
  had no financing. The board ""did not consider it an official
  offer,"" a Continental Materials spokeswoman said.
  

"
test/17867	0	acq	"AMERIBANC <AINV.O>, CARDINAL END ACQUISITION
  Ameribanc Investors Group and
  Cardinal Savings and Loan Association jointly announced that
  the proposed acquisition of Cardinal by Ameribanc has been
  terminated by mutual agreement.
  

"
test/17870	1	alum	"VENEZUELA GETS 300 MLN DLRS CREDIT FOR ALUMINUM
  Venezuela has obtained more than 300 mln
  dlrs in financing for industrial projects and increased its
  lines of credit for import financing, finance minister Manuel
  Azpurua said.
      'We can say that we are achieving the recuperation of
  credit, but that cannot be done overnight,' Azpurua said in a
  television interview.
      He said a credit agreement for 100 mln marks will be signed
  this week with the German state bank Kreditanstalt fur
  Wiederaufbau (KFW), to finance an expansion of the state
  aluminum company Venalum.
      The credit will be divided into two separate agreements,
  one for 85 mln marks with an interest rate of 6.13 pct, and
  another for 15 mln marks, at 6.20 pct.
      Azpurua said financing has also been obtained for expansion
  of Alcasa, another state aluminum company, and for projects in
  the state steel and petrochemical industries.
      Yesterday, he said Venezuela obtained two new credits of
  5.0 mln dlrs each for export financing, one from Credit du Nord
  of France and the other from Britain's Midland Bank.
      The Venezuelan government has been criticised at home for
  failing to obtain new credits, despite its insistence on
  repaying foreign debt according to the terms of a rescheduling
  accord reached last February.
      Azpurua recently visited Tokyo hoping to acquire new
  credits for industrial expansions but clinched no agreements.
  Japanese officials refused to allow a new issue of Venezuelan
  bonds until the country regains its 'Triple A' credit rating.
  

"
test/17872	0	acq	"COURT UPHOLDS BANK BUILDING <BB> SELF-TENDER
  Bank Building and Equipment Corp of
  America said the Delaware Chancery Court denied a stockholder's
  request for a preliminary injunction against an
  offer for Bank Building stock made by the company and its
  employee stock ownership plan and trust.
      Bank Building said the joint offer is for 780,300 shares of
  Bank Building stock at 14 dlrs a share. The offer is scheduled
  to expire midnight (EDT) on June 2.
      Bank Building also said its board set July 30 as the date
  of the company's annual meeting, with a record date of July
  six.
  

"
test/17873	0	acq	"HARCOURT <HBJ> DEBENTURES MAY TRIGGER SUIT
  Holders of convertible subordinated
  debentures of Harcourt Brace Jovanovich Inc threatened to sue
  the company if they do not get more information about how their
  investment will be affected by the company's proposed
  recapitalization plan.
      The holders, none of whom was willing to be identified,
  said although Harcourt has urged that they convert their shares
  to common stock by the June eight record date for a special
  dividend, they were unable to determine if it might be better
  for them to continue holding the debentures.
     
      ""There are rumors that various houses will bring litigation
  if we don't get answers,"" said a Wall Street source. Officials
  of Harcourt declined to comment, citing a suit brought by
  British publisher Robert Maxwell whose has been trying to
  acquire Harcourt.
      Executives of First Boston Inc, Harcourt's financial
  adviser, did not return a telephone call seeking comment.
      When it announced its recapitalization May 26 Harcourt
  advised holders of the 6-3/8 pct convertible subordinated
  debentures due 2011 to convert into common by the June eight
  record date for the company's special dividend.
      Harcourt's special dividend pays 40 dlrs per share in cash
  plus a security worth 10 dlrs. Holders would also retain stock
  in the recapitalized firm.
      The debentures had been convertible at 34 dlrs per share.
  Harcourt's May 26 announcement said the conversion price would
  be adjusted according to the indenture covering the securities.
  Arbitrageurs said the conversion formula yielded a ""negative
  number"" and thus they needed further information from the
  company.
  

"
test/17874	1	alum	"VENEZUELA OBTAINED 300 MILLION DLRS IN CREDITS
  venezuela has obtained more than 300 mln
  dlrs in financing for industrial projects and has also
  increased its lines of credit for import financing, finance
  minister manuel azpurua said.
      ""we can say that we are achieving the recuperation of
  credit, but that cannot be done overnight,"" azpurua said in a
  television interview.
      Azpurua said a credit agreement for 100 mln marks will be
  signed this week with the german state bank kreditanstalt fur
  wiederaufbau (kfw), to finance an expansion of the state
  aluminum company venalum.
      The credit will be divided into two separate agreements,
  one for 85 mln marks with an interest rate of 6.13 pct, and
  another for 15 mln marks, at 6.20 pct. Azpurua said financing
  had also been obtained for the expansion of alcasa, another
  state aluminum company, as well as for projects in the state
  steel and petrochemical industries. He did not provide details.
      Yesterday, after a meeting of leaders of the ruling accion
  democratica party, azpurua said venezuela had obtained two new
  credits of five mln dlrs each for export financing, one from
  credit du nord of france and the other from the midland bank of
  great britain.
      The finance minister's statements came as the government is
  under sharp criticism for failing to obtain new credits,
  despite its insistence on repaying the foreign debt according
  to the terms of a rescheduling accord reached last february.
      Azpurua and other senior economic officals returned from a
  trip to tokyo last week in which they hoped to acquire new
  credits for industrial expansions, but no agreements were
  reached.
      Japanese officials also refused to allow a new issue of
  venezuelan debt bonds because until the country regains its
  'triple a' credit classification.
  

"
test/17875	10	crude	"SOUTH KOREA INCREASES DUTY ON CRUDE IMPORTS
  South Korea has increased its duty on crude
  oil imports to 4.29 dlrs a barrel from 3.29 dlrs, effective
  today, the energy ministry said.
      The duty, to raise funds for special energy projects, was
  adjusted after average crude import prices rose to 16.85 dlrs a
  barrel in April, from 16.65 dlrs in March and 13.08 dlrs in
  April 1986, ministry officials said.
      A separate 24.5 pct import tax on crude oil is unchanged.
  

"
test/17876	0	acq	"EQUITICORP TASMAN TO BID FOR MONIER LTD
  <Equiticorp Tasman Ltd> (ETL) said it will
  offer 4.15 dlrs a share cash for all the issued capital of
  Monier Ltd <MNRA.S>, currently the subject of a 3.80 dlrs a
  share bid by CSR Ltd <CSRA.S>.
      Alternatively, ETL will offer three shares plus 82 cents
  cash for each Monier share, it said in a statement.
      As previously reported, ETL moved into the market for
  Monier shares last week, taking its stake to 13.7 pct by
  Friday.
      It now holds 14.99 pct, the maximum allowed without Foreign
  Investment Review Board (FIRB) approval. ETL is classified as
  foreign because of its New Zealand base.
      The ETL cash offer values Monier's issued capital of 156.28
  mln shares at 649 mln dlrs, against 593 mln for the CSR bid.
      Based on the current price of ETL shares of 1.05 dlrs, the
  alternative is worth 3.97 dlrs per share, but ETL said the
  value placed on its shares for the offer aproximates to the
  diluted asset backing of ETL as at March 31.
      ETL said the offer will have no minimum acceptance
  conditions and will be subject to Australian foreign investment
  and U.S. Hart-Scott-Rodino anti-trust clearances.
      ETL chairman Allan Hawkins said in the statement that the
  shareholding in Monier was a long term investment.
      ETL and its <Feltex International Ltd> associate have
  targetted the building products sector as an area of expansion
  and Monier fits well with this aim, he added.
      Monier chairman Bill Locke said in a separate statement
  that the independent directors of Monier intend to recommend
  acceptance of the ETL bid in the absence of a higher bid.
      He also said Monier will not now proceed with the
  one-for-two bonus issue announced with its interim results on
  March 19 in view of the proposed takeover bids.
      As previously reported, the CSR offer involves a complex
  put and call option deal with Monier's major shareholder,
  Redland Plc <RDLD.L>, which gives Redland the choice of
  accepting the CSR offer for its 49.8 pct stake or moving to
  50.1 pct within six months of the bid closing.
      CSR officials have made it clear that they see Redland
  taking the second option, resulting in the two companies
  running Monier as a joint venture.
      CSR officials have also said they had no intention of
  raising the company's bid for Monier after ETL's intervention
  became public last week.
  

"
test/17877	32	money-fx	"VENEZUELA TIGHTENS FOREIGN EXCHANGE RESTRICTIONS
  Venezuela's central bank has ordered
  Venezuelan banks and exchange houses to cease foreign exchange
  operations with brokers based outside the country, according to
  a copy of a central bank telex made available to Reuters.
      The measure, confirmed by a brokerage firm here, has
  effectively cut off all foreign participation in Venezuela's
  volatile currency market.
      The telex, issued on May 19, was signed by Carlos Hernandez
  Delfino, manager of the bank's department of international
  operations.
      The telex said the restriction on business with foreign
  brokers is in line with an earlier measure prohibiting foreign
  exchange houses from selling dollars or other foreign
  currencies to anyone living outside Venezuela.
      In recent weeks the Venezuelan government has denied
  rumours that it intends to impose foreign exchange controls to
  prop up the weakening bolivar.
      But brokers said the central bank's move is seen as a de
  facto currency control. ""It is definitely a control in the sense
  that there's no longer complete freedom to operate,"" one broker
  here said.
      ""Gradually they're imposing restrictions and the direction
  is towards complete control,"" the broker said.
      The broker, who requested anonymity, said virtually all his
  Venezuelan customers had stopped doing business with him since
  the central bank issued the telex and followed it up with
  telephone calls.
      He said that before the restriction was imposed the volume
  of his firm's transactions with Venezuela was about 10 mln dlrs
  a day. ""It was a frenetic market, it was really quite active,"" he
  said.
      The broker said he saw no logical explanation for the
  prohibition because his firm only acted act as an intermediary
  between Venezuelan brokers, exchange houses and banks.
      ""We weren't buying dollars from Venezuelans, that's
  ridiculous,"" he said. ""They've been on a rampage against
  foreigners.""
      The broker noted that two months ago Venezuela's central
  bank quietly announced that banks doing foreign exchange
  business outside Venezuela would have to respect a new 200 pct
  reserve requirement.
      In February, the central bank also prohibited trading in
  bolivar futures, the broker said.
      ""We used to have a forward market,"" he said. ""For a small
  currency it was miraculous.""
      He said the bolivar, which averaged 20.29 to the U.S.
  Dollar in 1986, would continue to slip from its current range
  of 28.35 to 28.50 because the central bank was rapidly running
  out of foreign reserves to support the currency on the free
  market.
  

"
test/17878	14	gas	"ESSO RAISES SINGAPORE PETROL PUMP PRICES
  Esso Singapore Pte Ltd said it raised
  pump prices of petrol from today.
      New prices for 0.15 gm lead grades are 97.0 cents/litre for
  97 octane and 90.8 cents for 95 octane.
      Other Singapore oil companies announced yesterday that they
  would revise their pump prices effective today.
      Shell Eastern Petroleum Pte Ltd, Mobil Oil Singapore Pte
  Ltd, Caltex Asia Ltd, Singapore Petroleum Co Pte Ltd and BP
  Singapore Pte Ltd are pricing 97 octane at 96.8 cents. Shell,
  Mobil and Caltex are pricing 92 octane at 90.2 cents, and SPC
  and BP at 90.6 cents.
  

"
test/17881	22	interest	"Tokyo - Bundesbank's Schlesinger sees no reason to lower interest rates

  Tokyo - Bundesbank's Schlesinger sees no reason to lower interest rates
  

"
test/17887	12	earn	"FUJITSU LTD <ITSU.T> GROUP YEAR ENDED MARCH 31
  Group shr - 13.56 yen vs 27.06
      Net - 21.61 billion vs 38.93 billion
      Current - 37.66 billion vs 46.70 billion
      Operating - 57.37 billion vs 79.91 billion
      Sales - 1,789 billion vs 1,692 billion
  

"
test/17892	10	crude	"MEES NEWSLETTER SAYS OMAN OFFERS OIL DISCOUNTS
  Oman has granted term crude oil
  customers retroactive discounts from official prices of 30 to
  38 cents per barrel on liftings made during February, March and
  April, the weekly newsletter Middle East Economic Survey (MEES)
  said.
       MEES said the price adjustments, arrived at through
  negotiations between the Omani oil ministry and companies
  concerned, are designed to compensate for the difference
  between market-related prices and the official price of 17.63
  dlrs per barrel adopted by non-OPEC Oman since February.
  

"
test/17894	42	rubber	"MALAYSIAN RUBBER OUTPUT RECOVERS FROM WINTERING
  Malaysian rubber production should
  return to normal levels this month after a hard wintering
  season, the Malaysian Rubber Exchange and Licensing Board said
  in its latest review. ""As packers and remillers expect
  production to recover to normal levels in June, sellers will
  remain reserved in the near future,"" the review, dated May 14,
  said. Many consumers are holding off, waiting for the best time
  to buy.
      The market is mindful of approaching summer holidays in
  industrial countries and there is an air of uncertainty beyond
  July, it said. It gave no figures for the output drop.
  

"
test/17896	15	gnp	"CENTRAL BANK HEAD SAYS PHILIPPINE GROWTH ON TARGET
  The Philippines' first quarter growth
  figures released yesterday indicated the government was likely
  to achieve its 1987 targets, Central Bank governor Jose
  Fernandez said in an interview.
      The National Economic Development Authority (NEDA)
  announced yesterday gross domestic product (GDP) grew 5.78 pct
  and gross national product (GNP) 5.53 pct in the first quarter
  from a year earlier.
      ""I don't see anything on the horizon that should cut it
  (growth) short,"" Fernandez said.
       NEDA said GNP had grown 3.56 pct and GDP 3.25 pct in the
  fourth quarter of 1986 from a year earlier. Last year's GNP
  growth, put earlier at 0.13 pct, was revised to 1.51 pct.
      ""Certainly I do not see any shortage in external resources
  and if GNP growth continues at this level I would assume that
  domestic resources on the fiscal side would be generated and
  would not be a stumbling block,"" Fernandez said.
      ""I think even before the figures came out, simply looking at
  key indicators, such as consumption of fuel oil and power,
  showed that the economy was on a different track from last
  year,"" he said.
      Fernandez said consumption tended to be heavier in the
  first and second quarters because of the dry weather, and it
  could drop off in the third quarter.
      He said the most significant sign of recovery lay in the
  manufacturing sector, which grew by 9.64 pct, after declines in
  1985 and a slow turnaround in the second half of 1986.
      ""That is not a seasonal thing, it is secular,"" he said.
      He said the government had met all monetary targets set for
  the first quarter in consultation with the International
  Monetary Fund (IMF). It expected to draw down the fourth
  tranche from its 198 mln SDR stand-by arrangement soon.
      The Philippines has so far drawn three tranches totalling
  58 mln SDRs from the arrangement expiring on April 23, 1988.
  Fernandez said an IMF mission would visit here in July or
  August to review performance in the January-June period.
      He said IMF repayments were projected to total 1.56 billion
  dlrs over the 1987-92 period and drawings only 236 mln dlrs.
  Repayments were inevitable and many countries would find their
  net repayments to the IMF rising in the next few years.
      ""It means that since there will be a net drain on ODA
  (official development assistance) accounts the commercial
  banking system will be requested to hold the line,"" he said.
      It is an internal constraint that exists because the IMF
  debt cannot be rescheduled, Fernandez said.
      The Philippines rescheduled 10.3 billion dlrs of its 28
  billion dlr foreign commercial debt in March.
      Fernandez said Central Bank bills, introduced in March 1984
  to mop up excess liquidity, had peaked at 43.1 billion pesos in
  April 1986. But their unwinding on maturity dates, started in
  October last year, had almost been completed.
      He said auctions of treasury bills, whose outstanding level
  touched 95.44 billion pesos on May 20, were going well.
  ""Treasury bills will remain a basic monetary tool,"" he said.
      Commenting on the country's foreign debt Fernandez said, ""I
  think the Philippine debt stock looms large because our own
  receipts from exports have not taken the same kind of leap
  forward as might have been suitable.""
      The foreign debt is projected by the Central Bank to reach
  29.04 billion dlrs by the end of 1987.
      NEDA said exports totalled 1.2 billion dlrs in the first
  quarter, while imports were 1.4 billion dlrs.
      Fernandez said the government had targeted GNP growth of
  between six and 6.5 pct this year. He cautioned that while
  growth so far was high the targets had not yet been achieved.
      Fernandez said he saw no merit in arguments by some
  economists that the peso, currently pegged at 20.50 to the
  dollar, ought to be devalued to make the country's exports more
  competitive.
      ""By being pegged to the dollar on a basket basis the peso
  has already substantially devalued against all of the country's
  trading partners,"" he said.
      On the proposed Omnibus Investment Code, he said he was
  opposed to a clause which would allow the unrestricted
  repatriation abroad of investments made during the first two
  years after the imposition of the Code.
      The imposition of the Code, scheduled for last January, has
  been delayed by objections from some business groups.
      ""I think any central bank, certainly this one after the
  events of the past two or two and a half years, has to be
  prudent. This is not the time to throw all caution to the winds
  and I'm not about to do that,"" Fernandez said.
      ""It would be ideal if we reach a point where movement of
  capital and earnings can be free,"" he said.
      ""We have had one year of reasonably good results. Certainly
  we continue to have a fairly heavy drain on our external
  availabilities simply by servicing our debts.""
  

"
test/17897	23	ipi	"BELGIAN FEBRUARY INDUSTRY OUTPUT DOWN ON YEAR AGO
  Belgian industrial production, excluding
  construction and adjusted for seasonal and calendar influences,
  was provisionally 0.6 pct lower in February than a year
  earlier, the National Statistics Office said.
      Output in February was, however, 5.9 pct higher than in
  January.
      A spokeswoman for the office said the production index,
  base 1980, rose to a provisional 108.8 in February from a
  provisional 102.7 in January, slightly revised from the 102.8
  originally estimated. In February last year the index stood at
  109.5.
  

"
test/17899	22	interest	"BUNDESBANK SETS NEW REPURCHASE TENDER
  The Bundesbank set a new tender for a
  28-day securities repurchase agreement, offering banks
  liquidity aid at a minimum bid rate of 3.50 pct, a central bank
  spokesman said.
      Banks must make their bids by 1400 GMT today and funds
  allocated will be credited to accounts tomorrow. Banks must
  repurchase securities pledged on July 1.
  

"
test/17900	12	earn	"STOREHOUSE REPORTS HIGHER PROFITS IN 1986/87
  53 weeks to April 4, 1987
      Share - basic 22.2p vs 21.6p
            - fully-diluted 21.6p vs 19.9p
      Final dividend 6.3p vs 5.7p, making 8.6p vs 7.7p
      Pretax profits 129.2 mln stg vs 116.0 mln
      Turnover 1,088.1 mln stg vs 968.4 mln
      Profit from retail operations 133.3 mln stg vs 115.6 mln
      Tax 40.1 mln stg vs 36.5 mln
      Profit after tax 89.1 mln stg vs 79.5 mln
      Extraordinary items debit 0.7 mln stg vs debit 24 mln
      NOTE - full name is Storehouse Plc <STHL.L>
  

"
test/17901	12	earn	"NORCROS PROFITS ADVANCE IN 1986/87
  Year to March 31
      Shr 28.0p vs 21.4p
      Final dividend 9p vs 6.5p making 12p vs 9.3p
      Pretax profit 53.16 mln stg vs 45.12 mln
      Turnover 641.1 mln stg vs 639.7 mln
      Group operating profit 57.63 mln stg vs 49.06 mln
      Share of associates' profits 1.33 mln stg vs 3.87 mln
      Investment income 1.59 mln stg vs 2.19 mln
      Interest payable 7.38 mln stg vs 10.01 mln
      Tax 16.48 mln stg vs 17.60 mln
      Leaving 36.68 mln vs 27.51
      Minorities debit 1.58 mln stg vs debit 1.39 mln
      Extraordinary items credit 2.95 mln stg vs debit 8.12 mln
      Operating profits breakdown, by class of business,
      - building materials manufacture 23.7 mln stg vs 20.9 mln
      - distribution 10.1 mln stg vs 7.5 mln
      - specialist print and pack 12.6 mln stg vs 9.6 mln
      - international 6.0 mln stg vs 5.6 mln
      - head office and property 4.6 mln stg vs 3.6 mln
      - discontinued, sold businesses 589,000 stg vs 2.4 mln
      Operating profits, geographic breakdown:
      - Britain 51.4 mln stg vs 43.3 mln
      - Africa 3.3 mln stg vs 3.4 mln
      - Australasia 1.4 mln stg vs 854,000 stg
      - North America 1.5 mln stg vs 1.6 mln
      NOTE - full name is Norcros Plc <NCRO.L>.
  

"
test/17906	15	gnp	"GERMAN GNP FIGURES PUBLICATION DELAYED
  Figures for first quarter 1987 West
  German GNP will be published on June 11 after they were
  provisionally scheduled for June 4, an official at the Federal
  Statistics Office said.
      The official said there had been a delay in gathering
  information for the data, which are expected to show that the
  West German economy contracted in the period.
      A spokesman for the Economics Ministry in Bonn said there
  was no political motivation behind publishing the figures on
  June 11, the day after the Venice economic summit ends.
      ""There is no political motivation. It is a purely technical
  matter,"" he added.
      The West German government is expected to come under
  pressure in Venice from both the U.S. And its European partners
  to stimulate domestic demand as a way of reducing international
  trade imbalances and contributing to world economic growth.
      However, government officials have ruled out any further
  tax reduction packages to supplement a major program of
  stimulatory fiscal measures already underway.
      Helmut Schlesinger, vice-president of the West German
  central bank, the Bundesbank, said in Tokyo today that GNP, the
  widest measure of a country's economic activity, fell in real
  terms by a seasonally adjusted 1/2 to one pct in the first
  quarter compared with the fourth 1986 period.
       The government has confirmed that growth was negative in
  the first 1987 quarter. But year-on-year growth is expected to
  be about two pct.
      Schlesinger today repeated the Bundesbank's reluctance to
  cut its official interest rates further. Its key discount rate,
  at three pct, is just above historical lows.
      West German officials are likely to emphasise at the Venice
  summit that domestic demand, which draws in goods from abroad,
  is already outstripping export performance, which has suffered
  from an 80 pct rise of the mark against the dollar in just over
  two years.
      The government has pointed out that depressed exports are
  the main reason for the current weakness in the economy, but
  says that later in the year stronger domestic demand will
  compensate for this setback.
      It expects GNP growth for the whole of 1987 of just under
  two pct, after a 2.4 pct rise in 1986.
  

"
test/17907	0	acq	"STAD ROTTERDAM TAKES STAKE IN SWISS-OWNED INSURER
  Dutch insurer Stad Rotterdam Anno 1720
  N.V. <ASRN.AS> said from July 1 it will own 20 pct of the
  shares of <Europeesche Verzekering Maatschappij N.V.>, a
  fully-owned unit of Swiss insurer <Union
  Rueckversicherungs-Gesellschaft>.
      Stad Rotterdam chairman Lucas van Leeuwen told Reuters it
  may raise its stake to a majority interest if the two companies
  are found to be sufficiently compatible.
      Van Leeuwen said that due partly to the fact Europeesche
  made losses in 1985 and 1986, the 20 pct stake was obtained at
  below the shares' intrinsic value. He gave no precise sum.
      The Europeesche, which specialises in travel and recreation
  insurance, had a premium income of 150 mln guilders in 1986.
      Stad Rotterdam's premium income in 1986 was 1.17 billion
  guilders, making it the fifth largest Dutch insurer.
      Europeesche made a loss of nine mln guilders in 1985, which
  narrowed to 4.5 mln guilders in 1986, van Leeuwen said.
      He said the company was on course for independent recovery
  and was expected to reduce its losses further in 1987.
  

"
test/17911	0	acq	"DUFFOUR IGON GIVES BACKING TO AGA TAKEOVER BID
  French industrial gas group <Duffour et
  Igon> has decided to back the takeover bid by Swedish
  industrial gases group Aga AB <AGA.ST>, ending a lengthy battle
  between rival bidders from France, Spain and West Germany,
  Duffour et Igon Chairman Jean Igon said.
      The board agreed late last night to back the Aga bid and
  advise its shareholders to accept the Swedish group's latest
  offer of 4,410 francs per share, he told Reuters.
      The other main bidders were Union Carbide Corp's <UK.>
  French subsidiary <Union Carbide France> and West Germany's
  Linde AG <LING.F>.
      Aga topped rival bids for the gases distribution group in
  May by raising its offer to 4,410 francs from 4,000 francs.
      This was accepted by Spain's <Carburos Metalicos SA> which
  sold Aga six pct of Duffour et Igon's stock and the right of
  first refusal on the remaining nine pct of stock it holds. It
  also won over the French Midi-Pyrenees development authority
  which agreed to sell Aga its 20 pct stake in Duffour et Igon.
      Under Aga's offer, shareholders can either accept a cash
  bid or exchange one share in Duffour et Igon for one bond of a
  nominal value of 4,410 francs with a 10 pct coupon issue by Aga
  France SA. The bond issue is guaranteed by the parent Aga AB.
      The takeover battle for the Toulouse-based company, which
  controls eight pct of the French industrial gas distribution
  market, began on April 2 with an offer of 2,100 francs per
  share from Union Carbide France <UK>.
      Aga's offer, which puts a price of 587 mln francs on the
  company, closes on June 24 and the results will be announced on
  July 21.
      Duffour et Igon shares were quoted yesterday at 4,410
  francs, with no buyers, after a series of suspensions during
  the takeover tussle. They traded at 856 francs on January 9
  before the first suspension.
  

"
test/17915	32	money-fx	"POEHL LOOKS SET FOR EIGHT MORE YEARS AT BUNDESBANK
  For currency dealers Karl Otto Poehl is
  the scourge of speculators, for bankers he is the man who has
  played a key role in shaping the world's financial destiny for
  the last seven years, and for Germans he is the guardian of the
  mark.
      President of the powerful and independent West German
  central bank, the Bundesbank, Poehl is likely to have his
  contract renewed for another eight years when it expires at the
  end of this year, government officials say.
      (Index of economic spotlights, see page ECRA)
      But no official announcement has yet been made, raising
  eyebrows in West Germany's business community.
      The ebullient Poehl spent seven years in Bonn in top
  ministerial posts under the Social Democrats, now in
  opposition, before he moved to the Bundesbank.
      There has been speculation that Chancellor Helmut Kohl
  would try to replace Poehl with a man closer to his own
  Christian Democrats. But officials noted that Poehl has worked
  closely and successfully with Finance Minister Gerhard
  Stoltenberg since Kohl's government took office in 1982.
      Poehl, the most senior central banker apart from Paul
  Volcker of the United States, enjoys a strong international
  reputation which it would take a newcomer years to build up.
      Given these circumstances, Kohl will probably overlook
  Poehl's past as an adviser to former Social Democrat Chancellor
  Willy Brandt, and top aide to Helmut Schmidt when he was
  Finance Minister, bankers said. It was Schmidt who, as
  Chancellor, appointed Poehl to his present job in 1980.
      In recent months, with the mark's strong rise against the
  dollar, Poehl has made exchange rates the central concern of
  the Bundesbank's council, a highly conservative institution
  which has doggedly pursued monetary policies to prevent
  inflation catching hold. Older Germans can remember two bouts
  of galloping inflation this century.
      But with consumer prices falling for much of 1986, and
  inflation negligible so far this year, Poehl thinks it is safe
  to relax the monetary reins a little and concentrate on the
  dangers to the German economy of a bloated exchange rate.
      ""I am of the opinion that efforts to stabilise the
  dollar/mark rate have reached a high priority, also for the
  Bundesbank, because a further massive revaluation of the mark
  would endanger the economy in West Germany,"" he told business
  journalists in Frankfurt recently.
      Ute Geipel, head of research at Citibank AG, says that
  Poehl's reappointment would guarantee flexible monetary policy.
      ""Poehl's policy has always been a policy which does not
  focus so rigidly on domestic factors, but also on the external
  economy,"" she said.
      An economist at a German bank, who declined to be
  identified, said ""If Poehl is confirmed in his post, it will
  certainly be a plus for the pragmatic course which is not so
  rigidly oriented towards money supply.""
      One of Poehl's great struggles recently has been to
  persuade the United States to stop ""talking down"" the dollar. For
  Poehl, the significance of the February Louvre Accord was that
  the United States agreed to join efforts to stabilise
  currencies.
      The Louvre Accord was greeted with scepticism by currency
  dealers who said they would soon put it to the test. But in
  fact the dollar has been relatively stable since the pact.
      ""This is because the markets know - or perhaps because they
  don't know - what the central banks can do,"" Poehl says of
  intervention in currency markets which can quickly turn rates
  round, making a speculator's position worthless.
      Poehl was born in 1929 and worked as a financial journalist
  in the 1960s before starting his ministerial career.
      A relaxed sun-tanned figure who enjoys cracking jokes over
  a glass of beer, he is hardly a stereotype central banker.
      He is also a keen sportsman who likes to watch football and
  play golf.
      Poehl says currency market intervention cannot substitute
  for correct economic policies if exchange rates are imbalanced.
      ""But you can achieve an enormous effect with a small amount
  if you strike at the right moment,"" he said. Bundesbank dealers
  are very professional and skilled. ""They've burnt the fingers of
  many people,"" he said. And unlike the speculators, Poehl notes,
  the Bundesbank dealers usually make a profit.
  

"
test/17916	2	bop	"FINLAND'S CURRENT ACCOUNT IN DEFICIT IN 1ST QTR
  Finland's current account balance of
  payments showed a deficit of 2.5 billion markka in first
  quarter 1987 against a deficit of 3.2 billion in the same
  period last year, the Bank of Finland said in a statement.
  

"
test/17922	12	earn	"DE LA RUE RAISES ANNUAL PROFITS BY 12.7 PCT
  Year ended March 31, 1987
      Fin div 9.25p making 12p vs 10.74p
      Shr 28.3p vs 27.5p
      Pretax profit 55.63 mln stg vs 49.36 mln
      Net 38.80 mln vs 33.64 mln
      Turnover 444.10 mln vs 309.85 mln
      Net interest payable 3.50 mln vs 3.79 mln
      Profit share of related companies 7.62 mln vs 9.64 mln
      Note - The De La Rue Co. Plc <DLAR.L> proposes to offer
  ordinary shareholders the opportunity to receive their
  dividends in the form of new shares as an alternative to cash.
  

"
test/17923	45	sugar	"CHINA SEEN UNLIKELY TO RAISE SUGAR IMPORTS
  China will not increase sugar imports
  substantially this year because of foreign exchange constraints
  and large stocks, despite falling production and rising
  domestic demand, traders and the official press said.
      ""Despite rapid increases in domestic production over the
  last 30 years, imbalances between supply and demand continue to
  be extremely serious,"" the Farmers Daily said. It said 1986
  plantings fell due to removal of crop incentives, because
  farmers could earn more from other crops and because technical
  and seed improvements had not been widely disseminated.
      The official press had estimated the 1986/87 sugar crop
  (November/March) at 4.82 mln tonnes, down from 5.2 mln a year
  earlier, and domestic consumption at six mln tonnes a year.
      The Yunnan 1986/87 sugar harvest was a record 521,500
  tonnes, the provincial daily said. It gave no year-earlier
  figure. Output in Guangxi was 1.04 mln tonnes, the New China
  News Agency said without giving a year-earlier figure.
      The Nanfang Daily said production in Guangdong province
  fell to estimated 1.92 mln tonnes from 1.96 mln and that the
  area under sugar was dropping.
      ""Supply of cane (in Guangdong) is inadequate,"" the newspaper
  said. Processing costs are rising and the economic situation of
  nearly all the mills is not good. To guarantee supply of cane
  is a major problem.""
      A Western diplomat said sugar output also fell n Fujian,
  south China's fourth major producer, where there was a drop in
  area planted.
      He said the rural sectors in Guangdong and Fujian were wel
  developed, enabling farmers to choose crops according to the
  maximum return, meaning that many had avoided sugar.
      The Farmers Daily said a peasant in the ortheast province
  of Heilongjiang could gross 108 yuan from one mu (0.0667
  hectares) of soybeans and 112 yuan from one mu of corn but only
  70 from one mu of sugarbeet.
      The paper said the profit margin of mills in China fell to
  4.7 pct last year from 11.87 pct in 1980.
      Mills lacked the capital to modernise and they competed
  with each other for raw materialsX, it added. This resulted in
  falling utilisation rates at big, mode{nised mills.
      The price of sugar had not changed in 20 years, the
  official press has said.
      Customs figures showed China imported 1.18 mln tonnes of
  sugar in calendar 1986, down from 1.9 mln in 1985.
      The diplomat said stocks at end-August 1986 were 2.37 mln
  tonnes, up from 1.92 a year earlier.
      A foreign trader here said China accumulated large stocks
  in 1982-85 when provincial authorities were allowed to import
  sugar on their own authority. This practice was stopped in 1986
  when the central government resumed control of imports.
      ""As China lacked storage, much of these imports was stored
  in Qinghai, Inner Mongolia and other inland areas,"" the diplomat
  said.
      The trader said transporting stocks from these areas to
  consumers in east and south China was a problem, particularly
  as coal had priority. ""How quickly they can move the sugar is
  one factor determining import levels,"" he said.
      Another factor was the quality of the harvest in Cuba,
  China's major supplier through barter trade, he said.
      ""China bought two distress cargoes last week, for about
  152/153 dlrs a tonne,"" he added. ""China is not a desperate buyer
  now. But if the Cuban harvest is bad, it will have to go into
  the open market.""
      A Japanese trader said Peking's major concern regarding
  imports was price.
      ""While the foreign trade situation has improved this year,
  foreign exchange restraints persist,"" he said.
      The diplomat said domestic demand was rising by about five
  pct a year but ""a communist government is in a much better
  position to regulate demand than a capitalist one, if the
  foreign exchange situation demands it.""
  

"
test/17925	43	ship	"KUWAIT REJECTS IRANIAN SPY BOAT CHARGES
  Kuwait, a target of Iranian anger over the
  emirate's backing for Iraq in the Gulf war, today rejected
  charges that fishing vessels seized recently by Iran were spy
  boats.
      ""There are no bases of truth to the contents of the Iranian
  accusation on the nature of the operations of the vessels
  recently taken into custody by Iran. These vessels were out
  fishing,"" the Foreign Ministry said in a statement.
      It said Iranian Charge d'Affaires Mohammad Baqeri was
  summoned by the Ministry yesterday to confer with Foreign
  Undersecretary Suleiman Majed al-Shaheen.
      The Iranian News Agency IRNA said on Sunday Iran had seized
  seven Kuwaiti speed boats and detained their crew, who
  confessed to spying for Iraq under the cover of fishing.
      It said the boats were intercepted in the Khur Abdullah
  waterway which separates Kuwait and Iraq's Faw peninsula at the
  head of the Gulf, captured by Iran last year.
      The Kuwaiti response came as Iranian envoys toured Gulf
  Arab states saying responsibility for security and stability in
  the waterway was a regional matter. A U.S. Senate team was
  scheduled today to meet Kuwait's Crown Prince and Prime
  Minister Sheikh Saad al-Abdulla al-Sabah and the defence and
  oil ministers.
      Today's Foreign Ministry statement, carried by the Kuwait
  News Agency KUNA, said the recent detention of Kuwaiti fishing
  vessels by Iran was not the first.
      Tehran in the past had held back a number of vessels Kuwait
  had sought to release through diplomatic contacts, it said.
      ""However, Kuwait is perplexed that this time the Iranian
  charges are accompanied by accusations that the vessels were
  undertaking espionage activities,"" it said.
      Shaheen condemned the detentions and accusations, and asked
  Tehran to free all fishing boats and sailors held by Iran, the
  statement said.
  

"
test/17929	10	crude	"SAUDI ARABIA WILL NOT AGREE ""MAD"" OIL PRICE RISE
  Saudi Arabia's Oil Minister Hisham Nazer
  said Riyadh would not agree to a cut in oil prices and would
  not accept a ""mad"" increase that would drive consumers away.
      He told al-Riyadh newspaper, ""Saudi Arabia follows a
  balanced petroleum policy. It does not approve of a decrease in
  prices from current levels and it also does not accept a mad
  increase that would drive consumers away and make them try and
  find alternative sources (for energy).""
      OPEC agreed last December to cut production after world
  prices hit new lows in 1986. They agreed on a pricing system
  aimed to stabilise the market around 18 dlrs a barrel.
      OPEC is scheduled to meet in Vienna on June 25, where it
  will review its current oil price and production policy.
      Saudi Arabia's King Fahd said last month that he wanted oil
  prices to remain stable for the next two years.
      Saudi Arabia is the architect of the current pricing and
  production pact, which is backed by Kuwait and the UAE. The
  current pact set a production ceiling for first half 1987 of
  15.8 mln bpd, and implemented fixed prices based on an 18 dlrs
  a barrel average.
  

"
test/17930	32	money-fx	"TAIWAN CURBS INFLOWS OF FOREIGN EXCHANGE
  Taiwan's central bank announced that as
  from today the overseas foreign exchange borrowings of local
  and foreign banks would be frozen at the level they reached at
  the end of May.
      The central bank's statement added that the measure would
  be effective until the end of July.
      Bankers said the measure is designed to curb the inflow of
  foreign exchange and slow the growth of money supply. They
  added that the move, which sparked a record single day plunge
  of the local stock market, would limit their ability to lend
  foreign exchange to importers and exporters.
      Foreign exchange borrowings by local and foreign banks
  reached almost 12 billion U.S. Dlrs by the end of April,
  according to official statistics.
      Last week the central bank said that from today it would
  reduce its purchase of forward U.S. Dollars from banks to 40
  pct from 90 pct of the value of the contract. It said the move
  was needed because of ""distortions"" in the foreign exchange
  market.
      Exporters, nervous about the appreciating Taiwan dollar,
  have been heavily selling forward U.S. Dollars on the interbank
  market to avoid exchange rate losses.
      Official figures show that forward U.S. Dollar sales in May
  reached a record of almost six billion U.S. Dlrs against 5.9
  billion in April.
      All Taiwan's foreign exchange earnings must be converted
  into local dollars, boosting money supply at a time of booming
  exports. Money supply rose a seasonally adjusted 51.86 pct in
  the year to end-April, raising fears of higher inflation.
      In March the central bank clamped tight restrictions on
  remittances of foreign exchange by companies and individuals to
  Taiwan in a move to curb inflows of speculative money.
      Economists and bankers estimate that the rising value of
  the local dollar has attracted about ten billion U.S. Dlrs of
  speculative money into Taiwan since early last year. It has
  flowed in mainly from Hong Kong, Japan and the U.S..
      Since September 1985 the Taiwan dollar has risen by about
  22 pct against the U.S. Dollar.
      Bankers said the government's efforts to stabilise the
  foreign exchange market were a prelude to lifting all curbs on
  capital outflows. The central bank has said the controls will
  be dropped by the end of July or early August.
      Foreign exchange dealers said today's announcement caused
  jitters in the market with foreign and local banks making heavy
  purchases of U.S. Dollars. They said the central bank sold
  about 30 mln U.S. Dlrs.
      Taiwan's stock market plunged a record 75.53 points to
  close at 1,803.08.
  

"
test/17932	40	reserves	"U.K. RESERVES RISE UNDERLYING 4.8 BILLION DLRS IN MAY, (2.9 BILLION APRIL) - OFFICIAL

  U.K. RESERVES RISE UNDERLYING 4.8 BILLION DLRS IN MAY, (2.9 BILLION APRIL) - OFFICIAL
  

"
test/17933	40	reserves	"U.K. RESERVES SHOW RECORD UNDERLYING RISE IN MAY
  Britain's gold and currency reserves rose
  a record underlying 4.76 billion dlrs in May, following April's
  2.9 billion dlrs increase, the Treasury said.
      The underlying trend indicates the level of recent Bank of
  England intervention on currency markets to curb sterling's
  strength. It was above market expectations which had been for a
  rise of between one billion and three billion dlrs.
      The Treasury declined comment on the figures.
      Actual reserves rose 4.87 billion dlrs in May, compared
  with April's 2.8 billion increase, to a total value of 34.68
  billion dlrs, compared with 29.81 billion at the end of April.
      Borrowings under the exchange cover scheme were 238 mln
  dlrs, against April's 66 mln. Repayments under the scheme were
  85 mln dlrs, after 90 mln previously, with capital repayments
  of eight mln, after three mln last month.
      Repayments of government debt amounted to 33 mln dlrs.
      The underlying reserves increase is net of borrowings and
  repayments.
      It was larger than the previous record 3.04 billion dlrs
  rise seen in October 1977. The May increase represents the
  seventh monthly rise, with reserves up 9.947 billion dlrs in
  that period, and up 9.816 billion since the start of 1987.
  

"
test/17939	22	interest	"Nakasone, Sumita agree discount rate cut not appropriate now - central bank sources

  Nakasone, Sumita agree discount rate cut not appropriate now - central bank sources
  

"
test/17943	22	interest	"NAKASONE, SUMITA AGREE RATE CUT NOT APPROPRIATE
  Prime Minister Yasuhiro Nakasone today
  agreed with Bank of Japan governor Satoshi Sumita that a
  further cut in the discount rate was not appropriate at
  present, central bank sources said.
      They told Reuters the two discussed the subject at a
  routine meeting.
      Sumita told Nakasone he did not feel a rate cut was
  appropriate and Nakasone expressed his understanding, the
  sources said.
      Currency dealers have speculated that Japan and West
  Germany might come under pressure at next week's Venice summit
  to cut interest rates to boost their economies.
      Nakasone, but not Sumita, is due to attend the summit.
  

"
test/17948	48	trade	"JAPAN CONCERNED AT EC TRADE THREATS - MINISTER
  Japan is disappointed at the recent threats
  of trade retaliation from the European Community (EC) just as
  the trade situation between the two is improving, Japanese
  Trade and Industry Minister Hajime Tamura said.
      ""I am deeply concerned that the EC has moved to take a
  harsher line toward Japan despite this tangible improvement,"" he
  said in a speech prepared for delivery at the opening of a new
  centre designed to improve understanding between the two sides.
      Last week, foreign ministers of the 12 EC nations agreed to
  impose tariffs on a range of unspecified Japanese electrical
  goods unless Tokyo opened its markets more to EC exports.
      Tamura referred to a 55 pct rise in Japanese imports of EC
  manufactured goods in the year ended March 31.
      ""I feel this is a strong step on the road to balance through
  expansion.""
      ""While I do not deny the existence of the trade deficit
  between Japan and the EC, I believe it should be rectified not
  by reducing trade through import restrictions or export
  restraints, but by expanding the (overall) trade,"" Tamura said.
  

"
test/17950	0	acq	"GLYNWED BUYS GALLAHER UNITS FOR AROUND 14 MLN STG
  Glynwed International Plc <GLYN.L> said it
  had bought all the issued shares of two companies belonging to
  Gallaher Ltd, a subsidiary of American Brands Inc <AMB>, in a
  deal worth around 14 mln stg.
      The full names of the companies purchased from Gallaher are
  <Formatura Iniezione Polimeri Spa>, Genoa and <FIP U.K. Ltd>,
  Weybridge.
      Consideration for the purchases, which will be based on the
  net asset values per share of the companies, has yet to be
  finalised but some nine mln stg of the total represents debt
  assumed by Glynwed.
      FIP is a manufacturer of valves and other pressure pipe
  fittings in thermoplastics. Its products are complementary to
  those of Glynwed subsidiaries, Durapipe U.K. And Philmac.
      The acquisitions appreciably develop and strengthen
  Glynwed's strategic position in the thermoplastic pipework
  systems market.
      The sale by Gallaher reflects a decision to dispose of more
  peripheral businesses. Proceeds of the sale will be used in the
  continuing expansion of the Gallaher group. Glynwed shares were
  up 5p to 494 after the announcement. Gallaher is not quoted on
  the London Stock Exchange.
  

"
test/17952	32	money-fx	"KUWAITI DINAR RATES FIRM, AID WINDOW OPEN
  Interest rates on Kuwaiti dinar deposits
  held firm in scattered trading despite a Central Bank decision
  to revive limited funding lines, dealers said.
      The Central Bank, which last Tuesday shut a daily aid
  window through which it lent funds of up to one year, reopened
  the facility for three month money, which was available at
  seven pct, they said.
      It offered one month funds at seven pct through swap
  facilities, dealers said.
      Today's Central Bank action, combined with sales of dollars
  by some banks, helped ease a recent credit squeeze engineered
  by the monetary authority to stem a rush for the U.S. Currency
  arising from attractive U.S. Interest rates and Gulf tension,
  dealers said.
      However, as one dealer noted: ""The market is still
  unsettled.""
      Overnight funds, bid at 20 pct at the outset of business,
  traded up to 30 pct before easing as liquidity dragged offers
  down to 10 pct by the close. Tomorrow-next, for which buy/sell
  quotes started at 30, 20 pct, ended at 14, eight.
      Spot-next was indicated at 8-1/2, seven after opening bids
  of 10. Dealers quoted one-week at eight, seven against an early
  9-1/2, 7-1/2.
      One month rates were at the same level after trade at eight
  then 8-1/2. Dealers quoted three months at seven, 6-3/4 pct and
  six-month to one year funds at seven, six pct. They reported
  offshore offers of overnight at 10, tomorrow-next at eight and
  one year at 6-1/2 pct towards the close.
       The Central Bank fixed its dinar exchange rate steady at
  0.27933/67 to the dollar, against yesterday's 0.27939/73. The
  spot dinar was 0.27930/40.
  

"
test/17956	0	acq	"BOEING <BA> STARTS ARGOSYSTEMS <ARGI.O> BID
  Boeing co said it has started the 37 dlr
  per share tender offer for all shares of ARGOSystems Inc that
  it announced yesterday morning.
      In a newspaper advertisement, the company said the offer,
  withdrawal rights and proration deadline all expire June 30
  unless extended.
      The offer is not conditioned on receipt of any minimum
  number of shares, Boeing said.  If at least 90 pct of
  ARGOSystems' shares are tendered, it said it will buy all
  shares, but if less than 90 pct are tendered, it said it plans
  to buy only 49 pct in the offer.
      Boeing said if less than 90 pct of ARGOSystems' shares are
  tendered, but the purchase of all shares tendered along with
  the exercise of options it holds would give it over 90 pct of
  ARGOSystems, Boeing may buy all shares tendered.
      ARGOSystems has granted Boeing an option to buy up to
  1,238,311 new shares or a 15.6 pct interest at 37 dlrs each,
  and shareholders have granted Boeing an option to purchase up
  to 597,885 shares at the same price, or about 8.9 pct of those
  now outstanding, without taking the company option into
  consideration.  A merger at the tender price that has been
  approved by the ARGOSystems board is to follow the offer.
  

"
test/17957	0	acq	"DUMEZ HAS 478,125 UNITED WESTBURNE<UWI.TO>SHARES
  Dumez Investments Inc said it is
  accepting and paying for 478,125 shares of United Westburne
  Industries Ltd in response to its 25 dlr per share tender offer
  and it has extended the offer until June 26.
      Dumez, 70 pct owned by Dumez SA <DUMP.PA> and 30 pct by
  Unicorp Canada Corp <UNIA.TO>, said the 478,125 shares
  represent 81.6 pct of those not controlled by Westburne
  International Ltd, which Dumez previously acquired in a tender.
  

"
test/17958	0	acq	"ITALY'S AGIP PETROLI BUYS STAKE IN U.S. COMPANY
  State oil firm Agip Petroli Spa said it has
  acquired a 50 pct stake in Steuart Petroleum Co, an independent
  U.S. Oil products company. Financial terms were not disclosed.
      Agip Petroli, a subsidiary of state energy concern Ente
  Nazionali Idrocarburi, said in a statement that the remaining
  50 pct of the U.S. Firm is owned by Steuart Investment Co, a
  holding company that also operates in the sectors of
  transportation, hotels and insurance.
      The Italian firm said Steuart Petroleum operates primarily
  on the East Coast.
  

"
test/17960	0	acq	"CAROLCO <CRC> MAY BID FOR LIEBERMAN <LMAN.O>
  Lieberman Enterprises Inc said
  Carolco Pictures Inc is negotiating for the acquisition of the
  50 pct of Lieberman shares held by the families of chairman
  David Lieberman and president Harold Okinow at 20.50 dlrs each,
  and if the deal were concluded, public shareholders would be
  offered the same price for their shares.
      Lieberman said the Carolco bid to its public shareholders
  would be in cash or shareholders could be offered securities as
  an alternative. The offer would occur within about 90 days
  after the closing of the sale of the initial 50 pct stake, the
  company said.
      The company said a final agreement has not yet been reached
  on the first transaction, but negotiations are expected to be
  concluded in early June. Present management is expected to
  continue to operate Lieberman, the company said. Lieberman
  distributes prerecorded music, video movies and other products.
  

"
test/17963	10	crude	"SAUDI ARABIA OPPOSES DRASTIC CHANGE IN OIL PRICE
  Saudi Arabia's Oil Minister Hisham Nazer
  said Riyadh would not agree to a cut in oil prices and would
  not accept a ""mad"" increase that would drive consumers away.
      He told al-Riyadh newspaper, ""Saudi Arabia follows a
  balanced petroleum policy. It does not approve of a decrease in
  prices from current levels and it also does not accept a mad
  increase that would drive consumers away and make them try and
  find alternative sources (for energy).""
      OPEC agreed last December to cut production after world
  prices hit new lows in 1986. They agreed on a pricing system
  aimed to stabilize the market around 18 dlrs a barrel.
  
      OPEC is scheduled to meet in Vienna on June 25, where it
  will review its current oil price and production policy.
      Saudi Arabia's King Fahd said last month that he wanted oil
  prices to remain stable for the next two years.
      Saudi Arabia is the architect of the current pricing and
  production pact, which is backed by Kuwait and the UAE. The
  current pact set a production ceiling for first half 1987 of
  15.8 mln bpd, and implemented fixed prices based on an 18 dlrs
  a barrel average.
  

"
test/17964	12	earn	"HANSON TRUST SHOWS SHARPLY HIGHER HALF-YEAR PROFIT
  Six months ended March 31, 1987
      Share 6.0p vs 4.1p, diluted
      Interim dividend 1.4p vs 1.05p
      Pre-tax profit 312 mln stg vs 158 mln
      Net profit 234 mln vs 114 mln
      Sales 3.47 billion vs 1.55 billion
      Operating profit 296 mln vs 164 mln
      Interest and other income less central expenses credit 16
  mln vs debit six mln
      Company's full name is Hanson Trust Plc <HNSN.L>.
      U.K. Operating profit by sector -
      Consumer goods 123 mln stg vs 32 mln
      Building products 31 mln vs 26 mln
      Industrial 14 mln vs same
      Food 20 mln vs nil.
      U.S. Sectors -
      Consumer goods 25 mln stg vs 20 mln
      Building products 29 mln vs 25 mln
      Food seven mln vs two mln
      Businesses owned in 1986 and sold during 1987 nil vs nine
  mln.
  

"
test/17965	12	earn	"HARNISCHFEGER INDUSTRIES INC <HPH> 2ND QTR NET
  April 30 end
      Oper shr 20 cts vs 19 cts
      Oper net 4,625,000 vs 6,781,000
      Sales 250.2 mln vs 150.9 mln
      Orders 351.5 mln vs 122.5 mln
      1st half
      Oper shr 29 cts vs 26 cts
      Oper net 7,453,000 vs 12.0 mln
      Sales 441.1 mln vs 255.6 mln
      Orders 576.6 mln vs 221.1 mln
      Backlog 848.3 mln vs 459.2 mln
      NOTE: Prior year net excludes losses from discontinued
  operations of 32.9 mln dlrs in quarter and 35.7 mln dlrs in
  half.
      Net excludes tax credit 2,540,000 dlrs vs credit reversal
  2,300,000 dlrs in quarter, credit 5,500,000 dlrs vs nil half.
      Results include Syscom Corp from December 30, 1986 purchase
  and Beloit Corp from March 31, 1986 purchase.  Orders exclude
  253.6 mln dlrs acquired with Syscon acquisition.
      Backlog at January 31 747 mln dlrs.
      Average shares 21.5 mln vs 13.3 mln in quarter and 18.9 mln
  vs 13.3 mln in half.
      Income tax provisions 2,200,000 dlrs vs 3,450,000 dlrs in
  quarter and 6,200,000 dlrs vs 7,225,000 dlrs in half.  Current
  quarter tax rate of 27.5 pct benefited from Wisconsin
  Department of Revenue Decision, the company said.
  

"
test/17967	12	earn	"SEAL INC <SINC.O> 2ND QTR APRIL 30 NET
  Shr profit 29 cts vs loss six cts
      Net profit 645,000 vs loss 118,000
      Sales 7,802,000 vs 4,330,000
      1st half
      Shr profit 58 cts vs profit 10 cts
      Net profit 1,255,000 vs profit 212,000
      Sales 14.5 mln vs 8,912,000
      Avg shrs 2,183,150 vs 2,072,779
  

"
test/17968	0	acq	"ENI UNIT AGIP PETROLI BUYS STAKE IN U.S. COMPANY
  A subsidiary of state energy concern Ente
  Nazionali Idrocarburi <ENTN.MI> (ENI) said it has acquired a 50
  pct stake in <Steuart Petroleum Co>, an independent U.S. Oil
  products company. Financial terms were not disclosed.
      Agip Petroli Spa said in a statement that the remaining 50
  pct of the U.S. Firm is owned by <Steuart Investment Co>, a
  holding company which also has interests transportation, hotels
  and insurance.
      The Italian firm said Steuart Petroleum operates primarily
  on the East Coast of the U.S.
  

"
test/17972	12	earn	"DEL E. WEBB INVESTMENT PROPERTIES INC <DWPA.O>
  1st qtr
      Shr seven cts vs nine cts
      Net 166,000 vs 201,000
      Revs 801,000 vs 687,000
  

"
test/17973	0	acq	"BASIX CORP <BAS> TO SELL UNIT TO CUBIC <CUB>
  BASIX Corp said it has agreed in
  principle to sell the stock of its Automatic Toll Systems Inc
  subsidiary to Cubic Corp for about 26 mln dlrs.
      The company said it would retain Automatic Toll assets
  worth about nine mln dlrs to dispose of over time.
      The company said completion of the transaction is subject
  to approval by both boards and BASIX's banks and the expiration
  of the Hart-Scott-Rodino waiting period.
  

"
test/17975	12	earn	"ONCOR INC <ONCR.O> 1ST QTR LOSS
  Shr loss 12 cts vs loss five cts
      Net loss 347,849 vs loss 103,489
      Sales 222,697 vs 150,534
  

"
test/17978	0	acq	"RESDEL <RSDL.O>, SAN/BAR <SBAR.O> IN MERGER DEAL
  Resdel Industries Inc said
  it has agreed to acquire San/Bar Corp in a share-for-share
  exchange, after San/Bar distributes all shgares of its
  Break-Free Corp subsidiary to San/Bar shareholders on a
  share-for-share basis.
      The company said also before the merger, San/Bar would
  Barry K. Hallamore and Lloyd G. Hallamore, San/Bar's director
  of corporate development, 1,312,500 dlrs and 1,087,500 dlrs
  respectviely under agreements entered into in October 1983.
  

"
test/17979	43	ship	"COLOMBO TO DEFEND WATERS, INDIA READIES FLOTILLA
  Sri Lanka today ordered its armed forces
  to defend the island's territorial waters as India prepared to
  send a flotilla with relief supplies that Colombo says it does
  not want for the Tamils in the Jaffna peninsula.
      The sudden crisis between Sri Lanka and its giant neighbour
  deepened as Prime Minister Ranasinghe Premadasa told
  parliament: ""We have our territorial limits and nobody can be
  allowed to trespass there ...
      ""President (Junius) Jayewardene has ordered the army, navy
  and air force to protect the island and its territorial waters,""
  Premadasa said to a round of applause from the house.
      In New Delhi an Indian spokesman said the plan to send a
  flotilla of 20 small unarmed boats with Red Cross supplies to
  Jaffna tomorrow would go ahead despite Colombo's objections.
      The confrontation was the latest result of the long and
  bitter conflict between Sri Lanka's Buddhist Sinhalese majority
  and the Hindu Tamil minority, which has strong ethnic and
  cultural links with India's 50 mln Tamils.
  

"
test/17980	32	money-fx	"LAWSON SAYS LOUVRE CURRENCY ACCORD SATISFACTORY
  The Louvre agreement by the Group of Seven
  finance ministers and central bankers to stabilise currencies
  has worked well and needs no fundamental strengthening at the
  economic summit in Venice on June 8-10, U.K. Chancellor of the
  Exchequer Nigel Lawson said.
      Previewing the summit, which he expected would not produce
  any major new economic initiatives, Lawson told reporters work
  remained to be done on improving the conditions for lasting
  world economic growth.üside measures to boost growth, he said.
  
      ""I think it is possible that there may be scope for a
  further reduction in interest rates in Germany,"" he added, but
  stressed that he had had no indication that such a move was
  likely. He made no mention of Japanese interest rates.
      Lawson said the U.S. Should embark on ""a gradual reduction
  of its fiscal deficits over the next two or three years.""
      He said the February 22 Louvre accord had produced
  ""satisfactory exchange rate stability,"" in part thanks to heavy
  coordinated intervention of Group of Seven central banks, and
  he was ""content"" with sterling's exchange rate.
      Pointing to the record 4.8 billion stg rise in U.K. May
  currency reserves announced today he said, ""we have been playing
  a very full part ourselves ... We have been intervening to a
  very much greater extent than we had done hitherto.""
      Lawson said there was a risk that the Louvre agreement may
  falter if member states did not implement the macro-economic
  commitments underlying the accord.
      ""Certainly it would be more difficult to maintain exchange
  rate stability if countries are seen not to implement their
  commitments in Paris ... In this respect."" He said the U.S.
  Budget deficit was ""very important.""
      Noting the 6,000 billion yen economic package announced by
  Japanese Prime Minister Yasuhiro Nakasone last week Lawson
  said, ""what is really needed in Japan is an increase in
  merchandise imports. Supply side measures are critical.""
      ""There is a specific range of consumer and agricultural
  goods where they have an extremely restrictive regime which is
  wholly unjustified,"" he said.
      Lawson doubted that Tokyo's partners would indulge in ""Japan
  bashing"" at the summit especially after the economic stimulation
  package and the announcement of Nakasone's plans to increase
  Japanese development aid over the next three years.
      Japan's more flexible stance on Tokyo stock exchange
  membership would also help deflect criticism, he said.
      He said he thought West Germany would instead come under
  pressure at the summit to adopt similar stimulation measures to
  jack up faltering economic growth.
      In this respect Lawson said he hoped Bonn would bring
  forward to January 1988 part of its agreed package of tax cuts
  scheduled for 1990. He also called on Bonn to push ahead with
  the privatisation of German national industries.
      On debt, Lawson said he expected a three point British plan
  to alleviate the burden of the poorest sub-saharan countries to
  make progress in Venice.
      The plan, involving concessional rescheduling of sovereign
  debt in the Paris Club, was first proposed at the IMF and World
  Bank meetings in Washington earlier this year.
      Lawson said he would seek ""to consolidate political backing
  for the plan at the Venice summit"" and hoped the programme would
  be finalised at the Autumn meetings of the IMF and World Bank.
      He welcomed the recent moves by Citicorp and Chase
  Manhattan to increase sharply their Third World debt
  provisions.
      ""First, it is a blow for realism. Second, because the market
  response has shown that banks have much less to fear from this
  sort of move than they felt before Citicorp,"" he said.
      U.K. Banks should follow Bank of England recommendations,
  strengthening their balance sheets and making more provisions.
  ""They have done it to some extent, they need to do it more,""
  Lawson said, adding it was up to the banks themselves to
  determine the appropriate size of provisions.
      He also said the dismantling of farm subsidies would be
  discussed at the summit. ""There is a consensus, which we have to
  push further.""
  

"
test/17981	0	acq	"CENTEL <CNT> COMPLETES SALE
  Centel Corp said it completed the sale of
  its water properties serving 8,000 customers in four
  southwestern Kansas communities to Central Kansas Utility Co of
  Columbia, Mo.
      Terms were not disclosed.
  

"
test/17986	0	acq	"CSR SAYS IT IS PROCEEDING WITH OFFER FOR MONIER
  CSR Ltd <CSRA.S> intends to proceed with
  its planned bid for building materials group Monier Ltd
  <MNRA.S> despite the counter-bid from <Equiticorp Tasman Ltd>
  (ETL), CSR executive director Gene Herbert told Reuters.
      ETL said today it would offer 4.15 dlrs each for Monier's
  issued capital of 156.28 mln shares, plus a share alternative.
  This compares with a 3.80 dlr cash element in CSR's proposed
  bid.
      The proposed offer by ETL, controlled by New Zealand
  entrepreneur Allan Hawkins, came after it built up a 14.99 pct
  stake in Monier in a 95 mln dlr share raid in recent days.
  
      Herbert said Britain's Redland Plc <RDLD.L>, which holds
  just under 50 pct of Monier, still supported the CSR bid and
  had told CSR it is not a seller.
      He said Redland wanted to maintain and build on its
  operations in Australia and the U.S., Where Monier has built up
  a strong presence, notably in roofing tile manufacture.
      The CSR offer contains a put and call option agreement with
  Redland. This enables Redland to accept the CSR bid within six
  months of its close or to lift its stake to 50.1 pct in the
  same period and to run Monier as a joint venture with CSR.
      CSR has said that Redland will take up the second option.
  
      ETL has declined to say why it intervened in Monier, beyond
  describing it as a long term investment.
      ETL would bring no synergies to Monier, unlike CSR which is
  a leader in building materials, Herbert said.
      ""We fit better with Monier,"" he said.
      CSR has said that it will concentrate development on its
  core businesses of sugar and building materials after its moves
  into energy several years ago.
      Asked what he thought ETL's bid sought to achieve, Herbert
  said: ""I'm puzzled as to what Hawkins' strategy is. One has to
  wonder if Monier is the main target.""
  
      Herbert said CSR had no plans to raise its bid, and said a
  higher price would be difficult to justify on fundamentals.
      Monier was trading at 2.80 dlrs when CSR launched its
  original bid of 3.50, or 16.8 times earnings, in late April.
      The shares closed at 3.90 dlrs today, down 25 cents on
  yesterday, after ETL withdrew on reaching the top foreign
  shareholding level permitted without Foreign Investment Review
  Board (FIRB) approval. Its bid is subject to FIRB approval.
      Herbert also said that institutions, which are more likely
  to accept a share alternative than cash, would have to judge
  the respective values of ETL and CSR shares.
  
      ETL is the third group to become involved in a possible
  acquisition of Monier this year. Redland held discussions on a
  possible takeover before the CSR bid emerged but the
  negotiations foundered on the price.
      Share analysts said that for this reason, they did not
  think ETL's intervention would flush out a full Redland bid
  although Monier's ultimate fate rests in its hands.
      ""Redland is still in the driving seat,"" said Tim Cohen of
  <Ord Minnett Ltd>, adding that Redland would be happier having
  CSR as a partner in running Monier than ETL.
      Monier's independent directors have recommended ETL's bid.
  

"
test/17988	12	earn	"COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR
  Periods ended April 30
      Shr 18 cts vs 15 cts
      Net 3,309,000 vs 2,539,000
      Revs 45.2 mln vs 26.8 mln
      Avg shrs 18.7 mln vs 16.8 mln
      NOTE: 1986 net includes gain of 1,197,000 dlrs, or seven
  cts a share, from tax loss carryforwards
  

"
test/17993	0	acq	"MONTROSE HOLDING TO ACQUIRE VIRGINIA FEDERAL
  <Virginia Federal Savings and Loan
  Association> said it has signed a definitive agreement to be
  acquired by <Montrose Holding Co>, an affiliate of <Montrose
  Capital Corp> for 20 mln dlrs.
      Virginia Federal and Montrose Capital said the agreement
  provides for the conversion of Virginia Federal from a mutual
  to a stock association and the purchase of 100 pct of its stock
  for 20 mln dlrs by Montrose.
      According to the companies, Virginia Federal has over 700
  mln dlrs in assets and operates 16 branches in Virginia.
      Virginia Federal said the proceeds would enable it to
  provide increased mortgage and lending services and enable the
  company to compete more effectively in the Virginia market.
      The companies said the agreement is subject to Federal Home
  Loan Bank Board approval, expected later this year.
      Additionally, the companies said the converted association
  would be managed by a board of directors consisting of the six
  current Virginia Federal directors and two representatives of
  Montrose Holding.
      The senior management of Virginia Federal was expected to
  continue in office after the conversion, the companies said.
  

"
test/18001	8	cpi	"BRAZIL'S SARNEY RENEWS CALL FOR WAR ON INFLATION
  President Jose Sarney today declared ""a
  war without quarter"" on inflation and said the government would
  watch every cent of public expenditure.
      Sarney, addressing his cabinet live on television, also
  reiterated that he intended to remain in power for five years,
  until 1990. There has been a long-running political debate
  about how long his mandate should be.
      Brazil is currently suffering from the worst inflation of
  its history. In April monthly inflation reached 21 pct.
  

"
test/18009	15	gnp	"PAKISTAN SAYS GOOD ECONOMIC GROWTH CONTINUES
  Pakistan says its economy has continued
  its recent outstanding performance during the financial year
  1986/87 ending on June 30 but areas like balance of payments,
  investments and energy were causing concern.
      GDP grew in line with the average growth rate since 1980
  and the inflation rate was the lowest since 1969/70, according
  to a government economic survey.
       The reform of economic regulation had gathered momentum
  and there was an impressive performance in a five point
  government program for rural uplift, education and poverty
  alleviation, said the survey.
      Ministry Economic Adviser Qazi Alimullah told a news
  conference that before recent unseasonal rains and hailstorms
  damaged the wheat crop, GDP growth was calculated at 7.04 pct
  compared to 7.25 pct in 1985/86.He said the figure might now
  slide down a little to around 6.8 or 6.9 pct.
      The survey said monetary expansion was estimated to be nine
  pct to date but might rise to around 12 pct by the year-end.
      Alimullah said exports rose 18 pct to 3.5 billion dlrs from
  2.9 billion dlrs in 1985/86. But the at the same time, home
  remittances by Pakistanis abroad dropped to 2.3 billion dlrs
  from the 1985/86 level of 2.595 billion.
      More exports and an improvement in the balance of payments
  situation will be required to overcome this declining trend in
  home remittances, he said.
      The survey said the trade deficit was expected to fall to
  2.4 billion dlrs from three billion dlrs in 1985/86 because of
  the boost in exports.
      He said national investment continued to be small because
  of a poor rate of savings, about 14 pct of GDP. He said more
  savings were required to maintain or possibly step up the
  present growth rate and to finance the country's seventh
  five-year development plan to be launched in July 1988.
  

"
test/18011	22	interest	"BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL

  BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL
  

"
test/18014	4	cocoa	"ICCO BUYS 5,000 TONNES COCOA FOR BUFFER STOCK
  The International Cocoa Organization
  (ICCO) buffer stock manager bought 5,000 tonnes of cocoa today
  for the buffer stock, traders said.
      The cocoa is believed to have been entirely made up of
  second hand material, they added.
      Such a purchase would bring cumulative buffer stock
  purchases to 26,000 tonnes.
  

"
test/18017	0	acq	"ACME PRECISION <ACL> BUYOUT BID DROPPED
  Acme Precision Products Inc said a
  management group has withdrawn a six dlr per share leveraged
  buyout offer.
      Acme said the management group dropped its bid due to
  continued weakness in the machine tool industry and in Acme
  Precision's operating results and to the inability of the
  management group to obtain modifications to terms of its
  financing commitment.
      It said, ""The effect of these factors led the management
  group to conclude that the six dlr per share price was
  excessive under current conditions.""
  

"
test/18028	12	earn	"PEP BOYS - MANNY, MOE AND JACK INC <PBY> 1ST QTR
  May Two net
      Shr 11 cts vs eight cts
      Net 5,895,000 vs 3,896,000
      Sales 127.3 mln vs 110.5 mln
      NOTE: Share adjusted for three-for-one stock split payable
  July 27 to holders of record July One.
  

"
test/18029	0	acq	"ELDERS HAPPY TO LEAVE CARLING SHARES OUTSTANDING
  Elders IXL Ltd <ELXA.S> says it is happy
  to leave preferences shares of brewer Carling O'Keefe Ltd
  outstanding after an undisclosed bidder made an offer to
  acquire all of Carling's outstanding preferred stock.
      Elders, which owns 100 pct of Carling's outstanding common
  shares, previously proposed to redeem the 433,745 Carling
  series A preferred shares at 33.50 Canadian dlrs each and
  redeem the 386,662 series B preferreds at 40 dlrs a share.
      The series A and B preferred shares carry no vote while
  dividends are paid.
     
      Elders says neither it nor Carling knows the identity of
  the bidder for Carling's preferred shares.
      On May 29, the bidder offered to acquire the Carling
  preferred for 36 dlrs for each series A and 40.50 dlrs for each
  series B share.
      Elders said leaving the Carling preferred shares
  outstanding will not affect ongoing plans of the company.
      Series B preferred shareholders had previously rejected
  Carling's proposal to redeem the shares and a series A
  preferred shareholders meeting was adjourned to June 12.
  

"
test/18034	3	carcass	"CHICKEN NOT MAIN SALMONELLA CAUSE, OFFICIAL SAYS
  A representative of the poultry
  industry said statistics showed that chicken is less frequently
  the cause of salmonella poisoning than beef, dairy products or
  salads and other mixed foods.
      Kenneth May, President of Holly Farms Poultry Industries
  and a director of the National Broiler Council, told a House
  Agriculture subcommittee the incidence of salmonella in chicken
  has not increased in recent years and that chicken is neither
  the major source of the bacterial poisoning nor the cause of an
  increase in outbreaks of the disease.
      May said the Center for Disease Control figures showed that
  between 1978 and 1982, chicken was involved in four pct of all
  U.S. salmonellosis outbreaks, while beef accounted for ten pct
  of outbreaks and dairy products six pct.
      May said the remaining outbreaks were caused by salads and
  mixed food, turkey, seafood, pork, eggs and other foods.
      May said the chicken industry favored moving away from
  bird-by-bird inspection procedures to a risk assessment system
  better able to identify microbial and bacterial contamination
  of poultry.
      However, Ellen Haas, executive director of Public Voice for
  Food and Health Policy, said bird-by-bird inspection should be
  retained and labels should be attached to each ready-to-cook
  chicken to remind consumers about preparation procedures
  necessary to avoid illness.
      Haas also called for a review of present chicken industry
  inspection methods that she said can worsen poultry hazards.
  

"
test/18036	0	acq	"JONES AND VINING <JNSV.O> STARTS BID FOR SHARES
  Jones and Vining Inc said it has
  started a tender offer for all of its own shares at five dlrs
  per share. 
      The company said it will hold a special meeting on July 10
  for a vote on approval of a merger at the tender price.
      It said the price to be paid in the tender and merger could
  be reduced by any fees and expenses the court may award to
  counsel for the plaintiffs in the class action suit brought
  against it in Delaware Chancery Court by Ronda Inc. The
  plaintfiffs' counsel are seeking fees of up to 10 cts per
  share, Jones and Vining said.
      The company said the court has scheduled a hearing on the
  proposed settlement of the suit for July Eight.
      The company said the start of the tender offer and the
  calling of the special meeting are conditions of the
  settlement, and completion of the tender and merger are
  conditioned on final approval of the settlement.
  

"
test/18037	0	acq	"HEALTHSOUTH <HSRC.O> MAKES ACQUISITION
  HEALTHSOUTH Rehabilitation Corp
  said it has acquired Pine Island Sports Medicine Center in Fort
  Lauderdale, Fla., and will incorporate the facility into its
  HEALTHSOUTH Rehabilitation Center of Fort Lauderdale, which is
  now under construction and should be in operation by
  mid-summer.
      Terms were not disclosed.
  

"
test/18038	0	acq	"BANC ONE <ONE> MAKES INDIANA ACQUISITION
  Banc One Corp said it has
  completed the acquisition of First National Bank of
  Bloomington, Ind, which has assets of 271 mln dlrs.
  

"
test/18040	0	acq	"ORION BROADCAST <OBGI.O> BUYS FORD <F> UNIT
  Orion Broadcast Group Inc said its
  majority-owned Orion Financial Services Corp subsidiary has
  agreed to purchase FN Realty Services Inc from Ford Motor Co
  for 1,200,000 to 1,500,000 dlrs in cash and notes.
      It said closing is expected within 45 days after receipt of
  regulatory approvals.
      FN provides loan collection, accounting, data processing
  and administrative services to the real estate industry.
  

"
test/18048	12	earn	"PHH GROUP INC <PHH> 4TH QTR APRIL 30 NET
  Shr 71 cts vs 47 cts
      Net 12.1 mln vs 7.8 mln
      Revs 369.8 mln vs 307.9 mln
      12 mths
      Shr 2.35 dlrs vs 2.33 dlrs
      Net 39.5 mln vs 39 mln
      Revs 1.36 billion vs 1.24 billion
      NOTE: Prior year restated to reflect results from current
  year acquisitions.
  

"
test/18050	32	money-fx	"LAWSON CALLS INTERVENTION PROOF OF STABILITY GOAL
  The scale of foreign exchange intervention
  the Bank of England has carried out recently is clear proof of
  Britain's determination to stabilise exchange rates as agreed
  between the Group of Seven industrialised countries in Paris in
  February, Chancellor of the Exchequer Nigel Lawson said.
      Saying he was ""content"" with sterling's current value, Lawson
  told reporters he wanted ""to maintain the exchange rate
  stability we have all signed up for."" He declined to say if he
  favoured a rise or a fall from present sterling levels.
   May currency reserves, out today, showed a record 4.8 billion
  stg rise, pointing to massive currency intervention.
      In April, reserves rose a hefty 2.9 billion stg.
      Pointing to the reserves data, Lawson said, ""We have been
  playing a very full part ourselves"" in meeting our commitments
  toward exchange rate stability as agreed in Paris.
      ""We wish to see it (stability) continuing,"" he added.
      Asked which techniques were available to preserve
  stability, Lawson said both central bank intervention and
  interest rate changes could be used to tackle ""the market
  pressures there are from time to time.""
      ""Interest rate stability is not an objective in that
  sense...Rates have to be moved up and down at times,"" he added.
      Lawson said he expected intervention to be ""sterilised"" by
  draining excess sterling liquidity from the market through new
  issues of government securities and foreign currency sales,
  when the market allowed.
      This would limit the inflationary impact of intervention,
  he said.
      ""Sterilisation will be dictated by market tactics...Not
  necessarily in the month in which intervention occurs,"" Lawson
  said. ""I am confident that we can sterilise on this scale.""
  

"
test/18052	12	earn	"GULF AND WESTERN INC <GW> 2ND QTR APRIL 30 NET
  Shr 86 cts vs 73 cts
      Net 52.7 mln vs 45.7 mln
      Revs 989.9 mln vs 863.9 mln
      Six mths
      Shr 1.97 dlrs vs 1.28 dlrs
      Net 122 mln vs 79.9 mln
      Revs 2.078 billion vs 1.726 billion
  

"
test/18061	48	trade	"TURKISH TRADE DEFICIT WIDENS IN APRIL
  Turkey's trade deficit widened to 382 mln
  dlrs in April from 275 mln in March and 273 mln in April 1986,
  the State Statistics Institute said.
      The deficit for the first quarter of 1987 widened to 1.23
  billion dlrs from 1.20 billion a year earlier.
      April exports totalled 702 mln dlrs compared with imports
  of 1.08 billion.
      Exports in the first four months were worth 2.69 billion
  dlrs compared with imports of 3.92 billion.
  

"
test/18062	12	earn	"UNITED FINANCIAL BANKING <UFBC.O> 1ST QTR NET
  Shr four cts vs 21 cts
      Net 29,862 vs 152,826
      NOTE: Full name is United Financial Banking Cos Inc. Net
  includes loan loss provision nil vs 40,000 dlrs.
  

"
test/18065	12	earn	"BROWN GROUP INC <BG> 1ST QTR MAY 2 NET
  Shr 56 cts vs 42 cts
      Net 10,030,000 vs 7,833,000
      Sales 392.1 mln vs 339.6 mln
      Avg shrs 17,966,000 vs 18,709,000
  

"
test/18066	10	crude	"U.S. ENERGY SECRETARY SEES HIGHER OIL PRICES
  Energy Secretary Donald Hodel said he
  expects oil prices to rise significantly by the year 2000,
  probably to around 33 dlrs a barrel in current dollars.
      ""I do anticipate a significant increase (by 2000).
  Thirty-three dlrs a barrel is not unreasonable,"" Hodel told the
  Senate Energy Committee.
      Hodel said the loss of some domestic oil production through
  the shutdown of stripper (10 barrels a day or less) wells
  because of low prices was probably permanent. He said he was
  also concerned by the decline in domestic oil exploration.
      Hodel urged Congress to approve oil exploration in section
  1002 of the Arctic National Wildlife Refuge in Alaska. He said
  geologic condtions in the area were favorable for the discovery
  of oil fields equal to those in nearby Prudhoe Bay.
  

"
test/18068	12	earn	"NORTHWEST TELEPRODUCTIONS <NWTL.O> 4TH QTR NET
  Shr 15 cts vs 16 cts
      Net 239,034 vs 264,485
      Sales 2,932,782 vs 2,664,853
      Year
      Shr 57 cts vs 45 cts
      Net 929,524 vs 741,121
      Sales 10.9 mln vs 9,708,792
  

"
test/18071	0	acq	"JUDGE TO DECIDE BURLINGTON <BUR> IN SEVERAL DAYS
  U.S. District Court Judge Eugene
  A. Gordon said he will decide ""in the next few days"" whether to
  grant Burlington Industries Inc's request to stop a takeover by
  Samjens Acquisition Corp.
      ""I do not know how I come down on this preliminary
  injunction,"" Gordon said after listening to arguments by
  attorneys for 1-1/2 days.
      ""It's been a long time since I was deluged with as much
  information as I have been. I have to consider what's been
  presented and issue an opinion on this. Both sides cannot be
  winners,"" he said.
      Burlington requested the injunction to stop a takeover
  effort by Samjens, claiming the partnership used illegally
  obtained confidential information about the company to make its
  offer. It also alleges there would be anti-trust violations if
  Samjens, formed by Asher Edelman and Dominion Textiles Inc of
  Canada, were to succeed.
      Samjens last week topped a 76 dlr per share offer for
  Burlington from Morgan Stanley Group <MS> by one dlr per share.
  Morgan Stanley made its 2.44 billion dlr bid after Samjens bid
  72 dlrs per share for Burlington.
      Burlington lawyers told the court if the injunction is not
  granted Samjens would win control of Burlington. A Samjens
  lawyer argued that if the judge granted the injunction it would
  ""kill the offer""
      Jay Greenfield, an attorney for Samjens, said the
  partnership would suffer irreparable harm if the injunction
  were granted. ""There's only one Burlington,"" he said. ""If we
  cannot get that then no amount of money can compensate us.""
      Greenfield also said Samjens could sell its holdings in
  Burlington for 95 mln dlrs. ""We don't want that. We're not in
  this for the money,"" he said.
      Irving Nathan, a Burlington lawyer, reiterated that
  information provided by James Ammeen, a former Burlington
  executive, was crucial to Dominion's decision to attempt o
  takeover of Burlington.
      ""Dominion relied on the information provided by the insider
  Jim Ammeen,"" Nathan said.
      An attorney for Ammeen, who is named as a defendant, asked
  the court to dismiss the lawsuit against his client. The judge
  said he would not rule on the request today.
  

"
test/18075	0	acq	"ALLEGIS <AEG> TO SELL CANADIAN HOTELS
  Allegis Corp said it has created a
  limited partnership to sell selected hotels in Canada to the
  public.
      It said the offering is expected to raise in excess of 350
  mln Canadian dlrs and will be completed by the end of
  September.
      The limited partnership will be similar to the Westin
  Hotels limited partnership completed last year when Allegis
  sold Westin hotels in San Francisco and Chicago. Allegis
  reported a pretax gain of 80.6 mln dlrs as a result of that
  partnership.
     
      An Allegis spokesman said the offerings have been in
  planning stages for a long time and are unrelated to recent
  corporate developments such as the firm's recapitalization plan
  and a threatened takeover by an investor group lead by Coniston
  Partners and the pilots of its United Airlines unit.
      The spokesman said the company has not yet identified which
  of its Canadian hotels will be offered for sale.
      Allegis has 100 pct ownership in Westin hotels in
  Vancouver, Calgary, Ottawa and Toronto, and 100 pct interest in
  Hilton International hotels in Toronto and Montreal. It owns 60
  pct of the Westin in Edmonton.
      Richard Ferris, chairman of Allegis, said in a statement
  the hotel limited partnerships allow the company to convert
  unrecognized asset appreciation into cash.
      As with the proceeds from the earlier limited partnership,
  the money will be used for general corporate needs, the
  spokesman said.
      Merrill Lynch Capital Markets and Wood Gundy will be lead
  underwriters for to the public offering. The limited
  partnership will be offered outside the U.S, Allegis said.
  

"
test/18079	0	acq	"RAYCOMM TRANSWORLD <RACM.O> TO MAKE ACQUISITION
  Raycomm Transworld Industries Inc
  said it has agreed in principle subject to board approvals to
  acquire Spiridellis Consulting Group Inc, a privately-held
  computer services consulting firm, for a number of common
  shares to be determined based on pretax earnings of Spiridellis
  over a five-year period.
      The company said it will gaurantee that almost all of the
  issued shares will attain price levels ranging from five to
  nine dlrs each for two years after their issuance.
      It said Spiridellis had revenues of 3,500,000 dlrs in
  calendar 1986.
  

"
test/18080	0	acq	"3M <MMM> ACQUIRES CONTROL DATA <CDA> UNIT
  Minnesota Mining and Manufacturing
  said it acquired a computerized hospital information systems
  business from Control Data Corp.
      Terms were not disclosed.
      The business, which has 145 employees and supplies
  computers and software for hospital information systems, will
  be integrated into 3M's hospital software business.
      Control Data said the divestiture was part of its strategy
  to focus on narrower markets.
  

"
test/18085	10	crude	"LUKMAN SEES STABLE OIL PRICE FOR NEXT COUPLE YEARS
  The current crude oil price of between
  18 and 20 dlrs a barrel will remain stable over the next couple
  of years, rising only one to two dlrs a barrel per annum to
  keep up with inflation, OPEC President Rilwanu Lukman said.
      Lukman, who was speaking during talks with Swedish trade
  officials, said the stable price depended upon output restraint
  by both OPEC and non-OPEC oil producers, Swedish government
  officials said.
      They said Lukman, who is also Nigerian oil minister, made
  the remarks whilst talking about the connection between Third
  World debt and industrialised nations.
      Crude oil output controls did not necessarily mean higher
  energy bills for the world's industrial nations, Lukman said.
      Although very low oil prices, such as those seen around the
  beginning of the year, may appear beneficial for the industrial
  countries that depend on imported energy, they would only lead
  to wastage and overdependence on the fuel in the long term, he
  said.
      This in turn would bring a swing back to extremely high
  prices, he added.
      Sweden, heavily dependent on imported oil, suffered a major
  crisis in the mid-1970s, when oil prices spiralled.
  

"
test/18093	1	alum	"ALCAN REDUCES COST OF PLANNED SMELTER
  Alcan Aluminium Ltd said it has cut the
  expected cost of its planned Laterriere, Quebec, smelter by
  using enhanced Grande Baie reduction technology.
      The company said the decision to use prebaked anode
  technolgy used at its Grande Baie, Quebec, and Sebree, Ky.,
  smelters was taken primarily for cost reasons.
      As a result, it said, the estimated total cost of the
  planned smelter will be held to 450 mln U.S. dlrs, the low end
  of the range estimated in mid-May, while the cost of the first
  phase was cut to 150 mln dlrs from the projected 175-225 mln
  dlrs.
  

"
test/18095	15	gnp	"GERMAN EXPERTS SAY NO FURTHER ECONOMIC STIMULUS
  The West German government's independent
  council of economic experts believes a further stimulation of
  the economy is inappropriate, government spokesman Friedhelm
  Ost said.
      A statement released by Ost after a meeting of Chancellor
  Helmut Kohl and senior government officials with the council
  said the experts believed 1987 ecomomic growth of 1-1/2 to two
  pct was achievable.
      It added the council believed ""an intensification of the
  already expansionary stimulation of monetary and financial
  policy is not called for.""
      Ost's statement said experts believed further pressure on
  West Germany to adapt to external economic factors would not
  increase.
      The government regularly uses the term ""changed external
  economic factors"" when referring to the fall of the dollar,
  which has severely damaged West German exports. Bonn officials
  have said they expect exports to pick up during the year, but
  could still fall below the 1986 level.
      Along with other leading industrial countries, West Germany
  agreed to a package of measures at a meeting in Paris in
  February aimed at stemming the fall of the dollar.
      The stance taken by the experts backs up the official
  position of the West German government ahead of next week's
  seven nation summit in Venice, where Bonn is expected to be
  pressed by the U.S. And other partners to boost its economy.
      West German government officials have stressed Bonn is not
  in a position to stimulate growth further since tax cuts due
  next year and 1990 are already stretching the budget.
      The Bundesbank has also ruled out a quick cut in official
  interest rates although it sees market rates continuing low.
      The experts' prediction for economic growth this year of
  between 1-1/2 and two pct is a slight downward revision from a
  forecast made last November when two pct growth was forecast.
      Many independent forecasters have revised down 1987
  predictions in light of the downturn in exports. The government
  itself has said it expects growth of just under two pct,
  compared with a 2.4 pct expansion in 1986.
  

"
test/18096	12	earn	" ROYAL BANK OF CANADA (RY.TO) 2ND QTR APRIL 30 NET
  Shr basic 83 cts vs 1.05 dlrs
      Shr diluted 80 cts vs 96 cts
      Net 116,157,000 vs 125,146,000
      Six mths
      Shr basic 1.71 dlrs vs 2.27 dlrs
      Shr diluted 1.63 dlrs vs 2.06 dlrs
      Net 230,265,000 vs 265,535,000
      Loans 67.93 billion vs 65.50 billion
      Deposits 83.71 billion vs 84.25 billion
      Assets 100.00 billion vs 97.50 billion
      Avg shrs 116.4 mln vs 102.1 mln
  

"
test/18099	3	carcass	"EX-USDA OFFICIAL URGES CHICKEN HANDLING LABELS
  A former U.S. Agriculture Department
  official urged the department to require that packages of
  chicken be labeled with handling and cooking instructions to
  protect the public from disease.
      Carol Tucker Foreman, President of Foreman and Heidepriem
  and a former assistant secretary of agriculture for food and
  consumer services, told a House Agriculture subcommittee, ""every
  hour of every day, 22 Americans become victims of chicken
  contaminated with salmonella.""
      She said every two and a half weeks, an American dies of
  salmonellosis or complications arising from it and the
  incidence of poisoning from poultry has increased steadily over
  the past several years.
      Foreman said USDA should follow a National Academy of
  Sciences recommendation to label chicken packages to remind
  consumers of preparation procedures necessary to avoid illness.
      She urged USDA to require that birds be washed thoroughly
  before they are defeathered and that defeathering machines be
  cleaned several times a day, that birds be condemned if their
  intestines are punctured or there is visible fecal
  contamination and that chiller water be changed more often.
      Kenneth Blaylock, President of the American Federation of
  Government Employees, said a poultry industry recommendation to
  move away from the current bird-by-bird inspection could prove
  ""disastrous."" He said a strengthened bird-by-bird inspection with
  slower line speeds was the foundation upon which new inspection
  techniques should be overlaid.
  

"
test/18101	0	acq	"CENTURY <CCC.O> TO BUY TO PUERTO RICAN CO
  Century Communications Corp
  said it had entered into an agreement to acquire all the assets
  of <Community Cable Vision of Puerto Rico Associates>  and its
  associated companies for about 12 mln dlrs.
      Century said it anticipates that <ML Media Partners LP>,
  which jointly owns with Century a company called <Cable
  Television Co> of greater San Juan, will join in acquisition
  and management of Community Cable.
      Century said Community Cable is located in San Juan, Puerto
  Rico.
  

"
test/18104	48	trade	"U.S. WEIGHS LIFTING JAPANESE TRADE CURBS
  The White House has completed a new
  review of Japanese semiconductor trading practices but has not
  yet decided whether trade sanctions levied against Japan last
  April should be lifted, U.S. officials said.
      They said the president's Economic Policy Council looked at
  Japan's adherence to the 1986 U.S.-Japanese semiconductor pact
  yesterday and that an announcement may be made shortly.
      But there was no hint what the announcement might be.
      Officials have said the 100 pct tariffs on 300 mln dlrs of
  Japanese exports could be modified if Japan was found to be
  honoring a portion of its semiconductor pact.
      But they also noted that the White House has said it was
  unlikely the tariffs would be lifted before the meeting of the
  world's seven major economic powers in Venice on June 8-10.
      The officials added that while the curbs complicated
  U.S.-Japanese economic cooperation, they did serve to blunt 
  Congressional criticism that the Reagan Administrtation was not
  taking tough actions to reduce he U.S. trade deficit.
      Reagan imposed the sanctions on April 17 in retaliation for
  Japan's failure to honor commitments to end dumping
  semiconductors in world markets at less than production costs
  and to open its own market to U.S. goods.
      The sanctions were levied on certain Japanese television
  sets, personal computers and hand-held power tools.
      Reagan, in imposing the curbs, said they would be lifted as
  soon as there was evidence of a pattern that Japan was adhering
  to the pact.
  

"
test/18106	22	interest	"U.S. HOUSE SPEAKER WRIGHT CONCERNED of INTEREST RATE RISE UNDER GREENSPAN

  U.S. HOUSE SPEAKER WRIGHT CONCERNED of INTEREST RATE RISE UNDER GREENSPAN
  

"
test/18108	10	crude	"ENERGY SECRETARY SEES HIGHER OIL PRICES
  Energy Secretary Donald Hodel said he
  expects oil prices to rise significantly by the year 2000,
  probably to around 33 dlrs a barrel in current dollars.
      ""I do anticipate a significant increase (by 2000).
  Thirty-three dlrs a barrel is not unreasonable,"" Hodel told the
  Senate Energy Committee.
      Hodel said the loss of some domestic oil production through
  the shutdown of stripper (10 barrels a day or less) wells
  because of low prices was probably permanent. He said he was
  also concerned by the decline in domestic oil exploration.
      Hodel urged Congress to approve oil exploration in section
  1002 of the Arctic National Wildlife Refuge in Alaska. He said
  geologic condtions in the area were favorable for the discovery
  of oil fields equal to those in nearby Prudhoe Bay.
      ""The area could contain potentially recoverable oil
  resources of more than 9.2 billion barrels, an amount nearly
  equal to the Prudhoe Bay oil field, which currently provides
  almost one-fifth of U.S. domestic production,"" Hodel said.
      He said production from the new section could begin about
  the time Prudhoe Bay production begins to decline in 2000
  without endangering caribou or other wildlife in the area.
  

"
test/18109	40	reserves	"DANISH RESERVES RISE 10.5 BILLION CROWNS IN MAY
  Denmark's net official reserves rose
  to 60.629 billion crowns in May from 48.380 billion in April,
  against 39.481 billion in May 1986, the Central Bank said in
  its monthly balance sheet report.
      Total net reserves, including reserves held by commercial
  and major savings banks and corrected for exchange rate
  adjustments, rose to 58.373 billion crowns in May from 47.835
  billion in April, against 32.443 billion in May 1986.
      The Bank said in a statement that public loan transactions
  accounted for net capital import of 0.1 billion crowns in May,
  with net registered private capital imports of 9.1 billion.
      ""Of this, the net sale of Danish crown bonds to other
  countries totalled about 2.5 billion crowns. There was balance
  between the purchase and sale of foreign securities,"" the
  statement added.
      The Central Bank said that figures for private bank
  reserves and registered capital movements were provisional and
  there was no estimate yet of unregistered movements.
      ""It is therefore not possible on this basis to draw
  conclusions about the developments of the external current
  account,"" the statement added.
  

"
test/18111	0	acq	"STEWART <STEW.O> SELLS PLANT TO SARA LEE <SLE>
  Stewart Sandwiches Inc said it has
  sold its coffee roasting plant to Sara Lee Corp's Superior
  Coffee and Foods subsidiary for undisclosed terms.
      The company said Superior will become the exclusive packer
  of Squire labeled coffee products, which are marketed by
  Stewart, and Stewart will provide equipment, service and
  distribution suppoort for some Superior coffee accounts.
  

"
test/18120	12	earn	"AEP INDUSTRIES INC <AEPI.O> 2ND QTR APRIL 30
  Shr 21 cts vs 11 cts
      Net 638,000 vs 340,000
      Sales 16.9 mln vs 14.7 mln
      Avg shrs 3,007,048 vs 3,006,250
      1st half
      Shr 41 cts vs 41 cts
      Net 1,224,000 vs 1,142,000
      Sales 31.1 mln vs 29.8 mln
      Avg shrs 3,006,704 vs 2,757,631
      NOTE: Current year net both periods includes nonrecurring
  gain 213,000 dlrs.
  

"
test/18135	0	acq	"NCNB <NCB> TO MERGE WITH (CENTRABANK)
  NCNB Corp said the board of
  governors of the Federal Reserve System approved its
  application to merge with (CentraBank Inc) of Baltimore,
  expected to be completed July 1.
      The company said the board's approval included the
  dismissal of a protest by the Baltimore-based Maryland Alliance
  for Responsible Investing against NCNB's performance under the
  Community Reinvestment Act.
     
      The company said Maryland Alliance wanted the merger
  blocked on the grounds that NCNB inadequately served the credit
  and financial needs of low-income and minority communities in
  its markets.
      The company said it denied the claim.
  

"
test/18138	0	acq	"SPECTRA-PHYSICS <SPY> MULLS SALE, RESTRUCTURE
  Spectra-Physics Inc said it is
  considering the possibility of recapitalizing, restructuring,
  or seeking a buyer for the company following its rejection of
  an unsolicitied 32 dlr a share bid from Ciba-Geigy Corp.
      In a filing with the Securities and Exchange Commission,
  the San Jose, Calif., gas lasers and accessories company also
  said its board Sunday agreed to a plan that gives 52 top
  executives bonuses ranging from 20 to 50 pct of their base
  salary if they stay with the company through August 29.
      In rejecting the takeover proposal by the U.S. subsidiary
  of Swiss-based Ciba-Geigy AG, the company said it was unfair.
      The Spectra-Physics board voted unanimously, with two
  Ciba-Geigy representatives not participating, to reject the
  Swiss-based chemical and pharmaceutical company's takeover bid,
  citing an opinion from its financial advsior, Morgan Stanley
  and Co Inc, that it is ""inadequate and unfair from a financial
  point of view to the holders of shares,"" the company said.
      The board also authorized a special committee and Morgan
  Stanley to ""vigorously investigate, pursue and authorize any
  alternatives which would maximize the value of shareholders'
  investment in the company,"" the company said.
      Among the alternatives the special committee will consider
  are a sale of the company to a third party for more than 32
  dlrs a share, a recapitalization or restructuring, including
  self tender offers and/or asset dispositions through the use of
  dividends, Spectra-Physics said.
      The ""retention plan"" for the 52 top officers will pay an
  average bonus percentage of 28 pct of salary, it said.
      Spectra-Physics said its board approved the plan ""in order
  to encourage key operating personnel to remain with the company
  during the period of turmoil and uncertainty engendered by the
  (Ciba-Geigy) offer.""
      Under the plan, the executives would be entitled to their
  cash bonuses if they stay with the company through August 29,
  but could receive them earlier if they are fired for reasons
  other than gross and willful misconduct, or if they leave the
  company because their salaries have been sharply cut.
      Spectra-Physics also said it filed suit against Ciba-Geigy
  yesterday in U.S. District Court in Wilmington, Del., charging
  it with making a takeover bid that was false and misleading in
  violation of securities law and with violating the intent of
  July 9, 1985 standstill agreement.
      Spectra-Physics said Ciba-Geigy indicated at the time of
  the standstill agreement that it would not make an unsolicited
  takeover proposal for the company and that the intent of the
  agreement was that Ciba-Geigy would not acquire more than 20
  pct of the company unless there was another takeover threat.
      Ciba-Geigy was 18.8 pct of Spectra-Physics and Reliance
  Group Holdings <REL>, which is controlled by New York investor
  Saul Steinberg, controls 12.8 pct.
      Spectra-Physics said the agreement prevents Ciba-Geigy from
  raising its stake beyond 20 pct through Jan 1, 1992, unless
  another person get more than 10 pct of its voting power.
  

"
test/18145	0	acq	"ATLANTIC RICHFIELD <ARC> UNIT BUYS TECHNOLOGY
  Atlantic Richfield Co said it has
  acquired exclusive worldwide rights to the methyl methacrylate
  technology of Texas Eastern Corp's Halcon SD Group affiliate
  for undisclosed terms.
      The company said the technology will allow it to introduce
  a cleaner and more efficient way of making methyl methacrylate,
  a liquid monomer used to make resins for acrylic sheet,
  coatings, molded parts and products and plastic impact
  modifiers.
      ARCO said it is reviewing options for commercialization of
  the technology.
  

"
test/18148	48	trade	"SHULTZ WELCOMES TOKYO ECONOMIC PACKAGE
  U.S. Secretary of State George Shultz said
  the 6,000 billion yen economic package announced by Tokyo last
  week went further than the U.S. Had expected.
      But he said the U.S. Would not lift the selective economic
  sanctions it imposed on Japanese imports in April until Tokyo
  changed its sales policies concerning computer microchips.
      Speaking in a televised news conference linking several
  European capitals, Shultz said it was heartening that the
  Japanese had confronted the problem of stimulating domestic and
  global demand.
  
      ""There is an even greater amount of stimulus than was
  originally thought,"" said Shultz, speaking from Washington.
      ""It is a lot more than nothing. It is more than was talked
  about when (Prime Minister Yasuhiro) Nakasone was here.
      ""It involves a major reduction in tax rates and we believe
  that getting the tax burden down is one way of stimulating the
  economy,"" he added.
      But asked by Japanese reporters, also linked into the news
  conference, whether the positive reaction meant the U.S. Might
  decide at next week's Venice summit to lift its sanctions on
  some Japanese electronic goods, Shultz replied:
      ""These sanctions were undertaken on the basis of an
  agreement that had been reached between the United States and
  Japan on various sale practices and prices relating to the chip
  market.
      ""They will be lifted as the facts of change by Japan to the
  agreement that it made become evident.""
      He said U.S. Officials had only been able to monitor the
  situation for a month and that it was impossible to determine a
  trend on only one month's data.
      The U.S. Imposed 100 pct import duties on personal
  computers, colour televisions and power tools, alleging that
  Japan had violated last September's bilateral agreement by
  selling computer chips at below fair market value.
      Shultz said West Germany and other nations would also do
  well to look at what they could do to stimulate demand.
      Asked whether the U.S. Could reasonably ask its allies to
  take action to stimulate the world economy without a bold
  American initiative to reduce the size of the federal budget
  deficit, Shultz said moves were already underway to tackle the
  problem.
      He said by the end of the current fiscal year the deficit
  would probably be reduced by around 35 billion dlrs against
  last year, and that the budget being worked on this year would
  contain a major reduction.
  

"
test/18149	0	acq	"CHAMPION HOME <CHB> SELLS TWO PROPERTIES
  Champion Home Builders Inc said it
  sold the Commerce Meadows 600-site manufactured housing rental
  community in Commerce Township, Michigan, for a pre-tax gain of
  about 900,000 dlrs and the Heron Cay 610-site adult community
  in Vero Beach, Florida, for a nominal pre-tax gain.
      The company said the sales proceeds will be partly used to
  reduce debt. It said it is shifting its focus away from the
  development of communities requiring significant equity and
  having lengthy projected life cycles.
      The company also said along with local landowners and
  investors, it will acquire 33-acre tract Northtowne Meadows in
  the Toledo, Ohio, area for development into 160 home sites and
  three acres of commercial land.
      Terms of the transactions and other parties involved were
  not disclosed.
  

"
test/18150	49	veg-oil	"ACP STATES SAY EC OILS TAX PLAN BREAKS ACCORDS
  Developing countries said the European
  Community (EC) would breach two international agreements if it
  went ahead with its plans for an oils and fats tax.
      Ambassadors to the EC from African, Caribbean and Pacific
  (ACP) states told a press conference the tax would hit the
  exports of 26 ACP countries.
      They said the EC failed to follow consultation procedures
  laid down in the Lome Convention which regulates relations
  between ACP states and the bloc for moves which could affect
  trade between the two sides.
      They also said the EC would be in breach of an undertaking
  not to bring in new protectionist measures during the current
  Punta del Este round of world trade negotiations being held
  under GATT (General Agreement on Tariffs and Trade) auspices.
      The EC Commission has proposed a tax of up to 330 European
  currency units (Ecus) a tonne on both imported and EC-produced
  vegetable and marine fats for human consumption, which could
  raise up to two billion Ecus a year.
      EC farm ministers, who would have to approve such a tax,
  are split on the issue and are expected to decide it at a
  marathon meeting on EC farm prices beginning in Luxembourg on
  June 15.
      Jamaican ambassador Leslie Wilson said ACP countries are
  convinced this would lead to EC industry substituting products
  made within the bloc for oil and fat imports. The ACP estimates
  this would result in a fall of 160 to 185 mln Ecus in its
  member country exports.
      ""We can't believe the EC would willingly take measures to
  undermine our countries, but such would be the impact of these
  measures,"" Wilson said.
      The U.S. and Malaysia say their exports would also be hit
  by the proposed tax and they may take retaliatory action if it
  is approved.
      Wilson said the ACP would take such steps only ""as a very
  last resort,"" but added that the ACP is in touch with other
  countries which oppose the plan.
      Wilson, who was chairing the news conference, made it clear
  Jamaica itself would not be hit by the tax as it does not
  export oils and fats.
      Among the worst hit countries would be Ivory Coast,
  Senegal, Nigeria and Papua New Guinea, the ACP says.
  

"
test/18152	12	earn	"BURLINGTON COAT FACTORY <BCF> 2ND QTR NET
  quarter ended May 2
      Shr 20 cts vs 17 cts
      Net 2,319,000 vs 1,950,000
      Sales 92.4 mln vs 72.2 mln
      Six mths
      Shr 1.60 dlrs vs 1.27 dlrs
      Net 18.7 mln vs 14.8 mln
      Sales 285.9 mln vs 227.1 mln
      NOTE: Full name is Burlington Coat Factory Warehouse Corp.
  

"
test/18155	12	earn	"CML GROUP INC <CMLI.O> 3RD QTR NET
  qtr ended May 2
      Shr 29 cts vs 22 cts
      Net 1,975,000 vs 1,403,000
      Revs 68.1 mln vs 54.0 mln
      Avg shrs 6,722,527 vs 6,597,492
      Nine mths
      Shr 1.17 dlrs vs 92 cts
      Net 7,847,000 vs 6,017,000
      Revs 209.7 mln vs 175.7 mln
      Avg shrs 6,687,138 vs 6,549,197
  

"
test/18157	0	acq	"BALL CORP <BLL> COMPLETES ACQUISITION OF VERAC
  Ball Corp said it completed the
  acquisition of privately held Verac Inc.
      Terms were not disclosed.
      The company said the San Diego-based defense systems and
  software development company had sales of about 23 mln dlrs in
  1986 and will operate as part of Ball's technical products
  group.
  

"
test/18158	12	earn	"NODAWAY VALLEY CO <NVCO.O> 1ST QTR NET
  qtr ended April 30
      Shr seven cts vs 10 cts
      Net 158,294 vs 234,829
      Revs 8,727,242 vs 8,152,478
  

"
test/18160	43	ship	"NEED FOR BIGGER ALLIED FORCE IN GULF PLAYED DOWN
  Secretary of State George Shultz said
  today that a boost in allied forces in the Mideast Gulf was not
  vital to protect shipping against attack but that possible
  allied contributions should be examined.
      Asked if he saw the need for a greater military presence by
  the allies in the gulf, Shultz told reporters, ""Not necessarily,
  particularly, so.""
      But he said an adequate force was needed to deter attack
  and noted that the British and the French, as well as the
  United States, maintained naval contingents there.
      ""We have to look at things that others might do,"" he said.
  

"
test/18166	12	earn	"GAMMA BIOLOGICALS INC <GAMA.O> 4TH QTR MARCH 31
  Shr profit four cts vs loss 47 cts
      Net profit 209,000 vs loss 2,164,000
      Sales 4,849,000 vs 3,682,000
      Year
      Shr loss 10 cts vs loss 52 cts
      Net loss 451,000 vs loss 2,378,000
      Sales 18.0 mln vs 15.8 mln
  

"
test/18176	16	gold	"SKYLINE <SKX.V> EXPECTS TO BEGIN MINE IN JULY
  Skyline Explorations Ltd said expects
  construction can begin next month on a gold mine at Johnny
  Mountain Camp, located 600 miles north of Vancouver.
      The company said a contract has been let for a 200 to 400
  tons per day mill and the company is receiving cooperation from
  provincial and federal agencies on its stage one report,
  ""approval in principal,"" which is required before actual
  construction can begin.
      Skyline said it is optimistic the approval in principal
  will be received in late June, by which time it expects to have
  confirmed threshold tonnage and grade targets so construction
  can begin in July.
     
      Skyline said the 1987 exploration drift on 16 vien east at
  Johnny Mountain has advanced 320 feet. The vein is continuous,
  averaging four feet thick plus an altered mineralized hanging
  wall.
      It said periodic face samples indicate an average grade of
  1.05 ounces per ton of ore ranging from a low of 0.78 ounce per
  ton to a high of 55.8 ounces per ton.
  

"
test/18180	12	earn	"LONDON HOUSE INC <LOND.O> YEAR APRIL 30 NET
  Shr 33 cts vs 26 cts
      Net 489,351 vs 430,143
      Revs 6,961,091 vs 6,009,026
      Avg shrs 1.5 mln vs 1.6 mln
  

"
test/18182	0	acq	"GROUP HAS 5.2 PCT OF DISTRIBUTED LOGIC <DLOG.O>
  An investor group led by Technology
  Growth Fund Ltd, an Aspen, Colo., investment firm, said it has
  acquired 129,000 shares of Distributed Logic Corp, or 5.2 pct
  of the total, and may try to influence the company.
      In a filing with the Securities and Exchange Commission,
  the group, which also includes individual investors and a
  non-profit foundation, said it bought the stake for 884,414
  dlrs as an investment in the Anaheim, Calif., company.
      But it also said it is ""investigating the possibility of
  seeking to influence the composition of the management"" of the
  company and may increase its stake.
  

"
test/18186	10	crude	"MAJOR U.S. PIPELINE MAY BE CLOSED SEVERAL DAYS
  The operator of a major U.S. crude oil
  pipeline, shutdown because of flood damage, said it may be
  several days before repairs are made and the system is
  functioning again.
      Dan Stevens, manager of public and government affairs at
  Texaco Inc <TX>, operator of the pipeline through its
  subsidiary Texaco Pipeline Co, said the company hopes repairs
  will begin in about five days and expects it to take several
  more days to complete.
      ""At this point we are lining up what we know we need, to get
  the job done,"" Stevens said, adding that the timing for repairs
  will depend on the damage to the pipeline which is difficult to
  assess because of flooding on the Red River.
      The pipeline was shipping roughly 225,000 barrels of crude
  oil per day, or about 55 pct of its capacity during the 30 days
  preceding its shutdown on Saturday, Stevens said.
      The pipeline was shut down from Cushing, Okla, to Witchita
  Falls, Kan, on Saturday due to an undetermined leak at the Red
  River crossing, near the Oklahoma/Texas border, because of
  severe rains, a spokesman for Texaco said.
      Stevens said it was reasonable to suggest the pipeline
  could operate at full capacity when it reopens in order to make
  up for the shortfull but cautioned they will talk with
  customers to determine their requirements.
      Oil analysts and traders said they were not sure if the 
  shutdown will continue to raise U.S. oil prices.
      Monday, after Texaco confirmed that the pipeline had been
  closed, West Texas Intermediate crude in the spot market and on
  New York Mercantile Exchange's energy futures complex rose 20
  cts a barrel.
      Stevens said it was reasonable to suggest the pipeline
  could operate at full capacity when it reopens in order to make
  up for the shortfull but cautioned they will talk with
  customers to determine their requirements.
      Oil analysts and traders said they were not sure if the 
  shutdown will continue to raise U.S. oil prices.
      Monday, after Texaco confirmed that the pipeline had been
  closed, West Texas Intermediate crude in the spot market and on
  New York Mercantile Exchange's energy futures complex rose 20
  cts a barrel.
  

"
test/18187	0	acq	"NETI TECHNOLOGIES <NETFC.O> SELLS SUBSIDIARY
  Neti Technologies Inc said it has sold
  for over four mln dlrs U.S. in cash, notes and the assumption
  of liabilities its Huron Leasing Inc subsidiary to a group of
  investors headed by a former Huron executive.
      The company said the transaction will yield about two mln
  dlrs in cash, Huron sells, leases and services computer
  hardware.
      The transaction is subject to approval by the Montreal and
  Vancouver Stock Exchange and the arrangement of financing by
  June 15.
  

"
test/18188	0	acq	"PACIFICORP <PPW> BUYS BUYS COMPUTER FIRM
  PacifiCorp said it acquired Thomas
  Nationwide Computer Corp for 25 mln dlrs in cash and 15 mln
  dlrs in deferred consideration depending on the future
  performance of the company.
      Thomas Nationwide leases and re-markets new and used
  International Business Machines Corp equipment, PacifiCorp
  said.
      It said Thomas Nationwide will be combined with its Systems
  Leasing Corp unit in MacLean, Va.
  

"
test/18191	37	pet-chem	"FMC CORP <FMC> IN PEROXIDE VENTURE
  FMC Corp said it has entered into an
  equally owned joint venture with Indo-Thai Synthetics called
  Thai Peroxide Co Ltd to build a hydrogen peroxide plant with an
  initial capacity of 5,000 metric tonnes of 100 pct peroxide
  north of Bangkok.
      The company said the plant is expected to starft operating
  by the fourth quarter of 1988.  It said the venture received
  grants and incentives from the government of Thailand.
  

"
test/18205	0	acq	"INVESTMENT FIRM UPS FRANCE FUND <FRN> STAKE
  VBI Corp, a British West Indies
  investment firm, told the Securities and Exchange Commission it
  raised its stake in France Fund Inc to 1,075,700 shares, or
  14.3 pct of the total, from 896,500 shares, or 11.9 pct.
      VBI said it bought 179,200 France Fund common shares
  between April 24 and June 2 at prices ranging from 13.000 to
  14.125 dlrs a share.
  

"
test/18210	0	acq	"LYNCH <LGL> PLANS OFFER FOR BECOR <BCW> STOCK
  Lynch Corp said it will offer 10.50 dlrs
  a share in cash, 4.50 dlrs in subordinated debentures and a 1/4
  share in a new company for each Becor Western Inc share
  outstanding.
      Lynch said its proposed offer ""substantially improves"" over
  the offer of 10.45 dlrs a share in cash and 4.00 dlrs of senior
  sinking fund debentures made by BCW Acquisition Inc, formed by
  Becor's management.
      Lynch Chairman Mario Gabelli, who heads a group which owns
  12.35 pct of Becor's 16.5 mln outstanding shares, said the
  Lynch bid ""is about one dlr better than the present offer.""
     
      Gabelli previously said in a filing with the Securities and
  Exchange Commission he felt the Becor managment buyout was
  unfar.
      The Lynch officer said he was invited by other Becor
  shareholders to make an offer.
      Following sale of Becor's aerospace subsidiary in February,
  the management group led by President William Winter announced
  plans for a 238.1 mln dlr leveraged buyout. was planning to
  take Becor for about 238.1 mln dlrs.  A shareholder vote on the
  buyout offer is scheduled for June four.                
  

"
test/18217	37	pet-chem	"B.F. GOODRICH <GR>  CANADA STUDIES PLANT
  The Quebec government said it joined
  with B.F. Goodrich Canada Inc to study the feasability of
  building a vinyl chloride monomer plant in Montreal. The plant
  would supply manufacturers of PVC construction and other
  materials in Eastern Canada and the Northeastern U.S.,
  government officials said.
      Theys said the  plant would cost about 125 mln Canadian
  dlrs, with production beginning in 1991 if economic conditions
  are right. more
      The Quebec government has said it wants the project to
  proceed because it would provide future demand for Petromont
  Inc petrochemical products. Petromont is jointly owned by Union
  Carbide Canada Ltd <UCC.TO> and the Quebec government's SGF
  industrial development group. Its Montreal plant would provide
  ethylene as a raw material for the project.
       Quebec said it also wants Interprovincial Pipe Line Ltd
  <IPIPF.O> to adapt its pipeline from Sarnia, Ont., to Montreal
  to carry natural gas liquids, a decision that will be made by
  the federal National Energy Board. It said the pipeline could
  provide Petromont with feedstock at one-third the cost of
  moving it by rail.
  

"
test/18221	4	cocoa	"ICCO buffer stock manager to buy 3,000 tonnes cocoa Wednesday, June 3 - official

  ICCO buffer stock manager to buy 3,000 tonnes cocoa Wednesday, June 3 - official
  

"
test/18222	4	cocoa	"ICCO BUFFER TO BUY 3,000 TONNES COCOA JUNE 3
  The buffer stock manager of the
  International Cocoa Organization (ICCO) will tender for about
  3,000 tonnes of cocoa beans Wednesday, June 3, the ICCO said in
  a statement.
      It said all other conditions remain unchanged from the
  previous announcement.
      These conditions are that offers from registered companies
  should be in pounds sterling for cocoa beans for which standard
  differentials have been set in the ICCO's buffer stock rules,
  and can be for cocoa afloat through to December shipment and
  spot to December arrival/delivery.
      The basis position will be afloat, May/July shipment or
  June arrival/delivery. For later positions the appropriate
  carrying costs will be taken into account.
      The deadline for the receipt of offers by the manager shall
  be 1330 hrs london time (1230 gmt) in the case of offers
  emanating from the secondhand market and 1400 hours in the case
  of offers emanating from the origins.
      The competitiveness of offers will be assessed by taking
  into account the standard differentials, the cost of taking
  cocoa into store (currently 23.00 pounds sterling from ""cif
  landed"" and 38.00 pounds sterling from ""cif shipping weights""
  to ""in store"") and the cost of carry which currently is 12.00
  pounds sterling per month, the ICCO said.
      No more than four offers will be considered from each
  offering party, it added.
  

"
test/18223	0	acq	"GROUP LIFTS STAKE IN SCANDINAVIA FUND <SCF>
  A foreign investment group told the
  Securities and Exchange Commission it raised its stake in
  Scandinavia Fund Inc to 3,040,600 shares, or 46.6 pct of the
  total outstanding, from 2,829,300 shares, or 43.2 pct.
      The group, which includes Ingemar Rydin Industritillbehor
  AB, a Swedish firm, VBI Corp, a British West Indies investment
  firm, and Norwegian investor Erik Vik, said it bought 211,300
  Scandinavia common shares since April 30 at prices ranging from
  10.000 to 10.625 dlrs a share.
  

"
test/18225	6	copper	"MUELLER BRASS LOWERS PRODUCT PRICES
  Mueller Brass Co said that
  effective with shipments today, it is adjusting the price of
  all brass mill products, except free-cutting brass rod and
  related alloys and copper water tube and related products, to
  reflect contained copper values at 73 cents a pound, down two
  cents.
  

"
test/18228	13	fuel	"FUEL STORAGE TANKS IN FRANCE BURST INTO FLAMES
  Two people were missing and six
  injured after tanks containing thousands of cubic metres of
  fuel burst into flames today at a Shell storage unit in Lyon,
  rescue workers said.
      The blaze broke out with an explosion around 1330 local
  time (1130 GMT). Shell is a subsidiary of the Royal Dutch/Shell
  Group <RD>.
      Some 200 firemen fought the flames at the gasoline storage
  unit at Edouard Herriot riverside port complex and appeared to
  have the blaze under control as night fell. The entire southern
  section of Lyon was cordoned off.
      The fire destroyed five giant tanks and threatened four
  others, the Shell spokesman said. He said that the company
  estimated between six and seven thousand cubic metres of
  domestic fuel oil, gasoline and additives had been burned.
      The total capacity of the burning tanks was over 10,000
  cubic metres, but some had been empty when an explosion started
  today's fire, he added.
  

"
test/18229	0	acq	"PAY 'N PAK <PNP> RECEIVES AMENDED PROPOSAL
  Pay 'N Pak Stores Inc said it
  received a revision to one of the two previously disclosed
  proposals to buy the company.
      Pay 'N Pak said that the proposal from a leveraged buyout
  firm had been amended to increase the dividend rate on the
  cumulative preferred stock to be received by PNP shareholders
  from 13.5 pct to 17.5 pct.
      As previoiusly announced, the proposal calls for a
  transaction in which PNP shareholders would receive a
  combination of 17.50 dlrs in cash and 2.50 dlrs in liquidation
  value of cumulative preferred stock for each common share.
     
      Under the other proposal received from Paul Bilzerian, PNP
  shareholders would receive on a blended basis 16.67 dlrs in
  cash and 3.33 dlrs in liquidation value of cumulative
  redeemable preferred stock for each common share, the company
  said.
      Under the Bilzerian proposal, the dividend rate on the
  preferred stock would be set so that in the joint opinion of
  the financial advisor to Bilzerian and the financial advisor to
  Pay 'N Pak, the preferred stock would trade at its liquidation
  value on a fully distributed basis, the company said.
  

"
test/18231	43	ship	"U.S. TO PROTECT ONLY AMERICAN SHIPS
  U.S. military forces in the Mideast
  Gulf are under orders to protect only American flag vessels and
  occasional U.S. arms deliveries on other ships to
  ""non-belligerent"" states in the area, the Pentagon said today.
      ""No one has ever stated or supported a policy of protecting
  all shipping in those waters,"" Pentagon spokesman Bob Sims said
  as the Reagan Administration drew up plans to increase the
  protective U.S. military presence in the gulf.
      Sims denied published reports that U.S. Defense Secretary
  Caspar Weinberger sought air cover to protect all neutral
  shipping in the western gulf from attacks by Iran and Iraq.
      ""As we have said repeatedly, only American flag vessels are
  under our protection with the exception, on a limited
  case-by-case basis, of ships carrying our Foreign Military
  Sales equipment to friendly, non-belligerent states in the
  region,"" Sims said.
      U.S. warships in the gulf two weeks ago protected a Kuwaiti
  ship which sailed to Bahrain with U.S. arms for Bahrain and
  Kuwait. But Sims said Washington had received assurances that
  the the arms would not be used elsewhere.
      He said Kuwait, which is turning 11 oil tankers over to
  U.S. firms to fly the American flag and be protected by the
  U.S. warships, is not considered a belligerent despite Iranian
  charges that Kuwait is supporting Iraq in the gulf war.
      Kuwaiti tankers have come under repeated Iranian attack.
      Sims refused to say how the United States will beef up its
  seven-ship Middle East Task Force in the gulf to protect the 11
  Kuaiti tankers. But Pentagon officials said that additional
  ships and air cover are under consideration.
  

"
test/18232	0	acq	"VIACOM SAYS FEDERAL COURT REJECTS REQUEST TO BLOCK PLANNED MERGER

  VIACOM SAYS FEDERAL COURT REJECTS REQUEST TO BLOCK PLANNED MERGER
  

"
test/18234	10	crude	"ASAMERA <ASM> COMPLETES REFINERY SALE
  Asamera Inc said wholly owned
  Asamera Oil (U.S.) Inc concluded the 25.25 mln U.S. dlr sale of
  its Denver refinery to Total Petroleum North America Ltd.
      In addition, Total is purchasing crude oil and refined
  product inventories at market value, Asamera said.
  

"
test/18236	0	acq	"COURT DECLINES TO BLOCK VIACOM <VIA> MERGER
  Viacom International Inc said the U.S.
  District Court for the Southern District of New York denied the
  motion of <Carsey-Werner Co> for a temporary injunction to
  block the proposed merger of Viacom with a subsidiary of
  <National Amusements Inc>.
      Carsey-Werner is the producer of the Cosby Show.
  

"
test/18238	0	acq	"AEGON N.V. <AEGN.AS> BUYS LIFE INVESTORS SHARES
  AEGON U.S. Holding Corp, a
  unit of AEGON N.V. of the Netherlands, and Life Investors Inc
  <LINV.O> said they have purchased about 451,000 shares of Life
  Investors common stock for 51.61 dlrs per share cash.
      The purchase is part of an agreement between the two
  companies made in November 1981, saying that on or before each
  April 30 between 1983 and 1987 the companies would offer to buy
  one-sixth of the number of Life Investors' common stock
  outstanding as of Dec. 31, 1982, not already owned by AEGON.
      On Dec. 31 1988 they would offer to buy any and all
  remaining shares.
  

"
test/18239	0	acq	"WESBANCO <WSBC.O> ACQUIRING BANK OF SISSONVILLE
  Wesbanco Inc said its board
  executed a merger agreement with the <Bank of Sissonville>.
      When the merger is completed, each of the 50,000 shares of
  the Bank of Sissonville common stock outstanding will be
  converted into 2.75 shares of Wesbanco common stock, the
  company said.
      The Bank of Sissonville has total assets of 25.5 mln dlrs
  as of Dec 31, 1986, the company said.
  

"
test/18242	12	earn	"MUNICIPAL FINANCIAL CORP <MFC.TO> SIX MTHS NET
  Period ended April 30
      Shr 71 cts vs 42 cts
      Shr diluted 62 cts vs 38 cts
      Net 2,629,704 vs 1,721,384
      Revs 39.5 mln vs 32.0 mln
  

"
test/18243	12	earn	"COMMONWEALTH MORTGAGE <CCMC.O> 4TH QTR NET
  Qtr ends April 30
      Shr 32 cts vs 20 cts
      Net 1,981,681 dlrs vs 1,022,451 dlrs
      Avg shrs 6,220,000 vs 5,120,000
      12 mths
      Shr 1.22 dlrs vs 59 cts
      Net 7,005,000 dlrs vs 3,030,000 dlrs
      Avg shrs 5,737,808 vs 5,120,000
      NOTE: full name of company is commonwealth mortgage co inc.
  

"
test/18249	12	earn	"AARON RENTS INC <ARON.O> YEAR NET
  year ended March 31
      Shr 91 cts vs 1.08 dlrs
      Net 4,800,000 vs 5,800,000
      Rev 118.7 mln vs 110.3 mln
  

"
test/18252	0	acq	"HOLLLINGER <HLG.TO> PAYING 50 MLN DLRS FOR BUY
  Hollinger Inc will pay about 50 mln dlrs
  cash for its previously reported acquisition of privately owned
  Unimedia Inc, chairman Conrad Black told reporters after the
  annual meeting, confirming a published report.
      Commenting on press reports about the 50 mln dlr price tag,
  Black said, ""That would not be wildly inaccurate,"" although he
  declined to disclose the actual cost.
      Montreal-based Unimedia is Quebec's third largest newspaper
  group, with three French language daily newspapers in Quebec
  City, Ottawa and Chicoutimi, Quebec and four printing plants in
  Ontario and Quebec.
      Black added that Hollinger would also continue seeking
  acquisitions of daily newspapers with circulation under 25,000
  readers. He said Hollinger was currently talking to about 10
  such newspapers in the U.S. where the company currently owns 23
  dailies.
      ""There is really no end to the ones that are available,"" he
  told reporters, although he added that most remaining
  acquisition opportunities are in the U.S.
      He said that Hollinger's 58 pct-owned Daily Telegraph PLC,
  of London, should become profitable in this year's fourth
  quarter.
     
      For full-year 1987, the Daily Telegraph could break even or
  better, said Black, citing major reductions in labor costs and
  improved technology at the Telegraph, Britain's largest
  circulation quality daily. The Telegraph lost 13.2 mln Canadian
  dlrs last year.
      Daily Telegraph chief executive Andrew Knight told
  reporters after the meeting that the Telegraph's daily
  circulation had risen by 25,000 since September to about
  1,150,000 on weekdays, despite added competition from the new
  Independent daily newspaper.
     
      Knight said The Independent was not affecting the
  Telegraph's growth, but was making inroads into the circulation
  of other London quality dailies such as The Times and The
  Guardian.
      Hollinger chairman Black predicted Hollinger would post
  1987 net income of about 55 mln dlrs, or one dlr a share,
  including extraordinary gains from previous sales of
  discontinued operations. Hollinger lost 87 mln dlrs or 6.54
  dlrs a share last year on fewer average shares and after an
  extraordinary loss of 52 mln dlrs.
     
      Black told shareholders that first quarter operating
  earnings on continuing operations amounted to 499,000 dlrs
  against a year-ago loss of 165,000 dlrs.
      Revenues on continuing operations rose to 102.1 mln dlrs
  from 1.5 mln dlrs last year, which did not include Daily
  Telegraph revenues, he added. Consolidated first quarter
  figures were not disclosed.
      He said the Daily Telegraph's first quarter operating loss
  was sharply reduced from last year.
  

"
test/18253	34	nat-gas	"TEXAS EASTERN <TEX> UNIT FILES FOR NEW RATES
  Algonquin Gas Transmission Co, a unit of
  Texas Eastern Corp, said it has filed for Federal Energy
  Regulatory Commission approval of new rate schedules.
      It said it has also filed for proposed service agreements
  for interruptible and firm transportation service.
      Algonquin said the filing would allow its customers to move
  available spot gas supplies to price competitive markets.
  

"
test/18254	24	iron-steel	"USX <X> UNIT RAISES PRICES ON CERTAIN GRADES
  USX Corp's USS division said it was
  raising prices for all hot rolled bar and semi-finished
  products 1100 series grades by 10 dlrs per ton effective July
  One, 1987.
      The company said the increase reflects current market
  conditions.
      The company could not say what percentage the increase
  reflects from current prices, nor could it say how much per ton
  the products sell for currently.
  

"
test/18257	48	trade	"REAGAN SEEKS ROMANIA TRADE CONCESSION
  President Reagan called for continued
  nondiscriminatory treatment for Romanian exports to the United
  States in the face of congressional opposition because of the
  Bucharest government's record on human rights.
      A White House statement said Reagan's decision to press for
  continuation of so-called Most Favored Nation (MFN) status for
  Romania had been ""exceptionally difficult"" and came after ""all
  options were seriously considered.""
      But the statement said that despite concerns about human
  rights abuses by the Bucharest government, the president had
  decided that should be continued because it helped stimulate
  emigration from Romania and gave the United States influence on
  human rights practices there.
      The statement was issued as Reagan sent to Congress
  requests for one-year extensions of MFN for Romania, Hungary
  and China.
      The House of Representatives has attached to a trade bill
  legislation that would temporarily deny MFN for Romania pending
  certification by Reagan that the country had made progress on
  human rights. There is no controversy over continuation of MFN
  for Hungary and China.
  

"
test/18258	12	earn	"TIMBERLINE INDUSTRIES INC <TIMB.O> 1ST QTR NET
  Oper shr eight cts vs two cts
      Oper net 119,000 vs 32,000
      Sales 12.0 mn vs 11.3 mln
      Note: Current qtr figures exclude loss from discontinued
  operations of 30,000 dlrs, or two cts per share, vs loss of
  54,000 dlrs, or four cts per share.
  

"
test/18271	43	ship	"LAST-MINUTE OPPOSITION TO GULF BILL ARISES
  House Speaker Jim Wright predicted
  passage of legislation requiring the Reagan administration to
  provide Congress with a report on its Mideast Gulf policy, but
  a last-minute revolt by an alliance of liberals and
  conservatives left the bill's fate in doubt.
      The legislation was written in the wake of the May 17th
  Iraqi missile attack on the U.S. frigate Stark in the Gulf,
  which killed 37 Americans, and President Reagan's decision to
  protect 11 Kuwaiti oil tankers by putting them under U.S. flags
  -- effectively making them American ships.
      Since the administration made known its reflagging plans,
  congressional leaders complained they had not been consulted,
  and some charged the policy could lead the United States into
  the 6 1/2-year-old war between Iran and Iraq.
      The House was to vote today on a bill -- supported by the
  Democratic and Republican congressional leadership and the
  administration -- which demanded a report within seven days on
  plans to meet the security needs of U.S. forces in the gulf.
      The resolution was expected to pass without controversy
  today in the House Foreign Affairs Committee before the full
  House was to take up the bill. But in a surprise move, liberal
  Democrats and conservative Republicans on the committee joined
  in an unusual alliance to oppose the resolution.
      Liberal Democrats said a lack of any restrictions in the
  bill implied consent to Reagan's policies.
  

"
test/18276	3	carcass	"CCC ACCEPTS BONUS ON POULTRY TO IRAQ -- USDA
  The Commodity Credit Corporation (CCC)
  has accepted a bid for an export bonus to cover the sale of
  15,000 tonnes of frozen poultry to Iraq, the U.S. Agriculture
  Department said.
      The poultry is for shipment June-September and the bonus
  was 719.80 dlrs per tone, it said.
      The bonus award was made to ConAgra Poultry Co and will be
  paid in the form of commodities from the inventory of CCC
  stocks.
      The purchase completes the Export Enhancement initiative
  for Frozen Poultry to Iraq announced December 22, 1986.
  

"
test/18277	3	carcass	"CCC ACCEPTS BONUS ON POULTRY TO EGYPT -- USDA
  The Commodity Credit Corporation (CCC)
  has accepted a bid for two bonus offers to cover the sale of
  10,000 tonnes of frozen poultry to Egypt, the U.S. Agriculture
  Department said.
      The poultry is for shipment November, 1987, through August,
  1988, and the bonus was 473.99 dlrs per tonne for the frozen
  fryer legs. The bonuses were made to Gress Foods, Inc (5,000
  tonnes), and Serva International Ltd (5,000 tonnes).
      The subsidies will be paid to the exporters in the form of
  commodities from CCC stocks.
      An additional 8,500 tonnes of frozen poultry remain
  available to Egypt under the Export Enhancement Program
  initiative announced Dec 19, 1986, and Feb 27, 1987, the
  department said.
  

"
test/18280	6	copper	"PHELPS DODGE <PD> SEES STRONGER COPPER PRICES
  Phelps Dodge Corp officials said good
  fundamentals in copper markets should lead to improving prices
  for the metal.
      In an interview with Reuters, chairman G. Robert Durham
  said continued strong demand and low inventories pushed prices
  up eight to nine pct on the New York Commodities Exchange last
  month.
      ""Our customers in this country are living off the tailgates
  of our trucks,"" he said, referring to tightness of supply and
  strong demand. ""The fundamentals are good.""
     
      Asked if metal prices will continue to rise, Durham said;
  ""All I know is, fundamentals cannot be ignored.""
      He said copper supplies are lower than they have been for
  almost 20 years. Last year, copper demand was second highest on
  record behind 1984, he said.
      Phelps Dodge is the nation's largest copper company, with
  annual production expected to reach 500,000 tons this year.
     
      During the interview, executive vice president Douglas
  Yearley said he believed it was only a matter of time before
  the copper price rose ""because there aren't that many new
  projects coming on, and demand, short of a major recession,
  will continue to grow modestly.""
      Copper for July delivery rose more than two cts a pound to
  more than 69 cents in Comex trading today. A one cent a pound
  rise in copper prices yields 10 mln dlrs in annual earnings for
  Phelps Dodge, the company said.
      ""Demand has been surprisingly good in 1987, in construction
  and other areas,"" Yearley said.
     
      New production later this year from a Bingham, Utah, mine
  owned by Kennecott Corp, a unit of British Petroleum Co PLC's
  <BP> Standard Oil Co, a mine in New Guinea and Phelps Dodge's
  own expanded Morenci, Ariz., mine will be offset by production
  shortfalls in Mexico and Zambia, he said.
      Durham said production costs at the New Mexico-located
  Chino mine will be in line with conventional copper production
  at the company's other mines by the fourth quarter. The
  company's total production costs, including depreciation but
  before interest and corporate expense, should be below 50 cts a
  pound by late 1989 or 1990, he said.
  

"
test/18281	30	lumber	"CCC CREDIT GUARANTEES TO HAITI AMENDED
  The Commodity Credit Corporation (CCC)
  has amended its Export Credit Guarantee Program line to Haiti
  to add one mln dlrs in guarantees for sales of U.S. wood
  products, the U.S. Agriculture Department said.
      The action increases the value of export credit guarantees
  for wood products to Haiti from 1.8 to 2.8  mln dlrs and the
  total value of export credit guarantees authorized to Haiti for
  the current fiscal year for all commodities to 12.0 mln dlrs,
  the department said.
      All sales must be registered and exports completed by Sept
  30, 1987, it noted.
  

"
test/18283	12	earn	"TEXAS AMERICAN ENERGY CORP <TAE> 1ST QTR
  Shr 42 cts vs 22 cts
      Net 3,445,000 vs 2,326,000
      Revs 41.7 mln vs 51.5 mln
  

"
test/18294	12	earn	"INTERMETCO LTD <INT.TO> SIX MTHS APRIL 30 NET
  Shr 18 cts vs 27 cts
      Net 283,000 vs 435,000
      Revs 97.8 mln vs 95.1 mln
  

"
test/18296	21	instal-debt	"FED TO RELEASE U.S. APRIL CONSUMER CREDIT JUNE 5
  The Federal Reserve Board said it
  would release April consumer instalment credit figures on
  Friday.
      No fixed time was set for the release.
      Consumer credit fell a seasonally adjusted 63 mln dlrs in
  March after rising 1.01 billion dlrs in February.
  

"
test/18300	0	acq	"PROFESSOR LIFTS BANC TEXAS <BTX> PREFERRED STAKE
  A University of Massachusetts finance
  professor said he raised his stake in Banc Texas Group Inc to
  45,340 shares of 1.4625 dlr cumulative preferred stock, or 7.4
  pct of the total, from 30,300 shares, or 5.0 pct.
      In a filing with the Securities and Exchange Commission,
  Ben Shirley Branch also said he bought 52,025 shares of Class A
  cumulative convertible preferred stock, or 5.9 pct of the
  total, for 160,000 dlrs, bringing his total investment in both
  preferred series to about 330,000 dlrs.
      Branch said he bought the stock as an investment, but
  reserved the right to try to influence the company.
  

"
test/18302	48	trade	"INVESTMENT CRUCIAL TO U.S. TEXTILE RECOVERY
  With more private investment, not more
  protection, the U.S. textile industry could become competitive
  with the most modern foreign producers, analysts from two
  congressional agencies said today.
      The Office of Technology Assessment, a nonpartisan arm of
  Congress told a House Ways and Means Trade Subcommittee hearing
  there was still concern for the future of parts of the U.S.
  textile and apparel industry, but there was more reason for
  optimism than a few years ago.
      ""While textile producers are making significant
  investments, they could do more,"" OTA analyst Henry Kelly said.
      The Congressional Budget Office (CBO), the nonpartisan
  budget analysis arm of Congress, said federal loans or loan
  guarantees would be preferable options for Congress rather than
  increased trade protection which could lead to foreign
  retaliation.
      CBO analyst Edward Gramlich said past trade protections,
  first imposed in the 1950's have had only a small benefit for
  profits and investments of domestic firms.
      Trade Subcommittee chairman, Rep. Sam Gibbons, said the
  agencies analyses seemed to agree with his opinion against
  congressional approval of protectionist textile quota
  legislation aimed mainly at Western Europe, Japan and other
  Asian textile producing countries.
      President Reagan last year vetoed a textile protection bill
  but it was reintroduced in this session of Congress and is
  expected to be voted on in the House this year.
      However, approval this year is in doubt because passage of
  a major trade bill without specific protections for textiles
  showed a weakening of support for the legislation.
      Most U.S. producers have fallen behind other foreign
  producers in the use of modern textile and apparel production
  equipment and net imports are growing faster than the domestic
  markets, Kelly said.
      He added that private investment in the textile and
  clothing industry in 1983 of 0.5 pct was less than one-seventh
  the average manufacturing investment of 3.9 pct.
      Despite existing import quotas and tariffs, imports of
  textiles grew 26 pct in 1986 and imports of apparel grew 14 pct
  while U.S. production rose only 1.9 pct.
      ""The traditional industry seems destined to be replaced by
  new technology, imports, or some combination of both. While the
  industry may not be able to compete in all domestic markets
  that it enjoyed twenty years ago, the results of our research
  indicate that portions of the domestic market can be recovered,
  and that exports can be expanded,"" Kelly said.
  

"
test/18303	12	earn	"<IONE INC> SIX MONTHS MARCH 31 NET
  Shr two cts vs n.a.
      Net 68,281
      Revs 639,471
      NOTE: Company became public in March 1987
  

"
test/18307	12	earn	"ATLAS YELLOWKNIFE <AY.TO> SIX MTHS LOSS
  Period ended March 31
      Shr loss nil vs profit one ct
      Net loss 36,000 vs profit 310,000
      Revs 1,172,000 vs 1,686,000
      Note: Full name Atlas Yellowknife Resources Ltd.
  

"
test/18308	12	earn	"WOODWARD'S LTD <WDSA.TO> 1ST QTR MAY 2 LOSS
  Shr loss 32 cts vs loss 37 cts
      Net loss 5,374,000 vs loss 6,159,000
      Revs 241.3 mln vs 253.2 mln
  

"
test/18309	12	earn	"COMMONWEALTH MORTGAGE CO INC <CCMC.O> 4TH QTR
  Qtr ended April 30.
      Shr 32 cts vs 20 cts
      Net 1,982,000 vs 1,022,000
      Year
      Shr 1.22 dlrs vs 59 cts
      Net 7,005,000 vs 3,030,000
      Assets 191.3 mln vs 116.5 mln
  

"
test/18313	0	acq	"STOCKHOLDERS WON'T PURSUE CONTINENTAL <CUO> BID
  Continental Associates, a group of four
  shareholders who hold about 5.02 pct of of Continental
  Materials Corp stock, said it will not pursue a tender offer
  for all of its shares.
      The shareholders said they were told that Continental
  Materials directors had no interest in selling the company.
      Late yesterday, Continental Materials board said it decided
  not to give further consideration to a ""business combination""
  proposed by the group of St. Louis businessmen.
  

"
test/18321	40	reserves	"TREASURY TO PUBLISH U.S. RESERVE ASSETS MONTHLY
  The Treasury Department said it would
  release data on U.S. reserve assets on a monthly basis from now
  on instead of quarterly.
      Reserve assets are held in gold, special drawing rights
  with the Internatinal Monetary Fund, foreign currencies and in
  a U.S. reserve position in the IMF.
      Assets totaled 46.59 billion dlrs at the end of April,
  compared with 48.82 billion dlrs at the end of March, the
  Treasury said.
  

"
test/18323	5	coffee	"MEXICO HAS NO PLANS TO LEAVE ICO
  Mexico has no intention of leaving
  the International Coffee Organization (ICO), in the event of
  Brazil withdrawing from the group, the Mexican Coffee Institute
  (IMC) said.
      The IMC said in a statement the ICO is an important
  instrument for ensuring producers obtain an adequate price.
  Mexico currently produces around five mln 60-kilo bags of
  coffee per year.
      Brazil said during a meeting of coffee producers in Rio de
  Janeiro over the weekend that it would consider leaving the ICO
  if its export quota was reduced by the organization.
  

"
test/18326	12	earn	"MINNTECH CORP <MNTX.O> 4TH QTR MAR 31 NET
  Opr shr nil vs seven cts
      Opr net 3,000 vs 99,000
      Revs 2,745,000 vs 2,395,000
      Avg shrs 1,500,000 vs 1,375,000
      Year
      Opr shr 24 cts vs 20 cts
      Opr net 343,000 vs 271,000
      Revs 10.7 mln vs 8,232,000
      Avg shrs 1,459,000 vs 1,341,000
      NOTE: Earnings for year exclude gains due to tax loss
  carryforward of 210,000 dlrs or 14 cts a share in 1987 and
  198,000 dlrs or 15 cts in 1986.
  

"
test/18328	43	ship	"U.S. HOUSE PASSES GULF BILL DESPITE OPPOSITION
  The U.S. House of Representatives 
  approved a bill that requires the Reagan administration to
  provide Congress with a report on its Gulf policy but does not
  place any restrictions on its actions.
      The bill passed 305-102 -- winning a necessary two-thirds
  of those voting -- despite a last-minute revolt by an alliance
  of liberal Democrats and conservative Republicans who sought to
  defeat it as a signal that a growing number of legislators
  oppose President Reagan's policies in the region.
      The legislation was passed in the wake of the May 17th
  Iraqi missile attack on the U.S. frigate Stark in the Gulf,
  which killed 37 Americans, and Reagan's decision to protect 11
  Kuwaiti oil tankers by putting them under U.S. flags --
  effectively making them American ships.
      The legislation -- supported by Congress' Democratic and
  Republican leadership as well as by the administration --
  required Defense Secretary Caspar Weinberger to provide a
  report to Congress, within seven days of enactment, on plans to
  protect U.S. warships and flag ships in the Persian Gulf.
      It did not, however, place any restrictions on the
  administration as it proceeds to reflag the Kuwaiti ships and
  thus has no immediate effect on U.S. policy.
      The Senate was expected to approve the legislation this
  week. The bill would then be sent to Reagan for signature.
      Supporters of the bill said passage of the bill was only a
  first step toward a greater congressional involvement in
  formulating policy.
      But Democratic critics said the bill did not ask the
  administration to address tough policy questions in the report.
  

"
test/18332	10	crude	"COLOMBIAN GROUP SUSPENDS BOMBINGS OF PIPELINES
  A Colombian group announced the suspension
  of its bombings of oil pipelines pending the government's levy
  of a social tax on foreign petroleum companies and an 800 mln
  dlrs fine on the Occidental Petroleum Corp <OXY>.
      There was no indication the government would meet the
  conditions demanded by the leftist National Liberation Army
  (ELN).
      According to the state oil firm, ECOPETROL, the ELN carried
  out 72 attacks on petroleum pipelines between 1984 and 1986.
      The assaults, the most recent launched two months ago, have
  caused an estimated total of 50 mln dlrs in damage.
      In a communique, the ELN said it would demand a tax of one
  dollar per barrel of crude oil pumped by foreign firms as a
  condition for maintaining its suspension of the assaults.
      Foreign oil firms pump an average of 225,083 barrels per
  day in Colombia. Colombian tax authorities are investigating
  Occidental, a U.S.-owned firm, for alleged tax evasion.
      If the charges are proven, the firm could face a fine of up
  to 800 mln dlrs. The ELN demands the government charge the
  penalty.
  

"
test/18334	0	acq	"INVESTMENT FIRMS HAVE 7.7 PCT OF MIDWAY <MDWY.O>
  Two affiliated investment firms told
  the Securities and Exchange Commission they have acquired
  593,000 shares of Midway Airlines Inc, or 7.7 pct of the total
  outstanding common stock.
      The firms, Boston-based FMR Corp and Fidelity International
  Ltd, a Bermuda-based investment advisory firm, said they bought
  the stake ""to acquire an equity interest in the company in
  pursuit of specified investment objectives....""
      The firms said they may increase or decrease their stake in
  the company, but have no plans to seek control of the company
  or representation on its board.
  

"
test/18336	0	acq	"WICKES <WIX> COMPLETES PURCHASE
  Wickes Cos Inc said it has
  completed the purchase of Dura Corp for an undisclosed amount.
      Dura, a supplier of automotive equipment, had annual sales
  of over 100 mln dlrs.
  

"
test/18339	6	copper	"PHELPS DODGE SEEKS TO DIVERSIFY MORE FROM COPPER
  Phelps Dodge Corp is prepared to make
  another large non-copper acquisition and a deal could be struck
  in the near future, chairman G. Robert Durham said.
      Durham told Reuters the company was examining potential
  candidates but not yet talking with any. Any acquisition must
  have a different economic cycle to copper, he said.
      Phelps Dodge, the largest U.S. copper producer, last year
  paid 240 mln dlrs for Columbian Chemicals Co which makes carbon
  black used in rubber and tires. The purchase was part of a
  strategic plan to diversify and then match earnings between
  copper and non-copper operations.
      The company could spend between 250 mln and 500 mln dlrs to
  buy another non-copper firm, Durham said, citing 100 mln dlrs
  of cash and 580 mln dlrs of untapped bank credit.
  

"
test/18342	0	acq	"BALL CORP <BLL> COMPLETES ACQUISITION
  Ball Corp said it completed the
  purchase of privately held <Verac Inc>, a San Diego defense
  systems and software development company.
      Terms of the acquisition were not disclosed. Verac had 1986
  sales of about 23 mln dlrs.
      Verac will operate in San Diego as part of Ball's technical
  products group.
  

"
test/18348	44	strategic-metal	"STRONG DEMAND FOR PERU BISMUTH IN JAN/MAY
  Very strong demand from all markets
  including, recently, Japan has resulted in Peru's bismuth
  exports showing an impressive increase in January/May 1987,
  Peru's state owned mining industry's marketing arm Minpeco S.A.
  Said.
      In a statement released by its London office, Minpeco said
  Peruvian customs figures for bismuth exports for the first five
  months were 574.8 tonnes compared with 160.7 tonnes in the same
  period of 1986 and 483.4 tonnes during the whole of 1986,
  Minpeco said.
      A breakdown of the figures showed Peru exported 296.4
  tonnes of bismuth to the U.S. During Jan/May 1987 compared with
  127.0 during the whole of 1986. Other recipients were Peoples
  Republic of China 110.4 (100.0), Holland 100.2 (150.0), USSR
  50.0 (50.0) and other areas 17.8 tonnes (56.4).
      Sales to the U.K., West Germany, France and other Western
  and Eastern European countries are hidden under the heading
  Holland as Minpeco sells to customers in these countries from
  stocks the company normally holds in Rotterdam, the statement
  said.
  

"
test/18351	0	acq	"FREEDOM <FRDM> TO RECOGNIZE GAIN ON UNIT SALE
  Freedom Savings and Loan Association
  said it will record a net gain of 13.5 mln dlrs on the sale of
  certain assets of its Freedom Mortgage Co subsidiary to Chase
  Home Mortgage Corp, a subsidiary of Chase Manhattan Corp <CMB>.
      Freedom also said it had completed the sale.
      The company said about 9.5 mln dlrs of the gain will be
  recnogized in the quarter ending June 30 with the remainder
  derferred and recognized over the remaining life of the
  serviced mortgage porfolio.
  

"
test/18352	3	carcass	"U.S. MEAT INDUSTRY LAUNCHES CAMPAIGN IN JAPAN
  The U.S. meat industry has launched an
  aggressive promotion campaign in Japan to increase consumer
  awareness of U.S. beef and persuade the Japanese government to
  relax current beef import quotas.
      U.S. beef sales to Japan, currently around 480 mln dlrs
  annually, could increase to over two billion dlrs and as high
  as six billion dlrs by the year 2000 if Japanese quotas were
  removed and the Japanese consumer were made more aware of the
  attributes of U.S. beef, officials of the U.S. Meat Export
  Federation said at a press conference today.
      Partially funded with a 6.5 mln dlr award made through the
  Agriculture Department's Targeted Export Assistance (TEA)
  program, a five-year meat promotion campaign in Japan was
  launched by the U.S. Meat Export Federation in April.
      ""The promising Japanese beef market could be one of the
  bright spots for U.S. agricultural exports,"" said Philip Seng,
  Asian Director for the Federation. ""We supply and they (Japan)
  buy a very high quality of beef. They like our beef and want to
  buy more,"" he said.
      Seng pointed to Japan's beef quota system, which limits
  total Japanese beef imports to 177,000 tonnes per year and U.S.
  imports to 58,400 tonnes, as the major constraint in expanding
  U.S. beef shipments to Japan.
      The quotas were implemented in 1977 at a time of heavy
  Japanese foreign beef imports. The current quota agreement
  expires next March and beef quota negotiations are set to get
  underway this fall.
      The Reagan administration has called for an end to the
  quotas by April, 1988, but Japanese officials have said they
  would not liberalize imports regardless of the U.S. pressure.
      Officials from the Meat Export Federation told Reuters that
  they do not expect a complete lifting of the quota, but that
  they hope for at least a gradual increase in the quota.
      High beef prices in Japan caused by the protected market
  has also kept beef consumption at modest levels, meat industry
  officials said.
      Japanese shoppers pay an average of 27.14 dlrs for a U.S.
  tenderloin steak in a restaurant and an average of 47.42 dlrs
  for a Japanese-produced restaurant steak, the meat association
  said. At the retail level, U.S. striploin sells for 9.77 dlrs
  per pound, while Japanese beef sells for 28.51 dlrs per lb.
      Japanese consumers currently eat less than 10 lbs of beef
  per year, compared to 78 lbs for the average American,
  officials said.
      Total beef consumption in Japan is now 700,000 to 800,000
  tonnes per year, but Seng said with the removal of quotas and a
  decrease in beef prices, consumption could increase to 3.2 mln
  tonnes.
  

"
test/18354	12	earn	"COMP-U-CARD INTERNATIONAL INC <CUCD.O> 1ST QTR
  Shr 18 cts vs 15 cts
      Net 3.3 mln vs 2.5 mln
      Revs 45.2 mln vs 26.8 mln
      NOTE:1986 net includes seven cts or 1.2 mln dlrs tax loss
  carryforward.
  

"
test/18355	12	earn	"MERCHANTS <MCHN.O> TO REPORT 2ND QTR LOSS
  Merchants National Corp, with 3.7
  billion dlrs in assets, said it will report a loss of 13 mln
  dlrs for the second quarter due to its decision to increase its
  provision for losses by 30 mln dlrs, mainly due to
  uncertainties surrounding Latin American debt.
      In the second quarter last year, Merchants reported net
  income of 6.2 mln dlrs or 68 cts a share.
      As a result of the increased loan loss provision, the bank
  said the allowance for loan losses will increase from 1.4 pct
  to 2.5 pct of the bank's total loans. The bank said its expects
  to report estimated net of over 15 mln dlrs for 1987.
  

"
test/18356	1	alum	"VENEZUELAN ALUMINUM FIRM TO CREDITS
  the venezuelan state aluminum company
  venalum is negotiating a total of 123.9 mln dlr in credits from
  abroad for a planned expansion of production faciities, finance
  minister manuel azpurua said.
      Azpurua spoke to reporters after meeting representatives of
  the kreditanstalt fur wiederaufbau (kfw) bank of germany, who
  tommorrow will sign a agreement to grant 100 mln marks (54.9
  mln US dlrs) in credits to venalum.
      The agreement will have an eight and one-half year term and
  a fixed interest rate of 6.13 pct.
      Azpurua said venalum is negotiating credits of 14.9 mln
  dlrs from the swiss bank corporation, 14 mln dlrs from
  mitsubishi of japan and 40 mln dlrs from eksportfinans of
  norway.
      ""this proves we are achieving our goal of reestablishing
  the financial flows to the country,"" said azpurua.
      The credits would go to the installation of a fifth
  production line in venalum, one of three state aluminum
  companies, which produces primarily for the export market.
  

"
test/18357	43	ship	"U.S. HOUSE PASSES MIDEAST GULF BILL
  The House today approved a bill
  requiring the Reagan administration to report to Congress on
  its Mideast Gulf policy but not restricting its actions.
      The vote in favor was despite a last-minute revolt by an
  alliance of liberal Democrats and conservative Republicans who
  sought to defeat it as a signal that a growing number of
  legislators oppose President Reagan's policies in the region.
      In the Senate, a leading Republican senator, former Senate
  Appropriations Committee Chairman Mark Hatfield of Oregon, said
  he would try to prevent consideration of the bill.
      He said he will put a so-called ""hold"" on the bill until he
  finds out whether the War Powers Act applies to protecting
  Kuwaiti tankers.
      Congressional leaders complain they were not consulted
  about plans to put the U.S. flag on Kuwaiti ships and some
  charged the policy could lead the U.S. into the Iran-Iraq war.
      Conservative Republicans said increasing the U.S. military
  obligation in the gulf would place impossible burdens on
  American servicemen and equipment, and warned it could lead to
  war.
      ""It is a real snake pit at best and a powder keg that will
  blow sky-high at worst,"" said Wisconsin Rep. Toby Roth.
  

"
test/18360	32	money-fx	"NEAR TERM STRENGTH SEEN FOR CURRENCY FUTURES
  Currency futures are likely to move
  higher following the sharp rally today after President Reagan
  announced that Paul Volcker would not accept a third term as
  Federal Reserve Chairman and that Alan Greenspan was nominated
  as his replacement, currency analysts said.
      Contrary to predictions before the Volcker resignation,
  analysts are calling for higher currency futures prices between
  now and the June 8 Venice economic summit.
      In particular, uncertainty about Greenspan's attitude to
  the dollar could undermine sentiment toward the U.S. currency,
  analysts said.
      Greenspan said today that the dollar appeared to be nearing
  a bottom, but the market will bear in mind his remarks in
  Chicago last week that the dollar's recent move upward was a
  technical reaction and that it would trade significantly lower,
  analysts said.
     
      ""Disappointment of European central bankers over the
  appointment will be used as an opportunity to sell the dollar
  lower,"" said Manufacturers Hanover Futures vice president Carol
  Mackoff.
      ""The international community will not like this
  appointment,"" as it suggests the possibility that the U.S.
  budget deficit is too much of a burden on monetary policy and
  that Volcker was unable to get the commitment he sought to
  reduce the deficit, added Merrill Lynch Economics analyst David
  Horner.
       Furthermore, ""that Greenspan was not named two months ago
  suggests that he was not the Administration's first choice --
  and that the status of his appointment was as a bridesmaid,""
  Horner said.
      A declining dollar scenario with higher currency futures
  prior to and throughout the Venice meetings would be mitigated
  only by concrete action as opposed to ""jawboning"" at the G-7
  summit, he said.
      But G-7 finance ministers, judged by recent statements, may
  be at an impasse, analysts said.
      Japan and West Germany today reiterated that neither
  planned further interest rate cuts, despite pressure from the
  U.S. to do so, Mackoff said.
      The U.S., on the other hand, has not cut its budget deficit
  as Japan and West Germany have urged, she said.
      Should G-7 members force a U.S. commitment to cut its
  budget deficit in the next two years, a further decline in the
  dollar could be forestalled, Horner said.
      However, ""the impact from Venice will be nothing if nothing
  changes,"" Horner said.
      Smith Barney, Harris Upham and Co. analyst Craig Sloane
  said European currencies will likely move to the higher end of
  their 1987 ranges after today's sharp advance.
      For the next two weeks, Sloan calls for September yen
  futures to advance toward the 0.007200 area. He said September
  marks could close in on 0.5700 as an upside target, while Swiss
  francs could climb to a range between 0.6900 and 0.6950.
  

"
test/18362	22	interest	"WESTPAC DROPS NEW ZEALAND INDICATOR LENDING RATE
  Westpac Banking Corp <WSTP.S> said it
  is cutting its indicator lending rate to 22 pct from 23 pct
  effective from June 15.
      Westpac said in a statement various other lending rates are
  also being revised downwards. The Westpac move follows base
  rate drops by other New Zealand trading banks recently. <Bank
  of New Zealand's> base rate drops to 22 pct from 23 on June 16
  and <National Bank of New Zealand Ltd's> rate falls to 21.50
  pct from 23 on June 15. The Australia and New Zealand Banking
  Group Ltd <ANZA.S> rate remains at 23 pct.
  

"
test/18366	50	wpi	"S. KOREAN WHOLESALE PRICES UP 0.4 PCT IN MAY
  South Korea's wholesale price index, base
  1980, rose 0.4 pct to 127.0 in May after a 1.1 pct rise in
  April and was 1.5 pct higher than in May 1986, the Bank of
  Korea said.
      The May consumer price index, which has the same base, rose
  1.4 pct to 149.1 after a 0.3 pct gain in April, for a
  year-on-year rise of 3.5 pct.
      Wholesale prices rose 2.0 pct in the first five months of
  1986, while consumer prices rose by 3.2 pct. Bank officials
  said the rises were due to a strong yen which made imports of
  Japanese parts, raw and intermediary materials more expensive.
  

"
test/18367	14	gas	"ESS0 LOWERS PREMIUM PETROL PUMP PRICE
  Esso Singapore Pte Ltd will lower the
  pump price of its premium 97 octane petrol price to 96.8
  cents/litre from 97 cents effective midnight tonight, a
  spokeswoman said.
      The new price is similar to other oil companies' price for
  the same grade.
      Esso's price for 95 octane remains unchanged at 90.8 cents.
  

"
test/18465	22	interest	"CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT
  Citibank Ltd said it would lower its
  Australian prime rate to 16 pct from 16.5, effective tomorrow.
      The new rate, if unmatched by other banks, will be the
  lowest among Australian trading banks. Other primes range from
  16.25 to 17.5 pct.
      Australian prime rates have now retreated from a recent
  peak of 19 pct in October in line with declining money market
  levels. Citibank said its reduction reflected the decline.
  

"
test/18466	44	strategic-metal	"CHINA MOVES TO STABILISE WORLD TUNGSTEN PRICES
  China is moving to stabilise world prices
  of tungsten after fluctuating prices this year affected the
  country's export earnings, the China Daily said.
      The paper quoted industry officials as saying they would
  fix export prices on the basis of the world market, stop
  smuggling and encourage producers to reduce exports.
      Current world prices range from 49 to 55 dlrs per tonne
  unit, but China suffered heavy losses when the price slumped to
  39 dlrs earlier this year, it said.
      Some 45 pct of world tungsten exports come from China, but
  the country imports high-grade tungsten products.
  

"
test/18467	0	acq	"AUSTRALIA'S ANSETT TO TAKE 20 PCT OF AMERICA WEST
  Australia's <Ansett Airlines> will
  exercise an option to acquire 20 pct of America West Airlines
  Inc <AWAL.O> for about 31.5 mln U.S. Dlrs, <Ansett Transport
  Industries Ltd> managing director Peter Abeles said.
      Exercise, involving the purchase of about three mln new
  America West shares for 10.50 U.S. Dlrs each, was scheduled to
  be finalised in July or August, he said in a statement.
      Abeles said Ansett would become the largest single
  shareholder in what he said was the fastest growing airline in
  the United States. America West is based in Phoenix, Arizona.
      Under the terms of the option agreement, Ansett would have
  the right to maintain its 20 pct position in the event of
  future stock sales, but could not go beyond 20 pct unless so
  requested by America West, Abeles said.
      America West would retain the right of first refusal if
  Ansett offered any of the shares for sale.
      In addition, Ansett would gain one board seat, he said.
      Ansett Transport Industries wholly owns Ansett Airlines,
  one of Australia's two major domestic airlines, and is in turn
  owned 50/50 by Abeles' international transport group TNT Ltd
  <TNTA.S> and Rupert Murdoch's News Corp Ltd <NCPA.S>.
  

"
test/18470	43	ship	"JAPAN FOREIGN SHIPBUILDING ORDERS FALL IN MAY
  New foreign shipbuilding orders received
  by Japanese yards in May fell to five vessels totalling 188,900
  gross tons (gt) from eight ships of 314,000 gt in April,
  against four ships of 104,500 gt a year earlier, the Japan Ship
  Exporters Association said.
      The backlog of orders at end-May was 122 ships of 3.70 mln
  gt against 125 ships of 3.73 mln at end-April and 233 ships of
  5.99 mln a year ago, an association official said.
      The world shipping recession and the yen's appreciation
  against the dollar depressed May orders, he said.
  

"
test/18472	48	trade	"SHULTZ PREDICTS RAPID NARROWING OF U.S. TRADE GAP
  Secretary of State George Shultz said
  the U.S. Would erase its large foreign trade deficit faster
  than many predicted, and the consequences for its trade
  partners might be traumatic.
      ""The U.S. Economy will inevitably make the adjustment
  necessary to move from a deficit to a surplus trade balance in
  order to service our growing foreign debt,"" he told a conference
  attended by the six members of the Association of Southeast
  Asian Nations and their leading Western friends.
      ""In my view, this will happen more rapidly than many
  observers now predict.""
      ""The universal strategy of aggressive export-led growth is
  becoming less effective,"" Shultz said.
      ""It is not arithmetically possible for every country in the
  world to be a net exporter at the same time. The U.S. Deficit,
  which we all decry, has been in a sense the place into which
  everyone's export-led strategy for growth has gone.""
      ""The huge surpluses of Japan and (West) Germany have fed on
  this deficit, so something will have to give and it will be
  possibly a traumatic experience,"" he added.
      ""While you must keep up the pressure on us to eschew
  protectionist policies, you must act too,"" Shultz said.
      ""I can do a better job of convincing the Congress to leave
  our door open to imports if more of our trading partners open
  their doors wider,"" he told the group, which included
  representatives from Australia, Canada, Japan, New Zealand and
  the European Community.
  

"
test/18476	0	acq	"HONG KONG'S DAIRY FARM SAYS IT BIDS FOR 22 PCT OF KWIK
SAVE FOR 146.6 MLN STG

  HONG KONG'S DAIRY FARM SAYS IT BIDS FOR 22 PCT OF KWIK
  SAVE FOR 146.6 MLN STG
  

"
test/18479	0	acq	"DAIRY FARM BIDS 146.6 MLN STG FOR 22 PCT KWIK SAVE
  <Dairy Farm International Holdings
  Ltd> said in a statement it is making a tender offer for 22 pct
  of Kwik Save Discount Group Plc <KWIK.L> of Britain for a total
  146.6 mln stg.
      Dairy Farm said it will offer to buy up to 32.58 mln Kwik
  Save shares at 4.50 stg each.
      The offer will bring Dairy Farm's stake in Kwik Save to 25
  pct from the present 3.5 pct, or 5.25 mln shares.
      The offer, which will begin on Monday and ends June 30,
  requires that the shares tendered will bring its stake to at
  least 15 pct.
      Dairy Farm said it will finance the acquisition by placing
  89 mln shares with affiliate Jardine Strategic Holdings Ltd
  <JARS.HK> at 5.10 H.K. Dlrs each for a total of 454 mln dlrs.
      The placement will raise Jardine Strategic's stake in Dairy
  Farm to 39.75 pct from the current 35.3 pct.
      It said the Kwik Save purchase will also be financed with a
  loan from the Hongkong and Shanghai Banking Corp <HKBH.HK>. It
  did not give the size of the loan but it said it would raise
  its net bank borrowings to a maximum of 2.2 billion H.K. Dlrs.
      Dairy Farm said it would reduce its bank borrowings by the
  proceeds from the previously announced sale of its office
  building in Sydney for 625 mln dlrs.
      It will consider raising additional capital, most probably
  through a placement of convertible preference shares in the
  Euromarket, it added.
      Company chairman Simon Keswick said the U.K. Market ""offers
  attractive opportunities for competitively priced food
  retailers"" and that ""a strategic investment in Kwik Save offers
  the best vehicle to pursue those opportunities.""
  

"
test/18481	12	earn	"MAZDA MOTOR CORP <MAZT.T>
  Six months ended April 30
      Parent shr 1.66 yen vs 7.28
      Div 3.50 yen vs same
      Net 1.59 billion vs 6.88 billion
      Current 5.03 billion vs 16.03 billion
      Sales 804.02 billion vs 839.20 billion
      Oustanding shrs 955.00 mln vs 944.15 mln
  

"
test/18483	12	earn	"BERISFORD LIFTS FIRST HALF PROFIT 2.5 MLN STG
  six months to March 31
      Shr 16.25p vs 15.61p
      Div 4.0p vs 3.5p
      Turnover 6.12 billion vs 4.89 billion
      Interest 25.2 mln vs 37.6 mln
      Pretax profit 42.7 mln vs 40.3 mln
      Tax 10.3 mln vs 9.9 mln
      Minorities 1.3 mln vs 439,000
      Extraordinary items 2.6 mln credit vs 1.2 mln debit
      Note - company name is S and W Berisford Plc <BRFD.L>
  

"
test/18487	33	money-supply	"SOUTH AFRICAN M-3 APRIL GROWTH REVISED UPWARD
  South African year-on-year broadly
  defined M-3 money supply growth was revised upward to 10.37 pct
  for April from a preliminary 10.08 pct, but was down from a
  revised 10.69 pct in March, Reserve Bank figures show.
      M-3 rose to a revised 82.38 billion rand in April from a
  preliminary 82.17 billion and March's revised 81.39 billion. In
  April last year M-3 stood at 74.64 billion rand.
      Preliminary figures for May show M-3 at 83.24 billion rand
  for a year-on-year rise of 10.97 pct from 75.01 billion in May
  1986.
      April M-1A rose a year-on-year 15.12 pct to 14.22 billion
  rand after rising 14.72 pct to 13.97 billion in March while M1
  rose 24.49 pct to 27.92 billion after a 20.69 pct increase to
  26.97 billion, the figures showed.
      M-2 rose 8.28 pct to 58.71 billion in April after rising
  6.47 pct to 57.52 billion in March.
  

"
test/18488	22	interest	"COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME
  The Commonwealth Bank of Australia said
  it will lower its reference rate for loans to 15.75 pct from
  16.25 pct and its overdraft reference rate to 16.25 pct from
  16.75, effective June 24.
      Bank officials have said the bank regards the overdraft
  reference rate, based on short-term rate trends, as its key
  prime lending rate to corporate customers. The loan reference
  rate is based on longer term trends.
      The bank is the latest to cut prime rates in recent days
  following a continuing decline in market rates. Other prime
  rates now range from 16 pct to 17.5 pct.
  

"
test/18490	15	gnp	"S.KOREA SEES GNP GROWTH MORE THAN 10 PCT THIS YEAR
  South Korea's gross national product (GNP)
  will exceed 10 pct real growth this year and the won will rise
  further as long as the current account surplus continues to
  widen, Deputy Prime Minister Chun In-Yong told reporters.
      Chung, who is also Minister of Economic Planning, said his
  GNP estimate was based on the assumption that the economy will
  remain stable.
      The official target for 1987 GNP growth is eight pct.
      GNP rose 15.6 pct between the first quarters of 1987 and
  1986, according to provisional Bank of Korea figures.
      GNP rose 12.5 pct in calendar 1986.
      In the first four months of this year, the current account
  swung to a surplus of 2.5 billion dlrs from a deficit of 294
  mln dlrs in the same 1986 period.
      ""What the Minister said does not imply any major economic
  policy change,"" a Ministry spokesman told Reuters. ""But he tried
  to urge business circles to prepare for the forseeable economic
  (future) ... A high won era.""
      South Korean manufacturers, who have insisted the won
  should not rise more than seven pct this year, have said they
  plan to ask the government to slow down its appreciation
  against the dollar.
      The Bank of Korea today quoted the won unchanged at 812.05
  against the dollar, a 6.02 pct gain so far this year compared
  with a 3.34 pct increase for the whole of 1986.
      The won strengthened by 6.60 won to the dollar in three
  days earlier this month while an International Monetary Fund
  team held talks here to discuss revaluation.
  

"
test/18493	10	crude	"AUSTRALIAN CRUDE OUTPUT FALLS IN FIRST NINE MONTHS
  Australian crude oil and condensate
  output fell 7.6 pct to 23,480 megalitres, or about 147 mln
  barrels, in the first nine months of fiscal 1986/87 ending June
  30, the Department of Resources and Energy said.
      The decline in production in the nine months to end-March
  reflected mainly a sharp dip early in the fiscal year, when low
  oil prices and high marginal excise rates led to a reduction of
  output from Bass Strait, department figures in its Major Energy
  Statistics publication show.
      A megalitre is 6,290 barrels.
  

"
test/18495	12	earn	"BRITISH TELECOM RAISES 1986/87 PROFIT 11.7 PCT
  Year to end-March
      Shr 20.9p, a 22.3 pct rise
      Div 5.1p making 8.45p vs vs 7.5p
      Turnover 9.42 billion, a 12.4 pct increase
      Operating profit 2.35 billion, a 10.9 pct increase
      Pretax profit 2.07 billion, a 11.7 pct rise
      Fourth quarter 1987
      Turnover 2.42 billion, a 8.4 pct rise
      Operating profit 629.0 mln, a 12.1 pct increase
      Pretax profit 555.0 mln, a 11.7 pct rise.
  

"
test/18497	12	earn	"JOHNSON MATTHEY RAISE PRETAX PROFITS BY 67.8 PCT
  Year to March 31
      Fin div 3.5p making 5.5p vs 2.5p
      Shr 25.2p vs 14.7p
      Pretax profit 50.5 mln stg vs 30.1 mln
      Net after tax 36.0 mln vs 21.6 mln
      Turnover 1.22 billion vs 1.16 billion
      Extraordinary dbt 10.3 mln vs 8.2 mln
      Note - Full company name is <Johnson-Matthey Plc>.
  

"
test/18504	0	acq	"GOVERNMENT TO SELL 25 PCT OF AIR NEW ZEALAND
  The New Zealand Government will sell
  25 pct of state-owned <Air New Zealand Ltd> to the public,
  Civil Aviation minister Richard Prebble said.
      Prebble said in a statement the government would appoint an
  adviser to help it decide how the shares should be sold, the
  timing of any sales and the price.
      ""Clearly there will be a need to gauge the effect of other
  proposed share issues so as to enter the market at the best
  opportunity,"" Prebble said.
      ""We are in no particular rush to sell our shares in Air New
  Zealand,"" he said.
      ""Our aim is to maximise the benefit to the taxpayer. If that
  means waiting for a while, then so be it,"" Prebble said.
      He said Air New Zealand expects to release its results soon
  for the year to March 31 1987. He said he was confident it
  would post an excellent profit.
      Prebble said Air New Zealand was successful but its ability
  to prosper in future was hampered by its
  wholly-government-owned status.
      Prebble said access to new sources of capital would
  increase its ability to expand and develop.
      This sale announcement follows the public float in March of
  around 13 pct of the <Bank of New Zealand Ltd>.
      The government has said it will also float part of the
  capital of other state-owned operations, including <DFC New
  Zealand Ltd>, formerly Development Finance Corp of New Zealand
  Ltd, and Petroleum Corp of New Zealand Ltd.
  

"
test/18509	50	wpi	"S. AFRICAN PRODUCER PRICE INFLATION RISES IN APRIL
  South African year-on-year producer
  price inflation rose to 16.1 pct in April against 15.8 pct in
  March, Central Statistics Office figures show.
      The all items index (base 1980) rose a monthly 1.2 pct to
  242.5 in April after increasing 1.1 pct to 239.6 in March and
  standing at 208.9 a year earlier.
  

"
test/18514	12	earn	"LONDON INTERNATIONAL RAISE PROFITS BY 3.05 MLN
  Year to March 31
      Final dividend 3.65p vs 3.1p making 5.4p vs 4.6p
      Share 14.11p vs 12.13p
      Pre-tax profit 27.11 mln stg vs 24.06 mln
      Net profit 18.12 mln vs 15.21 mln
      Turnover 252.11 mln vs 225.29 mln
      Note - London International Group Plc <LONL.L> said that
  sharply increased sales of condoms had led to a particularly
  strong start to the year and it had considerable confidence for
  the future. REUTER
  

"
test/18519	48	trade	"TOSHIBA, SHARP RESTRAIN LAP-TOP PC EXPORTS TO EC
  Toshiba Corp <TSBA.T> and Sharp Corp
  <SHRP.T> decided to maintain exports of lap-top personal
  computers to the European Community (EC) at last year's levels,
  despite the halt of shipments to the U.S., Company spokesmen
  told Reuters.
      They said the voluntary restraints were aimed at averting
  EC sanctions urged by European computer makers. The Europeans
  feared Japanese personal computers would flood EC markets after
  Washington imposed 100 pct tariffs last April.
      Toshiba and Sharp together control about 40 pct of the
  personal computer market in the EC, the Sharp spokesman said.
      Toshiba said exports of T1100 and T3100 lap-top computers
  would continue at 5,000 units a month for the time being.
      Sharp said exports to the EC of PC 7000 series lap-top
  personal computers would continue at last year's level of
  12,000 to 16,000 units a year.
      Washington imposed the tariffs because of Japan's alleged
  failure to uphold a 1986 agreement on semiconductor trade.
  

"
test/18520	22	interest	"BELGIUM CUTS TREASURY CERTIFICATE RATES
  The Belgian National Bank said it cut
  one, two, and three month treasury certificate rates, all by
  0.10 points, effective immediately.
      The cuts take the one month rate to 6.75 pct, the two month
  rate to 6.80 pct and the key three month rate to 6.85 pct, the
  central bank said in a telex.
      A National Bank spokesman said the modest cut was made
  after a decline in domestic money market rates yesterday, and
  was not expected to be followed by a cut in the 7.60 pct
  discount rate.
      The short-term treasury certificate rates, and especially
  the three-month rate, have been the National Bank's main
  monetary policy instrument for the last two years.
      The discount rate has been the market's penalty rate rather
  than a guiding rate since 1985, and its advances are currently
  little used as liquidity is ample, bank economists said.
      The bank last cut one- to three-month certificate rates on
  June 5, also by 0.10 points.
  

"
test/18523	10	crude	"INDONESIA CUTS JULY CRUDE SUPPLIES TO JAPAN
  Indonesia's state oil company, Pertamina,
  has informed its affiliated Japanese companies that crude oil
  supplies will be 40 pct less than contractual volumes in July,
  a spokesman for an affiliated company said.
      He said the allocations were in line with Indonesia's
  production ceiling under its current OPEC quota, so they might
  be increased if OPEC ratifies a production rise next week.
      Allocations of Indonesia's main traded crude, Minas, had
  been cut by 50 pct and Duri by 38 pct, he said.
      Last month contractual volumes were cut by 30 pct.
      Contractual volumes assume no production ceiling.
      Oil traders said Indonesian grades were already trading
  above their official selling prices (osp) on the spot market
  due to strong demand from Japan and the U.S. And tight
  supplies.
      A cargo of Duri loading in July was reportedly traded
  yesterday at 70 cents over its osp of 15.60 dlrs per barrel and
  Minas is trading about 20 cents higher, they said.
  

"
test/18524	40	reserves	"FRENCH OFFICIAL RESERVES 420.50 BILLION FRANCS IN MAY VS
420.24 BILLION APRIL - OFFICIAL

  FRENCH OFFICIAL RESERVES 420.50 BILLION FRANCS IN MAY VS
  420.24 BILLION APRIL - OFFICIAL
  

"
test/18527	40	reserves	"FRENCH OFFICIAL RESERVES RISE IN MAY
  French official reserves rose 258 mln
  francs in May to 420.50 billion francs from 420.24 billion at
  the end of April, the Finance Ministry said.
      The slight rise partly reflected the repayment last month
  of France's outstanding 11.95 billion francs of debt owed to
  the European Monetary Cooperation Fund (FECOM).
      It also reflected a negative 314 mln franc position with
  France's Exchange Stabilisation Fund after intervention
  purchases of 10.6 billion francs during May.
      Foreign currency holdings fell 7.28 billion francs to
  124.58 billion while ECU holdings fell by 5.55 billion francs
  to 58.52 billion due to the repayment of part of France's debt
  owed to the FECOM and Stabilisation Fund operations, the
  ministry said.
      Claims on the IMF rose 1.14 billion francs to 18.97
  billion, including a 385 mln franc increase in France's reserve
  position with the IMF and a 751 mln franc rise in holdings of
  Special Drawing Rights.
      Gold holdings were unchanged at 218.46 billion francs.
  

"
test/18530	0	acq	"FRENCH STATE SELL-OFFS RAISE 52 BILLION FRANCS
  The French government's privatisation
  program, which began late last year, has earned the French
  State about 52 billion francs to date, the Finance Ministry
  said.
      Sources close to Finance Minister Edouard Balladur said the
  revenues raised from the privatisation program would be used in
  priority to pay off public debt, which stood at 398.2 billion
  at the end of 1986.
      The Ministry said in a communique that the returns included
  banking group Societe Generale <SGEN.PA>, which began its
  two-week public flotation last Monday.
      The government has carried out eight flotations, as well as
  the private sale of telephone group <Cie Generale de
  Constructions Telephoniques> (CGCT) since its denationalisation
  scheme began last December with the sell-off of glass makers
  Saint-Gobain <SGEP.PA>, it added.
      The government has pledged to privatise 66 state-owned
  industrial, banking and insurance companies by 1991.
      Other companies to be sold to the private sector in the
  near future are television network TF-1 later this month and
  banking group Cie Financiere de Suez <FSPP.PA> in the autumn.
      The ministry said TF-1's forthcoming sell-off meant that a
  third of the government's programme would have been completed
  in less than nine months.
      Balladur on Sunday rejected press and opposition charges
  that the share prices for privatised companies had been pitched
  too low.
      He said that the average premium of shares trading on the
  Bourse was between 15 and 30 pct over their offer price. This
  compared with premiums of between 60 and 80 pct on similar
  share flotations in Britain.
  

"
test/18531	45	sugar	"FIJI MAKES SUGAR PAYMENT TO GET HARVEST STARTED
  Fiji sugar farmers will receive an interim
  payment on the 1986 crop, four months ahead of schedule, in a
  move aimed at getting harvesting of the drought-hit 1987 crop
  under way, Governor-general Ratu Sir Penaia Ganilau said.
      Industry sources said latest forecasts for the 1987 crop
  indicated output of 360,000 tonnes, well down on the record
  501,800 tonne tel quel production in the 1986 (May-December)
  crop year.
      The previous record was set in 1982 when Fiji produced
  486,790 tonnes.
      For the past month Fiji sugar farmers have delayed
  harvesting the 1987 crop pending a response from the
  Governor-general to demands following the May 14 coup.
      Ganilau said in a statement the Fiji Sugar Corp would make
  a payment of five dlrs per tonne against the final payment for
  the 1986 crop on the understanding that preparations by growers
  for commencement of harvesting would be completed at all mills
  by June 23.
      Crushing would commence at Labasa and Penang mills on June
  23 and at Lautoka and Rarawai mills on June 30, he said.
      The interim payment, to be made on or about June 30, is the
  full amount of the grower's share of 1986 sugar proceeds
  received to-date. The balance will be paid in October.
      Growers had also called for the full 1987 forecast price of
  23.50 dlrs per tonne of cane to be paid in cash on delivery to
  the mill, but this has been rejected by the state controlled
  Fiji Sugar Corp, Ganilau said.
      However, in addition to the scheduled delivery payment of
  14.10 dlrs, an additional sum of 2.35 dlrs, or 10 pct of the
  forecast price, would be paid on December 15, on all cane
  harvested by November 30, he said.
      Ganilau said, ""This will be at least one month in advance of
  the expected date of payment of the second payment of cane. The
  balance of the second payment will be made six weeks after the
  end of crushing.""
      Another demand of Fiji's 22,000 small farmers was that an
  estimated 14 mln dlr loan from the Fiji Development Bank (FDB)
  for the 1983 cane crop rehabilitation programme be written off.
  The FDB rejected this request.
      Ganilau said, however, ""The bank is prepared to carefully
  consider requests for rescheduling loan repayments in cases of
  hardship on a case-by-case basis.""
      In response to a further demand that all soldiers be
  removed from the cane growing areas, Ganilau said the army
  would restrict its presence in the cane areas.
      He said he had directed the authorities to issue permits to
  harvesting gangs, cane growers and sugar industry trade unions
  to hold the necessary meetings in preparation for the
  commencement of harvest.
      Senior representatives of the sugar cane growers had
  indicated a desire to commence the crush as soon as possible,
  he added.
  

"
test/18533	26	jobs	"UK MAY ADJUSTED UNEMPLOYMENT FALLS RECORD 64,300 TO 2.95
MLN OR 10.6 PCT - OFFICIAL

  UK MAY ADJUSTED UNEMPLOYMENT FALLS RECORD 64,300 TO 2.95
  MLN OR 10.6 PCT - OFFICIAL
  

"
test/18534	20	income	"UK AVERAGE EARNINGS ROSE 6.5 PCT IN YEAR TO APRIL,
UNDERLYING RISE 7.75 PCT - OFFICIAL

  UK AVERAGE EARNINGS ROSE 6.5 PCT IN YEAR TO APRIL,
  UNDERLYING RISE 7.75 PCT - OFFICIAL
  

"
test/18536	23	ipi	"U.K. APRIL INDUSTRIAL OUTPUT RISES 0.3 PCT, MANUFACTURING
UP 0.55 PCT - OFFICIAL

  U.K. APRIL INDUSTRIAL OUTPUT RISES 0.3 PCT, MANUFACTURING
  UP 0.55 PCT - OFFICIAL
  

"
test/18537	33	money-supply	"U.K. MAY ADJUSTED M3 RISES PROVISIONAL 2.1 PCT, M0 UP 0.5
PCT - BANK OF ENGLAND

  U.K. MAY ADJUSTED M3 RISES PROVISIONAL 2.1 PCT, M0 UP 0.5
  PCT - BANK OF ENGLAND
  

"
test/18538	22	interest	"MAY AJUSTED STERLING BANK LENDING UP 2.7 BILLION STG
AFTER 1.5 BILLION IN APRIL - OFFICIAL

  MAY AJUSTED STERLING BANK LENDING UP 2.7 BILLION STG
  AFTER 1.5 BILLION IN APRIL - OFFICIAL
  

"
test/18539	26	jobs	"U.K. UNEMPLOYMENT FALLS BELOW THREE MLN IN MAY
  U.K. Unemployment fell a record
  provisional, seasonally-adjusted 64,300 in May to a total 2.95
  mln or 10.6 pct of the workforce, the Employment Department
  said.
      In April, seasonally-adjusted unemployment fell by an
  upwardly revised 21,600 to 3.02 mln or 10.9 pct, it said.
      The unadjusted jobless total in May, including school
  leavers, alos fell a record 121,000 to 2.99 mln or 10.8 pct
  from April's 3.11 mln, 11.2 pct.
      May was the eleventh successive decline from a peak last
  summer of 11.6 pct, the Employment Department said.
      ""Unemployment has fallen to under three mln for the first
  time in over three years. The May fall of 64,000 was the
  largest drop since records were first kept (in 1948),""
  Employment Minister Norman Fowler said.
      All regions have seen above average falls in long term
  unemployment during the past year, he added.
      The last time the adjusted total of unemployed was below
  three mln was July 1984, while the unadjusted total was last
  below this level in June 1983.
  

"
test/18540	20	income	"U.K. EARNINGS UP UNDERLYING 7.75 PCT IN APRIL
  U.K. Average earnings rose a seasonally
  adjusted 6.5 pct in the year to end-April, after increasing by
  6.7 pct annually in March, the Employment Department said.
      The April index, base 1980, was set at a provisional,
  seasonally-adjusted 197.3, up from 194.8 in March.
      But the underlying rise was 7.75 pct, up 0.25 pct from
  March and back to the same level seen late last year.
      The underlying rise is adjusted for factors such as
  back-pay and timing variations.
      Unit wage costs in U.K. Manufacturing industry rose one pct
  in the year to April, after an upward revised rise of 0.7 pct
  in the period to March, the Department of Employment added.
      In the three months to end-April, such costs were 0.9 pct
  higher, year-on-year, compared with a rise of 1.2 pct in the
  three months to March.
      Manufacturing productivity in April was 6.1 pct higher than
  a year ago after a downward revised 6.8 pct increase in March.
  In the last three months period manufacturing productivity was
  up 6.7 pct, having increased 6.5 pct in the first quarter.
  

"
test/18549	22	interest	"CITIBANK LOWERS AUSTRALIAN PRIME RATE TO 16 PCT
  Citibank Ltd said it would lower its
  Australian prime rate to 16 pct from 16.5, effective tomorrow.
      The new rate, if unmatched by other banks, will be the
  lowest among Australian trading banks. Other primes range from
  16.25 to 17.5 pct.
      Australian prime rates have now retreated from a recent
  peak of 19 pct in October in line with declining money market
  levels. Citibank said its reduction reflected the decline.
  

"
test/18554	48	trade	"U.S. SENATORS PROPOSE BAN ON TOSHIBA IMPORTS
  Three U.S. Senators said they will
  propose a temporary ban on imports of all Toshiba products due
  to the company's illegal sales of sensitive high-technology
  goods to the Soviet Union.
      Senator Jake Garn, John Heinz and Richard Selby said at a
  hearing of the senate banking committee on export control, they
  will offer the proposal as part of a major trade bill when it
  is brought before the senate this summer.
      Garn, a Utah Republican, said ""I am talking about specific
  retribution on a company that endangers the security of their
  own country and ours.""
  

"
test/18557	45	sugar	"FOUR SUGAR CARGOES SOLD TO CHINA YESTERDAY -TRADE
  Four cargoes of raw sugar were sold to
  China yesterday via the London trade to supplement the
  country's current nearby buying programme, traders said.
      The sugar was reported sold at around 160 dlrs a tonne c
  and f for July/August shipment or arrival in September, they
  said.
      Some traders said recent Chinese purchases could total as
  much as 300,000 tonnes, but others, while agreeing a heavy
  volume had been taken, said an amount less than that figure was
  involved.
      China was still believed to be in the market for more
  sugar, traders said.
  

"
test/18563	12	earn	"JAMES HARDIE INDUSTRIES LTD <HAHA.S> YR TO MARCH
  Yr ended March 31
      Shr 37.8 cents vs 30.7
      Final div 13 cents vs 11, making yr 24 vs 22
      Net 60.58 mln dlrs vs 47.42 mln
      Turnover 1.50 billion vs 1.56 billion
      Other income 16.84 mln vs 3.73 mln
      Shrs 161.71 mln vs 154.19 mln.
      NOTE - Div pay Aug 6. Reg July 17. Div is unfranked and
  thus will not be tax-free under dividend imputation.
      Net is after tax 28.39 mln dlrs vs 29.93 mln, depreciation
  32.05 mln vs 34.59 mln, interest 29.16 mln vs 45.74 mln and
  minorities 1.35 mln vs 9.89 mln but before extraordinary profit
  2.28 mln vs loss 31.05 mln.
  

"
test/18564	22	interest	"COMMONWEALTH BANK CUTS AUSTRALIAN SPLIT PRIME
  The Commonwealth Bank of Australia said
  it will lower its reference rate for loans to 15.75 pct from
  16.25 pct and its overdraft reference rate to 16.25 pct from
  16.75, effective June 24.
      Bank officials have said the bank regards the overdraft
  reference rate, based on short-term rate trends, as its key
  prime lending rate to corporate customers. The loan reference
  rate is based on longer term trends.
      The bank is the latest to cut prime rates in recent days
  following a continuing decline in market rates. Other prime
  rates now range from 16 pct to 17.5 pct.
  

"
test/18565	49	veg-oil	"DUTCH PARLIAMENT BACKS STAND AGAINST OILS TAX
  Dutch parliamentary parties have
  re-affirmed their support for the government's opposition to
  the proposed European Community tax on oils and fats,
  parliamentarians said.
      A broad cross-section of members of parliament voiced their
  opposition to the tax during a debate in the lower house
  yesterday on the basis of possible retaliation from the U.S.
  And on the potentially damaging effect on Third World
  countries.
      State Secretary for Foreign Affairs Rene Van Der Linden
  said the government was against the tax although it noted
  deepening EC financial difficulties.
      ""It is difficult to be against the tax and against extra
  finance. The EC members have to make a choice,"" Van Der Linden
  said.
      However, he denied the government had dropped its
  opposition to the proposed tax or altered its position.
  

"
test/18566	0	acq	"CSR DECLARES PIONEER SUGAR BID UNCONDITIONAL
  CSR Ltd <CSRA.S> said it had declared
  unconditional its takeover bid for <Pioneer Sugar Mills Ltd>
  following Pioneer's recommendation that shareholders accept.
      This meant Pioneer shareholders would be paid for all
  shares tendered within 14 days, CSR said in a statement.
      CSR's statement follows Industrial Equity Ltd's <INEA.S>
  disclosure yesterday that it had built up a 9.8 pct stake in
  Pioneer at 2.54 dlrs a share, topping CSR's cash bid of 2.50.
      CSR is also offering one share, currently worth 4.04 dlrs,
  plus 1.20 cash, for every two Pioneer shares, which values
  Pioneer at 2.62 per share. It holds about 33 pct of Pioneer.
  

"
test/18567	0	acq	"SANDVIK, DIAMANT BOART FINALISE DRILLS MERGER
  Sweden's Sandvik AB <SVIK.ST> and
  Diamant Boart SA of Belgium, in which Societe Generale de
  Belgique <BELB.BR> holds an indirect 52 pct stake, have
  finalised negotiations on merging oil and gas drilling tool
  activities, officials of both companies said.
      Staffan Paues, President of the new Brussels-based joint
  venture company Diamant Boart Stratabit SA (DBS), told a news
  conference that the merged firm would be able to offer products
  for all types of drilling operations.
      He said there were already signs that a slow recovery from
  recession was under way in the oil and gas industries.
      ""Stability in oil prices should lead to renewed investment""
  Paues said.
      DBS, which Paues said began operations today, brings
  together Sandvik's wholly-owned U.S. Subsidiary Strata Bit Corp
  of Houston and Diamant Boart's petroleum activities in Europe,
  North America, the Middle and Far East and Africa.
      Paues said the merger was a direct result of the sharp fall
  in oil prices 18 months ago which led oil firms to cut back
  exploration activities. Officials said the complementary
  character of the two firms' operations was a further reason.
  

"
test/18569	0	acq	"THOMSON GRAND PUBLIC TAKES OVER THORN EMI'S AUDIOVISUAL
DIVISION - THOMSON

  THOMSON GRAND PUBLIC TAKES OVER THORN EMI'S AUDIOVISUAL
  DIVISION - THOMSON
  

"
test/18570	0	acq	"THOMSON TAKES OVER THORN EMI AUDIOVISUAL
  Thomson Grand Public, the subsidiary of
  Thomson SA <THMP.PA>, has taken over the audiovisual consumer
  goods division of British group Thorn EMI, Thomson Grand Public
  chairman Pierre Garcin said.
      The cost of the deal, signed late yesterday, is around 90
  mln stg and Thomson will finance 50 mln of this from its
  equity.
      Thorn EMI is a leader in the British audiovisual market
  with a turnover last year of 300 mln stg.
      Garcin said the new acquisition would substantially
  increase Thomson's turnover in the sector.
  

"
test/18575	0	acq	"JWT GROUP <JWT> SUES WPP GROUP PLC
  JWT Group Inc said it filed a suit
  against <WPP Group Plc> to enjoin the company from continuing
  its tender offer.
      The company said it charged that former JWT Group unit
  executive John Peters has breached his fiduciary duty by
  disclosing confidential information about the company and its
  clients.
      The company said the suit, filed in New York State Supreme
  Court, seeks to halt the ""ongoing misuse and misappropriation
  of highly confidential and proprietary information concerning
  JWT and its clients.
      The defendants in the suit are WPP Group and its units and
  Peters, who until January 29 was a director of J. Walter
  Thompson Co, JWT Group's main subsidiary and its president and
  chief operating officer.
      JWT said it asked the court to enjoin the defendants from
  acquiring any further JWT stock, make them return all
  confidential and proprietary information and to disgorge all
  profits or other gains.
      The company said it also asked the court to award JWT
  unspecified damages.
  

"
test/18576	0	acq	"JWT GROUP <JWT> GRANTS GOLDEN PARACHUTES
  JWT Group Inc disclosed in a filing
  with the Securities and Exchange Commission that it awarded
  so-called ""golden parachutes"" to 26 top officers.
      The company said it granted the special bonuses, which take
  effect only if an executive is fired within two years of a
  successful takeover, on June 8.
      It granted 25 of the officials a severance payment of just
  under three times their annual compensation if they are fired
  after a takeover. For chairman Don Johnston, the payment was
  limited to twice his annual compensation.
      JWT approved additional lump-sum payments of one year's
  compensation to an unspecified number of other highly paid
  company officials.
      The company also altered its employee retirement and stock
  incentive plans, to assure continued protection and benefits
  for employees in the event of a hostile takeover.
      The company did not disclose the cost of the changes made
  in the severance, retirement or stock plans.
  

"
test/18577	0	acq	"UNILEVER DECLINES COMMENT ON GILLETTE BID RUMOURS
  A spokesman for Unilever Plc <UN.AS>
  declined to comment on market rumours that it may be
  considering a bid for the U.S. Health care group The Gillette
  Co <GS.N>.
      Gillette shares are traded on the over-the-counter market
  in London and this morning stood one dollar higher at 38 dlrs
  in response to the bid speculation. Unilever dipped 33p to
  3,275 in a generally depressed U.K. Market.
      Most analysts dismissed the rumours saying it was an old
  story, and one commented that it was ""utter rubbish,"" adding he
  thought Unilever would not be interested in Gillette.
      Gillette shares rose sharply at the beginning of the month
  on Wall Street rumours that Sir James Goldsmith was building a
  stake in the company.
      Gillette has been the subject of repeated rumours since
  Ronald Perelman, chairman of the Revlon Group Inc <REV>, made
  an unsuccessful bid for the company last year.
  

"
test/18585	0	acq	"SERVICE RESOURCES <SRC> ENDS SORG <SRG> BID
  Service Resources Corp said it has
  withdrawn and terminated its 23 dlr per share takeover offer to
  Sorg Inc because Sorg failed to respond to the bid.
      It said, as Sorg's largest single shareholder, it will
  evaluate all its options, including making a further offer to
  Sorg or disposing of some or all of its Sorg shares.
  

"
test/18590	0	acq	"HALCYON HAS STAKE IN RESEARCH-COTTRELL <RC>
  Halcyon Investments, a New York firm,
  reported a 6.9 pct stake in Research-Cottrell Inc.
      Alan Slifka, a partner in Halcyon, told Reuters the shares
  were purchased for investment purposes but declined further
  comment.
      On June 8, Research-Cottrell said it had entered into a
  definitive agreement to be acquired by R-C Acquisitions Inc for
  43 dlrs per share. Research-Cottrell closed at 44-1/4 today,
  unchanged from the previous close.
  

"
test/18591	12	earn	"CULLINET SOFTWARE INC <CUL> 4TH QTR EARNINGS
  April 30 end
      Shr loss 13 cts vs shr profit 12 cts
      Net loss 4,116,000 vs net profit 3,672,000
      Revs 61.1 mln vs 55.5 mln
      Avg shrs 32,263,000 vs 31,640,000
      12 months
      Shr loss 86 cts vs shr profit 42 cts
      Net loss 27.6 mln vs net profit 13 mln
      Revs 174.9 mln vs 189.3 mln
      Avg shrs 32,184,000 vs 30,938,000
      NOTE: Both 1987 and 1986 figures restated to reflect April
  21, 1987 acquisition of Distribution Management Systems Inc,
  accounted for as a pooling of interests.
      1987 results include a first quarter non-recurring charge
  of 7 mln dlrs with an after-tax impact of 11 cts per share
  attributable to the write-off of the remaining assets acquried
  from Computer Pictures Corp in November 1982.
  

"
test/18592	0	acq	"ALLEGIS <AEG> MEETS WITH UNITED EMPLOYEES GROUP
  A spokesman for a group of United
  Airlines employees, who oppose the attempted takeover of United
  by the Airline Pilots Association, said he met with the new
  chairman of Allegis, Frank Olson.
      William Palmer, the group's spokesman, which claims to
  speak for thousands of United employees, said the meeting with
  Olson was ""positive and friendly,"" but no future meeting dates
  were set.
      In April the pilots union offered to buy out United, an
  Allegis subsidiary, through an employee stock ownership plan.
  

"
test/18595	22	interest	"NAT WEST CUTS MORTGAGE RATE FOR NEW BORROWERS
  National Westminster Bank Plc <NWBL.L>
  announced a 0.75 pct reduction in the mortgage interest rate
  applicable to new mortgages taken out from June 19, 1987.
      The new rate is 10.5 pct (APR - Annual Percentage Rate -
  11.2 pct including fees for normal repayment mortgages, and
  11.1 pct including fees for endowment and pension mortgages).
      A spokesman for Nat West said the position for existing
  mortgages is being kept under active review in the light of
  market conditions, and an announcement will be made as soon as
  possible.
  

"
test/18599	49	veg-oil	"RPT - OPPOSITION TO EC OILS TAX INTACT - MINISTER
  A minority group of European
  Community countries strong enough to block the adoption of a
  tax on vegetable and marine oils and fats is still intact after
  the EC Commission proposed changes to its proposals earlier
  today, British agriculture minister John MacGregor told
  journalists.
      He said Britain, West Germany, the Netherlands and Denmark
  continue to oppose the tax after the Commission proposed making
  it temporary and promising compensation to any third countries
  whose exports suffered.
  

"
test/18600	0	acq	"HARCOURT BRACE <HBJ> CALLS SPECIAL MEETING
  Harcourt Brace Jovanovich Inc said
  it has called a special meeting for July 23 for a vote on an
  increase in authorized common shares to 100 mln from 50 mln, an
  increase in preferred shares to 150 mln from 2,500,000 and a
  provision allowing the payment of preferred dividends in stock
  or property as well as cash.
      The company said June 29 will be the record date for the
  meeting.  Harcourt which is fighting off a takeover bid from
  <British Printing and Communication Corp PLC>, has declared a
  special dividend on common stock of 40 dlrs in cash and 12 pct
  preferred stock with a market value of 10 dlrs per share.
      The special dividend is to be paid July 27.
  

"
test/18602	12	earn	"PENWEST INC <PENW.O> 3RD QTR MAY 31 NET
  Shr 1.08 dlrs vs 37 cts
      Net 3,025,000 vs 1,188,000
      Sales 35.2 mln vs 35.4 mln
      Avg shrs 2,794,298 vs 3,187,051
      Nine mths
      Shr 2.43 dlrs vs 83 cts
      Net 6,781,000 vs 2,576,000
      Sales 101.0 mln vs 99.7 mln
      Avg shrs 2,794,298 vs 3,115,499
  

"
test/18604	5	coffee	"RPT - EUROPEAN TRADE MAY PROPOSE NEW ICO FORMULA
  European coffee traders and roasters
  may propose a new formula for calculating International Coffee
  Organization (ICO) coffee quotas at the end of their meeting
  here this week, traders and officials told Reuters.
      Although traders were unwilling to reveal details of the
  possible new formula, they said it would give Brazil, the
  world's biggest coffee producer, unchanged ICO quotas for the
  next two years and could be a basis for renegotiation.
      ""The main sticking point on quotas has been Brazil's
  attitude, and this compromise could be a solution, "" one said.
      However, the European coffee trade federation meeting,
  which began here today and is to continue to the end of the
  week, has revealed gaps in the European position on
  re-introducing quotas.
      Traders said that, as a whole, the trade side was against
  re-introduction of ICO quotas, while roasters were generally in
  favour with the single proviso that there had to be some
  formula basis for re-allocating quota shares among producing
  countries.
      The roasters said the positions were generally fairly
  close, and problems with some Government officials.
      Germany and Italy were cited as the extremes of polarized
  Government attitudes, with most other countries on the fence.
      Sources said Germany was the most extreme against quota
  re-introduction, while the Italians were most in favour.
      ""Nevertheless, we expect to find enough common ground by the
  end of the week to at least present a common European Community
  (EC) view at the next meeting of consumer members of the
  International Coffee Agreement (ICA) in July,"" one trader said.
      ""We hope we can present the compromise proposal and that not
  only the consumer side, but the producer side will accept it,""
  one official said.
      ""We have learned that we can live without the quotas that
  were suspended in February last year, but would prefer the
  stability they can bring to the market as long as we do not
  simply return to the old and outdated status quo as far as
  quota allocation is concerned,"" he added.
      Overall, however, trader and roaster opinion on the
  likelihood of a successful re-negotiation was mildly
  pessimistic, varying between a 50-50 chance and 60-40 against.
      ""Our main difficulty will be to persuade the U.S. On the
  consumer side and Brazil on the producer side to agree to quota
  re-introduction, "" he said.
      ""The U.S. Position has, if anything, hardened, while the new
  Brazilian Coffee Institute president has adopted the least
  negotiable position of any of his predecessors,"" one trader
  said.
      ""However, with many producers starting to swing in favour of
  the consumer position that quotas have to be re-allocated under
  a new formula, Brazil is becoming increasingly isolated, which
  gives at least some hope of a compromise at the ICO quota
  meeting in September,"" the official said.
  

"
test/18605	0	acq	"FIRST DATA MANAGEMENT <FDMC.O> COMPLETES MERGER
  First Data Management co Inc said
  it has completed a merger into Firsst Data MAnagement Holding
  co following sharehoplder approval.
      It said each 100 shares will be exchanged for 1,000 dlrs
  principal amount of 14.375 pct senior subordinated debentures
  due June 15, 2002.
  

"
test/18606	12	earn	"FROST AND SULLIVAN INC <FRSL.O> 3RD QTR
  Qtr ends April 30
      Shr loss 10 cts vs profit nine cts
      Net loss 163,465 vs profit 131,815
      Revs 3,672,731 vs 3,763,829
      Nine mths
      Shr profit four cts vs profit one ct
      Net profit 57,911 vs profit 11,380
      Revs 11,753,950 vs 10,794,822
  

"
test/18610	12	earn	"CULP INC <CULP.O> 4TH QTR MAY TWO NET
  Shr 29 cts vs 23 cts
      Net 1,262,000 vs 1,002,000
      Sales 49.9 mln vs 40.3 mln
      Year
      Shr 1.18 dlrs vs one dlr
      Net 5,205,000 vs 4,339,000
      Sales 180.1 mln vs 150.7 mln
      NOTE: Prior year net both periods includes gain 900,000
  dlrs from adjustments to LIFO reserves, compensation related
  accruals and a revised effective tax rate.
  

"
test/18616	26	jobs	"U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK
  New applications for unemployment
  insurance benefits rose to a seasonally adjusted 340,000 in the
  week ended June 6 from 310,000 in the prior week, the Labor
  Department said.
      The number of people actually receiving benefits under
  regular state programs totaled 2,359,000 in the week ended May
  30, the latest period for which that figure was available.
      That was up from 2,255,000 the previous week.
  

"
test/18621	10	crude	"OPEC DIFFERENTIALS NOT SEEN POSING MAJOR PROBLEMS
  Some OPEC states are unhappy about the
  prices assigned to their crude oil but this should not pose
  great problems when the group reviews its six-month-old price
  and output pact in Vienna next week, oil analysts say.
      They said Nigeria, which holds the OPEC conference
  presidency, and Qatar probably have the biggest grievances
  about price differentials making some of their crudes
  uncompetitive.
      There has also been speculation by Japanese traders that
  OPEC might want to mark up prices of high-sulphur heavy crudes,
  to correspond with greater demand and higher fuel oil prices.
      But most experts agree that a major overhaul of price
  differentials is unlikely, so as to avoid giving the market
  signals of a dent in OPEC's new unity.
      ""All OPEC members can make a good case for changing
  differentials,"" said one analyst with a major oil company. ""But
  at the end of the day, the attitude is going to be ""leave well
  alone' and little or nothing is likely to be altered.""
      Iran, Libya and Saudi Arabia are among those who also saw
  sales problems earlier this year, traders say. But diminished
  customer resistance to fixed prices and, in some cases,
  marketing incentives have helped their sales.
      Some producers can sell uncompetitively priced crudes by
  means of discounts, processing deals or selling them alongside
  better priced grades in a ""package.""
      Many OPEC crudes are seen to be reasonably priced, at least
  for some part of the year. But many experts say OPEC should
  change prices quarterly or monthly to match seasonal demand for
  fuel oil-rich heavy crudes and gasoline-rich lighter grades. At
  its last meeting in December, OPEC agreed to reintroduce fixed
  prices from February 1 around an 18 dlr per barrel reference
  point. Official prices had been effectively dropped in 1985
  when members offered discounts to attract customers.
      OPEC also decided to limit first-half 1987 output to 15.8
  mln bpd and proposed ceilings of 16.6 mln for the third quarter
  and 18.3 mln for the fourth. Analysts expect it will now extend
  or raise slightly the current ceiling for the coming months.
      Spot market and netback values for some crudes do not
  mirror official prices, but OPEC will probably keep the 18 dlr
  target and at most make minimal changes to differentials,
  analysts say.
      The 18 dlr figure is based on a basket of six OPEC and one
  non-OPEC crudes. OPEC assigned prices to its other key export
  crudes, with a 2.65 dlr gap between the heaviest and lightest.
  Extra heavy crudes were among those left out.
      Industry estimates vary on the proportion of OPEC oil
  exports actually sold at official prices. Several experts say
  only one-quarter to one-third of the total in fact sells at
  official prices, with some of the rest included in processing
  or barter deals or sold in the form of refined products.
      Problems with the new structure appeared earlier this year,
  when some producers' output fell due to customer reluctance to
  pay the new prices.
     Nigeria especially found its gasoline-rich Bonny Light crude
  -- now OPEC's highest priced grade at 18.92 dlrs a barrel --
  was uncompetitive on the spot market against Britain's Brent.
      In February and March, Nigeria's production shrank below
  its 1.238 mln bpd OPEC quota. Spot prices have since revived,
  due partly to seasonal demand for gasoline, and its output has
  risen.
      Some experts feel Bonny Light is still overvalued and say
  its price should be cut by between 50 cts to one dlr a barrel.
      But Mehdi Varzi, chief oil analyst with London's Kleinwort
  Grieveson Securities, doubts Nigeria will actively push the
  differentials question in Vienna.
      ""It would not look good for OPEC unity if Nigeria, which
  holds the presidency, raised the issue,"" he said.
  

"
test/18627	12	earn	"GENERAL INSTRUMENT CORP <GRL> 1ST QTR MAY 31
  Shr 37 cts vs eight cts
      Net 12.0 mln vs 5.1 mln
      Revs 280.1 mln vs 155.9 mln
      Backlog 625.7 mln vs 451.6 mln
  

"
test/18638	0	acq	"MR. ROOTER <ROOT.O> RESCINDS UNITED WESTERN PACT
  Mr. Rooter Corp said it rescinded
  a recent agreement calling for <United Western Energy Corp> to
  to buy a majority of Mr. Rooter's stock for four dlrs a share.
      The company said it has also demanded repayment of a
  150,000 dlr loan made to United Western.
      Since announcing the agreements, Mr. Rooter said, it
  discovered additional information relating to United Western
  and the unaffiliated privately held corporation which had
  guaranteed all of United Western's obligations under the
  agreements.
      Mr. Rooter said the agreements were rescinded d""in light of
  this additional information,"" without providing details.
      It said talks are in progress with United Western with
  regard to the repayment terms of the loan.
  

"
test/18643	0	acq	"GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50
DLRS PER SHARE OFFER

  GILLETTE SAYS REVLON ASKED ITS BOARD TO CONSENT TO 40.50
  DLRS PER SHARE OFFER
  

"
test/18644	0	acq	"LIBERTY FINANCIAL SAYS IT AGREES TO BE ACQUIRED BY
EQUIMARK FOR 48 DLRS PER SHARE

  LIBERTY FINANCIAL SAYS IT AGREES TO BE ACQUIRED BY
  EQUIMARK FOR 48 DLRS PER SHARE
  

"
test/18646	12	earn	"PRICE CO <PCLB.O> 3RD QTR JUNE SEVEN NET
  Shr 30 cts vs 24 cts
      Net 14.7 mln vs 11.3 mln
      Sales 738.9 mln vs 605.1 mln
      Avg shrs 49.0 mln vs 47.9 mln
      Nine mths
      Shr 1.11 dlrs vs 93 ctsd
      Net 54.2 mln vs 42.9 mln
      Sales 2.45 billion vs 1.95 billion
      Avg shrs 48.9 mln vs 46.4 mln
      NOTE: Twelve- and 40-week periods.
  

"
test/18648	12	earn	"MEDCHEM PRODUCTS INC <MDCH.O> 3RD QTR NET
  Qtr ends May 31
      Shr 20 cts vs eight cts
      Net 509,043 dlrs vs 202,473 dlrs
      Revs 2,106,462 dlrs vs 1,158,621 dlrs
      Nine mths
      Shr 58 cts vs 50 cts
      Net 1,465,271 dlrs vs 1,240,773 dlrs
      Revs 5,854,819 dlrs vs 4,640,687 dlrs
  

"
test/18654	0	acq	"LOMAS AND NETTLETON <LNF> TO MAKE ACQUISITION
  Lomas and Nettleton Financial Corp said
  it has agreed in principle to acquire Houston discount
  brokerage firm Texas First Brokerage Services Inc for
  undisclosed terms, subject to regulatory approvals.
      It said completion is expected by July 31.
  

"
test/18655	10	crude	"SHELL CANADA RAISES CRUDE OIL POSTING 32 CANADIAN CTS/BBL

  SHELL CANADA RAISES CRUDE OIL POSTING 32 CANADIAN CTS/BBL
  

"
test/18658	0	acq	"LIBERTY FINANCIAL ANNOUNCES MERGER WITH EQUIMARK
  Liberty Financial Group Inc, the
  parent of Liberty Savings Bank said it has signed a definitive
  agreement to be acquired by Equimark Corp <EQK>, the parent of
  Equibank, for 48 dlrs a share of Liberty.
      The transaction is structured as a merger of Liberty with a
  duly-formed unit of Equimark, the company said.
      Liberty shareholders will receive about 48 dlrs per share
  uopn the merger, the company said.
      According to the companies, the acquisition is contingent
  upon the approval of Liberty's shareholders and the appropriate
  regulatory authorities.
     
      Liberty said the acquisition of its unit, Liberty Savings
  Bank, by Equimark Corp, will result in the bank operating as a
  separate wholly owned unit of Equimark.
      Charles Cheleden, chairman and president of Liberty
  Financial and Liberty Savings, will continue as president and
  chief executive officer of Liberty Savings, headquartered in
  Horsham, Pa., the company said.
      Liberty said it feels that the price of 48 dlrs in cash per
  share is attractive and that it has advised by Shearson Lehman
  Brothers that the price is fair.
  

"
test/18660	0	acq	"GILLETTE <GS> GETS OFFER FROM REVLON <REV>
  Gillette Co said Revlon Group made an
  unsolicited request, asking the Gillette board to allow Revlon
  to make a cash offer for all Gillette shares of at least 40.50
  dlrs per share.
      Gillette said consent for the bid is required under a
  standstill agreement between Revlon and Gillette before Revlon
  can make any move on Gillette's stock.
      In November 1986, Revlon made an unsolicited offer for
  Gillette shares, Gillette said.
      Subsequently, Revlon withdrew its offer, sold back to
  Gillette the shares it owned at that time and entered into the
  standstill agreement.
      The Gillette board of directors has a regularly scheduled
  meeting this afternoon, and Gillette said it anticipates making
  a statement after that meeting.
  

"
test/18663	0	acq	"BECOR WESTERN <BCW> TALKS TO FOURTH BIDDER
  Becor Western Inc said it
  is talking with a possible fourth bidder for the company.
      The company also said Lynch Corp <LGL> has renewed its
  offer for Becor which was withdrawn last week.
      Talks with the possible bidder are expected to be concluded
  shortly, Becor said, adding its board will evaluate all then
  existing offers at that time.
      In the meantime, the company said, it plans today to
  adjourn further its meeting of stockholders to June 30. That
  meeting was called to act on a merger agreement calling for a
  buyout by BCW Acquisitions Inc.
      The third identified Becor suitor is <Davis Mining and
  Manufacturing Inc>.
      In Fairfield, N.J., Lynch said its latest proposal calls
  Lynch to own 75 pct of Becor's stock and Becor holders to
  retain the other 25 pct.
      Peviously, Lynch would have held about 25 pct, with Becor
  holders receiving 25 pct and Becor management about half.
      Lynch said the proposal was changed because it believes
  Becor's management ""needs more guidance in terms of financial
  structuring.
  

"
test/18664	20	income	"U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY, SPENDING UP 0.1
PCT

  U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY, SPENDING UP 0.1
  PCT
  

"
test/18665	20	income	"U.S. PERSONAL INCOME ROSE 0.2 PCT IN MAY
  U.S. personal income rose 0.2 pct, or
  7.9 billion dlrs, in May to a seasonally adjusted annual rate
  of 3,630.0 billion dlrs, the Commerce Department said.
      The increase followed a revised 0.4 pct rise in April. The
  department previously estimated April income rose 0.3 pct.
      The department also revised up the March personal income
  rise to 0.3 pct from a previously reported 0.2 pct.
      Personal consumption expenditures rose 0.1 pct, or 1.5
  billion dlrs, to 2,893.3 billion dlrs in May after rising 0.6
  pct or 18.6 billion dlrs in April, the department said.
      The department said both the April and May increases in
  personal income were restrained by lower subsidy payments to
  farmers and by initial payments to a newly established
  retirement fund for federal government employees in April.
      Wages and salaries increased 8.8 billion dlrs in May after
  a 7.0 billion dlr rise in April, while manufacturing payrolls
  were up 1.6 billion dlrs in May after falling 1.3 billion dlrs
  in April.
      Farmers' incomes fell 11 billion dlrs in May after
  decreasing 6.7 billion dlrs in April due to lower farm subsidy
  payments, the department said.
  

"
test/18667	0	acq	"S. AND W. BERISFORD WANTS TO STAY INDEPENDENT
  S.And W. Berisford Plc <BRFD.L>, which
  has attracted takeover bids, is making every possible effort to
  remain independent, deputy chairman Henry Lewis said after the
  company announced interim results.
      ""We've taken specific steps to strengthen ourselves for this
  purpose,"" he added, referring to management changes and a
  corporate strategy of concentrating on four business sectors.
      Berisford aims to produced balanced earnings growth from a
  combination of commodities, property, financial services and
  food. Its industrial division, with assets of about 90 mln stg
  including debt, is being reviewed and parts may be sold.
  

"
test/18668	32	money-fx	"FED'S SEGER SAYS FOREIGN EXCHANGE MARKETS SHOWING SIGNS
OF STABILITY

  FED'S SEGER SAYS FOREIGN EXCHANGE MARKETS SHOWING SIGNS
  OF STABILITY
  

"
test/18670	22	interest	"FED'S SEGER SAYS U.S. THRIFT INDUSTRY NEEDS STABLE
INTEREST RATES

  FED'S SEGER SAYS U.S. THRIFT INDUSTRY NEEDS STABLE
  INTEREST RATES
  

"
test/18674	32	money-fx	"FED GOVERNOR SEGER SEES CURRENCY STABILITY
  Federal Reserve Board Governor Martha
  Seger said there were signs of helpful stability in foreign
  exchange markets in recent weeks.
      ""I think we are beginning to see more calm in those markets,""
  Seger told reporters after a speech to the U.S. League of
  Savings Institutions.
      ""I think it is very healthy when you can get into a period
  of stability,"" she said.
      She said market forces have a major influence on exchange
  rates and said she did not know the right value for the dollar
  against the Yen or the Mark.
      Seger told the Savings and Loan executives that she was
  concerned about financial markets' absorption with exchange
  rate influences.
      ""I am concerned that we have gotten so nervous,"" about
  exchange rates, Seger said.
      She said the Fed takes into account additional factors in
  determining monetary policy than the value of the dollar
  against other currencies.
      On the economy, Seger called the latest figures in gross
  national product a modest upward revision.
  

"
test/18676	29	livestock	"INDONESIA/TURKEY ELIGIBLE FOR CATTLE UNDER EEP
  U.S. exporters will be able to sell
  8,000 head of dairy cattle to Indonesia and 5,000 head to
  Turkey under the Export Enhancement Program, the U.S.
  Agriculture Department said.
      The export sales will be subsidized with commodities from
  the inventory of the Commodity Credit Corporation (CCC), the
  department said.
      Indonesia and Turkey already have purchased 7,500 and 5,000
  head of dairy cattle, respectively, under the program.
      Details of the program and an invitation for offers from
  exporters will be issued in the near future, it said.
  

"
test/18678	10	crude	"IMPERIAL OIL RAISES CRUDE OIL POSTINGS 32 CANADIAN
CTS/BBL, LIGHT SWEET NOW 25.60


  IMPERIAL OIL RAISES CRUDE OIL POSTINGS 32 CANADIAN
  CTS/BBL, LIGHT SWEET NOW 25.60
  
  

"
test/18680	10	crude	"PHILLIPS RAISES CRUDE OIL POSTED PRICES 50 CTS/BBL
EFFECTIVE YESTERDAY, WTI NOW 19 DLRS.

  PHILLIPS RAISES CRUDE OIL POSTED PRICES 50 CTS/BBL
  EFFECTIVE YESTERDAY, WTI NOW 19 DLRS.
  

"
test/18682	0	acq	"USAIR <U> SAYS DOT PUBLIC COUNSEL BACKS MERGER
  USAir Group Inc said the U.S.
  Department of Transportation's Office of Public Counsel has
  urged that expedited non-hearing procedures be used in its
  proposed acquisition of Piedmont Aviation Inc <PIE>.
      The company said that America West Airlines Inc <AWAL.O>
  was the only party voicing opposition to the acquisition.  The
  Department of Transportation had asked parties to submit
  statements by June 17 either supporting or opposing the
  acquisition.
      USAir said it and Piedmont again requested expedited
  approval for the acquisition.
      The company said the Office of Public Counsel could find no
  evidence that the acquisition would substantially lessen
  competition in any market.
  

"
test/18686	0	acq	"FREEDOM FEDERAL <FRFE.O> SEEKS BUYER
  Freedom Federal Savings Bank
  said it hired Salomon Brothers Inc to solicit offers for the
  purchase of the bank as part of an ongoing review of methods to
  enhance shareholder value.
      Freedom Federal operates 15 retail branch banks and had
  1986 year end assets of about 733 mln dlrs.
      ""There is no assurance the bank will receive acceptable
  offers or be sold, but we feel this is a prudent step to take
  at this time,"" the bank said.
  

"
test/18688	0	acq	"ARCO <ARC> SPIN-OFF SEEN AT 500 MLN DLRS
  Atlantic Richfield Co, considering a
  spin-off of a 20 pct interest in its chemical operations, could
  gain about 500 mln dlrs from the deal, industry analysts
  estimated.
      Yesterday ARCO's stock jumped as much as five points on
  rumors it was spinning off the chemical operations. Based on
  about 183 mln outstanding shares, the market in its frenzy was
  valuing the spin-off at about 900 mln dlrs, analysts said.
      Atlantic Richfield, aware of the rumors, issued a statement
  around mid-day that it was considering a sale of only 20 pct of
  the unit, leading investors to take profits.
      After the announcement, the company's stock retreated,
  closing at 93-7/8, up 1-3/8. Today it was off 1/4.
      ""It was a smaller deal than expected and somewhat
  disappointing,"" said analyst George Baker at Smith Barney. He
  said rumors of the spin-off had been around ""for a couple of
  days.""
      Baker said the unit was very profitable but it wasn't
  getting the type of exposure Atlantic Richfield sought, and its
  value was not reflected in the company's stock price.
      Industry analyst Richard Pzena of Sanford C. Bernstein said
  the unit had operating earnings of 132 mln dlrs last year and
  he expected it to earn about 175 mln dlrs this year.
      Based on a multiple of 17 times earnings--which Pzena says
  chemical companies now sell for--the entire unit is worth about
  three billion dlrs, putting the 20 pct interest at around 500
  to 600 mln dlrs.
      Pzena said he thought the company was selling the stake
  because chemical margins had peaked, and he speculated the
  company would use the proceeds to pay down debt.
      But he added the possibility remained the deal would fall
  through. Yesterday, ARCO said the proposal had not yet been
  presented to its board.
      The chemical unit last year had revenues of 1.9 billion
  dlrs.
  

"
test/18689	10	crude	"SHELL CANADA <SHC> RAISES CRUDE 32 CTS CANADIAN
  Shell Canada <SHC>, whose majority
  interest is owned by the Royal Dutch/Shell Group of companies,
  raised the postings of light sweet and sour crude oil from
  Edmonton/Swann Hills 32 Canadian cts a barrel, effective today.
      The new price for light sweet crude oil is 25.60 Canadian
  dlrs a barrel while the new price for light sweet sour crude is
  24.08 Canadian dlrs a barrel.
      The Royal Dtuch/Shell Group owns 72 pct of Shell Canada and
  public shareholders, primarily Canadian, own the remaining 28
  pct of the company, a Shell Canada spokesman said.
  

"
test/18692	10	crude	"UNION PACIFIC RAISES CRUDE OIL POSTINGS 50 CTS
A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.

  UNION PACIFIC RAISES CRUDE OIL POSTINGS 50 CTS
  A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.
  

"
test/18698	10	crude	"IMPERIAL OIL <IMO.A> RAISES CRUDE 32 CANADIAN CTS
  Canadian Imperial Oil, 70 pct Exxon
  owned, said it raised its posting for light sweet crude oil at
  Edmonton by 32 canadian cts a barrel, effective today.
      The company said its new posting for light sweet crude oil
  at Edmonton is 25.60 canadian dlrs a barrel.
  

"
test/18699	12	earn	"TULTEX CORP <TTX> 2ND QTR MAY 30 NET
  Shr 17 cts vs 20 cts
      Net 3,121,000 vs 3,624,000
      Revs 60.2 mln vs 59.0 mln
      Avg shrs 18.3 mln vs 18.2 mln
      Six mths
      Shr 40 cts vs 48 cts
      Net 7,429,000 vs 8,743,000
      Revs 124.7 mln vs 126.1 mln
      Avg shrs 18.3 mln vs 18.1 mln
  

"
test/18700	49	veg-oil	"DUTCH CONSUMERS/INDUSTRY SEE VEG OILS TAX THREAT
  Dutch consumers and food processors
  would be hit hard by the proposed EC tax on oils and fats, Dick
  de Bruyn, chairman of the commodity board for margarine, fats
  and oils, MVO, said at the annual meeting.
      The Dutch are the second largest consumers of margarine and
  fourth largest consumers of vegetable oils in the EC.
      The fiercely contested tax would be a levy on consumers and
  steeply increase the costs of industries such as potato
  processing and cake and biscuit manufacturing, de Bruyn said.
      ""A move by these industries to countries outside the EC
  cannot be ruled out,"" he added.
      De Bruyn said the tax on vegetable and marine oils and fats
  would be wide open to fraud, difficult to police, and hugely
  expensive administratively.
      He also said the proposed tax contravened not only article
  three of the General Agreement on Tariffs and Trade (GATT), the
  Lome Convention, and the United Nations Food and Agriculture
  Organization (FAO) guidelines, but also the EC's own Treaty.
      The proposed tax would not only be inflationary but also
  have consequences for employment and investment, he added.
  

"
test/18701	10	crude	"DIAMOND SHAMROCK RAISES CRUDE OIL POSTED PRICES 50 CTS
A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.

  DIAMOND SHAMROCK RAISES CRUDE OIL POSTED PRICES 50 CTS
  A BBL, EFFECTIVE YESTERDAY, WTI TO 19 DLRS.
  

"
test/18703	12	earn	"POCO PETROLEUMS LTD <POC.TO> 2ND QTR NET
  Period ended April 30
      Shr not given
      Net 2,600,000 vs 1,600,000
      Revs 18.1 mln vs 15.1 mln
      SIX MTHS
      Shr 21 cts vs 42 cts
      Net 3,800,000 vs 5,500,000
      Revs 32.9 mln vs 35.8 mln
  

"
test/18704	10	crude	"COASTAL RAISES CRUDE OIL POSTINGS 50 CTS/BBL YESTERDAY,
WTI TO 19 DLRS

  COASTAL RAISES CRUDE OIL POSTINGS 50 CTS/BBL YESTERDAY,
  WTI TO 19 DLRS
  

"
test/18705	10	crude	"SOUTHLAND CORP RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI
NOW 19 DLRS/BBL

  SOUTHLAND CORP RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI
  NOW 19 DLRS/BBL
  

"
test/18706	10	crude	"MURPHY RAISES CRUDE OIL POSTINGS 50 CTS A BBL YESTERDAY,
WTI TO 19 DLRS

  MURPHY RAISES CRUDE OIL POSTINGS 50 CTS A BBL YESTERDAY,
  WTI TO 19 DLRS
  

"
test/18707	10	crude	"PERMIAN RAISES CRUDE OIL POSTINGS 50 CTS
 A BBL, WTI TO 19 DLRS

  PERMIAN RAISES CRUDE OIL POSTINGS 50 CTS
   A BBL, WTI TO 19 DLRS
  

"
test/18708	12	earn	"ROBERT BRUCE INDUSTRIES <BRUCA.O> 1ST QTR LOSS
  Qtr ends march 28
      Shr loss 1.46 dlrs vs loss 49 cts
      Net loss 2,919,000 dlrs vs loss 892,000 dlrs
      Revs 10.3 mln vs 11.5 mln
      Avg shrs 2,000,000 vs 1,836,000
      NOTE: full name of company is robert bruce industries Inc.
  

"
test/18713	12	earn	"EVERGOOD PRODUCTS CORP <EVGD.O> 1986 YEAR LOSS
  Oper shr loss 19 cts vs loss 38 cts
      Oper net loss 239,000 dlrs vs loss 476,000 dlrs
      Revs 16.0 mln vs 14.6 mln
  

"
test/18718	12	earn	"CALSTAR INC <CSAR.O> YEAR APRIL 30 NET
  Shr primary 66 cts vs 1.17 dlrs
      Shr diluted 66 cts vs 81 cts
      Net 1,220,691 vs 1,302,999
      Revs 13.7 mln vs 13.1 mln
      Avg shrs primary 1,859,421 vs 1,112,400
      Avg shrs diluted 1,859,421 vs 1,826,303
      NOTE: Latest net includes tax credits of 565,000 dlrs vs
  620,000 dlrs.
  

"
test/18719	12	earn	"MICRODYNE CORP <MCDY.O> 2ND QTR MAY THREE NET
  Oper shr nil vs profit one ct
      Oper net profit 14,000 vs profit 51,000
      Revs 5,547,000 vs 6,021,000
      Six mths
      Oper shr loss nine cts vs profit seven cts
      Oper net loss 383,000 vs profit 314,000 dlrs
      Revs 9,31,000 dlrs vs 12.5 mln
      NOTE: 1986 qtr and six mths excludes loss 171,000 dlrs and
  358,000 dlrs, respectively, for loss from discontinued
  operations.
  

"
test/18721	12	earn	"MAJOR VIDEO CORP <MAJV.O> YEAR APRIL 30 NET
  Shr 23 cts vs 14 cts
      Net 611,000 vs 511,000
      Revs 10.1 mln vs 4,380,000
      NOTE: Latest year includes three cent per share loss from
  discontinued operations while prev year includes seven cent per
  share tax credit.
  

"
test/18728	10	crude	"SOUTHLAND <SLC> UNIT RAISES CRUDE 50 CTS/BBL
  Southland Corp's subsidiary Citgo
  Petroleum said it raised its posted prices for crude oil across
  the board by 50 cts a barrel, effective June 17.
      Citgo said its new posting for West Texas Intermediate and
  West Texas Sour is 19 dlrs a barrel. Light Louisiana Sweet is
  now posted at 19.35, the company said.
  

"
test/18730	0	acq	"HOLLINGER <HLG.TO> COMPLETES UNIMEDIA TAKEOVER
  Hollinger Inc said it completed the
  previously reported acquisition of privately held Unimedia Inc,
  the owner of three French language daily newspapers and four
  printing plants in Ontario and Quebec.
      The company, which owns 58 pct of (Daily Telegraph Plc)
  said it named former Carling O'Keefe Ltd chief executive Pierre
  Des Marais as chief executive of La Societe Media Quebec, the
  unit acquiring Unimedia.
      It said his appointment is effective July 2.
  

"
test/18732	12	earn	"A.G. EDWARDS INC <AGE> 1ST QTR MAY 31 NET
  Shr 52 cts vs 62 cts
      Net 10,884,000 vs 12,891,000
      Revs 133.3 mln vs 128.8 mln
      Avg shrs 21,017,000 vs 20,845,000
  

"
test/18736	10	crude	"MURPHY OIL <MUR> RAISES CRUDE POSTINGS
  Murphy Oil said it increased its crude
  oil posted prices by 50 cts a barrel, effective June 17.
  The company said its new posting for West Texas Intermediate
  and West Texas Sour is 19 dlrs a barrel.
      Light Louisiana Sweet crude is now 19.35 dollars a barrel,
  the company said. Increases follow a general trend in the
  industry started yesterday by Sun Co.
  

"
test/18738	10	crude	"PHILLIPS PETROLEUM <P> RAISES CRUDE POSTINGS
  Phillips Petroleum Co said it raised
  its crude oil posted prices for West Texas Intermediate and
  West Texas Sour by 50 cts a barrel, effective June 17.
      The company said the new posted price for WTI and WTS is 19
  dlrs a barrel. The increase is in reaction to Sun Co raising
  postings similarly yesterday.
  

"
test/18739	34	nat-gas	"MOBIL <MOB> HAS NORTH SEA NATURAL GAS FIND
  Mobil Corp said the 49/28-14 wildcat
  well in Block 49/28 of the British North Sea flowed 50.6 mln
  cubic feet of natural gas per day from depths of 7,742 to 7,777
  feet.
      The company said it has a 23.33 pct interest and other
  interest holders include Atlantic Richfield Co <ARC>, Sun Co
  <SUN> and Deminex AG 10 pct.
  

"
test/18743	10	crude	"PETRO-CANADA RAISES CRUDE POSTINGS 32 CTS CANADIAN/BBL.
SWEET CRUDE AT 25.60 DLRS CANADIAN/BBL.

  PETRO-CANADA RAISES CRUDE POSTINGS 32 CTS CANADIAN/BBL.
  SWEET CRUDE AT 25.60 DLRS CANADIAN/BBL.
  

"
test/18744	49	veg-oil	"EC COMMISSION DEFENDS OILS AND FATS TAX
  A spokesman for the European
  Community Commission defended the controversial plan for a levy
  on oils and fats, saying that consumers would have to help
  alleviate the surplus problem by paying the proposed tax.
      Norbert Tanghe, head of division of the Commission's
  Directorate General for Agriculture, told the 8th Antwerp Oils
  and Fats Contact Days ""the Commission firmly believes that the
  sacrifices which would be undergone by Community producers in
  the oils and fats sector ... Would justify asking consumers to
  make an appropriate contribution to solving the serious problem
  within that sector by paying a levy.""
      The proposed tax is necessary because the level of
  budgetary costs resulting from olive oil and oilseeds
  production has become unacceptable, Tanghe said.
      Recent estimates put these costs at 4.0 billion European
  Currency Units and by 1990 they would rise by another 2.0
  billion Ecus, he said. In 1990 the Community's ""standstill""
  agreements with Spain and Portugal end and the EC would then
  feel the full impact of its enlargement.
      The Commission has proposed several cost and production
  cutting measures which include the introduction of a maximum
  guaranteed quantity system, he added.
      Under the Commission's system for stabilising consumer
  prices in the oils and fats sector, a reference price of 700
  Ecus per tonne for refined soy oil would be introduced, Tanghe
  said.
      Consumer prices could be raised or lowered by a regulatory
  amount when market prices are below or above this level.
      He said the revenue generated by charging a regulatory
  amount would be used to finance the Common Agricultural
  Policy's oils and fats regime.
      ""The Commission believes that hostile reactions (to the
  proposed tax) have for the most part been based on incomplete
  or an insufficiently thorough analysis of the proposal,"" he said.
      Tanghe said the proposed system conforms with General
  Agreement on Tariffs and Trade, GATT, rules.
      It would not be discriminatory because it would be applied
  to domestic and imported products, and past experience showed
  it would not cause any decline in consumption of oils and fats.
      EC-produced oilseeds would not benefit more than they do
  under present aid arrangements, he said.
      The competitiveness between different oils, whether EC
  produced or imported, would remain unchanged and quantities
  imported from third countries would not be affected by the tax,
  Tanghe said.
      The proposed system would not alter the EC nations'
  requirements as far as imports are concerned since the overall
  effect would stabilise Community production levels without
  affecting demand, he said.
      It is one of the proposal's objectives to maintain current
  import levels, he said.
      Imports of soybeans would be unaffected because they are
  imported primarily to satisfy the EC's cakes and meals
  requirements, which are not covered by the stabilising system.
  Furthermore, more than half the oil produced from imported
  beans is re-exported to third countries, Tanghe added.
  

"
test/18746	10	crude	"UNION PACIFIC <UNP> RAISES CRUDE OIL PRICES
  Union Pacific Resources, formerly
  Champlin Petroleum, said it raised posted prices for crude oil
  by 50 cts a barrel, effective yesterday.
      The price increase brings West Texas Intermediate, the U.S.
  benchmark grade, to 19.00 dlrs a barrel.
      The posted price increase follows a similar move by several
  other oil companies.
      Sun Co was the first to raise crude oil postings yesterday
  afternoon and today many other companies are following.
      The last price increase made by oil companies was around
  May 22.
  

"
test/18747	10	crude	"MARATHON RAISES CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW
19.00 DLRS.

  MARATHON RAISES CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW
  19.00 DLRS.
  

"
test/18749	40	reserves	"ITALIAN NET OFFICIAL RESERVES FALL IN MAY
  Italy's net official reserves fell to
  67,110 billion lire in May from a previously reported 68,455
  billion in April, the Bank of Italy said.
      Gold holdings totalled 35,243 billion lire at end May,
  unchanged from end April.
      Convertible currencies totalled 18,277 billion lire in May,
  down from 20,028 billion in April, while European Currency Unit
  holdings were 10,610 billion against 10,528 billion.
  

"
test/18751	0	acq	"BECOR WESTERN <BCW>AGAIN ADJOURNS HOLDER MEETING
  Becor Western Inc said its
  reconvened shareholders meeting has been adjourned to 1000 CDT
  June 30.
      The company had previously announced plans to again adjourn
  the meeting following receipt of a renewed offer from Lynch
  Corp <LGL> yesterday.
      The meeting was originally convened on June four when
  shareholders approved the sale of Becor's Western Gear Corp
  subsidiary before adjourning. The remaining matter to be
  presented is the proposed acquisition of Becor by BCW
  Acquisition Inc, now one of four offers for the company./
  

"
test/18752	24	iron-steel	"STEEL FIRMS STUDY USX <X> UNIT PRICE HIKE
  Two major steel companies said they
  were studying a price increase announced yesterday by USX
  Corp's USS steelmaking division.
      Spokesman for Armco Inc <AS> and Bethlehem Steel Corp <BS>
  said the proposed price hike was under study.
      Yesterday, USS said it plans to raise base prices on plate
  products by 20 dlrs a ton, or about five pct, effective with
  shipments October 4.
      A spokesman for LTV Steel Co, a unit of LTV Corp <QLTV>,
  declined comment, adding that the company does not make heavy
  plate and makes few other plate products.
      A spokesman for <National Steel Corp>, a joint venture of
  National Intergroup Inc <NII> and Nippon Kokan K.K., said the
  company is not in the product lines affected.
      Reached later, an Inland Steel Industries Inc <IAD>
  spokesman said the company was studying the pricing move.
      USX said the increase will be on all plate products,
  including carbon, high-strength low-alloy, strip mill and alloy
  plates. It also said it planned 20-dlr-a-ton increases on some
  special plate widths and thicknesses.
      Analysts have said firm prices for steel should contribute
  to better results at the nation's major steelmakers.
  

"
test/18754	10	crude	"COASTAL <CGP> CRUDE POSTING UP 50 CTS/BBL
  Coastal Corp <CGP> said it raised the
  postings of crude oil 50 cts a barrel across the board,
  effective yesterday, June 17.
      The new price for West Texas Intermediate is 19.00 dlrs a
  barrel. For West Texas Sour the new price is 18.10 dlrs a
  barrel.
  

"
test/18765	10	crude	"NATIONAL INTERGROUP <NII> UNIT RAISES CRUDE PRICES
  Permian Corp, a subsidiary of National
  Intergroup, said it raised its crude oil postings by 50 cts a
  barrel, effective June 17.
      the company said its new posted price for West Texas
  Intermediate and West Texas Sour is 19 dlrs a barrel, while
  Light Louisiana Sweet is now 19.35. The price hike follows
  other increases industrywide.
  

"
test/18768	24	iron-steel	"U.S. STEEL FIRMS STUDY USX UNIT PRICE HIKE
  Two major steel companies said they
  were studying a price increase announced yesterday by USX
  Corp's USS steelmaking division.
      Spokesman for Armco Inc and Bethlehem Steel Corp said the
  proposed price hike was under study.
      Yesterday, USS said it plans to raise base prices on plate
  products by 20 dlrs a short ton, or about five pct, effective
  with shipments October 4.
      A spokesman for LTV Steel Co, a unit of LTV Corp, declined
  comment, adding that the company does not make heavy plate and
  makes few other plate products.
  

"
test/18769	12	earn	"STANDARD COMMERCIAL <STOB.O> 4TH QTR NET
  qtr ended March 31
      Shr 74 cts vs 79 cts
      Net 4,069,000 vs 3,458,000
      Revs 173.2 mln vs 120.8 mln
      Year
      Shr 2.65 dlrs vs 2.73 dlrs
      Net 13.3 mln vs 11.9 mln
      Revs 618.4 mln vs 520.7 mln
      NOTE: Full name is Standard Commercial Tobacco Co.
     
      Latest qtr and year includes tax loss carryforwards of
  771,000 dlrs and 1,042,000 dlrs, respectively, and a loss of
  613,000 dlrs for discontinued operation. Prev qtr and year
  includes tax loss carryforwards of 469,000 dlrs and 1,902,000
  dlrs, respectively.
  

"
test/18773	10	crude	"PETRO-CANADA CRUDE UP 32 CTS CANADIAN/BBL
  Petro-Canada, a state-owned oil
  company, raised the posting prices of sweet and sour crude oils
  32 cts Canadian per barrel, effective today, the company said.
      The change brings the price of light sweet crude to 26.50
  dlrs Canadian per barrel and the price of light sour crude to
  23.77 dlrs Canadian a barrel. The crude oils are from
  Edmonton/Swann Hills.
  

"
test/18774	10	crude	"U.K. COURT RULES AGAINST RTZ ON OIL FIELD COSTS
  The U.K. High Court dismissed an appeal
  by Rio Tinto-Zinc Corp Plc's <RTZL.L> RTZ Oil and Gas Ltd unit
  and ruled that the financial provisions a company makes for the
  future cost of abandoning an oil field are not tax deductible,
  the Press Association reported.
      The company was appealing against a decision of the Tax
  Commissioners that any such provision was a capital
  expenditure, not a revenue expenditure, and was not deductible.
  The court was told that since 1976 the company had made an
  annual provision of around 750,000 stg for the eventual cost of
  abandoning a rig.
      An RTZ spokesman said the ruling was not worrying as the
  subsidiary had assumed that the provisions were not deductible
  from corporation tax payable.
      It would have been a bonus if the company had won but all
  budgeting had been on the assumption that it would not, he
  said.
      Oil analysts said that RTZ's assumption of liability was
  shared by the industry as a whole.
      The ruling appeared to mean that tax relief on the
  expensive process of abandoning rigs would apply when the
  expense occurred, not when provisions for future expenses were
  built into the accounts, one analyst added.
  

"
test/18778	0	acq	"SOUTHMARK <SM> ACQUIRES BERG VENTURES
  Southmark Corp said it acquired Berg
  Ventures Inc, which manages 84 apartment complexes with over
  18,000 units and 12 shopping centers stretching from New Jersey
  to Florida that are controlled or affiliated with Berg Harmon
  Associates. Terms were not disclosed.
      Southmark said the acquisition makes it the nation's
  largest apartment management firm with over 100,000 units under
  its wing. Southmark also said it has become the managing
  partner of Berg Harmon Associates. Over 3,000 Berg Harmon
  Limited partners have made capital investments of over 300 mln
  dlrs in the properties now managed by Southmark.
  

"
test/18779	12	earn	"18-JUN-1987
  18-JUN-1987

"
test/18782	34	nat-gas	"PAN-ALBERTA/UNITED GAS SETTLEMENT APPROVED
  Pan-Alberta Gas Ltd said its
  1986 proposed settlement with United Gas Pipe Line Co, of
  Houston, received unconditional approval by the U.S. Federal
  Energy Regulator Commission.
      Pan-Alberta said the approved deal authorized terms of a
  two-year interim contract amendment, cash payments and
  transportation credits for Pan-Alberta's customers, minimum
  yearly natural gas takes by United and a two-year commodity
  price. United will pay Pan-Alberta producers about 50 mln dlrs
  over the interim period and take at least an average 40 mln
  cubic feet a day of gas, Pan-Alberta said.
  

"
test/18783	0	acq	"MAY <MA> WON'T BUY ALLIED'S DEY BROTHERS STORES
  May Department Stores Co said it
  terminated an agreement with Allied Stores Corp to buy from
  Allied the four Dey Brothers Stores in Syracuse, N.Y.
      May and Allied said conditions necessary for the closing
  were not met.
      May had planned to make the acquisition an expansion of its
  Sibley's Department Store Co, which operates in Syracuse,
  Rochester and Buffalo, N.Y.
  

"
test/18789	10	crude	"UNOCAL RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19
DLRS/BBL

  UNOCAL RAISED CRUDE OIL POSTINGS 50 CTS/BBL, WTI NOW 19
  DLRS/BBL
  

"
test/18795	10	crude	"UNOCAL <UCL> RAISED CRUDE OIL POSTINGS BY 50 CTS/BBL
  Unocal said it raised its postings for
  crude oil by 50 cts a barrel, effective June 17. The company
  said it is now posting West Texas Intermediate and West Texas
  Sour at 19 dlrs a barrel.
      Unocal said its new Light Louisiana Sweet posted price is
  19.35 dlrs a barrel. the price move follows a wave of increases
  initiated by Sun Co yesterday.
  

"
test/18807	37	pet-chem	"REICHHOLD <RCI> RAISES WAFERBOARD RESIN PRICES
  Reichhold Chemicals Inc said
  its Reichhold Ltd subsidiary has raised prices seven U.S. cent
  per pound on powdered phenolic waferboard resins, effective
  July 1, due to sharp increases in the cost of phenol.
  

"
test/18810	10	crude	"DIAMOND SHAMROCK <DRM> RAISES CRUDE POSTINGS
  Diamond Shamrock R and M said it raised
  its crude oil contract prices by 50 cts a barrel, effective
  June 17.
      The company said its new posting for West Texas
  Intermediate crude is 19 dlrs a barrel. The price increase
  follows similar moves by several other companies.
  

"
test/18811	0	acq	"XEROX <XRX> AFFILIATE TO SELL S.AFRICAN UNIT
  Xerox Corp's affiliate Rank Xerox Ltd
  said it signed a definitive agreement to sell its Rank Xerox
  South Africa Pty Ltd affiliate to Altron Group <ALRN.O>, for
  undisclosed terms.
      Xerox said the preliminary agreement to sell the affiliate
  to Fintech, an Altron unit, had been reached in March. Xerox
  said completion of the sale awaits approval of Fintech
  shareholders and a review by the Johannesburg Stock Exchange.
       Rank Xerox South Africa was founded in 1964 as a wholly
  owned unit of Rank Xerox, the Xerox affiliate that manufactures
  and markets Xerox products in the Eastern Hemisphere.
      Rank Xerox said that of the 800-man workforce of Rank Xerox
  South Africa, 40 pct are black, colored or Asian. The company
  will become a wholly owned unit of Altron.
  

"
test/18816	12	earn	"MONOLITHIC MEMORIES INC <MMIC.O> 3RD QTR NET
  Qtr ended June 7
      Shr six cts vs 17 cts
      Net 1,332,000 vs 3,658,000
      Sales 58.3 mln vs 51.6 mln
      Nine mths
      Shr 40 cts vs 25 cts
      net 8,875,000 vs 5,034,000
      Sales 158.4 mln vs 133.6 mln
  

"
test/18824	10	crude	"DUPONT UNIT RAISES CRUDE OIL POSTINGS 50 CTS/BBL,
EFFECTIVE YESTERDAY

  DUPONT UNIT RAISES CRUDE OIL POSTINGS 50 CTS/BBL,
  EFFECTIVE YESTERDAY
  

"
test/18828	12	earn	"APPLIED SOLAR ENERGY CORP <SOLR.O> 2ND QTR NET
  Qtr ended May 2
      Oper shr profit three cts vs loss five cts
      Oper net profit 115,000 dlrs vs loss 152,000
      Revs 7,652,000 vs 4,279,000
      Six mths
      Oper shr profit ten cts vs loss 34 cts
      Oper net profit 342,000 vs loss 1,149,000
      Revs 14.0 mln vs 7,398,000
      Note: oper data does not include extraordinary gain of
  28,000 dlrs, or one ct per shr, in 2nd qtr 1987 or or 118,000
  dlrs, or four cts per shr, in six mths.
  

"
test/18830	12	earn	"CONVERGENT SOLUTIONS INC <CSOL.O> 2ND QTR NET
  March 31 end
      Shr profit 14 cts vs loss two cts
      Net profit 345,544 vs loss 48,097
      Sales 1,032,224 vs 514,656
      Avg shrs 2,420,925 vs 2,289,925
      1st half
      Shr profit 21 cts vs profit nil
      Net profit 496,714 vs profit 5,602
      Sales 1,649,860 vs 1,099,379
      Avg shrs 2,407,334 vs 2,222,591
      NOTE: Prior half net includes 1,849 dlr tax credit.
  

"
test/18832	12	earn	"<BARRICINI FOODS INC> 1ST QTR LOSS
  Shr loss three cts vs loss three cts
      Net loss 78,456 vs loss 95,812
      Sales 513,607 vs 283,043
      Avg shrs 3,106,000 vs 2,933,333
  

"
test/18835	48	trade	"EUROPEAN COMMUNITY CRITICISES U.S TRADE MEASURES
  The European Community (EC) accused the
  United States of violating a political commitment to free trade
  through practices including a tax on imported gasoline and a
  customs user fee.
      EC ambassador Tran Van-Thinh made the formal charge to the
  surveillance body of the General Agreement on Tariffs and Trade
  (GATT), GATT spokesman David Woods told reporters.
      Woods also said the EC was joined by the United States in
  criticising Brazil for extending its list of products for which
  import licenses have been temporarily suspended, so as to
  improve its balance of payments.
      The United States charged Japan with violating GATT rules
  by restricting imports of agricultural products through an
  import licensing system. The United States asked for
  consultations with Tokyo on the issue.
      Tran charged that the trade measures contravened a
  political commitment to halt and reverse trade barriers,
  pledged by ministers in Punta del Este last September.
      When ministers established the four year Uruguay round to
  negotiate freer trade in 13 areas, they set up the GATT
  surveillance body to monitor this commitment, known in GATT
  jargon as ""standstill and rollback.""
      Tran criticised Washington for the ""superfund"" tax on oil
  imports, a customs user fee, and the removal of a special
  machine tool (known as category FSC34) from its government
  procurement list for reasons of national security.
      Warren Lavorel, a U.S. Trade official, defended the
  policies, saying they did not violate GATT trade rules.
      The surveillance body will send a record of today's talks
  to the Trade Negotiating Committee, which oversees the round,
  to decide any further action on the charges.
      The oil tax and customs user fee have already been the
  subject of formal GATT dispute panels set up outside the
  Uruguay Round to rule on the legality of the practices.
      The ruling GATT Council yesterday adopted a dispute panel's
  report and ruled that the U.S. Superfund tax on oil imports
  breached trade rules. It called on Washington to modify its
  legislation.
      Mexico and Canada, along with the European Community,
  brought the dispute to the GATT last year.
  

"
test/18840	10	crude	"DUPONT UNIT RAISES CRUDE OIL POSTINGS
  Conoco Inc, a subsidiary of duPont
  deNemours <DD>, said it raised the contract price it will pay
  for all grades of crude oil 50 cts a barrel, effective
  yesterday.
      The increase brings Conoco's posted price for West Texas
  Intermediate to 19.00 dlrs a barrel. The West Texas Sour grade,
  at 34 API, now stands at 18.10 dlrs a barrel. Light Louisiana
  was also raised 50 cts to 19.35 dlrs barrel.
      Conoco last changed its crude postings on May 21.
  

"
test/18842	0	acq	"ALLEGHENY INTERNATIONAL <AG> SELLS THREE UNITS
  Allegheny International Inc said it
  has sold its Chemetron Railway Products Inc, True Temper
  Railway Appliances Inc and Allegheny Axle Co units to
  newly-formed Chemetron Railway Products Inc for undisclosed
  terms.
      It said the new company was formed by senior management of
  the three railway product units and Kleinwort Benson Group of
  London.
  

"
test/18849	6	copper	"ZAMBIAN COPPER INDUSTRY HOPES FOR STEADY OUTPUT
  Zambia's copper mining industry is hoping
  to achieve and maintain production at over 500,000 tonnes a
  year in the next few years despite low world prices,
  deteriorating ores and shortages of mine inputs, industry
  officials said.
      But Zambia's decision to abandon last May 1 a tough
  International Monetary Fund (IMF) economic recovery program has
  introduced an element of uncertainty into plans to restructure
  the ailing industry and boost profitability, they said.
      Copper production by the government-controlled Zambia
  Consolidated Copper Mines (ZCCM) for the 1987 financial year
  ended March 31 improved slightly to about 471,000 tonnes from a
  record 1986 low of 463,354 tonnes.
      ""We are convinced that by the end of the 1988 financial
  year, copper production could well be over 500,000 tonnes due
  to greater availability of spares and equipment,"" a ZCCM
  official said.
      ZCCM officials said the production of cobalt, another
  strategic income earner, will also be tailored to meet demand.
      Finished production in 1986 was 4,565 tonnes, 911 tonnes
  higher than the previous year and the best production achieved
  to date.
      Protracted low world metal prices have badly hit the copper
  industry in Zambia, the world's fifth biggest producer. Mining
  is monopolised by ZCCM and accounts for about 90 pct of the
  country's foreign exchange earnings.
      Production has also been seriously affected in recent years
  by equipment breakdowns, deteriorating ore and shortages of
  spare parts, fuel and lubricants. The 463,354 tonnes output
  last year compared with a peak 1975 output of 700,000 tonnes.
      A five-year production and investment plan launched in 1984
  by ZCCM is being funded by the European Community, the African
  Development Bank and the World Bank.
      The plan foresees the shutdown of some seven mining and
  metallurgical units on the grounds they are unprofitable.
      ZCCM, the second largest employer after the government, has
  said it intends to lay off 20,000 of its 60,000 workforce as
  part of the plan.
      More than 250 mln dlrs have so far been channelled into the
  industry in a bid to improve efficiency and profitability under
  the five-year restructuring plan.
      Company officials said although reserves were being
  depleted, Zambia could continue to produce copper beyond the
  end of the century, though at lower levels of production.
      Industry sources said ZCCM's projected pre-tax profit for
  the financial year ended March 31 would be around 500 mln
  kwacha. But with the current mineral export tax level being
  levied, a net loss is likely to be registered.
      ZCCM recorded a net loss of 718 mln kwacha in 1986 compared
  with a net profit of 19 mln kwacha the year before.
      Under the foreign exchange auction system introduced in
  1985, ZCCM's profits from its foreign exchange earnings rose as
  the value of the kwacha fell to 21 to the dollar from just over
  two to the dollar.
      But on May 1, President Kenneth Kaunda abolished the
  auctioning system, inspired by the International Monetary Fund,
  and announced Zambia would pursue a go-it-alone economic
  strategy based on national resources.
      ZCCM officials are still cautious over what effects the
  break with the IMF will have on the industry's plans.
      ""We are still consulting to see how the new measures will
  affect us but it is too early to say just how we shall fare
  under the new situation,"" Peter Hansen, director of operations
  and third in the ZCCM hierarchy, told Reuters.
      Some analysts believe the new officially-fixed exchange
  rate of eight kwacha to the dollar will hit ZCCM's export
  profits.
      ""Most specialists I have talked to tell me the break-even
  point for ZCCM is a rate of 10 kwacha per dollar,"" Frederick
  Chiluba, leader of the Zambian Congress of Trade Unions said.
      High production costs continue to bedevil the Zambian
  industry.
      Zambia mines copper at a relatively expensive rate of 69
  cents per pound, compared with 55 cents in the United States
  and under 40 cents in Chile.
      The industry also faces transport problems due to Zambia
  being landlocked. The government confirmed this year it had
  stopped sBending copper south through South Africa.
      Over 80 pct of shipments, some 35,000 tonnes a month, are
  sent by rail to the Tanzanian port of Dar-es-Salaam, while
  5,000 tonnes go via Zimbabwe to the Mozambique port of Beira.
  Transport has often been hit by shortages of wagons, spares and
  fuel.
  

"
test/18851	43	ship	"RIO DE JANEIRO DOCKERS STRIKE OVER WAGES
  Rio de Janeiro's 3,500
  dockworkers went on strike for an indefinite period today to
  demand wage increases, a spokesman for the dockers said.
      The Rio dockers did not get support from their colleagues
  in Santos, Brazil's main port, but the spokesman said they
  would not return to work unless their demands were met.
      Earlier this week, some 65,000 dockworkers cancelled a
  scheduled national strike to pressure port officials to give
  them a wage increase and other benefits.
      A Rio port spokesman said the halt would cause daily losses
  of about 100,000 U.S. dlrs.
  

"
test/18852	37	pet-chem	"FLUOR <FLR> WINS GENERAL ELECTRIC <GE> CONTRACT
  Fluor Corp said it won a contract
  with General Electric to design, construct and deliver modules
  for a methyl chloride process addition.
      The value of the contract was not disclosed.
      Fluor said its Applied Engineering Co unit will construct
  28 modular sections and deliver them to GE's Waterford, N.Y.
  Silicone Products division plant.
      Methyl chloride is an integral part of silicone production.
  

"
test/18856	0	acq	"GENCORP SAID AGREEMENT TO SELL RKO PICTURES TERMINATED

  GENCORP SAID AGREEMENT TO SELL RKO PICTURES TERMINATED
  

"
test/18858	13	fuel	"TANZANIA RAISES FUEL PRICES,TAXES IN 1987/8 BUDGET
  The Tanzanian government, in its
  second annual budget since embarking on an economic recovery
  program inspired by the International Monetary Fund, announced
  increases in fuel prices and sales tax and higher levies on
  government services.
      Finance Minister Cleopa Msuya said the government expected
  to spend 77.33 billion shillings in the financial year 1987/8,
  39 pct more than this year's estimate. Revenue would provide
  48.84 billion shillings, leaving a deficit of 28.49 billion to
  be financed through domestic and foreign loans.
      This year's budget initially projected a deficit of only
  3.35 billion shillings but in mid-year the government had to
  impose new taxes to keep the deficit roughly on target. No
  figure for the final deficit was avaialble.
      The budget gave civil servants a 20 pct pay rise with
  effect from July 1, to compensate for inflation of more than 30
  pct.
      Msuya said regular petrol would go up 52 pct, with similar
  increases in the cost of premium and kerosene. Diesel would
  rise by 75 pct.
      The higher levies affect official transactions such as road
  tolls, vehicle transfers and various licence fees, he added.
  

"
test/18859	0	acq	"LEASEWAY TRANSPORTATION <LTC>COMPLETES UNIT SALE
  Leaseway Transportation Corp said it
  has completed the previously-announced sale of its Leaseway of
  Puerto Rico Inc subsidiary to Caguas Central Federal Savings
  Bank for undisclosed terms.
      The company said the sale satisfied a condition for its
  proposed acquisition by an investor group led by Citicorp <CCI>.
  

"
test/18860	5	coffee	"IBC DETAILS PLANS TO PAY CREDITORS
  The Brazilian Coffee Institute,
  IBC, gave details of its plans to pay the 18 companies that
  bought 630,000 bags of robusta coffee in the London market on
  its behalf last September.
      An IBC spokesman told Reuters that a 15 mln dlr loan from
  the Banco do Brasil would be used to pay five mln dlrs a month
  in June, July and August to creditors.
      He said an auction of coffee would raise additional money
  and added that a Reuter report on June 16 gave the wrong
  impression that the auction was necessary to raise part of the
  15 mln dlrs. No date has yet been set for the auction.
  

"
test/18861	0	acq	"MAGELLAN SETS MERGER WITH BALZAC INVESTMENTS
  <Magellan Corp> said its shareholders
  approved the merger of Magellan with <Balzec Investments Inc>,
   a privately held company based in Dallas.
      Magellan, a company without operations that was formed to
  acquire an operating entity, said it plans to engage in the
  development and marketing of a battery charger product owned by
  Balzac.
      Magellan did not disclose the terms of the agreement.
      Following the merger, Balzac shareholders will hold 80 pct
  of the outstanding stock of Magellan, the company said.
     
      Magellan said it will be the surviving corporation
  following the merger.
      The companies said they expect the merger will occur after
  the declaration of effectiveness of an amendment to Magellan's
  registration statement relating to its common stock purchase
  warrants and the underlying shares.
  

"
test/18863	0	acq	"GENCORP <GY> SAYS RKO UNIT SALE TERMINATED
  GenCorp said its agreement to sell
  its RKO Pictures subsidiary to a management group has been
  terminated because the group could not raise the necessary
  financing.
      The company said it will again seek buyers for the unit and
  its library of over 750 films.
  

"
test/18865	43	ship	"RIO DE JANEIRO DOCKERS STRIKE
  Rio de Janeiro's 3,500
  dockworkers went on strike for an indefinite period today to
  demand wage increases, a spokesman for the dockers said.
      The Rio dockers did not get support from their colleagues
  in Santos, Brazil's main port, but the spokesman said they
  would not return to work unless their demands were met.
      Earlier this week, some 65,000 dockworkers cancelled a
  scheduled national strike to pressure port officials to give
  them a wage increase and other benefits.
      A Rio port spokesman said the halt would cause daily losses
  of about 100,000 U.S. Dlrs.
  

"
test/18867	48	trade	"U.S. SAID UNFAIRLY PROTECTING DEFENSE INDUSTRY
  Britain's Defence Minister George Younger
  said the U.S. Was unfairly protecting its defence industry, and
  this could lead to British firms demanding counter-measures.
      Younger told a U.S. Chamber of Commerce meeting that U.S.
  Legislators were failing to realise ""the true nature of the
  two-way street in terms of ideas, technology and equipment.
      A British parliamentary report said that up to March
  British firms had been awarded just 34 mln dlrs worth of
  contracts for the Strategic Defence Initiative, compared with
  the 1.5 billion dlrs Britain had hoped to secure.
      The committee said U.S. Technology export restrictions and
  ""selectiveness"" towards foreign contractors had denied British
  competitors more lucrative orders and largely excluded them
  from technological research for SDI.
      Younger said London had given U.S. Companies contracts
  under conditions of fair and open competition. ""All we ask is
  for our companies to be given similar opportunities,"" he added.
      If new American legislation aimed at curbing unfair
  subsidies was used to exclude foreign suppliers it would not be
  surprising if British firms pressed for retaliatory measures,
  Younger said.
  

"
test/18870	12	earn	"GODFREY CO <GDFY.O> 1ST QTR MAY 30 NET
  Shr 36 cts vs 28 cts
      Net 2,002,000 vs 1,518,000
      Sales 166.0 mln vs 159.5 mln
  

"
test/18872	44	strategic-metal	"PINNACLE WEST CAPITAL <PNW> BUYS MINERAL RIGHTS
  Pinnacle West Capital Corp said
  its Malapai Resources Co units bought the mineral rights for
  uranium mining on about 21,000 acres in northern Wyoming from
  Westinghouns Electric Corp <WX>.
      The property is adjacent to a 34,000-acre site the company
  already owns. Both facilities are at expected to be in full
  operation in the early 1990s, with annual production of one to
  two mln lbs of uranium concentrates, the company said.
      The new site is expected to produce about 250,000 lbs of
  uranium in its first full year of production in 1988. The
  adjacent property is expected to begin in 1989.
  

"
test/18873	7	cotton	"WEST TEXAS COTTON CROP UNSCATHED BY STORM
  The West Texas cotton crop was largely
  unscathed by an isolated thunderstorm in that region last night
  that packed hurricane-force winds, crop and weather experts
  said.
      ""There might have been some isolated storms, but certainly
  nothing damaging,"" said Charles Stichler, an extension
  agronomist with the Agricultural Extension Service in far West
  Texas.
      Rumors of a damaging storm in West Texas helped the New
  York cotton futures market rally sharply this morning.
     Cotton for December delivery was 1.35 cents higher at 70.95
  cents a lb at midsession after peaking this morning at 71.25
  cents.
      ""What happened is that the storm hit Lubbock airport, and
  when that happens, everybody sees it,"" said Dale Mohler, a
  senior meteorologist with Accu-Weather Inc.
      Lubbock is the heart of the West Texas cotton region, which
  produces about 80 pct of that state's crop.
      The storm produced winds of about 75 mph. ""That's hurricane
  force. But they were isolated to just a small portion of the
  West Texas area, probably less than five pct,"" Mohler said.
      ""No doubt there was some damage. But if it had hit in July
  or August (when fruiting would be underway) it would have been
  worse,"" Mohler said.
      About 60 pct of the West Texas cotton crop has been
  planted, and the remainder could be done by the weekend if
  weather remains hot and dry, Stichler said.
      The temperature in West Texas since mid-week has been about
  95 degrees. But a hot spell was sorely needed after far heavier
  than normal rainfall for several weeks, he said.
  

"
test/18875	12	earn	"ROCHESTER COMMUNITY SAVINGS BANK <RCSB.O> 2ND
  Second quarter ended May 31.
      Shr 27 cts vs NA
      Net 3,560 mln vs 2,389,000
      Six mths
      Shr 57 cts vs NA
      Net 7,881,000 vs 5,415,000
      NOTE: Year-ago per shr figures not available as bank
  converted to stock ownership April 29, 1986.
     
      1987 2nd quarter and six mth net excludes 2,288,000 dlrs or
  17 cts a share and 4,648,000 dlrs or 33 cts a share,
  respectively, for tax carryforwards.
      1986 2nd qtr and six mth net excludes 667,000 dlrs and
  3,043,000 dlrs, respectively, for tax carryforwards.
  

"
test/18882	0	acq	"PENNWALT <PSM> TO MAKE ACQUISITION
  Pennwalt corp said it has agreed in
  principle to acquire a line of fungicides, insecticides and
  herbicidesand related manufacturing facilities from Le
  Raffineries de Soufre Reunies of Marseilles for undisclosed
  terms, subject to approval by bothe boards and government
  authorities.
      The company said the acquired products are sold mostly in
  FRance for use on grapevines, wheat and sugar beets and sales
  are about 40 mln dlrs annually.
  

"
test/18888	38	platinum	"S. AFRICAN UNION OBJECTS TO PLANNED MATTHEY MOVE
  A South African trade union is in
  dispute with a subsidiary of Britain's Johnson Matthey Plc over
  the company's proposal to move a platinum refinery near
  Johannesburg to a black tribal homeland.
      The 30,000-member mainly black Chemical Workers Industrial
  Union said it fears the planned move to the Bophuthatswana
  homeland, where South African unions are not recognised, could
  lead to job losses and affect wages.
      A mass dismissal last year at the Impala Platinum Holdings
  Ltd <IPLA.J> mines in the tribal homeland sent world platinum
  prices rocketing.
  
      The union said talks with management over the proposed move
  had broken down. It said an earlier ballot of refinery workers
  showed that most favoured striking over the move but added that
  no final decision had been taken on strike action.
      The refinery processes all platinum metals of Rustenburg
  Platinum Holdings Ltd, the world's largest platinum producer.
      It is owned by Matthey Rustenburg Ltd, a joint-subsidiary
  of Johnson Matthey and Rustenburg which, in turn, is owned by
  mining group Johannesburg Consolidated Investment Co Ltd.
  

"
test/18895	0	acq	"LEADER DEVELOPMENT <LDCO.O> MERGER APPROVED
  Leader Development Corp said
  shareholders at the annual meeting approved the acquisition of
  privately-held Clinton American Corp and two related
  partnerships for 3,450,000 common shares, with the transaction
  to be accounted for as a pooling of interests.
      The company said Clinton president F. Daniel Ryan will
  become president of Leader.
  

"
test/18898	0	acq	"CRANE <CR> ACQUIRES ASSETS OF MARLEY UNIT
  Crane Co said it acquired certain
  assets of Chicago Heater Co Inc, a wholly owned subsidiary of
  the <Marley Co>.
      The terms of the transaction were not disclosed.
      Chicago Heater will be intergrated with Crane's Cochrane
  Environment Systems division, the company said.
  

"
test/18902	13	fuel	"TANZANIA RAISES FUEL PRICES, TAXES IN BUDGET
  The Tanzanian government, in its
  second annual budget since embarking on an economic recovery
  program inspired by the International Monetary Fund, announced
  increases in fuel prices and sales tax and higher levies on
  government services.
      Finance Minister Cleopa Msuya said regular petrol would go
  up 52 pct, with similar increases in the cost of premium and
  kerosene. Diesel would rise by 75 pct.
      Msuya said the government expected to spend 77.33 billion
  shillings in the financial year 1987/8, 39 pct more than this
  year's estimate. Revenue would provide 48.84 billion shillings,
  leaving a deficit of 28.49 billion to be financed through
  domestic and foreign loans.
  

"
test/18904	22	interest	"CANADA BANK RATE RISES TO 8.59 PCT
  Canada's bank rate rose marginally to
  8.59 pct from 8.58 pct last week, Bank of Canada said.
      The bank rate is set one-quarter percentage point above the
  average yield on the weekly issue of 91-day treasury bills.
  This week's yield was 8.34 pct, compared with the previous
  week's 8.33 pct.
      Tenders were accepted for 2.20 billion dlrs of 91-day bills
  at an average price of 97.963 dlrs against 97.965 dlrs last
  week.
      The 1.20 billion dlrs of 182-day bills were priced at an
  average 95.852 dlrs against 95.779 dlrs last week, to yield an
  average 8.68 pct against 8.84 pct last week.
      The 500 mln dlrs of 364-day bills were priced at an average
  91.712 dlrs against 91.529 dlrs last week, to yield an average
  9.06 pct against 9.28 pct last week.
      Tenders will be received next week for 2.20 billion dlrs of
  91-day bills, 1.20 billion dlrs of 182-day bills and 500 mln
  dlrs of 364-day bills.
  

"
test/18906	0	acq	"PENGO <PGO> TO SELL SOME WIRELINE OPERATIONS
  Pengo Industries Inc said it
  has agreed to sell its Wireline Products Manufacturing Division
  in Fort Worth, Texas, Wireline Services Division operations in
  several locations and Pengo International Inc subsidiary to
  John Wood Group PLC for undisclosed terms.
      The company said the Wireline Services operations being
  sold are in Lafayette, Houma and Harvey, La., Alvin, Odessa and
  Longview, Texas, and Moore, Okla.
      Pengo said its Kuykenball Slickline operation in Moore and
  surplus wireline equipment operations in fort Worth and
  Cleburne, Texas, will be sold separately.
  

"
test/18910	0	acq	"MAGIC YEARS <KIDS.O> TO ACQUIRE THREE CENTERS
  Magic Years Child Care and
  Learning Centers Inc said it signed a letter of intent to
  acquire three profitable day care centers in south central
  Pennsylvania for a total price of 350,000 dlrs.
      The three privately owned centers had aggregate revenues of
  474,000 dlrs in 1986, with profits of six thousand dlrs, the
  company said.
      The transaction is scheduled to close in early July, the
  company said.
  

"
test/18917	34	nat-gas	"BROOKLYN UNION<BU> SEEN HURT BY PIPELINE CLOSURE
  Brooklyn Union Gas Co, a New York gas
  utility, will see its gas costs up sharply as a result of
  Transco Energy Co's <E> decision to close its pipelines to
  transport spot gas sales, energy industry analysts said.
      Brooklyn Union, the fourth largest gas utility in the
  United States, purchased 36 pct of its supplies on the spot, or
  non-contract, market in 1986, and the proportion of spot
  supplies was estimated much higher in the five months of 1987,
  analysts said.
      Texas Eastern pipelines <TET>, the other competing
  pipeline, to deliver spot gas from producing areas in the South
  closed its gate station for summer, and Brooklyn Union has
  relied entirely on Transco for spot supplies.
       In the month of May, Brooklyn Union paid about two dlrs
  per mln British Thermal Unit for spot gas, while contract gas
  costs four to five dlrs per mln BTU, industry sources said.
      Transco announced yesterday it would no longer provide open
  access to transport spot natural gas to its customers for fear
  of accumulating more take-or-pay liabilities.
      Take-or-pay contracts oblige pipelines to pay producers for
  gas even if delivery is not taken by its customers.
      Brooklyn Union will continue receiving a small amount of
  supplies from minor fields under a grandfather clause, a
  Brooklyn Union official said.
      Foster Corwith, gas analyst with Dean Witter Reynolds, said
  most of the rising cost to Booklyn Union will be passed through
  to rate payers.
      While net effect on the company will not be known for
  several months because of the time lag in deferred earnings,
  end-users, especially residential and commercial customers,
  will end up paying more for gas, he said.
      Because the closure takes place in summer months when gas
  demand is at seasonal low, the impact on cash flow would be
  small, Curt Launer, natural gas analyst with Donaldson Lufkin
  Jenrette, said.
      If the situation persists into winter heating season, high
  cost gas could cut in the company's profits, he said.
      Gas utilities along eastern seaboard relying on Transco for
  spot gas, such as North Carolina Natural Gas Co <NCNG>,
  Piedmont Natural Gas Co <PNY>, will face the same high cost
  factor as Brooklyn Union, Steve Richards, a supply manager with
  end users supply system, a Houston based natural gas brokering
  firm, said.
      ""But these companies are not unwitting victims of the
  take-or-pay dispute between Transco and producers,"" he said.
      Distributors have turned a deaf ear to Transco's request
  for an inventory charge, which reserves the pipeline facility
  for spot gas to be delivered to these companies, he said.
      Without spot supplies, the high cost of system gas will
  threaten to drive away large customers capable of shifting to
  alternative fuels, he said.
      In absence of any guidelines on inventory charges from the
  Federal Energy Regulatory Commission, the matter is being
  negotiated between pipelines and customers, Richards said.
      Now that Transco has refused to transport cheap spot gas
  for them, these distributors are likely to be more conciliatory
  on the inventory charge, he said.
      ""Cool heads will prevail,"" DLJ's Launer said, "" but it may
  take a while.""
  

"
test/18920	1	alum	"REYNOLDS METALS <RLM> TO RESTART IDLE POTLINE
  Reynolds Metals co said it plans
  to restart the last idle potuction line at its Troutdale, Ore.,
  primary aluminum plant.
      With the restart of this 22,700-metric-tonne-per-year line,
  Reynolds said, it will be operating at 100 pct of its
  consolidated primary aluminum capacity of 695,000 tonnes per
  year.
      Reynolds said work will commence on the potline restart in
  the near future and it is expected that actual metal production
  will begin on September one.
      The company said the start up was necessitated by
  continuing strong demand for aluminum and dwindling worldwide
  inventories, and that the metal is needed to supply Reynolds'
  various fabricating businesses.
  

"
test/18921	0	acq	"CBC BANCORP TO BE ACQUIRED BY UNION PLANTERS
  <CBC Bancorp Inc> said it will
  be acquired by the Memphis-based Union Planters Corp <UPCM.O>
  in a merger agreement.
      Details were not disclosed.
      CBC, which is the holding company which owns Cookeville's
  Citizens Bank, said it has signed an agreement which would
  merge CBC with Union, which has 2.2 billion dlrs in assets.
      According to CBC, Union reported shareholders equity of
  nearly 190 mln dlrs for the period ending March 31.
      CBC said the merger will not affect Citizens Banks' name,
  management, board of directors or employees.
  

"
test/18922	0	acq	"TIE/COMMUNICATIONS <TIE> RENEWS AGREEMENTS
  TIE/Communications Inc said it
  has renewed agreements to sell its GTE Corp <GTE>, Bell
  Atlantic Corp <BEL>, NYNEX Corp <NYN> and US West Inc <USW> for
  two years.
      The company is providing small to mid-siezed key telephone
  systems to GTE and key systems, hybrids and DATA STAR PABX
  systems to the others.
  

"
test/18924	47	tin	"ITC CONTESTS USE OF DOCUMENTS AS COURT EVIDENCE
  The International Tin Council, ITC,
  intervened in a High Court hearing in an attempt to prevent the
  presentation of internal Council documents as evidence.
      The intervention in Shearson Lehman's action against the
  London Metal Exchange over its ""ring out"" of tin contracts in
  1986 is likely to have implications for other cases in which
  the Council is involved following the collapse of its buffer
  stock operations in October 1985, ITC delegates said.
      The ITC's case is being presented by Professor Rosalyn
  Higgins and is expected to take a further one or two days next
  week. Court does not sit tomorrow.
      In essence the Council is claiming that its status is
  similar to that of a foreign embassy and that its archives can
  therefore not be used in an English court of law.
      The Council ended its quarterly session today ahead of
  schedule. The meeting had been expected to go on until tomorrow
  when the European Community's legal advisers were due to
  attend, but delegates reviewed the progress of the various
  legal actions today.
      Otherwise, the meeting was occupied with internal
  administrative matters, delegates said.
      The ITC will continue to operate with a reduced staff after
  June 30 following the two year extension of the sixth
  International Tin Agreement.
      As well as dealing with the ongoing litigation, the Council
  will continue with its statistical work and carry out some
  research studies, although staffing in the research department
  is being cut to one from two previously.
      At this week's session the Council elected Philip Sparkes
  of Australia as first vice-chairman for the producing members
  and Heinz Hofer of Switzerland as second vice-chairman for the
  consumers for the year from July 1. Future quarterly sessions
  are scheduled for October 5/7 and December 14/16.
  

"
test/18930	1	alum	"REYNOLDS METALS TO RESTART IDLE POTLINE
  Reynolds Metals Co said it plans
  to restart the last idle potline at its Troutdale, Ore.,
  primary aluminum plant.
      With the restart of this 22,700 tonne a year production
  line, Reynolds said it will be operating at 100 pct of its
  consolidated primary aluminum capacity of 695,000 tonnes per
  year.
      Reynolds said work on the restart will begin in the near
  future and it is expected that actual metal production will
  begin September 1.
      The company said the start-up was necessitated by
  continuing strong demand for aluminum and dwindling worldwide
  inventories, and that the metal is needed to supply Reynolds'
  various fabricating businesses.
  

"
test/18932	34	nat-gas	"ALLEGHENY <ALGH.O> FORMING SUBSIDIARY
  Allegheny and Western Energy Corp said
  it was forming a subsidiary to market gas to smaller users in
  West Virginia.
      The company also said it completed negotiations to sell
  between 10 and 12 mln cubic feet of gas per day to a large,
  unspecified East Coast utility.
      Interstate markets will become part of the subsidiary's
  operations, the company said.
  

"
test/18938	0	acq	"GILLETTE <GS> SEEN OBJECT OF GLOBAL BIDDING WAR
  Ronald Perelman, head of Revlon Group
  Inc <REV>, may be trying to ignite a bidding war for Gillette
  Co that could draw some big international players and in the
  process make a lot of money for himself, Wall Street analysts
  said.
      Several hours before a regularly scheduled board of
  directors meeting, Gillette disclosed that Perelman requested
  consent of its board for an offer of at least 40.50 dlrs per
  share. Perelman needed the consent because he agreed in
  November not to buy stock for 10 years without permission.
      ""I think Ronald Perelman is less interested in Gillette and
  more interested in putting Gillette into play because he stands
  to make a ton of money,"" said Andrew Shore, analyst at Shearson
  Lehman Brothers Inc. ""In play"" is a term used on Wall Street to
  describe what happens when a company becomes an unwiling
  takeover target.
      Shore noted that according to the 1986 agreement Revlon
  gets paid if there is any acquisition of Gillette through
  November of this year at a price higher than 29.75 dlrs per
  share. Gillette rose three to 40 today, following a gain of
  three yesterday.
      The agreement would be calculated on the basis of
  Perelman's previous holding of 18.4 mln shares, adjusted for a
  split. For example, a deal between Gillette and some other
  company at 44 dlrs per share would make Revlon richer by 262
  mln dlrs under the formula. Neither Perelman nor his spokesmen
  returned telephone calls seeking comment.
      ""Revlon stands to make a substantial amount of money if
  someone else takes over Gillette,"" said Analyst Deepak Raj of
  Merrill Lynch and Co. ""I'm not saying that is going to happen
  but Gillette is an undervalued stock with a breakup value of 45
  dlrs per share.""
      Shore of Shearson Lehman said there are a couple of reasons
  why Perelman may not be really interested in acquiring
  Gillette. He said Perelman, in the process of taking Revlon
  private after acquiring control of the cosmetics company two
  years ago, probably wants to concentrate on improving Revlon's
  operations. ""He's trying to overhaul and improve the image of
  the dearptment store business."" Another reason is that Revlon
  has recently made two other acquisitions.
      Under those circumstances, Shore would not be surprised if
  some company such as Unilever plc <UN.AS> or Procter and Gamble
  Co <PG> decided to take a look at Gillette.
      Shore mentioned half a dozen other potential buyers for
  Gillette including Sir James Goldsmith, Hanson Trust plc <HAN>,
  RJR Nabisco Inc <RJR>, American Brands Inc <AMB> and Ralston
  Purina Co <RAL>.
      ""Perelman is trying to put the company in play,"" said a
  Wall Street arbitrageur. ""He gets to share in the upside if the
  company is sold."" Another arbitrageur said he expects Gillette
  to resist Perelman's overture. ""I can't see the board
  consenting, what has changed between November and now,"" he
  said.
     
      Another arbitrageur said he was not sure what was going on.
  ""Perelman never does anything without a fair amount of
  calculation,"" he said. But he added, ""The Gillette board has to
  be careful. They just can't say no or they'll be sued by
  shareholders."" Gillette's board was still meeting at 1700 EDT,
  three and one-half hours after the scheduled starting time.
      According to a copy of Perelman's letter released by
  Gillette, he would be prepared to sign a defnitive merger
  agreement without any financing condition. He said Citibank
  N.A. is his lead lender and First Boston Inc is his financial
  adviser.
  

"
test/18943	51	zinc	"MINPECO LIFTS FORCE MAJEURE ON ZINC INGOT
SHIPMENTS FROM CAJAMARQUILLA-SPOKESMAN

  MINPECO LIFTS FORCE MAJEURE ON ZINC INGOT
  SHIPMENTS FROM CAJAMARQUILLA-SPOKESMAN
  

"
test/18944	44	strategic-metal	"TRW INC <TRW> SETS PACT WITH TEKTRONIX <TEK>
  TRW Inc's TRW Componenets
  International Inc unit said it set a pact with Tektronix Inc's
  TriQuint Semiconductor unit to jointly supply gallium arsenide
  devices for space applications.
      As part of the agreement, the two companyies are working
  together to establish procedures to produce class ""S"" (a
  stringent military specification for space use) gallium
  arsenide components.
      TriQuint makes gallilum arsenide integrated circuits.
  

"
test/18945	51	zinc	"FORCE MAJEURE LIFTED AT CAJAMARQUILLA
  Peru's state minerals marketing arm, Minero
  Peru Comercial SA (Minpeco), lifted a force majeure on zinc
  ingot shipments from the country's biggest zinc refinery at
  Cajamarquilla, a spokesman said.
      The spokesman said the problems affecting sulphuric acid
  and roaster plants that had halted production since May 4 had
  been resolved.
      However, he said production of zinc ingots this year was
  expected to fall to around 86,000 tonnes this year at
  Cajamarquilla, from 94,000 tonnes in 1986 because of the
  stoppage.
      The refinery has an optimum annual production capacity of
  100,000 tonnes but its highest production was 96,000 tonnes of
  refined zinc ingots in 1985, the spokesman said.
  

"
test/18946	33	money-supply	"ASSETS OF U.S. MONEY FUNDS FELL 702.4 MLN DLRS IN LATEST
WEEK TO 235.75 BILLION

  ASSETS OF U.S. MONEY FUNDS FELL 702.4 MLN DLRS IN LATEST
  WEEK TO 235.75 BILLION
  

"
test/18951	24	iron-steel	"USX <X> UNIT OFFERS STEEL PRICES DIRECTORY
  USX Corp said its USS division has
  available a comprehensive sheet steel selection and pricing
  system detailing the company's full line of products.
      The company said it was the first complete update in 25
  years.
      The new prices in the book are effective after Oct One,
  1987, the company said.
  

"
test/18952	6	copper	"INSPIRATION CUTS COPPER PRICE 0.50 CT TO 74 CTS
  Inspiration Consolidated Copper Co, a
  subsidiary of Inspiration Resources Corp, said it is lowering
  its base price for full-plate copper cathodes by 0.50 cent to
  74.0 cents a lb, effective immediately.
  

"
test/18953	12	earn	"<AGF MANAGEMENT LTD> SIX MTHS MAY 31 NET
  Shr 58 cts vs 38 cts
      Net 4,628,650 vs 3,041,407
      Revs 45.0 mln vs 28.1 mln
  

"
test/18955	12	earn	"DATA MED CLINICAL SUPPORT<DMCS.O> 1ST QTR LOSS
  Period ended May 31
      Shr loss five cts vs loss 11 cts
      Net loss 306,007 vs loss 102,420
      Sales 110,522 vs 10,105
      NOTE: Full name is Data Med Clinical Support Services Inc
      Per-share data adjusted for three-for-one stock split
  payable June 30, 1987
      The only sales reflected in fiscal 1987 period are sales
  recorded subsequent to the May 22, 1986 acquisition of the
  assets of a predecessor company by Data Med
  

"
test/18959	0	acq	"NOVA CORP SAYS IT IS CONSIDERING A TAKEOVER BID FOR DOME
PETROLEUM

  NOVA CORP SAYS IT IS CONSIDERING A TAKEOVER BID FOR DOME
  PETROLEUM
  

"
test/18962	0	acq	"CARTER HAWLEY <CHH> SETS RECORD DATE FOR VOTE
  Carter Hawley Hale Stores Inc said
  it has set June 29 as the record date for shareholders voting
  on the company's proposed restructuring at its annual meeting.
      The company has yet to set a date for the meeting, but has
  said it will be held before the end of August.
      Under the proposal, Carter Hawley would split into a
  specialty store company and a department store company.
      Shareholders would get 17-dlrs in cash and a share in each
  of the two new companies for each existing common share they
  hold. The restructuring was announced in December, after Carter
  Hawley rejected a buy-out offer by Retail Partners.
  

"
test/18963	0	acq	"ALLEGHENY <AI> SELLS THREE INDUSTRIAL UNITS
  Allegheny International Inc said it
  sold three of its industrial units which served the railroad
  industry to <Chemetron Railway Products Inc>, a senior
  management group of Allegheny.
      Terms of the transaction were not disclosed.
      Included in the sale were Chemetron Railway Products, True
  Temper Railway Appliances Inc and Allegheny Axle Co, the
  company said.
      The three units include 12 plants throughout the U.S., the
  company said.
  

"
test/18975	0	acq	"NOVA <NVAA.TO> CONSIDERING BID FOR DOME <DMP>
  Nova Corp is considering a
  takeover bid for Dome Petroleum Ltd, either alone or as part of
  a consortium, Nova chairman Bob Blair said.
      ""We are thinking about making an offer to Dome or Amoco
  (Canada Petroleum Co Ltd) or the creditors,"" Blair told
  reporters before the annual meeting. Amoco Canada is a unit of
  Amoco Corp <AN>, which has made a 5.2 billion-dlr acquisition
  offer for Dome.
      ""There is ongoing, serious thought applied to Dome in Nova
  and in Husky, but no decision of substance as to future action
  has been taken in either company,"" Blair said. Nova owns 43 pct
  of Husky Oil Ltd <HYO.TO>.
      Blair also said that Nova has made no decision as to
  whether it would want to be lead partner in a joint purchase of
  Dome.
      He added that some of the discussions with other parties
  about Dome included TransCanada PipeLines Ltd <TRP>, but
  refused to name the other participants.
  

"
test/18986	0	acq	"INVESTMENT FIRM RAISES TVX <TVXG.O> STAKE
  WEDGE Group Inc, a Houston investment
  firm, said it raised its stake in TVX Broadcast Group Inc to
  682,419 shares, or 15.1 pct of the total outstanding common
  stock, from 559,219 shares, or 12.4 pct.
      In a filing with the Securities and Exchange Commission,
  WEDGE said it bought 123,200 TVX common shares at prices
  ranging from 8.00 to 10.625 dlrs a share.
  

"
test/18988	0	acq	"GROUP RAISES NASH FINCH <NAFC.O> STAKE
  A group including members of the
  Sobey family of Nova Scotia and Empire Company Ltd, said it
  raised its stake in Nash Finch Co to 442,498 shares, or 8.6 pct
  of the total outstanding, from 374,498 shares, or 7.3 pct.
      In a filing with the Securities and Exchange Commission,
  the group said it bought 68,000 Nash Finch common shares
  between April 7 and June 17.
  

"
test/18992	48	trade	"U.S.-CANADA TIES SEEN WORSE WITHOUT TRADE PACT
  U.S.-Canadian ties could worsen if
  the two nations are unable to reach a free trade pact,
  according to a study published by two nonpartisan public policy
  research groups.
      The Cato Institute of Washington and the Fraser Institute
  of Vancouver said removing the remaining tariffs on cross
  border trade would benefit both countries.
      But Cato chairman William Niskanen added ""the two nations'
  generally harmonious trade relations are probably not
  sustainable without a new agreement.""
      The United States and Canada, whose cross-border trade
  totaled about 125 billion dlrs last year, have been holding
  talks since last June on a pact to end the few trade barriers
  remaining between their two countries.
      The U.S. put a deadline on the talks of October 1, but both
  sides have said an agreement is likely despite tough bargaining
  remained.
      Niskanen said if no pact is reached, bilateral trade ties
  could deteriorate because of Congressional pressure on
  President Reagan to implement trade laws more aggressively, and
  this could hit some Canadian trade practices.
      He noted Canada is seeking foreign investment in its auto
  industry, which could put strains on the considerable bilateral
  free trade in U.S. and Canadian autos and parts.
      Niskanen also said the Canadian government is vulnerable to
  a resurgence of economic nationalism which could restrict U.S.
  exports to Canada.
      A free trade pact, backed by President Reagan and Prime
  Minister Brian Mulroney, would open new markets for Canada and
  enable its industries to achieve economies of scale, which
  would also help it widen exports worldwide, he said.
      It would also increase the gross national products of both
  countries.
      Niskanen said the goal of a pact should be to end all
  tariffs within 10 years, lower subsidies on exports, set rules
  for trade in services and investments, end curbs on government
  procurement and agree ways to resolve trade disputes.
  

"
test/18994	15	gnp	"SOUTHERN EUROPE HAS STRONG DOMESTIC DEMAND GROWTH
  Strong growth in domestic demand was a key
  feature of the economies of southern European countries in
  1986, though the growth is seen slowing this year and next, the
  Organisation for Economic Cooperation and Development said.
      In its semi-annual report, the OECD said Portugal's total
  domestic demand growth would decline from 7.6 pct last year to
  five pct in 1987 and 3.75 pct in 1988 as slower wage growth
  restrained private consumption.
      Turkey's economy grew much faster than expected in 1986 and
  domestic demand surged 10.5 pct, but this growth was expected
  to be halved to five pct next year.
      In Spain, buoyant domestic demand, led by fixed investment,
  had been the driving force behind rapid growth in Gross
  Domestic Product. Both fixed investment and private consumption
  were expected to ease during 1988 but would still remain
  strong.
      The OECD forecast that Spanish imports would rise sharply
  next year, reflecting strong demand, entry to the European
  Community and declining competitiveness.
      In Greece, inflation was forecast to turn downwards
  following an increase early this year linked with the
  introduction of Value Added Tax and a surge in food prices due
  to cold weather.
  

"
test/18995	15	gnp	"OECD SAYS HIGH WAGE DEALS HARMING NORDIC STATES
  High wage settlements in Nordic countries
  threaten to cut exports and reduce the international
  competitiveness of their industries, the Organisation for
  Economic Cooperation and Development (OECD) said.
      In Denmark, the OECD said wage settlements concluded in
  early 1987 were likely to contribute to a marked deterioration
  in competitiveness. Sweden's competitive position was also seen
  at risk from accelerating wages.
      The OECD predicted that domestic demand would come under
  pressure from tight fiscal policy in Denmark, as well as
  Norway, Sweden and Finland.
      Overall economic growth will vary in the different
  countries between 1986 and 1988, the OECD semi-annual report
  said.
      After a strong rise of 7.8 pct in 1986, total domestic
  demand in Norway was seen falling by 1.5 pct in 1987 and one
  pct the following year. Denmark was also expected to see a
  slump in domestic demand. The report said growth in Gross
  Domestic Product (GDP) was likely to speed up slightly in
  Sweden and Finland in 1987 and 1988, while declining in Denmark
  and Norway.
      Iceland needs to try harder to implement its new economic
  strategy if any more progress is to be made towards sustained
  and balanced non-inflationary growth, the OECD said.
  

"
test/18997	12	earn	"MARK'S WORK WEARHOUSE <(MWW.TO> 1ST QTR LOSS
  Period ended May 2
      Shr loss four cts vs loss three cts
      Net loss 397,000 vs loss 330,000
      Revs 32.1 mln vs 30.4 mln
      Note: Full name Mark's Work Wearhouse Ltd.
  

"
test/19004	15	gnp	" OECD SEES 1.5 PCT WEST GERMAN REAL GNP GROWTH IN 1987

   OECD SEES 1.5 PCT WEST GERMAN REAL GNP GROWTH IN 1987
  

"
test/19006	0	acq	"SQUIBB <SQB> SAID NOT INTERESTED IN BUYING CETUS
  Robert Fildes, president and chief
  executive of Cetus Corp <CTUS.O>, told Reuters that Squibb Corp
  is not interested in buying Cetus.
      Earlier the companies said Squibb would buy from Cetus a
  five pct equity postion in Cetus for about 40 mln dlrs.
      ""This is not an attempt by Squibb to become a major
  majority holder in Cetus,"" Fildes told Reuters in an interview.
  ""Squibb has not approached us with any indication that they
  want to acquire us and we wouldn't be interested in that kind
  of arrangement,"" said Fildes.
      Squibb could not be reached to comment on the late comments
  by Fildes.
      Squibb is Cetus' first pharmaceutical partner and the only
  one to own an equity position in Cetus. Eastman Kodak Co <EK>
  and W.R. Grace <WR> both have joint ventures with Cetus, but
  neither owns an equity position in the company, said Fildes.
      Cetus has a venture with Kodak to develp diagnostic
  products and with Grace to develop agricultural products.
      Earlier, Squibb and Cetus announced in a joint statement 
  an agreement in principle to form a joint venture to develop
  new biotechnology products in several fields.
     
      As part of the deal Squibb will license several of Cetus'
  anticancer agents, including interleukin-2, in development.
  Squibb will sell the drugs only in Japan and other markets but
  not in North American and Western Europe.
      ""We wouldn't have done this deal had it not been understood
  that Cetus wants to build its own fully integrated business in
  North America and Europe,"" said Fildes.
      He said Squibb was the good partner because Squibb has a
  major joint venture in Japan and has sales capabilities of its
  own in that market.
     
      Fildes said Cetus has shunned licensing arrangements with
  pharmaceutical companies because it wanted to build its own
  business. Many large corporations have invested in small
  biotech firms.
      But Squibb's investment in Cetus is the first it has made
  in biotechnology. Fildes said that was attractive to Cetus
  because it wanted a partner that didn't have a relationship
  with a large number of other biotechnology companies.""
     
      Fildes said his strategy was to have partners in non drug
  areas like diagnostics and agriculture, but to ""keep the
  biggest developments in anticancer drugs to ourselves.""
      Fildes said the partnership with Squibb would be used to
  broaden the company's reach in such big money making areas
  as the cardiovascular, anti-infective and the anti-inflammatory
  markets.
      Squibb is also investming 75 mln dlrs in Cetus' research
  over the next five years.
     
      ""Squibb is putting up over 75 mln dlrs in research and
  development to make it happen, while the equity position part
  of the package is simply to demonstrate the seriousness of this
  partnership,"" said Fildes.
  

"
test/19009	12	earn	"TRI-STAR PICTURES INC <TRSP.O> 1ST QTR MAY 31
  Shr four cts vs four cts
      Net 1,180,000 vs 902,000
      Revs 146.9 mln vs 37.0 mln
      Avg shrs 33 mln vs 23.9 mln
      NOTE: Company changed its fiscal year from December 31 to
  the last day of February, thus results of operations for the
  year-ago period have been restated to reflect this change.
      Current first quarter includes results of operations of
  Loews Theatre Management Corp which Tri-Star acquired December
  31.
  

"
test/19017	15	gnp	"FALL IN CANADIAN BUDGET DEFICIT TO SLOW
  Finance Minister Michael Wilson said tax
  reform will not affect his determination to reign in
  expenditures, but his forecasts show a slowing of the decline
  in the budget deficit in the late 1980s.
      ""Responsible tax reform must be fiscally responsible,""
  Wilson said in a speech prepared for the House of Commons.
      Wilson estimated the deficit will fall to 29.3 billion dlrs
  in the year ending March 31, 1988, the same level as he
  forecast in the February budget.
      And in the year ended this past March, the deficit was
  expected to have been one billion dlrs lower than the 32
  billion dlr shortfall originally forecast, Wilson said.
      Wilson said in the current 1988 fiscal year
  higher-than-anticipated spending, particularly in farm income
  support programs, will be offset by higher-than-anticipated
  revenues.
      But finance department documents show the pace of deficit
  reduction was expected to slow temporarily in fiscal 1989 and
  1990 as a result of lower oil and grain prices and the
  transition to the reformed taxation system.
      The deficit is expected to total 28.9 billion dlrs in
  fiscal 1989 and 28.6 billion dlrs in 1989 and then fall to 26.1
  billion dlrs in 1991.
      Wilson was optimistic about the outlook for the Canadian
  economy, forcasting gross domestic product would expand 2.8 pct
  this year and 3.0 pct in 1988. In 1986 the economy grew by an
  actual 3.1 pct.
      Inflation, meanwhile, is expected to stabilize at around
  the current four pct level over the next two years.
  

"
test/19020	22	interest	"ANZ BANKING GROUP SAYS IT WILL CUT PRIME RATE TO 16.00
PCT FROM 16.50 ON JUNE 22

  ANZ BANKING GROUP SAYS IT WILL CUT PRIME RATE TO 16.00
  PCT FROM 16.50 ON JUNE 22
  

"
test/19022	22	interest	"ANZ BANKING GROUP CUTS PRIME RATE TO 16.00 PCT
  The Australia and New Zealand Banking
  Group Ltd <ANZA.S> said it will cut its prime rate to 16.00 pct
  from 16.50, effective June 22.
      The cut takes the ANZ's prime to the lower end of the range
  of prime rates being offered by Australian trading banks. The
  highest rate is 17.50 pct.
      The cut follows announcements of cuts yesterday by
  <Citibank Ltd> to 16.00 pct from 16.5, effective today, and
  <Commonwealth Bank of Australia> to 15.75 pct from 16.25,
  effective June 24.
  

"
test/19029	12	earn	"NATIONAL SEMICONDUCTOR CORP <NSM> FOURTH QUARTER
  Shr profit six cents vs loss 10
      Net profit 8.1 mln dlrs vs loss 7.1 mln
      Sales 511.9 mln vs 397.8 mln
      Avg shrs 97.0 mln vs 90.5 mln
      YEAR
      Shr loss 38 cents vs loss 1.10 dlrs
      Net loss 24.6 mln dlrs vs loss 91.5 mln
      Sales 1.87 billion vs 1.48 billion
      Avg shrs 91.7 mln vs 89.8 mln
      NOTE - Current year figure includes previously announced 15
  mln dlr restructuring charge.
      Figures include extraordinary credit from tax benefit of
  4.2 mln dlrs in quarter vs 2.3 mln a year earlier and 4.2 mln
  for year vs 5.6 mln year earlier.
      The 1986 year net reflects 51.2 mln dlr gain from
  cumulative effect of accounting change.
  

"
test/19033	48	trade	"SHULTZ WARNS ASEAN OF LOOMING TRADE PROBLEM
  U.S. Secretary of State George Shultz
  warned members of the Association of Southeast Asian Nations
  (ASEAN) they could no longer rely on increased exports to the
  U.S. For growth.
      ""Given the importance of exports, particularly export
  manufactures, to all of your countries, you are going to have
  to work hard to diversify your markets,"" he said.
      ""While you may be able to maintain your current market share
  in the U.S., You clearly will not be able to look to the U.S.
  To take major increases in your exports,"" he added.
      Shultz told the foreign ministers of Brunei, Indonesia,
  Malaysia, the Philippines, Singapore and Thailand the U.S.
  Would cut its huge foreign trade deficit more rapidly than many
  now believed.
      He said ASEAN's looming trade problems would not
  necessarily stem from protectionist legislation now being
  contemplated by Congress, ""but simply because of the adjustments
  the U.S. Economy will have to make in order to service our
  large and growing external debt.""
      Shultz said the U.S. Deficit had resulted not from falling
  exports but from higher imports that had fuelled world growth.
  

"
test/19037	1	alum	"INDONESIA RAISES STAKE IN ALUMINIUM PLANT
  Indonesia has increased its share in a
  434-billion-yen aluminium smelter joint venture with Japan from
  25 to 37 pct, Asahan Project Authority director A.R. Suhud
  said.
      The Japanese Export-Import Bank said Indonesia had raised
  its share of (P.T. Indonesia Asahan Aluminium) company,
  capitalised in 1975 at 91 billion, by swapping 32 billion yen
  in government loans to the company for an equity stake.
      The Japanese shareholders, the Overseas Economic
  Cooperation Fund and 12 companies, are to invest another 24
  billion yen raising capitalisation to 147 billion yen.
      Asahan reported total losses of 97.6 billion rupiah between
  1982 and 1985. Suhud said much of the company's 320 billion yen
  debt had been caused by falling tin prices and the appreciation
  of the yen against the U.S. Dollar. Aluminium is sold in
  dollars.
      Prices improved from 1,150 dlrs a tonne six months ago to
  about 1,450 dlrs today. The plant is supposed to break even if
  prices stay at 1,500 dlrs a tonne.
      Sahud said the plant, with a capacity of 220,000 tonnes a
  year, would probably lose money again in 1987. The plant,
  situated in North Sumatra, produces mostly for Japan.
  

"
test/19041	1	alum	"JAPAN APPROVES AID FOR INDONESIA, BRAZIL ALUMINIUM
  Japan's cabinet approved a plan to help
  financially-troubled aluminium ventures in Indonesia and
  Brazil, an official at the Ministry of International and Trade
  Industry (MITI) said.
      Japan will invest 24 billion yen in <PT Indonesia Asahan
  Aluminium> in addition to the 68.3 billion yen already invested
  in the company. The government and private interests will
  equally share the additional investment, he said.
      They will also provide equal shares in 6.3 billion yen in
  new investment in the Albras Amazon aluminium project in
  Brazil, in addition to the 45.7 billion yen already invested.
      The Japan Export-Import Bank will cut its rates on loans to
  Asahan and Albras to about five pct from about seven pct, the
  official said.
      Interest rates on loans by Japan's private banks to the two
  projects are expected to be reduced to around five pct from the
  current seven to eight pct, but an agreement has yet to be
  reached, industry sources said.
      Under the rescue scheme for Asahan, in which 91.1 billion
  yen has been invested, Indonesia will also extend another 32
  billion yen to the company.  This will raise Indonesia's
  investment ratio to about 40 pct from the current 25 pct.
      The Brazilian government has already agreed to invest an
  additional 6.5 billion yen in Albras, in which investment now
  totals 93.2 billion yen, but its stake will not change from 51
  pct, the official said.
      The sources said the rescue programs for the two projects
  were larger than earlier expected, reflecting Japan's desire to
  help develop the economies of Indonesia and Brazil and to
  stabilise sources of aluminium.
      Japan depends on imports for more than 90 pct of its
  aluminium demand, which totals some 1.8 mln tonnes a year, they
  said.
  

"
test/19042	0	acq	"MITSUI BUYS FIVE PCT STAKE IN U.S. CHIP MAKER
  Mitsui and Co Ltd <MITS.T> paid 1.5 mln
  dlrs in early May for a five pct stake in <Zoran Corp>, a
  California-based maker of large scale integrated circuits (LSI)
  with computer graphic, communications and medical applications,
  a Mitsui spokesman told Reuters.
      He said the two firms will form a marketing company in
  Japan as early as next year, although details of the joint
  venture are not yet fixed. Mitsui expects last year's 10
  billion yen Japanese LSI market to grow quickly.
      Zoran was founded in 1981 and now has about 100 employees,
  he said.
  

"
test/19044	48	trade	"JAPAN'S JUNE INTERIM TRADE SURPLUS NARROWS
  Japan's custom-cleared trade surplus
  narrowed to 1.61 billion dlrs in the first 10 days of June from
  1.97 billion a year earlier, the Finance Ministry said.
      The June interim surplus compares with a 1.76 billion dlr
  surplus in the same May period.
      FOB exports in the first 10 days of June rose 17.6 pct from
  a year earlier to 6.05 billion dlrs while CIF imports rose 39.6
  pct to 4.44 billion.
      The average yen/dollar rate used for the figures was 141.04
  yen against 169.03 a year earlier.
  

"
test/19045	12	earn	"C. ITOH AND CO LTD <CITT.T>
  Year ended March 31
      Group shr 18.83 yen vs 18.73
      Net 20.07 billion vs 18.47 billion
      Pretax 22.14 billion vs 25.36 billion
      Operating 37.57 billion vs 51.57 billion
      Sales 14,762 billion vs 15,900 billion
  

"
test/19048	0	acq	"Sainsbury's says it taking control of Shaw's Supermarkets
for 30 dlrs a share

  Sainsbury's says it taking control of Shaw's Supermarkets
  for 30 dlrs a share
  

"
test/19050	0	acq	"SAINSBURY'S TAKING CONTROL OF SHAW'S SUPERMARKETS
  J Sainsbury Plc<SNB.L> said it agreed to
  take control of the U.S. Shaw's Supermarkets Inc through a
  combination of share purchases and a tender offer at 30 dlrs a
  share.
      Sainsbury bought about 21 pct of the stock in 1983. It said
  its U.S. Subsidiary, Chene Investments Inc, bought 2.55 mln
  common shares from the controlling Davis family yesterday at 30
  dlrs a share for 76.5 mln dlrs, lifting its stake to 49.4 pct.
      A tender offer for the outstanding shares will be launched,
  also at 30 dlrs a share for a maximum further cost of 184.4
  mln.
      The Shaw's Board and the Davis family has agreed to accept
  the offer, thus assuring Sainsbury's a total holding of 74.0
  pct.
      The company had allotted 20.18 mln new ordinary shares to
  <Warburg Securities Ltd> which it said would be sufficient to
  finance about 188 mln dlrs of the maximum 261 mln dlrs payable.
      Shaw's operates a chain of 49 supermarkets in
  Massachusetts, Maine and New Hampshire which in 1986 produced
  sales of 1.1 billiob dlrs and pretax profit of 31.1 mln. At the
  end of 1986 it had net assets of 88 mln dlrs.
      Last September, Sainsbury's increased its stake in Shaw's
  to 28.5 pct. In the year to March 21, it reported a rise in
  pretax profit to 246.9 mln stg from 192.7 mln on sales that
  increased to 4.04 billion from 3.58 billion.
      Sainsbury shares had fallen five pence before the
  announcement to 590p from last night's close but were unmoved
  by news of the deal.
  

"
test/19053	12	earn	"ISUZU MOTORS LTD <ISUM.T> SIX MONTHS TO APRIL 30
  Parent shr loss 15.85 yen vs profit 2.02
      Interim div nil vs nil
      Net loss 12.92 billion vs profit 1.65 billion
      Current loss 12.52 billion vs profit 4.44 billion
      Operating loss 8.76 billion vs profit 6.52 billion
      Sales 443.90 billion vs 528.03 billion
      Outstanding shrs 815.10 mln vs 814.97 mln
  

"
test/19062	48	trade	"JAPAN MUST TRY HARDER TO CUT SURPLUS - MINISTER
  Japan must try harder to reduce its trade
  surplus or the yen will come under renewed upward pressure,
  Economic Planning Minister Tetsuo Kondo.
      He told a press luncheon he hoped Japan could cut its
  current account surplus by some 10 billion dlrs a year until it
  is reduced to some 50 to 60 billion dlrs. In the fiscal year
  ended March 31 the surplus totalled 93.76 billion dlrs, or
  about 4.5 pct of GNP.
      The 6,000 billion yen economic stimulation package the
  government unveiled late last month would help slash Japan's
  current account surplus by five to six billion dlrs, he said.
  

"
test/19065	47	tin	"THAI SMELTER FACES TIN CONCENTRATE SUPPLY SHORTAGE
  Thailand's major tin exporter and
  producer <Thailand Smelting and Refining Co> (Thaisarco) said
  it may be unable to meet all its overseas orders because of
  insufficient supplies of tin concentrates from Thai mines.
      Local mines cut combined daily tin concentrate sales to
  Thaisarco, a Royal Dutch/Shell Group <RD.AS> unit, to less than
  20 tonnes earlier this month from a previous 40 to 45 tonne
  average, commercial manager Yoot Eamsa-ard told Reuters.
      He said the cuts resulted from a government decision to let
  the temporary business and municipal tax reductions on exported
  tin lapse on June 3.
      The taxes, levied on the tin mines, rose to 4.4 pct this
  month from 1.1 pct ad valorem over the past year. The lower
  levels had been introduced last year as a temporary move to aid
  the tin industry after prices collapsed in late 1985.
      Yoot said Thaisarco had to dig into its stocks to meet a
  large portion of new overseas orders which were averaging 100
  tonnes per day.
      As a result, he said, Thailand could fail to fill some
  3,000 tonnes of its 19,000 tonne tin export quota allocated by
  the Association of Tin Producing Countries (ATPC) for the year
  ending February 1988.
      Reduced tin exports this year could cause the ATPC to
  allocate a lower quota next year, Yoot said.
      The supplies shortage should prove temporary, however,
  because the Thai cabinet is expected to review a Mineral
  Resources Department proposal to reinstate the low taxes late
  this month, Yoot said.
      The department said Thailand exported 7,715 tonnes of tin
  during January/May compared with 8,462 tonnes a year ago.
  

"
test/19069	10	crude	"SRI LANKA PLANS TO RENEW ABU DHABI OIL CONTRACT
  Ceylon Petroleum Corp (CPC) has decided
  to renew its one-year contract with Abu Dhabi for 480,000
  tonnes of Upper Zakum crude oil, CPC officials told Reuters.
      They said CPC made the recommendation to the cabinet and is
  now awaiting its approval.
      CPC's one-year contract with Abu Dhabi expired on May 31
  this year and it wants the renewed contract to begin on June 1
  at the government selling price. Delivery will be determined in
  the course of the year. Last year, shipments were in three
  parcels of 120,000 tonnes each and four of 30,000 tonnes each.
      CPC officials also said the company agreed with the
  Egyptian government for the supply of 240,000 tonnes of Gulf of
  Suez crude for delivery in two shipments this year at the
  government selling price.
      Last year, CPC bought 120,000 tonnes Gulf of Suez through
  C.Itoh.
      Officials said plans to buy 240,000 tonnes of Basra Light
  from Iraq have not been finalised yet because of several
  constraints. CPC said it could not accept 120,000 tonne parcels
  and proposed to lift 30,000 tonnes in eight shipments.
      Iraq National Oil Co (INOC) told CPC a Red Sea port where
  lifting was to take place could not accept small ships. INOC
  then proposed to deliver eight shipments of 30,000 tonnes each.
      CPC said INOC planned to ship the oil to an Indian port for
  delivery of Indian requirements, later going to Colombo to
  offload CPC's needs, but CPC considered this unsuitable.
      CPC said it had not received a reply from INOC since
  December. Sri Lanka imports all its annual needs of 1.7 mln
  tonnes. This year it plans to buy 400,000 tonnes on the spot
  market compared with about 1.3 mln tonnes last year.
  

"
test/19073	43	ship	"TAIWAN'S EVERGREEN LINE TO GO PUBLIC
  Liner shipping specialist <Evergreen
  Marine Corp>, Taiwan's largest private company, has applied to
  the Security and Exchange Commission to go public next month, a
  company spokeswoman told Reuters.
      She said Evergreen had doubled its capital to eight billion
  Taiwan dlrs since last August.
      ""The capital increase will boost our operations,"" she said.
      She said Evergreen will use the funds raised from the stock
  market to buy new ships and step up its global services.
      The spokeswoman said the company posted an after-tax profit
  of more than one billion dlrs last year on total revenues of
  20.46 billion, compared to an after-tax profit of 1.18 billion
  on revenues of 17.99 billion in 1985.
      Evergreen has placed newbuilding orders for three 3,428-teu
  (twenty-foot equivalent unit) fully cellular container ships
  with the state-owned <China Shipbuilding Corp> for delivery in
  late 1988.
      Evergreen has a fleet of 66 container vessels, totalling
  more than two mln dwt, the spokeswoman said.
  

"
test/19077	23	ipi	"DUTCH INDUSTRIAL PRODUCTION FALLS 6.4 PCT IN APRIL
  Dutch seasonally adjusted industrial
  production fell by 6.4 pct in April compared with the previous
  month, and was 5.5 pct down on the same period last year,
  figures from the official Statistics Bureau CBS show.
      The April index, base 1980, stood at 103. In March,
  industrial production rose by 2.8 pct from February.
      The unadjusted April index figure fell 14 pct from March to
  104, compared with a 10 pct rise in March over February.
  

"
test/19079	8	cpi	"CANADA MAY CONSUMER PRICE INDEX RISES 0.6 PCT, STATISTICS
CANADA SAID

  CANADA MAY CONSUMER PRICE INDEX RISES 0.6 PCT, STATISTICS
  CANADA SAID
  

"
test/19081	8	cpi	"CANADA CONSUMER PRICE INDEX UP 0.6 PCT IN MAY
  Canada's consumer price index rose 0.6
  pct in May to 137.8, base 1981, following a 0.4 pct rise in
  April and a 0.5 pct rise in May 1986, Statistics Canada said.
      The May year-on-year rise was 4.6 pct, compared with a 4.5
  pct rise in April.
  

"
test/19082	50	wpi	"GERMAN PRODUCER PRICES RISE 0.1 PCT IN MAY
  West German producer prices rose 0.1
  pct in May compared with April to stand 2.9 pct lower than in
  May last year, the Federal Statistics Office said.
      In April, producer prices fell 0.3 pct from March and
  dropped 3.6 pct from their levels a year earlier.
      The Statistics Office said producer prices for liquefied
  gas fell 10 pct in May from April and heavy heating oil prices
  declined 5.3 pct, while lead prices rose 23 pct and silver
  prices increased 13 pct.
  

"
test/19083	14	gas	"JAPAN FIRMS TO LAUNCH SALES OF 100 OCTANE GASOLINE
  Japanese oil companies are starting
  campaigns to market 100 octane gasoline to meet growing
  domestic demand for higher quality motor fuel, oil sources
  said.
      Ten companies plan to offer the unleaded gasoline this
  summer, starting with <Idemitsu Kosan Co Ltd> on June 20.
      Showa Shell Sekiyu KK <SHOL.T> introduced its Formula Shell
  98 octane gasoline to the Japanese market in January this year.
      Formula Shell has achieved strong sales in Japan despite a
  higher price than regular octane gasoline, which has prompted
  other oil firms to offer a rival product, the sources said.
      ""We have received a good response from consumers of Formula
  Shell in terms of a smoother ride and effective fuel
  consumption,"" Showa Shell said.
      Shell's product sells for 145 yen per litre, 15 yen higher
  than regular gasoline, and has already achieved a 38 pct share
  of Japan's high octane gasoline market, it said.
      High octane gasoline accounts for 25 pct of Shell's total
  gasoline sales in Japan, it added.
      Idemitsu said it hopes to raise high octane sales to 20 pct
  of its total gasoline sales from about seven pct, immediately
  after the launch of its Idemitsu 100.
      Nippon Oil Co Ltd <NPOL.T> said it will launch its 100
  octane gasoline on July 1, aiming for an increase in high
  octane sales to 20 pct from six pct of its total gasoline
  sales.
      The rush to compete for high octane gasoline market share
  has been spurred by expectations that the government will lift
  gasoline production quotas and restrictions on gasoline station
  construction in the next two to three years.
      ""Major oil companies are trying to boost their gasoline
  sales network ahead of the proposed lifting of gasoline
  production quotas,"" an official at a major oil company said.
      An advisory panel to the Ministry of International Trade
  and Industry (MITI) recommended this week that the government
  press ahead with deregulation of the oil industry, including
  the lifting of gasoline production quotas, to help oil
  companies increase their international competitiveness.
      Japan's three biggest gasoline marketers, Nippon Oil,
  Idemitsu and Showa Shell, suffered supply shortages under the
  production quota guideline in fiscal 1986, ended last March.
      Domestic gasoline demand during the year was up 2.5 pct
  from the previous year, according to a MITI report.
  

"
test/19087	0	acq	"BPCC PLANNING SALE OF PACKAGING OPERATIONS
  The British Printing and Communication
  Corp Plc<BPL.L> is considering selling its specialist packaging
  and labelling operations, a spokeswoman said.
      She gave no dates or prices for the transaction but said
  the units would be sold by negotiation.
      She declined to give any turnover or profit figures for the
  packaging and labelling operations, beyond saying that they
  were very profitable. They formed a self-contained part of the
  overall group, she said.
      Analysts said the packaging and labelling division could be
  sold for up to 150 mln stg.
      Earlier this week group chairman Robert Maxwell also said
  it expected to float its Mirror group newspaper subsidiary,
  bought from  Reed International Plc <REED.L> for 100 mln stg in
  1984.
      The spokeswoman said that BPCC intended to keep a majority
  share in the newspaper group if it was floated.
      BPCC is currently locked in legal battles resulting from
  its attempt to take over U.S. Publisher Harcourt Brace
  Jovanovich Inc <HBJ>. Earlier this week, BPCC launched a
  two-for-three rights issue to raise 640 mln stg and said the
  money raised would enable it to renew its assault on Harcourt.
  It has also expressed interest in Dutch publisher Kluwer NV
  <KLUW.AS>.
  

"
test/19092	43	ship	"BELGIAN ONE-DAY STRIKE HITS TRANSPORT, SHIPPING
  A 24-hour strike by Belgian public
  employees protesting against a government pay offer disrupted
  transport and hit ferry services and shipping, port and union
  officials said.
      Some cross-Channel ferry services from Ostend were
  cancelled, the local news agency Belga said.
      An Antwerp port authority spokesman said electricians came
  out in support, reducing ship movements to a trickle. Unions
  said Ghent and other major Belgian ports were also hit.
      Few trains were running and some early morning flights by
  Sabena, Belgian's national airline, were cancelled.
  

"
test/19097	43	ship	"CHINA RESUMES USSR SHIP REPAIRS AFTER 23 YEAR GAP
  China has resumed repairs of Soviet ships
  after a 23 year break caused by the ideological split between
  the two countries.
      The New China News Agency said an agreement to resume the
  business was signed by the two sides on Wednesday in Shanghai,
  where three Soviet commercial vessels were being repaired.
      The China Daily said the first two Soviet ships to be
  repaired in China since 1964 left the ports of Dalian and
  Xingang last month.
      Bi Yueran, managing director of China State Shipbuilding
  Corp's ship repair department, told the newspaper the Soviet
  Union lacked adequate repair facilities for the more than 600
  ships deployed in the far east. Bi said China's yards offered
  competitive prices, guaranteed quality and prompt delivery.
  

"
test/19113	0	acq	"FIDELCOR <FICR.O> BUYS NEW ENGLAND <BKNE.O>STAKE
  Fidelcor Inc said it has acquired a
  substantial portion of the assets of Bank of New England Corp's
  Lazere Financial Corp subsidiary for undisclosed terms.
      The company said the transaction includes most of Lazere's
  loan portfolio and other assets, including Lazere's Miami
  office.                                
  

"
test/19118	0	acq	"CHRYSLER AGREES TO ACQUIRE ELECTROSPACE SYSTEMS FOR 367
MLN DLRS

  CHRYSLER AGREES TO ACQUIRE ELECTROSPACE SYSTEMS FOR 367
  MLN DLRS
  

"
test/19121	22	interest	" Top discount rate at U.K. Bill tender rises to 8.7239 pct

   Top discount rate at U.K. Bill tender rises to 8.7239 pct
  

"
test/19122	43	ship	"SPAIN CARGO FIRMS HIRE DOCKERS TO OFFSET STRIKE
  Cargo handling companies said they
  were hiring twice the usual number of dockers to offset an
  intermittent strike in Spanish ports.
      Spanish dockers began a nine-day strike on Wednesday in
  which they only work alternate hours in protest at government
  plans to partially privatize port services.
  

"
test/19127	0	acq	"CHRYSLER <C> TO TENDER FOR ELECTROSPACE <ELE>
  Chrysler Corp said Electrospace Systems
  Inc agreed to be acquired under a merger agreement in which
  Chrysler will tender 27 dlrs a share for 100 pct of the
  Richardson, Texas-based defense electronics contractor.
      It said total cost to Chrysler to buy all of the
  outstanding stock would be about 367 mln dlrs.
      Electrospace Systems designs, develops and installs
  communications and electronic  systems and equipment for the
  specialized needs of military and commercial customers
  worldwide.
      Chrysler said Electrospace will help its Gulfstream
  operations grow in military and commercial aircraft sales.
      But it said there are no plans to merge Gulfstream and
  Electrospace. Rather, they will operate as ""sister companies,""
  it said.
      Chrysler said its tender offer is expected to begin by June
  25 and will be managed by First Boston Corp.
      For the fiscal year ended April 3, 1987, Electrospace
  Systems had earnings of 10 mln dlrs on sales of 191 mln dlrs.
  The company employs 2,500 people. About 92 pct of its sales
  were to the military.
  

"
test/19128	10	crude	"OPEC PRESIDENT LUKMAN EXPECTS SHORT, CALM MEETING
  OPEC conference president Rilwanu Lukman
  said he expects next week's ministerial meeting in Vienna to be
  brief and calm and that OPEC's current price and production
  agreement may only need a slight review.
      ""I expect the meeting in Vienna to be short and calm,""
  Lukman, who is also Nigerian oil minister, told reporters here
  ahead of his departure on Sunday for the conference, which
  starts June 25.
      ""We already have an agreement which may need only a slight
  review,"" Lukman said.
      The agreement reached at a long session of OPEC ministers
  in December last year pegged the group's crude oil output at
  15.8 mln bpd for first half 1987 at fixed prices of around 18
  dlrs a barrel.
      Since then prices have risen from 15 dlrs in December to
  just above the official OPEC levels, with oil industry analysts
  firmly convinced the organisation will maintain the agreement
  to keep the market stable.
      ""I myself believe that OPEC will tend to take a position to
  strengthen the gains we have made so far,"" Lukman said.
      He declined to say if the current ceiling should be
  maintained or raised to 16.6 mln bpd for the third quarter and
  18.3 mln for the fourth as provisionally agreed last December.
      ""Whatever decision we arrive at will be guided by our
  collective will to keep the market strong,"" he said.
      He said non-OPEC member Norway, which he visited two weeks
  ago, had pledged further cooperation with the group and this
  was significant for its members.
      Lukman said heavy destocking by consumers early this year
  when OPEC's fixed price regime came into effect and a
  restocking now for the winter was responsible for current
  market strength.
  

"
test/19136	0	acq	"DAVIS MINING REVISES OFFER FOR BECOR <BCW>
  Becor Western Inc said
  <Davis Mining and Manufacturing Inc> has amended its offer for
  the company.
      Becor said the cash portion of the offer remains unchanged
  at 10.45 dlrs a share but the principal amount of debentures
  would increase to 3.50 dlrs from 3.00 dlrs a Becor share.
      The amended offer also includes 1.50 dlrs face value of the
  surviving corporation's 12.5 pct nonvoting cumulative preferred
  not included in the previous offer, and reduces the amount of
  the surviving corporation's common to be held by present
  shareholders to 55 pct from 60 pct.
      Becor Western the amended Davis Mining offer is suject to
  confirmation of certain due diligence information.
      Becor also said discussions continue with one other
  possible bidder which it still has not been identified.
      Again, the company said it expects discussions with the
  other possible investor to conclude shortly. At that time, the
  board will evaluate all the then existing offers for Becor, it
  added.
  

"
test/19137	0	acq	"MTECH <MTCH> HAS 33,467 COMMERCIAL SHARES
  MTech Corp said it has received
  33,467 shares of Commercial Resources Corp in response to its
  10.25 dlr per share tender offer for all 150,000 shares.
      The company said it has extended the offer until July 2. It
  was to have expired yesterday.
  

"
test/19142	12	earn	"MICRON TECHNOLOGY INC <DRAM.O> 3RD QTR JUNE FOUR
  Shr loss 14 cts vs loss 35 cts
      Net loss 3,718,908 vs loss 6,714,372
      Revs 22.8 mln vs 14.4 mln
      Avg shrs 25.7 mln vs 19.2 mln
      Nine mths
      Shr loss 1.02 dlrs vs loss 1.46 dlrs
      Net loss 24.4 mln vs loss 28.1 mln
      Revs 61.7 mln vs 28.9 mln
      Avg shrs 23.8 mln vs 19.2 mln
  

"
test/19155	0	acq	"NAT'L COMPUTER <NLCS.O> TO BUY DATA CARD STAKE
  National Computer Systems Inc
  said it agreed to acquire Deluxe Check Printers Inc's <DLX> 38
  pct stake in Data Card Corp.
      National Computer said it plans to issue 45 mln dlrs in
  five year subordinated convertible debentures to purchase the
  3,749,401 shares of Data Card from Deluxe.
      Completion of the proposed transaction, subject to
  regulatory approval, is expected in mid-July, it said.
     
      The debenture will bear an increasing rate of interest over
  its term, with a 7.3 pct weighted average rate and will be
  convertible into National Computer common stock at 20 dlrs a
  share, it said.
      Separately, Deluxe said its Data Card investment no longer
  fits its business strategy. Deluxe has held an interest in Data
  Card since 1975 when it provided funds for Data Card to buy
  Troy Computer Products Corp. In November 1986, Data Card said
  it planned to sell its Troy division.
  

"
test/19159	0	acq	"MICROSEMI <MSCC.O> ACQUIRES HYBRID COMPONENTS
  Microsemi Corp, a supplier of
  semiconductor products and assemblies, said it has acquired the
  operating assets of <Hybrid Components Inc> for 2.2 mln dlrs in
  cash.
      Microsemi said the purchase includes the fixed assets,
  software, inventories, technology, intellectual properties and
  other business operations of HCI.
      The company said HCI will continue to operate its Beverly
  plant as a subsidiary of Microsemi.
  

"
test/19163	48	trade	"REAGAN SAYS TRADE BILL FACES VETO IN PRESENT FORM
  President Reagan said he would veto a
  House-passed trade bill requiring mandatory retaliation for
  ""unfair trade"" if it reached its desk in its present form.
      In a statement at a White House meeting with Senate
  Republicans on the legislation, he said: ""I would have no choice
  but to veto that bill in its present form.""
      He said the measure ""would move us exactly in the wrong
  direction"" towards high tariffs, trade barriers, trade
  distorting subsidies, slow growth and crimped world markets,
  and would destroy jobs.
  

"
test/19167	22	interest	"U.K. CENTRAL BANK WARNS OF EXCESSIVE RATE CUTS
  Bank of England governor Robin
  Leigh-Pemberton said lowering interest rates too fast could
  jeopardise recent economic achievements in the U.K.
      In remarks prepared for delivery to businessmen in
  Birmingham, he said prospective returns on real investment are
  more favourable, relative to those on financial assets, than
  for a good number of years.
      ""It would surely be foolish to put that favourable
  conjuncture at risk by lowering interest rates prematurely or
  excessively,"" he said.
      ""We might enjoy a short-term boost to activity, but at the
  risk of a damaging return to the uncertainty and acrimony of
  high inflation,"" he added.
      Leigh-Pemberton said he recognised there are some who would
  argue that interest rates are still too high and deter
  investment in industry.
      ""But we should not forget that less than a year ago we were
  intervening to support sterling and had some temporary
  difficulty in persuading the markets that a one pct increase in
  base rates, to 11 pct, was a sufficient tightening of policy at
  the time,"" he added. Base rate is currently nine pct.
  

"
test/19170	12	earn	"AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET
  Period ended May 31
      Shr 42 cts vs 53 cts
      Net 13,600,000 vs 17,100,000
      Revs 263.3 mln vs 243.8 mln
  

"
test/19171	12	earn	"AMERICAN GREETINGS CORP <AGREA.O> 1ST QTR NET
  Period ended May 31
      Shr 42 cts vs 53 cts
      Net 13,600,000 vs 17,100,000
      Revs 263.3 mln vs 243.8 mln
  

"
test/19174	12	earn	"TEXAS UTILITIES CO <TXU> 12 MOS MAY 31 NET
  Shr 4.61 dlrs vs 4.28 dlrs
      Net 663.3 mln vs 590.8 mln
      Rev 4.03 billion vs 4.06 billion
      Avg shares 143.9 mln vs 138.2 mln
  

"
test/19178	12	earn	"BOSTON DIGITAL CORP <BOST.O> 4TH QTR NET
  Period ended April 30
      Shr profit nil vs loss eight cts
      Net profit 4,000 vs loss 213,000
      Sales 3,668,000 vs 2,602,000
      Year
      Shr loss 18 cts vs loss 23 cts
      Net loss 482,000 vs loss 614,000
      Sales 12.5 mln vs 13.6 mln
      NOTE: 1987 earnings in each period include a provision for
  unrealized loss on marketable securities of 176,000 dlrs
  

"
test/19180	0	acq	"COLONIAL BANCGROUP <CLBGA> BUYS DESTIN BANK
  Colonial Bancgroup said it
  agreed to buy <First National Bank of Destin> for an
  undisclosed sum.
      The company said if it is approved, the sale will mark its
  second move to acquire a Florida bank.
      It said it signed a letter of intent to buy Liberty Bank of
  Pensacola in April.
  

"
test/19181	0	acq	"CHRYSLER <C> HAS NO PLANS TO RAISE BID
  Chrysler Corp said it has no intention
  of increasing its offer for Electrospace Systems Inc <ELE>.
      Chrysler agreed to purchase the Texas-based defense
  electronics contractor in a tender offer of 27 dlrs a share for
  a total value of about 367 mln dlrs.
      Eletrospace shares closed yesterday on the NYSE at 30-1/8.
      ""We have no intention of increasing the offer,"" a company
  spokeswoman said. ""We believe it is adequate and will be
  accepted.""
      She said the proposed transaction was unanimously
  recommended by the board of directors and principal
  shareholders of Electrospace.
      Further, she noted that the 27 dlrs tender offer price is
  50 pct above the price of Electrospace's shares before April 30
  when it put itself up for sale.
  

"
test/19182	10	crude	"TEXACO CANADA RAISES CRUDE OIL POSTINGS 24 CANADIAN
CTS/BBL, LIGHT SWEET NOW 25.60 DLRS/BBL

  TEXACO CANADA RAISES CRUDE OIL POSTINGS 24 CANADIAN
  CTS/BBL, LIGHT SWEET NOW 25.60 DLRS/BBL
  

"
test/19191	22	interest	"U.K. LENDERS OFFER MORE FIXED RATE MORTGAGES
  More U.K. Lenders are offering homebuyers
  fixed interest rate mortgages under which the borrower makes
  the same monthly payment no matter what happens to other
  interest rates.
      And with mortgage rates now at their lowest levels in
  years, the loans have been snapped up by eager home buyers
  trying to lock into cheap money.
      The decision to offer fixed rate loans, industry officials
  said, reflects the increasingly competitive nature of the home
  mortgage business.
      While fixed rate mortgages are uncommon in the U.K., They
  were the mainstay of the business in the U.S. Up until only a
  few years ago.
      But in the early 1980s interest rates soared. U.S. Lenders,
  mostly savings and loan associations, were earning rates as low
  as three pct on 30 year fixed rate mortgages they held in their
  portfolios but had to pay depositors rates as high as 15 pct to
  induce them to retain their accounts.
      As a result hundreds of institutions collapsed or were
  forced to merge. The survivors decided to offer mortgages whose
  rates would move in line with the cost of funds.
      ""We very much have the example of the U.S. Thrifts in mind,""
  said a spokesman for Abbey National Building Society,
  explaining why his institution, for the time being, is only
  offering variable rate mortgages.
      The rash of advertising to solicit new business has helped
  homebuyers to become even choosier about loans and lenders
  concede they are being forced to undercut each other still
  more.
      Sharp cuts on variable rate mortgages announced earlier
  this week by the nation's two largest building societies and by
  National Westminster Bank Plc reflect growing competition for
  new business, officials at all three institutions said.
      The fixed rate mortgages on offer carry interest rates even
  below those on the variable rate loans.
      ""Of course they are less profitable than other (variable
  rate) mortgages,"" said a spokesman for Midland Bank Plc, which
  earlier this year said it earmarked 500 mln dlrs for fixed rate
  new mortgage loans.
      But he said the bank is willing to offer less profitable
  loans because, ""It was just another way to attract people to our
  mortgage product.""
      Trustee Savings Bank Plc (TSB) was offering five year fixed
  rate mortgages at 9.9 pct earlier this year.
      The 100 mln stg that TSB set aside for the loans was
  exhausted within just a few days, according to a spokeswoman.
      ""Everybody loves an under 10 pct mortgage,"" she said, noting
  that within five days the bank loaned the equivalent of 25 pct
  of its 1986 volume.
      In short, the appeal of fixed rate mortgages is that they
  offer an opportunity to gamble on the direction of interest
  rates. If interest rates fall after the mortgage is made the
  lender is earning an above average return on assets.
      But if interest rates rise it is the homebuyer who has won
  the benefit of cheap money.
      Household Mortgage Co had planned to offer a 25 year fixed
  rate mortgage after the June 11 elections on the assumption
  that a Conservative Party victory would help money market rates
  fall further, according to Duncan Young, managing director.
      Young explained that the company had planned to protect
  itself against the chance of rising interest rates by buying a
  complicated hedging instrument.
      But money market rates have risen contrary to expectations
  and the company has shelved its plans for the time being. He
  said money market rates were too high to arrange both the
  mortgages and hedge profitably.
      However, he said that when the Household Mortgage Co does
  make fixed rate mortgages it is likely to securitise them. This
  means bundling different mortgages together to resemble a bond
  and selling them to an investor.
      For technical reasons securitisation is simpler and more
  efficient with fixed rate rather than with floating rate
  mortgages. In the U.S., Where fixed rate mortgages are popular
  again, securitisation has provided the bulk of mortgage money
  over the past few years.
  

"
test/19193	10	crude	"TEXACO <TXC> CANADA TO RAISE CRUDE OIL POSTINGS
  Texaco Inc's Texaco Canada said it
  will raise  postings for its Edmonton/Swann Hills crude by 24
  canadian cts a barrel, effective June 20.
      The company said the new posting for Edmonton/Swann Hills
  will be 25.60 dlrs a barrel. The price hike follows a round of
  crude oil price increases started late June 17 by Sun Co. The
  other major canadian crude suppliers raised prices June 18.
  

"
test/19198	40	reserves	"NORWEGIAN CENTRAL BANK RESERVES FALL IN MAY
  Norway's central bank reserves totalled
  73.71 billion crowns in May against 76.06 billion in April and
  95.02 billion in May 1986, the Central Bank said in its monthly
  report.
      Foreign exchange reserves totalled 70.3 billion crowns,
  compared with 68.4 billion in April and 88.0 billion a year
  ago. Gold reserves were unchanged from April's 284.8 mln
  crowns, and also unchanged from the year-ago figure.
      Central Bank special drawing right holdings were 3.16
  billion crowns, compared with 3.06 billion in April and 2.51
  billion in May 1986.
  

"
test/19199	43	ship	"HIGH WATER EXTENDS RHINE RIVER BLOCKAGE
  Rising water levels on the Rhine caused by
  heavy rain are delaying an operation near Karlsruhe to raise
  two sunken boats which have blocked the river's main navigation
  channel since early last week, a Karlsruhe water authority
  spokesman said.
      He said two floating cranes were unable to begin lifting
  the sunken tug Orinoko and its lighter because the water level
  had reached 815 centimetres and was forecast to rise to 820-830
  cm by tomorrow. He was unable to say when the operation might
  begin.
      Meanwhile, high water at Cologne has forced vessels to
  travel at reduced speed, a water authority spokesman in Cologne
  said. But a water authority spokesman in Duisburg, 60 kms north
  of Cologne, said vessels there were moving normally.
  

"
test/19202	0	acq	"GREYHOUND LINES AGREES TO ACQUIRE REMAINING ROUTES OF
TRAILWAYS CORP

  GREYHOUND LINES AGREES TO ACQUIRE REMAINING ROUTES OF
  TRAILWAYS CORP
  

"
test/19208	0	acq	"GREYHOUND AGREES TO ACQUIRE TRAILWAYS ROUTES
  <Greyhound Lines> said it agreed to
  acquire the routes of <Trailways Corp>.
      Greyhound said it had petitioned the Interstate Commerce
  Commission for authority to acquire and operate Trailways'
  routes, 450 of its 1200 buses and some of its terminals and
  garages.
      Trailways has abandoned all service in seven states in the
  past year and more than half of its sevice in three other
  states, the company said.
      ""Without intervention, the collaspe of Trailways is
  imminent,"" said Fred Currey, chairman and president of
  Greyhound.
  

"
test/19223	18	heat	"U.S. COURT UPHOLDS APEX DECISION FAVORING NYMEX
  The U.S. Court of Appeals for the
  Second Circuit upheld a lower court decision dismissing a suit
  by Apex Oil Co against the New York Mercantile Exchange and
  several oil companies.
      The Court, however, ruled that Apex Oil could pursue
  anititrust and commodities market manipulation allegations
  against Belcher Oil Co, a unit of Coastal Corp <CGP>.
      Apex Oil, primarily a trading company, charged that several
  companies, including Belcher, and NYMEX conspired to force it
  to deliver heating oil it had sold on the mercantile exchange,
  knowing Apex could not make full delivery.
     
      The NYMEX ordered Apex to deliver four mln barrels of
  heating oil sold via a February 1982 heating oil contract. Apex
  eventually fulfilled this obligation but claimed damages.
      Richard Wiener, attorney for Apex at Cadwalader Wickersham
  and Taft, said the company has not yet decided whether to
  pursue its case against Belcher Oil.
      The NYMEX, meanwhile, has a counterclaim pending against
  Apex Oil, seeking an unspecified amount of attorney's fees and
  15 mln dlrs in punitive damages, according to a NYMEX
  spokeswoman.
  

"
test/19238	43	ship	"RHINE BLOCKED FOR THREE MORE WEEKS - SALVAGER
  Dutch salvage firm Smit-Tak said it
  may take some three weeks to lift the Swiss tug Orinoko and its
  lighter Pavo which sank 10 days ago at Karlsruhe in West
  Germany, blocking the Rhine river.
      Smit-Tak, which with its West German subsidiary Harms
  Bergung GmbH was commissioned by the local water authorities to
  raise the vessels, said its lifting fleet was in position and
  divers had made the first inspection.
      Smit is still preparing its final salvage plan and said the
  work would begin on Sunday.
  

"
test/19240	0	acq	"STIFEL FINANCIAL SAID IT RECEIVED UNSOLICITED MERGER
PROPOSAL


  STIFEL FINANCIAL SAID IT RECEIVED UNSOLICITED MERGER
  PROPOSAL
  
  

"
test/19241	0	acq	"HARCOURT <HBJ> MUM ON REED <REED.L> RUMORS
  Harcourt Brace Jovanovich Inc officials
  were not available for comment on market rumors that it is
  interested in acquiring Reed International plc <REED.L>.
      Officials of First Boston Inc, Harcourt's financial
  adviser, declined comment.
      A Wall Street arbitrageur, who owns Harcourt shares, said
  the rumors did not make much sense because Harcourt has
  announced a recapitalization plan to ward off a takeover
  attempt by British publisher Robert Maxwell.""It's completely
  inconsistent with the recapitalization, the only way is if they
  drop the recapitalization,"" he said.
      Calls to Harcourt seeking comment were not returned.
      Harcourt's recapitalization will come under scrutiny of a
  U.S. Court in Orlando, Fla. Monday. The company has sought a
  declaratory judgment on convertibility of debentures due 2011
  in light of the recapitalization.
      Harcourt said in a statement this week that Salomon
  Brothers Inc <SB> and Mutual Shares Corp have intervened in the
  case, claiming ownership of more than 30 mln dlrs face amount
  of the debenture. In addition, British Printing and
  Communications Corp, headed by Maxwell, owns 9.5 mln dlrs face
  amount, Harcourt said.
      Salomon said in a filing with the Securities and Exchange
  Commission today that it has 21,978 of the debentures. If the
  court decides they should be converted at par value of one dlr,
  they could be converted into 22.0 mln shares.
      Harcourt is asking the court to rule the company is not
  required to issue common to debenture holders who did not
  convert prior to June eight.
      An increase in Reed shares in London today was attributed
  by brokers to rumors of Harcourt's interest and also to rumors
  that Maxwell might be a buyer. But an adviser to Maxwell in New
  York said ""there's no basis to think that it's us.""
  

"
test/19254	12	earn	"NEW ENGLAND ELECTRIC SYSTEM <NES> FIVE MTHS NET
  Five mths end may 31
      Shr 1.37 dlrs vs 1.38 dlrs
      Net 75.2 mln vs 73.6 mln
      Revs 632.3 mln vs 629.6 mln
      Avg shrs 54.9 mln vs 53.4 mln
      12 mths
      Shr 3.19 dlrs vs 3.13 dlrs
      Net 173.6 mln vs 165.1 mln
      Revs 1.43 billion vs 1.47 billion
      Avg shrs 54.4 mln vs 52.8 mln
  

"
test/19255	0	acq	"MINNESOTA MAY CONSIDER ANTI-TAKEOVER AMENDMENT
  Minnesota Governor Rudy Perpich is
  considering calling a special legislative session to consider
  amendments to the state's anti-takeover statute, according to
  the governor's office.
      A spokesman for the governor said nothing will be decided
  today, but said the governor will evaluate later whether to
  call a special session in the next few days.
     The governor's office said the possible action was triggered
  by a proposal by Dayton-Hudson Corp <DH>, which has been the
  subject of takeover rumors. A spokesman for the governor said
  the company proposed several amendments to Perpich designed to
  make any takeover attempt in the state
  more difficult.
         
      Dayton-Hudson suggested amendments be passed and instituted
  by next Friday, the spokesperson said.
      Press reports in Minneapolis newspapers this morning quoted
  several legislators as saying they were inclined to support
  legislation that would help Dayton-Hudson, according to a
  governor's spokesperson.
     Senate Majority Leader Roger Moe was quoted as saying he
  would be inclined to support any action that would help the
  company, the spokesperson said.
     Robert Vanasek, the House speaker designate, was quoted in
  the Minneapolis Star and Tribune as saying, ""We are taking
  their (Dayton-Hudson) concerns very seriously and we are going
  to do what we can to help.""
  

"
test/19256	0	acq	"BOEING <BA> MERGER WAITING PERIOD EXPIRES
  Boeing Co said the Hart-Scott-Rodino
  waiting period required in connection with its pending tender
  offer for ArgoSystems Inc <ARGI.O> expired at midnight June 18.
      Boeing began its 37 dlr per share cash tender offer for the
  defense electronics firm on June two.
  

"
test/19258	0	acq	"MEGAVEST TO ACQUIRE COMPUTER TRADE DEVELOPMENT
  <MegaVest Industries Inc> said it has
  agreed in principle to acquire unlisted Computer Trade
  Development Corp in exchange for 119 mln shares of its common
  stock.
      The company said it has about 21.5 mln shares outstanding.
      It said Computer Trade had revenues of about 6.1 mln dlrs
  last year.
  

"
test/19262	45	sugar	"COLD, WET WEATHER SLOWS BEET GROWTH IN W. EUROPE
  Cold and wet weather in northern,
  western and central parts of Europe continued to slow beet
  growth but plant density is reported to be good in most
  countries, sugar statistician F.O. Licht said.
      Temperatures were too low for the season and the rain has
  hampered field work and occasionally led to water-logged
  fields.
      But in eastern and southeastern Europe, warmer weather has
  boosted sugar beet growth.
      Weather in the Soviet Union also allowed good beet
  development, Licht said.
      In Sweden beet growth has been delayed, although plant
  population is reported to be regular and good. Cool and rainy
  weather slowed beet growth in Denmark and crop prospects are
  rated as slightly below normal.
      In the United Kingdom and Ireland, it was rather cool with
  heavy rainfall in places which has delayed beet growth.
      In France, Belgium, the Netherlands, and West Germany, it
  was mostly cool with frequent and often heavy rainfall which
  continued to slow down beet growth and often made field work
  impossible.
      In Austria, it was warm with some rainfall, which was
  favourable for beet growth, Licht said.
      In Czechoslovakia and Poland, it was mostly warm, favouring
  beet development. but some heavy rain may have caused damage.
      In the European beet growing regions of the Soviet Union,
  it was warm with showers over most areas and weather was
  generally good for the emergence and growth of beets.
      In south eastern Europe, warm weather with some rainfall
  boosted beet development.
      Labour trouble threatens the beet crop in Spain. Disputes
  between the factories and the trade unions are threatening to
  delay the start of processing in the southern areas, where
  beets are maturing very early this year.
  

"
test/19263	0	acq	"FIRST <FBT> REITERATES SPECULATION PREMATURE
  First City Bancorp of Texas Inc, which
  is soliciting bidders, reiterated that it is premature to
  speculate on what course of action it will pursue following a
  story in today's Wall Street Journal that it has attracted at
  least three potential acquirers.
      First City said the article was not confirmed by the
  company, and it cautioned that there is ""absotluely nothing to
  say or report beyond"" its statement.
      The Journal reported that among the bidders for First city
  was Robert Carney and Robert Abboud, a former Chicago banker.
  

"
test/19267	12	earn	"CHANCELLOR CORP <CHCR.O> 4TH QTR MARCH 31 LOSS
  Shr loss 20 cts vs loss three cts
      Net loss 346,000 dlrs vs loss 26,000 dlrs
      Revs 7,671,000 dlrs vs 4,775,000 dlrs
      12 mths
      Shr profit one dlr vs profit 2.19 dlrs
      Net profit 2,927,000 dlrs vs profit 5,613,000 dlrs
      Revs 40.9 mln vs 35.8 mln
  

"
test/19270	0	acq	"CHEVRON <CHV> CUTS UNC <UNC> STAKE TO 8.4 PCT
  Chevron Corp said it sold 4.6 mln
  shares of UNC Inc common stock on June 15, leaving it with 1.4
  mln UNC common shares, or 8.4 pct of the total.
      In a filing with the Securities and Exchange Commission,
  Chevron said it sold the shares for 11.88 dlrs each, or a total
  of 54.6 mln dlrs, under an agreement it had with UNC.
      The stock was sold to an underwriting syndicate managed by
  Dillon, Read and Co Inc and Donaldson, Lufkin and Jenrette
  Securities Corp, with the underwriters paying 38.3 mln dlrs and
  UNC paying 16.4 mln, it said.
  

"
test/19272	0	acq	"SAFEWAY AGREES TO SEVERANCE FOR DALLAS WORKERS
  The United Food and Commercial
  Workers Union said unlisted Safeway Inc has agreed to provide
  severance pay to about 5,000 workers in the Dallas area
  resulting from the closure of a division last April.
      The union said the total severance payment will be about
  five mln dlrs. It said the division was closed as a result of
  4.6 billion dlrs in debt incurred from a leveraged buyout last
  year.
      The union said it filed suit following the leveraged buyout
  to protect the claims of union members.
      The leveraged buyout was implemented to ward off a bid by
  Dart Group Corp <DARTA.O>.
  

"
test/19273	48	trade	"AFRICAN STATES AGREE TO REGIONAL TARIFF CUTS
  Fifteen countries in Eastern and
  Southern Africa have agreed to cut tariffs on regional trade by
  10 pct every two years up to 1996.
      A statement by the Preferential Trade Area (PTA), which
  seeks to create a common market stretching from Ethiopia in the
  north to Lesotho in the south, said the governments would make
  the first tariff cut next year.
      In 1996 they would assess the impact of the tariff
  reductions and work out a new timetable for the complete
  elimination of all barriers to trade by the year 2000.
      The PTA, set up in 1982, groups Burnudi, the Comoros,
  Djibouti, Ethiopia, Kenya, Lesotho, Malawi, Mauritius, Rwanda,
  Somalia, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe.
      PTA sources said the agreement averted a split between
  members wanting more progress towards free trade and weaker
  states concerned about the effects on customs revenue.
      The reductions cover only a common list of 300 or so widely
  traded commodities and goods but PTA sources said the
  organisation planned to expand the list to include 425 items.
  

"
test/19280	0	acq	"GALAXY <GTV> TO SELL WEST TEXAS ASSETS
  Galaxy Cablevision L.P. said it
  signed a letter of intent to sell the assets of its cable
  television systems in West Texas which serve about 4,600 basic
  subscribers through nine cable television systems.
      Terms were not disclosed and the Galaxy did not identify
  the buyer. The company also said it will make its first cash
  dividend of 37 cents per unit on or about August 15 to holders
  of record June 30.
      In March, Galaxy completed a public offering of 2.2 mln
  units for 43 mln dlrs and acquired the assets of 132 cable
  television systems for about 34 mln dlrs.
  

"
test/19281	0	acq	"NORTH AMERICAN COMMUNICATIONS WEIGHS POSSIBLE SALE OR
MERGER

  NORTH AMERICAN COMMUNICATIONS WEIGHS POSSIBLE SALE OR
  MERGER
  

"
test/19283	0	acq	"STIFEL FINANCIAL <SF> RECEIVES MERGER PROPOSAL
  Stifel Financial Corp said it
  received an unsolicited merger proposal from privately held
  Laidlaw Adams and Peck Inc for 15 dlrs a share in cash for all
  its outstanding shares.
      The proposal, which expires July 1, values Stifel at about
  54 mln dlrs.
      Stifel has about 3.6 mln shares outstanding.
      The company said its management and board of directors will
  consider the proposal but have not set a date to meet.
      It said the proposal is currently being studied by Goldman
  Sachs and Co and legal counsel.
      It said conditions of the proposal include obtaining
  necessary financing, satisfactory completion of a due diligence
  investigation by Laidlaw, and execution of employment contracts
  with key employees to be designated by Laidlaw.
  

"
test/19284	33	money-supply	"CANADIAN MONEY SUPPLY M-1 FELL 430 MLN DLRS IN WEEK, BANK
OF CANADA SAID

  CANADIAN MONEY SUPPLY M-1 FELL 430 MLN DLRS IN WEEK, BANK
  OF CANADA SAID
  

"
test/19285	10	crude	"U.S. OIL PRICES STRONG AHEAD OF OPEC MEETING
  U.S. crude oil prices are at their
  highest level in more than a year ahead of next week's OPEC
  meeting, even though most industry analysts do not expect any
  policy changes from the session.
      They said prices, which have steadily climbed since the
  organization's accord in December, have risen on technical
  factors within the market and concerns about supplies because
  of the Iran-Iraq war, which could disrupt deliveries from the
  Gulf.
      The U.S. benchmark crude West Texas Intermediate is trading
  around 20.55 dlrs in the July contract on New York Mercantile
  Exchange's energy futures and in the spot market. That is its
  highest level since January 1986.
      OPEC conference president Rilwanu Lukman, who is Nigeria's
  oil minister, said Friday he expects the meeting in Vienna to
  be brief and calm and that OPEC's current price and production
  agreement may only need a slight review.
      Although most industry experts expect just a reaffirmation
  of the December agreement, oil prices continue to climb due to
  a desire to hedge positions in case of any surprises.
      Analysts expect the higher prices to continue until soon
  after the OPEC meeting. At that point, barring any increased
  tension in the Gulf or changes in OPEC's policies, prices
  should begin easing.
      ""OPEC will probably not do anything it hasn't already agreed
  to in December because oil prices are firm,"" said John Hill, a
  vice president at Merrill Lynch Futures.
      OPEC agreed in December to maintain official oil prices at
  18 dlrs a barrel and raise the group's production ceiling to
  16.6 mln barrels per day in the third quarter and to 18.3 mln
  barrels in the fourth quarter.
      This agreement helped send prices sharply higher, rising
  from 15 dlrs a barrel in early December.
      Several OPEC members who are price hawks, including Iran,
  Algeria and Libya, will seek a higher official price and a
  reduction in output.
      ""And if U.S. West Texas Intermediate crude continues to
  trade above 20 dlrs a barrel, there is a greater chance that
  OPEC will raise its official 18 dlrs price,"" said Nauman
  Barakat, analyst at Smith Barney, Harris Upham and Co.
      But most analysts expect the more moderate producers, such
  as Saudi Arabia, to block any changes in policy.
      ""The meeting will be a non-event with no change in the
  official prices because OPEC, and in particular the Saudis, are
  committed to stabilizing the market,"" said Rosario Ilacqua,
  analyst with L.F. Rothschild.
      However, some analysts said OPEC may need to hold a meeting
  in September to re-evaluate market conditions.
      Overproduction by OPEC will become a real problem in the
  fourth quarter when the quota is raised to 18.3 mln barrels a
  day and Iraq's pipeline through Turkey brings another 500,000
  barrels to the market each day, said John Lichtblau, president
  of Petroleum Industry Ressearch Foundation.
      Most expect Saudi Arabia to oppose a price increase at this
  meeting but many look for an increase by year-end to 20 dlrs to
  offset the decline in the dollar. Oil prices are denominated
  throughout the world in dollars, so as the currency declines,
  producers receive less money for their oil.
      ""The only real production restraint in OPEC is Saudi Arabia,""
  said Sanford Margoshes, analyst at Shearson Lehman Brothers.
      ""In the second half of the year we expect the Saudis not to
  produce at their 4.1 mln barrel a day quota and therefore act
  as a vehicle to stablize the market and pave the way for a two
  dlrs a barrel price increase at the December 1987 meeting,"" he
  said.
      One uncertain factor is the course of the Iran-Iraq war.
      ""The wild card is the increased tensions in the Persian
  Gulf,"" said Frank Knuettel, analyst with Prudential-Bache
  Securites.
      Oil tankers taking oil from Iraq and Kuwait have been
  regular targets for Iranian planes. The Reagan administration
  is planning to put Kuwait tankers under the protection of the
  U.S. flag, with naval escorts.
      ""Extra (oil) inventories are needed during a time of crisis
  like this, and just general nervousness over an incident that
  could disrupt oil supplies drives prices up,"" Knuettel said.
  

"
test/19286	0	acq	"N.Y. TIMES <NYT> TO BUY GWINNETT DAILY NEWS
  The New York Times Co said it had an
  agreement to buy the Gwinnett Daily News, an evening newspaper
  published in Lawrenceville, Ga., Terms were not disclosed.
      The company said Gwinnett has a weekday circulation of
  about 27,500 and a Sunday circulation of about 30,900. The New
  York Times also said Gwinnett County, a northeast suburb of
  Atlanta, is the fastest-growing county in the country.
      The purchase agreement includes the Forsyth County News,
  published on Wednesday and Sunday and the Winder News, a
  weekly, among other publications.
  

"
test/19290	0	acq	"REED SAYS IT HAS NO COMMENT ON HARCOURT RUMOURS
  Reed International Plc <REED.L> said it
  had no comment to make on U.K. stock market rumors that
  Harcourt Brace Jovanovich Inc <HBJ> may make a bid for the
  company in order to escape unwelcome offers from Robert
  Maxwell's British Printing and Communication Corp <BPCL.L>.
      A spokeswoman for Reed said earlier analysts forecasts that
  a bid for Reed will have to be about 700 mln stg were totally
  unrealistic, adding that its current market is about 2.7
  billion stg.
  

"
test/19291	10	crude	"UNOCAL<UCL> SCRAPS FLUIDIZED BED BOILER PROJECT
  Unocal Corp said it told the U.S.
  Treasury Department that it will not include fluidized bed
  combustion technology, a method for the more efficient burning
  of solids, at its Parachute Creek oil shale project in Colorado
  due to high costs.
      Under a 1985 agreement with the now-defunct U.S. Synthetic
  Fuels Corp, Unocal said it would study using the technology at
  the oil shale plant. In return the company would have been
  eligible for 500 mln dlrs in loan gaurantees and price supports
  from the U.S. Treasury Department, which took over the contract
  from the Synthetic Fuels Corp, Unocal said.
      Unocal said its studies showed the cost for the fluidized
  bed combustion facility would have exceeded 352 mln dlrs,
  compared with an original estimate of 260 mln dlrs.
      The fluidized bed facility would have provided heat and
  electricity for the oil shale project, Unocal said.
      Last year's fall in oil prices and the loss of investment
  tax credit under the Tax Reform Act made the project
  uneconomical even with government price supports and loan
  guarantees, Unocal said.
      The Parachute Creek oil shale plant produces about 4,000 to
  5,000 barrels per day of crude shale oil, Unocal said.
  

"
test/19293	48	trade	"CIVIL SERVICE STRIKE DELAYS U.K. TRADE FIGURES
  Civil service industrial action started
  early this month will delay the publication of May's U.K.
  Overseas trade figures, which had been due out next Thursday, a
  Trade and Industry Department statement said.
      A department spokesman said the figures will probably be
  put back by about a month. The June trade figures, due in late
  July, will also be delayed, he added.
  

"
test/19294	33	money-supply	"CANADIAN MONEY SUPPLY FALLS IN WEEK
  Canadian narrowly-defined money supply
  M-1 fell 430 mln dlrs to 35.65 billion dlrs in week ended June
  10, Bank of Canada said.
      M-1-A, which is M-1 plus daily interest chequable and
  non-personal deposits, fell 874 mln dlrs to 79.97 billion dlrs
  and M-2, which is M-1-A plus other notice and personal
  fixed-term deposits, fell 952 mln dlrs to 184.45 billion dlrs.
      M-3, which is non-personal fixed term deposits and foreign
  currency deposits of residents booked at chartered banks in
  Canada, fell 549 mln dlrs to 225.30 billion dlrs.
      Chartered bank general loans outstanding fell 584 mln dlrs
  to 127.58 billion dlrs.
      Canadian liquid plus short term assets rose 20 mln dlrs to
  37.96 billion dlrs and total Canadian dollar major assets of
  the chartered banks fell 753 mln dlrs to 229.05 billion dlrs.
      Chartered bank net foreign currency assets fell 92 mln dlrs
  to minus 1.92 billion dlrs.
      Notes in circulation totalled 17.11 billion dlrs, up 59 mln
  dlrs from the week before.
      Government cash balances rose 26 mln dlrs to 2.65 billion
  dlrs in week ended June 17.
      Government securities outstanding fell 424 mln dlrs to
  227.38 billion dlrs in week ended June 17, treasury bills rose
  700 mln dlrs to 78.00 billion dlrs and Canada Savings Bonds
  fell 121 mln dlrs to 42.45 billion dlrs.
  

"
test/19295	38	platinum	"PLATINUM DEMAND ESTIMATED 17 PCT HIGHER BY 1991
  Demand for platinum could reach 3.4 mln
  ounces by 1991, compared with an estimated offtake of 2.88 mln
  in 1986, Chris Clark, platinum marketing director for Johnson
  Matthey Plc said.
      Clark told a meeting of the Minerals Research Organisation
  in Milton Keynes he foresaw a 250,000 ounce increase in
  consumption for use in autocatalysts, currently the largest
  single application for platinum.
      Jewellery consumption is set to rise by 70,000 ounces,
  Clark predicted in his speech, the text of which was released
  in London today.
      Clark said his forecast allowed for only a modest further
  increase in investment buying and may well be cautious.
      He said South Africa was the most likely source of
  additional supplies and will need to increase output by about
  500,000 ounces to meet increased demand.
      The capital investment required to produce the additional
  output would be around one billion U.S. Dlrs and the political
  climate may make it difficult to raise the money, he said.
      The Soviet Union, whose exports have declined since the
  1970s, might increase sales to the West by about 50,000 ounces,
  Clark said.
      ""The very probability of a growth in demand set against the
  massive investment required for expansion - and that expansion
  only being viable in South Africa or Russia - leads me to
  conclude that the price of platinum will be substantially
  underpinned in the medium to long-term,"" Clark said.
  

"
test/19297	0	acq	"METRO AIRLINES <MAIR.O> TO MAKE ACQUISITION
  Metro Airlines Inc said it has agreed in
  principle to acquire privately held Chaparral Airlines inc for
  5,700,000 dlrs in cash.
      Chaparral provides regularly scheduled service out of
  Dallas/Fort Worth Regional Airport as an affiliated carrier of
  AMR Corp <AMR> and had revenues in 1986 of 14.1 mln dlrs.
  

"
test/19304	12	earn	"TELCO SYSTEMS INC <TELC.O> 3RD QTR MAY 31 LOSS
  Shr loss 46 cts vs loss five cts
      Net loss 3,922,000 vs loss 420,000
      Sales 16.0 mln vs 23.9 mln
      Avg shrs 8,567,000 vs 8,458,000
      Nine mths
      Shr loss 1.02 dlrs vs profit 35 cts
      Net loss 8,685,000 vs profit 2,978,000
      Avg shrs 8,547,000 vs 8,437,000
  

"
test/19307	0	acq	"ALTUS BANK <ALTS.O> FAILS TO REACH AGREEMENT
  Altus Bank said it has not been
  able to reach a definitive agreement to buy Horizon Financial
  Corp, Horizon Funding and 2.8 billion dlrs in loan servicing
  from Victor Savings and Loan Association.
      Altus, formerly known as First Southern Federal Savings and
  Loan Association, earlier announced the signing of a letter of
  intent to make the acquisitions.
      Horizon Financial and Horizon Funding both are units of
  Victor Savings and Loan Association.
  

"
test/19308	12	earn	"MARS GRAPHIC SERVICES INC <WMD> 1ST QTR MAY 31
  Shr 12 cts vs 10 cts
      Net 189,578 vs 100,254
      Sales 3,403,914 vs 3,122,983
      Avg shrs 1,617,600 vs 954,400
  

"
test/19312	0	acq	"MARCADE GROUP INC <MAR> BUYS EUROPE CRAFT
  Marcade Group said it had agreed to buy
  Europe Craft Imports Inc for a combination of cash and common
  stock.
      The company said Europe Craft designs, imports and
  distributes menswear and sportswear under the Member's Only
  brand name.
      The company said Europe Craft had sales of 70 mln dlrs last
  year.
      Marcade said this latest deal is part of an ongoing
  acquisition phase.
  

"
test/19318	5	coffee	"EUROPEAN COFFEE TRADE PROPOSES NEW QUOTA FORMULA
  European coffee roasters and traders
  have agreed to propose a new formula for calculating
  International Coffee Organization, ICO, quotas, Dutch Coffee
  Trade Association chairman chairman Frits van Horick said.
      Van Horick, who is a council member of the European Coffee
  Federation, was speaking at the end of the ECF annual meeting.
      The new formula is based on six-year moving averages and
  would give Brazil, the world's biggest coffee producer, an
  unchanged quota for the remaining two years of the current
  coffee agreement, van Horick said.
      If accepted by the consumer and producer members of the
  ICO, the formula could also be a basis for negotiating a new
  agreement, van Horick said.
      Coffee quotas were suspended in February last year when
  prices shot up on fears of a drought-induced crop disaster in
  Brazil.
      Although prices are now considerably lower, consumers and
  producers have been unable to agree on re-introduction.
      ""Brazil has been the most strongly against any change in the
  formula because it feared a lower quota. But our proposal
  leaves it very little to object to,"" van Horick said.
      ""The existing quota system is far too rigid and does not
  reflect supply and demand reality,"" he said. ""Our formula
  builds flexibility into the system and will benefit almost
  everyone.""
      Although full implications of the new formula have still to
  be worked out, initial estimates suggest countries such as
  Colombia, Kenya, Indonesia and Costa Rica would get slightly
  higher quotas, while others such as the Ivory Coast, El
  Salvador and Nicaragua would lose quota share, van Horick said.
      Because the proposal provides that future quota
  distribution must reflect current demand and actual supply, it
  should also prevent under-shipment of quota as countries doing
  so would automatically prejudice their following year's quota.
      ""If the ICO consumers accept our proposal it stands at least
  a fair chance of being accepted by the producers at the
  September meeting, most of whom are generally in favour of a
  new quota formula, "" van Horick said.
      At the same time much will depend on Brazil's attitude.
      ""Brazil is increasingly isolated on the producer side. If
  there is no frost damage to its coffee crop over the next two
  months and most other producers favour our proposal, we might
  just get an agreement,"" van Horick added.
  

"
test/19325	0	acq	"N. AMERICAN COMMUNICATIONS <NACS.O> WEIGHS SALE
  North American Communications Corp
  said it is considering several options to maximize shareholder
  value, including a possible sale, merger, corporate
  restructuring, or leveraged buyout.
      Trading in the company's stock was halted pending an
  announcement.
      The company, which owns and operates 47 cable television
  systems in Minnesota and Wisconsin, said it retained
  Communications Equity Associates as its financial adviser to
  explore alternatives.
  

"
test/19327	0	acq	"MURPHY OIL SAID IT PROPOSING TO ACQUIRE REMAINING 23 PCT
OF CANADIAN SUBSIDIARY

  MURPHY OIL SAID IT PROPOSING TO ACQUIRE REMAINING 23 PCT
  OF CANADIAN SUBSIDIARY
  

"
test/19329	1	alum	"ALCAN RAISES ALUMINUM PRICES TWO CENTS A LB
  Alcan Aluminum Corp, a subsidiary of
  Alcan Aluminium Ltd, said it increased its U.S. primary
  aluminum prices by two cents a lb, effective yesterday.
      The new prices are 72 cents a lb for ingot and 80 cents for
  extrusion billet, the company said.
  

"
test/19331	0	acq	"PRIMERICA <PA> COMPLETES SMITH BARNEY TAKEOVER
  Primerica Corp said it
  completed the previously announced acquisition of Smith Barney
  Inc for 750 mln dlrs in cash.
      Primerica, wh ich changed its name in April from American
  Can Co, said Smith Barney, Harris Upham and Co Inc, wholly
  owned by Smith Barney Inc, will add more than 100 domestic and
  overseas branch offices.
  

"
test/19334	0	acq	"KING WORLD <KWP> HAS FINANCING FOR OFFER
  King World Productions Inc said it will
  finance the repurchase of up to 7,600,000 of its shares
  announced earlier today through cash on hand and about 200 mln
  dlrs of bank borrowings, for which it has received commitments
  from First Chicago Corp <FNB> and Bank of New York <BK>.
      The company today started a tender offer for up to
  4,100,000 shares at 28 dlrs each and agreed to buy up to
  3,485,085 more shares from members of the King family and
  management, who together own a total of 13.9 mln shares.  All
  the shares being repurchased amount to about 25 pct of King
  World's stock.
  

"
test/19341	0	acq	"MURPHY OIL <MUR> TO ACQUIRE CANADIAN SUBSIDIARY
  Murphy Oil Corp said its board
  proposed a reorganization in which it would acquire the 23 pct
  of common shares of its Canadian subsidiary not owned by the
  parent.
      Under the proposal, which would be undertaken as a
  court-approved plan of arrangement, shareholders of Murphy Oil
  Co Ltd of Calgary, Alberta, Canada, would be offered the option
  to receive 31 dlrs (Canadian) a share cash or the equivalent
  market value of common shares of the parent company.
  

"
test/19343	0	acq	"INVESTOR SELLS 10 PCT RB <RBI> STAKE
  Jeffrey Neuman, of Santa Monica,
  Calif., told the Securities and Exchange Commission he sold his
  entire RB Industries Inc stake of 341,210 shares, or 10.0 pct,
  of the total outstanding.
      Neuman, who transferred the stock nearly two years ago to
  the Tudor Trust, of which he is trustee, said the trust sold
  the entire stake in a private deal on June 9 at 11.00 dlrs a
  share.
  

"
test/19344	0	acq	"FORTUNE FIN'L <FORF.O> UNIT MAKES ACQUISITION
  Fortune Financial Group Inc said
  its Fortune Savings Bank acquired a Financial Security Savings
  and Loan Association branch in Sunrise, Fla.
      Terms were not disclosed.
      The new Fortune Savings Bank office had about 40 mln dlrs
  in deposits as of June 5.
      Meanwhile, acquisition of Marine Savings and Loan
  Association of Florida, with four offices in Naples, Fla, is
  awaiting regulatory approval.
  

"
test/19351	0	acq	"GROUP HAS 5.1 PCT OF AMERICAN PHYSICIANS<AMPH.O>
  A group led by Far Hills, N.J.,
  investors Natalie and Paul Koether told the Securities and
  Exchange Commission it has acquired 299,523 shares of American
  Physicians Service Group Inc, or 5.1 pct of the total.
      The Koether group said it bought the stock for 1.0 mln dlrs
  for ""capital appreciation"" and may buy more.
      The group also said Paul Koether met on June 8 with
  management representatives for talks that included the
  company's business, potential acquisitions for the company,
  possible opportunities to expand the company and the
  possibility of Koether being named to its board.
      The group did not say whether the talks resulted in any
  agreements.
      As they have done in several SEC filings concerning other
  companies in which they have had a stake, the Koethers said
  they reserve the right ""to take any actions which they deem
  appropriate to maximize the value of the shares,"" but said they
  have no current plans about taking any action.
      While they may buy more American Physicians shares, the
  Koethers also said they may decide to sell some or all of the
  their stake in the company.
  

"
test/19352	0	acq	"BARCO DIRECTORS APPROVE BUYOUT OFFER FROM SENIOR
MANAGEMENT
 

  BARCO DIRECTORS APPROVE BUYOUT OFFER FROM SENIOR
  MANAGEMENT
   
  

"
test/19356	0	acq	"IRWIN JACOBS SAYS HE HOLDS LESS THAN FIVE PCT OF GILLETTE

  IRWIN JACOBS SAYS HE HOLDS LESS THAN FIVE PCT OF GILLETTE
  

"
test/19357	12	earn	"COSTCO WHOLESALE <COST.O> 3RD QTR MAY 11 NET
  Oper shr two cts vs three cts
      Oper net 529,000 vs 579,000
      Sales 322.0 mln vs 173.8 mln
      Nine mths
      Oper shr six cts vs eight cts
      Oper net 1,619,000 vs 1,700,000
      Sales 875.1 mln vs 482.3 mln
     
      Note: oper data does not include extraordinary gains from
  tax loss carryforwards of 291,000 dlrs, or one ct per shr, vs
  316,000 dlrs, or one ct per shr in qtr and 890,000 dlrs, or
  four cts per shr vs 992,000 dlrs, or four cts per shr in nine
  mths.
  

"
test/19358	4	cocoa	"ICCO buffer stock manager to buy 5,000
tonnes cocoa Monday, June 22 - official


  ICCO buffer stock manager to buy 5,000
  tonnes cocoa Monday, June 22 - official
  
  

"
test/19359	0	acq	"SITHE TO RAISE ENERGY FACTORS <EFAC> STAKE
  Sithe-Energies LP said it has signed
  an agreement under which it will increase its interest in
  Energy Factors Inc to 70.0 pct from 53.4 pct now by investing
  100 mln dlrs in Energy Factors stock.
  

"
test/19360	0	acq	"BARCO <BRC> BOARD APPROVES LEVERAGED BUYOUT
  Bacro of California said its
  board approved an offer from its chairman Kenneth Donner and
  President Michael Donner to purchase all the outstanding Barco
  common shares at 5.05 dlrs per share in a leveraged
  transaction.
      The Donners currently own about 44 pct of the company's
  outstanding shares, Barco said.
      It also said vice chairman David Grutman and family
  members, who own about 28 pct of Barco's shares, have agreed to
  sell their stock for the offering price.
  

"
test/19364	0	acq	"IRWIN JACOBS HAS GILLETTE <GS> STAKE
  Investor Irwin Jacobs said he has an
  investment in Gillette Co amounting to less than five pct of
  the consumer products company's stock.
      Jacobs, who made his comment in response to an enquiry, did
  not comment further.
      Yesterday, Gillette rebuffed a takeover proposal from
  Revlon Inc. Under an agreement between the two companies,
  Revlon must have the permission of Gillette's board before
  making an offer to shareholders. The board declined to grant
  that permission.
     
      Gillette has been the topic of takeover speculation for
  several weeks. Its stock has traded heavily, and arbitragers
  said they believe Jacobs may not be the only investor who has a
  sizeable position in the company.
  

"
test/19365	12	earn	"RAPITECH SYSTEMS INC <RPSY.O> 3RD QTR LOSS
  April 30 end
      Shr losses not given
      Net loss 449,000 vs loss 155,000
      Revs 84,000 vs 52,000
      Nine mths
      Shr losses not given
      Net loss 810,000 vs loss 394,000
      Revs 173,000 vs 144,000
  

"
test/19368	0	acq	"VR <VRBB.O> CLOSES STOCK SALE TO VR ACQUISITION
  VR Business Brokers Inc said it
  closed the sale of a controlling interest in its comon and
  preferred stock to VR Acquisition Corp, a Delaware corporation
  controlled by an investment group led by C. Robin Relph of
  London.
      Under the agreement dated April 28, VR Business agreed to
  sell 5,008,120 shares of common stock and 11,846 shares of 10
  pct cumulative stock.
      VR Business said it issued 3,964,000 shares of common stock
  and 11,846 shares of preferred stock, with the remaining shares
  of common to be listed within the next week to 10 days.
  

"
test/19369	0	acq	"MICROWAVE LABORATORIES INC <MWAV.O> 4TH QTR NET
  April 30 end
      Shr 12 cts vs eight cts
      Net 316,655 vs 148,567
      Sales 2,011,195 vs 1,422,719
      Avg shrs 2,738,864 vs 1,881,296
      Year
      Shr 43 cts vs 49 cts
      Net 1,006,356 vs 918,290
      Sales 7,059,446 vs 5,441,408
      Avg shrs 2,329,329 vs 1,881,296
  

"
test/19371	30	lumber	"WORLD BANK LOANS UGANDA 13 MLN DLRS
  The World Bank said it has loaned
  Uganda 13 mln dlrs through the International Development
  Association (IDA), the bank's concessionary lending affiliate.
      The IDA loan will support a project that hopes to preserve
  the country's natural forests and meet its demand for wood
  products by rehabilitating Uganda's forestry management agency,
  the bank said.
      It also said the project plans to increase the area and
  management of protected forests, establish pilot wood farms and
  nurseries, and rehabilitate soft wood plantations.
  

"
test/19373	45	sugar	"FAIRLY HECTIC WEEK IN RAW SUGAR, WOODHOUSE SAYS
  It has been a fairly hectic trading week
  in raw sugar with China paying market levels for nearby
  shipments, London trader, Woodhouse, Drake and Carey, said in
  its weekly report.
      July shipment Thai raws traded to China early in the week
  at fob levels equivalent to 20/25 points discount to July New
  York futures, it said. Mid-week saw these same sales covered by
  the trade at 10/15 points discount.
      Enquiries for July/Sep 15 raw sugars then filtered in and
  here again, traded values rose quickly from 13 points premium
  to New York July up to 18, Woodhouse said.
      In the Western Hemisphere, both Dominican Republic and
  Mexican nearby raws were bid 15 points discount to July New
  York and offered five points under, but in limited trading, it
  said.
      All the action of the past week has been in the Far East
  raws market whereas the whites market saw little fresh prospect
  of nearby offtake, Whitehouse added.
  

"
test/19374	12	earn	"PASSPORT TRAVEL INC <PPTI.O> 2ND QTR MAY 31 NET
  Shr profit six cts vs loss one ct
      Net profit 80,939 vs loss 12,808
      Rev 7.0 mln vs 6.3 mln
      Six months
      Shr profit eight cts vs loss one ct
      Net profit 101,345 vs loss 10,460
      Rev 13.2 mln vs 12.5 mln
  

"
test/19375	12	earn	"SAVOY INDUSTRIES INC <SAVO.O> 1ST QTR LOSS
  Oper shr loss 32 cts vs loss 17 cts
      Oper net loss 2,999,000 vs loss 1,692,000
      Sales 10.3 mln vs 11.5 mln
      Avg shrs 9,517,000 vs 9,905,000
      NOTE: 1986 Operating loss excludes profit of 3,688,000
  dlrs, or 37 cts a share, from discontinued operations
  

"
test/19377	48	trade	"LATIN, CARIBBEAN NATIONS OPPOSE TRADE BILLS
  A group of Latin American and
  Caribbean nations formally opposed trade legislation pending in
  Congress, saying it would curb their exports, slow development
  and hinder its ability to repay foreign debt.
      Mario Rodriguez Montero, president of an Organization of
  American States special committee on trade, said he was aware
  of the large U.S. trade deficit, but added ""the region should
  not be the one affected by the trade bills.""
      He said the causes of the deficit were the strong dollar
  and the budget deficit, and ""it is regrettable to solve it by a
  trade bill that would only serve private U.S. interests.""
      Rodriguez made the comment at a news conference after two
  days of meetings with U.S. officials on trade bills now in
  Congress that are designed to reduce the U.S. trade deficit,
  which last year hit a record 166.3 billion dlrs.
      Congressional observers say the bills are aimed mainly at
  Japan, Taiwan, South Korea and a few other nations with large,
  annual trade surpluses with the United States.
      Mexico, Brazil and Venezuela are the only Latin nations
  with large trade surpluses last year with the United States,
  but even Mexico, with the largest, had a surplus of only 5.2
  billion dlrs, against Japan's of 58.6 billion dlrs.
      The European Community has also opposed the bills.
      Rodriguez said the Latin and Caribbean nations backed the
  Reagan Administration's opposition to many of the sections in
  the legislation, including those to curb imports and to require
  retaliation for foreign unfair trade practices.
      He told reporters the committee would likely mount a
  campaign to fight the legislation when it comes up for debate
  on the Senate floor, expected next week.
      Rodriguez said ""the region needs trade to continue
  development.  We hope this need will not be affected negatively
  by trade legislation.""
      Rodriguez said: ""we need to keep the market opens -
  especially the U.S. market - to obtain the necessary foreign
  exchange not only to service the debt but also to continue
  national development progress.""
      President Reagan has said he would veto any legislation he
  termed ""protectionist,"" and his aides now are mounting a effort
  to water down some of the objectionable provisions in the
  legislation.
      Asked whether Reagan was ready to cast a veto, Rodriguez
  said as yet ""the administration is not in a veto frame of mind.""
  

"
test/19378	0	acq	"REED INTL DENIES BID APPROACH
  Reed International Plc <REED.L> denied
  rumours on the U.K. Stock market that it was the target of a
  takeover bid and said it had received no approach.
      ""In view of the increase in our share price today, I want to
  make clear that we have not received any bid approaches,"" Reed's
  chairman Leslie Carpenter said in a statement.
      Rumours that U.S. Publisher Harcourt Brace Jovanovich Inc
  <HBJ> might bid for Reed, a paper and printing company, pushed
  Reed shares up 54p at 600p at one stage today before they eased
  back to 564p at the close against a background of a widespread
  decline in U.K. Equity prices.
      Share market analysts said speculators were buying the
  stock on belief that Harcourt would bid for Reed in an effort
  to escape the unwelcome two billion dlr bid from Robert
  Maxwell's British Printing and Communication Corp <BPCL.L>.
      Such a move would have made Harcourt too big for BPCC to
  take it over, analysts added.
      They also said there was some speculation that if BPCC's
  bid for Harcourt was unsuccessful, it could turn its attention
  to Reed.
  

"
test/19379	0	acq	"APPLIED DATA <ADCC.O> TO BUY DATELINE
  Applied Data Communications said
  it agreed to acquire privately-held Dateline Technology Inc of
  Redmond, Wash., for an undisclosed amount of cash and stock.
      Dateline Technology designs and sells high-capacity,
  high-speed computer peripheral subsystems, primarily for data
  storage, Applied Data said.
  

"
test/19380	0	acq	"GULF AND WESTERN <GW> UPS INTEREST IN NETWORK
  USA Network, today said it has acquired
  Time Inc's <TL> one-third interest in the network.
      The network, formerly a joint venture between Time, Gulf
  and Western Inc and MCA Inc <MCA>, said that Gulf and Western
  and MCA, who each previously held a one-third interest, now
  will jointly own USA Network on a 50/50 basis.
      Terms were not disclosed, USA Network said.
      USA Network is an advertiser-supported, entertainment basic
  cable network, reaching 39 mln homes on 8,500 cable systems.
  

"
test/19381	0	acq	"TEKTRONIX <TEK> BEGINS DUTCH AUCTION TENDER
  Tektronix Inc said it began its
  previously announced Dutch Auction cash tender offer for up to
  10 mln of its own common shares.
      Under the terms of the offer the company will select a
  single cash purchase price for the stock, based on the number
  of shares tendered, not to exceed 40 dlrs per share or be lower
  than 35 dlrs per share, Tektronix said.
      The company also said it does not intend to spend more than
  380 mln dlrs for the shares tendered.
      It further stated that the tender offer expires on July
  eight, unless extended.
  

"
test/19383	0	acq	"KAY <KAY> TO ACQUIRE SPECIALTY FASTENER FIRM
  Kay Corp said its Balfour, Maclaine
  International Ltd subsidiary signed a letter of intent to
  acquire certain assets of a privately-owned distributor of
  specialty fasteners for about 13 mln dlrs plus management
  incentives, which it did not disclose.
      Kay said the firm has annual sales of about 15 mln dlrs.
      Kay also said it is pursuing private placement of debt
  securities for a number of corporate purposes.
  

"
test/19386	0	acq	"NEW ENGLAND CRITICAL CARE <NECC.O> BUYS NPO
  New England Critical Care Inc
  said it completed its purchase of NPO Therapies Inc of Salt
  Lake City.
      The company said that NPO Therapies' president and founder,
  Kelly Mutchie, has joined New England Critical Care as regional
  vice president covering the western United States.
      NPO Therapies provides home infusion therapy services.
  

"
test/19387	5	coffee	"COLOMBIA HELPFUL BUT COFFEE QUOTAS UNCERTAIN--U.S.
  A U.S. government trade official
  responsible for coffee policy said prospects for an accord on
  coffee quotas are still uncertain despite recent Colombian
  efforts to bridge differences between producers and consumers.
      Jon Rosenbaum, an assistant U.S. trade representative just
  back from trade talks in Colombia, said most producing
  countries now accept some sort of standardized criteria must be
  agreed to reintroduce coffee quotas.
      ""There is one country which evidently still does not,""
  Rosenbaum said in an obvious reference to Brazil, which has
  been negative recently on a reintroduction of quotas.
      Rosenbaum said because of the stance of Brazil the outlook
  for an agreement to reintroduce coffee quotas at the September
  International Coffee Organization meeting is hard to predict.
      He said that during the visit to Bogota he held technical
  discussions with Colombian officials.
      While he did not meet with Jorge Cardenas, head of the
  Colombian coffee producers federation, who was in Europe,
  Cardenas left a ""positive letter,"" Rosenbaum said.
      The Cardenas letter responded to a U.S. letter last month
  which praised Colombia for trying to find a compromise formula
  for the reintroduction of quotas, but outlined several concerns
  with the technical details of the Colombian plan.
      Rosenbaum could not be reached later in the day for comment
  on a new formula for calculating ICO quotas agreed to by
  European coffee roasters and traders.
      Dutch coffee trade association chairman Frits van Horick
  said in Amsterdam the new formula is based on six year moving
  averages and would give Brazil an unchanged export quota for
  the remaining to years of the current coffee agreement.
      The U.S. has said it will not agree to any coffee quotas
  unless ""objective criteria"" which reflect recent changes in the
  coffee market are used to set export limits.
  

"
test/19406	0	acq	"DAYTON HUDSON SAID IT TOLD BUYER OF STOCK IT's not
INTERESTED IN BEING ACQUIRED

  DAYTON HUDSON SAID IT TOLD BUYER OF STOCK IT's not
  INTERESTED IN BEING ACQUIRED
  

"
test/19409	0	acq	"PACIFIC BASIN TO ACQUIRE 51 PCT OF T.E.A.M.
  <Pacific Basin Development Corp>, based
  in Vancouver, British Columbia, said it reached an agreement to
  buy 51 pct of T.E.A.M. Pacific Corp and its marketing arm for
  4.2 mln U.S. dlrs.
      Pacific also said it expects ot earn three mln Canadian
  dlrs for the year ended June 30, 1988 and 10 mln Canadian dlrs
  for the year ended June 1989.
      T.E.A.M., a former Signetics Corp unit, assembles
  integrated circuits in Southeast Asia and is itself buying an
  assembler. Pacific said T.E.A.M. expects to earn over 80 mln
  Canadian dlrs per year when the acquisition is completed.
  

"
test/19410	12	earn	"ANDERSEN GROUP INC <ANDR.O> 1ST QTR MAY 31
  May 31
      Shr loss 13 cts vs loss 4 cts
      Net loss 225,000 vs loss 80,000
      Revs 11.8 mln vs 10.4 mln
      Avg shrs 1,789,165 vs 1,789,455
  

"
test/19411	0	acq	"DAYTON HUDSON <DH> NOT INTERESTED IN ACQUISITION
  Dayton Hudson Corp, in a
  letter to employees, said it told an ""aggressive buyer"" of the
  company's stock that it does not want to be acquired.
      A Dayton Hudson spokeswoman would not identify the buyer,
  but Wall Street sources said Dart Group Corp <DARTA.O> was the
  company interested in buying Dayton Hudson stock.
      The Wall Street sources said the Dart Group is expected
  soon to file a statement with the Securities and Exchange
  Commission on its accumulation of Dayton Hudson stock.
      According to the letter to company employess, Dayton Hudson
  management has moved in two directions to fend off a takeover.
  According to the letter, chairman Kenneth Macke expressed to
  the group buying its stock the company's desire to remain
  independent.
      Dayton Hudson Thursday night met with Minnesota governor
  Rudy Perpich, appealing for legislative help.
      A spokesman for Governor Perpich earlier said the governor
  is expected later today to recommend stiffening the state's
  anti-takeover law to help the Minneopolis retailer defend
  itself.
      Minnesota House speaker designate said the legislators
  would probably look at language similar to that contained in
  Indiana and New York law. He said any amendment proposed would
  probably be designed to thwart a company from dismantling a
  company for its own profit.
     ""Obviously Dayton-Hudson people feel whatever statutes we
  have would not protect them enough,"" Vanasek said.
  

"
test/19412	0	acq	"BARNETT BANKS <BBF> FILES AGAINST FEDERAL BOARD
  Barnett Banks Inc and Home
  Federal Bank of Florida said they filed a suit against the
  Federal Home Loan Bank Board and the Federal Savings and Loan
  Insurance Corp.
      The companies said the suit asks a Jacksonville, Fla.,
  federal district court to enjoin the enforcement of an
  interpretive rule adopted by the FHLBB last year which seeks to
  give it jurisdiction over Barnett's proposed acquisition of
  Home.
      The suit says this rule is arbitrary and capricious.
  

"
test/19416	33	money-supply	"U.S. BUSINESS LOANS FALL 896 MLN DLRS IN JUNE 10 WEEK,
FED SAYS


  U.S. BUSINESS LOANS FALL 896 MLN DLRS IN JUNE 10 WEEK,
  FED SAYS
  
  

"
test/19418	32	money-fx	"U.S. BUSINESS LOANS FELL 896 MLN DLRS
  Business loans on the books of major
  U.S. banks, excluding acceptances, fell 896 mln dlrs to 275.61
  billion in the week ended June 10, the Federal Reserve Board
  said.
      The Fed said that business loans including acceptances fell
  546 mln dlrs to 278.12 billion dlrs.
  

"
test/19419	0	acq	"JUDGE TO RULE MONDAY ON BURLINGTON <BUR> CASE
  Manhattan Federal Court Judge Shirley
  Wohl Kram said she would rule Monday on whether to grant a
  request to block a 78 dlr per share merger agreement between
  Burlington Industries Inc and Morgan Stanely Group Inc <MS>.
      The request to bar the merger was made by Samjens
  Acquisition Corp, a partnership formed by financier Asher B.
  Edelman and Dominion Textiles Inc. Samjens has made a hostile
  77 dlr per share takeover bid for Burlington.
  

"
test/19420	0	acq	"<K.G. SAUR> SELLS ASSETS TO REED INTERNATIONAL
  K.G. Saur, the German-based publisher
  of databases and legal and bilbiographic reference material,
  said it has sold all of its assets to The Butterworth Group, a
  division of Reed International PLC <REED.L>, for under 15 mln
  dlrs.
      Saur said Klaus Saur, president and owner of the company,
  will remain president of Saur operations in Munich, London and
  New York.
  

"
test/19422	12	earn	"AEL INDUSTRIES INC <AELNA.O> FIRST QTR NET
  Shr 10 cts vs four cts
      Net 419,000 dlrs vs 196,000 dlrs
      Revs 27.3 mln dlrs vs 25.9 mln dlrs
      Note:the first quarter ended May 29
  

"
test/19424	12	earn	"NATIONAL VIDEO INC <NVIS.O> YEAR NET
  Shr four cts vs nine cts
      Net 125,465 dlrs vs 245,718 dlrs
      Revs 8.4 mln dlrs vs 7.8 mln dlrs
      Note:the fiscal year ended March 31
  

"
test/19426	0	acq	"ARCHER-DANIELS <ADM> DENIES RUMOR
  Archer-Daniels-Midland Co denied a
  report that it is interested in acquiring International
  Minerals and Chemical Corp (IGL).
      ""We have no interest in International Minerals or any of
  its divisions,"" a spokesman told Reuters. ""We've had no
  conversations with them.""
      USA Today reported that Archer-Daniels-Midland might be
  seeking a hostile takeover of International Minerals.
  

"
test/19427	12	earn	"KAUFEL GROUP LTD (KGL.M) 3RD QTR NET
  Shr 15 cts vs 10 cts
      Net 1,790,824 vs 1,031,602
      Revs 14.0 mln vs 6.7 mln
      Nine mths
      Shr 41 cts vs 23 cts
      Net 4,830,513 vs 2,296,192
      Revs 40.5 mln vs 15.4 mln
      Avg shrs 12.0 mln vs 10.5 mln
  

"
test/19428	0	acq	"GROUP CUTS ZONDERVAN<ZOND.O> STAKE TO 3.8 PCT
  One of several investor groups
  formerly associated with London investor Christopher Moran in
  his unsuccessful bid to take over Zondervan Corp last year,
  said it cut its stake in the company to less than five pct.
      In a filing with the Securities and Exchange Commission,
  the group, led by investors Lawrence Altschul and James
  Apostolakis, said it cut its Zondervan stake to 157,500 shares,
  or 3.8 pct of the total, from 246,500 shares, or 5.9 pct.
      The group, which earlier this month said in an SEC filing
  it wanted join with other groups to maximize share values, said
  it sold 89,000 shares between June 9 and 15 for 1.5 mln dlrs.
      The group had joined with the Moran group, which last year
  assembled a combined 44 pct stake in Zondervan during its
  unsuccessful takeover try.
      Last month, the Moran group broke up and splintered into
  various factions. Moran himself withdrew from the takeover
  effort and last reported his personal stake at 4.8 pct.
      A group led by Miwok Capital Corp, a California broker with
  a 10.6 pct stake, and another one led by Minneapolis
  stockbroker Jeffrey Wendel with 2.6 pct, have both made recent
  SEC filings saying they are seeking agreements with other
  parties who may want to seek control of the company.
  

"
test/19432	0	acq	"NEW LEADER COMING TO U.S. SEC IN CHALLENGING ERA
  President Reagan's nominee as top
  policeman for the nation's securities markets will inherit an
  agency challenged by an insider trading scandal, wild stock
  price gyrations and a host of uncertainties stemming from the
  globalization of financial markets.
      David Ruder, a 58-year-old Republican law professor at
  Northwestern University in Evanston, Ill., was named Thursday
  to be the 23rd chairman of the five-member U.S. Securities and
  Exchange Commission.
      If confirmed by the Senate, as expected, he will succeed
  John Shad, who left the agency earlier this week after a record
  six years as chairman to become ambassador to the Netherlands.
      The SEC has been in the limelight for the past year as its
  investigators have probed into the most colossal insider
  trading scandal ever uncovered on Wall Street.
      The investigation, which is still active, mushroomed in
  recent months as a growing number of well known traders and
  prominent investment banking firms have been charged with
  wrongdoing.
      The pace of the probe picked up markedly in November after
  Ivan Boesky, one of Wall Street's most successful stock
  speculators, agreed to cooperate with government investigators
  and to pay a record 100 mln dlrs in penalties and illegal
  profits after being charged with insider trading.
      But the agency is also wrestling with a vexing new
  phenomenon of huge and rapid swings in stock prices, spurred by
  computer-driven trading strategies that span markets in 
  securities, options and futures. The price gyrations have
  combined with rising trading volumes to bring unprecedented
  volatility to some U.S. securities markets.
      At the same time, the SEC is being pressed by some
  lawmakers to put a stop to abusive tactics in corporate
  takeover contests as an unrelenting wave of such takeovers
  steadily reshapes the U.S. corporate landscape.
      And the agency is being pushed by U.S. and foreign
  exchanges intent on expansion to lay the regulatory groundwork
  for an international securities marketplace in which trading
  occurs across borders throughout the world, around the clock.
      Such worldwide trading networks offer vast new investment
  opportunities but could strain the SEC's ability to enforce
  U.S. securities laws and guard investors from fraud.
      Under the leadership of Shad, the SEC eased financial
  disclosure requirements for publicly traded companies,
  eliminated many minor investor protection rules, attempted to
  spur competition among exchanges and streamlined the agency's
  review of hostile corporate takeovers.
      Shad, who had been vice chairman of the E. F. Hutton
  investment banking firm, brought a Wall Street perspective to
  the agency upon being named chairman in 1981.
      In line with the views of other top administration
  officials, he favored marketplace determination of takeover
  battles over new federal regulations.
      The SEC under Shad also stressed prosecution of insider
  trading violations over the corporate wrongdoing cases that
  topped the agency's enforcement agenda during the
  administration of President Jimmy Carter, a Democrat.
      Securities lawyers and industry officials acquainted with
  Ruder say the new chairman-designate is unlikely to
  significantly alter the commission's current priorities.
      The SEC currently has about 2,000 employees, most of them
  lawyers, and an annual budget of about 115 mln dlrs though that
  figure likely will be significantly higher next year as the
  agency moves to beef up its enforcement staff.
      The agency is one of the few in the government that
  actually has taken in more money than it has spent in the past
  few years because of fees it charges public companies,
  investment banks and other securities firms it regulates.
      The SEC is structured as an independent regulatory agency,
  meaning that its five commissioners are appointed by the
  president to fixed five-year terms and protected from firing
  for policy differences alone.
      By law, no more than three commissioners may be of the same
  political party, and the agency prepares its own budget request
  each year instead of leaving this to the White House.
      Established by Congress in 1934, the SEC traces its origins
  to the great stock market crash of 1929, which was attributed
  in large part to widespread trading on credit and attempted
  market manipulations by large investment firms.
      The agency requires public companies and investment
  vehicles such as mutual funds to issue periodic reports on
  their financial condition and to disclose changes in their
  condition any time they issue new securities.
      It requires brokers, dealers and investment banks to
  register with it and comply with investor protection rules, and
  it polices exchanges and regulates trading practices.
      Its first chairman was Joseph Kennedy, an industrial
  magnate who was also the father of John Kennedy, later to
  become the nation's 35th president.
      Other former chairmen include William Douglas, who served
  from 1937 until his appointment to the U.S. Supreme Court in
  1939, and William Casey, who served during President Nixon's
  first term and was Reagan's director of the Central
  Intelligence Agency until his death earlier this year.
  

"
test/19433	48	trade	"U.S. ASKS CONGRESS TO REVISE TARIFF CATEGORIES
  The Administration asked Congress to
  replace the U.S. tariff schedule with a new system to bring it
  into line with international tariff categories, U.S. Trade
  Representative Clayton Yeutter said.
      The new system will add such items as fiber optics and more
  accurately define new composites, items not widely traded when
  the current schedule was devised some 30 years ago.
      Yeutter said the Harmonized System, as the new schedule is
  called, will change tariff categories and definitions to meet
  the present-day needs of exporters and importers, but they
  should pay about the same rates of duties.
      Yeutter said, ""American exporters will find it far easier to
  deal with one standardized worldwide system than the variety of
  differing systems which they now face.""
      He said the new system ended 12 years of multinational
  negotiations to create the unified tariff schedule.
      Yeutter said government and business moves are based on
  data from tariff schedules and the new system will improve
  knowledge of trade flows and the quality of decision-making.
      He said 56 nations pledged to bring their standards under
  the new system, with about half expected to join the system by
  January 1988.
  

"
test/19435	0	acq	"SERVICE RESOURCES<SRC> UNIT CUTS SORG<SRG> STAKE
  A group led by Chas. P. Young Co, a
  subsidiary of Service Resources Corp, said it cut its stake in
  Sorg Inc to 366,700 shares, or 16.7 pct of the total
  outstanding common stock, from 385,000 shares, or 17.5 pct.
      In a filing with the Securities and Exchange Commission,
  Young, which yesterday withdrew its 23 dlr a share takeover
  proposal, said its other group member, SDI Partners Ltd
  Partnership, sold 18,300 Sorg common shares between June 16 and
  18 at 17-1/2 to 19 dlrs each.
  

"
test/19440	12	earn	"DWI CORP <DWIC.O> 3RD QTR MARCH 31 NET
  Shr profit nil vs loss two cts
      Net profit 39,617 vs loss 200,740
      Revs 619,076 vs 491,085
      Nine Mths
      Shr loss nil vs loss five cts
      Net loss 68,293 vs loss 434,087
      Revs 1,614,960 vs 1,791,148
  

"
test/19441	0	acq	"FIRM HAS SUPREME EQUIPMENT <SEQP.O> STAKE
  Towle and Co, a St. Louis, Mo.,
  investment advisory firm, told the Securities and Exchange
  Commission it has acquired 55,900 shares of Supreme Equipment
  and Systems Corp, or 5.1 pct of the total outstanding.
      Towle said it bought the stock for investment purposes on
  behalf of its advisory clients.
  

"
test/19447	0	acq	"SICO <SIC.TO> TO BUY REICHOLD <RCI> UNIT ASSETS
  Sico Inc said it agreed in principle
  to buy the U.S. assets of Reichold Chemicals Inc's Sterling
  Group, which manufactures electrical insulation compounds and
  industrial resins and develops coatings for the electronics
  industry. Terms were undisclosed.
      Sico said it acquired Sterling Group's Canadian assets in
  February.
      It said the U.S. acquisition adds about 15 mln dlrs to its
  annual sales volume.
  

"
test/19448	0	acq	"INVESTOR GROUP DUMPS SILICON <SLCN.O> STAKE
  A group of Boston investors and
  investment partnerships told the Securities and Exchange
  Commission it sold its entire stake in Silicon Systems Inc of
  410,000 shares, or 6.0 pct of the total outstanding.
      The group, which includes HLM Associates, HLM Associates II
  and their three general partners, said it sold the stock
  between April 22 and June 9 at 9.00 to 9.125 dlrs a share as
  the result of an investment decision.
  

"
test/19450	12	earn	"SHIRMAX FASHIONS LTD <SHX.M> 1ST QTR NET
  qtr ended May 2
      Oper shr three cts vs 11 cts
      Oper net 333,000 vs 885,000
      Revs 14.9 mln vs 12.2 mln
      Note: Latest qtr exludes writeoff of 735,000 dlrs from
  store renovation.
  

"
test/19451	0	acq	"GROUP UPS STAKE IN TANDY BRANDS <TAB> TO 6.9 PCT
  A group of companies including
  Chicago-based Coronet Insurance Co and Sunstates Corp, a
  Jacksonville., Fla., real estate firm, said it raised its stake
  in Tandy Brands Inc to 175,900 shares, or 6.9 pct of the total.
      In a filing with the Securities and Exchange Commission,
  the group said it bought 43,600 Tandy common shares between May
  21 and June 9 for 633,333 dlrs in addition to the 132,300
  shares, or 5.2 pct, it had held previously.
  

"
test/19453	0	acq	"GATEWAY <GMSI.O> RECINDS OFFER FOR WESTWORLD
  Gateway Medical Systems Inc said it has
  withdrawn its May 27 offer to acquire <Westworld Community
  Healthcare Inc>.
      The company said it remains interested in acquiring the
  Westworld's hospitals and will attempt to continue negotiations
  with Westworld.
  

"
test/19458	5	coffee	"RIO DE JANEIRO - IBC ESTIMATES 1987-88
COFFEE CROP AT 35.2 MLN BAGS

  RIO DE JANEIRO - IBC ESTIMATES 1987-88
  COFFEE CROP AT 35.2 MLN BAGS
  

"
test/19459	12	earn	"<BOWER INDUSTRIES INC> 1ST QTR NET
  Shr profit six cts vs loss 18 cts
      Net profit 156,000 vs loss 212,000
      Revs 5,094,000 vs 5,669,000
  

"
test/19461	0	acq	"WPP GROUP EXTENDING EXPIRATION OF ITS MERGER PROPOSAL TO
JWT GROUP UNTIL JUNE 22

  WPP GROUP EXTENDING EXPIRATION OF ITS MERGER PROPOSAL TO
  JWT GROUP UNTIL JUNE 22
  

"
test/19462	0	acq	"JOE FRANKLIN AND ASSETS DEVELOPMENT TO MERGE
  Privately-held Joe Franklin Productions
  Inc said it entered into a preliminary agreement to merge with
  Assets Development Corp, a public company.
      Terms were not disclosed.
      The companies said they expected the merged group to
  qualify for listing on NASDAQ.
  

"
test/19463	34	nat-gas	"TENNECO TO BECOME OPEN ACCESS TRANSPORTER OF NATURAL GAS

  TENNECO TO BECOME OPEN ACCESS TRANSPORTER OF NATURAL GAS
  

"
test/19464	0	acq	"DART GROUP DECLINES COMMENT ON DAYTON HUDSON<DH>
  Dart Group Corp <DARTA.O> said it has
  no comment on reports the company has been accumulating shares
  of Dayton Hudson Corp.
      Dayton Hudson said in a letter to shareholders it told an
  ""aggressive buyer"" of its stock that it does not want to be
  acquired.
      Wall Street sources have identified the buyer as Dart,
  which earlier this year was thwarted in a takeover attempt for
  the now privately held Supermarkets General Corp.
  

"
test/19466	12	earn	"RISE TECHNOLOGY INC <RTEK.O> 1ST QTR LOSS
  Shr loss 33 cts vs loss one ct
      Net loss 320,000 vs loss 8,000
      revs 822,000 vs 405,000
  

"
test/19470	0	acq	"WPP GROUP PLC EXTENDS ITS OFFER FOR JWT <JWT>
  <WPP Group Plc> said it is extending
  its 50.50 dlrs a share offer for JWT Group Inc until midday
  June 22.
      The company temporarily extended the offer on June 17 but
  did not give an expiration date.
      Its 45 dlrs a share offer for JWT, which has been rejected
  by JWT, expires on July 10.
  

"
test/19471	34	nat-gas	"TENNECO <TGT> TO TRANSPORT GAS ON OPEN ACCESS
  Tenneco Inc said Tennessee Gas Pipeline
  Co, its largest interstate natural gas pipeline, will transport
  natural gas under the open access rules of the Federal Energy
  Regulatory Commission, FERC.
      In open access, gas pipelines serve purely as a transport
  company, moving gas from suppliers to customers. Pipelines also
  transport its own gas to customers.
      Earlier this week, Transco Energy Co <T> rejected the FERC
  guidelines, saying it would not offer open access until the
  regulatory body offers a solution to the exposure it faces for
  gas it has bought but could not sell.
      The exposure faced by the industry stems from take or pay
  contracts, under which pipelines bought gas on long-term
  contracts they could not sell. The problem grew severe as
  customers won cheaper sources of gas because of open access.
      Some industry analysts speculated earlier this week that
  Tenneco might follow Transco's lead and close its pipelines to
  open-access because of the take-or-pay issue.
      But Tenneco today said open access ""is one of the steps
  FERC is taking to restructure the gas industry in the U.S. FERC
  is moving the industry through this restructuring now, even
  before all transitional problems are solved.""
      A spokesman said Tenneco faces 1.7 billion dlrs in exposure
  under the take-or-pay contracts, but he had no specific figure
  for Tennessee Gas, which runs 2,000 miles of pipelines from
  Louisiana and Texas up to New England.
      ""We remain convinced that the most critical transitional
  issue facing the industry--take-or-pay--must be resolved by
  FERC in the near future.
      ""A failure to do so could have grave consequences for the
  industry's continued ability to provide its customers with
  reliable natural gas,"" said Tennessee Gas Transmission Co
  president R.C. Thomas.
  

"
test/19473	0	acq	"MAXICARE <MAXI.O> ENDS PLANS TO SELL UNIT
  Maxicare Health Plans Inc  said
  it ended negotiations to sell Maxicare Alabama L.P. to
  (Complete Health Inc).
      The companies said last week they had reached agreement in
  principle for Complete Health to purchase the health
  maintenance organization, the largest in Alabama.
      Maxicare said the terms would not be in the best interests
  of the heatlh care providers who have built the Alabama HMO.   
   It said it now intends to work with its health care providers
  in Alabama to further develop the HMO.
  

"
test/19474	12	earn	"CHIRON CORP <CHIR.O> 4TH QTR APRIL 30 LOSS
  Shr loss 22 cts vs loss 18 cts
      Net loss 2,494,000 vs loss 1,608,000
      Revs 3,590,000 vs 1,710,000
      Year
      Shr loss 68 cts vs loss 53 cts
      Net loss 7,318,000 vs loss 4,160,000
      Revs 10,503,000 vs 7,134,000
  

"
test/19475	12	earn	"METHODE ELECTRONICS INC <METH.O> 4TH QTR NET
  qtr ended April 30
      Shr nine cts vs 17 cts
      Net 1,026,000 vs 1,840,000
      Revs 25.9 mln vs 26.1 mln
      Year
      Shr 27 cts vs 56 cts
      Net 2,942,000 vs 5,865,000
      Revs 95.7 mln vs 96 mln
  

"
test/19478	15	gnp	"U.S. ECONOMY SLOWDOWN RAISES RECESSION FEARS
  The economy faces lackluster growth
  and the risk of recession this year if the recent improvement
  in U.S. exports should falter, economists say.
      Growth will slow sharply in the next months due to weakness
  in the key housing and auto sectors and could be further
  hampered unless consumer spending picks up, they say.
      ""These factors raise the question: Is there enough strength
  to keep the economy from tipping into a recession?"" said Lyle
  Gramley, chief economist of the Mortgage Bankers
  Association and a former Federal Reserve Board official.
      The Commerce Department said this week that the economy
  grew by a robust 4.8 pct annual rate in the first quarter, but
  a U.S. monetary official called it a weak report.
      Housing starts fell 2.7 pct in May, and consumer spending
  rose a weak 0.1 per cent.
      ""Our two largest visible industries -- autos and housing --
  are faltering, but exports are picking up some of the slack, ""
  Martin Mauro, senior economist for Merrill Lynch Economics,
  told Reuters.
      Gramley said he is worried that consumer spending may slow
  because inflation is rising faster than real wages.
      To offset this, U.S. exports must continue to rise,
  returning enough jobs to the manufacturing sector to boost
  personal income and consumption, he says.
      ""I expect to see enough improvement in real net exports to
  keep a recession from happening, but it is a close call,""
  Gramley said.
      Federal Reserve Board Governor Martha Seger told reporters
  that the apparent strength in the 4.8 pct growth figure was the
  result of a temporary buildup in inventories that will not last
  and said the recovery was showing anemia.
      Seger said that with the recovery stumbling along, ""The pace
  of the economy and the lack of robustness must be factored into
  monetary policy"" - possibly a signal that the Fed will be
  accommodative.
      Most economists predict growth slower than the 3 pct
  forecast by the Reagan administration for 1987 and warn that if
  the dollar drops suddenly, higher inflation will result and add
  to the risk of a recession.
      Mauro said a 0.5 pct rise in industrial production in May
  came despite cutbacks in output in the auto industry, where an
  inventory overhang still exists.
      He says the boost in production came from smaller
  industries like paper, chemicals, and lumber which have
  improved sales overseas due to the drop in the dollar.
      ""They are not going to be enough for any kind of surge in
  economic activity, but I think they will keep us out of a
  recession,"" Mauro said.
      In a speech to financial planners this week, Beryl
  Sprinkel, the chief White House economic adviser, predicted the
  trade deficit will continue to improve.
      ""Prospects for continued economic growth through 1987 and
  into 1988 are still quite favorable,"" he said.
      But private economists raise concerns about a resurgence in
  inflation.
      Allen Sinai, chief economist at Shearson Lehman Brothers
  Inc., told Congress this week that inflation would rise to 4.5
  to five pct this year and stay at that level through 1989 after
  a 1.1 pct increase in 1986.
      The rise is coming from a sharply lower dollar, higher oil
  and energy prices and rising prices for services, he said.
      ""The lesson of history is that once the inflation genie gets
  out of the bottle, it continues to persist,"" he said, adding he
  would like the Fed to tighten credit.
      A major factor affecting inflation is the value of the
  dollar, which should continue to fall and feed inflation, says
  a prominent international banker.
      Rainer Gut, chairman of Credit Suisse, told the National
  Press Club that the dollar's downward trend against the yen and
  the mark will continue for years because the United States is
  the world's largest debtor nation.
      The Swiss banker said the economic indicators point to a
  further slackening of activity and called naive the belief that
  the five-year boom on world equity markets will go on forever.
  ""It is very difficult to be optimistic,"" Gut said.
  

"
test/19480	5	coffee	"BRAZIL COULD EXPORT 19 MLN BAGS OF COFFEE -IBC
  Brazil's coffee exports could amount to
  19 mln bags this year, because of the excellent crop estimate
  of 35.2 mln bags, an IBC spokesman said.
      He said exports could surpass the average annual 18 mln
  bags mark, especially if the final harvest to be conducted in
  October and November confirms the crop at over 35 mln bags.
      He said the average limit of errors for the official crop
  harvest could be set at five pct above or below the first
  estimates officially published today.
      He said the IBC agreed with a request by producers for the
  Institute to ask the government for a monthly indexation of the
  guarantee minimum price.
  

"
test/19482	0	acq	"INVESTMENT PARTNERSHIP UPS FACET <FCT> STAKE
  Charter Oak Partners, a Connecticut
  investment partnership, said it raised its stake in Facet
  Enterprises Inc to 480,000 shares, or 9.6 pct of the total
  outstanding common stock, from 300,000 shares, or 6.0 pct.
      In a filing with the Securities and Exchange Commission,
  Charter Oak said it bought 180,000 Facet common shares on June
  12 at 18.25 dlrs each.
  

"
test/19483	22	interest	"UPTREND REMAINS INTACT FOR DEBT FUTURES
  The six basis point rise of the past
  month in U.S. debt futures may be extended next week by a
  series of U.S. economic reports, analysts said, as long as the
  dollar holds firm.
      ""Interest rates have declined by approximately 50 basis
  points over the last month, largely over indications that
  inflation is not as high as people had feared and the narrowing
  U.S. trade balance, in nominal terms,"" Samuel Kahan, chief
  financial economist with Kleinwort Benson Government
  Securities, said.
      Kahan said recent government reports have shown strength in
  the economy during the first quarter, but his concern is
  whether the U.S. economy will sustain that strength in the
  longer term.
      Weak U.S. economic growth could hurt the dollar, which has
  become more important to the direction of debt futures than the
  beneficial impact on interest rates of a sluggish economy.
      The median trade expectations for Tuesday's U.S. Consumer
  Price Index and Durable Goods reports are up 0.4 pct and down
  1.5 pct, respectively.
      Meanwhile, the eight billion dlr drop in the M-1 money
  supply announced this week was ""surprising, much larger than
  expected,"" according to Kahan. ""Unless quickly reversed,"" such
  a trend ""will ensure that June M-1 growth will be negative,""
  Kahan said.
      Taken in conjunction with M-2 and M-3 aggregates which
  Kahan said have ""slowed to a crawl, below Federal Reserve Board
  annual targets,"" the consequences could be a hint of economic
  weakness down the road, he said.
      Based on chart formations, T-bond futures may be poised for
  further gains, although the advance has been slowed recently,
  analysts said.
      September T-bonds ""are up almost six points since about May
  18,"" Merrill Lynch debt analyst Jim Duggan noted. September
  bond futures climbed from the low of 87 a month ago to over 93
  in mid-June, Duggan said.
      While follow-through buying has aided the advance so far,
  and bouts of short covering have prohibited a slide through
  chart support, the rally in September T-bonds has been thwarted
  above the 93 level.
      ""The 93 level is formidable resistance and must be taken
  out before this activity is anything other than a trading range
  market,"" Carroll McEntee and McGinley Futures debt analyst
  Brian Singer said.
      The dollar remains the key fundamental factor, and the U.S.
  currency has made little headway of late, analysts said.
      ""The critical variable remaining in the market is the value
  of the dollar,"" Kahan said.
      Additional influences next week will be possible
  developments ahead of an OPEC members meeting, and the impact
  and size of the U.S. budget deficit, ""although these will not
  be in the forefront of the market early next week,"" Kahan said.
      In looking ahead to the U.S. Treasury mini-refunding
  auctions of 24.25 billion in T-notes on Tuesday, Wednesday and
  Thursday, Singer said the market will likely greet the results
  with little excitement. However, a successful auction could
  prove to be a turning point, depending on prevailing market
  psychology.
  

"
test/19487	22	interest	" HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME
1/2 POINT TO 7.5 PCT.

   HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME
  1/2 POINT TO 7.5 PCT.
  

"
test/19489	32	money-fx	"VENEZUELA PROBES ALLEGED FOREIGN EXCHANGE FRAUD
  Banking authorities and police are
  investigating an alleged fraud by the second largest trading
  house in the Caracas free foreign exchange market, Finance
  Minister Manuel Azpurua told reporters.
      The Superintendency of Banks and the Technical and Judicial
  Police have both begun probes of Cambio la Guiara, Azpurua said
  on Friday night.
      Police said the owners of the firm, Mario Muggia and his
  brother Luigi Muggia, have left Venezuela.
      Cambio la Guiara operated in part on the ""parallel market"" in
  which traders buy and sell dollars among themselves.
      The Venezuelan central bank on June 17 suspended the
  licences of all 21 foreign exchange operators in the parallel
  market, blaming their speculation for the constant rise in the
  value of the U.S. Dollar here.
      Juan Domingo Cordero, vice-president of the Caracas Stock
  Exchange and the owner of a foreign exchange trading house,
  said on Friday he had begun legal action against Cambio la
  Guiara for issuing him four checks without funds for a total
  amount of almost one mln dlrs.
      The Cambio la Guiara exchange house had operated in
  Venezuela for more than 20 years.
  

"
test/19491	43	ship	"KUWAIT SAYS IT HAS FULL GULF ARAB SUPPORT
  Kuwait, whose shipping has come under
  repeated attack by Iran, has the full support of Saudi Arabia
  and other Gulf allies, a senior government official said.
      Cabinet spokesman Abdul-Aziz al-Otaibi, quoted by the
  Kuwaiti news agency KUNA yesterday, said Foreign Minister
  Sheikh Sabah al-Ahmed al-Sabah had told cabinet he had found
  ""complete support...At this delicate phase"" during visits to Gulf
  Cooperation Council (GCC) states.
      The GCC, an economic and military alliance which has
  generally supported Iraq over Iran, comprises Bahrain, Kuwait,
  Oman, Qatar, Saudi Arabia and the United Arab Emirates.
  

"
test/19492	10	crude	"SANTOS SAYS IT HAS SIGNIFICANT OIL FIND
  Santos Ltd <STOS.S> said it had made a
  significant oil discovery at its Mawson One well in the Moomba
  block of the Cooper Basin, South Australia.
      It said the well flowed oil from sands at an average rate
  of 1,440 barrels per day from 2,131 to 2,135 metres through a
  6mm choke.
      Santos said the well was cased and suspended pending
  further evaluation. But it said the proximity of the discovery
  to existing production facilities at the Gidgealpa South field
  would allow Mawson One to be brought into production rapidly.
      Santos has a 60 pct stake in the block, <Delhi Petroleum
  Pty Ltd> has 30 pct and <South Australian Oil and Gas Corp Pty
  Ltd> has 10 pct.
  

"
test/19499	10	crude	"FAR EAST TRADERS EXPECT 20 DLR OIL IN JANUARY
  OPEC's agreement to limit output to 16.6
  mln barrels per day (bpd) for the rest of the year should boost
  spot prices and enable the group to raise its official
  reference price to 20 dlrs a barrel in January from the current
  18 dlrs, Far East oil industry sources said.
      ""Fundamentally, the market situation is bullish and the
  official price will be 20 dlrs in January,"" a Japanese refiner
  said.
      The sources said that in spite of over-production by OPEC
  members such as Iraq, the United Arab Emirates, Kuwait and
  Qatar, demand should exceed supply by the fourth quarter.
      Spot oil prices surged on Friday in late U.S. Trading as
  the market anticipated an OPEC agreement on second-half 1987
  output. In early Tokyo trade, levels were firm at 17.30 dlrs
  for Mideast Dubai cargoes loading next month and 19.00 dlrs for
  U.K. Brent, traders said.
      They said they expect more foreign crudes to be sucked into
  the U.S. Market as the benchmark crude West Texas Intermediate
  (WTI) trades at around 20.30 dlrs.
      ""With WTI at 20, 21 or 22 dlrs, U.S. Refiners will import
  Mideast and Far East crudes and this will strengthen those
  grades further,"" said a Japanese oil trader.
      Some Tokyo traders were cautious about whether thU spot
  market has further upward potential in the short term, having
  risen strongly on the OPEC news on Friday.
      ""You could certainly argue that if New York rose on that
  basis, there's no reason for prices to go up again today,"" said
  one international oil trader in Tokyo.
      ""But I think if there's any sign of a dip, it will be bought
  back up again pretty quickly,"" he added.
      One oil industry analyst concurred, ""There is no reason to
  expect a weak market from now on."" He said he expected OPEC to
  raise prices to 20 dlrs when it meets on December 9.
      Oil sources said spot prices are unlikely to surge strongly
  in the next few months due to cheating by some OPEC members and
  the likelihood that Saudi Arabia will act as swing producer to
  maintain steady prices.
      Iraq is currently producing around two mln barrels per day
  compared to its second-half quota of 1.54 mln, they said. Its
  export capability will rise to 2.5 mln bpd when a new pipeline
  through Turkey, comes onstream in or around September.
      Qatar is said to be achieving sales of around 350,000 bpd,
  against its OPEC-assigned quota of 299,000, by discounting up
  to 20 cents a barrel from official prices, the sources said.
      Iran, the United Arab Emirates and Kuwait are also cheating
  on the OPEC agreement with over-production and effective price
  discounts through counter-purchases, industry sources said. But
  they mostly agreed that Saudi Arabia will unofficially act as
  swing producer, cutting production to compensate for higher
  output by other members or boosting output if spot prices rise
  too high too fast.
      Saudi Arabia has a floating oil stockpile of 40 to 50 mln
  barrels. ""Saudi Arabia wants oil price stability so the
  stockpile may be utilized to cool down the market if it rises
  too much,"" an oil industry analyst said.
  

"
test/19500	4	cocoa	"JAPAN TO RATIFY 1986 INTERNATIONAL COCOA AGREEMENT
  Japan will ratify the 1986 International
  Cocoa Agreement (ICCA), with effect from July 1, and will renew
  its membership in the International Cocoa Organisation (ICCO),
  Foreign Affairs Ministry officials said.
      They said Japan would participate in an ICCO meeting on
  July 13 in London to revise ICCO buffer stock policy.
      The 1986 ICCA has been in effect since January 1987.
      Government approval to participate in the ICCO was delayed
  by parliamentary debate over the sales tax issue, the officials
  said.
  

"
test/19501	0	acq	"Willis Faber says it making agreed 302.6 mln stg bid for
Stewart Wrightson

  Willis Faber says it making agreed 302.6 mln stg bid for
  Stewart Wrightson
  

"
test/19505	10	crude	"SAUDI OIL COMPANY GETS NEW ACTING GOVERNOR
  The acting governor of Saudi Arabia's
  state-owned oil company, Petromin, Jamal Hassan Jawa, has
  retired at his own request, oil industry sources said.
      They said Ali Ibrahim Rubaishi, head of organisation
  planning in Petromin, would take over as acting governor.
      Jawa held the post since his predecessor, Abdul-Hadi Taher,
  left in a major oil industry shake up last December.
      The sources said Rubaishi had not been expected to hold the
  post permanently.
      The government removed Taher and Oil Minister Ahmed Zaki
  Yamani from their posts late last year in a move which industry
  sources said was aimed at coming to grips with a buyers' oil
  market.
      The two men had run the Saudi oil industry for more than 20
  years. Industry sources said that despite huge resources, Saudi
  Arabia had been unable to mould an oil marketing strategy tuned
  to the competitive realities of the 1980s glut.
      Hisham Nazer, who replaced Yamani, successfully led an
  OPEC-engineered return to fixed oil prices of 18 dlrs a barrel
  last December.
      Nazer is believed to be reviewing Saudi oil operations
  which could lead to a thorough overhaul in the way Saudi Arabia
  does business, the sources said.
      The sources had said possible candidates for the governor's
  job include Prince Abdul Aziz Ibn Salman Ibn Abdul Aziz, who
  earlier ran a research center at Saudi Arabia's University of
  Petroleum and Minerals, and former Deputy Planning Minister
  Faisal Beshir. They also list Abdulla Bakr, President of the
  University of Petroleum and Minerals, economist Ali Jonahi,
  Ahmed Shinawi, and Zuheir Masoud, director of Jeddah Islamic
  Port.
  

"
test/19506	10	crude	"UAE OIL MINISTER OTEIBA VISITS EGYPT - AGENCY
  UAE Oil Minister Mana Said al-Oteiba
  arrived in Alexandria last night for a visit to Egypt, the
  national Middle East News Agency (MENA) said.
      It said Oteiba, who had just attended the OPEC ministerial
  meeting in Vienna, would stay for several days but gave no
  details.
      Non-OPEC Egypt has pledged to restrain output to support
  OPEC's moves to boost oil prices. Oil Minister Abdel Hadi
  Kandeel last week said Egypt plans to leave its oil production
  of 870,000 barrels per day unchanged for the next five years.
  Egypt is able to produce up to one mln bpd.
  

"
test/19507	0	acq	"WILLIS FABER BIDS FOR STEWART WRIGHTSON
  Willis Faber Plc <WIFL.L> will make an
  agreed 302.6 mln stg offer for fellow insurance broker <Stewart
  Wrightson Plc>, a joint statement said.
      The offer would be on the basis of three Willis shares for
  every two in Stewart, valuing each Stewart share at about
  655.5p.
      Willis already owns 2.05 mln shares, or 4.62 pct, and has
  received acceptances from Stewart's directors for a further
  247,469 shares.
      Full acceptance of the offer would involve the issue of
  66.2 mln new Willis shares, or 28.2 pct of the enlarged total.
      The companies said the proposed merger would bring together
  businesses that were largely complementary. Both believed the
  combination would permit more effective competition throughout
  the world and enahnce the service provided to clients.
      Following the merger, the two companies saw significant
  opportunities for growth in brokerage income and considerable
  scope for improved operating efficiency.
      Willis shares were suspended on Friday at 437p. When
  trading restarted they dropped sharply to 393p.
      Stewart Wrightson shares rose to 576p at 0835 gmt from a
  suspension price of 499p.
  

"
test/19509	10	crude	"NORWAY EXTENDS 7.5 PCT OIL OUTPUT CUT - MINISTRY
  Norway will extend its 7.5 pct cutback in
  planned North Sea oil output in support of OPEC from July 15
  until the end of this year, Oil Ministry spokesman Egil Helle
  told Reuters.
      ""We took a very positive view of the OPEC meeting in Vienna,""
  he said. ""The accord reached there means stability in the oil
  market and we shall continue making our contribution.""
      The cuts, originally brought in from February 1, would
  probably be officially approved on July 10 by parliament, Helle
  said. The ministry had written to Norway's oil companies and
  would now discuss with them how best to implement the cuts.
      OPEC agreed this weekend in Vienna on an output ceiling of
  16.6 mln barrels per day (bpd) for the rest of 1987 and
  retained the fixed prices that were set in its December accord
  based on an 18 dlr per barrel reference point.
      OPEC's first half 1987 output ceiling was 15.8 mln bpd, and
  it's December pact had provisionally set a third quarter
  ceiling of 16.6 mln bpd, rising to 18.3 mln in the fourth
  quarter.
      Norway, which pumps around one mln bpd from its offshore
  fields, previously said it would continue its output curbs from
  planned production for the rest of the year if OPEC remained
  within its December accord on output and prices.
      Norway's oil production rose 10 pct to an average of around
  840,000 bpd in 1986. Since then it has risen to around one mln
  bpd, and is expected to reach about 1.5 mln bpd by 1995.
      The 7.5 pct cut from planned production implemented since
  February reduced Norway's oil output by about 80,000 bpd.
      Norway's Oil Minister Arne Oeien, currently in Iceland for
  a meeting of Nordic ministers, has made no official statement
  on the latest oil production cutbacks.
      Over the past year several other leading non-OPEC
  producers, including the Soviet Union, Mexico, China, Malaysia
  and Egypt have also pledged support for OPEC's bid to keep
  prices stable.
      Norway decided on the initial round of cuts following an
  OPEC agreement last December which boosted oil prices to around
  18 dlrs per barrel from around 14 to 15 dlrs last December.
      Norway relies on oil for about 40 pct of its total export
  earnings and was hit hard by the collapse in the oil price
  during the first half of 1986.
      But firmer oil prices since then have brought some
  stability to the economy and helped narrow the foreign trade
  deficit.
       Norway's North Sea neighbour Britain has consistently
  refused to cooperate with OPEC output cuts saying it is up to
  the producing oil companies to set the levels of production.
  

"
test/19510	0	acq	"BRENT TO BUY LONRHO DIVISION, PROPOSES RIGHTS
  <Brent Walker Group Plc> said it had
  agreed to buy the group of companies comprising Lonrho Plc's
  <LRHO.L> Metropole Casino Division, together with a freehold in
  central London, for 121.55 mln stg.
      Payment will be in cash on completion except for three mln
  stg payable on December 1, 1988.
      Brent said it also proposed to raise about 126 mln stg net
  through the issue of 131.67 mln convertible shares at one stg
  each. The shares can be converted between 1990 and 2002 at the
  rate of four ordinary shares for every 15 convertibles held.
      On full conversion, the issued ordinary share capital of
  the company would increase by some 64 pct.
      <Birdcage Walk Ltd>, a company controlled by the Walker
  family, owns 20.68 pct of the shares and is entitled to 27.2
  mln convertible shares under the offer. The trustees had
  indicated that it intended to sell enough of the convertibles,
  nil paid, to enable it to take up the remainder.
      Brent would buy the casino companies and the freehold of
  45, Park Lane in London. Under the arrangements, it would also
  arrange for the repayment of 6.45 mln stg in inter-company
  debt.
      Brent Walker shares firmed sharply on the announcement to
  385p from 353p at Friday's close, while Lonrho also firmed, to
  275p from 265.5p.
  

"
test/19511	22	interest	"BANK OF JAPAN DETERMINED TO KEEP EASY MONEY POLICY
  The Bank of Japan bought 100 billion yen
  in certificates of deposit (CDs) via repurchase agreements
  today to show its determination to maintain an easy money
  policy, central bank officials said.
      ""Today's CD buying operation was designed to seek an
  announcement effect, in which we would reassure the market of
  the fact that we have not changed our policy stance,"" a senior
  central bank official told Reuters.
      The bank also bought 400 billion yen in two-month
  commercial bills to smooth out tight credit conditions in the
  interbank market today, the officials said.
      The central bank was concerned about growing market
  expectations of higher interest rates, which were in part
  responsible for the recent plunge in stock and yen bond prices,
  the officials said.
      But money traders said the market generally shrugged off
  the bank's CD operation because it was small and at a rate far
  below prevailing market rates. The rate on the key three-month
  CDs in the primary market was 4.08/00 pct, while the bank's bid
  was 3.75 pct, they said.
      The bank's bill buying operation also had little impact
  because it was regarded as a routine operation, they said.
      The money traders said they regarded the central bank's CD
  buying operation as simply a gesture to live up to Japan's
  pledge to guide interest rates lower and stimulate the economy.
      ""We did not expect the central bank to ease its credit grip
  any further,"" a bank manager said, adding that the prevailing
  market expectation of higher rates will remain.
      ""If this is the case, the three-month CD rate will stay
  above four pct for the time being,"" he said.
  

"
test/19512	22	interest	"BANK OF JAPAN TO SELL 1,200 BILLION YEN IN BILLS
  The Bank of Japan will tomorrow sell 1,200
  billion yen in bills from its holdings to help absorb a
  projected money market surplus of 2,100 billion, money market
  traders said.
      Of the total, 800 billion yen will yield 3.6004 pct on
  sales from money houses to banks and securities houses in
  34-day repurchase agreements maturing on August 3.
      The other 200 billion yen will yield 3.6003 pct in 43-day
  repurchase accords maturing on August 12.
      The remaining 200 billion yen will yield 3.6503 pct in
  50-day repurchase agreements maturing on August 19.
      The repurchase agreement yields compare with the 3.5625 pct
  one-month commercial bill discount rate today and 3.6250 pct on
  two-month bills.
      They attributed the projected surplus mainly to 1,900
  billion yen of government tax allocations to local governments
  and public bodies.
  

"
test/19513	8	cpi	" German June cost of living 0.2 pct above year-ago (May
rise 0.2 pct) - official

   German June cost of living 0.2 pct above year-ago (May
  rise 0.2 pct) - official
  

"
test/19515	12	earn	"RICOH CO LTD <RICT.T> YEAR ENDED MARCH 31
  Group shr 24.20 yen vs 37.42
      Net 10.95 billion vs 15.46 billion
      Pretax 25.25 billion vs 31.15 billion
      Operating 28.39 billion vs 31.73 billion
      Sales 592.37 billion vs 593.86 billion
      NOTE - No forecast for current year
  

"
test/19529	22	interest	"UAE CENTRAL BANK CD YIELDS UNCHANGED
  Yields on certificates of deposit (CDs)
  issued today by the United Arab Emirates central bank were
  unchanged from those on last Monday's offer, the bank said.
      The one month yield was set at last week's 6-3/4 pct, while
  two and three month CDs also remained unchanged at 6-13/16 pct.
  The six month yield was set at seven pct.
  

"
test/19534	49	veg-oil	"EC PRESIDENCY PREPARED TO DROP OILS AND FATS TAX
  Belgium, current holder of the European
  Community presidency, appears ready to drop a controversial
  oils and fats tax from this year's hotly-contested farm price
  package, diplomats said.
      In a discussion document prepared for today's summit
  meeting of EC leaders, Belgium proposed the so-called
  ""stabilising mechanism"" be the subject of ""further study and
  consultation with the Community's main trading partners.""
      The proposal for a tax of as much as 330 Ecus per tonne on
  both imported and domestically-produced vegetable and marine
  oils and fats has attracted a storm of international criticism.
      The discussion document, aimed at preventing a cash row at
  the summit and breaking the deadlock at this year's farm price
  talks, contained the first formal reference to dropping the
  measure.
      Britain and Denmark, which assumes the EC presidency on
  June 30, have led the opposition to the measure. They are
  supported by West Germany and the Netherlands and, to a lesser
  extent, Spain.
      Although the paper was not universally welcomed, diplomats
  said, the proposal to postpone consideration of the tax for a
  further six months was certain to survive any redrafting.
  

"
test/19539	48	trade	"BANGLADESH'S TRADE GAP TO WIDEN IN 1987/88
  Bangladesh's trade gap is expected to
  widen in fiscal 1987/88 beginning on July 1 after the
  government relaxed restrictions on some imports including
  luxury cars.
      The country has set its export target for the year at 1.1
  billion U.S. Dlrs against imports of 1.805 billion dlrs,
  compared with 1986/7's one billion dlrs of export earnings and
  1.113 billion dlrs of imports.
      Commerce Minister Mohammad Abdul Munim said the changes
  were aimed at encouraging export oriented industries to boost
  foreign exchange earnings and imports of essential machinery
  and raw materials, to increase industrial production.
      The government was easing procedures to enhance incentives
  especially for exporters of textiles and frozen food and
  importers of industrial machinery and raw materials, Munim told
  reporters.
      Commerce Ministry officials told Reuters the import policy
  covered only commercial imports amounting to 1.805 billion
  dlrs. Imports of capital machinery and foodgrains by the
  government were not included in the policy, they added.
      They said the country's total import bill (both commercial
  and other imports) was expected to reach 2.7 billion dlrs in
  the new year compared with 2.4 billion dlrs in 1986/87.
      The minister said ending restrictions on imports of cars
  and dropping 50 pct sales tax on small cars would not harm the
  economy.
      Munim said Bangladesh feared a further drop in prices for
  its main export jute, ""which will certainly affect our export
  earnings"" in the coming year.
      Bangladesh's jute exports fell to 410 mln dlrs from 500 mln
  in 1986/87, according official figures.
      But Munim said exports of non-traditional items, which
  accounted for over 40 pct of total exports this year, would
  play a key role in achieving the 1987/88 export target.
  

"
test/19540	1	alum	"CHINA ALUMINIUM VENTURE AIMS AT SOUTH KOREA
  China and Australia's Victoria state
  signed a joint venture contract for a 290 mln dlr aluminium
  processing plant in China that will export to South Korea,
  Australian officials told journalists.
      China has no official direct trade or government ties with
  Seoul, while it maintains close links with North Korea.
      China International Trust and Investment Corporation
  (CITIC) would have 75 pct of the equity in <Bohai Aluminium
  Industries Ltd>, the company to build the rolling mill and
  extrusion plant on the northeast China coast, they said.
      It was China's largest joint venture so far, they said.
      ""A joint venture opens up the potential for penetrating
  markets that would not otherwise be possible (for China),""
  Victoria state treasurer Rob Jolly said.
      An Australian diplomat said CITIC was eager to pursue South
  Korean markets. Indirect trade between China and Seoul is
  growing but is not officially publicised.
      Victoria's <Aluvic Ltd>, on behalf of the state government,
  will hold a 25 pct equity stake in the project, which is
  intended as a sister plant to Victoria's Portland aluminium
  smelter. CITIC in May agreed to invest about 80 mln dlrs in
  Portland.
      The China-based joint venture would process Portland
  aluminium and aim to sell aluminium products to the domestic
  Chinese market as well as for export, Jolly said.
      The Australian side's investment was limited to about 22
  mln dlrs, but Aluvic would have the right to appoint key
  managers, he said.
      Australian officials said they hoped the goodwill generated
  by their participation would lead to further CITIC investment
  in Victoria. The Chinese group enjoys a high level of
  independence from Peking's central government and has extensive
  overseas investments.
  

"
test/19545	22	interest	"BANK OF FRANCE CUTS INTERVENTION RATE TO 7-1/2 PCT FROM
7-3/4 PCT - OFFICIAL

  BANK OF FRANCE CUTS INTERVENTION RATE TO 7-1/2 PCT FROM
  7-3/4 PCT - OFFICIAL
  

"
test/19546	48	trade	"EC, U.S. REMAIN DIVIDED OVER PASTA DISPUTE
  Top-level talks last week between the
  European Community (EC) and the United States failed to resolve
  a dispute over pasta which may provoke new trade frictions next
  month, diplomatic sources said.
      The U.S. Insists the EC complies with what it regards as an
  unambiguous ruling from the world trade body GATT and
  dismantles an export subsidy system which has led to Italy
  taking an increasing share of the U.S. Pasta market.
      The sources said the EC, which currently provides subsidies
  of around 16 cents a pound, offered a compromise in last week's
  talks in Brussels but that this was rejected by the U.S.
      U.S. Assistant Special Trade Representative Jim Murphy has
  returned to Washington ahead of a theoretical July 1 deadline
  for agreement, set last August when the two sides resolved a
  related dispute over EC restrictions on U.S. Citrus imports.
      The diplomatic sources said the citrus issue could be
  reopened if the pasta dispute was not solved quickly. It was
  also possible the U.S. Would reimpose a 40 pct tariff on EC
  pasta, lifted when the citrus row was settled.
      But the two sides may agree to extend the deadline for a
  few days as EC Commissioners Willy de Clercq and Frans
  Andriessen are due to visit Washington from July 7 to 10.
  

"
test/19547	22	interest	"BANK OF FRANCE CUTS SEVEN-DAY REPURCHASE RATE TO EIGHT
PCT FROM 8-1/4 PCT - OFFICIAL

  BANK OF FRANCE CUTS SEVEN-DAY REPURCHASE RATE TO EIGHT
  PCT FROM 8-1/4 PCT - OFFICIAL
  

"
test/19551	49	veg-oil	"EC FARM MINISTERS TO MEET TOMORROW AFTER SUMMIT
  European Community agriculture
  ministers will meet tomorrow evening, after the end of a
  two-day summit meeting of heads of government, to again attempt
  to agree a 1987/88 farm price package, an EC Commission
  spokesman said.
      He added that tomorrow's EC Official Journal will contain
  notice of special agricultural measures of a purely technical
  nature which will come into effect on July 1 unless the
  ministers reach an accord.
      The spokesman declined to detail these special measures but
  said they would not be the sort of ""dynamic"" moves which EC Farm
  Commissioner Frans Andriessen has said he would take in the
  case of complete deadlock among farm ministers.
      These moves would be taken only if tomorrow's meeting of
  ministers in Brussels again fails to reach an accord, EC
  sources said.
      Andriessen is thought to be prepared to cut cereals prices
  by seven pct and to take other drastic action, trade sources
  said.
      EC farm ministers ended their last meeting on June 18 still
  split over the Commission's proposal for a tax on vegetable and
  marine oils and fats.
      In addition, West Germany said it would veto plans for
  cereal price cuts and for a change in the green currency
  system.
      Earlier today, diplomats said Belgium, the current holder
  of the European Community presidency, appears ready to drop the
  plans for the controversial oils and fats tax.
  

"
test/19556	10	crude	"EXTRACTS FROM OPEC COMMUNIQUE
  Following are extracts from the
  communique issued at the conclusion of the OPEC conference
  here.
      ""The conference expressed satisfaction about the positive
  results of the agreement signed in December, 1986, by which
  OPEC re-established the system of fixed price at a level of 18
  dlrs per barrel supported by OPEC production ceilings
  distributed into national production levels.
      ""The conference noted that all market indicators, including
  spot prices in the market and netback values of all OPEC
  crudes, have been firming up significantly, thus consolidating
  the OPEC price structure as defined by the agreement.""
      ""The conference examined the supply/demand outlook for the
  second half of the year and decided that in order to secure
  continued firm prices in the market, OPEC production during the
  fourth quarter of 1987 will be equal to that of the third
  quarter, I.E. 16.6 mln barrels per day (bpd), distributed into
  the same national production levels as were defined by the
  above-mentioned agreement for that quarter.""
      ""Furthermore, the conference decided to establish a
  committee of five heads of delegation to monitor the price
  evolution in the market in relation to the OPEC official prices
  in order to secure price stability around the opec price
  structure.
      ""Should there be any significant change in market prices,
  the committee would immediately call for an extraordinary
  meeting of the conference with a view to deciding on the
  necessary OPEC production levels during the second half of the
  year, which would secure the desired market stability.""
      ""The conference reiterated the necessity of member
  countries' strict adherence to the agreement signed in December
  1986, both in terms of official price, and national production,
  levels.
      ""For this purpose, the conference decided to establish a
  committee of three heads of delegation to undertake visits to
  member countries in order to motivate them to comply with the
  terms of the agreement.""
  
      ""Moreover, the conference stressed the necessity of the
  cooperation of the oil-producing exporting countries outside
  OPEC as an essential prerequisite for a lasting market
  stability.
      The conference, therefore, decided to reinstate the group
  of five heads of delegation established by the 77th
  (extraordinary) meeting of the conference in April, 1986 to
  undertake the necessary contacts with those countries.
      ""The conference observed the continued fall in the value of
  the U.S. Dollar and agreed that the matter should be studied
  and reported to the next meeting of the conference.""
  
      ""The conference discussed the appointment of the secretary
  general and decided to discuss the matter again in its next
  ordinary meeting.
      ""The conference extended the term of office of Fadhil
  al-Chalabi as deputy secretary general for a period of one year
  from October 7, 1987.
      ""The next ordinary meeting of the conference will be
  convened in Vienna on December 9, 1987.""
  

"
test/19557	22	interest	"POEHL SPEAKS AGAINST GERMAN INTEREST RATE CUT
  Bundesbank President Karl Otto Poehl said
  West Germany would be badly advised to lower interest rates and
  that he believed the economy would continue to recover after a
  six-month lull.
      Asked by the newspaper Bild am Sonntag if lower interest
  rates could boost the domestic economy, Poehl said: ""We would be
  badly advised if we forced further interest rate cuts.
      ""This could, under certain circumstances, release new
  inflationary fears which would then be more likely to lead to
  higher interest rates,"" he added.
  
      Poehl said Germany had practically no growth in the past
  six months because of the mark's surge and the cold winter.
      ""But since April, statistics clearly show that the economy
  finds itself on a course of growth,"" he said. ""I expect this
  development to continue in the coming months.""
      Asked about his expectations of a U.S.-European Community
  trade war, Poehl said such an event would be disastrous.
      ""For this reason we in Europe must avoid everything used by
  protectionist forces in the U.S. As pretexts,"" he added. ""This
  includes...Eliminating existing restrictions in the EC as far
  as possible. Protectionism is not found only in the U.S.""
  

"
test/19559	10	crude	"KUWAIT SEES OPEC OUTPUT OVER CEILING TO END-YEAR
  OPEC output for the second half of 1987,
  including that of Iraq, will be above the official 16.6 mln
  barrels per day (bpd) output ceiling agreed by OPEC Saturday,
  Kuwait oil minister Sheikh Ali al-Khalifa al-Sabah, said.
      Iraq refused to sign the pact, by which OPEC maintained its
  ceiling at 16.6 mln bpd for both the third and fourth quarters
  of 1987. In December, OPEC set a provisional fourth quarter
  level of 18.3 mln bpd, now cut back to the third quarter
  target.
      Ali told a news conference that including Iraq, ""OPEC third
  quarter output will be between 17.5 and 17.7 mln bpd while
  fourth quarter output will be nearly 18 mln bpd""
      Ali did not detail what effect he thought these production
  levels would have on prices.
      Iraq has an official first half quota of 1.466 mln bpd,
  rising to 1.54 mln in the second half, but has refused to
  adhere to it and has recently been producing around two mln
  barrels per day, exporting it through pipelines to Saudi Arabia
  and Turkey. Iraq's export capacity will be further boosted when
  a 500,000 bpd oil pipeline via Turkey comes on stream in about
  September.
      Iraq has been insisting on a quota equal to its Gulf War
  enemy Iran, which has a quota of 2.255 mln bpd, rising to 2.369
  mln in the second half.
      Ali said the position of the 400,000 bpd production from
  the Neutral Zone between Saudi Arabia and Kuwait, which has
  been supplied to Iraq as war relief crude, was fixed. ""We will
  not discuss it. There will not be any change,"" he said.
      Ali said the conference, which began Thursday and ended
  Saturday evening, had been too short for all necessary problems
  to be adressed. ""We are overdoing it in holding too short a
  meeting. We sweep a lot under the carpet,"" he said.
      Ali said the problem of price differentials between the
  prices of various OPEC crudes had not been dealt with properly
  at the meeting.
  
      Ali said ""The problem of differentials is a real one. I
  would hate to be producing today a light crude and that problem
  has not been dealt with properly. Light crudes are overpriced
  relative to heavy crudes.""
      Asked if the issue of differentials would be raised at the
  next OPEC meeting to be held in Vienna on December 9, Ali said
  ""If my crudes are affected I will raise the issue, I will not do
  the work of another minister.""
      Kuwait's own crudes range from medium to heavy grades.
      OPEC reintroduced fixed prices on February 1, with a spread
  of 2.65 dlrs a barrel between its lightest and heaviest crudes.
  

"
test/19560	10	crude	"IRAQ REJECTS NEW OPEC OIL QUOTA
  Iraq has rejected its new OPEC
  production quota set in Vienna for the second half of this
  year, the official Iraqi news agency INA reported.
      It quoted Oil Minister Issam Abdul-Rahim al-Chalabi, who
  returned Sunday, as saying ""Iraq will continue to adhere to its
  position considering itself as not included in the agreement.""
  
      Last December, Iraq rejected its assigned first half 1987
  quota of 1.466 mln bpd and demanded a share equal to the 2.255
  mln bpd quota set for Iran, its enemy in the nearly
  seven-year-old Gulf war.
      The accord reached by OPEC ministers in Vienna Saturday set
  an output ceiling of 16.6 mln bpd for the group's 13 members
  from July to December, raising Iraq's share to 1.54 mln bpd and
  Iran's to 2.369 mln.
  

"
test/19561	12	earn	"FRASER AND NEAVE LTD <FRNM.SI> HALF YR TO MARCH 31
  Shr 15.8 cents vs 12.9 cents
      Int div six cents vs same
      Group net 19.90 mln dlrs vs 16.25 mln
      Turnover 390.70 vs 381.60 mln
      NOTE - Div pay Aug 3, register July 31. Co says it expects
  results for the second half year to be similar to those of the
  first half.
  

"
test/19562	12	earn	"MITSUI REAL ESTATE DEVELOPMENT CO LTD <MREA.T>
  Year ended March 31
      Group shr 33.98 yen vs 39.10
      Net 21.16 billion vs 19.96 billion
      Current 45.23 billion vs 32.87 billion
      Operating 77.17 billion vs 63.90 billion
      Sales 616.96 billion vs 527.88 billion
      NOTE - The company said the 37.6 pct increase in 1986/87
  group current profit from a year earlier was mainly due to a
  drop of two billion yen in interest payments.
  

"
test/19568	2	bop	" German May current account surplus 7.5 billion marks
(April surplus 6.1  billion) - official

   German May current account surplus 7.5 billion marks
  (April surplus 6.1  billion) - official
  

"
test/19569	48	trade	" German May trade surplus 10.6 billion marks (April
surplus 8.9 billion) - official

   German May trade surplus 10.6 billion marks (April
  surplus 8.9 billion) - official
  

"
test/19571	12	earn	"TATA IRON AND STEEL PRE-TAX FALLS 37 PCT
  Year to March 31, 1987
      Share 106 rupees vs 130
      Pre-tax profit 995.2 mln rupees vs 1.57 billion
      Net profit 875.2 mln vs 1.07 billion
      Sales 14.16 billion vs 12.85 billion
      Dividend 25 pct vs same
      Tax 120 mln vs 500 mln
      Note - Full company name is Tata Iron and Steel Co Ltd
  <TATA.BO>. Dividend is payable to shareholders on Aug 12.
  

"
test/19572	0	acq	"KRAFT <KRA> COMPLETES BUY OF QUAKER <OAT> UNIT
  Kraft Inc said it has completed
  the previously announced acquisition of the Anderson Clayton
  Foods Division from Quaker Oats Co for 235 mln dlrs in cash.
  

"
test/19625	8	cpi	"FRENCH INFLATION CONFIRMED AT 0.2 PCT IN MAY
  French retail prices rose a confirmed 0.2
  pct in May compared with a 0.5 pct rise in April and 0.2 pct in
  May last year, the National Statistics Institute (INSEE) said.
      The rise took the year-on-year inflation rate to 3.4 pct in
  May from 3.5 pct in April, and brought cumulative inflation
  over the first five months of this year to 2.0 pct compared
  with 0.7 pct for the same period of 1986.
  

"
test/19631	0	acq	"MARTIN PROCESSING SAID IT ACCEPTS 20 DLRS/SHARE BID FROM
COURTAULDS PLC

  MARTIN PROCESSING SAID IT ACCEPTS 20 DLRS/SHARE BID FROM
  COURTAULDS PLC
  

"
test/19635	0	acq	"FRONTIER <FRTR.O> BUYS MALPRACTICE BUSINESS
  Frontier Insurance Group Inc
  said it acquired the malpractice book of business generated by
  Medical Quadrangle Inc and Medical Professional Liability
  Agency Ltd, a producer of medical malpractice coverage.
      It said the acquisition will enable all of Frontier's
  medical malpractice coverage to be serviced internally.
  

"
test/19639	12	earn	"HELENE CURTIS INDUSTRIES INC <HC> 1ST QTR NET
  Period end May 31
      Shr profit four cts vs loss 22 cts
      Net profit 139,000 vs loss 799,000
      Revs 101.9 mln vs 86.8 mln
  

"
test/19642	12	earn	"LE GROUPE VIDEOTRON LTEE <VDO.TO> NINE MTHS NET
  Period ended May 31
      Shr 41 cts vs 35 cts
      Net 15.4 mln vs 11.9 mln
      Revs 234.4 mln vs 96.6 mln
      Avg shrs 38.0 mln vs 34.4 mln
  

"
test/19644	12	earn	"INTER-TEL INC<INTLA.O> 2ND QTR MAY 31 OPER NET
  Oper shr three cts vs one ct
      Oper net 210,000 vs 67,000
      Revs 10,252,000 vs 8,929,000
      Avg shrs 7,933,000 vs 8,553,000
      Six mths
      Oper shr five cts vs two cts
      Oper net 420,000 vs 133,000
      Revs 20.3 mln vs 17.1 mln
      Avg shrs 7,952,000 vs 8,551,000
      NOTE: 1987 earnings exclude gain from utilization of tax
  loss carryforwards of 125,000 dlrs, or one ct a share in the
  quarter and 150,000 dlrs, or two cts a share for the six months
  

"
test/19645	0	acq	"NEW GENERATION PRODUCTS MAKES ACQUISITION
  <New Generation Products
  Inc> said it has acquired a 20 pct ownership in <Personal
  Protection Technolgies Inc>.
      New Generation said Personal Protection is developing a
  group of personal care products, which are effective in killing
  a variety of viruses and bacteria on contact, for U.S. and
  export markets.
  

"
test/19647	12	earn	"TOWN AND COUNTRY JEWELRY <TNC> FIRST QTR NET
  Shr 15 cts vs 12 cts
      Net 1,240,939 dlrs vs 989,714 dlrs
      Revs 32.9 mln dlrs vs 21.1 mln dlrs
      Note: first quarter ended May 31. The company's full name  
    is Town and Country Jewelry Manufacturing Corp
  

"
test/19648	12	earn	"DATA ARCHITECTS INC <DAI> 2ND QTR MAY 31 NET
  Shr 19 cts vs 16 cts
      Net 502,000 dlrs vs 401,000 dlrs
      Revs 8.8 mln dlrs vs 6.7 mln dlrs
      Six mths
      Shr 38 cts vs 29 cts
      Net 989,000 dlrs vs 745,000 dlrs
      Revs 16.3 mln dlrs vs 12.5 mln dlrs
  

"
test/19649	0	acq	"MARTIN PROCESSING <MPI> ACCEPTS COURTAULDS BID
  Martin Processing Inc said its
  board approved an agreement to be acquired by Courtaulds Plc
  <COU.L> for 20 dlrs a share.
      The company said the transaction is valued at more than 99
  mln dlrs, based on its 4,963,620 shares of stock outstanding.
      It said Courtaulds has privately agreed to purchase a
  majority of Martin's common from trusts established by Julius
  Hermes for 20 dlrs a share. It said Courtaulds intends to
  conduct a tender offer for all the Martin stock it does not
  own, beginning as soon as necessary documents are prepared.
  

"
test/19650	12	earn	"LIFETIME CORP <LFT> YEAR MARCH 27 NET
  Shr 15 cts
      Net 3.6 mln dlrs
      Revs 96.9 mln dlrs
      Note: the company said year-ago figures are not comparable 
     due to its reverse merger last year
  

"
test/19651	12	earn	"UNIVERSITY GENETICS CO <UGEN.O> 3RD QTR LOSS
  Shr loss two cts vs loss four cts
      Net loss 199,010 dlrs vs loss 398,202 dlrs
      Revs 1,284,939 dlrs vs 359,440 dlrs
      Nine mths
      Shr loss 10 cts vs loss 14 cts
      Net loss 973,542 dlrs vs loss 1,298,203 dlrs
      Revs 3.9 mln dlrs vs 1,269,098 dlrs
      Note:the third quarter ended April 30
  

"
test/19653	8	cpi	"EC ANNUAL INFLATION FALLS IN MAY
  The European Community's annual
  inflation rate fell marginally to 3.2 pct in May from 3.3 pct
  in April, the EC's statistics office Eurostat said.
      Prices in the 12-nation bloc rose 0.2 pct in May after 0.6
  pct in April. But the annual rate stayed below that of the U.S.
  For the second month in succession, following the release of
  figures showing U.S. Inflation of 3.8 pct in both April and
  May.
      However, Eurostat said the EC was still beaten by Japan,
  where prices were provisionally 0.1 pct lower in May than a
  year earlier.
  

"
test/19654	0	acq	"BSN <BSN> HAS PURCHASED MACGREGOR <MGS> STOCK
  BSN Corp said it purchased MacGregor
  Sporting Goods' common stock in recent open market
  transactions.
      BSN said its position is less than the five pct ownership
  which would require specific disclosure. The company will
  continually review its position and may nelect to increase or
  decrease the number of shares owned, it added.
  

"
test/19655	12	earn	"TELECOMMUNICATIONS NETWORK <TNII.O> YEAR NET
  Shr 38 cts vs 47 cts
      Net 968,000 dlrs vs 1,053,000 dlrs
      Revs 15.4 mln dlrs vs 12.6 mln dlrs
      Note:the year ended March 31.
  

"
test/19657	12	earn	"HOVNANIAN ENTERPRISES <HOV> 1ST QTR MAY 31 NET
  Shr 27 cts vs 14 cts
      Net 5,664,000 vs 2,812,000
      Revs 68.2 mln vs 54.7 mln
      Avg shrs 21,254,054 vs 20,167,714
  

"
test/19658	48	trade	"ARMISTICE ELUDES EC AND U.S. IN SPAGHETTI WAR
  Talks between the European Community
  (EC) and the United States have failed to settle a trade
  dispute over pasta, an EC Commission spokesman said.
      Diplomatic sources said the dispute could provoke new trade
  friction unless it was settled soon.
      Washington is insisting that the EC comply with what it
  regards as an unambiguous ruling from the world trade body GATT
  and cut export subsidies which have allowed Italy to take an
  increasing share of the U.S. pasta market.
      The EC provides subsidies of about 16 cents a pound on
  pasta exports. The spokeswoman said the talks foundered on the
  question of how much the subsidy should be cut.
  

"
test/19663	0	acq	"UTILICORP <UCU> UNIT BUYS STAKE IN POWER PLANT
  Utilicorp United Inc said its
  UtilCo Group subsidiary completed the purchase of a 38 pct
  interest in Westwood Energy Properties Limited Partnership for
  about 10 mln dlrs.
      The company said the partership is building and will
  operate a 30-megawatt electric generation facility in Schuykill
  County, Penn., scheduled to begin commercial operation in July.
  It said the 38 pct interest was sold by Westwood Funding Corp,
  a wholly-owned subsidiary of Combustion Engineering Inc <CSP>.
  Westwood Funding retains an interest in the partership and
  serves as a general partner, it said.
  

"
test/19664	14	gas	"EXXON <XON> EXTENDS MID-GRADE UNLEADED MARKETING
  Exxon Co U.S.A. said it is extending
  marketing of its mid-grade unleaded gasoline, Exxon Plus, into
  the Houston and Dallas/Fort Worth metropolitan areas beginning
  early next month.
      Exxon Corp's domestic subsidiary is already marketing the
  89-octane unleaded gasoline along much of the East Coast.
      As it introduces the third unleaded grade, Exxon noted, it
  no longer offers a leaded gasoline in the market, except in
  some rural areas where leaded gaosline will be made available
  to distributors who have a substantial need for the product to
  serve customers whose equipment was designed for leaded fuel.
  

"
test/19666	0	acq	"CORADIAN <CDIN.O> STAKE ACQUIRED BY SAGE
  Coradian Corp said a group led by
  privately held Sage Equities Group agreed to buy a 7.6 pct
  interest in Coradian.
      In connection with the agreement, the company said it sold
  666,667 shares at 75 cts a share.
      It said that in addition to common stock, Sage Equities
  will receive 667,667 warrants exercisable at 1.50 dlrs a share.
  

"
test/19667	12	earn	"SIKES CORP <SKA> 1ST QTR MAY 31 NET
  Shr 24 cts vs 18 cts
      Shr diluted 21 cts vs 18 cts
      Net 2,108,805 vs 1,605,278
      Sales 28.9 mln vs 24.2 mln
      NOTE: Share results reflect two for one stock split to be
  paid July eight
  

"
test/19674	12	earn	"INTER-TEL INC <INTLA.O> 2ND QTR MAY 31 NET
  Shr four cts vs one ct
      Net 335,000 vs 67,000
      Rev 10.1 mln vs 8.7 mln
      Avg shares 7,933,000 vs 8,553,000
      Six Months
      Shr seven cts vs two cts
      Net 570,000 vs 133,000
      Rev 19.9 mln vs 16.8 mln
      Avg shares 7,952,000 vs 8,551,000
      NOTE: Qtr includes extraordinary gain of 125,000 dlrs, or
  one ct a share, while six months' net includes gain of 150,000,
  or two cts a share.
  

"
test/19675	0	acq	"ENTERTAINMENT MARKETING DEMANDS CRAZY EDDIE SHAREHOLDER
LIST, MAY PURSUE MERGER

  ENTERTAINMENT MARKETING DEMANDS CRAZY EDDIE SHAREHOLDER
  LIST, MAY PURSUE MERGER
  

"
test/19679	0	acq	"DATACARD <DATC.O> ADOPTS DIVIDEND RIGHTS PLAN
  DataCard Corp said it adopted a
  dividend rights plan in response to Deluxe Check Printers Inc
  <DLX> having agreed to sell its 38 pct interest in DataCard to
  National Computer Systems Inc <NLCS.O>.
      DataCard declared a dividend distribution of one preferred
  stock purchase right on each outstanding share its common
  stock. The dividend is designed to deter National Computer or
  other potential suitors from preventing DataCard from
  evaluating all alternatives to maximize shareholder value,
  DataCard said.
     
      National Computer told Reuters June 22 it could make a bid
  for DataCard. On June 25 DataCard filed suit in Hennepin County
  District Court in Minnesota to block the sale of the 38 pct
  stake of its stock to National Computer.
      In announcing the rights plan, DataCard said it ""is not
  designed to deter takeovers that would be consistent with the
  objective of maximizing stockholders value to all of DataCard's
  stockholders.""
      The rights will not become exercisable until 10 days after
  an announcement that a person or group has acquired beneficial
  ownership of 44 pct or more of DataCard's common stock.
     
      Once exercisable, each right would entitle a holder to buy
  1/500th of a share of DataCard Series A junior participation
  preferred Stock for 35 dlrs. Holders other than an acquirer
  would be entitled to purchase, for six-months after the right
  becomes exercisable, a number of shares of the new preferred
  stock with a market value equal to twice the exercise price of
  the rights.
      The rights dividend distribution is payable July 9 to
  shareholders of record July 9.
  

"
test/19680	12	earn	"SHELDAHL INC <SHEL> 3RD QTR MAY 30 NET
  Shr 12 cts vs one cent
      Net 546,000 vs 48,000
      Revs 22.3 mln vs 16.0 mln
      Nine mths
      Shr 44 cts vs seven cts
      Net 1,857,000 vs 303,000
      Revs 65.5 mln vs 46.0 mln
      NOTE: Per share figures adjusted for three-for-two stock
  split paid April 1987.
  

"
test/19681	0	acq	"FEDERAL RESOURCES <FDRC.O> ACQUIRES RETAILER
  Federal Resources Corp said it has
  acquired the capital stock and related real estate assets of
  <New Generation Inc>, a regional consumer electronics specialty
  retailer.
      Terms of the acquisition were not disclosed.
      New Generation has annual sales volume of about 30 mln
  dlrs, Federal Resources said.
      Federal Resources said it will search for additional
  acquisitions including, but not limited to, specialty
  retailers.
  

"
test/19683	0	acq	"ENTERTAINMENT <EM> MAY SEEK CRAZY EDDIE <CRZY>
  Enetertainment Marketing Inc and its
  president Elias Zinn have demanded a list of Crazy Eddie Inc
  shareholders from the company and said they may pursue a merger
  of the Edison, N.J. electronics retailer.
      In a filing with the Securities and Exchange Commission,
  Zinn said the demand for the shareholder list was made on June
  26 because he may desire to communicate with other Crazy Eddie
  shareholders ""regarding the affairs"" of the company.
      Zinn and his firm, which disclosed they hold a 5.1 pct
  stake in Crazy Eddie common stock, said they may acquire more
  shares through a negotiated merger or tender offer.
      Entertainment Marketing was informed on June 25 by Shearson
  Lehman Brothers Inc., acting on behalf of Crazy Eddie, that it
  would be provided with ""certain information"" about Crazy Eddie,
  it told the SEC.
      Entertainment Marketing, a Houston-based firm involved in
  electronics wholesaling and televised home shopping sales,
  proposed an eight dlr a share merger acquisition of Crazy Eddie
  on May 29, and modified the proposal on June 9 to include the
  possible participation of Crazy Eddie management.
      Entertainment Marketing told the SEC it expects to meet
  with Crazy Eddie representatives in the near future.
      Entertainment Marketing also disclosed that it retained
  Drexel Burnham Lambert Inc as its financial advisor and
  investment banker.
      In light of a June 17 announcement from Crazy Eddie that
  Chemical Bank would no longer fund a 52 mln dlr credit facility
  with the company, plus further declines in the price of its
  stock, Entertainment Marketing and Zinn said they are
  ""continuing to evaluate their alternatives with respect to
  their investment"" in Crazy Eddie stock.
      Depending on its evaluation of the company, including
  actions by Crazy Eddie's board and any possible third party
  bids for the company, Entertainment Marketing and its president
  said they may hold their present stake in the company, sell
  some of their shares, or purchase more shares on the open
  market, through private purchases or in connection with a
  merger or tender offer.
      According to the SEC filing, Entertainment Marketing and
  Zinn bought their current holdings of 1,560,000 Crazy Eddie
  common shares between May 20 and June 17 at 7.42 dlrs to 7.93
  dlrs a share, or a total of about 11.9 mln dlrs.
  

"
test/19690	0	acq	"CYCLOPS <CYL> MERGER APPROVED
  Cyclops Corp said shareholders
  approved a previously announced merger of the company with a
  subsidiary of dixons Group PLC.
      It said Dixons held about 83 pct of Cyclops stock following
  a tender offer and other purchases earlier in the year.
      With the completion of the transaction, Dixons will proceed
  to pay 95 dlrs a share to the remaining Cyclops shareholders.
  

"
test/19692	51	zinc	"AMAX ZINC CO RAISES DYECAST ALLOY PRICES
  Amax Zinc Co, a division of Amax
  Inc, said it is increasing the price of dyecast alloys No.
  Three and No. Five by three cents a lb, effective immediately.
      Dyecast alloy No. Three is now 52.5 cents a lb, while alloy
  No. Five is now 53.5 cents a lb, the company said.
  

"
test/19697	0	acq	"VERNITRON <VRN> SETS NEW RECORD DATE
  Vernitron Corp said it has set a
  new record date of July 10 for shareholders entitled to vote on
  the proposed merger of Vernitron with <SB Holding Corp>.
      The original record date was May 26.
      Vernitron said that it currently expects the special
  shareholder meeting concerning the merger will be held in
  August.
      Following its tender offer in November 1986, SB Holding
  holds 55.2 pct of Vernitron, a maker of electromechanical
  components and related products and services.
  

"
test/19699	0	acq	"ENERGAS <EGAS.O> TO BUY TEXAS AMERICAN <TAE>UNIT
  Energas Co said it has agreed in
  principle to purchase Western Kentucky Gas Co from Texas
  American Energy Corp for 61.5 mln dlrs in cash plus assumptrion
  of certain liabilities.
      Western Kentucky is a gas distribution company which serves
  about 143,000 customers in 108 towns and communities in
  Kentucky.
  

"
test/19702	0	acq	"GIBRALTAR <GFC> TO BUY THRIFT FOR 12 MLN DLRS
  Gibraltar Financial Corp
  said its Gibraltar Savings unit has agreed in principle to buy
  <First Federal Savings and Loan of Ridgecrest> for about 12.1
  mln dlrs cash.
      The company said the actual price will be determined at the
  close, based on net book value at May 31.
      It said First Federal is located in Kearn County northeast
  of Los Angeles and has assets of 130 mln dlrs.
      It said the transaction is subject to a definitive
  agreement, shareholder and regulatory approval.
  

"
test/19703	0	acq	"WINLEY BUYS LAND FROM M.D.C. HOLDINGS INC <MDC>
  Winley Home Builders Inc said
  it completed a land purchase agreement with M.D.C. Holdings Inc
  <MDC> for 1,090,000 dlrs in notes and preferred stock.
      The company said it bought 33 lots in Colorado from
  Richmond Homes Ltd, an M.D.C. unit, in return for 650,000 dlrs
  in promissory notes and 440,000 dlrs in preferred stock.
      The company said M.D.C. has an option to convert Winley
  preferred stock into 20 pct Winley common in a year.
  

"
test/19704	12	earn	"STAR CLASSICS INC <SCLS.O> 1ST QTR MARCH 31 NET
  Shr three cts vs two cts
      Net 97,224 vs 58,503 
      Rev 906,368 vs 714,747
      Avg shrs 3,300,000 vs 3,948,719
  

"
test/19706	0	acq	"GABELLI FIRMS HAVE 28.5 PCT STAKE IN DIGIORGIO CORP, MAY
SEEK CONTROL

  GABELLI FIRMS HAVE 28.5 PCT STAKE IN DIGIORGIO CORP, MAY
  SEEK CONTROL
  

"
test/19710	12	earn	"CLEOPATRA KOHLIQUE INC <CLEO.O> YEAR NET
  year ended March 31
      Shr three cts vs 11 cts
      Net 384,723 vs 800,137
      Revs 5.1 mln vs 3.5 mln
  

"
test/19711	0	acq	"INTERSTATE BAKERIES <IBC>BUYS MEXICAN FOOD FIRM
  Interstate Bakeries Corp said
  its Royal American Foods subsidiary agreed to buy the assets of
  Landshire Food Products Inc, a New-Mexico-based producer of
  packaged Mexican food products.
      Terms of the proposed transaction were not disclosed.
  

"
test/19712	12	earn	"FEDERATED GROUP INC <FEGP.O> 1ST QTR LOSS
  Period ended May 31.
      Shr loss eight cts vs profit six cts
      Net loss 895,000  vs profit 662,000
      Sales 91.1 mln vs 89.8 mln
  

"
test/19713	0	acq	"GABELLI FIRMS HOLD 28.5 DIGIORGIO <DIG> STAKE
  A group of firms led by Gabelli Group
  Inc told government regulators it holds a 28.5 pct stake in
  Digiorgio Corp common stock, and said two partnerships making
  up part of the group may seek control of the company.
      In a filing with the Securities and Exchange Comission, the
  group of firms said it holds 2,430,100 shares of Digiorgio
  common stock. Of the total, 2,059,400 shares are held by GAMCO
  Investors Inc and Gabelli Funds Inc. for investment purposes,
  the group said.
  
      Gabelli-Rosenthal and Partners LP and G and R Partners,
  which hold the remaining 370,700 Digiorgio common shares, told
  the SEC their ""purpose is to ultimately obtain control of
  Digiorgio contingent upon approval of Digiorgio,"" according to
  the SEC filing. 
      As previously reported, Gabelli and Co Inc, acting as
  investment advisor to a group including Gabelli-Rosenthal,
  proposed on June 25 to acquire all Digiorgio common shares for
  a per share price of 20 dlrs in cash, a subordinated note with
  a face value of eight dlrs, 14 pct redeemable preferred stock,
  and one common share of the post-buyout company.
      The June 25 buyout proposal, which remains open until July
  17, also provides that key members of Digiorgio management and
  some of its directors would be invited to remain with the firm
  and participate in the group acquiring the company.
      The proposal is also subject to a due diligence review,
  execution of a merger agreement, arrangement of financing and
  receipt of government approvals, all of which Gabelli and Co
  said could be completed within 60 days.
      Between April 13 and June 26, the entire group led by
  Gabelli Group Inc made net purchases of 403,600 Digiorgio
  common shares at 22.20 dlrs to 26.79 dlrs a share.
  

"
test/19719	0	acq	"<UNICOA> TO MERGE INTO ITS UNITED INSURANCE UNIT
  Unicoa Corp said it agreed to a merger
  with its wholly-owned subsidiary, United Insurance Co of
  America.
      Under the agreement, each outstanding share of Unicoa
  common stock will be converted into one share of United common
  stock.
      The agreement is subject to shareholder and regulatory
  approval. Teledyne Inc <TDY> owns about 98.4 pct of Unicoa's
  outstanding shares. A shareholder meeting is expected to be
  held in August.
  

"
test/19723	12	earn	"HOVNANIAN ENTERPRISES INC <HOV> QTR EARNINGS
  May 31 end
      Shr 27 cts vs 14 cts
      Net 5,664,000 vs 2,812,000
      Revs 68.2 mln vs 54.7 mln
      Avg shrs 21,254,054 vs 20,167,714
      NOTE: First quarter report
  

"
test/19726	0	acq	"FED APPROVES CITICORP PURCHASE OF SOME ASSETS OF SEARS
CALIF. THRIFT

  FED APPROVES CITICORP PURCHASE OF SOME ASSETS OF SEARS
  CALIF. THRIFT
  

"
test/19727	0	acq	"HEALTH PROPERTIES <HRP> TO BUY PROPERTIES
  Health and Rehabilitation
  Properties Trust said it reached an understanding to purchase
  three nursing facilities in Mass. and Conn. for 29 mln dlrs
  from Greenery Rehabilitation Group Inc <GRGI.O>.
      The buildings will be leased back to Greenery for an
  initial term of seven years, subject to renewal options for an
  additional 23 years, Health and Rehabilitation Properties said.
      The transaction is expected to close on or before August 31.
  

"
test/19731	0	acq	"BSN <BSN> BUYS STAKE IN MACGREGOR <MGS>
  BSN Corp said it holds less than five pct
  of MacGregor Sporting Goods.
      The company said the stock was acquired through recent open
  market purchases and the stake does not require specific
  disclosure.
  

"
test/19732	0	acq	"VERNITRON <VRN> SETS RECORD DATE FOR MERGER VOTE
  Vernitron Corp said it has set a
  new record date for shareholders entitled to vote on the
  proposed merger of Vernitron Corp with SB Holding Corp for July
  10.
      Vernitron, which manufactures electromechanical components
  and related products and services, said it expects that a
  special meeting of shareholders will be held in August.
      Vernitron said that SB Holding holds 55.2 pct in Vernitron,
  resulting from a tender offer in November 1986.
  

"
test/19734	0	acq	"FED ALLOWS CITICORP <CCI>, SEARS <S> THRIFT DEAL
  The Federal Reserve Board said it
  approved Citicorp's application to purchase through its
  subsidiary, Citicorp Savings of Oakland, Calif., some assets
  and assume some liabilities of Sears Savings Bank of Glendale,
  Calif.
      Citicorp Savings proposed to assume two billion dlrs in
  deposits and other liabilities and to purchase 1.9 billion dlrs
  in assets of 50 branch offices of Sears Savings.
      The proposal involved less than one third of the assets and
  liabilities of Sears Savings, owned by Sears, Roebuck and Co
  <S>.
      The Fed said that it generally has determined there were
  potentially adverse effects of allowing affiliations of banks
  and savings and loan associations, although it has allowed bank
  holding companies to acquire some failing thrifts.
      It said Citicorp's proposal ""properly may be viewed as the
  permissible acquisition of certain assets and liabilities of S
  and L branches rather than the acquisition of an S and L.""
      Citicorp Savings, the successor to the failed Fidelity
  Savings and Loan Association, has assets of 4.9 billion dlrs
  and operates 86 branches in California, mainly in the north.
      Sears Savings has 6.6 billion in assets and 91 branches
  predominantly in southern California.
      The application, which was approved unanimously, will not
  eliminate Sears Savings as a competitor, the Fed said.
  

"
test/19737	0	acq	"ICN <ICN> BUYS STAKE FROM EASTMAN KODAK <EK>
  ICN Pharmaceuticals Inc said
  it purchased the remaining 225,000 shares of Viratek Inc
  <VIRA.O> owned by Eastman Kodak Co owned as part of a
  previously announced program.
      The company said it paid Kodak 10.50 dlrs a share or 2.4
  mln dlrs. As previously announced, ICN also said it authorized
  the additional purchase of up to 1.5 mln shares of Viratek
  common. To date, ICN said it bought a total of about 1.2 mln
  shares of Viratek, including the shares purchased from Kodak.
      The company said it now owns 56 pct of Viratek as a result
  of these transactions.
  

"
test/19742	12	earn	"RITE AID CORP <RAD> 1ST QTR MAY 30
  Oper shr 50 cts vs 40 cts
      Oper net 20.8 mln vs 16.4 mln
      Revs 531.7 mln vs 418.7 mln
      NOTE: 1987 1st quarter net excludes a gain of 47.1 mln dlrs
  or 1.14 dlrs a share for discontinued operations.
  

"
test/19744	0	acq	"MAXTOR CORP <MXTR.O> BUYS PRIVATE FIRM
  Maxtor Corp said it bought
  privately-held Storage Dimensions Inc for an undisclosed sum.
      The company said Storage Dimensions incorporates Maxtor's
  high-capacity 5-1/4-inch Winchester and optical disk drives
  into a family of data storage subsystems for IBM PCs, XTs, ATs
  and compatibles.
      Storage Dimensions is the creator or SpeedStor software, a
  utility program that integrates high-capacity disk drives into
  PCs.
      Maxtor said the purchase reflects its desire to compete in
  the high-capacity segment of the PC market.
  

"
test/19745	12	earn	"SUPER RITE FOODS INC <SRFI.O> 1ST QTR MAY 30
  Shr 19 cts vs seven cts
      Net 936,000 vs 351,000
      Revs 153.3 mln vs 145 mln
  

"
test/19748	0	acq	"SEC CHARGES CAMPEAU'S ALLIED STORES WITH DISCLOSURE
VIOLATIONS IN RECENT TAKEOVER

  SEC CHARGES CAMPEAU'S ALLIED STORES WITH DISCLOSURE
  VIOLATIONS IN RECENT TAKEOVER
  

"
test/19751	0	acq	"GROUP MAY SUPPORT CARDIS CORP <CDS> BUYOUT
  A group of companies controlled by
  Brookehill Partners Inc told government authorities it may
  support a buyout of Cardis Corp as a way to maximize the value
  of the company's stock.
      In a filing with the Securities and Exchange Commission, 
  the group disclosed that it currently holds a 5.5 pct stake in
  Cardis common stock, and said it ""would likely support"" an
  acquisition of the company as a whole or in parts by another
  party, terming such a move ""the most likely means for the
  company's shareholders to maximize the value of their
  investment.""
      Although the group characterized its Cardis stock holdings
  as principally for investment, it said it intends to contact
  third parties who might be interested in an acquisition of
  Cardis, a Los Angeles-based auto parts distributor.
      The group added its has already had ""some contacts"" with
  others concerning the company, but said no understandings have
  been reached.
      ""The (Cardis) common shares continue to offer opportunity
  for price appreciation on the basis of the company's asset
  value and earnings momentum,"" the Brookehill group told the
  SEC.
      The group, which currently holds 318,900 Cardis common
  shares, consists of New York-based Brookehill Partners and its
  two subsidiaries, Brookehill Equities Inc, a brokerage, and
  Moore, Grossman and deRose Inc, an investment advisor. Walter
  Grossmman, S. Edward Moore and Robert deRose, all of New York,
  each own one-third interests in Brookehill Partners.
      Since April 27, members of the Brookehill group made net
  purchases of 6,000 Cardis common shares at approximately 4 dlrs
  a share. The group told the SEC it may continue to purchase
  additional Cardis stock, but also reserved the right to sell
  its shares in the company.
  

"
test/19758	0	acq	"CAREMARK <CMRK.O> TO VOTE BAXTER <BAX> MERGER
  Caremark Inc and Baxter
  Travenol Laboratories Inc jointly announced that Caremark
  shareholders will vote on July 31 to approve the previously
  announced merger with Baxter.
      The companies said Caremark shareholders of record as of
  June 26 will be entitled to vote at the meeting to be held in
  Newport Beach, Calif, at 1000 PDT.
      On May 11, Baxter and Carmark announced a definitive
  agreement for Baxter to acquire Carmark in a stock transaction
  valued at 528 mln dlrs.
  

"
test/19760	0	acq	"SEC SAYS CAMPEAU UNIT VIOLATED DISCLOSURE RULES
  The Securities and Exchange
  Commission charged Allied Stores Corp with failing to promptly
  disclose key steps it was taking last September to thwart a
  takeover attempt by Campeau Corp.
      In an administrative complaint, the SEC said Allied and its
  legal adviser failed to promptly inform shareholders and the
  agency that it had begun talks with Youngstown, Ohio, shopping
  center developer Edward DeBartolo in response to Campeau's
  takeover offer.
      Campeau acquired Allied for an estimated 4.2 billion dlrs
  on Jan 1, following a battle with DeBartolo.
      On Sept 25, a day after Allied disclosed that its board had
  urged rejection of Campeau's Sept 12 tender offer for 58 dlrs a
  share, Allied began negotiating the sale of six shopping
  centers to DeBartolo, the SEC said.
      Allied legal advisor and director George Kern, who heads
  the merger and acquisitions group at the New York law firm of
  Sullivan and Cromwell, decided against amending Allied's SEC
  filing to disclose the talks even though they had resulted in
  sales price of 405 mln dlrs for the shopping centers, it said.
      Securities law requires takeover target companies to
  promptly disclose such things as the sale of major assets.
      The day after Campeau increased its tender offer to 80 pct
  of Allied's stock from 55 pct and raised its bid to 66 dlrs a
  share from 58 dlrs on Sept 29, Allied and a partnership headed
  by DeBartolo began negotiating a takeover deal aimed at
  thwarting Campeau, the SEC said.
      Kern again decided against disclosing the talks in an
  amended SEC filing, the agency charged.
      Allied's first disclosure of the DeBartolo takeover was
  made on Oct 8, even though its board approved the merger on Oct
  3 and the merger agreement was executed on Oct 7, the complaint
  said.
      DeBartolo and Campeau later engaged in a bitter battle for
  control of Allied, with Campeau winning out later in October
  when it bought a block of 25.8 mln shares of Allied stock, or
  48 pct of the total, in a controversial move made only minutes
  after it dropped its hostile tender offer.
      The acquisition of the additional 48 pct, which a federal
  judge allowed to be completed, gave Campeau a majority stake in
  Allied. Campeau bought the rest at 69 dlrs a share.
      The SEC said it had planned to file a court brief joining
  with Allied in charging that Campeau had engaged in an illegal
  tender offer.
      But the SEC brief was never filed since the case was
  dropped following an agreement between Campeau and DeBartolo.
      In the administrative proceeding against Allied and Kern,
  the SEC is asking for an administrative order that they comply
  with reporting provisions of securities laws in the future.
      Although Allied is no longer publicly traded since it
  became a subsidiary of Campeau, it still files annual and
  quarterly reports to the SEC because it has outstanding debt.
  

"
test/19761	12	earn	"GREAT COUNTRY BANK <GCBK.O> YEAR MAY 31 NET
  Shr 31 cts vs n/a
      Net 671,000 dlrs vs 1,256,000 dlrs
      Year
      Shr 1.85 dlrs vs n/a
      Net four mln dlrs vs 2.8 mln dlrs
      Assets 426.4 mln dlrs vs 334.1 mln dlrs
      Deposits 323.1 mln dlrs vs 277.2 mln dlrs
      Loans 335.9 mln dlrs vs 254.9 mln dlrs
      Note:the company does not give 1986 per share earnings as
  it converted from a mutual savings bank to a stock savings bank
  in January 1986
  

"
test/19762	0	acq	"ALLIED-SIGNAL <ALD> COMPLETES UNIT SALES
  Allied-Signal Inc said it
  completed the sale seven businesses in its electronics and
  instrumentation sector for 1.8 billion dlrs in cash and in debt
  assumed by the purchasers.
      The company said last December its would sell the units by
  mid 1987. It did not identify the buyers.
      The company said the proceeds will be used to reduce debt,
  continue the company's share buyback program, and increase
  strategic investments in its core businesses and other
  corporate purposes.
      It said the units sold were Ampex Corp, Amphenol Prodcuts,
  Linotype Group, Neptune International, MPB Corp, Revere Corp
  and Sigma Instruments Inc.
  

"
test/19763	0	acq	"CYCARE <CYCR.O> BUYS CONTROL DATA <CAD> UNIT
  Cycare Systems Inc, an
  information processing systems company, said it purchased the
  assets of Control Data Corp's MedTec unit for undisclosed
  terms.
      MedTec is a provider of patient accounting and scheduling
  systems for large scale group medical practices.
  

"
test/19766	0	acq	"BECOR <BCW> TO ADJOURN DELAYED HOLDERS MEETING
  Becor Western Inc said no
  business will be transacted at the shareholders meeting
  scheduled for 1000 CDT tomorrow and the meeting will be
  permanently adjourned.
      If a definitive agreement or transaction results from any
  of the offers now pending for the company's stock, Becor said,
  a date for a new shareholders meeting will be established.
  

"
test/19767	0	acq	"UNIVERSAL COMMUNICATION <UCS> TO SELL ASSETS
  Universal Communication Systems Inc
  said it has tentatively agreed to sell substantially all its
  assets for about 79 mln dlrs in cash and notes plus limited
  profit participation.
      The company said the terms of the sale have been approved
  by its board and by Prime Motor Inns Inc <PDQ>, owner of about
  84 pct of Universal's outstanding stock.
      It described the purchaser as a subsidiary of a company in
  the communications field which is one of the 100 largest U.S.
  corporations.
      The company said the transaction involves the payment of 20
  mln dlrs in cash, a non-interest bearing payment of 11.3 mln
  dlrs in four equal instalments over four years and two
  promissory notes guaranteed by an affiliate of the purchaser.
      It said a 31.5 mln dlr 14 pct note is payable in four equal
  instalments over four years. It said a 16.3 mln dlr 8.5 pct
  note due Dec 31, 1992, includes participation in the 1992
  profits of the acquiring company. Universdal said the profit
  element can be terminated with payments by the purchaser of
  either five mln dlrs in 1988, six mln dlrs in 1989, seven mln
  dlrs in 1990 or eight mln dlrs in 1991.
  

"
test/19769	0	acq	"UNION <UEL.TO> ENDS PACT TO SELL CANBRA <CBF.TO>
  Union Enterprises Ltd said its agreement
  to sell its interest in Canbra Foods Ltd to Macluan Capital
  Corp has been terminated.
      Union said Macluan failed to make an offer for Union's 72
  pct interest in Canbra before the June 22 deadline.
      Union said it is no longer bound by the agreement and is
  continuing to seek a buyer for the interest.
  

"
test/19773	0	acq	"SSMC <SSM> TO BUY CUTTERS EXCHANGE DIVISION
  SSMC Inc said it has executed a
  letter of understanding to acquire the Parts Catalog Division
  of <Cutters Exchange Inc> for an undisclosed amount.
      SSMC, spun off from the Singer Co <SMF> a year ago, said
  that the Parts Catalog Division wholesales parts and needles to
  the industrial sewing trade in the U.S.
      Under the agreement, key managers and employees of the
  Parts Catalog Division in Nashville, Tenn, will relocate to the
  SSMC facility in Murfreesboro, SSMC said.
  

"
test/19775	22	interest	"U.S. TO END NETHERLANDS ANTILLES TAX TREATY
  The Treasury Department said it
  notified the Netherlands that it was terminating the 1948
  income tax treaty as it applies to the Netherlands Antilles and
  Aruba.
      The termination is effective January 1, 1988, the Treasury
  said in a two-sentence announcement.
      The Treasury decided to end the treaty after negotiations
  between the United States and the Netherlands over the past
  eight years had failed to reach an accord, a Treasury spokesman
  said.
      The decision means the sale by U.S. parent companies of
  Eurobonds through Netherlands Antilles subsidiaries will no
  longer be free of the 30 pct U.S. withholding tax, the
  spokesman said.
      Terminating the tax treaty with the Netherlands Antilles 
  may cause bond issuers to call in the bonds early. Most have
  maturities of 10 years or less and were issued before 1984, the
  spokesman said.
      He said the Treasury did not expect the action to have an
  adverse effect on U.S. issuers of the bonds because the general
  decline in interest rates means they will be able to refinance
  at lower interest rates.
      However, the holders of the bonds presumably will be faced
  with lower yields.
  

"
test/19780	0	acq	"CAROLCO PICTURES <CRC>, ORBIS IN AGREEMENT
  Carolco Pictures Inc said it signed
  a letter of intent to exchange 2.2 mln of its shares for all
  Orbis Communications Inc stock within the next 60 days.
      It said the Carolco shares used in the exchange are valued
  at 7.00 dlrs a share or a total value of 15.4 mln dlrs and will
  be adjusted based on the price of Carolco shares on the closing
  date.
      It said Orbis management will remain in place for at least
  three years.
  

"
test/19781	6	copper	"CIPEC STUDYING COPPER MARKET BACKWARDATION
  The Paris-based Intergovernmental Council
  of Copper Exporting Countries (CIPEC) is closely studying the
  current backwardation in world copper market prices but does
  not envisage taking corrective action at present, CIPEC sources
  here said.
      The organisation's executive and marketing committees
  reviewed the current market situation during a series of
  meetings here late last week, but took no major decisions.
      The sources noted that the backwardation - premium of
  nearby supply over forward delivery - dates back several weeks
  and is the longest on record.
     ""It's unusual,"" one official said, but added CIPEC did not
  have any immediate recipe to remedy the situation.
      The meetings featured a gathering of the 10 directors of
  CIPEC's regional copper development and promotion centres,
  which are based in Europe, Japan, India and Brazil.
      Their main aim was to prepare the ground for the annual
  ministerial meeting of CIPEC, which is scheduled for Zaire in
  late September.
      The last three ministerial meetings have been held in Paris
  to keep down costs.
  

"
test/19784	12	earn	"CANADIAN HOME SHOPPING (CWS.TO) 1ST QTR LOSS
  Shr loss 26 cts
      Net loss 1,277,737
      Revs 3.7 mln
      Note: full name Canadian Home Shopping Network Ltd.
      Period ended April 30 was company's first quarter of
  operations.
  

"
test/19786	6	copper	"OUTOKUMPU IN COPPER DEAL WITH IBERICA DEL COBRE
  Finland's state-owned mining company
  Outokumpu Oy said in a statement it was entering Spanish
  markets as a shareholder in Iberica del Cobre, S.A., a
  manufacturer of copper products.
      Outokumpu will acquire 21 pct of the shares in the Spanish
  company and a company will be set up as an agent for Outokumpu
  Spain. The deal awaits approval by the Spanish government.
      Iberica del Cobre makes tubes, rods, rolled and drawn
  copper and alloy products and its sales of 87,000 tonnes of
  output in 1986 amounted to 22 billion pesetas. Outokumpu's
  turnover in 1986 was 7.58 billion markka.
  

"
test/19787	12	earn	"CONCORD FABRICS INC <CIS> 3RD QTR OPER NET
  Period ended May 31
      Oper shr 31 cts vs 29 cts
      Oper net 552,035 vs 525,729
      Sales 36.7 mln vs 29.1 mln
      Nine mths
      Oper shr 1.08 dlrs vs 1.04 dlrs
      Oper net 1,931,488 vs 1,864,075
      Sales 104.9 mln vs 87.6 mln
      NOTE: 1986 period ended June One
      NOTE: Earnings exclude gain on disposal of discontinued
  operations of 162,000 dlrs, or nine cts a share vs loss of
  585,175 dlrs, or 33 cts a share in the quarter and a gain of
  432,000 dlrs, or 24 cts a share vs a loss of 585,175 dlrs, or
  33 cts a share for the nine months
      1986 earnings exclude losses from discontinued operations
  of 111,024 dlrs, or six cts a share in the quarter and 237,773
  dlrs, or 13 cts a share for the nine months
  

"
test/19788	12	earn	"GENERAL PUBLIC UTILITIES <GPU> FIVE MTHS NET
  Period ended May 31
      Shr 1.81 dlrs vs 1.45 dlrs
      Net 113,752,000 vs 90,902,000
      Revs 1.12 billion vs 1.20 billion
      NOTE: Full name is General Public Utilities Corp
  

"
test/19790	12	earn	"COMTREX SYSTEMS CORP <COMX.O> YEAR LOSS
  Year ended March 31
      Shr loss three cts vs profit 10 cts
      Net loss 58,285 vs profit 182,039
      Sales 3,857,122 vs 3,188,555
      Avg shrs 2,108,080 vs 1,891,250
  

"
test/19796	0	acq	"SETON <SEL> DIRECTORS APPROVE MERGER AGREEMENT
  Seton Co said its board of
  directors unanimously approved an agreement and plan of merger
  providing for the merger of Seton with a unit of S Acquisition
  Corp, a New Jersey company.
      Seton said its board of directors unanimously approved the
  merger in a meeting held today.
      Seton said the agreement and plan of merger provides that
  all shares of Seton Co common stock not held by S Acquisition
  Corp, or its units, will be converted upon the merger into the
  right to receive 15.88 dlrs per share in cash.
  

"
test/19799	0	acq	"DI GIORGIO <DIG> TO EVALUATE GABELLI OFFER
  Di Giorgio Corp said it plans to
  respond to an unsolicited recapitalization plan proposed by
  Gabelli and Co Inc after the company, its board and its
  investment bankers evaluate the proposal.
      Earlier, Gabelli said in a filing with the Securities and
  Exchange Commission that it holds a 28.5 pct stake in DiGiorgio
  and that it, together with Gamco Investors Inc may seek control
  of the company.
      In addition, on June 25 the Gabelli group proposed to
  acquire all of Di Giorgio's common shares for a combination of
  20 dlrs per share in cash, a subordinated note with a face
  value of eight dlrs and one common share of the post-buyout
  company.
      The June 25 buyout proposal remains open until July 17.
  

"
test/19802	16	gold	"GUNNAR GOLD (GGG.TO) IN VENTURE AGREEMENT
  Gunnar Gold Inc said it and Mill City
  Gold Inc signed an option and joint venture agreement with
  Tyranex Gold Inc on the Tyranite gold property in Ontario.
      Gunnar said it and Mill City can earn a 50 pct interest in
  Tyranex's option to buy the Tyranite gold mine by spending up
  to five mln dlrs on exploration, development, and feasibility
  studies by 1990.
      It said the companies may form a joint venture partnership
  to bring the mine to full commercial production.
  

"
test/19803	12	earn	"DATA ARCHITECTS INC <DAI> 2ND QTR MAY 31 NET
  Shr 19 cts vs 16 cts
      Net 502,000 vs 401,000
      Revs 8,791,000 vs 6,650,000
      Six mths
      Shr 38 cts vs 29 cts
      Net 989,000 vs 745,000
      Revs 16.3 mln vs 12.5 mln
  

"
test/19807	5	coffee	"DAUSTER SAYS CONSUMERS SHOULD KEEP OUT OF QUOTAS
  Consumer countries should not
  intervene in the distribution of coffee export quotas,
  Brazilian Coffee Institute president Jorio Dauster said.
      ""Distribution of export quotas should be in the hands of
  producers as has been traditional,"" Dauster, a delegate at the
  recent coffee symposium here, told journalists. ""When consumers
  want to get involved, talks are much more difficult.""
      The main consumer country the United States and main
  producer Brazil failed to reach agreement on quota distribution
  when the International Coffee Organisation (ICO) met in
  February.
      Dauster said Brazil's role when the ICO meets in London in
  September will be to support the world coffee pact, defend its
  market share and argue for distribution of quotas to be in the
  hands of producer countries.
      ""We have sacrificed a great deal already,"" he said. ""this year
  we have a crop of 35 mln bags, we have economic problems and we
  are not in a position to do favours.""
  

"
test/19808	16	gold	"GUNNAR GOLD IN VENTURE AGREEMENT
  Gunnar Gold Inc said it and Mill City
  Gold Inc signed an option and joint venture agreement with
  Tyranex Gold Inc on the Tyranite gold property in Ontario.
      Gunnar said it and Mill City can earn a 50 pct interest in
  Tyranex's option to buy the Tyranite gold mine by spending up
  to five mln dlrs on exploration, development, and feasibility
  studies by 1990.
      It said the companies may form a joint venture partnership
  to bring the mine to full commercial production.
  

"
test/19810	0	acq	"BRITISH PETROLEUM COMPLETES STANDARD OIL MERGER
  British Petroleum Company PlC <BP.L> has
  completed its merger with Standard Oil Co of the U.S. <SRD>,
  raising its holding to 100 pct from 55 pct, BP said in a
  statement.
      The acquisition was made through BP's wholly-owned
  subsidiary <BP America Inc>. BP took a 25 pct stake in Standard
  in 1970, raising its stake to 53 pct in 1978 and 55 pct in
  1984.
      BP chairman Sir Peter Walters will be chairman of BP
  America, while Robert Horton is to be vice-chairman and chief
  executive officer, with Frank Mosier as president.
      BP said further details would be released on July 21.
  

"
test/19812	12	earn	"THOR ENERGY RESOURCES <THR> YEAR JAN 31 LOSS
  Shr loss four cts vs loss seven cts
      Net loss 267,000 vs loss 445,000
      Revs 6,407,000 vs 7,428,000
      NOTE: Full name is Thor Energy Resources Inc
  

"
test/19815	12	earn	"HEI CORP <HEIC.O> 4TH QTR MARCH 31 LOSS
  Oper shr loss 13 cts vs profit three cts
      Oper net loss 644,000 vs profit 184,000
      Revs 24.9 mln vs 22.1 mln
      Year
      Oper shr loss nine cts vs profit 21 cts
      Oper net loss 429,000 vs profit 1,123,000
      Revs 90.8 mln vs 86.5 mln
     
      NOTE: Revenues exclude medical publishing and retail
  operations the company decided to dispose of during the fourth
  quarter which had fiscal year revenues of 17.3 mln dlrs vs 14.4
  mln dlrs.
      Operating results exclude discontinued operations which had
  year loss of 364,000 dlrs vs profit 313,000 dlrs.
  

"
test/19823	0	acq	"RTE <RTE> BUYS SOME EMHART <EMH> ASSETS
  RTE Corp said it completed the
  purchase of the U.S. aluminum electrolytic capacitor business
  and related assets of Emhart Corp, for undisclosed terms.
  

"
test/19826	0	acq	"ROCHESTER <RTC> ACQUIRES <CANTON TELEPHONE CO>
  Rochester Telephone Corp said it
  completed the acquisition of Canton Telephone Co and is now
  operating the company.
      Terms of the acquisition were not disclosed.
      Canton Telephone serves about 2,900 access lines in
  northwestern Pennsylvania and had 1986 operating revenues of
  about 1,300,000 dlrs, Rochester Telephone said.
  

"
test/19828	0	acq	"SAN FRANCISCO, NOT REGION, HURT BY RESTRUCTURING
  Corporate mergers and acquisitions
  in and around San Francisco over the past seven years have had
  only a modest effect on the metropolitan area's economy, a
  leading business-backed organization said.
      The Bay Area Council, a group of more than 300 business
  firms, said that a study of corporate restructuring in a
  nine-county area found that San Francisco itself had suffered
  some ill effects from corporate shake-ups but that surrounding
  communities had not.
      Seventeen of the 32 Fortune 500 companies in the area left
  due to corporate restructuring between 1979 and 1986, but
  another 21 firms were added to the list.
      Ten of the departing companies were based in San Francisco.
  During the period, only six located in the city achieved
  Fortune 500 status.
      Ted Hall, a council director and local managing director of
  McKinsey and Co. which conducted the survey, said the study
  grew out of concern that mergers and acquisitions had seriously
  hurt the economic climate of northern California.
      However, Hall said that only about 36,000 jobs had been
  lost in the region, while more than 600,000 new jobs were
  created during the period.
      At the same time, he said, the region experienced a greater
  rise in per capita income and lower unemployment than the rest
  of the United States and California.
      Council President George Keller, who also is chairman and
  chief executive officer of Chevron Corp., told a news
  conference that the region had difficulties in persuading
  companies to locate there because of a fragmented local
  political system.
      But he said that because of the amenities of living in San
  Francisco, he was the envy of many chief executives in other
  metropolitan area.
      ""It's a great place to run a business,"" he added, ""but it's
  a hell of a place to do business with government.""
      The study concluded that Chevron, which mergered with Gulf
  Oil in 1984, would benefit in the long run from the
  restructuring activity.
      Among the corporate headquarters lost during the period
  were Crown Zellerbach, Memorex, Southern Pacific, Castle &amp;
  Cooke and Rolm.
      Companies that grew enough during the period to make the
  Fortune 500 list included Apple Computer, Pacific Telesis,
  McKesson, Tandem Computer, U.S. Leasing and Amfac.
      The study by the management consulting firm said that,
  partly due to corporate restructuring, the rate of job growth
  in San Francisco has slowed since 1980.
      In addition, it said that the loss of corporate leadership
  had adversely affected some of the Bay Area's civic and
  charitable activities.
  

"
test/19830	0	acq	"WTC SHAREHOLDERS APPROVE PITTSTON <PCO> BUYOUT
  Pittston Co said WTC
  International N.V. shareholders approved the acquisition of the
  company by Pittston.
      Terms of the transaction call for Pittston to exchange
  0.523 of its own common shares for each outstanding WTC share,
  Pittston said.
      WTC is engaged in domestic international air freight, ocean
  and surface freight forwarding and consolidation and
  distribution services.
  

"
test/19831	0	acq	"HOME FEDERAL <HFBF.O> SETS SHAREHOLDER MEETING
  Home Federal Bank of
  Florida F.S.B. <HFBF.O> said it has scheduled a special
  shareholders meetng for July 26 to approve proposed changes to
  the bank's charter and merge with Barnett Bank Inc's Barnett
  Bank of Pinellas County, N.A.
      Home Federal said the meeting is to approve a definitive
  agreement signed May 26, calling for each share of Home
  Federal's common stock to be exchanged for about 40 dlrs in
  market value of Barnett common stock. The exchange would be
  based on conversion of Home Federal shares of not less than
  1.935 or more than 1.200 shares of Barnett stocks.
      At 40 dlrs a share, Home Federal said the total market
  value of the transaction would be about 175 mln dlrs.
      Home Federal said notice of the meeting and related proxy
  materials, which has been filed previously with the Securities
  and Exchange Commission and the Federal Home Loan Bank board,
  were mailed on June 26, to holders of record on June 15.
  

"
test/19832	10	crude	"CHEVRON N.SEA FIND MAY HOLD 300 MLN BBLS -ANALYSTS
  A North Sea oil find announced by Chevron
  Corp's <CHV> Chevron Exploration North Sea Ltd may indicate a
  new field with recoverable crude oil reserves of 300 mln
  barrels, industry analysts said.
      Chevron said a sidetrack well on block 16/26 on the U.K.
  Continental shelf tested 9,000 barrels per day (bpd) of 20 API
  crude oil from the tertiary ""Alba"" sand through a three-inch
  surface choke.
      ""The estimated amount of oil at the Alba field is around 320
  mln barrels,"" Paul Spedding of stockbroker Kleinwort Grieveson
  and Co told Reuters.
      He said industry estimates put the total reserves at the
  field at over one billion barrels, but given the low gravity of
  oil, the recovery rate would be expected to be around 20-25
  pct.
      Analysts said the results were encouraging, but the
  potential difficulty of operating and recovering oil in the
  field was shown by the fact that the first well had to be
  plugged and a sidetrack drilled.
      ""The field seems to be shallow and widespread, which will
  require a multi-platform development in recovery, pushing costs
  up,"" Christopher Osborne of stockbroker Hoare Govett said.
      Most analysts said that although the low gravity of the oil
  found would require additional costs in recovery, the test well
  showed that it flows well.
      ""Although the gravity of oil at the field seems to be low,
  it seems to flow quite well and around 300 mln barrels could be
  recovered,"" Carol Bell of Phillips and Drew told Reuters.
      However, Chevron officials declined to comment on the
  analysts' reserve estimates. They said that without further
  research and drilling in the area this summer, they would not
  disclose any reserve figures.
      Analysts said that if the field were declared commercial
  and developed, there would be a ready local market for the
  heavy crude it produced.
      ""Most refineries are now upgraded to refine heavy oils and
  the price differentials between heavy and light crudes are a
  lot narrower today,"" Osborne said.
      Chevron operates the block on behalf of 16 companies which
  include British Petroleum Development Ltd, DSM Hydrocarbons
  (UK) Ltd, Enterprise Oil (TNS) Ltd, Marathon Int. Pet. (GB) Ltd
  and Phillips Petroleum Co U.K. Ltd.
  

"
test/19833	0	acq	"ARDEN GROUP <ARDNA.O> PLANS ISSUER TENDER
  Arden Group Inc said it filed a
  registration statement with the Securities and Exchange
  Commission covering two issuer tender offers.
      It said one offer its directed to its class A common stock
  holders and another to holders of its 8-1/4 pct debentures due
  March 1, 1989.
      The planned offer for common stock holders calls for the
  company to exchange either 30 dlrs in cash, or 35 dlrs
  principal amount of 13 pct subordinated debentures due
  September 1, 1997, or one share of a new class B common stock,
  for each class A share held, Arden Group said.
      It also said the cash payment is subject to proration.
      In addition, the company said it plans to offer to exchange
  one dlr principal amount of 13 pct debentures due September 1,
  1997 for each outstanding one dlr principal amount of 8-1/4 pct
  debentures.
  

"
test/19837	0	acq	"LOMAS <LNK> SHAREHOLDERS APPROVE ACQUISITION
  Lomas and Nettleton Financial Corp said
  its shareholders approved at a special meeting the company's
  acquisition of Equitable Life Leasing Corp for 263.3 mln dlrs.
      Equitable Life Leasing Corp is a subsidiary of Equitable
  Investment Corp, which is owned by the Equitable Life Assurance
  Co of U.S.
      Lomas said the acquistion price will consist of one mln in
  cash, 1.5 mln shares of the company's common stock, 71,000
  shares of a new series C preferred stock, and 8.944 mln dlrs
  principal amount of nine pct senior notes due 1994.
      The company added that the acquisition will close June 30.
  

"
test/19839	0	acq	"ALMI GROUP ACQUIRES INTEREST IN CLEARVIEW BAKING
  <ALMI Group L.P.> said its
  co-chairmen, Michael Landes and Albert Schwartz, and its vice
  chairman, Michael Spiegler, have acquired a 50 pct equity
  interest in <Clearview Baking Corp> for undisclosed terms.
      A. Dale Mayo, Clearview's president and chief executive
  officer, will retain a 50 pct interest in the company, ALMI
  Group said.
  

"
test/19844	10	crude	"ECUADOR TO PRODUCE ABOVE OPEC QUOTA - MINISTER
  Ecuador will produce crude oil in excess
  of its 221,000-bpd OPEC quota during the second half of this
  year, Energy Minister Fernando Santos Alvite told a news
  conference.
      Ecuador plans to produce 280,000 bpd in August, rising to
  320,000 bpd next January, the minister said.
      ""We will be producing more than the quota to pay off the
  crude and products we have been lent by Venezuela, Nigeria and
  Kuwait and to compensate for the crude we have been unable to
  produce during the past few months,"" he said.
      Earthquake damage to a pipeline sharply cut Ecuadorean
  production from March to May this year.
      Santos said the move had been explained to fellow OPEC
  members during last week's meeting in Vienna, when an increase
  in Ecuador's quota to 221,000 bpd from 210,000 was approved.
      ""They understood our position and we believe we remain
  within the spirit of the (quota) agreement,"" he said.
      Immediately before the March quake Ecuadorean production
  was 250,000-260,000 bpd, with 144,000 bpd exported.
      While its production was down, Venezuela, Nigeria and
  Kuwait loaned Ecuador a total 12 mln barrels of crude and four
  mln barrels of products, Santos said.
  

"
test/19850	12	earn	"LAIDLAW TRANSPORTATION LTD (LDMF.O) THIRD QTR
  Shr 20 cts vs 12 cts
      Net 34,088,000 vs 18,727,000
      Revs 340.4 mln vs 200.3 mln
      Nine mths
      Shr 53 cts vs 31 cts
      Net 88,661,000 vs 49,059,000
      Revs 926.5 mln vs 560.1 mln
      Avg shrs 151.1 mln vs 137.0 mln
  

"
test/19854	12	earn	"MORRISON INC <MORR.O> 4TH QTR MAY 30 NET
  Oper shr 38 cts vs 32 cts
      Qtly div 12 cts vs 12 cts
      Oper net 5,430,000 vs 4,707,000
      Revs 169.1 mln vs 139.4 mln
      Year
      Oper shr 1.50 dlrs vs 1.32 dlrs
      Oper net 21.5 mln vs 19.1 mln
      Revs 602.5 mln vs 524.4 mln
      NOTE: 1986 operating net in both periods excludes loss 8.2
  mln dlrs, or 56 cts a share, from discontinued operations
  

"
test/19856	0	acq	"WAL-MART <WMT> COMPLETES ACQUISITION
  Wal-Mart Stores Inc said it has
  completed the acquisition of <Super Saver Warehouse Inc> and
  Super Saver is now a wholly owned unit of Wal-Mart.
  

"
test/19860	0	acq	"KRAFT <KRA> COMPLETES FROSTEX ACQUISITION
  Kraft Inc said it completed the
  acquisition of Frostex Foods Inc for undisclosed terms.
      Kraft said last month it had signed a letter of intent to
  acquire the Austin, Texas-based foodservice distributor.
  

"
test/19862	12	earn	"PRECISION TARGET MARKETING <PTMI.O> 4TH QTR NET
  Qtr ended April 30
      Shr profit one ct vs loss three cts
      Net profit 146,000 vs loss 203,000
      Revs 2,001,000 vs 1,493,000
      Year
      Shr profit four cts vs loss 13 cts
      Net profit 445,000 vs loss 827,000
      Revs 7,135,000 vs 5,237,000
      NOTE: Full name is Precision Target Marketing Inc. Latest
  year and quarter includes extraordinary gains of 214,000 dlrs,
  or three cts a share, and 85,000 dlrs, or one ct a share.
  

"
test/19864	0	acq	"RTE CORP <RTE> BUYS EMHART CORP UNIT
  RTE Corp said it completed the
  purchase of Emhart Corp's United States aluminum electrolytic
  capacitor business for an undisclosed sum.
      The company said the capacitor business is part of Emhart's
  electrical and electronic group marketed under the Mallory
  brand name.
      The company said the product lines it acquired had sales of
  25 mln dlrs last year.
  

"
test/19865	12	earn	"SEVEN OAKS INTERNATIONAL INC <QPON.O> YEAR NET
  Periods ended April 30
      Shr 83 cts vs 94 cts
      net 5,583,000 vs 8,403,000
      Revs 28.8 mln vs 29.4 mln
      Avg shrs 6,754,000 vs 6,802,000
  

"
test/19866	0	acq	"UNITED MEDICAL CORP <UM> SELLS UNIT
  United Medical Corp said it
  will sell its Trotter Treadmills Inc unit.
      The company said the sale is in line with its strategy of
  refocusing on its health care service business. It said it had
  received interest from several parties, but no agreement has
  yet been reached.
      Trotter Treadmills makes motorized treadmills for the
  exercise enthusiast and fitness club market. It said its sales
  for this year are projected to be over 10 mln dlrs.
  

"
test/19867	49	veg-oil	"FRANCO-GERMAN PARLEY FAILS TO UNBLOCK FARM TALKS
  A specially convened Franco-German
  meeting in the sidelines of a summit of EC leaders failed to
  make any progress over a 1987-88 farm price package that has
  deeply split the two former EC allies, diplomats said
      The meeting was attended by farm ministers and foreign
  ministers from both countries and by French President Francois
  Mitterand, his Prime Minister Jacques Chirac, and by Chancellor
  Helmut Kohl of West Germany.
      The stalemate over farm prices is seen as a key to
  providing a solution to a long-term settlement of the
  Community's worst-ever budget crisis.
      ""The Germans clearly do not want to budge,"" an aide to Chirac
  told reporters. He added the French Prime Minister was visibly
  angered as he the hour-long meeting.
      Bonn and Paris are diametrically opposed to a proposal for
  the Brussels Executive Commission to overhaul radically the
  EC's complex ""green"" currrency system, designed to translate
  common EC farm prices into national currencies.
      Paris also supports a move for an oils and fats tax which
  West Germany is against, along with Britain, Denmark and the
  Netherlands.
      EC farm minsters are due to resume negotiations on the
  package, which should have been agreed by an April 1 deadline
  tomorrow.
      Diplomats said it had been hoped that the summit could have
  injected fresh impetus into those talks.
      The Commission proposed its package to save one billion
  dollars on the EC's ever-rising farm budget.
      The summit has been dominated by lengthy talks on moves to
  alter the entire system of financing the 12-nation group, and
  plugging a 5.7 billion dollar budget shortfall for 1987.
  

"
test/19870	0	acq	"CYCARE SYSTEMS INC <CYCR> BUYS MEDTEC
  CyCare Systems Inc said it bought
  Control Data Corp's <CDA> MedTec unit for an undisclosed sum.
      The company said MedTec's new client base could have a
  significant impact on long-term revenues, although it expects a
  minimal positive impact on earnings in the next six months.
      It said the assets purchased include processing agreements,
  software maintenance contracts and the supporting software.
  

"
test/19872	0	acq	"BASS-LED GROUP HAS 8.9 PCT BELL and HOWELL CO STAKE FOR
INVESTMENT

  BASS-LED GROUP HAS 8.9 PCT BELL and HOWELL CO STAKE FOR
  INVESTMENT
  

"
test/19874	0	acq	"MCCHIP <MCS.TO> TO ACQUIRE RESERVE HOLDING
  McChip Resources Inc said it has agreed
  to exchange its interest in Oklahoma oil and gas properties
  operated by Reserve Exploration Co <REXC.O> for 638,435
  restricted Reserve common shares.
      The company said it will have a 44 pct stake in Reserve's
  outstanding shares as a result of the exchange.
  

"
test/19880	0	acq	"BASS GROUP HAS STAKE IN BELL AND HOWELL <BHW>
  An investor group led by Robert Bass
  of Fort Worth, Texas said it owns 786,800 shares of Bell and
  Howell Co common stock, equal to 8.9 pct of the company's
  common stock outstanding. 
      In a filing with the Securities and Exchange Commission,
  the group said it purchased 511,500 Bell and Howell common
  shares between April 29 and June 26 at 44.25 dlrs to 56.02 dlrs
  a share.
      The stock was acquired for investment purposes, the group
  said, adding it may purchase or sell additional shares in the
  future.
  

"
test/19882	43	ship	"U.S. REASSERTS PLANS FOR DETERRENT ROLE IN GULF
  The United States responded to an
  apparent escalation of Iranian rhetoric with continued
  assurances that its expanded military force in the Gulf would
  play purely a deterrent role.
      ""I can only emphasize that our role there is deterrent, that
  we're going to be assuring safety for American shipping and
  that that shipping is not related to the war itself,"" State
  Department spokesman Charles Redman told reporters.
      He was asked about Iranian claims that the United States
  was moving towards the brink of armed conflict with Iran.
      Tehran Radio quoted defence spokesman Ali Akbar Hashemi
  Rafsanjani telling a visiting Nicaraguan delegation yesterday,
  ""At the moment the United States is moving towards the brink of
  an armed encounter with us.
      ""We are not concerned about this and believe that the U.S.
  Presence in the war will make our nation even more serious. We
  are determined to stand firm and will certainly win.""
      The United States disclosed last week it was beefing up its
  Gulf fleet from seven to 10 warships and also sending the
  refurbished battleship Missouri to patrol just outside the
  strategic Strait of Hormuz, entrance to the Gulf.
      The buildup ties in with U.S. Plans to escort Kuwaiti oil
  tankers which have been re-registered to fly the American flag
  and gain naval protection against Iranian attacks.
      Asked about the Iranian rhetoric, White House spokesman
  Marlin Fitzwater said, ""We won't have any comment or response to
  the Iranian statements. Our position has been made clear about
  the status of events in the Gulf. We want an end to the war
  with no winners and no losers and any activities or statements
  that tend to prolong the war or increase hostilities are not
  helpful or welcome.""
      Redman said he could not independently confirm reports that
  Iran has offered to halt attacks on Gulf shipping.
  

"
test/19887	12	earn	"HARTMARX CORP <HMX> 2ND QTR MAY 31 NET
  Shr 40 cts vs 11 cts
      Net 8,265,000 vs 2,255,000
      Sales 248.3 mln vs 245.4 mln
      Six mths
      Shr 94 cts vs 51 cts
      Net 19.4 mln vs 10.6 mln
      Sales 531 mln vs 535.8 mln
  

"
test/19890	0	acq	"CXR <CXRL.O>,TOROTEL <TRTL.O> TO SETTLE SUIT
  CXR Telcom Corp and Torotel
  Inc agreed in principle to settle pending litigation regarding
  the sale of Torotel's former Halcyon Communications Inc unit to
  CXR in March, 1986, the two companies said in a joint
  statement.
      The agreement calls for CXR to pay to Torotel 1,350,000
  dlrs in exchange for return of a 2.5 mln dlr note and five mln
  CXR common shares valued at 1,7754,000 mln dlrs, the companies
  said.
      In June, 1986 CXR filed the suit in San Francisco federal
  court, charging that the 10.3 mln dlr price it paid for Halycon
  was excessive, Torotel said.
      It also said that in is suit CXR asked for seven mln dlrs
  in damages, along with an unspecified punitive award.
  

"
test/19892	0	acq	"CABLEVISION SYSTEMS <CVCC> BUYS STATIONS
  Cablevision Systems Corp said it
  bought cable television systems in six Dutchess County, N.Y.,
  communities from Dutchess County Cablevision Associates Ltd.
      The company said the acquisition of the new systems will
  add to its presence in New York. It said it will add 4,400
  subsribers to its 568,000 subscriber base.
  

"
test/19895	0	acq	"AUSTEC <AIL.S> COMPLETE PURCHASE OF PRIVATE FIRM
  Austec International Ltd said
  its North American unit, Austec Inc, completed the purchase of
  privately-held Ryan-McFarland Corp for an undisclosed sum.
      The company said the two units combined are expected to
  have net revenues of about 25 mln dlrs in 1987.
      Ryan-McFarlnad develops COBOL and FORTRAN language
  compilers for the micro, mini and mainframe computer markets.
      Austec International is based in Melbourne, Australia.
  Ryan-McFarland is located in Rolling Hills Estates, Calif.
  

"
test/19900	0	acq	"TECSYN INTERNATIONAL TERMINATES TAKEOVER TALKS WITH
INVESTOR GROUP

  TECSYN INTERNATIONAL TERMINATES TAKEOVER TALKS WITH
  INVESTOR GROUP
  

"
test/19902	0	acq	"CAMPEAU SAYS IT IS NOT PART OF SEC PROCEEDING
  <Campeau Corp> said it is not involved
  in the Securities and Exchange Commission's administrative
  proceeding against Allied Stores Corp, which Campeau acquired
  at the end of last year.
      In a statement, the company said, ""The SEC action involves
  events that occurred prior to Campeau's acquisition of Allied
  relating to the alleged failure of Allied to make certain
  disclosures. Consequently, Campeau is not subject to the
  procedings.""
  

"
test/19906	0	acq	"FORTUNE SYSTEMS <FSYS.O> APPROVES UNIT SALE
  Fortune Systems Corp said its
  shareholders approved the sale of its computer hardware
  business to SCI Technologies Inc.
      The transaction is expected to close this week.
      At its annual meeting, Fortune said shareholders also voted
  to change Fortune's name to Tigera Inc. Its principal
  subsidiary is Tigeral Corp.
  

"
test/19912	0	acq	"TECSYN <TSNA.TO> TERMINATES TAKEOVER TALKS
  TecSyn International Inc
  said it terminated takeover discussions with a U.S.-based
  investors group after the group was unable to establish access
  to funds to complete the proposed transactions, contrary to
  previous assurances.
      TecSyn previously said it and its controlling shareholders
  accepted in principle a proposal from the group to offer nine
  dlrs a share for 70 pct of TecSyn's outstanding shares.
      The investor group also planned to invest 22.5 mln dlrs in
  a private placement of four mln non-voting TecSyn common
  shares, the company said.
  

"
test/19913	0	acq	"GOODYEAR <GT> TO SELL STAKE IN TOYOBO PETCORD
  Goodyear said it is selling its 50
  pct interest in Toyobo Petcord Ltd of Japan to its partner in
  the venture, Toyobo Co.
  

"
test/19915	12	earn	"WASHINGTON SCIENTIFIC <WSCI.O> 2ND QTR NET
  Shr 16 cts vs two cts
      Net 391,000 vs 57,000
      Sales 7,917,000 vs 7,255,000
      Six mths
      Shr 47 cts vs 17 cts
      Net 1,164,000 vs 422,000
      Sales 27.9 mln vs 24.3 mln
      NOTE: Full company name is Washington Scientific Industries
  Inc. Second quarter ended June seven.
  

"
test/19918	48	trade	"ISRAEL MINISTER SEES INCREASED EXPORTS TO U.S.
  Israel's exports to the U.S. can and
  must double over the next five years if the mideast nation's
  goal of economic independence is to be achieved, said Gad
  Yaacobi, Israeli minister of Economy and Communication.
      Speaking before an American-Israel Chamber of Commerce
  seminar, Yaacobi said that in 1986 Israeli exports to the U.S.
  were over 2.3 billion dlrs or about one-third of Israel's total
  exports, while imports from the U.S. were around 1.8 billion
  dlrs or roughly one-sixth of the total.
      ""I am convinced that Israel exports to the U.S. can reach
  five billion dlrs in the next five years, if we learn to
  function in the American marketplace and place greater emphasis
  on product quality,"" Yaacobi said.
      While the weakening of the dollar vis-a-vis European
  currencies is a ""bottleneck to increasing exports to the U.S.,""
  Yaacobi said he expects Israel to extend its recent trend
  toward higher U.S. exports.
      In the last ten years, Israeli exports to the U.S. rose
  fivefold, from 417 mln dlrs to 2.3 billion in 1986, while
  imports rose from 888 mln dlrs to 1.8 billion last year.
      Yaacobi said export growth must increase ten to eleven pct
  annually, the rate achieved until the 1973 Yom Kippur War.
       He said that the U.S./Israel Free Trade agreement, passed
  last year and eliminating all duties and other commercial
  restrictions between the two nations through 1994, would
  continue to facilitate the desired export growth.
      Dual agreements included in the FTA allow Israel to act as
  an economic bridge between the U.S. and Europe, enabling U.S.
  firms to export to Europe at lower cost if a certain percentage
  of the exported is produced in Israel, and vice-versa.
      Yaacobi said that tensions among the nations of the middle
  east was one of the main reasons Israel had not yet been able
  to achieve its economic potential.
      Since 1973 the U.S. has given Israel 25 billion dlrs in
  aid, but most of it went to defense expenditures and financing
  military conflicts ""which were imposed on Israel,"" he said.
      Short of achieving Israel's full growth potential, however,
  Yaccobi said it would still be possible to achieve economic
  independence by 1993 or 1994, based on the assumption that
  exports can be doubled from 1986 levels in that time period.
  

"
test/19921	0	acq	"GENCORP INC SAYS TO SELL GENERAL TIRE TO CONTINENTAL
GUMMI FOR 650 MLN DLRS

  GENCORP INC SAYS TO SELL GENERAL TIRE TO CONTINENTAL
  GUMMI FOR 650 MLN DLRS
  

"
test/19927	10	crude	"VENEZUELA BUDGET SEES 16.35 DLRS OIL PRICE
  Venezuela's government tomorrow presents
  a 1988 budget proposal for 183.432 billion bolivars, based upon
  an oil price of 16.35 dlrs per barrel, finance minister Manuel
  Azpurua said.
      Azpurua told reporters after a cabinet meeting the new
  budget projects ordinary income of 149.925 billion bolivars and
  extraordinary income of 34.186 billion. Oil revenues are
  expected to produce 92.014 billion, or 61 pct of the total.
      The finance minister said the oil revenue projection is
  based on an average price of 16.35 dlrs per barrel in 1988.
  Venezuelan oil through the first half of 1987 has averaged 16.
  20 dlrs per barrel, according to the state oil company
  Petroleos de Venezuela, S.A.
  

"
test/19930	0	acq	"GENCORP <GY> TO SELL GENERAL TIRE
  Gencorp Inc and Continental AG of
  Hanover, West Germany, jointy announced they signed an
  agreement for Continental to buy Gencorp's General Tire Inc
  subsidiary for 650 mln dlrs in cash.
      Under the agreement the companies said Continental will
  acquire General Tire, including its related domestic and
  foreign operations, and Gencorp will retain liability for the
  medical benefits of retired General Tire employees who retired
  on or before November 30, 1984.
      The sale is expected to be completed on or before November
  one and is subject to meeting certain conditions.
      Continental is Europe's second largest tire producer. Last
  year, the company had sales of 2.6 billion dlrs, with 1.9
  billion dlrs generated by its tire operations.
      Last year, General Tire had operating profits of 79 mln
  dlrs on sales of 1.1 billion dlrs, and Gencorp had operating
  profits of 130 mln dlrs on sales of 3.1 billion dlrs.
      GenCorp spokesman Rip Tilden said the company will retain
  about 100 mln dlrs in liability for its former General Tire
  employees under the agreement.
      Tilden said Gencorp will use the proceeds from the sale to
  reduce its 1.5 billion dlr debt.
      In April, GenCorp sucessfully thwarted a takeover by a
  partnership formed by AFG Industries Inc <AFG> and Wagner and
  Brown with a restructuring program that included the purchase
  of up to 54 pct, or 12.5 mln shares, of its common at 130 dlrs
  a share for a total of 1.6 billion dlrs
      As part of the restructuring, GenCorp also said it planned
  to sell its tire business, the bottling operations of its RKO
  General Inc subsidiary, and RKO's remaining broadcast
  properties to focus on the company's aerospace and automotive
  components businesses.
     
      Tilden said Gencorp expects to realize about 850 mln dlrs
  in after tax proceeds by the end of 1987 as a result of sale of
  several pieces of the nonbroadcast assets of the company,
  including general tire.
      ""The price paid for General tire would not cause us to
  reevaluate that estimate,"" said Tilden.
      General Tire employs 10,000 people worldwide and has four
  tire manufacturing plants in the U.S. and one in Canada.
      In a statemnet, A. William Reynolds, GenCorp chairman said
  the sale of General Tire ""represents a critical accomplishment
  in our plan to restructure GenCorp.""
     
      Reynolds also said GenCorp's previously announced sale of
  its other businesses are ""proceeding satisfactorily.""
      Among the pieces of Gencorp's empire that remain to be sold
  are its RKO bottling operations. GenCorp agreed to sell RKO's
  KHJ-TV station to Walt Disney Co <DIS> for
  217 mln dlrs. That deal awaits approval by the Federal
  Communications Commission. GenCorp also received 257 dlrs after
  tax from the sale of RKO's WOR-TV.
  

"
test/19933	12	earn	"ADVANCED INSTITUTIONAL <AIMS.O> YEAR LOSS
  Shr loss 79 cts vs profit 30 cts
      Net loss 2.1 mln dlrs vs profit 675,935 dlrs
      Revs 5.5 mln dlrs vs 9.1 mln dlrs
      Note:the year ended March 31. The company's full name is   
   Advanced Institutional Management Software Inc
  

"
test/19935	0	acq	"KELLWOOD <KWD> BUYING THREE COMPANIES
  Kellwood Co said it signed a
  definitive agreement to acquire Robert Scott Ltd Inc, David
  Brooks Ltd Inc and Andrew Harvey Ltd of Dedham, Mass.
      Terms were not disclosed.
      Combined sales of the three companies in 1986 were over 50
  mln dlrs, it said. The deals are expected to be completed by
  July 31, Kellwood said.
  

"
test/19939	0	acq	"A.H. ROBINS SAYS RORER GROUP MERGER PROPOSAL MERITS
FURTHER CONSIDERATION

  A.H. ROBINS SAYS RORER GROUP MERGER PROPOSAL MERITS
  FURTHER CONSIDERATION
  

"
test/19943	0	acq	"DIGITAL COMMUNICATIONS <DCAI.O> BUYS FOX UNIT
  Digital Communications
  Associates Inc said it agreed with Fox Technology Inc <FOXT.O>
  to buy its Fox Research Inc unit for a cash payment and the
  assumption of liabilities of around 10 mln dlrs.
      The company said part of the agreement includes payment of
  up to an additional 6.5 mln dlrs based on the performance of
  the unit in the year following the closing.
      The company said the deal is expected to be closed in
  mid-August.
      Fox Research develops, makes and markets local area
  networks for personal computers.
  

"
test/19946	0	acq	"A.H. ROBINS <QRAH> TO CONSIDER RORER OFFER
  A.H. Robins Co said its board
  has concluded that the merger proposal submitted by Rorer Group
  Inc <ROR> merits further consideration.
      At the request of the board, Rorer has agreed to extend
  until 1800 EDT July 2 its deadline for response from A.H.
  Robins.
      After Rorer announced its second bid for the company last
  Thursday, analysts forecast that the Robins family, which holds
  control of the company, would vigourously oppose any merger.
      But, the analysts added, that Robins desire to emerge
  independent from two years of bankruptcy proceedings may be
  thwarted by some Robins' shareholders who perceive a merger as
  a more expedient way of dealing with the company's Dalkon
  Shield related liabilities.
      After a failed first attempt earlier this year, Rorer's
  latest merger plan calls for a share swap worth about 720 mln
  dlrs.
      Rorer would also set up two trusts to cover the estimated
  1.75 billion dlrs in liabilities to deal with about 320,000
  claims by women who suffered maladies from the use of the
  Dalkon Shield interuterine device.
  

"
test/19950	0	acq	"CITICORP <CCI> SAVINGS EXTENDS CALIFORNIA REACH
  Citicorp has extended its reach
  into the California market with Citicorp Savings' acquisition
  of 50 of Sears Roebuck's <S> Sears Savings Bank branches,
  bringing its presences to 143 branches in 101 communities,
  CitiCorp Savings said.
      Thrift industry analysts said the move, approved by the
  Federal Reserve board today, is a plus for Citicorp and shows
  its serious intent to penetrate the California market.
      The acquisition mostly extends Citicorp's reach into
  Southern California, where 34 of the 50 branches are located.
  Citicorp Savings was predominantly in Northern California.
      ""This marks our first major expansion in California,
  particularly in the south,"" said Citicorp Savings President
  Edward Valencia, in a statement.
      Thrift industry sources said they do not see a major
  near-term impact on the Southern California thrift market, but
  do expect Citicorp to be a more aggressive competitor than
  Sears was in that market.
      ""We do believe they will be a better competitor than
  Sears,"" said James Stutz, Executive Vice President of Home
  Federal Savings and Loan Association <HFD>, based in San Diego.
      Banking industry sources said the move is viewed as
  groundwork, to establish Citicorp throughout the California
  market, well before the 1991 law change that will allow it to
  operate as a bank in the state. They said Citicorp is likely to
  convert the branches to banks at that time.
      In the near-term, however, analysts said with seven billion
  dlrs in assets, Citicorp Savings is still not a major force in
  the thrift market, against such large California thrifts as
  Home Federal, Great Western Financial Corp <GWF>, H F Ahmanson
  and Co <AHM>, Golden West  Financial <GWD> and Great American
  First Savings Bank <GTA>.
  

"
test/19955	0	acq	"CONTEL <CTC> UNIT SALES SEEN BY ANALYSTS
  Contel Corp's telecommunications
  equipment unit is the most likely candidate for sale by the
  Atlanta-based telecommunications company, Wall Street analysts
  said.
      ""Executone is at the top of the list,"" said one analyst,
  referring to Contel's loss-riden telecommunications equipment
  unit. ""The question is, who would take it?"" he added.
      The company, forecasting a 15 pct drop in 1987 operating
  earnings over last year, said late today that it is reviewing
  all operations in an effort aimed at ""maximizing long-term
  stockholder value.""
      Analysts also said Contel's federal systems division, which
  has been hit with several executive defections, may also be put
  on the block.
      Contel officials declined to comment on the possibility of
  selling any operations. However, the company indicated in a
  statement that it was closely evaluating the telecommunications
  and federal systems units.
  

"
test/19957	12	earn	"ROYAL GOLD AND SILVER CORP <RGS.TO> SIX MTHS NET
  Shr profit two cts vs loss two cts
      Net profit 123,000 vs loss 104,000
      Revs 12.5 mln vs nil
      Note: 1987 period includes 112,000 dlr extraordinary gain.
  

"
test/19959	0	acq	"CDC LIFE SCIENCES <LSI.TO> STAKE SOLD
  Canada Development Corp <CDC.TO> said it
  agreed to sell its 25.2 pct interest in CDC Life Sciences Inc
  to Caisse de depot et placement du Quebec, the provincial
  pension fund manager, and Institut Merieux, a French biological
  laboratory company, for 169.2 mln dlrs.
      It said the caisse and Institut Merieux will each buy 2.75
  mln common shares of the company for 30.76 dlrs a share.
      It said following the transaction the caisse will hold
  about 19.3 pct of CDC Life Sciences. Canada Development said
  the purchasers do not plan to acquire the remaining
  publicly-held shares.
  

"
test/19962	0	acq	"CYCLOPS <CYL> HOLDERS APPROVE DIXONS MERGER
  Dixons Group Plc said shareholders at a
  special meeting of Cyclops Corp approved the previously
  announced merger of Cyclops with Dixons.
      Under the terms of the merger, Dixons said the remaining
  public Cyclops shareholders are to receive 95 dlrs a share.
      Dixons also said the previously announced sale of Cyclops
  steel and nonresidential construction businesses to a former 
  Alleghany Corp <Y> subsidiary is expected to be completed June
  30. After the sale, Cyclops will retain its specialty retailing
  business and change its name to Silo Inc, said Dixons.
  

"
test/19963	0	acq	"STE-GENEVIEVE UPS OFFER FOR SULLIVAN <SUM.TO>
  Ste-Genevieve Resources Ltd said it
  increased its cash takeover bid for Sullivan Mines Inc shares
  to 7.25 dlrs a share. It did not give the original bid.
      The offer is for a minimum five mln common shares and a
  maximum six mln shares, the company said.
      It gave no further details.
  

"
test/19964	17	grain	"U.S./SOVIET GRAIN MEETING UNLIKELY THIS SUMMER
  Prospects appear slim for a summer
  meeting between U.S. and Soviet officials before the two
  countries enter the final year of their bilateral grains
  agreement, Agriculture Department officials said.
      The two sides usually try to meet as each new year of the
  agreeement approaches although the last meeting was delayed up
  to last February. However, any delay this year should not
  endanger the fifth year of the grains agreement that extends
  through September, 1988, USDA officials said.
      ""It will be difficult to pull together the people for the
  meeting during July,"" an aide to USDA undersecretary Daniel
  Amstutz said.
      Since the last meeting was only around four months ago, the
  next talks could still be a ""couple more months,"" he said.
     
      There has been grain industry speculation that the USDA
  will offer Moscow another wheat subsidy during the next
  marketing year. But USDA officials said even if consultations
  were held soon a subsidy offer would probably not be made.
      ""I doubt that there would be any subsidy offer this summer
  or before the next agreement year begins,"" a USDA source said.
      Citing limited subsidy funds and uncertainties about next
  year's crops, he said, ""There are too many variables now. It
  would be uncharacteristic of us to make an offer now.""
      Under the nonbinding pact, Moscow has agreed to purchase a
  minimum of nine mln tonnes of U.S. grain per year. Soviet and
  U.S. officials normally meet in the summer before the start of
  a new agreement year to discuss grain quality, shipping
  logistics and production outlooks.
  

"
test/19965	0	acq	"GE CREDIT SAYS IT WILL BUY KRAFT INC'S D AND K FINANCIAL
CORP

  GE CREDIT SAYS IT WILL BUY KRAFT INC'S D AND K FINANCIAL
  CORP
  

"
test/19966	12	earn	"WALL AND REDEKOP CORP <WRK.TO> THREE MTHS NET
  Shr five cts vs one ct
      Net 299,869 vs 54,775
      Revs 5.7 mln vs 5.2 mln
      Note: period ended April 30.
  

"
test/19968	0	acq	"JUSTICE OPPOSES QUICK GREYHOUND-TRAILWAYS MERGER
  The Justice Department said it asked
  the government to proceed cautiously on a plan allowing the
  nation's two largest intercity bus companies to merge their
  operations, a move one of the firms said may derail the deal.
      Justice's opposition to quick federal approval of a bid by
  Greyhound Lines Inc to take immediate control Trailways Corp
  prompted Greyhound to threaten -- in a brief filed with the
  Interstate Commerce Commission (ICC) -- to drop the merger
  plan.
      Greyhound officials told Reuters late today the company
  hoped for ICC action on the merger by tomorrow.
      ""Greyhound Lines will go forward with the transaction only
  if it is permitted to assume immediate, unconditional control
  of Trailways' operations and to integrate them with its
  operations,"" Greyhound said in a filing with the ICC, the
  federal regulatory agency which has the final say over mergers
  of interstate bus companies.
      But Justice had said in an earlier filing with the ICC that
  it wanted the agency to move slowly on the plan and to turn
  down Greyhound's request to begin operating Trailways
  immediately.
      ""The department has just begun to receive relevant
  information on Trailways' financial condition and is in the
  process of assessing the correctness of the company's
  allegations,"" acting Assistant Attorney General Charles Rule
  said in comments submitted to the ICC.
      Greyhound announced June 19 that it wanted the ICC to let
  it begin operating Trailways immediately while continuing to
  evaluate the merger for possible antitrust problems.
      Greyhound said it would pay 80 mln dlrs for many of
  Trailways' terminals, buses and garages.
      The two companies said in papers filed with the ICC that
  Trailways ""could collapse in a matter of days.""
      They said Trailways owed suppliers more than six mln dlrs,
  with another six mln dlrs due June 30.
      The suppliers, they said, could force Trailways into
  bankruptcy ""at any time.""
      Trailways also owes a consortium of banks 76 mln dlrs, and
  the consortium has threatened to call the loan if Trailways
  fails to pay the interest due June 30, they said.
  

"
test/19975	0	acq	"ALLIED-SIGNAL <ALD> SELLS TO SCHLUMBERGER <SLB>
  Allied-Signal Inc and
  Schlumberger Ltd jointly announced that Schlumberger had
  acquired Allied-Signal's Neptune International unit. Terms
  weren't disclosed.
     Atlanta, Ga.-based Neptune, which makes water meters and
  flow measurement equipment, had sales last year of 80 mln dlrs.
  

"
test/19978	12	earn	"LENNAR CORP <LEN> 2ND QTR MAY 31
  Shr 64 cts vs 40 cts
      Net 5,597,000 vs 3,426,000
      Revs 83.5 mln vs 47.4 mln
      Six mths
      Shr 1.15 dlrs vs 60 cts
      Net 10 mln vs 5,201,000
      Revs 147.6 mln vs 91.5 mln
  

"
test/19981	0	acq	"DIGITAL <DCAI.O> TO ACQUIRE FOX <FOXT.O> UNIT
  Digital Communications
  Associates Inc <DCAI.O> said it has entered into an agreement
  to acquire substantially all the assets of Fox Technology Inc's
  Fox Research Inc subsidiary.
      The company said it will assume about 10 mln dlrs of Fox
  liabilities with a provision for a further 6.5 mln dlrs based
  on the future financial performance of Fox during the one year
  period following the closing of the deal.
      It said the acquisition is subject to approval by Fox
  shareholders and is expected to close in mid August.
  

"
test/19982	46	tea	"STATE TO CONTROL 70 PCT OF PAKISTAN TEA IMPORTS
  Pakistan announced a new tea import
  policy, saying 70 pct of imports will in future be made through
  the state Trading Corporation of Pakistan (TCP).
     Commerce Minister Mahbubul Haq said in a television
  broadcast that no more than one-third of the remaining 30 pct
  allocated to the private sector would be permitted to come from
  any one country.
     The new policy was announced some three months after the
  government suspended import licences and ordered an inquiry
  into tea purchase policy.
     Traders said the move was designed to put pressure on Kenya,
  which provided some 48 pct of Pakistan's 75-80 mln kilo annual
  tea imports, to buy Pakistani manufactured goods in exchange.
      Liptons and Brooke Bond, two units of Britain's Unilever
  Plc, control 95 pct of Pakistan's hard-pack tea market, traders
  said.
     Haq, who is also Planning Minister, was outlining a new
  three-year trade policy from the start of financial 1987/88 on
  July 1.
  

"
test/19983	0	acq	"GENERAL ELECTRIC <GE> TO BUY KRAFT <KRA> UNIT
  General Electric Co's GE Credit
  Corp said it agreed to buy all of the capital stock of Kraft
  Inc's wholly owned subsidiary D and K Financial Corp.
      Terms of the acquisition were not disclosed.
      D and K, with assets of more than one billion dlrs, is one
  of the leading U.S. companies involved in the leasing of fleets
  of cars, according to GE Credit.
      Jim Ahtes, a spokesman for GE Credit's outside public
  relations firm, Manning, Selvage and Lee Inc, emphasized that
  the terms of the acquisition had not yet been approved.
  

"
test/19984	0	acq	"IEP LIFTS ULTRAMAR AND OGELBAY NORTON STAKES
  <Industrial Equity (Pacific) Ltd>,
  (IEP) the Hong Kong-listed unit of Brierley Investments Ltd
  <BRYA.WE>, said it has lifted its stakes in British oil company
  Ultramar Plc <UMAR.L> and U.S. Firm <Ogelbay Norton Co>.
      IEP told the Stock Exchange it now holds 36.03 mln Ultramar
  shares representing 13.07 pct of the issued capital. It holds
  388,600 shares in Ogelbay representing 11.68 pct of the
  Delaware-based company.
      No other details were available.
  

"
test/19985	26	jobs	"Japan May unemployment record 3.2 pct (3.0 pct in April)
- official

  Japan May unemployment record 3.2 pct (3.0 pct in April)
  - official
  

"
test/19986	26	jobs	"JAPAN UNEMPLOYMENT RISES TO RECORD 3.2 PCT IN MAY
  Japan's seasonally adjusted unemployment
  rate rose to a record 3.2 pct in May, the worst level since the
  government started compiling unemployment statistics in 1953,
  the government's Management and Coodination Agency said.
      The May rate surpassed the previous record of 3.0 pct
  marked set in January and April this year. It was also up
  sharply from 2.7 pct a year earlier.
      Unadjusted May unemployment totalled 1.91 mln people, up
  from 1.90 mln in April and 1.62 mln a year earlier.
      An agency official blamed industrial restructuring and the
  strong yen for the rise in unemployment.
      The seasonally adjusted male unemployment rate in May rose
  to a record 3.2 pct, surpassing the previous record 3.0 pct set
  in July 1986. This compares with 2.9 pct in April and 2.7 pct a
  year earlie. Unadjusted male unemployment totalled 1.12 mln, up
  180,000 from a year earlier.
      The female unemployment rate in May was unchanged from
  April at a record 3.1 pct. A year ago, the rate was 2.8 pct.
  Unadjusted female unemployment rose 100,000 to 790,000.
      The yen's appreciation continued to affect employment in
  manufacturing industries and the total employed in May fell
  210,000 or 1.5 pct from a year earlier to 14.10 mln.
  

"
test/19989	32	money-fx	"MIYAZAWA SAYS G-7 STILL SUPPORTS LOUVRE ACCORD
  Japanese Finance Minister Kiichi Miyazawa
  said the Group of Seven (G-7) nations still support the Louvre
  Accord to stabilise currencies.
      He also told a news conference following a cabinet meeting
  that the Group of Five (G-5) and G-7 do not have any plans to
  meet for talks.
      The Finance Minister further said that overseas stock
  market plunges will not lead to a freefall in the Tokyo stock
  market. ""There is no special worry about the stock market in
  Tokyo,"" he added.
      Miyazawa said the Tokyo stock market should not be gravely
  affected by the downturns of markets in New York and London
  because there is a clear sign of an economic recovery in Japan
  and stability of exchange rates.
      Asked if the U.S. Had contacted Japan after the stock
  market plunge in New York, Miyazawa said there was not any
  contact.
  

"
test/19991	32	money-fx	"Miyazawa says Baker's remarks were aimed at just reaffirming Louvre agreement

  Miyazawa says Baker's remarks were aimed at just reaffirming Louvre agreement
  

"
test/19993	32	money-fx	"BAKER REMARKS AIMED AT CONFIRMING ACCORD-MIYAZAWA
  Japan's Finance Minister Kiichi Miyazawa
  said that remarks by U.S. Treasury Secretary James Baker on
  Sunday that some nations were not abiding by the spirit of the
  Louvre Accord were just aimed at reaffirming that agreement.
      The agreement, to cooperate in stabilising currencies, was
  reached in Paris in February this year.
      The finance minister made the remark at a news conference
  which followed a morning cabinet meeting.
  

"
test/19998	10	crude	"VENEZUELA SEES FLAT OIL PRICE DESPITE U.S. ATTACK
  World oil prices would remain stable
  despite the U.S. Attack against Iranian oil platforms and
  growing tension in the Gulf, Venezuelan Energy Minister Arturo
  Hernandez Grisanti said on Monday.
      He described the situation as ""extremely tense,"" but said
  Gulf military activity would not significantly affect prices
  because supply and demand were roughly equal.
      Demand for OPEC crude in the final quarter of 1987 was 18.5
  mln barrels per day (bpd) and the group's members were now
  pumping above 18 mln bpd, he told a news conference.
      Hernandez Grisanti said the supply/demand balance was
  precarious and prices were in danger of falling from their
  current average of about 18 dlrs per barrel if overproduction
  continued.
      Three or four members of the 13-nation Organisation of
  Petroleum Exporting Countries were ""overproducing in an
  exaggerated manner"" above their assigned quotas, he said.
      OPEC's overall ceiling is 16.6 mln bpd.
  

"
test/20001	32	money-fx	"IF DOLLAR FOLLOWS WALL STREET JAPANESE WILL DIVEST
  If the dollar goes the way of Wall Street,
  Japanese will finally move out of dollar investments in a
  serious way, Japan investment managers say.
      The Japanese, the dominant foreign investors in U.S. Dollar
  securities, have already sold U.S. Equities.
      But ""if the dollar falls steeply, which did not happen
  yesterday, Japanese investors will definitely try to withdraw
  significant funds from U.S. Shares,"" said Akira Kawakami, deputy
  manager of Nomura Investment Trust and Management Co Ltd's
  international investment department.
      An unstable, lower dollar would also affect Japanese
  investment in U.S. Bonds. ""Japan-U.S. Interest rate
  differentials, which currently look wide enough, mean nothing
  in the absence of dollar stability,"" said Kawakami.
      U.S. Bonds could benefit due to a gloomy economic picture
  following the estimated huge losses in stocks by major U.S.
  Institutional and individual investors, he said. The effect
  should be to rule out any U.S. Interest rate rise.
      But most Japanese investors in U.S. Bonds are still wiating
  to see if the dollar really is stable, he said. The dollar was
  holding firm at above 142 yen on Tuesday morning.
      ""Although Japanese investors sold huge amounts of stocks in
  New York yesterday, most are still looking for chances to
  lighten their U.S. Stock inventories,"" Hiromitsu Sunada, manager
  of Meiji Mutual Life Insurance Co's international investment
  department said.
      Their sales helped send Wall Street stocks down 508 points
  to 1,738, the market's biggest percentage drop since 1914.
      ""Investment in U.S. Stocks and bonds is difficult,
  considering the dangers,"" said Katsuhiko Okiyama, deputy general
  manager and chief adviser of Yamaichi Securities Co Ltd's fixed
  income securities marketing group.
      Japanese investment at home could start to pick up once
  markets have stopped reacting to Wall Street, the managers
  said. The Tokyo yen bond market is likely to stabilise in one
  or two weeks, which is what investors have been waiting for.
  The bottom for yen bonds should be around a 6.3 pct yield for
  the 5.1 pct 89th bond, they said.
      ""The basic background which has supported the stocks and
  bonds markets has not changed,"" said Norio Okutsu, assistant
  general manager of Nikko Securities' bond department. ""But new
  outflows of funds to the U.S. Will be decreasing.""  However,
  this was already evident three months ago, he said.
  

"
test/20005	4	cocoa	"ASIAN COCOA PRODUCERS EXPAND DESPITE CRITICS
  Asian cocoa producers are expanding
  output despite depressed world prices and they dismiss
  suggestions in the London market that their cocoa is inferior.
      ""Leading cocoa producers are trying to protect their market
  from our product,"" said a spokesman for Indonesia's directorate
  general of plantations. ""We're happy about our long-term future.""
      Malaysian growers said they would try to expand sales in
  Asia and the United States if Malaysian cocoa was not suitable
  for European tastes.
      They were responding to comments by London traders that
  large tonnages of unwanted cocoa beans from Malaysia, Indonesia
  and Papua New Guinea (PNG) were helping to depress cocoa
  prices.
      London traders said the Asian cocoa was considered
  unsuitable for western palates because of an acrid odour and a
  high level of free fatty acids.
      Ng Siew Kee, the chairman of Malaysia's Cocoa Growers'
  Council, said Malaysia should expand its sales to Asia and the
  United States if it did not produce a type suitable for Western
  Europe.
      A spokesman for the PNG Cocoa Industry Board said the
  London market was mistaken if it linked PNG cocoa with
  high-acid Malaysian and Indonesian beans.
      ""When the market is declining, buyers seize on anything to
  talk down prices,"" the spokesman said.
      He said that PNG could sell whatever cocoa it produces.
      PNG exported 33,000 tonnes of cocoa in the 1986/87 cocoa
  year ending September 30, of which nearly 50 pct was exported
  to West Germany, 16 pct to the U.S. And the rest to the
  Netherlands and Britain.
      The Indonesia spokesman, an Agriculture Ministry official
  who wished not to be identified, said Indonesia had no problem
  with quality and would continue to expand sales. He described
  criticism of the quality of Indonesian beans as ""trade politics""
  and said Jakarta's traditional links with Dutch buyers meant it
  did not have any difficulty with exports.
      Indonesia and Malaysia, Asia's two biggest commodity
  producers, are expanding cocoa output and are both outside the
  International Cocoa Organization (ICCO).
      Officials have said Malaysian production is expected to
  total 150,000 to 155,000 tonnes in calendar 1987.
      This is up from 131,000 tonnes in 1986, partly because of
  the end of a three-year drought in Sabah, the country's largest
  cocoa growing area.
      Production of Indonesian cocoa beans tripled to 31,600
  tonnes in calendar 1986 from 10,284 tonnes in 1980. Output is
  projected to rise to 50,000 tonnes in 1988 from 38,000 tonnes
  this year as young trees mature.
      Both Malaysia and Indonesia are low cost producers and
  traders said they could last out low prices longer than West
  African countries.
      According to one Kuala Lumpur trader, world prices would
  have to fall another 1,000 ringgit per tonne (about 250 stg) to
  make cocoa production in Malaysia uneconomic.
      Some traders believe the main quality problem is with
  harvesting and fermentation techniques.
      One trader said Malaysian cocoa is virtually
  indistinguishable from West African output if treated in the
  same way but this is not possible on the larger Malaysian
  estates.
  

"
test/20008	10	crude	"MALAYSIA ADVISED TO RAISE CRUDE OIL OUTPUT IN 1988
  Malaysia's national oil company,
  Petronas, has advised the government to raise crude oil output
  to 540,000 barrels a day (bpd) in 1988 from a current 500,000
  bpd, a senior company official said.
      ""We have the capacity to produce the amount,"" Rastam Hadi,
  Petronas's Vice-President for Upstream Sector said.
      The government will announce its decision on Friday when it
  unveils the country's budget. Malaysia raised output this month
  to current levels from 420,000 bpd after reviewing the world
  oil market. In May, Malaysia cut output to 420,000 bpd from
  459,000 in response to a call by OPEC to boost prices.
  

"
test/20009	32	money-fx	"Sumita welcomes U.S.-West German joint confirmation of Louvre accord

  Sumita welcomes U.S.-West German joint confirmation of Louvre accord
  

"
test/20012	32	money-fx	"SUMITA WELCOMES U.S.-JAPAN AGREEMENT ON LOUVRE
  Bank of Japan governor Satoshi Sumita said
  he welcomed Monday's U.S. And West German joint confirmation of
  their commitment to the Louvre accord.
      Sumita said in a statement that world stockmarkets were
  excessively concerned about the economic future.
      The Bank of Japan will continue to adhere to a system of
  policy coordination based upon the Louvre accord of February,
  he said. The accord called for stability in foreign exchange
  rates. Exchange rates generally are regaining stability and the
  economies of industrialised nations are heading for a steady
  recovery, he said.
  

"
test/20013	32	money-fx	"NEW ZEALAND WILL CONTINUE FIRM MONETARY POLICY
  The Reserve Bank of New Zealand said
  there was no evidence to suggest the fall in share prices had
  affected financial stability and it would maintain its firm
  monetary policy.
      Governor Spencer Russell said in a statement the central
  bank did not accept arguments that the battle against inflation
  should now take a low second priority after the sharemarket's
  plunge.
      Russell said the bank had two statutory responsibilities --
  to implement the government's monetary policy to bring down
  inflation, and to ensure the financial sector's stability.
      ""Unless the bank is directed otherwise, the firm monetary
  policy will continue because it is very much in the national
  interest that it do so,"" he said.
      ""And there is yet no evidence available to the bank to
  suggest that the fall in share prices has affected the
  stability of the financial sector.""
      The Barclays share index fell a record 504.75 points to
  2,925,26 on Tuesday, a decline of 14.7 pct.
  

"
test/20016	33	money-supply	"Japan September M-2 plus CD money supply rises 11.1 pct year on year (Aug 11.0)

  Japan September M-2 plus CD money supply rises 11.1 pct year on year (Aug 11.0)
  

"
test/20019	7	cotton	"TANZANIAN COTTON THREATENED BY LACK OF STORAGE
  About 60,000 tonnes of harvested
  raw cotton may be spoiled by rain in Tanzania's northern
  Shinyanga region because it is stored in the open or in crude
  village sheds, radio Tanzania reported.
      The cotton, worth one billion shillings, cannot be moved to
  ginneries in the region because most mill warehouses are full.
  Many mills are not working because of a lack of spare parts, it
  added.
      Agriculture Ministry officials have forecast a 1987/88
  cotton harvest of about 200,000 tonnes, down from 215,000 in
  1986/87.
  

"
test/20021	22	interest	"AQUINO SAYS MANILA WATCHING INTEREST RATES CLOSELY
  President Corazon Aquino said the
  Philippines was closely monitoring interest rates in the wake
  of Monday's record drop on Wall Street and steep declines in
  Manila and other Asian stock markets.
      ""We will monitor these developments closely and will
  continue to hope that they do not precipitate large declines in
  economic activity around the world,"" Aquino told a meeting of 13
  major Philippine business groups.
      ""The Philippines, as a trading country in the world economy,
  depends on the continued health and growth of both the world
  economy and the world trading system,"" she said.
      The Manila Stock Exchange composite index plunged 105.49
  points or 11.79 pct by the midday close to 789.54, depressed by
  the record 508 point fall of the Dow Jones industrial average
  on Monday.
      ""The Philippines, in addition, as a large borrower nation,
  is affected by developments in interest rate levels around the
  world and will carefully monitor the impact of these
  developments on interest rates, on gold and on commodity
  prices,"" Aquino said.
      ""We welcome the statements from world leaders that urge calm
  in the present difficult situation,"" she added.
  

"
test/20025	33	money-supply	"JAPAN MONEY GROWTH TO STAY AT 11-12 PCT - OFFICIAL
  Growth in Japan's M-2 plus certificates of
  deposit (CD) money supply in the October to December period is
  not expected to accelerate, but will remain at high levels
  between 11 and 12 pct, a senior Bank of Japan official said.
      The central bank will keep a watch on high growth in
  liquidity because this is a factor that may cause rises in
  prices of goods, he said.
      The September growth of 11.1 pct year on year announced
  earlier today should not be taken as implying that the money
  supply has started to expand very rapidly, he said. In August
  the rate of increase was 11.0 pct.
  

"
test/20031	25	jet	"BANGLADESH TENDERS FOR TWO MLN BARRELS PETROLEUM
  Bangladesh Petroleum Corp said it floated
  an international tender for imports of two mln barrels of Jet
  Kero, Superior Kero and High Speed Diesel for shipment during
  January-June 1988.
      It said the offer for the petroleum products would be open
  until 0600 gmt on November 19.
  

"
test/20032	22	interest	" Poehl says German and international interest rate rises are cause for concern

   Poehl says German and international interest rate rises are cause for concern
  

"
test/20034	43	ship	"IRANIAN TANKER REPORTS SIGHTING MINE IN GULF
  An Iranian shuttle tanker reported
  spotting a floating mine in the central Gulf on Tuesday about
  50 miles west of Lavan Island, regional shipping sources said.
      The Khark III, owned by the National Iranian Tanker Co,
  gave the position of the mine as 27 degrees 14 minutes north,
  52.06 east.
      There was no indication of measures being taken against the
  mine, which is in Iranian territorial waters.
  

"
test/20035	0	acq	"FABER OPEN FOR OFFERS ON MORGAN GRENFELL STAKE
  Willis Faber Plc <WIFL.L> chairman and
  chief executive David Palmer said the company would consider
  any bid for its 20.8 pct shareholding in Morgan Grenfell Group
  Plc <MGFL.L> but had not yet received any offers.
      ""We will entertain any approaches,"" he told Reuters in reply
  to questions, following U.K. Press speculation.
      In an earlier statement, Faber said that if an offer were
  to be received for its stake in the merchant banking group, ""it
  would be considered on its merits.""
  

"
test/20037	0	acq	"CORBY DISTILLERIES TO EXPAND IN CANADA
  <Corby Distilleries Ltd>, 52 pct owned by
  Allied Lyons Plc <ALLD.L> subsidiary <Hiram Walker-Goodman &amp;
  Worts> is to buy the spirits business of <McGuinness Distillers
  Ltd> of Toronto for 45 mln Canadian dlrs.
      McGuinness is a producer and marketer of spirits and also
  has exclusive agencies for some imported wines and spirits.
      The sale is subject to the approval of the Bureau of
  Competition Policy. Michael Jackaman, president and chief
  executive officer of Hiram Walker and Allied Vintners, said,
  ""The acquisition is an excellent one both commercially and
  financially.""
  

"
test/20038	22	interest	"POEHL SAYS RATE RISES ARE CAUSE FOR CONCERN
  Rises in West German and international
  interest rates are a cause for concern and the Bundesbank has
  no interest in higher capital market rates, Bundesbank
  President Karl Otto Poehl said.
      ""We consider the interest rate increase that has occurred
  here and internationally to be a problem and cause for concern,""
  Poehl told an investment conference.
      ""I would like to stress that the Bundesbank has no interest
  in higher capital market rates,"" he said.
      Shortly after Poehl spoke, the Bundesbank announced a
  tender for a securities repurchase pact at a fixed rate of 3.80
  pct.
      Previous tenders over the last month by interest rate have
  seen the allocation rate on these facilities rise to 3.85 pct
  at last week's pact from 3.60 on the last fixed-rate tender in
  late September.
      The Bundesbank's reduction of the key allocation rate to
  3.80 from 3.85 pct was heralded Monday by repeated injections
  of money market liquidity at between 3.70 and 3.80 pct.
      These moves to cap interest rates followed a meeting
  between Poehl, Finance Minister Gerhard Stoltenberg and U.S.
  Treasury Secretary James Baker Monday in Frankfurt.
      Officials said afterwards the three men had reaffirmed
  their commitment to the Louvre accord on currency stability.
      Over the weekend, criticism by Baker of the tightening in
  West German monetary policy had prompted a sharp fall of the
  dollar on speculation that Louvre cooperation had ended.
      But the dollar rallied on news of Monday's meeting in
  nervous trading to trade above 1.79 marks Tuesday.
      Poehl said that the recent rise in interest rates was not
  due to central bank policy, but to markets' expectations, and
  currency developments.
      Commenting on the inflationary expectations, Poehl said ""You
  have to get to the root of the problem, you have to pursue a
  policy which reveals that there are no grounds for such fears.""
   The inflationary fears were unjustified and exaggerated, he
  said.
      Poehl rebuffed recent U.S. Criticism of West Germany,
  saying the Bundesbank had made a substantial contribution to
  international cooperation in interest and monetary policy.
      The Bundesbank has tolerated an overshooting of its money
  supply target, arousing criticism from other quarters, he said.
      ""Today we still have lower interest rates than at the end of
  1986... Quite the contrary of other countries, where interest
  rates have risen substantially more,"" Poehl said.
      This had to be taken into account when considering recent
  rises in repurchase pact allocation rates, which were due to
  rising international money market rates that had spilled over
  into the German market, he said.
      Poehl expressed surprise that financial markets had so far
  ignored improvements in the U.S. Deficits.
      ""The adjustment process in the U.S. Trade balance is
  definitely underway,"" he said, noting that this was not so
  noticeable in absolute figures.
      The spectacular improvement in the budget deficit had also
  attracted little attention, he said.
  

"
test/20039	0	acq	"LAWSON SAYS BP SHARE OFFER GOING AHEAD
  U.K. Chancellor of the Exchequer Nigel
  Lawson said the Government was going ahead with this month's
  flotation of British Petroleum Co Plc <BP.L> shares despite the
  collapse on international stock markets.
      ""We are going ahead because the whole issue has been
  underwritten - we had it underwritten because there is always a
  risk of this sort of thing happening,"" Lawson said in a BBC
  radio interview.
      Lawson's remarks came as renewed selling on the London
  stock market took BP shares down a further 33p to 283, well
  below the 330p price set for the around seven billion stg
  issue.
      Lawson said the U.K. Economy is fundamentally sound and
  added that stock markets had reflected that recently.
      ""I profoundly believe in the market system as the best way
  for securing economic prosperity (but) that does not mean to
  say the markets are infallible.""
      ""My advice to small investors...Is to remain calm. There is
  absolutely no reason not to do so,"" Lawson said.
  

"
test/20048	22	interest	"TOKYO STOCK PLUNGE COULD FORCE EASIER MONEY POLICY
  Plunging Tokyo stock prices will prevent
  the Bank of Japan from raising its discount rate and could even
  force it to ease monetary policy if the collapse continues,
  government and private economists said.
      A rise in interest rates now would only serve to spark
  further selling of shares that could ultimately have a major
  deflationary impact on the real economy, they said.
      Although Bank of Japan officials have consistently
  maintained that they had no plans to raise the 2.5 pct discount
  rate, many in the markets have thought otherwise. 
      Fears of a rise in the discount rate were fanned by the
  central bank's apparent decision last week to countenance
  higher rates on commercial bills, dealers said.
      But today's stock market collapse -- prices fell nearly 15
  pct -- means that the Bank of Japan would be hard pressed to
  raise the discount rate now, despite its concerns about a
  renewed outbreak of inflation, dealers and economists said.
      Japanese government bond prices rose sharply today as the
  markets concluded that the stock market's collapse precluded
  the central bank from carrying out the widely-rumoured discount
  rate increase.
      A senior government economist suggested that both the U.S.
  And Japan needed to ease monetary policy now to prevent a
  further drop in New York and Tokyo stock prices. ""They need to
  support the stock and security markets,"" he said.
      But Bank of Japan officials said they saw no need to change
  policy for the moment, although one admitted that the central
  bank may have to rethink its strategy if Tokyo stock prices
  continue to plunge during the rest of the week.
      Both government and Bank of Japan economists agreed the
  economy is better placed now to cope with the deflationary
  impact of plunging stock prices than it was a few months ago.
      With the economy recovering strongly, the steep drop in
  stock prices is not likely to put a major dent in consumer and
  business confidence, one government economist said.
      ""There will be some impact on the real economy, but it won't
  be that big,"" said another.
      Individuals are not heavily invested in stocks on their
  own, although they do participate through trust funds and other
  investment vehicles. And while many manufacturing firms turned
  to financial market investments for profits during last year's
  economic downturn, the recent rebound has allowed them to
  refocus their attention on their core businesses, he said.
      Paradoxically, it is the pick-up in the economy that is
  partly to blame for the stock market collapse as companies have
  shifted funds away from financial investments to increase
  inventories and step up capital spending, one government
  economist said.
      In deciding what response to make to the steep stock price
  drop, the Bank of Japan must first determine whether prices
  will continue to fall further and then decide if they pose a
  greater economic danger than the threat of higher inflation,
  one central bank official said. ""That will at least take a
  couple of days, if not weeks,"" he said.
  

"
test/20055	1	alum	" Sept daily ave primary aluminium output 34,900 tonnes, up 400 tonnes, IPAI.

   Sept daily ave primary aluminium output 34,900 tonnes, up 400 tonnes, IPAI.
  

"
test/20058	1	alum	"GROUNDED BRITISH BAUXITE VESSEL REFLOATED IN ORINOCO
  The British bulk carrier Envoy, which ran
  aground in the Orinoco river on October 16, was refloated
  without lightening on October 19, Lloyds Shipping Intelligence
  service said.
      The Envoy, 75,453 tonnes dw, was carrying a cargo of 50,000
  tonnes of bauxite from Brazil to Cuba.
  

"
test/20062	33	money-supply	"U.K. SEPTEMBER M3 RISES 0.8 PCT, M0 UP 0.8 PCT - BANK OF ENGLAND.

  U.K. SEPTEMBER M3 RISES 0.8 PCT, M0 UP 0.8 PCT - BANK OF ENGLAND.
  

"
test/20063	33	money-supply	"U.K. SEPTEMBER STERLING BANK LENDING UP 4.4 BILLION STG - OFFICIAL.

  U.K. SEPTEMBER STERLING BANK LENDING UP 4.4 BILLION STG - OFFICIAL.
  

"
test/20068	32	money-fx	" Stoltenberg says meeting with Baker underscored monetary cooperation

   Stoltenberg says meeting with Baker underscored monetary cooperation
  

"
test/20071	32	money-fx	"STOLTENBERG SAYS BAKER MEETING UNDERSCORES ACCORD
  West German Finance minister Gerhard
  Stoltenberg said the meeting on Monday with U.S. Treasury
  Secretary James Baker underscored the determination of the U.S.
  And West Germany to continue close cooperation to stabilise
  foreign exchange rates.
      Stoltenberg told a news conference ""The statement released
  yesterday (Monday) after the private meeting .... Emphasized
  our determination to continue the close economic cooperation
  regarding foreign exchange stabilization and monetary policy.""
      Stoltenberg said that he, Baker and Bundesbank President
  Karl Otto Poehl had a very constructive discussion and had all
  reached a positive evaluation of the Louvre accord during their
  meeting on Monday.
      Stoltenberg said initial contacts with several European
  counterparts showed that they shared this view. ""We expect the
  declaration of our unified position to have a positive effect,""
  he said.
      He noted that the dollar firmed again in late U.S. Trading
  after the outcome of the Baker meeting was published.
  

"
test/20079	42	rubber	"INRO COUNCIL MEETING ADJOURNED UNTIL THURSDAY
  A Council meeting of the
  International Natural Rubber Organization (INRO) has been
  adjourned until Thursday as tomorrow is a Malaysian national
  holiday, officials of the organisation said.
      The main issue at the talks, which opened here yesterday,
  has been the INRO buffer stock and the manner in which the
  buffer stock manager should continue to sell rubber after the
  current international pact for the commodity expires on October
  22, they said.
      The deadline for the start of the new pact is January 1989.
      Buffer stock manager Aldo Hofmeister has been mandated to
  continue selling rubber during the interim period.
      Other issues discussed include ratification of the new
  accord, the officials said.
      Only Malaysia of the pact's 32 producing and consuming
  member countries had ratified the new agreement by the
  beginning of this month.
      The meeting is due to end on Thursday.
  

"
test/20080	32	money-fx	"LOUVRE ACCORD VITAL TO W.GERMANY - STOLTENBERG
  West German Finance Minister Gerhard
  Stoltenberg said the Louvre accord was vital to West Germany.
      Stoltenberg told a news conference ""Given West Germany's
  unusually high dependence on world trade and exports, it is
  vital for West Germany ... To continue its constructive
  contribution to trusting (international) cooperation on the
  basis of the Louvre accord.""
      Some monetary analysts have speculated that
  inflation-conscious Bundesbank vice president Helmut
  Schlesinger may have been leading the central bank to a course
  of tighter monetary policy.
      Stoltenberg is due to attend a routine Bundesbank meeting
  on Thursday in West Berlin. He declined to forecast what, if
  any, policy decisions the Bundesbank might take.
  

"
test/20081	32	money-fx	"Stoltenberg does not rule out central bank intervention to stabilize currencies

  Stoltenberg does not rule out central bank intervention to stabilize currencies
  

"
test/20082	32	money-fx	"Further marked dollar fall would burden U.S. Trade deficit -Stoltenberg

  Further marked dollar fall would burden U.S. Trade deficit -Stoltenberg
  

"
test/20083	32	money-fx	"Stoltenberg declines comment on possible changed targets for currencies

  Stoltenberg declines comment on possible changed targets for currencies
  

"
test/20087	32	money-fx	"STOLTENBERG DECLINES COMMENT ON CURRENCY ZONES
  West German Finance Minister Gerhard
  Stoltenberg declined to comment on whether unpublished target
  zones for currencies agreed at last February's Louvre accord
  had been changed as a result of the meeting on Monday with U.S.
  Treasury Secretary James Baker.
      He was asked about target zones at a news conference in
  Bonn. Stoltenberg referred to a statement released after
  Monday's meeting, which said continuing cooperation was aimed
  at promoting currency stability at current levels. This was the
  same formula used in the text of the Louvre accord, he noted.
  

"
test/20089	32	money-fx	"STOLTENBERG DOES NOT RULE OUT INTERVENTION
  West German Finance Minister Gerhard
  Stoltenberg said he could not rule out the possibility of
  central bank intervention to support currencies.
      Asked at a news conference whether central banks were
  prepared to intervene to defend currencies, he said ""We cannot
  rule out the use of any instrument which leads to foreign
  currency stability.""
      However, he added that in the end, it was market forces
  which prevailed.
  

"
test/20090	10	crude	"IRAN SAYS U.S. RAID CAUSED 500 MLN DLRS DAMAGE
  U.S. Attacks on two Iranian oil platforms
  in the Gulf -- both of which were still blazing -- caused
  damage estimated at 500 mln dlrs, Tehran Radio quoted Iranian
  Oil Minister Gholamreza Aqazadeh as saying.
      The rigs, one of which was heavily shelled by four American
  destroyers on Monday, were still burning almost 24 hours after
  the attack and could cause widespread pollution in the Gulf,
  the minister told a news conference in Tehran. He said the
  Reshadat rigs, 120 miles (200 km) east of Bahrain in
  international waters, were in the final stages of
  reconstruction after an attack by Iraqi jets last year.
  

"
test/20095	10	crude	"INDONESIA SAYS IT WILL EXTEND OIL CONTRACTS
  Indonesia told the oil industry on
  Tuesday it will extend contracts on producing blocks and
  improve the investment climate, but wants to see increased
  expenditure on exploration in return.
      President Suharto, in an opening speech to the Indonesian
  Petroleum Association, said Indonesia was ready to extend
  contracts held by foreign oil companies on producing areas.
      ""In order to boost investment in the petroleum industry, the
  government of Indonesia has basically approved of extending
  production sharing contracts under the present laws,"" Suharto
  said.
      ""Apart from that, the government will keep improving the
  investment climate in order to accelerate the development of
  the petroleum industry,"" he said.
      Indonesian Energy Minister Subroto told the Association he
  was aware that the oil industry needed to be assured that
  contracts on blocks expiring within the next 10 years would be
  renewed before they would invest in further exploration.
      ""As we all have heard this morning, the President is fully
  aware of this situation,"" Subroto said.
      ""The government has already made the political decision to
  entertain this time problem by inviting the existing producers
  to continue their activities in Indonesia, albeit on a
  selective basis.""
      Indonesia, one of the 13 members of OPEC, must find new oil
  reserves if it is to remain an exporter in the next decade, oil
  industry sources say.
      Subroto said the government was also working to ease other
  problems, including granting easier terms for remote areas or
  deep water conditions.
      But Subroto said relations with oil companies were two-way
  and that they should step up expenditure on oil exploration now
  that the oil price had recovered.
      President Suharto said he wanted to see greater transfer of
  technology to Indonesian companies, and more help from the oil
  industry for the regions in which companies operated.
      Abdul Rachman Ramly, the President of state oil company
  Pertamina, has said that budgeted exploration and production
  expenditure for all oil companies in Indonesia was forecast to
  fall to 3.1 billion dlrs in calendar 1987 from 3.4 billion in
  1986.
      Pertamina has 69 production-sharing or joint operation
  contracts with foreign oil companies.
      Subroto said speeding up necessary approvals for field
  operations was a government priority. There had been
  misunderstandings between the government and the oil industry
  in certain areas, such as when a field is designated
  commercial, and a thorough evaluation was being made.
      He said the government wanted to finalise contract
  extensions as soon as practical, and urged the industry in the
  meantime to maintain its exploration drive.
      Subroto said Indonesia needed the companies to maintain
  exploration efforts, even if their contract was due to expire
  within 10 years. ""This need in itself is some sort of guarantee
  that we will soon have to come up with an extension agreement.""
      Eleven major contract areas are due to come up for renewal
  between 1991 and 2001, industry sources said.
      Extension of the contracts on the blocks has involved
  detailed negotiations but so far no extension has been granted.
      Subroto told reporters afterwards that contract extensions
  would be selective, based on how much capital would be
  invested.
  

"
test/20105	12	earn	"MUSICLAND GROUP INC <TMG> 3RD QTR NET
  Shr 28 cts vs 14 cts
      Net 3,110,000 vs 1,286,000
      Revs 112.7 mln vs 93.8 mln
      Avg shrs 11.2 mln vs 9,148,000
      Nine mths
      Shr 58 cts vs 15 cts
      Net 6,377,000 vs 1,332,000
      Revs 307.8 mln vs 233.8 mln
      Avg shrs 10.9 mln vs 9,148,000
      NOTE: Company 81.4 pct owned by Primerica Corp <PA>.
  

"
test/20106	19	housing	"U.S. SEPT HOUSING STARTS ROSE 4.4 PCT TO 1.669 MLN, PERMITS FELL 0.6 PCT TO 1.493 MLN

  U.S. SEPT HOUSING STARTS ROSE 4.4 PCT TO 1.669 MLN, PERMITS FELL 0.6 PCT TO 1.493 MLN
  

"
test/20112	12	earn	"APPLIED BIOSYSTEMS INC <ABIO.O> 1ST QTR SEPT 30
  Shr 22 cts vs 20 cts
      Net 2,963,000 vs 2,696,000
      Sales 26.5 mln vs 19.4 mln
  

"
test/20114	0	acq	"<PLUM HOLDING INC> STARTS HOILLY SUGAR <HLY> BID
  Plum Holding Inc said it has started its
  previously-announced offer to purchase 664,400 common shares of
  Holly Sugar Corp at 95 dlrs each.
      In a newspaper advertisement, the firm said the offer,
  proration period and withdrawal rights expire November 17
  unless extended. The offer, which has been approved by the
  Holly board and is to be followed by a merger in which
  remaining shares are to be exchanged for cumulative redeemable
  exchangeable preferred stock, is conditioned on receipt of at
  least 664,400 shares, which would give Plum a two thirds
  interest, and the receipt of financing.
  

"
test/20116	19	housing	"U.S. HOUSING STARTS ROSE 4.4 PCT IN SEPTEMBER
  U.S. housing starts rose 4.4 pct in
  September to a seasonally adjusted annual rate of 1,669,000
  units, the Commerce Department said.
      In August, housing starts were unchanged from July levels
  at 1,598,000 units, instead of being down 1.5 pct as previously
  reported.
      The increase in September housing starts was the largest
  since a 10.8 pct gain in starts in December 1986, Commerce
  Department officials said.
      The rate at which permits were issued for future
  construction fell 0.6 pct in September to a seasonally adjusted
  1,493,000 units from 1,502,000 units in August.
      Permits had risen 1.0 pct in August from July levels of
  1,487,000 units.
      Before seasonal adjustment, permits rose to 135,500 in
  September from 128,000 in August.
      Housing starts before adjustment rose to 150,200 in
  September from 144,600 in August.
      The seasonally adjusted rise in starts included a 5.1 pct
  increase in September single-family unit starts to 1,168,000 
  from 1,111,000 in August.
      Single-family starts had fallen 2.8 pct in August from July
  levels.
      Multi-family starts rose 2.9 pct in September to a
  seasonally adjusted 501,000 units after a 7.0 pct increase in
  August, the department said.
      Permits for single-family units fell 3.2 pct last month to
  a seasonally adjusted 990,000 units after a 3.0 pct August
  rise.
      Multi-family permits were up 5.0 pct in September to
  503,000 units after falling 3.0 pct in August.
      Housing starts in September were down 1.2 pct from a
  seasonally adjusted 1,689,000 units in September 1986.
      Permits were 11.5 pct below the September 1986 level of
  1,687,000 units.
  

"
test/20117	12	earn	"NALCO CHEMICAL CORP <NLC> 3RD QTR NET
  Shr 51 cts vs 42 cts
      Net 20.3 mln vs 16.7 mln
      Sales 216.9 mln vs 184.5 mln
      Nine mths
      Shr 1.47 dlrs vs 1.21 dlrs
      Net 58.2 mln vs 47.6 mln
      Sales 611.2 mln vs 547.0 mln
  

"
test/20118	12	earn	"STEPAN CO <SCL> 3RD QTR NET
  Shr 87 cts vs 62 cts
      Net 2,604,000 vs 1,856,000
      Sales 72.7 mln vs 64.6 mln
      Nine mths
      Shr 2.71 dlrs vs 1.97 dlrs
      Net 8,121,000 vs 5,834,000
      Sales 215.7 mln vs 193.0 mln
  

"
test/20119	12	earn	"CONVERGENT INC <CVGT.O> 3RD QTR NET
  Shr profit four cts vs loss 56 cts
      Net profit 2,043,000 vs loss 25.7 mln
      Revs 111.3 mln vs 64.7 mln
      Avg shrs 48.3 mln vs 45.8 mln
      Nine mths
      Shr loss 18 cts vs loss 63 cts
      Net loss 8,695,000 vs loss 28.4 mln
      REvs 308.4 mln vs 228.4 mln
      Avg shrs 48.0 mln vs 44.8 mln
      NOTE: 1986 net includes tax credits of 1,646,000 dlrs in
  quarter and 3,401,000 dlrs in nine mths.
      1987 nine mths results restated for pooled acquisition of
  Bidtek Inc.
  

"
test/20127	40	reserves	" German net currency reserves rise 500 mln marks to 87.0 billion in week

   German net currency reserves rise 500 mln marks to 87.0 billion in week
  

"
test/20129	12	earn	"TRIBUNE CO <TRB> 3RD QTR NET
  Shr 42 cts vs 1.53 dlrs
      Net 33,085,000 vs 123,450,000
      Revs 535.0 mln vs 496.7 mln
      Avg shrs 78,755,000 vs 80,666,000
      Nine mths
      Shr 1.24 dlrs vs 3.35 dlrs
      Net 98,322,000 vs 271,512,000
      Revs 1.58 billion vs 1.49 billion
      Avg shrs 78,999,000 vs 81,022,000
      NOTE: 1987 per-share earnings include Daily News severance
  charges of 11 cts a share in the quarter and 13 cts a share for
  the nine months
      1986 net income includes non-recurring gains of 1.11 dlrs a
  share in the quarter and 2.23 dlrs a share in the nine months
  and five cts a share Daily News severance charges
  

"
test/20132	12	earn	"GREAT WESTERN FINANCIAL CORP <GWF> 3RD QTR NET
  Shr 45 cts vs 64 cts
      Net 57.8 mln vs 79.4 mln
      Nine mths
      Shr 1.53 dlrs vs 1.87 dlrs
      Net 195.8 mln vs 228.9 mln
  

"
test/20135	12	earn	"PRINTRONIX INC <PTNX.O> 2ND QTR SEPT 25 NET
  Shr profit 11 cts vs loss 28 cts
      Net profit 515,000 vs loss 1,328,000
      Sales 31.0 mln vs 32.1 mln
      Avg shrs 4,600,199 vs 4,815,062
      1st half
      Shr loss 23 cts vs profit 10 cts
      Net loss 1,033,000 vs profit 482,000
      Sales 58.5 mln vs 62.1 mln
      Avg shrs 4,565,752 vs 4,883,711
      NOTE: 1986 half net includes pretax gain 4,150,000 dlrs
  from sale of option to buy facility.
      Backlog 28.1 mln dlrs vs 22.5 mln dlrs at end of previous
  quarter and 21.0 mln dlrs at end of prior year's second quarter.
  

"
test/20137	0	acq	"GAF <GAF> TO PURCHASE UP TO 21 PCT OF STOCK
  GAF Corp said its board has
  authorized the repurchase from time to time of up to seven mln
  of its common shares, or about 21 pct, for cash in open market
  purchases or private transactions.
      The company said it repurchased 2,100,000 shares under an
  April authorization to buy back up to three mln shares and
  authorization for further repurchases under the old program has
  been withdrawn.
      Yesterday, GAF said a group led by chairman Samuel J.
  Heyman has decided to reconsider its offer to acquire GAF. GAF
  said a revised offer by the group is still possible.
  

"
test/20138	12	earn	"DOW CHEMICAL CO <DOW> 3RD QTR NET
  Shr 1.72 dlrs vs 87 cts
      Net 330,000,000 vs 167,000,000
      Sales 3.36 billion vs 2.74 billion
      Avg shrs 192,200,000 vs 191,700,000
      Nine mths
      Shr 4.62 dlrs vs 2.95 dlrs
      Net 888,000,000 vs 564,000,000
      Sales 9.78 billion vs 8.31 billion
      Avg shrs 191,100,000 vs 191,500,000
      NOTE: Earnings include a loss of 3.0 mln dlrs, or one ct a
  share in the 1986 quarter from early extinguishment of debt
      Earnings include losses in the nine months of 3.0 mln dlrs,
  or two cts a share vs 8.0 mln dlrs, or four cts a share from
  early extinguishment of debt
  

"
test/20140	12	earn	"THRIFTY RENT-A-CAR SYSTEM INC <TFTY.O> 4TH QTR
  June 30 end
      Shr 33 cts vs 13 cts
      Net 1,687,623 vs 636,500
      Revs 18.7 mln vs 8,973,143
      Year
      Shr 96 cts vs 66 cts
      Net 4,821,637 vs 3,309,017
      Revs 58.8 mln vs 27.2 mln
  

"
test/20142	0	acq	"COMPUTER MEMORIES <CMIN.O> TO DELAY MERGER
  Computer Memories Inc said its
  board has decided to take additional time to evaluate the
  impact of litigation on the proposed acquisition of <Hemdale
  Film Corp>.
      Computer Memories said it plans to adjourn its annual
  shareholders meeting, scheduled for October 23, after it is
  convened. One purpose of the meeting is to consider the
  transaction, the company explained.
      Computer Memories said Hemdale agrees with this course of
  action.
  

"
test/20145	22	interest	"CHEMICAL BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY

  CHEMICAL BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY
  

"
test/20151	12	earn	"SHEARSON LEHMAN BROTHERS HOLDINGS <SHE> 3RD QTR
  Shr 51 cts
      Net 51 mln dlrs vs 65 mln dlrs
      Revs 1.3 billion vs 1.1 billion
      Nine mths
      Shr 2.07 dlrs
      Net 189 mln vs 215 mln
      Revs 3.9 billion vs 3.3 billion
      NOTE: Full name is Shearson Lehman Brothers Holdings Inc
      Company went public May 7, 1987
  

"
test/20153	22	interest	"MARINE MIDLAND BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY

  MARINE MIDLAND BANK CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE IMMEDIATELY
  

"
test/20159	22	interest	"CHEMICAL <CHL>, MARINE MIDLAND <MM> CUT PRIME
  Chemical Bank and Marine Midland Banks
  Inc said they are cutting their prime lending rate to 9-1/4 pct
  from 9-3/4 pct, reversing an increase that they announced just
  last week.
      The reduction is effective immediately.
      No other major U.S. bank had followed the lead of Chemical
  and Marine Midland, preferring to keep their prime rates at
  9-1/4 pct while they waited to see what course money market
  rates would take.
      Following Monday's record fall in Wall Street stock prices,
  money market rates fell sharply on Tuesday as investors
  ploughed proceeds into short-term instruments and the Federal
  Reserve said it is prepared to provide liquidity to support the
  economy and the financial system.
      Eurodollar deposit rates in London fell by as much as 9/16
  percentage point, Treasury bill rates fell by as much as half a
  point (after falling between 59 and 84 basis points on Monday),
  and the Fed funds rate dropped to 7-1/4 pct from Monday's
  average of 7.61 pct. Speculation even surfaced of a discount
  rate cut to calm the markets, dealers said.
  

"
test/20161	12	earn	"SEARS, ROEBUCK AND CO <S> 3RD QTR NET
  Shr 1.08 dlrs vs 88 cts
      Net 409,000,000 vs 328,000,000
      Revs 12.19 billion vs 11.17 billion
      Avg shrs 378.2 mln vs 368.4 mln
      Nine mths
      Shr 2.86 dlrs vs 2.17 dlrs
      Net 1.09 billion vs 808.3 mln
      Revs 34.39 billion vs 31.31 billion
      Avg shrs 377.7 mln vs 366.2 mln
  

"
test/20165	12	earn	"PRIME COMPUTER INC <PRM> 3RD QTR SEPT 28
  Shr 32 cts vs 25 cts
      Net 15.9 mln vs 12.1 mln
      Revs 236.2 mln vs 221.9 mln
      Nine mths
      Shr 88 cts vs 68 cts
      Net 43.5 mln vs 32.8 mln
      Revs 693.9 mln vs 629.2 mln
  

"
test/20166	12	earn	"RYDER SYSTEM INC <RDR> 3RD QTR NET
  Shr 65 cts vs 63 cts
      Net 52.7 mln vs 47.7 mln
      Revs 1.16 billion vs 976.6 mln
      Avg shrs 79.9 mln vs 74.3 mln
      Nine mths
      Shr 1.73 dlrs vs 1.54 dlrs
      Net 141.4 mln vs 117.9 mln
      Revs 3.39 billion vs 2.75 billion
      NOTE: Share after preferred dividends.
  

"
test/20168	12	earn	"SCHLUMBERGER LTD <SLB> 3RD QTR NET
  Shr nil vs loss 14 cts
      Net 1,697,000 vs loss 41.9 mln
      Revs 1.2 billion vs 1.1 billion
      Avg shrs 276.4 mln vs 285.6 mln
      Nine mths
      Shr profit 13 cts vs profit 56 cts
      Net profit 36.8 mln vs 161.5 mln
      Revs 3.4 billoin vs 3.8 billion
      Avg shrs 278.2 mln vs 288.9 mln
      NOTE: 1987 3rd qtr includes 152.6 mln dlrs for continuing
  operations, which includes a 69 mln dlrs after-tax gain on sale
  of company's investment in Compagnie Luxembourgeoise de
  Telediffusion.
      1987 3rd qtr and nine mths net includes a loss of 220 mln
  dlrs or 79 cts a share for discontinued operations and 70 mln
  dlrs or 25 cts a share for extraordinary gain.
      1986 3rd qtr and nine mths net includes a loss of 59 mln
  dlrs or 20 cts a share from continuing operations mainly for
  employee layoff costs in oilfied services, sale of small
  electronic business and unfavorable lease comitments.
     
      1987 nine mths net also includes a loss of 220 mln dlrs
  from discontinued operations due to completion of previously
  announced sale of Fairchild Semiconductor business.
      1987 extraordinary item of 70.1 mln dlrs relates to award
  from Iran-U.S. Claims Tribunal from Iran's seizure of SEDCO Inc
  drilling business in 1979 prior to its acquisition by
  Schlumberger.
      1986 3rd qtr and nine mths net also includes in
  discontinued operations a loss of 36 mln dlrs from Fairchild
  Semiconductor offset by a 53 mln dlrs gain from favorable
  settlement of litigation with Data General.
  

"
test/20170	12	earn	"WELLS FARGO AND CO <WFC> 3RD QTR NET
  Shr profit 2.77 dlrs vs profit 1.35 dlrs
      Net 155.0 mln vs 77.4 mln
      Nine mths
      Shr loss 1.43 dlrs vs profit 3.66 dlrs
      Net loss 60.4 mln vs profit 195.2 mln
      Assets 45.15 billion vs 42.69 billion
      Loans 36.33 billion vs 34.46 billion
      Deposits 29.7 billion vs 23.3 billion
  

"
test/20174	12	earn	"BAXTER TRAVENOL LABS <BAX> 3RD QTR SHR NET
  Shr 31 cts vs 18 cts
      Net 90 mln vs 51 mln
      Sales 1.58 billion vs 1.42 billion
      Avg shrs 274 mln vs 269 mln
      Nine Mths
      Shr 79 cts vs 42 cts
      Net 233 mln vs 129 mln
      Sales 4.58 billion vs 4.22 billion
      Avg shrs 238 mln vs 267 mln
      NOTE: 1987 results include Caremark Inc from August 3.
  Caremark acquisition reduced 1987 nine months net by five cts,
  offset by a three ct gain from the sale of securities.
      1986 third quarter net excludes gains from discontinued
  operations of 12 mln dlrs or four cts; a gain from sale of
  discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
  charge from early repayment of debt of 58 mln dlrs or 22 cts.
      1986 nine months net excludes gains from discontinued
  operations of 38 mln dlrs or 14 cts; a gain from sale of
  discontinued operations of 285 mln dlrs or 1.06 dlrs; and a
  charge from early repayment of debt of 58 mln dlrs or 22 cts.
  

"
test/20176	12	earn	"LAMSON AND SESSIONS CO <LMS> 3RD QTR NET
  Oper shr profit 20 cts vs loss 22 cts
      Oper net profit 2,111,000 vs loss 1,605,000
      Revs 89.6 mln vs 27.2 mln
      Nine mths
      Oper shr profit 47 cts vs loss 15 cts
      Oper net profit 4,116,000 vs loss 1,029,000
      Revs 252.1 mln vs 87.9 mln
      NOTE: 1986 net excludes losses from discontinued operations
  of 791,000 dlrs in quarter and 1,168,000 dlrs in nine mths.
      1986 nine mths net excludes gain 4,726,000 dlrs from
  cumulative effect of pension accounting change.
      1987 net excludes tax credits of 1,569,000 dlrs in quarter
  and 2,894,000 dlrs in nine mths.
  

"
test/20180	12	earn	"KRAFT INC <KRA> 3RD QTR SEPT 26 NET
  Shr 91 cts vs 17 cts
      Net 124,100,000 vs 21,200,000
      Sales 2.83 billion vs 2.22 billion
      Nine mths
      Shr 2.47 dlrs vs 2.02 dlrs
      Net 337,400,000 vs 294,200,000
      Sales 7.98 billion vs 6.33 billion
      Avg shrs 136,700,000 vs 142,500,000
      NOTE: 1986 earnings include a loss from discontinuedoperations of 50.3 mln dlrs, or 35 cts a share in the quarter
  and a gain of 21.2 mln dlrs, or 15 cts a share in the nine
  months
  

"
test/20181	12	earn	"UST INC <UST> 3RD QTR NET
  Shr 60 cts vs 48 cts
      Net 35.0 mln vs 27.8 mln
      Revs 147.2 mln vs 131.6 mln
      Nine mths
      Shr 1.67 dlrs vs 1.38 dlrs
      Net 97.3 mln vs 77.9 mln
      Revs 422.4 mln vs 385.5 mln
      Avg shrs 58.4 mln vs 56.5 mln
  

"
test/20186	5	coffee	"U.S. COFFEE IMPORT REPORTING SYSTEM QUESTIONED
  A voluntary compliance system for
  monitoring U.S. coffee imports under quotas is viewed
  skeptically by many in the coffee industry, said analysts and
  trade sources.
      ""Many sectors of the trade, including large roasters and 
  importers, are adamant against voluntary compliance because of
  the past, which was subject to tremendous irregularities as it
  became a matter of the trade monitoring each other,"" one
  analyst said.
      On Monday, a National Coffee Association newsletter said
  the Office of U.S. Trade Representative will implement a
  voluntary compliance system temporarily because legislation to
  monitor imports is tied up in the Congressional trade bill.
      Under the arrangement, milar to one in 1980, coffee
  importers would voluntarily present needed documents to the
  U.S. government until Congress approves the monitoring
  authority, but if coffee arrives without valid certification,
  it will still be allowed entry.
      While many believe producers will not seek to add to the
  overburdened stock situation in the U.S., others believe some
  will ship outside of the quota requirements in lieu of
  monitoring controls, trade sources said.
      ""Last time, there was a lot of false information submitted
  to customs which resulted in a lot of indictments and fines,"" a
  U.S. Customs spokesman said.
      ""Customs can do a good job when given the tools, but when
  its hands are tied, it doesn't have the authority to demand
  Form O (documents tracking merchandise from source to
  destination),"" he said.
      Many see it as a true test of whether producers and
  importers will abide by the quota system.
      ""It is a key to seeing whether there are any teeth in the
  quota agreement,"" said one major U.S. roaster.
       ""Last time we had a gentleman's agreement, the trade did
  not act as a gentleman,"" said another analyst adding, ""without
  the need to submit documents, the ball will be in the
  producers' hands.""
      Some feel that importers will take advantage of the
  voluntary compliance due to development of a two-tier market,
  in which non-member countries buy coffee at a big discount.
  Many fear that dealers will buy coffee destined for non-member
  countries at discounts and then bring it into the U.S. falsely
  labelled.
      According to customs officials, several green coffee
  importers confessed in 1985 that they had imported coffee
  fraudulently after buying it for non-member destinations,
  forging landing certificates and then relabelling it as navy
  beans.
      ""If there's that much of a discrepancy between prices for
  one country and another, producers may be teted to get rid of
  their stocks of coffee by selling to non-member nations and by
  circumventing the quota provisions,"" said Paine Webber analyst
  Bernie Savaiko.
      Still, others believe that producers will not be hard
  pressed to aggravate the overburdened coffee stock situation in
  the U.S. in the near term.
      ""It would be naive to suggest that any agreement would not
  have some share of connivance, but I think the voluntary system
  seemed to suffice and, coupled with the fact that we have so
  much coffee, I don't think that it poses that much of a
  threat,"" one trader said.
  

"
test/20187	12	earn	"SMITHKLINE BECKMAN CORP <SKB> 3RD QTR NET
  Shr 1.18 dlrs vs 87 cts
      Net 149.6 mln vs 134 mln
      Revs 1.1 billion vs 956 mln
      Avg shrs 127.3 mln vs 154.5 mln
      Nine mths
      Shr 3.36 dlrs vs 2.42 dlrs
      Net 428.1 mln vs 373.7 mln
      Revs 3.1 billion vs 2.7 billion
     
      NOTE: 1987 3rd qtr and nine mths net includes a charge of
  11 mln dlrs or nine cts a share and 31.8 mln dlrs or 25 cts a
  share for the interest expense for share repurchases.
      1986 nine mths net includes a charge of 28.9 mln dlrs or 19
  cts a share for early retirement program and withdrawal of
  Contac cold remedy from the market due to tampering.
  

"
test/20189	12	earn	"UNION CAMP CORP <UCC> 3RD QTR Sept 30
  Shr 77 cts vs 50 cts
      Net 56.5 mln vs 36.4 mln
      Sales 583.3 mln vs 515.9 mln
      Nine months
      Shr 2.02 dlrs vs 1.19 dlrs
      Net 148.5 mln vs 87.1 mln
      Sales 1.69 billion vs 1.51 billion
  

"
test/20191	12	earn	"NEWELL CO <NWL> 3RD QTR NET
  Shr 75 cts vs 64 cts
      Net 11,174,000 vs 7,408,000
      Sales 218.8 mln vs 106.3 mln
      NIne Mths
      Shr 1.80 dlrs vs 1.54 dlrs
      Net 23,762,000 vs 16,603,000
      Sales 414.8 mln vs 295.9 mln
      NOTE: 1987 net income excludes preferred dividends
  of 2.4 mln dlrs in the quarter and 2.7 mln dlrs in the nine
  months compared with 188,000 dlrs and 563,000 dlrs in 1986.
  

"
test/20193	0	acq	"CIRCLE EXPRESS TERMINATES PLANNED ACQUISITION OF OVERLAND EXPRESS

  CIRCLE EXPRESS TERMINATES PLANNED ACQUISITION OF OVERLAND EXPRESS
  

"
test/20195	12	earn	"FIRST VALLEY CORP <FIVC.O> 3RD QTR NET
  Shr 69 cts vs 62 cts
      Net 4,401,000 vs 3,808,000
      Nine mths
      Shr 1.99 dlrs vs 1.77 dlrs
      Net 12.6 mln vs 10.8 mln
  

"
test/20206	12	earn	"AVON PRODUCTS INC 3RD QTR NET
  Shr 37 cts vs 42 cts
      Net 26.6 mln vs 30.0 mln
      Sales 805.4 mln vs 690.6 mln
      Avg shrs 70.6 mln vs 71.0 mln
      Nine mths
      Shr 1.23 dlrs vs 1.23 dlrs
      Net 86.8 mln vs 88.5 mln
      Sales 2.30 billion vs 2.01 billion
      Avg shrs 70.3 mln vs 72.2 mln
  

"
test/20207	12	earn	"SPRINGS INDUSTRIES INC <SMI> 3RD QTR OCT THREE
  Shr 99 cts vs 42 cts
      Net 17.6 mln vs 7,528,000
      Sales 424.2 mln vs 376.8 mln
      Nine mths
      Shr 2.21 dlrs vs 94 cts
      Net 39.3 mln vs 16.8 mln
      Sales 1.20 billion vs 1.10 billion
      NOTE: Share adjusted for two-for-one stock split in April
  1987.
  

"
test/20210	0	acq	"CIRCLE EXPRESS<CEXX.O> ENDS OVERLAND<OVER.O> BUY
  Circle Express Inc said negotiations
  on its proposed acquisitions of Overland Express Inc and
  privately-held Continental Training Services Inc have been
  terminated by mutual agreement.
      The company said the recent declines in stock prices have
  made it unlikely that the transactions could qualify as
  tax-free reorganizations.
  

"
test/20213	12	earn	"MARSH AND MCLENNAN COS INC <MMC> 3RD QTR NET
  Shr 1.04 dlrs vs 87 cts
      Net 77.7 mln vs 64.2 mln
      Revs 533.7 mln vs 461.8 mln
      Avg shrs 74.7 mln vs 73.9 mln
      Nine mths
      Shr 3.35 dlrs vs 2.63 dlrs
      Net 249.5 mln vs 193.9 mln
      Revs 1.63 billion vs 1.36 billion
      Avg shrs 74.5 mln vs 73.8 mln
  

"
test/20214	12	earn	"20-OCT-1987
  20-OCT-1987

"
test/20215	12	earn	"SUNDSTRAND CORP <SNS> 3RD QTR NET
  Shr 77 cts vs 1.07 dlrs
      Net 14,455,000 vs 20,083,000
      Sales 334.4 mln vs 348.5 mln
      Nine Mths
      Shr 2.40 dlrs vs 3.04 dlrs
      Net 45,00,000 vs 56,928,000
      Sales 987.4 mln vs 1.04 billion
  

"
test/20216	0	acq	"CRAZY EDDIE <CRZY.O> AMENDS SHAREHOLDER RIGHTS
  Crazy Eddie Inc said its board of
  directors amended the company's shareholder rights plan in
  moves it said were designed to preserve stockholder protection
  and provide flexibility to the plan.
      Yesterday, Crazy Eddie agreed not to oppose a slate of
  candidates to its board proposed by the Committee to Restore
  Stockholder Value, a shareholder group led by the
  <Oppenheimer-Palmieri Fund L.P.> and Entertainment Marketing
  Inc <EM>, that has been seeking to oust current management.
      Crazy Eddie said the new amendments limit future amendments
  to the plan, modify the definition of ""continuing directors""
  and permit amendment or termination of the plan with the
  consent of the company's shareholders if there are no
  continuing directors in office or the approval of at least
  three such directors cannot be obtained.
      The company also said it approved a certificate of
  designation with respect to its 4.5 mln shares of authorized,
  but previously undesignated and unissued shares of preferred
  stock and adopted an employee stock ownership plan.
      Crazy Eddie also that it requested that the shareholder
  group make a commitment not to take the company private until
  Crazy Eddie has had a chance to recover from current financial
  difficulties, a committment that the group rejected.
      Crazy Eddie said it will hold its annual shareholders
  meeting on November 6.
  

"
test/20217	12	earn	"HUNTINGTON BANCSHARES INC <HBAN.O> 3RD QTR NET
  Shr 68 cts vs 61 cts
      Shr diluted 66 cts vs 60 cts
      Net 18.6 mln vs 16.5 mln
      Avg shrs 27.5 mln vs 26.6 mln
      Nine mths
      Shr 1.40 dlrs vs 1.76 dlrs
      Shr diluted 1.38 dlrs vs 1.71 dlrs
      Net 38.9 mln vs 46.9 mln
      Avg shrs 27.4 mln vs 25.8 mln
      NOTE: Share adjusted for July 1987 10 pct stock dividend.
      Results restated for pooled acquisitions.
      Net includes loan loss provisions of 5,765,000  dlrs vs
  4,252,000 dlrs in quarter and 43.3 mln dlrs vs 15.4 mln dlrs in
  nin mths.
  

"
test/20220	12	earn	"WEIRTON STEEL CORP 3RD QTR
  Net 33.6 mln vs 11.1 mln
      Revs 319.6 mln vs 295.1 mln
      Nine mths
      Net 97.3 mln vs 30.0 mln
      Revs 997.8 mln vs 860.0 mln
      NOTE: Company does not report per share earnings as it is a
  privately-owned concern.
      Net amounts reported are before taxes, profit sharing, and
  contribution to employee stock ownership trust.
  

"
test/20221	12	earn	"DOMTAR INC <DTC> 3RD QTR NET
  Shr 37 cts vs 41 cts
      Net 35 mln vs 38 mln
      Revs not given
      Nine mths
      Shr 1.32 dlrs vs 1.18 dlrs
      Net 123 mln vs 106 mln
      Revs not given
  

"
test/20223	12	earn	"GENERAL SIGNAL CORP <GSX> 3RD QTR NET
  Shr 67 cts vs 65 cts
      Net 18.9 mln vs 18.6 mln
      Revs 399.0 mln vs 391 mln
      Nine mths
      Shr 1.70 dlrs vs 1.98 dlrs
      Net 48.2 mln vs 56.9 mln
      Revs 1.18 billion vs 1.2 billion
  

"
test/20226	12	earn	"MELLON BANK CORP <MEL> 3RD QTR NET
  Shr profit 47 cts vs profit 1.78 dlrs
      Net profit 16 mln vs profit 53 mln
      Avg shrs 27.7 mln vs 27.4 mln
      Nine mths
      Shr loss 22.51 dlrs vs profit 5.78 dlrs
      Net loss 610 mln vs profit 168 mln
      Avg shrs 217.6 mln vs 27.3 mln
      Assets 33.14 billion vs 33.89 billion
      Deposits 22.01 billion vs 19.86 billion
      Loans 21.76 billion vs 22.70 billion
      NOTE: Net includes loan loss provisions of 40 mln dlrs vs
  48 mln dlrs in quarter and 748 mln dlrs vs 217 mln dlrs in nine
  mths.
      Net includes pretax gains on sale of securities of 11 mln
  dlrs vs 29 mln dlrs in quarter and 13 mln dlrs vs 130 mln dlrs
  in nine mths.
  

"
test/20228	12	earn	"MUSICLAND GROUP INC <TMG> 3RD QTR NET SEPT 25
  Shr 28 cts vs 14 cts
      Net 3,110,000 vs 1,286,000
      Sales 112.7 mln vs 93.8 mln
      Avg shrs 11.2 mln vs 9.1 mln
      Nine Mths
      Shr 58 cts vs 15 cts
      Net 6,377,000 vs 1,332,000
      Sales 307.8 mln vs 233.8 mln
      Avg shrs 10.9 mln vs 9.1 mln
      NOTE: Effective September 25, 1987, Primerica Corp <PA>
  owned 81.4 pct of Musicland's common shares.
  

"
test/20230	42	rubber	"REAGAN SENDS INT'L RUBBER AGREEMENT TO SENATE
  President Reagan sent the five-year
  International Natural Rubber Agreement to the Senate for
  approval.
      Reagan said the accord is designed to stabilize rubber
  prices without disturbing long-term market trends and to foster
  expanded natural rubber supplies at reasonable prices.
      It continues a buffer stock of not more than 550,000 tonnes
  established by a 197agreement. This will be used to defend a
  regularly adjusted price range and will be financed equally by
  importing and exporting members of the agreement.
  

"
test/20232	49	veg-oil	"LYNG SAYS INDIA FOOD AID PACKAGE NOT READY
  The United States and India have
  not yet agreed on a food aid package to help the
  drought-stricken Asian country, Agriculture Secretary Richard
  Lyng said.
      Lyng told Reuters in an interview that the two countries
  have been discussing a package but that he did not expect the
  specifics of the offer to be announced during Indian Prime
  Minister Rajiv Gandhi's visit here this week.
      ""We have been talking about the potential needs that India
  might have for both their commercial market and purchases needs
  as well as the possibilities of assistance,"" Lyng said.
      ""At this point, there is no detailed plan or program. The
  amounts of what commodities are uncertain. But we have
  indicated to the Indians that we stand ready to assist in
  whatever way they deem most valuable,"" he said.
      There has been speculation in trade circles that USDA would
  offer India subsidized vegetable oil under the export
  enhancement program and donate surplus corn under Section 419
  of an amended 1949 law.
      Lyng indicated the two countries have been unable to agree
  on the mix of concessional and commercial aid, and that
  Washington would prefer the package include something other
  than donated food.
      ""The Indians are capable of purchasing a lot, of taking care
  of themselves. India is a country that has come a long way in
  its ability to produce food and they have a great pride in
  that,"" Lyng said.
      ""We (the United States) obviously, with the surpluses we
  still have of many commodities..., would like to share in the
  import business the Indians do, and then we have some, as we
  always do, compassion for the people of India and would like to
  cooperate with them,"" he said.
      Lyng said he had no plans to meet with Indian officials
  during Gandhi's visit here, adding, ""I just don't know of
  anything that might be announced specifically.""
      Asked if ""the ball was in the Indians' court,"" he said, ""Yes.""
      Gandhi is to leave Washington Tuesday evening.
  

"
test/20233	12	earn	"MELVILLE CORP <MES> 3RD QTR NET
  Shr 95 cts vs 87 cts
      Net 51.6 mln vs 47.3 mln
      Revs 1.39 billion vs 1.26 billion
      Nine mths
      Shr 2.27 dlrs vs 1.93 dlrs
      Net 123.5 mln vs 104.6 mln
      Revs 3.92 billion vs 3.53 billion
  

"
test/20234	12	earn	"BOLT BERANEK AND NEWMAN INC <BBN> 1ST QTR NET
  ended sept 30
      Shr 22 cts vs 18 cts
      Net 4,127,000 vs 3,177,000
      Sales 70.2 mln vs 48.6 mln
      NOTE: Share adjusted for July 1987 two-for-one stock split.
  

"
test/20235	12	earn	"DOMINION RESOURCES INC <D> 3RD QTR NET
  Shr 1.52 dlrs vs 1.37 dlrs
      Net 144.5 mln vs 127.3 mln
      Revs 909.8 mln vs 824.7 mln
      Avg shrs 95.1 mln vs 92.9 mln
      12 mths
      Shr 4.62 dlrs vs 4.05 dlrs
      Net 435.9 mln vs 372.1 mln
      Revs 3.28 billion vs 2.94 billion
      Avg shrs 94.3 mln vs 91.8 mln
  

"
test/20237	12	earn	"INTER-REGIONAL FINANCIAL<IFG> 3RD QTR OPER NET
  Oper shr 30 cts vs 26 cts
      Oper net 2,360,000 vs 2,018,000
      Revs 74.4 mln vs 70.1 mln
      Nine mths
      Oper shr 92 cts vs 92 cts
      Oper net 7,101,000 vs 7,116,000
      Revs 218.8 mln vs 209.2 mln
      NOTE: Earnings exclude a gain from utilization of tax loss
  carryforwards of 978,000 dlrs, or 13 cts a share vs a loss of
  4,967,000 dlrs, or 66 cts a share in the quarter and gains of
  2,895,000 dlrs, or 37 cts a share vs 4,944,000 dlrs, or 64 cts
  a share in the nine months
      1986 earnings exclude losses from discontinued operations
  of 9,000,000 dlrs, or 1.19 dlrs a share in the quarter and
  387,000 dlrs, or five cts a share in the nine months
  

"
test/20241	12	earn	"GTE CORP <GTE> 3RD QTR NET
  Shr 86 cts vs 96 cts
      Net 297 mln vs 325 mln
      Revs 2.95 billion vs 2.86 billion
      Nine mths
      Shr 2.30 dlrs vs 2.74 dlrs
      Net 785 mln vs 916 mln
      Revs 11.3 billion vs 11.1 billion
      NOTE: 1986 share results restated for 3-for-2 stock split
  in January 1987
     
      1987 net in both periods includes business repositioning
  gains of 16 mln dlrs, or five cts a share, and gains from early
  retirement programs of 65 mln dlrs, or 20 cts a share
      1987 nine months net also includes pre-tax charge of 175
  mln dlrs for GTE's share of a special write-off at U.S. Sprint
  which reduced after tax net by 104 mln dlrs, or 31 cts a share
      1986 net in both periods includes business repositioning
  gains of 32 mln dlrs, or 10 cts per share
  

"
test/20247	8	cpi	"S. AFRICAN CONSUMER INFLATION FALLS IN SEPTEMBER
  South African year-on-year consumer
  price inflation in September fell to 15.5 pct from 16.3 pct in
  August, Central Statistics Office figures show.
      The monthly rise in the all items index (base 1980) was 1.3
  pct to 273.4 in September after edging up to 270.0 in August.
      A year ago the index stood at 236.7 and year-on-year
  consumer price inflation at 19.7 pct.
  

"
test/20249	12	earn	"U S WEST <USW> 3RD QTR NET
  Shr 1.46 dlrs vs 1.41 dlrs
      Net 277.5 mln vs 268.3 mln dlrs
      Revs 2.13 billion vs 2.14 billion
      Nine Mths
      Shr 3.95 dlrs vs 3.78 dlrs
      Net 750.5 mln vs 718.4 mln
      Revs 6.28 billion vs 6.22 billion
  

"
test/20251	12	earn	"KELSEY-HAYES CANADA LTD <KEL.TO> NINE MTHS NET
  Shr 44 cts vs 1.23 dlrs
      Net 2,889,010 vs 8,105,462
      Sales 105.8 mln vs 119.6 mln
  

"
test/20252	12	earn	"ROCKEFELLER CENTER PROPERTIES INC <RCP> 3RD QTR
  Shr 30 cts vs 31 cts
      Net 11.3 mln vs 11.7 mln
      Revs 26.5 mln vs 26.3 mln
      Nine mths
      Shr 92 cts vs 95 cts
      Net 34.3 mln vs 35.5 mln
      Revs 78.8 mln vs 78.2 mln
  

"
test/20255	12	earn	"ARITECH CORP <ARIT.O> 3RD QTR OCT TWO
  Shr 34 cts vs 33 cts
      Net 1,031,000 vs 972,000
      Revs 27.9 mln vs 26.9 mln
      Nine mths
      Shr 93 cts vs 76 cts
      Net 2,802,000 vs 2,267,000
      Revs 86.1 mln vs 77.7 mln
      NOTE: 1987 3rd qtr and nine mths revs includes sales to ADT
  Inc of 3.0 mln dlrs and 10.9 mln dlrs. 1986 3rd qtr and nine
  mths includes sales of 3.5 mln dlrs and 10.7 mln dlrs.
  

"
test/20256	12	earn	"SOUTHOLD SAVINGS BANK <SDSB.O> 3RD QTR NET
  Shr 50 cts
      Net 2,751,000 vs 2,094,000
      Nine mths
      Net 6,993,000 vs 5,577,000
      Assets 603.1 mln vs 504.3 mln
      Loans 448.5 mln vs 358.1 mln
      Deposits 467.9 mln vs 447.7 mln
      NOTE: Per share figures for 1986 and 1987 nine mths not
  available as bank converted to stock form of company in April
  1987.
  

"
test/20257	12	earn	"CONSTELLATION BANCORP <CSTL.O> 3RD QTR NET
  Shr 78 cts vs 61 cts
      Net 4,774,000 vs 3,683,000
      Nine mths
      Shr 2.14 dlrs vs 1.77 dlrs
      Net 13.1 mln vs 10.7 mln
  

"
test/20259	32	money-fx	"LOUVRE REAFFIRMATION NOT ENOUGH - U.K. ANALYSTS
  U.S. And West German reaffirmation of
  support for the Louvre Accord cannot cure the fundamental
  problems bedevilling the world economy which lie behind the
  current collapse in stock markets, London economists said.
      ""There's going to have to be some acknowledgement that the
  dollar is going to be allowed to slip,"" said Richard Jeffrey of
  Hoare Govett. ""If not, there is going to be continued fear that
  when pressure emerges on the dollar, the Fed will be forced to
  tighten. This throws up the economic abyss of recession in the
  U.S. With obvious knock on effects on the rest of the world.""
      But some economists added that Wall Street's crash, which
  dragged other major markets down with it, may help curb the
  very problems that sparked the turmoil - namely world inflation
  fears and the massive and persistent U.S. Trade deficits.
      ""If there is a benefit from a 23 pct fall in Wall Street
  ...It's some sort of resistance to inflation worldwide,"" said
  Geoffrey Dennis of brokers James Capel, echoing comments from
  other London and Tokyo analysts.
      Lower personal wealth from lower stock prices and fears of
  further falls should dampen credit growth, curbing inflationary
  pressures and import demand in the U.S., They say.
      Such considerations may be helping bond markets resist the
  equity crash, according to Mike Osborne of Kleinwort Grieveson.
      ""It would be suicidal for any government in the context of
  what happened in the last couple of days to jack up their
  interest rates,"" he added.
      Stocks surged after news Chemical Bank cut its prime
  lending rate half a point to 9.25 pct Tuesday and U.S. Fed
  chairman Alan Greenspan pledged support for the financial
  system.
      The news eroded the most immediate fears that the stock
  collapse would spill over into the economy, via a banking
  crisis for example, thus precipitating recession.
      It also helped the dollar rally sharply, to a high of
  1.8200 marks from a European low of 1.7880. But economists said
  today's whiplash moves do not have long term significance and
  that markets should try to keep the underlying fundamentals in
  mind.
      ""The United States has been able to live on borrowed time.
  If the effect of this (crash) is to produce slower economic
  growth not recession...It contains good news (and) provides a
  more realistic assessment of the U.S. Economy,"" said Capel's
  Dennis. But he added that markets are still very much in
  danger.
      ""The liquidity doesn't disappear...All it's doing is
  disappearing from the equity markets,"" Dennis noted.
      David Morrison of Goldman Sachs International said world
  market turbulence will be exacerbated if the Group of Seven
  (G-7) leading western nations confirms a base for the dollar,
  as implied by West German Finance Minister Gerhard
  Stoltenberg's remarks that intervention to support currencies
  is still on.
      Last week's dollar fall was partly triggered by
  expectations that the Germans were more worried about the money
  supply impact of such intervention than maintaining currency
  stability.
      But rigid adherence to dollar ranges would be bad, said
  Morrison. ""The Louvre Accord is fundamentally misconceived. To
  stabilise the dollar at too high a level is wrong,"" he said.
  

"
test/20261	43	ship	"NEW CONTAINER CRANES ARRIVE AT TANZANIA PORT
  Two large container cranes donated
  by the Danish International Development Agency (DANIDA) have
  arrived in Dar es Salaam where they will help to increase the
  port's cargo handling capacity, port officials said.
      The two new container cranes join one Danish container
  crane already installed in the port, which is an important
  trade outlet for Tanzania, Zambia, Malawi and eastern Zaire.
      Five more cranes from Finland are due to arrive soon,
  increasing the container terminal's handling capacity to
  120,000 units per year from 30,000 at present, the officials
  said.
  

"
test/20262	22	interest	"U.K. CREDIT POLICY SEEN STEADY, DESPITE BANK DATA
  An unexpectedly heavy 4.4 billion stg
  surge in U.K. September sterling bank lending is unlikely to
  nudge the Bank of England towards tightening monetary policy as
  long as sterling remains in its present robust state,
  economists said.
      An acute crisis of confidence in equity markets over the
  past two days will in any case subdue personal consumer credit
  demand which has largely been behind growth in lending.
      ""In the normal course of events the markets would have been
  extremely worried about that figure,"" noted Peter Spencer, U.K.
  Economist with Credit Suisse First Boston.
      After an initial dip in reaction to the bank lending data,
  which compared won stg August rise, U.K.
  Government bonds (gilts) soared as investors continued to flee
  from plummetting equities into the relative security of
  government securities.
      Equity markets dropped sharply on the news, touching a
  day's low of 1,766.7 on the FTSE 100 index after the data,
  before staging a recovery. Sterling held its buoyant tone
  throughout.
      U.K. Money market rates, in a similarly calm response,
  resumed the slightly easier trend of earlier in the morning
  after little more than a token blip as the figures came out.
      Noting that such a huge rise in credit extended by banks
  would under other circumstances have prompted market fears of a
  rise in clearing bank base rates from the current 10 pct, ""With
  the financial markets doing what they're doing, that's the last
  thing the Bank of England would want to do,"" Spencer said.
      ""The monetary situation is clearly very bad but as long as
  sterling is firm, the authorities are unlikely to put rates up,""
  said Kevin Boakes, chief U.K. Economist at Greenwell Montagu
  Gilt Edged. Boakes pointed to a rise in the narrow money
  measure M0 to 5.2 pct year-on-year from August's 4.5 pct
  growth, which he said must cause some concern at the Treasury.
      But ""The fact that overall broad money growth has slowed
  down is a rather encouraging sign,"" noted Paul Temperton, U.K.
  Economist with Merrill Lynch Capital Markets. He pointed to a
  fall in the year-on-year growth rate of the M3 broad money
  aggregate to 19.5 pct in September from August's 22 pct.
      It was concern about credit growth which prompted the Bank
  of England to engineer a one point rise in U.K. Bank base rates
  to 10 pct in early August, caution endorsed subsequently by
  news of a massive 4.9 billion stg July rise in bank lending.
      Temperton noted that a particular focus of bank worry in
  that period had been the behaviour of U.K. Asset markets.
      Housing and equities were the key two asset markets in
  influencing consumer behaviour, he said.
      In the light of the precipitous falls on U.K. Equity
  markets in the past few days, ""There will almost certainly be a
  straightforward impact on consumer spending and on retail
  sales,"" Temperton said.
      ""Almost certainly we can look forward to slower growth in
  consumer borrowing if the equity shakeout continues,"" he added.
      ""I think the stock market has decided that the bank lending
  figure is a thing of the past...We are talking about a very
  serious panic and a flight to quality,"" Spencer said.
      A U.K. Treasury official said that it was important to look
  at all the monetary information, not just the bank lending,
  adding that monetary aggregates were growing much more slowly
  than bank lending.
      Senior banking sources noted that the surge in bank lending
  was evidence of the continuing recent trend of fairly heavy
  personal sector borrowing.
      Figures from the Banking Information Service showed
  personal sector lending by U.K. Clearing banks rose by 1.66
  billion stg in September after a 978 mln stg August rise. Much
  of the rise reflected quarterly interest payments.
  

"
test/20264	40	reserves	"TAIWAN FOREIGN EXCHANGE RESERVES HIT RECORD HIGH
  Taiwan's foreign exchange reserves, bouyed
  by rising exports, have hit a record high and are likely to
  soar to 72 billion U.S. Dlrs by the year end, central bank
  officials said Tuesday.
      Central Bank Governor Chang Chi-cheng told reporters the
  reserves totalled about 69 billion U.S. Dlrs, compared with
  about 42 billion at the same time last year and 68 billion on
  October 5. He declined to elaborate.
      A senior bank official, who declined to be named, told
  Reuters the reserves were likely to reach 72 billion dlrs at
  the end of the year.
      ""The surge in reserves is the result of our trade surplus
  and recent purchases of U.S. Dollars on the local interbank
  market,"" Chang said.
      Taiwan's trade surplus hit a record 14.95 billion U.S. Dlrs
  in the first nine months of 1987 compared with 11.05 billion a
  year earlier, official figures show.
      Vice Economic Minister Wang Chien-hsien said the surplus
  will rise to about 20 billion dlrs by the end of the year.
  About 80 pct of the surplus will come from the island's trade
  with the United States. 
      Chien said Taiwan's trade will reach 80 billion U.S. Dlrs
  this year compared with 63.96 billion last year.
      Its exports are expected to total 50 billion and imports 30
  billion against exports of 39.79 billion and imports of 24.17
  billion last year.
  

"
test/20265	22	interest	" Bank of France says it leaves intervention rate unchanged at 7-1/2 pct

   Bank of France says it leaves intervention rate unchanged at 7-1/2 pct
  

"
test/20266	12	earn	"LOUISIANA-PACIFIC CORP <LPX> 3RD QTR NET
  Shr 1.11 dlrs vs 59 cts
      Net 42.6 mln vs 22.2 mln
      Sales 531.8 mln vs 407.4 mln
      Nine mths
      Shr 2.45 dlrs vs 1.27 dlrs
      Net 93.7 mln vs 48.1 mln
      Sales 1.44 billion vs 1.12 billion
  

"
test/20267	42	rubber	"SCRAP CREPE RUBBER PRICES FIRAT COLOMBO AUCTION
  Scrap crepe prices firmed on good
  shortcovering demand at the Colombo rubber auction, brokers
  said.
      One-X brown was traded at 19.75 rupees per kg, up 15 cents
  from last rates while other grades also showed improvements.
  The rise was attributed to a shortage of rubber available to
  manufacture this type.
      Latex crepe prices were unchanged with the best one-X
  selling at 20.92 rupees. Crepe one was traded at 20.68 and
  crepe two at 20.45 rupees.
      Sheet was firm as in previous weeks with RSS1 averaging
  22.05 rupees against 22 previously. The total quantity of
  rubber offered at the sale was 320 tonnes.
  

"
test/20269	12	earn	"OLIN CORP <OLN> 3RD QTR NET
  Shr 64 cts vs 40 cts
      Net 14.9 mln vs 8,600,000
      Revs 468.5 mln vs 411.7 mln
      Nine mths
      Shr 2.64 dlrs vs 2.96 dlrs
      Net 61.6 mln vs 67.0 mln
      Revs 1.43 billion vs 1.32 billion
  

"
test/20270	10	crude	"NORWAY BOOSTS OIL OUTPUT BY 22 PCT IN SEPTEMBER
  Norway's September oil output rose by 22.2
  pct to 1.07 mln barrels per day (bpd) from 830,492 bpd in
  August, according to a Reuter survey of firms operating here.
      Operators said the sharp rise reflected higher output at
  several of Norway's biggest fields and resumed production at
  fields shut down for 27 days in August for the Ekofisk field
  rescue project.
      Industry analysts said the increase did not exceed Norway's
  voluntary move to curb by 7.5 pct planned growth in its oil
  output, a move designed to back OPEC-led efforts to stabilise
  oil prices by limiting supplies to world crude markets.
      Norway, not an OPEC member, decided in June to extend the
  production restraints, enforced since February 1 1987, on all
  its North Sea fields for the rest of the year.
      Oil Minister Arne Oeien said last month he expected Norway
  would extend into 1988 its policy of slowed production growth.
      The biggest increase was seen on the Ekofisk field, which
  pumped 168,023 bpd in September against 48,195 bpd in August,
  field operator Phillips Petroleum Norway Inc said.
      Ekofisk and the nearby Valhall and Ula fields, which use
  the Ekofisk pipeline, were shut down for most of August while
  Phillips raised Ekofisk platforms to counter seabed subsidence.
      BP Petroleum Development Norway Ltd, operator of the Ula
  field, said September output rose to 86,727 bpd after dropping
  to 27,237 bpd in August because of the shutdown.
      Valhall, operated by Amoco Norway A/S, flowed 74,694 bpd
  last month compared with 69,748 bpd in August, the company
  said.
      September production was also sharply higher at the
  Statfjord field. Norway's 84 pct share of Statfjord, which
  extends into the British North Sea sector, was 611,138 bpd
  against 552,646 bpd in August, operator Den Norske Stats
  Oljeselskap A/S (Statoil) said.
      Norway's 22.2 pct share of the Murchison field which, like
  Statfjord, extends into the British sector, yielded 15,388 bpd
  in September, a slight 920 bpd decrease from the previous
  month, Norwegian partners on the British-operated field said.
      Statoil boosted output at its Gullfaks field to 109,670 bpd
  in September, compared with 100,188 in August.
      Norsk Hydro, operator of the Oseberg field, said test
  output at the field from the mobile production ship Petro Jarl
  totalled 1,719 bpd last month, down sharply from 16,170 bpd in
  August.
      Hydro said the drop was caused by failure to bring on
  stream a second well, cutting September production to just two
  days.
  

"
test/20273	12	earn	"BRISTOL-MYERS CO <BMY> 3RD QTR NET
  Shr 70 cts vs 61 cts
      Net 200.2 mln vs 173.9 mln
      Sales 1.38 billion vs 1.26 billion
      Nine mths
      Shr 1.87 dlrs vs 1.54 dlrs
      Net 535.6 mln vs 437.8 mln
      Sales 4.04 billion vs 3.63 billion
      NOTE: Share adjusted for two-for-one stock split.
  

"
test/20274	12	earn	"XYVISION INC <XYVI.O> 2ND QTR SEPTEMBER 26
  Shr 14 cts vs 15 cts
      Net 867,000 vs 956,000
      Revs 9,203,000 vs 5,304,000
      Six mths
      Shr 18 cts vs 34 cts
      Net 1,111,000 vs 1,747,000
      Revs 16.7 mln vs 10.4 mln
      NOTE: 1987 2nd qtr and six mths net includes 279,000 dlrs
  and 432,000 dlrs for tax credits. 1986 2nd qtr and six mths net
  includes 361,000 dlrs and 1,747,000 dlrs for tax credits.
  

"
test/20275	22	interest	"FIRST REPUBLIC BANK DALLAS CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE TODAY

  FIRST REPUBLIC BANK DALLAS CUTS PRIME RATE TO 9.25 PCT FROM 9.75 PCT, EFFECTIVE TODAY
  

"
test/20278	12	earn	"PERKINS FAMILY RESTAURANTS LP <PFR> 3RD QTR
  Shr 30 cts vs 12 cts
      Net 3,059,000 vs 1,258,000
      Revs 36.2 mln vs 29.1 mln
      Nine mths
      Shr 67 cts vs 24 cts
      Net 6,855,000 vs 2,442,000
      Revs 100.9 mln vs 77.8 mln
  

"
test/20279	12	earn	"FIRST AMERICAN BANK FOR SAVINGS <FAMB.O> 3RD QTR
  Shr 35 cts vs 30 cts
      Net 3,997,000 vs 3,442,000
      Nine mths
      Shr 1.04 dlrs vs not given
      Net 12.0 mln vs 8,161,000
      NOTE: Company went public in July 1986.
      Net includes loan loss provisions of 500,000 dlrs vs
  105,000 dlrs in quarter and 1,100,000 dlrs vs 105,000 dlrs in
  nine mths.
      Net includes pretax gains on sale of assets of 162,000 dlrs
  vs 400,000 dlrs in quarter and 877,000 dlrs vs 1,229,000 dlrs
  in nine mths.
  

"
test/20284	12	earn	"ARKANSAS BEST CORP <ABZ> 3RD QTR NET
  Shr diluted 31 cts vs 60 cts
      Net 3,276,776 vs 6,846,367
      Revs 187.7 mln vs 181.3 mln
      Nine mths
      Shr diluted 52 cts vs 1.51 dlrs
      Net 5,301,876 vs 16.4 mln
      Revs 535.7 mln vs 513.0 mln
  

"
test/20286	12	earn	"FIREMAN'S FUND CORP <FFC> 3RD QTR NET
  Shr 3.71 dlrs vs 95 cts
      Net 233.8 mln vs 62.8 mln
      Revs 997.8 mln vs 938.0 mln
      Nine mths
      Shr 5.06 dlrs vs 2.24 dlrs
      Net 327.2 mln vs 148.0 mln
      Revs 3.00 billion vs 2.70 billion
       NOTE: Realized investment gains net of taxes for 1987 3rd
  qtr and nine mths were 147.0 mln dlrs and 271.0 mln dlrs,
  respectively. Realized investment gains for 1986 3rd qtr and
  nine mths were 18.6 mln dlrs and 33.6 mln dlrs, respectively.
      Company repurchased 1.2 mln shares of its stock during the
  1987 3rd qtr.
  

"
test/20291	12	earn	"E.F. HUTTON GROUP INC <EFH> 3RD QTR NET
  Shr 26 cts vs 11 cts
      Net 8,700,000 vs 3,600,000
      Revs 988.9 mln vs 674.5 mln
      Nine mths
      Shr 3.65 dlrs vs 1.38 dlrs
      Net 120.6 mln vs 43.6 mln
      Revs 2.7 billion vs 2.1 billion
     
      NOTE: Net for 1987 includes 4.4 mln from discontinued
  opers, 51.6 mln after tax gain on sale of E.F. Hutton Insurance
  Group, and 36.6 mln on extraordinary gains from utiliazation of
  loss carryforward.
      Net in 1986 included 10.8 mln from discontinued opers and
  an extraordinary credit of 5.2 mln from utilization of loss
  carryforwards.
  

"
test/20297	0	acq	"BASTIAN TECHNOLOGIES SAYS IT HAS FIVE PCT OF COSMO COMMUNICATIONS, MAY SEEK CONTROL

  BASTIAN TECHNOLOGIES SAYS IT HAS FIVE PCT OF COSMO COMMUNICATIONS, MAY SEEK CONTROL
  

"
test/20298	0	acq	"SERVICE CORP <SRV> DUMPS CAPITAL SOUTHWEST STAKE
  Service Corp International said its
  Investment Capital Corp unit sold its entire 14.8 pct stake in
  Capital Southwest Corp <CSWC.O> common stock, and no longer
  holds any Capital Southwest shares.
      In a filing with the Securities and Exchange Commission,
  Investment Capital said it sold 280,000 shares of Capital
  Southwest common stock since September 21 at 19.56 dlrs to
  21.50 dlrs a share.
      No reason was given for the recent sales.
  

"
test/20299	12	earn	"MANUFACTURERS HANOVER CORP <MHC> 3RD QTR NET
  shr profit 2.73 dlrs vs 2.29 dlrs
      net 129.1 mln vs 105.8 mln
      nine mths
      shr loss 28.33 dlrs vs profit 6.42 dlrs
      net loss 1.16 billion vs profit 301.8 mln
      NOTE: 3rd qtr includes previously reported gain of 55.0 mln
  dlrs, or 29.4 mln after-tax, by capturing excess pension funds.
      Nine mths include 1.7 billion dlr addition to loan loss
  reserves in 2nd qtr, mostly for shaky LDC debts.
  

"
test/20300	12	earn	"COCA COLA ENTERPRISES INC <CCE> 3RD QTR NET
  Shr 23 cts vs 23 cts
      Net 31.9 mln vs 15.7 mln
      Revs 876.9 mln vs 401.2 mln
      Avg shrs 140.1 mln vs 68.6 mln
      Nine mths
      Shr 53 cts vs 42 cts
      Net 74.0 mln vs 28.9 mln
      Revs 2.55 billion vs 1.17 billion
      Avg shrs 140.1 mln vs 68.6 mln
      NOTE: Results include acquired bottling companies from
  dates of acquisition.
      On pro forma basis, as if all acquisitions had been in
  place from the start of the period, company earned 5,704,000
  dlrs or four cts per share on 140.0 mln shares outstanding with
  revenues of 826.2 mln dlrs for quarter and earned 14.1 mln dlrs
  or 10 cts per share on same number of shares and revenues of
  2.41 billion dlrs for nine mths.
  

"
test/20302	12	earn	"BALL CORP <BLL> 3RD QTR NET
  Shr 80 cts vs 72 cts
      Net 18,900,000 vs 17,100,000
      Sales 267.4 mln vs 288.6 mln
      Nine mths
      Shr 2.26 dlrs vs 2.04 dlrs
      Net 53,600,000 vs 48,200,000
      Sales 839.3 mln vs 836.3 mln
  

"
test/20304	12	earn	"BANKERS TRUST <BT> 3RD QTR NET
  Shr 2.03 dlrs vs 1.53 dlrs
      Net 146.4 mln vs 110.3 mln
      Nine months
      shr loss 3.99 dlrs vs profit 4.62 dlrs
      net loss 283.3 mln vs profit 330.5 mln
      Avg shrs 71.08 mln vs 69.26 mln
      Assets 56.9 billion vs 50.7 billion
      Deposits 30.4 billion vs 25.9 billion
      Loans 26.3 billion vs 25.7 billion
      Note : Nine month loss reflects 700 mln dlr increase in
  loan loss provisions.
      Without the tax benefit, third-quarter net income would
  have been 127.6 mln dlrs, up 16 pct or 17.4 mln dlrs from the
  third quarter of 1986.
      Non-interest income totaled 342.6 mln dlrs in the third
  quarter, up 47 pct or 109.7 mln dlrs, largely due to increased
  income from foreign exchange trading, fees and commissions.
      Foreign exchange trading income totaled 71.3 mln dlrs, up
  44.3 mln from a year ago. Provision for loan losses in the
  third quarter was 20 mln dlrs versis 40 mln a year previously.
      At September 30, the provision for loan losses jumped to
  1.30 billion dlrs from 455 mln at the same time last year.
  

"
test/20306	0	acq	"TRANS WORLD AIRLINES SAID CARL ICAHN WITHDRAWS ACQUISITION OFFER

  TRANS WORLD AIRLINES SAID CARL ICAHN WITHDRAWS ACQUISITION OFFER
  

"
test/20308	12	earn	"U.S. TELECOMMUNICATIONS INC <UT> 3RD QTR NET
  Shr profit 23 cts vs profit 49 cts
      Net profit 24.1 mln vs profit 49.6 mln
      Revs 755.4 mln vs 708.3 mln
      Nine mths
      Shr loss 84 cts vs profit 1.53 dlrs
      Net loss 80.7 mln vs profit 152.3 mln
      Revs 1.19 billion vs 2.32 billion
      NOTE: Per shr reflects payment of preferred dividends.
      Results include loss of 7,435,000 or eight cts shr in prior
  nine mths from discontinued operations.
      Latest nine month results include one-time charge of 1.09
  dlrs share relating to US Sprint.
      Revenues exclude those for US Sprint, a joint venture with
  GTE Corp <GTE>.
  

"
test/20309	12	earn	"BRISTOL-MYERS CO <BMY> 3RD QTR NET
  Shr 70 cts vs 61 cts
      Net 200.2 mln vs 173.9 mln
      Sales 1.38 billion vs 1.26 billion
      Nine mths
      Shr 1.87 dlrs vs 1.54 dlrs
      Net 535.6 mln vs 437.8 mln
      Sales 4.04 billion vs 3.63 billion
      NOTE: Share adjusted for two-for-one stock split.
  

"
test/20310	12	earn	"GANDER MOUNTAIN INC <GNDR.O> 1ST QTR SEPT 30 NET
  Shr 25 cts vs 19 cts
      Net 687,000 vs 514,000
      Sales 20.7 mln vs 13.2 mln
  

"
test/20311	0	acq	"BASTIAN TECHNOLOGIES MULLING COSMO <CSMO.O> BID
  New York-based Bastian Technologies
  Corp said it acquired a five pct stake in Cosmo Communications
  Corp, and is considering a move to seek control of the company
  or to secure a role in its affairs.
      ""Bastian Technologies believes that with the appropriate
  management policies and business strategies, the company can
  once again become profitable and maximize for all shareholders
  the underlying value of their company,"" Bastian said in a
  filing with the Securities and Exchange Commission.
      Bastian said alternatives being considered include an
  attempt to acquire Cosmo through a merger, tender or exchange
  offer, seeking to influence the company's management and
  policies, and seeking representation on Cosmo's board of
  directors through a proxy contest or otherwise.
      Bastian said it may contact third parties regarding its
  intentions toward Cosmo, adding it intends to request a meeting
  with Cosmo representatives to discuss its investment in Cosmo
  stock.
      Bastian currently holds 253,700 Cosmo common shares, or
  five pct of the total outstanding.
      The shares were purchased from Nasta International Inc
  <NAS> on October 16 for about 1.15 mln dlrs, Bastia said.
  

"
test/20314	12	earn	"SNAP-ON TOOLS CORP <SNA> 3RD QTR NET
  Shr 53 cts vs 38 cts
      Net 22,249,000 vs 15,356,000
      Sales 189.1 mln vs 166.5 mln
      Nine mths
      Shr 1.56 dlrs vs 1.21 dlrs
      Net 64,707,000 vs 49,603,000
      Sales 559.2 mln vs 492.4 mln
  

"
test/20318	24	iron-steel	"BETHLEHEM STEEL SAYS IT IS RAISING STEEL SHEET PRICES BY UP TO 30 DLRS/short ton

  BETHLEHEM STEEL SAYS IT IS RAISING STEEL SHEET PRICES BY UP TO 30 DLRS/short ton
  

"
test/20319	12	earn	"NYCOR INC <NYCO.O> 3RD QTR NET
  Shr loss two cts vs profit two cts
      Net profit 253,000 vs profit 356,000
      Revs 17.5 mln vs 12.3 mln
      Nine mths
      Shr profit one cent vs profit 21 cts
      Net profit 628,000 vs profit 2,921,000
      Revs 54.9 mln vs 36.0 mln
      NOTE: 1987 qtr and nine mths includes gain 106,000 dlrs, or
  one cent per share, and 846,000 dlrs, or six cts per share,
  respectively, from utilization of tax loss carryforward.
     
      1986 qtr and nine mths includes gain 178,000 dlrs, or one
  cent per share, and gain 810,000 dlrs, or six cts per share,
  respectively, from utilization of tax loss carryforward.
      1987 nine mths includes loss 1,519,000 dlrs,  or 11 cts per
  share, from early extinguishment of debt.
  

"
test/20321	0	acq	"ICAHN DROPS BID FOR TWA <TWA>
  Trans World Airlines Inc said chairman
  Carl C. Icahn has withdrawn his proposal to acquire the TWA
  shares he does not already own due to the deterioration in
  market conditions.
      Under the proposal Icahn would have paid for each TWA share
  20 dlrs in cash and 25 dlrs face amount of 12 pct subordinated
  debentures due 2007.
      TWA said Icahn reserves the right to make a subsequent
  proposal at some future date on the same terms or different
  terms.
  

"
test/20324	12	earn	"AMERICAN SAVINGS BANK FSB <ABNY.O> 3RD QTR NET
  Shr primary 1.79 dlrs vs 1.72 dlrs
      Shr diluted 1.39 dlrs vs 1.34 dlrs
      Net 12.1 mln vs 11.7 mln
      Nine mths
      Shr primary 5.56 dlrs vs 4.41 dlrs
      Shr diluted 4.30 dlrs vs 3.74 dlrs
      Net 37.3 mln vs 29.1 mln
      Assets 3.92 billion vs 3.83 billion
      Loans 3.05 billion vs 2.99 billion
     
      NOTE: 1987 qtr and nine mths includes gain 6,016,000 dlrs
  and 18.7 mln dlrs, respectively, from utilization of net
  operating loss carryforward.
      1986 qtr and nine mths includes gain 6,233,000 dlrs and
  15.5 mln dlrs, respectively, from utilization of net operating
  loss carryforward.
      Full name of company is american savings bank fsb of new
  york.
  

"
test/20328	0	acq	"A/W BRANDS <SODA.O> COMPLETES ACQUISITION
  A and W Brands Inc said it
  completed the acquisition of Vernors Inc from United Brands Co
  <UB> in a cash and stock transaction worth valued at about 10
  mln dlrs
  

"
test/20332	12	earn	"WASHINGTON POST CO <WPO> 3RD QTR NET
  Shr 4.77 dlrs vs 1.65 dlrs
      Net 61.3 mln vs 21.1 mln
      Revs 312.9 mln vs 291.5 mln
      Nine mths
      Shr 9.51 dlrs vs 4.98 dlrs
      Net 122.3 mln vs 63.9 mln
      Revs 950.4 mln vs 881.8 mln
      NOTE: 1987 net in both periods includes gains of 24.2 mln
  dlrs, or 1.88 dlrs a share, from sale of interest in Detroit
  Cellular telephone company and 6.1 mln dlrs, or 47 cts a share,
  from sale of interest in sportschannel Cable programing
  network.
  

"
test/20334	12	earn	"BANC ONE CORP <ONE> 3RD QTR NET
  Shr 66 cts vs 57 cts
      Net 64.0 mln vs 52.9 mln
      Nine mths
      Shr 1.49 dlrs vs 1.64 dlrs
      Net 142.2 mln vs 153.3 mln
      Assets 18.04 billion vs 16.63 billion
      Deposits 13.97 billion vs 12.78 billion
      Loans 12.54 billion vs 10.81 billion
  

"
test/20337	12	earn	"WARNER COMMUNICATIONS INC <WCI> 3RD QTR NET
  Shr 41 cts vs 28 cts
      Net 66.2 mln vs 41.8 mln
      Revs 824.1 mln vs 693.3 mln
      Nine mths
      Shr 1.50 dlrs vs 87 cts
      Net 236.1 mln vs 123.8 mln
      Revs 2.38 billion vs 2.02 billion
  

"
test/20339	12	earn	"ARISTECH CHEMICAL CORP <ARS> 3RD QTR NET
  Shr 72 cts vs 56 cts
      Qtly div 18 cts vs 18 cts prior
      Net 18.7 mln vs 14.4 mln
      Revs 239.7 mln vs 187.1 mln
      Nine mths
      Shr 1.87 dlrs vs 1.26 dlrs
      Net 48.3 mln vs 32.5 mln
      Revs 676.9 mln vs 574.8 mln
      NOTE: Dividend payable December 1 to shareholders of record
  October 30.
  

"
test/20340	12	earn	"APPLE BANK FOR SAVINGS <APPL.O> 3RD QTR NET
  Shr 1.54 dlrs vs 1.27 dlrs
      Net 7,065,000 vs 5,812,000
      Nine mths
      Shr 4.25 dlrs vs 3.40 dlrs
      Net 19.5 mln vs 15.6 mln
      Assets 2.84 billion vs 1.87 billion
      Deposits 2.51 billion vs 1.67 billion
     
      NOTE: 1987 qtr and nine mths includes gain 2,500,000 dlrs,
  or 54 cts per share, from utilization of tax loss carryforward.
      1986 qtr and nine mths includes gain 2,158,000 dlrs, or 47
  cts per share, and 5,567,000 dlrs, or 1.22 dlrs per shr,
  respectively, from utilization of tax loss carryforward.
  

"
test/20341	24	iron-steel	"BETHLEHEM STEEL <BS> SETS STEEL PRICE INCREASES
  Bethlehem Steel Corp said prices
  for steel sheet products will be increased up to 30 dlrs a ton
  effective January 3.
      The increases will affect certain non-contract or spot
  transactions and will be achieved through reductions in
  competitive discounts.
      The company said transaction prices for contract accounts,
  which have a duration of six months or more, will also be
  increased to commensurate levels.
      Percentage increases were not immediately available.
      Prices for flat-rolled steel sheet, used in automobiles,
  appliances and other products, vary widely between about 350
  and 800 dlrs a ton.
      The company said it was taking the actions to restore sheet
  transaction prices to more equitable levels. In many cases,
  prices are still lower than those attained in 1984, it said.
      Bethlehem also said that in response to changing market
  conditions and potential inflationary pressures, efforts will
  be made to mininize the number and the duration of firm price
  contracts.
  

"
test/20344	12	earn	"KELLOGG CO <K> 3RD QTR NET
  Shr 96 cts vs 83 cts
      Net 119.3 mln vs 102.8 mln
      Revs 1.01 billion vs 869.9 mln
      Nine mths
      Shr 2.53 dlrs vs 2.01 dlrs
      Net 313.6 mln vs 248.5 mln
      Revs 2.83 billion vs 2.52 billion
      NOTE: 1986 nine month earnings include nonrecurring loss of
  9.9 mln dlrs, or eight cents a share, from purchase of 123.7
  mln dlrs principal amount of the company's 150 mln dlr 12-1/4
  pct debentures due February 15, 2015.
  

"
test/20347	32	money-fx	" Poehl says chances for exchange rate stability are good

   Poehl says chances for exchange rate stability are good
  

"
test/20348	32	money-fx	"BALLADUR HAS HAD CONTACT WITH G-7 MINISTERS
  French Finance Minister Edouard Balladur
  has been in contact with several Finance Ministers from the
  Group of Seven leading industrial countries, in particular West
  German Finance Minister Gerhard Stoltenberg, to discuss the
  crisis on world markets, Finance Ministry sources said.
      They did not say whether the contacts had led to concerted
  action on the markets or merely an exchange of views.
      But they added that French ministry officials were
  continuing the contacts to exchange views on market
  performance.
  

"
test/20352	0	acq	"LASMO CANADA TO MERGE WITH ONYX PETROLEUM
  LASMO Exploration (Canada) Ltd, a
  subsidiary of London &amp; Scottish Marine Oil Plc <LSML.L>, is
  merging with <Onyx Petroleum Exploration Co Ltd>, LASMO said.
      The merger is to be made by Onyx buying LASMO Exploration,
  in a share swap. A new company, LASMO Canada Inc, will be
  formed. LASMO will control 70 pct of the equity, worth some 76
  mln Canadian dlrs based on the current Onyx share price.
      The new company will have proven reserves of 9.5 mln
  barrels of oil and 20.9 billion cubic feet of gas, LASMO said.
  

"
test/20353	12	earn	"REGAL-BELOIT CORP <RBC> 3RD QTR NET
  Shr 31 cts vs 26 cts
      Net 1,858,000 vs 1,388,000
      Sales 27.1 mln vs 18.7 mln
      Nine mths
      Shr 87 cts vs 76 cts
      Net 5,126,000 vs 3,798,000
      Sales 70.6 mln vs 57.2 mln
  

"
test/20357	12	earn	"BURNDY CORP <BDC> 3RD QTR OCT 2 NET
  Shr 21 cts vs 19 cts
      Net 2,560,000 vs 2,359,000
      Revs 70.0 mln vs 56.0 mln
      Nine mths
      Shr 54 cts vs 42 cts
      Net 6,574,000 vs 5,100,000
      Revs 207.7 mln vs 174.0 mln
  

"
test/20358	12	earn	"FIRST FLORIDA BANKS <FFBK> 3RD QTR NET
  Shr 72 cts vs 74 cts
      Net 11.9 mln vs 11.9 mln
      Nine mths
      Shr 2.18 dlrs vs 2.18 dlrs
      Net 35.0 mln vs 34.6 mln
      Assets 4.6 billion vs 4.3 billlion
      Loans 3.1 billion vs 2.8 billion
      NOTE: 1986 3rd qtr includes securities after tax gain of
  1,519,000 dlrs or 10 cts a share.
  

"
test/20363	12	earn	"J.W. MAYS INC <MAYS.O> 4TH QTR JULY 31 NET
  Shr profit seven cts vs profit 32 cts
      Net profit 154,398 vs profit 694,521
      Revs 17.7 mln vs 19.5 mln
      Year
      Shr profit 86 cts vs loss 50 cts
      Net profit 1,862,986 vs loss 1,078,535
      Revs 78.2 mln vs 81.4 mln
      NOTE: 1987 year results include extraordinary credit of
  459,000 dlrs or 21 cts per shr due to utilization of tax loss
  carryforward.
     
      Fiscal 1987 nonrecurring income items totaled 4,322,342 vs
  1,393,187 in 1986.
      Qtr 1987 includes 446,000 dlrs or 20 cts per shr
  extraordinary charge due to duction in utilization of tax
  loss carryforward.
      Nonrecurring income items totaled 2,564 in three mths
  1987 vs 1,211,196 in three mths 1986.
      Nonrecurring income for year 1987 included pretax gain of
  4,307,180 dlrs on sale of company's leasehold of Glen Oaks
  store on Dec 16, 1986.
     
      The company discontinued operations in that unit on Jan.
  17, 1987.
      Nonrecurring income for three and 12 months 1986 included 
  575,000 for settlement of litigation and a gain of 618,719 dlrs
  on surrender of leaseholds.
      The 12 month period also included refund of prior year's
  real estate tadxes of 136,964.
  

"
test/20364	12	earn	"ALLIANCE FINANCIAL CORP <ALFL.O> 3RD QTR NET
  Shr 45 cts vs 61 cts
      Net 504,000 vs 683,000
      Nine mths
      Shr 1.83 dlrs vs 2.42 dlrs
      Net 2,043,000 vs 2,183,000
  

"
test/20365	12	earn	"METROPOLITAN FEDERAL <MFTN.O> 1ST QTR NET
  Qtr ended September 30.
      Shr 83 cts vs 75 cts
      Net 3,053,000 vs 2,775,000
      Assets 1.2 billion vs 1.0 billion
      Deposits 851.8 mln vs 754.1 mln
      Loans 912.5 mln vs 798.1 mln
  

"
test/20367	12	earn	"ALTOS COMPUTER SYSTEMS <ALTO.O> 1ST QTR NET
  Period ended September 30.
      Shr 17 cts vs 10 cts
      Net 2.2 mln vs 1.3 mln
      Sales 40.6 mln vs 32.6 mln
  

"
test/20368	12	earn	"JANNOCK LTD <JN.TO> 3RD QTR NET
  Shr 65 cts vs 47 cts
      Net 17.7 mln vs 11.9 mln
      Revs 131.9 mln vs 128.4 mln
      Nine mths
      Shr 1.77 dlrs vs 1.02 dlrs
      Net 49.0 mln vs 27.0 mln
      Revs 341.7 mln vs 269.5 mln
  

"
test/20370	12	earn	"YELLOW FREIGHT SYSTEM <YELL.O> 3RD QTR NET
  Shr 40 cts vs 75 cts
      Qtly div 15-1/2 cts vs 15-1/2 cts prior
      Net 11.7 mln vs 21.4 mln
      Revs 447.5 mln vs 445.2 mln
      Nine mths
      Shr 1.04 dlrs vs 1.99 dlrs
      Net 29.9 mln vs 56.8 mln
      Revs 1.30 billion vs 1.28 billion
      NOTE: Full name is Yellow Freight System Inc. Dividend is
  payable November 23, record November 9.
  

"
test/20371	12	earn	"RALEIGH FEDERAL SAVINGS BANK <RFBK.O> 3RD QTR
  Shr 38 cts
      Net 1.3 mln vs 668,000
      Nine mths
      Shr 84 cts
      Net 2,892,000 vs 2,200,000
      NOTE: Company converted to stock ownership in July
  

"
test/20372	12	earn	"FLORIDA EMPLOYERS INSURANCE <FLAEF.O> 3RD QTR
  Shr 32 cts vs 26 cts
      Net 722,000 vs 597,000
      Nine mths
      Shr 92 cts vs 69 cts
      Net 2,100,000 vs 1,500,000
      NOTE: full name of company is florida employers insurance
  co.
  

"
test/20373	12	earn	"FIRST OAK BROOK <FOBBA.O> 3RD QTR NET
  Shr 61 cts vs 55 cts
      Net 726,000 vs 669,000
      Nine mths
      Shr 1.78 dlrs vs 1.63 dlrs
      Net 2,133,000 vs 1,960,000
      NOTE: Full name is First Oak Brook Bancshares Inc
  

"
test/20374	12	earn	"UNITED SERVICE ADVISORS INC <USVSP.O> 1ST QTR
  Qtr ends Sept 30
      Shr profit seven cts vs loss two cts
      Net profit 228,691 vs loss 54,115
      Revs 2,415,419 vs 1,389,579
      Avg shrs 3,056,787 vs 2,933,058
  

"
test/20376	12	earn	"WOLOHAN LUMBER CO <WLHN.O> 3RD QTR NET
  Shr 46 cts vs 33 cts
      Net 2,731,000 vs 1,928,000
      Sales 66.2 mln vs 58.8 mln
      Nine mths
      Shr seven cts vs 61 cts
      Net 6,310,000 vs 3,579,000
      Sales 171.8 mln vs 141.9 mln
  

"
test/20377	32	money-fx	"POEHL SEES GOOD CHANCES FOR CURRENCY STABILITY
  Bundesbank president Karl Otto Poehl
  said there were good chances for exchange rate stability.
      ""The chances for exchange rate stability are good,"" he told
  reporters.
  

"
test/20378	12	earn	"TAUNTON SAVINGS BANK <TSBK.O> 3RD QTR NET
  Shr 37 cts vs 41 cts
      Net 1,214,000 vs 1,316,000
      Nine mths
      Shr 1.06 dlrs
      Net 3,408,000 vs 2,809,000
      Assets 204.8 mln vs 176.6 mln
      Deposit 154.0 mln vs 131.2 mln
      Loans 125.3 mln vs 100.7 mln
      NOTE: 1986 nine mths per share figures not available
  because bank converted to stock form in June of 1986.
  

"
test/20379	0	acq	"GORDON TO MAKE BID TO ACQUIRE PAGECORP <PGOA.TO>
  <Gordon Investment Corp> said it plans to
  make an offer to acquire all of Pagecorp Inc's class A and
  Class B shares for 9.25 dlrs cash per share.
      The bid is conditional upon an examination by Gordon of the
  business and affairs of Pagecorp during the 45 days ending
  December 3, 1987.
      The proposed offer would be condition upon ainimum number
  of shares being tendered, Gordon said. It did not say what the
  minimum will be.
     
      Meanwhile, Pagecorp said it agreed to grant Gordon an
  option to purchaser 900,000 class A shares at 9.25 dlrs per
  share, which is exercisable only if Gordon makes the
  acquisition bid before December 4, 1987 or if any third party
  begins a takeover before December 31, 1987.
      Pagecorp also said all Class B shareholders have agreed to
  deposit their class B shares, if Gordon proceeds with its
  offer.
  

"
test/20380	12	earn	"TRILLIUM TELEPHONE <TLM.TO> 2ND QTR NET
  Shr profit seven cts vs loss 1.77 dlrs
      Net profit 446,000 vs loss 9,370,000
      Revs 15.0 mln vs 13.3 mln
      Six mths
      Shr profit eight cts vs loss 1.87 dlrs
      Net profit 523,000 vs loss 9,883,000
      Revs 27.1 mln vs 27.1 mln
      Avg shrs 5,324,464 vs 5,324,350
      Note: Trillium Telephone Systems Inc
  

"
test/20381	12	earn	"TRANS-NATIONAL LEASING INC <TNLS.O> YEAR LOSS
  Shr loss 39 cts vs profit 19 cts
      Net loss 433,424 vs profit 216,117
      Revs 6,469,001 vs 8,221,549
  

"
test/20382	5	coffee	"IBC SEEKS EXPORT DETAILS TO SET COFFEE QUOTAS
  The Brazilian Coffee Institute
  (IBC) has given shippers until close of business on Thursday to
  submit details of past export performance in order that
  individual quotas can be allocated, an IBC spokesman said.
      He told Reuters IBC President Jorio Dauster has confirmed
  acceptance of National Coffee Policy Council (CNPC) proposals
  to establish individual export quotas based 65 pct on export
  performance, 25 pct on stocks and 10 pct by auction.
      Shippers can choose their best period of 12 consecutive
  months between April 1, 1985, and September 30, 1987, to be
  used for calculating the export performace portion.
      The IBC will total all the figures, calculate each shippers
  participation and use this as a basis for allocation of
  individual quotas, the IBC spokesman said.
      He said the IBC has already settled with the Sao Paulo
  Mercantile Exchange how the auction system will operate.
  Shippers can bid a premium over the contribution quota payable
  on coffee exports and the succesful bidder will add this
  premium to the contribution quota when he submits his export
  sales declaration form.
      Auctions will not start until after the opening of export
  registrations. The spokesman could not say when this might be
  but trade sources said an announcement could come at the end of
  the week, opening registraions from Monday.
      A meeting has been set for tomorrow in Brasilia of the
  CNPC's export marketing committee to establish a system for
  allocating the 25 pct of export quotas based on stock levels,
  the spokesman added.
      A system of individual export quotas is being reestablished
  in Brazil - a previous system was abandoned in 1985 - to ensure
  shipments are kept in line with the country's ICO quota.
  

"
test/20384	12	earn	"ELMIRA SAVINGS BANK FSB <ESBK.O> 3RD QTR NET
  Shr 55 cts vs 75 cts
      Net 218,000 vs 269,000
      Nine mths
      Shr 2.15 dlrs vs 3.45 dlrs
      Net 855,000 vs 920,000
      Assets 175.8 mln vs 166.9 mln
      Deposits 159.8 mln vs 154.3 mln
      Loans 155.7 mln vs 142.6 mln
     
      NOTE: 1987 nine mths includes gain 96,000 dlrs, or 24 cts
  per share, from utilization of operating loss carryforward.
      1986 qtr and nine mths includes gain 128,000 dlrs, or 36
  cts per share, and 445,000 dlrs, or 1.67 dlrs per share, from
  utilization of operation loss carryforward.
  

"
test/20385	12	earn	"GOLDEN VALLEY MICROWAVE <GVMF.O> 3RD QTR NET
  Period ended September 26
      Shr 28 cts vs 14 cts
      Net 3,300,000 vs 1,300,000
      Sales 24.7 mln vs 11.2 mln
      Avg shrs 11,871,751 vs 9,398,952
      Nine mths
      Shr 76 cts vs 35 cts
      Net 9,000,000 vs 3,200,000
      Sales 69.3 mln vs 32.0 mln
      Avg shrs 11,833,883 vs 9,059,692
  

"
test/20386	12	earn	"HOME FEDERAL SAVINGS/ROCKIES <HROK.O> 3RD QTR
  Shr 77 cts vs nil
      Net 417,000 vs 1,000
      Nine mths
      Shr 2.39 dlrs vs 84 cts
      Net 1,298,000 vs 443,000
      Assets 290.7 mln vs 296.6 mln
      NOTE: full name of company is home federal savings and loan
  association of the rockies.
  

"
test/20388	12	earn	"WESTPORT BANCORP INC <WBAT.O> 3RD QTR NET
  Shr 19 cts vs 38 cts
      Net 397,000 vs 788,000
      Nine mths
      Shr 80 cts vs 1.19 dlrs
      Net 1,674,000 vs 2,455,000
  

"
test/20389	49	veg-oil	"COPA URGES TAX ON VEGETABLE PROTEINS
  The European Community's farmers'
  pressure group Copa has urged EC farm ministers to agree a tax
  on vegetable proteins similar to the oils and marine fats tax
  which has already been proposed by the EC Commission.
      Copa president Hans Kjeldsen told a news conference on
  Tuesday he had also urged ministers to seek a similar mechanism
  for cereal substitutes.
      He was speaking after a meeting of farm leaders with the
  Danish foreign and agriculture ministers, who currently chair
  meetings of their EC colleagues.
      Kjeldsen said taxes on the products concerned would help
  the EC's budget problems and would provide some price stability
  for producers.
      This would in turn help the market position for certain
  crops of which the EC is a net importer such as oilseeds, peas
  and beans, but for which the Commission is now proposing severe
  output restrictions.
      A minority of EC ministers opposed to an oils and fats tax
  on imported and domestically produced oils and marine fats
  succeeded in blocking the idea during this year's annual EC
  price fixing.
      However, the EC Commission has said it maintains its
  proposals for a tax.
      Kjeldsen said Copa had urged the ministers to pursue
  international negotiations on farm trade with the aim of
  bridging the gap between EC and world prices.
  

"
test/20391	12	earn	"OHIO EDISON CO <OEC> 3RD QTR NET
  Shr 60 cts vs 57 cts
      Net 103.7 mln vs 96.5 mln
      Revs 472.5 mln vs 434.1 mln
      Avg shrs 152.3 mln vs 147.0 mln
      12 mths
      Shr 2.60 dlrs vs 2.44 dlrs
      Net 393.1 mln vs 347.1 mln
      Revs 1.79 billion vs 1.76 billion
      Avg shrs 150.9 mln vs 142.2 mln
  

"
test/20392	12	earn	"NEW YORK STATE ELECTRIC/GAS CORP <NGE> 3RD QTR
  Oper shr 71 cts vs 78 cts
      Oper net 42.9 mln vs 46.6 mln
      Revs 294.0 mln vs 274.9 mln
      Avg shrs 55.5 mln vs 54.0 mln
      Nine mths
      Oper shr 2.88 dlrs vs 3.07 dlrs
      Oper net 169.2 mln vs 181.5 mln
      Revs 993.4 mln vs 961.4 mln
      Avg shrs 55.2 mln vs 54.0 mln
      12 mths
      Oper shr 3.67 dlrs vs 3.76 dlrs
      Oper net 216.2 mln vs 224.4 mln
      Revs 1.31 billion vs 1.26 billion
      Avg shrs 54.9 mln vs 53.9 mln
      NOTE: 1987 nine month and 12 month operating net excludes
  charges of 269 mln dlrs and 25 mln dlrs reflecting disallowed
  costs of utility's 18 pct share of Nine Mile Point Number two
  nuclear power plant and the abandoned Jamesport nuclear
  project, respectively. The charges resulted in nine month share
  loss of 2.44 dlrs and 12 month share loss of 1.68 dlrs.
  

"
test/20393	12	earn	"CITICORP <CCI> 3RD QTR NET
  Shr profit 3.64 dlrs vs profit 1.64 dlrs
      Net profit 541 mln vs profit 247 mln
      Nine mths
      Shr loss 13.30 dlrs vs profit 5.11 dlrs
      Net loss 1.78 billion vs profit 752 mln
      NOTE: Net in nine mths 1987 vs 1986 includes provision for
  possible credit losses of 4.19 billion vs 1.32 billion.
      Net in qtr 1987 vs 1986 includes provision for possible
  crit losses of 320 mln vs 431 mln.
      Assets 200 billion vs 186 billion
      Loans 129.3 billion vs 122.3 billion
      Deposits 118.1 billion vs 111.0 billion
      3rd qtr 1987 reflects previously announced aftertax gain of
  163 mln from recognition of pension plan over funding and 139
  mln of tax benefits from the three billion provision.
      Net write offs in qtr 1987 vs 1986 totaled 338 mln vs 342
  mln and in year to date 1987 vs 1986 of 1.06 billion vs 988
  mln.
  

"
test/20395	12	earn	"COLEMAN CO INC <CLN> 3RD QTR NET
  Shr 42 cts vs 34 cts
      Net 2,945,000 vs 2,400,000
      Sales 146.8 mln vs 117.2 mln
      Nine mths
      Shr 2.45 dlrs vs 2.35 dlrs
      Net 17,280,000 vs 16,366,000
      Sales 465.6 mln vs 387.8 mln
      Avg shrs 7,046,000 vs 6,961,000
      NOTE: 1986 data restated for changes in method of
  accounting for pensions
  

"
test/20396	0	acq	"JACOBS SELLS STAKE IN GILLETTE <GS>
  Minneapolis investor Irwin Jacobs said he
  sold the stake he held in Gillette Co <GS> after deciding that
  he could not force Gillette to accept a 47 dlr a share takeover
  bid made by Revlon Group Inc <REV>.
      Revlon's bid expired last week after being repeatedly
  rejected by Gillette. Jacobs had earlier considered waging a
  proxy fight over Gillette.
      Jacobs told Reuters he sold the Gillette stake, which he
  called ""substantial"" but under five pct, a few weeks ago over a
  period of several days. He said he sold the stock at a profit,
  but did not disclose the selling price.
      Gillette's stock was at 24-1/8, up 1/8, in morning trade,
  off the high of 45-7/8 reached after Revlon announced its bid.
      Jacobs said he sold his Gillette stake based on an
  ""investment decision. I surely did not see this happening,"" he
  said of Monday's stock market free-fall.
      A Gillette spokesman said the mpany had no comment.
      Jacobs said he and fellow investor Carl Pohlad continue to
  hold a stake in Allegheny International Inc <AG>. In August
  they disclosed in a Securities and Exchange Commission filing
  that they had acquired 854,900 shares, or 7.9 pct, of Allegheny
  and would consideer seeking control of the company.
  

"
test/20398	0	acq	"TRANSAMERICA <TA> TO BUY SEDGWICK <SDWK.L> UNIT
  Transamerica Corp's Transamerica
  Insurance Co said it signed a definitive pact to buy a 51 pct
  interest in Sedgwick Group PLC's River Thames Insurance Co.
      Transamerica will buy 11 mln newly issued Class A shares of
  River Thames for 2.23 dlrs per share.
      Sedgwick wil retain a 49 pct interest in River Thames,
  which is a property liability reinsurer.
      The agreement, subject to shareholder approval, is expected
  to close by the end of the year, the company said.
      In 1986, River Thames reported net premiums written of 36
  mln dlrs.
  

"
test/20400	12	earn	"INTERMEC CORP <INTR.O> 2ND QTR SEPT 30 NET
  Shr 16 cts vs 17 cts
      Net 988,000 vs 1,005,000
      Revs 19.7 mln vs 16.4 mln
      Avg shrs 6,206,487 vs 5,959,028
      Six Mths
      Shr 31 cts vs 28 cts
      Net 1,884,000 vs 1,662,000
      Revs 37.5 mln vs 30.8 mln
      Avg shrs 6,168,105 vs 5,950,842
  

"
test/20401	12	earn	"HOMESTEAD FINANCIAL CORP <HFL> 3RD QTR NET
  Shr 30 cts vs 73 cts
      Net 3,992,000 vs 8,526,00
      Nine Mths
      Shr 1.72 dlrs vs 1.74 dlrs
      Net 22,110,000 vs 20,379,000
      Avg shrs 13,459,000 vs 11,740,000
      Note: Prior nine month figures include extraordinary
  after-tax loss of 10.9 mln dlrs, or 93 cts per share.
  

"
test/20406	13	fuel	"GLOBAL PETROLEUM <GNR> UPS HEAVY FUEL PRICES
  Global Petroleum Corp said it had raised
  the contract prices for heavy fuel oil from 25 cts to one dlr
  per barrel, effective today.
      The company said 0.3 pct fuel oil is up one dlr a barrel to
  22.25 dlrs a barrel. They said 0.5 pct fuel oil is up by 50 cts
  to 21.95 dlrs a barrel.
      Global raised one pct fuel oil by 35 cts to 20.25 dlrs a
  barrel. The company raised 2.2 pct fuel by 25 cts to 19.50 dlrs
  a barrel. Global raised 2.5 pct fuel oil by 45 cts to 19.45
  dlrs a barrel.
  

"
test/20407	12	earn	"SILVERCREST CORP <SLV> 1ST QTR SEPT 30 NET
  Shr 17 cts vs 15 cts
      Net 565,000 vs 502,000
      Revs 20.0 mln vs 14.5 mln
      Note: Current qtr figures include tax loss carryforward
  credit of 194,000 dlrs vs credit of 197,000 dlrs.
  

"
test/20409	22	interest	"DONALD REGAN SAYS U.S. SHOULD EASE CREDIT SUPPLY
  Donald Regan, President Reagan's
  former chief of staff, said the government should loosen the
  money supply, try to keep interest rates down and try to reduce
  the federal budget and trade deficits to avoid a recession.
      ""I think what we have to face now is trying to preserve our
  economy,"" the one-time chairman of Merrill Lynch and Co Inc
  <MER> said in an interview on the ABC television network.
      ""We've got to loosen money, we've got to keep interest rates
  down. We can't afford to let them go up. That means we're going
  to have to work on our twin deficits, both the budget deficit
  and the trade deficit,"" Regan said.
       ""I certainly wouldn't tighten money at this particular
  moment,"" Regan said when asked about the prospects for a
  recession following Monday's price drop on Wall Street.
      ""I think that if they were to do that, they'd create the
  same conditions that we did in '29...They choked off the money
  supply and what happened? We went into a major recession. I
  think that's the one thing we've got to avoid right now.""
      Regan also called on the government to impose restrictions
  on program trading. ""I think that that's exacerbated,
  exaggerated this decline, and I think it's something that they
  must stop,"" he said.
  

"
test/20412	12	earn	"H.F. AHMANSON AND CO <AHM> 3RD QTR NET
  Shr 41 cts vs 80 cts
      Net 40.3 mln vs 78.9 mln
      Nine mths
      Shr 1.58 dlrs vs 2.40 dlrs
      Net 155.0 mln vs 223.3 mln
      Avg shrs 98,353,350 vs 92,967,487
      Assets 27.48 billion vs 27.60 billion
      Loans 22.75 billion vs 19.00 billion
      Deposits 21.45 billion vs 21.31 billion
  

"
test/20414	12	earn	"JWP INC <JWP> 3RD QTR NET
  Shr 50 cts vs 37 cts
      Net 16.1 mln vs 9,390,000
      Revs 168.1 mln vs 111.3 mln
      Avg shrs 12.5 mln vs 11.6 mln
      Nine mths
      Shr 1.31 dlrs vs 86 cts
      Net 16.1 mln vs 9,390,000
      Revs 445.8 mln vs 244.6 mln
      Avg shrs 12.4 mln vs 10.9 mln
  

"
test/20415	12	earn	"PEOPLES SAVINGS BANK <PEBW.O> 3RD QTR NET
  Shr 32 cts vs not given
      Net 1,041,000 vs 43,000
      Nine mths
      Shr 1.09 dlrs vs not given
      Net 3,586,000 vs 764,000
      NOTE: Company went public in October 1986.
  

"
test/20419	12	earn	"TEXAS EASTERN CORP <TET> 3RD QTR NET
  Shr profit three cts vs profit 36 cts
      Net profit 1,800,000 vs profit 19.2 mln
      Nine mths
      Shr profit 1.22 dlrs vs loss 44 cts
      Net 64.7 mln vs loss 23.5 mln
      NOTE: 1986 3rd qtr and nine months includes a profit of 2.8
  mln dlrs and a loss of 66.7 mln dlrs from discontinued
  operations.
      Earnings per share are reported after payment of preferred
  stock dividends of subsidiaries.
  

"
test/20420	10	crude	"PHILLIPS <P> RAISES CRUDE OIL PRICES
  Phillips Petroleum Corp said it raised
  the contract price it will pay for all grades of crude oil by
  50 cts a barrel, effective Oct 16.
      The increase brings the company's postings for the West
  Texas Intermediate and West Texas Sour grades to 19.00 dlrs a
  barrel.
      Phillips last changed it crude oil postings on Sept 9.
  

"
test/20421	12	earn	"MEDITRUST SBI <MT> 3RD QTR NET
  Shr 31 cts vs 26 cts
      Net 3,308,000 vs 1,512,000
      Revs 6,467,000 vs 2,590,000
      Avg shrs 10.7 mln vs 5,788,594
      Nine mths
      Shr 1.32 dlrs vs 1.17 dlrs
      Net 10.2 mln vs 3,041,000
      Revs 18.7 mln vs 5,682,000
      Avg shrs 10.7 mln vs 3,780,626
  

"
test/20432	12	earn	"HEALTH IMAGES INC <HIMG.O> 3RD QTR NET
  Shr profit five cts vs loss four cts
      Net profit 378,000 vs loss 140,000
      Revs 4,226,000 vs 1,240,000
      Nine mths
      Shr loss 38 cts vs loss 16 cts
      Net loss 1,088,000 vs 538,000
      Revs 10.1 mln vs 2,963,000
     
      NOTE: 1987 nine mths includes charge 1,827,000 dlrs for
  exchange by an officer and director of 554,000 shares of junior
  subordinated stock for 443,000 shares of common stock and a
  10-year warrant to purchase 250,000 shares of common stock at
  4.50 dlrs per share.
  

"
test/20438	12	earn	"PRESTON CORP <PTRK.O> 3RD QTR NET
  Shr four cts vs 36 cts
      Net 254,000 vs 2,063,000
      Revs 130.0 mln vs 107.8 mln
      Nine mths
      Shr 23 cts vs 1.16 dlrs
      Net 1,336,000 vs 6,659,000
      Revs 370.9 mln vs 313.7 mln
  

"
test/20439	0	acq	"U.S COMMERCE DEPT OPPOSES FOREIGN TAKEOVER BAN
  Commerce Undersecretary J. Michael
  Farren opposed language in the trade bill before Congress to
  limit foreign takeovers of U.S. companies.
      ""Anything that would serve to have a chilling effect on
  foreign investment is going to cost us jobs and economic
  growth,"" Farren said before a congressional coittee.
      House and Senate negotiators are ironing out differences in
  trade bills passed by both chambers. Once the negotiators reach
  agreement, the bill will be sent to President Reagan for his
  signature.
  

"
test/20440	12	earn	"CONTRANS CORP <CSS.TO> 4TH QTR AUGUST 31 NET
  Shr 52 cts vs 47 cts
      Net 1,935,000 vs 1,495,000
      Revs 52.7 mln vs 43.1 mln
      Year
      Shr 83 cts vs 1.01 dlrs
      Net 3,775,000 vs 3,221,000
      Revs 172.7 mln vs 105.9 mln
      NOTE: Share figures for year are after payment of preferred
  share dividend and include unspecified extraordinary items.
  

"
test/20442	12	earn	"STANADYNE INC <STNA.O> 3RD QTR NET
  Shr 95 cts vs 30 cts
      Net 9,139,000 vs 2,894,000
      Revs 135.6 mln vs 118.5 mln
      Nine mths
      Shr 2.81 dlrs vs 1.95 dlrs
      Net 27.0 mln vs 18.8 mln
      Revs 406.5 mln vs 372.8 mln
  

"
test/20443	12	earn	"MERCANTILE BANKSHARES CORP <MRBK.O> 3RD QTR NET
  Shr 99 cts vs 77 cts
      Net 12.7 mln vs 9,736,000
      Avg shrs 12.8 mln vs 12.7 mln
      Nine mths
      Shr 2.67 dlrs vs 2.30 dlrs
      Net 34.0 mln vs 29.1 mln
      NOTE: Net includes pretax securities gains 16,000 dlrs vs
  228,000 dlrs in quarter and 48,000 dlrs vs 1,673,000 dlrs in
  nine mths.
      Net includes loan loss provisions 1,092,000 dlrs vs 790,000
  dlrs in quarter and 3,089,000 dlrs vs 2,584,000 dlrs in nine
  mths.   
  

"
test/20444	43	ship	"PENTAGON SAYS U.S. WARSHIPS BEGIN ESCORTING GULF TANKER CONVOY SOUTH FROM KUWAIT

  PENTAGON SAYS U.S. WARSHIPS BEGIN ESCORTING GULF TANKER CONVOY SOUTH FROM KUWAIT
  

"
test/20446	12	earn	"ALLEGHENY LUDLUM CORP <ALS> 3RD QTR NET
  Shr 38 cts vs not given
      Net 8,616,000 vs not given
      Revs 209.1 mln vs 169.8 mln
      Nine mths
      Shr 1.76 dlrs vs not given
      Net 34.5 mln vs not given
      Revs 632.0 mln vs 551.5 mln
      NOTE: Year ago per share and net income not available as
  company recapitalized on December 28, 1986 after it became a
  new reporting entity for financial reporting purposes.
  

"
test/20448	12	earn	"ATLANTIC RESEARCH CORP <ATRC.O> 3RD QTR NET
  Shr primary 60 cts vs 42 cts
      Shr diluted 57 cts vs 41 cts
      Net 5,590,000 vs 3,721,000
      Revs 103.5 mln vs 91.8 mln
      Nine mths
      Shr primary 1.55 dlrs vs 1.41 dlrs
      Shr diluted 1.48 dlrs vs 1.34 dlrs
      Net 14.3 mln vs 12.7 mln
      Revs 300.5 mln vs 269.3 mln
  

"
test/20450	12	earn	"TW SERVICES INC <TW> 3rd qtr net
  Shr 38 cts vs 28 cts
      Net 18.6 mln vs 14.5 mln
      Revs 574.2 mln vs 493.3 mln
      Avg shrs 48,602,000 vs 50,487,000
      Nine months
      Shr 85 cts vs 61 cts
      Net 41.5 mln vs 32.8 mln
      Revs 1.62 billion vs 1.40 billion
      Avg shrs 48,622,000 vs 51,670,000
      NOTE: 1987 results do not include September acquisiton of
  Denny's Inc.
  

"
test/20453	12	earn	"SANTA FE ENERGY PARTNERS <SFP> 3RD QTR LOSS
  Shr loss 18 cts vs loss 3.61 dlrs
      Net loss 5,600,000 vs loss 100.2 mln
      Revs 33.5 mln vs 22.3 mln
      Avg units 30.9 mln vs 27.5 mln
      Nine mths
      Shr loss 22 cts vs loss 4.20 dlrs
      Net loss 6,800,000 vs loss 113.6 mln
      Revs 97.3 mln vs 83.4 mln
      Avg units 30.0 mln vs 26.8 mln
      NOTE: full name is sante fe energy partners l.p.
  

"
test/20455	12	earn	"GENERAL DEVELOPMENT CORP <CDV> 3RD QTR NET
  Shr 66 cts vs 61 cts
      Net 5,928,000 vs 5,447,000
      Revs 126.0 mln vs 89.8 mln
      Avg shrs 8,948,000 vs 8,947,000
      Nine mths
      Shr 1.96 dlrs vs 1.96 dlrs
      Net 17.5 mln vs 16.3 mln
      Revs 343.9 mln vs 286.9 mln
      Avg shrs 8,948,000 vs 8,300,000
  

"
test/20457	0	acq	"GROUP LIFTS STAKE IN SMITH INTERNATIONAL <SII>
  A group of firms led by Hong
  Kong-based Industrial Equity (Pacific) Ltd said it increased
  its stake in Smith International Inc common stock to 3,997,100
  shares, or 17.5 pct of the total outstanding, from about 14.9
  pct.
      In a filing with the Securities and Exchange Commission,
  the group said it bought 586,500 Smith common shares between
  October 9 and 19 at 7.86 dlrs to 9.57 dlrs a share.
      No reason was given for the recent purchases.
  

"
test/20458	47	tin	"TIN COUNCIL ALLOWED APPEAL ON USE OF DOCUMENTS
  Britain's highest court has decided the
  International Tin Council (ITC) can appeal over the use of ITC
  documents in court actions.
      On November 2 the House of Lords will decide if and to what
  extent ITC documents, whether circulated or not, are admissible
  as court evidence. Lawyers working in the legal tangle left
  from the October 1985 collapse of the tin market said this
  hearing is likely to last a few days.
      On Wednesday the Court of Appeal will link the outstanding
  ITC cases that have so far reached it and a single set of
  hearings could begin in early January, they added.
      The House of Lords ruling on the use of ITC documents will
  be referred back to the action by two Shearson Lehman companies
  against the London Metal Exchange although the underlying case
  is not expected to be resumed until mid-1988.
      The Court of Appeal hearings include action between brokers
  and cases by brokers and banks against the ITC and the member
  governments of the tin council.
      Action taken by brokers seeking both the winding up of the
  ITC or and placing it into receivership will also be covered by
  the Court of Appeal legal schedule.
  

"
test/20459	10	crude	"IRAN, SOVIETS TO HOLD TALKS ON OIL EXCHANGE DEAL
  Iran and the Soviet Union have
  provisionally agreed to hold talks on a possible exchange of
  Iranian crude oil for finished Soviet oil products, an official
  spokesman said Tuesday.
      Gennady Gerasimov, chief of the Soviet Foreign Ministry's
  Information Directorate, told reporters the agreement had been
  reached during a visit to Moscow last week by Iran's Oil
  Minister Gholamreza Aqazadeh.
      Gerasimov said no date had been set for the talks, which
  would also study the possibility of Soviet technical assistance
  for Iran's oil industry.
  

"
test/20463	12	earn	"US WEST INC <USW> 3RD QTR NET
  Shr 1.46 dlrs vs 1.41 dlrs
      Net 277.5 mln vs 268.3 mln
      Sales 2.13 billion vs 2.14 billion
      Avg shrs 189.8 mln vs 189.8 mln
      Nine mths
      Shr 3.95 dlrs vs 3.78 dlrs
      Net 750.5 mln vs 718.4 mln
      Sales 6.28 billion vs 6.22 billion
      Avg shrs 189.9 mln vs 190.2 mln
  

"
test/20465	5	coffee	"ICO EXECUTIVE BOARD TO MEET EARLY NOVEMBER
  The International Coffee Organization
  (ICO) Executive Board is to hold a meeting on November 3/4, its
  first since export quotas were re-introduced early this month.
      An ICO spokesman said the session, for the first time under
  the chairmanship of Bruno Caron of France, will review the
  market situation and the operation of quotas.
      On November 5 the six exporters making up the ICO Board of
  Management of the Promotion Fund will review its program for
  the 1987/88 year (Oct/Sept) and items left over from 1986/87.
      On November 2 a six nation working group will consider
  stock verification in Papua New Guinea.
  

"
test/20467	0	acq	"GUINNESS COMPLETES UNIT SALES WORTH 232.6 MLN STG
  Guinness Plc <GUIN.L> said it has
  completed the sale of subsidiaries <Martin CTN Group Plc> and
  <Drummonds Pharmacy Group Plc>.
      Total consideration was 232.6 mln stg, subject to
  adjustment on final audit, which is expected to add 12 mln stg,
  Guinness said.
      Martins has been sold to <Panfida Ltd> an Australian
  investment company, and Drummonds to <Macarthy Plc>.
  

"
test/20468	12	earn	"NORTH SIDE SAVINGS BANK <NSBK.O> 4TH SEPT 30
  Shr 42 cts vs 35 cts
      Net 1,540,000 vs 1,289,000
      Year
      Shr 1.59 dlrs vs 63 cts
      Net 5,849,000 vs 3,980,000
      NOTE: 1987 year excludes 1,814,000 dlrs for tax credits.
  1986 4th qtr and year excludes a gain of 995,000 dlrs and
  2,928,000 dlrs, respectively, for tax credits. 1986 per share
  amounts caclulted from April 15, 1986, to septebmer 30, the
  date of bank's conversion to stock ownership.
  

"
test/20469	48	trade	"LYNG DEFENDS U.S. EXPORT SUBSIDY PROGRAM
  U.S. Agriculture Secretary Richard
  Lyng said the United States will continue its policy of
  subsidizing farm exports to regain lost markets until there is
  a global agreement to end such subsidies.
      In an interview with Reuters, Lyng also acknowledged he was
  troubled by the prospect that the export enhancement program
  (EEP) could prove so indispensable to boosting U.S. exports
  that the U.S. would have difficulty abandoning it.
      ""Yes, I'm troubled with that a little bit,"" he said. ""There's
  no question about it, the longer you feed the calf on the cow,
  the longer it is to wean it.""
      In recent months, USDA has offered subsidies on a growing
  list of commodities to an increasing number of countries.
      Lyng called U.S. and European Community export subsidies
  ""just plain nonsensical as a long-term policy"" and said he saw an
  end to the expansion of the EEP.
      ""I'm sure there's an end to the expansion, but we are doing
  this to accomplish our goal which is to regain the markets that
  we've lost, to keep our products competitive and to let those,
  particularly the European Community, who, we are convinced, are
  the worst offenders in terms of the export subsidization, that
  we are prepared to continue to do this until we can come to
  some agreement to put an end to it,"" he said.
  

"
test/20470	12	earn	"ATHEY PRODUCTS CORP <ATPC.O> 3RD QTR NET
  Shr 40 cts vs 23 cts
      Net 1,173,859 vs 672,824
      Revs 11.0 mln vs 9,857,707
      Nine mths
      Shr 1.03 dlrs vs 56 cts
      Net 2,986,823 vs 1,637,559
      Revs 31.5 mln vs 27.2 mln
  

"
test/20471	12	earn	"NATURE'S SUNSHINE PRODUCTS INC <AMTC.O> 3RD QTR
  Shr 30 cts vs 10 cts
      Net 560,000 vs 177,000
      Revs 9,700,000 vs 7,700,000
      Avg shrs 1,877,203 vs 1,839,752
      Nine mths
      Shr 80 cts vs 28 cts
      Net 1,480,000 vs 524,000
      Revs 28.3 mln vs 22.8 mln
      Avg shrs 1,854,478 vs 1,899,769
  

"
test/20473	12	earn	"LEGG MASON INC <LM> 2ND QTR NET
  Shr 35 cts vs 32 cts
      Net 3,033,000 vs 2,189,000
      Revs 56.2 mln vs 31.9 mln
      Avg shrs 8,649,000 vs 6,914,000
      Six mths
      Shr 63 cts vs 72 cts
      Net 5,450,000 vs 4,966,000
      Revs 108.6 mln vs 66.3 mln
      Avg shrs 8,655,000 vs 6,912,000
  

"
test/20474	10	crude	"SOVIET 1988 OIL OUTPUT TARGET AT 625 MLN TONNES
  The Soviet oil production target for 1988
  has been set at 625 mln tonnes, a rise of eight mln tonnes over
  this year's planned output.
      Oil Minister Vasily Dinkov announced the figure on Tuesday
  at the Supreme Soviet, the country's nominal parliament.
      He said a new development strategy, fuller use of oil
  deposits and better housing and pay for oilmen had allowed an
  upsurge in the oil industry after three years of stagnation
  which began in late 1983.
      Last year the Soviet Union produced 615 mln tonnes of oil,
  slightly short of the target of 616.7 mln.
      January-September figures released at the weekend showed
  Soviet oil output in the first nine months of this year at 467
  mln tonnes. The 1987 target is 617 million.
      Dinkov said the Soviet Union would develop 38 new oil
  deposits in the coming year. He called for speedier geolog
  prospecting across the country to spur the oil industry.
      The Supreme Soviet convened on Monday to endorse the 1988
  budget and plan. The session is expected to end on Tuesday.
  

"
test/20476	12	earn	"DYNCORP <DYN> 3RD QTR NET
  Shr 32 cts vs 35 cts
      Net 3,446,000 vs 3,789,000
      Revs 220.9 mln vs 186.9 mln
      Nine mths
      Oper shr 77 cts vs 71 cts
      Oper net 8,301,000 vs 7,298,000
      Revs 634.3 mln vs 535.1 mln
      NOTE: 1987 nine mths net excludes 3,510,000 dlr charge from
  antitrust litigation.
  

"
test/20479	12	earn	"FROZEN FOOD EXPRESS <FEXP.O> 3RD QTR NET
  Shr 54 cts vs 44 cts
      Net 706,111 vs 579,576
      Revs 21.7 mln vs 23.2 mln
      Nine mths
      Shr 1.26 dlrs vs 44 cts
      Net 1,657,634 vs 582,001
      Revs 63.1 mln vs 68.6 mln
      NOTE: Full name of company is Frozen Food Express
  Industries Inc.
  

"
test/20480	12	earn	"ASTROCOM CORP <ACOM.O> 3RD QTR NET
  Shr loss four cts vs profit four cts
      Net loss 93,574 vs profit 100,469
      Revs 3,125,532 vs 3,253,239
      Nine mths
      Shr loss three cts vs profit seven cts
      Net loss 67,184 vs profit 179,116
      Revs 9,125,965 vs 9,284,055
  

"
test/20485	0	acq	"ERICSSON SELLS OFFICE MACHINE DIVISION
  Telefon AB L M Ericsson <ERIC.ST> said
  it would sell its office machinery unit, with a turnover of two
  billion crowns, to Norway's <Norska Design Funktion A/S>.
      Ericsson Information Systems, of which the unit is a part,
  said in a statement a decision would be reached in November
  about when the Norwegian firm would take over the operation.
      No price was given for the deal.
      EIS managing director Stig Larsson said the deal would
  allow EIS to concentrate on voice and data communication
  products.
  

"
test/20488	12	earn	"ARMOR ALL PRODUCTS CORP <ARMR.O> 2ND QTR SEPT 30
  Shr 14 cts vs 13 cts
      Net 2,867,.000 vs 2,723,000
      Revs 18.9 mln vs 19.1 mln
      1st half
      Shr 39 cts vs 32 cts
      Net 8,139,000 vs 6,709,000
      Revs 47.3 mln vs 44.5 mln
      NOTE: Affiliate of McKesson Corp <MCK>.
  

"
test/20489	0	acq	"GOODMAN FIELDER HAS 29.9 PCT OF RANKS HOVIS
  Goodman Fielder Ltd <GOOW.S> of Australia
  said in a statement that it had acquired 31 mln ordinary shares
  in Ranks Hovis McDougall Plc <RHML.L> (RHM), bringing its stake
  in the company to 29.9 pct or 101 mln ordinary shares.
      Goodman said it has no intention of making a full bid for
  the company and would not contemplate doing so over the next
  six months in the absence of a material change in the
  circumstances of Ranks.
      RHM said it regards the stake build-up as a hostile move
  which is unwelcome and not in the long term interest of
  shareholders.
  

"
test/20490	12	earn	"MULTIBANK FINANCIAL CORP <MLTF.O> 3RD QTR NET
  Shr 60 cts vs 54 cts
      Net 5,726,000 vs 4,623,000
      Avg shrs 9,538,260 vs 8,598,198
      Nine mths
      Shr 1.61 dlrs vs 1.35 dlrs
      Net 15.0 mln vs 11.5 mln
      Avg shrs 9,277,440 vs 8,486,590
  

"
test/20493	12	earn	"USP REAL ESTATE INVESTMENT TRUST <USPTS.O> 3RD
  Shr eight cts vs 10 cts
      Qtly div 30 cts vs 30 cts prior
      Net 204,064 vs 245,931
      Nine mths
      Shr 1.14 dlrs vs 52 cts
      Net 2,850,042 vs 1,291,047
      NOTE: 1987 and 1986 nine mths includes a net gain on sale
  of assets of 2,258,206 dlrs or 90 cts a share and 459,503 dlrs,
  respectively. Dividend payable November 13 to shareholders or
  record October 30.
  

"
test/20494	12	earn	"LINCOLN FINANCIAL CORP <LFIN.O> 3RD QTR NET
  Shr 61 cts vs 64 cts
      Net 3,430,000 vs 3,091,000
      Nine mths
      Shr 1.81 dlrs vs 1.73 dlrs
      Net 10,185,000 vs 8,038,000
      Assets 1.64 billion vs 1.45 bilion
      Deposits 1.27 billion vs 1.15 billion
      Loans 1.03 billion vs 838.5 mln
      Note: 1986 figures restated to reflect pooling of interests
  transactions with Angola State Bank and Shipshewana State Bank
  and an October 1986 three-for-one stock split
  

"
test/20496	32	money-fx	"LAWSON SAYS U.S.-WEST GERMAN ROW WAS UNNECESSARY
  U.K. Chancellor of the Exchequer Nigel
  Lawson said the recent dispute between the United States and
  West Germany over economic policy was responsible for much
  financial turmoil and that it should never have happened.
      He said in a television interview the dispute had fanned
  fears of a breakdown in the cooperation which is so important
  between finance ministers of the major nations.
      He said the dispute was a row which should not have
  happened and agreed that much of the blame lay with U.S.
  Treasury Secretary James Baker who had publicly criticised West
  Germany for having raised its key interest rates.
  

"
test/20497	12	earn	"REPUBLIC AMERICAN CORP <RAWC.O> 3RD QTR NET
  Oper shr 36 cts vs 25 cts
      Oper net 7,100,00 vs 5,700,000
      Avg shrs 20.0 mln vs 22.8 mln
      Nine mths
      Oper shr 1.03 dlrs vs 73 cts
      Oper net 21.3 mln vs 15.2 mln
      Avg shrs 20.7 mln vs 20.9 mln
      NOTE: 1986 net excludes realized capital gains of 2,300,000
  dlrs in quarter and 22.6 mln dlrs in nine mths.
  

"
test/20498	12	earn	"KENT ELECTRONICS CORP <KEC> 2ND QTR SEPT 26 NET
  Shr 14 cts vs seven cts
      Net 348,000 vs 135,000
      Revs 6,328,000 vs 4,117,000
      Avg shrs 2,558,400 vs 1,884,200
      Nine mths
      Shr 29 cts vs 20 cts
      Net 640,000 vs 313,000
      Revs 12.0 mln vs 8,719,000
      Avg shrs 2,226,600 vs 1,589,6000
  

"
test/20499	12	earn	"QMS INC <AQM> 4TH QTR OCT 2 NET
  Shr 34 cts vs 29 cts
      Net 3,188,000 vs 2,731,000
      Revs 37.2 mln vs 25.4 mln
      Avg shrs 9,474,000 vs 9,425,000
      Year
      Shr 92 cts vs 80 cts
      Net 8,671,000 vs 7,492,000
      Revs 119.4 mln vs 73.6 mln
      Avg shrs 9,450,000 vs 9,410,000
  

"
test/20502	12	earn	"LA PETITE ACADEMY INC <LPAI.O> 3RD QTR NET
  Shr 13 cts vs nine cts
      Net 2,062,000 vs 1,418,000
      Revs 33.1 mln vs 26.9 mln
      Nine mths
      Shr 45 cts vs 33 cts
      Net 7,053,000 vs 5,156,000
      Revs 95.5 mln vs 75.7 mln
      NOTE: Share adjusted for stock dividends.
  

"
test/20507	12	earn	"TELECONCEPTS CORP <TCC> 3RD QTR NET
  Shr profit 14 cts vs profit one ct
      Net profit 502,251 vs profit 22,012
      Sales 4,715,846 vs 3,731,900
      Avg shrs 3,489,342 vs 3,288,720
      Nine mths
      Shr profit 19 cts vs loss 20 cts
      Net profit 637,305 vs loss 658,398
      Sales 12.2 mln vs 9,806,301
      Avg shrs 3,439,065 vs 3,288,720
      Backlog 1,726,150 vs 739,540
  

"
test/20514	12	earn	"WELLS FARGO AND CO <WFC> RAISES QUARTERLY DIV
  Qtly div 50 cts vs 39 cts
      Pay Jan 20
      Record Dec 31
  

"
test/20515	12	earn	"PETROLANE PARTNERS L.P. <LPG> 3RD QTR LOSS
  Shr loss five cts vs profit six cts
      Net loss 1.2 mln vs profit 1.4 mln
      Revs 114.9 mln vs 109.3 mln
      Nine months
      Shr profit one dlrs vs profit 84 cts
      Net profit 23.7 mln vs profit 19.9 mln
      Revs 430.9 mln vs 435.4 mln
      NOTE: Results are in pro forma form. Partnership became
  public on March 19, 1987. Previous results reported from Texas
  Eastern Corp's <TET> Petrolane Inc domestic division.
  

"
test/20517	12	earn	"VALERO ENERGY CORP <VLO> 3RD QTR LOSS
  Shr loss 1.31 dlrs vs loss 1.80 dlrs
      Net loss 31.2 mln vs loss 42.6 mln
      Revs 168.5 mln vs 147.3 mln
      Nine mths
      Shr loss 15 cts vs loss 4.32 dlrs
      Net profit 3.2 mln vs loss 101 mln
      REvs 446.1 mln vs 490.7 mln
      NOTE: All periods toher than 1987 3rd qtr are pro forma.
      NOTE: 1987 3rd qtr includes a 10.6 mln dlrs or 41 ct a
  share after-tax loss from discontinued operations mainly from
  sale of assets of oil and gas exploration and production
  subsidiary on September 30.
      1987 3rd qtr also includes an extraordinary 11.4 mln dlrs
  or 45 cts a share for planned redemtion of company's 16-1/4 pct
  subordinated debentures.
      1987 nine mths net includes a loss of 56.6 mln dlrs or 2.26
  dlrs a share for discontinued operations. 1987 per share loss
  is after deducting for preferred stock dividends.
     
      1987 nine mths net also includes after-tax gain of 44.3 mln
  dlrs or 1.74 dlrs per share for formation of Valero Natural Gas
  Partners L.P.
      1986 3rd qtr includes after tax loss from discontinued
  operations of 31.5 mln dlrs or 1.26 dl share.
  

"
test/20523	12	earn	"AMERICAN FILTRONA CORP <AFIL.O> 3RD QTR
  Shr 31 cts vs 36 cts
      Net 1,156,000 vs 1,358,000
      Revs 31.2 mln vs 28.6 mln
      Nine mths
      Shr 1.10 dlrs vs 1.20 dlrs
      Net 4,064,000 vs 4,525,000
      Revs 91.3 mln vs 86.4 mln
      NOTE: 1987 3rd qtr includes a charge of 700,000 dlrs or 19
  cts a share for relocation costs for phase out some operations.
  

"
test/20525	0	acq	"STANADYNE <STNA.O> PURCHASES AMBAC STAKE
  Stanadyne Inc said it has acquired
  a substnatial majority of AMBAC S.p.A.'s outstanding stock from
  <AIL Corp>, the successor to United Technologies Corp's <UTX>
  Diesel Systems Division for undisclosed terms.
      In addition to purchase a majority of the Brescia, Italy,
  based company, Stanadyne said, it acquired a minority interest
  in AMBAC's U.S. operation headquartered in Columbia, S.C.
  

"
test/20527	12	earn	"FAMILY STEAK HOUSES OF FLORIDA INC <RYFL.O> 3RD
  Shr four cts vs two cts
      Net 406,659 vs 210,575
      Revs 6,028,263 vs 3,654,810
      nine mths
      Shr 11 cts vs seven cts
      Net 1,151,988 vs 576,358
      Revs 16.9 mln vs 9,684,002
      Avg shrs 10.9 mln vs 8,632,800
  

"
test/20529	12	earn	"ECOLAB INC <ECL> 3RD QTR OPER SHR
  Oper shr 16 cts vs 34 cts
      Oper net 4,255,000 vs 9,299,000
      Revs 294.4 mln vs 155.7 mln
      Nine mths
      Oper shr 1.24 dlrs vs 1.06 dlrs
      Oper net 33.0 mln vs 28.8 mln
      Revs 740.5 mln vs 457.5 mln
      NOTE: 1987 results include restructuring and non-recurring
  charge of 89 cts a share to restructure ChemLawn, acquired in
  April 1987, and other recent acquisitions. Results exclude gain
  on sale of discontinued operations of 97 mln dlrs or 3.60 dlrs
  a share in 1987 3rd qtr. Results also exclude income from
  discontinued operations of 3,063,000 dlrs in 1987 nine mths, of
  503,000 dlrs or two cts in 1986 3rd qtr, and 5,804,000 dlrs or
  21 cts in 1986 nine mths.
  

"
test/20531	12	earn	"MERCHANTS NATIONAL CORP <MCHN.O> 3RD QTR NET
  Shr 75 cts vs 64 cts
      Net 11.0 mln vs 9,379,000
      Nine mths
      Shr 44 cts vs 1.78 dlrs
      Net 6,411,000 vs 25.4 mln
      NOTE: 1987 nine mths net reflects 30 mln dlr addition to
  Latin American loan loss provision.
  

"
test/20532	22	interest	"LAWSON SAYS UK INTEREST RATE PROSPECTS UNCHANGED
  U.K. Chancellor of the Exchequer Nigel
  Lawson said the collapse of British share prices this week held
  no implication so far for domestic interest rates.
      He said in a television interview that ""there is nothing in
  the events of the past few days to increase the upward pressure
  on (U.K.) interest rates.""
      Sterling has so far stayed solid during the crisis, backed
  by strong economic fundamentals and by 10 pct bank base lending
  rates, analysts said. Lawson's comments followed another
  frantic day in London's financial center, where British shares
  closed 12.2 pct down on the day.
  

"
test/20533	12	earn	"LORAL CORP <LOR> 2ND QTR SEPT 30
  Shr 70 cts vs 53 cts
      Net 17.3 mln vs 12.9 mln
      Revs 336.9 mln vs 157.5 mln
      Six mths
      Shr 1.34 dlrs vs 1.07 dlrs
      Net 33.0 mln vs 26.3 mln
      Revs 654.7 mln vs 310.1 mln
      Backlog 1.9 billion vs 851.8 mln
     
      NOTE: Year ago qtr and six mths included after net charge
  of about four cts per shr representing the difference between a
  gain on the sale of securities and the write-off of certain
  nonrecurring costs.
      In addition, the six mths 1986 includes a 2.3 mln dlr gain
  on the sale of a unit and a one mln dlr writedown of a minority
  interest investment.
      Results for the qtr and the six mths in current year
  include Loral Systems Group, formerly Goodyear Aerospace,
  acquired in March 1987.
  

"
test/20535	12	earn	"CITIZENS AND SOUTHERN CORP <CSOU.O> 3RD QTR NET
  Shr 75 cts vs 67 cts
      Qtly div 28 cts vs 25 cts prior
      Net 46.8 mln vs 39.8 mln
      Avg shrs 60.3 mln vs 57.7 mln
      Nine mths
      Shr 1.73 dlrs vs 1.95 dlrs
      Net 108.3 mln vs 114.7 mln
      Avg shrs 59.9 mln vs 56.8 mln
      NOTE: 1987 nine mths net includes special 15 mln dlr loan
  loss provision.
      1987 nine mths net includes 16.6 mln dlr charge for
  settlement of suit.
      Dividend pay Dec 15, record Nov 30.
  

"
test/20545	12	earn	"ALEX BROWN INC <ABSB.O> 3RD QET
  Sept 25 end
      Primary shr 31 cts vs 22 cts
      Diluted shr 30 cts vs 21 cts
      Net 5,019,000 vs 3,165,000
      Revs 80.1 mln vs 57.2 mln
      Primary avg shrs 16,306,000 vs 14,495,000
      Diluted avg shrs 17,266,000 vs 15,827,000
     
      Nine months
      Primary shr 1.27 dlrs vs 1.07 dlrs
      Diluted shr 1.23 dlrs vs 1.03 dlrs
      Net 20.2 mln vs 15.5 mln
      Revs 244.5 mln vs 181.5 mln
      Primary avg shrs 15,875,000 vs 14,495,000
      Diluted avg shrs 16,853,000 vs 15,280,000
      NOTE: Results are pro forma, assuming that company was
  public throughout 1986. Company became public Feb 14, 1986.
  

"
test/20546	12	earn	"BANCTEXAS GROUP INC <BTX> 3RD QTR OPER LOSS
  Oper shr loss 1.23 dlrs vs loss 57.50 dlrs
       Oper net loss 17,154,000 vs loss 26,953,000
       Avg shrs 13,914,000 vs 476,000
       Nine mths
       Oper shr loss 12.74 dlrs vs loss 76.94 dlrs
       Oper net loss 63,774,000 vs loss 35,207,000
       Avg shrs 5,005,000 vs 474,000
       Assets 785.3 mln vs 1.27 billion
       Deposits 625.6 mln vs 938.8 mln
       Loans 565.6 mln vs 826.9 mln 
       NOTE: July 17, 1987, company completed recapitalization
  with injection of 200 mln dlrs in cash, 150 mln from the
  Federal Deposit Insurance Corp and 50 mln dlrs raised through a
  stock rights offering.
       1987 qtr and nine mths exclude gain of 22 mln dlrs
  realized primarily from early settlement of debt in connection
  with the recapitalization and a three mln dlr loss on
  investment securities.
       1986 qtr and nine mths exclude 3.6 mln dlr gain on
  investment securities.     
       1986 nine mths excludes gain of 3.4 mln dlrs from sale of
  subsidiary bank
       1986 and 1987 shr and avg shrs restated for one-for-50
  reverse stock split. Number of shrs outstanding at Sept 30,
  1987, was 16,744.        
  

"
test/20548	12	earn	"GOTAAS-LARSEN SHIPPING CORP <GOTLF.O> 3RD QTR
  Shr 80 cts vs 62 cts
      Net 11.1 mln vs 8,545,000
      Revs 68.6 mln vs 41.9 mln
      Nine mths
      Shr 1.96 dlrs vs 1.88 dlrs
      Net 26.8 mln 24.1 mln
      Revs 180.1 mln vs 126.3 mln
  

"
test/20552	0	acq	"SCIENCE ACCESSORIES <SEAS.O> ENDS PURCHASE TALKS
  Science Accessories Corp said it
  has ended talks on acquiring privately-held Owl Electronics
  Laborarories Inc because it could not reach satisfactory terms.
  

"
test/20557	12	earn	"GREATER NEW YORK SAVINGS BANK <GRTR.O> 3RD QTR
  Shr 57 cts vs N/A
      Net 7,222,000 vs 6,959,000
      Nine mths
      Shr N/A vs N/A
      Net 17.6 mln vs 24.8 mln
      Assets 2.7 billion vs 2.3 billion
      NOTE: Year-ago per shr amts not available as bank converted
  to stock ownership June 24, 1987. 1987 3rd qtr and nine mths
  has 2.9 mln and 7.4 mln dlrs for tax credits. 1986 3rd and nine
  mths 2.1 mln and 7.9 mln dlrs for tax credits.
  

"
test/20558	12	earn	"CONSOLIDATED FIBRES INC <CFIB.O> 1ST QTR NET
  Qtr ended Sept 30
      Shr 40 cts vs 20 cts
      Net 797,000 vs 403,000
      Sales 30.8 mln vs 27.3 mln
  

"
test/20561	12	earn	"COMPUTER TASK GROUP INC <TSK> 3RD QTR NET
  Shr 17 cts vs 16 cts
      Net 1,315,000 vs 1,161,000
      Revs 43.2 mln vs 36.5 mln
      Avg shrs 7,916,000 vs 7,490,000
      Nine mths
      Shr 50 cts vs 51 cts
      Net 3,899,000 vs 3,821,000
      Revs 123.7 mln 104.6 mln
      Avg shrs 7,808,000 vs 7,491,000
  

"
test/20562	12	earn	"SIMPSON INDUSTRIES INC <SMPS.O> 3RD QTR NET
  Shr 18 cts vs 24 cts
      Net 1,175,000 vs 1,528,000
      Sales 34 mln vs 34.6 mln
      Nine mths
      Shr 56 cts vs 1.12 dlrs
      Net 3,578,000 vs 7,040,000
      Sales 109.3 mln vs 116.6 mln
      Note: 1986 figures include 508,000 dlr gain or
  eight cts a share from discontinued operations
  

"
test/20564	12	earn	"NETWORK SYSTEMS CORP <NSCO.O> 3RD QTR NET
  Shr 20 cts vs 16 cts
      Net 5,849,000 vs 4,630,000
      Revs 33.8 mln vs 27.1 mln
      Nine mths
      Shr 41 cts vs 40 cts
      Net 11.9 mln vs 11.5 mln
      Revs 84.6 mln vs 77.2 mln
  

"
test/20566	12	earn	"PITTSBURGH AND WEST VIRGINIA <PW> 3RD QTR NET
  Shr 14 cts vs 14 cts
      Net 213,000 vs 210,000
      Revs 229 mln vs 229 mln
      Nine months
      Shr 42 cts vs 42 cts
      Net 630,000 vs 628,000
      Revs 689,000 vs 689,000
      NOTE: Full name Pittsburgh and West Virginia Railroad.
  

"
test/20567	12	earn	"NATIONAL MICRONETICS INC <NMIC.O> 1ST QTR
  1st qtr ended September 26.
      Shr profit two cts vs loss 20 cts
      Net profit 156,000 vs loss 1,816,000
      Revs 8,751,000 vs 7,123,000
  

"
test/20569	12	earn	"PUBLIC SERVICE ENTERPRISE <PEG> 3RD QTR NET
  Shr 78 cts vs 87 cts
      Net 159.3 mln vs 174.9 mln
      Revs one billion vs 1.06 billion
      Avg shrs 204,335,958 vs 200,471,561
      Nine months
      Shr 2.18 dlrs vs 2.36 dlrs
      Net 443 mln vs 469.6 mln
      Revs 3.2 billion vs 3.4 billion
      Avg shrs 203,375,222 vs 199,108,842
      12 months
      Shr 1.73 dlrs vs 2.44 dlrs
      Net 351.9 mln vs 481.5 mln
      Revs 4.3 billion vs 4.5 billion
      Avg shrs 202,900,311 vs 197,320,979
      NOTE: Full name Public Service Enterprise Group Inc
      All results reflect three-for-two stock split, effective
  July 1, 1987.
  

"
test/20583	12	earn	"P AND C FOODS INC <FOOD.O> 3RD QTR OCT 3 NET
  Shr 40 cts vs 35 cts
      Net 3,149,000 vs 2,433,000
      Revs 225.4 mln vs 225.9 mln
      Avg shrs 7,800,000 vs 7,157,143
      Nine mths
      Shr 91 cts vs 63 cts
      Net 7,114,000 vs 4,540,000
      Revs 747.0 mln vs 728.2 mln
      Avg shrs 7,800,000 vs 6,767,143
  

"
test/20584	0	acq	"TOTAL CAPITAL ACQUIRES DUNHILL COMPACT
  <Total Capital Corp> said it acquired
  <Dunhill Compact Classics Inc> for an unspecified amount of
  stock.
      The surviving company will be controlled by Dunhill's
  principals, Total Capital said.
      Dunhill makes compact discs.
  

"
test/20586	12	earn	"AMERICAN BUSINESS PRODUCTS INC <ABP> 3RD QTR
  Oper shr 40 cts vs 47 cts
      Oper net 2,292,000 vs 2,688,000
      Sales 81.9 mln vs 78.9 mln
      Nine mths
      Oper shr 1.20 dlrs vs 1.40 dlrs
      Oper net 6,842,000 vs 7,978,000
      Sales 244.7 mln vs 234.2 mln
      NOTE: 1986 net both periods excludes 2,223,000 dlr special
  charge.
  

"
test/20593	12	earn	"BEMIS CO <BMS> 3RD QTR NET
  Shr 61 cts vs 50 cts
      Net 8,273,000 vs 6,913,000
      Sales 226.0 mln vs 215.9 mln
      Nine mths
      Shr 1.60 dlrs vs 1.25 dlrs
      Net 21,771,000 vs 17,369,000
      Sales 688.3 mln vs 635.8 mln
  

"
test/20596	12	earn	"TOLLAND BANK FSB <TOBK.O> 2ND QTR NET
  Sept 30 end
      Shr 27 cts
      Net 313,000 vs 323,000
      Six months
      Shr 53 cts
      Net 607,000 vs 636,000
      Assets 107.8 mln vs 77.1 mln
      NOTE: Company became public Dec 31, 1986
  

"
test/20598	12	earn	"WESTERN CO OF NORTH AMERICA <WSN> 3RD QTR LOSS
  Shr loss 39 cts vs loss 4.83 dlrs
      Net 16.3 mln vs loss 223.0 mln
      Revs 47.4 mln vs 30.7 mln
      Nine mths
      Shr loss 3.37 dlrs vs loss 7.30 dlrs
      Net loss 151.6 mln vs loss 340.3 mln
      Revs 118.9 mln vs 161.8 ml
     
      NOTE: 1987 qtr includes loss 1,500,000 dlrs for
  mobilization costs associated with two offshore drilling rigs.
      1986 qtr includes charge 187 mln dlrs for write-down of
  oilfield services equipment and offshore drilling rigs.
  

"
test/20600	12	earn	"COACHMEN INDUSTRIES <COA> 3RD QTR NET
  Shr loss eight cts vs profit six cts
      Net loss 669,609 vs profit 530,641
      Sales 94.9 mln vs 83.9 mln
      Avg shrs 7,934,064 vs 8,220,797
      Nine mths
      Shr profit 19 cts vs profit 55 cts
      Net profit 1,494,218 vs profit 4,486,510
      Sales 289.1 mln vs 276.6 mln
      Avg shrs 7,930,961 vs 8,208,033
  

"
test/20605	12	earn	"DIAMOND CRYSTAL <DSLT.O> 2ND QTR SEPT 30 NET
  Shr 69 cts vs 39 cts
      Net 1,767,000 vs 1,007,000
      Sales 32.3 mln vs 29.2 mln
      Six mths
      Shr 53 cts vs 12 cts
      Net 1,348,000 vs 319,000
      Sales 62.2 mln vs 55.2 mln
      NOTE: Full name is Diamond Crystal Salt Co.
  

"
test/20606	12	earn	"KMW SYSTEMS CORP <KMW> 1ST QTR NET
  Sept 30 end
      Primary shr five cts vs eight cts
      Diluted shr five cts vs eight cts
      Net 100,000 vs 176,000
      Revs 4,027,000 vs 3,649,000
      Primary avg shrs 2,212,281 vs 2,189,000
      Diluted avg shrs 2,212,281 vs 2,330,866
      NOTE: 1986 results includes a tax credit of 90,000 dlrs
  

"
test/20618	0	acq	"OWENS-ILLINOIS <OI> EXTENDS BROCKWAY <BRK> OFFER
  Owens-Illinois Inc said its
  subsidiary's 60 dlr a share cash tender offer for all the
  outstanding common shares of Brockway Inc has been extended to
  midnight October 30.
      The offer had been scheduled to expire at midnight October
  21.
      Owens-Illinois said that as of Oct 19, 1,598,789 common
  shares, or about 13 pct of the outstanding shares of Brockway
  have been tendered.
      It said it and Brockway are preparing responses to the
  previously announced request for additional information from
  the Federal Trade Commission under the Hart-Scott-Rodino Act.
      The Owens-Illinois subsidiary, which began the tender offer
  on September 23, will not be able to buy Brockway's common
  shares until 10 days following Owens-Illinois compliance with
  the FTC request or other conditions.
  

"
test/20624	43	ship	"US SENATE CUTS OFF STALL TACTICS ON GULF BILL
  Confronted by new hostilities
  involving U.S. forces in the Gulf, the U.S. Senate voted to end
  Republican stalling tactics and limit debate on a measure that
  could give Congress a larger role in Gulf policy.
      The measure, however, does not require President Reagan to
  comply with the 1973 War Powers Act as does a related Senate
  bill. The controversial War Powers Act could require a pullout
  of U.S. forces from the Gulf.
      The Senate voted 67-28 to stop a filibuster and limit
  debate to 30 hours on a bipartisan measure that requires Reagan
  to report to Congress on Gulf policy within 60 days and calls
  for a resolution to be passed in the House and Senate on the
  situation in the volatile waterway 30 days later.
      The resolution could be about any Gulf-related issue,
  including an expression of support or of disapproval for
  Reagan's policy of protecting 11 Kuwaiti tankers from Iran in
  the waterway. The Pentagon said the 12th U.S.-protected convoy
  began moving through the Gulf early Tuesday.
  

"
test/20628	12	earn	"INGERSOLL-RAND CO <IR> 3RD QTR NET
  Shr 41 cts vs 39 cts
      Net 22.3 mln vs 20.4 mln
      Revs 631.1 mln vs 644.8 mln
      Avg shrs 51,551,000 vs 50,128,000
      Nine months
      Shr 1.16 dlrs vs 1.13 dlrs
      Net 64.3 mln vs 59.6 mln
      Revs 1.90 billion vs 2.03 billion
      Avg shrs 50,868,000 vs 50,028,000
     
      NOTE: All results reflect five-for-two common stock split
  payable in the form of a stock dividend payable July 10, 1987.
      1986 results include gains from retroactive adoption of new
  accounting rules for pension on Jan 1, 1986 of 2.6 mln and 7.7
  mln dlrs for third quarter and nine month periods,
  respectively.
       Company redeemed its outstanding preference stock, 2.35
  dlrs convertible series on Sept 14, 1987.
  

"
test/20630	12	earn	"SJW CORP <SJW> 3RD QTR NET
  Shr 1.15 dlrs vs 1.22 dlrs
      Net 3,301,000 vs 3,466,000
      Revs 21.2 mln vs 20.8 mln
      Nine Mths
      Shr 2.38 dlrs vs 2.58 dlrs
      Net 6,873,000 vs 7,397,000
      Revs 51.6 mln vs 50.3 mln
  

"
test/20632	10	crude	"US RULED OUT ATTACK ON IRANIAN SILKWORMS
  U.S. military planners ruled out
  Iran's Silkworm missiles as a target in the retaliatory attack
  mounted on Monday for fear of being drawn more deeply into the
  Iran-Iraq war, defense and Middle East experts said.
      U.S. naval forces destroyed an offshore oil platform and
  raided another in what the administration called a ""measured and
  appropriate response"" to an Iranian Silkworm missile attack last
  Friday on a U.S.-flagged tanker in Kuwaiti waters.
      Private analysts generally agreed that going after the rig
  rather than an onshore economic or military target such as
  Silkworm launch sites reflected a careful bid by Washington to
  limit the political, military and diplomatic fallout both at
  home and in the Gulf.
      ""It simply demonstrated the United States will take military
  action when they (Iran) take military action,"" Norman Polmar, a
  defense analyst and author, said.
      He said hitting the platforms had spared Iran the
  embarrassment of casualties on its own soil, possibly avoiding
  an escalating spiral of attack and counterattack.
      In addition, it minimized the risk to U.S. forces and the
  potential embarrassment of any losses, including aircraft that
  could have been shot down had they taken part in an attack.
      Anthony Cordesman, author of a new book on the Iran-Iraq
  war, said the United States apparently chose a limited target
  to keep alive the possibility that U.N. Secretary General
  Javier Perez de Cuellar might still persuade Iran to accept a
  Security Council call for a ceasefire.
      ""We want the U.N. peace initiative to work if there's any
  chance at all,"" he said, adding that the action made it clear
  tougher steps would follow if Iran to attack Gulf shipping.
  
     In targeting an oil rig -- albeit one said by the Pentagon
  to have been turned into a military command post -- Washington
  also sent a message that it might be willing to attack Iran's
  economic lifeline. Pentagon officials said the platform had
  been used as a base for Iranian raids against shipping in the
  lower Gulf.
      ""We have chosen a military target, but we also have shown
  Iran that we are willing to interfere with its oil-exporting
  capabilities,"" Cordesman said.
      He predicted the United States would respond to any future
  major Iranian challenges by hitting Iran's naval base at Bandar
  Abbas on the Straits of Hormuz, followed by mining the
  approaches to Iran's oil export terminal on Kharg Island.
      Defense Secretary Caspar Weinberger said on Monday the
  United States did not seek further confrontation with Iran, ""but
  we will be prepared to meet any escalation of military action
  by Iran with stronger countermeasures."" 
  

"
test/20634	12	earn	"ADOBE RESOURCES CORP <ADB> 3RD QTR NET
  Shr loss two cts vs loss 41 cts
      Net profit 4,134,000 vs loss 3,682,000
      Revs 22.8 mln vs 23.5 mln
      Nine mths
      Shr profit 44 cts vs loss 1.99 dlrs
      Net profit 25.6 mln vs loss 26.8 mln
      Revs 73.4 mln vs 86.7 mln
      NOTE: 1987 qtr and nine mths includes gain 1,374,000 dlrs,
  or five cts per share, and 10.2 mln dlrs, or 41 cts per share,
  respectively, from net operating loss carryforward.
      1987 qtr and nine mths includes loss 4,850,000 dlrs, or 16
  cts per share, and loss 14.6 mln dlrs, or 58 cts per share,
  respectively, from payment of preferred dividends.
      1986 qtr and nine mths includes loss 4,850,000 dlrs, or 23
  cts per share, and 14.6 mln dlrs, or 70 cts per share,
  respectively, from payment of preferred dividends.
  

"
test/20639	12	earn	"KENNER PARKER TOYS INC <KPT> 3RD QTR OPER
  Oper shr 1.22 dlrs vs 88 cts
      Oper net 13.5 mln vs 11.7 mln
      Revs 139.1 mln vs 160.5 mln
      Nine mths
      Oper shr 2.00 dlrs vs 1.15 dlrs
      Oper net 22.8 mln vs 15.4 mln
      Revs 348.8 mln vs 385.9 mln
      NOTE: 1987 3rd qtr and nine mths oper net excludes gains
  from tax loss carryforwards of 3,067,000 dlrs and 8,548,000
  dlrs respectively. 1986 3rd qtr and nine mths oper net excludes
  tax carryforward gains of 7,446,000 dlrs and 9,814,000 dlrs,
  respectively.
  

"
test/20640	12	earn	"TENNANT CO <TANT.O> 3RD QTR NET
  Shr 50 cts vs 47 cts
      Net 2,646,000 vs 2,611,000
      Sale 41.4 mln vs 38.7 mln
      Nine mths
      Shr 1.13 dlrs vs 1.04 dlrs
      Net 6,038,000 vs 5,545,000
      Sales 117.2 mln vs 108.4 mln
  

"
test/20641	0	acq	"WELBILT <WELB.O> ACQUIRES FOOD HANDLING SYSTEMS
  Welbilt Corp said it acquired
  <Food Handling Systems Inc> of Dallas, a producer of commercial
  ovens, conveyers and proofer systems.
      Terms of the transaction were not disclosed.
      Food Handling, which also produces equipment for the
  commercial baking industry, was privately owned by Richard
  Shumway of Mesa, Ariz., and Vic Ferrara of Dallas, both of whom
  will remain with the company.
      The company has manufacturing facilities in Dallas and
  Phoenix.
  

"
test/20646	12	earn	"DE LAURENTIIS ENTERTAINMENT <DEG> 2ND QTR LOSS
  Period ended August 31.
      Shr loss 52 cts vs profit 16 cts
      Net loss 4,987,000 vs profit 1,570,000
      Revs 18.0 mln vs 24.7 mln
      Six Mths
      Shr loss 2.14 dlrs vs loss seven cts
      Net loss 20,525,000 vs loss 557,000
      Revs 25.6 mln vs 30.8 mln
      Note: Full name De Laurentiis Entertainment Group Inc.
  

"
test/20648	12	earn	"ALBANY INTERNATIONAL CORP <AAICA.O> 3RD QTR NET
  Shr 27 cts vs 17 cts
      Net 5,584,000 vs 4,276,000
      Revs 97.7 mln vs 83.9 mln
      Nine mths
      Shr 84 cts vs 39 cts
      Net 17.7 mln vs 9,848,000
      Revs 290.8 mln vs 241.8 mln
      Avg shrs 21.1 mln vs 25.1 mln
  

"
test/20650	12	earn	"AMERICAN BUSINESS PRODUCTS INC <ABP> 3RD QTR
  Shr 40 cts vs eight cts
      Net 2,292,000 vs 465,000
      Revs 81.9 mln vs 78.9 mln
      Nine mths
      Shr 1.20 dlrs vs 1.01 dlrs
      Net 6,842,000 vs 5,755,000
      Revs 244.7 mln vs 234.2 mln
      NOTE: 1986 qtr and nine mths includes loss 2,223,000 dlrs,
  or 39 cts per share, from unspecified extraordinary item.
  

"
test/20651	12	earn	"ALLIED BANCSHARES INC <ALBN.O> 3RD QTR LOSS
  Shr loss 2.51 dlrs vs loss 1.12 dlrs
      Net loss 104.2 mln vs loss 46.4 mln
      Nine mths
      Shr loss 5.80 dlrs vs loss 52 cts
      Net loss 240.9 mln vs loss 21.7 mln
      NOTE: 1987 qtr and nine mths includes loss 123.6 mln dlrs
  and 286.0 mln dlrs, respectively, for loan-loss allowance
  provision. 1987 qtr includes gain 9.4 mln dlrs from tax
  benefit.
  

"
test/20652	12	earn	"CENTRAL BANKING SYSTEM INC <CSYS.O> 3RD QTR NET
  Shr 39 cts vs 27 cts
      Net 1,713,000 vs 1,207,000
      Nine Mths
      Shr 1.13 dlrs vs 70 cts
      Net 4,935,000 vs 4,352,000
      Loans 843.2 mln vs 937.2 mln
      Deposits 954.1 mln vs 1.043 billion
      Assets 1.09 billion vs 1.19 billion
  

"
test/20653	10	crude	"OUTER CONTINENTAL SHELF SALE POSTPONED
  Outer Continental Shelf oil and gas
  lease sale number 97 in the Beaufort Sea, tentatively
  schedualed for January 1988 has been postponed, the U.S.
  Department of Interior said.
      Alan Powers, chief of the Minerals Maanagement Service for
  the department, said the delay is to have more time to study
  the effects of drilling noise on whale migrations.
      Powers said the state has asked for additional noise data
  for the sale area off Alaska's North Slope. A new date has not
  been set, but it will likely be no sooner than next March,
  Powers said.
      Some 3,930 blocks encompassing about 21 mln acres are
  involved in the proposed sale. The area is between three and
  160 miles off the northern coast of Alaska in the Artic Ocean
  between the Canadian border and 162 degrees west longitude.
  

"
test/20654	12	earn	"SEACOAST BANKING CORP OF FLORIDA <SBCF.O> 3RD
  Shr 44 cts vs 33 cts
      Net 1,026,000 vs 769,000
      Nine mths
      Shr 1.30 dlrs vs 1.06 dlrs
      Net 3,035,000 vs 2,472,000
  

"
test/20655	12	earn	"COEUR D'ALENE MINES CORP <COUR.O> 3RD QTR NET
  Shr profit 47 cts vs loss 38 cts
      Net profit 4,767,000 vs loss 2,623,000
      Revs 23.7 mln vs 3,629,000
      Avg shrs 11,242,166 vs 6,895,290
      Nine Mths
      Shr profit 89 cts vs loss 49 cts
      Net profit 7,726,000 vs loss 3,350,000
      Revs 38.8 mln vs 7,172,000
      Avg shrs 9,410,497 vs 6,895,290
  

"
test/20657	12	earn	"STRATHCONA RESOURCE <SRH.TO> 3RD QTR AUG 31 NET
  Shr profit two cts vs nil
      Net profit 403,000 vs loss 51,000
      Revs 9,609,000 vs 4,495,000
      Nine mths
      Shr loss one ct vs loss four cts
      Net loss 171,000 vs loss 799,000
      Revs 17.6 mln vs 13.3 mln
      NOTE: Full name is Strathcona Resource Industries Ltd.
  

"
test/20658	12	earn	"CORPORATE SOFTWARE INC <CSOF.O> 3RD QTR NET
  Shr 13 cts vs 12 cts
      Net 470,000 vs 311,000
      Revs 15.8 mln vs 8,176,000
      Avg shrs 3,723,000 vs 2,512,000
      Nine mths
      Shr 36 cts vs 43 cts
      Net 1,138,000 vs 993,000
      Revs 40.5 mln vs 21.9 mln
      Avg shrs 3,199,000 vs 2,283,000
     
      NOTE: 1986 includes extraordinary credit of 160,000 or six
  cts per shr in qtr 1986 and 511,000 or 22 cts per shr in nine
  mths 1986.
  

"
test/20660	12	earn	"SUSQUEHANNA CORP <SQN> 3RD QTR NET
  Shr 17 cts vs seven cts
      Net 1,660,0009 vs 653,000
      Revs 21.0 mln vs 20.6 mln
      Nine mths
      Shr 34 cts vs 12 cts
      Net 3,320,000 vs 1,109,000
      Revs 60.1 mln vs 57.4 mln
      NOTE: Net includes loss from discontinued operations of
  198,000 or two cts per shr in qtr 1986 and 1,425,000 or 15 cts
  per shr in nine mths 1986.
  

"
test/20662	10	crude	"ECUADOR'S CEPE NAMES NEW HEAD
  The state-run Ecuadorean State Oil
  Corporation (CEPE) has named Jaime Sanchez Valdivieso as its
  new general manager replacing Carlos Romo Leroux, a CEPE
  spokesman said.
      The spokesman told Reuters Sanchez is a 46-year-old civil
  engineer who formerly headed CEPE's administration and finances
  division.
      Romo Leroux resigned last week for ""personal and family""
  reasons, the spokesman said.
  

"
test/20666	34	nat-gas	"BROOKLYN UNION <BU> TO BUY GAS FROM SHELL OIL
  Brooklyn Union Gas Co said it has
  contracted to purchase up to 60 mln cubic feet of natural gas
  per day from Shell Oil Co, a Royal Dutch/Shell Group <RD> <SC>
  subsidiary.
      Brooklyn Union said the long-term contract will cover about
  15 pct of its total supplies.
      A spokesman said Shell and the utility agreed to not
  disclose the length of the contract or the price of the gas,
  which he described as competitive with a market sensitive
  escalation formula.
     
      Brooklyn Union said the gas from Shell Oil will replace
  about 25 pct of the gas previously supplied by Transco Energy
  Inc's <E> Transcontinental Gas Pipe Line Corp subsidiary.
      The utility said Transcontinental will transport the gas
  being purchased from Shell Oil, possibly beginning as soon as
  November 1.
  

"
test/20667	0	acq	"AMEX SAYS BEAR STEARNS BOUGHT SPECIALIST UNIT
  The American Stock Exchange said, as
  previously reported, that Bear Stearns and Co <BSC> has
  purchased <W. Damm, M. Frank and Co>, a specialist unit on the
  Amex trading floor.
      Amex said the unit, which trades stocks and options is
  small in comparison to other specialist units. The personel and
  operations remain the same, the exchange added.
      The price was not disclosed.
      A specialist unit is authorized by a stock exchange to deal
  as an agent for other brokers to keep a stable market in one or
  more particular stocks.
  

"
test/20668	12	earn	"DINNER BELL FOODS INC <DINB.O> 1ST QTR SEPT 26
  Shr 4.41 dlrs vs seven cts
      Qtly div 10 cts vs 10 cts in prior qtr
      Net 2,955,000 vs 75,000
      Sales 72.7 mln vs 70.0 mln
      NOTE: Net includes pre-tax gain of 7,813,0000 dlrs from
  termination of retirement plan for salaried employees and
  875,000 dlrs charge for reorganization costs
      Dividend payable November 17 to holders of record November
  two
  

"
test/20669	12	earn	"PETROLANE PARTNERS L.P. <LPG> 3RD QTR LOSS
  Shr loss five cts vs profit six cts
      Net loss 1,200,000 vs profit 1,400,000
      Nine mths
      Shr profit 1.00 dlrs vs profit 84 cts
      Net profit 23.7 mln vs profit 19.9 mln
      NOTE: Year ago results are pro forma since the company was
  created in March by the transfer to a master limited
  partnership of all domestic assets of Petrolane Inc's liquefied
  petroleum gas division.
  

"
test/20670	12	earn	"EASTEK CORP <ESTK.O> 1ST QTR SEPT 30 LOSS
  Shr loss 24 cts vs loss four cts
      Net loss 874,986 vs loss 56,182
      Revs 402,855 vs not available
      NOTE: The company made its initial offering in March 1987
  and before then had been a development stage company so no
  sales were posted in 1986.
  

"
test/20671	12	earn	"AMERICAN CAPITAL MANAGEMENT <ACA> 3RD QTR NET
  Shr 26 cts vs 36 cts
      Net 6,400,000 vs 8,700,000
      Revs 25.3 mln vs 28.2 mln
      Nine mths
      Shr 1.04 dlrs vs 1.20 dlrs
      Net 25.3 mln vs 29.1 mln
      Revs 84.6 mln vs 91.8 mln
      NOTE: Company's full name is American Capital Management
  and Research Inc.
  

"
test/20672	12	earn	"P AND C FOODS INC <FOOD.O> 3RD QTR NET
  Oct 3 end
      Shr 40 cts vs 35 cts
      Net 3,149,000 vs 2,433,000
      Revs 225.4 mln vs 225.9 mln
      Avg shrs 7,800,000 vs 7,157,143
      Nine months
      Shr 91 cts vs 63 cts
      Net 7,114,000 vs 4,540,000
      Revs 747 mln vs 728.2 mln
      Avg shrs 7,800,000 vs 6,767,143
  

"
test/20673	12	earn	"REGENCY ELECTRONICS INC <RGCY.O> 1ST QTR NET
  Period ended September 30
      Shr profit one ct vs loss three cts
      Net profit 65,000 vs 292,000
      Sales 18.1 mln vs 16.7 mln
  

"
test/20679	0	acq	"DINNER BELL <DINB.O> LEVERAGE BUY OUT DROPPED
  Dinner Bell Foods Inc said the
  talks concerning a proposed leveraged buy-out of the company
  have been terminated.
      A spokesman said the group led by Joseph F. Grimes II, a
  director of the company, and B. Rober Kill has withdrawn their
  proposal to acquire the company's stock for 23.50 dlrs a share.
      The company also said its board determined the previously
  postponed annual meeting will be held on January five.
  

"
test/20680	12	earn	"QUAKER OATS CO <OAT> 1ST QTR SEPT 30 NET
  Shr 52 cts vs 42 cts
      Net 41.1 mln vs 33.2 mln
      Sales 1.27 billion vs 960.3 mln
      Avg shrs 79,800,000 vs 78,200,000
  

"
test/20682	48	trade	"ECUADOR POSTS 71.3 MLN DLR 8-MTH TRADE DEFICIT
  Ecuador posted a trade deficit of 71.3 mln
  dlrs in the first eight months of 1987, compared with a surplus
  of 468.6 mln dlrs in the same period of 1986, central bank
  figures show.
      Ecuador suspended oil exports, which made up 55 pct of the
  value of its total exports in 1986, for five months this year
  after an earthquake in March shattered the country's pipeline.
      The central bank said the value of exports from January to
  August 1987 stood at 1.132 billion dlrs and imports 1.204
  billion dlrs. Net international monetary reserves declined to
  57.5 mln dlrs at end-September from 146.8 mln dlrs at end-
  September 1986.
  

"
test/20685	12	earn	"NL INDUSTRIES INC <NL> 3RD QTR NET
  Shr profit two cts vs loss 58 cts
      Net profit 18.2 mln vs loss 23.9 mln
      Revs 355.6 mln vs 308.2 mln
      Nine mths
      Shr loss 81 cts vs loss 5.52 dlrs
      Net profit 10.7 mln vs loss 290.3 mln
      Revs 1.01 billion vs 983.3 mln
      NOTE: Net income per share is after deductions for
  mandatory preferred stock dividends and income from the
  chemical operations not attributable to common stockholders.
      1987 qtr and nine mths includes gain of eight cts per share
  for the partial redemption of series a preferred stock which
  will be paid from the net earnings of the chemicals operations.
  1986 nine mths includes loss 247.7 mln dlrs from write-down of
  petroleum service assets and other restructuring costs.
  

"
test/20692	10	crude	"AMOCO RAISES MOST CRUDE POSTINGS 50 CTS TODAY, WTI TO 19.00 DLRS

  AMOCO RAISES MOST CRUDE POSTINGS 50 CTS TODAY, WTI TO 19.00 DLRS
  

"
test/20693	0	acq	"PAN AM <PN> SETS PACIFIC SATELLITE STAKE SALE
  <Johnson Geneva U.S.A.> said it has
  agreed to buy Pan Am Corp's 50 pct holding in their joint
  venture company, Pan Am Pacific Satellite Corp, for undisclosed
  terms.
      Johnson Geneva said Pan Am divested owership in the project
  as part of a corporate restructuring plan, but will continue to
  provide engineering services on a contract basis.
      Johnson Geneva said the buy out was accomplished through
  <Onpraise Ltd>, a Hong Kong company controlled by Johnson
  Geneva Chairman Michael Johnson. Funds have been provided by
  Onpraise to increase the satellite company's working capita.
  

"
test/20695	12	earn	"IFR SYSTEMS INC <IFRS.O> 1ST QTR SEPT 30 NET
  Shr 24 cts vs 13 cts
      Net 1,506,000 vs 824,000
      Sales 9,045,000 vs 7,845,000
  

"
test/20698	0	acq	"TELEX <TC> ADOPTS SHAREHOLDER RIGHTS PLAN
  Telex Corp said its board adopted a
  shareholder rights plan which will allow shareholders to
  purchase one common share for two dlrs if a hostile group
  acquires 15 pct or more of the company.
      However, the company said the plan will not be triggered by
  purchases pursuant to the 65 dlrs a share tender offer
  commenced on October 9 by a unit of TLX Partners, a group
  controlled by New York financier Asher Edelman.
      It said the rights will be distributed on a one for one
  basis to all shareholders as of October 30 and may be redeemed
  before they become exercisable at five cents per right.
      The company said the rights will expire on the later of
  February 17 next year or 60 days from the date they become
  exercisable. It said the plan was intended to protect
  stockholders against any attempt to take unfair advantage of
  the recent decline in stock prices or to use abusive tactics
  such as market accumulations which would interfere with its
  ability to maximize stockholder value.
      The rights become exercisable if any person or group
  acquires 15 pct or more of the company's common stock other
  than through an all cash tender offer for all outstanding
  shares at 65 dlrs per share.
       It said the rights will also not become exercisable if the
  company is acquired by a group under an agreement made with its
  board.
       A spokeswoman told Reuters the company would have an
  official response to Edelman's bid by Friday, Oct 23.          
  

"
test/20699	16	gold	"SPHINX MINING <SPNXF.O> FINDS GOLD
  Sphinx Mining Inc said leased
  mining claims in Alaska could produce revenues between 322 mln
  dlrs and 966 mln dlrs from gold reserves.
      The range of the value of the reserves is attributed to the
  wide range of grade estimates of the ore, the company said.
      A 1984 feasibility study put the grade at 0.008 ounces per
  cubic yard, while subsequent exploration work proved that areas
  of higher-grade gravel of up to 0.027 ounces/yard do exist,
  Sphinx said.
      The claims are located 80 miles northwest of Fairbanks.
  

"
test/20706	12	earn	"ALCAN ALUMINIUM LTD <AL.TO> 3RD QTR NET
  Shr 72 cts vs 36 cts
      Net 122 mln vs 62 mln
      Revs 1.73 billion vs 1.49 billion
      Avg shrs 157.7 mln vs 149.8 mln
      Nine mths
      Shr 1.71 dlrs vs 1.28 dlrs
      Net 297 mln vs 216 mln
      Revs 4.98 billion vs 4.55 billion
      NOTE: Net for current qtr included non-operating costs of
  12 mln vs income of 10 mln in qtr 1986.
      Net in nine mths included non operating costs of 12 mln in
  nine mths 1987 vs income of 84 mln in nine mths 1986.
      Prior year's earnings per shr and average number of shrs
  outstanding have been restated to reflect a 3-for-2 split which
  became effective May 5, 1987.
      For purposes of comparability, following the reorganization
  of July 1987, net figures including those for 1986, are
  reported before preferred dividends.
  

"
test/20708	12	earn	"JOHN HANSON SAVINGS <JHSL.O> 1ST QTR NET
  Sept 30 end
      Shr profit 15 cts vs loss six cts
      Net profit 901,000 vs loss 368,000
      Assets 1.15 billion vs 773.8 mln
  

"
test/20709	10	crude	"AMOCO <AN> RAISES CRUDE PRICES
  Amoco Corp said it raised the contract
  price it will pay for most grades of crude oil by 50 cts a
  barrel, effective today.
      The company said the increase brings its posting for West
  Texas Intermediate to 19.00 dlrs a barrel. West Texas Sour, at
  34 degrees API, was raised to 18.10 dlrs. The Light Louisiana
  Sweet grade was also increased 50 cts to 19.35 dlrs a barrel.
      Amoco said Wyoming Southwest Sweet, Colorado Western, and
  two Utah grades of oil, Black wax and yellow wax, were
  unchanged. The company last changed its crude oil postings on
  September 28.
  

"
test/20710	37	pet-chem	"OLIN <OLN>, DU PONT <DD> COMPLETE PLANT
  Olin Corp said construction was
  completed on a 150 mln dlrs chlor/alkali plant it owns jointly
  with EI du Pont de Nemours Co.
      The company said the plant, which is located in Niagara
  Falls, New York, will begin operations in December.
      The plant, which has a 660-ton per day capacity, will be
  operated by du Pont, the company said.
  

"
test/20711	12	earn	"MINNETONKA CORP <MINL.O> 3RD QTR NET
  Periods end Sept 26
      Shr 31 cts vs 24 cts
      Net 5,449,000 vs 4,083,000
      Sales 60.3 mln vs 51.9 mln
      39 weeks
      Shr 47 cts vs 30 cts
      Net 8,249,000 vs 5,147,000
      Sales 145.0 mln vs 108.3 mln
  

"
test/20712	12	earn	"ELECTRONIC TELE-COMMUNICATIONS 3RD QTR LOSS
  Shr Class A loss three cts vs profit 12 cts
      Shr Class B loss seven cts vs profit eight cts
      Net loss 94,862 vs profit 264,607
      Sales 653,246 vs 1,300,515
      Nine mths
      Shr Class A profit five cts vs profit 44 cts
      Shr Class B loss three cts vs profit 36 cts
      Net profit 64,248 vs profit 975,329
      Sales 2,291,925 vs 4,235,914
      NOTE: Full name is Electronic Tele-Communications Inc
  <ETCIA.O>
  

"
test/20715	12	earn	"SCHERING-PLOUGH CORP <SDG> 3RD QTR NET
  Shr 63 cts vs 50 cts
      Net 73.8 mln vs 62.3 mln
      Sales 664.2 mln vs 600.6 mln
      Nine mths
      Shr 2.06 dlrs vs 1.67 dlrs
      Net 241.2 mln vs 205.9 mln
      Sales 2.04 billion vs 1.80 billion
      Avg shrs 117.1 mln vs 123.4 mln
  

"
test/20719	43	ship	"SAUDI ROLE IN GULF PRAISED BY U.S. OFFICIALS
  Saudi Arabian Crown Prince Abdullah
  bin Abdul Aziz was thanked by the Reagan administration for his
  country's close, and closed-mouthed, cooperation with
  Washington in the Gulf, a senior U.S. official said.
      ""The Saudis are being very cooperative. It would be nice if
  the Saudis would go more public, but it's their real estate,""
  said the official who asked not to be named.
      He declined to describe what sort of help the Saudis were
  providing, saying that Saudi officials are reluctant to
  acknowledge their role in the Gulf where the United States has
  stationed forces to protect shipping lanes.
      The prince met Vice President George Bush on Monday after
  U.S. naval forces attacked offshore Iranian oil platforms in
  what Washington said was retaliation for an Iranian attack on a
  ship moored off Kuwait and flying the U.S. flag.
      Asked at the start of the meeting how he felt about the
  attack, the prince, who is here on an official visit, replied,
  ""I believe what the United States has done is their
  responsibility as a superpower.""
      The senior U.S. official said his remark was an endorsement
  of the U.S. attack.
  

"
test/20721	10	crude	"TEXACO <TX> UNIT RAISES CRUDE OIL PRICES
  Texaco Inc said it raised the contract
  price it will pay for most grades of crude oil by 50 cts a
  barrel, effective October 16.
      The company said the increase brings its posting for the
  U.S. benchmark grade, West Texas Intermediate, to 19.00 dlrs a
  barrel. The West Texas Sour and Light Louisiana Sweet grades
  were also raised 50 cts to 18.10 and 19.35 dlrs a barrel,
  respectively.
      Texaco last changed its crude oil postings on September 15.
  

"
test/20725	0	acq	"CHASE ACQUIRES 370 MLN DLR REVOLVING CREDIT
  The Chase Manhattan Bank, a unit of The
  Chase Manhattan Corp <CMB>, said it acquired a portfolio of
  about 190,000 consumer revolving credit accounts from Atlantic
  Financial Federal <ATLF.O> valued at 370 mln dlrs.
      The company said the acquisition makes Chase the second
  largest issuer of credit card and other unsecured consumer
  credit loans.
      Outstandings now exceed 5.6 billion dlrs, the company said.
      The company said the portfolio, accessed by checks, is
  similar to Chase's Advantage Credit product.
  

"
test/20728	12	earn	"REPUBLIC AMERICAN CORP <RAWC.O> 3RD QTR NET
  Shr 36 cts vs 35 cts
      Net 7,100,000 vs 8,000,000
      Net Premiums 61.2 mln vs 58.0 mln
      Avg shrs 19,950,000 vs 22,760,000
      Nine mths
      Shr 1.03 dlrs vs 1.81 dlrs
      Net 21.3 mln vs 37.8 mln
      Net Premiums 176.3 mln vs 141.8 mln
      Avg shrs 20,682,000 vs 20,920,000
  

"
test/20734	0	acq	"<RESER'S FINE FOODS INC> TO GO PRIVATE
  Reser's Fine Foods Inc said
  certain directors and officers, who currently represent about
  85 pct of the company's stock, plan to take Reser's private
  through a cash buyout.
      The company said the group plans to offer 12.50 dlrs per
  share for the 15 pct of its stock currently outstanding.
  

"
test/20735	12	earn	"LACLEDE STEEL CO <LCLD.O> 3RD QTR NET
  Shr 32 cts vs 40 cts
      Net 882,000 vs 1,109,000
      Sales 66.1 mln vs 60.3 mln
      Nine mths
      Shr 1.13 dlrs vs 90 cts
      Net 3,065,000 vs 2,446,000
      Sales 198.1 mln vs 178.5 mln
  

"
test/20736	12	earn	"<REDLAKE CORP> 2ND QTR SEPT 30 NET
  Shr profit five cts vs loss nine cts
      Net profit 21,045 vs loss 34,238
      Revs 1,156,775 vs 963,890
      Six Mths
      Shr profit 12 cts vs loss five cts
      Net profit 48,711 vs loss 18,300
      Revs 2,124,157 vs 2,009,956
  

"
test/20744	0	acq	"BANK OF NEW YORK REAFFIRMS TERMS FOR IRVING <V>
  The Bank of New York Corp <BK> said it
  reaffirmed the terms of its offer for Irving Bank Corp despite
  the drop in the Bank of New York's share price to 30-1/8, a
  Bank of New York spokesman said.
      ""The offer still stands, we have not changed our offer,"" a
  Bank of New York spokesman said.
      Irving would not comment on how the drop in the market
  affects its position on the bid or whether it would buy back
  any of its own shares.
      Earlier this month, Irving rejected the bid as inadequate
  and said it wanted to retain its independence.
      In late September, Bank of New York offered 80 dlrs per
  share in cash for 47.4 pct of Irving. For the remaining 52.6
  pct, it offered an exchange of 1.9 shares of its shares for one
  Irving share.
      At that time, the stock purchase portion was worth close to
  80 dlrs per share, but now that portion is worth 53 dlrs per
  share for a net price of 68 dlrs, one analyst said.
      According to the prospectus offer, shareholders may tender
  for all cash or all shares on a first come, first serve basis.
      Analysts were mixed about how the stock price drop would
  affect the acquisition.
      ""If it gets to the Irving shareholders, they would approve
  it, but Irving hopes the offer won't go to the shareholders,""
  said Mark Alpert, banking analyst with Bear Stearns Cos Inc.
      ""And the market is saying the deal won't go through,""
  Alpert said.
      ""The transaction looks highly unlikely to be completed at
  present. If Irving wouldn't go with the offer at 80 dlrs a
  share, then they won't go at a lower price,"" another analyst
  said.
      The analyst also doubted that Bank of New York could afford
  to retain its original offer.
      However, industry sources were more uncertain about
  prospects for the deal.
      ""With Irving's price so low, Bank of New York's offer will
  look good to Irving shareholders,"" said Michael Flores, a
  consultant at Bank Earnings International, a consulting firm.
      The drop of Irving's share to 44 dlrs per share, which is
  about a 26 dlr drop from the beginning of last week, increases
  the chance that Bank of New York will succeed, Flores said.
      Analysts said that the drop in bank stock prices is likely
  to depress the level of mergers and acquisition in the banking
  industry.
      ""Bank takeovers are less likely because banks can't use
  their own stock to make acquisitions because their share price
  is too depressed,"" Alpert said.
      Since only banks can buy another bank, the only other
  possible acquirors would be a foreign bank, Alpert said.
      ""In the market drop the stock of acquirors got clobbered
  more than the acquirees,"" another analyst said.
  

"
test/20746	12	earn	"KOLLMORGEN CORP <KOL> 3RD QTR NET
  Shr profit 15 cts vs loss 40 cts
      Net profit 1,538,000 vs loss 4,088,000
      Revs 70.6 mln vs 73.2 mln
      Nine mths
      Shr loss eight cts vs loss 57 cts
      Net loss 832,000 vs loss 5,821,000
      Revs 217.0 mln vs 248.4 mln
      NOTE: 1987 qtr and nine mths includes gain 265,000 dlrs, or
  three cts per share, from utilization of tax loss carryforward.
  

"
test/20747	12	earn	"FARM FRESH INC <FFSH.O> 3RD QTR NET
  Shr one cts vs 20 cts
      Net 122,556 vs 2,627,205
      Revs 192.2 mln vs 193.3 mln
      Nine mths
      Shr 27 cts vs 56 cts
      Net 3,556,424 vs 7,531,664
      Revs 560.6 mln vs 542.3 mln
  

"
test/20753	12	earn	"FIRST REPUBLICBANK <FRB.N> CORP 3RD QTR LOSS
  shr diluted loss 46 cts
      net loss 6,300,000
      nine mths
      shr diluted loss 10.89 dlrs
      net loss 309,100,000
      NOTE: No comparisons because company was formed in June
  1987 through merger of RepublicBank Corp and Interfirst Corp.
      Nine mths includes previously reported provision of 325 mln
  dlrs in second quarter for possible losses on ldc loans.
  

"
test/20754	0	acq	"DART GROUP SAID IT WILL NOT SOLICIT PROXIES OR ATTEMPT TO ACQUIRE DAYTON HUDSON

  DART GROUP SAID IT WILL NOT SOLICIT PROXIES OR ATTEMPT TO ACQUIRE DAYTON HUDSON
  

"
test/20755	0	acq	"DART SAID IT SOLD 1.4 MLN DAYTON HUDSON SHARES, EXPECTS TO SELL REST OF HOLDING

  DART SAID IT SOLD 1.4 MLN DAYTON HUDSON SHARES, EXPECTS TO SELL REST OF HOLDING
  

"
test/20757	48	trade	"BRAZIL'S SEPT TRADE SURPLUS HIGHEST OF THE YEAR
  Brazil's September trade surplus
  was the best so far this year, totalling 1.494 billion dlrs,
  compared with 1.434 billion dlrs in August and 540 mln dlrs in
  September last year, Banco do Brasil's Foreign Trade Department
  (Cacex) director Namir Salek said in a news conference.
      September exports were 2.694 billion dlrs, slightly down
  from 2.76 billion dlrs in August. Imports in September amounted
  to 1.2 billion dlrs, against 1.32 billion dlrs in August.
      Salek said the accumulated surplus in the Jan-Sept period
  was 7.857 billion dlrs, compared with 8.667 billion dlrs in a
  similar 1986 period.
      Coffee accounted with 320 mln dlrs of exports, up from 222
  mln dlrs in August and 212 mln in September 1986, Salek said.
      The Cacex director said he expected the country's trade
  surplus to average 800 mln dlrs in the remaining three months
  of the year, estimating the year's overall surplus to reach
  10.2 billion dlrs, from 25.6 billion dlrs worth of exports and
  15.4 billion dlrs of imports.
      He attributed the good surplus on exports of manufactured
  and semimanufactured goods. He mentioned car exports, which
  accounted alone with sales of 617 mln dlrs in the Jan-Sept
  period, against 194 mln dlrs in a similar 1986 period.
  

"
test/20759	22	interest	"REAGAN SAYS THERE IS ROOM FOR FURTHER DECLINES IN INTEREST RATES

  REAGAN SAYS THERE IS ROOM FOR FURTHER DECLINES IN INTEREST RATES
  

"
test/20766	0	acq	"GROUP LIFTS AIRLEASE <FLY> STAKE TO 15.1 PCT
  A group of firms led by PS Group Inc
  <PSG> said it increased its stake in Airlease Ltd depositary
  units representing limited partners interest to 700,400 units,
  or 15.1 pct of the total outstanding, from a previous figure of
  approximately 651,000 units, or 14 pct.
      In a filing with the Securities and Exchange Commission,
  the group said it bought 49,400 Airlease units between July 16
  andf October 15 at 17.23 dlrs to 17.60 dlrs a share.
      No reason was given for the recent purchases.
  

"
test/20767	12	earn	"CONTINENTAL INFORMATION SYSTEMS CORP <CNY> 2ND
  Shr 22 cts vs 24 cts
      Net 2,794,000 vs 2,993,000
      Revs 91.4 mln vs 66.4 mln
      Six mths
      Shr 45 cts vs 39 cts
      Net 5,677,000 vs 5,700,000
      Revs 174.6 mln vs 132.8 mln
      NOTE: 2nd qtr end August 31. Per share amounts adjusted for
  10 pct stock dividend paid June two, 1987.
  

"
test/20768	12	earn	"TENERA LTD <TLPZZ.O> 3RD QTR NET
  Shr 25 cts vs 26 cts
      Net 2,200,000 vs 2,100,000
      Revs 8,500,000 vs 9,600,000
      Nine mths
      Shr 77 cts vs 63 cts
      Net 6,900,000 vs 4,800,000
      Revs 27.9 million vs 25.3 million
  

"
test/20769	22	interest	"REAGAN SEES ROOM FOR INTEREST RATE DECLINES
  President Reagan said he was pleased
  with the actions of some banks to reduce their prime lending
  rates today and said he sees room for a further decline in
  interest rates.
      ""I believe there is room in the market for a further decline
  in interest rates,"" Reagan said in a statement as he left the
  White House to visit his wife Nancy at Bethesda Naval Hospital.
      Reagan's statement followed a meeting with his top economic
  advisers.
      Reagan said he remains concerned about the market, but that
  actions taken by the Federal Reserve have helped.
      ""Interest rates are down across the spectrum,"" Reagan said.
      ""Specifically, I am pleased that the bond market is strong
  and that foreign exchange markets are stable,"" Reagan said.
  

"
test/20770	12	earn	"ATLANTIC AMERICAN CORP <AAME.O> 3RD QTR NET
  Shr profit seven cts vs loss 24 cts
      Net profit 650,000 vs loss 2,327,000
      Revs 34.3 mln vs 37.0 mln
      Nine mths
      Shr profit 38 cts vs profit 67 cts
      Net profit 3,673,000 vs profit 6,474,000
      Revs 108.4 mln vs 110.0 mln
      NOTE: 1987 qtr and nine mths includes gain 5,360,000 dlrs,
  or 55 cts per share, and 6,339,000 dlrs, or 65 cts per share,
  respectively, from realized gains on investments.
     
      1986 qtr and nine mths includes gain 105,000 dlrs, or one
  cent per share, and 342,000 dlrs, or three cts per share,
  respectively, from realized gains on investments.
      1986 qtr and nine mths includes charge 4,860,000, or 50 cts
  per share from strengthening reserve for casualty claims.
  

"
test/20771	12	earn	"TRINITY INDUSTRIES INC <TRN> 2ND QTR SEPT 30
  Shr six cts vs 17 cts
      Net 1,064,000 vs 2,676,000
      Revs 144.6 mln vs 129.4 mln
      Avg shrs 17.1 mln 16.1 mln
      Six mths
      Shr 13 cts vs 25 cts
      Net 2,167,000 vs 4,029,000
      Revs 248.0 mln vs 249.2 mln
      Avg shrs 17.1 mln vs 16.1 mln
  

"
test/20773	12	earn	"DART GROUP DROPS DAYTON HUDSON <DH> TAKEOVER BID
  Dart Group Corp <DARTA.O> affiliate
  Madison Partners said that given current market conditions it
  has dropped its takeover bid for Dayton Hudson Corp.
      The company said it sold 1.4 mln of its 4.6 mln shares of
  Dayton Hudson stock.
      It said it intends to sell the rest of its Dayton Hudson
  shares. At current market levels, it would suffer a 70 mln dlr
  aftertax loss on its holding, a spokesman said.
      Dart said it will not solicit authorization to call a
  meeting of Dayton Hudson shareholders.
      Dart had offered to buy Dayton Hudson for 68 dlrs per
  share, valuing the Minneapolis based retailer at 6.6 billion
  dlrs. That offer was rejected by the company.
      Following the selloff in takeover stocks last week, and the
  market's decline this week, Dayton Hudson stock closed at
  27-1/2 today, off 2-1/2.
      Dart's holdings amounted to just under five pct of Dayton
  Hudson.
      A Dart spokesman said the 1.4 mln shares were sold in the
  market today.
  

"
test/20775	0	acq	"METROPOLITAN <MONY.O> TO MAKE OFFER FOR METEX
  Metropolitan Consolidated Industries Inc
  said it will make a tender offer for all or any of the
  outstanding shares of common stock of Metex Corp <MTX> not
  currently held by or under option to Metropolitan for 7.75 dlrs
  per share.
      The company said the offer will be subject ot securing
  satisfactory financing.
      Metropolitan currently owns about 25.7 pct of Metex common
  and holds options to purchase about an additional 16 pct of
  Metex common stock.
     
      Metropolitan said the offer will be made no later than
  October 27.
  

"
test/20776	12	earn	"BII ENTERPRISES <BII.TO> NINE MTHS AUG 31 NET
  Shr 22 cts vs 50 cts
      Net 1.2 mln vs 2.2 mln
      Sales 41.7 mln vs 38.3 mln
      Note: BII Enterprises Inc
  

"
test/20778	10	crude	"ARTILLERY SHELLS SAID TO FALL ON KUWAIT BORDER
  Artillery shells from an exchange of fire
  between Iran and Iraq fell on Kuwait's northern border on
  Tuesday but caused no casualties, the Kuwait News Agency KUNA
  said, quoting a Defense Ministry official.
      There were rumors in world oil markets on Tuesday that Iran
  had fired shells at an oil camp in northern Kuwait in
  retaliation for U.S. Attacks on Iranian oil platforms in the
  Gulf on Monday. ""Several shells fell in a random manner on the
  northern border of the country,"" the official told KUNA. ""It
  seems these shells arose from an exchange of fire between Iran
  and Iraq... No one was wounded and there were no losses.""
      Diplomats said shells from the nearby Iran-Iraq warfront
  had in the past fallen in the northern Kuwaiti desert.
      A senior Kuwait Petroleum Corporation official had earlier
  told Reuters he was unaware of any attack against Kuwaiti oil
  installations.
  

"
test/20779	12	earn	"ZERO CORP <ZRO> 2ND QUARTER NET
  Shr 27 cts vs 20 cts
      Net 3,411,000 vs 2,487,000
      Revs 34.7 mln vs 31.9 mln
      Six mths
      Shr 51 cts vs 41 cts
      Net 6,372,000 vs 5,090,000
      Revs 68.1 mln vs 63.7 mln
      Avg shrs 12.6 mln vs 12.5 mln
  

"
test/20784	12	earn	"SEALED AIR CORP <SEE> 3RD QTR NET
  Shr 54 cts vs 53 cts
      Net 4,193,000 vs 4,052,000
      Revs 75.2 mln vs 63.9 mln
      Nine mths
      Shr 1.98 dlrs vs 1.75 dlrs
      Net 15.4 mln vs 13.5 mln
      Revs 223.4 mln vs 199.5 mln
  

"
test/20787	48	trade	"U.S. MAY END ADDITIONAL SANCTIONS AGAINST JAPAN
  The United States may lift an
  additional 84 mln dlrs in trade sanctions against Japan later
  this month, Reagan Administration officials said.
      President Reagan imposed 300 mln dlrs in sanctions on
  Japanese goods last April for its failure to honor a 1986
  agreement to end dumping semiconductors in the U.S. and third
  country markets and to open its home market to U.S. goods.
      The move raised tariffs to 100 pct from about five pct on
  Japanese color television sets, hand-held power tools and
  portable computers.
      Reagan lifted 51 mln dlrs of the sanctions last June  after
  Japan ended selling the semiconductors on the U.S. market at
  below production costs.
      Semiconductors are the small silicon chips used for memory
  and recall purposes in a wide variety of computers.
      The Administration officials said Commerce Department 
  monitors showed that Japan was ending its dumping of the
  semiconductors in third countries, where they had been taking
  sales away from American-made semiconductors.
      They said it was likely the 51 mln dlrs in sanctions would
  be lifted by the end of the month.
      The United States and Japan remain at odds over opening the
  closed Japanese markets to U.S. goods.
      U.S. and Japanese officials reviewed Japan's compliance
  with the agreement earlier this week.
      The periodic reviews are to continue and the remaining
  sanctions to stay in force, the officials said, until Japan is
  in full compliance with the semiconductor agreement.
  

"
test/20790	30	lumber	"CANADIAN PACIFIC (CP) UNIT STUDIES PULP MILL
  CIP Inc, wholly-owned by Canadian
  Pacific Ltd, is considering building a pulp mill in Texas which
  would use kenaf fibre instead of wood, CIP president Cecil
  Slenniken said in an interview.
       The kenaf plant is a member of the hibiscus family and was
  artificially developed several years ago. The plant, which has
  been grown in Southern Texas, reaches a height of 10 feet in
  three months and is said to produce better quality newsprint
  than wood pulp, a CIP official said.
       Slenniken said the company has commissioned studies for a
  200,000 tonne capacity pulp mill which would use the fibre but
  would need partners to begin the project.
      ""We are not yet ready to commit the hundreds of millions of
  dollars it would take for such a project,"" Slenniken said.
       He said CIP has been using the pulp on a trial basis to
  make newsprint containing 90 pct kenaf fibre and 10 pct
  softwood fibre at its Trois-Rivieres, Quebec plant.
      CIP, Canada's second largest newsprint producer, recently
  launched a 366 mln Canadian dlr newsprint mill at Gold River,
  British Columbia which is due begin producing 230,000 metric
  tonnes per year by fall of 1989.
  

"
test/20791	12	earn	"CALIFORNIA FIRST BANK (CFBK.O) 3RD QTR NET
  Shr 83 cts vs 67 cts
      Net 10,052,000 vs 7,929,000
      Avg shrs 12,161,000 vs 11,824,000
      Nine mths
      Shr 2.33 dlrs vs 1.91 dlrs
      Net 28,110,000 vs 22,386,000
      Avg shrs 12,078,000 vs 11,729,000
      Assets 5.9 billion vs 5.7 billion
      Deposits 5.3 billion vs 4.8 billion
      Loans and leases 4.2 billion vs 4.0 billion
  

"
test/20792	0	acq	"TRACE PRODUCTS <TRCE.O> MERGER AGREEMENT SUSPENDED
  Trace Products Inc said its stock-swap
  merger agreement with privately held Central Point Software has
  been suspended indefinitely because of uncertainty in the stock
  market.
      Trace Products, which manufactures diskette and tape
  duplication equipment for software publishers, had earlier
  agreed to acquire Portland, Ore.-based Central Point for 5.5
  mln shares of its common stock.
  

"
test/20793	12	earn	"RPC ENERGY SERVICES INC <RES> 1ST QTR SEPT 30
  Shr profit one cent vs loss 29 cts
      Net profit 116,000 vs loss 4,195,000
      Revs 20.2 mln vs 6,393,000
  

"
test/20794	12	earn	"BRENTON BANKS <BRBK.O> 3RD QTR OPER NET
  Oper shr 38 cts vs 1.84 dlrs
      Oper net 973,000 vs 4,497,000
      Nine mths
      Oper shr 1.22 dlrs vs 1.31 dlrs
      Oper net 3,133,000 vs 3,410,000
      NOTE: Results exclude extraordinary gain from net loss
  carryforward of 672,000 dlrs or 27 cts in 1987 3rd qtr, 918,000
  dlrs 38 cts in 1986 3rd qtr, and 1,071,000 dlrs or 44 cts in
  1987 nine months. 1986 results include 5.1 mln dlr gain from
  termination of defined benefit pension plan.
  

"
test/20795	32	money-fx	"REAGAN SAYS U.S. COMMITTED TO LOUVRE ACCORD
  President Reagan said the United
  States remains committed to the Louvre accord in which the
  seven major industrial nations agreed to stabilize currency
  exchange rates.
      ""The United States remains committed to the Louvre
  agreement,"" Reagan said in a statement following a meeting with
  his top economic advisers.
      Reagan said the United States, Japan and West Germany had
  all reaffirmed their commitment to coordinate economic
  policies.
      Reagan said Japanese Prime Minister-designate Noboru
  Takeshita said in a telephone conversation Tuesday morning that
  ""his (Takeshita's) top priority was to maintain stable economic
  relations with the United States.""
      Reagan noted that Treasury Secretary James Baker met with
  West German financial officials and reaffirmed their commitment
  to the Louvre agreement.
      They ""reaffirmed our agreement to coordinate economic
  policies to provide for non-inflationary growth and stable
  exchange rates,"" Reagan said.
  

"
test/20797	0	acq	"GROUP LIFTS STAKE IN SUAVE SHOE<SWV> TO 11.5 PCT
  A shareholder group including
  Entregrowth Interational Ltd, of Auckland, New Zealand, said it
  lifted its stake in Suave Shoe Corp common stock to 319,600
  shares, or 11.5 pct of the total outstanding, from a previous
  figure of approximately 238,400 shares, or 8.6 pct.
      In a filing with the Securities and Exchange Commission,
  the group said it bought 81,200 Suave Shoe common shares in
  open market transactions between October 1 and 19 at 8.34 dlrs
  to 10.07 dlrs a share.
      No reason was given for the purchases.
  

"
test/20798	12	earn	"BUDGET RENT A CAR CORP <BDGT.O> 3RD QTR NET
  Shr 51 cts vs 36 cts
      Net 5,600,000 vs 4,000,000
      Revs 115.4 mln vs 91.2 mln
      Nine mths
      Shr 1.13 dlrs vs 61 cts
      Net 10.7 mln vs 5,800,000
      Revs 308.2  mln vs 249.5 mlln
      NOTE: 1986 resutls restated on pro forma basis to reflect
  comparable treatment of Budget's leveraged buyout on September
  30, 1986, and initial common stock offering on May 22, 1987.
  

"
test/20800	12	earn	"USPCI INC <UPC> 3RD QTR NET
  Shr 12 cts vs 10 cts
      Net 1,600,000 vs 1,314,000
      Revs 17.6 mln vs 12.2 mln
      Nine mths
      Shr 58 cts vs 43 cts
      Net 7,624,000 vs 5,336,000
      Revs 56.8 mln vs 40.1 mln
  

"
test/20801	12	earn	"SOMERSET BANCORP INC <SOMB.O> 3RD QTR NET
  Net 1,137,000 vs 1,185,000
      Nine mths
      Shr 2.17 dlrs vs 2.03 dlrs
      Net 3,645,000 vs 3,384,000
      Assets 374.4 mln vs 355.4 mln
      NOTE: Per shr data in qtr not disclosed.
  

"
test/20802	12	earn	"CPT CORP <CPTC.O> 1ST QTR SEPT 30 LOSS
  Shr loss 15 cts vs loss 19 cts
      Net loss 2,161,000 vs loss 2,873,000
      Revs 24.5 mln vs 22.6 mln
  

"
test/20803	12	earn	"THE CHARIOT GROUP INC <CGR> 3RD QTR NET
  Shr 10 cts vs two cts
      Net 262,000 vs 38,000
      Revs 11.2 mln vs 5,858,000
      Avg shrs 2,589,045 vs 2,588,364
      Nine mths
      Shr 46 cts vs 26 cts
      Net 1,179,000 vs 601,000
      Revs 32.7 mln vs 18.7 mln
      NOTE: All per shr data adjusted to reflect 10 pct stock
  dividend distributed in 2nd qtr 1987.
  

"
test/20804	12	earn	"COMSHARE INC <CSRE.O> 1ST QTR SEPT 30 LOSS
  Shr loss 35 cts vs profit 18 cts shr
      Net loss 946,300 vs profit 502,500
      Revs 17.3 mln vs 16.8 mln
  

"
test/20807	12	earn	"MARINE CORP <MCRP.O> 3RD QTR NET
  Shr 1.24 dlrs vs 1.16 dlrs
      Net 10.1 mln vs 8,910,000
      Nine mths
      Shr 2.42 dlrs vs 3.30 dlrs
      Net 19.8 mln vs 25.4 mln
      Assets 4.3 billion vs 3.8 billion
      Deposits 3.4 billion vs 3.1 billion
      Loans 2.6 billion vs 2.3 billion
  

"
test/20811	0	acq	"SOUTHLAND <SLC> TARGETED IN SEC INVESTIGATION
  Southland Corp said it was told the 
  Securities and Exchange Commission ordered a private
  investigation into Southland stock trading and statements made
  by the company this year.
      ""Southland has been advised that the Commission has issued
  a private order of investigation concerning the trading of
  Southland stock during various times in 1987 and the issuance
  of various public statements by Southland,"" Southland said in a
  proxy statement to shareholders.
      Southland did not elaborate on the SEC order of
  investigation, and company officials could not be reached for
  comment late Tuesday.
      The SEC has a long-standing policy against confirming or
  denying the existence of investigations.
      The proxy statement, filed with the Securities and Exchange
  Commission, is required for a November 5 shareholders meeting
  called to approve the previously announced acquisition of
  Southland by a company controlled by Southland chairman John
  Thompson and members of his family.
      Earlier this year, a group led by Thompson acquired
  majority ownership of Southland through a 77 dlrs a share
  tender offer for 31.5 mln shares of Southland common stock.
      If the merger is approved, common stock still outstanding
  will be converted into the right to receive 61.32 dlrs a share
  in cash plus a fraction of a share of preferred stock.
  

"
test/20812	12	earn	"CONTINENTAL INFORMATION SYSTEMS <CNY> 2ND QTR
  Qtr ends Aug 31
      Shr 22 cts vs 24 cts
      Net 2,794,000 vs 2,993,000
      Revs 91.4 mln vs 66.4 mln
      Six mths
      Shr 45 cts vs 45 cts
      Net 5,677,000 vs 5,700,000
      Revs 174.6 mln vs 132.8 mln
      NOTE: full name of company is continental information
  systems corp.
  

"
test/20813	12	earn	"FAMILY DOLLAR STORES INC <FDO> 4TH QTR AUG 31
  Shr 15 cts vs 27 cts
      Net 4,358,947 vs 7,786,640
      Revs 140.8 mln vs 121.2 mln
      Year
      Shr 86 cts vs 1.06 dlrs
      Net 24.8 mln vs 30.5 mln
      Revs 560.3 mln vs 487.7 mln
  

"
test/20814	12	earn	"ALFA CORP <ALFA.O> 3RD QTR NET
  Shr 28 cts vs 21 cts
      Net 4,653,815 vs 3,564,451
      Revs 34.0 mln vs 12.8 mln
      Nine mths
      Shr 61 cts vs 53 cts
      Net 10.4 mln vs 8,881,825
      Revs 61.8 mln vs 38.4 mln
      NOTE: Per shr amounts are after giving retroactive effect
  for a 2-for-1 split effected as a 100 pct stock dividend which
  was paid June 1, 1987.Net includes net realized investment
  gains of 1,213,471 vs 937,801 in nine mths 1987 vs 1986, and
  604,172 vs 474,556 in qtr 1987 vs 1986. Net includes net
  investment income of 12.5 mln vs 11.2 mln in nine mths 1987 vs
  1986, and 4,480,540 vs 3,781,245 in qtr 1987 vs 1986.
  

"
test/20817	12	earn	"INVITRON CORP <INVN.O> 1ST QTR SEPT 30 NET
  Shr eight cts vs 12 cts
      Net 1,016,552 vs 980,834
      Revs 6,786,579 vs 4,356,561
      NOTE: Invitron went public on October seven.
  

"
test/20822	12	earn	"SQUIBB CORP <SQB> 3RD QTR NET
  Shr 1.04 dlrs vs 78 cts
      Net 109.2 mln vs 83.9 mln
      Revs 561.3 mln vs 460.5 mln
      Nine mths
      Shr 2.61 dlrs vs 1.91 dlrs
      Net 273.8 mln vs 206.6 mln
      Revs 1.56 billion vs 1.27 billion
      NOTE: Per shr amounts reflect the 2-for-1 split to
  shareholders of record on June 1, 1987.
     
      For qtr and nine mths 1987, exchange rate fluctuations had
  a favorable sales impact of 25.9 mln dlrs and 70.3 mln dlrs,
  respectively.
      Net in nine mths 1986 includes income from discontinuing
  operations of 10.1 mln or nine cts per shr, and income of 3.9
  mln dlrs or four cts per shr in qtr 1986.
  

"
test/20824	0	acq	"EDELMAN GROUP COMMITTED TO TELEX <TC> BID
  TLX Partners, a group led by Asher
  Edelman, does not see any problems with its 65 dlr per share
  bid for Telex Corp, a Shearson Lehman official advising the
  group said.
      Several other takeover proposals have crumbled following
  declines in financial markets, leading to speculation that
  Edelman might also drop his offer. Telex fell 11 to 34-1/4.
      Earlier today, Carl Icahn dropped his bid to take Trans
  World Airlines Inc <TWA> private and Dart Group Corp <DARTA.O>
  said it abandoned plans to acquire Dayton Hudson Corp <DH>.
      Both cited market conditions.
      ""Nothing fundamental has changed with the company. The
  stock price has changed, but the company hasn't changed so
  there's no reason for us to change,"" said Daniel Good, head of
  Shearson Lehman merchant banking.
      ""Things are proceeding as planned, and we fully expect that
  at the time we have to pay for the shares the financing will be
  in place,"" Good said.
      Shearson has agreed to provide bridge financing of up to 
  600 mln dlrs for the Edelman group.
  

"
test/20825	12	earn	"CP NATIONAL CORP <CPN> 3RD QTR NET
  Shr 46 cts vs 55 cts
      Net 3,532,000 vs 4,217,000
      Revs 54 mln vs 52.4 mln
      Nine mths
      Shr 1.97 dlrs vs 1.98 dlrs
      Net 15.0 mln vs 14.8 mln
      Revs 176.2 mln vs 176.9 mln
  

"
test/20826	12	earn	"GREAT AMERICAN FIRST SAVINGS <GTA> 3RD QTR NET
  Shr primary 92 cts vs 1.09 dlrs
      Shr diluted 82 cts vs 97 cts
      Net 21.8 mln vs 26.1 mln
      Nine mths
      Shr primary 3.07 dlrs vs 2.96 dlrs
      Shr diluted 2.72 dlrs vs 2.44 dlrs
      Net 73.2 mln vs 65.3 mln
      Assets 14.29 billion vs 12.35 billion
      Deposits 9.52 billion vs 8.69 billion
      Loans 8.79 billion vs 8.69 billion
  

"
test/20829	48	trade	"CANADA SEEKS FIVE YEAR FARM REFORM PLAN
  Canada will propose at the new round of
  international trade talks that most trade-distorting farm
  subsidies be phased out over a five year period, Trade Minister
  Pat Carney said.
      ""Agricultural subsidies and trade barriers have created a
  vicious circle which continues to cause problems of
  overproduction and low commodity prices,"" Carney told the House
  of Commons.
      Carney was outlining the government's new position on the
  farm trade problem that was tabled on Tuesday in Geneva in the
  multilateral talks under the GATT (General Agreement on Tariffs
  and Trade).
      While few details were released, Carney said the government
  would also be pressing for an improvement in market access and
  new measures to ensure countries do not erect artificial
  barriers.
      ""Under the Canadian proposal, all countries would have to
  ensure that domestic policies and programs to address the
  specific needs of their farm sectors do not distort trade,"" a
  government background paper said.
      ""Furthermore, in assessing the trade impact of programs,
  credit could be given to countries which effectively control
  the output of farm products,"" the papers said.
  

"
test/20833	12	earn	"SMITHKLINE BECKMAN CORP <SKB> 3RD QTR NET
  Shr 1.18 dlrs vs 87 cts
      Net 149.6 mln vs 134.0 mln
      Revs 1.10 billion vs 956.4 mln
      Nine mths
      Shr 3.36 dlrs vs 2.42 dlrs
      Net 428.1 mln vs 373.7 mln
      Revs 3.13 billion vs 2.70 billion
      Avg shrs 127.3 mln vs 154.5 mln
      NOTE: 1986 results include 25 mln dlr reduction of
  operating income for the relaunch of Contac.
  

"
test/20834	0	acq	"FIRST COMMERCIAL <FCOB.O> TO ACQUIRE CITIZENS BANK
  First Commercial Bancorp said it will
  acquire the three-branch Citizens Bank of Roseville in a stock
  swap.
      The value of the agreement will be based on Citizens'
  adjusted book value at year end and the trading price of First
  Commercial's stock.
      Citizens' book value was about 1.9 mln dlrs at the end of
  the third quarter, according to the bank's counsel, Guy Gibson.
  Under the agreement, Citizens shareholders could also trade
  their stock for a five-year debenture issued by First
  Commercial. Terms of the debenture have not been established.
  

"
test/20835	0	acq	"UNITED ARTISTS <UACI.O> SUSPENDS MERGER TALKS
  United Artists Communications Inc and
  <United Cable Television Corp> said they have indefinitely
  suspended negotiations on a proposed merger of their companies
  previously announced.
      The companies cited a combination of extraordinary market
  conditions and unresolved terms of the merger as contributing
  to the action.
  

"
test/20836	12	earn	"THE DEXTER CORP <DEX> 3RD QTR NET
  Shr 41 cts vs 33 cts
      Net 10.2 mln vs 8,309,000
      Revs 193.3 mln vs 157.7 mln
      Nine months
      Shr 1.29 dlrs vs 1.02 dlrs
      Net 32.1 mln vs 25.4 mln
      Revs 582 mln vs 486.5 mln
  

"
test/20837	12	earn	"WASHINGTON MUTUAL SAVINGS BANK <WAMU.O> 3RD QTR NET
  Shr 56 cts vs 68 cts
      Net 8,327,000 vs 9,738,000
      Nine mths
      Shr 2.19 dlrs vs 1.67 dlr
      Net 32.8 mln vs 24.8 mln
      Avg shrs 15.0 mln vs 14.9 mln
      Assets 5.58 billion vs 4.34 billion
      Deposits 3.60 billion vs 3.27 billion
      Loans 2.96 billion vs 2.90 billion
  

"
test/20838	12	earn	"TRINITY INDUSTRIES INC <TRN> 2ND QTR NET
  Sept 30 end
      Shr six cts vs 17 cts
      Net 1,064,000 vs 2,676,000
      Revs 144.6 mln vs 129.4 mln
      Avg shrs 17,121,000 vs 16,065,000
      Six months
      Shr 13 cts vs 25 cts
      Net 2,167,000 vs 4,029,000
      Revs 248 mln vs 249.2 mln
      Avg shrs 17,121,000 vs 16,065,000
  

"
test/20840	0	acq	"SOUTHMARK <SM> TO PURCHASE <NATIONAL SELF>
  National Self Storage said
  has sold nine storage facilities to Southmark Corp for 37.1 mln
  dlrs.
      National Self, a developer of storage space for business
  records, said the purchase includes nine storage facilties.
  National Self also said it and Southmark plan a two-year 100
  facility expansion program in South Florida and across the
  country.
  

"
test/20858	32	money-fx	"Miyazawa says G-7 still strongly supports Louvre Accord

  Miyazawa says G-7 still strongly supports Louvre Accord
  

"
test/20865	48	trade	"US SAYS CANADIAN, ISRAELI PACTS SHOULD SPUR TRADE
  Trade Representative Clayton Yeutter
  said on Monday that the U.S. free trade agreements with Canada
  and Israel should help to pave the way for liberalizing the
  global trading system.
      He said the Canadian and Israeli pacts will not set back
  worldwide reform efforts under the General Agreement on Tariffs
  and Trade (GATT) as some critics feared but help them.
      The GATT talks began a year ago in Punta del Este, Uruguay
  to liberalize the global trading system and to include in it
  trade in agriculture and services such as banking.
      Yeutter made his remarks at a U.S.-Israeli trade meeting
  marking the second year of their bilateral accord. The
  Canadian-U.S. pact, signed by two sides two weeks ago, has yet
  been approved by the U.S. Congress and Canadian Parliament.
      The two free trade agreements (FTA) would gradually remove
  tariffs and other barriers to cross-border trade in goods and
  many services.
      Yeutter said in the aftermath of the Canadian and Israeli
  pacts ""other countries have realized that if they want to
  continue to have access to the world's largest market, they had
  better get serious about improving the GATT.""
      The pact with Israel, he said, is gradually increasing
  shipments both ways and the Canadian pact will substantially
  increase the gross national products in both countries.
      Yeutter also said the Canadian and Israeli pacts should
  serve as important precedents for progress in GATT.
      Yeutter said, ""increasing trade is one of the keys to
  enhanced political and economic stability around the globe.""
      He said, ""a stronger GATT will enhance prosperity, not only
  for advanced industrial nations, but also for other countries
  that need to increase trade in order to better their standards
  of living.""
      Yeutter added it was important not to risk the progress
  made in the Israeli and Canadian trade pacts by resorting to
  protectionism.
      He was referring to trade legislation pending in Congress
  that would force the United States to take retaliatory actions
  against nations with large trade surpluses with the United
  States if the countries practiced unfair trade.
      The legislation was prompted by a growing U.S. trade
  deficit that hit 156 billion dlrs last year and is still
  rising.
      Yeutter said the pressures for Congress to act were hard to
  resist, but the pending legislation would undermine President
  Reagan's efforts to liberalize the world trade.
      Yeutter renewed the threat of a White House veto.
      He said, ""President Reagan will veto any bill that contains
  serious flaws, and I believe that veto would be sustained.""
  

"
test/20869	10	crude	"EX-ARCO <ARC> CHIEF SEES ENERGY CRISIS BY 1990
  Dwindling global crude oil reserves and
  the lack of any major new discoveries in recent years will send
  the world into an energy crisis by 1990, the former Atlantic
  Richfield Co chairman Robert O. Anderson said.
      ""It's going to come sooner than anyone thinks,"" Anderson
  told reporters after addressing a Houston business lunch. ""I
  believe we're going to see a change in the world oil markets in
  two to three years because oil is becoming harder to find.""
      Anderson, who retired from Arco last year to form Hondo Oil
  and Gas Co, said world oil consumption is approaching 60 mln
  barrels a day but a current excess capacity cushion of about
  4.5 mln barrels a day will rapidly disappear.
      ""If you looked around the world, you could not scrape up
  one mln barrels a day in shut-in production outside the Middle
  East,"" he said. ""We're soon going to be right back where we
  were in 1973 and 1979.""
      Anderson predicted that world oil prices would end 1987 at
  about 24 dlrs a barrel and continue a gradual climb.
      ""There's no way prices can stay flat because there isn't
  enough supply,"" he said. ""There have been no major oil
  discoveries for the past 15 to 20 years.""
      Alaska's Prudhoe Bay oil reserves, the last major world
  discovery, has already produced about five billion barrels of
  oil or more than half of its estimated reserves, he said.
  

"
test/20878	10	crude	"VENEZUELA BACKS INCREASE IN ECUADOR OPEC QUOTA
  Venezuela will back Ecuador's bid to
  raise its OPEC quota above 221,000 barrels per day (bpd)
  because it is a justifiable demand, Venezuelan Energy Minister
  Arturo Hernandez Grisanti said on Monday.
      He told reporters the country deserved a higher quota in
  compensation for the five months it was forced to suspend oil
  production when its main pipeline was destroyed by an
  earthquake last March.
      ""For this five-month period, Ecuador did not exercise its
  right to produce 221,000 bpd,"" he said. ""We should recognize
  Ecuador's right to increase its quota ... There is a basis of
  justice in that country's petition.""
      He added however, the quota increase should be gradual to
  avoid harming the market, he added.
      Hernandez Grisanti said he understood Ecuador would
  formally submit the request for a higher quota at the next
  ministerial conference of the Organization of Petroleum
  Exporting Countries (OPEC) opening December 9 in Vienna.
  

"
test/20879	12	earn	"CAPITOL BANCORP <CAPB.O> 3RD QTR NET
  Shr profit 1.07 dlrs vs loss 1.19 dlrs
      Net profit 3,326,000 vs loss 3,446,000
      Nine mths
      Net profit 9,714,000 vs profit 3,665,000
      NOTE: Latest and prior nine month per share amounts not
  given.
  

"
test/20883	12	earn	"<POTASH CO OF AMERICA INC> NINE MTHS LOSS
  Shr loss 1.73 dlrs vs nil
      Net loss 16.3 mln vs profit 2,206,000
      Sales 69.1 mln vs 29.1 mln
      Note: per share is after payment of preferred dividends.
  

"
test/20885	12	earn	"JEPSON CORP <JEPS.O> 3RD QTR NET
  Shr 22 cts vs 20 cts
      Net 4,033,000 vs 3,398,000
      Sales 125.3 mln vs 99.1 mln
      Avg shrs 18.4 mln vs 17.5 mln
      Nine mths
      Shr 89 cts vs 78 cts
      Net 15.9 mln vs 13.6 mln
      Sales 413.7 mln vs 345.0 mln
      Avg shrs 17.8 mln vs 17.5 mln
     
      NOTE:1987 3rd qtr per share reflects issuance of two mln
  shares in initial public offering. 1986 nine mth results
  include extraordinary gain of 3,843,000 dlrs or 22 cts
  

"
test/20887	0	acq	"FIFTH THIRD <FITB.O> TO MERGE WITH C AND H
  Fifth Third Bancorp and <C and H
  Bancorp> said they reached a preliminary agreement to merge.   
   C and H Bancorp has assets of 257 mln dlrs and is the parent
  company of Citizens Heritage Bank N.A.
      The companies said the agreement calls for each of the
  about one mln shares of C and H Bancorp to be exchanged for one
  share of Fifth Third Bancorp. Based on its financial
  expectations, Fifth Third said the dilution in per share
  earnings for the merger will be negligible.
  

"
test/20888	12	earn	"BANKING CENTER <TBCX.O> 3RD QTR NET
  Shr 25 cts vs NA
      Net 3,081,000 vs 2,063,000
      Nine mths
      Shr 86 cts vs NA
      Net 10.5 mln vs 6,966,000
      NOTE: Year-ago per share amounts not available as bank
  converted to stock ownership August 13, 1986.
      1987 amounts include operations of Burgdoff Realtors
  acquired during December 1986 and other operations.
  

"
test/20893	32	money-fx	"LAWSON WELCOMES REAFFIRMATION OF LOUVRE ACCORD
  U.K. Chancellor of the Exchequer Nigel
  Lawson welcomed on Monday the reaffirmation by the U.S. And
  West Germany of the Louvre accord aimed at stabilising
  currencies.
      His office said Lawson had welcomed the outcome of a
  meeting between U.S. Treasury Secretary James Baker, Bundesbank
  President Karl Otto Poehl, and West German Finance Minister
  Gerhard Stoltenberg in Frankfurt.
      After the meeting, a Bonn finance ministry spokesman quoted
  Stoltenberg as saying he was confident that foreign currencies
  could be stabilised at around current levels.
      The meeting came after Baker criticised West Germany for
  increasing key interest rates, saying they were not in line
  with last February's Louvre accord.
  

"
test/20894	12	earn	"SUN STATE SAVINGS <SSSL.O> 3RD QTR NET
  Shr 28 cts vs 46 cts
      Net 1,634,000 vs 2,007,000
      Avg shrs 5,850,000 vs 4,400,000
      Nine Mths
      Shr 82 cts vs 1.77 dlrs
      Net 4,788,000 vs 7,792,000
      Avg shrs 5,850,000 vs 4,400,000
      Loans 586.9 mln vs 481.5 mln
      Deposits 697.4 mln vs 606.2 mln
      Assets 797.2 mln vs 683.4 mln
      Note: Full name Sun State Savings and Loan Association.
  

"
test/20896	12	earn	"CALIFORNIA WATER SERVICE CO <CWTR.O> 3RD QTR
  Shr 2.10 dlrs vs 1.83 dlrs
      Net 5,919,000 vs 5,168,000
      Revs 35.0 mln vs 34.3 mln
      Nine Mths
      Shr 5.09 dlrs vs 3.55 dlrs
      Net 14,391,000 vs 10,099,000
      Revs 88 mln vs 83.7 mln
      Note: Curent nine mth figures include 2.2 mln dlr, or 79
  cts per share, gain resulting from change in accounting method
  for unbilled revenues.
  

"
test/20898	0	acq	"GREAT ATLANTIC <GAP> WITHDRAWS DECHAMPS BID
  The Great Atlantic and Pacific Tea
  Co Inc said it withdrew its offer to acquire Delchamps Inc
  <DLCH.O> for 27 dlrs a share or about 175 mln dlrs, which was
  made earlier this month.
      Michael Rourke, A and P vice president, said the company
  withdrew the offer because Delchamps did not respond favorably
  to it and because of market conditions.
      He would not comment on whether A and P would make another
  offer to acquire Delchamps.
  

"
test/20900	12	earn	"AMERICAN FRUCTOSE CORP <AFC> 3RD QTR NET
  Shr 38 cts vs 52 cts
      Net 3,980,000 vs 5,524,000
      Revs 37.4 mln vs 44.8 mln
      Nine mths
      Shr 76 cts vs 99 cts
      Net 7,983,000 vs 10.5 mln
      Revs 100.4 mln vs 123.6 mln
      NOTE: 1987 qtr and nine mths includes loss 9,000 dlrs and
  432,000 dlrs, or four cts per share, from repurchase and
  retirment of debt.
  

"
test/20901	0	acq	"GREAT ATLANTIC AND PACIFIC TEA CO SAID IT WITHDREW ITS OFFER TO BUY DELCHAMPS INC

  GREAT ATLANTIC AND PACIFIC TEA CO SAID IT WITHDREW ITS OFFER TO BUY DELCHAMPS INC
  

"
test/20902	43	ship	"ITALY WORRIED AT RISING TENSION AFTER GULF ATTACK
  Italian Prime Minister Giovanni Goria told
  the cabinet on Monday he was worried about the increased
  tension in the Gulf, but said America's retaliation against
  Iran had been limited.
      A statement issued after a cabinet meeting said Goria had
  been informed by the United States that it would take action
  against an Iranian target in the Gulf, but had not known
  beforehand that the action would involve an attack on an oil
  platform.
      ""The prime minister expressed his concern over the possible
  consequences of increased tension in the Gulf, at the same time
  recognizing the limited character of the American military
  reaction to the attacks it has suffered in the past few days,""
  the statement said.
      Goria said Italy's own ships were far from the platform at
  the time of the attack and the fleet had been advised to follow
  events with caution.
      Italy has sent eight ships, including three frigates and
  three minesweepers, to the Gulf to protect Italian merchant
  shipping there.
  

"
test/20904	12	earn	"A.H. BELO CORP <BLC> 3RD QTR NET
  Shr 59 cts vs 27 cts
      Net 6,398,000 vs 2,979,000
      Revs 91.0 mln vs 94.1 mln
      Avg shrs 10.8 mln vs 11.2 mln
      Nine mths
      Shr 1.58 dlrs vs 1.06 dlrs
      Net 17.2 mln vs 12.2 mln
      Revs 279.7 mln vs 289.1 mln
      Avg shrs 10.9 mln vs 11.4 mln
  

"
test/20905	0	acq	"MEDIA GENERAL <MEGA> FAMILY WONT SELL SHARES
  Media General Inc's chairman, D.
  Tennant Bryant, said his family would not sell its controlling
  share block, so it would be impossible for an investor group
  led by <Giant Group Ltd> to gain control of the company.
      The investor group, which includes Barris Industries
  <BRRS.O>, recently reported that it acquired a 9.8 pct stake of
  Media General's class A shares and might seek control.
      Bryant said the company's class A stock elects only 30 pct
  of the board, with the remaining 70 pct being elected by class
  B shares, two-thirds of which are controlled by the Bryant
  family trust, which has no intention of selling its shares.
  

"
test/20907	32	money-fx	"BONN CONFIDENT OF MAINTAINING CURRENCY STABILITY
  U.S. Treasury Secretary James Baker met West
  German Finance Minister Gerhard Stoltenberg and Bundesbank
  President Karl Otto Poehl in Frankfurt on Monday, a Bonn
  Finance Ministry spokesman said.
      After the meeting the spokesman quoted Stoltenberg as
  saying he was confident that foreign currencies could be
  stabilised at around current levels.
      The meeting came after Baker criticised West Germany for
  increasing short-term money market interest rates. He had said
  the rise was not in line with the spirit of the Louvre accord
  aimed at stabilizing the U.S. dollar last February.
      The meeting had been arranged last week, the spokesman
  said. Baker, Stoltenberg and Poehl had agreed to pursue the
  policies agreed under the Louvre pact with reference to
  currency stability and monetary policy.
      Earlier on Monday the Bundesbnak injected liquidity into
  the West German money market in a move which money market
  dealers interpreted as an attempt by the West German monetary
  authority to curb interest rate rises.
      The spokesman described Monday's talks, which he called
  private, as very positive.
  

"
test/20909	10	crude	"IRAN FOREIGN MINISTER TELLS CUBA OF GULF SITUATION
  Iranian foreign minister ali akbar
  velayati, here on a two-day official visit, informed cuban
  foreign ministry officials on monday on the tense situation in
  the gulf, diplomatic sources said.
      They said the envoy's trip, to be followed from tuesday by
  a visit to nicaragua, could be linked to a possible mediation
  of the non-aligned movement in the seven-year-old iran-iraq war
  but they ruled out any prominent cuban role in it.
      Velayati could not be reached for comment on the U.S.
  Attack on an abandoned iranian oil rig on monday which tehran
  vowed to avenge.
  

"
test/20910	12	earn	"CLEVELAND-CLIFFS INC <CLF> 3RD QTR NET
  Shr loss nine cts vs loss 1.03 dlrs
      Net profit 100,000 vs loss 11.6 mln
      Revs 125.2 mln vs 71.8 mln
      Nine mths
      Shr loss 2.46 dlrs vs loss 98 cts
      Net loss 26.9 mln vs loss 8.5 mln
      Revs 355.4 mln vs 215.6 mln
      NOTE: 1987 qtr includes loss 5.9 mln dlrs non-recurring
  after-tax charges due almost entirely to the company's recent
  buyout of its Tilden Mine debt obligations.
    
      1987 nine mths includes loss 23.7 mln dlrs pre-tax charge
  to reduce the carrying value of the company's 17 land drilling
  rigs.
      1987 nine mths includes pre-tax gain 1.2 mln dlrs on sale
  of uranium reserves.
      1986 nine mths includes pre-tax gain 20.6 mln dlrs on sale
  of iron ore interest in western Australia.
  

"
test/20913	12	earn	"CADE INDUSTRIES INC <CADE.O> 3RD QTR NET
  Shr three cts vs two cts
      Net 456,000 vs 272,000
      Sales 15 mln vs 14.4 mln
      Nine mths
      Shr six cts vs 23 cts
      Net 992,000 vs 3,812,000
      Sales 41.1 mln vs 45.4 mln
      Order backlog 46 mln vs 24.3 mln
      Note: 1986 figures include a gain of 2.9 mln dlr or 17 cts
  a share from life insurance proceeds.
  

"
test/20915	12	earn	"ABITIBI-PRICE INC <AIB.TO> 3RD QTR OPER NET
  Oper shr 45 cts vs 42 cts
      Oper net 33.0 mln vs 31.1 mln
      Revs 749.8 mln vs 716.5 mln
      Nine mths
      Oper shr 1.23 dlrs vs 1.11 dlrs
      Oper net 91.1 mln vs 81.3 mln
      Revs 2.2 billion vs 2.1 billion
      NOTE: Prior nine mths and qtr excludes loss of 2.3 mln dlrs
  due to discontinued operations.
  

"
test/20917	0	acq	"PARTNERSHIP INCREASES GULL <GLL> HOLDINGS
  Gary Associates LP, which said
  previously it may seek control of Gull Inc, said it increased
  its stake in Gull common stock to 388,900 shares, or 7.7 pct of
  the total outstanding, from a previous figure of approximately
  318,000 shares, or 6.2 pct.
      In a filing with the Securities and Exchange Commission,
  Gary Associates said it made net purchases of 70,900 Gull
  common shares at 15 dlrs to 18.62 dlrs a share.
      Gary Associates made no mention of a possible takeover
  attempt in its report to the SEC.
  

"
test/20918	12	earn	"SIGNET BANKING CORP <SBK> 3RD QTR NET
  Shr 92 cts vs 91 cts
      Net 24.1 mln vs 22.7 mln
      Avg shrs 25.4 mln vs 24.8 mln
      Nine mths
      Shr 20 cts vs 2.58 dlrs
      Net 6,028,000 vs 62.7 mln
      Avg shrs 25.4 mln vs 24.3 mln
      Assets 10.3 billion vs 9.21 billion
      Deposits 7.10 billion vs 6.32 billion
      Loans 6.52 billion vs 5.60 billion
  

"
test/20919	10	crude	"UNOCAL <UCL> RAISES CRUDE OIL POSTED PRICES
  Unocal Corp said it raised its posted
  prices for most U.S. grades of crude oil by 50 cts a barrel,
  effective October 16.
      The move brings the price the company will pay for the U.S.
  benchmark grade, West Texas Intermediate, and West Texas Sour
  to 19 dlrs a barrel.
      The price was last changed September 9, Unocal said.
  

"
test/20920	12	earn	"AMERICAN MANAGEMENT SYSTEMS <AMSY.O> 3RD QTR NET
  Shr 18 cts vs 14 cts
      Net 1,852,000 vs 1,488,000
      Revs 44.7 mln vs 35.9 mln
      Nine mths
      Shr 41 cts vs 34 cts
      Net 4,233,000 vs 3,512,000
      Revs 123.8 mln vs 98.4 mln
      NOTE: Full Name is American Management Systems Inc.
  

"
test/20921	0	acq	"MEDIA GENERAL SAYS GIANT GROUP, AFFILIATES HAVE 9.8 PCT OF CLASS A COMMON STOCK

  MEDIA GENERAL SAYS GIANT GROUP, AFFILIATES HAVE 9.8 PCT OF CLASS A COMMON STOCK
  

"
test/20922	32	money-fx	"DELORS CALLS FOR G-7 MEETING
  European Community Commission
  President Jacques Delors called for a swift convening of a
  meeting of the G-7 countries following the instability in
  today's trading on world money and stock markets.
      He told a press conference here: ""G-7 should meet discreetly
  and quickly.""
      Delors said if the dollar were to fall further against the
  mark to levels around 1.60, the European Monetary System would
  undergo a ""test by fire.""
      Delors said the current problems in the markets had been
  caused by excessive growth in financial trading, excessive
  deregulation and the failure of the fundamentals of the world
  economy to adapt themselves quickly enough to changing
  circumstances.
      He said it was ""profoundly unjust"" to blame it on recent
  increases in West Germany.
  

"
test/20925	32	money-fx	"U.S. TREASURY'S BAKER MEETS WEST GERMAN MINISTER
  U.S. Treasury Secretary James Baker
  met West German Finance Minister Gerhard Stoltenberg and
  Bundesbank President Karl Otto Poehl today in West Germany and
  agreed to support the Louvre pact, the Treasury Department
  said.
      The Treasury described the meeting as ""a very positive,
  private meeting in Frankfurt, West Germany which had been
  agreed upon last week. ""The parties agreed to continue economic
  cooperation under the Louvre agreement and its flexible
  application including cooperation on exchange rate stability
  and monetary policies,"" the Treasury said.
      The Treasury said Baker and Stoltenberg ""are consulting with
  their G-7 colleagues and are confident that this will enable
  them to foster exchange rate stability around current levels.""
      The Louvre pact is an agreement between the Group of Seven
  leading industrial countries including the United States and
  West Germany to promote currency stability.
      Baker was scheduled to visit Scandinavia and Belgium this
  week and the department earlier refused to release details of
  his travel itinerary, citing security considerations.
  

"
test/20926	12	earn	"SCICOM DATA <SCIE.O> 1ST QTR SEPT 30 NET
  Shr 23 cts vs 18 cts
      Net 249,920 vs 194,369
      Revs 3,752,641 vs 3,355,563
      NOTE: Full name is Scicom Data Services Ltd.
  

"
test/20927	12	earn	"<ACC CORP> 3RD QTR NET
  Shr profit three cts vs profit nine cts
      Net profit 102,136 vs profit 307,516
      Revs 8,549,182 vs 8,469,476
      Nine mths
      Shr loss 13 cts vs profit 28 cts
      Net loss 458,823 vs profit 1,014,969
      Revs 25.5 mln vs 24.6 mln
  

"
test/20930	12	earn	"WESTPORT BANCORP <WEBAT.O> 3RD QTR NET
  Shr 19 cts vs 38 cts
      Net 397,000 vs 788,000
      Nine mths
      Shr 80 cts vs 1.19 dlrs
      Net 1,674,000 vs 2,455,000
      NOTE: Company would not provide assets, deposits, and loans
  figures.
  

"
test/20931	12	earn	"GATEWAY FEDERAL SAVINGS <GATW.O> 3RD QTR NET
  Shr 99 cts vs not given
      Net 1,943,000 vs not given
      Nine mths
      Shr 2.35 dlrs vs not given
      Net 4,602,000 vs not given
      NOTE: Full name is Gateway Federal Savings and Loan
  Association. Latest qtr includes a tax credit of 909,000 dlrs
  or 46 cents a share. Latest nine mths includes a tax credit of
  2,330,000 dlrs or 1.19 dlrs. 1986 figures not given as company
  went public on June 2, 1987.
  

"
test/20932	12	earn	"KMW SYSTEMS CORP <KMWS.O> 1ST QTR SEPT 30
  Shr five cts vs eight cts
      Net 100,000 vs 176,000
      Revs 4,027,000 vs 3,649,000
      NOTE: 1986 qtr includes gain 90,000 dlrs, or four cts per
  share, from tax gain.
  

"
test/20936	10	crude	"ARCO <ARC> RAISES CRUDE OIL POSTINGS 50 CTS
  Atlantic Richfield's Arco Oil and Gas Co
  said it increased contract prices for crude oil by 50 cts a
  barrel, effective today.
      Arco said the 50 cts increase brings its posted price for
  West Texas Intermediate, the U.S. benchmark grade, to 19.00
  dlrs a barrel.
      The price of West Texas Sour was increased to 18.10 dlrs.
  Light Louisiana Sweet was raised to 19.35 dlrs.
      The price was last changed on September 30.
  

"
test/20937	12	earn	"POLAROID CORP <PRD> 3RD QTR SEPT 27
  Shr 39 cts vs 39 cts
      Net 24.4 mln vs 23.8 mln
      Revs 425.9 mln vs 396.2 mln
      Nine mths
      Shr 1.23 dlrs vs 1.04 dlrs
      Net 76.3 mln vs 64.1 mln
      Revs 1.26 billion vs 1.12 billion
      NOTE: Net adjusted to account for the recent 2-for-1 split
  of the company's common.
     
      Qtr 1986 includes a seven cts per shr gain due to net
  after-tax foreign currency exchange effect.
  

"
test/20938	12	earn	"MORRISON KNUDSEN CORP <MRN> 3RD QTR LOSS
  Oper shr loss 2.51 dlrs vs profit 94 cts
      Oper net loss 27.2 mln vs profit 10.3 mln
      Revs 464.2 mln vs 504.6 mln
      Nine mths
      Oper shr loss 1.33 dlrs vs profit 2.57 dlrs
      Oper net loss 14.4 mln vs profit 28.2 mln
      Revs 1.41 billion vs 1.55 billion
     
      NOTE: 1987 qtr and nine mths excludes loss 41.1 mln dlrs,
  or 3.79 dlrs per share, and loss 41.8 mln dlrs, or 3.87 dlrs
  per share, respectively, from discontinued real estate
  operations.
      1986 qtr and nine mths include loss 126,000 dlrs, or one
  cent per share, and gain 304,000 dlrs, or three cts per share,
  respectively, from discontinued operations.
  

"
test/20941	32	money-fx	"TREASURY'S BAKER MET WEST GERMANY'S STOLTENBERG TODAY, AGREED TO SUPPORT LOUVRE PACT

  TREASURY'S BAKER MET WEST GERMANY'S STOLTENBERG TODAY, AGREED TO SUPPORT LOUVRE PACT
  

"
test/20943	12	earn	"WESTPORT BANCORP <WEBAT.O> 3RD QTR NET
  Shr 19 cts vs 38 cts
      Net 397,000 vs 788,000
      Nine mths
      Shr 80 cts vs 1.19 dlrs
      Net 1,674,000 vs 2,455,000
      NOTE: Company would not provide assets, deposits, and loans
  figures.
  

"
test/20944	10	crude	"ARCO RAISES CRUDE OIL PRICES 50 CTS BARREL, TODAY, WTI TO 19.00

  ARCO RAISES CRUDE OIL PRICES 50 CTS BARREL, TODAY, WTI TO 19.00
  

"
test/20945	0	acq	"PEPSICO UNIT <PEP> LIFTS <CALNY.O> STAKE
  Taco Bell Corp, a unit of Pepsico Inc,
  said it increased its stake in Calny Inc common stock to
  1,349,884 shares, or 27.9 pct of the total outstanding, from a
  previous figure of approximately 1,230,107 shares, or 25.4 pct.
      In a filing with the Securities and Exchange Commission,
  Taco Bell said it bought 119,867 Calny common shares on October
  15 and 16 at 10.75 dlrs a share.
      No reason was given for the recent purchases.
  

"
test/20946	0	acq	"MACYRO GROUP <MYO.M> BUYS COMPANIES
  Groupe Macyro Inc said it
  agreed to buy two Quebec construction wholesalers, (Nap Dumont
  (1982) Ltd) and (Nap Transport Cie Ltd) for 3.5 mln dlrs.
       Macyro said the two companies operate in the construction
  material, electiricty, plumbing, hardware and locksmithing
  sectors and had sales of 23.5 mln dlrs last year.              
  

"
test/20947	12	earn	"CTS CORP <CTS> 3RD QTR OPER NET
  Oper shr profit 62 cts vs profit seven cts
      Oper net profit 3,492,000 vs profit 401,000
      Revs 62.8 mln vs 62.0 mln
      Nine mths
      Oper shr profit 1.26 dlrs vs loss 42 cts
      Oper net profit 7,131,000 vs loss 2,344,000
      Revs 190.3 mln vs 180.0 mln
      NOTE: 1986 period ended September 28. Results exclude
  extraordinary gain from net loss carryforward of 228,000 dlrs
  or three cts a shr in the 1987 3rd qtr and 1,043,000 dlrs or 18
  cts in the 1987 nine mths. 1986 nine mth results exclude
  earnings from discontinued operations of 7,549,000 dlrs or 1.34
  dlrs.
  

"
test/20948	32	money-fx	"German Finance Ministry confident of maintaining currency stability at around current levels - spokesman

  German Finance Ministry confident of maintaining currency stability at around current levels - spokesman
  

"
test/20949	12	earn	"AMCA INTERNATIONAL <AIL> 3RD QTR LOSS
  Shr loss two cts vs loss 1.79 dlrs
      Net profit 4,959,000 vs loss 56.2 mln
      Revs 290.3 mln vs 245.0 mln
      Nine mths
      Shr loss 75 cts vs loss 1.78 dlrs
      Net loss 9,390,000 vs loss 44.2 mln
      Revs 800.8 mln vs 838.6 mln
      NOTE: Full name is AMCA International Ltd. Results in U.S.
  dlrs. Latest qtr earnings include pension refund of 10 mln
  dlrs, representing loss of two cts per shr after payment of
  preferred dividends.
  

"
test/20954	12	earn	"VALLEY CAPITAL CORP <VCCN.O> 3RD QTR NET
  Shr 1.17 dlrs vs 80 cts
      Net 5,500,000 vs 3,500,000
      Nine months
      Shr 3.30 dlrs vs 2.10 dlrs
      Net 15.1 mln vs 9.2 mln
      Assets 1.6 billion vs 1.4 billion
      Deposits 1.3 billion vs 1.1 billion
      Loans 947.0 mln vs 822.0 mln
  

"
test/20958	32	money-fx	"German Finance Ministry confident of maintaining currency stability at around current levels - spokesman

  German Finance Ministry confident of maintaining currency stability at around current levels - spokesman
  

"
test/20959	10	crude	"U.S. MILITARY LEADER PREDICTS IRANIAN RESPONSE
  William Crowe, chairman of the U.S.
  Joint Chiefs of Staff, predicted Iran will retaliate for the
  U.S. strike against its oil platform though he said Iranian
  options were limited.
      ""They will be determined. They will not be easily deterred,
  and let me stress for you that our commitment there is not
  going to be risk free or casualty free.""
      He said the most likely Iranian response would involve
  terrorism or the laying of mines.
      ""They obviously will look for ways that are probably more in
  line with the 'silent hand' than what they have tried thus far,""
  Crowe told an American Stock Exchange conference.
      He declined comment on a reporter's query whether he
  favored a stronger move against Iran than that ordered by the
  president.
      ""We carried out the operation that was decided upon and we
  carried it out with enthusiasm and I think it was
  professionally and well done,"" Crowe said.
  

"
test/20968	12	earn	"SPECIALTY COMPOSITES CORP <SPCM.O> 3RD QTR NET
  Shr 11 cts vs nine cts
      Net 105,489 vs 88,929
      Revs 2,306,697 vs 2,066,636
      Nine mths
      Shr 17 cts vs 14 cts
      Net 167,960 vs 136,856
      Revs 6,714,468 vs 6,026,343
      NOTE: 1987 qtr and nine mths includes tax gain 64,200 dlrs
  and 102,200 dlrs, respectively. 1986 qtr and nine mths includes
  tax gain 78,000 dlrs and 107,000 dlrs, respectively.
  

"
test/20969	12	earn	"BULCAN CORP <BUL> 3RD QTR NET
  Shr five cts vs seven cts
      Net 80,642 vs 115,222
      Revs 7,833,570 vs 5,739,443
      Nine mths
      Shr five cts vs 1.11 dlrs
      Net 80,773 vs 1,743,828
      Revs 21.6 mln vs 16.3 mln
  

"
test/20972	12	earn	"CHEMED CORP <CHE> 3RD QTR NET
  Primary shr 68 cts vs 65 cts
      Diluted shr 62 cts vs 60 cts
      Net 6,053,000 vs 5,803,000
      Revs 101.4 mln vs 94.8 mln
      Primary avg shrs 8,955,000 vs 8,963,000
      Diluted avg shrs 11,031,000 vs 11,010,000
     
      Nine months
      Primary shr 1.74 dlrs vs 1.83 dlrs
      Diluted shr 1.64 dlrs vs 1.69 dlrs
      Net 15.6 mln vs 16.3 mln
      Revs 291.4 mln vs 266.7 mln
      Primary avg shrs 8,974,000 vs 8,936,000
      Diluted avg shrs 11,053,000 vs 10,994,000
      NOTE: 1986 third qtr results exclude extraordinary 811,000
  dlr gain from termination of a pension plan. 1986 nine month
  results include 1,804,000 dlr gain from June 1986 sale of
  National Sanitary Supply common stock in an initial offering.
  

"
test/20973	12	earn	"WALTHAM CORP <WLBK.O> 3RD QTR NET
  Shr 27 cts vs 21 cts
      Net 988,000 vs 784,000
      Nine mths
      Shr 82 cts
      Net 3,040,000 vs 2,089,000
      Assets 284.2 mln vs 244.0 mln
      Loans 203.7 mln vs 133.5 mln
      Deposits 211.7 mln vs 179.5 mln
      NOTE: 1986 nine mths per share not available because bank
  did not convert to stock form until May 22, 1986.
  

"
test/20974	12	earn	"NATIONAL BANC OF COMMERCE CO <NBCC.O> 3RD QTR
  Shr 41 cts vs 47 cts
      Net 1,002,000 vs 931,000
      Avg shrs 2,452,171 vs 1,975,422
      Nine mths
      Shr 1.23 dlrs vs 1.41 dlrs
      Net 3,014,000 vs 2,776,000
      Avg shrs 2,444,591 vs 1,967,539
  

"
test/20975	12	earn	"EDAC TECHNOLOGIES CORP <EDAC.O> 3RD QTR NET
  Shr three cts vs two cts
      Net 109,000 vs 67,000
      Sales 11.3 mln vs 11.3 mln
      Nine mths
      Shr seven cts vs 99 cts
      Net 221,000 vs 3,213,000
      Sales 30.6 mln vs 35.9 mln
      Order backlog 22.7 mln vs 13.5 mln
      Note: 1986 figures include life insurance proceeds of 2.5
  mln dlr or 78 cts a share.
  

"
test/20976	12	earn	"AUTOTROL CORP <AUTR.O> 3RD QTR NET
  Shr profit 22 cts vs loss 22 cts
      Net profit 430,373 vs loss 433,395
      Sales 7,723,838 vs 6,219,157
      Nine mths
      Shr profit 49 cts vs loss 1.20 dlrs
      Net profit 960,008 vs loss 2,338,286
      Sales 23.2 mln vs 19.9 mln
      NOTE: 1986 data restated to reflect operations discontinued
  in 1986
      1986 earnings exclude loss from discontinued operations of
  319,055 dlrs, or 16 cts a share in the quarter and 906,962
  dlrs, or 46 cts a share for the nine months
  

"
test/20979	12	earn	"19-OCT-1987
  19-OCT-1987

"
test/20982	0	acq	"GULF AND WESTERN <GW> TO ACQUIRE BRITISH COMPANY
  Gulf and Western Inc's publishing unit,
  Simon and Schuster, said it agreed in principle to acquire
  <Woodhead-Faulkner (Publishers) Ltd>, a British-based publisher
  of professional and consumer books, for undisclosed terms.
      Upon completion of the proposed transaction,
  Woodhead-Faulkner will become part of Simon and Schuster's
  International Group, which in the U.K. includes Simon and
  Schuster trade books, and Prentice Hall academic texts.
      Simon and Schuster said that Woodhead-Faulkner will
  continue to publish under that name.
      The company will continue to be under the direction of
  Martin Woodhead, who will report to Henry Hirschberg, president
  of Simon and Schuster's International Group.
      Woodhead-Faulkner, founded in 1972, publishes international
  banking, finance, and investment books.
  

"
test/20983	12	earn	"CNB BANCSHARES INC <CNBE.O> 3RD QTR NET
  Shr 52 cts vs 45 cts
      Net 2,623,000 vs 2,256,000
      Nine mths
      Shr 1.55 dlrs vs 1.45 dlrs
      Net 7,744,000 vs 6,542,000
  

"
test/20984	12	earn	"NATIONAL SANITARY SUPPLY CO <NSSX.O> 3RD QTR
  Shr 16 cts vs 14 cts
      Net 954,000 vs 777,000
      Revs 24.7 mln vs 21.5 mln
      Avg shrs 6,000,000 vs 6,000,000
      Nine mths
      Shr 39 cts vs 34 cts
      Net 2,314,000 vs 1,805,000
      Revs 69.2 mln vs 59.3 mln
      Avg shrs 6,000,000 vs 5,363,000
  

"
test/20988	12	earn	"EASTERN UTILITIES ASSOCIATES 3RD QTR NET
  Shr 86 cts vs 74 cts
      Net 11.1 mln vs 8.6 mln
      Revs 87.7 mln vs 80.5 mln
      Avg shrs 12,857,904 vs 11,578,259
      Nine mths
      Shr 2.61 dlrs vs 2.15 dlrs
      Net 32.6 mln vs vs 24.8 mln
      Revs 269.8 mln vs 257.8 mln
      Avg shrs 12,482,780 vs 11,502,035
      12 mths
      Shr 3.28 dlrs vs 2.80 dlrs
      Net 40.3 mln vs 32.1 mln
      Revs 355.4 mln vs 342.1 mln
      Avg shrs 12,271,220 vs 11,457,028
  

"
test/20989	48	trade	"EC, U.S. PLAN HIGH-LEVEL TRADE TALKS
  The European Community is willing to
  offer limited concessions to the United States on one of two
  major issues which threaten to poison their trade relations
  next year, an EC commission spokesman said.
      He said the offer would be made at a meeting later this
  month between U.S. Trade Representative Clayton Yeutter and EC
  External Relations Commissioner Willy de Clercq.
      EC Farm Commissioner Frans Andriessen told agriculture
  ministers meeting in Luxembourg that the EC is willing to make
  some temporary arrangements to lighten the impact on U.S.
  Exports of an EC plan to ban the sales of meat from animals fed
  with growth hormones, the spokesman said.
      Washington has said it will take trade reprisals if the EC
  proceeds with the ban from January 1 and if European countries
  do not quickly cut back what it sees as unfair subsidies to the
  makers of their Airbus airliner which are harming U.S.
  Manufacturers.
      It claims the hormones ban has no scientific basis and will
  rob it of 130 mln dlrs' worth of exports a year.
      Diplomatic sources said the Yeutter-de Clercq meeting will
  take place in London and will also involve the aerospace
  ministers of France, Britain, West Germany and Spain, the
  countries involved in the Airbus project.
  

"
test/20995	0	acq	"SIMON AND SCHUSTER TO ACQUIRE WOODHEAD-FAULKNER OF THE U.K. FOR UNDISCLOSED TERMS

  SIMON AND SCHUSTER TO ACQUIRE WOODHEAD-FAULKNER OF THE U.K. FOR UNDISCLOSED TERMS
  

"
test/21000	0	acq	"CCR VIDEO<CCCR.O> GETS OFFER ON TAKEOVER TALKS
  CCR Video Corp said it received an
  offer to enter into negotiations for <Intercep Investment Corp>
  of Vancouver, B.C., to acquire a controlling interest in the
  company through a tender offer.
      CCR said the negotiations would determine the terms under
  which the CCR board could support an Intercep tender offer.
      Additional details were not immediately available.
  

"
test/21003	0	acq	"CCR VIDEO SAYST RECEIVED OFFER TO NEGOTIATE A TAKEOVER BY INTERCEP INVESTMENT CORP

  CCR VIDEO SAYST RECEIVED OFFER TO NEGOTIATE A TAKEOVER BY INTERCEP INVESTMENT CORP
  

"
test/21007	0	acq	"BROWN DISC TO BUY RHONE-POULENC <RHON.PA> UNIT
  Brown Disc Products Co
  Inc, a unit fo Genevar Enterprises Inc, said it has purchased
  the ongoing business, trademarks and certain assets of
  Rhone-Poulenc's Brown Disc Manufacturing unit, for undisclosed
  terms.
      Rhone-Poulenc is a French-based chemical company.
      Under the agreement, Rhone-Poulenc will supply magnetic
  tape and media products to Brown Disc Products.
  

"
test/21012	12	earn	"CONSOLIDATED FREIGHTWAYS INC <CNF> 3RD QTR NET
  Shr 43 cts vs 63 cts
      Net 16,362,000 vs 24,325,000
      Revs 589.3 mln vs 549.1 mln
      Nine Mths
      Shr 1.40 dlrs vs 1.73 dlrs
      Net 54,011,000 66,591,000
      Revs 1.68 1.58 billion
  

"
test/21014	12	earn	"ROCHESTER TELEPHONE CORP <RTC> 3RD QTR NET
  Shr 96 cts vs 87 cts
      Net 10.8 mln vs 9,671,000
      Revs 103.9 mln vs 97.5 mln
      Nine mths
      Shr 2.73 dlrs vs 2.62 dlrs
      Net 30.7 mln vs 29.3 mln
      Revs 325.7 mln vs 302.8 mln
  

"
test/21016	12	earn	"SOUTH CAROLINA NATIONAL CORP <SCNC.O> 3RD QTR
  Shr 64 cts vs 55 cts
      Net 14.0 mln vs 11.8 mln
      Nine mths
      Shr 1.83 dlrs vs 1.53 dlrs
      Net 39.7 mln vs 32.7 mln
      Assets 4.65 billion vs 4.53 billion
      Loans 3.24 billion vs 2.92 billion
      Deposits 3.32 billion vs 3.15 billion
  

"
test/21017	12	earn	"MARINE CORP <MCOR.O> 3RD QTR NET
  Shr 30 cts vs 30 cts
      Net 1,804,000 vs 1,800,000
      Nine mths
      Shr 89 cts vs 79 cts
      Net 5,334,00 vs 4,496,000
      NOTE: Earnings per share reflect initial public offering of
  534,750 common shares in March 1986 and 2-for-1 stock splits in
  January and June 1986.
  

"
test/21018	10	crude	"STATOIL AWARDS VESLEFRIKK OIL FIELD CONTRACTS
  Norwegian state oil company Den Norske
  Stats Oljeselskap (Statoil) signed contracts worth a total of
  1.5 billion Norwegian crowns in connection with the development
  of the Veslefrikk oil field, Statoil said.
      Moss Rosenberg Verft of Stavanger has been awarded a
  contract to convert the the drilling platform West Vision to a
  floating production platform. The work is to be completed in
  the summer of 1989.
      Aker Verdal has been awarded a contract for the
  engineering, purchasing and construction of the steel jacket
  for the wellhead platform, also to be completed in 1989,
  Statoil said.
  

"
test/21019	0	acq	"U.K. TREASURY CONFIRMS BP SALE TO GO AHEAD
  The British Treasury confirmed that the
  sale of British Petroleum Co Plc will go ahead as planned,
  despite Monday's stock market crash which forced BP below the
  330p a share set for the 7.2 billion stg issue.
      ""The government are not considering terminating the BP
  offer. The offer has been fully underwritten,"" a Treasury
  spokesman said.
      The issue, which remains open until October 28, was fully
  underwritten last week when the issue price was set.
      BP shares closed down 33p at 317p as the FT-SE 100 share
  index crashed a record 249.6 points, more than 10 pct.
  

"
test/21022	12	earn	"HARMAN INTERNATIONAL <HIII.O> 1ST QTR SEPT 30
  Shr 30 cts vs 26 cts
      Net 2,534,000 vs 1,695,000
      Revs 98.8 mln vs 67.1 mln
      Avg shrs 8,447,000 vs 6,563,000
      NOTE: full name of company is harman international
  industries inc.
  

"
test/21023	32	money-fx	"GERMAN BANKER CALLS FOR SPECIAL MONETARY MEETING
  Finance ministers from major industrial
  nations should hold a special meeting to deal with the U.S.
  Dollar's sharp decline, Helmut Geiger, president of the West
  German savings bank association, said.
      Geiger told Reuters: ""Finance ministers should meet soon to
  take confidence-building measures to limit the damage caused by
  the dollar's fall.""
      Separately, Geiger told Bild newspaper in an interview
  released ahead of publication on Tuesday that the lower dollar,
  which had been artificially talked down by U.S. officials,
  would damage West German exports and cost jobs.
  

"
test/21028	12	earn	"THE BANKING CENTER <TBCX.O> 3RD QTR NET
  Shr 25 cts
      Net 3,081,000 vs 2,063,000
      Nine months
      Shr 86 cts
      Net 10.5 mln vs 6,966,000
      Assets 1.43 billion vs 1.30 billion
      Deposits 912.5 mln vs 875.8 mln
      NOTE: Company converted to a stock savings bank on Aug 13,
  1986.
      1986 results include operations of Realtech Realtors, which
  was acquired in 1986.
      1987 results include operations of Burgdorff Realtors,
  acquired in December 1986; Cornerstone Mortgage Co, acquired in
  July 1987; Centerbank Mortgage Co, acquired in July 1987; and
  Center Capital Corp, formed in August 1987.
  

"
test/21030	0	acq	"CALMAT <CZM> SUES INDUSTRIAL EQUITY
  CalMat Co said it filed suit in Los
  Angeles Superior Court against Industrial Equity (Pacific) Ltd,
  against certain of its affiliates and against Ronald Langley,
  president of Industrial Equity's North American operations.
      The company said its sut charges that Langley
  missapropriated material non-public information acquired in his
  capacity as a CalMat director and used the information for the
  benefit of Industrial Equity.
      According to its more recent amendment to its Schedule 13D,
  Industrial Equity owned about 19.17 pct of CalMat's stock at
  October 14, CalMat said.
      It said Industrial has also stated that it intends to
  pursue a possible business combination in the near future.
  

"
test/21031	48	trade	"REAGAN CALLS FOR VIGILANCE ON CERTAIN EXPORTS
  President Reagan said the Commerce
  Department should be vigilant in preventing the flow of
  strategic technology from reaching the the Soviet Union and
  other communist countries.
      He was speaking at the swearing in of C. William Verity as
  Secretary of the Commerce Department.
      Verity said the U.S. should make certain that militarily
  sensitive high technology does not wind up in communist
  nations. But he also said the U.S. must reduce the list of
  products of a nontechnological nature, thereby allowing
  manufacturers to increase exports and jobs.
  

"
test/21032	12	earn	"WATTS INDUSTRIES INC <WATTA.O> 1ST QTR SEPT 27
  Shr 36 cts vs 27 cts
      Net 4,538,000 vs 3,160,000
      Sales 41.8 mln vs 32.8 mln
      Avg shrs 12.6 mln vs 11.9 mln
  

"
test/21034	12	earn	"MONITERM CORP <MTRM.O> 3RD QTR OPER NET
  Oper shr profit 13 cts vs nil
      Oper net profit 612,806 vs profit 2,363
      Sales 8,317,933 vs 2,823,243
      Nine mths
      Oper shr profit 32 cts vs loss four cts
      Oper net profit 1,464,338 vs loss 161,315
      Sales 20.3 mln vs 8,241,463
      NOTE: 1987 earnings exclude gains from utilization of tax
  loss carryforwards of 321,980 dlrs, or seven cts a share in the
  quarter and 772,285 dlrs, or 17 cts a share for the nine months
  

"
test/21036	12	earn	"ERIE LACKAWANNA INC <ERIE.O> 3RD QTR NET
  Shr 1.32 dlrs vs 1.59 dlrs
      Net 1,217,649 vs 1,471,824
      Total income 1,896,018 vs 2,278,642
      Nine mths
      Shr 4.92 dlrs vs 5.38 dlrs
      Net 4,553,380 vs 4,979,626
      Total income 6,918,266 vs 8,134,313
  

"
test/21037	12	earn	"QUANTUM CORP <QNTM.O> 2ND QTR SEPT 27 NET
  Shr 44 cts vs 30 cts
      Net 4,057,000 vs 2,716,000
      Sales 49.5 mln vs 29.6 mln
      Six Mths
      Shr six cts vs 55 cts
      Net 518,000 vs 5,167,000
      Sales 89.7 mln vs 54.9 mln
  

"
test/21038	12	earn	"TERMIFLEX CORP <TFLX.O> 1ST QTR SEPT 30 NET
  Shr five cts vs seven cts
      Net 64,652 vs 96,157
      Sales 1,205,321 vs 1,499,591
      NOTE: Backlog three mln dlrs vs 2,600,000 as of June 30,
  1987.
  

"
test/21039	0	acq	"DURAKON <DRKN.O> TO MAKE ACQUISITION
  Durakon Industries Inc said it has
  entered into a definitive agreement to acquire DFM Corp, a
  maker of bug and gravel protective shields for trucks and cars,
  for an undisclosed amount of cash and debentures, retroactive
  to September One.
  

"
test/21040	0	acq	"ATLANTIS <AGH> MAY BID FOR CHARTER-CRELLIN<CRTR.O>
  Atlantis Group Inc said it bought
  100,000 shares of Charter-Crellin Inc common stock, or 6.3 pct
  of the total outstanding, and may seek control in a negotiated
  transaction.
      In a filing with the Securities and Exchange Commission,
  Atlantis said it has informally discussed a business
  combination with Charter-Crellin management.
      But the company said it has not held negotiations with
  Charter-Crellin and does not intend to initiate further
  discussions.
      Pending development of specific proposals, Atlantis said it
  will continue to purchase additional Charter-Crellin shares in
  private or open market transactions depending on a range of
  factors including the market price of the stock.
      Atlantis said it bought its Charter-Crellin common stock in
  open market transactions between September 22 and October 7 at
  14.91 dlrs to 15.62 dlrs a share, or for a total of about 1.51
  mln dlrs.
  

"
test/21041	0	acq	"ALLWASTE <ALWS.O> TO MAKE ACQUISITION
  Allwaste Inc said it has agreed in
  principle to acquire a privately-held firm that performs
  interior cleaning services for tank-trailers for 1,300,000
  common shares.
      It said the firm, which it did not name, earned about
  1,500,000 dlrs pretax for the first nine mons of 1987.
      The company said closing is expected by October 31.
  

"
test/21042	12	earn	"TRAVELERS REAL ESTATE <TRAT.O> 3RD QTR NET
  Shr 18 cts vs 27 cts
      Net 444,387 vs 676,593
      Revs 549,437 vs 764,901
      Nine mths
      Shr 67 cts vs 81 cts
      Net 1,690,670 vs 2,031,937
      Revs 1,986,938 vs 2,302,278
      NOTE: Full name is Travelers Real Estate Investment Trust
  

"
test/21044	12	earn	"NEW YORK TIMES CO <NYT> 3RD QTR NET
  Shr 40 cts vs 33 cts
      Net 32.6 mln vs 26.7 mln
      Revs 406.5 mln vs 370.1 mln
      Nine months
      Shr 1.44 dlrs vs 1.20 dls
      Net 117.8 mln vs 97.5 mln
      Revs 1.2 billion vs 1.1 billion
  

"
test/21045	12	earn	"SAFEGUARD HEALTH <SFGD.O> 3RD QTR NET
  Shr 11 cts vs five cts
      Net 806,000 vs 384,000
      Revs 18.0 mln vs 15.6 mln
      Nine Mths
      Shr 28 cts vs 17 cts
      Net 2,105,000 vs 1,320,000
      Revs 51.9 mln vs 46.1 mln
      Note: Full name Safeguard Health Enterprises Inc.
  

"
test/21046	0	acq	"HENLEY <HENG.O> ENDS TALKS WITH SANTE FE
  Henley Group Inc said it ended
  talks with Sante Fe Southern Pacific Corp concerning the
  possible acquisition of Sante Fe's Southern Pacific
  Transportation Co subsidiary.
      The company also said it is reviewing its investment in
  Santa Fe Southern Pacific in light of Sante Fe's announcement
  that it recieved several bids ranging from 750 mln dlrs to more
  than one billion dlrs for its Southern Pafific Transportation
  subsidiary.
     
      Henley said it held discussions with Sante Fe concerning
  the acquisition by Henley of Bankers Leasing and Financial Corp
  and certain Sante Fe transportation and real estate assets.
      Henley said it began talks with Sante Fe after it announced
  its restructuring program in August 1987.
      As previously disclosed, Henley made necessary filings
  under the Hart-Scott-Rodino Antitrust Improvement Acts to
  permit Henley to increase its investment in Sante Fe to 24.9
  pct of the outstanding common stock from 5.03 pct.
     
      Henley said that depending on prevailing conditions,
  including price and availability of Sante Fe stock, substantial
  developments affecting Sante Fe, other investment and business
  opportunities available to Henley, Henley may additional Sante
  Fe shares, or sell all or part of its investment in Sante Fe.
  

"
test/21047	12	earn	"MERCURY SAVINGS AND LOAN <MSL> 3RD QTR LOSS
  Shr loss 39 cts vs profit 44 cts
      Net loss 2,169,000 vs profit 2,417,000
      Nine Mths
      Shr profit 56 cts vs profit 1.68 dlrs
      Net profit 3,111,000 vs profit 9,317,000
      Note: Full name Mercury Savings and Loan Association
  '
  

"
test/21049	12	earn	"BURNHAM SERVICE CORP <BSCO.O> 3RD QTR NET
  Shr 45 cts vs 36 cts
      Net 2,554,000 vs 1,954,000
      Revs 44.4 mln vs 32.5 mln
      Nine mths
      Shr 1.00 dlrs vs 75 cts
      Net 5,461,000 vs 3,756,000
      Revs 109.5 mln vs 89.9 mln
  

"
test/21050	0	acq	"TEXAS AMERICAN BANCSHARES <TXA> TO SELL UNIT
  Texas American Bancshares Inc
  said it agreed to sell its Texas American Bank/Levelland unit
  to <First American Bancorp Inc> for about 12 mln dlrs in cash.
      Texas American said regulatory approval ofthe transaction
  is expected in December, and the sale will close shortly
  thereafter.
      Once the sale is completed, the unit's name will change to
  First American Bank of Texas. The unit reported total assets of
  196.7 mln dlrs on Juen 30, 1987.
  

"
test/21051	0	acq	"SUPERMARKETS GENERAL <SGL> SELLS 11 DRUG STORES
  Supermarkets General Corp said it
  agreed to sell 11 super drug stores to <F and M Distributors>.
      The nine existing and two unopened stores are located in
  Maryland, Virginia and upstate New York and are operated under
  the Pathmark Super Drug trade name, the company said.
      Terms of the transaction were not disclosed.
      The nine existing stores generated approximately 34.8 mln
  dlrs of Supermarkets General's total sales of 2.9 billion
  during the six-month period ended Aug One, 1987.
      F and M Distributors operates 42 discount drug stores in
  Michigan, Ohio, Illinois, Indiana and Wisconsin.
  

"
test/21053	12	earn	"ERC INTERNATIONAL INC <ERC> 3RD QTR NET
  Shr 31 cts vs nine cts
      Net 1,345,000 vs 368,000
      Revs 31.9 mln vs 26.4 mln
      Nine mths
      Shr 91 cts vs 40 cts
      Net 3,890,000 vs 3,556,000
      Revs 89.3 mln vs 71.7 mln
      NOTE: 1986 qtr and nine mths include loss 831,000 dlrs, or
  19 cts per share, and loss 1,872,000 dlrs, or 44 cts per share,
  respectively, from discontinued operations.
  

"
test/21055	12	earn	"PAINEWEBBER GROUP INC <PWG> 3RD QTR NET
  Shr 44 cts vs 71 cts
      Net 14.8 mln vs 21.1 mln
      Revs 628.6 mln vs 605.6 mln
      Avg shrs 30,743,000 vs 26,969,000
      Nine mths
      Shr 2.01 dlrs vs 1.93 dlrs
      Net 65.0 mln vs 57.4 mln
      Revs 1.89 billion vs 1.81 billion
      Avg shrs 30,782,000 vs 26,619,000
  

"
test/21058	10	crude	"19-OCT-1987
  19-OCT-1987

"
test/21059	0	acq	"ATLANTIS GROUP TELLS SEC IT SEEKS NEGOTIATED PURCHASE OF CHARTER-CRELLIN

  ATLANTIS GROUP TELLS SEC IT SEEKS NEGOTIATED PURCHASE OF CHARTER-CRELLIN
  

"
test/21060	0	acq	"DYNASCAN <DYNA.O> COMPLETES MANAGEMENT BUYOUT
  Dynascan Corp said it completed the sale
  of its industrial electronic products group and expects to 
  recognize about a 3.0 mln dlr pretax gain on the transaction in
  the fourth quarter.
      It said the group was sold October 15 for 13.5 mln dlrs to
  Maxtec International Corp, a privately held company created by
  the company's management team.
      It said the purchase price was 12 mln dlrs in cash and 1.5
  mln dlrs in five-year notes plus warrants to buy 7.0 pct of the
  stock of Maxtec.
      Dynascan said the group was projected to provide about 12
  pct of its consolidated sales in 1987.
  

"
test/21061	0	acq	"HENLEY GROUP REVIEWING INVESTMENT IN SANTA FE SOUTHERN PACIFIC

  HENLEY GROUP REVIEWING INVESTMENT IN SANTA FE SOUTHERN PACIFIC
  

"
test/21063	0	acq	"HENLEY GROUP SAID IT ENDED TALKS ON BUYING SOUTHERN PACIFIC FROM SANTA FE SOUTHERN 

  HENLEY GROUP SAID IT ENDED TALKS ON BUYING SOUTHERN PACIFIC FROM SANTA FE SOUTHERN 
  

"
test/21065	0	acq	"RENTA INMOBILIARIA SEEKS CANNON GROUP <CAN> ASSETS
  Spanish property firm <Renta Inmobiliaria
  SA> is negotiating to buy the property assets of U.S. media
  company Cannon Group Inc <CAN>, Renta's finance director Jose
  Luis Sanchez said.
      Sanchez told Reuters that Renta's chairman Juan Antonio
  Robles was currently in the U.S. to negotiate the deal but
  declined to give other details.
      Interpart, a Luxembourg-based holding company chaired by
  Italian financier Giancarlo Paretti, payed around 12.2 billion
  pesetas in July to acquire a 63.5 pct stake in Renta
  Inmobiliaria.
      The Spanish daily newspaper El Pais said the Cannon
  property assets sought by Renta included the Elstree film
  studios in Britain and a chain of movie-theaters in Europe and
  the U.S.
  

"
test/21067	10	crude	"SOUTHLAND <SLC> UNIT RAISES CRUDE OIL PRICES
  Citgo Petroleum Corp, a subsidiary of
  Southland Corp, said it raised the contract price it will pay
  for all grades of crude oil by 50 cts a barrel, effective Oct
  16
      The increase brings Citgo's postings for the West Texas
  Intermediate and West Texas Sour grades to 19.00 dlrs/barrel,
  while Light Louisiana SWeet is now priced at 19.35 dlrs.
      Citgo last changed it crude oil postings on Sept 9.
  

"
test/21071	0	acq	"GROUP SELLS MOST OF STAKE IN CCX INC <CCX>
  A shareholder group including Far
  Hills, N.J. attorney Natalie Koether said it reduced its stake
  in CCX Inc common stock to 10,000 shares, or less than one pct
  of the company's common stock outstanding, from a previous
  stake of about ten pct.
      In a filing with the Securities and Exchange Commission,
  the group said it sold 380,000 CCX common shares on October 15
  at four dlrs a share.
      The group gave no reason for the sales.
  

"
test/21073	0	acq	"ORION <OC> HAS 5.2 PCT TWIN DISC <TDI> STAKE
  Orion Capital Corp said it acquired
  163,000 shares of Twin Disc Inc common stock, or 5.2 pct of the
  company's common stock outstanding.
      In a filing with the Securities and Exchange Commission,
  Orion Capital said the stock represents ""a favorable investment
  opportunity at current market prices.""
      In open market transactions between August 21 and October
  16, an Orion Capital subsidiary bought 56,200 Twin Disc common
  shares at 21.06 dlrs to 22.43 dlrs a share. The entire 5.2 pct
  stake was purchased at a cost of 3.2 mln dlrs, Orion Capital
  told the SEC.
  

"
test/21076	10	crude	"VENEZUELA SEES OIL STABILITY DESPITE GULF ATTACK
  Venezuelan Energy Minister Arturo
  Hernandez Grisanti said he foresaw market stability in the
  price of crude, despite growing tension in the Gulf augmented
  by the U.S. military attack on an Iranian oil platform.
      He told a news conference the market continues to be stable
  despite all the military action in the Gulf.
  

"
test/21077	12	earn	"<EUROPEAN AMERICAN BANCORP> 3RD QTR NET
  Net 13,185,000 vs 6,715,000
      Nine mths
      Net 26.2 mln vs 15.3 mln
      NOTE: Company is owned by a consortium of European banks.
  

"
test/21078	0	acq	"NORTHEAST SAVINGS <NSB> ADOPTS RIGHTS PLAN
  Northeast Savings F.A. said its
  board adopted a shareholder rights plan designed to protect the
  company from coercive takeover tactics and bids not fair to all
  sharholders.
      Under the plan, the board declared a dividend of one share
  purchase right for each of the Northeast common shares held of
  record as of November two, the company said.
      Initially, the rights are not exerciseable, rights
  certificates are not distributed, and the rights automatically
  trade with Northeast's shares, the company said.
      However, 20 days following the acquisition of 20 pct or
  more of Northeast's common shares shares or 20 days following
  the commencement of a tender offer for 30 pct or more of
  Northeast's shares, the rights will become exerciseable and
  separate rights certificates will be distributed, the company
  said.
      The rights will entitle holders of Northeast's common
  shares to purchase additional shares at an exercise price of 60
  dlrs a share, the company said.
      The company said that in the event of certain triggering
  events described in the rights plan, holders of the rights,
  other than an acquiring person, will be entitled to acquire
  Northeast's common shares having a market value of twice the
  then-current exercise price of the rights. Also, in the event
  Northeast enters into certain business combination
  transactions, holders of the rights will be provided a right to
  acquire equity securities of the acquiring entity having a
  market value of twice the then-current exercise price of the
  rights, the company said. Northeast said it will be entitled to
  redeem the rights at one cent per right until the occurence of
  certain events.
  

"
test/21081	12	earn	"KAUFEL GROUP LTD (KFL.TO) 4TH QTR AUG 31 NET
  Shr 17 cts vs 13 cts
       Net 2.1 mln vs 1.03 mln
       Revs 15.6 mln vs 12 mln
       Nine mths
       Shr 58 cts vs 37 cts
       Net 6.9 mln vs 3.7 mln
       Revs 56.2 mln vs 27.5 mln
       Avg shrs 11.9 mln vs 10.0 mln
  

"
test/21082	0	acq	"19-OCT-1987
  19-OCT-1987

"
test/21093	0	acq	"CCR VIDEO <CCCR.O> IN TALKS ON BEING ACQUIRED
  CCR Video Corp said it has received
  an offer to enter into negotiations for <Intercep Investment
  Corp> to acquire a controlling interest through a tender offer.
      The company said ""The negotiations would determine the
  terms under which the CCR board of directors could support the
  INTERCEP tender offer.""
      It gave no further details.
  

"
test/21095	12	earn	"FIRST BOSTON INC <FBC> 3RD QTR NET
  Shr primary 1.15 dlrs vs 76 cts
      Shr fully diluted 1.15 dlrs vs 76 cts
      Net 40.8 mln vs 27.1 mln
      Revs 369.6 mln vs 263.2 mln
      Nine mths
      Shr primary 2.95 dlrs vs 3.44 dlrs
      Shr fully diluted 2.95 dlrs vs 3.33 dlrs
      Net 103.8 mln vs 119.0 mln
      Revs 1.06 billion vs 897.8 mln
  

"
test/21096	2	bop	"ITALY SHOWS SEPTEMBER OVERALL PAYMENTS SURPLUS
  Italy's overall balance of payments showed a
  919 billion lire surplus in September against a deficit of
  1,026 billion in August, provisional Bank of Italy figures
  showed.
      The September surplus compared with a shortfall of 1,697
  billion lire in September 1986. For the first nine months of
  1987, the overall balance of payments showed a deficit of 1,921
  billion lire against a 1,725 billion deficit in the same 1986
  period.
      The central bank said Italy's one billion dlr Eurobond
  launched last month contributed to September's surplus.
  

"
test/21097	0	acq	"WILLIS FABER NOT SELLING MORGAN GRENFELL STAKE
  <Willis Faber Plc> said its 20.8 pct
  holding in stockbrokers Morgan Grenfell Group Plc <MGFL.L> was
  not up for sale.
      The insurance broker issued a statement in reply to recent
  press speculation which it said was in part ""inaccurate and
  undesirable.""
      ""Willis Faber has not received any offers for its stake in
  Morgan Grenfell,"" it said, adding that an offer would have to be
  considered on its merits.
      ""Willis Faber's stake in Morgan Grenfell has been a very
  successful investment,"" it said.
  

"
test/21100	12	earn	"TRAVELERS REALTY INCOME <TRIIS.O> 3RD QTR NET
  Shr 22 cts vs 57 cts
      Net 504,808 vs 1,281,781
      Revs 633,119 vs 1,396,703
      Nine mths
      Shr 87 cts vs 1.32 dlrs
      Net 1,959,385 vs 2,986,379
      Revs 2,342,322 vs 3,346,555
      NOTE: Full name of trust is Travelers Realty Income
  Investors
  

"
test/21103	12	earn	"SOCIETY FOR SAVINGS BANCORP <SOCS.O> 3RD QTR
  Shr 75 cts vs 55 cts
      Net 8,031,000 vs 5,819,000
      Nine mths
      Shr 2.16 dlrs vs 1.42 dlrs
      Net 23.2 mln vs 15.1 mln
      Assets 3.41 billion vs 2.84 billion
      Deposits 2.54 billion vs 2.19 billion
      NOTE: 1987 nine mths includes gain 1,008,000 dlrs, or nine
  cts per share, from utilization of prior year's net operating
  loss carryforwards.
     
      NOTE: 1986 qtr and nine mths include loss 131,000 dlrs, or
  one cent per share, from unspecified extraordinary item.
      1986 qtr and nine mths includes gain 2,281,000 dlrs, or 22
  cts per share, and 6,393,000 dlrs, or 60 cts per share,
  respectively, from utilization of net operating loss
  carryforwards.
      full name of company is society for savings bancorp inc.
  

"
test/21105	12	earn	"PROGRESSIVE BANK INC <PSBK.O> 3RD QTR NET
  Shr 88 cts vs 73 cts
      Net 2,580,000 vs 2,147,000
      Nine mths
      Shr 2.48 dlrs vs 2.33 dlrs
      Net 7,266,000 vs 5,948,000
  

"
test/21106	12	earn	"WASHINGTON WATER POWER <WWP> 3RD QTR LOSS
  Shr loss 12 cts vs profit two cts
      Net loss 2,669,000 vs profit 528,000
      Revs 79.8 mln vs 74.9 mln
      Nine mths
      Shr profit 64 cts vs profit 1.63 dlrs
      Net profit 14.3 mln vs profit 35.7 mln
      Revs 280.0 mln vs 288.8 mln
  

"
test/21109	12	earn	"BELLSOUTH CORP <BLS> 3RD QTR NET
  Shr 87 cts vs 84 cts
      Net 418.6 mln vs 399.2 mln
      Revs 3.12 billion vs 2.89 billion
      Nine mths
      Shr 2.61 dlrs vs 2.62 dlrs
      Net 1.25 billion vs 1.23 billion
      Revs 9.10 billion vs 8.62 billion
      Avg shrs 481.4 mln vs 473.6 mln
      NOTE: Share adjusted for three-for-two stock split in
  February 1987.
  

"
test/21112	12	earn	"RTE CORP <RTE> 3RD QTR NET
  Shr profit 55 cts vs loss 12 cts
      Net profit 3,998,000 vs loss 915,000
      Sales 93.8 mln vs 80.9 mln
      Nine mths
      Shr profit 1.71 dlrs vs profit 95 cts
      Net profit 12,641,000 vs profit 7,282,000
      Sales 260.9 mln vs 249 mln
      Note: 1986 figures include a five mln dlr or 65 cts a share
  charge for electronics restructuring and 1.7 mln dlr charge
  from early retirement of 12 mln dlrs in long-term notes
  

"
test/21113	12	earn	"COMERICA INC <CMCA.O> 3RD QTR NET
  Shr 2.17 dlrs vs 1.42 dlrs
      Net 24,907,000 vs 16,117,000
      Nine mths
      Shr 4.05 dlrs vs 3.75 dlrs
      Net 47,105,000 vs 42,874,000
      Assets 9.66 billion vs 9.25 billion
      Deposits 8.06 billion vs 7.80 billion
      Loans 842.5 mln vs 711.1 mln
  

"
test/21114	12	earn	"ST. JOSEPH LIGHT <SAJ> 3RD QTR NET
  Shr 84 cts vs 86 cts
      Net 3,893,000 vs 4,054,000
      Revs 21.0 mln vs 21.2 mln
      Nine Mths
      Shr 1.88 dlrs vs 1.87 dlrs
      Net 8,707,000 vs 8,848,000
      Revs 57.9 mln vs 59.1 mln
      NOTE: 1986 per share adjusted for three for two stock split
  effective June 1, 1987.
      St. Joseph Light and Power Co is full name of company.
  

"
test/21117	12	earn	"TRW INC <TRW> 3RD QTR NET
  Shr 1.04 dlrs vs 67 cts
      Shr diluted 1.01 dlrs vs 66 cts
      Net 63.2 mln vs 40.5 mln
      Sales 1.70 billion vs 1.43 billion
      Nine mths
      Shr 2.91 dlrs vs 2.88 dlrs
      Shr diluted 2.85 dlrs vs 2.82 dlrs
      Net 176.5 mln vs 172.7 mln
      Sales 5.08 billion vs 4.49 billion
      Avg shrs 60.3 mln vs 59.6 mln 
      Avg shrs diluted 62.0 mln vs 61.3 mln
  

"
test/21122	32	money-fx	"BALLADUR URGES G-7 TO RESPECT LOUVRE ACCORD
  French Finance Minister Edouard Balladur
  said the Group of Seven (G-7) industrial countries should
  respect pledges on monetary policy made in the February Louvre
  accord on currency stability.
      ""We have to strengthen the cooperation between the seven
  major industrial countries and remind ourselves of the pledges
  we made at the Louvre,"" he told journalists.
      ""They were not simply pledges to maintain currency
  stability, but also to conduct a certain type of economic and
  monetary policy,"" he added.
  

"
test/21123	17	grain	"SOVIET 1988 GRAIN TARGET INDICATES 1987 OUTPUT
  Recent announcements from Moscow of
  next year's grain production targets indicate that the Soviets
  are estimating this year's grain crop at 205 to 213 mln tonnes,
  Agriculture Department analysts said.
      USDA is projecting the Soviet crop at 210 mln tonnes, but
  some earlier estimates from Soviet officials were that the 1987
  grain crop could match the 1978 record of 237 mln tonnes.
      Moscow outlined its economic targets for 1988 on Monday,
  putting the grain harvest goal at 235 mln tonnes. An analyst of
  Soviet agriculture at USDA noted that a recent article in
  Izvestia said Soviet grain production in 1988 is planned to be
  ""25 to 30 mln tonnes more than expected this year.""
      ""This indicates that their own estimate is for a 205 to 213
  mln tonne (grain) crop,"" the analyst said.
     
      In calculating Moscow's crop estimate, USDA used the 235
  mln tonne production goal, as well as a 238 mln tonne figure
  published in a Soviet economic journal this month.
      USDA's production estimate of 210 mln tonnes reflects a
  range of 207 to 212 mln tonnes, a USDA source said.
      Late season rains damaged Soviet crops, slowed harvest
  progress and lowered Soviet production, analysts said.
      While in the U.S. earlier this month, Soviet agriculture
  official Viktor Nikonov predicted that the grain crop would be
  as good or better than last year's 210 mln tonne harvest.
      A member of Nikonov's party commented that although 230 mln
  tonnes of grain were in the fields, harvest problems would
  bring the final crop down to around 210 mln tonnes.
  

"
test/21124	22	interest	"CANADA 750 MLN DLR T-BILL ISSUE YIELD AVERAGE 8.60 PCT - OFFICIAL           

  CANADA 750 MLN DLR T-BILL ISSUE YIELD AVERAGE 8.60 PCT - OFFICIAL           
  

"
test/21128	32	money-fx	"FED'S JOHNSON SAYS LOUVRE ACCORD STILL VITAL
  Federal Reserve Board Vice Chairman
  Manuel Johnson said the Louvre Accord is still healthy, but
  said the United States and West Germany must work out
  differences over their respective roles in fulfilling the
  accord.
      ""The Louvre Accord has worked very well in terms of
  stabilizing exchange rates,"" he said in response to a question
  during an American Stock Exchange conference here.
      He said exchange rates have been stable so far in 1987 as a
  result of the accord.
  

"
test/21129	0	acq	"M.A. HANNA CO <HNM> TO ACQURE <PMS CONSOLIDATED>
  M.A. Hanna Co said it has reached 
  definitive agreement to purchase PMS Consolidated, a privately
  owned manufacturer of colorants for the plastics industry.
      M.A. Hanna said the purchase, which is subject to certain
  conditions, is scheduled to close around the end of October.
  Hanna announced last August that it was in negotiaitons to
  purchase the company.
      Headquartered in Somerset, N.J., PMS reported over 70 mln
  dlrs in revenues in its last fiscal year, which ended May 1987.
  

"
test/21130	8	cpi	"FED'S JOHNSON SEES EASING OF INFLATIONARY FEARS
  Federal Reserve Board Vice-Chairman
  Manuel Johnson said the inflationary expectations in the
  financial markets have eased since the Fed's last half-point
  increase in its discount rate to 6.0 pct.
      ""We have seen the kind of expectational forces develop I
  think that we've been satisfied with since our last discount
  rate move,"" Johnson said.
      Fed Chairman Alan Greenspan has said the most recent
  discount rate increase on September 4 was largely aimed at
  quelling inflationary fears in financial markets which he said
  were largely unfounded.
  

"
test/21131	10	crude	"AMPLE SUPPLIES LIMIT U.S. STRIKE'S OIL PRICE IMPACT
  Ample supplies of OPEC crude weighing on
  world markets helped limit and then reverse oil price gains
  that followed the U.S. Strike on an Iranian oil platform in the
  Gulf earlier on Monday, analysts said.
      December loading rose to 19.65 dlrs, up 45 cents before
  falling to around 19.05/15 later, unchanged from last Friday.
      ""Fundamentals are awful,"" said Philip Lambert, analyst with
  stockbrokers Kleinwort Grieveson, adding that total OPEC
  production in the first week of October could be above 18.5 mln
  bpd, little changed from September levels.
      Peter Nicol, analyst at Chase Manhattan Bank, said OPEC
  production could be about 18.5-19.0 mln in October. Reuter and
  International Energy Agency (IEA) estimates put OPEC September
  production at 18.5 mln bpd.
      The U.S. Attack was in retaliation of last Friday's hit of
  a Kuwaiti oil products tanker flying the U.S. Flag, the Sea
  Isle City. It was struck by a missile, believed to be Iranian,
  in Kuwaiti waters, and was the first hit on a U.S. Flag
  commercial vessel in the seven year Iran/Iraq war.
      The U.S. Owned Liberian flag tanker Sungari was hit in the
  area on Thursday, also believed struck by an Iranian missile.
      Refiners were not significant purchasers of physical oil on
  Monday as a result increased Gulf tension following the U.S.
  Attack, analysts said.
      They said a closure of the Strait of Hormuz, through which
  around eight mln bpd passes, isnlikely because it is not in
  the interests of the U.S. Or Iran, they said.
      Any threat to oil supplies would stem from an increase in
  the number of tanker attacks as part of a widening of Gulf
  hostilities, analysts said.
      But they saw the U.S. Strike as a limited reply to Iranian
  missile attacks, with some describing it as responsible.
      Geoffrey Pyne, analyst at stockbrokers Phillips and Drew,
  said he was impressed by the sensible U.S. Response.
      ""The U.S. Has thought carefully about what would correspond
  to Iranian agression. They have proved to the Iranians that any
  further action will be met with a like-for-like response.
  Today's action by the U.S. Was not escalatory,"" Pyne said.
      Kleinwort Grieveson's Lambert said the U.S. Strike was ""a
  responsible retaliation,"" with the U.S. Apparently indicating to
  Iran that it could increase the severity of its attacksf Iran
  chose to raise the level of conflict.
      Chase Manhattan's Nicol took a different view, however.
      He said he was unable to see what the U.S. Had achieved as
  Arab states such as Kuwait and Saudi Arabia, whose interests
  the U.S. Is supposedly defending, will feel less secure as a
  result of the U.S. Attack and fear some sort of Iranian
  retaliation.
      The initial upward market move this morning reflected a
  strong speculative reaction to rumours of a U.S. Attack which
  was thought at one stage to have been against Iranian missile
  launchers on the Faw Peninsula, close to Kuwait, analysts said.
      The later downtrend followed confirmation of a U.S. Navy
  attack on an Iranian oil platform by the U.S. Defence Secretary
  Caspar Weinburger.
      Market operators were able to evaluate the situation in the
  Gulf on the basis of confirmed fact, and finding it less
  serious than first thought, took profits, taking prices lower,
  analysts and traders said.
  

"
test/21132	12	earn	"<TOTAL RESEARCH CORP> FISCAL 1987 NET
  June 30 end
      Shr 0.3 ct vs four cts
      Net 18,463 vs 174,486
      Revs 5,074,686 vs 4,181,978
      Avg shrs 5,624,041 vs 4,860,000
  

"
test/21133	0	acq	"COMMUNICATIONS AND CABLE <CCAB.O> BUYS STAKE
  Communications and Cable
  Inc said it acquired about 21 pct of the outstanding shares of
  Imnet Corp, a privately owned company that designs, makes and
  services proprietary image storage and retrieval systems. Terms
  were not disclosed.
  

"
test/21134	0	acq	"BALTEK <BTEK.O> BUYS ECUADORIAN PLANT
  Baltek Corp said it has acquired
  a shrimp packing plant in Ecuador for undisclosed terms.
      The company said the acquisition will result in a tripling
  of its Ecuadorian shrimp sales to about three mln pounds
  annually by 1988.
  

"
test/21135	12	earn	"GENDEX CORP <XRAY.O> 2ND QTR SEPT 30 NET
  Shr nine cts vs six cts
      Net 242,000 vs 135,000
      Sales 4,003,000 vs 2,968,000
      Six Mths
      Shr 17 cts vs 14 cts
      Net 414,000 vs 297,000
      Sales 7,54,000 vs 5,912,000
      Avg shrs 2.4 mln vs 2.1 mln
      NOTE: 1986 net includes tax credits equal to one cent in
  the quarter and two cts in the six months.
  

"
test/21136	12	earn	"BEN AND JERRY'S HOMEMADE INC <BJIC.O> EIGHT MTHS
  Shr 42 cts vs 32 cts
      Net 1,076,572 vs 826,939
      Sales 20.5 mln vs 12.5 mln
      NOTE: Company released results in connection with filing
  for Class A common stock offering.
  

"
test/21138	32	money-fx	"BALLADUR URGES G-7 TO RESPECT LOUVRE ACCORD
  French Finance Minister Edouard Balladur
  said the Group of Seven (G-7) industrial countries should
  respect pledges on monetary policy made in the February Louvre
  accord on currency stability.
      ""We have to strengthen the cooperation between the seven
  major industrial countries and remind ourselves of the pledges
  we made at the Louvre,"" he told journalists.
      ""They were not simply pledges to maintain currency
  stability, but also to conduct a certain type of economic and
  monetary policy,"" he added.
      Balladur's comments came after U.S. Treasury Secretary
  James Baker said on Sunday that the U.S. Would have to
  re-examine the Louvre accords in the light of the rise in West
  German short-term interest rates.
      Balladur was one of the main architects of the Louvre
  accord and has invested considerable political capital in
  defending them.
  

"
test/21140	0	acq	"BANCTEXAS <BTX> TO SELL AFFILIATE
  BancTEXAS Group Inc said it has signed a
  definitive agreement to sell its BancTEXAS Sulphur Springs
  affiliate to a group of local investors led by Gene Watson for
  a cash amount equal to book value at the time of the sale,
  subject to regulatory approvals.
      The unit had assets of 18.2 mln dlrs as of September 30.
      BancTEXAS said it plans to concentrate on its primary
  market, the Dallas area.
  

"
test/21142	12	earn	"TALMAN HOME FEDERAL <TLMN.O> 3RD QTR OPER NET
  Oper shr 17 cts vs not available
      Oper net 1,619,000 vs 6,354,000
      Nine Mths
      Oper shr 80 cts vs not available
      Oper net 7,675,000 vs 22,669,000
      Assets 6.06 billion vs 5.74 billion
      Loans 3.11 billion vs 3.33 billion
      Deposits 4.57 billion vs 4.83 billion
     
      NOTE: 1987 operating net excludes tax credits of 3.9 mln
  dlrs or 40 cts a share in the quarter and 8.1 mln dlrs or 85
  cts in the nine months period.
      1986 nine months operating net excludes prepayment
  penalties on early retirement of loans of 736,000 dlrs.
      Talman Home Federal Savings and Loan Association, Chicago
  is full name of company.
  

"
test/21143	0	acq	"ALLWASTE <ALWS.O> TO ACQUIRE FIRM
  Allwaste Inc said it entered into an
  agreement in principle to buy Tank Cleaning Co, a
  privately-held company that cleans tank trailers, in exchange
  for about 1.3 mln shares or Allwaste common.
      Allwaste said that Tank Cleaning earned about one mln dlrs
  before taxes last year and had about 1.5 mln dlrs in pre-tax
  income for the nine months ended September 30.
  

"
test/21146	12	earn	"NORTHEAST SAVINGS F.A. <NSB> 2ND QTR NET LOSS
  Shr loss 1.39 dlrs vs profit 1.20 dlrs
      Net loss 5,306,000 vs profit 7,246,000
      Six mths
      Shr loss 18 cts profit 2.23 dlrs
      Net profit 3,259,000 vs profit 14.2 mln
      Assets 6.79 billion vs 5.42 billion
      Deposits 3.99 billion vs 3.38 billion
      Loans 4.92 billion vs 4.53 billion
      NOTE: 1987 six mths per share includes preferred stock
  dividend payments.
  

"
test/21148	12	earn	"MARINE CORP <MCOR.O> 3RD QTR NET
  Shr 30 cts vs 30 cts
      Net 1,804,000 vs 1,800,000
      Nine mths
      Shr 89 cts vs 79 cts
      Net 5,334,000 vs 4,496,000
  

"
test/21151	32	money-fx	"FED'S JOHNSON SAYS LOUVRE ACCORD ALIVE, BUT CITES U.S.-GERMAN DIFFERENCES

  FED'S JOHNSON SAYS LOUVRE ACCORD ALIVE, BUT CITES U.S.-GERMAN DIFFERENCES
  

"
test/21163	32	money-fx	" Balladur urges G-7 to respect pledges on monetary policy in Louvre accord

   Balladur urges G-7 to respect pledges on monetary policy in Louvre accord
  

"
test/21164	12	earn	"PIONEER-STANDARD ELECTRONICS INC <PIOS.O>2ND QTR
  Periods ended September 30
      Oper shr 24 cts vs six cts
      Oper net 1,297,881 vs 312,295
      Sales 60.5 mln vs 52.2 mln
      First half
      Oper shr 39 cts vs 13 cts
      Oper net 2,099,679 vs 711,530
      Sales 118.1 mln vs 103.7 mln
      NOTE: 1986 operating net excludes losses from discontinued
  operations of 154,661 dlrs, or three cts a share, in quarter
  and 409,476 dlrs, or seven cts a share, in half.
  

"
test/21165	12	earn	"CITIZENS FINANCIAL GROUP INC <CITN.O> 3RD QTR
  Shr 43 cts vs 55 cts
      Net 6,262,000 vs 7,948,000
      Nine mths
      Shr 1.30 dlrs vs 1.54 dlrs
      Net 18.8 mln vs 22.3 mln
      Assets 2.4 billion vs 2.1 billion
      NOTE: Prior year amounts restated to reflect 2-for-1 stock
  split effective May 15, 1987.
  

"
test/21166	12	earn	"IRWIN MAGNETIC SYSTEMS INC <IRWN> 1ST QTR NET
  Period ended Sept 27
      Shr nine cts vs 24 cts
      Net 474,000 vs 880,000
      Sales 11.2 mln vs 11.8 mln
      Avg shrs 5,369,555 vs 3,654,986
      Note: 1986 figures include tax credits of 113,000 dlrs or
  three cts a share.
  

"
test/21168	17	grain	"U.S. SENATE PANEL VOTES TO LIMIT COUNTY LOAN RATE  CHANGES STARTING WITH 1988 CROPS

  U.S. SENATE PANEL VOTES TO LIMIT COUNTY LOAN RATE  CHANGES STARTING WITH 1988 CROPS
  

"
test/21173	12	earn	"BENCH CRAFT INC <SOFA.O> 3RD QTR NET
  Shr 23 cts vs 22 cts
      Net 1,293,000 vs 1,256,000
      Sales 39.7 mln vs 31.6 mln
      Nine mths
      Shr 72 cts vs 61 cts
      Net 4,099,000 vs 3,470,000
      Sales 115.9 mln vs 87.6 mln
      NOTE: Share adjusted for three-for-two stock split in
  February 1987.
  

"
test/21175	12	earn	"CITYFED FINANCIAL CORP <CTYF.O> 3RD QTR LOSS
  Shr primary loss eight cts vs profit 49 cts
      Shr fully diluted loss eight cts vs profit 45 cts
      Net profit 681,000 vs profit 11.5 mln
      Nine mths
      Shr primary profit 33 cts vs profit 2.36 dlrs
      Shr fully diluted profit 33 cts vs profit 1.92 dlrs
      Net profit 12.7 mln vs profit 47.5 mln
      Assets 10.53 billion vs 10.75 billion
      Deposits 5.98 billion vs 5.89 billion
      Loans 8.44 billion vs 9.09 billion
      NOTE: 1987 nine mth figures include gain of 2,470,000 dlrs
  from cumulative effect of an accounting change.
      1987 3rd qtr and nine mth figures also include gain of 12.1
  mln dlrs from sale of real estate investment property.
      1987 3rd qtr and nine mths earnings per share reflect
  payment of dividends on company's two series of preferred stock
  amounting to 2.2 mln dlrs.
  

"
test/21176	12	earn	"CATERPILLAR INC <CAT> 3RD QTR NET
  Shr profit 1.47 dlrs vs loss 26 cts
      Net profit 146 mln vs loss 26 mln
      Revs 2.25 billion vs 1.82 billion
      Nine mths
      Shr profit 1.82 dlrs vs profit 2.27 dlrs
      Net profit 180 mln vs profit 224 mln
      Revs 5.94 billion vs 5.55 billion
  

"
test/21177	5	coffee	"COLOMBIA OPENS COFFEE REGISTRATIONS - LDN TRADE
  Colombia has opened export registrations
  for November coffee shipments, trade sources said. No further
  details were available.
  

"
test/21178	12	earn	"DENSE-PAC MICROSYSTEMS INC <DPAC.O> 2ND QTR
  Period ended August 29.
      Shr profit one ct vs loss one ct
      Net profit 128,112 vs loss 30,170
      Sales 1,620,707 vs 1,325,406
      Avg shrs 9,306,031 vs 3,499,219
      Six Mths
      Shr nil vs loss nine cts
      Net profit 25,890 vs loss 322,675
      Sales 2,915,077 vs 1,845,003
      Avg shrs 9,283,631 vs 3,499,219
  

"
test/21179	12	earn	"NEWHALL INVESTMENT PROPERTIES <NIP> 3RD QTR
  Shr 1.13 dlrs vs 87 cts
      Net 5,010,000 vs 3,868,000
      Nine mths
      Shr 4.91 dlrs vs 4.84 dlrs
      Net 21.8 mln vs 21.5 mln
      NOTE: Current quarter figures include gain of 4.7 mln dlrs
  on property sales vs gain of 2.9 mln in prior year's quarter.
      Current nine month figures include gain of 20.5 mln dlrs on
  property sales vs gain of 19 mln dlrs.
  

"
test/21181	12	earn	"ASPEN RIBBONS INC <ARIB.O> 1ST QTR NET
  Sept 30
      Shr seven cts vs five cts
      Net 234,504 vs 157,862
      Revs 4,096,000 vs 3,007,383
  

"
test/21182	12	earn	"LSI LIGHTING SYSTEMS INC <LYTS.O> 1ST QTR NET
  Qtr ends September 30
      Shr 25 cts vs 13 cts
      Net 759,000 vs 383,000
      Revs 9,052,000 vs 6,829,000
  

"
test/21187	48	trade	"U.S. HOUSE SPEAKER DENIES TRADE BILL HURT STOCKS
  House Speaker Jim Wright dismissed
  charges that the trade bill before Congress contributed to the
  fall in stock prices on Wall Street.
      ""That is utterly ridiculous,"" the Texas Democrat told
  reporters.
      Treasury Secretary James Baker and other administration
  officials over the weekend pointed to the pending legislation
  -- which they brand too protectionist -- as a key factor in the
  record-setting drop.
  

"
test/21189	12	earn	"ROTO-ROOTER INC <ROTO.O> 3RD QTR NET
  Shr 23 cts vs 20 cts
      Net 1,115,000 vs 971,000
      Revs 13.8 mln vs 11.9 mln
      Nine mths
      Shr 64 cts vs 52 cts
      Net 3,134,000 vs 2,521,000
      Revs 40.1 mln vs 31.8 mln
  

"
test/21190	12	earn	"CITY SAVINGS BANK OF MERIDEN <CSBM.O> 3RD QTR
  Shr 34 cts vs not given
      Net 510,192 vs 328,428
      Nine mths
      Shr one dlr vs not given
      Net 1,489,831 vs 741,136
      NOTE: Company went public in September 1986.
  

"
test/21191	12	earn	"HOME FEDERAL SAVINGS BANK OF GEORGIA <HFGA.O>
  3rd qtr net
      Shr 22 cts vs 54 cts
      Net 366,497 vs 877,148
      Nine mths
      Shr 70 cts vs 1.17 dlrs
      Net 1,185,352 vs 1,924,255
  

"
test/21192	12	earn	"INTERNATIONAL TELECHARGE INC <ITIL.O> 3RD QTR
  Shr loss five cts vs loss eight cts
      Net loss 657,000 vs loss 566,535
      Revs 9,341,755 vs 260,468
      Avg shrs 14,323,384 vs 7,081,688
      Nine mths
      Shr loss 19 cts vs loss 39 cts
      Net loss 2,449,094 vs loss 1,408,789
      Revs 15,571,230 vs 683,684
      Avg shrs 12,655,172 vs 3,612,300
  

"
test/21193	12	earn	"SPECTRAMED INC <SPMD.O> 3RD QTR NET
  Shr profit seven cts vs n/a
      Net profit 587,000 vs profit 3,231,000
      Sales 18.5 mln vs 18.7 mln
      Nine Mths
      Shr loss 39 ct s vs n/a
      Net loss 2,368,000 vs protit 7,165,000
      Sales 55.4 mln vs 54.2 mln
      Note: Current nine month figures include extraordinary loss
  of 1.2 mln dlrs, or 17 cts per share, resulting from costs
  associated with restructuring.
      Prior quarter and nine month per share figures not
  applicable because company began operations in October, 1986
  with the acquisition of Gould Inc's <GLD> medical products
  group.
  

"
test/21194	12	earn	"M/A/R/C INC <MARC.O> 2ND QTR SEPT 30 NET
  Shr 21 cts vs 11 cts
      Net 661,000 vs 325,000
      Revs 13.6 mln vs 13.4 mln
      Avg shrs 3,148,000 vs 3,011,000
      1st half
      Shr 42 cts vs 25 cts
      Newt 1,310,000 vs 752,000
      Revs 28.2 mln vs 25.6 mln
      Avg shrs 3,136,000 vs 3,006,000
  

"
test/21195	12	earn	"CHAMBERS DEVELOPMENT CO INC <CDV> 3RD QTR NET
  Shr 23 cts vs 15 cts
      Net 2,641,000 vs 1,295,000
      Revs 15.6 mln vs 7,925,000
      Avg shrs 11.6 mln vs 8,900,000
      Nine mths
      Shr 65 cts vs 37 cts
      Net 6,805,000 vs 3,308,000
      Revs 42.7 mln vs 20.6 mln
      Avg shrs 10.5 mln vs 8,900,000
  

"
test/21196	12	earn	"VOPLEX CORP <VOT> 3RD QTR LOSS
  Shr loss 24 cts vs loss 13 cts
      Net loss 619,956 vs loss 340,735
      Revs 17.2 mln vs 18.2 mln
      Nine mths
      Shr profit six cts vs loss 92 cts
      Net profit 172,384 vs loss 2,437,333
      Revs 57.7 mln vs 57.5 mln
  

"
test/21197	10	crude	"SECURITY COUNCIL CALLS TALKS AFTER GULF ATTACK
  The U.N. Security Council was
  called to a private meeting on Monday for consultations 
  following the United States attack on an Iranian oil platform.
      Meanwhile, a U.N. spokesman said that as far as he knew a
  report to the council and Secretary General Javier Perez de
  Cuellar on the action had not been received from the Americans.
      In Washington, President Reagan said the United Nations was
  being informed of the attack under the provision of the U.N.
  Charter regarding notification of actions taken under the right
  of self-defense.
      The U.N. spokesman, Francois Giuliani, said Perez de
  Cuellar had no comment on the attack, taken in response to
  Iranian action against an American-owned tanker last week, but
  was trying to find out ""what actually happened.""
      Calls to Iran's U.N. commission elicited no response.
  

"
test/21199	12	earn	"UNITED SAVINGS AND LOAN <UNSA.O> 2ND QTR NET
  Sept 30
      Shr 44 cts
      Net 905,000 vs 631,000
      Six months
      Shr 88 cts
      Net 1,793,000 vs 1,378,000
      Assets 221 mln vs 223.2 mln
      Deposits 186.4 mln vs 189.8 mln
      Loans 176.5 mln vs.7 mln
  

"
test/21201	0	acq	"BARING UNIT SETS UP FUND FOR MANAGEMENT BUY-OUTS
  Baring Capital Investors Ltd (BCI), a unit
  of the U.K. Merchant bank <Baring Brothers and Co Ltd>, said it
  has raised 61 mln European Currency Units (ECUs) which will be
  invested in management buy-outs and development capital
  opportunities in the U.K. And continental Europe.
      The funds were raised through BCI's first such fund - the
  Baring Euaring European Capital Trust - from investors in nine
  European countries. It expects to raise another 40 mln ECUs
  soon through a French fund and a fund for U.S. Investors.
      BCI was set up last year by Baring Brothers to advise
  buy-out and development capital investors.
      BCI said the new fund is structured as a Guernsey-based
  unit trust, which will be listed on the Luxembourg Stock
  Exchange. It will be advised by BCI and managed by a company
  owned jointly by Barings and the management of BCI.
      Individual investments are expected to range between one
  and 10 mln ECUs and are likely to be concentrated in the U.K.,
  Germany and France.
      BCI said its aims are to invest in established companies,
  principally family companies with succession-issues and
  corporate spin-offs.
  

"
test/21202	32	money-fx	"G-7 SEEN FIGHTING TO KEEP CURRENCY PACT
  International monetary officials will 
  rush to paper over the deep cracks that have appeared in the
  Louvre accord on currency stability to prevent a dollar
  free-fall and to calm turmoil in world capital markets,
  economists and currency traders said.
      ""I don't think the Louvre is dead because if it breaks up
  in an acrimonious way, the potential outcome is a rout of the
  dollar, higher interest rates and collapsing stock markets.
  It's in the Group of Seven's interest to calm things down,""
  said Douglas Madison, corporate trader at BankAmerica Corp.
     
      In a weekend television interview, U.S. Treasury secretary
  James Baker sharply criticised a recent rise in West German
  money market rates and said the eight month-old Louvre pact to
  foster exchange rate stability needs to be reviewed.
      His comments rocked the currency markets and helped send
  the already-fragile U.S. and overseas stock markets into a
  tailspin.
      The dollar lost more than two pfennigs in the U.S. to about
  1.7740/50 marks and about one yen to 141.25/35 yen. The Dow
  Jones Industrial Average slumped more than 200 points at one
  stage and U.S. Treasury bonds dropped about 1-3/4 points.
  

"
test/21203	12	earn	"TONS OF TOYS INC <TONS.O> 1ST QTR AUG 31 LOSS
  Shr loss five cts vs loss eight cts
      Net loss 118,000 vs loss 87,000
      Sales 1,765,000 vs 1,345,000
      Avg shrs 2,370,000 vs 1,070,000
  

"
test/21205	12	earn	"ANCHOR FINANCIAL CORP <AFCX.O> 3RD QTR NET
  Shr 28 cts vs 41 cts
      Net 205,000 vs 229,000
      Nine mths
      Shr 86 cts vs 1.01 dlrs
      Net 622,000 vs 566,000
      NOTE: Share reflects issuance of 166,750 common shares in
  December 1986.
  

"
test/21206	12	earn	"PHOTRONICS CORP <PHOT.O> 1ST HALF AUG 31 NET
  Shr 38 cts vs 25 cts
      Net 708,197 vs 404,471
      Sales 6,592,736 vs 6,122,133
      Avg shrs 1,886,400 vs 1,648,477
  

"
test/21207	23	ipi	" French industrial production fell 0.95 pct in July/August from June -- INSEE data

   French industrial production fell 0.95 pct in July/August from June -- INSEE data
  

"
test/21208	12	earn	"HOMETOWN BANCORP INC <HTWN.O> 3RD QTR NET
  Shr profit five cts vs profit seven cts
      Net profit 59,000 vs profit 39,000
      Nine mths
      Shr profit 12 cts vs loss four cts
      Net profit 92,000 vs loss 20,000
      Avg shrs 775,000 vs 548,000
  

"
test/21209	12	earn	"FIDELITY FEDERAL SAVINGS AND LOAN <FFED.O> 3RD
  Shr 42 cts vs 59 cts
      Net 734,659 vs 1,033,309
      Nine mths
      Shr 92 cts vs 1.69 dlrs
      Net 1,629,719 vs 2,971,144
      NOTE: 1987 nine mths net includes a loss of 290,000 dlrs on
  sale of securities and nine-recurring charge of 32,713 dlrs for
  write-off of FSLIC secondary reserve.
  

"
test/21210	0	acq	"CRAZY EDDIE <CRCY.O> WON'T OPPOSE SLATE
  Crazy Eddie Inc said its board will
  not oppose the slate of nominees proposed for election to the
  board by the committee led by Entertainment Marketing Inc <EM>
  and the <Oppenheimer-Palmieri Fund, LP.>
      Crazy Eddie said its board is not endorsing, but will
  simply refrain from opposing, the EMI-Palmieri nominees.    
  The board also said it will ask representatives of the
  Committee to Restore Shareholder value to begin acquainting
  themselves with the business and affairs of the company as
  promptly as possible.
     
      To that end, the committee's representatives will be
  invited in advance of the annual meeting to examine the
  company's financial records, to monitor its operations and to
  join company officers in meetings with the company's suppliers,
  bankers and key personnel, Crazy Eddie said.
      The board said that to continue to oppose the EMI-Palmieri
  group would only increase the expenses of the company, create
  further uncertainty among its suppliers, customers and
  employees, and result in deterioration of moral among company
  personnel.
      A further release from the company will follow, it said.
  

"
test/21211	12	earn	"HORIZON BANCORP <HZB> 3RD QTR NET
  Shr 1.33 dlrs vs 90 cts
      Net 12.0 mln vs 8,180,000
      Nine mths
      Shr 3.63 dlrs vs 2.88 dlrs
      Net 32.9 mln vs 26.2 mln
  

"
test/21212	12	earn	"19-OCT-1987
  19-OCT-1987

"
test/21214	12	earn	"<ACC CORP> 3RD QTR NET
  Shr profit three cts vs profit nine cts
      Net profit 102,136 vs profit 307,516
      Revs 8,459,182 vs 8,469,476
      Avg shrs 3,448,218 vs 3,613,672
      Nine mths
      Shr loss 13 cts vs profit 28 cts
      Net loss 458,823 vs profit 1,014,969
      Revs 25.5 mln vs 24.6 mln
      Avg shrs 3,467,099 vs 3,612,626
  

"
test/21215	12	earn	"FIRST UNION REAL ESTATE INVESTMENTS <FUR> NET
  3rd qtr
      Oper shr 27 cts vs 29 cts
      Oper net 4,926,000 vs 5,231,000
      Revs 18.5 mln vs 17.8 ln
      Nine mths
      Oper shr 78 cts vs 84 cts
      Oper net 14.1 mln vs 15.3 mln
      Revs 55.0 mln vs 53.6 mln
      NOTE: Net excludes capital gains of 751,000 dlrs vs 664,000
  dlrs in quarter and 5,881,000 dlrs vs 3,409,000 dlrs in nine
  mths.
  

"
test/21218	12	earn	"FEDERAL-MOGUL CORP <FMO> 3RD QTR NET
  Shr 66 cts vs 48 cts
      Net 8,413,000 vs 6,112,000
      Sales 267.9 mln vs 230.6 mln
      Nine mths
      Shr 2.20 dlrs vs 2.05 dlrs
      Net 28.1 mln 26.4 mln
      Sales 806.7 mln vs 720.7 mln
      NOTE: 1986 3rd qtr results include extraordinary loss on
  extinguishment of debt of 1,482,000 dlrs or 12 cts a shr.
  

"
test/21219	12	earn	"USACAFES LP <USF> 3RD QTR NET
  Shr 33 cts vs 13 cts
      Net 2,272,000 vs 880,000
      Revs 6,399,000 vs 5,912,000
      Chainwide sales 142.0 mln vs 126.7 mln
      Nine mths
      Shr 1.07 dlrs vs 44 cts
      Net 7,369,000 vs 2,868,000
      Revs 19.1 mln vs 16.1 mln
      Chainwide sales 402.9 mln vs 357.1 mln
      Avg shrs 6,918,000 vs 6,569,000
  

"
test/21221	12	earn	"ACME ELECTRIC CORP <ACE> 1ST QTR OCT TWO
  Shr 17 cts vs four cts
      Qtly div eight cts vs eight cts
      Net 739,000 vs 157,000
      Revs 21.1 mln vs 14.5 mln
      NOTE: 1986 1st qtr adjusted for five pct stock dividend
  pain in March 1987.
      Qtly dividend payable December seven to shareholders or
  record November nine.
  

"
test/21222	12	earn	"NBI INC <NBI> 1ST QTR LOSS
  Sept 30 end
      Shr loss 38 cts vs loss three cts
      Net loss 3,300,000 vs loss 205,000
      Revs 63.4 mln vs 72.1 mln
      Avg shrs 8,966,000 vs 9,741,000
      NOTE: 1986 first quarter results include 398,000 gain from
  repurchase of debentures that had been discounted below market
  value.
  

"
test/21224	12	earn	"AVX CORP <AVX> 3RD QTR OCT THREE NET
  Shr profit 30 cts vs profit three cts
      Net profit 3,933,000 vs profit 436,000
      Revs 70.4 mln vs 47.2 mln
      Avg 13.2 mln vs 13.0 mln
      Nine mths
      Shr profit 85 cts vs loss 17 cts
      Net profit 11.2 mln vs loss 2,083,000
      Revs 192.1 mln vs 144.8 mln
      Avg shrs 13.2 mln vs 12.0 mln
  

"
test/21227	12	earn	"STRATUS COMPUTER INC <STRA.O> 3RD QTR NET
  Shr 26 cts vs 18 cts
      Net 5,281,000 vs 3,496,000
      Revs 48.8 mln vs 32.1 mln
      Nine mths
      Shr 64 cts vs 51 cts
      Net 12.9 mln vs 9,822,000
      Revs 129.0 mln vs 89.2 mln
  

"
test/21228	0	acq	"SOSNOFF REDUCES CAESARS WORLD <CAW> STAKE
  New York investor Martin Sosnoff said
  he reduced his stake in Caesars World Inc common stock to
  3,878,700 shares, or 16 pct of the company's common stock
  outstanding, from about 17.4 pct.
      Sosnoff, who tried unsuccessfully to acquire Caesars World
  earlier this year, said in a filing with the Securities and
  Exchange Commission that he sold 338,975 Caesars World shares
  on October 15 and 16 at 22.50 dlrs to 25.25 dlrs a share.
      Sosnoff said he holds his Caesars World stock ""primarily
  for investment purposes"". He also said he reserves the right to
  alter his intentions at any time.
  

"
test/21230	0	acq	"CRAZY EDDIE INC SAYS IT WON'T OPPOSE SLATE OF ENTERTAINMENT MARKETING

  CRAZY EDDIE INC SAYS IT WON'T OPPOSE SLATE OF ENTERTAINMENT MARKETING
  

"
test/21232	12	earn	"MYERS INDUSTRIES INC <MYE> 3RD QTR NET
  Shr 26 cts vs 18 cts
      Net 1,409,551 vs 985,470
      Revs 38.4 mln vs 22.5 mln
      Nine mths
      Shr 64 cts vs 47 cts
      Net 3,477,188 vs 2,558,625
      Revs 88.8 mln vs 63.9 mln
      NOTE: Earnings per share adjusted for 3-for-2 stock split
  distributed on September 4.
  

"
test/21233	12	earn	"VICTORIA BANCKSHARES INC <VICT.O> 3RD QTR NET
  Shr profit two cts vs loss 2.60 dlrs
      Net profit 111,000 vs loss 16.9 mln
      Nine mths
      Shr profit 19 cts vs loss 2.80 dlrs
      Net profit 1,261,000 vs loss 18.1 mln
  

"
test/21234	12	earn	"INTERSTATE SECURITIES INC <IS> 4TH QTR SEPT 30
  Shr 11 cts vs 22 cts
      Qtly div 10 cts vs 10 cts prior
      Net 548,254 vs 1,138,978
      Revs 28 mln vs 31.1 mln
      Year
      Shr 50 cts vs 1.34 dlrs
      Net 2,527,846 vs 6,822,293
      Revs 111.7 mln vs 118.9 mln
      NOTE: Qtly div payable December 4 to shareholders of record
  November 13.
  

"
test/21236	12	earn	"PANCHO'S MEXICAN BUFFET INC <PAMX.O> 4TH QTR NET
  Sept 30 end
      Shr 14 cts vs 20 cts
      Net 733,980 vcs 871,720
      Revs 14.7 mln vs 12.0 mln
      Avg shrs 5,130,190 vs 4,302,430
      Year
      Shr 61 cts vs 60 cts
      Net 2,763,308 vs 2,550,133
      Revs 50.0 mln vs 43.1 mln
      Avg shrs 4,565,189 vs 4,277,046
      Fiscal 1987 net both periods includes charge 480,000 dlrs
  to adjust premium reserves for workers' compensation and
  liability insurance claims.
  

"
test/21237	12	earn	"FRANKLIN ELECTRIC CO INC <FELE.O> 3RD QTR NET
  Shr 85 cts vs 73 cts
      Net 3,150,000 vs 2,699,000
      Sales 39.8 mln vs 34.3 mln
      Nine Mths
      Shr 2.19 dlrs vs 1.86 dlrs
      Net 8,109,000 vs 6,876,000
      Sales 111.5 mln vs 100.7 mln
      NOTE: 1987 tax credits added 14 cts to third quarter net
  and 33 cts to nine months net compared with credits of 16 cts
  and 45 cts in the respective 1986 periods.
  

"
test/21238	12	earn	"ALTUS BANK <ALTS.O> 3RD QTR NET
  Oper shr three cts vs 48 cts
      Oper net 170,000 vs 2,324,000
      Nine mths
      Oper shr 1.26 dlrs vs 1.84 dlrs
      Oper net 6,157,000 vs 8,907,000
      NOTE: Operating net excludes extraordinary gains of 231,000
  dlrs, or four cts a share, vs 2,657,000 dlrs, or 55 cts a
  share, in quarter and 1,341,000 dlrs, or 28 cts a share, vs
  4,637,000 dlrs, or 95 cts a share, in the nine months
  

"
test/21240	12	earn	"KENNAMETAL INC <KMT> 1ST QTR SEPT 30 NET
  Shr 48 cts vs 35 cts
      Net 4,946,000 vs 3,552,000
      Sales 94.1 mln vs 84.5 mln
      Avg shrs 10.2 mln vs 10.1 mln
  

"
test/21242	12	earn	"COMPUTER CONSOLES INC <CCS> 3RD QTR NET
  Oper shr profit four cts vs profit 13 cts
      Oper net profit 456,000 vs profit 1,633,000
      Revs 37.8 mln vs 34.0 mln
      Avg shrs 13.0 mln vs 13.0 mln
      Nine mths
      Oper shr profit 12 cts vs loss 39 cts
      Oper net profit 1,614,000 vs loss 4,877,000
      Revs 109.2 mln vs 88.3 mln
      Avg shrs 13.1 mln vs 12.5 mln
      NOTE: 1987 net excludes tax credits of 156,000 dlrs in
  quarter and 716,000 dlrs in nine mths.
      1987 net both perioods includes charge one mln dlrs from
  restructuring of Computer Products Division.
  

"
test/21244	12	earn	"OMNICARE INC <OCR> 3RD QTR NET
  Shr profit five cts vs loss one ct
      Net profit 504,000 vs loss 102,000
      Revs 31.4 mln vs 32.0 mln
      Nine mths
      Shr profit 17 cts vs profit 26 cts
      Net profit 1,729,000 vs profit 2,596,000
      Revs 92.7 mln vs 112.6 mln
      NOTE: 1986 3rd qtr net includes a after-tax charge of
  555,000 dlrs for sale of Reliacare Inc.
     
      1986 nine mths net includes charge of 1,253,000 dlrs or 12
  cts a share for sale of Reliacare and Inspiron Hospital
  Products division.
      1986 nine mths net also includes aftertax earnings of
  2,256,000 dlrs or 22 dlrs a share for American Medical
  International Inc <AMI> contracts which expired July 1986.
  

"
test/21245	9	cpu	"U.S. INDUSTRIAL CAPACITY USE RATE 81.2 PCT IN SEPTEMBER, UNCHANGED FROM AUGUST

  U.S. INDUSTRIAL CAPACITY USE RATE 81.2 PCT IN SEPTEMBER, UNCHANGED FROM AUGUST
  

"
test/21248	12	earn	"DIME SAVINGS BANK N.Y. <DIME.O> 3RD QTR NET
  Shr 1.22 dlrs
      Net 27.8 mln vs 28.6 mln
      Nine mths
      Shr 3.88 dlrs
      Net 87.4 mln vs 98.7 mln
      Assets 10.3 billion vs 8.4 billion
      Deposits 7.4 billion vs 6.7 billion
      Loans 7.9 billion vs 6.0 billion
      NOTE: Full name is Dime Savings Bank of New York. 1986 per
  share figures not available as bank converted to stock form in
  August 1986.
      1987 qtr and nine mths includes gain 10.5 mln dlrs and 33.2
  mln dlrs, respectively, from utilization of net operating loss
  carryforwards. 1986 qtr and nine mths includes gain 10.4 mln
  dlrs and 32.9 mln dlrs, respectively, from utilization of net
  operating loss carryforwards. 1987 qtr and nine mths also
  includes charge of 835,000 dlrs for the early extinguishment of
  debt net of tax benefit.
  

"
test/21251	0	acq	"HAL ROACH <HRSI.O>, ROBERT HALMI <RHI> TO MERGE
  Robert Halmi Inc said it and Hal Roach
  Studios Inc signed a definitive agreement to merge in a stock
  swap value at 115 mln dlrs, based on October 16 closing prices.
      The company said the agreement calls for the holders of
  common stock in Hal Roach to exchange their shares on a
  one-for-one basis for shares in the combined company.
      It said holders of Robert Halmi common will exchange their
  shares on a two-and-one-half-for-one basis for shares in the
  combined company.
      The company said the swap will be tax-free.
      The company also said <Qintex Ltd>, a 35 pct owner of Hal
  Roach common stock, has agreed to use the company as the
  exclusive vehicle for its U.S. media and entertainment
  investments, the company said.
      The company said Qintex's U.S. subsidiary also agreed to
  supply a minimum 70 mln dlrs line of credit to the new company,
  which shall be used, with Qintex approval, for financing new
  HRI products.
      The company said that under the definitive agreement,
  Qintex's U.S. division will have the right to purchase up to 51
  pct of the new company in the open market, in private
  transactions or by tender offer, but will not be purchasing
  warrants to bring its ownership to 51 pct of the new company.
      If Qintex's U.S. subsidiary has not achieved this ownership
  within one year after the completion of the merger, the
  subsidiary will have the right two years thereafter to request
  that HRI commence a rights offering to HRI stockholders, the
  company said.
      Regarding the potential rights offering, Qintex's U.S.
  subsidiary will act as standby purchaser, the company said.
      The transaction is subject to the approval of both
  company's shareholders, the receipt of certain tax approvals,
  and the continued employement of Robert Halmi Sr and Robert
  Halmi Jr, the company said.
      Robert Halmi Sr, who is currently chairman and chief
  executive officer of Robert Halmi Inc, will be chairman of the
  new company and David Evans, current president and chief
  operating officer of Hal Roach, will become chief executive,
  the company said.
  

"
test/21252	12	earn	"PICCADILLY CAFETERIAS INC <PICC.O> 1ST QTR NET
  Sept 30 end
      Shr 32 cts vs 32 cts
      Net 2,990,000 vs 2,988,000
      Sales 57.3 mln vs 54.6 mln
  

"
test/21253	0	acq	"SYSTEM SOFTWARE <SSAX.O> COMPLETES ACQUISITION
  System Software Associates Inc said it
  completed its previously-announced acquisition of Admin EDP Pty
  Ltd for cash and a small amount of stock.
      Admin EDP, of Sydney, Australia, is a full-service software
  sales and services firm.
  

"
test/21255	12	earn	"FIRST MICHIGAN BANCORP <FMBC.O> 3RD QTR NET
  Shr 55 cts vs 48 cts
      Net 2,520,000 vs 2,211,000
      Nine mths
      Shr 1.57 dlrs vs 1.41 dlrs
      Net 7,223,000 vs 6,475,000
  

"
test/21256	12	earn	"COUNTRYWIDE TRANSPORT <CWTS.O> 3RD QTR NET
  Shr 19 cts vs 15 cts
      Net 826,362 vs 421,759
      Revs 19.0 mln vs 14.8 mln
      Avg shrs 4,400,000 vs 2,900,000
      Nine Mths
      Shr 48 cts vs 31 cts
      Net 1,872,075 vs 887,478
      Revs 51.6 mln  41.1 mln
      Avg shrs 3,889,000 vs 2,900,000
      Note: Full name Countrywide Transport Services Inc.
  

"
test/21257	12	earn	"SOFTWARE SERVICES OF AMERICA INC <SSOA.O> NET
  Shr four cts vs five cts
      Net 85,292 vs 109,285
      Revs 2,916,128 vs 474,819
  

"
test/21259	12	earn	"KEYCORP <KEY> 3RD QTR NET
  Shr 85 cts vs 77 cts
      Net 25.8 mln vs 21.9 mln
      Avg shrs 29.0 mln vs 27.1 mln
      Nine mths
      Shr 2.22 dlrs vs 2.14 dlrs
      Net 67.9 mln vs 60.1 mln
      Avg shrs 29.0 mln vs 26.5 mln
      NOTE: Previously reoprted amounts restated for earnings of
  First NorthWest Bancorp acquired in pooling of interests on
  July 31, 1987.
  

"
test/21260	12	earn	"ALLIED-SIGNAL INC <ALD> 3RD QTR OPER NET
  Oper shr 1.02 dlrs vs 82 cts
      Oper net 174 mln vs 149 mln
      Revs 2.7 billion vs 2.4 billion
      Nine mths
      Oper shr 2.54 dlrs vs 2.64 dlrs
      Oper net 438 mln vs 492 mln
      Revs 8.2 billion vs 7.4 billion
      NOTE: 1987 3rd qtr and nine mths includes after-tax 82 mln
  dlr or 49 cts a share gain for increase in equity of Union
  Texas Petroleum Holdings Inc, for initial public offering.
     
      1987 nine mths net includes after-tax gain of 73 mln dlrs
  or 42 cts a share on sale of remaining interest in the Henley
  Group Inc and other related transactions, which was partly
  offset by an after-tax loss of 30 mln dlrs ot 17 cts a share
  for repurchase of high coupon bonds.
      1987 nine mths also excludes 79 mln dlrs for estimated net
  gain on disposal of discontinued operations as of March 31,
  1987, including Linotype Group, Amphenol Products, Ampex Corp.
      1986 amounts restated to exclude sales and expenses of
  discontinued operations.
     
      1986 3rd qtr and nine mths oper net excludes operating
  income of 15 mln dlrs and and 44 mln dlrs for discontinued
  operations.
      1986 nine mths includes a 43 mln dlrs or 24 cts a share
  after tax gain for reversion of surplus pension funds.
      At end of 1987 and 1986 third quarter, average shares
  outstanding were 169.9 mln and 175.4 mln outstanding, after
  deducting dividends accured on preferred stock. At end of 1987
  and 1986 nine mth period, average shares were 172.5 mln and
  175.9, respectively, after deducting for preferred stock
  dividends.
  

"
test/21261	0	acq	"CORBY DISTILLERIES <CDL.TO> TO BUY HEUBLEIN UNIT
  Corby Distilleries Ltd said it has
  agreed to buy Toronto-based McGuinness Distillers Ltd from
  Heublein Inc for about 45 mln dlrs in a move which Corby
  expects to add significantly to domestic earnings.
       Heublin is a subsidiary of Grand Metropolitan PLC
  (GMHL.L).
       Corby said McGuinness will remain a seperate business unit
  with a seperate sales force.
       McGuinness markets liquers, brandy, and other liquors and
  has entered the fast-expanding wine cooler market, Corby said.
       Corby said it expects to benefit from McGuinness's
  succesfull introduction of schnapps and coolers and its
  strength in traditional market sectors.       
       Heublein said the sale does not include McGuinness's
  Calona Wines Ltd, a Canadian wine company.
       Heublein said it is will still be represented in Canada by
  Gilbey Canada Inc. reuter
  

"
test/21262	12	earn	"BURR-BROWN CORP <BBRC.O> 3RD QTR NET
  Shr 16 cts vs 13 cts
      Net 1,538,000 vs 1,288,000
      Sales 35.3 mln vs 29.5 mln
      Nine Mths
      Shr 27 cts vs 37 cts
      Net 2,601,000 vs 3,586,000
      Sales 102.0 mln vs 84.2 mln
  

"
test/21264	12	earn	"TEMPLE-INLAND INC <TIN> 3RD QTR NET
  Shr 1.24 dlrs vs 66 dlrs
      Net 38.2 mln vs 20.1 mln
      Revs 419.1 mln vs 333.8 mln
      Nine mths
      Shr 3.50 dlrs vs 1.74 dlrs
      Net 107.7 mln vs 53 mln
      Revs 1.2 billion vs 940 mln
  

"
test/21265	12	earn	"UNIVERSAL FURNITURE LTD <UFURF.O> 3RD QTR NET
  Shr 34 cts vs 26 cts
      Net 6,150,000 vs 4,743,000
      Revs 61.4 mln vs 49.5 mln
      Nine months
      Shr 89 cts vs 70 cts
      Net 16 mln vs 11.8 mln
      Revs 170 mln vs 137.5 mln
      NOTE: All share and per share data have been adjusted to
  reflect 100 pct stock dividend distrition on April 24, 1987 and
  the public offier of two mln shares ofthe company on June 4,
  1986.
  

"
test/21266	12	earn	"A. SCHULMAN INC <SHLM.O> 4TH QTR AUG 31 NET
  Shr 63 cts vs 49 cts
      Net 5,635,000 vs 4,330,000
      Sales 117.8 mln vs 96.2 mln
      Year
      Shr 2.21 dlrs vs 1.71 dlrs
      Net 19.8 mln vs 15.2 mln
      Sales 465.1 mln vs 388.5 mln
      NOTE: Share adjusted for February 1987 three-for-two split.
      Prior year results restated.
  

"
test/21267	10	crude	"USX <X> UNIT HIKES CRUDE OIL POSTED PRICES
  Marathon Petroleum Company, a subsidiary
  of USX Corp, said it lowered posted prices for crude oil by 50
  cts with an effective date of October 16.
      The increase brings posted prices for West Texas
  Intermediate and West Texas Sour to 19.00 dlrs a barrel each.
  South Louisiana Sweet was increased to 19.35 dlrs a barrel.
      Several indepndent oil companies such as Permian Corp and
  Coastal Corp <CGP> said they had moved prices up effective last
  Friday the day Sun Co <SUN> announced a 50 cts a barrel
  increase to 19.00 dlrs a barrel.
  

"
test/21271	12	earn	"BEARINGS INC <BER> 1ST QTR NET
  Sept 30 end
      Primary 76 cts vs 51 cts
      Diluted shr 70 cts vs 49 cts
      Net 2,802,000 vs 2,030,000
      Revs 124.9 mln vs 117.2 mln
      Primary avg shrs 3,687,000 vs 4,016,000
      Diluted avg shrs 4,786,000 vs 5,101,000
  

"
test/21272	12	earn	"CHEMICAL WASTE MANAGEMENT INC<CHW> 3RD QTR NET
  Shr 24 cts vs 15 cts
      Net 24,057,000 vs 14,508,000
      Revs 156.1 mln vs 111.2 mln
      Nine mths
      Shr 63 cts vs 40 cts
      Net 63,183,000 vs 36,464,000
      Revs 405.0 mln vs 295.8 mln
  

"
test/21274	10	crude	"MARATHON RAISED CRUDE POSTED PRICES BY 50 CTS A BARREL EFFECTIVE OCTOBER 16.

  MARATHON RAISED CRUDE POSTED PRICES BY 50 CTS A BARREL EFFECTIVE OCTOBER 16.
  

"
test/21275	12	earn	"AIR PRODUCTS AND CHEMICALS INC <APD> 4TH QTR NET
  Oper shr 70 cts vs 18 cts
      Oper net 39.1 mln vs 10.0 mln
      Sales 543.6 mln vs 489.6 mln
      Year
      Oper shr 2.83 dlrs vs 1.82 dlrs
      Oper net 159.7 mln vs 106.9 mln
      Sales 2.13 billion vs 1.94 billion
      Avg shrs 56.4 mln vs 58.6 mln
      NOTE: Results restated for discontinued engineering
  services operations.
      Prior year net excludes losses from discontinued operations
  of 143,000 dlrs in quarter and 102,156 dlrs in year.
      Fiscal 1987 year net excludes 4,081,000 dlr charge from
  early debt retirement.
      Fiscal 1986 net includes special charges 24.7 mln dlrs in
  quarter and 37.2 mln dlrs in year from worgroce reduction
  costs, revaluation of South African investment, reversal of
  investment tax credits and othe4r items.
  

"
test/21277	32	money-fx	"TRANSATLANTIC ROW IMPERILS LOUVRE ACCORD-DEALERS
  The Louvre accord on currency stability,
  which has maintained an uneasy calm in currency markets since
  last February, appeared in serious danger today as a
  transatlantic dispute over West German interest rates came to
  the boil, foreign exchange dealers said.
      But as the dollar slid against the mark and world stock and
  bond markets plunged, officials in the major industrial
  countries played down the dispute as a bilateral problem
  between the United States and West Germany and insisted that
  the currency pact was still alive.
      U.S. Treasury Secretary James Baker sparked the market
  fears when he attacked the rise in West German short-term
  interest rates. ""That's not in keeping with the spirit of what
  we agreed to as recently as earlier this month in Washington,""
  Baker said in a U.S. Television interview on Sunday. He was
  referring to the meetings of Finance Ministers from the Group
  of Seven (G7) leading industrial nations which reaffirmed the
  pact.
      Under the Louvre Accord West Germany and Japan, who both
  have large trade surpluses, pledged to boost their economic
  growth to take in more exports from the U.S., While the U.S.
  Agreed to stop talking the dollar down.
      However, Baker said on Saturday that while the Louvre
  agreement was still operative, the West German interest rate
  move would force the U.S. To re-examine the accord.
      ""The foreign exchange market has been told by Baker that
  he's going to hammer Germany ... He has just declared all bets
  are off in terms of currency cooperation,"" Chris Johns, currency
  analyst at UBS-Phillips and Drew in London said.
      But a Bank of Japan official took a much more sanguine
  view, telling Reuters that ""the exchange market is apparently
  reacting too much, and anyone who sold the dollar on the Baker
  comment will regret it later on.""
      French Finance Minister Edouard Balladur, who hosted the
  Louvre meeting, was the only one of the G7 Finance Ministers to
  respond directly to Baker's remarks. He called for ""a faithful
  and firm adherence by all the major industrial countries to the
  Louvre accords -- in both their letter and spirit.""
      Neither the West German Finance Ministry nor the British
  Treasury commented on the row.
      But a Japanese Finance Ministry official said that despite
  U.S. Frustration over higher interest rates abroad, ""this does
  not represent its readiness to scrap the basic framework of the
  Louvre Accord.""
      In Frankfurt F. Wilhelm Christians, joint chief executive
  of West Germany's largest bank, Deutsche Bank, said that
  following recent meetings with Baker, he believed that the U.S.
  Was still committed to the accord.
      In a move which the market interpreted as a possible
  gesture of reconciliation, the Bundesbank added short-term
  liquidity to the West German money market at 3.80 pct on
  Monday, down from the 3.85 pct level at which it injected
  medium-term liquidity last week. The Bank of France also
  stepped into the French money market to hold down rates,
  injecting short-term liquidity at 7-3/4 pct after rates rose
  close to eight pct.
  

"
test/21278	0	acq	"NORTHVIEW <NOVC.O> PLANS TO SELL COMPANY
  Northview Corp said it reached
  an agreement in principal covering the acquisition of the
  company by privately-held Calmark Financial Corp.
      The agreement calls for Northview to make a self-tender
  offer for all of its outstanding stock at a price of 22 dlrs
  per share in cash.
      Calmark, headquartered in Los Angeles, develops, manages
  and syndicates real estate, Northview also said.
  

"
test/21281	12	earn	"UNION NATIONAL CORP <UNBC.O> 3RD QTR NET
  Shr 80 cts vs 70 cts
      Shr diluted 76 cts vs 67 cts
      Qtly div 33 cts vs 33 cts prior
      Net 7,879,000 vs 7,007,000
      Nine mths
      Shr 2.33 dlrs vs 2.01 dlrs
      Shr diluted 2.22 dlrs vs 1.92 dlrs
      Net 23.0 mln vs 20.0 mln
      Avg shrs 9,890,148 vs 10.0 mln
      NOTE: Dividend pay Dec 10, record Nov 20.
  

"
test/21282	0	acq	"CORBY DISTILLERIES LTD TO BUY HEUBLEIN'S MCGINNESS DISTILLERS FOR 45 MLN CANADIAN DLRS

  CORBY DISTILLERIES LTD TO BUY HEUBLEIN'S MCGINNESS DISTILLERS FOR 45 MLN CANADIAN DLRS
  

"
test/21283	12	earn	"AMCAST INDUSTRIAL CORP <ACST.O> 4TH QTR LOSS
  Aug 31
      Shr loss 34 cts vs profit 39 cts
      Net loss 2,337,000 vs profit 2,532,000
      Revs 66.1 mln vs 58.5 mln
      Avg shrs 7,166,000 vs 6,763,000
      12 months
      Shr profit 26 cts vs loss 1.20 dlrs
      Net profit 1,815,000 vs loss 7,927,000
      Revs 264.3 mln vs 229.7 mln
      Avg shrs 7,005,000 vs 6,621,000
      NOTE: Results include pretax restructuring provisions of
  4.2 mln dlrs and 22.5 mln dlrs for 1987 and 1986, respectively.
  

"
test/21285	22	interest	"FED ARRANGES THREE-DAY SYSTEM REPOS
  The Federal Reserve entered the
  government securities market to arrange three-day system
  repurchase agreements, a spokesman for the New York Fed said.
      Federal funds were trading at 7-5/8 pct at the time of the
  direct injection of temporary reserves, dealers said.
  

"
test/21286	12	earn	"DATACOPY CORP <DCPY.O> 3RD QTR NET
  Shr profit three cts vs profit one ct
      Net profit 129,082 vs profit 36,099
      Revs 3,864,187 vs 1,875,919
      Nine Mths
      Shr loss six cts vs profit two cts
      Net loss 303,581 vs profit 110,311
      Revs 9,517,242 vs 5,248,105
      NOTE: Prior qtr and nine mth figures include extraordinarycredits of 15,000 dlrs and 48,000 dlrs, respectively.
  

"
test/21287	0	acq	"MEDIA GENERAL <MEG> HOLDERS MAY SEEK CONTROL
  A shareholder group led by Barris
  Industries Inc <BRSS.O> said it acquired a 9.8 pct stake in
  Media General Inc Class A common stock and may seek seek
  contorl of the company.
      In a filing with the Securities and Exchange Commission,
  the group said it holds 2,711,000 shares of Media General
  commons stock purchased at a total cost of about 108.3 mln
  dlrs.
      In addition to the possible bid for control, the group said
  it may purchase additional Media General shares or possibly
  seek one or more seats on the company's board of directors
  through a proxy contest.
      A bid for control of Media General would be subject to ""a
  recapitalization or possible restructuring and to possible
  changes in the charter documents and by-laws of the company,""
  it said.
      The group said it had held discussions with third parties
  to gauge their interest in joining the shareholder group, but
  no agreements were reached.
      Talks with third parties are expected to continue, the
  shareholder group said.
      Between October 13 and 16, Barris Industries bought
  1,322,200 shares of Media General Class A common stock 42.50
  dlrs to 45.50 dlrs a share in open market transactions, and
  another 12,000 shares privately.
  

"
test/21291	0	acq	"S-K-I <SKII.O> TO BUY CALIFORA SKI AREA
  S-K-I Ltd and <Goldmine Ski
  Associates Inc> said they reached an agreement calling for
  S-K-I to buy Goldmine's California ski area for approximately
  10 mln dlrs.
      S-K-I, which owns Killlington and Mount Snow ski resorts in
  Vt., said the California ski area is located in the San
  Bernardino mountains.
      The company said it plans to invest approximately 10 mln
  dlrs into the ski area in the next few years.
  

"
test/21292	0	acq	"ALLEGIS'<AEG>WESTIN SETS NEWS CONFERENCE ON SALE
  Westin Hotels and Resorts, a subsidiary
  of Allegis Corp, said it will hold a press conference on
  October 21 near San Francisco to discuss the pending sale of
  the 61-hotel chain by Allegis.
      Allegis has said that it plans to sell Westin buyt has not
  announced that a deal has been set.
  

"
test/21293	16	gold	"SWEDEN'S BOLIDEN TO OPEN SAUDI ARABIAN GOLD MINE
  Mining group Boliden AB said it had
  agreed with Saudi state agency General Petroleum and Mineral
  Organisation (Petromin) to open a gold mine in Saudi Arabia to
  exploit one of the world's richest deposits of the metal.
      Boliden spokesman Goran Paulson told Reuters the Swedish
  group would  be responsible for the technical side of the
  operation and would have no control over the product itself.
      He said one option under discussion for refining the gold
  ore would be to ship it to Boliden's Ronnskar copper smelter in
  northern Sweden.
      Paulson declined to give a figure for the deal but said it
  was strategically important since it increased Boliden's
  presence in Saudi Arabia.
      ""Representatives from Petromin have visited Ronnskar
  already...We see Saudi Arabia as the expansion area of the
  future,"" he said.
      The new mine, which is being developed at Mahd adh Dhahab
  in the west of the country and should open in the first half of
  1988, would have an annual output of about 3,000 kilos of gold
  smelted from around 120,000 tons of ore, he said.
      Boliden already owns 50 pct of a gold ore deposit in Saudi
  Arabia, but the new venture will be the first Saudi mine to
  open in modern times.
      ""This is a breakthrough for Boliden's sales of mining
  technology and knowhow,"" said the group's chief executive, Kjell
  Nilsson.
  

"
test/21295	12	earn	"AMERICAN REPUBLIC BANCORP <ARBC.O> 3RD QTR NET
  Shr profit 32 cts vs profit nine cts
      Net profit 413,000 vs profit 63,000
      Avg shrs 1,278,360 vs 728,476
      Nine Mths
      Shr profit 68 cts vs loss 57 cts
      Net profit 708,000 vs loss 415,000
      Avg shrs 1,041,697 vs 728,476
  

"
test/21297	0	acq	"CAL FED INCOME <CFI> BUYS TWO SHOPPING CENTERS
  Cal Fed Income Partners L.P. said it
  has acquired two shopping centers for a total price of 18.4 mln
  dlrs.
      The company said it bought Best Plaza Shopping Center in
  Pleasanton, Calif., For 12 mln dlrs and Bristol Place Shopping
  Center in Santa Ana, Calif., for 16.4 mln dlrs.
  

"
test/21298	12	earn	"FIRSTIER FINANCIAL INC <FRST.O> 3RD QTR NET
  Shr 1.05 dlrs vs 74 cts
      Net 5,244,000 vs 3,684,000
      Nine Mths
      Shr 2.93 dlrs vs 2.14 dlrs
      Net 14.6 mln vs 10.6 mln
  

"
test/21300	12	earn	"SOUTHWEST BANCORP <SWB> 3RD QTR LOSS
  Shr loss primary 82 cts vs profit 15 cts
      Shr loss diluted 82 cts vs 13 cts
      Net loss 4,134,000 vs profit 649,000
      Avg shrs 5,030,000 vs 3,927,000
      Nine Mths
      Shr loss primary 80 cts vs profit 37 cts
      Shr loss diluted 80 cts vs 32 cts
      Net loss 3,615,000 vs profit 1,652,000
      Avg shrs 4,557,000 vs 3,927,000
      Loans 231.2 mln vs 221.5 mln
      Deposits 323.3 mln vs 281.9 mln
      Assets 368.3 mln vs 346.5 mln
      Note: Prior qtr and nine mth figures include operating loss
  carryforward gains of 105,000 dlrs, or two cts per share and
  195,000 dlrs, or four cts per share, respectively.
  

"
test/21301	0	acq	"SHAMROCK CAPITAL COMPLETES CENTRAL SOYA SALE
  Shamrock Capital L.P, a limited
  partnership led by Shamrock Holdings Inc, said it completed its
  sale of Central Soya Co Inc to Ferruzzi Agricola Finanziaria of
  Italy.
      Under terms of the sale agreement, which was announced on
  September 15, Ferruzzi acquired all the equity in Central Soya
  and assumed subordinated term debt of about 195 mln dlrs in a
  transaction valued at about 370 mln dlrs.
  

"
test/21302	12	earn	"MARTIN MARIETTA <ML> 3RD QTR NET
  Shr 1.02 dlrs vs 96 cts
      Net 55.6 mln vs 53.2 mln
      Revs 1.3 billion vs 1.2 billion
      Nine mths
      Shr 3.13 dlrs vs 2.88 dlrs
      Net 171.3 mln vs 159.0 mln
      Revs 3.8 billion vs 3.5 billion
      NOTE: 1987 3rd qtr and nine mths includes one time
  after-tax charge of 14.3 mln dlrs or 26 cts a share for
  previously announced anticipated sale in the fourth quarter of
  an investment in Equatorial Communications Co.
      1986 amounts restated, increasing net by four cts a share,
  for change in pension expense accounting.
      Backlog on September 30, 1987 was 9.3 billion dlrs, which
  company said was a record.
  

"
test/21303	32	money-fx	"STOLTENBERG ASSUMES COOPERATION WILL CONTINUE
  The West German government assumes that the
  commitment to international monetary cooperation which was
  renewed in Washington last month will continue, a Finance
  Ministry spokesman quoted Finance Minister Gerhard Stoltenberg
  as saying.
      Stoltenberg's statement was a reaction to criticism of
  rises in West German interest rates voiced by U.S. Treasury
  Secretary James Baker over the weekend.
  

"
test/21307	0	acq	"BARRIS IND. SAYS IT LEADS GROUP WITH 9.8 PCT OF MEDIA GENERAL, MAY SEEK CONTROL

  BARRIS IND. SAYS IT LEADS GROUP WITH 9.8 PCT OF MEDIA GENERAL, MAY SEEK CONTROL
  

"
test/21308	12	earn	"NEIMAN-MARCUS GROUP INC <NMG> 2ND QTR AUG 2 LOSS
  Shr not given
      Net loss 69.0 mln vs profit 3,682,000
      Revs 258.3 mln vs 229.6 mln
      Six mths
      Shr loss 58.8 mln vs profit 13.3 mln
      Revs 517.9 mln vs 466.5 mln
      NOTE: Company recently spun off from Carter Hawley Hale
  Stores Inc <CHH>. Current year net both periods includes 40.8
  mln dlrs in pretax charges from Carter Hawley Hale
  restructuring.
  

"
test/21315	12	earn	"DELUXE CHECK PRINTERS INC <DLX> 3RD QTR NET
  Shr 50 cts vs 35 cts
      Net 42.7 mln vs 29.9 mln
      Revs 236.5 mln vs 218.2 mln
      Nine mths
      Shr 1.24 dlrs vs 1.02 dlrs
      Net 105.8 mln vs 86.9 mln
      Revs 702.5 mln vs 642.5 mln
      NOTE: 1987 nine-month earnings include nonrecurring gain of
  nine cents a share from sale of the company's Data Card
  investment.
  

"
test/21318	0	acq	"TRANSAMERICA <TA> UNIT BUYS REINSURANCE UNIT
  Transamerica Insurance Group, the
  main property-liability insurance operation of Transamerica
  Corp, said it signed a definitive agreement to acquire a
  newly-formed insurer, Commerical Risk Underwriters Insurance
  Co, from <Clarendon Group Ltd>.
      Transamerica said the unit, which will be renamed
  Transamerica Reinsurance Co, will initially be capitalized at
  about 185 mln dlrs.
      Transamerica said the acquisition represents its first move
  into specialty treaty reinsurance.
      The company said about 28 members of Clarendon will join
  Transamerica as part of the acquisition, which is expected to
  close in November and is subject to various regulatory
  approvals.
  

"
test/21319	0	acq	"INDUSTRIAL EQUITY HAS 5.4 PCT OF TRITON <OIL>
  A group of firms led by Hong
  Kong-based Industrial Equity (Pacific) Ltd, said it acquired
  969,515 shares of Triton Oil Corp common stock, or 5.4 pct of
  the company's common stock outstanding.
      Industrial Equity (Pacific), which is controlled by
  Brierley Investments Ltd <BRYW.WE> and which has applied with
  U.S. antitrust regulators to buy up to 50 pct of Triton's
  common stock, said the current 5.4 pct stake was acquired for
  investment purposes.
      The company said it informed Triton of its present ""good
  faith intention"" to buy more than 15 mln dlrs worth of Triton
  stock.
      It said it also told Triton it ""may depending on market
  conditions acquire 50 pct or more and possibly 100 pct of the
  voting securities of (Triton).""
      It said it received clearance to buy up to 50 pct of the
  stock on September 11.
      Industrial Equity (Pacific) reported it bought 250,000
  shares of Triton common stock on October 8 at 22.50 dlrs a
  share.
  

"
test/21321	45	sugar	"UK SUGAR FACTORY CLOSES DUE TO SHORTAGE OF BEET
  British Sugar Plc was forced to shut its
  Ipswich sugar factory on Sunday afternoon due to an acute
  shortage of beet supplies, a spokesman said, responding to a
  Reuter inquiry
      Beet supplies have dried up at Ipswich due to a combination
  of very wet weather, which has prevented most farmers in the
  factory's catchment area from harvesting, and last week's
  hurricane which blocked roads.
      The Ipswich factory will remain closed until roads are
  cleared and supplies of beet build up again.
      This is the first time in many years that a factory has
  been closed in mid-campaign, the spokesman added.
      Other factories are continuing to process beet normally,
  but harvesting remains very difficult in most areas.
      Ipswich is one of 13 sugar factories operated by British
  Sugar. It processes in excess of 500,000 tonnes of beet a year
  out of an annual beet crop of around eight mln tonnes.
      Despite the closure of Ipswich and the severe harvesting
  problems in other factory areas, British Sugar is maintaining
  its estimate of sugar production this campaign at around 1.2
  mln tonnes, white value, against 1.34 mln last year, the
  spokesman said.
      British Sugar processes all sugar beet grown in the U.K.
      The sugar beet processing campaign, which began last month,
  is expected to run until the end of January. Sugar factories
  normally work 24 hours a day, seven days a week during the
  campaign.
      As of October 11, 12 pct of the U.K. Sugar crop had been
  harvested, little different to the same stage last year when 13
  pct had been lifted. Since then, however, very wet weather has
  severely restricted beet lifting.
      Harvesting figures for the week to October 18 are not yet
  available.
  

"
test/21322	12	earn	"HOME SAVINGS BANK OF BROOKLYN <HMSB.O> 3RD QTR
  Shr 57 cts vs not given
      Net 6,889,000 vs 10.7 mln
      Nine mths
      Shr 1.67 dlrs vs not given
      Net 20.1 mln vs 23.0 mln
      NOTE: Company went public in November 1986.
      1986 net both periods includes 5,642,000 dlr pretax gain on
  sale of branches.
      Net includes securities and loan sales loss 90,000 dlrs
  pretax vs gain 46,000 dlrs in quarter and gains 1,213,000 dlrs
  vs 2,605,000 dlrs in nine mths and loan losxs provisions
  125,000 dlrs vs 30,000 dlrs in quarter and 275,000 dlrs vs
  90,000 dlrs in nine mths.
  

"
test/21323	32	money-fx	" Stoltenberg says he assumes monetary cooperation will continue

   Stoltenberg says he assumes monetary cooperation will continue
  

"
test/21324	12	earn	"MCI COMMUNICATIONS CORP <MCIC.O> 3RD QTR NET
  Shr eight cts vs six cts
      Net 22 mln vs 18 mln
      Revs 994 mln vs 910 mln
      Nine mths
      Shr 19 cts vs 20 cts
      Net 55 mln vs 54 mln
      Revs 2.9 billion vs 2.7 billion
      NOTE: 1987 3rd qtr and nine mths include pre-tax gains of
  from antitrust settlement of 2,000,000 dlrs and 6,000,000 dlrs
  respectively.
      3rd qtr 1986 includes pre-tax gain of 65 mln dlrs from sale
  of MCI Airsignal subsidiary, and after-tax extraordinary loss
  of 17 mln dlrs from early redemption of 9-1/2 pct subordinated
  notes.
  

"
test/21325	12	earn	"STERLING DRUG INC <STY> 3RD QTR NET
  Shr 1.03 dlrs vs 88 cts
      Net 59.5 mln vs 51.9 mln
      Revs 641.7 mln vs 557.8 mln
      Avg shrs 57.4 mln vs 59.0 mln
      Nine mths
      Shr 2.51 dlrs vs 2.14 dlrs
      Net 145.2 mln vs 126.4 mln
      Revs 1.71 billion vs 1.47 billion
      Avg shrs 57.8 mln vs 59.0 mln
     
      NOTE: 1986 figures restated to reflected change in
  accounting methods related to pension expenses.
  

"
test/21330	12	earn	"FPL GROUP INC <FPL> 3RD QTR NET
  Shr 1.16 dlrs vs 1.19 dlrs
      Net 151.4 mln vs 152.4 mln
      Revs 1.31 billion vs 1.17 billion
      Avg shrs 130.0 mln vs 127.6 mln
      12 mths
      Shr 3.03 dlrs vs 2.85 dlrs
      Net 392.7 mln vs 353.0 mln
      Revs 4.32 billion vs 4.14 billion
      Avg shrs 129.8 mln vs 123.9 mln
  

"
test/21331	22	interest	" French 13-week T-Bill rate rises to 8.54 pct from 7.65 -- Bank of France

   French 13-week T-Bill rate rises to 8.54 pct from 7.65 -- Bank of France
  

"
test/21333	0	acq	"MULTIFOODS <IMC> FILES SUIT AGAINST BREGMAN
  International Multifoods Corp
  said it filed a suit charging Bregman Partners and its
  affiliates unlawfully planned to acquire control of the
  company.
      In a suit filed in U.S. District Court, International
  Multifoods said Bregman Partners and its affiliates, who
  reportedly hold 7.4 pct of the company's shares, tried to
  induce Multifood's management to join them in an effort to take
  the company private and give controlling interest to Bregman
  Partners. Bregman Partners include the interests of the
  Belzberg families of Canada.
      The complaint also discloses that on each occasion,
  Multifoods management rejected the group's overtures.
      Multifoods is asking Bregman's group to divest its shares
  in open market sales in a manner not to further disrupt the
  market place, according to the suit. The suit seeks
  compensatory and punitive damages in an amount to be
  determined.
      In addition, Multifoods is seeking to stop Bregman Partners
  from acquiring any more stock, or voting the shares it
  reportedly owns, the suit said.
      According to Multifoods, the actions proposed by Bregman
  Partners would prevent shareholders from realizing the full
  benefits of the company's restructuring.
      In the past three years, Multifoods has substantially
  altered its domestic business mix by divesting its U.S.
  consumere foods operations and emphasizing growth in selected
  segments of the U.S. foodservice industry.
  

"
test/21336	12	earn	"AT AND T <T> 3RD QTR NET
  Shr 47 cts vs 48 cts
      Net 505.0 mln vs 533.0 mln
      Revs 8.47 billion vs 8.43 billion
      Nine mths.
      Shr 1.42 dlrs vs 1.16 dlrs
      Net 1.55 billion vs 1.31 billlion
      Revs 25.0 billion vs 25.56 billion
      NOTE: Full name is American Telephone and Telegraph Co.
      NOTE: Prior quarter and nine mth net reduced by 25 mln
  dlrs, or two cts per share, for estimated costs to reduce
  workforce and consolidate various facilities. Prior qtr and
  nine mths include pretax gain of 73 mln dlrs from damages paid
  by Republic of Iran and pretax gain of 40 mln dlrs from change
  in company's ownership in ING C. Olivetti SpA. After tax these
  gains added 68 mln dlrs, or six cts per shr, to net income.
      Prior qtr and nine mth results were previously restated to
  reflect a change in depreciation methods that reduced net
  income by 175 mln dlrs, or 16 cts per share.
  

"
test/21337	12	earn	"GORDON JEWELRY CORP <GOR> 4TH QTR AUG 31 LOSS
  Shr loss 13 cts vs loss 20 cts
      Net loss 1,343,266 vs loss 2,086,086
      Revs 82.3 mln vs 80.3 mln
      Year
      Shr loss 1.83 dlrs vs profit 1.24 dlrs
      Net loss 19.2 mln vs profit 13.4 mln
      Revs 388.1 mln vs 370.3 mln
      NOTE: 1987 year includes charge 15.0 mln dlrs pre-tax for
  inventory valuation allowance.
      1987 year also includes charge 12.8 mln dlrs from
  discontinued operations.
  

"
test/21339	32	money-fx	"WEST GERMANY STILL COMMITTED TO LOUVRE ACCORD
  West German government sources said Bonn
  remained committed to the Louvre Accord to stabilise
  currencies, which was struck by leading western democracies in
  Paris last February.
      Over the weekend, U.S. Treasury Secretary James Baker
  criticised recent rises in West German short-term interest
  rates and said such developments were not in the spirit of the
  Louvre pact. He said the agreement may have to be re-examined.
      The sources said the West German interest rate rises had to
  be seen in the context of interest rate developments worldwide.
  

"
test/21342	22	interest	"FDIC'S SEIDMAN SAYS HIGHER RATES COULD HARM BANKS
  Federal Deposit Insurance Corp Chairman
  William Seidman said he would be concerned about the impact on
  banks of a further sharp rise in interest rates.
      However, Seidman, attending the American Bankers
  Association convention, said he did not expect rates to rise
  much higher and said the outlook for the U.S. economy and for
  banking was sound.
      ""The potential for greater interest rate rises gives us
  concern. We see nothing right now in the outlook that causes us
  to believe rates are going much higher or that the economy is
  not sound,"" Seidman told a news conference.
  

"
test/21343	32	money-fx	"FED SEEN ADDING RESERVES VIA SYSTEM REPOS
  The Federal Reserve is expected to enter
  the government securities market to supply reserves to the
  banking system via system repurchase agreements, economists
  said.
      Most economists said the Fed would execute three-day system
  repurchases to meet a substantial need to add reserves in the
  current maintenance period, although some said a more
  aggressive add via overnight system repos was possible.
      Federal funds opened at 7-5/8 pct and remained at that
  level late this morning, compared with an average effective
  rate of 7.55 pct Friday.
  

"
test/21346	12	earn	"STANDARD PRODUCTS CO <SPD> 1ST QTR SEPT 30 NET
  Shr 40 cts vs 54 cts
      Net 4,442,000 vs 6,375,000
      Sales 102.8 mln vs 102.5 mln
      Avg shrs 11.1 mln vs 11.6 mln
      NOTE: Share adjusted for August 1987 five-for-four split.
  

"
test/21350	12	earn	"BANKEAST CORP <BENH.O> 3RD QTR NET
  Shr 17 cts vs 37 cts
      Net 1,783,000 vs 4,028,000
      Nine mths
      Shr 52 cts vs 1.03 dlrs
      Net 5,587,000 vs 11.1 mln
  

"
test/21352	12	earn	"DALLAS CORP <DLS> 3RD QTR NET
  Shr 30 cts vs 12 cts
      Net 2,191,000 vs 852,000
      Sales 106.6 mln vs 102.9 mln
      Nine mths
      Shr 44 cts vs 40 cts
      Net 3,236,000 vs 2,919,000
      Sales 297.9 mln vs 297.9 mln
  

"
test/21354	12	earn	"ANCHOR GLASS CONTAINER CORP <ANC> 3RD QTR NET
  Shr 34 cts vs 62 cts
      Net 4,717,000 vs 8,277,000
      Revs 213.4 mln vs 158.7 mln
      Nine mths
      Oper shr 1.18 dlrs vs 1.54 dlrs
      Oper net 16.2 mln vs 17.8 mln
      Revs 517.2 mln vs 451.4 mln
      Avg shrs 13.7 mln vs 11.6 mln
      NOTE: 1986 nine mths net exclude204,000 dlr gain from
  reversion of pension assets. 1987 net both periods includes
  pretax charge 692,000 dlrs from amortization of goodwill.
  

"
test/21356	12	earn	"MIDDLE SOUTH UTILITIES INC <MSU> 3RD QTR NET
  Shr 90 cts vs 84 cts
      Net 185.5 mln vs 171.5 mln
      Revs 1.08 billion vs 1.07 billion
      Nine mths
      Shr 1.85 dlrs vs 1.90 dlrs
      Net 378.9 mln vs 389.5 mln
      Revs 2.67 billion vs 2.69 billion
      12 mths
      Shr 2.15 dlrs vs 1.87 dlrs
      Net 440.7 mln vs 382.0 mln
      Revs 3.47 billion vs 3.47 billion
  

"
test/21357	0	acq	"INDUSTRIAL EQUITY TO MAKE PROPOSAL TO CALMAT<CZM>
  Industrial Equity (Pacific) Ltd, a
  Hong Kong-based investment firm leading a group holding 19.1
  pct of Calmat Co's common stock, said it intends to submit to
  Calmat a proposal for a possible business combination.
      In a filing with the Securities and Exchange Commission,
  Industrial Equity (Pacific) did not disclose details of the
  proposal, but said it would be delivered to Calmat in the near
  future.
      Industrial Equity (Pacific) ""does not intend to remain a
  passive investor"" in Calmat, the firm told the SEC.
      In its SEC filing, Industrial Equity (Pacific) said its
  president of North American operations Ronald Langley met with
  Calmat officials on October 14 to discuss an acquisition of the
  company at a premium over the market price of Calmat stock.
      Industrial Equity (Pacific) added it is considering
  launching a tender offer for Calmat stock or making a merger
  proposal to the company, but said it has not decided whether it
  will pursue a Calmat acquisition on a non-negotiated basis.
      Industrial Equity (Pacific), which currently holds 5.83 mln
  Calmat common shares, said it is also evaluating the company's
  recently adopted shareholder rights plan and its potential
  effect on Calmat and on possible acquisition proposals made to
  the company.
      Between October 2 and 14, Industrial Equity (Pacific)
  bought 918,900 shares of Calmat common stock at 33 dlrs to
  37.55 dlrs a share, or a total of about 33.8 mln dlrs.
  

"
test/21358	0	acq	"OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT
  Kaiser Steel Corp's plant in Napa,
  Calif, has been purchased by Oregon Steel Mills for 16 mln
  dlrs, the privately owned Portland company said.
      The transaction was approved by the U.S. bankruptcy judge
  in Denver who is hearing Kaiser Steel's Chapter 11
  reorganization case.
      James Mccaughey, former vice president of sales for Kaiser,
  has been named general manager for the plant, which will be
  called Napa Pipe Corp, Oregon Steel said.
  

"
test/21359	12	earn	"UNISYS CORP <UIS> 3RD QTR NET
  Shr primary 68 cts vs 34 cts
      Shr diluted 65 cts vs 34 cts
      Net 129.7 mln vs 52.9 mln
      Revs 2.22 billlion vs 2.42 billion
      Avg shrs primary 152.1 mln vs 147.1 mln
      Avg shrs diluted 199.8 mln vs 147.1 mln
      Nine mths
      Shr primary 1.89 dlrs vs 1.00 dlrs
      Shr diluted 1.84 dlrs vs 1.00 dlrs
      Net 361.1 mln vs 145.1 mln
     
      Revs 6.91 billion vs 4.90 billion
      Avg shrs primary 151.0 mln vs 146.4 mln
      Avg shrs diluted 198.7 mln vs 146.4 mln
      NOTE: Earnings per share for 1986 have been restated to
  reflect 3-for-1 split effective July 8, 1987.
      Results for three and nine mths 1986 includes results from
  July 1, 1986, of Sperry Corp, acquired on Sept 16, 1986, with
  net income reflecting ownership in Sperry of about 51 pct for
  the months of July and August, and 100 pct for the month of
  Sept 1986.
     
      Revenue for 1986 periods reflects reclassification of
  revenue of divested Sperry operations to other income with no
  effect on net income.
  

"
test/21360	12	earn	"WOBURN FIVE CENTS SAVINGS <WOBS.O> 1ST QTR NET
  Shr 24 cts vs 26 cts
      Net 959,000 vs 1,033,000
      Assets 273.6 mln vs 236.3 mln
      Deposits 183.6 mln vs 173.9 mln
      Loans 133.3 mln vs 104.9 mln
      NOTE: Full name of company is Woburn Five Cents Savings
  Bank.
  

"
test/21362	12	earn	"FIRST FEDERAL SAVINGS <FCHT.O> 1ST QTR NET
  Shr 59 cts
      Qtly div eight cts vs eight cts prior
      Net 1,675,000 vs 1,302,000
      Assets 613.3 mln vs 603.5 mln
      Deposits 523.7 mln vs 517.8 mln
      Loans 469.2 mln vs 449.5 mln
      NOTE: 1986 per share figures not available because bank
  converted to stock ownership Dec 18, 1986. Dividend payable Dec
  11 to shareholders of record Nov 13. Full name of company is
  First Federal Savings and Loan Association of Chattanooga.
  

"
test/21363	10	crude	"COASTAL <CGP> RAISES OIL POSTED PRICES
  Coastal Corp said that effective October
  16 it had raised posted prices for crude oil by 50 cts a
  barrel.
      The increase brings West Texas Intermediate to 9.00 dlrs a
  barrel and West Texas Sour to 18.10 dlrs a barrel.
      Sun Co <SUN> announced that it would make a 50 cts a barrel
  increase late Friday bringing WTI to 19.00 dlrs a barrel and
  traders said that other oil companies could be expected to
  increase prices.
  

"
test/21369	10	crude	"TASS DENOUNCES U.S. ATTACK ON IRAN AS ADVENTURISM
  The official Soviet news agency Tass
  denounced a U.S. Attack on an Iranian oil-drilling platform in
  the Gulf on Monday as military adventurism and said it would
  bring no dividends to the Reagan administration.
      Tass commentator Mikhail Krutikhin said the administration
  had embarked on an adventurist path in order to deflect
  attention from the scandal in which the United States sold arms
  to Iran and the profits were diverted to Nicaraguan rebels.
      ""The confrontation is a fact now. What is obvious is that
  the latest military adventure will not bring political
  dividends to the American administration,"" Krutikhin said.
      Soviet leader Mikhail Gorbachev and Foreign Minister Eduard
  Shevardnadze abruptly left a parliamentary session earlier on
  Monday, sparking diplomatic speculation that they were
  concerned with an urgent matter of foreign affairs.
      Soviet officials have previously criticized the United
  States for sending naval forces into the Gulf, saying their
  presence serves to increase tension.
      Moscow is officially neutral in the war between Iran and
  Iraq. It is a major arms supplier to Iraq but has also sought
  broader contacts with Iran in the last year.
      Krutikhin said: ""The United States has undertaken an act of
  armed aggression against Iran, the probability of which has
  long been spoken of by Washington officials.""
  

"
test/21371	43	ship	"WORLD TELECOMS WATCHDOG RELAXES CAR PHONE RULES
  The International Telecommunications
  Union, which regulates communications worldwide, decided at the
  end of a five-week conference to allow mobile phone systems to
  be linked with satellites, telecommunications officials said.
      Until now, car phones have been linked with land stations
  and have been limited mainly to urban areas. The new ruling
  will make it easier for calls to be made from remote regions.
      The meeting, which finished over the weekend, also decided
  to allow a ""radio determination satellite system,"" which would
  enable fleet owners to trace to within about 15 metres the
  movements of their lorries or cars or ships around the world.
  

"
test/21372	12	earn	"INTERNATIONAL RESEARCH <IRDV.O> 3RD QTR PAYOUT
  Qtly div nine cts vs nine cts prior qtr
      Pay Nov 25
      Record Nov 13
      Note: Full name is International Research and Development
  Corp
  

"
test/21373	12	earn	"ROHM AND HAAS CO <ROH> 3RD QTR NET
  Shr 57 cts vs 54 cts
      Net 39.3 mln vs 37.3 mln
      Sales 540.9 mln vs 488.5 mln
      Nine mths
      Shr 2.30 dlrs vs 1.58 dlrs
      Net 158.8 mln vs 108.7 mln
      Sales 1.67 billion vs 1.60 billion
  

"
test/21375	0	acq	"INDUSTRIAL EQUITY TELLS SEC IT WILL SEND CALMAT PROPOSAL FOR BUSINESS COMBINATION

  INDUSTRIAL EQUITY TELLS SEC IT WILL SEND CALMAT PROPOSAL FOR BUSINESS COMBINATION
  

"
test/21376	0	acq	"IDC SERVICES <IDCS.O> HOLDERS OFFERED 16 DLRS
  IDC Services Inc said a new company will
  begin a cash tender offer by October 26 to acquire all of IDC's
  outstanding common for 16 dlrs a share.
      The company said the offer is being made under a definitive
  agreement reached with the new company, IDC Acquisition Corp,
  formed by Apollo Partners Ltd and investment clients of
  <Equitable Capital Management Inc>. The agreement calls for the
  acquisition of IDC for about 62.4 mln dlrs.
      IDC Acquisition will also tender for all of IDC's
  outstanding nine pct convertible subordinated debentures.
     
      IDC said the merger agreement also provides for payment of
  an equivalent amount in respect of employee stock options to be
  cancelled in the merger.
      As part of the transaction, the company said, it granted
  IDC Acquisition an option to acquire up to 20 pct of the
  company's outstanding shares for 16 dlrs per share.
      It said the planned tender offer is subject to several
  conditions, including the tendering of over 50 pct of the
  company's outstanding stock.
     
      MIM Holdings Ltd <MIMA.S>, a substantial shareholder in
  IDC, has agreed it will not buy any additional IDC shares until
  February seven and has granted IDC Acquisition a right of first
  refusal on any IDC shares it sells during that period, the
  company said.
      It said Apollo Partners was recently organized by three
  former senior Viacom Inc <VIA> executives, Terrence A. Elkes,
  George C. Catell and Kenneth F. Gorman.
  

"
test/21378	12	earn	"MONSANTO CO <MTC> 3RD QTR NET
  Shr 1.30 dlrs vs 1.85 dlrs
      Net 100,000,000 vs 144,000,000
      Sales 1.90 billion vs 1.69 billion
      Nine mths
      Shr 5.01 dlrs vs 5.27 dlrs
      Net 392,000,000 vs 410,000,000
      Sales 5.79 billion vs 5.31 billion
      Note: 1986 figures include 63 mln dlrs, or 81 cts a share,
  of net gains from facilities and businesses sold, shut down or
  impaired, and other non-recurring income and expenses
  

"
test/21380	10	crude	"COASTAL SAID RAISED OIL POSTINGS 50 CTS A BARREL OCTOBER 16. WTI NOW 19.00 DLRS.

  COASTAL SAID RAISED OIL POSTINGS 50 CTS A BARREL OCTOBER 16. WTI NOW 19.00 DLRS.
  

"
test/21382	0	acq	"IC INDUSTRIES <ICX> MAY SELL AEROSPACE UNIT
  IC Industries Inc said its board approved
  a second major step in the reorganization and restructuring of
  the company.
      To implement the plan of sharpening its strategic focus on
  consumer goods and services, the company will give serious
  consideration to the sale of its Pneumo Abex, its aerospace and
  defense company, if it can realize a price which will return
  maximum value to shareholders.
      In 1986, Pneumo Abex had operating income of 118.1 mln dlrs
  on sales of 900.5 mln dlrs.
      IC said it will use the proceeds of any asset sale to
  invest in new high-return businesses in the consumer goods and
  services field.
      The company said it authorized a program to repurchase
  between 500 mln dlrs and 1.0 billion dlrs of IC's common stock
  from time to time when conditions warrant.
      It also said it will begin an immediate cost-reduction
  program to cust annual operating expenses by 50 mln dlrs.
      An IC spokesman said the cost-reduction program involved
  ""across-the-board"" cuts rather than specific about targeted
  areas.
      IC's board earlier approved a plan to spin off the
  company's Illinois Central Gulf Railroad to shareholders. The
  company's other major subsidiaries are Pet Inc, Pepsi-Cola
  General Bottlers, Midas International Corp and Hussmann Corp.
  

"
test/21385	12	earn	"GEORGIA GULF CORP <GGLF.O> 3RD QTR NET
  Shr 1.92 dlrs vs 58 cts
      Net 27.9 mln vs 9,480,000
      Sales 176.4 mln vs 137.9 mln
      Nine mths
      Shr 3.87 dlrs vs 1.69 dlrs
      Net 56.7 mln vs 27.6 mln
      Sales 505.6 mln vs 438.5 mln
  

"
test/21386	12	earn	"FINANCIAL CORP OF AMERICA <FIN> 3RD QTR LOSS
  Shr loss 2.20 dlrs vs profit 24 cts
      Net loss 75.8 mln vs profit 11.6 mln
      Avg shrs primary 35.9 mln vs 36.5 mln
      Avg shrs diluted 39.3 mln vs 39.9 mln
      Nine mths
      Shr primary loss 7.04 dlrs vs profit 1.69 dlrs
      Shr diluted loss 7.04 dlrs vs profit 1.64 dlrs
      Avg shrs primary 35.9 mln vs 37.2 mln
      Avg shrs diluted 39.3 mln vs 46.6 mln
     
      Net loss 243.4 mln vs profit 72.2 mln
      Assets 33.4 billion vs 34.1 billion
      Loans 10.8 billion vs 12.0 billion
      Deposits 16.9 billion vs 17.0 billion
      NOTE: Net includes FSLIC sepcial assessment loss of
  5,429,000 vs 5,193,000 in qtr 1987 vs 1986, and 16.3 mln vs
  16.0 mln in nine mths 1987 vs 1986.
      Net includes gain from sale of mortgage-backed securities
  and loans of 12.4 mln vs 93.4 mln, and 139.7 mln vs 264.0 mln
  in nine mths 1987 vs 1986.
     
      Net includes gain from sale of investments of 64,000 in qtr
  1987, and 157,000 vs 1,231,000 in nine mths 1987 vs 1986.
      Net includes provision for losses and discounts of 70.4 mln
  vs 76.2 mln in qtr 1987 vs 1986, and 315.7 mln vs 161.7 mln in
  nine mths 1987 vs 1986.
      Nine mths 1987 included write off of FSLIC secondary
  reserve of 22.7 mln.
  

"
test/21387	0	acq	"ARNOX <ARNX.O> STILL IN MERGER TALKS WITH TXL
  Arnox Corp said a special
  committee of its board is continuing talks with <TXL Corp> on
  the terms of TXL's offer to acquire Arnox at 10 dlrs per share.
      It said TXL has arranged preliminary financing.
  

"
test/21388	12	earn	"J.P. MORGAN AND CO INC <JPM> 3RD QTR NET
  shr profit 1.18 dlrs vs profit 1.15 dlrs
      net profit 219.2 mln vs profit 211.5 mln
      nine mths
      shr loss 84 cts vs profit 3.72 dlrs
      net loss 140.8 mln vs profit 682.4 mln
      assets 79.69 billion vs 71.99 billion
      loans 33.93 billion vs 35.33 billion
      deposits 45.68 billion vs 41.22 billion
      NOTE: 1987 nine mths include previously reported 875 mln
  dlr addition to loan loss reserve in 2nd qtr for ldc debts
  

"
test/21391	48	trade	"CAIRNS GROUP SAID INFLUENTIAL IN TRADE TALKS
  Australian Minister for Trade
  Negotiations Michael Duffy said his country and Third World
  commodity producers have formed an effective lobby group
  against farm export subsidies and market access restrictions.
      Duffy told a press conference the Cairns Group of 14 major
  agricultural producers, to which Australia and Thailand belong,
  has emerged as an important third force in any multilateral
  trade talks. ""There's no doubt that the Cairns Group is being
  seen as a third force to be reckoned with both inside the
  General Agreement on Tariffs and Trade and in other
  international trade negotiations,"" he said.
      Duffy, here on a three-day visit after talks in the United
  States, The European Community (EC) and Latin America, said
  considerable progress has been made by the group towards
  fighting costly protectionist policies pursued by developed
  countries.
      The minister said the EC Commission's new farm trade paper
  will recognise the heavy financial burdens imposed by its
  Common Agricultural Policy and its future expansion.
      He said the Reagan Administration has also displayed a
  determination to resist the currently strong protectionist
  sentiment in the U.S. Congress.
  

"
test/21393	0	acq	"IBC'S INTERSTATE BAKERIES<IBC>BID OVERSUBSCRIBED
  IBC Acquisition Corp said it received
  about 8,857,807 Interstate Bakeries Corp shares in response to
  its tender offer for up to 8,053,181 shares that expired
  October 16, and it will purchase about 90.9 pct of the shares
  tendered.
      It said a final proration factor should be announced and
  payment for shares start October 26.
      IBC is made up of Interstate management, First Boston Inc
  <FBC> and George K. Braun and Co.
  

"
test/21394	0	acq	"OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT
  <Kaiser Steel Corp>'s plant in
  Napa, Calif., has been purchased by Oregon Steel Mills for 16
  mln dlrs, the privately owned Portland company said.
      The transaction was approved by the U.S. bankruptcy judge
  in Denver who is hearing Kaiser Steel's Chapter 11
  reorganization case.
      James Mccaughey, former vice president of sales for Kaiser,
  has been named general manager for the plant which will be
  called Napa Pipe Corp, Oregon Steel said.
  

"
test/21401	0	acq	"CARSON PIRIE <CRN> TO START PROXY MAILING
  Carson Pirie Scott and Co said it plans
  to start mailing proxy materials to stockholders in connection
  to a November 16 special meeting at which holders will be asked
  to consider a previously announced agreement with Greyhound
  Corp <G>.
      Under the agreement, Greyhound will acquire, in a merger,
  three of the company's foodservice operations - Dobbs
  International Services, Dobbs Houses and Carson international.
      If the transaction is approved, Carsons said its
  stockholders will receive 30 dlrs cash and one share of common
  in the new Carson Pirie Scott and Co for each share held.
  

"
test/21403	12	earn	"HOME SAVINGS BANK <HMSB.O> 3RD QTR NET
  Shr 57 cts
      Net 6,889,000 vs 10.7 mln
      Nine mths
      Shr 1.67 dlrs
      Net 20.1 mln vs 22.9 mln
      Assets 1.63 billion vs 1.47 billion
      Deposits 1.17 billion vs 1.19 billion
      Loans 1.25 billion vs 936.5 mln
      NOTE: 3rd qtr and nine mths 1986 per share figures not
  available because bank converted to stock form Nov 28, 1986.
  

"
test/21404	0	acq	"WOOLWORTH <Z> COMPLETING TENDER OFFER
  FW Woolworth and Co said that 2,223,996
  shares of Armel Inc's <AML> common stock were tendered to and
  accepted for payment by Woolworth, under the terms of the
  previosuly announced cash tender offer which expired at 2400
  midnight EDT on October 16.
      In addition, Woolowrth said 137,367 Armel shares have been
  tendered subject to guaranteed delivery.
      Woolowrth said as a result of the tender offer and options
  which it has exercised to purchase Armel stock, FWW Acquisiton
  Corp, a Woolworth unit, today expects to own about 91.75 pct of
  Amrel's outstanding stock.
     
      Woolworth said the percent it owns does not include 583,650
  Class A shares of Armel, which were tendered or will be
  purchased pursuant to the options.
      As previuosly announced, FWW will now proceed with the cash
  merger in which all shares of Armel, other than those held by
  FWW or Woolworth, will be entitled to receive 7.75 dlrs per
  share. Woolworth said it expects to consummate the deal later
  this year.
      Armel is a specialty retailer of a broad line of athletic
  and leisure footwear, accessories and other sportswear.
  

"
test/21405	12	earn	"PLAINS PETROLEUM CO <PLP> 3RD QTR NET
  Shr 15 cts vs 13 cts
      Net 1,352,000 vs 1,210,000
      Revs 5,953,000 vs 3,309,000
      Nine mths
      Shr 36 cts vs 27 cts
      Net 3,257,000 vs 2,416,000
      Revs 16.6 mln vs 9,705,000
      NOTE: If FASB adopts accounting changes, then 1987 3rd qtr
  per share results will be restated to 22 cts, and 54 cts a
  share for 1987 nine mths.
  

"
test/21406	12	earn	"WELLS-GARDNER CORP <WGA> 3RD QTR NET
  Shr profit three cts vs loss two cts
      Net profit 107,000 vs 87,000 loss
      Revs 6,769,000 vs 4,992,000
      Nine mths
      Shr profit 21 cts vs loss nine cts
      Net profit 778,000 vs loss 314,000
      Revs 21.9 mln vs 13.9 mln
  

"
test/21408	0	acq	"PROSPECT GROUP HAS 14.3 PCT OF BRINKMANN<BRIK.O>
  New York-based Prospect Group Inc
  <PROSZ.O> said it acquired 527,000 shares of Brinkmann
  Instruments Inc common stock, or 14.3 pct of the scientific
  instrument maker's common stock outstanding.
      In a filing with the Securities and Exchange Commission,
  Prospect Group said it bought the 527,000 Brinkmann shares in
  open market transactions between August 12 and October 16 at
  9.62 dlrs to 11.50 dlrs, or a total of 5.69 mln dlrs.
      Prospect Group said it bought the stock ""to establish a
  significant minority equity interest in the company,"" but does
  not intend to seek control of Brinkmann at the present time.
      Prospect Group said it will review its investment
  objectives regarding Brinkmann as warranted by market
  conditions, the company's performance, and other factors
  including discussions with Brinkmann management.
  

"
test/21410	0	acq	"IC INDUSTRIES SAYS IT WILL CONSIDER POSSIBLE SALE OF ITS AEROSPACE BUSINESS

  IC INDUSTRIES SAYS IT WILL CONSIDER POSSIBLE SALE OF ITS AEROSPACE BUSINESS
  

"
test/21411	0	acq	"WARNER <WCI> HAS 8.2 PCT BERKEY INC <BKY> STAKE
  Warner Communications Inc said its
  Warner Communications Investors Inc unit acquired stock and
  warrants representing 416,668 shares of Berkey Inc common
  stock, or the equivalent of 8.2 pct of the company's common
  stock outstanding.
      In a filing with the Securities and Exchange Commission,
  Warner Communications Investors said it paid about one mln dlrs
  to Berkey on September 23 to acquire 104,167 shares of Berkey
  Series B convertible preferred stock.
      The preferred stock is convertible into 208,334 Berkey
  common shares, and warrants to buy another 208,334 shares.
      Warner Communications and its subsidiary said the Berkey
  stock is held as an investment which they will review and
  evaluate from time to time.
  

"
test/21412	12	earn	"AMERICAN CYANAMID CO <ACY> 3RD QTR NET
  Oper shr 59 cts vs 49 cts
      Oper net 54.7 mln vs 44.8 mln
      Sales 1.04 billion vs 921.4 mln
      Nine mths
      Oper shr 2.22 dlrs vs 1.62 dlrs
      Oper net 203.8 mln vs 150.4 mln
      Sales 3.14 billion vs 2.87 billion
      Avg shrs 91.6 mln vs 93.1 mln
      NOTE: 1986 share data restated to reflect 100 pct stock
  dividend distributed June 12
     
      1987 operating net in both periods excludes additional gain
  of 11.6 mln dlrs, or 13 cts a share, associated with 1985 sale
  of Formica Brand Products Group business
      1987 nine month operating net includes pre-tax gain of 12.0
  mln dlrs, equal to about 13 cts a share, from sale of
  Jacqueline Cochran businesses
  

"
test/21413	12	earn	"TANDY CORP <TAN> 1ST QTR SEPT 30 NET
  Shr 71 cts vs 49 cts
      Net 64.3 mln vs 43.7 mln
      Revs 838.2 mln vs 742.6 mln
      Avg shrs 89.9 mln vs 89.9 mln
  

"
test/21414	12	earn	"BELL ATLANTIC CORP <BEL> 3RD QTR NET
  Shr 1.62 dlrs vs 1.49 dlrs
      Net 321.8 mln vs 297.9 mln
      Revs 2.59 billion vs 2.49 billion
      Avg shrs 198.8 mln vs 199.5 mln
      Nine mths
      Shr 2.80 dlrs vs 4.48 dlrs
      Net 955.4 mln vs 895.2 mln
      Revs 7.70 billion vs 7.32 billion
      Avg shrs 199.0 mln vs 199.7 mln
  

"
test/21415	12	earn	"WANG LABORATORIES INC <WANB> 1ST QTR SEPT 30
  Shr profit 14 cts vs loss 19 cts
      Net profit 22.5 mln vs loss 30.0 mln
      Revs 693.0 mln vs 597.9 mln
      Avg shrs 166.0 mln vs 154.2 mln
      NOTE: Prior year net includes five mln dlr tax credit.
  

"
test/21416	12	earn	"BROCKWAY INC <BRK> 3RD QTR NET
  Shr 98 cts vs 70 cts
      Net 12.3 mln vs 8,699,000
      Sales 284.7 mln vs 280.7 mln
      Nine mths
      Shr 2.83 dlrs vs 2.23 dlrs
      Net 35.3 mln vs 27.6 mln
      Sales 824.6 mln vs 818.4 mln
      NOTE: Share adjusted for December 1986 three-for-two split.
  

"
test/21419	0	acq	"TELEX <TC> MAY SEEK OTHER PURCHASERS
  Telex Corp said its board has directed
  management and financial advisor Drexel Burnham Lambert Inc to
  investigate possible alternatives to the tender offer of Asher
  Edelman's TLX Partners for all Telex shares that may include
  seeking other purchasers for Telex.
      The company said the board at an October 16 meeting decided
  to defer until a board meeting later this week a recommendation
  on the Edelman offer and said the board expects to make a
  recommendation by October 23.
  

"
test/21421	0	acq	"IBC ACQUISITION GETS 8,857,807 SHARES IN TENDER, TO BUY 90.9 PCT

  IBC ACQUISITION GETS 8,857,807 SHARES IN TENDER, TO BUY 90.9 PCT
  

"
test/21423	23	ipi	"SOVIET UNION SETS 4.5 PCT INDUSTRIAL OUTPUT GROWTH
  Soviet Planning chief Nikolai Talyzin told
  the Supreme Soviet (parliament) industrial output is planned to
  rise by 4.5 pct in 1988, up from a planned 4.4 pct in 1987.
      In the first nine months of this year, industrial output
  rose by 3.6 pct.
      Talyzin said national income, the nearest Soviet equivalent
  to gross national product, is planned to rise by 4.3 pct
  against a planned 4.1 pct this year.
      He said grain production is planned at 235 mln tonnes in
  1988, compared with a planned 232 mln this year.
      The Soviet Union produced 210 mln tonnes of grain in 1986
  and the Soviet press has said heavy rain has affected the
  harvest this year.
      Talyzin said the 1988 Soviet plan stressed the engineering
  industry, which Kremlin leader Mikhail Gorbachev has described
  as a sector where rapid modernisation is essential if the
  Soviet Union is to compete effectively on world markets.
      ""Certain difficulties have arisen this year in the
  machine-building industry. The economy is not receiving a
  considerable amount of the equipment that it requires,"" said
  Talyzin, who heads the state planning committee Gosplan.
      Soviet data show the machine-building industry, which makes
  machine tools, instruments and other engineering goods,
  increased output by 3.3 pct in the first nine months of this
  year against the same period of 1986. This is well below the
  7.3 pct rise planned for the industry for all of 1988.
      Talyzin said the ruling Politburo concluded at a recent
  meeting that an improvement in economic performance depended to
  a large extent on conserving resources better. ""Large-scale
  measures are planned to save resources,"" he said.
      Finance Minister Boris Gustev told the Supreme Soviet
  defence spending in 1988 would total 20.2 billion roubles, the
  same as announced last year.
      Talyzin said the Kremlin also had decided to increase
  spending next year on medical services, education, pensions and
  social insurance schemes
      He said state expenditures in these fields would reach 171
  billion roubles in 1988, or 3.5 billion roubles more than had
  originally been envisaged in the 1986-1990 Five-Year Plan.
  

"
test/21427	0	acq	"IDC SERVICES AGREES TO BE ACQUIRED FOR 16 DLRS A SHARE BY APOLLO PARTNERS GROUP

  IDC SERVICES AGREES TO BE ACQUIRED FOR 16 DLRS A SHARE BY APOLLO PARTNERS GROUP
  

"
test/21429	0	acq	"MANAGEMENT GROUP HAS RESTAURANT <RA> MAJORITY
  Restaurant Associates Industries Inc
  said the management group led by chairman Martin Brody and
  president Max Pine through October 16 had received 1,796,727
  Class A and 1,766,091 Class B shares in response to its tender
  offer for all shares at 18 dlrs each, giving thema majority of
  each class of shares.
      The company said the tender has been extended until
  November 6.
  

"
test/21430	12	earn	"XIDEX CORP <XIDX.O> 1ST QTR SEPT 30 NET
  Shr 13 cts vs 22 cts
      Net 5,452,000 vs 9,789,000
      Sales 155.7 mln vs 135.1 mln
      NOTE: Prior year net includes gain 6,556,000 dlrs from sale
  of shares of Seagate Technology Corp <SGAT.O>.
  

"
test/21431	12	earn	"CALFED INC <CAL> 3RD QTR NET
  shr 1.99 dlrs vs 2.05 dlrs
      diluted shr 1.80 dlrs vs 1.75 dlrs
      net 50.0 mln vs 48.5 mln
      nine months
      shr 5.37 dlrs vs 5.69 dlrs
      diluted shr 4.87 dlrs vs 4.76 dlrs
      net 134.6 mln vs 129.6 mln
  

"
test/21435	12	earn	"SECURITY PACIFIC CORP <SPC> 3RD QTR NET
  Shr 1.16 dlrs vs 1.09 dlrs
      Net 128.1 mln vs 118.3 mln
      Avg Shrs 108.8 mln vs 105.7 mln
      Nine Months
      Shr 40 cts vs 3.12 dlrs
      Net 53.2 mln vs 335.1 mln
      Avg Shrs 108.0 mln vs 105.2 mln
      Note: Prior-period data have been restated to include on a
  pooling-of-interest basis the August 31, 1987, acquisition of
  Rainier Bancorporation.
  

"
test/21436	12	earn	"PHELPS DODGE CORP <PD> 3RD QTR NET
  Shr 1.77 dlrs vs 60 cts
      Net 58.2 mln vs 19.4 mln
      Revs 377.4 mln vs 188.0 mln
      Nine mths
      Shr 3.10 dlrs vs 1.51 dlrs
      Net 100.3 mln vs 50.6 mln
      Revs 1.11 billion vs 639.7 mln
      NOTE: 3rd qtr 1987 net includes about 3,000,000 dlrs
  after-tax extraordinary gain on retirement of debt.
  

"
test/21437	12	earn	"CRANE CO <CR> 3RD QTR NET
  Shr 70 cts vs 54 cts
      Net 16.7 mln vs 12.5 mln
      Revs 343.6 mln vs 323.1 mln
      Avg shrs 23.9 mln vs 24.8 mln
      Nine mths
      Shr 1.98 dlrs vs 1.23 dlrs
      Net 46.9 mln vs 27.8 mln
      Revs 960.5 mln vs 893.2 mln
      Avg shrs 24.2 mln vs 24.9 mln
     
      NOTE: 1986 figures reflect the adjustment for 3-for-2 split
  in May 1987.
      Net for nine mths 1987 includes a cumulative effect of a
  change in accounting for gain on pension assets reversion of
  10.1 mln or 42 cts a shr.
  

"
test/21440	0	acq	"TELEX CORP TO INVESTIGATE ALTERNATIVES TO TLX PARTNERS BID, MAY SEEK OTHER PURCHASERS

  TELEX CORP TO INVESTIGATE ALTERNATIVES TO TLX PARTNERS BID, MAY SEEK OTHER PURCHASERS
  

"
test/21441	12	earn	"LOTUS DEVELOPMENT CORP <LOTS.O> 3RD QTR NET
  Shr 42 cts vs 21 cts
      Net 19.1 mln vs 9,528,000
      Sales 101.2 mln vs 65.6 mln
      Avg shrs 46.0 mln vs 46.0 mln
      Nine mths
      Shr 1.08 dlrs vs 69 cts
      Net 49.1 mln vs 32.7 mln
      Sales 280.0 mln vs 201.0 mln
      Avg shrs 45.6 mln vs 47.4 mln
      NOTE: Share adjusted for February 1987 two-for-one split.
  

"
test/21447	12	earn	"SOUTHWEST BANCORP <SWB> 3RD QTR LOSS
  Oper shr loss 82 cts vs profit 12 cts
      Oper net loss 4,134,000 vs profit 544,000
      Avg shrs 5,030,000 vs 3,927,000
      Nine mths
      Oper shr loss 80 cts vs profit 32 cts
      Oper net loss 3,615,000 vs profit 1,457,000
      Avg shrs 4,557,000 vs 3,927,000
      NOTE: 1986 net excludes tax loss carryforwards of 105,000
  dlrs in quarter and 195,000 dlrs in nine mths.
      1986 quarter net includes 212,000 dlr tax credit.
      1987 net both periods includes 3,700,000 dlr addition to
  loan loss reserves due mostly to one out-of-state real estate
  transaction.
  

"
test/21448	12	earn	"GATX CORP <GMT> 3RD QTR NET
  Shr 95 cts vs 36 cts
      Net 9,100,000 vs 3,300,000
      Revs 143.7 mln vs 132.4 mln
      Avg shrs 9,884,000 vs 9,780,000
      Nine mths
      Shr 2.77 dlrs vs 1.49 dlrs
      Net 26,600,000 vs 19,000,000
      Revs 401.8 mln vs 385.2 mln
      Avg shrs 9,871,000 vs 12,565,000
      NOTE: 1986 earnings include a loss from discontinued
  operations of 1,000,000 dlrs, or 10 cts a share in the quarter
  and a gain of 2,500,000 dlrs, or 19 cts a share for the nine
  months
  

"
test/21451	12	earn	"MICROSOFT CORP <MSFT.O> 1ST QTR NET
  Shr 38 cts vs 29 cts
      Net 21.3 mln vs 15.8 mln
      Revs 102.6 mln vs 66.8 mln
  

"
test/21453	12	earn	"CMS ENERGY CORP <CMS> 3RD QTR NET
  Shr 65 cts vs 10 cts
      Net 55,960,000 vs 8,785,000
      Revs 588.2 mln vs 596.1 mln
      Avg shrs 85,710,000 vs 87,987,000
      Nine mths
      Shr 1.24 dlrs vs 44 cts
      Net 106,738,000 vs 39,055,000
      Revs 1.98 billion vs 2.24 billion
      Avg shrs 86,320,000 vs 88,007,000
      NOTE: 1986 data restated for adoption of new accounting
  standard relating to pensions
      1987 nine month earnings include 331 mln dlr after-tax
  writeoff in the 4th Qtr of 1985 of a portion of the assets of
  the company's Midland nuclear project
  

"
test/21454	0	acq	"SHAMROCK COMPLETES CENTRAL SOYA SALE TO FERRUZZI
  Shamrock Capital LP said it has
  completed the sale of Cental Soya Co Inc to Ferruzzi Agricola
  Finanziaria the holding company for the Ferruzzi group of
  Ravenna, Italy.
      Shamrock Capital is a limited partnership led by Shamrock
  Holdings Inc, the Roy E. Disney family company.
      Under the agreement announced last month, Ferruzzi acquired
  all the equity and assumed subordinated term debt of about 195
  mln dlrs in a transaction valued at about 370 mln dlrs.
  

"
test/21455	12	earn	"CURTICE BURNS FOODS INC <CBI> 1ST QTR NET
  Qtr ends Sept 25
      Shr 75 cts vs 64 cts
      Net 2,794,000 vs 2,363,000
      Revs 157.8 mln vs 138.4 mln
      NOTE: 1986 qtr figures exclude effect of 1986 tax reform
  act which retroactively reduced earnings from 64 cts to 56 cts
  per shr.
  

"
test/21460	12	earn	"LINDBERG CO <LIND.O> 3RD QTR NET
  Shr profit 10 cts vs profit eight cts
      Net profit 477,853 vs profit 348,384
      Sales 17.7 mln vs 17.3 mln
      Nine mths
      Shr loss 35 cts vs profit 45 cts
      Net loss 1,639,216 vs profit 2,305,700
      Sales 56.2 mln vs 57.1 mln
      Avg shrs 4,698,501 vs 5,075,717
      NOTE: Earnings in the 2nd Qtr of 1987 were reduced by
  3,262,000 dlrs, or 69 cts a share from a charge reflecting
  elimination or transfer of certain product lines and operations
  at the company's Racine, Wis. foundry
  

"
test/21462	0	acq	"SHAMROCK COMPLETES CENTRAL SOYA SALE TO FERRUZZI
  Shamrock Capital LP said it has
  completed the sale of Cental Soya Co Inc to Ferruzzi Agricola
  Finanziaria the holding company for the Ferruzzi group of
  Ravenna, Italy.
      Shamrock Capital is a limited partnership led by Shamrock
  Holdings Inc the Roy E. Disney family company.
      Under the agreement announced last month, Ferruzzi acquired
  all the equity and assumed subordinated term debt of about 195
  mln dlrs in a trction valued at about 370 mln dlrs.
  

"
test/21465	10	crude	"WEINBERGER SAYS U.S. FORCES ATTACKED IRANIAN OIL PLATFORM

  WEINBERGER SAYS U.S. FORCES ATTACKED IRANIAN OIL PLATFORM
  

"
test/21466	0	acq	"CABLE AND WIRELESS RESTRUCTURES H.K. UNITS
  Cable and Wireless Plc <CAWL.L> said
  its subsidiary <Hong Kong Telephone Co Ltd> would cease to be a
  listed company, following the restructure of the company's Hong
  Kong units.
      Earlier today the company announced that Hong Kong
  Telephone and Cable and Wireless Hong Kong, in which the
  territory's government has a 20 pct stake, would become
  subsidiaries of a newly formed holding company, Hong Kong
  Telecommunications.
      In exchange for the Cable and Wireless Hong Kong capital,
  Hong Kong Telecommunications will issue 4.18 billion new shares
  to Cable and Wireless Plc's Cable and Wireless (Far East) Ltd.
      That subsidiary now holds the group's 80 pct stake in Cable
  and Wireless Hong Kong and about 22 pct of H.K. Telephone.
      It will issue an additional 1.05 billion shares to the
  goverment.
      That will leave the Cable and Wireless group with an 80 pct
  stake in Hong Kong Telecommunications, the government 11 pct
  and nine pct in public hands.
      But that will be reduced early next year after a placement
  of 11 pct of the issued shares of Hong Kong Telecommunications
  by both Cable and Wireless and the government.
  

"
test/21469	0	acq	"GAF <GAF> GROUP RECONSIDERS BUYOUT BID
  GAF Corp said the management group
  led by chairman Samuel J. Heyman intends to reconsider its
  proposal to acquire GAF.
      On September 8, the group offered 64.00 dlrs in cash and
  2.50 dlrs principal amount of 15 pct junior subordinated
  debentures due 2007 for each GAF share.  Heyman owns about
  2,700,000 of GAF's 33.5 mln shares outstanding.
      In a letter to the committee of independent directors
  formed to consider the offer, Heyman said it will have to
  modify the terms of the offer if it is to continue the bid, due
  to rising interest rates and financial market conditions.
      Heyman said ""In the considerable time that has elapsed
  since our original proposal was submitted, the credit and
  financial markets have experienced extraordinary and almost
  unprecedented deterioration.  As of the present time, the
  average interest rate on the financing which we proposed to
  raise in connection with the acquisition has increased, since
  the original proposal, by approximately 150 basis points.""
      He said the group intends to promptly review all available
  options, including the revision of its offer to reflect current
  market conditions.
  

"
test/21473	2	bop	"S.KOREA CURRENT A/C SURPLUS SEEN NEAR 10 BLN DLRS
  South Korea's national news agency, Yonhap,
  said this year's current account surplus will near 10 billion
  dlrs amid signs of continuing high world demand for the
  country's cheap cars and electronic goods.
      Bank of Korea officials would neither confirm nor deny the
  Yonhap forecast, saying only that the bank would issue its own
  figures later in the week.
      Yonhap said the January-September surplus in the current
  account, which covers trade in goods and services, totalled
  7.03 billion dlrs.
      This already exceeds the seven billion dlr ceiling for the
  whole of 1987 that the government set in June during talks with
  the International Monetary Fund aimed at averting a too rapid
  revaluation of the won against the dollar.
      The agency said the September surplus was 1.4 billion dlrs,
  up from 468.1 mln in August and 899 mln a year earlier.
      ""Exports in October could be relatively modest due to many
  public holidays, but by the end of this year the surplus will
  be well over nine billion dollars, close to ten,"" Yonhap said.
      The sharp rise in the September surplus came from a
  resumption of export deliveries delayed by strikes the previous
  month.
      More than 3,300 companies, including car manufacturers,
  electronic and electric firms, were hit by labour unrest
  between July and September.
      The South Korean government originally targeted a five
  billion dlr current account surplus this year, but had to raise
  this to seven billion to reflect a startling first-half export
  boom.
      If confirmed, the soaring 1987 current account surplus
  seemed certain to trigger tougher pressure from the United
  States which recorded a 7.4 billion dlr trade deficit with
  Seoul last year, government economists said.
      The U.S. Government, trying to stem protectionist pressure
  at home, has called on South Korea to open more markets to
  American goods and revalue the won faster.
      The won was fixed at 804.90 against the dollar on Monday,
  representing a 7.01 pct gain so far this year.
  

"
test/21474	12	earn	"PLY GEM INDUSTRIES INC <PGI> 3RD QTR NET
  Shr 30 cts vs 17 cts
      Shr diluted 30 cts vs 17 cts
      Net 3,454,000 vs 1,546,000
      Sales 84.0 mln vs 59.2 mln
      Avg shrs 11.6 mln vs 8,917,000
      Avg shrs diluted 11.7 mln vs 11.2 mln
      Nine mths
      Shr 91 cts vs 72 cts
      Shr diluted 90 cts vs 65 cts
      Net 10.5 mln vs 5,959,000
      Sales 236.7 mln vs 168.9 mln
      Avg shrs 11.5 mln vs 8,227,000
      Avg shrs diluted 11.6 mln vs 11.2 mln
  

"
test/21477	32	money-fx	"DEUTSCHE BANK CHIEF SAYS LOUVRE PACT STILL INTACT
  Deutsche Bank AG joint chief executive
  Friedrich Wilhelm Christians said he believed the Louvre accord
  on currency stability was still intact.
      Christians told a news conference he met U.S. Treasury
  Secretary James Baker in the last two weeks, after short term
  German interest rates had risen twice.
      ""I am sure that with 1.7720 marks the dollar is still within
  the Louvre agreement. I do not see that the accord has been
  terminated,"" Christians said. He was responding to questions
  about comments by Baker, who said the Louvre accord was still
  operative but criticised rises in West German interest rates.
  

"
test/21478	0	acq	"GAF CORP SAID MANAGEMENT GROUP TO RECONSIDER ACQUISITION PROPOSAL

  GAF CORP SAID MANAGEMENT GROUP TO RECONSIDER ACQUISITION PROPOSAL
  

"
test/21479	12	earn	"EMULEX CORP <EMLX.O> 1ST QTR SEPT 27 NET
  Shr 13 cts vs 12 cts
      Net 1,612,000 vs 1,571,000
      Revs 28.8 mln vs 25.0 mln
      Avg shrs 12.8 mln vs 13.3 mln
  

"
test/21480	12	earn	"LYPHOMED INC <LMED.O> 3RD QTR NET
  Shr 18 cts vs 13 cts
      Net 5,436,000 vs 3,888,000
      Sales 43.9 mln vs 31.5 mln
      Avg shrs 30,145,000 vs 28,976,000
      Nine mths
      Shr 51 cts vs 38 cts
      Net 15,320,000 vs 11,098,000
      Sales 123.6 mln vs 91.2 mln
      Avg shrs 30,157,000 vs 29,046,000
      NOTE: Earnings adjusted for three-for-two stock split paid
  June 20, 1986
  

"
test/21484	10	crude	"SHIPPING SOURCES SAY UNIDENTIFIED JETS RAID IRANIAN OIL PLATFORMS IN SOUTHERN GULF

  SHIPPING SOURCES SAY UNIDENTIFIED JETS RAID IRANIAN OIL PLATFORMS IN SOUTHERN GULF
  

"
test/21488	12	earn	"INTELLICORP <INAI.O> 1ST QTR SEPT 30 LOSS
  Shr loss nine cts vs loss 12 cts
      Net loss 649,000 vs loss 850,000
      Revs 5,059,000 vs 4,084,000
      Avg shrs 7,041,000 vs 6,900,000
      NOTE: Current year net includes charge 152,000 dlrs from
  amortization of previously capitalized software costs.
  Capitalized product development costs 276,000 dlrs vs 640,000
  dlrs.
  

"
test/21489	12	earn	"OWENS AND MINOR INC <OBOD.O> 3RD QTR NET
  Shr 36 cts vs 36 cts
      Shr diluted 34 cts vs 31 cts
      Net 1,679,000 vs 1,418,000
      Sales 147.2 mln vs 121.5 mln
      Avg shrs 4,608,000 vs 3,963,000
      Avg shrs diluted 5,585,000 vs 5,463,000
      Nine mths
      Shr 1.04 dlrs vs 86 cts
      Shr diluted 93 cts vs 77 cts
      Net 4,387,000 vs 3,393,000
      Sales 420.3 mln vs 338.7 mln
      Avg shrs 4,233,000 vs 3,948,000
      Avg shrs diluted 5,564,000 vs 5,468,000   
  

"
test/21490	12	earn	"TRINOVA CORP <TNV> 3RD QTR NET
  Shr 52 cts vs 43 cts
      Net 17.7 mln vs 14.2 mln
      Sales 413.1 mln vs 361.6 mln
      Avg shrs 34.3 mln vs 30.3 mln
      Nine mths
      Oper shr 1.58 dlrs vs 66 cts
      Oper net 53.9 mln vs 26.7 mln
      Sales 1.22 billion vs 1.08 billion
      Avg shrs 33.5 mln vs 35.2 mln
      NOTE: 1986 nine mths net includes 20.6 mln dlr provision
  for restructuring but excludes 85.0 mln dlr gain on sale of
  discontinued glass business and 1,330,000 dlr gain from
  discontinued operations.
      Quarter orders 350.2 mln dlrs vs 296.7 mln dlrs.  Backlog
  507.6 mln dlrs vs 444.4 mln dlrs.
  

"
test/21501	43	ship	"PENTAGON HAS NO INFORMATION ON IRAN ATTACK RUMORS
  A U.S. Defense Department spokesman
  said he had no information on London oil and stock market
  rumors that the United States had launched a retaliatory strike
  against Iran for an attack on Friday that damaged a U.S. shi
      ""I don't have anything,"" Major Randy Morger said. ""I have no
  information at all.""
      President Reagan said on Sunday he had already made a
  decision on the U.S. response to Friday's Iran attack but would
  not say what the decision was.
      Defense Secretary Caspar Weinberger said on Saturday the
  attack on a U.S.-flagged ship in Kuwaiti waters on Friday was
  almost certainly by an Iran Silkworm missile.
      Some of the rumors in the London markets were that the
  United States had launched an offshore strike against Iranian
  missile installations.
  

"
test/21502	10	crude	"SOUTH YEMEN PLANS OIL EXPORT PIPELINE - MEES
  South Yemen is planning a major oil
  pipeline system to be completed in 18-months time to start
  exports at a initial rate of 100,000 barrels per day, (bpd) the
  Middle East Economic Survey (MEES) said.
      MEES said government approval for the export pipeline
  followed a visit to Aden by a high ranking delegation from the
  Soviet Union, which will help South Yemen construct the line
      The engineering studies for the pipeline are nearly
  finished and construction is expected to start early next year,
  the industry newsletter said.
      The pipeline will run about 170-200 kms (105-125 miles)
  from Shabwa oilfields to a coastal terminal at Bir 'Ali on the
  Gulf of Aden, MEES said.
       MEES said the Soviet firm Technoexport, which is
  developing oilfileds for South Yemen, has substantially
  increased its initial reserve estimates and recommended a
  pipeline with an eventual 500,000 bpd capacity.
      The discovery of commercial quaotities of oil was confirmed
  by Technoexport earlier this year in three structures in the
  Shabwa region in the Northwestern part of the country, 200 kms
  east of North Yemen's Alif oilfield.
  

"
test/21503	0	acq	"TRAFALGAR HOUSE BUYS U.S. BUILDER FOR 20 MLN DLRS
  Trafalgar House Plc <TRAF.L> said it has
  acquired the entire share capital of <Capital Homes Inc> of the
  U.S. For 20 mln dlrs in cash.
      Capital Homes builds single family homes in the Washington
  D.C. Area and is also active as a land developer both for its
  own use and for sale to other builders.
      In the financial year to end February, 1987, Capital
  recorded pre-tax profits of 3.7 mln dlrs on a turnover of 58
  mln dlrs from the sale of 421 homes. Capital has a land bank of
  some 2,600 units and in the current year the company expects to
  sell 500 homes, Trafalgar House said.
  

"
test/21512	32	money-fx	"BALLADUR INSISTS ON MAINTENANCE OF LOUVRE ACCORDS
  French Finance Minister Edouard Balladur
  issued a firm call for the continued faithful application of
  the Louvre accords on currency stability by all major
  industrial countries.
      Balladur, responding to weekend remarks by U.S. Treasury
  Secretary James Baker that the U.S. Would take another look at
  the accords, said ""I firmly desire a faithfull and firm
  adherence by all the major industrial countries to the Louvre
  accords -- in both their letter and spirit.""
      On Sunday, Baker said last week's rise in short-term West
  German interest rates was not in keeping with the accords.
  
      The Louvre accords, agreed in Paris last February, called
  for stability among the major currencies after a prolonged
  dollar slide.
      The accords were reaffirmed by the Group of Seven Finance
  Ministers in Washington last month.
      But Baker said at the weekend that the West German rate
  rise was ""not in keeping with the spirit of what we agreed to.""
      ""What I'm really saying is that they should not expect us to
  simply sit back here and accept increased tightening on their
  part on the assumption that somehow we are going to follow
  them,"" he added.
  

"
test/21517	43	ship	"IRAN WARNS U.S. AGAINST RAISING TENSION IN GULF
  Iran warned the United States on Monday
  against exacerbating the Gulf crisis, saying it would endanger
  American interests.
      Tehran Radio, monitored by the British Broadcasting
  Corporation, said a spokesman for Iran's War Information
  Headquarters was responding ""to U.S. Officials' remarks about
  taking military action against Iran.""
      The radio also quoted an Iranian Foreign Ministry spokesman
  as saying Iran would respond decisively to any aggressive
  measure by the United States.
      The radio said the spokesman made the statement ""following
  the attack on a Kuwaiti ship under the U.S. Flag and comments
  by American officials on carrying out retaliatory action
  against Iran.""
      The spokesman said, ""Any U.S. Military aggression against
  Iran will certainly be the beginning of an extensive clash in
  the Persian Gulf, and amidst this our principled policy is to
  confront any act which escalates tension.""
  

"
test/21519	2	bop	"NORWAY'S CURRENT ACCOUNT IN DEFICIT
  Norway's current account showed a 9.9
  billion crown deficit for the first seven months of 1987,
  against a 19.7 billion crown deficit for the same year-ago
  period, the Central Bureau of Statistics said.
      North Sea oil and gas revenues rose 3.4 pct to 32.6 billion
  crowns in the January to July period compared with 31.5 billion
  in the first seven months of 1986. REUTER
  

"
test/21521	32	money-fx	"BONN MINISTRY HAS NO COMMENT ON BAKER REMARKS
  The West German Finance Ministry declined to
  comment on weekend criticism by U.S. Treasury Secretary James
  Baker of recent West German interest rate increases.
      Baker said the U.S. Would re-examine the February Louvre
  Accord to stabilise currencies reached by leading industrial
  democracies. The rise in West Germany short term interest rates
  was not in the spirit of an agreement by these nations in
  Washington, which reaffirmed the Louvre pact, he said.
      A Finance Ministry spokesman, asked for an official
  ministry reaction to Baker's remarks, said he could make no
  comment.
  

"
test/21523	43	ship	"ANIMAL FEED SHIP ON FIRE AGAIN AT CHINESE PORT
  The Cyprus vessel Fearless, 31,841 tonnes
  dw, which was on fire, grounded then towed to Yantai, China, in
  August, had all its cargo reloaded but the cargo in the no. 3
  hold caught fire on October 15.
      The fire was put out with salt water and water from the
  no.4 hold has spread over most of the cargo. Some water is also
  in the no.5 hold. Bottom patching was reported complete but
  only the no.4 starboard wing tank has been pumped out and
  remains dry. The engine room is flooded to about three metres.
      The ship was originally loaded with 10,000 tonnes of animal
  feed.
  

"
test/21532	8	cpi	"PHILIPPINE INFLATION PREDICTED TO RISE
  The Philippine 1987 inflation rate will
  rise to 4.8 pct from 0.74 pct in 1986 if the government
  implements an employers' association recommendation for a 10
  pct increase in the 54 peso minimum daily wage this month,
  Economic Planning Secretary Solita Monsod said.
      The government's own proposal for an across-the-board daily
  pay rise of six pesos for non-agricultural workers and eight
  pesos for agriculture workers, would push the full year average
  higher to 5.4 pct, she told the Senate last week.
      The 10 pct rise in the minimum wage is recommended by the
  Employers Confederation of the Philippines (ECOP).
      The ECOP proposal would push the year-on-year inflation
  rate to 11.6 pct in December compared with the predicted 14.4
  pct if the government's recommendation is implemented, Solita
  said. Both were proposed last month.
      Annual inflation for 1987 was forecast at four to 4.5 pct
  by the National Economic and Development Authority early this
  month.
      In the first three months of the year, inflation was a
  negative 0.5, 0.6 and 0.7 pct respectively, rising to 1.0, 2.5
  and 4.6 pct in April May and June, the National Statistics
  Office said.
      The annual inflation rate rose to 5.8 pct in June, 6.2 pct
  in July and 6.15 and 6.188 pct in August and September
  respectively, the National Statistics Office said.
      It attributed the acceleration to higher fuel and water
  prices.
      The government's six and eight peso wage increases would
  displace up to 20,000 workers, Monsod said, bringing the number
  of unemployed to 4.2 mln or 19.2 pct of the population.
  

"
test/21536	45	sugar	"SOVIET SUGAR CONSUMPTION UP AS HOME BREWING GROWS
  A sharp rise in Soviet sugar consumption
  since the start of the Kremlin's anti-alcohol drive indicates
  home brewing is costing the state 20 billion roubles in lost
  vodka sales, Pravda said.
      The Communist Party newspaper said sugar sales had
  increased by one mln tonnes a year, enough to be turned into
  two billion bottles of moonshine.
      At current vodka prices of 10 roubles a bottle, it said,
  this meant illicit alcohol consumption had reached the
  equivalent of 20 billion roubles a year, or annual revenues
  from vodka sales before the May 1985 anti-alchohol decree.
      ""Official statistics show a reduction in consumption of
  vodka, but this is a deceptive statistic -- it does not count
  home-brew,"" Pravda said.
      ""The epidemic first engulfed the villages and has now also
  firmly settled into cities, where the availability of natural
  gas, running water and privacy has made it much easier.""
      Kremlin leader Mikhail Gorbachev launched the anti-alcohol
  campaign shortly after taking office in March 1985 as a first
  step to improving Soviet economic performance, which had been
  seriously hurt by drunkenness among the working population.
  

"
test/21538	0	acq	"EQUITICORP HOLDING IN GUINNESS REACHES 59.93 PCT
  Equiticorp Holdings Ltd <EQUW.WE> now owns
  or has received acceptances representing 59.93 pct of the
  issued ordinary share capital of Guinness Peat Group Plc
  <GNSP.L>, Equiticorp said in a statement.
      Equiticorp's offer for Guinness Peat became unconditional
  on October 3, when it had 50.6 pct, and closed on October 17.
  

"
test/21539	32	money-fx	"BANKS EXTEND TRADING HALT IN LEBANESE POUND
  Lebanon's Bankers Association said it
  extended its suspension of trading in the Lebanese pound for
  two more working days to study ways to stem the currency's
  collapse.
      The Central Bank did not post the rate of the pound to the
  dollar and other currencies on Monday. The pound closed on
  Thursday at 407.00/412.00 to the dollar compared with
  Wednesday's close of 384.00/386.00.
      Association sources told Reuters Friday's suspension of
  trading for two working days was continued on Monday for two
  more days so as to study proposals to reinforce the pound.
      The Association, which comprises 106 commercial banks in
  east and west Beirut, halted trading on Friday in a chaotic
  market after the pound crashed to four record lows in the week.
      The pound, hit by the inability of Lebanon's religiously
  and ideologically divided government to end 12 years of civil
  war, has lost more than 80 pct of its international value this
  year.
  

"
test/21541	10	crude	"STATOIL PLACES NORTH SEA VESLEFRIKK FIELD ORDERS
  Den Norske Stats Oljeselskap A/S (Statoil)
  <STAT.OL>, operator on Norway's North Sea Veslefrikk oil field,
  has placed field development contracts totalling 1.5 billion
  crowns with two domestic yards, the company said in a
  statement.
      Moss Rosenberg Verft, a subsidiary of Kvaerner Industrier
  A/S <KVIO.OL> won a 1.2 billion crown contract to convert
  Statoil's semisubmersible rig West Vision to a floating
  production platform and to build the deck for a separate, fixed
  well-head platform to be placed on the field, it said.
      Statoil said Aker Verdal, a unit of Aker Norcem A/S
  <AMVO.OL>, won a 300-mln crown contract to design and build the
  well-head platform's 10,000-tonne steel substructure, to stand
  in 150 metres of water next to the converted rig.
      Statoil said using a floating production unit rather than a
  fixed platform would cut construction time, enabling field
  partners to bring Veslefrikk on stream in late 1989 -- several
  months earlier than previously planned.
      Veslefrikk, with estimated recoverable reserves of 258 mln
  barrels oil and 140 billion cubic feet gas, is located 145 km
  west of Bergen.
      Statoil estimates the field's total development cost,
  including drilling, at 6.6 billion crowns. Planned daily output
  is 65,000 barrels oil and 35 mln cubic feet gas.
      Veslefrikk's oil will be landed via the nearby Oseberg
  field pipeline at the Sture crude terminal near Bergen. Its gas
  will be fed into the Statpipe line, which gathers gas from
  Norway's Statfjord, Gullfaks and Oseberg fields.
      Partners on the field are Statoil, the operator, with a 55
  pct share, <Unocal Norge A/S> (18 pct), <Deminex (Norge) A/S>
  (13.5 pct), Norsk Hydro A/S <NHY.OL> (nine pct) and <Svenska
  Petroleum AB> (4.5 pct).
  

"
test/21550	0	acq	"CABLE AND WIRELESS DETAILS MERGER OF H.K. UNITS
  Cable and Wireless Plc <CAWL.L> said it
  will merge its Hong Kong Telephone Co Ltd <TELH.HK> and <Cable
  and Wireless (Hong Kong) Ltd> units into a new holding firm to
  be called <Hong Kong Telecommunications Ltd>.
      Under the merger, H.K. Telephone shareholders will receive
  two H.K. Telecommunication shares at a par value of 50 H.K.
  Cents for each H.K. Telephone share at par of one dlr.
      H.K. Telephone shareholders other than the Cable and
  Wireless group will receive warrants on a one-for-five basis
  entitling them to acquire from Cable and Wireless Plc within
  five years one H.K. Telecom share at 10 dlrs each.
      The Cable and Wireless Plc group now holds some 70 pct of
  H.K. Telephone. It also owns 80 pct of Cable and Wireless (Hong
  Kong), while the Hong Kong government holds the balance.
      Trading in H.K. Telephone shares was suspended on October
  15. The shares last traded at 19.30 dlrs.
  

"
test/21551	12	earn	"TDK GROUP NET UP 17.6 PCT IN NINE MONTHS
  Nine months ended August 31
      Group shr 118.66 yen vs 100.89 yen
      Group shr per ADS 237.32 vs 201.78
      Net 14.28 billion vs 12.14 billion
      Pretax 34.48 billion vs 29.45 billion
      Sales 288.08 billion vs 278.50 billion
      Company's full name is TDK Corp <TDK.T>.
  

"
test/21553	12	earn	"TDK GROUP NET UP 0.5 PCT IN THREE MONTHS TO AUGUST
  Third quarter ended August 31
      Group shr 34.92 yen vs 34.74
      Group shr per ADS 69.84 vs 69.48
      Net 4.20 billion vs 4.18 billion
      Pretax 10.30 billion vs 9.73 billion
      Sales 95.96 billion vs 92.59 billion
      Company's full name is TDK Corp <TDK.T>
  

"
test/21555	0	acq	"CABLE AND WIRELESS TO MERGE TWO H.K. UNITS INTO NEW TELECOMMUNICATION OPERATION

  CABLE AND WIRELESS TO MERGE TWO H.K. UNITS INTO NEW TELECOMMUNICATION OPERATION
  

"
test/21556	32	money-fx	"BALLADUR INSISTS ON MAINTENANCE OF LOUVRE ACCORDS
  French Finance Minister Edouard Balladur
  issued a firm call for the continued faithful application of
  the Louvre accords on currency stability by all major
  industrial countries.
      Balladur, responding to weekend remarks by U.S. Treasury
  Secretary James Baker that the U.S. Would take another look at
  the accords, said ""I firmly desire a faithfull and firm
  adherence by all the major industrial countries to the Louvre
  accords -- in both their letter and spirit.""
      On Sunday, Baker said last week's rise in short-term West
  German interest rates was not in keeping with the accords.
      The Louvre accords, agreed in Paris last February, called
  for stability among the major currencies after a prolonged
  dollar slide.
      The accords were reaffirmed by the Group of Seven Finance
  Ministers in Washington last month.
      But Baker said at the weekend that the West German rate
  rise was ""not in keeping with the spirit of what we agreed to.""
      ""What I'm really saying is that they should not expect us to
  simply sit back here and accept increased tightening on their
  part on the assumption that somehow we are going to follow
  them,"" he added.
  

"
test/21557	42	rubber	"RUBBER STOCK MANAGER SAYS QUALITY ACCEPTABLE
  International Rubber Organisation
  (INRO) buffer stock manager Aldo Hofmeister said tests had
  shown the quality of rubber in stock was acceptable, but
  acknowledged that some consumers were now wary of buying it.
      ""We have said all along that the rubber is holding up well
  from a condition and quality standpoint...Rubber stored in
  proper conditions does not deteriorate,"" he told Reuters in a
  telephone interview. The quality of buffer stock rubber sold
  since he entered the market in September would be discussed at
  an INRO Council meeting which opened here today, he said.
      Tokyo traders said on Friday they had little interest in
  buying rubber from the INRO buffer stock because of possible
  poor quality.
      Hofmeister began selling rubber when prices exceeded the
  ""may-sell' level of 232 cents per kg early last month. INRO's
  five-day moving average was quoted at 237.3 cents on October
  16. He said the quality of five to six-year old rubber in stock
  was uppermost in consumers' minds.
      ""We have received good interest for the rubber. I understand
  the Japanese concern. Many consumers want to try the rubber
  before they carry on buying,"" he said.
      Hofmeister said INRO rubber was stored in 28 different
  locations in producing and consuming nations, adding all
  warehouses used were suitable for long-term storage.
      Selling of buffer stock rubber had levelled off during the
  past week to 10 days and this could reflect a ""wait and see
  attitude"" by buyers, he said.
      ""Consumers are holding back from buying additional amounts
  until they test out the rubber. If their tests are positiive,
  they are likely to buy more."" Hofmeister said he could reduce
  the offer price of buffer stock rubber to stimulate interest
  but INRO did not want to depress prices artificially.
      Hofmeister declined to comment on Japanese trade estimates
  that he had sold around 30,000 to 32,000 tonnes in Kuala Lumpur
  and New York since September.
      But he said Japanese traders were in a position to have an
  idea of the quantity he had sold, noting that traders overall
  had put buffer stock sales at between 25,000 and 35,000 tonnes.
      The question of sales from the original 360,000 tonne
  buffer stock is expected to be the main topic of the Council
  meeting which is scheduled to end on Thursday.
      The current international rubber pact expires on October
  22.
      The deadline for the new pact's start is January 1989 and
  Hofmeister has been mandated to continue selling rubber during
  the interim period.
  

"
test/21562	48	trade	"PHILIPPINE TRADE GAP WIDENS IN JANUARY-AUGUST
  The Philippines' trade deficit widened to
  542 mln dlrs in the eight months to end-August from 159 mln
  dlrs in the same 1986 period, the National Statistics Office
  said.
      It said exports in the eight-month period rose to 3.58
  billion dlrs from 3.18 billion in 1986, while imports rose to
  4.12 billion dlrs from 3.34 billion a year earlier.
      The country's trade deficit totalled 202 mln dlrs in 1986.
  

"
test/21565	45	sugar	"NEW ZEALAND IMPOSES SANCTIONS AGAINST FIJI
  New Zealand has imposed sanctions
  against Fiji in response to that country's change of status to
  a republic, acting prime minister Geoffrey Palmer said.
      The sanctions will end all military cooperation and cut
  economic aid. New Zealand will also not renew an agreement
  which supports the price of Fijian sugar when it expires in
  March. The loss of aid and sugar supports will cost Fiji about
  10 mln dlrs a year.
      Palmer told reporters after a cabinet meeting that the
  government had asked High Commissioner Rod Gates to return from
  Suva for discussions about other possible measures.
      ""We won't be reacting further until these discussions with
  the High Commissioner and the Prime Minister have been held,""
  Palmer said.
      The sanctions were approved by the cabinet soon after
  Colonel Sitivene Rabuka staged his second coup on September 25.
  Implementation was postponed in the hope that Rabuka might turn
  back from declaring a republic.
      Palmer said the cabinet was happy with the statement from
  Commonwealth leaders in Vancouver that Fiji's membership of the
  Commonwealth had lapsed. Prime Minister David Lange is in
  Hawaii on his way home from Vancouver.
  

"
test/21567	5	coffee	"UGANDA PLANS TO EXPORT ROASTED COFFEE TO EUROPE
  Uganda plans to export roasted coffee to
  Europe by the end of 1988, a prominent local businessman said.
      A.R. Sendi said on Sunday that Uganda's Ministry of
  Industry supports his plan to build a factory to roast, grind
  and pack local coffee for export. Construction will start in
  December and the factory should be ready by next October.
      He said the Marketing Ministry has authorised the Coffee
  Marketing Board to supply his company <Unipack> with 24,000
  tonnes of beans a year for processing and export. Sendi also
  told reporters he had negotiated a 69.7 mln French franc loan
  from the Banque Industrielle d'Afrique Oriental in Paris.
      Uganda is the world's fifth largest coffee producer, and
  expects to produce about 200,000 tonnes this year.
      Market sources say roasted coffee exports will benefit
  Uganda's economy as they will not be included in the 2.38 mln
  (60 kg) bag export quota assigned to the country under the
  latest International Coffee Agreement.
      In addition, the value of roasted coffee should be
  substantially higher than that of unroasted beans, they said.
      The U.S. Is the biggest buyer of Ugandan coffee, most of
  which is used to produce instant coffee.
  

"
test/21568	10	crude	"IRAN, SOVIET UNION TO SWAP CRUDE, REFINED PRODUCTS
  The Soviet Union has agreed to supply
  Iran with refined oil products in exchange for 100,000 barrels
  per day of crude, Iran's national news agency, IRNA, said.
      IRNA, monitored in Nicosia, quoted Oil Minister Gholamreza
  Aqazadeh as saying on his return to Tehran from Moscow that the
  agreement was part of a protocol on economic cooperation signed
  during his visit. The amount of crude delivered to the Soviet
  Union might double to 200,000 bpd later, he said.
      Aqazadeh said the two sides agreed to conduct feasibility
  studies for a pipeline to take Iranian crude from fields in
  southern Iran to the Black Sea through the Soviet Union.
      Iran is pursuing the pipeline project to protect part of
  its oil exports from Iraqi air attacks in the Gulf.
      Irna made no mention of natural gas exports to the Soviet
  Union, which Aqazadeh had said would be discussed before he
  left for Moscow.
      Iran lost most of its refining capacity early in the Gulf
  war and now imports several hundred thousand bpd of refined
  products.
      Aqazadeh said Soviet refined products would be delivered at
  the Caspian Sea ports of Anzali and Nowshahr, at Neka, near the
  Caspian, and at Jolfa in north-west Iran.
  

"
test/21571	0	acq	"N.Z.'S CHASE CORP MAKES OFFER FOR ENTREGROWTH
  Chase Corp Ltd <CHCA.WE> said it will
  make an offer for all fully-paid shares and options of
  <Entregrowth International Ltd> it does not already own.
      Chase, a property investment firm, said it holds 48 pct of
  Entregrowth, its vehicle for expansion in North America.
      It said agreements are being concluded to give it a
  beneficial 72.4 pct interest.
      The offer for the remaining shares is one Chase share for
  every three Entregrowth shares and one Chase option for every
  four Entregrowth options. Chase shares closed on Friday at 4.41
  dlrs and the options at 2.38.
      Entregrowth closed at 1.35 dlrs and options at 55 cents.
      Chase said the offer for the remaining 27.6 pct of
  Entregrowth, worth 34.2 mln dlrs, involved the issue of 5.80
  mln Chase shares and 3.10 mln Chase options.
      Chase chairman Colin Reynolds said the takeover would allow
  Entregrowth to concentrate on North American operations with
  access to Chase's international funding base and a stronger
  executive team. He said there also would be benefits from
  integrating New Zealand investment activities.
      Chase said the offer is conditional it receiving accptances
  for at least 90 pct of the shares and options.
  

"
test/21574	43	ship	"JAPAN/INDIA CONFERENCE CUTS GULF WAR RISK CHARGES
  The Japan/India-Pakistan-Gulf/Japan
  shipping conference said it would cut the extra risk insurance
  surcharges on shipments to Iranian and Iraqi ports to a minimum
  three pct from 4.5 pct on October 25.
      It said surcharges on shipments of all break-bulk cargoes
  to non-Iraqi Arab ports would be reduced to 3.0 pct from 4.5.
      A conference spokesman declined to say why the move was
  taken at a time of heightened tension in the Gulf.
  

"
test/21575	23	ipi	"SOVIET INDUSTRIAL GROWTH/TRADE SLOWER IN 1987
  The Soviet Union's industrial output is
  growing at a slower pace in 1987 than in 1986 and foreign trade
  has fallen, Central Statistical Office figures show.
      Figures in the Communist Party newspaper Pravda show
  industrial production rose 3.6 pct in the first nine months of
  1987 against 5.2 pct in the same 1986 period.
      Foreign trade in the same period fell 3.6 pct from the 1986
  period as exports fell by 0.5 pct and imports dropped by 4.2
  pct.
      Foreign trade in the nine months totalled 94.2 billion
  roubles. Separate import and export figures were not given.
      One factor affecting industrial growth was the introduction
  of a new quality control plan, Western economists said. Last
  year's calculations of industrial output included all goods,
  irrespective of quality.
      Under the new plan, introduced in line with Soviet leader
  Mikhail Gorbachev's drive to modernise the economy, special
  inspectors have the right to reject goods they consider below
  standard.
      Pravda said 42 mln roubles worth of defective goods were
  rejected in the nine-month period.
      The figures also showed that on October 1, there were more
  than 8,000 cooperative enterprises employing over 80,000
  people. More than 200,000 were employed in the private sector,
  Pravda said, without giving comparative figures.
      The promotion of the cooperative and private sectors of the
  economy has been an important part of the modernisation
  campaign, with measures introduced recently to allow the
  setting up of small shops on a private basis.
      Labour productivity rose 3.7 pct in the first nine months
  against 4.8 pct growth in January to September 1986.
      But western economists said they treat Soviet productivity
  figures with caution, as they are more broadly based than in
  the West, which measures worker output over a given period.
      Pravda said there were 283.8 mln people in the Soviet Union
  as of October 1. In the January to September 1987 period 118.5
  mln people were employed, a rise of 4.4 pct on the same period
  last year. Average earnings were 200 roubles a month against
  194 roubles a year ago.
  

"
test/21576	16	gold	"SIX KILLED IN SOUTH AFRICAN GOLD MINE ACCIDENT
  Six black miners have been killed
  and two injured in a rock fall three km underground at a South
  African gold mine, the owners said on Sunday.
      <Rand Mines Properties Ltd>, one of South Africa's big six
  mining companies, said in a statement that the accident
  occurred on Saturday morning at the <East Rand Proprietary
  Mines Ltd> mine at Boksburg, 25 km east of Johannesburg.
      A company spokesman could not elaborate on the short
  statement.
  

"
training/1	4	cocoa	"BAHIA COCOA REVIEW
  Showers continued throughout the week in
  the Bahia cocoa zone, alleviating the drought since early
  January and improving prospects for the coming temporao,
  although normal humidity levels have not been restored,
  Comissaria Smith said in its weekly review.
      The dry period means the temporao will be late this year.
      Arrivals for the week ended February 22 were 155,221 bags
  of 60 kilos making a cumulative total for the season of 5.93
  mln against 5.81 at the same stage last year. Again it seems
  that cocoa delivered earlier on consignment was included in the
  arrivals figures.
      Comissaria Smith said there is still some doubt as to how
  much old crop cocoa is still available as harvesting has
  practically come to an end. With total Bahia crop estimates
  around 6.4 mln bags and sales standing at almost 6.2 mln there
  are a few hundred thousand bags still in the hands of farmers,
  middlemen, exporters and processors.
      There are doubts as to how much of this cocoa would be fit
  for export as shippers are now experiencing dificulties in
  obtaining +Bahia superior+ certificates.
      In view of the lower quality over recent weeks farmers have
  sold a good part of their cocoa held on consignment.
      Comissaria Smith said spot bean prices rose to 340 to 350
  cruzados per arroba of 15 kilos.
      Bean shippers were reluctant to offer nearby shipment and
  only limited sales were booked for March shipment at 1,750 to
  1,780 dlrs per tonne to ports to be named.
      New crop sales were also light and all to open ports with
  June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs
  under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs
  per tonne FOB.
      Routine sales of butter were made. March/April sold at
  4,340, 4,345 and 4,350 dlrs.
      April/May butter went at 2.27 times New York May, June/July
  at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at
  2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and
  2.27 times New York Dec, Comissaria Smith said.
      Destinations were the U.S., Covertible currency areas,
  Uruguay and open ports.
      Cake sales were registered at 785 to 995 dlrs for
  March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times
  New York Dec for Oct/Dec.
      Buyers were the U.S., Argentina, Uruguay and convertible
  currency areas.
      Liquor sales were limited with March/April selling at 2,325
  and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New
  York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York
  Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith
  said.
      Total Bahia sales are currently estimated at 6.13 mln bags
  against the 1986/87 crop and 1.06 mln bags against the 1987/88
  crop.
      Final figures for the period to February 28 are expected to
  be published by the Brazilian Cocoa Trade Commission after
  carnival which ends midday on February 27.
  

"
training/10	0	acq	"COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE
  Computer Terminal Systems Inc said
  it has completed the sale of 200,000 shares of its common
  stock, and warrants to acquire an additional one mln shares, to
  <Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs.
      The company said the warrants are exercisable for five
  years at a purchase price of .125 dlrs per share.
      Computer Terminal said Sedio also has the right to buy
  additional shares and increase its total holdings up to 40 pct
  of the Computer Terminal's outstanding common stock under
  certain circumstances involving change of control at the
  company.
      The company said if the conditions occur the warrants would
  be exercisable at a price equal to 75 pct of its common stock's
  market price at the time, not to exceed 1.50 dlrs per share.
      Computer Terminal also said it sold the technolgy rights to
  its Dot Matrix impact technology, including any future
  improvements, to <Woodco Inc> of Houston, Tex. for 200,000
  dlrs. But, it said it would continue to be the exclusive
  worldwide licensee of the technology for Woodco.
      The company said the moves were part of its reorganization
  plan and would help pay current operation costs and ensure
  product delivery.
      Computer Terminal makes computer generated labels, forms,
  tags and ticket printers and terminals.
  

"
training/100	33	money-supply	"N.Z. TRADING BANK DEPOSIT GROWTH RISES SLIGHTLY
  New Zealand's trading bank seasonally
  adjusted deposit growth rose 2.6 pct in January compared with a
  rise of 9.4 pct in December, the Reserve Bank said.
      Year-on-year total deposits rose 30.6 pct compared with a
  26.3 pct increase in the December year and 34.5 pct rise a year
  ago period, it said in its weekly statistical release.
      Total deposits rose to 17.18 billion N.Z. Dlrs in January
  compared with 16.74 billion in December and 13.16 billion in
  January 1986.
  

"
training/1000	0	acq	"NATIONAL AMUSEMENTS AGAIN UPS VIACOM <VIA> BID
  Viacom International Inc said <National
  Amusements Inc> has again raised the value of its offer for
  Viacom's publicly held stock.
      The company said the special committee of its board plans
  to meet later today to consider this offer and the one
  submitted March one by <MCV Holdings Inc>.
      A spokeswoman was unable to say if the committee met as
  planned yesterday.
      Viacom said National Amusements' Arsenal Holdings Inc
  subsidiary has raised the amount of cash it is offering for
  each Viacom share by 75 cts to 42.75 dlrs while the value of
  the fraction of a share of exchangeable Arsenal Holdings
  preferred to be included was raised 25 cts to 7.75 dlrs.
      National Amusements already owns 19.6 pct of Viacom's stock.
  

"
training/10000	12	earn	"ROGERS <ROG> SEES 1ST QTR NET UP SIGNIFICANTLY
  Rogers Corp said first quarter
  earnings will be up significantly from earnings of 114,000 dlrs
  or four cts share for the same quarter last year.
      The company said it expects revenues for the first quarter
  to be ""somewhat higher"" than revenues of 32.9 mln dlrs posted
  for the year-ago quarter.
      Rogers said it reached an agreement for the sale of its
  molded switch circuit product line to a major supplier.
      The sale, terms of which were not disclosed, will be
  completed early in the second quarter, Rogers said.
  

"
training/10002	12	earn	"ISLAND TELEPHONE SHARE SPLIT APPROVED
  <Island
  Telephone Co Ltd> said the previously announced two-for-one
  common share split was approved by shareholders at the annual
  meeting.
  

"
training/10008	12	earn	"QUESTECH INC <QTEC> YEAR NET
  Shr loss nil vs profit 19 cts
      Net loss 3,175 vs profit 284,945
      Revs 13.6 mln vs 10.6 mln
      Year
      Shr profit 13 cts vs profit 56 cts
      Net profit 195,202 vs profit 857,006
      Revs 47.5 mln vs 42.9 mln
      Note: Current year net includes charge against discontinued
  operations of 1,060,848 dlrs.
  

"
training/10015	49	veg-oil	"MOST EC STATES SAID TO BE AGAINST OILS/FATS TAX
  A majority of European Community (EC)
  member states are either against or have strong reservations
  over a tax on both imported and domestically-produced oils and
  fats proposed by the European Commission, senior diplomats
  said.
      They said a special committee of agricultural experts from
  EC member states had voiced strong objections over the measure
  during a meeting charged with preparing the ground for the
  annual EC farm price-fixing which begins next Monday.
      They added that only France and Italy had indicated they
  would support the Commission proposal which would lead to a tax
  initially of 330 Ecus per tonne during the 1987/88 price round.
  

"
training/10018	0	acq	"GOULD<GLD> COMPLETES SALE OF FRENCH BATTERY UNIT
  Gould Inc said it has
  completed the sale of its French battery business, Compagnie
  Francaise D'Electro Chimie, to a group of investors including
  the unit's employees and <GNB Inc> of Minnesota.
      Gould did not disclose terms of the deal.
      Gould said the move is part of its previously announced
  plan to divest assets unrelated to its computer and electronics
  businesses.
  

"
training/10023	12	earn	"SHOE TOWN INC <SHU> YEAR ENDED JAN THREE 1987
  Shr 51 cts vs 75 cts
      Net 5,524,000 vs 8,094,000
      Revs 142.4 mln vs 137.2 mln
      NOTE: 1986 and 1985 year net includes loss 785,000 dlrs or
  eight cts a share and 59,000 dlrs or one ct a share,
  respectively, for discontinued operations.
      1985 year ended December 28, 1985.
  

"
training/10025	0	acq	"FIRST WISCONSIN <FWB> TO BUY MINNESOTA BANK
  First Wisconsin Corp said it
  plans to acquire Shelard Bancshares Inc for about 25 mln dlrs
  in cash, its first acquisition of a Minnesota-based bank.
      First Wisconsin said Shelard is the holding company for two
  banks with total assets of 168 mln dlrs.
      First Wisconsin, which had assets at yearend of 7.1 billion
  dlrs, said the Shelard purchase price is about 12 times the
  1986 earnings of the bank.
      It said the two Shelard banks have a total of five offices
  in the Minneapolis-St. Paul area.
  

"
training/10027	12	earn	"AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET
  Period ended Feb 28
      Shr profit five cts vs profit four cts
      Net profit 191,000 vs profit 108,000
      Sales 6,561,000 vs 5,896,000
      Nine mths
      Shr loss 28 cts vs loss 40 cts
      Net loss 871,000 vs loss 990,000
      Sales 9,310,000 vs 8,894,000
      Avg shrs 3,086,386 vs 2,465,996
      NOTE: Full name is American Nursery Products Inc
  

"
training/1003	12	earn	"NATIONAL FSI INC <NFSI> 4TH QTR LOSS
  Shr loss six cts vs profit 19 cts
      Net loss 166,000 vs profit 580,000
      Revs 3,772,000 vs 5,545,000
      Year
      Shr loss 13 cts vs profit 52 cts
      Net loss 391,000 vs profit 1,425,000
      Revs 15.4 mln vs 16.6 mln
      NOTE: 1985 year figures pro forma for purchase accounting
  adjustments resulting from March 1985 reeacquisition of company
  by its original shareholders before August 1985 initial public
  offering. 
  

"
training/10032	12	earn	"DISCUS CORP <DISC> 4TH QTR LOSS
  Shr loss six cts vs loss seven cts
      Net loss 125,000 vs loss 140,000
      Rev 2.4 mln vs 2.2 mln
      Year
      Shr loss 13 cts vs loss 14 cts
      Net loss 271,000 vs loss 211,000
      Rev 10.1 mln vs 8.2 mln
  

"
training/10035	12	earn	"ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL

  ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL
  

"
training/10037	12	earn	"PAY 'N PAK STORES INC <PNP> 4TH QTR FEB 28 NET
  Shr 11 cts vs 13 cts
      Net 1,129,000 vs 1,301,000
      Revs 83.2 mln vs 74.5 mln
      Year
      Shr 57 cts vs 82 cts
      Net 5,686,000 vs 8,168,000
      Revs 398.4 mln vs 333.8 mln
  

"
training/10038	14	gas	"(CORRECTED) - MOBIL <MOB> TO UPGRADE REFINERY UNIT
  Mobil Corp said it will spend over 30
  mln dlrs to upgrade a gasoline-producing unit at its Beaumont,
  Texas, refinery.
      It said the unit is a catalytic reformer, which converts
  low-octane components of gasoline into high-octane components
  for use in Super Unleaded gasoline.
      The company said the modernization will allow the unit to
  regenerate catalysts on a continuous basis without shutdown.
  Currently, it must be shut twice a year.  The unit produces
  46,000 barrels of gasoline components a day.  Construction will
  start late this year, with completion set for mid-1989.
      (Correcting unit's output to barrels/day from barrels/year)
  

"
training/10040	12	earn	"AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET
  Qtr ends Feb 28
      Shr profit five cts vs profit four cts
      Net profit 191,000 vs profit 108,000
      Revs 6,561,000 vs 5,896,000
      Avg shrs 3.6 mln vs 2.5 mln
      Nine mths
      Shr loss 28 cts vs loss 40 cts
      Net loss 871,000 vs loss 990,000
      Revs 9,310,000 vs 8,894,000
      Avg shrs 3.1 mln vs 2.5 mln
      NOTE: Full name American Nursery Products Inc.
  

"
training/10041	12	earn	"VOLVO 1986 RESULT OFF SLIGHTLY FROM 1985
  AB Volvo <VOLV.ST> said the weakening
  dollar caused the drop in its 1986 profits, but company chief
  executive Pehr Gyllenhammar said 1986 was one of Volvo's best
  years ever.
      In its final report released earlier, the company said the
  group's 1986 profits before allocations and taxes was 7.53
  billion crowns  compared with 1985's 7.60 billion.
      Despite the fall, Gyllenhammar said, ""Sales of industrial
  products have never been higher, and Volvo Cars and Volvo
  Trucks were both completely sold out at year-end. Operating
  income was slightly higher than a year earlier.""
      He said the company's financial strength gave it
  exceptional opportunities to invest for the future.
      Although industrial sales were up, the company's yearend
  report said total sales were 84.09 billion crowns against
  1985's 86.19 billion.
  

"
training/10042	0	acq	"<MERIDIAN ENERGY>, CASTONE END LETTER OF INTENT
  <Meridian Energy Inc> and Castone
  Development Corp, a privately-held company, jointly announced
  that they have decided to terminate the letter of intent under
  which Meridian would have acquired Castone.
  

"
training/10046	12	earn	"GOLDFIELD CORP <GV> 4TH QTR NET LOSS
  Shr loss four cts vs loss five cts
      Net loss 527,065 vs loss 1,204,080
      Revs 622,470 vs 613,205
      Year
      Shr profit four cts vs loss 13 cts
      Net profit 1,099,778 vs loss 3,282,478
      Revs 7,579,547 vs 6,068,254
      NOTE: 1985 excludes loss from discontinued operations of
  four cts per share in the quarter and loss 10 cts in the year.
  1986 year excludes extraordinary gain of two cts a share.
  

"
training/10048	32	money-fx	"BRITISH, FRENCH MINISTERS DISCUSS PUBLIC SPENDING
  French Finance Minister Edouard Balladur
  discussed the need to control public spending in talks here
  today with British Chancellor of the Exchequer Nigel Lawson, a
  Treasury spokesman said.
      The spokesman said the ministers reviewed their economies,
  and public spending, domestic and European Community-wide.
      He declined to comment on whether the subject of concerted
  action to shore up the dollar had arisen. The U.S. Currency
  dipped sharply earlier this week after a month of relative
  stability after an agreement by six major industrialised
  nations in Paris on February 22 to stabilise their currencies.
  

"
training/10049	0	acq	"FED'S HELLER URGES BROAD REFORM TO AID BANKING
  Federal Reserve Board Governor
  Robert Heller said the banking system could be strengthened by
  permitting formation of financial services holding companies
  involved in areas like banking, insurance, real estate and
  securities.
      In a speech prepared for delivery in New York to the Bank
  and Financial Analysts' Association, Heller said, ""I believe
  that increased diversification along geographic and product
  lines is the key to strengthening the American banking system.""
      He said he supported the idea of financial services holding
  companies advocated by the Association of Bank Holding
  Companies in which regulation of various bank, thrift,
  insurance, investment, securities and real estate subsidiaries
  would be handled on functional lines.
      ""Limits would be placed on the extension of credit by the
  bank to the associated institutions, and all transactions would
  have to be on an arms-length basis,"" Heller said.
      Measures would be necessary to avoid abuse of the banks'
  special position by such holding companies or subsidiaries.
      Heller said he ""would require the holding company to serve
  as a 'source of strength' to the bank by making a commitment to
  maintain the bank's capital.
      ""In other words, the bank would not be allowed to fail as
  long as the holding company has a positive net worth.""
      Heller also said commercial enterprises should be permitted
  to own a financial services holding company, again with the
  provision that capital would flow to the financial enterprise
  if necessary.
      Heller said the effects of these actions ""would be banks
  that are at least as strong as the corporations holding them"" in
  which customer deposits were assured while any incentive to
  ""loot the bank"" was removed.
      Such diversification would give access to national and
  international financial services to corporations across the
  United States.
      Heller said that would mean ""the steady decline of America's
  banks in the world financial league tables would be arrested"" by
  permitting them to become more competitive.
  

"
training/10050	12	earn	"FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT

  FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT
  

"
training/10052	0	acq	"GOULD <GLD> SELLS FRENCH BATTERY UNIT
  Gould Inc said it sold its
  French Battery unit, Cie Francaise d'Electro Chimie, to a group
  of investors including the unit's employees and <GNB Inc> of
  Minnesota.
      Terms of the sale were not disclosed. The unit had 1986
  sales of 65 mln dlrs.
  

"
training/10053	12	earn	"ADVANCED GENETIC SCIENCES <AGSI> YEAR LOSS
  Shr loss 30 cts vs loss 73 cts
      Net loss 3,895,267 vs loss 8,250,222
      Revs 3,237,235 vs 234,745
      Note: 4th qtr data not available
  

"
training/10054	12	earn	"FEDERATED DEPARTMENT <FDS> RAISES QTLY DIVIDEND
  Federated Department Stores Inc said
  it raised its quarterly common stock dividend to 74 cts a
  share, from 67 cts, an increase of 10.5 pct.
      The company said it also approved a two-for-one stock split
  in the form of a 100 pct stock dividend.
      At the same time, Federated said it will ask shareholders
  to approve an increase in the number of authorized shares to
  400 mln, from 200 mln.
      Federated said the dividend is payable on a pre-split basis
  on April 24 to shareholders of record April 10.
      New shares from the stock split will be distributed May 11,
  it said.
  

"
training/10057	12	earn	"DANZAR INVESTMENT <DNZR> SETS SPECIAL DIVIDEND
  Danzar Investment Group Inc said it 
  received 60 mln shares of <Commonwealth Capital Ltd> in
  settlement of a debt and that it will distribute the shares to
  its stockholders as a dividend.
      Danzar said the dividend will also include 18,750,000
  Commonwealth shares it already holds.
      The dividend of 39.9 shares per Danzar share held will be
  paid to shareholders of record April 15, the company said.
  

"
training/10058	0	acq	"FIDELITY <FNF> UNIT ACQUIRES CALIFORNIA CONCERN
  Fidelity National Financial
  Inc said its Fidelity National Title Insurance Co subsidiary
  acquired the operations of Safeco Title Insurance Co in the
  northern California counties of Alameda, Contra Costa and San
  Mateo.
      Terms of the acquisition were not disclosed.
  

"
training/10061	12	earn	"HOME SAVINGS BANK <HMSB> SETS INITIAL DIVIDEND
  Qtly div nine cts
      Pay April 30
      Record April six
  

"
training/10062	7	cotton	"FINAL 1986 CROP U.S. COTTON GINNINGS
  Final 1986 crop U.S. cotton ginnings
  totaled 9,438,425 running bales, vs 12,987,834 bales at the end
  of the 1985 season and 12,544,866 bales at end-1984 season, the
  U.S. Census Bureau said.
      The bureau said upland cotton ginnings from the final 1986
  crop totaled 9,237,296 bales, vs 12,837,088 bales in 1985 and
  12,418,749 bales in 1984.
      American Pima ginnings from the final 1986 crop totaled
  201,129 bales, vs 150,746 bales in the 1985 crop and 126,117
  bales in 1984, the bureau said.
  

"
training/10064	12	earn	"AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS

  AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS
  

"
training/10065	0	acq	"BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER     

  BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER     
  

"
training/10066	0	acq	"SECURITY <SPC>, USERS, END MERGER TALKS
  Security Pacific Corp and
  <Users Inc>, a credit union data processing concern, said they
  have mutually agreed to withdraw from further merger
  negotiations.
      Users said that since it signed a letter of intent to merge
  with Security in November, it has received a strong show of
  support for continuing the credit union ownership of the
  company with credit unions committing themselves to purchase
  additional Users common.
      Users also said it is in the strongest financial position
  in its 24-year history.
  

"
training/10067	12	earn	"ENTERTAINMENT PUBLICATIONS <EPUB> SEES LOSS
  Entertainment Publications
  Inc said it expects an after-tax loss of 31 cts a share in its
  third quarter from the disposal of three units it closed.
      The company said its board approved a plan to discontinue
  the operations of three subsidiaries, which are primarily
  involved in direct mail marketing.
      ""The discontinued units were not likely to meet the growth
  and profit goals of the company in the future,"" Entertainment
  Publications said.
      The three units lost 900,000 dlrs, or 19 cts a share in the
  six months ended December 31.
  

"
training/10068	12	earn	"CHRIS-CRAFT INDUSTRIES INC <CCN> REGULAR PAYOUT
  Chris-Craft Industies Inc said it
  declared a regular two pct stock dividend on both its common
  stock and class B common stock, which is equal the two pct
  stock dividends the company paid for the prior quarter.
      The dividends are payable on April 20 to shareholders of
  record April six.
  

"
training/1007	12	earn	"<PRECAMBRIAN SHIELD RESOURCES LTD> YEAR LOSS
  Shr loss 1.93 dlrs vs profit 16 cts
      Net loss 53,412,000 vs profit 4,479,000
      Revs 24.8 mln vs 32.7 mln
      Note: 1986 shr and net include 51,187,000 dlr writedown on
  U.S. operations, uneconomic coal operations and other mineral
  properties
  

"
training/10071	0	acq	"DENNISON MANUFACTURING <DSN> TO SELL PAPER UNIT
  Dennison Manufacturing Co
  said it has signed a letter of intent to sell its Dunn Paper Co
  subsidiary to James River Corp <JR> for an undisclosed amount
  of cash, resulting in a first quarter charge against earnings.
      The company saiud the loss on the sale may be partly
  reduced by contingent payments over the next five years and
  will in the first quarter be more than offset by the gain from
  the previously-announced sale of its Hygeia Sciences Inc
  shares.
      Dunn had sales last year of about 65 mln dlrs.
      In Richmond, Va., James River said closing is expected by
  the end of April, subject to approval by both boards and on the
  reaching of satisfactory labor agreements.
  

"
training/10074	12	earn	"OLD REPUBLIC INT'L CORP <OLDR> HIKES DIVIDEND
  Qtly div 20 cts vs 19-1/2 cts prior
      Pay June 20
      Record June 5
  

"
training/10076	12	earn	"CARSON PIRIE SCOTT AND CO <CRN> SETS DIVIDEND
  Qtly div 17-1/2 cts vs 17-1/2 cts prior
      Pay June 5
      Record May 22
  

"
training/10079	33	money-supply	"MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS

  MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS
  

"
training/10080	10	crude	"BP<BP> OFFER RAISES EXPECTATIONS FOR OIL VALUES
  British Petroleum Plc's plan to pay
  7.4 billion dlrs for less than half of Standard Oil Co has
  signalled higher values in the U.S. oil patch, analysts said.
      ""I think that BP's bid is a very strong affirmation and
  clear signal that they have confidence in the U.S., and they
  think the barrel of oil in the ground is going to go higher,""
  said Sanford Margoshes of Shearson Lehman Brothers Inc.
      BP earlier today said its U.S. unit planned to tender at 70
  dlrs per share for the 45 pct of Standard it does not already
  own.
      ""It's a 7.4 billion dlr price that (shows) OPEC has won the
  war and oil prices are not going to crack,"" said Prescott, Ball
  and Turben analyst Bruce Lazier.
      ""Behind that is a huge implication for the rest of the
  energy issues out there in the stock market, particularly those
  that are acquisition targets,"" Lazier said.
      One of those mentioned by Lazier was USX Corp, an
  energy-steel concern which had been courted by investor Carl
  Icahn and drew the attention of Australian Robert Holmes a
  Court last year. Rumors continue to swirl around its stock.
      Margoshes said he does not foresee major U.S. oil firms
  falling into takeover situations for several years, with the
  exception of possibly Amerada Hess Corp <AHC>. He said most of
  the majors found partners in the last round of matchmaking
  which ended two years ago, and others restructured to the point
  that they have become unattractive.
      U.S. oil stocks rallied in response to the offer. Exxon
  Corp <XON> rose 1-1/8 to 88-1/2. Chevron Corp <CHV> jumped
  1-1/8 to 58-7/8, and Texaco <TX> climbed 1/4 to 37-3/4. Unocal
  Corp <UCL> rose 1-3/4, while Occidental Petroleum Corp <OXY>
  climbed 1-1/8 to 34-3/4. Amoco Corp <AN> rose 1-3/8 to 83-3/4.
      Standard Oil's stock was up 6-1/4 in heavy trading to
  71-1/8. Earlier in the session it had been at a high of 72-1/4.
  Wall Street has speculated British Petroleum may boost its
  offer by several dlrs per share, but the company maintained it
  would not raise the 70 dlr bid.
      British Petroleum stock rose 2-1/4 to 59-5/8.
      Analysts said the fact British Petroleum made such a bid in
  the first place indicates that the British oil giant has
  changed its outlook for the oil industry.
      Analysts said last year British Petroleum held one of the
  more bearish positions on oil prices.
      ""They said the real price of oil would stay at 15 dlrs (a
  barrel) for several years, and I think they beat a hasty
  retreat from that point of view,"" Margoshes said.
      ""They are more appropriately today looking more
  optimistically. I believe they are looking at 18 dlrs
  (long-term)...also in their heart of hearts they believe that
  will be exceeded,"" Margoshes said.
      The U.S. benchmark crude West Texas Intermediate was
  trading today around 18.60 dlrs per barrel.
      Analysts said British Petroleum might have been able to buy
  up the rest of Standard Oil for about 50 dlrs per share when
  oil prices were falling last year.
      They said Standard Oil's brightest asset is its slightly
  more than 50 pct ownership of the Alaskan Prudhoe Bay oil
  field. Analysts also said the company has other interests in
  the Alaskan North Slope.
      Analysts said the Standard investment is extremely
  attractive to BP because the U.S. is the largest oil market and
  has hard-to-replace reserves.
      ""I think it just fits in with their long-range plans to
  increase their position in the U.S. market,"" Dean Witter
  analyst Eugene Nowak said.
      Analysts said it also raises BP's visibility ahead of the
  British government's announced disposal of 31.7 pct of BP
  stock. The U.K. government said it would dispose of the holding
  sometime in the year beginning April one.
      After acquiring all of Standard, most of BP's reserves
  would be in the U.S., but only about six pct of its stock is
  held in the U.S.
      ""The only way they can sell all that stock is to move it
  into the United States. No other market can handle all that
  stock,"" said L.F. rothschild analyst Rosario Ilacqua.
      In 1986, Standard Oil had net losses of 345 mln dlrs on
  revenues of 10.02 billion dlrs, compared to a profit the year
  earlier of 308 mln dlrs on revenues of 13.82 billion dlrs.
  

"
training/10083	12	earn	"FALCON CABLE SYSTEMS <FAL> 4TH QTR LOSS
  Shr loss 3.49 dlrs vs loss 15 cts
      Net loss 10.8 mln vs loss 459,000
      Revs 4,384,000 vs 2,542,000
      Year
      Shr loss 4.41 dlrs vs loss seven cts
      Net loss 13.7 mln vs loss 218,000
      Revs 13.9 mln vs 8,864,000
      Note: net losses included extraordinary losses of 4,904,000
  in 4th qtr vs 232,000 year ago and extraordinary losses for
  year of 2,056,000 vs 460,000 a year ago.
  

"
training/10085	12	earn	"HOME SAVINGS BANK <HMSB> SETS INITIAL QUARTERLY
  Home Savings Bank said its board
  declared an initial quarterly dividend of nine cts per share,
  payable April 30, record April Six.
  

"
training/10086	0	acq	"LOUISIANA-PACIFIC <LPX> TO SELL SAWMILL
  Louisiana-Pacific Corp said it
  plans to sell its sawmill in Lakeview, Oregon and 18,000 acres
  of timberland to Ostrander Construction Co.
      The company said the transaciton shoould be finalized in
  early April. Terms were not disclosed.
  

"
training/10088	0	acq	"SUBURBAN BANCORP <SUBBA> MERGER APPROVED
  Suburban Bancorp Inc said it
  received approval from the Federal Reserve Board to acquire
  <Valley National Bank of Aurora> for an undisclosed price.
      Suburban said it has received shareholder tenders for 100
  pct of Valley National's stock.
  

"
training/10089	12	earn	"UNIVERSAL HOLDING CORP <UHCO> 4TH QTR LOSS
  Shr profit nil vs profit nine cts
      Net profit 2,000 vs profit 195,000
      Revs 2,623,000 vs 2,577,000
      Year
      Shr loss 21 cts vs profit 13 cts
      Net loss 425,000 vs profit 278,000
      Revs 15.4 mln vs 8,637,000
      Note: Net includes capital gains of 63,000 vs 211,000 for
  qtr and 304,000 vs 292,000 for year. Current year net includes
  charge of 716,000 from contract obligation to former chairman.
  

"
training/1009	12	earn	"GREASE MONKEY HOLDING CORP <GMHC> YEAR NOV 30
  Shr nil vs nil
      Net 130,998 vs 30,732
      Revs 1,568,941 vs 1,0053,234
  

"
training/10090	12	earn	"FREEDOM FEDERAL <FRFE> TO RECOGNIZE GAIN
  Freedom Federal Savings Bank
  said it will recognize in its first-quarter earnings a
  previously deferred 1.5 mln dlr gain which resulted from the
  sale of an apartment complex in 1983.
      It said the recognition comes as a result of repayment of a
  loan which was granted when the complex was sold.
  

"
training/10092	12	earn	"COMMERCE CLEARING HOUSE INC <CCLR> HIKES DIV
  Qtly div 32 cts vs 30 cts prior
      Pay April 29
      Record April 10
  

"
training/10094	12	earn	"QUANTECH ELECTRONICS CORP <QANT> 3RD QTR DEC 31
  Shr loss 28 cts vs loss six cts
      Net loss 561,029 vs loss 114,712
      Revs 3,464,269 vs 4,083,833
      Nine mths
      Shr loss 56 cts vs loss 13 cts
      Net loss 1,104,472 vs loss 261,791
      Revs 10.5 mln vs 11.6 mln
      NOTE: Prior year net includes losses from discontinued
  operations of 99,209 dlrs in quarter and 202,097 dlrs in nine
  mths. 
  

"
training/10095	12	earn	"QUANTECH <QANT> NEEDS ADDITIONAL FUNDS
  Quantech Electronics Corp said
  it is investigating available means of raising additional funds
  needed to finance continuing operations, but there is no
  assurance that it will succeed.
      The company said it continues to experience negative cash
  flow.  Today it reported a loss for the third quarter ended
  December 31 of 561,029 dlrs, compared with a 114,712 dlr loss a
  year before.
      Quantech said it has received waivers from Marine Midland
  Banks Inc <MM> through May 26 on covenants in its loan
  agreement.
      The company said Marine Midland has agreed to advance it an
  additional working capital loan that will be personally
  guaranteed by chairman Henry Ginsburg.  Loans from Marine
  Midland are secured by substantially all company assets.
      Quantech also said Bernard Weinblatt has rsigned as
  president and a director, and until a replacement is found,
  Ginsberg will act as chief executive and Leonard N. Hecht,
  formerly chief executive, will act as chief operating officer.
  

"
training/10096	12	earn	"PDA ENGINEERING <PDAS> HALTS SOFTWARE SHIPMENTS
  PDA Engineering said it has
  temporarily deferred shipmetns of its PATRAN software for IBM
  computers, due to a technical problem with the program.
      The company said the deferral will reduce its thrid quarter
  revenues and earnings.
      PDA said it anticipates resuming shipments in the fourth
  quarter.
  

"
training/10097	12	earn	"P AND F INDUSTRIES INC <PFINA> 4TH QTR NET
  Oper shr 16 cts vs 29 cts
      Oper net 453,924 vs 726,816
      Revs 12.0 mln vs 11.2 mln
      Avg shrs 2,695,206 vs 2,562,160
      Year
      Oper shr 50 cts vs 50 cts
      Oper net 1,365,655 vs 1,268,847
      Revs 40.1 mln vs 33.1 mln
      Avg shrs 2,695,206 vs 2,562,160
      NOTE: Net excludes tax credits of 571,000 dlrs vs 496,000
  dlrs in quarter and 1,347,000 dlrs vs 1,107,000 dlrs in year.
      Share adjusted for one-for-five reverse split in October
  1986.
  

"
training/10098	0	acq	"FAIR LANES <FAIR> SHAREHOLDERS APPROVE MERGER
  Fair Lanes Inc said its shareholders
  approved the previously announced merger with Maricorp Inc, a
  unit of <Northern Pacific Corp>.
      Under terms of the merger, Fair Lanes said each of its
  shares of common stock will be converted into the right to
  receive 1.3043 shares of <BTR Realty Inc>, which is owned by
  Fair Lines.
  

"
training/10099	12	earn	"ALLIED RESEARCH ASSOCIATES INC <ARAI> YEAR NET
  Shr 63 cts vs 64 cts
      Net 2,463,214 vs 2,509,832
      Sales 34.4 mln vs 30.6 mln
      NOTE: Backlog as of February 28 47.4 mln dlrs vs 34.9 mln
  dlrs a year before.
  

"
training/101	33	money-supply	"26-FEB-1987
  26-FEB-1987

"
training/1010	12	earn	"ACCEPTANCE INSURANCE HOLDINGS INC <ACPT> YEAR
  Oper shr profit 1.80 dlrs vs loss 2.28 dlrs
      Oper net profit 2,048,0000 vs loss 1,318,000
      Revs 25.4 mln vs 12.3 mln
      Avg shrs 1,135,000 vs 576,000
      NOTE: Net excludes realized investment gains of 40,000 dlrs
  vs 13,000 dlrs.
      1986 net excludes 729,000 dlr tax credit.
  

"
training/10100	5	coffee	"CARDENAS SEES NO MAJOR DECISIONS AT ICO MEETING
  Jorge Cardenas, manager of Colombia's
  coffee growers' federation, said he did not believe any
  important decisions would emerge from an upcoming meeting of
  the International Coffee Organization (ICO).
      The ICO executive board is set to meet in London from March
  31 and could decide to call a special council session by the
  end of April to discuss export quotas.
      ""It's going to be a routine meeting, an update of what has
  been happening in the market, but it's unlikely any major
  decisions are taken,"" Cardenas told journalists.
      Earlier this month, talks in London to re-introduce export
  quotas, suspended in February 1986, ended in failure.
      Colombian finance minister Cesar Gaviria, also talking to
  reporters at the end of the weekly National Coffee Committee
  meeting, said the positions of Brazil and of the United States
  were too far apart to allow a prompt agreement on quotas.
      Brazil's coffee chief Jorio Dauster said yesterday Brazil
  would not change its coffee policies.
      Cardenas said the market situation was getting clearer
  because the trade knew the projected output and stockpile
  levels of producers.
      He said according to ICO statistics there was a shortfall
  of nine mln (60-kg) bags on the world market between October,
  the start of the coffee year, and February.
  

"
training/10102	0	acq	"CB AND T <CBTB> TO MAKE ACQUISITION
  CB and T Bancshares Inc said the
  board of Carrolton State Bank of Carrolton, Ga., has approved a
  merger into CB and T for an undisclosed amount of stock,
  subject to approval by regulatory agencies and Carrolton
  shareholders.
      Carrolton has 26 mln dlrs in assets.
  

"
training/10105	12	earn	"AMERICAN BRANDS <AMB> SEES HIGHER 1ST QTR NET
  American Brands Inc said it expects
  first quarter net earnings to exceed the record 118.7 mln dlrs
  or 1.05 dlrs a share it earned for the year-ago quarter.
      The company also said it believes sales in the first
  quarter will surpass record sales of 2.1 billion dlrs last
  year.
      The company said unit sales of American Tobacco's Lucky
  Strike Filter line rose 20 pct last year, which led to a gain
  for he Lucky franchise.
      American Brands said it will introduce a new low-priced
  brand of cigarettes called Malibu.
      The company's U.K.-based Gallaher Ltd unit had a strong
  performance in 1986 and became the second-largest contributor
  to operating earnings, American Brands said.
  

"
training/10107	45	sugar	"NY TRADERS SAY SOVIETS MADE LARGE SUGAR PURCHASE
  The Soviet Union bought almost 90,000
  tonnes of raw sugar from international trade houses last night,
  with some of the sugar changing hands at discounts to the spot
  May world sugar contract, according to trade sources.
      They said Japanese trade houses sold up to three cargoes of
  Thai sugar for relatively nearby delivery.
      British and European-based trade houses sold the remaining
  six cargoes for shipment between April/May/July, they said.
      Traders said this week's sharp fall in world sugar prices
  helped to provoke the Soviet Union into covering nearby needs.
      Yesterday, spot May sugar closed at 7.18 cents a pound.
  

"
training/10108	12	earn	"MARTIN LAWRENCE LIMITED EDITIONS <MLLE> YEAR NET
  Shr 20 cts vs six cts
      Net 861,000 vs 266,000
      Revs 10.2 mln vs 6,036,000
      Note: 4th qtr data not given.
  

"
training/10109	12	earn	"COMMONWEALTH ENERGY SYSTEM <CES> DIVIDEND
  Qtly div 68 cts vs 68 cts in prior qtr
      Payable May one
      Record April 14
  

"
training/1011	12	earn	"MINSTAR INC <MNST> 4TH QTR NET
  Oper shr loss 31 cts vs loss 30 cts
      Oper net loss 5,429,000 vs loss 5,216,000
      Revs 257.5 mln vs 243.6 mln
      Avg shrs 17.5 mln vs 13.5 mln
      Year
      Oper shr loss eight cts vs profit 28 cts
      Oper net loss 1,324,000 vs profit 4,067,000
      Revs 989.5 mln vs 747.9 mln
      Avg shrs 17.6 mln vs 15.7 mln
     
      NOTE: 1986 operating net loss excludes income from
  discontinued operations equal to 11 cts in the quarter and 66
  cts in the year compared with 1.07 dlrs in the quarter and 1.23
  dlrs in the respective periods of 1985.
      1986 operating net loss also excludes extraordinary charges
  of 14 cts in the quarter and 54 cts in the year.
      1985 operating net profit excludes an extraordinary gain of
  47 cts.
  

"
training/10110	12	earn	"TRANSWORLD TRUST <TWT> SETS INITIAL PAY DATE
  Transworld Liquidating Trust said it
  will distribute proceeds from the sale of Hilton International
  Co to UAL Inc <UAL> to its holders on April 8.
      The deal is expected to close March 31, the day trading
  ceases in the Liquidating Trust shares.
      UAL will pay 632.5 mln dlrs cash, 2,564,000 shares of UAL
  common stock and 200 mln dlrs worth of UAL debentures to
  Transworld, but it may substitute cash for the securities. The
  initial distribution will include all the cash, stock and
  debentures received in connection with the sale, the company
  said.
      The shares in the Trust formerly represented shares of
  Transworld Corp common stock.
      The company said the balance of cash in the Trust will be
  used to satisfy all liabilities and obligations of the Trust.
  After satisfaction of the payments, the company will make a
  second distribution around April 29, it said.
  

"
training/10112	12	earn	"ELECTRO-SENSORS INC <ELSE> VOTES EXTRA PAYOUT
  Electro-Sensors Inc said its board
  voted an extraordinary cash dividend on its common stock of 10
  cts a share payable May 15, record April 30.
      The company paid an extraordinary dividend of 10 cts in May
  1986.
  

"
training/10114	12	earn	"U.S. HOME <UH> SEES BEST FIRST QTR SINCE 1983
  U.S. Home Corp said its first quarter
  ending March 31, 1987, will be its most profitable first
  quarter since 1983.
      The company said in 1983, it recorded a profit of 8,600,000
  dlrs for its first quarter. The three following first quarters
  resulted in losses of 3,200,000 dlrs, 3,500,000 dlrs and
  1,800,000 dlrs, respectively, the company said.
      U.S. Home declined to put a specific figure on what its net
  earnings would be for the coming first quarter, but said it
  would definitely record a profit.
      In other news, U.S. Home said its shareholders approved an
  amendment to its company's certificate of incorporation
  relating to the liability of the company's directors.
  

"
training/10115	12	earn	"ROCKEFELLER CENTER PROPERTIES <RCP> UPS PAYOUT
  Rockefeller Center Properties Inc said
  it raised its quarterly dividend to 45 cts from 44 cts a share.
      The dividend is payable April 27 to shareholders of record
  April 7.
  

"
training/10119	12	earn	"SANDUSTRY PLASTICS INC <SPI> 4TH QTR NET
  Shr seven cts vs 26 cts
      Net 200,000 vs 450,000
      Revs 7,291,000 vs 1,177,000
      12 mths
      Shr 37 cts vs 77 cts
      Net 801,000 vs 1,329,000
      Revs 26 mln vs 28.6 mln
      NOTE: 1985 year includes extraordinary gain of 10 cts per
  share.
  

"
training/10122	4	cocoa	"COCOA CHAIRMAN WORKS TOWARDS BUFFER COMPROMISE
  International Cocoa Organization's,
  ICCO, council chairman Denis Bra Kanon continued work towards a
  compromise plan on how the ICCO buffer stock should buy cocoa,
  consumer delegates said.
      Consumer delegates said Bra Kanon had not formally
  presented the compromise plan to producers and consumers, and
  it was unlikely he would do so before Friday, they said.
      There was widespread confidence a result on the outstanding
  items could be reached by Friday, when the council session is
  due to end, consumers said.
      Bra Kanon completed bilateral consultations with several
  delegations today on the main sticking points in the draft
  buffer stock rules package, they said.
      Certain delegations wanted further discussion on the amount
  of non-member cocoa the buffer stock will be permitted to buy,
  differentials for different origin cocoas and limits on buffer
  stock purchases of nearby, and forward material, the delegates
  said.
      The buffer stock working group finalized the remaining
  buffer stock rules, with only minor modifications to the
  original draft buffer stock package produced last week, the
  delegates said.
      The ICCO council is due to elect a new executive director
  when it reconvenes Friday, producer delegates said.
      Producers intend to present a single candidate for the
  post, and this is most likely to be Edouard Kouame from Ivory
  Coast, they said.
      Earlier, the existing executive director, Kobena Erbynn
  from Ghana, was expected to re-nominated, but he is now likely
  to withdraw, the delegates said.
      The executive committee is due to meet Friday at 1100 GMT,
  with the council unlikely to reconvene until late Friday,
  consumers said.
  

"
training/10128	0	acq	"FIRST FINANCIAL <FFMC> BUYS CONFIDATA
  First Financial Management Corp said it
  acquired Confidata Corp, a unit of <North Ridge Bank>, paying
  500,000 dlrs in cash and pledging a guarantee on a 500,000 dlr
  Confidata note held by North Ridge.
      First Financial, which provides data processing services to
  community banks and other financial institutions, said the
  acquisition will expand its customer base.
  

"
training/10129	0	acq	"COMBUSTION ENGINEERING <CSP> UNIT IN BUYOUT
  Combustion Engineering Inc said
  its C-E Environmental Systems and Services Inc unit agreed in
  principle to acquire <E.C. Jordan and Co>, a privately held
  firm based in Portland, Me.
      Terms of the acquisition were mot disclosed.
      Combustion Engineering said C-E Environmental, which
  provides environmental sciences and management services, had
  1986 sales of about 24 mln dlrs.
  

"
training/1013	12	earn	"<MARK RESOURCES INC> YEAR LOSS
  Shr not given
      Loss 54.9 mln
      Revs 27.2 mln
      Note: Prior year results not given. 1986 results include
  accounts of 89 pct owned <Precambrian Shield Resources Ltd>,
  acquired November 5, 1986
  

"
training/10130	12	earn	"PEPCO <POM> TWO MTHS FEB 28 NET
  Shr 49 cts vs 57 cts
      Net 25.1 mln vs 28.9 mln
      Revs 202.8 mln vs 220.9 mln
      12 mths
      Shr 4.05 dlrs vs 3.66 dlrs
      Net 223.9 mln vs 186.4 mln
      Revs 1.35 billion vs 1.34 billion
      NOTE: Full name Potomac Electric Power Co
      1987 year includes extraordinary gain of 21.7 mln, or 46
  cts per share, for the June 1986 sale of the company's Virginia
  service territory to Virginia Power.
  

"
training/10136	32	money-fx	"26-MAR-1987
  26-MAR-1987

"
training/10140	12	earn	"DECISION INDUSTRIES <DIC> SEES 1ST QTR LOSS
  Decision Industries Corp said it
  expects to report an operating loss of 19-24 cts a share for
  the first quarter ending March 31 mainly due to lower profit
  margins and higher sales and marketing costs.
      In the 1st quarter of last year, when the company's quarter
  ended Feb 28, 1986, it earned 957,000 dlrs or 10 cts a share on
  revenues of 45 mln dlrs.
      Decision also said it entered into an agreement to sell its
  International Computerized Telemarketing Inc subsidiary to an
  investor group headed by the unit's senior management. Terms
  were not disclosed.
      Decision also said it consolidated its Decision Development
  Corp subsidiary into Decision Data Computer Corp, the unit
  which designs, manufactures and sells its System/3X peripheral
  products.
      It said this restructuring will adversely affect its first
  quarter earnings, but it said it expects to realize a
  ""significant savings"" in operating expenses through the
  remainder of the year.
  

"
training/10146	0	acq	"LOMAK <LOMK>, STRATA <STRATA> IN MERGER PACT
  Lomak Petroleum Inc and Strata
  Corp, based in Columbus, Ohio, jointly said they entered into a
  merger agreement for Strata to become a wholly owned subsidiary
  of Lomak.
      Under the merger's terms, Strata shareholders will receive
  5.7 cts per share of Strata common and warrants to buy about
  .06 shares of Lomak common at 37.5 cts per share on or before
  December 31, 1990, for each Strata common share.
      The merger is subject to approval by the companies' boards
  and shareholders and agreement of certain Strata creditors,
  among other things, said the companies.
  

"
training/1015	12	earn	"TRANSFORM LOGIC <TOOG> REVISES RESULTS DOWNWARD
  Transform Logic Corp said it
  has revised downward its previously reported fourth quarter and
  year, ended October 31, results to reflect compensation expense
  for employee stock options.
      The company said resolution of this disagreement with its
  auditors came as a result of Securities and Exchange Commission
  involvement. The company will amend its option-granting
  procedure to conform to the SEC decision which will eliminate
  future charges, it added.
      Transform said its fourth quarter profit was revised to
  305,082 dlrs, or two cts a share, from the previously reported
  580,955 dlrs, which left the company with a fiscal 1986 loss of
  249,814 dlrs, or two cts a share, instead of the reported
  26,195 dlrs profit.
  

"
training/10151	44	strategic-metal	"CALIFORNIA MICRO <CAMD>, GRUMMAN <GQ> SET PACT
  California Micro Devices Corp
  said it has signed an agreement with Grumman Corp's Tachonics
  Corp unit to develop and product gallium arsenide
  seminconductor chips.
      Under the pact, California Micro Devices will design the
  chips and Tachonics will manufacture them.
      Initial products to be developed will be gate arrays with
  500 to 2,500 gate complexity and radiation hardening
  capabilities, the company said.
  

"
training/10153	33	money-supply	"N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS

  N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS
  

"
training/10154	33	money-supply	"U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS

  U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS
  

"
training/10155	33	money-supply	"NEW YORK BUSINESS LOANS FALL 222 MLN DLRS
  Commercial and industrial loans on the
  books of the 10 major New York banks, excluding acceptances,
  fell 222 mln dlrs to 64.05 billion in the week ended March 18,
  the Federal Reserve Bank of New York said.
      Including acceptances, loans fell 390 mln dlrs to 64.74
  billion.
      Commercial paper outstanding nationally rose 35 mln dlrs to
  339.04 billion.
      National business loan data are scheduled to be released on
  Friday.
  

"
training/10156	22	interest	"N.Y. BANK DISCOUNT BORROWINGS NIL IN WEEK
  The eight major New York City banks
  did not borrow from the Federal Reserve in the week ended
  Wednesday March 25, a Fed spokesman said.
      It was the second half of a two-week bank statement period
  that ended on Wednesday. The banks did not borrow in the first
  week of the period.
  

"
training/10158	0	acq	"AMERICANTURE <AAIX> BUYS AMERICAN ADVENTURE
  Americanture Inc said it has
  purchased American Adventure Inc <GOAQC> for cash, the
  assumption of liabilities and the issuance of American
  Adventure Inc common and preferred stock to creditors,
  shareholders and members.
      The acquisition was pursuant of a Chapter 11 reorganization
  plan of American Adventure.
      The company said the transaction involved assets valued at
  more than 83 mln dlrs.
  

"
training/1016	12	earn	"AMERICAN STORES <ASC> SEES LOWER YEAR NET
  American Stores Co said it
  expects to report earnings per share of 3.70 to 3.85 dlrs per
  share on sales of slightly over 14 billion dlrs for the year
  ended January 31.
      The supermarket chain earned 4.11 dlrs per share on sales
  of 13.89 billion dlrs last year.
      The company did not elaborate.
  

"
training/10162	12	earn	"CAMPBELL SOUP CO <CPB> SETS QUARTERLY DIVIDEND
  Qtly div 36 cts vs 36 cts
      Pay April 30
      Record April 7
  

"
training/10163	12	earn	"EQUITABLE RESOURCES INC <EQT> IN REGULAR PAYOUT
  Qtly div 30 cts vs 30 cts prior
      Pay June one
      Record May eight
      NOTE: Current dividend is equivalent to previous quarterly
  dividend of 45 cts per share, after giving effect to 3-for-2
  stock split effective March 3, 1987.
  

"
training/10165	12	earn	"ELECTROSOUND GROUP INC <ESG>3RD QTR FEB 28 LOSS
  Oper shr loss one cts vs loss five cts
      Oper net loss 15,000 vs loss 79,000
      Revs 6,244,000 vs 8,148,000
      Avg shrs 1,912,000 vs 1,537,000
      Nine mths
      Oper shr profit 19 cts vs profit 22 cts
      Oper net profit 347,000 vs profit 341,000
      Revs 22.6 mln vs 28.5 mln
      Avg shrs 1,840,000 vs 1,537,000
     
      Note: Oper excludes tax losses of 13,000 vs 85,000 for qtr
  and tax credits of 258,000 vs 235,000 for nine mths.
  

"
training/1017	12	earn	"KASLER CORP <KASL> 1ST QTR JAN 31 NET
  Shr profit three cts vs loss seven cts
      Net profit 161,000 vs loss 367,000
      Revs 24.3 mln vs 26.5 mln
  

"
training/10171	0	acq	"VIACOM <VIA> SETS RECORD DATE FOR MERGER VOTE
  Viacom International Inc said it set
  April 6 as the record date for shareholders entitled to vote at
  a special meeting to be held to vote on the proposed merger of
  Arsenal Acquiring Corp, a wholly-owned subsidiary of <Arsenal
  Holdings Inc> into Viacom.
      It said the date of the special meeting has not yet been
  determined.
  

"
training/10173	12	earn	"COURIER <CRRC> SEES SECOND QUARTER LOSS
  Courier Corp said it expects to
  report a small loss for the second fiscal quarter against a
  profit of 828,000 dlrs a year ago.
      The company attributed the loss to competitive pressures
  which have cut gross margins. In addition, it said it is
  incurring significant expenses from management programs aimed
  at reducing costs and boosting productivity.
      It said its Murray Printing Co unit has undertaken a
  program of extended work hours, and salary and job cuts which
  will save more than 1.5 mln dlrs annually.
  

"
training/10174	12	earn	"CONTINUING CARE ASSOCIATES <CONC> 4TH QTR NET
  Shr four cts vs two cts
      Net 59,700 vs 27,300
      Revs 3,123,900 vs 1,911,900
      12 mths
      Shr six cts vs nine cts
      Net 94,100 vs 81,600
      Revs 9,802,000 vs 5,922,000
      NOTE: qtr 1986 and qtr prior includes tax gain 9,000 and
  1,900, respectively; and year 1986 and year prior includes tax
  gain 18,000 and 21,000, respectively.
  

"
training/10176	33	money-supply	"U.S. M-1 MONEY SUPPLY RISES 1.2 BILLION  DLRS IN MARCH 16 WEEK, FED SAYS

  U.S. M-1 MONEY SUPPLY RISES 1.2 BILLION  DLRS IN MARCH 16 WEEK, FED SAYS
  

"
training/10177	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS AVERAGE 302 MLN DLRS A DAY IN MARCH 25 WEEK, FED SAYS

  U.S. BANK DISCOUNT BORROWINGS AVERAGE 302 MLN DLRS A DAY IN MARCH 25 WEEK, FED SAYS
  

"
training/10178	33	money-supply	"U.S. BANK NET FREE RESERVES 603 MLN DLRS IN TWO WEEKS TO MARCH 25, FED SAYS

  U.S. BANK NET FREE RESERVES 603 MLN DLRS IN TWO WEEKS TO MARCH 25, FED SAYS
  

"
training/10180	12	earn	"VALLEY FEDERAL <VFED> SPLITS STOCK TWO-FOR-ONE
  Valley Federal Savings and
  Loan Association said its board declared a two-for-one stock
  split for its common stock.
      The split will be effected in the form of a 100 pct stock
  dividend, to be issued April 30 to stockholders of record March
  31.
  

"
training/10181	12	earn	"ATCOR <ATCO> CUTS DIVIDEND
  Atcor Inc said it cut its
  quarterly dividend to three cts per share from 12 cts because
  of depressed earnings.
      The dividend is payable April 15 to holders of record April
  6.
      It said it will continue to review the dividend on a
  quarterly basis.
  

"
training/10183	33	money-supply	"U.S. M-1 MONEY SUPPLY RISES 1.2 BILLION DLR
  U.S. M-1 money supply rose 1.2 billion
  dlrs to a seasonally adjusted 740.2 billion dlrs in the March
  16 week, the Federal Reserve said.
      The previous week's M-1 level was revised to 739.0 billion
  dlrs from 738.7 billion, while the four-week moving average of
  M-1 rose to 739.1 billion dlrs from 738.3 billion.
      Economists polled by Reuters said that M-1 would rise
  anywhere from 700 mln dlrs to three billion dlrs. The average
  forecast called for a 1.8 billion dlr increase.
  

"
training/10185	12	earn	"TERRANO CORP <TRNO> YEAR DEC 31 OPER NET
  Oper shr profit 12 cts vs loss 1.15 dlrs
      Oper net profit 300,286 vs loss 2,855,887
      Revs 2,456,616 mln vs 2,979,206
      Avg shrs 2,527,720 vs 2,482,197
      NOTE: 1986 earnings exclude extraordinary gain from
  forgiveness of debt through reorganization under Chapter 11 of
  280,505 dlrs, or 11 cts a share
  

"
training/10186	12	earn	"ATCOR INC <ATCO> CUT DIVIDEND
  Qtly div three cts vs 12 cts prior
      Pay April 15
      Record April 6
  

"
training/1019	12	earn	"UNILEVER HAS IMPROVED MARGINS, VOLUMES IN 1986
  Unilever Plc <UN.A> and NV group reported
  improvements in margins and underlying sales volume growth of
  five pct in 1986 after stripping out the effects of falling
  prices, disposals and currency movements, Unilever Plc chairman
  Michael Angus said.
      He told reporters that volumes in North America increased
  some 10.5 pct while European consumer goods rose about 2.5 pct
  after being flat for some years.
      Much of the disposal strategy, aimed at concentrating
  activities on core businesses, had now been completed, he
  noted.
      But the process of acquisitions would go on, with strategic
  acquisitions taking place ""from time to time,"" he said.
      The company earlier reported a 20 pct rise in pre-tax
  profits for 1986 to 1.14 billion stg from 953 mln previously.
  In guilder terms, however, profits at the pre-tax level dropped
  three pct to 3.69 billion from 3.81 billion.
      Angus said the recent purchase of Chesebrough-Pond's Inc
  <CBM.N> for 72.50 dlrs a share was unlikely to bring any
  earnings dilution.
      However, it would not add much to profits, with much of the
  company's operating profits paying for the acquisition costs.
      Finance director Niall Fitzgerald added that while gearing
  - debt to equity plus debt - rose to about 60 pct at end 1986
  from 35 pct last year, this was expected to drop back to about
  40 pct by end-1987.
      The same divergence was made in full year dividend, with
  Unilever NV's rising 3.4 pct to 15.33 guilders and Unilever
  Plc's increasing 29.9 pct to 50.17p, approximately in line with
  the change in attributable profit.
      Angus said the prospectus for the sale of parts of
  Chesebrough was due to be published shortly. However, he said
  that there was no target date for completing the process.
      He also declined to say what sort of sum Unilever hoped to
  realise from the operation, beyond noting that Chesebrough had
  paid around 1.25 billion dlrs for Stauffer Chemical Co, which
  operates outside Unilever's core activities.
      In the U.S., Organic growth from the Lipton Foods business,
  considerable expansion in the household products business and
  in margarine had been behind the overall sales increase.
      However, he noted that the U.S. Household products business
  had turned in a planned loss, with fourth quarter performance
  better than expected despite the anticipated heavy launch costs
  of its Surf detergents.
  

"
training/10191	32	money-fx	"FORMER HERSTATT DEALER CAN BE SUED, COURT RULES
  The former chief currency
  dealer of Herstatt Bank, which collapsed in 1974 on foreign
  exchange speculation in West Germany's biggest banking crash,
  can stand trial for damages, a court ruled.
      The court overturned a claim by Danny Dattel that a case
  for damages should not be allowed after such a long interval.
      Herstatt creditors are seeking 12.5 mln marks from Dattel,
  whom they accuse of causing losses at the bank of over 500 mln
  marks by manipulating forward foreign exchange contracts.
      The crash of the private Herstatt bank with losses of over
  one billion marks stunned West Germany's business community,
  and led to a tightening of banking regulations.
      The losses were even greater than the 480 mln marks
  announced recently by Volkswagen as a result of fraud in
  currency transactions.
      Ivan Herstatt, managing director of the bank when it
  collapsed, was sentenced to four and a half years in prison in
  1984 but appealed. Six other people associated with the bank
  were jailed in 1983.
      But Dattel was freed from prosecution after he produced
  medical evidence of paranoia caused by Nazi persecution during
  his childhood, which might have led him to take his own life.
  

"
training/10192	10	crude	"NEXT FEW MONTHS CRUCIAL FOR OIL - HERNANDEZ
  Energy and Mines Minister Arturo
  Hernandez Grisanti today told a meeting of regional oil
  exporters the next few months will be critical to efforts to
  achieve price recovery and stabilize the market.
       Hernandez said while OPEC and non-OPEC nations have
  already made some strides in their efforts to strengthen the
  market, the danger of a reversal is always present.
      ""March and the next two or three months will be a really
  critical period,"" Hernandez said. He said, ""We will be able to
  define a movement, either towards market stability and price
  recovery or, depending on the market, a reversal.""
      Earlier this week, Hernandez said Venezuela's oil price has
  averaged just above 16 dlrs a barrel for the year to date. If
  OPEC achieves its stated goal of an 18 dlrs a barrel average
  price, he said, Venezuela's should move up to 16.50 dlrs.
      Hernandez spoke today at the opening of the fifth
  ministerial meeting of the informal group of Latin American and
  Caribbean oil exporters, formed in 1983.
      Ministers from member states Ecuador, Mexico,
  Trinidad-Tobago and Venezuela are attending the two day
  conference, while Colombia is present for the first time as an
  observer.
      Hernandez defined the meeting as an informal exchange of
  ideas about the oil market. However, the members will also
  discuss ways to combat proposals for a tax on imported oil
  currently before the U.S. Congress.
      Following the opening session, the group of ministers met
  with President Jaime Lusinchi at Miraflores, the presidential
  palace. The delegations to the conference are headed by
  Hernandez of Venezuela, Energy Minister Javier Espinosa of
  Ecuador, Energy Minister Kelvin Ramnath of Trinidad-Tobago,
  Jose Luis Alcudiai, assistant energy secretary of Mexico and
  Energy Minister Guilermno Perry Rubio of Colombia.
  

"
training/10196	12	earn	"HOWARD B. WOLF INC <HBW> 3RD QTR FEB 28 NET
  Shr two cts vs three cts
      Net 21,080 vs 35,393
      Revs 2,026,017 vs 2,476,068
      Nine mths
      Shr five cts vs six cts
      Net 48,567 vs 59,527
      Revs 6,231,242 vs 6,519,473
  

"
training/10197	12	earn	"BURR-BROWN <BBRC> SEES LOWER 1ST QTR EARNINGS
  Burr-Brown Corp said its first
  quarter 1987 results will show profits significantly below the
  1,058,000 dlrs, or 11 cts per share, earned in the first
  quarter last year.
      The company said the profit decline will be the result of
  an increase in reserves for inventory valuation. The increase
  will be to cover potential write-downs of certain inventories
  or products used in compact-disc stereo systems.
      Burr-Brown said the possible write-down is being
  precipitated by a shift in market demand toward higher
  performance products.
  

"
training/102	33	money-supply	"26-FEB-1987
  26-FEB-1987

"
training/1020	0	acq	"SARA LEE <SLE> TO BUY 34 PCT OF DIM
  Sara Lee Corp said it agreed to buy a 34
  pct interest in Paris-based DIM S.A., a subsidiary of BIC S.A.,
  at a cost of about 84 mln dlrs.
      DIM S.A., a hosiery manufacturer, had 1985 sales of about
  260 mln dlrs.
      The investment includes the purchase of 360,537 newly
  issued DIM shares valued at about 51 mln dlrs and a loan of
  about 33 mln dlrs, it said. The loan is convertible into an
  additional 229,463 DIM shares, it noted.
      The proposed agreement is subject to approval by the French
  government, it said.
  

"
training/10200	10	crude	"BRAZIL OIL OUTPUT FELL IN FEBRUARY, USAGE UP
  Brazilian crude oil and
  liquefied natural gas production fell to an average 583,747
  barrels per day in February from 596,740 in the same 1986
  month, the state oil company Petrobras said.
      The drop was due to operating problems in the Campos Basin,
  the country's main producing area, where output was down to
  346,011 bpd from 357,420, a Petrobras statement said.
      Consumption of oil derivatives totalled 1.14 mln bpd in
  February, 16.7 pct up on February last year but down from the
  record 1.22 mln bpd used in October last year. Use of alcohol
  fuel in February was 208,600 bpd, 42 pct above February, 1986.
  

"
training/10201	12	earn	"MEDIA GENERAL INC UPS QTLY DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT

  MEDIA GENERAL INC UPS QTLY DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT
  

"
training/10207	12	earn	"CORRECTED - MEDIA GENERAL INC UPS ANNUAL DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT (CORRECTS TO SHOW RAISE IN ANNUAL DIV, NOT QTLY)

  CORRECTED - MEDIA GENERAL INC UPS ANNUAL DIV TO 68 CTS/SHR FROM 64 CTS, SETS STOCK SPLIT (CORRECTS TO SHOW RAISE IN ANNUAL DIV, NOT QTLY)
  

"
training/10208	12	earn	"CENTRAL CAPITAL PLANS THREE-FOR-TWO STOCK SPLIT
  <Central Capital Corp> said it planned
  a three-for-two split of its common and class A subordinate
  voting shares, subject to shareholder approval at the April 23
  annual meeting.
      It said the split would raise the amount of common shares
  to about 25.2 mln from 16.8 mln and subordinate voting shares
  to about 23.9 mln from 15.9 mln.
  

"
training/10209	48	trade	"WHITE HOUSE UNIT DECIDES ON SEMICONDUCTORS
  The White House Economic Policy
  Council made a recommendation to President Reagan whether to
  retaliate against Japan for alleged unfair practices in
  semiconductor trade, U.S. officials said.
      They would not disclose the council's recommendation, but
  the officials said earlier it was likely the council would call
  for retaliation and urge that curbs be imposed on Japanese
  exports to the United States.
      The officials said it might be several days before Reagan
  would act and his moves made public.
      The Senate last week unanimously called on Reagan to impose
  penalities on Japanese exports. Retaliation was also called for
  by the semiconductor industry and its chief trade union, both
  hard hit by Japanese semiconductor trade.
      In a pact last summer, Japan summer agreed to stop dumping
  its semiconductors at less than cost in the United States and
  other nations and to open its own market to the U.S. products.
      In return, the United States agreed to hold up imposing
  anti-dumping duties on Japanese semiconductor shipments.
      U.S. officials say that while Japan has stopped dumping
  semiconductors on the American market, they have continued to
  dump them in third countries and that the Japanese market has
  remained all but closed to the U.S. semiconductors.
  semiconductors on the American market, they have continued to
  dump them in third countries and that the Japanese market has
  remained all but closed to the U.S. semiconductors.
  

"
training/10211	12	earn	"NORTHERN INDIANA <NI> 12 MTHS FEB 28 LOSS
  Shr loss 66 cts vs profit 1.07 dlrs
      Net loss 20,957,000 vs profit 11,041,000
      Revs 1.54 billion vs 1.85 billion
      Avg shrs 73.2 mln vs 71.7 mln
      NOTE: 1986 net excludes charge of 94.8 mln dlrs or 1.32
  dlrs a share from abandonment of Bailly nuclear plant.
      Northern Indiana Public Service Co is full name of company.
  

"
training/10213	0	acq	"CHAVIN RAISES STAKE IN MYERS (MYR)
  Chicago real estate developer
  Leonard Chavin told the Securities and Exchange Commission he
  had raised his stake in the L.E. Meyers Co Group to 11 pct from
  9.7 pct.
      He also said an investment banker repesenting him met with
  Myers' officers, telling them of his plans for a takeover and
  that he may solicit proxies for a seat on Myers' board.
      Chavin also said if he takes control of the firm, it could
  result in delisting Meyers' from the New York Stock Exchange.
      He told the SEC that while he is trying to buy or acquire
  the firm, he still may only hold the shares for an investment.
  

"
training/10214	16	gold	"CANAMAX, PACIFIC TRANS-OCEAN APPROVE PRODUCTION
  <Canamax Resources Inc> and <Pacific
  Trans-Ocean Resources Ltd> said they conditionally approved
  starting production at their jointly owned Ketza River gold
  deposit in the Yukon after a study recommended the move.
      They said production was conditional on approval of a water
  license and arrangement of appropriate financing. They
  estimated development costs for the mine and mill would total
  21.1 mln dlrs, including three mln dlrs of working capital.
      The feasibility study anticipated gold production of 49,600
  ounces a year at a cost of 129 Canadian dlrs a short ton, they
  said.
      Canamax and Pacific Trans-Ocean said the project would
  yield a 40 pct after-tax real rate of return at a gold price of
  400 U.S. dlrs an ounce.
      They said they would mine 460,000 tonnes of proven and
  probable mineable reserves of oxide ore grading 0.45 ounce gold
  ton at a yearly rate of 112,000 tonnes for a mine life of 4.25
  years.
      Possible reserves of 75,000 tonnes grading 0.38 ounce gold
  ton at the break zone would extend mine life by a year, with
  considerable potential for development of further oxide ore
  reserves at the deposit, they said.
  

"
training/10215	12	earn	"CAMPBELL RED LAKE MINES LTD 4TH QTR SHR 21 CTS VS 10 CTS

  CAMPBELL RED LAKE MINES LTD 4TH QTR SHR 21 CTS VS 10 CTS
  

"
training/10216	16	gold	"GOLD PRODUCTION TO START AT KETZA RIVER
  Canamax Resources Inc and Pacific
  Trans-Ocean Resources Ltd said they conditionally approved
  starting production at their jointly owned Ketza River gold
  deposit in the Yukon after a study recommended the move.
      They said production was conditional on approval of a water
  license and arrangement of appropriate financing. They
  estimated development costs for the mine and mill would total
  21.1 mln dlrs, including three mln dlrs of working capital.
      The feasibility study anticipated gold production of 49,600
  ounces a year at a cost of 129 Canadian dlrs a short ton, they
  said.
      Canamax and Pacific Trans-Ocean said the project would
  yield a 40 pct after-tax real rate of return at a gold price of
  400 U.S. dlrs an ounce.
      They said they would mine 460,000 tonnes of proven and
  probable mineable reserves of oxide ore grading 0.45 ounce gold
  per ton at a yearly rate of 112,000 tonnes for a mine life of
  4.25 years.
      Possible reserves of 75,000 tonnes grading 0.38 ounce gold
  per ton at the break zone would extend mine life by a year,
  with considerable potential for development of further oxide
  ore reserves at the deposit, they said.
  

"
training/10219	0	acq	"MCINTYRE MINES <MP> COMPLETES UNIT SALE
  McIntyre Mines Ltd said it completed
  the previously announced sale of all shares of wholly owned
  Smoky River Coal Ltd and certain related assets to Smoky River
  Holdings Ltd for a nominal cash consideration.
      McIntyre did not specify the cash amount of the sale.
      Smoky River Holdings is an Alberta company controlled by
  Michael Henson, former president and chief executive of
  McIntyre, the company said.
      McIntyre said it retained an unspecified royalty interest
  in Smoky River Coal based on net operating cash flows from the
  company's coal properties.
      McIntyre also said it provided a three mln dlr last
  recourse letter of credit to the Alberta government for Smoky
  River Coal's reclamation obligations.
      The credit letter expires either when Smoky River completes
  three mln dlrs of reclaiming activities or December 31, 1992,
  which ever occurs first.
      McIntyre said it also remains contingently liable for
  certain obligations now totalling about seven mln dlrs, which
  will reduce over time as Smoky River continues to operate.
      McIntyre's principal asset continues to be its 14 pct
  interest in Falconbridge Ltd <FALCF>.
  

"
training/1022	48	trade	"CHINA CALLS FOR BETTER TRADE DEAL WITH U.S.
  China called on the United States to
  remove curbs on its exports, to give it favourable trading
  status and ease restrictions on exports of high technology.
      But the U.S. Embassy replied that Chinese figures showing
  13 years of trade deficits with the U.S. Out of the last 15 are
  inaccurate and said Peking itself would have to persuade
  Congress to change laws which limit its exports.
      The official International Business newspaper today
  published China's demands in a  editorial to coincide with the
  visit of U.S. Secretary of State George Shultz.
      ""It is extremely important that the U.S. Market reduce its
  restrictions on Chinese imports, provide the needed facilities
  for them and businessmen from both sides help to expand Chinese
  exports,"" the editorial said.
      ""The U.S. Should quickly discard its prejudice against
  favourable tariff treatment for Chinese goods and admit China
  into the Generalised System of Preference (GSP).
      ""Despite easing of curbs on U.S. Technology exports in
  recent years, control of them is still extremely strict and
  influences normal trade between the two countries,"" it added.
      The paper also printed an article by China's commercial
  counsellor in its Washington embassy, Chen Shibiao, who said
  that ""all kinds of difficulties and restrictions"" were preventing
  bilateral trade fulfilling its full potential.
      He named them as U.S. Protectionist behaviour, curbs on
  technology transfer and out-of-date trade legislation.
  

"
training/10222	12	earn	"MEDIA GENERAL <MEG.A> UPS DIVIDEND, SETS SPLIT
  Media General Inc said it raised
  the annual dividend on its class A and class B common stock to
  68 cts a share from 64 cts.
      The company said it also declared a two-for-one stock split
  of both stock issues, which is subject to shareholder approval
  of an increase in the number of authorized class A shares.
      Media General said the increased dividend is payable June
  12 to shareholders of record May 29.
      The proposed stock split will be paid May 29 in shares of
  class A shares, the company said.
      The company said it also approved an amendment to its
  articles of incorporation allowing class B shares to be
  coverted into class A shares at the option of the holder.
      Media General said the moves should broaden investor
  interest in its class A stock.
  

"
training/10224	0	acq	"INVESTMENT GROUP UPS STAKE IN SCANDINAVIA <SCF>
  A multinational shareholder group
  told the Securities and Exchange Commission it increased its
  stake in Scandinavia Fund Inc to 35.5 pct, from 30.5 pct.
      The investors include Ingemar Rydin Industritillbehor AB,
  of Sweden, and VBI Corp, of the West Indies.
  

"
training/10225	12	earn	"CAMPBELL RED LAKE MINES LTD <CRK> 4TH QTR NET
  Shr 21 cts vs 10 cts
      Net 10,798,000 vs 4,704,000
      Revs 47.4 mln vs 32.9 mln
      YEAR
      Shr 58 cts vs 54 cts
      Net 29.1 mln vs 25.8 mln
      Revs 187.7 mln vs 134.7 mln
      Note: 1986 net includes 2.8 mln dlr extraordinary gain in
  4th qtr and 6.5 mln dlr fl-yr extraordinary loss involving
  provision for decline in market value of marketable securities
  partly offset by gain from sale of stake in Dome Petroleum Ltd
  <DMP>.
  

"
training/10227	12	earn	"(CORRECTED)-<AMERICAN VARIETY INTERNATIONAL INC>
  Shr loss seven cts vs profit 11 cts
      Net loss 76,888 vs profit 106,885
      Revs 752,234 vs 922,036
      (corrects year ago per share to profit, instead of loss in
  item that ran on March 23)
  

"
training/1023	28	lei	"U.S. COMMERCE SECRETARY SAYS EXPORT RISE NEEDED
  Commerce Secretary Malcolm Baldrige
  said after the release of a sharply lower January leading
  indicator index that a pickup in exports is needed.
      ""The best tonic for the economy now would be a pickup in net
  exports,"" he said in a statement after the department reported
  the index fell 1.0 pct in January from December, the sharpest
  drop since a 1.7 pct fall in July, 1984.
      The main reasons for the January decline after a 2.3 pct
  December rise were declines in building permits, new orders for
  plant and equipment and for consumer and industrial goods.
  

"
training/10230	23	ipi	"REPORT SAYS SOVIET ECONOMIC PLANS TOO OPTIMISTIC
  The Soviet economy has grown at an
  increased rate under Mikhail Gorbachev's leadership, but his
  goals may be too ambitious, according to a report from U.S.
  intelligence agencies.
      The report was prepared jointly by the Central Intelligence
  Agency and the Defense Intelligence Agency for the
  Congressional Joint Economic committee, which released it.
      It said the Soviet economy grew by 4.2 pct in 1986,
  Gorbachev's first full year in power, twice the average rate of
  growth over the previous 10 years.
      Gorbachev's policies to improve worker attitudes, remove
  incompetent officials, reduce corruption and alcoholism and
  modernize the country's industrial equipment accounted for some
  of the gains, the report said.
      ""Although many of the specific policies Gorbachev has
  adopted are not new, the intensity Gorbachev has brought to his
  efforts and his apparent commitment to finding long-term
  solutions are attributes that his immediate predecessors
  lacked. Nonetheless, Gorbachev's program appears too ambitious
  on a number of counts,"" the report said.
      Earlier this week, two U.S. experts on the Soviet Union
  said Gorbachev was likely to be ousted in three to four years
  if he continues his reform policies.
      ""I don't think he can last four years,"" Marshall Goldman of
  Harvard University told a Congressional hearing. ""He's moving so
  fast, he's stepping on so many toes.""
      A similar comment came from Peter Reddaway of the
  Smithsonian Institution's Kennan Institute for Advanced Russian
  studies.
      The economic report said meeting targets for commodity
  output would require unrealistic gains in productivity and
  industrial output targets appear too high to allow time to
  install more advanced equipment.
      None of Gorbachev's proposals would change the system of
  economic incentives that has discouraged innovation and
  technological change, the report added.
      ""The first significant resistance to specific policies,
  although not overall goals, surfaced (in 1986) in both the
  massive government and party bureaucracy, particularly among
  enterprise managers who complained that they were being asked
  to carry out conflicting goals -- such as to raise quality
  standards and output targets simultaneously,"" the report said.
      The CIA-DIA report predicted two to three pct growth in the
  Soviet economy over the next several years. It said the Soviet
  Union trailed the U.S. by seven to 12 years in advanced
  manufacturing technologies, such as computers and
  microprocessors.
  

"
training/10231	12	earn	"GREAT AMERICAN CORP SEES 1ST QTR CHARGE OF 14.1 MLN DLRS AGAINST LOAN LOSS ALLOWANCE

  GREAT AMERICAN CORP SEES 1ST QTR CHARGE OF 14.1 MLN DLRS AGAINST LOAN LOSS ALLOWANCE
  

"
training/10233	12	earn	"GREAT AMERICAN <GTAM> SEES CHARGE, WRITEDOWN
  Great American Corp said
  preliminary findings by regulatory examiners of its AMBANK
  subsidiary will result in a first quarter charge of 14.1 mln
  dlrs and a writedown of 1.4 mln dlrs.
      The charge will be made against the allowance for possible
  loan losses, and the writedown is of other real estate.
      Great American said the examiners were conducting a regular
  examination and a final report is not expected for several
  weeks. Management intends to include the charge and writedown
  in response to the preliminary findings.
      Great American said regulatory authorities are not
  requiring an adjustment of the previously reported financial
  results for Great American for 1986.
      However, Great American has revised its previous estimates
  of provisions for possible losses and has added 9.9 mln dlrs to
  the allowance account as of December 31, 1986. It said it took
  the action since the charge-offs will significantly deplete its
  allowance for possible loan losses and the economic environment
  does not show signs for significant improvement in the near
  future.
      It said the additional provision increases the allowance to
  26.4 mln dlrs, representing 6.63 pct of the outstanding loan
  portfolio and 83.2 pct of non-performing loans at year-end.
      Great American said its revised net loss for the fourth
  quarter is 14.1 mln dlrs, or 6.36 dlrs per share, compared to a
  net loss of 2.4 mln dlrs or 1.06 dlrs per share the year
  earlier.
  

"
training/10235	12	earn	"<MARATHON NATIONAL BANK> YEAR NET
  Shr 78 cts vs 51 cts
      Net 725,000 vs 451,000
      Assets 98.5 mln vs 85.9 mln
      Loans 40.5 mln vs 28.8 mln
      Deposits 90.4 mln vs 78.7 mln
  

"
training/10237	12	earn	"MACMILLAN BLOEDEL <MMBLF> STOCK SPLIT APPROVED
  MacMillan Bloedel
  Ltd said shareholders approved the company's previously
  reported proposed three-for-one stock split.
  

"
training/10238	0	acq	"CTC DEALER TO APPEAL CANADIAN TIRE DECISION
  CTC Dealer Holdings Ltd said it would
  appeal a previously reported Ontario court ruling upholding an
  Ontario Securities Commission decision to block CTC's bid for
  49 pct of <Canadian Tire Corp Ltd> common shares.
      CTC, a group of Canadian Tire dealers, added that it also
  extended its tender offer to March 31 and was seeking approval
  to extend its bid while the appeal court heard the case.
      It said Alfred and David Billes, two of Canadian Tire's
  controlling shareholders, backed the appeal and would seek
  leave to appeal while third controlling shareholder Martha
  Billes supported the appeal but would not join an appeal
  motion.
  

"
training/1024	12	earn	"PRECAMBRIAN SHIELD TAKES 51 MLN DLR WRITEDOWN
  <Precambrian Shield Resources
  Ltd>, earlier reporting a large loss against year-ago profit,
  said the 1986 loss was mainly due to a 51,187,000 dlr writedown
  on its U.S. operations, uneconomic coal and other mineral
  properties.
      Precambrian, which is 89 pct owned by <Mark Resources Inc>,
  said it took the writedown in accordance with new Canadian
  Insititute of Chartered Accountants guidelines for full cost
  method accounting by oil and gas companies.
      Precambrian earlier reported a 1986 loss of 53.4 mln dlrs,
  compared to profit of 4.5 mln dlrs in the prior year.
  

"
training/10240	12	earn	"URS CORP <URS> REGULAR STOCK DIVIDEND
  Qtly div five pct stock vs five pct stock
      Pay April 16
      Record April six
  

"
training/10242	12	earn	"DUCOMMUN INC <DCO> QUARTERLY DIVIDEND
  Qtly div five cts vs five cts
      Pay April 30
      Record April 15
  

"
training/10243	12	earn	"TEKTRONIX INC <TEK> QUARTERLY DIVIDEND
  Qtly div 15 cts vs 15 cts
      Pay May 4
      Record April 10
      Note: previous dividend restated to reflect January 26
  two-for-one stock split.
  

"
training/10245	12	earn	"<MCM CORP> TO DELAY YEAREND REPORT
  McM Corp said it has been forced
  to delay the release of its fourth quarter and yearend results
  until it can determine the effects on its balance sheet of a
  possible increase in liabilities at a unit.
      Earlier this month, the company's Occidental Fire and
  Casualty Co unit paid 26 mln dlrs to a unit of <Mutual of
  Omaha> under a commutation agreement.
      However, McM said it now believes it is possible that the
  unit's liabilities may exceed 26 mln dlrs.
      It said a finding on any possible increase should be
  completed by April 15.
  

"
training/10253	12	earn	"BLASIUS INDUSTRIES INC <BLAS> 3RD QTR LOSS
  Qtr ended Feb 28
      Oper shr loss one ct vs profit 12 cts
      Oper net profit 3,000 vs profit 218,000
      Revs 12.0 mln vs 10.6 mln
      Avg shrs 2,421,000 vs 1,602,000
      Nine mths
      Oper shr profit 28 cts vs profit 24 cts
      Oper net profit 639,000 vs profit 500,000
      Revs 34.6 mln vs 31.2 mln
      Avg shrs 1,928,000 vs 1,620,000
      Note: Oper excludes tax credits of 180,000 and 415,000 for
  year-ago qtr and nine mths.
      Oper includes writeoff related to subordinated note
  exchange of 185,000 for current qtr and nine mths.
  

"
training/10254	12	earn	"GAINSCO INC <GAIN> 4TH QTR NET
  Shr nil vs four cts
      Net 12,000 vs 140,000
      Revs 4,446,000 vs 3,998,000
      Avg shrs 4,364,000 vs 3,461,000
      Year
      Shr 60 cts vs 22 cts
      Net 2,257,000 vs 774,000
      Revs 18.3 mln vs 21.1 mln
      Avg shrs 3,788,000 vs 3,461,000
     
      Note: Net includes realized gains on investments of 50,000
  vs 105,000 for qtr and 174,000 vs 202,000 for year.
      Net also includes tax credit of 64,000 for year-ago 12
  mths.
  

"
training/10255	48	trade	"GATT WARNS U.S. ON FEDERAL BUDGET, PROTECTIONISM
  The United States' emphasis on its
  foreign trade deficit is misplaced and the country's real
  problem lies in its large federal budget deficit, the General
  Agreeement on Tariffs and Trade (GATT) said.
       By stressing its record trade deficit of 169.8 billion
  dlrs last year, the U.S. Was fuelling protectionist pressure
  which threatens the world trading system, it said in an annual
  report.
      The fundamental problem, the size of the U.S. Federal
  budget deficit, could be remedied only by cutting government
  spending or encouraging personal savings to finance the debt,
  it said.
      GATT also predicted world trade would grow by only 2.5 pct
  in 1987 -- a full percentage point lower than in each of the
  previous two years.
      GATT experts urged Washington to resist protectionism and
  instead seek macroeconomic changes to reduce the current
  account payments deficit -- higher private savings, lower
  investment and a smaller federal budget deficit.
      Raising U.S. Trade barriers ""would result in little or no
  reduction in the current account deficit. It would, however,
  increase inflation and reduce world trade,"" it said.
      ""The basic cause -- some combination of insufficient
  domestic savings and an excessive budget deficit -- would
  remain,"" the report said.
      GATT economists said trade expansion would slow this year
  because of slower growth forecasts in Japan and some West
  European nations as they adjust production and workforces to a
  low dollar, risk of higher U.S. Inflation, concerns over Third
  World debt management and looming protectionism.
      The report also said imbalances in the current accounts of
  Japan, West Germany and the U.S. Had increased in 1986.
      The most likely explanation was that exchange rate changes
  were not backed by changes in macroeconomic policies, it added.
      ""Thus the prediction that these imbalances would be reduced
  as a result of the major realignment of exchange rates was not
  borne out last year,"" the report said.
      GATT warned there was a risk of a sizeable increase in the
  U.S. Inflation rate under the combined impact of a rapidly
  expanding money supply and low dollar.
      ""Such a development could worsen the business climate by
  increasing uncertainty and pushing up interest rates, which, in
  turn, would adversely affect world trade.""
      But the report noted a surprising rise in imports to the
  United States, despite the dollar's depreciation which makes
  foreign products more expensive.
      It suggested that resources idle in the U.S., Both human
  and in underutilised factories, were not geared to produce the
  goods and services sought from abroad.
      World trade in manufactures grew by only three pct in 1986,
  about half of the rate of the previous year.
      Trade in agricultural goods expanded by just one pct,
  continuing a stagnant pattern in that sector this decade, GATT
  said.
      Developing countries' exports declined significantly, while
  their imports increased moderately, although full statistics
  are not available yet, GATT said.
      The combined export earnings of 16 major indebted nations
  were sharply lower, and only five of them (Chile, Colombia,
  Philippines, South Korea, and Thailand) had higher exports.
  

"
training/10258	1	alum	"OREGON ALUMINUM SMELTER INCREASING OUTPUT
  Northwest Aluminum Co said it
  will open a second pot line in mid-May, bringing the smelter
  here to 80 pct of its production capacity.
      Northwest Aluminum President Brett Wilcox, who leased the
  30-year-old smelter from Martin Marietta Corp., said production
  would increase from around 45 tons a year at present to just
  over 70 tons.
      Martin Marietta closed and mothballed the smelter in 1984.
  Northwest Aluminum reopened it last December.
      Wilcox said a good aluminum market and several months of
  successful operation led to the decision to expand production.
  

"
training/10260	8	cpi	"Japan February consumer prices unchanged (0.4 pct January drop) - official

  Japan February consumer prices unchanged (0.4 pct January drop) - official
  

"
training/10261	8	cpi	"JAPAN CONSUMER PRICES UNCHANGED IN FEBRUARY
  Japan's consumer price index (base 1985)
  was unchanged at 99.7 in February from a month earlier, the
  government's Management and Coodination Agency said.
      The index showed a 0.4 pct drop in January.
      The February index was down one pct from a year earlier for
  the third consecutive year-on-year drop.
      In January, the index fell 1.1 pct from a year earlier, the
  first drop of over one pct since a 1.3 pct drop in September
  1958.
      In February petrol prices increased but winter clothing
  prices stayed low and vegetable prices fell.
      The February year on year fall was due to lower vegetable,
  fuel oil, petrol, electricity and gas prices, and despite
  higher housing, education, footwear and clothing costs.
      The unadjusted consumer price index for the Tokyo area
  (base 1985) in mid-March rose 0.4 pct from a month earlier to
  100.6, reflecting higher vegetable prices.
      The index fell 0.3 pct year on year, the third consecutive
  yearly drop, reflecting lower food and utility costs.
  

"
training/10262	40	reserves	"N.Z. FOREIGN RESERVES FALL SLIGHTLY IN FEBRUARY
  New Zealand's official foreign
  reserves fell slightly to 7.13 billion N.Z. Dlrs in February
  from 7.15 billion in January but were sharply above 2.85
  billion in February 1986, the Reserve Bank said in its weekly
  statistical release.
  

"
training/10264	48	trade	"WHITE HOUSE PANEL SAID URGING JAPAN RETALIATION
  The White House Economic Policy
  Council decided to recommend trade sanctions against Japan for
  violations of the U.S.-Japanese semiconductor agreement,
  industry sources said.
      They would give no details, noting that the White House had
  not commented on the decision. The administration has been
  under pressure to retaliate.
      There was no immediate announcement on the council's
  decision, but U.S. Officials said it was likely the senior
  policy group's move on curbs reflected growing American
  frustration over alleged unfair Japanese trade practices.
      U.S. Officials said President Reagan would probably act on
  the recommendations in a day or so, after consulting with aides
  on the foreign policy implications of retaliation.
      The officials said Reagan might delay retaliation for a
  last try to persuade Japan to abide by the agreement reached
  last July governing trade in semiconductors.
      Under a pact reached last July, Japan was to stop dumping
  semiconductors in world markets and to open its own market to
  U.S.-made semiconductors.
      In return, the U.S. Agreed to hold up imposing anti-dumping
  duties on Japanese semiconductor shipments.
      The United States said that dumping has stopped in the U.S.
  Market but has continued in third countries, and that the
  Japanese market remains closed.
      The pressure on Reagan to retaliate included a unanimous
  call by the Senate last week to impose penalties on Japanese
  high technology products containing semiconductors.
      A call for retaliation also came from the semiconductor
  industry and from its chief trade union.
      U.S. Officials said the most likely move against Japan
  would involve duties on semiconductor-based goods, such as
  televisions, video cassette recorders and computers.
  

"
training/10265	48	trade	"NAKASONE TO VISIT WASHINGTON IN LATE APRIL
  Prime Minister Yasuhiro Nakasone will
  make an official week-long visit to the United States from
  April 29 and hold talks in Washington with President Reagan,
  Chief Cabinet Secretary Masaharu Gotoda told reporters.
      Government sources said Nakasone would try to resolve
  growing bilateral trade friction and discuss the June Venice
  summit of Western industrial democracies.
      Foreign Minister Tadashi Kuranari will accompany Nakasone,
  ministry officials said.
      U.S. Industry sources in Washington said the White House
  Economic Policy Council was recommending trade sanctions
  against Japan for violating the two countries' agreement on
  semiconductor trade.
      Under the pact, Japan pledged to stop dumping microchips in
  the U.S. And Asia and open its domestic market to U.S.
  Semiconductors.
  

"
training/10272	12	earn	"BP AUSTRALIA REPORTS 16.15 MLN DLR YEAR LOSS
  The <British Petroleum Co of
  Australia Ltd> reported a 16.15 mln dlr net loss for 1986
  against a 73.38 mln dlr profit in 1985 after sales fell to 2.27
  billion dlrs from 2.94 billion.
      The British Petroleum Co Plc <BP.L> unit attributed the
  deficit to stock losses arising from the drop in crude prices
  in the first half, when it made a 119.93 mln dlr loss.
      It said government compensation, in the form of subsidies
  to refiners to partially cover stock losses, together with
  improved crude prices in the second half, enabled the group's
  oil business to make a modest pre-tax profit.
      BP Australia said it had not recommended a dividend.
      Commenting on the year's performance, the company said it
  suspended operations at the 60 pct-owned Agnew Nickel mine
  because of losses sustained from declining nickel prices.
      The results also included an 11.3 mln dlr extraordinary
  writedown on the value of the laid-up oil exploration drillship
  Regional Endeavour.
      BP Australia said it had sold its 33-1/3 stake in chemical
  maker <CSBP and Farmers Ltd> yielding an extraordinary profit
  of 18.9 mln dlrs and expected to finalise the sale of the 80
  pct-owned <Kwinana Nitrogen Co> in the first half of 1987.
  

"
training/10277	22	interest	"ANZ BANK SAYS IT WILL CUT AUSTRALIAN PRIME TO 18.25 PCT FROM 18.5 ON MARCH 30

  ANZ BANK SAYS IT WILL CUT AUSTRALIAN PRIME TO 18.25 PCT FROM 18.5 ON MARCH 30
  

"
training/10280	12	earn	"JARDINE MATHESON HOLDINGS LTD <JARD.HKG> YEAR 1986
  Shr 126 H.K. Cents vs 42 (adjusted)
      Final div 30 cents vs 10, making 40 vs 10
      Net 479 mln dlrs vs 157 mln
      Turnover 10.4 billion vs 10.5 billion
      Note - Profits excluded extraordinary items 52 mln dlrs vs
  losses 426 mln. Dividend payable after general meeting on June
  4, books close April 22 to May 5.
      Note - Bonus issue of four new ""B"" shares of par value 20
  cents each for every one share of par value two dlrs each,
  books close August 3 to 10.
   REUTER N
  

"
training/10281	12	earn	"BHP CO LTD NET PROFIT 603.0 MLN DLRS FIRST THREE QTRS VS 813.0 MLN

  BHP CO LTD NET PROFIT 603.0 MLN DLRS FIRST THREE QTRS VS 813.0 MLN
  

"
training/10282	12	earn	"JARDINE MATHESON HOLDINGS LTD <JARD.HKG> YEAR 1986
  Shr 126 H.K. Cents vs 42 (adjusted)
      Final div 30 cents vs 10, making 40 vs 10
      Net 479 mln dlrs vs 157 mln
      Turnover 10.4 billion vs 10.5 billion
      Note - Profits excluded extraordinary items 52 mln dlrs vs
  losses 426 mln. Dividend payable after general meeting on June
  4, books close April 22 to May 5.
      Note - Bonus issue of four new ""B"" shares of par value 20
  cents each for every one share of par value two dlrs each,
  books close August 3 to 10.
  

"
training/10283	23	ipi	"Japan February industrial production rose 0.3 pct (0.5 pct January drop) - official

  Japan February industrial production rose 0.3 pct (0.5 pct January drop) - official
  

"
training/10284	12	earn	"THE BROKEN HILL PTY CO LTD <BRKN.S> NINE MONTHS
  First nine months ended Feb 28
      Shr 47.4 cents vs 65.2
      Net 603.0 mln dlrs vs 813.0 mln
      Sales 6.52 billion vs 6.53 billion
      Other income 454.9 mln vs 160.2 mln
      Shrs 1.27 billion vs 1.03 billion.
      Final div 20 cents vs same, making 37.5 vs same.
      One-for-five bonus issue
      Third qtr net 206.0 mln dlrs vs 238.6 mln
      Third qtr sales 2.11 billion vs 2.10 billion.
      NOTE - Div pay May 27. Div and bonus reg May 1. Nine months
  net is after tax 499.1 mln dlrs vs 722.6 mln, depreciation
  509.5 mln vs 427.3 mln, interest 366.8 mln vs 215.8 mln and
  minorities 15.3 mln vs 15.7 mln but before net extraordinary
  profit 60.7 mln vs profit 43.2 mln.
      Nine month divisional net earnings before minorities were.
      Petroleum 184.9 mln dlrs vs 472.4 mln
      Minerals 254.6 mln vs 241.0 mln
      Steel 148.2 mln vs 191.1 mln
      Corporate items and investments profit 30.6 mln vs loss
  75.8 mln.
  

"
training/10285	23	ipi	"JAPAN INDUSTRIAL PRODUCTION RISES IN FEBRUARY
  Japan's industrial production index (base
  1980) rose 0.3 pct to a seasonally adjusted 122.7 in February
  from the previous month, the Ministry of International Trade
  and Industry said.
      Output fell 0.5 pct in January from a month earlier.
      The preliminary, unadjusted February index rose 0.6 pct
  from a year earlier after a 0.5 pct year-on-year rise in
  January
      The adjusted February producers' shipment index (base 1980)
  rose 0.7 pct to 118.5 from January when it fell 0.7 pct from
  December.
      The unadjusted shipment index rose 1.4 pct from a year
  earlier after a 1.0 pct year-on-year January gain.
      The adjusted February index of producers' finished goods
  (base 1980) fell 1.3 pct to 104.5 from January when it fell 0.3
  pct from December.
      The unadjusted index fell 3.5 pct from a year earlier after
  a 2.3 pct year-on-year drop in January.
      A 2.7 pct rise by the electronics industry on higher output
  of facsimile machines and video tape recorders was a major
  contributor to the rise in February industrial output, though
  car production fell from January.
      The official said industrial production is expected to rise
  3.2 pct in March on higher production by machinery, steel and
  chemical makers but will drop 3.4 pct in April on a downturn in
  the output of those industries. He gave no further details.
  

"
training/10289	15	gnp	"SOUTH KOREA PLANS 11-12 PCT BUDGET RISE IN 1988
  South Korea plans to increase the size of
  its budget in 1988 by 11 to 12 pct from this year's 15,596
  billion won, Economic Planning Board officials said.
      The proposed boost is based on a government forecast that
  gross national product (gnp) will grow by more than 7.5 pct and
  the gnp deflator by 3.5 pct in 1988, against targets of 8.0 pct
  and 3.5 pct respectively this year, they said.
      Details of the 1988 budget, in which spending will match
  revenue, have yet to be worked out, the officials said.
      The balanced budget in 1986 totalled 13,800.5 billion won.
  

"
training/1029	0	acq	"SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD
  <Scott's Hospitality Inc> said it
  acquired all issued shares of Capital Food Services Ltd, of
  Ottawa. Terms were not disclosed.
      Scott's said Capital Food had 1986 sales of more than 20
  mln dlrs and will continue to operate under its present name
  with existing management.
      Capital Food provides food services to several Ottawa
  institutions, the company said.
  

"
training/10291	12	earn	"JARDINE MATHESON PLANS FOUR-FOR-ONE BONUS ISSUE
  Jardine Matheson Holdings Ltd
  <JARD.HKG> said it planned a bonus issue of four new ""B"" shares
  of 20 H.K. Cents each for every ordinary share of par value two
  dlrs.
      A company statement said the firm expects to pay a total
  1987 dividend of four cents per ""B"" share, while the ""A"" share
  dividend will be maintained at last year's level of 40 cents a
  share.
      Jardine Matheson announced earlier a 205 pct jump in 1986
  net profits to 479 mln dlrs from 157 mln in 1985.
      Shareholders' funds increased to 5.02 billion dlrs from
  4.77 billion in 1985, the statement said.
      It quoted chairman Simon Keswick as saying Jardine Matheson
  achieved the good performance through satisfactory results in
  most sections, especially Hong Kong Land Co Ltd <HKLD.HKG>,
  Jardine Fleming Co Ltd, and its business in Japan.
      He said the group's stake of about 35 pct in Hong Kong
  Land, which will be lowered to 26 pct after the completion of a
  reorganisation, is ""a long term investment and now stands at a
  level which causes us no financial strain or problems of asset
  imbalance.""
      Keswick said the issue of new ""B"" shares will give the group
  ""the flexibility in the future to issue ordinary shares for
  expansion without jeopardising the shareholding stability which
  has been brought about through the group's recent
  restructuring.""
      He said the new issue is pending approval from both the
  firm's shareholders and warrant holders, adding an appropriate
  adjustment will be made to the warrant exercise price.
      The Jardine group has nearly completed its reorganisation,
  with Jardine Matheson transferring its control of Hk Land to
  the new unit <Jardine Strategic Holdings Ltd>.
      Jardine Strategic will also hold majority stakes in the two
  companies spun off from Hk Land -- <Mandarin Oriental
  International Ltd> and <Dairy Farm International Holdings Ltd>
  -- plus cross holdings with Jardine Matheson.
      Jardine Matheson, which had debts of about 2.7 billion dlrs
  last year, will become debt free after the restructuring.
      ""A positive cash flow from operations and disposals,
  continuing into 1987, has transformed our balance sheet,""
  Keswick said. He noted the firm last year sold interests in
  airfreight operations, Australian properties and trucking
  business, and its remaining U.S. Oil and gas activities.
      Jardine Matheson decided to make a provision against its
  general trading business in the Middle East in view of the
  continuing weakness of oil prices, Keswick said. But he said
  the operations would be profitable in the longer term.
      He said the firm's function ""has evolved into one primarily
  of strategy, structure and financial and personnel policy.""
      He said Jardine Matheson will reduce the size of the board
  of directors but will simultaneously create a new Pacific
  regional board. He gave no further details of the change.
      Jardine Matheson shares rose 20 cents to 24.90 dlrs at
  midday on the Hong Kong stock market. In early trading it had
  fallen to 24.30 dlrs because of rumours yesterday that the firm
  planned a rights issue.
  

"
training/10292	12	earn	"BHP SEES STRONG FOURTH QUARTER BUT LOWER YEAR NET
  The Broken Hill Pty Co Ltd <BRKN.S>
  said it expects a strong full year result, helped by sigificant
  investment allowance credits in the fourth quarter, but net
  will fall short of the record 988.2 mln dlrs earned in 1985/86
  ended May 31.
      The group earlier reported its net earnings dropped to
  603.0 mln dlrs in the first three quarters ended February 28
  from 813.0 mln a year earlier.
      Third quarter net fell to 206.0 mln dlrs from 238.6 mln a
  year earlier and 220.3 mln in the second quarter ended November
  31, BHP said in a statement.
      Earnings in the first nine months were at the lower end of
  share analysts' forecasts yesterday of a range of 600 mln to
  620 mln dlrs.
      BHP held its annual dividend unchanged at 37.5 cents after
  declaring a steady final dividend of 20 cents and announced a
  one-for-five bonus issue to shareholders registered May 1.
      The bonus is being made from reserves which will not
  qualify for tax-free distribution after the introduction of
  dividend imputation next July 1.
      The bonus shares will not rank for the final dividend, BHP
  said.
      BHP said it should not be expected that the present rate of
  dividend will be maintained on the increased capital.
      The level of future dividends will be influenced by the
  implications of the proposed dividend imputation legislation,
  it said.
      As previously reported, dividends will become tax-free in
  shareholders' hands provided they are paid out of profits that
  have borne the full 49 pct company tax rate.
      BHP, which confined comment to the third quarter, said
  petroleum net earnings dropped to 98.8 mln dlrs from 139.6 mln
  a year earlier, and steel profit to 27.0 mln from 48.8 mln.
      BHP said the petroleum division earnings fall reflected
  generally lower oil prices and sales volumes from Bass Strait
  while the steel decline was due to a five pct fall in domestic
  sales and higher costs associated with the commissioning of new
  plant and some operational difficulties.
      The rise in third quarter minerals net to 95.7 mln dlrs
  from 81.5 mln a year earlier largely reflected the increase in
  ownership of the Mt Newman iron ore project, it said.
      The 60.7 mln dlr extraordinary gain, all in the third term,
  reflected a 240.7 mln profit on the sale of <Blue Circle
  Southern Cement Ltd> offset by a U.S. Oil acreage writedown.
  

"
training/10294	2	bop	"Japan Feb current account surplus 7.38 billion dlrs (Jan 4.95 billion surplus)

  Japan Feb current account surplus 7.38 billion dlrs (Jan 4.95 billion surplus)
  

"
training/10295	2	bop	"Japan February trade surplus 8.14 billion dlrs (January 5.70 billion surplus)

  Japan February trade surplus 8.14 billion dlrs (January 5.70 billion surplus)
  

"
training/10299	45	sugar	"PHILIPPINES TO LOBBY U.S. FOR HIGHER SUGAR QUOTA
  The Philippines will ask the U.S.
  Agriculture Department (USDA) to increase its 1987 sugar import
  quota following market reports that Taiwan will not be able to
  fulfil its quota, Sugar Regulation Administration (SRA)
  chairman Arsenim Yulo said.
      Yulo told Reuters the SRA would also protest a USDA move to
  award Taiwan's shortfall to the Dominican Republic.
      The Dominican Republic already has a larger sugar quota,
  Yulo said. ""Any Taiwanese shortfall should be awarded to the
  Philippines or at the least we should share a hike with the
  Dominican Republic.""
      The USDA last December listed 1987 sugar import quota
  allocations for the Dominican Republic at 160,160 short tons
  and for Taiwan at 10,920 short tons.
      The Philippines has said it was badly hit by a cut in its
  quota to 143,780 short tons from 231,660 in 1986.
  

"
training/103	33	money-supply	"26-FEB-1987
  26-FEB-1987

"
training/1030	5	coffee	"ZIMBABWE COFFEE OUTPUT SET TO RISE
  Zimbabwean coffee output will reach
  13,000 tonnes this year, up on just over 11,000 tonnes produced
  in 1986, the Commercial Coffee Growers Association said.
      Administrative Executive Robin Taylor told the domestic
  news agency ZIANA that Zimbabwe earned the equivalent of 33 mln
  U.S. Dlrs from coffee exports last year. He would not say how
  much the country would earn in 1987.
      Taylor said the 173 commercial coffee growers under his
  association had increased production from 5,632 tonnes in 1980
  to more than 11,000 tonnes in l986.
  

"
training/10302	43	ship	"UNITED STATES LINES LAYS OFF FAR EAST STAFF
  <United States Lines Inc> has laid
  off 260 employees, almost its entire Far East staff, its Hong
  Kong office general manager Elliott Burnside told Reuters.
      He also said calls by two of its container ships to Busan,
  South Korea and Kaohsiung, Taiwan, had been cancelled.
      He declined comment on local press reports that U.S. Lines
  planned to suspend operations because of failure to restructure
  its 1.27 billion U.S. Dlr debt, but said the firm would make an
  announcement later today.
      U.S. Lines filed for protection from its creditors under
  Chapter Eleven of the U.S. Federal law last November.
      The English-language South China Morning Post said U.S.
  Lines decided yesterday to sell its two remaining transpacific
  service fleets and assets and those of its U.S.-South America
  operation.
      It quoted a letter by company's chief executive Charles
  Hiltzheimer that said the ships and assets will be bought by
  rival U.S. Shipping companies, subject to approval by their
  boards.
      U.S. Lines' Far East operations comprise offices in Hong
  Kong, Singapore, Manila, Busan, Seoul, Tokyo, Yokohama, Kobe
  and Osaka, Burnside said.
  

"
training/10306	45	sugar	"PHILIPPINE SUGAR CROP SET AT 1.6 MLN TONNES
  Philippine sugar production in the
  1987/88 crop year ending August has been set at 1.6 mln tonnes,
  up from a provisional 1.3 mln tonnes this year, Sugar
  Regulatory Administration (SRA) chairman Arsenio Yulo said.
      Yulo told Reuters a survey during the current milling
  season, which ends next month, showed the 1986/87 estimate
  would almost certainly be met.
      He said at least 1.2 mln tonnes of the 1987/88 crop would
  be earmarked for domestic consumption.
      Yulo said about 130,000 tonnes would be set aside for the
  U.S. Sugar quota, 150,000 tonnes for strategic reserves and
  50,000 tonnes would be sold on the world market.
      He said if the government approved a long-standing SRA
  recommendation to manufacture ethanol, the project would take
  up another 150,000 tonnes, slightly raising the target.
      ""The government, for its own reasons, has been delaying
  approval of the project, but we expect it to come through by
  July,"" Yulo said.
      Ethanol could make up five pct of gasoline, cutting the oil
  import bill by about 300 mln pesos.
      Yulo said three major Philippine distilleries were ready to
  start manufacturing ethanol if the project was approved.
      The ethanol project would result in employment for about
  100,000 people, sharply reducing those thrown out of work by
  depressed world sugar prices and a moribund domestic industry.
      Production quotas, set for the first time in 1987/88, had
  been submitted to President Corazon Aquino.
      ""I think the President would rather wait till the new
  Congress convenes after the May elections,"" he said. ""But there
  is really no need for such quotas. We are right now producing
  just slightly over our own consumption level.""
      ""The producers have never enjoyed such high prices,"" Yulo
  said, adding sugar was currently selling locally for 320 pesos
  per picul, up from 190 pesos last August.
      Yulo said prices were driven up because of speculation
  following the SRA's bid to control production.
      ""We are no longer concerned so much with the world market,""
  he said, adding producers in the Negros region had learned from
  their mistakes and diversified into corn and prawn farming and
  cloth production.
      He said diversification into products other than ethanol
  was also possible within the sugar industry.
      ""The Brazilians long ago learnt their lessons,"" Yulo said.
  ""They have 300 sugar mills, compared with our 41, but they
  relocated many of them and diversified production. We want to
  call this a 'sugarcane industry' instead of the sugar industry.""
      He said sugarcane could be fed to pigs and livestock, used
  for thatching roofs, or used in room panelling.
      ""When you cut sugarcane you don't even have to produce
  sugar,"" he said.
      Yulo said the Philippines was lobbying for a renewal of the
  International Sugar Agreement, which expired in 1984.
      ""As a major sugar producer we are urging them to write a new
  agreement which would revive world prices,"" Yulo said.
      ""If there is no agreement world prices will always be
  depressed, particularly because the European Community is
  subsidising its producers and dumping sugar on the markets.""
      He said current world prices, holding steady at about 7.60
  cents per pound, were uneconomical for the Philippines, where
  production costs ranged from 12 to 14 cents a pound.
      ""If the price holds steady for a while at 7.60 cents I
  expect the level to rise to about 11 cents a pound by the end
  of this year,"" he said.
      Yulo said economists forecast a bullish sugar market by
  1990, with world consumption outstripping production.
      He said sugar markets were holding up despite encroachments
  from artificial sweeteners and high-fructose corn syrup.
      ""But we are not happy with the Reagan Administration,"" he
  said. ""Since 1935 we have been regular suppliers of sugar to the
  U.S. In 1982, when they restored the quota system, they cut
  ours in half without any justification.""
      Manila was keenly watching Washington's moves to cut
  domestic support prices to 12 cents a pound from 18 cents.
      The U.S. Agriculture Department last December slashed its
  12 month 1987 sugar import quota from the Philippines to
  143,780 short tons from 231,660 short tons in 1986.
      Yulo said despite next year's increased production target,
  some Philippine mills were expected to shut down.
      ""At least four of the 41 mills were not working during the
  1986/87 season,"" he said. ""We expect two or three more to follow
  suit during the next season.""
  

"
training/10310	0	acq	"MITSUBISHI BUYS INTO DANISH DAIRY PRODUCT FIRM
  Mitsubishi Corp <MITT.TOK> said it has
  taken a 25 pct stake worth five mln krone in <Danish Dairy
  Farms Ltd> and will jointly market its produce from April.
      The company was set up last year by three major Danish
  livestock cooperative federations to expand markets for their
  dairy products, a Mitsubishi official said.
      This is the first time a Japanese trading house has traded
  non-Japanese dairy products in the world market, he said.
      He said Mitsubishi expects the Danish company's annual
  sales to be 10 billion yen in its first year, from April 1.
  

"
training/10311	0	acq	"JAPAN ACTS TO COOL U.S. ANGER ON TELECOMS DISPUTE
  Japan has sought to assure the U.S. It is
  not trying to keep foreign equity in a new Japanese
  international telecommunications company below the legal limit
  of 33 pct, a Post and Telecommunications ministry official
  said.
      In a letter sent yesterday, Postal Minister Shunjiro
  Karasawa told U.S. Commerce Secretary Malcolm Baldrige that the
  ministry does not object to foreign participation by those U.S.
  Firms that have expressed interest.
      But it does oppose any foreign international
  telecommunications carrier having a management role, he said.
      The move appears to be an effort to dampen U.S. Opposition
  to the planned merger of two rival firms seeking to compete
  with the current monopoly <Kokusai Denwa Denshin Co Ltd>, and
  to reduce the share held in any KDD rival by U.K.'s Cable and
  Wireless Plc <CAWL.L>, industry analysts and diplomats said.
      One of the rival firms, <International Telecom Japan Inc>
  (ITJ) has offered a stake in the company to eight U.S. Firms
  including General Electric Co <GE>, Ford Motor Co <F> and
  Citibank NA <CCI), and two European companies, ITJ president
  Nobuo Ito said yesterday.
      Cable and Wireless holds a 20 pct share in a second
  potential KDD rival, <International Digital Communications
  Planning Inc>, along with <C Itoh and Co>. Merrill Lynch and Co
  Inc <MER> and Pacific Telesis International Inc <PAC>, both of
  the U.S., Hold three and 10 pct shares respectively.
      The Post and Telecommunications Ministry has urged the
  merger of the two firms because it says the market can only
  support a single KDD competitor.
      It has also rejected management participation by an
  international common carrier, such as Cable and Wireless,
  arguing no international precedent for such a stake exists.
      Cable and Wireless Director of Corporate Strategy, Jonathan
  Solomon, yesterday again told ministry officials he opposes a
  merger proposal that would limit Cable and Wireless' share to
  less than three pct and total foreign participation to about 20
  pct, the ministry official said.
      Channeling the U.S. Firms into a single merged competitor
  would most probably result in diluting Cable and Wireless'
  share, industry analysts said.
      ""Eventually the ministry will get what it wants -- one
  combined competitor,"" Bache Securities (Japan) Ltd analyst
  Darrell Whitten said.
      ""Political ... Leverage may get the total foreign share up
  to a certain amount, but you won't find any one company with an
  extraordinarily large holding,"" Whitten said.
      Western diplomatic sources were more blunt.
      ""They (the ministry) don't want to see Cable and Wireless
  with a reasonable share and they think of all sorts of
  strategies to reduce that share,"" one said.
      Fumio Watanabe, a senior Keidanren (a leading business
  organization) official who has been trying to arrange the
  merger, will present a new outline of his proposal on Thursday,
  the ministry official said.
  

"
training/10313	0	acq	"ASSOCIATED NEWSPAPERS HAS 10 PCT OF NORTHERN STAR
  <Northern Star Holdings Ltd> said
  Britain's <Associated Newspapers Holdings Plc> will hold 9.99
  pct of its enlarged issued capital after applying to acquire
  15.9 mln shares in its recently announced placement.
      Associated was one of the major investors participating in
  the previously reported placement of 128.9 mln shares at 3.75
  dlrs each, Northern Star said in a statement.
      The northern New South Wales regional group is emerging as
  a national media force in the wake of the industry
  restructuring sparked by the News Corp Ltd <NCPA.S> takeover of
  the Herald and Weekly Times Ltd <HWTA.S> group.
      Associated now holds 3.3 pct of Northern Star's current
  issued capital, a company official said.
      As previously reported, Northern Star is raising 623 mln
  dlrs through placements and a subsequent one-for-four rights
  issue at 2.95 dlrs a share.
      Of the placements, 56.9 mln shares will go to a number of
  investors and 72 mln to investment group <Westfield Capital
  Corp Ltd>, which arranged Northern Star's purchase of News
  Corp's television assets, three newspapers and three radio
  stations for 842 mln dlrs. Westfield will increase its stake in
  Northern Star to about 45 pct from 20 as a result.
  

"
training/10314	23	ipi	"BELGIAN DECEMBER INDUSTRIAL OUTPUT FALLS
  Industrial production, excluding
  construction and adjusted for the number of working days, fell
  1.5 pct in December from year earlier levels, the National
  Statistics Office said.
      It was also a sharp 16.8 pct below the November level, it
  said.
      The office said the production index, base 1980, stood at
  97.3 in December against an adjusted 116.9 in November and 98.8
  in December 1985.
  

"
training/10315	24	iron-steel	"TWO JAPANESE STEELMAKERS' CAPITAL SPENDING FALLS
  Kawasaki Steel Corp <KAWS.T> said its
  parent company's capital spending in the year from April 1 will
  fall to 75 billion yen from 110 billion in the current year,
  and Sumitomo Metal Industries Ltd <SMIT.T> said its capital
  spending will drop to 70 billion yen from 85 billion.
      Both companies said they do not plan to start new large
  construction projects linked to production increases in the
  coming year, because of the yen's appreciation and slow world
  steel demand.
  

"
training/10318	12	earn	"AVANA DEFENCE DOCUMENT FORECASTS PROFITS RISE
  <Avana Group Plc>, defending itself
  against a bid from Ranks Hovis McDougall Plc <RHML.L>, RHM,
  forecast a 3.4 mln stg rise in profits in the 1986/87 year.
      It said pretax profit should rise to 23.0 mln stg in the
  year to April 2, 1987 from 19.6 mln previously, and reach 27.5
  mln in 1987/88. It expects share earnings to rise to 46.9p from
  38.7p and to 51.2p in 1987/88, and the 1986/87 dividend to be
  17.0p net, a 41.6 pct increase.
      The bid from RHM, rejected by the food and bakery group, is
  worth about 270 mln stg. RHM currently has a 22.9 pct stake in
  purchases and acceptances.
  

"
training/1032	0	acq	"VIDEO DISPLAY <VIDE> TO SELL CABLE TV UNIT
  Video Display Corfp said it has reached
  a tentiative agreement to sell its existing cable television
  business for undisclosed terms and expects to report a gain on
  the transaction.  The buyer was not named.
      The company said it will redeploy its service assets into
  manufacturing and distribution.
      It said the operations being sold accounted for about five
  pct of revenues for the year ended February 28 and lost money.
  

"
training/10321	32	money-fx	"U.K. MONEY MARKET DEFICIT FORECAST AT 700 MLN STG
  The Bank of England said it forecast a
  shortage of around 700 mln stg in the money market today.
      Among the main factors affecting liquidity, bills maturing
  in official hands will drain some 501 mln stg while a rise in
  note circulation and bankers' balances below target will take
  out around 285 mln stg and 45 mln stg respectively.
      Partly offsetting these outflows, exchequer transactions
  will add some 120 mln stg to the system today.
  

"
training/10322	1	alum	"JAPAN ALUMINIUM OUTPUT FALLS IN FEBRUARY
  Japanese aluminium output fell to 5,298
  tonnes in February from 7,472 in January and 14,280 a year
  earlier, preliminary International Trade and Industry Ministry
  figures show.
      Output fell sharply from a year ago as most aluminium firms
  stopped smelting in the past year due to cheap imports,
  industry sources said.
      Sales and end-month stocks in tonnes were:
              Feb 87   Jan 87   Feb 86
      Sales   36,557   38,678   75,687
      Stocks  53,248   56,620  127,083
  

"
training/10324	1	alum	"JAPAN ALUMINIUM IMPORTS RISE IN FEBRUARY
  Japanese primary aluminium imports rose
  to 98,170 tonnes in February from 91,157 in January and 94,926
  a year earlier, the Japan Aluminium Federation said.
      This brought total imports in 1986/87, ending March 31, to
  1.09 mln tonnes against 1.25 mln a year earlier.
      The February total included 19,102 tonnes from the U.S.
  Against 16,577 in January and 9,933 a year ago, 24,391 from
  Australia against 19,585 and 21,208, and 12,611 from Indonesia
  against 5,891 and 16,601.
  

"
training/10328	12	earn	"MITSUBISHI MOTORS AUSTRALIA MAKES 19 MLN DLR LOSS
  <Mitsubishi Motors Australia Ltd>
  (MMAL) reported a 19.64 mln dlr net loss in calendar 1986 from
  a 5.80 mln dlr profit in 1985 on turnover of 837.79 mln dlrs
  from 942.89 mln.
      MMAL, 99 pct-owned by Mitsubishi Motors Corp <MIMT.T> and
  Mitsubishi Corp <MITT.T>,  said a tight market meant it had
  failed to recover 19 mln dlrs in costs sustained because of a
  weak Australian dollar.
      The company said its Magna car dominated its market segment
  with sales of 30,500 units against 26,900 in 1985. Total sales
  were 64,100, down 15,900.
      In addition, export of components to Japan increased with
  15 mln dlrs invested in 1986 to expand output of aluminium
  cylinder heads to 26,000 per month from 6,000, MMAL said.
      Imported passenger car, light commercial and heavy vehicle
  sales suffered while local-manufacturing profitability was
  eroded by sales substantially below production capacity, it
  said.
      Australian car sales fell to 530,000 in 1985 from 696,000
  in 1985, although MMAL said it lifted its market penetration to
  12.1 pct from 11.5 pct.
      No dividend was recommended.
  

"
training/1033	12	earn	"INTEK DIVERSIFIED CORP <IDCC> 4TH QTR NET
  Shr three cts vs three cts
      Net 98,20000 vs 91,898
      Revs 2,843,520 vs 2,372,457
      Year
      Shr 13 cts vs 21 cts
      Net 401,179 vs 681,374
      Revs 10.5 mln vs 9,699,535
  

"
training/10332	47	tin	"THAI TIN EXPORTS FALL IN FEBRUARY
  Thailand exported 1,120 tonnes of tin
  metal in February, down from 1,816 tonnes the previous month
  and 2,140 tonnes a year ago, the Mineral Resources Department
  said.
      It said major buyers last month were Britain, Japan, the
  Netherlands, West Germany and the U.S.
  

"
training/10334	3	carcass	"BOTSWANA BANS ZIMBABWE MEAT PRODUCTS, AGENCY SAYS
  Botswana has stopped importing almost
  all meat products from Zimbabwe after reports of a suspected
  outbreak of foot and mouth disease in the neighbouring country.
      Botswana's official news agency, BOPA, announcing the ban
  last night, quoted Agriculture Minister Daniel Kwelagobe as
  saying only sterilised and canned animal products would be
  allowed into the country, with immediate effect.
      He said Zimbabwean veterinary officials had notified him
  that they suspected foot and mouth disease had broken out at
  Insiza, 100 km northeast of Bulawayo, capital of the mainly
  cattle-ranching southwestern province of Matabeleland.
      Zimbabwean officials were not immediately available for
  comment.
      The ban will affect products such as uncanned meat, milk,
  ham, butter and bacon, BOPA reported.
      Botswana exports much of its high-grade beef to the
  European Community and augments its local supplies with meat
  imports from Zimbabwe.
  

"
training/10335	0	acq	"ALCAN AUSTRALIA BIDS FOR ALCAN NEW ZEALAND
  Alcan Australia Ltd <AL.S> said it will
  make a 39.3 mln N.Z. Dlr cash bid for all the issued shares of
  <Alcan New Zealand Ltd> at 1.80 N.Z. Dlrs each with a
  four-for-three share alternative.
      Both are 70 pct owned by Canada's Alcan Aluminium Ltd <AL>
  which will take the share swap option, Alcan Australia deputy
  chairman Jeremy Davis said in a statement. The remainder of
  Alcan New Zealand's totalled issued 21.84 mln shares are
  broadly held while Alcan Australia's are primarily held by
  institutions. Alcan NZ last traded at 1.55 NZ dlrs, while Alcan
  Australia today ended four cents down at 1.15 dlrs.
      Davis said the offer, which is subject to approval by the
  New Zealand Overseas Investment Commission, was a response to
  the integration of the two countries' markets under the
  Australia-New Zealand Closer Economic Relations treaty.
      Alcan New Zealand shareholders who accept the offer would
  also receive the final dividend of 10 cents a share normally
  payable on May 27.
      Alcan Australia would invite New Zealand representation to
  its board and would apply to list its shares on the New Zealand
  Stock exchange, Davis said.
  

"
training/10338	12	earn	"ESSILOR INTERNATIONAL <ESSI.PA> YEAR ENDED DEC 31
  Provisional consolidated net attributable profit 242.1 mln
  francs vs 240.1 mln.
      Investments 318 mln vs 317 mln.
      Dividend on ordinary shares 45 francs vs 42 francs.
      Dividend on priority shares 51 francs vs 48 francs.
  

"
training/10342	12	earn	"THYSSEN SEES GOOD 1987 PROFIT DESPITE STEEL LOSSES
  Thyssen AG <THYH.F> said
  it expects to post a good profit in 1987 despite anticipated
  losses in its mass steel-making operations this year.
      Managing board chairman Dieter Spethmann told the annual
  meeting the group was satisfied with profit developments in the
  first half of the 1986/87 financial year to September 30.
      The group's other three divisions -- specialty steel,
  capital goods and trading -- had made a profit so far in
  1986/87, he added.
      Spethmann said income from associate companies had also
  been good in early 1986/87.
      In 1985/86 Thyssen's world group profit fell to 370.1 mln
  marks from 472.4 mln in 1984/85, reflecting costs linked to its
  steel operations. The company's dividend was an unchanged five
  marks.
      A Thyssen spokesman told Reuters that planned job cuts at
  subsidiary Thyssen Stahl AG would be higher than announced
  earlier. Total job losses by 1989 were now expected to total up
  to 7,800 against original projections of 5,900. Thyssen Stahl
  employs some 40,000 people.
  

"
training/10347	48	trade	"WORLD BANK CHIEF URGES MORE JAPANESE INVESTMENT
  World Bank President Barber Conable
  called on Japan to boost investment in developing nations, for
  its own sake as well as that of the world economy.
      ""Japan has the means to make a major contribution to
  development in the Third World,"" he told about 500 Japanese
  businessmen and academics. ""I would be pleased with additional
  support.""
      With 25 pct of the world's total banking assets, Japan
  could do more to help assist indebted Third World countries
  develop roads, bridges and other infrastructure, he said.
      Conable said additional commercial bank investment would
  also be to Japan's advantage.
      It would profit from rechannelling its huge trade surplus
  into Third World economies -- notably those in South America,
  China and India -- that are likely to expand faster than those
  in the developed world, he said.
      Japan is now the second largest shareholder in the Bank's
  concessionary lending affiliate, the International Development
  Association (IDA). It has also agreed recently to expand its
  contribution to another affiliate, the International Bank for
  Reconstruction and Development (IBRD), Conable noted.
      Conable said the World Bank was expanding its structural
  adjustment loans, designed to encourage developing countries to
  open their economies more to free competition and trade.
      ""Adjustment loans could rise to 30 pct (of total World Bank
  loans) in the near future, though maybe not this year,"" Conable
  told Reuters after his speech.
      Such loans currently account for slightly over 20 pct.
  

"
training/10348	0	acq	"HENKEL SELLS HAMBURG OIL AND FATS SUBSIDIARY
  Applied chemicals group Henkel KGaA
  <HNKG.F> said it is selling its Hamburg vegetable oil and fats
  subsidiary Noblee und Thoerl GmbH to Oelmuehle Hamburg AG.
      A company spokesman declined to give the purchase price.
  Noblee, a supplier of specialised refined oils and fats to the
  food processing industry, had turnover of 161 mln marks last
  year.
      A Henkel statement said the divestment was part of the
  company's strategy of concentrating on its core businesses. For
  Oelmuehle, the acquisition of Noblee means access to new
  markets, the statement added.
  

"
training/10349	12	earn	"<ELDERS RESOURCES LTD> FIRST HALF ENDED DEC 31
  Net shr 7.6 cents vs 3.0
      Int div 3.0 cents vs nil
      Net 16.93 mln vs 5.47 mln
      Sales 160.14 mln vs 2.35 mln.
      Other income 6.29 mln vs 10.05 mln
      Shrs 223.16 mln vs 183.68 mln.
      NOTE - Two-for-seven non-renounceable rights issue of 8.0
  pct five-year subordinated convertible redeemable unsecured
  notes at 2.50 dlrs each. Each note is convertible into one
  share. Div pay May 1. Div and issue reg April 16.
      Net is after tax 7.04 mln dlrs vs 3.82 mln, interest 2.52
  mln vs 1.14 mln, depreciation 2.43 mln vs 123,000 and
  minorities 3.41 mln vs 2.91 mln but before net extraordinary
  loss 821,000 vs nil.
      Company is owned 46.99 pct by Elders IXL Ltd <ELXA.S>.
  

"
training/1035	19	housing	"U.S. SINGLE-FAMILY HOME SALES FELL 6.8 PCT IN JAN AFTER REVISED 12.1 PCT DEC GAIN

  U.S. SINGLE-FAMILY HOME SALES FELL 6.8 PCT IN JAN AFTER REVISED 12.1 PCT DEC GAIN
  

"
training/10352	48	trade	"NAKASONE TO VISIT WASHINGTON IN LATE APRIL
  Prime Minister Yasuhiro Nakasone will
  make an official week-long visit to the United States from
  April 29 and hold talks in Washington with President Reagan,
  Chief Cabinet Secretary Masaharu Gotoda told reporters.
      Government sources said Nakasone would try to resolve
  growing bilateral trade friction and discuss the June Venice
  summit of Western industrial democracies.
      Foreign Minister Tadashi Kuranari will accompany Nakasone,
  ministry officials said.
      U.S. Industry sources in Washington said the White House
  Economic Policy Council was recommending trade sanctions
  against Japan for violating the two countries' agreement on
  semiconductor trade.
      Under the pact, Japan pledged to stop dumping microchips in
  the U.S. And Asia and open its domestic market to U.S.
  Semiconductors.
  

"
training/10354	32	money-fx	"BANK OF SPAIN SUSPENDS ASSISTANCE
  The Bank of Spain suspended its daily
  money market assistance obliging borrowers to take funds from
  the second window, where on Wednesday rates were raised to 16
  pct compared with 14 pct for normal overnight funds.
      Money market sources said in view of high borrower demand
  the suspension was likely to remain in effect until April 3,
  the start of the next 10-day accounting period for reserve
  requirements. The suspension comes after the Bank yesterday
  gave 1,145 billion pesetas assistance, a record high for this
  year.
      It said 90 billion pesetas was provided at the second
  window.
  

"
training/10355	48	trade	"NAKASONE HARD-PRESSED TO SOOTHE U.S ANGER ON TRADE
  Prime Minister Yasuhiro Nakasone will
  visit Washington next month in a bid to defuse mounting U.S.
  Anger over Japanese trade policies, but Western diplomats said
  they believed his chances of success were slim.
      Boxed in by powerful political pressure groups and
  widespread opposition to his tax reform plans, Nakasone will be
  hard-pressed to come up with anything new to tell U.S.
  President Ronald Reagan and key U.S. Congressmen, they said.
      News of the week-long visit starting April 29 coincided
  with news that Japan recorded a 8.14 billion dlr trade surplus
  last month, more than 70 pct higher than a year earlier.
      It also came one day after the Reagan Administration's
  Economic Policy Council decided to take retaliatory action
  against Japan for its alleged failure to live up to a joint
  trade agreement on computer microchips.
      Nakasone wants to go armed with two separate packages - one
  designed to pep up Japan's sagging economy and imports in the
  short-term, the other to redirect the country in the medium
  term away from its over-dependence on exports for growth.
      But government officials said political infighting could
  rob both packages of much of their punch and might even prevent
  one from seeing the light of day.
      Nakasone has insisted that the government would not draw up
  a package of short-term economic measures until after its
  1987/88 budget passed parliament because he feared that would
  amount to a tacit admission that the budget was inadequate.
      But his hopes for quick passage of the budget in time for
  his trip have been shattered by a parliamentary boycott by
  opposition parties protesting over the sales tax plan.
      Faced with the possibility that he might have to go to the
  U.S. Virtually empty-handed, Nakasone today ordered his ruling
  Liberal Democratic Party (LDP) to come up with its own
  measures.
      He can then tell Reagan the LDP package will form the basis
  of the government's plans, without losing face in parliament
  over the budget, political analysts said.
      Officials working on the government's short-term economic
  package said it would probably include interest rate cuts on
  loans by government corporations, deregulation, measures to
  pass on some of the benefits of the strong yen to consumers in
  the form of lower prices, and accelerated public investment.
      They said a record portion of state investment planned for
  the entire 1987/88 fiscal year will take place in the first
  half, probably over 80 pct.
      Diplomats said that was unlikely to be enough to satisfy
  Reagan, who is under pressure from the Democrat-controlled U.S.
  Congress to take greater action to cut the huge American trade
  deficit.
      To complement the short-term measures, Nakasone is also
  likely to present Reagan with details of Japan's longer-term
  economic plans.
      A high-ranking advisory body headed by former Bank of Japan
  governor Haruo Maekawa is expected to come up with a final
  report outlining concrete steps to redirect the economy days
  before Nakasone is scheduled to leave for Washington.
      Its recommendations are designed as a follow-up to
  Maekawa's report last year on economic restructuring and are
  likely to cover such potentially politically explosive areas as
  agricultural reform and land policy, officials said.
      While wanting to make the report as explicit and detailed
  as possible, they said the political realities might force them
  to water down some of the committee's recommendations.
      A subcommittee is considering what the Japanese economy
  might look like in the medium to longer term after it undergoes
  massive restructuring, officials said. The subcommittee
  projects that the current account surplus will fall to less
  than two pct of Japan's total output, or gross national
  product, around 1993 or 1995. Last year the surplus, which
  measures trade in goods and services, amounted to over four pct
  of gnp.
      The subcommittee also projects annual economic growth for
  Japan of nearly four pct over that period and a very gradual
  appreciation of the yen, to about 130 to the dollar by around
  1993, from 150 now.
  

"
training/10356	32	money-fx	"U.K. MONEY MARKET GIVEN 265 MLN STG ASSISTANCE
  The Bank of England said it provided the
  money market with 265 mln stg in assistance this morning.
      This compares with the bank's estimate of the shortage in
  the system of 750 mln stg, earlier revised up from 700 mln.
      The central bank purchased bank bills outright comprising
  119 mln stg in band one at 9-7/8 pct, 144 mln stg in band two
  at 9-13/16 pct and two mln stg in band three at 9-3/4 pct.
  

"
training/10358	32	money-fx	"BANK OF FRANCE AGAIN BUYING DOLLARS, SOURCES SAY
  The Bank of France intervened in the
  Paris foreign exchange market this morning for the third
  successive day, banking sources said.
      Like yesterday, it bought dollars and sold yen in small
  amounts, they said.
      One dealer said it was seen in the market twice in early
  dealing, buying five mln dlrs each time.
      Other dealers also reported small-scale intervention to
  stabilise the dollar after aggressive selling overnight in
  Tokyo, where the Bank of Japan also intervened again.
      The dollar steadied at around 6.0650/0700 francs after
  easing in early trading to 6.0615/35 from an opening 6.0700/50.
  It closed yesterday at 6.0800/30.
      One major french bank said it bought 10 mln dlrs for the
  central bank, selling yen, within a trading range of 148.20/30
  yen to the dollar, compared with yesterday's 149.28 rate at
  which intervention was carried out here.
      The yen later firmed to around 147.90/148.00.
  

"
training/10359	32	money-fx	"BUNDESBANK BOUGHT DOLLARS AGAINST YEN, DEALERS SAY
  The Bundesbank entered the open
  market in the late morning to buy dollars against yen in
  concert with the Bank of France, dealers said.
      The Bundesbank came into the market when the dollar was
  around 148.10 yen just after it had fallen below 148 to touch
  147.80 at 1027 GMT. The move had little effect, with the dollar
  still testing 148 yen ahead of the official fixing.
      Dealers said the intervention was for fairly small amounts,
  in contrast to the Bundesbank's activity on Wednesday when
  dealers reported it bought about 100 mln dlrs.
      The Bundesbank had no comment.
  

"
training/1036	19	housing	"U.S. HOME SALES FELL 6.8 PCT IN JANUARY
  Sales of new single-family homes in
  the United States fell 6.8 pct in January from December to a
  seasonally adjusted annual rate of 716,000 units, the Commerce
  Department said.
      The department revised downward December's sales to a 12.1
  pct rise to 768,000 units from the previously reported 12.7 pct
  increase.
      The January decline in sales was the largest since last
  October when sales fell 9.3 pct.
      Before seasonal adjustment, the number of homes actually
  sold in January was 53,000, up from 49,000 in December but down
  from 59,000 in January, 1986.
      The January fall brought home sales to a level 1.6 pct
  below January, 1986, when they were a seasonally adjusted
  728,000 units.
      The average price was a record 127,100 dlrs, surpassing the
  previous record 119,100 price set in December.
      The median price of a home in January reached 100,700 dlrs
  -- the first time the price has exceeded 100,000 dlrs. That
  compared with a median price of 94,600 dlrs in December and
  94,000 dlrs in January a year ago.
      New homes available on the market in January totaled a
  seasonally adjusted 362,000 units, unchanged from December and
  equal to a 6.3 months' supply.
      The supply in December was 5.9 months.
  

"
training/10361	0	acq	"BRIERLEY BIDS 4.35 DOLLARS/SHARE FOR PROGRESSIVE
  <Brierley Investments Ltd> (BIL)
  launched a full takeover bid for the supermarket group
  <Progressive Enterprises Ltd> at 4.35 dlrs a share.
      BIL said in a statement the offer is conditional on minimum
  acceptances totalling 30 mln shares, just under 25 pct of the
  120.4 mln Progressive shares on issue.
      Progressive is currently involved in a proposed merger with
  <Rainbow Corp Ltd>. Rainbow earlier this week raised its stake
  in Progressive to 52 pct. BIL opposes the Rainbow merger and
  analysts say BIL needs a 25 pct stake in Progressive to prevent
  it occurring.
      The merger involves shareholders in Progressive and Rainbow
  both receiving shares in a new company <Astral Pacific Corp
  Ltd> on a one-for-one exchange basis.
      The BIL bid is higher than the 4.20 dlrs BIL said it would
  offer when it first announced on Monday it would make a full
  bid for Progressive, and it follows much public debate between
  BIL and Rainbow.
      BIL Chief Executive Paul Collins said last week that he
  opposes the Rainbow/Progressive merger because BIL sees
  Progressive shares as being worth twice as much as Rainbow's.
  BIL has not disclosed how many Progressive shares it holds.
      Rainbow has said the merger is soundly based. Chairman
  Allan Hawkins said last week that BIL's actions were aimed only
  at dirsrupting the merger and were not in the interests of
  Progressive shareholders.
      Both Rainbow's and Progressive's boards have approved the
  merger proposal. It has also been approved by the Commerce
  Commission, but BIL's bid is still subject to the Commission's
  scrutiny.
      Progressive shares ended at 4.35 dlrs, Rainbow at 3.42 and
  BIL at 4.17 at the close of New Zealand Stock Exchange trading
  today.
  

"
training/10367	45	sugar	"SUGAR MARKET SEES GOOD RECENT OFFTAKE
  Reports the Soviet Union has lately
  extended its recent buying programme by taking five to eight
  raws cargoes from the free market at around 30/40 points under
  New York May futures highlight recent worldwide demand for
  sugar for a variety of destinations, traders said.
      The Soviet buying follows recent whites buying by India,
  Turkey and Libya, as well as possible raws offtake by China.
      Some 300,000 to 400,000 tonnes could have changed hands in
  current activity, which is encouraging for a sugar trade which
  previously saw little worthwhile end-buyer enquiry, they added.
      Dealers said a large proportion of the sales to the Soviet
  Union in the past few days involved Japanese operators selling
  Thai origin sugar.
      Prices for nearby shipment Thai sugars have tightened
  considerably recently due to good Far Eastern demand, possibly
  for sales to the Soviet Union or to pre-empt any large block
  enquiries by China, they said.
      Thai prices for March/May 15 shipments have hardened to
  around 13/14 points under May New York from larger discounts
  previously, they added.
      Traders said the Soviet Union might be looking to buy more
  sugar in the near term, possibly towards an overall requirement
  this year of around two mln tonnes. It is probable that some
  1.8 mln tonnes have already been taken up, they said.
      Turkey was reported this week to have bought around 100,000
  tonnes of whites while India had further whites purchases of
  two to three cargoes for Mar/Apr at near 227 dlrs a tonne cost
  and freight and could be seeking more. Libya was also a buyer
  this week, taking two cargoes of whites which, for an
  undisclosed shipment period, were reported priced around
  229/230 dlrs a tonne cost and freight, they added.
      Futures prices reacted upwards to the news of end-buyer
  physicals offtake, although much of the enquiry emerged
  recently when prices took an interim technical dip, traders
  said.
      Pakistan is lined up shortly to buy 100,000 tonnes of
  whites although traders said the tender, originally scheduled
  for tomorrow, might not take place until a week later.
      Egypt will be seeking 20,000 tonnes of May arrival white
  sugar next week, while Greece has called an internal EC tender
  for 40,000 tonnes of whites to be held in early April, for
  arrival in four equal parts in May, June, July and August.
  

"
training/10368	32	money-fx	"BANK OF FRANCE BUYS DOLLARS AT PARIS FIXING - DEALERS

  BANK OF FRANCE BUYS DOLLARS AT PARIS FIXING - DEALERS
  

"
training/10371	0	acq	"UNION MINIERE TAKES STAKE IN PANCONTINENTAL
  <Union Miniere SA> said in a statement
  that it has acquired an eight pct interest in Pancontinental
  Mining Ltd <PANA.S> for a sum equivalent to 1.2 billion Belgian
  francs.
      Pancontinental operates gold and coal mines in Australia
  and natural gas and oil fields in Canada.
      Union Miniere said the location of its interest within the
  Pancontinental group will be decided later. It did not
  elaborate.
      Union Miniere is a wholly owned subsidiary of Societe
  Generale de Belgique <BELB.BR>.
  

"
training/10375	48	trade	"INDIA STEPS UP COUNTERTRADE DEALS TO CUT TRADE GAP
  India is searching for non-communist
  countertrade partners to help it cut its trade deficit and
  conserve foreign exchange.
      Wheat, tobacco, tea, coffee, jute, engineering and
  electronic goods, as well as minerals including iron ore, are
  all on offer in return for crude oil, petroleum products,
  chemicals, steel and machinery, trade sources told Reuters.
      Most of the impetus behind countertrade, which began in
  1984, comes from two state trading firms -- the State Trading
  Corp (STC) and the Minerals and Metals Trading Corp (MMTC).
      ""The two state trading corporations are free to use their
  buying power in respect to bulk commodities to promote Indian
  exports,"" a commerce ministry spokeswoman said, adding that
  private firms are excluded from countertrading.
      One trade source said India has targetted countries that
  depend on an Indian domestic market recently opened to foreign
  imports.
      However, countertrade deals still make up only a small part
  of India's total trading and are likely to account for less
  than eight pct of the estimated 18.53 billion dlrs in trade
  during the nine months ended December, the sources said.
      Countertrade accounted for just five pct of India's 25.65
  billion dlrs in trade during fiscal 1985/86 ended March,
  against almost nothing in 1984/85, official figures show.
      However, the figures exclude exchanges with the Eastern
  Bloc paid in non-convertible Indian rupees, the sources said.
      Total trade with the Soviet Union, involving swaps of
  agricultural produce and textiles for Soviet arms and crude
  oil, is estimated at 3.04 billion dlrs in fiscal 1986/87,
  against three billion in 1985/86.
      Indian countertrade, which is being promoted mainly to help
  narrow the country's large trade deficit, is still
  insignificant compared with agreements reached by Indonesia,
  Venezuela and Brazil, the trade sources said.
      The trade deficit, which hit an estimated record 6.96
  billion dlrs in 1985/86, is expected to decline to 5.6 billion
  in the current fiscal year.
      But the push to include non-communist countries in
  countertrade is also due to other factors, including the slow
  growth of foreign reserves, a tight debt repayment schedule,
  shrinking aid and trade protectionism, businessmen said.
      One source said India is showing more dynamism in promoting
  countertrade deals than in the past, when the deals were made
  discreetly because they break GATT rules. As a member of the
  General Agreement on Tariffs and Trade (GATT), India cannot
  officially support bartering.
      The MMTC's recent countertrade deals include iron ore
  exports to Yugoslavia for steel structures and rails.
      ""MMTC's recent global tenders now include a clause that
  preference will be given to parties who accept payment in kind
  for goods and services sold to India,"" a trade official said,
  adding that the policy remains flexible.
      ""We also take into account other factors such as prices at
  which the goods and services are offered to India,"" the trade
  official said.
      Early this year the commerce ministry quietly told foreign
  companies interested in selling aircraft, ships, drilling rigs
  and railway equipment to India that they stood a better chance
  if they bought Indian goods or services in return, the trade
  sources said.
      Illustrating the point, the official said a South Korean
  firm recently agreed to sell a drilling platform worth 40 mln
  dlrs to the state-run Oil and Natural Gas Commission.
  

"
training/10377	8	cpi	"JAPAN CONSUMER PRICES UNCHANGED IN FEBRUARY
  Japan's consumer price index (base 1985)
  was unchanged at 99.7 in February from a month earlier, the
  government's Management and Coodination Agency said.
      The index showed a 0.4 pct drop in January.
      The February index was down one pct from a year earlier for
  the third consecutive year-on-year drop.
      In January, the index fell 1.1 pct from a year earlier, the
  first drop of over one pct since a 1.3 pct drop in September
  1958.
  

"
training/10381	12	earn	"COSTCO WHOLESALE CORP <COST> 2ND QTR FEB 16 NET
  Oper shr five cts vs six cts
      Oper net 1,100,000 vs 1,463,000
      Revs 177.8 mln vs 331.5 mln
      Avg shrs 21.9 mn vs 25.7 mln
      First half
      Oper shr six cts vs five cts
      Oper net 1,121,000 vs 1.090,000
      Revs 315.3 mln vs 567.4 mln
      Avg shrs 20.6 mln vs 25.6 mln
      NOTE: Operating net excludes gains of 659,000 dlrs, or
  three cts a share, vs 599 dlrs, or two cts a share, in quarter
  and 676,000 dlrs, or three cts a share, vs 599,000 dlrs, or two
  cts a share, in year from tax loss carryforward.
  

"
training/10384	8	cpi	"U.S. FEBRUARY CONSUMER PRICES ROSE 0.4 PCT AFTER 0.7 PCT RISE IN JANUARY

  U.S. FEBRUARY CONSUMER PRICES ROSE 0.4 PCT AFTER 0.7 PCT RISE IN JANUARY
  

"
training/10385	8	cpi	"U.S. CONSUMER PRICES ROSE 0.4 PCT IN FEBRUARY
  U.S. consumer prices, as measured by
  the Consumer Price Index for all urban consumers (CPI-U), rose
  a seasonally adjusted 0.4 pct in February after a 0.7 pct
  January gain, the Labor Department said.
      The CPI for urban wage earners and clerical workers (CPI-W)
  rose to 329.0 in February, the department said.
      Prices for petroleum-based energy rose sharply for a second
  consecutive month during February but by less than in January,
  the department said.
      Energy prices rose 1.9 pct last month after a 3.0 pct rise
  in January, accounting for one-third of the overall CPI rise.
      For the 12 months ended in February, the CPI rose an
  unadjusted 2.1 pct.
      Transportation prices rose 0.5 pct in February after a 1.5
  pct increase in January. Smaller price rises for motor fuels
  and declines in new car prices and finance charges were
  responsible for the moderation.
      Gasoline prices rose 4.2 pct last month after increasing
  6.6 pct in January, but were still 18 pct below levels of a
  year ago, the department said.
      Housing prices rose 0.4 pct in February after a 0.5 pct
  January increase, largely due to a rise in fuel oil prices.
      Fuel oil prices were up 4.4 pct in February after
  increasing 9.8 pct in January, but were still 15 pct below
  price levels of February 1986.
      Food prices rose 0.2 pct last month after a 0.5 pct January
  increase. Grocery store food prices were up 0.4 pct, the same
  as in January, but meat, poultry, fish and eggs cost less for a
  third consecutive month, the department said.
      Medical care rose 0.3 pct in February to a level 7.1 pct
  above one year ago, because of higher costs for prescription
  and non-prescription drugs and medical supplies, the department
  said.
      The index for apparel and upkeep rose 0.7 pct in February
  after a 0.4 pct increase in January. The department said the
  introduction of higher priced spring merchandise, particularly
  men's clothing, was responsible for the advance.
      Prices for other goods and services rose 0.7 pct in
  February following a 1.1 pct increase in January. Tobacco
  prices, up 0.9 pct after a 2.0 pct January increase, accounted
  for 30 pct of the index rise, the department said.
  

"
training/10387	12	earn	"MACMILLAN BLOEDEL <MMB> STOCK SPLIT APPROVED
  MacMillan Bloedel
  Ltd said shareholders authorized a previously announced
  three-for-one stock split, applicable to holders of record
  April nine.
      The company said its stock will begin trading on a split
  basis on April 3, subject to regulatory approvals.
  

"
training/10388	43	ship	"STORMY WEATHER TO DISRUPT NORTH SEA SHIPPING
  Very stormy weather is
  likely in the North Sea through Saturday, disrupting shipping
  in the region, private forecaster Accu-Weather Inc said.
      Rain will accompany the strong winds that are expected over
  the North Sea today into tonight. Saturday will also be very
  windy and cooler with frequent showers.
      Winds today will be southwest at 30 to 60 mph, but will
  become west to northwest tonight and Saturday at 25 to 50 mph.
      Waves will build to 20 to 30 feet today and tonight and
  continue Saturday. Wind and waves will not diminish until late
  in the weekend.
  

"
training/1039	0	acq	"COMMUNITY BANK <CBSI> TO MAKE ACQUISITION
  Community Bank System Inc said it
  has entered into a definitive agreement to acquire Nichols
  Community Bank for 2,800,000 dlrs in common stock.
      It said subject to approval by Nichols shareholders and
  regulatory authorities, the transaction is expected to be
  completed later this year.
  

"
training/10390	12	earn	"NATIOONAL MEDICAL ENTERPRISES INC 3RD QTR OPER SHR 46 CTS VS 51 CTS

  NATIOONAL MEDICAL ENTERPRISES INC 3RD QTR OPER SHR 46 CTS VS 51 CTS
  

"
training/10391	43	ship	"LIBERIAN SHIP GROUNDED IN SUEZ CANAL REFLOATED
  A Liberian motor bulk carrier, the
  72,203 dw tonnes Nikitas Roussos, which was grounded in the
  Suez canal yesterday, has been refloated and is now proceeding
  through the the canal, Lloyds Shipping Intelligence said.
  

"
training/10393	12	earn	"NATIONAL MEDICAL ENTERPRISES INC <NME> 3RD QTR
  Periods ended Feb 28
      Oper shr 46 cts vs 51 cts
      Oper shr diluted 43 cts vs 50 cts
      Oper net 34.2 mln vs 39.8 mln
      Revs 823.3 mln vs 794.3 mln
      Avg shrs 74.9 mln vs 78.7 mln
      Nine mths
      Oper shr 1.29 dlrs vs 1.46 dlrs
      Oper shr diluted 1.20 dlrs vs 1.43 dlrs
      Oper net 99.4 mln vs 114.5 mln
      Revs 2.50 billion vs 2.22 billion
      Avg shrs 77.0 mln vs 78.3 mln
      NOTE: Year ago nine months operating net excludes loss of
  2.0 mln dlrs, or two cts a share, from discontinued operations
  

"
training/10394	43	ship	"ABIDJAN PORT ACTIVITY RISES
  The tonnage of goods passing through
  Ivory Coast's main port of Abidjan rose 2.3 pct last year,
  according to the Ivorian Chamber of Commerce.
      Its monthly report said 9.47 mln tonnes of goods passed
  through the port last year compared with 9.26 mln the year
  before. Exports fell to 3.75 mln from 3.89 mln tonnes while
  imports rose to 5.72 mln from 5.37 mln.
  

"
training/10397	22	interest	" Top discount rate at U.K. Bill tender rises to 9.3456 pct

   Top discount rate at U.K. Bill tender rises to 9.3456 pct
  

"
training/10398	12	earn	"PORSCHE EXPECTS IMPROVEMENT IN U.S. SALES
  Sports carmaker Dr. Ing. H.C.F.
  Porsche AG <PSHG.F> said it expects to post a satisfactory
  profit in 1986/87, with domestic volume sales seen lower but
  U.S. Sales anticipated higher.
      Managing board chairman Peter Schutz said domestic sales
  were expected to fall to 9,000 in the year ending July 31 from
  11,340 in 1985/86. U.S. Sales should rise to more than 30,000
  from 28,670 last year.
      Schutz made no specific profit or sales forecasts. Last
  month the company said it expected net profit to fall below 70
  mln marks this year from 75.3 mln marks in 1985/86.
      For sales, Porsche expects its overall world volume this
  year to be above 50,000. Sales last year stood at 53,254,
  Schutz said. His expectations of a satisfactory profit were
  based on a combination of price rises and cost-cutting, he
  added.
      The expected drop in West German sales this year would be
  the result of the so-called ""grey market"" for Porsche cars, he
  said. When the dollar was strong against the mark, many
  Porsches had been bought locally in West Germany for illegal
  export to the U.S.
      Porsche has previously said domestic sales in the 1986/87
  first half fell to 3,267 from 5,387 in the same 1985/86 period.
      The fact that U.S. Sales will account for a larger
  percentage of overall sales this year than before does not pose
  problems for profit, the Porsche board said.
      In the last 12 months it has raised U.S. Prices by around
  20 pct without suffering any decline in sales. At the same time
  Porsche has hedged its dollar-denominated business for the
  1986/87 business year, finance director Heinz Branitzki.
      Branitzki put Porsche's hedging costs in 1985/86 at 28 mln
  marks.
      In a speech to the annual meeting, Schutz said third-party
  orders placed with Porsche's engineering research centre in
  Weissach were rising and should top 100 mln marks this year for
  the first time.
      Porsche's net profit dropped sharply to 75.3 mln marks in
  1985/86 from 120.4 mln marks in 1984/85.
  

"
training/10399	0	acq	"DIXONS GROUP PLC BUYS 2,455,000 CYCLOPS SHARES, NOW OWNS 83 PCT

  DIXONS GROUP PLC BUYS 2,455,000 CYCLOPS SHARES, NOW OWNS 83 PCT
  

"
training/104	7	cotton	"WORLD MARKET PRICE FOR UPLAND COTTON - USDA
  The U.S. Agriculture Department
  announced the prevailing world market price, adjusted to U.S.
  quality and location, for Strict Low Middling, 1-1/16 inch
  upland cotton at 52.69 cts per lb, to be in effect through
  midnight March 5.
      The adjusted world price is at average U.S. producing
  locations (near Lubbock, Texas) and will be further adjusted
  for other qualities and locations. The price will be used in
  determining First Handler Cotton Certificate payment rates.
      Based on data for the week ended February 26, the adjusted
  world price for upland cotton is determined as follows, in cts
  per lb --
   Northern European Price               66.32
        Adjustments --
   Average U.S. spot mkt location 10.42 
   SLM 1-1/16 inch cotton          1.80 
   Average U.S. location           0.53
   Sum of adjustments              12.75
   Adjusted world price            53.57
  

"
training/1040	26	jobs	"BELGIAN UNEMPLOYMENT FALLS IN FEBRUARY
  Belgian unemployment, based on the
  number of jobless drawing unemployment benefit, fell to 12.1
  pct of the working population at the end of February from 12.6
  pct at the end of January, the National Statistics Office said.
      The rate compares with 12.4 pct at the end of February
  1986.
      The total number of jobless stood at 508,392, compared with
  530,587 at the end of January and 521,219 at the end of
  February 1986, the Statistics Office said.
  

"
training/10401	12	earn	"TEKTRONIX INC 3RD QTR SHR 48 CTWS VS 39 CTS

  TEKTRONIX INC 3RD QTR SHR 48 CTWS VS 39 CTS
  

"
training/10402	12	earn	"AMERICAN MEDICAL INTERNATIONAL INC <AMI> PAYOUT
  Qtly div 18 cts vs 18 cts in prior qtr
      Payable May one
      Record April 15
  

"
training/10403	4	cocoa	"COCOA BUFFER STOCK COMPROMISE GAINING ACCEPTANCE
  A final compromise proposal on cocoa
  buffer stock rules presented by International Cocoa
  Organization, ICCO, council chairman Denis Bra Kanon is swiftly
  gaining acceptance by consumer and producer members, delegates
  said.
      ""We are close, nearer than ever to accepting it, but we
  still have some work to do,"" producer spokesman Mama Mohammed of
  Ghana told Reuters after a producers' meeting.
      European Community, EC, delegates said EC consumers
  accepted the package in a morning meeting and predicted ""no
  problems"" in getting full consumer acceptance.
      Delegates on both sides are keen to come to some agreement
  today, the last day of the fortnight-long council meeting, they
  said.
      The compromise requires that buffer stock purchases from
  non-ICCO member countries cannot exceed 15 pct of total buffer
  stock purchases, delegates said. The non-member cocoa issue has
  been among the most contentious in the rules negotiations.
      The 15 pct figure, up five percentage points from earlier
  proposals, represents a concession to consumers, delegates
  said. They have demanded a larger allowance for non-member
  cocoa in the buffer stock than producers have wanted.
      Another problem area, delegates said, was the question of
  price differentials for different origins of cocoa bought into
  the buffer stock, by which the buffer stock manager could
  fairly compare relative prices of different cocoas offered to
  him.
      The compromise narrowed the range of differentials between
  the origins from what previous proposals had detailed -- a move
  some delegates described as ""just fiddling.""
      But the adjustments may prove significant enough to appease
  some countries that were not satisfied with the original
  proposed differentials assigned to them, delegates said.
      The compromise also stated buffer stock purchases on any
  day would be limited to 40 pct each in nearby, intermediate or
  forward positions, delegates said.
      If the compromise is accepted by the council, most
  consumers and producers want buffer stock rules to take effect
  next week, or as soon as practically possible.
      The full council is scheduled to meet around 1500 GMT to
  discuss the compromise, and could agree on it then if all
  parties are satisfied, they said. Consumers are due to meet
  before the council.
  

"
training/10404	0	acq	"DIXONS BOOSTS CYCLOPS <CYL> OWNERSHIP TO 83 PCT
  <Dixons Group Plc> said it bought
  about 2,445,000 Cyclops Corp common shares, boosting its
  holdings of the company's stock to about 83 pct of those now
  outstanding and 79 pct on a fully diluted basis.
      Dixons said the stock was purchased in a single block
  transaction at 95 dlrs per share.
      The company said it expects to proceed with a merger and
  has advised Cyclops it intends to increas the per-share amount
  to be paid in the merger to 95 dlrs, form 90.25 dlrs, for each
  of the about 880,000 remaining Cyclops shares outstanding on a
  fully diluted basis.
  

"
training/10411	12	earn	"TEKTRONIX INC <TEK> 3RD QTR NET
  Qtr ends March 7
      Shr 48 cts vs 39 cts
      Net 18.7 mln vs 15.6 mln
      Revs 415.4 mln vs 384.5 mln
      Nine mths
      Shr 1.31 dlrs vs 78 cts
      Net 50.7 mln vs 31.8 mln
      Revs 1.04 billion vs 1.01 billion
      NOTE: per share for yr and qtr prior restated to reflect
  two-for-one stock split in Jan 1987.
  

"
training/10412	12	earn	"WESTINGHOUSE SAYS IT EXPECTS AT LEAST 10 PCT EARNINGS/SHR GROWTH THROUGH 89

  WESTINGHOUSE SAYS IT EXPECTS AT LEAST 10 PCT EARNINGS/SHR GROWTH THROUGH 89
  

"
training/10414	0	acq	"METROPOLITAN FINANCIAL<MPC> TO ACQUIRE COMPANY
  Metropolitan Financial Corp said it
  signed an agreement to acquire the stock of closely held
  Rothschild Financial Corp, St. Paul, Minn.
      Details of the purchase were withheld.
      It said Rothschild in 1986 originated 500 mln dlrs of
  mortgage loans, and its loan servicing portfolio stands at 1.4
  billion dlrs. Officials of both companies estimated their
  combined efforts could produce originations of 800 mln dlrs and
  a loan servicing portfolio ""well over 2.0 billion dlrs by
  yearend.""
  

"
training/10416	32	money-fx	"U.K. MONEY MARKET GIVEN FURTHER 663 MLN STG HELP
  The Bank of England said it gave the
  money market a further 663 mln stg assistance in the afternoon
  session. This takes the Bank's total assistance so far today to
  928 mln stg and compares with its forecast shortage which it
  earlier revised up to 850 mln stg from 750 mln.
      The central bank purchased bills in band one at 9-7/8 pct
  comprising 267 mln stg bank bills, four mln stg local authority
  bills and one mln stg treasury bills. It also bought 378 mln
  stg bank bills and 13 mln stg of treasury bills in band two at
  9-13/16 pct.
  

"
training/10418	32	money-fx	"AUSTRIA DOES NOT INTERVENE TO SUPPORT DOLLAR
  The Austrian National Bank did not
  intervene on the foreign exchange markets today to support the
  dollar, deputy banking department chief Herbert Danzinger told
  Reuters.
      He denied a suggestion by a dealer at one Vienna bank that
  the National Bank had sold marks to support the U.S. Currency.
      Senior dealers at Creditanstalt and Girozentrale, Austria's
  two largest banks, said they would have been aware of any
  National Bank intervention. Any dollar purchases by the Bank
  today were for purely day-to-day purposes, they said.
  

"
training/10419	0	acq	"HANSON TRUST <HAN> U.S. ARM SELLS CHEMICAL UNIT
  Hanson Trust Plc <HAN> said its U.S.
  subsidiary, Hanson Industries, sold PCR Inc, a specialty
  chemicals unit, for 6.25 mln dlrs in cash to <Chemical Partners
  Inc>.
      Hanson Industries said it acquired PCR Inc in 1986 as part
  of its purchase of <SCM Corp>.
      PCR Inc posted an operating loss in 1986 of 381,000 dlrs on
  sales of 13.2 mln dlrs, the company said.
  

"
training/10423	0	acq	"ELDERS EXTENDS OFFER FOR CARLING O'KEEFE <CKB>
  <Elders IXL Ltd>, of Australia, said
  wholly owned IXL Holdings Canada Inc extended its previously
  announced offer to acquire all outstanding shares of Carling
  O'Keefe Ltd to midnight April 23, 1987, from March 25.
      The 18-dlr-a-share offer is being extended for Elders to
  obtain Canadian federal government approval for the acquisition
  of control of Carling. Elders said its application to
  Investment Canada is still being processed under normal review
  procedures.
      Up to March 26, 19,962,000 shares or 92 pct of Carling's
  stock has been deposited under the offer, Elders said.
      Elders also said it arranged for a credit facility of up to
  390 mln dlrs, shared equally between two Canadian banks, which
  would be available to acquire shares under the offer.
  

"
training/10427	12	earn	"STANDARD BRED PACERS <STBD> YR LOSS
  Shr loss 35 cts vs loss seven cts
      Net loss 718,269 vs loss 145,216
      Revs 1,394,080 vs 2,608,083
      NOTE: full name of company is standard bred pacers and
  trotters Inc.
  

"
training/10429	0	acq	"MULTIVEST <MVST> ENDS MERGER TALKS,SETS PURCHASE
  Multivest Corp said it has ended talks
  on <Oryx Capital Corp>'s possible acqusition of Multivest and
  is starting an offer of 1.51 dlrs a share for all the
  oustanding shares of <T.B.C. Industries Inc>.
      Multivest said its T.B.C. tender offer is scheduled to
  expire April 30.
  

"
training/10430	12	earn	"MOBILE COMMUNICATIONS CORP <MCCAA> YR NET
  Shr 77 cts vs 37 cts
      Net 13.5 mln vs 4.8 mln
      Revs 70.8 mln vs 60.8 mln
      Avg shrs 17.5 mln vs 12.9 mln
      NOTE: 1986 net includes gain of 18 mln dlrs from sale in
  Dec 1986 of a 50 pct interest in its cellular telephone
  operations to BellSouth Corp.
      Net income also reflects non-recurring charges of 8,400,000
  dlrs recorded in the fourth qtr 1986, primarily reflecting
  revaluation of assets.
      Full name of company is mobile communications corp of
  america.
  

"
training/10431	12	earn	"TOKHEIM CORP <TOK> 1ST QTR FEB 28 NET
  Shr 23 cts vs 12 cts
      Net 1,535,000 vs 783,000
      Rev 40.0 mln vs 28.7 mln
  

"
training/10432	12	earn	"SPARTECH<SPTN> SETS REVERSE SPLIT,DEBENTURE SALE
  Spartech Corp said it plans a one for
  five reverse stock split and has filed a registration statement
  with the Securities and Exchange Commission covering a planned
  25 mln dlr offering of convertible subordinated debentures due
  1999.
      Spartech said the debenture offering will be underwritten
  by Kidder Peabody and Co.
      The company said the split will be effective on stock of
  record April eight.
  

"
training/10434	0	acq	"RESTAURANT ASSOCIATES <RA.A> SETS 1ST QTR GAIN
  Restaurant Associates Industries Inc
  said it expects to record a pretax gain of 3.3 mln dlrs in the
  first quarter from the sale and lease of real estate.
      The company said it received a 2.5 mln dlrs partial payment
  in connection with the sale of property in Manhattan and an
  additional one mln dlrs for early termination of the lease for
  its headquarters, which was relocated in February.
      The outstanding balance of about 8.5 mln dlrs on the sale
  of the property will be paid at closing scheduled for Sept 28,
  1987, it said.
      In the first quarter ended March 31, 1986, Restaurant
  Associates reported net income of 313,000 dlrs or seven cts a
  share on sales of 40.8 mln dlrs.
  

"
training/10435	0	acq	"HUDSON'S BAY TO SELL WHOLESALE UNIT
  <Hudson's Bay Co> said it signed a
  letter of intent to sell its Hudson's Bay Wholesale unit to a
  private investment group. Terms were not disclosed.
      The company said Normal Paul, a member of the private
  investment group, will head Hudson's Bay Wholesale management.
      The unit's existing management group, headed by Ron
  McArthur, will also participate in ownership, the company said
  without elaborating.
      The wholesale unit is a major distributor of tobacco,
  confectionary and other products through 34 wholesale and 28
  vending branches in Canada. 1986 sales were 798 mln dlrs.
      Hudson's Bay said the sale of its wholesaling unit is part
  of a program to concentrate financial and management resources
  on its core business of department stores and real estate.
  

"
training/10436	12	earn	"HENLEY GROUP INC <HENG> 4TH QTR LOSS
  Shr loss 3.41 dlrs
      Net loss 354 mln vs loss 53 mln
      Revs 825 mln vs 830 mln
      Avg shrs 103.8 mln
      Year
      Shr loss 5.33 dlrs
      Net loss 426 mlnm vs loss 66 mln
      Revs 3.17 billion vs 1.83 billion
      Avg shrs 80 mln
      NOTE: The company had no shares outstanding in 1985. On
  March 16, it had 109,244,315 shares oustanding.
      Losses include pre-tax restructuring charges of 286 mln
  dlrs in both 1986 periods vs 47 mln dlrs in both 1985 periods
      1986 year loss also includes charge of about 100 mln dlrs
  for amortization of good will
  

"
training/10439	12	earn	"BAYBANKS INC <BBNK> RAISES QTLY DIVIDEND
  Qtly div 36 cts vs 33 cts prior
      Pay May one
      Record April 14
  

"
training/1044	12	earn	"PHARMACIA AB <PHAB ST>  1986 YEAR
  Sales 3.65 billion crowns vs 3.40
  billion.
       Profit  after financial items 821.2 mln crowns vs 740.2
  mln.
      The 1986 results include a once-off writedown of 520 mln
  crowns for intangible assets, mainly the know-how paid for in
  the takeover of a number of high-tech companies by the group,
  Pharmacia said.
      Earnings per share after real tax including the writedown:
  1.94 crowns vs 12.05 crowns.
      Earnings per share after real tax (not including the
  writedown): 12.38 crowns vs 12.05
      Earnings per American Depository Receipt (ADR) according to
  U.S. Accounting principles after real tax including the
  writedown): 1.96 crowns vs 9.49 crowns.
      Earnings per ADR according to U.S. Accounting principles
  after real tax (without the writedown): 9.8 crowns vs 9.49.
      One ADR represents 0.75 pct of one B Free share in
  Pharmacia.
      The board proposed a dividend of 1.55 crowns vs 1.25.
  

"
training/10440	12	earn	"TOKHEIM <TOK> SEES IMPROVING SALES IN 1987
  Tokheim Corp, manufacturer of
  electronic petroleum marketing systems, said it expects
  shipments of Tokheim Convenience Systems (TCS), its new family
  of dispensers, to improve its sales trend throughout 1987.
      Tokheim said shipments of TCS will begin in the second
  quarter.
      Earlier, the company reported first quarter, ended February
  28, earnings of 1.5 mln dlrs, or 23 cts a share, up from
  783,000 dlrs, or 12 cts a share, in last year's first quarter.
  Sales rose as well, it said, to 40.0 mln dlrs, from 28.7 mln
  dlrs in the prior first quarter.
  

"
training/10442	0	acq	"SAFETY-KLEEN <SK> TO BUY MCKESSON <MCK> UNIT
  Safety-Kleen Corp said it agreed in
  principle to acquire McKesson Envirosystems Co, a subsidiary of
  McKesson Corp.
      It said McKesson Envirosystems' current annual gross
  revenues are about 14 mln dlrs.
      The company collects flammable solvents from its industrial
  customers for a fee, after which it analyzes and processes the
  solvents before they are burned.
  

"
training/10445	12	earn	"WESTINGHOUSE <WX> SEES HIGHER EARNINGS GROWTH
  Westinghouse Electric Corp said
  earnings per share growth will exceed sales growth and will be
  in the double digit range through 1989.
      In 1986, the company earned 4.42 dlrs a share on revenues
  of 10.7 billion dlrs.
      Speaking at a meeting for securities analysts, Douglas
  Danforth, Westinghouse's chairman, said the company's sales
  growth target is about 8.5 pct a year for 1988 and 1989, ""given
  an economic environment that remains on a moderate growth
  course."" He also said the company will make acquisitions, but
  he did not specify particular targets.
      Paul E. Lego, senior executive vice president told the
  analysts ""our plans do not call for a multibillion dlr
  acquisition, even though our balance sheet can handle one.
  Despite this disclaimer, if we identify a major acquisition
  that has significnt value-creating for Westinghouse...we will
  consider it."" He said the company would consider an acquisition
  candidate that is in an area compatable with Westinghouse's
  primiary businesses.
      Danforth said the corportation was focused in several key
  areas including defense electronics, financial services,
  broadcasting, electrical products and services for construction
  and industrial and utility markets.
      Danforth added that he expects Westinghouse's sales to grow
  faster than the markets the corportation serves and ""surely
  faster than GNP.""
      He said earnings per share growth is expected to
  consistently exceed the Standard and Poor's 500 index and
  return on equity will remain in the 18 to 21 pct range.
      Leo W. Yochum, senior executive vice president for finance,
  told the analysts ""we will consider buying back stock"" but
  there are no current plans for such a buyback.
      Yochum said that at the company's current level of earnings
  it could comfortably maintain higher debt levels and that
  Westinghouse will use its debt capacity to improve shareholder
  value.
      Last year, Westinghouse established a 790 mln dlrs
  restructuring reserve to be used for plant consolodation,
  assett writedowns and other items. Yochum said, the company
  spent 306 mln dlrs of that reserve in 1986 and will spend 344
  mln dlrs of the reserves in 1987. The balance will be used in
  1988. He also said, capital expenditures should be about 400
  mln dlrs in 1987.
  

"
training/10446	0	acq	"CLEARWATER FINE FOODS ACQUIRES CHANNEL FOODS
  Clearwater Fine Foods Inc, a Canadian
  company minority owned by Hillsdown Holdings PLC of London, has
  acquired Channel Foods Ltd, a Cornwall, England producer of
  chilled smoke fish and pate products, Hillsdown said.
      Privately held Clearwater was sold for three mln stg, the
  company said.
  

"
training/10447	12	earn	"GALACTIC RESOURCES LTD <GALCF> YEAR LOSS
  Shr loss 1.30 dlrs
      Net loss 25.6 mln
      Revs 20.5 mln
      Note: Prior results not given.
      Shr and net include change in accounting policy, resulting
  in loss of 22.8 mln dlrs or 1.16 dlrs share.
      Results in U.S. funds
  

"
training/10449	4	cocoa	"COCOA CONSUMERS ACCEPT COMPROMISE BUFFER PLAN
  Consumer members of the International
  Cocoa Organization, ICCO, accepted a final buffer stock rules
  compromise, ""on the condition that producers also agree,""
  consumer spokesman Peter Baron said.
      The full council was meeting at 1530 GMT to discuss the
  compromise, which was put together yesterday by ICCO chairman
  Denis Bra Kanon.
      Consumer delegates said they were optimistic the council
  could reach agreement on the rules fairly quickly.
  

"
training/10453	0	acq	"HANSON TRUST TO SELL U.S. CHEMICALS UNIT
  Hanson Trust Plc <HNSN.L> said its U.S.
  Subsidiary, Hanson Industries Inc, is to sell PCR Inc, a
  speciality chemicals unit, for 6.25 mln dlrs cash to <Chemical
  Partners Inc>.
      PCR had sales of 13.2 mln dlrs in fiscal 1986 and an
  operating loss of 381,000 dlrs.
  

"
training/10454	0	acq	"INVESTOR PAUL BILZERIAN HAS 7.2 PCT PAY 'N PAK STAKE, MAY SEEK CONTROL

  INVESTOR PAUL BILZERIAN HAS 7.2 PCT PAY 'N PAK STAKE, MAY SEEK CONTROL
  

"
training/10455	48	trade	"UK MAY REVOKE JAPANESE FINANCIAL LICENSES
  The British government may revoke the
  licences of selected Japanese banks and securities companies
  operating in London's financial City when they come up for
  renewal next summer if progress is not made towards opening up
  Japan's markets to foreign competition, government sources
  said.
      ""We can't say ""yes, we are going to do it (revoke licences)""
  but this is definitely being considered,"" an official said.
      His comments came after the government was formally urged
  today by a cross-section of influential MPs to take joint
  retaliatory action with the United States against Japan.
      Britain has grown increasingly impatient with Japanese
  trade practices. ""There's a sense of urgency here now, but the
  emphasis is on securing - not undermining - our interests in
  Japan,"" another government official told Reuters.
      Prime Minister Margaret Thatcher said on Thursday that
  Britain would not hesitate to use new powers contained in the
  Financial Services Act 1986 and the Banking Bill to retaliate
  against countries that do not offer reciprocal market access.
      She clearly had Japan in mind, government sources said.
      The U.K. Last year showed a trade defict with Japan of 3.7
  billion stg, official figures show.
      A parliamentary motion, signed by 98 MPs, today urged the
  U.K. Government to ""coordinate action with the President of the
  United States, and through the Department of Trade and
  Industry, to suspend all further applications from Japanese
  communications companies for equipment approval by the British
  Approvals Board for Telecommunications, and all further
  applications from Japanese financial institutions for licences""
  until authorities in Japan stopped imposing what the MPs called
  ""restrictive conditions"" on the bid by (Cable and Wireless PLC)
  (cawl.L) and its U.S. And Japanese partners for a stake in
  Japan's international telecommunications market.
      The motion for retaliatory steps came from a cross-section
  of MPs, reflecting the strength of feeling inside Parliament.
  Parliamentarians said their action would increase pressure on
  the Conservative government to take firm action.
      Officials said another option now being considered by the
  U.K. Is to refuse issuing new banking licences to Japanese
  institutions. That could be done under the government's
  proposed Banking Bill now moving through parliament.
      58 Japanese financial institutions are authorised to deal
  in London, of which 29 are banks. In Tokyo, 14 London-based
  firms are authorised to do financial business, officials said.
      The new financial services and banking acts offer Britain
  an alternative for retaliation which would be otherwise denied
  under legally-binding international trade agreements.
      ""The Financial Services Act gives (Trade and Industry
  Secretary Paul) Channon power to stop firms from engaging in
  investment, banking and insurance,"" one official said.
      ""This point has been made to the Japanese at official level
  a number times,"" the official added.
      Britain and France are now working together to urge that
  the European Community take collective action against Japan,
  but by working within EC treaties, another official said.
      British Trade Minister Alan Clark said this week in a radio
  interview that the European Community should build barriers
  against Japanese imports through certification procedures
  similar to those facing European exporters in Japan.
      ""There comes a point where you cannot resist any longer,"" he
  said, adding ""(such barriers) can't be put in place overnight.""
  Clark said the issue of reciprocity regarding visible trade
  ""strikes at the basis of whether British industry is to have a
  fair access to an extremely large market (Japan) which is
  itself in a very dominant position (in) certain aspects of our
  own domestic market ... It is really a question of fairness.""
      The situation is only likely to worsen following news that
  Japan's trade surplus with the rest of the world rose by more
  than 70 pct in February, year-on-year, to 8.14 billion dlrs
  from 5.7 billion in January, political sources said.
      But Clark said in his interview that the issues of visible
  trade and access to financial markets should be kept separate.
      Should Britain decide to act against Japanese financial
  institutions, it would most likely focus on the smaller, rather
  than larger ones, to minimise any risks to its role as a global
  business centre, government sources said. Japan's four largest
  securities houses are members of the London Stock Exchange.
      In Washington, White House officials said President Reagan
  was ready to impose retaliatory trade action against Japan for
  breaking its semiconductor agreement with the United States.
      There was no immediate indication when Reagan might act on
  the recommendations of his Economic Policy Council to curb
  Japanese exports to the United States but officials said the
  move could come today or early next week.
      Trade sources said the actions being weighed by Reagan
  included tariffs on a wide variety of Japanese exports which
  use semiconductors.
  

"
training/10458	0	acq	"LSB INDUSTRIES <LSB> AGREES TO ACQUIRE BANK
  LSB Industries Inc said it agreed
  to acquire Northwest Federal Savings and Loan Association for
  1,500,000 dlrs.
      As part of the agreement, LSB said it also would transfer
  assets valued of not less than 30 mln dlrs to Northwest
  Federal, which is located in Woodward, Okla.
  

"
training/10459	12	earn	"UNIVERSAL HOLDING CORP <UHCO> 4TH QTR NET
  Shr NA
      Net profit 2,000 vs profit 195,000
      Revs 2,623,000 vs 2,577,000
      Year
      Shr NA
      Net loss 425,000 vs profit 278,000
      Revs 15.4 mln vs 8,637,000
  

"
training/10462	0	acq	"BILZERIAN MAY SEEK CONTROL OF PAY 'N PAK <PNP>
  Investor Paul Bilzerian disclosed he
  holds a 7.2 pct stake in Pay 'N Pak Stores Inc common stock and
  is considering seeking control of the retail building material
  firm.
      Bilzerian said he and a Tampa, Fla., investment firm he
  controls called Bicoastal Financial Corp ""may acquire additional
  shares, or they may seek to acquire one or more positions on
  (Pay 'N Pak's) Board of directors or to acquire a controlling
  interest in the (company's) shares, by tender offer or
  otherwise."" The statement was made in a filing with the
  Securities and Exchange Commission.
      Bilzerian said his course of action would depend on the
  company's prospects, market conditions and other factors.
      Bilzerian said he and Bicoastal made net purchases of
  515,600 shares on the New York Stock Exchange Jan 26-March 25.
      His 7.2 pct stake makes up a total of 722,000 shares.
  

"
training/10464	22	interest	"FED EXPECTED TO ADD RESERVES, ECONOMISTS SAY
  The Federal Reserve is expected to
  enter the U.S. government securities market to add reserves
  today, economists said.
      They said the Fed would probably supply temporary reserves
  indirectly by arranging one to two billion dlrs of customer
  repurchase agreements.
      After averaging 6.21 pct yesterday, federal funds were
  opened at 6-1/8 pct and remained at that level.
  

"
training/10467	0	acq	"ALLEGHENY INT'L <AG> SELLS THREE OVERSEAS UNITS
  Allegheny International Inc
  said it sold three overseas subsidiaries to Reil Corp Ltd, a
  North Sydney, Australia, investment group.
      Terms were not disclosed.
      The units sold were Sunbeam Corp Ltd Australia, Sunbeam New
  Zealand Ltd and Victa (U.K.) Ltd. The units make and distribute
  various products, including lawn mowers, small appliances and
  sheep shearing equipment. They employ a total of about 1,750.
  

"
training/1047	12	earn	"PHARMACIA FORECASTS HIGHER 1987 EARNINGS
  Pharmacia AB <PHAB ST> forecast
  earnings after financial items of one billion crowns in 1987 vs
  821.2 mln last year on condition that exchange rates remained
  at their present parities.
      Sales would in such circumstances go up to six billion
  crowns from 3.65 billion in 1986, it said.
      A weakening Dollar was mainly responsible for a five pct
  negative impact on sales during 1986 which the company blamed
  on currency movements.
      Last year's results were also badly hit by a once-off
  writedown of 520 mln crowns for intangible assets.
      The company said mainly this represented the premium the
  group had paid for the know-how of various high-tech firms it
  had taken over.
      The accounts also showed a financial deficit of 1.87
  billion crowns vs a deficit of 133 mln which was covered partly
  by drawing down company liquidity to 738 mln vs one billion and
  partly by increasing borrowing to 2.23 billion vs 621 mln.
      Pharmacia said the financial deficit was caused by it
  having used more funds than generated by group operations,
  mainly because of the 1.36 billion it paid in cash for shares
  in LKB-Produkter AB and the assets of Intermedics-Intraocular
  Inc.
  

"
training/10470	12	earn	"GALACTIC <GALCF> ADOPTS CONSERVATIVE ACCOUNTING
  Galactic Resources
  Ltd, earlier reporting a 1986 loss of 25.6 mln U.S. dlrs, said
  it adopted a more conservative accounting policy, similar to
  other gold producers' accounting for exploration costs.
      As a result, the company retroactively charged all past
  exploration and related administration costs incurred on its
  properties against expenses in 1986, 1985 and 1984.
      Under the new policy, all future exploration and related
  administration costs will be written off to expenses rather
  than capitalized as an intangible asset, it said.
      Galactic said the accounting change resulted in a 22.8 mln
  U.S. dlr charge against 1986 earnings. It did not immediately
  disclose the affect of the change on prior years' results.
      The new accounting policy is not expected to adversely
  affect working capital position, future cash flows or the
  company's ability to conduct ongoing business operations, it
  said.
      Galactic said the charge includes 9.9 mln U.S. dlrs of
  costs concerning its Summitville Mine leach pad and 8.9 mln
  U.S. dlrs in waste removal costs, dyke construction and other
  mine developments.
      Galactic said under the prior accounting policy, the
  Summitville mine expenses would have been amortized over the
  life of the mine and charged against future earnings.
      The change will also result in lower depreciation and
  amortization charges against income of about 52 U.S. dlrs an
  ounce of gold produced in future periods, based on total
  estimated reserves of 617,000 ounces.
      Galactic said March leaching production at Summitville is
  expected to exceed 2,500 ounces, raising gold equivalent
  production since the June 5, 1986 start of leaching to 65,000
  ounces.
  

"
training/10471	4	cocoa	"Cocoa Council agrees new buffer stock  rules - delegates

  Cocoa Council agrees new buffer stock  rules - delegates
  

"
training/10472	12	earn	"MARS STORE <MXXX> SEES QTR, YEAR LOSS AND CHARGE
  Mars Store Inc said it
  expects to report a loss of about 800,000 dlrs for the fourth
  quarter and about 1.1 mln dlrs for the fiscal year ended
  January 31.
      As a result of the loss, the company said it has decided to
  discontinue the operations of its Big Value Outlets division,
  which will result in a yet undisclosed one time charge against
  earnings for the year.
      The estimated 1.1 mln dlrs year loss or about 50 cts a
  share, compares with earnings of 871,000 dlrs or 42 cts a share
  recorded last year.
      ""The fourth quarter loss was affected by an abnormally high
  inventory shrinkage, lower than planned sales and higher
  markdowns related to increased promotional activity, all of
  which reduced fourth quarter gross margins,"" the company said.
      In order to concentrate on the company's core business, the
  operation of discount and promotional department stores, Mars
  said, it has decided to close the Big Value division.
  

"
training/10473	0	acq	"HONEYWELL <HON> COMPLETES COMPUTER BUSINESS SALE
  Honeywell Inc said it has
  completed the sale of 57.5 pct of its Honeywell Information
  Systems <HIS> computer business to <Compagnie des Machines
  Bull> of France and <NEC Corp> of Japan for 527 mln dlrs in
  cash.
      Honeywell said it will use much of the money to reduce
  short-term debt incurred last December when the company
  purchased the Sperry Aerospace Group.
      Honeywell said the sale of HIS has created a new dedicated
  computer company jointly owned by Bull, NEC and Honeywell.
      The new privately held company, named Honeywell Bull, is
  42.5 pct owned by Honeywell Inc, 42.5 pct by Bull and 15 pct by
  NEC, the new company said.
      Honeywell added that terms of the agreement with NEC and
  Bull allow it to reduce its current 42.5 pct stake in the new
  company to 19.9 pct at the end of 1988 by selling just over
  half its shares to Bull. Book value at the time will determine
  the move's pricing, Honeywell said.
      Honeywell chairman and chief executive officer, Edson
  Spencer, said the move is the last major step in Honeywell's
  restructuring.
      ""As the leading worldwide supplier of of automation and
  controls for buildings, industry, aerospace and defense,
  Honeywell is now focusing its management, technical and
  financial resources on high market share business,"" Spencer
  said.
      Honeywell said it expects to be Honeywell Bull's largest
  customer, purchasing computers for its own internal data
  processing, for integration into Honeywell buidling and
  industrial automation systems and for resale to the U.S.
  governement.
      Honeywell said HIS's Federal Systems Division is now a
  wholly owned unit of Honeywell Inc, and has been named
  Honeywell Federal Systems Inc.
      Honeywell said it accounted for HIS as a discontinued
  operation in 1986, and will account for its future interest on
  a cost basis, recording any dividends as received.
      Honeywell Bull said it will continue to develop its product
  line and build its business in integrated systems for
  networking, database management and transaction processing.
      The new company said its board will have nine members,
  including the chairman and chief executive officer.
      Bull will have four members, Honeywell two and NEC one, the
  new company, which began worldwide operations today, said.
      It added that Jacques Stern, Bull's chairman and chief
  executive officer, will serve as Honeywell Bull's chairman of
  the board, while Jerome Meyer, formerly executive vice
  president of Honeywell Information Systems, was named president
  and chief executive officer.
  

"
training/10478	12	earn	"<INNOPAC INC> SIX MTHS FEBRUARY 28 NET
  Shr 22 cts vs 45 cts
      Net 3,100,000 vs 5,100,000
      Revs 103.4 mln vs 98.2 mln
  

"
training/10484	12	earn	"CORNERSTONE FINANICAL CORP <CSTN> SETS PAYOUT
  Qtrly div eight cts vs eight cts prior
      Pay May 15
      Record April 10
  

"
training/1049	15	gnp	"CANADA REAL 4TH QTR GDP ROSE 1.1 PCT, AFTER 3RD QTR 1.1 PCT RISE - OFFICIAL

  CANADA REAL 4TH QTR GDP ROSE 1.1 PCT, AFTER 3RD QTR 1.1 PCT RISE - OFFICIAL
  

"
training/10491	4	cocoa	"COCOA BUFFER STOCK RULES TO TAKE EFFECT  IMMEDIATELY - DELEGATES

  COCOA BUFFER STOCK RULES TO TAKE EFFECT  IMMEDIATELY - DELEGATES
  

"
training/10498	12	earn	"CISTRON BIOTECHNOLOGY <CIST> SETS DIVIDEND
  Cistron Biotechnology Inc said
  it will pay a stock dividend declared prior to the initial
  public offering of its common stock in August 1986 to
  stockholders of record prior to the common offering.
      Payment of the dividend was contingent on the closing bid
  price of the common stock averaging two dlrs or more per shares
  for the trading days within any consecutive ten day period
  ending before February 29, 1988. The company said that the
  contingency has been fulfilled.
      Payment of the stock dividend increases Cistron's
  outstanding common stock to 21,390,190 shares from 16,185,354
  shares.
  

"
training/10499	12	earn	"WERNER ENTERPRISES INC <WERN> 4TH QTR, YR NET
  Qtr ends Feb 28
      Shr 18 cts vs 10 cts
      Net 2,051,000 vs 901,000
      Revs 25.8 mln vs 19.2 mln
      Avg shrs 10.7 mln vs 9,059,600
      12 mths
      Shr 87 cts vs 63 cts
      Net 9,020,000 vs 5,680,000
      Revs 94.4 mln vs 73.7 mln
      Avg shrs 10.3 mln vs 9,059,600
  

"
training/105	45	sugar	"SUGAR QUOTA IMPORTS DETAILED -- USDA
  The U.S. Agriculture Department said
  cumulative sugar imports from individual countries during the
  1987 quota year, which began January 1, 1987 and ends December
  31, 1987 were as follows, with quota allocations for the quota
  year in short tons, raw value --
              CUMULATIVE     QUOTA 1987
                IMPORTS     ALLOCATIONS
   ARGENTINA        nil          39,130
   AUSTRALIA        nil          75,530
   BARBADOS         nil           7,500
   BELIZE           nil          10,010
   BOLIVIA          nil           7,500
   BRAZIL           nil         131,950
   CANADA           nil          18,876
                             QUOTA 1987
                IMPORTS     ALLOCATIONS
   COLOMBIA         103          21,840
   CONGO            nil           7,599
   COSTA RICA       nil          17,583
   IVORY COAST      nil           7,500
   DOM REP        5,848         160,160
   ECUADOR          nil          10,010
   EL SALVADOR      nil          26,019.8
   FIJI             nil          25,190
   GABON            nil           7,500
                             QUOTA 1987
                IMPORTS     ALLOCATIONS
   GUATEMALA        nil          43,680
   GUYANA           nil          10,920
   HAITI            nil           7,500
   HONDURAS         nil          15,917.2
   INDIA            nil           7,500
   JAMAICA          nil          10,010
   MADAGASCAR       nil           7,500
   MALAWI           nil           9,,100
                             QUOTA 1987
                 IMPORTS    ALLOCATIONS
   MAURITIUS         nil         10,920
   MEXICO             37          7,500
   MOZAMBIQUE        nil         11,830
   PANAMA            nil         26,390
   PAPUA NEW GUINEA  nil          7,500
   PARAGUAY          nil          7,500
   PERU              nil         37,310
   PHILIPPINES       nil        143,780
   ST.CHRISTOPHER-
   NEVIS             nil          7,500
                            QUOTA 1987
                  IMPORTS  ALLOCATIONS
   SWAZILAND          nil         14,560
   TAIWAN             nil         10,920
   THAILAND           nil         12,740
   TRINIDAD-TOBAGO    nil          7,500
   URUGUAY            nil          7,500
   ZIMBABWE           nil         10,920
  

"
training/1050	2	bop	"CANADA 4TH QTR CURRENT ACCOUNT DEFICIT 2.3 BILLION DLRS VS 3RD QTR 1.9 BILLION DEFICIT - OFFICIAL

  CANADA 4TH QTR CURRENT ACCOUNT DEFICIT 2.3 BILLION DLRS VS 3RD QTR 1.9 BILLION DEFICIT - OFFICIAL
  

"
training/10500	12	earn	"<REVENUE PROPERTIES CO LTD> YEAR LOSS
  Shr loss eight cts vs loss 24 cts
      Net loss 1,150,000 vs loss 3,450,000
      Revs 55.7 mln vs 78.1 mln
  

"
training/10505	4	cocoa	"ICCO COUNCIL AGREES COCOA BUFFER STOCK RULES
  The International Cocoa Organization
  (ICCO) Council reached agreement on rules to govern its buffer
  stock, the device it uses to keep cocoa off the market to
  stabilise prices, ICCO delegates said.
      The date on which the new rules will take effect has not
  been decided but delegates said they expected them to come into
  force early next week, after which the buffer stock manager can
  begin buying or selling cocoa.
      Since prices are below the ""may-buy"" level of 1,655 Special
  Drawing Rights a tonne set in the cocoa pact, the manager is
  likely to buy cocoa sooon to support the market, they said.
      Delegates and traders said they expected the manager,
  Juergen Plambeck, to intervene in the market within three weeks
  of the pact coming into force.
      The rules permit him to buy and sell cocoa from origins or
  the second hand market on an offer system, not by means of a
  posted price as in the previous cocoa accord.
      The cocoa will be priced according to a fixed set of
  differentials, ranging from 137 stg for most expensive Ghana
  cocoa to zero for Malaysian cocoa.
      Purchases from non-members, such as Malaysia, will be
  limited to 15 pct of the total stock and those on any one day
  should be limited to 40 pct each in nearby, intermediate and
  forward positions.
      The council meeting, which is expected to conclude two
  weeks of sessions involving various working groups and the
  council itself, was continuing, the delegates said.
      The current cocoa agreement came into force on January 20
  during a previous meeting of the council which was unable to
  agree on the rules to implement buffer stock operations.
  

"
training/10506	4	cocoa	"COCOA BUFFER STOCK RULES EFFECTIVE IMMEDIATELY
  The cocoa buffer stock rules just
  decided by the International Cocoa Organization, ICCO, council
  will take effect immediately, delegates said.
      That means the buffer stock manager is likely to begin
  buying cocoa within two or three weeks, after organizing
  communication systems and assessing the market, they said.
  

"
training/10508	0	acq	"SOUTHAM TO SELL 49 PCT INTEREST IN BRANDON SUN
  <Southam Inc> said it agreed to sell
  its 49 pct interest in Sun Publishing Co Ltd, which publishes
  The Brandon Sun, to majority shareholder publisher Lewis D.
  Whitehead.
      Terms were not disclosed.
      Southam said the proposed sale resulted from an offer made
  by Whitehead, whose family has had majority control of the
  newspaper since 1905.
      The Brandon Sun has daily circulation of 19,100.
  

"
training/10509	12	earn	"GLAMIS GOLD <GLGVF> SETS COMMON STOCK SPLIT
  Glamis Gold Ltd
  said it will ask shareholders at an April 1 extraordinary
  general meeting to approve a one-and-one-half for one common
  share split.
      Record date for the split will be set in the near future,
  the company said.
  

"
training/10515	12	earn	"NUCLEAR METALS <NUCM> HAS DELAY IN ORDERS
  Nuclear Metals Inc said a delay
  in receiving certain new orders will result in negligible
  earnings per share for its fiscal second quarter.
      However, the company said it has been assured that the
  orders will be placed beginning in its fiscal third quarter and
  that it expects a strong rebound in earnings for the third and
  fourth quarters.
  

"
training/10518	0	acq	"FIRST SARASOTA HOLDERS APPROVE ACQUISITIONS
  First Sarasota Bancorp said
  its shareholders approved the acquisition of its City
  Commercial Bank subsidiary by First Union Corp's <FUNC> First
  Union National Bank of Florida.
      The purchase price of the outstanding shares is about 8.6
  mln dlrs.
      The transaction, subject to regulatory approval, is
  expected to be completed during the second quarter of 1987.
      After completing the City Commercial acquisition and four
  other acquisitions having combined assets of 248 mln dlrs,
  First Union will have assets of 28.6 billion dlrs.
  

"
training/1052	43	ship	"MCLEAN INDUSTRIES <MII> UNIT TRANSERS SERVICE
  McLean Industries Inc said its
  shipping subsidiary, United States Lines Inc, reached an
  agreement in principle to transfer its South American service
  to American Transport Lines Inc, a subsidiary of <Crowley
  Maritime Corp>.
      Under the terms of the agreement, United States Lines will
  lease five vessels to American Transport for 15 months with an
  option to extend the period up to 10 years, the company said.
      In return, U.S. Lines will receive a fixed payment and a
  percentage of revenues for at least three years and possibly as
  long as American Transport utilizes its vessels and conducts
  trade in South America, the company said.
      The companies will consummate the transactions as soon as
  the required approvals are obtained, McLean said.
  

"
training/10521	34	nat-gas	"NOBLE AFFILIATES <NBL> FINDS NATURAL GAS
  Noble Affiliates Inc said it
  found natural gas on Ship Shoal 80, located about 10 miles
  offshore Louisiana in the Gulf of Mexico.
      The discovery well, Samedan Oil Corp's OCS-G 5537 Well
  Number One, was drilled in 25 feet of water to a total depth of
  7,500 feet and found 38 feet of net gas pay in a 48-foot gross
  sand interval, the company said.
      The well tested gas at a rate of 6.2 mln cubic feet a day
  through a 26/64-inch choke with 1,548 pounds flowing tubing
  pressure. Gas sales should begin in the first quarter of 1988,
  it said.
      Samedan, a Noble unit, is operator and owns a 60 pct
  working interest in the well. Other owners are a New England
  Electric System <NES> unit, with a 25 pct stake, and
  Southwestern Energy Production Co, with 15 pct.
  

"
training/10524	12	earn	"SOURCE VENTURE CAPITAL INC YEAR
  Shr profit nil vs loss nil
      Net profit 68,895 vs loss 160,893
      Revs 3.3 mln vs 104,801
  

"
training/10527	0	acq	"LSB <LSB> IN PACT TO ACQUIRE NORTHWEST FEDERAL
  LSB Industries Inc said it
  entered into an agreement to acquire Northwest Federal Savings
  and Loan Association of Woodward, Oklahoma.
      Upon completion of the acquisition, LSB would pay about 1.5
  mln dlrs to the shareholders of Northwest and transfer to
  Northwest Federal certain assets having a net current appraised
  value of not less than 30 mln dlrs.
      At completion of this transaction, Northwest Federal would
  be a subsidiary of LSB's non-consolidated wholly-owned
  financial subsidiary.
      The acquisition is subject to obtaining approvals, waivers
  and forbearances from the Federal Home Loan Bank Board and
  other government approvals.
  

"
training/10529	12	earn	"<BRAMALEA LTD> YEAR NET
  Shr 73 cts vs 55 cts
      Net 26.0 mln vs 17.1 mln
      Revs 673.3 mln vs 394.5 mln
      Avg shrs 29.3 mln vs 22.4 mln
  

"
training/10530	48	trade	"REAGAN READY TO IMPOSE TRADE CURBS AGAINST JAPAN
  President Reagan was ready to impose
  retaliatory trade action against Japan for breaking its
  semiconductor agreement with the United States, White House
  officials said.
      There was no immediate indication when Reagan might act on
  the recommendations of his Economic Policy Council to curb
  Japanese exports to the United States, but officials said the
  move could come today or early next week.
      Trade sources said the actions being weighed by Reagan
  include tariffs on a wide variety of Japanese exports which use
  semiconductors.
      The sources said the tariffs could be slapped on personal
  computers, television receivers and laser-printers, with the
  aim of penalizing Japan's major electronic firms, including NEC
  Corp, Hitachi Ltd, Toshiba Corp and Fujitsu Ltd.
      They said Reaan could also delay invoking sanctions for a
  week or two, giving Japan a final opportunity to end the
  dumping practice, but added that negotiators had already held
  extensive talks with the Japanese to no avail.
  

"
training/10532	12	earn	"SOUTHWESTERN PUBLIC SERVICE CO<SPS> 2ND QTR NET
  Shr 42 cts vs 42 cts
      Net 19.1 mln vs 19.5 mln
      Revs 184.9 mln vs 185.1 mln
      12 mths
      Shr 2.17 dlrs vs 2.53 dlrs
      Net 97.0 mln vs 111.8 mln
      Revs 793.3 mln vs 828.8 mln
      Avg shrs 40.9 mln vs 40.5 mln
      NOTE: Year-ago restated.
  

"
training/10534	12	earn	"<L.B. NELSON CORP> 4TH QTR NET
  Shr loss two cts vs loss 1.38 dlrs
      Net profit 34,000 vs loss 3,296,000
      Revs 3,121,000 vs 1,546,000
      Year
      Shr profit 28 cts vs loss 1.61 dlrs
      Net profit 1,088,000 vs loss 3,546,000
      Revs 5,266,000 vs 4,169,000
      Note: Current qtr per share figure adjusted to reflect
  provision for preferred stock dividends.
  

"
training/10536	12	earn	"SOUTHWESTERN BELL VOTES THREE-FOR-ONE STOCK SPLIT, 8.8 PCT DIVIDEND INCREASE

  SOUTHWESTERN BELL VOTES THREE-FOR-ONE STOCK SPLIT, 8.8 PCT DIVIDEND INCREASE
  

"
training/10537	7	cotton	"ANALYSTS PEG U.S. COTTON SEEDINGS 10.6 MLN ACRES
  U.S. cotton farmers are likely to
  plant about 10.6 mln acres in the coming season, based on an
  average of estimates offered by cotton market analysts gearing
  up for the U.S. Agriculture Department's 1987 planting
  intentions report next Tuesday.
      The annual report gives cotton traders their first glimpse
  of what U.S. production might be in the 1987/88 season, which
  begins August 1.
      Trade and commission house forecasts ranged from 10.2 to
  10.9 mln acres.
      On March 18 of last year, the USDA reported that cotton
  farmers in 1986 intended to plant 9.71 mln acres.
      Four months later, the USDA estimated that 9.67 mln acres
  had been planted as of June 1. By January, its estimate of 1986
  planted acreage nationwide was 10.06 mln.
      Analysts said their forecasts for even greater acreage in
  1987 were spurred in part by belief that this year's good
  demand and firm prices will be repeated next year. Analysts
  said those factors make cotton a profitable crop.
      ""With cotton more attractive price-wise, I think there is
  going to be a switch in acreage from soybeans to cotton.
  Soybeans are dirt cheap,"" said Lisbeth Keefe of Cargill
  Investor Services, whose comments were echoed by other cotton
  market specialists.
      Changes in the U.S. cotton program also could lead to
  increased acreage, analysts said.
      They recalled that under the 1986 program, cotton farmers
  who used part of their crop as collateral for government loans
  were not responsible for the cost of storing that cotton in
  government warehouses. But under the 1987 plan, the government
  will not pick up the tab for storage.
      Analysts said the change will discourage some farmers from
  participating in the program, which could result in more
  cotton. ""The cotton program stipulates a mandatory set-aside of
  25 pct of a farmer's base acreage,"" noted Judy Weissman of
  Shearson Lehman Brothers. But farmers who elect not to
  participate in the program are free to plant all the acreage 
  they have.
      Some analysts said cotton farmers in the high-yielding
  Western states would be most likely to steer clear of the
  program. ""Western acreage should be up at least 20 pct,"" said
  one commission house analyst, whose estimate was based in part
  on forecasts made by the National Cotton Council during its
  annual meeting in late January.
      But others disagreed. ""I think some Western growers have
  decided they should be in the program for security reasons.
  There's a lot of comfort in knowing you'll be guaranteed the
  government's loan price of 52.25 cents a lb. Anyone outside the
  program is subject to the wiles of the market,"" said Walter
  Brown, market analyst for a major California cotton producer.
      Some cotton specialists said their expectations for
  increased acreage might not be verified in Tuesday's planting
  intentions report. ""Anything the USDA is announcing now is
  based on information they gathered before their cotton program
  was announced (on March 20),"" one analyst cautioned. She said
  traders will get a better idea of next year's cotton output
  when the USDA's planted acreage report is released on July 9.
      Brown took that opinion a step further. ""I don't think
  planted acreage is important. What counts is the abandonment
  rate,"" the difference between acreage planted and acreage
  harvested.
      Brown said the abandonment rate this year was ""pretty high""
  at 15.5 pct because of weather problems in key producing
  states. ""More normal would be about six pct,"" he said.
  

"
training/10538	12	earn	"IMATRON INC <IMAT> 4TH QTR LOSS
  Shr loss 16 cts vs loss seven cts
      Net loss 3,450,000 vs loss 1,508,000
      Sales 56,000 vs 1,187,000
      Avg shrs 22,568,000 vs 20,591,000
      Year
      Shr loss 38 cts vs loss 29 cts
      Net loss 7,977,000 vs loss 6,005,000
      Sales 3,699,000 vs 2,391,000
      Avg shrs 21,111,000 vs 20,578,000
  

"
training/10541	0	acq	"PLAZA GROUP COMPLETES MERGER TRANSACTION
  <Plaza Group> said it completed a
  transaction in which it merged its wholly owned subsidiary,
  Flyfaire International Inc, into Shefra Inc, a public company,
  in return for a controlling interest in Shefra.
      With completion of the merger, Shefra changed its name to
  Flyfaire International Inc.
      Flyfaire, with annual sales of 100 mln dlrs, is engaged in
  the wholesale vacation travel business.
  

"
training/10542	12	earn	"CONAGRA INC <CAG> REGULAR DIVIDEND SET
  Qtly div 14-1/2 cts vs 14-1/2 cts prior
      Pay June One
      Record April 24
  

"
training/10544	12	earn	"LLC <LLC>, AMALGAMATED REPORT SIX MONTHS NET
  Valhi Inc reported earnings of LLC Corp
  and the Amalgamated Sugar Co for the six month period ended
  December 31.
      Effective March 10, Amalgamated merged into LLC, which
  changed its name to Valhi. The following results reflect the
  operations of the companies prior to the merger.
      LLC Corp reported net income of 18.4 mln dlrs or 60 cts a
  share on revenues of 55.6 mln dlrs compared to 23.2 mln dlrs or
  75 cts a share on revenues of 79.3 mln dlrs a year ago.
     This year's net includes an extraordinary loss of 201,000
  dlrs and a gain of 4.7 mln dlrs. 1985's net included an
  extraordinary gain of 6.3 mln dlrs, Valhi said.
      Amalgamated reported net income of 10.65 dlrs per share or
  69.7 mln dlrs on revenues of 371.3 mln dlrs compared to a net
  loss of 700,000 dlrs or 10 cts a share on revenues of 254.7 mln
  dlrs last year.
      Valhi said effective December 31, it changed its fiscal
  year-end from June 30 to December 31.
  

"
training/10545	22	interest	"GROS DENIES COURT ACTION AGAINST BRAZIL
  Central Bank president Francisco Gros
  denied rumours that foreign creditors had filed court actions
  against Brazil to seek payment of its 109-billion dlr debt.
      ""There is no court action against Brazil,"" Gros said in a
  television interview.
      Brazil last month suspended interest payments on its 68
  billion dlr debt to commercial banks and yesterday suggested an
  extension of short-term credit lines for 60 days until May 31.
      Media reports said some banks rated as small among Brazil's
  700 creditors had filed lawsuits against the decision to
  suspend interest payments.
      Gros said negotiations with the commercial creditors would
  start within two weeks, when he and Finance Minister Dilson
  Funaro attend council meetings of the International Monetary
  Fund (IMF) in Washington.
      ""Brazil is facing the issue very carefully. We are seeking a
  negotiation that will give the country space to grow, because
  only with growth will we be able to meet our commitments,"" Gros
  said.
  

"
training/10547	12	earn	"SOUTHWESTERN BELL<SBC> VOTES SPLIT, UPS PAYOUT
  Southwestern Bell Corp said its board
  voted a three-for-one stock split and increased the dividend
  8.8 pct to 1.60 dlrs a share.
      On a post-split basis, the increased dividend will be 58
  cts a share, payable May One to holders of record April 10.
      Southwestern Bell said the stock split is
  its first. It said shares will be mailed May 22, record May
  Four.
  

"
training/10548	12	earn	"HONEYWELL BULL SEES REVENUE GROWTH
  Honeywell Bull Inc, owned by Honeywell
  Inc <HON>, <Cie des Machines Bull> and <NEC Corp>, said it
  expects its 1987 revenues to increase 15 to 20 pct over its
  current level of about 1.9 billion dlrs.
      Honeywell Bull president Jerome Meyer also told the press
  conference the company was profitable, adding the company aimed
  to improve profits over time.
      Honeywell Inc earlier today received 527 mln dlrs in cash
  for the sale of 57.5 pct of its computer business to Bull and
  NEC. Honeywell will retain a 42.5 pct interest in Honeywell
  Bull and Bull will own an equal amount.
      NEC owns 15 pct of the company.
      Meyer, who had been executive vice president of Honeywell
  Information Systems, said Honeywell Bull would work closely
  with NEC and Bull in both developing new products and marketing
  computers to multi-national companies.
      ""We haven't been growing as fast as we'd like, but we are
  going to turn that around,"" Meyer said. He said business was 
  soft in the U.S.
      He said the company was reorganizing its distribution
  programs and its staff, reassigning and laying off selected
  employees. He also said the company was hiring new workers.
      Honeywell Bull chairman Jacques Stern, who is also chairman
  of Bull, said he believed the computer industry could be a fast
  growing market for companies that provide the type of computers
  customers want. ""I don't believe in the slump of the market,""
  he said.
      The computer company would offer open systems so that
  customers would not be tied to a specific vendor or
  architecture, and it will also focus on tying computers
  together through communications networks.
  

"
training/10551	0	acq	"HANSON <HAN> TO SELL BOND'S DELIVERY SERVICE
  Hanson Industries, the U.S. arm of
  Hanson Trust PLC, said contracts have been exchanged in London
  for the sale of Bond's Delivery Service to Rockwood Holdings
  PLC for about 6.0 mln dlrs in cash.
      Completion is subject to Rockwood shareholder approval.
      In its most recent financial year, Bond's which was
  purchased
  by Hanson Trust Plc in its acquisition of Imperial Group PLC in
  April 1986, made 960,000 dlrs pre-tax profit on sales of 13.6
  mln dlrs.
      Net tangible assets are 5.2 mln dlrs, Hanson said.
  

"
training/10553	8	cpi	"U.S. PRICE DATA SUGGEST MODERATE INFLATION
  Latest consumer price data indicate
  U.S. inflation will be moderate in 1987 even though it will be
  above last year's pace, economists said.
      ""Inflation is not such a constructive factor as this time
  last year, but it's not building up a large head of steam,""
  said Allan Leslie of Discount Corp.
      U.S. consumer prices, as measured by the consumer price
  index for all urban consumers, rose a seasonally adjusted 0.4
  pct in February after a 0.7 pct January gain. Energy prices,
  which fired January's data with a three pct rise, advanced a
  more moderate 1.9 pct last month.
      The CPI came within the range of economists' expectations
  and had little direct impact on U.S. financial markets.
      Among the key components of the report, transportation
  prices rose 0.5 pct in February after a 1.5 pct January gain
  reflecting smaller price appreciation for motor fuels and
  declines in new car prices and finance charges.
      ""There are no pronounced pressures at the retail level,""
  said William Sullivan of Dean Witter Reynolds Inc.
      Economists said the latest CPI supports existing
  expectations for an inflation rate of 3.5 to four pct in 1987.
      The CPI rose 1.1 pct from December 1985 to December 1986.
  Without last year's energy price drop, it rose 3.8 pct.
      Economists said that upward pressure on import prices as a
  result of the dollar's drop as well as the volatile energy
  component warrant attention in case gains in these areas become
  factored into the wider economic picture.
      ""As long as those price rises do not become entrenched in
  cost of living adjustments contained in labor contracts, thus
  reducing international competitiveness, then the Federal
  Reserve would probably be willing to tolerate four pct
  inflation,"" said Larry Leuzzi of S.G. Warburg and Co Inc.
  

"
training/10555	0	acq	"WESTINGHOUSE INTERESTED IN MERGER OF RADIO UNIT
  Westinghouse Electric Corp <WX> said
  it is still open to a merger of its radio operations with
  General Electrics Co's <GE> NBC radio operations.
      ""We have left the door open and GE is reassessing the
  merger and so are we,"" Westinghouse chairman Douglas Danforth
  told Reuters at the conclusion of a meeting before analysts.
      Danforth said he continues to see value in a merger between
  Westinghouse's radio operation and those of NBC. 
      Discussions with NBC on the merger of the two companies'
  radio units were suspended in December.
      Danforth reaffirmed that Westinghouse is interested in
  acquisitions, saying the company is leaning toward acquisitions
  in the 300 mln to 500 mln dlr range. He said, however, that
  larger acquisitions are possible if they are the right fit.
      Danforth, who earlier today said he expects earnings growth
  in the double-digit range through 1989, said he is comfortable
  with analysts' predictions of 4.80 dlrs to 5.30 dlrs a share
  this year. In 1986 the company earned 4.42 dlrs a share.
      He said the company has targeted waste energy systems and
  hazardous waste removal, as some of the emerging growth areas
  for the company.
  

"
training/10556	12	earn	"COMPUTER NETWORK TECHNOLOGY <CMNT> 4TH QTR LOSS
  Shr loss eight cts vs loss eight cts
      Net loss 655,457 vs loss 566,429
      Rev 258,712 vs nil
      Year
      Shr loss 31 cts vs loss 26 cts
      Net loss 2,725,882 vs loss 1,759,675
      Rev 349,070 vs nil
      NOTE: Company's full name is Computer Network Technology
  Corp. 1985 revenues n.a. because 1986 was initial year of
  product revenue.
  

"
training/10559	43	ship	"BIFFEX LOOKING TO JOIN NEW FUTURES EXCHANGE
  The Baltic International Freight Futures
  Exchange (BIFFEX) said it agreed to pursue negotiations with
  other futures markets on the Baltic Exchange with a view to
  merging into a new futures exchange.
      Legal advisers have already been instructed to implement
  amalgamation of the London Potato Futures Association, the Soya
  Bean Meal Futures Exchange and the London Meat Futures
  Exchange.
      The London Grain Futures Market has also discussed merging
  with the other markets.
      The aim of the merger is to seek Recognised Investment
  Exchange status as required by the 1986 Financial Services Act.
  

"
training/10561	12	earn	"<CANADIAN SATELLITE COMMUNICATIONS> SIX MTHS NET
  Period ended February 28
      Oper shr profit six cts vs loss 15 cts
      Oper profit 474,000 vs loss 1,175,000
      Revs 17,946,000 vs 9,271,000
      Note: Current shr and net exclude tax gain of 513,000  dlrs
  or five cts share
      full name <Canadian Satellite Communications Inc>
  

"
training/10563	0	acq	"FRENCH MINISTERIAL MEETING HELD ON CGCT SALE
  Finance Minister Edouard Balladur,
  Industry Minister Alain Madelin and Telecommunications Minister
  Gerard Longuet met for more than an hour today to discuss the
  imminent sale of the French telephone switching group <Cie
  Generale de Constructions Telephoniques>, a spokesman for
  Longuet said.
      No decision was announced as a result of the meeting, and
  the French government has given itself until the end of next
  month to choose between the candidates.
      The sale of CGCT, which controls 16 pct of France's
  telephone market, has been priced at 500 mln francs, and three
  international consortia are battling for the right to buy it.
      West Germany's Siemens AG <SIEG.F> has teamed up with the
  French group Jeumont-Schneider, in opposition to a bid from the
  U.S. Group ATT <T.N> and the Dutch Philips Telecommunications
  BV <PGLO.AS> in association with the French telecommunications
  firm SAT <Societe Anonyme de Telecommunications>.
      A third bid has been lodged by Sweden's AB LM Ericsson
  <ERIC.ST>, allied with French defence electronics group Matra
  <MATR.PA> and Bouygues SA <BOUY.PA>.
  

"
training/10564	12	earn	"DEAN FOODS CO <DF> 3RD QTR NET
  Shr 35 cts vs 40 cts
      Net 9,246,000 vs 10,719,000
      Sales 367.9 mln vs 315.1 mln
      Nine mths
      Shr 1.03 dlrs vs 1.13 dlrs
      Net 27,490,000 vs 30,160,000
      Sales 1.06 billion vs 915.3 mln
  

"
training/10565	12	earn	"DEAN FOODS CO <DF> RAISES DIVIDEND
  Qtly div 13-1/2 cts vs 11-1/2 cts prior
      Pay June 15
      Record May 22
  

"
training/10566	12	earn	"DOSKOCIL <DOSK> SHAREHOLDERS VOTE REVERSE SPLIT
  Doskocil Cos Inc said its
  shareholders approved a one-for-10 reverse stock split, which
  is expected to become effective by April 30.
      The company said the reverse split will reduce the its
  outstanding shares to about six mln from 60 mln.
  

"
training/10573	12	earn	"EDUCATION SYSTEMS <ESPC> YEAR NET
  Shr 27 cts vs 34 cts
      Net 174,390 vs 222,720
      Revs 4,948,622 vs 4,516,042
      Note: Current net includes non-recurring loss on
  investments of 82,034.
      Full name is Education Systems and Publications Corp.
  

"
training/10576	0	acq	"BORG-WARNER UP AMID RUMORS IRWIN JACOBS SOLD STOCK, ARBITRAGEURS SAY

  BORG-WARNER UP AMID RUMORS IRWIN JACOBS SOLD STOCK, ARBITRAGEURS SAY
  

"
training/1058	15	gnp	"CANADA DECEMBER GDP UP 1.2 PCT AFTER NOVEMBER'S 0.2 PCT FALL - OFFICIAL

  CANADA DECEMBER GDP UP 1.2 PCT AFTER NOVEMBER'S 0.2 PCT FALL - OFFICIAL
  

"
training/10581	37	pet-chem	"HENLEY GROUP <HENG> UNIT WINS TAIWAN CONTRACT
  Henley Group Inc's M.W. Kellogg Co unit
  said it was selected by <Chinese Petroleum Corp> to design,
  engineer and build a ethylene plant at Chinese
  Petroleum's Kaohsiung refinery in Taiwan.
      Terms of the contract were not disclosed, but Kellogg said
  the total cost of the plant will be 300 mln dlrs.
      Kellogg said engineering of the plant, which will have a
  capacity of 400,000 tonnes a year, is already underway and
  construction will begin in 1988.
      The plant will go into operation in 1990, Kellogg said.
  

"
training/10584	4	cocoa	"COCOA BUFFER DIFFERENTIALS DETAILED
  The International Cocoa Organization
  (ICCO) council agreed standard price differentials for
  different origin cocoas to form part of the buffer stock buying
  and selling procedure, consumer delegates said.
      The buffer stock manager will accept offers for different
  origin cocoas according to a sliding scale of price
  differentials, under which Ghana cocoa will be pegged at a 137
  stg premium to Malaysian.
      Thus, if the buffer stock manager was buying cocoa based on
  a Malaysian price of 1,200 stg a tonne, he would accept Ghana
  offers up to 1,337 stg.
      Differentials were fixed as follows,
   Country       Differential stg/tonne
   Malaysia           0
   Brazil            55
   Ivory Coast       67
   Cameroun          77
   Nigeria          120
   Togo             130
   Ghana            137
      Nigeria's differential is on ""landed weight"" terms. Shipping
  weight terms will be accepted at a 15 stg discount to this
  rate.
  

"
training/10585	0	acq	"MINSTAR INC SAID IT SOLD ALL 10 MLN OF ITS BORG-WARNER SHARES

  MINSTAR INC SAID IT SOLD ALL 10 MLN OF ITS BORG-WARNER SHARES
  

"
training/10586	4	cocoa	"COCOA COUNCIL MEETING ENDS AFTER AGREEING RULES
  The International Cocoa Organization
  (ICCO) council adjourned after agreeing buffer stock rules for
  the 1986 International Cocoa Agreement, an ICCO spokesman said.
      The buffer stock will begin operations immediately, he
  said.
      He confirmed delegate reports that the buffer stock manager
  will trade cocoa by means of an offer system, and according to
  fixed differentials for cocoa from different origins.
      Purchases from non-members will be limited to 15 pct of the
  total and buying or selling operations in any one day will be
  restricted to a maximum of 40 pct each for nearby, intermediate
  and forward positions, he said.
  

"
training/10587	0	acq	"MINSTAR INC SAID IT IS STILL INTERESTED IN ACQUIRING BORG-WARNER

  MINSTAR INC SAID IT IS STILL INTERESTED IN ACQUIRING BORG-WARNER
  

"
training/1059	12	earn	"FIRST FEDERAL SAVINGS <FFKZ> YEAR NET
  Shr 78 cts vs one dlr
      Net 1,413,000 vs 1,776,000
      Assets 705.3 mln vs 597.3 mln
      Deposits 495.6 mln vs 493.9 mln
      Loans 260.0 mln vs 379.7 mln
      Qtly div six cts vs six cts prior qtr
      Pay April 1 
      Record March 6
      NOTE: 1986 net includes charges from accounting changes,
  from one-time expenses associated with a proxy contest and an
  increase in loan reserves.
      First Federal Savings and Loan Association of Kalamazoo is
  full name of company.
  

"
training/10592	33	money-supply	"CANADIAN MONEY SUPPLY M-1 FALLS 555 MLN DLRS IN WEEK, BANK OF CANADA SAID

  CANADIAN MONEY SUPPLY M-1 FALLS 555 MLN DLRS IN WEEK, BANK OF CANADA SAID
  

"
training/10593	1	alum	"NEW LME ALUMINIUM CONTRACT WELCOMED BY TRADE
  The London Metal Exchange's, LME,
  decision to introduce a dollar-denominated aluminium contract,
  with the Port of Singapore listed as a delivery point, is a
  positive move, physical traders and LME dealers said.
      Earlier this week the LME declared that a 99.70 pct minimum
  purity aluminium contract would commence trading on June 1,
  1987, alongside its long-established sterling-based 99.50 pct
  contract.
      This is the LME's first dollar contract and non-European
  delivery point, and the Board and Committee are looking at
  Singapore as a delivery point for other contracts.
      Trade sources said the LME's new contract will conform with
  existing industry practice, where 99.70 standard re-melt
  material, priced in dollars, is most commonly traded.
      The location of a warehouse in Singapore is also a positive
  move by the LME, given its ideal location for Australian and
  Japanese traders, who would be able to place metal on to
  warrant speedily and relatively inexpensively, they said.
      Hedging during the LME ring sessions becomes much simpler
  with a dollar contract. At present pre-market trading is almost
  exclusively dollar-based, but currency conversions have to be
  done during the sterling rings, they added.
      LME ring dealers said the new contract would match more
  closely trade requirements and possibly alleviate some of the
  recent wide backwardations.
      Very little physical business is now done in 99.50 pct
  purity metal, nearly all of which is produced in Eastern Bloc
  countries, such as Romania.
      The Soviet Union also produces 99.50 pct, but has declined
  as an exporter recently, they said.
      Some dealers said the new 99.70 contract may suffer from
  liquidity problems initially, as business may continue to
  centre on the present good ordinary brand (gob) contract, where
  there are many holders of large short positions on the LME.
      But others said the new contract would soon attract trading
  interest, given that much 99.70 metal has already been
  attracted to the LME's warehouses by backwardations.
      The LME also has a much more viable liquidity base for a
  new contract, compared to the Comex market in New York, where
  high grade aluminium futures are not particularly active, they
  said.
      Thus, it seems likely that the sterling contract will
  eventually lose trading interest and volumes will decline. Like
  standard zinc, which was superseded by a high grade contract,
  gob aluminium will probably be replaced, although the process
  in this case may take longer, they added.
      Forming a new contract and establishing a Singapore
  warehouse are constructive moves by the LME but backwardations,
  which make physical trading difficult, would not totally
  disappear as a result, the trade sources said.
      These premiums for prompt metal have become a
  semi-permanent feature over the last year, due to increased
  business and volatility in traded options, and are presently
  around 50 stg.
      Increasingly large granting of option positions has been
  taking place. When some of these are declared and exercised at
  the end of the relevant month, physical tightness and squeezes
  around these dates are commonplace, they said.
      Listing Singapore as a delivery point allows Far Eastern
  operators to deliver aluminium into a LME warehouse instead of
  having to cover.
      But tightness and backwardations are seen continuing, even
  though the LME's new option contracts widen the gap between the
  declaration and prompt dates.
      These will be due on the first and third Wednesday of the
  month, whereas at present most fall on the 20th and 25th.
      Backwardations will remain while operators continue to
  grant options where potential tonnage to be delivered exceeds
  aluminium stock levels, an LME option trader said.
  

"
training/10594	33	money-supply	"CANADIAN MONEY SUPPLY FALLS IN WEEK
  Canadian narrowly defined money supply
  M-1 fell 555 mln dlrs to 32.42 billion dlrs in week ended March
  18, Bank of Canada said.
      M-1-A, which is M-1 plus daily interest chequable and
  non-personal deposits, fell 559 mln dlrs to 74.86 billion dlrs
  and M-2, which is M-1-A plus other notice and personal
  fixed-term deposit fell 439 mln dlrs to 177.30 billion dlrs.
      M-3, which is non-personal fixed term deposits and foreign
  currency deposits of residents booked at chartered banks in
  Canada, fell 696 mln dlrs to 215.74 billion dlrs. MORE
   More
  

"
training/10596	0	acq	"CORNING GLASS WORKS<GLW> BUYS FIBER-OPTIC STAKE
  Corning Glass Works said it
  bought a 50 pct interest in Technology Dynamics Inc, a
  Woodinville, Wash., company involved in research and
  development of fiber-optic sensors.
      The purchase price was not disclosed.
      Privately held Technology Dynamics plans to introduce its
  first line of fiber-optic sensors later this year, Corning
  Glass said.
  

"
training/10597	12	earn	"FIRST NATIONAL CORP <FTNC> 4TH QTR
  Shr loss 29 cts vs loss 15 cts
      Net loss 513,542 vs loss 263,708
      Revs 38,000 vs nil
      Year
      Shr loss 24 cts vs loss 10 cts
      Net loss 417,552 vs loss 142,010
      Revs 171,000 vs nil
  

"
training/10598	12	earn	"BEARD CO <BEC> YEAR LOSS
  Shr loss 57 cts vs profit 3.02 dlrs
      Net loss 3,606,000 vs profit 8,294,000
      Revs 15.3 mln vs 23.9 mln
      Note: Net includes gains from sale of USPCI Inc <UPC> stock
  of 1.5 mln vs 20.5 mln
      Year-ago net includes loss from discontinued operations of
  10.3 mln.
  

"
training/10599	12	earn	"ESSEX COMMUNICATIONS CORP <ESSXA> YEAR LOSS
  Shr loss 47 cts vs loss 63 cts
      Net loss 1,450,000 vs loss 1,930,000
      Revs 14.7 mln vs 13.3 mln
      Note: Year-ago resulted restated to exclude Michigan cable
  systems sold in 1985.
  

"
training/10600	12	earn	"DENNING MOBILE ROBOTICS INC <GARD> 4TH QTR LOSS
  Shr loss nine cts loss 12 cts
      Net loss 585,866 vs loss 455,866
      Avg shrs 6,841,638 vs 3,651,505
      Year
      Shr loss 34 cts vs loss 54 cts
      Net loss 2,158,709 vs loss 1,931,397
      Avg shrs 6,296,701 vs 3,586,914
      Note: Company has no revs as it is in product development
  stage. Shr and avg shrs data reflect 1-for-25 reverse split in
  November 1986.
  

"
training/10601	12	earn	"SCOTT'S LIQUID GOLD INC YEAR OPER NET
  Oper shr two cts vs 10 cts
      Oper net 162,300 vs 773,400
      Revs 16.6 mln vs 16.5 mln
      Avg shrs 8,282,480 vs 8,045,493
      NOTE: Excludes gains of 138,000 dlrs or two cts/shr vs
  733,000 dlrs or nine cts from benefit of tax loss
  carryforwards.
  

"
training/10602	20	income	"LABOR DEPT REPORTS U.S. REAL EARNINGS ROSE 0.6 PCT IN FEB AFTER BEING UNCHANGED IN JAN

  LABOR DEPT REPORTS U.S. REAL EARNINGS ROSE 0.6 PCT IN FEB AFTER BEING UNCHANGED IN JAN
  

"
training/10604	20	income	"U.S. REAL EARNINGS ROSE 0.6 PCT IN FEBRUARY
  The average weekly earnings of U.S.
  workers after adjustment for inflation and seasonal changes
  rose 0.6 pct in February after being unchanged in January, the
  Labor department said.
      The department had earlier reported that real earnings fell
  0.3 pct in January but revised the figure to show earnings
  unchanged.
      Between February this year and February, 1986, real
  earnings rose 0.5 pct, the department said.
      The rise in February real earnings resulted from a 0.5 pct
  increase in average hourly earnings and a 0.6 pct increase in
  average weekly hours. That was partly offset by a 0.4 pct rise
  in the consumer price index, which measures inflation, the
  department said.
      Before seasonal adjustment, weekly earnings last month
  averaged 307.59 dlrs, up from 305.13 dlrs in January and up
  from 300.66 dlrs in February, 1986.
   Reuter...
  

"
training/10606	32	money-fx	"TAIWAN TO STUDY SUSPENDING FOREX CONTROLS
  Premier Yu Kuo-Hua ordered financial
  officials to quicken the pace of relaxing foreign exchange
  controls and study the possibility of suspending the controls,
  a cabinet statement said.
      The statement quoted Yu as telling Finance Ministy and
  Central Bank officials the relaxation was needed to help reduce
  Taiwan's surging foreign exchange reserves, which reached a
  record 53 billion U.S. Dollars this month.
      Finance Minister Robert Chien told reporters his ministry
  and the Central Bank would work jointly on new measures to ease
  the controls, but he did not give details.
      Yu said the government could maintain the framework of the
  foreign exchange controls while finding ways to ease them. The
  controls would be used during emergency.
      Taiwan's reserves have resulted largely from its trade
  surplus, which hit 15.6 billion dlrs in 1986 and 10.6 billion
  in 1985. About 95 pct of the surplus was from Taiwan's trade
  with the United States, according to official figures.
      But he said that while easing the controls would help
  reduce the reserves, it would not do so substantially in a
  short time.
      Economists and bankers said the new decision resulted from
  growing pressure from the United States, Taiwan's largest
  trading partner, which buys almost half the island's exports.
      Lu Ming-Jen, economic professor at Soochow University, told
  Reuters: ""The decision came a little bit late. But it was better
  than never.""
      Ko Fei-Lo, Vice President at First Commercial Bank, said
  the government should rapidly relax its foreign exchange
  controls and open its market wider to help balance trade with
  its trading partners, especially the United States.
      ""The liberalisation in both imports and foreign exchange
  controls will not only help our trading partners, but also help
  our own economic problems,"" he said.
      He said the mounting foreign exchange reserveshelped boost
  Taiwan's money supply by 48.22 pct in the year to end-February.
  

"
training/10608	48	trade	"JAPAN'S CHIP MAKERS ANGERED BY U.S. SANCTION PLANS
  Japanese computer chip makers reacted
  angrily to news the United States plans to take retaliatory
  action against them for allegedly failing to live up to an
  agreement on trade in computer microchips.
      Electronic Industries Association of Japan (EIAJ) Chairman
  Shoichi Saba stated: ""EIAJ believes that it is premature and
  even irrational to attempt an assessment of the impact of the
  agreement and our efforts to comply with it only six months
  after concluding the agreement.""
      ""We urge U.S. Governmental authorities to reconsider the
  decision made, to evaluate fairly the results of Japanese
  efforts in implementing the objectives of the agreement, and to
  resist emotional biases,"" he said.
      Yesterday, Washington announced plans to slap as much as
  300 mln dlrs in tariffs on Japanese imports in retaliation for
  what is sees as Japan's failure to comply with the terms of the
  pact.
      The agreement, struck late last year after months of heated
  negotiations, called on Japan to stop selling cut-price chips
  on world markets and to buy more American-made semiconductors.
      To salvage the pact, Tokyo has instructed its chip makers
  to slash production and has helped establish a multi-lateral
  organisation designed to promote chip imports.
      Saba said that Japanese chip companies have pledged three
  mln dlrs over the next five years to the new organisation and
  expressed regret that no American company has seen fit to join.
      ""This suggests that American semiconductor manufacturers may
  not be really interested in participating in the Japanese
  market,"" he said.
  

"
training/10609	12	earn	"OVERSEA-CHINESE BANKING CORP LTD <OCBM.SI> YEAR
  Shr 21 cts vs 20 cts
      Fin Div 8.0 cts gross vs 9.0 cts
      Group net 104.8 mln dlrs vs 100.9 mln
      Note - Fin div pay June 6, record May 19.
  

"
training/10610	12	earn	"UNITED OVERSEAS BANK LTD <UOBM.SI> YEAR
  Shr 26.9 cts vs 25.1 cts
      Fin Div 8.0 pct gross vs 8.0 pct
      Group net 106.1 mln dlrs vs 99.0 mln
      Note - Fin div pay May 25, record April 18.
  

"
training/10611	12	earn	"STRAITS TRADING CO LTD <STCM.SI> YEAR
  Shr 8.7 cts vs 7.7 cts
      Fin div 9.0 cts vs 9.0 cts
      Group net 23.5 mln dlrs vs 20.8 mln
      Turnover 212.7 mln dlrs vs 595.4 mln
      Note - Fin div pay May 27, record May 23. REUTER
  

"
training/10612	12	earn	"SINGAPORE LAND LTD <LNDH.SI> FIRST HALF FEB 28
  Shr 8.43 cts vs 9.61 cts
      Int div nil vs nil
      Group net 7.8 mln dlrs vs 8.9 mln
      Turnover 30.6 mln dlrs vs 33.5 mln
      Note - The company said group net profits for the year
  ending this Aug 31 should amount to 13.5 mln dlrs.
  

"
training/10613	4	cocoa	"IVORIAN CHOSEN COCOA COUNCIL EXECUTIVE DIRECTOR
  Edouard Kouame, Ivorian delegate to the
  International Cocoa Organization (ICCO), was chosen Executive
  Director of the ICCO, effective October 1, ICCO officials said.
      Kouame will succeed Dr. Kobena Erbynn of Ghana in the post.
  

"
training/10615	42	rubber	"MALAYSIA EXPECTS RUBBER SHORTAGE IN APRIL/MAY
  Malaysia said it expects a natural
  rubber shortage in April and May because of the effects of
  current wintering on rubber trees.
      The expected shortage and stronger demand for rubber goods,
  especially condoms and surgical gloves by consumers, is likely
  to push up prices, the Malaysian Rubber Exchange and Licensing
  Board said in its latest monthly bulletin.
      During the annual wintering period from February to April
  rubber trees shed their leaves and latex output is very low.
  

"
training/10618	32	money-fx	"OFFICIAL WANTS ARAB FUND TO HELP LEBANESE POUND
  Lebanese central bank Vice Governor
  Meguerditch Bouldikian called for the establishment of an Arab
  fund to assist the Lebanese pound, which has lost more than 80
  pct of its value against the dollar since January 1986.
      Bouldikian told an Arab exchange dealers conference the
  bank would continue to take measures to defend the currency.
      But he said Lebanon needed foreign support for its
  war-battered economy now more than ever before. ""We expect a
  common effort between the central bank and Arab central banks
  and monetary authorities to create an Arab fund to support and
  preserve the value of the currency when needed,"" he said.
      Twelve years of civil war have devastated productive
  sectors of the Lebanese economy and created gaping trade and
  budget deficits.
      Bouldikian said recent government measures had succeeded in
  reducing demand for imports and increasing exports. ""These are
  encouraging factors, but the war has not ended yet,"" he said.
      ""We believe that with a just political solution acceptable
  to all sides, confidence will return and this will benefit the
  Lebanese pound and Lebanon.""
      In the meantime, he said the central bank had four main
  goals:
      1) to use surplus liquidity to finance the budget deficit
      2) to increase the role of commercial banks and non-bank
  financing institutions in financing the deficit
      3) to limit the transfer of Lebanese pounds into foreign
  currency deposits
      4) to protect the financial health of commercial banks.
  

"
training/10619	4	cocoa	"JAPAN JOINING INTERNATIONAL COCOA AGREEMENT
  Japan is in the process of joining the
  International Cocoa Organisation (ICCO), which will bring the
  number of members in the body to 36, ICCO officials said.
      Japan is completing constitutional procedures necessary to
  its accession to the ICCO and is expected to become an
  importing member in three to four months, they said.
  

"
training/10622	32	money-fx	"CHINA POSTPONES PLAN TO SCRAP PARALLEL CURRENCY
  Chinese Vice-Premier Tian Jiyun said
  plans to scrap the country's parallel currency, Foreign
  Exchange Certificates (FECs), had been postponed due to
  objections from foreign businessmen and others.
      But Tian told a news conference the Chinese government
  still considered FECs unsatisfactory.
      Asked about the current state of plans to abolish the FECs,
  Tian said: ""We have decided to postpone the question. As to
  whether it will be done in the future, it will be done
  according to the evolution of the situation.""
      He said many people, including foreign businessmen, had
  raised objections to the plan to abolish the certificates, and
  added: ""It is rather complicated.""
      The FECs were introduced in 1980 for use by foreigners in
  China. But they now circulate widely among local residents and
  there is a big black market in the currency, though it is
  theoretically at par with the ordinary Chinese currency,
  renminbi.
      Tian said the government still considered that the FECs had
  ""many demerits and negative influences.""
      Bank of China President Wang Deyan told Reuters earlier
  this month that he thought it unlikely that the certificates
  would be scrapped this year.
      Western diplomats and economists have said the Chinese
  authorities are having trouble finding a suitable alternative.
      Vice-Premier Yao Yilin announced at a similar press
  conference last year that the FECs would be abolished, saying
  the government had decided it was ideologically unacceptable to
  have two currencies circulating in China at the same time.
  

"
training/10623	48	trade	"NAKASONE SOUNDS CONCILIATORY NOTE IN CHIP DISPUTE
  Prime Minister Yasuhiro Nakasone sounded
  a conciliatory note in Japan's increasingly bitter row with the
  United States over trade in computer microchips.
      ""Japan wants to resolve the issue through consultations by
  explaining its stance thoroughly and correcting the points that
  need to be corrected,"" he was quoted by Kyodo News Service as
  saying.
      While expressing regret over America's decision to impose
  tariffs on imports of Japanese electrical goods, Nakasone said
  Tokyo was willing to send a high-level official to Washington
  to help settle the dispute.
      Government officials said Japan would make a formal request
  next week for emergency talks and that the two sides would
  probably meet the week after, just days before the April 17
  deadline set by Washington for the tariffs to take effect.
      Tokyo is expected to propose a joint U.S./Japan
  investigation of American claims that Japanese companies are
  dumping cut-price chips in Asian markets.
      Yesterday, Washington announced plans to put as much as 300
  mln dlrs in tariffs on imports of certain Japanese electronic
  goods in retaliation for what it sees as Tokyo's failure to
  live up to their bilateral chip pact.
      That agreement, hammered out late last year after months of
  heated negotiations, called on Japan to stop selling cut-price
  chips in world markets and to buy more American-made chips.
      Nakasone's comments seemed distinctly more conciliatory
  than those of his Trade and Industry Minister, Hajime Tamura,
  who earlier today said Japan was ready to take ""appropriate
  measures"" if Washington went ahead with the sanctions.
      Ministry of International Trade and Industry (MITI)
  officials later sought to downplay the significance of Tamura's
  remark and said that his main message was that the two sides
  need to talk urgently about the issue.
      But they admitted that Japan was considering taking the
  United States to GATT, the Geneva-based international
  organization which polices world trade, if Washington imposed
  the tariffs.
      Any Japanese action would probably be taken under Article
  23 of the General Agreement on Tariffs and Trade (GATT), they
  said. If that article were invoked, GATT would set up a panel
  to consider the legality of the U.S. Action.
      But officials here said they hope that can be avoided. ""It
  may be wishful thinking but there is a possibility the United
  States may lift its decision at an early date,"" Tamura said.
      In announcing the U.S. Sanctions yesterday, President
  Ronald Reagan said he was prepared to lift them once he had
  evidence that Japan was no longer dumping chips in world
  markets and had opened up its own market to imports.
      Japanese government officials said they are confident they
  can make the pact work.
      They said that the export of cut-price Japanese chips
  through unregulated distributors has all but dried up after
  MITI instructed domestic makers to cut output.
      While acknowledging that it is harder to increase Japanese
  imports of American chips, MITI officials said that the
  ministry is doing all it can to ensure that happens.
      The Ministry recently called on Japan's major chip users,
  some of whom are also leading producers, to step up their
  purchases of foreign semiconductors.
      A spokesman for one of the companies, Toshiba Corp <TSBA.T>
  said his firm would do just that and could announce its plans
  in the next week or so. He expects other Japanese companies to
  do likewise.
  

"
training/10625	48	trade	"ISLAMIC BANKS ESTABLISH 50 MLN DLR TRADE PORTFOLIO
  The Islamic Development Bank (IDB) and
  20 Islamic Banks signed an agreement to establish a 50 mln dlr
  trade portfolio to finance trade among Islamic countries, IDB
  sources said.
      They said IDB's share in the portfolio, which will only
  finance exports and imports of the private sector, was limited
  to up to 25 mln dlrs.
      The sources said shares in the porfolio could be traded or
  redeemed by the IDB, adding that this was a major step in
  establishing an Islamic financial market.
  

"
training/1063	12	earn	"TOLL BROTHERS INC <TOL> 1ST QTR JAN 31 NET
  Shr 22 cts vs 12 cts
      Net 3,243,000 vs 1,656,000
      Revs 28.4 mln vs 21.5 mln
      NOTE: All amts reflect 3-for-2 stock split of company's
  common in form of 50 pct stock dividend paid Feb 26, 1987.
  

"
training/10632	10	crude	"BANK SEES MODEST RECOVERY IN GULF ARAB ECONOMIES
  The Emirates Industrial Bank has
  predicted a modest economic recovery in the Gulf Arab states
  following higher oil revenues.
      A bank study, carried by the Emirates news agency WAM, said
  total oil revenues of the six Gulf Cooperation Council (GCC)
  countries were likely to reach 39 billion dlrs this year from
  33.5 billion in 1986.
      The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia
  and the United Arab Emirates (UAE).
      The bank said the improvement would result from higher oil
  prices made possible by last December's OPEC accord to restrain
  overall group production.
      These curbs have pushed up oil prices from around eight
  dollars a barrel in mid-1986 to around 18 dlrs.
      ""All signs point to the possibility of a modest recovery in
  the economies of these (GCC) countries, although this expected
  growth will not be similar to that of the (1970s) boom years,""
  the study said.
      It added, however, that GCC states would experience higher
  budget deficits this year because of needs arising from past
  recession and the difficulty of making fresh spending cuts.
      The study said the combined GCC bugdet deficits would rise
  to 23.2 billion dlrs from 17.9 billion last year.
      It said lower oil exports cut the GCC states' combined
  trade surplus to 18 billion dlrs in 1986 from 21.5 billion in
  1985.
      The UAE suffered a 19.5 pct drop in gross domestic product
  to 77.6 billion dirhams last year from 96.4 billion in 1985, it
  added.
  

"
training/10633	32	money-fx	"ARAB BANKER SAYS TOO SOON FOR SINGLE CURRENCY
  Gulf Arab states must coordinate
  economic policies more closely before moving towards their goal
  of a unified currency system, the President of the Arab Bankers
  Association said.
      Hikmat Nashashibi told a news conference at the end of an
  Arab currency traders meeting: ""We have to start with
  coordination of fiscal policies as a prerequisite for a common
  system of currencies ... There is quite a substantial way to go
  yet.""
      He said only then would a unified Gulf currency system be a
  plausible project.
      The six nations of the Gulf Cooperation Council -- Saudi
  Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab
  Emirates --  have held a series of meetings this year to
  examine linking their currencies to a single peg in a system
  which bankers say could be modelled on the European Monetary
  System (EMS).
      At present, five currencies are linked either officially or
  in practice to the U.S. Dollar, while the Kuwaiti dinar is
  pegged to a trade-weighted basket of currencies.
      A common currency system or EMS-style ""grid"" would, in
  theory, foster regional trade by providing a basis for stable
  exchange rates, but Nashashibi said inter-Arab trade is at a
  very low ebb and capital flows between Gulf states remain
  small. ""Capital markets in the Arab world are still in their
  infancy,"" he said.
      Nashashibi said lack of experience among Arab banks, a
  paucity of financial instruments and a legal framework that
  often does not recognise the western banking concept of
  interest have hampered the growth of Arab markets.
  

"
training/10634	40	reserves	"CHINA FOREIGN RESERVES EXCEED 10 BILLION DLRS
  China's foreign exchange reserves are
  more than 10 billion dlrs, enough to cover import payments for
  three to four months, Vice Premier Tian Jiyun said.
      He told a news conference that China also has considerable
  reserves of gold. He gave no figure.
      The last published figure for foreign exchange reserves was
  10.37 billion dlrs at end-September 1986, down from 10.47
  billion at end-June and 12.59 billion at end-September 1985.
  

"
training/10636	32	money-fx	"ITALY RELAXES RESTRICTIONS ON LIRA IMPORTS
  Italy is to modify restrictions limiting
  the amount of lira cash that can be brought in and out of the
  country, the Foreign Trade Ministry said.
      A statement said Foreign Trade Minister Rino Formica has
  signed a measure lifting currency regulations that currently
  impose a 400,000 lire limit on the value of lira bank notes
  that can be brought into Italy. It did not say when the new
  measure would come into force.
      In future, there will be no limit to the amount of lira
  bank notes both residents and non-residents can bring into
  Italy.
      The statement said the 400,000 lire limit would remain for
  Italian residents wishing to take cash out of the country, but
  non-residents could re-export lira cash if they made
  appropriate declarations at customs points.
      It said the lifting of the restrictions ""reinforces the
  international status of the lira and meets the requirements
  expressed several times by foreign exchange dealers.""
  

"
training/10638	32	money-fx	"ARAB FOREX ASSOCIATION ELECTS NEW CHAIRMAN
  The Inter-Arab Cambist Association
  (ICA) elected Abdullah al-Dakhil of Kuwait's Burgan Bank its
  new chairman, succeeding Hani Ramadan of Beirut Riyad Bank for
  a three-year term, ICA officials said
      The annual meeting elected three Vice-Chairmen -- Ezzedine
  Saidane of Banque Internationale Arabe de Tunis, Mohammed Osman
  of Societe Bancaire du Liban and Walid Nasouli of Morgan
  Guaranty Trust Co of New York.
      Ibrahim Buhindi of the Saudi National Commercial Bank in
  Bahrain and Imad Bata of Finance and Credit Corp of Jordan were
  elected Secretary and Treasurer, respectively.
  

"
training/10640	5	coffee	"COFFEE PRICES BAD NEWS FOR LATIN AMERICA -MINISTER
  A senior Nicaraguan official said a
  recent plunge in coffee prices was economically and politically
  disastrous for Latin American coffee-producing countries.
      Nicaraguan Foreign Trade Minister Alejandro Martinez Cuenca
  was in London to brief International Coffee Organisation (ICO)
  executive board producer members after a meeting last weekend
  in Managua attended by eight Latin American coffee producers to
  discuss the fall in coffee prices.
      London coffee prices slid 300 stg per tonne in March, to
  1,279 stg from 1,580 stg at end-February.
      Martinez told reporters the price fall since the ICO failed
  to agree export quotas on March 1 has had disastrous results on
  Latin America, both economically and politically.
      He urged continued negotiations among coffee producers to
  pave the way for a coffee export quota agreement by September.
      Coffee export quotas, used to regulate coffee prices under
  an International Coffee Agreement, were suspended a year ago
  when prices soared in response to a drought in Brazil.
      Central American economic ministers have estimated the
  region will lose 720 mln dlrs in foreign exchange earnings in
  1987 if coffee prices are not rescued by a quota arrangement,
  Martinez said.
      He said ICO quota talks broke down last month because
  consumer members lack the political will to fully support
  commodity agreements, and because consumers tried to dictate to
  producers.
  

"
training/10642	48	trade	"TOKYO BIDS TO STOP CHIP ROW TURNING INTO TRADE WAR
  Japan is seeking to prevent its computer
  chips dispute with the U.S. From erupting into a full-scale
  trade war, government officials said.
      ""We hope that the dispute on this specific issue won't have
  an adverse effect on our overall relationship with the United
  States,"" a Ministry of International Trade and Industry (MITI)
  official said.
       On Friday, Washington announced plans for as much as 300
  mln dlrs in tariffs on Japanese electronic goods for Tokyo's
  alleged failure to live up to a bilateral computer chip pact.
      That agreement, reached last year after heated
  negotiations, called on Japan to stop selling cut-price chips
  in world markets and to buy more American-made semiconductors.
      Foreign Ministry officials immediately tried to isolate the
  fall-out from the dispute by seeking to separate it from Prime
  Minister Yasuhiro Nakasone's planned trip to Washington at the
  end of April.
      While Japan has already done about all it can to make sure
  the chip pact is working, the government is studying measures
  it can take in other fields to defuse American anger and ensure
  the trip's success, they said.
      ""The perception of Japan in the (U.S.) Congress is very bad,""
  one official told Reuters. ""We would very much like to do
  something to respond to that.""
      In an apparent effort to prevent the chip dispute from
  spreading to other areas, MITI officials sought to depict the
  U.S. Action as a severe warning to Japanese semiconductor
  makers, not to the government.
      Faced with a belligerent domestic chip industry and an
  angry American Congress, the Japanese government has been
  forced to walk an increasingly fine line in the semiconductor
  dispute, trade analysts said.
      They said that it was an open secret that Japan's largest
  chip maker, NEC Corp, was not happy with what it viewed as the
  draconian measures MITI was taking to implement the pact,
  included enforced production cuts.
      The angry response of Japanese chip makers yesterday to the
  announcement of the U.S. Tariffs highlighted the difficulties
  the government faces in taking further action.
      ""Japanese semiconductor manufacturers have complied with the
  U.S./Japan agreement,"" said Shoichi Saba, Chairman of the
  Electronic Industries Association of Japan.
      He accused the U.S. Of being ""irrational."" He said the U.S.
  Action had made the bilateral chip pact ""meaningless.""
      Saba's comments contrasted with those of Prime Minister
  Yasuhiro Nakasone, who said Tokyo wanted to solve the dispute
  through consultations.
      Japan is expected to send a high-level official to
  Washington early next month to try to convince the U.S. Not to
  go ahead with the tariffs on April 17.
      Trade analysts say Tokyo is likely to outline industry
  plans to step up purchases of U.S. Chips and to propose a joint
  investigation into Washington's allegations of chip dumping.
  

"
training/10644	12	earn	"BANK FUER GEMEINWIRTSCHAFT AG <BKFG.F> YEAR 1986
  Year ended December 31, 1986.
      Group net profit 30 mln marks vs 35 mln.
      Balance sheet total 61.50 billion marks vs 63.67 billion.
      Credit volume 42.00 billion marks vs 43.15 billion.
      Parent bank net profit 20 mln marks vs 20 mln.
      Transfer to trades union holding co 80 mln marks vs 80 mln.
      Payment to open reserves 20 mln marks vs 20 mln.
      Balance sheet total 48.67 billion marks vs 49.01 billion.
      Partial operating profit 182.6 mln marks vs 313.7 mln.
      Interest surplus 897.9 mln marks vs 981.1 mln.
      Surplus on commission 208.8 mln marks 188.1 mln.
      Ordinary expenditure 969.7 mln marks vs 909.7 mln.
      Earnings from subsidiaries through profit transfer
  agreements 494.2 mln marks vs 54.2 mln.
      Earnings from writing back provisions 326.5 mln marks vs
  65.6 mln.
      Published risk provisions 736.3 mln marks vs 224.0 mln.
      Credit volume 32.63 billion marks vs 33.51 billion.
      Group figures for 1986 exclude <BSV Bank fueer Sparanlagen
  und Vermoegensbildung AG> which no longer consolidated.
  

"
training/10648	12	earn	"BFG PARTIAL OPERATING PROFITS FALL SHARPLY IN 1986
  Bank fuer Gemeinwirtschaft AG
  <BKFG.F>, BfG, partial operating profits fell to 182.6 mln
  marks in 1986 from 313.7 mln in 1985, new majority shareholder
  Aachener und Muenchener Beteiligungs-AG <AMVG.F>, AMB, said.
      But total operating and extraordinary profits, including
  earnings from currency and securities trading on the bank's own
  account and earnings from the sale of holdings in other firms,
  were more than double the previous year's level, AMB said.
      BfG's 1986 accounts were included in a prospectus for AMB's
  capital increase, which is to finance the insurance company's
  acquisition of 50 pct plus one share of BfG.
      Despite the fall in partial operating profits, BfG paid an
  unchanged 20 mln marks into open reserves and transferred an
  unchanged 80 mln marks to its trade union holding company,
  <Beteiligungsgesellschaft fuer Gemeinwirtschaft AG>, from which
  AMB has acquired the majority stake.
      The bank has said its business last year suffered from the
  turbulence around the troubled trade-union-owned housing
  concern Neue Heimat.
      AMB said the 500 mln mark drop in BfG's business volume to
  50.1 billion marks affected the interest surplus.
      The interest surplus, which fell to 897.9 mln marks from
  981.1 mln, was also depressed by the 0.1 point fall in the
  interest margin to 1.9 pct.
      A rise in the surplus on commission to 208.8 mln marks from
  188.1 mln was not enough to compensate for this.
      The rise in total operating profits enabled BfG to step up
  risk provisions, with country risks particularly emphasised
  because of the continuing difficulties of some countries.
      Disclosed risk provisions, which under West German
  accounting rules do not necessarily reflect the full amount,
  rose to 736.3 mln marks from 224.0 mln.
      BfG's parent credit volume eased to 32.63 billion marks in
  1986 from 33.51 billion. Foreign debtors accounted for 24 pct
  of this credit volume, and Latin American debtors accounted for
  14.7 pct of total lending to foreigners.
      BfG posted extraordinary earnings from the sale of 25.01
  pct of <Volksfuersorge Deutsche Lebensversicherung AG>, 74.9
  pct of <BSV Bank fuer Sparanlagen und Vermoegensbildung AG> and
  five pct of <Allgemeine Hypothekenbank AG>. The sale was linked
  to AMB's acquisition of a majority of BfG.
      These sales show up as 494.2 mln marks from profit transfer
  agreements and 326.5 mln from writing back risk provisions.
  

"
training/1065	12	earn	"PILLSBURY CO <PSY> VOTES QUARTERLY DIVIDEND
  Qtly div 25 cts vs 25 cts prior qtr
      Pay 31 May
      Record 1 May
  

"
training/1066	12	earn	"BERKSHIRE GAS CO <BGAS> PAYS REGULAR QTLRY DIV
  Qtrly div 28.5 cts vs 28.5 cts
      Pay April 15
      Record March 31
  

"
training/10661	32	money-fx	"JAPAN CAREFULLY CONSIDERING MONEY POLICY -- SUMITA
  Bank of Japan governor Satoshi Sumita
  said the central bank will carefully consider its monetary
  policy in light of the recent sharp fall of the dollar.
      Asked if the Bank of Japan will consider a further cut in
  its discount rate, he said he now thinks the bank will have to
  carefully consider its future money policy.
      He told a Lower House Budget Committee in Parliament that
  credit conditions have been eased by the five discount rate
  cuts by Japan since the beginning of last year.
      Japan must now be especially careful about a flare-up in
  inflation, with money supply growth accelerating, he said.
      Sumita said the central bank would continue to make a
  judgement on monetary policies while watching consumer prices,
  exchange rates and economic and financial conditions both in
  and outside Japan.
      Asked if the September 1985 Plaza agreement was a failure
  because the dollar had fallen too far, Sumita said he still
  thought the pact was a good one in the sense that it had
  corrected the overvaluation of the dollar. But the Plaza accord
  did not set any target for the dollar's fall, he said.
      The dollar's steep fall stems from the market's belief that
  the trade imbalance will continue to expand, he said.
  

"
training/10662	16	gold	"PERU SAYS NEW GOLD DEPOSITS WORTH 1.3 BILLION DLRS
  President Alan Garcia said Peru has found
  gold deposits worth an estimated 1.3 billion dlrs in a jungle
  region near the Ecuadorean border about 1,000 km north of here.
      He told reporters the deposits, located at four sites near
  the town of San Ignasio, contained the equivalent of 100 tonnes
  of gold.
      Garcia said the government would soon install a two mln dlr
  treatment plant at Tomaque. It will extract enough ore to
  provide an estimated 25 mln dlr profit by the end of this year,
  he added.
      Garcia said the other gold-bearing deposits are located at
  Tamborapa, Pachapidiana and a zone between the Cenepa and
  Santiago rivers.
  

"
training/10665	48	trade	"BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE
  The United States and Japan will
  soon settle their trade dispute over semiconductors, U.S.
  Commerce secretary Malcolm Baldrige said on television.
      Baldrige, referring to the U.S.-Japan trade agreement on
  semiconductors, said: ""Their government wants to live up to it.
  Their industries haven't been doing it, and I think we'll have
  a good settlement to spare both sides.""
      ""I think the Japanese understand full well that they haven't
  lived up to this commitment,"" he said.
      He added: ""I do not think there will be a trade war at all.""
      On Friday, Washington announced plans to put as much as 300
  mln dlrs in tariffs on Japanese electronic goods from April 17,
  because of Tokyo's failure to observe the agreement.
      The officials said the tariffs would be ended as soon as
  Japan started adhering to the agreement. But they said there
  was little chance Japan could react quickly enough to avert the
  higher tariffs.
      Baldrige said the Reagan administration hoped the strong
  U.S. Action against Japan would convince Congress to tone down
  protectionist trade legislation now being drafted.
      He denied the action had been taken for that reason.
  

"
training/10669	10	crude	"29-MAR-1987
  29-MAR-1987

"
training/10674	0	acq	"BTR NYLEX RAISES OFFER FOR BORG-WARNER AUSTRALIA
  <BTR Nylex Ltd> said it will increase
  its takeover offer for Borg-Warner Corp's <BOR> listed unit,
  <Borg-Warner (Australia) Ltd> (BWA) to five dlrs each from four
  dlrs for all issued ordinary and preference shares.
      The new offer values the diversified auto parts
  manufacturer's 27.22 mln ordinary shares and 13.22 mln first
  participating preference shares at 202.2 mln dlrs.
      Formal documents will be sent to shareholders as soon as
  possible, it said in a brief statement.
      BTR Nylex, which manufactures rubber and plastic products,
  first bid for BWA in late January.
      As previously reported, Borg-Warner Corp, which owns 65 pct
  of BWA's ordinary shares and 100 pct of the preferences,
  advised a month ago that it would not accept the offer.
      This meant BTR Nylex's 50.1 pct acceptance condition could
  not be met, BWA said in a statement reporting its parent's
  decision.
      BWA advised shareholders to ignore the offer and said other
  parties had expressed interest in bidding for it.
      But no other bid has yet emerged.
      BTR Nylex is a 59.5 pct-owned listed subsidiary of
  Britain's BTR Plc <BTRX.LON>.
  

"
training/10676	0	acq	"INVESTOR GROUP PUTS PRESSURE ON GENCORP <GY>
  An investor group trying to acquire
  GenCorp Inc said it would move to unseat the board of directors
  and take other action if GenCorp refuses to discuss a 2.3
  billion dlr takeover bid.
      General Acquisition Co, a partnership of Wagner and Brown
  and AFG Industries Inc <AFG>, reiterated in a statement sent to
  GenCorp on Friday that it was willing to negotiate its earlier
  offer of 100 dlrs a share for the tire, broadcasting, plastics
  and aerospace conglomerate.
      Analysts have speculated GenCorp could fetch at least 110
  to 120 dlrs per share if broken up.
      GenCorp officials declined to comment on the statement, but
  a spokesman reiterated a request to shareholders to wait until
  the board renders an opinion before making a decision on the
  offer. GenCorp has said a statement would be made on or before
  the company's annual meeting on Tuesday.
      General Acquisition said the board could not carry out its
  duties to shareholders and make an informed decision until it
  has, ""... Explored with us the ways in which our offer can be
  revised to provide greater value to your shareholders.""
      General Acquisition added it was aware the board may be
  reviewing alternative transactions, which might provide GenCorp
  shareholders with a payment other than cash.
      ""If that is the case, you should recognise that our
  additional equity capital may very well enable us to offer cash
  and securities having greater value than GenCorp could provide
  in any similarly structured transaction,"" it said.
      It added GenCorp's board had an obligation to present any
  alternative proposal to shareholders in a way that allowed
  competing offers.
      General Acquisition requested it be given a chance to bid
  on a competitive and fair basis before any final decision was
  made on any other buyout proposal.
      The statement repeated the request GenCorp remove a ""poison
  pill"" preferred share purchase rights to shareholders, making
  any takeover more expensive.
      It said it might take legal action, or seek the support of
  shareholders in calling a special meeting to replace the board
  and consider other proposals.
      GenCorp should not accept any other proposal containing
  defensive features, it said.
  

"
training/10678	35	nickel	"SUMITOMO MINING <SMIT.T> RAISES NICKEL OUTPUT
  Sumitomo Metal Mining Co said it will
  raise its monthly nickel output to around 1,750 tonnes from
  April 1 from 1,650 now because of increased domestic demand,
  mainly from stainless steel makers.
      Sumitomo produced 1,800 tonnes of a nickel a month until
  end-1986, but cut output in January because of stagnant demand,
  a company official said.
      Calendar 1987 production is likely to fall to around 20,000
  tonnes from 22,000 in 1986 as a result of the first quarter
  reduction, he said.
      Sumitomo is Japan's only nickel producer.
  

"
training/1068	15	gnp	"CANADA GDP RISES 3.1 PCT IN 1986
  Canada's real gross domestic product,
  seasonally adjusted, rose 1.1 pct in the fourth quarter of
  1986, the same as the growth as in the previous quarter,
  Statistics Canada said.
      That left growth for the full year at 3.1 pct, which is
  down from 1985's four pct increase.
      The rise was also slightly below the 3.3 pct growth rate
  Finance Minister Michael Wilson predicted for 1986 in
  February's budget. He also forecast GDP would rise 2.8 pct in
  1987.
      Statistics Canada said final domestic demand rose 0.6 pct
  in the final three months of the year after a 1.0 pct gain in
  the third quarter.
      Business investment in plant and equipment rose 0.8 pct in
  the fourth quarter, partly reversing the cumulative drop of 5.8
  pct in the two previous quarters.
  

"
training/10682	5	coffee	"PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER
  U.S. roastings of green coffee in the
  week ended March 21 were about 250,000 (60-kilo) bags,
  including that used for soluble production, compared with
  195,000 bags in the corresponding week of last year and about
  300,000 bags in the week ended March 14, George Gordon Paton
  and Co Inc reported.
      It said cumulative roastings for calendar 1987 now total
  3,845,000 bags, compared with 4,070,000 bags by this time last
  year.
  

"
training/10685	12	earn	"BASF 1986 world group pre-tax profit 2.63 billion marks vs 3.04 billion

  BASF 1986 world group pre-tax profit 2.63 billion marks vs 3.04 billion
  

"
training/10687	45	sugar	"AUSTRALIAN SUGAR AREAS SAID RECEIVING SOME RAIN
  Dry areas of the Australian sugar cane
  belt along the Queensland coast have been receiving just enough
  rain to sustain the 1987 crop, an Australian Sugar Producers
  Association spokesman said.
      The industry is not as worried as it was two weeks ago, but
  rainfall is still below normal and good soaking rains are
  needed in some areas, notably in the Burdekin and Mackay
  regions, he said from Brisbane.
      Elsewhere, in the far north and the far south of the state
  and in northern New South Wales, the cane crop is looking very
  good after heavy falls this month, he said.
      The spokesman said it is still too early to tell what
  effect the dry weather will have on the size of the crop, which
  is harvested from around June to December.
      He said frequent but light falls in the areas that are
  short of moisture, such as Mackay, mean they really only need
  about three days of the region's heavy tropical rains to
  restore normal moisture to the cane.
      But rainfall in the next two or three weeks will be crucial
  to the size of the crop in the dry areas, he said.
      ""It's certainly not a disastrous crop at this stage but it
  might be in a month without some good falls,"" he said.
  

"
training/10688	12	earn	"BASF AG <BASF.F> 1986 YEAR
  Year to December 31.
      World group pre-tax profit 2.63 billion marks vs 3.04
  billion.
      World group turnover 40.47 billion vs 44.38 billion.
      World group investment in fixed assets 2.66 billion vs 2.46
  billion.
      Parent company pre-tax profit 1.97 billion vs 1.91 billion.
      Parent turnover 18.72 billion vs 20.46 billion.
      Parent domestic turnover 7.10 billion vs 8.14 billion.
      Parent foreign turnover 11.62 billion vs 12.32 billion.
      Parent investment in fixed assets 1.14 billion vs 884 mln.
  

"
training/10692	0	acq	"Woolworth Holdings says it bidding 244 mln stg for Superdrug stores

  Woolworth Holdings says it bidding 244 mln stg for Superdrug stores
  

"
training/10693	10	crude	"INDONESIA LIMITS OIL PRICE IMPACT-FINANCE MINISTER
  Indonesia has minimised the economic
  impact of falling oil prices, kept inflation within limits and
  boosted exports, Finance Minister Radius Prawiro said.
      Indonesia was badly hit by last year's steep plunge in
  crude prices, which cut revenue from oil exports by half.
      But Prawiro was quoted by Indonesian newspapers as telling
  President Suharto that inflation was kept to around nine pct in
  the financial year ending tomorrow, against around 4.3 pct the
  previous year.
      Exports were estimated to have risen by seven pct, he said,
  although he did not give complete figures.
      The depressed economy forms the main backdrop to general
  elections next month in Indonesia, a major producer of rubber,
  palm oil, tin, timber and coffee.
      Prawiro said 1986/87 had also been difficult because of the
  appreciation of currencies like the yen and the mark against
  the dollar, which increased Indonesia's debt repayments.
      He said the economy would have suffered more from the world
  economic recession if the government had not devalued the
  rupiah by 31 pct last September.
      In an editorial on the economic outlook, the Jakarta Post
  said the government must press ahead with measures to
  deregulate the economy to help boost non-oil exports.
      The English-language daily said bigger export earnings were
  needed to finance not only imports but also the country's
  growing foreign debt, estimated at around 37 billion dlrs.
      ""About 50 pct of our foreign debt obligations fall due
  within the next three to five years and will steadily increase
  the debt servicing burden,"" the paper said.
      However, end-investors were seen bargain hunting in
  expectation of a further yen interest rate decline, dealers
  said.
      Most dealers were cautious in the face of the dollar's
  nosedive today and the possibility of a U.S. Interest rate
  rebound to halt further dollar depreciation.
      A 4.7 pct coupon and volume of 1,400 billion yen for the
  April 10-year bond proposed by the Finance Ministry this
  afternoon were taken favourably by the market.
  

"
training/10694	0	acq	"WOOLWORTH BIDS 244 MLN STG FOR SUPERDRUG
  Woolworth Holdings Plc <WLUK.L> said it
  would make a 244 mln stg agreed bid for <Superdrug Stores Plc>
  valuing the company's shares at about 696p each.
      The offer would be made on the basis of 17 new Woolworth
  ordinary shares for every 20 in Superdrug.
      Woolworth said it had received acceptances from the holders
  of 61 pct of Superdrug shares.
      The bid is Woolworth's second attempt in recent months to
  acquire a retail chemist chain. Earlier this year it negotiated
  a possible bid for <Underwoods Plc> buit the talks were broken
  off two weeks ago.
      Full acceptance of the offer would involve the issue of
  about 29.8 mln new Woolworth shares, or 14 pct of the enlarged
  share capital. A cash alternative would offer 646p for each
  share in Superdrug. Members of the Goldstein family have
  accepted the offer for 11.7 mln shares, which have not been
  underwritten.
      Another major shareholder, Rite Aid Corp's Rite Investments
  Corp unit, had accepted the offer for 9.9 mln shares, and would
  take the cash alternative for 9.0 mln of these.
      In the year to end-January, Woolworth reported pretax
  profits sharply higher at 115.3 mln stg after 81.3 mln
  previously.
      In the year to end-February, Superdrug reported pretax
  profits of 12.26 mln after 10.36 mln previously on turnover
  that rose to 202.9 mln from 164.3 mln. Superdrug shares firmed
  to 670p from 480p on Friday. Woolworth eased to 813p from 830p.
  

"
training/10695	48	trade	"JAPAN HAS LITTLE NEW TO OFFER IN MICROCHIP DISPUTE
  The Japanese government appears to have
  little new to offer to settle a dispute with the U.S. Over
  computer chips, trade analysts and government officials said.
      The U.S. Has threatened to impose tariffs worth up to 300
  mln dlrs on Japanese electronics exports to the U.S., In
  retaliation for Japan's alleged failure to keep a pact on the
  microchip trade signed last September.
      A Foreign Ministry official told Reuters ""Japan has done
  what it can, and now we must persuade the United States to wait
  for those steps to take effect.""
      The U.S. Alleges that, in defiance of the September
  agreement, Japan is still selling microchips at below cost in
  non-U.S. Markets and refusing to open Japan further to U.S.
  Chip sales. U.S. Tariffs are due to take effect on April 17.
       Analysts noted Japan's Ministry of International Trade and
  Industry (MITI) has already ordered chipmakers to cut
  production in order to dry up the source of cheap chips sold in
  third countries at non-regulated prices.
      ""I'm not sure MITI can do much more than it has,"" said
  Jardine Fleming (Securities) Ltd analyst Nick Edwards.
      A MITI official said the Ministry was not planning to call
  for production cuts beyond those already sought, although it
  would continue to press chip users to buy more foreign goods.
      Spokesmen for some Japanese electronics firms said they
  would consider buying more U.S. Chips. But a Matsushita
  Electric Industrial Co spokesman said a rapid increase in
  imports was not likely.
      Most analysts said Japanese exporters would be hard hit if
  the United States did implement the tariffs, which would be
  levied on consumer electronics products rather than on
  microchips themselves.
      ""If the tariffs remain in place for any length of time,
  there will be complete erosion of exports to the United States,""
  said Tom Murtha, analyst at James Capel and Co.
      ""The Japanese electronics industry is too powerful to be
  stopped altogether, but recovery for the industry will be
  delayed for another year,"" he said.
      Some analysts said tariffs would also harm U.S. Industry by
  stepping up offshore production and by reducing demand in Japan
  for semiconductors U.S. Firms are trying to sell here.
      ""The American approach is full of contradictions,"" Jardine
  Fleming's Edwards said.
      ""If they want to expand (U.S.) exports, the last thing they
  want to do is hit the makers of the final products because that
  hurts the final market,"" Edwards said.
      But other analysts said the dispute reflects not just U.S.
  Concern over what it sees as a strategic industry, but also
  frustration with Japan's vast trade surplus. Some analysts
  argued that to solve the semiconductor problem Japan may have
  to take action beyond that pledged in the semiconductor pact.
      Carole Ryavec, an analyst at Salomon Brothers Asia Ltd,
  said ""The major overall issue is to stimulate the domestic
  economy and move away from an export-dependent economy.""
  

"
training/10699	12	earn	"ARBED SA <ARBB.BR> YEAR 1986
  Net profit 890 mln Luxembourg francs
  vs 1.12 billion.
      Turnover 57.8 billion francs vs 65.3 billion.
      Cash flow 5.72 billion francs vs 6.70 billion.
      Steel production 3.74 mln tonnes, down seven pct.
      Board will decide on April 24 whether to pay a dividend. No
  dividend has been paid since 1984.
  

"
training/1070	12	earn	"CHARMING SHOPPES INC <CHRS> 4TH QTR JAN 31 NET
  Shr 28 cts vs 22 cts
      Net 14 mln vs 10.6 mln
      Revs 163.8 mln vs 127.3 mln
      Year
      Shr 81 cts vs 59 cts
      Net 40.5 mln vs 28.7 mln
      Revs 521.2 mln vs 391.6 mln
  

"
training/10702	12	earn	"ARBED SEES NEED TO MAINTAIN PRESSURE ON COSTS
  The recent deterioration in the
  steel market makes it important for Arbed SA <ARBB.BR> to
  maintain efforts to reduce costs, the company said in a
  statement.
      It reported that its competitive position had weakened
  considerably in the second half of 1986, leading to a seven pct
  cut in steel output over the whole of the year to 3.74 mln
  tonnes.
      Arbed had managed to make a 890 mln franc net profit,
  slightly down from the 1.12 billion profit in 1985, thanks to
  lower raw material costs and prudent management, the company
  said.
      Arbed said the early months of 1987 had seen the market
  deteriorate further, but the decision of the European Community
  to maintain anti-crisis measures, at least provisionally,
  should under normal circumstances have a beneficial effect.
      EC ministers have agreed to extend a quota production
  system while discussions continue on an industry plan for
  capacity reductions.
      Arbed said in current conditions, cost cutting efforts
  remain necessary to avoid any weakening of resources which have
  been built up over the last three years.
  

"
training/10703	12	earn	"BASF <BASF.F> SAYS 1986 RESULTS AFFECTED BY DLR
  BASF AG said
  the volatile currency situation last year, particularly the
  fall of the dollar, led to sharp drops in turnover denominated
  in marks and to price reductions for exports from domestic
  production.
      But in a statement accompanying year-end figures, the group
  said it expected satisfactory business development over the
  next months. ""At the moment we do not expect any extraordinary
  influences such as there were last year,"" it said. Orders in
  hand and incoming orders were steady at a high level.
      BASF reported 13.6 pct lower 1986 world group pre-tax
  profit at 2.63 billion marks compared to 1985.
      The unusual situation on the crude oil market last year
  also produced a clear sales slide in the oil and gas sector and
  forced price declines for petrochemical products, BASF said.
      The fall in pre-tax profit corresponded to the losses on
  stocks in the oil and gas sector at the beginning of 1986. In
  the parent company, the positive earnings development
  continued, it said, where pre-tax profit rose by 3.2 pct to
  1.97 billion marks. The decline in parent company turnover was
  balanced out by increased capacity use and price declines in
  raw materials. 
      In 1986, world group turnover was off 8.8 pct at 40.47
  billion marks compared to 1985, BASF said. Parent turnover fell
  8.5 pct to 18.72 billion.
      Turnover increases, with the exceptions of the sectors fine
  chemicals and informations systems, had only been achieved in
  those areas widened last year through acquisition in 1985.
      Results from these had been taken only partly into the
  fourth quarter of that year but fully included in 1986 data.
      So far in the current year, the investment volume of the
  parent company and the world group is exceeding that in 1986,
  BASF said, without giving concrete figures.
  

"
training/10704	32	money-fx	"BAHRAIN INTRODUCES NEW MONEY MARKET REGIME
  Bahrain is introducing a new domestic
  money market regime to provide dinar liquidity aid centred on
  the island's newly launched treasury bill programme.
      The Bahrain Monetary Agency has issued a circular to all
  commercial banks outlining a new policy from April 1 which
  gives liquidity aid through sale and repurchase agreements in
  treasury bills, or through discounting them.
      The circular, released officially to Reuters, said current
  arrangements for providing liquidity aid will no longer be
  valid except ""in quite exceptional circumstances.""
      Under the current system, the agency provides the island's
  20 commercial banks with dinar liquidity by means of short-term
  swaps against U.S. Dollars and, less frequently, by short-term
  loans secured against government development bonds.
      ""The agency considers that it is now appropriate to replace
  these operations with short-term assistance based on Government
  of Bahrain treasury bills,"" the circular to banks states.
      The agency said it will repurchase treasury bills with a
  simultaneous agreement to resell them to the same bank at a
  higher price which will reflect an interest charge.
      The agency said it envisages the repurchase agreements will
  normally be for a period of seven days.
      Bahrain launched a weekly tender for two mln dinars of
  91-day treasury bills in mid-December last year and has since
  raised a total of 26 mln dinars through the programme.
      Bahrain's commercial banks are currently liquid and have
  been making little use of the traditional dollar swaps offered
  by the agency. But banking sources said the new regime from
  April 1 will mean banks cannot afford not to hold treasury
  bills in case they need funds from the central bank.
      Banking sources said more than half of the 20 banks hold
  treasury bills, although the need by others to take up paper
  could increase demand at weekly tenders and push down allotted
  yields slightly.
      Last week's yield was six pct, although the programme had
  started at the end of last year with rates as low as 5.60 pct.
      Banking sources said the cost of liquidity through
  repurchase accords will not differ much from that on dollar
  swaps. But a bank using dollars to obtain liquidity would
  foresake interest on the U.S. Currency while the underlying
  treasury bill investment is unaffected in a repurchase accord.
  

"
training/10708	33	money-supply	"DUTCH MONEY SUPPLY HARDLY CHANGED IN DECEMBER
  Dutch seasonally adjusted M2 money
  supply was hardly changed in December at 169.49 billion
  guilders compared to 169.56 billion in November, Central Bank
  data show.
      The figure was 2.6 pct higher than in December 1985.
      In November, M2 fell 1.9 pct from its level in October and
  was 3.9 pct above its level a year before.
      Seasonally adjusted M1 money supply was also hardly changed
  at 97.21 billion guilders in December, compared to 97.05
  billion guilders in November. It was up 9.4 pct on its level a
  year before.
  

"
training/10709	1	alum	"SINGAPORE WELCOMES NEW LME ALUMINIUM CONTRACT MOVE
  Singapore welcomed the London Metal
  Exchange's (LME) decision to list Singapore as a delivery point
  for the LME's new dollar-denominated aluminium contract.
      Tay Thiam Peng, manager for international trading at the
  Trade Development Board, said the decision would boost
  Singapore's image as a major delivery port.
      ""We hope this will encourage more metal traders to set up
  shop here and that Singapore can become a delivery port for
  other metals as well,"" he said.
      The new contract, to start trading on June 1, is LME's
  first dollar-contract.
  

"
training/1071	12	earn	"PANSOPHIC SYSTEMS <PNS> SPLITS STOCK 2-FOR-1
  Pansophic Systems Inc said it
  will split its stock two-for-one effective April two to
  shareholders of record March 13.
      It also said it will pay a six cts per share dividend on
  the pre-split shares, a regular quarterly dividend, on April
  two to shareholders of record March 13.
  

"
training/10710	32	money-fx	"BANK OF ENGLAND FORECASTS SURPLUS IN MONEY MARKET
  The Bank of England said it forecast a
  liquidity surplus of around 100 mln stg in the money market
  today.
      Among the main factors affecting liquidity, exchequer
  transactions will add some 985 mln stg to the system today
  while a fall in note circulation and bankers' balances above
  target will add around 360 mln stg and 110 mln stg
  respectively.
      Partly offsetting these inflows, bills for repurchase by
  the market will drain some 785 mln stg while bills maturing in
  official hands and the treasury bill take-up will remove about
  546 mln stg.
  

"
training/10714	0	acq	"TESCO BUYS 5.4 PCT OF HILLARDS
  Tesco Plc <TSCO.L> said <County Bank
  Ltd> had bought 165,000 shares in <Hillards Plc> on its behalf,
  increasing its stake to 5.4 pct. The shares were bought at
  313.25p each.
      Tesco is making an opposed 151 mln stg bid for Hillards.
      Hillards shares at 0900 GMT were quoted one penny firmer at
  317p while Tesco was one penny easier at 479p.
  

"
training/10715	12	earn	"ROYALE BELGE <RBVB.BR> YEAR 1986
  Non-consolidated net profit 3.435
  billion francs vs 2.330 billion.
      Turnover 39.3 billion francs (no direct comparison)
      Own funds 20 billion francs vs 9.2 billion after transfer
  of 1.28 billion francs from profits and 8.5 billion from sale
  of securities.
      Note - company said the figure is slightly lower because
  French branches have become group subsidiaries).
      Proposed net dividend on ordinary shares 100 francs,
  including 20 franc supplement due to the exceptional character
  of results, vs 71.9 francs.
      Note - Company was created in May 1986 by the merger of
  (Royale Belge Vie-Accidents) and (Royale Belge
  Incendie-Reassurance).
      Vie-Accidents shareholders received eight new shares and
  Incendie-Reassurance shareholders six for every share held in
  the old companies.
      Comparisons are therefore company calculations.
  

"
training/10717	43	ship	"JAPANESE SHIPYARDS TO FORM CARTEL, CUT OUTPUT
  Japan's ailing shipyards have won
  approval from the Fair Trade Commission to form a cartel to
  slash production to about half of total capacity for one year,
  effective April 1, industry sources said.
      The approval follows an act of parliament passed last week
  designed to help the industry regroup and shed 20 pct of
  capacity by March 31, 1988, Transport Ministry officials said.
      The cartel, comprising 33 yards capable of constructing
  ships of more than 10,000 gross tonnes, will limit newbuilding
  output to a maximum of three mln compensated gross registered
  tonnes in 1987/88, the Shipbuilders Association of Japan said.
      Industry sources said the 33 will seek to renew the cartel
  in 1988/89 in the belief demand will remain sluggish.
      Last week's temporary act of parliament also allows
  shipbuilders to receive favourable taxation terms plus up to 50
  billion yen in compensation for liabilities incurred through
  job losses and the sale of excess capacity.
      Up to 30 billion yen has been allocated for purchasing
  redundant land and equipment from shipbuilders.
      The Ministry will start drawing up its restructuring
  guidelines from April 1 and the yards will implement the
  guidelines from September, industry sources said.
  

"
training/1072	16	gold	"LAC <LAC> INTERSECTS MORE GOLD AT DOYON MINE
  Lac Minerals Ltd and <Cambior Inc> said
  they completed a second hole at their jointly owned Doyon mine
  in Quebec, which showed two significant gold intersections.
      One intersection graded 0.33 ounce gold a short ton over 44
  feet at depth of 1,411 feet, while the other graded 0.22 ounce
  gold a ton over 23 feet at 2,064 feet, the companies said. The
  hole is 460 feet east of the previously reported first hole.
      They said they were now drilling another hole 460 feet to
  the west of the first drill hole and expected to report results
  in late March or early April.
  

"
training/10721	0	acq	"WALLENBERG GROUP RAISES STAKE IN ERICSSON
  Sweden's Wallenberg group said it
  raised its holding in telecommunications maker Telefon AB L.M.
  Ericsson <eric.St.> to 37.5 of the voting rights from 28.9 pct.
      The move by the Knut and Alice Wallenberg Foundation, one
  of the institutions at the core of the group of companies
  formed by the late industrialist Marcus Wallenberg, further
  consolidated group control over one of its key firms, analysts
  said.
      The foundation now controls 14.1 pct of Ericsson's voting
  rights with 22.3 pct held by the group's investment companies
  <AB Investor> and <Forvaltnings AB Providentia>.
      The move comes after the Wallenberg group fought off a
  hostile takeover bid earlier this month for match and packaging
  conglomerate Swedish Match AB <smbs.St> from arms and chemical
  concern Nobel Industrier AB <NOBL.ST> by increasing its stake
  in Swedish Match to 85 pct from 33 pct.
  

"
training/10724	8	cpi	"FRENCH FEBRUARY INFLATION CONFIRMED AT 0.2 PCT
  French retail prices rose a confirmed 0.2
  pct in February, in line with provisional figures released two
  weeks ago showing a rise of between 0.1 and 0.2 pct, the
  National Statistics Institute said.
      The rise compared with a 0.9 pct rise in January.
      Year-on-year retail price inflation was confirmed at 3.4
  pct for February compared with a three pct rise year-on-year in
  January.
  

"
training/10729	42	rubber	"SRI LANKA TO UPROOT OR BUD DISEASED RUBBER TREES
  Sri Lanka will uproot rubber trees that
  are more than two years old and affected by the leaf disease
  corynespora, the head of the government's Rubber Research
  Institute told Reuters.
      Rodney De Mel said affected trees less than two years old
  would undergo base-budding -- attaching a clone as close as
  possible to the trunk's base and cutting off the top of the
  tree once the bud has taken. Uprooted or base-budded trees
  mature later, causing an output loss estimated at 350 kilos per
  hectare from the sixth year when they begin producing.
      About 7,000 acres are planted with the high yielding RIC
  103 variety, the clone afflicted by corynespora.
      Only about 2,000 acres are affected by the disease, which
  causes leaves to fall off, De Mel said.
      Sri Lanka has 508,000 acres planted with rubber trees.
      De Mel said the disease was detected in nurseries as early
  as in middle 1985, but it was only in August-September 1986
  that it became widespread.
      The Institute is conducting a survey to determine how many
  trees will be uprooted or base-budded. Healthy trees will be
  sprayed and remain under observation.
      T.P. Lilaratne, head of the government's Rubber Controller
  Department, which monitors the industry, told Reuters
  replanting and base-budding would have to be undertaken before
  late May when the monsoon rains begin.
      De Mel said clones in the nurseries which are susceptible
  to corynespora, identified as RIC 103, RIC 52, RIC 104, RIC
  106, RIC 107 and RIC 118, will be uprooted and burned.
      The same procedures will be undertaken for the foreign
  clones indentified as NAB 12, RRIM 725, FX25, PPN 2444, PPN
  2447, KRS 21 and PPN 2058.
      Lilaratne said the susceptible clones would be replaced by
  PB 86, RRIM 600, RRIC 110, RRIC 121, RIC 100 and RIC 102.
      These six varieties would also be used to replace trees
  uprooted or base-budded, De Mel said.
      Lilaratne said planters would receive 10,000 rupees per
  hectare for replanting and plants would be free of charge.
      ""But no compensation is contemplated at the moment,"" he
  added.
      De Mel said a drought in Sri Lanka has helped control the
  spread of the disease.
      ""The drought has not stopped the disease, but probably
  helped in some way because trees have not been affected in
  areas that are dry,"" he said.
      Brokers said the disease had not affected prices because it
  has not caused a drop in production.
      Prices for the best latex crepe at the Colombo auction last
  week firmed to 20.19 rupees per kilo from 20.05 rupees at the
  previous sale.
  

"
training/10734	32	money-fx	"PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA
  The Philadelphia Stock Exchange (PHLX),
  a leading trader of currency options, plans to extend its
  trading hours to serve Australasian and Far Eastern markets,
  exchange president Nicholas Giordano said.
      He told reporters the PHLX will open a new session between
  1900 and 2300 hours U.S. EST from the beginning of the third
  quarter this year.
      The PHLX is also opening an office in Hong Kong to serve
  clients in the region and educate financial markets about the
  advantages of currency options, Giordano said.
      Giordano was in Sydney to start an Asian-Pacific tour by
  exchange executives promoting the hedging benefits of the
  exchange-trade currency option market against existing
  over-the-counter option trading during the local working day.
      Currency options pioneered by the PHLX in 1982 had become
  an accepted means of hedging against foreign exchange risk and
  had grown in popularity, he said.
      The PHLX now offered options in eight currencies, including
  a new Australian dollar option, and traded an average 42,000
  contracts daily with underlying open interest of more than 30
  billion U.S. Dlrs.
      Giordano said the exchange had been impressed with the
  performance of its Australian dollar contract, which since its
  introduction last year had regularly topped the French franc as
  the third most popular traded option, with up to 8,000
  contracts traded daily.
      Having the Philadelphia exchange open during the
  Asia-Pacific market day would open new hedging opportunities,
  set a truer level for over-the-counter option trading, increase
  arbitraging opportunities and give corporations and treasuries
  access to a currency option market of much greater depth and
  liquidity with the security of a clearing house, he said.
  

"
training/10737	33	money-supply	"U.K. CONFIRMS FEBRUARY STERLING M3 RISE
  The Bank of England said the broad
  measure of U.K. Money supply, Sterling M3, rose a seasonally
  adjusted 2.2 pct in February after a 1.1 pct rise in January.
      The unadjusted year on year rise was 18.9 pct after 17.6
  pct in the year to January, the Bank said.
      The narrow measure of money supply, M0, fell by a
  seasonally adjusted 0.8 pct in February, and rose by a
  non-adjusted 4.1 pct year on year. In January, M0 fell by an
  adjusted 0.6 pct, and rose by a non-adjusted 4.1 pct year on
  year.
      The figures confirm provisional data issued by the Bank on
  March 19.
      The Bank said sterling bank lending grew by a seasonally
  adjusted 2.91 billion stg in February, after a 1.70 billion stg
  adjusted rise in January.
      The measure of private sector liquidity, PSL2, rose an
  unadjusted 0.9 pct in February, making a year-on-year
  unadjusted 13.1 pct rise. Adjusted, PSL2 rose by 1.2 pct in
  February, against a 0.6 pct rise in January, the Bank said.
      It said the public sector contribution to the growth in
  Sterling M3 was contractionary by about 40 mln stg after a
  contractionary contribution of 2.3 billion stg in January.
      Within this, the Public Sector Borrowing Requirement showed
  a repayment of 380 mln stg after a 3.7 billion stg repayment in
  January, while the non-bank private sector's holdings of
  government debt fell by about 260 mln stg after a 1.1 billion
  stg fall in January.
      There was a 50 mln stg rise in notes and coins in
  circulation in February after a 290 mln stg fall in January,
  the Bank said.
      Non-interest bearing sight deposits rose by 460 mln stg
  after a 1.5 billion stg fall in January and interest-bearing
  deposits fell 200 mln stg after a 1.6 billion rise in January.
  

"
training/10738	12	earn	"SLOUGH ESTATES VIEWS 1987 PROSPECTS CONFIDENTLY
  Slough Estates Plc <SLOU.L> said it
  views the prospects during 1987 with confidence.
      In a statement accompanying its 1986 results, it reported a
  rise of over 10 mln stg in 1986 pretax profit to 49.6 mln stg
  and said there are signs that the existing threat of excess
  supply may be lessened in 1987. There has also been a return of
  interest in industrial investment.
      An external appraisal of the group's investment properties
  was carried out last year which found their gross value to be
  851.3 mln stg as at Dec 31.
  

"
training/1074	0	acq	"CALMAR <CLMI> SEEKS TO BE ACQUIRED BY <KEBO AB>
  Calmar Inc said KEBOO Ab of
  Sweden, which now owns about 64 pct of Calmark, has approved
  the acquisition of remaining Calmar shares at 25.375 dlrs in
  cash at the request of the Calmar board.
      Calmar said a special meeting of its board will be held
  March Nine to form a special committee of directors not
  affiliated with KEBO to evaluate the transaction.
      KEBO is in turn 60 pct owned by <Investment AB Beijar> of
  Sweden.
  

"
training/10742	4	cocoa	"EC COMMISSIONER WELCOMES COCOA ACCORD
  The new International Cocoa Agreement
  should lead to a stabilisation of prices, both benefitting
  producer countries and promoting an equilibrium in
  international economic relations, European Community
  Development Commissioner Lorenzo Natali said.
      He said in a statement welcoming the agreement on buffer
  stock rules reached last week in London that it resulted in
  large part from initiatives taken by the EC Commission after
  consumers and producers had reached deadlock in initial
  negotiations.
  

"
training/10743	12	earn	"RUGBY WELL PREPARED FOR NEW CEMENT COMPETITION
  Rugby Portland Cement Plc <RBYL.L> said
  it was well placed to operate in the new circumstances
  following the ending in February of the 53-year old cement
  manufacturers common price and marketing arrangements.
      In a statement following the release of its 1986 results,
  IT stated that the current year had started well. It reported
  that pretax profits in the year rose to 35.46 mln stg from
  21.84 mln previously on turnover higher at 313.3 mln after
  252.2 mln.
      The strong recovery of the first six months continued into
  the second half, although U.K. Cement demand rose only
  modestly. Results benefitted from cost cutting and higher
  volumes.
      The decision by the Cement Makers Federation to end the
  pricing agreement reflected pressure from higher competition
  due to growing imports and the possibility that the system
  would be taken to the Restrictive Practices Court by the U.K.
  Government. It stated that its John Carr unit benefitted from
  strong organic growth, although overseas its Cockburn operation
  had a difficult period with high maintenance costs and
  increased depreciation charges.
      The company is proposing to change its name at the next
  annual meeting to <Rugby Group Plc>.
      Rugby said it spent 27 mln stg on acquisitions in 1986. It
  noted that its Western Australia hotels company had agreed to
  sell the Parmelia hotel for 31.5 mln Australian dlrs, some
  seven mln stg above end-1986 book value.
      The results were largely in line with forecasts and Rugby
  shares were little changed at 242p after 241 at Friday's close.
  

"
training/10744	0	acq	"MANNESMANN BUYS INDIRECT MAJORITY STAKE IN SACHS
  Mannesmann AG <MMWG.F> said it has
  reached a series of agreements giving it an indirect majority
  stake in the <Fichtel und Sachs AG> car parts group.
      The takeover is contingent on approval from the Federal
  Cartel Office in West Berlin, a spokesman said, adding that
  Mannesmann was confident the authorities would not block the
  purchase.
      Mannesmann is buying 75 pct of <MEC Sachs
  Vermoegensholding> which owns 37.5 pct of Sachs AG, which in
  turn holds 96.5 pct of Fichtel und Sachs. The MEC shares will
  be bought from the granddaughters of the firm's founder.
      Mannesmann is also purchasing a 25.01 pct stake in Fichtel
  und Sachs from Commerzbank AG <CBKG.F> and has an option to buy
  the bank's remaining 10 pct stake, a company statement said.
      In addition to these firm agreements, Mannesmann is also
  talking with the state-owned steel group Salzgitter AG
   <SALG.H> on buying its 24.98 pct stake in Fichtel und Sachs.
   This would give Mannesmann around 75 pct of Fichtel und Sachs.
      Salzgitter said it decided to give up its own original
  plans to seek a majority stake in Sachs after holding talks
  with the government in Bonn.
      Earlier this month Mannesmann disclosed that it might want
  a majority stake in Sachs after previously saying it was
  seeking to buy only a minority holding in the company, which
  has annual turnover of 2.2 billion marks and employs 17,000.
      The acquisition is part of Mannesmann's efforts to
  diversify into high-technology areas and away from its previous
  reliance on steel and pipe-making. More
      A spokesman for the Federal Statistics Office later said
  the anti-cartel authorities would probably rule on the takeover
  in the new few weeks.
  

"
training/10746	33	money-supply	"SINGAPORE M-1 MONEY SUPPLY 2.7 PCT UP IN JANUARY
  Singapore's M-1 money supply  rose
  2.7 pct in January to 10.09 billion Singapore dlrs after a 3.7
  pct increase in December, the Monetary Authority of Singapore
  said.
      Year on year, M-1 grew by 15.6 pct in January compared with
  an 11.8 pct growth in December.
      The January rise was largely seasonal, reflecting an
  increase in currency in active circulation prior to the Lunar
  New Year. Currency in active circulation rose to 5.42 billion
  dlrs from 5.03 billion in December and 4.84 billion a year ago.
      The demand deposit component of M-1 dropped in January by
  4.67 billion dlrs from 4.79 billion in December and compared
  with 3.89 billion in January, 1986.
      Broadly-based M-2 money supply rose 1.1 pct to 31.30
  billion dlrs in January, after a 1.6 pct rise in December,
  bringing year on year growth to 12.1 pct in January against
  10.0 pct in the previous month.
  

"
training/10748	43	ship	"B AND C REORGANISES COMMERCIAL OPERATIONS
  British and Commonwealth Shipping Co Plc
  <BCOM.L> said that it would reorganise its commercial and
  service operations into a single public grouping with
  autonomous management.
      The group has expanded rapidly in the past year through the
  672.5 mln stg acquisition of <Exco International Plc> and 90
  mln bid for <Steel Brothers Holdings Plc>.
      It noted that its operations were now divided between
  financial services, including money broking, investment
  management and forfaiting, and more traditional areas such as
  aviation, hotels, commodity trading and office equipment.
      It said that each sector had exciting prospects but
  required different methods of management and financing.
      B and C planned to form a new public company to hold the
  commercial operations and envisaged it operating with a capital
  of between 400 mln and 600 mln stg.
      It has retained Barclays de Zoete Wedd to advise on the
  introduction of independent investors to subscribe for
  additional capital, and believes that the proportion of equity
  capital held by outside investors would not exceed 20 pct of
  the total.
      The statement said that with the continued support of B and
  C, together with outside capital, the new grouping would emerge
  as a major group in its own right with the ability to take
  advantages of opportunities as they arose. However, the group
  would not seek a listing for the time being.
      B and C also said that its chairman, Lord Cayzer, planned
  to retire in June. The company proposed that he be appointed
  life president and that current chief executive John Gunn
  should take over as chairman.
      B and C shares eased 11p to 459p at 1040 GMT.
  

"
training/10749	32	money-fx	"JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS
  A Finance Ministry official said the
  ministry has recently conducted a survey on foreign exchange
  transactions by institutional investors but declined to say if
  it was aimed at moderating their dollar sales.
      However, financial market sources said they had heard the
  ministry has asked life insurance and securities firms to
  refrain from selling dollars, but they were unable to confirm
  this directly.
      Dealers said life insurance firms were not major sellers of
  dollars in recent trading sessions because they had already
  sold them to hedge risks.
      Dealers said securities houses and trust banks on the other
  hand have aggressively sold the dollar.
  

"
training/10750	10	crude	"BP U.K. REFINERY DUE TO PARTLY RE-OPEN NEXT WEEK
  The British Petroleum Co PLC (BP.L) oil
  refinery at Grangemouth, closed after an explosion and fire
  eight days ago, is expected to partially reopen next week, a
  refinery spokesman said.
      He said the entire 178,500 bpd refinery has been shut since
  the accident which killed one person and damaged the site's
  hydrocracker. The main units will resume operation next week
  but the hydrocracker will be closed for an unspecified period.
  The spokesman said the refinery had been operating at about
  half its capacity since end-January due to overhaul work on
  part of the complex. The overhaul is expected to end by late
  April.
  

"
training/10752	5	coffee	"TOP QUALITIES SOUGHT ON HAMBURG COFFEE MARKET
  The green coffee market saw some demand
  for high quality coffees in the past week, but business was
  described as generally unsatisfactory, trade sources said.
      Especially sought were spot East African and Ethiopian and
  some Brazils, they said, adding that some high grade robustas
  also met some demand.
      Sporadic business was noted in the second hand which
  offered Kenya coffee for May/June shipment up to 25 dlrs below
  origin levels.
      Roasters are said to be well covered and are not expected
  to enter the market for larger purchases in the near term.
  

"
training/10754	33	money-supply	"SINGAPORE BANK CREDIT RISES IN JANUARY
  Total loans and advances extended by
  banks in Singapore rose in January to 36.01 billion Singapore
  dlrs from 35.79 billion in December but fell from 36.93 billion
  a year ago, the Monetary Authority of Singapore said.
      It said the increase was concentrated in loans to the
  manufacturing and real estate sectors, while loans to the
  commerce sector declined.
      Deposits of non-bank customers also fell in January to
  30.44 billion dlrs from 30.61 billion in December but rose from
  28.33 billion in January, 1986.
      Total assets and liabilities of banks rose to 77.60 billion
  dlrs in January from 76.83 billion in the previous month and
  69.45 billion a year ago.
      Assets and liabilities of finance companies fell to 6.87
  billion dlrs from 6.95 billion and compared with 6.85 billion,
  respectively.
      Loans extended by finance companies rose to 4.77 billion
  dlrs from 4.74 billion in December and against 5.34 billion in
  January last year, while deposits placed with them dropped to
  4.68 billion against 4.89 and 4.79 billion.
  

"
training/10755	32	money-fx	"BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET
  The Bank of England said it had not
  operated in the money market during the morning session.
      Earlier, the Bank revised its forecast of the liquidity
  position to flat from its original estimate of a 100 mln stg
  surplus.
  

"
training/10756	32	money-fx	"ASIAN DOLLAR MARKET ASSETS FALL IN JANUARY
  The gross size of the Asian dollar
  market contracted to 197.2 billion U.S. Dlrs in January, down
  3.4 billion dlrs from December, reflecting a decline in
  interbank activity, the Monetary Authority of Singapore (MAS)
  said in its latest monthly bulletin.
      The assets stood at 151.7 billion dlrs in January last
  year.
      MAS said interbank lending fell in January to 140.9 billion
  dlrs from 146.6 billion in December but rose from 102.0 billion
  in january 1986 and interbank deposits to 154.0 billion against
  159.4 and 117.1 billion, respectively.
      Loans to non-bank customers increased to 40.1 billion dlrs
  in January from 38.7 billion in December and 36.9 billion in
  January, 1986.
      Deposits of non-bank customers also increased in January to
  34.9 billion from 33.8 billion a month ago and 27.7 billion a
  year ago. REUTER
  

"
training/10757	33	money-supply	"H.K. M3 MONEY SUPPLY RISES 1.4 PCT IN FEBRUARY
  Hong Kong's broadly defined M-3 money
  supply rose 1.4 pct in February to 615.59 billion H.K. Dlrs
  from January when it rose 2.2 pct, the government said.
      Total M3 rose 22.4 pct from February, 1984. Local currency
  M3 rose 0.6 pct to 282.11 billion dlrs from January, and 16.8
  pct on the year.
      Total M2 rose 2.0 pct to 545.71 billion dlrs in February
  from January, when it increased by 3.3 pct.
      Local currency M2 rose 1.0 pct to 251.49 billion dlrs last
  month after it rose 4.7 pct in January. Total M2 and local M2
  rose 32.0 pct and 24.9 pct respectively from February, 1984.
      Total M1 fell 5.3 pct to 59.52 billion dlrs in February
  after a 12 pct rise in the previous month. Local M1 dropped 6.0
  pct to  54.47 billion dlrs after January's rise of 12.3 pct.
      Year on year growth in total M1 and local M1 was 26.3 pct
  and 27.6 pct, respectively.
      Total loans and advances rose 1.3 pct to 523.74 billion
  dlrs from January, when they were up 3.3 pct. However, loans
  for financing Hong Kong's visible trade fell 1.3 pct to 36.23
  billion dlrs after a 3.4 pct rise in the previous month.
  

"
training/1076	0	acq	"ITALY'S BNL NEGOTIATING PURCHASE OF GERMAN BANK
  Italy's state-owned <Banca Nazionale Del
  Lavoro-BNL> said it is negotiating to buy a West German bank as
  part of its foreign expansion policy.
      BNL president Nerio Nesi told a news conference the Italian
  bank was currently involved in talks but declined to name the
  German institution.
      He said the takeover move could be seen as BNL's reply to
  Deutsche Bank AG <DBKG.F>, which entered the Italian market in
  December 1986, with the purchase of BankAmerica <BACN>
  subsidiary <Banca D'America e D'Italia>.
      Nesi said BNL had also approved a 200 mln dlr credit line
  to the Soviet Union aimed at enabling Soviet companies to pay
  for Italian imports. He gave no further details.
      BNL officials said the group had also decided to increase
  its activities in the Soviet Union by opening a representative
  office in Moscow this month through its subsidiary <Sogecred>,
  which specialises in Italian-Soviet trade.
  

"
training/10760	4	cocoa	"COCOA DEAL SEEN POSITIVE, BUT NO PRICE GUARANTEE
  The buffer stock rules agreement reached
  on Friday by the International Cocoa Organization (ICCO) is an
  improvement on previous arrangements but the price-support
  mechanism is unlikely to do more than stem the decline in cocoa
  prices, many ICCO delegates and trade sources said.
      The accord was reached between producers and consumers of
  the 35-member ICCO council after two weeks of talks.
      European chocolate manufacturers and delegates said the
  accord may boost cocoa prices immediately, but world surpluses
  overhanging the market will pull prices down again before long.
      ""If the buffer stock operation is successful, I doubt it
  will do anything more than stop the price from falling further,
  and it will have no relevance at all to retail chocolate
  prices,"" a European dealer said.
      And if the buffer stock manager delays too long in buying,
  or is not seen to be using his purchasing power when the market
  is relying on him to do so, the bearish trade reaction could
  pressure prices dramatically, dealers said.
      The buffer stock is the market-regulating tool of the ICCO,
  into which cocoa can be bought or from which it can be sold to
  manoeuvre prices into a pre-set stabilization range.
      A new cocoa agreement came into force in January but
  delegates could not agree buffer stock rules at that time.
      The new rules take effect immediately. The buffer stock
  manager is expected to begin buying cocoa within the next three
  weeks, after organizing communications with cocoa producing
  countries and assessing the market, since prices are below the
  ""must-buy"" level of 1,600 Special Drawing Rights per tonne
  specified in the agreement, the sources said.
      The buffer stock theoretically has funds to buy a maximum
  100,000 tonnes within a five week period, but its approach will
  be more cautious, buffer stock manager Juergen Plambeck said.
      The buffer stock has around 250 mln dlrs in funds and a
  buying limit of 250,000 tonnes of cocoa, 100,000 tonnes of
  which are already in the buffer stock.
      ICCO council chairman and Ivorian Agriculture Minister
  Denis Bra Kanon said the new rules have a good chance of
  stabilizing prices. Ivory Coast is the world's largest cocoa
  producer.
      ""We have established rules which will permit us to withdraw
  immediately the surplus of cocoa on the world market,"" Bra Kanon
  told reporters after the council adjourned. Bra Kanon reckoned
  the world cocoa surplus could be less than half the 94,000
  tonnes estimated by the ICCO statistics committee.
      However, some producer and consumer members emerged from
  the final ICCO council meeting with reservations about the
  pact.
      Ghana, whose high-quality cocoa is the world's most
  expensive and provides 60 pct of the country's export earnings,
  made a formal protest to the council about the price
  differentials assigned to its cocoa, saying they were too high
  for Ghanaian cocoa to be bought for the buffer stock.
      According to consumer spokesman Peter Baron of West
  Germany, ""Consumers weren't perfectly happy with the buffer
  stock rules. We reached a very sensitive compromise...There
  were no real winners or losers.""
      Some European Community delegates were not satisfied that
  important points were fully discussed during the talks, and as
  a result, doubted the rules can deal with world surpluses as
  effectively as they could have, delegates said.
      Under the new rules, the buffer stock manager would seek
  offers of different origin cocoas, using price differentials to
  reflect different qualities. Non-ICCO member cocoa can comprise
  up to 15 pct of the total buffer stock.
      London cocoa prices traded today around 1,300 stg per
  tonne, down from around 1,450 stg in January 1987 and 1,750 stg
  in January 1986.
      A cocoa withholding scheme can take a further 120,000
  tonnes of cocoa off the market if a special council session
  decides market conditions warrant it, according to the
  agreement.
      The withholding scheme can only be used if prices fall
  below the 1,600 SDR lower intervention price for more than five
  days and if 80 pct of the maximum buffer stock capacity has
  been filled, or if the buffer stock runs low on funds, it says.
      The ICCO will discuss withholding scheme rules at an
  executive committee meeting on June 9/12, ICCO officials said.
  

"
training/10767	48	trade	"NAKASONE SOUNDS CONCILIATORY NOTE IN CHIP DISPUTE
  Prime Minister Yasuhiro Nakasone sounded
  a conciliatory note in Japan's increasingly bitter row with the
  United States over trade in computer microchips.
      ""Japan wants to resolve the issue through consultations by
  explaining its stance thoroughly and correcting the points that
  need to be corrected,"" he was quoted by Kyodo News Service as
  saying.
      While expressing regret over America's decision to impose
  tariffs on imports of Japanese electrical goods, Nakasone said
  Tokyo was willing to send a high-level official to Washington
  to help settle the dispute.
      Government officials said Japan would make a formal request
  next week for emergency talks and that the two sides would
  probably meet the week after, just days before the April 17
  deadline set by Washington for the tariffs to take effect.
      Tokyo is expected to propose a joint U.S./Japan
  investigation of American claims that Japanese companies are
  dumping cut-price chips in Asian markets.
      On Friday, Washington announced plans to put as much as 300
  mln dlrs in tariffs on imports of certain Japanese electronic
  goods in retaliation for what it sees as Tokyo's failure to
  live up to their bilateral chip pact.
  

"
training/10768	0	acq	"AMYLUM CHAIRMAN DISAPPOINTED BY FERRUZZI-CPC DEAL
  Belgian starch manufacturer <Amylum NV>
  is surprised and disappointed that its 675 mln dlr offer for
  the European business of CPC International Inc <CPC.N> was
  apparently rejected in favour of a lower 630 mln dlr bid by
  Italy's <Gruppo Ferruzzi>, chairman Pierre Callebaut said.
      Callebaut told Reuters that Amylum, a leading starch and
  isoglucose manufacturer in which Britain's Tate and Lyle Plc
  <TATL.L> holds a 33.3 pct stake, had made an undisclosed
  initial takeover offer for CPC's European corn wet milling
  business by the close of CPC's tender on March 17.
      The offer was raised on March 24 to a final 675 mln dlrs in
  cash after CPC told Amylum its initial bid was below Ferruzzi's
  630 mln stg offer, Callebaut said.
      On the same day, CPC announced it had agreed in principle
  to sell its European business to Ferruzzi in a 630 mln dlr
  deal.
      Noting that Ferruzzi was studying a public offering of
  shares in its unit <European Sugar (France)> to fund the CPC
  takeover, Callebaut said Amylum may still succeed in its bid.
      ""For the time being we just await developments. But I note
  that whereas our higher offer was in cash, Ferruzzi apparently
  is still organising finance,"" Callebaut said.
  

"
training/1077	51	zinc	"THREE KILLED IN SOUTH AFRICA ZINC REFINERY CLASH
  Three black workers were killed and
  seven injured in fighting at a South African zinc refinery last
  night, Gold Fields of South Africa Ltd said.
      The company said two groups of workers began attacking each
  other at about 1000 local time with machetes, knives and sticks
  at a hostel at the Zincor plant, some 40 kms east of
  Johannesburg.
      It said the fighting was ""quelled"" after 25 minutes by its
  own security staff. Police were called but the fighting had
  ended by the time they arrived.
      A company spokesman said he had no idea of the cause of the
  fighting. An investigation was underway, he said.
  

"
training/10773	32	money-fx	"PHILADELPHIA EXCHANGE TO EXTEND HOURS FOR ASIA
  The Philadelphia Stock Exchange (PHLX),
  a leading trader of currency options, plans to extend its
  trading hours to serve Australasian and Far Eastern markets,
  exchange president Nicholas Giordano said.
      He told reporters the PHLX will open a new session between
  1900 and 2300 hours U.S. EST from the beginning of the third
  quarter this year.
      The PHLX is also opening an office in Hong Kong to serve
  clients in the region and educate financial markets about the
  advantages of currency options, Giordano said.
      Giordano was in Sydney to start an Asian-Pacific tour by
  exchange executives promoting the hedging benefits of the
  exchange-trade currency option market against existing
  over-the-counter option trading during the local working day.
      Currency options pioneered by the PHLX in 1982 had become
  an accepted means of hedging against foreign exchange risk and
  had grown in popularity, he said.
      The PHLX now offered options in eight currencies, including
  a new Australian dollar option, and traded an average 42,000
  contracts daily with underlying open interest of more than 30
  billion U.S. Dlrs.
      Giordano said the exchange had been impressed with the
  performance of its Australian dollar contract, which since its
  introduction last year had regularly topped the French franc as
  the third most popular traded option, with up to 8,000
  contracts traded daily.
      Having the Philadelphia exchange open during the
  Asia-Pacific market day would open new hedging opportunities,
  set a truer level for over-the-counter option trading, increase
  arbitraging opportunities and give corporations and treasuries
  access to a currency option market of much greater depth and
  liquidity with the security of a clearing house, he said.
  

"
training/10774	32	money-fx	"JAPAN CAREFULLY CONSIDERING MONEY POLICY - SUMITA
  Bank of Japan governor Satoshi Sumita
  said the central bank will carefully consider its monetary
  policy in light of the recent sharp fall of the dollar.
      Asked if the Bank of Japan will consider a further cut in
  its discount rate, he said he now thinks the bank will have to
  carefully consider its future money policy.
      He told a Lower House Budget Committee in Parliament that
  credit conditions have been eased by the five discount rate
  cuts by Japan since the beginning of last year.
      Japan must now be especially careful about a flare-up in
  inflation, with money supply growth accelerating, he said.
      Sumita said the central bank would continue to make a
  judgement on monetary policies while watching consumer prices,
  exchange rates and economic and financial conditions both in
  and outside Japan.
      Asked if the September 1985 Plaza agreement was a failure
  because the dollar had fallen too far, Sumita said he still
  thought the pact was a good one in the sense that it had
  corrected the overvaluation of the dollar. But the Plaza accord
  did not set any target for the dollar's fall, he said.
      The dollar's steep fall stems from the market's belief that
  the trade imbalance will continue to expand, he said.
  

"
training/10779	48	trade	"TOKYO BIDS TO STOP CHIP ROW BECOMING TRADE WAR
  Japan is seeking to prevent its computer
  chips dispute with the U.S. From erupting into a full-scale
  trade war, government officials said.
      ""We hope that the dispute on this specific issue won't have
  an adverse effect on our overall relationship with the United
  States,"" a Ministry of International Trade and Industry (MITI)
  official said.
       On Friday, Washington announced plans for as much as 300
  mln dlrs in tariffs on Japanese electronic goods for Tokyo's
  alleged failure to live up to a bilateral computer chip pact.
      That agreement, reached last year after heated
  negotiations, called on Japan to stop selling cut-price chips
  in world markets and to buy more American-made semiconductors.
      Foreign Ministry officials immediately tried to isolate the
  fall-out from the dispute by seeking to separate it from Prime
  Minister Yasuhiro Nakasone's planned trip to Washington at the
  end of April.
      While Japan has already done about all it can to make sure
  the chip pact is working, the government is studying measures
  it can take in other fields to defuse American anger and ensure
  the trip's success, they said.
      ""The perception of Japan in the (U.S.) Congress is very bad,""
  one official told Reuters. ""We would very much like to do
  something to respond to that.""
      In an apparent effort to prevent the chip dispute from
  spreading to other areas, MITI officials sought to depict the
  U.S. Action as a severe warning to Japanese semiconductor
  makers, not to the government.
      Faced with a belligerent domestic chip industry and an
  angry American Congress, the Japanese government has been
  forced to walk an increasingly fine line in the semiconductor
  dispute, trade analysts said.
      They said that it was an open secret that Japan's largest
  chip maker, NEC Corp, was not happy with what it viewed as the
  draconian measures MITI was taking to implement the pact,
  included enforced production cuts.
      The angry response of Japanese chip makers yesterday to the
  announcement of the U.S. Tariffs highlighted the difficulties
  the government faces in taking further action.
      ""Japanese semiconductor manufacturers have complied with the
  U.S./Japan agreement,"" said Shoichi Saba, Chairman of the
  Electronic Industries Association of Japan.
      He accused the U.S. of being ""irrational."" He said the U.S.
  action had made the bilateral chip pact ""meaningless.""
      Saba's comments contrasted with those of Prime Minister
  Yasuhiro Nakasone, who said Tokyo wanted to solve the dispute
  through consultations.
      Japan is expected to send a high-level official to
  Washington early next month to try to convince the U.S. Not to
  go ahead with the tariffs on April 17.
      Trade analysts say Tokyo is likely to outline industry
  plans to step up purchases of U.S. chips and to propose a joint
  investigation into U.S. allegations of chip dumping.
  

"
training/1078	22	interest	"FED EXPECTED TO ADD TEMPORARY RESERVES
  The Federal Reserve is expected to
  enter the U.S. Government securities market to add temporary
  reserves, economists said.
      They expect it to supply the reserves indirectly by
  arranging 1.5 to two billion dlrs of customer repurchase
  agreements. The Fed may add the reserves directly instead via
  System repurchases.
      Federal funds, which averaged 6.18 pct yesterday, opened at
  6-3/16 pct and stayed there in early trading. Analysts said the
  rate is under upward pressure partly from settlement of 8.25
  billion dlrs of five-year Treasury notes.
  

"
training/10781	48	trade	"BALDRIGE PREDICTS END OF U.S.-JAPAN TRADE DISPUTE
  The United States and Japan will
  soon settle their trade dispute over semiconductors, U.S.
  Commerce secretary Malcolm Baldrige said on television.
      Baldrige, referring to the U.S.-Japan trade agreement on
  semiconductors, said: ""Their government wants to live up to it.
  Their industries haven't been doing it, and I think we'll have
  a good settlement to spare both sides.""
      ""I think the Japanese understand full well that they haven't
  lived up to this commitment,"" he said.
      He added: ""I do not think there will be a trade war at all.""
      On Friday, Washington announced plans to put as much as 300
  mln dlrs in tariffs on Japanese electronic goods from April 17,
  because of Tokyo's failure to observe the agreement.
      The officials said the tariffs would be ended as soon as
  Japan started adhering to the agreement. But they said there
  was little chance Japan could react quickly enough to avert the
  higher tariffs.
      Baldrige said the Reagan administration hoped the strong
  U.S. Action against Japan would convince Congress to tone down
  protectionist trade legislation now being drafted.
      He denied the action had been taken for that reason.
  

"
training/10784	0	acq	"INVESTOR GROUP PUTS PRESSURE ON GENCORP <GY>
  An investor partnership, seeking to
  acquire GenCorp Inc, said it would attempt to unseat the
  company's board of directors and take other hostile actions if
  the firm refuses to discuss its 2.3 billion dlr takeover bid.
      General Acquisition Co, comprising investors Wagner and
  Brown and glass-maker AFG Industries, also reiterated its
  willingness to negotiate with Gencorp.
      The partnership has earlier offered 100 dlrs per share for
  GenCorp -- a tire, broadcasting, plastics and aerospace
  conglommerate.
      Analysts have speculated that GenCorp, on a break-up basis,
  could fetch more than 110 to 120 dlrs per share.
      GenCorp officials had no comment on General Acquisition's
  statement but a spokesman reiterated an earlier request to
  shareholders to wait until its board renders an opinion before
  making a decision on the General Acquisition tender.
      Gencorp said its statement would be made on or before the
  company's annual meeting, scheduled for Tuesday.
      General Acquisition made its statement in a letter sent to
  the GenCorp board on Friday.
      The partnership said it was willing to negotiate all points
  of its offer, including price.
      The group the board cannot fully carry out its fiduciary
  duties to GenCorp shareholders and make a fully informed
  decision about its offer until it has ""thoroughly explored with
  us the ways in which our offer can be revised to provide
  greater value to your shareholders.""
      General Acquisition said it is aware the board may be
  reviewing alternative transactions which might provide GenCorp
  shareholders with a payment other than cash.
      ""If that is the case, you should recognize that our
  additional equity capital may very well enable us to offer cash
  and securities having greater value than GenCorp could provide
  in any similarly structured transaction,"" the partnership said.
      General Acquisition also said it believes that GenCorp's
  board has an obligation to present any alternative transaction
  it may propose to shareholders in a manner that would allow for
  competing offers.
      The partnership requested that if any other proposal is
  under consideration that it be given the same information
  available to GenCorp's managers and advisers in constructing a
  proposal.
       General Acquisition said that if GenCorp agrees to accept
  another buyout proposal that it also be given an opportunity to
  bid on a competitive and fair basis before any final decision
  is made.
      General Acquisition repeated its request that GenCorp
  remove its ""poison pill"" or shareholders rights plan.
      General Acquisition said if GenCorp does not allow an
  ""environment for fair competition,"" it will take all steps
  necessary to create such an enviroment.
      It said it may take legal action or seek the support of
  shareholders in calling a special meeting to replace the board
  and to consider other proposals it might develop.
      General Acquisition also said if the board decides to
  accept an alternate proposal it asked that it not accept a plan
  that would include defensive features.
  

"
training/10786	0	acq	"UNITED BANKS COLORADO <UBKS> ACQUISITION CLEARED
  United Banks of Colorado Inc said it has
  received Federal Reserve Board approval to acquire IntraWest
  Financial Corp <INTW> in an exhcnmage of 0.7234 United share
  for each IntraWest share.
      The company said the acquisition is still subject to 30-day
  review by the U.S. Justice Department and is expected to be
  completed in the second quarter.
  

"
training/10787	0	acq	"SUFFIELD'S <SSBK> COASTAL <CSBK> BUY CLEARED
  Suffield Financial Corp said it
  has received approvcal from the Maine Bureau of Banking for its
  proposed acquisition of Coastal Bancorp of Portland, Maine, and
  the acquisition is expected to close around April One.
      The approval was the last regulatory clearance required for
  the transaction.
  

"
training/10788	0	acq	"MARKETING SYSTEMS <MASY> SEEKS ACQUISITIONS
  Marketing Systems of America Inc
  said it has retained Richter, Cohen and Co to assist in efforts
  to redirect its business through merger or acquisition.
      The company said as consideration for services to be
  renedered, it has agreed to grant Richter five-year warrants to
  buy 231,000 common shares at 32 cts each, exercisable starting
  in March 1988, and a negotiated fee on completion of any
  transaction.  It said it has the right to cancel the warrants
  after one year if no transaction has been completed.
  

"
training/1079	23	ipi	"EC INDUSTRY OUTPUT GROWTH SLOWS IN 1986
  European Community industrial output
  increased by an average of around two pct last year, compared
  with 3.3 pct growth recorded in 1985 against a year earlier,
  the EC statistics office Eurostat said.
      Growth was highest in Portugal at five pct, while in Greece
  output contracted by 0.3 pct, Eurostat said in a statement.
      Eurostat noted output growth also fell in the U.S. And
  Japan. U.S. Production increased 1.1 pct after 2.0 pct in 1985,
  while in Japan output contracted by 0.5 pct after rising 4.5
  pct a year earlier.
      Eurostat said EC industrial production in December rose 3.1
  pct compared with 12 months earlier but added that after
  adjustment for seasonal factors, output growth had been clearly
  slowing down since the beginning of the summe
  

"
training/10790	12	earn	"ORACLE SYSTEMS <ORCL> FILES FOR OFFERING
  Oracle Systems Corp said it has
  filed for an offering of 2,300,000 common shares, after
  adjustment for a recent two-for-one stock split, including
  800,000 to be sold by shareholders.
      The company said lead underwriters are Alex. Brown and Sons
  Inc <ABSB> and <Donaldson, Lufkin and Jenrette Securities
  Corp>.  The offering is expected to be made in early April,
  with company proceeds used to repay all short-term debt, for
  working capital and for possible acquisitions.
      Oracle said after the offering it will have about 28.5 mln
  shares outstanding.
  

"
training/10794	0	acq	"SKANSKA TO TAKE STAKE IN CANADIAN FIRM
  Swedish construction and real estate
  company Skanska AB <skbs.St.> said it will sell its 49 pct
  holding in Canadian building firm <Canadian Foundation Company
  Ltd> to rival <Banister Continental Ltd>.
      A company spokeswoman told Reuters Skanska will receive
  Banister shares as payment, giving the Swedish group 15 pct of
  the stock in the expanded Banister firm.
      She said Skanska will also be appointing two board members
  to the Canadian company.
  

"
training/10796	32	money-fx	"U.K. MONEY MARKET GIVEN 129 MLN STG ASSISTANCE
  The Bank of England said it had provided
  the money market with assistance worth 129 mln stg in the
  afternoon session. This compares with the Bank's forecast of a
  shortage in the system today of around 100 mln stg.
      The central bank purchased 129 mln stg bank bills in band
  one at 9-7/8 pct.
  

"
training/108	12	earn	"MERIDIAN BANCORP INC <MRDN> SETS REGULAR PAYOUT
  Qtly div 25 cts vs 25 cts prior
      Pay April one
      Record March 15
  

"
training/1080	12	earn	"LSB INDUSTRIES INC <LSB> 4TH QTR NET
  Shr profit five cts vs loss 2.11 dlrs
      Net profit 375,061 vs loss 10.4 mln
      Revs 39.9 mln vs 37.8 mln
      Avg shrs 6,536,008 vs 4,939,895
      12 mths
      Shr profit 47 cts vs loss 3.37 dlrs
      Net profit 2,837,288 vs loss 16.6 mln
      Revs 169.1 mln vs 149.4 mln
      Avg shrs 6,037,640 vs 4,937,378
      NOTE: primary earnings per share are based on the weighted
  average number of common and dilutive common equivalent shares
  outstanding during each period after accounting for preferred
  stock dividends.
      The qtr and year 1985 includes a 6,000,000 provision for
  restructuring costs related to the sale of its Energy business
  and parts of its Bearing business.
      The qtr and year 1986 includes charges of 1,200,000 and
  5,200,000, respectively, for restructuring costs and operating
  losses which were charged against the previously provided
  accruals for restructuring costs.
      The qtr and year 1986 includes deferred income taxes of
  244,000 and 785,000, respectively.
      Year net 1986 includes operations of Friedrich Climate
  Master Inc, which the company acquired in August 1985, for the
  full period, while the comparable period for 1985 includes only
  operations from August 16, 1985, to Dec 31, 1985.
      Third qtr 1986 Includes extraodinary tax gain of 270,000 
  from early extinquishment of certain drafts payable.
  

"
training/10805	12	earn	"SAGE ANALYTICS <SAII> SETS STOCK SPLIT
  Sage Analytics International Inc
  said its board has declared a three-for-two stock split,
  payable June 22 to holders of record on June Eight.
      The company also said it will redeem warrants till
  outstanding on June Two at 10 cts each.  Each two warrants
  allow the purchase of one common share at six dlrs through June
  One.  There are presently 800,000 warrants outstanding.
  

"
training/10808	32	money-fx	"JAPAN CONDUCTS CURRENCY SURVEY OF BIG INVESTORS
  A Finance Ministry official said the
  ministry has recently conducted a survey on foreign exchange
  transactions by institutional investors but declined to say if
  it was aimed at moderating their dollar sales.
      However, financial market sources said they had heard the
  ministry has asked life insurance and securities firms to
  refrain from selling dollars, but they were unable to confirm
  this directly.
      Dealers said life insurance firms were not major sellers of
  dollars in recent trading sessions because they had already
  sold them to hedge risks.
      Dealers said securities houses and trust banks on the other
  hand have aggressively sold the dollar.
  

"
training/10809	32	money-fx	"JAPANESE SEEN LIGHTENING U.S. BOND HOLDINGS
  The dollar's tumble to a record low of
  144.70 yen in Tokyo today motivated some major Japanese
  investors to lighten their U.S. Bond inventory further and is
  expected to spur diversification into investment assets
  including foreign and domestic shares, dealers said.
      The key U.S. 7-1/2 pct Treasury bond due 2016 fell to a low
  of 96.08-12 in early Tokyo trade against the 98.05-06 New York
  finish, then recovered to 96.20-22.
      Some trust bank pension fund acccounts and investment
  trusts were seen selling several hundred million dollars on the
  foreign exchange market here today, accentuating the unit's
  tumble, securities house dealers said.
      They seem undecided on what to do with the fresh yen cash
  positions resulting from their dollar sales today, and are
  sidelined until the currency market stabilises and the interest
  rates outlook clarifies, a Nikko Securities Co Ltd currency
  trader said.
      The dollar's plunge and low yields on U.S. Bonds will
  further promote diversification into other foreign investments,
  as well as call back funds into the domestic bond and stock
  markets from overseas bond markets, securities bond managers
  said.
      They said major Japanese investors in the past two years
  are estimated to have held 50 to 80 pct of their foreign
  portfolios in U.S. Bonds but many have lightened their U.S.
  Bond inventory to as low as 40 pct.
      Since late last year, Japanese investors, seeking
  substantial liquidity and attractive yields, have used fresh
  funds to buy mark and Canadian dollar bonds and, after the
  Paris currency pact, actively bought French franc bonds and
  gilts while gradually lightening U.S. Bond inventories, the
  managers said.
      Dealers said funds tied up in foreign assets had flowed
  into local bond and stock markets as well.
      The yield of the key 5.1 pct 89th bond dropped to a record
  low of 4.080 pct today from the 4.140 Saturday finish and
  compared with 4.25 pct on three-month certificates of deposit.
      The key bond has fluctuated less than five basis points for
  more than a month here, suggesting most dealers could not
  satisfy their needs for capital gains, dealers said.
      A market survey by Reuters showed some active accounts in
  U.S. Treasuries are currently dealing on Tokyo's stock market.
  The stock market's bullishness late last week was partly due to
  funds transferred from U.S. Treasuries, dealers said.
      Japanese net purchases of foreign securities in the first
  half of March fell an estimated one billion dlrs compared with
  average monthly net purchases of 7.7 billion for the whole of
  1986, Finance Ministry sources said.
      The steep fall is due to Japanese investors' cool attitude
  towards U.S. Bonds, which had amounted to more than 80 pct of
  total foreign securities purchased, securities houses managers
  said.
      Foreign stock buying in March is expected to exceed the
  record high of 1.5 billion dlrs seen in December, they said.
      ""Diversification of foreign portfolios is underway and we
  have bought bonds in currencies such as marks, the Canadian
  dollar, the ECU and French franc,"" a fund manager at <Yasuda
  Trust and Banking Co Ltd> said.
  

"
training/10811	16	gold	"PERU ANNOUNCES LARGE NEW GOLD FIND
  President Alan Garcia said Peru has found
  gold deposits worth an estimated 1.3 billion dlrs in a jungle
  region near the Ecuadorean border about 1,000 km north of here.
      He told reporters yesterday the deposits, located at four
  sites near the town of San Ignasio, contained the equivalent of
  100 tonnes of gold.
      Garcia said the government would soon install a two mln dlr
  treatment plant at Tomaque. It will extract enough ore to
  provide an estimated 25 mln dlr profit by the end of this year,
  he added.
      Garcia said the other gold-bearing deposits are located at
  Tamborapa, Pachapidiana, and a zone between the Cenepa and
  Santiago rivers.
  

"
training/10815	0	acq	"NEWS CORP LTD TO ACQUIRE HARPER AND ROW PUBLISHERS INC FOR 65 DLRS/SHARE

  NEWS CORP LTD TO ACQUIRE HARPER AND ROW PUBLISHERS INC FOR 65 DLRS/SHARE
  

"
training/10816	0	acq	"CANADIAN WORLDWIDE ENERGY BUYS TRITON<OIL> UNIT
  <Canadian Worldwide Energy
  Ltd> said it acquired Triton Energy Corp's wholly owned
  Canadian subsidiary, Triton Petroleum Ltd, for the issue of
  3.75 mln common shares of Canadian Worldwide, subject to
  regulatory approvals.
      The company said the transaction will increase Triton
  Energy's holding in Canadian Worldwide to 13.25 mln shrs or a
  60 pct fully diluted interest from 9.5 mln shares.
      Triton Petroleum's assets consist of proven oil reserves of
  1.3 mln barrels, exploratory acreage, and unspecified working
  capital and a significant tax loss carryforward.
      Canadian Worldwide said it is optimistic the Triton
  Petroleum Ltd acquisition will strengthen its financial and
  production base and permit acceleration of its conventional oil
  exploration program.
  

"
training/10817	12	earn	"CLABIR <CLG> DIVIDENDS NOT TAXABLE
  Clabir Corp said it has
  determined all dividends paid on its Class A common in 1986 are
  not taxable as dividend income.
      While this is a preliminary estimate, the company said, it
  may be used by shareholders when preparing 1986 income tax
  returns.
  

"
training/1082	16	gold	"MORE GOLD DETECTED AT DOYON MINE
  Lac Minerals Ltd and Cambior Inc said
  they completed a second hole at their jointly owned Doyon mine
  in Quebec, which showed two significant gold intersections.
      One intersection graded 0.33 ounce gold per short ton over
  44 feet at depth of 1,411 feet, while the other graded 0.22
  ounce gold per ton over 23 feet at 2,064 feet, the companies
  said. The hole is 460 feet east of the previously reported
  first hole.
      Another hole is being drilled 460 feet to the west of the
  first drill hole and results are expected in late March or
  early April.
  

"
training/10822	12	earn	"LENNAR <LEN> SEES STRONG EARNINGS FOR 1987 YEAR
  Lennar Corp chairman and president,
  Leonard Miller, said the current backlog of orders and the
  strong economy point to strong revenues and earnings for the
  balance of fiscal 1987.
      He said the company's backlog of sales deposits on Feb 28
  was 2,416, an increase of 976 units over the previous year.
      Lennar recorded net earnings for the first quarter 1987 of
  4,403,000, or 51 cts per share, compared to 1,775,000, or 20
  cts per share the prior first quarter. It recorded net earnings
  of 12.5 mln dlrs, or 1.43 dlrs per share, for fiscal 1986.
      The company also said that at its April 29 annual meeting,
  shareholders will vote on increasing the company's authorized
  common stock to 45 mln shares from 15 mln. This will include 30
  mln shares of common stock and 15 mln shares of class B common
  stock, it added.
      Those shareholders who elect to convert their shares into
  class B stock will be entitled to 10 votes per share while
  other shareholders will retain one vote per share, Lennar said.
      The company said if this is approved, it intneds to pay
  holders of Class B stock a quarterly cash dividend of five cts
  per share and holders of the other common stock a quarterly
  cash dividend of six cts per share.
  

"
training/10825	48	trade	"YUGOSLAV TRADE FALLS SHARPLY  STATISTICS SHOW
  Yugoslav trade is declining rapidly
  this year in hard currency terms, according to the latest
  Federal Statistics Office (FSO) figures.
      The FSO figures showed total exports from January 1 to
  March 23 valued at 875.59 billion dinars, compared with 667.18
  billion dinars in the same period last year.
      These figures were down by 12.5 pct on last year in dollar
  terms due to exchange rate fluctuations and changes in how the
  figures were calculated, FSO sources said.
      This year current exchange rates were used for the first
  time instead of a fixed rate of 24.53 dinars to the dollar.
      BELGRADE, March 30 - Yugoslav trade is declining rapidly
  this year in hard currency terms, according to the latest
  Federal Statistics Office (FSO) figures.
      The FSO figures showed total exports from January 1 to
  March 23 valued at 875.59 billion dinars, compared with 667.18
  billion dinars in the same period last year.
      These figures were down by 12.5 pct on last year in dollar
  terms due to exchange rate fluctuations and changes in how the
  figures were calculated, FSO sources said.
      This year current exchange rates were used for the first
  time instead of a fixed rate of 24.53 dinars to the dollar.
  

"
training/10826	12	earn	"WALBRO <WALB> SEES STRONG 1ST QTR RESULTS
  Walbro Corp said it expects
  its first-quarter results to reach ""all-time highs.""
      It projected sales exceeding 32 mln dlrs, or up 21 pct from
  the 26,488,000 dlrs reported for the 1986 first quarter. It
  said the previous high for a single quarter was 27,179,000 dlrs
  for the 1986 fourth quarter.
      Walbro estimated income for the quarter will exceed
  first-quarter 1986 income, which was 1,953,000 dlrs, or 66 cts
  a share, by at least 40 pct. It said the first quarter of 1986
  had been the previous income record for a single quarter.
      Walbro cited strong demand for its fuel systems products,
  especially automotive electronic fuel injection components and
  carburetors for lawn and garden applications.
      However, it said it is unlikely the company will sustain
  the same record pace of sales and income throughout 1987, due
  to an expected reduction in throttle body sales.
      ""It now appears likely that the company's throttle body
  business with General Motors Corp <GM> will peak in the first
  six months of 1987, continue at reduced levels to July 1988 and
  suffer an interruption for the period from July 1988 to July
  1989,"" Walbro added.
  

"
training/10827	15	gnp	"CANADA GDP UP 0.1 PCT IN JANUARY
  Canada's gross domestic product rose 0.1
  pct, seasonally adjusted, in January after gaining 1.0 pct in
  December but falling 0.1 pct and 0.3 pct in November and
  October, Statistics Canada said.
      January's rise, in 1981 prices, was fueled largely by a 0.5
  pct gain in the goods producing sector. Output in
  services-producing industries declined 0.1 pct from December's
  level.
      January's level was 1.29 pct higher than the same month a
  year ago.
      The federal agency said it was the second straight gain for
  goods producing industries. Most of the growth occurred in
  manufacturing and construction.
      Within manufacturing, strong gains were posted in the wood,
  machinery, non-metallic mineral and food product groups.
  Significant declines were recorded in the output of automobiles
  and parts, however.
      In the services sector, increases in finance, insurance and
  communication were more than offset by declines in
  transportation, storage and the retail trade.
  

"
training/10831	0	acq	"MOBIL FRANCE TO TAKE 10 PCT STAKE IN PRIMAGAZ
  Mobil Corp's <MOB> Mobil Oil Francaise
  unit said it will take a stake of about 10 pct in the French
  butane and propane gas distribution company <Primagaz> in
  exchange for the transfer to Primagaz of Mobil's small and
  medium bulk propane activity.
      Small and medium bulk propane sales totalled 55,000 tonnes
  in 1986 and the transfer will increase total business of
  Primagaz by about 12 pct, equal to 32,000 extra customers.
      A Primagas spokesman said Mobil will take the stake by
  means of a capital increase, terms of which have not yet been
  established.
  

"
training/10832	12	earn	"METROMAIL <MTML> SEES FLAT YEAR NET
  Metromail Corp said it expects
  earnings for the year to be about flat due to higher expenses
  caused by an expansion of data processing capabilities and
  startup costs associated with new cooperative programs that
  will continue into the fourth quarter.
      The company today reported earnings for the nine months
  ended March One of 7,214,900 dlrs, down from 7,752,800 dlrs a
  year before.  For all of last year it earned 10.9 mln dlrs.
  

"
training/10833	12	earn	"REGENCY CRUISTS <SHIP> CORRECTS EARNINGS
  Regency Cruises Inc said its earnings
  per share for the year 1986 were 36 cts per share, not the 37
  cts it reported on March 11.
      The company lost 10 cts per share in 1985.
  

"
training/10834	0	acq	"MORRISON INC <MORR> ACQUIRES CUSTOM MANAGEMENT
  Morrison Inc, a diversified food
  service company, said it acquired Custom Management Corp, based
  in Kingston, Penn., for an undisclosed amount.
      Custom manages some 215 food contract management operations
  and about 65 environmental service accounts, producing about
  100 mln dlrs in annual revenues.
  

"
training/10839	12	earn	"ANECO REINSURANCE CO LTD <ANECF> YEAR NET
  Shr profit 80 cts vs loss 1.60 dlrs
      Net profit 1,673,960 vs loss 3,292,663
      NOTE: 1986 net includes gain on bond portfolio of 1,160,000
  dlrs and 5,600,000 dlr provision for losses on discontinued
  liability and multi-peril lines of reinsurance.
  

"
training/1084	12	earn	"GULF RESOURCES AND CHEMICAL CORP <GRE> 4TH QTR
  Oper shr profit 34 cts vs loss 53 cts
      Oper net profit 3,337,000 vs 4,881,000
      Revs 32.7 mln vs 49.6 mln
      Year
      Oper shr profit 20 cts vs loss 90 cts
      Oper net profit 2,374,000 vs loss 9,381,000
      Revs 126.9 mln vs 160.5 mln
      NOTES: Operating net excludes loss 6,050,000 dlrs, or 64
  cts a share, vs loss 24,839,000 dlrs, or 2.61 dlrs a share, in
  quarter and loss 6,050,000 dlrs, or 64 cts a share, vs profit
  64,013,000 dlrs, or 6.27 dlrs a share, from discontinued
  operations
      1986 loss from discontinued operations includes 6.0 mln
  dlrs charge, equal to 64 cts a share, to provide for additional
  liabilities resulting from the 1981 closure of lead, zinc and
  silver mining, smelting and refining business
      1986 year operating net includes pre-tax gain of 5.3 mln
  dlrs, equal to 56 cts a share, from pension plan termination
  and gain of 5.2 mln dlrs, or 56 cts a share, from reduction in
  deferred taxes
      Effective Jan 1, 1987, company changed oil and gas
  accounting to successful efforts from full cost, increasing
  1986 year net 9.2 mln dlrs, or 98 cts a share, and increasing
  1985 loss 4.3 mln dlrs, or 43 cts a share. The cumulative
  effect of the change was to decrease retained earnings at Dec
  31, 1986, by 14.0 mln dlrs
  

"
training/10840	12	earn	"TEXAS INTERNATIONAL CO <TEI> 4TH QTR LOSS
  Shr loss 36 cts vs loss 36 cts
      Net loss 20.1 mln vs loss 12.6 mln
      Revs 12.5 mln vs 24.9 mln
      Avg shrs 55.8 mln vs 34.7 mln
      Year
      Shr loss 1.11 dlrs vs loss 1.05 dlrs
      Net loss 50.8 ln vs loss 31.9 mln
      Revs 63.7 mln vs 106.9 mln
      Avg shrs 45.8 mln vs 30.2 mln
      NOTE: Net includes extraordinary gains of 247,0000 dlrs vs
  nil in quarter and 809,000 dlrs vs 425,000 dlrs in year.
      1985 year net includes 6,700,000 dlr credit for previous
  overpayments of windfall profits taxes.
  

"
training/10841	12	earn	"SCIENTIFIC MICRO <SMSI> SEES HIGHER REVENUES
  Scientific Micro Systems
  Inc said it expects first quarter revenues to rise by about 60
  pct to 24 mln dlrs, compared with the 15 mln reported for the
  first quarter last year.
      The company said it experienced revenue growth across all
  product lines during the quarter.
      It also said revenue growth should continue during the year
  and the company should experience improved profitability in the
  second half when acquisition and new product introduction costs
  will not have a significant impact on earnings.
  

"
training/10843	0	acq	"BOLT BERANEK <BBN> FILES FOR DEBENTURE OFFERING
  Bolt Beranek and Newman Inc said it
  filed with the Securities and Exchange Commission a
  registration statement covering a 75 mln dlr issue of
  convertible subordinated debentures due 2012.
      A portion of the proceeds will be used to acquire all of
  the outstanding capital stock of Network Switching Systems Inc.
   Another part will allow Bolt to exercise its option to
  purchase all of the limited partnership interests in BBN
  RS/Expert Limited Partnership, with the rest used for general
  corporate purposes. The company named PaineWebber, Merrill
  Lynch and Montgomery Securities as underwriters.
  

"
training/10844	0	acq	"HENLEY GROUP SAID HAS CLOSE TO FIVE PCT OR 7.9 MLN SHARES OF SANTA FE SOUTHERN PACIFIC AS INVESTMENT

  HENLEY GROUP SAID HAS CLOSE TO FIVE PCT OR 7.9 MLN SHARES OF SANTA FE SOUTHERN PACIFIC AS INVESTMENT
  

"
training/10845	10	crude	"MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS
  The average price of mexico's crude
  oil exports in first quarter 1987 will be 15.25 dlrs per
  barrel, according to preliminary figures issued in a press
  release by the state oil company Petroleos Mexicanos (PEMEX).
      It gave no direct comparison with the year-ago figure but
  said crude and products sales were expected to rise to 1.99
  billion dlrs this quarter, 420 mln dlrs higher than expected
  and 22 pct better than the year-ago quarter.
      Prospects for the second quarter were relatively favourable
  with crude exports seen at 1.320 mln bpd after an expected
  1.324 mln this month, 1.323 in February and 1.395 mln in
  January.
  

"
training/10847	12	earn	"TEXAS INTERNATIONAL <TEI> HAS UNQUALIFIED AUDIT
  Texas International Inc said it
  has received an unqualified audit opinion from auditor Arthur
  Andersen and Co.
      The company had received a qualified opinion on 1985
  financial statements subject to its ability to resolve
  negotiations with its U.S. bank group.  Subsequently, it sold
  almost all its domestic oil and natural gas properties and
  retired all U.S. bank debt in March 1987 with part of the
  proceeds.
  

"
training/10848	0	acq	"TENNECO <TGT> BUYS UNISYS <UIS> UNIT
  Tenneco Inc said its Newport
  News Shipbuilding subsidiary has completed the purchase of the
  Sperry Marine Systems division of Unisys Corp for about 70 mln
  dlrs.
      Sperry Marine has annual revenues of about 100 mln dlrs.
  

"
training/10849	0	acq	"BIOGEN <BGENF> MAY SELL EUROPEAN OPERATIONS
  Biogen NV said as part of a
  program to reduce expenses, it is in talks on the sale of its
  Geneva, Switzerland operations.
      The company gave no details.
  

"
training/1085	5	coffee	"COFFEE TALKS COLLAPSE EASES NEED FOR U.S. BILL
  The collapse of International Coffee
  Organization, ICO, talks on export quotas yesterday removes the
  immediate need to reinstate U.S. legislation allowing the
  customs service to monitor coffee imports, analysts here said.
      The Reagan administration proposed in trade legislation
  offered Congress last month that authority to monitor coffee
  imports be resumed. That authority lapsed in September 1986. A
  bill also was introduced by Rep. Frank Guarini (D-N.J.).
      However, the failure of the ICO talks in London to reach
  agreement on export quotas means the U.S. legislation is not
  immediately needed, one analyst said. Earlier supporters of the
  coffee bill hoped it could be passed by Congress quickly.
      ""You're going to have a hard time convincing Congress (now)
  this is an urgent issue,"" the coffee analyst said.
  

"
training/10851	12	earn	"MILTOPE GROUP INC <MILT> 4TH QTR NET
  Shr 10 cts vs 29 cts
      Net 584,000 vs 1,688,000
      Sales 19.8 mln vs 16.9 mln
      Avg shrs 5,959,000 vs 5,762,000
      Year
      Shr 68 cts vs 96 cts
      Net 4,013,000 vs 5,430,000
      Sales 68.1 mln vs 61.3 mln
      Avg shrs 5,934,000 vs 5,679,000
      Backlog 67.9 mln vs 60.6 mln
  

"
training/10853	12	earn	"ALOETTE COSMETICS INC <ALET> 4TH QTR DEC 31 NET
  Shr 12 cts vs 12 cts
      Net 337,000 vs 235,000
      Revs 3,350,000 vs 1,642,000
      Avg shrs 2,935,734 vs 2,000,000
      Year
      Shr 69 cts vs 56 cts
      Net 1,815,000 vs 1,112,000
      Revs 12.1 mln vs 7,709,000
      Avg shrs 2,648,257 vs 2,000,000
  

"
training/10855	12	earn	"INTERNATIONAL PROTEINS CORP <PRO> YEAR NET
  Oper shr 49 cts vs 22 cts
      Oper net 1,018,000 vs 468,000
      Sales 95.0 mln vs 98.3 mln
      NOTE: Net excludes tax credits of 284,000 dlrs vs 310,000
  dlrs.
  

"
training/10856	12	earn	"CSM SYSTEMS INC <CSMS> YEAR ENDED DEC 31 LOSS
  Shr loss 20 cts vs profit 24 cts
      Net loss 173,578 vs profit 211,324
      Revs 4,558,244 vs 5,595,644
      NOTE: Earnings per share restated retroactively for all
  periods to reflect 20 pct stock dividend in April 1984 and 25
  pct stock split September 1985.
      Revenues include progress receivables on long-term
  contracts not billed to customers, and reflect the
  proportionate elements of profit as revenues based on stage of
  completion of long term contracts.
  

"
training/10859	32	money-fx	"FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS

  FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
  

"
training/10860	13	fuel	"GLOBAL RAISES HEAVY FUELS PRICES
  Global Petroleum Corp said today it
  raised its posted prices for numbers six fuel cargoes in the
  new york harbor 70 cts to 1.60 dlrs per barrel, depending on
  grade.
      Effective today, the new prices are: 0.3 pct sulphur 22.50
  dlrs, up 1.25; 0.5 pct sulphur 21.85 dlrs, up 1.60; one pct
  sulphur 20.10 dlrs, up 70 cts; two pct sulphur 19.85, up 75
  cts; 2.2 pct sulphur 19.25 dlrs, up 90 cts; 2.5 pct sulphur
  18.80 dlrs, up 1.20, the company said.
  

"
training/10864	32	money-fx	"FED ADDS RESERVES VIA CUSTOMER REPURCHASES
  The Federal Reserve entered the U.S.
  Government securities market to arrange two billion dlrs of
  customer repurchase agreements, a Fed spokesman said.
      Dealers said Federal funds were trading at 6-3/8 pct when
  the Fed began its temporary and indirect supply of reserves to
  the banking system.
  

"
training/10867	0	acq	"BOW VALLEY INDUSTRIES<BVI> SETS SECONDARY ISSUE
  Bow Valley Industries Ltd said
  it filed a preliminary short form prospectus in Canada and the
  United States for a secondary offering of 22.8 pct of
  outstanding common stock, or 9,362,197 common shares, being
  sold by certain shareholders.
      The company said Bowcan Holdings Inc, a holding company
  principally owned by the Seaman brothers of Calgary and Charles
  Rosner Bronfman Trust of Montreal, is offering to sell all of
  its holding of 8,279,665 Bow Valley common shares.
      The balance of the offering is owned directly and
  indirectly by various trusts of Jean and Charles deGunzberg.
      Proceeds and expenses from the secondary offering of Bow
  Valley Industries common shares are for the account of the
  selling shareholders, the company said.
      The shareholders will engage Salomon Brothers Inc for
  distribution of the shares in the United States and McLeod
  Young Weir Ltd for distribution in Canada.
  

"
training/10868	16	gold	"<CORNUCOPIA RESOURCES LTD> IN DRILLING PROGRAM
  Cornucopia Resources Ltd said an
  extensive drill and sampling program will begin in mid-April at
  its Ivanhoe gold property in north central Nevada.
      It said it will seek to increase the present reserves of
  eight mln short tons grading 0.045 ounce of gold per ton that
  had been found by USX Corp <X> on a small portion of the
  13,.000 acre property, determine the location of possible
  high-grade ore zones at depth and test other targets.
  

"
training/1087	12	earn	"PANSOPHIC SYSTEMS INC <PNS> 3RD QTR JAN 31 NET
  Shr 70 cts vs 56 cts
      Net 6,197,000 vs 4,880,000
      Revs 24.1 mln vs 17.1 mln
      Nine mths
      Shr 1.38 dlrs vs 1.20 dlrs
      Net 12.1 mln vs 10.4 mln
      Revs 52.5 mln vs 41.8 mln
  

"
training/10870	12	earn	"COGNITRONICS CORP <CGN> 4TH QTR LOSS
  Shr loss 78 cts vs loss 18 cts
      Net loss 1,671,000 vs loss 382,000
      Revs 3,261,000 vs 4,427,000
      Year
      Shr loss 1.35 dlr vs loss 15 cts
      Net loss 2,902,000 vs loss 331,000
      Revs 13.5 mln vs 16.1 mln
      NOTE: 1986 and 1985 4th qtr net includes charges of 867,000
  dlrs or 40 cts a share and 222,000 or 10 cts a share,
  respectively.
  

"
training/10871	0	acq	"ALLEGHENY INTERNATIONAL SELLS WILKINSON SWORD GROUP FOR 230 MLN DLRS

  ALLEGHENY INTERNATIONAL SELLS WILKINSON SWORD GROUP FOR 230 MLN DLRS
  

"
training/10872	0	acq	"HENLEY <HENG> HAS SANTA FE SOUTHERN <SFX> STAKE
  Henley Group said in a 10-K filing
  with the Securities and Exchange Commission that it has 7.9 mln
  shares or close to five pct of Santa Fe Southern Pacific Corp,
  a spokesman said.
      In response to questions from Reuters, the Henley spokesman
  said the filing was as of December 31, 1986, but that the
  company still holds the shares.
      ""It's an investment and we're very happy with it. Beyond
  that, I have no comment,"" the spokesman said.
  

"
training/10873	10	crude	"MEXICAN FIRST QTR CRUDE EXPORTS SEEN AT 15.25 DLRS
  The average price of mexico's crude
  oil exports in first quarter 1987 will be 15.25 dlrs per
  barrel, according to preliminary figures issued in a press
  release by the state oil company Petroleos Mexicanos (PEMEX).
      It gave no direct comparison with the year-ago figure but
  said crude and products sales were expected to rise to 1.99
  billion dlrs this quarter, 420 mln dlrs higher than expected
  and 22 pct better than the year-ago quarter.
      Prospects for the second quarter were relatively favourable
  with crude exports seen at 1.320 mln bpd after an expected
  1.324 mln this month, 1.323 in February and 1.395 mln in
  January.
  

"
training/10874	0	acq	"COMBUSTION <CSP> COMPLETES ACCURAY <ACRA> BUY
  Combustion Engineering Inc said
  it has completed the previously-announced acquisition of
  AccuRay Corp in a merger trasaction that closed Friday at 45
  dlrs per share.
  

"
training/10876	5	coffee	"U.S. SEES NO NEW COFFEE AGREEMENT TALKS SOON
  The United States does not expect
  the executive board meeting of the International Coffee
  Organization, ICO, to call for a new round of negotiations on
  reinstating coffee quotas, a U.S. government official said.
      The official, a member of the U.S. delegation to ICO talks
  earlier this year, said no new coffee agreement talks are
  expected because there is no indication the negotiating
  positions of major producers and consumers have changed.
      The U.S. still demands, as a condition of reimposition of
  coffee quotas, that ""objective criteria"" be set for
  establishing quotas, said the U.S. official, who asked not to
  be identified. Brazil, the major producer, insists on quotas
  based on a traditional formula.
      The U.S. remains open to a negotiating meeting but only if
  some new flexibility is apparent from major countries, the
  official said.
      The ICO executive board meets tomorrow in London.
  

"
training/10877	12	earn	"INTELLIGENT SYSTEMS <INP> SETS INITIAL PAYOUT
  Intelligent Systems Master
  Limited Partnership said its board declared an initial
  quarterly dividend of 25 cts per unit, payable April 10 to
  holders of record March 31.
      The partnership, formed at year-end by the conversion of
  Intelligent Systems Corp from corporate form, said its board
  has approved in principle quarterly dividend of 15 to 25 cts
  per quarter for calendar 1987.
      It said as part of its restructuring it may sell some of
  its assets this year, with unitholders receiving either cash
  from the sale or stock in the acquiring company.
  

"
training/10879	12	earn	"QUEST MEDICAL INC <QMED> 4TH QTR LOSS
  Shr loss six cts vs profit two cts
      Net loss 463,473 vs profit 126,835
      Revs 3,506,066 vs 3,082,499
      Year
      Shr loss four cts vs profit three cts
      Net loss 323,214 vs profit 187,893
      Revs 13.8 mln vs 10.8 mln
  

"
training/1088	32	money-fx	"FORMER TREASURY OFFICIAL URGES CURRENCY REFORMS
  Former Treasury official C. Fred
  Bergsten said a new exchange rate system is needed to replace
  the fixed and flexible exchange rate systems which he said had
  not worked.
      ""I prefer a move to 'target zones' in which the major
  countries would determine ranges of 15-20 pct within which they
  would pledge to hold their exchange rates by direct
  intervention and, as necessary, by changes in monetary and
  other policies,"" Bergsten, now the director of the Institute
  for International Economics, said in a statement to a House
  Banking subcommittee.
      ""The substantial correction of the exchange rate that has
  occurred since early 1985 is enormously welcome, and should
  produce a sizeable reduction in the U.S. trade deficit this
  year and next, but the imbalance will not fall much below 100
  billion dlrs on present policies, so much more is needed,"" he
  said.
  

"
training/10883	0	acq	"OPPENHEIMER HAS SIX PCT OF CYCLOPS <CYL>
  Oppenheimer, the brokerage and
  investment subsidiary of Oppenheimer Group Inc, told the
  Securities and Exchange Commission it has acquired 243,400
  shares of Cyclops Corp, or 6.0 pct of the total outstanding.
      Oppenheimer said it bought the stake in connection with
  risk arbitrage and other investment activities in the ordinary
  course of its business. It said it has no plans to seek control
  of the company.
      As of Friday, <Dixons Group PLC> had acquired 2,455,000
  Cyclops shares, giving it 83 pct of the total.
  

"
training/10884	12	earn	"DUNE RESOURCES LTD <DNLAF> 4TH QTR NET
  Shr profit one ct vs loss two cts
      Net profit 27,000 vs loss 69,000
      Revs 295,000 vs 264,000
      Year
      Shr loss eight cts vs loss three cts
      Net loss 262,000 vs loss 88,000
      Revs 1,004,000 vs 1,248,000
  

"
training/10885	12	earn	"AW COMPUTER SYSTEMS INC <AWCSA> YEAR END DEC 31
  Shr 18 cts vs 17 cts
      Net 584,493 vs 540,977
      Revs 4,685,930 vs 4,524,315
  

"
training/10887	0	acq	"ALLEGHENY INTERNATIONAL <AG> SELLS WILKINSON
  Allegheny International Inc said it
  sold its Wilkinson Sword Consumer Group to the <Swedish Match
  Co> of Stockholm for for 230 mln dlrs.
      After settlement of intercompany transactions between the
  Wilkinson Sword groups and Allegheny, the net payment by
  Swedish Match will amount to about 160 mln dlrs.
      The Wilkinson Sword Group was transferred to the Swedish
  Match Co today except for companies in certain countries where
  approval from government authorities is required, the company
  said.
      Allegheny said it acquired a 44 pct interest in Wilkinson,
  then known as Wilkinson Match Ltd, in 1978, and the remaining 
  share in 1980.
      This divestiture is part of Allegheny's overall
  restructuring program and strategy to concentrate primarily on
  its North American consumer products business, the company
  said.
  

"
training/10891	12	earn	"DATRON CORP <DATR> 4TH QTR NET
  Shr 19 cts vs 13 cts
      Net 166,000 vs 118,000
      Rev 3.2 mln vs 2.5 mln
      Year
      Shr 34 cts vs 30 cts
      Net 303,000 vs 269,000
      Rev 10.8 mln vs 10.2 mln
  

"
training/10892	0	acq	"C.O.M.B. <CMCO> SELLS THREE RETAIL STORES
  C.O.M.B. Co said it sold three of
  its retail stores in Omaha to Bob Cummins Enterprises Inc, a
  retail closeout merchandiser.
      It said the sale is consistent with its previously
  announced Retail Division restructuring plans.
  

"
training/10893	12	earn	"CENTRONICS <CEN> SETS PREFERRED PURCHASE RIGHTS
  Centronics Corp said its board
  declared a dividend distribution of one preferred share
  purchase right on each outstanding common share payable to
  holders of record April 9.
      The rights, which will expire 10 years later, will entitle
  shareholders to buy one-hundredth of a share of a new series of
  preferred at an exercise price of 20 dlrs.
      The rights will be exercisable only if some one acquires 30
  pct or more of Centronic's common or announces an offer which
  would result in ownership of 30 pct or more of the stock.
      Centronics said its board will be entitled to redeem the
  rights at two cts per right at any time before a 30 pct
  position has been acquired.
      If the rights become exercisable, the company said, those
  held by shareholders other than the owner of 30 pct or more of
  the stock will entitle the holder to purchase a number of
  common shares having a market value twice the right's exercise
  price.
  

"
training/10894	12	earn	"MCCLAIN INDUSTRIES <MCCL> SETS STOCK SPLIT
  McClain Industries Inc
  said its board declared a four-for-three stock split, payable
  30, record April 15.
      The company also said it plans to open within the next 90
  days a 114,000 square foot plant in Macon, Ga., that will allow
  it to expand production of transfer trailers and other
  products.
  

"
training/10895	0	acq	"HERITAGE COMMUNICATIONS <HCI> IN SPECIAL MEETING
  Heritage Communications Inc
  said it expects to hold a special shareholder meeting in May to
  consider its proposed acquisition by an investor group
  including members of senior management and Tele-communications
  Inc <TELE>.
      The company said it is seeking to obtain all regulatory
  approvals needed to complete the transaction before or shortly
  after the special meeting.  Heritage said it has filed
  preliminary proxy materials with the Securities and Exchange
  Commission and has applied for a change of control of its
  broadcast licenses with the Federal Communications Commission.
      Heritage it and Tele-Communications made required
  Hart-Scott-Rodino filings with the Federal Trade Commission and
  Justice Department on March 11 and 12, respectively.
  

"
training/10897	12	earn	"CHEROKEE GROUP INC <CHKE> 1ST QTR FEB 28 NET
  Shr 22 cts vs 16 cts
      Net 2,460,000 vs 1,730,000
      Sales 37.0 mln vs 27.3 mln
      NOTE: Share adjusted for two-for-one stock split in
  February 1987.
  

"
training/10899	0	acq	"LOUISIANA PACIFIC <LPX> TO BUY WALLBOARD PLANT
  Louisiana Pacific Corp said it
  reached a non-binding agreement in principle to buy a gypsum
  wallboard plant in Seattle from Norwest Gypsum.
      Purchase price and other details of the agreement were not
  disclosed.
  

"
training/109	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS 310 MLN DLRS
  U.S. bank discount window borrowings
  less extended credits averaged 310 mln dlrs in the week to
  Wednesday February 25, the Federal Reserve said.
      The Fed said that overall borrowings in the week fell 131
  mln dlrs to 614 mln dlrs, with extended credits up 10 mln dlrs
  at 304 mln dlrs. The week was the second half of a two-week
  statement period. Net borrowings in the prior week averaged 451
  mln dlrs.
      Commenting on the two-week statement period ended February
  25, the Fed said that banks had average net free reserves of
  644 mln dlrs a day, down from 1.34 billion two weeks earlier.
      A Federal Reserve spokesman told a press briefing that
  there were no large single day net misses in the Fed's reserve
  projections in the week to Wednesday.
      He said that natural float had been ""acting a bit
  strangely"" for this time of year, noting that there had been
  poor weather during the latest week.
      The spokesman said that natural float ranged from under 500
  mln dlrs on Friday, for which he could give no reason, to
  nearly one billion dlrs on both Thursday and Wednesday.
      The Fed spokeman could give no reason for Thursday's high
  float, but he said that about 750 mln dlrs of Wednesday's
  float figure was due to holdover and transportation float at
  two widely separated Fed districts.
      For the week as a whole, he said that float related as of
  adjustments were ""small,"" adding that they fell to a negative
  750 mln dlrs on Tuesday due to a number of corrections for
  unrelated cash letter errors in six districts around the
  country.
      The spokesman said that on both Tuesday and Wednesday, two
  different clearing banks had system problems and the securities
  and Federal funds wires had to be held open until about 2000 or
  2100 EST on both days.
      However, he said that both problems were cleared up during
  both afternoons and there was no evidence of any reserve
  impact.
      During the week ended Wednesday, 45 pct of net discount
  window borrowings were made by the smallest banks, with 30 pct
  by the 14 large money center banks and 25 pct by large regional
  institutions.
      On Wednesday, 55 pct of the borrowing was accounted for by
  the money center banks, with 30 pct by the large regionals and
  15 pct by the smallest banks.
      The Fed spokesman said the banking system had excess
  reserves on Thursday, Monday and Tuesday and a deficit on
  Friday and Wedndsday. That produced a small daily average
  deficit for the week as a whole.
      For the two-week period, he said there were relatively high
  excess reserves on a daily avearge, almost all of which were at
  the smallest banks.
  

"
training/1090	12	earn	"KNUTSON MORTGAGE CORP <KNMC> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay April 13
      Record March 13
  

"
training/10901	0	acq	"NOBEL'S BOFORS TO SELL ITS SINGAPORE HOLDING
  Nobel Industries Sweden SA <NOBL.ST>
  said its arms subsidiary, <AB Bofors>, plans to sell its 40 pct
  stake in <Allied Ordnance Co of Singapore Ltd> because of its
  part in weapons exports which contravene Swedish law.
      ""The events we have uncovered are unacceptable and highly
  regrettable incidents in our company's history,"" Nobel chairman
  Lars-Erik Thunholm told a news conference.
      Nobel managing director Anders Carlberg said an internal
  inquiry has revealed an extensive network of international arms
  smuggling.
  

"
training/10902	5	coffee	"ICO BOARD SEEN UNLIKELY TO SET NEW COFFEE TALKS
  Chances that the International Coffee
  Organization, ICO, executive board meeting this week will agree
  to resume negotiations on export quotas soon look remote, ICO
  delegates and trade sources said.
      ICO observers doubted Brazil or key consuming countries are
  ready to give sufficient ground to convince the other side that
  reopening negotiations again would be worthwhile, they said.
      ICO talks on quotas last month broke down after eight days
  when producers and consumers failed to reach agreement.
       ""Since we have not seen signs of change in other positions,
  it's difficult to see a positive outcome at this stage,""
  Brazilian delegate Lindenberg Sette said. But quotas must be
  negotiated sometime, he said.
       The U.S. has indicated it is open to dialogue on quotas
  but that Brazil must be flexible, rather than refuse to lower
  its export share as it did in the last negotiations, delegates
  said.
       At this week's March 31-April 2 meeting, the 16-member ICO
  board is scheduled to discuss the current market situation, the
  reintroduction of quotas, verification of stocks and some
  administrative matters, according to a draft agenda.
      The fact that Brazilian Coffee Institute president Jorio
  Dauster, Assistant U.S. Trade Representative Jon Rosenbaum and
  chief Colombian delegate Jorge Cardenas are not attending the
  meeting has signalled to most market watchers that it will be a
  non-event as far as negotiating quotas is concerned.
      ""I would imagine there will be a lot of politicking among
  producers behind closed doors to work up some kind of proposal
  by September (the next scheduled council meeting),"" Bronwyn
  Curtis of Landell Mills Commodities Studies said.
      Traders and delegates said they have seen no sign that a
  date will be set for an earlier council meeting.
      If the stalemate continues much longer, analysts expect the
  coffee agreement will end up operating without quotas for the
  remainder of its life, to September 30, 1989.
      When talks broke down, the U.S. and Brazil, the largest
  coffee consumer and producer respectively, blamed one another
  for sabotaging negotiations by refusing to compromise.
      Brazil wanted to maintain the previous export quota shares,
  under which it was allocated 30 pct of world coffee exports,
  but consumers and a small group of producers pressed for shares
  to be redistributed using ""objective criteria,"" which would have
  threatened Brazil's share.
      At a recent meeting in Managua of Latin American producers,
  Costa Rica and Honduras said they were willing to put their
  objections as members of the group of eight ICO ""dissident""
  producers aside, in order to stem the damaging decline in
  prices, Nicaraguan External Trade Minister Alejandro Martinez
  Cuenca told reporters Saturday. He was in London to brief
  producers on the Managua meeting.
      However, other producers said they were not aware of this
  move toward producer solidarity.
      London coffee prices closed at 1,276 stg a tonne today,
  down from around 1,550 at the beginning of March.
  

"
training/10903	49	veg-oil	"MINISTER SEES ENOUGH EC STATES AGAINST OILS TAX
  Enough European Community (EC) states
  appear to be opposed to the proposals by the EC Commission for
  a 330 European currency unit (Ecu) a tonne tax on vegetable
  oils, fats and marine oils to block adoption by EC ministers,
  British Farm Minister Michael Jopling said.
      He told a news conference held during a meeting here of EC
  agriculture ministers that Britain, West Germany, the
  Netherlands, Denmark, and Portugal were all against the tax.
      Between them, these five countries had more than enough
  votes in the weighted voting system used in EC ministers'
  meetings to block a decision, Jopling said.
  

"
training/10904	12	earn	"DRAVO <DRV> TO HAVE FIRST QUARTER LOSS
  Dravo Corp said it expects a first
  quarter loss of about 30 cts per share, compared with a
  year-earlier profit of one ct, and said operating earnings for
  all of 1987 may not match 1986's earnings of 61 cts per share
  from continuing operations.
      Dravo saidperformance so far this year in its engineering
  and construction segment has not met earlier expectations.
      It said the first quarter will be impacted by writedowns
  resulting fromn revised estimates of costs required to complete
  projects and by delays in starting work on jobs originally
  forecasted to contribute to first quarter earnings.
      Dravo further said it has given the investor group buying
  Dravo's river transportation, stevedoring and pipe frabrication
  businesses additional time to structure the necessary
  permanenty financing, and closing is now expected in the third
  quarter.
  

"
training/10905	48	trade	"ECONOMIC SPOTLIGHT - U.S. CONGRESS RAPS JAPAN
  The U.S. Congress is making Japan,
  with its enormous worldwide trade surplus, the symbol of the
  U.S. trade crisis and the focus of its efforts to turn around
  America's record trade deficit.
      ""Japan has come to symbolize what we fear most in trade: the
  challenge to our high technology industries, the threat of
  government nutured competition, and the multitude of barriers
  to our exports,"" Senate Democratic Leader Robert Byrd said.
      ""If we can find a way to come to terms with Japan over trade
  problems, we can manage our difficulties with other countries,""
  the West Virginia Democrat said at a Senate Finance Committee
  hearing on the trade bill.
      Byrd and House Speaker Jim Wright, a Texas Democrat, have
  made trade legislation a priority this year and a wide-ranging
  bill is being readied for probable House approval next month.
      Japan's bilateral trade surplus jumped from 12 billion dlrs
  in 1980 to 62 billion dlrs last year. Its surplus rose to 8.14
  billion dlrs in February from 5.7 billion dlrs in January.
      Congress points to the record 169 billion dlrs U.S. trade
  deficit in 1986 and the slow response in the trade imbalance to
  the dollar's decline in world currency markets as a reason to
  press Japan to buy more U.S. goods.
      They are particularly dismayed by the rapid deterioration
  in U.S. exports of sophisticated computer technology.
      In response to the growing anger and pressure by the U.S.
  semiconductor industry, President Reagan Friday announced he
  intended to raise tariffs as much as 300 mln dlrs on Japanese
  electronic goods in retaliation for Japan's failure to abide by
  a 1986 U.S.-Japanese semiconductor agreement.
      Congress also has been been angered by the administration's
  lack of success with Japan on a host of other trade issues
  including beef, citrus, automobile parts, telecommunications
  goods, and financial services.
      The bulk of the House trade bill was written last week in
  four committees. It is a package of trade sanctions and
  measures to force the administration take tough action against
  foreign trade barriers and unfair competition.
      Although most provisions do not single out Japan, in many
  cases their impact would be to restrict imports of Japanese
  products or make them more expensive with higher duties.
      The cornerstone of the trade legislation passed the House
  Ways and Means Committee by a vote of 34 to 2. Its focus is to
  force President Reagan to retaliate against unfair foreign
  competition and to make it easier for U.S. industries to win
  temporary relief from surges in imports.
      The most controversial issue, an amendment to restrict
  imports if countries such as Japan with large surpluses do not
  buy more U.S. goods was left for an April vote by the House.
      Rep. Richard Gephardt, a Democratic presidential aspirant
  from Missouri, has the support of Wright and other key
  Democrats to press for passage of the amendment.
      The measure would have the most impact on Japan, West
  Germany, Taiwan and South Korea. If Japan, for example, does
  not reduce its barriers by mid-1988, the United States would
  set import quotas or tariffs to cut Japanese surplus by ten per
  cent a year for three years.
      ""I'm tired of going into companies and having managers say
  to me, 'We're not over competing in Japan because we can't
  compete in the marketplace.' That argument needs to be taken
  away from American business,"" Gephardt said.
      The administration has said it could not support a trade
  bill containing such a provision.
      
  

"
training/10907	12	earn	"GENERAL PUBLIC UTILITIES CORP <GPU> TWO MTHS NET
  Shr 97 cts vs 81 cts
      Net 60.8 mln vs 51.1 mln
      Revs 487.4 mln vs 529.7 mln
      12 mths
      Shr 3.42 dlrs vs 2.18 dlrs
      Net 215.0 mln vs 137.2 mln
      Revs 2.74 billion vs 2.88 billion
      NOTE: 1986 results restated for change in accounting.
  

"
training/10908	0	acq	"KAUFMAN, BOARD <KB> UNITS CUT QUAKER <KSF> STAKE
  Kaufman and Board Inc and its
  insurance subsidiaries said they lowered their stake in Quaker
  State Oil Refining Corp to 1,795,908 shares, or 6.9 pct of the
  total outstanding, from 2,120,908 shares, or 8.1 pct.
      In a filing with the Securities and Exchange Commission,
  the Kaufman and Board group, which includes Sun Life Group,
  said it sold 325,000 Quaker State common shares between Feb 27
  and March 23 at prices ranging from 28.00 to 31.00 dlrs each.
  

"
training/10909	0	acq	"BUSINESSMAN HAS 5.7 PCT OF ARDEN GROUP <ARDNA>
  Saul Brandman, a California business
  executive, told the Securities and Exchange Commission he has
  acquired 118,714 shares of Arden Group Inc, or 5.7 pct of the
  total outstanding common stock.
      Brandman, chairman of Domino of California Inc, a Los
  Angeles garment maker, said he bought the stake for 3.1 mln
  dlrs for investment purposes.
      He said he may buy more Arden Group shares, or he may sell
  some or all of his current stake. He also said he has no plans
  to seek control of the company.
  

"
training/1091	12	earn	"FORD MOTOR CO OF CANADA LTD 4TH QTR SHR 8.17 DLRS VS 55 CTS

  FORD MOTOR CO OF CANADA LTD 4TH QTR SHR 8.17 DLRS VS 55 CTS
  

"
training/10913	32	money-fx	"FED WILL BUY BILLS FOR CUSTOMER AFTER AUCTION
  The Federal Reserve said it will enter
  the U.S. Government securities market after the 1300 EST weekly
  bill auction to purchase around 900 mln dlrs of Treasury bills
  for customers, a spokesman said.
      He said the Fed will purchase bills with maturities from
  May through September 10.
      Dealers said Federal funds were trading at 6-3/8 pct when
  the Fed announced the operation.
  

"
training/10917	12	earn	"METROMAIL CORP <MTML> 3RD QTR MARCH 1 NET
  Shr 25 cts vs 32 cts
      Net 2,414,500 vs 3,027,500
      Rev 26.2 mln vs 23.5 mln
      Nine months
      Shr 76 cts vs 82 cts
      Net 7,214,900 vs 7,752,800
      Rev 69.2 mln vs 64.9 mln
  

"
training/10918	0	acq	"ORANGE <OJAY> IN DEFINITIVE PACT TO SELL UNITS
  Orange Julius International Inc said
  it entered into a definitive agreement to sell Orange Julius of
  America and Orange Julius Canada Limited to H.C. Holdings Inc,
  owned by Branford Castle Inc, a merchant banker, members of its
  management and certain of its shareholders.
      Orange said the purchase price will consist of 19 mln dlrs
  in cash and 10 pct redeemable preferred, 10 pct of HC's common
  equity, and the right for it to prospectively receive 20 pct of
  certain royalties under a proposed licensing program.
      It said HC also agreed to lend up to 600,000 dlrs to it in
  advance of closing and it had already received 300,000 dlrs.
      Orange Julius announced the proposed sale of the units when
  a letter of intent was signed February 17.
      The company said it is reviewing other offers to buy the
  units and if it decides to accept another offer it will pay HC
  an agreed upon amount and reimburse HC for its expenses.
  

"
training/10919	12	earn	"SIERRACIN CORP <SER> 4TH QTR NET
  Oper shr profit nine cts vs loss 26 cts
      Oper net profit 313,000 vs loss 860,000
      Revs 18.8 mln vs 16.4 mln
      Year
      Oper shr profit 45 cts vs loss 47 cts
      Oper net profit 1,543,000 vs loss 1,582,000
      Revs 72.7 mln vs 61.4 mln
      Note: Current qtr and year figures exclude losses from
  discontinued operations of 179,000 dlrs, or five cts per share
  and 901,000 dlrs, or 27 cts per share, respectively.
      Prior qtr and year figures exclude losses from discontinued
  operations of 600,000 dlrs, or 17 cts per share and 1.1 mln
  dlrs, or 33 cts per share, respectively.
  

"
training/10921	12	earn	"COMPUTER MICROFILM CORP <COMI> YEAR NET
  Shr 23 cts vs 14 cts
      Net 439,100 vs 259,948
      Revs 9,918,413 vs 9,683,392
      NOTE: Share adjusted for five pct stock dividend.
  

"
training/10922	12	earn	"COMPUTER MICROFILM <COMI> SEES HIGHER 1987 NET
  Computer Microfilm corp said it expects
  revenues of over 12.5 mln dlrs and higher earnings in 1987.
      The company today reported 1986 earnings of 439,100 dlrs on
  revenues of 9,918,413 dlrs, up from earnings of 259,948 dlrs
  and revenues of 9,683,392 dlrs a year before.
  

"
training/10923	12	earn	"KEVLIN MICROWAVE CORP <KVLM> 3RD QTR FEB 28 NET
  Shr profit nil vs profit five cts
      Net profit 9,879 vs profit 118,852
      Revs 1,581,894 vs 1,878,052
      Avg shrs 2,627,952 vs 2,617,090
      Nine mths
      Shr loss two cts vs profit 24 cts
      Net loss 51,001 vs profit 619,860
      Revs 4,006,024 vs 6,646,587
      Avg shrs 2,532,959 vs 2,621,397
      NOTE: Nine mth orders 4,601,463 dlrs, up 39 pct, and
  backlog at end of period 4,906,670 dlrs, up 83 pct from a year
  before.
  

"
training/10924	12	earn	"UNIFAST INDUSTRIES INC <UFST> YEAR NET
  Shr 62 cts vs 19 cts
      Net 961,826 vs 226,429
      Sales 22.8 mln vs 16.1 mln
      Avg shrs 1,543,230 vs 1,172,039
  

"
training/10925	12	earn	"AZTEC MANUFACTURING CO <AZTC> 4TH QTR LOSS
  Shr loss 77 cts vs loss 1.49 dlrs
      Qtly div two cts vs two cts prior
      Net loss 3,860,000 vs loss 7,541,000
      Sales 2,538,000 vs 3,648,000
      Year
      Shr loss 78 cts vs loss 1.58 dlrs
      Net loss 3,935,000 vs loss 7,999,000
      Sales 10.5 mln vs 16.3 mln
      NOTE: Dividend pay April 24, record April 10.
      1986 net both periods includes pretax charge 2,944,000 dlrs
  from writedown of assets and provision 726,000 dlrs for
  obsolete and nonproductive inventory and other items.
  

"
training/10926	12	earn	"GAC LIQUIDATING TRUST <GACTZ> YEAR NET
  Shr 1.05 dlrs vs 27 cts
      Net 4,193,000 vs 1,070,000
      Revs 9,377,000 vs 9,444,000
      NOTE: 1986 net includes gain two mln dlrs from reduction of
  loss allowance on undeveloped land.
  

"
training/10928	0	acq	"INVESTOR HAS 8.0 PCT OF ALLEGHENY INT'L <AG>
  A group of firms and funds
  controlled by New York investor Mario Gabelli said it has
  acquired the equivalent of 882,507 shares of Allegheny
  International, or 8.0 pct of the total outstanding.
      In a filing with the Securities and Exchange Commission,
  the Gabelli group said it bought the stake as part of its 
  business and not in an effort to seek control of the company.
      It said it may by more shares or sell some or all of its
  current stake. The stake includes 782,000 common shares and
  cumulative convertible preferred stock which could be converted
  into 100,507 common shares.
  

"
training/10941	0	acq	"<CLAYTON AND DUBILIER INC> SELLS BURPEE
  Privately-held Clayton and Dubilier
  Inc said it has sold W. Atlee Burpee Co to a new company formed
  by Wicks Capital Corp, Bankers Trust New York Corp <BT> aND
  Burpee management for undisclosed terms.
      The garden supply company was acquired from ITT Corp <ITT>
  in December along with O.M. Scott and Sons Co.
  

"
training/10943	12	earn	"GCA CORP <GCA> YEAR
  Shr loss 1.77 dlrs vs loss 10.47 dlrs
      Net loss 24.9 mln vs loss 123.1 mln
      Revs 123.1 mln vs 156.5 mln
      NOTE:1985 loss includes loss of 51.2 mln dlrs from
  discontinued operations. 1986 loss includes gain of 6.8 mln
  dlrs from discontinued operations.
  

"
training/10944	12	earn	"DOW <DOW> SEES RECORD ANNUAL PROFITS IN 1987
  Dow Chemical Co believes strong margins
  for chemical products could result in record earnings this
  year, Chairman Paul Oreffice said.
      ""I'm hoping we will have the best year in our history
  profit-wise,"" he told reporters following a speech at The
  American Institute of Chemical Engineers meeting.
      ""I believe the entire chemical industry is headed for a
  record year, or close to it,"" Oreffice said.
      In 1986, Dow earned 741 mln dlrs an increase from 1985's 58
  mln dlrs brought about by falling oil prices and resulting
  cheaper feedstock costs.
      Oreffice also said Dow's profit margins on chemical
  products would improve this year over last year.
      He said reduced capacity in the chemical industry and the
  weakened U.S. dollar would also contribute to the company's
  improved performance.
      Dow will spending about 650 mln dlrs on research and
  development in 1987 with an emphasis on new specialty
  chemicals, Oreffice said.
  

"
training/10946	12	earn	"CHEROKEE GROUP <CHKE> 1ST QTR FEB 28 NET
  Shr 22 cts vs 16 cts
      Net 2,460,000 vs 1,730,000
      Sales 37.0 mln vs 27.3 mln
      Per share figures adjusted for two-for-one stock split of
  February 1987.
  

"
training/10947	10	crude	"CRUDE OIL NETBACKS UP IN U.S., MEDITERRANEAN
  Crude oil netback values in complex
  refineries rose slightly in the U.S. and the Mediterranean 
  last Friday from the previous week but were lower elsewhere,
  according to calculations by Reuters Pipeline.
      The soft tone to refining margins reflects large worldwide
  stocks of petroleum products and thin trading activity, traders
  said.
      In the U.S. Gulf, sweet crudes rose in value by as much as
  26 cts a barrel for West Texas Intermediate, an increase of 1.4
  pct from the previous Friday, while sour crudes, such as
  Alaska North Slope, were up one pct.
      In the Mediterranean, netback values were up 17 cts to 22
  cts a barrel, with Arab Light up 17 cts a barrel to 18.62 dlrs,
  a 0.9 pct increase from the previous Friday and Urals were up
  22 cts a barrel to 19.16 dlrs, a 1.2 pct increase.
      But netbacks for crude oil refined in Northern Europe was
  generally lower with Brent valued at 18.89 dlrs, off 30 cts
  from the previous friday, and Bonny Light was off 17 cts to
  19.58 dlrs a barrel.
      Refinery netbacks in Singapore were also lower, with
  heavier and sour crudes weakest. Arab Heavy dropped 10 cts to
  16.63 dlrs a barrel and Dubai was off 12 cts to 18.09 dlrs.
      On the U.S. West Coast, however, netback values for ANS CIF
  L.A. were weaker with weak gasoline prices sending the yield at
  cracking plants down 68 cts to 18.42 dlrs from the previous
  Friday, as shown below in dlrs a barrel.
  TOPPING.........15.63......16.10......14.30
  CRACKING........18.42......19.10......16.86
      The Mediterranean region also showed netback values rising
  last Friday over the previous week with the largest gains shown
  by Es Sider and the heavier Urals crude oil, which were each up
  22 cts a barrel last Friday to 19.40 dlrs and 19.16 dlrs a
  barrel, respectively.
      Netback values for the mediterranean region are shown below
  in dlrs a barrel.
  GRADE...........MAR 27.....MAR 20.....FEB 27
  ES SIDER........19.40......19.18......16.44
  ARAB LIGHT......18.61......18.44......15.52
  IRAN LT.........19.25......19.08......16.16
  KUWAIT..........18.51......18.33......15.42
  URALS cif.......19.16......18.94......16.07
      Netbacks in Northern Europe's refinery region were lower
  last friday from the previous week with Brent falling 1.6 pct
  to 18.89 dlrs a barrel.
       Netbacks for other grades of oil refined in Northern
  Europe are shown below in dlrs a barrel.
  ................MAR 27.....MAR 20.....FEB 27
  BRENT...........18.89......19.19......16.77
  BONNY LIGHT.....19.58......19.75......17.15
  ARAB LIGHT......18.49......18.52......16.07
  URALS CIF.......19.02......18.98......16.54
      Refinery netbacks in Singapore were also lower with heavier
  and sour crudes weakest.
      Arab Heavy dropped 10 cts to 16.63 dlrs a barrel and Dubai
  was off 12 cts to 18.09 dlrs.
       Netbacks for other grades of oil refined in Singapore  are
  shown below in dlrs a barrel.
  GRADE...........MAR 27.....MAR 20.....FEB 27
  ATTAKA..........19.23......19.24......16.72
  ARAB LIGHT......18.00......18.10......15.55
  OMAN............18.21......18.25......16.31
  DUBAI...........18.09......18.21......15.86
  ARAB HEAVY......16.63......16.73......14.24
  

"
training/10950	0	acq	"INVESTOR GROUP HAS CIRCLE EXPRESS <CEXX> STAKE
  An investor group controlled by New
  York Investor David Rocker told the Securities and Exchange
  Commission it has acquired 291,400 shares of Circle Express
  Inc, or 6.1 pct of the total outstanding common stock.
      The group, Rocker Partners Ltd and Compass Investments Ltd,
  said it bought the stake for investment purposes and not as
  part of an effort to seek control of the company.
  

"
training/10959	5	coffee	"IBC EXPECTED TO MAINTAIN COFFEE EXPORT FORMULA
  The Brazilian Coffee Institute,
  IBC, is expected to maintain its previous pricing system when
  it reopens export registrations, probably later this week,
  exporters said.
      They said IBC President Jorio Dauster is likely to leave
  the basic formula for the minimum registration price unchanged
  but raise the contribution quota to partially offset the
  effects of cruzado devaluation since April registrations were
  closed in mid-February.
      To fully compensate for devaluation the quota would have to
  be around 28 dlrs per bag against 7.0 when registrations closed.
      However, even a 21 dlr per bag rise in the contribution
  quota would make Brazil coffees uncompetitive on world markets,
  and an increase to around 15 dlrs a bag is more likely, the
  exporters said.
      They added that Dauster is keen to raise the contribution
  quota as the Institute needs money to repay Central Governmnet
  funds released to finance IBC purchases at the guaranteed
  producer price.
      Although a vote in the Monetary Council to provide more
  funds for such purchases was deferred on technical grounds last
  week, funds are still being released for subsequent approval.
      The sources said it is still unclear when registrations
  will be reopened, although most expect it to be by the end of
  this week.
      ""Brazil owes it to its customers to make its intentions
  know. A country like Brazil cannot afford to be permanently
  closed down,"" one exporter said.
      However, before announcing its export policy the IBC is
  likely to wait to see if tomorrow's meeting of the
  International Coffee Organisation, ICO, executive board in
  London decides to call a full council meeting to discuss
  reintroduction of export quotas, sources said.
      There is also talk of the announcement this week of new
  measures to adjust the Brazilian economy, and the IBC could be
  awaiting clarification before making any move, the exporters
  said.
      Another factor which could be delaying the opening of
  registrations is the current strike by bank workers which,
  while not affecting current shipments, could affect
  documentation and currency operations for new sales.
      This would certainly be the case if the IBC was considering
  obliging exporters to pay the contribution quota within two or
  three days of registering a sale.
  

"
training/1096	12	earn	"AUSIMONT COMPO NV <AUS> 4TH QTR NET
  Shr 42 cts vs 39 cts
      Net 12.3 mln vs 9,382,000
      Sales 172.0 mln vs 146.00 mln
      Avg shrs 29.5 mln vs 24.3 mln
      Year
      Shr 1.63 dlrs vs 1.35 dlrs
      Net 45.7 mln vs 30.0 mln
      Sales 665.5 mln vs 446.2 mln
      Avg shrs 28.0 mln vs 22.3 mln
      NOTE: translated at 1,339 Italian lire to dollar.
  

"
training/10960	0	acq	"<VISTA MANAGEMENT INC> TO MAKE ACQUISITION
  Vista Management Inc said it has
  agreed to acquire General Energy Development Inc for over
  2,200,000 dlrs in cash, with financing to come from mortgage
  loans on the National Auto Service Centers General Energy
  operates.
  

"
training/10961	0	acq	"GOLDEN POULTRY <CHIK> TO MAKE ACQUISITION
  golden Poultry Co Inc said it has
  signed a letter of intent to purchase privately-held food
  distributor Don Lowe Foods Inc of Pompano Beach, Fla., for
  undisclosed terms, subject to approval by both boards.
      It said Tampa operations of Lowe are not involved in the
  sale.
  

"
training/10962	0	acq	"WILLCOX AND GIBBS <WG> TO MAKE ACQUISITION
  Willcox and Gibbs Inc said it has
  agreed to acquire Atlantia electric parts distributor B and W
  Electric Supply Co for an undisclosed amount of cash.
      B and W had sales of about eight mln dlrs in its most
  recent year.
      Willcox said it plans further expansion in the Atlanta area.
  

"
training/10963	12	earn	"MISCHER CORP <MSHR> 4TH QTR LOSS
  Shr loss 67 cts vs profit 60 cts
      Net loss 1,398,000 vs profit 1,250,000
      Revs 8,834,000 vs 20.9 mln
      Year
      Shr loss 2.81 dlrs vs loss 15 cts
      Net loss 5,864,000 vs loss 310,000
      Revs 52.1 mln vs 82.7 mln
  

"
training/10964	12	earn	"WICHITA INDUSTRIES INC <WRO> 4TH QTR NET
  Shr profit 32 cts vs profit eight cts
      Net profit 936,000 vs profit 249,000
      Revs 348,000 vs 1,150,000
      Year
      Shr loss 2.15 dlrs vs loss 19 cts
      Net loss 6,095,000 vs loss 469,000
      Revs 1,554,000 vs 4,254,000
      NOTE: Results include credits of 556,000 and 1,141,000 for
  the latest qtr and yr vs 112,000 and 656,000 for prior periods
  from tax loss carryforwards.
      Results include after-tax gains of 567,000 for both 1986
  periods vs loss of 45,000 for prior periods on disposal of
  discontinued operations.
      Prior periods restated to reflect sale of discontinued
  operations.
  

"
training/10966	12	earn	"INFODATA SYSTEMS INC <INFD> 4TH QTR NET
  Shr profit 20 cts vs loss 33 cts
      Net profit 376,470 vs loss 1,555,469
      Revs 3,615,550 vs 2,896,000
      Year
      Shr profit 14 cts vs loss 66 cts
      Net profit 382,014 vs loss 1,128,160
      Revs 11.2 mln vs 11.0 mln
  

"
training/10971	0	acq	"HUGHES SUPPLY <HUG> TO MAKE ACQUISITION
  Hughes Supply Inc said it has
  signed a letter of intent to acquire most of the assets of Tri
  State Supply Inc, a wholesale distributor of electrinical
  fixtures and supplies with sales for the year ending tomorrow
  of about 13 mln dlrs.
      Terms were not disclosed.
      It said clopsing is expected around April 30, subject to
  approval by Tri State's board and shareholders.
  

"
training/10972	12	earn	"JMB REALTY TRUST <JMBRS> 2ND QTR FEB 28 NET
  Shr 31 cts vs 41 cts
      Net 436,981 vs 583,715
      Six months
      Shr 63 cts vs 82 cts
      Net 901,648 vs 1,160,178
  

"
training/10973	12	earn	"REPUBLIC PICTURES CORP <RPICA> 4TH QTR LOSS
  Oper shr loss two cts vs profit eight cts
      Oper net loss 77,000 vs profit 285,000
      Revs 3,781,000 vs 4,721,000
      Year
      Oper shr profit 23 cts vs profit 26 cts
      Oper net profit 904,00 vs profit 952,000
      Revs 19.0 mln vs 15.1 mln
      Note: Current qtr and year figures exclude losses from
  discontinued operations of 303,000 dlrs, or seven cts per share
  and 354,000 dlrs, or nine cts per share, respectively.
      Net earnings for first three months of 1986 restated to
  reflect reduction of 148,000 dlrs resulting from increase in
  effvective income tax rate.
  

"
training/10974	12	earn	"EQUIPMENT CO OF AMERICA <ECOA> 4TH QTR NET
  Oper shr seven cts vs four cts
      Oper net 159,000 vs 94,000
      Sales 4,528,000 vs 3,683,000
      Avg shrs 2,376,000 vs 2,189,000
      Year
      Oper shr 19 cts vs 15 cts
      Oper net 435,000 vs 339,000
      Sales 15.7 mln vs 14.4 mln
      NOTE: Net excludes tax credits of 17,000 dlrs vs 39,000
  dlrs in quarter and 268,000 dlrs vs 294,000 dlrs in year.
  

"
training/10978	0	acq	"OHIO MATTRESS <OMT> IN ACQUISITION, SETTLEMENT
  Ohio Mattress Co said itr has
  executed a definitive agreement to acquire Sealy Mattress Co of
  Michigan Inc, the Detroit licensee of Ohio Mattress's 82 pct
  owned Sealy Inc subsidiary in a transaction that also involves
  a settlement between Sealy and Michigan Sealy.
      The company said on completion of the acquisition, the
  Sealy stock owned by Michigan Sealy will be redeemed, raising
  Ohio Mattress' interest in Sealy to 93 pct.  Michigan Sealy has
  been in litigation against Sealy, alleging violations of
  antitrust laws, and Sealy was recently found liable for 45 mln
  dlrs in damages to Michigan Sealy.
      Under the acquisition agreement, the company said Sealy
  will enter into a cash settlement of its litigation with
  Michigan Sealy.
      The company said shareholders of Michigan Sealy will
  receive a total of 48.6 mln dlrs, subject to adjustment, from
  the acquisition and the settlement, both of which are subject
  to regulatory approvals.
      Michigan Sealy had sales of about 12.5 mln dlrs in 1986.
  

"
training/10980	12	earn	"<TOROMONT INDUSTRIES LTD> YEAR NET
  Oper shr 49 cts vs 47 cts
      Oper net 1,475,000 vs 1,474,000
      Revs 85.8 mln vs 90.6 mln
      Note: Current shr and net exclude extraordinary loss of
  3,413,000 dlrs or 1.13 dlrs shares, versus extraordinary loss
  of 63,000 dlrs or two cts share in prior year
  

"
training/10983	12	earn	"AMERON INC <AMN> 1ST QTR FEB 28 LOSS
  Shr loss 11 cts vs profit six cts
      Net loss 515,000 vs profit 294,000
      Sales 62.8 mln vs 65.4 mln
  

"
training/10985	0	acq	"YORK INTERNATIONAL <YRK> TO MAKE ACQUISITIONS
  York International Corp said it has
  agreed to acquire Frick Co and Frigid Coil/Frick Inc for
  undisclosed terms.
      The company said Frick makes refrigeration equipment and
  compressors and Frigid Coil also makes refrigeration equipment.
   Together the two had revenues of about 50 mln dlrs in 1986.
      The company said it hopes to complete the acquisition in
  May, subject to its review of Frick and Frigid and regulatory
  approvals.
  

"
training/10988	0	acq	"NUCLEAR SUPPORT <NSSI> TO BUY ITT <ITT> HENZE
  Nuclear Support Services Inc
  said it agreed in principle to buy the business and assets of
  ITT Henze Service from ITT Corp for an undisclosed amount.
      Henze, which is engaged in performing nuclear plant repair
  work, had revenues of 12.7 mln dlrs for the year ended December
  31, 1986.
      For 1986, Nuclear Support, a supplier of support personnel
  and services to the nuclear power industry, had net income of
  2.4 mln dlrs on sales of 30.6 mln dlrs.
  

"
training/10989	0	acq	"COLONIAL BANCGROUP <CLBGA> BUYS FARMERS
  Colonial BancGroup said it
  acquired Farmers and Merchants Bank, a Baldwin County bank with
  assets of 103 mln dlrs, through an exchange of stock valued at
  about 12 mln dlrs.
      Colonial said it also signed letters of intent to acquire
  First Federal Bank in Opelika, Athens-Limestone Bank in Athens,
  Jackson County Bank in Scottsboro and Commercial National Bank
  in Demopolis, with aggregate assets totaling 130 mln dlrs.
  

"
training/1099	0	acq	"NORTON <NRT> TO SELL SOUTH AFRICAN OPERATIONS
  Norton co said it has agreed to
  sell its remaining South African business, Norton co Pty Ltd,
  to <Global Mining and Industrial Corp> of South africa for
  undisclosed terms.
      The company said the unit accounts for less than two pct of
  Norton revenues and is being sold because ""Growing societal
  pressures in the United States and the unsettled situation in
  south Africa had required a disproportionate amount of
  management tiome to oversee.""
      Norton said the unit is profitable. 
      Norton said it will provide the South Afrcian unit with
  future technical support, and products makde under that
  agreement will continue to be marketed under the Norton
  trademark.
  

"
training/10992	0	acq	"ROCHESTER TELEPHONE <RTC> COMPLETES ACQUISITION
  Rochester Telephone Corp said
  it completed its acquisition of the Enterprise Telephone Co,
  based in New Holland, Pa., in exchange for stock valued at 26.3
  mln dlrs.
      Enterprises serves about 16,000 access lines in Lancaster
  County. Enterprise becomes the third operating telephone
  subsidiary of Rochester Telephone in Pennsylvania and its sixth
  largest overall, the company said.
  

"
training/10998	0	acq	"HOME SHOPPING <HSN> TO PURCHASE TV STATION
  Home Shopping NEtwork Inc said
  its Silver King Broadcasting Co INc unit entered a definitive
  contract to buy the broadcasting assets of TV station KWVT,
  Channel 22 in the Portland/Salem, Ore. area for undisclosed
  terms.
      Additionally, the company said KWVT, which serves 785,000
  homes, began broadcasting Home Shopping Network full time this
  morning under an affiliation agreement.
      Home Shopping also said it entered a definitive contract to
  buy TV Station KPST, Channel 66 in San Francisco and KLTJ,
  Channel 49 in Dallas.
  

"
training/10999	12	earn	"COVINGTON TECHNOLOGIES INC <COVT> YEAR NET
  Oper shr profit eight cts vs loss 20 cts
      Oper net profit 1,115,000 vs loss 2,729,000
      Revs 83.0 mln vs 37.9 mln
      Note: Current year figures exclude operating loss
  carryforward gain of 888,000 dlrs and loss from discontinued
  operations of 73,000 dlrs.
      Prior year figures exclude loss from discontinued
  operations of 3.9 mln dlrs.
  

"
training/11	12	earn	"COBANCO INC <CBCO> YEAR NET
  Shr 34 cts vs 1.19 dlrs
      Net 807,000 vs 2,858,000
      Assets 510.2 mln vs 479.7 mln
      Deposits 472.3 mln vs 440.3 mln
      Loans 299.2 mln vs 327.2 mln
      Note: 4th qtr not available. Year includes 1985
  extraordinary gain from tax carry forward of 132,000 dlrs, or
  five cts per shr.
  

"
training/110	0	acq	"AMERICAN EXPRESS <AXP> SEEN IN POSSIBLE SPINNOFF
  American Express Co remained silent on
  market rumors it would spinoff all or part of its Shearson
  Lehman Brothers Inc, but some analysts said the company may be
  considering such a move because it is unhappy with the market
  value of its stock.
      American Express stock got a lift from the rumor, as the
  market calculated a partially public Shearson may command a
  good market value, thereby boosting the total value of American
  Express. The rumor also was accompanied by talk the financial
  services firm would split its stock and boost its dividend.
      American Express closed on the New York Stock Exchange at
  72-5/8, up 4-1/8 on heavy volume.
      American Express would not comment on the rumors or its
  stock activity.
      Analysts said comments by the company at an analysts'
  meeting Tuesday helped fuel the rumors as did an announcement
  yesterday of management changes.
      At the meeting, company officials said American Express
  stock is undervalued and does not fully reflect the performance
  of Shearson, according to analysts.
      Yesterday, Shearson said it was elevating its chief
  operating officer, Jeffery Lane, to the added position of
  president, which had been vacant. It also created four new
  positions for chairmen of its operating divisions.
      Analysts speculated a partial spinoff would make most
  sense, contrary to one variation on market rumors of a total
  spinoff.
      Some analysts, however, disagreed that any spinoff of
  Shearson would be good since it is a strong profit center for
  American Express, contributing about 20 pct of earnings last
  year.
      ""I think it is highly unlikely that American Express is
  going to sell shearson,"" said Perrin Long of Lipper Analytical.
  He questioned what would be a better investment than ""a very
  profitable securities firm.""
      Several analysts said American Express is not in need of
  cash, which might be the only reason to sell a part of a strong
  asset.
      But others believe the company could very well of
  considered the option of spinning out part of Shearson, and one
  rumor suggests selling about 20 pct of it in the market.
      Larry Eckenfelder of Prudential-Bache Securities said he
  believes American Express could have considered a partial
  spinoff in the past.
      ""Shearson being as profitable as it is would have fetched a
  big premium in the market place. Shearson's book value is in
  the 1.4 mln dlr range. Shearson in the market place would
  probably be worth three to 3.5 bilion dlrs in terms of market
  capitalization,"" said Eckenfelder.
      Some analysts said American Express could use capital since
  it plans to expand globally.
      ""They have enormous internal growth plans that takes
  capital. You want your stock to reflect realistic valuations to
  enhance your ability to make all kinds of endeavors down the
  road,"" said E.F. Hutton Group analyst Michael Lewis.
      ""They've outlined the fact that they're investing heavily
  in the future, which goes heavily into the international
  arena,"" said Lewis. ""...That does not preclude acquisitions and
  divestitures along the way,"" he said.
      Lewis said if American Express reduced its exposure to the
  brokerage business by selling part of shearson, its stock might
  better reflect other assets, such as the travel related
  services business.
      ""It could find its true water mark with a lesser exposure
  to brokerage. The value of the other components could command a
  higher multiple because they constitute a higher percentage of
  the total operating earnings of the company,"" he said.
       Lewis said Shearson contributed 316 mln in after-tax
  operating earnings, up from about 200 mln dlrs in 1985.
  

"
training/1100	2	bop	"CANADA CURRENT ACCOUNT DEFICIT UP IN QUARTER
  Canada's current account deficit widened
  to a seasonally adjusted 2.27 billion dlrs in the fourth
  quarter from a deficit of 1.94 billion dlrs in the third,
  Statistics Canada said.
      The shortfall for the full year rose to 8.81 billion dlrs
  from 1985's 584 mln dlr deficit, the federal agency said.
      The agency said the rise in the merchandise surplus, to
  2.77 billion dlrs from 2.20 billion dlrs in the third quarter,
  was more than offset by high deficits in servicies and
  investment. The total non-merchandise deficit grew to 5.04
  billion dlrs from 4.14 billion dlrs.
      The current account deficit was 912 mln dlrs in the fourth
  quarter of 1985.
      In the capital account, not seasonally adjusted, there was
  a total net inflow of 4.76 billion dlrs in the fourth quarter,
  up from a net inflow of 3.22 billion dlrs in the third quarter
  quarter.
      The total net capital inflow rose to 13.74 billion dlrs in
  1986 from 7.68 billion dlr in 1985.
  

"
training/11000	32	money-fx	"PARIS MEET AGREED NOT TO PUBLISH BANDS - LAWSON
  U.K. Chancellor of the Exchequer Nigel
  Lawson said the meeting of six major industrial nations in
  Paris last month agreed not to publish any bands in connection
  with their pact to stabilise currencies.
      Questioned by a parliamentary select committee about why
  the participating countries had not announced any bands, Lawson
  replied, ""we all agreed it would be much more sensible not to.""
  When asked whether that meant an informal joint currency float
  with set ranges was arranged in Paris, Lawson said ""I do not
  want to reveal the precise nature of the agreement, so as not
  to make it easy for"" speculation against the accord.
      Lawson said the Paris accord presumed that individual
  countries would take corrective action if their currency began
  reacting significantly to domestic macroeconomic factors.
      But if such movements were due to extraneous factors,
  Lawson said the other pact countries would come to its aid
  through concerted intervention on the foreign exchanges.
      ""It is clear that both Germany and Japan are having
  difficulty adjusting to their very large exchange rate
  appreciations and making their economies more domestically
  oriented, just as it is taking time for the United States to
  make its own economy more export oriented,"" Lawson said.
      In his oral evidence to Parliament's Select Treasury
  Committee, Lawson repeated that he was happy with the pound's
  current level, adding that ""It is an objective ... To try to
  keep it around that level.""
      He said the perception of sterling on foreign exchanges had
  changed since the steep drop in oil prices, largely because the
  pound had weathered that period so successfully. ""There has been
  a reassessment of sterling's fundamentals,"" Lawson said.  He
  disagreed with what he termed ""the grossly exaggerated claim""
  that real U.K. Interest rates were much higher than those of
  other major industrialsed countries.
      Using as a reference the key three-month sterling interbank
  rate as quoted in London, Lawson said Britain now had a real
  interest rate level of 5.75 pct - the same as Japan did and
  only a 0.75 percentaage point above the Group of Five average.
      Lawson confirmed that ""over the medium and longer term, the
  government's objective is zero inflation.""
      He said the government's intention of its PSBR constant at
  1.0 pct of GDP ""is the modern equivalent of the balanced budget
  doctrine.""  He added that ""to allow the debt/GDP ratio to remain
  constant on anything other than zero inflation basis is simply
  a recipe for accelerating inflation.""
  

"
training/11006	0	acq	"BASS GROUP SAYS IT HAS HAD TALKS ON SEEKING CONTROL OF TAFT BROADCASTING

  BASS GROUP SAYS IT HAS HAD TALKS ON SEEKING CONTROL OF TAFT BROADCASTING
  

"
training/11007	10	crude	"LOWER REFINERY OPERATIONS SEEN PRODUCING PROFITS
  U.S. refiners will have to
  reduce operations if they want to be profitable this year, said
  industry officials attending the National Petroleum Refiners
  Association meeting here.
       ""If the refining sector can discipline itself to refine
  about 12 mln barrels of crude oil a day, we have a chance to
  pull down inventories to acceptable levels by the second
  quarter, said Archie Dunham, executive vice president of
  petroluem products at Conoco Inc
      ""If not, the industry will have a tough 1987,"" he added.
       Last week's American Petroleum Institute report said that
  U.S. refining capacity rose three pct to 78.7 pct of capacity,
  with crude oil runs at 12.2 mln barrels per day for the week
  ended March 20.
       The API said that with the higher crude oil runs, 
  distillate and gasoline inventories were sharply above year-ago
  levels. Gasoline stocks were at 245.6 mln barrels, some 17.2
  mln barrels above year-ago levels. Distillate stocks, at 108.7
  mln barrels, are 10.9 mln barrels above last year's level, the
  API said.
       Henry Rosenberg, chairman of Crown Central Petroleum Corp
  <CNP> told Reuters that unless refining and marketing return to
  profitability, oil companies will have to rely on downstream
  operations to produce an acceptable level of earnings.
       ""The jump in refining capacity is a concern if it
  continues,"" said Kenneth Buckler, executive vice president of
  refining and marketing at <Total Petroleum Co>, a U.S.
  subsidiary of Cie Francaise Des Petroles of France.
       Refineries should operate near 75 pct of capacity given
  the current level of demand but the operating level should
  increase as gasoline demand picks up in the next quarter,
  Buckler said.
       Dunham said the potential operable capacity of U.S.
  refineries should also be cut about 500,000 barrels of crude
  per day. ""I expect to see the shutdown of more small refineries
  over the next five years,"" he said, adding that these
  facilities refine between 10,000 and 30,000 barrels of crude
  oil per day. The API said U.S. operations have the capacity to
  refine 15.6 mln bpd of crude.
  

"
training/1101	12	earn	"HOME FEDERAL OF THE ROCKIES <HROK> 4TH QTR LOSS
  Shr loss 2.07 dlrs vs profit 36 cts
      Net loss 1,088,000 vs profit 187,000
      Year
      Shr loss 12.23 dlrs vs profit 17 cts
      Net loss 645,000 vs profit 89,000
      NOTE: Home Federal Savings and Loan Association of the
  Rockies.
      1986 net includes tax credits of 165,000 dlrs in quarter
  and 189,000 dlrs in year.
      Net includes pretax loan loss provisions of 1,439,000 dlrs
  vs 127,000 dlrs in quarter and 1,701,000 dlrs vs 222,000 dlrs
  in year.
  

"
training/11015	12	earn	"NEWMONT MINING <NEM> PLANS 2-FOR-1 STOCK SPLIT
  Newmont Mining Corp's board has
  proposed a two-for-one stock split subject to shareholder
  approval of an increase to 120 mln from 60 mln in authorized
  common shares, the proxy for the company's annual meeting said.
      If holdings voting at the May six meeting in Wilmington,
  Del., approve the increase in authorized shares the split will
  be paid in the form of a stock dividend on June 10 to holders
  of record May 20, the proxy said.
      Newmont said it will also ask shareholders to approve
  amendments to its certificate of incorporation limiting certain
  liabilities of its directors.
  

"
training/11018	12	earn	"DENPAC CORP <DNPC> YEAR LOSS
  Shr loss one ct vs loss one ct
      Net loss 483,518 vs loss 220,582
      Sales 381,841 vs 400,518
      NOTE: 1985 net includes 196,868 dlr gain from forgiveness o
  accrued interest due to affiliates.
  

"
training/11019	12	earn	"<AIN LEASING CORP> 3RD QTR JAN 31 LOSS
  Shr loss six cts vs profit 22 cts
      Net loss 133,119 vs profit 496,391
      Revs 136,918 vs 737,917
      Nine mths
      Shr loss 21 cts vs profit 15 cts
      Net loss 478,991 vs profit 340,210
      Revs 324,011 vs 841,908
  

"
training/1102	15	gnp	"CANADA DECEMBER GDP GAINS 1.2 PCT
  Canada's gross domestic product, by
  industry, rose a seasonally adjusted 1.2 pct in December, the
  largest monthly gain since April, 1986, Statistics Canada said.
      GDP, which fell 0.2 pct in November, was 2.1 pct above the
  December, 1985 level, the federal agency said.
      Output of goods producing industries rose 1.6 pct in the
  month, with virtually all the growth occurring in manufacturing
  and mining. Services producing industries expanded 1.0 pct.
  

"
training/11025	10	crude	"VENEZUELA WANTS TO BOOST ITS REFINING CAPACITY
  Venezuela's state oil
  company Petroleos de Venezuela S.A. wants to raise its
  worldwide refining capacity by 150,000 barrels of per day, a
  company official attending the National Petroleum Refiners
  Association meeting here said.
      He declined to be identified but said PdVSA has the
  capacity to refine about 650,000 bpd of crude oil from refining
  centers
  in Venezuela, Sweden, West Germany, Belgium, and the United
  States. The company recently purchased a 50 pct stake in the
  Corpus Christi, Texas refinery of Champlin Petroleum Co, a
  subsidiary of Union Pacific Corp <UNP>.
      Earlier it bought a similar stake in the Lake Charles, La
  refinery owned by Citgo Petroleum Corp, a unit of Southland
  Corp <SLC>.
       According to the official, Venezuela is searching
  worldwide for the additional refining capacity but he did not
  mention where the company was looking. 
      Refineries abroad, he said, guarantee a refining outlet for
  Venezuelan crude oil while ensuring stability of supply to
  refiners.
      He said Venezuela currently  produces about 1.4 mln bpd of
  crude oil, which is in line with its 1.495 bpd OPEC ceiling.
  

"
training/11027	12	earn	"PRIMEBANK <PMBK> SETS 10 PCT STOCK DIVIDEND
  PrimeBank Federal Savings
  Bank said its board declared a 10 pct stock dividend to be
  distributed about April 15 to holders or record March 31.
  

"
training/11028	12	earn	"AMERICAN LOCKER GROUP INC <ALGI> 4TH QTR NET
  Shr profit 23 cts vs loss six cts
      Net profit 319,564 vs loss 84,203
      Sales 6,419,230 vs 5,583,560
      Year
      Shr profit 1.11 dlrs vs profit 43 cts
      Net profit 1,582,125 vs profit 654,083
      Sales 26.2 mln vs 22.6 mln
      NOTE: Full year 1985 includes gains of two cts per share
  from discontinued operations and four cts per share from
  disposal of assets.
  

"
training/11029	0	acq	"BASS GROUP SAYS IT HAS HAD TALKS ON TAFT <TFB>
  A group led by members of the
  wealthy Bass family of Fort Worth, Texas, which holds a 24.9
  pct stake in Taft Broadcasting Co, said it has had talks about
  taking part in a move to take control of the company.
      In a filing with the Securities and Exchange Commission,
  the group said it has had discussions with other Taft
  stockholders and some company managers and directors
  ""concerning participation in a group to acquire control"" of the
  company.
      The Bass group, which did not identify any of the other
  people with whom it said it has had talks, said it plans to
  continue evaluating Taft and ""will be involved in further
  discussions relating to the future control and direction"" of
  the company.
      The group, which holds 2,291,210 Taft common shares, said
  its members may buy more shares of Taft common stock, or may
  decide to sell some or all of its stake.
      On Friday Taft said it would negotiate with a group led by
  its vice chairman, Dudley Taft, and a Rhode Island investment
  firm, which had offered 150 dlrs a share for the company.
      The Dudley Taft group, Theta Corp, which also includes
  Narragansett Capital Corp, a Providence, R.I., investment firm,
  is seeking to take the company private in a leveraged buyout
  valued at 1.38 billion dlrs.
      Besides the Bass group, another major Taft shareholder,
  Cincinnati, Ohio, financier Carl Lindner, has also said he has
  had talks about increasing his stake in the company, taking
  part in a takeover effort, or launching one himself.
      Lindner controls 1,489,298 shares of Taft common stock, or
  16.2 pct of the total.
  

"
training/1103	0	acq	"SAATCHI AND SAATCHI BUYS CLEVELAND CONSULTING
  Advertising agents Saatchi and Saatchi Co
  Plc <SACHY> said it was buying <Cleveland Consulting Associates
  Inc> for an initial consideration of 2.0 mln dlrs.
      Additional payments may be made annually through the year
  ending March 31, 1991 to bring the total consideration up to
  9.5 pct of Cleveland's average post-tax profits in the last two
  years of the period.
      The purchase of Cleveland is a further step in Saatchi and
  Saatchi's fast growing consulting industry, the company said.
  It said its consulting operations now provide a platform for
  major future expansion.
      For the 12 months ended 31 March 1986, Cleveland had
  479,000 dlrs in pretax profits and forecasts one mln for 1987.
      At the Saatchi and Saatchi annual meeting today, the
  company reported a particularly strong start to the current
  year, with profits sharply higher than the same period last
  year.
      Saatchi and Saatchi shares rose one pence on the Cleveland
  announcement to 885p after yesterday's 870p close.
  

"
training/11030	24	iron-steel	"U.S. STEEL PRODUCTION ROSE 1.3 PCT IN WEEK
  Steel production rose
  1.3 pct to 1,696,000 short tons in the
  week ended March 28 from 1,675,000 short
  tons, the American Iron and Steel Institute
  reported
     Production so far this year was 18,810,000 tons adjusted off
  14.6 pct from 22,016,000 tons
  produced by the nations mills a year ago.
      Utilization for the week of March 28 was   78.7 pct and for
  the week of March 21 was      was 77.8 pct.      
  

"
training/11031	12	earn	"NORTH AMERICAN GROUP <NAMG> 4TH QTR OPER LOSS
  Oper shr loss 12 cts vs loss 10 cts
      Oper net loss 474,270 vs loss 369,848
      Revs 202,500 vs 111,210
      Avg shrs 3,904,373 vs 3,495,579
      Year
      Oper shr loss 28 cts vs loss 46 cts
      Oper net loss 1,069,550 vs loss 893,612
      Revs 408,031 vs 438,933
      Avg shrs 3,785,607 vs 1,944,627
      NOTE: Full name is North American Group Ltd
      Earnings exclude losses on reorganization expenses of
  33,453 dlrs, or one ct a share vs 59,520 dlrs, or two cts a sh
  are in the quarter and losses of 237,859 dlrs, or six cts a
  share vs 413,444 dlrs, or 21 cts a share for the year
      Earnings exclude gains on discontinued operations of
  147,671, or four cts a share in the 1985 quarter and gains of
  760,603 dlrs, or 20 cts a share vs 520,200 dlrs, or 27 cts a
  share for the year
  

"
training/11034	12	earn	"<OXOCO INC> YEAR LOSS
  Oper shr loss 6.68 dlrs vs loss 9.95 dlrs
      Oper net loss 53.9 mln vs loss 69.8 mln
      Revs 16.5 mln vs 33.2 mln
      Avg shrs 8,329,492 vs 7,271,668
      NOTE: 1986 excludes loss 12.9 mln for discontinued
  compressor operations vs loss 14.9 mln year prior.
      1986 excludes gain of 98.7 mln for extinguishment of debt
  from company's chapter 11 filing and subsequent reorganization.
  

"
training/11035	12	earn	"TEECO PROPERTIES L.P. OPER INCOME DOWN
  <Teeco Properties L.P.> said the
  partnership recorded income from operations for 1986 of 140,000
  dlrs, or two cts a unit.
      The partnerhsip said this compared to 1985 figures of
  660,000 dlrs, or 10 cts a unit.
      Results of operations between both years is not comparable
  since the partnership's principle objective is to sell or
  dispose of its assets and distribute proceeds to unit holders,
  according to the partnership.
      It said the number of units outstanding for both years is
  6,479,516.
  

"
training/11036	12	earn	"BROUGHER INSURANCE GROUP INC<BIGI> 4TH QTR LOSS
  Shr loss nine cts vs profit 20 cts
      Net loss 257,157 vs profit 414,890
      Year
      Shr profit 54 cts vs profit 1.05 dlrs
      Net profit 1,295,104 vs profit 2,140,673
  

"
training/11039	24	iron-steel	"CSC INDUSTRIES UNIT TO INCREASE PRICES
  Copperweld Steel Co <CPSL>, a
  subsidiary of CSC Industries Inc., said it will increase from
  market price levels its bar, semi-finished and leaded products
  effective July One.
      Hot rolled and cold finished bar wil be increase 25 dlrs
  per net ton, while semi-finished products will be increased 15
  dlrs per net ton, the company said.
      Anticipated higher energy and raw material costs, combined
  with current market trends, were cited by the company as
  reasons for the increases.
  

"
training/1104	0	acq	"UNILEVER'S <UN> CHESEBROUGH OFFERS TO SELL BASS
  Chesebrough-Pond's Inc, recently
  acquired by a unit of Unilever N.V., said it is offering to
  sell its Bass shoe division, as a result of an
  ongoing evaluation of the long-term direction of its
  businesses.
      The diversified maker of health and beauty aids, said it
  acquired Falmouth, Maine-based G.H. Bass and Co in 1978, when
  the company reported annual sales of 59 mln dlrs. Bass is known
  for its high-quality casual shoes.
      Chesebrough said Bass's 1986 sales exceeded 170 mln dlrs.
  

"
training/11041	0	acq	"SANTA FE <SFX> AWARE OF HENLEY <HENG> STAKE
  Santa Fe Southern Pacific Corp said it
  has discussed with Henley Group that company's almost five pct
  stake and was told the holdings are for investment purposes.
      ""We have confirmed with the Henley Group that they own
  approximately 7.9 mln shares of Santa Fe Southern Pacific
  common stock. They have informed me that they like our company
  and purchased the stock last year for investment purposes,""
  Santa Fe chairman John Schmidt said in a statement.
      Henley late Friday filed a 10-K report with the Securities
  and Exchange Commission concerning the Santa Fe stake.
      Earlier Santa Fe's stock was up 4-7/8 to 41 before slipping
  to be up 1-7/8 at 38.
  

"
training/11043	45	sugar	"U.S. SUGAR IMPORTS DOWN IN LATEST WEEK - USDA
  Sugar imports subject to the U.S.
  sugar import quota during the week ended March 6 totaled 25,192
  short tons versus 29,043 tons the previous week, the
  Agriculture Department said.
      Cumulative imports now total 130,804 tons, it said.
      The sugar import quota for the 1987 quota year
  (January-December) has been set at 1,001,430 short tons
  compared with 1,850,000 tons in the 1986 quota year, which was
  extended three months to December 31.
      The department said the Customs Service reported that
  weekly and cumulative imports are reported on an actual weight
  basis and when final polarizations are received, cumulative
  import data are adjusted accordingly.
  

"
training/11046	12	earn	"TEMPLETON ENERGY INC <TMPL> 4TH QTR NET
  Shr profit four cts vs loss six cts
      Net profit 967,000 vs loss 1,219,000
      Revs 10.1 mln vs 4.5 mln
      Year
      Shr profit three cts vs loss five cts
      Net profit 688,000 vs 982,000
      Revs 24.6 mln vs 16.3 mln
      NOTE: 1986 includes results of Louisiana Energy and
  Development Corp acquired in November 1986.
  

"
training/11047	12	earn	"AEL INDUSTRIES <AELNA> 4TH QTR FEB 27 NET
  Shr 66 cts vs 33 cts
      Net 2,955,000 vs 1,563,000
      Revs 26.1 mln vs 23.9 mln
      12 mths
      Shr 74 cts vs 1.01 dlrs
      Net 3,321,000 vs 4,739,000
      Revs 108.4 mln vs 104.9 mln
      NOTE: year 1987 includes charge of 818,000 dlrs, or 18 cts
  per share, for sale of Elisra Electronic Systems Ltd.
  

"
training/11048	0	acq	"AMOSKEAG <AMKG> TAKEOVER BLOCKED BY COURT
  Amoskeag Bank Shares Inc said
  the New Hampshire Supreme Court overturned its proposed
  acquisition of Portsmouth Savings Bank in a three-two vote.
      The acquisition had been opposed by some depositors, who
  filed an action to block the takeover.
      ""We will respond to this news as soon as we have had an
  opportunity to analyze the decision, and any and all options
  available to us,"" chairman William Bushnell said in a
  statement.
  

"
training/11049	12	earn	"METROMAIL <MTMA> PREDICTS FLAT EARNINGS
  Metromail Corp said it expects
  flat operating profits for its 1987 fiscal year ending May 31
  with last fiscal year's earnings from operations of 9,943,000
  dlrs, or 1.05 dlrs a share.
      The company said the flat results will be due to higher
  than normal expenditures during the fourth quarter for
  expansion of its data processing capabilities.
      Earlier, Metromail reported fiscal 1987 third quarter
  earnings of 2.4 mln dlrs, or 25 cts a share, versus three mln
  dlrs, or 32 cts a share, the prior third quarter, and nine
  months net of 7.2 mln dlrs, or 76 cts a share, versus 7.8 mln
  dlrs, or 82 cts a share the prior nine months.
  

"
training/1105	12	earn	"CONTINENTAL <GIC> SEES 1987 NET UP FROM TAX LAW
  Continental Corp said the fresh start
  provision of the Tax Reform Act of 1986 may add 1.30 to 1.60 to
  1987 earnings per share.
      The insurance holding company had net earnings of 449.6 mln
  dlrs, or, or 7.42 per share, in 1986.
      John Loynes, Continental chief financial officer, said the
  fresh start provision allowed the company to discount opening
  tax reserves to January 1, 1987, which released deferred taxes
  into earnings.
      Loynes said the provision's potential benefit would decline
  gradually over the next four years, during which time
  Continental will pay 250 mln to 350 mln dlrs more in taxes.
      Loynes added, however, the higher taxes are not expecetd to
  have a significant impact on earnings.
  

"
training/11051	0	acq	"BALL <BLL> ENDS TALKS WITH MONSANTO <MTC>
  Ball Corp said it was unable to
  complete negotiations to acquire the plastic container business
  of Monsanto Co.
      It said the two companies had entered into exclusive
  negotiations last October.
      Neither company provided details on why the talks were
  terminated.
  

"
training/11056	0	acq	"REEF ENERGY <RFEN> ENTERS PIPELINE AGREEMENT
  Reef Energy Corp said its
  board entered into agreements with Penteco Corp, a private
  Tulsa-based company, to buy a 12-pct interest in the general
  partnership of Penteco East Central Pipeline and a 10-pct
  interest in Lincoln Gas and Marketing Corp.
      Penteco East is a gas gathering and transmission system in
  southern Kansas and northern Oklahoma.
      It said Penteco in turn has purchased one mln shares of
  Reef common and taken options for the purchase of another two
  mln shares over the next 36 months.
  

"
training/11057	12	earn	"AMERON INC <AMN> QTLY DIVIDEND
  Shr 24 cts vs 24 cts prior qtr
      Pay May 15
      Record April 24
  

"
training/11058	12	earn	"JOHNSON ELECTRONICS INC <JHSN> 4TH QTR LOSS
  Shr loss three cts vs profit eight cts
      Net loss 35,000 vs profit 128,000
      Revs 1,133,000 vs 1,528,000
      Year
      Shr profit four cts vs profit 21 cts
      Net profit 72,000 vs profit 339,000
      Revs 4,837,000 vs 4,500,000
      NOTE: 1985 net income included an after tax gain of 195,000
  or 12 cts per share on sale of real property.
  

"
training/11059	32	money-fx	"TREASURY BALANCES AT FED FELL ON MARCH 27
  Treasury balances at the Federal
  Reserve fell on March 27 to 2.424 billion dlrs from 2.508
  billion dlrs on the previous business day, the Treasury said in
  its latest budget statement.
      Balances in tax and loan note accounts fell to 9.706
  billion dlrs from 10.786 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 12.131
  billion dlrs on March 27 compared with 13.283 billion dlrs on
  March 26.
  

"
training/11060	12	earn	"MORRISON INC <MORR> 3RD QTR FEB 28 NET
  Shr 35 cts vs 29 cts
      Qtly div 12 cts vs 12 cts prior qtr
      Net 5,036,000 vs 4,165,000
      Revs 147.6 mln vs 132.4 mln
      Nine mths
      Shr 1.12 dlrs vs one dlr
      Net 16.1 mln vs 14.4 mln
      Revs 433.4 mln vs 385 mln
      NOTE: Per share data reflect March 1986 five pct stock
  distribution. Cash dividend is payable April 30 to holders of
  record April 15.
  

"
training/11063	0	acq	"VANDERBILT <VAGO> TO RAISE COMMON, MERGE
  Vanderbilt Gold Corp said
  shareholders at a special meeting approved its reincorporation
  in Delaware, an increase in authorized common to 25 mln shares
  from 12 mln shares, and a non-qualified stock option plan.
      It also said shareholders approved the merger of Morning
  Star Mine interests held by six corporations in exchange for
  issuing 2,098,602 shares of its common. It said the acquisition
  brings its ownership in Morning to over 94 pct and it intends
  to acquire the remaining interests before mid year.
      It said its plans call for 1987 production of 30,000 ounces
  of gold with product costs per ounce at about 200 dlrs.
  

"
training/11064	7	cotton	"LITTLE RISK SEEN FOR TEXAS COTTON FROM COLD
  Texas' cotton crop stands little
  chance of damage from frigid temperatures expected tonight in
  that state, as very little cotton has been planted, according
  to Texas agricultural sources and cotton market analysts.
      ""It's still pretty early for cotton planting. Only six pct
  of the crop was planted as of last week,"" said Doug Stillmann,
  a statistician at the Texas Agricultural Statistic Service in
  Austin, a division of the U.S. Agriculture Department.
      Stillmann and other cotton market sources said planting had
  begun in the Rio Grande Valley and South Texas areas only, with
  planting in the crucial high and low plains areas not slated to
  begin until next month. The high and low plains accounted for
  60 pct of the 2.5 mln bales produced in Texas last year,
  Stillmann said.
      Temperatures tonight in most of Texas are expected to drop
  to freezing to the low 20s, although the lower Rio Grande
  Valley may see more moderate readings in the middle 30s,
  according to meteorologists at Accu-Weather Inc.
      The price of new-crop cotton on the New York cotton futures
  market rallied today on weather-related fears.
  

"
training/11065	17	grain	"REPORT ON EXPORT MARKETS FOR U.S. GRAIN DELAYED
  The U.S. Agriculture Department's
  report on Export Markets for U.S. Grain, scheudled for release
  today, has been delayed until Wednesday, April 1, a department
  spokeswoman said.
      No reason was given for the delay in releasing the monthly
  report.
  

"
training/11066	0	acq	"BILZERIAN TELLS SEC HE UPS PAY 'N PAK STAKE TO 9.9 PCT

  BILZERIAN TELLS SEC HE UPS PAY 'N PAK STAKE TO 9.9 PCT
  

"
training/11070	13	fuel	"ROYAL DUTCH <RD> UNIT RAISES HEAVY FUEL PRICES
  Scallop Petroleum Corp, a subsidiary
  of Royal Dutch/Shell group, said today it raised contract
  prices for heavy fuel 25 cts to 1.75 dlrs a barrel, effective
  today.
      The increase brings the price for 0.3 pct sulphur to 22.50
  dlrs, up 1.75, 0.5 pct sulphur to 21.50 dlrs, up 1.50, 0.7 pct
  sulphur to 20.25 dlrs, up 75 cts, one pct sulphur to 19.50
  dlrs, up 25 cts, two pct sulphur to 18.75 dlrs, up 75 cts, 2.2
  pct sulphur to 18.50 dlrs, up 75 cts, 2.8 pct sulphur to 18.00
  dlrs, up 75 cts.
  

"
training/11071	36	orange	"FLORIDA WEEKLY CROP REPORT
  Florida's citrus groves continue
  in very good condition, acccording to the latest report by the
  U.S. Department of Agriculture's Florida Agricultural
  Statistics Service. Late-week rains and thunderstorms came at
  an opportune time. Warm daytime temperatures and good soil
  moisture have produced an abundance of new growth and bloom.
      Most trees are in some stage of bloom development with
  petal drop already taking place in many south Florida groves.
      Harvest of late-type valencia oranges is increasing rapidly
  with the near completion of the early and midseason varieties.
  Rain during the week caused some delay in picking.
      For the week ended March 29, there were an estimated 77,000
  boxes of early and midseason and 945,000 boxes of late season
  oranges harvested, the USDA said.
  

"
training/11074	0	acq	"BASS GROUP EMERGES AS POSSIBLE TAFT<TFB> BIDDERS
  The Bass Group, once thought by
  analysts to be eager to sell its holdings in Taft Broadcasting
  Co, emerged as another potential bidder for the Ohio
  broadcasting company.
      The Bass Group, which holds 24.9 pct of Taft, said it had
  talked with other taft stockholders and some company managers
  and directors ""concerning participation in a group to acquire
  control"" of the company.
      The Bass group said it had talks with other Taft
  stockholders and members of Taft management about participating
  in a group to acquire control. The group, which is led by the
  wealthy bass brothers of Fort Worth, Texas, did not identify
  any of the other people with whom it had talks.
      Taft said Friday it would negotiate with its vice Chairman
  Dudley Taft on his group's 150 dlr per share or 1.38 billion
  dlr offer for the company.
      At the time, the company said it authorized its adviser,
  Goldman, Sachs and Co, to explore other takeover proposals and
  to supply financial data to other interested bidders.
      ""If indeed, the reason Dudley Taft is no longer president
  is because the bass group tossed him out, I couldn't see them
  backing him on any deal,"" said one analyst, who asked not to be
  identified.
      ""I think they wanted a way out. Now, this sounds like
  they're going to join the group and buy themselves out,"" said
  Edward Atorino, media analyst with Smith Barney, Harris Upham
  and Co.
      Analysts have speculated that Carl Lindner may be
  interested in acquiring the company. they speculated he may be
  one of the shareholders in talks with the bass group.
      Lindner, chairman of American Financial Corp, holds 16.2
  pct of Taft. He was not immediately available for comment.
      Analysts have said they are baffled by the strength of
  Taft's stock price compared to what they see as breakup values
  for the company.
      Several analysts had estimated a break up value of less
  than 150. One analyst said he believes it has a breakup value
  of 160 to 165 dlrs per share.
      Taft stock closed at 156-1/2, up 1-3/4.
      ""They (investors) are saying here's another one - another
  family dispute,"" said Dennis McAlpine of Oppenheimer.
  

"
training/11076	48	trade	"U.S. TRADE OFFICIAL SAYS JAPAN ACTION FOOLISH
  A high level U.S. trade official
  said it would be foolish for Japan to strike back against the
  United States for its sanctions on Japanese semiconductor
  electronics products.
      Asked by reporters if Japan was expected to retaliate
  against U.S. exports, Deputy Under Secretary of Commerce Bruce
  Smart replied, ""That would be the height of foolishness.""
      In addition, he doubted Japan could show enough progress in
  meeting the conditions of the agreement to avoid the actual
  imposition of the 300 mln dlrs in tariffs on April 17.
      Japan's 58.6 billion dlr trade surplus with the United
  States last year has come under fire in Congress concerned
  about the loss of jobs to foreign competition and with the
  record 169 billion dlrs U.S. trade deficit in 1986.
      President Reagan's sanctions decision won praise today from
  the two Democratic leaders of Congress.
      ""I think it's about time,"" Senate Democratic Leader Robert
  Byrd of West Virginia told reporters. House Speaker Jim Wright
  of Texas told reporters before the opening of the House
  session, ""It just shows we were right all along when we said
  something needs doing.""
      Smart testified before a Senate Labor Committee hearing
  that last Friday's U.S. trade action would help U.S.
  negotiations on access to Japan for U.S. auto parts.
      Since last August Smart has been leading talks to open up
  Japan to purchases of more U.S.-made automotive parts. Last
  year, Japan racked up a 3.6 billion dlr trade surplus with the
  United States in these products.
      Both countries expect to conclude the talks by August 1987.
      ""It's amazing to me that the Japanese were surprised. I
  hope it will persuade them we're serious,"" Smart said of the
  White House trade sanctions.
      The United States has tried to convince Japanese car
  companies of the quality of American-made parts and to draw
  them away from their traditional Japanese suppliers.
      ""All we ask is a chance. We have a job to do persuading them
  we can do better than our reputation seems to be,"" he said.
      Measured per car, each American-made car contained about
  700 dlrs in Japanese auto parts while each Japanese-made car
  contained about 26 dlrs in U.S. auto parts, Smart said.
  

"
training/11078	0	acq	"BILZERIAN UPS PAY 'N PAK <PNP> STAKE TO 9.9 PCT
  Investor Paul Bilzerian, who has
  said he may seek control of Pay 'n Pak Stores Inc, said he
  raised his stake in the company to one mln shares, or 9.9 pct
  of the total, from 721,900 shares, or 7.2 pct.
      In a filing with the Securities and Exchange Commission,
  Bilzerian and Bicoastal Financial Corp, a Tampa, Fla.,
  investment firm he controls, said they bought 278,000 shares of
  Pay 'n Pak common stock on March 26 and 27 at prices ranging
  from 13.29 to 17.04 dlrs a share.
      Bilzerian last week said he was considering raising his
  stake in the company, seeking a board seat or control.
  

"
training/1108	12	earn	"FORD MOTOR CO OF CANADA LTD <FC> 4TH QTR NET
  Shr 8.17 dlrs vs 55 cts
      Net 67.7 mln vs 4.5 mln
      Revs 3.67 billion vs 3.54 billion
      Year
      Shr 12.19 dlrs vs 24.00 dlrs
      Net 101.1 mln vs 199.0 mln
      Revs 14.33 billion vs 13.35 billion
      Note: 90 pct owned by Ford Motor Co <F>
  

"
training/11086	0	acq	"SERVICE RESOURCES <SRC> UNIT SETS PURCHASE
  Service Resources Corp's Chas. P.
  Young Co subsidiary said it agreed to acquire Atwell Fleming
  Printing Ltd, a Canadian financial printer, for about 3.2 mln
  dlrs.
      Young said the acquisition, which is expected to close in
  April, is subject to due dilligence review.
  

"
training/11087	12	earn	"LLE ROYALTY <LRT> SETS MONTHLY PAYOUT
  LL and E Royalty Trust said its monthly
  dividend, for January, to unitholders will be 8.37 cts per unit
  payable April 15 to holders of record April six.
      As previously reported, pending a ruling from the Internal
  Revenues Service, the trust's distribution may be reduced by
  1.09 dlr per unit, plus interest, spread out over the life of
  the productive properties in which the trust has an interest.
      LLE said the working interest owner, to which the IRS sent
  a notice about a deficiency in the owner's 1983 tax return, is
  evaluating the necessity of escrowing some funds, which would
  significantly reduce royalties paid to the trust.
  

"
training/11088	0	acq	"GENOVA <GNVA> TO MERGE INTO GENOVA PRODUCTS
  Genova Inc said its shareholders
  approved a merger into <Genova Products Inc>, which will be
  consumated within a few days. Under the agreement, Genova said
  each of its shareholders will receive 5.375 dlrs per share in
  cash.
  

"
training/1109	12	earn	"ROYAL BANK OF CANADA 1ST QTR SHR 88 CTS VS 1.22 DLRS

  ROYAL BANK OF CANADA 1ST QTR SHR 88 CTS VS 1.22 DLRS
  

"
training/11090	12	earn	"IMPERIAL BANCORP <IBAN> SETS FIVE PCT DIVIDEND
  Imperial Bancorp said it declared a
  five pct stock dividend, payable May 29 to shareholders of
  record April 17.
  

"
training/11093	34	nat-gas	"ARKLA <ALG> PROPOSAL TO SETTLE DISPUTE
  Arkla Inc said it and
  International Paper Co <IP> filed a proposal with the Arkansas
  Public Service Commission designed to resolve the dispute
  between the two over IP's plan to build natural gas pipelines
  for its paper mill facilities at Pine Bluff and Camden.
      Arkla's pipeline division, Arkla Energy Resources,
  currently delivers all of the natural gas consumed at the two
  mills.
      Under the proposal, Arkla will support IP's plan to build
  the alternate pipelines, while IP will allow Arkla's pipeline
  division to deliver an equal quantity of competitively priced
  supplies to other IP facilities.
  

"
training/11095	0	acq	"SERVICE RESOURCES <SRC> UNIT IN ACQUISITION
  Chas. P. Young Co, a subsidiary of
  Service Resources Corp, said it signed a definitive agreement
  to acquire Atwell Fleming Printing Ltd, of Canada, for about
  3.2 mln dlrs.
      The transaction is expected to close in April.
      ON February 23, Chas. P. Young said it had aquired 19.05
  pct of the shares of Sorg INc <SRG> to facilitate a newgotiated
  business combination.
  

"
training/11098	12	earn	"AEC INC <AECE> SETS REGULAR PAYOUT
  Qtrly div eight cts vs eight cts prior
      Pay April 30
      Record April 8
  

"
training/111	33	money-supply	"U.S. M-1 MONEY SUPPLY ROSE 2.1 BILLION DLRS
  U.S. M-1 money supply rose 2.1 billion
  dlrs to a seasonally adjusted 736.7 billion dlrs in the
  February 16 week, the Federal Reserve said.
      The previous week's M-1 level was revised to 734.6 billion
  dlrs from 734.2 billion dlrs, while the four-week moving
  average of M-1 rose to 735.0 billion dlrs from 733.5 billion.
      Economists polled by Reuters said that M-1 should be
  anywhere from down four billion dlrs to up 2.3 billion dlrs.
  The average forecast called for a 300 mln dlr M-1 rise.
  

"
training/11100	10	crude	"SHELL CANADA SCHEDULES ANNUAL REFINERY SHUTDOWN
  Shell Canada Ltd, 72 pct owned
  by Royal Dutch/Shell Group <RD> <ST>, scheduled its annual
  maintenance refinery shutdowns during the next two months,
  company spokeswoman Judy Wish said.
      Wish said refineries will stockpile production before the
  shutdowns to maintain normal supply while maintenance is
  carried out.
      Production at Shell's major refinery at Strathcona Alberta,
  will be closed for about one month, Wish said.
      There will be no layoffs associated with the refinery
  maintenance, she added.
  

"
training/11101	0	acq	"DIXONS GROUP, AUDIO/VIDEO <AVA> END LITIGATION
  Dixons Group PLC said that pursuant to
  an agreement with Audio/Video Affiliates Inc, part of an
  investor group that made a rival bid for Cyclops Corp <CYL>,
  all litigation between them has been dismissed.
      As part of the agreement, Dixons said Cyacq Corp, the
  Audio/Video investor group that includes Citicorp Capital
  Investors Ltd, agreed to ""promptly"" terminate its existing
  tender offer for all outstanding Cyclops common at 92.50 dlrs
  per share.
      Dixons said it agreed to pay an additional 4.75 dlrs per
  share, or 95 dlrs per share, to each shareholder whose shares
  were purchased under its offer for Cyclops at 90.25 dlrs per
  share.
      On Friday, Dixons announced that it had increased its
  holdings in Cyclops Corp to about 83 pct of the currently
  outstanding shares and that it intended to increase to 95 dlrs
  from 90.25 dlrs the amount per share paid in the merger of a
  Dixons subsidiary with Cyclops.
  

"
training/11102	0	acq	"U.S. DOT APPROVES AMERICAN <AMR>-ACI <ACF> PACT
  The U.S. Department of
  Transportation (DOT) said it gave final clearance to the
  proposed 225 mln dlr acquisition of AirCal Inc by American
  Airlines Inc.
      ""The acquisition is not likely to substantially lessen
  competition or to be inconsistent with the public interest,"" the
  DOT said in a statement.
      AirCal is a unit of ACI Holdings Inc while American is a
  unit of AMR Corp.
      The DOT had given tentative approval to the merger plan
  Feb. 20.
      American is the third largest U.S. airline in terms of
  revenue passenger miles while AirCal--a relatively small
  carrier that primarily serves West Coast cities--is the
  nation's 17th largest passenger carrier. Their merger would not
  alter American's third-place ranking, according to data
  compiled by Aviation Daily, a leading industry trade magazine.
      The combination would incrase American's share of the U.S.
  market to 15.4 pct from its current 14.7 pct, the DOT said.
      The DOT said the merger was unlikely to substantially
  reduce competition on the four routes on which both carriers
  provide either nonstop or single-plane service.
      At 13 of the 14 terminals served by both carriers, the DOT
  said it found no evidence that other carriers could not
  increase or begin service that competed with a merged
  American-AirCal.
      Concerning the 14th, ""While entry may not be possible at the
  Orange County Airport in the near future, DOT found that the
  service provided at other airports in the Los Angeles area,
  especially at the Los Angeles International Airport, will
  provide effective competition for Orange County travelers in
  long-haul markets,"" the DOT said.
      The merger would give American control of 37 pct of the
  authorized takeoff and landing slots at the Orange County
  terminal, where environmental concerns and a small terminal
  building limit future opportunities for expansion.
      The DOT said the Air Line Pilots Association filed comments
  opposing the merger but ""raised no new facts or arguments.""
      Under the merger terms, announced Nov. 17, American will
  pay 15 dlrs a share for the outstanding stock of ACI Holdings.
  

"
training/11103	32	money-fx	"U.S. CREDIT MARKETS END UNDER EXTREME PRESSURE
  The U.S. credit market ended under
  extreme pressure as the dollar's continued slide on the
  currency markets triggered an avalanche of U.S. securities
  sales, pushing prices to 1987 lows, dealers and analysts said.
      ""This was a bloodbath,"" said one money market economist.
  ""We've been trading in a state of total panic at times today,""
  said another.
      Mirroring the dollar's fall to a 40-year low against the
  yen, the key 7-1/2 pct 30-year Treasury bond price fell nearly
  two points to close at 96-7/32, compared with 98-5/32 on
  Friday. The corresponding yield jumped to 7.83 pct from 7.66.
  

"
training/11104	24	iron-steel	"STEEL TECHNOLOGIES <STTX>, MITSUI SET VENTURE
  Steel Technologies Inc said it
  agreed to form a 50-50 joint venture with <Mitsui and Co Ltd>
  to make steel products.
      The venture, called Mi-Tech Steel Inc, will be set up to
  serve Japanese and domestic automobile and appliance parts
  makers in the U.S.
      A plant will be located near Murfreesboro, Tenn., and
  production is expected to begin in the fall 1987, the company
  said.
  

"
training/11105	12	earn	"INLAND VACUUM <IVAC> SETS STOCK SPLIT
  Inland Vacuum Inc said is
  board proposed a two-for-one stock split payable to
  shareholders of record April 30.
      The board also elected Phillip Frost chairman, succeeding
  John Durkin, who remains president and chief executive officer.
  Frost in early February bought 49 pct of the company, Durkin
  said.
      Stockholders at the annual meeting approved a measure to
  change the company's name to IVACO Industries Inc. Five new
  directors were also elected to the company's board. Durkin was
  re-elected to the board, the company said.
  

"
training/11106	12	earn	"JOHNSON PRODUCTS INC <JPC> 2ND QTR FEB 28 LOSS
  Shr loss three cts vs loss 39 cts
      Net loss 115,000 vs loss 1,544,000
      Rev 6.9 mln vs 7.3 mln
      Six months
      Shr profit four cts vs loss 44 cts
      Net profit 141,000 vs loss 1,772,000
      Rev 13.9 mln vs 14.5 mln
      NOTE: Net includes loss from discontinued operations of
  78,000 dlrs, or two cts a share, versus 597,000, or 15 cts a
  share in the prior 2nd qtr.
      Six months net includes gain from discontinued operations
  of 104,000 dlrs, or three cts a share, versus a loss of 588,000
  dlrs, or 15 cts a share, in the prior six months.
  

"
training/11107	24	iron-steel	"STEEL TECHNOLOGIES <STTX> IN JOINT VENTURE
  Steel Technologies Inc said it
  signed an agreement with Mitsui and Co Ltd <MITSY> and its
  subsidiaries to establish a joint venture corporation to be
  called Mi-Tech Steel Inc.
      Mitsui, through its subsidiaries, Mitsui and Co USA Inc and
  Mitsui Steel Development Co Inc, and Steel Technologies each
  will own 50 pct of the new company, the company said.
      Mi-tech Steel will construct, own and operate steel service
  centers. The facilities will be established to serve Japanese
  and domestic automobile and appliance parts manufactures in the
  U.S., the company said.
      The initial processing center will be located near
  Murfreesboro, Tenn., and is expected to begin operations in the
  fall of 1987, Steel Technologies said.
      Daryl Elser, president of Steel Technologies, will be
  president of the new company, it said.
  

"
training/11109	12	earn	"MAYNARD OIL CO <MOIL> YEAR LOSS
  Oper shr loss 44 cts vs profit 58 cts
      Oper net loss 2.7 mln vs profit four mln
      Revs 13.3 mln vs 28.4 mln
      Avg shrs 6.1 mln vs seven mln
      NOTE: Prior year excludes extraordinary gain of 21 cts per
  share.
  

"
training/1111	12	earn	"ANITEC IMAGE TECHNOLOGY CORP <ANTC> 2ND QTR NET
  Shr 33 cts vs 28 cts
      Net 3,722,000 vs 3,103,000
      Sales 33.0 mln vs 31.8 mln
      Avg shrs 11.2 mln vs 11.1 mln
      1st half
      Shr 68 cts vs 58 cts
      Net 7,585,000 vs 6,346,000
      Sales 65.9 mln vs 61.3 mln
      Avg shrs 11.2 mln vs 11.0 mln
      NOTE: Share adjusted for three-for-two October 1986 stock
  split.
  

"
training/11111	12	earn	"KANSAS GAS AND ELECTRIC CO <KGE> FEBRUARY NET
  Shr 13 cts vs 5 cts
      Net 5,568,319 vs 2,968,437
      Rev 36.5 mln vs 34.0 mln
      12 months
      Shr 1.60 dlrs vs 1.79 dlrs
      Net 72,865,101 vs 85,198,853
      Rev 521.3 mln vs 420.3 mln
      NOTE: Twelve months includes the cumulative effect of a
  change in accounting methods for accruing unbilled revenues of
  11.4 mln dlrs, or 28 cts per share.
  

"
training/11112	12	earn	"<JOURNEY'S END MOTEL CORP> SIX MTHS JAN 31 NET
  Shr 13 cts vs 14 cts
      Net 1,329,000 vs 1,054,000
      Revs 20.7 mln vs 11.4 mln
      Avg shrs 10,100,000 vs 7,500,000
  

"
training/11113	0	acq	"NEOAX <NOAX> BUYS REXNORD <REX> UNIT
  Neoax Inc said it bought
  Rexnord Inc's Fairfield Manufacturing Co for 70.5 mln dlrs
  cash.
      The unit makes custom gears for industrial use and had
  sales of 84 mln dlrs in its Oct. 31, 1986 fiscal year.
  

"
training/11115	12	earn	"<R.L. CRAIN INC> 4TH QTR NET
  Shr 80 cts vs 79 cts
      Net 4,212,000 vs 4,142,000
      Sales 111.1 mln vs 107.1 mln
  

"
training/11118	10	crude	"EXXON (XON) SEES SYNFUELS ROLE BY YEAR 2000
  Development of costly shale oil,
  liquified coal and other kinds of synthetic fuels, halted in
  recent years because of cheap and abundant petroleum supplies,
  will become economic again when world oil prices top 30 dlrs a
  barrel, an Exxon Co USA executive said.
      Joe McMillan, a senior vice president, told Reuters after
  addressing a Houston meeting of the American Institute of
  Chemical Engineers, ""By early in the next century, synthetics
  should play a significant role in this country's energy
  supply.""
      McMillan also told reporters at a news conference that he
  believed synthetic fuels would become economic to develop when
  world oil prices reached a 30 to 40 dlr a barrel price range.
      ""You're talking about a 50 pct increase in crude oil
  prices, but I think that time is coming and we've got to be
  prepared,"" McMillan said.
      He predicted U.S. oil demand would rise by about one pct
  annually in the next few years while the nation fails to
  replace its oil reserves through exploration. By the turn of
  the century, world oil prices will be significantly higher
  because of declining supplies, McMillan said.
      Ashland Oil, Inc. chairman John Hall, who also spoke at the
  meeting, advocated some form of federal tax incentives to help
  spur development of synthetic fuels.
      The United States, Hall said, has nearly 500 billion tons
  of demonstrated coal reserves, an amount more than triple that
  of all the world's known oil reserves.
      ""We must encourage research now in order to make synfuels
  competitive later,"" Hall said. The average lead time for
  development of a shale oil or liquified coal project is between
  five and ten years.
      Until last year, the federal government had subsidized
  synfuels development through the U.S. Synthetic Fuels Corp., a
  research program created during the Carter Administration with
  the goal of developing replacements for up to two mln barrels
  of oil.
      The corporation was shut down last April when Congress
  refused to continue funding its eight billion dlr budget
  because of uneconomic projects based on forecasts of 50 dlrs a
  barrel oil and 10 dlr per mcf natural gas during this decade.
  

"
training/11121	24	iron-steel	"USX <X> UNIT RAISES SOME STEEL PRICES
  USX Corp said its USS steelmaking
  division increased prices on plate and H-pile products.
      Effective with May three shipments, it said the price base
  on carbon and high-strength low-alloy, or HSLA, H-piles will
  increase by 1-1/2 cts per pound.
      Effective with shipments beginning June 28, the price on
  carbon, HSLA, and alloy plates will increase by 1-1/4 cts per
  pound. Strip mill plate prices will rise by 3/4 cts per pound.
      It said the price increases on plate and H-pile products
  will apply to all shipments from USS plants.
  

"
training/11123	12	earn	"CANADA BANKS COULD SEE PRESSURE ON BRAZIL LOANS
  Canada's major banks will likely face
  stiff pressure to declare their Brazilian loans non-performing
  if, as expected, major U.S. banks take similar action after the
  end of their first quarter tomorrow, analysts said.
      American bankers said last week that slow progress in debt
  talks with Brazil increased the likelihood that U.S. banks
  would soon declare their Brazilian loans non-performing.
      Such action ""would put a lot of pressure on the Canadian
  banks to do the same,"" Levesque, Beaubien Inc Toronto-based bank
  analyst Donna Pulcine told Reuters.
      ""They (banks) like to appear to be conservative,"" said
  Pulcine, ""and if a major bank puts loans on a non-performing
  basis and the Canadian banks don't, there is going to be a lot
  of pressure from shareholders as to why one bank is considering
  the loans non-performing and another bank is not.""
      Wood Gundy Inc bank analyst Patricia Meredith said any
  willingness by a major Brazilian bank creditor such as Citicorp
  <CCI> to declare its Brazilian loans non-performing rather than
  let Brazil dictate settlement terms would provide a compelling
  example for other creditor banks.
      ""In order to make that strategy work, they (Citicorp) have
  to have the support of the other banks,"" said Meredith.
      Bank analyst Michael Walsh at First Marathon Securities Ltd
  said at least one Canadian bank, which he declined to identify,
  ""wants to put (the Brazilian loans) on a non-performing basis
  and is trying to encourage the others to take that position.""
      Canadian banks are owed about seven billion Canadian dlrs
  by Brazil, which late last month suspended interest payments on
  its 68 billion U.S. dlr foreign bank debt.
      Banks in Canada, although allowed to wait up to 180 days
  before declaring loans on which they are receiving no interest
  as non-performing, usually move on such loans within 90 days.
  They could therefore delay action on the Brazilian loans until
  late May, which falls in Canadian banks' third quarter ending
  July 31.
      <Bank of Montreal>, Brazil's largest Canadian bank
  creditor, said last week it was not currently considering
  declaring its 1.98 billion dlrs of Brazilian loans as
  non-performing.
      ""I think that is just for the benefit of the public,"" Walsh
  said of Bank of Montreal's statement. 
      Some analysts predicted minimal earnings impact on Canadian
  banks from a move to declare the Brazilian loans
  non-performing.
      They said Brazil would likely resume interest payments by
  the banks' fiscal year-end on October 31, thus allowing banks
  to recoup their lost interest income.
      ""From what Brazil has said, it is quite likely the banks
  will get the money,"" said Meredith. ""My outlook at this point is
  optimistic that there will be no adjustment for the full-year's
  earnings.""
      Meredith forecast 1987 fully diluted per share earnings of
  3.80 dlrs for <Royal Bank of Canada> compared with 3.74 in
  1986; 4.30 dlrs for <Bank of Montreal> compared with 3.59; 2.25
  dlrs for <Canadian Imperial Bank of Commerce> compared with
  2.23;  2.15 dlrs for <Bank of Nova Scotia> compared with 1.94,
  and 2.85 dlrs for <Toronto Dominion Bank> against 2.74.
      She forecast 1.90 dlrs for <National Bank of Canada>
  against 3.30 dlrs before a two for one stock split.
      Analyst Pulcine said she might lower full-year earnings
  estimates for the banks by between two cts and 10 cts a share,
  assuming a possible settlement reduced Brazil's interest costs.
      ""If the banks didn't receive anything for the rest of the
  fiscal year, the impact could range from 16 cts to 70 cts a
  share. But I don't see that as a likely scenario,"" Pulcine said.
      Walsh at First Marathon suggested, however, that the
  Brazilian debt situation was so complex that ""it could drag on
  beyond one full fiscal year.""
      He said he foresaw having to lower his 1987 fiscal earnings
  forecasts for the banks. He estimated that Brazil's yearly
  interest payments to Canadian banks totaled about 575 mln dlrs
  or about 10 pct of their total 1986 pre-tax earnings.
  

"
training/11126	0	acq	"INFINITY <INFTA> TO PURCHASE AM/FM STATION
  Infinity Broadcasting Corp said it
  entered an agreement to acquire radio stations KVIL AM/FM from
  Sconninx Broadcasting Co for 82 mln dlrs.
      Upon completion of the transaction, Infinity will own nine
  FM and four AM stations in 10 major markets.
      The transaction is subject to FCC approval.
  

"
training/11127	2	bop	"N.Z. FEBRUARY CURRENT ACCOUNT DEFICIT 78 MLN V 93 MLN JAN - GOVT

  N.Z. FEBRUARY CURRENT ACCOUNT DEFICIT 78 MLN V 93 MLN JAN - GOVT
  

"
training/11128	12	earn	"BULL AND BEAR GROUP INC <BNBGA> YEAR END DEC 31
  Shr loss 45 cts vs profit 25 cts
      Net loss 641,000 vs profit 352,000
      Revs 5,747,000 vs 3,038,000
  

"
training/11132	12	earn	"FRETTER INC <FTTR> 4TH QTR JAN 31 NET
  Shr loss five cts vs profit 36 cts
      Net loss 784,000 vs profit 4,793,000
      Revs 90 mln vs 79 mln
      Year
      Shr profit 27 cts vs profit 65 cts
      Net profit 4,010,000 vs profit 8,539,000
      Revs 273 mln vs 214 mln
  

"
training/11133	0	acq	"AMFAC <AMA> TO SELL STORE
  Amfac Inc said it entered an
  agreement to sell the last remaining store of its original
  Liberty House of California operation to H and S - San Mateo
  Inc.
      Terms were not disclosed.
  

"
training/11134	0	acq	"HARPER INTERNATIONAL <HNT> IN ACQUISITION
  Harper International Inc
  said it intends to buy the major asset, patents and trade name
  of Demarkus Corp, a designer and installer of process gas
  systems for the soft drink and brewing industries.
      The purchase price is about 125,000 dlrs.
      Demarkus' sales were 470,000 dlrs in 1986.
  

"
training/11136	0	acq	"OLSON INDUSTRIES <OLSN> TO SELL EGG OPERATIONS
  Olson Industries Inc said
  it signed a letter of intent to sell substantially all of its
  remaining egg operations to Sunny Fresh Foods inc.
      Olson said it expects to receive about nine mln dlrs from a
  combination of a sale of tangible assets to Sunny Fresh and
  realization of intangible and other assets by Olson.
      The transaction is expected to result in a charge for
  discontinued operations of about two mln dlrs but is also
  expected to generate substantial cash flow to pay off
  egg-related indebtedness of about 7.5 mln dlrs and to further
  improve working capital.
  

"
training/11137	2	bop	"N.Z. FEBRUARY CURRENT ACCOUNT DEFICIT NARROWS
  New Zealand's current account
  deficit narrowed to 78 mln dlrs in February from 93 mln in
  January and 233 mln in February 1986, in a smoothed seasonally
  adjusted measurement, the statistics department said.
      This is the first time current account figures have
  appeared in a seasonally adjusted form.
      Non-seasonally adjusted but smoothed figures show a deficit
  of 112 mln dlrs against 144 mln in January and 281 mln in
  February 1986.
      Totally unadjusted figures show a deficit of 47 mln dlrs
  against 168 mln in January and 227 mln in February 1986.
      The smoothed seasonally adjusted series shows a surplus on
  merchandise trade of 174 mln dlrs after 161 mln in January and
  33 mln in February 1986.
      Smoothed but non-seasonally adjusted figures show a
  merchandise trade surplus of 114 mln dlrs against 81 mln in
  January and a 47 mln dlr deficit in February 1986.
      Unadjusted merchandise figures show a surplus of 168 mln
  against 36 mln in January and 22 mln in February 1986.
      The deficit on invisibles was 241 mln dlrs against 242 mln
  in January and 250 mln in February 1986.
      The smoothed but not seasonally adjusted deficit on
  invisibles was 226 mln dlrs against 225 mln in January and 234
  mln in February 1986.
      The unadjusted deficit on invisibles was 215 mln dlrs
  against 204 mln in January and 249 mln in February 1986.
      Seasonally adjusted export and import figures were not
  available but the department said they will be included in
  future current account data.
      Smoothed but non-seasonally adjusted exports were 924 mln
  dlrs, unchanged from January, against 843 mln in February 1986.
      Smoothed but non-seasonally adjusted imports were 810 mln
  dlrs against 843 mln in January and 890 mln in February 1986.
  

"
training/11139	0	acq	"GENCORP REJECTS UNSOLICITED TAKEOVER BID FROM AFG INDUSTRIES/WAGNER AND BROWN

  GENCORP REJECTS UNSOLICITED TAKEOVER BID FROM AFG INDUSTRIES/WAGNER AND BROWN
  

"
training/11143	0	acq	"GROUP SELLS STAKE IN COMDATA NETWORK <CDN>
  A group of investment firms which
  had once sought control of Comdata Network Inc, told the
  Securities and Exchange Commission it sold its remaining
  1,113,500-share, or 5.9 pct, stake in the company.
      The group, which had owned as much as 9.5 pct of the total,
  said it sold the stake on March 27 at 15-3/4 dlrs a share. Last
  week it sold 455,000 Comdata shares.
      Group members are CNI Partners, an investment partnership,
  Mason Best Co, a Texas investment partnership, and Houston
  Imperial Corp, a real estate development firm.
  

"
training/11144	0	acq	"GENCORP <GY> REJECTS UNSOLICITED TAKEOVER BID
  Gencorp Inc said its board urged
  shareholders to reject the hostile unsolicited 100 dlr a share
  tender offer made March 18 by General Acquisition Inc, an
  affiliate of Wagner and Brown and AFG Industries INc.
      Gencorp also said it is developing a financially superior
  alternative that would enable shareholders to benefit from the
  full value of the company.
      In a letter to shareholders, Chairman A. William Reynolds 
  said the offer is a ""highly conditional, contingently financed
  bust-up offer"" that seeks to deny shareholders the true value
  of their investment in Gencorp.
      Reynolds said the board reached its decision to reject the
  offer after careful study with legal and financial advisers. He
  said the board has authorized management to explore
  alternatives aimed at providing shareholders with a
  ""financially superior"" alternative to the general acquisition
  offer.
      A Gencorp spokesman, in response to questions, would not
  comment on market speculation that the company's management may
  develop a leveraged buyout offer of its own. He would also not
  comment on when a better alternative might be developed.
      Gencorp's stock has traded well above the 100 dlr offer
  price since the tender was made. Today, Gencorp closed at
  114-1/4, up 1-5/8.
      Reynolds said in the letter that for the last few years,
  Gencorp management has taken action to enhance shareholder
  value, and the stock price and earnings have improved since he
  joined the company.
      Gencorp said the partnership's offer is a ""bargain price""
  acquisition that was ""using financing from a syndicate of banks
  that does not yet exist and a bridge loan from Shearson Lehman
  brothers that shearson is not obligated to provide.""
      Reynolds also said the offer would result in a radical
  alteration and selloff of Gencorp's assets, including Aerojet
  General to refinance General Acquisition's borrowings with the
  profits going to Wagner and Brown and AFG instead of
  shareholders.
      The letter also said the General Acquisition offer
  ""jeopardizes the security and interests"" of its shareholders,
  employees, customers, suppliers and the communities throughout
  the country where the company's facilities are located.
  

"
training/11145	12	earn	"DOME MINES LTD <DM> 4TH QTR NET
  Shr profit 17 cts vs loss three cts
      Net profit 14,918,000 vs loss 2,732,000
      Revs 74.8 mln vs 54.7 mln
      YEAR
      Shr profit 80 cts vs profit 15 cts
      Net profit 71.6 mln vs profit 12.2 mln
      Revs 293.4 mln vs 222.8 mln
      Note: 1986 fl-yr net includes extraordinary gain of 56.3
  mln dlrs from investment sales, gain on share issue by 57
  pct-owned Campbell Red Lake Mines Ltd <CRK> and provision for
  decline in value of marketable securities. 1985 fl-yr net
  includes gain of 10.1 mln dlrs.
      1985 revs restated to exclude revenues from discontinued
  coal mining operations.
      Under U.S. accounting practises, Dome Mines would have
  reported 1986 loss of 192.9 mln dlrs or 2.17 dlrs shr vs yr-ago
  loss of 24.9 mln dlrs or 32 cts shr, reflecting different
  principles in accounting for 22 pct stake in Dome Petroleum Ltd
  <DMP> and 1986 oil and gas writedown.
  

"
training/11149	10	crude	"U.S. SHOULD REASSESS MIDEAST POLICY - ANALYST
  The U.S. should reassess
  its Mideast policy in light of its rising dependence on
  imported oil, according to Charles Ebinger of the Center for
  Strategic and International Studies.
       ""The prospect of rising dependence on oil imports from the
  Gulf, and the recent revelations of the Tower Commission
  report, mandate more than ever before the need for a
  fundamental reassessment of U.S. interests in the Middle East,""
  Ebinger said.
       He remarks were made in an address to the National
  Petroleum Refiners Association meeting.
       ""Although in the short run it is difficult to see a direct
  link between Arab anger and threats to oil supplies, in the
  current environment it will be increasingly difficult for
  moderate Arab leaders to be seen as friendly to U.S.
  interests,"" Ebinger said.
       Oil traders said threats to oil supplies has kept crude
  oil prices strong recently although some believe prices will be
  weaker if demand falls in the spring.
      But William Randol, analyst at First Boston Corp, said
  crude oil prices will hold  near current levels this spring.
      There will be no spring downturn, said Randol, speaking at
  the annual refiner meeting. He said there is a 40 pct chance
  that crude oil prices could move higher in the second half of
  the year, following an OPEC meeting scheduled for late June.
      He said he expects OPEC will extend its current agreement
  to restrict production.
      OPEC will renew its production pricing agreement in June
  because the value of the oil exports of the OPEC producers  has
  declined along with the U.S. dollar, Randol said.
      OPEC oil exports are priced in U.S. dollars, and the dollar
  has fallen about 30 pct in the last 18 months.
      Randol said U.S. crude oil imports will increase 3.5 to
  four mln barrels per day by 1990 as consumption rises 1.5 to
  two mln bpd, and supplies decline two mln bpd.
  

"
training/11153	12	earn	"ENVIROSURE MANAGEMENT CORP <ENVS> 1ST QTR LOSS
  Qtr ended Nov 30
      Shr loss nil vs profit nil
      Net loss 1,321,940 vs profit 128,164
      Revs 4,582,260 vs 5,115,456
  

"
training/11154	12	earn	"COMMERCIAL METALS CO <CMC> SETS QTLY DIVIDEND
  Qtly div eight cts vs eight cts prior
      Pay April 24
      Record April 10
  

"
training/11156	12	earn	"IMPERIAL <ICA> DECLARES FIRST DIV SINCE 1981
  Imperial Corp of America said
  it declared a 10 cts dividend and four pct stock dividend on
  APril 25 to holders of record April 10.
      This is the first dividend payment since 1981, the company
  said.
  

"
training/11158	12	earn	"30-MAR-1987
  30-MAR-1987

"
training/11159	26	jobs	"Japan February unemployment falls to 2.9 pct (3.0 pct in January) - official

  Japan February unemployment falls to 2.9 pct (3.0 pct in January) - official
  

"
training/11160	26	jobs	"JAPAN UNEMPLOYMENT FALLS IN FEBRUARY
  Japan's seasonally adjusted unemployment
  rate fell to 2.9 pct in February from the record 3.0 pct in
  January, the government's Management and Coordination Agency
  said.
      The January level was the worst since the Goverment started
  compiling unemployment statistics under the current system in
  1953.
      Unemployment was up from 2.8 pct a year earlier.
      Unadjusted February unemployment totalled 1.86 mln people,
  up from 1.82 mln in January and 1.64 mln a year earlier.
      Male unemployment in February remained at 2.9 pct, equal to
  the second-highest level set in January and December. Record
  male unemployment of 3.1 pct was set in July 1986.
      Female unemployment rose to a record 3.1 pct in February
  from the previous record 3.0 pct marked in January 1987 and in
  April, August, September and December last year.
      ""Japan's employment condition was still severe in February
  as the non-rounded rate of unemployment in February fell only
  0.03 percentage points to 2.93 pct from 2.96 pct in January,"" an
  agency official said.
      Employment in manufacturing industries fell 430,000 from a
  year earlier to 14.22 mln people in February due to the yen's
  continued appreciation, while employment in non-manufacturing
  industries rose 380,000 to 12.11 mln.
      In manufacturing industries, employment in the textile
  industry fell 180,000 to 1.94 mln in February, while in
  ordinary and precision machinery industries it fell 160,000 to
  1.50 mln.
  

"
training/11161	0	acq	"PARTNERS CALL GENCORP<GY> RESPONSE UNPRODUCTIVE
  General Acquisition Co said it was
  disappointed by Gencorp's response to its tender offer and
  questioned how the company might give better value to
  shareholders.
      Gencorp earlier urged shareholders to reject a 100 dlr per
  share tender offer from the partnership, which includes Wagner
  and Brown and AFG Industries Inc. The company said it was
  studying financially superior alternatives.
     The partnership called the response inflammatory and
  unproductive, particularly since it had attempted to discuss
  the offer with Gencorp.
       The partnership said Gencorp failed to say how it would
  provide a ""superior value yet they continue their attempt to
  prevent a satisfactory offer by failing to redeem their poison
  pill."" Poison pills are shareholder rights plan that make
  takeovers more expensive.
      Gencorp said in its statement earlier that the date its
  rights will trade separately from the common stock was extended
  to April six from April three. It said the extension was
  subject to further extensions by the board and is conditioned
  on no person aquiring beneficial ownership of 20 pct or more of
  Gencorp prior to April six.
      General Acquisition said it is confident its offer can be
  completed in a timely manner using its financial arrangements.
      The partnership in its statement again urged management to
  work with it to facilitate a transaction.
  

"
training/11162	11	dlr	"MIYAZAWA SAYS DOLLAR BELOW 150 YEN IS COUNTER TO PARIS ACCORD

  MIYAZAWA SAYS DOLLAR BELOW 150 YEN IS COUNTER TO PARIS ACCORD
  

"
training/11163	11	dlr	"DLR BELOW 150 YEN COUNTER TO PARIS PACT - MIYAZAWA
  Finance Minister Kiichi Miyazawa said he
  regards a U.S. Dollar below 150 yen as counter to the agreement
  struck by major nations in Paris last month.
      He told the Upper House Budget Committee in Parliament that
  Japan intervened in the market when the dollar went below 150
  yen, as it considered the dollar's fall below that level
  counter to the spirit of the Paris accord.
      Commenting on current foreign exchange movements, Miyazawa
  said Japan would watch developments for another couple of days.
      Institutional investors appeared to have sold dollars to
  hedge currency risks ahead of the end of the financial year
  today, Miyazawa said.
      Behind the recent dollar fall lies the market perception
  that major nations were not doing enough to implement their
  policies under the Paris pact, he said, noting that passage of
  Japan's 1987/88 budget has been delayed.
      He said that now was the time for major nations to act
  under the Paris accord. The U.S., West Germany, France,
  Switzerland and Britain have intervened on their own account to
  prop up the dollar, he said. This was a concerted action.
  

"
training/11164	11	dlr	"BANK OF JAPAN BUYS DOLLARS AROUND 145.75 YEN - DEALERS

  BANK OF JAPAN BUYS DOLLARS AROUND 145.75 YEN - DEALERS
  

"
training/11166	45	sugar	"PAKISTAN BIDS FOR IMPORT OF 100,000 TONNES SUGAR
  Trading Corp of Pakistan Ltd said it
  had invited tenders up to April 11, 1987 for the import of
  100,000 tonnes of white refined crystal sugar up to June.
      It said each cargo should consist of 15,000 tonnes. Four
  cargoes should reach Port Bin Qasim or Karachi Port (buyers
  option) by May 31 and the balance by June 30, 1987, it added.
  

"
training/11168	12	earn	"WOODSIDE PETROLEUM LTD <WPLA.S> 1986 YEAR
  Shr nil vs same
      Final and yr div nil vs same
      Pre-tax, pre-minorities loss 3.53 mln dlrs vs profit 17.40
  mln.
      Net attributable loss 17.14 mln dlrs vs loss 8.73 mln
      Sales 220.84 mln vs 173.50 mln
      Other income 17.77 mln vs 12.02 mln
      Shrs 666.67 mln vs same.
      NOTE - Attributable net loss is after tax 10.04 mln dlrs vs
  18.59 mln, interest 82.36 mln vs 65.94 mln, depreciation 64.77
  mln vs 35.74 mln and minorities 3.57 mln vs 7.55 mln but before
  net extraordinary loss 1.22 mln vs loss 3.91 mln.
  

"
training/1117	12	earn	"DASA CORP <DASA> YEAR NET
  Shr profit three cts vs loss 11 cts
      Net profit 507,000 vs loss 1,823,000
      Revs 11.2 mln vs 204,000
  

"
training/11170	19	housing	"JAPAN HOUSING STARTS RISE IN FEBRUARY
  Japan's housing starts in February rose
  13.4 pct from a year earlier to 109,254, the 10th successive
  year-on-year gain, the Construction Ministry said.
      February housing starts were up 16.8 pct from 93,554 in
  January when they fell 27.4 pct from a month earlier but rose
  10.3 pct from a year earlier.
      Higher housing starts were mainly due to a 26.8 pct
  year-on-year rise in apartment building starts to 51,829 for
  the 56th consecutive gain, spurred primarily by lower domestic
  interest rates.
   RUTER
  

"
training/11171	12	earn	"WOODSIDE SAYS LOSS REFLECTS LOWER OIL PRICES
  Woodside Petroleum Ltd <WPLA.S> said
  its 1986 net loss largely reflected the drop in oil prices
  combined with a large tax provision.
      Woodside earlier reported attributable net loss rose to
  17.14 mln dlrs in 1986 from 8.73 mln in 1985, although group
  revenue rose to 220.84 mln from 173.50 mln.
      It said it should have received a 1.7 mln dlr tax credit
  but instead made a 10.04 mln dlr tax provision. This largely
  related to its <Vamgas Ltd> unit, non-allowable exchange losses
  and tax benefits from the North-West Shelf project not
  recognised in the accounts.
      Woodside said the rise in revenue largely reflected full
  year sales of gas and condensate from the domestic phase of the
  Shelf project, against six month sales in 1985.
      Offsetting this was a 23 pct fall in the Cooper Basin gas
  and liquids revenue of its 50.6 pct-owned Vamgas unit.
      Since the balance date Woodside has accepted a Santos Ltd
  <STOS.S> takeover offer for Vamgas.
      Woodside said a 92.8 mln dlr capital profit on the sale
  would be included in the 1987 accounts.
      It said it lifted capital spending on fixed assets to 269.6
  mln dlrs from 178.3 mln, mostly on the Shelf project.
  

"
training/11173	45	sugar	"THAILAND EXPECTS SMALLER SUGARCANE OUTPUT
  Thailand's sugarcane output will fall
  to about 23.55 mln tonnes in the 1986/87 (November-October)
  season from 24.09 mln in 1985/86, the Agriculture Ministry
  said.
      It said a January survey put the total area under sugarcane
  at 545,528 hectares, down from 556,860 hectares the previous
  year.
      The national average yield is expected to fall to 43.17
  tonnes/hectare from 43.22 tonnes in 1985/86, it said.
  

"
training/11174	48	trade	"EUROPEAN COMMUNITY TO SET UP OFFICE IN PEKING
  China and the European Community (EC)
  signed an agreement on the establishment of an EC office here.
      Chinese vice-foreign minister Zhou Nan and the EC's
  external relations commissioner, Willy De Clercq, signed the
  accord. EC sources said the office was likely to open in the
  second half of this year.
      In 1986 the EC was China's third largest trading partner,
  with Chinese imports from the EC worth 5.7 billion dlrs and
  exports worth 2.6 billion dlrs.
      De Clercq told the official China Daily that more joint
  ventures should be set up in China as a way of reducing China's
  trade deficit with the EC.
      The EC's affairs in China are currently looked after by
  whichever country holds the group's six-monthly rotating
  presidency, now held by the Belgians until the Danes take over
  in July.
  

"
training/11175	48	trade	"TRADE FRICTION THREATENS TO TOPPLE NAKASONE
  Prime Minister Yasuhiro Nakasone may have
  been dealt a fatal political blow by the yen's renewed rapid
  rise and the threat of a trade war with the United States,
  political analysts said.
      Nakasone, already under fire over an unpopular tax reform
  plan, may now be forced to resign before the June economic
  summit of seven industrialised nations if local elections later
  next month go against candidates from his ruling Liberal
  Democratic Party (LDP), they said.
      ""The close relationship between Nakasone and President
  Reagan was an important element of Nakasone's power base,""
  Waseda University Political Science Professor Mitsuru Uchida
  told Reuters. ""So the emergence of U.S. Criticism damages
  Nakasone.""
      Even before the latest trade friction flared, Nakasone was
  encountering criticism not only from opposition parties but
  also within his own LDP over his proposal to levy a sales tax.
      ""Many factions within the LDP are distancing themselves from
  Nakasone,"" Uchida said. ""His position within the LDP itself is
  not so strongly established today.""
      Nakasone, who has been more popular with the general public
  than with many LDP members, is now seeing his public support
  eroded, the analysts said.
      The yen's rise to record highs and the U.S. Threat on
  Friday to impose tariffs on Japanese electronics goods in
  retaliation for Japan's alleged violation of a microchip trade
  pact are now giving Nakasone's critics fresh ammunition, the
  analysts said.
      ""Apparently the special relationship between Reagan and
  Nakasone hasn't worked effectively,"" Rei Shiratori, director of
  the Institute for Political Studies in Japan, said.
      This is making the Japanese people doubt Nakasone's
  credibility, Shiratori told Reuters.
      The cumulative impact of the sales tax issue, the yen's
  rise and mounting trade friction could mean serious LDP losses
  in the April 11 and 26 local elections, analysts said.
      ""If the elections go against the LDP, Nakasone may have to
  resign early,"" Shiratori said.
      But Nakasone still has a chance to soothe U.S. Tempers
  before or during his week-long Washington visit from April 29,
  some analysts said.
      However, ""unless the Japanese political system can move more
  quickly to give Nakasone some nice present to take to
  Washington on smouldering trade issues, he will face a very
  hostile audience,"" said Merrill Lynch Securities economist
  William Sterling.
      ""If the trip is a major disaster, it would seem to put the
  final nail in his coffin,"" he said.
      Reagan's own weakened domestic position, and growing
  Republican as well as Democratic anger with Japan, argue
  against a quick settlement to the trade dispute, the analysts
  said.
      But a desire on both sides to find some solution, coupled
  with uncertainty at home and abroad over likely successors to
  Nakasone, could still lead to an attempt to paper over the
  differences and aid Nakasone, they said.
      ""One factor against a trade war may be that Washington is
  not anxious to push Nakasone into his grave,"" Sterling said.
  

"
training/11177	0	acq	"CSR SELLING DELHI TO EXXON UNIT, DROPS DELHI FLOAT
  CSR Ltd <CSRA.S> and Exxon Corp <XON>
  unit <Esso Exploration and Production Australia Inc> said CSR
  has agreed to sell its <Delhi Australia Fund> (DAF) to Esso for
  985 mln Australian dlrs.
      The sale is effective from tomorrow, they said in a joint
  statement.
      The previously announced float of part of its Delhi
  interest will not now proceed, CSR said in the statement.
      Delhi Australia Fund owns <Delhi Petroleum Pty Ltd>, which
  holds an average of 25 pct in the Santos Ltd <STOS.S>-led
  Cooper and Eromanga Basin gas and liquids projects.
      In addition to the purchase price, CSR will share equally
  in any returns due to increases in crude oil and condensate
  prices over certain levels for liquids produced from Delhi's
  interests in the next two years, the statement said.
      ""The Esso proposal to purchase all the Delhi interest will
  be more beneficial to our shareholders than proceeding with the
  float,"" CSR chief executive Bryan Kelman said in the statement.
      Kelman said the sale of Delhi would enable CSR to focus
  efforts on expanding business areas such as sugar and building
  materials in which CSR has had long and successful management
  experience and strong market leadership.
      With the sale, CSR will be able to expand those businesses
  more aggressively and earlier, he said.
      As reported separately, soon after announcing the Delhi
  sale CSR launched a takeover bid for the 68.26 pct of <Pioneer
  Sugar Mills Ltd> that it does not already hold, valuing its
  entire issued capital at 219.6 mln dlrs.
      After Bass Strait, the onshore Cooper and Eromanga Basin is
  Australia's largest oil and gas producing area with current
  gross oil production of 45,000 barrels per day (BDP), gas
  liquids output of 30,000 BPD and gas sales of 480 mln cubic
  feet a day, the CSR-Esso statement said.
      The purchase gives Esso, a 50/50 partner with The Broken
  Hill Pty Co Ltd <BRKN.S> in the Bass Strait, its first onshore
  production in Australia, they said.
      Esso's chairman Stuart McGill said he hoped Esso can assist
  in maintaining the high rate of oil and gas discoveries in the
  Cooper-Eromanga area.
      ""These discoveries will help Australia's self-sufficiency in
  oil reserves thereby offsetting in part the decline in Bass
  Strait production now under way,"" McGill said.
      In a separately released letter to CSR shareholders, Kelman
  said CSR was within days of completing plans for the float of
  CSR Petroleum when it received an offer from Esso.
      He said CSR is convinced the sale was the correct decision
  in view of the risks associated with the oil business.
      The price-sharing arrangement provides for CSR to share
  equally with Esso in higher returns if oil prices average more
  than 20 U.S. Dlrs a barrel in the next two years, he said.
      Kelman said a revaluation of CSR's investment in Delhi to
  net realisable value as of today, CSR's annual balance-date,
  will result in an extraordinary loss of 97 mln dlrs.
      However, revaluations and profits on sales of other assets
  will significantly reduce this loss, he said.
      He also said that CSR is sufficiently encouraged by future
  prospects and the opportunity to reposition the group in core
  businesses to foreshadow an increase in final dividend payable
  in July to 10 cents from nine to make an annual 19 cents
  against 18 in 1985/86.
  

"
training/11179	24	iron-steel	"JAPAN TO PAY FIVE PCT LESS FOR INDIAN IRON ORE
  Japan will pay five pct less for the
  Indian iron ore it imports in fiscal 1987/88 starting April 1
  than the average 18 dlrs a tonne it paid in 1986/87, a
  government trade official told Reuters.
      He said India had agreed to export to Japan about 23 mln
  tonnes of iron ore in 1987/88, about the same as in the current
  year.
      The official described the agreement as satisfactory
  overall. He said it was signed by an official Indian trade
  delegation and Japanese businessmen in Tokyo last week.
      The official said it was encouraging that Japan had agreed
  not to reduce ore imports from India although Japan's total
  iron ore imports would be lower in the coming year because of
  the recession in the Japanese steel industry.
      He said Japanese ore imports in calendar 1987 would total
  96 mln tonnes, compared with 103.5 mln in 1986.
      Government officials said India's total ore exports are
  likely to rise to between 33 and 34 mln tonnes in 1987/88,
  against a provisionally estimated 31 mln in 1986/87.
  

"
training/1118	0	acq	"GROUP TRIMS MATERIAL SCIENCES <MSC> STAKE
  An investor group led by Central
  National-Gottesman Inc, a New York investment firm, and its
  executive vice president, Edgar Wachenheim, said they cut their
  stake in Material Sciences Corp to less than five pct.
      In a filing with the Securities and Exchange Commission,
  the group said it sold 19,500 Material Sciences common shares
  between Feb 11 and 19 at prices ranging from 24.00 to 27.648
  dlrs a share, leaving it with 239,500 shares, or 4.7 pct.
      As long as the group's stake remains below five pct, it is
  not required to disclose further dealings in Material Sciences
  common stock.
  

"
training/11181	12	earn	"COMMERZBANK INCREASES DIVIDEND, PARENT NET PROFIT
  Commerzbank AG <CBKG.F> said a
  dividend of nine marks would be proposed for ordinary
  shareholders on 1986 earnings after eight in 1985.
      It added in a statement that parent net profit rose to
  288.2 mln marks in 1986 from 221.7 mln the prior year.
      A Commerzbank spokesman noted the figures were,however,
  preliminary and required approval of the bank's supervisory
  board which meets today.
      The Commerzbank statement added the distributable profit
  last year rose to 228.2 mln marks from 161.7 mln in 1985.
      With inclusion of the corporate tax allowance, qualifying
  domestic shareholders would receive an effective dividend of
  14.06 marks per share.
      Total dividend payout would rise to 186.8 mln marks from
  142.0 mln on 1985 earnings due to the increase in the dividend
  and in equity capital, it added.
      From the parent net profit, 60 mln marks would be placed in
  published reserves, unchanged from the two prior years.
      The shareholders' meeting take place on May 22 in Hamburg.
      The statement said holders of Commerzbank participation
  certificates in a total nominal value of 425 mln marks would
  receive the remaining 41.4 mln marks of the distributable
  profit. Aside from the basic payment of 8.25 pct of nominal
  value, certificate holders would receive an additional 1.5 pct.
      The management board of the bank would also propose two
  capital measures to shareholders in order to be able to react
  quickly to new challenges.
      It would ask for authorised capital of a nominal 200 mln
  marks for the issue of new shares and for 300 mln for the issue
  of warrant bonds, both for the period until April 30, 1992.
  

"
training/11183	5	coffee	"INDIA REDUCES EXPORT DUTY ON COFFEE
  India cut the export duty on coffee
  to 330 rupees per 100 kg from 600 rupees, effective March 23, a
  Coffee Board official said.
      The reduction should help India reach its coffee export
  target of 90,000 tonnes in fiscal 1987/88 ending March 31,
  against provisionally estimated exports of 75,000 tonnes in
  1986/87 and an actual 99,254 tonnes in 1985/86, he said.
      India is likely to press for international export quotas at
  a meeting of coffee producers in London this week because of
  depressed prices, he added.
      The International Coffee Organisation, which represents
  both consumers and producers, has so far failed to reach
  agreement on quotas.
      India feels it will be useful to have quotas now because
  the slide in prices is unlikely to be halted immediately, he
  said.
      Export quotas were suspended in February 1986 when market
  prices surged after a drought devastated Brazil's coffee crop.
  

"
training/11185	2	bop	"SWEDISH CURRENT ACCOUNT DEFICIT RISES IN JANUARY
  Sweden's balance of payments on
  current account showed a deficit of 500 mln crowns in January
  after a shortfall of 100 mln in December, Central Bank figures
  showed.
      This compared with a deficit of 1.3 billion in January
  1986, the Bank said.
  

"
training/11190	51	zinc	"WORLD ZINC STOCKS FALL 7,700 TONNES IN FEBRUARY
  World closing stocks of primary zinc
  at smelters, excluding Eastern Bloc countries, fell 7,700
  tonnes in February to 459,100 tonnes from 466,800 (revised from
  449,600) in January, compared with 403,700 in February 1986,
  provisional European Zinc Institute figures show.
      February closing stocks of primary zinc at European
  smelters, excluding Yugoslavia, fell 4,500 tonnes to 160,000
  from 164,500 (revised from 164,300) in January, compared with
  126,700 in February 1986.
      Total world zinc production, excluding Eastern Bloc
  countries, fell to 390,800 tonnes in February from 419,900
  (revised from 419,600) in January. February 1986 production was
  378,600 tonnes.
      European zinc production, including estimates for
  Yugoslavia, fell to 152,900 tonnes in February from 164,200 in
  January, compared with 156,400 in February 1986.
  

"
training/11191	15	gnp	"FINNISH ECONOMIC GROWTH PUT AT THREE PCT IN 1987
  Finland's gross national product is
  expected to rise by three pct in 1987 against two pct in 1986
  and inflation will be unchanged at about 3.5 pct, the private
  business survey office ETLA predicted.
      Unemployment in 1987 is put at 5.5 pct, in line with last
  year, the office predicted in its regular review.
      The balance of payments would show a five billion markka
  deficit in 1987, against a 4.2 billion deficit in 1986.
  

"
training/11192	0	acq	"SHANDWICK BUYS LOS ANGELES PR COMPANY
  Public Relations consultancy <Shandwick
  Plc> said it had agreed to buy the Los Angeles-based <Rogers
  and Cowan Inc> which specialises in the entertainment industry.
      A total of 2.25 mln dlrs is payable on completion, 1.5 mln
  will be injected into the business through an interest free
  loan and the expenses of the acquisition amount to 660,000 stg.
      Shandwick said it would raise 5.1 mln stg through the
  placing of 1.16 mln shares to finance the deal, with the
  balance of 2.04 mln stg used to strengthen the balance sheet
  and in anticipation of future performance-related payments.
      In the year to end-September Rogers' operating income was
  more than 10 mln dlrs. After the acquisition Shandwick's U.S.
  Operating income will be comparable to that it earns in the
  U.K.
      Rogers' estimated that pretax profit in the year to
  end-1987 would exceed 900,000 dlrs. An extraordinary loss of
  504,000 dlrs in 1986 resulted from the write off of assets.
      Net tangible assets at end-September were 363,000 dlrs.
      Shandwick shares were unchanged at 460p.
  

"
training/11193	32	money-fx	"U.K. MONEY MARKET OFFERED EARLY ASSISTANCE
  The Bank of England said it had invited
  an early round of bill offers from the discount houses after
  forecasting a very large shortage of around 1.75 billion stg in
  the money market today.
   MORE
  

"
training/11196	12	earn	"HUTCHISON ANNOUNCES BONUS ISSUE OF NEW ""B"" SHARES
  Hutchison Whampoa Ltd <HWHH.H>
  announced a bonus issue of one new ""B"" share of 2.5 H.K. Cents
  each for every two existing ordinary shares of 25 cents a share
  par value.
      A company statement said Hutchison forecast 1987 dividends
  for existing shares of not less than 32.5 cents a share and not
  less than 3.25 cents for each ""B"" share.
      Hutchison said the new issue will help increase flexibility
  when it is planning future expansion moves or making
  acquisitions without affecting the existing control structure
  of the group.
      ""The move will provide long term stability to ensure
  continuity of overall control of the Hutchison group in that it
  provides Hutchison with a stable framework within which
  management, development and the planned growth of the group's
  businesses can take place,"" it added.
      Hutchison shares lost one dlr to end at 53 dlrs each today.
  

"
training/11197	8	cpi	"ITALIAN CONSUMER PRICES RISE 0.4 PCT IN MARCH
  Italy's consumer price index rose 0.4 pct
  in March compared with February after an identical increase in
  February over January, the national statistics institute Istat
  said.
      The year-on-year rise in March was 4.2 pct, unchanged on
  February and compared with 7.2 pct in March 1986.
      Istat said its consumer price index for the families of
  workers and employees, base year 1985 equals 100, registered
  109.5 in March 1987 compared with 109.1 in February this year
  and 105.1 in March 1986.
  

"
training/11198	48	trade	" EUROPE ON SIDELINES IN U.S-JAPAN MICROCHIP ROW
  Rising imports of Japanese-made cars and
  electronic goods may upset West European officials, but they
  generally seem prepared to stay on the sidelines in the latest
  trade row between the United States and Japan.
      Japan's huge trade surplus is a sore point in West Europe,
  as it is in the United States. But U.S. Charges of unfair trade
  practices involving computer microchips leave Europeans cold.
      The European Community ran a 18.2 billion dlr trade deficit
  with Japan last year, and seeks redress when it feels Japanese
  trade policy hurts Europeans, diplomats and economists said.
      But only in Britain has there been any suggestion of acting
  with the U.S. To do something about Japan's huge trade surplus.
      ""The EC is no more illiberal on trade issues than is the
  U.S.,"" said Martin Wolf, director of studies at the Trade Policy
  Research Centre in London. ""Basically, their policies are pretty
  much the same.""
      But that did not mean Europe would support the U.S., Or
  that the EC would climb on the bandwagon to take advantage of
  the U.S. Dispute to press its own claims, Wolf said.Basically,
  Europeans have a different approach to trade problems, he said.
      ""In the U.S., People talk about fair trade, but not here,"" he
  added. ""In the U.S., It all has to do with the general ethic of
  free competition, while in Europe, the general approach is that
  liberal trade is good because it makes countries rich.""
      Wolf said this basic U.S. Attitude explains Washington's
  tendency to impose so-called ""countervailing duties"" - an import
  tax designed to offset advantages alleged to be unfair.
      In Western Europe, the approach to trade disputes tends to
  be to try to reach a settlement through negotiation, Wolf said.
      In the latest U.S.-Japan trade row, President Reagan has
  threatened to raise tariffs on selected Japanese electronic
  goods by as much as 300 mln dlrs, alleging that Japan has
  failed to abide by a 1986 U.S.-Japan pact on microchip trade.
      But the European Community has challenged the agreement as
  a violation of General Agreement on Tariffs and Trade (GATT)
  practices that discriminates against its microchip producers.
      ""It follows that they're not likely to rally to the side of
  the United States in defence of the agreement,"" said Wolf.
      Although British parliamentarians are pushing for a tough
  line on Japanese trade issues, government officials in the rest
  of Europe told Reuter correspondents they would let the EC take
  the lead in any response to the U.S.-Japan trade row.
      A spokeswoman for the EC Commission in Brussels told
  Reuters there has been no change in the Community's position
  since a March 16 meeting of foreign ministers which sent a
  strong warning to Tokyo on trade imbalances.
      In a statement issued after that meeting, EC foreign
  ministers deplored Japan's continued trade imbalance and
  appealed for a greater Japanese effort to open up its markets.
      EC External Trade Commissioner Willy De Clercq said after
  the talks there was a growing impatience with Japan in the EC.
      Diplomats accredited to the EC in Brussels said they saw no
  signs of any immediate intention to impose any broad-ranging
  sanctions against Japan. The EC is anxious to avoid provoking a
  trade war, they said.
      Instead, the Community is trying to target problem areas in
  European trade with Japan, including wines and spirits,
  cosmetics, and financial services, and will continue talking to
  try to improve the situation, the diplomats said.
      In Britain, where the government is angered over the
  difficulties telecommunications giant Cable and Wireless has
  faced in its bid to crack the Japanese market, officials said
  last week that retaliatory action is being considered.
      But government officials said last night, ""We are not
  talking about days or weeks. This is going to take time.""
      They said the government would consider its options at a
  cabinet meeting on Thursday, but added that no final decisions
  were expected. The main thing the British would threaten the
  Japan with is denial of access to London's booming financial
  markets, government officials said.
  

"
training/1120	22	interest	"FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

  FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
  

"
training/11201	0	acq	"LONDON INT'L SELLING HOT WATER BOTTLE UNIT
  London International Group Plc <LONL.L>
  said it had agreed to sell its <Haffenden Moulding Co Ltd> unit
  to <Melton Medes Ltd> for 2.1 mln stg.
      Haffenden is a moulder of hot water bottles and also
  produces a variety of rubber and plastic mouldings. The book
  value of its assets is 4.4 mln stg.
      LIG said the disposal was part of its strategy of
  concentrating on its core activities.
      LIG shares were one penny firmer at 277p.
  

"
training/11202	0	acq	"CABLE SHARES FIRM ON JAPAN SPECULATION
  Shares in Cable and Wireless Plc
  <CAWL.L> firmed in morning trading on market speculation that
  its participation in a joint telecommunications venture in
  Japan would not be curtailed, dealers said.
      The company's shares were quoted at 372p at 0915 GMT
  compared with 364p last night.
      The dealers said the speculation appeared to originate in
  Japan. Cable has said it is resisting attempts by the
  Federation of Economic Organisations to merge two Japan-based
  telecommunications firms, a move which would have cut Cable's
  stake from 20 pct in one to three pct in the merged unit.
      However, the dealers were uncertain exactly how the dispute
  over the shareholdings had been resolved.
      British prime minister MargaretThatcher said in parliament
  last week that she regarded Cable and Wireless's participation
  in the Japanese venture as a test case of how open the Japanese
  telecommunications market really was.
      A spokesman for Cable said he was unaware if the
  speculation had any foundation. Cable itself had issued no
  statement today on the issue.
  

"
training/11205	12	earn	"AKZO REVISES 1986 PROFIT UP SLIGHTLY
  Dutch chemicals group
  Akzo NV <AKZO.AS> said in its annual report it had revised its
  1986 net profit figure up to 842 mln guilders from a
  provisional 840 mln guilders announced in January.
      The turnover figure was unchanged at 15.62 billion
  guilders.
      Akzo said it would be difficult to maintain this profit
  level in 1987 but it expected positive developments ""in the
  longer term.""
      Profits in 1985 totalled 843 mln guilders on a turnover of
  18.01 billion.
  

"
training/11210	0	acq	"ADSTEAM TO ACQUIRE 49 PCT OF U.K. PROPERTY COMPANY
  The Adelaide Steamship Co Ltd <ADSA.S>
  (Adsteam) said it will subscribe to 30 mln shares in listed
  British property developer, <Markheath Securities Plc>, at 60p
  each, subject to shareholder approval.
      The subscription, expected to take place in May, will give
  Adsteam 49 pct of Markheath, Adsteam said in a statement.
      Adsteam's managing director John Spalvins will become
  chairman of Markheath and two other Adsteam nominees will join
  its board. ""We hope that in time Markheath will become a
  significant property and industrial company in the same style
  as Adsteam,"" Spalvins said in the statement.
  

"
training/11211	12	earn	"NIPPON COLUMBIA TO MAKE BONUS STOCK ISSUES
  Nippon Columbia Co Ltd <NCOL.T> will make
  a one-for-20 bonus stock issue on July 14 to pay back remaining
  premiums accumulated by 4.5 mln shares issued at market price
  through public placement in September 1980, a spokesman said.
      The bonus issue will bring its outstanding capital shares
  to 65.02 mln from 61.92 mln as at March 31 1987. It is open to
  shareholders registered on May 31.
      Nippon Columbia's share price fell 20 to 1,260 yen on the
  Tokyo Stock Exchange today.
  

"
training/1122	12	earn	"ADC TELECOMMUNICATIONS INC <ADCT> 1ST QTR NET
  Periods ended Jan 31
      Shr 28 cts vs 35 cts
      Net 2,374,000 vs 2,987,000
      Sales 35.2 mln vs 34 mln
      Backlog 36.8 mln vs 33.9 mln
  

"
training/11220	12	earn	"KLEINWORT BENSON LONSDALE PLC <KBLL.L> YEAR 1986
  Shr 53.05p vs 45.79p adjusted
      Div 8.7p making 14p vs 12p adjusted
      Pretax profit 78.84 mln stg vs 60.31 mln
      Net after tax 50.71 mln vs 40.54 mln
      Extraordinary credit after tax 43.19 mln vs nil
      Note - The extraordinary credit represents substantitally
  the after tax profit on sale of company's interest in M and G
  Group Plc. After providing for the final dividend, retained
  earnings were 80.07 mln vs 29.90 mln in 1985.
      Merchant and investment banking 81.47 mln vs 63.22 mln
      Bullion broking 4.75 mln vs 3.02 mln
      U.S. Government security dealing 2.94 mln vs loss 329,000
      Investment management and unit trusts 10.62 mln vs 7.88 mln
      Other activities loss 3.12 mln vs profit 1.42  mln
      Interest on loan capital 17.82 mln vs 14.90 mln.
      Disclosed shareholders funds 365 mln vs 286 mln
      Disclosed capital resources available 626 mln vs 467 mln.
  

"
training/11221	12	earn	"<CGEE ALSTHOM> YEAR TO END-DECEMBER 1986
  Dividend 24 francs vs 30
      Consolidated net profit 115.7 mln francs vs 108.3 mln of
  which attributable to group 110.8 mln vs 102.5 mln
      Consolidated net turnover 11.16 billion francs vs 11.42
  billion
      Parent company net profit 115.5 mln vs 95.0 mln
      Parent co net turnover 9.99 billion vs 9.91 billion
      Note - The electrical contracting company is 99.9 pct owned
  by the state-run Compagnie Generale d'Electricite <CGE>.
  

"
training/11222	48	trade	"THATCHER SAYS TRADE TARGETS SET WITH MOSCOW
  British Prime Minister Margaret Thatcher
  said she and Soviet Premier Nikolai Ryzhkov had set targets for
  increased trade between the two countries during talks earlier
  today.
      She said she hoped more economic exchanges between Britain
  and the Soviet Union ""will also lead to increased friendship and
  increased understanding.""
      Earlier, she told a meeting of Soviet and British
  businessmen that she had agreed with Ryzhkov that they would
  work to achieve a total volume of 2.5 billion roubles in
  bilateral trade by 1990.
      This would entail an increase by each side of 350 to 400
  mln stg over their present export levels.
      ""Mr Ryzhkov handed me a list of import and export
  opportunities which I hope you will all jump at,"" she told the
  meeting to mark the opening of new offices of the British-
  Soviet Chamber of Commerce.
      After her talks with Ryzhkov, Thatcher and the Soviet
  Premier were joined for the signing of agreements covering new
  scientific and cultural exchanges by Kremlin leader Mikhail
  Gorbachev, who had nine hours of talks with her yesterday.
  

"
training/11225	48	trade	"JAPAN TO CUT MICROCHIP OUTPUT, BOOST IMPORTS
  Leading domestic semiconductor makers
  will boost imports and cut production of key memory microchips
  from next month in line with government attempts to ward off
  U.S. Trade sanctions, company spokesmen said.
      The moves might persuade the U.S. To call off the
  sanctions, despite obstacles to full implementation of the
  plans, analysts said.
      The tariffs will affect about 300 mln dlrs worth of
  products and are in retaliation for Japan's alleged failure to
  honour a semiconductor trade pact.
      In announcing the sanctions last Friday, President Reagan
  said Japan had not fulfilled its promise to halt predatory
  pricing and open Japan's market to foreign products.
      But U.S. Trade representative Clayton Yeutter said
  yesterday on U.S. Television that the U.S. Is willing to drop
  the tariffs if Japan shows a ""clear indication"" that it will open
  its markets to U.S. Goods.
      The Ministry of International Trade and Industry (MITI) has
  urged producers to slash output of the chips by 11 pct in the
  second quarter, following a call to reduce production by more
  than 20 pct the previous quarter.
      MITI also urged makers to boost chip imports.
      Analysts said the moves could encourage Washington to
  cancel the tariffs ahead of next month's meeting between Prime
  Minister Yasuhiro Nakasone and President Reagan.
      ""The U.S. Wants to be satisfied. It has rattled its sword
  and shown that it can and will do business,"" said analyst Nick
  Edwards at Jardine Fleming Securities Ltd in Tokyo.
      But analysts cautioned that although Japanese producers can
  cut output, boosting imports -- the key to U.S. Withdrawal of
  the sanctions -- is more difficult.
      ""The U.S. Does not have the low-end consumer IC's
  (integrated circuits) that the Japanese need for consumer
  products. They're well supplied here,"" said Richard May, senior
  analyst at Barclays de Zoete Wedd Ltd in Tokyo.
      The U.S. Leads in production of medium and high-end IC's,
  but Japanese makers are keen to develop their own high-end
  production skills, the analysts said.
      ""The Japanese must be prepared to trade some losses on
  semiconductors in return for free access to other areas,"" said
  Edwards.
      A spokesman for Hitachi Ltd <HIT.T>, said the firm's
  reduced output of 256 kilobit dynamic random access memory
  (256K DRAM) was unrelated to MITI's efforts to ward off the
  trade sanctions. Decreased production was a natural result of
  the company increasing output of one-mln bit DRAM's, he said.
      Company officials unveiled the following plans -
      - NEC Corp <NESI.T>, Japan's largest chipmaker, plans to
  slash production of 256K DRAM semiconductors by 29.41 pct to
  six mln per month from a monthly average of 8.5 mln last
  quarter.
       In the year beginning April 1, NEC will boost chip
  imports, which comprised some 20 pct of all NEC chip
  consumption the year before.
      - Hitachi Ltd's <HIT.T> April output of 256K DRAM's will
  fall by 25.93 pct to four mln compared to 5.4 mln in March. The
  company is trying to boost imports but has not set a specific
  target. Imports are currently very low.
      - Toshiba Corp <TSBA.T> will reduce April 256K DRAM
  production by 16.67 pct to just over four mln and is
  considering ways to boost imports, a company official said.
      Toshiba has an agreement with Motorola Inc (MOT.N) to sell
  the U.S. Firm's chips in Japan. The firms are planning a
  joint-venture production of memory chips in Sendai, northern
  Japan.
      - Mitsubishi Electric Corp (MIET.T) will trim second
  quarter output by about 10 pct to between 5.5 mln to 5.6 mln
  chips compared to the first quarter. Plans call for increased
  imports but an official said ""boosting imports will be difficult
  as it depends on sales demand.""
      - Fujitsu Ltd (ITSU.T) will cut production in accord with
  MITI guidelines and boost imports from currently low levels.
      - Oki Electric Industry Co Ltd (OKIE.T) will reduce April
  production by 10 pct from March's 3.2 mln. Oki is studying ways
  to increase imports by 10 pct in the fiscal year beginning
  April 1 from the previous year's total of more than five
  billion yen, a company official said.
  

"
training/11227	12	earn	"LONDON AND SCOTTISH MARINE OIL PLC <LASL.L>
  Year 1986
      Div 7.0p vs 12.2p
      Shr 9.6p vs 31.3p
      Pretax profit 4.4 mln stg vs 118.0 mln
      Net 17.6 mln vs 37.7 mln
      Total turnover 183.8 mln vs 348.0
      Amortisation 71.4 mln vs 86.3
      Traded oil purchases 41.2 mln vs 44.5 mln Administration
  expenses 6.2 mln vs 8.0 mln
      Net interest payable 6.4 mln vs 4.8 mln
      Related company's credit 6.1 mln vs nil
  

"
training/11228	32	money-fx	"UK MONEY MARKET GIVEN FURTHER 570 MLN STG HELP
  The Bank of England said it provided the
  market with a further 570 mln stg assistance during the morning
  after revising its estimate of the liquidity shortage to 1.85
  billion stg, before taking account of its early round of bill
  purchases.
      Initially, the Bank put the likely shortage at some 1.75
  billion and to help offset this gave early assistance of 1.143
  billion.
      Its total help so far today amounts to 1.713 billion stg.
   MORE
  

"
training/11229	48	trade	"31-MAR-1987
  31-MAR-1987

"
training/1123	0	acq	"TYLAN CORP <TYLN> TO SELL FURNACE PRODUCT LINE
  Tylan Corp aid it has retained
  the investment banking firm Kahn and Harris to sell its furnace
  product line.
      The company said it has already been contacted by several
  potential buyers.
      In 1986, Tylan's furnace product shipments in the U.S.
  represented 10.3 mln dlrs of the company's total net sales of
  28.4 mln dlrs.
  

"
training/11230	45	sugar	"MAURITIAN SUGAR EXPORTS FALL IN FEBRUARY
  Mauritius exported 47,144 tonnes of
  sugar (tel quel) in February, down from 57,911 tonnes (tel
  quel) shipped in January and 89,351 in February 1986, the
  Mauritius Chamber of Agriculture's Sugar News Bulletin said.
      Opening stocks at the beginning of last month totalled
  320,057 tonnes, against 288,406 tonnes at the start of February
  last year. Closing stocks at the end of February were 270,212
  tonnes, up from 196,309 tonnes at end-February 1986.
      The estimate for 1986 sugar production was unchanged from
  last month at 748,472 tonnes, raw value, the Chamber said.
  

"
training/11232	12	earn	"LASMO SET TO BENEFIT FROM FUTURE OIL PRICE RISES
  London and Scottish Marine Oil Plc
  (Lasmo) <LASL.L> will have an advantage when oil prices rise
  again and it is confident this will happen early in the next
  decade, the company said in a statement accompanying results.
      Lasmo said its advantage comes from its reserves of oil and
  gas which at the end of 1986 stood at 210 mln barrels of oil
  equivalent, a group record. Reserves have increased every year
  since 1983 at a compounded rate of 10 pct a year.
      The company reported a 1986 pretax profit of 4.4 mln stg,
  down from 118 mln in 1985.
      It said falling oil prices caused the downturn.
      The company said it reacted swiftly to the sharp drop in
  oil prices which began over a year ago. Capital expenditure,
  which had been budgeted at over 150 mln stg, was cut to 51 mln
  stg net of disposals. Managers responded well to the demand for
  lower operating costs and this has been achieved worldwide.
      The company said had very few exploration wells committed
  for 1987 and therefore retains maximum flexibility in its
  exploration program. Even without further success, the existing
  fields and recent discoveries will contribute significantly to
  profit and cash flow for some years to come, it said.
      Lasmo shares were down 2p at 251 after the announcement.
  

"
training/11234	32	money-fx	"CALL MONEY PRESSURE FROM LARGE GERMAN BANKS
  One or two large West German banks
  effectively drained the domestic money market of liquidity at
  the end of the month in order to achieve higher rates from
  their overnight deposits, money dealers said.
      As a result, call money soared in active trading to around
  the Lombard rate of five pct from 3.70/80 pct yesterday as
  banks found themselves short of minimum reserve funds.
      Bundesbank figures showed that banks held an average daily
  51 billion marks in interest-free minimum reserve assets at the
  central bank over the first 29 days of the month.
      Though this was above the March requirement of 50.7
  billion, actual holdings at the weekend were 44.2 billion.
      To meet the daily average, dealers said, banks must raise
  holdings by two billion marks to 46.3 billion today and
  tomorrow. But liquidity was tight in early business because
  banks excessively took up the Bundesbank's offer for sale of
  Treasury bills on Friday. This provides a rate of 3.50 pct for
  three-day deposits and is an effective floor to the market.
      Though some liquidity, from bills bought on Thursday,
  flowed back into the market today, the bulk would not return
  until tomorrow, the start of the new month, dealers said.
      Dealers said the large banks, which they did not name,
  commanded short-term money requirements of as much as five
  billion marks or so.
      With a knowledge of their own needs until the end of the
  month, the banks bought excessive amounts of treasury bills,
  draining liquidity for three days. When other banks sought
  funds, rates rose and large banks were able to place excess
  funds on deposit at a considerably higher average return.
      One senior dealer said the Bundesbank, with advanced
  knowledge of the market's needs, should have curtailed its
  sales of treasury bills on Friday.
      Though dealers only late in the day learn of the total
  minimum reserve holdings of the previous day, the Bundesbank
  has an immediate overview of the situation and could anticipate
  the strength of demand for funds the following day, he said.
      ""(Bundesbank dealers) could easily have said we are not
  selling any treasury bills or we're not selling them in this
  amount,"" he said. ""If the Bundesbank wants to finely steer the
  market then they should avoid such excesses. Tomorrow it will
  be different. Call money will fall back to 4.0 pct or so.""
      But the Bundesbank would not approve of the sharp jump in
  rates, given the delicate state of currency markets.
      International central banks have been at pains to prevent a
  dollar fall against major currencies, including the mark.
  Dealers said a rise in call money gives the mark a firmer
  undertone, contributing to downward pressure on the dollar.
      ""The whole tender policy is to have a call money of between
  three and four pct. In that case the excesses as we have today
  cannot be very popular,"" the senior dealer said.
      Dealers said the large banks probably achieved average
  rates of return on their excess funds of between 3.75 pct or
  four pct. This is a higher return than they would have earned
  without the excessive draining through the treasury bill
  mechanism.
      Because of the currency situation and the wage negotiations
  between Germany's major employers and the unions, the
  Bundesbank would be very unlikely to make any changes to
  monetary policy at its council meeting on Thursday, they said.
      Bundesbank figures showed that banks fell back on the
  Lombard emergency funding facility to draw down 1.5 billion
  marks yesterday as rates began to tighten in late business.
  

"
training/11236	0	acq	"CSR SELLING DELHI TO EXXON UNIT, DROPS DELHI FLOAT
  CSR Ltd <CSRA.S> and Exxon Corp <XON>
  unit <Esso Exploration and Production Australia Inc> said CSR
  has agreed to sell its <Delhi Australia Fund> (DAF) to Esso for
  985 mln Australian dlrs.
      The sale is effective from tomorrow, they said in a joint
  statement.
      The previously announced float of part of its Delhi
  interest will not now proceed, CSR said in the statement.
      Delhi Australia Fund owns <Delhi Petroleum Pty Ltd>, which
  holds an average of 25 pct in the Santos Ltd <STOS.S>-led
  Cooper and Eromanga Basin gas and liquids projects.
      In addition to the purchase price, CSR will share equally
  in any returns due to increases in crude oil and condensate
  prices over certain levels for liquids produced from Delhi's
  interests in the next two years, the statement said.
      ""The Esso proposal to purchase all the Delhi interest will
  be more beneficial to our shareholders than proceeding with the
  float,"" CSR chief executive Bryan Kelman said in the statement.
      Kelman said the sale of Delhi would enable CSR to focus
  efforts on expanding business areas such as sugar and building
  materials in which CSR has had long and successful management
  experience and strong market leadership.
      With the sale, CSR will be able to expand those businesses
  more aggressively and earlier, he said.
      As reported separately, soon after announcing the Delhi
  sale CSR launched a takeover bid for the 68.26 pct of <Pioneer
  Sugar Mills Ltd> that it does not already hold, valuing its
  entire issued capital at 219.6 mln dlrs.
  

"
training/11237	0	acq	"CSR BIDS 2.20 DLRS A SHARE FOR PIONEER SUGAR MILLS
  CSR Ltd <CSRA.S> said it will offer 2.20
  dlrs cash each for the shares it does not already hold in
  <Pioneer Sugar Mills Ltd>.
      CSR already holds 31.74 pct of Pioneer's 99.80 mln issued
  shares, it said in a statement.
      The offer price values the entire Pioneer Sugar share
  capital at 219.6 mln dlrs and compares with today's closing
  market level of 1.85 dlrs a share.
      CSR said it will announce further details of the offer
  soon, including an alternative offer of CSR shares for Pioneer
  Sugar stock.
      It said the offer is generous since it will give Pioneer
  Sugar shareholders a price equivalent to 29 times Pioneer's net
  earnings last financial year and a premium of 22 pct over
  yesterday's market price which CSR said it believed already
  contained an element of takeover speculation.
      It also gives a premium of 91 pct over Pioneer's last
  reported net tangible assets per share, CSR said.
      CSR said the generous offer price reflects the cost savings
  which will flow from integrated management of CSR's and
  Pioneer's raw sugar mills and building materials businesses.
      These economies can only be achieved through CSR control
  and management of Pioneer Sugar, it added.
      The takeover announcement came soon after CSR's earlier
  reported statement that it will sell its <Delhi Petroleum Pty
  Ltd> unit to an Exxon Corp <XON> unit for 985 mln dlrs and not
  proceed with the previously announced float of part of Delhi.
  

"
training/11239	0	acq	"FLETCHER CHALLENGE DISAPPOINTED AT NZ FOREST MOVES
  <Fletcher Challenge Ltd> (FCL)
  Managing Director Hugh Fletcher said he was disappointed that
  <Rada Corp Ltd> had decided to sell its shares in <N.Z. Forest
  Products Ltd> (NZFP) to Australia's <Amcor Ltd>.
      He said in a statement that FCL had made an offer for the
  24 pct of NZFP held by Rada. He said the FCL offer was better
  than Amcor's because it would have been made to all NZFP
  shareholders, but he gave no further details.
      Amcor and NZFP said earlier today they were merging their
  pulp and paper interests in a joint partnership and were
  increasing their existing cross-shareholdings.
      The plan involves NZFP increasing its current holding in
  Amcor to about 20 pct from four pct. Amcor will acquire Rada's
  NZFP stake to add to its existing 11 pct and will seek
  statutory approval to increase its holding to 50 pct.
      Rada bought its stake for 505.5 mln dlrs from <Wattie
  Industries Ltd> last year, but it has not disclosed the price
  to be paid by Amcor.
      FCL originally launched a takeover bid for NZFP late last
  year with a scrip and/or cash offer at 3.90 dlrs a share,
  valuing the company at 1.3 billion dlrs. NZFP shares ended at
  3.88 dlrs today.
  

"
training/1124	12	earn	"<ROYAL BANK OF CANADA> 1ST QTR JAN 31 NET
  Shr basic 88 cts vs 1.22 dlrs
      Shr diluted 83 cts vs 1.10 dlrs
      Net 114,108,000 vs 140,389,000
      Avg shrs 107.5 mln vs 100.5 mln
      Loans 66.4 billion vs 65.9 billion
      Deposits 82.8 billion vs 84.4 billion
      Assets 98.7 billion vs 96.7 billion.
  

"
training/11241	12	earn	"SUMITOMO CHEMICAL CO LTD <SUCH.T> YEAR TO DEC 31
  Group shr 4.91 yen vs 6.59
      Net 7.72 billion vs 10.38 billion
      Current 16.81 billion vs 20.84 billion
      Operating 45.56 billion vs 52.02 billion
      Sales 734.50 billion vs 996.15 billion
      NOTE - Company forecast for current year is group net 14
  billion, current 30 billion and sales 740 billion based on
  rationalisation efforts and expected market price increases in
  agricultural chemicals and petrochemical products following the
  recovery in world oil prices.
  

"
training/11242	0	acq	"CHINA'S CITIC BUYS H.K. HOTEL FROM CHEUNG KONG
  The Peking-owned China International
  Trust and Investment Corp (Citic) bought the unfinished City
  Garden Hotel in Hong Kong from a subsidiary of Cheung Kong
  (Holdings) Ltd <CKGH.HKG> for 235 mln H.K. Dlrs, Cheung Kong
  director Albert Chow said.
      Cheung Kong's subsidiary <International City Holdings Ltd>
  will complete work on the hotel by the end of 1988, when it
  will be handed over to Citic. The deal does not include the
  decoration or fitting out of the interior of the hotel.
      The 600-room hotel stands on a 26,700 sq ft site on the
  eastern side of Hong Kong island.
  

"
training/11243	12	earn	"MANNESMANN SEES DIFFICULT YEAR FOR CAPITAL GOODS
  Mannesmann AG <MMWG.F> expects a
  difficult year for the capital goods industry in 1987, chief
  executive Werner Dieter told a news conference.
      Dieter said West German producers would see a downturn in
  foreign business because of lower energy prices and the higher
  mark, as well as a deterioration of the economies of customer
  nations.
      Domestic business was also declining and orders for West
  German engineering goods have been falling since July 1986,
  Dieter said.
      Mannesmann's profit fell by an undisclosed amount in 1986.
      Dieter said Mannesmann's pipe activities would suffer a
  set- back, although measures to cut costs, which were started
  last year, were now having an effect.
      Dieter noted, however, that pipes and related products
  accounted for less than 30 pct of Mannesmann's turnover. The
  company saw good chances in the automation sector, which Dieter
  said had become one of Mannesmann's ""strategic aims.""
      He said the company's drive to combine activities in
  mechanical and electronic engineering was a particular ""plus
  point"" for Mannesmann.
      Mannesmann, which yesterday announced it had agreed to take
  a majority stake in the Fichtel und Sachs AG car parts group
  for an undisclosed sum, saw third party group turnover fall
  nine pct in 1986 to 16.60 billion marks. Its world group net
  profit in 1985 was 255.9 mln marks.
      It has blamed the fall in 1986 profits on the weaker dollar
  and lack of demand for steel pipe.
      Dieter said there were signs that prices for steel pipe
  were bottoming out and would slowly start to rise, but he added
  the company would continue to cut personnel in this sector this
  year.
  

"
training/11249	12	earn	" BRITISH CALEDONIAN GROUP ANNOUNCES BIG LOSSES
  <British Caledonian Group>, Britain's
  second largest airline, has announced a 19.3 mln stg pretax
  loss for the financial year ending last October, compared with
  a record pre-tax profit of 21.7 mln stg in 1985, chairman Sir
  Adam Thomson told reporters.
      A decline in U.S. Transatlantic traffic following terrorist
  attacks in Europe, the U.S. Bombing of the Libya, the Chernobyl
  disaster and a slump in the oil industry which affected Middle
  East traffic were the main causes of the loss, Thomson said.
      He said the poor results were caused by ""a range of
  exceptional circumstances wholly outside our direct control"" and
  predicted a return to profitability this year.
      Last year, the airline was forced to axe 1,000 jobs, sell
  some of its assets and cut the number of its flights across the
  Atlantic and to the Middle East following the fall in business
  .
  

"
training/1125	22	interest	"FED ADDS RESERVES VIA CUSTOMER REPURCHASES
  The Federal Reserve entered the U.S.
  Government securities market to arrange 1.5 billion dlrs of
  customer repurchase agreements, a Fed spokesman said.
      Dealers said Federal funds were trading at 6-1/4 pct when
  the Fed began its temporary and indirect supply of reserves to
  the banking system.
  

"
training/11251	43	ship	"HAPAG ORDERS NEW CONTAINER SHIP FROM CHINA
  <Hapag Lloyd AG> said it ordered a new
  container vessel from China for its Australia service.
      The order was given to the <Hudong shipyards> in Shanghai
  after lengthy negotiations with West German shipbuilders, the
  company said in a statement.
      The Chinese firm offered to build the vessel at over 30 mln
  marks less than West German yards, despite government subsidies
  which Bonn pays its ailing shipbuilding industry, Hapag said. A
  company spokesman would not comment on the total order value
  but said the new vessel would replace the 33,333 dwt Sydney
  Express in 1989 and would carry 2,700 container units.
  

"
training/11252	0	acq	"FRENCH CGE UNIT TAKES 34 PCT STAKE IN ESCA CORP
  State-owned <Cie Generale
  d'Electricite>'s electrical contracting unit <CGEE ALSTHOM> has
  taken a 34 stake in the U.S. Computer firm <ESCA Corp>, CGEE
  ALSTHOM chairman Philippe Boisseau told a press conference.
      According to an agreement in principle between the two
  companies CGEE ALSTHOM could take a majority stake in the
  future but no time-scale has been set, he added.
      ESCA, which had a turnover of 13.6 mln dlrs in 1986 and is
  expected to see this rise to 20 mln this year, is one of the
  leading U.S. Suppliers of electric despatching and telecontrol
  systems.
  

"
training/11253	0	acq	"PARTNERS CALL GENCORP <GY> RESPONSE UNPRODUCTIVE
  General Acquisition Co said it was
  disappointed by Gencorp's response to its tender offer and
  asked how the company might give better value to shareholders.
      Gencorp had earlier urged shareholders to reject a 100 dlr
  per share tender offer from General Acquisition, an affiliate
  of Wagner and Brown and AFG Industries Inc, and said it was
  studying financially superior alternatives.
      The General Acquisition partnership called the response
  inflammatory and unproductive, particularly since it had tried
  to discuss the offer with Gencorp.
      The partnership said Gencorp failed to say how it would
  provide a ""superior value yet they continue their attempt to
  prevent a satisfactory offer by failing to redeem their poison
  pill."" Poison pills are shareholder rights plans that make
  takeovers more expensive.
      Gencorp said in its statement earlier that it planned to
  put off the date its rights will trade separately from the
  common stock to April 6 from April 3. It said the extension was
  subject to further extensions by the board and is conditional
  on no person acquiring beneficial ownership of 20 pct or more
  of Gencorp before April 6.
      General Acquisition said it is confident its offer can be
  completed in a timely manner using its financial arrangements.
      The partnership in its statement again urged Gencorp
  management to work with it to facilitate a transaction.
  

"
training/11255	0	acq	"SEDGWICK BUYS BSI INCORP
  Sedgwick Group Plc <SDWK.L> said its
  wholly-owned Canadian subsidiary Sedgwick Tomenson Inc had
  acquired BSi Incorp for a maximum eight mln Canadian dlrs.
      The funds will be raised through the issue of up to 1.16
  mln ordinary Sedgwick shares to the vendors of BSi by no later
  than 31 January 1991. Some 427,054 shares already have been
  issued.
      BSi is a privately-held Canadian company involved in
  actuarial, employee and executive benefits consulting and
  administration. Its 1986 pretax profits excluding extraordinary
  items totalled 1.14 mln Canadian dlrs.
  

"
training/11256	32	money-fx	"U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP
  The Bank of England said it had revised
  its estimate of the deficit in the money market today up to a
  record two billion stg, before taking account of its morning
  operations, from 1.85 billion at midday.
      The Bank has provided the system with around 1.71 billion
  stg assistance so far today.
  

"
training/11257	0	acq	"REXNORD <REX> SELLS UNIT TO NEOAX <NOAX>
  Rexnord Inc, 96 pct owned by Banner
  Industries Inc <BNR> following a recent tender offer, said it
  has completed the sale of its Fairfield Manufacturing Co
  subsidiary to NEOAX Inc for 70.5 mln dlrs in cash.
      Rexnord said it still plans to sell its Process Machinery
  Division and Mathews Conveyor Co as part of its planned program
  to divest five businesses with 200 mln dlrs in assets.
  Bellofram Corp and Railway Maintenance Equipment Co have
  already been sold.
  

"
training/11259	28	lei	"U.S. LEADING INDICATORS ROSE 0.7 PCT IN FEB AFTER REVISED 0.5 PCT JAN FALL

  U.S. LEADING INDICATORS ROSE 0.7 PCT IN FEB AFTER REVISED 0.5 PCT JAN FALL
  

"
training/11260	48	trade	"JAPAN WILL ASK COMPANIES TO BOOST IMPORTS
  Japan's Minister of International Trade
  and Industry, Hajime Tamura, will meet representatives from 151
  of the nation's largest companies next week and appeal to them
  to do their best to increase imports, ministry officials said.
      The meeting was unveiled as part of a plan to boost imports
  and help head off protectionist legislation in the U.S.
      Senior officials from the Ministry of International Trade
  and Industry told reporters that such personal appeals appeared
  to have paid off in the past, as Japanese imports of
  manufactured goods have climbed.
      Leading domestic semiconductor makers will boost imports
  and cut production of key memory microchips next month in an
  attempt to help ward off U.S. Trade sanctions, company
  spokesmen said.
      The officials also said they expect the government's new
  trade insurance law to boost imports and encourage Japanese
  companies to set up production facilities overseas.
      Under the new law, the government will insure Japanese
  companies who pre-pay for imports against loss arising from
  everything from war to bankruptcy of the foreign firm they are
  dealing with. MITI estimated that it would help solve Japan's
  trade problem to the tune of about $10 billion dlrs a year.
  

"
training/11261	28	lei	"U.S. LEADING INDEX ROSE 0.7 PCT IN FEBRUARY
  The U.S. index of leading indicators
  rose a seasonally adjusted 0.7 pct in February after a revised
  0.5 pct January fall, the Commerce Department said.
      The department previously said the index fell 1.0 pct in
  January.
      The February increase left the index at 187.1 over its 1967
  base of 100, and was led by a rise in stock prices.
      A total of four of nine indicators available for February
  contributed to the increase in the index.
      Besides stock prices, they were manufacturers' new orders
  for consumer goods and materials, average work week and
  building permits.
      Five of nine indicators were negative. They were change in
  sensitive materials prices, money supply, vendor performance,
  average weekly initial claims for state unemployment insurance,
  and contracts and orders for plant and equipment.
      The main factor in the January revision was contracts and
  orders for plant and equipment, the department said.
      December also was revised to a 2.4 pct rise from an earlier
  2.3 pct rise due to a change in outstanding credit.
      The index of coincident indicators, which measures the
  current economy, rose 0.9 pct in February after a decline of
  1.3 pct in January and a rise of 0.9 pct in December.
      The index of lagging indicators, which measures past
  economic activity, decreased 0.3 pct in February after
  increasing 1.7 pct in January and falling by 0.5 pct in
  December.
      The department said it has suspended net business formation
  from the leading indicators index because it has deteriorated
  as a measure of change in the business population.
  

"
training/11265	5	coffee	"ICO BOARD PASSES OVER COFFEE QUOTA ISSUE
  Executive board members of the
  International Coffee Organization, ICO, passed over the issue
  of export quota negotiations at its regular meeting here,
  delegates said.
      No move was made to reopen dialogue on export quotas and no
  further discussion on the issue is likely during the three-day
  talks, they said.
      Producer and consumer members of the ICO council failed to
  agree export quota shares in early March.
      Neither Brazil, the largest producer, nor the U.S., the
  largest consumer, are ready to be flexible, delegates said.
      ""The situation is unchanged,"" consumer spokesman Abraham Van
  Overbeeke told reporters. ""As long as Brazil sticks to its
  position there will not be quotas -- there is no point in
  meeting.""
      At the last council meeting, Brazil wanted to maintain its
  previous quota share of around 30 pct of the market. Consumers
  and a splinter group of eight producers favoured redistribution
  of export shares using ""objective criteria,"" which would likely
  have reduced Brazil's share.
      Brazilian delegate Lindenberg Sette said that, if quota
  negotiations were to resume, the 1.0 mln bag shortfall Brazil
  was willing to give up in early March if the producer proposal
  was accepted would no longer be on the table.
      ""As we said from the start...No agreement, no one million
  bags,"" he told Reuters.
      Shortfalls of 200,000 bags offered by OAMCAF, the African
  and Malagasy Coffee Organization, and 20,000 bags offered by
  Angola, are also no longer valid, delegates said.
      The closest the board came to discussing quotas was a
  briefing by the Guatemalan ICO delegate Rene Montes on a recent
  Latin American producers meeting in Managua, delegates said.
      There, the producers expressed their political will to
  negotiate basic quotas, particularly in the face of the
  damaging drop in coffee prices after the council failed to
  agree quotas, Montes said.
      The ICO board also reviewed export statistics and stock
  verification. They expected talks on stock verification to take
  up the remainder of today's session, delegates said.
  

"
training/11268	0	acq	"HUDSON FOODS <HFI> TO MAKE ACQUISITION
  Hudson Foods Inc said it has
  agreed in principle to acquire Thies Cos Inc, a poultry, beef
  and pork products provider to midwest supermarkets and food
  distributors with sales of about 69 mln dlrs for the year ended
  November One.
      The company said a definitive agreement is expected to be
  signed in April.  Terms were not disclosed.
  

"
training/11270	12	earn	"ESSO MALAYSIA REPORTS HIGHER PROFIT IN 1986
  Esso Malaysia Bhd, a unit of Exxon
  Corp of the U.S., Reported net profit of 70 mln ringgit from
  its petroleum and ammonia operations in 1986 compared with 48.7
  mln in 1985. Chairman Gerald F Cox said the improved
  performance was mainly due to product prices falling more
  slowly than crude prices during the year.
      He added that total sales volume increased as a result of
  higher offtake by affiliated companies, while inland market
  sales were maintained at around the previous year's levels.
      But growth prospects in 1987 remained weak and 1986 results
  are unlikely to be repeated in the current financial year.
  

"
training/11271	43	ship	"THAILAND BUYS YUGOSLAV CRANES IN BARTER DEAL
  The Cabinet approved a plan for the
  Port Authority of Thailand to buy six gantry cranes from
  Metalna Co of Yugoslavia for about 13.4 mln dlrs, a government
  spokesman said.
      He said Thailand will pay for 25 pct of the cost of the
  cranes in U.S. Dlrs and the rest by sales of rice, textiles and
  other commodities to Yugoslavia.
      The Bangkok Shipowners and Agents Association has appealed
  to the government to scrap the purchase plan. It said it would
  be an unnecessary expense as most vessels calling at the port
  already have their own cargo handling equipment.
  

"
training/11272	12	earn	"JEWELMASTERS <JEM> SEES NET BELOW ESTIMATES
  Jewelmasters Inc said it expects to
  report net income for the year ended January 31 20 to 25 pct
  below analysts' estimates of 1,750,000 dlrs or 95 cts per share.
      Jewelmasters sales sales for the year just ended were about
  52.5 mln dlrs. In the prior year it earned 1,650,000 dlrs on
  sales of 45.1 mln dlrs.
      Jewelmasters said net income for the year was hurt by
  disappointing sales in December and January, a high level of
  advertising spending in the fourth quarter, higher than
  expected opening expenses for 34 additional units and an
  adjustment to inventory associated with a shift to a more
  comprehensive inventory system.
      Jewelmasters said it expects to report audited results for
  the fourth quarter and year in about three weeks.
  

"
training/11273	1	alum	"ALUMINIUM CAPACITY GROWTH TREND SEEN INSUFFICIENT
  Aluminium capacity expansion planned for
  the period after 1990 will be insufficient to supply any
  acceleration in demand growth, let alone an increase on the
  scale which seems likely, according to analyst Anthony Bird
  Associates' 1987 Aluminium Review.
      By 1995 non-socialist world primary capacity will need to
  be around 18 mln tonnes, whereas on current plans only 15 mln
  tonnes are scheduled, Bird said.
      Bird forecast higher economic growth after 1990 and
  increased imports by less developed countries.
      Aluminium consumption growth is not expected to accelerate
  by as much as general growth, but non-socialist world
  consumption is nevertheless forecast to increase sharply from
  13.77 mln tonnes in 1990 to 17.25 mln tonnes in 1995, Bird
  said.
      Aluminium companies were slow to adjust to the pace of
  change after 1973, the review said, and now they have completed
  this transition they may be in danger of remaining preoccupied
  with the strategies of retrenchment and survival which have
  served them well in recent years.
      In order to encourage the construction of additional
  smelters aluminium prices will need to settle at a higher
  level.
      Production costs are likely to rise again in the years
  ahead as the glut of alumina capacity vanishes and electricity
  suppliers take a more aggressive line with aluminium companies,
  according to the review.
      At March 1987 prices the three most likely cost-price
  scenarios call for a long-run aluminium price of between 73 and
  89.5 cents a lb, depending on exchange rates, Bird said.
      Such a price development is not expected to cause any
  marked competitive problems for the metal because of the likely
  rise in commodity prices as a whole and cost pressures in the
  pipeline for steel and copper.
      In the short term, however, the outlook is dull, Bird said,
  as the world economy has not responded well to the
  opportunities offered by cheap oil.
      Its 1987 consumption forecast of 13.01 mln tonnes is 0.4
  pct down on 1986, while production is forecast six pct higher
  in 1987 at 12.67 mln tonnes.
  

"
training/11274	0	acq	"ALPHA INDUSTRIES <AHA> SELLS DIVISION
  Alpha Industries Inc said it has
  sold its Microelectronics Division to Triax Corp for
  undisclosed terms, retroactive to February One.
      It said the division has yearly revenues of about 12 mln
  dlrs and makes RF microwave components for the defense
  electronics industry.
      Alpha said it plans to concentrate on the high frequency
  portion of the electromagnetic spectrum.
  

"
training/11276	26	jobs	"NORWEGIAN UNEMPLOYMENT FALLS IN MARCH
  Unemployment fell in March to 36,510, or
  1.7 pct of the workforce, compared with 39,700 (1.9 pct) in
  February and 38,839 (2.2 pct) in March 1986, the Labour
  Directorate said.
  

"
training/11277	12	earn	"J.C. PENNEY DECLARES TWO FOR ONE SPLIT, RAISES QUARTERLY

  J.C. PENNEY DECLARES TWO FOR ONE SPLIT, RAISES QUARTERLY
  

"
training/11278	3	carcass	"LONDON MEAT FUTURES NEED MARKETING - CHAIRMAN
  Pigmeat and beef futures, which have
  been thinly traded on the London Meat Futures Exchange, LMFE,
  despite lower physical prices and the introduction of new
  contracts, need more effective marketing, LMFE chairman Pat
  Elmer said in his annual report.
      In 1986 the Exchange introduced live cattle and pig cash
  settlement contracts, representing a move away from the
  problems of cash distortions and squeezes, which initial
  deliverable ""buyers option"" contracts created, he said.
      Although the physical industry is aware of the market and
  follows its prices keenly, this has not been reflected in
  market volume, Elmer said.
      ""If we are to achieve our true potential the floor members
  must give the market much more time and attention,"" he added.
  

"
training/11279	0	acq	"INTERLINK SAYS NOT PLANNING BID FOR PUROLATOR
  British package courier <Interlink
  Express Plc> does not plan to bid for the whole or part of  
  Purolator Courier Corp <PCC.N>, a spokesman said.
      ""There is no intention of making any sort of approach to
  Purolator,"" the spokesman told Reuters, adding, ""it would be a
  case of David versus Goliath.""
      Interlink shares started trading in the U.K. Unlisted
  Securities Market in October 1986. It posted pre-tax profits of
  2.13 mln stg on turnover of 9.6 mln stg in the six months to
  December 31, 1986. Purolator last year topped turnover of 465
  mln dollars, the spokesman said.
  between Purolator and Interlink in view of a takeover or
  participation. He categorically denied press reports suggesting
  Interlink was developing a buyout bid.
      The reports said the proposed bid would be a price above
  the 35 dlrs per share offered by <E.F. Hutton LBO Inc>. The
  Hutton offer expires tomorrow.
      The spokesman said Interlink was seeking to expand
  business, first in continental Europe and later in the U.S. But
  the company did not expect to gain foothold in the U.S. Market
  until 1989 at the earliest, he said.
  

"
training/1128	12	earn	"SUPRADUR COS INC <SUPD> YEAR NET
  Oper shr 1.58 dlrs vs 77 cts
      Oper net 1,648,000 vs 817,000
      Sales 25.7 mln vs 20.5 mln
      NOTE: Net excludes discontinued operations gain 451,000
  dlrs vs loss 4,310,000 dlrs.
  

"
training/11282	12	earn	"PENNEY <JCP> SETS STOCK SPLIT, RAISES QUARTERLY
  J.C. Penney Co Inc said its board
  declared a two-for-one stock split and raised the quarterly
  dividend 12 cts per share on a presplit basis to 74 cts.
      Both are payable May One to holders of record April 10.
  

"
training/11283	12	earn	"HILLENBRAND INDUSTRIES INC <HB> 1ST QTR FEB 28
  Shr 31 cts vs 28 cts
      Net 11.9 mln vs 10.9 mln
      Revs 167.2 mln vs 154.0 mln
  

"
training/11284	32	money-fx	"U.K. MONEY MARKET GIVEN 215 MLN STG LATE HELP
  The Bank of England said it had provided
  the money market with late assistance of around 215 mln stg.
  This takes the bank's total help today to some 2.096 billion
  stg and compares with its forecast of a two billion stg
  shortage in the system today.
  

"
training/11285	0	acq	"CABLE SAYS CONSORTIUM PROPOSALS NOT ACCEPTABLE
  Cable and Wireless Plc <CAWL.L> said
  proposals to resolve a dispute over entry to Japan's
  telecommunications market were not acceptable.
      A company spokesman said the proposals appear to have been
  made in today's edition of the Japanese daily Asahi by Fumio
  Watanabe, head of a telecommunications committee with the
  Federation of Economic Organisations.
      However, the suggestion still recommended a merger between
  the two consortia tendering for contracts and would give Cable
  a five pct stake, more than the three pct originally proposed
  but less than the 20 pct it holds in its original venture, he
  said.
      The proposal would also offer a Cable nominee a seat on the
  board of the merged company.
      The spokesman said he believed Japan should accept
  applications from the two rivals for fair review.
      Earlier today Cable shares firmed on market speculation
  that the dispute -- which is being treated by Britain's
  government as a test case of how open the Japanese
  telecommunications market is -- was near settlement.
      Cable shares at 1350 GMT were quoted at 375p compared with
  a close last night at 364p.
  

"
training/11287	48	trade	"U.S./JAPAN TRADE WAR NOT IN UK'S INTEREST - LAWSON
  U.K. Chancellor of the Exchequer Nigel
  Lawson said the United States and Japan must work to avert a
  possible trade war, and he added that a trade war would not be
  in the interests of Britain.
      Lawson told journalists that ""the prospects for the (U.K.)
  economy look very very good - providing we can avoid a trade
  war."" He stressed that ""a heavy responsiblity in different ways
  lies on Japan and the United States to ensure that we do avoid
  such a trade war.""
      Asked whether he believed such a trade war could be
  averted, Lawson replied, ""I very much hope so.""
      Britain last week warned that it would retaliate if Japan
  did not move soon to open its markets to outside competition.
      Prime Minister Margaret Thatcher gave notice that the U.K.
  Would fight the Japanese government's attempt to prevent (Cable
  and Wireless Plc) (CAWL.L) from taking a significant position
  in a new Japanese international telecommunications venture.
      But British officials are now trying to dampen
  anti-Japanese rhetoric, to try to keep developments under
  control.
      The British Conservative government will on Thursday
  consider what legal options are available to it to try to
  increase U.K. Access to Japanese markets, officials said.
  

"
training/11289	0	acq	"GAF CORP OFFERS 36 DLRS A SHARE CASH FOR BORG-WARNER

  GAF CORP OFFERS 36 DLRS A SHARE CASH FOR BORG-WARNER
  

"
training/11291	15	gnp	"ECONOMISTS CUT AUSTRIAN GDP GROWTH FORECAST
  The Institute for Economic Research
  (WIFO) said it has cut its forecast for Austria's 1987 gross
  domestic product growth to a real one pct from a two pct
  forecast made last December.
      WIFO chief Helmut Kramer told a new conference that he saw
  the one pct figure, which compares with 1.8 pct last year, as
  the upper limit of growth. The institute had made the revision
  due to poor prospects for Austrian exports, he added.
      A collapse in sales to the Eastern European and oil
  producing states, combined with the effects of the dollar's
  fall, mean exports overall are unlikely to rise this year.
      Kramer said domestic demand alone would fuel growth this
  year. After last year's 2.8 pct rise in real incomes, private
  consumption was likely to rise 2.25 pct in 1987 after 1.9 pct
  in 1986, despite a present trend towards higher savings.
      Unemployment was likely to rise to almost six pct from 5.2
  pct last year due to the slack economic activity.
      Kramer said the current account was likely to run a deficit
  of about four billion schillings compared with a 2.6 billion
  surplus recorded last year. The National Bank, Austria's
  central bank, last month forecast the current account would be
  roughly in balance this year.
      However, Kramer said the lower economic growth should have
  no notable effect on the government's attempts to cut the
  budget deficit. This year's aim of reducing the deficit to 4.9
  pct of GDP from 5.1 pct in 1986 could still be achieved, he
  said.
  

"
training/11292	0	acq	"FERRUZZI MAY FLOAT UP TO 49 PCT OF PARIS UNIT
  <Gruppo Ferruzzi> is studying a
  project which could result in a public share offer of up to 49
  pct of its French unit <European Sugar (France)> and could
  raise around 400 mln dlrs, Ferruzzi chairman Raul Gardini said.
      Gardini told Reuters the operation under consideration was
  aimed at ""international markets"" and that the figure of 400 mln
  dlrs given in some press reports ""was probably about right.""
      European Sugar, wholly-owned by Ferruzzi unit Eridania
  Zuccherifici Nazionali SpA <ERDI.M>, is expected to absorb the
  European corn wet milling business of CPC International Inc
  <CPC.N> which Ferruzzi recently agreed to buy.
      Ferruzzi announced last week it had agreed in principle to
  buy the CPC operation for 630 mln dlrs.
      A Ferruzzi spokesman later confirmed that the group was
  studying the transfer of the CPC business to European Sugar
  along with a possible share offering in the Paris unit, but
  gave no details.
      The flotation plan has been interpreted by financial
  analysts as a means of helping finance the acquisition of the
  CPC business.
      In London yesterday, chairman of Belgian starch producer
  <Amylum NV> Pierre Callebaut told Reuters that since Ferruzzi
  was ""apparently still organising finance,"" his company might
  still succeed with its rival bid for the CPC business.
      Gardini, commenting on Callebaut's remarks, said the 630
  mln dlrs agreed for the CPC acquisition would be paid ""at the
  date foreseen in the preliminary contract.""
      Gardini could not reveal the date in question nor give any
  indication of the likely timing of an offering of shares in
  European Sugar, but it was announced last week that Ferruzzi's
  purchase of the CPC business was expected to be completed by
  September 30.
      Callebaut said yesterday that Amylum was surprised and
  disappointed that its 675 mln dlr bid cash offer for CPC's
  European business was apparently rejected in favour of
  Ferruzzi's lower bid.
      Gardini, commenting on Callebaut's remarks, said ""Amylum
  should know that one succeeds in a bid by making the right
  offer at the right moment - exactly as Ferruzzi did in the case
  of the acquisition of CPC's European business.""
      Gardini said it was not Callebaut's business to concern
  himself with the European Sugar capital raising operation under
  study, he added.
      Asked about press reports that Ferruzzi might follow up the
  European Sugar flotation with the sale of 49 pct of the CPC
  business, Gardini said: ""We do not exclude having minority
  partners in the CPC business."" He declined to elaborate.
  

"
training/11295	0	acq	"CORRECTED - GAF CORP OFFERS 46 DLRS A SHARE CASH FOR BORG-WARNER (CORRECTING AMOUNT)

  CORRECTED - GAF CORP OFFERS 46 DLRS A SHARE CASH FOR BORG-WARNER (CORRECTING AMOUNT)
  

"
training/11297	32	money-fx	"U.S. TREASURY'S BAKER SEES RATE STABILITY
  Treasury Secretary James Baker said
  the agreement among the industrial countries reached in Paris
  last month should foster stability of exchange rates at around
  current levels.
      In testimony before the House Appropriations Committee,
  Baker outlined many of the measures taken designed to achieve
  more balanced growth and a reduction of trade imbalances during
  the Paris meeting.
      ""These measures should also foster greater stability of
  exchange rates around current levels,"" he said.
      Baker reiterated that the ministers at the Paris meeting
  agreed that their currencies were within ranges ""broadly
  consistent with underlying economic fundamentals and that
  further substantial exchange rate shifts could damage growth
  and adjustment prospects.""
      He added: ""In these circumstances, we agreed to cooperate
  closely to foster stability of exchange rates around current
  levels.""
  

"
training/11299	0	acq	"GAF <GAF> SEEKS ALL OF BORG-WARNER <BOR>
  GAF Corp said it has made an all
  cash merger proposal to Borg-Warner Corp at 46 dlrs per share
  for all the company's common stock.
      Following a meeting yesterday with Borg-Warner officials
  and investment bankers, GAF said, it is today delivering a
  letter to the Borg-Warner board outling the terms of the
  proposal that would be made by tender offer, pursuant to a
  mutually acceptable merger agreement to be approved by the
  Borg-Warner board and conditioned on that board's
  recommendation of the tender offer and merger.
      GAF, in its letter, stated it intends to finance the
  proposed acquisition entirely with its own funds and bank
  borrowings under a syndicated bank loan from a group of banks
  led by Chase Manhattan Corp's <CMB> Chase Manhattan Bank.
      Last week, GAF increased its ownership of Borg-Warner
  shares to 19.9 pct of those outstanding Minstar Inc <MNST> sold
  its 12.4 pct holding.
      GAF emphasized ""the amicable nature of the proposed
  transaction,"" which it characterized as a partnership.
      GAF said it wanted to discuss with the Borg-Warner board 
  key roles for Borg-Warner's senior management in the new
  organization, board representation for Borg-Warner directors on
  a newly constituted board, and a company name change.
      GAF said it will be filing an amendment to its 13-D with
  the U.S. Securities and Exchange Commission.
      Borg-Warner has about 85.6 mln common shares outstanding.
      Minstar chairman Irwin L. Jacobs sold his stake after
  Borg-Warner after the company failed to respond to his
  mid-February offer for a negotiated agreement at a minimum
  price of 44 dlrs a share.
      In November, Jacobs had offered to enter into acquisition
  talks with Borg-Warner based on a price of between 43 and 48
  dlrs a share.
  

"
training/113	12	earn	"LIBERTY ALL-STAR <USA> SETS INITIAL PAYOUT
  Liberty All-Star Equity Fund said
  it declared an initial dividend of five cts per share, payable
  April two to shareholders of record March 20.
      It said the dividend includes a quarterly dividend of three
  cts a share and a special payout of two cts a share, which
  covers the period from November three, 1986, when the fund
  began operations, to December 31, 1986.
      The fund said its quarterly dividend rate may fluctuate in
  the future.
  

"
training/11300	12	earn	"<TRANS CANADA GLASS LTD> 4TH QTR LOSS
  Shr loss 11 cts vs loss eight cts
      Net loss 500,000 vs loss 500,000
      Sales 47.4 mln vs 37.5 mln
      Year
      Shr profit 70 cts vs profit 89 cts
      Net profit 4.4 mln vs profit 5.3 mln
      Sales 195.5 mln vs 148.3 mln
  

"
training/11301	12	earn	"GEOTHERMAL RESOURCES INTERNATIONAL INC <GEO>
  Year
      Oper shr 1.23 dlrs vs 1.85 dlrs
      Oper shr diluted 1.23 dlrs vs 1.79 dlrs
      Oper net 6,799,000 vs 9,321,000
      Revs 7,474,000 vs 12.4 mln
      Avg shrs 4,503,000 vs 4,350,000
      Avg shrs diluted 4,508,000 vs 5,206,000
      NOTE: Net excludes gains from discontinued operations of
  386,000 dlrs vs 903,000 dlrs.
      1986 year net excludes gain 1,910,000 dlrs from sale of
  discontinued operations.
      Net includes tax credits of 9,450,000 dlrs vs 11.9 mln dlrs.
  

"
training/11302	12	earn	"FIRST CITY INDUSTRIES INC <FCY> 4TH QTR NET
  Opoer shr profit 17 cts vs loss 96 cts
      Oper net profit 2,293,000 vs loss 7,110,000
      Sales 116.0 mln vs 108.3 mln
      Year
      Oper shr loss 2.03 dlrs vs loss 2.12 dlrs
      Oper net loss 13.8 mln vs loss 11.6 mln
      Sales 454.0 mln vs 446.4 mln
      NOTE: Net excludes gains from discontinued operations of
  10.2 mln dlrs vs 1,985,000 dlrs in quarter and 4,262,000 dlrs
  vs 1,320,000 dlrs in year.
  

"
training/11305	12	earn	"MAGELLAN PETROLEUM CORP <MPET> 3RD QTR JAN 31
  Shr loss nil vs profit nil
      Net loss 90,656 vs profit 892
      Revs 2,194,242 vs 2,481,784
      Avg shrs 19.5 mln vs 16.1 mln
      Nine mths
      Shr profit nil vs loss one ct
      Net profit 42,824 vs loss 149,150
      Revs 6,364,992 vs 6,503,811
      Avg shrs 19.5 mln vs 16.1 mln
      NOTE: Net includes tax credits of 98,338 dlrs vs 81,492
  dlrs in quartrer and 193,193 dlrs vs 226,560 dlrs in nine mths.
  

"
training/11306	12	earn	"TERRA MINES LTD <TMEXF> YEAR LOSS
  Shr loss 89 cts vs loss 17 cts
      Net loss 13.9 mln vs loss 1,996,000
      Revs 204,000 vs 2,087,000
      Note: 1986 includes writedown of 12.5 mln dlrs for the
  costs of mineral properties and deferred exploration and
  development Bullmoose Lake in the Northwest Territories.
  

"
training/11307	12	earn	"MERRILL CORP <MRLL> 4TH QTR JAN 31 NET
  Shr 17 cts vs 17 cts
      Net 777,000 vs 595,000
      Revs 12.9 mln vs 11.7 mln
      Year
      Shr 68 cts vs 48 cts
      Net 2,957,000 vs 1,614,000
      Revs 49.4 mln vs 38.6 mln
      Avg shrs 4,344,204 vs 3,337,284
  

"
training/11308	12	earn	"D.O.C. OPTICS CORP <DOCO> 4TH QTR LOSS
  Shr loss 11 cts vs profit 12 cts
      Net loss 286,817 vs profit 292,014
      Revs 9,972,379 vs 9,413,304
      Year
      Shr profit 63 cts vs profit 57 cts
      Net profit 1,547,893 vs profit 1,481,703
      Revs 43.9 mln vs 41.0 mln
      Avg shrs 2,474,820 vs 2,617,768
  

"
training/11314	22	interest	"U.S. TREASURY'S BAKER SEES EXPANSION CONTINUING
  Treasury Secretary James Baker said
  that the current expansion, which he noted was in its fifth
  year, will continue in the period ahead.
      He told the House Appropriations Committee that ""there is
  every prospect that the current expansion will continue
  unabated through 1987 and the years beyond.""
      Baker said interest rates over the period have continued to
  decline and that ""policies of the Federal Reserve assure that
  ample credit was available.
      He said that the administration's longer term forecast
  envisioned that ""we will maintain and improve upon our progress
  in bringing down the rate of inflation.""
  

"
training/11315	48	trade	"EC APPROVES MEDITERRANEAN FINANCIAL PACKAGES
  EC ministers have approved financial
  packages for several Mediterranean states totalling 1.6 billion
  European currency units, an EC official said.
      The packages, part of special EC trade agreements with
  Tunisia, Egypt, Lebanon, Israel, Algeria, Morocco and Jordan
  until 1992, include 615 mln Ecus in grants, he said.
      They include one billion Ecus in loans from the European
  Investment Bank, the EC long-term financing arm. The framework
  for the transfers was signed yesterday by EC farm ministers
  after being agreed in principle by foreign ministers earlier.
  

"
training/11317	12	earn	"SOUTHERN HOSPITALITY CORP <SHOS> 3RD QTR FEB 28
  Shr loss 23 cts vs loss 11 cts
      Net loss 1,128,412 vs loss 548,054
      Sales 9,827,784 vs 12.1 mln
      Nine mths
      Shr loss 19 cts vs profit 11 cts
      Net loss 926,924 vs profit 527,004
      Sales 32.3 mln vs 37.5 mln
  

"
training/11320	12	earn	"ELDER-BEERMAN STORES CORP <ELDR> 4TH QTR FEB ONE
  Oper shr 89 cts vs 1.31 dlrs
      Oper net 3,345,000 vs 4,885,000
      Sales 126.8 mln vs 120.1 mln
      Year
      Oper shr 1.67 dlrs vs 2.15 dlrs
      Oper net 6,299,000 vs 8,013,000
      Sales 380.9 mln vs 352.1 mln
      NOTE: Share adjusted for five pct stock dividend.
      Prior year net both periods excludes gain 1,998,000 dlrs
  from reversion of overfunded pension plans.
      Year net includes pretax LIFO inventory charge 600,000 dlrs
  vs credit 900,000 dlrs.*Tax rate 40.6 pct vs 32.0 pct due to
  impact of Tax Reform Act of 1986.
      Bad debt writeoffs for year up one mln dlrs pretax from the
  year before.
  

"
training/11322	32	money-fx	"TREASURY'S BAKER SAYS COOPERATION WORKING
  Treasury Secretary James Baker said
  that the agreement in Paris to cooperate in exchange rate
  changes showed that the process of coordination agreed to at
  the Tokyo summit was working.
      He told the House Appropriations Committee the meeting
  ""demonstrated that the process is working.""
      He noted that the industrial surplus countries committed
  themselves to strengthen their growth prospects while the
  deficit countries agreed to reduce their domestic imbalances.
  
      Baker said that for its part, Japan announced a cut in its
  discount rate to 2.5 pct and committed itself to prepare a
  comprehensive economic program to stimulate domestic demand
  after the Diet completes action on the current budget.
      He said the United States must also do its share pressing
  for reductions in the federal budget deficit through spending
  cuts.
      ""And we must continue to oppose protectionist pressures,""
  he added.
  

"
training/11324	0	acq	"AKZO PLANNING US INVESTMENTS
  Dutch chemicals group Akzo
  NV <AKZO.AS> said it hoped to consolidate its core activities
  this year by making small acquisitions in the US.
     Akzo chairman Aarnoud Loudon told a news conference on its
  1986 report that the company wanted to achieve the same level
  of US investments it had before it divested its fibre firm
  American Enka in December 1985, when US investments represented
  20 pct of Akzo's total capital.
     The US expansion plans were not an attempt to compensate for
  losses in guilder income through the lower dollar, Loudon said.
      He said a more important factor was the speed of growth in
  the US, adding ""It's the largest industrial market in the world.""
  But he said the company would also be looking at possible
  acquisitions in Europe.
      Despite its highly liquid cash flow, Akzo did not plan
  acquisitions on a scale that would negatively influence the
  company's debt/equity ratio, Loudon said.
     The chairman said in the past two years Akzo had spent 1.1
  billion guilders on acquisitions, of which nearly two thirds
  were in the United States.
  REUTER...
  

"
training/11327	15	gnp	"OECD SEES MAJOR ADJUSTMENT FOR AUSTRALIA
  Australia faces a major medium term
  adjustment to reduce debt and improve its economic performance,
  the Organisation for Economic Cooperation and Development said
  in its latest annual review of the Australian economy.
      It said Australia had a current external deficit of 5-3/4
  pct of gross domestic product, high and rapidly rising external
  debt equal to 30 pct of GDP, growing servicing costs and
  inflation above nine pct, far higher than that of other OECD
  countries.
      A major policy change in early 1985 helped lay the basis
  for sustained non-inflationary growth and external
  competitiveness had improved, but economic performance overall
  had sharply deteriorated since June 1985.
      A major shift of real resources to the external sector --
  about 4-1/2 pct of GDP by 1990-91 -- was required for the
  economy to expand in line with potential, for employment to
  grow, and for the debt/GDP ratio to stabilize, it said.
      Success depended on the setting of right policies including
  tighter fiscal policy, a reduction in the public sector
  borrowing requirement and on private sector behaviour.
      Looking ahead over the next 18 months, the OECD expected
  economic performance to improve, partly as a result of tighter
  fiscal and monetary policy, and a substantial improvement in
  trade volumes.
      It said positive GDP growth of three pct might be restored,
  the current external deficit could fall to some 4-1/2 pct of
  GDP by the first half of next year, while inflation was
  projected to decelerate to around five to 5-1/2 pct by
  mid-1988.
      Continued real wage moderation was essential to maintain
  the competitive edge created by the Australian dollar's
  depreciation, and to maintain if not boost profit shares in
  order to encourage business investment.
      The report urged Australia to broaden its export base by
  developing viable and competitive service and manufacturing
  industries, and not count on a recovery of commodity markets to
  correct its external imbalances.
      It added Australia should reduce protection levels in
  manufacturing, even though faster trade liberalisation would no
  doubt hurt the most protected sectors of industry.
  

"
training/11330	45	sugar	"U.S. SUGARBEET PLANTINGS SEEN RISING IN 1987
  Representatives of U.S. sugar grower
  organizations said they expect some increase the area planted
  to sugarbeets this year and said the prospects for the 1987
  cane sugar crop also are good.
      Dave Carter, president of the U.S. beet sugar association,
  said plantings may be up in two major beet growing states,
  California and Michigan, while sowings could be down slightly
  in the largest producing state of Minnesota.
      Overall, Carter predicted beet plantings would rise in the
  midwest, and this coupled with increases in California would
  increase U.S. sugarbeet plantings slightly from the 1.232 mln
  acres sown last year.
      USDA later today releases its first estimate of 1987 U.S.
  sugarbeet plantings in the prospective plantings report.
      The main reason for the expected increase in beet sowings
  is that returns from competing crops such as soybeans and
  grains are ""just awful,"" said Carter.
      In the midwest, bankers are strongly encouraging farmers to
  plant sugarbeets because the U.S. sugar program offers a loan
  rate of 18 cents per pound and because payments to farmers from
  beet processors are spread evenly over the growing season, said
  Luther Markwart, executive vice president of the American
  sugarbeet growers association.
      ""The banks are putting a lot of pressure on these guys,""
  Markwart said.
      In some areas there are waiting lists of farmers seeking a
  contract with processors to plant beets, Markwart said.
      USDA's report today will not include any harvested area
  estimates for sugarcane, but representatives of Florida, Hawaii
  and Louisiana growers said crop prospects are good.
      Horis Godfrey, a consultant representing Florida and Texas
  cane growers, said Florida cane is off to a good start  because
  for the first time in several years there was no winter freeze.
  Although area to be harvesteed is about the same as last year,
  cane production may be up in Florida this year, he said.
      In Hawaii, area harvested may decline slightly this year,
  but likely will be offset again in 1987 by increased yields,
  said Eiler Ravnholt, vice president of the Hawaiian Sugar
  Planters Association.
      The acreage planted to sugarbeets will receive more than
  the usual amount of attention this year because of mounting
  concern that continued increases in domestic sugar production
  threaten the U.S. sugar program, industry sources said.
      The increases in beet plantings have especially caused
  concern among cane growers who have not expanded plantings,
  particularly in Hawaii, industry officials said.
      ""We haven't had a good weather year throughout the beet and
  cane areas in more than five years,"" said Godfrey, adding that
  the U.S. may be due for a good weather year.
      Rep. Jerry Huckaby, D-La., chairman of the House
  agriculture subcommittee responsible for the sugar program, has
  threatened to offer legislation next year to curb domestic
  sweetener output if growers fail to restrain output in 1987.
  

"
training/11333	12	earn	"HECK'S INC <HEX> 4TH QTR JAN THREE NET
  Shr losses not given
      Net loss 7,800,000 vs loss 5,400,000
      Sales 181.2 mln vs 182.0 mln
      Year
      Shr losses not given
      Net loss 17.8 mln vs loss 4,900,000
      Sales 566.3 mln vs 523.3 mln
      NOTE: Company operating in Chapter 11 bankruptcy.
      1986 year net includes four mln dlr LIFO charge and
  3,400,000 dlr credit from pension plan termination.
  

"
training/11335	12	earn	"CAPITAL BANCORP <CAPB> SEES GAIN ON UNIT SALE
  Capitol Bancorp said it has sold its 80
  pct interest in CAP Mortgage Co Inc for 3.1 mln dlrs, adding
  this is expected to result in an after tax gain of about
  900,000 dlrs to be reported in the first quarter.
      Capitol Bancorp said the CAP Mortgage interest was sold to
  Michael M. Bronstein, president of CAP Mortgage, and Robert
  Fox, president of Fox Properties Inc. Bronstein already held
  the other 20 pct of CAP Mortgage's stock.
  

"
training/11336	12	earn	"4G DATA SYSTEMS <GGGG> 3RD QTR NET
  qtr ends Jan 31
      Shr nil vs nil
      Net 2,213 vs 16,288
      Revs 1,418,019 vs 795,522
      Avg shrs 6,650,000 vs 4,150,000
      Nine mths
      Shr two cts vs three cts
      Net 118,984 vs 103,384
      Revs 4,066,605 vs 2,741,241
      Avg shrs 6,650,000 vs 3,969,444
  

"
training/11338	12	earn	"<NIKI-LU INDUSTRIES INC> YEAR NET
  Oper shr profit 18 cts vs loss 38 cts
      Oper net profit 577,000 vs loss 1,147,000
      Revs 16.3 mln vs 19.8 mln
      Avg shrs 3,227,625 vs 3,057,206
      NOTE: 1986 net excludes 485,000 dlr tax credit.
  

"
training/1134	12	earn	"WALLACE COMPUTER SERVICES INC <WCS> 2ND QTR NET
  Shr 69 cts vs 64 cts
      Net 7,046,000 vs 6,492,000
      Sales 85.7 mln vs 79.6 mln
      Six Mths
      Shr 1.28 dlrs vs 1.19 dlrs
      Net 13,098,000 vs 12,006,000
      Sales 166.3 mln vs 153.3 mln
      NOTE: Periods end January 31, 1987 and 1986, respectively.
  

"
training/11340	12	earn	"COLOROCS CORP <CLRX> YEAR LOSS
  Shr loss 28 cts vs loss 29 cts
      Net loss 2,086,477 vs loss 1,466,907
      Revs 218,864 vs 60,000
      Avg shrs 7,510,781 vs 4,990,168
  

"
training/11344	0	acq	"FERRUZZI MAY FLOAT UP TO 49 PCT OF PARIS UNIT
  Gruppo Ferruzzi is studying a
  project which could result in a public share offer of up to 49
  pct of its French unit European Sugar (France) and could raise
  around 400 mln dlrs, Ferruzzi chairman Raul Gardini said.
      Gardini told Reuters the operation under consideration was
  aimed at ""international markets"" and that the figure of 400 mln
  dlrs given in some press reports ""was probably about right.""
      European Sugar, wholly-owned by Ferruzzi unit Eridania
  Zuccherifici Nazionali SpA, is expected to absorb the European
  corn wet milling business of CPC International Inc which
  Ferruzzi recently agreed to buy.
      Ferruzzi announced last week it had agreed in principle to
  buy the CPC operation for 630 mln dlrs.
      A Ferruzzi spokesman later confirmed that the group was
  studying the transfer of the CPC business to European Sugar
  along with a possible share offering in the Paris unit, but
  gave no details.
      The flotation plan has been interpreted by financial
  analysts as a means of helping finance the acquisition of the
  CPC business.
  

"
training/11348	0	acq	"GANDALF <GANDF> ACQUIRES STAKE IN DATA/VOICE
  Gandalf Technologies Inc said it
  acquired a significant minority equity interest in privately
  held Data/Voice Solutions Corp, of Newport Beach, Calif., for
  undisclosed terms.
      Gandalf did not specify the size of the interest.
      Data/Voice is a three-year-old designer and manufacturer of
  a multiprocessor, multiuser MS-DOS computing system that
  Gandalf plans to integrate with its private automatic computer
  exchange information system, Gandalf said.
  

"
training/11349	0	acq	"KEYCORP <KEY> AGREES TO ACQUIRE UTAH BANK
  Keycorp said it has signed a
  definitive agreement to acquire Commercial Security Bancorp
  <CSEC> by exchanging Keycorp common valued at 63 dlrs for each
  Commercial Securities share.
      Keycorp said this gives the transaction an indicated value
  of 102 mln dlrs.
      Keycorp said the amount of its stock to be exchanged will
  be based on the daily average closing price of the shares for
  an unspecified period prior to the closing of the acquisition.
      Based on a maximum of about 2.75 Keycorp shares and a
  minimum of about 1.8 Keycorp to be exchanged, the agreement
  provides that if the average price of Keycorp common is less
  than 21.50 dlrs a share during the pricing period, the
  agreement will terminate unless a new conversion ratio can be
  negotiated.
      Keycorp said the transaction is designed to be tax free to
  Commercial Security shareholders. The company said it will
  treat the merger as a pooling of interests.
      It said the proposal is subject to approval by Commercial
  Security shareholders and various regulators.
      Keycorp said the merger is expected to become effective as
  soon as possible after December 31, 1987, the date Utah's
  interstate banking law becomes operational.
      Keycorp said Richard K. Hemingway and certain members of
  the Hemingway family who own about 30 pct of Commercial
  Security's outstanding shares have agreed to vote in favor of
  the transaction and not dispose of their stock.
       Based in Salt Lake City, Commercial Security ended 1986
  with assets of 830.3 mln dlrs, net loans of 496.6 mln dlrs and
  deposits of 707.9 mln dlrs. It had net income of 5.1 mln dlrs
  or 3.16 dlrs a share on 1.6 mln average shares outstanding last
  year.                        
  

"
training/1135	12	earn	"AMERICAN VANGUARD CORP <AMGD> YEAR NET
  Shr 57 cts vs 27 cts
      Net 1,002,000 vs 470,000
      Sales 15.9 mln vs 12.0 mln
      Note: 4th qtr data not available
  

"
training/11352	48	trade	"SOVIET UNION SEEN WATCHING CHINA GATT APPLICATION
  China's application to join the General
  Agreement on Tariffs and Trade (GATT) is seen as a test case by
  the Soviet Union, which will probably demand to follow China, a
  top European Community official said.
      Willy de Clercq, External Relations Commissioner of the
  European Communities, told a news conference that China's
  application would involve long and difficult negotiations.
      China formally applied to join GATT in July 1986 and in
  February presented a memorandum backing its application, which
  De Clercq said was now being studied. Questions would then be
  presented to China.
      ""After China, other important state-trading countries
  including the Soviet Union, will probably demand accession.
  China's application could be considered a test case,"" he said.
      He said the EC strongly backed China's application, but
  others among GATT's 92 contracting parties took a tougher line.
      Among the numerous problems of a huge centrally-run economy
  entering a free trade system are tariffs and reciprocity and
  the expectation that China will practice an open-trade policy
  without trade discrimination, de Clercq added.
      De Clercq noted the different dimensions of the Chinese
  economy and those of Hungary and Yugoslavia, the two current
  Socialist GATT members.
      On China's import potential, he said a foreign exchange
  shortage would force China to import less this year and next
  than in the past, with an emphasis on technological equipment
  and capital.
      During his visit, De Clercq has met top Chinese leaders and
  today signed an agreement to open a European Community
  Commission office in Peking.
  

"
training/11354	12	earn	"ROCKY MOUNT UNDERGARMENT <RMUC> 4TH QTR LOSS
  Shr loss 53 cts vs loss 32 cts
      Net loss 1,548,000 vs loss 929,000
      Revs 9,362,000 vs 11.3 mln
      12 mths
      Shr loss 82 cts vs profit 17 cts
      Net loss 2,408,000 vs profit 452,000
      Revs 40.9 mln vs 39.5 mln
      NOTE: full name of company is Rocky Mount Undergarment Co
  Inc.
  

"
training/11357	48	trade	"U.S. SENATE LEADERS SEE NO TRADE WAR BREWING
  The Senate's Democratic and 
  Republican leaders praised President Reagan for retaliating
  against Japan for violating a semiconducter accord but dashed
  cold water on ideas it was the first shot in a trade war.
      Senate Democratic Leader Robert Byrd and Republican leader
  Bob Dole both told the Senate Reagan's decision was long
  overdue and urged Japan to open its markets to U.S. goods and
  stop dumping on world markets.
      Each noted in separate speeches that they saw no trade war
  over the issue, despite concerns in financial markets.
      ""That fear has no basis in fact,"" Byrd said.
  

"
training/11358	12	earn	"DYR LIQUIDATING <DYR> SETS LIQUIDATING PAYOUT
  DYR Liquidating Corp,
  formerly Dyneer Corp, said its board declared a third
  liquidating dividend of one dlr per share payable to
  shareholders of record on April 14 and said it will file a
  certificate of dissolution on that date.
      The company said shareholders of record on that date will
  acquire beneficial interests in the liquidating trust that will
  be formed to hold all of the company's assets.
      It said it has asked the American Stock Exchange to suspend
  trading in its common stock at the close on April 6 to ensure
  settlement of all traded by April 14.
      DYR said it expects its stock to be withdrawn from
  registration under the Securities Exchange Act of 1934 shortly
  after April 14.
      DYR said the pay date for the dividend will be April 28.
  

"
training/11359	12	earn	"NETWORK SECURITY CORP <NTWK> YEAR NET
  Shr 1.24 dlrs vs 19 cts
      Shr diluted 1.11 dlrs vs 19 cts
      Net 11.9 mln vs 1,830,000
      Revs 79.3 mln vs 46.1 mln
      NOTE: 1986 net includes pretax charge 8,300,000 dlrs from
  increases and reserves and writeoffs of low-yielding assets and
  pretax gain 20.8 mln dlrs from sale of Multi-Family subsidiary.
   Another 3,800,000 dlrs of gain from the Multi-Family sale will
  be recognized in 1987 if Multi-Family meets targeted operating
  results.
  

"
training/11362	0	acq	"PEAT MARWICK, KMG MAIN HURDMAN TO COMPLETE MERGER
  Peat Marwick and KMG Main Hurdman said
  their merger will be completed tomorrow.
      The new firm, to be known as KPMG Peat Marwick, will rank
  among the largest public account and consulting firms in the
  U.S. based on combined 1986 revenues of 1.35 billion dlrs,
  1,825 partners and a total staff of 16,500 in 136 offices.
      KPMG was created as part of the merger announced last
  September of Peat Marwick International Klynveld Main Goerdeler
  to form Klynveld Peat Marwick Goerdeler.
  

"
training/11369	0	acq	"BORG-WARNER <BOR> EXAMINING GAF <GAF> PROPOSAL
  Borg-Warner Corp in a statement said it
  has received GAF Corp's 46 dlrs a share acquisition proposal
  and will have no comment until its board of directors has had a
  chance to examine it thoroughly.
  

"
training/1137	12	earn	"NORTH AMERICAN BIOLOGICALS INC <NBIO> 4TH QTR
  Oper shr one ct vs three cts
      Oper net 99,000 vs 327,000
      Revs 12.1 mln vs 8,800,000
      Avg shrs 15.5 mln vs 11.3 mln
      Year
      Oper shr six cts vs 11 cts
      Oper net 841,000 vs 956,000
      Revs 44.1 mln vs 34.4 mln
      Avg shrs 15.3 mln vs 8,519,677
      NOTE: Net excludes tax credits of 299,000 dlrs vs 29,00000
  dlrs in quarter and 809,000 dlrs vs 71,000 dlrs in year.
  

"
training/11370	12	earn	"CRI INSURED II <CII> ESTIMATES DIVIDENDS
  CRI Insured Mortgage Investments
  II Inc said it expects to distribute about 1.55 to 1.65 dlrs
  per share from operations for all of 1987 and about 1.68 to
  1.75 dlrs including the proceeds of the gain from the sale of
  the Brighton Meadows mortgage through January 31.
      The company today paid a dividend of 1.1646 dlrs per share.
   Its first two quarterly payments, in September and December,
  were 42.5 cts each.
      CRI said it has not yet declared a distribution on the Park
  Meadows loan disposition.
  

"
training/11371	1	alum	"LME LISTS BRAZILIAN ALUMINIUM BRAND
  The London Metal Exchange (LME) has
  listed the aluminium brand ""CBA' produced by Cia Brasileira de
  Aluminio at its Mairinque, Sao Paulo, plant.
      The brand will constitute good delivery from April 1, the
  LME said.
  

"
training/11372	5	coffee	"GUATEMALA TO HOST OTHER MILDS COFFEE MEETING
  Guatemala will host a meeting of other
  milds coffee producers probably in May to discuss basic export
  quotas, the Guatemalan delegate to the International Coffee
  Organization, ICO, said.
      No firm date has been set for the talks, Ambassador Rene
  Montes told reporters at the ICO executive board meeting here.
      Producer countries Brazil, Colombia, and a member of
  OAMCAF, the African and Malagasy Coffee Organization, may also
  be invited for consultation, he said.
      ICO producers and consumers could not agree on how to
  calculate export quota shares at a recent council meeting here.
      Other milds coffee producers include Costa Rica, Dominican
  Republic, Ecuador, El Salvador, Guatemala, Honduras, India,
  Mexico, Nicaragua, Papua New Guinea, and Peru.
  

"
training/11373	0	acq	"AUDIO/VIDEO <AVA> TO GET EXPENSES FROM DIXONS
  Audio/Video Affiliates Inc said it
  will receive an undisclosed amount from <Dixons Group PLC> in
  connection with the termination of Cyacq Corp's 92.50 dlr per
  share tender offer for Cyclops Corp <CYL>.
      The company said the amount from Dixons is in lieu of
  reimbursement expenses for the Cyacq tender.  Citicorp <CCI>
  was the other partner in Cyacq.
      The payment was in connection with Dixons' previously
  -announced agreement to increase its tender price for Cyclops
  to 95.00 dlrs per share, Cycacq's ending of its competing bid
  and the ending of litigation between the parties.
  

"
training/11374	0	acq	"REPUBLIC <RSLA> TO MERGE WITH PIONEER SAVINGS
  Republic Savings and Loan
  Association and <Pioneer Savings> of Racine, Wis., said they
  have signed a definitive agreement to combine the two
  associations into a publicly held holding company to be called
  Republic Capital Group Inc.
      The associations said they would form the company by
  exchanging Republic's stock for shares in the holding company,
  which Pioneer savers could purchase when Pioneer converts from
  mutual to stock ownership.
      The associations added that they would remain independent,
  but wholly owned, units of the holding company.
      The associations said they would continue to do business
  using their present names and management.
      The combination of Republic's 459 mln dlrs in assets with
  Pioneer's 125 mln dlrs would make the new holding company the
  fifth largest savings and loan organization in Wisconsin, they
  said.
      The associations said the move is subject to approval by
  the Federal Home Loan Bank Board and the Wisconsin Commissioner
  of Savings and Loan, as well as Republic's shareholders and
  Pioneer's depositors.
  

"
training/11377	12	earn	"<NEW HARDING GROUP INC> 1ST QTR JAN 31 NET
  Shr 19 cts
      Net 653,000
      Revs 45.6 mln
      Note: Prior results not given due to November, 1986
  acquisition of 56 pct stake in Continuous Colour Coat Ltd
  

"
training/11378	0	acq	"BROUGHER <BIGI> TO SELL 40 PCT OF SUBSIDIARY
  Brougher Insurance Group Inc
  said it plans to sell 40 pct of the stock of its subsidiary,
  Intercontinental Corp, for one mln dlrs to three European
  insurance companies.
      The parent company said it signed a letter of intent to
  sell the stock to <WASA Europeiska Forsakrings AB> of Sweden,
  <Europeiske Reiseforsikring A/S> of Norway, and <Europeiska
  Rejseforsikrings A/S> of Denmark.
      Brougher said it expects to realize a net after-tax gain of
  approximately 330,000 dlrs, or 12 cts per share, from issuing
  stock of Intercontinental.
  

"
training/11379	23	ipi	"CANADA INDUSTRY PRICES FALL 0.2 PCT IN MONTH
  The Canadian industrial product price
  index, base 1981, fell 0.2 pct in February after rising 0.2 pct
  in January, Statistics Canada said.
      ""A significant part of this monthly decrease was
  attributable to the impact of the increase of the Canadian
  dollar on prices for wood pulps, newspaper, aluminum, nickel
  and motor vehicles,"" the federal agency said.
      On a year-over-year basis, the index was down 0.8 pct,
  little change from the 0.9 pct decline posted in January.
  

"
training/1138	12	earn	"OMNICOM GROUP INC <OMCM> 4TH QTR NET
  Shr profit 27 cts vs profit 51 cts
      Net profit 6,600,000 vs profit 12,231,000
      Revs 211.7 mln vs 193.4 mln
      12 mths
      Shr loss 17 cts vs profit 1.27 dlrs
      Net loss 4,077,000 vs profit 30,142,000
      Revs 753.5 mln vs 673.4 mln
      NOTE: in qtr ended 1986 the company recognized expenses of
  5,948,000 for restructing the combined operations of BBDO,
  Doyle Dane Bernbach and Needham Harper Worldwide in August 1986
  before tax gains. These relate primarily to the conosolidation
  and elimination of duplicate facilities and staff.
      for the year 1986, the provisions for mergers and
  restructuring expenses brought non-recurring expenses to
  40,292,000 before tax gains, of which 8,863,000 represented
  merger costs and 31,429,000 related to restructuring of the
  combine operations.
  

"
training/11381	12	earn	"SUN CITY INDUSTRIES <SNI> SEES HIGHER NET
  Sun City Industries Inc said preliminary
  unaudited results of ongoing operations for the fiscal year
  ended January 31, 1987 are expected to rise over 580 pct to
  700,000 dlrs or 70 cts per share from the 125,313 dlrs or 12
  cts reported last year.
      Total net income is expected to reach 2.4 mln dlrs, which
  includes 1.7 mln dlrs of net income realized from sale of
  property. The combination will result in record earnings of
  2.40 dlrs a share, the wholesale distributor and processor of
  eggs said.
  

"
training/11384	48	trade	"YEUTTER SAYS STOCK MARKET OVERREACTED TO JAPAN TRADE DISPUTE

  YEUTTER SAYS STOCK MARKET OVERREACTED TO JAPAN TRADE DISPUTE
  

"
training/11385	43	ship	"ST LAWRENCE SEAWAY OPENS SHIPPING SEASON
  The St Lawrence Seaway said the first
  ship of the season passed through the St Lambert lock here this
  morning, officially opening the 2,300-mile-long waterway's 1987
  shipping season.
      The seaway has said it expects little increase in freight
  levels this year from last year when it moved 37.6 mln tonnes
  of freight between Montreal and Lake Ontario and 41.6 mln
  tonnes on the Welland Canal, which links Lake Erie and Lake
  Ontario. The canal is scheduled to open tomorrow.
      Officials expect the waterway to lose nine to ten mln
  Canadian dlrs this year, about the same as the estimated
  deficit for fiscal 1986-87, which ends today.
  

"
training/11386	0	acq	"ACTON <ATN> TO SELL UNIT FOR GAIN
  Acton Corp said it has agreed to
  sell its five Michigan cable television systems to Wisconsin
  Cablevision Inc for about 9,500,000 dlrs, resulting in a gain
  of about six mln dlrs.
      The company said the sale is subject to review by local
  authorities.  The systems have about 7,500 subscribers.
      Acton said proceeds will be used to retire bank debt.
      The company said it has also entered into a 15.5 mln dlr
  bank credit agreement that will allow it to complete the
  prepayment of all its obligations to members of its present
  bank syndicate.
      The company said the new credit will also allow it to
  prepay some other debt and redeem its Class C Series Two
  preferred stock.
      It said the new facility has allowed it to take full
  advantage of an early payment discount of about 13 mln dlrs in
  principal and interest which was negotiated with its banking
  syndicate in connection with an April 1986 financial
  restructuring.
  

"
training/11387	45	sugar	"BEGHIN-SAY SAYS SUGAR OFFER TO EC STILL STANDS
  A plan by European producers to sell
  854,000 tonnes of sugar to European Community intervention
  stocks still stands, Andrea Minguzzi, an official at French
  sugar producer Beghin-Say, said.
      Last week Beghin-Say president Jean-Marc Vernes said a
  possible settlement of a row with the EC would lead producers
  to withdraw their offer, which was made as a protest against EC
  export licensing policies.
      The EC policy is to offer export rebates, which fail to
  give producers an equivalent price to that which they would get
  by offering sugar into intervention stocks, Vernes said.
      But Minguzzi said the offer was a commercial affair and
  that producers had no intention of withdrawing the sugar offer
  already lodged with intervention boards of different European
  countries. He said final quality approval for all the sugar
  offered could come later this week. Some 95 pct had already
  cleared quality specifications.
      The EC can only reject an offer to sell into intervention
  stocks on quality grounds. Minguzzi added that under EC
  regulations, the Community has until early May to pay for the
  sugar. He declined to put an exact figure on the amount of
  sugar offered by Beghin-Say, but said it was below 500,000
  tonnes.
  

"
training/11390	48	trade	"U.S. STOCK MARKET OVERREACTS TO TARIFFS - YEUTTER
  U.S. Trade Representative Clayton
  Yeutter said the stock market overreacted to a U.S. decision
  last week to proceed with tariffs on some Japanese computer
  products.
      Speaking to reporters prior to testifying at a House
  Agriculture Committee hearing, Yeutter said it is ""difficult to
  comprehend"" that a trade decision affecting only 300 mln dlrs
  in goods caused the stock market collapse yesterday.
      ""I have a hunch a lot of other things were involved in that
  (stock market fall), including simple profit-taking,"" Yeutter
  said.
      Yeutter said Japan would be sending a senior official from
  its trade ministry to Washington next week for talks on the
  computer chip dispute.
      ""We will be glad to have him here, but that's not going to
  affect a decision that's already been made,"" Yeutter said.
      The decision announced last week would apply higher tariffs
  on a range of Japanese products in retaliation for the alleged
  failure of Tokyo to honor an agreement with the U.S. on
  semiconductor trade.
  

"
training/11393	0	acq	"USX <X>, CONSOLIDATED NATURAL <CNG> END TALKS
  USX Corp's Texas Oil and Gas Corp
  subsidiary and Consolidated Natural Gas Co have mutually agreed
  not to pursue further their talks on Consolidated's possible
  purchase of Apollo Gas Co from Texas Oil.
      No details were given.
  

"
training/11394	12	earn	"ARVIN INDUSTRIES SEES FLAT 1ST QTR PER SHARE NET COMPARED WITH 59 CTS LAST YEAR

  ARVIN INDUSTRIES SEES FLAT 1ST QTR PER SHARE NET COMPARED WITH 59 CTS LAST YEAR
  

"
training/11395	12	earn	"ROCKY MOUNT <RMUC> EXPECTS PROFIT IN FIRST QTR
  Hal Weiss, chairman,
  president and chief executive officer, of Rocky Mount
  Undergarment Co Inc, said he expects the company to show a
  profit for the first quarter fiscal 1987.
      Weiss said sales for 1987 have been strong following a net
  loss of 1,548,000 dlrs, or 53 cts a share, for the fourth
  quarter of fiscal 1986. The company reported a net loss for the
  year of 2,408,000 dlrs, or 82 cts a share.
      Rocky Mount recorded net income of 248,000 dlrs, or eight
  cts per share, for the first quarter of fiscal 1986.
      Weiss attributed the poor year to problems involving
  management, manufacturing operations, financial condition and
  credibility among its suppliers.
      Weiss predicted the pattern of quarterly lossses which
  characterized 1986 will be reversed and 1987 will see the
  company return to profitability.
  

"
training/11396	0	acq	"CHUBB CORP <CB> COMPLETES ACQUISITION
  The Chubb Corp said it completed the
  previously-announced merger of its subsidiary with and into
  Sovereign Corp <SOVR>, a life insurance holding company.
      Under the terms of the merger, Sovereign stockholders
  wil receive, in a tax free exchange, 0.1365 of a share of Chubb
  common stock for each share of Sovereign held, the company
  said. 
      This equals 9.11 dlrs per share of Sovereign stock based on
  the closing price of Chubb common stock on March 30.
  

"
training/11397	48	trade	"ENVOY ADVISES NAKASONE TO PREPARE FOR U.S. VISIT
  The Japanese ambassador to the U.S.
  Suggested that Prime Minister Yasuhiro Nakasone make efforts to
  present ""advanced' proposals on trade issues when he visits
  Washington next month.
      Ambassador Nobuo Matsunaga made the recommendation at a
  meeting with Nakasone, Kyodo News Service said.
      Matsunaga also advised that the prime minister should be
  prepared to discuss U.S.-Japan economic issues.
      Matsunaga cited issues such as a U.S.-Japan micro chip
  trade pact, foreign access to the Kansai international airport
  project, and a new international telecommunications firm.
      Matsunaga returned on Sunday to report to Japanese leaders
  on recent U.S. Developments over trade, in preparation for
  Nakasone's visit to Washington, April 29 to May 5.
      Kyodo quoted Nakasone as telling reporters after meeting
  the envoy, ""I entirely accept what ambassador Matsunaga
  recommended."" Nakasone did not elaborate.
      The U.S.-Japan trade dispute intensified last week when
  President Ronald Reagan said the U.S. Would impose heavy
  tariffs on Japanese imports in retaliation against alleged
  Japanese breach of the computer chip trade pact.
      Meanwhile, Nakasone's ruling Liberal Democratic Party (LDP)
  is to consider measures to boost imports and open up the
  Japanese market, such as government purchase of supercomputers
  and expanding foreign access to the Kansai airport project,
  party sources said.
      The LDP international economic affairs council was
  responding to Nakasone's request for measures to reduce Japan's
  increasing trade surpluses with the U.S. And Europe, they said.
  

"
training/11400	12	earn	"NEW HARDING GROUP SETS FIRST PAYOUT SINCE 1978
  <New Harding Group Inc>,
  formerly Harding Carpets Ltd, said it declared its first
  dividend since fiscal 1978 of 10 cts per subordinate voting
  share and multiple voting share, pay April 15, record April 8.
      The company said the dividend establishes a new policy for
  the payment of quarterly dividends.
      New Harding earlier reported profit of 653,000 dlrs or 19
  cts a share for first quarter ended January 31. It said prior
  results were not comparable due to the company's November, 1986
  acquisition of a 57 pct stake in Continuous Colour Coat Ltd.
  

"
training/11402	0	acq	"LAROCHE DROPS CONDITION TO NECO <NPT> OFFER
  Investor David F. Laroche said he has
  decided to drop the condition to his tender offer for 170,000
  shares of NECO Enterprises Inc at 26 dlrs each that at least
  170,000 shares be tendered.
      He said he has extended the expiration of the offer until
  April 14.
      Thorugh March 27, he said 45,696 NECO shares had been
  tendered.
      Laroche said he may obtain a short-term loan of up to one
  mln dlrs from Amoskeag Bank to help finance the purchase of
  shares under the offer, bearing interest of up to nine pct.
  

"
training/11403	10	crude	"CHEVRON <CHV>, NIPPON OIL FORM JOINT VENTURE
  Chevron Corp said its Chevron
  U.S.A. Inc unit and Tokyo-based Nippon Oil Co Ltd agreed to
  conduct a joint-venture oil exploration and development program
  on selected Chevron leaseholds in the United States.
      About 50 onshore and offshore exploratory wells will be
  drilled under the agreement and Chevron will be the operator of
  the project and pay some costs, the company said.
      It said Nippon will contribute an initial investment of
  more than 100 mln dlrs.
      The Japanese government will also participate in the
  venture by providing financing to Nippon through the Japanese
  Oil Corp, Chevron said.
      It said drilling will begin during the second quarter.
      Properties to be evaluated are located in California,
  Colorado, Kansas, Oklahoma, Mississippi, Montana, North Dakota,
  Texas, Utah, and Wyoming, along with Federal Outer Continental
  Shelf leases offshore Southern California and in the Gulf of
  Mexico, Chevron said.
  

"
training/11405	0	acq	"TELECAST <TCST> COMPLETES ACQUISITION FINANCING
  Telecast Inc said it closed on
  the financing portion of its previously-announced acquisition
  of approximately 14,600 hotel rooms from <Dynavision Inc>.
      The three mln dlr financing package was provided by Sanwa
  Business Credit Corp, a subsidiary of <Sanwa Bank Ltd> of
  Japan, the company said.
  

"
training/11406	14	gas	"NEW GASOLINE GRADE TO RAISE U.S. REFINING COSTS
  A new grade of unleaded gasoline
  now being test marketed will increase refining costs when
  refiners can least afford it, according to officials attending
  the National Petroleum Refiners Association conference here.
      The new grade of unleaded gasoline has an octane level of
  89 compared with over 90 for super unleaded and 87 for regular
  unleaded gasoline.
       Amoco Corp <AN> has test-marketed the new mid-grade
  gasoline and hopes to sell it on a regular basis in the South,
  East and Midwest by the beginning of June, according to Paul
  Collier, executive vice president of marketing.
      Phillips Petroleum <P> expects to begin marketing the new
  89 octane unleaded gasoline in May, sources said.
      Converting current refinery operations to produce the 89
  octane unleaded gsoline could cost hundreds of millions of
  dollars per refinery but that depends on the present capacity
  and intensity of the refinery, said Amoco's Collier.
      But not all oil company's welcome the introduction of
  another grade of unleaded gasoline.
      ""Three grades are not warranted,"" said Henry Rosenberg,
  chairman of Crown Central Petroleum <CNP>. ""Refiners will have
  to upgrade again,"" he added.
      ""An investment will have to be made,"" said Archie Dunham,
  executive vice president of petroleum products at Conoco, an
  operating subsidiary of DuPont Corp <DD> in order to upgrade
  refinery operations.
  

"
training/11407	12	earn	"CHARTER POWER SYSTEMS INC <CHP> 4TH QTR JAN 31
  Shr profit 18 cts vs loss 21 cts
      Net profit 766,000 vs loss 510,000
      Sales 32.4 mln vs 25.5 mln
      Year
      Shr profit 71 cts vs loss 23 cts
      Net profit 2,337,000 vs loss 747,000
      Sales 132.1 mln vs 119.6 mln
      NOTE: Prior year results pro forma for acquisition of C and
  D Power Systems divisions of Allied-Signal Inc <ALD>.
  

"
training/11413	12	earn	"RENAULT <RENA.PA> YR ENDED DEC 31 1986
  Consolidated net loss 5.54 billion francs vs loss 10.93
  billion.
      Consolidated net turnover 131.06 billion francs vs 122.14
  billion.
      Consolidated debt 54.3 billion francs vs 61.9 billion.
      Net loss car making 4.14 billion francs vs loss 10.99
  billion.
      Net loss industrial vehicles 990 mln vs loss 1.54 billion.
      Note - The company said the consolidated net loss was after
  costs and provisions for restructuring of 3.90 billion francs,
  which includes exceptional items arising from the planned sale
  of its stake in American Motors Corp <AMO> to Chrysler Corp
  <C>.
      Full company name is Regie Nationale des Usines Renault.
  

"
training/11416	12	earn	"PIZZA INN INC <PZA> 4TH QTR LOSS
  Shr loss 48 cts vs loss 35 cts
      Net loss 1,587,000 vs loss 1,063,000
      Revs 45.3 mln vs 50.9 mln
      Avg shrs 3,322,032 vs 3,054,457
      Year
      Shr profit three cts vs loss 19 cts
      Net profit 112,000 vs loss 587,000
      Revs 211.2 mln vs 199.3 mln
      Avg shrs 3,220,163 vs 3,038,361
      NOTE: Net includes tax credits 1,411,000 dlrs vs 929,000
  dlrs in quarter and tax provision 689,000 dlrs vs credit
  1,288,000 dlrs in year.
      1986 year revenues include 18.7 mln dlrs from gain on sale
  of Quality Sausage Co Inc.
      1986 net includes costs of 900,000 dlrs in quarter and
  1,200,000 dlrs in year from proposed merger.
  

"
training/11417	32	money-fx	"TREASURY'S BAKER SAYS U.S. REMAINS PREPARED TO FOSTER EXCHANGE RATE STABILITY

  TREASURY'S BAKER SAYS U.S. REMAINS PREPARED TO FOSTER EXCHANGE RATE STABILITY
  

"
training/11418	12	earn	"ARVIN <ARV> SES FLAT 1ST QTR RESULTS
  Arvin Industries Inc said higher
  interest costs from borrowings to make acquisitions will
  produce earnings flat with last year's 59 cts a share results.
      Arvin said it might earn 57 cts to 60 cts a share in the
  quarter.
      These results also reflect the seasonally low sales pattern
  of automotive replacement parts in that period.
      Arvin forecast about 85 cts a share net in the second
  quarter compared with 68 cts in last year's period.
      The company said revenues for full year 1987 it will exceed
  1.4 billion dlrs, net earnings will increase more than 30 pct,
  while per share earnings should increase 12 to 18 pct.
      Arvin's 1986 revenues were 995.6 mln, net reached 41.2 mln
  and earnings per share 2.46 dlrs.
      It based these forecasts due to the addition of Schrader
  Automotive Inc and Maremont Corp, both acquired last year.
      Chairman James Baker said 1987 quarterly comparisons will
  not conform to historical patterns for the year because the
  acquisitions of Schrader and Maremond occurred in different
  quarters.
      He said Arvin will complete the purchase of Systems
  Research Laboratories in the second quarter of 1987. This will
  also increase revenues.
  

"
training/11420	48	trade	"TREASURY'S BAKER SEES 15-20 BILLION DLR U.S. TRADE DEFICIT REDUCTION THIS YEAR

  TREASURY'S BAKER SEES 15-20 BILLION DLR U.S. TRADE DEFICIT REDUCTION THIS YEAR
  

"
training/11421	10	crude	"TREASURY'S BAKER SAYS REAGAN UNLIKELY TO ALTER OPPOSITION TO OIL IMPORT FEE

  TREASURY'S BAKER SAYS REAGAN UNLIKELY TO ALTER OPPOSITION TO OIL IMPORT FEE
  

"
training/11422	22	interest	"FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

  FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
  

"
training/11424	12	earn	"CORTRONIC CORP <CTRN> YEAR LOSS
  Shr loss 23 cts vs loss 15 cts
      Net loss 1,121,664 vs loss 640,862
      Sales 37,485 vs nil
      NOTE: Company in development stage.
  

"
training/11425	22	interest	"FED ADDS RESERVES VIA CUSTOMER REPURCHASES
  The Federal Reserve entered the U.S.
  Government securities market to arrange 1.5 billion dlrs of
  customer repurchase agreements, a Fed spokesman said.
      Dealers said Federal funds were trading at 6-3/8 pct when
  the Fed began its temporary and indirect supply of reserves to
  the banking system.
  

"
training/11428	12	earn	"WATSO INC <WSOA> SETS REGULAR PAYOUTS
  Qtrly Class A div five cts vs five cts prior
      Qtrly Class B div four cts vs four cts prior
      Pay May 29
      Record April 30
      NOTE: company changed date for its annual shareholders'
  meeting to June 24 from June 15 due to a scheduling conflict.
  

"
training/11429	12	earn	"EATERIES INC <EATS> YEAR NET
  Shr profit 10 cts vs loss two cts
      Net profit 140,332 vs loss 21,290
      Revs 4,202,305 vs 1,692,976
      Avg shrs 1,400,945 vs 1,106,500
  

"
training/1143	12	earn	" 3-MAR-1987 11:58:47.35
   3-MAR-1987 11:58:47.35

"
training/11430	32	money-fx	"TREASURY'S BAKER SAYS U.S. BACKS STABILITY
  Treasury Secretary James Baker said
  the United States and the five other industrialized nations
  signing the recent Paris Accord remain committed to fostering
  the exchange rate at around current levels.
      But he declined to comment on what he believed to be an
  appropriate level of the dollar in world markets.
      ""I'm not going to comment on that because invariably the
  exchange markets read either more or less into my remarks than
  I might intend,"" he said in response to a question from the
  House Appropriations Committee.
      Baker said the six nations participating in the Paris
  meeting in February had ""acknowledged that the currencies are
  within ranges that are broadly consistent with the economic
  fundamentals and we and the others as well remain prepared to
  cooperate closely to foster stability in exchange rates around
  those levels.""
  

"
training/11431	0	acq	"MAY <MA> TO SELL SYCAMORE DIVISION
  The May Department Stores Co said it
  has signed an agreement to sell its Sycamore Specialty Store
  Division to an investment group that includes Syacmore senior
  management.
      May said it expects to close the deal, which includes the
  entire division and its 1,000 employees, in April.
      Sycamore has 111 women's apparel stores in Indiana, Ohio,
  Illinois, Kentucky and Michigan, May said.
      May added that the Indiana National Bank of Indianapolis
  provided a portion of the deal's financing.
  

"
training/11433	12	earn	"CPL REAL ESTATE <CNTRS> CUTS REGULAR PAYOUT
  Qtrly div 26 cts vs 27 cts prior
      Payable April 27
      Record April 10
      NOTE: full name of company is cpl real estate trust
  investment.
  

"
training/11435	12	earn	"NATIONAL BANCSHARES <NBCT> TO HAVE GAIN ON SALE
  National Bancshares Corp of Texas
  said it has completed the previously-announced sale of 90,000
  credit card accounts of to Lomas and Nettleton Financial Corp
  <LNF> for 45.6 mln dlrs, resulting in a gain of 5,800,000 dlrs.
  

"
training/11437	49	veg-oil	"USDA'S AMSTUTZ CONFIDENT OF EC OILS TAX DEFEAT
  U.S. Agriculture Undersecretary
  Daniel Amstutz said he was confident that a European Community,
  EC, proposal to tax vegetable and marine oils and fats would
  not be approved by the Community.
      Asked by Reuters if he was confident the plan eventually
  would be defeated, Amstutz said, ""Yes, I am, but I also know
  that things like this take constant vigilance.""
      The USDA official said the EC Council of Ministers held an
  ad hoc meeting yesterday.
      Commenting on that meeting, he said, ""So far, so good.""
      Yesterday British Farm Minister Michael Jopling said enough
  EC states appeared to be opposed to the proposals by the
  commission for a 330 European Currency Unit a tonne tax on
  vegetable oils, fats and marine oils for the moves to be
  defeated.
  

"
training/11440	12	earn	"CPL REAL ESTATE <CNTRS> SEES LOWER DIVIDENDS
  CPL Real Estate Trust
  Investment said its regular quarterly dividend distribution
  will be lower than its present 26 cts per share, and could be
  significantly lower starting with the third quarter of 1987.
      The company, which lowered the payout from 27 cts to 26 cts
  this current quarter, said it did not know how low the payout
  would go.
      The company said the reason for the cutbacks was because it
  would not be purchasing a property it had anticipated, and
  alternative investments will produce significantly lower yields
  than anticipated.
  

"
training/11441	0	acq	"HANSON TRUST <HAN> SELLS UNIT
  Reichhold Chemicals Inc said
  it is part of a group that has purchased PCR Inc from Hanson
  Trust PLC's SCM Corp subsidiary.
      It said other group members include Jacksonville, Fla.,
  businessman Jack C. Demetree and managers of PCR.
      Reichhold said it made a ""modest"" cash investment.  PCR
  makes high-performance materials for a variety of industries.
  

"
training/11443	12	earn	"AMERICAN RECREATION CENTERS INC <AMRC> 3RD QTR
  Shr 13 cts vs 17 cts
      Net 553,000 vs 728,000
      Revs 6.9 mln vs 7.5 mln
      Nine months
      Shr 17 cts vs 18 cts
      Net 732,000 vs 776,000
      Revs 18.5 mln vs 18.2 mln
      NOTE:Share earnings reflect 5-for-4 stock split effective
  July 31.
  

"
training/11444	10	crude	"TREASURY'S BAKER SEES REAGAN OPPOSING OIL TAX
  Treasury Secretary James Baker told
  the House Appropriations Committee that he believes the
  president remains opposed to an oil import fee.
      He said Reagan last year rejected the idea and he added:
      ""In my personal view he is not likely to change his thinking
  on that.""
      He said Reagan last year opposed the idea because the
  energy industry was divided on the issue, a tax would require a
  new bureacracy to administer and the resulting higher energy
  prices would harm U.S. competitiveness.
  

"
training/11446	48	trade	"TREASURY'S BAKER SEES SMALLER TRADE DEFICIT
  Treasury secretary James Baker
  predicted the U.S. trade deficit would decline 15-20 billion
  dlrs this year.
      However, he acknowledged signs were still lacking on such a
  decline.
      ""We think we are beginning to see changes,"" he told the House
  Appropriations Committee.
      ""It has begun to level off (but) we don't see it beginning
  to go down yet,"" he told the panel.
  

"
training/11447	32	money-fx	"BANGEMANN CALLS FOR CURRENCY CALM
  West German Economics Minister Martin
  Bangemann urged a halt to the talking down of the dollar by
  both official and private institutions in the U.S., Saying calm
  was needed on the foreign exchanges.
      Speaking at the opening of the 40th Hanover Industry Fair,
  Bangemann said radical changes in foreign exchange parities had
  left their mark on exports and investments. He added that
  without these external difficulties, West Germany's economy
  would have grown by 3.5 pct last year instead of the 2.5 pct
  reported.
      Bangemann said he could not deny that the economic climate
  in West Germany had cooled, but he stressed the country was not
  in a downtrend.
      The minister also criticised state subsidies, which he said
  mainly favoured large companies and created a tax burden for
  smaller and medium sized firms.
      Bangemann referred specifically to subsidies in the steel
  industry, which he said had to be fought with all legal means
  when they did not correspond to European Community guidelines
  on grants.
      He added that in light of the declining demand for steel
  capacities had to be adjusted, saying the Bonn government would
  not successfully be able to stand in the way of any change in
  this industry.
      Bangemann also spoke out against protectionism and called
  for more competition, citing as an example the Federal Post
  Office.
      The Post Office enjoys a monopoly in West Germany,
  especially as far as deciding who is able to provide
  telecommunications equipment.
  

"
training/11449	0	acq	"NECO <NPT> BIDDER EXTENDS TENDER OFFER
  Investor David LaRoche said he has
  extended his cash offer to buy 170,000 shares of NECO
  Enterprises Inc at 26 dlrs each until April 14. The tender
  offer was to have expired yesterday.
      In a filing with the Securities and Exchange Commission,
  LaRoche, a North Kingstown, R.I., investor who already holds
  nearly one-third of NECO's total outstanding commonstock, also
  waived a condition of his offer that a minimum of 170,000
  shares actually be tendered.
      NECO has 957,000 shares outstanding.
  

"
training/11450	32	money-fx	"TREASURY'S BAKER PURSUING S. ASIAN REVALUATIONS
  Treasury Secretary James Baker told
  the House Appropriations Committee the United States is still
  pressing newly industrialized south Asian nations that have
  tied their currencies to the dollar to let those currencies
  strengthen against the dollar.
      ""We have seen some strengthening of those currencies (but)
  not as much as we would like,"" he said.
      ""We have been somewhat disappointed in the results so far,
  but we intend to continue these discussions,"" he said.
  

"
training/11451	12	earn	"PIER 1 IMPORTS <PIR> AMENDING DATES ON SPLIT
  Pier 1 Imports Inc said it
  amended its record and distribution dates for its previously-
  announced three-for two common and 25 cts preferred stock
  split.
      The split common and 25 cts preferred shares will be
  distributed on July 2, 1987, to shareholders of record June 24,
  1987.
      The stock split requires shareholder approval of an
  increase in authorized shares of common stock to 100 mln from
  25 mln and an increase of authorized shares of preferred stock
  to five mln from one mln, the company said.
      The change in the dates was based on the company's desire
  to have the additional common and 25 cts preferred shares trade
  for the shortest practical period of time on a ""when issued""
  basis following a favorable shareholder vote at the annual
  meeting June 24, it said.
      The previously announced record and distribution dates were
  May 13, 1987, and June 29, 1987, respectively, the company
  said.
  

"
training/11452	12	earn	"INTERNATIONAL BIOTECHNOLOGIES <IBIO> 4TH QTR
  Shr loss 34 cts vs loss 14 cts
      Net loss 798,000 vs loss 213,000
      Revs 1.5 mln vs 1.5 mln
      Year
      Shr loss 61 cts vs loss 2.08 dlrs
      Net loss 1.4 mln vs 1.0 mln
      Revs 6.8 mln vs 6.0 mln
      NOTE:1986 net loss includes non-recurring charges of
  132,000 dlrs and 270,000 dlrs. Full name is INternational
  Biotechnologies Inc.
  

"
training/11455	10	crude	"U.S. OFFICIALS DEFEND OIL RESERVE SALE PLAN
  Treasury Secretary James Baker and
  Office of Management and Budget chief James Miller defended an
  administration plan to sell the U.S. Naval Petroleum Reserves.
      In response to hostile questioning from a member of the
  House Appropriations Committee, the officials said the plan was
  justified to help bring the fiscal 1988 budget deficit and to
  get the government out of the oil business.
      Miller acknowleged the estimated sale proceeds at 3.3
  billion dlrs would actually bring down the deficit by about 2.2
  billion dlrs because of the loss of revenues from the sale of
  oil from the reserves.
      Miller said the sale price may end up higher.
      ""We'd sell it to the highest bidder,"" Miller said.
      ""If we can get more we'll take it.""
  

"
training/11459	4	cocoa	"TRADERS CUT BAHIA TEMPORAO COCOA CROP ESTIMATE
  Trade estimates of the coming
  May/September temporao harvest in Brazil's main cocoa growing
  state of Bahia are now in the 1.5 mln to 2.0 mln 60-kilo bag
  range against 2.0 mln to 2.5 mln two weeks ago.
      Traders in the state capital Salvador told Reuters the
  effects of a dry period in the first six weeks of the year had
  been harsher than thought earlier.
      Although good flowering had followed the onset of rains in
  mid-February subsequent pod setting was dissappointing.
      Last year's temporao, also hit by a dry spell, was 2.77 mln
  bags. In 1984 severe drought cut the crop to 1.79 mln bags.
      The traders said another factor leading to lower crop
  predictions is that many farmers are not caring properly for
  plantations because of low returns on their investment.
      Manpower, fertiliser and other costs have been cut back as
  farmers feel the pinch of the rise in interest rates over the
  past six months coupled with low bean prices.
      If such economies continue into the winter months both the
  temporao and the developing October/April main crop could face
  serious damage from pod rot attacks on trees which would
  normally be treated against the disease.
      Recent very wet weather has already caused some isolated
  incidences of pod rot but reports from the growing regions say
  these are not yet significant.
      The traders said they expect very low deliveries of
  temporao beans in the first three months of the harvest and the
  bulk will not appear until the last month, September.
      Despite the low loads, trees are said to be in excellent
  condition and recent flowering and pod setting - which will
  lead to late temporao/early main crop beans - has been good.
  

"
training/11460	48	trade	"TREASURY'S BAKER NOT CONCERNED BY BOND DECLINES
  Treasury Secretary James Baker,
  asked whether he was concerned about yesterdays precipitous
  decline in bond prices, said he was not.
      Questioned by reporters as he left a House committee
  hearing, Baker said ""no,"" when asked about the bond decline,
  adding that it was a reflection of concern about the
  possibility of a trade war.
      ""It is what the markets think would be the adverse
  consequences of a trade war.""
      He said the administration was concerned that protectionism
  would lead to international trade problems adding that he
  thought the action against the Japanese was still consistent
  with this policy.
  

"
training/11461	48	trade	"U.S.-JAPAN NOT IN TRADE WAR, YEUTTER SAYS
  The United States and Japan are not
  involved in a trade war, despite U.S. sanctions announced last
  week against Japanese semiconductors, U.S. Trade Representative
  Clayton Yeutter said.
      ""In my judgement, we're not even close to a trade war,""
  Yeutter told a House Agriculture Committee hearing.
      Yeutter said if Japan takes action to honor its agreement
  with the U.S. on semiconductor trade, ""Then the retaliatory
  response will last a relatively short period.""
      Yeutter said Japan must stop dumping chips in third
  countries and buy more American computer chips.
  

"
training/11464	0	acq	"UAL <UAL> COMPLETES BUY OF HILTON INT'L
  UAL Inc said it completed the
  acquisition of Hilton International from Transworld Corp <TWT>,
  paying 982.5 mln dlrs in cash and securities.
      Hilton International will add 90 hotels to UAL's Westin
  hotel unit, which operates 61 hotels. The two chains will have
  a total of 151 hotels with 67,000 rooms and 71,000 employees,
  it said.
      Harry Mullikin, chairman and chief executive of UAL's
  Westin Hotel unit, has been elected to the additional post of
  chairman and chief executive of Hilton International.
      UAL will change its name to Allegis at its annual meeting.
  

"
training/11465	0	acq	"OCCIDENTAL <OXY> SELLS UNIT TO <HENKEL KGAA>
  Henkel KGaA of Dusseldorf, West
  Germany, said it has completed the acquisition of the Process
  Chemicals Division of Occidental Petroleum Corp's <OXY>
  Occidental Chemical Corp subsidiary for undisclosed terms.
      Process Chemicals, acquired from Diamond Shamrock Corp
  <DIA> in September, makes specialty chemicals for a variety of
  industrial markets and has annual sales of about 160 mln dlrs.
  

"
training/11466	34	nat-gas	"SOUTHWESTERN ENERGY <SWN>, ARKLA <ALG> SET PACT
  Southwestern Energy Co said
  it reached an agreement with Arkla Energy Resources for Arkla
  to carry gas owned by Southwestern subsidiaries.
      Under the agreement, the interstate pipeline division of
  Arkla Inc will carry up to 25 mln cubic feet of gas a day until
  Dec 31, 1987, and, subject to capacity, up to 50 mln cubic feet
  a day in 1988 and 75 mln feet a day for the rest of the pact.
      Payment terms vary depending on the type of service
  provided, a Southwestern spokesman said.
      The deal is effective March one, 1987, expires July one,
  1997, and is renewable yearly thereafter, he said.
      The pact calls for transmission of gas owned by Arkansas
  Western Gas Co, Seeco Inc, Arkansas Gas Gathering Co and
  Southwestern Energy Production Co, Southwestern Energy said.
  

"
training/11468	0	acq	"AMERICAN <AMR> SETS SCHEDULE FOR AIRCAL MERGER
  AMR Corp's American Airlines unit said
  it plans to complete the integration of AirCal into its
  operations within four to five months.
      American's merger with AirCal, announced last November,
  received final approval from the Department of Transportation
  yesterday.
      American said Richard D. Pearson, coordinator of the
  airline's merger activities, will become chairman and chief
  executive officer of AirCal during the period up to completion
  of the merger.
      American said Pearson succeeds William Lyon, who has been
  elected to AMR's board.
      It added that David A. Banmiller will continue as AirCal's
  president and chief operating officer.
  

"
training/11469	0	acq	"GENCORP SAYS IT EXPECTS TO COMPLETE SALE OF WOR TV THIS WEEK, ALL CHALLENGES RESOLVED

  GENCORP SAYS IT EXPECTS TO COMPLETE SALE OF WOR TV THIS WEEK, ALL CHALLENGES RESOLVED
  

"
training/1147	8	cpi	"CHILEAN CONSUMER PRICES RISE 1.7 PCT IN FEBRUARY
  Chile's consumer price index rose 1.7
  pct in February to 562.01 (December, 1978 equals 100) after
  increases of 2.0 pct in January and 0.9 pct in February 1986,
  the government's National Statistics Institute said.
      Inflation as measured by the index rose to 17.5 pct over
  the 12 months to the end of February, compared with 16.6 pct
  last month and 24.5 pct to the end of February, 1986.
      In the first two months of the year, inflation was 3.8 pct,
  against 3.6 pct in the same period of 1986.
  

"
training/11470	12	earn	"SYMS CORP <SYM> 4TH QTR
  Shr 43 cts vs 25 cts
      Net 7.6 mln vs 4.4 mln
      Revs 72.0 mln vs 66.9 mln
      Year
      Shr 84 cts vs 72 cts
      Net 14.8 mln vs 12.7 mln
      Revs 223.1 mln vs 215.2 mln
      NOTE: 1986 4th qtr inludes gain of 2.6 mln dlrs on sale of
  real estate.
  

"
training/11475	12	earn	"NPS TECHNOLOGIES GROUP <NPSGU> 4TH QTR
  Shr N.A. vs N.A.
      Net 46,000 vs 106,000
      Revs 19.8 mln vs 19.0 mln
      YEar
      Shr 26 cts vs 26 cts
      NEt 1.3 mln vs 1.3 mln
      Revs 82.1 mln vs 105.3 mln
      NOTE:1986 net includes 870,000 dlrs charge. 1985 net
  includes 788,000 credit. No share amounts provided for 4th qtr
  as NPS completed initial offering in August.
  

"
training/11476	12	earn	"FREEPORT-MCMORAN RESOURCE LP <FRP> QTLY PAYOUT
  Qtly cash distribution 60 cts vs 60 cts prior
      Pay May 15
      Record April 30
      Note: Full name is Freeport-McMoRan Resources Partners LP.
  

"
training/11477	0	acq	"BUTLER <BTLR> TO BUY SKYLIGHT MANUFACTURER
  Butler Mfg Co said it signed a
  memorandum of intent to acquire Naturalite Inc, a manufacturer
  of skylights.
      It said Garland, Texas-based Naturalite had sales in 1986
  of about 20 mln dlrs.
      Terms were not disclosed.
  

"
training/11478	12	earn	"DATA MEASUREMENT CORP <DMCB> 4TH QTR
  Shr 83 cts vs 60 cts
      Net 516,063 vs 328,468
      Revs 8.3 mln vs 5.7 mln
      NOTE:Shrs reflect 3-for-2 stock split.
  

"
training/11479	12	earn	"PUBCO CORP <PUBO> YEAR NET
  Oper shr 12 cts vs nine cts
      Oper net 4,027,852 vs 3,200,837
      Revs 100.2 mln vs 46.0 mln
      Note: Oper net excludes tax credits of 517,916 vs 198,000
      Current year results include proceeds from termination of a
  pension plan.
  

"
training/1148	6	copper	"COPPER STUDY GROUP CONSIDERED AT GENEVA MEETING
  Major copper producing and consuming
  countries are considering a U.S. proposal to set up a study
  group to review the world copper market, delegates said.
      The U.S. initiative was introduced last December at a
  meeting held here under the auspices of the United Nations
  Conference on Trade and Development (UNCTAD).
      The U.S., the world's largest copper consumer and second
  biggest producer after Chile, has proposed setting up a body to
  improve statistics and market transparency of the copper
  economy, and provide a forum for discussion.
      The new body would not aim at negotiating measures to
  stabilise depressed world prices.
      This week's meeting, which began yesterday, is due to end
  Friday.
  

"
training/11481	12	earn	"<MONTREAL TRUSTCO INC> YEAR NET
  Shr 94 cts vs 75 cts
      Net 27.0 mln vs 18.4 mln
      Revs 631.6 mln vs 409.5 mln
      Avg shrs 27.1 mln vs 22.6 mln
  

"
training/11484	0	acq	"TRADESTAR <TIRR> ACQUIRES IMAGE VIDEO
  Tradestar Corp said it acquired
  <Image Video Inc> for an undisclosed sum.
      The company said Image Video produces and distributes
  videos for the home market.
      Image Video is scheduled to release 20 video projects in
  1987, it said.
  

"
training/11487	48	trade	"CHIRAC, REAGAN DISCUSS ARMS CONTROL, TRADE
  French Prime Minister Jacques Chirac
  opened talks with President Ronald Reagan expected to focus on
  superpower arms control moves and trade issues.
      French officials said a major aim of Chirac's visit was to
  present France's concern that the United States might ignore
  European security interests in any accord with Moscow on
  removing medium-range nuclear missiles from the continent.
      But Reagan was expected to assure Chirac that he will not
  agree to a deal at the Geneva superpower talks that would give
  the Russians superiority in shorter-range systems, diplomats
  said.
      France has expressed doubts about removing U.S. missiles
  from Europe so long as the Soviet Union maintains an edge in
  other weaponry, particularly shorter-range rockets,
  conventional forces and chemical weapons.
      Speaking last night, Chirac set out the French position
  saying: ""Any agreement on intermediate nuclear forces should
  mention how equality can be achieved in short-range missiles.""
      Reagan and Chirac meanwhile signed an agreement ending a
  dispute between two leading research institutes over patent
  rights to a blood screening test for the deadly disease AIDS.
      In a joint statement, Chirac and Reagan said the Pasteur
  Institute in Paris and the National Cancer Institute, of
  Bethesda, Maryland, agreed to give part of the royalties from
  the test to a new foundation dedicated to the wordwide fight
  against AIDS (Acquired Immune Deficiency Syndrome).
      ""This agreement opens a new era in Franco-American
  cooperation, allowing France and the United States to join
  their efforts to control this terrible disease in the hopes of
  speeding the development of an AIDS vaccine and cure,"" Reagan
  said at the signing ceremony. 
      He said the two parties would share the patent and give 80
  per cent of the royalties received to the new foundation.
      The foundation would also raise private funds and would
  donate 25 per cent of its money to combat AIDS in less
  developed countries. 
      Both leaders stressed the long ties between France and the
  United States during a welcoming ceremony in the White House
  East Room, with Reagan describing France as ""America's oldest
  ally in war and peace."" 
      ""I have come to tell you that we are remain motivated by the
  same ideals of freedom, by the same will to face the dangers
  which we both confront -- terrorism, war, hunger, poverty, new
  diseases and drugs,"" Chirac replied.
      But the two countries are likely to have less to agree on
  over the issue of trade, where Chirac is worried about a rise
  in protectionism in the U.S. Congress. 
      A senior U.S. official yesterday dismissed a French idea to
  sell cut-price grain to poor countries in Africa as a way of
  lessening surplus stocks.
      Chirac is expected to canvass support for the idea, first
  proposed by French Agriculture Minister Francois Guillaume,
  during his two-day visit to Washington.
      The U.S. official described the idea as a ""grain producers'
  OPEC"" -- a reference to the Organization of Petroleum Exporting
  Countries -- and said it went against the Reagan
  administration's desire to lessen government intervention in
  trade.
  

"
training/11488	0	acq	"GENCORP SAYS ALTERNATIVE TO HOSTILE TENDER TO BE ANNOUNCED WITHIN A WEEK

  GENCORP SAYS ALTERNATIVE TO HOSTILE TENDER TO BE ANNOUNCED WITHIN A WEEK
  

"
training/11490	12	earn	"CANADA'S AIRLINE PROFITS SEEN HIGHER
  Canada's airline industry, shaken up by
  a recent merger that creates a powerful new competitor for
  government-owned Air Canada, has begun its first serious drive
  for profitability in 50 years, industry analysts said.
      ""Now we've got a company that can compete with Air Canada,""
  said Thomas Bradley of Richardson Greenshields of Canada Ltd.
  ""Clearly, it can go head-to-head in any market.""
      The new airline, which arose from the 300-mln-Canadian-dlr
  takeover of Canadian Pacific Air Lines Ltd by the small but
  cash-rich Pacific Western Airlines Corp, was launched last week
  as Canadian Airlines International Ltd.
      Canadian Airlines will have 35-40 pct of the
  6-billion-Canadian-dlr domestic market, against Air Canada's
  50-55 pct. Wardair International Ltd is third with about nine
  pct.
      Analysts believe Pacific Western's aggressive and
  cost-conscious chairman Rhys Eyton will develop the true
  potential of the former CP Air, which floundered for four
  decades inside the bureaucracy of conglomerate Canadian Pacific
  Ltd.
      They said CP Air's management style had been not much
  different from that of Air Canada, formed 50 years ago, because
  neither airline was held accountable to its owners.
      ""Not that long ago, maybe even just six months ago, these
  two airlines were totally fiscally irresponsible. Neither
  seemed that concerned about the bottom line,"" said Bradley.
      ""But with CP Air being run by Eyton, it will be very
  conscious of profitability and shareholder return. And Air
  Canada is on the verge of going that way,"" he said.
      CP Air, always fighting for market share rather than
  profits, was ""a perennial money-loser,"" analyst Wilfred Hahn of
  Bache Securities Inc said in a recent report.
      Prior to its takeover in December, it had accumulated
  long-term debt of 600 mln Canadian dlrs. From 1981 to 1985, its
  losses totaled 87 mln Canadian dlrs.
      Air Canada, widely expected to be privatized later this
  year in a public share offering, lost 14.8 mln Canadian dlrs on
  revenues of 2.72 billion dlrs in 1985. It has a debt of more
  than 2 billion dlrs.
      Although only a minority interest is likely to be sold to
  the public, the prospect of privatization at a time of
  increased competition is forcing Air Canada to pay more
  attention to finances, analysts said.
      It recently disclosed that it expects to report a profit ""in
  excess of 35 mln to 40 mln dlrs"" for 1986. However, this profit
  recovery was due less to management skill than the fact that
  all Canadian airlines had a good year in 1986, analysts said.
      Tourists came to Canada in record numbers last year,
  attracted by the relatively weak Canadian dollar and Expo 86 in
  Vancouver, which alone had more than 22 mln visitors.
      For the next few years, most analysts see three-six pct air
  traffic growth, and they expect profits will come from
  cost-cutting and careful spending.
      Peter Friend of Walywn Stodgell Cochran Murray Ltd said
  institutional buyers will be eager to add Air Canada to their
  portfolios as a blue-chip investment, but warned that new
  competition makes profit growth less certain.
      ""The airline with something to lose will be Air Canada. At
  one time, it had a fixed system which was theirs and nobody
  else's,"" Friend said.
      Many analysts recommend that investors buy and hold airline
  shares for at least a year.
      Analysts said Air Canada's immediate concern ahead of a
  public stock offering will be unloading unprofitable air routes
  without setting off a political storm.
      It also will be faced with an expensive but necessary
  updating of its aging fleet of 111 aircraft.
      Wardair, preferring strong medicine now instead of later,
  already has embarked on a one-billion-Canadian-dlr purchase of
  a dozen aircraft from Europe's Airbus Industrie.
      Canadian Airlines, which has 81 aircraft, last week ordered
  six commuter planes from British Aerospace and said it would
  soon buy as many as six wide-bodied aircraft from Airbus or the
  Boeing Co.
      Analysts said Canadian Airlines, with its newer fleet,
  needs to make fewer replacements and can afford these without
  hurting profits.
      Steven Garmaise of Wood Gundy Inc expects Canadian
  Airlines' profit in 1988 will more than double last year's 29.8
  mln Canadian dlrs by Pacific Western.
  

"
training/11492	0	acq	"GENCORP <GY> ALTERNATIVE PLAN DUE WITHIN A WEEK
  A. William Reynolds, chairman and
  chief executive of GenCorp Inc, told shareholders he expects to
  announce a company alternative to a 100-dlr-per-share hostile
  tender within a week.
      Last night the company urged shareholders to reject the
  tender. Reynolds urged shareholders to be patient, saying the
  group sponsoring the tender offer had months to evaluate
  GenCorp while ""we have had only 10 days to respond.""
      Reynolds also disclosed the company has resolved legal
  challenges to its planned sale of WOR TV, serving the New York
  City market, and expects to complete the sale by Friday.
      Reynolds said the company expects to book an after tax gain
  of 250 mln dlrs from the sale of WOR TV. The company plans to
  sell the station to MCA Inc <MCA> for 387 mln dlrs.
      Reynolds did not specify whether the legal challenges were
  dropped or dismissed. The Federal Communications Commission has
  already approved the station's sale.
      Money from the sale of the station will play a role in
  helping develop an alternative to the tender offer co-sponsored
  by AFG Industries Inc <AFG> and Wagner and Brown, Reynolds
  said. He provided no other details.
      Randall Hubbard, chairman of AFG, and Joel Reed, chief
  financial officer of Wagner and Brown, attended the meeting,
  which was shifted from a tire plant to a downtown hotel. About
  300 people were present despite an overnight snowstorm.
      Hubbard and Reed chatted briefly with Reynolds after the
  meeting but declined to discuss their proposal with reporters.
      Reynolds told the shareholders friends and family members
  have been telling him ""Bill, just don't pay greenmail"" to end
  the takeover threat. Greenmail describes a buyout of a minority
  shareholder at a price not available to other holders. Reynolds
  said he considers it a ""repugnant device.""
      Shareholders elected management's slate of 11 directors.
  Mario Gabelli, head of a New York investment firm which owns a
  large block of stock, proposed one nominee for the board.
  Gabelli said the unsuccessful attempt was designed to ""stiffen
  the backbone of the board to discourage greenmail.""
      Hubbard and Reed reiterated previous statements that they
  are open to negotiations with GenCorp.
      Asked about severance contracts for key executives in the
  event of a shift in control of the company, Reynolds asserted
  ""we're developing alternatives that would not result in a
  change in control.""
      Asked whether the company's plan would be superior to any
  proposal of AFG and Wagner and Brown, Reynolds commented, ""We
  know the company, we know the values and we know the
  opportunities better than any outside group.""
      In response to a question about whether any units are up
  for sale, he said only that GenCorp is evaluating alternatives.
  

"
training/11494	12	earn	"ILLINOIS POWER CO<IPC> TWO MONTHS FEBRUARY NET
  Shr 65 cts vs 67 cts
      Net 49,517,000 vs 47,732,000
      Revs 229.2 mln vs 245.7 mln
      Avg shrs 65,994,142 vs 63,293,867
      NOTE: Per-share results reflect payment of preferred
  dividend requirements
  

"
training/11496	48	trade	"REAGAN RENEWS ANTI-PROTECTIONISM STAND, WHITE HOUSE SAYS TRADE WAR UNLIKELY

  REAGAN RENEWS ANTI-PROTECTIONISM STAND, WHITE HOUSE SAYS TRADE WAR UNLIKELY
  

"
training/11497	12	earn	"AVERY <AVRY> SEES QTR, YEAR LOSS
  Avery Inc said the company will not
  show a profit in the next quarter and will probably not show a
  profit in 1987.
      Speaking at the annual shareholders meeting, chairman
  Nelson Peltz declined to estimate when the company would become
  profitable.
      Peltz said Uniroyal Chemical Co, acquired last year, would
  increase Avery's operating earnings but that associated
  acquisition costs would prevent Avery from posting net profits
  for some time.
      At the meeting, stockholders approved an increase in the
  authorized number of common shares to 200 mln from 15 mln.
      In the fiscal year ended May 30, 1986, Avery reported a
  loss of 489,000 dlrs. The company has changed its fiscal year
  to end Sept 30.
      The increase in common shares would cover, among other
  things, the exercise of Triangle Industries Inc's <TRI> and
  Drexel Burnham Lambert Inc's warrants issued in relation to
  Avery's 710 mln dlr acquisition of Uniroyal Chemical late last
  year.
  

"
training/11498	48	trade	"TRADE WAR FEARS MAY PROMPT STOCK MARKETS' DOWNTURN
  The threatened trade war between the
  United States and Japan is just the kind of shock that
  economists say could send world stock markets into a tailspin.
      But they are not so sure if that would be a brief
  corrective dip, or whether this week's falling share prices
  mark the start of a ""bear"" market.
      ""It's the billion dollar question,"" said Richard O'Brien,
  economist at American Express International Bank in London.
      Japan's trade surplus -- 92.7 billion dlrs last year -- has
  poured into share and bond markets around the world, and funded
  a good chunk of the huge U.S. Budget deficit. Around a third of
  any new sale of U.S. Treasury bonds has been bought by the
  Japanese. However, Japanese investors have lost money as the
  dollar falls and will lose more if the United States lets it
  fall further to cut the trade deficit. The counterpart of
  improving the trade deficit either through a lower dollar or
  because the U.S. Increases duties on Japanese electronic goods,
  may be to hit the capital inflow which has financed the budget
  deficit.
     And if the U.S. Trade deficit does fall, the Japanese will
  have less money to invest. To entice U.S. Investors to fill the
  gap that would be left if the Japanese stopped buying U.S.
  Bonds, interest rates would have to soar, O'Brien said. The
  subsequent shift from shares to bonds could cause major falls
  on the world stock markets.
      ""A year ago, we could be pretty confident about the markets,""
  said O'Brien. ""Now, it is much less certain.""
      Buoyant share prices are supposed to reflect a booming
  economy. But the world economy, with sluggish growth at best in
  the industrial nations, a massive load of Third World debt and
  huge trade imbalances is not in good shape, said O'Brien.
      Nevertheless, New York analyst William Raferty, of Smith
  Barney Harris Upham said  ""We're still in a bull market,"" adding
  that corrections are a normal part of a rising market and ""The
  bear usually strikes slowly.""
      Economist Evelyn Brody, at Morgan Grenfell and Co in
  London, said the huge sums of money going through the world
  financial system will keep a floor under share and bond prices.
      Although interest by the Japanese in putting their money in
  non-dollar denominated bonds and stocks has increased it's very
  difficult to see where else they can put their money than in
  U.S. Dollars and especially the U.S. Treasury (bond) market,
  according to David Butcher, a senior executive at Yamaichi
  Securities Co Ltd's bond operation in London.
      He said the Japanese are paying much closer attention now
  to the French franc and West German mark.
      In the longer run, he worries about what trade tensions and
  the dollar's slide will mean for securities markets.
  

"
training/11499	12	earn	"BIG BEAR INC <BGBR> 2ND QTR FEB 28 NET
  Shr 46 cts vs 31 cts
      Net 3,608,000 vs 2,448,000
      Revs 223.5 mln vs 218.2 mln
      Six mths
      Shr 87 cts vs 64 cts
      Net 6,788,000 vs 4,992,000
      Revs 441.5 mln vs 439.5 mln
  

"
training/11500	12	earn	"NORTHVIEW CORP <NOVC> YEAR NET
  Shr 30 cts vs 51 cts
      Net 966,000 vs 1,470,000
      Revs 39.8 mln vs 41.3 mln
  

"
training/11501	12	earn	"PENNZOIL SEES LOWER 1ST QTR NET BEFORE UNUSUAL ITEM AGAINST YEAR AGO LOSS 49 CTS

  PENNZOIL SEES LOWER 1ST QTR NET BEFORE UNUSUAL ITEM AGAINST YEAR AGO LOSS 49 CTS
  

"
training/11503	12	earn	"SCEPTRE RESOURCES LTD <SRL> YEAR NET
  Shr seven cts vs two cts
      Net 5,500,000 vs 4,300,000
      Revs 69.1 mln vs 115.3 mln
      Note: Shr after preferred divs.
  

"
training/11504	0	acq	"TALKING POINT/BORG-WARNER CORP <BOR>
  Borg-Warner Corp will vigorously
  resist GAF Corp's 46-dlr-per-share takeover offer, but the
  Midwest conglomerate may fall prey to another offer,
  either from GAF or its own management, analysts believe.
      Analysts also said Borg-Warner may attempt to escape GAF
  through a restructuring. The speculation pushed Borg-Warner's
  stock up 1-3/8 to 48-1/2 in heavy trading.
      Analysts predicted feisty GAF Chairman Samuel Heyman will
  stage a tough campaign to gain control of Borg-Warner so he can
  add its profitable plastics and chemical business to GAF.
      ""It seems from at least their dealing with (raider Irwin)
  Jacobs that they don't want to be taken over. The question is
  now do they acquiesce to GAF. I think instinctively, they want
  to remain independent,"" said Dudley Heer of Duff and Phelps.
      Borg-Warner has been under siege by takeover speculation
  for almost a year. Last week, Jacobs' investment vehicle,
  Minstar Inc, and an investor group sold its 10.1 mln
  Borg-Warner shares. The same day, GAF Corp raised its stake by
  9.1 mln shares to 19.9 pct of the outstanding.
      Jacobs was interested in buying the company, but took no
  steps toward a transaction.
      ""Their (Borg-Warner) policy has been to stonewall them for
  the last nine months. It's been one of the dullest corporate
  battles I've seen,"" said one analyst.
      The battle, however, has heated up, and the range of
  breakup values on Wall Street span from the current market
  price to almost 60 dlrs per share. Most analysts said they
  think a price in the low 50s would be appropriate.
      Arbitragers speculate that GAF will not give up easily on
  its 3.16 billion dlr offer to buy the balance of Borg-Warner.
      Analysts who know GAF predict Heyman will either end up
  with Borg-Warner or enrich his chemicals and building materials
  company in some other way. Heyman two years ago attempted an
  unsuccessful takeover of Union Carbide Corp, but GAF benefited
  from that company's restructuring.
      ""Borg Warner can't quibble that it's not a legitimate
  offer. It seems to me the short of it is Borg Warner is kind of
  between a rock and a hard place. They either have to accept a
  46 dlr proposal or perhaps work a deal where it's sweetened. I
  personally think the company is (worth) around 55 dlrs per
  share,"" said Pershing analyst Richard Henderson.
      Henderson also speculated the company might attempt a
  restructuring such as the one carried out by Goodyear Tire and
  Rubber Co last year when it was being courted by Sir James
  Goldsmith. The company bought back the financier's stock and
  carried out a wider share repurchase.
      Arbitragers, however, said they do not believe Heyman is
  seeking ""greenmail,"" or the repurchase of his stock by the
  company at a premium.
      Analysts noted that Heyman seems to have no problems with
  financing the transaction.
      Previously associated with ""junk bond"" experts, Drexel
  Burnham Lambert Inc, GAf said it would finance its Borg-Warner
  takeover with bank financing. GAF said it would make a tender
  offer following a merger agreement approved by the Borg-WArner
  board and conditioned on the board's recommendation of the
  tender offer and merger.
      Heyman said in a letter to Borg-Warner that he expects a
  merger would provide job security for Borg-Warner employees
  since the two companies businesses overlap. Analysts, however,
  believe Heyman would sell off assets he did not want to repay
  debt from the transaction.
      GAF's stock rose 1-5/8 today, to 48-5/8.
     ""I believe, obviously, if GAF takes over Borg-Warner at the
  level it is proposing it would enhance GAF share values
  substantially,"" said Oppenheimer analyst Charles Rose.
      He said at 46 dlrs per share, Heyman's average cost for the
  company's stock would be 44 dlrs per share based on GAF's
  current holdings.
      Rose said the Borg-Warner plastics and chemical business,
  which makes thermo-plastics is the asset attracting Heyman.
  Analysts said it accounts for a third of Borg's earnings.
      The plastics are used in telephone equipment, office
  equipment and appliances. ""Borg has half the market in the U.S.
  and is the leading technical player and the leading innovator,""
  Rose said. Its competitors are Dow Chemical Co <DOW> and
  Monsanto Corp <MTC>, he said.
      Borg-Warner also has an automotive parts business, and a
  protective systems business, which includes Wells Fargo
  security guards. It also has an information services business,
  and is trying to sell its financial services business.
      Borg-Warner earned 206.1 mln dlrs or 2.35 dlrs per share on
  revenues of 3.62 billion dlrs in 1986. Smaller GAF, in 1986,
  earned on an operating basis 80.7 mln dlrs or 2.22 dlrs per
  share on sales of 753.8 mln dlrs.
      GAF's net earnings included an after tax gain of 201.4 mln
  from its participation in a Union Carbide exchange offer, a
  special union carbide dividend, and the sale of its Union
  Carbide shares.
  

"
training/11505	0	acq	"MANHATTAN NAT'L <MLC> HOLDERS VOTE STOCK SALE
  Manhattan National Corp said its
  shareholders overwhelmingly approved a proprosal through which
  <Union Central Life Insurance Co> took control of the company
  by acquiring about 3.6 mln shares of newly issued Manhattan
  National common stock for 43.2 mln dlrs.
      The company said the transaction gives Union Central, a
  Cincinnati-based mutual insurance company, a total of 8,804,397
  shares of Manhattan National stock, or 52.2 pct of the total
  outstanding.
      Manhattan National said about three mln dlrs of the
  invested funds will be used to repay short-term debt and two
  mln dlrs has been earmarked for other short-term needs.
      The remainder will be available for the company's insurance
  units, or for other business purposes, it said.
      Charles C. Hinkley, president and chief executive officer
  of Union Central, is expected to be named chairman, president
  and chief executive of Manhattan National, the company said.
  

"
training/11506	12	earn	"PENNZOIL <PZL> SEES LOWER FIRST QTR
  Pennzoil Co Chairman J. Hugh Liedtke
  told a meeting of analysts that the company expects its first
  quarter net to be down considerably, before an unusual item,
  from the loss of 49 cts a share reported a year ago.
      Liedtke did not say how large the unusual item would be.
  ""We're still closing our books on the first quarter, so I don't
  have final numbers for you,"" he said.
  

"
training/11507	7	cotton	"U.S. WEATHER/COTTON SUMMARY -- USDA/NOAA
  Cotton planting began in California
  and was expected to proceed rapidly in the week ended March 28,
  the Joint Agriculture Weather Facility of the U.S. Agriculture
  and Commerce Departments said.
      In a summary of its Weather and Crops Bulletin, the agency
  said winds and low soil temperature retarded growth and
  hampered seeding in Arizona.
      Planting moved into Mohave and Pinal Counties.
      Cotton planting progressed well in the Lower Valley,
  Coastal Bend and along the Upper Coast of Texas.
      However, bad weather continued hampering cotton seedbed
  preparations in Oklahoma.
  

"
training/11508	0	acq	"QUANTUM VENTURE UPS COMPUTER NETWORK<CMNT> STAKE
  Computer Network Technology Corp
  (CNT) said that <Quantum Venture Partners LP>, a private
  investment limited partnership, has acquired an additional
  600,000 shares of CNT common stock, raising its stake in CNT to
  15.3 pct from 9.6 pct of the currently outstanding shares.
      CNT said Quantum bought the shares by exercising 1.5 mln
  dlrs in warrants, bringing its total investment in CNT to 2.5
  mln dlrs.
      CNT also said <Sand Technology Systems Inc> of Canada
  bought two of its CHANNELink networking units for a data
  processing service for major health care facilities in Canada.
  

"
training/11510	12	earn	"ELCOR <ELK> UPS QTLY DIV, SETS STOCK SPLIT
  Elcor Corp said it raised its
  quarterly common stock dividend to 11 cts a share from nine cts
  and declared a two-for-one common stock split.
      The company said the increased dividend will be paid on May
  13 to shareholders of record April 16.
      The stock split, Elcor said, will paid in the form of a 100
  pct stock dividend on May 28 to shareholders of record may 14.
  

"
training/11514	0	acq	"QUEST <QBIO> SIGNS PACT WITH ALZA <AZA>
  Quest Biotechnology Inc said its Quest
  Blood Substitute Inc subsidiary executed an agreement with Alza
  Corp <AZA> which will make Alza a preferred shareholder of its
  subsidiary.
      Quest said the agreement also offers Alza the right to
  acquire up to 25 pct of the unit's equity in exchange for the
  acquisition of patent rights to Alza technology in an area
  where Quest has an interest.
      Quest also said its signed a merger agreement with <Hunt
  Research Corp> and its affiliate <ICAS Corp>. Quest said it
  expects to complete the merger within the next several weeks.
  

"
training/11515	0	acq	"CHUBB <CB> COMPLETES SOVEREIGN <SOVR> BUYOUT
  Chubb Corp said it completed the
  previously announced acquisition of Sovereign Corp.
      Under terms of the acquisition, Sovereign shareholders will
  receive, in a tax-free exchange, 0.1365 share of Chubb common
  for each Sovereign share held.
      Chubb said the transaction was valued at 9.11 dlrs a share
  based on the closing price of its stock on March 30.
  

"
training/11519	30	lumber	"USDA'S AMSTUTZ ""SYMPATHETIC"" TO WOOD CREDITS
  U.S. Agriculture Undersecretary
  Daniel Amstutz said he was ""totally sympathetic"" with U.S. wood
  producers' desire to have their exports eligible for government
  credit guarantees.
      But he told the Senate Appropriations Agriculture
  subcommittee that including wood products in the department's
  short- or intermediate-term export guarantee programs would
  conflict with U.S. multilateral trade obligations.
      Currently, U.S. wood products are not eligible for
  government export credit guarantee because they are considered
  ""manufactured products,"" Amstutz said.
      He said USDA had devoted an ""enormous amount"" of time to
  considering making wood products eligible for the guarantees
  and that Congress was considering a measure to do so.
  

"
training/1152	12	earn	"ROYAL BANK/CANADA SEES HIGHER 1987 LOAN LOSSES
  <Royal Bank of Canada> said it
  estimates 1987 loan losses at one billion dlrs, a 25 mln dlr
  increase over last year.
      Royal Bank said it set its provisions ""given the continued
  debt-servicing problems ... in the North American energy
  industry and the uncertain outlook for energy prices,"" and also
  continued to add to its general provisions for loans to
  troubled borrower countries.
      The bank's loan loss provision for the first quarter ended
  January 31 rose to 223 mln dlrs from 187 mln dlrs in the
  year-ago quarter.
      The bank said non-accrual loans, net of provisions for loan
  losses, totalled 2.2 billion dlrs on January 31, up from 2.0
  billion dlrs a year ago.
      In reporting lower first quarter earnings, chairman Allan
  Taylor said problems with credit quality--particularly in loans
  associated with the energy sector--continue to have a
  substantial adverse effect on the bank's earnings.
      Taylor said profitability of the bank's international
  operations remains weak, reflecting resource-related
  difficulties of private and public sector borrowers and
  unsatisfactory results from capital market activities.
      Taylor said it would be premature to speculate on the
  outcome of debt resturcturing negotiations with Brazil or their
  potential impact on the Royal Bank.
      The bank earlier reported first quarter profit fell to
  114.1 mln dlrs from 140.4 mln dlrs a year ago.
  

"
training/11522	0	acq	"INVERNESS BUYS ASSETS FROM PARENT SILVERTON
  <Inverness Petroleum Ltd> said
  it acquired the oil and gas assets of its controlling
  shareholder <Silverton Resources Ltd> for 26.4 mln dlrs,
  effective March 3, 1987.
      Inverness said it issued 2,640,000 class A convertible
  retractable redeemable preferred shares in exchange for the
  assets, which include all Silverton's oil and gas properties,
  undeveloped acreage and its shares of Australian subsidiary
  S.R.L. Exploration Pty Ltd.
      The preferred shares were immediately retracted for cash,
  the company said.
      The transaction resulted in a discharge of Silverton's bank
  debt of 21.0 mln dlrs and a three mln dlr loan to Inverness
  from Silverton, Inverness said.
      As a result of the acquisition, Inverness has bank debt of
  18.0 mln dlrs, it said.
  

"
training/11523	0	acq	"BRISTOL-MYERS TRUST <BYU> EXTENDS EXPIRATION
  <Americus Shareowner Service Corp>
  said the Americus Trust for Bristol-Myers will continue to
  accept tendered Bristol-Meyers Co <BMY> shares until December
  one, extending the original expiration date of April one for
  eight months.
      If the common stock price exceeds the trust's termination
  price of 110 dlrs, Americus Shareowner Service said, the trust
  will be temporarily closed until the price of the underlying
  stock falls below the termination price.
  

"
training/11526	0	acq	"QUEST BIOTECHNOLOGY <QBIO> UNIT IN MERGER PACT
  Quest Biotechnology Inc said its new
  subsidiary, Quest Blood Substitute Inc, signed the agreement
  and plan of merger with Hunt Research Corp and its affiliate,
  ICAS Corp.
      It said Quest Blood expects to complete the merger within
  the next several weeks. Terms were not disclosed.
      In a related transaction, Quest Blood said it executed an
  agreement with Alza Corp, which will make Alza a preferred
  shareholder of Quest Blood and offer Alza the right to acquire
  a total equity position of up to 25 pct of Quest Blood in
  exchange for acquisition of patent rights to Alza technology.
  

"
training/11527	0	acq	"LINCOLN FOODSERVICE <LINN> COMPLETES PURCHASE
  Lincoln Foodservice Products
  Inc said it completed purchasing certain assets of Redco
  product line of food slicers, cutters and wedgers from the
  Dean/Alco Food Prep division of <Alco Foodservice Equipment
  Co.>
      Terms were not disclosed.
  

"
training/11528	12	earn	"I.R.E. FINANCIAL CORP <IF> YEAR
  Shr 94 cts vs 77 cts
      Net 2.1 mln vs 1.7 mln
      Revs 7.8 mln vs 8.8 mln
      NOTE:Per share data reflects elimination of 500,000 shares
  owned by 50 pct owned subsidiary and reflect one-for-three
  reverse stock split effective march 5, 1986.
  

"
training/11529	12	earn	"ENERGY VENTURES CINC <ENGY> 4TH QTR NET
  Net profit 510,000 vs loss 5,700,000
      Revs 875,000 vs 4,100,000
      Year
      Net profit 871,000 vs loss 4,100,000
      Revs 4,700,000 vs 14.1 mln
  

"
training/1153	0	acq	"PANTERA <PANT> AND PIZZA <PZA> AGREE TO MERGE
  Pantera's Corp said it agreed in
  principle to acquire Pizza Inn Inc in a cash and stock
  transaction.
      Under terms of the proposed transaction, each Pizza Inn
  share can be exchanged for either three dlrs in cash plus the
  lesser of 1.4 shares of Pantera's common stock or 11.50 dlrs
  market value of Pantera's stock, or four dlrs in cash plus a
  unit consisting of one share of Pantera's stock and a
  non-transferrable right to receive up to 0.55 share of
  Pantera's stock under certain conditions, it said.
      Completion of the transaction is subject to arrangement of
  financing, negotiation of a definitive agreement, and various
  regulatory approvals, it said.
      Pantera's said Pizza Inn's largest shareholder, F.J.
  Spillman, previously granted Pantera's an option to buy more
  than one mln shares of Pizza Inn common stock owned by him.
      Pantera's also said it retained Drexel Burnham Lambert Inc
  to act as its financial advisor in connection with the merger.
  Pizza Inn has retained Dean Witter Reynolds Inc to act as its
  financial advisor, Pantera's said.
      Yesterday, Pantera's stock closed at 9.50 dlrs on NASDAQ,
  while Pizza Inn's stock was quoted at 12 dlrs when the Amex
  halted trading pending the announcement of the proposed merger.
      From its Dallas headquarters, Pizza Inn said completion of
  the transaction is subject to certain conditions including that
  the price of Pantera's stock average not less than seven dlrs
  during the 20 trading days before the merger.
      Under the agreement, Pizza Inn said it will still be
  permitted to complete a leveraged buyout agreement with Pizza
  Inn Acquiring Corp, which has been approved by its
  shareholders, but is subject to otaining financing.
     
   More
  

"
training/11539	0	acq	"WILSON BROTHERS COMPLETES SALE
  Wilson Brothers said it completed
  the sale of most of the assets of its Enro Shirt Co Inc,
  Enro-At-Ease Inc and Foxcroft Shirt Ltd subsidiaries to Enro
  Acquisition Corp for about 24.2 mln dlrs, half in cash and half
  in subordinated promissory notes.
      Enro Acquisition is a newly formed corporation and owns
  Ramar Intercapital Corp and Wilson's chief operating officer,
  V. Jerome Kaplan, and other managers.
      Enro Acquisition also assumed most of the units'
  liabilities including a 6.2 mln dlrs term loan.
      Completion of the sale and recent sales of substantially
  all the assets of the company's 50 pct owned affiliate GMW
  Industries INc, are expected to result in a net gain of about
  nine mln dlrs in the first quarter of 1987.
      For the year ago first quarter, Wilson reported net income
  of 28,000 dlrs, including a 103,000 dlrs credit, on sales of
  15.8 mln dlrs.
  

"
training/11540	12	earn	"ELSINORE CORP <ELX> YEAR LOSS
  Shr loss 4.05 dlrs vs loss 2.47 dlrs
      Net loss 39,598,000 vs loss 24,152,000
      Revs 96.0 mln vs 87.9 mln
      Note: Current year figures include 7.2 mln dlr provision
  for anticipated loss on note receivable, 25.4 mln dlr writedown
  on asset carrying value and 8.5 mln dlr provision for future
  operating losses at Elsinore Shore Associates.
      Prior year figures include 10.5 mln dlr provision for
  future losses at Elsinore Shore Associates.
  

"
training/11543	12	earn	"GRUNTAL FINANCIAL <GRU> 2ND QTR FEB 27 NET
  Shr primary 33 cts vs 33 cts
      Shr diluted 27 cts vs 32 cts
      Net 3,669,000 vs 3,556,000
      Revs 58.2 mln vs 56.6 mln
      Avg shrs primary 11.2 mln vs 11.1 mln
      Avg shrs diluted 15.1 mln vs 11.1 mln
      Six mths
      Shr primary 43 cts vs 46 cts
      Shr diluted 37 cts vs 45 cts
      Net 4,711,000 vs 4,879,000
      Revs 101.9 mln vs 95.7 mln
      Avg shrs primary 11.2 mln vs 10.9 mln
      Avg shrs diluted 15.1 mln vs 10.9 mln
  

"
training/11544	3	carcass	"EC MINISTERS EXTEND BEEF, MILK MARKETING YEARS
  European Community agriculture
  ministers agreed to extend the 1986/87 milk and beef marketing
  years to the end of May, Belgian minister Paul de Keersmaeker
  told a news conference.
      He said the reason for the two-month extension of the only
  EC farm product marketing years which end during the spring
  months was that it would be impossible for ministers formally
  to agree 1987/88 farm price arrangements before May 12.
      This is when the European Parliament is due to deliver its
  opinion on price proposals from the EC Commission.
  

"
training/11545	48	trade	"WHITE HOUSE DISCOUNTS THREAT OF TRADE WAR
  President Reagan has reaffirmed his
  opposition to protectionism and his chief spokesman said trade
  sanctions imposed on Japan were unlikely to start a trade war.
      ""We don't want to go down that road,"" Reagan was quoted as
  telling Prime Minister Jacques Chirac after the visiting French
  official expressed concern about the rising tide of
  protectionist sentiment in the United States.
      Later, White House spokesman Marlin Fitzwater defended the
  new sanctions against Japan and said administration officials
  ""do not believe this will result in a trade war.""
      ""It is the first time that the United States has taken an
  action of this type and it is significant but it is nothing to
  be alarmed about,"" the presidential spokesman added.
      ""We do not want protectionism ... We do not want a trade
  war,"" he said.
      Fitzwater said the president was forced to act in the
  Japanese microchip case because Tokyo had failed to fulfill ""an
  agreement to make some corrections.""
      Noting that there are ""enormous pressures in the Congress
  and the land"" for the United States to take a tough stand, he
  said, ""This was a case where we felt we simply had to act.""
      Fitzwater said the decision to impose sanctions was ""well
  considered by this administration and not taken lightly.""
      While the White House official held open the possibility
  that Washington and Tokyo will settle their trade dispute, he
  indicated a settlement probably would not come in time to head
  off the sanctions.
      ""We are always open to negotations ... Whether it (a
  settlement) could occur in time to prevent this (the sanctions)
  from going into effect is questionable at this point,"" the
  spokesman said.
      The sanctions take effect in mid-April.
  

"
training/11546	28	lei	"WHITE HOUSE WELCOMES RISE IN INDICATORS
  The White House welcomed last
  month's 0.7 pct increase in the Index of Leading Economic
  Indicators, the government's key barometer of future economic
  growth.
      The increase reversed a decline in January of 0.5 pct.
      Presidential spokesman Marlin Fitzwater said the new
  figures signalling more economic growth in coming months showed
  that the index was ""back on track"" after its downturn at the
  first of the year.
  

"
training/11549	12	earn	"CENTURI INC <CENT> YEAR NET
  Oper shr 13 cts vs six cts
      Oper net 2,124,013 vs 909,158
      Revs 168.6 mln vs 157.6 mln
      NOTE: 1986 and 1985 years exclude loss discontinued
  operations 6,974,554 dlrs, and 268,000 dlrs, respectively.
  

"
training/11550	0	acq	"STANDEX INTERNATIONAL <SXI> BUYS BRITISH FIRM
  Standex International Corp said it
  acquired <Alan Duffy Engineering Ltd> of Blackburn, Lancashire,
  England, for an undisclosed amount of cash.
      The newly-acquired company will operate as part of
  Standex's Perkins division, the company said.
  

"
training/11551	32	money-fx	"TREASURY'S BAKER PURSUING S. ASIAN REVALUATIONS
  Treasury Secretary James Baker told
  the House Appropriations Committee the United States is still
  pressing newly industrialized south Asian nations that have
  tied their currencies to the dollar to let those currencies
  strengthen against the U.S. currency.
      ""We have seen some strengthening of those currencies (but)
  not as much as we would like,"" he said.
      ""We have been somewhat disappointed in the results so far,
  but we intend to continue these discussions,"" he said.
  

"
training/11553	0	acq	"STERLING DRUG <STY> SELLS ASSETS OF SUBSIDIARY
  Sterling Drug Inc said it sold the
  assets of its subsidiary Greene Dental Products Inc to Rinn
  Corp, of Elgin, Ill.
      The cash purchase price was not disclosed.
      Greene produces and sells dental X-ray tabs, mount products
  and record systems.
  

"
training/11554	48	trade	"BALDRIGE SAYS U.S. TO GO AHEAD WITH JAPANESE SANCTIONS

  BALDRIGE SAYS U.S. TO GO AHEAD WITH JAPANESE SANCTIONS
  

"
training/11555	48	trade	"BALDRIGE SAYS U.S. TO IMPOSE JAPANESE SANCTIONS
  Commerce Secretary Malcolm Baldrige
  said the United States would go ahead with planned 300 mln dlr
  sanctions against Japanese semiconductor exports, despite any
  U.S. Japanese talks to avert the trade curbs.
      He said in a speech to an export-import group that he was
  sure the United States and Japan could work out their dispute
  over unfair Japanese trade practices in semiconductor trade,
  but ""I am sure the sanctions will go in before we work it out.""
      Sanctions are to be imposed on April 17.
      He also said he did not think there would be a trade war
  with Japan, because Japan had too much value in exports to the
  United States to risk such a war.
      ""Those fears are unfounded,"" he said.
      He told reporters later that the sharp drop in the
  securities market was not due to fears of a trade war, but fear
  of inflation and that the Federal Reserve may act on that fact.
      Market reaction was also due, he said, to the drop in the
  value of the dollar, although trade issues did have some
  effect.
      Baldrige said that observers who were attributing the drop
  in the market to trade sanctions were ""barking up the wrong
  tree.""
      He said the market observers will realize this shortly.
      Baldrige said his remarks did not mean to suggest anything
  about the market or the exchange rate of the dollar.
  

"
training/11558	48	trade	"SENIOR U.S. OFFICIAL TO VISIT JAPAN AS TRADE ROW GROWS
  Undersecretary of State Michael
  Armacost will visit Tokyo next week for meetings with
  high-level officials that will include discussions of a growing
  trade row over Japanese semiconductor electronics products.
      He is the first high-level U.S. official to visit Japan
  since President Reagan announced last week plans to impose
  tariffs worth up to 30 mln dls on Japanese electronic goods on
  April 17 in retaliation for Tokyo's alleged failure to live up
  to a pact on microchip trade signed last September.
      The trip is set for April 6-8, the state department said.
  

"
training/11559	10	crude	"UNION PACIFIC <UNP>CLOSES VENEZUELAN PARTNERSHIP
  Union Pacific Corp said it has closed
  the previously announced 50-50 partnership with Petroleos de
  Venezuela SA, Venezuela's national oil company, to own a
  160,000 barrel per day refinery in Corpus Christi, Texas.
      Union Pacific said the partnership, called Champlin
  Refining Co, will acquire the refining and distribution system
  owned and operated by Union Pacific's Champlin Petroleum Co
  subsidiary. The Venezuelan company also signed a 25-year
  feedstock agreement with the partnership to supply at least
  140,000 barrels a day of Venezuelan crude oil and naphtha at
  market related prices.
  

"
training/1156	24	iron-steel	"NIGERIA, GUINEA SET UP IRON ORE FIRM WITH LIBERIA
  Nigeria and Guinea agreed to set up a new
  company with Liberia to carry out the 14-year-old
  Mifergui-Nimba iron ore project, an official communique said.
      The communique was issued after two days of talks here
  between Guinean natural resources minister Ousmane Sylla and
  Nigerian minister of mines and power Bunu Sheriff Musa.
      Originally, Guinea held 50 pct in the project and Nigeria
  16.2 pct with firms from several other countries also involved,
  but the project ran into problems over funding and the slump in
  world iron ore markets.
      Musa said Liberia was invited to join and its share will be
  decided after a project feasibility study. This would be
  completed in May after which finance will be sought. Officials
  said the study will be undertaken with the help of the World
  Bank, which is also expected to give financial support.
      Production, originally estimated at 15 mln tonnes a year,
  will be 12 mln initially and is expected to begin in early
  1990.
      On an agreement between the two countries to prospect for
  uranium in Guinea, the communique said Musa and Sylla agreed
  that because of poor market conditions, it would be extended to
  cover exploration for gold, diamonds, cobalt, nickel and
  silver.
  

"
training/11563	0	acq	"SCAN-GRAPHICS, CAPTIVE VENTURE CAPITAL MERGE
  <Scan-Graphics Inc> said it has
  completed a merger with <Captive Venture Capital Inc> in which
  former shareholders of Scan-Graphics have beome majority
  shareholders of the merged company and the Scan-Graphics board
  has been named the board of the merged company.
      It said the merged company is now known as Scan-Graphics
  Inc and expects to be listed on the NASDAQ system soon.
      It said Captive Venture issued 1,600,000 restricted
  preferred shares convertible into 16 mln common shares for
  Scan-Graphics.  Captive had 2,649,500 common shares outstanding
  before the merger.
  

"
training/11564	12	earn	"NODAWAY VALLEY CO <NVCO> 4TH QTR JAN 31 NET
  Shr 16 cts vs 23 cts
      Net 385,747 vs 549,928
      Revs 10.5 mln vs 9,037,596
      Year
      Shr 40 cts vs 58 cts
      Net 946,024 vs 1,352,709
      Revs 36.2 mln vs 30.6 mln
  

"
training/11565	12	earn	"<LIGHTNING MINERALS INC> YEAR LOSS
  Shr loss four cts vs loss six cts
      Net loss 92,917 vs loss 104,038
      Revs 21.9 mln vs 5,091,000
  

"
training/11566	12	earn	"BOBBIE BROOKS INC <BBKS> YEAR NET
  Oper shr profit 41 cts vs loss 1.13 dlrs
      Oper net profit 3,093,000 vs loss 7,000,000
      Revs 35.9 mln vs 31.1 mln
      Avg shrs 7,508,096 vs 6,207,723
      NOTE: Current year excludes gain of about 2.5 mln dlrs or
  33 cts/shr from benefit of tax loss carryforward and includes
  pretax gain of about 1.2 mln dlrs from sale of export quota
  rights.
      Year-ago includes charge of five mln dlrs from discontinued
  operations.
      1985 is for eight mths ended Dec 31, 1985. In that year,
  company changed to calendar year from previous fiscal year
  ended April 27, 1985.
  

"
training/11567	12	earn	"CELLULAR COMMUNICATIONS INC <COMM> NINE MTHS
  Dec 31 end
      Shr loss 1.26 dlrs vs loss six cts
      Net loss 11.4 mln vs loss 400,000
      Revs 12.5 mln vs 4,049,000
      NOTEL Company changed fiscal year to December 31 end.
      Prior year net includes gain 4,454,031 dlrs from sale of
  minority interests in Connecticut partnerships.
  

"
training/11568	12	earn	"WILSON BROTHERS 4TH QTR
  Shr loss 30 cts vs loss 31 cts
      Net loss 1.0 mln vs loss 1.0 mln
      Revs 2.3 mln vs 1.7 mln
      Year
      Shr profit 0 10 cts vs loss 45 cts
      Net profit 508,000 vs loss 1.5 mln
      Revs 5.8 mln vs 6.7 mln
      NOTE:1986 year and qtr net includes loss of 37,000 dlrs and
  538,000 dlrs, respectively from from discontinued operations.
  1986 net includes 1.7 mln dlr credit. 1985 year and qtr
  includes gain of 1.0 mln dlrs and loss of 190,000, respectively
  from discontinued operations.
  

"
training/11569	12	earn	"(POLORON PRODUCTS INC) YEAR OPER NET
  Oper shr 26 cts vs 16 cts
      Oper net 948,000 vs 480,000
      Revs 25.4 mln vs 19.9 mln
      NOTE: Excludes loss of 6.7 mln dlrs or 1.82 dlrs/shr vs
  gain of 453,000 dlrs or 15 cts from discontinued operations.
  1985 also excludes extraordinary gain equal to 34 cts/shr.
      1986 ended Dec 31 and 1985 ended Nov 30. In 1986, company
  changed fiscal year end to Dec 31.
  

"
training/1157	12	earn	"DISTRIBUTED LOGIC CORP <DLOG> 1ST QTR LOSS
  Qtr ended Jan 31
      Shr loss nine cts vs profit 13 cts
      Net loss 231,256 vs profit 341,730
      Revs 2,793,677 vs 3,676,296
  

"
training/11570	12	earn	"GENEX CORP <GNEX> YEAR LOSS
  Shr loss 94 cts vs loss 1.25 dlrs
      Net loss 12.1 mln vs loss 15.9 mln
      Revs 3,307,000 vs 16.2 mln
      NOTE: Current year includes writedown of 8.5 mln dlrs.
  

"
training/11571	12	earn	"BIC CORP <BIC> SETS QUARTERLY
  Qtly div 15 cts vs 15 cts prior
      Pay April 30
      Record April 14
  

"
training/11572	12	earn	"CULP INC <CULP> SETS QUARTERLY
  Qtly div two cts vs two cts prior
      Pay May 26
      Record April 21
  

"
training/11574	48	trade	"BROADER U.S. EEP SOUGHT BY REPUBLICAN LAWMAKERS
  Republican members of the House
  Agriculture Committee said they will propose amendments
  tomorrow to a pending trade bill increasing funding for the
  export enhancement program, EEP, and significantly expanding
  the scope of the program.
      At a press conference, Republican lawmakers said they would
  propose expanding EEP to include all countries ""willing to
  purchase additional commodities at reasonable prices.""
      In addition, the Congressmen said they would propose
  extending the life of EEP to five years from the current three
  years and increasing the EEP funding ceiling to 2.5 billion
  dlrs from 1.5 billion at present.
      The Agriculture committee tomorrow will begin drafting
  amendments to an omnibus trade bill now before the House.
      Responding to the Republican plan, Agriculture Secretary
  Richard Lyng and Trade Representative Clayton Yeutter said they
  favor a flexible, targeted use of EEP instead of an
  across-the-board program which they termed too costly.
      The Republican Congressmen also said they will offer an
  amendment to the trade bill instructing the U.S. Agriculture
  Department to value the bonus commodities used for EEP at the
  market value, rather than the cost of acquisition.
      But Lyng said USDA already plans to change to market value
  accounting rather than acquisition value, in order to avoid
  hitting a funding ceiling for eep of 1.5 billion dlrs.
      Lyng said under market value accounting only about 700 mln
  dlrs of EEP commodities have been used to date. Using
  acquisition value, USDA officials said the value is higher.
  

"
training/11575	12	earn	"WALL STREET STOCKS/AMES DEPT STORES <ADD>
  Ames Department Stores Inc fell 1-7/8
  to 23 in what analysts said was a reaction to a surprise
  announcement earlier today by the company that earnings in the
  fiscal year ended January 31 will decline sharply.
      Ames said it expects to report earnings of between 72 and
  77 cts per share compared with 1.19 dlrs per share in the
  previous year.
      ""We were looking for 1.15 dlrs,"" said an analyst at a major
  Wall Street firm who declined to be identified. Ames said most
  of the decline resulted from an inventory shortage at its
  Secaucus, N.J. distribution center.
      ""The obvious suspicion is that there has been some kind of
  fraud or theft,"" said Ralph Shulansky, senior vice president of
  Ames. ""We do not have hard evidence we are still putting things
  together.""
      He said it would take several weeks for the company to
  complete an investigation. He said there are no law enforcement
  officials involved at this time.
      He declined to quantify the inventory shortage but said it
  was the major reason for the decline in earnings. A decline in
  gross margin percentage and an increase in the effective tax
  rate also contributed to the downturn, Ames said.
  

"
training/11578	12	earn	"TARO VIT INDUSTRIES LTD <TAROF> YEAR LOSS
  Shr loss eight cts vs profit nil
      Net loss 488,759 vs profit 14,289
      Sales 6,067,676 vs 5,047,383
  

"
training/11579	0	acq	"TRIBUNE <TRB>, SCRIPPS <SCRP> EXCHANGE PAPERS
  Tribune Co said it exchanged cash and
  the assets of eight of its Sunbelt Publishing Co community
  publications circulated in the Naples and Fort Myers, Fla.,
  area for assets of nine community papers in suburban Tampa and
  St. Petersburg published by Gulf Coast Newspapers Inc.
      Gulf Coast is a subsidiary of the E.W. Scripps Co (doing
  business as Scripps Howard).
      No additional financial details were disclosed.
  

"
training/1158	23	ipi	"CANADA INDUSTRIAL PRODUCTION UP 2.53 PCT
  Canadian industrial production rose 2.53
  pct in December after falling 0.51 pct in November, Statistics
  Canada said.
      The federal agency said year-over-year production was off
  0.65 pct in December, compared with a decline of 1.65 pct in
  November.
  

"
training/11580	48	trade	"U.S. OFFICIAL TO VISIT JAPAN AS TRADE ROW GROWS
  Undersecretary of State Michael
  Armacost will visit Tokyo next week for meetings with
  high-level officials that will include talks on the growing
  trade row over Japanese semiconductor electronics products.
      He is the first high-level U.S. official to visit Japan
  since President Reagan announced last week plans to impose
  tariffs worth up to 30 mln dlrs on Japanese electronic goods on
  April 17 in retaliation for Tokyo's alleged failure to live up
  to a pact on microchip trade signed last September.
      Deputy State Department spokeswoman Phyllis Oakley said the
  trip is set for April 6 to 8.
      U.S.-Japanese talks of this kind are regularly held each
  year at this time, she told reporters.
      The Armacost discussions with Deputy Foreign Minister
  Ryohei Murata and other senior Japanese officials will focus on
  U.S.-Japanese foreign aid programs and political security
  issues of mutual concern, she added.
      ""Although an exchange of views on bilateral relations is
  expected, the talks are not directly related to U.S.-Japanese
  trade relations,"" she insisted.
      But, in response to questions, Oakley acknowledged that
  trade will be discussed.
     Japan's 58.6 billion dlrs trade surplus with the United
  States last year has come under fire in Congress, which is
  concerned about the loss of jobs to foreign competition and
  with the record 169 billion dlrs U.S. Trade deficit in 1986.
  

"
training/11584	0	acq	"ROYEX OFFERS 50 DLRS/SHR AND 40 DLRS/WARRANT FOR INTERNATIONAL CORONA

  ROYEX OFFERS 50 DLRS/SHR AND 40 DLRS/WARRANT FOR INTERNATIONAL CORONA
  

"
training/11587	43	ship	"U.S. CARGO PREFERENCE SQUABBLE CONTINUES
  The U.S. Agriculture Department said
  it will begin charging interest tomorrow on the over 12 mln
  dlrs the Department of Transportation, DOT, owes USDA to pay
  for its share of the cost of shipping food aid on U.S. vessels.
      USDA General Sales Manager Melvin Sims told the Senate
  Appropriations Agriculture Subcommittee his department had
  billed DOT 12 mln dlrs, and that interest on that amount and an
  additional charge would begin accruing April 1.
      USDA's Foreign Agricultural Service Administrator Thomas
  Kay told Reuters DOT could owe USDA as much as 20 mln dlrs.
      The two departments are trying to hammer out an accord on
  how to fund the increasing share of food aid required to be
  shipped on U.S. flag vessels under a 1985 farm bill provision
  on cargo preference.
      Sims said the agencies were near to reaching a memorandum
  of understanding governing how DOT would pay for its share of
  the cargo preference costs.
      Under the 1985 bill, the percentage of food aid shipments
  carried on U.S. vessels was to increase gradually over three
  years to 75 pct in 1988 from 50 pct.
      Although the increased cost was to be funded by DOT, Sims
  said that department to date has contributed no money.
  

"
training/11588	12	earn	"BARUCH-FOSTER CORP <BFO> 4TH QTR LOSS
  Shr loss 92 cts vs profit one ct
      Net loss 2,487,439 vs profit 48,709
      Revs 1,788,141 vs 4,167,070
      Year
      Shr loss 1.50 dlrs vs profit 48 cts
      Net loss 4,073,724 vs profit 1,309,412
      Revs 8,193,455 vs 15.7 mln
      NOTE: 1986 year net includes 3,095,305 dlr writedown of oil
  properties and reserves.
  

"
training/1159	0	acq	"LIFETIME <LFT> TO BUY SHARES OF NIPPON LACE
  Lifetime Corp said it agreed to buy
  five mln shares, or 16 pct, of <Nippon Lace Co Ltd> for 3.28
  dlrs a share, or 16.5 mln dlrs.
      It said it plans to enter the health care business in
  Japan.
      In addition, it said <Koba Electronics Co Ltd>, an
  affiliate of Lifetime, will buy four mln unissued shares, or a
  12 pct stake, of Nippon for 20 mln dlrs or five dlrs a share.
      The company said Ohta Shoji, chief executive officer of
  <Toho Mutual Life Insurance Co>, owns the majority of Koba
  Electronics' shares. Toho Mutual Life is also the largest
  shareholder in Nippon Lace, the company said.
      Lifetime also said the <Private Bank and Trust of Zurich>,
  on behalf of Lifetime director and shareholder Terence Ramsden,
  intends to subscribe for two mln shares of Nippon Lace at the
  same price paid by Lifetime.
  

"
training/11597	0	acq	"GOULD <GLD> DIVISION GETS FINANCING
  Gould Inc's systems protection
  division said it selected Merrill Lynch Interfunding INc to
  provide financing for the purchase of the division from the
  parent company.
      Terms were not disclosed. The agreement was announced in
  February and Gould expects the transaction to be completed by
  the end of April.
      The agreement assures the retention of more than 600 jobs
  at a northeast Philadelphia plant which had been in jeapardy
  when Gould had accepted a tentative offer from Westinghouse INc
  which was later terminated.
  

"
training/11598	0	acq	"WELBILT <WELB> COMPLETES ACQUISITIONS
  Welbilt Corp said it
  completed the previously announced acquisitions of the assets
  of L and M Manufacturing Co and Food Machinery Engineering Co,
  two manufacturers of automated bakery production equipment
  headquartered in Toronto.
  

"
training/11599	0	acq	"SCHWAB COMPLETES PURCHASE OF SCHWAB AND CO
  Charles Schwab announced the
  completion of the 280-mln-dlr purchase from BankAmerica Co of
  Charles Schwab and Co Inc and its holding company Charles
  Schwab Corp.
      The leveraged buyout is being financed by a syndicate of
  seven banks led by the Security Pacific National Bank unit of
  Security Pacific Corp <SPC>, the announcement said.
      Charles Schwab and Co is the nation's largest discount
  brokerage firm.
      The Schwab announcement said BankAmerica received 175 mln
  dlrs in cash, 50 mln of 10 pct senior subordinated debentures,
  55 mln dlrs of nine pct junior subordinated debentures and the
  right to receive 15 pct of the appreciated value of the common
  equity of the new company over a maximum period of eight years.
      Security Pacific also acquired a stock appreciation right,
  equal to 1.8 pct of the value of the new company's fully
  diluted common stock, Schwab said.
      The right is exchangeable into warrants upon transfer to a
  Security Pacific non-affiliate, Schwab said.
      BankAmerica originally acquired Schwab in 1983 for 57 mln
  dlrs worth of BankAmerica common stock.
      The sale of the profitable discount brokerage firm back to
  Charles Schwab was aimed at raising capital and was seen by
  banking analysts as a means of heading off a hostile takeover
  attempt by First Interstate Bancorp <I>.
  

"
training/1160	12	earn	"INTERMEDICS INC <ITM> 1ST QTR NET
  Oper shr 26 cts vs 18 cts
      Oper net 2,877,000 vs 1,363,000
      Revs 44.3 mln vs 40.8 mln
      Avg shrs 10.9 mln vs 10.5 mln
      NOTE: prior qtr excludes loss 475,000, or five cts per
  share, for discontinued operations for the sale of subsidiaries
  Intermedics Intraocular Inc, Electronics Inc, and Intermedics
  Infusaid Inc.
      Excludes 1987 qtr 1,694,000 operating loss carryforwards vs
  78,000 qtr prior.
  

"
training/11602	0	acq	"ROYEX MAKES BID FOR INTERNATIONAL CORONA
  <Royex Gold Mining Corp> said it is
  making an offer for <International Corona Resources Ltd> of 50
  dlrs per share and 40 dlrs per warrant.
      The offer covers four mln Corona common shares and all
  outstanding 9.50 dlr Corona share purchase warrants expiring
  August 31, 1987, Royex said.
      Royex said that if it gains four mln Corona common shares,
  its interest in Corona will increase to 50 pct from 38 pct. It
  also said that if more than four mln shares are tendered, it
  will pay for them on a pro rata basis.
      Royex said the purchase price for each Corona share
  consists of one Royex convertible retractable zero coupon
  Series B first preference share at 20 dlrs nominal value, one
  Royex convertible 6-1/2 pct Series C first preference share at
  20 dlrs nominal value, one five-year 7.50 dlr Royex share
  purchase warrant and four dlrs in cash.
      The price for each Corona warrant consists of 1.75
  convertible retractable zero coupon Series B first preference
  share at 35 dlrs nominal value and one five-year 7.50 Royex
  share purchase warrant.
       Royex said both series of preference shares will be
  convertible into Royex common shares, initially on a basis of
  3.33 common shares for each preference share converted.
  

"
training/11611	45	sugar	"U.S. 1987 SUGARBEET ACREAGE ESTIMATED BY  USDA AT 1,249,000 ACRES VS 1,232,500 IN 1986

  U.S. 1987 SUGARBEET ACREAGE ESTIMATED BY  USDA AT 1,249,000 ACRES VS 1,232,500 IN 1986
  

"
training/11614	12	earn	"OVERLAND EXPRESS INC <OVER> YEAR LOSS
  Shr loss 9.31 dlrs vs loss 1.62 dlrs
      Net loss 16.2 mln vs loss 2,770,243
      Revs 99.4 mln vs 96.2 mln
  

"
training/11617	12	earn	"A.H. ROBINS <QRAH> FILES MONTHLY REPORT
  A.H. Robins Co said it filed its
  consolidated net earnings report for February, which amounted
  to 6,720,000 dlrs, compared to 4,646,000 for the comparable
  month the year prior.
      Consolidated net earnings for the two months ended Feb 28,
  1987, amounted to 23.9 mln dlrs, compared to 15.4 mln dlrs for
  the comparable period a year earlier, it said.
      A.H. Robbins, which is in Chapter 11, said it filed the
  report with the U.S. trustee overseeing its case.
  

"
training/11619	0	acq	"BUTLER <BTLR> TO PURCHASE NATURALITE
  Butler Manufacturing Co said it
  signed a letter of intent to purchase <Naturalite Inc>, a
  designer of skylights.
      Terms were not disclosed.
      Naturalite had sales of about 20 mln dlrs in 1986. The
  transaction is expected to be completed in May and subject to
  both boards' approvals.
  

"
training/11621	12	earn	"MECHTRON INTERNATIONAL CORP <MCHT> YEAR NET
  Shr three cts vs 80 cts
      Net 46,000 vs 1,220,000
      Revs 11.5 mln vs 13.0 mln
      Avg shrs 1,608,000 vs 1,530,000
  

"
training/11622	12	earn	"DEVON RESOURCE INVESTORS <DIN> YEAR END DEC 31
  Shr loss 14 cts vs profit 23 cts
      Net loss 835,000 vs profit 950,000
      Revs 8,617,000 vs 11.8 mln
  

"
training/11623	0	acq	"SAFETY-KLEEN <SK> COMPLETES ACQUISITION
  Safety-Kleen Corp said it has
  completed the acquisition of McKesson Envirosystems Co, a unit
  of McKesson Corp <MCK> for an undisclosed amount.
      Safety-Kleen, an industrial, automotive parts cleaning
  service, said McKesson Envirosystems has solvent recycling
  plants in Illinois, Kentucky and Puerto Rico.
  

"
training/11625	37	pet-chem	"DOW <DOW> AMENDS RESINS PRICE INCREASE
  Dow Chemical Co's Thermoplastic
  Resin Department said it is amending a recent price increase
  for Magnum ABS (A) resins announced March 3 for an effective
  date of April 1.
      Dow said that effective April 15 the selling prices for
  most grades of Magnum ABS resins for the injection molding,
  custom sheet and automotive markets will rise six cts a pound,
  instead of the three cts a pound announced previously.
      Dow also said that the selling prices for performance
  grades of the resins to the same markets will increase eight
  cts a pound, rather than five cts as announced before.
      The company said that Magnum ABS resins for pipe extension
  will increase three cts a pound, effective April 9, as
  previously reported.
      Dow said it altered the increase to reflect changes in the
  industry over the past month.
  

"
training/11627	16	gold	"ECHO BAY HAS NEVADA GOLD DISCOVERY
  Echo Bay Mines Ltd said it
  discovered a gold deposit in the Cove area near its McCoy gold
  mine in Nevada.
      Echo Bay said it encountered gold in 39 of 42 drill holes
  at Cove. It said seven holes averaged 0.185 ounce gold a short
  ton and 1.8 ounces of silver, with the seven intersections
  averaging 118 feet in thickness beneath 25 feet of overburden.
      The discovery is on the McCoy property, one mile northeast
  of the McCoy open pit, heap leach gold mine, which is expected
  to produce about 85,000 ounces of gold this year, Echo Bay
  said.
  

"
training/11628	12	earn	"BOWL AMERICA INC <BWLA> UPS PAYOUT
  Qtly div 11 cts vs 10 cts prior
      Pay May 14
      Record April 17
  

"
training/11629	12	earn	"CONCORD FABRICS INC <CIS> 2ND QTR NET
  Shr 62 cts vs 38 cts
      Net 1,110,484 vs 677,192
      Revs 36.6 mln vs 31.1 mln
      Six mths
      Shr 92 cts vs 68 cts
      Net 1,649,453 vs 1,211,597
      Revs 68.2 mln vs 58.5 mln
  

"
training/11630	12	earn	"AMERICAN PACESETTER <AEC> 4TH QTR NET
  Oper shr profit 92 cts vs loss six cts
      Oper net profit 1,351,000 vs loss 112,000
      Revs 22.8 mln vs 28.7 mln
      Avg shrs 1,465,926 vs 1,968,601
      Year
      Oper shr profit 1.81 dlrs vs profit three cts
      Oper net profit 2,837,000 vs profit 59,000
      Revs 84.8 mln vs 69.9 mln
      Avg shrs 1,569,287 vs 1,980,432
      Note: Current qtr figures exclude gain from discontinued
  operations of 533,000 dlrs, or 37 cts per share vs loss of
  480,000 dlrs, or 24 cts per share.
      Current year figures exclude gain from discontinued
  operations of 752,000 dlrs, or 48 cts per share vs loss of
  452,000 dlrs, or 23 cts per share.
  

"
training/11633	12	earn	"CORRECTED-ELDER-BEERMAN STORES CORP<ELDR>4TH QTR
  Feb One end
      Oper shr 89 cts vs 1.31 dlrs
      Oper net 3,348,000 vs 4,885,000
      Sales 126.8 mln vs 120.1 mln
      Year
      Oper shr 1.67 dlrs vs 2.15 dlrs
      Oper net 6,302,000 vs 8,013,000
      Sales 380.9 mln vs 352.1 mln
      NOTE: Prior year net both periods excludes gain 1,998,000
  dlrs from reversion of overfunded pension plans.
      Corrects current year operating net.
  

"
training/11634	48	trade	"31-MAR-1987
  31-MAR-1987

"
training/11635	12	earn	"GETTY PETROLEUM <GTY> YEAR NET
  Shr 1.54 dlrs vs 1.09 dlrs
      Qtly div four cts vs four cts prior
      Net 17.1 mln vs 11.5 mln
      Revs 953.2 mln vs 1.33 billion
      Avg shrs 11.1 mln vs 10.5 mln
      NOTE: Cash dividend payable April 21 to holders of record
  April 10. Shr figures adjusted for five pct stock dividend
  declared March 31.
  

"
training/11636	12	earn	"GETTY PETROLEUM <GTY> SETS STOCK DIVIDEND
  Getty Petroleum Corp said its
  board declared a five pct stock dividend payable on April 21 to
  shareholders of record April 10.
      The company also declared a regular cash dividend of four
  cts a share and reported 1986 net income rose to 17.1 mln dlrs
  from 11.5 mln dlrs.
  

"
training/11637	12	earn	"1ST CENTRAL FINANCIAL <FCC> SEES HIGHER EARNINGS
  First Central Financial Corp said it
  expects earnings to rise significantly in 1987 and said it is
  actively seeking an acquisition.
      The property and casualty insurance company's chairman and
  chief executive officer, Martin J. Simon, told Reuters in an
  interview that he expects earnings of 33 cts a share in 1987
  compared with 25 cts a year ago.
      He said, ""the company currently has the sufficient momentum
  to achieve those earnings and the successful completion of
  licensing applications to operate in Pennsylvania, Delaware,
  Connecticut and Ohio should fuel our earnings.""
      The company is currently licenced to operate only in New
  York state.
      Simon estimated that the company would earn seven cts a
  share in the first quarter compared to three cts in the same
  quarter a year ago, and eight cts a share in the second quarter
  compared to five cts earned in 1986. He expects the company to
  earn nine cts a share for each of the final two quarters of
  1987.
      In addition, Simon said, First Central Financial ""is
  actively looking for, and has several acquisition brokers
  looking for a small life insurance company to acquire.""
      He said the acquisition should be in the 10 mln dlr range
  and will be part of a strategy of expanding the company into a
  ""wide spectrum of insurance services."" No specific company has
  been targeted as yet, ""but I would like to make my first
  acquisition in 1987,"" he said.
      He said First Central Financial would not itself be an easy
  takeover target. It wants to remain independent, he said, and
  has implemented a staggered board of directors system. In
  addition, Simon, the company's biggest shareholder, holds about
  960,000 of the 6.2 mln ouitstanding shares.
  

"
training/11638	16	gold	"ECHO BAY <ECO> HAS NEVADA GOLD DISCOVERY
  Echo Bay Mines Ltd said it
  discovered a gold deposit in the Cove area near its McCoy gold
  mine in Nevada.
      Echo Bay said it encountered gold in 39 of 42 drill holes
  at Cove. It said seven holes averaged 0.185 ounce gold a short
  ton and 1.8 ounces of silver, with the seven intersections
  averaging 118 feet in thickness beneath 25 feet of overburden.
      The discovery is on the McCoy property, one mile northeast
  of the McCoy open pit, heap leach gold mine, which is expected
  to produce about 85,000 ounces of gold this year, Echo Bay
  said.
  

"
training/11639	10	crude	"IMPERIAL OIL <IMO.A> IN TALKS WITH SUPPLIERS
  Imperial Oil Ltd, 70 pct-owned by Exxon
  Corp <XON>, is negotiating with it major crude oil suppliers
  concerning the effects of a trial deregulation of Alberta's
  shut-in crude oil production, scheduled to be implemented on
  June 1, a company spokesman said.
      ""From our point of view, it's a question of entering into
  negotiations or discussions to make appropriate changes to
  contracts to reflect the changes that are going to take place
  on June 1,"" spokesman John Cote told Reuters in reply to a
  query.
      Commenting on published reports that Imperial had suspended
  its oil supply contracts, Cote said: ""It's not a question of
  cancelling or suspending any of the agreements at this point.""
      On June 1, Alberta's Energy Resources Conservation Board
  will lift its crude oil marketing prorationing system,
  regulating shut-in light and medium crude production, on a
  trial basis to the end of 1987.
      Under the new system, producers and refiners will be
  allowed to negotiate volumes of shut-in oil to be delivered
  under purchase contracts.
      Shut-in crude is the surplus between the total amount of
  oil being produced and the amount being purchased by refiners.
      ""We have talked to a number of our major suppliers, and
  we've discussed the upcoming change with them, but nothing has
  been finalized,"" Imperial's manager of western crude supply Gary
  Strong said.
      Under Alberta's trial system, Imperial wants to match a
  reasonable supply of crude against the company's forecast
  demand for its refineries, Strong said.
      ""We have to know what they have and how that relates to what
  we need in total,"" he said.
      Strong said figures on the amount of crude production
  Imperial purchases from outside suppliers were not immediately
  available.
  

"
training/1164	0	acq	"BENEFICIAL CORP TO SELL INSURANCE UNIT, REMOVING COMPANY FROM INSURANCE BUSINESS

  BENEFICIAL CORP TO SELL INSURANCE UNIT, REMOVING COMPANY FROM INSURANCE BUSINESS
  

"
training/11643	12	earn	"HARVARD INDUSTRIES <HAVA> ANNOUNCES STOCK SPLIT
  Harvard Industries Inc said its board
  approved a two-for-one stock split in the form of a special
  stock dividend of its outstanding common stock.
      The special dividend is payable May 28, 1987, to
  stockholders of record April 24, 1987.
      The split will be effected by one additional share for each
  common share held, the company said.
  

"
training/11644	12	earn	"OVERLAND EXPRESS INC <OVER> YEAR LOSS
  Shr loss 9.31 dlrs vs loss 1.62 dlrs
      Net loss 16.2 mln vs loss 2.8 mln
      Revs 99.4 mln vs 96.5 mln
      NOTE: 1986 includes loss of 3.9 mln dlrs from
  restructuring.
      NOTE: loss 1986 includes 3.9 mln dlrs for restructuring
  costs associated with disposal of property.
      Loss also includes the sale-at-a-loss of the company's
  aircraft.
  

"
training/11649	12	earn	"ARTRA GROUP INC <ATA> 4TH QTR OPER LOSS
  Oper shr loss 1.60 dlrs vs loss 1.17 dlrs
      Oper net loss 4,261,000 vs loss 2,816,000
      Revs 28.9 mln vs 11.7 mln
      Avg shrs 2,817,616 vs 2,685,592
      Year
      Oper shr profit 23 cts vs loss 1.10 dlrs
      Oper net profit 863,000 vs loss 2,390,000
      Revs 85.9 mln vs 60.4 mln
      Avg shrs 2,754,258 vs 2,541,967
      NOTE: Excludes loss of 1.9 mln dlrs vs loss 3.5 mln dlrs in
  qtr and gain 46,000 dlrs vs loss 3.9 mln dlrs in year from
  discontinued operations.
      Also excludes loss of 1.7 mln dlrs in current qtr from
  reversal of tax loss carryforwards.
      Includes gain of 6.6 mln dlrs in current year from purchase
  of Envirodyne Industries Inc shares and charge of 1.4 mln dlrs
  in current qtr from research and development costs.
      1986 both periods includes operations of Sargent-Welch
  Scientific Co, acquired on Nov 30, 1986 and interest in
  Rosecraft Inc since June 4 and Lawrence Jewelry Corp since Oct
  22.
      1985 both periods includes interest in R.N. Koch Inc since
  Feb 8, 1985.
  

"
training/11657	0	acq	"ALLIED-SIGNAL <ALD> COMPLETES UNIT SALE
  Allied-Signal Inc said it
  completed the previously announced sale of its Linotype Group
  to Commerzbank AG of West Germany.
      The purchase price was not disclosed.
      Eschborn, West Germany-based Linotype had 1986 sales of
  more than 200 mln dlrs, the company said.
  

"
training/11658	48	trade	"U.S. OFFICIAL SEES EVIDENCE OF EXPORT GROWTH
  Beryl Sprinkel, chairman of the
  White House Council of Economic Advisers, said he sees ""growing
  but incomplete evidence that (U.S.) export volumes are finally
  strengthening.""
      In remarks prepared for a speech today in Los Angeles,
  Sprinkel said the decline in the dollar's value since 1985 had
  ""largely"" restored U.S. cost competitiveness in world markets and
  appeared to signal an end to U.S. trade imbalances.
      ""I am confident that further improvements in our trade
  performance will contribute significantly to U.S. growth in
  1987,"" he said.
  

"
training/11660	22	interest	"CITIBANK SAYS IT RAISES BASE RATE TO 7-3/4 PCT FROM 7-1/2 PCT

  CITIBANK SAYS IT RAISES BASE RATE TO 7-3/4 PCT FROM 7-1/2 PCT
  

"
training/11661	0	acq	"GAF <GAF> PLANS NO CHANGES IF OFFER ACCEPTED
  GAF Corp chairman Samuel Heyman told
  Reuters he did not foresee major changes in Borg-Warner <BOR>
  if GAF's 46 dlr-per-share offer to acquire Borg-Warner is
  successful.
      ""We have great respect for Borg-Warner mangagement,"" Heyman
  said, following a speech at the American Institute of Chemical
  Engineers annual meeting. ""We don't have any particular changes
  in mind.""
      Earlier today, GAF announced that a 3.16-billion-dlr-offer
  was presented to the board of directors of the Chicago-based
  company.
      Last week, GAF had purchased additional shares of the
  company for 40-1/8 dlrs, increasing its stake in Borg-Warner to
  19.9 pct.
      In 1985, GAF made an unsuccessful effort to acquire Union
  Carbide Corp for five billion dlrs, and has since expressed an
  interest in acquiring a chemical company that would complement
  its own chemical business.
      When asked whether GAF would consider selling the
  non-chemical assets of Borg-Warner if its takeover offer is
  accepted, Heyman declined to comment.
      He also refused to say whether GAF would consider
  increasing its the dollar value of its takeover offer if the
  initial proposal is rejected.
      Heyman emphasized that he considered the GAF offer to
  Borg-Warner to be a friendly one.
      ""We think we made a fair offer that is good for Borg-Warner
  management and good for its shareholders,"" Heyman said.
       In his speech, Heyman said he feared too many chemical
  companies were attempting to specialize in the same high margin
  niche products.
      He said they were turning their backs on core commodity
  chemical businesses. 
      Heyman said the chemical industry has taken a total of
  seven billion dlrs in pre-tax writeoffs during the past two
  years to trim balance sheets.
      He predicted that the U.S. chemical industry, which
  reported a total of 13 billion dlrs in 1986 profits, would see
  a 20 pct gain in earnings this year because of increasing
  exports, cheaper feedstock costs and the weakened U.S. dlr.
  

"
training/11663	12	earn	"TRANSWORLD LIQUIDATING <TWT> TO DISTRIBUTE
  Transworld Corp Liquidating Trust said
  it expects to make an initial distribution to beneficiaries
  valued at 20.10 dlrs per unit from the proceeds of the sale of
  Hilton International Co.
      The value of the distribution assumes yesterday's closing
  price of UAL's common stock of 56.50 dlrs per share.
      Earlier, UAL announced that it completed the purchase of
  Hilton International Co for 835.7 mln dlrs in cash and 2.5 mln
  shares of UAL Inc common stock.
      Total value of the sale is about 977.2 mln dlrs, Transworld
  said.
      Pursuant to the sale, UAL exercised its option to
  substitute cash for 200 mln dlrs of debentures and 55,493
  shares of common stock, Transworld Liquidating said.
      Each unit of beneficial interest in the trust will be
  allocated 0.051675 shares of UAL common stock.
      The aggregate value of the distribution is 975.8 mln dlrs.
  The balance of the cash in the trust will be held by the Trust
  until April 29 and will be used to satisfy all ouststanding
  liabilities and obligations of the trust.
      After satisfaction of its liabilities and obligations, the
  trust would make a second distribution to its beneficiaries of
  any remaining cash on or about April 29.
      Trading in the beneficial interests, which are listed on
  the New York Stock Exchange, will cease after today. In order
  to receive the distribution, beneficiaries must surrender the
  certificates representing their beneficial interests.
      The trust was formed at year end 1986 to facilitate the
  sale of Hilton International.
  

"
training/11664	12	earn	"MOBILE AMERICA CORP <MAME> YEAR END DEC 31
  Shr 2.25 dlrs vs 1.35 dlr
      Net 1,199,791 vs 724,755
      Revs 11.7 mln vs 9,105,952
  

"
training/11665	19	housing	"U.S. SENATE PASSES HOUSING BILL
  The Senate passed a two year
  extension of federal housing programs, including 15 billion
  dlrs for lower income housing assistance over two years. The
  vote was 71 to 27.
      Total value of the bill was estimated at 31 billion dlrs.
  The bill permanently extended the authorization for Federal
  Housing Authority mortgage insurnce.
      The bill also extended the urban development grant program,
  the national flood insurance act, the rural housing program as 
  well as several other housing programs. The bill now goes to
  the House.
  

"
training/11666	12	earn	"INTERNATIONAL DAIRY QUEEN <INDQA> 1ST QTR NET
  Ended February 28.
      Shr 18 cts vs 13 cts
      Net 1,706,601 vs 1,226,609
      Rev 42.7 mln vs 36.3 mln
      Avg shares 9,695,444 vs 9,537,043
      NOTE: Company's full name is International Dairy Queen Inc.
  

"
training/11667	12	earn	"DE TOMASO INDUSTRIES INC <DTOM> YEAR NET
  Shr 2.90 dlrs vs 1.44 dlrs
      Net 8,862,000 vs 4,391,000
      Revs 221.6 mln vs 265.3 mln
      NOTE: Translated from Italian lire in U.S. dollar
  equivalents at the exchange rate prevailing at Dec 31, 1986.
  

"
training/11668	12	earn	"COLEMAN SEES 23 CTS A SHR 1ST QTR CHARGE FROM HEAT EXCHANGER REPLACEMENT PROGRAM 

  COLEMAN SEES 23 CTS A SHR 1ST QTR CHARGE FROM HEAT EXCHANGER REPLACEMENT PROGRAM 
  

"
training/1167	12	earn	"FORD CANADA CUTS ANNUAL DIVIDEND BY SIX DLRS TO SIX DLRS CASH A SHARE

  FORD CANADA CUTS ANNUAL DIVIDEND BY SIX DLRS TO SIX DLRS CASH A SHARE
  

"
training/11674	12	earn	"COLEMAN <CLN> SEES 1ST QTR CHARGE
  Coleman Co said it expects a
  first-quarter charge against earnings of 1.6 mln dlrs, or 23
  cts a share, as a result of its voluntary program to replace
  condensing heat exchangers in its early Model 90 series
  high-efficiency residential gas furnaces.
      The company said extensive testing indicates a problem
  found in the furnaces is not safety related. Coleman said it
  noted an increasing number of heat exchangers in certain
  furnaces made from March 1984 through December 1985 were
  returned because of corrosion.
  

"
training/11679	0	acq	"PHILADELPHIA SUBURBAN <PSC> BUYS SOFTWARE FIRM
  Philadelphia Suburban Corp said
  it acquired Mentor Systems Inc, a Lexington, Ky., computer
  software company, for common stock.
      Detailed terms were not disclosed.
      Mentor specializes in public sector accounting systems. It
  has 73 employees at its Lexington facility, four branch offices
  in the Midwest and one in New York.
  

"
training/11682	12	earn	"PACIFIC GAS SAID ACCOUNTING CHANGE WILL REDUCE 1987 NET BY 470 MLN DLRS

  PACIFIC GAS SAID ACCOUNTING CHANGE WILL REDUCE 1987 NET BY 470 MLN DLRS
  

"
training/11683	12	earn	"TRIBUNE/SWAB-FOX COS INC <TSFC> 4TH QTR LOSS
  Shr loss 15 cts vs nil
      Net loss 4,356,285 vs profit 300,000
      Year
      Shr loss 12 cts vs profit five cts
      Net loss 2,744,826 vs profit 2,490,262
      NOTE: 1985 earnings restated for discontinued operations
      Per-share results reflect payment of preferred dividends
      Company did not release revenues
  

"
training/11684	12	earn	"BARRINGER RESOURCES INC <BARR> YEAR END DEC 31
  Shr profit 70 cts vs loss 33 cts
      Net profit 2,598,000 vs loss 687,000
      Revs 7,438,000 vs 6,467,000
      NOTE: 1986 net includes 2,168,000 dlrs or 61 cts a share
  for gain on cancellation of long-term debt through a debenture
  offer.
  

"
training/11685	12	earn	"CONCORD FABRICS INC <CIS> 2ND QTR OPER NET
  Ended March one
      Oper shr 47 cts vs 41 cts
      Oper net 840,484 vs 732,000
      Revs 36.6 mln vs 31.1 mln
      Six mths
      Oper shr 77 cts vs 75 cts
      Oper net 1,379,453 vs 1,338,346
      Revs 68.2 mln vs 58.5 mln
      NOTE: Excludes net gain of 27,000 dlrs or 15 cts/shr in
  current qtr and six mths from disposal of discontinued
  operations.
      Year-ago excludes loss of 54,808 dlrs or three cts in qtr
  and 126,749 dlrs or seven cts in six mths from discontinued
  operations.
  

"
training/11687	12	earn	"P.C. QUOTE INC <PCQT> YEAR LOSS
  Shr loss 30 cts vs loss 44 cts
      Net loss 1,135,805 vs loss 1,461,792
      Sales 3,398,893 vs 2,075,260
  

"
training/11689	12	earn	"<EXECUTIVE HOUSE INC> YEAR LOSS
  Shr loss 26 cts vs loss six cts
      Net loss 535,110 vs loss 129,433
      Revs 787,000 vs 622,130
  

"
training/1169	12	earn	"PAINE WEBBER RESIDENTIAL REALTY INC <PWM> DIV
  Qtrly 25 cts vs 16 cts
      Pay March 30
      Record March 13
      NOTE: Prior qtr is for two months operation, October and
  November and represents a parital dividend.
  

"
training/11690	12	earn	"LORI CORP <LRC> 4TH QTR OPER NET LOSS
  Oper shr loss 14 cts vs loss 49 cts
      Oper net loss 22,000 vs loss 441,000
      Revs 22.6 mln vs 13.6 mln
      Year
      Oper shr profit 14 cts vs profit 47 cts
      Oper net profit 1,952,000 vs profit 2,794,000
      Revs 76.2 mln vs 56.4 mln
      NOTE: 1986 4th qtr and year oper net excludes a loss of
  54,000 dlrs for discontinued operations, and a a gain of
  218,000 dlrs and 2,393,000 dlrs, respecitvely, for
  extraordinary item.
      1985 4th qtr and year oper net excludes a loss of 77,000
  dlrs and about 54,000 dlrs, respectively, for discontinued
  operations and a loss of 285,000 dlrs and a gain of 2,757,000
  dlrs, respectively, for extraordinary item.
  

"
training/11696	12	earn	"OTF EQUITIES INC <OTFE> 4TH QTR NET
  Shr profit 28 cts vs loss 32 cts
      Net profit 1,190,000 vs loss 686,000
      Revs 40.8 mln vs 2.2 mln
      Year
      Shr profit 20 cts vs loss 49 cts
      Net profit 2,021,000 vs loss 1,162,000
      Revs 103 mln vs 9.5 mln
      Avg shrs 4,206,371 vs 2,124,967
  

"
training/11697	12	earn	"DOME PETROLEUM LTD YEAR OPER SHR LOSS 6.94 DLRS VS LOSS TWO CTS

  DOME PETROLEUM LTD YEAR OPER SHR LOSS 6.94 DLRS VS LOSS TWO CTS
  

"
training/1170	12	earn	"OMNICOM GROUP <OMCM> SETS REGULAR PAYOUT
  Qtlry div 24.5 cts vs 24.5 cts
      Pay April 6
      Record March 16
  

"
training/11700	12	earn	"SALEM CORP <SBS> 4TH QTR LOSS
  Shr loss 1.82 dlrs vs loss 16 cts
      Net loss 2,285,000 vs loss 264,000
      Revs 23.0 mln vs 14.6 mln
      Year
      Shr loss 1.59 dlrs vs profit seven cts
      Net loss 2,467,000 vs profit 112,000
      Revs 77.3 mln vs 75.8 mln
      NOTE: Includes loss of 1.1 mln dlrs or 70 cts/shr from
  asset writedowns and cost reductions.
  

"
training/11701	12	earn	"CONSUMERS POWER SEES ONE-TIME 1ST QTR LOSS OF SEVEN CTS/SHR FROM SUIT

  CONSUMERS POWER SEES ONE-TIME 1ST QTR LOSS OF SEVEN CTS/SHR FROM SUIT
  

"
training/11702	12	earn	"DOME PETROLEUM TAKES 1986 WRITEDOWNS TOTALLING 2.08 BILLION DLRS

  DOME PETROLEUM TAKES 1986 WRITEDOWNS TOTALLING 2.08 BILLION DLRS
  

"
training/11705	12	earn	"DOME PETROLEUM LTD <DMP> YEAR LOSS
  Shr loss 6.94 dlrs vs loss two cts
      Net loss 2.20 billion vs profit 7.0 mln
      Revs 1.55 billion vs 2.44 billion
      Note: 1986 shr and net include writedowns totalling 2.08
  billion dlrs before a reduction in deferred income taxes of 571
  mln dlrs. Net also includes 214 mln dlrs in accumulated foreign
  exchange losses
      Canadian funds
      Note continued: shr after preferred dividends
  

"
training/11706	24	iron-steel	"U.S. STEELMAKERS, UNION SEEK RENEWED IMPORT CURB
  The U.S. specialty steel industry
  and its union said they will seek a three-year extension of
  President Reagan's import restraint program to give the
  industry more time to restore competitiveness.
      They said they will tell the U.S. International Trade
  Commission (ITC) Thursday that ""termination will have disastrous
  consequences for American companies and workers.""
      The current four-year voluntary program reached with
  foreign exporters ends this summer and the ITC must advise
  President Reagan on the economic effect of its termination.
      The Specialty Steel Industry of the United States and the
  United Steelworkers Union said in statement that imported steel
  was still flooding the domestic market and continued curbs were
  needed to restore the industry's health.
      Reagan is to decide by July 19 whether to renew the
  restraint program.
  

"
training/11707	0	acq	"HOLDER COMMUNICATIONS <HOLD> TO BUY FIVE FIRMS
  Holder Communications Corp said it
  agreed to buy five privately held companies with combined 1987
  revenues expected to be about 25 mln dlrs.
      Holder plans to issue 32 mln common shares to buy the
  Nashville-based companies, all of which are owned by Jack
  Norman and Joe Shaw, their families and employees.
      The companies include radio stations WKXC-AM and WWKZ-FM,
  which operate in the New Albany/Tupelo, Miss., market, and
  General Masonry Inc, a contractor in the Southeast.
      The acquisitions are subject to approval by Holder
  shareholders and the Federal Communications Commission.
  

"
training/11708	12	earn	"CHELSEA <CHD> SEES LOWER 2ND QTR NET
  Chelsea Industries Inc said earnings for
  its fiscal second quarter ended March 30 will be ""sharply
  lower"" than the 1,414,000 dlrs or 55 cts a share it earned for
  the same quarter last year.
      It also said it lowered its earnings forecasts for the
  remainder of the fiscal year. In fiscal 1986, the company
  earned 7,206,000 dlrs or 2.78 dlrs a share.
      The company cited intensely competitive market conditions
  in its polyethelyne trash liner business and startup costs
  related to its acquisition of Artisan Plastic for the reduced
  earnings outlook.
  

"
training/11711	12	earn	"DOME PETE<DMP> TAKES 2.08 BILLION DLR WRITEDOWN
  Dome Petroleum Ltd, earlier
  reporting a 2.20 billion dlr 1986 loss compared to year-earlier
  profit of 7.0 mln dlrs, said the loss was mainly due to write
  downs totalling 2.084 billion dlrs before a reduction in
  deferred income taxes of 571 mln dlrs.
      The loss also includes 214 mln dlrs in accumulated foreign
  exchange losses, the company said.
      ""The dramatic drop in energy prices in early 1986 reverses
  much of the progress the company has made in the two previous
  years,"" Dome chairman J. Howard Macdonald said in a statement.
      ""But even a net loss of this magnitude has very little
  bearing on the day-to-day operations of Dome,"" chairman
  Macdonald said.
      ""It merely reflects the realistic carrying value of the
  company's assets in today's economic environment, and the
  absolute need for reaching a timely agreement with our lenders
  on a debt restructuring plan to assure the company's continued
  existence,"" he added.
      Dome is now trying to reach agreement on a complex plan for
  restructuring debt of more than 6.10 billion dlrs.
      Dome said it charged the 214 mln dlrs in accumulated
  foreign exchange losses to current expenses because of the
  uncertainty arising from its proposed restructuring plan.
      Normally the expenses would be amortized over the remaining
  period of the loans to which they apply, it said.
      Dome also said the write downs included a fourth quarter
  reduction in the value of its oil and gas properties of 1.20
  billion dlrs, before a reduction in deferred income taxes of
  305 mln dlrs. The fourth quarter writedown was in addition to a
  charge of 880 mln dlrs on certain other assets, taken mainly in
  the third quarter.
      Dome said the 1.20 billion dlr fourth quarter charge
  resulted from a year-end accounting change made under new full
  cost accounting guidelines by the Canadian Institute of
  Chartered Accountants.
      The company said it previously determined a write down of
  conventional oil and gas properties was not required at
  September 30, under the previous method of calculating the
  limitation of oil and gas values.
      Dome said the most significant accounting change under the
  new guidelines is using current oil and gas prices in
  calculations instead of escalating price forecasts.
      Terms of Dome's proposed debt restructuring plan preclude
  the company from making an accurate estimate of future
  financing costs, which are used in the new accounting
  calculations, it said.
      As a result, Dome adopted current prices and costs and a 10
  pct discount factor in the calculations, which substantially
  conform with accounting rules prescribed by the U.S. Securities
  and Exchange Commission, the company said.
      Dome said operating income from its crude oil and natural
  gas segments fell by 2.50 billion dlrs to a 1986 loss of 1.71
  billion dlrs from prior year earnings of 737.0 mln dlrs.
      Dome said the steep drop in crude oil and natural gas
  operating income was due to write downs totalling 1.93 billion
  dlrs and lower energy prices that sharply reduced revenue.
      Reduced production of natural gas and lower utilization of
  Dome's offshore drilling fleet in the Beaufort Sea also
  contributed to the decline, it said.
      Earnings from its natural gas liquids business fell by 79
  pct to 42.0 mln dlrs from 199 mln dlrs in 1985.
      Cash from operations dropped to 5.0 mln dlrs from year-ago
  542.0 mln dlrs and unrestricted cash balance declined to 202.0
  mln dlrs from 466.0 mln dlrs.
      Dome said 1986 crude oil production in 1986 was maintained
  at prior year's levels through new drilling activity and
  improvements in productivity.
      Natural gas production fell by nine pct as a result of
  lower domestic and export sales, it said.
      Oil and field natural gas liquids production totalled
  86,000 barrels a day, compared to 87,000 bpd in the prior year.
      Natural gas production fell to 536.0 mln cubic feet a day
  from 591.0 mcf a day.
  

"
training/11713	12	earn	"ORION CAPITAL CORP <OC> 4TH QTR LOSS
  Shr loss 9.42 dlrs vs loss 3.85 dlrs
      Net loss 55.5 mln vs loss 21.4 mln
      Revs 114.9 mln vs 120.0 mln
      Avg shrs 6,460,000 vs 5,719,000
      Year
      Shr loss 6.80 dlrs vs loss 4.77 dlrs
      Net loss 36.0 mln vs loss 26.2 mln
      Revs 478.9 mln vs 437.9 mln
      Avg shrs 6,016,000 vs 5,713,000
      Note: Net includes realized capital gains of 2,610,000 vs
  2,442,000 for qtr and 18.1 mln vs 13.6 mln for year.
      1986 net also includes gain on termination of pension plan
  of 2,614,000 for qtr and year, and tax loss of 3,605,000 for
  qtr. Includes pretax gain from sale of common stock in Guaranty
  National Corp of 5,722,000 for year.
      Revised estimated calculation of workers compensation
  earned premiums decreased 1986 earned premiums by 10 mln.
      Year-ago results restated to reflect deconsolidation of
  Guaranty National.
  

"
training/11714	12	earn	"AVON PRODUCTS <AVP> SEES HIGHER 1987 EARNINGS
  Avon Products Inc, the diversifed
  conglomerate that had a strong turn around in 1986, said it
  expects sales and earnings to climb higher this year.
      In its annual report, the company also said it expects to
  maintain its current annual two dlr dividend on the basis of
  continued upward earnings.
      In 1986, Avon's operational earnings rose 24 pct to 158.7
  mln dlrs from 128.2 mln dlrs a year earlier, and sales rose 17
  pct to 2.88 billion dlrs. It said the 2.23 dlrs a share earned
  last year was the highest in five years, but still well below
  the company's all-time high of 4.06 dlrs a share in 1979.
  

"
training/11716	22	interest	"CHASE MANHATTAN RAISES PRIME RATE TO 7-3/4 PCT FROM 7-1/2, EFFECTIVE TODAY

  CHASE MANHATTAN RAISES PRIME RATE TO 7-3/4 PCT FROM 7-1/2, EFFECTIVE TODAY
  

"
training/11717	12	earn	"PACIFIC GAS <PCG> ACCOUNTING CHANGE TO CUT NET
  Pacific Gas and Electric Co said
  it expects to record a 470 mln dlr, or 1.25 dlr per share,
  reduction in 1987 earnings because of the company's decision to
  change the method used to record Diablo Canyon Nuclear Power
  Plant revenues.
      The accounting change will not affect the company's cash
  position and the company intends to continue paying its
  dividend at the annual rate of 1.92 dlrs per share.
      Last year Pacific Gas reported earnings of 925 mln dlrs, or
  2.60 dlrs per share.
      Pacific Gas said the accounting change was prompted by
  delays in the receipt of a California Public Utilities
  Commission decision on the company's 1984 application for rate
  relief to recover the 5.8 billion dlr cost of constructing
  units one and two of the Diablo Canyon Nuclear Power Project.
      It said the commission is currently allowing the company to
  recover 40 pct of the cost of owning and operating the plants.
      As a result, 63 mln dlrs has been accumulating each month
  as deferred non-cash account receivable, which has been
  included in current income.
      But the accounting change, effective January 1, will
  reflect only cash received through interim rates approved by
  the commission, Pacific Gas and Electric said.
      It also said the commission is now awaiting its Public
  Staff Division's report which will recommend how much of the
  5.8 billion dlr investment Pacific Gas should be allowed to
  recover in rates.
      The company further stated that it is confident it will
  receive an objective review of the facts.
      It also said it intends to seek additional interim rates.
      Pacific Gas began construction of the two nuclear power
  units in 1969. After a number of construction delays, unit one
  went into operation in May 1985 and unit two went on line in
  March last year.
  

"
training/11721	12	earn	"GIANT FOOD INC <GFS.A> 4TH QTR FEB 28 NET
  Shr 50 cts vs 66 cts
      Net 15.0 mln vs 20.0 mln
      Revs 861.2 mln vs 725.9 mln
      Year
      Shr 1.55 dlrs vsd 1.90 dlrs
      Net 46.5 mln vs 57.0 mln
      Revs 2.53 billion vs 2.25 billion
      Note: 1986 had 53 weeks vs 52 weeks in 1985. 4th qtr 1986
  had 17 weeks vs 16 weeks in 1985.
  

"
training/11722	0	acq	"INNOVEX <INVX> COMPLETES PURCHASE OF LUCHT
  Innovex  Inc said it has completed
  the purchase of substantially of the interest in Lucht
  Engineering Inc that it did not already own.
      Prior to this move Innovex owned 79 pct of Lucht, the
  company said.
      Innovex said it bought the shares by exchanging 293,101
  shares of unregistered Innovex common stock. Innovex president,
  Thomas Haley, said the exchange is non-dilutive and will cause
  a slight increase in Innovex's fully diluted earnings per share
  during the last half of fiscal 1987.
      Lucht will continue to function as a unit of Innovex,
  Innovex said.
  

"
training/11723	10	crude	"OIL PRICES SAID NOW BASED ON FUTURES PRICE
  Energy futures now set the
  standard for oil pricing, said Arnold Safer, president of The
  Energy Futures Group Inc, a consulting firm.
       ""Petroleum futures trading at the New York Mercantile
  Exchange literally set spot market prices in the U.S.,"" he
  said, adding that some oil products sellers now offer contracts
  based on a daily average of NYMEX prices.
       He also said that petroleum futures are a major market for
  oil companies as well as for commodity traders. His remarks
  were made at the National Petroleum Refiners Association.
  

"
training/11724	12	earn	"MCO RESOURCES INC <MCR> 4TH QTR LOSS
  Shr loss 1.37 dlrs vs 1.59 dlrs
      Net loss 38.6 mln vs 42.5 mln
      Revs 31.4 mln vs 59.4 mln
      Note: 1986 net includes pretax writedown of 23 mln on oil
  and gas properties and a 30.3 mln non-cash provision for
  impairment of geothermal property.
  

"
training/11725	12	earn	"LINEAR FILMS <LNER> SEES LOWER FOURTH QTR NET
  Linear Films Inc said it sees lower
  earnings in the fourth quarter ending March 31 compared with a
  year ago due to lower profit margins on stretch film from price
  increases of polyethelene resin, a key raw material.
      In last year's fourth quarter it earned 1,235,000 dlrs or
  19 cts a share, a spokesman said.
      The company said it is raising its stretch film prices by
  six pct as of April 15 to reflect the higher costs of
  polyethelene resin. It also said sale volume of stretch film in
  the fourth quarter was lower than anticipated, although it has
  returned to normal in recent weeks.
  

"
training/11726	12	earn	"AUDITORS QUALIFY MCO RESOURCES <MCR> REPORT
  MCO Resources Inc said its independent
  auditors have qualified their opinion on the company financial
  statements for 1986, in which it posted a net loss of 38.6 mln
  dlrs or 1.37 dlrs a share on revenues of 31.4 mln.
      MCO said the qualfied opinion related to its realization of
  the carrying amount of its geothermal property and its ability
  to continue as an ongoing concern, which is dependent upon the
  restructuring of the company's bank debt and other obligations,
  resolution of the uncertainties surrounding its geothermal
  operations and the success of future operations.
      The company said its capital spending for 1987 has been
  virtually eliminated and that an additional staff reduction of
  about 20 pct is being implemented today.
  

"
training/11727	12	earn	"INTERNATIONAL LEASE FINANCE <ILFC> 1ST QTR NET
  Shr 22 cts vs 13 cts
      Net 7,121,000 vs 4,481,000
      Revs 37.4 mln vs 22.8 mln
      Avg shrs primary 30,067,000 vs 29,735,000
  

"
training/11728	12	earn	"ARCO <ARC> SAYS NET TO COVER DIVIDEND PAYOUT
  Atlantic Richfield Oil Co said it
  expects first quarter net income to cover its dividend
  requirements in the quarter.
      The company paid a quarterly dividend of one dlr a share
  earlier this month.
  

"
training/1173	12	earn	"KNUTSON MORTGAGE <KNMC> SEES STRONG SECOND QTR
  Knutson Mortgage Corp said it
  expects strong earnings performance for its initial fiscal
  second quarter earnings ending March 31 since going public in
  September 1986.
      Albert Holderson, Knutson chairman, said he expects
  earnings of about 40 cts per share for the quarter as a result
  of a strong mortgage business during the quarter.
      Knutson earlier declared a quarterly dividend of 10 cts a
  share, versus 10 cts a share prior, payable April 13 to
  shareholders of record March 13.
  

"
training/11730	12	earn	"SERVOTRONICS <SVT> SETS 10 PCT STOCK DIVIDEND
  Servotronics Inc said it declared
  a 10 pct stock dividend, payable May 15 to shareholders of
  record April 21.
      The company last declared a stock dividend, also 10 pct, in
  March 1986.
  

"
training/11731	10	crude	"STANDARD OIL RAISES ALASKA NORTH SLOPE BY 1.50 DLRS, effective APRIL ONE

  STANDARD OIL RAISES ALASKA NORTH SLOPE BY 1.50 DLRS, effective APRIL ONE
  

"
training/11733	12	earn	"SERVOTRONICS INC <SVT> YEAR NET
  Oper shr 50.4 cts vs 48.7 cts
      Oper net 688,000 vs 665,000
      Revs 12.3 mln vs 10.7 mln
      Note: Oper excludes tax credits of 559,000 vs 537,000
  

"
training/11734	32	money-fx	"CURRENCY FUTURES CLIMB LIKELY TO BE CHECKED
  The surge in currency futures since
  Friday on the heels of the Reagan administration's proposed
  tariffs on Japanese imports is likely to be curtailed in the
  coming week, financial analysts said.
      ""The market is taking a breather now, and I would expect it
  to last a little longer,"" said Craig Sloane, a currency analyst
  with Smith Barney, Harris, Upham and Co.
      Profit-taking, which robbed the currency futures of some
  momentum today, is likely to continue, he said.
      Central banks are likely to play a role in halting the
  advance in currencies through intervention, the analysts said,
  even though the dollar fell to a 40-year low against the
  Japanese yen on Monday despite Bank of Japan intervention.
      Treasury Secretary James Baker's comments that the G-6
  nations remain committed to the Paris accord, coupled with his
  refusal to give any targets for exchange rates, provided a note
  of stability to the market Tuesday, the analysts said.
      Furthermore, Merrill Lynch Economics analyst David Horner
  said G-6 central banks haven't yet shown the full force of
  their commitment to the Paris accord.
      ""I'm among those who believe the G-6 have a plan behind the
  scenes,"" Horner said.
      Horner said more forceful central bank intervention will
  firm the dollar and cap the rise in currency futures.
      ""Coordinated, punishing intervention"" by the central banks
  -- in contrast to the recent rolling intervention which has
  only smoothed out the market -- is in the offing, according to
  Horner.
      ""I think we're near the top of the range in the Europeans
  (currencies),"" he said.
       On the other hand, the upside target for the yen, which
  set a new contract high today at 0.006916 in the June contract,
  is at 0.007050, Horner said.
      Still, other analysts believe currency futures have yet to
  peak.
      ""The basic trend in the currencies is higher,"" said Anne
  Parker Mills, currency analyst with Shearson Lehman Brothers
  Inc. ""The market wants to take the dollar lower.""
      Uncertainty over central bank action and nervousness over a
  G-5 meeting next week in advance of a meeting of the
  International Monetary Fund could make for choppy price
  activity the remainder of the week, Mills said.
      In addition, although the market shrugged off relatively
  healthy gains in February U.S. leading economic indicators and
  factory orders Tuesday, economic data could play a larger role
  in coming sessions, the analysts said.
      Friday's employment statistics in particular will be
  closely watched, Sloane said, adding that a forecast rise of
  250,000 in non-farm payroll jobs should underpin the dollar.
  

"
training/11736	12	earn	"<POCO PETROLEUMS LTD> 1ST QTR JAN 31 NET
  Shr eight cts vs 30 cts
      Net 1,100,000 vs 3,900,000
      Revs 14.9 mln vs 20.7 mln
  

"
training/11738	0	acq	"LILLY <LLY> CUTS LIPOSOME CO <LIPO> STAKE
  Eli Lilly and Co told the Securities
  and Exchange Commission it cut its stake in Liposome Co Inc to
  500,000 shares, or 4.0 pct of the total outstanding common
  stock, from 900,000 shares or 7.3 pct.
      Lilly said it sold 400,000 Liposome common shares on March
  17 at eight dlrs each.
      As long as Lilly's stake in Liposome is below five pct, it
  is not required to report any further dealings it has in the
  company's stock.
  

"
training/1174	40	reserves	"DANISH RESERVES RISE IN FEBRUARY
  Denmark's net official reserves rose
  to 36.34 billion crowns in February from 28.00 billion in
  January, against a revised 45.85 billion in February 1986, the
  central bank said in its monthly balance sheet report.
      Total net reserves, including reserves held by commercial
  and major savings banks, rose to 38.26 billion crowns from
  30.11 billion in January compared with a revised 35.99 billion
  in February last year.
      The bank said provisional figures showed net registered
  private and public capital imports of 10.3 billion crowns in
  February.
  

"
training/11743	0	acq	"ACCELERATION <ACLE> CUTS STAKE IN UNITED COASTS
  Acceleration Corp said it sold a
  24.9 pct stake in the common stock of <United Coasts Corp> to
  the <Sheet Metal Workers' National Pension Fund>.
      The company said it agreed to sell the fund an additional
  5.1 pct of Hartford, Conn.-based United when the fund receives
  approval from the director of insurance of the state of
  Arizona.
     The company said today's sale reduced its holdings in United
  to 25 pct. The second sale, when completed, will lower its
  stake to 19.9 pct, Acceleration said.
      The company said the proceeds from both sales will be
  roughly equal to the 3,330,000 dlrs it originally invested in
  United Coasts in late 1985 even though it will retain a 19.9
  pct stake.
      Acceleration said it plans to include gains from the stock
  sales in its results for the first and second quarters of 1987.
  

"
training/11744	0	acq	"OPPENHEIMER SELLS SIX PCT CYCLOPS <CYL> STAKE
  Oppenheimer, the brokerage and
  investment subsidiary of Oppenheimer Group Inc, told the
  Securities and Exchange Commission it sold its entire 6.0 pct,
  stake of Cyclops Corp.
      Oppenheimer said it sold the 243,400-share stake on March
  27 at 95.00 dlrs a share.
      It said it initially bought the stock in connection with
  risk arbitrage and other investment activities in the ordinary
  course of its business.
  

"
training/11746	22	interest	"ANALYSTS SEE SLOW MOVE TO HIGHER U.S. PRIME RATE
  Quarter-point prime rate increases to
  7-3/4 pct by Citibank and Chase Manhattan Bank today will be
  followed by other banks only after they see clearer signs of
  the Federal Reserve's policy intentions, economists said.
      ""Based on the spread between banks' cost of funds and the
  prime rate, it probably makes sense for others to follow, but
  no rush is likely,"" said Paul McCulley of E.F. Hutton and Co.
      Citibank's surprise base rate increase, quickly followed by
  Chase, sent U.S. bond prices lower and the dollar higher.
      McCulley said that once the spread between three-month
  certificates of deposit and the prime rate narrows to less than
  1-1/2 percentage points, there is a strong chance of a prime
  rate increase. It has been under 1-1/4 points recently.
      However, banks are likely to hold rate increases until they
  see what the Fed intends to do about interest rates in the near
  term, analysts said. They noted that banks historically like to
  follow Fed rate movements, rather than lead them. For example,
  the last prime rate increase occurred in June 1984 when banks
  lifted the rate to 13 pct from 12-1/2 pct after a Fed discount
  rate increase in April of that year.
      Major banks had been posting a 7-1/2 pct prime rate since
  last August 26/27, when they lowered the rate from eight pct
  shortly after the Fed's half-point discount rate cut to the
  current 5-1/2 pct level on August 20.
      ""The banks will not rush to raise their prime rates. There
  should be a split prime for a while with some posting a 7-1/2
  pct rate and others 7-3/4 pct,"" said David Jones of Aubrey G.
  Lanston and Co.
      Jones said the Federal Open Market Committee at today's
  meeting voted no change in Fed policy. But he said the Fed may
  well foster higher interest rates soon.
      Jones said that, while the FOMC probably voted no policy
  change today, it may have decided to apply slight upward rate
  pressure later if the dollar weakens, inflation pressures heat
  up or the economy shows sign of strong recovery.
      ""The Fed clearly indicated that they did not intend to
  tighten policy when they did today's coupon pass,"" said Joseph
  Liro of S.G. Warburg and Co.
      In a move that came a day earlier than most expected, the
  Fed today supplied permanent reserves to the banking system by
  offering to buy all maturities of Treasury notes and bonds for
  its own account. This seasonal reserve add is called a ""pass.""
      ""The Fed demonstrated that there has been no policy
  change,"" said Elizabeth Reiners, economist at Dean Witter
  Reynolds Inc. 
      She said the spread between banks' cost of funds and the
  prime rate is now around 137 basis points compared with a 153
  basis point average in 1986. Reiners said the spread is not
  really narrow enough to present a clear need for a prime rate
  increase.
      The Dean Witter economist said that today's prime rate rise
  ""may have been less a response to interest rates than an
  attempt to enhance the (balance sheet) bottom line.""
      Reiners said that, given recent problems with loans to
  developing countries, large money center banks with heavy
  exposures might be the first to match the higher prime rate in
  an effort to get more profitable spreads on other loans.
      The Federal funds rate at which banks lend overnight money
  to one another could help determine how many banks match the
  higher prime rate and also how quickly they move.
      In raising their prime rates, banks cited a higher cost of
  funds. In the three business days through Monday, the Federal
  funds rate at which banks lend to one another averaged nearly
  6-1/4 pct. But quarter end pressures helped push up funds.  
      The Fed funds rate was extremely volatile today, reflecting
  demand pressure associated with the end of the quarter and the
  close of the Japanese fiscal year. Funds traded between five
  and 6-3/4 pct.
      Once the special distortions end, analysts said the funds
  rate probably will return to its recent trading level in the
  6-1/8 pct area. They said that, if it stabilizes near there,
  banks may not quickly boost their prime rates.
      But a consistently higher funds rates would suggest to many
  that the Fed was fostering somewhat higher interest rates to
  help the dollar. Then banks would lift prime rates quickly.
  

"
training/11748	0	acq	"TISCH BROTHERS LOWER TOSCO <TOS> STAKE
  An investment partnership led by
  four sons of Loews Corp <LTR> Chairman Lawrence Tisch said it
  cut its Tosco Corp stake to the equivalent of 1,499,985 shares,
  or 4.95 pct of the total, from 1,666,650 shares, or 5.5 pct.
      In a filing with the Securities and Exchange Commission,
  the partnership, FLF Associates, said it sold 10,000 shares of
  Serier E convertible preferred stock on March 26 for 34.125
  dlrs each and 5,000 shares of preferred stock on March 27 at
  35.25 dlrs each. The sales leave the Tisch brothers with
  135,000 shares of preferred stock which can be converted into
  1,499,985 shares of common stock.
  

"
training/11750	12	earn	"NATURE'S BOUNTY INC <NBTY> YEAR LOSS
  Shr loss 10 cts vs loss 38 cts
      Net loss 393,241 vs loss 1,384,334
      Revs 43.6 mln vs 40.3 mln
  

"
training/11751	0	acq	"COMINCO <CLT> SELLS STAKE IN CANADA METAL
  Cominco Ltd said it
  sold its 50 pct stake in Canada Metal Co Ltd to Canada Metal
  senior management for an undisclosed sum.
      Cominco said the sale was part of its previously announced
  policy of divesting non-core businesses.
      Canada Metal is a Toronto-based producer of lead alloys and
  engineered lead products.
      Canada Metal production figures were not immediately
  available.
  

"
training/11752	12	earn	"AUDITORS GIVE FIRST CITY <FBT> QUALIFIED OPINION
  First City Bancorp of Texas, which lost
  a record 402 mln dlrs in 1986, said in its annual report it
  expected operating losses to continue ""for the foreseeable
  future"" as it continues to search for additional capital or a
  merger partner.
      The Houston-based bank's 1986 financial statements received
  a qualified opinion from its auditors, Arthur Andersen and Co.
  The auditors said their opinion was subject to First City
  eventually obtaining additional capital.
      ""The company believes that in order to address its
  long-term needs and return to a satisfactory level of
  operations, it will ultimately need several hundred million
  dollars of additional capital, or a combination with a more
  strongly capitalized entity,"" First City said in a note to its
  financial statements included in the annual report.
      ""Management believes that sufficient resources should be
  available to cover interim capital concerns while additional
  capital is being sought,"" the bank said.
      To raise cash in the near-term, First City said it may sell
  or mortgage non-strategic assets, recover excess contributions
  to its pension plan and obtain special dividends from some of
  its member banks.
      ""The losses for 1987 are expected to be substantially less
  than in 1986,"" First City chairman J.A. Elkins said in a letter
  included in the annual report. ""However, the ultimate return to
  satisfactory operating conditions is dependent on the
  successful resolution of the related problems of credit
  quality, funding and the eventual need for substantial
  additional capital.""
      First City said it anticipated that certain covenants of a
  credit agreement with unaffiliated banks requiring most of
  First City's excess cash to be applied to debt repayments would
  be modified by the end of the first quarter in order to avoid
  default.
      The banks agreed to similar amendments to the covenants
  last year and First City has reduced its borrowings from 120
  mln dlrs at 1986 yearend to 68.5 mln dlrs in recent weeks.
      Although the parent company's capital adequacy ratios
  exceeded regulatory minimum requirements at the end of 1986,
  First City said its two largest subsidiaries did not. First
  City National Bank of Houston had a primary capital ratio of
  5.34 pct and First City Bank of Dallas had a 4.75 pct ratio.
      Hard-hit by the collapse in oil and Texas real estate
  prices, First City's net loan chargeoffs totaled 366 mln dlrs
  last year, up from 261 mln dlrs in 1985. The bank more than
  doubled its loan loss provision to 497 mln dlrs at the end of
  1986.
      First City said chargeoffs and paydowns reduced its total
  energy loan portfolio by 32 pct during 1986, to 1.4 billion
  dlrs at year-end, adding that future energy chargeoffs ""should
  be more modest."" The amount represented 15 pct of First City's
  total loans.
      In real estate, First City said its nonperforming assets
  nearly doubled last year to 347 mln dlrs at year-end.
  Chargeoffs of real estate loans rose to 32 mln dlrs, or nine
  pct of total loan chargeoffs, and the bank said the amount
  could go higher.
      ""The company still faces uncertainties in the real estate
  market and anticipates further deterioration in the pportfolio
  so long as the regional recession persists,"" First City said.
  ""Because the carrying value of many of these loans is
  collateral dependent, a further decline in the overall value of
  the collateral base could cause an increase in the level of
  real estate-related chargeoffs.""
  

"
training/11753	32	money-fx	"U.S. FED EXPLORES COMMODITY BASKET INDEX
  The complex task of wielding control
  over monetary policy in an increasingly fast-moving global
  economy could be aided by tying policy to commodity prices, the
  newest member of the Federal Reserve Board says.
      Commodity prices are already considered by the Fed in the
  making of monetary policy. But they would be given a much
  greater role under an idea being floated by Governor Robert
  Heller, who joined the board last August.
      He conceeds that much more study of the idea is needed, but
  argues that such an arrangement, particularly if it were
  adopted by other major industrial countries, could reduce the
  volatility of exchange rates.
      Moreover, it could help stabilize of the prices of
  commodities themselves, slowing changes in inflation.
      His idea, which many conservative economists find
  appealing, has some backing among board members appointed in
  recent years by President Reagan.
      It would complement the present system of opening or
  closing the monetary screws based on the pattern of inflation,
  key indicators such as unemployment, and the rise or fall of
  the money supply. Changes in the money supply can lead to
  changes in interest rates and affect economic activity
  directly.
      Discussed on and off for a long time, the commodity concept
  is part of a growing search for a system that anchors monetary
  policy and widely-fluxtuating currency prices to a more solid
  base.
      ""What is needed is an anchor or reference point that can
  serve as a guide for both domestic and international monetary
  purposes,"" says Heller.
      In the past, this anchor was gold but the United States
  went off the gold standard because the global economy had
  vastly outstripped gold supplies.
      A return to the gold standard is generally dismissed out of
  hand by most policymakers on the grounds that the largest
  producers of gold are the Soviet Union and South Africa.
      The so-called fixed rate system, scuttled in the early
  1970s, is still considered unworkable in the present world.
      But the current system of floating currencies in which
  currencies can fluxtuate widely, adding vast pressures to the
  monetary system, is also being widely questioned.
      Some have suggested that the system might benefit from a
  formal approach that mandates intervention by countries when
  currencies wander above or below agreed to levels but there are
  major problems with this also.
      For one thing, there is justifiable concern that countries
  might be relunctant to intervene if they felt it might be
  detrimental to their own domestic economy.
      Moreover, some question whether concerted intervention can
  make much of an inpact if the overall market does not agree
  with the fundamental judgement.
      The poorest countries have called for a monetary conference
  to work out a new system that, not surprisingly, helps them
  cope with their overpowering debt problems.
      Treasury Secretary James Baker, the Reagan administration's
  chief economic architect, has preferred to use the so-called
  Group of Five industrial countries or sometimes, Seven, as a
  forum to work out cooperative agreements on currency and other
  economic matters.
     He appears convinced that officials from West Germany,
  France, Britain, Japan, Italy and Canada talking quietly behind
  closed doors can reached reasoned decisions away from public
  posturing.
     The Heller approach, while extremely complex, could have a
  profound impact on the system, ideally stabalizing prices and
  international exchange rates.
      As envisioned by Heller, a basket of say, 30 major
  commodities ranging from wheat to oil, would be put together
  and prices would be measured on a regular basis.
      ""In times of rising commodity prices, monetary policy might
  be tightened and in times of falling commodity prices, montary
  policy might be eased,"" he says.
      He notes that commodity prices are traded daily in auction
  markets, and a commodity price index can be calculated on a
  virtually continuous basis.
      Moreover, most commodity prices are produced, consumed and
  traded on a world-wide basis, so ""that an index has a relevance
  for the entire world,"" he says.
      In addition, commodity prices are at the beginning of the
  production chain and serve as an imput into virtually all
  production processes.
      ""Focusing on commodity prices as an early and sensitive
  indicator of current and perhaps also future prices pressures,
  the monetary authorities may take such an index into account in
  making their monetary policy decisions,"" he says.
      However, he says that any major change in a basic commodity
  such as occurred in oil during the 1970s because of action by
  the OPEC cartel, would have to be discounted in such a system.
      He says the worst thing that could happen is to allow
  monetary policy to spread a freakish increase in one commodity
  to the rest of the system and to other commodities.
  

"
training/11754	12	earn	"MICROBIOLOGICAL SCIENCES INC <MBLS>4TH QTR LOSS
  Oper shr loss 10 cts vs profit nine cts
      Oper net loss 387,000 vs profit 313,000
      Revs 6,486,000 vs 5,613,000
      Year
      Oper shr loss two cts vs profit four cts
      Oper net loss 96,000 vs profit 120,000
      Revs 23.8 mln vs 21.3 mln
      Note: 1986 oper excludes extraordinary gains of 299,000 for
  qtr and year.
  

"
training/11755	0	acq	"INVESTOR GROUP CUTS DBA SYSTEMS <DBAS> STAKE
  A group led by New York investors
  David Bellet and Chester Siuda said it lowered its stake in DBA
  Systems Inc to 100,000 shares, or 3.7 pct of the total
  outstanding, from 170,000 shares, or 6.3 pct.
      In a filing with the Securities and Exchange Commission,
  the group said it sold 70,000 DBA common shares between Feb 13
  and March 23 at prices ranging from 18.25 to 20.00 dlrs a
  share.
      So long as the group's stake in DBA is below five pct, it
  is no longer required to report its further dealings in the
  company's common stock.
  

"
training/11756	12	earn	"LOWELL INSTITUTION FOR SAVINGS <LIFS> QTLY DIV
  Qtly div 7.5 cts vs 7.5 cts prior
      Pay May 19
      Record April 24
  

"
training/11758	12	earn	"EARTHWORM TRACTOR CO INC <WORM> YEAR LOSS
  Oper shr loss 11 cts vs profit two cts
      Oper net loss 1,058,585 vs profit 282,998
      Revs 24.4 mln vs 23.7 mln
      Note: 1986 oper includes accrued interest of 686,914 from
  financing of capital goods transaction with Prudential Bache
  Trade Corp.
      Year-ago oper excludes extraordinary gain of 121,000.
  

"
training/1176	12	earn	"INTERMEDICS INC <ITM> 1ST QTR FEB ONE NET
  Oper shr 26 cts vs 18 cts
      Oper net 2,877,000 vs 1,838,000
      Revs 44.3 mln vs 40.8 mln
      NOTE: Current 1st qtr oper net excludes operating loss
  carryforward of 1,694,000 or 16 cts per share. 1986 1st qtr
  oper net excludes loss carryforward of 78,000 dlrs or one ct
  per share and loss from discontinued operations of 475,000
  dlrs.
  

"
training/11762	0	acq	"EMERY AIR FREIGHT CORP TO OFFER 40 DLRS/SHR FOR PUROLATOR COURIER CORP

  EMERY AIR FREIGHT CORP TO OFFER 40 DLRS/SHR FOR PUROLATOR COURIER CORP
  

"
training/11763	0	acq	"EMERY AIR <EAF> TO BID FOR PUROLATOR <PCC> 
  Emery Air Freight Corp said it
  plans to begin tomorrow a 40 dlr a share tender offer for 83
  pct of the outstanding common stock of Purolator Courier Corp.
      The company said the tender offer is the first step in a
  plan to buy 100 pct of the Purolator shares.
      Following the tender offer, Emery said it would offer 40
  dlrs of junior subordinated debentures for each remaining
  Purolator share outstanding.
      On March one, Purolator agreed to a 35 dlr a share
  leveraged buyout by eight Purolator executives and EF Hutton
  LBO Inc, a unit of EF Hutton Group Inc.
      Emery said it had tried unsuccessfully to open merger
  discussions with Purolator before the company accepted the
  management-led buyout offer.
      In a letter to Purolator's chairman, Nicholas F. Brady,
  Emery's chairman, John C. Emery, said the company would still
  prefer to negotiate with Purolator.
      But he said the imminent expiration of the leveraged buyout
  group's offer has forced the company to make an unsolicited
  tender offer of its own.
      Emery said its offer is scheduled to expire at 2400 EST on
  April 28, unless extended.
      The company said conditions of the offer include the
  receipt of at least two-thirds of Purolator's shares
  outstanding, on a fully diluted basis, and the repeal of its
  share purchase rights plan.
      Emery said the offer is also subject to completion of the
  previously announced sale of Purolator's Canadian operations.
      Emery said Chemical Bank, Bankers Trust, Morgan Guaranty
  Trust Co and Salomon Bros had agreed to provide financing for
  the tender offer.
      It said the junior subordinated debentures to be issued in
  the subsequent merger will carry a 13 pct annual interest rate,
  payable twice a year.
      For the first three years after the notes are issued,
  interest will be paid, at Emery's option, in cash or in
  additional notes, Emery said.
      It added that the notes will not be subject to redemption
  for one year after they are issued.
      Emery said Purolator would operate as a wholly owned unit
  of the company after the merger. It said it hoped Purolator's
  management would continue with the company.
      ""We believe that our two companies provide an excellent fit
  with each other and that the combination will enable each of us
  to better serve our existing customers and meet the challenges
  of the future,"" Emery's chairman said in his letter.
      He said a merger would significantly enhance the financial
  turnaround that Purolator's management had previously forecast.
      Officials at Purolator could not immediately be reached for
  comment on the offer, which was released several hours after
  the stock market had closed.
      Emery's stock closed up 1/2 at 12-5/8.
      Purolator closed at 34-7/8, off 5/8.
  

"
training/11765	33	money-supply	"AUSTRALIAN BROAD MONEY GROWTH 10.3 PCT IN FEBRUARY
  Australian annual broad money growth rose
  10.3 pct in February, unchanged from January, but down from the
  corresponding February growth rate of 13.9 pct, the Reserve
  Bank said.
      February broad money growth was steady at 0.7 pct from the
  previous month and unchanged from February last year.
      Borrowings from the private sector by non-bank financial
  intermediaries rose by 8.8 pct in the February year from
  January's 9.5 pct rise, compared with a 13.6 pct increase in
  the previous February year.
      In February, borrowings from the private sector by non-bank
  financial intermediaries rose by 1.0 pct compared with
  January's 0.2 pct increase and the previous February rise of
  1.7 pct.
      At the end of February, broad money stood at 177.1 billion
  dlrs up from January's 175.84 billion and compared with the
  previous February level of 160.60 billion.
      The Reserve Bank last week reported a February M3 growth
  rate of 11.2 pct from January's 10.7 pct rise and a previous
  annual February increase of 14.0 pct.
  

"
training/11767	1	alum	"ALCAN AUSTRALIA LIFTS ALUMINIUM INGOT PRICE
  Alcan Australia Ltd said it increased the
  list price of 99.5 pct purity aluminium ingot to 2,050 dlrs a
  tonne from 1,950 dlrs, effective immediately.
  

"
training/11768	17	grain	"ECONOMIC SPOTLIGHT - CHINA MUST PRESERVE FARMLAND
  ""If we go on using up
  farmland as we have done since 1980, there will be none left in
  20 years to grow grain on.""
      Xu Jinfeng, a middle-aged official in Fengbang village on
  the edge of Shanghai, sums up the dilemma China faces as it
  tries to feed its more than one billion people and at the same
  time let them get richer by building factories and new homes.
      China has to feed one quarter of the world's population,
  but only one seventh of its land is arable.
      Sharp increases in farm output since 1979 turned China into
  a net grain exporter for the first time in 1985, and again in
  1986.
      But the rapid industrialisation of the countryside which
  has occurred at the same time, has gobbled up arable land for
  factories and homes for peasants who can now afford them.
      Official figures show that China lost just under one pct of
  its arable land to other uses in 1985 and a slightly smaller
  amount last year. It gained 26 mln new mouths to feed during
  the two years.
      ""We lost very little land prior to 1980 when the
  industrialisation began,"" official Xu said. ""Since then, nearly
  all the families in the county have built new homes and many
  factories have gone up.""
      ""Last year we lost land to a new railway line,"" Xu said. But
  land losses in future should fall because nearly all families
  already have new houses, she added.
      The issue of land loss is a matter of major concern to the
  Peking leadership, which announced earlier this month that
  China will issue nationwide quotas for conversion of grain land
  for the first time this year.
      ""The present situation of abusing, occupying unlawfully,
  wasting and destroying land and land resources is serious,"" said
  an article in the official press explaining the new measures.
      ""It has resulted in great losses of cultivated farmland,"" it
  said. ""China has a large population and its land resources are
  badly deficient.""
      An official of the Shanghai city government said county
  authorities could approve conversion of only 0.3 hectares of
  arable land to other uses, while anything more than that must
  be approved by the city government.
     The Peking government faces another major obstacle in its
  efforts to ensure China's people get enough grain to eat. The
  prices the state pays to farmers for grain are too low, making
  it more profitable for them to grow other crops.
      To offset this, the state offers farmers cheap fertiliser
  and diesel oil and payment in advance for grain it contracts to
  buy. The state then sells the grain at subsidised prices to
  China's 200 mln city residents. Rural factories also subsidise
  grain output, paying farmers bonuses to grow it.
      Some officials argue that the simplest solution to the
  problem would be for the state to raise city grain prices.
      Chen Zuyuan, Communist Party secretary of a village in the
  eastern province of Zhejiang, said the government listened too
  much to the demands of ""selfish city people"" and could raise city
  grain prices without any problem.
      But the government has ruled out a price rise. ""Raising the
  price of grain would directly conflict with the goal of social
  stability,"" said a China Daily editorial this month.
      The Shanghai official said prices must be reformed over the
  long term. ""We must be very careful. We have a very large
  population which is used to price stability and will object to
  price rises,"" he said. ""The problem is how to do it.""
      The Shanghai official said a rise in grain prices might
  also affect the prices of hundreds of food products made with
  grain and consumed by city residents.
      In addition, the state faces the problem of inadequate
  investment by farmers in land and in grain in particular.
      The official press has reported that farmers fear farm
  policy may change and they are putting their new wealth into
  building graves, memorial halls for ancestors and homes.
      Under reforms introduced in the late 1970s, farmers sign
  contracts with the state requiring them to grow certain crops,
  but they have considerable freedom in how to use their land.
      ""As the expiration date of the 15-year contract is almost at
  the halfway mark, farmers are beginning to worry about the
  future,"" the China Daily said in an editorial last month.
      Their anxieties stem from the fact that they are allowed to
  use the land but not own it. For most of the period of
  Communist rule, the land was organised into collectives where
  there was little room for individual initiative.
      ""New measures are needed to reassure them of the consistency
  of government policies and make them interested in long-term
  investment,"" the newspaper said.
  

"
training/1177	12	earn	"CARME INC <CAME> 2ND QTR JAN 31 NET
  Shr nine cts vs one ct
      Net 247,489 vs 27,301
      Sales 1,933,107 vs 796,613
      Six mths
      Shr 21 cts vs five cts
      Net 565,106 vs 121,997
      Sales 3,781,970 vs 1,778,110
  

"
training/11771	48	trade	"TAIWAN'S SECOND QUARTER IMPORTS SEEN RISING
  Taiwan's imports in the second quarter of
  1987 are expected to rise to 7.75 billion U.S. Dlrs from 5.82
  billion a year earlier and from 6.95 billion in the first
  quarter of this year, the statistics department said.
      A department official attributed the increase to growing
  domestic investment by the private and public sectors. It is
  expected to rise to 4.68 billion U.S. Dlrs from 3.79 billion a
  year earlier and 3.41 billion during the first quarter.
      Taiwan's exports in the April-June quarter are expected to
  rise to 12.03 billion U.S. Dlrs from 9.63 billion a year
  earlier and 11.28 billion in the first quarter.
      The official said Taiwan's trade surplus is expected to
  climb to 4.28 billion U.S. Dlrs in the second quarter of 1987
  from 3.81 billion a year earlier. It was 4.33 billion in the
  first quarter of this year.
      Most of the surplus is expected to come from trade with the
  U.S., Taiwan's largest trading partner and importer of nearly
  50 pct of Taiwan's total exports, he said.
      He said he expected Taiwan's imports, including grains,
  machinery and power plant equipment, from the U.S. To rise
  sharply because of government efforts to balance trade with
  Washington. He declined to give figures.
  

"
training/11773	12	earn	"COMMERZBANK SEES LOWER OPERATING PROFIT THIS YEAR
  Commerzbank AG <CBKG.F> management
  board chairman Walter Seipp said that from the present
  viewpoint the bank must expect 1987 full operating profit to be
  lower than in 1986.
      In the first two months of the year, partial operating
  profit -- excluding trading on the bank's own account -
  declined, he said, without giving details.
      The interest surplus fell 2.8 pct compared with 2/12ths of
  1986 results, while the commission surplus, because of the
  quiet stock exchange business, fell back still more strongly.
  By contrast the personnel and fixed asset expenses increased.
      German banks do not report full operating profit. But Seipp
  said last year the figure for the first time had topped one
  billion marks for the parent bank, and the group result was
  around 50 pct higher than this.
      Commenting on 1986, Seipp said, ""we were able to raise the
  full operating profit...Slightly above the record result of
  1985 because own account profits increased slightly.""
      He gave no concrete details but added that in January and
  February, good own account trading profits meant that the drop
  in full operating earnings was more modest than that in the
  partial operating figure.
      The bank would, as a result, be more profit-oriented in
  future, developing, for example, more into investment banking,
  keeping a tight rein on personnel costs and dampening
  expenditures on fixed assets.
      Turning to 1986 results, Seipp said by year end there had
  been a strong growth in business volume.
      Over the year business volume rose by 9.9 pct to 93.2
  billion marks compared with 1985, Seipp added.
      Group balance sheet volume rose by 8.0 pct to 148.15
  billion. It would have been around five billion marks higher
  still if currency relationships had remained unchanged.
      In the parent bank, the interest surplus rose nine pct in
  the year, while the interest margin held roughly at 1985's 2.56
  pct despite pressure on credit rates.
      The surplus on commission business, which had soared by a
  quarter in 1985, rose by 11.6 pct last year thanks almost
  exclusively to growth in securities commissions, Seipp said.
      Personnel expenditure was up 11.9 pct last year, at more
  than 1.5 billion marks. Fixed asset expenditure rose by 9.6 pct
  to more than 650 mln.
      As a result, the parent bank partial operating profit rose
  by 3.2 pct to 752 mln marks.
      Parent bank tax payment rose to 244 mln marks last year
  from 233 mln in 1985.
      Seipp said extraordinary earnings included a ""high
  two-figure million"" in profit from the sale of the bank's AEG AG
  <AEGG.F> shares to Daimler-Benz AG <DAIG.F> during the latter's
  majority stake purchase booked last year.
      The ability of the bank to write off depreciations in
  credit business against profits from securities trading and
  earnings on the sale of stakes had been utilised, as in prior
  years, to its full extent.
      Because of numerous insolvencies at home, by far the
  largest part of the provisions were set aside for individual
  write-downs from domestic business. Abroad, the circle of
  problem debtor countries rose last year, although the ratio of
  credit exposure to provisions improved further.
      Seipp said that because about half the group's exposure to
  problem nations was in dollars, the bank had swapped into
  dollars individual provisions hitherto held primarily in marks.
      ""This means that no open currency positions exist any longer
  on the amount of the provision that is made against an actual
  default,"" he added.
      Despite the increase in concern over debtor nations in the
  last few weeks, he said, the international banking community is
  better armed than it was against payment problems.
      All banks had significantly strengthened their capital
  base, most European banks had made considerable provisions
  against bad debts while goverments and central banks were
  better prepared for unforseen difficulties.
      He described debt-equity swaps as a very interesting new
  approach to indebted nations' problems. There was a lot of
  interest in direct investment via an equity participation in
  Latin America, particularly from West German firms.
  

"
training/11775	42	rubber	"MALAYSIA CUTS GAZETTED RUBBER PRICE
  Malaysia said it cut the gazetted
  price of rubber to 202-7/8 cents per kg from 213-1/2 cents in
  March, effective immediately.
      No export duty is applicable at this level, against 3/8
  cent per kg last month, because the government raised the
  export duty threshold price to 210 cents per kg in early 1985.
      The cess for rubber research and replanting remained
  unchanged at 3.85 and 9.92 cents per kg respectively.
  

"
training/1178	12	earn	"WILLCOX AND GIBBS INC <WG> 4TH QTR NET
  Shr 42 cts vs 76 cts
      Net 2.3 mln vs 3.3 mln
      Revs 72.3 mln vs 59.8 mln
      Year
      Shr 1.48 dlrs vs 2.59 dlrs
      Net 7.6 mln vs 11.1 mln
      Revs 261.7 mln vs 224.7 mln
      NOTE: 1985 net includes extraordinary gain of 1.5 mln dlrs
  or 35 cts per share in 4th qtr and 5.1 mln or 1.19 dlrs for the
  year.
  

"
training/11787	12	earn	"SKYLARK CO LTD <SKLK.T> 1986 YEAR
  Group shr 65.44 yen vs 73.30
      Net 4.48 billion vs 4.19 billion
      Current 10.85 billion vs 9.77 billion
      Operating 9.65 billion vs 9.54 billion
      Sales 103.53 billion vs 94.39 billion
      NOTE - Company forecast for current year is group shr 70.05
  yen, net 4.80 billion, current 11.20 billion and sales 113
  billion.
  

"
training/11789	15	gnp	"GERMAN 2.2 PCT GROWTH AVERAGE SEEN TO 1991
  The economy will grow by an average
  rate of 2.2 pct a year in real terms between now and the end of
  1991, Westdeutsche Landesbank Girozentrale (WestLB) said in an
  annual report.
      A year ago WestLB had forecast average growth of just under
  three pct for 1986-1990.
      The 1987 report said gross national product would only
  expand a real 1.7 pct this year -- below previous expectations
  -- because of weaker exports. Growth rates will pick up later,
  however, producing a 2.2 pct increase on average for the
  five-year period.
   MORE
  

"
training/11790	0	acq	"SWEDEN'S BOLIDEN TO ANNOUNCE MAJOR CORPORATE TAKEOVER
TODAY - OFFICIAL.

  SWEDEN'S BOLIDEN TO ANNOUNCE MAJOR CORPORATE TAKEOVER
  TODAY - OFFICIAL.
  

"
training/11791	0	acq	"COURT BLOCKS DELTA-WESTERN AIRLINES MERGER
  A U.S. Appeals court last night
  blocked the 860 mln dlr merger of Delta Airlines Inc <DAL.N>
  and <Western Airlines> just hours before it was to go into
  effect because of a dispute over union representation.
      The ruling came in a lawsuit in which the Air Transport
  Employees union said Western's management should fulfil a
  promise to honour union contracts if a merger took place.
      The airlines argued that Western's promise could not be
  enforced in a takeover by a larger company. Airlines officials
  could not be reached for comment on the ruling, which halts the
  merger until arbitration on the dispute is completed.
  

"
training/11793	0	acq	"BOLIDEN TO ANNOUNCE MAJOR CORPORATE TAKEOVER - OFFICIAL
  Boliden AB <BLDS ST> mining and metals
  group said it will announce a major foreign corporate takeover
  today involving a company with an annual turnover of two
  billion crowns.
      A Boliden spokesman told Reuters details of the
  announcement would be given at a news conference by chairman
  Rune Andersson at 1030 gmt today. He said the company involved
  employed 4,000 people, but declined to name the takeover price
  or say what field the firm operated in.
      Share analysts said they expected Boliden to announce it
  will be taking over the U.S. Allis-Chalmers Corp <AH.O> but
  company officials refused to confirm the reports ahead of the
  news conference.
  

"
training/11794	32	money-fx	"U.K. MONEY MARKET OFFERED EARLY ASSISTANCE
  The Bank of England said it had invited
  an early round of bill offers from the discount houses after
  forecasting a shortage of around 1.2 billion stg in the money
  market today.
      Among the main factors affecting liquidity, bills for
  repurchase by the market will drain some 526 mln stg while
  bills maturing in official hands and the take-up of treasury
  bills will remove around 1.79 billion stg. A rise in note
  circulation will take out a further 105 mln stg.
      Partly offsetting these outflows, exchequer transactions
  will add around 1.01 billion stg and bankers' balances above
  target some 185 mln stg.
  

"
training/11795	15	gnp	"TURKEY ESTIMATES 1986 GROWTH AT EIGHT PCT
  Turkey's Gross National Product grew an
  estimated 8.0 pct in 1986 at fixed 1968 prices, compared with
  5.1 pct in 1985, the State Statistics Institute said.
      Reporting full-year data, it also said Gross Domestic
  Product rose 8.3 pct compared with 5.1 pct in 1985. An earlier
  estimate from nine-month data put full-year GNP and GDP growth
  both at 7.9 pct.
      The government's GNP growth target for 1987 is five pct,
  the same level it had set for 1986.
      The institute estimated per capita GNP for 1986 at 1,116.6
  dlrs, up from 1,045.3 dlrs in 1985.
      Officials blame the high 1986 GNP growth on a surge in
  domestic demand stemming partly from poorly controlled
  municipal expenditures in the early part of the year.
      Industry grew at 11.1 pct in real terms in 1986 compared
  with 6.6 pct in 1985 while agriculture expanded 7.4 pct
  compared with 2.8 pct.
  

"
training/11798	32	money-fx	"U.K. MONEY MARKET GIVEN 689 MLN STG EARLY HELP
  The Bank of England said it had provided
  the money market with early assistance of 689 mln stg in
  response to an early round of bill offers from the discount
  houses. This compares with the Bank's estimate that the system
  would face a shortage of around 1.2 billion stg today.
      The central bank made outright purchases of bank bills
  comprising 347 mln stg in band one at 9-7/8 pct, 207 mln stg in
  band two at 9-13/16 pct and 135 mln stg in band three at 9-3/4
  pct.
  

"
training/11801	47	tin	"MALAYSIAN MINERS SAY U.S. SELLING TOO MUCH TIN
  Malaysian miners criticised the
  U.S. For violating an agreement with Southeast Asian producers
  by selling more stockpiled tin in 1986 than agreed.
      The U.S. General Services Administration sold 5,490 tonnes
  of tin in 1986, well above an agreed upon annual limit of 3,000
  tonnes, the States of Malaya Chamber of Mines said.
      In its latest annual report, it said the U.S. Had promised
  to limit sales of tin in a memorandum of understanding signed
  with the six-member Association of Southeast Asian Nations
  (ASEAN) in December 1983.
      ""The U.S. Appears to have lost sight of the U.S./ASEAN
  Memorandum of Understanding,"" the Chamber said.
      The Chamber estimated the U.S. Strategic stockpile held
  180,444 tonnes of tin in December 1986, 137,744 tonnes in
  excess of of its original stockpile goal of 42,700.
      The main ASEAN tin producers are Malaysia, Indonesia and
  Thailand, which produce the bulk of the world's tin.
  

"
training/11802	12	earn	"GROUPE BRUXELLES LAMBERT PROFIT UP
  Net consolidated profit after deduction
  for minorities 6.52 billion francs vs 5.40 billion.
      Non-consolidated net profit 3.46 billion francs vs 3.05
  billion.
      Note - Results for year 1986. Company's full name is Groupe
  Bruxelles Lambert SA <LAMB.BR>.
      Proposed net final dividend on ordinary shares 70 francs vs
  65 to take total net payment for year to 120 francs vs 110.
  

"
training/11808	0	acq	"AJINOMOTO TO BUY OUT JOINT FOOD VENTURE PARTNER
  Ajinomoto Co Inc <AJIN.T> said it will
  sign around end-April to buy the 50 pct of <Knorr Foods Co
  Ltd>, capitalised at four billion yen, that it does not already
  own from its U.S. Partner <CPC International Inc>.
      Ajinomoto will also acquire 50 pct each of CPC's two sales
  subsidiaries and six production units in Hong Kong, the
  Philippines, Singapore, Malaysia, Taiwan and Thailand, he said.
      The total cost of the acquisition is 340 mln dlrs, the
  spokesman said.
  

"
training/1181	12	earn	"OMNICOM GROUP INC <OMCM> 4TH QTR NET
  Shr profit 27 cts vs profit 51 cts
      Net profit 6,600,000 vs profit 12.2 mln
      Revs 211.7 mln vs 193.4 mln
      Qtly div 24.5 cts vs 24.5 cts
      Avg shrs 24.2 mln vs 23.8 mln
      Year
      Shr loss 17 cts vs profit 1.27 dlrs
      Net loss 4,077,000 vs profit 30.1 mln
      Revs 753.5 mln vs 673.4 mln
      Avg shrs 24.4 mln vs 23.7 mln
      NOTE: Qtly div payable April six to holders of record March
  16.
      1986 4th qtr and year net includes a charge of 5.9 mln dlrs
  and 31.4 mln dlrs, respectively, for corporate restructuring.
  

"
training/11811	4	cocoa	"GHANA COCOA PURCHASES SLOW
  The Ghana Cocoa Board said it purchased
  214 tonnes of cocoa in the 24th week, ended March 19, of the
  1986/87 main crop season, compared with 456 tonnes the previous
  week and 372 tonnes in the 24th week ended March 27 of the
  1985/86 season.
      Cumulative purchases so far this season stand at 217,449
  tonnes, ahead of the 204,256 tonnes purchased by the 24th week
  of last season.
  

"
training/11812	0	acq	"U.K. MERGER CLEARANCES
  The Secretary of State for Trade and
  Industry said he had decided not to refer the proposed
  acquisition by Reed International Plc <REED.L> of <Technical
  Publishing Company Inc> to the Monopolies and Mergers
  Commission.
      The proposed acquisition by <Rosehaugh Plc> of <The General
  Funds Investment Trust Plc> was also cleared.
  

"
training/11817	22	interest	"H.K. BANKS TO RAISE PRIME RATES SOON, DEALERS SAY
  Banks in Hong Kong are likely to raise
  prime rates by half a percentage point to 6-1/2 pct following a
  one-quarter point prime rate increase by two major U.S. Banks
  yesterday, dealers said.
      They told Reuters local banks may decide on the increase at
  this weekend's routine meeting of the Hong Kong Association of
  Banks.
      G.C. Goh, chief dealer of the Standard Chartered Bank, said
  prime rate increases by Citibank and Chase Manhattan Bank to
  7-3/4 pct from 7-1/2 may prompt Hong Kong banks to follow suit.
      Goh said local banks want to restore the prime to 6-1/2
  pct, the level at beginning of 1987.
      The banks raised the prime to the current six pct from five
  pct on February 28 after cutting it 1-1/2 points from 6-1/2 on
  January 15 in response to upside pressure on the Hong Kong
  dollar, he said.
      The medium and longer term interbank rates firmed today,
  with three months ending at 5-1/16 to 4-7/8 pct against
  yesterday's five to 4-13/16 close. The overnight rate, however,
  fell to 3-1/2 to three pct from 4-1/2 to four because of
  increased liquidity for a local stock issue.
  

"
training/1182	12	earn	"FORD MOTOR CO OF CANADA LTD<FC> CUTS ANNUAL DIV
  Annual div six dlrs vs 12 dlrs prior
      Pay March 19
      Record March 13
      Note: 1986 payout includes two dlrs a share extra dividend
      1985 payout includes four dlrs a share extra dividend
  

"
training/11821	0	acq	"SWEDEN'S BOLIDEN AB TAKES OVER U.S. ALLIS-CHALMERS CORP FOR
600 MLN CROWNS - OFFICIAL

  SWEDEN'S BOLIDEN AB TAKES OVER U.S. ALLIS-CHALMERS CORP FOR
  600 MLN CROWNS - OFFICIAL
  

"
training/11822	0	acq	"MITSUBISHI HEAVY, C. ITOH TO SELL TRIGUNA STAKES
  Mitsubishi Heavy Industries Ltd <MITH.T>
  (MHI) and C. Itoh and Co Ltd <CITT.T> have decided to sell
  their combined 65 pct stake in Indonesia's <Pt Triguna Utama
  Machinery Industries> to <Caterpillar Tractor Co>,  spokesmen
  for the two Japanese companies said.
     Triguna, set up in 1982, is owned 40 pct by MHI and 25 pct
  by C. Itoh and 35 pct by an Indonesian company. It makes about
  10 forklift trucks and a similar number of excavators each
  month in technological cooperation with MHI.
      The spokesmen said the sale results from an expected
  restructuring later this year of the 50/50 Caterpillar/MHI
  joint venture Japanese company <Caterpillar Mitsubishi Ltd>,
  formed in 1963.
      They said the venture will be renamed <Shin Caterpillar
  Mitsubishi Ltd> and capitalised at 23 billion yen. It will
  still be owned equally by MHI and Caterpillar and will be set
  up with the aim of centralising MHI's excavator business.
  

"
training/11825	0	acq	"SWEDEN'S BOLIDEN AB TAKES OVER MINING GEAR UNITS OF
ALLIS-CHALMERS CORP FOR 600 MLN CROWNS

  SWEDEN'S BOLIDEN AB TAKES OVER MINING GEAR UNITS OF
  ALLIS-CHALMERS CORP FOR 600 MLN CROWNS
  

"
training/11826	45	sugar	"SUGAR TRADERS FORECAST LIKELY EC SUGAR REBATE
  London traders say the European Community
  is likely to award a maximum rebate of 46.80 European currency
  units per 100 kilos at today's tender, while traders in Paris
  predict a maximum award of 46.40 Ecus.
      Last week the EC awarded licences for 59,000 tonnes at a
  rebate of 45.678 Ecus.
      Trade views differed on the amount of sugar likely to be
  released today.
      London traders said the EC Commission will probably
  endeavour to release a large tonnage, and as much as  100,000
  tonnes may be authorised for export under licences up to
  end-September.
      Paris traders put the likely tonnage at around 60,000.
  

"
training/11829	0	acq	"BOLIDEN TAKES OVER ALLIS-CHALMERS DIVISION
  Swedish mining and metals group
  Boliden AB <BLDS ST> said it would buy the mining equipment
  operations of the U.S. Allis-Chalmers Corp <AH.O>, amounting to
  more than 50 pct of group sales, for 600 mln crowns.
      Boliden president Kjell Nilsson told a news conference the
  acquisition of the Allis-Chalmers unit, which he described as
  the world's leading producer of equipment for the mineral
  processing industry, would yield positive synergy effects for
  Boliden mining, metals and engineering operations.
      Nilsson said the takeover also will provide opportunities
  to cooperate with the mining and materials handling operations
  of Boliden's parent company, <Trelleborg AB>.
      He said Allis-Chalmers was selling out because it needed
  new cash after suffering big losses in its farm equipment
  operation.
      The deal is subject to approval by Allis-Chalmers' annual
  meeting, company officials said.
  

"
training/11830	16	gold	"PROPOSED JAPAN TAX MAY DAMPEN TOKYO GOLD TRADING
  A proposed sales tax on gold transactions
  could put a damper on the Tokyo market and encourage a shift of
  trading to Hong Kong and Singapore, senior vice president and
  Tokyo branch manager of Credit Suisse Paul Hofer told a press
  conference.
      ""If you impose five pct on both buy and sell transactions,
  Tokyo participants in the gold market could be out of business,""
  he said. The tax would create such a spread that Japanese would
  be unable to compete in the international market, he added.
      ""How can the government really raise taxes if the system
  they impose is prohibitive of generating business?"" he said.
      The government now imposes a 15 pct tax on physical trades
  exceeding 37,500 yen for gold jewellery and coins and a 2.5 yen
  tax per 10,000 yen on futures transactions, gold dealers said.
      The new five pct tax would be imposed on companies trading
  more than 100 mln yen a year and apply to paper gold trades,
  gold deposits with banks and trading of gold bars as well as
  that of jewellery and coins, dealers said.
      However, the tax would lower the rate on jewellery and
  coins to only five pct from the current 15 pct, they said.
      Hofer said in 1982 Switzerland had imposed a 5.6 pct gold
  turnover tax on Jan 1, 1980, but abolished it on Oct 1, 1986.
      A study by one of the Swiss banks showed that in early
  1980, the first year of the tax, the volume for all Swiss banks
  fell by up to 25 pct compared with 1978 and 1979, Hofer said.
      Transactions of paper gold also fell up to 75 pct of the
  volume prior to imposition of the tax, he said.
      While gold transactions in Switzerland decreased, the
  volume of trades outside the country, particularly in London
  and Luxembourg, increased between 10-25 pct, Hofer said.
      Japan is a major importer of gold, buying a yearly average
  just under 200 tonnes, gold dealers said.
      Last year Japan imported about 600 tonnes of gold, but the
  government had bought about 300 tonnes for minting coins to
  commemorate the 60th year of Emperor Hirohito's reign, dealers
  said.
      Gold trading in Tokyo is dominated mainly by Japanese
  trading companies, while Credit Suisse is the major foreign
  participant.
      Daily turnover in the Tokyo spot market ranges between one
  and 10 tonnes with the average around three tonnes, while
  futures turnover amounts to about four tonnes, gold dealers
  said.
      ""All of us are concerned daily with the fact that the Tokyo
  market is growing, that Japan is becoming one of the three
  major financial markets in the world ... And in my personal
  opinion I think it would be a very big mistake to put a damper
  on this positive growth or developments by imposing such a tax,""
  Hofer said.
      ""I don't think it fits the philosophy of an
  internationalising market,"" he added.
      Officials of several major Japanese trading houses,
  attending the press conference, said they supported Credit
  Suisse's call for the government not to impose the gold tax.
  

"
training/11831	22	interest	"INDIAN RATE CUTS TO SPARK INDUSTRY, AGRICULTURE
  The Indian Finance Ministry's
  announcement in Parliament yesterday, changing the nation's
  interest rate structure, will benefit industry and agriculture
  by providing loans at lower interest, bankers and brokers said.
      The changes, effective today, included reducing commercial
  bank lending rates that have ranged between 15 pct and 17.5 pct
  by one percentage point.
      New rates, which affect both Indian and foreign banks, also
  include a one percentage point gain, to an annual 10 pct, on
  deposits of two years or more but less than five.
      Bank deposits of five years or more carrying 11 pct
  interest have been abolished.
      Bankers said the interest rate modifications reflect the
  government's concern to reduce the costs of borrowing and help
  improve world competitiveness of Indian goods.
      There is likely to be a shift to short-term bank deposits
  by long-term depositors, bankers predicted. This will create
  the flexibility to draw and re-invest funds in either equity
  shares or short-term bank deposits, they said.
      A merchant banker also said reduced manufacturing costs due
  to lower lending rates are likely to boost the share market.
      Tata Steel, a trend setter on the Bombay Stock Exchange,
  opened today higher at 1,040 rupees against yesterday's closing
  of 1,012.50 rupees.
      A stockbroker said investors may be less enthusiastic now
  to buy convertible and non-convertible debentures because the
  Finance Ministry has reduced the annual interest rate to 12.5
  pct and 14 pct respectively from 13.5 and 15 pct respectively.
      ""But overall debenture prospects remain bright because the
  rates of interest on them will still be higher than what banks
  pay for deposits of similar maturity,"" a merchant banker said.
  

"
training/11832	32	money-fx	"U.K. MONEY MARKET SHORTAGE FORECAST REVISED UP
  The Bank of England said it had revised
  its estimate of the shortage in the money market up to 1.3
  billion stg from 1.2 billion before taking account of its early
  operations.
      The Bank has provided 689 mln stg assistance so far today.
  

"
training/11833	0	acq	"INTERNATIO-MUELLER ACQUIRES CANADIAN COMPANY
  Internatio-Mueller NV <INTN.AS> said it
  will acquire <Promac Controls Inc> of Canada but declined to
  comment on the amount of the payment, which will be in cash.
      Promac, which produces measurement and regulating
  equipment, has a work force of 50 and had 1986 turnover of five
  mln guilders, an Internatio spokesman said.
      He said the takeover fits into the company's drive for
  expansion in the U.S and Canada and further acquisitions are
  possible.
      Promac Controls will be part of Internatio's
  electrotechnical sector.
  

"
training/11837	0	acq	"HOOGOVENS CONCLUDES TAKEOVER OF PHILIPS CIREX UNIT
  Dutch steel concern
  <Hoogovens Groep BV> said it had reached agreement with NV
  Philips Gloeielampenfabrieken <PGLO.AS> on its takeover of
  Cirex, a specialised Philips precision wax moulding unit.
      Neither party would reveal financial details of the deal,
  initially announced in October.
      Hoogovens said Cirex turnover had grown in recent years to
  30 mln guilders in 1986 and it expected further expansion.
      The unit delivers mainly to the car industry.
      Hoogovens said the acquisition would strengthen its
  position as a supplier to industry of high-value metal
  products.
  

"
training/1184	6	copper	"TOTAL U.S. COPPER STOCKS LOWER IN JANUARY
  Total copper stocks held by U.S. rod
  mills and refiners (including wirebars, cathodes, scrap, rod
  and in-process material) dropped to 155,467,000 lbs at the end
  of January from 203,513,000 lbs at the end of December, the
  American Bureau of Metal Statistics said.
      Rod stocks held by refiners and rod mills decreased to
  61,384,000 lbs in January from 69,986,000 lbs in December.
      Cathode inventories at rod mills fell to 86,456,000 lbs in
  January from 124,409,000 lbs in December, while wirebar stocks
  were lower at 3,508,000 lbs versus 4,913,000 lbs in December.
      December rod mill wirebar use nearly doubled to 3,148,000
  lbs in January from 1,540,000 lbs in December. Cathode use by
  mills and refiners increased to 255,266,000 lbs in January from
  238,821,000 lbs in December.
  

"
training/11841	0	acq	"BOLIDEN TAKES OVER ALLIS-CHALMERS DIVISION
  Swedish mining and metals group
  Boliden AB said it would buy the mining equipment operations of
  the U.S. Allis-Chalmers Corp, amounting to more than 50 pct of
  group sales, for 600 mln crowns.
      Boliden president Kjell Nilsson told a news conference the
  acquisition of the Allis-Chalmers unit, which he described as
  the world's leading producer of equipment for the mineral
  processing industry, would yield positive synergy effects for
  Boliden mining, metals and engineering operations.
      Nilsson said the takeover will provide opportunities to
  cooperate with the mining and materials handling operations of
  Boliden's parent company, Trelleborg AB.
      He said Allis-Chalmers was selling out because it needed
  new cash after suffering big losses in its farm equipment
  operation.
      The deal is subject to approval by Allis-Chalmers' annual
  meeting, company officials said.
  

"
training/11843	4	cocoa	"MALAYSIA DECLINES TO STATE POSITION ON COCOA PACT
  Government officials in Malaysia, a
  major cocoa producer, have declined to say whether it will join
  the International Cocoa Agreement (ICCA) for which buffer stock
  rules were agreed in London last week.
      Ministry of Primary Industries officials said in January
  the cabinet would decide on Malaysia's participation, but so
  far a decision has not been announced. The government is said
  to be in favour of joining the pact, but local cocoa growers
  and traders told Reuters they are against the idea because
  certain provisions in it may be to their disadvantage.
      Malaysia is the world's fourth largest cocoa producer. The
  government feels that the pact, through its buffer stock
  mechanism, can help stabilise prices in a market which is
  labouring under surpluses, officials said.
      But growers and traders are concerned Malaysia's
  participation in the pact will require them to pay a levy for
  exports of cocoa to non-member countries of the ICCA.
      They estimate the levy at around 100 ringgit a tonne at
  current prices and said they are not prepared to accept it
  because a big portion of Malaysia's cocoa exports, officially
  estimated at 112,000 tonnes in 1986, goes to non-members.
      Most growers and traders added they are also against a
  buffer stock measure under the agreement which requires
  withholding of cocoa stocks when prices slump.
      Malaysia, which produced 117,000 tonnes of cocoa last year,
  might be forced to withhold up to 70,000 tonnes worth some 30
  mln ringgit under such a measure in the long-term, and this
  might affect their economic viability, they said.
      ""The cost of maintaining such a stock can be high and it
  will be a real messy business for the government and the trade
  if it ever occurs,"" an industry source said.
      The growers and traders also said that under new buffer
  stock rules Malaysia can continue to benefit even if it is not
  a member of the pact, as the buffer stock manager is also
  allowed to buy from non-members for the stockpile.
      Under the new rules purchases from non-members, such as
  Malaysia, will be limited to 15 pct of the total stock.
      Malaysia has come under pressure from some producers to
  join the pact soon, officials said, but they noted that it need
  not rush to do so as there are provisions which allow countries
  to join the agreement even at a later date.
  

"
training/11847	0	acq	"BOND CORP COMPLETES CONSOLIDATED PRESS PURCHASE
  Bond Corp Holdings Ltd <BONA.S> said it
  has completed the 1.05 billion dlr purchase of the electronic
  media interests of unlisted <Consolidated Press Holdings Ltd>.
      The new company <Bond Media Ltd> now holds the television,
  broadcasting and associated businesses previously held by Kerry
  Packer's Consolidated, Bond Corp said in a statement.
      Packer, who made the sale in January, will be a director of
  Bond Media. As previously reported, Bond Media will be publicly
  floated with a rights issue to Bond Corp shareholders. Bond
  Media will be 50 pct owned by Bond Corp and is expected to be
  listed by the end of May, it said.
  

"
training/11848	22	interest	"H.K. BANKS TO RAISE PRIME RATES SOON, DEALERS SAY
  Banks in Hong Kong are likely to raise
  prime rates by half a percentage point to 6-1/2 pct following a
  one-quarter point prime rate increase by two major U.S. Banks
  yesterday, dealers said.
      They told Reuters local banks may decide on the increase at
  this weekend's routine meeting of the Hong Kong Association of
  Banks.
      G.C. Goh, chief dealer of the Standard Chartered Bank, said
  prime rate increases by Citibank and Chase Manhattan Bank to
  7-3/4 pct from 7-1/2 may prompt Hong Kong banks to follow suit.
      Goh said local banks want to restore the prime to 6-1/2
  pct, the level at beginning of 1987.
      The banks raised the prime to the current six pct from five
  pct on February 28 after cutting it 1-1/2 points from 6-1/2 on
  January 15 in response to upside pressure on the Hong Kong
  dollar, he said.
      The medium and longer term interbank rates firmed today,
  with three months ending at 5-1/16 to 4-7/8 pct against
  yesterday's five to 4-13/16 close. The overnight rate, however,
  fell to 3-1/2 to three pct from 4-1/2 to four because of
  increased liquidity for a local stock issue.
  

"
training/11850	12	earn	"GUARDIAN ROYAL PROFIT UP SHARPLY AT 143.8 MLN STG
  Year to Dec 31
      Shr profit 63.6p vs loss 8.7p
      Final div 24p making 34p vs total 28.75p
      Pretax profit 143.8 mln stg vs 3.5 mln
      General underwriting loss on short-term business 79.8 vs
  154.3
      NOTE - Company's full name is Guardian Royal Assuance Plc
  <GREX.L>
      Underwriting profit on long-term insurance business 21.6
  mln stg vs 19.1 mln
      Loss on discontinued international professional indemnity
  business nil vs 40.6 mln stg
      Investment income 213.8 mln stg vs 193.6 mln
      Less interest payable 11.8 mln stg vs 14.3 mln
      Tax 38.8 mln stg vs 15.0 mln Minorities 3.3 mln stg vs 2.3
  mln
      Extraordinary item - contingency claims provisions on
  discontinued international business nil vs 55.0 mln stg
  

"
training/11854	0	acq	"SWEDISH MATCH SELLS PORTUGUESE UNIT
  Swedish Match AB <SMBS.ST> said it was
  selling one of its Portuguese subsidiaries, <Sociedade de
  Iniciativa e Aproveitamentos Florestais Sarl> (SIAF), to the
  Porto-based <Sonae Group> for an undisclosed price.
      SIAF, a subsidiary of Swedish Match since 1946, had a
  turnover last year of 62 mln crowns, the Swedish group said in
  a statement.
  

"
training/11855	12	earn	"SUN LIFE ASSURANCE profit up
  Year 1986
      DIV 18.1p making 28.5p vs 23.74p
      PROFIT AFTER TAX 17.4 mln stg vs 14.1 mln
      TAX 0.7 mln stg vs 0.2 mln
      Bonus distribution rose to new record level of 125.1 mln
  stg vs 114.9 mln in 1985
      Full name of company is Sun Life Assurance Society Plc
  <SULL.L>.
  

"
training/11856	12	earn	"SUN ALLIANCE PRETAX PROFIT 180.4 MLN STG VS 37.7 MLN FOR
1986

  SUN ALLIANCE PRETAX PROFIT 180.4 MLN STG VS 37.7 MLN FOR
  1986
  

"
training/11858	22	interest	"LOWER INTEREST RATES SEEN FOLLOWING IRISH BUDGET
  Financial markets welcomed public
  spending cuts announced by Ireland's new minority government in
  its budget, saying the move would lead to lower interest rates.
      Finance Minister Ray MacSharry, making cuts across the
  board, reduced the Exchequer Borrowing Requirement to 1.85
  billion punts, 10.7 pct of GNP, compared with 2.15 billion
  punts or 13 pct of GNP last year.
      Allied Irish Banks foreign exchange dealer John Kearney
  commented: ""I would see interest rates coming down by two to 2.5
  pct in the next three months.""
  

"
training/11859	12	earn	"SUN ALLIANCE reports sharp profit rise
  Year 1986
      Shr 64.2p vs 14p
      Div 16p making 23.5p vs 17.5p
      Pretax profit 180.4 mln stg vs 37.7 mln
      Net after tax 137.1 mln vs 34.9 mln
      Minorities 10.5 mln vs 7.2 mln
      General premium income 1.99 billion stg vs 1.78 billion
      Long term premium income 704.5 mln vs 576.6 mln
      General insurance underwritng loss 78.3 mln vs 183.4 mln
      Long term insurance profits 27.3 mln vs 20.9 mln
      Investment and other income 231.4 mln vs 200.2 mln.
      Company's full name is Sun Alliance and London Insurance
  Plc <SUNL.L>.
  

"
training/11860	0	acq	"BOLIDEN SAYS IT NOW LEADER IN MINING GEAR
  Swedish mining and metals group
  Boliden AB <BLDS.ST> said the takeover of the U.S.
  Allis-Chalmers Corp's <AH.O> mining machinery division made it
  the world's leading maker of such equipment.
      President Kjell Nilsson, announcing the 600 mln crown deal,
  told a news conference Boliden would now become a truly
  international concern with operations in Brazil, Chile and
  other big minerals-producing nations.
      He said the Allis-Chalmers' division, accounting for some
  50 pct of the U.S. Group's sales, would fit in well into
  Boliden.
  

"
training/11861	22	interest	"U.S. CREDIT MARKET OUTLOOK - PRIME RATE
  The prospect that other banks will
  follow industry leaders Citibank and Chase Manhattan in raising
  their prime rate is likely to cast a pall over the credit
  markets today, economists said.
      Bond prices had been making a smart recovery from two days
  of heavy selling when Citibank surprised the market by
  announcing a quarter-point increase in its prime rate to 7-3/4
  pct. Chase Manhattan quickly followed.
      Prices quickly fell by a full point, even though the dollar
  - the market's overriding concern of late - rose sharply on the
  news.
      Citibank cited the higher cost of money, especially in the
  Euromarket, as the reason for raising its prime rate.
      Part of this rise in market rates has been caused by fears
  of a tighter Federal Reserve policy to defend the dollar, but
  economists said it is too early to tell whether the Fed, whose
  policy-making federal open market committee, FOMC, meets this
  week, is already tightening its grip on credit.
      ""The Fed seems to have been a bit slow in meeting the
  banking system's reserve needs this statement period, but I
  wouldn't conclude anything until I've seen the Fed data,"" said
  Jeffrey Leeds of Chemical Bank.
   REUTER^M
  

"
training/11862	17	grain	"CEREALS MCAS TO BE UNCHANGED NEXT WEEK
  Monetary compensatory amounts, MCA's,
  will be unchanged for the week starting April 6, EC Commission
  officials said.
      Cereals MCA's are plus 2.4 points for West Germany and the
  Netherlands, minus two points for Denmark, minus eight points
  for France, minus nine for Ireland, minus 5.7 for Italy, minus
  25.7 for Britain, minus 44.1 for Greece and minus 10.5 for
  Spain.
  

"
training/11863	0	acq	"U.S. SUPREME COURT ALLOWS DELTA-WESTERN MERGER
  U.S. Supreme Court Justice Sandra Day
  O'Connor early this morning lifted an Appeals Court injunction
  blocking the planned merger of Delta <DAL> Airlines
  Inc and Western Airlines <WAL>, the Court said.
      O'Connor's action came hours after a three-judge panel of
  the 9th U.S. Circuit Court of Appeals in San Francisco had
  blocked the merger until a dispute over union representation
  had been settled by arbitration.
      A Supreme Court spokesman said O'Connor granted a stay of
  the injuction, allowing the merger, worth nearly 860 mln dlrs,
  to go through as planned later today.
      The Supreme Court spokesman provided no other details. Each
  of the nine Supreme Court justices has jurisdiction over a
  particular regional Appellate circuit and has the power to
  provisionally overturn its rulings without comment.
      The Appeals Court ruling surprised officials of
  Atlanta-based Delta, which had been preparing for the merger
  for months and had already painted Delta logos on airplanes
  belonging to Western, which has headquartera in Los Angeles.
      ""Our plans were to finalize the merger at midnight tonight,""
  Delta spokesman Bill Berry told the Atlanta Constitution late
  last night. ""There was really very little that remained to be
  done.""
      The ruling in San Francisco came in a lawsuit that had been
  filed in a Los Angeles federal court in which the Air Transport
  Employees union sought to force Western's management to fulfill
  a promise that it would honor union contracts if a merger took
  place.
      The airlines argued that Western's promise could not be
  enforced in a takeover by a larger company.
      After learning of the appeals court ruling, Delta officials
  last night spread the word by telephone that Western employees
  should report for work today in their old uniforms, not in new
  Delta outfits.
      Delta announced last September that it was purchasing
  Western. The merger took place in December, and Western has
  been operated as a Delta subsidiary since then. The Western
  name was to have disappeared at midnight last night.
      At issue is whether the Western unions would continue to
  represent Western employees after the integration of the two
  airlines.
      While all but eight pct of Western's 11,000 employees are
  unionized, only Delta's pilots are union members.
      Delta had maintained that the three unions having contracts
  with Western -- The Association of Flight Attendants and the
  Teamsters, as well as the Air Transport Employees -- would be
  ""extinguished"" after today.
  

"
training/11864	32	money-fx	"U.K. MONEY MARKET DEFICIT REVISED DOWNWARDS
  The Bank of England said it has revised
  its estimate of today's shortfall to around 1.25 billion stg
  from 1.3 billion before taking account of 775 mln stg morning
  assistance.
  

"
training/11866	5	coffee	"ICO COFFEE PRODUCERS TO DISCUSS MARKET SITUATION
  International Coffee Organization, ICO,
  producers will meet at 1500 GMT (0900 est) for a general
  discussion of the market situation, producer spokesman
  Lindenberg Sette said.
      The Brazilian delegate said several producers requested the
  meeting but Brazil was not among them. The ICO executive
  board's regular session this week has so far been confined to
  routine matters, with no attempt by producers or consumers to
  revive export quota negotiations, delegates said.
      Talks to restore quotas collapsed early last month when
  producers and consumers failed to resolve differences on how
  quotas should be allocated.
      Producer delegates said there was no sense of urgency among
  producers to reopen quota talks with consumers, with most
  countries now prepared to wait for the ICO's annual September
  council session to restart negotiations.
      Members of the Inter-African Coffee Organization called for
  today's producer meeting to exchange views on the market
  situation, the producer delegates said.
      The lack of a new debate on export quotas here this week
  was cited as the reason for renewed weakness in coffee prices
  in London and New York futures, traders said.
      Near May in London hit a five-year low this morning at
  1,220 stg, about 50 stg below last night's close, they said.
      The executive board session looks set to end today,
  following a final session at 1600 GMT (1000 est) when a
  consultancy report of the operation of the ICO will be
  presented to producers and consumers, delegates added.
  

"
training/11867	0	acq	"CITADEL <CDL> SETTLES WITH GREAT WESTERN <GWF>
  Citadel Holding Corp said it
  has settled its litigation with Great Western Financial corp.
      The company said under the terms, Great Western has agreed
  not to acquire or seek to acquire any voting securities of
  Citadel or propose a merger with Citadel for five years, and
  Citadel has paid Great Western six mln dlrs.
      Citadel said it is continuing to pursue its claims against
  Salomon Inc <SB>, which represented it in connection with the
  disputed proposed merger with Great Western that was the
  subject of the litigation.
  

"
training/11871	0	acq	"SOSNOFF ENDS DEAL WITH PRATT, SOUTHMARK ON POSSIBLE
VENTURE FOR CAESARS BID    

  SOSNOFF ENDS DEAL WITH PRATT, SOUTHMARK ON POSSIBLE
  VENTURE FOR CAESARS BID    
  

"
training/11872	0	acq	"BP <BP> STARTS BID FOR STANDARD OIL <SRD> SHARES
  British Petroleum Co PLC said it has
  started its previously announced 7.4 billion dlr offer to
  purchase the 45 pct interest in Standard Oil Co that it does
  not already own for 70 dlrs per share.
      In a newspaper advertisement, the company said the offer,
  which is not conditioned on receipt of any minimum number of
  shares, and associated withdrawal rights will expire April 28
  unless extended.
      BP said it is asking Standard Oil for the use of its
  shareholder list in disseminating the offer, on which the
  Standard board has not yet taken a position.
  

"
training/11873	0	acq	"VISUAL TECHNOLOGY <VSALC> CONTROL CHANGES
  Visual Technology Inc said a group
  led by <Hambrecht and Quist Group> has acquired majority
  ownership of Visual for 9,250,000 dlrs in equity financing.
      The company said Hambrecht and Quist president William R.
  Hambrecht and three other Hambrecht and Quist representatives
  have been named to the Visual board, with Robert M. Morrill,
  managing partner of the Boston office of Hambrecht's Hambrecht
  and Quist Venture Partners unit named chairman.  Clifford G.
  Zimmer Jr. remains president and chief executive officer.
      Visual also said about nine mln dlrs of its debt has been
  converted to equity.
  

"
training/11876	0	acq	"CPC INTERNATIONAL TO SELL STAKES IN ASIAN UNITS FOR 340
MLN DLRS TO AJINOMOTO   

  CPC INTERNATIONAL TO SELL STAKES IN ASIAN UNITS FOR 340
  MLN DLRS TO AJINOMOTO   
  

"
training/11877	12	earn	"CAREPLUS INC <CPLS> 4TH QTR NET
  Shr loss nil vs profit nil
      Net loss 17,000 vs profit 31,000
      Revs 5,429,000 up 27 pct
      Year
      Shr profit four cts vs profit five cts
      Net profit 523,000 vs profit 421,000
      Revs 18.3 mln vs 11.6 mln
      Avg shrs 15.2 mln vs 8,941,000
      NOTE: Year net includes tax credits of 131,000 dlrs vs
  194,000 dlrs.
      1986 net both periods includes charge 264,000 dlrs from
  settlement of overtime wage dispute and addition to provision
  for uncollectible accounts.
  

"
training/11878	12	earn	"JOHN ADAMS LIFE CORP <JALC> 4TH QTR LOSS
  Oper shr loss 24 cts vs profit 24 cts
      Oper net loss 716,000 vs profit 729,000
      Revs 3,673,000 vs 7,826,000
      Avg shrs 2,930,000 vs 2,930,000
      Year
      Oper shr profit nil vs profit 1.31 dlrs
      Oper net profit 10,000 vs profit 3,200,000
      Revs 12.9 mln vs 26.3 mln
      Avg shrs 2,930,000 vs 2,454,521
      NOTE: Net excludes realized investment gains of 2,000 dlrs
  vs 13,000 dlrs quarter and 104,000 dlrs vs 6,000 dlrs year.
      1985 net both periods excludes 57,000 dlr extraordinary
  gain.
  

"
training/11879	12	earn	"TEMPO ENTERPRISES INC <TPO> YEAR NET
  Shr 40 cts vs 36 cts
      Net 2,309,000 vs 2,076,000
      Revs 28.2 mln vs 30.4 mln
  

"
training/1188	12	earn	"UNITED HEALTHCARE CORP <UNIH> 4TH QTR NET
  Shr 10 cts vs 13 cts
      Net 1,553,000 vs 1,541,000
      Revs 73.1 mln vs 32.1 mln
      Avg shrs 15,474,000 vs 12,316,000
      Year
      Shr 47 cts vs 24 cts
      Net 7,241,000 vs 2,835,000
      Revs 216.2 mln vs 101.2 mln
      Avg shrs 15,492,000 vs 11,921,000
      Note: Net income includes extraordinary profit from
  recognition of tax loss carryforward of 920,000 dlrs, or six
  cts a share, in 1986 year, and of 785,000 dlrs, or seven cts a
  share, in both 1985 periods.
  

"
training/11883	12	earn	"PEOPLES BAN CORP <PEOP> SEES 1ST QUARTER NET UP
  Peoples Ban Corp said it expects to
  report first quarter earnings of over six mln dlrs, including a
  gain of 1,600,000 dlrs from the settlement of a dispute with
  the Internal Revenue Service and the sale of four banking
  offices in Vancouver, Wash.
      The company said it expects to report ""normal"" earnings for
  the rest ofd the year of 4,500,000 to five mln dlrs per
  quarter.
      Peoples earned 105,000 dlrs in last year's first quarter
  and in all of 1986 lost 1,768,000 dlrs.
  

"
training/11884	12	earn	"MAXXAM GROUP INC <MXM> 4TH QTR LOSS
  Shr loss 1.61 dlrs vs loss 47 cts
      Net loss 19.2 mln vs loss 5,716,000
      Revs 46.4 mln vs 11.0 mln
      Year
      Shr loss 2.01 dlrs vs loss 29 cts
      Net loss 24.5 mln vs loss 3,548,000
      Revs 150.2 mln vs 24.4 mln
      NOTE: 1985 net includes tax credits of 7,336,000 dlrs in
  quarter and 10.2 mln dlrs in year.
      Results include 64.7 pct stake in Pacific Lumber Co from
  December 1985 through February 1987 and 100 pct thereafter.
  

"
training/11888	0	acq	"SOSNOFF ENDS PRATT <PRAT>/SOUTHMARK <SM> DEAL
  Investor Martin T. Sosnoff said
  Southmark Corp and affiliate Pratt Hotels Corp have ended talks
  with his MTS Acquisition Corp on a possible joint venture for
  the acquisition of Caesars World Inc.
      Sosnoff said the talks had not been actively pursued since
  they were announced March 20, but it had been agreed that
  unless the discussions were formally terminated, Pratt and
  Southmark would not initiate a competing tender offer for
  Caesars World or take any other action that would hamper
  Sosnoff's current offer to acquire all Caesars shares he does
  not now own for 28 dlrs each.
      Sosnoff said his 28 dlr per share bid for Caesars, which is
  scheduled to expire May 15, still stands, and he remains
  receptive to negotiating a transaction to buy Caesars on
  friendly terms.
      Pratt recently made an apparently unsuccessful bid to
  acquire control of Resorts International Inc <RTB>, seeming to
  lose out to Donald Trump.
  

"
training/11891	0	acq	"CPC INTERNATIONAL <CPC> TO SELL ASIAN STAKES
  CPC International Inc
  said said it has agreed in principle to sell interests in its
  grocery products operations in Hong Kong, Malaysia, the
  Philippines, Singapore, Taiwan and Thailand to <Ajinomoto Co
  Inc> of Japan for 340 mln dlrs.
      The company said the move will reduce Asian overhead and a
  substantial part of the proceeds will be used to reduce debt.
      It said as part of the agreement, its current direct
  investment in its existing non-consolidated joint venture with
  Ajinomoto will be converted into a cooperative arrangement for
  the long-term utilization of technology and trademarks.
      The company said the change in the Japanese arrangement
  will give Ajinomoto full equity ownership while leaving CPC a
  continuing earnings stream and cash flow.
      The transactions are subject to definitive agreements and
  government approvals.
      CPC said not included in the 340 mln dlr consideration are
  proceeds from the sale of some smaller Asian investments,
  including a 51 pct equity interest in an oat-based food venture
  to an Australian partner.
      The company said the actions being taken under its
  restructuring program, including the sale of its European corn
  wet milling business and other assets, overhead reductions and
  other expense items and the Asian transactions, will have a
  one-time positive effect on 1987 earnings.
      CPC said ""Although the extent cannot yet be determined, the
  company expects that 1987 earnings per share will increase by
  substantially more than the previously estimated 20 pct
  increase over 1986.""  In 1986 CPC earned 2.30 dlrs per share.
  

"
training/11892	0	acq	"ENERGY DEVELOPMENT <EDP> COMPLETES MAY <MEP> BUY
  Energy Development Partners Ltd said
  it has completed the acquisition of May Energy Partners Ltd for
  1,817,697 depositary units following approval yesterday by May
  Energy unitholders.
      Energy Development said May Petroleum Inc <MAYP>, general
  partner of May Energy, will distribute about 35 Energy
  Development units for each 100 May Energy Partners units to
  holders of 100 May Energy Partnners units or more and cash to
  others.
      Energy Development said the transaction increases its units
  outstanding to 12.6 mln and raises total proved reserves as of
  the end of 1986 27 pct.  Angeles Corp <ANG> is general partner
  of Energy Development.
  

"
training/11893	45	sugar	"U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES
  A total 102,350 tonnes of current series
  white sugar received export rebates of a maximum 46.864
  European Currency Units (Ecus) per 100 kilos at today's
  European Community (EC) tender, the U.K. Intervention Board
  said.
      Out of this, traders in France received 31,000 tonnes, in
  West Germany 21,000, in Belgium 19,050, in the U.K. 15,800, in
  Denmark 8,500, in the Netherlands 6,000 and in Spain 1,000
  tonnes, it added.
      Earlier today, London traders had expected the subsidy for
  the current season whites campaign for licences to end-Sep to
  be around 46.80 Ecus per 100 kilos while French traders had put
  the rebate at around 46.40 Ecus.
      Traders here had also forecast today's total authorised
  sugar tonnage export awards up to 100,000 tonnes versus 59,000
  last week when the restitution was 45.678 Ecus.
      Total export authorisations for the 1985/86 campaign (42
   weeks) now stand at 2,076,620 tonnes.
  

"
training/11894	8	cpi	"TURKISH INFLATION INCREASES IN MARCH
  Inflation in Turkey was 3.7 pct in March
  compared with 1.7 pct in February and 1.3 pct in March 1986,
  the State Statistics Institute said.
      The annual rate rose to 34.7 pct in March compared with
  31.7 pct in February and 34.2 pct in March 1986. The
  government's target is to reduce inflation this year to an
  annual 20 pct.
      The consumer price index, base 1978/79, was 1,957.3
  compared with 1,886.8 in February and 1,452.7 in March, 1986.
  

"
training/11895	0	acq	"SCHERING-PLOUGH <SGP> MULLS DR. SCHOLL'S SALE
  Schering-Plough corp said it is
  considering the sale of its Dr. Scholl's businesses in Europe,
  Latin America and the Far East, which had sales of about 150
  mln dlrs in 1986.
      The company said the transaction is not expected to have a
  material impact on earnings.  It said it has engaged Merrill
  Lynch and Co Inc <MER> to assist in the sale process.
      Schering said it will retain Dr. Scholl's businesses in the
  U.S., Canada and Puerto Rico, which had sales of about 135 mln
  dlrs last year.
  

"
training/11896	12	earn	"FAMILY DOLLAR STORES INC <FDO> 2ND QTR FEB 28
  Shr 28 cts vs 31 cts
      Net 8,117,095 vs 8,954,904
      Sales 146.7 mln vs 133.0 mln
      Avg shares 29.0 mln vs 28.9 mln
      First half
      Shr 48 cts vs 53 cts
      Net 13.8 mln vs 15.2 mln
      Sales 273.0 mln vs 242.1 mln
      Avg shrs 29.0 mln vs 28.9 mln
  

"
training/11898	12	earn	"MCO HOLDINGS INC <MCO> 4TH QTR LOSS
  Oper shr loss 2.27 dlrs vs loss 1.62 dlrs
      Oper net loss 12.7 mln vs loss 12.1 mln
      Revs 60.0 mln vs 26.2 mln
      Year
      Oper shr loss 5.16 dlrs vs loss 1.56 dlrs
      dOper net loss 29.0 mln vs loss 12.4 mln
      Revs 139.3 mln vs 110.0 mln
      NOTE: 1985 operating losses exclude profits of 19.5 mln
  dlrs, or 2.64 dlrs a share, in quarter and 20.6 mln dlrs, or
  2.74 dlrs a share, in year from discontinued operations
      1985 loss in both periods includes pre-tax charge of 16.9
  mln dlrs on write down of oil properties.
      1986 year loss includes pre-tax charge of 23.0 mln dlrs for
  write down of oil and gas properties.
  

"
training/11900	22	interest	"BUNDESBANK WILL NOT HOLD PRESS CONFERENCE TOMORROW
  The Bundesbank will not hold a press
  conference after its regular fortnightly council meeting
  tomorrow, a spokesman said in answer to enquiries.
      Bundesbank vice-president Helmut Schlesinger will chair the
  meeting, as president Karl Otto Poehl has a private engagement.
      The next meeting is scheduled for April 16.
  

"
training/11903	22	interest	"MANUFACTURERS HANOVER RAISES PRIME RATE TO 7-3/4 PCT FROM
7-1/2, EFFECTIVE TODAY

  MANUFACTURERS HANOVER RAISES PRIME RATE TO 7-3/4 PCT FROM
  7-1/2, EFFECTIVE TODAY
  

"
training/11904	12	earn	"RANSBURG CORP <RBG> 1ST QTR FEB 28 LOSS
  Oper shr loss 19 cts vs profit one ct
      Oper net loss 1,495,000 vs profit 50,000
      Revs 52.3 mln vs 48.9 mln
      NOTE: Earnings exclude gains from utilization of tax loss
  carryforwards of 82,000 dlrs, or one ct a share vs 300,000
  dlrs, or three cts a share
  

"
training/11905	0	acq	"CONRAC CORP REJECTS MARK IV INDUSTRIES TENDER OFFER,
EXPLORES ALTERNATIVES

  CONRAC CORP REJECTS MARK IV INDUSTRIES TENDER OFFER,
  EXPLORES ALTERNATIVES
  

"
training/11907	22	interest	"MANUFACTURERS HANOVER <MHC> RAISES PRIME RATE
  Manufacturers Hanover Trust Co became
  the third major U.S. bank to increase its prime rate to 7-3/4
  pct from 7-1/2, matching a move initiated yesterday by Citibank
  and Chase Manhattan.
      The bank, the main subsidiary of Manufacturers Hanover
  Corp, said the new rate is effective today.
  

"
training/11908	12	earn	"SNYDER OIL PARTNERS LP <SOI> SETS QUARTERLY
  Qtly div 30 cts vs 30 cts prior
      Pay April 30
      Record April 15
  

"
training/11909	0	acq	"MEDAR <MDXR> ACQUIRES OWENS-ILLINOIS <OI> UNIT
  Medar Inc said it
  acquired Automatic Inspection Devices Inc, a subsidiary of
  Owens-Illinois Inc, Toledo, Ohio, through an exchange of stock
  for 80 pct of the company.
      Automatic Designs and manufactures a line of machine vision
  systems for the packaging, pharmaceutical, electronics and
  consumer goods industries.
  

"
training/1191	12	earn	"RAYTECH CORP <RAY> 4TH QTR DEC 28 NET
  Shr profit 78 cts vs loss 1.05 dlrs
      Net profit 2,336,000 vs loss 3,002,000
      Revs 26.0 mln vs 26.7 mln
      Year
      Shr profit 1.59 dlrs vs loss 6.35 dlrs
      Net profit 4,688,000 vs loss 18.2 mln
      Revs 113.5 mln vs 112.4 mln
      NOTE: 1986 4th qtr and yr includes loss carryfoward of
  534,000 dlrs and 1,662,000 dlrs, respectively.
  

"
training/11910	0	acq	"ALLIS-CHALMERS <AH> ESTIMATES PROCEEDS OF SALE
  Allis-Chalmers Corp said it
  expects cash proceeds from the proposed sale of its solids
  processing equipment and minerals systems businesses to exceed
  90 mln dlrs, with no material gain or loss anticipated from the
  planned sale.
      Closing of the sale to Boliden AB of Sweden would be part
  of the overall restructure of Allis-Chalmers, which was
  announced on March Four, the company said.
      Allis-Chalmers said the business entities included in the
  transaction had total sales of about 250 mln dlrs in 1986, with
  total employment of about 4,300.
      The solids processing equipment business involves
  manufacture of crushing and related equipment for mining. It
  consists of operations in Sweden, Australia, Brazil, France,
  Great Britain, Spain and Appleton, Wis.
      The minerals systems business has operations in West Allis,
  Wis., and Lachine, Quebec, Canada.
  

"
training/11913	22	interest	"IRVING TRUST <V> RAISES PRIME RATE
  Irving Trust Co said it is raising its
  prime rate to 7-3/4 pct from 7-1/2, effective immediately.
      It becomes the fourth U.S. bank to raise the rate,
  following Citibank, Chase Manhattan and Manufacturers Hanover
  Trust.
  

"
training/11915	0	acq	"CONRAC <CAX> REJECTS MARK IV <IV> OFFER
  Conrac Corp said its board has
  rejected MArk IV Industries Inc's tender offer for all Conract
  shares at 25 dlrs each, and no Conract director of officer
  plans to tender any shares.
      The company said financial advisor <Goldman, Sachs and Co>
  determined the price to be inadequate.
      It said its board has instructed management to explore and
  develop with financial and legal advisors alternative courses
  of action to maximize shareholder values.
  

"
training/11916	0	acq	"TAFT <TFB> HAD NOT COMPLETED TV STATION SALE
  Taft Broadcasting Co said the
  sale of its independent television stations to TVX Broadcast
  Group, which had been set for yesterday, did not occur.
      TVX and its investment bankers, Salomon Inc's <SB> Salomon
  Brothers, advised Taft the closing would not be consumated as
  scheduled, the company said.
      TVX and Salomon also advised Taft they hope to be able to
  close in near future, the company said, adding it is prepared
  to close at any time.
      A Taft spokeswoman referred all questions to TVX and
  Salomon.
      Taft agreed in November to sell the stations in
  Philadelphia, Washington, Miami, Fort Worth-Dallas and Houston
  TVX Broadcast for 240 mln dlrs.
      At the time, Taft said the transaction would result in an
  after tax charge of 45 to 50 mln dlrs.
  

"
training/1192	12	earn	"DATAMAG INC <DMAG> 1ST QTR DEC 31 LOSS
  Net loss 92,623 vs profit 11,209
      Sales 93,483 vs 189,388
      Note: per share data not available, as company went public
  in January, 1987.
  

"
training/11920	0	acq	"CYCLOPS <CYL> NAMES DIXONS OFFICIALS TO BOARD
  Cyclops corp said it has
  reconstituted its board to include three <Dixons Group PLC>
  executives following Dixons' acquisition of 83 pct of Cyclops'
  4,061,000 shares in a 95 dlr per share tender offer.
      Cyclops said remaining on the six-member board are chairman
  and chief executive W.H. Knoell, president and chief operating
  officer James F. Will and senior vice president William D.
  Dickey.
  

"
training/11923	0	acq	"SOUTHMARK <SM> COMPLETES ACQUISITION
  Southmark Corp said it has completed the
  purchase of Georgia International Life Insurance Co from
  Capital Holding Corp <CPH> for cash and Southmark securities
  worth over 85 mln dlrs.
  

"
training/11925	12	earn	"VALHI <VHI> REPORTS PRO-FORMA EARNINGS
  Valhi Inc, formed by the March 10 merger
  of Amalgamated Sugar Co into LLC Corp, said it had unaudited
  pro-forma earnings of 72 mln dlrs, or 61 cts a share, for the
  six months ended December 31.
      Valhi said these results were prepared as if the merger had
  occurred July 1, 1986, and on substantially the same basis as
  the pro-forma financial information in LLC's and Amalgamated's
  joint proxy statement dated February 10.
      Valhi said it has about 117 mln common shares outstanding
  with about 85 pct held by <Contran Corp>.
  

"
training/1193	12	earn	"ROYAL BANK SEES IMPROVED RESULTS
  <Royal Bank of Canada>, in reporting a
  19 pct drop in first quarter earnings, said it expects to
  report improved results in future earnings periods.
      ""Healthy consumer credit growth, record fee-based income,
  highly profitable securities and foreign exchange trading, and
  a solid capital position...combined with the restraint of
  non-interest expenses, should lead to improved results in the
  periods ahead,"" chairman Allan Taylor said in a statement.
      The bank earlier reported profit for the first quarter
  ended January 31 fell to 114 mln dlrs from 140 mln dlrs a year
  ago.
      Taylor said loans to the energy sector continue to
  substantially hurt earnings while profitability of the bank's
  international operations remains weak, reflecting
  resource-related difficulties of private and public sector
  borrowers and unsatisfactory results from capital market
  activities.
      The bank said earnings from domestic operations rose to 103
  mln dlrs in the first quarter from 98 mln dlrs a year ago while
  earnings from international operations plunged to 11 mln dlrs
  from 42 mln dlrs last year.
      Royal Bank said first quarter international net interest
  income declined from last year, reflecting reduced revenues
  from international investment banking as well as a significant
  loss on disposal of its affiliate in Trinidad and Tobago.
      Other income rose to 251 mln dlrs from 220 mln dlrs last
  year. The rise was due to higher commercial banking and retail
  deposit service fees, and higher foreign exchange revenue but
  lower securities commissions from international investment bank
  operations partly offset the gains, Royal Bank said.
      The bank said a two billion dlr increase in total assets to
  98.7 billion dlrs was due mainly to continued growth in
  consumer lending, particularly residential mortgages.
  

"
training/11930	12	earn	"ACME-CLEVELAND CORP <AMT> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay May 13
      Record April 29
  

"
training/11932	49	veg-oil	"U.S. OIL/LARD STATISTICS
  U.S. Census Bureau figures released
  here showed factory and warehouse stocks on Feb 28 included the
  following, with comparisons, in mln lbs --
            02/28/87    01/31/87  02/28/86
   Soybean Oils --
     Crude  1,663.3-x  1,542.6      893.7
   Refined    300.5-x    294.7-r    287.4
     Total  1,963.8-x  1,837.3-r  1,181.1
  Cotton Oils --
     Crude     65.7       55.8-r     64.5
   Refined    122.3      109.6-r    119.6
     Total    188.0      165.4-r    184.1
   X-Revised from preliminary data released in the bureau's
  oilseeds report of March 23. R-Revised.
  
       Factory and Warehouse Stocks, continued -
           02/28/87  01/31/87   02/28/86
   Corn Oils --
       Crude   32.5    32.3-r   44.2
     Refined   65.8    54.4-r   39.9
       Total   98.3    86.7-r   84.1
        Lard   31.4    31.5-r   36.4
    R-Revised.
  

"
training/11933	12	earn	"VMS STRATEGIC LAND TRUST <VLANS> SETS PAYOUT
  VMS Strategic Land Trust declared an
  initial dividend of 30 cts a share payable May 15 to
  shareholders of record April 20.
      The dividend represents a 12 pct annual return based on the
  company's original offering price in December of 10 dlrs a
  share. The return is guaranteed through December 31, 1988, the
  company said.
      The trust invests in short term junior preconstruction
  mortgage loans and has total principal amount of investments of
  approximately 105.7 mln dlrs.
  

"
training/11934	22	interest	"CHEMICAL <CHL> RAISES PRIME RATE TO 7-3/4 PCT
  Chemical Bank, the main bank subsidiary
  of Chemical New York Corp, said it is raising its prime lending
  rate to 7-3/4 pct from 7-1/2 pct, effective immediately.
  

"
training/11935	27	lead	"<COMINCO LTD> LOWERS PRICE OF LEAD METAL
  Cominco Ltd said its
  Cominco metals division lowered the price for lead metal sold
  in Canada by 1/2 Canadian cts per pound to 34 Canadian cts per
  pound.
  

"
training/11938	32	money-fx	"FED BUYING ONE BILLION DLRS OF BILLS FOR CUSTOMER
ACCOUNT, FED SAYS

  FED BUYING ONE BILLION DLRS OF BILLS FOR CUSTOMER
  ACCOUNT, FED SAYS
  

"
training/11940	22	interest	"MARINE MIDLAND <MMB> RAISES PRIME RATE
  Marine Midland Banks Inc said it is
  raising its prime lending rate to 7-3/4 pct from 7-1/2 pct,
  effective immediately.
  

"
training/11941	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
     30-69 days  5.00 pct  5.00 pct   30-124 days
     70-88 days  5.92 pct  5.90 pct  125-150 days
    89-123 days  5.00 pct  5.00 pct  151-173 days
   124-150 days  5.93 pct  5.92 pct  174-182 days
   151-349 days  5.00 pct  5.00 pct  183-349 days
   350-360 days  5.98 pct  5.94 pct  350-360 days
  

"
training/11945	6	copper	"ASARCO LOWERS COPPER PRICE 1.50 CTS TO 67 CTS
  Asarco Inc said it is decreasing its
  domestic delivered copper cathode price by 1.50 cents to 67.0
  cents a lb, effective immediately.
  

"
training/11946	32	money-fx	"FED BUYS ONE BILLION DLRS OF BILLS FOR CUSTOMER
  The Federal Reserve is buying one
  billion dlrs of Treasury bills for customer account for
  delivery today, a spokesman for the bank said.
      Fed funds were trading at 6-3/16 pct at the time of the
  purchase, which came several hours before the Fed normally
  transacts business for its customers.
      Economists said the purchase was almost certainly related
  to the investment of proceeds from recent central bank
  intervention in the foreign exchanges.
      The Bank of Japan alone is estimated to have bought about
  six billion dlrs in March in a bid to prop up the dollar.
  

"
training/11947	12	earn	"GEORGIA-PACIFIC TO HAVE 60 MLN DLR PRETAX GAIN FROM SALE
OF GEORGIA GULF STAKE

  GEORGIA-PACIFIC TO HAVE 60 MLN DLR PRETAX GAIN FROM SALE
  OF GEORGIA GULF STAKE
  

"
training/11953	49	veg-oil	"U.S. VEGETABLE OIL PRODUCTS OUTPUT IN FEBRUARY
  U.S. factories used 1,053.0 mln lbs
  of various vegetable oils in the production of edible products
  during February, the Census Bureau reported.
      That compared with a revised usage of 1,075.0 mln lbs in
  January and 1,084.2 mln lbs in February, 1986.
      February production of selected products included the
  following, with comparisons, in mln lbs --
                   Feb 87    Jan 87    Feb 86
       Baking or
     Frying Fats -- 355.5    387.6-r   427.4
   Soybean Salad and
     Cooking Oil -- 388.1    373.3-r   351.7
   R-Revised.
  
      Production, continued (in mln lbs --)
                     Feb 87    Jan 87   Feb 86
   Other Salad and
      Cooking Oils   111.2    111.4-r   114.3
         Margarine   218.8    216.9-r   214.4
         Glycerine --
             Crude    21.5     25.9      31.3
           Refined    23.5     23.6-r    25.4
       Fatty Acids   102.9    112.5-r   113.1
         Meat/Meal
           Tankage   410.2    458.2-r   446.2
   R-Revised.
  REUTER^M
  

"
training/11954	0	acq	"BEECHAM GROUP <BHAMY> TO SELL UNIT
  Privately-held investment firm
  <Dubin Clark and Co> said it has signed a definitive agreement
  for an investment group it heads to acquire Roberts
  Consolidated Industries from <Beecham Group PLC> for 45 mln
  dlrs.
      Roberts makes and distributes accessories, adhesives and
  tools used in carpet installation.
      Dubin Clark said its group includes Roberts management and
  London investment company <J. Rothschild Holdings PLC>.  It
  said Ronald J. Dubin will become vice chairman of Roberts and
  J. Thomas Clark chairman.
  REUTER^M
  

"
training/11957	29	livestock	"U.S. TALLOW PRODUCTION AND STOCKS
  U.S. factory production of inedible
  tallow and grease amounted to 421.5 mln lbs in February, vs a
  revised 471.5 mln lbs the previous month and 419.2 mln lbs in
  the year-ago period, the Census Bureau said.
      The bureau placed February factory production of edible
  tallow at 96.9 mln lbs, vs a revised 111.4 mln lbs the previous
  month and 122.7 mln lbs in February a year earlier.
      It estimated factory and warehouse stocks of inedible
  tallow on February 28 at 410.7 mln lbs, vs a revised 351.6 mln
  the previous month and 361.9 mln in February, 1986.
      End-Feb stocks of edible tallow amounted to 41.9 mln lbs,
  vs a revised 40.1 mln lbs and 48.6 mln lbs in their respective
  periods.
      Factory consumption of inedible tallow and grease in
  February was assessed at 238.3 mln lbs, vs a revised 250.4 mln
  lbs a month earlier and 220.5 mln lbs in the year-ago period.
      During February, factories used 65.3 mln lbs of edible
  tallow, vs a revised 71.8 mln and 84.6 mln, respectively.
      Total factory production and consumption of tallow in the
  1987 marketing season, which began Jan 1, vs the 1986 season,
  were as follows, in mln lbs -- 
    Production -- 1987     1986
      Inedible    893.0    920.1
        Edible    208.3    274.7
   Consumption --
      Inedible    488.7    473.7
        Edible    137.1    176.4
  

"
training/11958	27	lead	"COMINCO LTD CUTS LEAD PRICE IN CANADA
  Cominco Ltd said its
  Cominco metals division lowered the price for lead metal sold
  in Canada by 1/2 Canadian cts per pound to 34 Canadian cts per
  pound.
  

"
training/11960	22	interest	"MERCANTILE BANK N.A. <MTRC> RAISES PRIME RATE
  Mercantile Bancorp said its Mercantile
  Bank N.A. raised its prime rate to 7-3/4 pct from 7-1/2 pct,
  effective immediately.
  

"
training/11961	29	livestock	"U.S. LARD CONSUMPTION IN FEBRUARY
  U.S. factory usage of lard in the
  production of both edible and inedible products during February
  totaled 22.0 mln lbs, vs a revised 20.2 mln lbs in January,
  according to Census Bureau figures.
      In the year-earlier period, usage, which includes
  hydrogenated vegetable and animal fats and other oils in
  process, amounted to 31.4 mln lbs.
      Usage in February comprised 16.6 mln lbs of edible products
  and 5.4 mln lbs of inedible products.
      Total lard usage in the 1986/87 marketing season, which
  began October 1, amounted to 125.2 mln lbs, vs 185.6 mln lbs in
  the year-ago period.
  

"
training/11962	0	acq	"AUTOSPA <LUBE> TO BUY CONTROL OF CARDIS <CDS>
  Autospa Corp said it has signed an
  agreement to purchase 2,400,000 shares of eight pct convertible
  preferred stock of Cardis Corp -- representing voting control
  -- for 15 mln dlrs.
      The company said the preferred purchase will be financed by
  an investment group led by Autospa.
      It said it will also receive from Cardis five-year options
  to buy 2,400,000 Cardis common shares at 6.25 to seven dlrs
  each, depending on the time of exercise, and warrants to
  purchase about 3,200,000 shares at 6.60 to 7.60 dlrs each.
      The company said the exercise of all options and warrants
  by Autospa would result in a tital investment of 50 to 55 mln
  dlrs.  Execution of a definitive agreement is expected by April
  22, it said, subject to the completion of financing
  arrangements, and closing is expected by May 15.
  

"
training/11966	12	earn	"WEATHERFORD INTERNATIONAL INC <WII> 4TH QTR LOSS
  Shr loss 40 cts vs loss 1.30 dlrs
      Net loss 3,619,000 vs loss 11.3 mln
      Revs 24.1 mln vs 34.1 mln
      Year
      Shr loss 4.36 dlrs vs loss 2.09 dlrs
      Net loss 38.7 mln vs loss 16.8 mln
      Revs 104.6 mln vs 133.9 mln
  

"
training/11967	12	earn	"PROGRESSIVE SAVINGS <PRSL> 4TH QTR LOSS
  Shr loss 1.05 dlrs vs profit three cts
      Net loss 4,477,000 vs profit 107,818
      Revs 10.9 mln vs 13.8 mln
      Year
      Shr loss 79 cts vs profit three cts
      Net loss 3,364,058 vs profit 123,880
      Revs 50.9 mln vs 57.2 mln
      Note: Full name Progressive Savings and Loan Association.
      Current year figures include 5.1 mln dlr incrase to
  reserves for estimated real estate and loan losses.
  

"
training/11968	0	acq	"ALLIED SUPERMARKETS <ASU> FILES PROPOSED MERGER
  Allied Supermarkets Inc said it filed a
  registration statement with the Securities and Exchange
  Commission for a proposed merger with <The Vons Companies>, a
  supermarket, combination store operator.
      Allied said the statement covers 140 mln dlrs of senior
  subordinated discount debentures and 100 mln dlrs of
  subordinated debentures, principal amounts, with a proposed
  aggregate offering price of about 100 mln dlrs for each issue.
      Drexel Burnham Lambert Inc and Donaldson, Lufkin and
  Jenrette Securities Inc are co-underwriters of both issues,
  which Allied expects to offer in early June, Allied said.
  

"
training/1197	48	trade	"BELGIAN SAYS EC WOULD REACT TO TEXTILE BILL
  Belgian Foreign Trade Minister Herman
  De Croo said if Congress passed legislation curbing world
  textile imports the only way the European Community (EC) could
  react was to retaliate.
      De Croo said at a news conference ""if you limit textile
  imports, you will re-orient textiles to Europe.""
      And that he said would trigger EC taxes on U.S. goods.
      Congress passed a textile bill two years ago, but it was
  vetoed by President Reagan on grounds that curbing imports to
  protect the domestic textile industry would trigger retaliation
  U.S. trading partners.
      A similar bill has been introducted this year, in a
  Congress with a bigger Democratic majority and with a President
  weakened by the Iran scandal.
      De Croo, here for talks with Administration officials and
  Congressmen, said if a textile bill passed, ""the only way we
  could react would be retaliation, and it would cause more
  retaliation, which is not a good way to deal with problems.""
      He said if a textile bill was enacted, ""we will impose taxes
  on a lot of American products.""  He said ""it would be stupid. We
  have to avoid that.""
      He said Congressmen seem upset mosty with Japan, because of
  its massive trade suprlus with the United States, and not with
  EC nations, but EC nations will be hurt by the diverted 
  shipments of Asian textiles.
      De Croo also criticized the way U.S. officials try to solve
  EC trade issues, saying ""each time we come in contact, it a
  conflict contact. The clouts are coming fom the West.""
      He said it then is a crisis atmosphere with officials cross
  the Atlantic and dramatized with headlines.
      ""This is not the way to work in a serious way between two
  big powers,"" De Croo said.
  

"
training/11970	7	cotton	"CERTIFICATED COTTON STOCKS
  Certificated cotton stocks deliverable
  on the New York Cotton Exchange No 2 cotton futures contract as
  of March 31 were reported at 36,659 bales, unchanged from the
  previous day's figure. There were no bales awaiting review and
  985 bales awaiting decertification.
  

"
training/11976	12	earn	"JOHN O. BUTLER CO <BUTC> 2ND QTR FEB 28 NET
  Shr 19 cts vs 18 cts
      Net 1,230,041 vs 1,153,280
      Sales 10,909,729 vs 9,675,355
      Six mths
      Shr 31 cts vs 29 cts
      Net 2,019,930 vs 1,857,357
      Sales 21.0 mln vs 17.8 mln
  

"
training/11977	12	earn	"<GUILLEVIN INTERNATIONAL INC> YEAR JAN 31 NET
  Shr 51 cts vs 36 cts
      Net 2,543,285 vs 1,686,559
      Sales 153.2 mln vs 120.7 mln
  

"
training/11978	12	earn	"COSMO COMMUNICATIONS CORP <CSMO> YEAR LOSS
  Shr loss one ct vs loss 2.16 dlrs
      Net loss 30,000 vs loss 12.4 mln
      Revs 27.4 mln vs 38.3 mln
  

"
training/11979	12	earn	"LINEAR <LNER> SEES LOWER COMPARABLE 4TH QTR NET
  Linear Films Inc said its fourth
  quarter earnings for the period ended March 31, will be lower
  than the 1,235,000 dlrs or 19 cts a share reported in the
  year-ago quarter on sales of 11.8 mln dlrs.
      The company attributed the lower earnings to narrowing
  profit margins on stretch film.
      Linear also said it is increasing its stretch film prices
  by six pct effective April 15.
  

"
training/1198	12	earn	"KAY CORP <KAY> 4TH QTR NET
  Oper shr 25 cts vs 1.21 dlrs
      Oper net 1,366,000 vs 6,287,000
      Revs 251.3 mln vs 107.1 mln
      Year
      Oper shr 1.10 dlrs vs 1.06 dlrs
      Oper net 5,552,000 vs 4,982,000
      Revs 827.5 mln vs 434.4 mln
      NOTE: Oper net excludes results of Kay Jewelers Inc, a
  former subsidiary. On Dec 31, 1986 company distributed
  remaining 80.4 pct interest in subsidiary to Kay Corp holders.
      1985 amts restated in connection with company's
  distribution of investment in Kay Jewelers Inc.
      1986 4th qtr and yr oper net excludes 8,308,000 dlrs or
  1.52 dlrs per share, and 7,774,000 dlrs or 1.54 dlrs per share,
  respectively, for equity in net income of spun-off unit. 1985
  4th qtr and yr oper net excludes 6,806,000 dlrs or 1.28 dlrs
  per share and 5,770,000 dlrs or 1.09 dlrs per share,
  respectively, for equity in net earnings of spun-off unit.
      1985 oper net also excludes 2,778,000 or 52 cts per share
  for adoption of new pension accounting rules and ine cts per
  share for gain from assets sales.
  

"
training/11980	12	earn	"STAODYNAMICS INC <SDYN> 4TH QTR NET
  Shr three cts vs six cts
      Net 54,965 vs 106,147
      Revs 2,124,983 vs 1,915,928
      Avg shrs 2,206,017 vs 1,878,438
      Year
      Shr 14 cts vs eight cts
      Net 302,388 vs 157,690
      Revs 7,952,360 vs 7,495,936
      Avg shrs 2,139,991 vs 2,051,178
  

"
training/11981	0	acq	"1ST SOURCE <SRCE> COMPLETES MERGER
  1st Source Bank said it
  completed its merger with <Community State Bank> of North
  Liberty, Ind.
      The bank said Community State Bank's shareholders approved
  the merger at a meeting last Saturday, while Monday the
  directors of 1st Source also approved the move.
      The merger would add Community Bank's 20 mln dlrs in assets
  to 1st Source's more than one billion dlrs in assets, 1st
  Source said.
  

"
training/11982	0	acq	"FIRST NATIONAL BANK CORP TO BUY BRANCH
  First National Bank Corp,
  the newly formed parent of First National Bank in Mount
  Clemens, Mich., and Bankers Fund Life Insurance Co, said it
  reached an agreement to buy a branch in Clinton Township from a
  nonrelated financial institution.
      It said the acquisition brings to 10 the number of bank
  branches in Macomb County. Terms were not disclosed.
      Separately, the newly formed holding company also said it
  named Arie Guldemond as chairman and Harold Allmacher as
  president and chief executive officer.
  

"
training/11983	12	earn	"GEORGIA PACIFIC <GP> SEES GAIN FROM SALE
  Georgia-Pacific Corp said its second
  quarter results will include a gain of 60 mln dlrs pre-tax, or
  34 cts per share after-tax, from the sale of its interest in
  <Georgia Gulf Corp>.
      The company said it is selling warrants for about 1.8 mln
  shares of Georgia Gulf common stock to Goldman Sachs and Co in
  connection with the 4.8 mln share offering of Georgia Gulf.
      It said it received the warrants when it agreed to sell its
  commmodity chemical operations to Georgia Gulf in 1984.
  

"
training/11989	22	interest	"CONTINENTAL ILLINOIS <CIL> RAISES PRIME RATE
  Continental Illinois Corp said it has
  raised its prime rate to 7-3/4 from 7-1/2.
  

"
training/11990	12	earn	"THOUSAND TRAILS INC <TRLS> YEAR LOSS
  Shr loss 4.87 dlrs vs profit 16 cts
      Net loss 50,422,000 vs profit 1,788,000
      Revs 113.4 mln vs 173.7 mln
      Note: Current year figures include 33.3 mln dlr after-tax
  writedown of land and improvements, a 5.6 mln dlr increase in
  allowance for doubtful accounts and after-tax gain of three mln
  dlrs on debt retirement.
  

"
training/11993	12	earn	"VISTA ORGANIZATION LTD <VISA> YEAR NET
  Shr profit one ct vs loss nine cts
      Net profit 177,061 vs loss 1,364,878
      Revs 5,913,334 vs 487,121
      Avg shrs 18.6 mln vs 15.9 mln
  

"
training/11994	12	earn	"TCA CABLE TV INC <TCAT> SETS QUARTERLY
  Qtly div six cts vs six cts prior
      Pay April 23
      Record April Nine
  

"
training/11996	0	acq	"MONSANTO <MTC> INVESTS IN BIOTECHNOLOGY <BIOD>
  Biotechnology Development Corp
  said its Medicontrol Corp subsidiary received a 500,000 dlr
  investment by Monsanto Co's G.D. Searle and Co subsidiary.
      The company said the investment was made pursuant to an
  option Searle held, and increases Searle's stake in Medicontrol
  to 19.8 pct with a total investment of one mln dlrs.
  

"
training/11997	0	acq	"CHASE <CMB> BUYS BORG-WARNER <BOR> UNIT
  Chase Manhattan Corp said Chase
  Trans-Info, a subsidiary of its Chase Manhattan Bank N.A. unit,
  has bought Borg-Warner Corp's Traffic Services business,
  including an Illinois processing center, for an undisclosed
  sum.
      Borg Warner Traffic Services provides freight bill
  pre-audit, payment and information services to industry through
  Borg-Warner Acceptance Corp.
      Chase Trans-Info, which offers similar services, is now the
  largest provider of information services for the transportation
  industry.
  

"
training/1200	12	earn	"PANTASOTE INC <PNT> 4TH QTR LOSS
  Oper shr loss four cts vs loss 33 cts
      Oper net loss 154,000 vs loss 1,301,000
      Sales 30.0 mln vs 27.0 mln
      Year
      Oper shr profit 60 cts vs loss 16 cts
      Oper net profit 2,364,000 vs loss 608,000
      Sales 113.5 mln vs 132.8 mln
      NOTE: Net excludes extraordinary charges from provision for
  roofing products warranties and costs from sale of
  printing/laminate division of 320,000 dlrs vs 10.3 mln dlrs in
  quarter and 4,3200,000 dlrs vs 12.7 mln dlrs in year.
      Net excludes tax credits of 62,000 dlrs vs 41,000 dlrs in
  quarter and 127,000 dlrs vs 88,000 dlrs in year.
  

"
training/12001	12	earn	"REPUBLIC SAVINGS AND LOAN <RSLA> SETS DIVIDEND
  Qtly div 30 cts vs 30 cts prior
      Pay April 27
      Record April 13
      NOTE: Company's full name is Republic Savings and Loan
  Association of Wisconsin.
  

"
training/12003	45	sugar	"KAINES CONFIRMS WHITE SUGAR SALES TO INDIA
  London-based sugar operator Kaines Ltd
  confirmed it sold two cargoes of white sugar to India out of an
  estimated overall sales total of four or five cargoes in which
  other brokers participated.
      The sugar, for April/May and April/June shipment, was sold
  at between 214 and 218 dlrs a tonne cif, it said.
  

"
training/12005	12	earn	"<THL HOLDINGS INC> YEAR JAN 31 NET
  Oper net 94.4 mln vs 74.1 mln
      Revs 1.3 bilion vs 1.2 billion
      NOTE: THL is parent to SCOA Industries Inc, acquired in a
  leveraged buyout in December 1985.
  

"
training/12008	5	coffee	"RESTORATION OF COFFEE EXPORT QUOTAS BEFORE
 OCTOBER SEEMS UNLIKELY - ICO PRODUCER DELEGATES

  RESTORATION OF COFFEE EXPORT QUOTAS BEFORE
   OCTOBER SEEMS UNLIKELY - ICO PRODUCER DELEGATES
  

"
training/1201	48	trade	"ROSTENKOWSKI OPPOSES PROTECTIONIST TRADE BILL
  House Ways and Means Committee
  Chairman Dan Rostenkowski said Congress must avoid a temptation
  to pass a protectionist trade bill this year.
      In remarks prepared for delivery before the National Press
  Club, Rostenkowski, D-Ill., predicted major trade legislation
  will be sent to President Reagan by the end of this year.
      But he warned that his ""conciliatory message"" on the trade
  bill did not mean he would oppose a proposal that would warn
  other countries their access to the American market would be
  curtailed unless they opened their markets to U.S. goods.
      ""Complaints about (foreign trade) restraints are not a
  smoke screen for protectionism, they a plea for fairness,""
  Rostenkowski said.
      ""It is only reasonable to ask the nations that have denied
  us access to open up in return for continued freedom in the
  American market,"" he added.
      However, he said there would likely be changes in the
  market access proposal from the plan which cleared the House
  last year. That plan would have set a specific time table for
  foreign countries to ease import restraints or they would face
  a 25 pct cut in exports to the United States.
  

"
training/12010	22	interest	"FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES
  The Federal Home Loan Mortgage Corp
  adjusted the rates on its short-term discount notes as follows:
     MATURITY   RATE       OLD RATE  MATURITY
      32 days   6.00 pct   6.10 pct   1 day
  

"
training/12011	5	coffee	"ICO QUOTAS BEFORE OCTOBER UNLIKELY - DELEGATES
  The restoration of coffee export quotas
  before the end of the current 1986/87 coffee year (Oct 1/Sept
  30) now seems unlikely, given reluctance by International
  Coffee Organization, ICO, producers and consumers to resume
  negotiations on an interim quota accord, producer delegates
  told reporters.
      Consumers and most producers see no point in reopening the
  quota dialogue while Brazil's position remains unchanged, they
  said.
      Brazil's refusal to accept a reduction in its previous 30
  pct share of the ICO's global export quota effectively
  torpedoed talks here last month aimed at restoring quotas
  before October, the delegates noted.
      Disappointment at the lack of progress on quotas forced
  coffee futures in London and New York to new lows today,
  traders here said. Near May in New York fell below one dlr in
  early trading at around 99.10 cents per pound, traders said.
      Producer delegates said that while the possibility of
  reimposing quotas before October remained on the ICO agenda, in
  practice the idea had effectively been discarded.
      The ICO's executive board session here this week has so far
  barely touched on the quota debate, demonstrating general
  unwillingness to revive talks while chances of success are
  still remote, producer delegates said.
      Some producers are in no hurry to see quotas restored,
  despite the price collapse seen since the failure of last
  month's negotiations, they said.
      ""With Brazil's frost season approaching, who wants to
  negotiate quotas,"" one leading producer delegate said.
      Coffee prices normally rise during Brazil's frost season
  (mainly June-August) as dealers and roasters build up stocks as
  insurance against possible severe frost damage to Brazil's
  crop.
      Many producers are more interested in working towards
  reimposing quotas from October 1, based on a new system of
  quota allocations valid until the International Coffee
  Agreement expires in 1989, they said.
      Guatemala has already proposed the ""other oilds"" producer
  group should meet in the next two months to begin talks on how
  to allocate quota shares.
      Producers still seem divided on how to overhaul the quota
  distribution system, with some producer delegates reporting
  growing support for a radical reallocation, based on the
  principle of ""objective criteria"" favoured by consumers.
      At last month's council session a splinter group of small
  producers backed consumer demands for new quota shares based on
  exportable production and stocks, while Brazil, Colombia and
  the rest of the producers favoured leaving quota allocations
  unchanged, except for some temporary adjustments.
      A delegate from one of the eight said more producers now
  supported their cause.
      The delegate said unless major producers like Brazil showed
  readiness to negotiate new quota shares, prospects for a quota
  accord in October also looked bleak.
      The U.S. and most other consumers are still determined to
  make reimposition of quotas conditional on a redistribution of
  quota shares based on ""objective criteria.""
      ICO observers remained sceptical that Brazil would be
  prepared to accept a quota reduction when the ICO council meets
  in September.
      Brazil has adopted a tough stance with banks on external
  debt negotiations and is likely to be just as tough on coffee,
  they said.
      They said Brazil's reluctance to open coffee export
  registrations might reflect fears this would provoke another
  price slide and force an emergency ICO council session, which
  would most likely end in failure.
      Producers met this afternoon to review the market situation
  but had only a general discussion about how further
  negotiations should proceed, a producer delegate said.
      Producers plan to hold consultations on quotas, and then
  may set a date for a formal producer meeting, but plans are not
  fixed, he said.
      The ICO executive board reconvened at 1650 hours local time
  to hear a report from consultants on ICO operations. The board
  meeting looks set to end today, a day earlier than scheduled,
  delegates said.
  

"
training/12014	12	earn	"(GEOFFRION LECLERC INC) SIX MTHS NET
  Shr 39 cts vs 26 cts
      Net 3,466,000 vs 1,913,000
      Revs 27.7 mln vs 19.4 mln
      Note: period ended February 28. REUTER
  

"
training/12016	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
                           5.00 pct    30-69 days
                           5.92 pct    70-88 days
    30-123 days  5.00 pct  5.00 pct   89-123 days
   124-150 days  5.93 pct  5.93 pct  124-150 days
   151-349 days  5.00 pct  5.00 pct  151-349 days
   350-360 days  5.98 pct  5.98 pct  350-360 days
  

"
training/12017	12	earn	"TOWLE MANUFACTURING CO <QTOW> YEAR LOSS
  Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
      Oper loss 22 mln vs loss 67.2 mln
      NOTE: 1986 loss excludes gain on the sale of Gold Lance
  Corp of 12.1 mln dlrs. Company is operating under chapter 11.
  

"
training/12018	0	acq	"DELTA AIR LINES COMPLETES ACQUISITION OF WESTERN AIR

  DELTA AIR LINES COMPLETES ACQUISITION OF WESTERN AIR
  

"
training/12019	22	interest	"TREASURY'S BAKER SAYS HE HOPES PRIME RATE INCREASES
TEMPORARY

  TREASURY'S BAKER SAYS HE HOPES PRIME RATE INCREASES
  TEMPORARY
  

"
training/12022	12	earn	"SOUTH ATLANTIC FINANCIAL CORP <SOAF> 4TH QTR
  Shr 12 cts vs 33 cts
      Net 699,037 vs 1,349,077
      Year
      Shr 54 cts vs 55 cts
      Net 2,748,280 vs 1,833,766
      NOTE: Per shr amounts reported after preferred stock
  dividend requirements.
  

"
training/12024	6	copper	"CYPRUS LOWERS COPPER PRICE 1.25 CTS TO 67 CTS
  Cyprus Minerals Company said it is
  decreasing its electrolytic copper cathode price by 1.25 cents
  to 67.0 cents a pound, effective immediately.
  

"
training/12027	22	interest	"TREASURY'S BAKER HOPES PRIME RATE RISE TEMPORARY
  Treasury Secretary James Baker said
  he hopes yesterday's small increase in two major money center
  banks' prime rate was a temporary phenomenon.
      ""I hope it was a temporary blip upward,"" he told a House
  Appropriations subcommittee.
      He said the decline in interest rates since President
  Reagan took office remains ""one of the significant
  accomplishments, in the economic area, of this administration.""
  

"
training/12028	0	acq	"DELTA <DAL> COMPLETES WESTERN AIR <WAL> BUY
  Delta Air Lines Inc said it completed
  the acquisition of Western Air Lines Inc this morning.
      The action follows U.S. Supreme Court Justice Sandra Day
  O'Connor's overnight granting of Delta and Western's request to
  stay an earlier injunction against the deal issued by the U.S.
  Court of Appeals for the Ninth Circuit.
   More
  

"
training/1203	0	acq	"IMTEC <IMTC> GETS MERGER OFFER
  Imtec Inc said some
  shareholders of Computer Identics Inc <CIDN> have proposed a
  merger of the two companies.
      The company said the shareholders had previously expressed
  dissatisfaction with Computer Identics' management and had
  informed Computer Identics that the present board no longer had
  the support of a majority of shares held.
      It said the shareholders had called for the resignation of
  all but one of Computer Identics' directors and suggested that
  a new board pursue merger talks with Imtec.  But Imtec said no
  merger talks havew yet taken place.
  

"
training/12031	12	earn	"AMERICAN OIL AND GAS CORP <AOG> 4TH QTR LOSS
  Shr loss 34 cts vs loss 2.14 dlrs
      Net loss 2,275,000 vs loss 9,560,000
      Revs 17.0 mln vs 19.9 mln
      Year
      Shr loss 49 cts vs loss 2.11 dlrs
      Net loss 2,661,000 vs loss 9,283,000
      Revs 73.5 mln vs 93.6 mln
  
      NOTE: Results have been restated to reflects equity
  investment in WellTech Inc for one month ended Dec 31, 1986 and
  its investment in American Well Servicing for the 11 months
  ended Nov 30, 1986 and full year 1985.
      1986 and 1985 net include loss of 3,512,000 dlrs and
  5,944,000 dlrs, respectively, for equity in WellTech and
  predecessor operations.
  

"
training/12032	0	acq	"MACANDREWS/FORBES UNIT BEGINS OFFER TO BUY ALL REVLON
GROUP NOT ALREADY OWNED

  MACANDREWS/FORBES UNIT BEGINS OFFER TO BUY ALL REVLON
  GROUP NOT ALREADY OWNED
  

"
training/12033	12	earn	"<NEWPARK RESOURCES INC> YEAR ENDED DEC 31 LOSS
  Oper shr loss 1.99 dlr vs loss 4.88 dlrs
      Oper net loss 29.1 mln vs 70.8 mln
      Revs 34.8 mln vs 84.8 mln
      NOTE: 1986 and 1985 oper net excludes a loss of 5.5 mln
  dlrs or 37 cts a share and 64.6 mln dlrs or 4.43 dlrs a share,
  respectively, for discontinued operations.
      1986 net also excludes a gain of 66.4 mln dlrs or 4.50 dlrs
  a share for credit on debt restructuring.
  

"
training/12035	12	earn	"TIERCO GROUP INC <TIER> YEAR ENDED DEC 31 LOSS
  Shr loss 72 cts vs loss 1.57 dlr
      Net loss 1,526,359 vs loss 3,315,834
      Revs 8,032,798 vs 7,276,517
  

"
training/12036	12	earn	"MICRODYNE CORP <MCDY> SETS PAYOUT
  Semi div three cts vs three cts prior
      Pay June 12
      Record May 15
  

"
training/12040	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
                                                                 
                                30-123 days  5.00 pct  5.00 pct  
  30-123 days
   124-150 days  5.90 pct  5.93 pct  124-150 days
   151-349 days  5.00 pct  5.00 pct  151-349 days
   350-360 days  5.96 pct  5.98 pct  350-360 days
  

"
training/12042	12	earn	"CROWNAMERICA INC <CRNA> 2ND QTR ENDED FEB 28
  Shr two cts vs 29 cts
      Net 23,000 vs 338,000
      Revs 20.2 mln vs 21.5 mln
      Six mths
      Shr 64 cts vs 97 cts
      Net 741,000 vs 1,113,000
      Revs 43.2 mln vs 44.3 mln
      NOTE: 1986 2nd qtr and six mths ended March one.
  

"
training/12044	12	earn	"DIAMOND SHAMROCK <DIA> SEES BETTER 1987 EARNINGS
  Diamond Shamrock Corp, which will split
  this month into two separate companies, expects to show
  improved earnings in 1987 over last year, executives of the new
  company told Reuters.
      Charles Blackburn, president and chief executive officer of
  Diamond Shamrock and the new company, which will emphasize
  exploration and production, said, ""Earnings wil be better than
  in 1986."" He declined to say how much better.
      In 1986 Diamond Shamrock reported a loss of 115.6 mln dlrs
  on total revenues of 2.543 billion dlrs. Exploration and
  production lost 18.5 mln dlrs on revenues of 593.5 mln dlrs.
      Roger Hemminghaus, Diamond Shamrock vice president and
  soon-to-be chief executive of the spin-off Diamond Shamrock
  Refining and Marketing Co, said, ""Refining and marketing is a
  margin business. The margins will return and this will be a
  better year than 1986.""
      In 1986, refining and marketing showed operating profits of
  40.1 mln dlrs on revenues of 1.636 billion dlrs.
      ""We are also expecting to be in the black in the first
  quarter (1987),"" Heminghaus added. In the first quarter of 1986,
  the refining and marketing segment showed a loss of 27.1 mln
  dlrs on revenues of 492.1 mln dlrs.
     
      The executives were in New york for meetings with
  institutional investors aimed at increasing interest in the
  company's stock.
      On the New York Stock Exchange, Diamond Shamrock was
  trading at 16-1/4, down 1/4.
      Earlier this year, T. Boone Pickens offered 15 dlrs a share
  for Diamond Shamrock, and management countered with an offer at
  17 dlrs and a decision to split off the refining and marketing
  operation to its shareholders.
      ""Our advisors convinced us the market would give higher
  multiples for pure plays,"" Blackburn said.
  

"
training/12045	12	earn	"VMS STRATEGIC <VLANS> SETS INITIAL DIVIDEND
  VMS Strategic Land Trust said it
  delcared an initial quarterly cash dividend of 30 cts a share,
  payable May 15 to shareholders of record April 20.
      The company also said that effective today it will be
  trading on the NASDAQ system under the symbol <VLANS>.
  

"
training/12046	24	iron-steel	"BETHLEHEM STEEL <BS> SETS PLATE PRICE INCREASES
  Bethlehem Steel Corp said its
  base price for carbon plates and high-strength and low-alloy
  plates will be increased by 25 dlrs to 405 dlrs a short ton,
  effective July one.
      The company said its composite prices for alloy plates will
  also be increased 25 dlrs per ton on the same date, adding it
  does not publish its prices for this product.
      Bethlehem Steel said its composite prices for strip mill
  plates will be increased 15 dlrs a ton.
  

"
training/12048	12	earn	"EQUICOR SEES YEAR REVENUES TO TOP TWO BILLION
  Equicor, Equitable HCA Corp,
  said that the company will likely attain revenues in excess of
  two billion dlrs in its first year of operations.
      The company, created last October with initial equity of
  400 mln dlrs, is owned equally by the Equitable Life Assurance
  Society of the U.S. and Hospital Corp of America <HCA>.
      Financial results for the first six months of the company's
  operations were not disclosed. Equicor provides employee group
  plans to 1,500 corporations nationwide. It said it aims to
  double its marketshare in five years from the about 3.5 pct of
  the employee benefits industry it controls.
  

"
training/12049	0	acq	"MACANDREWS/FORBES BEGINS REVLON <REV> OFFER
  MacAndrews and Forbes Group Inc said it
  began an 18.50-dlr-a-share cash offer for all common stock of
  Revlon Group Inc it does not already own.
      The offer, which is being made by a wholly owned
  subsidiary, Revmac Acquisition Corp, is subject to financing
  and at least 28.5 mln shares being tendered, the company said.
      MacAndrews and Forbes, wholly owned by Ronald Perelman,
  chairman of Revlon Group, held about 31.8 pct of the voting
  power of Revlon as of March 27, a spokesman said. The stake
  includes about 15.1 pct of Revlon common and 95 pct of its
  series A preferred stock, he said.
   More
  

"
training/1205	12	earn	"KAY JEWELERS INC <KJI> 4TH QTR NET
  Shr 1.62 dlrs vs 1.33 dlrs
      Net 10.3 mln vs 8,459,000
      Revs 127.5 mln vs 95.7 mln
      Year
      Shr 1.52 dlrs vs 1.20 dlrs
      Net 9,669,000 vs 7,481,000
      Revs 278.1 mln vs 232.00 mln
  

"
training/12050	12	earn	"ARCO <ARC> UP ON HIGHER EARNINGS ESTIMATE
  Atlantic Richfield Co's stock rose
  sharply after analyst Eugene Nowak of Dean Witter Reynolds Inc
  raised his earnings estmates of the company, traders said.
      ARCO jumped 1-3/4 to 81-3/4.
      Nowak said that based on an average oil price of 17 dlrs a
  barrel in 1987, the company should earn about 4.50 dlrs a
  share. Next year, based on an average oil price of 18 dlrs a
  barrel, ARCO should earn about five dlrs a share. The company
  earned 3.38 dlrs a share in 1986. ""If oil prices should rise to
  an average of 20 dlrs a barrel,"" he said, ""ARCO could record
  earnings of 6.50 dlrs a share.
      Nowak said his increased estimates come after the company
  told analysts yesterday that its first quarter earnings will
  comfortably cover its quarterly dividend requirement of one dlr
  a share.
      Nowak said, ""The company has done an outstanding job
  reducing expenses, and ARCO is poised to generate greater
  earnings power."" He said first quarter earnings will likely
  exceed the company's expectations stated yesterday and be in
  the 1.15-1.20 dlr-a-share range.
  

"
training/12053	0	acq	"DEAK INTERNATIONAL BUYS JOHNSON MATTHEY
  Deak International, a foreign currency
  and precious metals firm, announced the acquisition of Johnson
  Matthey Commodities of New York from Minories Finance Limited,
  a unit of the Bank of England.
      The purchase valued at 14.8 mln dlrs follows the recent
  acquisition of London's Johnson Matthey Commodities Limited,
  Deak said.
      The New York firm will be known as Deak International
  Trading Ltd, the company said.
      Arkadi Kuhlmann, president and chief executive officer of
  Deak International said the purchase will expand Deak's
  operations into the precious metals and wholesale non-ferrous
  metals trading arenas.
  

"
training/12054	0	acq	"WALL STREET STOCKS/PUROLATOR COURIER <PCC>
  Purolator Courier Corp stock jumped
  5-3/8 on a 40 dlr per share takeover offer from Emery Air
  Freight Corp <EAF>, traders said.
      Purolator was trading at 40-1/4, 1/4 above the offer price.
  The Emery offer tops a 35 dlr per share buyout agreement E.F.
  Hutton LBO Inc reached with Purolator February 27.
      That offer was to have expired today. Neither Hutton nor
  Purolator had any immediate comment.
      ""There's probably some speculation out there that there
  might be another offer,"" said one analyst.
  

"
training/12059	12	earn	"BARNES GROUP <B> EXPECTS SALES TO GROW MODESTLY
  Barnes Group said it expects
  sales and net income for 1987 will be up slightly over 1986.
      Without supplying specific figures, Barnes told
  shareholders at its annual meeting it expected net income to
  improve at a rate exceeding its growth in sales, which was two
  pct higher than 1985.
      The company said it recorded income from continuing
  operations of 16.6 mln dlrs, or 2.57 dlrs per share, on sales
  of 440 mln dlrs in 1986. It said it recorded income from
  continuing operations of 16.4 mln dlrs, or 2.27 dlrs per share,
  in the previous year.
  

"
training/12061	12	earn	"ROADWAY MOTOR PLAZAS INC 3RD QTR JAN 31
  SHr two cts vs one cts
      Net 116,843 vs 41,400
      Revs 17.3 mln vs 12.3 mln
      Nine months
      SHr 15 cts vs 10 cts
      Net 639,448 vs 301,000
      REvs 37.6 mln vs 35.8 mln
  

"
training/12063	12	earn	"DIONICS INC <DION> YEAR NET
  Shr seven cts vs 10 cts
      Net 127,000 vs 168,100
      Revs 2,807,400 vs 3,042,900
  

"
training/12064	12	earn	"WINN-DIXIE STORES INC <WIN> SETS MONTHLY PAYOUT
  Mthly div 15 cts vs 15 cts prior
      Pay April 30, May 29, June 24
      Record April 15, May 15, June 10
  

"
training/12067	12	earn	"WAXMAN INDUSTRIES INC <WAXM> REGULAR PAYOUT
  Qtly div class A two cts vs two cts prior
      Qtly div class B one ct vs one ct prior
      Pay April 17
      Record April 10
  

"
training/12068	0	acq	"DEAK BUYS JOHNSON MATTHEY COMMODITIES
  Deak International, a foreign currency
  and precious metals firm, announced the acquisition of Johnson
  Matthey Commodities of New York from Minories Finance Limited,
  a unit of the Bank of England.
      The purchase valued at 14.8 mln dlrs follows the recent
  acquisition of London's Johnson Matthey Commodities Limited,
  Deak said.
      The New York firm will be known as Deak International
  Trading Ltd, the company said.
      Arkadi Kuhlmann, president and chief executive officer of
  Deak International, said the purchase will expand Deak's
  operations in the precious metals and wholesale non-ferrous
  metals trading arenas.
  

"
training/1207	5	coffee	"ICO PACT UNLIKELY BY AUTUMN - ITALIAN ADVISER
  The prospects of the
  International Coffee Organization (ICO) reaching an agreement
  on coffee export quotas before September appear dim, Alberto
  Hesse, former president of the European Coffee Federation,
  said.
      ""There is no real goodwill in certain delegations to go to
  quotas,"" Hesse, who advises the Italian Foreign Affairs Ministry
  on coffee issues, told Reuters. He declined to name the
  delegations.
      A special meeting between importing and exporting countries
  ended in a deadlock late yesterday after eight days of talks
  over how to set quotas.
      The ICO executive board will meet from March 30 to April 1
  but the full council is not due to meet again until September.
  ""I am not optimistic about an agreement soon,"" Hesse said.
  

"
training/12073	22	interest	"IIF EXECUTIVE SEES INTEREST RATES DECLINING
  Institute of International Finance
  Managing Director Horst Schulmann said that his orgnaization
  has been forecasting further declines of interest rates in the
  first half this year and then a levelling off and there is no
  reason to change that.
      Speaking to reporters, the bank research group said that
  the increase in interest rates announced yesterday and other
  activity in the foreign exchange markets did not indicate a
  fundamental change in the outlook.
      Schulmann, speaking broadly about the global debt problem,
  said that the International Monetary Fund should increase its
  assistance to third world countries.
      The remarks come just before next week's meeting of the
  IMF's Interim Committee and the Joint Development Committee of
  the IMF and World Bank.
      In a letter to the committee's, the bank group said,
  ""Commercial banks cannot be the dominant supplier of balance of
  payments finance.""
      Schulmann said that IMF exposure peaked in 1985 and has
  declined a bit since then.
  

"
training/12077	12	earn	"WALKER TELECOMMUNICATIONS CORP <WTEL> 4TH QTR
  Shr loss 58 cts vs loss nil
      Net loss 2.9 mln vs loss 17,818
      Revs 5.0 mln vs 7.4 mln
      Year
      Shr loss 45 cts vs profit four cts
      Net loss 2.0 mln vs profit 174,562
      REvs 28.5 mln vs 25.2 mln
     
      NOTE:1986 4th qtr loss includes loss of 2.2 mln dlrs from
  discontinuance of operations. 1985 4th qtr includes loss of
  79,395 dlrs from discontinued operations.
      1986 4th qtr includes 3.5 mln dlr provision for costs
  anticipated in connection with disposal of division and 500,000
  dlrs in adjustments related to write-downs. 1985 4th qtr
  includes gain of 178,000 dlrs for exchange of telephone
  inventory for barter credits.
  

"
training/12078	12	earn	"BROKERS SECURITIES INC <BKRS> 4TH QTR LOSS
  Shr loss 16 cts vs profit 23 cts
      Net loss 97,600 vs profit 91,980
      Revs 302,745 vs 359,699
      Avg shrs 621,036 vs 388,536
      Year
      Shr profit seven cts vs profit 36 cts
      Net profit 36,400 vs profit 140,980
      Revs 1,610,286 vs 763,071
      Avg shrs 512,235 vs 388,536
     
      Note: Year-ago net includes extraordinary gains of 33,654
  for qtr and 42,654 for the year.
  

"
training/12079	12	earn	"FIRST WORLD CHEESE INC <FWCH> 4TH QTR LOSS
  Shr loss 15 cts vs profit nil
      Net loss 392,428 vs profit 1,255
      Revs 6,371,092 vs 3,031,091
      Avg shrs 2,544,000 vs 1,440,000
      Year
      Shr loss 13 cts vs profit seven cts
      Net loss 274,951 vs profit 100,534
      Revs 18.1 mln vs 10.8 mln
      Avg shrs 2,072,153 vs 1,440,000
  

"
training/1208	12	earn	"WALL STREET STOCKS/ANACOMP INC <AAC>
  Anacomp Inc, one of the most actively
  traded NYSE issues, rose today as at least one analyst expected
  earnings to be boosted by its planned acquisition of a
  micrographics company.
      Anacomp rose 1/2 to 6-3/4 on volume of 950,000 shares after
  trading as high as seven earlier.
      Howard Harlow, analyst at Whale Securities Corp, said
  Anacomp's earnings for fiscal 1987 ending September 31 could be
  doubled to 80 cts a share from the 40 cts a share he had
  forecast before Anacomp agreed to buy DatagraphiX, a
  micrographics firm, from General Dynamics Corp <GD>.
      ""The company can earn 80 cts a share in fiscal 1987, maybe
  as much as a dlr a share, because of DatagraphiX,"" Harlow said.
  ""Most of the benefit will be in the fourth qtr because it will
  integrate the company in the second half.""
      Anacomp's earnings will be less if it has problems
  integrating DatagraphiX, Harlow said.
      A spokesman at Anacomp said the company expects to complete
  its deal for DatagraphiX later this month. She would not say
  how much it will pay for DatagraphiX, but noted that
  DatagraphiX contributed 10 mln dlrs in earnings to General
  Dynamics on revenues of 239 mln dlrs in 1986.
      Harlow said a fellow analyst at Whale Securities estimates
  that Anacomp will pay between 100 mln dlrs to 150 mln dlrs for
  DatagraphiX. ""The estimates on the street narrow it down to
  between 110 mln dlrs and 130 mln dlrs,"" Harlow added.
      Anacomp reported net of 2.8 mln dlrs or nine cts a share in
  its first qtr ended December 31, up from 301,000 dlrs or one ct
  a share.
      In Anacomp's fiscal 1986 it earned 4,073,000 dlrs or 13 cts
  a share.
      Whale Securities recommends buying the stock, Harlow said.
  

"
training/12080	8	cpi	"YUGOSLAV RETAIL PRICES UP 7.0 PCT IN MARCH
  Yugoslav retail prices in March rose
  7.0 pct from February, to stand 93.2 pct higher than in March
  1986, Federal Statistics Office (FSO) figures show.
      In February, retail prices rose 7.2 pct from January to
  stand 91.6 pct higher than in February 1986.
      The cost of living, which includes rents and costs such as
  utilities and transport, was up 7.8 pct in March from February
  to stand 94.8 pct higher than in March 1986, the FSO said.
      In February the cost of living increased 7.3 pct from
  January and stood 93.6 pct higher than in February 1986.
  

"
training/12083	0	acq	"J.C. PENNEY <JCP> TO BUY EQUITY IN BEEBA'S
  J.C. PEnney Co Inc said it signed a
  letter of intent to acquire one mln shares, or a 20 pct equity
  interest, of Beeba's Creations Inc <BEBA> for 18.75 dlrs a
  share.
      Penney said the agreement also calls for Beeba's, a major
  supplier of junior sportswear, to work with Penny in the
  establishment of junior specialty shops to be created in about
  100 Penney stores in early 1988.
      Freestanding stores are also being planned, the company
  said. Beeba's will be the principal source of merchandise to
  the shops, it said.
      For the six months ended February 28, Beeba's reported net
  income of 1.2 mln dlrs on sales of 39.4 mln dlrs.
      Penney said it will establish an independent merchandising
  and marketing organization to manage and support the shops
  which will be staffed by personnel both from within and outside
  the company.
      The company said the new agreement would have no impact on
  its current supplier base and it will continue to work with as
  braod base of suppliers of junior sportswear as it does in its
  other merchandise areas.
  

"
training/12084	22	interest	"AUSTRIAN BANKS DIVIDED OVER INTEREST RATE CUT
  Calls for a cut in Austrian interest
  rates have grown in recent days but bank chiefs are divided
  over the issue.
      Karl Vak, General Director of the Zentralsparkasse und
  Kommerzialbank, Wien, called today for a cut of up to half a
  percentage point in interest rates across the board. But Hannes
  Androsch, head of Creditanstalt-Bankverein <CABV.VI> told
  Reuters he opposed a cut because it would hurt small savers.
      Vak told a news conference that last January's cut in
  lending rates for commercial customers and for all depositors
  by a quarter point had been insufficient.
      The January cut followed the National Bank's lowering of
  its discount and Lombard rates by half a point in line with a
  similar Bundesbank move. Prime lending rate is now 8.75 pct and
  deposit rates vary between 3.25 and 5.75 pct.
      Yesterday Hellmuth Klauhs, head of the Genossenschaftliche
  Zentralbank AG, said rates could fall at least a quarter of a
  point, or even half a point if German rates dropped further.
      Vak noted that inflation had fallen below one pct. A
  widening gap between Austrian rates and cheaper West German
  credit along with forecasts of slow Austrian economic growth
  this year also justified a further interest drop, he said.
      Karl Pale, head of Girozentrale und Bank der
  oesterreichischen Sparkassen AG [GIRV.VI] has also called for
  lower deposit rates but said lending rates should remain
  unchanged at the moment. Interest margins were too small,
  particularly when compared with other West European countries.
      But Hans Haumer, head of the Erste Oesterreichische
  Spar-Casse-Bank told Reuters that no cut should be made unless
  West German rates came down first.
      Banking sources said no bank seemed ready to lower rates
  alone and supporters of a cut would have difficulty overcoming
  opposition from Creditanstalt, Austria's biggest bank.
  

"
training/12085	12	earn	"A.G. EDWARDS INC <AGE> 4TH QTR FEB 28 NET
  Shr 81 cts vs 63 cts
      Net 16,900,000 vs 13,100,000
      Revs 152.5 mln vs 118.1 mln
      Year
      Shr 2.59 dlrs vs 1.85 dlrs
      Net 53,700,000 vs 38,100,000
      Revs 526.3 mln vs 404.3 mln
      NOTE: Prior year earnings reflect a three-for-two stock
  split distributed in May, 1986
  

"
training/12087	0	acq	"PERIPHERAL SYSTEMS <PSIX> AGRESS TO BUY COMPANY
  Peripheral Systems Inc said it
  agreed in principle to acquire the outstanding shares of
  <Nucell Inc>.
      The agreement calls for an exchange of one share of
  Peripheral for each share of Nucell, subject to approval by
  both companies' boards, it said.
      Peripheral said its increased involvement in the
  development of Nucell's nuclear battery technology made the
  merger practical.
  

"
training/1209	0	acq	"CORRECTED - LIFETIME<LFT> TO BUY NIPPON LACE SAHRES
  Lifetime Corp said it agreed to buy
  five mln shares or 16 pct of <Nippon Lace Co Ltd> for 3.28 dlrs
  a share, or 16.5 mln dlrs.
      It said it plans to enter the health care business in
  Japan.
      In addition, it said <Koba Electronics Co Ltd>, an
  affiliate of Nippon, will buy four mln unissued shares, or a 12
  pct stake, of Lifetime for 20 mln dlrs or five dlrs a share. -
  Corrects to show Nippon's affiliate Koba buying stake in
  Lifetime.
  

"
training/12091	22	interest	"MANUFACTURERS NATIONAL <MNTL> UNIT LIFTS RATE
  Manufacturers National Corp's
  Manufacturers Bank-Wilmington said it increased the interest
  rate on its no-fee variable rate MasterCard to 13.6 pct from
  13.3 pct.
      The new interest rate applies to the second quarter. The
  rate on the card is set quarterly.
  

"
training/12093	0	acq	"FIRST CHICAGO <FNB> UNIT BUYS BANKS
  First Chicago Corp's American National
  Bank unit said it completed the acquisition of four suburban
  Chicago banks with combined assets of about 231 mln dlrs.
      The banks are National Bank of North Evanston, Elgin
  National bank, First National Bank of Schiller Park and
  Merchants and Manufacturers State Bank in Melrose Park.
      American National now owns nine banks.
  

"
training/12094	0	acq	"CENTERRE <CTBC> ACQUIRES BENEFIT PLAN SERVICES
  Centerre Bancorp said it completed the
  acquisition of Benefit Plan Services Inc, Maryland Heights,
  Mo., which specializes in designing and administering small and
  moderately sized pension plans.
      Terms were not disclosed.
  

"
training/12098	12	earn	"CONOLOG CORP <CNLG> 2ND QTR JAN 31 NET
  Shr two cts vs two cts
      Net 69,831 vs 107,773
      Revs 1,068,905 vs 2,401,518
      Six mths
      Shr three cts vs three cts
      Net 129,649 vs 155,089
      Revs 2,673,141 vs 4,666,104
  

"
training/1210	48	trade	"U.K. EXPORTS BODY GETS NEW EXECUTIVE DIRECTOR
  Export Credits Guarantee Department has
  named Malcolm Stephens, director of export finance at Barclay's
  Bank Plc and a former career civil servant at ECGD for 17
  years, to the post of executive director, a department
  spokesman said.
      Stephens replaces Jack Gill, who is retiring early aged 57.
      A drop in the ECGD's business volume and a rise in its debt
  to the Exchequer have led to criticism in Parliament in recent
  years.
      Stephens said the fall in business volume was a top
  convern, adding that the department may have to compete more
  aggressively with private insurance firms providing similar
  services.
      The department's annual report for the year ended March 31,
  1986, showed exports insured by the department fell to 15.7
  billion stg from 17.4 billion the year before, while its debt
  to the Exchequer almost doubled to 756 mln stg.
      Stephens said he had no specific list of changes. But among
  his chief concerns was the weakened condition of lesser
  developed countries and their ability to pay for their imports.
      The agency will have to review its policies on insuring
  export credits to lesser credits on a country by country basis,
  he said. ""Large lump political risk insurance is the sort of
  thing we want to take a look at.""
      ""You have to try to look forward to see if you are simply in
  a peak and trough situation or it is a more long term thing,""
  Stephens said, in response to a qustion about whether ECGD will
  strike more countries from its list of political risk insurance
  recipients.
      He noted that certain countries have already been removed
  from the list.
  

"
training/12101	22	interest	"BANKERS TRUST <BT> RAISES PRIME LENDING RATE
  Bankers Trust Co said it has raised its
  prime lending rate to 7-3/4 pct from 7-1/2, effective
  immediately.
      This move is the latest in a series of similar actions by
  leading U.S. money center banks, including Citibank NA and
  Chase Manhattan Bank NA, over the last 24 hours.
      AmeriTrust Corp of Ohio also raised its prime lending rate
  to 7-3/4 pct from 7-1/2, effective tomorrow.     
  

"
training/12102	22	interest	"BOATMEN'S NATIONAL BANK <BOAT> RAISES PRIME
  Boatmen's Bancshares said its
  Boatmen's National Bank raised the prime rate to 7-3/4 pct from
  7-1/2 pct, effective immediately.
  

"
training/12106	0	acq	"UNICORP VOTING STAKE HIKED IN UNION ENTERPRISES
  <Union Enterprises Ltd> said holders of
  7.2 mln or 80 pct of its class A series one preferred shares
  requested to retract their shares under terms of the issue,
  thus raising <Unicorp Canada Corp>'s voting stake in Union to
  58 pct from 50.
      Union said it paid about 90 mln dlrs on April 1 for the
  retraction, using existing credit lines.
  

"
training/1211	49	veg-oil	"OILS/FATS STOCKS SEEN FALLING SHARPLY IN 1986/87
  Visible stocks of 17 oils and fats are
  probably peaking now and are likely to fall sharply by October
  1 this year, the Oil World newsletter said.
      Oil World forecast that stocks of oils and fats may be cut
  to only 9.8 mln tonnes at the end of this season, compared with
  10.6 mln a year earlier.
      Its survey covered  13 oils -- soy, cotton, groundnut, sun,
  rape, sesame, corn, olive, coconut, palmkernel, palm, lin and
  castor  -- and four animal oils and fats -- butter, fish oil,
  lard and tallow/greases.
      Oil World's analysis predicted only a slight production
  increase of 0.5 mln tonnes in the year to end-September 1987,
  compared with increases of 3.6 mln and 4.0 mln tonnes in the
  previous two seasons.
      It said world consumption was continuing to rise. Unusually
  low prices prevailing since early 1986 had stimulated demand
  for both food and non-food purposes, it said.
      World consumption  could increase by a record 2.8 mln
  tonnes to 71.8 mln tonnes this season and would be even higher
  if the Indian government did not artificially curb domestic
  demand.
      Oil World said it did not expect the European Community
  (EC) to introduce a vegetable oils tax, but if such a tax were
  introduced it would have a negative impact on EC consumption.
  

"
training/12110	12	earn	"STARRETT HOUSING CORP <SHO> 4TH QTR NET
  Oper shr 20 cts vs eight cts
      Oper net 1,869,000 vs 957,000
      Revs 41.0 mln vs 22.9 mln
      Year
      Oper shr 52 cts vs 53 cts
      Oper net 5,386,000 vs 5,147,000
      Revs 116.8 mln vs 98.3 mln
      Note: Oper excludes extraordinary reserves related to
  arbitration of Iranian claims of 2,062,000 vs 3,200,000 for qtr
  and year.
  

"
training/12112	22	interest	"FIRST WISCONSIN NAT'L BANK<FWB> HIKES PRIME RATE
  First Wisconsin National Bank said it
  has raised its prime rate to 7-3/4 pct from 7-1/2 pct,
  effective today.
  

"
training/12114	12	earn	"GAC LIQUIDATING TRUST <GACTZ> SETS CASH PAYOUT
  Unit distribution one dlr vs 1.75 dlrs prior
      pay June one
      Record May one
      Note: Prior distribution declared in April 1986.
  

"
training/12115	12	earn	"WRATHER CORP <WCO> 4TH QTR LOSS
  Shr loss 53 cts vs loss 55 cts
      Net loss 3,865,000 vs 3,963,000
      Revs 24.2 mln vs 26.8 mln
      Year
      Shr loss 1.21 dlrs vs profit 56 cts
      Net loss 8,758,000 vs profit 4,040,000
      Revs 108.5 mln vs 113.8 mln
  
      Note: Prior qtr figures include income from discontinued
  operations of 10,000 dlrs, gain on disposal of discontinued
  operations of 269,000 dlrs, or four cts per share, and
  operating loss carryforward gain of 936,000 dlrs, or 13 cts per
  share.
      Prior year figures include income from discontinued
  operations of 164,000 dlrs, or two cts per share, gain on
  disposal of discontinued operation of 3.9 mln dlrs, or 54 cts
  per share, and operating loss carryforward gain of 3.7 mln
  dlrs, or 48 cts per share.
  

"
training/12117	45	sugar	"EC SUGAR IMPORT LEVIES
  The following import levies for white
  and raw sugar are effective tomorrow, in European currency
  units (ecu) per 100 kilos.
      White sugar, denatured and non-denatured 51.94 versus 51.36
  previously.
      Raw sugar, denatured and non-denatured 44.05 versus 43.69
  previously.
      The rate for raws is based on 92 pct yield.
  

"
training/12119	12	earn	"MURPHY OIL CORP <MUR> SETS REGULAR DIVIDEND
  Qtly div 25 cts vs 25 cts prior
      Pay June one
      Record May 15
  

"
training/1212	5	coffee	"COLOMBIA TRADERS SAY NEW COFFEE STRATEGY VITAL
  Coffee producing countries must quickly
  map out a fresh common strategy following the failure of the
  International Coffee Organization, ICO, to reach agreement on
  export quotas, Gilberto Arango, president of Colombia's private
  coffee exporters' association, said.
      Arango told Reuters that the most intelligent thing now
  would be to seek a unifying stand from producers, including
  Brazil, in order to map out a strategy to defend prices.
      An ICO special meeting ended last night in London with
  exporting and consuming nations failing to agree on a
  resumption of export quotas, suspended one year ago after
  prices soared following a prolonged drought in Brazil.
      Arango said there would be no imminent catastrophe but
  predicted that over the short term prices would undoubtedly
  plummet.
      However, he said the market should also take into account
  evident factors such as Brazil's low stocks and the sale of the
  near totality of the Central American crop.
      Trade sources said Colombia's coffee was today quoted at
  1.14 dlrs a lb in New York, its second lowest price in the past
  10 years.
      Cardenas said these countries apparently fail to understand
  the true impact of such a failure for coffee producing nations
  as well as for industrialized countries.
      It is difficult to believe that while efforts are made to
  solve the problem of the developing world's external debt,
  decisions are being taken which cut earnings used for repaying
  those debts, he said.
      ""In Colombia's case, we watch with consternation that,
  while we try to effectively combat drug trafficking, countries
  which support us in this fight seek to cut our jugular vein,""
  Cardenas said.
  

"
training/12121	32	money-fx	"LAWSON WANTS STERLING AROUND 1.60 DLRS, 2.90 MKS
  U.K. Chancellor of the Exchequer Nigel
  Lawson said he wanted sterling to stay roughly where it was,
  specifying a rate of around 2.90 marks and 1.60 dlrs.
      He told the National Economic Development Council that the
  recent Paris meeting of major industrialised nations had agreed
  on the need for exchange rate stability. There was now a
  ""reasonable alignment of currencies"" and the U.K. Government
  intended to keep sterling at about its present level, he said.
      That meant around 2.90 marks, which is the single most
  important rate to concentrate on, and 1.60 dlrs, Lawson said.
      His disclosure of two of the key targets for sterling was
  highly unusual, foreign exchange market analysts said.
      In the past he has preferred to be less definite about the
  Government's exchange rate policy, lest it give foreign
  exchange markets set limits to test.
      Lawson told the committee, which is a tripartite forum of
  government, unions and industry, that the pound would be kept
  near its present level by a mixture of interest rates and
  intervention in the foreign exchange markets.
      The pound finished trading here today at 1.6040/50 dlrs and
  2.9210/45 marks.
      His disclosure of two of the key targets for sterling was
  highly unusual, foreign exchange market analysts said.
      In the past he has preferred to be less definite about the
  Government's exchange rate policy, lest it give foreign
  exchange markets set limits to test.
      Lawson told the committee, which is a tripartite forum of
  government, unions and industry, that the pound would be kept
  near its present level by a mixture of interest rates and
  intervention in the foreign exchange markets.
      The pound finished trading here today at 1.6040/50 dlrs and
  2.9210/45 marks.
  

"
training/12122	22	interest	"NEW VENEZUELA DEBT INTEREST RATE GOES INTO EFFECT
  The new interest rate of 7/8 pct over
  Libor on Venezuelan public sector debt payments goes into
  effect today, Finance Minister Manuel Azpurua said .
      Azpurua told reporters yesterday the reduction from the
  previous margin of 1-1/8 pct above Libor will save the country
  some 50 mln dollars in debt servicing.
      The new rate is among changes agreed last month to the 20.3
  billion dlr public sector debt rescheduling. Under the new
  agreement, Venezula was also able to extend the term from 12 to
  14 years and to lower debt payments in the 1987-89 period by 64
  pct.
      Azpurua said that according to the agreement, the new
  interest rate will be retroactive to April 1, provided the
  accord is approved before October 1.
      He told reporters the term sheet detailing the changes in
  the rescheduling has already been endorsed by the 13-member
  debt steering committee and is now being sent to the country's
  460 creditor banks for their approval.
      The new agreement replaces a rescheduling accord signed in
  February 1986, which Venezuela asked to revise to reflect a 45
  pct drop in oil revenues.
  

"
training/12125	22	interest	"SUNTRUST BANKS <STI> RAISES PRIME TO 7-3/4 PCT
  SunTrust Banks said that Sun Banks in
  Florida and Trust Co banks in Georgia have raised their prime
  rate to 7-3/4 pct from 7-1/2 pct.
      The company said the action is effective immediately.
  

"
training/12127	0	acq	"HORN/HARDART <HOR> UNIT DISPOSES 33 RESTAURANTS
  Horn and Hardart Co said it
  disposed of 33 Bojangles' Chicken 'N Biscuits restaurants in
  Florida as part of its previously announced retrenchment of its
  Bojangles' subsidiary.
      Terms were not disclosed.
      The company said the restaurants in Orlando, Tampa and
  Jacksonville markets have incurred the majority of Bojangles'
  operating losses over the last two years.
      Due to the transaction, Horn and Hardart is projecting a
  positive cash flow for the unit for the remainder of fiscal
  1987.
      A spokesman said the disposition consists of a combination
  of sale, lease and re-franchise agreements.
      The transaction involves one-quarter of the company-owned
  Bojangles' restaurants and is in accordance with its
  restructuring program announced in October 1986.
      A spokesman said the company is considering the sale or
  spinoff of the 91-company owned additional restaurants, which
  are profitable.
      The company said the disposition will result in no profit
  or loss for the company because the costs were anticipated in a
  34-mln-dlr reserve taken in the third quarter of 1986.
      The foodservice division, which includes Burger King,
  Arby's and Tony Roma's, had a pre-tax operating loss of 29.6
  mln dlrs in 1986, including the 34.0 mln dlr charge to
  restructure Bojangles. Excluding Bojangles', the group had
  revenues of 43.8 mln dlrs.
      The company said that, pursuant to the restructuring, it
  has cut general and administrative expenses attributable to
  Bojangle' by 35 pct.
  

"
training/12128	12	earn	"MULTIBANK FINANCIAL CORP <MLTF> IN PAYOUT
  Qtly div 13 cts vs 13 cts prior
      Pay April 20
      Record April 10
  

"
training/1213	0	acq	"TENDER LOVING <TLCI>, STAFF <STAF> EXTEND PACT
  Tender Loving Care Health Care
  Services Inc said it and Staff Buildiers Inc have extended the
  term of their merger agreement until May 31.
      Tender Loving Care also said <Norrell Corp> agreed not to
  acquire any additional Staff Builders shares until September
  30, adding Norrell was paid 750,000 dlrs for the standstill
  arrangement. 
      Tender Loving Care said it agreed to buy the 610,000 Staff
  Builders common held by Norrell, about 19.1 pct of those
  outstanding, for 6,950,000 dlrs immediately prior to the
  consummation of the merger.
      Tender Loving Care said the extended merger agreement
  continues to provide for the exchange of 1.6 of its shares for
  each Staff Builders share outstanding.
      As announced February 26, the Staff Builders shareholders
  meeting to vote on the merger, originally convened and
  adjourned December 23, will be reconvened on April 22.
      Tender Loving Care said its payment to Norrell will include
  1,950,000 dlrs in cash and five mln dlrs of a new series of
  eight pct Tender Loving Care convertible preferred.
      Tender Loving Care said it and Staff Builders have filed a
  revised registration and proxy statement with the Securities
  and Exchange Commission. Upon clearance of the revised proxy
  statement by the commission and its distribution to Staff
  Builders' shareholders, that company's management will continue
  to solicit proxies for approval of the merger.
      Tender Loving Care said it will have the power to vote
  about 15.8 pct of Staff Builders' shares at the adjourned
  meeting with a spokesman explaining that this represents the
  proxies held by Norrell, which started buying the stock after
  the record date for the meeting.
      In addition, Staff Builders officers and directors own
  about 13.8 pct of its stock and have agreed to vote in favor of
  the merger.
      Accordingly, the vote of an additional 37.1 pct of the
  outstanding shares will be required to approve the merger,
  Tender Loving Care said.
  

"
training/12131	22	interest	"FIRST BANK SYSTEMS <FBS> UNITS HIKE RATE
  First Bank Minneaplois and First
  Bank Saint Paul, both units of First Bank Systems Inc, said
  they raised their reference rates to 7-3/4 pct from 7-1/2 pct.
  

"
training/12132	0	acq	"CHEMICAL FABRICS <CMFB> AGREEMENT TERMINATED
  Chemical Fabrics Corp said an
  agreement in principle under which OC Birdair Inc would have
  purchased assets related to the architectural structures
  business of Dow Corning corp's ODC Inc division has been
  terminated.
      Under that agreement, Chemical Fabrics would also have
  become distributor of Dow Corning's Vestar silicone-coated
  fiberglass architecural fabrics.
      OC Birdair is a joint venture of Chemical Fabrics and Owens
  Corning Fiberglas Corp <OCF> and Down Corning a venture of Dow
  Chemical Co <DOW> and Corning Glass Works <GLW>.
      Chemical Fabrics said once the current project backlog of
  Dow Corning's ODC division is completed, Dow Corning plans to
  discontinue its design-engineering, fabrication and
  installation services.
      Chemical Fabrics said the companies will cooperate on the
  development of new products for architectural and industrial
  applications and may supply architectural materials to each
  other.
  

"
training/12133	0	acq	"SIS <SISB> COMPLETES WENDY'S <WEN> UNIT BUY
  SIS Corp said it has completed
  the acquisition of its franchisor Sisters International Inc
  from Wendy's International Inc for 14.5 mln dlrs in stock.
      It said the purchase includes 35 restaurants in Ohio
  operates by Sisters, giving SIS a total of 55 restaurants, and
  franchise relationships in six Midwestern and Southern states.
  

"
training/12135	45	sugar	"BRITISH SUGAR SOWINGS OFF TO SLOW START
  Drilling of this year's British sugar
  beet crop got off to a slow start due to poor weather
  conditions with only around one pct sown so far, a spokesman
  for British Sugar Plc said.
      This compares with two pct at the same stage last year,
  three pct in 1985 and 38 to 39 pct in 1984.
      There is little cause for concern with better weather
  forecast and the capacity available to drill the contracted
  area of around 200,000 hectares in about 10 days. Seed beds
  look good and farmers are advised to wait for soil temperatures
  to rise, the spokesman said.
      ""If the crop can be drilled by the third week in April we
  will be delighted,"" he said. Last year a large proportion of the
  crop was not drilled until May but it still turned out to be
  the equal second largest on record.
  

"
training/12138	0	acq	"CANADIAN TIRE MAJOR HOLDERS NOT EXTENDING PACT
  CTC Dealer Holdings Ltd said <Canadian
  Tire Corp Ltd> controlling shareholders Alfred, David and
  Martha Billes did not extend an agreement expiring yesterday to
  tender their shares only to CTC's previously reported offer for
  49 pct of Canadian Tire common shares.
      CTC, which already holds 17.4 pct of Canadian Tire common,
  said it would therefore not take up any shares tendered under
  its offer unless they totaled at least 1.1 mln or another 32.7
  pct of Canadian Tire common. The Billes control 60 pct of
  Canadian Tire common. It added that it extended its offer to
  May 11 at a fixed price of 165.36 dlrs a share.
      CTC, a group of Canadian Tire dealers, said it expected to
  know by May 11 if it would obtain approval to appeal a
  previously reported Ontario court ruling upholding a regulatory
  decision to block CTC's offer.
      The dealers' bid was previously blocked by the Ontario
  Securities Commission because the offer excluded holders of
  Canadian Tire class A non-voting shares, which make up about 96
  pct of company equity.
  

"
training/12139	0	acq	"HUTTON LBO EXTENDS EXPIRATION FOR 35 DLR/SHR OFFER FOR
PUROLATOR TO APRIL 6 FROM TODAY

  HUTTON LBO EXTENDS EXPIRATION FOR 35 DLR/SHR OFFER FOR
  PUROLATOR TO APRIL 6 FROM TODAY
  

"
training/12140	0	acq	"CONRAC SAYS IT IS MULLING RESTRUCTURING OR BUYOUT AS
ALTERNATIVES

  CONRAC SAYS IT IS MULLING RESTRUCTURING OR BUYOUT AS
  ALTERNATIVES
  

"
training/12146	0	acq	"CONRAC <CAX> EXPLORING RESTRUCTURING, BUYOUT
  Conrac Corp, whose board has
  rejected a 25 dlr a share tender offer from Mark IV Industries
  Inc <IV>, said it is exploring alternatives such as a
  restructuring, leveraged buyout or takeover of the company.
       In a filing with the Securities and Exchange Commission,
  Conrac said its board of directors authorized its financial and
  legal advisors to explore a several alternatives to the Mark IV
  offer, which it said it considers inadequate.
      The alternatives being explored include a restructuring,
  leveraged buyout or a takeover of the company by another
  company, Conrac said.
      Conrac, which said its board discussed the alternatives at
  special meetings on March 26 and 30, said that its decision on
  whether to adopt any of the alternatives would hinge on ""the
  future actions of Mark IV"" and its unsolicitied tender offer.
      Putting into effect any of the alternatives being explored
  could hurt or defeat the Mark IV offer, it said.
      Board members were also instructed to keep confidential the
  terms of any transaction that might be entered into until it
  becomes final, the company said.
      The board also took other defensive steps, including
  granting severance agreements to some officers, it said.
      At a board meeting yesterday, Concac's directors deleted a
  provision allowing the holder of at least one-third of of all
  classes of its voting stock to call a special shareholders
  meeting and deleted another provision allowing shareholders to
  remove directors without cause, the company said.
      The defensive moves were taken because Mark IV had said it
  planned to elect a majority of its designees as directors at a
  special holders meeting if it succeeded in acquring a majority
  of the company's common stock in the offer, Conrac said.
      Conrac's president, vice president and treasurer were given
  severance agreements, or ""golden parachutes,"" it said.
      Under the agreements, Conrac President Paul Graf would get
  a cash payment of twice his annual salary, which was 209,906
  dlrs last year, if there were a change of control in the
  company, including acquisition of 30 pct or more of the
  company's voting stock, Conrac said.
      Treasurer Joseph Smorada and Vice President Joseph
  O'Donnell, who made 143,325 dlrs last year, would get
  one-and-a-half times his salary if there were a change in
  control. Smorada's salary was not listed in the SEC filing.
      The executives would also get cash settlements of options
  plans and continuation of insurance and other benefits.
  

"
training/12147	22	interest	"MORE U.S. BANKS JOIN IN PRIME RATE CUT
  Chemical Bank, the main bank subsidiary
  of Chemical New York Corp, and Marine Midland Banks Inc said
  they were raising the prime lending rate to 7-3/4 pct from
  7-1/2 pct, effective immediately.
      In St Louis, Mercantile Bancorp said its Mercantile Bank
  N.A. was also raising its prime rate to 7-3/4 pct from 7-1/2
  pct, effective immediately.
      The changes follow similar cuts yesterday by Citicorp and
  Chase Manhattan.
  

"
training/12149	12	earn	"CONVEST ENERGY PARTNERS LTD <CEP> 4TH QTR LOSS
  Shr loss 2.65 dlrs vs loss 2.31 dlrs
      Net loss 14.3 mln vs loss 12.5 mln
      Revs 2,887,000 vs 5,321,000
      Year
      Shr loss 4.38 dlrs vs loss 2.50 dlrs
      Net loss 23.7 mln vs loss 13.5 mln
      Revs 13.2 mln vs 22.4 mln
      NOTE: 1986 net includes oil and natural gas writedowns of
  12.1 mln dlrs in quarter and 19.0 mln dlrs in year.
  

"
training/12150	12	earn	"<DYLEX LTD> YEAR JAN 31 NET
  Shr 51 cts vs one dlr
      Net 25.1 mln vs 46.8 mln
      Sales 1.21 billion vs 1.08 billion
      Note: 1986 excludes extraordinary gain of 1.1 mln dlrs, or
  two cts per share, from public issue of affiliate's shares.
  

"
training/12152	5	coffee	"ICO TALKS SET TO END WITH NO QUOTA DEBATE
  The International Coffee Organization
  executive board meeting will end tomorrow without any move to
  reopen the debate on restoring coffee export quotas, delegates
  said.
      Talks have focused on administrative matters and
  verification of stocks in producer countries, they said.
      Producers met briefly today to exchange views on the market
  situation but there seems little chance discussion on quotas
  will begin much before the ICO's annual council session in
  September, they said.
      Delegates earlier thought the meeting would end tonight,
  but a further session is scheduled tomorrow at 1030 GMT to
  complete reports on stock verification.
      Meantime, the executive board will meet May 12 to discuss
  possible action on the consultancy report on the ICO presented
  today to the board, consumer delegates said.
  

"
training/12153	12	earn	"INTERNATIONAL SEAWAY TRADING CORP <INS> YEAR
  Oper shr 64 cts vs 97 cts
      Oper net 845,000 vs 1,285,000
      Revs 20.0 mln vs 23 mln
      NOTE: 1986 and 1985 oper net excludes gain of 315,000 dlrs
  and 585,000 dlrs, respectively, for extraordinary item.
  

"
training/12154	12	earn	"CALLON PETROLEUM CO <CLNP> 4TH QTR LOSS
  Shr loss 40 cts vs loss 4.72 dlrs
      Net loss 3,321,000 vs loss 42.0 mln
      Revs 4,002,000 vs 7,788,000
      Avg shrs 9,168,522 vs 8,974,355
      Year
      Shr loss 4.20 dlrs vs loss 4.71 dlrs
      Net loss 37.2 mln vs loss 41.1 mln
      Revs 18.4 mln vs 34.1 mln
      Avg shrs 9,168,522 vs 8,991,184
  

"
training/12155	12	earn	"COUNTY SAVINGS BANK <CSBA> SETS STOCK DIVIDEND
  County Savings Bank said
  its board declared a five pct stock dividend, payable April 10
  to shareholders of record today.
  

"
training/12156	0	acq	"E.F.HUTTON <EFH> EXTENDS PUROLATOR <PCC> OFFER
  E.F. Hutton Group's E.F. Hutton LBO Inc
  unit said it extended the expiration date for its 35 dlr per
  share tender offer for Purolator Courier corp to midnight EST
  April six from midnight April one.
      E.F. Hutton lbo inc said its wholly owned PC Acquisition
  Inc subsidiary, which is the entity making the offer, extended
  both expiration date and the withdrawal rights period for its
  pending tender for 6.3 mln shares or 83 pct of Purolator
  common.
      Hutton's offer was topped today by a 40 dlr per share bid
  for 83 pct of the stock from Emery Air Frieght Corp <EAF.>
      Both offers would pay shareholders a package of securities
  for the balance of their shares, valued at the respective
  tender offer prices.
      Hutton said as of the end of the day yesterday, about
  880,000 shares of Purolator common stock repesenting 11.5 pct
  of outstanding shares had been validly tendered and not
  withdrawn.
      Manhattan supreme court justice Lewis Grossman today
  adjourned until Monday a hearing on a stockholder suit seeking
  to block the Hutton LBO transaction. The judge told attorneys
  he needed time to hear other cases.
      Plaintiffs cited their belief that a superior offer would
  be forthcoming, however one company mentioned in an affadavit,
  Interlink Express plc, denied that it was interested.
      Yesterday, Frank Hoenemeyer, a retired vice chairman of
  Prudential Insurance Co and currently a Purolator board member,
  said an initial offer from Hutton was rejected by the board of
  directors February third.
      Hoenemeyer testified that by the next meeting of the board,
  February 17, Hutton submitted a revised proposal which was
  accepted.
      He also testified a committee of directors had hired
  Goldman Sachs and Co to consider alternatives to the Hutton
  offer and also to consider a discussion of possible mergers
  with other companies including Emery and Federal Express Corp
  <FDX>.
  

"
training/12159	12	earn	"BANKAMERICA <BAC> TO POST GAIN ON UNIT SALE
  BankAmerica Corp said it completed
  the sale of its Consumer Trust Services division to Well Fargo
  and Co <WFC>, a transaction that will result in a second
  quarter pre-tax gain of more than 75 mln dlrs.
      The sale will not affect the services the bank will
  continue providing to institutional customers through its
  Employee Benefit Trust Services Division, BankAmerica also
  said.
      In a separate announcement, Wells Fargo said the
  acquisition will increase the amount of personal trust assets
  it administers to 25 billion dlrs.
      Last December BankAmerica and Wells Fargo announced a
  definitive agreement on the sale at a price of about 100 mln
  dlrs, subject to adjustment.
  

"
training/1216	45	sugar	"COLOMBIA TO SELL SUGAR, LONDON TRADERS SAY
  Colombia is holding a snap selling tender
  tonight for one cargo of world market raw sugar, traders said.
      The sugar is for March 15/April 15 shipment and bids are
  being sought based on the New York May delivery futures
  contract, they added.
  

"
training/12162	43	ship	"LONDON METAL FREIGHTS
  Rotterdam/Karachi
  20,000/21,000 mt shredded scrap 7,000/1,100 15-30/4.
      Bin Qasim/Shanghai 25,000 mt pig iron 1,500 fhex/1,200 shex
  1-10/4.
      Chungjin/Manila 4,200 mt steel coils 800/liner discharge
  23-30/4.
      Bilbao/one port Vietnam 5,000 mt steels fio 1,000/500 end
  April
      Singapore/Mizushima 6,000/10,000 mt steel scrap fiot
  1,200/3,00 2-12/4.
  

"
training/12163	12	earn	"CIRO INC <CIRI> YEAR
  Shr loss three cts vs profit 16 cts
      Net loss 119,000 vs profit 637,000
      Revs 17.5 mln vs 15.8 mln
  

"
training/12164	43	ship	"LONDON ORE ENQUIRIES/FIXTURES
  South Africa/Salvador, Brazil
  15,000 long tons manganese ore 2,500/1,500 end April.
      Callao/Crotone 5,000 mt minerals 4,000/2,000 spot.
      Geraldton/Tampico 13,500 mt bulk mineral sands fio
  10,000/2,000 1-10/5.
      Itea/Dunkirk 20,000 mt bauxite seven days all purposes
  10-13/4.
      Tampico/North Spain 15,000 mt ore two days shinc/3,000 shex
  5-25/4.
      One port German North Sea/USG 10,500 mt bulk ore
  2,500/4,000 7-13/4.
  

"
training/12166	12	earn	"HELM RESOURCES INC <H> 4TH QTR LOSS
  Oper shr loss two cts vs loss 13 cts
      Oper net loss 236,000 vs loss 1,131,000
      Revs 26.6 mln vs 26.3 mln
      Year
      Oper shr profit two cts vs loss 15 cts
      Oper net profit 286,000 vs loss 1,292,000
      Revs 105.3 mln vs 95.3 mln
      NOTE: Net excludes discontinued operations gain 20,000 dlrs
  vs loss 1,291,000 dlrs in quarter and gain 60,000 dlrs vs loss
  1,590,000 dlrs in year.
      Net excludes extraordinary loss 38,000 dlrs vs gain
  1,941,000 dlrs in quarter and gains 162,000 dlrs vs 1,941,000
  dlrs in year.
      1986 net both periods includes writedowns of 290,000 dlrs
  of oil-related seismic data.
  

"
training/12169	12	earn	"<SASCO PRODUCTS INC> YEAR LOSS
  Shr loss eight cts vs profit four cts
      Net loss 365,430 vs profit 165,508
      Revs 5,577,244 vs 4,643,803
      NOTE: 1986 net includes nonrecurring expenses of 408,518
  dlrs.
  

"
training/1217	0	acq	"VARIAN <VAR> IN TALKS WITH PHILIPS ELECTRONICS
  Varian Associates Inc said it
  is holding discussions with Philips Electronics regarding the
  purchase of Philips' broadcast transmission unit in the United
  Kingdom, Pye TVT Limited.
      Pye TVT designs and manufactures broadcast transmission
  equimpment, specializing in television frequencies.
  

"
training/12171	0	acq	"AUSIMONT COMPO <AUS> SELLS UNIT
  Ausimont Compo NV said it has
  sold the assets of its Equipment and Machinery Division for
  about six mln dlrs to an investment group including the unit's
  management, resulting in a modest pretax gain that will be
  included in first quarter results.
      The unit had sales of five mln dlrs in 1986.
  

"
training/12172	0	acq	"ATLANTIC RESEARCH <ATRC> COMPLETES ACQUISITION
  Atlantic Research corp said it
  has completed the acquisition of professional services firm ORI
  Group for 1,414,313 common shares on a pooling of interests
  basis.
  

"
training/12173	0	acq	"PEABODY HOLDING COMPLETES ACQUISITION
  <Peabody Holding Co Inc> said it has
  completed its acquisition of substantially all Eastern Gas and
  Fuel Associate's <EFU> coal properties for 15.01 pct of Peabody
  Holding's stock.
      Peabody said the purchase includes seven underground mines
  and seven coal preparation plants currently operated by
  Eastern, as well as coal properties being mined by several
  contractors in West Virginia.
      The acquisition also involves about 800 mln tons of coal
  reserves, mostly in West Va., and includes Eastern's coal
  reserves and inactive Powderhorn operations near Palisade,
  Colo, Peabody said.
      Peabody added that it expects to announce within the next
  week how it will staff and operate the properties and offices
  it has acquired from Eastern.
  

"
training/12176	12	earn	"PENTA SYSTEMS INTERNATIONAL INC <PSLI> 4TH QTR
  Shr loss six cts vs loss 76 cts
      Net loss 343,748 vs loss 4.0 mln
      Revs 5.1 mln vs 4.8 mln
      Year
      Shr profit 12 cts vs loss 1.45 dlr
      Net profit 611,784 vs loss 7.7 mln
      Revs 21.6 mln vs 19.7 mln
  

"
training/12177	32	money-fx	"FED SAYS IT BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER, MAY
THROUGH SEPT 24 MATURITY

  FED SAYS IT BUYS 550 MLN DLRS OF BILLS FOR CUSTOMER, MAY
  THROUGH SEPT 24 MATURITY
  

"
training/12178	0	acq	"CHIRAC SEES QUICK DECISION ON CGCT
  French Prime Minister Jacques Chirac
  told U.S. congressmen France would announce a decision in two
  to three weeks on which group is to control its second largest
  communications firm, Compagnie Generale de Construction
  Telphoniques, French sources said.
      They said Chirac promised that France's decision would be
  based on financial, economic and technical criteria, and not on
  political grounds.
      U.S. and German companies are the leading contenders to
  take control of CGCT.
      The Reagan administration has warned France and Germany
  that it may retaliate if control of the company is awarded on
  political grounds.
      Jacques Delors, President of the European Community's
  Executive Commission, called last month for control to go to
  West Germany's Siemens AG in order to strengthen European
  industry.
      The other leading contender is a consortium of American
  Telephone and Telegraph Co <T> with Philips NV of the
  Netherlands.
      Chirac said France would make public its reasons for
  awarding control, the sources said. He was asked about the
  company's fate on two occasions, in meetings with leaders of
  the Senate and House of Representatives.
  

"
training/12179	43	ship	"AGENCY REPORTS 41 SHIPS WAITING AT PANAMA CANAL
  The Panama Canal Commission, a U.S.
  government agency, said in its daily operations report that
  there was a backlog of 41 ships waiting to enter the canal
  early today. Over the next two days it expects --              
               4/01  4/02
                         Due: 34    34
        Scheduled to Transit: 41    39
             End-Day Backlog: 34    29
  
      Average waiting time tomorrow --
           Super Tankers  Regular Vessels
   North End:  25 hrs      11 hrs
   South End:  24 hrs      31 hrs
  

"
training/12182	12	earn	"CONTROL RESOURCE INDUSTRIES INC <CRIX> 4TH QTR
  Shr loss five cts vs profit eight cts
      Net loss 152,000 vs profit 214,000
      Revs 6.2 mln vs 2.4 mln
      Year
      Shr profit 22 cts vs profit 33 cts
      Net profit 809,000 vs 853,000
      Revs 22.4 mln vs 7.9 mln
  

"
training/12184	12	earn	"AMERICAN WATER WORKS CO INC <AWK> SETS PAYOUT
  Qtly div 32 cts vs 32 cts prior
      Pay May 15
      Record May One
  

"
training/12185	12	earn	"HUNT MANUFACTURING CO <HUN> SETS PAYOUT
  Qtrly div 11 cts vs 11 cts
      Pay April 21
      Record April 10
  

"
training/12186	0	acq	"ITEL <ITEL> BUYS CASTLE/COOKE <CKE> UNIT ASSETS
  Itel Corp said it has completed the
  previously-announced acquisition of the container fleet and
  related assets of Castle and Cooke Inc's Flexi-Van Leasing Inc
  subsidiary for about 130 mln dlrs in cash and marketable
  securities, 30 mln dlrs in notes, three mln common shares and
  the assumption of liabilities.
      The company said it has obtained 150 mln dlrs in financing
  from a bank group for the deal, and the common shares are
  subject to a 10-year restriction on their sale and voting.
  

"
training/12187	12	earn	"PITTSBURGH AND WEST VIRGINIA RAILROAD <PW> NET
  4th qtr
      Shr 14 cts vs 14 cts
      Net 210,000 vs 211,000
      Revs 230,000 vs 229,000
      Year
      Shr 56 cts vs 56 cts
      Net 838,000 vs 841,000
      Revs 919,000 vs 919,000
  

"
training/12191	0	acq	"DYNALECTRON <DYN> BUYS AVIATION FACILITY
  Dynalectron Corp said it purchased
  certain assets of Standard Aero Inc including leasehold rights
  to its aircraft modification and maintenance facility in
  Phoenix, Ariz.
      Terms were not released.
      The facility consists of 285,000 square feet of hangar and
  shop space. Dynalectron will operate the plan as Dynair Tech
  Inc and is offering continued employment to about 460 former
  standard Aero employees.
  

"
training/12195	0	acq	"TALKING POINT/PUROLATOR COURIER <PCC>
  Emery Air Freight Corp topped a
  leveraged buyout offer for Purolator Courier Corp by about 40
  mln dlrs, but Wall Street is reacting as though another offer
  may surface.
      Purolator's stock climbed 5-3/8 today, to 40-1/8, 1/4 over
  Emery's 40 dlr per share offer. Emery topped a 35 dlr per share
  or 268 mln dlr offer from E.F. Hutton LBO Inc.
      Some analysts said the latest, 306 mln dlr offer for
  Purolator exceeded their expectations.
      Several analysts previously had said they saw takeover
  values for the package delivery company in the 35 dlr per share
  range. At least one, however, estimated the company could be
  taken over in a range of 38 to 42 dlrs per share.
      Analysts today would not venture to say whether another
  offer could be made, but some arbitragers still held to the
  belief that the bidding could go higher.
      ""They have no choice to seek out the best possible offer.
  Emery has shown the courage to go forth,"" said one arbitrager,
  who speculated other courier companies may also emerge as
  bidders.
      ""It makes sense,"" said James Parker of Robinson Humphrey.
  But ""It won't make out as well as they think. They won't get a
  100 pct of the synergies.""
      Analysts said the acquisition could cost Emery earnings in
  the short term, but long term, after eliminating redundancies
  and selling other Purolator assets, it should boost Emery's
  profitability.
      Parker said a combined Purolator and Emery would rival
  United Parcel Service as the second largest U.S. package
  delivery company after Federal Express Corp <FDX>, which has 47
  pct of the market.
      Parker speculated that the combined Emery-Purolator would
  have about 24 pct of the six to seven billion dlr delivery
  business.
      ""This will make Emery a bigger factor in the light weight
  (delivery) business, but it will not make them a power house,""
  said Douglas Arthur of Kidder, Peabody and Co.
      Purolator today declined comment on the Emery offer, and
  its chairman Nicholas Brady did not return a phone call.
      E.F.Hutton LBO also declined comment on the Emery offer,
  but said it extended the expiration and withdrawal period on
  its offer to April six at midnight from today at midnight EST.
      One analyst speculated the extension makes it more likely
  Hutton will attempt another offer. However, he was skeptical a
  company outside the package delivery industry would want to
  outbid 40 dlrs per share because it would not have the same 
  synergies as a courier company.
      Since Purolator agreed in late February to a buyout by some
  of its management and the E.F. Hutton Group <EFH> subsidiary,
  speculation has arisen that more bidding was to come.
      The buyout was surrounded by controversy since a Purolator
  board member, Doresy Gardner resigned in March. Gardner said he
  believed a better offer could be made by another entity.
      A spokesman for Gardner today said the former director had
  no contact with Emery, nor did he have any other buyers lined
  up for Purolator.
      Purolator's deal with Hutton was also called into question
  by a shareholder suit filed earlier this week, which attempted
  to stop the tender offer to allow another bidder to come forth.
  Hearings in a New York state court were delayed until Monday.
      Arbitragers had said they believed the Hutton offer could
  be bettered because the Wall Street firm was not planning to
  keep its cash tied up in Purolator. Hutton is providing a 279
  mln dlr ""bridge"" loan that would later be replaced with other
  debt. Hutton would maintain a majority interest in Purolator.
      Hutton sources have said the firm was in fact facing risk n
  its investment since it did not know when it could reclaim its
  279 mln dlr loan.
      Emery last year lost 5.4 mln dlrs on revenues of 887.5 mln
  dlrs. Purolator lost 57.6 mln dlrs on 841.4 mln dlrs in
  revenues.
  

"
training/12197	22	interest	"CANADIAN IMPERIAL BANK LOWERING VISA RATES
  <Canadian Imperial Bank of Commerce>
  said it was lowering the interest rate on its Visa credit card
  to 15.9 pct from 18.6 pct, effective with the May billing
  statement.
      The bank said it was also halving its yearly Visa card user
  fee to six dlrs, but would retain its 15 ct fee for each
  transaction.
      A bank spokesman said the previously reported call by the
  Canadian Parliament's finance committee on March 20 for a
  substantial cut in credit card rates ""was a factor"" in the
  move, but he would not elaborate.
      Canada's minister of state for finance Thomas Hockin had
  threatened legislation to reduce the rates, which apply to
  unpaid balances, if the financial institutions did not
  voluntarily act.
      The Canadian Imperial Bank spokesman said ""the bank card
  market is a very competitive one and we have to move to stay
  competitive.""
      Canadian Imperial's new rates match those of <Toronto
  Dominion Bank>, which lowered its rates before the finance
  committee report.
      Canadian Imperial Bank added that cardholders will be
  allowed to choose between the 15 ct transaction fee or the six
  dlr yearly card fee.
      It will also eliminate the 50 ct minimum monthly
  transaction fee, it said.
      Minister of State for Finance, Tom Hockin, said in the
  House of Commons today he was ""delighted"" with the bank's cut
  in its credit card rate.
      ""I would hope retail stores and other financial
  institutions will look to their rates as well,"" Hockin said
  during the daily question period.
  

"
training/1220	0	acq	"BUTLER <BTLR> TO SELL PART OF UNIT
  Butler Manufacturing Co said it
  agreed in principal to sell part of its controls division to
  Enercon Data Corp of Minneapolis.
      Terms of the sale were not disclosed.
      The transaction, expected to be closed in March, involves
  the controls division's energy management and power line
  carrier product lines.
      Butler said costs associated with the sale were included in
  its restructuring charge taken in last year's fourth quarter,
  and will have no effect on its 1987 earnings.
  

"
training/12201	12	earn	"NISSAN MOTOR <NSANY> SEES SECOND HALF PROFIT
  Nissan Motor Co Ltd of Japan said it
  expects that it was profitable in the second half ended
  yesterday after a first half operating loss of 17 billion yen.
      Nissan chief financial officer Atsushi Muramatsu, in a
  speech before an automotive seminar, said he attributed the
  improvement to cost reductions and rationalizations of
  operations.
      He said if exchange rates stabilize, Nissan will have a
  strong profit recovery in fiscal 1988 and profits for fiscal
  1989 better than those before the yen started advancing.
      Muramatsu said Nissan is studying the possibility of
  setting up its own finance company to improve access to U.S.
  and European capital markets.
  

"
training/12202	12	earn	"GEOFFRION LECLERC FORECASTS RESULTS
  (Geoffrion Leclerc Inc), in reporting
  sharply higher earnings for the six months ended February 28,
  said it expects third quarter results to continue at a strong
  pace and approximate the preceding quarters.
      The brokerage firm earlier reported six month profit rose
  to 3.5 mln dlrs from 1.9 mln dlrs last year. It did not detail
  second quarter profit.
  

"
training/12203	0	acq	"WALL STREET STOCKS/POLAROID <PRD>
  Rumors that New York investor Asher
  Edelman has acquired a stake in Polaroid Corp and optimism
  about tomorrow's status hearing on the patent infringement suit
  pending with Eastman Kodak Co <EK> sent Polaroid's stock
  higher, traders said.
      Polaroid rose 1-1/8 to 74-1/2.
      ""Speculation that Edelman was going to take a stake in
  Polaroid was kicking around a few months ago, and resurfaced
  today,"" one trader said.
      Edelman had no comment on the rumors.
      A spokesman for Polaroid said the company had not been
  contacted by Edelman and no filing had been made with the
  Securities and Exchange Commission about a stake in the
  company.
      ""There is some hope among investors that there will some
  progress in the status hearing tomorrow on the patent
  infringement suit with Kodak,"" analyst Michael Ellmann of
  Wertheim and Co said.
      Traders said it is conceivable that a trial date could be
  set or some progress made on an out-of-court settlement.
      The suit, filed by Polaroid in April 1976, charges that
  Kodak infringed upon Polaroid's instant camera patent. In
  October 1985, the court barred Kodak from selling cameras or
  film that infringe upon the patent, the Polaroid spokesman
  said.
      Ellmann said he feels it is highly unlikely that any
  progress will be made in tomorrow's hearing.
      Ellmann said the stock may have also gotten a boost today
  from some optimism concerning new products the company is
  currently working on.
      ""Polaroid's announcement that a particularly senior company
  executive had been chosen to work on a major unidentified new
  product spurred some speculation about their products,"" he
  said. ""I am speculating that the new product could be an
  electronic still camera,"" referring to a camera that records
  its images on magnetic disks as opposed to conventional film.
      Ellmann said the stock may have also gotten a boost today
  from some optimism concerning new products the company is
  currently working on.
      ""Polaroid's announcement that a particularly senior company
  executive had been chosen to work on a major unidentified new
  product spurred some speculation about their products,"" he
  said. ""I am speculating that the new product could be an
  electronic still camera,"" referring to a camera that records
  its images on magnetic disks as opposed to conventional film.
  

"
training/12204	12	earn	"KAUFMAN AND BROAD INC <KB> 1ST QTR FEB 28 NET
  Shr 41 cts vs 17 cts
      Net 8,824,000 vs 4,555,000
      Revs 301.9 mln vs 196.4 mln
      Avg shrs 17,644,000 vs 16,085,000
  

"
training/12205	0	acq	"ITEL <ITEL> COMPLETES FLEXI-VAN ACQUISITION
  Itel Corp said it completed the
  previously announced purchase of the container fleet and
  certain related assets of Flexi-Van Leasing Inc for about 130
  mln dlrs cash and marketable securities, 30 mln dlrs in notes,
  three mln shares of newly issued Itel common and assumption of
  certain liabilities.
      The company said it obtained financing from a syndicate of
  major banks for 150 mln dlrs.
  

"
training/12207	12	earn	"KAUFMAN AND BROAD INC <KB> 1ST QTR FEB 28 NET
  Shr 41 cts vs 17 cts
      Net 8,824,000 vs 4,555,000
      Revs 301.9 mln vs 196.4 mln
      NOTE: Housing backlog 135 mln dlrs, up over 33 pct from a
  year earlier.
  

"
training/12208	5	coffee	"NY ANALYSTS SEE COFFEE FUTURES FALLING FURTHER
  New York coffee futures prices will
  probably fall to about 85 cents a lb in the next month before a
  consolidation trend sets in, according to market analysts.
      Yesterday, prices for the spot May contract fell below 1.00
  dlr a lb for the first time since August 1981 after the
  International Coffee Organization did not place new export
  quota discussions on its current agenda.
      Talks aimed at renegotiating ICO export quotas, after five
  years of price-supporting agreements, broke down in February.
      ""Short-term, it looks like a definite test of 90 cents,
  perhaps 85 cents,"" said William O'Neill, coffee analyst with
  Elders Futures. ""But the additional downside may not be all
  that great from current levels.""
      ""At this price level the market is very vulnerable to
  bullish developments,"" O'Neill added. ""Rather than us having a
  market that will plummet we'll kind of see prices erode --
  probably to around 85 cents.""
      ""I definitely see 90 cents and would not rule out a brief
  drop to 85 cents,"" said Debra Tropp, a coffee analyst with
  Prudential Bache. But she said by June worries about a freeze
  in Brazil growing areas will become more of a market factor,
  with prices likely to consolidate ahead of that time.
      A trader at a major international trade house, who asked
  not to be named, said he expects a 10 cent drop near term but
  believes if Brazil opens May registrations at a relatively high
  export price and requires a high contribution quota from
  exporters the market could steady at the lower levels.
      Longer term, he added, producer pressure will mount on
  Brazil to agree to consumers' export quota terms, and a new
  international agreement could come into force next fall.
      Since the February talks broke down, the market has fallen
  from about 130.00 cents a lb to a low of 98.10 cents a lb
  today, as buyers and sellers sought to reassess supply and
  demand.
      Generally, analysts say, producers have a large buildup of
  stocks, but U.S. roasters have drawn down supplies and will
  need to do some buying soon.
      ""Most producing nations have just completed or are about to
  complete their annual harvests and exportable supplies are at
  their seasonal peak. Exports remain behind year ago and
  warehouses in producer nations are becoming increasingly
  overburdened,"" said Sandra Kaul, coffee analyst for Shearson
  Lehman, in that firm's forthcoming quarterly coffee report.
      Kaul said producers' need to procure hard currency to
  service foreign debt will put further pressure on them to sell,
  and ""this should keep substantial pressure on exporters to
  undertake sales despite the drop in prices to six year lows.""
      Kaul believes the market will drop to 80 cents a lb before
  Brazil's frost season begins in June.
      Accurate assessments of roaster demand are hard to come by,
  though analysts note the peak winter consumption period is
  passed and demand usually slows this time of year.
      Shearson's Kaul estimated U.S. roaster ending stocks as of
  January 31, including soluble and roasted, at 6.3 mln bags
  compared with 6.9 mln at end-September 1986, a small drawdown
  for the usually busy winter roasting season.
      But Elders O'Neill said, ""The roasters are not overstocked
  by any means.""
      Analysts said picking a bottom to the market is difficult,
  given the fact prices have fallen into uncharted territory
  below the long-term support at 1.00 dlr per lb, and several
  traders said the sidelines might be preferable for the short
  term.
  

"
training/12209	14	gas	"ENERGY/U.S. REFINING
  U.S. refiners said they are worried
  that growing supplies of imports, proposed federal
  environmental regulations, and the marketing of a third grade
  of unleaded gasoline would cost them dearly and at a time when
  the industry is recovering from a recent slump.
       ""We have to look at national security and cut the amount
  of products and crude coming into the country if it hurts the
  industry,"" said Archie Dunham, vice president of petroleum
  products at Conoco, subsidiary of DuPont Corp (DD).
      U.S. oil imports account for about 38 pct of U.S.
  consumption but are expected to rise to 50 pct by the mid
  1990s, according to the Department of Energy.
      ""Can we afford to import 60 or 70 pct of our oil
  requirements 15 or so years from now?"" asked John Swearingen,
  chairman of the board of Continental Illinois Corp <CIL> and
  former chief executive of Amoco Corp <AN>. ""If your answer to
  that question raises doubt, then it behooves us to do all that
  we can now to cope with this situation and improve our
  position.""
      But Swearingen said he opposed the idea of an import fee, a
  view echoed by others attending this week's National Petroleum
  Refiners Association meeting in San Antonio, Texas.
      ""Talk of an import surcharge or controls is not encouraging
  because those things won't solve our problems and could well
  compound them,"" said Swearingen. ""Once the government affects
  values, once an import quota or license has value, it's going
  to be subverted by government,"" he added.
       William Martin, deputy Energy Secretary, said the costs of
  an import fee outweigh its benefits and suggested, as Energy
  Secretary John Herrington has, depletion tax credits to
  encourage domestic production and limit oil imports. He also
  said altnerative energy sources should be encouraged.
       Restoration of the depletion allowance for a 27 pct
  deduction from the taxable income of oil companies is 
  controversal but might work, said Dunham.
      Dunham and other officials opposed the idea of a fee on oil
  imports but said if one is enacted it must tax crude and
  product imports.
      ""Why would companies import crude when they could import
  products for a smaller cost if there were only a fee on crude?""
  asked Henry Rosenberg, chairman of Crown Central Petroleum
  <CNP>.
       An import fee would raise the costs of U.S. petrochemical
  products and make them noncompetive on the world market, Dunham
  said.
       ""The energy security issue should be considered when
  environmental issues are considered,"" Martin said.
      ""The level of investment for the proposed lowering of
  sulfur level of diesel to 0.05 pct by weight, for example, is
  unacceptable,"" Dunham said. ""Most companies cannot afford it.""
      George Unzelman, president of HyOx, Inc., said these
  proposals ""will place pressure on small refining operations and
  promote further industry consolidation.""
       An NPRA survey of of 139 refineries, which was released at
  the conference, said reducing sulphur content to 0.05 pct
  weight and aromatics to 20 volume pct aromatics in highway
  diesel fuel would cost refiners 6.65 billion dlrs.
       The national average diesel fuel sulfur content in 1986
  for the survey respondents was 0.27 weight pct while the
  average aromatics content was 32 pct.
       Another possible cost to refiners is the upgrading of
  facilities to produce a third grade of unleaded gasoline which
  is beginning to be marketed by some companies.
      ""What will be the standard octane level in various grades
  of unleaded gasoline?"" asked Dunham. ""A midlevel grade of
  unleaded gasoline with an octane level of 89 means an
  investment has to be made,"" Dunham said.
       This grade is not warranted, said Crown's Rosenberg.
       Despite these concerns, refiners are expecting margins to
  move higher in the next few months.
       ""We are beginning to see a return in wholesale margins,""
  said Roger Hemminghaus, chairman of the refining and marketing
  company that is to spin off from Diamond Shamrock Corp <DIA>.
       Margins are higher because the OPEC pact is holding, U.S.
  stocks of gasoline and heating oil are declining, and gasoline
  demand is rising as the driving season approaches, he said.
       ""This summer could be a good season for selling gasoline,""
  Hemminghaus said, adding that the new company will be primarily
  a gasoline producer.
  

"
training/12211	12	earn	"CSX CORP <CSX> 1ST QTR NET
  Shr 47 cts vs 56 cts
      Net 73.0 mln vs 85.0 mln
      Revs 1.89 billion vs 1.69 billion
      NOTE: figures reflect the merger of Sea-Land Corp completed
  Feb 11, 1987.
  

"
training/12213	0	acq	"WALL STREET STOCKS/LORAL CORP <LOR>
  Loral Corp climbed 3-3/4 to 48-3/4 amid
  rumors the company might be a takeover target of General
  Electric Co <GE>. However, analysts said they were skeptical.
      ""Jack Welch doesn't want any more exposure to defense
  markets,"" said one analyst who heard the rumors but doubted
  their accuracy. The reference was to GE's chairman.
      The analyst, who requested anonymity, said, ""I wouldn't
  believe this one unless there's a deal on the table.""
      Loral Corp officials were not immediately available for
  comment.
  

"
training/12215	6	copper	"MAGMA LOWERS COPPER PRICE 0.25 CT TO 65.50 CTS
  Magma Copper Co, a subsidiary of
  Newmont Mining Corp, said it is lowering its copper cathode
  price by 0.25 cent to 65.50 cents a lb, effective immediately.
  

"
training/12216	12	earn	"SNET <SNG> SEES GOOD 1987 EARNINGS
  Southern New England Telecommunications
  Corp, SNET, said it expects to have good earnings in 1987
  against 4.46 dlrs per share or 139.2 mln dlrs in 1986.
      The company also said it expects capital spending to rise
  to about 355 mln dlrs in 1987, up from 289 mln dlrs a year ago.
      However, senior vice president of finance Daniel Miglio
  told a meeting of analysts that there was some uncertainty in
  its earnings outlook because SNET is currently involved in
  negotiations with state regulators on its rate of return on
  equity which currently stands at 16.2 pct.
      The company also said it expects its SNET Systems business,
  which is composed of some of its non-regulated businesses, to
  be profitable by the end of the year.
  

"
training/12219	0	acq	"STRYKER <STRY> ACQUIRES HEXCEL <HXL> UNIT
  Stryker Corp said it acquired
  Hexcel Medical Corp, a wholly owned subsidiary of Hexcel Corp.
      The terms of the transaction were not disclosed.
      The sale completes Hexcel's plan to sell all its medical
  products businesses, Hexcel said.
  

"
training/12221	0	acq	"OLD STONE <OSTN> COMPLETES ACQUISITION
  Old Stone Corp said it
  completed the previously announced acquisition of First Federal
  Savings Bank of North Carolina, a Shelby, N.C., savings bank,
  for common stock.
      The final purchase price, expected to be between seven mln
  and 7.5 mln dlrs, will be based on an exchange of common stock
  valued at 1.5 times the book value of First Federal as of the
  March 31 closing date, the company said.
      At February  28, First Federal had 129 mln dlrs in assets
  and 120 mln dlrs in deposits. Old Stone is a Rhode Island-based
  financial services company with assets of 3.9 billion dlrs.
  

"
training/12222	0	acq	"MOORE MEDICAL CORP <MMD> TO MAKE ACQUISITION
  Moore Medical Corp said it
  plans to acquire privately-held Penta Products, a wholesale
  distributor of generic durgs, for undisclosed terms.
  

"
training/12223	6	copper	"INSPIRATION LOWERS COPPER PRICE TO 66.50 CTS/LB
  Inspiration Consolidated Copper Co, a
  subsidiary of Inspiration Resources Corp, said it is lowering
  its base price for full-plate copper cathodes one-half cent to
  66.50 cents a lb, effective immediately.
  

"
training/12224	49	veg-oil	"ARGENTINE VEGETABLE OIL SHIPMENTS IN 1986
  Argentine vegetable oils shipments
  during January/December 1986 totalled 1,796,121 tonnes, against
  1,577,722 tonnes in the same period of 1985, the Argentine
  Grain Board said.
      Breakdown was as follows: cotton 9,000 (27,900), sunflower
  954,303 (840,440), linseed 119,954 (138,944), groundnutseed
  26,248 (26,246), soybean 669,094 (524,715), tung 9,047
  (11,363), olive 2,417 (4,125), maize 6,058 (3,989), rape nil
  (nil) , grape nil (nil), the board added.
      Shipments during December 1986 amounted to 102,870 tonnes,
  against 108,514 tonnes in the same month of 1985.
      The breakdown, was as follows, in tonnes:
      Cotton 5,000 (nil), sunflower 25,156 (23,713), linseed
  6,127 (5,990), groundnutseed nil (738), soybean 65,759
  (76,371), tung 645 (730), olive 183 (660), maize nil (312),
  rape nil (nil), grape nil (nil), the board said.    
      The ten principal destinations during January/December
  1986, with comparative figures for the same period of 1985 in
  brackets, were as follows, in tonnes:
      Iran 212,043 (209,177), Holland 204,558 (215,784), Soviet
  Union 173,060 (266,389), Egypt 163,119 (164,252), Algeria
  116,330 (11,492), South Africa 105,230 (110,064), Brazil
  101,599 (103,142), Cuba 89,957 (98,740), United States 80,109
  (44,826), India 67,182 (17,403), the board said.
  

"
training/12225	0	acq	"UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM
  Upland Minerals and Chemicals Corp said
  it agreed to acquire Consolidated Brazilian Mines International
  Inc, a public company with one mln acres of diamond and gold
  properties in Brazil.
      Terms were not disclosed.
      Consolidated owns 42 mining concessions in three regions of
  eastern and northern Brazil -- Gammara, Santo Antonio and
  Diamazon, the company said.
      Upland also said the previously announced acquisition of
  Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
  concern, will produce revenues of 9.6 mln dlrs a year for the
  next 25 years.
      New York-based Upland is traded over-the-counter.
  

"
training/12226	0	acq	"INSPEECH <INSP> BUYS NORMA BORK, BORK MEDICAL
  Inspeech Inc said it acquired
  Norma Bork Associates Inc and Bork Medical Services Inc for
  undisclosed terms.
      These firms, with combined revenues of about one mln dlrs,
  are providers of speech pathology, physical therapy and
  occupational therapy services.
  

"
training/12227	12	earn	"NOLAND CO <NOLD> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay April 24
      Record April 14
  

"
training/12229	22	interest	"BANK OF NEW YORK <BK> RAISES PRIME TO 7-3/4 PCT
  Bank of New York said it raised its
  prime lending rate a quarter point to 7-3/4 pct.
      It said the move is effective immediately.
  

"
training/12231	12	earn	"HARTMARX CORP <HMX> 1ST QTR FEB 28 NET
  Shr 54 cts vs 40 cts
      Net 11,105,000 vs 8,310,000
      Sales 282.7 mln vs 290.3 mln
      Avg shrs 20,599,000 vs 20,760,000
      NOTE: Per-share results restated for May 1986 three-for-two
  stock split
  

"
training/12235	22	interest	"MANUFACTURERS NATIONAL <MNTL> RAISES PRIME
  Manufacturers National Bank of Detroit
  said it increased its prime rate to 7-3/4 pct from 7-1/2 pct,
  effective immediately.
  

"
training/12236	0	acq	"UPLAND MINERALS ACQUIRES BRAZIL MINING FIRM
  Upland Minerals and Chemicals Corp said
  it agreed to acquire Consolidated Brazilian Mines International
  Inc, a public company with one mln acres of diamond and gold
  properties in Brazil.
      Terms were not disclosed.
      Consolidated owns 42 mining concessions in three regions of
  eastern and northern Brazil -- Gammara, Santo Antonio and
  Diamazon, the company said.
      Upland also said the previously announced acquisition of
  Aslaminas Aslambeck Mining Corp, a Minas Gerais, Brazil, mining
  concern, will produce revenues of 9.6 mln dlrs a year for the
  next 25 years.
  

"
training/12237	12	earn	"TOLL <TOL> IN STOCK SPLIT, PUBLIC OFFERING
  Toll Brothers Inc said it
  declared a two-for-one split of its common stock and said it
  filed a registration statement with the Securities and Exchange
  Commission for a proposed public offering of 5,700,000 shares
  of common as adjusted for the split.
      The record date for the split is April 10, and certificates
  representing the additional shares will be mailed April 20.
      The company said its stock price will be adjusted to
  reflect the split on April 21.
  

"
training/12239	12	earn	"NATIONAL ROYALTY CORP <NROC> 4TH QTR LOSS
  Shr loss 22 cts vs loss 20 cts
      Net loss 2,127,334 vs loss 1,629,432
      Revs 1,306,658 vs 1,091,023
      Avg shrs 9.7 mln vs 8 mln
      Year
      Shr loss 36 cts vs loss 35 cts
      Net loss 3,519,251 vs loss 2,805,569
      Revs 5,081,953 vs 4,410,954
      Avg shrs 9.8 mln vs 8.1 mln
  

"
training/12240	12	earn	"HI-PORT INDUSTRIES INC <HIPT> 4TH QTR NET
  Oper shr 29 cts vs eight cts
      Oper net 222,143 vs 76,605
      Revs 4,872,279 vs 3,276,404
      12 mths
      Oper shr 17 cts vs 28 cts
      Oper net 111,280 vs 301,623
      Revs 13.9 mln vs 11.1 mln
      NOTE: 1986 yr figures excludes extraordinary item of
  574,363 dlrs, or 60 cts per share, for termination of its non
  contributory pension plan.
      1985 yr figures excludes 537,950 dlrs, or 42 cts per share,
  representing insurance proceeds from a fire that occurrred in
  1983.
  

"
training/12244	12	earn	"<SYSTEMS FOR HEALTH CARE INC> YEAR LOSS
  Shr loss 33 cts vs nil
      Net loss 603,430 vs profit 4,295
      Revs 748,628 vs 5,730
      NOTE: Per-share results give retroactive effect to
  one-for-50 reverse stock split in March 1987
      1986 loss includes recurring expenses of 317,062 dlrs
  related to acquisitions and initial advertising campaigns
  

"
training/12246	22	interest	"MELLON <MEL>, REPUBLIC <RPT> LIFT PRIME RATES
  Mellon Bank NA of Pittsburgh and
  Republic Bank of Dallas have both raised their prime lending
  rates to 7-3/4 pct from 7-1/2, effective immediately.
  

"
training/12249	43	ship	"GULF BARGE FREIGHT HIGHER IN NEARBYS ON CALL
  Gulf barge freight rates continued to
  show a firmer tone in the nearbys on the assumption that
  changes in the Gulf posted prices will encourage increases in
  both PIK-and-roll activity and barges shipments, with a total
  of 21 barges traded this morning on the ST Louis Merchants'
  Exchange call session, versus nine yesterday, dealers said.
      Quotes included -
   - This week Mississippi River (Granite City, MLA if P/O)
  traded at 175 pct of tariff, five percentage points above
  yesterday's bid.
   - Next week Mississippi (Alton/Granite City, MLA if P/O) bid
  five points higher at 175 pct, offered at 190.
   - Five barges each week April MidMississippi River
  (Dubuque/south) traded at yesterday's bid of 170 pct.
   - April Illinois River (ex Chicago) 160 pct bid, offered 10
  points higher at 170.
   - May same section 140 pct bid, offered five lower at 145.
   - May MidMississippi River (Dubuque/south) bid 2-1/2 points
  higher at 142-1/2 pct, offered at 145.
   - June/July lower Mississippi River (Memphis/Cairo) offered at
  120 pct, no bids.
   - June/Aug upper Mississippi River (Lacrosse/Savage) offered
  at 150 pct, no bids.
   - Oct/Nov MidMississippi (Dubuque/south, L/H Nov
  Clinton/south) 170 pct bid/177-1/2 offered - no comparison.
   - December Illinois River (ex Chicago) 122-1/2 pct bid/127-1/2
  offered - down 2-1/2 points on offer.
  

"
training/1225	12	earn	"FERTILITY AND GENETICS RESEARCH <BABY> 1ST QTR
  Periods ended December 31
      Shr loss 10 cts vs loss seven cts
      Net loss 316,289 vs loss 189,140
      Revs 61,762 vs 8,934
  

"
training/12250	0	acq	"<CRIME CONTROL> ASSETS TO BE SOLD TO HAWLEY
  Crime Control Inc said it reached a
  definitive agreement under which a subsidiary of Hawley Group
  Ltd will buy assets and assume certain liabilities of Crime
  Control for 51.3 mln dlrs.
      Of this amount, it said about 47 mln dlrs would be
  available for distribution to the company's banks, debenture
  holders and shareholders. The balance would be used to pay
  various state taxes and other expenses relating to the
  transaction, and to establish reserves to provide for certain
  unassumed obligations of the company.
      Crime Control said it would use proceeds to pay its bank
  lenders approximately 28.6 mln dlrs, representing about 87 pct
  of the principal amount of all its indebtedness to bank
  lenders.
      It also said it would propose to acquire all of its 20 mln
  dlrs worth of outstanding 10 pct convertible subordinated
  debentures for an aggregate of approximately 15.4 mln dlrs and
  propose liquidation of the company with shareholders receiving
  an estimated 54 cts a share.
      As reported earlier, Crime Control is in default on
  approximately 33 mln dlrs of bank debt and in default under the
  indenture governing its convertible subordinated debentures.
      On January 19, 1987, Crime Control, which installs,
  services and monitors electronic surveillance systems, said it
  retained Rothschild Inc to arrange for the sale of the company.
  

"
training/12251	22	interest	"ROYAL/BANK CANADA UPS U.S. BASE RATE 1/4 PCT TO 8-1/4 PCT

  ROYAL/BANK CANADA UPS U.S. BASE RATE 1/4 PCT TO 8-1/4 PCT
  

"
training/12255	12	earn	"LE PEEP RESTAURANTS INC <LPEP> 4TH QTR LOSS
  Shr loss 27 cts vs loss 81 cts
      Net loss 998,764 vs loss 1,491,590
      Revs 2,712,614 vs 1,237,850
      Avg shrs 3,727,063 vs 1,838,294
      Year
      Shr loss 1.79 dlr vs loss 2.11 dlrs
      Net loss 4,559,004 vs loss 3,882,235
      Revs 8,510,004 vs 3,720,640
      Avg shrs 2,544,271 vs 1,838,294
  

"
training/12258	12	earn	"TOWLE MANUFACTURING CO <QTOW> 4TH QTR OPER LOSS
  Oper shr loss 1.10 dlrs vs loss 8.63 dlrs
      Oper net loss 5.1 mln vs loss 42.1 mln
      Revs 23.1 mln vs 63.3 mln
      Year
      Oper shr loss 4.71 dlrs vs loss 14.09 dlrs
      Oper net loss 22.0 mln vs loss 67.2 mln
      Revs 114.6 mln vs 221.8 mln
      Avg shrs 4,910,330 vs 4,851,650
      NOTE: Current year excludes gain of 12.1 mln dlrs from
  disposal of discontinued operations.
      Shr figures after preferred dividend requirements.
  

"
training/12259	22	interest	"ROYAL BANK/CANADA UPS U.S. BASE RATE
  <Royal Bank of Canada> said it is
  raising its U.S. base lending rate by 1/4 pct to 8-1/4 pct,
  effective tomorrow.
      The move is the first change in the bank's U.S. dollar base
  lending rate since last August, when it lowered the rate 1/2
  point.
      It follows the announcement yesterday of a 1/4 point rise
  to 7-3/4 pct of two of the largest U.S. banks' prime rates.
  

"
training/1226	48	trade	"ROSTENKOWSKI RELUCTANT TO BACK TAX HIKE
  House Ways and Means Committee
  Chairman Dan Rostenkowski said he would be reluctant to back
  the tax increase if it did not have President Reagan's support.
      He told a National Press Club luncheon there would be a
  number of tax proposals that could be debated if Reagan sought
  a tax increase to help balance the budget.
      However, he said he would prefer to leave the tax rates
  enacted in last year's tax reform bill unchanged.
      There have been calls in Congress to hold the rates at the
  1987 level rather than allow them to fall next year.
      Reagan proposed 22 billion dlrs in revenue as part of his
  1988 budget proposal, but it did not include general tax
  increases.
      On trade issues, Rostenkowski said he did not expect the
  major trade bill this year would single out any U.S. industry
  for special protection.
      ""To go after individual items in a trade bill is suicide,""
  he said.
      This apparently ruled out congressional approval of another
  textile trade bill to limit quotas on textile imports, as was
  proposed again this year.
  

"
training/12260	22	interest	"HARRIS BANK INCREASES ITS PRIME RATE
  <The Harris Trust and Savings Bank> said
  it has increased its prime rate to 7-3/4 from 7-1/2 effective
  immediately.
  

"
training/12266	12	earn	"STRAWBRIDGE AND CLOTHIER <STRW> 4TH QTR NET
  Shr 2.02 dlrs vs 1.94 dlrs
      Net 14.7 mln vs 13.9 mln
      Revs 265.6 mln vs 235.1 mln
      Year
      Shr 2.83 dlrs vs 3.36 dlrs
      Net 20.7 mln vs 24.1 mln
      Revs 739.1 mln vs 686.9 mln
      NOTE: Current year includes loss equal to 12 cts/shr from
  takeover defense and loss of 13 cts from loss of investment tax
  credits.
  

"
training/12267	10	crude	"MOBIL RAISES WEST COAST CRUDE PRICES BETWEEN ONE DLR AND
1.75 DLRS/BBL TODAY

  MOBIL RAISES WEST COAST CRUDE PRICES BETWEEN ONE DLR AND
  1.75 DLRS/BBL TODAY
  

"
training/12270	43	ship	"TUGS TO ATTEMPT REFLOATING KOREAN BULK CARRIER
  Seven tugs will attempt to refloat the
  South Korean motor bulk carrier Hyundai New World tonight,
  Lloyds shipping intelligence service said in its latest update.
      The vessel grounded close to Itaqui port in Brazil last
  night after undocking from Ponta da Madeira terminal.
      Lloyds said the 200,000 dwt vessel is carrying about
  180,000 tons of ore.
      Five holds are partially flooded and there is some leakage
  of bunkers from double bottom tanks. At low water tide the
  vessel has a list of five degrees to port and the list
  increases as the tide rises.
  

"
training/12271	12	earn	"ROBERT BRUCE INDUSTRIES INC <BRUCA> YEAR LOSS
  Shr loss 3.31 dlrs vs profit 94 cts
      Net loss 6,073,000 vs profit 1,823,000
      Revs 58.9 mln vs 69.2 mln
  

"
training/12274	22	interest	"TCF BANKING AND SAVINGS HIKES PRIME RATE
  TCF Banking and Savings FA said it
  is raising its prime rate to 7-3/4 pct from 7-1/2 pct effective
  today.
  

"
training/12276	0	acq	"CAMPEAU AND EDWARD DEBARTOLO COMPLETE PURCHASE
  <Campeau Corp> and the <Edward J.
  DeBartolo Corp> have closed on their previously-announced 
  purchase of five of the regional shopping centers of Allied
  Stores Corp.
      Campeau said it and the DeBartolo Association will each
  hold a 50 pct ownership interest in the shopping centers.
      Campeau separately announced that, as required by a bank
  agreement, it has contributed an additional 50 mln dlrs of
  capital to Allied.
      Campeau acquired Allied Stores Corp earlier this year, the
  company said.
  

"
training/12278	22	interest	"CCC INTEREST RATE FOR APRIL IS SIX PCT -- USDA
  The Commodity Credit Corporation
  (CCC) interest rate on loans disbursed in April will carry a
  six pct ionterest rate, the U.S. Agriculture Department said.
      The April rate is up from March's 5-7/8 pct and reflects
  the interest rate charged CCC by the U.S. Treasury, the
  department said.
  

"
training/1228	0	acq	"<MAGELLAN CORP> SETS MERGER WITH BALZAC
  Magellan Corp said it has entered into a
  letter of intent to acquire Balzac Investments Inc in a
  transaction that will result in former Balzac shareholders
  owning about 83 pct of the combined company.
      The company said on completion of the merger, the combined
  company wopuld be known as Power-Cell Inc and be engaged in the
  development of Balzac technology related to its Quick Charge
  product for charging auto batteries.
      The transaction is subject to approval by shareholders of
  both companies.
  

"
training/12281	0	acq	"STANDARD OIL <SRD> COMMITTEE TRIED TO DELAY BID
  A committee of independent directors of
  the Standard Oil Co unsuccessfully sought a delay in a tender
  offer for Standard shares by British Petroleum Co plc,
  according to offering documents.
      BP's offering document for its 70 dlr per share offer
  describes discussions with Douglas Danforth, who chairs a
  special committee of independent directors responsible for
  monitoring relations with BP. BP has been owner of a 55 pct
  stake in Standard for several years.
      According to the document, the committee's counsel said it
  needed one to two months to evaluate the offering price.
      Danforth, who is chairman of the Westinghouse Electric Co
  <WX>, first learned of BP's interest in acquiring the rest of
  Standard in a telephone call March five from Sir Peter Walters,
  chairman of BP.
      At a meeting march nine, Danforth informed BP that the
  special committee had hired First Boston Corp <FBC> as its
  financial adviser and also retained independent counsel.
      Danforth's concerns that the special committee did not have
  sufficient time were expressed to Walters in a telephone
  conversation and reiterated in a letter from counsel on Monday
  of this week.
  

"
training/12283	12	earn	"BANKAMERICA SAYS 1ST QTR NET TO BE CUT BY 40 MLN DLRS DUE
TO BRAZILIAN LOANS

  BANKAMERICA SAYS 1ST QTR NET TO BE CUT BY 40 MLN DLRS DUE
  TO BRAZILIAN LOANS
  

"
training/12285	12	earn	"BANKAMERICA SAYS IT EXPECTS TO REPORT A PROFIT FOR
FIRST-QUARTER 1987

  BANKAMERICA SAYS IT EXPECTS TO REPORT A PROFIT FOR
  FIRST-QUARTER 1987
  

"
training/12286	10	crude	"MOBIL <MOB> RAISES WEST COAST CRUDE POSTINGS
  Mobil Corp said it raised its west
  coast crude postings, effective today.
      The Buena Vista light grade, at 26 degrees api gravity, was
  raised 1.35 dlrs a barrel to 15.55 dlrs/bbl, while the
  Huntington Beach light grade, at 16 degrees, was raised about
  1.75 dlrs/bbl to 14.10 dlrs/bbl.
      The heavier Wilmington grade, at 17 degrees, was increased
  1.20 dlrs to 14.30 dlrs/bbl. Kern River crude, at 13 degrees,
  was increased 1.00 dlr to 13.00 dlrs/bbl.
       Mobil also said that effective today it changed its
  gravity adjustment scale as follows: From 20 degrees to 34
  degrees API, Mobil will adjust its price 0.015 of a ct per
  one-tenth of an API degree. Below 20 degrees API, the company
  will adjust its price 0.020 ct per one-tenth of a degree. Crude
  grades from 34 degrees API to above 40 degrees are unaffected.
  

"
training/12288	12	earn	"STRAWBRIDGE <STRW> DECLARES STOCK DIVIDEND
  Strawbridge and Clothier said its
  board declared a seven pct stock dividend, payable May 14 to
  holders of record April 14.
      Earlier, the company reported net income of 20.7 mln dlrs.
  

"
training/1229	12	earn	"UNITED COS FINANCIAL CORP <UNCF> 4TH QTR NET
  Shr 68 cts vs 78 cts
      Net 2,432,179 vs 2,236,471
      Revs 50.8 mln vs 35.1 mln
      Avg shrs 3,600,000 vs 2,850,000
      Year
      Shr 2.82 dlrs vs 3.35 dlrs
      Net 10.0 mln vs 9,554,658
      Revs 177.5 mln vs 138.1 mln
      Avg shrs 3,567,123 vs 2,850,000
  

"
training/12293	12	earn	"LAIDLAW DECLARES THREE FOR TWO SPLIT, BOOSTS PAYOUT to
5-1/4 CTS/SHR FROM FOUR CTS

  LAIDLAW DECLARES THREE FOR TWO SPLIT, BOOSTS PAYOUT to
  5-1/4 CTS/SHR FROM FOUR CTS
  

"
training/12294	12	earn	"TRANSDUCER SYSTEMS INC YEAR
  Shr profit 12 cts vs loss 49 cts
      Net profit 117,000 vs loss 506,000
      Revs 1.1 mln vs 1.2 mln
      Year
      Shr profit seven cts vs loss 89 cts
      Net profit 66,000 vs loss 921,000
      Revs 4.4 mln vs 3.9 mln
      NOTE:1986 reflects tax benefit of 24,000. 1985 reflects tax
  benefit of 186,000 for quarter and 573,000 for year.
  

"
training/12296	12	earn	"LAIDLAW TRANSPORTATION LTD <LDMFA> 2ND QTR NET
  period ended February 28
      Shr 26 cts vs 14 cts
      Net 28.4 mln vs 15.2 mln
      Revs 305.7 mln vs 179.6 mln
      Six mths
      Shr 50 cts vs 28 cts
      Net 54.6 mln vs 30.3 mln
      Revs 586.2 mln vs 359.8 mln
      Avg shrs 100,362,000 vs 91,360,000
  

"
training/12298	0	acq	"CENTURY BUSINESS CREDIT <CTY> GETS OFFER
  Century Business Credit Corp said it
  received an offer from Stanley Tananbaum, chairman and chief
  executive officer, to take the company private in a transaction
  giveing shareholders 24.40 dlrs per share in cash.
      There were 603,106 shares outstanding as of December 31.
      The independent directors said they will engage an expert
  to evaluate the fairness of the offer.
  

"
training/123	12	earn	"IVACO SEES MINIMAL FIRST QUARTER EARNINGS
  (Ivaco Inc) said price pressure on steel
  products, particularly in the U.S., and the recent increase in
  the value of the Canadian dollar is expected to result in
  ""minimal"" first quarter earnings.
      It said subsequent quarters should show substantial
  improvement from first quarter levels but 1987 earnings will
  not reach 1986 levels as long as those conditions continue.
       Ivaco earlier reported 1986 profit rose to 44.1 mln dlrs,
  after a one mln dlr extraordinary gain, from 35.1 mln dlrs the
  previous year. It said demand for the company's products are
  continuing at high levels and sales are expected to show
  further growth. Revenues last year rose to 1.94 billion dlrs
  from 1.34 billion dlrs in 1985.       
  

"
training/12301	12	earn	"LAIDLAW <LDMFA> SPLITS STOCK, HIKES PAYOUT
  Three for two stock split
      Pay and record date subject to shareholder confirmation May
  four
      Qtly dividend 5-1/4 cts vs four cts
      Pay May 15
      Record May one
      Note: dividends declared on pre-split shares.
      Laidlaw Transportation Ltd
  

"
training/12302	22	interest	"SECURITY PACIFIC, PROVIDENT NATIONAL LIFT PRIME
  Security Pacific National Bank and
  Provident National Bank said they increased their prime lending
  rates a quarter point to 7-3/4 pct.
      They said the move is effective immediately.
  

"
training/12303	12	earn	"J.P. MORGAN SAYS BRAZIL ACTION WILL REDUCE FIRST QUARTER
NET BY ABOUT 20 MLN DLRS

  J.P. MORGAN SAYS BRAZIL ACTION WILL REDUCE FIRST QUARTER
  NET BY ABOUT 20 MLN DLRS
  

"
training/12304	12	earn	"HOUSTON INDUSTRIES INC <HII> INCREASES DIV
  Qtly div 72 cts vs 70 cts prior
      Payable June 10
      Record May 15
  

"
training/12305	0	acq	"EMERY <EAF> PLANS PUROLATOR <PCC> ASSET SALES
  Emery Air Frieght Corp, which has
  launched a 40 dlr a share tender offer for 83 pct of Purolator
  Courier Corp, said it would sell some Purolator assets to help
  pay the estimated 265 mln dlr cost of the stock purchase deal.
      In a filing with the Securities and Exchange Commission,
  Emery said it would sell or lease Purolator's air hub in
  Indianapolis, Ind., which is currently under construction, and
  would divest Purolator's Stant Inc subsidiary.
      No indications of interest for the assets have been
  received so far, Emery said.
      Emery said it would operate Purolator as a subsidiary if it
  succeeded in the takever, but would integrate its air hub.
      It said it plans to finance its stock purchases with
  borrowings from Chemical Bank, Morgan Guaranty Trust Co of New
  York, Bankers Trust Co and Salomon Brothers Holding Co Inc, the
  parent of Salmon Brothers Inc, Emery's financial advisor.
      Emery said it already has a commitment letter from its
  banks for up to 129.9 mln dlrs for the stock purchases. An
  unspecified amount of internally generated funds would also be
  used for the stock purchases, it added.
  

"
training/12306	12	earn	"CENTURY BUSINESS CREDIT CORP <CTY> 4TH QTR
  Shr 39 cts vs 31 cts
      Net 232,991 vs 198,185
      Revs 2.9 mln vs 2.3 mln
      Year
      Shr 2.20 dlrs vs 1.12 dlrs
      Net 1.3 mln vs 715,113
      Revs 11.3 mln vs 10.1 mln
      NOTE:1986 revs includes 260,000 dlr finder's fee , net
  includes 112,000 gain from sale of securities, 115,000
  dividends, 78,000 dlrs from lease recalculations.
      1985 revs includes 700,000 finder's fee and 75,000 gain
  from sale of asset.
  

"
training/12309	0	acq	"IC INDUSTRIES<ICX> UNIT TO SELL OFF MORE TRACK
  Illinois Central Gulf Railroad, a
  subsidiary of IC Industries Inc, said it will complete the sale
  to the Chicago, Missouri and Western Railway of its 631-mile
  line from Joliet, Ill., to St. Louis by April 30.
      The Chicago, Missouri is a wholly owned subsidiary of the
  Venango River Corp, a transportation holding company.
      It said the purchase price of the line is 81 mln dlrs.
      The Chicago, Missouri will employ 625 workers and start
  operation immediately upon closing of the transaction.
  

"
training/12312	34	nat-gas	"BRITISH PETROLEUM RAISES NORTH SEA BUTANE PRICES BY 15.50
DLRS A TONNE TODAY

  BRITISH PETROLEUM RAISES NORTH SEA BUTANE PRICES BY 15.50
  DLRS A TONNE TODAY
  

"
training/12313	34	nat-gas	"BP <BP> RAISES NORTH SEA BUTANE PRICES
  British Petroleum Co plc said it raised
  its posted butane prices by 15.50 dlrs per tonne to 123 dlrs,
  fob north sea, effective today.
      Posted propane prices were unchanged at 110 dlrs per tonne,
  the company said.
  

"
training/12315	13	fuel	"ATLANTIC TO RAISE HIGH SULPHUR FUEL PRICES
  Atlantic Fuels Marketing Corp said
  today it will raise the posted cargo prices for high sulphur
  fuels in New York Harbor 50 to 75 cts per barrel, effective
  April two.
      The increase brings the prices for two pct sulphur to 19.25
  dlrs, up 50 cts, 2.2 pct sulphur to 18.75 dlrs, up 50 cts, 2.5
  pct sulphur to 18.50 dlrs, up 50 cts, 2.8 pct sulphur to 18.25
  dlrs, up 75 cts, the company said.
      Posted prices for 0.3 pct and one pct low sulphur fuels
  were unchanged at 22 and 20 dlrs, it said.
  

"
training/12316	22	interest	"FIRST NATIONAL BANK OF BOSTON <BKB> RAISES PRIME
  The First National Bank of Boston, the
  main banking unit of Bank of Boston, said it is raising its
  prime lending rate to 7.75 pct from 7.50 pct, effective
  immediately.
  

"
training/12317	12	earn	"GENCORP TAKES NO ACTION ON STOCK DIVIDEND
  Gencorp Inc said its board took no
  action with respect to a two pct stock dividend at its annual
  meeting yesterday due to the press of other business,
  specifically the company's pending takeover offer by General
  Acquisition Corp, formed by AFG industries inc and Wagner and
  brown.
      A spokesman said the two pct stock dividend, normally
  issued everly year, was not issued in February because the
  company was examining other dividend alternatives. Management
  said it would give consideration to this matter at a later
  time.
     Yesterday, the company's chairman, A. William Reynolds, told
  shareholders he would be presenting an alternative to the 100
  dlrs a share takeover offer within a week.
  

"
training/12318	12	earn	"MORGAN <JPM> PLACES BRAZIL LOANS ON NONACCRUAL
  J.P. Morgan and Co Inc, parent of
  Morgan Guaranty Trust Co of New York, said that it will place
  1.3 billion dlrs of medium- and long-term loans to Brazil on a
  non-accrual basis, matching similar action by BankAmerica Corp
  <BAC> earlier today.
      The move, which follows Brazil's suspension of interest
  payments on 68 billion dlrs of commercial bank debt on February
  20, is expected to reduce first quarter net income by about 20
  mln dlrs, of which four mln dlrs represents interest accrued
  prior to 1987 but still uncollected, the bank said.
      Morgan earned 233.9 mln dlrs in the first quarter of 1986.
      Morgan also said that, based on current interest rates and
  assuming cash interest payments are not received for the rest
  of the year, 1987 net income would be reduced by about 72 mln
  dlrs. 1986 net income was 872.5 mln dlrs.
      Although U.S. banks do not have to put loans on nonaccrual
  until they are over 90 days past due, Morgan said some of the
  loans affected by the Brazil payment freeze may reach the
  90-day limit during the second and third quarters.
      Morgan said it assumes talks between Brazil and commercial
  bank lenders will proceed ""expeditiously"" and interest payments
  will resume at the earliest practicable date.
  

"
training/12321	0	acq	"GOULD <GLD> COMPLETES SALE OF DIVISION
  Gould Inc said it has
  completed the sale of its Systems and Simulations Division to
  the unit's management for an undisclosed price.
      Gould said the move is part of its plan to divest its
  defense systems businesses and focus on its computer and
  electronics sectors.
      Gould added that it accounted for the division as a
  discontinued operation.
  

"
training/12331	0	acq	"FRENCH FIRM HAS FIVE PCT OF CALIF. WATER <CWTR>
  Compagnie Generale Des Eaux
  <EAUG.PA>, a French water, waste treatment and disposal,
  heating, ventilation and air conditioning concern said it has a
  5.0 pct stake in California Water Service Co.
      In a filing with the Securities and Exchange Commission,
  Compagnie Generale said it bought its 139,200 California Water
  shares for a total of 7.0 mln dlrs for investment purposes.
      While it said it might acquire more shares in the company,
  it said it has no plans to seek control of it.
  

"
training/12332	29	livestock	"USDA REPORT ON CATTLE SLAUGHTER, MEAT PURCHASES
  The U.S. Agriculture Department said
  an estimated 8,700 head of dairy cattle were slaughtered during
  the week ending March 13 as a result of the Whole Herd Dairy
  Buyout program.
      The cumulative total of cattle slaughtered under the
  program from April 1 through March 13 is estimated at 1,032,300
  head, it said.
      Cumulative meat purchases through March 27 total
  376,897,330 lbs, the department said.
      Dairy cattle reported for export under the program for the
  period April 1 through March 27 totaled an estimated 55,055
  head, the department said.
      Live cattle exports are in addition to the meat purchase
  requirements, the department said.
  

"
training/12333	22	interest	"MAJOR U.S. BANKS MOVE TO HIGHER 7-3/4 PCT PRIME
  Most major U.S. banks today matched
  Tuesday's quarter-point prime rate cuts by Citibank and Chase
  Manhattan Bank, the first prime rate boosts since mid-1984.
      Most cited narrower spreads between the prime and funding
  costs as justification. Analysts said the prime rate rises may
  have been triggered partly by a desire by banks to enhance
  profit margins given problems with developing country loans. 
      Commenting on the prime rate increases, U.S. Treasury
  Secretary James Baker told a House Appropriations Committee
  that ""I hope it was a temporary blip upward.""
      Among the major banks which today announced prime rate
  increases to 7-3/4 pct were Bankers Trust, Chemical Bank,
  Continental Illinois National Bank, Harris Trust and Savings
  Bank, Irving Trust, Manufacturers Hanover Trust Co, Marine
  Midland, and Security Pacific National Bank.
      Other banking companies announcing prime rate rises
  included Pittsburgh National Bank, Texas Commerce Bank-Houston,
  Provident National Bank, First National Bank of Boston, Florida
  Federal Savings and Loan Association, and SunTrust Banks.
  

"
training/12334	12	earn	"JEM RECORD INC <JEMR> 2ND QTR JAN 31
  Shr three cts vs seven cts
      Net 52.1 mln vs 112,713
      Revs 5.1 mln vs 4.4 mln
      Six months
      Shr five cts vs 15 cts
      Net 75,605 vs 244,119
      Revs 9.5 mln vs 9.5 mln
  

"
training/12336	22	interest	"UNION BANK RAISES ITS PRIME RATE TO 7.5 PCT
  The Union Bank subsidiary of
  Standard Chartered PLC said today it was raising its prime
  lending rate to 7.75 pct from 7.50 pct, effective immediately.
  

"
training/12338	17	grain	"USDA GRAIN INSPECTION ADVISORY COMMITTEE MEETING
  The Federal Grain Inspection Service
  Advisory Committee will meet here Monday, April 13, the U.S.
  Agriculture Department said.
      Items on the agenda for the meeting, which is scheduled to
  begin at 0830 edt, are grain-quality issues, status of proposed
  regulations, financial matters and safety matters, the
  department said.
      The Federal Grain Inspection Service Advisory Committee is
  composed of 12 members representing the grain industry who
  provide advice to the administrator of the Federal Grain
  Inspection Service.
  

"
training/12339	0	acq	"DEAK BUYS JOHNSON MATTHEY COMMODITIES
  Deak International, a foreign currency
  and precious metals firm, announced the acquisition of Johnson
  Matthey Commodities of New York from Minories Finance Limited,
  a unit of the Bank of England.
      The purchase valued at 14.8 mln dlrs follows the recent
  acquisition of London's Johnson Matthey Commodities Limited,
  Deak said. The New York firm will be known as Deak
  International Trading Ltd, the company said. Arkadi Kuhlmann,
  president and chief executive officer of Deak International,
  said the purchase will expand Deak's operations in precious
  metals and wholesale non-ferrous metals trading.
  

"
training/1234	12	earn	"BRISTOL-MYERS CO <BMY> SETS QUARTERLY
  Qtly div 70 cts vs 70 cts prior
      Pay May One
      Record April Three
  

"
training/12340	5	coffee	"COFFEE FUTURES AT SIX-YEAR LOW, UNDER 1 DLR/LB
  Coffee futures dipped further today and
  closed below 1 dlr a pound for the first time in six years.
      Coffee for delivery in May ended at 99.28 cents a pound on
  the Coffee, Sugar and Cocoa Exchange, down 0.76 cent and the
  lowest price since August, 1981.
       Prices have been falling steadily since the International
  Coffee Organization failed in February to reach an agreement
  controlling exports by its members, and pressure was renewed
  this week as the executive board of the organization met in
  London without reopening debate on its export quotas.
      The executive board has limited its current discussions to
  administrative matters and is set to adourn Thursday.
      Burdensome supplies have pressed the market down from 1.30
  dlr a pound in February, when the organization's discussions
  aimed at re-establishing export quotas broke down.
      Sandra Kaul, a coffee analyst in New York with Shearson
  Lehman Brothers, said supplies currently are at their high
  point for the year because most producing nations have just
  completed their harvests.
      In addition, she said, many of those nations are faced with
  serious debt and need to sell coffee to raise capital.
      ""This should keep substantial pressure on exporters to
  undertake sales despite the drop in prices,"" she said.
      Further, U.S. demand could be sluggish because winter, the
  period of greatest consumption, is ending. Prices could fall
  another 10 cents to 15 cnts a pound, analysts said.
      Gold futures retreated from modest early gains and closed
  steady while silver prices rallied on the Commodity Exchange in
  New York.
      The increase in U.S. banks' prime rates prompted concern
  about renewed inflation, but the strength of the U.S. dollar
  discouraged new buying.
      ""The market is getting mixed signals and it doesn't know
  which way to go,"" one analyst said.
      Gold futures retreated from modest early gains and closed
  steady while silver prices rallied on the Commodity Exchange in
  New York.
      The increase in U.S. banks' prime rates prompted concern
  about renewed inflation, but the strength of the U.S. dollar
  discouraged new buying.
      ""The market is getting mixed signals and it doesn't know
  which way to go,"" one analyst said.
  

"
training/12341	12	earn	"BELDEN AND BLAKE ENERGY CO <BBE> 4TH QTR
  Shr loss 1.92 dlrs vs profit five cts
      Net loss 5.6 mln vs profit 136,598
      Revs 1.4 mln vs. 2.5 mln
      Year
      Shr loss 3.81 dlrs vs profit 21 cts
      Net loss 10.8 mln vs profit 435,176
      Revs 7.6 mln vs 9.4 mln
      NOTE:1986 4th qtr includes write-off of about 373,000 dlrs
  or 13 cts and writdown of assets of 4.0 mln dlrs. 1986 year
  includes 4.1 mln dlrs 1st qtr writedown.
  

"
training/12344	0	acq	"CROWN RESOURCES <CRRS> PLANS ENERGY UNIT SALE
  Crown Resources Corp said it plans to
  sell its Oklahoma-based oil and gas unit as part of its
  strategy to focus on developing precious metals properties.
      The company said it bought the Wyona Water Flood Oil and
  Gas unit in 1984 for 650,000 dlrs.
      Crown said the Wyona field is fully developed with 28
  producing wells.
      Current oil production is 80 barrels a day, it said, adding
  that no gas was produced for sale in 1986.
  

"
training/12345	0	acq	"M.D.C. HOLDINGS <MDC> SELLS ENERGY UNIT
  M.D.C. Holdings Inc said it sold
  substantially all the assets of its oil and gas unit, Mizel
  Petro Resources Inc, and affiliated partnerships, for 38 mln
  dlrs in cash to <Parker and Parsley Petroleum Co>, Midland,
  Texas.
      The company said that, subject to certain post-closing
  adjustments, it expects to post a small profit on the sale.
  

"
training/12346	12	earn	"LIVINGWELL INC <WELL> YEAR
  Shr six cts vs three cts
      Net 1.7 mln vs 3.1 mln
      Revs 187.3 mln vs 129.7 mln
      NOTE:Increase in earnings due to elimination of preferred
  dividend requirements.
  

"
training/12350	0	acq	"FIDELCOR <FICR> UNIT ACQUIRES LAZERE FINANCIAL
  Fidelcor Inc's Fidelcor Business Credit
  Corp subsidiary said it reached a definitive agreement to
  acquire a substantial portion of the Bank of New England Corp's
  <BKNE> Lazere Financial Corp's assets.
      Terms of the acquisition were not disclosed. The
  acquisition is subject to approval of the Federal Reserve
  Board.
      Fidelcor said it would acquire most of Lazere's loan
  portfolio and other assets, including its Miami office. It said
  it plans to hire the majority of Lazere's 100 employees.
  

"
training/12351	12	earn	"SUNSTATES CORP <SUST> 4TH QTR
  Shr loss 3.51 dlrs vs loss 6.14 dlrs
      Net loss 3.2 mln vs loss 6.6 mln
      Year
      Shr loss 2.38 dlrs vs loss 5.17 dlrs
      Net loss 692,872 vs loss 4.5 mln
      NOTE:1986 loss includes loss of 301,000 for discontinued
  oeprations vs a loss of 5.5 mln dlrs net of a 1.4 mln credit in
  1985. 1985 4th qtr includes loss of 3.5 mln dlrs for
  discontinued operations. share amts relfect dividend
  requirements.
  

"
training/12352	12	earn	"<BII ENTERPRISES INC> YEAR NOV 30 NET
  Shr 86 cts vs 79 cts
      Net 4,042,000 vs 3,549,000
      Revs 59.7 mln vs 47.3 mln
  

"
training/12353	12	earn	"<SCOTTISH AND YORK HOLDINGS LTD> YEAR LOSS
  Shr loss 27 cts vs loss 2.27 dlrs
      Net profit 2,150,000 vs loss 14,700,000
      Revs 121.3 mln vs 69.8 mln
      Note: shr after payment of preferred stock dividends
  

"
training/12355	5	coffee	"COFFEE FUTURES UNDER DLR A POUND AT SIX-YEAR LOW
  Coffee futures dipped further and closed
  below one dlr a pound for the first time in six years.
      Coffee for delivery in May ended at 99.28 cents a pound on
  the New York Coffee, Sugar and Cocoa Exchange, down 0.76 cent
  and the lowest price since August, 1981.
       Prices have fallen steadily since the International Coffee
  Organization failed in February to reach an agreement
  controlling exports by its members, and pressure was renewed
  this week as the executive board of the organization met in
  London without reopening debate on its export quotas.
      The executive board has limited its current discussions to
  administrative matters and is set to adourn Thursday.
      Burdensome supplies have pressed the market down from 1.30
  dlrs a pound in February, when the organization's discussions
  aimed at re-establishing export quotas broke down.
      Sandra Kaul, a coffee analyst in New York with Shearson
  Lehman Brothers, said supplies currently are at their high
  point for the year because most producing nations have just
  completed their harvests.
      In addition, she said, many of those nations are faced with
  serious debt and need to sell coffee to raise capital.
      ""This should keep substantial pressure on exporters to
  undertake sales despite the drop in prices,"" she said.
      Further, U.S. demand could be sluggish because winter, the
  period of greatest consumption, is ending. Prices could fall
  another 10 to 15 cents a pound, analysts said.
      Gold futures retreated from modest early gains and closed
  steady while silver prices rallied on the Commodity Exchange in
  New York.
      The increase in U.S. banks' prime rates prompted concern
  about renewed inflation but the strength of the U.S. dollar
  discouraged new buying.
      ""The market is getting mixed signals and it doesn't know
  which way to go,"" one analyst said.
      Cattle futures posted new highs on the Chicago Mercantile
  Exchange, while live hogs rallied from early losses and frozen
  pork bellies finished sharply lower.
      Cattle prices continued to draw support from the winter
  storm that swept the Plains states, leaving animals stranded in
  snowbound fields and feed lots in miserable condition.
      Live hogs were pressured early by the Agriculture
  Department's report Tuesday that producers expanded their
  breeding herds more than the market expected last quarter.
  Prices recovered to keep pace with higher cash prices.
      Frozen pork bellies fell sharply on the outlook for greater
  production and closed with limit losses.
      Soybean futures posted sharp gains on the Chicago Board of
  Trade, while corn and wheat were lower.
      Soybeans rallied in response to Tuesday's USDA report that
  farmers intend to plant 56.9 mln acres this year, down from
  61.5 mln planted last year.
      Corn prices were pressured by the outlook for 67.6 mln
  acres of corn, which is down from last year's 76.7 mln acres,
  but was larger than analysts expected.
  

"
training/12356	0	acq	"INVESTMENT ADVISORS HAVE 10 PCT OF KILLEARN<KPI>
  Two executives of a Memphis, Tenn.,
  investment advisory firm told the Securities and Exchange
  Commission they have acquired 132,000 shares of Killearn
  Properties Inc, or 10.4 pct of the total outstanding.
      The executives, O. Mason Hawkins and William Reid, who work
  for Southeastern Asset Management Inc, said they bought their
  Killearn stock with personal funds as an investment.
      While they said they might increase their stake Killearn
  Properties, they said they have no plans to seek control of it.
  

"
training/12362	12	earn	"SAVOY INDUSTRIES INC <SAVO> YEAR
  Shr loss 42 cts vs loss five cts
      Net loss 4.0 mln vs loss 446,000
      Revs 58.9 mln vs 70.3 mln
      NOTE:1986 net includes gain of 40 cts from discontinued
  operations. 1985 net includes gain of 22 cts from discontinued
  operations.
  

"
training/12364	12	earn	"AMERICAN HOIST AND DERRICK CO <AHO> 1ST QTR NET
  Qtr ended March 14.
      Shr profit 32 cts vs loss 1.30 dlrs
      Net profit 2,704,000 vs loss 7,589,000
      Rev 105.2 mln vs 82.3 mln
      NOTE: Qtr net includes extraordinary gain of 1.1 mln dlrs.
  

"
training/12368	0	acq	"AMERICAN BARRICK <ABX> SELLS COAL ASSETS
  American Barrick Resources Corp said it
  sold two coal supply agreements and certain mining equipment,
  representing substantially all of the assets of its two Ohio
  coal mines, to Peabody Coal Co, of Kentucky.
      Terms were not disclosed.
      Proceeds from the sale combined with the sale of the
  company's remaining coal assets should result in full recovery
  of its investments in the operations, the company said without
  further elaborating.
      The sale will complete the planned disposition by American
  Barrick of all its non-gold assets, it said.
  

"
training/12374	0	acq	"NOVAMIN BOARD TO RECOMMEND BREAKWATER <BWRLF> BID
  <Novamin Inc> said
  its board will recommend to shareholders the takeover offer
  made by Breakwater Resources Ltd.
      Breakwater is offering to exchange one Breakwater share for
  each two shares of Novamin, the company said.
      Breakwater will issue about 3.7 mln shares for all Novamin
  shares presently issued and outstanding. Additional shraes of
  Breakwater will be issued if warrants and options of Novamin
  are exercised.
  

"
training/12375	31	meal-feed	"U.S. FEED SITUATION SUMMARY REPORT DELAYED
  The U.S. Agriculture Department said
  its summary report on the Feed Situation and Outlook, scheduled
  for release April 24, has been delayed until May 15.
      The department said the delay will enable analysts to
  incorporate into the report USDA's first supply and demand
  estimates for the 1987/88 marketing year and data on farm
  program participation.
  

"
training/12378	0	acq	"NEWMONT MINING CORP REDUCES STAKE IN PEABODY
  Newmont Mining Corp said it completed
  the previously announced reduction of its share in <Peabody
  Holding Co Inc> to 49.97 pct from 61.47 pct.
      Newmont realized 116.8 mln dlrs in the transaction.
      For 1986, Newmont reported net income of 74.2 mln dlrs.
  Peabody, the largest coal producer in the U.S., had net income
  of 100.8 mln dlrs on sales of 1.4 billion dlrs in 1986.
      Newmont doubled its ownership in Peabody in January by
  purchasing 30.74 pct interest held by the Williams Cos for 320
  mln dlrs.
      The reduction resulted from completion of an earlier
  announced agreement by Peabody to sell a 15.01 pct interest in
  the company to Eastern Gas and Fuel Associates in exchange for
  all the coal properties owned by Eastern.
  

"
training/12379	12	earn	"MR. GASEKT CO <MRGC> 3RD QTR DEC 31
  Shr loss 26 cts vs profit eight cts
      net loss 2.8 mln vs profit 897,000
      Revs 27.0 mln vs 30.0 mln
      Nine months
      Shr loss 51 cts vs profit 46 cts
      Net loss 5.4 mln vs profit 4.9 mln
      Revs 88.4 mln vs 99.8 mln
  

"
training/1238	0	acq	"AMERICAN AIRCRAFT CORP BUYS PRIVATE FIRM
  <American Aircraft Corp> said it
  has acquired a 51 pct interest in privately-held <Hunter
  Helicopter of Nevada, Inc>.
      The purchase was made for an undisclosed amount of American
  Aircraft stock, the company said.
      It said the acquisition will increase shareholder equity in
  American Aircraft to 45 cts per share from 18 cts per share.
      Hunter Helicopter builds two-passenger helicopters that
  retail for about 50,000 dlrs.
  

"
training/12380	12	earn	"DELTAUS CORP <DLTA> YEAR
  Shr loss 64 cts vs loss 1.70 dlrs
      Net loss 13.4 mln vs loss 35.6 mln
      REvs 47.9 mln vs 72.1 mln
      NOTE:1985 includes loss of 941,000 from discontinued
  operations and 5.8 mln dlrs from disposal of net asset solds.
  

"
training/12382	12	earn	"DEROSE INDUSTRIES INC <DRI> 4TH QTR
  Shr loss 56 cts vs loss 71 cts
      Net loss 809,000 vs loss 1.0 mln
      Revs 5.3 mln vs 5.3 mln
      Year
      Shr loss 1.51 dlrs vs profit 61 cts
      Net loss 2.2 mln vs loss 2.3 mln
      Revs 26.5 mln vs 29.1 mln
  

"
training/12383	12	earn	"REVLON GROUP <REV> REPORTS 1986 RESULTS
  Revlon Group Inc told the Securities
  and Exchange Commission it had net profits of 16,465,000 on
  sales of 1.61 billion dlrs for the year ended Dec. 31, 1986.
      Revlon in a filing with the SEC compared the results to the
  five months ending Dec. 31, 1985. In that period, it lost 28.4
  mln dlrs on sales of 262.4 mln dlrs.
      Earlier today, MacAndrews and Forbes Group Inc began an
  18.50 dlr a share cash offer for all common stock of Revlon it
  does not own. Revlon today rose 3/8 to 19-1/4 in active
  trading. MacAndrews controls 31.8 pct of the voting power.
  
      For 1986, Revlon said the loss applicable to common stock
  after preferred dividends is 9.5 mln dlrs. The net loss per
  share was 24 cts, compared to a net loss of 99 cts per share
  last year.
      Revlon said it had a 1986 operating profit of 64.3 mln
  dlrs, compared to a loss of 13.3 mln dlrs in the year earlier
  period.
      The 1986 net includes a provision for estimated loss on
  dispositions of 57.0 mln dlrs, compared to 15.1 mln dlrs the
  year earlier. Earnings in 1986 before extraordinary items were
  7.4 mln dlrs.
  

"
training/12386	0	acq	"LIFETIME <LFT> EXCHANGE OFFER ACCEPTED
  LIfetime Corp said Retirement Housing
  Corp has accepted its previously announced acquisition offer.
      Retirement will operate autonomously as a separate
  subsidiary.
  

"
training/12389	12	earn	"MANUFACTURERS <MHC> PUTS BRAZIL ON NON-ACCRUAL
  Manufacturers Hanover Corp said it
  placed 1.4 billion dlrs of medium- and long-term loans to
  Brazilian borrowers on non-accrual as of yesterday, meaning
  that income will be recorded only when actual cash payments are
  received.
      As a result, net income for the first quarter will be
  reduced by 18 mln dlrs.
      If Brazil, which suspended interest payments on its term
  debt on February 20, continues to defer interest payments for
  the rest of the year, net income for the whole of 1987 would be
  reduced by a total of 72 mln dlrs.
      U.S. bank accounting guidelines do not require loans to be
  placed on nonaccrual unless interest payments are past due 90
  days or more.  However, Manufacturers Hanover said that, in
  light of current circumstances, it was more appropriate to
  record income on its Brazilian loans only when cash payments
  were received.
      It added that it believes Brazil will reach agreement with
  its banks on a debt restructuring and that all interest
  payments will be received later in 1987.
      The company earned 102.1 mln dlrs in first-quarter 1986 and
  410.7 mln dlrs for the whole of the year.
  

"
training/1239	12	earn	"AID CORP <AIDC> RAISES QUARTERLY DIVIDEND
  Qtly div nine cts vs eight cts in prior qtr
      Payable March 31
      Record March 13
  

"
training/12390	0	acq	"GALVESTON TO AQUIRE MINE PROPERTY INTERESTS
  <Galveston Resources Ltd> said it agreed
  in principle for an option to earn up to a 50 pct interest from
  <Hemlo Gold Mines Inc> in certain mining properties known as
  the Interlake Property, subject to regulatory approvals.
      Galveston said it will earn up to a 50 pct interest by
  spending a minimum of one mln dlrs in exploration and
  development work by December 31, 1989.
      It expects work will commence shortly and continue during
  the 1987 exploration season.
      Galveston also said it granted Hemlo Gold options to
  acquire up to two mln Galveston shares.
      It said the options can be exercised at 10 dlrs a share up
  to December 31, 1987, then at 12.50 dlrs a share until December
  31, 1988, and then at 15 dlrs a share until December 31, 1989.
      Separately, Galveston said it agreed in principle with
  <Noranda Inc> unit Noranda Explorations Ltd for an option to
  earn up to a 50 pct interest in a major mineral property
  located at the Baie Verte Peninsula, Newfoundland.
      Galveston can earn a 50 pct interest by spending six mln
  dlrs in exploration and development work on the property by
  December 31, 1989.
      The company also said it granted Noranda an option to
  purchase two mln Galveston shares.
      The options can be exercised at 10 dlrs a share until
  December 31, 1987, then at 12.50 dlrs a share until December
  31, 1988, and then at 15 dlrs a share until December 31, 1989.
  

"
training/12391	12	earn	"<OCELOT INDUSTRIES LTD> YEAR LOSS
  Shr loss 15.29 dlrs vs loss 2.80 dlrs
      Net loss 221.3 mln vs loss 40.4 mln
      Revs 146.3 mln vs 260.7 mln
      Note: 1986 loss includes extraordinary loss of 171.6 mln
  dlrs or 11.85 dlrs shr related to writedown of certain
  petrochemical assets and reduced by tax gain of 4.2 mln dlrs or
  28 cts shr.
      1985 results restated.
  

"
training/12394	12	earn	"DEUTSCHE BANK SEES SLOW START TO 1987
  Deutsche Bank AG <DBKG.F> has seen a
  slow start to 1987 after posting record profits in 1986,
  management board joint spokesman F. Wilhelm Christians said.
      Credit business declined in the first few weeks of the
  year, and the interest margin was squeezed further. The weak
  German bourse saw earnings on commission fall sharply, and
  trading in securities also fell. But earnings from currency
  dealing were still satisfactory, he told a news conference.
      Deutsche group partial operating profits rose to 3.78
  billion marks in 1986 from 2.92 billion in 1985 on a balance
  sheet of 257.22 billion marks after 237.23 billion.
      Profits were swollen by earnings from the placement of the
  former Flick group, which have been estimated at some one
  billion marks, and from record profits in trading on the bank's
  own account, not included in partial operating profits.
      Earnings from the Flick transaction were booked through a
  subsidiary, and therefore showed up as part of the interest
  surplus in a section current earnings from securities and
  participations.
      In the group this nearly doubled to 2.64 billion marks from
  1.45 billion.
      As usual the bank did not detail total operating profits.
      But it said that total operating profits, including own
  account trading, rose 24.9 pct or 4.5 pct without the Flick
  transaction in the group, and 35.1 pct or seven pct in the
  parent bank.
      Banking analysts said this put group total operating
  profits at some 6-1/2 to seven billion marks, and parent bank
  operating profits at over five billion marks.
      Christians said Deutsche used the extraordinary earnings
  from Flick to pay a record five mark bonus on top of its
  unchanged 12 mark dividend.
      The bank had decided against raising the dividend itself
  because of the uncertain business outlook at the end of 1986,
  and developments so far this year showed that was correct,
  Christians said.
      West German banks rarely raise dividends unless they are
  sure they can maintain the increased payout in subsequent
  years, preferring to use bonuses for one-of profits.
      The bank also used its extraordinary earnings to continue a
  high level of risk provision, Christians said.
      Disclosed group risk provisions rose to 867 mln marks in
  1986 from 765 mln in 1985.
      Under German law, disclosed provisions do not necessarily
  reflect the full amount of risk provisions.
      Management board joint spokesman Alfred Herrhausen said
  Deutsche's total debt exposure to problem countries had fallen
  to over six billion marks in 1986 from 7.4 billion in 1985
  because of the fall in the dollar.
      He agreed with a questioner who asked if over two thirds of
  such problem country debt had been written off.
      Deutsche Bank posted a sharp rise in holdings of ""other
  securities,"" to 4.64 billion marks from 2.71 billion in the
  parent bank.
      Christians said this 1.93-billion-mark rise was partly due
  to its increased activity in international share placements,
  with some shares such as those from Fiat SpA's international
  placement last year remaining on its books.
      Herrhausen said that no concrete measures were planned to
  place these shares and conclude the original placement.
  

"
training/12395	0	acq	"DEUTSCHE AGREES FULL TAKEOVER OF FORMER EURASBANK
  Deutsche Bank AG <DBKG.F> has agreed
  to take over the outstanding 25 pct in <Deutsche Bank (Asia)
  AG>, the former <European Asian Bank AG>, from
  Creditanstalt-Bankverein <CABV.VI>, Deutsche management board
  joint spokesman Alfred Herrhausen told a news conference.
      Euras broke even in 1986 and required no funding from
  Deutsche, he said. He gave no details of the deal with
  Creditanstalt.
      Press reports that Deutsche was planning a takeover of
  Lloyds Bank plc <LLOY.L> were without foundation, he said.
      Herrhausen said Deutsche had taken part in the recent
  capital increase of <Morgan Grenfell Group plc>, but had no
  plans to raise its 4.4 pct share in Morgan Grenfell.
      <Banca d'America e d'Italia SpA>, in which 98.3 pct was
  acquired from Bankamerica Corp <BAC.N> late last year, would be
  consolidated this year, and contribute to further expansion of
  Deutsche's business, management board joint spokesman F.
  Wilhelm Christians said.
      Following a ruling earlier this year from the Federal High
  Court, Deutsche had included its non-bank holdings in the
  balance sheet section ""participations,"" Christians said.
      But Christians said the bank still regarded shares in these
  non-bank companies as an investment rather than an active
  participation.
      Parent bank total participations rose to 6.45 billion marks
  in 1986 from a comparable 4.57 billion in 1985 including a rise
  to 3.79 billion from 2.34 billion in bank participations.
      Herrhausen said the grouping of holdings in the balance
  sheet in this was was not a first step to floating them off in
  a separate holding company.
  

"
training/12397	12	earn	"SINGAPORE BANKS SAY DIVERSIFICATION KEY TO GROWTH
  Singapore's major banks are
  diversifying and gradually shifting their asset holdings from
  loans to debt instruments, banking sources said.
      The banks following the trend are the <Overseas Union Bank
  Ltd>, <United Overseas Bank Ltd>, <Oversea-Chinese Banking
  Corporation> and the <Development Bank of Singapore Ltd>.
      The shift towards securitisation has been helped by
  volatile financial markets which have developed hedging
  facilities such as floating rate notes and bonds for risk
  management, said Overseas Union General Manager Loh Hoon Sun.
      Loh told Reuters in an interview that Singapore banks see
  limited growth in credit risk. More and more of them are
  switching from term lending to major growth areas such as
  stockbroking and fee based income, he said.
      Major local banks ventured into stockbroking after being
  granted seats on the stock exchange. Bankers said they are now
  moving into the new government securities market and the Stock
  Exchange of Singapore Dealing and Quotation System.
      One foreign banker said the Development Bank and the
  Overseas Union Bank Ltd have become major players in the equity
  market in Singapore.
      Loh said the banks' participation in the stock market has
  increased business transactions and provided long term growth
  for the market. The banks are not competition for individual
  stockbroking firms because of the increased business they
  generate, he added.
      Loh said the Stock Exchange of Singapore might expand
  equity issues by as much as one billion dlrs this year because
  of the increasing ability of foreign and local market
  participants to absorb new issues.
      Loh said <OUB Investment management Ltd>, a subsidiary of
  the Overseas Union Bank Ltd, has teamed up with a U.K. Firm to
  launch the Union Global Fund. The fund is for local investors
  seeking capital growth through a diversified international
  portfolio. It will invest in international shares with the
  emphasis on U.S. And Japanese markets, he said.
      <DBS Securities Singapore Pte Ltd>, a subsidiary of the
  Development Bank of Singapore, has applied to the Hong Kong
  Stock Exchange to set up a Hong Kong stockbroking firm.
      Loh predicted fixed deposit and prime interest rates in
  Singapore will stay low this year. As a result, banks will be
  forced to provide fund management services for major clients
  seeking better returns, he said.
      Economic analysts and bankers are optimistic the major
  banks will show profits in 1987, helped by higher income from
  treasury and investment banking activities.
      They expect the 1987 after-tax profits of Oversea-Chinese
  and United Overseas to show stable growth of four to eight pct
  against respective gains of four and seven pct in 1986.
      Overseas Union's profits are expected to jump to over 40
  mln dlrs from seven mln dlrs in 1986, economists said.
      The Development Bank's after-tax profits rose 39.2 pct in
  1986 mainly due to a dividend of 20.4 mln dlrs paid by
  <National Discount Company Ltd> before it became a subsidiary
  of the bank, they said.
  

"
training/12398	22	interest	"WESTPAC IN N.Z. RAISES INDICATOR LENDING RATE
  Westpac Banking Corp in New Zealand
  said it will increase its indicator lending rate by 1.5
  percentage points to 22.5 pct from April 7.
      Westpac said in a statement the increase reflects high
  costs of funding.
      The bank said nervousness in the wholesale deposit market
  is creating uncertainty about the immediate outlook for
  interest rates. Liquidity is expected to remain tight over the
  next month and this will put upward pressure on interest rates.
  Base lending indicator rates of the other three trading banks
  range between 21.0 pct and 21.5 pct.
  

"
training/12399	5	coffee	"THAI TRADERS OPPOSE REIMPOSITION OF COFFEE QUOTAS
  Thai coffee exporters said they hoped
  the International Coffee Organisation (ICO) would not reimpose
  export quotas even though this may lead to a further slump in
  world prices.
      Susin Suratanakaweekul, president of the Thai Coffee
  Exporters Association, told Reuters that Thailand obtained
  little benefit from previous ICO quotas which represented only
  about 30 pct of its total annual exports.
      Thailand expects increased overall coffee export revenue if
  there are no restrictions on sales to current ICO members who
  offer higher prices than non-members, he said.
      The Customs Department said Thailand exported 21,404 tonnes
  of coffee last year, up from 20,602 in 1985.
      Thai coffee production is projected to fall to about 25,000
  tonnes in the 1986/87 (Oct/Sept) season from 28,000 the
  previous year.
      However, a senior Commerce Ministry official said the Thai
  government supports coffee producers' lobbying for reimposed
  ICO quotas which, he said, would help lift world prices.
      Somphol Kiatpaiboon, director general of the Commercial
  Economics Department, said an absence of ICO quotas would
  encourage producers to rapidly release coffee on to the market,
  further depressing prices.
      He said Indonesia is expected to export a substantial
  amount of coffee this month without such restrictions.
  

"
training/124	17	grain	"U.S. GRAIN CARLOADINGS FALL IN WEEK
  U.S. grain carloadings totaled 26,108
  cars in the week ended February 21, down 2.2 pct from the
  previous week but 22.8 pct above the corresponding week a year
  ago, the Association of American Railroads reported.
      Grain mill product loadings in the week totalled 11,382
  cars, down 1.8 pct from the previous week but 7.6 pct above the
  same week a year earlier, the association said.
  

"
training/12400	12	earn	"SANWA BANK LOOKS TO SECURITIES, WORLD OPERATIONS
  The <Sanwa Bank Ltd's> three-year business
  plan foresees securities and international operations making a
  greater contribution to operating profits, a bank official
  said.
      The bank's plan also emphasises retail and medium and
  small-sized business operations, he told Reuters.
      Officials at <Fuji Bank Ltd> and <Mitsubishi Bank Ltd>
  outlined similar three-year plans.
      They said lower interest rates and financial liberalisation
  have cut profits from dealings with big firms to nearly
  nothing.
      ""They don't need us, they can do their own financing,"" one
  official said.
      Sanwa Bank's plan forecasts that securities and
  international operations will contribute 40 pct of total
  operating profits by the end of the fiscal year ending March,
  1990, compared with 30 pct in fiscal 1985, the Sanwa official
  said.
  

"
training/12403	23	ipi	" German February industrial output rises 3.2 pct (January fall 3.4 pct) - official

   German February industrial output rises 3.2 pct (January fall 3.4 pct) - official
  

"
training/12404	37	pet-chem	"INTERNATIONAL PACT ON OZONE DAMAGE LIKELY IN 1987
  An international protocol to severely
  limit the use of industrial chemicals which are believed to
  damage the earth's protective ozone layer could be signed this
  year, officials and scientists here said.
      ""By the end of this year, we should have an international
  protocol in place we can all be proud of,"" U.S. Environmental
  protection agency officer Bill Long told reporters.
      The chemicals are chiefly chlorofluorocarbons (CFCs) which
  are used in refrigeration and making foam plastics, solvents
  and aerosols. The earth's upper ozone layer absorbs most of the
  harmful ultraviolet rays from the sun.
      The officials and scientists were meeting in Tokyo, ahead
  of an international conference on the problem later this month
  in either Vienna, or Geneva, Long said.
      Robert Watson, a program manager for atmospheric problems
  at the U.S. National Aeronautics and Space Administration said
  a protocol should demand an initial freeze on the use of CFCs
  by industry. This should be followed by a gradual reduction in
  CFC volume until no CFC gases are released into the air, he
  said. The U.S. Has already banned use of use CFCs in aerosols
  and Japan has asked for voluntary restraint, but both still use
  CFCs in industrial processes.
  

"
training/12407	23	ipi	"GERMAN INDUSTRIAL OUTPUT RISES 3.2 PCT IN FEBRUARY
  West German industrial production,
  seasonally adjusted, rose a provisional 3.2 pct in February
  after a downwards revised decline of 3.4 pct in January, the
  Economics Ministry said.
      The ministry had originally estimated that industrial
  production fell 3.0 pct in January.
      The February figure is likely to be revised upwards by just
  under one percentage point next month when the March figure is
  released, a ministry statement said.
      The industrial production index, base 1980, stood at a
  provisional 104.1 in February against 100.9 in January and
  104.5 in December. The ministry had previously put the January
  and December indices at 101.6 and 104.7 respectively.
      In February 1986 the output index had stood at 103.7,
  producing a year-on-year rise for February 1987 of 0.4 pct.
      The February rise in production was aided by a sharp 19 pct
  increase in construction output compared with January, when
  production in many industrial sectors was depressed by
  unusually severe winter weather.
      Manufacturing industry registered a 3-1/2 pct rise in
  production in February compared with January. But energy sector
  output fell nine pct and mining production declined seven pct.
      The ministry, which considers two-monthly comparisons to be
  a better guide to trends, said output in January and February
  together fell around two pct against November and December.
      The ministry said construction output fell 13-1/2 pct in
  January/February against November/December due to the cold
  January weather. Output in the energy sector rose four pct and
  mining output 10 pct.
      Manufacturing industry's production fell 1-1/2 pct in
  January/February compared with November/December.
      Within this sector, the output of both basic products and
  of food, tobacco and alcohol fell 1-1/2 pct. Production of
  capital goods fell 2-1/2 pct while output of consumer goods was
  unchanged.
      Compared with the same months of 1986, industrial
  production in January and February 1987 fell 1-1/2 pct, the
  ministry said.
      Manufacturing industry output fell one pct, with output of
  basic products down three pct, capital goods down one pct and
  food, tobacco and alcohol production 1-1/2 pct lower. Makers of
  consumer goods posted a 1-1/2 pct year-on-year rise in the
  two-month period.
      In other industrial sectors, mining production fell four
  pct and construction output 4-1/2 pct. The energy sector saw a
  slight 1/2 pct rise, the ministry added.
  

"
training/12408	12	earn	"Reckitt and Colman plc pretax profits 1986 yr 145.11 mln stg vs 123.39 mln

  Reckitt and Colman plc pretax profits 1986 yr 145.11 mln stg vs 123.39 mln
  

"
training/12409	0	acq	"C AND W OFFERED ROLE IN NEW JAPAN TELECOM COMPANY
  A Japanese businessman announced plans for
  a new telecommunications firm in which Britain's Cable and
  Wireless Plc would be a core company.
      However, the plan, unveiled by senior Federation of
  Economic Organizations official Fumio Watanabe, does not
  specify what stake Cable and Wireless would have.
      ""The share holdings of the core companies should be equal,""
  Watanabe said in a statement. ""The actual percentage of
  shareholdings should be agreed by the core companies.""
      He said the eight core companies will provide directors for
  the firm.
      ""The new company shall immediately set to work on the
  feasibility study of constructing a new cable for itself,""
  Watanabe said.
      Watanabe has acted as mediator between two rival groups,
  one of which included C and W, seeking to compete against
  <Kokusai Denshin Denwa Co Ltd>, which now monopolizes Japan's
  overseas telephone business.
      The Post and Telecommunications Ministry has said it wants
  only one competitor to KDD and has backed Watanabe's efforts.
      A British source, who declined to be identified further,
  said the proposals could open the door to further talks between
  C and W <CAWL.L> and the other firms involved.
      C and W had earlier rejected a reported proposal which
  would have given it a five pct share in the new
  telecommunications firm, compared to the less than three pct
  stake Watanabe originally proposed. C and W has a 20 pct stake
  in one of the two firms Watanabe has proposed should merge.
      The British source said the decision not to specify the
  exact shareholdings of the core companies could leave the door
  open for further discussion.
      ""It's probably a sensible approach on their part,"" the
  British source told reuters.
      C and W has also been pushing hard for permission to lay a
  new cable between Japan and the U.S.
      The proposed merger has sparked an international row, with
  British government sources threatening retaliatory action
  against Japan for what they see as discriminatory practices
  against foreign firms.
      The sources said last Friday that one option for Britain
  would be to revoke licenses of Japanese banks and securities
  companies operating in London.
      The U.S. Has also attacked the original merger plans,
  saying that both rival consortia should be licensed.
      Asked about participation by other U.S. And European firms,
  Watanabe said, ""They will not be core companies but if they wish
  they could participate."" Under the Japanese law, total foreign
  participation would be limited to one-third.
      ""It might be wise for C and W to join the new firm which has
  the support of many influential backers and work within this
  for the realization of their ideas,"" Watanabe told reporters.
      The other core firms are Mitsubishi Corp <MITT.T>, Mitsui
  and Co <MITS.T>, Sumitomo Corp <SUMT.T>, Matsushita Electric
  Industrial Co <MC.T>, Toyota Motor Corp <TOYO.T>, C Itoh and Co
  <CITT.T>, and <Pacific Telesis International Inc>.
      Watanabe said that his latest proposal represented his
  final effort.
      If it fails to satisfy the British government, it will be
  up to the Japanese government to explain its position, he said.
  

"
training/12411	45	sugar	"FIRS 87/88 EC BEET SUGAR ESTIMATE UNCHANGED 12.63 MLN TONNES WHITE EQUIVALENT

  FIRS 87/88 EC BEET SUGAR ESTIMATE UNCHANGED 12.63 MLN TONNES WHITE EQUIVALENT
  

"
training/12413	32	money-fx	"U.K. MONEY MARKET DEFICIT FORECAST AT 800 MLN STG
  The Bank of England said it forecast a
  shortage of around 800 mln stg in the money market today.
      Among the main factors affecting liquidity, bills for
  repurchase by the market will drain some 664 mln stg while
  bills maturing in official hands and the take-up of treasury
  bills will take out around 508 mln stg and a rise in note
  circulation some 45 mln stg.
      Partly offsetting these outflows, exchequer transactions
  and bankers' balances above target will add some 380 mln stg
  and 35 mln stg to the system respectively.
  

"
training/12415	45	sugar	"SUGAR OFFERED TO DUTCH INTERVENTION REFUSED
  The 2,500 tonnes of sugar offered to
  intervention in the Netherlands has been refused by the
  intervention board because of wrong packaging, a spokeswoman
  for the Ministry of Agriculture said.
      She said the sugar could be offered again to intervention.
      EC producers have threatened to sell over 800,000 tonnes of
  sugar to intervention stocks as a protest against EC export
  licensing policies.
      Last month Dutch traders said the sugar on offer in the
  Netherlands was Belgian, but the ministry could not confirm
  this.
  

"
training/12421	12	earn	"Bayer world group 1986 pre-tax profit 3.30 billion marks (3.15 billion) - official

  Bayer world group 1986 pre-tax profit 3.30 billion marks (3.15 billion) - official
  

"
training/12423	45	sugar	"EC SUGAR TENDER SAID TO MARK NO CHANGE IN POLICY
  The maximum rebate granted at
  yesterday's European Community (EC) sugar tender marked no
  change in policy towards producers' complaints that they are
  losing money on exports outside the EC, EC commission sources
  said.
      They said this was despite the fact that the commission
  accepted over 785,000 tonnes of sugar into intervention
  yesterday from traders protesting that rebates are being set
  too low.
      The maximum rebate at yesterday's tender was 46.864 Ecus
  per 100 kilos, up from 45.678 Ecus the previous week.
      London traders said yesterday the rebate was the largest
  ever granted. The commission sources said today the increase
  was entirely explained by world market conditions. The amount
  by which the rebate fell short of what producers claim is
  needed to obtain an equivalent price to that for sales into
  intervention remained at 0.87 Ecus per 100 kilos, they said.
      Operators offered a total of 854,000 tonnes of sugar into
  intervention last month to protest at rebates which they said
  were too low. The sources said about 706,470 tonnes of French
  sugar and 79,000 tonnes of German sugar had been accepted, the
  remainder being rejected as of too low quality.
      The sources noted the operators could withdraw their offers
  in the five week period between the acceptance of the sugar and
  payment for it.
      They said they saw no sign of planned withdrawals as yet,
  adding that they would expect operators to wait another week or
  two to review commission policy before making up their minds.
      The sources said the commission felt entitled to offer
  rebates at slightly below the level theoretically justifiable
  in the light of its 1987/88 farm price package proposal to
  reduce guaranteed prices for sugar by two pct from the start of
  the new season in July.
  

"
training/12424	5	coffee	"KENYAN COFFEE NEEDS RAIN, TRADERS SAY
  Kenya's late coffee crop is flowering
  well, but the main coffee areas were generally dry and hot in
  the week ended Wednesday, trade sources said.
      ""Machakos, Embu, Meru and Kirinyaga in eastern Kenya, and
  Nyeri and Thika in central, have been dry in the past week. The
  farmers expect rain this week. If it does not fall output of
  the late (October-November-December) crop will decline sharply,""
  one source said.
      He said that since most growers did not irrigate their crop
  they could do nothing but wait for rain, the main factor which
  determines Kenyan coffee production.
      Two months ago the International Coffee Organization issued
  a forecast of Kenyan exportable coffee production in the
  1986/87 (Oct-Sept) season at 1.82 mln bags.
  

"
training/12426	5	coffee	"PRICES RISE AT BANGALORE COFFEE AUCTION
  Prices rose at the fortnightly
  export auction here on March 25 for sales of 1,907.1 tonnes of
  coffee from the 1986/87 and 1985/86 crops out of a total
  offering of 1,940.7 tonnes, the Coffee Board said.
      Withdrawals amounted to 33.6 tonnes. The type and grade,
  quantity sold, average prices in rupees per 50 kilos, exclusive
  of sales tax, with previous prices at the March 11 auction in
  brackets -
      1986/87 crop
      Plantation ""A"" 592.2   1,284.50 (1,223.50)
      Plantation ""B"" 74.1    1,095.50 (1,122.00)
      Plantation ""C""        208.2    1,019.00 (1,017.50)
      Arabica Cherry ""AB""    33.3      976.50  (NA)
      Arabica Cherry ""PB""    22.5      949.00  (NA)
      Arabica Cherry ""C""     58.2      889.50  (NA)
      Robusta Cherry ""AB""    90.9    1,256.00  (NA)
      Robusta Cherry ""PB""    43.8    1,039.50  (NA)
      Robusta ""PMT AB""       49.2    1,255.50  (NA)
      Robusta ""PMT PB""       13.5    1,200.00  (NA)
      REP Bulk ""A""           93.9    1,057.50 (908.50)
      REP Bulk ""B""          256.5    1,079.00 (930.00)
      Robusta Cherry Bulk    40.2   1,082.50  (NA)
      Robusta Cherry ""C""      9.0     997.00  (NA)
      Robusta Cherry ""BBB""    9.6     700.00  (NA)
      1985/86 crop
      Arabica Cherry ""AB""   123.3     961.00  (951.50)
      Arabica Cherry ""BBB""  160.8     635.50  (613.50)
      Robusta Cherry ""BBB""    4.2     735.00  (704.50)
      Monsooned coffee
      Monsooned Robusta ""AA"" 23.7   1,265.50  (NA)
  

"
training/1243	0	acq	"INTERNATIONAL TECHNOLOGY <ITX> MAKES ACQUISITION
  International Technology Corp
  said it has purchased <Western Emergency Services Inc> in a
  pooling-of-interests transaction.
      International Technology, a hazardous materials management
  company, said it purchased Western Emergency, an environmental
  services firm, to offer a broader range of environmental
  services to the Gulf Coast area.
  

"
training/12432	12	earn	"BAYER CONFIDENT OF POSTING GOOD 1987 RESULTS
  Chemicals group Bayer
  AG <BAYG.F> said it expects to post another good result in 1987
  after raising pre-tax profit to a new record high in 1986.
      The company said that this was despite the mark's further
  strengthening against the dollar and other currencies and
  despite an increase in competitive pressure.
      ""The further progress of our business will depend largely on
  the extent to which threats to free trade materialise and on
  the developments of exchange rates, raw material and energy
  costs.
      Bayer said world group pre-tax profit rose to 3.30 billion
  marks in 1986, exceeding the previous year's record of 3.15
  billion. Parent company pre-tax profit increased to 1.72
  billion from 1.62 billion.
      The company gave no net profit figures or any indication of
  the likely 1986 dividend. Bayer paid a 10-mark dividend on 1985
  results, up one mark from a year earlier.
      Bayer said that world group operating profit declined
  slightly in 1986 against 1985 but non-operating results showed
  a further improvement.
      Bayer said that the decline in world group turnover to
  40.75 billion marks from 45.93 billion in 1985 reflected mainly
  the sharp fall in the dollar against the mark.
      Lower prices on the raw material side had also brought
  pressure on selling prices, it added.
      In volume terms, however, 1986 sales rose slightly against
  1985, the company said without giving details.
      ""The western Europe, North America and Far East regions
  developed well in local currency, but here too the translation
  of local currency sales into marks distorted the picture,
  especially in the case of North America,"" it said.
      Bayer said parent company volume sales were also higher in
  1986, although turnover fell 4.3 pct to 16.77 billion marks.
      Capacity use was high at the parent company in 1986,
  resulting in a decline in marginal unit costs. This, combined
  with savings in raw material and energy costs, helped offset
  falling prices and cost increases in other areas.
      The rise in pre-tax parent company profit was due to lower
  extraordinary expenses and higher net interest income.
  Plastics, organic chemicals, polyurethanes and coating raw
  materials all developed well, it said.
      Turning to the 1986 fourth quarter, Bayer said that world
  group turnover fell to 9.67 billion marks in the last three
  months of 1986 from 10.43 billion in the same 1985 period.
      Parent company turnover in the fourth quarter fell 7.1 pct
  to 3.69 billion marks, with domestic turnover 4.1 pct lower and
  foreign turnover 8.6 pct lower.
      Exports accounted for 65.3 pct of turnover in the quarter
  against 66.4 pct in the same quarter of 1985.
  

"
training/12433	40	reserves	" UK reserves rise underlying 1.785 billion dlrs in March - official

   UK reserves rise underlying 1.785 billion dlrs in March - official
  

"
training/12435	40	reserves	"U.K. RESERVES SHOW LARGE UNDERLYING RISE IN MARCH
  Britain's gold and currency reserves
  showed an underlying rise of 1.785 billion dlrs in March after
  a 287 mln dlr rise in January, the Treasury said.
      This was considerably above market expectations for a 650
  mln dlr rise.
      The underlying trend, which is a guide to Bank of England
  operations to support the pound on foreign exchanges, is net of
  borrowings and repayments.
      The Treasury declined comment on the figures. Last month it
  said the Bank of England took the opportunity of strong demand
  to rebuild reserves after losses last autumn.
      Actual reserves rose by 1.89 billion dlrs, after rising 305
  mln in February, to 22.26 billion. Total reserves were revalued
  to 27.04 billion dlrs, but would have totalled 24.15 billion
  under the previous valuation, the Treasury said. Gold reserves
  were revalued by 895 mln dlrs, while SDRs, ECU and convertible
  currency holdings were revalued by 1.995 billion.
      Accruals of borrowings under the exchange cover scheme were
  361 mln dlrs last month, after 36 mln in February. Repayments
  were 240 mln dlrs after the previous 16 mln. Capital repayments
  totalled 14 mln dlrs, after February's two mln dlrs repayment.
  

"
training/1244	12	earn	"<D.H. HOWDEN AND CO LTD> INCREASES DIVIDEND
  Semi-annual 30 cts vs 25 cts prior
      Pay June 30
      Record June 15
  

"
training/12441	0	acq	"GUINNESS TO SELL RETAIL INTERESTS
  Guinness Plc <GUIN.L> said that as part
  of a new strategy for the company it will be selling its retail
  interests to concentrate resources on developing its
  international beverage businesses.
      Among the firms to be sold are Martin's and Gordon Drummond
  pharmacies, the 7-Eleven convenience stores, speciality U.S.
  Food importer Richter Brothers and the health products company
  Nature's Best/DSL.
      Guinness said in a statement that the company's strength
  was in its well known beer and spirits brands.
      Several had good brand development potential, including
  Gleneagles, Champneys, Cranks, Hediard and and Guinness
  publications.
      Guinness shares were trading at 323p after the announcement
  after closing yesterday at 317p.
  

"
training/12442	16	gold	"INDUSTRIAL ACTION ENDS AT SOUTH AFRICAN MINE
  About 8,000 black miners returned
  to work after a week-long industrial action at South Africa's
  largest gold mine, mine owner Anglo American Corp of South
  Africa Ltd <ANGL.J> said.
      A spokesman for the mining house said the action started on
  Wednesday last week when thousands of miners staged a go-slow
  at One underground shaft of the Free State Geduld division of
  Free State Consolidated Gold Mines Ltd <FSCN.J>.
      The action later escalated into an underground sit-in at
  the mine over the weekend, prompting management to close the
  affected shaft because of what the company described as ""the
  creation of unsafe working conditions.""
      Anglo American spokesman John Kingsley-Jones said the
  company held talks with the National Union of Mineworkers
  (NUM), South Africa's biggest trade union which claims a
  membership of 360,000 black workers, but failed to establish
  the cause of worker dissatisfaction. He acknowledged that the
  mine suffered a loss of production, but declined to give
  estimates.
      Free State Consolidated last year produced 104 tonnes of
  gold from 28 underground shafts.
      The NUM was not immediately available for comment on the
  action. But a spokesman for the union earlier told the South
  African Press Association that miners had been locked out of
  the mine at the weekend after staging a strike in protest
  against being ordered to carry bags containing explosives as
  well as food for white miners.
  

"
training/12443	0	acq	"COMPROMISE CITED ON SAN MIGUEL SHARES
  <San Miguel Corp>, SMC, and <United
  Coconut Planters Bank>, UCPB, have reached a compromise on a
  disputed block of 38.1 mln shares of SMC, the head of a
  government panel that controls the sequestered shares said.
      Ramon Diaz, Chairman of the Presidential Commission on Good
  Government (PCGG) told Reuters SMC had offered a price of 126
  pesos per share for the block, held in trust by the UCPB.
      ""It looks good,"" Diaz said. But he added several issues,
  including the identity of the ultimate buyers of the shares,
  had to be resolved before the PCGG gave its approval to the
  sale.
      The PCGG's sequestration last year of 33 mln shares aborted
  SMC's bid to buy them back from 14 trading companies in the
  UCPB group. The commission said it suspected the shares were
  actually controlled by Eduardo Cojuangco, an associate of
  former President Ferdinand Marcos.
      Cojuango, who headed the boards of both SMC and UCPB when
  he fled last year after Marcos was toppled, personally owned 24
  mln shares in SMC. His holdings are also under sequestration.
      ""The shares that SMC now proposes to buy from the UCPB are
  owned by 1.4 mln coconut farmers,"" Diaz said. ""Naturally we do
  not want them to go back into the hands of Marcos cronies.""
      PCGG sources said a compromise would end a row over a down
  payment of 500 mln pesos made by SMC's Hong Kong subsidiary
  Neptunia Corp Ltd in a bid to buy back the shares last year.
      The UCPB had said the 500 mln peso payment would be
  forfeited because SMC Chairman Andres Soriano III had failed to
  fulfil his commitment to buy back the shares at an originally
  negotiated price of 3.3 billion pesos.
      PCGG sources said SMC, the Philippines' largest food and
  beverage manufacturer, has agreed to sell 14 mln ""B"" class shares
  from the 38.1 mln shares to Australian brewer Alan Bond at a
  price of 150 pesos per share.
      The PCGG sources said of the proposed 4.79 billion peso
  transaction, 1.6 billion pesos would be offset against the 500
  mln peso down payment, the 500 mln pesos worth of preferred
  shares in UCPB held by SMC, 210 mln pesos in uncollected
  dividends on the UCPB shares and 400 mln pesos advanced to
  UCPB-controlled trading companies.
      The UCPB rejected an original offer of 100 pesos per share
  made by SMC for 33 mln shares, which grew to 38 mln after a 15
  pct stock dividend declared in June last year.
      A spokesman for SMC said the company's 15-member board met
  today to discuss the proposed compromise.
      The spokesman declined comment on the outcome of the board
  meeting, saying the dispute was under arbitration.
      President Corazon Aquino last month asked SMC and UCPB to
  set up a three-man arbitration panel to resolve the ownership
  issue. The panel is due to submit its report by April 15.
      Eduardo de Los Angeles, a government nominee in the SMC
  board, filed a formal complaint before the Securities and
  Exchange Commission last week, accusing Soriano and eight other
  directors of violating ""fiduciary duty.""
      De Los Angeles was said to have opposed a decision by SMC's
  board last December to assume the 500 mln peso Neptunia loan.
  

"
training/12448	12	earn	"NV HOOGOVENS 1986 NET PROFIT 154.6 MLN GUILDERS VS 278.8 MLN -- OFFICIAL

  NV HOOGOVENS 1986 NET PROFIT 154.6 MLN GUILDERS VS 278.8 MLN -- OFFICIAL
  

"
training/12449	0	acq	"RANK MAKES INCREASED AVANA OFFER FINAL
  Ranks Hovis McDougall Plc <RHML.L> said
  it was making an increased and final offer for the Avana Group
  Plc <AVNA.L>. The company already holds about 22.9 pct or 7.1
  mln Avana ordinary shares.
      It said in a statement the terms of the offer will be 13
  new Rank Hovis shares for every five Avana ordinary shares,
  valuing each Avana share at 829p.
      Avana shareholders will be entitled to receive and retain
  the net interim dividend of 5.25p per Avana share for the year
  ending 28 March 1987.
      Accepting Avana shareholders will also be entitled to
  receive Ranks Hovis's forecast net interim dividend of 2.65p
  for the financial year ending 5 September 1987.
      Ranks Hovis said that full acceptance of the increased
  offer would result in the issue of a maximum of 72.3 mln new
  Ranks Hovis shares or about 20 pct of the enlarged issued
  ordinary share capital of the company.
      The latest offer will lapse on 17 April. Ordinary
  shareholders in Avana who accept the increased offer will have
  the opportunity to elect for cash for all or part of their
  holdings on the basis of 800p cash for each Avana share.
      Ranks Hovis said the cash required for the cash alternative
  would be met by one of several methods.
      For the first 10 mln Avana shares received opting for the
  cash alternative, Ranks Hovis would make a cash payment from
  its own resources.
      For cash alternatives of more than 10 mln Avana shares,
  Morgan Grenfell, as agent for participants, will make a
  separate offer to purchase at 300p per share, net of expenses,
  up to 46.3 mln Ranks Hovis new shares to which such
  shareholders will be entitled under the increased offer. This
  is equivalent to 780p per Avana ordinary.
      In addition, Ranks Hovis will make a further cash payment
  of 20p per Avana ordinary. Avana shares traded at 800p after
  the announcement, 32p up from last night's close of 768p. REUTER
  

"
training/1245	12	earn	"<CO-STEEL INC> 4TH QTR NET
  Oper shr 25 cts vs 25 cts
      Oper net 6,322,000 vs 4,660,000
      Revs 189.1 mln vs 174.7 mln
      Avg shrs 23.5 mn vs 17.1 mln
      Year
      Oper shr 1.04 dlrs vs 14 cts
      Oper net 21,929,000 vs 3,629,000
      Revs 760.2 mln vs 674.8 mln
      Avg shrs 20.5 mln vs 17.1 mln
      Note: Qtr shr and net exclude tax gain of 4,573,000 dlrs or
  17 cts share, versus gain of 17,259,000 dlrs or 1.02 dlrs share
      Year shr and net exclude tax gain of 15,992,000 dlrs or 78
  cts share, versus gain of 18,042,000 dlrs or 1.06 dlrs share
  

"
training/12454	0	acq	"CABLE UNIMPRESSED BY NEW JAPANESE TELECOMS OFFER
  Cable and Wireless Plc <CAWL.L> said new
  proposals unveiled by Japan for it to become a core member of a
  merged telecommunications firm to compete for
  telecommunications contracts did not remove the group's
  objections.
      The suggestions by Federation of Economic Organisations
  official Fumio Watanabe was a formal announcement of proposals
  made earlier this week and reported in the Japanese press.
      Cable has a 20 pct stake in one of the two groups trying to
  compete against Japan's <Kokusai Denshin Denwa Co Ltd> which
  monopolises Japan's overseas telephone business.
      But a Cable spokesman said it still believed a merger of
  the two consortia would be impracticable. ""They are like oil and
  water,"" he said.
      The Japanese authorities want only one competitor and have
  proposed that the two consortia band together. The issue has
  been taken up by the British government as a test case on the
  openness of Japanese markets. Watanabe's latest proposals said
  that the eight core companies of the new group should have
  equal share holdings but added that they could work out the
  precise percentages amongst themselves.
      The reports earlier this week said that Cable would be
  offered a five pct stake, up from an originally proposed three
  pct.
      Despite the apparent differences in stakes offered, the
  Cable spokesman said the two offers appeared to be essentially
  the same.
      Cable shares at 1100 GMT were quoted nine pence firmer at
  374p.
  

"
training/12455	22	interest	" Bundesbank leaves credit policies unchanged

   Bundesbank leaves credit policies unchanged
  

"
training/12457	48	trade	"JAPAN/U.S. WILL BE AT ODDS WHILE TRADE LOPSIDED
  Japan is doing all it can to solve its
  trade problems with the United States but the two nations will
  remain at odds as long as the trade account is lopsided in
  Japan's favour, a senior official said.
      ""So long as there is an external imbalance there will be
  trade friction and ...Harsh words between the two governments,""
  the Foreign Ministry official told reporters.
      Last year, Japan racked up a 51.5 billion dlr surplus with
  the United States and economists said they do not see it
  falling significantly any time soon.
      Washington announced plans last week to slap up to 300 mln
  dlrs in tariffs on Japanese electronic goods, raising the
  spectre of a trade war between the two countries.
      ""We take the current situation very seriously,"" said the
  official, who declined to be identified. ""The basic stance of
  the Japanese government is to tackle the issues with all
  available resources.""
      The United States has accused Japan of reneging on an
  agreement that called on it to stop selling cut-price computer
  microchips in world markets and to try to import more American
  semiconductors. Tokyo has denied the charges.
      The Foreign Ministry official refused to rule out Japanese
  retaliation if America went ahead with its threatened tariffs
  in the middle of this month. But he said that any response
  would be in accordance with international law and Japan's
  international obligations.
      He added that both Japan and the United States must take
  account of the impact of their dispute on their own and the
  world economy.
  

"
training/1246	5	coffee	"PERU COFFEE CROP UNAFFECTED BY RAINS
  Recent heavy rains have not affected the
  Peru coffee crop and producers are looking forward to a record
  harvest, the president of one of Peru's four coffee cooperative
  groups said.
      Justo Marin Ludena, president of the Cafe Peru group of
  cooperatives which accounts for about 20 pct of Peru's exports,
  told Reuters a harvest of up to 1,800,000 quintales (46 kilos)
  was expected this year. He said Peru exported 1,616,101
  quintales in the year to September 1986.
      A spokesman for the Villa Rica cooperative said flood
  waters last month had not reached coffee plantations, and the
  crop was unaffected.
      Floods in early February caused extensive damage in Villa
  Rica, whose coffee cooperative exported 59,960 quintales last
  year, according to the state-controlled coffee organisation.
      Marin said the rains would only affect the coffee crop if
  they continued through to next month, when harvesting starts.
      He said Peruvian producers were hoping for an increase this
  year in the 1.3 pct export quota, about 913,000 quintales,
  assigned to them by the International Coffee Organisation, ICO.
      He said Peru exported 1,381,009 quintales to ICO members
  last year with a value of around 230 mln dlrs, and another
  235,092 quintales, valued at around 35 mln dlrs, to non-ICO
  members.
  

"
training/12460	0	acq	"DECISION EXPECTED ON U.K ROYAL ORDNANCE SALE
  U.K. Defence secretary George Younger is
  expected to announce the government's decision on the sale of
  state-owned arms manufacturer <Royal Ordnance> today,
  parliamentary sources said.
      The government originally intended to float the munitions
  and explosives concern on the stock market, but last July said
  a private sale was a more appropriate way to dispose of the
  firm.
      The bidders for the company were British Aerospace Plc
  <BAEL.L> and engineering group GKN Plc <GKN.L>. Royal Ordnance
  sold its Leeds tank factory last summer to Vickers Plc
  <VICK.L>.
      Defence electronics manufacturer Ferranti Plc <FNTI.L> and
  shipping and property group Trafalgar House Plc <THSL.L> both
  pulled out of the bidding shortly before last month's deadline.
      Royal Ordnance made pre-tax profits of 26 mln stg on sales
  of 487 mln stg in calendar 1985, its first full year of
  commercial operation. The company has assets of around 240 mln
  stg and employs 17,000 at 15 sites in Britain.
      Other state-held companies earmarked for privatisation this
  year include engine maker <Rolls Royce Plc> and the <British
  Airports Authorities Plc>.
  

"
training/12461	15	gnp	"JAPANESE GROUPS URGE DRASTIC ECONOMIC PACKAGE
  Japan's leading economic organisations
  urged the Government to prepare drastic pump-priming measures
  even at the cost of shelving Prime Minister Yasuhiro Nakasone's
  planned tax reforms, officials involved said.
      Officials of the Federation of Economic Organisations
  (Keidanren) said in a meeting with government officials the
  Government should issue construction bonds as an emergency
  measure to prop up the economy.
      Keidanren suggested that proceeds from sales of stocks in
  the newly-privatised Nippon Telegraph and Telephone Corp should
  also be used to stimulate the economy.
      Keidanren Chairman Eishiro Saito said the dollar's fall
  below 150 yen would create huge unemployment and bankruptcies
  that could shake the foundation of the Japanese economy.
      The Keidanren meeting coincided with a written request for
  drastic reflationary measures sent to the Government by the
  Japan Chamber of Commerce and Industry.
      Both organisations called for stepped-up Bank of Japan
  intervention to stabilise exchange rates.
      Chamber head Noboru Gotoh told a press conference the
  awaited economic package should be powerful enough to push up
  Japan's Gross National Product (GNP) by about two pct.
      Gotoh said the Government could cope with the present
  critical economic condition even if it put off its plan to stop
  the issue of deficit-covering bonds by fiscal 1990.
      The plan to reduce the fiscal budget is a pillar of
  Nakasone's fiscal reconstruction program.
  

"
training/12462	45	sugar	"SYRIA SEEKING WHITE SUGAR ON APRIL 8 - TRADE
  Syria will hold a buying tender on April
  8 for 36,000 tonnes of white sugar for shipment in June, July
  and August at a rate of 12,000 tonnes a month, traders said.
  

"
training/12463	12	earn	"HOOGOVENS EXPECTS CLEAR LOSS IN 1987
  <Koninklijke
  Nederlandsche Hoogovens en Staalfabrieken NV> said it expected
  a ""clear loss"" for 1987.
       The company reported its 1986 profits were 44 pct lower at
  154.6 mln guilders than in the year before.
       Turnover was 18 pct lower than in 1985.
       The main reason fo the fall in turnover was the lower rate
  of the dollar, the company said. The lower costs for raw
  materials and energy, resulting from the lower dollar, could
  not compensate the fall in revenues.
       Costs 5.61 billion guilders vs 6.66 billion
       Depreciation 457 mln vs 493 mln
       Operating profit 375 mln vs 598 mln
       Financial charges 155.1 mln vs 169.4 mln
       Extraordinary loss 12 rpt 12 mln vs 138 mln
       Crude steel production five mln tonnes vs 5.3 mln
       Aluminium production 96,000 tonnes vs same.
  

"
training/12464	8	cpi	"GERMAN MARCH COST OF LIVING DATA CONFIRMED
  The cost of living was unchanged in
  March compared with February but stood 0.2 pct lower than in
  the same month in 1986, the Federal Statistics Office said.
      This confirms provisional figures released at the end of
  last month.
      In February the cost of living in West Germany rose 0.1 pct
  from January to stand 0.5 pct lower than in February 1986.
  

"
training/12465	5	coffee	"SEASONAL STABILISATION SEEN FOR COFFEE PRICES
  The onset of cooler weather in Brazil
  during the southern hemisphere winter is expected to have a
  stabilising effect on a weak coffee market, West German trade
  sources said.
      ""The annual fear of frost in Brazil will probably grip the
  market sometime this month until June or early July,"" one trader
  said.
      The trade believes the International Coffee Organization
  (ICO) is unlikely to tackle the re-introduction of quotas
  before its September meeting and until then the market will not
  see any unexpected sharp moves in either direction.
  

"
training/12466	23	ipi	"GERMAN INDUSTRIAL OUTPUT RISES 3.2 PCT IN FEBRUARY
  West German industrial production,
  seasonally adjusted, rose a provisional 3.2 pct in February
  after a downwards revised decline of 3.4 pct in January, the
  Economics Ministry said.
      The ministry had originally estimated that industrial
  production fell 3.0 pct in January.
      The February figure is likely to be revised upwards by just
  under one percentage point next month when the March figure is
  released, a ministry statement said.
      The industrial production index, base 1980, stood at a
  provisional 104.1 in February against 100.9 in January and
  104.5 in December. The ministry had previously put the January
  and December indices at 101.6 and 104.7 respectively.
      In February 1986 the output index had stood at 103.7,
  producing a year-on-year rise for February 1987 of 0.4 pct.
      The February rise in production was aided by a sharp 19 pct
  increase in construction output compared with January, when
  production in many industrial sectors was depressed by
  unusually severe winter weather.
      Manufacturing industry registered a 3-1/2 pct rise in
  production in February compared with January. But energy sector
  output fell nine pct and mining production declined seven pct.
      The ministry, which considers two-monthly comparisons to be
  a better guide to trends, said output in January and February
  together fell around two pct against November and December.
      The ministry said construction output fell 13-1/2 pct in
  January/February against November/December due to the cold
  January weather. Output in the energy sector rose four pct and
  mining output 10 pct.
      Manufacturing industry's production fell 1-1/2 pct in
  January/February compared with November/December.
      Within this sector, the output of both basic products and
  of food, tobacco and alcohol fell 1-1/2 pct. Production of
  capital goods fell 2-1/2 pct while output of consumer goods was
  unchanged.
  

"
training/12468	0	acq	"TOSHIBA REGRETS LINK WITH U.K. ACCESS ISSUE
  Toshiba Corp <TSBA.T> said it regrets its
  plan to enter the U.K. Business facsimile and telephone market
  may be caught up in a diplomatic row over the position of Cable
  and Wireless Plc's <CAWL.L> in the Japanese market.
      Britain is considering how to retaliate against Japan's
  attempt to prevent Cable and Wireless from taking a major
  position in a Japanese international telecommunications
  venture.
      ""As a matter of timing it is regrettable that this has been
  linked with the question of market access in Japan,"" a Toshiba
  spokesman told Reuters.
      <Toshiba Information Systems (U.K.) Ltd>, a Toshiba
  subsidiary, said yesterday it planned to enter the U.K. Market
  under the Toshiba own brand name and had applied for government
  approval to do so.
      Toshiba has supplied equipment to U.K. Manufacturers for
  sale under their brand names since last year.
      The Toshiba spokesman said the sale of such equipment was
  not comparable to Cable and Wireless' efforts to take a stake
  in the new Japanese telecommunications firm.
      ""They are matters of a different category,"" he said.
  

"
training/12469	22	interest	"WESTPAC IN N.Z. RAISES INDICATOR LENDING RATE
  Westpac Banking Corp in New Zealand
  said it will increase its indicator lending rate by 1.5
  percentage points to 22.5 pct from April 7.
      Westpac said in a statement the increase reflects high
  costs of funding.
      The bank said nervousness in the wholesale deposit market
  is creating uncertainty about the immediate outlook for
  interest rates. Liquidity is expected to remain tight over the
  next month and this will put upward pressure on interest rates.
  Base lending indicator rates of the other three trading banks
  range between 21.0 pct and 21.5 pct.
  

"
training/12472	48	trade	"JAPAN WARNS OF ANTI-U.S. SENTIMENT IN TRADE ROW
  Japan is sending a three-man team to
  Washington to try to halt threatened trade sanctions that
  officials warn could spark a wave of anti-U.S. Sentiment here.
      The team will lay the groundwork for high-level emergency
  talks next week aimed at defusing an increasingly bitter row
  over trade in computer microchips, officials said.
      ""The sanctions are against the free trade system,"" Ministry
  of International Trade and Industry (MITI) director general
  Noboru Hatakeyama told reporters, adding: ""If these measures are
  taken, the atmosphere in Japan against the United States would
  become not so good as before.""
      Other officials were more blunt. ""The U.S. Action will have
  a significant impact on the growing anti-U.S. Feeling (here),""
  another MITI official said.
      A senior Foreign Ministry official, who declined to be
  identified, told Reuters the U.S. Threats have undercut those
  in the government who argue for conciliation.
      ""There is a very strong argument in Japan that since the
  United States is imposing tariffs unilaterally, why should we
  bother doing anything,"" he said. ""Anything we do, we will be
  bashed.""
      The senior official sounded pessimistic about the
  likelihood of Prime Minister Yasuhiro Nakasone defusing U.S.
  Anger over Japanese trade practices when he visits Washington
  on April 29.
      ""I don't think trade friction will be solved all of a sudden
  (by the visit),"" he said.
      Nakasone is widely expected to present a package of
  measures to President Reagan to help contain U.S. Frustration
  over Japan's large trade surplus.
      But the senior official played down those expectations.
  

"
training/12473	48	trade	"JAPAN/U.S. WILL BE AT ODDS WHILE TRADE LOPSIDED
  Japan is doing all it can to solve its
  trade problems with the United States but the two nations will
  remain at odds as long as the trade account is lopsided in
  Japan's favour, a senior official said.
      ""So long as there is an external imbalance there will be
  trade friction and ...Harsh words between the two governments,""
  the Foreign Ministry official told reporters.
      Last year, Japan racked up a 51.5 billion dlr surplus with
  the United States and economists said they do not see it
  falling significantly any time soon.
      Washington announced plans last week to slap up to 300 mln
  dlrs in tariffs on Japanese electronic goods, raising the
  spectre of a trade war between the two countries.
      ""We take the current situation very seriously,"" said the
  official, who declined to be identified. ""The basic stance of
  the Japanese government is to tackle the issues with all
  available resources.""
      The United States has accused Japan of reneging on an
  agreement that called on it to stop selling cut-price computer
  microchips in world markets and to try to import more American
  semiconductors. Tokyo has denied the charges.
      The Foreign Ministry official refused to rule out Japanese
  retaliation if America went ahead with its threatened tariffs
  in the middle of this month. But he said that any response
  would be in accordance with international law and Japan's
  international obligations.
      He added that both Japan and the United States must take
  account of the impact of their dispute on their own and the
  world economy.
  

"
training/12480	40	reserves	"BANK OF FRANCE FOREIGN ASSETS RISE LATEST WEEK
  Weekly figures published by the Bank of
  France showed its gross foreign assets rose by about two
  billion francs last week, when it was reported by banks to have
  intervened on the foreign exchange markets to support the
  dollar against the yen.
      The figures showed its gold, foreign currency and other
  external assets rose to 415.1 billion francs from 413 billion,
  mainly reflecting a rise to 116.7 billion from 114.7 billion in
  foreign exchange holdings.
  

"
training/12483	22	interest	"BANKAMERICA <BACP> RAISES PRIME RATE TO 7.75 PCT
  BankAmerica Corp, following moves
  by other major banks, said it has raised its prime rate to 7.75
  pct from 7.50 pct, effective today.
  

"
training/12485	0	acq	"NEWS CORP <NWS> STARTS HARPER/ROW <HPR> BID
  News Corp Ltd of Australia said it has
  started its previously announced tender offer for all shares of
  Harper and Row Publishers Inc at 65 dlrs per share.
      In a newspaper advertisement, the company said the offer is
  conditioned on received of at least 51 pct of Harper and Row's
  shares.  The offering and withdrawal rights expire April 29
  unless extended.
      A merger at the tender price is to follow the offer, which
  has been approved by the Harper and Row board.  Harper and Row
  has granted NEw Corp an option to buy up to 800,000 new shares
  or a 15.4 pct interest at 65 dlrs each.
      News Corp said if the merger agreement were terminated
  under certain circumstances, News would be entitled to a 16 mln
  dlr cash payment.
      Last month, Theodore Cross offered to acquire Harper and
  Row for 34 dlrs per share but was soon outbid by Harcourt Brace
  Jovanovich Inc, which offered 50 dlrs per share.  Late in the
  month, Harper and Row said its board had received expressions
  of interest from a number of domestic and foreign companies.
  

"
training/12487	12	earn	"INTERNATIONAL TECHNOLOGY <ITX> SEES 4TH QTR LOSS
  International Technology corp
  said it expects to report a loss for the fourth quarter ended
  March 31 of about 20 cts per share, compared with a
  year-earlier profit of 11 cts.
      The company blamed the expected loss on regulatory and
  permitting issues that limited the full utilization of
  hazardous waste treatment cites in Califoirnia, continued
  startup delays for major remediation projects, the writeoff of
  an investment in a subsidiary and a settlem,ent with the
  California Attorney General's Office and Department of Health
  Services.
      The company said the settlement relates to regulatory
  violations alleged by the U.S. Environmental Protection Agengy
  and the California Health Services department at the company's
  Vine Hill and Panoche treatment facilities in Northern
  California.
      It said under the agreement, it will pay the state
  2,100,000 dlrs in civil penalties over a two-year period and
  pay 500,000 dlrs over five years to local medical facilities as
  part of a community awareness and emergency response program
  developed by local communities.  The expenses will be charged
  against fourth quarter results, it said.
      The company said it has agreed as well to make compliance
  and public safety capital expenditures of about 600,000 dlrs.
      It said it has now received an operating permit for a new
  250,000 cubic yard landfill cell at its Imperial County,
  Calif., from the Health Services department.
      The company said the Panoche facility remains closed but is
  expected to reopen for liquid and sludge receipts in the near
  future.  But it said receipts of solid material, which had
  accounted for the majority of the revenue at the site, could be
  restricted until 1988 pending resolution of capacity issues in
  the Panoche site permit.
  

"
training/12488	12	earn	"WESTLB LUXEMBOURG REPORTS LOWER 1986 NET PROFIT
  Westdeutsche Landesbank Girozentrale
  <WELG.F> said its wholly-owned Luxembourg subsidiary WestLB
  International SA posted a decline in 1986 net profit to 12.6
  mln marks from 48.5 mln a year earlier.
      WestLB International will pay a 12.5 mln mark dividend to
  WestLB, down from 47.7 mln a year earlier.
      The dividend was lower than in 1985 because the record
  profit of the previous year could not be repeated, due to
  changed market conditions, it said. Increased funds were also
  allocated for provisions. Business in the first three months of
  1987 developed positively, it added.
      WestLB International set aside 115.3 mln marks for
  international credit risks in 1986, up from 97.4 mln marks in
  1985, bringing the total amount of provisions shown in the
  balance sheet to 580.3 mln marks.
      Operating profit fell to 122 mln marks in 1986 from 150 mln
  in 1985. Balance sheet total fell to 9.7 billion marks from
  10.8 billion, reflecting the lower dollar and the fact that
  credit business redemptions were not fully offset by new
  lending.
      The statement said WestLB International's business with
  private customers showed a pleasing expansion last year.
      This development was aided by cooperation between the bank
  and the savings banks in the West German state of North
  Rhine-Westphalia, where parent bank WestLB is based.
      Deposits by non-banks rose more than 40 pct to a total of
  1.1 billion.
      WestLB International said it plans to expand its range of
  services for private clients.
  

"
training/12489	6	copper	"40 MINERS TRAPPED BY FIRE IN GASPE COPPER MINE
  Some 40 miners were trapped
  underground today by a fire in a copper mine in the Gaspe area
  of eastern Quebec, officials said.
      There were no reports of any deaths.
      A mine official said that the fire broke out last night and
  about 25 of the miners made it to safety.
      He said telephone contact had been established with the
  trapped miners but they could not be brought to the surface
  until the fire was extinguished.
      The cause of the fire was not known.
  

"
training/12490	5	coffee	"OTHER MILDS COFFEE PRODUCERS TO MEET MAY 4
  Coffee producers belonging to the ""Other
  Milds"" group will meet May 4 in Guatemala to discuss the
  possibility of restoring export quotas, producer delegates told
  reporters after the closing session of the International Coffee
  Organization, ICO, executive board meeting.
      The ""Other Milds"" group, comprising Costa Rica, Dominican
  Republic, Ecuador, El Salvador, Guatemala, Honduras, India,
  Mexico, Nicaragua, Papua New Guinea and Peru, might consult
  with Brazil and Colombia on this meeting, but it was not
  certain whether these two countries would attend, they said.
      The ICO board meeting ended without moves to restart
  negotiations on quotas, which broke down last month, producer
  delegates said.
      Producers are expected to hold other consultations in the
  coming months on how to proceed with quota negotiations, but no
  date for a full producer meeting has been mentioned, they said.
      The board completed reports on stock verification and the
  next regular board session will be in Indonesia June 1-5,
  delegates said.
  

"
training/12492	0	acq	"<ALOHA INC> BUYOUT COMPLETED
  Aloha Inc said its leveraged buyout by
  AQ Corp, which acquired 91 pct of Aloha common and 82 pct of
  Aloha preferred in a tender offer that concluded December 26,
  has been completed for 28.50 dlrs per common or preferred
  share.
      AQ is controlled by Aloha chairman Hung Wo Ching, vice
  chairman Sheridan C.F. Ing and president A. Maurice Myers.
  

"
training/12495	22	interest	" BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL

   BANK OF FRANCE LEAVES INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL
  

"
training/125	0	acq	"HONG KONG FIRM UPS WRATHER<WCO> STAKE TO 11 PCT
  Industrial Equity (Pacific) Ltd, a
  Hong Kong investment firm, said it raised its stake in Wrather
  Corp to 816,000 shares, or 11.3 pct of the total outstanding
  common stock, from 453,300 shares, or 6.3 pct.
      In a filing with the Securities and Exchange Commission,
  Industrial Equity, which is principally owned by Brierley
  Investments Ltd, a publicly held New Zealand company, said it
  bought 362,700 Wrather common shares between Feb 13 and 24 for
  6.6 mln dlrs.
      When it first disclosed its stake in Wrather earlier this
  month, it said it bought the stock for investment purposes.
  

"
training/12503	10	crude	"NP ENERGY <NPEEQ> SAYS TRUSTEE APPOINTED
  NP Energy Corp said the U.S.
  Bankruptcy Court has indicated it will appoint a trustee to
  oversee the company's Chapter 11 bankruptcy proceedings.
      It said it hopes the appointment will thwart ""hostile""
  actions being pursued by two unsecured creditors to whose
  claims the company objects.
      NP further said the Nielsen 1-20 well in Duchesne County,
  Utah, has tested 300 barrels of oil per day.  NP owns a 61 pct
  working interest.
  

"
training/12504	0	acq	"CPC INTERNATIONAL <CPC> SELLS SOUTH AFRICAN UNIT
  CPC International Inc
  said it has completed the sale of its South African subsidiary
  Robertsons Pty Ltd to a consortium of European and South
  African investors for an undisclosed amount in excess of book
  value due to the increasing difficulty of operating there.
      It said the operation accounted for less than two pct of
  worldwide sales of 4.5 billion dlrs in 1986.
      The company said small royalties expected to result from
  use of CPC trademarks by the new owners will be utilized for
  social programs in south Africa.""  It said no significant
  impact on earnings is expected from the sale.
  

"
training/12505	12	earn	"<GIANT YELLOWKNIFE MINES LTD> 4TH QTR NET
  Shr 23 cts vs 46 cts
      Net 987,000 vs 1,990,000
      Revs 14.6 mln vs 15.0 mln
      Year
      Shr 89 cts vs 1.32 dlrs
      Net 3,846,000 vs 5,690,000
      Revs 58.1 mln vs 56.6 mln
  

"
training/12506	12	earn	"NORTH EAST INSURANCE CO <NEIC> 4TH QTR LOSS
  Shr loss 85 cts vs loss 1.36 dlrs
      Net loss 1,653,386 vs loss 2,646,876
      Year
      Shr loss 12 cts vs loss 1.30 dlrs
      Net loss 236,469 vs loss 2,522,293
      NOTE: Year net includes realized investment gains of
  734,609 dlrs vs 645,438 dlrs.
  

"
training/12507	26	jobs	"U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK
  New applications for unemployment
  insurance benefits rose to a seasonally adjusted 355,000 in the
  week ended March 21 from 341,000 in the prior week, the Labor
  Department said.
      The number of people actually receiving benefits under
  regular state programs totaled 2,480,000 in the week ended
  March 14, the latest period for which that figure was
  available.
      That was up from 2,454,000 the previous week.
  

"
training/12508	12	earn	"MELLON BANK EXPECTS TO REPORT A FIRST QUARTER LOSS OF 55 MLN TO 65 MLN DLRS

  MELLON BANK EXPECTS TO REPORT A FIRST QUARTER LOSS OF 55 MLN TO 65 MLN DLRS
  

"
training/12509	22	interest	"FIRST CHICAGO <FNB> RAISES PRIME RATE
  First Chicago Corp said its First
  National Bank of Chicago raised its prime rate to 7-3/4 pct
  from 7-1/2 pct, effective immediately.
  

"
training/1251	12	earn	"WILLCOX AND GIBBS INC <WG> 4TH QTR NET
  Oper shr 42 cts vs 41 cts
      Oper net 2,322,000 vs 1,785,000
      Sales 72.3 mln vs 59.8 mln
      Avg shrs 5,527,000 vs 4,355,000
      Year
      Oper shr 1.48 dlrs vs 1.40 dlrs
      Oper net 7,637,000 vs 5,973,000
      Sales 261.7 mln vs 224.7 mln
      Avg shrs 5,165,000 vs 4,277,000
      NOTE: 1985 operating net excludes gains of 1,523,000 dlrs,
  or 35 cts a share, in quarter and 5,090,000 dlrs, or 1.19 dlrs
  a share, in year from tax carryforwards
  

"
training/12511	12	earn	"MELLON BANK SAYS IT WILL CUT DIVIDEND TO 35 CTS A SHR FROM 69 CTS

  MELLON BANK SAYS IT WILL CUT DIVIDEND TO 35 CTS A SHR FROM 69 CTS
  

"
training/12512	0	acq	"AMERICAN BARRICK <ABX> SELLS OHIO ASSETS
  American Barrick Resources Corp said it
  sold two coal supply agreements and substantially all assets at
  its two coal mines in Ohio to <Peabody Coal Co> of Henderson,
  Kentucky, for an undisclosed price.
      The company said proceeds from this sale, together with the
  sale of the remaining coal assets, should allow it to fully
  recover its investment in the operations.
      It said the transactions will complete its previously
  announced plan to sell all non-gold assets.
  

"
training/12514	22	interest	"COMERICA <CMCA> RAISES PRIME RATE
  Comerica Inc said it raised its prime
  interest rate to 7-3/4 pct from 7-1/2 pct, effective April 1.
  

"
training/12515	12	earn	"NORTH EAST <NEIC> MAY VIOLATE CAPITAL RULES
  North East Insurance Co said due
  to the magnitude of its losses in 1986 and 1985, it may be
  found in violation of minimum capital and surplus requirements
  by officials in Maine and New York and be subject to sanctions
  and administrative actions in those and other states.
      The company today reported a 1986 loss of 236,469 dlrs,
  after realized investment gains of 734,609 dlrs, compared with
  a 1985 loss of 2,522,293 dlrs, after investment gains of
  645,438 dlrs.  Its fourth quarter net loss was 1,653,386 dlrs,
  compared with 2,646,876 dlrs.
      The company said its fourth quarter and year losses
  resulted from additions to loss reserves.
  

"
training/12516	12	earn	"ELECTROMEDICS INC <ELMD> YEAR NET
  Shr profit nil vs loss three cts
      Net profit 140,022 vs loss 882,869
      Revs 13.3 mln vs 8,870,035
      Avg shrs 45.0 mln vs 35.0 mln
      Backlog 1,683,000 vs 978,000
      NOTE: Current year net includes tax credit of 51,000 dlrs.
  

"
training/12517	12	earn	"ELECTROMEDICS <ELMD> TO TAKE 1ST QTR CHARGE
  Electromedics Inc said it
  expects to take a 150,000 dlr charge against first quarter
  results due to the conversion of debentures.
      The company said, however, it expects ""positive"" operating
  comparisons for the period.  Electromedics lost 6,000 dlrs in
  last year's first quarter.
  

"
training/1252	12	earn	"GE <GE> PROFIT OUTLOOK AIDED BY ENGINE ORDER
  One of General Electric Co's biggest
  businesses, aircraft engines, will ride a wave of increasing
  profits into 1991 because of a new contract worth 650 mln dlrs,
  Wall Street analysts said.
      Previously, it was expected the business would peak and
  decline at some point in the next five years. The improved
  outlook results from AMR Corp's <AMR> decision to order 40 new
  planes powered by CF6-80C2 GE engines.
      ""Creative financial footwork helped GE get the order,"" said
  Nicholas Heymann, analyst at Drexel Burnham Lambert Inc.
      AMR declined to go into detail on financing arrangements
  for its order of 15 Boeing Co <BA> and 25 <Airbus Industrie>
  twinjet long distance aircraft.
      But AMR said it was using ""rent-a-plane leases"" that allow
  it to operate the aircraft without adding to its debt
  structure. AMR also has the right to decline delivery of the
  planes or return them on short notice. The arrangement protects
  AMR in the case of an unexpected development such as a severe
  downturn in the economy.
      From GE's point of view the package looks like a good deal
  for several reasons, Heymann said.
      GE will be able to record revenue as a sale at the time of
  delivery, Heymann noted.
      And if for some reason AMR decides not to take the planes
  GE's financial arm, General Electric Financial Services Inc,
  would have little trouble rounding up another airline that
  wanted the fuel efficient planes. On the whole, the deal
  appears to pose little risk for GE, Heymann said.
      GE's stock declined 1/4 to 103-1/2 on 625,000 shares by
  midafternoon. H.P. Smith, analyst at Smith Barney, Harris Upham
  and Co said for a 40 billion dlr (revenue) company ""no one
  order will have much of an effect on the stock.""
      Russell Leavitt, analyst at Salomon Brothers Inc, said the
  order ""will help to maintain a good level of production and
  profitability in the aircraft engine business"" for GE.
      Heymann sees operating profits from GE's jet engine
  business rising from 870 mln dlrs last year to 1.3 billion dlrs
  by 1991.
      Revenue from jet engines was close to six billion dlrs last
  year, with well over half of the business in the military
  sector, according to analysts' estimates.
      The rosy outlook for GE's jet engine business coincides
  with an upbeat performance in other segments.
      Heymann expects GE to earn 1.39 dlrs per share in the first
  quarter of 1987. Saying many will be suprised by the results,
  he believes GE has shown through its acquisition of RCA Corp
  that it has a ""unique ability"" to buy a major business and
  reshape it, pruning some parts and recombining parts with other
  elements of its 14 business areas.
      Smith sees GE earning 1.35 dlrs per share in the current
  quarter. He credits good results at RCA, in turn aided by the
  NBC broadcasting operation, and lower interest rates.
      Leavitt sees 1.40 dlrs for the current quarter, in part
  crediting ""significant benefits from the RCA acquisition.""
  

"
training/12520	12	earn	"SHELDAHL INC <SHEL> 2ND QTR FEB 28 NET
  Shr 24 cts vs four cts
      Net 663,000 vs 109,000
      Sales 20.5 mln vs 13.9 mln
      Six mths
      Shr 48 cts vs nine cts
      Net 1,311,000 vs 255,000
      Sales 43.2 mln vs 30.0 mln
      Avg shrs 2,719,205 vs 2,804,048
  

"
training/12521	12	earn	"MELLON <MEL> SEES LARGE FIRST-QUARTER LOSS
  Mellon Bank Corp said it expects
  to report a loss for the first quarter in the range of 55 mln
  to 65 mln dlrs or 2.13 to 2.15 dlrs a share.
      The company also said it intends to reduce its second
  quarter common stock dividend to 35 cts a share from 69 cts.
      Mellon said it will make a provision for loan losses in the
  first quarter of 175 mln dlrs, reflecting about 95 mln dlrs in
  charge-offs and 80 mln dlrs in additions to the loan-loss
  reserve.
      It will also put 310 mln dlrs in Brazilian loans on a cash
  basis, resulting in interest reversals of 10 mln dlrs.
      In the first quarter of 1986, Mellon earned 60.4 mln dlrs
  or 2.13 dlrs a share.
      Chairman David Barnes said the loan charge-offs and
  increased provisions address four areas of concern in the
  bank's wholesale lending portfolio - the energy sector,
  developing countries, some basic industrial companies and
  several commercial real estate businesses.
      Mellon said the loan loss reserve at the end of the first
  quarter is estimated to be 575 mln dlrs, or about 2.5 pct of
  the loan book, compared with 493.8 mln dlrs or 2.17 pct of
  total loans at the end of 1986.
      Mellon said its primary capital ratio at the end of the
  first quarter will be in line with the end-1986 figure of 7.23
  pct, well in excess of regulatory guidelines.
      Non-performing loans at quarter-end are estimated at 1.45
  billion dlrs, or 6.5 pct of the loan portfolio, compared with
  928 mln dlrs or 3.94 pct at the end of 1986.
      Barnes noted that Mellon has a bigger involvement in
  energy-based lending than many other banks. Because of the lack
  of a substantial recovery in energy prices this year,
  especially in natural gas prices, it was felt prudent to
  increase reserves and take losses on loans in this sector.
      ""This action relates both to loans to companies directly
  involved in energy, as well as loans to real estate developers,
  home builders and financial institutions in the Southwestern
  United States,"" Barnes said.
      As for LDC loans, he said Mellon had removed about 80 mln
  dlrs in fully current Argentine loans from cash basis but had
  charged off about 20 mln dlrs in private-sector Mexican debt.
      He said Mellon, which was ordered in December to quit
  Brazil because of its refusal to renew some short-term credit
  lines, expects to participate in efforts to helpt Brazil and
  other sovereign borrowers to reschedule their debts.
      Loans to basic industries were not major contributors to
  the increase in non-performing assets or to first-quarter
  charge offs, but Mellon said it remains concerned about the
  absence of a strong recovery in steel and related industries.
      The increase in reserves, the dividend cut and continued
  management cost-cutting are aimed at ensuring that Mellon has
  the financial strength to deal with current uncertainties,
  Barnes said.
      ""We cannot predict when the uncertainties that presently
  trouble us will end, but we are confident we are managing them
  aggressively,"" he added.
  

"
training/12523	32	money-fx	"U.K. MONEY MARKET GIVEN 40 MLN STG LATE HELP
  The Bank of England said it had provided
  the money market with around 40 mln stg late assistance. This
  takes the Bank's total help today to some 537 mln stg and
  compares with its estimate of a 700 mln stg shortage.
  

"
training/12524	12	earn	"KLOECKNER SEES FURTHER GROWTH IN ENGINEERING
  Kloeckner-Werke AG
  <KLKG.F> should have turnover this year around 1985/86's 2.4
  billion marks though more growth is likely in engineering in
  coming years, management board chairman Herbert Gienow said.
      He told a news conference at the trade fair here that by
  the mid-1990s turnover should reach between six and seven
  billion marks, mainly through acquisitions totalling ""several
  hundred million marks.""
      Kloeckner reported in March higher profits in its
  engineering sector which enabled it to raise profits by nearly
  a third in the 1985/86 year to 45.2 mln marks from 33.8 mln.
  

"
training/12529	0	acq	"FIRST FEDERAL FORT MYERS <FFMY> TO MAKE PURCHASE
  First Federal Savings and Loan
  Association of Fort Myers said its board has executed a letter
  of intent to acquire First Presidential Savings and Loan
  Association of Sarasota, Fla., for 8,500,000 dlrs in cash.
      The company said a definitive agreement is expected to be
  executed by May 15 and the transaction is expected to be
  completed by year-end.
      The purchase price is subject to an increase on a dollar
  for dollar basis to the extent that the net worth of First
  Presidentail exceeds 4,100,000 dlrs at the time of closing, the
  company said.
  

"
training/12530	0	acq	"ELI LILLY AND CO PLANS TO SELL ITS ELIZABETH ARDEN SUBSIDIARY

  ELI LILLY AND CO PLANS TO SELL ITS ELIZABETH ARDEN SUBSIDIARY
  

"
training/12531	12	earn	"SAN DIEGO GAS <SDO> SEES DECISION HURTING NET
  San Diego Gas and Electric Co said a
  California Public Utilities Commission decision to reconsider
  allowing only 20 mln dlrs of the 69 mln dlrs in San Onofre
  nuclear station costs it disallowed makes it likely that
  earnings in 1987 will be reduced at least 36 cts per share.
      The company said if the decision to disallow the other 20
  mln dlrs is not changed, earnings would be penalized by another
  19 cts.
  

"
training/12532	0	acq	"ELI LILLY <LLY> TO SELL ELIZABETH ARDEN UNIT
  Eli Lilly and Co said its board
  decided to sell Elizabeth Arden Inc, a wholly owned subsidiary
  that manufactures and markets cosmetics and fine fragrance
  products.
      It said the business, which had sales of 67 mln dlrs when
  it was acquired in 1971, had sales last year of 398 mln dlrs,
  up 12 pct from 1985. It had operating profits of about 33 mln
  dlrs in 1986.
      Lilly said it retained Morgan Stanley and Co to help
  evaluate offers.
      Lilly said it expects to use the after-tax proceeds from
  the sale of its cosmetics business for general corporate
  purposes, including the repurchase from time to time of its
  common stock or warrants on the open market.
      In a statement, Lilly Chairman Richard Wood said ""This
  strategic decision was reached on the basis of our belief that
  in the future the corporation's resources, including its
  research activities, should be focused on its other business
  which have a high technology, life sciences orientation.""
  

"
training/12534	26	jobs	"BELGIAN UNEMPLOYMENT FALLS IN MARCH
  Belgian unemployment, based on the
  number of jobless drawing unemployment benefit, fell to 11.8
  pct of the working population at the end of March from 12.1 pct
  at end of February, the National Statistics Office said.
      The rate compares with 12.0 pct at the end of March, 1986.
      The total number of jobless stood at 495,208, compared with
  508,392 in February and 504,652 in March last year.
  

"
training/12538	0	acq	"KEY CENTURION <KEYC> COMPLETES ACQUISITIONS
  Key Centurion Bancshares Inc
  said it has completed the previously-announced acquisitions of
  Union Bancorp of West Virginia Inc and Wayne Bancorp Inc.
  

"
training/12540	0	acq	"CB AND T <CBTB> COMPLETES ACQUISITION
  CB and T Bancshares Inc said it
  has completed the acquisition of First Community Bancshares Inc
  Of Tifton, Ga., which as assets of 62 mln dlrs.
  

"
training/12545	12	earn	"GENERAL PUBLIC UTILITIES RESUMES DIVIDENDS ON COMMON STOCK, PAYS 15 CTS

  GENERAL PUBLIC UTILITIES RESUMES DIVIDENDS ON COMMON STOCK, PAYS 15 CTS
  

"
training/12546	0	acq	"ZIMBABWE GOVERNMENT BUYS INTO ASTRA
  The Zimbabwe government has bought 85 pct
  of the equity in <Astra Corporation> for 25.5 mln dlrs from
  Netherlands-based <Bommenede Houdstermaatschappij (Nederland
  BV)>, Astra announced.
      Astra owns five companies with interests in engineering,
  paint manufacture and the distribution of farm machinery and
  equipment, motor vehicles and earthmoving equipment.
      The company is now locally controlled with 80 pct of its
  equity owned by the government, 14 pct by the Dutch firm. A six
  pct stake was donated to the Astra Corporation Workers' Trust
  by the government and the Dutch company.
  

"
training/12549	12	earn	"UTILICORP RECOMMENDS THREE-FOR-TWO SPLIT, DIVIDEND INCREASE AND ADDITIONAL CLASS OF STOCK

  UTILICORP RECOMMENDS THREE-FOR-TWO SPLIT, DIVIDEND INCREASE AND ADDITIONAL CLASS OF STOCK
  

"
training/12550	12	earn	"GPU <GPU> DECLARES FIRST DIVIDEND SINCE 1979
  General Public Utilities Corp
  said its board declared a dividend of 15 cts per share on
  common stock, its first dividend since it omitted payment in
  February 1980 as a result of the Three Mile Island nuclear
  accident in 1979.
      The company said it was able to declare the dividend due to
  progress in the cleanup of Three Mile Island Unit Two.
      A company spokesman said GPU expects to continue declaring
  dividends on a quarterly basis, with the rate depending on the
  progress of the cleanup and on other company operations.
      GPU said the dividend is of ""modest size,"" representing
  less than a third of the amount paid as a dividend by the
  average electric utility.
      ""As the operating companies need to return to the capital
  markets for debt and preferred stock, this should tend to
  produce lower cost and better terms,"" the company said.
      The dividend is payable May 29 to holders of record April
  24.
  

"
training/12551	12	earn	"BRITTON LEE <BLII> SEES FIRST QUARTER LOSS
  Britton Lee Inc said it
  expects to report a loss on lower sales than it had anticipated
  for the first quarter.
      The company earned 119,000 dlrs before a 70,000 dlr tax
  credit on sales of 7,227,000 dlrs in the year-ago period.
  

"
training/12555	26	jobs	"EC TO BOOST SPENDING ON JOB CREATION THIS YEAR
  The European Community (EC) is to boost
  spending to help the jobless this year.
      The EC's executive commission said in a statement spending
  on its so-called social fund would rise to 3.1 billion European
  Currency Units from 2.5 billion ECUs in 1986. The fund is
  designed to help boost job creation and improve worker
  mobility, and supplement national schemes in the EC's 12 member
  states.
      Another 60 mln ECUs could be added if EC ministers switch
  unused project credits to other programs, the Commission said.
      Italy is the largest net beneficiary in 1987, getting 635
  mln ECUs, with Britain in second place with 580 mln.
  

"
training/12557	0	acq	"JACOBS TAKES MAJORITY STAKE IN COTE D'OR
  Jacobs Suchard AG said it acquired a
  ""comfortable majority"" interest in its takeover bid for Cote d'Or
  SA, Belgium's leading producer of chocolate.
      In a statement, Jacobs said it had acquired all the shares
  tendered by the time its offer expired on March 30. The offer,
  for 100 pct of Cote d'Or at 8,050 Belgian francs per ordinary
  share, was agreed with the Belgian firm's board.
      A Jacobs spokesman declined to specify the size of the
  majority stake and said Jacobs had not decided what it would do
  about acquiring the outstanding shares.
  

"
training/12558	48	trade	"YEUTTER SAYS U.S. SHOULD STRESS TRADE NEGOTIATIONS AS LONG-TERM U.S. TRADE POLICY

  YEUTTER SAYS U.S. SHOULD STRESS TRADE NEGOTIATIONS AS LONG-TERM U.S. TRADE POLICY
  

"
training/12559	12	earn	"HOLIDAY <HIA> RECAPITALIZATION APPROVED
  Holiday Corp said the New Jersey
  Casino Control Commission has approved its recapitalization
  plan, providing the final regulatory approval needed.
      The company said it expects to announce next week the
  record date for the special 65 dlr per share dividend
  shareholders will receive under the plan and to pay the
  dividend during the month of April, with the exact timing
  depending on the closing of financing arrangements.
      Holiday operates Harrah's Marina Hotel and Casino in
  Atlantic City, N.J.
  

"
training/12562	12	earn	"COMP-U-CARD INTERNATIONAL INC <CUCD> 4TH QTR NET
  January 31 end
      Oper shr profit 16 cts vs loss six cts
      Oper net profit 2,879,000 vs loss 958,000
      Revs 41.9 mln vs 24.1 mln
      Avg shrs 18.2 mln vs 15.8 mln
      Year
      Oper shr profit 49 cts vs profit 18 cts
      Oper net profit 8,660,000 vs profit 2,832,000
      Revs 141.8 mln vs 87.5 mln
      Avg shrs 17.8 mln vs 15.8 mln
      NOTE: Net excludes extraordinary tax charge 156,000 dlrs vs
  credit 2,257,000 dlrs in quarter and credits 1,041,000 dlrs vs
  3,589,000 dlrs in year.
  

"
training/12563	48	trade	"YEUTTER STRESSES IMPORTANCE OF TRADE TALKS
  U.S. Trade Representative Clayton
  Yeutter stressed the importance of trade negotiations to open
  foreign markets rather than trade restrictions in a statement
  to the Senate Finance Committee.
      ""In the long term we cannot repeatedly bludgeon other
  nations into opening their markets with threats of U.S.
  restrictions. Rather, we must be able to negotiate credibly for
  global liberalization,"" Yeutter said.
      Yeutter did not mention the recent U.S. trade sanctions
  against Japanese semiconductors in his testimony on the pending
  trade bill.
      Yeutter said the trade bill should increase U.S.
  competitiveness, aid U.S. trade negotiating leverage, and avoid
  provoking foreign retaliation.
      He urged Congress to reject provisions that would mandate
  U.S. retaliation against foreign unfair trade practices.
      Yeutter emphasized the importance of the new multilateral
  trade negotiating round and called on Congress to quickly
  approve an extension of U.S. negotiating authority.
      ""We want to open foreign markets and establish and enforce
  rules of international competition, not foster dependence on
  protection and subsidies,"" he said.
  

"
training/12564	48	trade	"EC MUST EXPLAIN FARM POLICY TO U.S., FRANCE SAYS
  The U.S. and the European Community could
  enter into a new trade dispute unless urgent action is taken to
  explain EC farm policy to the U.S. Congress, French official
  sources said.
      They said Prime Minister Jacques Chirac planned to urge EC
  Commission president Jacques Delors to send a team of experts
  to Washington as soon as possible.
      Chirac returned to Paris this morning after three days of
  talks in New York and Washington in which trade and
  protectionism featured prominently.
      At the centre of the new trade tension is an EC Commission
  proposal to tax vegetable oils, the sources said.
  

"
training/12569	12	earn	"CENTRONICS CORP <CEN> YEAR LOSS
  Oper shr loss 11 cts vs loss 36 cts
      Oper net loss 2,383,000 vs loss 4,285,000
      Total income 2,194,000 vs nil
      NOTE: Resultes restated for discontinued operations and
  exclude discontinued operations loss 5,755,000 dlrs vs gain
  4,933,000 dlrs.
  

"
training/12570	12	earn	"SANDSPORT DATA SERVICES INC <SAND> 3RD QTR NET
  Feb 28 end
      Shr nil vs nil
      Net 132,804 vs 53,510
      Revs 2,001,107 vs 1,467,742
      Avg shrs 73.9 mln vs 56.7 mln
      Nine mths
      Shr nil vs nil
      Net 302,316 vs 171,034
      Revs 5,230,014 vs 4,112,562
      Avg shrs 74.4 mln vs 56.7 mln
  

"
training/12571	22	interest	"NORTH CAROLINA FEDERAL <NCFS> RAISES PRIME RATE
  North Carolina Federal Savings
  and Loan Association said it has raised its prime rate to 7-3/4
  pct from 7-1/2 pct, effective yesterday, following moves by
  major banks.
  

"
training/12572	12	earn	"HEALTH IMAGES INC <HIMG> 4TH QTR LOSS
  Shr loss one ct vs loss seven cts
      Net profit 108,419 vs loss 241,192
      Revs 2,044,882 vs 317,266
      Year
      Shr loss 18 cts vs loss 23 cts
      Net loss 430,027 vs loss 432,982
      Revs 5,088,065 vs 416,777
      NOTE: Share after preferred dividends.
  

"
training/12573	12	earn	"SHELL CANADA SEES BETTER PROFIT, LOWER SPENDING
  <Shell Canada Ltd>, 72 pct
  owned by Royal Dutch/Shell Group, anticipates an improved level
  of earnings in 1987, assuming a continuation of prices and
  margins that existed at the end of 1986 and early 1987, the
  company said in the annual report.
      Shell previously reported 1986 operating profit fell to 130
  mln dlrs, excluding a 24 mln dlr unusual gain, from 146 mln
  dlrs in the prior year.
      The company also said 1987 capital and exploration spending
  of 420 mln dlrs will be 160 mln dlrs lower than last year, due
  to the uncertain short-term outlook.
  

"
training/12574	12	earn	"UTILICORP <UCU> SEEKS TO SPLIT STOCK
  Utilicorp United Inc said its
  management is recommending to the board of directors a
  three-for-two stock split and an increase in the quarterly cash
  dividend rate, currently at 37 cts per common share.
      The company said it is also submitting to shareholders at
  its May 21 annual meeting a proposal authorizing an additional
  class of common stock.
      Utilicorp said the board of directors will vote on the
  split at its next regularly scheduled board meeting on May 6.
      It added that its semi-annual four pct stock dividend will
  not change.
      Utilicorp said the proposal to create a new class of stock,
  if approved, will authorize 20 mln shares of Class A common
  stock with a par value of one dlr.
      The stock could be issued in various series with terms,
  rights and preferences designated by the board in each
  instance, Utilicorp said.
      The company said the new stock is intended to enhance
  Utilicorp's ability to carry out future financings,
  investments, acquisitions or for other corporate purposes.
  

"
training/12579	12	earn	"AMERICAN REALTY <ARB> SETS RECORD DATE FOR OFFER
  American Realty Trust said its board has
  set April 3 as the record date for its previously announced
  rights offering, and the rights will be issued on April 6 and
  expire May 22.
      Shareholders will be able to subscribe for 1.25 shares for
  each share held, at a price of 3.75 dlrs per share.
  

"
training/1258	12	earn	"BUCKHORN INC <BKN> 4TH QTR LOSS
  Oper shr loss 1.24 dlrs vs profit 19 cts
      Oper net loss 1,965,000 vs profit 646,000
      Revs 10.5 mln vs 11.6 mln
      Avg shrs 1,741,000 vs 3,581,000
      12 mths
      Oper shr loss 1.55 dlrs vs profit 42 cts
      Oper net loss vs profit 2,051,000 vs 1,492,000
      Revs 42.9 mln vs 45.5 mln
      Avg shrs 1,816,000 vs 3,581,000
      NOTE: prior qtr excludes loss 229,000, or seven cts per
  share, for discontinued operations.
      1986 qtr excludes 159,000 extraodinary loss.
      Excludes loss 293,000, or 16 cts per share, for 1986 and
  gain 651,000, or 18 cts per share, for 1985 for discontinued
  operations.
      Excludes loss 256,000 for 1986 net for extraordinary item.
  

"
training/12580	12	earn	"CARTER-WALLACE INC <CAR> SETS REGULAR PAYOUT
  Qtly div 20 cts vs 20 cts prior
      Pay June 1
      Record April 16
  

"
training/12588	32	money-fx	" Lawson says his sterling target comments were misunderstood, and insignificant

   Lawson says his sterling target comments were misunderstood, and insignificant
  

"
training/12592	22	interest	"J.P. MORGAN <JPM> INCREASES PRIME RATE
  J.P. Morgan and Co Inc said it is
  raising its prime lending rate to 7-3/4 pct from 7-1/2 pct,
  effective today.
      Most major U.S. banks are now posting a 7-3/4 pct rate.
  Citibank was the first to announce an increase on Tuesday.
  

"
training/12593	32	money-fx	"LAWSON SAYS HIS STERLING-TARGET COMMENTS WERE MISUNDERSTOOD AND INSIGNIFICANT

  LAWSON SAYS HIS STERLING-TARGET COMMENTS WERE MISUNDERSTOOD AND INSIGNIFICANT
  

"
training/126	12	earn	"COLECO INDUSTRIES INC <CLO> 4TH QTR
  Shr loss 6.48 DLS VS PROFIT 23 CTS
      Net loss 110.6 mln vs profit 4.1 mln
      Revs 74.0 mln vs 152.0 mln
      Year
      Shr loss 6.52 dlrs vs profit 3.87 dlrs
      net loss 111.2 mln vs profit 64.2 mln
      Revs 501.0 mln vs 776.0 mln
  

"
training/1260	12	earn	"BUCKHORN INC <BKN> SEES HIGHER PROFITS IN 1987
  Buckhorn Inc said itd nine
  million dlr backlog for orders and a less expensive operating
  environment should yield significant levels of operating
  profits for 1987.
      Buckhorn, a manufacturer of reusable plastic shipping and
  storage containers, recorded 2,051,000, or 1.55 dlrs per share,
  operating net loss for 1986.
      Buckhorn said the year's results included a 4,250,000
  non-recurring expense incurred to complete major restructuring
  efforts and to defend against the hostile tender offer from
  Ropak Corporation.
  

"
training/1263	1	alum	"ALCAN, BERTONE MAKE ALUMINUM STRUCTURE CAR
  Alcan Aluminium Ltd said it joined with
  Carrozzeria Bertone S.P.A. to exhibit Alcan's technology in
  aluminum structured vehicles at Geneva's international auto
  salon.
      Alcan said it and Bertone have built several Bertone X1/9
  sports cars with structures of adhesively bonded sheet
  aluminum. It said the bodies were made on presses used for
  Bertone's steel-structured sports cars.
      Alcan said two of the cars are currently being tested in
  Britain by the Motor Industry Research Association.
       Alcan said it has developed and tested the aluminum
  structure technology so that it is suitable for modern auto
  making methods and plants.
      Alcan said the technology, which reduces the weight of a
  car's basic structure by up to 50 pct, can improve handling and
  performance and reduce fuel consumption for any size car. It
  said the structures also provide long life without the need for
  rust protection.
      The structure provides the same stiffness and safety as
  present materials, while continuously bonded seams allow a 65
  pct reduction in spot welds, Alcan said.
  

"
training/1264	12	earn	"CCR VIDEO 1ST QTR NOV 30 NET
  Shr 2-1/5 cts vs nil
      Net 156,726 vs 11,989
      Sales 1,157,883 vs 890,138
  

"
training/1265	12	earn	"DEL E. WEBB INVESTMENT <DWPA> 4TH QTR NET
  Shr eight cts vs 16 cts
      Net 188,000 vs 354,000
      Revs 538,000 vs 594,000
      Year
      Shr 31 cts vs 28 cts
      Net 692,000 vs 617,000
      Revs 2,640,000 vs 906,000
      (Del E. Webb Investment Properties Inc)
  

"
training/1269	12	earn	"F.W. WOOLWORTH'S <Z> 1986 PROFITS RISE 21 PCT
  The specialty retailing area continues
  to pay off for F.W. Woolworth Co, once known only as a five and
  dime store chain, which said its 1986 income rose 21 pct.
      It was the fourth consecutive year of profit increases for
  the New York-based retailer which was founded over 100 years
  ago.
      Woolworth's 1986 income rose to 214 mln dlrs or 3.25 dlrs
  per share compared with 1985's profit of 177 mln or 2.75 dlrs
  per share. Revenues for the year rose to 6.50 billion compared
  with the prior year's 5.96 billion.
      For the fourth quarter, the company reported profits rose
  10 pct to 117 mln dlrs or 1.78 dlrs per share compared with
  1985 fourth quarter results of 106 mln or 1.64 dlrs per share.
  Revenues rose to 2.02 billion from 1.85 billion dlrs.
      Roy Garofalo, Woolworth vice president, told Reuters that
  income generated by the company's specialty store operations
  accounted for 52 pct of the parent company's 1986 profits.
      He said the company now has 4,700 specialty stores
  operating under 30 different names. Woolworth plans to open 650
  more specialty stores in 1987. At this time last year, it
  operated 4,100 specialty stores, Garofalo said.
      Garofalo said the largest specialty chain operated by
  Woolworth is Kinney Shoe Stores, followed by the Richman
  apparel unit. Among other units are Little Folk Shop, a chain
  of discount children's apparel stores; The Rx Place, a discount
  drug, health and beauty aid operation; and Face Fantasies,
  which sells cosmetics. There are currently about 1,700
  Woolworth general merchandise stores operating worldwide, of
  which 1,200 are in the United States.
      Harold Sells, chairman and chief executive of Woolworth,
  said in a statement, ""These results are especially gratifying as
  they are an improvement over last year's record earnings.""
      Sells that it was the fourth successive year earnings in
  each quarter improved over the corresponding year-earlier
  period.
      Woolworth's variety store operations were hard hit in the
  1970's and early 1980's by the quickly growing discount store
  industry. In an attempt to compete in the 1970's, Woolworth
  opened a discount general store chain, Woolco, and J. Brannam,
  a discount apparel chain. Both were failures in the United
  States, although Woolco still operates in Canada.
      In 1985, however, Woolworth changed its strategy and
  announced that it would operate specialty stores. At that time,
  the company said it would create 14 new groups of such stores.
  Specialty stores generally have higher sales per square foot
  than general merchandise stores.
  

"
training/127	10	crude	"DIAMOND SHAMROCK (DIA) CUTS CRUDE PRICES
  Diamond Shamrock Corp said that
  effective today it had cut its contract prices for crude oil by
  1.50 dlrs a barrel.
      The reduction brings its posted price for West Texas
  Intermediate to 16.00 dlrs a barrel, the copany said.
      ""The price reduction today was made in the light of falling
  oil product prices and a weak crude oil market,"" a company
  spokeswoman said.
      Diamond is the latest in a line of U.S. oil companies that
  have cut its contract, or posted, prices over the last two days
  citing weak oil markets.
  

"
training/1271	12	earn	"ROYAL RESOURCES CORP <RRCO> 2ND QTR DEC 31 LOSS
  Shr loss 72 cts vs loss 1.48 dlrs
      Net loss 4,466,006 vs loss 9,091,688
      Revs 608,181 vs 1,280,727
      Six Mths
      Shr loss 77 cts vs loss 1.51 dlrs
      Net loss 4,752,455 vs loss 9,265,457
      Revs 1,444,149 vs 2,791,188
  

"
training/1272	15	gnp	"CANADA ECONOMY EXPECTED TO GROW MODERATELY
  Canadian economic growth is expected to
  slow further in 1987, but an improved the trade picture should
  keep the country from recession, economists said.
      ""The economy is ready for about a 2.0 pct rate of growth
  over the course of 1987,"" said Carl Beigie, Chief Economist at
  Dominion Securities Pitfield Ltd.
      Statistics Canada reported that gross domestic product,
  grew 3.1 pct in 1986, the fourth year of continuous expansion,
  but down from 1985's four pct.
      In the final quarter, GDP, in 1981 prices and at annualized
  rates, rose a slight 0.2 pct after expanding 0.8 pct in the
  third quarter.
      ""Essentially it is a flat performance,"" said Warren Jestin,
  deputy chief economist at the Bank of Nova Scotia.
      Economist Wendy Smith Cork of the brokerage Nesbitt Thomson
  Bongard Inc said ""it shows the economy is not moving along very
  steadily, it's not a very promising number.""
      ""We weren't surprised, we expected to see one bad quarter
  in Canada, but we don't think there will be a recession,"" she
  added.
      The rise in GDP was below the 3.3 pct increase forecast by
  Federal Finance Minister Michael Wilson in his budget last
  month. He also projected the economy would expand  2.8 pct this
  year.
      Many economists are less optimistic, predicting growth will
  likely be in the 2.0 to 2.2 pct range.
      Statistics Canada also reported the country's trade
  performance deteriorated sharply last year as the deficit in
  the current account rose to a record 8.8 billion Canadian dlrs
  from the previous year's shortfall of 584 mln dlrs.
      ""The sharp increase in the deficit originated from
  merchandise trade transactions where imports continued to
  advance strongly whereas exports were virtually unchanged,"" the
  federal agency said in a statement.
      The merchandise trade surplus was pared to 10.13 billion
  dlrs in 1986 from 17.48 billion dlrs in 1985.
      But economist Cork said the expected upturn in the U.S.
  economy will lead to increased demand for Canadian goods, and
  help fuel the country's modest expansion. Nearly 80 pct of
  Canada's exports are shipped to the U.S. each year.
  

"
training/12728	34	nat-gas	"COOPER BASIN NATURAL GAS RESERVES UPGRADED
  Remaining recoverable gas reserves in
  the areas held by the Santos Ltd <STOS.S>-led Cooper Basin
  joint ventures have been upgraded to 2,721.7 billion cubic feet
  (bcf) from the 2,466 estimated last May, Santos said.
      The upgrading followed a re-review by consultant <Coles
  Nikiforuk Pennell Associates> in light of the large number of
  gas finds since May 1986, Santos said in a statement.
      This means that total contractual commitments of 2,455.5
  bcf to <The Australian Gas Light Co> of New South Wales and the
  Pipeline Authority of South Australia can be met with spare gas
  available for sale in South Australia, it said.
  

"
training/12731	22	interest	"ANZ BANK TO CUT AUSTRALIAN PRIME RATE TO 18 PCT
  Australia and New Zealand Banking
  Group Ltd <ANZA.S> said it will lower its Australian prime
  lending rate to 18 pct from 18.25, effective April 6.
      The cut is the second announced by the bank in the last
  week, following a cut from 18.5 pct effective last Monday.
      The ANZ's new rate will be the lowest prime set by the four
  major trading banks and matches the rate set by one of the
  smaller foreign banks in January and left unchanged during the
  rise in primes over the last three months.
      Other primes range from 18.25 to 18.5 pct, including those
  of the other three majors.
  

"
training/12732	22	interest	"ANZ BANK IN N.Z. RAISES INDICATOR LENDING RATE
  The Australia and New Zealand Banking
  Group Ltd in New Zealand said it will raise its indicator
  lending rate to 23 pct from 21.5 pct on April 7.
      A bank statement said the continuing rise in the cost of
  funds had to be passed on to the lending customers.
      ANZ managing director Brian Weeks said: ""Recent developments
  in the money markets are of deep concern to all participants
  ... Market participants are understandably nervous and cautious
  about future developments.
      These include flows to and from the government relating to
  the privatisation of seven government departments on April 1.
      ""We welcome the flexibility evident in the Reserve Bank's
  move to raise the system cash target yesterday, but feel that
  to reduce the present nervousness the cash target and primary
  liquidity level need to be raised further...,"" he said.
      The Reserve Bank has raised its daily cash target to 45 mln
  N.Z. Dlrs from its normal 30 mln dlrs.
      Call rates have traded as high as 65 pct this week because
  of business year-end March 31 balance date book squaring.
      Westpac Banking Corp in New Zealand announced yesterday it
  would increase its indicator lending rate by 1.5 percentage
  points to 22.5 pct on April 7.
  

"
training/12743	26	jobs	"GERMAN MARCH UNADJUSTED JOBLESS FALLS
  West German unemployment, unadjusted
  for seasonal factors, fell to 2.41 mln in March from 2.49 mln
  in February, the Federal Labour Office said.
      The total represents 9.6 pct of the workforce compared with
  10.0 pct in February.
      The seasonally adjusted jobless total rose, however, in
  March to 2.23 mln from 2.18 mln in February, it added.
      In March last year the unadjusted unemployment total stood
  at 2.45 mln and represented 9.8 pct of the workforce.
  Seasonally adjusted unemployment was 2.29 mln.
      The Federal Labour Office said the number of workers on
  short time rose by 80,629 to 462,802 and the number of
  vacancies increased by 15,263 to 180,047.
      Labour Office President Heinrich Franke, announcing the
  figures, said the hesitant decline in the unadjusted jobless
  total reflected continuing bad weather, slack activity in the
  capital goods sector and structural changes in the coal and
  steel industry.
      In a separate statement, the Federal Statistics Office said
  the rise in the overall number of people in employment had
  slowed in February.
      The Office said that, according to estimates for February,
  25.7 mln people were in work, a rise of around 240,000 or 0.9
  pct compared with the same month in 1986.
      It noted that in January the year-on-year rise was 250,000
  or 1.0 pct and the number in work stood at 25.78 mln. The
  decline in February compared with January reflected seasonal
  factors, it added.
  

"
training/12748	33	money-supply	"TAIWAN ISSUES MORE CERTIFICATES OF DEPOSIT
  The Central Bank issued 5.65 billion dlrs
  worth of certificates of deposit (CDs), boosting CD issues so
  far this year to 147.58 billion, a bank spokesman told Reuters.
      The new CDs, with maturities of six months, one year and
  two years, carry interest rates ranging from 4.07 pct to 5.12
  pct, he said.
      The issues are intended to help curb the growth of the M-1b
  money supply which has grown as a result of increasing foreign
  exchange reserves.
      The reserves hit a record 53 billion U.S. Dlrs last month.
  

"
training/12751	0	acq	"MIM COMPLETES PART OF NORDDEUTSCHE AFFINERIE BUY
  MIM Holdings Ltd <MIMA.S> said it has
  issued 23.33 mln shares to Preussag AG <PRSG.F> to complete the
  previously announced purchase of 20 pct of <Norddeutsche
  Affinerie AG> from Preussag.
      Terms of the acquisition of 10 pct of Norddeutsche
  Affinerie from Degussa AG <DGSG.F> are currently being
  resolved, MIM said in a statement.
      Norddeutsche Affinerie will then be owned 40 pct by
  Metallgesellschaft AG <METG.F> and 30 pct each by MIM and
  Degussa, but MIM said it and Metallgesellschaft are proposing a
  further arrangement to give them 35 pct each.
  

"
training/12752	26	jobs	"DANISH UNEMPLOYMENT FALLS TO 7.8 PCT IN FEBRUARY
  Denmark's seasonally adjusted
  unemployment rate fell to 7.8 pct of the workforce in February
  from 7.9 pct in January, against 7.9 pct in February 1986, the
  National Statistics Office said.
      The total number of unemployed in February was 213,200
  against 215,700 in January and 216,600 in February, 1986.
  

"
training/12754	46	tea	"PAKISTANI DECISION WILL HURT KENYAN TEA EXPORTS
  Pakistan's decision to suspend tea
  import licences will hurt Kenyan tea exports in the short term
  while exporters seek new markets, sources close to Nairobi
  broking houses and exporters said.
      Broking house officials in the Sri Lankan capital Colombo
  yesterday told Reuters Pakistan had suspended the licences in
  order to link tea imports to Pakistani exports.
      The latest available figures show that Kenyan exports to
  Pakistan, mainly tea, were worth 75 mln dlrs in 1985, while
  imports from Pakistan amounted to only 4.8 mln dlrs. Kenya
  provides over 50 pct of Pakistan's tea imports.
      The Nairobi sources said the Pakistani decision did not
  come as a surprise as Pakistan had been complaining of the
  trade imbalance for some time.
      ""We are very disappointed that Pakistan took such action ...
  (it) will certainly hurt Kenya's tea industry in the short term
  as Pakistan is Kenya's second largest market,"" a source at one
  broking house told Reuters.
      One tea broker said Pakistan's move had already affected
  Kenya's tea trade and was largely responsible for an average
  fall of two shillings a kilo at the export auction in Mombasa
  last Monday.
      ""The trend is likely to continue until other countries
  replace Pakistan, which usually buys all qualities of our tea,""
  he added.
      Kenya has for a long time relied on Britain, Pakistan,
  Egypt and, to a lesser extent the United States, as major
  markets for its tea, the sources added.
      Small-scale exporters who export mainly to Pakistan would
  be worst hit by the Pakistani move as it would take them longer
  to find new outlets, they said.
  

"
training/12755	48	trade	"SWEDISH PRIME MINISTER'S CHINA VISIT BOOSTS TRADE
  An big expansion in bilateral trade is
  expected as a result of Swedish Prime Minister Ingvar
  Carlsson's visit to China, a official of China's Foreign
  Economic Relations and Trade Ministry official said.
      He told the China Daily that petroleum, coal, cotton,
  non-ferrous metals and electric engines could help balance the
  trade running at over three-to-one in Sweden's favour.
      Total trade reached 290 mln dlrs last year, up 32 pct on
  1985, according to Chinese statistics. Swedish sources said
  major paper mill projects and an aviation agreement would be
  discussed during Carlsson's one week visit.
  

"
training/12758	33	money-supply	"SOUTH KOREAN MONEY SUPPLY FALLS IN MARCH
  South Korea's M-2 money supply fell two
  pct to 33,463.4 billion won in March from 34,030.3 billion in
  February, provisional Bank of Korea figures show.
      It rose a revised 0.5 pct in February and was up 14.7 pct
  from a year earlier.
      M-1 money supply fell 8.7 pct to 7,767.8 billion won in
  March against a revised rise of 4.3 pct in February. It has
  increased 8.3 pct since March last year.
      Bank officials said the March falls were due mainly to
  various measures by the bank to absorb excess money.
  

"
training/12759	0	acq	"SKANDIA INTERNATIONAL BUYS STAKE IN NEVI BALTIC
  <Skandia International Holding AB>,
  the overseas offshoot of Swedish insurance group Forsakrings AB
  Skandia <SKDS.ST> said it was buying a 29.9 pct share in the
  London-quoted property and financial services company <Nevi
  Baltic Plc>. No financial details were given.
      Nevi Baltic, with a 1986 turnover of 20 mln stg and total
  assets of 70 mln stg, is controlled by Norwegian finance
  company <Nevi AS> which will retain a 30.1 pct stake in the
  British unit, Skandia said in a statement.
      The deal is subject to formal approval from the Swedish
  central bank, the statement added.
  

"
training/1276	0	acq	"AMERICAN AIRCRAFT BUYS INTO HELICOPTER BUILDER
  <American Aircraft Corp> said it
  has acquired a 51 pct interest in privately-owned <Hunter
  Helicopter of Nevada Inc> for an undisclosed amount of stock.
      An American Aircraft official said the company has an
  option to acquire the remaining 49 pct.
      Hunter Helicopter is in the business of building a two
  passenger helicopter retailing for about 50,000 dlrs each which
  is certified by the Federal Aviation Administration. The
  helicopters will be manufactured in American Aircraft's Uvalde,
  Texas, plant, it added.
  

"
training/12760	45	sugar	"LONDON SUGAR OPENS STEADY BUT QUIET
  Raw sugar futures had a quiet opening
  call of 38 lots with prices holding steady from last night with
  gains of 20 to 80 cents a tonne, dealers said.
      Aug was trading at 157.60 dlrs from 157.40 asked yesterday.
      The modest rise continued the recent rally from an oversold
  situation but, dealers noted, there was little fresh physicals
  news to stimulate activity.
      Whites tenders are scheduled for next Wednesday by Syria
  for 36,000 tonnes and Greece for 40,000 tonnes while Pakistan
  is due to tender on April 11 for 100,000 tonnes whites, they
  said.
      This week has seen whites buying by India and Egypt.
  

"
training/12761	43	ship	"AUSTRALIAN TUG CREWS DELAY FOREIGN CONTAINER SHIPS
  Tug crews are preventing the movement of
  foreign-flag container vessels in and out of the ports of
  Sydney, Melbourne and Fremantle, shipping sources said.
      They said maritime unions imposed bans on late Wednesday
  for reasons that are obscure but seem to be linked with claims
  for a pay rise above the 10 dlrs a week awarded by the
  Arbitration Commission nationally to all workers recently.
      Only about 10 vessels are being delayed but the bans will
  affect container terminal movements and will disrupt liner
  schedules, they said.
      The dispute goes to the Commission on Monday, they said.
  

"
training/12763	4	cocoa	"LONDON COCOA TRADES AT LOWS BY MIDMORNING
  Cocoa futures fell to session lows by
  midmorning, posting losses from last night of six to two stg a
  tonne in 1987 deliveries, dealers said.
      Weekend profittaking by jobbers and general book-squaring
  featured the fall which was aided by steady sterling versus the
  dollar and lack of offtake in the physicals market.
      Dealers said the market was switch and straddle-bound, in
  that any pressure on one particular month was certain to be
  reflected in adjacent deliveries.
      The undertone, however, remained cautious as operators
  await an eventual start to ICCO buffer stock buying, dealers
  said.
      The market was originally forecast to open with average
  five stg gains from last night following New York's firmer
  close yesterday, dealers said.
      But this was largely counter-balanced by currency factors.
      Near July traded at its session low of 1,327 stg after one
  hour versus 1,333 bid last night and an early high of 1,335.
      Volume midmorning was 730 lots including 350 lots crossed
  and 108 switches.
      There was no sign of any origin activity.
  

"
training/12767	0	acq	"HORIZ0N AGREES TO 94.8 MLN STG BID FROM BASS
  Bass Plc <BASS.L> and <Horizon Travel
  Plc> said terms have been agreed for an offer worth around 94.8
  mln stg for Horizon by Bass.
      The offer values each Horizon share at some 0.213 of a Bass
  ordinary share, or 190p. This is based on a price of 892p, the
  Bass share quotation at 1630 gmt on April 2.
      Horizon said its board and financial advisers consider the
  offer to be fair and reasonable and the board will unanimously
  recommend acceptance to its shareholders.
      Horizon shares jumped 23p to 188 after the announcement
  while Bass shares dipped 13p to 879.
      Bass has for some time regarded overseas holidays as an
  area for expansion and in pursuit of this objective, acquired a
  25.6 pct holding in Horizon in 1985 when it set up the jointly
  owned hotel company.
      Both Bass and Horizon said that Bass's resources will
  enable Horizon's businesses to expand strongly this year.
      On March 30 Bass said it had agreed to sell its Pontins
  U.K. Holiday camps to a newly formed private company, Pontins
  Ltd, for some 57.5 mln stg.
  

"
training/1277	12	earn	"PREMIER INDUSTRIAL CORP <PRE> REGULAR DIVIDEND
  Qtly div 11 cts vs 11 cts in prior qtr
      Payable April 10
      Record March 23
  

"
training/12772	45	sugar	"LONDON SUGAR TRADES AT SESSION HIGHS BY MIDMORNING
  Raw sugar futures firmed to session highs
  by midmorning, securing gains from last night's basically
  steady close of 1.00 to 1.80 dlrs a tonne in a 166 lot volume.
      Shortcovering against an oversold situation continued to
  play a part in the extended rally with unsettled dollar rates
  versus sterling providing additional support.
      Recent and prospective whites buying in the world market
  was supportive but the raws section lacked feature, dealers
  said.
      India and Egypt bought white sugar this week while next
  week sees tenders by Pakistan, Greece and Syria, they said.
      May was at 154 dlrs from 152.80 asked last night.
      All London Daily prices rose two dlrs a tonne on tone.
      The Raws price was set at 150 dlrs Fob and 173 dlrs (107.50
  stg) Cif.
      The Whites price was at 192 dlrs from 190 yesterday.
  

"
training/12774	22	interest	"BELGIUM CUTS TREASURY CERTIFICATE RATES
  The Belgian National Bank cut interest
  rates on one, two and three-month treasury certificates to 7.30
  pct from 7.40 pct effective immediately, the bank said in a
  telex message.
      The Bank last adjusted its short-term treasury certificate
  rates on March 23, when it also reduced rates for all three
  periods by 0.10 points.
      A National Bank spokesman said the latest adjustment would
  bring the rates closer in line with currently prevailing
  interbank interest rates.
      The spokesman said it was too early to predict whether the
  move would herald a reduction in discount rate, which currently
  stands at eight pct, when the Bank holds its regular weekly
  meeting at which the rate is discussed next Wednesday.
      The discount rate generally moves in tandem with the
  three-month treasury certificate rate. However, there is no
  formal link and the discount rate was not adjusted following
  the March 23 changes.
  

"
training/12775	10	crude	"CLOSURE OF BP SWEDEN REFINERY FORECAST
  A Swedish Finance Ministry committee
  forecast that British Petroleum Plc <BP.L> may have to close
  its refinery in Gothenburg because of an anticipated worsening
  of the Swedish petroleum industry's competitiveness.
      It said in a report that the future of the Swedish refining
  business was bleak due to the steady drop in domestic oil
  consumption since the mid-1970s, a possible tightening of rules
  on sulphur content and competition from Norway's Mongstad
  facility of <Den Norske Stats Olieselskab> (Statoil) <STAT.OL>
  when its expansion is completed in the 1990s.
      The committee said the BP refinery, which lacks a
  de-sulphurisation plant, was likely to be closed or sold unless
  costly investments were made to enhance the facility's capacity
  to refine a broader range of products.
      But the committee noted that capacity utilisation had in
  recent years been above that of the European refining industry
  on average. The BP plant, in which Sweden's state-owned <OK
  Petroleum AB> has a 22 pct, started up in 1967 and has an
  annual capacity of 4.7 mln tonnes.
      There was nobody at British Petroleum immediately available
  for comment.
  

"
training/12778	45	sugar	"RECENT SUGAR FALL SPARKS SOVIET, CHINESE BUYING
  The recent fall in world sugar prices,
  due to increased producer pricing sales and evidence of export
  availability, has encouraged renewed buying interest from China
  and the Soviet Union, London trade house E.D.And F. Man said.
      Further purchases are expected by the Peoples Republic of
  China at the lower end of the recent price range, which should
  limit the downside movement, it said in its latest monthly
  market report.
     ""And it is believed that the Soviet Union will need to return
  to the market to take a further 250,000/350,000 tonnes for
  May/June shipment, Man added.
      The Soviets purchased five cargoes of raws for April/May
  shipment towards the end of last month, which brings its total
  purchases to around 1.65 mln tonnes, Man said.
      Production estimates for the Thai crop now exceed 2.3 mln
  tonnes and the final outturn appears set to reach around 2.5
  mln tonnes. However, this upturn in the Thai crop is being
  countered by a reduction in China's production forecast to 5.3
  mln tonnes from 5.5 mln estimated earlier.
      Market participation by Cuba suggests that its crop could
  be close to last year's 7.3 mln tonnes. But even with similar
  production Man expects Cuban exports to be significantly down.
      Cuba was reported to be carrying 1.3 mln tonnes of stocks
  in September 1985, of which some 440,000 tonnes were used to
  boost its 1985/86 exports to about 6.9 mln. But as it will not
  be able to draw on surplus stocks this year, Man estimates
  Cuba's export availabilty will be reduced to 6.4 to 6.5 mln
  tonnes.
      However, Cuba is only one of a large number of exporters
  with reduced availability, Man said.
      Since 1980 the total free market export supply has fallen
  to 18 mln from about 22 mln tonnes. But at the same time free
  market demand has also fallen by almost the same amount, which
  has left exporters chasing falling import requirements.
      A fairly tight balance now appears to have emerged. But the
  difficult task of keeping production advances at bay still
  remains, as at least one more season of production deficit is
  needed to eliminate some of the remaining surplus stocks still
  overhanging the market, Man said.
      The increasing cases of record production as a result of
  record yields and better husbandry have forced sugar producers
  to strive for greater efficiency.
      As this increase in efficiency reduces the marginal cost of
  production, sugar exporters may become more responsive to
  prices and in particular to upward price movements, Man said.
      Commenting on the current row between the EC Commission and
  sugar producers, Man said despite the recent improvement in the
  level of restitutions, they are still insufficient to fully
  compensate producers when exporting on the world market.
      Unless there are further improvements, at least some sugar
  is expected to remain in intervention, it added.
  

"
training/12783	12	earn	"HINDUSTAN LEVER PROFITS RISE FOR 1986
  Shr 8.4 rupees vs seven
      Pretax profit 650.7 mln vs 555.6 mln
      Net profit 390.7 mln vs 325.6 mln
      Sales 8.24 billion vs 7.07 billion
      Div 34 pct vs 30 pct
      Tax 260 mln vs 230 mln
      Dividend payable on June 3
      The company is 51 pct subsidiary of Unilever Plc.The full
  name of the company is HINDUSTAN LEVER LTD <HINU.BO>.
  

"
training/12785	32	money-fx	"U.K. MONEY MARKET DEFICIT REVISED UPWARD
  The Bank of England said it has revised
  its estimate of today's shortfall to 750 mln stg from 700 mln.
  

"
training/12788	15	gnp	"SPAIN REVISES ECONOMIC TARGETS FOR 1987
  Spain has revised some of its main
  economic targets for 1987 after studying the performance of the
  economy in the first quarter, the economy ministry said in its
  monthly bulletin.
      Internal demand is now forecast to rise four pct against a
  previous target of 3.5 pct.
      Mariano Rubio, governor of the Bank of Spain, the central
  bank, yesterday said internal demand was currently growing at
  an annual rate of six pct and it had to be brought down to four
  pct if the government were to meet its five pct inflation
  target this year. Inflation was 8.3 pct in 1986.
      The forecast for private consumption growth remains
  unchanged at three pct, although public consumption is revised
  upwards to 2.5 pct from 2.0 pct.
      Growth in domestic demand will fuel imports, expected to
  increase by 8.6 pct against an originally estimated 7.1 pct.
      Export growth has been revised downwards to 3.7 pct from
  5.2 pct due to the peseta's continuing strength against the
  dollar and slack external demand.
      Slow growth of exports and a tight rein on state spending
  has lowered estimated GDP growth to three pct in 1987 from an
  earlier forecast 3.5 pct. GDP grew by three pct last year.
      The economy ministry is holding its inflation forecast to
  five pct, in spite of minister Carlos Solchaga's doubts last
  week on whether this target could be maintained if wage
  settlements continue to rise above the government's recommended
  five pct ceiling.
      Unions and employers dispute the average wage increases
  agreed so far this year. Trade unions calculate wage
  settlements have produced average rises of 7.3 pct against 5.5
  pct estimated by the employers' federation CEOE.
  

"
training/12790	45	sugar	"BEGHIN-SAY NOT PLANNING TO WITHDRAW SUGAR
  French sugar producer Beghin-Say is not
  currently planning to withdraw the sugar it has placed into
  intervention, despite the exceptionally high rebate awarded at
  this week's European Community (EC) sugar tender, Beghin-Say
  President Jean-Marc Vernes told Reuters.
      The maximum rebate of 46.864 Ecus per 100 kilos on
  Wednesday was the largest ever granted, according to traders.
      Vernes said he was satisfied the European Commission has
  started to move in the right direction, but said his company
  had no plans to change its decision to put sugar into
  intervention.
      But Vernes said he hoped that in the next few weeks a final
  agreement would be reached with the commission which would
  allow operators to withdraw the sugar from intervention.
      European operators offered 854,000 tonnes of sugar into
  intervention to protest about export rebates which they say are
  too low. Over 785,000 tonnes of this sugar was accepted by the
  commission on Wednesday, according to commission sources.
      Under EC regulations, however, operators have another four
  to five weeks to withdraw the sugar from intervention before
  payment is made for it.
      A total of 706,470 tonnes of French sugar and 79,000 tonnes
  of West German sugar has been accepted into intervention, trade
  sources said here. This amount represents about a third of
  annual EC exports to non-EC countries.
      Beghin-Say declined to specify the amount of sugar it had
  offered into intervention, but said it was below 500,000
  tonnes.
      Producers say they have been losing 2.5 to 3.0 Ecus on
  every 100 kilos exported due to the failure of rebates to fully
  bridge the gap between EC and world prices. Wednesday's rebate
  was 0.87 Ecus short of what producers say is needed to get an
  equivalent price to that for sales into intervention, traders
  said.
      Vernes said operators hope to get a rebate which equates to
  the full intervention price and said Wednesday's tender was a
  step in the right direction.
      Sugar producers here said the volume of sugar authorised
  for export since the begining of the current campaign had been
  inadequate and that more should be exported now to compensate.
      Trade sources said new regulations governing export
  rebates, which are due to be adopted shortly, may smooth the
  path for the commission to award larger export rebates in
  future.
      One source at a leading French sugar house said it seemed
  the commission had understood the protest action and was now
  moving towards adapting the situation accordingly, thereby
  allowing the operators to withdraw their sugar from
  intervention once they got satisfaction.
  

"
training/12791	32	money-fx	"STOLTENBERG SAYS PARIS ACCORD POLICY TO CONTINUE
  West German Finance Minister Gerhard
  Stoltenberg said the currency agreement reached in Paris in
  February had been successful and would be continued.
      Stoltenberg told journalists before he attends next week's
  International Monetary Fund meeting in Washington that: ""The ...
  Strategy to stabilise currencies around current levels has
  proven its worth and will also determine future developments.""
      Stoltenberg declined to comment specifically on what he
  would consider to be an undervalued dollar but said a dollar
  around 1.80 marks created problems for West Germany's exports.
      Stoltenberg said studies by international organisations had
  made it clear that especially in the U.S. And in Japan major
  efforts remained necessary to support adjustments in foreign
  trade balances via necessary corrections to economic policy.
      ""No-one would benefit if, after years of over-valuation, the
  U.S. Dollar fell into the other extreme, that is, strong
  under-valuation,"" he said.
      Stoltenberg said West Germany had a keen interest in a
  swift agreement between the U.S. And Japan concerning the
  current trade dispute over semi-conductors.
      Asked whether he believed the markets would test the Paris
  currency accord, Stoltenberg did not comment specifically but
  noted that much of what had been discussed in Paris had not
  been published.
      The Paris declaration did not state the levels at which
  central banks of the major industrialised countries would
  intervene.
      Stoltenberg said that everything had been carefully
  considered. He said he had nothing further to add.
      Stoltenberg also appeared to suggest that West Germany was
  now no longer under any pressure from the U.S. Government to
  stimulate its economy.
      He declined to respond specifically to a question on this
  subject but said, ""You must attach particular importance to the
  consensus which was reached in Paris.""
      The minister nevertheless added that he would make clear
  during his trip to Washington that West Germany's nominal trade
  figures gave a false impression about actual trade flows.
      Stoltenberg noted that in 1986 Bonn's exports fell by a
  nominal two pct while its nominal imports fell by 10.7 pct.
  West Germany's imports dropped largely because of foreign
  currency developments and the cheaper price of oil and led to a
  record trade surplus last year.
      However, Stoltenberg said that in real terms West Germany's
  exports by volume had increased by 1.5 pct while real imports
  had risen by a much stronger 6.2 pct.
      In this way West Germany had made its contribution to
  economic stability, Stoltenberg added.
      Stoltenberg noted the government expected imports to rise
  by a real four to five pct in 1987 with exports stagnating.
      He said it was too early to revise official forecasts for
  West Germany's economic growth this year. The government has
  forecast an unchanged 2.5 pct rise in Gross National Product.
      The Kiel Institute, a leading research body, is still
  expecting growth of three pct but some other research
  institutes have revised forecasts down to below two pct.
  Stoltenberg said the wide range of predictions showed how many
  imponderables had to be taken into account and said no drastic
  changes in official forecasts were needed.
  

"
training/12797	0	acq	"PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW
  <Pioneer Sugar Mills Ltd> said it
  considered the proposed 2.20 dlrs a share cash takeover offer
  announced by CSR Ltd <CSRA.S> on March 31 to be too low in view
  of the group*hK!UiIe and prospects.
      CSR's bid for the 68.26 pct of Pioneer's 99.80 mln issued
  shares it does not already hold values the entire grop_j9culd
  make an alternative share offer but has not yet announced
  terms.
      Pioneer recommended in a statement that shareholders retain
  their stock, pending the board's response once it receives full
  details of the CSR offer.
  

"
training/12799	12	earn	"GERMAN CHEMICAL INDUSTRY SEES LOWER PROFITS
  West Germany's chemical
  industry fears mounting risks will hurt earnings but hopes 1987
  turnover will stabilize around 1986's 140 billion marks, Josef
  Strenger, a board member of the industry association VCI, said.
      Strenger, management board chairman of Bayer AG <BAYG.F>,
  told a news conference at the Hanover trade fair the main
  dangers were stagnation in world trade, the lower dollar as
  well as crude oil and commodity prices.
      Prospects of higher operating costs were also seen harming
  earnings, he said. Turnover took a considerable downturn at the
  start of 1987 after falling 5.9 pct in 1986.
      The chemical industry, which relies heavily on exports, was
  badly hit by mark appreciation in 1986 and lower turnover was
  mainly due to foreign exchange losses, Strenger said.
      Exports fell 6.4 pct to 72 billion marks in 1986 and
  competition from U.S. And British firms increased. Savings from
  lower oil and commodity prices were eaten up by price
  competition and increased costs.
      Strenger said 1986 operating profits of German chemical
  firms were slightly worse than the year before but the improved
  financial and balance sheet structure, after three good years,
  neutralized the negative impact.
      Strenger said the industry would try to increase production
  in the U.S. To make up for lost export possibilities out of
  West Germany.
      The lower dollar was the main reason for an 8.3 pct fall in
  exports to North America, an 11.4 pct drop to Latin America and
  22.6 pct plunge to the Middle East.
      Exports to Western Europe eased 3.5 pct and Far East
  exports, due to an economic revival in Japan, dropped 5.2 pct.
      Strenger noted that the industry had lost public confidence
  following several cases of chemical pollution of the Rhine late
  last year.
  

"
training/128	0	acq	"LIEBERT CORP <LIEB> APPROVES MERGER
  Liebert Corp said its shareholders
  approved the merger of a wholly-owned subsidiary of Emerson
  Electric Co <EMR>.
      Under the terms of the merger, each Liebert shareholder
  will receive .3322 shares of Emerson stock for each Liebert
  share.
  

"
training/1280	0	acq	"INTERNATIONAL TECHNOLOGY <ITX> BUYS FIRM
  International Technology Corp
  said it has purchased privately-held Western Emergency Service
  Inc in a stock transaction.
      Western Emergency, an environmental services firm, has
  annual sales of between one and two mln dlrs, compared to
  International Technology's roughly 240-mln-dlr annual sales, a
  spokesman for International Technology said.
  

"
training/12803	10	crude	"NORSK HYDRO, SAGA SEEK DRILLING RIGHTS IN GABON
  Norwegian oil companies Norsk Hydro A/S
  <NHY.OL> and Saga Petroleum A/S <SAGO.OL> said they have
  applied for offshore exploration drilling licenses in Gabon on
  Africa's west coast.
      Saga Petroleum said it has applied for a 35 pct share and
  operatorship on one block, adding Finnish oil company Neste
  <NEOY.HE>(25 pct), Spain's Hispanoil (25 pct), and the World
  Bank's International Finance Corporation (IFS) (15 pct) have
  joined Saga to fill remaining shares in the application.
      Saga spokesman Roy Halvorsen told Reuters he expected
  Gabonese officials would reply to the application by Easter.
      Halvorsen said this is the first time Saga has applied to
  operate on OPEC-member Gabon's continental shelf, adding that
  Italian oil company Agip is heading a group of applicants in a
  separate bid for the same license.
      Norsk Hydro has also applied for an undisclosed share in a
  single exploration license in which U.S. Oil company Tenneco
  has already been assigned operatorship, company spokesman
  Bjoern Tretvoll said.
  

"
training/12805	22	interest	"TOP DISCOUNT RATE AT UK BILL TENDER RISES TO 9.5261 PCT

  TOP DISCOUNT RATE AT UK BILL TENDER RISES TO 9.5261 PCT
  

"
training/12806	32	money-fx	"U.S. TREASURY POLICIES SAID UNCHANGED BY DEPARTURE
  The departure of James Baker's
  closest aide, Deputy Treasury Secretary Richard Darman, will
  not change the course of Washington's domestic and
  international economic policies, U.S. officials said.
      Darman, who has worked alongside Baker for six years, was
  widely credited with helping him mastermind initiatives on
  currency management and international economic cooperation.
      U.S. Officials said Darman also played a key role in
  shepherding President Reagan's sweeping tax reform plan through
  the U.S. Congress.
      But they flatly dismissed suggestions that his departure,
  to the investment banking firm of Shearson Lehman Brothers,
  signaled the Baker team was breaking up, or that the Treasury
  Secretary himself might leave soon.
      ""It really does not mean that, he took the opportunity as it
  came up,"" one official said.
      Another commented, ""Baker will miss him, but he's not going
  to stand in his way.""
      There has been widespread speculation since last autumn
  that Darman sought a Wall Street job.
      Officials said Darman felt the passage of tax reform late
  last year marked an appropriate moment to bow out.
      Baker acknowledged Darman would be sorely missed.
      ""Dick Darman has contributed mightily to the success of this
  administration over the past six years and his departure
  represents a substantial loss,"" he said.
      U.S. Officials admitted Darman's absence would be an
  undoubted blow to Baker, who has relied on him for policy
  advice, both at the White House and, in Reagan's second term,
  at the Treasury. One aide once described Darman as
  ""indispensable"" to Baker.
      Baker is widely thought to want a more stable currency
  system and Darman is generally credited by officials of other
  nations as Baker's leading theorist on this issue, favouring
  target zones to limit currency fluctuations.
      Earlier this year, monetary sources said the U.S. Treasury
  unsuccessfully sounded out allies on a target zone system.
      But a U.S. Official disputed the assessment that, with
  Darman gone, Baker would abandon international initiatives.
      Baker's work as head of Reagan's Economic Policy Council,
  spearheading trade policy, and his skills in negotiating with
  the Democrat-controlled Congress will go on as before.
      Darman's strength was not as an economist, but as a
  political strategist ""and that's Baker's strength too,"" the
  official said.
      There were already indications that Baker, who throughout
  his time in government has relied on a closely-knit circle of
  advisers, has moved swiftly to find a successor.
      One possibility is that Baker might turn to George Gould,
  who holds the number three Treasury position of
  Under-Secretary.
      Gould, another close confidante, has known Baker for years.
      Before joining the Treasury in November 1985, Gould was a
  partner at the Wall Steet firm of Wertheim and Co and formerly
  headed Donaldson, Lufkin and Jenrette Securities Corp.
      The Darman announcement came on the eve of the semi-annual
  meetings of the International Monetary Fund and the World Bank,
  where many policies Darman helped shape will be debated.
      He helped Baker devise the September, 1985 Plaza Agreement,
  when the United States, Japan, West Germany, France and Britain
  curbed the dollar's strength. The pact was a major turning
  point in U.S. Policy, ending a period of disdain for economic
  cooperation and intervention in currency markets.
      Darman also worked on some other Baker initiatives, like
  the Tokyo Summit agreement to intensify coordination of
  economic policies among the leading industrial countries and
  the recent Paris Agreement to stabilise currencies and
  stimulate global growth.
      These policies are collectively aimed at redressing the
  huge gap between Japan and West Germany's trade surpluses and
  the United State's massive trade deficit.
      That policy goal still remains a prime objective of the
  Reagan Administration and will not change with Darman's
  departure.
  

"
training/12810	22	interest	"TOP DISCOUNT RATE AT UK BILL TENDER 9.5261 PCT
  The top accepted rate of discount at the
  weekly U.K. Treasury bill tender rose to 9.5261 pct  from
  9.3456 pct last week.
      Applications at the lowest accepted price of 97.625 stg
   were allotted around 81 pct of the amount applied for, and
   applications above that price were allotted in full, the Bank
   of England said.
      A total of 100 mln stg of Treasury bills was offered for
  sale this week.
      Last week, the average rate of discount was 9.3157 pct.
  

"
training/12813	4	cocoa	"DUTCH COCOA BEAN IMPORTS RISE IN JANUARY
  Total Dutch imports of cocoa beans
  rose to 17,978 tonnes in January from 13,961 in January 1986,
  while exports fell to 1,852 tonnes from 3,111, the Central
  Bureau of Statistics said.
      Cocoa butter imports rose slightly to 1,699 tonnes from
  1,507, while exports fell slightly to 6,211 from 6,293 tonnes.
      Imports of cocoa powder fell to 316 tonnes from 469 and
  exports to 5,944 from 6,106 tonnes.
  

"
training/12814	5	coffee	"DUTCH GREEN COFFEE IMPORTS FALL IN JANUARY
  Dutch green coffee imports fell to
  10,430 tonnes in January from 13,506 tonnes in January 1986,
  and exports fell to 366 tonnes from 615, the Central Bureau of
  Statistics said.
      Imports of Colombian coffee were 2,169 tonnes (3,025 in
  January 1986), Brazilian 483 (3,715), Indonesian 455 (145),
  Guatemalan 196 (126), Cameroun 464 (560) and Ivory Coast 353
  (839).
  

"
training/12815	32	money-fx	"EC MINISTERS WILL DISCUSS STRENGTHENING EMS FLOAT
  European Community finance ministers
  and central bankers meet in Belgium this weekend to discuss
  strengthening Europe's joint currency float amid continuing
  worries about turbulence on foreign exchanges.
      Belgian Finance Minister Mark Eyskens, who will host the
  informal talks, told Reuters the ministers and central bank
  chiefs would discuss the situation on currency markets in the
  light of the February agreement among leading industrialised
  countries to stabilise exchange rates around present levels.
      In an interview, Eyskens said he felt the Paris accord
  between the United States, Japan, West Germany, France, Britain
  and Canada had proved itself ""more or less workable.""
      But doubts over its effectiveness and durability have been
  growing since fears of a trade war between the United States
  and Japan over computer microchips pushed the dollar to a
  record low against the surging yen early this week.
      The talks, at the Belgian resort of Knokke, are being held
  to coordinate the EC's positions on monetary issues and Third
  World debt ahead of the Spring meetings of the International
  Monetary Fund and World Bank in Washington next week.
      The EC gathering begins tonight with a dinner but the main
  discussions will take place tomorrow.
      Continued international currency turbulence could undermine
  plans for reinforcing the European Monetary System, the joint
  float holding eight EC currencies within narrow fluctuation
  bands, which will feature high on the weekend agenda.
      Eyskens has repeatedly said that Europe needs a period of
  calm on world currency markets, and in particular a more stable
  dollar, before it can set about strengthening the EMS to make
  it more resilient against exchange rate swings.
      The EMS has been taking a battering over the last year as
  the falling dollar has sent funds surging into the dominant EMS
  currency, the West German mark, forcing ministers to undertake
  two major realignments of parities within nine months.
      In the interview, Eyskens made clear he was hoping for a
  wide-ranging discussion on the future of the eight-year-old EMS
  on the basis of proposals for bolstering it drawn up by the
  EC's Monetary Committee and the Committee of Central Bank
  Governors.
      The committees were asked to come up with the proposals
  after the last reshuffle of EMS exchange rates in January.
      Eyskens repeated calls for the European Currency Unit, the
  fledgling EC currency at the core of the system, to take over
  the mark's dominant role in the EMS - a proposal that has met
  with a cool response in West Germany.
      He said EC Commission President Jacques Delors would report
  to the meeting on problems raised by plans to liberalise
  capital movements fully within the 12-nation bloc by 1992, such
  as the need for harmonising taxes and banking controls.
      Eyskens said liberalisation of capital movements without
  strengthening the EMS would be an element of destabilisation in
  the Community. 
      He said the crucial issue in the debate was whether member
  states were willing to push further towards the EC's goal of
  monetary integration on the basis of an EMS that included
  management of exchange rates by some kind of common
  institution, instead of by national central banks as at
  present.
      Plans for the creation of such an institution, foreseen by
  the EMS's founding fathers, have been thwarted by the
  reluctance of some countries, notably West Germany, to gove up
  their sovereignty in the monetary field.
      EMS development has also been held up by Britain's refusal
  so far to join the system's core exchange rate mechanism.
  

"
training/12817	40	reserves	"CANADA MARCH FOREIGN RESERVES RISE 1.23 BILLION U.S. DLRS - OFFICIAL

  CANADA MARCH FOREIGN RESERVES RISE 1.23 BILLION U.S. DLRS - OFFICIAL
  

"
training/12818	26	jobs	"U.S. MARCH JOBLESS RATE FELL TO 6.6 PCT
  The U.S. civilian unemployment rate
  fell to 6.6 pct in March from 6.7 pct in February, the Labor
  Department said.
      The number of non-farm payroll jobs rose 164,000 last month
  after rising a revised 236,000 in February. That was down from
  the previously reported 337,000 rise in February.
      The March unemployment rate was the lowest since March,
  1980. It had remained unchanged at 6.7 pct for three straight
  months before the March decline.
      The rise in non-farm payrolls was the smallest since a
  decline last June of 75,000, the department said.
      Last month's unemployment rate was down from the 7.2 pct
  level in March, 1986.
      Growth in jobs continued in March but was slower than in
  recent months, with the gains concentrated in service
  industries.
      The number of goods-producing jobs fell 68,000 in March,
  while service-producing jobs rose 232,000 to bring the total
  jobs in the department's survey of businesses to 102.03 mln in
  March.
      Business and health services showed the largest gains in
  jobs, while manufacturing employment fell by 25,000.
      The average work week fell to 34.8 hours in March from 35.0
  hours in February, the department said.
      Manufacturing hours fell to 40.9 per week from 41.2 hours
  in February, but overtime hours increased to 3.7 from 3.6.
      The department's survey of households showed the number of
  unemployed stood at 7.85 mln out of a work force of 119.2 mln.
      The number of persons working part time for economic
  reasons fell in March to 5.46 mln from 5.78 mln in February.
      The loss of factory jobs brought the March total to 19.19
  mln jobs and was concentrated in automobile, electrical and
  electronic manufacturing.
      Construction employment also lowered the number of jobs in
  the goods-producing sector, falling by 45,000 after seasonal
  adjustment, the department said.
      Mining employment was little changed in March and has not
  experienced any substantial erosion since the rapid job losses
  in oil and gas drilling in the first two-thirds of 1986.
      Other service industries that increased jobs last month
  were finance, insurance, and real estate.
  

"
training/12822	0	acq	"ALTEX <AII> SETS ACQUISITION OF COMPUTER FIRMS
  Altex Industries Inc said it has agreed
  in principle to buy 82 pct of two privately-held affiliated
  computer retail companies for an undisclosed amount.
      Altex said the Denver-based companies had revenues of over
  seven mln dlrs last year. They are Integrated Management Data
  Systems Inc, which sells accounting software systems to the oil
  and gas industry, and Integrated Management Systems Micro
  Distribution Division Inc, which distributes micro-computer
  products.
      Altex said it expects to close the transaction, which is
  subject to financing, in July.
  

"
training/12823	43	ship	"AUSTRALIA TUG CREWS BAR FOREIGN CONTAINER SHIPS
  Tug crews are preventing the movement of
  foreign-flag container vessels in and out of the ports of
  Sydney, Melbourne and Fremantle, shipping sources said.
      They said maritime unions imposed bans on late Wednesday
  for reasons that are obscure but seem to be linked with claims
  for a pay rise above the 10 dlrs a week awarded by the
  Arbitration Commission nationally to all workers recently.
      Only about 10 vessels are being delayed but the bans will
  affect container terminal movements and will disrupt liner
  schedules, they said.
      The dispute goes to the Commission on Monday, they said.
  

"
training/12824	12	earn	"STANLINE INC <STAN> REGULAR DIVIDEND
  Qtly div eight cts vs eight cts in prior qtr
      Payable April 30
      Record April 15
      Company said its board intends to declare cash dividends
  quarterly and plans to pay a five pct stock dividend annually
  following the close of each fiscal year. The initial five pct
  stock dividend was paid December 22 to holders of record
  November 30.
  

"
training/12827	0	acq	"TALKING POINT/SANTA FE SOUTHERN <SFX>
  Santa Fe Southern Pacific Corp may have
  more difficulty combining its two railroads than fending off a
  possible takeover by Henley Group <HENG>, which has accumulated
  almost a five pct stake in the real estate and railroad
  conglomerate, analysts said.
      Takeover speculation has surrounded Santa Fe since Henley
  disclosed its stake in the company earlier this week, but
  analysts and a Santa Fe official were skeptical a takeover is
  its intention.
      Analysts also said the company has strong defenses that
  would easily deter any suitor - one of those being its problems
  combining its two railroad properties, which hang in regulatory
  limbo.
      Richard Fischer of Merrill Lynch and Co Inc said that Santa
  Fe at December 31 had 580 mln dlrs in cash and cash
  equivalents, while its long-term debt to capital was just over
  25 pct. ""This gives them plenty of borrowing power,"" he said,
  which could be used against an unwanted suitor.
      Henley Group's Chairman Michael Dingman has said he wants
  to take major positions in undervalued natural resource
  companies. He also told Reuters in an interview he is seeking
  an acquisition of from two billion to eight billion dlrs.
      Santa Fe officials don't appear concerned that Henley might
  launch a takeover. ""I would not characterize the atmosphere
  around here as one of concern,"" one Santa Fe executive said
  about Henley.
      ""I think it's wrong to assume Dingman has formed a firm
  strategy with Santa Fe,"" said Mark Hassenberg, who covers
  Henley for DLJ Securities.
      Analysts say the potential of Santa Fe's land assets are
  likely to be realized slowly. They add that Santa Fe's efforts
  to merge its two railroads remain in regulatory limbo,
  sidetracking many of its strategic plans for the foreseeable
  future.
      These realities, they said, support the Henley Group's
  statement that its Santa Fe stake is only an investment.
      The more pressing problem facing Santa Fe is overcoming
  difficulties in merging its two railroads, the Atchison, Topeka
  and Santa Fe Railway Co and Southern Pacific Transportation Co.
  The merger would create the nation's second-longest railroad.
      Last July the Interstate Commerce Commission (ICC) denied
  the merger on anticompetitive grounds.
      The company since has granted trackage-sharing rights to
  four western railroads to meet the ICC's concerns and persuade
  it to reopen the hearings in its three-year-old struggle to
  merge the lines.
      ""My guess is the commission will decide in three to six
  weeks whether to reopen hearings,"" Fischer said.
      ""I believe they've made an effort to satisfy the ICC's
  objections,"" he said. ""But in doing so they haven't pleased
  everyone. Before they had Burlington Northern on their side,
  now Burlington is opposed to the way trackage rights are set
  up.""
      If the hearings are reopened, analysts predicted it will
  take six to nine months for everyone to have their say, and up
  to another year for the ICC to decide.
      Santa Fe is in the midst of a 50-mln-share stock buyback
  program begun in 1984. It has bought back 33.7 mln shares as of
  February 1, when it had 154.7 mln shares outstanding, a
  spokesman said.
      Among the shares repurchased were two stakes owned by
  Norfolk Southern, one of 3.4 mln shares bought in 1986 and
  another of 1.7 mln shares in 1985, one analyst said.
      James Voytko at Paine Webber believes Santa Fe could fight
  off the Henley Group with its cash and credit. Citing the share
  buybacks from Norfolk Southern, he said one of Santa Fe's
  options, if threatened, could be to buy the Henley stake.
      ""It is indeed possible that Dingman sees this as a
  low-risk, opportunistic investment,"" Voytko said.
      ""People who follow Santa Fe have given me values of 45 dlrs
  to 50 dlrs a share,"" said DLJ Securities' Hassenberg. ""But I'm
  certain that in Dingman's mind, the company is worth more than
  that in breakup value.""
  

"
training/12829	40	reserves	"CANADIAN FOREIGN RESERVES SURGE IN MONTH
  Canadian foreign reserve holdings rose
  1.23 billion U.S. dlrs in March to 7.77 billion dlrs, the
  Finance Department said.
      The department said the change from February included a
  decrease of 258.1 mln dlrs from the repayment, at maturity, of
  a 1982 Swiss Franc 400 mln issue.
      Also included was also a 112.8 mln dlr decline from a net
  redemption of Canada bills. The par value of bills outstanding
  was 800.7 mln dlrs at March 31.
      This month's reserves were 4.49 billion dlrs above March,
  1986's total of 3.28 billion dlrs.
      Reserve holdings in U.S. dlrs at end of March versus end of
  February were as follows.
      - U.S. dlrs 5.98 billion vs 4.47 billion,
      - other foreign currencies 37.1 mln vs 319.9 mln,
      - gold 874.0 mln vs 864.1 mln
      - special drawing rights 191.8 mln vs 188.6 mln,
      - IMF Reserves 689.7 mln vs 705.7 mln.
  

"
training/1283	12	earn	"CONTINENTAL GENERAL INSURANCE <CGIC> 4TH QTR NET
  Shr 20 cts vs 21 cts
      Net 783,564 vs 806,278
      Year
      Shr 89 cts vs 86 cts
      Net 3,443,392 vs 3,242,588
      Note:Full company name is Continental General Insurance Co
      Net includes profit from sale of securities of 155,410
  dlrs, or four cts a share, and 192,896 dlrs, or five cts a
  share, respectively, in 1986 qtr and year, and of 12,879 dlrs,
  or nil per share, in 1985 qtr. Net for 1985 year includes loss
  from sale of securities of 315,763 dlrs, or eight cts a share.
  

"
training/12830	17	grain	"JAPAN STUDY URGES FOREIGN ACCESS TO FARM MARKETS
  Japan should increase foreign access to
  its farm products market, while encouraging further development
  of domestic agriculture, a government report said.
      The white paper on agriculture for the year ended March 31
  said active participation in writing world farm trade rules at
  the next round of General Agreement on Tariffs and Trade (GATT)
  talks will help prepare Japan to improve access.
      Agriculture Ministry sources said the paper marked an
  easing in Japan's tough position on agricultural imports which
  stressed the need for strict controls on some products to
  maintain self-sufficiency in food.
      Japan now produces only 30 pct of its annual grain needs,
  down from 61 pct some 20 years ago, official figures show.
      The paper said Japanese agriculture has been slow to
  improve productivity and demand/supply imbalances.
      The relative shortage of farmland in Japan is mainly
  responsible for higher domestic prices, it said.
      The strong yen has meant lower input material prices but
  has also resulted in higher agricultural imports which has
  worsened working conditions among part-time farmers, the paper
  said.
      This could make it difficult to improve the industry's
  structure, the paper said.
      To solve these problems and to reduce farm product prices
  to more reasonable levels, Japan should try to restructure the
  the agricultural sector to improve productivity and make it
  self-supporting, it said.
  

"
training/12831	12	earn	"HILTON <HLT> 1ST QTR EARNINGS UP ABOUT 37 PCT
  Hilton Hotels Corp said
  its first quarter net income rose 37 pct, paced by strength in
  both hotels and gaming.
      Based on preliminary results, the company said, net income
  rose to about 24 mln dlrs, or 96 cts a share, from 17.4 mln
  dlrs, or 70 cts a share, in 1986's initial three months.
  

"
training/12834	0	acq	"PIONEER SUGAR SAYS CSR TAKEOVER OFFER TOO LOW
  <Pioneer Sugar Mills Ltd> said it
  considered the proposed 2.20 dlrs a share cash takeover offer
  announced by CSR Ltd <CSRA.S> on March 31 to be too low in view
  of the group*hK!UiIe and prospects.
      Pioneer recommended in a statement that shareholders retain
  their stock, pending the board's response once it receives full
  details of the CSR offer.
  

"
training/12836	1	alum	"SURALCO OFFERS CASH FOR WORKERS TO LEAVE
  The U.S.-owned <Surinam Aluminum
  Company> (SURALCO) offered workers a lump sum and up to five
  months' wages to quit the firm because jungle-based rebels have
  disrupted bauxite mining and alumina smelting, ANP said.
      The Dutch news agency said SURALCO, a subsidiary of the
  Aluminum Company of America(ALCOA) wanted to reduce its work
  force because it had been hard hit by guerrilla attacks that
  cut power lines to the area in January.
      All bauxite mining at Moengo ceased four months ago and
  SURALCO's Paranam alumina smelter is using imported bauxite.
  

"
training/12839	0	acq	"GENERAL PARTNERS WILLING TO PAY 110 DLRS/SHARE FOR GENCORP

  GENERAL PARTNERS WILLING TO PAY 110 DLRS/SHARE FOR GENCORP
  

"
training/1284	12	earn	"MARGAUX CONTROLS INC <MARGX> 3RD QTR LOSS
  Shr loss 1.60 dlrs vs loss 45 cts
      Net loss 9,883,000 vs loss 2,744,000
      Revs 1,309,000 vs 3,289,000
      Nine mths
      Shr loss 2.29 dlrs vs loss 98 cts
      Net loss 14.1 mln vs loss 6,008,000
      Revs 4,577,000 vs 11.9 mln
      NOTE: Current periods include loss of 7.5 mln dlrs from
  discontinued operations.
  

"
training/12841	33	money-supply	"BELGIAN MONEY SUPPLY RISES IN FOURTH QUARTER 1986
  Belgian total money stock rose to
  1,140.4 billion francs at the end of 1986 from 1,115.4 billion
  at the end of the third quarter of last year and 1,055.0
  billion at the end of 1985, Belgian National Bank figures
  showed.
      Paper money rose to 404.1 billion francs from 394.1 billion
  and 383.5 billion respectively, other forms of privately held
  money to 679.5 billion from 652.7 billion and 616.0 billion.
      Money held by the public authorities fell to 56.8 billion
  francs from 68.6 billion at the end of the previous quarter but
  was above the 55.5 billion at the end of 1985, the bank said.
      The government does not set money supply targets, arguing
  they are inappropriate to a small economy with major trading
  and monetary links with much larger trading countries.
  

"
training/12842	32	money-fx	"STOLTENBERG SAYS PARIS ACCORD POLICY TO CONTINUE
  West German Finance Minister Gerhard
  Stoltenberg said the currency agreement reached in Paris in
  February had been successful and would be continued.
      Stoltenberg told journalists before he attends next week's
  International Monetary Fund meeting in Washington that: ""The ...
  Strategy to stabilise currencies around current levels has
  proven its worth and will also determine future developments.""
      Stoltenberg declined to comment specifically on what he
  would consider to be an undervalued dollar but said a dollar
  around 1.80 marks created problems for West Germany's exports.
      He said studies by international organisations had made it
  clear that especially in the U.S. And in Japan major efforts
  remained necessary to support adjustments in foreign trade
  balances via necessary corrections to economic policy.
      ""No-one would benefit if, after years of over-valuation, the
  U.S. Dollar fell into the other extreme, that is, strong
  under-valuation,"" he said.
      Stoltenberg said West Germany had a keen interest in a
  swift agreement between the U.S. And Japan concerning the
  current trade dispute over semi-conductors.
      Asked whether he believed the markets would test the Paris
  currency accord, Stoltenberg did not comment specifically but
  noted that much of what had been discussed in Paris had not
  been published.
      The Paris declaration did not state the levels at which
  central banks of the major industrialised countries would
  intervene. Stoltenberg said that everything had been carefully
  considered. He said he had nothing further to add.
  

"
training/12843	5	coffee	"BRAZILIAN COFFEE RAINFALL
  THE FOLLOWING RAINFALL WAS RECORDDD IN
  THE AREAS OVER THE PAST 24 HOURS
       PARANA STATE UMUARAMA 10.6 MILLIMETRES, PARANAVAI 12.2 MM,
  LONDRINA 6.0 MM, MARINGA 8.0 MM.
      SAO PAULO STATE: PRESIDENZE PRUDENTE 1.0 MM, VOTUPORANGA
  26.0 MM, FRANCA NIL, CATANDUVA 0.1 MM, SAO CARLOS NIL, SAO
  SIMAO NIL. REUTER
  

"
training/12846	22	interest	"AVERAGE DISCOUNT RATE AT UK BILL TENDER 9.5195 PCT
  The average rate of discount at today's
  U.K. Treasury bill tender rose to 9.5195 pct from 9.3157 pct
  last week, the Bank of England said.
      This week's 100 mln stg offer of 91-day bills met
  applications of 327 mln stg, the bank said.
      Applications for bills dated Monday to Friday at the top
  accepted rate of discount of 9.5261 pct were allotted about 81
  pct.
      Next week 100 mln stg of Treasury bills will be offered,
  replacing 100 mln stg of maturities.
  

"
training/12848	48	trade	"IMF, WORLD BANK TO MEET AMID NEW INFLATION FEARS
  Amid new concerns about inflation,
  interest rate increases and trade confrontations,
  finance ministers and central bankers meet next week to discuss
  a deteriorating global debt and economic situation.
      The meetings, under the auspices of the International
  Monetary Fund and World Bank, come as interest rates are
  turning higher and the already-weak dollar has sunk further,
  upsetting bond and stock markets.
      Uncertainty is growing about the vitality of the global
  economy and whether the heavily-indebted countries can continue
  to carry the burden of their growing debt without vast new
  assistance.
      Monetary and diplomatic sources said there are no signs
  any new debt initiative of the sort that Treasury Secretary
  James Baker unveiled 18 months ago in Seoul is in the works.
      The strategy has drawn a serious challenge from Brazil,
  which suspended interest payments on 67 billion dlrs of
  commercial bank debt last month. The Banks have responded by
  laying the groundwork for writing down Brazilian loans.
      Separately, French Prime Minister Jacques Chirac, in a
  visit earlier this week with President Reagan, sounded out the
  administration on a plan to funnel worldwide grain surpluses to
  the very poorest states.
      The French plan is certain to be discussed by the ministers
  in detail during next week's meetings and will undoubtedly be
  embraced by the developing countries.
      ""There's interest on the part of some countries for looking
  at the support of the special problems of the very poorest
  countries, because their position is so extreme,"" a Reagan
  administration official said.
      He suggested Washington was open to disussing the issue.
      The meetings will also assess the success of the Baker debt
  initiative, which called for new funding to help debtor
  countries grow out of their problems.
      The largest industrial countries have been attempting to
  coordinate economic policy in the hope of controlling the
  decline of the dollar, U.S. trade and budget deficits and other
  problems.
      At the same time, the industrial countries see little
  evidence of a strengthening of economic activity and the Fund
  forecasts they will grow 2.5 pct.
      The United States sees 3.2 pct growth for itself, 
  continuing its expansion for a fifth year, and has asked other
  industrial countries to stimulate their economies.
      These issues directly affect the debt problem and the
  ability of the debtor countries to grow out of their
  difficulties.
      In recent years, U.S. markets have absorbed the exports of
  developing country, allowing them to earn critical foreign
  exchange. But the United States wants to cut its trade deficit,
  running at a record 169.8 billion dlrs, and is pressing others
  to import more from developing countries.
      The discussions, from April six to 10, will be
  wide-ranging, touching everything from interest rates to the
  impact of development loans on the environment, according to
  monetary sources.
      The talks will include an examination of trade
  protectionist pressures in the wake of a decision by the Reagan
  administration to place some 300 mln dlrs in tariffs on
  microchip products from Japan, the sources said.
      The move accelerated the dollar's decline as financial
  markets grew alarmed that trade war was in the offing.
      There is concern that the action, prompted by U.S. charges
  that Japan has been selling computer chip products below fair
  market value and has kept its own market closed to imports,
  further undermining the international trading system.
      At the same time, the ministers will discuss the
  fundamental price weakness in basic commodities, the export
  mainstay of many developing countries.
      The so-called Group of Five industrial countries -- the
  United States, Japan, West Germany, France and Britain -- will
  gather for the first time since their February talks in Paris,
  where they agreed to keep the dollar from sliding further.
      The Five will be joined later by Italy and Canada for
  further debate on economic policy coordination.
      As part of the Paris accord, surplus countries such as
  Japan agreed to stimulate their economies, while America
  said it would reduce its federal budget deficit.
      Other major issues of the meetings include a U.S. bid to to
  have a larger say in approving loans of the Inter-American
  Development Bank, strengthening the link between loans and
  economic policy changes in debtor nations.
      Washington is also pressing the World Bank to take more
  account of the environment when making loan for dams and other
  projects.
      The new head of the Bank, Barber Conable, has said this
  issue is being reviewed and will be part of a reorganization
  plan for the Bank, now being prepared.
  

"
training/1285	12	earn	"MERCHANTS GROUP INC <MRCH> 4TH QTR OPER NET
  Oper shr profit 21 cts vs loss 2.13 dlrs
      Oper net profit 456,000 vs loss 2,454,000
      Revs 16.3 mln vs 13.1 mln
      Year
      Oper shr 1.39 dlrs vs loss 2.41 dlrs
      Oper net profit 1,815,000 vs loss 2,779,000
      Revs 58.0 mln vs 43.8 mln
      NOTE: 1986 4th qtr and yr oper net exclude realized
  investment gains of 279,000 dlrs and 1,013,000 dlrs,
  respectively, which includes provision for income taxes of
  238,000 dlrs and 863,000 dlrs for the periods, respectively.
      1986 4th qtr and yr oper net exclude 606,000 dlrs or 38 cts
  per share and 2,323,000 dlrs or 1.86 dlrs per share, for net
  operating loss carryovers.
      1985 4th qtr and yr oper net exclude realized investment
  gains of 439,000 dlrs and 666,000 dlrs respectively.
  

"
training/12851	34	nat-gas	"NERCO <NER> TO ACQUIRE INTEREST IN GAS FILED
  Nerco Inc said it has agreed to
  acquire a 47 pct working interest in the Broussard Gas Field in
  southern Louisiana from privately-owned <Davis Oil Co> for
  about 22.5 mln dlrs in cash.
      Nerco said the interest being purchased will give it
  estimated proven oil and gas reserves equal to six billion
  cubic feet of natural gas. The property includes six gas wells,
  one oil well two undeveloped drilling locations, a central
  production facility and a gas gathering system.
      Nerco is 90 pct owned by PacifiCorp <PPW>.
  

"
training/12852	0	acq	"CANRAD <CNRD> ACQUIRES MEASUREMENT SYSTEMS
  Canrad Inc said it acquired the
  Measurement Systems Division of <Page-Wilson Corp> for an
  undisclosed amount of cash.
      Canrad said the acquisition is expected to increase its
  annual revenues by about 10 mln dlrs.
  

"
training/12853	0	acq	"PANTERA'S  <PANT> ACQUIRES 10 RESTAURANTS
  Pantera's Corp said it closed on its
  agreement to acquire ten pizza restaurant locations in
  southeastern Colorado.
      It said the purchase price was 1,250,000 dlrs, which was
  paid by cash and stock.
  

"
training/12857	6	copper	"NORANDA SAYS FIRE CAUSED 10 MLN DLRS IN DAMAGE
  <Noranda Inc> said a copper
  mine fire that killed one miner and trapped 44 others for
  nearly a day caused an estimated 10 mln Canadian dlrs in
  damage.
      The fire, which started Wednesday and burned for more than
  24 hours, destroyed the mine's three-year-old conveyor system,
  officials said.
      Michel Lefebvre, vice president of operations, said Noranda
  will operate the mine at about one third of its normal 72,000
  short ton annual finished capacity, using above ground
  reserves, until it decides whether to keep the mine open.
      ""The events we sustained yesterday and the day before are a
  very serious setback for Gaspe Mines operations,"" Lefebvre said.
  Gaspe Mines is the name of the Noranda division that operates
  the Murdochville mine.
      He said it would take four or five months to bring
  operations up to full capacity if the company decides to do so,
  adding that he believes there is a good chance Noranda will
  fully reopen the mine.
  

"
training/12858	0	acq	"GENERAL PARTNERS TO RAISE BID FOR GENCORP <GY>
  <General Partners> said it was
  prepared to raise its bid for GenCorp Inc to 110 dlrs cash per
  share from 100 dlrs per share.
      In a letter from General Partners to A. William Reynolds,
  chairman and chief executive officer of GenCorp, the company
  stated that if GenCorp could prove the company was worth more,
  General Partners would be willing to consider an even higher
  price.
      General Partners also left open the possibility of an
  alternative to an all-cash offer.
      General Partners told GenCorp if it believed shareholders
  would be better served by a smaller cash price with a security
  representing a continuing long-term interest in GenCorp's
  prospects, it would be willing to discuss an alternative.
      Specifically, General Partners said it was prepared to
  discuss an acquisition giving shareholders a continuing
  interest in Aerojet General, a valued business of GenCorp.
  

"
training/12860	12	earn	"MANGOOD CORP <MAB> YEAR OPER LOSS
  Oper shr loss 6.07 vs loss 7.64 dlrs
      Oper net loss 6,235,000 vs loss 4,801,000
      Sales 70.1 mln vs 60.6 mln
      Avg shrs 1,028,000 vs 629,000
      NOTE: 1986 earnings exclude a gain on restructuring of
  3,143,000 dlrs, or 3.01 dlrs a share
  

"
training/12861	6	copper	"NORANDA COPPER MINE FIRE CAUSED HEAVY DAMAGE
  <Noranda Inc> said a copper
  mine fire that killed one miner and trapped 44 others for
  nearly a day caused an estimated 10 mln Canadian dlrs in
  damage.
      The fire, which started Wednesday and burned for more than
  24 hours, destroyed the mine's three-year-old conveyor system,
  officials said.
      Michel Lefebvre, vice president of operations, said Noranda
  will operate the mine at about one-third of its normal 72,000
  metric ton annual finished capacity, using above ground
  reserves, until it decides whether to keep the mine open.
      ""The events we sustained yesterday and the day before are a
  very serious setback for Gaspe Mines operations,"" Lefebvre said.
  Gaspe Mines is the name of the Noranda division that operates
  the Murdochville mine.
      He said it would take four or five months to bring
  operations up to full capacity if the company decides to do so,
  adding that he believes there is a good chance Noranda will
  fully reopen the mine.
  

"
training/12862	12	earn	"<AMERICAN WEST BANK> FIRST QTR NET
  Net 90,501 vs 56,960
      Assets 42.0 mln vs 34.9 mln
      Deposits 35.9 mln
      Loans 27.6 mln vs 23.9 mln
      NOTE: earnings per share and 1985 deposits figure  not
  supplied by company.
  

"
training/12866	0	acq	"R.R. DONNELLY <DNY> TO SELL CABLE SYSTEM
  R.R. Donnelly and Sons Co said it
  reached an agreement with Adams-Russell Co Inc <AAR> to sell
  Adams its Rockford, Ill., cable system for an undisclosed
  price.
      R.R. Donnelly said it expects the deal to close in about
  120 days, subject to regulatory approvals and other conditions.
      The cable system serves about 51,000 subscribers in the
  communities of Rockford, Loves Park, Machesney Park, Cherry
  Valley, Morristown and Winnebago County, Ill., R.R. Donnelly
  said.
  

"
training/12869	12	earn	"BIOMET INC <BMET> 3RD QTR FEB 28 NET
  Shr 18 cts vs 13 cts
      Net 2,133,000 vs 1,384,000
      Revs 14.1 mln vs 11.7 mln
      Nine mths
      Shr 49 cts vs 36 cts
      Net 5,657,000 vs 3,728,000
      Revs 39.7 mln vs 31.8 mln
  

"
training/1287	12	earn	"CONTINENTAL GENERAL <CGIC> SETS STOCK DIVIDEND
  Continental General Insurance Co
  said its board of directors declared a 10 pct stock dividend on
  common shares, payable April one to shareholders of record
  March 16.
      The company yesterday paid a quarterly cash dividend of
  2-1/2 cts a share, unchanged from the previous quarter, to
  shareholders of record February 20.
  

"
training/12874	12	earn	"EAC INDUSTRIES INC <EAC> 4TH QTR OPER LOSS
  Period ended Jan 31
      Oper shr loss 66 cts vs loss 1.29 dlrs
      Oper net loss 1,309,000 vs loss 2,522,000
      Sales 25.1 mln vs 19.9 mln
      Year
      Oper shr loss 65 cts vs loss 97 cts
      Oper net loss 1,287,000 vs loss 1,882,000
      Sales 113.4 mln vs 76.6 mln
      NOTE: Earnings exclude a loss on sale of discontinued
  operations of 17,000 dlrs, or one ct a share vs a gain of
  1,383,000 dlrs, or 70 cts a share in the quarter and gains of
  300,000 dlrs, or 15 cts a share vs 1,941,000 dlrs, or 1.00 dlr
  a share for the year
  

"
training/12875	40	reserves	"BUNDESBANK GROSS RESERVES RISE AT MARCH CLOSE
  The Bundesbank's gross currency
  reserves rose 300 mln marks in the last week of March to 104.9
  billion marks, the Bundesbank said in a statement.
      At the same time its foreign liabilities rose 100 mln to
  22.8 billion, producing a rise in net reserves of 200 mln to
  82.2 billion on March 31.
      The Bundesbank provided banks with liquidity in the fourth
  March week by disbursing funds in the money market via
  government-owned banks. Banks took up the Bundesbank's standing
  offer of treasury bills to place excess liquidity.
      Banks received more liquidity through routine month-end
  payments by public authorities as well as expansionary market
  factors than was lost through the 2.3 billion mark rise in cash
  in circulation to 122.3 billion, the Bundesbank said.
      But banks had to draw heavily on the Lombard emergency
  financing facility due to month-end tightness, borrowing 5.3
  billion marks.
      Overall, banks' holdings at the Bundesbank rose 10.2
  billion marks to 58.5 billion at the end of the month,
  averaging 50.9 billion in the whole of March.
      The minimum reserve requirement for March, before deduction
  of banks' cash holdings, was set at 61 billion marks.
      Public authorities' net holdings at the Bundesbank fell to
  2.2 billion marks in the last March week from 4.4 billion the
  week before. The federal states' holdings fell 2.6 billion to
  2.4 billion.
      The federal government's holdings rose 700 mln marks to 5.1
  billion.
  

"
training/12878	12	earn	"WESSANEN FORESEES STRONG PROFIT GROWTH
  Dutch dairy and general foods
  manufacturer Koninklijke Wessanen NV <WESS.AS>, said it is
  planning further world-wide acquisitions and forsees strong
  profit growth over the next 10 years.
       Company chairman Gerrit van Driel told journalists at the
  presentation of Wessanen's 1986 report he already expected 1987
  first quarter profits to show an increase.
      The company last month reported a 16 pct increase in 1986
  net profits to 72.7 mln guilders, after 62.3 mln in 1985.
      This was achieved despite a 25 pct drop in the dollar's
  guilder value, van Driel said.
      Van Driel said profits would have been nine mln guilders
  higher if the US currency had remained at its average 1985
  level of 3.20 guilders.
      Turnover, at 3.7 billion guilders in 1986, was 450 mln
  guilders down because of the lower dollar and lower raw
  material prices. Total 1985 turnover was 4.2 billion guilders.
      US activities accounted for 34 pct of 1986 turnover,
  compared with 22 pct in 1982. Wessanen now has 15 separate
  businesses in the US out of a total of 62 world-wide.
      Van Driel said the company would continue an active
  takeover policy in the US, but would be wary about paying more
  than its current price/earnings ratio of 17 times net profit.
      He added that Wessanen teams were seeking acquisition
  possibilities in Brazil, Taiwan, Thailand and China.
      He said the company had an ample cashflow of 100 mln
  guilders and would if necessary make new share issues.
      Van Driel said he expected a 1987 US turnover of 700 mln
  dlrs. He said <Balanced Foods> and <Green's Dairy>, taken over
  late last year, have a combined annual turnover of 126 mln dlrs
  which was not included in the 1986 account.
      All sectors saw strong growth in 1986, resulting in a 13
  pct increase in operating income to 120 mln guilders. Key to
  this growth was the successful introduction of new products,
  which were greatly enhanced by a number of consumer-oriented US
  acquisitions, van Driel said.
      Consumer products represented 50 pct of total 1986
  turnover, compared with 35 pct in 1982, van Driel said.
      The company, which is already listed on the London, Zurich,
  Basle and Geneva stock exchanges as well as Amsterdam, aims to
  be quoted in Frankfurt and Dusseldorf in May, van Driel said.
      Van Driel stressed that while these listings would not be
  accompanied by new share issues, they provided easy vehicles
  for the company to raise capital for future expansion.
      He estimated that 33 pct of the company's shares were in
  foreign hands.
      The company's 1986 US turnover of about 750 mln dlrs made a
  listing on one of the New York exchanges a logical next step,
  van Driel said without elaborating.
      Despite EC dairy restrictions Wessanen, which produces
  around 10 pct of all Dutch cheese, saw good growth prospects
  for its dairy sector within Europe, van Driel said.
  

"
training/1288	12	earn	"MARGAUX CONTROLS INC <MARGX> 3RD QTR DEC 28 LOSS
  Shr loss 1.60 dlrs vs loss 45 cts
      Net loss 9,883,000 vs loss 2,744,000
      Revs 1,309,000 vs 3,289,000
      Nine mths
      Shr loss 2.29 dlrs vs loss 98 cts
      Net loss 14.1 mln vs loss 6,008,000
      Revs 4,577,000 vs 11.9 mln
      Note: 1986 net losses inlcude 7,507,000-dlr charge from
  discontinued operations of building management system sold to
  Cetek System Inc on Jan 30, 1987.
  

"
training/12880	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
    30-273 days  5.00 pct  5.00 pct    30-89 days
   274-294 days  5.92 pct  5.83 pct   90-100 days
   295-344 days  5.00 pct  5.00 pct  101-181 days
   345-360 days  5.93 pct  5.82 pct  182-195 days
                           5.00 pct  196-274 days
                           5.90 pct  275-295 days
                           5.00 pct  296-360 days
  

"
training/12882	22	interest	" 3-APR-1987 10:09:10.28
   3-APR-1987 10:09:10.28

"
training/12883	0	acq	"K MART <KM> SELLING KRESGE TO MCCRORY
  K mart Corp said it agreed to sell
  most of the U.S. Kresge and Jupiter stores to McCrory Corp, a
  subsidiary of privately held Rapid American Corp.
      It said the agreement covers 76 stores in 21 states
  including inventory and fixtures. The price depends on the
  amount of the inventory that will be in the stores on the
  closing date.
      K mart said it will continue to operate the stores until
  early June, when McCrory will take over with no interruption of
  service.
      The newly acquired Kresge and Jupiter stores will be
  renamed McCrory 5 and 10. McCrory currently operates 1,250
  stores in 38 states.
  

"
training/12885	12	earn	"TANDY <TAN> 3RD QUARTER REVENUES UP 12 PCT
  Tandy Corp said consolidated
  sales and operating revenues for the third quarter, ended March
  31, totaled nearly 776.0 mln dlrs, up 12 pct from 693.4 mln
  dlrs last year.
      The company said third quarter earnings will be released in
  the latter part of April.
      Tandy said March sales and oprating revenues totaled 164.4
  mln dlrs, up 11 pct from March 1986's 238.8 mln dlrs.
      It said U.S. retail operations revenues rose to 225.8 mln
  dlrs last month from 202.7 mln dlrs a year earlier. Sales of
  U.S. stores in existence more than one year increased 10 pct.
  

"
training/12886	12	earn	"PHILIP MORRIS <MO> UP ON RECOMMENDATIONS
  The stock of Philip Morris Cos rose
  today following recommendations by First Boston Corp and Morgan
  Stanley and Co, traders said.
      Philip Morris gained 1-3/4 to 88-1/4.
      First Boston's analyst was unavailable for comment.
      Morgan Stanley's David Hill said he just assumed coverage
  of Philip Morris and placed it on his recommended list becasue
  of its attractive earnings growth and because the stock is
  selling at a discount to the market based on Morgan's figures.
  Hill expects Morris to earn 7.75 dlrs a share this year and
  9.50 dlrs in 1988. In 1986, Morris earned 6.20 dlrs a share.
  

"
training/12888	0	acq	"KLEER-VU INDUSTRIES TO SELL COSMETICS UNIT
  <Kleer-Vu Industries> said the
  company's board authorized the sale of its Neslemur Co, its
  cosmetic and toiletries company.
      The company said it is evaluating two separate proposals
  and will complete the sale within 10 days.
  

"
training/12889	0	acq	"MEMORY PROTECTION <MPDI> COMPLETES ACQUISITION
  Memory Protection Devices Inc said it
  completed its acquisition of the assets and liabilities of
  Bogen, a division of <Lear/Siegler>, for 9,200,000 dlrs in
  cash.
      Under the newly-structured company, Memory said it expects
  to report consolidated sales of 18 mln dlrs to 20 mln dlrs and
  should be profitable before allowing for extraordinary items
  related to the acquisition.
  

"
training/12890	0	acq	"DU PONT <DD> TO SELL CLEVELAND PLANT
  Du Pont Co said it agreed to
  sell its Cleveland chemical plant, the oldest site currently
  operated by the company, to two employees.
      Terms were not disclosed.
      Closing is expected in the second quarter, following
  approval of definitive agreements.
      Products made at the plant represent less than 1/10 of one
  pct of Du Pont's annual sales, it said. Quilon chrome complexes
  and Volan bonding agents will be supplied by the plant to Du
  Pont under contract.
      Established in 1866, the plant was acquired by Du Pont in
  1928. The plant no longer fits the company's long-term
  strategy, Du Pont said
  

"
training/12891	22	interest	"SPAIN RAISES CALL MONEY RATE TO 14.5 PCT
  The Bank of Spain said it raised its rate
  for overnight call money to 14.5 pct from 14 pct with immediate
  effect at today's daily auction for assistance funds.
      The move followed comments yesterday by central bank
  governor Mariano Rubio, who said money supply growth was too
  fast.
      The bank said later that it was leaving its rate for
  special assistance funds from its second window unchanged at 16
  pct, surprising operators who had expected an increase there
  too.
  

"
training/12893	12	earn	"FEDERAL CO <FFF> 3RD QTR FEB 28 NET
  Shr 1.00 dlr vs 34 cts
      Net 16.9 mln vs 5,696,000
      Revs 371.3 mln vs 303.2 mln
      Avg shrs 16.9 mln vs 16.3 mln
      Nine mths
      Shr 3.55 dlrs vs 1.66 dlrs
      Net 59.3 mln vs 27.1 mln
      Revs 1.02 billion vs 912.8 mln
      Avg shrs 16.7 mln vs 16.3 mln
  

"
training/12897	12	earn	"FLOWERS INDUSTRIES INC <FLO> HIKES PAYOUT
  Qtly div 14-1/2 cts vs 14 cts prior
      Pay May 4
      Record April 17
  

"
training/12898	12	earn	"FINE ART ACQUISITIONS LTD <FAAA> 4TH QTR NET
  Shr three cts vs three cts
      Net 141,224 vs 118,192
      Sales 5,849,695 vs 3,717,794
      Avg shrs 4,975,000 vs 4,925,000
      Year
      Shr 15 cts vs 10 cts
      Net 720,126 vs 474,879
      Sales 18.2 mln vs 11.5 mln
      Avg shrs 4,959,932 vs 4,902,778
      NOTE: 1985 year net includes gain of 58,000 dlrs, or one
  cent a share, from tax loss carryforward
  

"
training/129	12	earn	"NORTHERN TELECOM PROPOSES TWO-FOR-ONE STOCK SPLIT

  NORTHERN TELECOM PROPOSES TWO-FOR-ONE STOCK SPLIT
  

"
training/12900	0	acq	"GERBER <GEB> SETS DEADLINE FOR UNIT'S BUYOUT
  Gerber Products Co said it has
  given management of its CWT Inc trucking subsidiary 60 days to
  pursue a leveraged buyout of the subsidiary.
      It said CWT Inc, which has operations in the Midwest and
  Southeast, has annual revenues of approximately 135 mln dlrs.
  

"
training/12901	12	earn	"<ANCHOR FINANCIAL CORP> 1ST QTR NET
  Shr 31 cts vs 31 cts
      Net 226,000 vs 173,000
      Assets 73.1 mln vs 62.5 mln
      Deposits 54.6 mln vs 51.5 mln
      NOTE: earnings per share for 1987 affected by issuance of
  166,750 shares of common stock in December 1986.
  

"
training/12904	12	earn	"TSR INC <TSRI> 3RD QTR FEB 28 NET
  Shr seven cts vs four cts
      Net 161,000 vs 107,000
      Revs 5,852,000 vs 4,794,000
      Nine mths
      Shr 23 cts vs 24 cts
      Net 553,000 vs 610,000
      Revs 18.2 mln vs 14.2 mln
  

"
training/12905	0	acq	"TIME <TL> IN TALKS ON CABLE NEWS CONSORTIUM
  N.J. Nicholas Jr., president and chief
  operating officer of Time Inc, told security analysts the
  company is now engaged in talks to join a consortium of cable
  companies that will invest in Cable News Network.
      Nicholas declined to give any details, but said an
  announcement might be ready in a few days. He also declined to
  say whether the investment would be made by Time Inc or
  American Television and Communications Corp, a public company
  in which Time owns a majority stake.
      Cable News Network is owned by Turner Broadcasting System
  <TBS>.
  

"
training/12907	46	tea	"ABNORMAL RADIATION FOUND IN SOVIET TEA/HAZELNUTS
  Abnormally high levels of radiation were
  found in Soviet tea and hazelnuts more than nine months after
  the Chernobyl nuclear accident, West German residents in Moscow
  were advised this week.
      In a letter to the West German community here, Ambassador
  Joerg Kastl said laboratory tests on food samples bought in
  Moscow in February had shown elevated levels of caesium-134 and
  -137 in tea from Azerbaijan and Ukrainian hazelnuts.
      Other food samples sent for testing at Cologne University,
  including honey, fruit, vegetables, pork, milk and butter, were
  found to be free of radiation, it said.
      Data in the letter showed the tea and hazelnuts contained
  caesium levels far in excess of ceilings recommended by the
  United Nations Food and Agriculture Organisation (FAO).
      The letter said people who had consumed the tea faced no
  particular health danger as most of the caesium remained in the
  tea leaves, but it warned against eating the hazelnuts.
      The products sent for testing were bought in state shops
  and private farmers' markets in Moscow, it added. Other Western
  embassies in Moscow said they had discontinued laboratory
  testing of Soviet food late last year because no abnormal
  radiation levels were detected.
      ""We didn't find anything so we stopped doing it,"" a U.S.
  Embassy spokesman said.
      A British spokesman said radiation-monitoring equipment
  remained in the embassy waiting room for British residents in
  Moscow who wanted to check their food, but laboratory tests had
  not been conducted for several months.
      ""Earlier we sent some food back to Britain as a
  precautionary measure, but we stopped in the absence of any
  alarming signals,"" he said. ""If the tests had shown abnormal
  readings, they would have been resumed.""
  

"
training/12908	22	interest	"SALLIE MAE ADJUSTS SHORT-TERM DISCOUNT NOTE RATES
  The Student Loan Marketing
  Association said its rates on short-term discount notes were as
  follows:
      MATURITY   NEW RATE    OLD RATE  MATURITY
      5-14 days  5.65 pct    5.60 pct     5-14 days
     15-78 days  5.00 pct    5.00 pct    15-81 days
     79-85 days  5.83 pct    5.75 pct    82-88 days
    89-360 days  5.00 pct    5.00 pct   89-174 days
                             5.85 pct  175-180 days
                             5.00 pct  181-360 days
  

"
training/1291	0	acq	"HARRIS CUTS STAKE IN BELL INDUSTRIES <BI>
  Harris Associates L.P., a Chicago
  investment advisory limited partnership, said it lowered its
  stake in Bell Industries Inc to 1,015,800 shares, or 18.7 pct
  of the total outstanding, from 1,083,800 shares, or 20.0 pct.
      In a filing with the Securities and Exchange Commission,
  Harris said it sold 68,000 Bell common shares between Dec 18
  and Feb 20 at prices ranging from 20.25 to 25.24 dlrs each.
      Harris said its dealings in Bell stock are on behalf of its
  advisory clients.
  

"
training/12910	6	copper	"CYPRUS LOWERS COPPER PRICE ONE CT TO 66 CTS
  Cyprus Minerals Company said it is
  decreasing its electrolytic copper cathode price by one cent  
  to 66.0 cents a pound, effective immediately.
  

"
training/12912	22	interest	"FREDDIE MAC ADJUSTS SHORT-TERM DISCOUNT RATES
  The Federal Home Loan Mortgage Corp
  adjusted the rates on its short-term discount notes as follows:
     MATURITY   RATE       OLD RATE  MATURITY
      31 days   5.95 pct   6.00 pct  32 days
  

"
training/12914	12	earn	"MAVERICK RESTAURANT CORP <MAVR> 4TH QTR LOSS
  Ended Jan 31
      Shr loss 50 cts vs loss one ct
      Net loss 2,475,739 vs loss 68,691
      Revs 3,689,770 vs 3,292,733
      Year
      Shr loss 50 cts vs loss two cts
      net loss 2,472,582 vs loss 112,936
      Revs 14.8 mln vs 13.2 mln
      NOTE: Current periods include charge of 2.25 mln dlrs or 45
  cts for restaurant closings.
  

"
training/12915	12	earn	"GRAPHIC MEDIA INC <GMED> YEAR NET
  Ended Jan 31
      Shr nine cts vs eight cts
      Net 246,000 vs 369,000
      Revs 20.4 mln vs 11.2 mln
      Avg shrs 2,123,000 vs 1,882,000
      NOTE: 1985 restated.
  

"
training/12917	12	earn	"TIME <TL> 1987 EARNINGS MAY BE 4.25 DLRS SHARE
  Time Inc's chief financial officer,
  Thayer Bigelow, told security analysts the company is
  ""comfortable"" with Wall Street estimates that 1987 earnings
  will be in a range of 3.75 dlrs to 4.25 dlrs per share.
      In 1986, Time reported earnings of 5.95 dlrs per share,
  including a number of special items.
      Bigelow said in adjusting the 1986 results for the special
  items and also removing the earnings of American Television and
  Communications Corp <ATCMA>, Time earned 2.35 dlrs per share in
  1986.
      Turner Broadcasting System Inc said the investment by the
  cable consortium would be in Turner Broadcasting, not directly
  in CNN. The consortium would infuse up to 550 mln dlrs in
  Turner Broadcasting in return for a 35 pct equity interest.
      Ted Turner, Chairman, would retain a 51 pct interest, a
  Turner Broadcasting spokesman said.
      Bigelow said the company is continuing its previously
  announced 10 mln share repurchase program and has bought back
  4.1 mln of its own shares. He said 700,000 shares were
  purchased in the first quarter of 1987 at an average price of
  81 dlrs per share.
      Bigelow said the company will always have a share buyback
  program in place whenever it believes it is a better long-term
  investment than starting or acquring a business. But he did not
  give any specifics on further repurchases beyond the 10 mln
  shares already announced.
     
      On the subject of acquisitions, Richard Munro, chairman and
  chief executive said the company is not interested in investing
  in over-the-air broadcasting, but continues to look at all
  areas in which it is currently engaged.
      Munro said book publishing is an area that interested Time.
  In 1986 the company purchased Scott and Foresman, its biggest
  acquisition ever.
      N.J. Nicholas, president and chief operating officer, said
  the company might be interested in a relatively small book
  business.
      He said following the recent agreement for the sale of
  Harper and Row to the News Corp Ltd <NWS>, ""there may be pieces
  that Murdoch doesn't want,"" referring to News Corp chairman
  Rupert Murdoch.
      Asked if the company's SAMI business is for sale, Munro
  said it is a ""delicate subject"", and ""we're looking at all the
  options."" SAMI is a marketing information service for the food
  industry. Published reports have stated it could be worth as
  much as 500 mln dlrs.
     
      Bigelow said that Time's Home Box Office added  subscribers
  last year and the trend is continuing in the first quarter of
  1987. However, he said, HBO's results in the quarter will be
  down slightly, but in the first quarter of 1986 there was a
  special gain in the HBO unit.
      Nicholas said that HBO and Cinemax had combined subscriber
  growth of 800,000 for last year.
      He also said the tax rate in 1987 will remain at just under
  50 pct because of the repeal of investment tax credits and
  higher state and local taxes. He said he sees a decrease in the
  tax rate in 1988 of five or six percentage points.
      Munro said the company does not plan to increase its
  dividend.
      Trygve Myhren, chairman and chief executive of American
  Television and Communications, said the unit is looking at
  getting involved in the home shopping video area. ""It would be
  foolish not to be a player there,"" he said.
      He said the company had talks with Home Shopping Network
  Inc <HSN> prior to that company's public offering last year,
  but nothing came of the talks.
  

"
training/12919	22	interest	"FHLBB CHANGES SHORT-TERM DISCOUNT NOTE RATES
  The Federal Home Loan Bank Board
  adjusted the rates on its short-term discount notes as follows:
      MATURITY   NEW RATE  OLD RATE  MATURITY
    30-273 days  5.00 pct  5.00 pct   30-273 days
   274-294 days  5.90 pct  5.92 pct  274-294 days
   295-344 days  5.00 pct  5.00 pct  295-344 days
   345-360 days  5.93 pct  5.93 pct  345-360 days
  

"
training/1292	0	acq	"GOODYEAR <GT> CHAIRMAN CRITICIZES CORPORATE RAIDS
  The chairman of Goodyear Tire and Rubber
  Co, a concern that survived a recent hostile takeover bid,
  charged that ""terrorists in three-piece suits"" are undermining
  the nation's industrial base.
  In a speech to a meeting of south Florida business executives,
  Goodyear Chairman Robert Mercer lashed out at corporate raiders
  and takeover specialists, accusing them of causing serious harm
  to the companies they target.
    ""Their interest is not in preserving and strengthening
  America's industrial and providing jobs,"" he said. ""Their
  product is simply deals, and that is not a product which a
  country ... can base a future on.""
      Last year, Mercer fought off a takeover attempt by British
  industrialist Sir James Goldsmith.
      But Goodyear's independence was preserved at a high price,
  Mercer said.
      The company bought back Goldsmith's stock for 620 mln dlrs,
  giving him a 93 mln dlr profit. Goodyear also paid him 37 mln
  dlrs for expenses and bought about 41 mln other shares for over
  two billion dlrs.
      In an effort to trim its new debt, Goodyear closed down
  three plants Mercer believes otherwise could have been saved,
  sold its motor wheel and aerospace units and reduced its
  payroll by 10 pct, he said.
      Mercer, who plans to testify tomorrow at a Senate hearing
  on a proposed bill to control corporate raiders, said hostile
  takeovers have also hurt workers.
  

"
training/12924	43	ship	"AGENCY REPORTS 30 SHIPS WAITING AT PANAMA CANAL
  The Panama Canal Commission, a U.S.
  government agency, said in its daily operations report that
  there was a backlog of 30 ships waiting to enter the canal
  early today. Over the next two days it expects --              
               4/03  4/04
                         Due: 36    28
        Scheduled to Transit: 38    38
             End-Day Backlog: 28    18
      Average waiting time tomorrow --
           Super Tankers  Regular Vessels
   North End:  19 hrs       8 hrs
   South End:  20 hrs      16 hrs
  

"
training/12929	12	earn	"LAND'S END INC <LEYS> VOTES INITIAL PAYOUT
  Land's End Inc said its board
  declared a dividend of 10 cts a share payable April 30, record
  April 13.
      It is the company's first dividend since it became a public
  entity last October.
  

"
training/1293	12	earn	"<TIVERTON PETROLEUMS LTD> NINE MTHS DEC 31 NET
  Shr six cts vs five cts
      Net 459,131 vs 289,433
      Revs 1,808,832 vs 1,680,240
  

"
training/12933	0	acq	"ALLWASTE <ALWS> TO ACQUIRE SERVICE FIRM
  Allwaste Inc said it agreed in principle
  to acquire all outstanding stock of a company in the industrial
  service business for 1.98 mln dlrs in common stock.
      It did not identify the company to be acquired.
  

"
training/12935	18	heat	"GLOBAL RAISES HEAVY FUELS PRICES
  global petroleum corp said today it
  raised the posted cargo prices for number six fuel in the new
  york harbor 20 cts to 1.45 dlrs a barrel, effective today.
      the increase brings the prices for one pct sulphur to 21.30
  dlrs, up 20 cts; two pct sulphur 20.85 dlrs, up one dlr; 2.2
  pct sulphur 20.50, up 1.25 dlrs, and 2.5 pct sulphur 20.25
  dlrs, up 1.45 dlrs, it said.
      prices for 0.3 pct and 0.5 pct sulphur fuels were unchanged
  at 22.50 and 21.85 dlrs respectively, the company said.
  

"
training/12937	0	acq	"SOO LINE <SOO> TO SELL LAKE STATES DIVISION
  Soo Line Corp said it agreed to sell
  its Lake States Transportation Division to the newly formed
  Wisconsin Central Ltd.
      The division conducts rail operations over about 2,000
  miles of railroad in Minnesota, Wisconsin, Michigan and
  Illinois. Soo Line said in January it was seeking bids for the
  property.
      Terms were withheld, but Soo has estimated that the
  transaction will result in a one-time after-tax loss of 8.0 to
  15.0 mln dlrs.
  

"
training/12940	10	crude	"BP SAYS NO PLANS TO CLOSE SWEDISH REFINERY
  The British Petroleum Co Plc <BP.L> said
  it had no plans to close its refinery in Gothenburg, despite
  forecasts by a Swedish finance ministry committee that it might
  be planning such a move.
      The committee said the refinery's future looked bleak
  because the Swedish petroleum industry's competitiveness was
  expected to worsen unless it invested, and because of the
  effects of a possible tightening of rules on sulphur content.
      But BP said the unit, in which Sweden's <OK Petroleum AB>
  has a 22 pct stake, had performed well both technically and
  financially up to and including the first quarter of 1987.
      Current restrictions on sulphur emissions and known future
  plans for both Sweden and export markets did not cause it any
  serious problems, it said in a statement.
      The refinery started up in 1967 and has an annual capacity
  of 4.7 mln tonnes.
  

"
training/12943	30	lumber	"USDA CORRECTS TURKEY CREDIT ANNOUNCEMENT
  The U.S. Agriculture Department said
  an announcement by the department yesterday concerning 15.0 mln
  dlrs in additional credit guarantees for exports of U.S.
  commodities to Turkey contained two inaccuracies.
      First, the USDA said its announcement should not have said
  that plywood was excluded from the additional three mln dlrs in
  GSM-102 credit guarantees for lumber.
      The original announcement said the guarantees included
  three mln dlrs for lumber, except plywood.
      Melvin Sims, USDA general sales manager, told Reuters he
  did not anticipate any plywood would be included in the sales,
  but that ""it's possible it would be.""
      Plywood in the past has not been eligible for GSM-102
  credit guarantees because it is considered by some to be a
  manufactured product. Members states of the Organization for
  Economic Cooperation and Development have pledged not to offer
  concessional credits on manufactured products, Sims said.
      However, the Reagan administration is considering whether
  to allow plywood sales to be covered by the credit guarantee
  program, Sims said.
      Second, the USDA announcement said 6.0 mln dlrs of a
  previously announced 6.0-mln dlr line for tallow under GSM-102
  was available for both public and private sector importers.
      In fact, the line of credit guarantees for tallow is
  available only for public sector importers, Walter Stern,
  Foreign Agricultural Service Turkey analyst, said.
  

"
training/12948	30	lumber	"PLYWOOD CREDITS EYED BY REAGAN ADMINISTRATION
  The Reagan administration is debating
  whether to provide government credit guarantees for the export
  of plywood, a U.S. Agriculture Department official said.
      As a member of the Organization for Economic Cooperation
  and Development, OECD, the United States has agreed not to
  provide any concessional credits on the export of manufactured
  products.
      However, USDA General Sales Manager Melvin Sims told
  Reuters the administration is considering allowing USDA to
  provide its first export credit guarantees for plywood on the
  grounds it is not a manufactured product.
      Sims said it was clear that wood products such as
  furniture, tables and window frames would be considered
  manufactured goods and therefore ineligible for export credit
  guarantees. However, the case of plywood was less clear.
      ""As long as it's a basic material, we consider it still just
  a processed version of the basic agricultural commodity,"" Sims
  said in a telephone interview.
      Earlier today, USDA said that plywood was eligible under an
  export credit guarantee offer for Turkey announced yesterday.
  In its original announcement yesterday, USDA had said the offer
  included three mln dlrs for the export of lumber, excluding
  plywood. However, Sims said he did not expect any plywood
  exports to be including under the lumber guarantee offer.
  

"
training/12949	12	earn	"POPE AND TALBOT <POP> SEES HIGHER 1ST QTR NET
  Pope and Talbot Inc said it
  expects first quarter earnings to total about one dlr per
  share, compared with a year-earlier loss of nine cts per share.
      Each of the company's business segments contributed to the
  sharp improvement, Pope and Talbot said.
      The wood products company also said it expects to release
  first quarter results later this month.
  

"
training/12956	0	acq	"STARS TO GO <STAR> GETS STORES, AGREEMENT
  Stars to Go Inc said it completed
  its acquisition of 650 video centers previously owned by CVS
  International Inc and located in Circle K Corp <CKP> stores.
      In conjunction with the acquistion, Circle K also granted
  it the exclusive right to install video cassette rental centers
  in all existing 3,500 Circle K stores, as well as in future
  stores, for a period of seven years, Stars to Go said.
      The company also said it currently has a total of 4,650
  centers in operation and expects to increase the total to 6,000
  by June 30.
  

"
training/12959	42	rubber	"POLYSAR IN JOINT VENTURE ON FINLAND LATEX PLANT
  Polysar Ltd, wholly owned by
  <Canada Development Corp>, said it agreed to form a joint
  venture with Raision Tehtaat, of Finland, to build a synthetic
  rubber latex plant in southern Finland.
      Project cost and plant capacity were not disclosed.
      The joint venture, to be 51 pct owned by Raision Tehtaat
  and 49 pct by Polysar, will build a plant at Anjalankoski, east
  of Helsinki, to produce carboxylated styrene-butadiene latex.
      The plant's production will be used by Finland's paper
  industry for making coated paper and paper board products.
  

"
training/12962	12	earn	"STERLING DRUG INC <STY> INCREASES PAYOUT
  Qtrly div 38 cts vs 33 cts
      Pay June 1
      Record May 7
      NOTE: company said this is the largest dividend increase in
  15 years.
  

"
training/12963	16	gold	"CAMPBELL'S <CCH> MESTON LAKE SETS GOLD TARGETS
  <Meston Lake Resources Inc>, 65.3 pct
  owned by Campbell Resources Inc, said it will begin commercial
  output at its Joe Mann mine in the Chibougamu area of Quebec at
  an initial daily rate of 500 short tons of ore grading 0.15
  ounce of gold per ton.
      It said it will improve throughput to 700 tons a day at
  0.221 ounce of gold per ton.
      Meston said current ore reserves at the property total
  910,000 tons grading 0.211 ounces of gold per ton and 0.3 pct
  copper, but it may be able to develop ""substantially greater
  tonnage.""
    
      Meston said underground drilling below current developed
  reserves has intersected the main zone 200 feet below the
  bottom level, with the average grade assayed at 0.530 ounce of
  gold per ton over true width of 17 feet.
      A recent drillhole, east of the current shaft and 600 feet
  from the reserve boundary, intersected three zones grading,
  respectively, 0.708 ounce per ton over 5.4 feet at depth of 650
  feet, 0.706 ounce over seven feet at depth of 765 feet and
  0.418 ounce over one foot at depth of 1,000 feet. A second
  surface hole, 500 feet farther east, intersected 1.068 ounce
  per ton over 5.3 feet.
  

"
training/12965	0	acq	"WARBURG PINCUS DECLINES TO UP SYMBION <SYMB> BID
  Warburg, Pincus Capital Co L.P., an
  investment partnership, said it told representatives of Symbion
  Inc it would not increase the 3.50-dlr-per-share cash price it
  has offered for the company.
      In a filing with the Securities and Exchange Commission,
  Warburg Pincus said one of its top executives, Rodman Moorhead,
  who is also a Symbion director, met April 1 with Symbion's
  financial advisor, L.F. Rothschild, Unterberg, Towbin Inc.
      In a discussion of the offer, Warburg Pincus said Moorhead
  told the meeting there are no plans to raise the 3.50 dlr bid.
      Moorhead told the Rothschild officials that Warburg Pincus
  considers the offered price to be a fair one, Warburg Pincus
  said.
      Last Month Warburg Pincus launched a tender offer to buy up
  to 2.5 mln Symbion common shares.
  

"
training/12969	7	cotton	"NEW YORK FUTURES EXCHANGE TO RELOCATE
  Lewis Horowitz, president of the New
  York Futures Exchange, said the New York Stock Exchange board
  yesterday approved in principle an agreement to relocate the
  futures exchange at the New York Cotton Exchange.
      The agreement is subject to the approval of the Cotton
  Exchange board, which meets Tuesday, April 7.
  

"
training/12973	0	acq	"CALIFORNIA FIRM HAS FIVE PCT OF MODULAIRE <MODX>
  PBS Building Systems of America Inc,
  an Anaheim, Calif., company, told the Securities and Exchange
  Commission it has acquired 150,000 shares of Modulaire
  Industries, or 5.0 pct of the total outstanding common stock.
      PBS, whose subsidiaries design, make, sell and lease
  nonresidential relocatable modular buildings, said it bought
  the stake for 855,768.75 dlrs ""to acquire an equity interest in
  Modulaire, while it evaluates Modulaire.""
      Depending on several factors, PBS said it may decide to buy
  additional Modulaire common shares.
  

"
training/12974	0	acq	"BOISE CASCADE <BCC> COMPLETES SALE OF UNIT
  Boise Cascade Corp said it
  completed the previously announced sale of its Consumer
  Packaging Division to Sonoco Products Co <SONO> for
  approximately 175 mln dlrs.
  

"
training/12978	12	earn	"KENTUCKY CENTRAL TO DECLARE STOCK DIVIDEND
  Kentucky Central Life INsurance Co
  said the company said it will declare a 200 pct stock dividend
  on Monday.
      Accordingly, it said it filed a registration statement with
  the Securities and Exchange COmmission for a proposed offering
  of three mln shares of its class a non-voting common stock,
  which reflects the anticipated dividend.
      Proceeds will be used for general purposes.
  

"
training/1298	12	earn	"MCA INC <MCA> SETS REGULAR QTRLY PAYOUT
  Qtrly div 17 cts vs 17 cts prior
      Pay April 13
      Record March 25
  

"
training/12980	6	copper	"CHILE, CHINA TO ESTABLISH PEKING COPPER PLANT
  The Chilean state copper corporation,
  Codelco, the privately-owned Chilean copper fabricator Madeco
  and Chinese interests are to establish a copper tube plant in
  Peking, Codelco's U.K. Subsidiary Chile Copper Ltd said.
      The plant is designed to produce 5,000 tonnes in the first
  five years and 8,000 tonnes as from year six. Total investment
  is estimated at 10 mln dlrs, of which the Chileans will
  contribute two mln.
      Codelco and Madeco have formed the Chilean Wrought Copper
  Company to take a 50 pct stake in a new company called Peking
  Santiago Tube Company with the Chinese holding the other half.
  

"
training/12981	0	acq	"ALLIED-SIGNAL <ALD> TO SELL ELECTRONICS UNIT
  Allied-Signal Inc said it
  agreed to sell its Amphenol Products unit to a subsidiary of
  LPL Investments Group <LPLI>, a Wallingford, Conn., investment
  company, for 430 mln dlrs cash.
      Closing is expected soon, pending appropriate approvals,
  the company said. LPL indicated that at closing, warrants will
  be sold which, when exercised, will reduce its stake in the
  subsidiary, Amphenol Acquisition Co, to 60 pct, the company
  said.
      Lisle, Ill.-based Amphenol had 1986 sales of about 500 mln
  dlrs. It makes brand name interconnection products.
      LPL also said Merrill Lynch and Co has committed to buy 175
  mln dlrs of subordinated and preferred debt in the new LPL
  unit, according to Allied-Signal. Canadian Imperial Bank of
  Commerce has committed up to 340 mln dlrs in senior debt
  financing, it said.
      Allied-Signal said in December it was offering for sale
  Amphenol and six other operating units in its electronics and
  instrumentation sector.
      Merrill Lynch, Needham and Co and Lazard Freres served as
  financial advisors, it said.
  

"
training/12987	16	gold	"ASAMERA <ASM> TO FORM NEW MINING UNIT
  Asamera Inc said it will
  transfer all its mineral interests into a new wholly owned
  subsidiary, Asamera Minerals Inc, which will later issue up to
  15 pct of its shares to the public.
      The mineral interests will include Asamera's 51 pct
  interest in the Cannon gold mine in Wenatchee, Wash. Asamera
  said the mine produced 116,514 ounces of gold in 1986 and is
  expected to produce 130,000 to 140,000 ounces this year.
      Asamera said its talks with Breakwater Resources Ltd
  <BWRLF> on a possible merger of mining interests, including the
  Cannon mine, have been terminated. It did not elaborate.
       
      Asamera said holding all its mineral properties in a
  separate company will give better and more direct recognition
  to the value of the assets.
      Its other mining interests include gold exploration
  prospects on 13,000 acres in Inyo County, Calif., and 500,000
  acres in Canada's Northwest Territories, the Gooseberry gold
  and silver mine in Nevada, chromite properties in northern
  California and Newfoundland, and a platinum prospect in the
  Rankin Inlet, Northwest Territories.
  

"
training/12988	0	acq	"OCCIDENTAL <OXY> UNIT SELLS DIVISION
  Occidental Petroleum Corp's
  Occidental Chemcial Corp said it sold the Process chemicals
  division it acquired as part of the September 1986  purchase of
  Diamond Shamrock Chemicals to Henkel KGAA of Dusseldorf, West
  Germany.
      Terms were not disclosed.
      The division makes specialty industrial chemicals, it said.
      Later, industry sources said the division, which had
  worldwide sales of some 160 mln dlrs last year, was sold for
  just under 200 mln dlrs.
  

"
training/1299	17	grain	"SOVIET GRAINS SEEN ENTERING SPRING ON SHAKY NOTE
  Soviet winter grains could be off to
  a faulty start this spring after enduring an usually dry fall
  and cold winter, weather and crop analysts said.
      Prospects for another near-record grain harvest in the
  Soviet Union appear dim at this point, but it is premature to
  forecast any major crop problems, analysts said.
      But the situation bears careful watching over the next six
  weeks and will ultimately impact the Soviet grain supply and
  future buying plans, analysts of the Soviet Union said.
      ""From a weather standpoint, you can say with certainty that
  the Soviets are not getting off to a good start and will have a
  lower crop (than last year),"" Gail Martell, chief meteorologist
  for E.F. Hutton said.
      The next six weeks in the USSR's grain growing areas will
  be the crucial period that will determine the final outcome of
  the winter crops, Martell and other analysts said.
      ""Where the crop is really made or broken is still ahead of
  us,"" an Agriculture Department authority on the USSR said.
      The Soviet Union recently reported that nine mln hectares
  of winter grain will have to be reseeded due to winterkill.
  This would be equal to about 25 pct of the total winter crop
  and would be the second highest winterkill in ten years, the
  USDA analyst said.
      With a timely spring, Soviet farmers would probably be able
  to reseed the damaged acreage with spring crops, but analysts
  noted that spring crops normally yield lower than winter crops
  -- sometimes as much as 30-35 pct lower.
      Normally winterkill is caused by inadequate snowcover
  combined with cold temperatures. This winter, however,
  snowcover in Soviet grain areas has generally been excellent,
  so the bulk of winterkill, analysts speculate, likely has been
  due to a very dry fall and subsequent poor crop germination.
      ""Fall dryness may be a problem. There's a good correlation
  between mediocre crops and fall dryness,"" Martell said.
      Precipitation last fall was as little as 25 pct of normal
  in southern and northern Ukraine, and below normal over the
  entire winter crop area, she said.
      Recent cold temperatures in grain areas in which the
  snowcover has been gradually melting could also have caused 
  problems of ice-crusting and winterkill, Jim Candor, senior
  forecaster for Accu Weather, said.
      Livestock feed needs have probably increased because of the
  fall and winter, analysts said. The dry fall damaged pastures,
  the cold winter raised feed demands and a late spring would
  require longer off-pasture feeding, they said.
      ""The Soviets are not in a desperate situation ... they
  don't have to buy (grains) now,"" a USDA official said.
      But if the Soviets are worried about their winter crops and
  if they feel that last year's huge crop of 210 mln tonnes was a
  one-time fluke brought on by perfect conditions, more Soviet
  buying might occur to insure crop supplies, he said.
      Bad weather during the next six weeks could push the
  Soviets back into the market, weather analysts said.
      ""A lot of winterkill could occur during the next month and
  a half,"" Martell said.
  

"
training/12992	6	copper	"NORANDA MINE SEEN BELOW FULL OUTPUT FOR MONTHS
  Noranda Inc said production
  will remain shut down at its fire-damaged copper mine here
  until it can completely examine the mine.
      If it decides to keep the mine open it would take four or
  five months before it could resume full production.
      Company spokesman Dale Coffin said the investigation could
  take from a few days to several weeks but would not be more
  specific.
      Noranda said when it resumes production it plans to operate
  the mine at about one-third of the normal 72,000 tonnes annual
  finished capacity.
      The fire, which started Wednesday and burned itself out
  late yesterday weakened part of the mine's support structure,
  Coffin said.
      One miner was killed and 56 others were trapped underground
  for about 24 hours before being brought safely out.
  

"
training/12995	0	acq	"U.K. FIRM UPS ITALY FUND <ITA> STAKE TO 12 PCT
  Lloyds Investment Managers Ltd, a
  London-based investment firm, said it raised it stake in Italy
  Fund to 760,500 shares, or 12.0 pct of the total outstanding
  common stock, from 466,000 shares, or 7.4 pct.
      In a filing with the Securities and Exchange Commission,
  Lloyds said it bought the additional 294,500 Italy Fund common
  shares since November 7 for a total of 3.3 mln dlrs. Another
  70,000 shares of the stake are held by an affiliate, it said.
      It said its dealings in Italy Fund stock are for investment
  purposes only and that it has no current plans to increase or
  decrease its current stake.
  

"
training/12996	0	acq	"INVESTOR HAS FIVE PCT OF SAGE DRILLING <SAGE>
  Arthur Appleton, a Chicago investor,
  told the Securities and Exchange Commission he has acquired
  39,000 shares of Sage Drilling Co Inc, or 5.1 pct of the total
  outstanding common stock.
      Appleton said he bought the stock for 116,554 dlrs for
  investment purposes.
      Depending on several circumstances, Appleton said he may
  buy more Sage common shares, or sell some or all of his current
  stake.
  

"
training/13	12	earn	"AM INTERNATIONAL INC <AM> 2ND QTR JAN 31
  Oper shr loss two cts vs profit seven cts
      Oper shr profit 442,000 vs profit 2,986,000
      Revs 291.8 mln vs 151.1 mln
      Avg shrs 51.7 mln vs 43.4 mln
      Six mths
      Oper shr profit nil vs profit 12 cts
      Oper net profit 3,376,000 vs profit 5,086,000
      Revs 569.3 mln vs 298.5 mln
      Avg shrs 51.6 mln vs 41.1 mln
      NOTE: Per shr calculated after payment of preferred
  dividends.
      Results exclude credits of 2,227,000 or four cts and
  4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or
  six cts and 4,104,000 or 11 cts for prior periods from
  operating loss carryforwards.
  

"
training/130	12	earn	"COLECO INDUSTRIES <CLC> SEES PROFIT IN 1987
  Coleco Industries Inc said
  it expects to return to profitability in 1987.
      Earlier, Coleco reported a net loss of 111.2 mln dlrs for
  the year ended December 31 compared to a profit of 64.2 mln
  dlrs in the year earlier.
      In a prepared statement, the company said the dramatic
  swing in operating results was due primarily to the steep
  decline in sales of Cabbage Patch Kids products from 600 mln
  dlrs to 230 mln dlrs.
      Coleco said it changed from a single product company to a
  more diversified organization through four major acquisitions
  last year.
      Products from the new acquisitions and other new product
  introductions are expected to enable it to return to
  profitability, it said.
      At the annual Toy Fair earlier this month, vice president
  Morton Handel said analysts' 1987 projected earnings of 90 cts
  a share on sales of 600 mln dlrs are reasonable.
  

"
training/1300	1	alum	"ALCAN (AL) TO CLOSE WEST GERMAN SMELTER
  (Alcan Aluminium Ltd) is closing its
  aluminum smelter in Ludwigshafen, West Germany this June due to
  high operating costs, an Alcan spokesman said.
      The smelter, near Frankfurt, had annual capacity of about
  44,000 metric tons but was operating at about half that in
  January, spokesman Fernand Leclerc said.
      Leclerc said Alcan decided it would cost too much to
  modernize the plant.
      He said there is a possibility the company will sell the
  smelter, which currently employs 320 people, before its
  scheduled closing.             
  

"
training/13003	6	copper	"NORANDA SETS TEMPORARY MINE SHUTDOWN
  <Noranda Inc> said
  production will remain shut down at its fire-damaged copper
  mine here until it can completely examine the mine.
      The fire, which started Wednesday and burned itself out
  late yesterday, killed one miner and trapped 56 others
  underground for about 24 hours. The 56 were eventually brought
  safely out of the mine.
      Company spokesman Dale Coffin said the investigation could
  take from a few days to several weeks, but would not be more
  specific.
      Noranda said that, when it resumes production, it plans to
  operate the mine at about one-third of the normal 72,000 metric
  tons annual finished capacity.
      The fire weakened part of the mine's support structure,
  Coffin said.
      Noranda said if it decides to keep the mine open, it would
  take four or five months before it could resume full
  production.
  

"
training/13005	0	acq	"CIS TECHNOLOGIES<CIH> TO SELL SHARES TO SWISS CO
  CIS Technologies Inc said it
  executed a formal share purchase agreement with Swiss
  Reinsurance Co of Zurich, Switzerland.
      Under terms of the agreement, Swiss Re will acquire 5.5 mln
  newly issued CIS stock at 2.50 dlrs a share, or 13.8 mln dlrs.
  This purchase represents 30 pct of the outstanding shares.
      Swiss Re will acuqire 500,000 of the shares immediately and
  remaining shares will be bought after a due diligence report is
  completed by auditors.
      The transaction is expected to be complete by June 11.
  

"
training/13006	12	earn	"COPLEY PROPERTIES INC <COP> INCREASES DIVIDEND
  Qtly div 42 cts vs 41.5 cts prior
      Payable APril 28
      Record April 14
  

"
training/13007	8	cpi	"COLOMBIAN INFLATION STABLE AT AROUND 20 PCT
  Colombia's cost of living index rose 2.71
  pct in March, after a 2.03 pct increase in February and a 2.21
  pct rise in March 1986, the government statistics institute
  said.
      The result brought year-on-year inflation to 20.36 pct
  compared with 22.65 pct at end-March 1986 and 19.77 pct for the
  year ending February 1987.
      The government has predicted that inflation this year would
  be slightly lower than in 1986 when it reached 20.9 pct.
  

"
training/13008	22	interest	"FHLBB SAYS MORTGAGE RATES CONTINUE DECLINE
  The Federal Home Loan Bank Board said
  home mortgage rates fell from early February to early March to
  their lowest point in nine years, but the rate of decline was
  slower than it had been in recent months.
      The bank board said the average effective commitment rate
  for fixed-rate mortgages for single family homes and a 25 pct
  loan-to-price ratio with a maturity of at least 15 years was
  9.48 pct in early March.
      The rate was four basis points lower than a month ago, only
  one-eighth the size of decline in the previous month, the bank
  board said.
      Rates for adjustable-rate mortgages decline eight basis
  points from early February to 8.43 pct in early March, the bank
  board said. The drop was far less than the 15 basis point
  decline in the previous period, the agency said.
      The average effective interest rate on all loans closed by
  major mortgage lenders declined nine basis points from early
  February to early March, the agency said. The fall brought the
  rate to 9.14 pct was the lowest since December 1977, it said.
      The effective rate for ARMS was 8.39 pct, 15 basis points
  below a month earlier. For fixed-rate loans it was 9.36 pct, 14
  basis points below a month earlier, the agency said.
  

"
training/1301	12	earn	"ROYAL RESOURCES CORP <RRCO> 2ND QTR DEC 31 LOSS
  Shr loss 72 cts vs loss 1.48 dlrs
      Net loss 4,466,006 vs loss 9,091,688
      Revs 608,181 vs 1,280,727
      Avg shrs 6,194,000 vs 6,155,461
      First half
      Shr loss 77 cts vs loss 1.51 dlrs
      Net loss 4,752,455 vs loss 9,265,457
      Revs 1,444,149 vs 2,791,188
      Avg shrs 6,174,731 vs 6,155,461
      NOTE: Losses include charges of 4.0 mln dlrs in both 1986
  periods vs 14.4 mln dlrs in both 1985 periods for write-down of
  oil and gas properties
  

"
training/13010	33	money-supply	"CANADIAN MONEY SUPPLY M-1 FALLS 291 MLN DLRS IN WEEK, BANK OF CANADA SAID

  CANADIAN MONEY SUPPLY M-1 FALLS 291 MLN DLRS IN WEEK, BANK OF CANADA SAID
  

"
training/13011	0	acq	"BENEFICIAL <BNL> UNIT SALE APPROVED
  Beneficial Corp said the sale of its
  American Centennial Insurance Co subsidiary to <First Delaware
  Holdings Inc> was approved by the Delaware Insurance
  Department.
      Under the transaction, American Centennial will receive a
  cash infusion of 200 mln dlrs, including the settlement of tax
  sharing agreements with Beneficial Corp, Beneficial said.
      It will also receive 25 mln dlrs from Beneficial
  International Insurance Co, another Beneficial subsidiary being
  purchased by the management-led group of First Delaware, the
  company said.
  

"
training/13014	12	earn	"<ITT CANADA LTD> YEAR NET
  Shr 5.56 dlrs vs 3.88 dlrs
      Net 47.5 mln vs 33.2 mln
      Revs 254.5 mln vs 243.5 mln
      Note: shr after preferred dividends
      ITT Corp <ITT> owns 100 pct of ITT Canada common shares
  

"
training/13019	33	money-supply	"CANADIAN MONEY SUPPLY FALLS IN WEEK
  Canadian narrowly-defined money supply
  M-1 fell 291 mln dlrs to 32.44 billion dlrs in the week ended
  March 25, Bank of Canada said.
      M-1-A, which is M-1 plus daily interest chequable and
  non-personal deposits, fell 7 mln dlrs to 75.14 billion dlrs
  and M-2, which is M-1-A plus other notice and personal
  fixed-term deposits, fell 56 mln dlrs to 177.54 billion dlrs.
      M-3, which is non-personal fixed term deposits and foreign
  currency deposits of residents booked at chartered banks in
  Canada, rose 321 mln dlrs to 216.67 billion dlrs.
      Chartered bank general loans outstanding fell 169 mln dlrs
  to 126.03 billion dlrs.
      Canadian liquid plus short term assets rose 72 mln dlrs to
  36.47 billion dlrs and total Canadian dollar major assets of
  the chartered banks rose 507 mln dlrs to 224.22 billion dlrs.
      Chartered bank net foreign currency assets fell 231 mln
  dlrs to minus 2.00 billion dlrs.             
      Notes in circulation totalled 16.16 billion dlrs, up 50 mln
  dlrs from the week before.
      Government cash balances fell 1.17 billion dlrs to 4.63
  billion dlrs in week ended April 1.
      Government securities outstanding rose 1.09 billion dlrs to
  226.42 billion dlrs in week ended April 1, treasury bills rose
  1.35 billion dlrs to 76.95 billion dlrs and Canada Savings
  Bonds fell 47 mln dlrs to 43.87 billion dlrs.         
  

"
training/13021	0	acq	"UNION TO PROTEST DART'S SUPERMARKETS <SGL> BID
  The United Food And Commercial
  Workers said that more than 1,000 rank-and-file members of the
  union will demonstrate Monday at Dart Group Corp's headquarters
  protesting Dart's proposed 1.73 billion dlr takover of
  Supermarkets General <SGL>.
      Supermarkets is best known for its Pathmark chain of
  supermarket drug stores in the New York and New Jersey area and
  also owns Rickels home centers.
      The union said that it is firmly against the Dart bid
  because ""workers have always ended up with a raw deal in the
  current takeover mania.""
      A Union statement said: ""We do not intend to allow our
  members to pick up the tab for Supermarket General's executives
  and the bankers or the Dart Group who stand to make millions.""
      Dart is controlled by the Haft family of Washington, which
  last year made a bid for California-based Safeway Stores Inc.
  The Hafts lost, but walked away with at least 100 mln dlrs in
  profits, analysts estimate.
      The union said that Dart's Safeway bid forced a major
  restructuring at Safeway to pay the Hafts and their lawyers and
  caused a loss of thousands of jobs.
  

"
training/13023	0	acq	"FCS LABORATORIES <FCSI> TERMINATES DEAL TALKS
  FCS Laboratories Inc said merger
  discussions with an unnamed privately-held company in the
  health care field have ended without an agreement.
      The previously announced negotiations began last August,
  the company said.
      ""It's disappointing to spend so much time on these
  negotiations and have them fail,"" said FCS chairman Nicholas
  Gallo III. ""But the discussions could not produce a deal
  acceptable to our board in the context of the company's
  stronger financial position today as compared to six months
  ago.""
      Gallo said FCS will stop actively seeking potential merger
  partners, but will respond to serious inquiries.
      ""We are determined to follow our plan to restore this
  company to profitability,"" he said. ""To continue actively
  searching for potential acquirers inherently forces us to
  postpone the implementation of critical decisions which are
  part of the plan.""
      The company, which has 4,475,930 common shares outstanding,
  reaffirmed it expects to be profitable in the second half of
  the fiscal year ending September 30, 1987.
  

"
training/13024	22	interest	"WHITE HOUSE SAYS INTEREST RATES REFLECT MARKET
  The White House said the rise in
  interest rates was ""unfortunate in a general sense"" but reflected
  market forces.
      ""There's always movement up and down and the basic fact is
  that we believe the economy is strong and growing and there
  will always be fluctuations in the interest rate, but the
  economy is sound and in good shape,"" spokesman Marlin Fitzwater
  said.
      Citibank raised its prime rate by one quarter of a point
  and the move was followed by other banks.
  

"
training/13025	12	earn	"REGAL PETROLEUM LTD <RPLO> YEAR
  Shr loss nine cts
      Net loss 1.4 mln
      Revs 630,118 dlrs
      NOTE:Due to change in fiscal year, prior 4th qth and year
  cannot be presented on comparable basis. 1986 loss includes
  writedowns approximating 1.4 mln dlrs.
  

"
training/13026	12	earn	"CANTERBURY PRESS INC YEAR NOV 30
  Shr 1.1 cts vs 1.7 cts
      Net 26,708 vs 35,084
      Revs 447,548 vs 243,161
      NOTE:1986 net includes 4,300 dlrs gain from tax credit and
  1985 includes gain of 8,300 dlrs gain from credit.
  

"
training/13027	12	earn	"GRAPHIC MEDIA INC <GMED> YEAR
  Shr nine cts vs 19 cts
      Net 188,000 vs 362,000
      Revs 20.4 mln vs 11.3 mln
      NOTE:1985 restated for reversal of certain tax benefits.
  1986 and 1985 reflects preferred stock dividend requirements.
  

"
training/1303	0	acq	"HANSON TRUST <HAN> COMPLETES KAISER PURCHASE
  Hanson Trust PLC said Kaiser Cement
  shareholders today approved the previously announced merger
  agreement making Kaiser Cement an indirect wholly owned unit of
  Hanson Trust.
      Hanson said that promptly following the filing of the
  certificate of merger Kaiser Cement common shares will be
  delisted from the New York Stock Exchange.
      Hanson also said, in accordance with the merger agreement
  Kasier Cement also has redeemed all outstanding shares of its
  1.375 dlr convertible preferance stocks and its outstanding 9
  pct convertible debentures due 2005.
      The acquisitions total purchase price (including cost of
  financing the above-mentioned redemptions) will be about 250
  mln dlrs, Hanson said.
  

"
training/13031	12	earn	"RICHARDSON ELECTRONICS <RELL> 3RD QTR FEB 28 NET
  Shr 20 cts vs 20 cts
      Net 1,981,000 vs 1,689,000
      Rev 24.7 mln vs 19.6 mln
      Nine months
      Shr 59 cts vs 53 cts
      Net 5,855,000 vs 4,360,000
      Rev 70.9 mln vs 51.9 mln
      NOTE: Fiscal 1986 per share data reflects dilutive effect
  of shares issued for April 1986 convertible debenture
  conversion. Company's full name is Richarson Electronics Ltd.
  

"
training/13032	12	earn	"DIVERSIFIED HUMAN RESROUCES GROUP <HIRE> YEAR
  Shr loss five cts vs profit 72 cts
      Net loss 79,069 vs profit 829,737
      Revs 14.4 mln vs 14.1 mln
      NOTE:1985 includes extraordainy credit of 11 cts.
  

"
training/13036	0	acq	"MID-STATE <MSSL>, FIRST FEDERAL IN DEAL
  Mid-State Federal Savings and Loan
  Association said it and First Federal Savings and Loan
  Association of Brooksville <FFBV> reached a definitive merger
  agreement.
      As previously announced, Brooksville shareholders will get
  cash and stock in exchange for their shares. The transaction is
  expected to be completed during the summer 1987.
  

"
training/13037	0	acq	"MEMOTEC DATA COMPLETES TELEGLOBE ACQUISITION
  <Memotec Data Inc> said it completed
  the previously announced 488.3 mln dlr acquisition of Teleglobe
  Canada from the federal government.
      Memotec Data said Teleglobe, which has provided Canada's
  overseas telecommunications services since 1950, now becomes
  Teleglobe Canada Inc, a unit of Memotec.
      Teleglobe president and chief executive Jean-Claude Delorme
  will continue in the same post, the company said.
      In addition to the sale price, the government will receive
  Teleglobe's accumulated cash of 102 mln dlrs and a special 18
  mln dlr dividend, making total proceeds 608.3 mln dlrs.
  

"
training/13039	48	trade	"U.S., JAPANESE OPEN TALKS ON SEMICONDUCTORS
  U.S. and Japanese officials meet
  tomorrow to try to settle a dispute over semiconductor trade
  and to cut short the 300 mln dlr penalty tariffs President
  Reagan has ordered imposed on Japanese exports.
      But U.S. officials held out little hope that any accord
  could be reached before the tariffs of 100 per cent - up from
  about five per cent - are to take effect on April 17.
      The Customs Bureau last week started to levy a bond on the
  Japanese goods that Reagan ordered penalized. The penalties
  would be retroactive to March 31.
      Reagan said on March 27 when ordering the tariffs that he
  hoped the Japanese would soon end their unfair practices in
  semiconductor trade and that sanctions could be lifted.
      Technical meetings are to be held today and tomorrow, with
  meetings at a more senior level scheduled for Thursday and
  Friday. Public hearings on the sanctions are set for April 13.
      The Japanese aides here for the technical talks include
  Shigeru Muraoka, director-general of international trade policy
  of the Ministry of International Trade and Industry (MITI), and
  Masashi Yamamoto, deputy director-general of the information
  and machinery bureau.
      Meeting with them will Glen Fukushima, director of the
  Japan office of the U.S. Trade Representative's Office, and Jim
  Gradoville, of trade representative's office of industry and
  services.
      The two sides in the Thursday and Friday talks will be
  headed by Deputy U.S. Trade Representative Michael Smith and
  MITI vice minister Makoto Kuroda.
  

"
training/13041	0	acq	"AMERON <AMN> ADOPTS SHAREHOLDER RIGHTS PLAN
  Ameron Inc said its board
  adopted a rights plan designed to protect shareholders from
  potentially unfair takeover tactics.
      The plan calls for distribution of one right for each of
  its outstanding common shares and each right entitles the
  holder to buy one/one-hundredth of a share of newly authorized
  Series A Junior Participating cumulative Preferred stock at an
  exercise price of 55 dlrs, Ameron said.
      It said the rights are exercisable if a group acquires 20
  pct or more of its common stock or announces a tender offer for
  30 pct or more of its shares.
  

"
training/13043	0	acq	"FCS LABORATORIES <FCSI> ENDS MERGER TALKS
  FCS Laboratories said its merger
  talks with another unidentified company in the health care
  field ended without agreement.
      The talks began last August, the company said.
      The company also said it will no longer actively seek out
  potential merger partners, but will respond to serious
  inquiries.
  

"
training/13045	48	trade	"UK MINISTER LOOKS TO EASE TENSION WITH JAPAN
  The U.K. government hopes for a
  breakthrough on the deadlock with Japan over trade policies
  during next week's visit to Tokyo by Corporate Affairs Minister
  Michael Howard, political sources said.
      Howard, who leaves for Japan tomorrow, told Reuters he will
  try to promote understanding on trade issues during his visit.
      Meanwhile, Britain will re-examine a letter from Japanese
  Prime Minister Yasuhiro Nakasone promising personal help in
  solving the row over a U.K. firm's bid to win a significant
  role in Japan's telecommunications market, government sources
  said.
      Tensions have risen following Britain's decision to arm
  itself early with new statutory powers which it says could be
  used against certain Japanese financial institutions.
      Britain reacted optimistically at first to the letter from
  Nakasone to Prime Minister Margaret Thatcher, seeing it as a
  signal that he would work towards ensuring a satisfactory
  outcome to the bid launched by Cable and Wireless Plc,
  government officials said.
      But this view has since been clouded by reports from Tokyo
  that Nakasone's assurances really constituted little more than
  politeness in the face of British anger, they added.
  

"
training/13046	48	trade	"CONABLE WARNS PROTECTIONISM MIGHT SPREAD
  World Bank President Barber Conable
  expressed concern that trade protectionism, at the heart of a
  new showdown between the United States and Japan, might spread
  throughout the industrial world.
      But in an interview with Reuters, Conable said the action
  by the United States to slap tariffs on certain electronic
  goods from Japan did not mean the countries were heading for a
  full-scale trade war.
      Conable said the World Bank has been pressing developing
  countries to open their markets, arguing that a free trading
  environment increased the possibility of global economic
  growth.
      ""We have, in fact, been making adjustment loans to many
  countries in the developing world which have encouraged the
  opening of their markets and we want to be sure that the
  developed world doesn't close at the same time,"" he said.
      He said the U.S. action against Japan was ""a significant
  retaliatory step but it did not constitute a basic change in
  trade policy.""
      The interview came just before next week's semi-annual
  meetings of the Bank and the International Monetary Fund.
      Referring to Brazil's recent interest payments moratorium,
  Conable also said the global debt situation was very serious
  and must be closely watched.
      He said the Bank, which in the past has concentrated on
  making loans that assist the basic underpinnings in the
  developing world such as dams, roads and sewers, will
  increasingly make assistance available for economic reform.
      The Bank has increased these loans, in part because of the
  debt crisis that has found countries desperately in need of new
  funds for balance of payments adjustment and economic reforms
  aimed at opening their markets, encouraging foreign investment
  and reducing government's role in the economy.
      ""We're comfortable with adjustment lending, we expect,
  however, that it will never reach a majority of our portfolio,""
  Conable said.
      He made clear, however, that adjustment lending would
  continue to increase as a proportion of overall Bank lending
  for some time.
      He noted, ""the problem of debt was a severe one and many
  countries are asking for adjustment assistance because of the
  problem of debt.""
      Conable, is a a former Republican Congressman from New York
  chosen by President Reagan for the Bank position last year. He
  is an associate of Treasury Secertary James Baker who launched
  the U.S. strategy for shoring up indebted nations in October,
  1985 which included a call for increased adjustment lending by
  the World Bank.
      Conable also said that he expected the result of a major
  study of the Bank's organization to be completed in the next
  several weeks.
      He said the decision to seek a reorganization was based, in
  part, on the fact that the Bank had come under fire from the
  poorest countries for not doing enough to help and from the
  richest countries because of inefficiency.
      the reorganization is considered a major initiative by
  Conable, and is being closely-watched by the agency's 151
  member-countries as an indication of his management style and
  priorities.
      ""I want to be sure this institution is viewed by those who
  must support it as soundly constituted so that it will be
  permitted to grow,"" Conable said.
      However, he said ""I don't believe there is anything
  basically wrong with this institution and I don't believe it
  has to have any redefinition of its purpose.""
      He said, however, that it was apparent that the debt
  initiative proposed by Baker has given the Bank a central role
  in dealing with the debt crisis.
      Conable added that cooperation between the Bank and its
  sister agency, the International Monetary Fund, was good and
  that he talked often with IMF Managing Director Michel
  Camdessus on a variety of issues.
      On a personal level, Conable said that he not feel a need
  to put his personal stamp on the Bank noting that ""I don't have
  a particular mission here except to be useful to the
  institution and to the process of development.""
      He added, ""so I don't feel a great calling to personalize
  the institution.""
      On the development needs of sub-Sahara Africa, Conable said
  that the Bank was constantly reviewing new ways for assisting
  the region, noting that half of the recently agreed financing
  of 12.4 billion dlrs for Bank's International Development
  Association was earmarked for Africa.
      Leading industrial nations are expected to consider new
  forms of debt relief for the very poorest nations, like those
  in the Sub-Sahara, during next week's meetings.
  

"
training/13052	44	strategic-metal	"MINAS DE ALMADEN RAISES MERCURY PRICE
  Spain's Minas de Almaden y Arrayanes S.A.
  has agreed with Algerian producer ENOF to establish a minimum
  price of 300 dlrs per flask for spot mercury sales, Almaden
  spokesman Jesus Gallego said.
      In response to enquiries from Reuters, he said his company
  had raised the minimum price for its spot sales from 240 dlrs
  per flask following talks with ENOF.
      In a separate press release, the company said that ENOF and
  Almaden held talks in Istanbul a week ago with Turkish mercury
  producers on ways to improve prices, but Gallego said he was
  not in a position to say what action the Turkish companies
  would be taking.
  

"
training/13053	32	money-fx	"U.S. JOBS DATA SAID TO RULE OUT FED TIGHTENING
  A steep drop in goods-producing jobs
  detracted from U.S. March non-farm payroll employment and makes
  it unlikely that the Federal Reserve will tighten monetary
  policy to defend the dollar, economists said.
      U.S. March non-farm payroll employment rose 164,000, less
  than the gain of 220,000 to 290,000 the financial markets
  expected. Manufacturing employment fell 25,000, compared with
  February's 50,000 gain, while March construction employment
  dropped 45,000 after being unchanged in February.
      ""The momentum of industrial activity is tapering off as we
  end the first quarter,"" said Stephen Roach of Morgan Stanley
  and Co Inc. ""This sets the stage for more sluggish growth in
  the second and third quarters.""
      ""The Fed will view this as a caution flag on the economy,""
  he said. ""They will not ease as long the dollar is weak, but
  clearly they can't tighten.""
      David Wyss of Data Resources Inc said that the downward
  revision in February non-farm payroll employment to 236,000
  from 337,000 means that employment gains in the first quarter
  were weaker than expected.
      While Wyss left his first-quarter forecast of real U.S.
  gross national product growth at 3.5 pct, he said the March
  jobs data suggested a downward revision in his second-quarter
  growth forecast to 2.5 pct from 2.8 pct.
      Bill Sullivan of Dean Witter Reynolds Inc said the average
  monthly gain in non-farm jobs in the first quarter was only
  237,000, compared with 254,000 in the fourth quarter of 1986.
      ""There's momentum in first quarter labor force activity, 
  but less than assumed,"" he said. ""Gains in goods-producing jobs
  were subdued at best. This rules out any possibilty of the Fed
  tightening for exchange-related purposes.""
      In March, the average workweek fell back to its January
  level of 34.8 hours from 35.0 hours in February. Manufacturing
  hours also fell back to their January level, totalling 40.9
  hours in March compared with 41.2 hours in February.
      The Commerce Department noted that loss of manufacturing
  jobs in March was concentrated in automobile, electrical and 
  electronic manufacturing.
      Robert Brusca of Nikko Securities International said that a
  13,000 decline in auto manufacturing employment accounted for
  nearly half of the total drop in manufacturing jobs.
      Economists said that a build-up in auto inventories
  resulting from a steep drop in sales has finally caught up with
  the labor force and may point to slower growth ahead.
      Most expect an increase in inventories of as much as five
  pct to offset a steep four to five pct drop in final sales in
  the first-quarter GNP accounts.
      Roach said he expects first quarter U.S. GNP to rise two
  pct, to be followed by a gain of 1.0-1.5 pct at best in the
  second and third quarters. He said the March drop in industrial
  activity ""is a reasonable response in light of the inordinate
  contribution inventory accumulation made to GNP.""
      Economists said the employment data also suggest weak gains
  in industrial production and personal income for March.
  They expect only marginal gains, if not small declines, for
  these indicators, compared with a February increases of 0.5 pct
  in industrial production and 0.9 pct in personal income.
      Steve Slifer of Lehman Government Securities said the drop
  in March construction employment may also signal a drop in
  March housing starts, which rose 2.6 pct in February to 1.851
  million units at an annual rate from 1.804 million units in
  January.
      The rate of unemployment fell to 6.6 pct, its lowest level
  since March 1980, from 6.7 pct in February. But Wyss pointed
  out that this resulted from a drop in the labor force, which 
  fell to 119.2 mln in March from 119.35 mln in February.
      ""This just means that there were fewer people looking for
  work, so the drop in unemployment doesn't mean much,"" he said.
      He said the latest employment report will not concern the
  Fed because it does points to GNP growth in the first half of
  2.5-3.0 pct, but ""it does suggest they can't afford to tighten
  to quickly either.""
      The statistical factors used to smooth out seasonal
  fluctuations in the jobs data may have understated March labor
  force gains, just as seasonal factors probably overstated them
  in January and February, Slifer said, but are consistent with
  his forecast of 1.8 pct first quarter GNP growth.
      Economic growth remains sluggish, but Silfer does not think
  that the Federal Open Market Committee changed policy at their
  meeting this week. ""At some point they will be more inclined to
  ease,"" he said. For the time being, however, the March
  employment report ""increases the likelihood they won't tighten,
  regardless of the dollar.""
  

"
training/13054	0	acq	"BRISTOL-MYERS <BMY> REVIEWING SCIMED MERGER
  SciMed Life Systems Inc <SMLS> said
  Bristol-Myers Co is analyzing the pending lawsuit brought
  against SciMed by <Advanced Cardiovascular Systems Inc> to
  determine whether to consummate its previously announced plans
  to merge with SciMed.
      The company said its was served the suit in Minneapolis on
  March 31, the day after it announced its definitive merger
  agreement with Bristol-Myers.
      SciMed said the suit, which alleges that SciMed infringed
  on Advanced Cardiovascular patents, is without merit.
  

"
training/13059	12	earn	"US WEST <USW> HIKES DIVIDEND
  Qtly div 82 cts vs 76 cts prior
      Pay May 1
      Record April 16
  

"
training/1306	10	crude	"OIL PRICES RISE ON SAUDI EFFORT
  Crude oil prices rallied today, moving
  over 17.00 dlrs a barrel because of Saudi Arabia's determined
  effort to support prices, analysts said.
      ""The Saudis and other OPEC nations are jawboning the market,
  hoping to restore confidence and prices and to do this without
  another meeting,"" said Sanford Margoshes, oil analyst with
  Shearson Lehman Brothers Inc.
      ""But OPEC is not out of the woods yet by a longshot due to
  seasonal declines in demand and some cheating,"" he added.
      Oil industry analysts said Saudi Arabia has led the attempt
  to get other OPEC members to resist pressures to discount from
  the official prices agreed to last december.
      The analysts said that to get others to hold the line,
  Saudi Arabia pushed hard at the meeting of deputy oil ministers
  of the Gulf Cooperation Council last weekend and at the
  Cooperation Council oil ministers' meeting the previous week.
      The Saudis have also offered to support members having
  difficulty in selling their oil, analysts said.
      ""They are trying to make sure that no one discounts, and to
  prevent that, it appears that Saudi Arabia or some other OPEC
  member will allocate some of their oil sales to help members
  that lose sales,"" Margoshes said.
      He added that the allocations would probably be in the form
  of loans to be repaid when these nations resume sales.
      Analysts said this would be useful in keeping in line
  nations like Qatar, which has had trouble selling oil. But it
  is also likely that such assistance would be provided to
  Nigeria which is under pressure to extend discounts.
      Analysts said that Saudi Arabia, with assistance from OPEC
  president Rilwanu Lukman, was trying to avoid an emergency OPEC
  meeting for fear that it would give the appearance that the
  December pact is falling apart.
      Daniel McKinley, oil analyst with Smith Barney, Upham
  Harris and Co said, ""both physical and futures markets have been
  oversold and it only took a small spark to bring on a short
  covering rally.""
      He believes an Iranian trade mission to Tokyo, which
  refused discounts to Japanese buyers, brought Japanese refiners
  into the market to cover their short positions.
      Oil traders said one japanese refiner came into the market
  to but 10 cargoes of May Dubai, which sent prices up on Mideast
  sours, with Dubai trading up to 16.50 dlrs after trading
  yeterray as low as 15.63 dlrs and then spilled over into the
  North sea crude oil market.
      Traders said that there have been persistent rumors today
  that Japanese buyers are looking to pick up cargoes of Brent
  for Japan and European trade sources indidate rumors of vessels
  being fixed to make such shipments.
      North sea brent today rose over 17.00 dlrs with trades
  reported as high as 17.05 dlrs, up one dlr.
      OPEC members' denials that they are producing over their
  quotas sparked moves to cover short postitions.
      Indonesian oil minister Subroto said today that OPEC
  production was below the 15.8 mln bpd quota agreed to last
  december but he gave no details on OPEC production against
  claims it was more at least one mln bpd above that level.
      ""The production probably is about their quota level and
  largely because Saudi Arabia will not discount and canot sell
  its oil as a result,"" Margoshes said.
      Analysts have mixed opinions about the extent of the
  current rally. Some believe prices can continue to rise if
  Saudi Arabia and OPEC hold steady in a refusal to discount.
      But others said that despite the rally today there were
  still several fundamental factors, including demand, which
  could cut the rally short.
      Marion Stewart, an indepedent petroleum economist, said
  slow growth in the economies of the U.S. and OECD would keep
  demand for oil slack and he now estimates that demand to rise
  about 1.4 pct over 1986.
  

"
training/13060	0	acq	"BELL PETROLEUM <BPSIO>, REGAL TO FORM PLAN
  Bell Petroleum Services Inc said it
  agreed to begin talks with Regal International Inc to form a
  plan of reorganization under which Bell would become a
  subsidiary of Regal.
      The plan would be subject to Bankruptcy court approval due
  to Bell's status as a debtor-in-possesion under Chapter 11. the
  company's expect to file a plan by the end of May.
      This agreement terminates litigation between the companies
  concerning previous attempts at a plan of reorganization..
      Bell is also free to continue talks with any third parties
  interested in an acquisition, it said.
  

"
training/13062	12	earn	"HEALTHVEST <HVT> DECLARES THREE-WEEK DIVIDEND
  Healthvest said its board declared
  a dividend for the final three weeks of the March quarter of 14
  cts, payable April 28 to holders of recrod April 15.
      Previously, it dclared a special interim dividend of 42 cts
  for January 1 to March 9 in connection with its recently
  completed offering.
      The combined dividend totals 56 cts for the March quarter,
  an increase from the prior quarter's dividend of 55 cts
  

"
training/13064	12	earn	"CPI CORP <CPIC> 4TH QTR FEB 7 NET
  Shr 43 cts vs 36 cts
      Net 7,209,000 vs 5,574,000
      Sales 77.7 mln vs 58.7 mln
      Avg shrs 16,676,000 vs 15,478,000
      Year
      Shr 1.12 dlrs vs 1.10 dlrs
      Net 18,371,000 vs 17,032,000
      Sales 257.5 mln vs 198.3 mln
      Avg shrs 16,411,000 vs 15,433,000
      NOTE: Year-ago period ended Feb 1, 1986
      Full-year earnings include gains from discontinued
  operations of 184,000 dlrs, or one ct a share vs 3,143,000
  dlrs, or 20 cts a share
  

"
training/13067	17	grain	"ADM GRAIN ELEVATOR EXPLODES IN BURLINGTON, IOWA
  A grain elevator in Burlington, Iowa,
  exploded today, leaving five injured.
      The elevator, operated by Archer Daniels Midland Co. of
  Decatur, Ill., is a terminal elevator on the Mississippi River,
  Doug Snyder, assistant to the vice president said.
      The cause of the explosion and the extent of damage to the
  elevator was not immediatley known.
  

"
training/13070	17	grain	"U.S. GRAIN CARLOADINGS FALL IN WEEK
  U.S. grain carloadings totaled 25,744
  cars in the week ended March 28, down 4.3 pct from the previous
  week but 41.6 pct above the corresponding week a year ago, the
  Association of American Railroads reported.
      Grain mill product loadings in the week totalled 10,920
  cars, up 0.1 pct from the previous week and 12.7 pct above the
  same week a year earlier, the association said.
  

"
training/13072	0	acq	"SEC CLARIFIES POSITION ON TENDER OFFER CHANGES
  The Securities and Exchange
  Commission reminded corporate raiders and others tendering for
  the shares of companies that they must extend the period their
  offers are open if key conditions are changed.
      Specifically, the agency said those making tender offers
  for companies' stock must extend the offers if they decide to
  eliminate conditions requiring a minimum number of shares to be
  tendered in order for the offers to be valid.
      Tender offers typically include minimum share conditions.
  As a result, a purchaser would not be bound to buy the shares
  that were tendered if the minimum level were not reached.
      In an interpretation of current rules, which officials said
  clarifies the SEC's present position, the agency said a tender
  offer must be extended if a minimum share condition is waived,
  even if the purchaser reserved the right to do so.
      The interpretation makes clear that waiving a minimum share
  condition is a ""material change"" of the tender offer under U.S.
  securities law, SEC officials said.
      The SEC has already said that other specific material
  changes, such as changes in the percentage of securities being
  sought or the price being offered, made during the course of a
  tender offer require a 10-day extension of the offer.
      The length of the extension, which is aimed at giving
  shareholders an adequate chance to assess revisions of a tender
  offer, was not specified in cases where the minimum share
  conditions were waived.
      SEC officials said the length of the extension in such
  cases would depend on the facts and circumstances surrounding
  each case, but would generally be between five and 10 days.
      The agency cited two recent tender offers in which waivers
  of a minimum share conditios were tried on the last day of each
  offer, denying shareholders the chance to react to the new
  information. Officials declined to identify the two offers.
      ""If a bidder makes a material change near or at the end of
  its offer, it will have to extend the offer to permit adequate
  dissemination,"" the SEC said.
      Federal securities law requires that all tender offers
  remain open for at least 20 business days.
  

"
training/13077	0	acq	"GENCORP <GY> UNIT COMPLETES WOR-TV SALE
  GenCorp said its RKO General Inc
  subsidiary completed the sale of WOR-TV to MCA Inc <MCA> for
  387 mln dlrs.
      The Federal Communications Commission approved the sale
  last December, GenCorp said. The closing was delayed because
  that decision was appealed by four parties to the U.S. Court of
  Appeals, GenCorp explained.
      WOR-TV is based in  Secaucus, N.J., GenCorp said.
      Earlier today, <General Partners> said it was prepared to
  raise its bid to 110 dlrs per share, or even more, in its bid
  for GenCorp.
  

"
training/13078	12	earn	"GALILEO ELECTRO-OPTICS CORP <GAEO> 2ND QTR 
  Galileo Electro-Optics Corp
  said estimated earnings for the second quarter ended March 31,
  1987, will be over current analysts estimates of 40 cts to 45
  cts per share.
      However, the company said it has not closed its books for
  the quarter and release earnings April 20.
  

"
training/1308	33	money-supply	"TREASURY BALANCES AT FED ROSE ON FEB 27
  Treasury balances at the Federal
  Reserve rose on Feb 27 to 3.482 billion dlrs from 1.538 billion
  dlrs the previous business day, the Treasury said in its latest
  budget statement.
      Balances in tax and loan note accounts fell to 21.334
  billion dlrs from 25.164 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 24.816
  billion dlrs on Feb 27 compared with 26.702 billion dlrs on Feb
  26.
  

"
training/13085	0	acq	"SNYDER <SOI> MAKES CENERGY <CRG> EXCHANGE OFFER
  Snyder Oil Partners L.P. told the
  Securities and Exchange Commission it made an exchange offer to
  Cenergy Corp that would allow Snyder to acquire up to 49.9 pct
  of the company's common stock.
      Under the exchange offer, which was proposed yesterday to
  Cenergy's officers and directors, each share of Cenergy common
  stock could be exchanged for 8.50 dlrs in market value of
  Snyder's limited partnership units, Snyder said.
      Under the proposal, Snyder, which already holds 1,170,400
  Cenergy common shares, or 12.0 pct of the total, could boost
  its Cenergy stake to a total of 49.9 pct, it said.
      Snyder did not say whether it has received any response to
  its proposal from Cenergy.
      If it acquires the 49.9 pct stake, Snyder said in its SEC
  filing it would use the stock to ""obtain a proportionate
  beneficial interest"" in the company's assets and liabilities.
      It said it has not decided its next move it the exchange
  proposal does not lead to negotiations with Cenergy.
      Snyder said it may boost its stake or sell some or all of
  its current holdings. It repeated a statement made in its
  initial SEC filing last month that it is considering several
  alternatives, including seeking control of Cenergy.
  

"
training/13089	0	acq	"HARLEYSVILLE GROUP <HGIC> SEEKS TO ACQUIRE FIRM
  Harleysville Group Inc said it
  was in talks to acquire Atlantic Mutual Fire Insurance Co, a
  property and casualty insurer licensed in five southern states.
      The company said it believes an acquisition could be
  completed by June 30, subject to approval by regulatory and
  Atlantic Mutual policyholders.
      Harleysville plans to invest about four mln dlrs in the
  business if the deal is completed.
  

"
training/13090	0	acq	"KROGER <KR> TO BUY EIGHT FOOD STORES
  Kroger Co said it agreed to buy nine 
  retail food stores from the Dallas division of <Safeway Stores
  Inc>, which announced it was closing the 141-store division as
  part of a restructuring.
      Terms were not disclosed.
      Kroger expects to take over operation of the stores, one of
  which is under construction, in late April. The addition of the
  stores will bring Kroger's Dallas division to 75 stores, it
  said.
      It operates more than 1,300 stores in 20 states.
  

"
training/13092	12	earn	"<DOUGLAS COMPUTER INTERNATIONAL> YEAR NET
  Shr seven cts vs one ct
      Net 178,919 vs 34,429
      Sales 3,148,420 vs 1,912,438
  

"
training/13093	12	earn	"MEDICAL STERILIZATION INC <MSTI> YEAR LOSS
  Shr loss 65 cts vs loss 1.31 dlrs
      Net loss 1,366,340 vs loss 2,148,656
      Revs 2,664,852 vs 799,864
  

"
training/13095	0	acq	"RVIAL TO UNION CARBIDE EMERGES IN FRENCH BID
  <Carburos Metalicos> of Spain has bid
  2,205 francs a share for French chemicals group <Duffour et
  Igon>, rivalling the 2,100 franc bid announced yesterday by
  Union Carbide France, the French subsidiary of the U.S.
  Chemical giant Union Carbide Corp <UK.N>, the stockbrokers'
  assocation (CSAC) said here.
      Duffour et Igon's capital is comprised of 133,100 shares
  with a nominal value of 100 francs each. Shares were last
  quoted at 856 francs on January 9.
      Banque Paribas will act for Carburos Metalicos, while Union
  Carbide France's bid is being led by Rothschild et Associes
  Banque.
      Duffour et Igon shares will be suspended on April 6 and 7
  and will resume trading on April 8.
  

"
training/13096	10	crude	"BRAZIL TO BUY 30,000 BPD OF KUWAITI OIL
  Brazil will import 30,000 barrels
  per day of crude oil from Kuwait, a spokesman for the state oil
  company Petrobras said.
      He said that, unlike Saudi Arabia, Kuwait did not impose
  any conditions on Brazil.
      Last month, Petrobras cancelled a 40-mln dlr oil purchase
  from Saudi Arabia after the Saudis refused to accept credit
  guarantees from the official Bank of Brazil.
      The Saudis eventually lifted the condition and Brazil
  decided to reconfirm the purchase.
      Brazil currently consumes 1.1 mln barrels of oil per day.
  

"
training/13103	0	acq	"METROMEDIA BUYS WARRANT FOR SHARES OF ORION
  <Metromedia Co> said it
  purchased from Time Inc's <TL> Home Box Office Inc a warrant to
  purchase 800,000 shares of common stock of Orion Pictures Corp
  <OPC>.
      The price for the warrant was 10 mln dlrs, Metromedia said.
  It added that it now owns 16.4 pct of the outstanding common
  stock of Orion.
  

"
training/13105	22	interest	"BANK OF MONTREAL LOWERS CREDIT CARD RATE
  Bank of Montreal said it will reduce the
  interest rate it charges on outstanding MasterCard balances to
  18.3 pct from 21 pct, beginning in July.
      The bank said it will continue its policy of not charging
  any annual fee or transaction fees to credit card holders.
  

"
training/1311	12	earn	"KASLER CORP <KASL> 1ST QTR JAN 31 NET
  Shr profit three cts vs loss seven cts
      Net profit 161,000 vs loss 367,000
      Revs 24.3 mln vs 26.5 mln
  

"
training/13110	12	earn	"ENEX RESOURCES CORP <ENEX> 4TH QTR LOSS
  Shr not given
      Net loss 330,613 vs profit
      Revs 2,170,628 vs 614,511
      Year
      Shr loss one ct vs profit nine cts
      Net loss 212,289 vs profit 829,747
      Revs 5,397,167 vs 3,785,688
  

"
training/13113	12	earn	"OSHAP TECHNOLOGIES LTD <OSHUF> YEAR LOSS
  Shr loss 12 cts vs loss three cts
      Net loss 646,000 vs loss 96,000
      Revs 9,414,000 vs 9,899,000
      Avg shrs 5,382,833 vs 3,722,833
      NOTE: Converted using Dec 31 exchange rate of 40.05 Belgian
  francs to the U.S. dlr.
  

"
training/13114	12	earn	"<DOUGLAS COMPUTER INTERNATIONAL> YEAR END 1986
  Shr seven cts vs one ct
      Net 178,919 vs 34,429
      Revs 3,148,420 vs 1,912,438
  

"
training/13115	10	crude	"CANADA OIL INDUSTRY SET FOR RECOVERY - ANALYSTS
  Firmer crude oil prices, government aid
  packages and corporate spending cuts will help Canada's oil
  industry recover from last year sharp downturn, industry
  analysts said.
      They said there will be significant earnings gains in 1987
  compared to last year's dismal results when oil prices dropped
  about 50 pct.
      On Canada's stock exchanges, energy shares have soared to
  their highest levels since 1983, with many issues trading at
  record highs.
      ""This is reflecting a tremendous amount of optimism on the
  part of the investment community that the outlook for the
  industry for the future is extremely attractive,"" Peters and Co
  Ltd oil analyst Wilf Gobert said.
      Financial statements from Canada's major oil companies,
  culminating with Dome Petroleum Ltd's 2.20 billion Canadian dlr
  1986 loss reported this week, painted a bleak picture of last
  year's results, analysts said.
      ""But the financial statements are a snap shot and a
  recording of history. The stock market is the indication of the
  future,"" Gobert commented.
      The Toronto Stock Exchange's oil and gas index of 41
  companies is up to 4065.4 so far in trading today from 3053.15
  at the end of 1986.
      Among Canada's largest oil companies, class A shares of
  Imperial Oil Ltd <IMO.A>, 70 pct owned by Exxon Corp <XON>, is
  trading at 71, up from a 52-week low of 34-3/4.
      Shell Canada Ltd, 72 pct owned by Royal Dutch/Shell Group,
  is at 40-1/2, up from a low during the last year of 18-3/4.
  Texaco Canada Inc <TXC>, 78 pct owned by Texaco Inc <TX>, is
  at 34-7/8, up from a low of 24-1/2.
      Levesque Beaubien Inc oil analyst Robert Plexman forecasts
  operating profit for 10 of Canada's largest oil and gas
  companies will rise 37 pct in 1987 to about 1.44 billion dlrs
  and operating cash flow will increase 12 pct to 3.24 billion
  dlrs, based on an average oil price for the year of 16.50 U.S.
  dlrs a barrel. ""However, if prices hold about 18 U.S. dlrs a
  barrel...1987 net operating income could show a 69 pct increase
  with cash flow 27 pct higher,"" analyst Plexman said.
      ""Although it is difficult to forecast the extent of the
  profit improvement this year, the gain should be significant,""
  he added.
      Those improvements follow a sharp downturn in 1986, when
  operating income for the ten companies dropped 47 pct to 1.05
  billion dlrs and operating cash flow fell 22 pct to 2.90
  billion dlrs.
      But one industry source doesn't think oil prices will hold
  recent gains and more government assistance is needed.
      Canadian Petroleum Association technical director Hans
  Maciej sees industry cash flow falling another 10 pct in 1987,
  after dipping about 60 pct last year. Maciej said he sees crude
  oil supply outweighing demand and doesn't believe a recent OPEC
  production accord will continue to support prices.
      However, several companies share the optimistic industry
  outlook expressed by a majority of analysts.
      Shell Canada and <Norcen Energy Resources Ltd> forecast
  improved 1987 earnings in their annual reports issued this
  week, assuming oil prices remain at or above 1986 levels.
      ""The industry's outlook for 1987 is positive, but not
  robust,"" Texaco Canada said in its annual report.
      ""While oil prices have strengthened somewhat and there is
  good reason to believe that the general level is sustainable,
  continued volatility is likely,"" Texaco Canada added.
      In the face of short-term uncertainty, many companies have
  pared 1987 spending plans from last year's lower levels,
  deferring most frontier exploration work.
      ""The industry is becoming very selective in investments,
  very conservative and cautious, which is not unexpected,""
  Canadian Petroleum Association's Maciej said.
      Federal and Alberta goverment aid measures helped cushion
  the industry downturn in 1986 and are improving 1987 results.
      The most significant help came last September when the
  federal government lifted the 10 pct Petroleum Gas Revenue Tax
  (PGRT) 28 months earlier then planned.
      Analysts estimate the tax relief will save larger oil
  companies about 1.50 billion dlrs by the end of 1988.
      The PGRT cut helped brake the steep profit and cash flow
  decline in 1986 for many oil companies and prevented further
  exploration spending cuts, analysts said.
      ""For a number of companies, the PGRT cut was absolutely
  necessary to even maintain the kind of reduced investments that
  were made, otherwise the reduction would have been considerably
  more,"" Maciej said.
  

"
training/13116	16	gold	"U.S. GOLD PRODUCTION ROSE IN DECEMBER
  U.S. mine production of gold rose to
  244,900 troy ounces in December from 244,749 ounces in
  November, the U.S. Interior Department's Bureau of Mines said.
      U.S. imports of gold in December were 692,700 ounces, vs
  2,011,754 ounces in November and 611,811 ounces in December,
  1985.
      Gold exports totaled 243,191 ounces in December, vs
  November's 374,468 ounces and 350,078 ounces in December a year
  earlier.
      Mine production of gold in the 12-month period Jan-Dec,
  1986, totaled 2,951,151 ounces, vs 2,475,436 ounces over the
  same period in 1985.
      Gold imports in Jan-Dec, 1986, totaled 15,749,447 ounces,
  vs 8,225,999 ounces for the same period in 1985, while exports
  stood at 4,612,919 ounces and 3,966,678 ounces over the
  respective periods, the bureau said.
  

"
training/13118	12	earn	"JACK WINTER INC <JWI> 4TH QTR JAN 3 LOSS
  Shr loss 67 cts vs loss seven cts
      Net loss 2,410,000 vs loss 245,000
      Revs 11.0 mln vs 10.9 mln
      12 mths
      Shr loss 21 cts vs profit 43 cts
      Net loss 748,000 vs profit 1,571,000
      Revs 46.9 mln vs 40.5 mln
  

"
training/1312	5	coffee	"COFFEE MAY FALL MORE BEFORE NEW QUOTA TALKS
  Coffee prices may have to fall even lower
  to bring exporting and importing countries once more round the
  negotiating table to discuss export quotas, ICO delegates and
  traders said.
      The failure last night of International Coffee
  Organization, ICO, producing and consuming countries to agree
  export quotas brought a sharp fall on international coffee
  futures markets today with the London May price reaching a
  4-1/2 year low at one stage of 1,270 stg per tonne before
  ending the day at 1,314 stg, down 184 stg from the previous
  close.
      The New York May price was down 15.59 at 108.00 cents a lb.
      Pressure will now build up on producers returning from the
  ICO talks to sell coffee which had been held back in the hope
  the negotiations would establish quotas which would put a floor
  under prices, some senior traders said.
      The ICO 15 day average price stood at 114.66 cents a lb for
  March 2. This compares with a target range of 120 to 140 cents
  a lb under the system operating before quotas were suspended in
  February last year following a sharp rise in international
  prices caused by drought damage to the Brazilian crop.
      In a Reuter interview, Brazilian Coffee Institute, IBC,
  President Jorio Dauster urged producers not to panic and said
  they need to make hard commercial decisions. ""If we have failed
  at the ICO, at least we have tried,"" Dauster said, adding ""now it
  is time to go and sell coffee.""
      But Brazil is keeping its marketing options open. It plans
  to make an official estimate of the forthcoming crop next
  month, Dauster said. It is too difficult to forecast now. Trade
  sources have put the crop at over 26 mln bags compared with a
  previous crop of 11.2 mln. Brazil is defining details of public
  selling tenders for coffee bought on London's futures market
  last year.
      A basic condition will be that it does not go back to the
  market ""in one go"" but is sold over a minimum of six months.
      The breakdown of the ICO negotiations reflected a split
  between producers and consumers on how to set the yardstick for
  future quotas. Consumers said ""objective criteria"" like average
  exports and stocks should determine producer quota shares,
  Dauster said.
      All elements of this proposal were open to negotiation but
  consumers insisted they did not want a return to the ""ad hoc"" way
  of settling export quotas by virtual horse trading amongst
  producers whilst consumers waited in the corridors of the ICO.
      Dauster said stocks and exports to ICO members and
  non-members all need to be considered when setting quotas and
  that Brazil would like to apply the coffee pact with a set
  ratio of overall quota reflecting stock holdings.
      It is a ""simplistic misconception that Brazil can dictate""
  policy to other producers. While consumer countries are welcome
  to participate they cannot dictate quotas which are very
  difficult to allocate as different ""objective criteria"" achieve
  different share-outs of quota, Dauster said.
      Other delegates said there was more open talking at the ICO
  and at least differences were not hidden by a bad compromise.
      Consumer delegates said they had not been prepared to
  accept the producers' offer to abandon quotas if it proves
  impossible to find an acceptable basis for them.
      ""We want the basis of quotas to reflect availability and to
  encourage stock holding as an alternative to a buffer stock if
  supplies are needed at a later stage,"" one delegate said.
      Some consumers claimed producer support for the consumer
  argument was gaining momentum towards the end of the ICO
  session but said it is uncertain whether this will now collapse
  and how much producers will sink their differences should
  prices fall further and remain depressed.
      The ICO executive board meets here March 30 to April 1 but
  both producer and consumer delegates said they doubt if real
  negotiations will begin then. The board is due to meet in
  Indonesia in June with a full council scheduled for September.
      More cynical traders said the pressure of market forces and
  politics in debt heavy Latin American producer countries could
  bring ICO members back around the negotiating table sooner than
  many imagine. In that case quotas could come into force during
  the summer. But most delegates and traders said quotas before
  October are unlikely, while Brazil's Dauster noted the ICO has
  continued although there were no quotas from 1972 to 1980.
      A clear difference between the pressures already being felt
  by importers and exporters was that consumers would have been
  happy to agree on a formula for future quotas even if it could
  not be imposed now. At least in that way they said they could
  show a direct relationship between quotas and availability.
      In contrast producers wanted stop-gap quotas to plug the
  seemingly bottomless market and were prepared to allow these to
  lapse should lasting agreement not be found.
      ""Producers were offering us jam tomorrow but after their
  failure to discuss them last year promises were insufficient
  and we wanted a cast iron commitment now,"" one consumer said.
  

"
training/13122	12	earn	"PLANTERS CORP <PNBT> 1ST QTR NET
  Shr 32 cts vs 28 cts
      Net 2,194,000 vs 1,929,000
  

"
training/13124	0	acq	"HUTTON <EFH> STILL INTERESTED IN PUROLATOR <PCC>
  E.F. Hutton LBO Inc is still interested
  in an acquisition of Purolator Courier Corp, and is examining
  the possibility of raising its 35 dlr per share offer, an E.F.
  Hutton spokesman said.
      Hutton's offer was topped by a 40 dlr per share offer from
  Emery Air Freight Corp <EAF> earlier this week.
      ""We're definately not out of it at this point,"" the Hutton
  spokesman said.
      ""We want to see what the offer is completely and understand
  it fully, and then fashion our response,"" the spokesman said.
      After Emery made its offer, Hutton extended the deadline on
  its offer to Monday. The offer was to have expired Wednesday.
      Analysts said it might be difficult for Hutton to raise the
  offer since Emery, an overnight courier, might have an easier
  time justifying a lofty price since it would realize cost
  savings by combining its business with those of Purolator.
      Purolator, a New Jersey-based overnight courier, has
  declined comment.
      Purolator had traded above the Hutton offer price on
  speculation a new bidder would emerge. It was up 1/8 today at
  40-3/8, above the Emery offer.
  

"
training/13126	12	earn	"<DREYFUS A BONDS PLUS INC> MONTHLY PAYOUT
  Mtly div 10.4 cts vs 10.8 cts prior
      Paid April 1
      Record March 31
  

"
training/1313	12	earn	"SEAMAN FURNITURE <SEAM> IN STOCK SPLIT
  Seaman Furniture Co Inc said
  its board declared a two-for-one split of the company's
  outstanding stock.
      It said holders of its common will receive one additional
  share for each share held as of March 20. It said certificates
  representing additional shares will be distributed as soon as
  possible after April 10.
  

"
training/13131	12	earn	"SCOTT INSTRUMENTS CORP <SCTI> YEAR LOSS
  Shr loss 15 cts vs loss 27 cts
      Net loss 1,905,774 vs loss 2,160,717
      Revs 868,117 vs 307,135
  

"
training/13136	12	earn	"SCOTT INSTRUMENTS <SCTI> GETS QUALIFIED AUDIT
  Scott Instruments Corp said its
  independent public accountants qualified the report on Scott's
  1986 financial statements because of its weak financial
  condition.
      The report indicates the realization of the company's
  assets is dependent on it obtaining enough working capital to
  finance operations and additional funds to meet other
  liabilities, among other things.
      These factors indicate the company may be unable to
  continue its existence.
      Earlier, Scott reported a 1986 loss of 1.9 mln dlrs
  compared to a loss of almost 2.2 mln dlrs in 1985. Total assets
  were nearly 1.1 mln dlrs at year end, down from 1.2 mln dlrs
  the prior year.
  

"
training/13138	12	earn	"<THORATEC LABORATORIES CORP> YEAR LOSS
  Shr loss 1.64 dlrs vs loss 2.08 dlrs
      Net loss 9,761,000 vs loss 10,977,000
      Revs 4,409,000 vs 2,697,000
  

"
training/13139	0	acq	"BAYOU INTERNATIONAL GETS STAKE IN AMALGAMATED
  Bayou International Ltd said it
  acquired 19.9 pct of <Amalgamated Equities Ltd> of Australia
  for 710,000 dlrs.
      Bayou is 55.2 pct owned by <Australia Wide Industries Ltd>.
  

"
training/1314	12	earn	"<SCOTT'S HOSPITALITY INC> 3RD QTR JAN 31 NET
  Oper shr eight cts vs eight cts
      Oper net 5,219,000 vs 4,377,000
      Revs 214.9 mln vs 182.5 mln
      NINE MTHS
      Oper shr 51 cts vs 51 cts
      Oper net 29.6 mln vs 27.9 mln
      Revs 634.5 mln vs 569.3 mln
      1986 net excludes extraordinary gain of 8,031,000 dlrs or
  15 cts shr.
      1987 net reflects three-for-one stock split in 2nd qtr and
  issue of 1.5 mln subordinate voting shares in 1st qtr.
  

"
training/13141	12	earn	"NETWORK <NETW> TO TAKE 3RD QTR CHARGE
  Network Control Corp said it
  intends to take a 250,000 dlr charge against earnings for the
  third quarter ended March 31 and said sales for the quarter
  would be about 400,000 dlrs, about 50 pct below sales in the
  same year-ago quarter.
      Network said it is taking the charge due to the significant
  increase in accounts receivable which remain uncollected for
  more than 90 days after billing. It said it ultimately will
  collect most of those accounts.
      It attributed the sales decline to a transition period for
  its new products and a delay in a major order.
  

"
training/13142	10	crude	"PETROBRAS SEES RAISING EXPORT OF FUEL IN 1987
  Brazil's state oil company
  Petrobras is pledging to export 4.6 mln cubic meters of fuel,
  or 28.9 mln barrels in 1987, a company spokesman said.
      He said that represents a total sale worth 600 mln dlrs.
  The volume is 27 pct higher over 1986 sales, which totalled 3.6
  mln cubic meters, or 22.6 mln barrels.
      The United States, Africa and Latin American are Brazil's
  main fuel buyers, the spokesman said.
  

"
training/13143	33	money-supply	"U.S. BUSINESS LOANS FELL 822 MLN DLRS IN MARCH 25 WEEK, FED SAYS

  U.S. BUSINESS LOANS FELL 822 MLN DLRS IN MARCH 25 WEEK, FED SAYS
  

"
training/13144	22	interest	"BAKER REPEATS HE HOPES PRIME HIKE TEMPORARY
  Treasury Secretary James Baker
  reiterated his hope that this week's rise in prime rates would
  be a temporary blip upwards.
      ""I would hope that it would simply be a temporary blip
  upward as we've seen in the past,"" Baker said in television
  interview with the Cable News Network. The interview airs
  tomorrow but CNN released extracts from his remarks today.
      Baker also repeated his position that the reaction of
  financial markets to U.S. tariffs on Japanese electronic goods
  showed ""the importance of the United States not going
  protectionist. The markets were telling us...be careful.""
  

"
training/13148	12	earn	" 3-APR-1987 16:24:53.34
   3-APR-1987 16:24:53.34

"
training/1315	12	earn	"TELXON CORP <TLXN> SEES HIGHER REVENUES
  Telxon Corp reported it expects
  revenues for the quarter ending March 31 to be between 26 to 28
  mln dlrs.
      The company said earnings per share for the period should
  be between 23 cts to 26 cts.
      ""The company is making an announcement at this time in
  response to analysts fourth quarter revenues and earnings per
  share estimates of 29 mln to 32 mln and 24 cts to 30 cts,
  respecivtely,"" said Raymond Meyo, president and chief executive
  officer.
      Telxon recorded revenues of 24.2 mln dlrs for the quarter
  last year, and earnings per share of 22 cts, adjusted for a
  three-for-two stock split in May 1986.
  

"
training/13151	0	acq	"IROQUOIS BRANDS <IBL> REBUFFS LYON FOODS CLAIMS
  Iroquois Brands Ltd said it has
  been sued by Lyon Food Cos Inc which is seeking 2.3 mln dlrs in
  damages in connection with the April 1986 nine mln dlrs
  purchase of Iroquois' former specialty food products segment.
      Iroquois said that based upon the defenses it will assert,
  it does not believe that any charge against income is required
  as a result of the claim.
  

"
training/13157	33	money-supply	"FEBRUARY FOMC VOTES UNCHANGED MONETARY POLICY
  The Federal Open Market Committee at
  its February 10-11 meeting voted nine to one to maintain the
  then-existing degree of reserve restraint, minutes showed.
      The FOMC issued an asymmetric inter-meeting policy
  directive which gave greater possibility to firmer rather than
  easier policy. The Committee set a six to seven pct January
  through March annualized growth target for M-2 and M-3 and no
  M-1 goal. At the prior meeting in mid-December, the FOMC set a
  seven pct target for M-2 and M-3 for November through March.
      The February FOMC kept the four to eight pct Federal funds
  rate ""reference"" range for policy, as in other recent meetings.
      At a telephone conference on February 23, committee members
  discussed the possible implications of the decisions reached in
  Paris for U.S. intervention in foreign exchange markets. No
  conclusions were contained in the minutes.
      In its inter-meeting policy directive, the February FOMC
  said that ""somewhat greater reserve restraint would, or
  slightly lesser reserve restraint might, be acceptable
  depending on the behavior of the aggregates, taking into
  account the strength of the business expansion, developments in
  foreign exchange markets, progress against inflation, and
  conditions in domestic and international credit markets.""
      The February FOMC voted nine to one for an unchanged
  policy. Thomas Melzer, St Louis Federal Reserve Bank president
  favored some tightening of reserve conditions.
      He noted the strong growth in bank loans in November
  through January and the firm federal funds rate that had
  prevailed despite the extraordinary pace of reserve growth. He
  also cited the recent declines in the dollar's value.
      Finally, looking ahead, Melzer pointed out the potential
  for a further rise in inflationary expectations. He believed
  that prompt restraints might avert the need for more
  substantial tightening later.
      Regarding inter-meeting policy adjustments, the FOMC
  minutes showed, ""the members generally felt that policy
  implementation should be especially alert to the potential need
  for some firming of reserve conditions.""
      In this view, the FOMC said somewhat greater reserve
  restraint would be warranted if monetary growth did not slow in
  line with current expectations and there were concurrent
  indications of intensifying inflationary pressures against the
  background of stronger economic data.
      One indication of potential price pressure might be a
  further tendency for the dollar to weaken.
      The minutes showed that one member, presumably Melzer,
  preferred a directive that did not contemplate any easing
  during the weeks ahead. However, ""most of the members did not
  want to rule out the possibility of some slight easing during
  the inter-meeting period, although they did not view the
  conditions for such a move as likely to emerge.""
      The FOMC members assumed that future fluctuations in the
  dollar's value would not be of sufficient magnitude to have any
  significant effect on the Fed's economic projections. In
  addition, they anticipated that considerable progress would be
  made in reducing the federal budget deficit.
  

"
training/13158	33	money-supply	" 3-APR-1987 16:36:25.80
   3-APR-1987 16:36:25.80

"
training/13159	33	money-supply	"U.S. BUSINESS LOANS FELL 822 MLN DLRS
  Business loans on the books of major
  U.S. banks, excluding acceptances, fell 822 mln dlrs to 277.94
  billion dlrs in the week ended March 25, the Federal Reserve
  Board said.
      The Fed said that business loans including acceptances fell
  971 mln dlrs to 280.22 billion dlrs.
  

"
training/1316	0	acq	"ROYAL RESOURCES <RRCO> SETS VOTE ON SALE
  Royal Resources Corp said its board set
  an April 21 a shareholders' meeting to vote on the sale of its
  oil and gas properties for 3,650,000 dlrs, an increase in
  authorized common to 20 mln shares from 15 mln and the change
  of the company's name to Royal Gold Inc.
      The company has agreed to sell its oil and gas properties
  to <Victoria Exploration N.L.> of Perth, Western Australia.
      Royal Resources also said the sale of its interest in two
  gold properties -- the Colosseum Mine in San Bernardino County,
  Calif., and the Camp Bird mine near Ouray, Colo. -- was closed
  on February 27. The company said it received 4.4 mln dlrs and
  cancellation of the remaining balance due on the acquisition of
  the interest, adding this represents 2.5 mln dlrs more than it
  paid for the interest.
  

"
training/13163	0	acq	"TEXAS AMERICAN <TXA> BANKS TO BE MERGED
  Texas American Bancshares Inc
  said three of its Texas American banks will be merged into
  Texas American Bank/Galleria.
      The corporation said the Spring Branch, Fonderen and
  Gulfway Texas American banks will become separate banking
  offices of TAB/Galleria.
  

"
training/13165	12	earn	"BIW CABLE SYSTEMS INC <BIWC> 4TH QTR LOSS
  Shr loss 1.50 dlrs vs loss 14 cts
      Net loss 3,395,933 vs loss 318,225
      Revs 8,963,097 vs 12.6 mln
      Year
      Shr loss 2.93 dlrs vs profit two cts
      Net loss 6,613,327 vs profit 49,421
      Revs 44.4 mln vs 48.7 mln
      NOTE: Current periods include 2.2 mln dlr charge for
  possible obsolete inventory and provision of 356,000 dlrs for
  consolidation of cable manufacturing plant.
  

"
training/13168	0	acq	"DOE ISSUES OFFER TO BUY ALASKA POWER UNIT
  The U.S. Energy Department issued a
  request for proposals to buy the Snettisham Hydroelectric
  project, a major part of the Alaska Power Administration.
      It said invitations were sent to two Alaskan electric
  utilities, the city and borough of Anchorage and the state of
  Alaska.  It did not cite a possible purchase prices.
      The requests were limited to Alaskan entities because the
  purpose of privatization of the administration was to put the
  local utility into the hands of a local body, the DOE said.
      It added that proposals are due back by August three.
      The DOE said it then had 120 days to select a proposal that
  it would recommend to Congress, which then would vote the
  recommendation up or down.
      Proposals to buy the other major part of the Alaska Power
  Administration, the Eklutna project, was expected to be issued
  in early June, it said.
  

"
training/1317	12	earn	"AMERICAN VANGUARD CORP <AMGD> YEAR NET
  Shr 57 cts vs 27 cts
      Net 1,002,000 vs 470,000
      Sales 15.9 mln vs 12.0 mln
      Note: 4th qtr figures not given.
  

"
training/13170	5	coffee	"IBC COULD CLOSE MAY EXPORT REGISTRATIONS TONIGHT
  The Brazilian Coffee Institute
  (IBC) could close May export registrations tonight following
  extremely heavy sales today, exporters said.
      They estimated registrations today at between 1.0 mln and
  1.2 mln 60 kilo bags. Yesterday 645,000 bags were registered.
      The exporters said over 1.0 mln bags of total registrations
  could have been the declaration of sales made in the six weeks
  during which books were closed. The rest would be new sales.
      When the IBC opened May registrations from yesterday it did
  not set any volume limit. April registrations opened and closed
  on February 16 when a daily record 1.68 mln bags were declared.
  

"
training/13172	8	cpi	"PERU CONSUMER PRICES RISE 5.3 PCT IN MARCH
  peru's consuemr price index rose 5.3 pct
  last month to 13,914.4 (base 100) following a 5.3 pct increase
  in february and 5.3 pct rise in march 1986, the national
  statistics institute said.
      It said that the accumulated inflation for the first three
  months of 1987 was 18.5 pct compared to 15.4 pct for the same
  period last year.
      Inflation for the 12-month period ending march 1987 was
  67.4 pct compared to 120.8 pct for the 12-month period ending
  march 1986.
  

"
training/13174	12	earn	"WAREHOUSE CLUB <WCLB> TO TAKE CHARGE
  Warehouse Club Inc said it expects to
  take a one-time charge of about five mln dlrs on its June 30
  third quarter results from closing of two unprofitable Chicago
  area units.
      The company said it will continue to operate 12 warehouses
  in Illinois, Indiana, Michigan, Ohio and Pennsylvania.
      It added that it expects future operating results to be
  improved because of the closing of the two warehouses.
  

"
training/13175	0	acq	"SCI <SCIS> BUYS FORTUNE <FSYS> COMPUTER ASSETS
  Fortune Systems Corp and SCI
  Systems Inc said they signed a letter of intent covering the
  purchase of Fortune's microcomputer business assets for an
  unspecified amount of cash.
      Fortune Systems makes a desktop computer systems.
  

"
training/13180	12	earn	"CULLEN/FROST <CFBI> TO OMIT DIVIDEND
  Cullen/Frost Bankers Inc said
  it will defer paying a cash dividend for the next 12 months,
  due to the economic slump in the Texas economy. It previously
  paid a five cents a share dividend in recent quarters.
      It also said its first quarter earnings ended March 31,
  which it said it will release later this month, will be similar
  to its fourth quarter earnings last year.
      In 1986 the company reported a loss of 6,565,000 dlrs or 91
  cts a share.
  

"
training/13182	0	acq	"INVESTOR GROUP CUTS ROSPATCH <RPCH> STAKE
  A group of New York investors said it
  lowered its stake in Rospatch Corp to 170,250 shares, or 7.0
  pct of the total outstanding common stock, from 202,108 shares,
  or 8.3 pct.
      In a filing with the Securities and Exchange Commission,
  the group said it sold a net 31,858 shares of Rospatch common
  stock between February  2 and March 31 at prices ranging from
  21.50 to 25.13 dlrs a share.
      The group includes Brookehill Equities Inc, a brokerage
  firm, and Moore, Grossman and deRose Inc, an investment
  advisor.
  

"
training/13184	10	crude	"COLOMBIA'S MAIN OIL PIPELINE ATTACKED
  State-run oil company Ecopetrol said
  Colombia's main oil pipeline was bombed again and pumping of
  170,000 barrels per day was suspended.
      A spokeswoman for the company said that the early morning
  dynamite attack was the 31st in the last nine months on the
  Cano Limon-Covenas pipeline, which links Colombia's biggest
  oilfied at Cravo Norte to the Caribbean.
      She said about 2,000 barrels of crude were spilled and
  could not indicate when pumping would resume. The attack was
  near Magangue in northeastern Bolivar province.
      Ecopetrol is exploiting Cravo Norte in association with
  Occidental Petroleum Corp <OXY> and Shell Petroleum N.V., a
  unit of the Royal Dutch/Shell Group <RD> <ST>.
      Ecopetrol said in a communique that bombings since last
  July led to a loss of more than 110,000 barrels of crude, or
  the equivalent of 10 mln dlrs.
  

"
training/13185	47	tin	"U.S. DEFENDS STOCKPILED TIN SALES IN 1986
  The United States defended its sales
  of stockpiled tin in 1986 in reaction to criticism from
  Malaysian miners who have said it violated an agreement with
  southeast Asian producers.
      ""The United States has continued to abide by the spirit of
  the memorandum of understanding and has consulted with the
  ASEAN states on GSA tin disposals,"" a State Department spokesman
  said in a statement.
      ""The views of the ASEAN governments have been taken into
  account in determining disposal levels,"" the statement said.
      The United States and the ASEAN countries signed a
  memorandum of understanding concerning tin disposals by the
  U.S. General Services Administration (GSA) in December 1983.
      In its latest annual report, the States of Malaya Chamber
  of Mines said the GSA sold 5,490 tonnes of tin in 1986, well
  above an agreed upon annual limit of 3,000 tonnes. ""The United
  States appears to have lost sight of the U.S./ASEAN Memorandum
  of Understanding,"" it said.
      The State Department statement said GSA tin disposals
  increased in calendar year 1986 due to changed market
  conditions. During the first quarter of calendar year 1987,
  they have been running at a lower rate compared to 1986.
      The spokesman declined to say how much stockpiled tin the
  GSA sold last year, however.
  

"
training/13186	12	earn	"LOCTITE <LOC> SEES BETTER THAN EXPECTED NET
  Loctite Corp said it expects
  third quarter earnings to be higher than security analysts'
  forecasts of 75 to 80 cts a share.
      Last year the company earned 53 cts per share in the third
  quarter.
      It attributed its better than expected forecast to sales
  growth, which it said were particularly strong overseas. It
  also said it will have a lower effective tax rate.
  

"
training/13187	12	earn	"TIME <TL> SEES DILUTION FROM SCOTT, FORESMAN
  Time Inc said the acquisition of Scott,
  Foresman and Co last year will dilute earnings per share by
  about 17 cts a share for the full year in 1987.
      For the first quarter the acquisition will have a negative
  impact of about 20 cts per share, chief financial officer
  Thayer Bigelow told security analysts.
      He said Scott, Foresman, a textbook publisher, will
  contribute more than 50 mln dlrs in operating income before
  depreciation and amortization for the full year.
      N.J. Nicholas, president and chief operating officer, said
  Soctt Foresman will have over 200 mln dlrs in revenue in 1987.
      Bigelow said the textbook business, which normally has its
  highest profit in the third quarter and incurs a loss in the
  first quarter, will have an ""adverse impact of 15 mln dlrs' on
  book publishing income for the first quarter.
      ""First quarter performance for the rest of Time Inc will be
  better than last year,"" Bigelow said.
      The dilution of 17 cts per share for 1987 includes the
  effects of financing the acquisition. Bigelow also said the
  company is ""comfortable"" with estimates that earnings will be
  between 3.75 dlrs and 4.25 dlrs per share for the year.
  

"
training/13188	0	acq	"CYACQ TERMINATES TENDER FOR CYLCOPS <CLY>
  CYACQ Corp said it terminated its
  February six tender offer for Cyclops Corp.
      CYACQ was unsuccessfully bid against Dixons Group Plc for
  control of Cyclops. As of March 27, Dixons Group Plc had
  acquired more than 80 pct the stock under an increased tender
  offer.
  

"
training/13189	0	acq	"INVESTOR LIFTS MYERS <MYR> STAKE TO 12.1 PCT
  Leonard Chavin, a Chicago real estate
  developer who has said he is considering seeking control of
  L.E. Myers Co Group, said he raised his stake in the company to
  273,100 shares, or 12.1 pct, from 219,600, or 9.7 pct.
      In a filing with the Securities and Exchange Commission,
  Chavin said he bought 53,500 Myers common shares between March
  10 and 31 at prices ranging from 5-1/2 to six dlrs a share.
      Last January, Chavin said he retained investment banker
  R.G. Dickinson and Co to advise him on his Myers stock
  dealings. He has also said he would be unable to seek control
  of Myers unless he gets financing.
  

"
training/13190	5	coffee	"IBC REGISTERS 1.4 MLN BAGS OF EXPORT SALES
  The Brazilian Coffee Institute
  today registered 1.4 mln 60 kilo bags of green coffee for May
  shipment, an IBC statement said.
      This brings the total in the two days registrations have
  been open to 2.05 mln, including 4,868 bags of soluble.
      Today's registrations comprised 1,076,226 bags to members
  and 326,259 to non-members of the International Coffee
  Organisation. No soluble sales were registered today.
  

"
training/13191	12	earn	"U.S. COMPANY EARNINGS HIGHLIGHTS
  First Quarter
   Anchor Financial Corp shr 31 cts vs 31
   Nine Months
   Biomet Inc shr 49 cts vs 36
   Federal Co shr 3.55 dlrs vs 1.66
   Richardson Electronics shr 59 cts vs 53
   Year
   Eac Industries Inc oper shr loss 65 cts vs
   loss 97 cts
   Fine Art Acquisitions shr 15 cts vs 10
   Mangood Corp oper shr loss 6.07 dlrs vs  loss  7.64
  

"
training/13192	12	earn	"FREEDOM SAVINGS AND LOAN ASS'N <FRDM> YEAR END
  Shr loss 31.09 dlrs vs loss 1.86 dlrs
      Net loss 112.7 mln vs loss 5.5 mln
      NOTE: 1986 loss includes operating loss of 109.4 mln dlrs
  or 30.21 dlrs a share, including an additional loan loss
  provision of 68 mln dlrs, write downs in the value of real
  estate of 13 mln dlrs and an extraordinary loss of 3.3 mln dlrs
  for early retirement of long-term debt.
  

"
training/13194	0	acq	"INVESTOR MULLS KAPPA<KPA>-RADIATION<RADS> MERGER
  Michael Krupp, a Golden, Colo.,
  businessman and major shareholder of Kappa Networks Inc, said
  he and Kappa's management are considering seeking a merger
  between Kappa and Radiation Systems Inc.
      In a filing with the Securities and Exchange Commission,
  Krupp said companies he controls and Kappa acquired a combined
  292,000 Radiation System shares, or 5.25 pct of the total.
      Krupp, who has a 24.4 pct stake in Kappa, said he and Kappa
  management believe a Kappa-Radiation Systems combination would
  be good for both companies. But no decision has been made on
  whether or how to proceed with a merger attempt, he added.
  

"
training/13195	0	acq	"OLIN <OLN> UNIT ACQUIRES IMAGE TECHNOLOGY
  Olin Corp's Olin Hunt
  Specialty Products Inc said it acquired Image Technology Corp
  for undisclosed terms.
      Image Technology makes chemicals for the semiconductor
  industry.
  

"
training/13196	0	acq	"KEY CENTURION <KEYC> TO BUY BANK OF BUCKHANNON
  Key Centurion Bancshares Inc
  said it reached an agreement in principle to acquire Central
  National Bank of Buckhannon, in W. Virginia.
      Terms call for an exchange of 2.75 shares of Centurion
  shares for each share of Central National. The transaction is
  valued at 16.2 mln dlrs.
  

"
training/13197	0	acq	"STURM, RUGER SUBMITS BID FOR SMITH AND WESSON
  Sturm, Ruger and Co Inc said it
  submitted a bid in excess of 60 mln dlrs for Smith and Wesson,
  a manufacturer of law enforcement firearms, and a unit of Lear
  Siegler.
      Smith and wesson is among a number of companies being sold
  by Forstman and Little after its recent acquisition of Lear
  Siegler.
  

"
training/13199	0	acq	"FREEDOM SAVINGS <FRDM> MAY SEEK SALE OR MERGER
  Freedom Savings and Loan Association
  said it may seek a possible sale or merger of the association
  as it reported a net loss of 112.7 mln dlrs or 31.09 dlrs a
  share for 1986.
      The loss included a number of charges, including additions
  to its loan loss provision of 68 mln dlrs and write-downs on
  the value of its real estate of 13 mln dlrs.
      It said it is continuing to work with investment bankers to
  find sources of new capital, return its non-performing assets
  to earning status, and reduce operating expenses and
  liabilities, among other things.
  

"
training/132	33	money-supply	"26-FEB-1987
  26-FEB-1987

"
training/1320	12	earn	"HARPER INTERNATIONAL INC <HNT> 3RD QTR JAN 31
  Shr 12 cts vs 19 cts
      Net 369,000 vs 358,000
      Revs 7,076,000 vs 6,712,000
      Avg shrs 3,050,000 vs 1,850,000
      Nine mths
      Shr 53 cts vs 63 cts
      Net 1,523,000 vs 1,158,000
      Revs 22.6 mln vs 20.7 mln
      Avg shrs 2,852,198 vs 1,850,000
  

"
training/13200	10	crude	"BRAZIL MAKES SECOND AMAZON OIL DISCOVERY
  The Brazilian state oil company
  Petrobras has made a second oil discovery in the Amazon region,
  President Jose Sarney said.
      He said the well had an initial flow of 150,000 cubic
  meters of gas and 220 barrels of oil per day. It is situated 14
  kilometres from the first well to be discovered in the region
  last year, which is currently yielding 500,000 cubic meters of
  gas and 900 barrels of oil daily.
      The wells, the biggest onshore well in the country, are on
  the banks of the river Uruc in the Amazon basin 3,600
  kilometres (2,250 miles) north of Brasilia.
  

"
training/13201	5	coffee	"IBC CLOSES EXPORT REGISTRATIONS - EXPORTERS
  The Brazilian Coffee Institute
  (IBC) tonight closed export registrations, exporters said.
      They said they heard of the closure from IBC officials but
  no officials could be reached immediately for confirmation.
      Earlier an IBC statement said registrations for May, the
  only month which was open, today totalled 1.4 mln bags of 60
  kilos to bring the total registered for the month to 2.05 mln.
  

"
training/13203	12	earn	"TELEBYTE TECHNOLOGY INC <TBTI> YEAR
  Shr loss 10 cts vs loss 13 cts
      Net loss 197,779 vs loss 245,190
      Revs 4.0 mln vs 3.1 mln
  

"
training/13204	12	earn	"HOUSTON OIL ROYALTY TRUST <RTH> DISTRIBUTION
  MONTHLY dist 2.1 cts vs 2.1 cts prior
      Payable April 25
      Record April 15
  

"
training/13205	0	acq	"PUBLISHERS EQUIPMENT <PECN>, TRENTONIAN IN DEAL
  Publishers Equipment Corp said it reached
  an agreement to incorporate flexo printing technology into The
  Tentonian, an Ingersoll newspaper in Trenton, N.J.
      It said that mid-1988 will be the target date for start-up
  for the new equipment which will double the size of its present
  press.
  

"
training/13206	0	acq	"GABELLI GROUP CUTS GENCORP <GY> STAKE TO 6.3 PCT
  A group led by New York investor
  Mario Gabelli told the Securities and Exchange Commission it
  cut its stake in Gencorp Inc to 1,410,184 shares, or 6.3 pct of
  the total, from 1,626,233 shares, or 7.3 pct.
      The Gabelli group said it sold 216,049 Gencorp common
  shares between March 20 and 30 at prices ranging from 108.75 to
  114.75 dlrs a share.
  

"
training/13210	0	acq	"GABELLI EXPLAINS SALE OF GENCORP <GY> SHARES
  Mario Gabelli, head of New York
  investment firm Mario Gabelli and Co, said he sold some shares
  of GenCorp Inc <GY> as part of a ""portfolio rebalancing""
  process to meet the needs of his more than 600 clients.
      He said as the stock moved up following acquisition
  proposals from a group formed by AFG Industries Inc <AFG> and
  Wagner and Brown, some of his clients were overweighted.
      Regarding the company's shareholders meeting Tuesday,
  Gabelli told Reuters, ""there was nothing said that caused me to
  sell or buy."" He still thinks ""values are 140 dlrs per share or
  more"" and has clients that asked to buy more.
      Gabelli said he amended certain filings with the Securities
  and Exchange Commission because his clients are now passive
  investors. ""We wanted to remove our clients from the process
  unfolding between GenCorp and Wagner and Brown,"" he said.
      He said he was pleased that chairman A. William Reynolds
  stated at the meeting that he found the concept of greenmail to
  be ""repugnant."" Greenmail refers to a corporation buying out a
  shareholder at a premium not available to others.
  

"
training/13211	0	acq	"INVESTOR BOOSTS FIRST WESTERN <FWES> STAKE
  Poul Erik Moller, a Santa Monica,
  Calif., investor said he raised his stake in First Western
  Financial Corp to 412,000 shares, or 6.5 pct of the total
  outstanding common stock, from 347,000 shares, or 5.5 pct.
      In a filing with the Securities and Exchange Commission
  Moller said he bought 65,000 First Western common shares
  between Jan 20 and March 26 at prices ranging from 10.000 to
  10.625 dlrs a share.
      Moller said he bought the stock as a long-term investment
  and may buy more, but has no plans to seek control of the
  company.
  

"
training/13212	0	acq	"INVESTOR BOOSTS FIRST WESTERN <FWES> STAKE
  Poul Erik Moller, a Santa Monica,
  Calif., investor said he raised his stake in First Western
  Financial Corp to 412,000 shares, or 6.5 pct of the total
  outstanding common stock, from 347,000 shares, or 5.5 pct.
      In a filing with the Securities and Exchange Commission
  Moller said he bought 65,000 First Western common shares
  between January 20 and March 26 at prices ranging from 10.000
  to 10.625 dlrs a share.
      Moller said he bought the stock as a long-term investment
  and may buy more, but has no plans to seek control of the
  company.
  

"
training/13214	12	earn	"<COMTERM INC> YEAR JAN 31 LOSS
  Oper shr loss 30 cts vs profit eight cts
      Oper net loss 5,887,996 vs profit 1,620,312
      Revs 32.4 mln vs 48.5 mln
      Note: 1987 net excludes extraordinary gain of 2.7 mln dlrs
  or 14 cts shr from settlement of provision for discontinued
  operations vs yr-ago tax gain of 562,248 dlrs or three cts shr.
  

"
training/1322	12	earn	"WITCO CORP <WIT> SETS REGULAR QTLY PAYOUT
  Qtly div 28 cts vs 28 cts prior
      Pay April one
      Record March 13
  

"
training/13223	12	earn	"SABINE ROYALTY TRUST <SBR> SETS MONTHLY PAYOUT
  Cash distribution 13.3 cts vs 8.4 cts prior
      Pay April 29
      Record April 15
  

"
training/13224	12	earn	"PROVIDENCE ENERGY CORP <PVY> REGULAR DIVIDEND
  Qtly div 45 cts vs 45 cts prior
      Pay May 15
      Record April 24
  

"
training/13225	12	earn	"GULF STATES (GSU) SEES END TO CASH BY MAY
  Gulf States Utilities Co said
  its condition has ""significantly deteriorated"" and that its
  operating cash reserves will be inadequate by May 1987 unless
  it receives additional financing or rate relief from state
  public utilities commissions in Texas and Louisiana.
      In the company's newly-released annual report and 10-K
  filing, Gulf States said its bank lenders had notified the
  utility last month that no additional credit would be granted.
  Gulf States said the banks had requested the utility to begin
  making prepayments by the end of April of 45 mln dlrs more than
  the estimated 1987 lease payments of 40 mln dlrs.
      ""The circumstances increase the likelihood that the company
  may have to seek protection from its creditors under the
  bankruptcy code,"" Gulf States said.
      The utility had previously said it might be forced to
  consider filing for bankruptcy because of limited rate
  increases granted by state regulators in connection with Gulf
  States' 4.3 billion dlr River Bend nuclear plant in Louisiana.
      ""If the regulatory commissions approve the company's
  proposed rate moderation plan and grant the increases provided
  for in such plan during the initial three-year phase-in period,
  the company believes it could achieve financial stability,""
  Gulf States said.
      In February, the Texas Public Utilities Commission granted
  Gulf States an interim rate increase of 39.9 mln dlrs
  contingent upon the utility obtaining a new 250 mln dlr line of
  credit to pay operating expenses. The utility had sought 144.1
  mln dlrs in rate hikes in Texas.
      Gulf States has appealed a decision by Louisiana state
  regulators rejecting its application for 100 mln dlrs in
  emergency rate relief.
      In 1986, Gulf States earned 244.9 mln dlrs on revenues of
  1.47 billion dlrs, compared to profits of 265.4 mln dlrs on
  sales of 1.85 billion in the previous year.
  

"
training/13230	22	interest	" HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME ONE-HALF POINT TO 6.5 PCT.

   HK SHANGHAI BANK, STANDARD CHARTERED BANK RAISE PRIME ONE-HALF POINT TO 6.5 PCT.
  

"
training/13231	22	interest	"HONG KONG BANKS RAISE PRIME ONE-HALF POINT TO 6.5 PCT
  Hongkong and Shanghai Banking Corp and
  Standard Chartered Bank raised their prime rate one-half point
  to 6.5 pct, effective Tuesday, the Association of Banks said.
      The association said in a statement deposit rates have also
  been increased by 1/4 to 1/2 percentage point.
      The banks last announced an adjustment on February 28 when
  they raised the prime rate by one point to six pct.
      The deposit interest rates are now savings and 24 hours two
  pct, seven-day call, one week and two weeks 2-1/4 pct, one
  month and two months 2-3/4 pct, three and six months 3-1/4 pct,
  nine months 3-1/2 pct and 12 months four pct.
  

"
training/13232	50	wpi	"SOUTH KOREAN WHOLESALE PRICES UP 0.2 PCT IN MARCH
  South Korea's wholesale price index, base
  1980, rose 0.2 pct to 125.1 in March after a 0.2 pct rise in
  February but was 0.6 pct lower than its March 1986 level, the
  Bank of Korea said.
      The March consumer price index, same base, rose 0.5 pct to
  146.0 after a 0.1 pct gain in February, for a year-on-year rise
  of 1.7 pct.
  

"
training/13238	23	ipi	"INSTITUTE SEES W.GERMAN OUTPUT FALL IN 1987
  Production in the manufactured goods
  industry has been falling since mid-1986 and will decline by
  between one and two pct this year after a 2.5 pct increase in
  1986, the Ifo economic institute said.
      An Ifo report said recessionary influences were affecting
  the engineering industry particularly. It saw a decline of two
  to three pct in this sector after a 5.2 pct rise in 1986.
      Orders, especially from abroad, were also falling sharply
  for capital goods in the electronics sector, it added.
      Ifo also predicted stagnation in the automobile industry in
  1987 after a particularly successful 1986 when production rose
  5.1 pct.
      Chemical industry production, which fell by 0.9 pct last
  year, was likely to stagnate or decline by one pct in 1987.
  This sector suffered from slack demand from abroad and from low
  domestic consumption.
  

"
training/1324	10	crude	"PANCANADIAN TO SELL NORTH SEA PROPERTIES, UNIT TO WHITEHALL FOR CASH

  PANCANADIAN TO SELL NORTH SEA PROPERTIES, UNIT TO WHITEHALL FOR CASH
  

"
training/13242	5	coffee	"IBC CLOSES EXPORT REGISTRATIONS - IBC OFFICIAL
  The Brazilian Coffee Institute
  (IBC) confirmed having closed May export registrations,
  effective April 6.
      On Friday night exporters said they had heard of the
  closure from IBC officials, but the officials could not at the
  time be reached for confirmation.
  

"
training/13243	32	money-fx	"LAWSON SAYS U.K. ELECTION NOT ONLY EMS BAR
  British Chancellor of the
  Exchequer Nigel Lawson said the next U.K. Election was not the
  only element standing in the way of full British membership of
  the European Monetary System (EMS).
      But he added that arguments against joining had weakened.
      Prime Minister Margaret Thatcher, widely believed to be the
  strongest government opponent of full EMS membership, has made
  clear she does not expect to consider joining until after the
  next UK election, due by mid-1988 at the latest.
      But Lawson, in answer to a question, told reporters after
  an informal European Community finance ministers' meeting here
  that other factors apart from the upcoming election stood in
  the way of full membership.
      In addition to the question of the exchange rates at which
  Britain should enter the EMS's core exchange rate mechanism,
  there was also the impact of sterling membership on the system
  to be considered, he said.
      British entry would change the EMS from a monopolar system
  based on the West German mark to a bipolar mark-sterling
  system, he noted. ""We have to make sure it would work.""
      But Lawson added that some of the considerations that had
  made it difficult for Britain to join in the past now posed
  less of a problem.
      As an example he cited sterling's role as a petrocurrency,
  which he said was diminishing. ""That argument has clearly
  weakened,"" he said.
      Lawson restated that the government was keeping the
  question of membership under review.
  

"
training/13244	32	money-fx	"EC AGREES ON NEED TO STRENGTHEN EMS
  European Community (EC)
  finance ministers and central bankers agreed on the need for
  greater cooperation to strengthen the European Monetary System
  (EMS) against international market turbulence, officials said.
      ""There was a general will to reinforce the European Monetary
  System, with all that implies,"" Belgian Finance Minister Mark
  Eyskens said yesterday after hosting a one-day session of
  informal talks at this Belgian coastal resort.
      The gathering was the first such discussion since the
  second major realignment of EMS parities within nine months in
  January.
      The system has come under severe strain as funds have
  flowed out of the slumping dollar and into the dominant EMS
  currency, the West German mark, sending it soaring against
  weaker currencies in the system.
      But Eyskens said February's agreement between leading
  western industrialised nations to stabilise exchange rates at
  around current levels was working and this would allow the EC
  to speed up its efforts to boost the internal stability of the
  EMS.
      He told a news conference yesterday's meeting agreed on the
  need for closer coordination among EMS member governments of
  interest rate policies and of interest rate differentials
  between different countries.
      They also agreed they needed better coordination of
  exchange market intervention to hold currencies stable, both
  when they reached their fixed EMS limits and within their
  agreed margins.
      But Eyskens said this coordination raised a whole range of
  technical problems and ministers would discuss these further in
  Luxembourg in June on the basis of proposals from the EC's
  Monetary Committee and Committee of Central Bank Governors.
      He said the EC needed a set of indicators of economic
  convergence betwen Community countries and it was important
  that interest rates fulfilled this role together with exchange
  rates and inflation rates.
      The Belgian minister, whose country presently holds the
  presidency of the community, made clear the meeting had not
  produced any agreement to move radically forward in developing
  the EMS towards the EC's long term goal of economic and
  monetary integration.
      ""We have committed ourselves to reestablishing the normal
  functioning of the system,"" Eyskens said.
      Eyskens has repeatedly stressed that he believes the EMS
  has to be reinforced if the EC's plans to liberalise all
  movements of capital across national borders by 1992 are to go
  ahead.
      EC executive Commission President Jacques Delors told the
  meeting the authority would put forward proposals for a final
  phase of capital market liberalisation in October that would
  include safeguard clauses for member countries for which the
  move would create difficulties.
      Eyskens said the ministers and central bankers also
  discussed the need to ""dedramatise"" realignments of EMS parities
  by letting high-ranking monetary officials carry them out by
  telephone rather than calling a meeting of finance ministers.
      However, West German sources said Bonn Finance Minister
  Gerhard Stoltenberg was unenthusiastic about the idea.
      British Chancellor of the Exchequer Nigel Lawson told
  journalists that one of the technical issues raised by greater
  coordination of exchange market intervention was the question
  of which currencies should be used to intervene and held in
  central bank reserves.
      He said several EMS member countries believed the EMS would
  work better if central banks held each other's currencies -- an
  issue of particular importance regarding West Germany since the
  Bundesbank holds only dollars in its foreign exchange reserves.
      He said the debate on dedramatising EMS realignments
  reflected a general feeling among participants that the way the
  January reshuffle had been conducted was unsatisfactory.
     The realignment was marked by acrimony between France and
  West Germany, with each side blaming the other for strains in
  the system that forced the parity overhaul.
  

"
training/13245	32	money-fx	"ZAMBIAN CURRENCY FALLS AT FOREIGN EXCHANGE AUCTION
  The Zambian currency further depreciated
  yesterday at the second auction since the introduction of a
  two-tier foreign exchange system last month.
      The (central) Bank of Zambia said the kwacha was pegged at
  16.99 to the dollar, compared to last week""s rate of 15 to the
  dollar.
      The bank, which offered six mln dlrs at the auction,
  reported demand for 13.4 mln dlrs. At the previous auction, the
  government offered eight mln dlrs.
      Last month the government set a fixed exchange rate of nine
  kwacha per dollar, subject to adjustment against a basket of
  five currencies, for certain official transactions.
      It also introduced a new weekly foreign exchange auction
  only for parastatal organisations and the private sector, where
  the exchange rate is allowed to float in accordance with market
  demand.
      The new auction system is designed to be more restrictive
  than the previous one, suspended in January after the central
  bank fell 10 weeks in arrears to successful bidders.
      Under the new system, no bidder, except the the state oil
  company Zimoil and the national airline Zambia Airways, is
  allowed to bid for more than five pct of the foreign exchange
  on offer.
  

"
training/13247	43	ship	"U.S. NAVY SAID INCREASING PRESENCE NEAR GULF
  Defence Secretary Caspar Weinberger has
  ordered the U.S. Navy to increase its presence near the Gulf in
  an effort to fulfil President Reagan's pledge to keep oil
  flowing to Europe and Japan, The New York Times reported.
      The newspaper quoted Pentagon officials as saying the Navy
  would keep the aircraft carrier Kitty Hawk on station in the
  Arabian Sea and the rest of the Indian Ocean until May, three
  months longer than planned.
      The Navy would then have a carrier battle group of six to
  eight warships in the area at all times rather than part of the
  time, as happens now, the paper said.
      The paper said that last month U.S. Intelligence sources
  said they had spotted land-based anti-ship missiles of a
  Chinese design known in the West as the HY-2 near the Strait of
  Hormuz.
      It said their purpose was seen as a signal Iran was ready
  to continue and perhaps step up the Gulf shipping war against
  Iraq.
      U.S. Carriers or battleships would sail out of range of
  those missiles, but within striking distance, the paper quoted
  officials as saying.
      From several hundred miles at sea, carriers could launch
  aircraft bombing runs or missile strikes, and battleships could
  fire long-range missiles, the paper said.
  

"
training/13251	44	strategic-metal	"ALGERIAN, SPANISH FIRMS AGREE QUICKSILVER PRICE
  Algerian and Spanish producers which
  together meet 40 pct of the Western market's needs in
  quicksilver have agreed to apply a minimum selling price of 300
  dlrs per unit, the Algerian news agency APS said.
      The agreement was made during a meeting here last week
  between Algeria's Entreprise Nationale des Non-ferreux et
  Substances Utiles (ENOF) and Spain's Almaden to discuss the
  market situation.
      The two firms ""took note with regret that prices quoted by
  some specialised publications do not reflect the reality of the
  whole market since they take into account only part of the
  deals made,"" a statement by ENOF said.
      The result is that the prices quoted are far away from two
  firms' production costs.
      ""They have thus decided that their selling price would not
  be linked any more to the prices quoted by these publications
  and that sales would be made at a minimum price of 300 dlrs fob
  per jar, which is close to their production cost,"" the statement
  said.
      It added that Turkish producers would join in when the two
  firms meet again in Madrid later this month.
      The price of quicksilver on the London Metal Exchange
  hovered around 200 dlrs this week.
  

"
training/13255	40	reserves	"CHINA'S FOREIGN EXCHANGE RESERVES FALL DURING 1986
  China's foreign exchange reserves
  totalled 10.514 billion dlrs at end-1986, up from 10.37 billion
  at end-September but down from 11.9 billion at end-1985,
  according to central bank figures published by the New China
  News Agency.
      The agency said 2.072 billion dlrs of the reserves was held
  by the state treasury, down from 2.26 billion at end-September,
  while 8.442 billion was held by the Bank of China, up from 8.11
  billion.
      China's outstanding foreign debts rose to 7.572 billion at
  end-1986 from 5.067 billion at end-1985. Gold reserves stood at
  12.67 mln ounces, unchanged over the year.
  

"
training/13256	10	crude	"IEA SEES ONE PCT GROWTH IN 1987 OECD OIL DEMAND
  Growth in oil consumption in the Western
  industrialised countries is likely to slow to around one pct
  this year compared with 2.3 pct in 1986, the International
  Energy Agency (IEA) said.
      Oil use in the 24 countries of the OECD increased by around
  one pct in first quarter 1987 to 35.9 mln bpd, the IEA said in
  its Monthly Oil Market Report.
      Growth in OECD countries is expected to come primarily from
  transport fuels, as in 1986. But if average consumer prices are
  higher than 1986, the rate of growth for these fuels may be
  below last year's 3.6 pct, it said.
      The IEA said that assuming crude oil and product prices
  stay close to current levels, some destocking by end-users can
  be expected. If that happens, natural gas will also regain some
  of the market share it lost to heavy fuel in 1986, and there
  may be slightly less growth in transport fuels.
      IEA estimates on April 1 put oil stocks in the OECD area at
  428 mln tonnes, representing 98 days of forward consumption.
  This is about the same level as at the begining of the year.
      The agency said this flat trend is explained by the
  projected seasonal consumption decline in the second quarter of
  the year which offset a reduction in stocks.
      It said initial estimates indicate that company stocks fell
  by 1.2 mln bpd in OECD countries in the first quarter of the
  year. This followed a small rise in January of 0.4 mln bpd but
  a decline of 1.5 mln bpd in February and 2.5 mln bpd in March.
      It is possible that final data will show a larger draw,
  particulary for March, it said. As crude production also fell,
  there is likely to have also been a decline in non-reported
  stocks, particularly at sea, the IEA said.
      Company stocks on land in the OECD rose to 326 mln tonnes
  on April 1 against 316 mln on April 1 1986. Governments built
  up strategic stocks to 102 mln tonnes against 97 mln in the
  period.
      The year-on-year trend of government stock building is
  continuing with year-on-year company stocks also rising, more
  or less in line with consumption, after declining for five
  years, the IEA noted.
      Oil stocks on land in the U.S. And Canada were put at 206.6
  mln tonnes on April 1, down from the 214 mln tonnes on January
  1 and equivalent to 94 and 98 days of consumption,
  respectively.
      Oil stocks in Western Europe were 147.4 mln tonnes on April
  1, down from the 154 mln on January 1 but still equivalent to
  94 days of consumption.
      World oil supply fell in the first quarter by about two mln
  bpd to 45.2 mln bpd from 47.2 mln bpd in last quarter 1986.
      This drop was mostly due to a decline in OPEC crude
  production to around 15.5 mln bpd in February/March from 16.5
  mln bpd in January and to the seasonal drop in exports from
  centrally-planned Economies, the IEA said.
      Total OPEC crude oil supply was 15.8 mln bpd in the first
  quarter, plus 1.4 mln bpd of NGLs, compared with 17.3 mln bpd
  of crude in the last three months of 1986 and 17.9 mln average
  for the whole of 1986. Supply from non-OPEC countries totalled
  28 mln bpd, against 28.5 mln bpd in the fourth quarter 1986.
      A drop in Saudi Arabian output to a tentatively forecast
  3.3 mln bpd in March from 3.6 mln bpd in February was the
  largest factor behind the OPEC production decline, the IEA
  said.
      Saudi Arabia""s Opec-assigned output quota is 4.133 mln bpd.
  

"
training/13258	15	gnp	"MARCH U.S. PURCHASING MANAGERS INDEX UP AT 53.9
  The U.S. economy in March improved at a
  faster rate than in February, with the National Association of
  Purchasing Management's composite index rising to 53.9 pct from
  51.9 pct, the NAPM said.
      The first quarter average for the index also was 53.9 pct.
  The NAPM said that, if this average were to continue for the
  rest of 1987, it would be consistent with real gross national
  product growth of about three pct.
      An index reading above 50 pct generally indicates that the
  economy is in an expanding phase. One below 50 pct implies a
  declining economy.
      The NAPM said the economic improvement was evident in all
  of the indicators in the index except inventories, which
  declined slightly.
      New orders rose sharply in March, with production also
  higher. Vendor deliveries slowed, another sign that the economy
  improved in March. Employment expanded for the first time since
  August 1984.
      Robert Bretz, chairman of the NAPM's business survey
  committee and director of materials management at Pitney Bowes
  Inc <PBI> said ""the economy ended the first quarter with a
  healthy, if not substantial improvement.""
      Bretz said the sharp rise in the growth of new orders in
  March assures a good beginning for the second quarter.
      Some 50 pct of the purchasing managers reported that they
  were paying higher prices in March than at the end of 1986. Of
  those paying higher prices now, the average increase was put at
  2.5 pct.
      The estimated average price increase anticipated by members
  for the remainder of 1987 is 2.1 pct. While prices continue to
  rise, the NAPM said that most purchasers do not see them as
  being significant.
      The composite index is a seasonally adjusted figure, based
  on five components of the NAPM business survey - new orders,
  production, vendor deliveries, inventories and employment.
      The monthly report is based on questions asked of
  purchasing managers at 250 U.S. industrial companies.
  

"
training/1326	12	earn	"<MDS HEALTH GROUP LIMITED> IN QTLY PAYOUT
  Qtly div six cts vs six cts prior
      Pay April one
      Record March 23
  

"
training/13261	32	money-fx	"U.S. CREDIT MARKET OUTLOOK - CAUTIOUS TRADING
  U.S. Bond trading is likely to remain
  cautious in the near term with a possible downward price bias
  as market participants focus on trends in the dollar, the
  economy and Federal Reserve policy, economists said.
      Most expect the economy to continue showing modest gains,
  that the dollar has more room to fall and that the Fed will
  keep policy essentially steady, perhaps for several months.
      Until trends are clearer, ""the market can only attempt to to
  establish and hold a new trading range at higher interest
  rates,"" said economists at Merrill Lynch Capital Markets.
      Merrill Lynch economists Raymond Stone and Ward McCarthy
  said that while the fundamentals generally bode for a healthy
  investment climate, the market will have no confidence in this
  environment until there is illumination of and confidence in
  U.S. Dollar/trade policy.
      Salomon Brothers' Henry Kaufman said the bond market,
  highly sensitized to dollar movements, could be encouraged if
  currency markets seem to be stabilizing or if U.S. And overseas
  economic growth is perceived as slowing sharply.
      ""The crucial question, however, is how soon either of these
  developments is likely to occur,"" Kaufman said.
      ""Market uncertainties and the erosion of portfolio manager
  confidence could continue portfolio selling pressure a while
  longer,"" said Philip Braverman, chief economist at Irving
  Securities Corp.
      However, Braverman said that, ""from a longer term
  perspective, current (bond) prices provide a buying
  opportunity.""
      Despite a nearly one-point bond price rebound Friday on
  unexpectedly weak March employment data, key 30-year Treasury
  bonds lost 2-1/4 points in price for the week as a whole and
  Thursday's 7.93 pct closing yield was a 1987 high.
      Braverman said historical evidence suggests that a long
  bond yield in the 7.93 pct area provides a basis for optimism.
  Bonds closed at 7.86 pct on Friday.
      The Irving economist noted that three times last year, in a
  similar ""paroxysm of pessimism,"" the key bonds reached a similar
  closing yield high. Within three to six weeks in each instance,
  however, Braverman said bond prices recovered to bring the
  yield down sharply by 63 to 82 basis points.
      Mitchell Held of Smith Barney, Harris Upham and Co Inc said
  that many portfolio managers now believe yields could approach
  nine pct by midyear, which he considers unlikely.
      Held said that, since late 1986, Smith Barney analysts have
  spoken about the risk that interest rates could move higher and
  they continue to believe that an upward bias is likely to
  persist over the next few months.
      Held said that in conversations with portfolio managers
  last week there appeared to be increasing belief that the rate
  rise had just begun and that yields could approach nine pct by
  midyear. Naturally, that would mean a sharp bond price fall.
      ""Yields could rise further over the next few months, but the
  rise should be less than the 65 basis point rise we've seen
  since the start of the year,"" Held said.
      Most expect Fed policy to be neutral for bonds near term.
      ""The Fed is currently frozen into a fixed stance,"" said
  economists at Aubrey G. Lanston and Co Inc.
      They said the Fed cannot tighten policy and push up
  interest rates as might be appropriate to stabilize the dollar
  and head off renewed inflationary psychology. That might harm
  the fragile U.S. Economic expansion.
      The Lanston economists said, ""The Fed cannot ease its policy
  stance to both foster more rapid economic growth and calm
  domestic and Third World debt jitters without the threat of
  causing a further decline in the dollar.""
      Minutes of February's Federal Open Market Committee (FOMC)
  meeting released Friday showed that while the FOMC left policy
  unchanged it was more inclined to firm rather than ease policy
  later if conditions in the economy, foreign exchange or credit
  markets warranted a policy shift.
      However, economists generally believe that continued fairly
  sluggish U.S. Economic growth and the financial strains on U.S.
  Banks resulting from their problem loans to developing
  countries rule out any Fed policy firming.
      There is broad agreement among economists that the FOMC at
  last Tuesday's meeting also left Fed policy unchanged.
      This week's U.S. Economic data are expected to have little
  impact. February consumer instalment credit numbers are due on
  Wednesday, with March producer price data out Friday.
      There may be mild relief in some quarters that the U.S.
  Purchasing Managers Composite Index, a closely-watched economic
  indicator, rose only to 53.9 pct in March from 51.9 pct. A
  Friday rumor had put the number far higher. The index's first
  quarter average also was 53.9 pct, translating into real GNP
  growth of about three pct if continued through 1987.
      Federal funds traded at 5-15/16 pct late Friday and are
  expected to open about there today with no Fed action seen.
  

"
training/13262	22	interest	"NATIONAL AUSTRALIA BANK LOWERS BENCHMARK PRIME
  National Australia Bank Ltd <NABA.S>
  said it lowered its benchmark prime lending rate to 18.25 pct
  from 18.5, effective today, but left its base rate at 18.5.
      The benchmark reduction brings the rate into line with the
  prime rates of most of Australia's trading banks, including
  those of two of the other three major trading banks.
      However, the rate is above the 18 pct - the lowest ruling
  rate - set by the other major, the Australia and New Zealand
  Banking Group Ltd <ANZA.S>, on Friday and effective today.
      The benchmark is based on short-term interest rate
  movements while the base rate is tied to longer-term trends.
  

"
training/13263	12	earn	"CAESARS WORLD BOARD APPROVES RECAPITALIZATION
  Caesars World Inc <CAW> said its
  directors unanimously approved a recapitalization plan under
  which stockholders will get a cash distribution of 25 dlrs per
  share via a one-time special cash dividend and will retain
  their common stock ownership in Caesars World.
      Caesars World said it expects to raise the approximately
  one billion dlrs needed to pay the 25 dlr per share dividend
  and the expenses of recapitalization through around 200 mln
  dlrs in bank borrowings and a public sale of approximately 800
  mln dlrs of debt. Some outstanding debt will be retired.
      Drexel Burnham Lambert Inc, Caesars' financial advisor, has
  told the company it is confident it can arrange the entire
  financing needed for the recapitalization.
      Henry Gluck, chairman and chief executive officer of the
  hotel, casino and resorts company, said in a statement the
  board believes the recapitalization plan is financially
  superior to a 28 dlr a share tender offer by Martin Sosnoff.
      Gluck said the Caesars World board once again recommends
  that shareholders reject the Sosnoff offer.
      The stock closed at 29.25 dlrs a share on Friday.
      ""Our ability to restructure along these lines is possible
  primarily because of the financial stability and the strong
  operating results achieved by management in recent years,"" Gluck
  said.
      He said that after the recapitalization takes effect,
  proforma net income for the fiscal year ended July 31, 1988 is
  expected to be about 28.7 mln dlrs.
      Fiscal 1988 primary earnings per share are projected to be
  76 cents, based on about 37.8 mln in post-recapitalization
  common and common-equivalent shares outstanding.
      Commenting on the company's longer term earnings outlook,
  Gluck said ""we project net income to increase to 86.2 mln dlrs
  in 1992, reflecting increased operating income and lower
  interest expense due to the retirement of 267 mln dlrs of debt
  incurred in connection with the recapitalization.""
      He said the company does not usually release projections,
  but has done so now beause of the significance of the
  recapitalization.
      Gluck said the recapitalization plan will be submitted for
  stockholder approval at a special meeting expected in June.
      The plan will require the approval of stockholders and that
  of the Nevada and New Jersey gaming regulatory authorities.
      As part of the plan, the company will change its state of
  incorporation from Florida to Delaware by means of a merger of
  Caesars World into a wholly owned subsidiary of the company.
      The new incorporation certificate and bylaws will provide
  for, among other things, a ""fair price"" provision requiring that
  certain transactions with interested 15 pct stockholders be
  approved by an 80 pct vote of stockholders, excluding shares
  held by such interested stockholders.
      Caesars World said in a statement that ""the cash
  distribution will result in a substantial deficit in
  stockholders' equity."" It did not give an estimate of the size
  of this deficit.
      But the company said its financial advisors have said they
  believe that after the recapitalization, Caesars World should
  have the financial flexibility and resources necessary to
  finance its current and projected operating and capital
  requirements.
  

"
training/13265	0	acq	"AUSTRALIAN GAS LIGHT CO COUNTER-BIDS FOR TMOC
  <The Australian Gas Light Co> (AGL) said it
  will offer one share plus one dlr cash for every two shares in
  oil and gas producer <TMOC Resources Ltd> in a counter-bid to
  the previously reported takeover offer by Santos Ltd <STOS.S>.
      The offer values TMOC shares at 4.75 dlrs each, based on
  AGL's closing price of 8.50 dlrs on Friday. TMOC shares jumped
  to 4.60 dlrs on the announcement from its Friday closing price
  of 4.15.
      The AGL offer, the third to be made for TMOC this year,
  compares with the Santos cash offer of 4.00 dlrs a share.
      Based on TMOC's issued capital of 62.08 mln shares, the AGL
  offer values the entire company at 249.9 mln shares.
      AGL said in a statement that it already holds 10.5 pct of
  TMOC's issued capital. This compares with the Santos stake of
  3.1 pct when it announced its bid in March 23.
      <Elders Resources Ltd> began the auction for TMOC about
  three months ago with an unsuccessful 2.55 dlrs a share
  on-market offer that has since lapsed.
      AGL said its offer is above the upper end of the range of
  values placed on TMOC by its advisers in the company's response
  urging rejection of the Elders Resources bid.
      AGL said it will make the same offer for TMOC's convertible
  notes. Accepting share and note holders will participate in
  AGL's planned one-for-one bonus issue.
      It said TMOC is already a partner with AGL in the Alice
  Springs to Darwin gas pipeline and has a number of businesses
  complementary with those of AGL.
      AGL is the New South Wales natural gas utility while TMOC
  has extensive onshore holdings, mainly in Queensland where it
  owns the Moonie oil field and in the Northern Territory where
  it operates and holds 43.75 of the Mereenie oil-gas field. It
  also has interests in a number of gas or oil pipelines.
  

"
training/13266	10	crude	"IEA FORECASTS SLOWER GROWTH IN OECD OIL DEMAND
  Growth in oil consumption in the Western
  industrialized countries is likely to slow to around one pct
  this year compared with 2.3 pct in 1986, the International
  Energy Agency said.
      Oil use in the 24 member countries of the Organization for
  Economic Cooperation and Development (OECD) increased by around
  one pct in the first quarter of 1987 to 35.9 mln barrels a day,
  the IEA said in its latest monthly report.
      Growth in OECD countries is expected to come primarily from
  transport fuels, as was the case in 1986. But if average
  consumer prices are higher than 1986, the rate of growth for
  these fuels may be below last year's 3.6 pct.
      The IEA said assuming crude and product prices remain nar
  current levels, some destocking by end-users can be expected.
      If that takes place, natural gas will also regain some of
  the market share it lost to heavy fuel in 1986, it said.
      IEA estimates on April one put oil stocks held in the OECD
  area at 428 mln tonnes, or 98 days of forward consumption. This
  is about the same as at the begining of the year.
      The agency said this flat trend is explained by the
  projected seasonal consumption decline in the second quarter of
  the year which offset a reduction in stocks.
      Company stocks on land in the OECD rose to 326 mln tonnes
  on April one this year compared with 316 mln tonnes in calender
  1986 while governments also built up their strategic stocks to
  102 mln tonnes against 97 mln in 1986.
      The year-on-year trend of government stock building is
  continuing with company stocks rising, more or less in line
  with consumption, after declining for five years, IEA said.
      Oil stocks on land in the United States and Canada were put
  at 206.6 mln tonnes down from the 214 mln tonnes on January one
  and equivalent to 94 and 98 days of consumption, respectively.
      Oil stocks in Western Europe were 147.4 mln tonnes, down
  from the 154 mln tonnes on January one but still equivalent to
  94 days of consumption.
      The IEA said that initial estimates indicate that company
  stocks fell by 1.2 mln bpd in OECD countries in the first
  quarter of the year. This followed a small rise in January of
  400,000 bpd but a decline of 1.5 bpd in February and 2.5 bpd in
  March.
      And it is possible that final data will show a larger draw,
  particulary for March, it said.
      As crude production also fell, there is likely to have also
  been a decline in non-reported stocks, particularly at sea, the
  IEA said.
      World oil supply fell through the first quarter by about
  two bpd to 45.2 bpd from 47.5 bpd in the last quarter of 1986.
      This drop was mostly due to a decline in OPEC crude
  production to around 15.5 bpd in February/March from 16.5 bpd
  in January and to the seasonal drop in exports from Centrally
  Planned Economies, the IEA said.
      Total OPEC oil supply totalled 17.2 bpd in the first
  quarter of 1987 compare with 19.3 bpd in the last three months
  of 1986 while supply from non-OPEC countries totalled 28 bpd as
  against 28.2 bpd in the same 1986 period.
      A drop in Saudi Arabian output to a tentatively forecast
  3.3 bpd in march from 3.6 bpd in February was the largest
  factor behind the OPEC production decline, the IEA said.
  

"
training/13269	5	coffee	"PHILIPPINE COFFEE EXPORTS SEEN FALLING SHARPLY
  Philippine coffee exports are expected
  to fall sharply due to a combination of the International
  Coffee Organisation's (ICO) decision not to revive export
  quotas and higher local prices, ICO Certifying Agency official
  Dante de Guzman told Reuters.
      He said exporter registrations dropped from an average
  weekly 500 tonnes in March to 45 tonnes last week, with exports
  in coffee year 1986/87, ending September, forecast to total
  about 8,000 tonnes against 48,000 in 1985/86.
       ""Because of the relatively higher level of domestic prices,
  it has become difficult to service exports,"" de Guzman said,
  adding that most exporters are taking a wait and see attitude.
      Coffee production was expected to drop slightly to about
  one mln bags of 60 kg each in the 1986/87 crop year ending June
  from 1.1 mln bags last year, he said.
  

"
training/1327	12	earn	"HARPER INTERNATIONAL INC <HNT> 3RD QTR NET
  Qtr ended Jan 31
      Shr 12 cts vs 19 cts
      Net 369,000 vs 358,000
      Revs 7,076,000 vs 6,712,000
      Avg shrs 3,050,000 vs 1,850,000
      Nine mths
      Shr 53 cts vs 63 cts
      Net 1,523,000 vs 1,158,000
      Revs 22.6 mln vs 20.7 mln
      Avg shrs 2,852,198 vs 1,850,000
  

"
training/13270	32	money-fx	"MIYAZAWA SEES BIG NATIONS REAFFIRMING PARIS PACT
  Finance Minister Kiichi Miyazawa told a
  parliamentary committee he expects major nations to reafffirm
  the currency pact they struck in Paris when they meet this week
  in Washington, political sources said.
      The Minister also was quoted as saying he expects major
  nations to take coordinated action to ensure exchange rate
  stability.
      Finance Ministry officials were unavailable for immediate
  comment. In Paris on February 22, six nations - Britain,
  Canada, France, Japan, the U.S. And West Germany - pledged to
  cooperate to hold their currencies stable.
  

"
training/13271	4	cocoa	"LEADING COCOA PRODUCERS DISCUSS INTERNATIONAL PACT
  Leading cocoa producers will discuss
  whether newly-agreed rules on an international cocoa buffer
  stock will succeed in reversing a sharp fall in world prices
  when they start four day's of talks here later today,
  conference sources said.
      Another topic likely to be discussed at the twice-yearly
  meeting of the Cocoa Producer Alliance (CPA) is the pact's
  second line of market support -- a witholding scheme under
  which exporters can take up to 120,000 tonnes of cocoa off the
  market if buffer stock purchases fail to defend prices.
      The International Cocoa Organisation is due to discuss the
  scheme at a meeting in June, and exporters could use the
  Yaounde talks to work out a common position on the issue, the
  sources said.
      Delegates will also be briefed on arrangements for an
  international cocoa research conference due to take place in
  Santo Domingo in the Dominican Republic next month, CPA
  secretary general D.S. Kamga said.
      The 11-member CPA include the world's top three producers
  of Ivory Coast, Brazil and Ghana and accounts for around 80 pct
  of world output.
  

"
training/13274	15	gnp	"SOUTH KOREA'S 1987 GNP SEEN GROWING NINE PCT
  South Korea's gross national product (gnp)
  is forecast to grow by nine pct in 1987, surpassing the
  government's original forecast of eight pct and against a 12.5
  pct rise in 1986, an Economic Planning Board report said.
      The report reviewing the country's economy in the first
  three months of this year said year-on-year gnp was
  provisionally estimated to have grown by about 12 pct in the
  period, against a 10.5 pct growth in the same 1986 period.
      Board officials said the gnp rise in the January-March
  period is due largely to increased exports, which totalled 9.34
  billion dlrs against 6.9 billion a year earlier.
  

"
training/1328	12	earn	"BURST AGRITECH INC <BRZT> YEAR NOV 30 LOSS
  Net loss 705,496 vs loss 182,766
      Sales 642,590 vs 1,126,315
  

"
training/133	33	money-supply	"26-FEB-1987
  26-FEB-1987

"
training/1331	10	crude	"API SAYS DISTILLATE STOCKS OFF 4.4 MLN BBLS, GASOLINE OFF 30,000, CRUDE UP 700,000

  API SAYS DISTILLATE STOCKS OFF 4.4 MLN BBLS, GASOLINE OFF 30,000, CRUDE UP 700,000
  

"
training/13317	22	interest	"CHASE-AMP BANK TO LOWER AUSTRALIAN PRIME RATE TO 17.75 PCT FROM 18.25 TOMORROW

  CHASE-AMP BANK TO LOWER AUSTRALIAN PRIME RATE TO 17.75 PCT FROM 18.25 TOMORROW
  

"
training/1332	1	alum	"ALCAN TO CLOSE WEST GERMAN SMELTER
  Alcan Aluminium Ltd is closing its
  aluminum smelter in Ludwigshafen, West Germany this June due to
  high operating costs, an Alcan spokesman said.
      The smelter, near Frankfurt, had annual capacity of about
  44,000 tonnes but was operating at about half that in January,
  spokesman Fernand Leclerc said.
      Leclerc said Alcan decided it would cost too much to
  modernize the plant.
      He said there is a possibility the company will sell the
  smelter, which currently employs 320 people, before its
  scheduled closing.
  

"
training/13320	43	ship	"KUWAIT MAY RE-REGISTER GULF TANKERS - NEWSPAPER
  Kuwait may re-register part of its
  tanker fleet with foreign flag jurisdictions, including the
  U.S. And USSR, in an attempt to protect them from Iranian
  missile attacks in the Gulf war zone, U.S. Officials were
  quoted by the New York Times as saying.
      The transfers would allow the country of registration to
  escort Kuwaiti-owned ships in the Gulf. Kuwait had earlier
  declined an offer of U.S. Naval escorts as too public an
  admission of its need for protection, they said.
      Kuwait is also looking at flagging-out to European
  registries, the officials said.
      Soviet flag tankers transporting Kuwaiti oil through the
  Gulf may get Soviet escorts, the officials said.
      Kuwait had earlier considered having both USSR and U.S.
  Escorts, but the U.S. Was unwilling to give the Soviet Union a
  naval role in the region, the newspaper quoted the officials as
  saying.
      Kuwait has backed Iraq in the seven-year war against Iran
  and its ships have increasingly been the target of Iranian
  attacks.
      The U.S. And Kuwait have been negotiating for over a month
  on methods of protecting Kuwaiti ships.
  

"
training/13321	22	interest	"CHASE-AMP BANK CUTS AUSTRALIAN PRIME TO 17.75 PCT
  <Chase-AMP Bank Ltd> said it will lower
  its prime lending rate to 17.75 pct from 18.25, effective
  tomorrow.
      The bank is the first to lower its prime rate below the 18
  pct set by a few banks in the last few days in a continuation
  of a downward trend which began late last month.
      Other prime rates range from 18.25 to 18.5 pct, with the
  majority on 18.25.
      The bank said the reduction reflected the recent downturn
  in money market rates, the improved economic outlook and
  adequate liquidity in the second quarter tax rundown period.
  

"
training/13333	8	cpi	"SWISS CONSUMER PRICES RISE ONE PCT IN MARCH
  Swiss consumer prices rose one pct in the
  year to March, the same rise as in the year to February, and
  against 0.9 pct in the year to March 1986, the Federal
  Statistics Office said.
      In March alone, prices rose 0.1 pct after a 0.3 pct rise in
  February.
      The March index, base 1982, was 109.7 against 109.5 in
  February.
      The Statistics Office said the March increase reflected
  rises in certain sectors such as food, clothing and household
  goods and falls in transport, heating and lighting.
      Both home produced and imported goods rose by 0.1 pct
  during the month. But over the year as a whole, domestically
  generated inflation reached 2.5 pct, offset by a 2.8 pct drop
  in imports.
  

"
training/13336	12	earn	"Nixdorf world group 1986 net profit 222.42 mln marks vs 172.29 mln, div 10 marks

  Nixdorf world group 1986 net profit 222.42 mln marks vs 172.29 mln, div 10 marks
  

"
training/1335	10	crude	"PANCANADIAN TO SELL BRITISH INTERESTS
  <PanCanadian Petroleum Ltd>
  said it agreed to sell its working interest in its North Sea
  properties and its British unit, Canadian Pacific Oil and Gas
  of Canada Ltd, to Whitehall Petroleum Ltd, a private British
  company.
      PanCanadian, 87 pct-owned by Canadian Pacific Ltd <CP>,
  said it would receive 1.7 mln British pounds cash (3.5 mln
  Canadian dlrs) at closing, expected in two to three months.
      It said the deal is subject to approval by regulators and
  its partners in the properties, which consist of exploration
  wells. It will also retain a royalty interest in the
  properties.
  

"
training/1339	12	earn	"TELXON <TXLN> SEES SLIGHTLY HIGHER 4TH QTR NET
  Telxon Corp said it expects
  per-share earnings for its fourth quarter ending March 31 to be
  about 23 cts to 26 cts on revenues of 26 mln dlrs to 28 mln
  dlrs.
      For the year-ago quarter, the company earned 22 cts a
  share, adjusted for a three-for-two stock split, on revenues of
  24.2 mln dlrs.
      The company said it made the earnings estimate in response
  to analysts' forecasts, which it said called for per-share
  earnings of 24 cts to 30 cts and revenues of 29 mln dlrs to 32
  mln dlrs.
  

"
training/13393	0	acq	"TESCO EXTENDS HILLARDS OFFER
  Tesco Plc <TSCO.L> said it was extending
  its 151 mln stg contested bid for <Hillards Plc> until May 1.
      It said it now controlled 9.8 pct of Hillards shares,
  comprising acceptances of the offer for 1.5 mln, or 3.1 pct,
  and 3.2 mln, or 6.7 pct, owned by itself, its pension fund or
  its associates.
      It also controlled 23,250 convertible preference shares, or
  0.2 pct.
      Hillards shares were unchanged at 313p while Tesco was two
  pence firmer at 475p.
  

"
training/13398	32	money-fx	" Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct

   Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct
  

"
training/134	0	acq	"GULF APPLIED TECHNOLOGIES <GATS> SELLS UNITS
  Gulf Applied Technologies Inc said it
  sold its subsidiaries engaged in pipeline and terminal
  operations for 12.2 mln dlrs.
      The company said the sale is subject to certain post
  closing adjustments, which it did not explain.
  

"
training/1340	0	acq	"REID-ASHMAN <REAS> TO DIVEST TEST PRODUCT UNIT
  Reid-Ashman Inc said it has
  decided to divest its test products division, located in Santa
  Clara.
      The company said it will entertain offers through March 30.
  It also said Steven Reid, a company founder and president of
  the test division, has made an offer to purchase the unit.
      The company's test division accounted for about ten pct of
  total revenues in the year ended Sept 30, 1986 and is currently
  running a revenue rate of under two mln dlrs per year, it said.
  

"
training/13404	32	money-fx	"BUNDESBANK SETS NEW REPURCHASE TENDER
  The Bundesbank set a new tender for a
  28-day securities repurchase agreement, offering banks
  liquidity aid at a fixed bid rate of 3.80 pct, a central bank
  spokesman said.
      Banks must make their bids by 1400 GMT today. Funds will be
  allocated by 0900 GMT tomorrow and credited to accounts later
  in the day. Banks must repurchase securities pledged on May 6.
  

"
training/1341	12	earn	"PACIFIC LIGHTING COPR <PLT> QUARTERLY DIVIDEND
  Qtly div 87 cts vs 87 cts
      Pay Feb 17
      Record Jan 20
  

"
training/1342	12	earn	"CETEC CORP <CEC> QUARTERLY DIVIDEND
  Qtly div five cts vs five cts
      Pay May 22
      Record May 8
  

"
training/1343	10	crude	"API SAYS DISTILLATE, GAS STOCKS OFF IN WEEK
  Distillate fuel stocks held in
  primary storage fell by 4.4 mln barrels in the week ended Feb
  27 to 127.10 mln barrels from 131.50 mln the previous week, the
  American Petroleum Institute (API) said.
      In its weekly statistical bulletin, the oil industry trade
  group said gasoline stocks fell 30,000 barrels to 252.92 mln
  barrels from a revised 252.95 mln, while crude oil stocks rose
  700,000 barrels to 329.38 mln from a revised 328.68 mln.
      It said residual fuel stocks fell 380,000 barrels to 38.04
  mln from 38.42 mln barrels.
      API said refinery runs in the week fell to 12.17 mln
  barrels per day from a revised 12.42 mln and refinery use of
  operating capacity was 78.1 pct, off from a revised 79.7 pct.
      Crude oil imports in the week fell to 3.98 mln bpd from a
  revised 4.22 mln, API added.
  

"
training/13435	12	earn	"MOET-HENNESSY PROPOSES HIGHER DIVIDEND
  YEAR TO END-DEC 1986
      Proposed dividend 45 francs vs 34.50 francs
      Note - Full name of company is Moet-Hennessy SA <MHSP.PA>
  

"
training/1344	12	earn	"JONES MEDICAL INDUSTRIES INC <JMED> 4TH QTR NET
  Shr six cts vs five cts
      Net 199,037 vs 135,587
      Sales 1,594,895 vs 1,368,959
      Avg shrs 3.1 mln vs 2.5 mln
      Year
      Shr 25 cts vs 19 cts
      Net 695,398 vs 446,426
      Sales 5,785,365 vs 4,520,781
      Avg shrs 2.8 mln vs 2.4 mln
  

"
training/1345	12	earn	"MAUI LAND AND PINAPPLE CO INC QUARTERLY DIVIDEND
  Qtly div 12-1/2 cts vs 12-1/2 cts
      Pay March 31
      Record Feb 27
  

"
training/13458	17	grain	"SOVIET GRAIN PRODUCTS MINISTRY CRITICISED
  The Soviet Communist Party has criticised
  the country's Grain Products Ministry for failing to ensure
  proper grain storage, turning out poor quality bread and for
  unsatisfactory book keeping, Pravda said.
      The party daily said that losses in the industry owing to
  waste and theft amounted to 7.3 mln roubles over the last two
  and a half years.
      The situation was particularly bad in the Central Asian
  republic of Kazakhstan, which has been severely criticised
  since the ousting of its veteran leader Dinmukhamed Kunayev
  last December.
      Its new leader, Gennady Kolbin, has said that at times the
  grain-growing republic has performed so badly that it has been
  obliged to seek grain supplies from national reserves.
      Tass news agency announced yesterday that Grain Products
  Minister Grigory Zolotukhin, 75, was being retired and replaced
  by Alexander Budyka, a senior food industry official.
      Pravda added today that the crisis in the industry had been
  drawn to Zolotukhin's attention and two of his deputies
  reprimanded.
  

"
training/13462	4	cocoa	"COCOA BUFFER STOCK MAY FACE UPHILL BATTLE - TRADE
  The International Cocoa Organization
  (ICCO) buffer stock could face an uphill battle to halt the
  downtrend in world cocoa prices when it begins buying
  operations in the next few weeks, cocoa traders said.
      Traders said they believed buffer stock purchases could
  reach 75,000 tonnes in a matter of weeks without lifting prices
  significantly, given the amount of surplus cocoa overhanging
  the market. The buffer stock may begin buying shortly as the
  ICCO 10 day average indicator price is now at 1,578.03 Special
  Drawing Rights (SDR) per tonne, below the 1,600 ""must buy"" level.
      Rules governing buffer stock operations were agreed last
  month by the ICCO council. Buying will begin once the buffer
  stock manager has completed preparations, traders said.
      Some traders said the buffer stock manager may delay buffer
  stock buying until mid or end-April when changes in months used
  to calculate the ICCO indicator may lift the 10 day average
  above the 1,600 SDR ""must buy"" level.
      The ICCO indicator price is calculated from the average of
  the second, third and fourth positions on the London and New
  York futures markets. The daily price was 1,577.61 SDR per
  tonne yesterday.
      Months used currently for the indicator are May, July and
  September, but these are set to change to July, September and
  December on April 15, prior to May becoming the New York spot
  month, traders noted.
      The introduction of December into the calculations may lift
  the daily SDR price as December is currently quoted about 75
  stg above May on the London terminal market.
      But the buffer stock manager would have to wait for the
  higher daily price to feed through into the 10-day average, the
  indicator which governs his activities, traders said.
      ""The buffer stock manager is obviously looking at the
  implications of delaying until forward prices lift the
  indicator since it might mean he has to buy less cocoa,"" an
  analyst from a leading cocoa trade house said.
      Traders said the buffer stock purchases could reach 75,000
  tonnes fairly quickly once buying starts. If purchases reach
  this level within six months, buying is suspended pending an
  ICCO council review of price ranges. But some cocoa market
  watchers said the buffer stock may benefit from recent
  forecasts for a poor Brazilian Bahia temporao crop at 1.5 mln
  to two mln 60 kilo bags against initial expectations of up to
  three mln.
      A lower than expected Brazilian crop may cut the 1986/87
  world surplus to between 50,000 and 70,000 tonnes, compared
  with a recent forecast by the ICCO statistics committee of
  94,000 tonnes, traders said.
      In these circumstances, the buffer stock may only need to
  buy between 20,000 and 30,000 tonnes to lift prices above the
  ""must buy"" level.
      But some dealers said the ICCO buffer stock rules may put
  constraints on how quickly and effectively the buffer stock
  manager can remove cocoa from the market.
      The buffer stock system of price differentials set
  according to quality and a 15 pct limit on purchases from
  non-members could limit the buffer stock's scope for action,
  dealers said.
      Most of the cocoa readily available to the buffer stock is
  nearby in-store material of Malaysian and Ivory Coast origin.
      But the buffer stock can only buy 15 pct Malaysian cocoa as
  Malaysia is not an ICCO member, while purchases of nearby cocoa
  can only reach 40 pct in any one day, which forces the buffer
  stock to buy some intermediate and forward shipment material.
      Limits on buffer stock purchases of nearby and non-member
  cocoa will reduce the impact on terminal prices which are
  pressured by the overhang of Malaysian material, traders said.
      Buffer stock purchases of forward shipment cocoa from
  quality producers such as Ghana will have only a limited impact
  on futures, but is likely to widen physical market premiums for
  this cocoa over futures.
      Ghana's premium to the terminal has risen to about 50 stg
  from 25 to 30 stg a month ago partly in anticipation of buffer
  stock buying, dealers said.
      ""The buffer stock may not help the terminal market, but will
  provide a backstop for quality cocoas,"" one trader said.
      Traders cautioned that views on the impact of the buffer
  stock were ""all prognostication"" and that no one could hope to
  predict accurately what the result would be. Psychologically
  buffer stock buying should help prices, but since the buffer
  stock already holds a carryover of 100,000 tonnes from the
  previous cocoa agreement and the market is in surplus, dealers
  expressed doubts purchases can counter bearish pressure.
      In June the ICCO is due to discuss rules for a withholding
  scheme as an additional market support mechanism.
  

"
training/13468	33	money-supply	" German February capital account deficit 7.53 billion marks vs Jan 11.91 billion surplus - Bundesbank

   German February capital account deficit 7.53 billion marks vs Jan 11.91 billion surplus - Bundesbank
  

"
training/1347	48	trade	"U.S. WINE EXPORTS ROSE 15 PER CENT LAST YEAR
  Exports of American wine rose 14.9
  per cent last year to a total of 7.2 million gallons, the Wine
  Institute said.
      The San Francisco-based promotional group said 95 per cent
  of the exported wine was from California and the top three
  markets were Canada, Japan and Britain.
      Japan, which edged out Britain as the leading importer of
  American wines in 1985, continued in second place.
      Canadian imports rose 3.2 per cent to 2.6 million gallons;
  Japan, 9.9 per cent to 1.2 million gallons, and Britain, 20.2
  per cent to 962,360 gallons.
      A spokesman for the institute said the declining value of
  the dollar and strong promotional efforts on the part of the
  California wine industry contributed significantly to the
  increased shipments.
      The 1986 wine exports were valued at 34.7 mln dlrs, up from
  27.6 mln dlrs the previous year.              
  

"
training/13471	33	money-supply	"GERMAN CAPITAL ACCOUNT IN DEFICIT IN FEBRUARY
  West Germany recorded a net outflow of
  7.53 billion marks on the February capital account, combining
  long and short term capital flows, compared with a net inflow
  of 11.91 billion marks in January, the Bundesbank said.
      This compared with a net outflow of 3.51 billion marks in
  February 1986, the Bundesbank said.
  

"
training/13482	48	trade	"TAIWAN TRADE SURPLUS WIDENS IN FIRST QUARTER
  Taiwan's trade surplus widened to 4.18
  billion U.S. Dlrs in the first quarter of 1987 from 3.05
  billion a year ago, the government statistics department said.
      First quarter exports rose to 11.25 billion U.S. Dlrs from
  8.38 billion in the same period in 1986. Imports rose to 7.08
  billion from 5.33 billion last year.
      The March trade surplus was 1.45 billion dlrs compared with
  1.32 billion in February and 1.02 billion in March 1986.
  Exports rose to 4.07 billion U.S. Dlrs from 3.85 billion in
  February and 2.99 billion in March last year. Imports were 2.61
  billion dlrs against 2.53 billion in February and 1.96 billion
  in March 1986.
  

"
training/135	0	acq	"INVESTMENT GROUP RAISES ROBESON <RBSN> STAKE
  A group of affiliated Miami-based
  investment firms led by Fundamental Management Corp said it
  raised its stake in Robeson Industries Corp to 238,000 shares,
  or 14.6 pct of the total, from 205,000 or 12.8 pct.
      In a filing with the Securities and Exchange Commission,
  the group said it bought 32,800 Robeson common shares between
  Jan 26 and Feb 9 for 175,691 dlrs.
      The group said it may buy more shares and plans to study
  Robeson's operations. Afterwards it may recommend that
  management make changes in its operations. Fundamental
  Management Chairman Carl Singer was recently elected to the
  Robeson board.
  

"
training/1350	36	orange	"USDA TO REDUCE CITRUS ESTIMATING PROGRAM
  the U.S. Agriculture Department's
  National Agricultural Statistics Services (NASS) said it will
  change its citrus estimate program for California and Arizona,
  starting in 1988.
      NASS said it will discontinue California forecasts for
  lemons during December, February, March, May and June and for
  grapefruit and tangerines for those months plus November.
      Forecasts for lemons will be issued in October, November,
  January, April and July and for grapefruit in October, January,
  April, and July and for tangerines in October,  January and
  April. There will be no change in the estimating program for
  California oranges.
      Arizona forecasts will be dropped for lemons, oranges,
  grapefruit and tangerines in November, December February,
  March, May and June, with forecasts retained in October,
  January, April and July, it said.
      There will be no changes in the estimating program for
  citrus in Texas or Florida.
  

"
training/13507	1	alum	"AGREEMENT REACHED IN GREEK ALUMINA DEAL WITH MOSCOW
  Greece and the Soviet Union have reached
  agreement in Moscow on a joint venture for a 450 mln dlr
  alumina plant in Greece, government spokesman Yannis Roubatis
  said.
      Roubatis told reporters the Soviet Union agreed to buy the
  plant's entire annual output of 600,000 tonnes of alumina. More
  details would be given later by Greek Industry Undersecretary
  George Petsos, who was in Moscow.
      The project was due to start in 1986, but problems over
  plans to sell some alumina to Bulgaria caused delays. The
  Soviet Union, which was to take 400,000 tonnes, later agreed to
  take the full production.
  

"
training/1351	12	earn	"<TRIMAC LTD> YEAR NET
  Shr nine cts vs six cts
      Net 3,500,000 vs 2,500,000
      Revs 294.0 mln vs 351.5 mln
      Note: 1986 year includes tax gain of 1,700,000 dlrs
  

"
training/13530	32	money-fx	"BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS
  The Bank of Japan will sell tomorrow a
  total of 800 billion yen worth of financing bills from its
  holdings to help absorb a projected money market surplus of
  1,300 billion yen, money traders said.
      Of the total, 400 billion yen will yield 3.8502 pct on
  sales from money houses to banks and securities houses in a
  41-day repurchase accord maturing on May 19.
      Another 400 billion yen will yield 3.7991 pct in a 20-day
  repurchase pact maturing on April 28, they said.
      The repurchase agreement yields compare with the 3.8125 pct
  one-month, and 3.7500 pct three-week commercial bill discount
  rates today.
      Tomorrow's surplus is attributable to government tax
  allocations to local governments and public entities.
      The operation will put outstanding bill supply at about
  4,300 billion yen, they said.
  

"
training/13532	0	acq	"WORMALD TO ACQUIRE STAKE IN HOLMES PROTECTION
  Fire protection and security group
  Wormald International Ltd <WOIA.S> said British-listed <Holmes
  Protection Group Inc> has agreed to issue it with 6.15 mln
  common shares of one U.S. Cent par-value at 1.72 stg each.
      The two groups have also begun exploratory talks on a
  possible merger of the Holmes business with the compatible
  businesses of Wormald, comprising some or all of its fire
  protection and security businesses in the Americas and Europe,
  Wormald said in a statement.
      The issue of shares in the New York-based Holmes is
  conditional upon shareholder approval at a general meeting.
      Wormald said its stake will represent 9.99 pct of Holmes'
  existing issued shares and 9.09 pct of the enlarged capital.
      The issue will raise 10.6 mln stg which will be used for
  further development of the Holmes business.
      Wormald said the businesses of the two groups are largely
  complementary in terms of both geographical spread and the
  nature of their activities, with Holmes concentrating on
  burglar alarms and Wormald on fire systems.
      Holmes's operations are concentrated in and around New York
  amd Miami. It earned 11 mln U.S. Dlrs pre-tax in its last
  reported full year, 1985, and 6.0 mln in first half 1986.
  

"
training/13539	31	meal-feed	"WEST GERMAN 1986 OIL MEALS, CAKES USE UP
  West German consumption of oilmeals and
  oil cakes last year rose by 2.4 pct to 6.3 mln tonnes, the
  agriculture ministry said.
      It said in a statement the increase was exclusively due to
  sharply higher use of rape products, which went up by 8.9 pct
  to 1.08 mln tonnes.
      Use of soy products dropped 7.2 pct to 2.89 mln tonnes, it
  added.
  

"
training/1354	0	acq	"OPPENHEIMER UPS VIACOM <VIA> STAKE TO 7.7 PCT
  Oppenheimer and Co, a New York
  brokerage firm, said it raised its stake in Viacom
  International Inc to the equivalent of 2,709,600 shares, or 7.7
  pct of the total, from 2,232,400 shares, or 6.3 pct.
      In a filing with the Securities and Exchange Commission,
  Oppenheimer said it bought a net 477,200 Viacom common shares
  between Jan 19 and March 3 at prices ranging from 40.50 to an
  average of 49.31 dlrs each. Part of its stake is in options.
      It said it bought the shares as part of its arbitrage and
  investment business. Movie theater magnate Sumner Redstone and
  a Viacom management group are in a bidding war for Viacom.
  

"
training/13543	22	interest	"CHASE-AMP BANK CUTS AUSTRALIAN PRIME TO 17.75 PCT
  <Chase-AMP Bank Ltd> said it will lower
  its prime lending rate to 17.75 pct from 18.25, effective
  tomorrow.
      The bank is the first to lower its prime rate below the 18
  pct set by a few banks in the last few days in a continuation
  of a downward trend which began late last month.
      Other prime rates range from 18.25 to 18.5 pct, with the
  majority on 18.25.
      The bank said the reduction reflected the recent downturn
  in money market rates, the improved economic outlook and
  adequate liquidity in the second quarter tax rundown period.
  

"
training/1355	12	earn	"EMPI INC <EMPI> 4TH QTR LOSS
  Shr loss 25 cts vs profit 11 cts
      Net loss 446,005 vs profit 185,325
      Sales 2.4 mln vs 2.5 mln
      12 mths
      Shr loss 16 cts vs profit 41 cts
      Net loss 282,305 vs profit 709,787
      Sales 10.1 mln vs nine mln
  

"
training/13552	32	money-fx	"U.K. MONEY MARKET GIVEN 224 MLN STG ASSISTANCE
  The Bank of England said it had provided
  the money market with 224 mln stg help in the morning session.
  This compares with the Bank's forecast of a shortage in the
  system today of around 850 mln stg which it earlier revised up
  from 800 mln.
      The central bank bought bank bills comprising 27 mln stg in
  band one at 9-7/8 pct, 21 mln stg in band two at 9-13/16 pct
  and 171 mln stg in band three at 9-3/4 pct.
      It also purchased three mln stg of treasury bills and two
  mln stg of local authority bills in band three at 9-3/4 pct.
  

"
training/13559	23	ipi	"EC INDUSTRIAL PRODUCTION GROWTH HALTS IN JANUARY
  Industrial production in the European
  Community (EC) in January showed no growth compared with
  January 1986, the EC statistics office, Eurostat, said in a
  report.
      It said the EC industrial production index, base 1980,
  stood at 103.9 in both months.
      EC officials said while the lack of growth may have been
  due in part to the icy weather which gripped large parts of the
  EC in January, it also reflects a worrying trend.
      Eurostat said for the last three months for which figures
  are known, industrial output rose by only 0.9 pct compared with
  the year-earlier period.
      Annual growth in the 12 months to January averaged about
  1.8 pct, well below the 2.8 pct figure recorded in the 12
  months ending last June, the office said.
  

"
training/1356	48	trade	"U.S. SENATE PANEL COULD CONSIDER TRADE MEASURE
  The U.S. Senate Agriculture Committee
  may take up a bill tomorrow that would strengthen the
  activities of U.S. agricultural trade teams in selected
  developing countries, committee staff said.
      The measure, sponsored by committee Chairman Patrick Leahy
  (D-Vt.) and Sen. John Melcher (D-Mont.), would establish trade
  teams of between six and nine persons drawn from federal
  agencies and private voluntary organizations, staff said.
      The trade missions would seek to generate interest in the
  U.S. government's food donation and commercial programs --
  PL480, Section 416, export credit and export enhancement -- and
  upon return be required to advocate extension of concessional
  or commercial benefits to interested countries.
      The trade teams would be made up of representatives of the
  U.S. Agriculture Department, State Department, the Agency for
  International Development and private voluntary organizations
  such as U.S. Wheat Associates.
      The bill would require teams within six months to visit
  seven countries: Mexico, Philippines, Indonesia, India,
  Bangladesh, Senegal and Nigeria.
      Within one year after passage of the measure, another eight
  countries would have to be visited: Peru, Kenya, the Dominican
  Republic, Costa Rica, Malaysia, Venezuela, Tunisia and Morocco.
  Other countries could be added to the list.
      Senate staff members said the bill, still in the drafting
  stages, had broad support and was expected to be approved by
  the committee tomorrow.
  

"
training/1359	12	earn	"FLORIDA PUBLIC <FPUT> SPLITS STOCK, UPS DIV
  Florida Public Utilities Co
  said its board declared a three-for-two stock split on its
  common stock.
      It said holders of record April 15 will receive one
  additional share May one for each two shares held.
      The company also said it raised the dividend on its common
  stock by two cts to 33 cts a share on a pre-split basis.
      The dividend is payable April one to holders of record
  March 18.
  

"
training/136	17	grain	"GAO LIKELY TO SHOW CERTS MORE COSTLY THAN CASH
  A study on grain certificates due out
  shortly from the Government Accounting Office (GAO) could show
  that certificates cost the government 10 to 15 pct more than
  cash outlays, administration and industry sources said.
      Analysis that the GAO has obtained from the Agriculture
  Department and the Office of Management and Budget suggests
  that certificates cost more than cash payments, a GAO official
  told Reuters.
      GAO is preparing the certificate study at the specific
  request of Sen. Jesse Helms (R-N.C.), former chairman of the
  senate agriculture committee.
      The report, which will focus on the cost of certificates
  compared to cash, is scheduled to be released in mid March.
      The cost of certificates, said the GAO source, depends on
  the program's impact on the USDA loan program.
      If GAO determines that certificates encourage more loan
  entries or cause more loan forfeitures, then the net cost of
  the program would go up. However, if it is determined that
  certificates have caused the government grain stockpile to
  decrease, the cost effect of certificates would be less.
      GAO will not likely suggest whether the certificates
  program should be slowed or expanded, the GAO official said.
      But a negative report on certificates ""will fuel the fire
  against certificates and weigh heavily on at least an increase
  in the certificate program,"" an agricultural consultant said.
      The OMB is said to be against any expansion of the program,
  while USDA remains firmly committed to it.
  

"
training/1360	12	earn	"CITY INVESTING TRUST <CNVLZ> SETS CASH PAYOUT
  City Investing Co Liquidating Trust
  said it declared a cash distribution of 25 cts a unit, payable
  April 10 to unit-holders of record April one.
      The trust last paid a stock distribution of General
  Development Corp <GDB> shares in July.
  

"
training/1361	36	orange	"FCOJ SUPPLIES SIGNIFICANTLY ABOVE YEAR AGO-USDA
  Total supply of frozen concentrated
  orange juice (FCOJ) in 1986/87 is expected to be significantly
  above year-earlier levels, even with carry-in stocks well below
  the previous season, the U.S. Agriculture Department said.
      In a summary of its Fruit Situation Report, the Department
  said Florida's imports of FCOJ, mostly from Brazil, have shown
  sharp gains to date.
      The Department noted the price of FCOJ will probably be
  affected by the final decision, scheduled for April 22, on
  whether the U.S. considers Brazilian FCOJ exports to the U.S.
  have caused injury.
      Continuing strong demand for fresh and processing fruit
  coupled with seasonal declines in supplies mean that grower
  prices will remain higher this spring than a year earlier.
      The department said stocks of fresh apples in cold storage
  at the beginning of February were moderately larger than a year
  earlier, but strong demand has kept apple prices firm.
      In view of the strong demand and seasonally reduced
  supplies, apple prices are projected to stay firm.
      During the remainder of 1986/87, supplies of most processed
  noncitrus fruit will be smaller than a year ago, it said.
      Movement of canned fruit has improved, and remaining
  suppies for some canned fruit items are tight and as a
  consequence prices have strengthened, the department said.
  

"
training/13611	10	crude	"OCCIDENTAL <OXY> IN BIG PERU HEAVY OIL FIND
  Occidental Petroleum Corp said the
  Shiviyacu-23 development well on Block 1-AB in the Peruvian
  Amazon jungle is producing 6,593 barrels of 22 degree gravity
  oil per day from depths of 9,543 to 9,547 and 9,556 to 9,599
  feet.
      The company said it is drilling a new exploration well on
  the block, Southeast Shiviyacu-1, 2.5 miles away.
  

"
training/13615	12	earn	"LIEBERMAN ENTERPRISES INC 3RD QTR FEB 28 NET
  Shr 51 cts vs 46 cts
      Shr diluted 44 cts vs 41 cts
      Net 2,267,000 vs 2,055,000
      Sales 87.3 mln vs 70.4 mln
      Nine mths
      Shr 1.20 dlrs vs 1.12 dlrs
      Shr diluted 1.07 dlrs vs 1.03 dlrs
      Net 5,318,000 vs 4,958,000
      Sales 243.7 mln vs 198.7 mln
  

"
training/1363	12	earn	"FLORIDA COMMERCIAL BANKS INC <FLBK> DIVIDEND
  Qtly div 14 cts vs 19 cts prior
      Pay March 31
      Record March 16
      Note: Quarterly dividend for prior quarter included special
  payout of five cts a share.
  

"
training/13633	10	crude	"BP SCOTTISH REFINERY SET TO RESTART THIS WEEK
  The British Petroleum <BP.L> Co Plc's
  refinery at Grangemouth, Scotland, shut down after an explosion
  and fire in the hydrocracker on March 22, will probably be back
  in operation towards the week-end, a refinery spokesman said.
      He said the refinery will resume at about half its 178,500
  barrels per day (bpd) capacity, as work on overhauling the
  North Side of the complex, which began at the end of January,
  will not be completed before the end of April.
      He said the refinery had been closed for longer than
  originally expected due to the lengthy safety checks being
  carried out prior to restarting.
      The explosion and fire, in which one worker was killed,
  caused extensive damage to the central part of the 32,000
  hydrocracker and the spokesman said today this unit would be
  out of operation for several months. The remainder of the
  refinery, including the 19,000 catalytic cracker, was
  undamaged.
      He said inquiries into the accident, which happened while
  the hydrocracker was not in operation, were continuing.
      In an earlier incident, two people were killed in an
  explosion and fire at the refinery on March 13.
  

"
training/1364	12	earn	"<TIMMINCO LTD> YEAR NET
  Oper shr 33 cts vs 33 cts
      Oper net 3,330,000 vs 2,969,000
      Revs 95.9 mln vs 92.0 mln
      Avg shrs 8,610,068 vs 7,603,219
      Note: 1986 net excludes extraordinary gain of 577,000 dlrs
  or seven cts shr vs yr-ago gain of 71,000 dlrs or one ct shr.
  

"
training/13649	48	trade	"BRITAIN WARNS JAPAN OVER TRADE ROW
  British corporate affairs minister Michael
  Howard told Japan to resolve the row over the U.K. Firm Cable
  and Wireless Plc's <CAWL.L> shareholding in a new Japanese
  telecommunications company or face an abrupt deterioration in
  trade relations.
      In meetings with both the foreign and telecommunications
  ministers Howard said he expressed deep concern about the way
  Tokyo had handled the dispute and about the continuing trade
  imbalance between the two countries.
      ""I put it to the (post and telecommunications) minister that
  I was sure he did not want to be responsible for an abrupt
  deterioration in the trading relations of our countries which
  would have widespread reverberations elsewhere in the world,""
  Howard told reporters.
      ""He listened very carefully and I have little doubt the
  message got home,"" he added.
      British frustration over the lopsided trade balance -
  nearly six billion dlrs in Japan's favour last year - has
  reached boiling point over the telecommunications issue, Howard
  said.
      Howard has accused Japan of trying to shut out Cable and
  Wireless from having a major role in the international
  telephone market in Japan.
      ""I want a fair crack of the whip for Cable and Wireless as I
  want a fair crack of the whip for Britain generally in trading
  relations,"" Howard said. ""We simply aren't prepared to continue
  to accept the imbalance which has been the position for such a
  long time.""
      Post and Telecommunications Ministry officials were unable
  to comment on Howard's meeting with their minister.
      But Foreign Ministry officials said Foreign Minister
  Tadashi Kuranari said that British exports to Japan are
  increasing, but acknowledged the continuing imbalance in trade.
      Kuranari said he wants everyone in the telecommunications
  dispute, including Cable and Wireless, to be satisfied.
      Howard told reporters that Britain was actively considering
  possible retaliatory measures if it did not get its way on the
  telecommunications issue.
      ""There are measures which are under consideration if we
  continue to suffer from the imbalance in our trading relations,""
  he added, but gave no details.
      He said he had received a reassuring response from the
  Japanese he has spoken with.
      ""But of course we've had reassuring signs from the Japanese
  for quite some time,"" he added. ""What I've made plain is we
  expect to see action.""
      Howard ruled out using powers in Britain's Financial
  Services bill to retaliate against unfair trade practices.
  Those powers, which allow London to ban foreign financial firms
  like banks from Britain, are designed to ensure U.K. Firms
  equal access to overseas financial markets.
  

"
training/13656	12	earn	"CARDINAL INDUSTRIES <CDNI> RESTATES NET LOWER
  Cardinal Industries Inc said it
  restated earnings for the first nine months of 1986 to 235,000
  dlrs, or nine cts per share, from 485,000 dlrs, or 18 cts,
  reported previously due to the failure of an automated
  accounting system installed in mid-year and replaced in the
  fourth quarter.
      The company said its Reliance segment sustained a
  significant operating loss for the full year 1986 due to the
  accounting problems and increased promotional and advertising
  expenses.  For the full year, it said it earned 284,000 dlrs,
  or 10 cts a share, up from 271,000 dlrs, or 10 cts, in 1985.
      Cardinal Industries said revenues for the year were 30.7
  mln dlrs, up from 23.0 mln dlrs in 1985.
      The company said for the first quarter of 1987, earnings
  were about 48,000 dlrs, up from 13,000 dlrs or nil per share in
  the year ago period.  The year-ago first quarter earnings,
  however, have been restated from 101,000 dlrs or four cts per
  share.  It said sales for the first quarter were about
  8,363,000 dlrs, up from 6,636,000 dlrs.
      For the first half of 1986, the company said it restated
  earnings to 141,000 dlrs or five cts per share from 340,000
  dlrs or 12 cts per share reported previously.
  

"
training/1366	12	earn	"<UNITED FIRE AND CASUALTY> 4TH QTR NET
  Shr profit 31 cts vs loss 20 cts
      Net profit 1,044,424 vs loss 515,425
      Avg shrs 3,406,841 vs 2,544,531
      Year
      Shr profit 2.83 dlrs vs profit 42 cts
      Net profit 8,811,142 vs profit 1,058,503
      Avg shrs 3,111,464 vs 2,544,531
      Note: Full company name is United Fire and Casualty Co
      Net includes realized gains of 93,551 dlrs and 764,177
  dlrs, respectively, in 1986 qtr and year, and of 92,075 dlrs
  and 972,935 dlrs, respectively, in 1985 qtr and year.
      1985 results restated for three-for-two stock split. Net
  income for 1985 has been restated due to a change in the method
  used in computing deferred acquisition costs.
      1986 results include the effect of a stock offering
  resulting in the issuance of an additional 862,500 shares of
  common stock.
  

"
training/1367	12	earn	"<POWER CORP OF CANADA> 4TH QTR NET
  Oper shr 30 cts vs 24 cts
      Oper net 38,686,000 vs 28,384,000
      Revs 42.3 mln vs 31.2 mln
      Year
      Oper shr 1.05 dlrs vs 94 cts
      Oper net 136,594,000 vs 110,831,000
      Revs 153.3 mln vs 125.1 mln
      Note: Fourth quarter results exclude extraordinary and
  other items which raised final 1986 net to 62,485,000 dlrs or
  49 cts a share and lowered final 1985 net to 18,941,000 dlrs or
  16 cts a share in 1985.
      Full-year results exclude extraordinary and other items
  which raised final 1986 net to 237,961,000 dlrs or 1.87 dlrs
  per share and 1985 net to 152,049,000 or 1.29 dlrs per share.
      1985 results restated to reflect June, 1986 two-for-one
  stock split.
  

"
training/13688	43	ship	"BRAZIL SEAMEN'S STRIKE ENDS
  A Brazilian seamen's strike, which
  began on February 27 and has been tapering off for weeks, has
  now ended, a seamen's spokesman said.
      The spokesman said the seamen had signed an agreement with
  the state-owned Lloyd Brasileiro company on Saturday for a 120
  pct salary rise.
      The national strike had been tailing off since mid-March as
  seamen struck individual accords with companies. At the height
  of the stoppage, seamen said about 200 ships were strike-bound.
  

"
training/13694	6	copper	"MAGMA RAISES COPPER PRICE 0.50 CT TO 66.00 CTS
  Magma Copper Co, a subsidiary of
  Newmont Mining Corp, said it is raising its copper cathode
  price by 0.50 cent to 66.00 cents a lb, effective immediately.
  

"
training/13695	12	earn	"INTERCO INC 4TH QTR SHR 99 CTS VS 97 CTS

  INTERCO INC 4TH QTR SHR 99 CTS VS 97 CTS
  

"
training/13702	34	nat-gas	"KANEB ENERGY <KEP> SAYS JURY RULES FOR IT
  Kaneb Energy Partners Ltd, 82 pct owned
  by Kaneb Services Inc <KAB>, said a juiry in Circuit Court of
  Tuscaloosa County, Ala., has ruled in its favor and that of Jim
  Walter Corp <JWC> against Sonat Inc <SNT> in a dispute over a
  natural gas sales contract.
      The company said the suit was filed seekiong to enforce
  Sonat's obligations under the contract to pay for methane gas
  produced by the Brookwood Coal Degasificiation Project in the
  Black Warrior Basin of Alabama, which is equally owned by Kaneb
  and Jim Walter.
      Kaneb said the jury awarded it and Jim Walter about 22 mln
  dlrs for required payments for deliveries through January 1987
  plus interest through March 16 -- the full amount sought -- and
  rejected Sonat's counterclaim of fraud.
      It said the decision may be appealed.
  

"
training/13704	0	acq	"WHITTAKER <WKR> COMPLETES SALE OF MEDICAL UNIT
  Whittaker Corp said it has completed
  the previously-announced sale of its wholly-oiwned Whittaker
  General Medical Corp subsidiary to R.A.B. Holdings Inc for
  undisclosed terms.
      Whittaker General Medical has annual revenues of about 450
  mln dlrs.
  

"
training/13708	12	earn	"STARTEL <STAS> TO HAVE LOSS, SALES DROP
  StarTel Corp said it expects to
  report a first quartter loss on a 25 to 30 pct revenue fall
  from the year-earlier 2,524,000 dlrs.
      The company earned 64,000 dlrs in last year's first quarter.
  

"
training/13709	12	earn	"DATRON SYSTEMS <DTSI> SEES LOWER YEAR NET
  Datron Systems Inc said it
  expects to report a falloff in earnings for the year ended
  March 31 of about 25 pct from fiscal 1986 levels.
      In fiscal 1986, Datron earned 1,776,000 dlrs.
      The company said new orders for the year just ended,
  however, rose 50 pct to 26 mln dlrs, bringing backlog at
  year-end to 19 mln dlrs.
  

"
training/13710	12	earn	"DATA GENERAL TO TAKE 18.2 MLN DLR PRETAX CHARGE TO REDEEM 150 MLN DLRS OF DEBT

  DATA GENERAL TO TAKE 18.2 MLN DLR PRETAX CHARGE TO REDEEM 150 MLN DLRS OF DEBT
  

"
training/13711	0	acq	"ENTERRA CORP <EN> SELLS TWO UNITS
  Enterra Corp said it has completed the
  sale of its Hale Fire Pump co and Macomson Machine Co
  subsidiaries to a company formed by Los Angeles investment firm
  McBain, Rose Partners for about 27 mln dlrs in cash.
      Both Hale and Macomson make fire pumps and related
  equipment.
  

"
training/13714	0	acq	"<FMD INC> IN MERGER AGREEMENT
  FMD Inc said it has agreed to acquire
  Bankers Protective Financial Corp for 28,836,000 common shares,
  subject to approval by the Texas State Board of Insurance.
      Bankers Protective is a life insurance company based in
  Texas.
  

"
training/13715	12	earn	"<BEDFORD COMPUTER CORP> YEAR NET
  Shr not given
      Net profit 1,033,000 vs loss 4,346,000
      Sales 6,060,000 vs 5,818,000
      NOTE: Company operating in Chapter 11 bankruptcy.
      1985 sales exclude contract revenues of 3,217,000 dlrs.
      1986 net includes reversal of 597,000 dlrs of reserves no
  longer deemed necessary and tax credit 340,000 dlrs.
  

"
training/13717	12	earn	"INTERCO INC <ISS> 4TH QTR FEB 28 NET
  Shr 99 cts vs 97 cts
      Net 31,011,000 vs 30,899,000
      Sales 651.5 mln vs 583.1 mln
      Year
      Shr 3.13 dlrs vs 2.92 dlrs
      Net 98,643,000 vs 92,347,000
      Sales 2.61 billion vs 2.51 billion
      NOTE: 1986 results reflect two-for-one stock split of July
  23, 1986
  

"
training/13721	12	earn	"HOUSEHOLD INT'L <HI> PROJECTS EARNINGS RISE
  Household International
  Inc said it expects its fully diluted earnings per share for
  the first quarter to be about 35 pct above the same year-ago
  period.
      It also looks for 1987 full-year fully diluted earnings to
  be about 20 pct higher than the record 4.31 dlrs a share
  reported for 1986.
      Chairman Donald Clark, in remarks prepared for delivery to
  New York security analysts, cited increased earnings from
  Household Financial Services and ""excellent return on equity
  from Household Manufacturing, combined with the impact of our
  share repurchase program, will result in higher earnings per
  share and improved return on equity in 1987.""
  

"
training/13735	12	earn	"DATA GENERAL <DGN> TO TAKE 2ND QTR CHARGE
  Data General Corp said it
  expects to record an extraordinary pretax charge of about 18.2
  mln dlrs in the second quarter ended March 28.
      The company said the charge will result from a redemption
  of debt. On May 18, Data General said, it will redeem 150 mln
  dlrs of outstanding 12-3/8 pct sinking fund debentures due
  2015.
      The redemption price will be 111.138 pct of the total
  principal amount of notes then outstanding plus accrued
  interest to the redemption date, it said.
      No interest will accrue or will be payable on the
  debentures starting May 18, the computer and communications
  company said.
      Data General reported a loss of 1.8 mln dlrs or six cts a
  share for the second quarter ended March 29, 1986. The loss
  included a charge of 3.8 mln dlrs from redemption of
  debentures. In the year-ago quarter, revenues fell less than
  one pct to 318.8 mln dlrs.
  

"
training/13739	32	money-fx	"U.K. MONEY MARKET GIVEN FURTHER 284 MLN STG HELP
  The Bank of England said it provided the
  money market with a further 284 mln stg assistance in the
  afternoon session.
      This takes the bank's total help so far today to 508 mln
  stg and compares with its revised estimate of a 900 mln stg
  shortage in the system which it earlier revised up from 850
  mln.
      The central bank made outright purchases of bank bills
  comprising 100 mln stg in band one at 9-7/8 pct, 56 mln stg in
  band two at 9-13/16 pct, 112 mln stg in band three at 9-3/4 pct
  and 16 mln stg in band four at 9-11/16 pct.
  

"
training/1375	12	earn	"VENDO CO <VEN> 4TH QTR LOSS
  Shr loss 1.48 dlrs vs loss 36 cts
      Net loss 4,036,000 vs loss 983,000
      Sales 16.6 mln vs 17 mln
      12 mths
      Shr loss 1.88 dlrs vs profit 71 cts
      Net loss 5,113,000 vs profit 1,904,000
      Sales 85.4 mln vs 88.5 mln
      Note: Prior year net includes extraordinary loss of 298,000
  dlrs in qtr and extraordinary profit of 718,000 dlrs in year.
  

"
training/13753	0	acq	"BOW VALLEY <BVI> TO SELL NORWEGIAN SUBSIDIARY
  Bow Valley Industries Ltd said
  it agreed to sell its wholly owned Norwegian subsidiary to Elf
  Aquitaine Norge A/S of Stavanger, Norway for 13 mln Canadian
  dlrs.
      The principal asset of the subsidiary, Bow Valley
  Exploration Norge A/S, is  an eight pct interest in the Heimdal
  gas and condensate field offshore Norway.
      The sale is expected to conclude by the middle of April,
  Bow Valley said.
  

"
training/13757	16	gold	"SYNGOLD DEFINES RESERVES ON DEKA PROPERTY
  <Syngold Exploration Inc> and <Corp
  Falconbridge Copper> said they defined undiluted reserves of
  911,000 tons of ore with an average grade of 0.43 ounces of
  gold per ton in two separate deposits on the Deka property
  located at Noranda, Quebec.
      Assay results from 20 suface holes drilled on 250 foot
  centers indicate that the Donalda number one deposit contains
  possible reserves of 611,000 tons at an average grade of 0.48
  ounces of gold per ton.
      The number one deposit's reserves are contained between a
  vertical depth of 750 and 1200 feet at a strike length of 900
  feet.
      Reserves of the Donalda number-two deposit, located 1,000
  feet below the number-one deposit, were recalculated at 300,000
  tons with an average grade of 0.33 ounces of gold per ton.
      Syngold has earned a 20 pct interest in the Deka property
  from the operator, Corp Falconbridge Copper.
  

"
training/13775	0	acq	"EMERY AIR FREIGHT SAID HUTTON GROUP ENDS OFFER FOR PUROLATOR COURIER

  EMERY AIR FREIGHT SAID HUTTON GROUP ENDS OFFER FOR PUROLATOR COURIER
  

"
training/1378	12	earn	"LAWSON PRODUCTS INC <LAWS> RAISES QTLY PAYOUT
  Qtly div seven cts vs six cts prior
      Pay April 17
      Record April three
  

"
training/13787	0	acq	"NORANDA BUYS SHARES OF SANIVAN GROUP
  <Noranda Inc> said it agreed to buy an
  initial 1,000,501 treasury shares of <Sanivan Group Inc> at
  5.25 dlrs per share.
      Noranda also has an option until June 30, 1988, to acquire
  an additional 1,000,501 Sanivan treasury shares at 5.75 dlrs
  per share.
      Sanivan is the largest hazardous waste management company
  in Canada.
  

"
training/1379	12	earn	"KANEB ENERGY <KEP> MAY OMIT FUTURE PAYOUTS
  Kaneb Energy Partners Ltd said it may be
  forced to omit or lower future quarterly cash distributions
  because of a contract dispute with two major customers and the
  continued slump in oil and gas prices.
      The partnership said, however, that it will pay a regular
  quarterly distribution of 60 cts a unit on April 15 to holders
  of record March 31.
  

"
training/13790	0	acq	"HUTTON <EFH> ENDS PUROLATOR <PCC> BID
  Emery Air Freight Corp said it has
  entered into an agreement with E.F. Hutton Group Inc EFH under
  which Hutton will terminate its merger agreement with Purolator
  Courier Corp and its pending 35-dlr-per-share tender offer,
  effective April 13.
      Under its merger agreement, Hutton has the right to
  unilaterally terminate the merger agreement under certain
  circumstances, including its receipt of less than 66-2/3 pct of
  Purolator shares or the start of a higher competing tender
  offer, such as Emery's competing 40 dlr per share offer for
  Purolator stock.
      Yesterday, Hutton's PC Acquisition Corp subsidiary extended
  its tender offer, which was to have expired at midnight, for
  two more days.  It said it only about 450,000 shares, or 6.5
  pct, of Purolator shares had been tendered and not withdrawn,
  down from an 11.5 pct interest held earlier.
      Emery's bid expires April 28.
      Emery said pending the termination of PC Acquisition's
  merger agreement, PC has released Purolator from an agreement
  not to discuss Emery's acquisition proposal with Emery. Emery
  said as a result it is renewing its request that Purolatr enter
  into merger negotiations with it.
      Emery said if it were to acquire 51 pct of Purolator shares
  or control of the Purolator board, it has agreed not to dispute
  PC Acquisition's right to receive fees that Purolator agreed to
  pay if PC were unsuccessful in acquiring control of Purolator
  due to the acquisition of control by another party.
      The company said it has also agreed to let Purolator pay
  all of PC Acquisition's documented expenses in connection with
  the merger agreement up to three mln dlrs and Emery has agreed
  to pay the amounts itself should Purolator fail to do so.
  

"
training/138	12	earn	"DAHLBERG INC <DAHL> 4TH QTR NET
  Shr profit 10 cts vs loss seven cts
      Net profit 286,870 vs loss 156,124
      Revs 10.0 mln vs 7,577,207
      Year
      Shr profit five cts vs profit 42 cts
      Net profit 160,109 vs profit 906,034
      Revs 38.1 mln vs 31.2 mln
      Avg shrs 2.9 mln vs 2.2 mln
      NOTE: 1986 year includes 53 weeks.
  

"
training/1381	12	earn	"BRASCAN LTD <BRS.A> 4TH QTR NET
  Shr 50 cts vs 46 cts
      Net 43.0 mln vs 34.8 mln
      YEAR
      Shr 1.55 dlrs vs 1.38 dlrs
      Net 136.8 mln vs 112.9 mln
      Note: Holding company.
  

"
training/1382	12	earn	"FLORIDA COMMERCIAL BANKS INC <FLBK> QTLY DIV
  Qtly div 14 cts vs 14 cts prior
      Payable March 31
      Record March 16
  

"
training/13834	5	coffee	"BRAZILIAN COFFEE RAINFALL
  THE FOLLOWING RAINFALL WAS RECORDED IN
  THE AREAS OVER THE PAST 24 HOURS
      PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL,
  MARINGA NIL.
      SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL,
  FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL.
      MINAS GERAIS STATE: GUAXUPE 33.0 MILLIMETRES, TRES PONTAS
  5.0 MM. REUTER
  

"
training/13836	48	trade	"VOLCKER SAYS EXCHANGE RATE ADJUSTMENT ENOUGH TO NARROW U.S. TRADE DEFICIT

  VOLCKER SAYS EXCHANGE RATE ADJUSTMENT ENOUGH TO NARROW U.S. TRADE DEFICIT
  

"
training/1384	12	earn	"<CHAUVCO RESOURCES LTD> YEAR NET
  Shr 16 cts vs 35 cts
      Net 476,000 vs 929,000
      Revs 3,000,000 vs 3,600,000
  

"
training/13842	48	trade	"VOLCKER SAYS REDUCING U.S. BUDGET DEFICIT NEEDED TO IMPROVE TRADE BALANCE

  VOLCKER SAYS REDUCING U.S. BUDGET DEFICIT NEEDED TO IMPROVE TRADE BALANCE
  

"
training/13849	48	trade	"VOLCKER SAYS MORE STIMULUS ABROAD NEEDED FOR ADJUSTMENTS IN TRADE BALANCES

  VOLCKER SAYS MORE STIMULUS ABROAD NEEDED FOR ADJUSTMENTS IN TRADE BALANCES
  

"
training/13854	12	earn	"ON-LINE SOFTWARE <OSI> 3RD QTR FEB 28 NET
  Shr primary 34 cts vs 17 cts
      Shr diluted 33 cts vs 17 cts
      Net 1,487,000 vs 686,000
      Rev 19.8 mln vs 8.8 mln
      Nine months
      Shr primary 77 cts vs 43 cts
      Shr diluted 75 cts vs 43 cts
      Net 3,240,000 vs 1,710, 000
      Rev 42.2 mln vs 25.0 mln
      NOTE: Company's full name is On-Line Software International
  Inc.
      The qtr and year-to-date results include the operations,
  since the end of October 1986, of a business purchase from
  Martin Marietta Corp <ML>.
      In fiscal 1987 ending May 31 the company initially adopted
  FASB statement number 86 and, as required, capitalized certain
  software deveopment costs. During the qtr and nine months
  period ended Febraury 28, 1987 the company capitalized pre-tax
  amounts of 746,000 dlrs and 1,445,000 dlrs of development
  costs, respectively.
  

"
training/1387	10	crude	"SAUDI SUCCESS SEEN IN CURBING OPEC PRODUCTION
  Saudi Arabia will succeed in pressuring
  other members of the Organization of Petroleum Exporting
  Countries to stay within their production quotas, said Morgan
  Stanley Group managing director John Wellemeyer.
      Wellemeyer, speaking to reporters at an offshore oil
  engineering conference, also said he expected OPEC nations to
  attempt to hold prices under 20 dlrs a barrel for several years
  to keep industrial demand for residual fuel oil strong.
      ""Over the next few weeks I think you'll see a concerted
  effort by the Saudis to get production down,"" Wellemeyer said.
      ""The Saudis are committed to that price level (of 18 dlrs a
  barrel) and are willing to make it happen again,"" he said.
      In recent weeks, oil prices fell to the 16 to 17 dlrs a
  barrel level on market reports of some OPE members producing
  above their quota, pushing total OPEC production to 15.8 mln
  barrels per day. But prices rebounded today, with April U.S.
  crude prices up about one dlr to over 17 dlrs a barrel on a
  belief Saudi Arabia is attempting to curb OPEC output.
      Wellemeyer said that sharp declines in U.S. oil production
  could push demand for OPEC oil above 20 mln barrels per day as
  early as 1989 and up to 24 mln barrels per day by 1993.
      Although the projected increases in demand for OPEC oil
  should strengthen world prices, Wellemeyer said he believed the
  organization would hold its official price below 20 dlrs a
  barrel for some time to prevent residual fuel users from
  switching to natural gas supplies. The interfuel swing market
  accounts for about eight mln barrels a day, or 18 pct of the
  world demand for oil.
  

"
training/13870	0	acq	"CAROLYN BEAN <CBEN> COMPLETES ACQUISITION
  Carolyn Bean Publishing Ltd said
  it has completed the acquisition of greeting card company
  Millen Cards, which had sales of over 1,500,000 dlrs in 1986,
  for undisclosed terms.
      The company said 90 pct of Millen's cards have been sold in
  the northeast and mid-Atlantic states, but Bean expects to
  increase sales to 2,500,000 dlrs this year by distributing the
  line nationally.
      Millen specializes in Jewish religious cards and also sells
  traditional greeting cards.
  

"
training/13874	0	acq	"CHESAPEAKE <CSK> SEEKS TO SELL UNIT
  Chesapeake Corp said it has
  retained Salomon Inc <SB> to help it sell Plainwell Paper Co
  Inc, a maker of premium coated and uncoated printing papers and
  technical specialty papers with a capacity of 85,000 short tons
  a year.
      The company said it has decided to sell Plainwell in ordfer
  to focus on the production of kraft and tissue products,
  containers and treated wood products.
  

"
training/13889	48	trade	"VOLCKER URGES INDUSTRIAL NATIONS TO KEEP TRADE MARKETS OPEN TO FOSTER GROWTH

  VOLCKER URGES INDUSTRIAL NATIONS TO KEEP TRADE MARKETS OPEN TO FOSTER GROWTH
  

"
training/13890	12	earn	"TYCO LABORATORIES <TYC> 3RD QTR FEB 28 NET
  Shr primary 58 cts vs 66 cts
      Shr diluted 54 cts vs 66 cts
      Net 10.1 mln vs 11.4 mln
      Revs 266.2 mln vs 194.6 mln
      Avg shrs 17.4 mln vs 17.1 mln
      Nine mths
      Shr primary 1.78 dlrs vs 1.58 dlrs
      Shr diluted 1.65 dlrs vs 1.58 dlrs
      Net 30.9 mln vs 27.1 mln
      Revs 823.8 mln vs 511.0 mln
      Avg shrs 17.4 mln vs 17.3 mln
      NOTE: prior qtr and nine mths include 3.1 mln dlrs, or 18
  cts per share, from gain on partial settlement on an insurance
  claim.
      nine mths 1987 includes seven cts gain for partial
  settlement on an insurance claim.
     Results of Flow Control operations have been included since
  its acquisition from ITT Corp on Jan 31 1986.
     nine mths prior includes extraordinary gain 2.3 mln dlrs, or
  14 cts per share, for replacement of a pension plan.
  

"
training/139	12	earn	"CITY NATIONAL CORP <CTYN> RAISES DIVIDEND
  Shr 16 cts vs 13 cts
      Pay April 15
      Record March 31
  

"
training/13900	12	earn	"GOLD FIELDS OF S. AFRICA PROFIT FALLS IN QUARTER
  1ST QTR TO MARCH 31
      Working profit 487.50 mln rand vs 559.59 mln
      Tax 274.28 mln vs 302.15 mln
      Net 264.32 mln vs 300.99 mln
      Tonnes milled 3.74 mln vs 3.72 mln
      Gold production 30,865 kgs vs 30,236 kgs
      Gold revenue 846.05 mln rand vs 907.36 mln
      Working costs 358.56 mln vs 347.77 mln
      Avg price per kg 27,371 rand vs 29,964
      NOTE - Full name of company is Gold Fields of South Africa
      Ltd <GLDF.J>.
  

"
training/13904	12	earn	"WALL STREET STOCKS/MARION LABS <MKC>
  Marion Laboratories Inc's stock rose
  sharply today after the company presented a bullish earnings
  scenario at a meeting for pharmaceutical analysts Monday,
  traders and analysts said.
      The company said it expects earnings for fiscal 1987,
  ending June 30, to rise more than 75 pct over a year ago.
      That pronouncement encouraged analyst David Crossen of
  Sanford C. Bernstein and Co to raise his earnings estimates for
  the company to 1.28 dlrs a share in 1987, compared to his
  previous estimate of 1.20 dlrs a share. Last year the company
  earned 70 cts a share.
      Marion's stock gained 3-1/4 to 75-1/2.
      At the meeting of pharmaceutical analysts, Marion's
  president Fred Lyons Jr. said Wall Street eanrings estimates of
  1.10-1.15 dlrs a share for fiscal 1987 ""are expected to cause
  even the aggressive side of this range to be 10 to 15 cts low.""
      Lyons said the strong performance in the second half of
  this year will result from the fourth quarter introduction of
  90 mg and 120 mg Cardizem tablets. Analyst Crossen said that
  Cardizem, which treats angina, is also expected to be approved
  for the treatment of hypertension by the end of the year.
      Crossen said ""because Marion is still just a small company,
  the growth of Cardizem is having a big impact on the bottom
  line."" He raised fiscal 1988 earnings estimates to 2.15 dlrs a
  share from his previous estimate of 2.05 dlrs a share.
      ""The company has a broad new product pipeline in the
  industry and as far as I am concerned, it is the most
  innovative company in the business,"" he said.
      For the five years through 1991, Crossen expects Marion to
  have a growth rate of 55 pct.
  

"
training/13908	48	trade	"U.S. CALLS FOR GREATER GATT CHECKS ON TRADE
  The United States has appealed for
  stronger powers for the General Agreement on Tariffs and Trade
  (GATT) to enforce world trade rules.
      The call by U.S. Deputy Trade Representative Michael Smith
  at a special committee meeting into the future of GATT follows
  a series of bilateral trade rows which have clouded efforts by
  the 93-nation body to promote fair trade.
      Today's meeting was part of the Uruguay trade round
  launched by ministers last September. The round, which covers
  13 areas of trade in agriculture, manufactured goods and
  services will take four years to negotiate.
      Smith called for boosting GATT's links with financial
  institutions such as the International Monetary Fund and World
  Bank. He also urged greater involvement of trade ministers to
  ensure the success of the Uruguay Round.
      ""The GATT as an institution needs to be strengthened to
  assure that the GATT plays its proper role in management of the
  world trading system and the global economy,"" Smith said.
      ""Rules can and will be ignored if the institution is weak,
  or perceived as unable to adapt to the changing world economy.""
      He also also urged that member states be accountable to
  each other for their trade policies.
      Smith, who flies to Brussels today for talks with European
  Community (EC) officials, told Reuters the committee wanted to
  stress GATT's importance and did not discuss specifics.
      ""We are interested in more periodic ministerial
  involvement...Whether in formal or informal meetings,"" he said.
      GATT's ruling council is due to hear a complaint from the
  12-nation EC on April 15 about the U.S.-Japanese accord on
  semiconductors. The EC charges the accord breached GATT trade
  rules by allowing Tokyo to set minimum prices for Japanese
  chips sold in third countries and is requesting a GATT dispute
  panel be set up to review the agreement.
      President Reagan, who strongly supported the Uruguay trade
  round to promote freer trade, has said Washington will impose
  tariffs against Japanese electronic goods.
      He said Tokyo had not shown willingness to open its markets
  to U.S. Exports.
  

"
training/1391	12	earn	"ZENITH LABS <ZEN> WILL REPORT 4TH QTR LOSS
  Zenith Laboratories Inc said the
  company will report a fourth quarter loss, and the amount will
  be determined on completion of its year end audit. The company
  did not elaborate further.
      For the third quarter ended Sept 30, 1986, Zenith reported
  a loss of 3,451,000 dlrs or 16 cts per share, adjusted for a
  May 1986 2-for-1 stock split.
      The company also said it received Food and Drug
  Administration approval to market Cefadroxil, a generic version
  of an antibiotic with domestic sales exceeding 50 mln dlrs in
  1986.
      Zenith said it will not market the drug until ""questions
  relating to the applicability of certain patents have been
  resolved.""
  

"
training/13946	48	trade	"VOLCKER URGES QUICK AID TO DEBTOR NATIONS
  Federal Reserve Board Chairman Paul
  Volcker said that debtor nations have made much progress in
  laying the groundwork for economic growth, but a solution to
  world debt difficulties was endangered by inaction on new
  financing.
      ""There is clearly a danger that adequate financing
  arrangements are not being negotiated and put in place in a
  timely way,"" Volcker told the Senate Banking Committee.
      The borrowing countries need to be able to proceed with
  confidence that the necessary funds will be available to them,
  he said.
      Brazil has the potential for becoming a leading world
  economic power, but it is in a difficult position today,
  Volcker said.
      He said it will take a concerted effort to regularize
  Brazil's external payments.
      ""The key prerequisite is clearly in the hands of Brazilian
  authorities,"" he said.
      Both Brazil and its creditors have a strong incentive to
  work together, Volcker said.
      Regarding trade imbalances, Volcker said that it was
  critically important that markets be kept open by the
  industrial nations.
      In addition, the United States must reduce its budget
  deficit and foreign nations need to provide stimulus to their
  domestic economies, Volcker said.
      ""We need time for those actions and the earlier
  depreciation to work their effects,"" he said.
  

"
training/13950	32	money-fx	"VOLCKER URGES GREATER EXCHANGE RATE STABILITY
  Federal Reserve Board Chairman Paul
  Volcker said international policymakers should make improving
  the stability of exchange rates a major priority.
      In testimony before a Senate Banking subcommittee, Volcker
  said he does not have any specific proposals for improving
  exchange rate stability, but thought it was worthy goal.
      ""I do think we ought to be thinking about and working toward
  greater exchange rate stability,"" Volcker said. ""I think that the
  objective of greater exchange rate stability ought to loom
  larger among our various policy priorities.""
  

"
training/13958	32	money-fx	"ITALY SAYS G-7 GIVES CHANCE TO VERIFY TOKYO ACCORD
  This week's Group of Seven (G-7) meeting in
  Washington provides an opportunity to verify an accord reached
  at the Tokyo summit last May to include Italy and Canada in
  Group of Five (G-5) talks on management of the international
  monetary system and related issues, the Italian Treasury said.
      It said in a statement the G-7 meeting, which Italy plans
  to attend, will provide a forum for considering the Tokyo
  accord in the light of events in Paris in February this year.
      On February 22, Italy boycotted a meeting in Paris of its
  G-7 partners - the United States, Japan, West Germany, France,
  Britain and Canada - after being excluded from an earlier
  session of talks involving G-5 members.
      Today's statement from the Italian Treasury said-
      ""Nobody denies the existence of G-5 but we should like it to
  be remembered that the Tokyo accords provided for the
  enlargement of the group to Italy and Canada whenever ""the
  management or the improvement of the international monetary
  economic policy measures are to be discussed or dealt with.'""
      Italy refused to attend the Paris G-7 meeting on the
  grounds that G-5, grouping the United States, Japan, West
  Germany, France and Britain, had reduced Italy's role to rubber
  stamping agreements already taken.
      The Italian Treasury said today that Italy was ""certain that
  this time incidents would not occur.""
      But it said it would be opportune to look in depth at the
  role and the procedures of G-7 in relation to those of G-5.
  

"
training/13966	12	earn	"ROLLS APPROACHES FLOAT WITH PROFITS SET TO RISE
  State-owned engine maker <Rolls Royce
  Plc> launches its prospectus for privatisation tomorrow with
  many analysts forecasting higher profits this year. But it is
  likely to miss contracts to power the proposed <Airbus
  Industrie> A340 aircraft.
      The company's so-called ""pathfinder prospectus"" gives all the
  details of its stock market flotation except for the price at
  which shares will be offered.
      Last month, the company announced that pretax profits rose
  in 1986 to 120 mln stg from 81 mln the year before.
      Brokers Barclays de Zoete Wedd, BZW, sees 155 mln profit
  for 1987.
      Analyst Tim Harris of Phillips and Drew said rising profits
  and a low tax charge would be offset by the fact that Rolls
  operated in a sector which traditionally attracted low ratings.
      Assuming the company was valued at around eight times
  earnings, this would give a selling price valuing it at about
  1.2 billion, though he said the recent good performance of the
  aerospace sector could nudge this figure upwards.
      BZW is currently forecasting a higher sale price at between
  1.5 billion and 1.7 billion.
      The price will be increased by it being likely to have much
  of its debt wiped off by a government anxious to assure the
  company's health when it has to fend for itself. Rolls was
  rescued from bankruptcy and taken into state ownership in 1971.
      When the government announced the sale, it said it would
  inject permanent capital equivalent to net debt -- around 250
  mln stg at end-1986 -- into the company.
      Analysts noted this was necessary to ensure Rolls a credit
  rating to match those of its main competitors such as General
  Electric Co <GE.N> and United Technologies Corp's <UTX.N> Pratt
  and Whitney unit.
  

"
training/14	12	earn	"BROWN-FORMAN INC <BFD> 4TH QTR NET
  Shr one dlr vs 73 cts
      Net 12.6 mln vs 15.8 mln
      Revs 337.3 mln vs 315.2 mln
      Nine mths
      Shr 3.07 dlrs vs 3.08 dlrs
      Net 66 mln vs 66.2 mln
      Revs 1.59 billion vs 997.1 mln
  

"
training/140	12	earn	"<PAGE PETROLEUM LTD> YEAR LOSS
  Shr loss 1.98 dlrs vs loss 5.24 dlrs
      Net loss 23.3 mln vs loss 44.8 mln
      Revs 13.6 mln vs 29.6 mln
      Note: 1986 net includes nine mln dlr extraordinary loss for
  oil and gas writedowns and unrealized foreign exchange losses
  vs yr-ago loss of 32.5 mln dlrs.
  

"
training/14012	48	trade	"VOLCKER PUSHES SPENDING CUTS OVER TRADE BILL
  Federal Reserve Board Chairman Paul
  Volcker said reducing the federal budget deficit was a more
  important goal for Congress than drafting trade legislation.
      ""Reduce the budget deficit,"" Volcker responded when asked by
  a member of the Senate Banking Committee about trade
  legislation priorities.
      ""If you don't deal with the budget deficit, everything else
  you do is going to be counterproductive,"" he said.
  

"
training/14028	0	acq	"AMERICAN SPORTS ADVISORS <PIKS> TO LIQUIDATE
  American sports Advisors Inc
  said it has agreed to sell its sports handicapping and
  publication business to Professor Enterprises for about
  1,650,000 dlrs and intends to liquidate after closing.
      The transaction is subject to shareholder approval.
      Professor is owned by American Sports president Edward C.
  Horowitz and Mike Warren, it said.
  

"
training/14034	32	money-fx	"VOLCKER SAYS RESTRICTIVE MONETARY POLICY WOULD HURT INVESTMENT

  VOLCKER SAYS RESTRICTIVE MONETARY POLICY WOULD HURT INVESTMENT
  

"
training/1404	12	earn	"<DEXLEIGH CORP> SIX MTHS DEC 31 NET
  Shr four cts vs three cts
      Net 4,505,000 vs 4,493,000
      Revs 23.3 mln vs 21.4 mln
  

"
training/14055	32	money-fx	"VOLCKER SEES TIGHT POLICY HURTING INVESTMENT
  Federal Reserve Board Chairman Paul
  Volcker said a restrictive monetary policy would be damaging to
  investment and that a better course would be to restrain
  spending.
      ""A restrictive monetary policy would hit investment. You
  don't want to put interest rates up unless you have to,"" Volcker
  told the Senate Banking Committee.
      ""That is not a constructive way to proceed,"" he said.
      Volcker said that given a choice between squeezing the
  budget deficit or squeezing investment, he would favor
  squeezing the budget deficit.
      In response to a question about banks, Volcker said he
  would be pleased if Congress decided to give banks a tax
  writeoff as an incentive for them to take greater reserves
  against loans to debtor countries.
      ""If you give a tax writeoff for reserving against loans,
  then we will see more reserving and that would make me happy,""
  Volcker told Committee Chairman Sen William Proxmire (D-Wisc).
  

"
training/1406	17	grain	"U.S. CONGRESS TO LOOK AT SOIL PROGRAM EXEMPTIONS
  The Senate Agriculture Committee is
  expected to take up a bill tomorrow that would exempt from
  government conservation regulations those farmers who have
  rotated alfalfa and other multiyear grasses and legumes with
  row crops, committee staff said.
      Under current so-called ""sodbuster"" law, farmers who planted
  alfalfa and other multiyear grasses and legumes on highly
  erodible land in the years 1981 through 1985 lose federal farm
  program benefits if they produce a row crop on that land in
  later years.
      Sen. Edward Zorinsky (D-Neb.), sponsor of the measure, said
  recently that those crop rotating practices resulted in less
  erosion than the practices of many farmers who produced
  strictly row crops.
  

"
training/14069	12	earn	"NEW BEDFORD INSTITUTION FOR SAVINGS <NBBS> YEAR
  Net 12.3 mln vs 6,438,000
      NOTE: Company went public in March.
  

"
training/1407	3	carcass	"NATIONAL PORK BOARD ALLOCATES 2.4 MLN DLRS
  The National Pork Board on Monday
  allocated 2.4 mln dlrs in discretionary funds, collected from
  the 100 pct national checkoff program, to three industry
  organizations.
      The National Pork Producers Council, NPPC, will receive
  almost 1.8 mln dlrs for use in the areas of food service,
  consumer education and marketing. In addition the board
  allocated 375,000 dlrs in use in ""Pork - The Other White Meat""
  campaign, according to a Pork Board spokesperson.
      The National Livestock and Meat Board will receive 644,000
  dlrs to continue work in educating health care officials.
  120,000 dlrs in matching funds will be provided to the meat
  board for use in the development of a better market for
  processed meats.
      The Meat Export Federation was awarded 50,000 dlrs to
  increase the market for chilled and processed U.S. pork in
  Japan and Singapore. Retail stores in these two countries will
  be providing additional funding for the program.
      A total of 5,000 dlrs for work in encouraging McDonalds to
  expand its McRib sandwich to Japan and Singapore was also
  awarded to the Meat export Federation.
  

"
training/1409	0	acq	"NIPPON STEEL INVESTS 8 MLN DLRS IN GTX CORP
  GTX Corp said Nippon Steel Co of Japan,
  in a move to diversify into high technology, invested eight mln
  dlrs in GTX.
      Nippon's move was the result of current exchange rates and
  the revaluation of the yen, which ""have made the U.S.
  electronics industry an attractive investment opportunity for
  Japanese corporations,"" according to a GTX statement.
      GTX noted that Nippon is expecting sales of 27 billion dlrs
  by 1995. Of that amount, six billion dlrs is targeted for
  electronics. GTX, located in Phoenix, makes computerized
  systems that read drawings and transfer them into data bases.
  

"
training/14091	12	earn	"PHOTRONICS CORP <PHOT> YEAR FEB 28 NET
  Shr 64 cts vs 38 cts
      Net 1,062,000 vs 585,000
      Sales 13.6 mln vs 9,262,000
  

"
training/14093	12	earn	"OCEAN BIO-CHEM INC <OBCI> YEAR NET
  Shr eight cts vs seven cts
      Net 215,821 vs 196,873
      Sales 3,112,571 vs 2,649,003
  

"
training/14099	0	acq	"TELE-COMMUNICATIONS <TCOMA> SELLS CABLE SYSTEMS
  Knight-Ridder Inc <KRI> said its TKR Cable
  Co joint venture with Tele-communications Inc has signed a
  letter of intent to acquire cable television systems with
  55,000 basic subscribers in Wildwood, N.J., and Ramapo and
  Warwick, N.Y., from Tele-Communications for undisclosed terms.
  

"
training/14103	12	earn	"ENVIRONMENTAL POWER CORP <POWR> YEAR NET
  Shr profit 25 cts vs loss 15 cts
      Net profit 998,000 vs loss 612,000
      Revs 8,086,000 vs 365,000
  

"
training/1412	0	acq	"C.T.C. DEALER EXTENDS BID FOR CANADIAN TIRE
  C.T.C. Dealer Holdings Ltd said it
  extended its previously announced offer for 49 pct of <Canadian
  Tire Corp Ltd> to midnight on March 26.
      CTC, a group of Canadian Tire dealers, which already owns
  17 pct of Canadian Tire, is currently appealing in an Ontario
  court against a previously announced Ontario Securities
  Commission ruling blocking CTC's 272 mln dlr bid.
      The blocked bid did not include non-voting shareholders,
  who hold 96 pct of Canadian Tire equity.
  

"
training/14131	0	acq	"BROKERAGE FIRM UPS STAKE IN ALLEGHENY <AG>
  The New York brokerage firm of Spear,
  Leeds and Kellogg told the Securities and Exchange Commission
  it had increased its preferred stock in Allegheny International
  Inc to 8.6 pct, from 7 pct.
      It said it may buy additional shares, but had not decided
  whether to offer its shares in response to a tender offer by
  Sunter Acquisition Corp, a unit of First Boston Inc.
      The brokerage firm said it bought the Allegheny shares
  March 30-April 2 for 86.50-87.25 dlrs each.
  

"
training/1414	12	earn	"ROCKWELL <ROK> SEES IMPROVEMENT IN 1987
  Rockwell International Corp
  continues to expect significant improvement in 1987 results,
  despite the somewhate disappointing performance of one of its
  business segments, President Donald Beall told Reuters.
      Rockwell reported net earnings in its first quarter ended
  December 31 of 149.4 mln dlrs, or 1.05 dlrs per share, compared
  to 125.8 mln dlrs, or 84 cts per share a year ago.
      Operating earnings, however, were off about four pct, and
  analysts have attributed the decline to Rockwell's
  Allen-Bradley unit, which has suffered from weakness in the
  industrial automation market.
      ""It is in a soft market now, but we are not concerned. It
  is moving forward with market development and is enhancing
  market share,"" Beall said of Allen-Bradley unit.
      Beall, who was in Los Angeles to address a Technology
  management conference, said first quarter sales for the
  Allen-Bradley unit were flat as compared to a year earlier. He
  said the company does not break out operating earnings by unit
  on a quarterly basis.
      Beall said the recent trend toward cost sharing in the
  research and development phase of government contracts should
  not have a major impact on Rockwell's near-term performance.
      He noted, however, the increasing focus on cost sharing
  could limit technological innovation.
      ""I worry that we are heading into a period of misuse of
  contracting approaches too early in the development stages of
  important military contracts,"" Beall said, adding, ""long-term,
  we have a very serious problem.""
      In addition, Beall told the conference the greatest
  competitive threat to defense contractors is in defense
  electronics, due to the government's attempt to take advantage
  of competitively priced products made outside the U.S.
  

"
training/14146	45	sugar	"MALTA TENDERS FOR WHITE SUGAR TODAY - TRADE
  Malta is tendering to buy 3,000 tonnes
  white sugar today for arrival in two equal parts in May and
  June, traders said.
  

"
training/14150	32	money-fx	"FED SETS TWO-DAY SYSTEM REPURCHASES, FED SAYS

  FED SETS TWO-DAY SYSTEM REPURCHASES, FED SAYS
  

"
training/14154	0	acq	"CORROON AND BLACK <CBL> COMPLETE ACQUISITION
  Corroon and Black Corp said it
  completed the acuqisition of <Contractors Planning Group Inc>
  in an exchange of shares.
      Contractors is headquartered in Garden City, N.Y., and has
  branch offices in Philadelphia, Boston, and Cheshire, Conn.
  

"
training/14156	0	acq	"COLONIAL <CLBGA> TO ACQUIRE PENSACOLA BANK
  Colonial BancGroup said it and
  The Liberty Bank of Pensacola, Fla., signed a letter of intent
  for Colonial to acquire Liberty.
      Terms of the acquisition were not dislcosed.
      Colonial said the acquisition was its first move toward
  acquiring and out-of-state bank under Alabama's regional
  interstate banking law.
      Liberty has total assets of 35 mln dlrs.
  

"
training/14166	12	earn	"SUPER RITE FOODS INC <SRFI> SETS QTRLY PAYOUT
  Qtrly div five cts vs five cts prior
      Pay April 27
      Record April 20
  

"
training/14168	12	earn	"MILTON ROY CO <MRC> SETS QUARTERLY
  Qtly div 11 cts vs 11 cts prior
      Pay June 15
      Record May 15
  

"
training/14177	0	acq	"GOLDSIL AND GOLDEN RULE AGREE TO MERGE
  <Golden Rule Resources Ltd> and
  Goldsil Resources Ltd said they had agreed to merge.
      The merged company will issue to each Golden Rule
  shareholder 1-1/2 shares and one warrant. The warrant will be
  for a term of two years. Payment of 3.10 dlrs and delivery of
  two warrants will entitle the shareholder to one additional
  share of the merged company, the companies said.
      Each Goldsil shareholder will receive one share and
  one-half warrant. The warrant will be for a term of two years.
  Payment of 3.10 dlrs and delivery of two warrants will entitle
  the shareholder to one additional share of the merged company.
  

"
training/14178	32	money-fx	"FED SETS TWO-DAY SYSTEM REPURCHASES
  The Federal Reserve entered the
  government securities market to arrange two-day repurchase
  agreements for system account, a spokeswoman for the New York
  Fed said.
      Fed funds were trading at 6-1/8 pct at the time of the
  direct injection of temporary reserves, dealers said.
      Most economists had expected a less aggressive injection of
  reserves via customer repurchase agreements.
  

"
training/14180	12	earn	"COLONIAL BANCGROUP INC <CLBGA> 1ST QTR NET
  Shr 25 cts vs 55 cts
      Net 1.3 mln vs 2,460,000
      NOTE: 1987 1st qtr includes loan write-offs at banking
  subsidiary, The Colonial Bank of Mobile, due to loan losses, of
  1.3 mln dlrs or 25 cts a share.
  

"
training/14182	12	earn	" Dresdner to propose 1986 dividend 10 marks vs same, one-for-18 bonus share issue

   Dresdner to propose 1986 dividend 10 marks vs same, one-for-18 bonus share issue
  

"
training/14199	48	trade	"JAPAN CUTS CHIP SUPPLY, MAY PRODUCE SHORTAGE
  Japan is attempting to cut back
  semiconductor production to forstall the 300 mln dlrs in U.S.
  tariffs on Japanese electronic goods set to take effect April
  17, industry analysts said.
      The move is likely to create a sharp price rise and a
  possible shortage of the key computer components in the next
  few weeks, the analysts said.
      ""Prices have gone up for memory components, the mainstay of
  the Japanese semiconductor industry,"" analyst Drew Peck of
  Donaldson Lufkin and Jenrette said.
      But analysts said the price rises have been slight so far,
  and some questioned whether Japan would be successful in
  forcing Japanese companies to cut production in the long run.
      Others, however, were more optimistic, saying evidence was
  already in hand that Japan has cut back prodution and halted
  sales to the grey market, the third country brokers that sell
  chips at below production costs.
      ""We've seen the grey market begin to dry up for D-RAMS, and
  it has virtually dried up for EPROMS,"" said Merrill Lynch
  analyst Thomas Kurlack of the two key memory chips used in
  computers.
      ""Prices are inching up and lead times on deliveries are
  stretching,"" Kurlack added.
      Industry analysts said Japan's Ministry of International
  Trade and Industry, or MITI, had requested the cut backs in
  production to meet the terms of last year's semiconductor
  accord with the U.S.
      The Reagan adminsitration recently proposed tariffs on
  Japanese electronic goods, alleging that Japan had failed to
  live up to the accord and continued to dump the computer
  components in the U.S. market.
      But some analysts said Japan's attempt to mollify the U.S.
  was a double edged sword, and might be read at a subtle form of
  trade retaliation for the tariffs proposed by the U.S.
      As production in Japan is cut, these analysts argue, prices
  will rise in the U.S. and few American semiconductor
  manufactures will be able to take up the slack since most long
  ago exited the market for memory chips. U.S. computer makers
  that use the chips in their machines will then be pressured.
      ""The Japanese are looking for ways to reduce trade
  pressures from Washington, but at the same time they're
  demonstating their muscle,"" analyst Peck said.
      The cut backs in Japanese production are expected to
  benefit U.S. chip makers.
      ""I think this could be a very important factor for U.S.
  semiconductor manufacturers,"" industry analyst Elliot Levine of
  Ladenburg Thalmann Co said.
      But analyst Peck said, ""it will take a few weeks to see
  whether Japan has genuinely cut production.""
      He said Japanese manufactures were likely to view MITI's
  request unfavorably because chip capacity was still high and
  production cut backs would lead to significant write-offs in
  plant and equipment.
  

"
training/142	12	earn	"IDB COMMUNICATIONS GROUP INC <IDBX> YEAR NET
  Period ended December 31.
      Shr 25 cts vs 20 cts
      Net 801,000 vs 703,000
      Revs 6,318,000 vs 3,926,000
  

"
training/1420	12	earn	"MICKELBERRY CORP <MBC> SETS QTLY PAYOUT
  Qtly div 1-1/2 cts vs 1-1/2 cts prior
      Pay March 31
      Record March 13
  

"
training/14201	0	acq	"INVESTORS RAISE STAKE IN PUROLATOR <PCC>
  Two New York management investment
  firms told the Securities and Exchange Commission they had
  increased their holdings in Purolator Courier Corp to 7.2 pct,
  from 6.2 pct.
      Mutual Shares Corp and Mutual Qualified Income Fund Inc
  said they were weighing offers to buy Purolator shares from PC
  Acquisition Inc, a unit of E.F. Hutton LBO Inc, for 35 dlrs a
  share, and from EAF Acquisitions Corp Inc, a unit of Emery Air
  Freight Corp. at 40 dlrs
      They told the commission they had bought their new
  Purolator shares March 25-27 for 34.875-35.250 dlrs each.
  

"
training/14212	17	grain	"U.S. GRAIN CERTS SAVE 50-100 MLN DLRS - AMSTUTZ
  The use of generic commodity
  certificates, or ""certs,"" for fiscal years 1986-88 will save
  the government 50 to 100 mln dlrs, Department of Agriculture
  Undersecretary Daniel Amstutz said.
      Speaking at a House agriculture subcommittee hearing on the
  use of the certificates, Amstutz said that the issuance of 8.5
  billion dlrs of certificates during fiscal years 1986-88 could
  result in government outlays of up to 400 mln dlrs.
      However, the use of certificates preclude the need for 450
  to 500 mln dlrs in storage and handling costs, resulting in net
  savings for the government of 50-100 mln dlrs, he said.
      Without the use of certificates, Amstutz said nearly the
  entire 1985 crop which had been put under loan would have been
  forfeited to the Commodity Credit Corporation, CCC.
      In addition, 260 mln bushels of grain that have been
  redeemed from CCC inventory through certificate exchanges would
  have remained in the goverment inventory, he said.
      When asked to comment on a recent study by the General
  Accounting Office that concluded certificates result in a net
  cost to the government, Amstutz said, ""GAO underestimated the
  benefits and overstated the costs"" of the certificate program.
      Amstutz said while certificates encourage more loan
  entries, they also encourage heavier loan redemptions rather
  than forfeitures.
      GAO underestimated this net loan activity, Amstutz said.
      ""There is no question in the mind of the Department of
  Agriculture that these certificates have been very useful,""
  Amstutz said.
      Immediate benefits of certificates include greater market
  liquidity, improved market price competitiveness, higher farm
  income, and improved debt situation and decreased carrying
  costs, he said.
      Certificates are an integral part of USDA's long-range
  market-oriented farm policy, he said.
      Amstutz told subcommittee Chairman Rep. Dan Glickman,
  D-Kans., that USDA is in the process of preparing an official
  response to the GAO study on certificates and will submit it to
  the subcommittee when completed.
  

"
training/14214	22	interest	"VOLCKER SAYS FED POLICY NOT RESPONSIBLE FOR PRIME RATE RISE

  VOLCKER SAYS FED POLICY NOT RESPONSIBLE FOR PRIME RATE RISE
  

"
training/14220	48	trade	"U.S. URGES SURPLUS NATIONS TO BOOST GROWTH
  Leading industrial nations will be
  reviewing the Paris agreement to stabilize exchange rates,
  foster increased worldwide growth and reduce trade imbalances
  but the U.S. thinks the accord has been successful so far, a
  senior U.S. Treasury official said.
      ""The Paris accord will be reviewed at this meeting. It has
  been successful and continues to be succesfull,"" a senior U.S.
  Treasury official told reporters.
      In a briefing ahead of this week's semiannual IMF and World
  Bank meetings, he also said the U.S. was looking to West
  Germany and Japan to bolster their economic growth.
      The official said both surplus countries, like West Germany
  and Japan, and deficit countries, like the U.S., agreed to play
  a role in bringing about more balanced economic growth.
      He reaffirmed the U.S. would press ahead with efforts to
  reduce its budget deficit, resist protectionism and boost U.S.
  competitiveness.
      The official also said that he expected trade issues, like
  the dispute between the U.S. and Japan over microchips, to be
  included in the discussions.
      The official made no direct comment on the content or
  schedule of forthcoming Group of Five and Group of Seven
  discussions. He said that industrial countries are concerned
  that the large external imbalances remain a threat to the
  international monetary system.
      He added that the meetings will also provide an opportunity
  to discuss economic policy coordination efforts.
      The official said indicators would be used to measure
  policy objectives of industrial countries and their economic
  projections.
      They would also be used to assess progress of policy goals.
      Asked whether the U.S. was proposing a new initiative
  regarding the indicators, the official said the issue would be
  reported to the Venice Summit in June. Monetary sources said
  the U.S. proposal envisages using the indicators to make policy
  coordination agreements, like the Paris Accord, more binding.
  

"
training/1425	0	acq	"METROPOLITAN FEDERAL <MFTN> TO MAKE ACQUISITION
  Metropolitan Federal Savings
  and Loan Association said it has signed a letter of intent to
  acquire American Trust of Hendersonville, Tenn., for an
  undisclosed amount of cash.
      American Trust had year-end assets of over 40 mln dlrs.
  

"
training/14263	0	acq	"ACME PRECISION <ACL> SETS HOLDER VOTE ON BUYOUT
  Acme Precision Products Inc said it set
  its annual meeting for May 14 for shareholders to vote on the
  proposed management-led leveraged buyout of the company.
      The record date for the meeting will be April 16, with
  proxy materials to be sent to shareholders on or before April
  20.
      The buyout proposal, which was previously announced, will
  be structured as a one for 100,000 reverse stock split. It must
  be approved by a majority of shareholders. Acme Precision has
  1,008,857 shares outstanding.
  

"
training/1427	22	interest	"GM'S <GM> PONTIAC HAS INTEREST RATE INCENTIVES
  General Motors Corp said its
  Pontiac Division has established an interest rate support
  incentive program, effective immediately, as an alternative to
  its current option bonus program.
      The company said qualified buyers of Pontiacs may now
  select special finance rates of 3.9 pct on 24-month contracts,
  7.9 pct on 36-month contracts, 8.9 pct on 48-mopnth contracts
  or 9.9 pct on 60-month contracts.  The program is scheduled to
  expire April 30.
      Under the option bonus program, which is also scheduled to
  expire April 30, buyers receive cash bonuses on the purchase of
  Pontiacs equipped with option group packages, with the amount
  depending on the option level on each vehicle.
      The company said the special interst rate program applies
  to ann new 1986 and 1987 Pontiacs sold from dealer stock and
  delivered to customers during the program period.  A customer
  may choose only one program, it said.
  

"
training/14270	22	interest	"VOLCKER SAYS FED POLICY NOT LINKED TO RATE RISE
  Federal Reserve Board Chairman Paul
  Volcker said that he did not believe there was a connection
  between the Fed's policies and the recent rise in the prime
  interest rate by most major U.S. banks.
      Asked by reporters following testimony before the Senate
  Banking Committee whether the Fed had anything to do with the
  rise to 7-3/4 pct in the prime, he replied, ""not that I was able
  to detect.""
  

"
training/1428	12	earn	"<WESTAR MINING LTD> 4TH QTR LOSS
  Shr not given
      Oper loss 5,900,000 vs profit 9,300,000
      Revs 105.3 mln vs 131.2 mln
      Year
      Shr not given
      Oper loss 21.7 mln vs profit 34.7 mln
      Revs 370.7 mln vs 515.1 mln
      Note: 67 pct owned by <British Columbia Resources
  Investment Corp>
      Note continued: 1986 qtr excludes extraordinary loss of 3.6
  mln dlrs versus loss of 294.0 mln dlrs in prior year
      1986 year excludes extraordinary loss of 79.1 mln dlrs
  versus loss 221.5 mln dlrs in prior year
  

"
training/14282	12	earn	"WEIS MARKETS <WMK> IN THREE FOR TWO STOCK SPLIT
  Weis Markets Inc said its board
  declared a three-for-two stock split for holders of record May
  1, 1987, with a distribution date of May 22, 1987.
      The company also said a regular quarterly dividend of 16
  cts per share on the pre-split shares will be paid May 22 to
  shareholders of record May 1.
  

"
training/14285	12	earn	"MCCORMICK CAPITAL <MKOR> 1986 YEAR NET
  Shr primary 24 cts vs 25 cts
      Shr diluted 21 cts vs 25 cts
      Net 530,583 vs 493,423
      Revs 10.2 mln vs 9,834,578
  

"
training/1429	0	acq	"DOW CHEMICAL <DOW> TO SELL SOUTH AFRICAN UNIT
  Dow Chemical Co said it has
  agreed in principle to sell its industrial chemicals and
  plastics business interests in South Africa and related assets
  to a group of South African investors for undisclosed terms,
  completing the sale of the company's South African assets
      Dow said it will continue to support its educational and
  health programs for South African blacks.
  

"
training/14293	22	interest	"U.S. SAYS NO PACT ON RELIEF FOR POOREST STATES
  There is no consensus so far among
  industrial countries on an agreement providing debt relief for
  the world's poorest nations, a senior U.S. Treasury official
  said.
      The official said, ""There has not been a consensus reached
  yet,"" when asked about reports the Paris club of western
  creditors had agreed to long-term stretch outs of African debt
  at concessional interest rates.
      The official, briefing reporters on this week's semiannual
  IMF meetings, said the issue would be discussed this week and
  the U.S. had an open mind on the proposal but it did object to
  concessional interest rate relief.
  

"
training/14298	0	acq	"FAMILY HEALTH SYSTEMS <FHSY> TO MAKE PURCHASE
  Family Health System Inc said
  The Federal Bankruptcy Court in Fort Worth, Texas has approved
  its offer to purchase <Sheppard Dental Centers Inc's> assets
  from a Chapter 7 bankruptcy proceeding for about 300,000 dlrs.
      FHS administers and markets multiple office dental
  practices in the Dallas metropolitan area as well as dental
  offices in the Dallas Metroplex.
      The company said it plans to open 12 locations in Dallas by
  the end of 1987.
  

"
training/143	12	earn	"ARMOR ALL PRODUCTS CORP <ARMR> QUARTERLY DIV
  Qtly div ten cts vs ten cts
      Pay April 1
      Record March 9
  

"
training/14300	12	earn	"OLD FASHION FOODS INC <OFFI> 3RD QTR FEB 28 NET
  Shr 10 cts vs 10 cts
      Net 131,000 vs 135,000
      Revs 4,222,000 vs 3,656,000
      Avg shrs 1,278,529 vs 1,356,672
      Nine mths
      Shr 31 cts vs 31 cts
      Net 406,000 vs 426,000
      Revs 12.3 mln vs 11.0 mln
      Avg shrs 1,330,511 vs 1,361,421
  

"
training/14310	12	earn	"CONSOLIDATED-BATHURST SEES BETTER MARKET
  (Consolidated-Bathurst Inc) said it
  expects improvement in the pulp and paper sector shown in the
  second half of 1986 to continue this year. The continued
  improvement would be due to good market demand, better product
  prices and high operating capacity, the company said in its
  annual report.
      Consolidated-Bathurst, which reported operating profit of
  104 mln dlrs last year on sales of 2.02 billion dlrs, said its
  joint-venture acquisition of a market pulp mill at Castlegar,
  B.C. last year broadens its product range and will contribute
  to equity earnings.
      Last year's results were up from 1985 operating profit of
  80 mln dlrs and sales of 1.73 billion dlrs.
      The company said it views its near-term prospects with
  improved optimism.
      It said results from its Bridgewater newsprint mill in the
  U.K. should improve greatly this year due to stronger capacity
  and production and more favorable market conditions.
      It said it anticipates a return to profitability in 1987
  for its Diamond-Bathurst Inc (DBH) subsidiary, which lost 6.2
  mln U.S. dlrs and underwent a reorganization last year, and
  expects higher sales and earnings for its other North American
  packaging divisions.
      Consolidated-Bathurst said the outlook for its Europa
  Carton unit is mixed. It said the effect of trade disputes
  between the United States and the European Economic Community
  on the West German economy and the higher value of the mark may
  lead to increased costs which could not be offset by price
  increases.
  

"
training/14313	17	grain	"MORE U.S. GRAIN CERTIFICATES NEEDED, STUDY SAYS
  More generic grain certificates
  should be released onto the market in order for the U.S.
  certificate program to have its full effect on commodities,
  according to a study by Sparks Commodities Inc.
      The Agriculture Department should make grain deficiency
  payments and paid land diversion payments in a two-third
  certificate, one-third cash ratio through fiscal year 1989, 
  Carroll Brunthaver, president of Sparks Commodities, told a
  House agriculture subcommittee hearing on certificates.
      Thereafter, government payments should be issued in roughly
  a 50-50 split between cash and certificates, Brunthaver said.
      The Sparks study on certificates examined two possible
  scenarios through the 1990 growing season -- a ""zero
  certificate case,"" where no certificate program was assumed,
  and an alternative case labeled ""adequate certificate case"" in
  which sufficient certificates would be released so that grain
  prices would not be artificially supported by market shortages
  due to acreage reduction programs or government holdings.
      The study showed that total grain use under the adequate
  certificate scenario would exceed the zero certificate scenario
  by 11.2 pct.
      Usage would be markedly more in 1989 and 1990, when grain
  usage under a certificate program was estimated to exceed the
  zero certificate case by 15 to 19 pct.
      For the five-year period examined, government expenditures
  under the adequate certificate case were 7.0 billion dlrs, or
  7.5 pct less than under the zero certificate case.
      The Sparks study said that 5.1 billion dlrs, or 70 pct of
  those savings resulted from smaller government storage costs.
      The study also estimated that government grain stocks under
  the adequate certificate case would be 4.7 billion bushels
  below the zero certificate case at the end of the period
  examined.
      The Sparks study said that while certificates permit market
  prices to fall below loan levels, these lower prices increase
  commodity usage and reduce the net costs of certificates versus
  cash.
  

"
training/14314	12	earn	"CUMMINS ENGINE <CUM> SEES IMPROVED EARNINGS
  Cummins Engine Co said it told
  shareholders higher engine orders to the North American
  heavy-duty truck market will result in improved earnings in the
  first quarter.
      Cummins said the company should make progress this year and
  next toward its goal of five pct profitability.
      Cummins recorded net income of 3,743,000 dlrs, or 38 cts
  per share, on sales of 516.9 mln dlrs.
      It said it expects 1987 North American heavy-duty truck
  production to total 135,000 units, an 8.5 pct increase from
  1986.
      Cummins said it expects capital expenditures to total about
  155 mln dlrs, down from 274 mln dlrs the year before.
  

"
training/14315	0	acq	"NORTH-WEST TELECOM <NOWT> MAKES ACQUISITION
  North-West Telecommunications Inc
  said it acquired the assets and customer base of Com-Tel
  Systems Inc, a telephone interconnect firm that operates in La
  Crosse and Stevens Point, Wis. and Rochester, Minn.
      It said the purchase only includes the businesses in La
  Crosse and Rochester.
      Terms were not disclosed.
  

"
training/14316	12	earn	"MILTON ROY CO <MRC> SETS REGULAR DIVIDEND
  Qtly div 11 cts vs 11 cts prior
      Pay June 15
      Record May 15
  

"
training/14324	12	earn	"OHIO MATTRESS CO <OMT> 1ST QTR FEB 28 NET
  Shr 15 cts vs 15 cts
      Net 2,407,000 vs 2,393,000
      Revs 117.2 mln vs 67.1 mln
      Note: Aggregate judgments in antitrust and other suits of
  77 mln dlrs not included in year-ago or 1987 1st qtr results.
  Company said any portion of this amount, including related
  interest or attorneys' fees, would be proportionately reflected
  as a reduction in its minority interest of Sealy recorded on
  its consolidated balance sheet upon final settlement of
  litigation.
      Note: Consolidated balance sheet as of end of 1st qtr
  reflects after-tax impact of 50 mln dlr settlement won by Sealy
  licensee in Michigan.
      1987 results include all operations of all acquired
  Sealy-brand licensees and 82 pct of Sealy. Remaining 18 pct of
  Sealy is recorded as minority interest.
      Proceeds of 170 mln dlrs from sale of stock and debt were
  used to reduce balance of revolving credit agreement to 80 mln
  dlrs. Accordingly, 250 mln dlr obligation to banks under credit
  agreement was recorded as a long-term liability as of end of
  1st qtr.
      Note: In April, company intends to acquire Michigan Sealy
  licensee and fund transaction with 25 mln dlrs in cash and
  borrow balance required from banks.
  

"
training/1433	12	earn	"WILLIAMS COS <WMB> YEAR LOSS
  Shr loss 6.97 dlrs vs profit 92 cts
      Net loss 240 mln vs profit 31.6 mln
      Revs 1.9 billion vs 2.5 billion
      NOTE: 1986 includes loss of 250 mln dlrs or 7.27 dlrs a
  share from discontinued operations and writedowns of holdings
  in Texasgulf Inc. 1985 restated.
  

"
training/1434	12	earn	"GEONEX SEES SALES HURT BY PRODUCTION SHIFT
  Geonex Corp <GEOX> said
  BellSouth Corp <BLS> unit Southern Bell Telephone and Telegraph
  Co's decision to postpone the start up of new conversion
  assignments at Geonex's Chicago Aerial Survey unit could
  negatively affect its fiscal 1987 revenues.
      The company said it had expected higher revenues from the
  records conversion work, but it now foresees revenues from
  Southern Bell work at about eight mln dlrs, the same level as
  last fiscal year.
      Geonex said Southern Bell will let CAS continue work in
  progress and it expects to perform mechanized posting and
  records conversion for Southern Bell through 1989.
      But, it added that the Southern Bell decision has forced it
  to pursue opportunities with other telephone companies and
  municipalities to replace the Southern Bell work.
  

"
training/14340	17	grain	"USSR CROP WEATHER SUMMARY -- USDA/NOAA
  Gradual warming continued in most
  regions of Western Soviet Union in the week ended April 4, the
  Joint Agricultural Weather Facility of the U.S Agriculture and
  Commerce Departments said.
      In its International Weather and Crop Summary, the agency
  said most of the region's precipitation fell as rain.
      The southern snow cover boundary continued to slowly
  retreat northward and eastward, it said.
      Moderate to deep snow cover the northern half of the
  Ukraine, northern North Caucasus, and the lower Volga, about
  one month later than usual, it said.
      The agency said average weekly temperatures were below
  normal in the southeast, near normal in the southwest and
  northeast, and above normal in the northwest.
      Winter grains remained dormant over the region, but warm
  weather promoted greening in crop areas adjacent to the Black
  Sea coast, it said.
  

"
training/1435	12	earn	"NWA INC 4TH QTR SHR PROFIT 45 CTS VS LOSS NINE CTS

  NWA INC 4TH QTR SHR PROFIT 45 CTS VS LOSS NINE CTS
  

"
training/14354	7	cotton	"U.S. WEATHER/COTTON SUMMARY -- USDA/NOAA
  Cotton planting continued progressing
  in the week ended April 5, but cold, wet weather in the South
  hampered seedbed preparation, the Joint Agricultural Weather
  Facility of the U.S. Agriculture and Commerce Departments said.
      In a summary of its Weather and Crops Bulletin, the agency
  said planting increased in California as soil temperatures
  improved.
      Texas planted 10 pct compared with an average of eight pct.
  Arizona and Georgia planted 35 pct and two pct, respectively,
  it said.
      Oklahoma farmers prepared 10 pct of their cotton seedbeds,
  15 points below average, the agency said.
  

"
training/1436	45	sugar	" UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 43.147 ECUS.

   UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 43.147 ECUS.
  

"
training/14376	0	acq	"GENERAL PARTNERS IS TERMINATING OFFER FOR GENCORP INC

  GENERAL PARTNERS IS TERMINATING OFFER FOR GENCORP INC
  

"
training/1438	12	earn	"(CRIME CONTROL INC) 4TH QTR NET LOSS
  Shr loss 2.03 dlrs vs loss 85 cts
      Net loss 10,742,113 vs loss 3,700,712
      Revs 8,027,065 vs 8,689,008
      Avg shrs 5.3 mln vs 4.4 mln
      Year
      Shr loss 2.45 dlrs vs loss 1.73 dlrs
      Net loss 11,607,104 vs loss 7,442,825
      Revs 32.6 mln vs 33.2 mln
      Avg shrs 4.7 mln vs 4.3 mln
      NOTE: 1986 net loss includes a fourth quarter charge of
  10.5 mln dlrs from writeoffs of certain assets.
      1985 net loss includes a charge of about 2.3 mln dlrs from
  settlement of class action lawsuit.
  

"
training/14388	12	earn	"BURLINGTON NORTHERN INC 1ST QTR SHR PROFIT 93 CTS VS LOSS 3.55 DLRS

  BURLINGTON NORTHERN INC 1ST QTR SHR PROFIT 93 CTS VS LOSS 3.55 DLRS
  

"
training/14389	17	grain	"IOWA GRAIN ELEVATOR EXPLODES, BURNS
  An explosion and fire today
  damaged a grain elevator in Bancroft, Iowa, destroying
  thousands of bushels of grain, authorities said.
      The pre-dawn explosion ripped the wooden elevator open, and
  a fire that followed continued burning at late morning but had
  been contained, according to a dispatcher at the Algona Police
  Department.
      No injuries were reported at the Lone Rock Coop facility.
      The dispatcher said the elevator was filled with corn, and
  a nearby drying building holding soybeans was on fire.
      The explosion was the second in four days in Iowa following
  the destruction of an Archer Daniels Midland elevator in
  Burlington last Friday.
  

"
training/14393	12	earn	"ARTISTIC GREETINGS <ARTG> SEES RECOVERY IN NET
  Artistic Greetings Inc said it
  expects a rebound in profits and an increase in sales in 1987
  as costs connected with computerization, staffing, traning and
  catalog sales start to taper off.
      Today it reported 1986 earnings of 294,650 dlrs, down from
  371,064 dlrs a year before, on revenues of 8,157,864 dlrs, up
  from 7,054,709 dlrs.
  

"
training/14394	0	acq	"PARTNERSHIP BUYS 5.1 PCT ORANGE-CO <OJ> STAKE
  Parsow Partnership Ltd, an Elkhorn,
  Neb., investment partnership, said it bought a 5.1 pct stake in
  Orange-Co Inc common stock as an investment.
      In a filing with the Securities and Exchange Commission,
  Parsow said it had bought all its 220,000 Orange-Co shares in
  the open market with funds from its working capital.
      The partnership, whose sole general partner is Elkhorn
  investor Alan Parsow, said it ""has no present intention of
  effecting any change in the control of Orange-Co Inc.""
  

"
training/14395	10	crude	"COOPERATIVE ENERGY TESTS OIL AT TWO WELLS
  <Cooperative Energy Development
  Corp> said two exploratory oil wells in the Zama area of
  Alberta tested 1,020 and 950 barrels a day, and will increase
  the company's daily oil production by 30 pct.
      The company did not immediately elaborate on total
  production figures.
      The wells, flowing oil from the Keg River formation, will
  be constrained to combined production of about 450 barrels a
  day to optimize reserve recovery, the company said.
      Permanent production facilities are being installed and the
  wells will produce to pipeline by mid-April.
  

"
training/144	10	crude	"OPEC MAY HAVE TO MEET TO FIRM PRICES - ANALYSTS
  OPEC may be forced to meet before a
  scheduled June session to readdress its production cutting
  agreement if the organization wants to halt the current slide
  in oil prices, oil industry analysts said.
      ""The movement to higher oil prices was never to be as easy
  as OPEC thought. They may need an emergency meeting to sort out
  the problems,"" said Daniel Yergin, director of Cambridge Energy
  Research Associates, CERA.
      Analysts and oil industry sources said the problem OPEC
  faces is excess oil supply in world oil markets.
      ""OPEC's problem is not a price problem but a production
  issue and must be addressed in that way,"" said Paul Mlotok, oil
  analyst with Salomon Brothers Inc.
      He said the market's earlier optimism about OPEC and its
  ability to keep production under control have given way to a
  pessimistic outlook that the organization must address soon if
  it wishes to regain the initiative in oil prices.
      But some other analysts were uncertain that even an
  emergency meeting would address the problem of OPEC production
  above the 15.8 mln bpd quota set last December.
      ""OPEC has to learn that in a buyers market you cannot have
  deemed quotas, fixed prices and set differentials,"" said the
  regional manager for one of the major oil companies who spoke
  on condition that he not be named. ""The market is now trying to
  teach them that lesson again,"" he added.
      David T. Mizrahi, editor of Mideast reports, expects OPEC
  to meet before June, although not immediately. However, he is
  not optimistic that OPEC can address its principal problems.
      ""They will not meet now as they try to take advantage of the
  winter demand to sell their oil, but in late March and April
  when demand slackens,"" Mizrahi said.
      But Mizrahi said that OPEC is unlikely to do anything more
  than reiterate its agreement to keep output at 15.8 mln bpd.""
      Analysts said that the next two months will be critical for
  OPEC's ability to hold together prices and output.
      ""OPEC must hold to its pact for the next six to eight weeks
  since buyers will come back into the market then,"" said Dillard
  Spriggs of Petroleum Analysis Ltd in New York.
      But Bijan Moussavar-Rahmani of Harvard University's Energy
  and Environment Policy Center said that the demand for OPEC oil
  has been rising through the first quarter and this may have
  prompted excesses in its production.
      ""Demand for their (OPEC) oil is clearly above 15.8 mln bpd
  and is probably closer to 17 mln bpd or higher now so what we
  are seeing characterized as cheating is OPEC meeting this
  demand through current production,"" he told Reuters in a
  telephone interview.
  

"
training/1440	45	sugar	"U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES
  A total 60,500 tonnes of current series
  white sugar received export rebates of a maximum 43.147
  European Currency Units (Ecus) per 100 kilos at today's
  European Community (EC) tender, the U.K. Intervention Board
  said.
      Out of this, traders in the U.K. Received 43,500 tonnes, in
  the Netherlands 12,000, in Denmark 4,000 and in West Germany
  1,000 tonnes.
      Earlier today, London and Paris traders said they expected
  the subsidy for the current season whites campaign for licences
  to end-July to be between 43.00 and 43.45 Ecus per 100 kilos.
      They had also forecast today's total authorised sugar
  tonnage export awards to be between 60,000 and 80,000 tonnes
  versus 103,000 last week when the restitution was 43.699 Ecus.
  

"
training/14402	12	earn	"CUMMINS ENGINE CO INC <CUM> SETS PAYOUT
  Qtly div 55 cts vs 55 cts prior
      Pay June 15
      Record June 1
  

"
training/14417	12	earn	"CENTRAL BANCSHARES <CBSS> 1ST QTR NET
  Shr 52 cts vs 45 cts
      Net 10.9 mln vs 9,498,000
      Assets 3.60 billion vs 3.25 billion
      Deposits 2.45 billion vs 2.23 billion
      Loans 2.16 billion vs 1.67 billion
      NOTE: full name of company is Central Bancshares of the
  South Inc.
  

"
training/14418	5	coffee	"U.S. CERTIFIED COFFEE STOCKS DOWN IN LATEST WEEK
  The amount of coffee stored in New York
  and New Orleans warehouses and certified for delivery against
  the New York Coffee ""C"" futures totalled 585,555 bags as of
  April 3, compared with 585,794 bags the previous week, a net
  decrease of 239 bags, the New York Coffee, Sugar and Cocoa
  Exchange said.
      The total comprised 392,845 bags in New York, an increase
  of 261 bags, and 192,710 bags in New Orleans, a drop of 500
  bags.
      The exchange said there were nil bags pending
  classification. There were 56,578 bags pending certification,
  including 32,553 in New York and 24,025 in New Orleans, the
  exchange said.
  

"
training/14423	0	acq	"TEXTRON <TXT> PLANS SALE OF AVCO DIVISION
  Textron Inc said it plans to
  sell its Avco Specialty Materials Division as part of its debt
  reduction and restructuring.
      The company said it will use proceeds from the sale to
  reduce the debt incurred by its acquisition of Ex-Cell-O Corp
  last year.
      Textron said Morgan Stanley and Co will represent it in the
  sale.
  

"
training/14427	12	earn	"GREEN TREE ACCEPTANCE INC <GNT> 1ST QTR NET
  Shr 50 cts vs 40 cts
      Net 9,421,000 vs 9,312,000
      Rev 37.7 mln vs 36.3 mln
      Avg shrs 17,049,920 vs 21,173,570
      NOTE: Per-share results adjusted for two-for-one common
  stock split in June 1986
  

"
training/1444	42	rubber	"JAPAN FIRM DEVELOPS ULTRA HEAT-RESISTING RUBBER
  Shin-Etsu Chemical Co Ltd said it had
  developed an ultra thermal resistance rubber which can be used
  at 250 centigrade continuously without losing its properties.
      Shin-Etsu put potential demand for the product at two
  tonnes a month mainly for microwave ovens and as a sealant.
      But increasing use of the product in parts attached to car
  engines will raise demand and the company will boost output to
  10 tonnes by March 1988 from two now, he said.
  

"
training/14440	45	sugar	"CUBA CRUDE SUGAR HARVEST FAR BEHIND SCHEDULE
  Cuban president Fidel Castro told a
  Congress of the Union of Young Communists here that the
  production of crude sugar during the harvest still in progress
  is 800,000 tonnes behind schedule.
      In a speech Sunday, published in today's official paper
  GRANMA, Castro said unseasonable rains since January seriously
  interrupted harvesting and milling operations especially in the
  central and western parts of the island.
      The Cuban leader said the mechanical cane harvesters
  scheduled to cut over 60 pct of the cane this year were
  particularly ""vulnerable,"" as muddy fields prevent operations.
      Neither Castro nor the Cuban press have given out figures
  to estimate tonnes of crude production during the present
  harvest or the goals for the sugar campaign.
      However, a cuban sugar official told Reuters that the
  country will be lucky if crude output reaches last year's 7.2
  mln tonnes. Output of crude for the previous 1984-85 harvest
  was 8.2 mln tonnes.
      The harvest was scheduled to end April 30 but due to the
  present shortfalls it will be extended into May and June, the
  official said.
  

"
training/1445	12	earn	"CASTLE AND COOKE INC <CKE> 4TH QTR LOSS
  Shr loss 76 cts vs loss 21 cts
      Net loss 31.9 mln vs loss 3,288,000
      Revs 380.2 mln vs 311.5 mln
      Avg shrs 47.1 mln vs 41.2 mln
      Year
      Shr profit 56 cts vs profit 56 cts
      Net profit 43,925,000 vs profit 46,433,000
      Rev 1.74 billion vs 1.60 billion
      Avg shares 43,602,000 vs 41,014,000
      NOTE: Fourth quarter includes after tax loss from
  discontinued Flexi-Van operations of 33.9 mln dlrs. Primary
  earnings per share data calculated after deducting preferred
  dividend requirements.
  

"
training/1446	12	earn	"VOICEMAIL INTERNATIONAL INC 4TH QTR LOSS
  Shr loss 21 cts vs loss 14 cts
      Net loss 838,069 vs loss 433,875
      Revs 1,080,068 vs 1,793,398
      Avg shrs 4,004,826 vs 3,172,537
      12 mths
      Shr loss 39 cts vs 11 cts
      Net loss 1,387,500 vs loss 334,463
      Revs 6,456,882 vs 5,605,680
      Avg shrs 3,542,217 vs 3,071,456
  

"
training/14469	0	acq	"AVON SAYS IT TO BUY GIORGIO INC, A FRAGRANCE COMPANY, FOR 185 MLN DLRS

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

"
training/14476	6	copper	"MAGMA LOWERS COPPER PRICE 0.50 CT TO 65.50 CTS
  Magma Copper Co, a subsidiary of
  Newmont Mining Corp, said it is lowering its copper cathode
  price by 0.50 cent to 65.50 cents a lb, effective immediately.
  

"
training/14485	0	acq	"AVON PRODUCTS <AVP> TO BUY GIORGIO FOR 185 MLN
  Avon Products Inc said it reached an
  agreement in principle to purchase <Giorgio Inc>, a fragrance
  company, for 185 mln dlrs in cash.
      Giorgio's annual revnues are more than 100 mln dlrs, Avon
  said. The acquisition has been approved by Avon's board, with
  the closing set for May 7.
      The transaction would have no impact on Avon's current
  dividend rate, it said.
      Giorgio's boutique in Beverly Hills, Calif., will be sold
  back to Fred Hayman, one of the shareholders, who will continue
  to operate it independently, Avon said.
      Avon said it identified Giorgio more than a year ago as a
  preferred acquisition candidate. It said it is launching a
  prestige fragrance developed in conjunction with Catherine
  Deneuve this spring.
      Giorgio will be operated as a separate subsidiary, Avon
  said, and would not compete with Avon's direct selling beauty
  products business.
  

"
training/1449	12	earn	"MOLECULAR GENETICS INC <MOGN> 4TH QTR LOSS
  Oper shr loss 22 cts vs loss 13 cts
      Oper net loss 1,712,916 vs loss 769,539
      Revs 2,292,972 vs 2,157,895
      Avg shrs 7,961,602 vs 6,200,293
      Year
      Oper shr loss 53 cts vs loss 45 cts
      Oper net loss 3,562,151 vs 2,543,366
      Revs 9,117,311 vs 8,251,136
      Avg shrs 7,169,871 vs 6,186,51
      NOTE: Current year net both periods excludes charge 430,649
  dlrs from cumulative effect of accounting change for patents.
      1986 net both periods includes charge of about 458,000 dlrs
  from severance obligations.
      1986 year net includes charge 156,000 dlrs from writeoff of
  seed commitments.
  

"
training/14499	6	copper	"MAGMA LOWERS COPPER PRICE 0.50 CT TO 65.50 CTS
  Magma Copper Co, a subsidiary of
  Newmont Mining Corp, said it is lowering its copper cathode
  price by 0.50 cent to 65.50 cents a lb, effective immediately.
  

"
training/145	12	earn	"CENERGY <CRG> REPORTS 4TH QTR NET PROFIT
  Cenergy Corp reported fourth quarter net
  income of 790,000 dlrs or seven cts per share on revenues of
  7.7 mln dlrs.
      For the year it reported a net loss of 6.5 mln dlrs or 70
  cts per share as a result of writedowns in the book value of
  its oil and gas properties in the first two quarters. Revenues
  were 37 mln dlrs.
      Following the company's fiscal year ended March 31, 1985,
  it changed to a calender year end.
      For the nine months ended Dec 31, 1985, it reported a loss
  of 63.4 mln dlrs or 6.54 dlrs per share on revenues of 47.6 mln
  dlrs, which it said was a result of noncash writedowns of oil
  and gas properties.
      For the year ended March 31, 1985, Cenergy reported net
  income of 3,705,000 dlrs or 36 cts per share on revenues of 71
  mln dlrs.
      The company said its reserves during the year fell to five
  mln barrels from 6.4 mln barrels of oil and to 60.1 bilion
  cubic feet of gas from 63.7 BCF. It said these reserves did not
  disappear but are available to produce as prices recover.
  

"
training/14504	0	acq	"GENCORP <GY> SAYS BUYBACK BETTER THAN TAKEOVER
  GenCorp Inc said the decision by
  General Partners, comprised of AFG Industries and Wagner and
  Brown, to end its hostile offer for the company supports its
  belief that the buy back offer it announced yesterday was a
  ""financially superior alternative.""
      GenCorp said it would annouce details of its plans to buy
  back 54 pct of its stock for 1.6 billion dlrs, or 130 dlrs a
  share, later this week. GenCorp's buy back was made to fend off
  the hostile 2.3 billion dlr, 100-dlr-a-share, tender offer by
  AFG and Wagner and Brown.
      Earlier today AFG and Wagner and Brown said that without
  the benefit of additional information available to GenCorp's
  management, it cannot compete economically with GenCorp's
  proposal.
      The group said it is ending its tender offer for GenCorp
  and promptly return to tendering shareholders all shares
  tendered pursuant to its offer.
      The group owns 9.8 pct, or 2,180,608 shares, of GenCorp's
  outstanding shares.
  

"
training/14506	0	acq	"BERRY PETROLEUM, NORRIS OIL <NOIL> TO MERGE
  Berry Petroleum Co said its board
  and the Norris Oil Co board approved a merger agreement that
  calls for Norris to become a wholly-owned Berry subsidiary.
      Berry, a privately-owned company which already owns 80.6
  pct of Norris Oil's stock, said the agreement calls for Norris'
  public shareholders to receive 0.0333 Berry common shares for
  each Norris share held.
  

"
training/14516	12	earn	"TOTAL SYSTEM SERVICES INC <TSYS> 1ST QTR NET
  Shr nine cts vs seven cts
      Net 1,356,000 vs 1,041,000
      Revs 9.7 mln vs 8.4 mln
  

"
training/14517	12	earn	"HUBCO INC <HCO> 1ST QTR NET
  Shr 38 cts vs 30 cts
      Net 1,356,754 vs 1,048,340
      Assets 448.5 mln vs 407.4 mln
  

"
training/1452	12	earn	"MERRIMAC INDUSTRIES INC <MMAC> 4TH QTR NET
  Shr five cts vs 29 cts
      Net 92,641 vs 466,668
      Sales 4,448,011 vs 4,122,301
      Year
      Shr 34 cts vs 1.16 dlrs
      Net 553,310 vs 1,864,417
      Sales 16.3 mln vs 16.7 mln
  

"
training/14524	12	earn	"<WILDERNESS EXPERIENCE INC> 4TH QTR LOSS
  Period ended Jan 31
      Shr loss three cts vs loss two cts
      Net loss 183,500 vs loss 163,800
      Sales 608,800 vs 1,156,100
      Year
      Shr loss 16 cts vs loss 21 cts
      Net loss 1,128,600 vs loss 1,081,600
      Sales 3,811,200 vs 6,968,700
  

"
training/14525	12	earn	"TOTAL SYSTEMS SERVICES <TSYS> 1ST QTR NET
  Shr nine cts vs seven cts
      Net 1,356,000 vs 1,041,000
      Revs 9,729,000 vs 8,367,000
  

"
training/14537	43	ship	"BERMUDA STAR <BSL> LEASES VESSEL
  Bermuda Star Line Inc said it has
  leased a 23,500 ton passenger vessel from Orley Shipping Co
  Inc, of Liberia for a term with options extending for 15 years.
      The vessel, SS Liberte, will be renamed the Canadian Star
  and will be used for cruises to Montreal from New York,
  beginning in June.
      Orley SHipping is partially owned by Common Brothers PLC, a
  U.K. maritime firm which owns 60 pct of Bermuda Star's shares
  and arranged debt financing for the ship's purchase.
      Orley acquired the vessel from Banstead Shipping Ltd. Terms
  were not disclosed.
  

"
training/14539	12	earn	"PREMDOR PLANS TWO-FOR-ONE STOCK SPLIT
  <Premdor Inc> said it planned a
  two-for-one common stock split, subject to shareholder approval
  at the May 4 annual meeting.
      It said the split, if approved, would take effect on May
  20.
      Premdor manufactures and sells wood doors.
  

"
training/14540	12	earn	"TELETRAK ADVANCED TECHNOLOGY 4TH QTR LOSS
  Shr loss two cts vs loss two cts
      Net loss 183,597 vs loss 136,990
      Rev 36,600 vs 61,763
      Avg shares 12,355,000 vs 9,205,000
      Year
      Shr loss five cts vs loss five cts
      Net loss 571,336 vs loss 416,595
      Rev 103,327 vs 61,763
      Avg shares 12,355,000 vs 8,705,000
      NOTE: Company's full name is <Teletrak Advanced Technology
  Systems Inc and it is a unit of Helm Resources <H>. 1985 net
  loss includes loss from discontinued operations of 278,156
  dlrs.
  

"
training/14542	0	acq	"CANNON <CAN> SELLS STAKE IN HBO/CANNON VENTURE
  Cannon Group Inc said it agreed in
  principle to sell its 50 pct interest in the HBO/Cannon Video
  joint venture to the Home Box Office unit of Time Inc <TL>.
      The company said it is making the sale because in the near
  future all of its video products will be licensed in the United
  States and Canada to either the Warner Brothers unit of Warner
  Communications Inc <WCI>, or to Media Home Entertainment.
  

"
training/14544	12	earn	"HOUSTON OIL TRUST <HO> HALTS ROYALTIES
  Houston Oil Trust said there will be no
  royalty funds available for distribution to unit holders in
  April.
      It also said that based on recent independent petroleum
  engineers' estimates of Oct 31, 1986, there may be no amounts
  avialable for distribution the rest of the year.
  

"
training/14545	12	earn	"UPPER PENINSULA POWER CO <UPEN> SETS PAYOUT
  Qtly dividend 52-1/2 cts vs 52-1/2 cts
      Pay May one
      record April 17
  

"
training/14547	12	earn	"ITT CORP <ITT> DECLARES DIVIDEND
  Qtly div 25 cts vs 25 cts prior
      Pay July 1
      Record May 7
  

"
training/14549	12	earn	"PACIFIC LIGHTING CORP <PLT> QTLY DIVIDEND
  Shr 87 cts vs 87 cts prior qtr
      Pay May 15
      Record April 20
  

"
training/14550	12	earn	"STALEY CONTINENTAL <STA> REGULAR DIVIDEND SET
  Qtly div 20 cts vs 20 cts previously
      Pay June Eight
      Record May 22
  

"
training/14551	12	earn	"ITT CORP <ITT> REGULAR QTRLY DIVIDEND
  Qtly div 25 cts vs 25 cts prior
      Payable July one
      Record May 7
  

"
training/14558	18	heat	"SUN <SUN> RAISES HEATING OIL BARGE PRICE
  Sun Co's Sun Refining and Marketing Co
  subsidiary said it raised the price it charges contract barge
  customers for heating oil in New York harbor by 0.50 cent a
  gallon, effective today.
      The increase brings the contract barge price to 50.50 cts a
  gallon, Sun said.
  

"
training/1456	12	earn	"B.C. RESOURCES HAS AGREEMENT ON CREDIT FACILITY
  <British Columbia
  Resources Investment Corp>, earlier reporting higher full year
  operating losses, said it reached agreement in principle with
  five lenders providing for a 360 mln dlr credit facility over a
  four year term.
      The company said the credit facility is extendable under
  certain circumstances, with annual principal payments of five
  mln dlrs. The agreement is subject to certain lender approvals
  and completion of formal documentation.
      It earlier reported 1986 losses before extraordinary items
  rose to 26.4 mln dlrs from year-ago 7.2 mln dlrs.
      B.C. Resources also said dividends on its series 2
  preferred shares and exchangeable preferred shares will remain
  suspended.
      However, payment will be made on account of the quarterly
  dividend on the exchangeable preferred shares by the company's
  trustee from a deposit account, B.C. Resources said.
      Sufficient funds should be available to pay full amount of
  the March 31, 1987 dividend to exchangeable preferred
  shareholders, with payment expected in early April to
  shareholders of record March 31, the company said.
      If future dividends are not declared after the April
  exchangeable preferred quarterly payout, future payment will
  depend on the amount of dividends received from Westcoast
  Transmission Co <WTC>, B.C. Resources said.
      The company said its increased fourth quarter and full year
  operating losses primarily resulted from lower oil prices and a
  four month labor shutdown at its Balmer coal mine in British
  Columbia.
      B.C. Resources also recorded a 99.9 mln dlr extraordinary
  loss, which included losses on disposition of North Sea oil and
  gas interests by 67 pct owned <Westar Mining Ltd>.
      B.C. Resources' 1986 extraordinary charge also included a
  writedown of its investment in Westar Petroleum. Gains on the
  sales of Westar Timber's Skeena and Celgar pulp mills and
  Terrace sawmill partially offset the extraordinary loss, the
  company said.
      The company said the asset sales have eliminated B.C.
  Resources' long term financing commitment in the North Sea and
  exposure to the fluctuating pulp market.
      It also said it cut long term debt in 1986 to 900 mln dlrs
  from 1.3 billion dlrs at year-end 1985, and management changes
  and staff cuts have significantly reduced costs.
  

"
training/14563	0	acq	"SPORTSCENE ACQUIRES CHRISTOPHE VAN HOUTTE CHAIN
  (Sportscene Restaurants Inc) said it
  acquired (Cafe Christophe Van Houtte Inc), a cafe chain with
  ten franchises and one corporate restaurant, for an unspecified
  amount of cash and Sportscene shares.
  

"
training/14566	21	instal-debt	"U.S. CONSUMER CREDIT ROSE 1.77 BILLION DLRS IN FEB VS REVISED 789 MLN JAN GAIN

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

"
training/14569	12	earn	"RONSON CORP <RONC> 4TH QTR DEC 31
  Shr loss 21 cts vs loss seven cts
      Net loss 971,000 vs loss 318,000
      Revs 8.3 mln vs 9.2 mln
      Year
      Shr loss 43 cts vs profit 14 cts
      Net loss 1.9 mln vs profit 606,000
      Revs 32.5 mln vs 31.9 mln
      NOTE:1986 loss includes reserves of 329,000, 1985 includes
  tax benefit of 352,000, 96,000, and 570,000 dlrs.1986 4th qtr
  includes 850,000 dlrs writedowns, 499,000 dlr gain from sale.
      1985 net includes extraordinary items of 108,000 and gain
  on sale of 1.6 mln dlrs , tax carryforward gain of 246,000
  dlrs.
  

"
training/1457	32	money-fx	"U.K. MONEY MARKET GIVEN 85 MLN STG LATE HELP
  The Bank of England said it had provided
  the money market with late assistance of around 85 mln stg.
      This brings the bank total help so far today to some 87 mln
  stg and compares with its latest forecast of a 250 mln stg
  shortage in the system today.
  

"
training/14573	33	money-supply	"TREASURY BALANCES AT FED ROSE ON APRIL 6
  Treasury balances at the Federal
  Reserve rose on April 6 to 4.262 billion dlrs from 3.876
  billion dlrs on the previous business day, the Treasury said in
  its latest budget statement.
      Balances in tax and loan note accounts fell to 4.950
  billion dlrs from 5.004 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 9.212 billion
  dlrs on April 6 compared with 8.880 billion dlrs on April 3.
  

"
training/14582	0	acq	"MANUFACTURERS <MHC> IN BUILDING FORECLOSURE
  Manufacturers Hanover Corp said its OFP
  Inc unit acquired a Dallas office building through foreclosure.
      The company said it foreclosed on the Allied Bank Tower, a
  1.2 mln-square-feet office building at One Fountain Place,
  Dallas.
  

"
training/14586	12	earn	"HI-SHEAR INDUSTRIES INC <HSI> SETS PAYOUT
  Qtrly div 11 cts vs 11 cts prior
      Pay April 28
      Record April 20
  

"
training/14587	0	acq	"COCA-COLA BOTTLING <COKE> TERMINATES TALKS
  Coca-Cola Bottling Co
  Consolidated said it terminated negotiations with the proposed
  purchaser of its wholly owned subsidiary headquartered in
  Vancouver, B.C.
      The company said it is vigorously continuing its efforts to
  sell its Canadian operations, substantially on the terms and
  conditions previously announced.
  

"
training/146	12	earn	"NORTHERN TELECOM LTD <NT> DECLARES STOCK SPLIT
  Two-for-one stock split
      Pay May 12
      Note: split is subject to approval of shareholders at April
  23 annual meeting.
      Company also said it will increase dividend on post-split
  shares to six cts from five cts.
  

"
training/1460	12	earn	"CML GROUP INC <CMLI> 2ND QTR JAN 31 NET
  Shr 72 cts vs 58 cts
      Net 4,791,000 vs 3,803,000
      Sales 83.0 mln vs 72.0 mln
      Avg shrs 6,668,309 vs 6,545,722
      1st half
      Shr 88 cts vs 70 cts
      Net 5,872,000 vs 4,614,000
      Sales 141.6 mln vs 121.8 mln
      Avg shrs 6,669,488 vs 6,525,051
  

"
training/14604	0	acq	"CAREPLUS <CPLS> SEEKS APPROVAL IN ACQUISITION
  CarePlus Inc said it will seek shareholder
  approval of its proposed acquisition of certain assets and
  assumption of certain liabilities of Professional Care Inc
  <PCI>.
      In connection with the acquisition, shareholders will be
  requested to approval the merger of CarePlus into its newly
  formed Delaware subsidiary, CarePlus said.
      CarePlus said its board has tentatively determined that its
  stock would be exchanged for common stock of the new
  corporation at the rate of seven for one.
  

"
training/1461	12	earn	"DRESS BARN INC <DBRN> 2ND QTR JAN 24 NET
  Shr 30 cts vs 21 cts
      Net 3,358,000 vs 2,276,000
      Sales 43.3 mln vs 33.5 mln
      1st half
      Shr 60 cts vs 42 cts
      Net 6,654,000 vs 4,638,000
      Sales 86.6 mln vs 66.4 mln
      NOTE: Share adjusted for three-for-two stock split in May
  1986.
  

"
training/14612	21	instal-debt	"U.S. FEB CONSUMER CREDIT ROSE 1.77 BILLION DLRS
  U.S. consumer instalment credit rose
  a seasonally adjusted 1.77 billion dlrs in February after a
  revised rise of 789 mln dlrs in January, the Federal Reserve
  Board said.
      The annual rate of growth in February was 3.7 pct, up from
  1.6 pct in January. Previously the Fed said consumer credit
  rose 536 mln dlrs in January.
      Among the credit categories, auto credit rose in February
  by 717 mln dlrs after increasing 416 mln dlrs in January, the
  Fed said.
      Revolving credit in February rose 1.04 billion dlrs after
  falling by 23 mln dlrs in January.
      Mobile home credit was down by 59 mln dlrs in February
  after rising 141 mln dlrs in January.
      The category referred to as ""other,"" covering bank and credit
  union loans, increased by 74 mln dlrs in February after rising
  by 255 mln dlrs in January, the Fed said.
      Before seasonal adjustment, consumer credit outstanding
  totaled 576.05 billion dlrs at the end of February, compared
  with 530.41 billion dlrs at the end of February, 1986.
  

"
training/14619	0	acq	"GROUP TO BUY MORE INTERMEDICS <ITM> SHARES
  An investor group including Bessemer
  Securities Corp and Cilluffo Associates told the Securities and
  Exchange Commission it asked federal antitrust regulators for
  advance clearance to hold more than 30 mln dlrs of Intermedics
  Inc common stock.
      The group said it currently holds 1.8 mln shares or 17.6
  pct of the total outstanding following purchases of 84,300
  shares March 18-April 1. A group spokesman would not disclose
  the total purchase price of its current holdings.
      The group has said it is accumulating Intermedics stock for
  investment purposes.
  

"
training/14622	12	earn	"SEAGATE TECHNOLOGY <SGAT> 3RD QTR MARCH 3 NET
  Shr 81 cts vs 24 cts
      Net 40,453,000 vs 11,833,000
      Sales 267.1 mln vs 127.0 mln
      Avg shrs 50,226,000 vs 48,337,000
      Nine Mths
      Shr 2.07 dlrs vs 38 cts
      Net 102,564,000 vs 18,127,000
      Sales 708.0 mln vs 318.3 mln
      Avg shrs 49,573,000 vs 48,024,000
  

"
training/14623	0	acq	"GROUP RAISES TEXSTYRENE <FOAM> STAKE TO 11.7 PCT
  An investor group led by Dart
  Container Corp, a Sarasota, Fla., plastic utensil maker, told
  the Securities and Exchange Commission it raised its stake in
  Texstyrene Corp to 420,500 common shares or 11.7 of the total
  outstanding.
      The group said it bought the shares for investment and
  intends to continue to buy Texstyrene stock in the future.
      The group said its most recent purchases included 106,000
  shares bought March 10-31 in ordinary brokerage transactions.
  

"
training/14626	0	acq	"ENRO HOLDING BUYS ENRO SHIRT AND FOXCROFT
  Enro Holding Corp said it acquired Enro
  Shirt Co and Foxcroft Ltd from Wilson Bros for 30 mln dlrs.
       Enro Holding is owned 50 pct by investors and 50 pct by
  management and others. The investor group bought 50 pct of the
  common equity and supplied five mln dlrs in mezzanine
  financing. Management bought the other 50 pct. Congress
  Financial Group supplied 28 mln dlrs in senior financing and
  the seller took back a note for 12.1 mln dlrs.
      Enro Shirt has annual sales of about 42 mln dlrs and
  Foxcroft has sales of about 13 mln dlrs.
  

"
training/14629	12	earn	"SPARTECH <SPTN> REVERSE STOCK SPLIT APPROVED
  Spartech Corp said shareholders at the
  annual meeting approved a reverse stock split of the common
  stock, on a one-for-five basis.
      The company said the split was necessary in preparation for
  an offering of 25 mln dlrs in convertible subordinated
  debentures, expected to be made soon through Kidder, Peabody
  and Co.
      It said the new common stock will begin trading April 8
  under the symbol ""SPTNd.""
      Separately, Spartech said its board appointed Bradley
  Buechler as president, filling a vacancy.
      It said Lawrence Powers remains as chairman.
      Buechler, prior to his promotion, was executive vice
  president and chief operating officer. He will retain his
  duties as chief operating officer.
  

"
training/14630	12	earn	"PEOPLE RIDESHARING SYSTEMS <RIDE> 1ST QTR NET
  Shr primary profit two cts vs loss nine cts
      Shr diluted profit one cent vs loss six cts
      Net profit 17,156 vs loss 89,594
      Revs 2,360,220 vs 3,208,802
      Avg shrs 870,000 vs 1,026,627
      NOTE: full name of company is People Ridesharing Systems
  Inc.
  

"
training/14642	22	interest	"DESJARDINS GROUP LOWERS VISA INTEREST RATE
  (La Confederation des Caisses
  Populaires et d'Economie Desjardins), the Quebec credit union
  group, said it is lowering the interest rate on unpaid balances
  on its Visa credit card to 15.9 pct from 18.0 pct, effective
  with June billing statements.
      The move follows cuts in credit card interest rate charges
  by several Canadian banks.
  

"
training/14646	12	earn	"SEEQ TECHNOLOGY INC <SEEQ> 2ND QTR MARCH 31
  Shr profit eight cts vs loss 1.84 dlrs
      Net profit 785,000 vs loss 4,279,000
      Revs 10.4 mln vs 8,464,000
      Avg shrs 9,649,000 vs 2,664,000
      Six Mths
      Shr loss nine cts vs loss 4.09 dlrs
      Net loss 262,000 vs loss 9,689,000
      Revs 19.2 mln vs 15.6 mln
      Avg shrs 2,874,000 vs 2,660,000
  

"
training/14655	32	money-fx	" 7-APR-1987 16:46:14.77
   7-APR-1987 16:46:14.77

"
training/1466	12	earn	"WILLIAMS <WMB> HAS 4TH QTR CHARGE
  Williams Cos said a fourth quarter charge
  of 250 mln dlrs from discontinued operations and writedowns
  contributed to a 1986 net loss of 240 mln dlrs or 6.97 dlrs a
  share against earnings of 31.6 mln dlrs or 92 cts in 1985.
      The loss in the quarter was 232.3 mln dlrs or 6.75 dlrs
  against income of 10.7 mln dlrs or 31 cts a year ago. Revenues
  in the quarter fell to 521.1 mln dlrs from 716.9 mln and in the
  year fell to 1.9 billion dlrs from 2.5 billion in 1985.
      Williams also said the previously announced sale of its
  Agrico Chemical Co unit to Freeport-Mcmoran Resource Partners
  Ltd has cleared antitrust review and should close next week.
      The 1987 first quarter will include proceeds from the
  Agrico sale, for 250 mln dlrs cash at closing plus deferred
  payments, and proceeds of 320 mln dlrs from the sale of a stake
  in Peabody Holding Co, completed in January.
      In the 1986 first quarter, Williams reported net of 14.2
  mln dlrs or 41 cts a share on sales of 796.4 mln dlrs.
      Williams said the charges in the current year were related
  to an ongoing restructuring. The company said the restructuring
  moves had improved its balance sheet and improved the outlook
  for future stability and growth in earnings.
      Operating profit at the company's Northwest Pipeline Corp
  unit fell 4.5 pct to 150 mln dlrs from lower sales. The
  Williams Natural Gas unit had operating profit of 50.5 mln dlrs
  compared to 90.9 mln dlrs on lower sales volumes.
      Profit at Williams Gas Marketing rose to 26 mln dlrs from
  about 22 mln and the William Pipe Line Co had operating profit
  of 49.4 mln dlrs versus 63.6 mln dlrs a year ago.
  

"
training/14666	12	earn	"NACCO INDUSTRIES <NC> TO REPORT 2ND QTR GAIN
  Nacco Industries Inc said it will
  report a gain in the second quarter of about 11.5 mln dlrs or
  1.25 dlrs a share from the sale of stock of a subsidiary.
      Nacco said its North American Coal Corp unit has received
  notice that Consolidation Coal Co, a unit of Du Pont Co <DD>,
  will exercise an option to buy all of the stock of Quarto
  Mining Co, a subsidiary of North American Coal.
      For the stock, North American Coal will receive about 15.2
  mln dlrs, 5.2 mln of which will be paid at closing April 10 and
  the rest in installments, the company said.
      In addition, Quarto will pay a dividend to North American
  Coal of about 10 mln dlrs from retained earnings before
  closing. The funds were previously used to finance mining
  operations.
      Consolidation Coal got the option from the Capco Group of
  utilities, which received the option from Nacco in 1981.
      Nacco reported earnings of 10.8 mln dlrs or 1.11 dlrs a
  share in last year's second quarter.
      In 1986, Quarto generated 5.9 mln dlrs in net income, equal
  to 62 cts a share, of Nacco's total 1986 earnings of 3.48 dlrs
  a share.
      Quarto produced about 3.6 mln short tons of the 24.3 mln
  tons produced by North American Coal in 1986, Nacco said.
  

"
training/1467	12	earn	"PERRY DRUG STORES INC <PDS> 1ST QTR JAN 31 NET
  Shr 13 cts vs 37 cts
      Net 1,300,000 vs 3,700,000
      Sales 189 mln vs 163 mln
  

"
training/14672	12	earn	"BUFFTON <BUFF> TO POST INVESTIGATION CHARGE
  Buffton Corp said it will    
  conduct an investigation on a plant designated as a Superfund
  Site, which will result in a charge of about six cts per share
  in its second quarter.
      In the year ago second quarter, Buffton reported net income
  of 10 cts a share or 330,000 dlrs on sales of 10.3 mln dlrs.
       The study should be completed in nine months and will
  determine any clean-up or remedial action that may be required.
  Robintech Inc, the plant's former owner, will split the cost.
  Buffton said its share will cost 400,000 dlrs.
  

"
training/14679	0	acq	"AMERICAN DYNAMICS <AMDC> TO SELL 51 PCT STAKE
  American Dynamics Corp and
  <Meridian Reserve Inc> said they signed a definitive agreement
  under which Meridian will buy 81.9 mln shares, or 51 pct, of
  American Dynamics' common stock.
      Under terms of the agreement, Santa Ana, Calif.-based
  Meridian said it will pay Columbus-based American Dynamics one
  mln dlrs in cash and notes over five years and about 500,000
  shares of its common stock.
      Meridian said it has the option to issue an additional
  1,500,000 shares of its common over the next two years in
  payment of certain of the notes.
      Meridian, an oil and gas company whose operations are
  primarily in Oklahoma, said the acquisition will increase its
  its consolidated assets to 30 mln dlrs and its contractually
  committed gas reserves to more than 40 mln dlrs at discounted
  present value.
      American Dynamics is engaged in gas gathering, transmission
  and liquids extraction, also in Oklahoma.
      The companies said they have five extracting plants and
  about 525 miles of transmission lines in five adjoining
  Oklahoma counties.
  

"
training/14686	32	money-fx	" 7-APR-1987 17:02:48.51
   7-APR-1987 17:02:48.51

"
training/14689	37	pet-chem	"ITALY'S ENI TO INVEST IN VENEZUELAN PROJECTS
  Italy's state-owned Ente Nazionale
  Idrocarburi (ENI) will invest 197 mln dlrs in two joint
  ventures in coal and petrochemicals with Petroleos de
  Venezuela, S.A, ENI president Franco Reviglio said.
      Speaking at a news conference, Reviglio said the two
  projects will eventually bring in some 300 mln dlrs annually in
  foreign exchange to Venezuela and help diversify the country's
  export base. ""Joint ventures are the principal instrument for
  allowing the resources of the industrialized countries to be
  channeled to the developing world so as to lead future growth
  for both,"" Reviglio said.
      ENI's subsidiary Ecofuel will join Pequiven, the
  petrochemical subsidiary of PDVSA in building a 160 mln dlr
  plant to produce mtbe, a gasoline additive used to increase
  octane levels.
      The 500,000 mt per year plant will be constructed at Jose
  in eastern Venezuela, and fed by butane produced at PDVSA's
  eastern cryogenic complex. ENI owns 48 pct of the joint venture
  company, Super Octanos, C.A., while Pequiven has 49 pct, with
  the remaining three pct to be sold to private investors.
      Production is set to begin in third quarter 1989. Ecofuel
  officials said the plant is modeled after one in Saudi Arabia.
      Another ENI subsidiary, Agip Carbone, will sign a letter of
  intent in Caracas tomorrow to enter a partnership with PDVSA to
  mine the coal deposits at guasare in western zulia state, he
  said.
      Feasibility studies are still being done on the carbozulia
  project, with a definitive accord slated for august, he added.
      Agip carbone and atlantic richfield coal, an arco
  subsidiary have formed a consortium which will own 48 pct of
  the carbozulia project, whose total cost is estimated at 500
  mln dlrs, the company said. Agip carbone will invest 24 pct, or
  120 mln dlrs, in the project, it said.
  

"
training/1469	12	earn	"NWA INC <NWA> 4TH QTR NET
  Shr profit 45 cts vs loss nine cts
      Net profit 9.8 mln vs loss two mln
      Revs 1.15 billion vs 631.2 mln
      Year
      Shr profit 3.26 dlrs vs profit 3.18 dlrs
      Net profit 76.9 mln vs profit 73.1 mln
      Revs 3.59 billion vs 2.66 billion
  

"
training/14697	12	earn	"REPUBLICBANK <RPT> TO RECLASSIFY BRAZIL LOANS
  RepublicBank Corp said it has placed
  182.6 mln dlrs of all intermediate and term loans to Brazil on
  a non-accrual basis as of March 31.
      It said the reclassification will reduce first quarter
  earnings by 2.8 mln dlrs after taxes, and 11 mln dlrs after
  taxes for all of 1987, if Brazil does not change its position
  of a moratorium on interest payments.
      RepublicBank also said its net income for the first quarter
  is expected to be about 10.4 mln dlrs or 30 cts a share on a
  fully diluted basis. In the year-ago first quarter the company
  earned 23.1 mln dlrs or 75 cts a share.
      The company also said its first quarter results are
  expected to include a provision for loan losses of 55 mln dlrs,
  about 20 mln dlrs over net loan-charge-offs of about 35 mln
  dlrs. It said the provision will increase loan losses to about
  328 mln dlrs or 2.2 pct of loans.
      RepublicBank, with total assets of about 21 billion dlrs,
  announced in December an agreement with InterFirst Corp <IFC>
  to form First RepublicBank Corp. If the merger is approved by
  regulatory agencies and stockholders, it would create the 12th
  largest bank holding company in the United States.
  

"
training/147	12	earn	"TORCHMARK <TMK> AUTHORIZES STOCK REPURCHASE
  Torchmark Corp said its board
  authorized the purchase from time to time of a significant
  portion of its 7-3/4 pct convertible subordinated debentures.
  As of February 25, it said there were outstanding 150 mln dlrs
  of the principal amount of debenures.
      The company also said it plans to redeem the debentures on
  June eight.
      It also declared a regular quarterly dividend of 25 cts per
  share on its common payable May one to shareholders of record
  April 10.
  

"
training/1471	12	earn	"CAMCO INC <CAM> SETS QUARTERLY
  Qtly div 11 cts vs 11 cts prior
      Pay April 14
      Record March 17
  

"
training/14715	0	acq	"AMOSKEAG BANK <AMKG> TO SEEK REHEARING
  Amoskeag Bank Shares Inc and
  <Portsmouth Savings Bank> said they will file motions for a
  rehearing with the New Hampshire Supreme Court of its March 30
  ruling that overturned state regulatory approval of Amoskeag's
  acquisition Portsmouth.
      ""The ramifications of this decision, we believe, go well
  beyond the affiliation of Amoskeag and Portsmouth Savings
  Bank,"" said Amoskeag chairman William S. Bushnell.
      The transaction was opposed by a group of Portsmouth
  investors who wanted the bank to remain independent, according
  to press reports.
  

"
training/14719	44	strategic-metal	"DOE RECOMMENDS SPECIAL UNIT TO ENRICH URANIUM
  Energy Secretary John Herrington told
  Congress that a federally chartered corporation would be the
  best way to manage and operate the government's uranium
  enrichment program.
      He said in a letter to Congressmen that unless the program,
  now run by the Energy Department, is improved, sales worth five
  billion dlrs could be lost between 1990 and 2000.
      The program now has annual commercial sales of about one
  billion dlrs and holds 50 pct of the free world market for
  enrichment services.
      A department official said the world market for enriched
  uranium for reactors for power utilities is increasingly
  competitive and private entity could better tap it.
      The Administration's plan to spin off the department's 
  uranium enrichment operation is in line with it effort to
  reduce the federal government's role in areas where it feels
  private enterprise could be more efficient.
  

"
training/14729	12	earn	"TRILON DECLARES STOCK DIVIDEND
  <Trilon Financial Corp> said it declared
  a stock dividend of one class A share for each two class A
  shares held, payable May 15 to shareholders of record on April
  30.
  

"
training/14736	0	acq	"ALLEGHENY <AG> PREFERED SHAREHOLDERS FILE SUIT
  Allegheny International Inc, which has
  agreed to a merge with a jointly-formed First Boston Inc
  affiliate in a deal worth 500 mn dlrs, said shareholders of its
  preferred stock have filed a class action complaint against the
  company.
      The complaint alleges, among other things, that the company
  and its board agreed to pay First Boston an illegal seven mln
  dlr topping fee if it received a higher offer for the company
  prior to the buyout.
      The suit contends that this fee hampers Allegheny's ability
  to attract other offers or take other actions that would
  benefit holders of preferred stock. The complaint also alleges
  federal securities laws violations and breach of fiduciary
  duty.
      The suit requests an injunction against proceeding with the
  pending offer being made by Sunter Acquisition to acquire
  Allegheny. Sunter Acquisition Corp and Sunter Holdings Corp
  were formed by First Boston and Allegheny.
      Allegheny said it and the Sunter concerns intend to
  vigorously defend the complaint's charges.
      The complaints were filed by Robert Moss and other parties
  who are believed to own about 230,000 shares of Allegheny's
  preferred stock.
  

"
training/14739	48	trade	"CANADIANS URGE EXEMPTION FROM U.S. TRADE BILL
  A group of Canadian lawmakers from
  Ontario today asked their U.S. counterparts to exempt Canada
  from the mandatory trade retaliation provisions in a major
  trade bill being considered by the U.S. Congress.
      At a meeting of the Northeast-Midwest Coalition, an
  organization of U.S. legislators, David Cooke, chairman of the
  Ontario Parliament's Select Committee on Economic Affairs, said
  the exemption would help trade relations.
      The trade legislation to be considered by the full House in
  late April would require President Reagan to retaliate against
  foreign unfair trade practices unless the trade actions would
  harm the U.S. economy.
      Currently, Reagan can reject trade sanctions on any
  grounds.
      Cooke, a member of the Liberal party, told the U.S.
  congressmen, ""I can understand (the trade bill). I think it has
  to do with concerns you have with the other parts of the world.""
      ""I would suggest to you that we are your best friends. You
  do not have those concerns with Canada and you should sincerely
  consider exempting our country from that bill,"" he added.
      Canada is the United States' largest trading partner, with
  two-way trade more than 113 billion dlrs in 1985, according to
  the coalition. But the U.S. ran up a 23 billion dlr deficit in
  manufactured goods that year compared to a 14 billion dlr
  surplus in services trade with its neighbour.
  

"
training/14744	12	earn	"AMERICAN AGRONOMICS CORP <AGR> 2ND QTR FEB 28
  Shr profit one cts vs loss three cts
      Net profit 641,000 vs loss 992,000
      Revs 26.0 mln vs 19.0 mln
      Six months
      Shr profit six cts vs loss six cts
      Net profit 2.8 mln vs loss 1.8 mln
      Revs 39.0 mln vs 37.4 mln
      NOTE:1987 six months includes gain of four cts from change
  in accounting principle.
  

"
training/14751	12	earn	"HELIG-MEYERS CO <HMY> INCREASES DIVIDEND
  Qtly div eight cts vs seven cts prior
      Payable May 15
      Record APril 29
  

"
training/14752	12	earn	"HELIG-MEYERS CO <HMY> YEAR FEB 28
  Shr 1.30 dlrs vs 1.07 dlrs
      Net 13.6 mln dlrs vs 10.2 mln
      Revs 271.2 mln vs 182.3 mln
      NOTE:1986 results reflect year 11 month period because
  company changed fiscal year to end February 28 from March 31.
  

"
training/14755	12	earn	"KELLY OIL AND GAS PARTNERS <KLY> YEAR DEC 31
  Shr 36 cts vs 43 cts
      Net 1.3 mln vs 1.7 mln
      Revs 9.0 mln vs 7.9 mln
  

"
training/14757	32	money-fx	"JAPAN SEEKS TO STRENGTHEN PARIS CURRENCY ACCORD
  Japan will seek to strengthen the
  Paris accord on currency stability at the meeting of the group
  of seven leading industrial nations tomorrow, Japanese
  officials said.
      However, the officials travelling with Japanese Finance
  Minister Kiichi Miyazawa and who asked not to be identified,
  would not provide any details of how they wanted the accord,
  which was signed by the six leading industrial democracies in
  February, to be strengthened.
      Currency target zones, or reference ranges, will not be
  discussed at the G-7 meeting which is scheduled for tomorrow,
  the Japanese officials said.
      The meeting, which is being held in conjunction with this
  week's International Monetary Fund/World Bank sessions, will
  reaffirm the currency pact and there is no need for changing 
  the language used in the Paris accord, the officials said.
      Miyazawa met with U.S. Treasury Secretary James Baker early
  in this afternoon and discussed the dollar/yen exchange rates,
  officials said, but they declined to disclosed the details of
  that discussion.
      The Japanese officials also declined to detail what
  Miyazawa and Baker discussed on the subject of greater joint
  intervention in currency markets to stabilize the dollar or on
  independent American intervention.
      The officials said such a money market action to stabilize
  the dollar is not only for the benefit of Japan, which is
  suffering from a sharp appreciation in its currency, but also
  for the benefit of the United States as well.
      As to U.S. urgings for Japan to take steps to boost its
  domestic demand to reduce its trade surplus, Japan will explain
  economic measures to the G-7, the officials said.
      However, Miyazawa failed to outline the size of the
  Japanese economic package in his meeting with Baker today
  because the Japanese 1987/88 budget has not been authorized by
  the Diet, or parliament, despite the new fiscal year which
  started April one, the officials said.
      Japan's ruling liberal democratic party revealed its own
  economic package today calling for more than 5,000 billion yen
  in additional spending.
  

"
training/14761	12	earn	"TCW CONVERTIBLE SECURITIES <CVT> SETS DIVIDEND
  TCW Convertible Securities Fund Inc
  said its board declared an initial quarterly dividend of three
  cents per share, payable April 30 to shareholders of record
  April 17.
      TCW said it anticipates paying a regular quarterly
  dividend. The company made its initial public stock offering
  March five.
  

"
training/1477	0	acq	"SENATE'S PROXMIRE URGES CURBS ON TAKEOVERS
  Senate Banking Committee chairman
  William Proxmire called for curbs of hostile corporate
  takeovers and new restrictions on risk arbitrageurs.
      ""At the very least, it is high time that we require all risk
  arbitrageurs to register seperately and specifically  with the
  Securities and Exchange Commission and that we consider
  precluding brokerage firms and their employers from investing
  in, or owning any securities issued by, third party risk
  arbitrage operations,"" Proxmire said at the start of a hearing
  on corporate takeovers.
      ""A burning issue must be whether there ought to be a
  complete seperation in the future of risk arbitrage and
  investment banking,"" Proxmire said.
      He said he was concerned that hostile takeover attempts
  were hurting the economy, a view shared by corporate executives
  who tesitified at the hearing. ""I believe that takeovers have
  become so abusive and so tilted in favor of the financial
  buccaneers that remedial action is required,"" USX Corp chairman
  David Roderick said. ""For Congress to allow the takeover game to
  continue unchecked, would be economic suicide,"" Champion
  International Corp chairman Andrew Sigler added.
  

"
training/14771	26	jobs	"N.Z. UNEMPLOYMENT RATE 3.9 PCT IN DECEMBER QUARTER
  New Zealand's unemployment rate was
  3.9 pct of the workforce in the quarter ended December 31,
  unchanged from a revised 3.9 pct (preliminary 3.8 pct) in the
  previous quarter but slightly above 3.8 pct in the year-earlier
  quarter, the Statistics Department said.
      The Department, citing the Household Labour Force Survey,
  said in a statement the number of unemployed in October-
  December 1986 was 61,500 against 60,500 in the September
  quarter and 60,500 a year earlier.
  

"
training/1478	48	trade	"SPAIN TO LAUNCH EXPORT DRIVE
  Spain unveils a 105 billion peseta plan
  this month aimed at boosting exports to reach European
  Community levels, director-general of the INFE export
  institute, Apolonio Ruiz Ligero, said.
      ""The target is to raise exports to 20 pct of Gross Domestic
  Product over the next four years compared to 15 pct now,"" he
  said.
       ""This is the minimum prevailing level in the EC and there
  is no reason why we should lag behind countries like Italy,
  which have a similar productive structure,"" he said.
      The plan calls for providing soft loans, tax cuts and other
  fiscal benefits to exporters and raising Spain's presence in
  international trade fairs.
      Consumer goods such as fashion and wine, as well as
  traditional industrial exports will be promoted.
      Ruiz Ligero said INFE would double its annual budget to 20
  billion pesetas to finance the four-year plan, while the
  government's development aid fund (FAD) would provide a special
  25 billion peseta grant.
      The plan calls for boosting exports by five to six pct in
  real terms this year after a 7.4 pct decline last year.
      Ruiz Ligero attributed this drop to a lack of demand in
  developing countries and a rally in domestic consumer demand,
  which rose six pct last year after 1.9 pct in 1985.
      He added that 80 pct of Spain's exports went to
  Organisation for Economic Cooperation and Development (OECD)
  countries.
      The EC accounts for 60 pct of the market and exports to the
  Community rose seven pct last year. The government plans to
  concentrate efforts on Western Europe and the U.S.
      ""The problem is convincing businessmen that exports are
  vital to survival in the context of EC competition,"" he said.
      He said Spanish businessmen traditionally turned to the
  domestic market to satisfy rises in consumer demand, while
  turning their backs on foreign markets.
      ""They have to realise their share of the home market is
  going to shrink with growing deregulation,"" he said. ""Foreign
  companies are taking up positions in the domestic economy and
  it is it vital to secure a market share abroad.""
  

"
training/14783	42	rubber	"JAPAN RUBBER STOCKS FALL IN MARCH
  Japan's rubber stocks fell to 44,980
  tonnes in March from 46,198 in February and from 53,784 in
  March 1986, the Japan Rubber Trade Association said.
      The stocks (in tonnes), with February and year-earlier
  comparisons, were -
                      March 87  Feb 87    March 86
      Crude Rubber     41,536   42,094     49,551
      Synthetic         3,334    3,978      4,044
      Latex               110      126        189
  

"
training/14785	32	money-fx	"SOUTH KOREAN WON FIXED AT 25-MONTH HIGH
  THE BANK OF KOREA SAID IT FIXED THE
  MIDRATE OF THE WON AT 844.30 TO THE DOLLAR, ITS HIGHEST LEVEL
  SINCE FEBRUARY 26, 1985, WHEN IT WAS 843.90.
      THE WON WAS SET at 845.50 YESTERDAY.
      THE WON HAS RISEN 2.03 PCT AGAINST THE DOLLAR SO FAR THIS
  YEAR, AFTER RISING 3.34 PCT IN 1986.
  

"
training/1480	0	acq	"ROSSIGNOL UNIT BUYS CANADIAN SKI BOOT MAKER
  French ski and tennis equipment maker
  <Skis Rossignol> said its 97.7-pct owned subsidiary <Skis
  Dynastar SA> agreed to buy Canadian ski stick and boot
  manufacturer <CFAS> from <Warrington Inc>.
      A Rossignol spokesman declined to give financial details
  but said turnover of CFAS was about 100 mln French francs,
  doubling the Rossignol group's activities in the boot and stick
  sectors.
  

"
training/14805	6	copper	"NIPPON MINING LOWERS COPPER PRICE
  Nippon Mining Co Ltd said it lowered its
  selling price for electrolytic copper by 10,000 yen per tonne
  to 260,000, effective immediately.
  

"
training/14818	43	ship	"AUSTRALIAN UNIONS LAUNCH NEW SOUTH WALES STRIKES
  Australian trade unions said they have
  launched week-long strikes and other industrial action in New
  South Wales (NSW) to protest against new laws that would reduce
  injury compensation payments.
      Union sources said talks with the state government broke
  down last night, but the two sides are scheduled to meet later
  today in an attempt to find a compromise.
      Rail freight and shipping cargo movements in the country's
  most populous state were the first to be affected, and union
  officials said almost every business sector will be hit unless
  there is a quick settlement.
      The state government recently introduced a new workers'
  compensation act which would cut the cash benefits to injured
  workers by up to a third. The act is now awaiting parliamentary
  ratification.
      NSW state premier Barrie Unsworth has said workers'
  compensation has risen steeply in recent years and the proposed
  cuts would save hundreds of mlns of dollars a year.
      Union officials said industrial action could spread to
  other states as the federal government also plans to make sharp
  cuts in workers' compensation.
  

"
training/1483	12	earn	"USF AND G CORP <FG> RAISES QUARTERLY DIVIDEND
  Qtly div 62 cts vs 58 cts in the prior quarter
      Payable April 30
      Record March 20
  

"
training/1488	12	earn	"<BRNF LIQUIDATING TRUST> SETS DISTRIBUTIONS
  BRNF Liquidating Trust said
  trustees declared a 13th liquidating dividend of 1.10 dlrs per
  unit, payable April One to holders of record of its Series A, B
  and C certificates on March 18.
      The trust had paid a 12th liquidating distribution on
  January 15 amounting to 1.750 dlrs on Series A, 1.815 dlrs on
  Series B and 1.765 dlrs on Series C certificates.
  

"
training/1492	12	earn	"STANLINE INC <STAN> 1ST QTR JAN 31 NET
  Shr 20 cts vs 15 cts
      Net 345,970 vs 257,252
      Revs 14.0 mln vs 13.4 mln
      NOTE: Share adjusted for five pct stock dividend in
  December 1986.
  

"
training/1493	37	pet-chem	"DOW CHEMICAL CO <DOW> UNIT INCREASES PRICES
  The Dow Chemical Co said its
  Engineering Thermoplastics Department will increase the selling
  prices of standard grades of MAGNUM ABS resins by three cts per
  pound.
      It also announced an increase of five cts per pound for
  performance grades of the resins.
      Both increases are effective April 1, 1987.
  

"
training/1494	12	earn	"SWIFT ENERGY CO <SFY> 4TH QTR NET
  Shr 12 cts vs eight cts
      Net 485,866 vs 316,193
      Revs 1,741,508 vs 1,440,154
      Year
      Shr 28 cts vs 20 cts
      Net 1,108,314 vs 778,197
      Revs 5,073,178 vs 3,687,160
  

"
training/1496	12	earn	"BROWNING-FERRIS INDUSTRIES INC <BFI> IN PAYOUT
  Qtly div 20 cts vs 20 cts prior
      Pay April 10
      Record March 20
  

"
training/1497	0	acq	"BUFFTON CORP <BUFF> BUYS B AND D INSTRUMENTS
  Buffton Corp said it completed
  the purchase of B and D Industruments Inc for two mln dlrs cash
  and 400,000 shares of common stock.
      It said B and D is a private company headquartered in
  Kansas, and had sales of 4,700,000 dlrs in 1986.
      Buffton said the company designs and manufactures aviation
  computer display systems and engine instrumentation.
  

"
training/1498	12	earn	"VEREINS- UND WESTBANK TO REORGANIZE NETWORK
  und Westbank AG <VHBG.F> plans
  to streamline its branch network to improve its distribution of
  financial services, management board member Eberhard-Rainer
  Luckey said.
      He told a news conference on 1986 results that branches in
  Hamburg and Schleswig-Holstein would be merged or closed, a
  branch in Frankfurt opened and that the bank was considering
  opening a branch in London.
      Luckey said the bank's total operating profits rose nearly
  29 pct in 1986. Parent bank net profit rose to 47.7 mln from
  42.2 mln and the dividend remained unchanged at 12 marks.
      The group balance sheet, including for the first time
  VereinWest Overseas Finance (Jersey), rose 9.2 pct to 17.9
  billion marks, Luckey said.
      The parent bank balance sheet rose 89 mln marks to 13.2
  billion, while business volume was almost unchanged at 14.8
  billion. Credit volume eased to 9.1 billion from 9.2 billion
  while loans to companies rose seven pct.
      Foreign business and securities trading turnover also
  increased. Higher earnings from trading on the bank's own
  account contributed to record operating profits.
      Net interest income rose on firmer interest margins by 16.1
  mln marks to 381.6 mln. Net commission income rose 6.6 mln to
  156.7 mln, Luckey said.
      Foreign commercial business was influenced by a fall in
  West German foreign trade but earnings were still satisfactory.
      The bank's exposure in Latin America was less than two pct
  of its total foreign credit and in Africa less than one pct.
      The bank continued to sell some of its exposure in 1986,
  and will also continue to stock up risk provisions, he said.
  

"
training/1499	48	trade	"BALDRIGE CONCERNED ABOUT KOREAN/TAIWAN DEFICITS
  Secretary of Commerce Malcolm
  Baldrige expressed concern about the continuing U.S. trade
  deficits with South Korea and Taiwan and said that without an
  adjustment in exchange rates there is little likelihood of
  improvement.
      Speaking to the President's Export Council, an industry
  advisory group, Baldrige said the trade deficit issue was under
  discussion with those countries.
      ""I feel that unless we see an exchange rate adjustment we
  probably won't be able to see much of a change in the large
  surplus that Taiwan in particular has with us,"" he said.
      In a wide-ranging discussion on U.S. trade matters,
  Baldrige also repeated U.S. concern about an attempted takeover
  by Japan's Fujitsu company of Fairchild Computer.
      He said that the Japanese were resisting allowing U.S.
  companies into the giant computer business while at the same
  time attempting to acquire control of a U.S. company that does
  major computer business in the U.S. market.
      Lastly, Baldrige said that the United States was hopeful
  that it could complete a free market agreement with Canada by
  the autumn, but said major issues, including acid rain,
  remained unresolved.
  

"
training/1500	0	acq	"ALLWASTE <ALWS> TO MAKE ACQUISITION
  Allwaste Inc said it has agreed in
  principle to acquire an air-moving and related industrial
  services company it did not identify for up to 1,400,000 dlrs
  in common stock.
  

"
training/1502	12	earn	"CASTLE AND COOKE <CKE> TAKES FOURTH QTR LOSS
  Castle and Cooke Inc said it would
  take a fourth quarter after-tax loss of 33.9 mln dlrs from the
  previously reported sale of its Flexi-Van container leasing
  business to Itel Corp <ITEL> for about 215 mln dlrs.
      Earlier, the company reported a loss for the fourth quarter
  ended January 3 of 31.9 mln dlrs, or 76 cts a share, compared
  with a loss of 3.3 mln dlrs, or 21 cts per share, in 1985's
  fourth quarter.
      For the year, however, the diversified holding company
  reported a net profit of 43.9 mln dlrs, or 56 cts a share,
  versus 46.4 mln dlrs, or 56 cts a share, in 1985.
      David Murdock, chairman and chief executive officer, said,
  ""Both our food business and our real estate operations
  increased their earnings during the year (1986).""
      But, he added that Flexi-Van's 1986 results were hit by
  depressed daily rental rates for leased equipment caused by
  oversupplies.
      The company also reported that George Elkas, formerly
  executive vice president,  has been named president and chief
  operating officer of Flexi-Van Corp, while William Burns has
  been named executive vice president of Flexi-Van.
  

"
training/1506	0	acq	"CONVENIENT FOOD MART <CFMI> AGREES TO BUY CHAIN
  Convenient Food Mart Inc said it
  has tentatively agreed to buy all the outstanding stock of
  Plaid Pantries Inc and two associated businesses in Oregon and
  Washington for undisclosed terms.
      Plaid Pantries owns and operates 161 convenience stores in
  the Portland and Seattle areas. The other business are two
  companies involved in the wholesale distribution of groceries
  and health and beauty aids, it said.
      Closing is expected by May 15.
  

"
training/1508	12	earn	"WAL-MART STORES INC 4TH QTR SHR 65 CTS VS 47 CTS

  WAL-MART STORES INC 4TH QTR SHR 65 CTS VS 47 CTS
  

"
training/151	12	earn	"TECHAMERICA GROUP INC <TCH> 4TH QTR LOSS
  Shr loss six cts vs not available
      Net loss 562,231 vs profit 10,253
      Revs 8,871,874 vs 9,549,308
      Year
      Shr loss 60 cts vs loss nine cts
      Net loss 5,058,145 vs loss 766,185
      Revs 34.3 mln vs 35.5 mln
  

"
training/1512	0	acq	"MARINE MIDLAND <MM> BUYS BROKERAGE ASSETS
  Marine Midland Banks Inc said it has
  acquired the customer account base of New York discount
  brokerage firm Ovest Financial Services Inc for undisclosed
  terms to expand its discount brokerage operations in the
  Northeastern U.S.
      It said it will combine Ovest's activities with those of
  its Marine Midland Brokerage Service unit.
  

"
training/1519	45	sugar	"DOM REPUBLIC SELLS CZARNIKOW 35,000 TONS SUGAR
  The Dominican Republic sold
  35,000 long tons of sugar for immediate delivery, with an
  option for 25,000 tons more, to Czarnikow Rionda of New York,
  the state sugar council announced.
      It was not immediately clear when the sale was made or at
  what price. A council communique said ""the sale was made at the
  best prevailing conditions in the world sugar market.""
  

"
training/152	12	earn	"WILFRED AMERICAN EDUCATIONAL <WAE> REGULAR DIV
  Qtly div three cts vs three cts prior
      Pay April three
      Record March 13
  

"
training/1520	14	gas	"EC BACKS NEW MOVE TO ENCOURAGE UNLEADED GASOLINE
  The EC Executive Commission has backed
  a plan to allow member countries to ban regular leaded gasoline
  in a move designed to encourage use of unleaded fuel.
      It said in a statement it backed a proposal to allow EC
  states to ban sales of regular grade gasoline containing lead
  at six months notice. The proposal, which needs approval by EC
  ministers, would not force any member state to impose the ban.
  ""It's an option, not an obligation,"" a spokesman said.
      But the Commission said imposing the ban would encourage
  the use of unleaded fuel, as well as making it easier for gas
  stations by cutting the number of types of gasoline they had to
  stock.
  

"
training/1521	10	crude	"SUN RAISES CRUDE OIL POSTINGS ONE DLR ACROSS BOARD. WTI NOW 17.00 DLRS/BBL

  SUN RAISES CRUDE OIL POSTINGS ONE DLR ACROSS BOARD. WTI NOW 17.00 DLRS/BBL
  

"
training/1524	12	earn	"<DEVTEK CORP> 2ND QTR JAN 31 NET
  Shr 14 cts vs nine cts
      Net 1,180,000 vs 640,000
      Revs 25.6 mln vs 20.1 mln
      Six mths
      Shr 26 cts vs 12 cts
      Net 2,103,000 vs 853,000
      Revs 44.8 mln vs 33.0 mln
  

"
training/1525	12	earn	"SAXTON INDUSTRIES LTD <SAXIF> YEAR NET
  Shr 13 cts vs 41 cts
      Net 1,079,100 vs 3,535,205
      Revs 13.6 mln vs 16.2 mln
      Note: Current results for 16 months after change in fiscal
  year end to December 31 from August 31
  

"
training/1526	12	earn	"TORONTO SUN PLANS TWO-FOR-ONE STOCK SPLIT
  <Toronto Sun Publishing Corp> said it
  planned a two-for-one split of its common shares, subject to
  regulatory approval and approval by shareholders at the April
  21 annual meeting.
  

"
training/1527	12	earn	"SERVO CORP OF AMERICA <SCA> 1ST QTR JAN 31 NET
  Shr 43 cts vs 41 cts
      Net 316,000 vs 298,000
      Sales 4,857,000 vs 4,543,000
  

"
training/1528	12	earn	"ELECTRO-NUCLEONICS INC <ENUC> 2ND QTR DEC 31
  Shr loss 1.77 dlrs vs profit 15 cts
      Net loss 8,036,000 vs profit 576,000
      Sales 16.2 mln vs 17.2 mln
      Avg shrs 4,539,437 vs 3,816,580
      1st half
      Shr loss 1.96 dlrs vs profit 26 cts
      Net loss 8,231,000 vs profit 996,000
      Sales 30.9 mln vs 32.2 mln
      Avg shrs 4,205,707 vs 3,814,141
      NOTE: Current half net includes 68,000 dlr tax credit.
      Current year net both periods includes 6,700,000 dlr
  writedown of inventory of clinical chemistry products.
  

"
training/1529	12	earn	"WAL-MART STORES INC <WMT> 4TH QTR JAN 31 NET
  Shr 65 cts vs 47 cts
      Net 184.3 mln vs 133.1 mln
      Sales 3.85 billion vs 2.77 billion
      Year
      Shr 1.59 dlrs vs 1.16 dlrs
      Net 450.1 mln vs 327.5 mln
      Sales 11.91 billion vs 8.45 billion
  

"
training/153	0	acq	"DREXEL OFFICIAL HAS STAKE IN EPSILON DATA <EPSI>
  A senior official of Drexel Burnham
  Lambert Inc and his father told the Securities and Exchange
  Commission they have acquired 258,591 shares of Epsilon Data
  Management Inc, or 9.4 pct of the total outstanding.
      Kenneth Thomas, senior vice president-investments at
  Drexel's Los Angeles office, and his father, retired university
  professor C.A. Thomas, said they bought the stake for 2.1 mln
  dlrs primarily for investment purposes.
      They said they may buy more stock or sell some or all of
  their stake, depending on market conditions, but have no plans
  to seek control of the company.
  

"
training/1532	12	earn	"<MIRTONE INTERNATIONAL INC> 1ST QTR DEC 31 NET
  Shr two cts vs two cts
      Net 407,396 vs 376,243
      Revs 5,341,353 vs 4,292,819
  

"
training/1535	42	rubber	"LEAF DISEASE HITS SRI LANKA RUBBER
  A leaf disease affecting seven pct of
  Sri Lanka's rubber plantations may reduce output this year and
  raise currently depressed prices, industry officials and
  researchers told Reuters.
      About 2,900 hectares of rubber planted with the Rubber
  Research Institute (RRI) clone 103 have been hit by the fungus
  ""corenes pora"" which attacks the roots of the tree and kills the
  leaves. The disease was first discovered about six months ago.
      Trade sources say prices might boom once again if the
  crisis leads to output below the 1987 target of 143,000 tonnes.
  Last year's output is estimated at between 133,000 and 135,000
  tonnes.
      Researchers say the fungus could spread to other rubber
  clones if no immediate action is taken.
      ""The RRI is considering asking estates to remove the trees
  seriously affected by the fungus because it was too late to use
  chemicals to kill the disease,"" an Institute spokesman said.
      Senior industry and research officials met yesterday at
  Padukka, east of here, to discuss ways of controlling the
  fungus which is affecting estates mostly belonging to the State
  Plantations Corp and Janatha Estates Development Board.
      The two state-owned groups account for 30 pct of rubber
  land with the balance belonging to small private producers with
  a total of 145,600 hectares.
      The RRIC 103 is a new clone propagated by the Research
  Institute as high yielding and recommended two years ago for
  planting. Only the two state groups seriously planted these
  clones while smallholders preferred the low-yielding but older
  PBX Malaysian clones.
      Officials at yesterday's crisis meeting said it was decided
  to uproot only some of the affected trees while others would be
  treated. They declined to comment on other decisions taken.
      Trade sources said supplies had improved in the past week
  but prices had hit their lowest since last December. ""If there
  is a shortage of rubber, prices are bound to rise,"" a spokesman
  for a company buying on behalf of the Soviet Union said.
      Rubber prices, particularly crepe, fell sharply by about
  four rupees a kilo between December and March. The best crepe
  one-X traded at 23.68 rupees a kilo, averaged 19.75 at this
  week's auction. Sheet prices fell by a rupee in the same
  period.
      Quantities offered at the auction also fell to an average
  of 300 tonnes per auction last month from 800 tonnes in
  December because of wintering in early February in producing
  areas.
      Over 550 tonnes were offered at this Tuesday's auction with
  the supply position showing improvements.
      Trade sources said the smaller availability of rubber last
  month did not raise prices as on previous occasions.
      ""Some factors, like less storage space from excess stocks,
  meant we could not buy much at the auction until we disposed of
  the rubber we already had,"" one buyer said.
      Other sources said there were few forward contracts and
  speculative buying last month, while delays in steamer arrivals
  aggravated the problem.
      European buyers delayed their purchases because of winter
  closures of factories and also in the hope that prices would
  ease further.
      They said another problem that could hit the industry is
  the dry spell in producing areas. ""If the inter-monsoonal rains
  expected in late March/April are delayed, we would have further
  shortages,"" one official said.
      ""But this again could benefit prices,"" a buyer said.
  

"
training/1536	12	earn	"PYRO ENERGY CORP <BTU> YEAR NET
  Shr 36 cts vs 66 cts
      Net 4,775,000 vs 9,342,000
      Revs 105.5 mln vs 130.0 mln
  

"
training/1537	45	sugar	"EC COMMISSION DETAILS SUGAR TENDER
  The European Commission confirmed it
  authorised the export of 60,500 tonnes of current series white
  sugar at a maximum rebate of 43.147 European Currency Units
  (ECUs) per 100 kilos.
      Out of this, traders in the U.K. Received 43,500 tonnes, in
  the Netherlands 12,000, in Denmark 4,000 and in West Germany
  1,000 tonnes.
  

"
training/1541	12	earn	"UNITRODE CORP <UTR> 4TH QTR JAN 31 LOSS
  Shr loss 13 cts vs profit 10 cts
      Net loss 1,804,062 vs profit 1,370,063
      Revs 33.5 mln vs 40.4 mln
      12 mths
      Shr loss 51 cts vs profit cts
      Net loss 7,030,235 vs profit 9,163,141
      Revs 149.4 mln vs 167.9 mln
      NOTE: income before taxes for the 12 mths ended Jan 1987
  includes gains 895,000 for fire insurance settlement, and
  unusual charges of 7,900,000 for provisions for estimated cost
  of severance pay for terminated workers and a one-time
  writedown of inventory and equipment.
  

"
training/1543	12	earn	"BUEHLER INTERNATIONAL INC <BULR> 4TH QTR NET
  Shr five cts vs 20 cts
      Qtly div two cts vs two cts prior
      Net 223,000 vs 1,418,000
      Sales 15.3 mln vs 17.1 mln
      Year
      Shr 61 cts vs 81 cts
      Net 3,106,000 vs 5,940,000
      Sales 63.0 mln vs 59.5 mln
      NOTE: 1986 net includes tax credits of 63,000 dlrs in
  quarter and 1,365,000 dlrs in year.
      1986 net both periods includes 500,000 dlr pretax inventory
  writedown.
      Dividend pay March 27, record March 5.
  

"
training/1545	12	earn	"STANHOME INC <STH> RAISES QUARTERLY TWO CTS
  Qtly div 23 cts vs 21 cts prior
      Pay April 1
      Record March 16
  

"
training/1546	12	earn	"INSTRON CORP <ISN> SETS QUARTERLY
  Qtly div three cts vs three cts prior
      Pay April 2
      Record March 16
  

"
training/1550	8	cpi	"GERMAN INSTITUTE SEES INFLATION RISING IN 1987
  The cost of living in West Germany will
  likely be about 0.5 pct higher on average in 1987 than in 1986,
  when the cost of living actually fell by an average 0.2 pct in
  the first recurrence of ""negative inflation"" since the 1950s, the
  HWWA economic research institute said.
      The re-emergence of inflation will result mainly from the
  fading of two factors which influenced the fall in the 1986
  cost of living - the steep decline in both oil prices and the
  value of the dollar, the institute said in a report.
      The institute said inflation will see a rising trend in the
  course of 1987, but will average only 0.5 pct for the year as a
  whole because year on year rates will remain negative in the
  first part of 1987.
      Provisional inflation figures for February released last
  week showed the cost of living last month was 0.5 pct lower
  than in February 1986. In January prices had fallen 0.8 pct
  against the same month a year earlier.
      The HWWA said its forecast assumed the dollar would remain
  around 1.80 marks and oil prices would range between 15 and 17
  dlrs per barrel.
  

"
training/1554	12	earn	"IDEAL SCHOOL SUPPLY CORP <IDEL> 4TH QTR NET
  Oper shr 10 cts vs eight cts
      Oper net 325,000 vs 228,000
      Sales 7,070,000 vs 6,483,000
      Avg shrs 3,313,000 vs three mln
      Year
      Oper shr 69 cts vs 51 cts
      Oper net 2,124,000 vs 1,536,000
      Sales 31.2 mln vs 22.7 mln
      Avg shrs 3,071,000 vs three mln
      NOTE: 1986 net both periods includes 72,000 dlr tax credit.
  

"
training/1555	12	earn	"SALOMON INC <SB> SETS REGULAR QUARTERLY
  Qtly div 16 cts vs 16 cts prior
      Pay April One
      Rcord March 20
  

"
training/1562	0	acq	"PIEDMONT AVIATION <PIE> BOARD TO MEET TODAY
  Piedmont Avaition Inc's board of
  directors will conduct a special meeting beginning at 1400 est
  today, a Piedmont spokesman said.
      The spokesman would not say what was on the agenda.
      In mid-February, Piedmont said its board would meet to
  discuss all proposals to acquire the company. Its board also
  withdrew a recommendation to accept a 65 dlrs a share cash
  offer from Norfolk Southern Corp <NSC> in light of a competing
  revised bid from U.S. Air Group Inc <U>. U.S. Air offer to buy
  50 pct of the company's stock for 71 dlrs a share cash, and the
  remaining for 73 dlrs a share of its stock.
  

"
training/1563	12	earn	"FIRST UNION <FUR> LEAVES DIVIDEND UNCHANGED
  First Union Real Estate Investments
  said its board left the quarterly dividend unchanged at 37-1/2
  cts per share, payable April 30, record March 31.
      The trust, which has raised its quarterly dividend
  frequently in the past two years and in the first quarter in
  both years, said the Tax Reform Act of 1986 has limited its
  flexibility on dividends, and trustees will now consider the
  appropriateness of any dividend increases only during the later
  quarters of the year.
  

"
training/1564	12	earn	"RYKOFF-SEXTON INC <RYK> 3RD QTR JAN 31 NET
  Shr 21 cts vs 28 cts
      Net 1,456,000 vs 1,925,000
      Sales 258.7 mln vs 290.2 mln
      Nine Mths
      Shr 77 cts vs 1.10 dlrs
      Net 5,384,000 vs 7,658,000
      Sales 804.3 mln vs 760.1 mln
  

"
training/1566	12	earn	"SYSTEM SOFTWARE ASSOCIATES <SSAX> 1ST QTR NET
  Periods end January 31, 1987 and 1986
      Shr 12 cts vs nine cts
      Net 507,000 vs 362,000
      Revs 5,010,000 vs 3,558,000
      NOTE: System Software Associates Inc is full name of
  company.
  

"
training/1567	12	earn	"GEICO CORP <GEC> RAISES QTRLY DIVIDEND
  Qtrly div 34 cts vs 27 cts prior
      Pay March 31
      Record March 16
  

"
training/1568	12	earn	"STANLEY WORKS <SWK> SETS QUARTERLY
  Qtly div 19 cts vs 19 cts prior
      Pay March 31
      Record March 12
  

"
training/1569	12	earn	"NOVELL INC <NOVL> 1ST QTR JAN 31 NET
  Shr 31 cts vs 20 cts
      Net 3,541,000 vs 2,071,000
      Sales 29.9 mln vs 14.5 mln
      Avg shrs 11.6 mln vs 10.4 mln
      NOTE Fourteen vs 13-week periods.
  

"
training/157	0	acq	"<NOVA> WINS GOVERNMENT OKAY FOR HUSKY <HYO> DEAL
  Nova, the Canadian company that
  owns 56 pct of Husky Oil Ltd, said it received government
  approval for a transaction under which <Union Faith Canada
  Holding Ltd> would buy a 43 pct stake in Husky.
      Nova said the Minister of Regional and Industrial
  Expansion, Michel Cote, ruled that Union Faith's purchase of
  the Husky stake would not result in Husky ceding control to a
  non-Canadian company. It said this ruling was a key condition
  in completing the deal.
      Union Faith is equally owned by <Hutchison Whampoa Ltd> and
  <Hong Kong Electric Holdings Ltd>.
      Under the agreement with Union Faith, Husky will become a
  private company with Union Faith and Nova each holding 43 pct
  of its stock.
      Nine pct of Husky would be owned by relatives of Li
  Ka-Shing, chairman of Hutchison, and five pct by the Canadian
  Imperial Bank of Commerice.
  

"
training/1571	12	earn	"BROWN-FORMAN <BFDB> TO CHANGE RECORD DATES
  Brown-Forman Inc said at the
  suggestion of the American Stock Exchange it has changed the
  record date for the 28 ct per share quarterly dividend on its
  Class A and Class B common stock that is payable April One to
  March 20 from March 13, to coincide with the record date for a
  three-for-two stock split declared February 26.
      It said the record date for the dividend on its four pct
  cumulative preferred stock has also been changed to March 20
  from March 13.
  

"
training/1572	12	earn	"GOODYEAR TIRE <GT> DETAILS 1986 TAX REFUND
  Goodyear Tire and Rubber Co said its
  1986 results include a tax refund of 75.7 mln dlrs from the
  costs of restructuring the company in a successful defense
  against a takeover attempt by James Goldsmith.
      Chairman Robert Mercer said, ""Heavy restructuring costs
  related to the takeover attempt combined with government tax
  incentives for investments ... resulted in this federal tax
  refund.""
      The refund was included but not broken out in its initial
  1986 results, a spokesman said. It reported 1986 net income of
  124.1 mln dlrs against 412.4 mln dlrs a year earlier.
  

"
training/1575	12	earn	"GREAT NORTHERN NEKOOSA <GNN> ANNOUNCES SPLIT
  The Great Northern Nekoosa Corp
  said it will recommend to shareholders a two-for-one common
  stock split.
      The company said it will make the proposal to shareowners
  at its annual mmeting May 6 in Dothan, Ala., near the company's
  Great Southern Paper division operations.
      In conjunction with the stock split proposal, the
  shareowners will be asked to approve an increase in the
  authorized common stock from 60 mln to 150 mln shares, the
  company said.
      The company said it will propose an increase in its
  dividend rate if the split is approved effective with the June
  payment.
      The company said the present rate on GNN common is 43 cts
  per share. The company said it would recommend a quarterly rate
  of 23 cts a share on the split stock. This would be equal to a
  dividend of 46 cts a share on the present common, seven pct
  higher than the current rate.
      The company said it had increased the dividend by 13 pct
  last December. Great Northern Nekoosa's last common stock
  split, a three-for-two, was in December 1983, it said.
      As of Dec 31, 1986, there were 26,661,770 shares of GNN
  common stock outstanding, according to the company.
  

"
training/1577	0	acq	"HARRIS LIFTS BUILDERS TRANSPORT <TRUK> STAKE
  Harris Associates L.P., a Chicago
  investment advisor, said it raised its stake in Builders
  Transport Inc to the equivalent of 466,754 shares, or 9.1 pct
  of the total outstanding, from 335,800 shares, or 6.7 pct.
      In a filing with the Securities and Exchange Commission,
  Harris said it bought 36,700 Builders Transport common shares
  on Feb 10 at 17 dlrs a share. It also said it bought debentures
  on Feb 23 that could be converted into 94,254 shares.
      Harris said its dealings in Builders Transport were on
  behalf of its advisory clients. It has also said it has no
  intention of seeking control of the company.
  

"
training/1579	5	coffee	"COFFEE TALKS FAILURE SEEN PRESSURING U.S.
  Failure of talks on re-establishing
  International Coffee Organization, ICO, coffee quotas last week
  may put political pressure on the United States, particularly
  the State Department, to reassess its position, but the U.S. is
  unlikely to back away from its basic demand quotas be set by
  ""objective criteria"", U.S. officials said.
      Jon Rosenbaum, assistant U.S. trade representative and head
  of Washington's delegation to the talks, told Reuters on his
  return from London that the United States is willing to resume
  the coffee negotiations as early as April if necessary.
      Rosenbaum said the United States will be ""flexible"" in
  discussing the method of establishing objective criteria and
  any transition to new quotas, but not on the basic aim of
  establishing an objective method of setting quotas.
      At the ICO talks major consuming nations, led by the U.S.,
  proposed that future coffee export quota shares be calculated
  by a formula incorporating a producer's recent exportable
  production and verified stocks, while large producers led by
  Brazil proposed maintaining the traditional ad hoc division of
  shares. The consumer position would have in effect reduced the
  market share of Brazil, by far the world's largest producer.
      Rosenbaum said the administration would continue to support
  legislation now before Congress which would allow the U.S.
  customs service to monitor coffee imports, as a way to comply
  with any future coffee quotas.
      He said the Reagan administration would be reviewing the
  coffee policy situation following the collapse of the London
  talks, but ""nobody is proposing we change our position.""
      However, other U.S. government officials involved in coffee
  policy said they are bracing for a diplomatic and coffee market
  offensive from producer countries, led by Brazil and Colombia,
  to soften the consumer position.
      ""Knowing that its next crop is fairly large, Brazil will
  kind of want to test the resolve of other producers and
  consumers,"" said one U.S. official.
      The U.S. official, who asked not to be identified, said
  Brazil and Colombia may flood the coffee market in the next few
  months in an effort to drive down prices and pressure other
  countries, particularly the splinter group of small producers
  who differed with the major producers in London.
      This in turn could lead to urgent appeals from Latin
  American countries, faced with mounting debt problems, to the
  U.S. State department, and to the National Security Council in
  the White House, for an easing of the U.S. position, U.S.
  officials said.
      The State department, a major player in setting U.S. coffee
  policy, may then face conflicting pressures, particularly from
  politically-sensitive U.S. allies in Central America, U.S.
  officials said.
      El Salvador and Guatemala both backed Brazil and Colombia
  at the London talks in resisting pressures for quotas based on
  objective criteria. But the Dominican Republic and Costa Rica
  joined the splinter group, which said it would agree to
  objective criteria.
      There is a strong feeling among some in the State
  Department that the United States should continue to support
  the splinter group of producers who have taken the
  politically-risky step of opposing Brazil on the objective
  criteria question, U.S. officials said.
      Within the consuming countries there also is expected to be
  some pressure to reassess positions.
      In London, the U.S. was supported by the U.K., the
  Netherlands, West Germany, Japan, Australia and New Zealand on
  the issue of objective criteria, U.S. officials said.
      This bloc represented enough votes among consuming nations
  to successfully prevent adoption of the producer proposals.
      However, U.S. sources said West Germany's support was at
  times qualified and there is some concern that the European
  Community could come under pressure to be more accommodative to
  producers in future talks. France backed the Ivory Coast and
  other African producers during the talks.
      A softening of the EC stance would make it more difficult,
  although not impossible, for the U.S. to block producer plans.
      While political manuevering by small producers and
  consuming countries will be important, U.S. officials said the
  key to any future outcome will be Brazil's position.
      U.S. officials blamed Brazil's intransigence for the
  failure of the talks and said a more flexible position from
  Brasilia would be the most important step toward agreement.
  

"
training/1581	0	acq	"INVESTORS HAVE 12.9 PCT OF EXOVIR <XOVR>
  Mark Hammer, a private investor from
  Melville, N.Y., and members of his family told the Securities
  and Exchange Commission they have acquired a total of 375,200
  shares of Exovir Inc, or 12.9 pct of the total outstanding.
      Hammer said his group has been accumulating Exovir stock
  since Oct 28, 1985 for investment purposes and may buy more
  shares or sell all or part of his current stake.
      While he said he has no intention of seeking control of the
  company, Hammer said that because of his ""extensive business
  experience"" and his interest in Exovir stock, he may be
  ""invited"" to become a member of the company's board.
  

"
training/1584	0	acq	"LOTUS <LOTS> TO ACQUIRE <COMPUTER ACCESS CORP>
  Lotus Development Corp said it
  has signed a letter of intent to acquire substantially all of
  the assets of Computer Access Corp for undisclosed terms.
      Computer Asscess makes BlueFish full-text search and
  retrieval software for International Business Machines Corp
  <IBM> and compatible personal computers.
      The company said the acquisition is subject to approval by
  both boards.
  

"
training/1585	12	earn	"EQUITABLE OF IOWA COS <EQICA> 4TH QTR NET
  Oper shr 78 cts vs 51 cts
      Oper net 7,030,000 vs 4,944,000
      Revs 126.6 mln vs 120.9 mln
      Year
      Oper shr 1.59 dlrs vs 89 cts
      Oper net 14.7 mln vs 9,864,000
      Revs 425.1 mln vs 416.9 mln
      NOTE: Net excludes realized gains on investment of 73,000
  dlrs vs 4,224,000 dlrs in quarter and 6,253,000 vs 14.5 mln
  dlrs in year.
      Net excludes discontinued Massachusetts Casualty operations
  loss 5,180,000 dlrs vs gain 778,000 dlrs in quarter and gain
  9,214,000 dlrs vs gain 3,504,000 dlrs in year.
  

"
training/1586	12	earn	"CORROON AND BLACK CORP <CBL> RAISES QUARTERLY
  Qtly div 21 cts vs 16-1/4 cts prior
      Pay April One
      Record March 17
  

"
training/1588	48	trade	"EC APPOINTS NEW TRADE CHIEF
  The European Community Commission today
  appointed its chief spokesman, Hugo Paemen, as its top official
  in charge of multilateral trade negotiations, a Commission
  spokesman said.
      Paemen, a Belgian official who had previously been chief
  aide to former External Affairs Commissioner Etienne Davignon,
  has been in his post since January 1985.
      The spokesman said Paemen will continue as chief spokesman
  until the retirement on May 1 of Paul Luyten, who is now in
  charge of EC departments handling negotiations in the world
  trade body GATT, the OECD and other forums.
  

"
training/1598	45	sugar	"INDIA BUYS UP TO 10 CARGOES SUGAR - TRADERS
  India bought up to 10 cargoes of white
  sugar at a buying tender today which originally called for just
  two to three cargoes of March/April shipment, traders said.
      London trader E D and F Man said it sold two cargoes at 233
  dlrs a tonne CIF for March/April shipment with an option to
  sell an additional two cargoes at the same price.
      Traders said at least one other international trader made a
  similar contract while a French house sold two cargoes at an
  outright price of 233 dlrs CIF without the option. This brought
  total Indian purchases to at least six cargoes with traders
  having options to sell another four.
  

"
training/160	12	earn	"POTOMAC ELECTRIC POWER CO <POM> JANUARY NET
  Oper shr 27 cts vs 29 cts
      Oper net 13.5 mln vs 14.6 mln
      Revs 104.6 mln vs 110.3 mln
      12 mths
      Oper shr 4.10 dlrs vs 3.66 dlrs
      Oper net 205 mln vs 186.8 mln
      Revs 1.4 billion vs 1.3 billion
      NOTE: 1986 12 mths oper net excludes extraordinary gain of
  21.7 mln dlrs or 46 cts per share from sale of Virginia service
  territory to Virginia Power.
  

"
training/1601	0	acq	"HAYES-ALBION <HAY> DELAYS SPECIAL MEETING
  Hayes-Albion Corp said it has
  delayed the special meeting at which shareholders will vote on
  its merger into Harvard Industries Inc <HAVA> until March 24
  from March 17 due to a delay in Securities and Exchange
  Commission clearance of proxy materials.
  

"
training/1602	12	earn	"GROSSMAN'S INC <GROS> 4TH QTR LOSS
  Oper shr loss nine cts vs profit 12 cts
      Oper net loss 1,791,000 vs profit 2,336,000
      Sales 242.9 mln vs 225.8 mln
      Year
      Oper shr profit 15 cts vs loss 17 cts
      Oper net profit 2,925,000 vs loss 3,324,000
      Sales 1.01 billion vs 875.6 mln
      NOTE: Net includes discontinued operations gain 2,437,000
  dlrs vs loss 190.0 mln dlrs in quarter and losses 75.6 mln dlrs
  vs 227.7 mln dlrs in year.
      Net includes loss 294,000 dlrs vs nil in quarter and gain
  224.8 mln dlrs vs loss 1,750,000 dlrs in year from settlement
  of liabilities under plan of reorganization from Chapter 11
  bankruptcy.
      1986 quarter net includes 2,300,000 dlr provision for loss
  on future store closings offset by reduction in pension
  liabilities.
  

"
training/1606	0	acq	"COMDATA NETWORK <CDN> IN NEW ACQUISITION TALKS
  Comdata Network Inc said it is
  in active talks with other parties on a possible acquisition or
  recapitalization of Comdata in an effort to maximize
  shareholder values.
      Comdata said <Rosewood Financial Inc> together with
  <Cypress Partners LP> and <Driftwood Ltd> have acquired over
  five pct of Comdata stock and Rosewood intends to acquire over
  15 pct of Comdata.
      Comdata said it has not yet reached a definitive agreement
  with <Mason Best Co> for the previously-announced
  recapitalization and self-tender offer.
  

"
training/1608	12	earn	"WEBCOR ELECTRONICS INC <WER> 3RD QTR DEC 31
  Shr loss 51 cts vs loss 44 cts
      Net loss 1.8 mln vs loss 1.5 mln
      Revs 3.1 vs 5.4 mln
      Nine months
      Shr loss 1.16 dlrs vs loss 1.33 dlrs
      Net loss 4.0 mln vs loss 4.6 mln
      Revs 9.9 mln vs 12.3 mln
  

"
training/1610	12	earn	"COMMUNICATIONS SYSTEMS INC <CSII> 4TH QTR NET
  Shr 12 cts vs 10 cts
      Net 613,986 vs 534,093
      Revs 9,494,570 vs 7,591,564
      Year
      Shr 41 cts vs 59 cts
      Net 2,151,130 vs 3,111,317
      Revs 35.9 mln vs 33.7 mln
      NOTE: 1986 net includes gains from discontinued operations
  equal to three cts compared with nine cts in 1985.
  

"
training/1616	10	crude	"ENERGY/CALIFORNIA OIL PRODUCTION
  Drilling for oil in California is
  likely to continue at last year's sharply reduced levels
  despite recent gains in crude oil prices, industry analysts
  said.
      Because much of the crude oil in California fields is
  thick, heavy and expensive to extract, oil prices would have to
  increase to near 1985's levels before any significant recovery
  is seen in drilling, they said.
      ""Companies will probably only drill their best prospects,""
  said John Curti, an analyst with Birr Wilson Securities Inc.
      Few new wells now are being drilled.
      Only 33 rigs, about one-quarter of the total available,
  were drilling for oil onshore in California last week, compared
  to about 70 last year, said Bill Bolster of Munger Oil
  Information Services, which tracks California drilling
  activity.
      ""It's in the dregs right now,"" said Bolster of the state's
  drilling activity.
      Current prices are not enough to justify increased
  drilling, said Ed Malmgreen of the California Independent
  Producers Association.
      While an Organization of Petroleum Exporting Countries pact
  to curb production boosted oil prices early this year, prices
  eventually fell.
      Prices for California's marker grade, Line 63 blend, have
  slumped about 20 pct in the last month to 14 dlrs from a high
  of about 17 dlrs.
      More than half of California's oil comes from stripper
  wells, those producing less than 10 barrels a day, and that
  much of that oil costs between 18 and 25 dlrs a barrel to
  extract, Malmgreen said.
      ""It's not unusual for a stripper well to cost 18 dlrs,""
  Malmgreen said.
      Many stripper wells along the southern California coast
  produce eight times as much water as crude oil, and inland
  wells frequently require the use of steam injection to spur
  extraction of the thick, heavy oil, he said.
      The outlook for future production in California is clouded
  by a lack of exploratory drilling now, analysts said.
      In the heart of California's oil patch, Kern County, which
  produces about two-thirds of the state's oil, exploratory
  drilling has slowed to a crawl.
      Only 55 exploratory wells were drilled in Kern County in
  1986, compared to 137 in 1985, according to David Mitchell of
  the state energy commission. So far this year only five
  exploratory wells have been drilled.
      ""I don't think they'll even get to what they did last
  year,"" Mitchell said.
      No pickup in exploratory drilling is likely for the rest of
  the decade, Mitchell said.
      Along with the fall in drilling has come a decrease in the
  number of producing wells and overall production.
      Between February and October of 1986, the number of
  producing oil wells in California fell 14 pct to 43,521 from
  more than 50,000, said Bill Guerard of the California Energy
  Commission.
      In line with that decrease, California's crude oil output
  fell about 10 pct last year due to low oil prices and is
  expected to remain at that lower level, analysts said.
      Between February and October 1986, California's crude oil
  production slipped from an all-time high of 1.185 mln barrels
  per day to 1.066 mln bpd, Guerard said.
      Total estimated crude oil production in California for 1986
  was 408 mln bbls, compared with 424 mln bbls in 1985 and 405
  mln bbl in 1983, according to the California Department of
  Conservation.
      ""Production in 1987 will probably hold around 1986 levels,""
  Guerard said.
  

"
training/1619	34	nat-gas	"STANDARD OIL <SRD> IN TEXAS NATURAL GAS FIND
  Standard Oil Co said the Friendswood
  Development Number One well in the Fostoria or Deep Wilcox
  Field of Montgomery County, Texas, flowed 4,500,000 cubic feet
  of natural gas per day from depths of 14,252 to 14,486 feet
  through a 14/64 inch choke.
      It said it has contracted for Perry Gas Cos Inc to purchase
  natural gas from the well, and Perry will build a four-inch
  gathering pipeline to connect to Natural Gas Pipeline Co's
  transmission line.
  

"
training/162	0	acq	"SUFFIELD FINANCIAL <SSBK> GETS FED APPROVAL
  Suffield Financial Corp said the
  Federal Reserve Board approved its application to acquire
  Coastal Bancorp <CSBK>, Portland, Me.
      Suffield said it still needs the approval of the
  superintendent of Maine's banking department.
  

"
training/1620	12	earn	"WEBCOR ELECTRONICS <WER> IN TECHNICAL DEFAULT
  Webcor Electronics Inc said it
  remains in technical and payment default under its revolving
  credit agreement and in technical default under certain other
  obligations to its lender.
      Although its lender has not enforced its right to demand
  payment of the debt in full, it continues to reserve its right
  to do so at any time, it said.
      Earlier, Webcor reported a third quarter net loss of 1.8
  mln dlrs and nine months net loss of 4.0 mln dlrs.
  

"
training/1622	0	acq	"FIRST SAVINGS BANK FLORIDA <FSBF> SETS MEETING
  First Savings Bank of
  Florida said it expects a special shareholder meeting to be
  held around May 21 to consider the proposed merger into
  Gibraltar Financial Corp <GFC>.
      It said the annual meeting will be held April 30 to elect
  two directors and ratify the appointment of auditors.
  

"
training/1623	17	grain	"IZVESTIA SAYS SOVIET WINTER CROPS NEED RESEEDING
  The government daily Izvestia said a
  considerable amount of Soviet winter crops need to be reseeded
  and the state 1987 grain harvest target of 232 mln tonnes will
  not be easy to fulfil.
      Without giving figures, the newspaper said: ""A considerable
  part of the winter crops must be reseeded, but that creates
  extra effort in the fields in spring.""
      The Soviet Union has previously said nine mln hectares of
  winter grain will have to be reseeded because of winterkill.
      A U.S. Department of Agriculture analyst in Washington has
  said the figure of nine mln hectares would equal about 25 pct
  of the total winter crop and would be the second highest
  winterkill in 10 years.
      ""The planned task of bringing in no less than 232 mln tonnes
  of grain is not simple,"" Izvestia said.
      This week's sudden fall in temperatures has affected large
  parts of the country and has caused fieldwork to stop in the
  Ukraine, it said, adding that temperatures fell to as low as
  minus 30 centigrade in Byelorussia.
  

"
training/1626	0	acq	"BORMAN'S <BRF> TO BUY SAFEWAY'S UTAH DIVISION
  Safeway Stores Inc said it
  agreed to sell the assets and operations of its Salt Lake City
  Division to Borman's Inc under undisclosed terms.
      The division includes 60 operating supermarkets in five
  states, most of which are in Utah, Idaho and Wyoming, together
  with distribution and manufacturing facilities, Safeway said.
      It said sales for the division for the year ended January
  three were about 350 mln dlrs.
      Safeway also said the transaction is subject to Borman's
  ability to obtain financing and to successfully negotiate new
  labor agreements with the various unions involved.
  

"
training/1628	0	acq	"FISHER FOODS <FHR> SAYS STAKE IN FIRM SOLD
  Fisher Foods Inc said
  <American Financial Corp> has sold its 1,500,000 Fishers
  shares, a 44 pct interest, to a group consisting of <American
  Seaway Foods Inc>, <Rini Supermarkets Inc> and <Rego
  Supermarkets Inc>.
      The company said in connection with the transaction, all
  five American Financial representatives have resigned from its
  board.
  

"
training/163	12	earn	"AFG INDUSTRIES INC <AFG> QUARTERLY DIVIDEND
  Qtly div four cts vs four cts
      Pay April 3
      Record March 23
  

"
training/1631	17	grain	"U.S. SENATE PANEL MAKES CONSERVATION EXEMPTION
  The U.S. Senate Agriculture Committee
  approved a measure that would exempt farmers who planted
  alfalfa or other multiyear grasses and legumes between 1981 and
  1985 from a federal conservation requirement.
      Sen. Edward Zorinsky, D-Neb., said his bill would restore
  equity under federal sodbuster rules, which currently deny farm
  program benefits to farmers who, between 1981 and 1985, planted
  alfalfa and other multiyear grasses and legumes without
  interrupting the plantings with a row crop.
      An official from a leading conservation group, who asked
  not to be identified, said the panel's move was ""an unfortunate
  first action"" because it could lead to the exemption of
  potentially millions of acres from the sod buster regulations,
  established under the 1985 farm bill.
  

"
training/1633	12	earn	"PICO PRODUCTS INC <PPI> 2ND QTR JAN 31
  Shr profit three cts vs loss nine cts
      Net profit 103,664 vs loss 326,675
      Revs 7.6 mln vs 6.9 mln
      Six months
      Shr loss two cts vs loss 15 cts
      Net loss 78,246 vs loss 522,868
      Revs 14.7 mln vs 12.9 mln
      NOTE:1986 net includes gain of 43,185 or one cts in 2nd qtr
  and six months for discount on early long-term debt repayment.
  

"
training/1634	0	acq	"OUTBOARD MARINE <OM> RISING ON TAKEOVER RUMOR
  Wall Street traders said the stock of
  Outboard Marine Corp was rising on a rumor over a cable
  television program that Outboard is a likely takeover target of
  Sun Chemical Corp <SNL>.
      Outboard was up 3-1/8 to 34-5/8. On Tuesday it rose 1-3/8
  to 31-1/2 Tuesday.
      A report on Cable News Network today said Sun Chemical has
  4.9 pct of Outboard and is conducting a study on whether to go
  for control of the whole company.
      An Outboard Marine spokesman would not comment on the
  rumor.
      The cable program said a buyout of Outboard would be for up
  to 40 dlrs a share, or for a total of 680 mln dlrs.
      A spokesman for Sun Chemical was not immediately available.
      Outboard Marine last June adopted a shareholder rights plan
  that will be triggered when a person or group acquires
  beneficial ownership of 20 pct or more of its common or begins
  a tender offer that would result in 30 pct ownership.
      Wayne Jones, vice president at Outboard for strategic
  planning, said management wants to stay independent. ""We are
  not trying to sell the company. We are proceeding with our
  strategic plans,"" he said.
      That plan includes integrating five boat companies that
  Outboard Marine has bought since the middle of December. Jones
  said all five will cost between 100 mln dlrs to 120 mln dlrs.
      An analyst who wanted anonymity said 40 dlrs a share is a
  ""decent"" price for outboard. ""A bdding war to 50 or 60 dlrs a
  share is stretching it. Maybe 45 dlrs a share tops,"" he said.
      Outboard, which has 17 mln shares outstanding, is in
  registration for a two mln common share offering with Morgan
  Stanley Inc. It makes sense, the analyst said, for Sun Chemical
  to strike before the offering is underway.
  

"
training/1638	12	earn	"<ALGOMA CENTRAL RAILWAY> 4TH QTR NET
  Oper shr 36 cts vs 39 cts
      Oper net 1,391,000 vs 1,485,000
      Revs 61.6 mln vs 58.5 mln
      YEAR
      Oper shr 70 cts vs 1.16 dlrs
      Oper net 2,677,000 vs 4,410,000
      Revs 207.6 mln vs 200.2 mln
      Note: 1986 net excludes extraordinary loss of 297,000 dlrs
  or eight cts shr vs yr-ago gain of 514,000 dlrs or 13 cts shr.
  

"
training/1639	12	earn	"GENOVA INC <GNVA> 1ST QTR DEC 27 NET
  Oper shr profit four cts vs loss four cts
      Oper net profit 151,448 vs loss 170,709
      Sales 11.5 mln vs 9,581,406
      NOTE: Prior year net includes 123,650 dlr tax credit but
  excludes 52,409 dlr gain on early debt retirement.
  

"
training/164	12	earn	"<GSW INC> YEAR NET
  Oper shr 2.16 dlrs vs 2.07 dlrs
      Oper net 8,037,000 vs 7,710,000
      Revs 136.4 mln vs 133.3 mln
      Note: 1986 net excludes extraordinary gain of 13 mln dlrs
  or 3.50 dlrs shr from sale of <Camco Inc> shares vs yr-ago loss
  of 4.3 mln dlrs or 1.14 dlrs shr.
  

"
training/1642	12	earn	"SUPREME EQUIPMENT/SYSTEMS CORP <SEQP> 2ND QTR
  Shr 61 cts vs 18 cts
      Net 670,000 vs 194,000
      Revs 10.7 mln vs 10.4 mln
      Six months
      Shr 73 cts vs 35 cts
      Net 798,000 vs 377,000
      Revs 19.5 mln vs 19.8 mln
      NOTE:1987 net includes gain of 362,000 dlrs in 2nd qtr and
  431,000 dlrs in six months from tax loss carryforward.
  

"
training/1643	12	earn	"GULF APPLIED TECHNOLOGIES INC <GATS> 4TH QTR
  Oper shr loss five cts vs loss 24 cts
      Oper net loss 165,000 vs loss 802,000
      Revs 4,988,000 vs 3,101,000
      Year
      Oper shr loss 13 cts vs loss 1.33 dlrs
      Oper net loss 454,000 vs loss 4,407,000
      Revs 23.1 mln vs 8,937,000
      NOTE: Results restated for discontinued operations.
      1986 net both periods excludes 143,000 dlr tax credit.
      Net excludes gains from discontinued pipelines and
  terminals operations of 216,000 dlrs vs 99,000 dlrs in quarter
  and 527,000 dlrs vs 296,000 dlrs in year.
  

"
training/1644	12	earn	"VAN DORN CO <VDC> 4TH QTR NET
  Shr 55 cts vs 80 cts
      Net 2,517,443 vs 3,633,217
      Revs 79.1 mln vs 76.3 mln
      12 mths
      Shr 2.57 dlrs vs 3.41 dlrs
      Net 11.7 mln vs 15.4 mln
      Revs 305.1 mln vs 314.3 mln
  

"
training/1648	12	earn	"FIELDCREST CANNON INC <FLD> SETS QUARTERLY
  Qtly div 17 cts vs 17 cts prior
      Pay March 31
      Record March 17
  

"
training/1649	0	acq	"VARIAN <VAR> BUYS ANALYTICHEM INTERNATIONAL
  Varian Associates Inc said it
  acquired all the outstanding stock of closely-held Analytichem
  International Inc for an undisclosed amount of cash.
      Analytichem, based in Harbor City, Calif., is a supplier of
  bonded phase preparation products used to prepare chemical
  samples for analysis, Varian said.
  

"
training/165	12	earn	"SANTA ANITA REALTY <SAR> QUARTERLY DIVIDEND
  Qtly div 51 cts vs 51 cts
      Pay April 9
      Record March 25
      (Santa Anita Realty Enterprises Inc)
  

"
training/1650	12	earn	"KANEB SERVICES INC <KAB> 4TH QTR LOSS
  Oper shr loss 1.05 dlrs vs profit nine cts
      Oper net loss 30.5 mln vs profit 3,930,000
      Revs 23.9 mln vs 45.6 mln
      12 mths
      Oper shr loss 5.30 dlrs vs profit 34 cts
      Oper net loss 155.8 mln vs profit 16.0 mln
      Revs 113.7 mln vs 178.8 mln
      Note: Oper excludes loss from discontinued operations of
  9,127,000 dlrs vs 12.4 mln dlrs for qtr and 28.4 mln dlrs vs
  960,000 dlrs for 12 mths.
      Note: Oper includes writedown of offshore drilling
  equipment of 5,070,000 dlrs for qtr and 27.9 mln dlrs for 12
  mths.
      Also includes writedowns of oil and gas assets and tubular
  goods inventory of 82.2 mln dlrs and 4,246,000 dlrs,
  respectively, for 12 mths.
  

"
training/1651	12	earn	"SUSPENSIONS/PARTS INDUSTRIES LTD <SPILF> YEAR
  Shr 33 cts vs 60 cts
      Net 1.1 mln vs 1.7 mln
      Revs 11.7 mln vs 10.6 mln
      NOTE:Full name is Suspensions and Parts Industries Ltd.
  

"
training/1653	12	earn	"MITCHELL ENERGY AND DEVELOPMENT CORP <MND>PAYOUT
  Qtly div six cts vs six cts prior
      Pay April Two
      Record March 18
  

"
training/1655	12	earn	"FROST AND SULLIVAN INC <FRSL> 2ND QTR JAN 31
  Shr profit 12 cts vs loss two cts
      Net profit 182,173 vs loss 28,977
      Revs 4,483,047 vs 3,994,808
      1st half
      Shr profit 14 cts vs loss eight cts
      Net profit 221,376 vs loss 120,435
      Revs 8,270,947 vs 7,150,265
  

"
training/1656	48	trade	"S. KOREAN TRADE SURPLUS WITH U.S. SEEN FALLING
  South Korea's record 7.1 billion dlrs
  trade surplus with the U.S. is bound to diminish as the
  country switches purchases from Japan in favor of U.S.
  companies, Trade Minister Woong-Bae Rha said.
       He rejected suggestions the Korean Won is undervalued, and
  denied any plans for a ""drastic and sudden"" revaluation.
      Rha is heading a trade mission to 37 U.S. cities. Last year
  South Korea ran a 4.3 billion dlr trade surplus, including a
  record 7.1 billion surplus with the U.S. and a 5.5 billion dlr
  deficit with Japan.
      Rha told Reuters in an interview the current trade mission
  is looking for 2.0 billion dlrs in purchases from U.S.
  companies, about a quarter of which represents ""transferred
  purchases from Japanese sources.""
      Rha said the items being sought by the current mission are
  ""mainly chemicals, machinery and parts.""
      He said South Korea is the fourth largest importer of U.S.
  agricultural products. The current mission is not involved in
  that area but there are plans to buy ""substantial amounts of
  cotton"" from the U.S.
      He noted his country ""is clearly not as open as the American
  market. Nor is it reasonable to expect that it should be,""
  considering South Korea has a 40 billion dlr foreign debt and
  spends six pct of its gross national product on defense.
  

"
training/1657	12	earn	"CRI INSURED <CII> TO SET SPECIAL DISTRIBUTION
  CRI Insured Mortgage Investments
  Inc said its advisor will recommend a special distribution of
  50 cts per share due to the sale of a federally insured first
  mortgage on Park Meadows I in Madison, Wis., for 4,267,871
  dlrs.
      It said it received a 3,695,465 dlr return of capital and
  572,406 dlrs in income on the sale, and the 50 ct distribution
  would represent a 43.294 ct return of principal and a 6.706 ct
  capital gain and would be payable June 30 to holders of record
  May 31.
  

"
training/1658	12	earn	"KANEB ENERGY PARTNERS LTD <KEP> 4TH QTR LOSS
  Unit loss one ct
      Net loss 186,000
      Revs 10.7 mln
      11 mths
      Unit loss 7.26 dlrs
      Net loss 121.4 mln
      Revs 46.9 mln
      Note: Partnership formed in February 1986.
      Net includes writedown of oil and gas assets of 124.8 mln
  dlrs for 11 mths to comply with full-cost accounting methods.
  

"
training/1659	0	acq	"DIGICON <DGC> COMPLETES SALE OF UNIT
  Digicon Inc said it has completed the
  previously-announced disposition of its computer systems
  division to an investment group led by <Rotan Mosle Inc's>
  Rotan Mosle Technology Partners Ltd affiliate.
  

"
training/166	12	earn	"LIQUID AIR CORP <LANA> QUARTERLY DIVIDEND
  Qtly div 40 cts vs 40 cts
      Pay March 31
      Record March 16
  

"
training/1665	0	acq	"COMPUTER HORIZONS <CHRZ> IN ACQUISITION
  Computer Horizons Corp said it
  purchased ComputerKnowledge Inc, a software training education
  company headquartered in Dallas.
      Terms were not disclosed.
  

"
training/1666	0	acq	"POLICY MANAGEMENT <PMSC> MAKES ACQUISITION
  Policy Management Systems Corp
  said it has acquired the majority of the assets and business of
  Allied Research Inc of Salem, Ore., and Consolidated Insurance
  Services Inc, of Springfield, Va., for undisclosed terms.
      It said the two companies, which had combined 1986 revenues
  of about two mln dlrs, provide underwriting information
  services to property and casualty insurers.
  

"
training/1667	0	acq	"UNICORP CANADA<UNI.A> CUTS PUROLATOR<PCC> STAKE
  Unicorp Canada Corp told the
  Securities and Exchange Commission it cut its stake in
  Purolator Courier Corp to 286,500 shares, or 3.7 pct of the
  total outstanding, from 962,400 shares, or 12.4 pct.
      Unicorp, a management and investment holding company
  controlled by its chairman, George Mann, said it sold 675,900
  Purolator common shares on March 2 and 3 at 34.782 and 34.750
  dlrs a share.
      Purolator agreed this past weekend to be acquired by
  managers of its U.S. courier business and E.F. Hutton LBO Inc
  in a leveraged buyout valued at 265 mln dlrs.
  

"
training/167	12	earn	"(MARSHALL STEEL LTD) YEAR NET
  Oper shr five cts vs 36 cts
      Oper net 508,000 vs 3,450,000
      Revs 296.7 mln vs 298.0 mln
      Note: former name Marshall Drummond McCall Inc.
      Results include extraordinary gains of 952,000 dlrs or 11
  cts per share in 1986 and 2,569,000 dlrs or 29 cts in 1985 from
  income tax reduction.              
  

"
training/1673	0	acq	"FIRM ACQUIRES <AMERICAN NUTRITION WORKS INC>
  <Nusource Investments Inc>, a
  publicly held shell company, said it acquired American
  Nutrition Works Inc through a transaction in which American
  Nutrition shareholders received 28 mln shares of Nusource stock
  in exchange for their shares.
      American Nutrition operates a chain of stores sellings
  vitamins and health products.
      Nusource said shareholders elected a new board consisting
  of Richard A. Trydahl, Samuel Mineo and Charles E. Flink and
  voted to change the name of the company to ANW Inc.
  

"
training/1675	48	trade	"GATT COUNCIL DEFERS DECISION ON SEMICONDUCTORS
  The ruling GATT Council deferred a
  decision on whether to set up a dispute panel on the basis of a
  European Community complaint against the U.S.- Japanese
  agreement on exports of computer semiconductors.
      David Woods, spokesman of the General Agreement on Tariffs
  and Trade (GATT), told a news briefing that the main parties
  would continue bilateral talks. This was in the hope of
  resolving the row before the next Council meeting on April 15.
      The five-year accord signed in July 1986 aims to protect
  the U.S. Market from dumping of low-price Japanese microchips,
  officially known as semiconductors.
      The E.C. Complained the accord breached GATT trade rules by
  allowing Tokyo to monitor prices, allowing it to set minimum
  prices for Japanese chips sold in third countries.
      The 12-nation Community also charged the agreement gave
  U.S. Producers preferential access to the Japanese market.
      Woods said many nations -- Hong Kong, Canada, Switzerland,
  Singapore, Sweden, Malaysia and Nigeria -- had supported the EC
  complaint during the heated Council debate.
      Japan's delegate, Minoru Endo, and U.S. Ambassador Michael
  Samuels replied in the debate that the E.C. Charges were
  unfounded, but they were willing to continue bilateral talks.
  

"
training/1676	0	acq	"FIRST SOUTHERN <FSFA> TO MAKE ACQUISITION
  First Southern Federal Savings and
  Loan Association said it has agreed in principle to acquire
  Horizon Financial Corp and Horizon Funding corp from <Victor
  Federal Savings and Loan Association> of Muskogee, Okla., for
  undisclosed terms.
      The company said the purchase is subject to approval of the
  boards of First Southern and Victor and regulatory agencies.
      Horizon Financial services mortgage loans and Horizon
  Funding is a wholesale loan purchasing operation. Horizon
  services 3.2 billion dlrs in mortgage loans.
  

"
training/1677	12	earn	"DANAHER CORP <DHR> 4TH QTR NET
  Shr 71 cts vs 43 cts
      Net 7,274,000 vs 4,447,000
      Rev 161.6 mln vs 77.6 mln
      Year
      Shr 1.51 dlrs vs 1.32 dlrs
      Net 15,401,000 vs 13,525,000
      Rev 454.0 mln vs 304.9 mln
  

"
training/1678	0	acq	"FIRM AGREES TO MERGE WITH LOTOQUIK INT'L
  <Chatsworth Enterprises
  Inc>, a publicly held shell corporation, said it signed a
  letter of intent to merger with <Lotoquik International Ltd>, a
  Nassau, Bahamas-based maker of video lottery machines.
      Under terms of the merger agreement, Chatsworth said
  Lotoquik shareholders would own a majority of the surviving
  company.
  

"
training/1679	0	acq	"ASBESTEC TO BUY CONTRACTOR, RECEIVES CONTRACT
  <Asbestec Industries Inc> said
  it signed a letter of intent to buy asbestos abatement
  contractor <P.W. Stephens> for three mln dlrs in cash, stock
  and notes.
      The transaction is expected to be completed early in the
  third quarter of its fiscal year ending September 30, 1987.
      Asbestec also said it expects to sign March six a 900,000
  dlr contract to remove asbestos from a major apartment complex
  in Washington, D.C. The project is scheduled to begin on March
  nine.
  

"
training/168	12	earn	"MARSHALL STEEL DETAILS GAIN FROM UNIT SALE
  (Marshall Steel Ltd), formerly Marshall
  Drummond McCall Inc, said it will report a 17 mln dlr net gain
  before taxes this year from the sale of its Drummond McCall
  division, which was sold effective January one.                
  

"
training/1680	48	trade	"GATT SETS UP DISPUTE PANEL ON CANADIAN HERRING
  The ruling GATT Council set up a formal
  dispute panel to examine a U.S. Complaint that a Canadian law
  prohibiting export of unprocessed herring and salmon was
  discriminatory.
      David Wood, official spokesman of the General Agreement on
  Tariffs and Trade (GATT), told a news briefing the decision was
  taken after bilateral consultations failed to resolve the row.
      U.S. Ambassador Michael Samuels charged during the Council
  debate that Canada was trying to preserve domestic jobs by
  insisting that herring and salmon be processed at home.
      Robert White, Canada's deputy chief of delegation, replied
  the law was in line with GATT rules, and was for conservations
  reasons. But he agreed to setting up the dispute panel.
  

"
training/1681	8	cpi	"COLOMBIAN INFLATION RISES 2.03 PCT IN FEBRUARY
  colombia's cost of living index rose 2.03
  pct in february after a 3.27 pct increase in january and a 3.15
  pct rise in february 1986, the government statistics institute
  said.
      The rise brought year-on-year inflation to 19.77 pct
  compared with 23.72 pct at end-february 1986 and 21.66 pct for
  the year ending january 1987.
      The government has predicted that inflation this year would
  be lower than in 1986 when it reached 20.9 pct.
  

"
training/1682	12	earn	"TALKING POINT/GENERAL MOTORS <GM>
  General Motors Corp staged an explosive
  rally on Wall Street after a share buyback program announced
  yesterday, but analysts said GM's future remains clouded by
  stiff competition and erosion of market share.
      GM shares rose 3-1/2 to 79-1/8 in active trading. Analysts
  agreed that investors liked the repurchase program but they 
  differed sharply over the carmaker's long term prospects.
      ""I'm very positive on GM,"" said Jack Kirnan of Kidder
  Peabody and Co. ""They're clearly committed to enhancing
  shareholder value.""
      However, some analysts worry about how GM will pay for the
  buyback and whether new models will enable the carmaker to
  recapture lost market share.
      After the market had closed yesterday, GM said it would buy
  back 20 pct of its common stock by the end of 1990. The
  announcement sent investors today scrambling for GM shares,
  with more than 3.2 mln shares changing hands by mid-day.
      The buyback plan caused several analysts bullish on the
  stock to reiterate buy recommendations this morning, and at
  least one increased his earnings estimates for GM based on a
  good performance expected from new car models.
      But David Healy of Drexel Burnham Lambert Inc said the
  repurchase program is not a positive.
      ""The buyback doesn't really change the earnings outlook and
  puts more stress on the balance sheet,"" he said, since GM will
  have to borrow money to pay for the stock purchases. The stock
  should settle back down to around 76, he added.
      Healy projects GM will earn five dlrs a share in 1987 and
  5.50 dlrs in 1988, compared to 1986 earnings of 8.21 dlrs.
  Healy's numbers are near the low end of Wall Street estimates,
  which range from five dlrs to 7.80 dlrs in 1987 and from four
  dlrs to 10.80 dlrs in 1988.
      Like other analysts, Healy sees GM's share of the domestic
  car and truck market falling in 1987. ""On balance, GM cars are
  not selling as well as their competitors,"" he said.
      In late February, GM car sales fell 8.6 pct from the
  year-ago period while competitors Ford Motor Co <F> and
  Chrysler Corp <C> both posted increases. But GM said February
  sales showed improvement over January, adding that it expects
  improvement in coming months.
      Overall, GM's share of U.S. car and truck sales should fall
  to around 38 or 39 pct in 1987 from 41 pct at the end of 1986,
  analysts said. The numbers include imports.
      Kidder Peabody's Kirnan said cost reductions and product
  improvements this year should lead to positive cash flow by the
  fourth quarter, which will help GM finance the buyback.
      ""GM (stock) has been a real laggard and now it's rolling up
  its sleeves and getting serious. I think there's a major
  earnings surprise in the winds,"" he said.
      Kirnan raised his earnings estimates slightly today, in
  part in reaction to the announced buyback, and sees GM earning
  5.65 dlrs this year and 9.75 dlrs in 1988. ""The company is more
  concerned than ever about improving their relative valuation
  with respect to Ford and Chrysler,"" he said.
      Another positive for the stock is GM's dividend, currently
  five dlrs a share annually, which gives it a higher yield than
  its competitors, Kirnan said. And GM will raise the cash
  dividend 25 to 50 cts a share next year, he predicted.
      But analyst Michael Lucky of Shearson Lehman Brothers Inc
  said U.S. car sales will weaken, and GM's new products, if
  successful, will only slow but not halt the erosion of its
  market share.
      ""I believe their new cars will be successful, but that will
  only curtail losses in market share,"" which will fall to around
  35 pct by 1990, Lucky said.
      Philip Fricke of Goldman Sachs and Co falls in the middle
  of the bulls and bears. While he is recommending GM stock, he
  said results will not improve until 1988.
      ""I'm not looking for improvement this year. This is a
  transition year for GM,"" he said.
      Fricke, who estimates 1987 earnings at 7.80 dlrs and 1988
  at 10.80 dlrs, said cost cutting and new car models will not
  affect 1987 results. ""But the key thing isn't so much what they
  earn this year. It's the momentum beyond this year that's
  important.""
  

"
training/1684	0	acq	"PARTNERSHIP CUTS STAKE IN ERC INTERNATIONAL<ERC>
  Parsow Partnership Ltd, a Nevada
  investment partnership, said it lowered its stake in ERC
  International Inc to 343,500 shares or 8.3 pct of the total
  outstanding common stock, from 386,300 shares, or 9.3 pct.
      In a filing with the Securities and Exchange Commission,
  Parsow said it sold 42,800 ERC common shares between Jan 9 and
  March 2 at prices ranging from 12.125 to 14.50 dlrs each.
      The partnership said its dealings in ERC stock are for
  investment purposes and it has no intention of seeking control
  of the company.
  

"
training/1686	10	crude	"IRANIAN OIL MINISTER DUE IN ALGERIA ON FRIDAY
  Iranian Oil Minister Gholamreza Aqazadeh
  is expected here on Friday for talks with his Algerian
  counterpart Belkacem Nabi, the official Algerian news agency
  APS said today.
      Aqazadeh, who will be accompanied by a large delegation,
  will have talks on bilateral relations in the field of energy
  and exchange views with Algerian officials on the current world
  energy situation, it said.
  

"
training/1688	12	earn	"<GOLDOME FSB> YEAR NET
  Net 52.9 mln vs 21.9 mln
      NOTE: Company is mutual savings bank.
  

"
training/1689	12	earn	"BEAR AUTOMOTIVE SERVICE <BEAR> 4TH QTR OPER NET
  Oper shr 18 cts vs 28 cts
      Oper net 1,076,000 vs 1,441,000
      Sales 22.6 mln vs 21.2 mln
      Avg shrs 5,970,000 vs 5,080,000
      Year
      Oper shr 55 cts vs 49 cts
      Oper net 3,007,000 vs 2,521,000
      Sales 82.9 mln vs 73.7 mln
      Avg shrs 5,429,000 vs 4,484,000
      Note: Full company name is Bear Automotive Service
  Equipment Co
      Oper shr excludes extraordinary profit from utilization of
  tax loss carryforward of 231,000 dlrs, or four cts a share and
  1.2 mln dlrs, or 22 cts a share, respectively, in 1986 qtr and
  year, and of 441,000 dlrs, or nine cts a share and 1.1 mln
  dlrs, or 23 cts a share, respectively, in 1985 qtr and year.
      1985 year oper net excludes loss from cumulative effect of
  change in accounting principle of 67,000 dlrs, or one ct a
  share.
  

"
training/169	12	earn	"MAYFAIR INDUSTRIES INC <MAYF> 4TH QTR NET
  Oper shr 21 cts vs 18 cts
      Oper net 659,000 vs 523,000
      Revs 7,866,000 vs 5,503,000
      Avg shrs 3,141,217 vs 2,925,294
      12 mths
      Oper shr 70 cts vs 46 cts
      Oper net 2,075,000 vs 1,358,000
      Revs 25.9 mln vs 19.3 mln
      Avg shrs 2,980,247 vs 2,925,294
      Note: Excludes tax gain of 295,000 dlrs for qtr and year.
  

"
training/1692	10	crude	"U.K. OIL INDUSTRY SAID NOT PERMANENTLY DAMAGED
  The U.K. Offshore oil industry has
  suffered from last year's collapse in oil prices but should not
  sustain any permament damage, Minister of State for Energy
  Alick Buchanan-Smith said.
      The drilling, diving and supply vessels sectors had been
  most affected, Buchanan Snith told the House of Commons energy
  committee. He noted, however, that oil companies were still
  spending six mln stg a day to maintain North Sea production.
      He added that a report by the manpower services committee
  which said 14,000 jobs were lost in the industry in 1986 should
  be seen in the context of a total workforce of 300,000.
      Prices of North Sea Brent-grade crude dipped to a low of
  8.50
  dlrs a barrel last July from a peak of over 30 dlrs the
  previous November.
      They recovered to around 18 dlrs a barrel after last
  December's OPEC meeting and Brent traded today around 17.15
  dlrs.
      Buchanan-Smith said the U.K. Has no intention of adopting
  OPEC style quotas, noting that Britian is an oil-consuming as
  well as an oil-producing nation.
  

"
training/1693	0	acq	"CHASE MANHATTAN STUDYING ITALIAN EXPANSION
  <Chase Manhattan Bank N.A.> is considering
  expanding its operations in Italy, particularly in the consumer
  banking sector, a Chase Manhattan official said.
      Robert D. Hunter, Chase Manhattan area executive for
  Europe, Africa and the Middle East, said at a news conference
  that plans to broaden the bank's activities on the Italian
  market have not been finalised, however.
      Asked if Chase Manhattan would consider an acquisition in
  Italy, Hunter said: ""We will look at any opportunity, but the
  prices of Italian banks have been quite high."" Chase Manhattan
  has branches in Milan and Rome.
  

"
training/1694	0	acq	"HRS <IHIRF> REDUCING STAKE IN HAL ROACH <HRSI>
  International H.R.S. Industries Inc said
  it would reduce its stake in Hal Roach Studios Inc to 22 pct
  from 52 pct in return for 6.3 mln U.S. dlrs from Qintex Inc's
  Qintex America (Media) Ltd unit.
      H.R.S. said that under the deal's first stage, closng March
  22, it would sell Qintex 900,000 Hal Roach shares at seven U.S.
  dlrs a share each for a total of 6.3 mln dlrs and Roach will
  repay H.R.S. 3.3 mln U.S. dlrs of advances.
      Qintex will also complete the 16.8 mln U.S. dlr buy of 2.4
  mln Roach treasury shares at seven dlrs each and provide Roach
  with 50 mln U.S. dlrs of financing for expansion, H.R.S. said.
      H.R.S. said that the agreement also provided for a second
  stage over one year in which it had a put option exercisable 
  one year from closing to sell Qintex all or part of its two mln
  Roach shares for 8.50 U.S. dlrs a share.
      It said Qintex had a 30-day call option, exerciseable nine
  months from closing, to buy from H.R.S. all or part of one mln
  Roach shares at the greater of 8.50 dlrs each or the average
  Roach share price for three months before exercise date.
      Qintex will also acquire another 2.4 mln Roach treasury
  shares at seven dlrs a share 12 months after closng for another
  16.8 mln dlrs, H.R.S. said.
  

"
training/1696	12	earn	"TOTAL STILL EXPECTS 1.5 BILLION FRANC 1986 LOSS
  French oil group Total Cie Francaise des
  Petroles <TPN.PA> is still expecting a 1.5 billion franc
  consolidated net loss, including minority interests, for 1986,
  after taking account of stock losses of 7.5 billion francs, the
  company said in a communique after a board meeting here.
      In late January group president Francois-Xavier Ortoli told
  journalists that the slump in oil prices and the weak dollar
  had caused the stock depreciation, turning a consolidated net
  profit, before losses on stocks, of six billion francs into a
  consolidated net loss of 1.5 billion francs.
      Earlier today Armand Guilbaud, president of Total's
  refining and distribution subsidiary Cie de
  Raffinage-Distribution (CRD) Total France <RAFF.PA>, told
  journalists that 1986 had marked a return to profit for the
  subsidiary before stock depreciation.
      CRD made a net profit before stock depreciation and
  currency factors of 1.95 billion francs last year after a 1.16
  billion loss in 1985.
      But its net loss last year, taking account of that
  depreciation as well as currency fluctuations, was 1.16 billion
  francs after a 1.05 billion loss in 1985.
      In 1986 CRD's sales fell 5.7 pct to 19.7 mln tonnes from
  20.9 mln ""due to the growth in imports by independent
  distributors following a relaxation of regulations,"" Guilbaud
  said.
      The subsidiary is expecting to cut its workforce to 6,000
  this year and 5,000 in 1988 from 6,800 last year, under a job
  reduction scheme which will eventually save the group 600 mln
  francs, he said.
      Concerning business in 1987, he said that ""January was a
  good month, but the situation deteriorated in February.""
  

"
training/1706	12	earn	"STEEGO CORP <STG> 3RD QTR JAN 31 LOSS
  Oper shr loss 16 cts vs loss 10 cts
      Oper net loss 1,569,000 vs loss 990,000
      Sales 50.3 mln vs 50.1 mln
      Nine mths
      Oper shr loss nine cts vs loss two cts
      Oper net loss 849,000 vs loss 199,000
      Sales 159.9 mln vs 156.6 mln
      NOTE: Current nine mths net includes 1,036,000 dlr pretax
  gain on sale of property.
      Prior year net both periods includes pretax gain 1,095,000
  dlrs on pension plan termination.
      Current quarter net includes 580,000 dlr tax credit.
      Prior year net includes losses from discontinued operations
  of 200,000 dlrs in quarter and 573,000 dlrs in nine mths.
      Results restated for discontinued operations.
  

"
training/1708	12	earn	"E-SYSTEMS INC <ESY> SETS QUARTERLY
  Qtly div 12-1/2 cts vs 12-1/2 cts prior
      Pay April One
      Record March 13
  

"
training/1711	10	crude	"TEXAS OIL REGULATOR CALLS FOR STATE TAX BREAKS
  Texas Railroad Commissioner James
  Nugent, saying that the ailing oilpatch cannot wait for
  Congress to act, today urged Texas state lawmakers to adopt
  incentives to find new oil reserves and to exempt severance
  taxes on oil produced from stripper wells.
      Nugent said in a speech to the Texas house of
  representatives that the state must take the initiative in
  molding U.S. energy policy and finding new ways to assist
  troubled oil producers.
      His proposal to revitalize Texas' oil industry would exempt
  stripper wells that produce 10 barrels of oil or less each day
  from the state's 4.6 pct severance tax. He said that the
  majority of Texas' oil wells fall within the stripper well
  category and a price swing of two to three dlrs a barrel can be
  crucial in determining if the well remains in production.
      Nugent also called for state lawmakers to exempt new
  wildcat wells from the state severance tax for up to five years
  as a financial incentive to explore for new oil reserves.
      Secondary and tertiary oil production, expensive methods of
  production that inject water or gas into the ground to recover
  oil, should also be exempted from the severance tax, Nugent
  said. His plan would exempt existing secondary and tertiary
  wells that produce at a rate of less than three barrels a day
  for three years, or until the price of oil reaches $25 a
  barrel.
      ""We've been sitting back and waiting on two federal
  administrations to develop a coherent energy policy for the
  nation to follow. I say we have waited long enough,"" Nugent
  said. ""In other words, let's tell Washington to either lead,
  follow, or get out of the way.""
      Nugent said that the financial losses to the state treasury
  by exempting marginal oil production from state severance taxes
  would be more than made up by stimulating new business for the
  oil supply and service industry.
  

"
training/1714	12	earn	"UNICORP AMERICAN CORP <UAC> SETS QUARTERLY
  Qtly div 15 cts vs 15 cts prior
      Pay March 31
      Record March 13
  

"
training/1715	5	coffee	"COLOMBIA BLASTS U.S. FOR COFFEE TALKS FAILURE
  Colombian finance minister Cesar Gaviria
  blamed an inflexible U.S. position for the failure of last
  week's International Coffee Organisation, ICO, talks on export
  quotas.
      ""We understand that the U.S. Position was more inflexible
  than the one of Brazil, where current economic and political
  factors make it difficult to adopt certain positions,"" Gaviria
  told Reuters in an interview.
      The U.S. and Brazil have each laid the blame on the other
  for the breakdown in the negotiations to re-introduce export
  quotas after being extended through the weekend in London.
      Gaviria stressed that Colombia tried to ensure a successful
  outcome of the London talks but he deplored that intransigent
  attitudes, both from producing and consuming nations, made it
  impossible.
      In a conversation later with local journalists, Gaviria
  said the U.S. attitude would have serious economic and
  political consequences, not necessarily for a country like
  Colombia but certainly for other Latin American nations and for
  some African countries.
      He told Reuters that Colombia, because of the relatively
  high level of its coffee stocks, would probably suffer less.
      According to Gaviria, Colombia can hope to earn about 1,500
  mln dlrs this calendar year from coffee exports, which
  traditionally account for 55 pct of the country's total export
  revenue.
      That estimate would represent a drop in revenues of 1,400
  mln dlrs from 1986.
      Colombia, which held stockpiles of 10.5 mln bags at the
  start of the current coffee year, exported a record 11.5 mln
  bags in the 1985/86 coffee year ending last September 30.
  

"
training/1716	12	earn	"LIBERTY FINANCIAL GROUP <LFG> REGULAR DIVIDEND
  Qtly div 12.5 cts vs 12.5 cts in prior qtr
      Payable March 13
      Record February 27
  

"
training/1718	12	earn	"PACTEL <PAC> SEES EARNINGS GROWTH
  Pacific Telesis Group chairman Donald
  Guinn told a meeting of security analysts that the company sees
  continued earnings growth in 1987 above the 1.08 billion dlrs,
  or 5.02 dlrs per share, earned in 1986.
      Guinn also said that capital spending stood at about 1.8
  billion dlrs in 1986, and the company expected the figure to
  remain flat each year through 1989. He noted that all captial
  spending will be internally financed.
      Guinn also told analysts that the company faced some
  regulatory uncertainties in ongoing rate cases at its Pacific
  Bell operating company.
      In rates hearings before, the California Public Utility
  Commission, Guinn said the company faced a potential 76 mln dlr
  revenue reduction, and due to ongoing discussions with the
  commission, he said the figure might even be greater.
      The company also faces some opposition to a 225 mln dlr
  rate hike requested for 1986. Guinn said the commission found
  180 mln dlrs of the hike was based on questionable calculations
  and assumptions, while 45 mln dlrs might represented unneeded
  modernization costs.
      Guinn also said that the company is still studying whether
  to join an international consortium that plans to lay a
  transpacific telephone cable between the U.S. and Japan.
      ""We have not agreed to anything,"" Guinn said, but added he
  would soon recieve a feasibility study on the venture and the
  company would make a decision soon on participating.
      Asked by an analyst about the recent recommendation by the
  U.S. Department of Justice which would allow the Bell operating
  companies to offer limited long distance services, Guinn said
  the company would likely shy away from that type of expansion.
      ""(Long distance services) is a very competitive business.
  It's a commodity business and becoming more so,"" he said. ""I'm
  not so sure we would be interested in getting back into that
  business.""
      However, Guinn generally applauded the U.S.
  recommendations, saying they would give more latitude for the
  Bell operating companies to expand into non-regulated
  businesses and provide more flexibility to form strategic
  alliances with other companies.
      He added that while the company welcomes the expansion into
  new areas, it is not currently involved in any acqusition
  talks. ""We do not have anything actively under consideration,""
  he said.
  

"
training/1719	0	acq	"TRANS WORLD AIRLINES MAKES 52 DLR/SHARE CASH MERGER PROPOSAL FOR USAIR

  TRANS WORLD AIRLINES MAKES 52 DLR/SHARE CASH MERGER PROPOSAL FOR USAIR
  

"
training/1722	12	earn	"UNICORP AMERICAN CORP <UAC> 4TH QTR NET
  Shr 13 cts vs 70 cts
      Net 1,279,000 vs 7,979,000
      Revs 16.4 mln vs 19.6 mln
      Year
      Shr 89 cts vs 2.43 dlrs
      Net 10.3 mln vs 29.8 mln
      Revs 56.2 mln vs 83.8 mln
      Avg shrs 12.1 mln vs 13.1 mlnm
      NOTE: 1986 year net includes gain 12.9 mln dlrs from sale
  of eight real estate properties.
  

"
training/1723	43	ship	"KENYA SIGNS PACT TO ESTABLISH OWN SHIPPING LINE
  Kenya has signed an agreement with
  British and German interests to establish a shipping line that
  will handle 40 pct of the country's external trade, sources
  close to the deal said.
      The state-owned Kenya Ports Authority, KPA, signed an
  agreement with the Hamburg-based shipping line Unimar
  Seetransport to establish the Kenya National Shipping line,
  with an initial capital of 100 mln shillings, sources said. KPA
  will hold 70 pct of the shares in the new company.
      The line will initially charter vessels to operate services
  between Mombasa and the main ports of industrial Europe, but
  may eventually build or buy its own ships. The sources said it
  would aim to carry a large part of Kenya's coffee and tea
  exports and oil and fertiliser imports.
  

"
training/1727	12	earn	"SHAW'S SUPERMARKETS INC <SHAW> YEAR JAN 3
  Shr 1.23 dlrs vs 1.33 dlrs
      Semi-annual div six cts vs six cts prior payment
      Net 16.2 mln vs 14.8 mln
      Sales 1.09 billion vs 909.4 mln
      NOTE: Dividend is payable April one to holders of record
  March nine
  

"
training/1729	0	acq	"DYNAMICS CORP <DYA> IN SETTLEMENT WITH CTS <CTS>
  Dynamics Corp of America said
  it has reached an agreement with CTS Corp resolving all
  differences between the two companies.
      It said as a result of the settlement, CTS's special board
  committee has stopped soliciting orders to purchase some or all
  of CTS.
      Dynamics, which now owns 27.5 pct of CTS' outstanding
  stock, said it agreed to limit its shareholdings to not more
  than 35 pct of the outstanding shares for a year following the
  company's 1987 annual meeting.
      Dynamics said the CTS board will recommend CTS shareholders
  vote at the 1987 annual meeting in favor of the company paying
  Dynamics 2,178,000 dlrs as a reimbursement for its CTS releated
  costs and granting Dynamics an option to buy enough CTS common
  at 29.625 dlrs a share to give it ownership of 35 pct of the
  outstanding stock.
      Dynamics said the price of stock under the option,
  exercisable for one year, is based on the average closing price
  for the stock for the five days ending March two.
      Dynamics said CTS Chairman George F. Sommer will assume the
  additional title of President. Former President Robert D.
  Hostetler is resigning as a director, as is Chief Financial
  Officer Gary B. Erekson, Ted Ross and Donald J. Kacek.
      Dynamics said the CTS board will be reduced to seven
  members for eight with the remaining four members of the
  current board and three representatives of Dynamics as new
  directors.
  

"
training/1731	17	grain	"RENEWAL OF U.S./USSR GRAIN PACT SAID UNCERTAIN
  Prospects for renewal of the
  five-year U.S./USSR grains agreement are uncertain at this
  point, a Soviet trade official told Reuters.
      The current trade imbalance between the United States and
  the Soviet Union, high U.S. commodity prices, and increased
  world grain production make a renewal of the supply agreement
  next year less certain, Albert Melnikov, deputy trade
  representative of the Soviet Union, said in an interview.
      The current agreement expires on Sept 30, 1988.
      Melnikov said that world grain markets are different than
  when the first agreement was signed in 1975.
      Statements from both U.S. and Soviet officials have
  indicate that a long term grains agreement might not be as
  attractive for both sides as it once was.
      ""We have had one agreement. We have had a second agreement,
  but with the second agreement we've had difficulties with
  prices,"" Melnikov said.
      ""I cannot give you any forecasts in response to the future
  about the agreement.... I do not want to speculate on what will
  happen after Sept 30, 1988,"" he said.
      Melnikov noted that he has seen no indications from Soviet
  government officials that they would be pushing for a renewal
  of the agreement.
      ""The situation is different in comparison to three, five or
  ten years ago ... We can produce more,"" he said.
  

"
training/1732	12	earn	"DANAHER <DHR> EXPECTS EARNINGS INCREASE IN 1987
  Danaher Corp said it expects higher
  earnings in 1987 versus 1986.
      ""We expect significant increases in earnings and revenues
  in 1987,"" Steven Rales, Danaher chairman and chief executive
  officer, said.
      Earlier, the company reported 1986 net earnings of 15.4 mln
  dlrs, or 1.51 dlrs a share, versus 13.5 mln dlrs, or 1.32 dlrs
  a share, in 1985.
      It also reported fourth quarter net of 7.3 mln dlrs, or 71
  cts a share, up from 4.4 mln dlrs, or 43 cts a share, in the
  previous year's fourth quarter.
  

"
training/1734	12	earn	"DANAHER CORP <DHR> 4TH QTR NET
  Shr 71 cts vs 43 cts
      Net 7,274,000 vs 4,447,000
      Rev 161.6 mln vs 77.6 mln
      Year
      Shr 1.51 dlrs vs 1.32 dlrs
      Net 15,401,000 vs 13,525,000
      Rev 454.0 mln vs 304.9 mln
      NOTE: Fourth qtr net includes extraordinary gain of 3.8 mln
  dlrs, or 37 cts per share, versus 2.9 mln dlrs, or 28 cts a
  share, in 1985's fourth qtr, and an extraordinary charge of
  642,000 dlrs, or six cts a share. 1986 net includes
  extraordinary gain of 7.4 mln dlrs, or 72 cts a share, versus
  8.0 mln dlrs, or 78 cts a share, in 1985.
  

"
training/1735	0	acq	"TWA <TWA> MAKES MERGER OFFER FOR USAIR <U>
  Trans World Airlines said it has
  proposed a cash merger of USAir Group with TWA in which the
  holders of USAir common would receive 52 dlrs in cash in
  exchange for their stock.
      TWA said the offer was made in a letter to Edmin Colodny,
  chairman and president of USAir.
      TWA said, however, that if the negotiated deal is not
  acceptable it may make an offer directly to USAir's
  shareholders for up to 51 pct of USAir's outstanding stock, to
  be purchased in a voting trust at a price lower than today's
  offer.
      TWA said it is filing an application with the Department of
  Transportation seeking approval of the merger as well as an
  application for approval, on an expedited basis, of its
  purchase of up to 51 pct of USAir common and the deposit of the
  stock in a voting trust, pending DOT approval.
      TWA said that in respect to USAir's recent offer for
  Piedmont Aviation <PIE> it believes that USAir's shareholders
  would prefer a cash merger proposal for USAir over its proposed
  acquisition of Piedmont.
      TWA said, however, it also would be interested in
  discussing a three way deal among USAir, Piedmont and TWA.
      TWA said the merger is subject to the USAir board redeeming
  the preferred stock purchase rights (the poison pill) issued to
  shareholders last year and taking action so that the vote of a
  majority of the outstanding common stock is required to approve
  its proposed move.
      Additionally, TWA said it would need a satisfactory due
  diligence review of USAir.
      TWA said it has not yet had an opportunity to obtain the
  necessary financing for the deal, but added it is confident
  that it will get it.
  

"
training/1739	0	acq	"CTS <CTS> AND DYNAMICS <DYA> REACH ACCORD
  CTS Corp and Dynamics Corp of
  America reached an agreement resolving all outstanding
  differences between them, according to a joint statment.
      As a result of the settlement, a special committee of the
  board of directors of CTS stopped soliciting offers to buy all
  or part of the company, it said.
      CTS and DCA also agreed to dismiss all pending litigation
  between the two companies except for one appeal pending before
  the U.S. Supreme Court relating to the Indiana Control Share
  Chapter, it said.
      Under the agreement, the CTS board will immediately be
  reduced to seven from eight with four current directors and
  three representatives of DCA being elected to the board, it
  said. This board will be presented as the slate for CTS' 1987
  annual shareholders meeting, it added.
      CTS' directors will recommend to shareholders that they
  approve reimbursement to DCA of about 2.2 mln dlrs in expenses
  relating to CTS, and grant DCA an option to buy up to 35 pct of
  CTS' shares, it said.
      In addition, DCA said it agreed to limit its ownership in
  CTS for the year following the 1987 annual meeting to not more
  than 35 pct of the outstanding stock. DCA currently holds 27.5
  pct of the outstanding shares of CTS.
      Both companies said they support the agreement and believe
  it to be fair to both sides.
  

"
training/1740	0	acq	"MEASUREX <MX> SELLS SOUTH AFRICAN UNIT
  Measurex Corp said it
  completed the sale of its Measurex (South Africa Pty)
  subsidiary to a group of employees who manage the operation.
      Measurex, a maker of computer integrated manufacturing
  systems, said the subsidiary represented less than one pct of
  worldwide revenues and the sale will have no impact on this
  year's earnings.
  

"
training/1741	0	acq	"JEFFERIES MAKING MARKET IN USAIR <U>
  Jefferies and Co said it is making a
  market in the stock of USAir Group Inc at 48-1/2 to 50.
      USAir received an offer from Trans world airlines to buy
  the airline at 52 dlrs cash per share.
      USAir was halted on the New York Stock EXcahnge for
  dissemination of the news. It was indicated at 47 to 54.
  

"
training/1747	12	earn	"TRANS-LUX <TLX> SETS FIVE PCT STOCK DIVIDEND
  Trans-Lux Corp said its board
  declared a five pct stock dividend payable April nine to
  holders of record March 20.
      The company said directors also declared regular quarterly
  dividends on presently outstanding shares of both classes of
  common, payable April nine to holders of record March 16.
      It said an unchanged dividend of two cts will be paid on
  the common and 1.8 cts on the Class B stock.
  

"
training/1751	12	earn	"KANEB ENERGY PARTNERS LTD <KEP> 4TH QTR LOSS
  Shr loss one cent
      Net loss 186,000
      Revs 10.7 mln
      11 mths
      Shr loss 7.26 dlrs
      Net loss 121.4 mln
      Revs 46.9 mln
      NOTE: In February 1986, Kaneb Services Inc contributed all
  of its domestic oil and gas operations to Kaneb Partners, which
  was newly formed, and exchanged approximately 3,200,000
  depositary units respresenting limited partnership interests in
  KEP for approximately 6,400,000 million shares of the
  outstanding common stock of Kaneb Servies Inc. Kaneb now owns
  approximately 82 pct of KEP.
      During the 11 mths of operation, the partnership wrote down
  the carrying value of its oil and gas properties by 124.8 mln
  dlrs. The write downs reduced income by 7.46 dlrs per limited
  partnership unit.
  

"
training/1752	12	earn	"DALTON COMMUNICATIONS INC <DALT> 3RD QTR JAN 31
  Shr profit three cts vs loss two cts
      net profit 157,500 vs loss 60,200
      Revs 1.1 mln vs 1.0 mln
      Nine months
      Shr profit five cts vs profit six cts
      Net profit 223,400 vs profit 260,800
      Revs 3.2 mln vs 3.1 mln
  

"
training/1758	12	earn	" 4-MAR-1987 15:35:42.66
   4-MAR-1987 15:35:42.66

"
training/1759	12	earn	"WTD INDUSTRIES INC <WTDI> 3RD QTR JAN 31 NET
  Shr profit 13 cts vs loss one ct
      Net profit 853,000 vs loss 22,000
      Sales 41.1 mln vs 20.3 mln
      Avg shrs 6,349,753 vs 4,403,852
      Nine Mths
      Shr profit 57 cts vs profit 28 cts
      Net profit 2,869,000 vs profit 1,252,000
      Sales 119.0 mln vs 67.6 mln
      Avg shrs 5,054,844 vs 4,403,852
  

"
training/176	34	nat-gas	"LNG IMPORTS FROM ALGERIA UNLIKELY IN 1987
  Liquefied natural gas imports from
  Algeria are unlikely to happen in 1987 even though its
  economically feasible, U.S. industry analysts sources said.
      Youcef Yousfi, director-general of Sonatrach, the Algerian
  state petroleum agency, indicated in a television interview in
  Algiers that such imports would be made this year.
      ""Contract negotiations, filing with the U.S. government and
  the time required to restart mothballed terminals will delay
  the import until 1988/1989,"" Daniel Tulis, a natural gas
  analyst with Shearson Lehman Bros. said.
      Sonatrach is currently negotiating with two of its former
  customers, Panhandle Eastern <PEL> and Distrigas, a subsidiary
  of Cabot Corp <CBT> to resume LNG export, company officials
  told Reuters. A third, El Paso Gas, a subsidiary of Burlington
  Northern <BNI>, has expressed no interest.
      Industry analysts said some imports of Algerian LNG were
  feasible. ""On a marginal cost basis, the companies that have
  made capital investment to handle LNG import can operate
  profitably even in the current price environment,""  Frank
  Spadine, an energy economist with Bankers Trust, said.
     Analysts did not forsee a major impact from Algerian imports
  on U.S. prices which are currently soft but expected to trend
  higher by the end of 1987.
      A decline in gas drilling and the time lag to bring Gulf of
  Mexico productions onstream will tighten gas supplies and firm
  prices, Shearson's Tulis said.
     In this context, Algerian LNG import would be a source of
  supplemental supply to U.S. domestic production, he added.
      Company sources currently in talks with Algeria agree,
  saying that Algerian LNG would only serve to meet peak demand.
      Company sources also said that any negotiations with
  Algeria would emphasize looser arrangements which would relate
  volumes to market requirements and prices to U.S. spot market
  values.
  

"
training/1760	0	acq	"HEALTHVEST <HVT> SELLS SHARES
  Healthvest, a Maryland real estate
  investment trust, said it began selling five mln shares of
  common stock at 21 dlrs a share.
      The company said it is also selling 543,237 shares to
  Healthcare International Inc <HII>, giving the company a 9.8
  pct stake in Healthvest.
  

"
training/1761	36	orange	"CACEX DENIES BRAZIL FCOJ PRICE RISE RUMOURS
  There has been no rise in the
  price of Frozen Concentrated Orange Juice, FCOJ, a spokesman
  for the Banco do Brasil's Foreign Trade Department, Cacex,
  said.
      He was responding to rumours in the international market
  that Brazil had raised its FCOJ prices in range of 1,075 to
  1,150 dlrs per tonne.
  

"
training/1763	12	earn	"E-SYSTEMS <ESY> SETS QTRLY PAYOUT
  Qtrly div 12.5 cts vs 12.5 cts prior
      Pay April 1
      Record March 13
  

"
training/1764	12	earn	"PIEDMONT MANAGEMENT CO INC <PMAN> 4TH QTR
  Shr 70 cts vs 4.91 dlrs
      Net 3.7 mln vs 26.3 mln
      Year
      Shr 1.99 dlrs vs 3.35 dlrs
      Net 10.7 mln vs 18.0 mln
      NOTE:1986 year, 4th qtr include capital gains of 3.5 mln
  dlrs and 1.1 mln dlrs, respectively and extraordinary gain of
  3.4 mln dlrs and 1.2 mln dlrs respectively. 1985 year and 4th
  qtr include capital gains of 24.0 mln dlrs and 23.3 mln dlrs
  respectively and extraordinary gain of 3.9 mln dlrs.
  

"
training/1765	12	earn	"EASTPARK REALTY TRUST <ERT> 4TH QTR NET
  Shr 1.52 dlrs vs 17 cts
      Net 1,306,000 vs 144,000
      Rev 758,000 vs 670,000
      Year
      Shr 2.68 dlrs vs 2.63 dlrs
      Net 2,313,000 vs 2,285,000
      Rev 2.8 mln vs 2.7 mln
      NOTE: Fourth qtr and 1986 had gains on real estate
  investments of 933,000 dlrs, or 1.08 a share, and 970,000 dlrs,
  or 1.12 a share, respectively.
      This compares with a loss of 137,000 dlrs, or 15 cts a
  share, and again of 1.3 mln dlrs, or 1.45 a share, for the
  fourth qtr and year respectively in 1985.
  

"
training/1767	12	earn	"NL INDUSTRIES INC <NL> SETS QTRLY PAYOUT
  Qtrly div five cts vs five cts qtr
      Pay April One
      Record  March 16
  

"
training/1768	12	earn	"WTD INDUSTRIES INC <WTDI> 3RD QTR JAN 31 NET
  Shr profit 13 cts vs loss one ct
      Net profit 853,000 vs loss 22,000
      Revs 41.1 mln vs 20.3 mln
      Avg shrs 6,349,753 vs 4,403,852
      Nine mths
      Shr profit 57 cts vs profit 28 cts
      Net profit 2,869,000 vs profit 1,252,000
      Revs 119.0 mln vs 67.6 mln
      Avg shrs 5,054,844 vs 4,403,000
      Note: Company went public in October 1986.
  

"
training/1769	12	earn	"ALASKA AIR GROUP INC <ALK> QTLY DIVIDEND
  Shr four cts vs four cts prior qtr
      Pay May five
      Record April 15
  

"
training/1771	0	acq	"USAIR <U> HAS NO COMMENT ON TWA <TWA> OFFER
  USAir Group Inc said it had no comment
  on an offer it received from Trans World Airlines to buy USAir
  for 52 dlrs cash per share.
      USAir spokesman David Shipley also declined comment on
  Piedmont Aviation Inc <PIE>. USAir has offered 71 dlrs cash per
  share for half of Piedmont's stock, and 73 dlrs in its own
  stock for the balance.
      Piedmont also received an offer from Norfolk Southern Corp
  <NSC> of 65 dlrs cash per share. Piedmont's board was meeting
  today, but the company declined to say what was on the agenda.
  A spokesman said he could not comment on the twa action.
      A Norfolk Southern Corp <NSC> spokesman said the company
  had no comment on TWA's offer for USAir or on its proposal to
  negotiate a three-way merger between TWA, USAir and Piedmont.
      ""We don't have all the details,"" a Norfolk Southern
  spokesman said. The company's 65 dlr-a-share cash offer for
  Piedmont stands, he said.
      In its offer, TWA said as an alternative to a merger with
  USAir, it would be interested in discussing a three-way
  combination among USAir, Piedmont and TWA. It said the
  three-way merger would serve the best interests of the
  shareholders of all three companies, employees and consumers.
  

"
training/1773	40	reserves	"SOUTH AFRICAN FOREIGN RESERVES UP SHARPLY IN FEB
  South Africa's total gold and
  foreign assets rose by 700 mln rand in February to 6.2 billion
  rand after rising by almost one billion rand in January,
  Reserve Bank Governor Gerhard de Kock said.
      De Kock, interviewed on state-run television, gave no
  breakdown of the reserves.
      He also said that to curb inflation, salary increases would
  have to be below the inflation rate. The state must set an
  example by keeping wage increases below the inflation rate, he
  said.
      Consumer prices rose by 16.1 pct in the year to January.
  

"
training/1783	12	earn	"LEASEWAY TRANSPORTATION CORP <LTC> QTLY DIV
  Qtly div 37.5 cts vs 37.5 cts prior
      Pay April eight
      Record March 16
  

"
training/1785	45	sugar	"PERU SUGAR HARVEST SEEN LOWER -- USDA
  Sugar production in Peru for the
  1986/87 season has been revised to 593,000 tonnes (raw value),
  down 10 pct from the previous forecast and 21 pct below the
  1985/86 harvest, the U.S. Agriculture Department said in its
  World Production and Trade Report.
      It said while rains in the northern mountain region are
  improving the supply of irrigation water, the major benefits
  will not occur until the 1987/88 season.
  

"
training/1787	0	acq	"ITEL <ITEL> GETS FINANCING FOR ANIXTER BUY
  Itel Corp said it obtained commitments
  from a syndicate of banks for a six-year secured loan of about
  325 mln dlrs and had separately filed registration statements
  for two public offerings for a total of 150 mln dlrs to fund
  its December 1986 acquisition of <Anixter Bros Inc>.
      It said one of the offerings will be a new 75 mln dlrs
  issue of convertible exchangeable series C preferred and the
  other will be a 75 mln dlr issue of seven-year senior
  subordinated notes. Both offerings will be through Merrill
  Lynch Capital Markets.
      It said a portion of the proceeds from the offerings,
  together with the proceeds form the new bank loan, wll be used
  to repay the 395 mln dlr bridge loan Merrill Lynch and Co Inc
  <MER> provided for Itel to buy Anixter.
      Itel said the banks it obtained commitments from include
  Manufacturers Hanover Trust Co <MHC>, <Chemical Bank of New
  <York>, and the <First National Bank of Chicago>.
  

"
training/1789	0	acq	"GREAT AMERICAN <GTA> GAINS OVER 80 MLN IN LOANS
  Great American First Savings Bank said
  the bank recorded gains exceeding 80 mln dlrs on sales of loans
  and mortgage securities valued at 1.1 billion dlrs.
      The San Diego-based bank said in a prepared release of its
  report to analysts here that the gains included 6.6 mln dlrs in
  arbitrage profits from the premium paid for the separation of
  interest and principal components of new Federal National
  Mortgage Association strip securities.
      The bank said it reported a profit of more than 20 mln dlrs
  on the transaction, involving 390 mln dlrs of FNMA securities,
  including the arbitrage gain.
      Great American recently announced plans to acquire <Capital
  Savings Bank>, Olympia, Wash., and last year acquired <Home
  Federal Savings and Loan Association>, Tucson, Ariz., and <Los
  Angeles Federal Savings Bank>, which resulted in 66 new offices
  and three billion dlrs in assets.
      The bank also said it plans to expand into other major
  western banking markets and is considering an acquisition in
  Colorado.
  

"
training/1790	0	acq	"TANDY BRANDS <TAB> SELLS UNIT
  Tandy Brands Inc said it sold
  its Grate Home and Fireplace division to an investor group that
  includes some members of Grate's management for 1,600,000 dlrs
  in cash and secured notes.
      The company said the sale will not materially offset the
  9,848,000 dlr non-recurring charge it took against the sale of
  the division.
  

"
training/1794	12	earn	"BROWING-FERRIS <BFI> DECLARES 2-FOR-1 SPLIT
  Browning-Ferris Industires Inc said its
  board declared a two-for-one stock split payable April 24 to
  holders of record March 31.
  

"
training/1797	12	earn	"PENNWALT CORP <PSM> QTLY DIVIDEND
  Qtly div 55 cts vs 55 cts prior
      Payable May one
      Record April three
  

"
training/1798	0	acq	"BANNER INDUSTRIES INC <BNR> COMPLETES PURCHASE
  Banner Industries Inc said it completed
  the purchase of all Rexnord Inc <REX> common shares for its
  26.25 dlrs per share cash tender offer that ended Feb
  27, 1987.
      The purchase follows Banner receiving earlier today 310 mln
  dlrs under a credit agreement with Citicorp Industries Credit
  Inc and the Bank of Nova Scotia, and an additional 260 mln dlrs
  from offerings made for Banner and its subsidiary through
  Drexel Burnham and Lambert.
      As a result of the tender offer, Banner said it will own
  approximately 96 pct of the outstanding shares of Rexnord. The
  company said a merger of Rexnord and a subsidiary of Banner
  will be completed before mid-May.
  

"
training/1799	10	crude	"MURPHY RAISES CRUDE OIL POSTED PRICES ONE DLR/BBL. WTI TO 17.00 DLRS TODAY

  MURPHY RAISES CRUDE OIL POSTED PRICES ONE DLR/BBL. WTI TO 17.00 DLRS TODAY
  

"
training/18	12	earn	"DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS
  Dean Foods Co expects earnings for the
  fourth quarter ending May 30 to exceed those of the same
  year-ago period, Chairman Kenneth Douglas told analysts.
      In the fiscal 1986 fourth quarter the food processor
  reported earnings of 40 cts a share.
      Douglas also said the year's sales should exceed 1.4
  billion dlrs, up from 1.27 billion dlrs the prior year.
      He repeated an earlier projection that third-quarter
  earnings ""will probably be off slightly"" from last year's 40
  cts a share, falling in the range of 34 cts to 36 cts a share.
      Douglas said it was too early to project whether the
  anticipated fourth quarter performance would be ""enough for us
  to exceed the prior year's overall earnings"" of 1.53 dlrs a
  share.
      In 1988, Douglas said Dean should experience ""a 20 pct
  improvement in our bottom line from effects of the tax reform
  act alone.""
      President Howard Dean said in fiscal 1988 the company will
  derive  benefits of various dairy and frozen vegetable
  acquisitions from Ryan Milk to the Larsen Co.
      Dean also said the company will benefit from its
  acquisition in late December of Elgin Blenders Inc, West
  Chicago.
      He said the company is a major shareholder of E.B.I. Foods
  Ltd, a United Kingdom blender, and has licensing arrangements
  in Australia, Canada, Brazil and Japan.
      ""It provides ann entry to McDonalds Corp <MCD> we've been
  after for years,"" Douglas told analysts.
  

"
training/1801	0	acq	"PHOENIX STEEL RECEIVES OFFER FOR CLAYMONT MILL
  <Phoenix Steel Corp> said a group
  of investors offered to buy its Clayton steel plate mill for
  eight mln dlrs and the assumption of a bond obligation.
     Phoenix did not disclose the indentity of the investors.
      Phoenix was forced to close the Clayton mill last month.
      The company said the offer represents a major step in
  restructuring the company.
  

"
training/1803	12	earn	"KEANE INC <KEAN> 4TH QTR
  Shr 17 cts vs 15 cts
      Net 229,000 vs 201,000
      revs 10.5 mln vs 9.9 mln
      Year
      Shr 21 cts vs 55 cts
      Net 283,000 vs 766,000
      Revs 40.4 mn vs 39.7 mln
      NOTE:1985 shares adjusted to reflect the distribution of
  one share of Class B common stock for every two shares of
  common stock held of record as of July 1, 1986.
  

"
training/1808	0	acq	"VIACOM <VIA> MERGER EXPECTED IN 60 TO 90 DAYS
  Sumner Redstone, president of National
  Amusements, Inc, predicted he can win regulatory approvals to
  wrap up the 3.4 billion dlr acquisition of Viacom International
  Inc in 60 to 90 days.
      Redstone, 63, catapulted himself into the big leagues of
  entertainment early today when a group of Viacom managers and
  their financial backers decided not to top National's bid.
      ""We've had counsel working for some time in every region
  where Viacom has cable televison systems"" Redstone told Reuters
  in a telephone interview.
      Redstone also said ""Viacom is committed to working very
  closely with us to obtain approvals."" Viacom has been seeking
  approvals for transfer of its broadcast licenses and cable
  systems since September when its management group first
  advanced a buyout plan.
      But Redstone turned the situation into a spirited bidding
  contest which was capped by the announcement this morning that
  Viacom's independent directors on behalf of Viacom entered into
  a defintive merger agreement with National.
      National is a family business which operates a chain of
  movie theaters. It is dwarfed by Viacom.
      Redstone said he was weary after talks dragged on through
  the night but also excited at the prospect of running a leading
  electronic media company. He noted that the number of motion
  picture admissions in the U.S. has shown no growth in 15 years.
      Of nine satellite television channels operated by Viacom,
  four are motion-picture oriented pay channels. Redstone said
  exclusive contracts with pay television networks are the
  emerging trend. ""Up until recently you could see any motion
  picture on any pay channel,"" Redstone said.
      He noted Viacom has exclusive agreements with two studios
  and plans to sign a deal with a third company next month.
      Redstone said the management group's investment bankers
  will be paid what is due for termination of its merger
  agreement. Such fees could total about 30 mln dlrs. ""That will
  be a company expense,"" Redstone said.
      He said BankAmerica <BAC> Corp has had numerous inquiries
  from lenders who want to participate in a 2.25 billion dlr
  financing for the deal. BankAmerica will provide 592 mln dlrs.
      After the merger, Viacom will be a subsidiary of National
  but 17 pct of the company will be in public hands.
  

"
training/1809	48	trade	"BRITISH AIDE CRITICIZES U.S.PROTECTIONISM
  A senior British official said that
  protectionist bills being considered by Congress could trigger
  retaliation by the European Community (EEC) and threaten the
  global trading system.
      Paul Channon, secretary for trade and industry, said if
  Congress passed legislation to curb textile imports, which
  would hit EC shipments as well as shipments from major Asian
  textile producers, ""the community would have to retaliate.""
      His comments echoed those made yesterday by Belgian Trade
  Minister Herman De Croo, who said if the bill passed, the
  community would retaliate by imposing taxes on U.S. exports.
      Channon made his remarks at a news conference after two
  days of talks with Reagan Administration officials and members
  of Congress.
      De Croo was also in Washington for trade talks.
      Channon said there was a greater protectionism sentiment in
  Congress since his visit here last year as Congress and the
  Administration tried to find ways to reduce the U.S. trade
  deficit, which last year hit a record 169.8 billion dlrs.
      Channon also called for greater EC-U.S. cooperation to
  force Japan to open its markets to foreign goods.
      Channon said Japan's trade surplus is causing everyone
  problems - its surplus with the United States last year was
  51.5 billion dlrs and with EC nations, 16.7 billion dlrs.
      ""The more united pressure there could be, the better,"" he
  said.
      Channon also called for increased U.S.-EC cooperation to
  avoid trade disputes.
      He said the two sides narrowly avoided a confrontation
  earlier this year over lost grains sales when Spain and
  Portugal joined the community and its liberal imports
  regulations were tightened to conform to EC standards.
      ""But if both sides drew back from the brink that time,"" he
  said, """"it does not mean that they would do so on another
  occasion.""
      Channon added that ""There is increasing reesentment in
  Europe over the U.S. tactic of negotiating under the pressure
  of unilaterally imposed deadlines.""
      He said other potential conflicts are already in sight -
  alleged European government subsidies of Airbus aircraft and
  taxes on fats and oils - and ""the commuity and the United States
  must therefore learn to manage their relations better.""
      He said another bill to let the United States retaliate
  against a nation if that nation's market was not open to U.S.
  goods would bypass the trade pact GATT (General Agreeeement on
  Tariffs and Trade) as an arbiter of trade practices.
      He said foreign trade law should be judged by GATT and not
  by the United States, adding ""if the (trade) law is to be
  interpreted by the United States and not by the GATT, what is
  to happen to the rest of us?""
  

"
training/1814	12	earn	"NL INDUSTRIES INC <NL> SET REGULAR PAYOUT
  Qtly div five cts vs five cts prior
      Pay March 31
      Record March 16
  

"
training/1815	45	sugar	"CHINA SUGAR OUTPUT SEEN LOWER -- USDA
  China's 1986/87 sugar crop has been
  revised to 5.26 mln tonnes (raw value), down four pct from the
  previous forecast and five pct below the previous season, the
  U.S. Agriculture Department said.
      In its World Production and Trade Report, the department
  attributed the decline to relatively poor profitability of
  sugar, causing harvested area of cane and beets to decline
  seven pct from 1985/86.
      Beet sugar production for 1986/87 is now estimated at
  837,000 tonnes, five pct less than earlier forecast and down
  five pct from the previous season, while cane output is
  projected at 4.423 mln tonnes, down four pct from previously
  forecast and five pct below the previous season, it said.
  

"
training/1816	12	earn	"GENERAL HOST <GH> SEES YEAR LOSS
  General Host Corp said it will
  report a loss from continuing operations and a sharp decline in
  net income for the year ended January 25, 1987, due to
  substantial operating losses in its Frank's Nursery and Crafts
  unit. For the year ended January 25, 1986, General reported net
  income of 29.7 mln dlrs.
      The company said it discovered problems in its unit's
  computerized accounts payable system. It said results of its
  other nursery and craft unit, Flower Time Inc, are not
  affected. It said its accountants are investigating the
  problem, which will delay release of its full-year results.
  

"
training/1820	12	earn	"MEDTRONIC INC <MDT> SETS PAYOUT
  Qtly dividend 22 cts vs 22 cts
      Pay April 30
      Record April 10
  

"
training/1824	12	earn	"LOUISVILLE GAS AND ELECTRIC CO <LOU> DIVIDEND
  Qtly dividend 65 cts vs 65 cts
      Pay April 15
      Record March 31
  

"
training/183	12	earn	"ALATENN RESOURCES INC <ATNG> 4TH QTR NET
  Shr 75 cts vs 52 cts
      Net 1,699,124 vs 1,177,786
      Revs 45.6 mln vs 31.6 mln
      12 mths
      Shr 2.22 dlrs vs 2.20 dlrs
      Net 5,057,292 vs 4,961,085
      Revs 130.2 mln vs 126.7 mln
  

"
training/1832	1	alum	"KAISER ALUMINUM <KLU> RAISES PRODUCT PRICES
  Kaiser Aluminum and Chemical
  Corp said it is increasing prices for a broad range of common
  alloy coil, flat sheet and plate products.
      The company said prices to distributors and direct
  customers on shipments of new orders placed March 4 and after
  will be increased by four to eight cts per lb.
      Kaiser said the increases are due to increased demand and
  the need to set prices relative to the cost of primary
  aluminum.
  

"
training/1835	0	acq	"ROBERTSON UPS CAPITAL WIRE<CWCC> STAKE TO 12 PCT
  New York investor Julian Robertson
  and several investment partnerships he controls said they
  raised their stake in Capital Wire and Cable Corp to 481,800
  shares, or 12.2 pct of the total, from 430,200, or 10.9 pct.
      In a filing with the Securities and Exchange Commission
  Robertson and his Tiger, Jaguar, Puma and Tiger Management Co
  entities said they bought 51,600 Capital Wire common shares
  between Feb 3 and 17 at 13.25 dlrs a share.
      Robertson said his group has spent a total of 5.9 mln dlrs
  on its investment in the company so far.
  

"
training/1836	0	acq	"TWA <TWA> TANGLES PIEDMONT <PIE> SITUATION
  Trans World Airlines Inc complicated
  the bidding for Piedmont Aviation Inc by offering either to buy
  Piedmont suitor USAir Group or, alternatively, to merge with
  Piedmont and USAir.
      Piedmont's board was meeting today, and Wall Street
  speculated the board was discussing opposing bids from Norfolk
  Southern Corp and USAir. The TWA offer was announced shortly
  after the Piedmont board meeting was scheduled to begin.
      TWA offered to buy USAir for 52 dlrs cash per share. It
  also said it was the largest shareholder of USAir and
  threatened to go directly to USAir shareholders with an offer
  for 51 pct of the stock at a lower price.
      TWA also said it believed its offer was a better deal for
  USAir shareholders than an acquisition of Piedmont, but it said
  it alternatively would discuss a three-way combination of the
  airlines.
      Market sources and analysts speculated that TWA chairman
  Carl Icahn made the offer in order to put his own airline into
  the takeover arena.
      ""We're just wondering if he's not just trying to get TWA
  into play. There's speculation on the street he just wants to
  move onto somthing else,"" said one arbitrager. ""We think TWA
  might just be putting up a trial balloon.""
      Analysts said the offer must be taken seriously by USAir,
  but that the airline will probably reject it because the price
  is relatively low compared to other airline deals.
      They also said Icahn must prove his offer credible by
  revealing financing arrangements. ""They need to show their
  commitment and their ability to finance. I think it's a
  credible offer,"" said Timothy Pettee, a Bear Stearns analyst.
      ""I think it's certainly on the low end of relative values
  of airline deals,"" said Pettee. Pettee estimated 58 dlrs would
  be in a more reasonable range based on other airline mergers.
      USAir stock soared after TWA made public its offer. A
  spokesman for USAir declined comment, and said USAir had not
  changed its offer for Piedmont. USAir offered of buy 50 pct of
  that airline's stock for 71 dlrs cash per share and the balance
  for 73 dlrs per share in USAir stock.
      USAir closed up 5-3/8 at 49-1/8 on volume of 1.9 mln
  shares.
      Piedmont, which slipped 1/2 to close at 69-5/8, also
  remained silent on the TWA action. Piedmont has an outstanding
  65 dlr cash per share offer from Norfolk Southern Corp.
      Norfolk Southern declined comment, but said it stuck with
  its offer for Piedmont. Norfolk owns about 20 pct of Piedmont
  and opened the bidding when it said it would propose a takeover
  of Piedmont.
      Some analysts said Icahn may be trying to acquire USAir to
  make his own airline a more attractive takeover target.
      ""Icahn I think had wanted to sell his airline and there
  were no takers. I think the strategy might have called for
  making his investment more attractive. One way to accomplish
  that specific objective is to go out and acquire other
  airlines,"" said Andrew Kim of Eberstadt Fleming.
      ""I don't know whose going to buy them, but at least this
  way it becomes a much more viable package,"" said Kim.
      But Icahn's financing ability for such a transaction
  remains in doubt, in part because of TWA's heavy debt load.
      Wall street sources said TWA has some cash with which to do
  the offer.
      The sources said Icahn has not lined up outside financial
  advisers and plans to make his own arrangements.
     Icahn earlier this year abandoned plans to buy USX Corp <X>
  and still retains 11 pct of that company's stock.
      Some Wall street sources said the financier's USX plan was
  impacted by the cloud hanging over his adviser, Drexel Burnham
  Lambert Inc, because of Wall Street's insider trading scandal.
      Industry sources also predicted USAir might reject the TWA
  offer on price and financing concerns. ""It's littered with
  contingencies and it doesn't even have a financing
  arrangement,"" said one executive at another major airline.
      But the executive conceded a merged TWA-USAir would be a
  strong contender with USAir's east coast route system and
  planned west coast presence from PSA. USAir could feed the
  intenrational flights of TWA, which has a midwest presence in
  its St. Louis hub. Adding Piedmont, dominant in the southeast,
  to the mix would develop an even stronger force.
      The combined entity would also have TWA's pars reservation
  system.
      Such a merger would be complex and analysts said it would
  result in an airline iwth an 18 pct market share.
  

"
training/1837	12	earn	"FOREST OIL CORP <FOIL> 4TH QTR
  Shr loss 29 cts vs profit eight cts
      Net loss 2.0 mln vs profit 568,000
      year
      Shr loss 1.37 dlrs vs profit 88 cts
      Net loss 9.3 mln vs profit 6.0 mln
  

"
training/1839	48	trade	"YEUTTER PLANS TRADE TRIP TO CHINA THIS SUMMER
  U.S. Trade Representative Clayton
  Yeutter said he plans a July trip to China to discuss trade
  issues including China's admission to the General Agreements on
  Tariffs and Trade.
      Yeutter told a congressional hearing it was possible China
  could be a member of GATT before the end of the year.
      ""They are making major moves to becoming a full scale member
  of the world economy,"" he told the House Appropriations
  subcommittee which oversees his agency's budget.
      Depending on how the negotiations go on the terms of
  China's GATT membership, Yeutter said he could put the final
  touches on the U.S. part of the agreement during his trip.    
  The admission of China to GATT, which is the multinational
  group of nations which negotiates international rules on trade,
  would offer both potential export markets and potential
  competition for U.S. industries, he said.
      ""That has a lot of potential as well as risks for U.S.
  business,"" Yeutter said.
      ""I think China will develop into a fine market for us,"" he
  added.
  

"
training/1842	5	coffee	"RIO COFFEE TRADE PREFERS NO PACT TO QUOTA CUT
  The failure of talks to introduce
  new coffee export quotas within the International Coffee
  Agreement, ICA, was preferable to the alternative of Brazil
  having a sharply reduced quota, as had been proposed, President
  of the Rio de Janeiro Coffee Trade Association Carlos Calmon
  said.
      He told Reuters proposals to reduce Brazil's quota to 25
  pct of the world share from 30 pct at present were unacceptable
  as the country has large stocks and a good harvest is expected.
      ""Brazil has the capacity to export 20 mln bags this year,""
  Calmon added.
      Calmon said, assuming a 58 mln bag global ICA quota,
  Brazil's share under the proposals would have been 14.5 mln
  bags, of which soluble would have accounted for 2.0 mln,
  leaving just 12.5 mln bags of green coffee for export.
      ""It's a pity the talks broke down, but for Brazil this was
  better than such a quota reduction,"" he added.
      In 1985 Brazil exported 19.6 mln bags of soluble and green
  coffee, including about two mln bags to non-members. A severe
  drought and marketing problems cut exports last year to under
  10 mln bags.
      Calmon estimated stocks as of January 1 at 18 mln bags, of
  which 5.0 mln have already been sold for export. The harvest
  this year should be around 30 mln bags, he added.
      The latest Brazilian Coffee Institute estimate for last
  year's harvest is 11.2 mln bags, although many traders believe
  it was higher than this.
  

"
training/1845	17	grain	"U.S. CABINET COUNCIL SET TO MULL FARM ISSUES
  The Reagan administration's
  cabinet-level Economic Policy Council is scheduled to meet
  Friday to discuss, among other issues, the status of
  agricultural legislation, administration officials said.
      The officials said discussion of a U.S. Agriculture
  Department wheat export subsidy to the Soviet Union was not on
  the agenda. Matters not on the agenda, however, can be brought
  before the council, the officials said.
      Grain trade officials have speculated that USDA would make
  a wheat export enhancement offer to Moscow, but USDA officials
  have said the matter is not under active consideration.
      USDA today transmitted to Congress a package of legislative
  proposals, including bills that would cut target prices and
  speed up loan rate reductions.
  

"
training/1846	12	earn	"UNICORP AMERICAN CORP <UAC> 4TH QTR NET
  Shr 13 cts vs 70 cts
      Net 1,538,000 vs 8,614,000
      Revs 16.4 mln vs 19.6 mln
      12 mths
      Shr 89 cts vs 2.43 dlrs
      Net 10.3 mln vs 29.8 mln
      Revs 56.2 mln vs 83.8 mln
      Note: 1986 net is before preferred dividend payments and
  includes after-tax gain from sale of real estate properties of
  12.9 mln dlrs.
  

"
training/1847	0	acq	"BANNER <BNR> COMPLETES REXNORD SHARE PURCHASE
  Banner Industries Inc said it completed
  the previously announced purchase of Rexnord Inc <REX>. It said
  it owns 96 pct of Rexnord's outstanding following the purchase
  of all Rexnord's common validly tendered pursuant to its 26.25
  dlr per share cash tender offer ended February 27.
      Banner also said it received 310 mln dlrs pursuant to a
  credit agreement with <Citicorp Industrial Credit Inc> and the
  <Bank of Nova Scotia> and 260 mln dlrs from an offering made
  through Drexel Burnham Lambert Inc.
      The merger of Rexnord with a subsidiary of Banner will be
  copmleted before mid-May, the company said.
  

"
training/1848	49	veg-oil	"U.S. REAFFIRMS OPPOSITION TO EC OILS TAX PLAN
  A meeting among government agencies
  today reaffirmed the strong opposition of the United States to
  a proposed new tax on vegetable oils and fats in the European
  Community, U.S. trade officials said.
      Representatives of the major government agencies agreed at
  a trade policy review group meeting, which includes officials
  of the deputy secretary rank, to continue diplomatic pressure
  on EC member states.
      ""We (all agencies) are together on this,"" said one U.S.
  trade official.
      One source said the U.S. would continue to make clear to
  member states and to the EC commission that if Brussels
  proceeds with the vegetable oils tax ""there will be a great
  cost.""
      U.S. officials said no formal list of European products on
  which the U.S. might retaliate, has yet been drawn up.
      ""I don't think we're at that point yet,"" said one trade
  official, adding that the EC has only begun deliberations on
  its farm price package.
      Suzanne Early, assistant trade representative, told Reuters
  the interagency meeting was to discuss U.S. strategy on the
  vegetable oils issue. Asked about retaliation, she said
  ""sometimes its better not to be specific.""
      U.S. trade representative Clayton Yeutter Monday warned
  another major transatlantic trade row will develop if the EC
  proceeds with the vegetable oils tax.
  

"
training/1849	12	earn	"<CCL INDUSTRIES INC> 4TH QTR NET
  Shr 15 cts vs 18 cts
      Net 4,500,000 vs 5,300,000
      Revs 156.7 mln vs 152.0 mln
      YEAR
      Shr 72 cts vs 1.11 dlrs
      Net 21.7 mln vs 33.0 mln
      Revs 695.4 mln vs 653.5 mln
      Note: Shr profit relates to class B non-voting shares.
  

"
training/185	0	acq	"VERSATILE TO SELL UNIT TO VICON
  <Versatile Corp> said
  it agreed in principle to sell its Alberta-based Versatile
  Noble Cultivators Co division to Vicon Inc, of Ontario, for
  undisclosed terms.
      The division manufactures tillage and spraying equipment.
  

"
training/1853	12	earn	"(G.T.C. TRANSCONTINENTAL GROUP LTD) 1ST QTR NET
  Shr 11 cts vs nine cts
      Net 2.1 mln vs 1.6 mln
      Revs 60.8 mln vs 32.9 mln
      Avg shrs 19.7 mln vs 17.2 mln
      Note: period ended January 31.
   Reuter
  

"
training/1855	0	acq	"PIEDMONT AVIATION RECESSES MEETING WITHOUT TAKING ACTION ON MERGER PROPOSALS

  PIEDMONT AVIATION RECESSES MEETING WITHOUT TAKING ACTION ON MERGER PROPOSALS
  

"
training/1858	15	gnp	"CANADA CENTRAL BANK HEAD SEES MODERATE GROWTH
  Bank of Canada Governor John Crow said he
  expects the Canadian economy will grow moderately in the coming
  year, despite the near flat growth in the final quarter of
  1986.
      ""We see moderate growth,"" Crow told a news conference
  following presentation of the central bank's annual report in
  the House of Commons today.
      He said there were positive signs of growth in the economy,
  particularly the drawdown of business inventories in the fourth
  quarter. Yesterday, Statistics Canada reported gross domestic
  product expanded a slight 0.2 pct in the quarter.
      Crow reiterated the bank's previous statements that
  inflation remains a major priority in setting monetary policy
  and said only zero inflation would be acceptable. Canada's
  inflation rate is currently hovering around the four pct mark.
      The governor said Canada's banking system remains sound
  despite recent concern about exposure by the country's banks in
  debt plagued countries such as Brazil.
      ""It (the debt problem) is not a happy development but I
  think it can be overplayed in terms of its impact,"" Crow told
  reporters.
  

"
training/186	0	acq	"VIDEOTRON BUYS INTO EXHIBIT COMPANY
  (Groupe Videotron Ltd) said it agreed to
  buy 50 pct of (Groupe Promexpo Inc), a company which
  specializes in product exhibits, for three mln dlrs.           
  

"
training/1861	12	earn	"AMVESTORS FINANCIAL CORP <AVFC> 4TH QTR NET
  Oper shr profit 11 cts vs loss 27 cts
      Oper net profit 662,625 vs loss 774,002
      Revs 43.9 mln vs 18.4 mln
      Year
      Oper shr profit 37 cts vs loss 37 cts
      Oper net profit 1,487,796 vs loss 1,119,626
      Revs 150.1 mln vs 51.7 mln
      NOTE: 1986 4th qtr and yr oper net excludes 6,134 dlrs and
  720,500 dlrs or 20 cts per share, respectively, for realized
  investment gains.
      1986 qtr and yr oper net also excludes 102,300 dlrs and
  257,300 dlrs, respectively, for tax loss carryforwards.
      1985 4th qtr and yr oper net excludes realized investment
  gains of 449,920 dlrs or 15 cts per share and 897,949 dlrs or
  30 cts per share, respectively.
      1985 4th qtr oper net also excludes a loss of 42,820 dlrs
  for carryforward.
  

"
training/1862	0	acq	"PIEDMONT <PIE> TAKES NO ACTION
  Piedmont Aviation Inc said
  its board meeting recessed today without taking action on
  proposals to combine Piedmont with other corporations.
      Piedmont has received opposing bids from Norfolk Southern
  Corp and US Air Corp.
      Earlier today, Trans World Airlines Inc offered to either
  buy Piedmont suitor US Air or, alternatively, to merge with
  Piedmont and U.S. Air.
      IN a prepared statement, Piedmont said there would be no
  further announcements concerning this situation today.
      The company declined to say when the board would meet
  again.
  

"
training/1863	48	trade	"YEUTTER CONCERNED ABOUT U.S. EXPORT PICTURE
  U.S. Trade Representative Clayton
  Yeutter said he expects imports to fall soon but he was
  concerned about the lack of improvement in U.S. exports given
  the dollar's decline in the last 18 months.
      ""I'm convinced we're about to see an improvement on the
  import side. I'm more concerned about the export side,"" he told
  a House Appropriations subcommittee.
      Part of the blame goes on other countries which have not
  generated the economic growth to increase demand for U.S. goods
  and part to some U.S. companies which are not generating
  competitive exports, he said.
  

"
training/187	12	earn	"<MEMOTEC DATA INC> YEAR NET
  Shr 81 cts vs 66 cts
      Net 5,011,000 vs 2,314,000
      Revs 57.3 mln vs 17.6 mln
      Note: results include extraordinary gains of 1,593,000 dlrs
  or 26 cts a share in 1986 and 451,000 dlrs or 13 cts a share in
  1985.
  

"
training/1871	48	trade	"HOUSE TRADE BILL DRAFTING POSTPONED
  The House Ways and Means trade
  subcommittee postponed until next week its opening session to
  start drafting major changes to U.S. trade laws, a committee
  aide said.
      The subcommittee had not yet completed the preparatory work
  to start writing the legislation, the aide said.
  

"
training/1872	12	earn	"<LUMONICS INC> YEAR LOSS
  Oper shr loss 20 cts vs profit 66 cts
      Oper net loss 1,995,000 vs profit 5,820,000
      Revs 65.2 mln vs 53.0 mln
      Avg shrs 9,891,000 vs 8,811,000
      Note: 1986 loss excludes extraordinary loss of 2,413,000
  dlrs or 25 cts shr including corporate reorganization,
  discontinuing of U.S. operations and inventory writedown of
  U.S. subsidiaries vs yr-ago loss of 3,140,000 dlrs or 36 cts
  shr.
  

"
training/1873	12	earn	"HCC INDUSTRIES <HCCI> QUARTERLY DIVIDEND
  Qtly div three cts vs three cts
      Pay March 27
      Record March 16
  

"
training/1875	10	crude	"SOUTHLAND <SLC> UNIT RAISES CRUDE PRICES
  Southland Corp's Citgo Petrleum Corp
  said it raised the contract price it will pay for all grades of
  crude oil by one dlr a barrel, effective today.
      The increase brings Citgo's posted price for West Texas
  Intermediate to 17.00 dlrs a bbl. West Texas Sour is also now
  priced at 17.00 dlrs/bbl, and Light Louisiana South is posted
  at 17.35 dlrs/bbl.
      On February 25 Citgo lowered its crude postings 50 cts to
  1.50 dlrs per bbl, and cut WTI one dlr to 16.00.
  

"
training/1877	12	earn	"<WESTERN SECURITY BANK> 4TH QTR NET
  Shr profit ten cts vs loss six cts
      Net profit 43,000 vs loss 26,000
      Year
      Shr profit 46 cts vs profit 12 cts
      Net profit 193,294 vs profit 51,029
      Assets 44.4 mln vs 25.3 mln
      Deposits 40.0 mln vs 21.4 mln
      Loans 25.3 mln vs 15.2 mln
  

"
training/1880	5	coffee	"COFFEE PRICE DROP NOT AFFECTING COLOMBIA'S DEBT
  the sharp fall in international coffee
  prices will not affect colombia's external credit situation,
  finance minister cesar gaviria told reuters.
      ""our foreign debt is high, but we can pay, and I hope the
  foreign banking community will maintain its position toward us,""
  he said.
      He said the current decline on world coffee markets was not
  totally unexpected and would have no immediate bearing on
  colombia's financial state, which he described as sound.
      Gaviria said the decline in coffee prices could mean a loss
  of 1.5 billion dlrs in revenues for 1987.
      The conservative party and the country's largest trade
  union called this week for the debt to be rescheduled following
  the price drop.
      Colombia, the only major latin american country not to have
  rescheduled its external public debt, has a total foreign debt
  of 13.6 billion dlrs.
  

"
training/1885	40	reserves	"SOUTH AFRICAN FOREIGN RESERVES UP SHARPLY
  South Africa's total gold and
  foreign assets rose by 700 mln rand in February to 6.2 billion
  rand after rising by almost one billion rand in January,
  Reserve Bank Governor Gerhard de Kock said.
      De Kock, interviewed on state-run television, gave no
  breakdown of the reserves.
      He also said that to curb inflation, salary increases would
  have to be below the inflation rate. The state must set an
  example by keeping wage increases below the inflation rate, he
  said.
      Consumer prices rose by 16.1 pct in the year to January.
  

"
training/1886	0	acq	"WTC INTERNATIONAL <WAF> SETS SOUTH AFRICA TRUST
  WTC International N.V. said it
  has sold its affiliates in South Africa to an independent
  trust, created to continue the operations in that country.
      The purchase price was about 8.4 mln dlrs, represented by a
  ten-year interest-bearing note, payable annually at 11 pct, to
  be paid by the trust out of proceeds from the South African
  operations, the company said.
      WTC said its board concluded in view of the social,
  political and economic situatin in South Africa, it was best to
  separate the company from its interests there.
  

"
training/1889	5	coffee	"IVORY COAST SAYS COFFEE PRICE FALL SHORT-LIVED
  Ivory Coast today predicted that the
  present coffee price crash recorded after the collapse of the
  recent International Coffee Organisation (ICO) meeting in
  London would not last long.
      Commenting on Monday's failure by producer and consumer
  nations to agree on new export quotas needed to tighten an
  oversupplied coffee market, Ivorian Agriculture Minister Denis
  Bra Kanon told reporters that traders would eventually be
  obliged to restore their positions.
      ""I am convinced the market is going to reverse by April,"" he
  told a news conference here at his return from the failed
  London talks.
      Robusta coffee beans for May delivery ended the day in
  London down about 50 sterling at 1,265 sterling a tonne, the
  lowest since 1982.
      Bra Kanon estimated at at least 535 billion CFA francs
  (1.76 billion dlrs) the overall loss in revenues earned by
  Ivory Coast from all its commodities exports this year if the
  slide on the world markets continues.
      He disclosed that his country - the world's biggest cocoa
  producer and the third largest for coffee -- would spearhead an
  African initiative to reach a compromise formula by the end of
  next month.
      Ivory Coast has been chosen by the Abidjan-based
  Inter-African Coffee Organisation (IACO) to speak on behalf of
  the continent's 25 producer nations at the London talks.
      ""An initiative from IACO is likely very soon,"" he said
  without elaborating.
      ""Following the London collapse, we have immediately embarked
  on a concertation course to avoid breaking an already fragile
  market,"" he said.
      Questioned by journalists, the minister said President
  Felix Houphouet-Boigny estimated for the moment that his
  government would not be forced to reduce the price guaranteed
  by the state to Ivorian coffee-growers for the current season.
      Last year, the West African nation announced that the
  coffee producer price would stay at 200 CFA francs (65 cents)
  per kilo.
      Bra Kanon said that his country would strive to diversify
  its agricultural production to avoid beeing too dependent from
  world market fluctuation.
      A communique read over the state-run television tonight
  said that during today's weekly cabinet meeting, the veteran
  Ivorian leader reaffirmed ""his faith in Ivory Coast's bright
  (economic) future"" despite the commodities price slide.
      The Agriculture Minister also announced the government
  decided to earmark a sum of 7.5 billion CFA francs (24.71 mln
  dlrs) to support the country's small farmers.
      Financially-strapped Ivory Coast, long regarded as one of
  Africa's showpiece economies, is going through difficult times
  following the sharp slump in the world price of cocoa and
  coffee.
      Ivory Coast's real gross domestic product is expected to
  grow only one pct this year compared to five pct in 1986,
  according to a recent Finance Ministry estimate.
  

"
training/189	10	crude	"TEXACO CANADA CUTS CRUDE PRICES 64 CANADIAN CTS/BBL, PAR GRADE TO 22.26 CANADIAN DLRS

  TEXACO CANADA CUTS CRUDE PRICES 64 CANADIAN CTS/BBL, PAR GRADE TO 22.26 CANADIAN DLRS
  

"
training/1897	16	gold	"REAGAN'S REMARKS HELP GOLD TO RECOVER IN HONG KONG
  Gold rose by about 50 U.S. Cents an
  ounce, following a statement by President Ronald Reagan that
  the arms-for-hostages deal with Iran ""was a mistake,"" dealers
  said.
      Bullion rose to 409.40/90 dlrs from an initial low of
  408.90/409.40. This compares with the opening of 409.00/50 and
  New York's close of 410.00/50.
      Dealers noted mild short-covering in the metal after some
  initial selling by local investors. Trading was fairly quiet
  this morning partly owed to the slow U.S. Dollar activities,
  they added.
      However, Reagan's remarks had only a short-lived bullish
  impact on the gold price, which is now stabilising at 409.10/60
  dlrs, dealers said.
      On the local market, the metal traded in a narrow range of
  3,800 and 3,805 H.K. Dlrs a tael against yesterday's 3,778
  close.
  

"
training/1898	33	money-supply	"TAIWAN ISSUES MORE CDS TO CURB MONEY SUPPLY GROWTH
  The central bank has issued 7.08 billion
  dlrs worth of certificates of deposit (CDs), bringing the value
  of CD issues so far this year to 93.29 billion, a bank
  spokesman told Reuters.
      The new CDs, with maturities of six months, one year and
  two years, carry interest rates ranging from 3.9 to 5.15 pct.
      The issues are designed to help curb the growth of the M-1B
  money supply which has expanded along with Taiwan's foreign
  exchange reserves, the spokesman said. The reserves reached a
  record high of more than 51 billion U.S. Dlrs Wednesday.
  

"
training/1902	43	ship	"TAIWAN SHIPBUILDER LOOKS FOR JAPANESE VENTURES
  Taiwan's state-owned China Shipbuilding
  Corp (CSBC) plans to seek joint production agreements with
  Japan and further diversify into ship repairing to try to trim
  its debts, chairman Louis Lo said.
      He told Reuters in an interview that CSBC's first joint
  production venture, to build two hulls for <Onomichi Dockyard
  Co Ltd>, was a success. Talks on similar projects have been
  held with other Japanese firms, including Mitsubishi Heavy
  Industries Co Ltd <MITH.T> and Ishikawajima-Harima Heavy
  Industries Co Ltd <JIMA.T>, he said.
      Lo said CSBC delivered the hulls of two 2,200-TEU (twenty
  foot equivalent unit) container ships this year to Onomichi,
  which would complete production.
      ""We expect the successful cooperation between us and
  Onomichi will pave the way for further cooperation with other
  Japanese shipbuilders in the future,"" Lo said.
      He said Japanese firms would gain from the lower cost of
  shipbuilding in Taiwan while CSBC would benefit from Japanese
  technology and marketing. This would pose a challenge to
  competitors in Europe and South Korea.
      Lo said CSBC has made losses of about 100 mln U.S. Dlrs
  since beginning operations in 1975. Its total debt now stands
  at about 500 mln dlrs, with annual interest payments of nearly
  three mln dlrs.
      But he said the company, which is Taiwan's largest
  shipbuilder, still has full government support and had begun
  diversifying into ship repairing and manufacture of pipes and
  other machinery.
      ""We hope we can survive and prosper through diversification,""
  he said.
      Lo said income from ship repairing almost doubled to 20 mln
  U.S. Dlrs in the year ended June 1986 compared with the
  previous financial year. He estimated income would rise to more
  than 25 mln dlrs in 1986/87.
      CSBC has orders to build 10 ships totalling 460,000 dead
  weight tons (dwt) this financial year, compared with 11 ships
  of 462,000 dwt in 1985/86, he said.
      Lo said the prospects for shipbuilding were gloomy at least
  until 1991 due to overtonnage, but the outlook for ship
  repairing was bright.
  

"
training/1909	10	crude	"OPEC STICKING FIRM ON OFFICIAL PRICES - SUBROTO
  OPEC countries are all sticking firmly to
  official crude oil prices but the volatility of spot prices is
  likely to continue into the third quarter, Indonesian Minister
  of Mines and Energy Subroto told Reuters.
      Subroto, attending a Pacific Energy Cooperation conference,
  blamed recent rapid spot price changes on unbalanced supply and
  demand. ""If we stick to the production limitation, the third
  quarter will be in better balance.""
      He said the market is in a period of transition while the
  impact of OPEC's December agreement to cut output and fix
  prices at an average 18 dlrs a barrel is worked through.
      Asked whether OPEC members of the Gulf Cooperation Council
  (GCC) had any concrete proposals to help Qatar sell its crude
  oil in the face of strong resistance to its official prices,
  Subroto said: ""Apparently they have taken care of that.""
      ""They (the GCC) meet very often among themselves. I think
  they'll help each other,"" he said.
      Subroto said that as he was not a member of OPEC's Price
  Differentials Committee he did not know why the meeting had
  been postponed from its scheduled April 2 date.
      ""Maybe they find it is better not to have the meeting
  because ... Everyone is sticking to official prices,"" he said.
  

"
training/191	10	crude	"TEXACO CANADA <TXC> LOWERS CRUDE POSTINGS
  Texaco Canada said it lowered the
  contract price it will pay for crude oil 64 Canadian cts a
  barrel, effective today.
      The decrease brings the company's posted price for the
  benchmark grade, Edmonton/Swann Hills Light Sweet, to 22.26
  Canadian dlrs a bbl.
      Texaco Canada last changed its crude oil postings on Feb
  19.
  

"
training/1910	5	coffee	"THAI COFFEE EXPORTS RISE IN 1986
  Thai coffee exports rose to 22,068
  tonnes in 1986 from 20,430 a year earlier, the Customs
  Department said.
  

"
training/1912	33	money-supply	"SOUTH KOREAN MONEY SUPPLY RISES IN FEBRUARY
  South Korea's M-2 money supply rose 0.39
  pct to 33,992.0 billion won in February from 33,858.4 billion
  in January, when it fell a revised 0.04 pct from December,
  provisional Bank of Korea figures show.
      The February figure was up 18.89 pct from a year earlier.
      M-1 money supply rose 4.13 pct to 8,492.1 billion won in
  February from January, when it fell 7.82 pct from December. The
  February figure marked a year-on-year rise of 18.45 pct.
      The bank previously said M-2 fell 0.06 pct in January.
  

"
training/1913	40	reserves	"PAKISTAN'S FOREIGN EXCHANGE RESERVES FALL
  Pakistan's foreign exchange reserves
  fell to 8.43 billion rupees in February from 8.96 billion in
  January, compared with 12.97 billion in February 1986, the
  State Bank of Pakistan said.
      The bank gave no reason for the fall but local bankers said
  big import bills had affected the reserves.
      The Federal Bureau of Statistics has not yet released last
  month's import and export figures.
  

"
training/1917	12	earn	"HOECHST GROUP PRE-TAX PROFIT FALLS IN 1986
  Hoechst AG <HFAG.F> said its group
  pre-tax profit in 1986 would be slightly lower than the 3.16
  billion marks posted in 1985, while parent company pre-tax
  profits rose slightly from the 1.62 billion in 1985.
      Group turnover fell slightly to 38 billion marks from 42.72
  billion in 1985, and parent company turnover fell to around 14
  billion marks from 15.35 billion, the company said in a
  statement.
  

"
training/1918	16	gold	"BHP TO FLOAT GOLD UNIT WITH ONE-FOR-THREE ISSUE
  The Broken Hill Pty Co Ltd <BRKN.S>
  (BHP) said it plans a renounceable one-for-three issue of
  rights to float a new company, <BHP Gold Mines Ltd> (BHPGM),
  which will hold most of BHP's gold interests.
      In a statement BHP said the 25-cent par rights would be
  priced at 50 cents for 430 mln of the BHPGM shares on offer.
  BHP will subscribe for the remaining 540 mln shares, or 56 pct
  of issued capital, on the same terms.
      BHPGM will pay 440 mln dlrs for BHP's gold interests,
  excluding its stake in Papua New Guinea's <Ok Tedi Mining Ltd>
  and those interests held by BHP's <Utah International Inc>.
      The BHP statement said the issue will be made to
  shareholders registered on March 27. It opens April 4 and
  closes April 29, and is underwritten by <J.B. Were and Son>.
  Rights will be traded on Australian stock exchanges from March
  23 to April 22, and the new shares will be quoted from June 4.
      BHP said the new company will be one of Australia's larger
  gold producers, with annual output exceeding 170,000 ounces. It
  said there are plans to boost production to 300,000 ounces by
  the early 1990s. BHPGM's portfolio will include several
  Australian mines -- 30 pct of Telfer, 100 pct of Ora Banda and
  Browns Creek and 20 pct of the new Boddington development.
      The statement said BHPGM would also hold BHP's 45 pct stake
  in the Coronation Hill Property in the Northern Territory, and
  its 55 pct stake in a new venture near Gympie, Queensland.
      BHPGM chairman-designate John Gough said it was a quality
  gold stock.
      ""The diversity and depth of BHP Gold's portfolio ... Give
  the company a sound foundation in current gold production and
  an exciting potential for growth,"" he said.
  

"
training/1919	12	earn	"HK BANK EXPECTED TO POST 10 TO 13 PCT PROFIT RISE
  The Hongkong and Shanghai Banking Corp
  <HKBH.HK> is likely to show a rise in profit of between 10 and
  13 pct for 1986, reflecting stronger than expected loan growth,
  share analysts polled by Reuters said.
      Their estimates of the bank's net earnings for last year
  ranged from 2.99 to 3.1 billion H.K. Dlrs. Results will be
  announced on Tuesday. The 1985 net profit was 2.72 billion.
      They forecast a final dividend of 29 cents for a total of
  42 cents for the year against 38 cents in 1985, adjusted for a
  one-for-five bonus issue.
      Analysts said they expected the bank to recommend a bonus
  issue this year, probably one for three or one for five.
      The bank's 61.5 pct subsidiary Hang Seng Bank Ltd <HSGH.HK>
  is to report its 1986 results on Friday.
      Analysts expect Hang Seng to announce net profit of more
  than one billion dlrs for the first time, an increase of 10 to
  12 pct.
      They expect Hang Seng to pay a final dividend of 1.37 dlrs
  for a total of 1.75 dlrs for the year against 1.60 in 1985.
      Analysts said that while the use of undisclosed inner
  reserves by banks here makes forecasting very imprecise,
  Hongkong Bank benefited from the unexpected strength of the
  Hong Kong economy in 1986, when gross domestic product grew by
  nearly nine pct against an initial forecast of 4.5 pct.
      ""They benefited considerably from the pickup in loan demand,
  as their loan portfolio is well balanced,"" an analyst at Mansion
  House Securities (F.E.) Ltd said.
      Government figures show that total loans and advances rose
  by 13.8 pct in 1986, compared with a 4.5 pct increase in 1985.
      Loans to finance Hong Kong's visible trade, the mainstay of
  the local economy, rose by 15.1 pct against a decline of five
  pct in 1985.
      Low interest rates also helped the bank. Interest received
  on loans was low, with the prime rate at 6.5 pct at end-1986,
  but interest paid on savings was two pct. Hongkong Bank and
  Hang Seng Bank control half of all deposits in the banking
  system, giving them access to a large base of low-cost funds.
      The strength of the real-estate market was another major
  income source for the bank group. Loans to finance property
  development and instalment mortgages rose sharply.
      ""The Hongkong Bank group is still the leader in mortgage
  business despite tough competition from the Bank of China group
  and other foreign banks,"" one analyst said.
      The high level of activity on the capital and equities
  markets in 1986 contributed to a sharp improvement in Hongkong
  Bank subsidiaries Wardley Ltd <WAIA.HK> and <James Capel and
  Co>, analysts said. ""Wardley had a tremendous year acting as
  financial adviser and underwriter,"" an analyst said.
      Wardley was underwriter for last year's billion-dlr
  flotation of <Cathay Pacific Airways Ltd>, of which Hongkong
  Bank owned 30 pct at the time.
      The bank's stake has since been cut to 16.4 pct in return
  for 1.57 billion dlrs. It also sold its entire 48.8 pct stake
  in <South China Morning Post Ltd>, the larger of two
  English-language daily newspapers here, for 1.18 billion dlrs.
      The proceeds will go to reserves for acquisitions and will
  not show up in the profit and loss accounts, analysts said.
      Analysts said the bank had also been helped by a reduced
  need to write off bad debts. ""The need for provisions was much
  lower than the year before,"" said Tony Measor of Hong Leong
  Securities Co Ltd. ""Last year's profits should have been 2.8 to
  2.9 billion dlrs if not for the huge provisions.""
      Former Hongkong Bank chairman Michael Sandberg said the
  bank wrote off hundreds of millions of dollars against its
  shipping exposure in 1985. Lesley Nickolds of County Securities
  Asia Ltd said she saw no major shipping writeoffs in 1986. She
  forecast profit of 2.99 billion dlrs.
      The bank's Latin American exposure, mainly through its
  51-pct owned Marine Midland Banks Inc <MM>, appears to have
  improved substantially, analysts said. Marine Midland's 1986
  fourth-quarter loan-loss provisions fell to 44.1 mln U.S. Dlrs
  from 89.2 mln a year before. Its 1986 net profit rose to 145
  mln U.S. Dlrs from 125 mln in 1985.
  

"
training/1920	0	acq	"HUGHES TOOL DIRECTORS REJECT MERGER WITH BAKER
  The directors of Hughes Tool Co
  <HT> said they would recommend to shareholders that they reject
  a merger with Baker International Corp <BKO> today.
      Hughes vice-president Ike Kerridge said the recommendation
  would be put to shareholders at a meeting scheduled for 10 A.M.
  Local time (1600 GMT) to discuss the proposed merger.
      Kerridge said the board met yesterday to discuss the merger
  but decided against it.
      The Hughes board objected to a U.S. Department of Justice
  requirement that Baker sell off several specialised
  subsidiaries in businesses related to oil-drilling.
      The Hughes board last week indicated that it might cancel
  the merger because of the Department of Justice requirement.
      The board of directors of the California-based Baker had
  approved the merger. On February 17 Baker said it had signed an
  agreement to sell one of the subsidiaries.
      The companies had been given until April 22 to comply with
  the Justice Department requirement, Kerridge said.
  

"
training/1924	12	earn	"CANON INC (CANN.T) YEAR ENDED DECMEBER 31
  Group shr 18.34 yen vs 58.72
      Net 10.73 billion yen vs 37.06 billion
      Pretax 27.76 billion yen vs 84.78 billion
      Operating 30.06 billion yen vs 88.81 billion
      Sales 889.22 billion vs 955.78 billion
      Note - The company attributed the profit fall largely to
  the yen's appreciation during the period. Domestic sales rose
  0.4 pct to 274.17 billion yen from a year earlier while exports
  declined 9.9 pct to 615.04 billion.
  

"
training/1929	47	tin	"THAI TIN EXPORTS RISE IN JANUARY
  Thailand exported 1,816 tonnes of tin
  metal in January, up from 1,731 in December and 1,330 a year
  ago, the Mineral Resources Department said.
      It said major buyers last month were Singapore, Japan,
  Britain, the Netherlands, Malaysia and the U.S.
  

"
training/1932	48	trade	"BELGOLUX TRADE MOVES INTO SURPLUS IN 1986
  The Belgo-Luxembourg Economic Union
  (BLEU) moved into a narrow trade surplus of 4.7 billion francs
  in 1986 after a 140.4 billion franc deficit in 1985, figures
  given by a spokesman for the National Statistics Institute
  show.
      He said imports fell last year to 3,061.8 billion francs
  from 3,304.1 in 1985 while exports were also lower at 3,066.6
  billion francs against 3,163.7 billion.
      In December, the BLEU had an 11.9 billion franc trade
  surplus after a 10.9 billion franc surplus in November and a
  2.3 billion franc surplus in December 1985.
  

"
training/1933	33	money-supply	"SPAIN RAISES BANKS' RESERVE REQUIREMENT
  The Bank of Spain said it raised the
  reserve requirement for banks and savings banks to 19 pct of
  deposits from 18 pct to drain excess liquidity which threatened
  money supply and inflation targets.
      In a statement issued late last night, the central bank
  said the measure would take effect from March 13.
      ""In recent weeks, there has been excess liquidity in the
  Spanish economy which, if not controlled, would threaten the
  monetary and inflation targets set by the government,"" the
  statement said.
      Banking sources said the measure would drain about 200
  billion pesetas from the system. The maximum reserve
  requirement allowed by law is 20 pct.
      The move follows a half-point increase yesterday in the
  Bank of Spain's key overnight call money rate, which now stands
  at 13.5 pct. At today's auction, however, the bank left the
  rate unchanged.
      Spain's principal measure of money supply, the broad-based
  liquid assets in public hands (ALP), grew at annualised rate of
  8.3 pct in January compared with 11.4 pct during the whole of
  1986 and a target of eight pct for 1987.
      Banking sources said that although the January money supply
  figures were good, compared with annualised rates of 13.9 pct
  in December and 10.2 pct in January 1986, ALP growth appeared
  to have accelerated in February, raising government concern.
      Regarding inflation, recent figures have suggested that
  prices were under control.
      Secretary of State for Trade, Miguel Angel Fernandez
  Ordonez, said this week that the annualised inflation rate for
  February, not yet officially announced, fell to 5.5 pct from
  six pct in January, compared with inflation of 8.3 pct during
  1986 and a government target of five pct for this year.
  

"
training/1934	24	iron-steel	"INDIA AND JAPAN TO DISCUSS IRON ORE PRICES
  The state-owned Minerals and Metals
  Trading Corp will send a team to Japan next week to negotiate
  an iron ore export contract for 1987/88 beginning April 1,
  trade sources said.
      Japan, the biggest buyer of Indian iron ore with imports of
  around 23 mln tonnes a year, has asked India to reduce prices
  from the current average of 18 dlrs a tonne, the sources said.
      ""Japan has said it may be forced to reduce ore imports from
  India next year if New Delhi fails to reduce the price,"" one
  source said, but declined to give further details.
  

"
training/194	10	crude	"MARATHON PETROLEUM REDUCES CRUDE POSTINGS
  Marathon Petroleum Co said it reduced
  the contract price it will pay for all grades of crude oil one
  dlr a barrel, effective today.
      The decrease brings Marathon's posted price for both West
  Texas Intermediate and West Texas Sour to 16.50 dlrs a bbl. The
  South Louisiana Sweet grade of crude was reduced to 16.85 dlrs
  a bbl.
      The company last changed its crude postings on Jan 12.
  

"
training/1946	45	sugar	"FIRS SLIGHTLY RAISES EC BEET SUGAR OUTPUT ESTIMATE
  The French sugar market intervention
  board, FIRS, raised its estimate of 1986/87 beet sugar
  production in the 12-member European Community to 13.76 mln
  tonnes white equivalent in its end-February report from 13.74
  mln a month earlier.
      Its forecast for total EC sugar production, including cane
  and molasses, rose to 14.10 mln tonnes from 14.09 mln.
  Portugal, which joined the Community in January 1986, was
  estimated at 12.75 mln tonnes white equivalent, unchanged from
  the previous forecast and compared with 12.41 mln tonnes for
  1985/86.
      Production for the current campaign in Spain was higher
  than reported last month at 1.03 mln tonnes compared with
  997,000 tonnes.
      Beet sugar production, expressed as white equivalent, was
  estimated at 3.44 mln tonnes in France, 3.17 mln tonnes in West
  Germany, 1.72 mln in Italy, 1.30 mln in Britain, 1.22 mln in
  the Netherlands, 936,000 tonnes in Belgium/Luxembourg, 499,000
  in Denmark, 287,000 in Greece, 183,000 in Ireland and 4,000 in
  Portugal.
  

"
training/1948	10	crude	"PAPUA NEW GUINEA PLANS RESOURCES INVESTMENT AGENCY
  The Papua New Guinea Government
  will establish a public corporation to invest in resources
  projects, Minerals and Energy Minister John Kaputin said.
      ""We intend to provide a means through which less privileged
  individuals can become part owners and beneficiaries from the
  development of mining and petroleum projects,"" he told
  Parliament.
      Existing policy allowing the state up to 30 pct equity in
  major mining projects and 22.5 pct in oil and gas projects
  would be maintained, he said. The planned agency could take
  over the state's equity in current developments.
      Kaputin said Papua New Guinea was experiencing a boom with
  exploration companies spending about 60 mln kina annually on
  about 150 mining and 23 petroleum projects.
      ""The Government is determined to ensure that Papua New
  Guinean ownership in minerals and petroleum projects increases
  in an orderly way,"" he said.
      Kaputin did not say when the corporation would be
  established or exactly what form it would take, but said the
  government would study whether it should be directly involved
  in exploration or development.
  

"
training/1949	32	money-fx	"NIGERIAN CURRENCY FIRMS AT LATEST AUCTION
  The Nigerian naira firmed 2.6 pct against
  the dollar after 17 banks were disqualified from bidding at
  today's weekly foreign exchange auction, the central bank said.
  The naira finished at 3.8050 to the dollar, against 3.9050 last
  week.
      Only 38.39 mln dlrs of the 50 mln dlrs on offer was sold,
  with all 27 bidding banks successfully obtaining hard currency.
      The effective rate, including a central bank levy, for
  transactions in the coming week, was 3.8241 against 3.9246 last
  week.
      The failure to sell the whole allocation was due to the
  central bank's unprecedented disqualification of 17 banks as
  punishment for inadequate documentation in previous
  transactions.
      Banks are required to submit proof that their bids are
  based on valid commercial transactions and the central bank has
  complained in the past that many are failing to produce the
  right paperwork within the specified time.
  

"
training/1951	48	trade	"U.S. TELLS JAPAN TO DO MORE TO CUT TRADE SURPLUS
  U.S. Undersecretary of State for Economic
  Affairs Allen Wallis said he had urged Japan to do much more to
  reduce its large trade surplus with the United States.
      ""Our central message to Japan this week was that while we
  have made progress in some areas, much needs to be done,"" he
  told a press conference after three days of talks.
      ""What we need is a resolution of trade issues, we need
  visible efforts to restructure the economy to encourage more
  imports and we need greater domestic-led growth.""
      Forecasting sluggish economic growth in Japan this year,
  Wallis urged Tokyo to stimulate domestic demand to help reduce
  its trade surplus, which hit a record 83 billion dlrs in 1986.
      He named several areas of particular concern to Washington
  -- computer microchips, supercomputers, Kansai airport,
  agricultural products and car telephones.
      He warned that the U.S./Japan agreement governing trade in
  semiconductors was in jeopardy. Despite the pact, Japanese
  producers are still dumping microchips in foreign markets other
  than the United States while U.S. Penetration of the Japanese
  market has not increased, he said.
  

"
training/1959	15	gnp	"GERMAN ECONOMIC OUTLOOK SEEN FAIRLY BRIGHT
  The outlook for the West
  German economy is relatively bright, with gross national
  product expected to expand by three pct this year, Kiel
  University's Institute for World Economy said.
      The GNP forecast by the institute, one of five leading
  economic research bodies in West Germany, is more optimistic
  than that of the other institutes, some of which have recently
  reduced their GNP forecasts to between two and 2.5 pct.
      In a report the Kiel institute said West Germany's export
  outlook has not deteriorated fundamentally despite the mark's
  strength against the dollar and other major currencies.
      ""The danger that exports will slump in 1987 appears, all in
  all, limited,"" the report said. ""On the contrary, a slight rise
  in exports can be expected.""
      The institute said past experience has shown West German
  exporters will move to counterbalance currency factors by
  cutting costs, trying to penetrate new markets and adjusting
  their product ranges.
      They will be aided in 1987 by an expected slight rise in
  economic growth in industrial countries. At the same time, the
  decline in exports to oil producing countries looks set to slow
  this year.
      West German GNP growth in 1987 will be led by renewed
  advances in domestic consumption and investment spending, both
  of which will in turn be buoyed by an expansionary monetary
  policy, the institute said.
      However, it said the labour market would see only a slight
  improvement because companies will be reluctant to hire
  additional workers due to higher labour costs caused partly by
  agreed reductions in working hours.
      The institute cautioned that the expansionary stance of
  monetary policy in West Germany was likely to bring a marked
  acceleration of inflation.
      It also warned that what it called the worldwide
  synchronization of monetary policy heightened the risk of a new
  global recession. It said central banks in industrialized
  countries, including the Bundesbank, had followed the Federal
  Reserve Board's expansionary course.
      The institute said this in turn was bound to lead
  eventually to a rise in worldwide inflation and a shift in U.S.
  Policy towards a more restrictive policy. Other central banks
  were likely to follow suit, causing a recession that could
  aggravate the debt crisis of developing countries as well as
  increase protectionism around the world.
      Although Germany cannot entirely shield itself from the
  negative effects of the global synchronization of monetary
  policy, it should do all it can to strengthen the forces of
  growth at home.
      The institute said this could be done by ensuring that
  fiscal policy fosters a willingness to work and invest. Taxes
  should be cut by a greater amount than currently planned, and
  wage increases in 1987 and 1988 should be markedly lower than
  in 1986. It also said the Bundesbank should reduce inflationary
  pressures by cutting the current rate of growth in money supply
  to about four pct.
  

"
training/196	12	earn	"<GEORGE WESTON LTD> YEAR NET
  Shr 2.31 dlrs vs 1.96 dlrs
      Net 119.0 mln vs 101.0 mln
      Revs 10.03 billion vs 8.88 billion
  

"
training/1960	5	coffee	"CREDITOR BANKS MAY BUY INTO SINGAPORE COFFEE FIRM
  The nine creditor banks of the
  Singapore coffee trader <Teck Hock and Co (Pte) Ltd> are
  thinking of buying a controlling stake in the company
  themselves, a creditor bank official said.
      Since last December the banks have been allowing the
  company to postpone loan repayments while they try to find an
  overseas commodity company to make an offer for the firm.
      At least one company has expressed interest and
  negotiations are not yet over, banking sources said.
      However, the banks are now prepared to consider taking the
  stake if they find an investor willing to inject six to seven
  mln dlrs in the company but not take control, the banking
  sources said.
      Teck Hock's financial adviser, Singapore International
  Merchant Bankers Ltd (SIMBL), will work on the new proposal
  with the creditor banks, they said.
      Major holdings are likely to be held by the two largest
  creditor banks, Standard Chartered Bank <STCH.L> and
  Oversea-Chinese Banking Corp Ltd <OCBM.SI>, they added.
      Teck Hock owes over 100 mln Singapore dlrs and the creditor
  banks earlier this week agreed to let Teck Hock fufill
  profitable contracts to help balance earlier losses.
      The nine banks are Oversea-Chinese Banking Corp Ltd, United
  Overseas Bank Ltd <UOBM.SI>, <Banque Paribas>, <Bangkok Bank
  Ltd,> <Citibank NA>, Standard Chartered Bank Ltd, Algemene Bank
  Nederland NV <ABNN.AS>, Banque Nationale De Paris <BNPP.PA> and
  <Chase Manhattan Bank NA.>
  

"
training/1963	48	trade	"ECONOMIC SPOTLIGHT - POLISH SANCTIONS
  Poland says U.S. Sanctions have cost its
  economy 15 billion dlrs and has made clear it wants Washington
  to take a lead in repairing the damage after lifting remaining
  restrictions two weeks ago.
      Polish officials are unable to provide a precise breakdown
  of the figure, saying it takes into account a number of
  hypothetical losses. Some of them are ""too sophisticated to
  convert into financial terms,"" one banking source said.
      But Western economic experts say the effect of sanctions is
  impossible to calculate.
      They say it is blurred by the poor performance of Poland's
  economy, and dismiss the 15 billion dlr figure as illusory.
      ""Sanctions have provided a very useful excuse for under-
  achieving. They did have a bad effect, yes, but they only
  contributed to largely internal, economic problems,"" one said.
      The U.S. Imposed the measures and withdrew Most Favoured
  Nation (MFN) trading status from Poland in 1982 in retaliation
  for suppression of the Solidarity free trade union under
  martial law. The estimated cost to the Polish economy was
  originally devised several years ago by the Institute of
  National Economy, an offshoot of the central planning
  commission.
      According to one Western envoy, an expert on Polish
  economic affairs, it extrapolated 1979 information on growth
  trends in trade with the United States, as well as increases in
  credits from Western commercial and government lenders.
      But the calculations were based on a time when trade was
  booming and credits still flowed freely, he said, dismissing
  the estimate as ""a theoretical projection based on a high point,
  which has no real scientific evaluation.""
      A foreign trade ministry official said Polish exports to
  the U.S. In the late 1970s averaged around 400 mln dlrs
  annually and had fallen by half since the sanctions were
  imposed.
      Imports have suffered, slumping from around 800 mln dlrs to
  200 mln, as credits ran out. Poland has a dwindling trade
  surplus with the West. Last year it was one billion dlrs
  against a targeted 1.6 billion, official figures show.
      Acknowledging that sanctions have lost Poland important
  U.S. Markets -- including agricultural equipment, textiles,
  chemicals and some foodstuffs -- Western economists say credits
  dried up for economic not political reasons.  ""Poland is
  accusing the West of letting economic relations deteriorate for
  political reasons,"" said one expert. ""It's an illusion based on a
  misunderstanding of Western economy.""
      ""There's a limit to how much you can go on giving someone
  who has no hope of repaying it,"" another said, adding that
  Poland had benefited from a global phenomenon of easy credits
  in the 1970s which were no longer today's reality.
      Describing the 15 billion dlr assessment as ""nebulous,"" one
  diplomat said it also included losses of hypothetical orders
  and setbacks to Polish research through the curbing of
  scientific links and exchanges.  Western officials say the
  lifting of sanctions and new MFN status will have little impact
  on Poland, which has a hard currency debt of 33.5 billion dlrs
  and lacks the means to modernise its industry.
      ""MFN doesn't really mean anything, only that Poland will not
  be treated worse than other countries. It will be difficult to
  regain access to the U.S. Market because different forces are
  in play now,"" said one Western envoy.
      He said Polish products were not competitive, and their
  quality was too low. Trade wars and possible protectionist
  measures amongst the U.S., Japan and Europe would also hamper
  Poland's efforts to regain entry.
      Deputy foreign trade minister Janusz Kaczurba recognised
  this fact recently.
      Kaczurba told the official PAP news agency recently, ""Making
  up our lost position will take a long time and be uncommonly
  difficult, and in certain cases impossible... In a period of
  two to three years it will be possible to increase the level of
  exports by only about 100 mln dlrs.""
      While Poland is unlikely to seek compensation, it says it
  has a ""moral right"" to assistance from the U.S. Which it says
  imposed the sanctions illegally. But a Western economist said
  ""The argument that U.S. Sanctions were a unilateral torpedoing
  of the Polish economy won't cut any ice. The Americans will
  just reply that the Poles acted immorally in crushing
  Solidarity.""
      Nevertheless, Polish National Bank head Wladyslaw Baka, in
  talks in Washington last week with the International Monetary
  Fund (IMF) and World Bank, made it clear that Poland was
  looking for a lead from the United States.
      He was quoted by PAP as saying that Poland would meet its
  financial obligations to the United States, ""but not in a short
  time and not without a cooperative stand on the part of its
  foreign economic partners.""
      He stressed that the U.S. ""had a particular opportunity to
  play a part in the cooperative policy of Poland's partners
  interested in the settlement of Polish debt.""
      Putting it more sharply, one senior banking official blamed
  Washington for obstructing talks with the World Bank, IMF and
  Paris Club of Western creditor governments in recent years and
  said it should now play a more positive role.
      ""As a major superpower the United States can influence
  international organisations,"" he said, citing recent meetings
  aimed at stabilising currencies as an example of the extent to
  which Western nations were prepared to cooperate.
  

"
training/1965	50	wpi	"BELGIAN WHOLESALE PRICES FALL IN JANUARY
  Belgian wholesale prices fell by 5.9
  pct in January from a year earlier after a 5.7 pct year on year
  fall in December, figures from the economics ministry show.
      A ministry spokesman said the wholesale price index, base
  1953 and excluding value added tax, stood at 250.9 in January.
  This compared with 251.9 in December, 265.5 in Janua~y, 1986
  and 267.2 in December, 1985.
      In January 1986, wholesale prices were 3.9 pct lower than a
  year earlier.
  

"
training/1971	22	interest	"BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED
  The Bundesbank left credit policies
  unchanged after today's regular meeting of its council, a
  spokesman said in answer to enquiries.
      The West German discount rate remains at 3.0 pct, and the
  Lombard emergency financing rate at 5.0 pct.
  

"
training/1975	45	sugar	"TURKEY TO IMPORT 100,000 TONNES OF CRYSTAL SUGAR
  Turkey has announced a tender to import
  100,000 tonnes of white crystal sugar with an advertisement in
  local newspapers.
      Turkish Sugar Factories said in the advertisement there was
  a 50 pct option to increase or decrease the amount and bids
  should reach it before March 24.
      The semi-official Anatolian Agency recently quoted Turkish
  Minister of Industry and Trade Cahit Aral as saying Turkey will
  export 100,000 tonnes of sugar this year and import the same
  amount.
  

"
training/198	33	money-supply	"N.Z. MONEY SUPPLY RISES 3.6 PCT IN DECEMBER
  New Zealand's broadly defined,
  seasonally adjusted M-3 money supply grew an estimated 3.6 pct
  in December after rising a revised 2.4 pct in November and 4.04
  pct in December last year, the Reserve Bank said in a
  statement.
      It said unadjusted M-3 increased to an estimated 30.07
  billion N.Z. Dlrs from a revised 28.30 billion in November and
  25.53 billion in December 1985.
      Year-on-year M-3 rose 17.77 pct from a revised 15.34 pct in
  November and 20.50 pct in December 1985.
      Narrowly defined year-on-year M-1 growth was 15.89 pct
  against a revised 27.52 pct in November and 12.3 pct a year
  earlier.
      M-1 grew to an estimated 5.03 billion dlrs against a
  revised 4.77 billion in November and 4.34 billion in December
  1985.
      Year-on-year private sector credit grew 30.68 pct in
  December against a revised 22.30 pct in November and 23.2 pct
  in December 1985. Private sector credit grew to 22.24 billion
  dlrs from a revised 20.92 billion in November and 17.01 billion
  in December 1985.
  

"
training/1983	32	money-fx	"EGYPTIAN CENTRAL BANK DOLLAR RATE UNCHANGED
  Egypt's Central Bank today set the dollar
  rate for commercial banks for March 6 at 1.373/87 dollars,
  unchanged from the previous rate.
  

"
training/1987	0	acq	"BAKER INTERNATIONAL CORP SUES HUGHES TOOL SEEKING MERGER COMPLETION

  BAKER INTERNATIONAL CORP SUES HUGHES TOOL SEEKING MERGER COMPLETION
  

"
training/1989	0	acq	"USAIR GROUP REJECTS TRANS WORLD AIRLINES TAKEOVER BID

  USAIR GROUP REJECTS TRANS WORLD AIRLINES TAKEOVER BID
  

"
training/199	0	acq	"CIRCUIT SYSTEMS <CSYI> BUYS BOARD MAKER
  Circuit Systems Inc said it has
  bought all of the stock of (Ionic Industries Inc) in exchange
  for 3,677,272 shares of its common.
      Following the exchange there will be 4,969,643 shares of
  Circuit Systems stock outstanding. Ionic holders will own about
  74 pct of the outstanding stock of Circuit Systems, it said.
      Ionic, a maker of circuit boards, had revenues of 8.4 mln
  dlrs and pretax profits of 232,000 dlrs in 1986, up from
  revenues of 5.9 mln and pretax profits of 204,000 dlrs in 1985,
  Circuit Systems said.
  

"
training/1990	10	crude	"EARLY MARCH OPEC OUTPUT SEEN WELL BELOW CEILING
  OPEC crude oil output in the first few
  days of March was running at about 14.7 mln bpd, down from a 16
  mln bpd average for February and well below the 15.8 mln bpd
  ceiling the group adopted in December, a Reuter survey shows.
      The figures were polled by Reuters correspondents from oil
  traders, industry executives and analysts in Europe, the Middle
  East, Africa, Latin America and Asia.
      They back recent statements by OPEC ministers that the
  group is producing within its ceiling to support the return to
  a fixed price system, which came into effect last month.
      OPEC output for the whole of February was about 200,000 bpd
  above the ceiling, largely because of overproduction by the
  United Arab Emirates and Kuwait, the figures show.
      The UAE, together with the much smaller producer Ecuador,
  was also producing above quota in the first days of March, the
  survey reveals.
      But such overproduction was compensated for by a sharp fall
  in Saudi Arabian output, together with Iran""s inability to
  export as much as its quota allows.
      Iraq rejected its OPEC quota of 1.466 mln bpd and produced
  1.75 mln bpd in February and early March, the figures showed.
      Saudi output -- excluding movements into stocks -- fell to
  3.1 mln bpd in early March from 3.5 mln bpd in February,
  against a 4.133 mln bpd quota. The Saudi figures include a
  200,000 bpd share of Neutral Zone production.
      Kuwait, which has consistently denied quota violations, was
  estimated to be pumping 1.4 mln bpd in February and 1.15 in
  early March -- both figures including 200,000 bpd as its share
  of Neutral Zone output -- against its 948,000 bpd quota.
      Reports of customer resistance to fixed prices set by some
  OPEC states were reflected in output from Qatar and Nigeria,
  both substantially under quota in February and early March.
      Qatar's February output was 230,000 bpd, and this fell to
  180,000 bpd in early March compared with its 285,000 bpd quota.
      Industry sources say Japanese buyers are resisting Qatar""s
  prices and Gulf Arab oil states have pledged to make up for any
  shortfall in sales which a fellow Gulf state suffers.
      Nigeria's early March output was about one mln bpd, down
  from 1.14 mln bpd in February and its quota of 1.238 mln bpd.
      Industry sources say Nigeria's customers believe its Bonny
  grades are overpriced compared with compatible Brent crudes
  from the U.K. North Sea.
      Country-by-country production figures are as follows, in
  mln bpd -
   COUNTRY        CURRENT        FEBRUARY    QUOTA
   ALGERIA        0.64           0.64        0.635
   ECUADOR        0.26           0.26        0.210
   GABON          0.15           0.15        0.152
   INDONESIA      1.16           1.16        1.133
   IRAN           1.80           2.20        2.255
   IRAQ           1.75           1.75        1.466
   KUWAIT         1.15           1.40        0.948
   LIBYA          0.95           0.95        0.948
   NIGERIA        1.00           1.14        1.238
   QATAR          0.18           0.23        0.285
   SAUDI ARABIA   3.10           3.50        4.133
   UAE            1.10           1.15        0.902
   VENEZUELA      1.50           1.50        1.495
   TOTAL          14.7           16.0        15.8
   Reuter
  

"
training/1994	0	acq	"BAKER <BKO> SUES TO FORCE HUGHES <HT> MERGER
  Baker International corp said it has
  filed suit in state court in Houston to compel Hughes Tool Co
  to complete its proposed merger with Baker.
      Late yesterday, Hughes said it had terminated the merger
  agreement because Baker would not agree to an alternative
  divestiture plan devised by Hughes.  Hughes' board had
  previously found unacceptable a U.S. Justice Department consent
  decree that would have required broader divestitures.
      Baker said it has not obtained any satisfactory explanation
  from Hughes of its objections to the provisions of the Justice
  Department consent decree.
      Hughes yesterday adjourned the special meeting at which
  shareholders were to vote on the merger without permitting the
  counting of votes on the deal.  Baker said it believes the vote
  was overwhelmingly in favor of the merger.
      Baker said the new terms that Hughes proposed for the
  merger, as an alternative to the consent decree, were ""more
  burdensome"" than those of the consent decree themselves.
      Baker said divestitures under the consent decree would
  reduce revenues for the combined company by about 65 mln dlrs
  or three pct.
      Baker said it will continue to pursue the divestitures of
  the units named in the consent decree.
      It said its suit names as defendants Hughes and certain of
  its directors and seeks either an injunction forcing Hughes to
  live up to the merger agreement or ""substantial"" monetary
  damages it did not name.
      Baker said it believes the merger to be in the best
  interests of shareholders of both companies.
  

"
training/1995	22	interest	"SPAIN DEREGULATES BANK DEPOSIT INTEREST RATES
  Spain's Finance Ministry deregulated bank
  deposit rates in an effort to raise competition among banks and
  bring legislation into line with the European Community (EC), a
  ministry spokesman said.
      The measure was published today in the Official State
  Gazette. It takes effect tomorrow and lifts restrictions on
  rates, now limited to six pct on deposits of up to 180 days.
      The government also enacted a decree cutting to one pct
  from 13 pct the proportion of total assets which banks must
  lend at favourable rates to industries classified ""of public
  interest.""
      Some bankers expect the deregulation of rates to result in
  a 20 pct drop in profits this year.
      Secretary of State for the Economy Guillermo de la Dehesa
  told Reuters in a recent interview the reduction in fixed asset
  investments would offset losses from the rate liberalisation.
  

"
training/1996	0	acq	"USAIR <U> REJECTS TWA <TWA> TAKEOVER BID
  USAir Group Inc said its board has
  rejected Trans World Airlines Inc's offer to acquire USAir for
  52 dlrs per share in cash as grossly in adequate and not in the
  best interests of USAir shareholders, employees or passengers.
      The company said the unsolicited bid by the Carl C.
  Icahn-led TWA was ""highly conditional.""
      USAir said its board and that of Piedmont Aviation Inc
  <PIE> met separately yesterday to consider USAir's offer to
  acquire 50.1 pct of Piedmont for 71 dlrs per share and
  remaining shares for 1.5 to 1.9 common shares each, valued at
  about 73 dlrs per share based on the average closing price of
  USAir common during a period just before the merger.
      The company said it is continuing talks with Piedmont on
  arriving at a definitive merger agreement and the two companies
  hope to reach one very shortly.
      USAir said ""In light of the highly conditional nature and
  other terms of the TWA offer, the timing of the offer and the
  circumstances under which it was made, USAir Group believes
  that the purpose of the TWA offer is to interfere with USAir
  Group's proposed acquisition of Piedmont.
      ""TWA's proposal is nothing more than an attempt by Carl
  Icahn to disrupt at the eleventh hour USAir Group's acquisition
  of Piedmont, a transaction which the USAir Group board views as
  most beneficial to USAir Group shareholders, employees and
  passengers and which Mr. Icahn obviously regards as contrary to
  his own personal interests.""
      USAir said its board has authorized counsel to explore all
  appropriate legal remedies against what it called TWA's
  last-minute attempt to interfere with USAir Group's acquisition
  of Piedmont.
      The company said conditions to the TWA offer include TWA
  obtaining financing, the USAir board redeeming defensive rights
  issued to shareholders last year and acting to render the ""fair
  price"" provision contained in USAir's charter inapplicable to
  the TWA offer and Transportation Department approval.
   Reuter...
  

"
training/2000	26	jobs	"U.S. FIRST TIME JOBLESS CLAIMS FALL IN WEEK
  New applications for unemployment
  insurance benefits fell to a seasonally adjusted 332,900 in the
  week ended Feb 21 from 368,400 in the prior week, the Labor
  Department said.
      The number of people actually receiving benefits under
  regular state programs totaled 3,014,400 in the week ended Feb
  14, the latest period for which that figure was available.
      That was up from 2,997,800 the previous week.
  

"
training/2001	12	earn	"JAGUAR SEES STRONG GROWTH IN NEW MODEL SALES
  Jaguar Plc <JAGR.L> is about to sell its
  new XJ-6 model on the U.S. And Japanese markets and expects a
  strong reception based on its success in the U.K., Chairman Sir
  John Egan told a news conference.
      Commenting on an 11 pct growth in 1986 group turnover to
  830.4 mln stg and pre-tax profits at 120.8 mln stg, slightly
  below 1985's 121.3 mln, Egan said Jaguar aimed at an average
  profit growth of 15 pct per year. However, the introduction of
  the new model had kept this year's pre-tax profit down.
      Jaguar starts selling XJ-6 in the U.S. In May and plans to
  sell 25,000 of its total 47,000 production there in 1987.
      U.S. Sales now account for 65 pct of total turnover,
  finance director John Edwards said.
      A U.S. Price for the car has not been set yet, but Edwards
  said the relatively high car prices in dollars of West German
  competitors offered an ""umbrella"" for Jaguar. He added the XJ-6
  had also to compete with U.S. Luxury car producers which would
  restrict the car's price.
      Jaguar hedges a majority of its dollar receipts on a
  12-month rolling basis and plans to do so for a larger part of
  its receipts for longer periods, John Egan said.
      In the longer term, capital expenditure will amount to 10
  pct of net sales. Research and development will cost four pct
  of net sales and training two pct.
      Jaguar builds half of its cars and buys components for the
  other half. The firm is in early stages of considering the
  building of an own press shop in Britain for about 80 mln stg,
  but Egan said this would take at least another three years
      On the London Stock Exchange, Jaguar's shares were last
  quoted at 591p, down from 611p at yesterday's close, after
  reporting 1986 results which were in line with market
  expectations, dealers said.
   REUTER...
  

"
training/2004	10	crude	"DIAMOND SHAMROCK RAISES CRUDE POSTED PRICES ONE DLR, EFFECTIVE MARCH 4, WTI NOW 17.00 DLRS/BBL

  DIAMOND SHAMROCK RAISES CRUDE POSTED PRICES ONE DLR, EFFECTIVE MARCH 4, WTI NOW 17.00 DLRS/BBL
  

"
training/2005	12	earn	"NORD RESOURCES CORP <NRD> 4TH QTR NET
  Shr 19 cts vs 13 cts
      Net 2,656,000 vs 1,712,000
      Revs 15.4 mln vs 9,443,000
      Avg shrs 14.1 mln vs 12.6 mln
      Year
      Shr 98 cts vs 77 cts
      Net 13.8 mln vs 8,928,000
      Revs 58.8 mln vs 48.5 mln
      Avg shrs 14.0 mln vs 11.6 mln
      NOTE: Shr figures adjusted for 3-for-2 split paid Feb 6,
  1987.
  

"
training/2006	6	copper	"NO QUAKE DAMAGE AT CHUQUICAMATA - MINE SPOKESMAN
  The earthquake which hit northern Chile
  today, registering 7.0 on the open-ended Richter scale, caused
  no damage to the copper mine at Chuquicamata, a mine spokesman
  said.
      Chuquicamata public relations director Guillermo Barcelo
  told Reuters by telephone from the mine that the quake had
  caused no problems and operations continued as usual.
      A spokesman for the state Chilean Copper Commission in
  Santiago confirmed there had been no damage at Chuquicamata.
  

"
training/201	12	earn	"MAIL BOXES ETC <MAIL> 3RD QTR JAN 31 NET
  Shr 23 cts vs 18 cts
      Net 509,144 vs 277,834
      Revs 2,258,341 vs 1,328,634
      Avg shrs 2,177,553 vs 1,564,605
      Nine mths
      Shr 55 cts vs 42 cts
      Net 1,150,633 vs 649,914
      Revs 6,169,168 vs 3,178,115
  

"
training/2010	0	acq	"FIVE GROUPS APPLY TO BUY FRENCH TELEPHONE GROUP
  Five consortia have applied to buy the
  French state-owned telephone equipment manufacturer <Cie
  Generale de Constructions Telephoniques (CGCT)>, which will
  give the owners control of 16 pct of the French telephone
  switching market, sources close to Finance Minister Edouard
  Balladur said.
      The French government has given itself until the end of
  April to decide which applicant will be accepted, they added.
      While several foreign groups have said they want to gain a
  foothold in the French market, their potential stake in CGCT is
  limited to 20 pct under privatisation laws passed last year,
  with 80 pct to be left in French hands.
      The Finance Ministry sources gave no details of the groups
  interested in CGCT, but several have publicly announced their
  candidacies.
      U.S. Telecommunications giant American Telephone and
  Telegraph Co <T.N> which has been at the centre of the two-year
  battle for CGCT, has teamed up with the Dutch-based <Philips
  Telecommunications Industrie B.V.>, a subsidiary of NV Philips
  Gloeilampenfabriek <PGLO.AS> and <Societe Anonyme de
  Telecommunications> (SAT) to present a joint bid, in
  association with holding company Cie du Midi SA <MCDP.P> and
  five French investment funds.
      A second bid has come from the West German electronics
  group Siemens AG <SIEG.F>, which hopes to take a 20 pct stake
  in CGCT, with the French telecommunications <Jeumont-Schneider>
  taking the remaining 80 pct.
      Sweden's <AB LM Ericsson> has also submitted a bid for the
  maximum 20 pct permitted, in association with French defence
  electronics group <Matra>, which would hold between 40 and 49
  pct, and construction group <Bouygues>.
      Matra has already acquired CGCT's private telephone
  business.
  REUTER...
  

"
training/2012	43	ship	"BLIZZARD CLOSES BOSPHORUS
  Blizzard conditions halted shipping
  through the Bosphorus waterway and piled snow up to 70 cms deep
  in central Istanbul, paralysing the city for the second day
  running.
      Snow whipped by 48 kph winds continued to fall on Istanbul
  and northwest Anatolia after 36 hours and weather reports
  predicted no relief for another two days.
      Port officials said at least six large vessels in the Black
  Sea and 13 in the Sea of Marmara were waiting for conditions to
  improve.
      Istanbul's Ataturk international airport has been closed
  since yesterday.
  

"
training/2013	0	acq	"JAPAN FUND <JPN> SEEKERS CONFIDENT OF FINANCING
  The <Sterling Grace Capital Management
  L.P.> group said it is confident financing can be arranged if
  The Japan Fund's board recommend's the group's acquisition
  proposal.
      The group, which also includes <Anglo American Security
  Fund L.P.> and T.B. Pickens III, Tuesday proposed an entity it
  controls acquire for cash all the assets of Japan Fund for 95
  pct of the fund's aggregate net asset value.
      The group said it has had a number of meetings over the
  past few days with domestic and overseas financial institutions.
      The Sterling Grace Capital group said certain of these
  institutions have expressed serious interest in providing
  financing for the proposed acquisition of Japan Fund, ""adding
  we are reasonably confident that the financing can be quickly
  arranged if the Japan Fund's board of directors is willing to
  recommend the transaction to shareholders.""
  

"
training/2016	12	earn	"PEGASUS GOLD INC <PGULF> 3RD QTR DEC 31 NET
  Shr profit 20 cts vs loss two cts
      Net profit 2,665,000 vs loss 202,000
      Revs 12,141,000 vs 5,993,000
      Nine mths
      Shr profit 35 cts vs loss 11 cts
      Net profit 4,653,000 vs loss 1,167,000
      Revs 35.1 mln vs 18.0 mln
  

"
training/202	12	earn	"MUNSINGWEAR INC <MUN> 4TH QTR JAN 3 LOSS
  Shr loss 32 cts vs loss seven cts
      Net loss 1,566,000 vs loss 292,000
      Revs 39.4 mln vs 34.7 mln
      Year
      Shr profit 79 cts vs profit 74 cts
      Net profit 3,651,000 vs profit 3,020,000
      Revs 147.9 mln vs 114.2 mln
      Avg shrs 4,639,000 vs 4,059,000
      Note: Per shr adjusted for 3-for-2 stock split July 1986
  and 2-for-1 split May 1985.
  

"
training/2020	12	earn	"<KELTIC INC> YEAR NET
  Shr 99 cts vs 1.25 dlrs
      Net 418,733 vs 235,572
      Revs 2,777,425 vs 2,024,116
      Note: 1986 shr after November, 1986 600,000 class A
  subordinate floating share issue
  

"
training/2024	0	acq	"E.F. HUTTON <EFH> STARTS PUROLATOR <PCC> BID
  E.F. Hutton Group Inc said it has
  started its previously announced offer to purchase up to
  6,332,471 common shares of Purolator Courier Corp at 35 dlrs
  each.
      In a newspaper advertisement, the company said the offer,
  proration period and withdrfawal rights will expire April One
  unless extended.  The offer is conditioned on receipt of at
  least 5,116,892 Purolator shares, or a 66.7 pct interest, and
  is the first step in a merger agreement that has been approved
  by the Purolator board.
      Hutton said it reserves the right to buy more than
  6,332,471 shares but has no present intention of doing so.  It
  said it may waive the condition that at least 5,116,892 shares
  be tendered as long as it received at least a 50.1 pct
  interest.  If it were to receive fewer shares than that, it
  said it would only purchase sharesd with the consent of
  Purolator.
  

"
training/2025	32	money-fx	"YEUTTER PUTS CURRENCY BURDEN ON TAIWAN, KOREA
  Responsibility for the appreciation of
  the Taiwan dollar and the South Korean Won lies soley with
  those countries, said U.S. trade representative Clayton Yeutter
      Speaking to the Asia Society, Yeutter said that it is in
  those countries' own long-term interest to raise the value of
  their currencies against the dollar.
      Yeutter was responding to a question about what the U.S.
  could do to encourage appreciation of those currencies against
  the dollar in order to reduce the large U.S. trade deficits
  with Taiwain and Korea.
      ""An undervalued currency will help those countries' exports
  in the short term, but in the long run they have to be
  concerned about how they are perceived in the international
  business community,"" Yeutter said.
      For Taiwan, Yeutter said that with its per capita trade
  surplus with the U.S., much larger than that of Japan's, and
  with huge foreign exchange reserves, it was difficult to defend
  the high import tarrifs and other barriers that prevail in that
  country.
      He also said that the south Korean Won should begin to move
  to reflect underlying economic fundamentals, ""otherwise in two
  or three years' time, Korea will be in the same situation that
  prevails in Taiwan.""
      Turning to the U.S. deficit with Japan of more than 50
  billion dlrs, Yeutter said that this situation was not
  sustainable.
      ""Something must give soon. If not, there is a great threat
  of U.S. legislative action to counteract that trend,"" Yeutter
  said.
  

"
training/2026	12	earn	"PRINCEVILLE DEVELOPMENT CORP <PVDC> YEAR LOSS
  Shr diluted loss 31 cts vs profit 17 cts
      Net loss 2,806,005 vs profit 1,513,395
      Revs 15.0 mln vs 10.4 mln
      Avg shrs diluted 8,982,754 vs 8,804,899
      NOTE: Current year includes loss of 3.4 mln dlrs from
  takeover defense expenses. Also includes losses of 1.8 mln dlrs
  vs 332,000 dlrs from equity in limited partnerships.
  

"
training/2027	0	acq	"ORANGE-CO <OJ> HOLDER RAISES STAKE
  Orange-Co Inc said its
  largest shareholder, <Summit Resoureces Inc>, has increased its
  stake to 15 pct from 14 pct and now owns 644,727 shares.
  

"
training/2028	12	earn	"HORIZON CORP <HZN> 4TH QTR NET
  Oper shr profit 1.66 dlrs vs loss eight cts
      Oper net profit 12.0 mln vs loss 572,000
      Revs 27.4 mln vs 4,311,000
      Year
      Oper shr profit 1.36 dlrs vs loss 43 cts
      Oper net profit 9,817,000 vs loss 2,433,000
      Revs 35.0 mln vs 13.8 mln
      Avg shrs 7,224,000 vs 6,731,000
      NOTE: 1985 net includes tax credits of 492,000 dlrs in
  quarter and 2,433,000 dlrs in year.
      1985 net both periods excludes 168,000 dlr loss from
  discontinued operations.
      1986 net both periods includes pretax gain 21.8 mln dlrs
  from sale of remaining interest in Paradise Hills, N.M.,
  development.
  

"
training/2029	12	earn	"<INTERNATIONAL THOMSON ORGANISATION LTD> YEAR
  Shr 33p vs 38p
      Net 97 mln vs 111 mln
      Revs 1.71 billion vs 1.76 billion
      NOTE: Figures in sterling.
      Share results after deducting preferred share dividends of
  one mln pounds sterling in 1986.
  

"
training/203	33	money-supply	"FED DATA SUGGEST STABLE U.S. MONETARY POLICY
  Latest Federal Reserve data suggest that
  the central bank voted to maintain the existing degree of
  pressure on banking reserves at its regular policy-making
  meeting two weeks ago, money market economists said.
      ""The numbers were a little disappointing, but I think we
  can take Mr Volcker at his word when he said that nothing had
  changed,"" said Bob Bannon of Security Pacific National Bank.
      Fed Chairman Paul Volcker told a Congressional committee
  last Thursday that the Fed's policy ""has been unchanged up to
  today.""
      Although Volcker's statement last Thursday allayed most
  fears that the Fed had marginally tightened its grip on
  reserves to help an ailing dollar, many economists still wanted
  confirmation of a steady policy in today's data, which covered
  the two-week bank statement period ended yesterday.
      This need for additional reassurance was made all the more
  acute by the Fed's decision yesterday to drain reserves from
  the banking system by arranging overnight matched sale-purchase
  agreements for the first time since April of last year,
  economists added.
      Today's data showed that the draining action was for a
  fairly large 3.9 billion dlrs, economists said.
      ""The one thing that caught my eye were the relatively
  sizeable matched sales on Wednesday,"" said Dana Johnson of
  First National Bank of Chicago. ""But there was a clearly
  justified need for them. There was nothing ominous.""
      ""The Fed couldn't have waited until the start of the new
  statement period today. If it had, it would have missed its
  (reserve) projections,"" added Security Pacific's Bannon.
      A Fed spokesman told reporters that there were no large
  single-day net miss in reserve projections in the latest week.
      Economists similarly shrugged off slightly higher-than-
  expected adjusted bank borrowings from the Fed's discount
  window, which averaged 310 mln dlrs a day in the latest week,
  compared with many economists' forecasts of about 200 mln.
      For the two-week bank statement period as a whole, the
  daily borrowing average more than doubled to 381 mln dlrs from
  160 in the prior period.
      ""There were wire problems at two large banks on Tuesday and
  Wednesday, so I am not too bothered about the borrowings,"" said
  Scott Winningham of J.S. Winningham and Co. The Wednesday
  average rose to 946 mln dlrs from 148 mln a week earlier.
      Lending further support to the stable policy view was a
  relatively steady federal funds rate of about six pct in the
  latest week and persistently high levels of excess reserves in
  the banking system, economists said.
      ""For the time being, the Fed is following a neutral path,
  with fed funds at about six to 6-1/8 pct,"" said Darwin Beck of
  First Boston Corp. ""I expect it to continue in that vein.""
      ""Excess reserves fell but they are still over a billion
  dlrs,"" added First Chicago's Johnson. Banks' excess reserves
  averaged 1.03 billion dlrs a day in the latest statement
  period, down from 1.50 billion in the previous one.
      After the Fed declined to assign a 1987 target growth range
  to the wayward M-1 money supply measure last week, little
  attention was paid to a steeper-than-anticipated 2.1 billion
  dlr jump in the week ended February 16.
      Looking ahead, economists said the Fed will have to tread a
  fine line between the dollar's progress in the international
  currency markets and the development of the domestic economy.
      ""The market has perhaps exaggerated the dollar's effect on
  Fed policy,"" said First Chicago's Johnson. ""Of course, it will
  take the dollar into account in future policy decisions but if
  the economy is weak, it won't pull back from easing.""
  

"
training/2033	12	earn	"EQUATORIAL COMMUNICATIONS CO <EQUA> 4TH QTR LOSS
  Shr loss 3.84 dlrs vs nil
      Net loss 56,879,000 vs profit 23,000
      Rev 10.3 mln vs 17.7 mln
      Year
      Shr loss 4.60 dlrs vs profit 14 cts
      Net loss 67,818,000 vs profit 1,807,000
      Rev 50.9 mln vs 56.1 mln
      Avg shares 14,734,000 vs 12,801,000
      NOTE: Fourth qtr net includes a one-time restructuring
  charge of 45.2 mln dlrs. 1985 net income includes extraordinary
  gain of 3.2 mln dlrs, or 25 cts.
  

"
training/2035	12	earn	"INTERNATIONAL THOMSON ORGANISATION LTD YEAR SHR 33P VS 38P

  INTERNATIONAL THOMSON ORGANISATION LTD YEAR SHR 33P VS 38P
  

"
training/2039	0	acq	"TRIMEDYNE <TMED> TO SPIN OFF STAKE IN UNIT
  Trimedyne Inc said it will
  distribute one Class B common share of <Automedix Sciences Inc>
  for each four Trimedyne shares held of record on March Nine.
      The company said in the spinoff it is distributing its
  entire 44 pct interesdt in Automedix.  The spun-off stock will
  not be saleable for 13 months, the company said.
  

"
training/2042	12	earn	"CASEY'S GENERAL STORES INC <CASY> 3RD QTR JAN 31
  Shr 16 cts vs 13 cts
      Net 1,900,000 vs 1,600,000
      Sales 68.2 mln vs 69.6 mln
      Nine mths
      Shr 60 cts vs 43 cts
      Net 7,100,000 vs 4,700,000
      Sales 214.0 mln vs 219.5 mln
  

"
training/2046	10	crude	"DIAMOND SHAMROCK <DIA> RAISES CRUDE OIL POSTINGS
  Diamond Shamrock said it raised its
  posted prices for all grades of crude oil one dlr a barrel,
  effective yesterday.
      The one dlr increase brings West Texas Intermediate, WTI
  the U.S. benchmark crude, to 17.00 dlrs a bbl, the company
  said.
      Diamond Shamrock joined Sun Co, Coastal, Citgo and Murphy
  Oil in raising crude oil posted prices one dlr a barrel
  yesterday.
  

"
training/2047	12	earn	"OAK HILL SPORTSWEAR CORP <OHSC> 4TH QTR NET
  Shr 27 cts vs 28 cts
      Net 1,026,000 vs 1,025,000
      Sales 27.8 mln vs 25.4 mln
      Year
      Shr 95 cts vs 16 cts
      Net 3,682,000 vs 598,000
      Sales 102.1 mln vs 100.4 mln
      Avg shrs 3,858,000 vs 3,700,000
  

"
training/2048	12	earn	"OAK INDUSTRIES INC <OAK> 4TH QTR LOSS
  Oper shr loss five cts vs loss 50 cts
      Oper net loss 3,862,000 vs loss 15,900,000
      Sales 42.6 mln vs 38.8 mln
      Avg shr 72.1 mln vs 31.7 mln
      Year
      Oper shr loss 51 cts vs loss 2.10 dlrs
      Oper net loss 30.3 mln vs 51.3 mln
      Sales 151.7 mln vs 153.1 mln
      Avg shrs 59.4 mln vs 24.4 mln
      Backlog 57.1 mln vs 52.9 mln
      NOTES: Operating losses exclude profits from discontinued
  operationgs of 1,000,000 dlrs, or one cent a share, vs
  2,493,000 dlrs, or eight cts a share, in quarter and 65.0 mln
  dlrs, or 1.09 dlrs a share, vs 13.7 mln dlrs, or 56 cts a
  share, in year
      1986 year operating loss also excludes extraordinary gain
  of of 25.6 mln dlrs, or 43 cts a share
      Backlog, which includes only orders to be shipped within 12
  mths, was 63.0 mln dlrs on January 31. Orders to be shipped
  beyond 12 mths were 27.6 mln dlrs vs 17.1 mln dlrs at December
  31
  

"
training/2049	12	earn	"REGIS CORP <RGIS> REGULAR DIVIDEND SET
  Qtly div 4-1/2 cts vs 4-1/2 cts prior
      Pay April 15
      Record March 24
  

"
training/2054	0	acq	"MANNESMANN SEEKS STAKE IN U.S. FIRM
  Mannesmann AG <MMWG.F>, the
  diversified engineering and pipe-making group, is interested in
  taking a stake in a U.S. Company or companies but has not yet
  found a suitable firm, a spokesman said in reply to questions.
      Mannesmann managing board chairman Werner Dieter told the
  business weekly Wirtschaftswoche in an interview that
  Mannesmann wanted to invest in a U.S. Company in order to
  strengthen its presence on the U.S. Market.
      Dieter said Mannesmann would act quickly when and if it
  found a firm in which it wanted to take a stake.
      The Mannesmann spokesman declined to say in which
  industrial sector the group may make a U.S. Acquisition or how
  big the acquisition might be.
      He also said the group had not yet completed taking over a
  stake in car components firm <Fichtel und Sachs AG>.
      Mannesmann had said in January it hoped to take a 37.5 pct
  stake in Fichtel und Sachs's holding company, Sachs AG, in the
  first quarter. The spokesman said Mannesmann had a letter of
  intent on the takeover from the heirs of the company's late
  owner but completion has been delayed by legal questions
  concerning the inheritance.
  

"
training/2055	12	earn	"AMERICAN INT'L GROUP INC <AIG> 4TH QTR NET
  Shr 1.83 dlrs vs 77 cts
      Net 296.6 mln vs 120.1 mln
      Year
      Shr 4.90 dlrs vs 2.76 dlrs
      Net 795.8 mln vs 420.5 mln
      NOTE: Includes gains of 139.2 mln vs 46.8 mln in year and
  94.0 mln vs 11.6 mln from capital gains from investments.
  

"
training/2056	12	earn	"SYSTEMS FOR HEALTH CARE IN ONE-FOR-50 SPLIT
  Systems for Health Care Inc said it
  repositioned the company through a one-for-50 reverse stock
  split.
      It said there are now 3,002,500 common shares outstanding
  with a quoted price of about 7/8 bid, compared to 150,125,000
  shares outstanding prior to the split.
      In another recent development, Systems for Health Care
  formally changed its name to its present form from Orcas Corp.
  

"
training/2064	22	interest	"BANKERS WELCOME SPANISH RESERVE REQUIREMENT HIKE
  Bankers welcomed the Bank of Spain's
  decision to raise the reserve requirement for banks and savings
  banks, saying it reflected the socialist government's
  determination not to ease up in the fight against inflation
  despite the painful social effects of four years of austerity.
      The central bank last night raised the requirement by one
  percentage point to 19 pct from March 13, saying that excess
  liquidity threatened money supply and inflation targets.
      Bankers said the move represented a change of tactic by the
  Bank, which until now has relied on raising interest rates to
  choke off money supply growth.
      ""I think it's a good measure,"" a senior foreign banker said.
  ""It's a faster way to get the job done than using interest rates
  and avoids unpleasant effects on other areas of the economy.""
      ""It shows that the political will is very strong. They know
  that controlling inflation will make industry more competitive
  and bring down unemployment in the long run,"" he added.
      The head of another foreign bank said that only a month
  ago, the Bank of Spain had dismissed his suggestion of a rise
  in reserve requirements, preferring to pursue its strategy of
  raising interest rates.
      But bankers said the high real interest rates on offer now
  -- around eight pct for overnight funds -- was attracting money
  from abroad, strengthening the peseta and making Spanish
  exports less competitive.
      The government says industry's competitiveness is also
  being hit hard by inflation. At 8.3 pct last year, the rate was
  way above that of Spain's major trading partners in the
  European Community, which it joined a year ago.
      To help meet this year's target of five pct, it is
  insisting pay rises stay at that level, setting the stage for
  clashes with trade unions, who say they have made enough
  sacrifices.
      Demonstrations by workers, students and farmers, whose
  demands essentially involve more government spending, have
  become an almost daily occurrence. But Prime Minister Felipe
  Gonzalez insists that the state is doing as much as it can.
      Bankers said the reserve requirement increase could have
  some impact on commercial lending rates but should not hit the
  money market too hard.
      The Bank of Spain, which only yesterday raised its key
  overnight call money rate to 13.5 pct, left it unchanged at
  today's auction. The rate has been increased nine times since
  the start of the year, when it was below 12 pct.
      Bankers said commercial lending rates were set to rise in
  any case with the end of the six pct maximium interest rate
  banks can offer for time deposits of up to six months.
      The measure will take effect tomorrow, following the
  publication of the decree in today's official gazette. Bankers
  say the liberalisation will increase the cost of funds and,
  inevitably, push lending rates higher.
      A companion measure, reducing the proportion of funds which
  banks must invest in specific areas, also takes effect
  tomorrow. Officials said when the cut was approved last month
  that it was aimed partly at compensating banks for higher
  interest rates.
  

"
training/2065	12	earn	"GAMBRO AB <GAMB ST> 1986 YEAR
  133.5 mln crowns vs 101 mln.
      Sales 1.61 billion vs 1.51 billion.
      Proposed dividend 0.80 crowns vs 0.40 crowns.
  

"
training/2067	0	acq	"TRANSPORTATION AGENCY GIVES FINAL OKAY FOR US AIR PACIFIC SOUTHWEST ACQUISITION

  TRANSPORTATION AGENCY GIVES FINAL OKAY FOR US AIR PACIFIC SOUTHWEST ACQUISITION
  

"
training/2073	16	gold	"S AFRICA MINE MANAGERS FACE CHARGES IN DISASTER
  Seven managers and employees at
  General Mining Union Corp Ltd's Kinross Mines Ltd will face
  charges of culpable homicide following last year's disaster
  when 177 gold miners died, the Attorney General's Office said.
      The mineworkers were killed last September at Kinross when
  a fire set off toxic fumes which suffocated miners underground.
      Three of the accused face alternative charges of breaking
  safety regulations set out in the Mines and Works Act.
      The spokesman said the case would probably be heard in
  Witbank Regional Court, near Kinross, in mid-May.
  

"
training/2079	12	earn	"AMERICAN SOFTWARE <AMSWA> SETS STOCK SPLIT
  American Software Inc said its board
  declared a three-for-two stock split on Class A and Class B
  common shares, payable March 31, record March 16.
      The company said it expects to increase its semiannual
  dividend 12.5 pct to six cts per share post-split from eight
  cts pre-split.
  

"
training/2080	0	acq	"COMDATA <CDN> IN MERGER AGREEMENT
  Comdata Network Inc said
  it has entered into a letter of intent with a limited
  partnership managed by Welsh, Carson, Anderson and Stowe (WCAS)
  to merge Comdata into a corproration to be formed by WCAS.
      Comdata said in the merger each share of the company's
  stock would be converted at the holders election into either 15
  dlrs in cash or a combination of 10 dlrs in cash and a unit of
  securities including common stock.
      Comdata said the terms are subject to the condition that
  WCAS' affiliate investors would own a minimum of 60 pct of the
  fully diluted stock of the new entity.
      Comdata said WCAS and its affiliate investors would commit
  50 mln dlrs to buy the securities comprising the new entities
  units of securities resulting from the merger in the same
  proportions and at the same price as the company shareholders.
      Comdata said the move is subject to execution of definitive
  agreement and approval by Comdata shareholders as well as
  obtaining up to 200 mln dlrs in debt financing.
      WCAS told Comdata it believes that it can get commitments
  for this financing.
  

"
training/2089	12	earn	"<WAJAX LTD> YEAR NET
  Shr 78 cts vs 1.16 dlrs
      Net 6.7 mln vs 9.5 mln
      Revs 278 mln vs 290 mln
  

"
training/2092	12	earn	"AMERICAN SOFTWARE INC <AMSWA> 3RD QTR JAN 31 NET
  Shr 42 cts vs 19 cts
      Net 2,903,000 vs 1,307,000
      Revs 13.1 mln vs 8,937,000
      Avg shrs 6,877,360 vs 6,874,970
      Nine mths
      Shr 98 cts vs 62 cts
      Net 6,740,000 vs 4,085,000
      Revs 33.9 mln vs 27.8 mln
      Avg shrs 6,875,706 vs 6,605,879
  

"
training/2097	0	acq	"BANKAMERICA <BAC> TO SELL GERMAN BANKING UNIT
  BankAmerica Corp said it agreed to
  sell <Bankhaus Centrale Credit AG>, its German consumer banking
  subsidiary, and German credit card operations to <Banco de
  Santander> of Spain.
      Terms were not disclosed. The deal is expected to close in
  the second quarter, the bank holding company said.
      Bankhaus Centrale Credit, with 31 branches, had total
  assets of 927 mln marks at year-end 1986. The credit card
  operation services 115,000 Visa card holders and 35,000
  merchants in Germany, it said.
      Reached later, a BankAmerica spokesman said the company
  would record a pretax gain of 45 mln dlrs from the
  transactions.
      The spokesman declined, however, to disclose the price paid
  for the operations by Banco de Santander or other terms of the
  deal.
  

"
training/2098	40	reserves	" French official reserves 375.95 billion francs end Jan (421.00 billion end Dec) - official

   French official reserves 375.95 billion francs end Jan (421.00 billion end Dec) - official
  

"
training/2099	12	earn	"COPLEY PROPERTIES INC <COP> 4TH QTR NET
  Shr 30 cts vs 36 cts
      Net 1,211,000 vs 1,428,000
      Revs 1,536,000 vs 1,743,000
      Year
      Shr 1.36 dlrs vs 62 cts
      Net 5,438,000 vs 2,498,000
      Revs 6,567,000 vs 2,971,000
      NOTE: Company began operations after its July 29, 1985
  public offering, therefore annual data are not directly
  comparable.
  

"
training/210	12	earn	"GTI CORP <GTI> 4TH QTR OPER NET
  Oper shr profit six cts vs loss two cts
      Oper net profit 225,000 vs loss 91,000
      Revs 4,814,000 vs 3,339,000
      Year
      Oper shr profit 12 cts vs loss two cts
      Oper net profit 415,000 vs loss 73,000
      Revs 16.4 mln vs 16.9 mln
      Note: data does not include from discontinued operations,
  4th qtr 1986 gain of 632,000 dlrs, or 19 cts per shr; 4th qtr
  1985 loss of 250,000 dlrs, or seven cts per shr; 1986 year loss
  of 4,054,000 dlrs, or 1.17 dlrs per shr; and 1985 year loss of
  606,000 dlrs, or 17 cts per shr.
  

"
training/2101	12	earn	"UNITIL CORP <UTL> 4TH QTR NET
  Shr 79 cts vs 72 cts
      Net 581,915 vs 536,040
      Revs 13.9 mln vs 13.3 mln
      Year
      Shr 3.28 dlrs vs 3.21 dlrs
      Net 2,413,407 vs 2,360,048
      Revs 54.9 mln vs 54.2 mln
  

"
training/2102	0	acq	"RYDER <RDR> BUYS BRITISH CALEDONIAN UNIT
  Ryder System Inc said it has acquired
  Caledonian Airmotive Ltd from <British Caledonian Group PLC>
  for undisclosed terms.
      Caledonian Airmotive repairs and rebuilds aircraft engines.
  

"
training/2107	0	acq	"TRELLEBORG TAKE LARGER SLICE OF BOLIDEN
  Swedish tyres, process equipment and
  components firm <Trelleborg AB> said it was taking a larger
  stake in mining and metals concern Boliden AB <BLDS.ST> than it
  had originally intended.
      Trelleborg had previously announced it was exercising an
  option to acquire up to 65 pct of Boliden's voting rights.
      In a statement, the company said they had received offers
  of up to 68 pct of the rights, and that they would accept all.
  

"
training/2108	12	earn	"POLAROID <PRD> UP ON REAFFIRMED OPINION
  Shares of Polaroid Corp rose following
  a reiterated recommendation by Merrill Lynch and Co that
  focused on strong earnings momentum for the company, traders
  said.
      ""We have been recommending the stock since it was in the
  50s, but we reiterated today because of expectations of strong
  earnings momentum, its benefits from the lower dollar and
  anticipation of nice gains in margins,"" Merrill Lynch
  analyst Charles Ryan said. He said a negative opinion by
  another brokerage house hurt the stock Wednesday, and it can be
  bought at a relatively bargain price today.
      Ryan said ""you always have to look at Polaroid at its
  weakness. Its a volatile stock that has to be caught on
  weakness."" Polaroid's stock, which gained more than a point
  early this morning, was trading at 76-1/8, up 5/8. It was down
  over three points Wednesday morning before closing down 7/8.
      ""Polaroid is working overtime on production of cameras and
  film, so we expect first quarter earnings to be up about 40
  pct,"" Ryan said, estimating earnings of 70 cts a share in the
  first quarter compared to 52 cts a share earned a year earlier.
  He expects the company to earn four dlrs a share in 1987 as
  compared to 3.34 dlrs a share last year.
  

"
training/2109	12	earn	"SWEDISH MATCH AB <SMBS.ST> 1986 YEAR
  Profit after net financial items
      500 mln crowns vs 359 mln
      Sales 10.90 billion crowns vs 10.72 billion
      Proposed dividend 12.50 crowns vs 10.50 crowns
  

"
training/211	10	crude	"HOUSTON OIL <HO> RESERVES STUDY COMPLETED
  Houston Oil Trust said that independent
  petroleum engineers completed an annual study that estimates
  the trust's future net revenues from total proved reserves at
  88 mln dlrs and its discounted present value of the reserves at
  64 mln dlrs.
      Based on the estimate, the trust said there may be no money
  available for cash distributions to unitholders for the
  remainder of the year.
      It said the estimates reflect a decrease of about 44 pct in
  net reserve revenues and 39 pct in discounted present value
  compared with the study made in 1985.
  

"
training/2110	40	reserves	"FRENCH OFFICIAL RESERVES FALL SHARPLY IN JANUARY
  French official reserves fell 45.06
  billion francs to 375.95 billion at the end of January from
  421.00 billion at the end of December, the Finance Ministry
  said in a statement.
      It said the fall was largely due to sales of foreign
  currency that preceded the January 11 realignment of the
  European Monetary System (EMS).
      Foreign currency reserves fell by 8.91 billion francs
  during the month, the ministry said.
      This reflected outflows of 10.26 billion francs through
  operations of the French exchange stabilisation fund,
  counterbalanced by a gain of 1.35 billion francs resulting from
  the quarterly adjustment in the value of dollar deposits held
  with the European Monetary Cooperation Fund (FECOM).
      But most of the decline reflected a 33.90 billion franc
  deficit that France built up during the month with FECOM as a
  result of using very short-term financing instruments.
      The Bank of France, in conjunction with the Bundesbank and
  other central banks, intervened heavily in foreign exchange
  markets between late December and the January 11 EMS accord, in
  an attempt to hold down the mark, which was attracting a flight
  of funds from the dollar, and simultaneously shore up the
  franc.
      On January 11, the mark was revalued by three pct against
  the French franc, relieving pressure on the French currency.
      The fall in foreign exchange reserves took these reserves
  to 98.83 billion francs at the end of January from 107.74
  billion at end December.
      Gold reserves were unchanged at 218.45 billion francs.
      Reserves of European Currency Units fell to 73.25 billion
  francs from 75.27 billion at end December.
      Claims on the International Monetary Fund fell 219 mln
  francs to 19.31 billion francs.
  

"
training/2112	12	earn	"SL INDUSTRIES INC <SL> 2ND QTR JAN 31 NET
  Oper shr 22 cts vs 20 cts
      Oper net 1,153,000 vs 1,068,000
      Revs 15.7 mln vs 15.8 mln
      Six mths
      Oper shr 38 cts vs 38 cts
      Oper net 2,039,000 vs 2,051,000
      Revs 31.4 mln vs 31.6 mln
      NOTE: exlcudes 145,000 discontinued operations for 1986
  oper net for six mths for sale of electronics division.
      Oper shr for qtr and six mths 1986 adjusted for stock split
  and dividend distribution in November.
  

"
training/2114	0	acq	"GENERAL REFRACTORIES <GRX> TO SELL OPERATIONS
  General Refractories Co said it
  agreed to sell its European refractories and building products
  operations for about 62 mln dlrs to an Austrian investor group.
      The European operations had sales of 186 mln dlrs in 1985,
  the last year for which results have been released, the company
  said.
      The sale, to a group headed by Girozentrale Bank of
  Austria, is subject to shareholder approval by April 24, 1987,
  it said. Its board has approved the deal, it said.
      General Refractories' mineral operations are not affected.
  

"
training/2115	5	coffee	"BRAZIL HAS NO SET COFFEE EXPORT TARGETS - IBC
  Brazil has no set target for
  its coffee exports following this week's breakdown of
  International Coffee Organization talks on export quotas,
  President of the Brazilian Coffee Institute, IBC, Jorio Dauster
  said.
      He told a press conference Brazil now had to reconsider its
  export plans and that the 15.5 mln bag export figure which it
  had proposed for itself earlier should no longer be taken as
  the country's export target to ICO-member countries.
      The 15.5 mln bag offer had been made on the assumption an
  agreement would bring stability to world markets, he added.
      It had been a gesture to ease negotiations, but the lack of
  an agreement leaves it no longer valid and exports could be
  above or below 15.5 mln bags, he said.
      Dauster said he would talk to producers, exporters and
  market analysts before taking any decision on export policy,
  but any future policy would be flexible and adjusted to market
  conditions.
      ""We will not take any short-term decisions which might cause
  markets to panic,"" Dauster added.
      He said it would be a policy which shows Brazil has coffee
  to sell and that it could do so without an ICO agreement.
      ""Brazil has coffee (to sell) and wants to show that it does
  not need an ICO agreement as a crutch,"" Dauster said.
      Commenting on the breakdown of the talks, Dauster said
  consumer proposals would have implied a reduction of one to two
  mln bags in Brazil's export quotas.
      ""It was a proposal which would lead to a substantial loss
  for Brazil and which would be difficult for the country to
  recover,"" he said.
      The consumer proposal to base quotas on a six-year moving
  average of exportable production surpluses would lead to
  overproduction as countries boosted output to win higher
  quotas, he said.
      Dauster rejected reports which said Brazil's inflexibility
  had been the cause for the breakdown of talks, noting that its
  stance had the backing of 85 pct of producing countries.
      Close links would continue with these producers,
  particularly Colombia, Mexico and Francophone African
  countries, but Dauster said no joint marketing action was
  envisaged at present.
      He also said Brazil currently had no plans to return to a
  system of roaster buying contracts, although ""no hypothesis has
  been abandoned.""
      Dauster said he had not yet decided when registrations for
  May shipment coffee will be opened.
      He declined comment on whether the IBC will adopt a policy
  of opening registrations for up to six months in advance, as
  some exporters had suggested.
      He noted export registrations for the first four months of
  the year totalled around 5.5 mln bags, more than half the 9.9
  mln exported in 1986 when drought reduced the crop to between
  11.2 mln and 12 mln bags.
      He said that, although he had heard forecasts of 30 mln
  bags for the coming crop, the IBC would not make any estimate
  until late April.
  

"
training/2116	12	earn	"PEPSICO <PEP> UPGRADED BY KIDDER PEABODY
  Kidder Peabody and Co analyst Roy Burry
  issued a strong buy recommendation on Pepsico Inc, citing an
  improved profit outlook for both domestic soft drinks and
  Frito-Lay snack foods.
      Pepsico climbed 7/8 to 34-3/4 on 615,000 shares by
  midmorning.
      Burry forecast earnings of 2.00 dlrs per share in 1987 and
  2.30 dlrs in 1988. In 1986 the company earned 1.75 dlrs per
  share. Burry previously had a sell recommendation on Pepsico.
  ""We're looking at 10 to 15 pct earnings growth for Frito-lay in
  1987, a trend that should continue through the decade.""
  

"
training/2118	0	acq	"SHAD SEES PROGRESS ON INSIDER TRADING
  Securities and Exchange Commission
  chairman John Shad said progress was being made in stopping
  insider trading, but the chairman of a House subcommittee with
  jurisdiction over securities laws said he was concerned about
  conditions on Wall Street.
      ""Greed has created a feeding frenzy on Wall Street and in
  the process laws are broken and multi-billion dlr corporations
  have become easy prey,"" Rep. Edward Markey, D-Mass, the
  chairman of the Telecommunications and Finance said at the
  start of a hearing on SEC activities.
      ""Congress is understandably nervous. We perceive the
  current scandals as a warning of even worse things to come,""
  Markey said. ""The frenzy and disruption created by merger mania
  is particularly distressing.""
      Shad said the recent cases involving Ivan Boesky, Dennis
  Levine and others was a warning that those who engage in
  insider trading were taking a heavy risk of imprisonment, high
  fines and disbarment from the securities industry.
      ""Insider trading has not been eradicated, but it has been
  inhibited and multimillions of dollars of profits that Boesky
  and others have been siphoning off the markets are now flowing
  through to legitimate investors and traders,"" Shad said in his
  statement.
      Shad said insider trading cases involved only 10 pct or
  less of SEC enforcement actions in recent years but they have
  increased significantly to 125 cases brought during the past
  five years compared to 77 cases in the preceeding 47 years.
      Markey said he did not favor banning takeovers but thought
  the tender offer process needed reform including earlier
  disclosure of takeover attempts.
      N.J. Rep. Mathew Rinaldo, the senior subcommittee
  Republican, said he was introducing legislation to create a
  five member commission to study the securities industry for a
  year and report its findings and recommendations to Congress.
  Commission members would be appointed by the SEC.
      ""Its primary mission would be to analyze the extent of
  illegal trading on insider trading and to assess the adequacy
  of existing surveillance systems and government oversight
  operations. The commission would advise Congress as to what
  additional resources or civil or criminal remedies are needed
  to combat fraud and improve compliance with federal laws,""
  Rinaldo said.
  

"
training/212	12	earn	"FAMOUS RESTAURANTS INC <FAMS> 4TH QTR LOSS
  Shr loss 2.07 dlrs vs loss eight cts
      Net loss 11,445,000 vs loss 501,000
      Revs 14.5 mln vs 11.0 mln
      Year
      Shr loss 1.91 dlrs vs profit four cts
      Net loss 12,427,000 vs profit 211,000
      Revs 60.8 mln vs 51.5 mln
      Note: includes non-recurring charges of 12,131,000 dlrs in
  the 4th qtr and 12,500,000 dlrs in the year for reserve for
  underperforming restaurants.
  

"
training/2121	10	crude	"OPEC SAYS FEBRUARY OUTPUT UNDER CEILING
  OPEC output in February was ""well below""
  the 15.8 mln bpd ceiling it set in December and all countries
  are strictly adhering to their quotas, the OPEC news agency
  Opecna quoted an OPEC secretariat official as saying.
      The official was quoted as saying that lower output was the
  result ""of member countries' firm determination to defend the
  organisation's official price of 18 dlrs per barrel, and to
  refrain from selling any quantity below that price.""
      The unnamed official was further quoted as saying that no
  OPEC meeting was foreseen before the next biannual OPEC session
  planned to start on June 25.
      The official gave no figure for February output. The
  statement said only that ""the reduction in total supplies,
  namely actual exports of crude oil and products, plus local
  deliveries in member countries, is even more pronounced as
  those supplies fell very noticeably during that month.""
      ""No matter what the pressure on member countries by lifters
  to align the official selling price to the ongoing market
  price, member countries are, without exception, strictly
  adhering to the official selling price in spite of the
  financial hardship this may entail,"" the statement said.
      ""The very recent improvement in the price structure is an
  indicator of such determination by the organization to stick to
  the official selling price,"" the statement said.
      Free spot market prices rose from around 14.50 dlrs a
  barrel in early December last year to near OPEC's official
  levels towards the end of the year, after the OPEC pact.
      There has been oil industry speculation that OPEC might
  have to hold an extraordinrary meeting prior to its scheduled
  June session to discuss reports of overproduction by some
  states and strains on the differential matrix, which prices
  each OPEC crude according to its quality and distance from main
  markets.
      The official said in the statement that no such emergency
  session was scheduled ""because of member countries' firm
  determination to defend the price (system)"" agreed in December.
      Opec""s differential committee was to have met in Vienna
  starting April 2 but this session has been postponed, with no
  new date set, according to an official of the United Arab
  Emirates, which chairs the seven-state body.
      Other members are Algeria, Kuwait, Saudi Arabia, Libya,
  Nigeria and Qatar.
  

"
training/2122	12	earn	"CANADIAN IMPERIAL BANK OF COMMERCE 1ST QTR SHARE BASIC 61 CTS VS 64 CTS

  CANADIAN IMPERIAL BANK OF COMMERCE 1ST QTR SHARE BASIC 61 CTS VS 64 CTS
  

"
training/2126	0	acq	"PERKIN-ELMER <PKN> ACQUIRES HIGH TECH FIRM
  Perkin-Elmer Corp said it
  acquired <Atomika Technische Physik>, based in Munich, West
  Germany, a high technology concern specializing in surface
  science instruments.
      Terms of the acquisition were not disclosed.
      It said Atomika will became a part of its Physical
  Electronics Division, based in Eden Prairie, Minn., The
  division is part of its Materials Surface Technology Group.
  

"
training/2128	0	acq	"U.S. OKAYS USAIR <U> PACIFIC SOUTHWEST PURCHASE
  The U.S. Department of Transportation
  said it gave final approval to USAir Group's proposed 400 mln
  dlr acquisition of Pacific Southwest Airlines.
      The department said the acquisition is not likely to
  substantially lessen competition and would not harm the public
  interest.
      The department had given its tentative approval of the
  acquisition in January.
      The department said it decided to make final its tentative
  decision after reviewing the public response to it.
      The agency said it rejected an assertion by Air North
  America, which currently is not operating but plans to start
  service to some of the cities served by USAIR and PSA, that the
  acquisition would lessen chances of new entry into those
  markets by other carriers.
      The agency said Air North America provided no support for
  its claim that the transaction would give the two carriers
  monopoly power in some markets.
      The transportation agency said Air North America also
  failed to show that there are barriers that would prevent new
  entrants into those markets or prevent other carriers from
  increasing their service.
      The agency noted in its final order that PSA operates
  exclusively in the West and Mexico while USAir serves the West
  for the most part with some long-haul flights from the East and
  Midwest.
      The two carriers serve five point in common; Los Angeles,
  San Diego, San Francico, Phoenix and Tucsonm, the agency said.
       The transportation department also rejected a request by
  the Teamsters Union, which represents some PSA workers, to
  require protections for PSA workers.
      The agency noted that USAir has promised to give protective
  benefits to PSA workers and that unions representing PSA
  workers have collective bargaining agreements that provide such
  protections.
  

"
training/213	8	cpi	"JAPAN CONSUMER PRICES FALL 0.4 PCT IN JANUARY
  Japan's unadjusted consumer price index
  (base 1985) fell 0.4 pct to 99.7 in January from the previous
  month, the government's Management and Coodination Agency said.
      The fall compares with a decline of 0.2 pct in December.
      The January index compared with a year earlier was down 1.1
  pct, the first drop larger than 1.0 pct since it fell 1.3 pct
  in September 1958.
      Food costs rose in January from December but prices fell
  for clothing, footwear and utilities, causing the overall
  decline for the month.
      Housing, medical and educations costs increased in January
  compared with a year earlier but the cost of utilities,
  gasoline and vegetables fell.
      The unadjusted consumer price index for the Tokyo area
  (base 1985) was down 0.1 pct in mid-February from a month
  earlier at 100.2, reflecting lower prices for food, clothing
  and footwear. Compared with a year earlier, the index was down
  0.7 pct due to lower vegetable, fuel oil and utility costs.
  

"
training/2130	12	earn	"MCI <MCIC> PRESIDENT SEES PROFIT IMPROVEMENT
  MCI Communications Corp President
  Bert Roberts said he expects MCI's financial performance to
  improve in the current quarter compared to the previous
  quarter.
      He said American Telephone and Telegraph Co long-distance
  rate cuts had cut into MCI's fourth quarter performance but
  added: ""There's going to be a continuing impact (on profits) but
  we expect this quarter to be better than the fourth quarter.""
      The current quarter ends March 31.
      For the fourth quarter, MCI reported a 448 mln dlr loss,
  due mainly to write-offs and staff reductions.
      Roberts said the ATT long-distance rate reductions, which
  had been ordered by the Federal Communications Commission have
  had ""A significantly negative impact on our profits.""
      As reported earlier today, MCI said it plans to ask the FCC
  to immediately deregulate ATT, apparently in hopes that an
  unregulated ATT would pocket a greater proportion of its
  revenues rather than cut rates further.
  

"
training/2133	12	earn	"NATIONAL GYPSUM CO 4TH QTR NET
  Net 5,521,000 vs NA
      Revs 358.1 mln vs 359.0 mln
      Year
      Net 55.3 mln vs NA
      Revs 1.43 billion vs 1.34 billion
      NOTE: Current year includes earnings of 49.6 mln dlrs for
  the four months ended April 30, 1986. Year-ago earnings not
  comparable because of acquisition by Aancor Holdings Inc on
  April 29, 1986.
  

"
training/2136	12	earn	"ZAYRE CORP 4TH QTR SHR 73 CTS VS 60 CTS

  ZAYRE CORP 4TH QTR SHR 73 CTS VS 60 CTS
  

"
training/2137	12	earn	"<DET OESTASIATISKE KOMPAGNI A/S> (EAST ASIATIC CO)
  Results for year 1986 -
      Group pre-tax profit 385 mln crowns vs 380 mln
      Net turnover 14.17 billion crowns vs 16.69 billion
      Dividend eight pct vs nil
      Group profit after tax 16 mln crowns vs 244 mln
  

"
training/214	12	earn	"AVERY <AVY> SETS TWO FOR ONE STOCK SPLIT
  Avery said its board authorizerd
  a two for one stock split, an increased in the quarterly
  dividend and plans to offer four mln shares of common stock.
      The company said the stock split is effective March 16 with
  a distribution of one additional share to each shareholder of
  record March 9.
      It said the quarterly cash dividend of 10.5 cts per share
  on the split shares, a 10.5 pct increase from the 19 cts per
  share before the split.
      Avery said it will register with the Securities and
  Exchange Commission shrortly to offer four mln additional
  common shares. It will use the proceeds to repay debt, finance
  recent acquisitions and for other corporate purposes.
  

"
training/2148	12	earn	"<SIGNTECH INC> NINE MTHS JAN 31 NET
  Shr 55 cts vs 24 cts
      Net 1.9 mln vs 800,000
      Revs 17.6 mln vs 12.8 mln
  

"
training/2149	12	earn	"<CANADIAN IMPERIAL BANK OF COMMERCE> 1ST QTR
  Period ended January 31
      Shr 61 cts vs 64 cts
      Shr diluted 60 cts vs 60 cts
      Net 96.5 mln vs 87.0 mln
      Loans 44.87 billion vs 48.07 billion
      Deposits 69.86 billion vs 68.45 billion
      Assets 83.92 billion vs 78.93 billion
      Note: shr after preferred dividends
  

"
training/2151	0	acq	"<TRIUMPH CAPITAL INC> TO MAKE ACQUISITION
  Triumph Capital Inc said it has signed a
  letter of intent to acquire First Securities Transfer Systems
  Inc of Pompano Beach, Fla., for undisclosed terms.
      The company said it is also entering the commercial finance
  business through the formation of Triumph Financial corp.
      It said the new wholly-owned unit has extended a 350,000
  dlr secured line of credit to Micro Designs Inc.
  

"
training/2153	12	earn	"CONCHEMCO INC <CKC> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay April Six
      Record March 16
  

"
training/2154	12	earn	"DST SYSTEMS INC <DSTS> REGULAR PAYOUT SET
  Qtly div five cts vs five cts prior
      Pay April 17
      Record March 16
  

"
training/2155	22	interest	"FED NOT EXPECTED TO TAKE MONEY MARKET ACTION
  The Federal Reserve is not expected to
  intervene in the U.S. government securities market to add or
  drain reserves, economists said.
      Most economists said they did not expect the Fed to add
  reserves with Federal funds trading below six pct.
      They said the funds rate's softer tone may indicate that
  the need to add reserves in the current bank reserve
  maintenance period is smaller than previously estimated.
      Fed funds opened at 5-15/16 pct and remained at that level.
  Yesterday funds averaged 6.01 pct.
  

"
training/2157	12	earn	"BROWN GROUP INC 4TH QTR SHR 77 CTS VS 76 CTS

  BROWN GROUP INC 4TH QTR SHR 77 CTS VS 76 CTS
  

"
training/2159	0	acq	"REGAL INTERNATIONAL <RGL> UPS BELL <BPSIQ> BID
  Bell Petroleum Services Inc said
  Regal International Inc has doubled its offer for Bell stock to
  one Regal share for each Bell share from half a share
  previously.
      The company said it is seriously considering the new offer
  but has also received an expression of interest for a possible
  merger into a Fortune 500 company it did not identify that will
  be investigated at meetings to be held later this week.
      It said it will explore all possibilities before
  recommending a final course of action.
  

"
training/216	33	money-supply	"26-FEB-1987
  26-FEB-1987

"
training/2163	12	earn	"EQK GREEN ACRES LP <EGA> RAISES QUARTERLY
  Qtly div 26-1/4 cts vs 25 cts prior
      Pay Aug 14
      Record June 30
  

"
training/2166	12	earn	"MERCANTILE STORES CO INC 4TH QTR SHR 3.26 DLRS VS 3.17 DLRS

  MERCANTILE STORES CO INC 4TH QTR SHR 3.26 DLRS VS 3.17 DLRS
  

"
training/2167	12	earn	"WINLAND ELECTRONICS INC 4TH QTR LOSS
  Shr loss one ct vs profit 15 cts
      Net loss 10,863 vs profit 176,344
      Revs 672,073 vs 766,066
      Year
      Shr loss seven cts vs loss one ct
      Net loss 77,804 vs loss 16,627
      Revs 1,717,810 vs 1,317,402
  

"
training/2168	29	livestock	"ANTIBIOTICS IN FEED AID DEADLY BACTERIA: STUDY
  A study of salmonella poisoning has
  uncovered new evidence that the common practice of feeding
  antibiotics to cattle is helping to create deadly bacteria that
  can infect humans and resist medicines.
      Researchers at the federal Centers for Disease Control
  tracked the spread of an unusual strain of salmonella that is
  resistant to the drug chloramphenicol and were able to link the
  resulting food poisoning to farms that used the drug to promote
  the growth of cattle.
      Cattlemen often give their animals a constant supply of
  antibiotics in feed to help them grow faster. But critics have
  been warning for years that the constant exposure to the drugs
  is helping bacteria learn to resist the drugs.
      Industry officials have disputed this, saying the diseases
  that develop a resistance in cattle probably do not affect
  humans.
      But the new study, reported in Thursday's New England
  Journal of Medicine, shows the diseases can spread to humans.
      The research team, led by Dr. John Spika, said the number
  of people who have developed the chloramphenicol-resistant
  infection in Los Angeles County alone jumped from 69 in 1984 to
  298 the following year. Two of those victims died and half the
  victims in their study of 45 patients had to be hospitalized
  for their illness.
      They also discovered that cooking the meat didn't always
  prevent the disease. Only 15 pct of the victims reported eating
  raw, infected hamburger. Thus, the researchers concluded, ""the
  majority of cases appear to have been caused by eating
  hamburger that was at least partially cooked.""
      The researchers said the results show that ""food animals are
  a major source of antimicrobial-resistant salmonella infections
  in humans, and that these infections are associated with
  (antibiotic) use on farms.""
  

"
training/2173	12	earn	"NATIONAL CONVENIENCE <NCS> TO HAVE 3RD QTR LOSS
  National Convenience Stores Inc said it
  expects to report a loss for the third quarter ending March 31
  due to continued poor sales in Texas, especially in Houston.
      In last year's third quarter, National Convenience earned
  1,788,000 dlrs or eight cts per share, including a gain of
  2,883,000 dlrs from the sale of 186 stores to another operator.
   It said the results also included earnings from gasoline
  operations of 2,500,000 dlrs or 11 cts per share caused by
  unusually high gross margins on gasoline sales of 12.7 cts per
  gallon that were caused by rapidly falling oil prices.
      National Convenience said its third quarter is usually weak
  due to winter weather.
  

"
training/2174	10	crude	"MARATHON RAISES CRUDE POSTED PRICES 50 CTS A BBL, EFFECTIVE TODAY, WTI AT 17 DLRS/BBL.

  MARATHON RAISES CRUDE POSTED PRICES 50 CTS A BBL, EFFECTIVE TODAY, WTI AT 17 DLRS/BBL.
  

"
training/2175	10	crude	"REPORT DUE ON OIL IMPORTS AND NATIONAL SECURITY
  A presidential commission that has
  been studying oil imports, including their effect on national
  security, is to to make its report soon, the White House said.
      Spokesman Marlin Fitzwater said the panel, set up last
  October to examine U.S. oil import needs, would make its report
  soon, probably within the next few weeks.
      He said National Security Adviser Frank Carlucci ""will wait
  until that report is in and then see if there is any special
  action needed to be taken in the national security area to
  implement it.""
  

"
training/2176	12	earn	"CHRYSLER SETS THREE-FOR-TWO STOCK SPLIT, RAISES DIVIDEND

  CHRYSLER SETS THREE-FOR-TWO STOCK SPLIT, RAISES DIVIDEND
  

"
training/2182	12	earn	"BROWN GROUP INC <BG> 4TH QTR JAN 31 NET
  Shr 77 cts vs 76 cts
      Net 13,843,000 vs 14,478,000
      Sales 374.6 mln vs 368.3 mln
      Avg shrs 18,003,000 vs 19,025,000
      Year
      Shr 2.16 dlrs vs 2.65 dlrs
      Net 39,503,000 vs 51,573,000
      Revs 1.41 billion vs 1.41 billion
      Avg shrs 18,269,000 vs 19,497,000
      NOTE: 1986 period ended February One
      Company changed fiscal yearend to January 31 from October
  31. 1986 results were restated to reflect the change.
  

"
training/2188	12	earn	"PEGASUS GOLD INC <PGULF> 4TH QTR NET
  Shr profit 20 cts vs loss two cts
      Net profit 2,665,000 vs loss 202,000
      Revs 12.1 mln vs 5,993,000
      Year
      Shr profit 35 cts vs loss 11 cts
      Net profit 4,653,000 vs loss 1,167,000
      Revs 35.1 mln vs 18.0 mln
      NOTE: Current qtr includes gain of 1.1 mln dlrs from tax
  benefit.
  

"
training/2194	12	earn	"ZAYRE CORP <ZY> 4TH QTR JAN 31 NET
  Shr 73 cts vs 60 cts
      Net 43,792,000 vs 36,480,000
      Rev 1.78 billion vs 1.34 billion
      Year
      Shr 1.49 dlrs vs 1.61 dlrs
      Net 88,974,000 vs 94,647,000
      Rev 5.35 billion vs 4.04 billion
      NOTE: 4th qtr net includes pre-tax gain of 9.7 mln dlrs
  from sale of real estate and real estate development company.
      Fiscal 1986 net includes extraordinary charge of 3.5 mln
  dlrs, or six cts a share. All per share data reflects a
  two-for-one stock split paid June 25, 1986.
  

"
training/2196	12	earn	"ZAYRE <ZY> PLANS MORE STORE OPENINGS IN 1987
  Zayre Corp said it plans to
  open 25 additional Zayre Stores, 35 new T.J. Maxx stores and 50
  Hit or Miss Shops in 1987.
      In addition, Zayre said it plans to add six new BJ's
  Wholesale Clubs and eight new HomeClubs to its warehouse group.
      Earlier, the company reported 1986 earnings, ended January
  31, of 89.0 mln dlrs, or 1.49 dlrs per share, versus 94.6 mln
  dlrs, or 1.61 dlrs per share, in fiscal 1985. It also reported
  fourth quarter net of 43.8 mln dlrs, or 73 cts a share, versus
  36.5 mln dlrs, or 60 cts a share in 1985's fourth quarter.
  

"
training/2198	12	earn	"CHRYSLER <C> SETS STOCK SPLIT, HIGHER DIVIDEND
  Chrysler Corp said its board declared a
  three-for-two stock split in the form of a 50 pct stock
  dividend and raised the quarterly dividend by seven pct.
      The company said the dividend was raised to 37.5 cts a
  share from 35 cts on a pre-split basis, equal to a 25 ct
  dividend on a post-split basis.
      Chrysler said the stock dividend is payable April 13 to
  holders of record March 23 while the cash dividend is payable
  April 15 to holders of record March 23. It said cash will be
  paid in lieu of fractional shares.
      With the split, Chrysler said 13.2 mln shares remain to be
  purchased in its stock repurchase program that began in late
  1984. That program now has a target of 56.3 mln shares with the
  latest stock split.
      Chrysler said in a statement the actions ""reflect not only
  our outstanding performance over the past few years but also
  our optimism about the company's future.""
  

"
training/22	6	copper	"MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS
  Magma Copper Co, a subsidiary of Newmont
  Mining Corp, said it is cutting its copper cathode price by
  0.75 cent to 66 cents a lb, effective immediately.
  

"
training/220	33	money-supply	"N.Z. CENTRAL BANK SEES SLOWER MONEY, CREDIT GROWTH
  Monetary and credit growth rates in
  New Zealand are not expected to continue at current levels
  following the Reserve Bank's move to tighten liquidity late
  last year, Reserve Bank Governor Spencer Russell said.
      The monetary and credit growth figures for the December
  quarter were probably artifically inflated by unusually high
  growth in inter-institutional lending activity on the short
  term money market, Russell said in a statement.
      The bank moved to tighten liquidity when the initial signs
  of the recent expansion became apparent in September and
  October last year, Russell said.
      Broadly defined M-3 figures released today showed growth of
  17.8 pct in the year ended December compared with 13.1 pct in
  the year ended September.
      Annual growth of private sector credit in calendar 1986 was
  30.7 pct compared with 16.5 pct in the September year.
      ""Available evidence suggests that corporate customers,
  including non-bank financial institutions, have been exploiting
  differences between interest rates on overdrafts with trading
  banks and rates in the call market,"" Russell said.
  

"
training/2202	0	acq	"BANCO SANTANDER TO BUY WEST GERMANY'S CC-BANK
  <Banco Santander> signed a letter of
  intent with Bank of America <BAC> to purchase its West German
  affiliate <Bankhaus Centrale Credit AG>, CC-Bank, the bank said
  in a statement amplifying an earlier report from Frankfurt.
      ""The incorporation of CC-Bank in our group will provide a
  major boost...For chanelling investment between Spain and the
  European Community,"" the statement said.
      ""This operation enables us to take up a solid position in
  West Germany ahead of Spain's full integration into the EC's
  financial system in five years' time.""
      The deal included the license for Visa credit cards.
  

"
training/2203	12	earn	"CANADIAN IMPERIAL SEES LOWER LOAN LOSSES
  <Canadian Imperial Bank of Commerce>,
  earlier reporting higher net income for the first quarter ended
  January 31, said it expects loan losses to be lower than last
  year's 697.0 mln dlrs.
      However, the bank said it will maintain the high level of
  provisioning for loan losses established last year because of
  many market uncertainties. Commerce bank set loan loss
  provisions of 636.0 mln dlrs in fiscal 1986, ended October 31.
      The bank earlier said first quarter net income rose to 96.5
  mln dlrs from 87.0 mln dlrs in the prior year. Profit per basic
  share after dividends fell to 61 cts from year-ago 64 cts.
      Commerce Bank said because of market uncertainties, it used
  an estimate of 600.0 mln dlrs for fiscal 1987 loan losses in
  calculating first quarter results.
      The bank's first quarter provision for loan losses rose to
  172.0 mln dlrs, from 152.0 mln dlrs in the prior year.
      Commerce Bank also said it will continue to adopt an
  agressive posture in adding to its general provisions against
  loan exposure to 34 countries designated by the federal
  government's Inspector General of Banks.
      First quarter net partly benefitted from net interest
  income, up to 561.8 mln dlrs from year ago 540.9 mln dlrs.
      Commerce Bank said improved other income, which rose to
  213.6 mln dlrs from year-earlier 170.1 mln dlrs, and net income
  was partially offset by the increased loan loss provisions,
  non-interest expenses and income taxes.
      The bank said first quarter total assets increased to 83.92
  billion dlrs from 78.93 mln dlrs in the prior year, due mainly
  to continued expansion in consumer loan and mortgage fields.
      Return on assets increased by two cts to 46 cts per 100
  dlrs of average assets from the first quarter in fiscal 1986,
  but declined two cts from fiscal 1986 fourth quarter.
      The bank also said total non-accrual loans increased to 2.4
  billion dlrs in the first quarter from year-ago 1.8 billion
  dlrs. However, non-accrual loans declined 130 mln dlrs from
  fiscal 1986 year-end.
      ""Despite the recent announcement of the suspension of
  interest payments by Brazil, virtually all of the bank's loans
  to this country were income producing up to January 31, 1987,
  and there was little adverse impact on the bank's earnings
  prior to the announcement,"" Commerce bank said.
      The bank did not disclose a forecast of the impact on
  future earnings by Brazil's suspension of interest payments.
  

"
training/2205	12	earn	"MERCANTILE STORES CO INC <MST> 4TH QTR NET
  Qtr ends Jan 31
      Shr 3.26 dlrs vs 3.17 dlrs
      Net 47.9 mln vs 46.7 mln
      Revs 673.1 mln vs 630.2 mln
      12 mths
      Shr 7.54 dlrs vs 6.95 dlrs
      Net 111.1 mln vs 102.4 mln
      Revs 2.03 billion vs 1.88 billion
  .
  

"
training/2206	45	sugar	"INDIA BOUGHT AT LEAST EIGHT CARGOES SUGAR--TRADE
  India bought eight cargoes of white
  sugar at a buying tender this week but also gave sellers
  options to sell an extra eight cargoes at the same prices,
  traders said.
      Four international firms shared the business which gave
  each of them sales of two cargoes of Mar/Apr shipment sugar at
  233 dlrs CIF and options on two cargoes of Apr/May.
      This brings recent options India has given traders to some
  200,000 tonnes at fixed prices and makes future Indian
  purchases very dependent on price fluctuations, traders said.
      At 233 dlrs CIF the sugar sold this week was at a discount
  of up to 10 dlrs to current prices, some traders said.
  

"
training/2207	0	acq	"UNITEL VIDEO SHAREHOLDER PROPOSES POSSIBLE SALE OR LIQUIDATION OF COMPANY

  UNITEL VIDEO SHAREHOLDER PROPOSES POSSIBLE SALE OR LIQUIDATION OF COMPANY
  

"
training/2211	12	earn	"ALLEGHENY POWER SYSTEM INC <AYP> SETS PAYOUT
  Qtly div 73 cts vs 73 cts prior
      Pay March 31
      Record March 16
  

"
training/2212	12	earn	"<SELKIRK COMMUNICATIONS LTD> 4TH QTR NET
  Oper shr 57 cts vs 73 cts
      Oper net 6,051,000 vs 7,818,000
      Revs 50.0 mln vs 56.0 mln
      Year
      Oper shr 1.06 dlrs vs 1.24 dlrs
      Oper net 11,301,000 vs 13,203,000
      Revs 171.9 mln vs 207.4 mln
      NOTE: Current oper net excludes extraordinary income of
  180,000 dlrs in qtr and 1,119,000 dlrs in year vs previous
  losses of 2,345,000 dlrs and 515,000 dlrs, respectively.
  

"
training/2213	12	earn	"HOUSTON OIL ROYALTY TRUST <RTH> PAYOUT LOWER
  Mthly div 2.108 cts vs 2.158 cts prior
      Pay March 26
      Record March 16
  

"
training/2216	12	earn	"ENGELHARD CORP SETS THREE FOR TWO STOCK SPLIT AND RAISES QUARTERLY

  ENGELHARD CORP SETS THREE FOR TWO STOCK SPLIT AND RAISES QUARTERLY
  

"
training/2219	0	acq	"HOLDER PROPOSES UNITEL <UNV> SALE OR LIQUIDATION
  Michael Landes, a major stockholder
  in Unitel Video Inc, said he has asked the company to consider
  liquidating, or selling some or all of its assets.
      ""Mr. Landes has requested the company to implement a
  program to maximize shareholder values, which might include a
  sale of all or part of the company or a liquidation,"" he said
  in a filing with the Securities and Exchange Commission.
      Landes and another Unitel Video investor, Albert Schwatz,
  have formed a shareholder group and together hold 329,225
  common shares, or 15.2 pct of the total outstanding common
  stock.
      Landes and Schwartz had reached an agreement in principle
  with the New York video tape service company on a 12.50 dlr a
  share takeover proposal last September, but subsequent merger
  talks broke down in October.
      The investors told the SEC they are continuing to review
  their positions company and may acquire more shares or sell
  some or all of their current stake.
  

"
training/2220	0	acq	"HUGES TOOL COMPANY SAYS BAKER INTERNATIONAL MERGER PLAN NOT TERMINATED

  HUGES TOOL COMPANY SAYS BAKER INTERNATIONAL MERGER PLAN NOT TERMINATED
  

"
training/2221	12	earn	"ROYAL DUTCH/SHELL GROUP OF COS 4TH QTR NET
  Shr Royal Dutch Petroleum Co <RD> 2.30 dlrs vs 2.90 dlrs
      Final Royal Dutch dividend of 8.30 guilders for total 12.80
  guilders vs 12.80 guilders for 1985
      Shr Shell Transport and Trading Co PLC <SC> 1.38 dlrs vs
  1.65 dlrs
      Final Shell Transport dividend 118.0 pence for total of
  172.0 pence vs 140.0 pence for 1985
      Group Net 1.07 billion vs 1.24 billion
      Group Sales 20.42 billion vs 25.84 billion
      Year
      Shr Royal Dutch 8.65 dlrs vs 9.11 dlrs
      Net Shell Transport 4.78 dlrs vs 5.16 dlrs
      Group Net 3.71 billion vs 3.88 billion
      Group Sales 81.40 billion vs 94.57 billion
      NOTES: Group is 60 pct owned by Royal Dutch and 40 pct by
  Shell Transport
      Dollar amount of Royal Dutch dividend will depend on
  guilder/dollar exchange rate on May 14. Final dividend is
  payable June 16 to holders of record May 26
      Shell Transport dividend and per share results based on New
  York shares, which are equal to four ordinary shares. Dollar
  final dividend will be determined by sterling/dollar exchange
  rate May 18. At current rate, with tax credits, is equal to
  2.59 dlrs. Final dividend is payable May 28 to holders of
  record April 10
      Fourth quarter U.S. dollar figures for group translated
  from sterling at average rate of exchange for the quarter which
  was 1.43 dlrs per pound in 1986 and 1.44 dlrs in 1985. Full
  year U.S. dollar figures are sum of sterling translations to
  U.S. dollars for first, second, third and fourth quarters
      Net includes FIFO inventory gain 217 mln dlrs vs loss 80
  mln dlrs in quarter and loss 1.23 billion dlrs vs loss 178 mln
  dlrs in year. If LIFO accounting had been used, company said,
  Royal Dutch per share net would have been 1.78 dlrs vs 3.17
  dlrs in quarter and 11.60 dlrs vs 9.53 dlrs in year, Shell
  Transport per share net would have been 1.10 dlrs vs 1.81 dlrs
  in quarter and 6.36 dlrs vs 5.40 dlrs in year
      Net includes restructuring credit 114 mln dlrs vs charge 72
  mln dlrs in quarter and credit 67 mln dlrs vs charge 467 mln
      Per share impact of restructuring on Royal Dutch was credit
  27 cts vs charge 17 cts in quarter and credit 16 cts vs charge
  1.10 dlrs in year, on Shell Transport was credit 15 cts vs
  charge 10 cts in quarter and credit nine cts vs charge 62 cts
  in year
      Net also includes currency exchange losses of 20 mln dlrs
  vs 69 mln dlrs in quarter and 170 mln dlrs vs 401 mln dlrs in
  year. Exchange losses had per share impact on Royal Dutch of 14
  cts vs 31 cts in quarter and 96 cts vs 1.26 dlrs in year and on
  Shell Transport of eight cts vs 17 cts in quarter and 51 cts vs
  71 cts in year.
  

"
training/2224	0	acq	"INVESTMENT FIRM BOOSTS PUROLATOR <PCC> STAKE
  Halcyon Investments, a New York
  investment partnership that deals mainly in risk arbitrage and
  stock trading, said it raised its Purolator Courier Corp stake
  to 726,700 shares, or 9.5 pct, from 474,900, or 6.2 pct.
      In a filing with the Securities and Exchange Commission,
  Halcyon, whose managing partner is Alan B. Slifka and Co, said
  it bought 201,800 Purolator common shares between Feb 3 and
  March 2 at prices ranging from 28.689 to 34.811 dlrs each.
      Halcyon, which said it has spent 20.1 mln dlrs for its
  Purolator common shares, said it also acquired options on Feb
  27 giving it the right to buy 50,000 shares for 1.8 mln dlrs.
  

"
training/2225	0	acq	"AETNA <AET> TO SELL CANADIAN OPERATIONS
  Aetna Life and Casualty Co said
  its Aetna Life and Casualty of Canada Ltd subsidiary has agreed
  in prnciple to sell its casualty-property subsidiary, Aetna
  Casualty Co of Canada to <Laurentian Group> of Montreal for
  undisclosed terms.
      The company said the agreement is subject to Canadian
  government approval.
  

"
training/2227	12	earn	"SOUTHERN MINERAL CORP <SMIN> 4TH QTR LOSS
  Shr loss two cts vs profit three cts
      Net loss 77,400 vs profit 134,000
      Revs 418,500 vs 435,900
      Year
      Shr profit eight cts vs profit 27 cts
      Net profit 315,100 vs profit 1,082,700
      Revs 1,761,900 vs 2,511,200
      NOTE: Per-share figures adjusted for four-for-three stock
  distribution effective Dec 14, 1984
      1985 results include an extraordinary tax benefit of 55,000
  dlrs, or one ct a share in each period
  

"
training/2228	22	interest	"BANK OF ENGLAND RESISTS PRESSURE FOR RATE CUT
  The Bank of England again fought against
  money and bond market pressure for a pre-Budget interest rate
  cut, leaving the pound to take the strain with a further rise
  in its trade-weighted index to a six-month high.
      It closed at its best level since September 12, at 71.4 pct
  of its 1975 value on the index, as foreign investors continued
  to buy into a currency which offers high relative returns and
  the possibility of short-term capital gains, dealers said.
      Meanwhile, opinion is divided over whether the Bank can
  stop a cut before Budget Day, March 17, and why it should want
  to.
      The Bank's latest strong signal to the market that it wants
  rates to stay steady for the moment came in midafternoon, when
  it lent to the discount houses at a penal rate of 11-3/4 pct to
  relieve a money market shortage.
      ""They're really making the discount houses suffer,"" said
  Stephen Lewis, economist at brokerage house Phillips and Drew.
  ""Eleven and three-quarters pct is way above money market rates.""
      This money market signal was apparently not accompanied by
  any sterling sales on the foreign exchanges, talk of which had
  inhibited strong rises yesterday and Tuesday, so buyers came
  strongly into the pound.
      The pound surged to a high of 1.5798/808 dlrs at the London
  close, up from the previous finish at 1.5650/60, and 2.8900/60
  marks, up from 2.8720/50.
      ""If this pressure keeps up...There is a possibility that
  rates could drop before the Budget,"" said Jeremy Hale, economist
  at finance house Goldman Sachs International Corp.
      Some gilt traders are forecasting a half-point cut in the
  base rate from the current 11 pct as early as tomorrow.
      However, analysts said the Bank of England will need to be
  convinced that the present rise is a fundamental re-rating
  rather than a result of short-term speculative gains.
      There are valid reasons for the Bank to be cautious, said
  Peter Fellner, U.K. Economist at brokers James Capel and Co.
      Markets have become highly optimistic about the chances of
  a Conservative Party victory in any early general election, and
  disappointment if Prime Minister Margaret Thatcher decides to
  hold back could lead to a decline in the pound and a setback
  for bonds, Fellner said.
      An election could be delayed until mid-1988, but most
  forecasts say it will be this year.
      Others note that the pound could yet prove vulnerable to
  oil price losses or a change of fortune for the dollar.
      However, analysts agree the Bank is largely trying to set
  the timing of a cut than holding out against one altogether.
      The authorities traditionally prefer a single sustainable
  rate move, one way or the other, to half points here and there.
      Some add the Bank will be influenced by signs that at least
  a proportion of the latest bout of sterling buying is long-term
  capital coming into the London market, notably from Japan.
      They argue that the pound is being perceived as a safer bet
  than the dollar, given the latters recent sharp falls and
  current political upheavals in Washington.
      The Bank may want to see another few points on the
  trade-weighted index before the Budget, argued Lewis. ""But by
  then sterling should be firm enough to satisfy even the Bank of
  England,"" he added.
      The Bank declined to comment on its reasons for resisting
  pressure for a rate move before the budget, but banking sources
  said the authorities see the recent rise in sterling as more
  than just marking up by foreign exchange traders.
      Meanwhile, analysts noted the market ignored potentially
  harmful news on the trade front, today's figures showing that
  the current account deficit in 1986 was 1.1 billion stg.
      This was above previous estimates of the current account
  deficit and compares with a surplus of 2.9 billion stg in 1985.
      Fellner said that under more normal conditions this would
  have given the bond and currency markets a pause, but that they
  were too bullish to worry about such fundamentals.
      The guessing game over the timing of a cut has the clearing
  banks divided as well as the markets. Privately, some bank
  officials forecast the Bank will hold out at least for this
  week, but at least one bank says a rise is possible tomorrow.
  If a move comes before March 17, forecasts are for a half-point
  cut, with another half or full point about Budget day.
  

"
training/2230	12	earn	"ENGELHARD CORP <EC> SETS STOCK SPLIT
  Engelhard Corp said its board
  declared a three-for-two stock split and raised the quarterly
  dividend to 19-1/2 cts per share presplit from 19 cts, both
  payable March 31 to holders of record March 17.
  

"
training/2231	10	crude	"EGYPTIAN 1986 CRUDE OIL OUTPUT DOWN ON 1985
  Non-Opec Egypt produced 40.3 mln tonnes
  (about 295 mln barrels) of crude in 1986 against 44.3 mln
  tonnes (about 323 mln barrels) in 1985, according to official
  figures released today by the Egyptian General Petroleum Corp.
  (EGPC).
      Officials say Egypt can produce up to one mln bpd per day,
  but production was cut when world prices plunged last year.
      In an attempt to help OPEC stabilize the world market,
  Egypt cut its 1987 production target of 940,000 bpd to its
  current output of 870,000 bpd.
      Egypt, which exports a third of its output, currently sells
  its top Suez and Ras Bahar blends for 17.25 dlrs a barrel.
  

"
training/2234	12	earn	"H AND H OIL TOOL CO <HHOT> 4TH QTR LOSS
  Shr loss six cts vs profit two cts
      Net loss 196,000 vs profit 71,000
      Revs 2,512,000 vs 5,776,000
      Year
      Shr loss 1.09 dlrs vs loss 18 cts
      Net loss 3,509,000 vs loss 587,000
      Revs 12.0 mln vs 21.0 mln
      Note: 1986 year includes special charge of 1,600,000 dlrs,
  or 50 cts per shr on write-down of rental equipment.
  

"
training/2236	12	earn	"CB AND T FINANCIAL CORP <CBTF> YEAR NET
  Shr 2.10 dlrs vs 1.72 dlrs
      Shr diluted 1.98 dlrs vs 1.72 dlrs
      Net 2,228,000 vs 1,730,000
  

"
training/2237	0	acq	"AMOSKEAG BANK <AMKG> TO ACQUIRE ENTREPO
  Amoskeag Bank said it signed an
  agreement to acquire <Entrepo Financial Resources Inc>, a
  Philadelphia-based company which leases and remarkets high
  technology equipment.
      Terms of the acquisition were not disclosed.
      It said Entrepo has assets of 20 mln dlrs.
  

"
training/2238	12	earn	"WASHINGTON NATIONAL CORP <WNT> VOTES DIVIDEND
  Qtly div 27 cts vs 27 cts prior qtr
      Pay 1 April
      Record 16 March
  

"
training/2239	45	sugar	"KAINES SELLS JORDAN TWO CARGOES OF WHITE SUGAR
  Trade house Kaines said it sold Jordan
  two cargoes of white sugar at its buying tender today.
      The sale comprised two 12,000 to 14,000 tonne cargoes (plus
  or minus 10 pct) for Mar/Apr shipment, a Kaines trader said.
      Traders said the business was done at 235.5 dlrs a tonne
  cost and freight.
  

"
training/2240	0	acq	"COMMUNITY BANK SYSTEM <CBSI> BUYS NICHOLS BANK
  Community Bank Systems Inc and
  the <Nichols National Bank> said they have signed a definitive
  agreement for Nichols to become a member of the CBSI Group of
  banks for an exchange of stock worth 2.8 mln dlrs.
      CBSI said it expects to complete the deal, pending Nichols'
  shareholder and regulatory approval, later this year.
  

"
training/2244	0	acq	"EASTMAN KODAK ACQUIRES 18.7 PCT INTEREST IN ENZON INC

  EASTMAN KODAK ACQUIRES 18.7 PCT INTEREST IN ENZON INC
  

"
training/2246	45	sugar	"TURKEY SEEKING 100,000 TONNES SUGAR - TRADE
  Turkey is holding a buying tender for
  100,000 tonnes of white sugar on March 24, traders here said.
      The sugar is being sought for early arrival and will
  probably be met with April/May shipment sugar, they added.
      Earlier today newspapers in Turkey carried an advertisement
  from Turkish Sugar Factories inviting offers of 100,000 tonnes
  of crystal sugar with a 50 pct option to increase or decrease
  the amount.
      Over the 1983/85 period Turkey each year has exported
  between 240,000 and 350,000 tonnes of whites to Iran and
  between 62,000 and 230,000 tonnes to Iraq.
      Following lower sugar crops in the past two years analysts
  said Turkey needs to import sugar now if it is to continue
  filling these export contracts, and may need to buy more.
      Last month London broker C Czarnikow estimated Turkish
  1986/87 production at 1.42 mln tonnes raw value against 1.4 mln
  in 1985/86 and an average 1.76 mln in the previous three
  seasons.
      The semi-official Anatolian Agency recently quoted Turkish
  Minister of Industry and Trade Cahit Aral as saying Turkey
  would export 100,000 tonnes of sugar this year and import the
  same amount.
  

"
training/2247	0	acq	"SHAD FAVORS SHORTENING DISCLOSURE PERIOD
  Securities and Exchange Commission
  Chairman John Shad said the SEC favors shortening the current
  10-day period for disclosing takeover attempts but opposes
  putting restrictions on the use of so-called junk bonds.
      ""We favor shortening the disclosure period to two days,""
  Shad told members of the House Telecommunications and Finance
  subcommittee when asked for his recommendation.
      He said the SEC's responsibility was to provide full
  disclosure for securities, including junk bonds, and not to
  make decisions based on merit. He said junk bonds had some
  value because of their liquidity.
      Shad said he opposes proposals to require those attempting
  takeovers to file a statement on the impact the takeover would
  have on the communities involved.
      ""We've opposed it in the past. It goes far beyond investor
  protection,"" Shad said.
      He said he had no comment on a proposal by House Speaker
  Jim Wright, D- Texas, to tax securities transactions.
  

"
training/2249	12	earn	"CORRECTED - PEGASUS GOLD INC<PGULF> 4TH QTR NET
  Shr profit 20 cts vs loss two cts
      Net profit 2,665,000 vs loss 202,000
      Revs 12,141,000 vs 5,993,000
      Year
      Shr profit 35 cts vs loss 11 cts
      Net profit 4,653,000 vs loss 1,167,000
      Revs 35.1 mln vs 18.0 mln
      NOTE: company corrects reporting period to 4th qtr and year
  from 3rd qtr and nine mths
  

"
training/225	22	interest	"JAPAN EXPECTED TO CUT BASE RATE FOR STATE BODIES
  Japan is expected to cut the base lending
  rate for state financial institutions to 5.5 pct from 6.2 as
  part of the recent pact by major industrial nations in Paris,
  Finance Ministry sources said.
      They said the cut is based on a revision of the Trust Fund
  Bureau Law, which should be approved by parliament on March 3,
  abolishing the 6.05 pct minimum interest rate on deposits with
  the bureau.
      The bureau channels funds to government financial
  institutions for public works and other official uses, they
  said.
      The base lending rate for state bodies such as the Japan
  Development Bank, People's Finance Corp and the finance
  corporations of local public enterprises usually moves in
  tandem with long-term prime rates, the sources said.
      However, it was impossible for them to follow the last cut,
  to 5.8 pct from 6.2 pct on January 28, because the Trust Fund
  Bureau rate was legally set at 6.05 pct.
      The ministry will abolish the minimum rate and introduce a
  market-related one to resolve the problem and stimulate the
  domestic economy, they said.
      On Tuesday, the ministry allowed long-term bankers to cut
  their prime to a record low of 5.5 pct, effective February 28.
  The move suggested it had reached agreement with depositors
  using the bureau, the postal savings system of the Posts and
  Telecommunications Ministry and the Japan welfare annuity of
  the Ministry of Health and Welfare, the sources said.
      These ministries are trying to determine which market rates
  should be considered when setting the bureau's deposit rate,
  the ministry sources said.
      Coupon rates on new 10-year government bonds, minus 0.1
  percentage points, is the likeliest choice, they added.
  

"
training/2251	0	acq	"HUGHES TOOL <HT> SAYS BAKER <BKO> MERGER ALIVE
  Hughes Tool Co Chairman W.A. Kistler
  said its counter proposal to merge with Baker International
  Corp was still under consideration and that a merger was in the
  best interests of both companies.
      ""Our hope is that we can come to a mutual agreement that is
  good for both companies,"" Kistler said of the proposed merger
  that would result in a 1.2 billion dlr oil field service
  company. ""We're working very hard on this merger.""
      Hughes' board today again adjourned a shareholders meeting
  to vote on the proposed merger and rescheduled it for March 11
  to give Baker more time to consider the counter proposal.
      The Hughes board, which had previously expressed concern
  about a U.S. Department of Justice consent decree that would
  require Baker to sell its drilling bit operations and
  submersible pump business, met yesterday and threatened to
  terminate the proposed merger.
      The Hughes board made a counter proposal that the two
  companies first find acceptable buyers for the businesses
  before signing the decree.
      The directors of Baker immediately after receiving the
  counter proposal filed a law suit in Texas in a Texas state
  court to force to Hughes to complete the merger.
      ""The uncertainty as to the price and conditions that might
  be imposed by the Department of Justice makes us very nervous
  about what the outcome might be,"" Kistler said, in explaining
  why Hughes had made the counter proposal.
      ""We need additional time to understand why Baker did not
  accept our proposal.""
      Kistler also said that the law suit filed by Baker ""was not
  a factor"" in the board's decision to keep its merger proposal
  on the table.
      He declined to comment on the allegations in the lawsuit.
      Kistler said Hughes would be willing to consider a
  compromise counter proposal, but declined to be more specific.
      The Justice Department in January said it would block the
  Hughes and Baker merger on anti-trust grounds unless both
  companies agreed to sign a consent decree that would provide
  for the sale of the assets after the merger took place.
      The Hughes board said it would not sign the decree because
  its was too ""unreasonable."" Hughes said that Baker should
  instead complete the sale of the disputed assets before the
  merger is finalized and given government approval.
      Under the decree, if Baker is unable to find acceptable
  buyers within a specified period of time after the decree is
  approved, a federal trustee would become responsible for
  finding a buyer.
      Kistler said that under those terms, the trustee could take
  up to 10 years to complete the sales.
      He also expressed concern that the combined companies might
  be required by the government's conditions to license some of
  its technology to any purchaser of the assets.
      Baker said last night in a statement that the required
  assets to be sold would reduce revenues by about 65 mln dlrs,
  representing about three pct of the revenues of the combined
  companies.
  

"
training/2252	12	earn	"AEQUITRON MEDICAL INC <AQTN> 3RD QTR LOSS
  Period ended January 31
      Shr loss five cts vs profit eight cts
      Net loss 247,100 vs profit 345,300
      Sales 4,529,300 vs 3,482,800
      Nine mths
      Shr profit six cts vs profit 18 cts
      Net profit 261,300 vs profit 793,700
      Sales 12.3 mln vs 9,957,200
  

"
training/2253	12	earn	"LOWE'S COS INC <LOW> 4TH QTR JAN 31 NET
  Shr 18 cts vs 31 cts
      Net 7,168,000 vs 11.3 mln
      Sales 497.4 mln vs 475.6 mln
      Avg shrs 39.6 mln vs 37.1 mln
      Year
      Shr 1.34 dlrs vs 1.64 dlrs
      Net 52.2 mln vs 59.7 mln
      Sales 2.28 billion vs 2.07 billion
      Avg shrs 39.0 mln vs 36.5 mln
      NOTE: Current year net both periods includes charge
  2,885,000 dlrs or seven cts shr from early note retirement and
  charge seven cts shr from reversal of tax credits.
      Current year net both periods includes gain six cts shr
  from plywood manufacturers litigation settlement.
  

"
training/2257	0	acq	"FRANCE TO SELL STAKE IN SOCIETE GENERALE UNIT
  The French government is to
  sell to the public its 47.42 pct direct holding in Societe
  Generale <STGN.PA>'s regional bank subsidiary <Societe Generale
  Alsacienne de Banque>, SOGENAL, from next Monday, SOGENAL
  officials said.
      SOGENAL, founded in 1881 and nationalised in 1982, is the
  leading French regional bank and has branches in Austria,
  Belgium, Luxembourg, East and West Germany and Switzerland.
      Chairman Rene Geronimus told a news conference the share
  offer price, expected to be announced tomorrow by Finance
  Minister Edouard Balladur, would be between 110 and 130 francs.
      Societe Generale, which will itself be privatised later
  this year, will retain its 52.58 pct majority holding in the
  bank, Chairman Marc Vienot said.
      SOGENAL officials said they forecast 1987 consolidated
  group profit of around 170 mln francs after an estimated 160
  mln this year and 159 mln in 1985.
      SOGENAL's privatisation will be preceded by a capital
  increase to 320 mln francs from 263 mln, earning about 250 mln
  francs in new funds. Its shares will be divided by eight,
  giving a capital of 12.8 mln shares of 25 francs nominal.
      The bank will be listed on the Nancy stock exchange, in
  line with the Finance Ministry and government's aim of a
  regional operation, Geronimus said.
      He said he was hoping for shareholders to total around
  30,000 to 35,000 against the 12,500 before nationalisation. Ten
  pct of the capital to be floated will be reserved for employees
  with the rest offered to the public. There will not be a share
  reserved for foreign investors. ""This is too small an operation
  and anyway they will be able to buy shares in France,"" he said.
      Stockbroker sources said that a likely share offer price of
  120 francs would value SOGENAL at 1.5 billion francs.
      Geronimus said the bank's future aim would be to reinforce
  its existing strong points, with no major projects planned
  apart from the opening soon of a Basle branch.
      SOGENAL is the only French bank in Austria, it set up the
  first foreign exchange dealing room outside Paris at its
  Strasbourg headquarters in 1985, and is the only foreign
  banking subsidiary to be a broker on the Zurich Bourse.
      The government's banking adviser for the operation was
  <Banque Privee de Gestion Financiere>, BPGF, owned by French
  financier Pierre Moussa's <Pallas> group, assisted by Britain's
  <Hambros Bank Ltd>.
  

"
training/2259	12	earn	"MIDLAND <MLA> SETS STOCK SPLIT
  Midland Co said its board declared a
  two-for-one stock split, subject to approval of a doubling of
  authorized common shares at the annual meeting on April 9, and
  an increase in the quarterly dividend to 12 cts pre-split from
  10 cts.
      The dividend is payable April 8, record March 17, and the
  split would be payable May 7, record April 23.
  

"
training/2260	12	earn	"PRUDENTIAL INSURANCE YEAR EARNINGS
  The Prudential Insurance Company of
  America, a privately held company, said today that net income
  in 1986 rose to 2.8 billion dlrs from the 2.3 billion dlrs
  reported the year earlier.
      Assets under management rose to 177.5 billion dlrs in 1986
  from 150.1 billion dlrs in 1985, while consolidated assets
  jumped to 134.5 billion dlrs from 115.7 billion dlrs.
      Discussing its major subsidiaries, the company said that
  Prudential Capital and Investment Services Inc, the holding
  company for brokerage house Prudential-Bache Securities and
  certain other related subsidiaries, earned 142 million dlrs in
  1986. Of that, the securities operations of Prudential-Bache
  netted 81.7 mln dlrs after taxes and a charge of 25 mln dlrs.
  

"
training/2265	12	earn	"AEQUITRON <AQTN> SEES 4TH QTR CHARGE
  Aequitron Medical Inc said costs
  related to its previously announced plan to consolidate Life
  Products operations in Boulder, Colo, are expected to total
  720,000 dlrs, or eight cts a share for the fourth quarter
  ending April 30.
      It said the costs including moving expenses, severance pay
  and future lease payments.
      The company said it will consolidate Life Products into the
  company's headquarters and manufacturing operations in
  Minneapolis.
  

"
training/2266	12	earn	"BIG B INC <BIGB> 4TH QTR JAN 31 NET
  Shr 23 cts vs 17 cts
      Net 1,742,000 vs 1,1512,000
      Sales 62.6 mln vs 53.6 mln
      Avg shrs 7,854,000 vs 6,617,000
      Year
      Shr 61 cts vs 61 cts
      Net 4,469,000 vs 4,039,000
      Sales 209.8 mln vs 175.4 mln
      Avg shrs 78,369,000 vs 6,610,000
  

"
training/2268	0	acq	"WILSHIRE <WOC> CHIEF NAMED TO JACOBS <JEC> BOARD
  Wilshire Oil Co of Texas, which has a
  9.8 pct stake in Jacobs Engineering Group Inc, said its
  chairman, Siggi Wilzig, was appointed to the Jabobs board.
      In a filing with the Securities and Exchange Commission,
  Wilshire, which holds 417,100 Jacobs common shares, said Wilzig
  was appointed to the Jacobs board of directors on March 3 after
  the company's annual shareholder meeting.
      Wilshire also said that Jacobs Chairman Joseph Jacobs has
  agreed to recommend a second Wilshire nominee for election to
  the board if the person was found to be qualified.
  

"
training/2269	41	retail	"FEBRUARY U.S. RETAIL SALES NOT SIGN OF UPTURN
  U.S. retailers posted stronger than
  expected sales in February, but not enough to prompt analysts
  to change their expectations of sluggish sales growth for the
  first half of 1987.
       ""My feeling is that it (February) borrowed some of the
  business we normally see later in the quarter and the real
  strength of general merchandise sales will be in the second
  half of 1987,"" said Bear Stearns and Co analyst Monroe
  Greenstein.
      ""I don't think March will be as strong because Easter falls
  in April this year,"" said Morgan Stanley analyst Walter Loeb.
     Analysts generally average the sales results of March and
  April to account for the variation of Easter's occurrence.
      Analyst Edward Johnson of Johnson Redbook Associates said
  sales for February rose between six and 6.5 pct, compared to a
  3.6 pct increase last year.
       Analysts noted that February is considered a small,
  transitory month between winter and spring.
      In addition, sales comparisons were boosted by an
  especially soft February last year which was adversely affected
  by severe weather.
      Apparel sales outshone other product groups in sales,
  according to retailers and analysts.
      ""February's strong sales reflected a lot of fresh
  merchandise on the shelves and higher consumer income due to
  tax reductions,"" said Greenstein of Bear Stearns.
      Analysts expect apparel sales to remain good as sales of
  durable and houseware items grow softer due to the continuing
  high levels of consumer debt.
       May Department Stores Co <MAY> and K Mart Corp <KM> were
  among the strong performers, posting comparable store sales
  gains of 9.4 pct and 8.2 pct, respectively. May had an overall
  sales gain of 15.0 pct and K Mart had a 13.1 pct sales gain 
  last month.
      ""Favorable consumer response to our merchandise programs
  continued to positively impact our sales comparisons. IN
  addition to the strong contribution by K Mart stores, all our
  specialty retailing companies had excellent February sales,""
  said K Mart chairman Bernard Fauber.
      Sears Roebuck and Co <S> posted a 4.9 pct increase.
  ""Domestic sales were led by better than average increases in
  apparel, home fashions and hardware and especially strong
  catalog sales,"" said Sears chairman Edward Brennan.
      Analysts were a little disappointed by J.C. Penney Co Inc
  <JCP> which started out with especially strong sales early in
  the month. Penney posted a 5.5 pct increase on a comparitive
  store basis and a 5.3 pct gain in overall sales.
      Penney chairman William Howell said, ""store sales were
  strongest during the early part of the month, while catalog
  demand was consistently strong throughout the period.
      Store sales activity varied throughout the country, ranging
  from good in the East to weak in the depressed southwest.
      Analysts also said gross profit margins were high as
  retailers were not overly promotional due to leaner inventories
  than a year ago.
      ""February is not a big month seasonally but these numbers
  suggest a fairly good trend for consumer spending,"" said Drexel
  Burnham Lambert analyst Jeff Edelman.
      FEBRUARY SALES FOR MAJOR U.S. RETAILERS
      STORE          PCT      1987       1986
   SEARS             4.9      1.8 BILL   1.8 BILL
   K MART            13.1     1.5 BILL   1.3 BILL
   WAL-MART          44.0     885 MLN    615 MLN
   JC PENNEY         5.3      780 MLN    741 MLN
   FEDERATED         9.6      720 MLN    657 MLN
   MAY               15.0     632 MLN    550 MLN
   DAYTON HUDSON     19.5     602 MLN    504 MLN
   ZAYRE             25.7     327 MLN    260 MLN
   MONTGOMERY WARD   11.1     277 MLN    249 MLN
  

"
training/2270	12	earn	"QUARTZ ENGINEERING AND MATERIALS <QRTZ> 1ST QTR
  Qtr ended Dec 31
      Shr nil vs nil
      Net loss 59,922 vs loss 357,203
      Revs 714,263 vs 926,964
  

"
training/2271	0	acq	"KODAK <EK> BUYS STAKE IN ENZON <ENZN>
  Eastman Kodak Co said it has
  acquired an 18.7 pct equity interest in Enzon Inc, a
  pharmaceutical company specializing in protein therapy.
      Kodak said it secured worldwide marketing rights for three
  of Enzon's PEG enzymes used in the treatment of oxygen toxicity
  disorders, hyperuricemia and gout.
      The company said it acquired two mln Enzon shares for 15
  mln dlrs, with loans to Enzon of two mln dlrs and interest of
  30,000 dlrs credited against the purchase price.
      Kodak said the drugs covered by the marketing rights are in
  initial stages of the U.S. Food and Drug Administration
  approval process.  It said the investment should provide the
  necessary capital to complete the FDA review process and
  provide a marketing outlet for the drugs.
      The drugs are PEG-superoxide disdmutase and PEG-catalase,
  for use against oxygen toxicity disorders that cause the
  often-fatal tissue damage associated with severe burns, organ
  transplants, heart attacks and trauma, and PEG-uricase, for
  treatment of gout and other conditions caused by the buildup of
  high levels of uric acid in the body.
  

"
training/2273	12	earn	"GEMCRAFT INC <GEMH> YEAR NET
  Shr 42 cts vs 1.21 dlrs
      Net 2,317,000 vs 5,847,000
      Sales 360.0 mln vs 282.4 mln
      Avg shrs 5,463,000 vs 4,829,000
      NOTE: 1986 net includes 4,700,000 dlr pretax charge from
  writedown of land and abandonment of land and pretax charges of
  5,800,00 dlrs from pending rescission offer, settlements with
  U.S. agencies, adjustment of the prior booking of residuals
  arising from collateralized mortgage obligation bond issues,
  writedowns of land held by a joint venture, startup costs
  associated with entering new markets, an increase in reserves
  for customer service and writeoffs and reserves for
  mortgage-related receivables to reflect current market values.
  

"
training/2275	12	earn	"APPLIED SOLAR ENERGY CORP <SOLR> 1ST QTR NET
  Qtr ended Jan 31
      Shr profit nine cts vs loss 30 cts
      Net profit 317,000 vs loss 997,000
      Sales 6,338,000 vs 3,119,000
      Note: 1986 net includes extraordinary gain of 90,000 dlrs,
  or two cts per shr.
  

"
training/2276	12	earn	"PACIFIC NUCLEAR SYSTEMS IN <PACN> 4TH QTR LOSS
  Shr loss 19 cts vs profit seven cts
      Net loss 851,000 vs profit 227,000
      Revs 2,600,000 vs 4,800,000
      Year
      Shr loss 46 cts vs profit 19 cts
      Net loss 2,100,000 vs profit 600,000
      Revs 9,900,000 vs 15.9 mln
  

"
training/2279	12	earn	"ANGLO AMERICAN GOLD INVESTMENT CO LTD <AAGIY>
  Year to Feb 28
      Shr 1,700.3 cts vs 1,533.0
      Pre-tax 373.3 mln rand vs 341.0 mln
      Net 373.3 mln vs 336.5 mln
      Tax nil vs 4.5 mln
      Final div 900 cts making 1,600 cts vs 1,450
      Div payable April 24, register March 20
  

"
training/2281	0	acq	"HARRIS CUTS TRIAD SYSTEMS <TRSC> STAKE TO 18 PCT
  Harris Associates L.P., a Chicago
  investment advisory partnership, said it lowered its stake in
  Triad Systems Corp to 1,355,296 shares, or 17.9 pct of the
  total outstanding, from 1,463,962 shares, or 19.3 pct.
      In a filing with the Securities and Exchange Commission,
  Harris said it sold a net 108,666 Triad common shares between
  Dec 16 and Feb 23 at prices ranging from 10.00 to 14.25 dlrs a
  share.
      It said its dealings in Triad common stock were done on
  behalf of its advisory client.
  

"
training/2290	12	earn	" 5-MAR-1987 13:15:11.82
   5-MAR-1987 13:15:11.82

"
training/2291	0	acq	"IDEA INC <IDEA> TO BUY PRIVATE FIRM
  IDEA Inc said it signed a
  letter of intent to buy privately-held Structural
  Instrumentation Inc.
      The purchase, for an undisclosed sum, will be made mostly
  with IDEA common stock, the company said.
      IDEA said the purchase will add about 32 cts per share to
  its fiscal 1988 earnings.
      IDEA reported earnings of four cts per share for the
  quarter ended October 31, 1986.
  

"
training/2297	0	acq	"DUCOMMUN INC <DCO> SELLS DIVISION
  Ducommun Inc said it sold its
  Airdrome Parts Co division to a group of investors headed by
  Airdrome's management for a cash price of 12 mln dlrs.
      Ducommun said the sale, coupled with its sale last month of
  Metermaster, were steps taken to improve the company's balance
  sheet and that no further sales are being contemplated.
  

"
training/2298	12	earn	"HOOPER HOLMES SHERLOCK INC <HOOP> 4TH QTR NET
  Shr 22 cts vs 25 cts
      Net 472,000 vs 454,000
      Revs 16.2 mln vs 15.2 mln
      Avg shrs 2,135,315 vs 1,835,325
      12 mths
      Shr 71 cts vs 70 cts
      Net 1,393,000 vs 1,285,000
      Rwevs 61,805,000 vs 55,367,000
      Avg shares 1,960,319 vs 1,835,325
  

"
training/23	12	earn	"BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT
  Brown-Forman Inc said its board
  has approved a three-for-two stock split and a 35 pct increase
  in the company cash dividend.
      The company cited its improved earnings outlook and
  continued strong cash flow as reasons for raising the dividend.
      Brown-Forman said the split of its Class A and Class B
  common shares would be effective March 13.
      The company said directors declared a quarterly cash
  dividend on each new share of both classes of 28 cts, payable
  April one to holders of record March 20. Prior to the split,
  the company had paid 31 cts quarterly.
      Brown-Forman today reported a 37 pct increase in third 
  quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a
  seven pct increase in sales to a record 337 mln dlrs.
      Brown-Forman said nine month profits declined a bit to 66.0
  mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08
  dlrs a share, a year earlier due to a second quarter charge of
  37 cts a share for restructuring its beverage operations.
      The company said lower corporate tax rates and the
  restructuring ""are expected to substantially improve
  Brown-Forman's earnings and cash flow in fiscal 1988.""
  

"
training/2301	0	acq	"TEXON ENERGY <TXON> IN TALKS ON ACQUISITION
  Texon Energy Corp said it has entered
  into a preliminary agreement to purchase an 80 pct interest in
  a privately-held specialty plastics manufacturing company it
  did not name.
      Texon said completion of the acquisition is subject to the
  consent of banks and third parties and the acquisition would be
  made for promissory notes and common stock.
  

"
training/2303	12	earn	"ALLIED <ALD> AFFILIATE RESTATES LOSS LARGER
  Allied-Signal Inc's 49.7 pct owned
  <Union Texas Petroleum Co> affiliate said it has restated its
  fourth quarter and full-year losses and revenues to increase
  the provision for the proposed settlement of a price dispute
  involving Indonesian liquefied natural gas.
      It said the restated increases the provision against 1986
  fourth quarter earnings to 23.5 mln dlrs from 15.5 mln dlrs
  estimated earlier.
      Union Texas said its fourth quarter loss was increased to
  29.5 mln dlrs from 21.5 mln dlrs reported previously and
  revenues reduiced to 214 mln dlrs from 228 mln dlrs.
      Union Texas said for the full year it restated its loss to
  57.5 mln dlrs from 49.5 mln dlrs and revenues to 1.26 billion
  dlrs from 1.27 billion dlrs.
      the restatement results from a tentative agreement reached
  in February with Pertamina, the Indonesian state-owned
  petroleum enterprise, and Japanese purchasers of LNG.
      Kohlberg Kravis Roberts and Co also owns 49.7 pct of Union
  Texas and the remainder is owned by management.
  

"
training/2304	12	earn	"AMREP CORP <AXR> 3RD QTR JAN 31 NET
  Shr 12 cts vs 34 cts
      Net 787,000 vs 2,250,000
      Revs 23.6 mln vs 23.6 mln
      Nine mths
      Shr 70 cts vs 1.06 dlrs
      Net 4,598,000 vs 6,974,000
      Revs 73.1 mln vs 73.6 mln
      NOTE: Share adjusted for three-for-two stock split in
  December 1986.
  

"
training/2307	12	earn	"ICI <ICI> SEES GROWTH IN PHARMACEUTICALS
  Imperial Chemical Industries PLC
  expects earnings from its pharmaceuticals operations to grow  
  to about 35 pct of world profits within the next five years
  compared with a current 30 pct, chairman elect Denys Henderson
  told financial analysts.
      ""Over the next five years we expect to launch one major new
  product each year,"" Henderson said.
      He also said research and development spending in this
  business segment will be increased to 14 pct of total sales
  income in 1987 from 13 pct, or 130 mln sterling, in 1986.
      ICI, the world's fifth largest chemicals firm in terms of
  sales, recently reported 1986 profits of about 888 mln dlrs on
  15 billion dlrs in sales, compared with income of 817 mln dlrs
  on 15.87 billion dlrs in sales a year earlier.
      Sales in the United States totaled about three billion
  dlrs, ICI executives said.
      In addition, Henderson said overall corporate growth will
  come from ICI's research and development activities, but the
  company intends to continue to grow through an acquisition
  program.
      ICI spent just under one billion dlrs for acquisitions
  during 1986, the largest of which was the 580 mln dlr purchase
  of Cleveland, Ohio-based Glidden Inc, a paints, resins and
  coatings company, from <Hanson Trust PLC>.
      ICI financial director Alan Clements said the company's
  borrowing limits are at a level of about 6.3 billion sterling,
  1.5 billion of which have already been used.
      While the company has no current plans for a major
  acquisition, ""we are ready to move quickly in the acquisition
  field if the need arises,"" Clements said.
  

"
training/2308	12	earn	"SAFECARD SERVICES <SFCD> SETS SPLIT, UPS PAYOUT
  SafeCard Services Inc said
  its board declared a three-for-two stock split and is
  maintaining the quarterly dividend on post-split shares at the
  same six cts it now pays for an effective 50 pct increase.
      Both the split and the dividend are payable April 30 to
  holders of record March 31.
  

"
training/2309	12	earn	"WILTON ENTERPRISES INC <WLTN> 2ND QTR JAN 31 NET
  Oper shr profit two cts vs loss 31 cts
      Oper net 72,000 vs loss 1,130,000
      Sales 7,896,000 vs 9,333,000
      1st half
      Oper shr profit 32 cts vs profit eight cts
      Oper net profit 1,187,000 vs profit 299,000
      Sales 21.3 mln vs 26.0 mln
      NOTE: Current year net excludes tax credits of 54,000 dlrs
  in quarter and 945,000 dlrs in year.
  

"
training/2310	43	ship	"ROTTERDAM PORT SUBSIDY TO END JULY 1 - MINISTER
  Dutch Social Affairs Minister Louw de
  Graaf announced he is withdrawing the annual 10 mln guilder
  labour subsidy for Rotterdam's strike-hit general cargo sector
  as from July 1.
      Late last month de Graaf said that if the dispute was not
  settled by Monday this week he would withdraw the subsidy.
      The chairman of the port employers' organization, SVZ,
  Jacques Schoufour, said he was unhappy with the decision and
  added there was now no alternative to proceeding with
  redundancy plans.
      The series of strikes in the sector started on January 19
  in protest at employers' plans to make 800 redundancies from
  the 4,000-strong workforce by 1990 starting with 350 this year.
      Meanwhile, the port and transport union, FNV, attacked loss
  figures given for the port for this year.
      The figures, issued by accountants on behalf of the SVZ,
  put total losses for last year at 34 mln guilders and in 1985
  at 37 mln. Earlier, the employers had put the figure at around
  30 mln.
      The FNV said the actual losses were nearer 17 to 20 mln and
  said the employers had inflated the figures as part of their
  plan to restructure completely the port's general cargo sector.
  

"
training/2312	12	earn	"S.A.Y.<SAYI> TO TAKE 3RD QTR LOSS FROM SALE
  S.A.Y. Industries Inc said it
  expects a loss of about two mln dlrs in its third quarter ended
  February 28 from the proposed sale of its Omnilab Inc health
  care unit.
      S.A.Y said its board of directors approved the unit's sale
  because Omnilab was losing about 140,000 dlrs a quarter.
      ""We no longer see a near-term prospect for a reasonable
  return on our investment,"" Romilly Humphries, S.A.Y. president
  and chief executive officer said.
      S.A.Y. said proceeds from the sale would be used to
  increase the company's market share in automotive products
  packaging and diversify its packaging capabilities.
  

"
training/2316	12	earn	"SONESTA INTERNATIONAL HOTELS CORP <SNST> 4TH QTR
  Shr profit 26 cts vs loss 86 cts
      Oper net profit 780,000 vs loss 2,609,000
      Revs 12.2 mln vs 17.1 mln
      Year
      Oper shr profit 5.28 dlrs vs loss 1.11 dlrs
      Oper net profit 16.1 mln vs loss 3,311,000
      Revs 64.9 mln vs 69.8 mln
      NOTE: 1986 year net excludes 598,000 dlr tax credit.
      1986 net includes pretax gains on sale of property of
  2,330,000 dlrs in quarter and 24.5 mln dlrs in year.
  

"
training/232	5	coffee	"PRODUCER SPLIT HEATS UP COFFEE QUOTA TALKS
  Talks on the possibility of reintroducing
  global coffee export quotas have been extended into today, with
  sparks flying yesterday when a dissident group of exporters was
  not included in a key negotiating forum.
      The special meeting of the International Coffee
  Organization (ICO) council was called to find a way to stop a
  prolonged slide in coffee prices.
      However, delegates said no solution to the question of how
  to implement quotas was yet in sight.
      World coffee export quotas -- the major device used to
  regulate coffee prices under the International Coffee Agreement
  -- were suspended a year ago when prices soared in reaction to
  a drought which cut Brazil""s output by nearly two thirds.
      Brazil is the world""s largest coffee producer and exporter.
      Producers and consumers now are facing off over the
  question of how quotas should be calculated under any future
  quota distribution scheme, delegates said.
      Tempers flared late Saturday when a minority group of eight
  producing countries was not represented in a contact group of
  five producer and five consumer delegates plus alternates which
  was set up to facilitate debate.
      The big producers ""want to have the ball only in their court
  and it isn""t fair,"" minority producer spokesman Luis Escalante of
  Costa Rica said.
      The majority producer group has proposed resuming quotas
  April 1, using the previous ad hoc method of carving up quota
  shares, with a promise to try to negotiate basic quotas before
  September 30, delegates said.
      Their plan would perpetuate the status quo, allowing Brazil
  to retain almost all of its current 30 pct share of the export
  market, Colombia 17 pct, Ivory Coast seven pct and Indonesia
  six pct, with the rest divided among smaller exporters.
      But consuming countries and the dissident producer group
  have tabled separate proposals requiring quotas be determined
  by availability, using a formula incorporating exportable
  production and stocks statistics.
      Their proposals would give Brazil a smaller quota share and
  Colombia and Indonesia a larger share, and bring a new quota
  distribution scheme into effect now rather than later.
      Brazil has so far been unwilling to accept any proposal
  that would reduce its quota share, delegates said.
      Delegates would not speculate on prospects for agreement on
  a quota package. ""Anything is possible at this phase,"" even
  adjournment of the meeting until March or April, one said.
      If the ICO does agree on quotas, the price of coffee on the
  supermarket shelf is not likely to change sinnificantly as a
  result, industry sources said.
      Retail coffee prices over the past year have remained about
  steady even though coffee market prices have tumbled, so an
  upswing probably will not be passed onto the consumer either,
  they said.
  

"
training/2320	12	earn	"<DOMCO INDUSTRIES LTD> 1ST QTR JAN 31 NET
  Shr four cts vs 12 cts
      Net 248,000 vs 647,000
      Revs 23.7 mln vs 21.9 mln
  

"
training/2322	0	acq	"UNICORP AMERICAN <UAC> ACQUISITION ADVANCES
  Unicorp American Corp said it has
  signed a definitive agreement for the previously-announced
  acquisition of Lincoln Savings Bank.
      The company said the transaction is still subject to
  regulatory approvals.
  

"
training/2323	0	acq	"FIRST EASTERN CORP <FEBC> COMPLETES ACQUISITION
  First Eastern Corp said it has
  completed the acquisition of Peoples Bank of Nanticoke, Pa., in
  an exchange of 11 First Eastern shares for each Peoples share.
      Peoples has assets of about 24 mln dlrs.
  

"
training/2325	0	acq	"BISHOP GRAPHICS <BGPH> COMPLETES STORE SALE
  Bishop Graphics Inc
  said it completed the sale of its Newport Beach Art Supply
  Center to Standard Brands Paint Co's <SBP> Art Store unit.
      Terms were not disclosed.
      Bishop also said it has opened a new sales and service
  office in Irvine, Calif.
  

"
training/2326	43	ship	"STRIKING BRAZILIAN SEAMEN HOLD PAY TALKS
  Striking Brazilian seamen, who say
  they have made idle 158 ships and halted Brazilian exports,
  today held pay talks in Rio de Janeiro with Labour Minister
  Almir Pazzianotto, union officials said.
      Jorge Luis Leao Franco, a senior official of the National
  Merchant Marine Union, told Reuters he was optimistic the talks
  would lead to an end of the stoppage, which began last Friday.
      Brazil's 40,000 seamen are seeking a pay rise of 275 pct.
      The union official said the strike had halted a total of
  158 vessels, including 50 in Brazil's main port, Santos, and
  about 50 more in Rio de Janeiro.
      Abroad, six ships lay idle, in the Netherlands, Spain,
  Venezuela, France and South Africa, he said.
      Economic analysts said the strike was of serious concern to
  the government, which has already had to suspend interest
  payments on part of Brazil's foreign debt following a drastic
  deterioration in the country's trade balance.
      The head of the National Merchant Marine Authority, Murilo
  Rubens Habbema, was quoted in today's Gazeta Mercantil
  newspaper as saying that if the strike continued foreign ships
  could be authorized to transport Brazilian exports.
      ""Brazil is living through a crisis at the moment, and it is
  not conceivable that exports be hit,"" he said.
      ""But even using foreign ships we must not forget that we are
  going to lose foreign exchange paying freight charges abroad,
  and all this through the fault of the seamen,"" Rubens Habbema
  said.
      A spokesman for the port of Santos, which has been the
  scene of labour unrest and congestion in recent months, said
  movement of ships out of the port was running at about half its
  normal level of 12 ships a day.
      He said a total of 76 ships were either waiting at anchor
  on moored in the harbour.
  

"
training/233	22	interest	"ITALIAN TREASURY CUTS INTEREST ON CERTIFICATES
  The Italian treasury said annual coupon
  rates payable March 1988 on two issues of long-term treasury
  certificates (CCTs) would be cut by about four percentage
  points compared with rates this March.
      Coupon rates on 10-year certificates maturing March 1995
  will fall to 9.80 pct from 13.65 pct and rates on 10-year
  issues maturing in March 1996 would fall to 10.05 pct from
  14.30 pct.
      The Treasury also cut by 0.60 point six-monthly coupons
  payable this September on six issues maturing between September
  1988 and September 1991.
      The issues carry terms of between five and seven years and
  will have coupon rates of between 4.85 and 5.65 pct in
  September compared with 5.45 and 6.25 pct this March.
  

"
training/2332	12	earn	"BROWN GROUP INC <BG> VOTES REGULAR DIVIDEND
  Qtly div 37-1/2 cts vs 37-1/2 cts prior qtr
      Pay 1 April
      Record 16 March
  

"
training/2333	12	earn	"BLOCKER ENERGY CORP <BLK> YEAR NET
  Oper shr profit 11 cts vs loss 2.45 dlrs
      Oper net profit 3,594,000 vs loss 81.9 mln
      Revs 38.5 mln vs 48.2 mln
      NOTE: 1986 net excludes 68.5 mln dlr gain from debt
  extinguishment.
      1985 net includes 72.0 mln dlr writedown of drilling rigs.
  

"
training/2335	12	earn	"LTX CORP <LTXX> 2ND QTR JAN 31 LOSS
  Shr loss 28 cts vs loss 32 cts
      Net loss 2,585,000 vs loss 2,885,000
      Sales 27.6 mln vs 23.5 mln
      Avg shrs 9,352,000 vs 9,049,000
      1st half
      Shr loss 63 cts vs loss 94 cts
      Net loss 5,867,000 vs loss 8,405,000
      Sales 51.9 mln vs 43.7 mln
      Avg shrs 9,349,000 vs 8,966,000
      NOTE: Prior year net includes tax credits of 1,827,000 dlrs
  in quarter and 5,347,000 dlrs in half.
  

"
training/2336	48	trade	"YEUTTER SAYS U.S. BUDGET DEFICIT REDUCTION KEY TO TRADE DEFICIT SOLUTION

  YEUTTER SAYS U.S. BUDGET DEFICIT REDUCTION KEY TO TRADE DEFICIT SOLUTION
  

"
training/2337	12	earn	"CALPROP CORP <CPP> 4TH QTR NET
  Shr 40 cts vs 25 cts
      Net 1,369,602 vs 628,193
      Revs 12.5 mln vs 4,909,369
      Avg shrs 3,460,217 vs 2,610,913
      Year
      Shr 97 cts vs 54 cts
      Net 2,952,830 vs 1,414,369
      Revs 37.0 mln vs 13.5 mln
      Avg shr 3,031,494 vs 2,609,313
      Note: Prior qtr and year per share figures restated for 10
  pct stock dividend of December 1986.
  

"
training/2338	12	earn	"SIS CORP <SISB> YEAR NET
  Shr one ct vs nil
      Net 9,949,000 vs 3,799,000
      Revs 15.5 mln vs 13.5 mln
  

"
training/2339	12	earn	"AMOSKEAG CO <AMOS> SETS QUARTERLY
  Qtly div 30 cts vs 30 cts prior
      Pay March 31
      Record March Five
  

"
training/2340	12	earn	"MEDTRONIC INC <MDT> SETS QUARTERLY
  Qtly div 22 cts vs 22 cts prior
      Pay April 30
      Record April 10 
  

"
training/2342	12	earn	"SCITEX CORP <SCIXF> 4TH QTR LOSS
  Shr loss 46 cts vs loss 1.17 dlrs
      Net loss 4,990,000 vs loss 12.8 mln
      Revs 47.0 mln vs 42.3 mln
      Year
      Shr loss 3.08 dlrs vs loss 1.28 dlrs
      Net loss 33.7 mln vs loss 13.3 mln
      Revs 132.8 mln vs 132.5 mln
      Avg shrs 10.9 mln vs 10.4 mln
      NOTE: Includes losses of 501,000 vs 83,000 in qtr and 2.2
  mln vs 83,000 in year from equity of 50 pct-owned companies.
  

"
training/2344	0	acq	"STANLEY WORKS <SWK> MAKES ACQUISITIONS
  Stanley Works said it has acquired Acme
  Holding corp, a maker of sliding and folding door hardware, and
  the designs, patents and other righs of Plan-A-Flex Designer
  Co, which provides kits for home design and remodeling
  projects.
      It said Acme had 1986 sales of over 50 mln dlrs.
      Terms were not disclosed.
  

"
training/2346	12	earn	"ANITEC IMAGE TECHNOLOGY CORP <ANTC> SETS PAYOUT
  Qtly div 7-1/2 cts vs 7-1/2 cts prior
      Pay April 10
      Record March 27 
  

"
training/2347	12	earn	"GREEN MOUNTAIN POWER CORP <GMP> SETS QUARTERLY
  Qtly div 45 cts vs 45 cts prior
      Pay March 31
      Record March 20 
  

"
training/2348	12	earn	"DUAL-LITE INC <MDT> SETS QUARTERLY
  Qtly div eight cts vs eight cts prior
      Pay May 11
      Record April 24 
  

"
training/2350	12	earn	"SCIENCE MANAGEMENT CORP <SMG> 4TH QTR OPER NET
  Oper shr profit 14 cts vs loss 31 cts
      Oper net profit 374,000 vs loss 707,000
      Revs 19.1 mln vs 15.5 mln
      Avg shrs 2,610,000 vs 2,560,000
      Year
      Oper shr profit 20 cts vs loss 69 cts
      Oper net profit 530,000 vs loss 1,376,000
      Revs 69.1 mln vs 64.3 mln
      Avg shrs 2,603,000 vs 2,565,000
      NOTE: Excludes gain of 309,000 dlrs vs loss 72,000 dlrs in
  qtr and gains of 458,000 dlrs vs 23,000 dlrs in year from tax
  loss carryforwards. Includes gains of 76,000 dlrs and 378,000
  dlrs in 1985 qtr and year, respectively.
  

"
training/2353	12	earn	"CARMEL CONTAINER SYSTEMS LTD<KML> YEAR OPER NET
  Oper shr 1.18 dlrs vs 58 cts
      Oper net 2,266,000 vs 1,037,000
      Revs 45.8 mln vs 41.4 mln
      Avg shrs 1,924,000 vs 1,800,000
      NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from
  benefit of tax loss carryforward.
      Results for Tel Aviv, Israel-based company translated at
  rate of one dlr to 1.485 new Israeli shekels.
  

"
training/2357	12	earn	"TANDEM COMPUTERS <TNDM> SEES HIGHER NET
  Tandem Computers Inc said it expects
  higher earnings and revenues in its second fiscal quarter
  ending March 31 against a year ago.
      ""We feel we will continue to see higher growth in the
  quarter,"" James Treybig, president and and chief executive
  officer, told a meeting of securities analysts.
      In the second fiscal quarter last year, Tandem earned
  9,950,000 dlrs or 29 cts per share on revenues of 176.3 mln
  dlrs.
      Treybig declined to offer specific projections for the
  quarter but he said the results might be lower than those for
  the first quarter of fiscal 1987, when Tandem earned 27.1 mln
  dlrs or 58 cts a share. He said Tandem's second quarter is
  traditionally slower than the first.
      L.F. Rothschild Unterberg Towbin analyst Frederic Cohen
  estimated Tandem's second quarter net at 40 to 45 cts per
  share. For the full year, he said he expects the computer maker
  to earn about 2.40 dlrs a share. In fiscal 1986, Tandem earned
  1.44 dlrs a share.
      Treybig, who founded the Cupertino, Calif.-based company,
  said he has seen a rebound in computer orders in the United
  States. ""The U.S. economy is picking up, and buying decisions
  are being made. We didn't see that a year ago,"" he said.
      The executive said Tandem will increase its research and
  development spending to about 100 mln dlrs this year from 87
  mln dlrs in fiscal 1986.
      He said the company plans to introduce several products,
  including two low-end systems and a data base that uses the SQL
  programming language, an industry standard. Tandem also won a
  major order from the <Bank of Tokyo>.
  

"
training/2358	22	interest	"FED'S JOHNSON SAYS HE DOES NOT SEE INCREASING PRESSURE ON INTEREST RATES

  FED'S JOHNSON SAYS HE DOES NOT SEE INCREASING PRESSURE ON INTEREST RATES
  

"
training/236	10	crude	"KUWAIT SAYS NO PLANS FOR EMERGENCY OPEC TALKS
  Kuwait""s Oil Minister, in remarks
  published today, said there were no plans for an emergency OPEC
  meeting to review oil policies after recent weakness in world
  oil prices.
      Sheikh Ali al-Khalifa al-Sabah was quoted by the local
  daily al-Qabas as saying: ""None of the OPEC members has asked
  for such a meeting.""
      He denied Kuwait was pumping above its quota of 948,000
  barrels of crude daily (bpd) set under self-imposed production
  limits of the 13-nation organisation.
      Traders and analysts in international oil markets estimate
  OPEC is producing up to one mln bpd above a ceiling of 15.8 mln
  bpd agreed in Geneva last December.
      They named Kuwait and the United Arab Emirates, along with
  the much smaller producer Ecuador, among those producing above
  quota. Kuwait, they said, was pumping 1.2 mln bpd.
      ""This rumour is baseless. It is based on reports which said
  Kuwait has the ability to exceed its share. They suppose that
  because Kuwait has the ability, it will do so,"" the minister
  said.
      Sheikh Ali has said before that Kuwait had the ability to
  produce up to 4.0 mln bpd.
      ""If we can sell more than our quota at official prices,
  while some countries are suffering difficulties marketing their
  share, it means we in Kuwait are unusually clever,"" he said.
      He was referring apparently to the Gulf state of qatar,
  which industry sources said was selling less than 180,000 bpd
  of its 285,000 bpd quota, because buyers were resisting
  official prices restored by OPEC last month pegged to a marker
  of 18 dlrs per barrel.
      Prices in New York last week dropped to their lowest levels
  this year and almost three dollars below a three-month high of
  19 dollars a barrel.
      Sheikh Ali also delivered ""a challenge to any international
  oil company that declared Kuwait sold below official prices.""
      Because it was charging its official price, of 16.67 dlrs a
  barrel, it had lost custom, he said but did not elaborate.
      However, Kuwait had guaranteed markets for its oil because
  of its local and international refining facilities and its own
  distribution network abroad, he added.
      He reaffirmed that the planned meeting March 7 of OPEC""s
  differentials committee has been postponed until the start of
  April at the request of certain of the body""s members.
      Ecuador""s deputy energy minister Fernando Santos Alvite said
  last Wednesday his debt-burdened country wanted OPEC to assign
  a lower official price for its crude, and was to seek this at
  talks this month of opec""s pricing committee.
      Referring to pressure by oil companies on OPEC members, in
  apparent reference to difficulties faced by Qatar, he said: ""We
  expected such pressure. It will continue through March and
  April."" But he expected the situation would later improve.
  

"
training/2365	0	acq	"FIRST UNION <FUNC> TO BUY FLORIDA BANK
  First Union Corp said it has
  agreed to acquire First State Bancshares Inc of Pensacola,
  Fla.,  and its First State Bank of Pensacola subsidiary for
  about 457,000 common shares.
      First State has assets of about 110 mln dlrs.  The
  acquisition, expected to be treated as a pooling of interests,
  is expected to be completed in the third quarter of 1987
  subject to approval by regulatory agencies and First State
  shareholders.
  

"
training/2366	12	earn	"OPPENHEIMER RAISES NWA <NWA> EARNINGS ESTIMATE
  Oppenheimer and Co analyst Robert
  McAdoo raised his 1987 earnings estimate for NWA Inc, parent of
  Northwest Airlines, following a strong quarterly report by the
  company yesterday, according to Oppenheimer market strategist
  Michael Metz.
      NWA shares rose 1-5/8 to 74-3/8 in active trading.
      McAdoo raised his 1987 estimate to 7.50 dlrs a share from
  five dlrs and maintained a buy recommendation on the stock,
  Metz said.
      McAdoo was traveling and could not be reached for comment.
      Yesterday, Minneapolis-based NWA reported fourth quarter
  net of about 9.8 mln dlrs or 45 cts a share against a loss of
  two mln dlrs or nine cts in the 1985 quarter.
      For the year, earnings rose to 76.9 mln dlrs or 3.26 dlrs
  from 73.1 mln or 3.18 dlrs. The 1986 results include Republic
  Airlines since NWA acquired it Aug 12, 1986.
  

"
training/237	10	crude	"INDONESIA SEEN AT CROSSROADS OVER ECONOMIC CHANGE
  Indonesia appears to be nearing a
  political crossroads over measures to deregulate its protected
  economy, the U.S. Embassy says in a new report.
      To counter falling oil revenues, the government has
  launched a series of measures over the past nine months to
  boost exports outside the oil sector and attract new
  investment.
      Indonesia, the only Asian member of OPEC and a leading
  primary commodity producer, has been severely hit by last year""s
  fall in world oil prices, which forced it to devalue its
  currency by 31 pct in September.
      But the U.S. Embassy report says President Suharto""s
  government appears to be divided over what direction to lead
  the economy.
      ""(It) appears to be nearing a crossroads with regard to
  deregulation, both as it pertains to investments and imports,""
  the report says. It primarily assesses Indonesia""s agricultural
  sector, but also reviews the country""s general economic
  performance.
      It says that while many government officials and advisers
  are recommending further relaxation, ""there are equally strong
  pressures being exerted to halt all such moves.""
      ""This group strongly favours an import substitution economy,""
  the report says.
      Indonesia""s economic changes have been welcomed by the World
  Bank and international bankers as steps in the right direction,
  though they say crucial areas of the economy like plastics and
  steel remain highly protected, and virtual monopolies.
      Three sets of measures have been announced since last May,
  which broadened areas for foreign investment, reduced trade
  restrictions and liberalised imports.
      The report says Indonesia""s economic growth in calendar 1986
  was probably about zero, and the economy may even have
  contracted a bit. ""This is the lowest rate of growth since the
  mid-1960s,"" the report notes.
      Indonesia, the largest country in South-East Asia with a
  population of 168 million, is facing general elections in
  April.
      But the report hold out little hope for swift improvement
  in the economic outlook. ""For 1987 early indications point to a
  slightly positive growth rate not exceeding one pct. Economic
  activity continues to suffer due to the sharp fall in export
  earnings from the petroleum industry.""
      ""Growth in the non-oil sector is low because of weak
  domestic demand coupled with excessive plant capacity, real
  declines in construction and trade, and a reduced level of
  growth in agriculture,"" the report states.
      Bankers say continuation of present economic reforms is
  crucial for the government to get the international lending its
  needs.
      A new World Bank loan of 300 mln dlrs last month in balance
  of payments support was given partly to help the government
  maintain the momentum of reform, the Bank said.
  

"
training/2370	12	earn	"YELLOW FREIGHT <YELL> SEES LOWER 1ST QTR NET
  Yellow Freight System Inc said
  its expects 1987 first quarter profits to be substantially
  below the 14.2 mln dlrs or 50 cts a share earned in the same
  period a year ago.
      Revenues have been depressed by recent price discounting,
  added costs from expansion programs, lower shipping volumes and
  increased costs associated with severe weather conditions
  on the East coast, company officials told analysts here.
      An industry-wide rate hike of 2.9 pct, set for April one,
  will cover Yellow Freight's upcoming labor and other costs but
  will not make a contribution to operating margins, it said.
  

"
training/2371	37	pet-chem	"NOVA SUBSIDIARY RAISES U.S. POLYETHYLENE PRICES
  Novacor Inc, a unit of <Nova,
  an Alberta Corp>, said it would raise prices for U.S. customers
  by five cts a pound on linear low-density and low-density
  polyethylene, effective April 1.
      The company did not immediately disclose the actual new
  prices.
      A Novacor official later said in reply to an inquiry that
  the new prices, effective April 1, would range from 31 U.S. cts
  a pound to about 38 cts.
      The official said the increase reflected improved market
  conditions, although he noted the new prices would still be
  lower than those of three years ago.
  

"
training/2374	0	acq	"MOULINEX STAKE SOLD TO SOME 50 INSTITUTIONS
  The 20 pct stake in Moulinex SA <MOUP.PA>
  sold by <Scovill Inc> of the U.S. Was spread among at least 50
  institutional investors worldwide, a spokesman for brokers
  James Capel said. Capel handled the deal.
      The buyers were based in centers ranging from Europe to
  North America and Japan, he added.
      Moulinex's capital is split among Jean Mantelet, president
  of the company, with 42 pct, along with private investors
  holding 38 pct and the 20 pct which has just been sold, company
  sources said earlier in Paris.
  

"
training/2375	0	acq	"TALKING POINT/PIEDMONT <PIE>
  Carl Icahn's bold takeover bid for
  USAir Group <U> has clouded the fate of Piedmont Aviation Inc,
  which was being courted by USAir.
      Yesterday, Icahn's Transworld Airlines Inc <TWA> made a 1.4
  billion dlr offer for USAir Group. The move complicated a USAir
  takeover offer for Piedmont, which was believed to be close to
  accepting the bid.
      Today, USAir rejected Icahn's 52 dlr per share offer and
  said the bid was a last-minute effort to interfere in its
  takeover of Piedmont. Icahn was unavailable for comment.
      Piedmont fell one to 68-5/8 on volume of 963,000. TWA was
  off 3/8 to 31-1/2. USAir fell 1-3/8 to 47-3/4 as doubt spread
  it would be taken over.
      Analysts and market sources view the TWA bid as an attempt
  to either trigger a counter offer from USAir or to attract a
  suitor who might want both airlines once they merged.
     ""The next move is either Icahn starts a tender offer or
  Piedmont and USAir announce a deal,"" speculated one arbitrager.
      Some arbitragers said there is now some risk in the current
  price of Piedmont since it is not clear that USAir's bid will
  succeed.
      Piedmont's largest shareholder and other suitor, Norfolk
  Southern Corp <NSC> has offered 65 dlrs per share for the
  company. USAir offered 71 dlrs cash per share for half of
  Piedmont stock, and 73 dlrs per share in stock for the balance.
      Some arbitragers, however, believe the depressed price of
  Piedmont offers a buying opportunity since the airline is
  destined to be acquired by someone. USAir, they said, is the
  least likely to be bought.
      Icahn, who has long talked about further consolidation in
  the airline industry, also offered USAir the alternative of a
  three-way airline combination, including TWA and Piedmont.
      But Wall Street has given little credibility to Icahn's
  offer, which lacked financing and was riddled with
  contingencies.
      Still, he has succeeded in holding up a merger of two
  airlines - both of which analysts said would fit well with TWA.
      ""You can't discount him,"" said one arbitrager.
      Analysts, however, said Icahn would have to prove he is
  serious by following through with his threats or making a new
  offer. In making the offer for USAir, Icahn threatened to go
  directly to shareholders for 51 pct of the stock at a lower
  price if USAir rejected his offer.
      ""It's clear Icahn wants to sell and he's bluffing,"" said
  one arbitrager.
      Analysts said the 52 dlr per share offer was underpriced by
  about six dlrs per share.
      Some analysts believe Icahn's proposed three-way airline
  combination might face insurmountable regulatory hurdles, but
  others believe it could be cleared if the companies are
  acquired separately.
      ""TWA would have to be the surviving company for the deal to
  work,"" said one analyst.
      Analysts said such a merger would be costly and
  complicated. TWA has the best cost structure, since Icahn
  succeeded in winning concessions from its unions.
      In order for the other carriers to come down to TWA's wage
  scale in a merger, TWA would have to be the surviving entity,
  analysts said.
      Such a move does not necessarily free Icahn of TWA, they
  said. They said he showed skill in reducing Ozark Airlines'
  costs when he merged it into TWA last year, and he might be a
  necessary ingredient for a merger to work.
      However, other analysts speculated the managements of
  Piedmont and USAir would not tolerate Icahn as head of a new
  company. They said a USAir acquisition of TWA might be a way
  for him to exit the company if USAir's airline is then merged
  into TWA.
  

"
training/2376	0	acq	"BAKER INT'L <BKO> HOPES TO COMPLETE MERGER
  Baker International Corp treasurer Eric
  Mattson said the company hoped to iron out snags in a proposed
  merger with Hughes Tool Co <HT> but declined to say if or what
  compromises might be acceptable to it.
      The proposed merger that would create a 1.2 billion dlr
  oilfield services company was thrown into limbo yesterday when
  Hughes management, balking at the terms of a government consent
  decree, offered a counter-proposal to Baker.
      Earlier today, Hughes adjourned a shareholders meeting
  called to vote on the proposed merger until March 11 and said
  it hoped to resume negotitations with Baker.
      Hughes chairman W.A. Kistler told reporters that Hughes did
  not want to sign the Department of Justice consent decree until
  after Baker's submersible pump and drilling bit operations were
  sold.
      Mattson told Reuters that Baker still believed a merger was
  possible between the two giant oilfield service companies.
      ""The company's position is we would like to see the merger
  be completed, which is in the best interests of our
  shareholders and their shareholders,"" Mattson said.
      ""Our goal is for a merger to occur. Because of the
  litigation, I can't go any further than that,"" he said.
      Baker filed a lawsuit in Texas state court late yesterday
  to force Hughes to abide by terms of the proposed consent
  decree.
      Mattson also declined to comment on whether the directors
  of Baker and Hughes have scheduled any meetings to discuss the
  merger.
  

"
training/2377	12	earn	"LUCKY STORES INC REINSTATES QUARTERLY DIVIDEND AT 12.5 CTS PER SHARE

  LUCKY STORES INC REINSTATES QUARTERLY DIVIDEND AT 12.5 CTS PER SHARE
  

"
training/2379	12	earn	"HOMESTEAD FINANCIAL <HFL> UPS CASH DIVIDEND
  Homestead Financial Corp
  said it has increased the dividend on its Class A common shares
  to 6-1/4 cts a share, from five cts prior, while declaring an
  initial dividend on its Class B common stock of 3-3/4 cts a
  share.
      Homestead said the two classes of stock emerged as part of
  its recapitalization plan which also doubled the number of
  authorized common, comprising both classes, to 11 mln shares.
      Homestead said the dividends are payable on April 6, to
  shareholders of record March 20.
      Homestead also said that class b shareholders who want to
  increase their dividends may exchange their shares for an equal
  number of class A shares on or before March 20.
  

"
training/2380	12	earn	"ELECTRO-SENSORS INC <ELSE> YEAR OPER NET
  Oper shr 52 cts vs 51 cts
      Oper net 626,013 vs 613,127
      Sales 4,544,929 vs 4,402,572
      NOTE: Earnings exclude extraordinary securities loss of
  29,532 dlrs, or two cts a share vs a gain of 81,358 dlrs, or
  seven cts a share
  

"
training/2383	10	crude	"OPEC PRESIDENT SAYS OUTPUT WELL BELOW CEILING
  Opec Conference President Rilwanu Lukman
  said the group was producing well below the 15.8 mln bpd
  ceiling it set in December, partly because liftings had been
  delayed or postponed by customers unwilling to pay fixed Opec
  prices.
      Lukman, during a brief visit to London on his way home from
  Jamaica, told Reuters in a telephone interview that in
  February, Opec had underproduced partly because members were
  strictly abiding by production quotas and partly because they
  were resisting the temptation to sell at discounts to official
  prices of around 18 dlrs a barrel.
      ""We are determined to stand firm by the (December) accord,""
  he said. ""I have spoken to every other Opec minister and they
  are committed to making the accord work,"" he said.
      Lukman gave no specific figures for February output. He
  said the Opec secretariat in Vienna was finalizing these
  figures.
      Told of a Reuters survey published today which estimated
  that Opec output so far this week was below 15 mln bpd, he
  said; ""That could well be correct.""
      Opec""s news agency Opecna today issued a statement saying
  group output was ""well below"" its ceiling in February. But it
  gave no figures.
      But one source close to Opec indicated that February output
  may have been between 15.3 and 15.5 mln bpd.
      The Reuter survey estimated Opec February output at around
  16 mln bpd.
      Opec agreed in December to cut output by 7.25 pct to 15.8
  mln bpd and to return to fixed prices starting February 1.
      Lukman said Qatar, Nigeria, Saudi Arabia and Iran had all
  produced in February below their Opec quotas. Iraq, which said
  it would not honour its 1.466 mln bpd quota under the December
  pact, had produced less than had been anticipated, he said.
      Lukman said that some industry reports ""may be correct"" that
  in February, Nigeria propuced 75-100,000 bpd below its 1.238
  mln bpd quota, Saudi Arabia 500,000 bpd less than its 4.133 mln
  allocation and Qatar 20 to 30 pct under its 285,000 bpd quota.
      He said that sweet crudes such as those produced by his
  country were coming under price pressure because they were
  currently officially priced above sweet North Sea grades and
  the United States"" West Texas Intermediate (WTI) crude.
      However, he said Opec in December had anticipated that
  demand would be slack at this time of year for seasonal reasons
  and expected the market to firm in two to three weeks.
      ""We have to be patient for two or three weeks. The market is
  now firming on actual fundamentals,"" he said, adding that he
  expected it to go ""up and up"" even beyond official prices after
  early April. This is when, traditionally, there is more demand
  for gasoline-rich crudes such as Nigeria""s.
      The Opec President said producers such as Kuwait, Venezuela
  and Indonesia were having less problems with output than
  producers like his own country because they exported oil
  products.
      Also, some of Venezuela""s heavy grades were outside the Opec
  pricing system, he said.
      Lukman said that if refiner-buyers, now refusing to lift
  some Opec oil at official prices, instead used their own stocks
  and ran them down to ""dangerous levels,"" they would eventually
  have to buy Opec oil.
      ""When they realise it is not a free-for-all (in the market)
  they will realise they should buy now instead of paying more
  later on,"" he said.
      Lukman, asked about industry reports that Nigeria was being
  pressured by equity producers for better terms, said it was
  important to know that terms with them were negotiable,
  flexible and under constant review, not only when the market
  seemed weak.
      He said that so far, no meeting of the seven-nation
  ministerial differentials committee had been scheduled and that
  such a meeting, now twice-postponed, was not a high priority
  for Opec at the moment.
      ""At this time, we have to get our priorities right,"" he said.
  ""The most important thing now is ensuring that the accord is
  working, not dealing with a differential of cents between
  grades.""
      But if any Opec member raised concerns or objections over
  the differential system, a meeting would be called, he said.
  

"
training/2385	12	earn	"LUCKY STORES INC <LKS> REINSTATES QUARTERLY DIV
  Qtly div 12.5 cts vs nil
      Pay April 3
      Record March 16
      Note: in quarters preceeding 4th qtr, dividend was 29 cts.
  

"
training/2386	12	earn	"CARMEL CONTAINER SYSTEMS LTD<KML> YEAR OPER NET
  Oper shr 1.18 dlrs vs 58 cts
      Oper net 2,266,000 vs 1,037,000
      Revs 45.8 mln vs 41.4 mln
      Avg shrs 1,924,000 vs 1,800,000
      NOTE: Excludes gain of 73,000 dlrs vs 290,000 dlrs from
  benefit of tax loss carryforward.
      Results for Tel Aviv, Israel-based company translated at
  rate of one dlr to 1.485 new Israeli shekels.
  

"
training/2390	36	orange	"U.S. TO SET ORANGE JUICE DUTIES MONDAY
  The Commerce Department on Monday
  will set final dumping duties on frozen orange juice from
  Brazil, department officials said.
      A preliminary duty of 8.54 pct was set last Oct 17 on the
  imports, which run at about 700 mln dlrs a year. Commerce's
  ruling on Monday will reset the duties on the basis of more
  detailed cost information, industry officials said.
      The duties now are being assessed on a temporary basis,
  pending a final ruling by the U.S. International Trade
  Commission (ITC) on whether the imports are injuring the
  domestic orange industry.
      The ITC ruled provisionally last June 18 that the domestic
  industry was being injured by Brazilian orange juice imports.
      A complaint that the Brazilian imports were being dumped at
  below costs on the U.S. market was filed on behalf of U.S.
  growers by the Florida Citrus Mutual, a Lakeland, Fla., group,
  Alcoma Packing Co, Inc, and Barry Citrus Products.
      U.S. officials say about half of the orange juice consumed
  in the United States comes from Brazil.
  

"
training/2391	12	earn	"LONGVIEW FIBRE CO <LFBR> QUARTERLY DIVIDEND
  Qtly div 40 cts vs 40 cts
      Pay April 10
      Record March 25
  

"
training/2393	12	earn	"BEI HOLDINGS LTD <BEIH> 1ST QTR JAN 31 NET
  Shr 13 cts vs eight cts
      Net 1,364,712 vs 881,082
      Rev 11.6 mln vs 11.5 mln
      NOTE: Qtr includes extraordinary gain of 586,826 dlrs, or
  six cts a share, versus 183,850 dlrs or two cts a share in
  fiscal 1986's first qtr.
  

"
training/2394	34	nat-gas	"ENDEVCO <EI> AGREES TO BUY MISSISSIPPI PIPELINE
  Endevco Inc said it has agreed to acquire
  a 17.5-mile, 16-inch pipeline in Marion and Pearl River
  Counties, Mississippi, for undisclosed terms.
      The company said the pipeline was recently constructed from
  the Poplarville gas field in Pearl River County to a proposed
  interconnect with a pipeline operated by Occidental Petroleum
  Corp's <OXY> United Gas Pipe Line Co subsidiary in Marion
  County but has nmot been placed in service.
      Endevco said it plans to extend its existing Mississippi
  Fuel Co System in southern Mississippi 18 miles to the new
  pipeline.
  

"
training/2396	12	earn	"ATLANTIC CITY ELECTRIC CO <ATE> SETS PAYOUT
  Qtly div 65-1/2 cts vs 65-1/2 cts prior
      Pay April 15
      Record March 19
  

"
training/2397	12	earn	"KEMPER CORP <KEMC> REGULAR PAYOUT SET
  Qtly div 15 cts vs 15 cts previously
      Pay May 29
      Record May Eight
  

"
training/2398	12	earn	"FFB <FFCT> SETS INITIAL QUARTERLY DIVIDEND
  FFB Corp, parent of the First
  Federal Bank of Connecticut FSB, said it declared an initial
  quarterly dividend of five cts per share.
      The company said the dividend is payable March 31 to
  holders of record March 17.
  

"
training/24	12	earn	"ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR
  Shr profit 15 cts vs profit four cts
      Annual div 72 cts vs 72 cts prior yr
      Net profit 72,000 vs profit 16,000
      Revs 7,075,000 vs 2,330,000
      12 mths
      Shr profit 42 cts vs loss 11 cts
      Net profit 203,000 vs loss 55,000
      Revs 16.1 mln vs 3,971,000
      NOTE: annual dividend payable April 10, 1987, to
  stockholders of record on March 27, 1987.
  

"
training/2402	12	earn	"UNION CARBIDE SAYS OPERATING PROFITS FOR 4th qtr WERE 181 MLN DLRS VS LOSS THREE MLN DLRS

  UNION CARBIDE SAYS OPERATING PROFITS FOR 4th qtr WERE 181 MLN DLRS VS LOSS THREE MLN DLRS
  

"
training/2403	33	money-supply	"MONEY MARKET FUND ASSETS ROSE 552.5 MLN DLRS IN LATEST WEEK TO 237.46 BILLION

  MONEY MARKET FUND ASSETS ROSE 552.5 MLN DLRS IN LATEST WEEK TO 237.46 BILLION
  

"
training/2405	12	earn	"COMBINED INTERNMATIONAL <PMA> SEES STRONG 1987
  Combined International Corp should have
  another strong year, President Patrick G. Ryan told analysts,
  although he declined to forecast earnings specifically.
      In 1986, the company reported operating income of 5.51 dlrs
  a share, up from 4.84 dlrs a share a year earlier. Revenues
  increased to 1.81 billion dlrs from 1.36 billion dlrs.
      Ryan said Combined is testing a direct response long-term
  care product through its Union Fidelity Life Insurance Co and
  has plans to offer it through Ryan Insurance Group.
      In answer to a question on Combined's possible exposure to
  AIDS-related health claims, Ryan said it was ""minimal"" although
  he conceded that every carrier who provides coverage is
  vulnerable.
  

"
training/2406	32	money-fx	"CANADA DLR DRIVEN BY FOREIGN BUYERS - WILSON
  Finance Minister Michael Wilson said
  large inflows of capital into Canada, principally into the
  country's bond market, is a major reason behind the sharp
  recovery in the Canadian dollar.
      He said the inflow of funds, mainly from Japan, Europe and
  the United States, is the result of ""confidence in the
  direction this country is going in.""
      ""That is the reason why the (Canadian) dollar today is
  higher than 75 cts (U.S.) compared to this time last year (when
  it was) a little over 69 cts,"" Wilson told the House of Commons
  daily question period.
      Figures released this week show foreigners purchased a
  record 23.1 billion dlrs of Canadian bonds in 1986, more than
  double the previous year, with Japan investing a record 9.5
  billion dlrs in the market.
      Wilson was responding to opposition party questions about a
  possible loss of jobs from the rise in Canadian investment
  abroad. Canadian investment, including the buying of foreign
  companies, stocks and bonds, rose to 12.53 billion dlrs from
  6.19 billion dlrs in 1985.
      The minister said the flow of funds from abroad would
  generate many new jobs in Canada.
  

"
training/2409	12	earn	"CHARTWELL GROUP LTD <CTWL> 4th qtr net
  Shr nine cts vs three cts
      Net 549,000 vs 72,000
      Rev 7.0 mln vs 2.8 mln
      Year
      Shr 49 cts vs 32 cts
      Net 2,441,000 vs 801,000
      Rev 19.6 mln vs 9.7 mln
  

"
training/2410	0	acq	"PITT-DES MOINES INC <PDM> TO ACQUIRE STEEL UNIT
  Pitt-Des Moines Inc said it will
  acquire <Chicago Steel Corp> in exchange for a portion of its
  stock.
  

"
training/2411	16	gold	"GIANT BAY <GBYLF> DETAILS GORDON LAKE DEPOSIT
  Giant Bay Resources
  Ltd said a metallurgical study of its Gordon Lake gold deposit
  indicated an overall recovery of 95 pct to 96 pct of the gold
  can be achieved by either direct cyanidation of ore or
  flotation followed by cyanidation of concentrate.
      Continuation of an underground program on the property will
  begin in June, extending an existing drift along the
  200-foot-level where the main ore zone was encountered, Giant
  Bay said.
      The company did not elaborate on production figures for the
  property.
  

"
training/2417	48	trade	"CONSENSUS BUILDS FOR WORLD AGRICULTURAL REFORM
  Top U.S. and European farm trade and
  government representatives called for a sweeping reform of
  world agriculture to redress a critical demand and supply
  imbalance.
      Speakers at a conference on world agricultural markets here
  demonstrated a growing U.S.-European consensus on the need for
  an urgent and collective overhaul of world farm trade and
  production.
      ""It is vital that we work together to bring more freedom and
  harmony into the world agricultural trade...(if not) the
  disruptions in markets may grow even more severe, the walls of
  protection climb higher and the level of possible retaliation
  become more harmful,"" U.S. Department of Agriculture Deputy
  Administrator William Bailey said.
      Bailey said his attendance at the two-day meeting, which
  ends tomorrow, demonstrated the U.S. recognises the need to
  adjust its policies to the changing market environment.
      The need for urgent reforms is justified by the ""imbalance
  and tensions of the world economy,"" the secretary general of the
  Organisation for Economic Cooperation and Development
  Jean-Claude Paye said.
      And the forum for such a reform is the General Agreement on
  Tariffs and Trade, he noted.
      Paye stressed the need for a progressive and joint
  reduction of agricultural subsidies as well as social measures
  to help farmers in unprofitable areas.
      Another possible solution would be to stop supporting farm
  prices, allowing them to be fixed by supply and demand, and
  instead help farmers through income support and adjustment
  aids, proposed James Howard, Executive Vice-president of
  Cargill (USA), one of the world's largest cereal houses.
      Franz-Josef Feiter, agricultural adviser to West German
  Chancellor Helmut Kohl, agreed the European Community must take
  greater heed of market constraints in fixing farm prices.
      However, ""differentiated policy treatment is required"" to
  take account of large disparities in the situation around the
  EC, he said.
      ""Agriculture is an efficient sector of the European economy
  and will remain so if the right policy is pursued within the
  Community,"" he said.
  

"
training/2419	0	acq	"REXCOM <RXSC> TO ACQUIRE MARKETING FIRM
  Rexcom Systems Corp said it agreed to
  buy all the assets of Postech Inc from Comtech Group
  International Ltd, a Canadian computer service company, for 70
  pct of Rexcom's voting shares.
      The purchase will be for Rexcom common and preferred stock.
      Postech, the Canadian firm's U.S. marketing arm, sells
  computerized restaurant management systems and security systems
  in the U.S.
      The deal is subject to approval by the boards of Postech
  and Rexcom.
  

"
training/242	10	crude	"SAUDI RIYAL DEPOSIT RATES REMAIN FIRM
  Saudi riyal interbank deposits were
  steady at yesterday's higher levels in a quiet market.
      Traders said they were reluctant to take out new positions
  amidst uncertainty over whether OPEC will succeed in halting
  the current decline in oil prices.
      Oil industry sources said yesterday several Gulf Arab
  producers had had difficulty selling oil at official OPEC
  prices but Kuwait has said there are no plans for an emergency
  meeting of the 13-member organisation.
      A traditional Sunday lull in trading due to the European
  weekend also contributed to the lack of market activity.
      Spot-next and one-week rates were put at 6-1/4, 5-3/4 pct
  after quotes ranging between seven, six yesterday.
      One, three, and six-month deposits were quoted unchanged at
  6-5/8, 3/8, 7-1/8, 6-7/8 and 7-3/8, 1/8 pct respectively.
      The spot riyal was quietly firmer at 3.7495/98 to the
  dollar after quotes of 3.7500/03 yesterday.
  

"
training/2421	12	earn	"GENERAL REFRACTORIES CO <GRX> 4TH QTR NET
  Shr 17 cts vs 84 cts
      Net 709,000 vs 3,605,000
      Rev 86.4 mln vs 87.0 mln
      Year
      Shr 1.79 dlrs vs 1.10 dlrs
      Net 7,452,000 vs 4,695,000
      Rev 362.8 mln vs 316.0 mln
      NOTE: 1986 net includes gains from sale of non-operating
  assets of 800,000 dlrsm versus 1.2 mln dlrs in 1985.
      1985 net includes nonrecurring cost of 2.6 mln dlrs and
  provision for separation pay of 1.5 mln dlrs.
  

"
training/2428	12	earn	"UNION CARBIDE <UK> SAYS LONG TERM DEBT RISES
  Union Carbide Corp said its 1986
  long term debt was 3.06 billion dlrs compared to 1.71 billion
  dlrs in 1985.
      The company released its audited 1986 results.
      The company also said its long term debt was reduced by
  about 1.5 billion dlrs from the third quarter to the end of the
  year by asset sales and equity offerings. Union Carbide sold
  its battery products, home and automobile products and
  agricultural products businesses in 1986. In the fourth
  quarter, it offered 30 mln shares of stock, raising about 650
  mln dlrs.
      The asset sales and equity offering were part of a
  recapitalization plan undertaken by the chemicals company last
  year.
      Audited net earnings in 1986 of 496 mln dlrs or 4.78 dlrs a
  share compared to a 1985 loss of 581 mln dlrs or 2.78 dlrs were
  unchanged from the company's preliminary earnings report made
  on Jan 28. The earnings results for the fourth quarter were
  also unchanged.
      Included in the 1986 numbers are a 564 mln dlr gain from
  sale of the different businesses, a 270 mln dlr pension credit
  and a charge of 473 mln dlrs from the purchase of long term
  debt at a premium under the recapitalization.
      In the audited results released today, the company broke
  down results by business segment.
      Operating profit in the fourth quarter for all of the
  company's operations on a consolidated basis, before corporate
  and interest expense and taxes, was 181 mln dlrs against a loss
  of three mln dlrs in the 1985 quarter.
      In the year, operating profit was 791 mln dlrs compared to
  a loss of 253 mln dlrs in 1985.
      In a statement, the company said it defeated a hostile
  takeover attempt, by GAF Corp <GAF>, and recapitalized the
  company, adding, ""While all this was going on, our continuing
  businesses performed very soundly, with substantial operating
  profit improvement over 1985.""
      Carbon products posted operating profit of eight mln dlrs
  in the quarter, down from 29 mln dlrs, and 49 mln dlrs in the
  year against a loss of 146 mln dlrs.
      Chemicals and plastics had fourth quarter operating profit
  of 122 mln dlrs compared to a year-ago loss of 49 mln dlrs. In
  the year, chemicals and plastics earned 472 mln dlrs against
  losses of 142 mln dlrs in 1985.
      Operating income at industrial gases rose to 64 mln dlrs
  from 55 mln in the quarter and to 276 mln dlrs from 222 mln in
  the year.
      The company's specialties and services segment cut its
  losses in the quarter to 13 mln dlrs from 40 mln dlrs and in
  the year to three mln dlrs from 181 mln dlrs.
      Eliminations of business conducted between the company's
  industry segments contributed two mln dlrs to fourth quarter
  1985 profits but did not affect the 1986 quarter. The
  eliminations caused losses of three mln dlrs compared to six
  mln dlrs in the year.
      The 1985 operating results include a host of unusual
  writeoffs and depreciation charges totaling 134 mln dlrs in the
  quarter and 906 mln dlrs in the year.
      Capital expenditures rose to 524 mln dlrs in 1986 from 501
  mln dlrs.
      By segment, spending at carbon products fell to 42 mln dlrs
  from 57 mln dlrs and spending fell at specialties and services
  to 126 mln dlrs from 143 mln dlrs.
      At chemicals and plastics, expenditures rose to 147 mln
  dlrs from 133 mln and at industrial gases they rose to 209 mln
  dlrs from 168 mln dlrs.
      The company's cash and equivalents fell to 299 mln dlrs at
  year end from 430 mln dlrs at year end 1985, after a net
  decrease of 131 mln dlrs during 1986.
      Current assets at year-end fell to 2.41 billion dlrs from
  4.43 billion dlrs and current liabilities fell to 1.88 billion
  dlrs from 2.38 billion.
  

"
training/2429	12	earn	"FIRST COMMERCIAL BANCORP <FCOB> 4TH QTR LOSS
  Shr loss 49 cts vs loss 1.36 dlrs
      Net loss 928,835 vs loss 1,648,665
      Year
      Shr loss 33 cts vs loss 4.21 dlrs
      Net loss 593,533 vs loss 4,970,951
      Assets 203.9 mln
      Loans 151.5 mln
      Deposits 192.0 mln
      Note: 1986 loss included non-recurring expenses of
  1,275,000 dlrs comprised of asset write-downs, legal proceeding
  and a 930,000-dlr provision for loan losses.
  

"
training/2433	12	earn	"HARCOURT BRACE JOVANOVICH INC <HBJ> 4TH QTR NET
  Shr 23 cts vs 28 cts
      Net 8,877,000 vs 9,530,000
      Revs 342 mln vs 278.9 mln
      Avg shrs 39.4 mln vs 34 mln
      Year
      Shr 1.91 dlrs vs 1.62 dlrs
      Net 70.5 mln vs 50.5 mln
      Revs 1.3 billion vs 990.5 mln
      Avg shrs 37 mln vs 31.3 mln
      NOTE: On Dec one, 1986, company acquired Holt, Rinehart and
  Winston and W.B. Saunders and The Dryden Press and their
  foreign subsidiaries. By including these companies for the
  single month of December 1986, 4th qtr earnings were raised by
  seven cts per shr and for the year by eight cts per shr.
  

"
training/2434	0	acq	"LONE STAR<LCE> AGREES TO BUY CONCRETE OPERATIONS
  Lone Star Industries Inc said
  it has agreed to acquire ready-mixed concrete and aggregates
  businesses from <Riedel International Inc> of Portland, Ore.,
  for an undisclosed amount of cash.
      Lone Star's one sentence statement gave no further details
  and company spokesmen were not available.
  

"
training/2435	12	earn	"SHELL FRANCAISE RETURNS TO PROFIT IN 1986
  Shell Francaise <SFMF.PA>, a subsidiary of
  <Shell Petroleum NV>, returned to the black last year for the
  first time since 1982, with parent company net profit of 43 mln
  francs against losses of 968 mln in 1985 and 1.07 billion in
  1984. In 1982 it posted a profit of 329 mln.
      The company said in a statement that cash flow had improved
  strongly although it remained negative at 182 mln francs
  against 1.34 billion in 1985, due largely to improved
  performances by its main profit centres.
      It said the results could have been even better had it not
  been for the collapse of refining and sales profit margins in
  the last quarter of the year.
      In 1986 Shell sold 14.74 mln tonnes of oil products against
  14.52 mln tonnes in 1985.
      The company said the results were in line with its targets
  for the second year of its three-year recovery programme.
      Meanwhile, <Societe Shell Chimie) said it also returned to
  profit in 1986, for the first time since 1976, posting net
  profit of 160 mln francs against a 1985 loss of 57 mln. No
  other details were available.
  

"
training/2437	12	earn	"FAIRMOUNT CHEMICAL CO INC <FMTC> 4TH QTR LOSS
  Shr loss 28 cts vs loss 29 cts
      Net loss 584,100 vs loss 459,500
      Sales 1,339,800 vs 1,6390,800
      Year
      Shr loss 64 cts vs loss 79 cts
      Net loss 1,314,700 vs loss 1,237,100
      Sales 7,249,600 vs 6,311,500
  

"
training/2440	12	earn	"HUMANA INC <HUM> REGULAR DIVIDEND
  Qtly div 19 cts vs 19 cts in prior qtr
      Payable May one
      Record April two
  

"
training/2441	33	money-supply	"U.S. COMMERCIAL PAPER FALLS 1.27 BILLION DLRS IN FEB 25 WEEK, FED SAYS

  U.S. COMMERCIAL PAPER FALLS 1.27 BILLION DLRS IN FEB 25 WEEK, FED SAYS
  

"
training/2442	33	money-supply	"N.Y. BUSINESS LOANS RISE 523 MLN DLRS IN FEB 25 WEEK, FED SAYS

  N.Y. BUSINESS LOANS RISE 523 MLN DLRS IN FEB 25 WEEK, FED SAYS
  

"
training/2447	0	acq	"FINANCIAL CORP <FIN> UNIT BUYS BRANCHES
  Financial Corporation of
  America's American Savings and Loan Association unit said it
  signed a definitive agreement to buy three retail savings
  branches from Gibraltar Financial Corp's <GFC> Gibraltar
  Savings unit.
      The purchase, which must be approved by the Federal Home
  Loan Bank and the California Department of Savings and Loans,
  would increase American Savings' deposits by about 40 mln dlrs.
      The branches are in La Jolla, La Mesa and San Juan
  Capistrano, Calif.
  

"
training/2449	10	crude	"CONFIDENCE IN OPEC FIRMS U.S. ENERGY FUTURES
  Renewed confidence in OPEC's ability to
  limit production helped U.S. energy futures settle above
  yesterday's closing prices, according to analysts.
      They also said the heating oil contract found additional
  support from a short-covering rally on the close.
      April crude closed 24 cts higher to 17.75 dlrs. April
  heating oil was 1.47 cts higher to 47.91 cts a gallon.
      ""Most traders expected follow through profit-taking from
  yesterday but the market found suport from bullish reports that
  OPEC is producing within its quota,"" said Simon Greenshields, a
  vice president with Morgan Stanley and Co Inc.
      News today, including OPEC President Rilwanu Lukman
  statement that OPEC February production did not exceed its
  official quota of 15.8 mln barrels per day, helped bouy prices,
  traders said. A Reuter survey found OPEC production in early
  March was 14.7 mln bpd.
      In addition to short-covering, heating oil found support
  from traders buying it against sales of gasoline and crude, as
  well as from expectations for continued drawdowns in stocks as
  refiners shut down for maintenance, traders said.
      Unleaded gasoline for April finished 0.55 cent higher to
  51.24 cts a gallon.
  

"
training/2458	12	earn	"FAIRFIELD COMMUNITIES INC <FCI> 10 MOS DEC 31
  Shr loss 1.62 dlrs vs profit 83 cts
      Net loss 17.2 mln vs profit 8.3 mln
      Revs 264.0 mln vs 338.0 mln
      NOTE:Year ago figures based on 12 months ended February 28,
  1986 because company changed reporting period to end December
  31.
     1986 10 months loss includes 10.3 mln dlrs writedown of
  certain assets.
  

"
training/2459	12	earn	"CARVER CORP <CAVR> 4TH QTR NET
  Shr 20 cts vs 17 cts
      Net 680,000 vs 533,000
      Sales 6,473,000 vs 5,996,000
      Year
      Shr 57 cts vs 84 cts
      Net 1,967,000 vs 2,099,000
      Sales 20.8 mln vs 19.0 mln
  

"
training/246	10	crude	"QATAR UNVEILS BUDGET FOR FISCAL 1987/88
  The Gulf oil state of Qatar, recovering
  slightly from last year's decline in world oil prices,
  announced its first budget since early 1985 and projected a
  deficit of 5.472 billion riyals.
      The deficit compared with a shortfall of 7.3 billion riyals
  in the last published budget for 1985/86.
      In a statement outlining the budget for the fiscal year
  1987/88 beginning today, Finance and Petroleum Minister Sheikh
  Abdul-Aziz bin Khalifa al-Thani said the government expected to
  spend 12.217 billion riyals in the period.
      Projected expenditure in the 1985/86 budget had been 15.6
  billion riyals.
      Sheikh Abdul-Aziz said government revenue would be about
  6.745 billion riyals, down by about 30 pct on the 1985/86
  projected revenue of 9.7 billion.
      The government failed to publish a 1986/87 budget due to
  uncertainty surrounding oil revenues.
      Sheikh Abdul-Aziz said that during that year the government
  decided to limit recurrent expenditure each month to
  one-twelfth of the previous fiscal year's allocations minus 15
  pct.
      He urged heads of government departments and public
  institutions to help the government rationalise expenditure. He
  did not say how the 1987/88 budget shortfall would be covered.
      Sheikh Abdul-Aziz said plans to limit expenditure in
  1986/87 had been taken in order to relieve the burden placed on
  the country's foreign reserves.
      He added in 1987/88 some 2.766 billion riyals had been
  allocated for major projects including housing and public
  buildings, social services, health, education, transport and
  communications, electricity and water, industry and
  agriculture.
      No figure was revealed for expenditure on defence and
  security. There was also no projection for oil revenue.
      Qatar, an OPEC member, has an output ceiling of 285,000
  barrels per day.
      Sheikh Abdul-Aziz said: ""Our expectations of positive signs
  regarding (oil) price trends, foremost among them OPEC's
  determination to shoulder its responsibilites and protect its
  wealth, have helped us make reasonable estimates for the coming
  year's revenue on the basis of our assigned quota.""
  

"
training/2460	12	earn	"INTER-CITY GAS CORP 4TH QTR SHR 36 CTS VS 68 CTS

  INTER-CITY GAS CORP 4TH QTR SHR 36 CTS VS 68 CTS
  

"
training/2462	0	acq	"UNICORP <UAC>, LINCOLN IN DEFINITVE PACT
  Unicorp American Corp said it signed a
  definitive agreement to acquire Lincoln Savings Bank FSB.
      Under terms of the agreement announced in January, Lincoln
  would be acquired by a unit of Unicorp which is minority-owned
  by Lincoln president Alton Marshall.
      The acquisition will take place through a voluntary 
  conversion of Lincoln to a federally chartered stock savings
  bank from a mutual federal savings bank.
      In connection with the conversion, Unicorp will contribute
  150 mln dlrs in cash to Lincoln.
  

"
training/2465	33	money-supply	"U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS IN FEB 23 WEEK, FED SAYS

  U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS IN FEB 23 WEEK, FED SAYS
  

"
training/2466	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS AVERAGE 233 MLN DLRS A DAY IN MARCH 4 WEEK, FED SAYS

  U.S. BANK DISCOUNT BORROWINGS AVERAGE 233 MLN DLRS A DAY IN MARCH 4 WEEK, FED SAYS
  

"
training/2467	5	coffee	"COFFEE FALL NOT SEEN AFFECTING COLOMBIA'S DEBT
  The sharp fall in international coffee
  prices will not affect Colombia's external credit situation,
  finance minister Cesar Gaviria told reuters.
      He said the current depression on world coffee markets was
  not totally unexpected and would have no immediate bearing on
  Colombia's financial state which he described as sound.
      ""Our foreign debt is high, but we can pay and I hope the
  foreign banking community will maintain its position toward us,""
  he said.
      Colombia, the only major latin american country not to have
  rescheduled its external public debt, has a total foreign debt
  of 13.6 billion dlrs.
      Calls for a rescheduling of the debt have come this week
  from the opposition conservative party and the biggest trade
  union following the coffee price drop. Gaviria said lower
  coffee prices this year could mean a loss of 1.5 billion dlrs
  in revenues for 1987.
      Gaviria submitted to the world bank and the inter-american
  bank last week in new york a borrowing plan, for a total of
  3.054 billion dlrs to be disbursed over the next four years,
  which he said was approved.
  

"
training/2468	33	money-supply	"U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS
  U.S. M-1 money supply rose 1.9 billion
  dlrs to a seasonally adjusted 738.5 billion dlrs in the
  February 23 week, the Federal Reserve said.
      The previous week's M-1 level was revised to 736.6 billion
  dlrs from 736.7 billion dlrs, while the four-week moving
  average of M-1 rose to 736.7 billion dlrs from 735.0 billion.
      Economists polled by Reuters had forecast M-1 in a range
  from down 500 mln dlrs to up 4.5 billion dlrs.
      The average forecast called for a 2.2 billion dlr M-1 rise.
  

"
training/247	32	money-fx	"GULF BOND, STOCK MARKETS LAG BEHIND, GIB SAYS
  Gulf money markets have grown reasonably
  well during the past decade, but bond and stock markets remain
  to a large extent fragmented and lag behind, <Gulf
  International Bank BSC> (GIB) said.
      The bank's economist Henry Azzam said in a review of Gulf
  capital markets that investors have to relinquish traditional
  investment vehicles such as real estate, foreign currency bank
  accounts and precious metals.
      ""Greater financial sophistication is needed coupled with
  more diversified capital market instruments and a change in the
  disclosure requirements on company accounts,"" he said.
      The GIB study reviewed capital markets under three
  categories -- money markets, stock and bond markets.
      Azzam said Gulf states had been making greater use of
  short-term money market instruments and banks in the region had
  floated various euronotes and underwriting facilities.
      ""Nevertheless, bond and stock markets remain, to a large
  extent, fragmented and lagging behind,"" he said.
      Most debt in the region is still raised by syndicated loans
  and bank facilities and very few companies had made use of
  stock or bond issues. Only Kuwait has an official stock
  exchange, while other Gulf nations have yet to establish
  exchanges.
      But with dwindling financial surpluses in the Gulf,
  governments are actively pursuing ways to develop capital
  markets and set up domestic stock exchanges, Azzam said.
      He said recession stemming from sliding oil prices had
  ""clearly had a negative impact on the development of capital
  markets in the region.""
      In addition, family firms are reluctant to go public,
  financial awareness among investors is still lacking and
  investment analysis and corporate reporting standards lack
  depth. A sharp fall in share prices in the early 1980s prompted
  investors to hold on to shares hoping for an eventual recovery.
      Azzam said the absence of proper commercial law in some
  Gulf countries and authorities' apparent reluctance to adopt
  financial innovations had also hampered capital markets.
      He called for clearly defined laws governing incorporation
  of joint stock companies and the flotation of debt instruments.
      Azzam said capital market instruments should be made
  available to all citizens and institutions of Gulf Cooperation
  Council (GCC) states -- Bahrain, Kuwait, Qatar, Oman, Saudi
  Arabia and the United Arab Emirates (UAE). Some moves had been
  taken in this direction, with Bahrain allowing GCC nationals to
  own up to 25 pct of locally incorporated companies.
      Azzam said Gulf money markets had received greater depth
  from the introduction of treasury bill offerings in Bahrain and
  the expansion of securities repurchase regulations in Saudi
  Arabia.
      But he added there is ""no bond market to speak of"" in Saudi
  Arabia, Qatar, Oman or the UAE, with the last Saudi riyal
  denominated bond issued in 1978.
      While Bahrain plans an official stock exchange and trading
  in Saudi Arabia has picked up, establishment of formal
  exchanges in Qatar, Oman and the UAE does not appear imminent,
  Azzam said.
  

"
training/2470	0	acq	"HUMANA <HUM> DECLARES SHAREHOLDERS RIGHTS PLAN
  Humana Inc said its board
  approved a shareholder rights plan, or so-called poison pill
  plan, to ensure its shareholders receive fair treatment in the
  event of a proposed takeover.
      Humana said it is now aware of any effort to gain control
  of the company.
      Under the plan its board declared a dividend distribution
  of one right for each outstanding common share held as of March
  16. It said each right entitles holders to purchase a unit of
  1/100 of a share of newly authorizes series A participating
  preferred at 75 dlrs per unit.
      Humana said the rights become effective after an entity
  acquires 20 pct or more of its outstanding common or tenders
  for 30 pct of its stock. After such an acquisition, then each
  right entitles holders to purchase securities of the company or
  an acquiring entity having a market value of twice the right's
  exercise price.
      Humana said the rights expire March 4, 1997, unless
  redeemed earlier. It said the rights may be redeemed by the
  company for one ct per right at any time prior to 10 days
  following a public announcement that a 20 pct position has been
  acquired.
  

"
training/2471	12	earn	"FREMONT GENERAL CORP <FRMI> 4TH QTR OPER NET
  Oper shr profit 63 cts vs loss 1.15 dlrs
      Oper net profit 6,629,000 vs loss 12.4 mln
      Revs 23.6 mln vs 22.4 mln
      Year
      Oper shr profit 1.65 dlrs vs loss 1.28 dlrs
      Oper net profit 17.5 mln vs loss 13.8 mln
      Revs 93.1 mln vs 86.8 mln
      Note: Oper data does not include loss from discontinued
  operations of 7,932,000 dlrs, or 73 cts per shr in 4th qtr
  1985, loss of 40.5 mln dlrs, or 3.83 dlrs per shr in the 1986
  year or gain of 104.3 mln dlrs, or 9.68 dlrs per shr in 1985.
  Also does not include 4th qtr 1985 extraordinary loss of
  1,028,000 dlrs, or ten cts per shr.
  

"
training/2474	0	acq	"GREAT WESTERN FINANCIAL <GWF> UNIT BUYS BANKS
  Great Western Financial
  Corp's subsidiary Great Western Bank said it will purchase
  three retail banking branches in south Florida with total
  deposits of 90 mln dlrs.
      Great Western said it will purchase branches in Deerfield
  Beach and Hollywood with approximately 80 mln dlrs in deposits
  from Guardian Savings and Loan Association, and one in Palm
  Beach with approximately 10 mln in deposits from Goldome
  Savings Bank.
  

"
training/2475	0	acq	"HUGHES <HT> CHANGES STANCE ON MERGER AFTER SUIT
  A one billion dlr lawsuit pushed
  Hughes Tool Co into an about-face on its rejection of a
  proposed merger with Baker International Corp <BKO>, Wall
  Street analysts said.
      Last night, Hughes said the planned merger with Baker was
  off. Baker then filed a suit seeking punitive damages from
  Hughes for calling off the merger. At midday today Hughes said
  it was still interested in the merger.
      The analysts also said Hughes may be worried that its
  troubles could make it a takeover candidate.
      There was speculation today that Harold Simmons, the Dallas
  investor, might try to acquire Hughes, but Simmons told Reuters
  he is not interested.
      Simmons said he intends to file a 13-D with the Securities
  and Exchange Monday reporting a stake of five pct or more in
  some publicly traded company. He declined to identify the
  target other than to rule out Hughes.
      One analyst said another factor in the latest Hughes
  turnabout was Borg-Warner Corp <BOR>, which owns 18.5 pct of
  Hughes. Borg-Warner ex-chairman J.F. Bere, who serves on the
  Hughes board, is believed to favor the merger with Baker.
      Despite the Hughes statement that it is interested in a
  merger, and Baker's response that a merger is still possibile,
  analysts said no one could be certain where the situation was
  going.
      ""I think the merger is not going through,"" said Phil Pace,
  analyst at Kidder, Peabody and Co. He said the merger ""lost a
  lot of its appeal"" when the U.S. Department of Justice required
  that Baker sell off its Reed Tool Co operation.
      Although the Reed operation is relatively small in view of
  the total size of a combined Baker-Hughes, Pace said ""30 to 40
  pct of the cost savings are tied up in that.""
      ""They (Hughes) are obviously concerned about the lawsuit,""
  said James Crandell, analyst at Salomon Brothers Inc.
  ""Apparently they are willing to continue discussions but
  whether they will alter their position, I don't know.
      ""It's getting a little confusing,"" said James Carroll,
  analyst at PaineWebber Group Inc. He said the arguments cited
  by Hughes yesterday for not doing the merger ""tend to be weak.""
  Hughes said yesterday that as a condition of the merger it
  wanted Reed Tool and other businesses sold prior to April 22,
  the projected merger date. A government decree allowed a longer
  period of time.
      Hughes contended it was better to formally combine the
  companies with the status of Reed already settled. Baker
  apparently sees no reason to speed up the sale.
      Carroll said Baker had previously estimated 110 to 130 mln
  dlrs in savings if the companies were combined without selling
  Reed. But he said Baker now thinks 75 to 85 mln dlrs will be
  saved while Hughes sees a saving of only 50 to 60 mln dlrs.
      Carroll also noted that since the merger accord was first
  signed ""the outlook for the industry has improved materially.""
  Hughes may simply feel the pressure on the oil service industry
  is lifting.
  

"
training/2476	0	acq	"ARMTEK <ARM> SELLS TIRE, TRUCK TIRE BUSINESS
  Armtek Corp, formerly known as
  Armstrong Rubber Co, said it signed agreements with <Condere
  Corp> for the sale of its Natchez, Miss. tire plant and its S
  and A Truck Tire Sales and Services Corp.
      Terms were not disclosed. Armtek spokesman John Sievers
  said S and A is a 50 mln dlr business.
      Earlier this week, Armtek announced the sale of its
  industrial tire and assembly business division to Dyneer Corp
  of Scotsdale, Ariz.
      Cash proceeds from both sales will be used to reduce
  outstanding debt.
       Under a long term supply agreement with Condere, it is
  anticipated that truck tires produced at the Natchez plant will
  be supplied to the Armstrong Tire Co, an Armtek operating
  company, the company said.
      The closing is scheduled to be concluded by March 31, it
  said.
  

"
training/2478	12	earn	"ELXSI LTD <ELXSF> 4TH QTR LOSS
  Shr loss four cts vs loss 34 cts
      Net loss 2,922,000 vs loss 19.9 mln
      Revs 4,071,000 vs 8,012,000
      Year
      Shr loss 23 cts vs loss 79 cts
      Net loss 17.3 mln vs loss 46.2 mln
      Revs 22.4 mln vs 28.6 mln
  

"
training/2479	12	earn	"<NEWSCOPE RESOURCES LTD> YEAR LOSS
  Shr loss 94 cts vs profit 28 cts
      Net loss 6,319,337 vs profit 1,702,016
      Revs 2,899,513 vs 5,239,106
      Note: 1986 net includes 5,250,000 dlr writedown of oil and
  gas properties.
  

"
training/248	10	crude	"SAUDI ARABIA REITERATES COMMITMENT TO OPEC PACT
  Saudi Arabian Oil Minister Hisham Nazer
  reiterated the kingdom's commitment to last December's OPEC
  accord to boost world oil prices and stabilise the market, the
  official Saudi Press Agency SPA said.
      Asked by the agency about the recent fall in free market
  oil prices, Nazer said Saudi Arabia ""is fully adhering by the
  ... Accord and it will never sell its oil at prices below the
  pronounced prices under any circumstance.""
      Nazer, quoted by SPA, said recent pressure on free market
  prices ""may be because of the end of the (northern hemisphere)
  winter season and the glut in the market.""
      Saudi Arabia was a main architect of the December accord,
  under which OPEC agreed to lower its total output ceiling by
  7.25 pct to 15.8 mln barrels per day (bpd) and return to fixed
  prices of around 18 dlrs a barrel.
      The agreement followed a year of turmoil on oil markets,
  which saw prices slump briefly to under 10 dlrs a barrel in
  mid-1986 from about 30 dlrs in late 1985. Free market prices
  are currently just over 16 dlrs.
      Nazer was quoted by the SPA as saying Saudi Arabia's
  adherence to the accord was shown clearly in the oil market.
      He said contacts among members of OPEC showed they all
  wanted to stick to the accord.
      In Jamaica, OPEC President Rilwanu Lukman, who is also
  Nigerian Oil Minister, said the group planned to stick with the
  pricing agreement.
      ""We are aware of the negative forces trying to manipulate
  the operations of the market, but we are satisfied that the
  fundamentals exist for stable market conditions,"" he said.
      Kuwait's Oil Minister, Sheikh Ali al-Khalifa al-Sabah, said
  in remarks published in the emirate's daily Al-Qabas there were
  no plans for an emergency OPEC meeting to review prices.
      Traders and analysts in international oil markets estimate
  OPEC is producing up to one mln bpd above the 15.8 mln ceiling.
      They named Kuwait and the United Arab Emirates, along with
  the much smaller producer Ecuador, among those producing above
  quota. Sheikh Ali denied that Kuwait was over-producing.
  

"
training/2480	34	nat-gas	"FERC ISSUES TAKE-OR-PAY GAS POLICY PLAN
  The Federal Energy Regulatory
  Commission (FERC) issued a proposed policy statement for the 
  recovery of take-or-pay costs imposed by existing natural gas
  contracts between producers and pipelines.
      It put out the statement, by 5-0 vote, for a 30-day comment
  period. It also put out an alternative policy statement by
  Commissioner Charles Stalon.
      FERC said in a press release that ""the proposed policy
  statement estblishes an exception to the commission's general
  policy that take-or-pay buy-out and buy-down costs must be
  recovered through pipeline' commodity sales rates.""
      FERC added that ""specifically, in cases where pipelines
  assume an equitable share of buy-out or buy-down costs, the
  commission proposes to permit the pipelines to recover the
  remaining costs through their demand rates.""
      It said it wanted guidelines for buying out and reforming
  existing contracts to help spread the impact of these
  take-or-pay costs in a responsible, fair and equitable way.
      Commission chairwoman Martha Hesse said ""this proposal
  represents the commission's sincere attempt to help the
  industry through this difficult period of transition to a more
  competitive market.""
      Hesse said ""it is my hope that our proposed policy will
  encourage and guide the timely resolution of take-or-pay
  contractual disputes that have impeded the industry's
  transition to a more competitive environment.  It is vital to
  the industry that we get this problem behind us.""
  

"
training/2482	12	earn	"TIMES MIRROR CO <TMC> QUARTERLY DIVIDEND
  Qtly div 41 cts vs 41 cts
      Pay June 10
      Record May 29
  

"
training/2483	12	earn	"INTER-CITY GAS CORP <ICG> 4TH QTR NET
  Shr 36 cts vs 68 cts
      Net 10.0 mln vs 16.1 mln
      Revs 441.6 mln vs 470.8 mln
      YEAR
      Shr 86 cts vs 1.77 dlrs
      Net 29.1 mln vs 44.1 mln
      Revs 1.43 billion vs 1.54 billion
      Note: 1986 fl-yr net includes 9.3 mln dlr writedown of U.S.
  oil and gas properties partly offset by 1.1 mln dlr
  extraordinary gain from tax gains and proceeds from sale of
  Minnesota utility operations. 1985 net includes extraordinary
  gain of 892,000 dlrs.
      Shr after preferred divs.
  

"
training/2484	12	earn	"BROWN TRANSPORT CO INC <BTCI> 4TH QTR NET
  Shr profit 26 cts vs profit 10 cts
      Net profit 1,371,000 vs profit 482,000
      Revs 48 mln vs 45.7 mln
      Avg shrs 5.20 mln vs 5.15 mln
      12 mths
      Shr profit 1.05 dlrs vs loss 34 cts
      Net profit 5,454,000 vs loss 1,766,000
      Revs 191.7 mln vs 185.2 mln
      Avg shrs 5.20 mln vs 5.15 mln
  

"
training/2488	12	earn	"METRO MOBILE CTS INC <MMCT> FIRST QTR LOSS
  Qtr ends Dec 31
      Shr loss 33 cts vs loss 16 cts
      Net loss 5,632,426 vs loss 2,373,358
      Revs 3,277,976 vs 1,535,550
      Avg shrs 16.9 mln vs 14.4 mln
  

"
training/249	5	coffee	"COFFEE QUOTA TALKS CONTINUE, NO ACCORD SEEN LIKELY
  The International Coffee Organization
  (ICO ) council talks on reintroducing export quotas continued
  with an extended session lasting late into Sunday night, but
  delegates said prospects for an accord between producers and
  consumers were diminishing by the minute.
      The special meeting, called to stop the prolonged slide in
  coffee prices, was likely to adjourn sometime tonight without
  agreement, delegates said.
      The council is expected to agree to reconvene either within
  the next six weeks or in September, they said.
      The talks foundered on Sunday afternoon when it became
  apparent consumers and producers could not compromise on the
  formula for calculating any future quota system, delegates
  said.
      Coffee export quotas were suspended a year ago when prices
  soared in response to a drought which cut Brazil's crop by
  nearly two-thirds. Brazil is the world's largest coffee
  producer and exporter.
  

"
training/2490	12	earn	"<SPAR AEROSPACE LTD> YEAR NET
  Shr basic 42 cts vs 1.41 dlrs
      Shr diluted 42 cts vs 1.33 dlrs
      Net 4,394,000 vs 13,070,000
      Revs 191.0 mln vs 223.3 mln
  

"
training/2491	0	acq	"PESCH UNIT SEEKS BALANCE OF REPUBLIC HEALTH
  Alpha Health Systems Corp, a
  wholly-owned subsidiary of Pesch and Co, said it submitted a
  merger proposal to the board of REPH Acquisition Co, the parent
  company of Republic Health Corp, which is 64 pct owned by Pesch
  interests.
      The balance of REPH's common stock is owned by members of
  Republic management, McDonnell Douglas Corp <MD>, Donaldson,
  Lufkin and Jenrette and Pacific Asset Holdings L.P.
      Republic currently owns 44 hospitals and manages 46 other
  facilities, in 25 states.
      Details of the proposal were not disclosed.  Company
  representatives were not immediately available.
      The proposal provides that REPH would become a wholly-owned
  subsidiary of Alpha and that the existing REPH common
  stockholders would become stockholders of Alpha, it said.
      REPH's board has appointed a special committee to negotiate
  terms of the proposed merger, Pesch said.
      Last year, Republic was acquired by REPH in a leveraged
  buyout transaction led by Dr. LeRoy Pesch, the principal
  shareholder of Pesch and Co.
      Alpha recently submitted a second offer to acquire the
  stock of American Medical International Inc (AMI) at 22 dlrs a
  share in cash and securities, which is still being considered
  by American Medical's board, Pesch said.
  

"
training/2492	12	earn	"SPAR SEES SEES STRONG FIVE-YEAR GROWTH
  <Spar Aerospace Ltd>, reporting a
  sharply lower 1986 profit, said it anticipated solid profit and
  revenue growth during the next five years.
      ""Looking to the longer term, Spar is confident that its
  continuing concentration on advanced robotics, satellite-based
  communications and electro-optical defense systems will lead to
  significant growth in revenues and earnings over the next five
  years,"" the company said.
      It also forecast higher 1987 sales due to an increased
  order backlog. Revenues last year fell to 191 mln dlrs from
  223.3 mln while profit fell to 4.4 mln dlrs from 13.1 mln.
      Spar added that lower development costs in the
  communications group and a return to normal operations in gears
  and transmissions and aviation services ""will remove a serious
  drain on profits"" this year.
      It attributed its reduced 1986 earnings to communications
  group losses resulting from continued heavy investment in new
  products and market development, a four-month strike at its
  Toronto plants and delays in receipt of authorization from
  customers to start work on new programs.
  

"
training/2494	12	earn	"CHESAPEAKE UTILITIES CORP <CHPK> REGULAR DIV
  Qtly div 28-3/4 cts vs 28-3/4 cts prior
      Pay April three
      Record March 13
  

"
training/2496	12	earn	"SWIFT INDEPENDENT PACKING CO <SFTPr> 1ST QTR NET
  Periods ended January 31
      Net 1,443,000 vs 3,539,000
      Revs 765.2 mln vs 685.8 mln
  

"
training/2497	0	acq	"CHEMLAWN SAYS IT REJECTS 27 DLRS PER SHARE TENDER OFFER FROM WASTE MANAGEMENT

  CHEMLAWN SAYS IT REJECTS 27 DLRS PER SHARE TENDER OFFER FROM WASTE MANAGEMENT
  

"
training/2499	48	trade	"FRANCE, YUGOSLAVIA COMMISSION TO BOOST TRADE
  France and Yugoslavia agreed to set up a
  joint economic commission as part of efforts to promote
  commercial links and industrial cooperation between the two
  countries.
      The French Finance Ministry said the commission, to be
  composed of businessmen, was agreed during talks between
  Foreign Trade Minister Michel Noir and Yugoslavian minister
  without portfolio Egon Padovan.
      A ministry statement said both sides had agreed on the need
  to boost trade links in keeping with an accord signed last year
  calling for a 50 pct rise in commercial exchanges between the
  two countries over the next six years.
      French trade with Yugoslavia has grown little over the past
  two years.
  

"
training/2500	0	acq	"CHEMLAWN <CHEM> REJECTS WASTE'S <WMX> OFFER
  ChemLawn Corp said its board
  rejected Waste Management Inc's 27 dlr-per-share tender offer
  and urged its shareholders not to tender their shares.
      ChemLawn said its board asked management and its financial
  advisor, Smith Barney, Harris Upham And Co Inc, to seek other
  purchasers of the company to maximize shareholder value.
      ChemLawn also said it adopted a shareholder rights plan, or
  ""poison pill,"" during a 120-intermin safeguard period its board
  adopted to deter attempts to acquire the company through any
  means other than an all-cash tender offer while it seeks other
  purchasers.
      ChemLawn also said it began litigation against Waste
  Management in federal court in Columbus, seeking injunctive and
  other relief.
      The suit alleges, among other things, that certain Waste
  Management officers and directors purchased ChemLawn's stock
  before making the tender offer. ChemLawn claimed such purchases
  possibly violated the officers' fiduciary duties and the
  Securities and Exchange Commission's insider trading rules.
      Last week, Waste Management made a tender offer to acquire
  ChemLawn for 27 dlrs per share or 270 mln dlrs.
      ChemLawn said its board was determined that Waste's offer
  was inadequate and not in the best interest of shareholders,
  and could ""adversely affect"" the interests of its employees,
  suppliers, creditors, and customers.
      ""Our board carefully reviewed Waste Management offer and
  concluded that it does not fully reflect the value of the
  company. We strongly urge our shareholders not to tender their
  shares to Waste Management,"" said Chairman L. Jack Van Fossen.
      ChemLawn said its rights plan is designed to protect
  shareholders against abusive tactics, such as ""market
  accumulations by Waste Management or others.""
      Under the plan, one comon stock purchase right will be
  distributed as a dividend on each outstanding share of ChemLawn
  common.
      ChemLawn said its rights holders can buy a share of its
  common for one dlr if any entity acquires 25 pct or more of its
  commmon, other than by an all cash tender offer for all its
  shares or an approved acquisition agreement by its board.
      It said the rights expire July three 1987, or 60 days after
  they become exercisable if later than that date. It said its
  board may redeem the rights for five cts per right any time
  prior to their exercise date.
      ChemLawn said the plan will not be triggered by purchases
  purusant to Waste Management's present tender offer.
      It said the dividend will be paid to shareholders of record
  March 20.
  

"
training/2504	12	earn	"(CAMBIOR INC) FIVE MTHS DEC 31 NET
  Shr 39 cts vs not given
      Net 8,801,000 vs not given
      Revs 33.2 mln vs not given
  

"
training/2505	0	acq	"CONAGRA <CAG> TO ACQUIRE MONFORT <MMFT>
  ConAgra Inc agreed to acquire
  Monfort of Colorado Inc in a stock transaction, both companies
  said.
      According to the letter of intent signed by the companies,
  ConAgra will acquire all of Monfort's 4.3 mln outstanding
  shares for 10.75 mln of its own shares.
      Based on ConAgra's closing price of 34 dlrs today, the
  transaction is worth about 356.5 mln dlrs. The merger is
  expected to be completed in June, they said.
      The companies said the acquisition will result in a
  restatement of ConAgra's earnings for the fiscal year ending
  May 31, but the restatement is not expected to materially
  change the previously reported, or upcoming, fiscal year-end
  earnings. In fiscal 1986, ConAgra had net income of 105.3 mln
  dlrs on sales of 5.9 billion dlrs.
      For its fiscal year ending August 1986, Monfort reported
  25.1 mln dlrs in earnings on sales of 1.6 billion dlrs. The
  company is one of the largest lamb and beef producers in the
  U.S., producing, transporting and selling the products
  domestically and internationally.
  

"
training/2512	0	acq	"MCDONNELL DOUGLAS <MD> NOT APPROACHED BY PESCH
  McDonnell Douglas Corp, which has a five
  mln dlr investment in Republic Health Corp <REPH>, said it has
  not been approached to sell its shares in Republic Health.
      Earlier, Alpha Health Systems Corp, a unit of Pesch and Co,
  said it submitted a merger proposal to the board of REPH
  Acquisition Co, the parent of Republic Health. LeRoy A. Pesch
  is the principal stockholder of Pesch.
      ""We have not been approached by Mr. Pesch or anybody else
  with respect to our holdings"" in Republic Health, a McDonnell
  Douglas spokesman told Reuters.
  

"
training/2513	12	earn	"PARADYNE <PDN> PLEADS GUILTY TO CRIMINAL CHARGE
  Paradyne Corp said it pleaded guilty
  to criminal charges of conspiracy to defraud the Social
  Security Administration and agreed to pay 1.2 mln dlrs in fines
  and costs to the U.S. Government.
      The company also reached agreements in principle for an 8.1
  mln dlr settlement of class action law suits.
      About 2.9 mln dlrs of the class action settlement will be
  provided by Paradyne's insurance carrier. The settlement is
  contingent on court approval after notice to class members, it
  said.
       The criminal case settlement dismisses all charges
  including bribery and false statement, except for conspiracy to
  which Paradyne pleaded guilty.
      The criminal settlement includes the lifting of the
  government's suspension, the dismissal of the federal civil
  false claims suit and all charges against the individuals.
      Of the 2.9 mln dlrs the insurance carrier will provide for
  the civil settlement, 750,000 dlrs will go to settle a
  derivative lawsuit.
      For the year ended December 31, Paradyne reported a net
  loss of 38.5 mln dlrs. The year-end results include an 8.0 mln
  dlrs provision for future legal and or settlement costs to
  cover the civil and criminal settlements announced today.
      Paradyne also said it named Jerry Kendall as president and
  chief executive officer, succeeding Robert Wiggins who resigned
  as chairman and chief executive officer as part of the
  settlement of the indictment.
      Kendall formerly served as executive vice president and
  chief operating officer.
      The company also said that due to the sluggish marketplace,
  it does not expect to be profitable in the first quarter but is
  optimistic about the outlook for the year.
      For the first quarter of 1986, the company reported net
  income of 875,000 dlrs on sales of 66.0 mln dlrs.
      Wiggins was among five Paradyine executives who were
  charged along with three former officers in a 1985 federal
  indictment stemming from a 115 mln contract awarded to Paradyne
  in 1981 to build a computer network for the Social Security
  Administration.
      The men were accused of conspiring to bribe government
  officials and defaud the Social Security Administration.
  Wiggins and other defendants were also charged with providing
  false testimony and obstructing justice during a Securities and
  Exchange Commission investigation.
   
     Under the settlement announced today, federal prosecutors
  agreed to defer all charges against Wiggins and three other
  defendants under a one-year pretrial agreement.
      The charges would then be dropped if the defendants
  successfully complete the probation period. Details of the
  requirements in the agreement were not immediately available.
  

"
training/2517	10	crude	"GREECE REPEATS IT CAN DECIDE ON AEGEAN DRILLING
  Greece, replying to a warning from Turkey
  that it will stop Athens from seeking oil in the Aegean Sea,
  repeated today that it has an exclusive right to decide where
  or when to drill in the area.
      A government spokesman said in a statement that if Ankara
  believed Greece was contravening international law, it could
  bring the issue before the courts.
      The spokesman was responding to a statement by Turkish
  Foreign Ministry spokesman Yalim Eralp that Ankara would take
  action to stop Greece's oil activities beyond its territorial
  waters as they were a violation of the 1976 Berne accord.
  

"
training/2518	12	earn	"NCA CORP <NCAC> 4TH QTR LOSS
  Shr loss 45 cts vs loss 1.34 dlrs
      Net loss 1,240,000 vs loss 3,621,000
      Revs 6,264,000 vs 4,626,000
      Year
      Shr loss 90 cts vs loss 2.01 dlrs
      Net loss 2,487,000 vs loss 5,406,000
      Revs 20.8 mln vs 21.7 mln
  

"
training/2519	12	earn	"BIOMEDICAL DYNAMICS CORP <BMDC> 4TH QTR NET
  Shr profit one ct vs loss two cts
      Net profit 52,405 vs loss 67,967
      Sales 289,572 vs 188,713
      Year
      Shr loss one cts vs loss five cts
      Net loss 51,019 vs loss 201,680
      Sales 1.1 mln vs 490,935
  

"
training/2520	0	acq	"SANTA FE SOUTHERN PACIFIC APPEALS MERGER RULING
  Santa Fe Southern Pacific Corp will
  later today formally ask the U.S. Interstate Commerce
  Commission (ICC) to reconsider its earlier rejection of the
  merger of the holding company's railroad assets, a company
  spokesman said.
      ""We expect to file papers late tonight"" asking the ICC to
  reopen the rail merger case, spokesman Rich Hall said in a
  telephone interview from the company's Chicago headquarters.
      The ICC had rejected in July, on grounds it would reduce
  competition, the merger of the Santa Fe and Southern Pacific
  Railroads.
      The deadline for seeking ICC reconsideration of the merger
  plan is midnight tonight.
      Santa Fe Southern Pacific owns the Santa Fe railroad and
  holds the Southern Pacific railroad assets in trust while
  awaiting federal approval of the merger plan.
      The ICC had ordered the holding company to divest one or
  the other railroad but stayed its ruling pending a decision on
  the request for reconsideration.
      If the ICC ultimately decides not to reopen the case, it is
  expected to reinstate the divestiture order.
  

"
training/2522	10	crude	"IEA SAYS OPEC FEBRUARY CRUDE OUTPUT 16.1 MLN BPD
  OPEC produced an average 16.1 mln barrels
  per day (bpd) of crude oil in February, down from 16.5 mln the
  previous month and an overall 17.3 mln bpd in fourth quarter
  1986, the International Energy Agency said.
      A few OPEC countries last month exceeded the production
  quotas set at their last conference in December, but liftings
  were reduced from several countries, it said in its latest
  monthly oil market report.
      These cutbacks were due in part to buyer resistance to
  fixed prices, introduced from February 1, particularly for
  fixed volumes over an extended period.
      It gave this breakdown for OPEC crude output, in mln bpd
                      FOURTH QTR 1986  JANUARY 1987  FEBRUARY
  1987
      SAUDI ARABIA    4.9              3.7           3.8
      IRAN            1.6              2.2           1.9
      IRAQ            1.6              1.6           1.7
      UAE             1.3              1.2           1.2
      KUWAIT          1.0              1.0           1.0
      NEUTRAL ZONE    0.5              0.4           0.4
      QATAR           0.3              0.3           0.2
      NIGERIA         1.3              1.2           1.2
      LIBYA           1.0              1.0           1.0
                      FOURTH QTR 1986  JANUARY 1987  FEBRUARY
  1987
      ALGERIA         0.6              0.6           0.6
      GABON           0.1              0.2           0.2
      VENEZUELA       1.6              1.6           1.6
      ECUADOR         0.2              0.2           0.2
      INDONESIA       1.3              1.2           1.2
      TOTAL           17.3             16.5          16.1
      The IEA said while Saudi production stayed below its quota
  of 4.133 mln bpd, actual sales might exceed output due to
  Norbec stock disposals. Contracts for Saudi crude have been
  signed, but it is understood they have much leeway in required
  liftings.
      The report said the reduction in Iraqi air attacks on
  Iranian export facilities allowed Iran's output to reach 2.2
  mln bpd in January, but buyer resistance to fixed prices
  apparently cut February production.
      It said Iraqi exports are about 1.0 mln bpd through the
  Turkish pipeline, 0.1-0.2 mln by truck through Jordan and
  0.2-0.3 mln via the Saudi pipeline to Yanbu. Internal
  consumption is some 0.3 mln bpd.
      The IEA estimated total non-communist world oil supply in
  February at 45.0 mln bpd, down from 45.4 mln in January and
  47.0 mln in the fourth quarter.
      The February world supply figure is made up of 16.1 mln bpd
  OPEC crude production, 1.4 mln bpd OPEC natural gas liquids
  (ngls), 16.6 mln bpd OECD crude and ngls, 8.3 mln bpd other
  developing countries' crude and ngls, net trade of 1.1 mln bpd
  with centrally planned economies, 0.5 mln bpd of
  non-conventional crudes (such as tar sands and oil from coal)
  and 1.0 mln bpd from processiing gains.
      Within the OECD, preliminary Norwegian data show record
  1.06 mln bpd output in January, with lower production expected
  in February in accordance with government curtailments of
  approximately 80,000 bpd, announced in support of OPEC.
  

"
training/2526	0	acq	"ENFIELD CORP PLANS NOTES, PREFERRED ISSUE
  <Enfield Corp Ltd> said it planned to
  issue 60 mln dlrs principal amount of notes and 1.6 mln class E
  preferred shares at 25 dlrs a share.
      The notes would bear 8 pct yearly interest, mature March
  31, 2002 and be convertible to common shares on either March
  31, 1997 or the business day before a fixed redemption date at
  13.50 dlrs a share, Enfield said.
      It said each preferred share would be convertible to 1.85
  common shares on either March 31, 1997 or the business day
  before a fixed redemption date. Gordon Capital Corp and
  Dominion Securities Inc agreed to acquire the issues, it said.
      Enfield said it would use proceeds to retire short-term
  bank debt and boost its 22 pct stake in <Consumers Packaging
  Inc> and its interest in <Federal Pioneer Ltd> through open
  market purchases.
  

"
training/2528	0	acq	"WICHITA <WRO> TO BUY FOUNTAIN OIL <FGAS>
  Wichita Industries Inc said it
  agreed to buy Fountain Oil and Gas Inc.
      Wichita said it it will acquire all of the outstanding
  shares of Fountain in an exchange for about 11 mln newly issued
  Wichita common shares. Wichita presently has about 3.6 mln
  shares outstanding.
      The transaction calls for the issuance of 1-1/2 shares of
  Wichita common for each outstanding Fountain share.
      Wichita also said it made a number of refinancing
  agreements in connection with the acquisition.
  

"
training/2529	8	cpi	"ARGENTINE INFLATION ROSE 6.5 PCT IN FEBRUARY
  Argentina's cost of living index
  grew 6.5 pct in January, down from last month's 7.6 pct, the
  National Statistics Institute said.
      It said consumer prices rose 98.9 pct over the last 12
  months, against 81.9 pct inflation in the calendar year 1986.
  

"
training/2530	10	crude	"PEMEX LOWERS FEBRUARY FAR EAST CRUDE OIL PRICES
  The Mexican state oil company
  Petroleos Mexicanos (PEMEX) said its Far East customers would
  be charged 17.25 dlrs per barrel for Isthmus crude in February
  and 14.45 dlrs for the heavier Maya.
      Pemex said this was 32 cts less than January Isthmus and 15
  cts less than January Maya.
      Far East customers, primarily Japan which buys an average
  180,000 barrels per day of which 150,000 is Isthmus, pay
  retroactively while European and U.S. clients are charged per
  delivery.
  

"
training/2531	41	retail	"N.Z. DECEMBER QUARTER RETAIL SALES FALL 13.2 PCT
  Retail sales in the quarter ended
  December 31 fell a seasonally adjusted 13.2 pct compared with a
  7.8 pct rise in the September quarter and a 1.3 pct fall a year
  ago period, the Statistics Department said.
      Actual retail sales in the December quarter totalled 6.17
  billion N.Z. Dlrs compared with 6.70 billion in the previous
  quarter and 6.10 billion a year ago period.
      The largest decreases in the December quarter were recorded
  by the same stores which recorded the highest increase in sales
  in the September 1986 quarter before the introduction of a 10
  pct value added goods and services tax on October 1, 1986.
  

"
training/2532	0	acq	"REPH ACQUISITION TO NEGOTIATE PESCH MERGER BID
  REPH Acquisition Co said its board
  appointed a special committee to negotiate the terms of an
  offer made earlier today by <Pesch and Co> to merge with its
  Republic Health Corp <REPH> unit.
      Pesch, through its Alpha Health Systems Corp unit, offered
  to acquire the 36 pct of Republic Health stock that it does not
  already own.
      Terms of Pesch's offer have not been disclosed.
  

"
training/2534	0	acq	"HUNT GROUP HAS COMDATA STAKE, SEEKS INFLUENCE
  An investor group led by members of
  the Hunt family of Dallas, Texas, told the Securities and
  Exchange Commission it has acquired a 6.2 pct stake in Comdata
  Network Inc <CDN> and may try to influence company policy.
      The investor group, led by Rosewood Financial Inc, said it
  opposes a company recapitalization plan worked out between
  Comdata and Mason Best Co, a Texas investment firm, which last
  reported holding about 9.5 pct of the company's stock.
      The Hunt group said it offered on March 3 to buy the entire
  5.3 pct stake held by dissident shareholder Donald Carter at 14
  dlrs each, but has received no reply as of yesterday.
      Rosewood, which is owned by the Caroline Hunt Trust Estate,
  whose trustees include Margaret Hunt Hill, also said it has
  notified the Federal Trade Commission of its intent to buy
  between 15 and 25 pct of Comdata's common stock.
      Under federal law, it cannot buy more than 15 pct of
  Comdata's stock until a 15 to 30 day waiting period is over,
  unless the FTC gives it early approval.
      Under the proposed Comdata recapitalization plan, the
  company would buy up to 10 mln of its common shares at 13.25
  dlrs each.
      Mason Best, which belongs to CNI Parnters, a Texas
  partnership, would not tender any of its stake under the plan,
  but would instead buy another one mln Comdata common shares and
  would get representation on the company's board.
      The Hunt group said it has told Comdata that it considers
  required payments under the plan, such as a 1.5 mln dlr fee and
  the issuance of a warrant to buy 500,000 common shares to be a
  waste of the company's assets.
      The Hunt group, which also includes securities Texas firms
  Cypress Partners L.P and Driftwood Ltd, said it spent 15.2 mln
  dlrs on its 1,197,700 Comdata common shares.
  

"
training/2538	0	acq	"SANTA FE SOUTHERN PACIFIC APPEALS MERGER RULING
  Santa Fe Southern Pacific Corp will
  later today formally ask the U.S. Interstate Commerce
  Commission (ICC) to reconsider its earlier rejection of the
  merger of the holding company's railroad assets, a company
  spokesman said.
      ""We expect to file papers late tonight"" asking the ICC to
  reopen the rail merger case, spokesman Rich Hall said in a
  telephone interview from the company's Chicago headquarters.
      The ICC had rejected in July, on grounds it would reduce
  competition, the merger of the Santa Fe and Southern Pacific
  Railroads.
      The deadline for seeking ICC reconsideration of the merger
  plan is midnight tonight.
  

"
training/2539	12	earn	"E.A. VINER HOLDINGS LTD <EAVKF> 4TH QTR LOSS
  Shr loss 10 cts vs profit seven cts
      Net loss 918,000 vs profit 585,000
      Revs 5,475,000 vs 4,430,000
      YEAR
      Shr profit 32 cts vs loss 24 cts
      Net profit 2,909,000 vs loss 1,501,000
      Revs 23.7 mln vs 15.0 mln
      Note: 1986 4th qtr net includes 1.5 mln U.S. dlr, or 17 ct
  shr, writedown of stake in Heck's Inc <HEX> and 300,000 U.S.
  dlr, or three ct shr, writedown of arbitrage positions. 1986
  fl-yr net includes 900,000 dlr net writedown of stake in
  Heck's.
      U.S. dlrs.
  

"
training/2540	0	acq	"CARPET FIRM UNIT CUTS ALLIED PRODUCTS<ADP> STAKE
  A group led by GFI Nevada Inc, a
  subsidiary of General Felt Industries, a Saddlebrook, N.J.
  carpet maker, said it cut its stake in Allied Products Corp to
  169,888 shares, or 3.4 pct, from 288,652 shares, or 5.8 pct.
      In a filing with the Securities and Exchange Commission,
  GFI said it sold 114,000 Allied Products common shares on March
  3 at 42 dlrs each and donated another 4,746 shares to two
  universities.
      It said its dealings in the company's common stock were for
  investment purposes only.
  

"
training/2542	43	ship	"TALKS FAIL TO END BRAZILIAN SEAMEN'S STRIKE
  Pay talks aimed at ending a
  week-old national seamen's strike collapsed today and the
  strike will continue, a union official said.
      The walkout by Brazil's 40,000 seamen has idled 160 ships
  in various ports, Jorge Luis Leao Franco, a senior official of
  the National Merchant Marine Union, told Reuters.
      The strikers, who are seeking a 275 pct pay increase, have
  rejected offers of a 100 pct raise from the state oil company
  Petrobras and an 80 pct increase from the National Union of
  Maritime Navigation Companies (Syndarma).
      Leao Franco said eight hours of talks in Rio de Janeiro
  with Labor Minister Almir Pazzianotto ended today without
  resolving the dispute.
      He said six ships were idle abroad -- in the Netherlands,
  Spain, Venezuela, France and South Africa.
      Economic analysts said the strike was of major concern to
  the government, which has suspended interest payments on part
  of Brazil's foreign debt following a drastic deterioration in
  the country's trade balance.
      The head of the National Merchant Marine Authority, Murilo
  Rubens Habbema, was quoted today as saying that if the strike
  continued foreign ships could be authorized to transport
  Brazilian exports.
      ""Brazil is living through a crisis at the moment and it is
  not conceivable that exports be hit,"" he told the Gazeta
  Mercantil newspaper.
  

"
training/2543	0	acq	"SHEARSON HAS 5.4 PCT OF CHICAGO MILWAUKEE <CHG>
  Shearson Lehman Brothers Inc, the
  brokerage subsidiary of American Express Co <AXP>, said it has
  acquired 131,300 shares of Chicago Milwaukee Corp, or 5.4 pct
  of its total outstanding common stock.
      In a filing with the Securities and Exchange Commission,
  Shearson said it bought the stake for 18.8 mln dlrs for
  investment purposes and has no intention of seeking control of
  the company.
  

"
training/2544	12	earn	"VINER <EAVKF> VIABLE AFTER HECK'S <HEX> MOVE
  E.A. Viner Holdings Ltd said the earlier
  reported Chapter 11 bankruptcy filing of Heck's Inc <HEX>, in
  which Viner holds 408,000 shares, would not materially affect
  Viner's capital position or its ability to carry on its
  profitable brokerage business.
      Viner said its brokerage subsidiary, Edward A. Viner and Co
  had regulatory capital of 24.5 mln U.S. dlrs at year-end 1986.
      The company said Heck's Chapter 11 filing could, however,
  affect Viner's previously reported legal action to recover
  costs from an aborted merger agreement with Heck's.
       It said it and the Toussie-Viner group, with which it made
  the merger offer, were assessing their options regarding the
  Heck's investment.
      Viner earlier reported a fourth quarter loss of 918,000
  U.S. dlrs after a 1.5 mln dlr writedown of its stake in Heck's.
  It earned 585,000 dlrs in the previous fourth quarter.
      Full-year earnings totaled 2.9 mln dlrs against a
  year-earlier loss of 1.5 mln dlrs. The full-year earnings
  included a 900,000 dlr net writedown of the Heck's stake, it
  said.
  

"
training/2546	0	acq	"TWA <TWA> SUES USAIR <U> OVER POISON PILL
  Trans World Airlines Inc said it filed
  suit in Delaware Chancery Court against USAir Group Inc and its
  board of directors seeking to invalidate its ""poison pill""
  anti-takeover plan.
      TWA vice president and general counsel Mark Buckstein said
  TWA also sought a declaratory judgement from the court that its
  52 dlr per share takeover offer for USAir would in no way
  interfer with USAir's possible buyout of Peidmont Aviation Inc
  <PIE>.
      Buckstein said TWA asked the court to enjoin the
  enforcement of USAir's shareholder rights plan, or ""poison
  pill."" Such provisions, which typically allow for the issue of
  securities to shareholders in the event of a hostile takeover
  bid, are aimed at deterring takeovers by making them more
  expensive.
      USAir earlier today rejected TWA's offer, saying TWA's bid
  was an attempt to interfer with its buyout of Piedmont.
      USAir also had said its counsel would investigate the
  matter. Tonight, a spokesman for USAir said the airline had no
  comment on TWA's lawsuit.
      USAir did respond, however, to a TWA request to the
  Department of Transportation for permission to buy up to 51 pct
  of USAir stock and place the stock in a voting trust pending
  approval of a takeover.
      USAir said the request was ""hastily pasted together in
  order to take advantage of a regulatory anamoly that would
  allow TWA to accomplish in a regulated environment actions that
  would be impermissable in the non-regulated economy at large.""
      USAir called on the transportation department to reject
  TWA's request.
  

"
training/2548	12	earn	"<FOUR SEASONS HOTELS INC> YEAR NET
  Oper shr 99 cts vs 54 cts
      Oper net 9,515,000 vs 3,449,000
      Revs 509.3 mln vs 440.5 mln
      Note: 1985 net excludes extraordinary gain of 1.2 mln dlrs.
  

"
training/2549	12	earn	"<IVEY PROPERTIES INC> RAISES QUARTERLY DIVIDEND
  Ivey Properties Inc said it
  raised its quarterly dividend to 18 cts a share from 14 cts and
  declared both an extra dividend of 27 cts a share and a 50 pct
  stock dividend.
      It said the dividends will be paid April one to
  shareholders of record March  16.
      For the stock dividend, Ivey said it will pay for
  fractional shares at 25 dlrs per share.
  

"
training/2550	5	coffee	"MEXICO SUSPENDS OVERSEAS COFFEE SALES
  Mexico has temporarily suspended
  overseas coffee sales due to falling prices triggered by the
  failure of the International Coffee Organisation (ICO) meeting
  to agree a quota system at its latest meeting, the official
  Notimex news agency said.
      ""We're just waiting a while for prices to improve,"" an
  unidentified Mexican trader told the agency.
      Mexico has already sold 80 pct of its export coffee
  produced in the year to last September, the source said. The
  country exports about 3.3 mln 60-kilo bags a year.
  

"
training/2551	0	acq	"GROUP BOOSTS SCANDINAVIA FUND <SCF> STAKE
  A shareholder group led by a Swedish
  investment firm and a Norwegian investor said it raised its
  stake in the Scandinavia Fund Inc to 2,165,300 shares, or 33.3
  pct of the total, from 1,978,900 shares, or 30.5 pct.
      In a filing with the Securities and Exchange Commission,
  the group, which includes Ingemar Rydin Industritillbehor AB,
  the firm, and investor Erik Martin Vik, said it bought the
  additional shares between Feb 24 and March 9.
  

"
training/2552	0	acq	"OFFSHORE INVESTMENT FIRM UPS FRANCE FUND STAKE
  VBI Corp, an offshore-based
  investment firm, told the Securities and Exchange Commission it
  raised its stake in the France Fund Inc <FRN> to 681,800
  shares, or 9.1 pct of the total, from 551,000, or 7.4 pct.
      VBI, which is based in Turks and Caicos Islands, the
  British West Indies, said it bought the additional shares
  between Feb 24 and March 4.
      It has said it bought its France Fund stake for investment
  purposes only.
  

"
training/2553	5	coffee	"COSTA RICA OPTIMISTIC ABOUT REFORMING ICO
  Costa Rica's economy minister said he
  sees new hope for winning changes in the International Coffee
  Organisation system of export quotas.
      Minister Luis Diego Escalante, who serves as president of
  the Costa Rican Coffee Institute, said he was hopeful because
  of the support offered Costa Rica and other smaller producing-
  nations by such major consumers as the United States, Britain
  and the Netherlands at last week's ICO meeting in london.
      Escalante told a news conference here he ""carried the weight
  of the negotiations"" at the meeting by calling for larger export
  quotas for the smaller coffee-growing nations.
      Costa rica is insisting, Escalante said, on a new quota
  system based on a producing nation's real export capacity, once
  it has satisfied internal demand.
      ""There are countries such as our own whose sales
  possibilities are close to or above 100 pct of their current
  quotas,"" Escalante said.
      At the same time, there are countries favoured by the
  current system that have been assigned quotas far above their
  export potential, he said.
      The current ICO quota system is ""unfair and autocratic,""
  Escalante said.
      Escalante attributed the nosedive in international coffee
  prices over the last week to speculation rather than real
  matters of supply and demand.
      ""Be careful,"" he warned, ""there's not as much coffee in the
  world as they say. What there is are bags of sawdust.""
  

"
training/2554	33	money-supply	"U.S. MONEY GROWTH SLOWS SHARPLY, ECONOMISTS SAY
  U.S. money supply growth is slowing
  down rapidly, and some economists believe that all three of the
  Federal Reserve's main monetary aggregates may even have
  contracted in February.
      A contraction is unlikely to be a major concern for the
  Fed, especially as it would follow a long period of torrid
  growth, but it could give the central bank extra leeway in the
  weeks ahead if it decided that a relaxation of monetary policy
  was justified on account of weakness in the economy.    
      M-1 money supply for the week ended February 23, reported
  today, rose 1.9 billion dlrs to 738.5 billion, but preliminary
  forecasts call for a drop next week of around two billion dlrs.
  The monthly average in January was 737.1 billion dlrs.
      M-1 makes up about a quarter of M-2 and a fifth of M-3.
  With other components of M-2, such as money-market deposit
  accounts and small time deposits, also falling, the stage is
  set for falls in the broader aggregates too, economists say.
      M-1 has been largely discredited because its traditional
  link to economic growth has disintegrated under the impact of
  falling interest rates and banking deregulation.
      But the consistent behavior of all three aggregates is
  likely to impress the Fed, said Ward McCarthy of Merrill Lynch
  Economics Inc.
      ""The Fed has confidence in the aggregates when they're all
  sending the same signal. This is going to raise some eyebrows
  at the Fed,"" McCarthy said.
      Stephen Slifer of Shearson Lehman Brothers Inc added, ""We
  have some very good-looking monetary aggregate data. It's
  coming in a lot weaker than I thought.""    
      The economists were quick to caution that one month's data
  prove nothing, especially because money growth previously had
  been so rapid. M-1 in the last 52 weeks has grown at a 16.7 pct
  rate and at a 19.1 pct rate in the past 13 weeks.
      Moreover, some of the contraction in M-2 can probably be
  explained by a shift of funds from savings vehicles into the
  booming stock market and is thus not an indication of a
  slowdown in the business expansion.
      But the data raise the tantalizing possibility for the bond
  markets that the slowdown in money growth is partly a
  reflection of a weaker economy that needs more Fed stimulus.
      McCarthy noted that the slower money growth coincides with
  signs that the economy is losing momentum as the quarter
  progresses. ""Some of the economic indicators are not as rosy as
  they were a month ago,"" he noted.
      He expects only five to six pct M-1 growth in March and
  rises in M-2 and M-3 of about four pct.
      Slifer sees stronger growth of 10 pct in M-1 and five pct
  or less for M-2 and M-3, but the rates would still be moderate
  enough to encourage the Fed to ease policy if gross national
  product for the first quarter proved to be weak. ""You'd
  certainly be more inclined to ease than you would in the past.""
      There was certainly nothing in the Fed's latest balance
  sheet, however, to suggest a change of policy is already under
  way, economists said. Discount window borrowings were in line
  with expectations at 233 mln dlrs a day.
      Robert Brusca of Nikko Securities Co International Inc
  argued that an easier Fed policy is unlikely to do much to
  solve America's most urgent economic problem, its massive trade
  deficit. Because of the possibility that further dollar
  depreciation - and thus rising inflation - may be needed to
  close the trade gap, Brusca said ""I'm not prepared to be all
  that optimistic about the bond market.""
  

"
training/2555	8	cpi	"ECUADOR'S CONSUMER PRICES RISE 2.5 PCT IN FEBRUARY
  Ecuador's consumer price index rose 2.5
  pct in February to 562.4 (base 1978), the National Statistics
  and Census Institute said.
      The rise compared to a 1.8 pct rise in January and a 2.5
  pct rise in February 1986.
      The Institute said accumulated overall inflation for the
  first two months of this year was 4.0 pct compared to 5.0 pct
  for the same period last year.
      Inflation for the 12 months ending February 1987 was 25.5
  pct compared to 13.0 pct for the 12 months ending February
  1986.
  

"
training/2557	31	meal-feed	"WEST GERMAN FISHMEAL IMPORTS HIGHEST IN 15 YEARS
  West German gross fishmeal imports rose
  60,260 tonnes, or 14.6 pct, last year to 471,891 tonnes, the
  highest level since 1972, trade sources said.
      Re-exports fell by 6.6 pct, resulting in a surge in net
  imports from 175,901 to 251,708 tonnes, an increase of 43 pct.
      Total West German consumption was estimated at around a
  high 287,000 tonnes, largely reflecting attractive prices. The
  sources, however, could not give comparative figures for 1985.
      South American producer countries supplied 97 pct of West
  German requirements, with Chile shipping 229,176 tonnes (1985 -
  182,959) and Peru 210,513 (147,014) tonnes.
      The two South American countries' share of the West German
  market rose to 93.2 pct from 80.2 pct because imports from
  Ecuador fell to 21,110 tonnes in 1986 from 51,722 in 1985.
      West Germany imported 56,823 tonnes of fishmeal in
  December, up from 46,236 tonnes in the same 1985 month, with
  re-exports at 22,262 tonnes after 25,062 a year earlier.
  

"
training/2558	12	earn	"TPA OF AMERICA INC <TPS> 4TH QTR LOSS
  Shr loss five cts
      Net loss 753,000
      Revs 8,932,000
      Avg shrs 16.0 mln
      Year
      Shr loss seven cts
      Net loss 995,000
      Revs 27.9 mln
      Avg shrs 14.8 mln
      NOTE: Company started operating in August 1985.
      Results reflect change in fiscal year from November 30 end.
  

"
training/2559	16	gold	"SILVER STATE MINING <SSMC> SEES PRODUCTION RISE
  Silver State Mining Corp said it expects
  gold production this year to be more than double 1986's 17,458
  ounces.
      The company's 1985 production was 2,050 ounces.
  

"
training/256	32	money-fx	"ZAMBIA TO RETAIN CURRENCY AUCTION, SAYS KAUNDA
  Zambia will retain its foreign-exchange
  auction system despite the suspension of weekly auctions since
  January 24, President Kenneth Kaunda said.
      ""We have not run away from the auction. It hasn't been
  abolished at all,"" he told Reuters in an interview.
      He said the system would be reintroduced after current
  talks with the World Bank and the International Monetary Fund
  and, he hoped, would be backed by fresh foreign aid funds.
      Kaunda dismissed central bank statements the new auction
  system would be used to allocate foreign exchange to private
  bidders but not to fix the exchange rate.
      Kaunda said the auction system had faltered because of the
  government's shortage of foreign exchange to meet demand.
      It was suspended when the kwacha's rapid devaluation and
  strong fluctuations made economic planning almost impossible
  for the government and the private sector, he said.
      Weekly foreign-exchange auctions began in October 1985. The
  kwacha fell from 2.20 to the dollar to about 15 in 16 months.
  In January 1987 the government was more than two months in
  arrears in paying foreign currency to successful bidders, and
  the auction was suspended and replaced with a fixed exchange
  rate of nine kwacha to the dollar.
  

"
training/2560	12	earn	"MCGRATH RENTCORP <MGRC> SEES NET RISING
  McGrath RentCorp said as a
  result of its December acquisition of Space Co, it expects
  earnings per share in 1987 of 1.15 to 1.30 dlrs per share, up
  from 70 cts in 1986.
      The company said pretax net should rise to nine to 10 mln
  dlrs from six mln dlrs in 1986 and rental operation revenues to
  19 to 22 mln dlrs from 12.5 mln dlrs.
      It said cash flow per share this year should be 2.50 to
  three dlrs.
  

"
training/2561	12	earn	"SILVER STATE MINING CORP <SSMC> 4TH QTR NET
  Shr one ct vs one ct
      Net 528,790 vs 286,969
      Revs 2,537,803 vs 773,729
      Year
      Shr seven cts vs one ct
      Net 2,429,576 vs 404,394
      Revs 6,726,327 vs 1,150,961
  

"
training/2562	12	earn	"SIZZLER RESTAURANTS INTERNATIONAL INC <SIZZ> NET
  Shr 15 cts vs 14 cts
      Net 2,547,000 vs 2,242,000
      Revs 56.7 mln vs 44.0 mln
      Avg shrs 17.6 mln vs 15.6 mln
      Nine mths
      Shr 54 cts vs 54 cts
      Net 9,249,000 vs 8,334,000
      Revs 173.3 mln vs 134.3 mln
      Avg shrs 17.1 mln vs 15.5 mln
  

"
training/2564	0	acq	"MCANDREWS AND FORBES ARE OFFERING 18.50 DLRS PER SHARE FOR REVLON STOCK

  MCANDREWS AND FORBES ARE OFFERING 18.50 DLRS PER SHARE FOR REVLON STOCK
  

"
training/2565	32	money-fx	"U.K. MONEY MARKET DEFICIT REVISED TO 550 MLN STG
  The Bank of England said it had revised
  its estimate of the shortage in the money market back to its
  initial forecast of 550 mln stg.
      At midsession the central bank changed the shortfall to 500
  mln and provided assistance worth 96 mln stg through bank bill
  purchases in bands one and two at established dealing rates.
  

"
training/2566	12	earn	"DONEGAL GROUP INC <DGIC> YEAR NET
  Shr six cts
      Net 155,764
      Revs 6,506,792
      NOTE: Company formed in August 1986.
  

"
training/2567	12	earn	"PETER MILLER APPAREL GROUP 3RD QTR JAN 31 LOSS
  Shr loss 28 cts vs profit seven cts
      Net loss 931,000 vs profit 7,000
      Revs 2.3 mln vs 2.0 mln
      Nine mths
      Shr loss 55 cts vs profit seven cts
      Net loss 1,619,000 vs profit 185,000
      Revs 7.7 mln vs 7.1 mln
      NOTE: Shr figures adjusted for issue of 600,000 shares in
  October, 1986. Avg shrs not given.
      Full name is <Peter Miller Apparel Group Inc>.
  

"
training/2568	12	earn	"KRELITZ INDUSTRIES INC <KRLZ> 3RD QTR NET
  Period ended Jan 31
      Shr seven cts vs 14 cts
      Net 136,000 vs 274,000
      Sales 48.4 mln vs 38.2 mln
      Nine mths
      
      Shr 30 cts vs 17 cts
      Net 573,000 vs 328,000
      Sales 140.0 mln vs 102.4 mln
      NOTE: Prior year period ended Sept 30
      Comparable periods reflect change in fiscal yearend to
  April from December
  

"
training/2569	12	earn	"DONEGAL <DGIC> PROJECTS FULL YEAR RESULTS
  Donegal Group Inc, which today
  reported earnings of 155,764 dlrs on revenues of 6,506,792 dlrs
  for the period from August 26 startup through the end of 1986,
  said it expects ""much improved"" profits for the full year 1987
  on revenues of about 32 mln dlrs.
  

"
training/2570	0	acq	"MACANDREWS AND FORBES HOLDINGS BIDS FOR REVLON
  McAndrews and Forbes Holdings Inc said
  it will offer 18.50 dlrs per share for all of Revlon Group
  Inc's <REV> outstanding common stock.
      McAndrews said terms of the acquisition have not been
  determined and are subject to the acquisition of financing.
      Revlon closed yesterday on the New York Stock Exchange at
  14-3/4.
      The company said it would bid for all stock it or its
  affiliates do not already own.
      McAndrews and Forbes said it informed the board of
  directors of Revlon that it expects to make a formal proposal
  in the near future. It also said there can be no assurance as
  to the terms of the proposals or that the deal can be
  concluded.
  

"
training/2574	0	acq	"BOREALIS IN GOLD EXPLORATION PACT WITH FARAWAY
  <Borealis Exploration Ltd> said
  it entered into an agreement with <Faraway Gold Mines Ltd> of
  Vancouver, British Columbia, under which Faraway will acquire
  an interest in Borealis's Whale Cove Gold Property in the
  Keewatin district of the Northwest Territories.
      Faraway will spend 1.5 mln dlrs on exploration over three
  years and will hold 50 pct of the property until all expenses
  are paid out, when the interest will drop to 40 pct.
      Also, Borealis and Faraway will issue treasury shares to
  each other and Faraway will buy 575,000 Borealis shares from
  Borealis president Lorne Spence.
  

"
training/2577	0	acq	"IMRE <IMRE> SELLS STOCK TO EUROPEAN INSTITUTIONS
  IMRE Corp said it has received
  commitments for a group of European institutions to buy about
  400,000 IMRE shares for 2,500,000 dlrs, with closing expected
  on March 16.
  

"
training/2578	0	acq	"INSTRUMENTARIUM ACQUIRES NOKIA SUBSIDIARY
  Finland's medical group Instrumentarium
  Oy <INMR.HE> said it has acquired electronics components
  importers and marketers <Ferrado Oy> and <Insele Oy>,
  subsidiaries of Finland's electronics group Nokia Oy <NOKS.HE>.
      It said in a statement Ferrado and Insele will be merged
  into Instrumentarium's Professional Electronics and Information
  Systems Division.
      It did not disclose a price for the acquisitions but said
  it had issued 30,000 restricted B shares as partial payment to
  Nokia.
  

"
training/2579	12	earn	"FUQUA INDUSTRIES INC <FQA> SETS QUARTERLY
  Qtly div six cts vs six cts prior
      Pay April One
      Record March 20
  

"
training/2580	12	earn	"<M-CORP INC> YEAR DEC 28 NET
  Shr 73 cts vs 55 cts
      Net 1,691,878 vs 1,117,747
      Revs 7.1 mln vs 4.9 mln
      Avg shrs 2.3 mln vs 2.0 mln
      NOTE: Share results reflect two-for-one stock split in
  June, 1986.
  

"
training/2582	0	acq	"DOME PETROLEUM REAFFIRMS DOME MINES STAKE FOR SALE AT RIGHT PRICE, SPOKESMAN SAYS

  DOME PETROLEUM REAFFIRMS DOME MINES STAKE FOR SALE AT RIGHT PRICE, SPOKESMAN SAYS
  

"
training/2583	0	acq	"COMMONWEALTH MORTGAGE <CCMC> BUYS ARMONK FIRM
  Commonwealth Mortgage Co said
  it purchased Westfiar Funding Corp of Armonk, N.Y., for an
  undisclosed amount of cash.
      Commonwealth said Westfair originated 60 mln dlrs of
  residential mortgage loans during 1986.
  

"
training/2584	12	earn	"<M-CORP INC> RAISES DIVIDEND
  Semi-annual div 7-1/2 cts vs five cts
      Pay April nine
      Record March 26
  

"
training/2585	10	crude	"PERMIAN <PBT> RAISES CRUDE PRICES
  Permian Corp said that effective march 5
  it raised its posted prices for crude oil 50 cts a barrel.
      The raise brought its posted prices for West texas
  Intermediate up by 50 cts to 17.00 dlrs a barrel.
      West Texas Sour was also raised by 50 cts to 17.00 dlrs a
  barrel.
      A Permian spokesman said that the South Louisiana sweet
  posted prices was also raised 50 cts a barrel to 17.35 dlrs.
  

"
training/2587	12	earn	"AMERICAN STORES CO 4TH QTR SHR 1.57 DLRS VS 1.60 DLRS

  AMERICAN STORES CO 4TH QTR SHR 1.57 DLRS VS 1.60 DLRS
  

"
training/259	45	sugar	"INDONESIAN SUGAR OUTPUT SEEN SHORT OF TARGET
  Indonesia's raw sugar output is likely
  to be 1.8 mln tonnes in calendar 1987, unchanged from 1986 and
  below the government's 1987 forecast of 2.5 mln, the U.S.
  Embassy said in its agricultural outlook for 1987.
      Indonesia bought 162,500 tonnes of raw sugar on world
  markets in late 1986, the report said.
      The embassy estimated Indonesia's calendar 1986 raw sugar
  production at 1.8 mln tonnes, against a government estimate of
  1.99 mln.
      It said that Indonesia's move into sugar self-sufficiency
  in 1984 may have been short-lived.
      The report said, ""The government continues to promote
  sugarcane production through its smallholder intensification
  program and a relatively high guaranteed price to sugarcane
  producers.
      ""However, there are considerable indications that farmers
  are reluctant to plant cane because its economic return is not
  as good as that of other crops.""
  

"
training/2590	12	earn	"CENTRAL SPRINKLER CORP <CNSP> 1ST QTR JAN 31 NET
  Shr 19 cts vs 20 cts
      Shr diluted 18 cts vs 18 cts
      Net 578,000 vs 554,000
      Sales 10.7 mln vs 10.4 mln
      Avg shrs 3,006,s302 vs 2,795,820
      Avg shrs diluted 4,271,488 vs 4,081,534
  

"
training/2591	12	earn	"<FAR WEST INDUSTRIES INC> RAISES DIVIDEND
  Annual div four cts vs 1.76 cts
      Pay March 20
      Record March 15
  

"
training/2593	12	earn	"<FAR WEST INDUSTRIES INC> YEAR NET
  Shr 23 cts vs 17 cts
      Net 761,000 vs 490,000
      Revs 7.3 mln vs 4.5 mln
  

"
training/2594	29	livestock	"U.K. OFFICIALS STUDY SALMONELLA/CALF FEED LINK
  U.K. Officials are studying the possible
  link between the use of antibiotics in calf feeds and the
  spread of drug-resistant strains of salmonella in humans, a
  Ministry of Agriculture official said.
      A study published in the New England Journal of Medicine
  yesterday stated that the spread of an unusual strain of
  salmonella that is resistant to the drug chloramphenicol had
  been shown to be linked to farms that used the drug to promote
  the growth of cattle.
     The U.K. Ministry of Agriculture is working with the
  Department of Health and the Public Health Laboratory to
  investigate the whole subject of resistant strains of
  salmonella.
      ""The Ministry of Agriculture is concerned about the possible
  effects on human and animal health,"" the official said. The
  government is also studying a recommendation from the Farm
  Animal Welfare Council (FAWC) to restrict the trade of calves
  under 56 days old through markets. The FAWC says this would
  help reduce the spread of salmonella.
  

"
training/2596	0	acq	"DOME<DMP> REPEATS DOME MINES<DM> STAKE FOR SALE
  Dome Petroleum Ltd's 23.2 pct stake of
  gold producer Dome Mines Ltd continues to be for sale ""at the
  right price,"" spokesman David Annesley said in response to an
  inquiry.
      Reaffirming remarks made last year by chairman Howard
  Macdonald, Annesley said the company is considering selling its
  stake in Dome Mines.
      Concerning Dome Petroleum's 42 pct stake in <Encor Energy
  Corp Ltd>, Annesley said ""Encor is a strategic investment for
  Dome, and we have no intention of selling it.""
      Dome spokesman Annesley said in answer to a question that
  he was not aware of any negotiations now under way toward the
  sale of Dome Petroleum's 20.9 mln Dome Mines shares.
      He also declined to specify at what price the company would
  consider selling it shares.
      ""Clearly today's prices of more than 15 dlrs a share (of
  Dome Mines stock) are very attractive,"" Annesley commented.
      ""We were considering the sale 'at the right price' at a time
  when the shares were priced around nine to 10 dlrs,"" he added. A
  price of around 15 dlrs a share would be considered ""fairly
  attractive,"" Annesley said.
      Annesley also Dome Petroleum may be able to sell its Dome
  Mines' shares at a premium to market prices. ""There might be an
  opportunity to pick up a premium on that because it would be
  virtually a control block in Dome Mines,"" he said.
      Dome Mines shares traded earlier at 15-1/4 dlrs, off 1/4 on
  the Toronto Stock Exchange.
      Dome Petroleum is now negotiating a plan to restructure
  debt of more than 6.1 billion Canadian dlrs with a group of 56
  major creditors, which includes Dome Mines and Encor Energy.
      The company previously said it expects to detail the plan
  to lenders early next week.
  

"
training/260	0	acq	"NIPPON KOKAN STEEL AFFILIATES CONSIDERING MERGER
  Toshin Steel Co Ltd <TOSS.T> and <Azuma
  Steel Co Ltd>, affiliates of Nippon Kokan KK <NKKT.T>, are
  considering a merger, company spokesmen said.
      Toshin Steel, owned 41.9 pct by Nippon Kokan, and Azuma
  Steel, owned 41.3 pct by Nippon Kokan, are expected to decide
  by the end of March, they said. Both firms have been struggling
  with losses caused by the recession in the steel industry and
  the yen's appreciation.
      Azuma Steel's current losses are estimated at 3.1 billion
  yen in the year ending March 31 against a 6.99 billion loss a
  year earlier, a spokesman said. The firm employs 1,100 workers
      Toshin Steel, with 1,700 workers, has given no forecast for
  the year ending March 31.
      But industry sources said they expected the company to show
  current losses of about five billion yen or more in 1986/87
  compared with a 2.98 billion loss in 1985/86.
  

"
training/2602	12	earn	"SELECTERM INC <SLTM> 4TH QTR LOSS
  Shr loss not given vs profit 16 cts
      Net loss 309,000 vs profit 426,000
      Revs 6,358,000 vs 6,747,000
      Year
      Shr profit 27 cts vs profit 76 cts
      Net profit 713,000 vs profit 2,021,000
      Revs 24.9 mln vs 27.1 mln
      NOTE: Pretax net profits 113,000 dlrs vs 824,000 dlrs in
  quarter and 1,863,000 dlrs vs 3,606,000 dlrs in year.
  

"
training/2604	0	acq	"STONE CONTAINER <STO> COMPLETES WAITING PERIOD
  Stone Container Corp said it and
  Southwest Forest Industries Inc <SWF> completed all waiting
  period requirements under the Hart-Scott-Rodino Anti-Trust
  Improvements Act of 1976.
      Stone said it will proceed with its previously proposed
  acquisition of Southwest.
  

"
training/2606	5	coffee	"ICO QUOTA TALKS FAILURE PARALYSE HAMBURG MARKET
  The failure of International Coffee
  Organization talks on the reintroduction of quotas has
  paralysed business on the Hamburg green coffee market in the
  past week, trade sources said.
      There was only sporadic activity for spot material, which
  was mainly requirement buying, they said, adding that
  pre-registered coffees were no longer available.
      They said they expected Brazil and Colombia to open export
  registrations for May shipment next week. However, the
  president of the Brazilian Coffee Institute, Jorio Dauster,
  said yesterday he had not yet decided when its registrations
  would reopen.
  

"
training/2608	12	earn	"RESIDENTIAL MORTGAGE INVESTMENTS INC <RMI>PAYOUT
  Qtly div 24 cts vs 24 cts prior
      Pay April 10
      Record March 31
  

"
training/2609	0	acq	"SOUTHWEST <SWF>, STONE <STO> COMPLY FOR MERGER
  Southwest Forest Industries said
  it and Stone Container Corp have complied with all federal
  waiting period requirements for Stone's proposed 32.25 dlr per
  share cash acquisition of Southwest.
      Southwest currently has 12.3 mln shares outstanding. The
  companies entered into a merger agreement on January 27, and
  made their initial findings with the Department of Justice and
  the Federal Trade Commission on February three.
      Southwest said the waiting period expired on March 5,
  without receiving a formal second request for information.
     
  REUTER...^M
  

"
training/2611	12	earn	"OKC LIMITED PARTNERSHIP <OKC> SETS LOWER PAYOUT
  OKC Limited Partnership said it will make
  a five ct per share distribution to unitholders, down from 15
  cts in December and payable March 30 to holders of record March
  18.
      The partnership said the payout is the largest quarterly
  cash distribution allowable under terms of its letter of credit.
  

"
training/2613	12	earn	"BIOTECH RESEARCH LABORATORIES INC <BTRL> 4TH QTR
  Shr profit one ct vs loss seven cts
      Net profit 63,761 vs loss 43,006
      Revs 1,961,219 vs 1,413,859
      Year
      Shr loss seven cts vs loss 20 cts
      Net loss 380,273 vs loss 1,108,151
      Revs 6,245,012 vs 5,368,522
      Shr out 5,950,000 vs 5,462,547
  

"
training/2619	12	earn	"AMERICAN STORES CO <ASC> 4TH QTR NET
  Shr 1.57 dlrs vs 1.60 dlrs
      Net 55.7 mln vs 56.5 mln
      Revs 3.7 billion vs 3.6 billion
      Year
      Shr 3.79 dlrs vs 4.11 dlrs
      Net 144.5 vs 154.5 mln
      Revs 14.0 billion vs 13.9 billion
      NOTE: 1986 4th qtr and yr per shr amts includes reduction
  of 15 cts per shr for establishment of reorganization reserves.
  Tax increase reduced 1986 yr per shr by 26 cts.
  

"
training/2620	48	trade	"BAKER SAYS G-6 PACT JUST A START
  Treasury Secretary James Baker said
  the agreement among industrial nations in Paris last month is
  only a start in Washington's drive to intensify economic
  cooperation among leading countries.
      In a speech to the National Newspaper Association, Baker
  said ""the six steps beginning with the Plaza Agreement and
  culminating in the Paris Accord, are only a start.""
      He added ""we see our role as a steward of a process in which
  we sit down with our industrial allies to find ways to promote
  more balanced international growth.""
      The Paris agreements called trade surplus countries to
  strengthen their growth and on the U.S. to reduce its budget
  deficit. Under such circumstances, the countries agreed their
  currencies were within ranges broadly consistent with economic
  fundamentals.
      Baker also said he still sees ""ominous"" signs of pressure for
  protectionist trade legislation ""and this pressure for
  protectionism is coming from new areas of society.""
      But he also said he believed a coalition was forming that
  supported free trade.
  

"
training/2622	48	trade	"TREASURY'S BAKER FORECASTS REDUCTION IN JAPANESE TRADE SURPLUS THIS YEAR

  TREASURY'S BAKER FORECASTS REDUCTION IN JAPANESE TRADE SURPLUS THIS YEAR
  

"
training/2630	12	earn	"BOSTON BANCORP <SBOS> SETS TWO FOR ONE SPLIT
  Boston Bancorp said its board declared a
  two-for-one stock split, payable March 31, record March 17.
  

"
training/2634	0	acq	" 6-MAR-1987 11:01:16.74
   6-MAR-1987 11:01:16.74

"
training/2635	43	ship	"SOME SHIPPING RESTRICTIONS REMAIN ON RHINE
  Limited shipping restrictions due to high
  water remain in force on parts of the West German stretch of
  the Rhine river between the Dutch border and the city of Mainz
  but most are expected to be lifted this weekend.
      water authority officials said The restrictions, caused by
  high water levels, include speed limits and directives to keep
  to the middle of the river to prevent damage to the river
  banks. The high water was expected to recede within two days to
  below levels at which the restrictions come into force.
      Traffic was halted briefly late Tuesday night, Wednesday
  and parts of Thursday on stretches of the Rhine between Bonn
  and Koblenz but the shipping bans were lifted, the officials
  said. Shipping is now permitted on all parts of the West German
  section of the Rhine, with restrictions in some areas.
  

"
training/2637	0	acq	"HAWKER SIDDELEY OFFER FOR CLAROSTAT <CLR> ENDS
  <Hawker Siddeley Group PLC>'s offer of
  74 dlrs a share for all of Clarostat Mfg Co Inc's stock was
  scheduled to expire at 2400 EST yesterday.
      Company officials were unavailable for comment as to why
  the American Stock Exchange had stopped trading in Clarostat's
  stock for a pending news announcement.
  

"
training/2638	0	acq	"TAFT <TFB> GIVEN DEADLINE ON BUYOUT PROPOSAL
  Narragansett Capital Inc <NARR>
  said it and Dudley S. Taft have requested a response from Taft
  Broadcasting Co by March 12.
      Earlier today, Taft Broadcasting said Taft, the company's
  vice chairman, and Narragansett had offered 145 dlrs for each
  of Taft's 9.2 mln outstanding shares.
      The company said the offer is conditioned on approval of
  its board, but a spokesman declined comment on whether or not
  the board has scheduled a meeting.
       The Narragansett/Taft group will provide the equity portion
  of the offer by contributing at least 125 mln dlrs in cash and
  Taft Broadcasting common, Narragansett said.
      It said the group has been advised by First Boston Inc's
  <FBC> First Boston Corp that the investment banker is ""highly
  confident that financing for the acquisition can be
  consummated.""
      Narragansett said the offer is subject to negotiation of a
  definitive merger agreement and definitive financing agreements
  as well as approval by regulators, Taft's board and Taft's
  stockholders.
      The Narragansett/Taft group said its letter to Taft's board
  states the group intends to return control over a significant
  portion of the company's equity to the Taft family while
  providing other stockholders with a means of realizing a very
  attractive value for their shares.
  

"
training/2645	12	earn	"<PETER MILLER APPAREL GROUP INC> 3RD QTR LOSS
  period ended January 31
      Shr loss 28 cts vs profit seven cts
      Net loss 931,000 vs profit 7,000
      Sales 2,303,000 vs 2,006,000
      Nine mths
      Shr loss 55 cts vs profit seven cts
      Net loss 1,619,000 vs profit 185,000
      Sales 7,684,000 vs 7,059,000
      Note: per share reflects issue of 600,000 shares in October
  1986.
  

"
training/2647	0	acq	"SANTA FE SOUTHERN <SFX> APPEALS MERGER RULING
  Santa Fe Southern Pacific Corp said it
  filed a petition asking the U.S. Interstate Commerce Commission
  to reconsider its earlier rejection of the merger of the
  holding company's railroad assets.
      The ICC had rejected in July the merger of the Santa Fe and
  Southern Pacific Railroads on the grounds that it would reduce
  competition.
      Santa Fe in its petition outlines an array of
  pro-competitive agreements with other railroads which would
  preserve the economic benefits of the merger for the merged
  railroad and the public.
      If the commission agrees that public benefits and
  competitive enhancements will result, it can vote to reopen the
  merger case. Interested parties have until March 25 to file
  statements in response to the supplemental petition.
  

"
training/2648	48	trade	"BAKER SEES LOWER JAPANESE TRADE SURPLUS
  U.S. Treasury Secretary James Baker
  said the Japanese trade surplus would begin to decline this
  year.
      He told the National Newspaper Association ""You're going to
  see a reduction in the Japanese trade surplus -- some of it
  this year"".
      But he said the reduction would be due principally to the
  exchange rate shifts since the Plaza Agreement, and these
  shifts would take a long time to work their way through the
  system.
  

"
training/2649	12	earn	"CINEPLEX ODEON CORP YEAR OPER SHR BASIC 1.04 DLRS VS 77 CTS

  CINEPLEX ODEON CORP YEAR OPER SHR BASIC 1.04 DLRS VS 77 CTS
  

"
training/2650	0	acq	"MONFORT <MNFT> SOARS ON ACQUISITION AGREEMENT
  Monfort of Colorado Inc soared 21-1/2
  to 75 in over-the-counter trading, responding to an
  announcement late yesterday that the firm will be acquired by
  Conagra Inc <CAG>.
      According to a letter of intent signed by both companies,
  Conagra will offer 2.5 of its own shares for each of Monfort's
  4.3 mln outstanding shares.
      Conagra fell one to 33 on the New York Stock Exchange.
  Monfort is an integrated beef and lamb producer.
  

"
training/2652	0	acq	"NORDBANKEN TO AUCTION ITS FERMENTA SHARES
  Sweden's <Nordbanken> banking group
  said it would sell the 4.2 mln B free shares deposited as loan
  collateral by Fermenta AB's <FRMS.ST> founder and former chief
  executive Refaat el-Sayed and it planned to buy them up itself.
      The bank said the sale - by public auction on March 16 --
  was because of a debtor's inability to repay an overdue loan.
      The B free shares closed at 16.50 crowns on the bourse's
  unofficial list -- down from a peak of 300 in January 1986.
  Nordbanken said it did not exclude accepting a suitable bid for
  the shares although it expected to buy them back itself.
      The statement said the sale did not represent any
  withdrawal from Nordbanken's undertakings towards the Fermenta
  group and that it had been sanctioned by the other main
  shareholders.
      Nordbanken is Fermenta's third largest creditor with loans
  of 155 mln crowns. It was one of the four Swedish banks which
  last month agreed to advance the group 110 mln crowns to solve
  its immediate liquidity problems. Together with two other main
  shareholders, it also advanced Fermenta an additional 65 mln
  crowns until a new equity issue could be made.
      Fermenta is due to hold an extraordinary shareholders'
  meeting on Tuesday to approve the planned equity issue.
      Nordbanken had to make a provision against a 200 mln crown
  loan to el-Sayed in its 1986 results.
      Fermenta's new management originally hoped to raise 160 mln
  crowns through the new one for four rights issue and an extra
  170 mln from an issue to Nordbanken, another major creditor and
  shareholder <Gotabanken> and the group's new majority owner
  <Industrivarden AB>.
      The share price was to be 20 crowns. But there has been
  doubt over the plans since the stock fell below this level this
  week after Fermenta's former chairman Kjell Brandstrom said the
  company was in a much worse state than he thought.
  

"
training/2658	12	earn	"UNITED INDUSTRIAL CORP <UIC> 4TH QTR LOSS
  Shr loss 1.27 dlrs vs profit 43 cts
      Net loss 17.0 mln vs profit 5,667,000
      Sales 67.8 mln vs 70.1 mln
      Year
      Shr loss 69 cts vs profit 2.18 dlrs
      Net loss 9,174,000 vs profit 29.1 mln
      Sales 272.5 mln vs 269.4 mln
      Avg shrs 13.3 mln vs 13.4 mln
      NOTE: 1986 net includes tax credits of 14.5 mln dlrs in
  quarter and 8,408,000 dlrs in year.
      1985 year net includes 616,000 dlr loss from discontinued
  operations and 10.6 mln dlr gain on their disposal.
      1986 net both periods includes 19.1 mln dlr provision for
  future losses from several major projects in defense contractor
  subsidiary.
      Backlog 310 mln dlrs, up six pct from a year before.
      Share adjusted for 10 pct stock dividend in February 1987.
  

"
training/2659	12	earn	"<CINEPLEX ODEON CORP> YEAR NET
  Oper shr basic 1.04 dlrs vs 77 cts
      Oper shr diluted 89 cts vs 60 cts
      Oper net 31.6 mln vs 12.5 mln
      Revs 500.6 mln vs 170.9 mln
      Avg shrs 29.1 mln vs 14.3 mln
      Note: 1985 net excludes extraordinary gain of 1,756,000
  dlrs or 12 cts shr basic and eight cts shr diluted.
      1986 net involves 53-week reporting period to reflect
  change in yr-end to coincide with calendar yr.
  

"
training/2660	0	acq	"MINE SAFETY APPLIANCES <MNES> TO SELL UNIT
  Mine Safety Appliances Co said it
  agreed to sell its filter products division to Donaldson Co Inc
  <DCI> for undisclosed terms.
      It said the filter products unit will be relocated from its
  plant in Pennsylvania to a Donaldson facility in Illinois. It
  said it expects a number of the unit's 100 employees will be
  offered positions with Donaldson.
  

"
training/2663	12	earn	"PROSPECT GROUP INC <PROSZ> 4TH QTR LOSS
  Shr loss 10 cts vs loss 50 cts
      Net loss 1,830,000 vs loss 3,584,000
      Revs 40.7 mln vs 26.8 mln
      Avg shrs 19.2 mln vs 7,115,847
      12 mths 
      Shr profit 10 cts vs loss 91 cts
      Net profit 1,422,000 vs loss 6,195,000
      Revs 185.7 mln vs 126.9 mln
      Avg shrs 14.8 mln vs 6,811,280
      NOTES: In May 1986 Prospect raised 101,810,0000 dlrs from
  an initial public offering of common stock.
      The company purchased in March 1986 MidSouth Corp, a
  regional railroad company in Mississippi and Louisiana, which
  contributed sales of 39.5 mln dlrs and operating income of 16.3
  mln dlrs during first nine months of operation.
  

"
training/2664	12	earn	"FRANCE FUND INC <FRN> SETS INITIAL DIVIDEND
  France Fund Inc said its board declared
  an initial dividend of 1.12 dlrs per share, payable April six,
  to holders of record March 20.
      The fund said the dividend represents two cts per share for
  net investment income realized during 1986 and 1.10 dlrs from
  net taxable gains realized during the year.
  

"
training/2666	12	earn	"HEINEKEN N.V. <HEIN.AS> 1986 YEAR
  Pre-tax profit 513.2 mln guilders vs 545.5 mln
      Net profit 285.3 mln guilders vs 265.4 mln
      Consolidated net turnover 6.68 billion guilders vs 6.40
  billion
      Net profit per 25.00 guilder nominal share 11.11 guilders
  vs 10.33, taking into account one-for-three scrip issue last
  year
      Final dividend two guilders vs same, making total 3.50
  guilders vs same
  

"
training/2667	12	earn	"NATIONAL SECURITY INSURANCE CO <NSIC> 4TH QTR
  Oper shr loss 15 cts vs profit 57 cts
      Oper net loss 151,000 vs profit 570,000
      Year
      Oper shr profit 2.08 dlrs vs loss 12 cts
      Oper net profit 2,122,000 vs loss 127,000
      NOTE: Net excludes realized capital loss 19,000 dlrs vs
  gain 896,000 dlrs in quarter and gains 1,646,000 dlrs vs
  1,331,000 dlrs in year.
      1986 net both periods excludes tax credit 1,288,000 dlrs.
  

"
training/2671	12	earn	"CYPRUS MINERALS <CYPM> NAMED IN SUITS
  Cyprus Minerals Co said along with about
  40 other companies, it has been named a defendant in 23 product
  liability lawsuits filed in California by individual
  tireworkers aleging injury as a result of exposure to talc and
  other products.
      It said other suits are expected to be brought.
      Cyprus, which produces talc, said it has significant
  factual and legal defenses and substantial insurance coverage
  and does not expect the suits to have a material adverse impact
  on its financial condition.
  

"
training/2672	0	acq	"DONALDSON <DCI> TO BUY MINE SAFETY <MNES> UNIT
  Donaldson Co Inc said it reached an
  agreement to buy the assets of the Filter Products Division of
  Mine safety Appliances Co for undisclosed terms.
      It said Filter Products will operate as part of Donaldson's
  Industrial Group and its manufacturing operations will be
  relocated to Dixon, Ill., from Evans City, Pa.
      Donaldson said the acquisition complements its
  microfiltration business and internal research and development
  efforts.
  

"
training/2674	12	earn	"ARUNDEL CORP <ARL> 4TH QTR NET
  Shr 1.73 dlrs vs 1.66 dlrs
      Net 3,637,000 vs 3,789,000
      Revs 27.6 mln vs 26.6 mln
      Year
      Shr 3.47 dlrs vs 2.34 dlrs
      Net 7,815,000 vs 5,340,000
      Revs 94.3 mln vs 81.9 mln
  

"
training/2677	12	earn	"GULF STATES UTILITIES <GSU> GETS QUALIFIED AUDIT
  Gulf States Utilities Co said
  auditor Coopers and Lybrand has issued a qualified opinion on
  1986 financial statements.
      Gulf States said the audit opinion satated that without
  sufficient rate increases or funds from other sources, Gulf
  states may be unable to maintain its financial viability,
  which is necessary to permit the realization of its assets and
  the liquidation of its liabilities in the ordinary course of
  business.
      IT said it received a similar qualified opinion in 1985.
  

"
training/2681	43	ship	"MIDMISSISSIPPI RIVER OPENS TODAY FOR SEASON
  The Mississippi River is now open for
  barge traffic up to the Twin Cities in Minnesota after repairs
  were completed and the first barges moved upstream through Lock
  and Dam 20 near Quincy, Ill at 0600 CST today, an Army Corps of
  Engineers spokesman said.
      About 14 to 15 inches of ice were reported between locks
  three and four on the upper Mississippi River, but other
  sections were generally free of ice, the spokesman said.
      Midwestern weather has been so mild that barges probably
  could have kept loading at Mid-Mississippi River terminals
  through the winter, if Lock and Dam 20 had not been scheduled
  for repairs, he said.
      The Peoria and La Grange locks on the Illinois River are
  still scheduled to close July 13, for two months of repairs.
  

"
training/2687	12	earn	"SUN ELECTRIC CORP <SE> 1ST QTR JAN 31 NET
  Shr profit 15 cts vs loss six cts
      Net profit 1,051,000 vs loss 381,000
      Revs 50.8 mln vs 41.8 mln
      Avg shrs 7,033,00 vs 6,557,000
      NOTE: 1987 net includes tax credits equal to six cts vs one
  cent in 1986.
  

"
training/2688	10	crude	"ECUADOR SAYS SUSPENDS OIL EXPORTS DUE EARTHQUAKE
  Ecuador today suspended its crude oil
  exports indefinitely due to an earthquake last night that
  damaged pumping and crude transport installations, an Energy
  and Mines MInistry statement said.
      It said the state oil firm Corporacion Estatal Petrolera
  Ecuatoriana (CEPE) notified foreign customers that it was
  declaring force majeure on its crude exports due to the tremor.
      Ecuador""s OPEC oil output quota is 210,000 barrels per day
  (bpd).
      A senior energy ministry official said that one pumping
  station at El Salado on Ecuador's main pipeline was damaged.
      He also said an 180 metre section of the pipeline attached
  to the bridge over the Aguarico river collapsed.
      The pumping station was about 20 km from the Reventador
  volcano, near the epicentre of the quake, which Ecuadorean
  seismologists said registered six on the 12-point international
  Mercalli scale. The Aguarico bridge was also close to the
  volcano, he said.
      The quake struck northern Ecaudor and southern Colombia,
  according to Ecuadorean officials. No injuries were reported.
  

"
training/2691	12	earn	"LEASEWAY TRANSPORTATION CORP <LTC> 4TH QTR LOSS
  Oper shr loss 39 cts vs profit 62 cts
      Oper net loss 4,628,000 vs profit 7,256,000
      Revs 338.1 mln vs 327.9 mln
      Year
      Oper shr profit 1.12 dlrs vs profit 1.88 dlrs
      Oper net profit 13.2 mln vs 22.2 mln
      Revs 1.32 billion vs 1.29 billion
      NOTE: Net excludes gains from discontinued leasing
  operations of 37.6 mln dlrs vs 40.3 mln dlrs in year and 32.6
  mln dlrs vs 34.3 mln dlrs in quarter.  Results restated for
  discontinued operations.
      1986 net both periods includes charge 6,300,000 dlrs from
  elimination of investment tax credits.
  

"
training/2693	12	earn	"NCH CORP <NCH> 3RD QTR JAN 31 NET
  Shr 51 cts vs 44 cts
      Net 4,710,000 vs 4,086,000
      Sales 109.2 mln vs 98.2 mln
      Nine mths
      Shr 1.62 dlrs vs 1.39 dlrs
      Net 15.0 mln vs 13.6 mln
      Sales 314.6 mln vs 279.7 mln
  

"
training/2695	12	earn	"NATIONWIDE HAD 1986 PROPERTY-CASUALTY LOSS
  <Nationwide Mutual Insurance Co>
  said its property-casualty companies had a net loss of 56 mln
  dlrs last year while its life insurance operations earned 66.8
  mln dlrs.
      Nationwide said its property-casualty group, the
  fourth-largest U.S. property-casualty insurer had a 106 mln dlr
  loss in 1986. Nationwide Life Insurance Co earned 62.8 mln dlrs
  in 1985, with last year's profit including record capital gains
  of 14.4 mln dlrs, up from gains of 2.6 mln dlrs the previous
  year.
      The company said its property-casualty group had a record
  loss from insurance operations last year of 859 mln dlrs after
  policyholders' dividends, up 25 pct from 1985's 710 mln dlrs.
      Nationwide said a surge in claims from personal auto
  insurance and the volatile commercial liability coverages
  during a period of unprecedented sales growth generated the
  loss.
      The company said over 576 mln dlrs of last year's group
  losses came from commercial insurance lines and 282 mln dlrs
  from its personal auto insurance business.
      Partially offsetting 1986's record insurance losses,
  Nationwide said, were record investment gains of 775 mln dlrs
  and a 28 mln dlr federal tax credit. The investment gains were
  up 39 pct from 1985's gains of 559 mln dlrs.
  

"
training/2696	18	heat	"SUN <SUN> RAISES HEATING OIL BARGE PRICE
  Sun Co's Sun Refining and Marketing
  subsidiary said it increased the price it charges contract
  barge customers for heating oil in New York harbor 0.50 cent a
  gallon, effective today.
      They said the 0.50 cent increase brings Sun's contract
  barge price to 49 cts. The recent price hike represents the
  fifth this week, totalling 4.75 cts. The increases are
  following sharp spot and futures price rises, the company said.
  

"
training/2699	0	acq	"FIRST WOMEN'S BANK INVESTOR GROUP OFFER EXPIRES
  The investor group owning about 42 pct
  of the outstanding capital stock of <The First Women's Bank>
  said a cash tender offer for the bank's remaining outstanding
  shares at 11 dlrs per share expired on March three.
      The investors said about 132,000 shares, or about 20 pct of
  the outstanding, had been tendered.
  

"
training/27	12	earn	"UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET
  Shr 39 cts vs 50 cts
      Net 1,545,160 vs 2,188,933
      Revs 25.2 mln vs 19.5 mln
      Year
      Shr 1.53 dlrs vs 1.21 dlrs
      Net 6,635,318 vs 5,050,044
      Revs 92.2 mln vs 77.4 mln
      NOTE: Results include adjustment of 848,600 dlrs or 20 cts
  shr for 1986 year and both 1985 periods from improvement in
  results of its universal life business than first estimated.
  

"
training/2700	12	earn	"COMPUTER MEMORIES INC <CMIN> 3RD QTR LOSS
  Period ended December 31.
      Shr loss nine cts vs loss 1.92 dlrs
      Net loss 950,000 vs loss 21,334,000
      Revs 580,000 vs 22.2 mln
      Nine Mths
      Shr loss six cts vs loss 1.23 dlrs
      Net loss 694,000 vs loss 13,710,000
      Revs 5,129,000 vs 111.9 mln
      Note: Current qtr includes tax loss of 118,000 vs loss of
  476,000 dlrs.
  

"
training/2708	12	earn	"TRENWICK GROUP INC <TREN> 4TH QTR NET
  Oper shr profit 18 cts vs loss four cts
      Oper net profit 1,847,000 vs loss 282,000
      Revs 25.9 mln dlrs vs 8,626,000 drs
      12 mths
      Oper shr profit 39 cts vs loss 24 cts
      Oper net profit 3,262,000 vs loss 1,555,000
      revs 67.5 mln vs 27.9 mln dlrs.
      NOTE: 1986 qtr and year excludes investment gains of
  1,541,000 and 1,865,000, respectively, and 1985 qtr and year
  includes investment gains of 301,000 dlrs and 1,424,000.
  

"
training/271	48	trade	"JAPAN FEBRUARY INTERIM TRADE SURPLUS JUMPS
  Japan's customs-cleared trade surplus in
  the first 20 days of February jumped to 3.58 billion dlrs from
  1.94 billion a year earlier, the Finance Ministry said.
      The February interim surplus was sharply up from a 965.04
  mln dlr surplus in the same January period.
      FOB exports rose 14.6 pct from a year earlier in the first
  20 days of February to 10.91 billion, while CIF imports fell
  3.2 pct to 7.33 billion.
      The average dollar/yen rates were 152.32 for exports and
  152.31 for imports against 196.61 for exports and 196.27 for
  imports a year earlier.
  

"
training/2711	12	earn	"BUSH <BSH> REVISES 4TH QTR, YEAR RESULTS UP
  Bush Industries Inc said that
  after an audit it has revised upwards its 1986 fourth quarter
  and year end results. On February 12 it reported unaudited
  results.
      Under the audited amounts, 1986 fourth quarter income was
  1,098,978 mln dlrs, or 55 cts a share. The unaudited income for
  the period was 1,014,000, or 51 cts per share.
      For the year, the audited amounts showed earnings of
  2,505,978, or 1.25 dlrs per share. The prior results reported
  income of 2,421,000, or 1.21 dlrs per share. Sales figures for
  both periods did not differ significantly from prior amounts.
  

"
training/2714	0	acq	"FURNITURE (UFURF) UPS BENCH CRAFT (SOFA) STAKE
  Universal Furniture Ltd said in a
  filing with the Securities and Exchange Commission that it had
  increased its stake in Bench Craft Inc common stock to
  2,548,975 shares or 45.3 pct of the total outstanding.
      Universal said its Universal Furniture Industries N.V. unit
  bought 235,750 Bench Craft shares March 4 in the
  over-the-counter market.
  

"
training/2718	12	earn	"CLEVITE INDUSTRIES INC <CLEV> 4TH QTR OPER LOSS
  Oper net loss 411,000 vs profit 875,000
      Sales 69.7 mln vs 70.5 mln
      Year
      Oper net profit 6,258,000 vs profit 4,785,000
      Sales 299.5 mln vs 297.2 mln
      Note: Company made initial public offering in June, 1986.
  Assuming the offering had occurred on Jan. 1, 1986, operating
  net income per share would have been 85 cts a share for 1986.
      1986 oper net excludes one-time charge of 16.8 mln dlrs, or
  2.46 dlrs a share, in qtr and year due to the February 1987
  sale of the company's engine parts division. Oper net for 1986
  year also includes profit from discontinued operations of
  360,000 dlrs, or five cts a share.
      Oper net for 1986 excludes extraordinary loss of 1.1 mln
  dlrs, or 17 cts a share, due to the June 1986 write-off of
  unamortized debt issue costs from the public offering. 1985
  oper net excludes extraordinary profit of 1.1 mln dlrs.
  

"
training/272	1	alum	"NIPPON LIGHT METAL CONTINUES ALUMINIUM OUTPUT CUT
  Nippon Light Metal Co Ltd <NLGT.T>, which
  has annual capacity of 63,000 tonnes, will continue primary
  aluminium production at a rate of 35,000 tonnes owing to low
  domestic and world prices and low water supplies at its
  hydroelectric power plant, a company official said.
      Nippon, which has no plans to restore output to the 48,000
  tonnes a year at which it was working until late 1986, will
  become Japan's only smelter.
      <Ryoka Light Metal Industries Ltd> will stop smelting in
  April owing to high power costs and low prices, and <Mitsui
  Aluminium Co Ltd> has said it stopped smelting in February.
  

"
training/2720	12	earn	"CMS ADVERTISING SETS 3-FOR-2 STOCK SPLIT
  <CMS Advertising Inc> said its
  board has approved a three-for-two stock split in the form of a
  dividend payable March 30 to holders of record March 16.
      The company said a similar split was paid December eight,
  leaving it with 2,344,200 shares outstanding.
      CMS Advertising said the next split will result in a
  proportionate reduction in the exercise price of its stock
  purchase warrants to 1.67 dlrs a share from 2.50 dlrs.
  

"
training/2722	12	earn	"CIE FINANCIERE DE PARIBAS <PARI.PA> 1986 YEAR
  Parent company net profit 385 mln francs vs 226.9 mln
      Dividend five francs vs no comparison
      Note - The financial and banking group was privatised by
  the government in January this year.
  

"
training/2723	12	earn	" 6-MAR-1987 12:28:37.20
   6-MAR-1987 12:28:37.20

"
training/2725	22	interest	"BANK OF ENGLAND PRESSURE HOLDS BASE RATES
  This week's Bank of England resistance to
  strong market pressure for lower interest rates succeeded in
  holding bank base rates at 11 pct.
      But at a cost of threatening the Chancellor of the
  Exchequer Nigel Lawson's policy, stated at the end of the Paris
  Group of Six meeting last month, that he wanted to see sterling
  broadly stable about then prevailing levels, market sources
  said.
      Since then, the pound has risen to 71.8 pct on its closing
  trade-weighted index, up from 69.7 pct imediately after the
  Paris meeting and up 0.4 on the day.
      Today's peak at 72.0 pct was its highest since August 19.
      A Treasury spokesman said Lawson had said he neither wanted
  a substantial rise or fall in sterling. The question is
  therefore how large a rise he is ready to see before acting.
      Paul Temperton, chief economist at Merrill Lynch Europe
  Ltd, estimated that the government wanted to see the
  trade-weighted index about 72-73 pct. ""Even after this action
  over the last few weeks, sterling's only just within striking
  distance of that range,"" he said.
      Other analysts agree that the government probably has some
  broad target range around this area.
      However, they said Lawson would be prepared to see the
  pound go higher at least in the short term, despite the risk of
  a loss of export competitiveness and cheaper prices on imports.
      ""If the Bank of England keeps the interest rates as they
  are, what's to stop it (going higher),"" said John Cox, executive
  director of EBC Amro Bank Ltd, a major operator on the London
  foreign exchange market.
      Cox estimates that the Bank of England has been active
  selling sterling over the past few days, despite the lack of
  general market talk of such intervention, and this has helped
  keep it below 1.60 dlrs.
      The pound rose to 1.5870 dlrs from 1.5764 yesterday and
  1.5400 February 23, the day after the Paris meeting.
      But Cox says the government must be worried with sterling
  heading toward 2.95 marks and would be very concerned if it
  holds around these levels.
      He warned the Bank may run the risk of missing the interest
  rate boat. ""If rates don't come down, the market will say they
  ought to have come down and will sell sterling,"" he said.
      Most dealers agree there is a good deal of ""hot money"" being
  invested in sterling, money simply attracted by high overnight
  or one-week rates, which could flow out at equally short
  notice.
      However, the authorities will hope that at least a
  proportion of the buying reflects long-term investment.
      ""The last thing they want to do is reduce them (rates) and
  have to jack them back up again,"" said Richard Jeffrey,
  economist at brokerage house Hoare Govett Ltd.
      He said a half point cut would ensure continued support for
  sterling, at least in the near term.
      However, most analysts are still looking for a full point
  about March 17, Budget Day.
      The Bank must hold out until it sees the reaction to the
  Budget, said Temperton.
      The Budget is widely forecast to be a vote winner in the
  run-up to a general election, the major factor behind current
  bullishness in the government bond and currency markets.
      ""Lawson wants to delay a cut in base rates until the budget.
  He wants it to be crowned with the glory of an interest rate
  cut,"" said Ian Harwood, economist at Warburg Securities, the
  equities arm of Mercury International Group.
      Speculation a clearing bank might break ranks and lead the
  way lower were confounded today. There was excitement a fall in
  the weekly Treasury Bill rate to 9.7 pct from 10.2 pct last
  Friday might mean the Bank had changed its mind.
      This followed the imposition of penal lending rates of 11
  3/4 pct on the discount houses yesterday, and was the lowest
  since base rates were at 10 pct, early last October.
      However, with this Bill rate pertaining to three-months
  money, banking sources said the market could not take the cut
  as a guide to the Bank's intentions on short term rates.
  

"
training/2728	0	acq	"BANCROFT <BCV> SHAREHOLDERS REBUKE ZICO OFFER
  Bancroft Convertible Fund Inc, the
  target of an unfriendly cash offer by <Zico Investment Holdings
  Inc>, said its shareholders approved proposals requiring a
  66-2/3 pct affirmative vote of all outstanding shares before
  fundamental changes in its status could be made.
      Previously, only a simple majority of outstanding shares
  was needed to change Bancroft's investment status from a
  diversified to a non-diversified fund, among other things.
      Bancroft said its board continues to recommend that
  stockholders not tender their shares to Zico, a British Virgin
  Islands company which it said had ties to South Africa.
  

"
training/2729	12	earn	"INT'L TOTALIZATOR <ITSI> SEES BETTER 1ST QTR
  International Totalizator Systems Inc
  Vice President of Finance Joel Graff said he expects to report
  an improved first quarter compared to the 377,000 dlr loss
  reported in the year ago quarter.
      ""A profit looks quite favorable,"" Graff said.
      Last week, the automated ticket systems supplier reported a
  loss of 1.2 mln dlrs for the 1986.
      Graff said ""we invested heavily in 1986, which we believe
  will result in higher future growth and earnings for the
  company.""
  

"
training/273	10	crude	"SAUDI FEBRUARY CRUDE OUTPUT PUT AT 3.5 MLN BPD
  Saudi crude oil output last month fell
  to an average of 3.5 mln barrels per day (bpd) from 3.8 mln bpd
  in January, Gulf oil sources said.
      They said exports from the Ras Tanurah and Ju'aymah
  terminals in the Gulf fell to an average 1.9 mln bpd last month
  from 2.2 mln in January because of lower liftings by some
  customers.
      But the drop was much smaller than expected after Gulf
  exports rallied in the fourth week of February to 2.5 mln bpd
  from 1.2 mln in the third week, the sources said.
      The production figures include neutral zone output but not
  sales from floating storage, which are generally considered
  part of a country's output for Opec purposes.
      Saudi Arabia has an Opec quota of 4.133 mln bpd under a
  production restraint scheme approved by the 13-nation group
  last December to back new official oil prices averaging 18 dlrs
  a barrel.
      The sources said the two-fold jump in exports last week
  appeared to be the result of buyers rushing to lift February
  entitlements before the month-end.
      Last week's high export levels appeared to show continued
  support for official Opec prices from Saudi Arabia's main crude
  customers, the four ex-partners of Aramco, the sources said.
      The four -- Exxon Corp <XON>, Mobil Corp <MOB>, Texaco Inc
  <TX> and Chevron Corp <CHV> -- signed a long-term agreement
  last month to buy Saudi crude for 17.52 dlrs a barrel.
      However the sources said the real test of Saudi Arabia's
  ability to sell crude at official prices in a weak market will
  come this month, when demand for petroleum products
  traditionally tapers off. Spot prices have fallen in recent
  weeks to more than one dlr below Opec levels.
      Saudi Arabian oil minister Hisham Nazer yesterday
  reiterated the kingdom's commitment to the December OPEC accord
  and said it would never sell below official prices.
      The sources said total Saudi refinery throughput fell
  slightly in February to an average 1.1 mln bpd from 1.2 mln in
  January because of cuts at the Yanbu and Jubail export
  refineries.
      They put crude oil exports through Yanbu at 100,000 bpd
  last month, compared to zero in January, while throughput at
  Bahrain's refinery and neutral zone production remained steady
  at around 200,000 bpd each.
  

"
training/2737	0	acq	"BOC GROUP COMPLETES SALE OF UNIT TO CONTROLS
  <BOC Group Inc>'s Airco
  Distributor Gases finalized the sale of its Virginia-based gas
  appaturs business to <Controls Corp of America>, a newly formed
  investment group organized by former Airco employees.
      Under the terms of the sale, Airco said Controls will
  continue to make the gas apparaturs product line under the
  Airco brand name, marketing the products exclusively through
  the Airco's distributor network.
  

"
training/2742	12	earn	"ABN SAYS PROFIT RISE ENCOURAGING IN VIEW DOLLAR
  Algemene Bank Nederland N.V. <ABNN.AS>
  chairman Robertus Hazelhoff said the bank's 10.3 pct increase
  in net 1986 profit to 527 mln guilders from 478 mln in 1985 was
  encouraging in view of the sharply lower dollar.
      Hazelhoff, speaking at a press conference after the release
  of ABN's 1986 results, said a sharp decrease in foreign
  earnings had been compensated by a strong domestic performance,
  notably in the securities business.
      He said the bank was also proposing a one for 10
  share-split which should facilitate trade in the bank's stock.
      News of the split sparked a 14 guilder rise in ABN's share
  price on the Amsterdam bourse to a close of 517 guilders.
      Prospects for 1987 hung on three uncertainties, namely the
  future trend of the dollar, the level of interest rates and
  ABN's share of equities trade, Hazelhoff said.
      Provisions for general contingencies were reduced in 1986
  by 4.1 pct to 575 mln guilders, while taxes increased by 2.1
  pct to 242 mln guilders, he added.
      Lower global interest rates in 1986 had nipped earnings
  margins via traditional lending activities, he said.
      Hazelhoff said ABN was unlikely to continue reducing risk
  provisions in the future but he noted the bank was not overly
  concerned about default by Latin American debtors, a factor
  which brokers say has distanced Dutch insititutions from bank
  stocks recently.
      He said that of the bank's estimated 25 financially
  troubled sovereign debtors, about one quarter were Latin
  American countries. These would ultimately pay up, he said.
      He added that losses incurred through loans to tin
  producers in the wake of the tin council crisis at end-1985 had
  been written off.
  

"
training/2743	33	money-supply	"CANADIAN MONEY SUPPLY M-1 RISES 217 MLN DLRS IN WEEK, BANK OF CANADA SAID

  CANADIAN MONEY SUPPLY M-1 RISES 217 MLN DLRS IN WEEK, BANK OF CANADA SAID
  

"
training/2744	33	money-supply	"CANADIAN MONEY SUPPLY RISES IN WEEK
  Canadian narrowly-defined money supply
  M-1 rose 217 mln dlrs to 32.80 billion dlrs in week ended
  February 25, Bank of Canada said.
      M-1-A, which is M-1 plus daily interest chequable and
  non-personal deposits, rose 556 mln dlrs to 75.19 billion dlrs
  and M-2, which is M-1-A plus other notice and personal
  fixed-term deposit rose 651 mln dlrs to 176.87 billion dlrs.s
      M-3, which is non-personal fixed term deposits and foreign
  currency deposits of residents booked at chartered banks in
  Canada, rose 992 mln dlrs to 216.03 billion dlrs.
      Chartered bank general loans outstanding rose 481 mln dlrs
  to 124.99 billion dlrs.
      Canadian liquid plus short term assets fell 854 mln dlrs to
  35.40 billion dlrs and total Canadian dollar major assets of
  the chartered banks fell 118 mln dlrs to 221.20 billion dlrs.
      Chartered bank net foreign currency assets fell 23 mln dlrs
  to minus 1.92 billion dlrs.
      Notes in circulation totalled 16.24 billion dlrs, up 76 mln
  dlrs from the week before.
      Government cash balances fell 565 mln dlrs to 4.31 billion
  dlrs in week ended March 4.
      Government securities outstanding rose 1.25 billion dlrs to
  224.09 billion dlrs in week ended March 4, treasury bills rose
  950 mln dlrs to 74.55 billion dlrs and Canada Savings Bonds
  fell 57 mln dlrs to 44.34 billion dlrs.
  

"
training/2746	26	jobs	"FRENCH GOVERNMENT TO STEP UP AID TO JOBLESS
  The government plans to go ahead with a
  three billion franc package to help the long-term unemployed,
  with the aim of guaranteeing social security payments to
  everyone becoming redundant, government officials said.
      At present only about one-third of the country's 2.6 mln
  jobless, corresponding to 10.9 pct of the workforce, receive
  unemployment benefit.
      Prime Minister Jacques Chirac told a television
  interviewer, ""As soon as the law is approved, and it will be in
  a matter of weeks, all workers made redundant will have the
  right to social benefits.""
      The money, which will be used to alleviate unemployment
  through retraining or project finance, will come from a 7.5
  billion franc government fund set up last month to finance
  spending on special areas of concern.
      Apart from unemployment, these include relief to farmers
  hit by European Community cost-cutting measures.
      French unemployment has risen by more than 40 pct from 1.8
  mln when socialist President Francois Mitterrand took office in
  1981.
  

"
training/2748	12	earn	"SUN ELECTRIC CORP <SE> 1ST QTR JAN 31 OPER NET
  Oper shr profit nine cts vs loss seven cts
      Oper net profit 628,000 vs loss 491,000
      Sales 50.7 mln vs 41.8 mln
      Avg shrs 7,033,000 vs 6,557,000
      Note: Oper net excludes extraordinary profit of 423,000
  dlrs, or six cts a shr, and 110,000 dlrs, or one ct a share,
  respectively, in 1987 and 1986 quarters, from utilization of
  tax loss carryforwards.
  

"
training/2750	12	earn	"CETEC CORP <CEC> 4TH QTR NET
  Oper shr two cts vs eight cts
      Oper net 41,000 vs 153,000
      Sales 7,456,000 vs 7,965,000
      Year
      Oper shr 22 cts vs 50 cts
      Oper net 434,000 vs 1,103,000
      Sales 31 mln vs 33.6 mln
      Note: Current qtr and year figures exclude loss from
  discontinued operations of 384,000 dlrs, or 20 cts per share.
      Prior qtr and year figures exclude losses from discontinued
  operations of 1.9 mln dlrs, or 88 cts per share and 2.3 mln
  dlrs, or 1.07 dlrs per share, respectively.
  

"
training/2751	12	earn	"RICHTON INTERNATIONAL CORP <RIHL> 3RD QTR JAN 31
  Shr 18 cts vs 39 cts
      Net 507,000 vs 762,000
      Sales 11.3 mln vs 11.7 mln
      Avg shrs 2,789,000 vs 1,961,000
      Nine mths
      Shr 39 cts vs 90 cts
      Net 1,076,000 vs 1,752,000
      Sales 32.9 mln vs 33.3 mln
      Avg shrs 2,771,000 vs 1,955,000
  

"
training/2752	12	earn	"VALTEK INC <VALT> 3RD QTR JAN 31 NET
  Shr 18 cts vs 19 cts
      Net 400,413 vs 421,451
      Revs 9,343,228 vs 8,213,449
      Nine mths
      Shr 39 cts vs 46 cts
      Net 853,891 vs 1,011,999
      Revs 24.6 mln vs 22.3 mln
  

"
training/2754	12	earn	"THE WRITER CORP <WRTC> 4TH QTR LOSS
  Shr loss 30 cts vs profit 11 cts
      Net loss 1,247,000 vs profit 454,000
      Revs 12.3 mln vs 17.5 mln
      Year
      Shr loss 24 cts vs profit 32 cts
      Net loss 979,000 vs profit 1,303,000
      Revs 60.6 mln vs 61.7 mln
  

"
training/2756	12	earn	"ROCKY MOUNTAIN MEDICAL CORP <RMEDU> 1ST QTR LOSS
  Dec 31
      Shr loss one ct
      Net loss 176,639
      Revs 150,300
      NOTE: Company went public in April 1986.
  

"
training/2757	12	earn	"FIRST AMERICAN BANK AND TRUST <FIAMA> YEAR NET
  Shr 91 cts vs 1.25 dlrs
      Net 8,710,000 vs 11.7 mln
      Avg shrs 9,526,287 vs 9,362,379
      NOTE: Share adjusted for 10 pct stock dividend in May 1986.
      Net includes loan loss provisions of 12.7 mln dlrs vs
  2,400,000 dlrs.
  

"
training/2760	45	sugar	"INDIA AGAIN IN MARKET FOR SUGAR - TRADE
  India has called a fresh buying tender
  for up to four 13,000 tonne cargoes of white sugar on March 11,
  traders here said.
      The tender calls for one cargo of prompt sugar and two to
  three with March/April shipment sugar, or the same as the eight
  cargoes bought at a tender two days ago. That tender originally
  only sought two to three cargoes but resulted in the sale of
  eight. India also granted the sellers options to sell twice
  that amount at the same price but for April/May shipment.
      Depending on prices, traders said it would be likely for
  India again to buy more than the tonnage formally sought.
  

"
training/2761	12	earn	"<WARRANTECH CORP> 3RD QTR DEC 31 NET
  Shr profit nil vs loss nil
      Net profit 28,565 vs loss 204,553
      Revs 507,529 vs 6,563
      Nine mths
      Shr loss nil vs loss nil
      Net loss 404,011 vs loss 649,495
      Revs 938,345 vs 32,535
  

"
training/2762	16	gold	"PIONEER GROUP <PIOG> UNIT GETS MORE LAND
  The Pioneer Group Inc said its 70
  pct-owned Teberebie Goldfields Ltd venture has been granted an
  additional concession of land in Ghana to look for and mine
  gold.
      The State Gold Mining Corp of Ghana granted the venture an
  additional 14.5 square kilometers in Teberebie, Ghana,
  contiguous to 11.5 square kilometers granted earlier, the
  company said.
      The original concession appears to have a substantial
  amount of gold bearing material containing about 2 grams, or
  6/100 ounces, of gold per metric ton.
      But the venture has no firm estimates on the costs of
  extracting the gold and no assurances can be given that the
  reserves can be mined profitably, the company said.
      It said Teberebie Goldfields has not conducted tests on the
  newly granted land but added the land seems to be similar in
  geological characteristics to the original land.
  

"
training/2763	0	acq	"INSITUFORM <IGLSF> RAISES STAKE IN UNIT
  Insituform Group Ltd of Guernsey,
  Channel Islands, said it has exercised an option to convert a
  250,000 stg loan to affiliate Insituform Permaline Ltd to
  common shares, raising its stake in the unit to 75 pct from 50
  pct.
      The remainder is held by Permaline's management and an
  investment group.
      Insituform also said James Colclough has resigned from its
  board for health reasons and secretary Scott Saltpeter has
  resigned, effective June Five.
  

"
training/2764	6	copper	"COPPER MEETING AGREES GOALS OF STUDY GROUP
  The world's major copper producing and
  consuming countries have reached ""a degree of consensus"" on
  objectives and functions of a future study group aimed at
  reviewing the world copper market, officials said.
      Governments represented at a meeting to consider a proposed
  forum for copper have recommended that another session be held
  in September to consider further the nature of such a group, a
  spokesman for the United Nations Conference on Trade and
  Development (UNCTAD) said.
      The one-week meeting, which ended today, was held to
  examine a U.S. Initiative to set up a copper study group.
      The new body would not aim at negotiating measures to
  stabilise depressed world prices.
      Its objectives would include increasing market
  transparency, through improved statistics, and undertaking
  activities aimed at developing the copper market and
  contributing to improvement of demand.
      UNCTAD's spokesman said, ""Once they have agreed on detailed
  functions and objectives, then the way will be cleared to
  setting up the body.""
  

"
training/2765	32	money-fx	"LIFFE FEBRUARY VOLUMES DOWN, BUT EURODOLLARS UP
  Total futures and options turnover on the
  London International Financial Futures Exchange (LIFFE) fell
  slightly during February, although daily average Eurodollar
  volume set a new record, LIFFE said today.
      Total futures and options turnover last month was 822,378
  contracts, down from January's 881,778, but sharply above the
  comparative February 1986 figure of 463,146 lots, it said.
      Eurodollar turnover during February was 140,417 lots,
  against January's 100,941 and the year ago figure of 81,648.
  The daily average was a record 7,020 lots, up four pct from the
  previous record, set in March 1985.
      February trading encompassed a new daily record of 66,087
  contracts on the 19th of the month, exceeding the previous
  record of 61,398, which had been set on February 6, LIFFE said.
      FT-SE 100 index futures volume was sharply higher during
  February, with 22,109 contracts trading, against January's
  15,279 and the year-ago level of 8,181.
      Open interest also set new records last month in
  Eurodollars at 29,372 contracts, in FT-SE 100 at 4,898 and in
  short sterling interest rate futures at 19,846 lots.
      Key futures volumes as detailed by LIFFE were:
                   Feb'87   Jan'87    Feb'86
   Long gilt      424,865  525,354   134,420
   Eurodollar     140,417  100,941    81,648
   Short sterling  94,720   87,619    67,640
   T-bond          84,694   87,980   133,766
   FT-SE           22,109   15,279     8,181
   Currencies       2,799    2,112     7,737
   Short gilt          74       85     6,516
      Key options volumes as detailed by LIFFE were:
                Feb'87    Jan'87     Feb'86
   Long gilt     44,640    54,329     ----
   Eurodollar     3,580     1,720     2,844
   T-bond         1,737     3,479     ----
   Sterling       1,466     2,223    18,191
   FT-SE          1,277       657     ----
   Total options 52,700    62,408    23,238
      (Long gilt, T-bond and FT-SE index options were not trading
  in February 1986).
  

"
training/2767	10	crude	"COLOMBIAN OIL EXPORTS NOT AFFECTED BY QUAKE
  Colombian oil installations were not
  damaged by an earthquake which shook Ecuador and southern
  Colombia last night and there are no plans to suspend exports,
  a spokesman for the state-run oil company Ecopetrol said.
      He said no damage was reported, unlike in Ecuador where
  indefinite force majeure was declared on crude exports.
      Colombia currently produces about 360,000 barrels per day
  (bpd) of crude. Exports in january totalled 123,000 bpd.
      The quake, which in Colombia measured between 6.5 and seven
  on the 12-point international Mercalli scale, caused panic
  among residents but no injuries were reported.
  

"
training/2768	0	acq	"CHICAGO MILWAUKEE <CHG> GREETS SHEARSON STAKE
  Chicago Milwaukee Corp said it welcomed
  an investment by Shearson Lehman Brothers Inc in its company.
      Yesterday, Shearson Lehman, a subsidiary of American
  Express Co (AXP), disclosed in a Securities and Exchange
  Commission filing that it holds a 5.35 pct interest in Chicago
  Milwaukee.
      Chicago Milwaukee's stock edged up 2-1/8 to 138 on turnover
  of 8,100 shares, as one of the biggest gainers on the NYSE. The
  stock has been trading in a 154 to 128 range for the last 52
  weeks.
      Edwin Jacobson, Chicago Milwaukee president, declined to
  comment on movement of the company's stock but said,""From an
  investment point of view, we are pleased to have Shearson,
  Lehman as a substantial investor.""
      Shearson, Lehman purchased the shares for investment
  purposes and may continue buying shares depending on market
  conditions, according to the filing.
      Chicago Milwaukee, which sold its railroad interests to Soo
  Line Railroad Co (SOO) in February 1985, currently manages and
  sells its real estate which consists of 28,000 parcels in 11
  states.
  

"
training/2769	0	acq	"DAUPHIN DEPOSIT <DAPN> TO MAKE ACQUISITION
  Dauphin Deposit Corp said it has
  signed a letter of intent to acquire Colonial Bancorp Inc of
  New Holland, Pa., in an exchange of 3.6 to 4.4 Dauphin shares
  for each colonial share, depending on the market value of
  Dauphin shares just before the merger takes place.
      The company said the acquisition is subject to approval by
  Colonial shareholders and regulatory authorities.  Colonial had
  assets at year-end of about 150 mln dlrs.
  

"
training/2771	12	earn	"VAN DORN CO <VDC> SETS QUARTERLY
  Qtly div 27-1/2 cts vs 27-1/2 cts prior
      Pay May One
      Record April 17
  

"
training/2772	12	earn	"M.D.C. HOLDINGS INC <MDC> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay March 31
      Record March 16
  

"
training/2773	12	earn	"CHUBB CORP <CB> SETS QUARTERLY
  Qtly div 42 cts vs 42 cts prior
      Pay April Seven
      Record March 20
  

"
training/2775	10	crude	"CRUDE OIL PRICES UP AS STOCKS, OUTPUT FALL
  U.S. crude oil prices rose above 18 
  dlrs a barrel this week and industry analysts said the price
  could rise another dollar as inventories fall.
      ""OPEC is keeping its production down, and in the cash market
  there is tight supply of crude with short transportation time
  to major refining centers,"" said Daniel McKinley, oil analyst
  with Smith Barney, Harris Upham and Co. ""That could send prices
  50 cts to a dollar higher,"" he added.
      The U.S. benchmark crude West Texas Intermediate rose to
  18.15 dlrs a barrel today, a rise of 1.50 dlrs this week.
      The rally in oil prices this week came after prices fell in
  February more than two dlrs from its high of 18.25 dlrs a
  barrel.
      ""Oil traders were pulling prices down on the assumption that
  oil stocks were building and OPEC was producing well above its
  15.8 mln bpd quota, but now both of those assumptions have come
  under question,"" McKinley said.
      Yesterday the International Energy Agency in its monthly
  report said that oil stocks in the OECD area, or in
  industrialized nations, were drawn down by 1.3 mln bpd during
  the first quarter of this year.
      IEA estimates that the draw in oil stocks during the first
  quarter of this year will come largely from oil companies whose
  inventory levels by April one will be an estimated 326 mln
  tonnes, or about 74 days consumption.
      Industry analysts also said the estimate of a 3.5 mln bpd
  draw in stocks made by Shell Chairman Peter Holmes yesterday
  fed speculation that other major companies were destocking.
      Traders said the destocking has come about as a result of a
  so-called buyers strike, which kept refiners from buying
  officially priced OPEC oil in an effort to get the organization
  to offer discounts to the official price.
      ""This struggle between the companies and OPEC is the
  ultimate game of chicken but it will be resolved relatively
  soon. I would imagine by about the middle of the month (March),""
  the general trading manager of an international oil company
  told Reuters in a telephone interview.
      For its part OPEC has moved to win this game by cutting
  excess supplies from the market by a reduction of its own
  output, traders said. A Reuter survey estimates OPEC output to
  be 14.7 mln bpd this week.
      Also, an earthquake in Ecuador yesterday led it to suspend
  oil exports indefintiely and force majeure its shipments.
      ""This will reduce short-haul availabilities by about 250,000
  bpd almost immediately and the longer the suspension continues,
  the larger the draw in stocks will be for companies expecting
  it to be there,"" McKinley said.
      International oil traders said that other short-haul
  crudes, such as North Sea Brent, were also scarce because Asian
  refiners bought the oil after absorbing a lot of the readily
  available Mideast crudes earlier this week.
      If this pattern continues then oil companies will bid up
  the price of oil as they purchase for their refineries, trading
  managers at several companies told Reuters.
      But there were skeptics who said they wondered how long
  OPEC can retain its unity if buyer resistance continues.
      Stephen Hanke, chief economist at Friedburg Commodity
  Management, said OPEC production was lower ""because of the
  Saudi cut (to 3.1 mln bpd) and this could spell trouble if it
  gives other members an incentive to exceed their quotas.""
       He added, ""The Saudis will be picking up the tab for other
  members who produce over their quota, and the drain on the
  Saudis will continue, forcing them to cut output maybe as low
  as 2.5 mln bpd to support the 18 dlrs average price,"" he added.
      There are also signs of some OPEC crudes being sold in the
  spot market at below OPEC official prices, traders said.
      Oil traders said Nigerian Brass River sold for delivery
  into the U.S. Gulf at a price related to North Sea brent, which
  traded this week at 17.60 dlrs, far below the official price of
  18.92 dlrs for the similar quality Bonny Light.
      Iranian oil is also surfacing in the U.S. Gulf and the Far
  East at reported discounts to its 17.50 dlrs official price.
      ""There is a lot of oil priced on government-to-government
  deals, which are below official prices and this is probably
  being resold,"" one international trader said.
  

"
training/2779	12	earn	"FIRST FEDERAL BROOKSVILLE <FFBV> SETS QUARTERLY
  Qtly div four cts vs four cts prior
      Pay March 31
      Record March 20
      NOTE: First Federal Savings and Loan Association of
  Brooksville.
  

"
training/2781	12	earn	"ALUMINUM CO OF AMERICA <AA> REGULAR DIVIDEND
  Qtly div 30 cts vs 30 cts in prior qtr
      Payable May 25
      Record May one
  

"
training/2783	0	acq	"SIEMENS WANTS TO AMEND TELECOM PLUS <TELE> PACT
  Telecom Plus International Inc
  said <Siemens AG>'s Siemens Information Systems wants to amend
  its agreement to purchase Telecom's 65 pct interest in Tel Plus
  Communications to delay payment of 25 mln dlrs for 11 months.
      Telecom's shareholders are scheduled to vote on the 165 mln
  dlr transaction Monday.
      Telecom said it advised Siemens it intends to close the
  transaction on March 16, as scheduled, if it is approved by
  shareholders. A spokesman said this means Telecom will decide
  before the 16th whether or not to accept the proposed change.
      Explaining its request for the amendment, Siemens informed
  Telecom it had recently become aware of information causing
  concern with respect to certain accounting and other matters.
      Siemens said it will therefore need to continue its review
  beyond March 16 to determine whether certain representations
  and warranties are true.
      Telecom said it advised Siemens it knows of no information
  which would make its representations and warranties untrue.
      Siemens already owns the remaining 35 pct of Tel Plus. The
  65 pct represenmts Telecom's principal operating asset.
      A Telecom spokesman said the agreement calls for payment of
  all but 29 mln dlrs of the price at closing. Of this, 21 mln
  dlrs was to be paid 11 months later and two mln dlrs per year
  on the anniversary date of the transaction.
      He said Siemens is now proposing that 25 mln dlrs be added
  to the 21 mln dlrs to be paid in 11 months.
      Telecom said the proposed amendment would also permit
  Siemens to defer repayment of up to an additional 50 pct of
  certain intercompany debt until completion of the review.
  Telecom said it estimates this to ba about 15 mln dlrs.
  

"
training/2784	0	acq	"LUCKY STORES SAYS IT AND INVESTOR EDELMAN REACHED STANDSTILL AGREEMENT

  LUCKY STORES SAYS IT AND INVESTOR EDELMAN REACHED STANDSTILL AGREEMENT
  

"
training/2785	16	gold	"PIONEER GROUP UNIT GETS MORE GHANA GOLD LAND
  The Pioneer Group Inc said its 70
  pct-owned Teberebie Goldfields Ltd venture was granted an
  additional concession of land in Ghana to seek and mine gold.
      The State Gold Mining Corp of Ghana granted the venture an
  additional 14.5 square kilometers in Teberebie, Ghana,
  contiguous to 11.5 square kilometers granted earlier.
      The original concession appears to have a substantial
  amount of gold bearing material containing about 2 grams, or
  6/100 ounces, of gold per tonne. But the venture has no firm
  estimate on the costs of extracting the gold and no assurances
  can be given that the reserves can be mined profitably, the
  company said. It said Teberebie Goldfields has not conducted
  tests on the newly granted land but added the land seems to be
  similar in geological characteristics to the original land.
  

"
training/2787	12	earn	"INTERNATIONAL MULTIFOODS CORP <IMC> DIVIDEND
  Qtly div 29-1/2 cts vs 29-1/2 cts prior
      Pay April 15
      Record March 27
  

"
training/2789	12	earn	"HADSON CORP <HADS> 4TH QTR NET
  Shr profit four cts vs loss 99 cts
      Net profit 545,000 vs loss 13.1 mln
      Revs 75.3 mln vs 37.9 mln
      Avg shrs 14.8 mln vs 13.1 mln
      Year
      Shr profit 34 cts vs profit 34 cts
      Net profit 4,908,000 vs profit 4,487,000
      Revs 216.8 mln vs 117.7 mln
      Avg shrs 14.6 mln vs 13.1 mln
      NOTE: 1985 net included gain on sale of foreign properties
  of 15.5 mln dlrs or 1.19 dlrs per share and a writedown of oil
  and gas properties of 12.5 mln dlrs or 96 cts per share. 1985
  4th qtr net included writedowns of oil and gas properties.
  

"
training/279	12	earn	"JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88
  <Nippon Telegraph and Telephone Corp>
  (NTT) expects its profits to fall to 328 billion yen in the
  year ending March 31, 1988 from a projected 348 billion this
  year, the company said.
      Total sales for the same period are expected to rise to
  5,506 billion yen from a projected 5,328 billion this year, NTT
  said in a business operations plan submitted to the Post and
  Telecommunications Ministry.
      NTT said it plans to make capital investments of 1,770
  billion yen in 1987/88, including 109 billion for research and
  development, as against a total of 1,600 billion this year.
      An NTT spokesman said increased competition from new
  entrants to the telecommunications field and the effect of a
  sales tax scheduled to be introduced next January, were the
  major factors behind the projected decrease in profits.
      The Japanese telecommunications industry was deregulated in
  1985.
  

"
training/2791	0	acq	"LUCKY STORES <LKS>, EDELMAN IN STANDSTILL PACT
  Lucky Stores Inc said it and
  investor Asher Edelman agreed on a settlement that prohibits
  Edelman and his group from taking specified actions to obtain
  control of the company and that limits the Edelman group's
  ownership of Lucky's stock to less than five pct of any voting
  securities.
      The arrangement also provides for the dismissal of pending
  litigation between the parties, Lucky Stores said.
      The settlement also calls for the withdrawal of Edelman's
  motion to intervene in pending shareholder actions against
  Lucky Stores and its directors, the company said.
      In addition, the standstill provisions also apply to
  Hancock Fabrics after it is spun off to Lucky stockholders, the
  company said.
      Lucky Stores said the arrangement also calls for the
  company to submit to stockholders at a special meeting set for
  December 31 a proposal from Edelman seeking their views
  concerning repeal of a charter provision that limits the voting
  power of substantial Lucky stockholders.
      Edelman, who owns about five pct of Lucky Stores' stock,
  last year was rebuffed in his effort to acquire the company.
      Last October Lucky Stores implimented a restructuring
  program that included the repurchase of 28 pct of its own
  common shares and reincorporation in Delaware.
      The spinoff of Hancock Textile Co, a chain of 324 retail
  stores, was one of the key parts of the restructuring program.
      Edelman and his Plaza Securities Co partnership
  subsequently sued in an attempt to block the proposed
  reincorporation, which was a condition of the repurchase and
  restructuring plan.
      Under this latest arrangement, Lucky Stores said it agreed
  to reimburse the Edelman group for 2.8 mln dlrs of
  out-of-pocket expenses, which include litigation and other
  costs.
      ""This agreement serves the interests of Lucky stockholders
  by avoiding the significant cost of continued litigation and
  the accompanying demands on management time,"" Lucky Stores
  chairman John Lillie said in a statement.
  

"
training/2792	12	earn	"ATT <T> PHONE PROPOSAL TO HELP PROFITS
  American Telephone and Telegraph Co's
  proposal to deregulate its long distance phone service is
  unlikely to produce a radical change in phone rates, but it
  should help the company's profits, analysts said.
      ""Deregulation will mean more pricing discounts for large
  volume users, but status quo for residential users,"" said
  PaineWebber Group analyst Jack Grubman.
      But the proposals will scrap the pricing formula that has
  constrained the company's profits in the long distance
  business, leading to higher profit margins, analysts said.
      ATT has long pushed for deregulation of its long-distance
  business, the profits of which have been limited by a regulated
  rate-of-return on the company's investments. The rate was cut
  last year to 12.20 from 12.75 pct.
      Earlier today the company proposed to the Federal
  Communications Commission to scrap the formula, cut the amount
  of time needed to approve rate proposals, and leave it up to
  its competitors to oppose it filings.
      MCI Communications Corp <MCIC> made a similar filing
  yesterday, saying greater the moves would increase competition
  in the telephone business.
      Analysts said the proposals will allow ATT to cut costs in
  the long-distance unit, and increase its profit margins
  previously constrained by the rate of return. But many said
  they did not expect the proposals to lead to higher prices in
  the industry, simply because of the competition the phone
  industry giant faces.
      ""You probably wouldn't see as much of a price decline,""
  said Gartner Group analyst Fritz Ringling. ""But you wouldn't
  see a rise."" Grubman said the proposals will allow ATT to
  selectively raise or lower prices, depending on the market. ""It
  will give ATT a lot more flexibility,"" he said.
      ATT now faces a period of comment in which a number of
  companies will be able to respond to the proposals in FCC
  hearings.
      It may face at least one strong opponent, U.S. Sprint, the
  long distance joint venture between GTE Corp <GTE> and United
  Telecommunications Inc <UT>.
      ""We think the Congress of the FCC should establish a
  reasonable rate of return. Someone should establish it,"" a U.S.
  Sprint spokesman said. But he added the company was not opposed
  to greater competition.
      It may also take some time for the proposals to go through,
  and in the process they may be altered by the various
  constituencies affected by the move.
      ""There's so much complexity, so much inertia, so much
  bureacracy, that stricly speaking about the mechanisms, it
  won't happen that fast,"" said analyst Victor Krueger of the
  Gartner Group.
  

"
training/2793	30	lumber	"CME SETS MAY 29 START FOR LUMBER FUTURES OPTIONS
  The Chicago Mercantile Exchange (CME)
  board of governors announced today the options on Random Length
  lumber futures will begin trading on May 29.
      The contract received Commodity Futures Trading Commission
  (CFTC) approval on January 21 after being submitted for review
  last October 13.
      Initially, only January, March and May delivery months will
  be listed for trading. The size of the underlying futures
  contract is 130,000 board feet. Regular trading hours for the
  contract will be from 0900 to 1305 Central Time. However, on
  the first day of trading the market will open at 1000.
      On March 4 the CME board amended the contract to eliminate
  Christmas Eve expirations for the January option. This
  amendment has been submited to the CFTC, the CME said.
  

"
training/2794	0	acq	"TWA CONFIRMS OWNERSHIP OF 15 PCT OF USAIR GROUP

  TWA CONFIRMS OWNERSHIP OF 15 PCT OF USAIR GROUP
  

"
training/2797	12	earn	"STRUTHERS WELLS <SUW> SEES 1986 NOV 30 LOSS
  Struthers Wells Corp said it expects
  to report a loss, without tax benefit, of about 16 mln dlrs for
  the fiscal year ended November 30, 1986, versus a profit of
  295,000 dlrs in fiscal 1985.
      The company added, however, that about 13.6 mln dlrs of the
  loss relates to discontinued operations and disposal of
  subsidiaries.
      The company said the loss is part of its previously
  announced restructuring that includes the sale of its foreign
  and domestic units.
      Struthers added that it has filed with the Securities and
  Exchange Commission for an extension to file its annual report
  on form 10-K as a result of delays caused by the restructuring.
  

"
training/2798	0	acq	"SOROS GROUP TELLS SEC IT MAY BUY UP TO 49.9 PCT OF FAIRCHILD INDUSTRIES

  SOROS GROUP TELLS SEC IT MAY BUY UP TO 49.9 PCT OF FAIRCHILD INDUSTRIES
  

"
training/2799	0	acq	"TWA <TWA> CONFIRMS OWNERSHIP OF USAIR <U> STOCK
  Trans World Airlines Inc said it owns
  more than four mln USAir Group shares or about 15 pct of the
  total outstanding.
      TWA said it may acquire additional shares in the open
  market, in private transactions, through a tender offer or
  otherwise, subject to Department of Transportation approval.
      TWA has offered 52 dlrs per share for USAir Group. USAir
  rejected the offer yesterday, calling it a last-minute attempt
  to interfere with its takeover of Piedmont Aviation Inc.
      A TWA spokesman said the company has filed an application
  for approval on its offer to buy USAir with the Department of
  Transportation, and later today it will file a response to
  USAir's motion with the DOT to dismiss the TWA application.
      TWA said it made the statement today on its stock position
  in USAir in response to inquiries.
      Traders said they believed TWA Chairman Carl Icahn was the
  buyer of an 855,000 share block crossed today by Salomon
  Brothers.
      USAir stock was trading at 50-3/4, up 2-1/4 on heavy volume
  of 3.1 mln shares. TWA stock fell 3/8 to 30-5/8.
      While analysts and arbitragers have speculated that Icahn
  may have made the offer for USAir in order to trigger the
  acquisition of his own airline, Wall Street today began to take
  Icahn's effort more seriously.
      ""I think he's going to be the next Frank Lorenzo of Wall
  Street,"" said one market source. Lorenzo, chairman of Texas
  Air, has added to his airline with the acquisitions of Eastern
  Airlines and People Express Airlines.
      There was also speculation that Icahn would like to buy
  USAir and then sell TWA as a merged company.
  

"
training/2800	12	earn	"SILVER STATE MINING <SSMC> CORRECTS NET
  Silver State Mining Corp said it has
  corrected its 1986 fourth quarter net income to 485,380 dlrs
  from 528,790 dlrs reported earlier today.
      The company earned 286,969 dlrs in last year's fourth
  quarter.
  

"
training/2801	12	earn	"STEWART-WARNER CORP 4TH QTR SHR LOSS 3.86 DLRS VS PROFIT 37 CTS

  STEWART-WARNER CORP 4TH QTR SHR LOSS 3.86 DLRS VS PROFIT 37 CTS
  

"
training/2802	0	acq	"GROUP TO BOOST FAIRCHILD INDUSTRIES (FEN) STAKE
  An investor group led by New York
  investor George Soros said it was dissatisfied with Fairchild
  Industries Inc management and was considering boosting its
  holdings to as much as 49.9 pct of the aerospace and aviation
  company's outstanding stock.
      The group already controls 1,647,481 Fairchild Industries
  shares or 11.5 pct of the total outstanding.
      The group said it filed on Wednesday with federal antitrust
  regulators for advance clearance to buy enough additional
  shares to increase its total stake to up to 49.9 pct of the
  total outstanding stock.
      The group said its representatives had met with Fairchild
  Industries officials to inform them ""that they do not believe
  management has been successful in enhancing or protecting
  shareholder values.""
      It said it was considering the additional share purchases
  to enable it to ""assert a greater degree of influence over the
  future management and policies of the issuer.""
      It said a decision on the specific level of share ownership
  it would seek depended on market prices, future changes in
  management policies, available financial resources and other
  factors.
      The group said it also reserved the right to pursue other
  measures intended to influence Fairchild management and
  policies, either alone or in concert with other investors.
      The group includes Soros and Quantum Fund, an offshore
  investment firm headquartered in Curacao, Netherlands Antilles
  that is advised by Soros.
      The group said that since its last SEC filing, made Jan. 2,
  it had purchased no additional Fairchild shares and had sold
  6,700 shares on the New York Stock Exchange Jan. 19.
      A Fairchild Industries official later said Soros had told
  the company he was not dissatisfied with its management.
      ""Contrary to the filing, Mr. Soros has told the company
  today that he is not dissatisfied with management,"" Fairchild's
  Bill Fulwider told Reuters.
      However, Fulwider said the company would have nothing to
  say at this time about Soros' disclosure that he may buy up
  enough additional Fairchild shares to hold as much as 49.9 pct
  of the company's outstanding stock.
  

"
training/2803	12	earn	"PAYLESS CASHWAYS <PCI> SEES BETTER FIRST QTR
  Payless Cashways Inc chairman David
  Stanley told analysts the company's first quarter results to be
  reported March 17 will be better than the seven cts per share
  reported in the year ago quarter.
      ""It was not a wonderful sales quarter, but it only
  represents 14 pct of the year's total results,"" Stanley said.
      Stanley also said that 1987 full year sales will be in
  excess of 1.8 billion dlrs as compared to the 1.5 billion dlrs
  reported in 1986. He also said that analysts' estimates of 1.55
  dlr per shr for 1987 ""are not crazy.""
      Payless reported net income of 1.22 dlr per share in 1986.
      ""The economy may not get a lot better, but we expect our
  advantages in the lumber industry and cost cutting measures to
  keep us competitive,"" Larry Kunz, chief financial officer,
  said.
       The company acquired Knox Lumber Co for about 24.3 mln
  dlrs in October 1986.
      Stanley said the company's stronger-than-optimal balance
  sheet will enable it to make further acquisitions but no
  negotiations are going on at the current time.
      He said some benefits of a new management information
  system will be felt in 1987 and more substantially in 1988.
     
  REUTER...^M
  

"
training/2806	12	earn	"STEWART-WARNER CORP <STX> 4TH QTR LOSS
  Shr loss 3.86 dlrs vs profit 37 cts
      Net loss 24,973,000 vs profit 2,389,000
      Sales 62.5 mln vs 65.3 mln
      Year
      Shr loss 3.22 dlrs vs profit 1.32 dlrs
      Net loss 20,861,000 vs profit 8,515,000
      Sales 268.0 mln vs 272.7 mln
      NOTE: 1986 earnings include a provision for restructuring
  costs of 23,675,000 dlrs, or 3.66 dlrs a share (pre-tax) and
  the effect of adoption of FASB 87 which reduced pension expense
  by 617,000 dlrs for the quarter and 1,817,000 dlrs for the year
  before taxes
      Earnings include nonoperating income from the effect of
  nonrecurring gains of 1,811,000 dlrs in the 1st Qtr of 1986
  from the sale of its minority interest in Plexus Corp and
  1,480,000 dlrs in the 3rd Qtr of 1985 related to the sale of
  excess property
  

"
training/2807	12	earn	"MONITERM CORP <MTRM> 4TH QTR LOSS
  Shr loss 15 cts vs loss 11 cts
      Net loss 632,000 vs loss 437,000
      Revs 3,206,000 vs 2,650,000
      Year
      Shr loss 19 cts vs loss 24 cts
      Net loss 793,000 vs loss 1,004,000
      Revs 11.5 mln vs 14.4 mln
      NOTE: Prior year figures restated to reflect merger in
  March 1986 with Amtron Corp.
  

"
training/2809	12	earn	"THE CHUBB CORP <CB> SETS QTRLY PAYOUT
  Qtrly 42 cts vs 42 cts prior
      Pay April 7
      Record March 20
  

"
training/281	43	ship	"CHINA SIGNS WORLD BANK LOAN FOR TIANJIN PORT
  China has signed a 130 mln dlr loan
  agreement with the World Bank to partly finance 12 new berths
  with an annual capacity of 6.28 mln tonnes at the 20 mln tonne
  a year capacity Tianjin port, the New China News Agency said.
      China will provide 370 mln yuan for the project and a
  Chinese company won a bid against 12 other firms from seven
  countries to do the foundation work, it said.
      It said 11 of the new berths will be able to handle ships
  of more than 10,000 tonnes, three will handle containers and
  the expansion will enable the port to handle coke, non-metal
  mineral ores and mining equipment for the first time.
  

"
training/2810	0	acq	"SOUTHTRUST <SOTR> TO ACQUIRE FOUR BANKS
  SouthTrust Corp, a 5.1 billion
  dlr multibank holding company, said it entered into agreements
  to acquire four Florida banks with assets totalling more than
  233.2 mln dlrs.
      Terms of the agreements were not disclosed.
      The four banks are: Central Bank of Volusia County, with
  assets of 59.3 mln dlrs, Bank of Pensacola with assets of 63.8
  mln dlrs, and Vista Bank, which operates Vista Bank of Volusia
  County with assets of 37.8 mln dlrs and Vista Bank of Marion
  County with assets of 72.3 mln dlrs.
      It said the agreements are subject to regulatory approval.
  

"
training/2811	0	acq	"CARLING O'KEEFE SELLS STAR OIL UNIT TO UNITED COAL CANADA FOR 57 MLN DLRS

  CARLING O'KEEFE SELLS STAR OIL UNIT TO UNITED COAL CANADA FOR 57 MLN DLRS
  

"
training/2813	0	acq	"HUGHES TOOL <HT> UP ON MERGER SPECULATION
  Hughes Tool Co rose one to 12-1/4 on
  1,658,000 shares, apparently reflecting a belief that Baker
  International Corp <BKO> will be able to persaude Hughes to go
  along with a previously announced merger, analysts said.
      This week Hughes seemed to back out of the merger but then
  said it was still interested in talking.
      ""It sounds like Baker wants it and if people are convinced
  a deal is going to go through the stock goes up,"" said analyst
  Phil Pace of Kidder, Peabody and Co. Holders of Hughes would
  get 0.8 share of Baker for each Hughes share. 
  

"
training/2815	0	acq	"AETNA <AET> REACHES AGREEMENT TO BUY COMPANY
  Aetna Life and Casualty Co said
  it reached an agreement to acquire a 49 pct interest in
  Universal Life and General Insurance Sdn Bhd <ULG>, a Malaysian
  composite insurance company.
      The company said the 51 pct balance will continue to be
  owned by Malaysia Apera Group of private investors.
      The transaction is valued at approximately 37.8 mln dlrs
  and is expected to be completed by March 31, 1987.
  

"
training/2818	0	acq	"CARLING O'KEEFE<CKB> SELLS OIL UNIT, TAKES GAIN
  Carling O'Keefe Ltd said it sold its
  Star Oil and Gas Ltd unit to United Coal (Canada) Ltd for about
  57 mln dlrs cash.
      Carling said it will record an extraordinary gain of about
  two mln dlrs after tax, or nine cts a common share resulting
  from the sale.
      The company did not elaborate further on financial terms.
      A Carling official later said in reply to an inquiry that
  Carling would record the extraordinary gain in its fourth
  quarter ending March 31.
      The move came after Carling's 50 pct-owner <Rothmans Inc>
  agreed last week to sell its Carling stake to <Elders IXL Ltd>,
  of Australia, for 196.2 mln Canadian dlrs.
  

"
training/2819	43	ship	"CHANNEL FERRY REPORTED SINKING OFF BELGIUM
  The channel ferry Herald
  of Free Enterprise from the British Townsend Thorensen company
  was sinking off the Belgian coast tonight with 463 people on
  board, the Dutch newsagency ANP reported today.
      An unspecified number of people had fallen into the water,
  it said, quoting the pilot organisation in this south-western
  Dutch port city near the Belgian border.
      It said the vessel had capsized after a collision but gave
  no more details.
      Dan Kaakebeen a spokesman for the Dutch salvage firm Smit
  International told Reuters by telephone from Rotterdam that the
  vessel was just off the Belgian port of Zeebrugge with 463
  passengers and crew when the accident occurred at 1850 GMT.
      Kaakebeen said the firm had one vessel at the scene and
  another on its way with divers on board.
      A spokesman at the port authority of nearby Vlissingen said
  attempts were being made to pull the vessel into shallow
  waters.
      Weather conditions were good with no fog or wind, and there
  were many other vessels in the area.
  

"
training/2820	12	earn	"PATRICK PETROLEUM CO <PPC> YEAR LOSS
  Shr loss 1.22 dlrs vs profit 27 cts
      Net loss 8,812,432 vs profit 1,847,560
      Revs 7,981,198 vs 10.3 mln
      Avg shrs 7,187,941 vs 6,828,368
      NOTE: Current year includes tax credit of 800,000 dlrs.
  

"
training/2825	12	earn	"EPITOPE INC <EPTO> 1ST QTR DEC 31 LOSS
  Shr loss 24 cts vs loss nine cts
      Net loss 216,697 vs loss 47,344
      Sales 144,403 vs 118,391
  

"
training/2826	12	earn	"<CLARY CORP> 4TH QTR DEC 31 LOSS
  Shr loss 12 cts vs loss 16 cts
      Net loss 214,000 vs 309,000
      Revs 3,056,000 vs 2,545,000
      Year
      Shr loss 43 cts vs loss nine cts
      Net loss 754,000 vs loss 159,000
      Revs 11.4 mln vs 11.4 mln
  

"
training/2827	12	earn	"LLOYDS BANK CANADA 1ST QTR PROFIT RISES SHARPLY
  Lloyds Bank Canada, a unit of <Lloyds
  Bank International PLC>, said net profit soared to 3,053,000
  dlrs for the first quarter ended January 31 from 9,000 dlrs a
  year earlier.
      Loan loss provisions, a mandatory five-year averaging of
  actual loan losses, also rose in the first quarter to 6,375,000
  dlrs from year-ago 113,000 dlrs, the bank said.
      Lloyds Bank Canada became Canada's largest foreign bank
  last autumn with its 200 mln Canadian dlr acquisition of
  Continental Bank of Canada.
  

"
training/283	40	reserves	"Japan February external reserves record 51.73 billion dlrs (January 51.46 billion)

  Japan February external reserves record 51.73 billion dlrs (January 51.46 billion)
  

"
training/2833	0	acq	"DOME PETE<DMP> SAID TO BE PRESSED TO SELL ENCOR
  Dome Petroleum Ltd is under pressure
  from one of its largest creditors, <Canadian Imperial Bank of
  Commerce>, to sell its 42 pct stake in <Encor Energy Corp Ltd>,
  energy industry analysts said.
      Dome has pledged its 42.5 mln Encor shares as security for
  part of its debt to Commerce Bank, estimated last year at 947
  mln Canadian dlrs, and the bank wants Dome to sell the stock to
  pay down debt, analysts said.
      ""The Commerce has been slowly but surely moving Encor in the
  direction that might make it a saleable asset,"" said one analyst
  who asked not to be named.
      Dome earlier said it was not considering selling Encor
  Energy, but reaffirmed the company's 23.3 pct interest in
  Canadian gold producer Dome Mines Ltd <DM> is up for sale ""at
  the right price.""
      Dome, now negotiating a plan to restructure more than 6.10
  billion dlrs in debt, sees Encor as a strategic investment that
  it does not intend to sell, spokesman David Annesley said. The
  Encor shares do not pay dividends.
      A Commerce Bank spokesman also declined comment when asked
  whether it is pressing Dome to sell its Encor stake.
      At current market prices, Dome's stake in Encor would be
  valued at about 308 mln dlrs, while its 20.9 mln Dome Mines
  shares would be worth about 319 mln dlrs.
      Recent strength in the price of Encor shares may also
  prompt Commerce Bank to press Dome to divest its holding in the
  Canadian oil and gas producer, analysts said.
      ""Encor's stock price has improved quite substantially in
  recent weeks with a runup in crude prices,"" Peters and Co Ltd
  oil analyst Wilf Gobert commented.
      ""The possibility is that Commerce Bank would like to see it
  sold at these levels because they can get more for it now than
  they have been able to in recent years,"" he added.
      Encor traded earlier on the Toronto Stock Exchange at
  7-1/8, near its 52-week high of 7-1/2 and up from around six
  dlrs in early February.
      The company also recently set up its own operating
  management, which was previously carried out by Dome Petroleum,
  Maison Placements Canada Inc analyst Denis Mote commented.
      Dome and Encor ""are actually going to get farther apart. So
  (the sale) does make a lot of sense,"" Mote said.
      However, analysts said Dome will resist any moves to divest
  Encor in favor of retaining the operating assets since sale
  proceeds would likely go directly to pay down Dome's debt to
  Commerce Bank.
      ""I think they'll probably try to hang onto Encor as long as
  they can,"" said Bache Securities Inc analyst Doug Weber.
      Some of Dome's group of 56 major creditors might move to
  block such a sale, arguing they have a claim on company assets.
      ""Other creditors generally all want to make sure that
  something they might be able to get a piece of is not being
  sold out from under them,"" said analyst Gobert.
      Another stumbling block would be Encor's 225 mln dlr joint
  liability in loans to Dome Petroleum advanced by Arctic
  Petroleum Corp of Japan for Beaufort Sea exploration.
      Analysts said a similar hurdle could also hinder the
  possible sale of Dome Petroleum's interest in Dome Mines.
      Dome Mines has guaranteed 225 mln dlrs of Dome Petroleum's
  debt and has a ""right of consent"" to the sale of Dome Petroleum's
  holding.
      Presumably, a potential buyer of the Dome Mines shares
  would seek some type of relief on the company's debt
  obligations connected with Dome Petroleum, Gobert said.
      Dome spokesman Annesley earlier declined to specify at what
  price the company would consider selling its Dome Mines shares,
  but said current prices of more than 15 dlrs a share ""are very
  attractive.""
  

"
training/2834	12	earn	"PATRICK PETROLEUM CO <PPC> 4TH QTR NET
  Shr nil vs one ct
      Net 59,608 vs 95,909
      Revs 2,921,629 vs 2,918,682
      Avg shrs 7,062,172 vs 7,273,020
      Year
      Shr loss 1.22 dlrs vs profit 27 cts
      Net loss 8,812,432 vs profit 1,847,560
      Revs 3,070,327 vs 3,195,710
      Avg shrs 7,187,941 vs 6,828,368
  

"
training/2836	12	earn	"INLAND VACUUM INDUSTRIES INC <IVAC> 1ST QTR NET
  Qtr ends Jan 31
      Shr six cts vs eight cts
      Net 103,436 dlrs vs 134,360 dlrs
      Revs 1,762,270 vs 1,282,463
  

"
training/2838	10	crude	"IRANIAN OIL MINISTER ARRIVES IN ALGERIA
  Iranian Oil Minister Gholamreza Aqazadeh
  arrived in Algiers at the head of a large delegation for talks
  on stabilizing oil prices, the official news agency APS said.
      In a brief arrival statement, he said Iran and Algeria were
  engaged in ""continuous and stronger cooperation"" on the world
  petroleum market and had ""deployed considerable efforts to
  stablise petroleum prices.""
      He was greeted on arrival by Belkacem Nabi, the Algerian
  Minister of Energy, Chemical and Petro-Chemical Industries.
  

"
training/2839	12	earn	"DEL LABORATORIES INC <DLI> 4TH QTR NET
  Shr 16 cts vs 55 cts
      Net 232,000 vs 814,000
      Revs 22.4 mln vs 22 mln
      Year
      Shr 2.07 dlrs vs 2.43 dlrs
      Net 3,108,000 vs 3,670,000
      Revs 106.7 mln vs 101.1 mln
      NOTE: Per share figures adjusted to reflect four-for-three
  stock split paid March 26, 1986.
  

"
training/284	40	reserves	"JAPAN FEBRUARY RESERVES RECORD 51.73 BILLION DLRS
  Japan's external reserves rose to a record
  51.73 billion dlrs at the end of February from the previous
  record of 51.46 billion at end-January, the Finance Ministry
  said.
      End-February reserves last year were 27.58 billion dlrs.
      In January, the nation's foreign reserves showed the
  largest-ever monthly increase at 9.22 billion dlrs due to
  massive Bank of Japan dollar buying intervention during the
  month as the dollar fell briefly to an all-time low of 149.98
  yen on January 19, foreign exchange dealers said.
  

"
training/2843	15	gnp	"CHILEAN GDP UP 5.7 PCT IN 1986, CENTRAL BANK SAYS
  chile's gross domestic product rose 5.7
  pct last year to 18.8 billion dollars, compared to a 2.4 pct
  rise in the previous year, the central bank said.
      It said initial projections were for a 4.6 pct increase in
  gdp this year.
      The sectors which registered the greatest growth in 1986
  were fisheries with 10 pct, agriculture at 8.7 pct, transport
  and communications with 8.1 pct and industry at 8.0 pct, the
  bank added.
  

"
training/2847	0	acq	"LANDMARK SAVINGS <LSA> COMPLETES OFFICE SALE
  Landmark Savings Association said it
  completed the sale of its Whitehall, Pa., office, including
  deposits of about 31 mln dlrs, to Parkvale Savings Association.
      Landmark said it realized a gain of about 1.1 mln dlrs on
  the sale. The price was not disclosed.
  

"
training/2849	12	earn	"HOLLY SUGAR CORP <HLY> SETS REGULAR DIVIDEND
  Qtly div 25 cts vs 25 cts prior
      Pay March 31
      Record March 18
  

"
training/2850	12	earn	"CORADIAN CORP <CDIN> YEAR NET
  Shr profit one cent vs loss 37 cts
      Net profit 148,000 dlrs vs loss 1,686,000
      Revs 11.4 mln vs 10.9 mln
      NOTE: Company said net is before extraordinary items and
  taxes and declined to provide data on those items
  

"
training/2851	29	livestock	"USDA TO CONDUCT SURVEY FOR AVIAN INFLUENZA
  U.S. Agriculture Department animal
  health officials are conducting a national survey of live-bird
  markets and auctions to check for signs of avian influenza, an
  infectious viral disease of poultry, the department said.
      The survey will locate poultry dealers and live-bird
  markets that sell live birds directly to the consumer and once
  the dealers and markets are identified, there will be tests to
  determine any past or present exposure to avian influenza
  viruses, it said.
      In 1983-84, an outbreak of avian influenza in Pennsylvania,
  Maryland, Virginia and New Jersey cost taxpayers 65 mln dlrs to
  control and required the destruction of more than 17 mln birds,
  it said.
      The survey is expected to be completed by April 15.
  

"
training/2853	43	ship	"TWO HUNDRED PEOPLE RESCUED FROM SINKING FERRY
  About 200 people were rescued, some
  badly hurt, from a sinking cross Channel ferry carrying
  approximately 540 people off the Belgian port of Zeebrugge, a
  port control spokesman said.
      The spokesman, contacted by telephone, said only one third
  of car ferry, the Herald of Free Enterprise owned by the
  British company Townsend Thoresen, remained above water.
      Divers have been sent down to try to rescue passengers
  believed trapped in the ferry, which was on its way from
  Zeebrugge to the English port of Dover and capsized just off
  the pier, he added
  

"
training/2856	12	earn	"FOXBORO CO <FOX> 4TH QTR LOSS
  Oper shr loss one ct vs loss 2.65 dlrs
      Oper net loss 100,000 vs loss 32.7 mln
      Revs 142.3 mln vs 168.8 mln
      12 mths
      Oper shr profit 57 cts vs loss 2.76 dlrs
      Oper net profit 7,072,000 vs loss 34.2 mln
      Revs 544.0 mln vs 572.2 mln
      Note: 1986 oper net excludes tax credits of 2,149,000 dlrs
  for qtr and 2,200,000 dlrs for 12 mths. Includes restructuring
  charges of 120 mln dlrs for qtr, 527 mln dlrs for 12 mths.
  

"
training/2858	33	money-supply	"TREASURY BALANCES AT FED FELL ON MARCH 5
  Treasury balances at the Federal
  Reserve fell on March 5 to 3.467 billion dlrs from 3.939
  billion dlrs the previous business day, the Treasury said in
  its latest budget statement.
      Balances in tax and loan note accounts fell to 14.350
  billion dlrs from 14.391 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 17.817
  billion dlrs on March 5 compared with 18.330 billion dlrs on
  March 4.
  

"
training/2862	48	trade	"NICARAGUA, ROMANIA, PARAGUAY LOSE TRADE RIGHTS
  President Reagan formally ended
  preferential duty-free trade treatment for exports from
  Nicaragua, Romania and Paraguay under the Generalized System of
  Preferences (GSP).
      He took the action after determining that the three
  countries are not taking steps to give their workers
  internationally recognized rights.
      U.S. Trade Representative Clayton Yeutter had announced the
  intended action on January 2. The United States conducts no
  trade with Nicaragua and very little trade with Romania and
  Paraguay.
  

"
training/2866	12	earn	"ALFIN INC <AFN> 2ND QTR JAN 31 LOSS
  Shr loss 20 cts vs profit 14 cts
      Net loss 1,417,000 vs profit 933,000
      Revs 5,623,000 vs 5,403,000
      Avg shrs 6,957,300 vs 7,115,248
      Six mths
      Shr loss 18 cts vs profit 43 cts
      Net loss 1,269,000 vs profit 3,079,000
      Revs 15.7 mln vs 14.2 mln
      Avg shrs 7,195,720 vs 7,115,248
  

"
training/2867	0	acq	"BELL AND HOWELL <BHW> COMPLETES SALE OF UNIT
  Bell and Howell Co said it
  completed the sale of its computer output microfilm business to
  COM Products Inc, a unit of privately-held <LeBow Industries
  Inc>.
      The sum of the deal was not disclosed.
      The unit makes a device that prints data directly from a
  computer onto microfilm.
  

"
training/2870	33	money-supply	"U.S. BUSINESS LOANS FALL 618 MLN DLRS IN FEB 25 WEEK, FED SAYS

  U.S. BUSINESS LOANS FALL 618 MLN DLRS IN FEB 25 WEEK, FED SAYS
  

"
training/2872	33	money-supply	"U.S. BUSINESS LOANS FALL 618 MLN DLRS
  Business loans on the books of major
  U.S. banks, excluding acceptances, fell 618 mln dlrs to 278.88
  billion dlrs in the week ended February 25, the Federal Reserve
  Board said.
      The Fed said that business loans including acceptances fell
  897 mln dlrs to 281.23 billion dlrs.
  

"
training/2873	12	earn	"HYPONEX CORP <HYPX> YEAR NET
  Shr 85 cts vs 1.20 dlrs
      Net 5,130,000 vs 7,236,000
      Revs 93.6 mln vs 91.9 mln
  

"
training/2877	12	earn	"HMO AMERICA INC <HMOA> YEAR LOSS
  Shr loss 33 cts vs profit 38 cts
      Net loss 2,359,978 vs profit 2,805,389
      Revs 76.2 mln vs 61.8 mln
      Avg shrs 7,096,886 vs 7,392,586
  

"
training/2881	29	livestock	"AMERICAN PORK CONGRESS TO BE OVERHAULED IN 1988
  The National Pork Producers Council,
  NPPC, announced at this year's American Pork Congress, APC,
  that the Congress and trade show will be divided into two parts
  in 1988.
      Next years APC, held in Atlanta, will be a business session
  only and will continue to be the first week of March.
      The trade show is being changed into a new international
  event called the World Pork Expo. The first expo will be held
  in June 1988 in Des Moines with an expanded format, they said.
      Executive vice-president Orville Sweet said the decision to
  spilt the show and Congress came about because there are
  producers who never get to see the trade show floor.
      ""It makes sense that we divide the business session from
  the trade show,"" Sweet said.
  

"
training/2884	0	acq	"<DTD ENTERPRISES INC> IN REORGANIZATION
  DTD Enterprises Inc said it filed an
  8-K report indicating that <EaglesLair Development Corp> had
  assumed control of the company under a reorganization plan
  signed last month.
      The company said D. Gerald Lach, president of EaglesLair,
  was named president and a director of DTD.
      In addition, DTS's board resigned and EaglesLair appointed
  new directors, the company said.
  

"
training/2886	12	earn	"SCHWAB SAFE CO <SS> UPS PAYOUT
  Qtly div 13 cts vs 12 cts prior
      Pay April 17
      Record March 31
  

"
training/2887	12	earn	"PHYSICIANS INSURANCE CO <PICO> 4TH QTR NET
  Shr 31 cts vs 53 cts
      Net 960,143 dlrs vs 1,631,011 dlrs
      Revs 27.4 mln dlrs vs 18.9 mln dlrs
      Avg shrs 3,079,533 vs 3,096,095
      12 mths
      Shr 1.01 dlrs vs 92 cts
      Net 3,113,337 dlrs vs 2,855,755 dlrs
      Revs 106.5 mln dlrs vs 78.3 mln dlrs
      Avg shrs 3,079,516 vs 3,089,140
      NOTE: per share amounts for qtr and year prior have been
  restated to reflect a six-for-five stock split in August 1986.
      Revs for qtr include capital gains of 3,049,564 vs
  2,010,972, and for year of 9,841,204 vs 5,798,995.
      Revs for qtr include non-insurance revenues of 1,627,518 vs
  1,550,329, and for year of 7,289,973 vs 4,639,162.
      Revs for qtr include life subsidiary account deposits of
  548,538 vs 241,465, and for year of 2,104,840 vs 300,404.
  

"
training/2890	12	earn	"BRADLEY <BRLY> ANNOUNCES LONG-TERM LEASE
  Bradley Real Estate Trust said it signed
  a 99-year lease for property in downtown Minneapolis to BCED
  Minnesota Inc.
      The lease will increase net income by about 24 cts a share
  on a post-February 1987 three-for-two stock split basis. For
  1986, the Trust reported net income of 1.3 mln dlrs or 38 cts a
  share on a post-split basis.
      Bradley will also be entitled to a one-time additional
  rental payment of 30 cts a share upon BCED entering into a
  space lease with a prime national tenant and a share in a
  portion of net cash flow from operations on the property.
  

"
training/2896	0	acq	"DUMEZ UNIT HAS 94 PCT OF WESTBURNE (WBI)
  (Dumez Investments I Inc) said 94.7 pct
  of Westburne International Industries Ltd's outstanding common
  shares have been deposited under its takeover bid.
      It said it has received about 11,070,000 shares under its
  22.50 dlrs per share offer which expired yesterday.
      Dumez said it will proceed to acquire the remaining common
  shares to give it 100 pct ownership of Westburne.
      Dumez is a private company owned jointly by (Dumez S.A.)
  and (Unicorp Canada Corp).            
  

"
training/2897	0	acq	"CANADIAN NATURAL RESOURCES TO SELL STAKE
  <Canadian Natural Resources
  Ltd> said it agreed in principle to sell 80 pct of its working
  interest in certain producing and non-producing natural gas
  properties located in southwestern Saskatchewan.
      The transaction is expected to close on April 1, 1987, the
  company said. It did not identify the buyer nor give the
  selling price.
      Proceeds will be used to satisfy a February 1987 repayment
  demand by one of the company's lenders. Any excess proceeds
  will be added to working capital, the company said.
  

"
training/2898	0	acq	"MALRITE BUYS COX'S RADIO STATION UNIT
  <Malrite Guaranteed Broadcast Partners
  L.P.> said it bought WTRK Inc from <Cox Enterprises Inc> for
  13.8 mln dlrs in cash.
      It said WTRK owns and operates WTRK-FM, a Philadelphia
  radio station. Transfer of the license for the sation has been
  approved by the Federal Communications Commission.
      Malrite Guaranteed said it is a limited partnerhip formed
  to acquire and operate radio and tv stations. It said Malrite
  Communications Group Inc <MALR> is the general partner.
  

"
training/29	19	housing	"JANUARY HOUSING SALES DROP, REALTY GROUP SAYS
  Sales of previously owned homes
  dropped 14.5 pct in January to a seasonally adjusted annual
  rate of 3.47 mln units, the National Association of Realtors
  (NAR) said.
      But the December rate of 4.06 mln units had been the
  highest since the record 4.15 mln unit sales rate set in
  November 1978, the group said.
      ""The drop in January is not surprising considering that a
  significant portion of December's near-record pace was made up
  of sellers seeking to get favorable capital gains treatment
  under the old tax laws,"" said the NAR's John Tuccillo.
  

"
training/290	5	coffee	"ICO TALKS ON COFFEE QUOTAS TO RESUME AT NOON
  Talks on coffee export quotas at the
  International Coffee Organization (ICO) special council session
  will resume at noon gmt today, following a last minute decision
  taken early this morning to extend the meeting 24 hours, ICO
  officials said.
      An 18 member contact group will meet at midday to examine
  new ideas, and the full council is to convene at 1900gmt, they
  said.
      The extension resulted from a last ditch effort by Colombia
  to salvage the talks, which by late yesterday looked perilously
  close to ending without agreement on quotas, delegates said.
  

"
training/2902	0	acq	"CYACQ EXTENDS TENDER FOR CYCLOPS <CYL>
  Cyacq Corp said it extended its 80
  dlr a share tender offer for Cyclops Corp to March 20 from
  today.
      Cyacq was formed by Citicorp Capital Investors Ltd and
  Audio Video Affiliates INc <AVA> to acquire Cyclops. THe tender
  offer began on February six.
      The offer is conditioned upon at least 80 pct of the
  outstanding shares and at least 80 pct of the voting securities
  being tendered before expiration of the offer.
      As of March six, only 353 shares of Cyclops' 4.1 mln
  outstanding shares had been tendered.
  

"
training/2907	0	acq	"MONO GOLD SAYS PARTNERSHIP AGREES TO BUY SHARES
  <Mono Gold Mines
  Inc> said <NIM and Co Ltd> Partnership agreed to buy
  flow-through shares with an aggregate purchase price of up to
  300,000 dlrs.
      It said, subject to fulfillment of certain conditions, the
  price of the shares to NIM will be 79.6 cts per share, and said
  it will issue 376,955 shares to the partnership.
      Mono also said options to buy up to 300,000 dlrs of its
  capital stock at 65 cts per share expire March three. It said
  39,000 options have been exercised to net the company 25,530
  dlrs to be added to working capital.
  

"
training/2908	12	earn	"USLICO CORP <USVC> INCREASES DIVIDEND
  Qtly div 22 cts vs 20 cts prior
      payable March 27
      Record March 18
  

"
training/2909	0	acq	"USAIR GROUP REQUESTS TRANSPORTATION DEPARTMENT ORDER TWA TO DIVEST STAKE

  USAIR GROUP REQUESTS TRANSPORTATION DEPARTMENT ORDER TWA TO DIVEST STAKE
  

"
training/2912	12	earn	"DIPLOMAT ELECTRONICS <DPEC> TO CUT COSTS
  Diplomat Electronics Corp said it
  will reduce expenses by four mln dlrs a year in an effort to
  stem losses and return to a positive net worth.
      The company also said certain lenders agreed to take a 24
  pct stake in the company by converting seven mln dlrs of debt
  into preferred stock.
      Diplomat said it will cut costs by several means, including
  dismissal of 100 workers at its corporate headquarters,
  consolidation of its warehousing and shipping operations and
  reduction of management salaries. Moreover, it said it will
  relocate its headquarters to Glendale, Calif.
  

"
training/2915	12	earn	"DOLLAR GENERAL CORP <DOLR> QTLY DIVIDEND
  Qtly div five cts vs five cts prior
      Payable April three
      Reocrd March 20
  

"
training/2916	12	earn	"HEALTHCARE SERVICES <HSAI> SEES WRITE-OFFS
  Healthcare Services Of America
  Inc said it will write off about 16 mln dlrs in non-recurring
  expenses in 1986.
      It also said it expects income from operations to be about
  breakeven for 1986 and the estimated loss for the year to be
  about the same as the writeoffs.
      Results will be released by March 31, 1987.
      Included in the writeoffs were six mln dlrs in
  developmental costs, six mln dlrs in unamortized loan costs and
  debt discounts and four mln dlrs in other non-recurring costs.
      The company said it continues to be in default of certain
  financial and non-financial covenants set forth in its major
  loan documents.
      It said negotiations continue with the banks, but has no
  assurance that such funding will continue.
      It said it authorized Smith barney, Harris Upham and Co to
  seek a business combination with third parties.
      Healthcare also said the board has authorized the sale or
  lease of certain assets to reduce the cash required from the
  revolving credit line for completion of current construction
  projects.
      For the year ended December 31, 1985 Healthcare reported
  net income of 3.5 mln dlrs on sales of 54.4 mln dlrs
  

"
training/2917	0	acq	"USAIR <U> SEEKS ORDER AGAINST TWA <TWA>
  USAir Group said it sought the help
  of the U.S. Department of Transportation in its takeover fight
  with Trans World Airlines Inc, asking the Department to order
  TWA to sell its USAir shares.
      ""What they have done is in direct violation of the Federal
  Aviation Act,"" USAir said.
      It said TWA week filed a cursory application with the
  Department of Transportation for approval of its proposed 1.65
  billion dlr takeover of USAir.
      USAir rejected the offer and said it asked the Department
  of Transportation to dismiss the application.
      USAir said it requested the dismissal because TWA avoided
  pre-merger notification requirements, and also did not provide
  a competitive and public interest analysis required under
  regulations.
      USAir said if the application is dismissed, TWA would be
  limited to buying only 1.5 pct of its 31.7 mln outstanding
  shares. If the application is approved, TWA could buy up to 10
  pct, it said. TWA has said it owns less than 10 pct of USAir's
  stock.
      TWA today revealed that it has increased its holdings to
  more than four mln USAir shares, 15 pct of the outstanding.
      TWA vice president general counsel Mark Buckstein said the
  company had made appropriate filings with the DOT and was in
  compliance with the law.
  

"
training/2918	12	earn	"PARK-OHIO INDUSTRIES INC <PKOH> 4TH QTR NET
  Shr loss 52 cts vs profit 1.07 dlr
      Net loss 2,917,000 vs profit 5,963,000
      Revs 34.1 mln vs 40.3 mln
      Year
      Shr loss 1.39 dlr vs profit 1.24 dlr
      Net loss 7,749,000 vs profit 6,946,000
      Revs 138.6 mln vs 186.2 mln
      NOTE: 1986 net includes certain non-recurring charges of
  about 5,506,000 dlrs for a number of items.
      1985 4th qtr and yr net includes extraordinary credit of
  4,974,000 dlrs or 89 cts per share.
  

"
training/2919	12	earn	"BMC INDUSTRIES INC <BMC> 4TH QTR LOSS
  Shr loss 1.20 dlrs vs loss 1.97 dlrs
      Net loss 6,248,000 vs loss 10.2 mln
      Revs 33.1 mln vs not given
      Year
      Shr loss 1.25 dlrs vs loss 13.44 dlrs
      Net loss 6,508,000 vs loss 69.6 mln
      Revs 123.4 mln vs not given
      NOTE: Results include charges of five mln dlrs or 96 cts
  shr for 1986 qtr and year, compared with charge of 72.2 mln
  dlrs or 13.94 dlrs shr in prior year from discontinued
  operations and disposal of discontinued operations.
  

"
training/2920	12	earn	"UNITED COMPANIES <UNCF> DECLARES STOCK DIVIDEND
  United Companies Financial Corp
  said its board declared a two pct stock dividend payable APril
  eight to holders of record March 17.
      The board also declared a regular quarterly cash dividend
  of 12.5 cts payable April one to holders of record March 16.
  

"
training/2923	34	nat-gas	"U.N. ISSUES REPORT ON NATURAL GAS CLAUSES
  The U.N. Centre on Transnational
  Corporations has issued a report containing guidelines and
  recommendations for negotiating natural gas clauses in
  agreements between transnational petroleum corporations and
  host countries.
      The U.N. said the report was aimed at promoting petroleum
  exploration in areas perceived as being gas prone. The 49-page
  report contains an in-depth examination of the problems of gas
  developoment and looks at different ways in which contractual
  terms might deal with the risks in gas development associated
  with pricing, marketing and volume.
  

"
training/2924	0	acq	"TAFT<TFB> BIDDERS WOULD SELL ENTERTAINMENT UNIT
  A proposed buyout of Taft Broadcasting
  Co by Dudley Taft and other investors includes a plan to sell
  the company's Entertainment Group, according to one of the
  investors.
      Jonathan Nelson, managing director of Narragansett Capital
  Corp <NARR>, which is participating in the buyout plan,
  declined to say if buyers have already been lined up for the
  Entertainment Group. ""We are considering selling the group,""
  Nelson said. Wall Street analysts said any of the Hollywood
  film studios which might be interested.
      Taft Broadcasting Co did not comment on the 145 dlr per
  share offer. Taft has 9.2 mln shares outstanding, of which 12
  pct are owned by the Taft and Ingalls families.
      Dudley Taft relinquished the title of president in July but
  continues as vice chairman of the company.
      Taft-Narragansett requsted a response to its proposal by
  March 12.
      If the plan is accepted, Taft would be a private company
  financed by high yield bonds and bank debt, Nelson said.
  Narragansett is an investment management company specializing
  in leveraged buyout transactions.
      Taft shares climbed 19 to 151-1/2, causing arbitrageurs to
  say investors believe the bidders may raise their price.
      Robert M. Bass, who controls 25 pct of the stock, and
  American Financial Corp, holder of 15 pct, did not return
  telephohe calls seeking comment.
      But Dennis McAlpine, analyst at Oppenheimer and Co, said ""I
  don't think it's worth 150 dlrs."" He noted Taft recently agreed
  to sell a group of independent television stations at a loss.
  He said the entertainment group, which includes the
  Hanna-Barbara animation studios, is currently hampered by a
  glut of animated product.
      Taft Broadcasting has never commented on reports that its
  major stockholders met recently to discuss a break-up of the
  company.
      MacAlpine said there are lots of options for reshaping the
  company with a distribution of various pieces to the major
  shareholders among the possibilities.
      Analyst Alan Gottesman of L.F. Rothschild, Unterberg Towbin
  Inc said the Bass group has been increasing its stake in the
  belief the company would be worth more with a change in its
  strategy. He said Bass pushed for sale of the independent
  television stations because the company paid too much.
  

"
training/2926	0	acq	"SANDOX BUYS STAUFFER SEEDS
  Sandoz Corp's Northrup King Co said
  it bought Stauffer Seeds, a unit of Stauffer Chemical Co.
      Terms were not disclosed.
  

"
training/2927	0	acq	"ENERGEN <EGN> BUYS MUNICIPAL GAS SYSTEM
  Energen Corp said it has
  acquired the distribution system of the City of Clanton, Ala.
  for about 1.2 mln dlrs.
      The 1,800 customer system is the fourth municipal system
  acquired by Energen's Alabama Gas subsidiary since October
  1986, adding a total of 9,600 customers.
  

"
training/2928	12	earn	"SIERRA PACIFIC RESOURCES INC <SRP> DIVIDEND
  Qtly div 43 cts vs 43 cts prior
      Payable May one
      Record April 15
  

"
training/2929	12	earn	"METEX CORP <MTX> 4TH QTR DEC 28
  Shr 22 cts vs 49 cts
      Net 296,994 vs 657,416
      Revs 6.5 mln vs 9.5 mln
      Year
      Shr 78 cts vs 1.51 dlrs
      Net 1.0 mln vs 2.0 mln
      Revs 27.6 mln vs 29.4 mln
  

"
training/293	45	sugar	"INDIAN SUGAR OUTPUT RISES IN FIRST FOUR MONTHS
  India's sugar output to January 31 in
  the 1986/87 season (October/September) rose to 3.66 mln tonnes
  from 3.46 mln in the same 1985/86 period, the Indian Sugar
  Mills Association said.
      Total offtake in the first four months of the current year
  was 2.71 mln tonnes (including 241,000 tonnes imported) for
  domestic use and 4,000 tonnes for export, against 2.81 mln
  tonnes (including 993,000 imported) for domestic use and 3,000
  tonnes for export in the corresponding period of 1985/86.
      Factory stocks at end-January were 3.05 mln tonnes (96,000
  imported) against 3.13 mln (96,000 imported) a year earlier.
  

"
training/2930	12	earn	"HOUSTON OIL TRUST <HO> OMITS MARCH DISTRIBUTION
  Houston Oil Trust said there will be no
  cash distribution to the unit holders in March.
      The most significant factor for the lack of a distribution
  this month is the establishment of additional special cost
  escrow accounts, the company said, adding, that there may be no
  cash distribution in other months or during the remainder of
  the year.
      For March, the working interest owner will place 1.9 mln
  dlrs in special cost escrow accounts.
  

"
training/2933	0	acq	"MONOCLONAL ANTIBODIES <MABS> BUYS COMPANY
  Monoclonal Antibodies Inc
  said it signed an agreement in principle to buy <Genesis Labs
  Inc> for about 10 mln dlrs of common stock.
      The agreement is subject to shareholders approval and other
  conditions.
  

"
training/2936	44	strategic-metal	"U.S. TREASURY PROPOSES SOME S. AFRICAN IMPORTS
  The Treasury proposed allowing 
  temporary imports of South African uranium ore and uranium
  oxide until July 1 under certain conditions pending
  clarification of anti-apartheid laws passed by Congress last
  fall.
      The proposal to be published in the Federal Register next
  week requests written congressional and public comment within
  60 days and deals with uranium ore and oxide that is imported
  for U.S. processing and exporting to third countries.
      The Treasury said it proposed allowing the temporary
  imports because it felt Congress had not intended when it
  passed the comprehensive South African sanctions bill last fall
  -- overriding President Reagan's veto -- to hurt U.S. industry.
      ""The domestic uranium conversion industry and the federal
  government's enrichment industry could be seriously injured in
  a manner not intended by Congress if the . . . import ban on
  uranium ore and oxide were implemented to bar imports for
  processing and export through a mistaken interpretation of the
  act,"" the Treasury brief said.
      The Treasury said an outright U.S. ban of uranium ore and
  oxide might cause foreign electric utilities to divert their
  South African origin ore and oxide to other countries including
  the Soviet Union for processing.
      Treasury said it would allow imports of the South African
  ore and oxide until July 1 for processing and re-export
  ""provided that the imported ore or oxide is accompanies by a
  license for importation issued by the Nuclear Regulatory
  Commission.""
      The Treasury brief also proposed allowing U.S.-origin goods
  to be imported temporarily from South African state-controlled
  organizations for repair or servicing in the United States.
      ""The U.S. Customs will allow such importation to be made
  under bond,"" the brief said.
      The South African sanctions law, enacted by the United
  States to protest the apartheid laws of racial segregation
  practiced by South Africa's white minority government,
  prohibited imports of uranium ore and oxide, iron and steel,
  coal and textiles at the end of 1986.
  

"
training/2938	12	earn	"BRANIFF INC <BAIR> 4TH QTR LOSS JAN 31
  Shr loss 37 cts vs loss 13 cts
      Net loss 4.5 mln vs loss 1.5 mln
      Revs 63.3 mln vs 53.8 mln
      Year
      Shr loss 74 cts vs profit 1.87 dlr
      Net loss 9.0 mln vs profit 23.0 mln
      Revs 239.5 mln vs 244.3 mln
      NOTE:1986 net includes extraordinary gain of 10.6 mln dlrs
  from tax loss carryforward in year and loss of 198,000 dlrs in
  4th qtr.
  

"
training/2939	0	acq	"JUSTICE DEPT. SUPPORTS DISMISSAL OF TWA APPLICATION FOR USAIR CONTROL

  JUSTICE DEPT. SUPPORTS DISMISSAL OF TWA APPLICATION FOR USAIR CONTROL
  

"
training/2940	0	acq	"TRANSPORTATION DEPARTMENT DISMISSES TWA APPLICATION FOR USAIR CONTROL

  TRANSPORTATION DEPARTMENT DISMISSES TWA APPLICATION FOR USAIR CONTROL
  

"
training/2942	44	strategic-metal	"U.S. TREASURY PROPOSES S.AFRICAN URANIUM IMPORTS
  The U.S. Treasury proposed allowing 
  temporary imports of South African uranium ore and uranium
  oxide until July 1 under certain conditions pending
  clarification of anti-apartheid laws passed by Congress last
  fall.
      The Treasury said it proposed allowing the temporary
  imports because it felt Congress had not intended when it
  passed the comprehensive South African sanctions bill last fall
  -- overriding President Reagan's veto -- to hurt U.S. industry.
      The Treasury said an outright U.S. ban of uranium ore and
  oxide might cause foreign electric utilities to divert their
  South African origin ore and oxide to other countries including
  the Soviet Union for processing.
      The Treasury also proposed allowing U.S.-origin goods to be
  imported temporarily from South African state-controlled
  organizations for repair or servicing in the U.S.
      The South African sanctions law, enacted by the U.S. to
  protest the apartheid laws of racial segregation practiced by
  South Africa's white minority government, prohibited imports of
  uranium ore and oxide, iron and steel, coal and textiles at the
  end of 1986.
  

"
training/2944	43	ship	"26 REPORTED DEAD IN FERRY DISASTER
  At least 26 people died when
  a car ferry struck a pier as it left Belgium for Britain, a
  nurse who took part in the rescue operation said.
      Jan Van Moerbeke, a male nurse, said on coming off the
  Herald of Free Enterprise that he had found six people on top
  of the vessel who were dead. There were at least another 20
  dead inside the boat, he added.
      The governor of West Flanders province said 240 people were
  still unaccounted for.
  

"
training/2945	0	acq	"CONTINENTAL FEDERAL <CONF> HOLDER TO SELL STAKE
  Continental Federal Savings and
  Loan Association said it was told that an estate holding 38 pct
  of its stock plans to sell its stake at a premium over the
  current stock price.
     Continental said the estate of Harold Vernon and certain
  parties have signed a letter of intent to sell the stock for
  12.25 dlrs a share, for a total of about 6,538,000 dlrs.
  Continental's stock closed at seven in over-the-counter
  trading.
      The thrift said the buyer is <BAC Inc>, a corporation
  acting for certain unindentified parties.
  

"
training/2946	0	acq	"BROKER'S CHOICE TO BUY RUBBERTECH
  Broker's Choice Capital Inc said
  it signed a letter of intent to buy Rubbertech Inc.
      If approved by shareholders, Broker's Choice will issue
  about 71 mln shares of authorized, but unissued shares of
  restricted common stock to Rubbertech Inc.
  

"
training/2948	0	acq	"DOT DISMISSES TWA <TWA>, USAIR <U> APPLICATION
  The U.S. Department of Transportation
  (DOT) said it dismissed on technical grounds an application by
  Trans World Airlines Inc for DOT approval for it to take
  control of USAir Group.
      The DOT added, however, that TWA was free to refile when it
  could put together an application for control that met the
  agency's procedural requirements.
      The DOT acted shortly after the U.S. Department of Justice
  disclosed that it supported dismissal of the TWA application.
      It was not immediately clear what impact the denial would
  have on TWA's bid to take over USAir.
      In its control application, TWA had acknowledged that
  additional documentation was required to meet DOT rules and
  said it would file more material on the morning of March 9.
      But the DOT said it would not wait.
      ""We have determined to dismiss TWA's application for
  approval of the acquisition of USAir,"" it said in an order
  issued late Friday.
      ""TWA's application clearly fails to comply with the filing
  requirements of our regulations...and TWA has provided no
  reason why we should accept such a deficient filing,"" it added.
      ""Accordingly, we will dismiss the application. TWA, of
  course, may refile it when it is able to comply with our
  procedural rules,"" the DOT said.
      The agency added that it would continue to consider a
  separate TWA request for federal clearance to purchase USAir
  stock through a voting trust.
      USAir had said earlier today that it asked the DOT to
  dismiss the TWA control application, on grounds the TWA filing
  did not meet DOT requirements.
  

"
training/2950	0	acq	"TWA <TWA> TO REFILE WITH U.S. AGENCY
  Transworld Airlines Inc plans to refile
  an application Monday with the Department of Transportation for
  approval to acquire USAir Group <U>.
      The DOT late today dismissed TWA's application to acquire
  USAir.
      ""When the DOT opens for business on Monday morning, we will
  be refiling a perfected and completed section 408 application,""
  said TWA general counsel Mark Buckstein.
      Buckstein said the DOT ruled the application, which was
  filed Wednesday, was incomplete. He said he did not yet know
  why the agency objected.
  

"
training/2951	0	acq	"JUSTICE ASKS U.S. DISMISSAL OF TWA (TWA) FILING
  The Justice Department told the
  Transportation Department it supported a request by USAir 
  Group that the DOT dismiss an application by Trans World
  Airlines Inc for approval to take control of USAir.
      ""Our rationale is that we reviewed the application for
  control filed by TWA with the DOT and ascertained that it did
  not contain sufficient information upon which to base a
  competitive review,"" James Weiss, an official in Justice's
  Antitrust Division, told Reuters.
  

"
training/2952	22	interest	"HONG KONG BANKS LEAVE INTEREST RATES UNCHANGED
  The Hong Kong Association of Banks
  said it decided to leave interest rates unchanged at today's
  regular weekly meeting.
      Current rates are 1-3/4 pct for savings accounts, 24-hours,
  seven-day call, one-week and two-weeks. One-month is 2-1/4 pct,
  two-months 2-1/2 pct, three- and six-months are both three pct,
  nine-months 3-1/4 pct and 12-months 3-3/4 pct.
      Prime rate is six pct.
  

"
training/2953	0	acq	"SAVINGS ACUISITION IN CALIFORNIA ANNOUNCED
  The Federal Home Loan Bank Board
  (FHLBB) announced the acquisiton of South Bay Savings &amp; Loan
  Association in Gardena, Calif., By Standard Pacific Savings of
  Costa Mesa, Calif.
      The FHLBB said South Bay had assets of 62.5 mln dlrs and
  Standard Pacific had 312.8 mln dlrs in assets.
      It was the fourth federally-assisted merger or acquisition
  of a troubled savings institution this year, the FHLBB said.
  

"
training/2954	5	coffee	"COLOMBIA DENIES SELLING COFFEE BELOW MARKET
  Colombia denied having sold 440,000 60-kg
  bags of old crop coffee below current market prices to clients
  in Europe and Asia.
      A spokesman for the National Coffee Growers Federation,
  commenting on rumours which had circulated in market circles,
  said these were false.
  

"
training/2955	43	ship	"TWO HUNDRED FEARED DEAD IN FERRY DISASTER
  About 200 people are feared
  dead after a British cross-channel ferry rolled on its side off
  the Belgian coast last night -- but almost 350 passengers were
  plucked to safety from the ice-cold sea.
      Belgian Transport Minister Herman de Croo told reporters: ""I
  fear the dead could be in hundreds, perhaps 200. Given the
  state of the water, I fear there is no hope.""
      Townsend Thorensen, owners of the 7,951 tonne Herald of
  Free Enterprise, said the ferry was carrying 543 people and
  that 345 had been rescued. All but one were British.
  

"
training/2956	0	acq	"MALAYSIA BAILS OUT ANOTHER COMMERCIAL BANK
  Malaysia's central bank said it
  acquired a 59.2 pct stake in ailing <United Asian Bank Bhd>
  (UAB), the sixth largest commercial bank in the country, to
  rebuild public confidence in it.
      UAB called for a rights issue last November to raise 152.49
  mln ringgit to rectify its capital deficiency following an
  accumulated loss of 107.61 mln ringgit at end-1985, the central
  bank, Bank Negara, said in a statement.
      But only 16.99 mln ringgit in shares was taken up by
  shareholders, mainly local Indian and Malay businessmen and the
  Indian Government.
      Bank Negara said it subsequently took up the unsubscribed
  shares, totalling 135.5 mln of UAB's new paid-up capital of
  228.74 mln ringgit.
      It said the shares, held in trust, will be eventually sold.
      The central bank early this week also announced that it had
  bought 49.4 pct stake in another troubled commercial bank,
  <Perwira Habib Bank Malaysia Bhd>, after the latter raised its
  capital to 405 mln ringgit from 105 in mid-January this year.
      Bank Negara said it does not intend to hold on to the
  shares of the two banks.
      ""The injection of capital in PHB and in UAB including the
  recamp of management in these banks are some of the measures
  taken by the bank to strengthen public confidence in the
  stability of the these banks,"" it added.
      The central bank said it is invoking Section 39A of the
  Banking (Amendemnt) Act 1986 empowering it to grant loans to an
  ailing bank or to buy a stake in it.
  

"
training/2958	43	ship	"FERRY DISASTER MAY RANK AMONG WORST TRAGEDIES
  Fading hope for passengers trapped aboard
  a partially-sunk Channel ferry raised fears the accident could
  rank among this centuries' worst peacetime shipping tragedies.
      Belgian Transport Minister Herman de Croo said there was no
  hope of rescuing any of about 220 passengers trapped in the
  Herald of Free Enterprise after it capsized off the Belgian
  coast last night.
      If confirmed, the toll would make the incident the world's
  worst since a Soviet liner, the Admiral Nakhimov, collided with
  a freighter in the Black Sea last September and sank with the
  loss of nearly 400 lives. A further 856 people were rescued.
      The world's deadliest single peacetime incident at sea was
  the sinking in 1912 of the Titanic with a loss of 1,500 lives.
      The second biggest loss of life in peacetime was in 1914
  when 1,014 people drowned when the liner Empress of Ireland
  collided with a freighter on the St Lawrence river in Canada.
      The world's worst maritime disaster was in wartime that
  took 7,700 lives when the German liner Wilhelm Gustloff was
  torpedoed by a Soviet submarine in January 30, 1945.
      In 1985, more than 200 were feared dead after two ferries
  sank near Dhaka, 174 drowned when a ferry capsized in China and
  147 died when a launch sank off the Malaysian state of Sabah.
  

"
training/2959	43	ship	"ALMOST 200 DEAD IN FERRY DISASTER
  There are no more survivors from a
  British cross-Channel ferry disaster off the Belgian coast and
  almost 200 people seem certain to have perished, a senior
  Belgian official said.
      Jacques Thas, in charge of rescue for the Herald of Free
  Enterprise, said his men had searched all of the ship except
  some inaccessible cabins and the control room.
      ""I am afraid there are no more survivors,"" he said. Thas said
  32 of the 543 passsengers and crew were confirmed dead and 160
  were missing, bringing the total of dead or presumed dead to
  192.
  

"
training/2960	12	earn	"<SIME DARBY BHD> SIX MONTHS TO DECEMBER 31
  Shr 3.9 cents vs 4.2 cents
      Interim dividend three cents vs same
      Group net 35.8 mln ringgit vs 39.1 mln
      Pre-tax 77.3 mln vs 99.8 mln
      Turnover 1.16 billion vs 1.05 billion
      Note - dividend pay May 22, register April 24.
  

"
training/2961	12	earn	"<CONSOLIDATED PLANTATIONS BHD>
  Six months to December 31
      SHR 2.6 cents vs 5.2 cents
      Interim dividend four cents vs same
      Group net 12.4 mln ringgit vs 24.3 mln
      Pre-tax 26.6 mln vs 53.5 mln
      Turnover 235.3 mln vs 333.9 mln
      Note - dividend pay April 30, register April 3.
  

"
training/2962	12	earn	"<TRACTORS MALAYSIA HOLDINGS BHD>
  Six months to December 31
      SHR 8.8 cts vs 0.5 ct
      Interim dividend 12.5 cts vs nil
      Group net 9.5 mln ringgit vs 0.6 mln
      Pre-tax 11 mln vs 1.1 mln
      Turnover 88.9 mln vs 70.8 mln
      Note - dividend pay May 15, register April 17.
  

"
training/2963	12	earn	"<DUNLOP MALAYSIAN INDUSTRIES BHD>
  Six months to December 31
      SHR 1.4 cts vs 1.6 cts
      Interim dividend one cent vs same
      Group net 4.1 mln ringgit vs 4.7 mln
      Pre-tax 6.7 mln vs nine mln
      Turnover 100.8 mln vs 112.1 mln
      Note - dividend pay April 28, register April 3.
  

"
training/2964	45	sugar	"BANGLADESH SUGAR PRODUCTION ALMOST DOUBLES
  Bangladesh's sugar production increased by
  nearly 60,000 tonnes over last year's season to total 140,000
  tonnes at the end of this year's season, the Sugar and Food
  Industries Corp said.
      The increased output will enable Bangladesh to cut imports.
  Corporation officials told Reuters the country has already
  imported 37,000 tonnes of sugar and will buy 113,000 tonnes
  more to make up shortfall in the 1986/87 year ending June 30.
      Imports in 1985/86 totalled 224,000 tonnes, of which nearly
  100,000 tonnes are still in stock, they said without giving
  further details.
  

"
training/2965	15	gnp	"GERMAN 1988 TAX CUTS RAISED BY 5.2 BILLION MARKS
  Senior officials in the West German
  coalition government said tax cuts planned for next year would
  be increased by 5.2 billion marks, in line with a pledge made
  by Finance Minister Gerhard Stoltenberg at last month's
  international monetary conference in Paris.
      Gerold Tandler, General Secretary of the Christian Social
  Union Party, detailing the cuts at a news conference also
  attended by officials from the Christian Democratic Union and
  Free Democratic Party, said all of the additional 5.2 billion
  mark reduction would represent net tax relief.
      An increase in revenue from other sources was not planned.
      The reductions will be added on to a package of tax cuts
  already planned for 1988 amounting to some nine billion marks.
      Tandler said three billion marks of the extra tax relief
  would be accounted for by reducing the rate of marginal
  increase in income tax.
      An increase in personal tax allowances would save taxpayers
  1.4 billion marks. Extra tax allowances for people whose
  children are being educated would cut 300 mln marks from the
  tax bill. A further 500 mln marks would be accounted for by
  increasing the level of special depreciations for small- and
  medium-sized companies.
      The extra fiscal measures planned for next year are part of
  a general reform of the tax system which will come into effect
  in 1990. Stoltenberg had said in Paris that part of this
  reform, which will cut taxes by a gross 44 billion marks, would
  be introduced next year, ahead of schedule.
      The West German government had come under pressure from the
  United States to stimulate its economy with tax cuts. But
  Stoltenberg said in a speech last night in Hamburg that, while
  the economy would continue to expand this year, the rate of
  growth was uncertain.
      The government said in January it was aiming for real
  growth in Gross National Product this year of 2.5 pct, but some
  economists have revised their predictions down to two or below.
      Stoltenberg said: ""We remain on a course of expansion.
  Whether (this will be) under two pct, as some people believe,
  or around 2.5 pct as some others expect, or even closer to
  three pct, as the Kiel World Economic Institute forecast a few
  days ago, remains open at the moment.""
  

"
training/2968	43	ship	"EXPERTS HAD EXPRESSED FEARS OVER RO-RO SAFETY
  As a British government investigation got
  under way into the sinking of the car ferry Herald of Free
  Enterprise with heavy loss of life, experts said doubts had
  already been expressed about the roll-on roll-off type of ship.
      Shipping minister Lord Brabazon said a preliminary
  investigation had started into why the 7,951 tonne ferry
  capsized and sank in little over a minute as it manoeuvred to
  leave Zeebrugge on a routine four hour crossing to Dover.
      Initial reports spoke of water flooding the car decks
  through the bow doors. But a spokesman for the owners, Townsend
  Thoresen, said it was also possible the ferry had been holed.
      Townsend Thoresen operate two other ships identical to the
  Herald of Free Enterprise, but Brabazon said it was not planned
  to pull them out of service at present.
      ""Our investigator is there already. We shall have to wait
  and see. But it is too early to say what happened,"" he told BBC
  radio.
      As the work of retrieving bodies from the half-submerged
  hulk continued, maritime safety experts in London said doubts
  had already been expressed about the design of so-called ""RoRo""
  ferries such as the Herald of Free Enterprise.
      In 1980 the Inter-Governmental International Maritime
  Consultative Committee issued a report saying more roll-on
  roll-off vessels were lost in accidents than ships with deck
  areas divided by bulkheads.
      Townsend Thoresen say the ship, built at the West German
  yard of Bremerhaven in 1980, was built to the highest safety
  standards.
      But salvage expert William Cooper said passengers would
  have had problems getting off this type of ship because of its
  design.
      Former Townsend Thoresen navigating officer Clive Langley
  said the RoRo type of vessels were similar in some respects to
  a barge.
      ""As any sailor knows it only takes two or three inches out
  of line and you can turn a barge over. An ordinary ship is
  compartmentalised and you have more stability,"" he said.
      Cooper said cross-Channel ferries were normally perfectly
  stable but had huge wide deck areas above the water level.
      ""If you do get water into that area then you can get very
  severe effects on the stability of the ship,"" he added.
  

"
training/2970	10	crude	"IRAQ-TURKEY OIL PIPELINE CUT BY LANDSLIDE
  Turkey oil pipeline near the southern town of Adana after it
  was cut by a landslide, the Hurriyet and Anatolian news
  agencies said.
      Little oil was lost in the landslide Friday night because
  taps on the one mln bpd line were switched off after the
  accident, they said.
      The pipeline, which carries oil for Turkey and other
  customers from Iraq's Kirkuk field to the Yumurtalik terminal
  on the Turkish Mediterranean coast, is Iraq's main oil outlet.
  

"
training/2971	43	ship	"BRAZIL SEAMEN CONTINUE STRIKE AFTER COURT DECISION
  Hundreds of marines were on alert
  at 11 key Brazilian ports after 40,000 seamen decided to remain
  on indefinite strike, even after the Higher Labour Court
  yesterday ruled it illegal, union leaders said.
      The halt, the first national strike by seamen in 25 years,
  started on February 27, and union leaders said they would not
  return to work unless they got a 275 pct pay rise. Shipowners
  have offered a 100 per cent raise, which the seamen rejected.
      ""We have nothing to lose. If they want to lay off the
  workers, fine, but we are determined to carry on with our
  protest until the end,"" a union leader said.
      He said they had decided in a meeting that if the marines
  take over the ships, the seamen would abandon the vessels and
  let the marines handle the situation by themselves.
      A spokesman for the Rio de Janeiro Port said the order to
  send marines to take over the ports was given by Navy Minister
  Henrique Saboya on grounds that ports are areas of national
  security. But he said there were no incidents. The strike has
  cut exports and imports and made an estimated 160 ships idle.
      Petrol station owners in four states also continued their
  shutdown and there were fears that the combination of the two
  stoppages could lead to a serious fuel shortage.
  

"
training/2973	10	crude	"ECUADOR TO EXPORT NO OIL FOR FOUR MONTHS, OFFICIAL
  The suspension of Ecuador's crude oil
  shipments after an earthquake cut an oil pipeline will last at
  least four months, a senior Energy Ministry official said.
      The official said Ecuador could resume exports after
  repairing a 40 km section of the 510 km pipeline, which links
  jungle oil fields at Lago Agrio to Balao on the Pacific coast.
  It would take about 100 mln U.S. Dlrs to repair the pipeline,
  the official, who did not want to be named, told Reuters.
  Ecuador had enough oil to meet domestic demand for about 35
  days and would have to import crude to supplement stocks.
      The earthquake last Thursday night registered six on the
  12-point international Mercalli scale. The damage to the
  pipeline was a severe economic blow to Ecuador, where oil
  accounts for up to two-thirds of total exports and as much as
  60 pct of government revenues.
      Financially pressed Ecuador, a member of the Organisation
  of Petroleum Exporting Countries (OPEC), was recently pumping
  about 260,000 barrels per day (bpd) of crude, about 50,000 bpd
  above the output quota assigned by the cartel, another Energy
  Ministry spokesman said. Last year, it exported an average of
  173,500 bpd, according to the central bank.
      However, Ecuador might build an emergency 25 km pipeline,
  costing 15 to 20 mln dlrs, to hook up with a Colombian
  pipeline, the first official said. He estimated it could take
  about 60 days to build.
      Ecuador, squeezed by the slide in world oil prices in 1986,
  had only 138 mln dlrs in net international reserves at the end
  of January, about equal to one month's imports.
      It suspended interest payments in January on 5.4 billion
  dlrs owed to about 400 private foreign banks. The country's
  total foreign debt is 8.16 billion dlrs, the eighth largest in
  Latin America.
      In Caracas, President Jaime Lusinchi said Venezuela would
  loan five mln barrels of crude to Ecuador over the next three
  months to make up for losses from damage to the pipeline.
      Ecuador asked for the loan to guarantee domestic supplies
  and would ship an equivalent volume back to Venezuela in
  repayment in May, Lusinchi said.
      A commission headed by Venezuelan Investment Fund Minister
  Hector Hurtado and including representatives from the interior
  and defence ministries and the state oil company Petroleos de
  Venezuela will travel to Ecuador Tuesday to evaluate and
  co-ordinate an emergency relief program, he said.
  

"
training/2974	31	meal-feed	"EC FARM LIBERALISATION SEEN HURTING THAI TAPIOCA
  Any European Community decision to
  liberalise farm trade policy would hurt Thailand's tapioca
  industry, said Ammar Siamwalla, an agro-economist at the
  Thailand Development Research Institute (TDRI).
      He told a weekend trade seminar here that any EC move to
  cut tariff protection for EC grains would make many crops more
  competitive than tapioca in the European market.
      The EC is the largest buyer of Thai tapioca, absorbing more
  than two thirds of the 5.8 mln tonnes of pellets exported by
  Thailand last year. Thailand has an EC quota of an average 5.25
  mln tonnes a year until 1990.
      Ammar said Thailand had benefited from an EC tariff
  loophole that subjects Thai tapioca to a preferential six pct
  import duty.
      Ammar, head of the agricultural research group of the TDRI,
  suggested tapioca farmers diversify to other crops.
      He said: ""If cereal prices in Europe fall so that they are
  close to world prices, the tapioca market there will disappear
  completely.""
      He said the issue may put Thailand in a dilemma because it
  had recently joined other major commodity producers in calling
  on the EC to cut its farm product export subsidies.
  

"
training/2976	45	sugar	"AUSTRALIA SELLS 180,000 TONNES OF SUGAR TO USSR
  Australia sold 180,000 tonnes of raw
  sugar to the Soviet Union for shipment in the next few weeks,
  Queensland Primary Industries Minister Neville Harper said.
      Loading of a 50,000-tonne cargo on the Soviet freighter
  Nikolay Kuznetsov for shipment to Odessa was completed today at
  the Lucinda terminal, he said in a statement.
      The balance will be shipped from Mackay by end-March,
  Harper said.
      Australia exported 159,000 tonnes of sugar to the Soviet
  Union in 1986.
  

"
training/2977	42	rubber	"THAI NATURAL RUBBER EXPORTS RISE IN 1986
  Thai natural rubber exports rose to
  763,331 tonnes in 1986 from 689,964 a year earlier, the private
  Board of Trade said.
      Japan, the biggest buyer, imported 384,622 tonnes of Thai
  rubber in 1986, up from 348,855 the previous year, it said.
      Other major buyers were the U.S. At 86,383 tonnes, up from
  81,629 in 1985, China 69,952 (60,296) and West Germany 32,172
  (25,909).
      Exports to France rose to 20,479 tonnes from 12,143 in
  1985, Austria 6,048 (4,104), and Italy 4,014 tonnes (1,340).
  

"
training/2979	22	interest	"GERMAN GOVERNMENT NEEDS SEEN RAISING BOND YIELDS
  Increased federal government borrowing
  needs and a growing unwillingness by foreign investors to buy
  mark assets could push yields in German public authority bonds
  higher this year, bond market sources say.
      ""At the moment we have a sideways movement in the short-term
  rates. But how rates move in the long end will depend strongly
  on foreigners,"" one portfolio manager for a large securities
  investment house in Frankfurt said.
      The sources also said the government had already stepped up
  its borrowing programme in anticipation on increased needs.
      Friday's loan stock was the third this year already, the
  sources noted. It carried a 10-year maturity, a coupon of six
  pct and price of 100-1/4 to yield 5.97 pct at issue.
      This compared with the last issue which had a 5-3/4 pct
  coupon priced at 99-3/4 pct for a yield of 5.75 pct.
      But dealers said the terms were not enough to attract
  foreign investors, and the federal government would have to
  push yields higher in future if it wanted to borrow again soon.
      Sources noted federal government issues had also increased
  in size, with the introduction of a four billion mark volume
  only starting last May.
      One finance ministry economist said ""It isn't more. It's
  just the size (of each bond) which has increased."" He added
  conditions in the capital market currently remained fairly
  favourable for raising new debt.
      Until recently, federal issues sold very strongly abroad,
  with up to 90 pct of some being placed with foreign investors.
      With the recent stabilisation of the U.S. Dollar, however,
  foreign investors have begun to back away from the market, as
  hopes of further currency gains in marks diminish.
      Sources said the government has may have already stepped up
  its borrowing, having raised more than 18 billion marks.
      The government made net borrowings of 23 billion marks in
  1986. But Bundesbank statistics showed that net borrowing
  through bonds was 26.6 billion.
      The sources said this indicated a move by the government
  out of other types of debt to gain access to foreign funds
  through the more acceptable loan stock form.
      Although new credit needs were partly inflated by a large
  amount of issues maturing recently, other factors, including
  the government's tax reduction program, would also reduce
  income next year. ""The problem here will be the tax reform,"" the
  portfolio manager said.
      He added that the government's cut in its top income tax
  rate to 53 pct from 56 pct in 1988 would make it difficult for
  the government to reduce borrowings.
      The sources said the government would fall far short of
  covering all of its 40 billion marks in lost revenue from the
  tax reform by making expenditure cuts and would be forced to
  fall back on debt markets in one form or the other.
      The portfolio manager noted that besides the three federal
  government loan stocks so far this year, it has also fallen
  back twice to raise a total 6.43 billion marks through the
  issue of fixed-rate medium-term ""Kassenobligation"" notes.
      A finance ministry economist said the government did not
  expect to have any trouble keeping to its plan to borrow only a
  net 22.3 billion marks this year.
      Though many sources agreed, they added that the trend would
  probably not continue next year as the further tax cuts come
  into effect.
      ""I would expect the efforts for a further tax reform would
  mean government borrowing will increase,"" the manager said.
      Bond prices last week were slightly firmer on balance, with
  the Bundesbank's public authority bond yield calculation
  falling to 5.64 pct on Friday from 5.66 a week earlier.
      But sources said foreign demand for the new federal
  government loan stock was slack, as sentiment grows that the
  dollar may now rise against the mark.
      ""The demand wasn't so good,"" a dealer for a German bank in
  London said.
      The dollar's recent slight appreciation against the mark
  even meant that foreign investors have sold mark bonds
  recently, some dealers said.
  

"
training/298	0	acq	"SHV SAYS IT MAKING TENDER OFFER FOR UP TO 33 MLN SHARES IN IC GAS

  SHV SAYS IT MAKING TENDER OFFER FOR UP TO 33 MLN SHARES IN IC GAS
  

"
training/2982	24	iron-steel	"USSR TO CUT COAL PRICE FOR JAPANESE STEELMILLS
  The Soviet Union has agreed to cut its
  coking coal export prices to Japanese steel mills by about five
  dlrs a tonne in 1987/88 starting April 1 in exchange for an
  increase in export volume, industry sources said.
      The prices were set at 44 dlrs a tonne for Neryungrinsky
  coal and at 43.80 dlrs for Kuznetsky coal, fob.
      Japan will import a total of 4.9 mln tonnes from both
  areas, up from 4.2 mln a year earlier, they said.
      The steelmakers had asked Moscow to agree to a cutback to
  3.7 mln tonnes in 1987/88, but the Soviet Union urged Japan to
  increase the amount to 6.5 mln, they said.
  

"
training/2983	16	gold	"PLACER PACIFIC HOPES FOR MISIMA GOLD APPROVAL SOON
  <Placer Pacific Ltd> said it hopes the
  Papua New Guinea government will approve development of the
  Misima gold project next month, following the submission of its
  final environmental plan in Port Moresby today.
      This completes the major documentation required to gain
  official approval to proceed, Placer said in a statement.
      Placer has estimated the epithermal deposit, located on the
  eastern half of Misima Island off the southeastern coast of
  Papua New Guinea, contains proven and probable reserves of 62.1
  mln tonnes grading 1.35 grams/tonne gold and 20 grams/tonne
  silver, and exploration is continuing.
  

"
training/2985	48	trade	"BANGLADESH TRADE DEFICIT NARROWS IN OCTOBER 1986
  The Bangladesh trade deficit narrowed to
  1.91 billion Taka in October from 5.64 billion in September and
  2.43 billion in October 1985, the Central Bank said.
      Imports dropped to 4.31 billion Taka in October from 8.22
  billion in September and 4.72 billion in October 1985.
      Exports totalled 2.4 billion Taka in October, as against
  2.58 billion in September and 2.29 billion in October 1985.
  

"
training/299	12	earn	"CHEUNG KONG (HOLDINGS) LTD <CKGH.HK> YEAR 1986
  Shr 3.25 H.K. Dlrs vs 1.40
      Final div 52 cents vs 38, making 75 cents vs 57
      Net 1.28 billion dlrs vs 551.7 mln
      Note - Earnings excluded extraordinary gains of 983.6 mln
  dlrs vs 81.3 mln. Bonus issue one-for-four vs nil. Share split
  four-for-one. Dividend payable June 3, books close May 11-21.
  

"
training/2990	23	ipi	"SWISS INDUSTRIAL OUTPUT RISES IN FOURTH QQUARTER
  Swiss industrial output rose nine pct in
  the fourth quarter last year after a four pct third quarter
  decline, and was up three pct from the final three months of
  1985, the Federal Office of Industry, Trade and Labour said.
      For the full year 1986 the index, base 1963, stood at 166
  after up four pct from the 159 recorded the previous year.
      Incoming orders gained four pct in the quarter after a five
  pct third quarter fall and were up one pct from the year
  earlier level. In the full year they gained one pct. The order
  backlog fell eight pct, the third straight quarterly decline
  and ended three pct under the year earlier level.
  

"
training/2993	32	money-fx	"ASIAN DOLLAR ASSETS EXCEED 200 BILLION DLRS
  The Asian dollar market continued to
  expand in December with total assets and liabilities rising to
  200.60 billion U.S. Dlrs from 188.54 billion in November and
  155.37 billion in December 1985, the Monetary Authority of
  Singapore said.
      It said the increase came mainly from interbank activity,
  with interbank lending rising to 146.61 billion dlrs in
  December from 134.76 billion in November and 104.93 billion in
  December 1985.
      Interbank deposits increased to 158.52 billion dlrs against
  147.95 billion and 120.03 billion, respectively.
      Loans to non-bank customers increased in December to 38.74
  billion dlrs from 38.64 billion in November and 37.44 billion
  in December 1985.
      Deposits by non-bank customers rose to 33.81 billion dlrs
  against 33.60 billion and 28.02 billion.
  

"
training/2994	33	money-supply	"SINGAPORE M-1 MONEY SUPPLY UP 3.7 PCT IN DECEMBER
  Singapore's M-1 money supply rose 3.7
  pct during December to 9.82 billion dlrs, after a 2.0 pct
  increase in November, the Monetary authority of Singapore (MAS)
  said.
      M-1 growth for calendar 1986 was 11.8 pct compared with 4.0
  pct growth over the year ending in November.
      MAS said in its latest monthly statistical bulletin the
  December increase was largely due to seasonal year-end demand.
      The demand deposit component of M-1 increased to 4.79
  billion dlrs in December from 4.62 billion in November and 4.05
  billion in December 1985.
      Currency in active circulation rose to 5.03 billion dlrs in
  December from 4.85 billion in November and 4.74 billion a year
  earlier.
      Broadly-based M-2 money supply rose 1.6 pct to 30.95
  billion dlrs during December after a 1.7 pct rise in November,
  bringing year-on-year growth to 10.0 pct for the year ending in
  December against 10.2 pct for the year ending in November.
  

"
training/2995	23	ipi	"CHINESE INDUSTRIAL GROWTH RATE UP AFTER WEAK 1986
  The value of China's industrial output in
  January and February this year was 14.1 pct higher than in the
  same 1986 period, the New China News Agency said.
      Output increased by 5.6 pct from January 1985 to January
  1986 and 0.9 pct from February 1985 to 1986.
      The agency said the most recent increase was largely due to
  last year's poor performance. ""No significant improvement was
  made in economic results,"" it said, adding that some successes
  were reported in readjusting the industrial product mix in the
  last quarter of 1986.
      The agency said the amount of tied up working capital rose
  and sizeable funds were occupied by unsaleable goods in 1986.
      It quoted unnamed economists as saying they expect 1987
  industrial production to increase at a proper rate and with
  better results, due to a cost-efficiency drive underway
  throughout the country. It gave no more details.
      The official industrial growth target this year is seven
  pct, down from an actual 9.2 pct last year.
  

"
training/2998	10	crude	"IRAN SELLING DISCOUNTED CRUDE, JAPAN TRADERS SAY
  Japanese customers have bought nearly six
  mln barrels of crude oil from the National Iranian Oil Company
  (NIOC) at a substantial discount to the official price, and
  Western traders have received even larger discounts, Japanese
  traders involved in the transactions told Reuters.
      NIOC has sold its crude for March shipment to Japanese
  customers with different formulas. One company has bought
  800,000 barrels of Iranian Heavy at a straight discount of
  30-35 cents below the official price, the sources said.
      Other deals have been fixed with prices linked to Oman and
  Dubai spot prices less a discount, they said.
  
      Iran's discounted sales have not, however, managed to
  reverse the bullish tone in the crude oil and products spot
  markets, oil traders said.
      Market sentiment is being influenced more by the colder
  weather in Europe, and reports that OPEC's February output was
  below its self-imposed quota of 15.8 mln barrels per day.
      Firmer gas oil on the London futures, and more bullish
  sentiment on the New York Mercantile Exchange futures market
  are supporting spot price levels, they said.
  
      Another Japanese trading house has paid the official price
  but through a processing arrangement will effectively receive a
  discount, the sources said. ""It's just disguised cheating,"" one
  Japanese trader said.
      The sources said only one Japanese company had paid the
  official price for Iranian oil. It has purchased 1.5 mln
  barrels of Iranian Heavy for April shipment for refining in
  Singapore. They said about nine VLCCs of Iranian crude have
  been sold to Western traders with pricing based 60 pct on the
  official price and 40 pct on spot prices, or with part of the
  price related to processing arrangements.
  
  

"
training/2999	0	acq	"ICI SELLS STAKE IN LISTER AND CO
  Imperial Chemical Industries Plc <ICI.L>
  said it had today placed its 19.4 pct stake in Lister and Co
  Plc with L Messel and Co and that it had now been placed widely
  among institutions.
      Lister is a manufacturer, dyer and finisher of cotton, silk
  wool and man-made fibres.
  

"
training/30	33	money-supply	"ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK

  ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK
  

"
training/3001	32	money-fx	"U.K. MONEY MARKET SHORTAGE FORECAST AT 250 MLN STG
  The Bank of England said it forecast a
  shortage of around 250 mln stg in the money market today.
      Among the factors affecting liquidity, it said bills
  maturing in official hands and the treasury bill take-up would
  drain around 1.02 billion stg while below target bankers'
  balances would take out a further 140 mln.
      Against this, a fall in the note circulation would add 345
  mln stg and the net effect of exchequer transactions would be
  an inflow of some 545 mln stg, the Bank added.
  

"
training/3003	10	crude	"AMOCO REPORTS SOUTH CHINA SEA OIL FIND
  The U.S. <Amoco Petroleum Corp> has
  reported an offshore oil find at its Pearl River basin
  concession in the South China Sea, the New China News Agency
  said.
      It said the Liu Hua 11-1-1 A well produced at around 2,240
  barrels per day at a depth of 305 metres.
      The news agency said Amoco plans to drill a second well in
  the area this year, but gave no further details.
  

"
training/3006	22	interest	"NATIONAL WESTMINSTER BANK SAYS IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.

  NATIONAL WESTMINSTER BANK SAYS IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.
  

"
training/3007	22	interest	"NATIONAL WESTMINSTER BANK CUTS BASE RATE
  National Westminster Bank Plc said it has
  cut its base lending rate  0.5 percentage points to 10.5 pct
  today.
      National Westminster said that it was responding to general
  easing in money market rates.
      Its move followed a signal from the Bank of England earlier
  this afternoon that it would endorse a half point cut in the
  base rate, a surprise move following its strong signals last
  week that such a move would be premature.
      However, since then the pound has continued to gain
  strongly.
  

"
training/3008	12	earn	"U.S. FACILITIES <USRE> SEMI-ANNUAL DIVIDEND
  Semi-annual dividend 4 cts
      Pay May 29
      Record April 14
  Note: full name is U.S. Facilities Corp. This is first dividend
  declared since company completed its initial public offering on
  November 7.
  

"
training/3009	0	acq	"STANDARD PACIFIC <SPF> ACQUIRES SOUTH BAY S/L
  Standard Pacific LP said it
  has acquired substantially all of the assets and liabilities of
  South Bay Savings and Loan Association of Newport Beach.
      The firm said over the weekend that it will conduct its
  savings and loan activities through Standard Pacific Savings
  FA, a Federal stock association.
      On Friday, the Federal Home Loan Bank Board in Washington
  said it approved the acquisition of South Bay S and L, a 62.5
  mln dlr state-chartered stock association, by Standard Pacific,
  which has 312.8 mln dlrs in assets.
      The Bank Board said that the Federal Savings and Loan
  Insurance Corp will make a cash contribution, provide capital
  loss coverage and indemnify Standard Pacific against
  undisclosed liabilities.
  

"
training/3010	44	strategic-metal	"U.S. TO ALLOW TEMPORARY IMPORTS OF S.A. URANIUM
  The Treasury Department said it would
  temporarily permit imports of South African uranium ore and
  oxide pending clarification of anti-apartheid sanctions laws
  passed by Congress last fall.
      The decision was announced late Friday. It applies, until
  July 1, to uranium ore and oxide imported into the U.S. for
  processing and re-export to third countries.
      The Treasury said it took the action because it felt that
  when Congress passed the comprehensive South African sanctions
  bill last fall over President Reagan's veto it had not intended
  to hurt U.S. industry.
      In addition, the Treasury said it would permit U.S.-made
  goods to be imported temporarily from South African
  state-controlled organizations for repair or servicing.
  

"
training/3013	0	acq	"PIEDMONT <PIE> AGREES TO USAIR <U> BUYOUT
  USAir Group Inc said Piedmont Aviation
  Inc has agreed to be acquired for 69 dlrs per share.
      The company, in a newspaper advertisement, said it has
  started a tender offer for all Piedmont shares at that price,
  and the Piedmont board, with two directors absent, has
  unanimously approved the bid.  The offer and withdrawal rights
  are to expire April Three unless extended, and the bid is to be
  followed by a merger at the same price.
      USAir said Piedmont has granted it an irrevocable option to
  buy up to 3,491,030 new shares under certain circumstances.
  Piedmont now has about 18.6 mln shares outstanding.
      USAir said the tender is conditioned on receipt of enough
  shares to give USAir at least a 50.1 pct interest in Piedmont
  on a fully diluted basis and approval by the U.S. Department of
  Transportation of a voting trust agreement permitting USAir to
  buy and hold shares pending review of its application to gain
  control of Piedmont.
      The company said its merger agreement with Piedmont
  provides that the offer is not to be amended without Piedmont's
  prior written consent in any way that would be adverse to
  Piedmont shareholders, but it said it could cut the number of
  shares to be bought without Piedmont's consent.
      USAir said it could reduce the number of Piedmont shares to
  be purchased in the offer to no less than the minimum number
  needed to cause the voting trust condition of the bid to be
  satisfied.
      In that case, it said if more than that minimum number of
  shares were tendered, it would buy shares on a pro rata basis.
      In February USAir had offered to pay 71 dlrs per share in
  cash for 50 pct of Piedmont's stock and 1.55 to 1.90 USAir
  shares for each remaining Piedmont share.
      Last week, Carl C. Icahn-controlled Trans World Airlines
  Inc <TWA> made a conditional offer to acquire USAir for 52 dlrs
  per share, a bid that was rejected by the USAir board.
      The Transportation Department on Friday rejected TWA's
  application to acquire USAir on the grounds that the
  application failed to comply with department regulations by
  omitting necessary information.  TWA said it would refile
  today, providing the information needed.
      On Friday TWA said it had already acquired four mln shares
  or 15 pct of USAir.
  

"
training/3016	21	instal-debt	"U.K. CREDIT BUSINESS FALLS IN JANUARY
  New credit advanced by finance houses,
  retailers, bank credit cards and other specialist providers of
  credit slipped to 2.66 billion stg in January from 2.78 billion
  in December - but remained close to the average level for
  1986's fourth quarter, the Department of Trade and Industry
  said.
      Of the January total, 1.15 billion stg was advanced on bank
  credit cards.
      On a three-month basis, total advances in November to
  January were 3.0 pct lower than in the previous three months.
  Within this total, lending to consumers fell by 6.0 pct and
  lending to businesses declined by 5.0 pct.
      At end-January 1987, the total amount outstanding was 24.07
  billion stg, up from December's 23.77 billion stg and 3.0 pct
  above the total three months earlier, the department said.
      January saw a rise of 300 mln stg in amounts outstanding to
  finance houses, other specialist credit grantors and retailers.
      The department said advances on credit cards rose by 1.0
  pct between the latest two three-month periods. Retailers
  advanced 3.0 pct less in the latest three months than in the
  previous three months, it said.
  

"
training/302	0	acq	"WALLENBERGS FIGHT BID FOR SWEDISH MATCH STAKE
  Sweden's Wallenberg group fought back
  a bid by the London-based Swedish financier Erik Penser to
  secure a large stake in Swedish Match <SMBS ST>, one of the
  companies at the core of their business empire.
      A statement issued by the Wallenberg holding companies AB
  Investor and Forvaltnings AB Providentia said they had taken
  over an option held by Nobel Industrier Sweden AB to acquire 33
  pct of the voting rights in Swedish Match.
      Thre Wallenbergs paid Nobel Industrier <NOBL ST>, in which
  Penser group has a 72 pct stake, about 20 pct over the market
  price for the Swedish Match option, the statement said.
      Swedish Match's B shares open to foreign buyers closed at
  424 crowns on Friday. The A shares -- with increased voting
  rights -- closed at 450 crowns for the restricted and 455 for
  the free shares.
      The statement said the deal increased Investor's stake to
  49.4 pct of the voting rights and 14.8 pct of the share capital
  while Providentia is left holding 34.1 pct of the voting rights
  and 14.5 pct of the share capital in Swedish Match.
      The Wallenbergs' stake in Swedish Match had previously
  amounted to 52 pct of the voting rights in the company.
      The Swedish Match deal will cost the Wallenbergs about 400
  mln crowns, share analysts said, making it one of the most
  expensise moves the group has undertaken in the last four years
  to defend its far-flung interests from outside predators.
      The Wallenbergs originally sold Nobel Industrier, an arms
  and chemicals group, to Penser in 1984 to pay for buying Volvo
  <VOLV ST> out of two other key group companies, Atlas Copco
  <ASTS ST> and Stora Koppabergs <SKPS ST>.
      Since then, the Wallenbergs were ousted as the largest
  shareholders in SKF (SKFR ST> by Skanska AB <SKBS ST> and
  Frederik Lundberg wrested control of Incentive AB from them.
      Lundberg, a Zurich-based Swedish property tycoon, also
  managed to acquire a 25 pct stake in another Wallenberg
  company, the diary equipment firm Alfa -Laval AB <ALFS ST>.
      During 1986, the Wallenbergs have been concentrating on
  building up their stake in Investor and Providentia to prevent
  any raid on the heart of their business empire.
      But analysts say the Wallenbergs' position in the
  electrical engineering firm ASEA AB <ASEA ST> is also too small
  at 12.6 pct of the voting rights and there has been growing
  speculation that the group will be forced to sell off fringe
  interests to protect its core activities.
  

"
training/3023	0	acq	"SOSNOFF STARTS BID FOR CAESARS WORLD <CAW>
  <MTS Acquisition Corp>, a company
  formed by Martin T. Sosnoff, said it has started a tender offer
  for all shares of Caesars World Inc at 28 dlrs each.
      In a newspaper advertisement, MTS said the offer and
  withdrawal rights expire April Three unless extended.
      Sosnoff, a New York investor, already owns about four mln
  of Caesars' 30.3 mln shares outstanding, or about 13.3 pct, and
  is Caesars' largest shareholder.  Caesars owns casino hotels in
  Nevada and honeymoon resorts in Pennsylvania's Pocono
  Mountains.  It also controls Caesars New Jersey Inc <CJN>,
  which owns an Atlantic City, N.J., casino hotel.
      For the second quarter ended January 31, Caesars World
  earned 12.6 mln dlrs on revenues of 190.4 mln dlrs, up from
  earnings of 7,500,000 dlrs and revenues of 163.8 mln dlrs a
  year before.  For all of fiscal 1986, the company earned 41.0
  mln dlrs on revenues of 694.4 mln dlrs.
      MTS said the offer is conditioned on receipt of at least
  enough shares to give Sosnoff a majority interest on a fully
  diluted basis, the arrangement of sufficient financing to buy
  all Caesars shares not already owned and pay related costs and
  approval by the New Jersey Casino control Commission and the
  NEvada Gaming Commission and State Gaming Control Board.
      MTS said Marine Midland Banks Inc <MM> has committed to
  lend it 100 mln dlrs for the acquisition and use its best
  efforts to syndicate another 400 mln dlrs in senior financing
  for the transaction.
      It said its financial adviser, PaineWebber Group Inc <PWJ>,
  has stated in writing that subject to market conditions, it is
  highly confident that it can arrange commitments for up to 475
  mln dlrs in ""mezzanine"" financing.
      MTS said it does not expect problems in obtaining New
  Jersey and Nevada regulatory approval for the acquisition,
  since ownership in a Caesars stake has already been cleared.
      In June 1986, Sosnoff requested a seat on the Caesars World
  board, a request that has not yet been granted.  In September
  1986, Sosnoff, who is chairman of <Atalanta/Sosnoff Capital
  Corp>, filed for clearance under U.S. antitrust laws to raise
  his interest in Caesars World to 25 pct.
      Sosnoff said, in a letter to Caesars World chairman and
  chief executive officer Henry Gluck, that ""The decision to go
  directly to the shareholders was made at the urging of may
  financial and legal advisors, who repeatedly stressed to me the
  lack of responsiveness of the management in the past.""
      Sosnoff, who said he has made numerous efforts to express
  his views to management on ways of maximizing shareholder
  values, said Caesars twicce refused his request for a board
  seat.  ""My advisers felt that, had I given you advance notice,
  you would have used the time to throw up obstacles to my offer
  rather than giving it serious consideration,"" he said.
      Sosnoff said he hopes that Caesars World management will be
  willing to negotiate an acquisition agreement with him.
      ""As I have indicated publicly in the past, I believe
  operating management of the company has performed well and that
  appropriate consideration should be given to a significant
  equity interest for them in the company following the
  acquisition,"" Sosnoff said in the letter to Gluck.
      MTS said Sosnoff has asked the company to fix March 27 as
  the record date for the determination of shareholders entitled
  to authorize action without a meeting -- including the election
  or removal of directors.
  

"
training/3025	0	acq	"TRUMP MAKES BID FOR CONTROL OF RESORTS <RTB>
  Casino owner and real estate developer
  Donald Trump has offered to acquire all Class B common shares
  of Resorts International Inc, a spokesman for Trump said.
      The estate of late Resorts chairman James M. Crosby owns
  340,783 of the 752,297 Class B shares.
      Resorts also has about 6,432,000 Class A common shares
  outstanding. Each Class B share has 100 times the voting power
  of a Class A share, giving the Class B stock about 93 pct of
  Resorts' voting power.
   More
  

"
training/3026	12	earn	"IOMEGA <IOMG> SETS MANAGEMENT, LABOR LAYOFFS
  Iomega Corp said it has laid off over
  a quarter of its professional and management staff and nearly
  half of its direct labor force as part of a restructuring and
  downsizing of its business.
      The company also said it will receive a qualified opinion
  from the auditors of it 1986 financial statement subject to the
  outcome of two suits. The company is a defendant in a
  consolidated class action law suit which seeks damages in an
  unspecified amount and is also a defendant in a related
  shareholder action.
      Iomega said the auditors state in their opinion letter that
  both actions are in the early stages of discovery and the
  likely outcome can not be determined at this time.
      The company said a corporate wide reduction of its
  professional, management and indirect labor will result in the
  permanent elimination of 183 positions in all functional areas
  of the company's business. This represents over 25 pct of
  professional, management and indirect employees, it added.
      In addition, Iomega announced layoff of about 182
  employees, principally from its manufacturing direct labor
  force. Those affected represent about 46 pct of direct labor.
      Commenting on the layoffs, Iomega said those from among the
  direct labor force affects personnel building the Alpha Eight
  Inch Disk Drive and Bernoulli Boxes.
      ""This action is required as we bring our finished goods
  inventory and inventory in our distribution channels down to
  acceptable levels,"" it explained.
      The company stated this layoff does not affect the
  production of its new 5-1/4 inch Beta 20 product which is
  currently being built to a backlog of orders.
  

"
training/3028	43	ship	"BRAZIL SEAMEN CONTINUE STRIKE DESPITE COURT
  Hundreds of marines were on alert
  at 11 key Brazilian ports after 40,000 seamen decided to remain
  on indefinite strike, even after the Higher Labour Court
  Saturday ruled it illegal, union leaders said.
      The halt, the first national strike by seamen in 25 years,
  started on February 27, and union leaders said they would not
  return to work unless they got a 275 pct pay rise. Shipowners
  have offered a 100 per cent raise, which the seamen rejected.
      ""We have nothing to lose. If they want to lay off the
  workers, fine, but we are determined to carry on with our
  protest until the end,"" a union leader said.
   more
      He said they had decided in a meeting that if the marines
  take over the ships, the seamen would abandon the vessels and
  let the marines handle the situation by themselves.
      A spokesman for the Rio de Janeiro Port said the order to
  send marines to take over the ports was given by Navy Minister
  Henrique Saboya on grounds that ports are areas of national
  security. But he said there were no incidents. The strike has
  cut exports and imports and made an estimated 160 ships idle.
      Petrol station owners in four states also continued their
  shutdown and there were fears that the combination of the two
  stoppages could lead to a serious fuel shortage.
  

"
training/3034	5	coffee	"UGANDA DISAPPOINTED BY COFFEE TALKS FAILURE
  Uganda, Africa's second largest coffee
  producer, was disappointed by the stalemate in recent coffee
  talks in London, the chairman of the state-run Coffee Marketing
  Board, CMB, said.
      ""This has not been good for coffee producers, more so in a
  situation where the prices dropped by 200 pounds per tonne of
  robusta coffee,"" J. Makumbi said when he returned from London on
  Friday.
      Producers and consumers failed to agree on a quota formula
  to share the world's coffee production during International
  Coffee Organisation, ICO, talks that ended last week.
      Makumbi blamed the failure to set quotas, which were
  suspended in Feburary last year, on Indonesian demands that its
  quota be increased dramatically.
      Uganda -- which earns about 400 mln dlrs annually from
  coffee exports, over 95 pct of its foreign exchange earnings --
  had sought to raise its ICO quota to 3.0 mln from 2.45 mln
  60-kilo bags, according to sources close to the CMB.
      The CMB has estimated that production will rise 20 to 25
  pct in the current 1986/87 October-September season to over
  three mln bags.
      For several years Uganda had been unable to meet its ICO
  export quota as rebel activity disrupted the coffee industry.
      The Ugandan government depends on coffee export duties for
  about 60 pct of its sales tax revenue and the industry employs
  over half of salaried manpower.
      In Dar es Salaam, Tanzania's Agriculture and Livestock
  Development Minister Paul Bomani said today Third World
  countries would suffer from the failure of the London coffee
  talks.
      ""It is only the middlemen who will benefit, he said.
      Bomani called on the ICO to convene another meeting within
  two months, saying, ""Once tempers have cooled and delegations
  have had time to report back to their headquarters, common
  sense will prevail.""
  

"
training/3035	0	acq	" Chrysler to take over Renault stake in American Motors, says Renault

   Chrysler to take over Renault stake in American Motors, says Renault
  

"
training/3036	31	meal-feed	"ADDITIONAL CCC CREDIT GUARANTEES FOR HUNGARY
  The Commodity Credit Corporation,
  CCC, has authorized an additional 8.0 mln dlrs in credit
  guarantees for sales of vegetable protein meals to Hungary for
  fiscal year 1987, the U.S. Agriculture Department said.
      The additional guarantees increase the vegetable protein
  meal credit line to 16.0 mln dlrs and increases the cumulative
  fiscal year 1987 program for agricultural products to 23.0 mln
  dlrs from 15.0 mln, it said.
      The department also announced an extension of the export
  period from September 30, 1987, to December 31 for sales of
  vegetable protein meals.
      To be eligible for the credit guarantees all sales must be
  registered before export but not later than September 30.
  

"
training/3037	12	earn	"SOUTHERN CO TO TAKE 226 MLN DLR CHARGE ON PROJECTED VOGTLE COST RISE

  SOUTHERN CO TO TAKE 226 MLN DLR CHARGE ON PROJECTED VOGTLE COST RISE
  

"
training/3038	0	acq	"APPLIED CIRCUIT<ACRT> SELLS ELECTRONICS BUSINESS
  Applied Circuit Technology Inc
  (ACT) said it has agreed in principal to sell its primary
  computer electronics business to the <Sanpao Group> of San
  Francisco.
      ACT said it has not disclosed the deal's terms, but added
  that 50 pct of the sale price is in cash, with the remainder to
  be paid over a two year period.
      The deal is expected to close on March 31, ACT said.
      ACT said it made the move to concentrate resources on its
  pharmaceuticals subsidiaries.
  

"
training/3039	0	acq	"USAIR <U> ACQUIRES 9.9 PCT OF PIEDMONT <PIE>
  USAir Group Inc said it has
  acquired 2,292,599 Piedmont Aviation Inc shares, about 9.9 pct
  on a fully diluted basis, from Norfolk Southern Corp <NSC>.
      The acquisition of Piedmont by USAir has been approved by
  the directors of both companies.
      USAir said it has been advised by Norfolk Southern that the
  company supports the proposed merger and intends to tender all
  of its remaining 1,477,829 Piedmont common shares in response
  to USAir's tender offer which began today. This total includes
  shares issuable upon conversion of Piedmont preferred, USAir
  noted.
      USAir said Piedmont has about 23.1 mln common shares on a
  fully diluted basis, adding its offer is conditioned on the
  tender of at least 9,309,394 shares, representing 40.2 pct of
  the oustanding shares on a diluted basis.
      USAir said the 3,491,030 new shares it has an option to buy
  represent 18.5 pct of Piedmont's currently outstanding shares.
  

"
training/304	0	acq	"SHV SAYS IT MAKING TENDER OFFER FOR IC GAS
  <SHV (United Kingdom) Holding Co Ltd>
  said it was making a tender offer for up to 33 mln ordinary
  shares in Imperial Continental Gas Association.<ICGS.L>.
      It said in a statement the offer was on the basis of 700p
  for each IC Gas ordinary and 252p for every one stg nominal of
  IC Gas loan stock.
      SHV already holds 6.8 mln IC Gas ordinary stock units
  representing around 4.9 pct of the current issued share
  capital.
      Successful completion of the offer would increase SHV's
  stake in IC Gas to 39.8 mln shares, representing around 27.9
  pct of issued share capital, it said.
      The offer capitalises IC Gas at around one billion stg.
      It said it was tendering for both ordinary stock and loan
  stock, which when fully converted, gave a total of 33 mln IC
  Gas ordinary. It is making the tender offer through N.M.
  Rothschilds.
      IC Gas said in a statement it noted the SHV tender offer
  and the terms were being considered.
      It said a further statement would be made as soon as
  possible.
   REUTER...
  

"
training/3040	5	coffee	"BRAZILIAN COFFEE RAINFALL
  THE FOLLOWING RAINFALL WAS RECORDED IN
  THE AREAS OVER PAST 72 HOURS
      PARANA STATE: UMUARAMA NIL, PARANAVAI 1.5 MILLIMETRES,
  LONDRINA NIL, MARINGA NIL.
      SAO PAULO STATE: PRESIDENTE PRUDENTE O.6 MM, VOTUPORANGA
  12.0 MM, FRANCA 28.0 MM, CATANDUVA 10.0 MM, SAO CARLOS NIL, SAO
  SIMAO NIL. REUTER11:43/VB
  

"
training/3041	0	acq	"GENCORP TO SELL LOS ANGELES TELEVISION STATION TO WALT DISNEY CO

  GENCORP TO SELL LOS ANGELES TELEVISION STATION TO WALT DISNEY CO
  

"
training/3042	0	acq	"NATIONWIDE CELLULAR <NCEL> COMPLETES PURCHASE
  Nationwide Cellular Service
  Inc said it has completed the previously-announced acquisition
  of privately-held Nova Cellular Co, a Chicago reseller of
  mobile telephone service with 1,800 subscribers, for about
  65,000 common shares.
      Nova Cellular has an accumulated deficit of about 650,000
  dlrs and had revenues of about 2,600,000 dlrs for 1986, it
  said.
  

"
training/3043	22	interest	"NATIONAL WESTMINSTER BANK CUTS BASE RATE
  National Westminster Bank Plc said it has
  cut its base lending rate  0.5 percentage points to 10.5 pct
  today.
      National Westminster said it was responding to general
  easing in money market rates.
      Its move followed a signal from the Bank of England earlier
  this afternoon that it would endorse a half point cut in the
  base rate, a surprise move following its strong signals last
  week that such a move would be premature.
      However, since then the pound has continued to gain
  strongly.
  

"
training/3046	43	ship	"HUTCHISON UNIT BUYS CONTAINER CRANES FROM JAPAN
  Container port operator, <Hong Kong
  International Terminals Ltd>, a 89 pct held unit of Hutchison
  Whampoa Ltd <HWHH.HK>, said it has placed a 164 mln H.K. Dlr
  order for seven quayside container cranes of 800 tons each with
  Japan's Mitsui Engineering and Shipbuilding Co Ltd <MSET.T> for
  May 1988 to August 1989 delivery.
      Hong Kong International Terminals operates 32 cranes.
  

"
training/3047	43	ship	"BOSPHORUS SHIPPING MOVES, ISTANBUL OFFICES CLOSE
  Istanbul remained at a virtual
  standstill today under snow up to a meter deep but shipping was
  moving through the narrow Bosphorus waterway linking the Sea of
  Marmara and the Black Sea, officials said.
      The authorities ordered government offices closed until
  Wednesday. Many banks, businesses and schools stayed shut as
  workers struggled to keep main roads and supply lines open in
  this city of 6.5 mln people.
      The second blizzard to hit Istanbul in a week stopped
  yesterday afternoon and the international airport reopened
  today after a two-day closure. It was also shut earlier last
  week.
  

"
training/3048	10	crude	"ECUADOR TO EXPORT NO OIL FOR 4 MONTHS, OFFICIAL
  The suspension of Ecuador's crude oil
  shipments after an earthquake cut an oil pipeline will last at
  least four months, a senior Energy Ministry official said.
      The official said Ecuador could resume exports after
  repairing a 40 km section of the 510 km pipeline, which links
  jungle oil fields at Lago Agrio to Balao on the Pacific coast.
  It would take about 100 mln U.S. Dlrs to repair the pipeline,
  the official, who did not want to be named, told Reuters.
  Ecuador had enough oil to meet domestic demand for about 35
  days and would have to import crude to supplement stocks.
      The earthquake last Thursday night registered six on the
  12-point international Mercalli scale. The damage to the
  pipeline was a severe economic blow to Ecuador, where oil
  accounts for up to two-thirds of total exports and as much as
  60 pct of government revenues.
      Financially pressed Ecuador, a member of the Organisation
  of Petroleum Exporting Countries (OPEC), was recently pumping
  about 260,000 barrels per day (bpd) of crude, about 50,000 bpd
  above the output quota assigned by the cartel, another Energy
  Ministry spokesman said. Last year, it exported an average of
  173,500 bpd, according to the central bank.
      However, Ecuador might build an emergency 25 km pipeline,
  costing 15 to 20 mln dlrs, to hook up with a Colombian
  pipeline, the first official said. He estimated it could take
  about 60 days to build.
      Ecuador, squeezed by the slide in world oil prices in 1986,
  had only 138 mln dlrs in net international reserves at the end
  of January, about equal to one month's imports.
      It suspended interest payments in January on 5.4 billion
  dlrs owed to about 400 private foreign banks. The country's
  total foreign debt is 8.16 billion dlrs, the eighth largest in
  Latin America.
      In Caracas, President Jaime Lusinchi said Venezuela would
  loan five mln barrels of crude to Ecuador over the next three
  months to make up for losses from damage to the pipeline.
      Ecuador asked for the loan to guarantee domestic supplies
  and would ship an equivalent volume back to Venezuela in
  repayment in May, Lusinchi said.
      A commission headed by Venezuelan Investment Fund Minister
  Hector Hurtado and including representatives from the interior
  and defence ministries and the state oil company Petroleos de
  Venezuela will travel to Ecuador Tuesday to evaluate and
  co-ordinate an emergency relief program, he said.
  

"
training/3049	33	money-supply	"FRENCH JAN M-3 MONEY SUPPLY ROSE PROV ADJUSTED ONE PCT (O.7 PCT FALL IN DEC) - OFFICIAL.

  FRENCH JAN M-3 MONEY SUPPLY ROSE PROV ADJUSTED ONE PCT (O.7 PCT FALL IN DEC) - OFFICIAL.
  

"
training/3051	42	rubber	"MALAYSIA SAYS RUBBER PACT DEPENDS ON CONSUMERS
  Malaysia said the success of talks
  opening today on a new International Natural Rubber Agreement
  (INRA) depends on how flexible consumer countries are.
      Rubber producer and consumer countries meet for 12 days in
  Geneva from tomorrow to try to hammer out a rubber pact after
  they failed to reach agreement last November to replace the
  current accord, which expires next October.
      Primary Industries Minister Lim Keng Yaik said in a
  statement that Malaysia wants to continue with a second INRA
  and is prepared to accept modifications that would strengthen
  the present agreement.
      He said the second INRA would allow for an orderly disposal
  of the accumulated buffer stock of 375,000 tonnes, since the
  market is now capable of absorbing such releases.
  

"
training/3053	0	acq	"MCDOWELL <ME> TO MERGER WITH <INTERPHARM INC>
  McDowell Enterprises Inc said
  it has signed a definitive agreement to acquire an 80 pct
  interest in privately held Interpharm Inc for a 19.9 pct
  interest in McDowell.
      The company said subject to contigencies, including future
  sales and profit levels, McDowell could over a four-year period
  acquire 100 pct of Interpharm in exchange for up to 51 pct of
  McDowell's voting stock.
      It said the transaction is expected to be completed within
  60 days, at which time the McDowell board would be restructured
  to include Interpharm management. 
  

"
training/3056	0	acq	"RENAULT, CHRYSLER IN ACCORD FOR CHRYSLER TO BUY AMC
  Regie Nationale des Usines Renault
  <RENA.PA> said it and Chrysler Corp <C> have signed a letter of
  intent in which Chrysler plans to buy American Motors Corp
  <AMO.N>, 46 pct owned by Renault.
      Renault President Raymond Levy said in a statement issued
  by the French state car group the agreement was an important
  stage in Renault's redeployment. ""It will allow Renault to
  continue its export programme to the U.S. And also opens a
  perspective of cooperation with a major American constructor,""
  the statement said. Under the terms of the letter of intent,
  Chrysler will purchase Renault's stake held in the form of
  bonds and shares.
      The Renault statement quoted Chrysler Chairman Lee Iacocca
  as saying, ""We welcome AMC shareholders into the Chrysler
  family.""
      He added that the accord would allow Renault and Chrysler
  to study the development of future products destined to be
  distributed by Renault and Chrysler in the North American and
  world markets.
      ""Renault is a leader in our industry and I am happy to be
  working with them,"" Iacocca was quoted as saying.
      Chrysler will pay for Renault's AMC interests held in bonds
  by a 200 mln dlr bond and will pay up to 350 mln dlrs for
  Renault share interests, depending on AMC sales and future
  profits, the Renault statement said.
      The statement said the agreement in principle gave each
  side 30 days to put together a definitive accord. Approval
  would also be necessary from the Renault, Chrysler and AMC
  boards, from AMC shareholders and the relevant government
  authorities.
      If the deal goes ahead, the statement said, AMC
  shareholders other than Renault will receive Chrysler shares
  for each of their shares valued at four dlrs.
      AMC shareholders with convertible preferential shares will
  have the possibility to exchange them for Chrysler shares on
  the same conditions as those they would have had in exchanging
  them for AMC shares.
  

"
training/3061	0	acq	"FIRST BOSTON AFFILIATE TO ACQUIRE ALLEGHENY INT'L FOR 24.60 DLRS/SHR

  FIRST BOSTON AFFILIATE TO ACQUIRE ALLEGHENY INT'L FOR 24.60 DLRS/SHR
  

"
training/3062	12	earn	"SOUTHERN <SO> TO TAKE CHARGE ON VOGTLE COST
  Southern Co said it will take an
  after-tax charge of 226 mln dlrs against earnings no later than
  January 1988 because the projected cost of the Vogtle nuclear
  power plant has risen abover the amount which retail customers
  in Georgia will be asked to pay.
      The company's largest subsidiary, Georgia Power Co, said
  the budget for the plant has increased by 6.3 pct, or 522 mln
  dlrs, to 8.87 billion. However, because of a pledge the made
  last year to Georgia's Public Service Commission, the increased
  cost will not be included in the utility's retail electric
  rates.
      Geogia Power also said its board has delayed the scheduled
  completion of Vogtle's Unit Two to June 1989 from September
  1988. Unit Two is about 60 pct complete, it added.
      The utility said fuel loading has been completed at Unit
  One and the unit is being put through a series of low-power
  tests before the Nuclear Regulatory Commission is asked for a
  full-power license.
      The nuclear power plant, located near Waynesboro, Ga., is
  co-owned by <Oglethorpe Power Corp>, the Municipal Electric
  Authority of Georgia and the city of Dalton.
      Georgia Power said the revised Vogtle budget estimate was
  due to several factors, including additional labor costs
  incurred to keep the plant's first unit on schedule for
  commercial operation by June. The new figure represents the
  first change in the plant's budget since August 1985, when it
  was estimated at 8.35 billion dlrs.
      In March 1986, the utility told Georgia regulators it would
  ""cap"" the price of Vogtle its customers would be asked to pay
  at 3.56 billion dlrs, the company's share of the then projected
  8.35 billion dlr total. Under the new budget, Georgia Power
  said, its share amounts to 3.87 billion dlrs.
      Noting that Georgia Power's share of the Vogtle increase is
  313 mln dlrs, Southern said this will result in a charge
  against earnings of 177 mln dlrs after taxes.
      In addition, the company said, Georgia Power's contracts
  with the joint owners require the utility to buy back
  significant amounts of Vogtle capacity during the plant's
  initial years of operation. Under terms of the cap on costs, it
  will not attempt to recover the portion of the budget increase
  that applies to the buybacks.
      This bings the total amount that must be charged against
  earnings to 2326 mln dlrs after taxes, Southern said.
      Southern said new rules of the Financial Accounting
  Standards Board, which are effective in January 1988, require
  any costs that are determined nonrecoverable to be charged
  against earnings once that determination is made.
      The company also said its board has approved a capital
  budget of 2.1 billion dlrs in 1987, including work on the
  Vogtle project.
      It said a 5.9 billion dlr capita budget for the three-year
  period 1987-1989 was also outlined at the board meeting, noting
  this is 700 mln dlrs below the comparable figure for the years
  1986-1988.
  

"
training/3063	0	acq	"STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER
  Sweden's Stora Kopparbergs Bergslags
  AB <SKPS ST> said it had now acquired 90 pct of shares in rival
  pulp and paper makers Papyrus AB, thus passing the threshold
  above which it can compulsorily buy the rest of the company.
      Remaining shareholders would have until later this month to
  sell their shares to Stora, the company said in a statement.
      Stora announced last September it would acquire Papyrus at
  a price of 5.8 billion crowns, thus forming Europe's second
  largest forest group after London-based Reed International Plc
  <REED L>.
  

"
training/3067	32	money-fx	"U.K. MONEY MARKET GIVEN LATE HELP WORTH 15 MLN STG
  The Bank of England said it provided the
  market with unspecified late assistance worth 15 mln stg.
      It has given the market total assistance of 228 mln stg
  today compared with a liquidity shortage it estimated at a
  revised 300 mln stg.
  

"
training/3069	0	acq	"WHITE ENGINE BOUGHT BY PRIVATE INVESTOR
  White Engine, a manufacturer of
  industrial and automotive diesel and gasoline engines with more
  than 100 mln dlrs in sales, said it has been sold to a group of
  group investors.
      White Engine said the purchase is led by Donald Stewart, a
  private investment banker, along with White senior executives.
      A source close to the transaction said the purchase prices
  is being set at more than 55 mln dlrs.
      The company said it will change its name to Hercules
  Engines Inc, and Stewart will be the majority interest owner,
  as well as the president and chief executive officer.
      In addition, John Lennon, current chairman and chief
  executive officer, will remain as chairman, he company said.
  And Joseph G. Scheetz, currently president, will be vice
  chairman, according to the company.
  

"
training/3071	0	acq	"STORA CLOSE TO COMPLETING PAPYRUS TAKEOVER
  Sweden's Stora Kopparbergs Bergslags
  AB <SKPS.ST> said it has now acquired 90 pct of shares in rival
  pulp and paper makers Papyrus AB, thus passing the threshold
  above which it can compulsorily buy the rest of the company.
      Remaining shareholders would have until later this month to
  sell their shares to Stora, the company said in a statement.
      Stora announced last September it would acquire Papyrus at
  a price of 5.8 billion crowns, thus forming Europe's second
  largest forest group after London-based Reed International Plc
  <REED L>.
  

"
training/3072	0	acq	"ALLEGHENY INT'L <AG>, FIRST BOSTON SET MERGER
  Allegheny International Inc said it
  has entered into an agreement to merge with an affiliate of
  First Boston Inc's <FPC> First Boston Corp in a transaction
  valued at about 500 mln dlrs.
      Allegheny said the agreement calls for holders of its
  common to receive 24.60 dlrs a share. Holders of the company's
  2.19 dlrs cumulative preference shares will receive 20 dlrs a
  share and those owning its 11.25 dlrs convertible preferred
  will receive 87.50 dlrs a share.
      Allegheny International said the agreement calls for the
  First Boston affiliate to start a cash tender offer for all
  outstanding shares of Allegheny's common, cumulative preferred
  and convertible preferred.
      The company said First Boston has committed to provide all
  financing necessary to acquire such securities in the tender
  offer which is estimated to be about 500 mln dlrs.
      It said the agreement is also subject to the waiver by
  March 13 of certain conditions under the company's existing
  bank credit agreement.
      Allegheny International's statement did not name or
  describe the First Boston affiliate involved in the agreement.
      It did say the offer for the company's stock will be
  conditioned also on the valid tender of securities representing
  at least a majority of the voting power for the election of
  directors of the company and the valid tender of at least two
  third's of the outstanding cumulative preferred and convertible
  preferred shares.
  

"
training/3073	33	money-supply	"FRENCH JANUARY M-3 MONEY SUPPLY RISES ONE PCT
  French money supply, measured in terms of
  M-3, rose a provisional one pct in January after falling 0.7
  pct in December, the Bank of France said.
      M-3 is the main money supply aggregate used by the French
  monetary authorities. It has been joined as a second main money
  supply aggregate for 1987 by M-2, which rose a provisional 1.2
  pct in January after falling a confirmed 0.9 pct in December.
      Calculated on a three-month moving average basis, M-3 rose
  4.4 pct year-on-year in the quarter based on December after
  rising 5.4 pct in the quarter centred on September.
      The M-2 aggregate, centred on a three-month moving average,
  rose year-on-year by four pct, within a 1987 target range of
  four to six pct.
      M-1 rose 2.5 pct after a 1.1 pct fall in December. M-1
  measures notes and coins in circulation plus sight deposits.
      M-2 adds in short-term bank deposits and M-3 adds in other
  short-term deposits.
      The central bank's widest measure of liquidity, L, rose 1.5
  pct in January after one pct fall in December. The bank said
  the money supply growth reflected a net increase of sight
  deposits and renewed interest in money market instruments.
  

"
training/3074	0	acq	"CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN

  CHRYSLER SAYS AMC HOLDERS TO GET CHRYSLER STOCK WORTH FOUR DLRS A SHARE UNDER BUYOUT PLAN
  

"
training/3077	12	earn	"CONTINENTAL BANK/CANADA SETS DISTRIBUTION
  Continental Bank of Canada, a subsidiary
  of Lloyds Bank PLC <LLOY.L>, said it intends to redeem all
  existing preferred shares and distribute a stock dividend to
  common shareholders.
      The initial distribution will be in cumulative redeemable
  retractable floating rate class A preferred shares series II,
  which will carry a retraction right enabling holders to receive
  12.75 dlrs for each share.
      Continental said the 58.6 mln dlrs of existing outstanding
  preferred shares will be paid off at par plus accrued dividends.
       Continental said the notes will carry a dividend rate of
  72 pct of prime and it expects that the shares will trade at
  12.75 dlrs or more, enabling shareholders who wish to receive
  cash to do so.
      The bank said it expects the distribution will be made in
  early May, subject to various approvals.
      Continental also said that, as of March 2, it had cash of
  more than 250 mln dlrs and equity of about 284.6 mln dlrs,
  allowing for a final total distribution of 16.60 dlrs per
  common share.
      Continental Bank said it continues to expect that the final
  distribution to shareholders will be in the range of 16.50 dlrs
  to 17.25 dlrs per share and will take place in late 1988 or
  early 1989.
      Until the initial stock distribution takes place, regular
  dividend payments will be maintained on the existing preferred
  shares, the bank said.
      The distribution is part of the terms of Continental Bank
  of Canada's sale of its banking assets to Lloyds Bank Canada, a
  subsidiary of Lloyds Bank PLC.
      Continental Bank said Lloyds Bank Canada paid the balance
  of the purchase price but that it was lower than originally
  anticipated since Continental was unable to transfer certain
  income tax deductions to Lloyds Bank. Continental did not give
  further details.
   More
  

"
training/3078	48	trade	"STUDY SAYS U.S., CANADA PACT WOULD SPUR ECONOMIES
  A free trade pact between the United
  States and Canada could spur the economies of both sides
  substantially, according to a study released by the Institute
  for International Economics.
      The study, by Paul Wonnacott, said a successful conclusion
  to the free trade talks now under way could raise Canada's
  gross national product by more than five pct and expand U.S.
  export's by about seven pct.
      He said the pact could resolve the knotty issue of
  government subsidies, end curbs on trade in services and
  investments and pave the way for new global talks under the 
  General Agreement on Tariffs and Trade.
      The United States and Canada - the world's two biggest
  trading partners with cross border shipments of about 150
  billion dlrs a year - opened free trade talks last June. They
  are aiming for a pact by next October.
      Wonnacott, an economics professor at the Univerity of
  Maryland, said an agreement should include:
      - Elimination of tariffs between the two countries, phased
  in over a five to 10-year period;
      - Equal access to federal government procurement in the two
  countries, replacing current ""Buy America"" and ""Buy Canada""
  provisions with a ""Buy North America"" provision;
      - Fewer restrictions in trade in services, chiefly finance
  and transportation;
      - A commitment not to screen foreign investments in favor
  domestic producers;
      - A commission to resolve bilateral trade disputes.
       Wonnacott said that to resolve the subsidy problem, the
  two sides should permit export subsidies of exports of up to
  2.0 or 2.5 pct without imposing coutervailing duties.
      The limit on subsidies is now 0.5 pct.
      He proposed that any attempt to impose new duties to offset
  subsidies should go first a special disputes commission for
  resolution at an early stage.
      Wonnacott said ""bilateral free trade would contribute to the
  efficiency of the North American economies and to their
  competitiveness in facing overseas producers.
      He said it would it would open U.S. markets to Canadian
  goods and enable them to benefit from the economies of mass
  production.
      Benefits to the United States would be fewer than those to
  Canada proportionately, he said, because of the already large
  U.S. gross national product.
      Wonnacott said also that a U.S.-Canada pact in such areas
  as export subsidies and the creation of a dispute commission
  could set an example for the current attempt by GATT to write
  new and more liberal global trading regulations.
  

"
training/3080	12	earn	"GULF RESOURCES <GRE> TO HAVE GAIN ON STOCK SALE
  Gulf Resources and Chemical Corp said it
  has sold 9,534,633 shares of <Imperial Continental Gas
  Association> for 720 pence a share, or 68.6 mln stg, in a
  private transaction for a pretax gain of about 19.6 mln dlrs.
      Gulf Resources said it still owns 6.7 mln shares of
  Imperial Continental, or a 4.6 pct interest, and continues to
  study various alternatives.
  

"
training/3083	0	acq	"DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES

  DONALD TRUMP SAID HE HAS AGREED TO PURCHASE CROSBY ESTATE'S RESORTS SHARES
  

"
training/3085	0	acq	"BSN <BSN> SHARE SALE ADVANCES
  BSN Corp said its agreement to sell
  1,750,000 new common shares, or a 25 pct interest, to 31
  unaffiliated European institutional investors for 30.4 mln dlrs
  has become definitive.
      The company said closing is expected shortly after the
  filing of a registration statement with the Securities and
  Exchange Commission, which is expected to be made this month.
  

"
training/3086	0	acq	"GENCORP<GY> UNIT TO SELL LOS ANGELES TV STATION
  Gencorp said its RKO General
  subsidiary agreed to sell KHJ-TV in Los Angeles to Walt Disney
  Co <DIS> for 217 mln dlrs cash plus working capital and other
  adjustments at closing.
      The company said under the agreement in principle, RKO's
  application to renew the station's broadcast license would be
  dismissed and the competing application of Fidelity Television
  would be granted. Disney would then acquire privately held
  Fidelity for about 103 mln dlrs and other adjustments.
      Renewal of the KHJ-TV license has been challenged in
  regulatory proceedings for more than 20 years.
      The deal is subject to prior approval by the Federal
  Communications Commission, the company said.
      Late in 1985, Gencorp cut a deal with Fidelity, a Los
  Angeles investor group, and Westinghouse Electric Corp <WX> to
  settle the license proceedings and sell KHJ-TV for 313 mln
  dlrs, 70 pct of which would go to Westinghouse and the
  remainder to Fidelity. But on Jan 28, 1987, Westinghouse
  withdrew from the deal because the FCC would not approve it.
      In early 1986, Gencorp and RKO agreed to sell WOR-TV in
  Secaucus, N.J., to MCA Inc <MCA> for 387 mln dlrs. The FCC has
  approved the transaction, but several parties have appealed.
      The FCC has not said when it would rule on the appeals,
  according to a spokemsan for Akron, Ohio-based Gencorp.
      Fidelity Television originally filed a competing
  application for the RKO license for KHJ, an independent
  station, in 1965.
      In 1980, the FCC disqualified RKO as licensee of WNAC-TV in
  Boston, citing anti-competitive trade practices and inaccurate
  financial reporting to the agency, causing renewals previously
  granted to RKO in New York, for WOR, and Los Angeles, for KHJ,
  to be denied.
  

"
training/3087	22	interest	"BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.

  BARCLAYS BANK SAID IT CUTTING BASE LENDING RATE TO 10.5 PCT FROM 11 PCT.
  

"
training/3088	22	interest	"MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.

  MIDLAND BANK SAID IT CUTTING ITS BASE RATE TO 10.5 PCT FROM 11 PCT.
  

"
training/3089	0	acq	"IMATRON <IMAT> SELLS STAKE TO MITSUI <MITSY>
  Imatron Inc said
  Mitsui and Co Ltd of Japan has purchased a two mln dlr equity
  interest in Imatron at market price and was granted a 120-day
  option to make another two mln dlr investment at the same price.
      Imatron said Mitsui, the exclusive importer of Imatron's
  Ultrafast computed tomography scanners into Japan, is scheduled
  to take delivery of its first scanner next month for
  installation in a large cardiology center.
      It said it has entered into preliminary discussions with
  Mitsui on the formation of a joint venture to finance the
  accelerated development of Imatron's technology and its
  commercialization in Japan.
  

"
training/3091	12	earn	"A.H. ROBINS'S <QRAH> JANUARY EARNINGS UP
  A. H. Robins Co, the drug company
  in bankruptcy proceedings due to litigation over its Dalkon
  Shield contraceptive device, reported consolidated net earnings
  for the month ended January 31 of 17.3 mln dlrs.
      In the corresponding year-ago period it reported net
  earnings of 13.8 mln dlrs.
      Robins said the filings were made with the U.S. trustee
  overseeing its chapter 11 bankruptcy case.
  

"
training/3092	22	interest	"BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
  Barclays Bank Plc <BCS.L> and Midland
  Bank Plc <MDBL.L> said they are cutting their base lending
  rates to 10.5 pct from 11 pct. The cuts follow a similar move
  by National Westminster Bank Plc <NWBL.L>
      The rate changes take effect tomorrow.
  

"
training/3093	0	acq	"CONTROL DATA <CDA> TO BUY PERIPHERALS STAKE
  Control Data Corp said it
  agreed to acquire Unisys Inc's <UIS> 13 pct stake in <Magnetic
  Peripherals Inc>.
      The letter of intent provides that Unisys converts from an
  owner in Magnetic Peripherals to a customer of Control Data's
  data storage products group over a two year period.
      Under the agreement, Control Data will continue to furnish
  disk drives to Unisys, it said.
      No other details of the proposed agreement were available.
      Magnetic Controls, managed by the data storage products
  group of Control Data, was founded in 1975 as a joint venture
  to maintain a technological base in data storage, and supply
  peripheral equipment for the computer systems of its owners.
      The venture has become a developer and manufacturer of high
  performance, high-capacity data storage products sold by
  Control Data to computer systems manafacturers worldwide, it
  said.
      After conversion of the Unisys interest, Control Data will
  own 80 pct, Honeywell Inc <HON>, 14 pct and Bull S.A. of
  France, six pct, it said.
  

"
training/3094	0	acq	"DONALD TRUMP TO BUY CROSBY RESORTS <RTB> STOCK
  Casino hotel operator and real estate
  developer Donald Trump said he has agreed to purchase the Class
  B common stock of Resorts International Inc held by the family
  and estate of late Resorts chairman James Crosby for 135 dlrs
  per share.
      Trump said he is also considering a tender offer for
  remaining Class B shares at the same price but has no interest
  in Resorts' Class A shares.
      Trump said the shares he has agreed already to buy
  represent a 78 pct interest in the Class B stock. The estate
  itself owns 340,783 of the 752,297 Class B shares. There are
  also about 6,432,000 Class A shares outstanding, but Trump said
  ""I have no interest in the Class A shares.""
      Each Class B share has 100 times the voting power of a
  Class A share.
      In Atlantic City, Resorts said in a statement that the
  Class B shares being sold to Trump represents 73 pct of the
  combined voting power in Resorts.
      It said closing is dependent on receipt of necessary
  regulatory approvals and other matters, and after closing,
  Trump will tender for remaining Class B shares at the same
  price.
  

"
training/3095	0	acq	"USAIR <U> WINS COURT ORDER AGAINST TWA <TWA>
  USAir Group Inc said a U.S. District
  Court in Pittsburgh issued a temporary restraining order to
  prevent Trans World Airlines Inc from buying additional USAir
  shares.
      USAir said the order was issued in response to its suit,
  charging TWA chairman Carl Icahn and TWA violated federal laws
  and made misleading statements.
      TWA last week said it owned 15 pct of USAir's shares. It
  also offered to buy the company for 52 dlrs a share cash or 1.4
  billion dlrs.
   More
  

"
training/3096	0	acq	"GREASE MONKEY <GMHC> GETS, REJECTS MERGER OFFER
  Grease Monkey Holding Corp said it has
  received and rejected an unsolicited merger offer from Jiffy
  Lube International Inc <LUBE>.
      The company said the proposal involved an exchange of
  Grease Monkey common stock for a combination of Jiffy Lube
  securities with an estimated current value substantially below
  Grease Monkey's current market
   price.
      It said it will not disclosed details.
  

"
training/3098	36	orange	"U.S. RULING ON BRAZIL FCOJ MAY COME TOMORROW
  A decision on final dumping duties on
  frozen orange juice from Brazil may not be issued until
  tomorrow, Commerce Department officials said.
      They said the department has until midnight tonight to set
  the duty but may not make the finding public until tomorrow.
      A preliminary duty of 8.54 pct was set October 17, 1986.
      The final ruling will be based on more detailed
  information, the officials said.
  

"
training/310	31	meal-feed	"THAILAND ANNOUNCES THIRD TAPIOCA QUOTA FOR EC
  Thailand's Commerce Ministry announced a
  new tapioca export quota of 737,987 tonnes for the European
  Community against 762,860 tonnes for the previous allocation.
      The ministry said the fresh allocation, for the February
  27-July 7 shipment period, is the third under a maximum 5.5 mln
  tonne overall quota that Thailand obtained from the EC for
  calendar 1987.
      It said the quota allocation was based on a national
  tapioca pellet stock of 4.34 mln tonnes surveyed last week, up
  from 3.05 mln in mid-January.
  

"
training/3100	0	acq	"CHRYSLER <C> IN DEAL TO BUY AMC <AMO>
  Chrysler Corp said it agreed in
  principle with French state-owned Renault to acquire American
  Motors Corp., in which Renault is controlling shareholder,
  under a deal in which AMC stockholders other than Renault would
  receive Chrysler common stock with a market value of four dlrs
  for each AMC common share they hold.
      Chrysler said the letter of intent for the deal, which
  needs government and AMC shareholder and board approval,
  provides that AMC holders will receive not more than .0840 or
  less than .0687 of a share of Chrysler common for each share of
  AMC common they hold.
   more
  

"
training/3103	22	interest	"BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
  Barclays Bank Plc <BCS.L> and Midland
  Bank Plc <MDBL.L> said they are cutting their base lending
  rates to 10.5 pct from 11 pct. The cuts follow a similar move
  by National Westminster Bank Plc <NWBL.L>
      The rate changes take effect tomorrow.
      The base rate reductions came after the Bank of England cut
  its dealing rates this morning in a signal to the money markets
  that it would not resist a half percentage point drop in bank
  base lending rates, market sources said.
      Until the end of last week, the central was holding out
  staunchly against market pressures for lower rates in an
  apparent effort to preserve the expected rate cuts for around
  the time of the government's annual Budget on March 17.
      Sterling remained firm around 1.59 dlrs compared with its
  close here on Friday at 1.5865 dlrs.
  

"
training/3104	51	zinc	"U.S. MINT SEEKING 4,784,000 LBS ZINC
  The U.S. Mint said it is seeking
  offers on 4,784,000 lbs of special high-grade zinc that it
  intends to purchase.
      It said selling offers will be due at 1100 hrs EST, March
  24.
      The Mint said two increments of 1,300,000 lbs each are for
  delivery the weeks of April 13 and april 20 to Ball Corp,
  Greeneville, Tenn., and two increments of 1,092,000 lbs each
  are to be delivered the weeks of April 20 and April 27 to
  LaSalle Rolling Mills, LaSalle, Ill.
      Firms, in submitting offers, may elect to receive payment
  from the Mint by standard check or by wire transfer. Awards
  will be based on whichever method is most cost advantageous to
  the goverment at the time the awards are determined.
      The offers will have a minimum acceptance period of 10
  calendar days, the Mint said.
  

"
training/3105	19	housing	"CANADA BUILDING PERMITS RISE IN NOVEMBER
  Led by the non-residential sector,
  Canadian building permits issued in November rose 0.7 pct to
  2.18 billion dlrs, seasonally adjusted, from 2.16 billion dlrs
  in October, Statistics Canada said.
      Residential permits fell 3.9 pct to 1.25 billion dlrs from
  1.30 billion dlrs in October while the number of units approved
  fell to 17,552 from 19,079 units.
      The value of non-residential projects rose 7.6 pct to 927.6
  mln dlrs in the month.
  

"
training/3107	0	acq	"DIXIE YARNS <DXYN> TO ACQUIRE TI-CARO INC
  Dixie Yarns Inc and <TI-CARO
  Inc> jointly said they signed a merger agreement calling for
  Dixie to acquire all TI-CARO's stock in exchange for three mln
  of Dixie's common.
      The companies said the previously announced merger has been
  approved by TI-CARO's board and is expected to close by early
  April.
      They said the revenues of the combined companies will be
  over 600 mln dlrs, and Dixie said the merger will not dilute
  its 1987 results. TI-CARO was taken private in 1984 in a
  management led leveraged buy-out.
  

"
training/3109	36	orange	"U.S. HAS TO MIDNIGHT TO SET ORANGE JUICE DUTIES
  A decision on final dumping duties on
  frozen orange juice from Brazil may not be issued until
  tomorrow, Commerce Department officials said.
      They said the department has until midnight tonight to set
  the duty, but may not make the finding public until tomorrow.
      A preliminary duty of 8.54 pct was set last Oct. 17.
      The final duty will be based on more detailed information,
  the officials said.
  

"
training/311	47	tin	"ATPC MEMBERS FIND WAYS TO CURB TIN EXPORTS
  Mine and industry officials from
  most member states of the Association of Tin Producing
  Countries (ATPC) say they have found ways to limit group
  exports to 96,000 tonnes in the year started March 1, according
  to views polled by Reuter correspondents.
      The plan to curb exports, agreed in January, is aimed at
  cutting the world surplus to 50,000 tonnes from 70,000 now and
  boosting prices to about 19 ringgit a kilo from just over 16.
      Members of the seven-member Kuala Lumpur-based ATPC account
  for some 65 pct of the world's tin output.
      Under the ATPC plan, Malaysia has been allocated an export
  quota of 28,526 tonnes, Indonesia 24,516, Thailand 19,000,
  Bolivia 13,761, Zaire 1,736 and Nigeria 1,461.
      Australia has said it is not setting any export quota.
  However, the tonnage allocated to it, 7,000 tonnes, is roughly
  equal to its expected output this year.
      Comment from officials in Zaire was unavailable.
      Mine officials in Malaysia, the world's leading producer,
  said only 188 mines will be allowed to operate to ensure that
  output is limited to around 31,500 tonnes in the year started
  March 1.
      Chief Inspector of Mines Redzuan Sumun told Reuters that
  excess output of some 3,000 tonnes after exports of 28,500 in
  the one-year quota period would be kept in the national stock.
      Mine owners in Malaysia have welcomed the ATPC export curb
  and asked the government not to issue new mining licences. More
  than 100 applications for licences are pending.
      Redzuan said the Mines Department would approve new mining
  licences only if a six-month review of production trends showed
  that local mines were not overproducing.
      ATPC chairman and Indonesia's Mining and Energy Minister
  Subroto has pledged his country's support for the export curb.
      A spokesman for the state-owned tin mining company PT
  Tambang Timah told Reuters it would be easy for Indonesia to
  stick to an export quota of 24,516 tonnes because this was
  close to exports in calendar 1986 of 24,636.
      In Bangkok, Thai Industry Minister Pramual Sabhavasu said
  Thailand would keep to its 19,000 tonne quota and added this
  would not cause the local industry hardship at current prices.
      To insure adherence, the industry ministry and sole tin
  exporter Thailand Smelting and Refining Co would encourage
  bigger stockpiles, and income tax exemptions would be
  permitted, he said.
      The Thai Mineral Resources Department is expected to
  disallow new tin mines opening this year to prevent excessive
  production, industry sources said.
      But Mining Industry Council President Dam Teutong told
  Reuters that if the tin price rose above 18 ringgit a kilo,
  Thai miners would press for the opening of more new mines.
      Thailand exported 18,367 tonnes in 1986, up from 17,359 in
  1985, Pramual said.
      Bolivia said it expects to export less tin this year than
  its allocated 13,761 tonne quota.
      Mining Minister Jaimie Villalobos told Reuters in La Paz
  that Bolivia expected to export about 9,000 tonnes of tin in
  calendar 1987.
      He said this was due to the sacking after the tin crisis of
  October 1985 of about 20,000 of the 28,000 workers at the state
  mining company Comibol, which produces more than 80 pct of
  Bolivia's total exports.
      He said there were risks in the ATPC plan to cut exports
  but added he was confident the goals set by the plan would be
  achieved. He did not elaborate.
      Mines, Power and Steel Minister Bunu Sheriff Musa said in
  Lagos that Nigeria would have no difficulty keeping within its
  ATPC quota of 1,461 tonnes because its metals output had
  declined due to poor demand and high production costs.
      Industry sources told Reuters that Nigeria's output was
  less than 1,000 tonnes last year.
      ATPC officials said they would monitor member countries'
  export figures every three months using customs documents and
  make projections from such data to see if quotas were likely to
  be breached within the year-long quota period.
      The ATPC officials said members that appeared likely to
  breach their quotas would be told to take remedial measures.
      They added that if member countries were unable to fulfil
  their quotas their extra tonnage would be reallocated to other
  members at the ATPC's discretion.
      The ATPC would have produced and exported an estimated
  106,000 tonnes of tin in 1987 without the plan.
      Non-members Brazil and China have pledged to cooperate with
  the ATPC and limit their exports to 21,000 and 7,000 tonnes
  respectively during the quota period.
  

"
training/3110	43	ship	"GALE FORCE WINDS BUFFET GREAT LAKES
  The National Weather Service said
  warnings of gale force winds remained in effect over lakes
  Erie, Huron and Michigan.
      Also, warnings have been posted for large waves and beach
  erosion along the shores of the Lakes. Winds gusting to 45 mph
  caused four to six foot waves along the western and southern
  shores of Lake Michigan during the morning.
      Advisories for low wind chill temperatures have also been
  posted across portions of upper Michigan and northern lower
  Michigan. Early morning gusty winds brought the wind chill to
  15 and 25 degrees below zero.
      Freezing rain was scattered over central Colorado by mid
  morning, also over central Kansas and northeast Illinois.
      Snow reached from south central Montana across Wyoming,
  western Nebraska and western Kansas. Snow also extended across
  northern Wisconsin, upper Michigan and northern lower Michigan.
      Rain reached along the northern Pacific Coast, across
  northwest Utah, Maryland, Deleware, Virginia, the Carolinas,
  Georgia and northern Alabama.
  

"
training/3111	22	interest	"U.K. ISSUES ONE BILLION STG BOND TRANCHE
  The Bank of England said it was taking
  onto its books a further one billion stg tranche of 8-3/4 pct
  Treasury Loan stock due 1997, payable 40 stg pct on
  application. The stock was issued to the Bank at 96.50 stg pct
  and will be available for dealings from March 11, with the
  remainder of the amount payable on May 5. The Bank said the
  bonds would yield 9.28 pct at the issue price and would be free
  of tax to residents overseas. The issue would be designated
  8-3/4 pct Treasury Loan 1997 ""B.""  A further 100 mln stg was
  reserved for the National Debt Commissioners.
      The market dropped by up to 1/2 point following the Bank's
  announcement, with the Treasury 13-1/2 pct stock due 2004/08
  quoted one full point lower at 134-12/32 stg pct around 20
  minutes after the news.
      Dealers said the announcement had to be viewed against the
  backdrop of intense pressure for lower U.K. Interest rates
  which had built up over the past two weeks as a result of
  sterling's strength.
      The Bank this morning finally signalled it was prepared to
  see lower rates and U.K. Clearing banks this afternoon
  announced cuts in their base lending rates to 10.5 pct from 11
  pct.
      The Bank had initially been reluctant to countenance a rate
  cut because, dealers said, the authorities had wished to delay
  a reduction until around the time of the U.K. Budget on March
  17, thereby preserving the full impact of Chancellor of the
  Exchequer Nigel Lawson's package of measures.
      However, in the face of sterling's apparently inexorable
  climb, the authorities today decided to cede to pressure and
  allow a half-point cut.
      Today's one billion stg tap issue was viewed by the market
  as a move by the Bank to eradicate hopes for a further early
  rate cut which might arise as a result of strong sterling.
      Most market participants believe that Lawson will now
  foster a further half point interest rate reduction at the time
  of the budget, although one or two said they would not be
  surprised to see a full point decline at this stage.
      Dealers noted that as part of the authorities' attempts
  last week to ease pressure for lower rates, the Bank had issued
  a one billion stg tap stock with a view to subduing the
  Government bond market.
      To the surprise of most participants, the issue was sold
  out within hours of becoming available for trading and the
  market pushed on to register further sharp gains.
      Dealers said that at this stage it seemed unlikely that the
  issue announced today would be absorbed by the market as
  rapidly as last week's.
      However, they noted that although sterling had edged down
  from its highs following the base rate cut, it had still closed
  on a trade-weighted basis at 72.4, well ahead of Friday's final
  71.8 and only just beneath the peak of 72.5 touched at 1300
  GMT.
  

"
training/3114	0	acq	"AMC SAYS IT IS ""STUDYING"" CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN ""APPROPRIATE""

  AMC SAYS IT IS ""STUDYING"" CHRYSLER BUYOUT PROPOSAL AND WILL COMMENT WHEN ""APPROPRIATE""
  

"
training/3115	10	crude	"PETRO-CANADA TO DRILL TWO TERRA NOVA TEST WELLS
  Petro-Canada, Canada's
  state-owned oil company, said it will drill two delineation
  wells this summer at the Terra Nova oil field offshore
  Newfoundland.
      Evaluation of test results and preliminary engineering work
  should put Petro-Canada in a position to propose a development
  plan for the Terra Nova field in 1988, the company said.
      Depending on time required for regulatory approvals,
  construction could begin in 1989, with first oil production as
  early as 1991, Petro-Canada said.
      ""We have a high degree of confidence that the western
  portion of the (Terra Nova) field contains at least 11 mln
  cubic meters of recoverable oil, or more than 70 mln barrels,
  and that we could produce it economicly using a floating
  production system,"" Petro-Canada said.
      The Terra-Nova field, lying 350 kilometers east of St.
  John's and 35 kilometers southeast of Hibernia field, was
  discovered by Petro-Canada in 1984.
      ""We've had encouraging results from the eastern portion of
  the field, and we hope this summer's drilling will prove up
  additional reserves there,"" the company said.
      Petro-Canada believes Terra Nova field is a good commercial
  prospect and the company wants to move some of those resources
  towards development so it can start generating a return on
  investments, Petro-Canada said.
      Petro-Canada, which will act as operator of the two wells,
  has a 75 pct interest in the western portion of Graven block of
  the Terra Nova field and a 26 pct interest in the field's East
  Flank block, a company spokesman said later. Other field
  participants include Canterra Energy Ltd, Mobil Oil Canada Ltd,
  Gulf Canada Resources Inc, ICG Resources Ltd, Trillium
  Exploration Corp and general partnership PAREX.
      Petro-Canada estimates reserves in the Terra Nova field's
  Graven block of between 68 mln and 70 mln barrels of oil,
  company spokesman Bob Foulkes said from Petro-Canada's Calgary
  office.
      Combined reserves for Graven Block and the field's East
  Flank block are estimated between 70 mln and 130 mln barrels,
  he added.
      Petro-Canada expects to spend about 500 mln Canadian dlrs
  to bring the field to production by about 1991, and the
  development budget could double if the company builds a
  production system combining both blocks in the field, he said.
      Petro-Canada estimates the Terra Nova field Graven block
  would produce between 25,000 and 26,000 barrels average daily
  production, with a production system that would have maximum
  capacity of 40,000 bpd, company spokesman Foulkes said in
  answer to a query.
      The company estimates a production system combining both
  Graven and East Flank blocks in the Terra Nova field could
  produce about 45,000 bpd average daily production, he said.
  

"
training/3117	12	earn	"CHARAN SEES AT LEAST 50 PCT RISE IN 1987 PROFIT
  (Charan Industries Inc), a distributor
  of toys and other consumer products, expects 1987 net profit to
  rise at least 50 pct over last year's 6.1 mln dlrs, president
  Earl Takefman told reporters before the annual meeting.
      ""We grew basically 100 pct last year, I'm not sure we're
  going to be able to grow 100 pct again this year but we
  certainly will grow at least 50 pct over last year,"" Takefman
  said.
      Charan reported profit of 3.0 mln dlrs in 1985.
      Takefman said he expects sales to rise to about 100 mln
  dlrs this year from 57.3 mln dlrs in 1986.
      Fiscal 1985 ended September 30, while fiscal 1986 ended
  November 30.
      Takefman said the company is actively looking for
  acquisitions in the consumer products industry, likely in
  Canada.
      The company said it expects to resolve delivery problems
  this year which last year hindered the growth of its toy
  distribution business, which accounts for about one-third of
  revenues.
      Charan is the exclusive distributor in Canada for <Worlds
  of Wonder> toys, which include the Teddy Ruxpin voice-activated
  talking plush bear.
      Takefman said new products this year, which will be on the
  shelves for Christmas, include a smaller version of Teddy
  Ruxpin, a talking Mickey Mouse toy, dancing plush toys, a doll
  with a voice activated by sound, touch, light and heat, and
  talking books.
      The company is also marketing an extended line of ""laser
  tag"" kits, which shoot rays of light and tell you when you've
  hit someone.
      Other products include a recorder device which allows
  students to leave taped messages in each others' school
  lockers, retailing for about 60 dlrs.
  

"
training/3118	12	earn	"MAYFAIR SUPER MARKETS <MYFRA> SALES INCREASED
  Mayfair Super Markets said its
  sales for the second qtr ended Feb 28 were 122.0 mln dlrs, an
  increase of more than 15 pct compared to sales of 105.9 mln
  dlrs in the comparable quarter last year.
      The company said sales for the first six months of the year
  were 242.0 mln dlrs, more than 15 pct above the 210.1 mln dlrs
  reported in the same period last year.
      This was the 12th consecutive quarterly gain, the company
  said.  The company said it expects to release earnings in
  April.
  

"
training/3122	22	interest	"BARCLAYS, MIDLAND FOLLOW NATWEST BASE RATE CUT
  Barclays Bank Plc <BCS.L> and Midland
  Bank Plc <MDBL.L> said they are cutting their base lending
  rates to 10.5 pct from 11 pct. The cuts follow a similar move
  by National Westminster Bank Plc <NWBL.L>
      The rate changes take effect tomorrow.
      The base rate reductions came after the Bank of England cut
  its dealing rates this morning in a signal to the money markets
  that it would not resist a half percentage point drop in bank
  base lending rates, market sources said.
      Until the end of last week, the central was holding out
  staunchly against market pressures for lower rates in an
  apparent effort to preserve the expected rate cuts for around
  the time of the government's annual Budget on March 17.
      Sterling remained firm around 1.59 dlrs compared with its
  close here on Friday at 1.5865 dlrs.
  

"
training/3125	0	acq	"UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER

  UNITED AUTO WORKERS UNION SAYS IT SUPPORTS CHRYSLER-AMC MERGER
  

"
training/3128	22	interest	"LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
  Lloyds Bank Plc <LLOY.L> said it is
  cutting its base lending rate to 10.5 pct from 11 pct,
  effective tomorrow.
      The reduction follows similar moves from the three other
  British clearing banks.
      National Westminster Bank Plc <NWBL.L> led the way this
  morning after the Bank of England lowered its dealing rates in
  a signal that it would tolerate a half percentage point
  reduction.
      The central bank's surprise signal followed its strenuous
  efforts last week to prevent market forces from bringing down
  base rates before the U.K. Budget on March 17.
  

"
training/3129	0	acq	"NORCROS BREAKS OFF MERGER TALKS WITH WILLIAMS
  Norcros <NCRO.L> Plc said it has no
  intention of proceeding any further with talks on Williams
  Holdings Plc's suggestion that there would be benefits arising
  from a merger between the two groups.
      Norcros said any such benefits could be achieved through
  normal trading and did not warrant a closer formal association.
      Norcros shares firmed 30p to 342p after the news on
  investor speculation of a possible hostile bid from Williams,
  dealers said. Williams rose 2p to 742.
      Williams earlier informed Norcros that it holds some
  2,890,000 of its ordinary shares or 2.2 pct of those issued.
  

"
training/3131	22	interest	"LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
  Lloyds Bank Plc <LLOY.L> said it is
  cutting its base lending rate to 10.5 pct from 11 pct,
  effective tomorrow.
      The reduction follows similar moves from the three other
  British clearing banks.
      National Westminster Bank Plc <NWBL.L> led the way this
  morning after the Bank of England lowered its dealing rates in
  a signal that it would tolerate a half percentage point
  reduction.
      The central bank's surprise signal followed its strenuous
  efforts last week to prevent market forces from bringing down
  base rates before the U.K. Budget on March 17.
  

"
training/3133	22	interest	"LLOYDS BANK MATCHES BASE RATE CUT TO 10.5 PCT
  Lloyds Bank Plc said it is cutting its
  base lending rate to 10.5 pct from 11 pct, effective tomorrow.
      The reduction follows similar moves from the three other
  British clearing banks.
      National Westminster Bank Plc led the way this morning
  after the Bank of England lowered its dealing rates in a signal
  that it would tolerate a half percentage point reduction.
      The central bank's surprise signal followed its strenuous
  efforts last week to prevent market forces from bringing down
  base rates before the U.K. Budget on March 17.
  

"
training/3134	22	interest	"FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL

  FRENCH 13-WEEK T-BILL AVERAGE RATE FALLS TO 7.37 PCT FROM 7.69 PCT - OFFICIAL
  

"
training/3135	31	meal-feed	"LITTLE MOVEMENT ON HAMBURG FISHMEAL MARKET
  The Hamburg fishmeal market saw little
  movement in the past week with demand slack as in other protein
  feed sectors, trade sources said.
      Prices edged up on firmer origin offering levels and the
  stronger dollar. Sellers quoted 64 pct fishmeal at between 640
  and 650 marks per tonne free on truck for spot and between 630
  and 640 marks for April/Dec.
      International demand was also slow but some inquiries from
  Far Eastern buyers were noted in South American producer
  countries, the sources said.
      Chile is said to have good catches in northern and southern
  fishing grounds, with offers unchanged at 330 dlrs per tonne c
  and f North German ports.
      Peru's catches differ regionally and stocks are low.
  Sellers quoted a nominal offering level of 320 dlrs per tonne c
  and f north German ports. Ecuador was not in the market and
  catches are said to be poor.
      Denmark has seasonally low catches, with 72 pct meal
  offered at 315 crowns per 100 kilos cif North European ports
  for April/Oct deliveries. Iceland has good catches and sellers
  quoted a price of 5.45 dlrs per percentage point protein cif
  North European ports. Norway was not in the market.
  

"
training/3139	0	acq	"AMC <AMO> STUDYING CHRYSLER <C> PROPOSAL
  American Motors Corp said it
  is studying a proposed merger with Chrysler Corp.
      American Motors said it received a letter from Chrysler
  Corp ""advising us of their proposal to enter into a merger
  transaction with American Motors Corp.""
      In a brief statement, the company said, ""We are studying
  the proposal. We will have further comment when it is
  appropriate.""
  

"
training/314	16	gold	"CHINA'S HEILONGJIANG PROVINCE BOOSTS GOLD OUTPUT
  Gold output in the northeast China
  province of Heilongjiang rose 22.7 pct in 1986 from 1985's
  level, the New China News Agency said. It gave no figures.
      It said the province, China's second largest gold producer
  after Shandong, plans to double gold output by 1990 from the
  1986 level. China does not publish gold production figures.
      However, industry sources estimate output at about 65
  tonnes a year, with exports put between 11 and 31 tonnes.
      China is selling more gold abroad to offset large trade
  deficits in recent years, western diplomats said.
  

"
training/3142	0	acq	"WALL STREET STOCKS/AMERICAN EXPRESS <AXP>
  American Express Co's stock fell
  sharply, reflecting, in part, investors' disappointment that
  the company did not make an announcement about its plans for
  brokerage unit Shearson Lehman Brothers, traders said.
      The company has said it is studying options for its
  Shearson unit. Traders said many investors anticipated an
  announcement this weekend that it would spin off Shearson
  Lehman. Also, they said, a flurry of arbitrage related sell
  programs that pounded the general market today accelerated the
  selloff of American Express, a component of the Dow Industrial
  Average. American Express fell 3-1/8 to 77-3/8.
      ""It was part programs and part that there was anticipation
  of an announcement of a spinoff or something with Shearson this
  weekend, and that announcement never happened,"" one trader
  said.
      In the last few minutes of trading on Friday, another
  trader said, the stock jumped to close up 3-3/8, largely on
  anticipation that the company would make a weekend
  announcement.
  

"
training/3146	10	crude	"AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY

  AMOCO'S FIRST SOUTH CHINA SEA EXPLORATORY WELL FLOWS 2,240 BARRELS OF OIL DAILY
  

"
training/3149	36	orange	"TRADERS SAY USDA MAY LOWER ORANGE CROP ESTIMATE
  The U.S. Department of Agriculture will
  probably decrease its estimate of the 1986/87 Florida orange
  crop today to as low as 123 mln boxes from 129 mln boxes,
  analysts and industry sources said.
      The Department is scheduled to release the new estimate at
  1500 hrs EST (2100 gmt) today.
      Analysts said the market is anticipating a downward
  revision and much of the bullish impact has been discounted.
      The estimate, which the USDA has left unchanged since
  October, should be affected this time by recent evidence of a
  shortfall in the early and midseason crop now that those
  harvests are complete. Analysts said based on earlier USDA
  projections, the harvests should have been five to seven mln
  boxes larger than they were.
      ""They are going to cut their estimate,"" said Bob Tate, an
  FCOJ broker with Dean Witter Reynolds in Miami. ""The only
  question is whether they will admit the whole thing in this
  estimate.""
      Tate said it is possible the USDA will lower its estimate
  by a lesser amount, perhaps three mln boxes, and continue to
  drop the estimate in subsequent reports as the crop picture
  clarifies. The late season harvest, consisting mostly of
  Valencia oranges, has not yet started, he noted.
      ""They'll temper it,"" said Judy Weissman, FCOJ analyst with
  Shearson Lehman Bros. ""The main drop will probably come in
  July.""
      She expects today's estimate will be 126 mln boxes.
  

"
training/315	0	acq	"SALE TILNEY BUYS STAKE IN U.S. INSURANCE BROKER
  <Sale Tilney Plc> said it has purchased
  80 pct of the ordinary share capital of <B and R International
  Inc.>, a U.S. Insurance broker, for 5.6 mln dlrs.
      Sale is paying 3.6 mln dlrs in cash on completion, with the
  balance plus interest to be paid in equal instalments over the
  next six years.
      B and R posted pretax profit of 855,000 dlrs in the year to
  Dec 31, 1986 when it had net tangible assets of 563,000 dlrs.
  

"
training/3152	0	acq	"UAW SAYS IT BACK CHRYSLER <C>, AMC <AMO> MERGER
  The United Auto Workers <UAW> union said
  it supports Chrysler Corp's proposal to buy American Motors
  Corp as creating ""a good match that potentially points the way
  to a more secure future for workers at both companies.""
      ""We believe our members' interests can be well served
  within the Chrysler family, and we are committed to making that
  happen,"" UAW president Owen Bieber and vice president Marc
  Stepp said in a statement.
      ""We believe Chrysler's purchase is a logical and sound step
  for all concerned,"" the union said.
      The UAW is negotiating with AMC over the carmaker's demand
  for economic concessions covering workers at its Wisconsin
  operations, without which AMC has said it would cease vehicle
  production at its Kenosha, Wisconsin, assembly plant by 1989.
  

"
training/3153	0	acq	"TWA <TWA> DECLINES COMMENT ON USAIR <U>
  A Transworld Airlines Inc official said
  the airline has no comment on USAir Group Inc's planned buyout
  of Piedmont Aviation Inc.
      TWA, however, has pursued its application with the
  Department of Transportation for a takeover of USAir, according
  to Mark Buckstein, TWA general counsel and vice president. TWA
  filed a revised application today, following the DOT's
  rejection Friday of an incomplete application filed last week.
      Earlier USAir said it agreed to buy Piedmont for 69 dlrs
  cash per share.
  

"
training/3154	0	acq	"MOODY'S MAY DOWNGRADE PIEDMONT AVIATION <PIE> 
  Moody's Investors Service Inc said it
  may downgrade 120 mln dlrs of debt of Piedmont Aviation Inc
  because of the airline's agreement to be acquired by USAir
  Group Inc <U>.
      The rating agency said its review would focus on the effect
  of the acquisition on Piedmont's financial leverage and its
  debt-service requirements. Moody's said it is also examining
  the potential use of the airline's borrowing capacity to
  finance the merger.
      Piedmont currently carries Baa-2 preferred stock and
  Prime-2 commercial paper.
  

"
training/3155	42	rubber	"RUBBER PRODUCERS, CONSUMERS START NEW PACT TALKS
  The chairman of the conference on a new
  International Natural Rubber Agreement (INRA), Manaspas Xuto of
  Thailand, said it was imperative to try to settle the main
  outstanding issues this week.
      The INRA renegotiation conference, which resumed today
  under the auspices of the United Nations Conference on Trade
  and Development (UNCTAD), is scheduled to last until March 20.
      Xuto told delegates this session of the conference
  presented a promising opportunity to conclude a new pact but it
  had to be the last before the current accord expires in
  October.
      Xuto said in his consultations with representatives of
  major exporting and importing countries over the last few
  months, ""I have found a constructive attitude and willingness to
  be flexible on the part of all concerned.""
      ""It is imperative that we try to settle the major
  outstanding issues in the course of this week, since a
  considerable amount of technical drafting work will remain to
  be completed."" He said he will immediately start consultations
  with producers and consumers.
      The last October negotiations collapsed in disagreement
  over buffer stock operations.
      Consumer demands for tighter buffer stock controls, aimed
  at preventing INRA from following the collapse of the
  International Tin Agreement (ITA), were rejected by producers
  who argued for unchanged INRA terms.
      The tin pact failed when its buffer stock manager ran out
  of funds to support prices.
      Three previous rounds of talks between rubber producers and
  consumers for a new five-year pact ended without agreement. The
  INRA, originally due to expire in October 1985, was extended to
  October 1987 to facilitate renegotiation.
      Wong Kum Choon, head of the Malaysian delegation, said he
  was cautiously optimistic ""that together we should be able to
  save INRA and prevent it from being scuttled.""
      Without INRA, he added, prices of natural rubber would
  become more volatile.
      Calling on delegates to show a sense of purpose and
  reality, he said, ""There is no reason why we could not put aside
  differences and come up with a successor agreement.""
  

"
training/3157	0	acq	"USAIR <U> AND UNIT REMAIN UNDER MOODY'S REVIEW
  Moody's Investors Service Inc said the
  212.75 mln dlrs of debt of USAir Group Inc and its USAir Inc
  unit remain under review for possible downgrade.
      The rating agency cited USAir Group's proposed acquisition
  of Piedmont Aviation Inc <PIE>, as well as Trans World Airlines
  Inc's <TWA> proposed cash merger with USAir.
      However, the status of TWA's bid for USAir Group is
  currently uncertain. The U.S. Transportation Department has
  rejected TWA's application to acquire USAir on deficiency
  grounds, but TWA has said it will file a revised application,
  Moody's noted.
      Under Moody's review for possible downgrade are USAir
  Group's Baa-1 senior debt and Baa-2 subordinated debentures,
  along with the USAir unit's A-3 senior debt and Baa-1
  subordinated debentures.
      Moody's said it would examine the effects of the proposed
  mergers on USAir Group's financial measurements, as well as
  potential damage to the company's financial flexibility because
  of the probability of increased debt-service requirements.
  

"
training/3159	32	money-fx	"FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

  FED SETS 2.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS
  

"
training/3161	12	earn	"BALLY <BLY> TO TAKE 17.3 MLN DLR 1ST QTR CHARGE
  Bally Manufacturing Corp said it
  expects a charge to earnings in the first quarter of this year
  of 17.3 mln dlrs as a result of its deal to buy back 2.6 mln of
  its common shares from real estate developer Donald Trump.
      In a filing with the Securities and Exchange Commission,
  the Chicago-based hotel, casino, gambling and amusement concern
  also said the anticipated charge against first quarter earnings
  will not be deductible for federal income tax purposes.
      Under a February 21 deal, Bally agreed to buy 2.6 mln of
  the 3.06 mln shares held by Trump at 24 dlrs a share, or 62.4
  mln dlrs, while Trump agreed not to try to seek control of
  Bally.
      The agreement also calls for Bally to pay Trump another 6.2
  mln dlrs for certain agreements, claims and expenses related to
  his purchase of the Bally common stock, Bally said.
      Trump agreed not to buy any more Bally stock or to try to
  seek control of the company for 10 years, it said.
      Bear, Stearns and Co Inc signed a similar standstill
  agreement with Bally for three years, Bally said. But it can
  still deal in Bally stock as a broker, it said.
      The deal also obligates Bally to buy Trump's remaining
  stake in the company for 33 dlrs a share if the stock price
  does not reach that level by February 21, 1988, it said.
  

"
training/3162	10	crude	"SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY

  SHELL CANADA SAID IT RAISED CRUDE PRICES BY 47 CANADIAN CTS A BARREL TODAY
  

"
training/3163	51	zinc	"HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES
  Hudson Bay Mining and Smelting Co Ltd
  said it cut prices for all grades of zinc sold in North America
  by one U.S. cent a pound and by one Canadian cent a pound,
  effective immediately.
      The new price for high grade zinc is 37 U.S. cents and
  49-1/2 Canadian cents a pound, the company said.
      Special high grade, prime western and continuous
  galvanizing grade with controlled lead now costs 37-1/2 U.S.
  cents and 50 Canadian cents a pound. The new price for
  continuous galvanizing grade alloyed with controlled lead and
  aluminum additions is 37-3/4 U.S. cents and 50-1/4 Canadian
  cents a pound.
  

"
training/3166	0	acq	"COURT REJECTS BUITONI APPEAL OVER IRI FOOD UNIT
  An appeal by Buitoni SpA against a court
  ruling that an accord under which it was to acquire Italian
  state food firm SME - Societa Meridionale Finanziaria was not
  contractually binding has been rejected, court officials said.
      An appeal court rejected Buitoni's claim that the 497
  billion lire accord with the state industrial company IRI -
  Istituto per la Ricostruzione Industriale was a binding
  contract. The decision upholds a court ruling of last July.
      Buitoni is controlled by CIR - Compagnie Industriali
  Riunite, an investment company itself controlled by Ing C
  Olivetti EC SpA (OLIV.MI> chairman Carlo De Benedetti.
  

"
training/3168	0	acq	"ALLEGHENY <AG> AIMS TO DIVEST MORE BUSINESSES
  Allegheny International Inc,
  the consumer products concern that today announced a merger
  agreement with a First Boston Corp <FBC> affiliate in a deal
  worth about 500 mln dlrs, said it intends to divest more units
  as a way to increase profits.
      ""We're going to reduce AI to a size consistent with our
  financial resources,"" said Chairman Oliver S. Travers.
      ""We have made a conscious, strategic choice to become a
  smaller, financially sound, consumer products company which
  operates predominantly in the stable political and economic
  environment of North America,"" he said.
  
  

"
training/317	12	earn	"ESTIMATED DROP IN JAPAN CORPORATE PROFITS TRIMMED
  The combined profits of Japan's major
  corporations, excluding financial institutions, are forecast to
  fall 19.2 pct in the 1986/87 year ending March 31, compared to
  the 19.9 pct decline projected in late November, Wako Research
  Institute of Economics said.
      The private research body also said in a statement that 437
  of the 1,084 firms listed on the first section of the Tokyo
  Stock Exchange foresee an 11.6 pct fall in sales in the year
  against an 11.4 pct fall estimated last November.
      Current profits are projected to fall 4.4 pct in 1987/88 on
  sales seen increasing by 4.2 pct, it said.
      Rationalisation measures taken by manufacturing industries
  to cope with the yen's sharp rise are beginning to brighten
  their business outlook, the institute said.
      It said lower interest rates, which are expected to reduce
  corporate borrowing costs, are also behind the improved
  performance outlook.
      Earnings performance in the non-manufacturing sector will
  be supported by firm demand in the real estate and construction
  businesses, it said.
      The forecast was based on average exchange rate estimates
  of 160 yen to the dollar in 1986/87 and 155 yen in 1987/88.
  

"
training/3176	0	acq	"ADVANCED TOBACCO <ATPI> MERGER TALKS END
  Advanced Tobacco Products Inc
  said it has ended talks on being acquired by Sterling Drug Inc
  <STY> but has resumed acquisition talks with other parties.
      The company had previously announced that a ""major U.S.
  based company"" that it did not identify was evaluating its
  nicotine technology.
      Advanced said Sterling's board has decided not to enter the
  nicotine product market.
      It said it received a 200,000 dlr payment to deal
  exclusively with Sterling through March Six.
      Advanced said it had suspended merger talks with other
  parties as a result of the exclusivity agreement.
  

"
training/3180	0	acq	"T.H.E. FITNESS <RFIT> BUYS LIVINGWELL UNIT
  T.H.E. Fitness INc said it
  agreed to buy Livingwell Inc's manufacturing unit, Powercise
  INternational Inc, for 11.0 mln T.H.E. Fitness shares valued at
  about 30 mln dlrs.
      This acquisition includes all of Livingwell's rights to its
  recently announced Powercise fitness equipment.
      IN a separate transaction, Livingwell INc, an operator of
  300 health clubs, placed a six mln dlrs order with Powercise
  INternational to install the Powercise equipment in all of its
  clubs.
  

"
training/3181	18	heat	"EXXON <XON> RAISES HEATING OIL PRICE, TRADERS
  Oil traders in the New York area said
  Exxon Corp's Exxon U.S.A. increased the price it charges
  contract barge customers for heating oil in New York harbor by
  1.5 cts a gallon, effective Saturday, March 7.
      They said the increase brought Exxon's contract barge price
  to 50 cts a gallon.
      Traders said the price hike followed higher spot and
  futures market prices for heating oil.
  

"
training/3183	51	zinc	"HUDSON BAY MINING CUTS U.S., CANADA ZINC PRICES
  <Hudson Bay Mining and Smelting Co Ltd>
  said it cut prices for all grades of zinc sold in North America
  by one U.S. ct a pound and by one Canadian ct a pound,
  effective immediately.
      The new price for high grade zinc is 37 U.S. cts and 49-1/2
  Canadian cts a pound, the company said.
      Special high grade, prime western and continuous
  galvanizing grade with controlled lead now costs 37-1/2 U.S.
  cts and 50 Canadian cts a pound. The new price for continuous
  galvanizing grade alloyed with controlled lead and aluminum
  additions is 37-3/4 U.S. cts and 50-1/4 Canadian cts a pound.
  

"
training/3184	0	acq	"BANKAMERICA <BAC> COMPLETES MORTGAGE UNIT SALE
  BankAmerica Corp's Bank of America
  unit said it completed the previously announced sale of
  BankAmerica Finance Ltd to <Bank of Ireland> for an expected
  pre-tax gain of 23 mln dlrs.
      BankAmerica Finance provides residential mortgages in south
  east England.
      Its total assets at the end of 1986 were about 1.2 mln
  dlrs.
  

"
training/3186	0	acq	"SUPERMARKETS GENERAL GETS UNSOLICITED BID FOR 41.75 DLRS/SHR CASH

  SUPERMARKETS GENERAL GETS UNSOLICITED BID FOR 41.75 DLRS/SHR CASH
  

"
training/3187	5	coffee	"BRAZIL TREASURY TO RELEASE COFFEE BUYING FUNDS
  The Treasury Department is due to
  release funds for the Brazilian Coffee Institute, IBC, to pay
  for the coffee purchased from local producers, the IBC said in
  a statement.
      IBC production director Oripes Gomes said in the statement
  that payment would be made within the official guarantee
  prices.
      The statement said the IBC is sending a document to the
  National Monetary Council asking the government to set a budget
  for the purchase by the Institute of up to five mln bags of
  coffee until June 30.
      Gomes said in the statement there have been no problems in
  the concession of funds by the Treasury for payment of the
  coffee delivered to the IBC warehouses by the producers.
      He said producers have already delivered 2.2 mln bags, of
  which 1.5 mln bags have been paid for.
      In the future, according to an agreement to be signed with
  the Treasury, the Institute will no longer need to seek
  approval by the Treasury to seek the release of additional
  funds to buy coffee, the statement said.
  

"
training/3189	10	crude	"SHELL CANADA <SHC> RAISED CRUDE OIL POSTINGS
  Shell Canada, a wholly owned subsidiary
  of the Royal Dutch/Shell Group <RD> said that it raised crude
  oil prices by about 47 Canadian cts a barrel today.
      The increase riased its posted price for Light sweet crude
  oil to 21.95 dlrs a barrel from its march one level.
      Light sour crudes were raised to 19.95 dlrs a barrel, the
  company said.
  

"
training/3190	4	cocoa	"GHANA COCOA PURCHASES 1,323 TONNES IN  LATEST WEEK, CUMULATIVE 216,095 TONNES - OFFICIAL

  GHANA COCOA PURCHASES 1,323 TONNES IN  LATEST WEEK, CUMULATIVE 216,095 TONNES - OFFICIAL
  

"
training/3192	22	interest	"WORLD BANK TO BRING BORROWING FORWARD THIS YEAR
  The World Bank intends to bring
  borrowing forward into the first half of 1987 because it
  expects global interest rates to rise by year end, World Bank
  vice president and treasurer Eugene Rotberg said.
      He told a news conference that rates in the U.S., Japan,
  West Germany and Switzerland were near their lows. ""The weight
  of opinion is (that in a year from now) there is a higher
  probability there will be one pct higher than one pct lower
  interest rates,"" he said.
      The World Bank had not issued floating rate notes so far
  this year because of the expectation of higher interest rates.
      The policy of the World Bank was to maintain liquidity at a
  level that gave the bank flexibility to decide when, where and
  how much to borrow, Rotberg said.
      Cash in hand was now about 50 pct of the next three years'
  anticipated net requirement and comprised 25 pct of outstanding
  debt and 66 pct of its debt maturing within five years.
      Although the World Bank had pioneered the swap market, it
  did not intend to launch new financial instruments just for the
  sake of innovation, Rotberg said.
      Of a total of 74.5 billion dlrs debt outstanding, only some
  eight billion had been swapped into another currency.
      Many recent innovations were either unfair to investors or
  unfair to borrowers. Until the World Bank was confident that
  this was not the case, it would not adopt new instruments.
      The World Bank would raise 90 pct of the funds needed over
  the next year with methods used before, Rotberg said. However,
  for some 10 pct of new requirements the bank would try out new
  instruments such as bonds with warrants.
      The World Bank had publicly offered 60 bonds in Germany
  since the first issue was launched in 1959, he said.
  
  

"
training/3194	12	earn	"SERVICEMASTER <SVM> SETS QUARTER DISTRIBUTION
  ServiceMaster L.P. approved
  a second quarter cash distribution of 58 cts, payable April 10,
  record March 23.
      Previously, ServiceMaster said it would pay in 1987 an
  indicated cash distribution of 1.50 dlrs a share, including  95
  cts a share which would be paid before April 15, 1987.
      In other action, the company set May eight as the date of
  its annual shareholders' meeting.
  

"
training/3198	0	acq	"WALL STREET STOCKS/CHRYSLER <C>, AMC <AMO>
  The proposed 757 mln dlr deal under
  which Chrysler Corp would acquire American Motors Corp was
  described by analysts as a reasonable deal for both companies.
      Ronald Glantz of Montgomery Securities said AMC common
  stock could be fairly valued at ""just under five dlrs a share""
  given changes brought by tax reform and that Chrysler's offer
  to pay four dlrs a share of Chrysler stock to AMC holders other
  than Renault as a ""a good price for Chrysler.
      AMC common shares opened at four dlrs this morning after
  the Renault-Chrysler announcement, up 3/8, while Chrysler
  shares lost 1/4 to 52-1/4.
      Though AMC issued a statement saying that it was studying
  the proposed buyout and had no other comment, Glantz said he
  regarded the proposal as a ""done deal"" because ""I can't believe
  anybody else would make a bid.""
      ""It's a reasonable deal for both sides,"" the analyst told
  Reuters.
      ""Chrysler gets the jeep franchise and the (new AMC)
  Bramalea, Ontario, plant and the (new Renault) Premier
  (mid-sized car) and AMC's sales will go up because buyers will
  have more confidence that the manufacturer will still be around
  to service the products,"" Glantz said.
      Analyst Thomas O'Grady said Chrysler would be getting more
  manufacturing capacity, including a brand-new plant in Canada,
  for a bargain price and Renault would be getting some return
  after its prolonged loss-making investment in AMC.
  

"
training/3199	48	trade	"KOREANS TO BUY 1.8 BILLION DLRS IN U.S. GOODS
  South Korean Foreign Trade Minister
  Rah Woon Bae said his country's firms have agreed to buy 1.8
  billion dlrs worth of U.S. goods during his two-week buying
  trip to the United States.
      Rah said most of the purchases represented shifts from
  Japanese firms to U.S. firms as part of South Korea's effort to
  reduce its seven billion dlr trade surplus with the United
  States.
      South Korea has a five billion dlr trade deficit with
  Japan.
  

"
training/3204	10	crude	"FITZWATER SAYS REAGAN STRONGLY AGAINST TAX HIKE
  White House spokesman Marlin
  Fitzwater said President Reagan's record in opposing tax hikes
  is ""long and strong"" and not about to change.
      ""We're opposed to tax increases.... We will fight tax
  increases.... We will deal with it politically in every forum
  possible,"" said Fitzwater when questioned about whether there
  was any change in the administration's position.
      Fitzwater said Reagan's strong feelings against a tax hike
  included opposition to an oil import fee.
      ""The President's position is that he is opposed to it,"" he
  said.
  

"
training/3205	0	acq	"SUPERMARKETS GENERAL <SGL> GETS UNSOLICITED BID
  Supermarkets General Corp said
  it received an unsolicited proposal from a third party to
  acquire the company at 41.75 dlrs per share in cash.
      Supermarkets also said it retained Shearson Lehman Brothers
  Inc to advise its board of directors on the proposal.
      Supermarkets General currently has about 38.5 mln shares
  outstanding.
      Its stock is currently trading at 34-1/4 on the New York
  Stock Exchange.
      The Woodbridge, N.J., supermarket operator of over 180
  supermarkets and other specialty retail stores, convenience
  food stores and drug stores.
      For the nine months ended November 30, Supermarkets
  reported net income of 41.7 mln dlrs.
  

"
training/3207	51	zinc	"ABMS SAYS U.S. ZINC STOCKS HIGHER IN FEBRUARY
  Total U.S. slab zinc stocks held by
  smelters rose to 24,735 short tons at the end of February  from
  22,120 short tons at the end of January, the American Bureau of
  Metal Statistics reported.
      Zinc production increased to 26,732 short tons in February
  from 25,786 short tons in January.
      Shipments from smelters' plants declined to 23,560 short
  tons in February from 24,564 short tons in January.
  

"
training/3210	34	nat-gas	"DIAMOND SHAMROCK OFFSHORE <DSP> IN FIND
  Diamond Shamrock Offshore Partners said
  it has started development drilling on West Cameron 178 block
  off Louisiana in the Gulf of Mexico after a significant natural
  gas find on the block.
      It said the discovery well there encountered 46 feet of net
  natural gas pay. No flow tests have been conducted, it said.
      Diamond Shamrock Offshore said it has a 46.15 pct interest
  in the block, Phillips Petroleum Co 28.85 pct and Santa Fe
  Energy Partners LP <SFP> 25.00 pct. Diamond Shamrock Corp <DIA>
  owns 80.3 pct of Diamond Shamrock Offshore.
  

"
training/3211	27	lead	"U.S. LEAD INVENTORIES RISE IN FEBRUARY - ABMS
  Lead stocks held by U.S. refiners rose
  to 37,295 short tons at the end of February from 34,224 short
  tons (revised higher) at the end of January, the American
  Bureau of Metal Statistics reported.
      Production of lead decreased to 33,619 short tons in
  February from 38,759 short tons in January.
      Shipments from plants increased to 30,467 short tons in
  February from 27,041 short tons (revised lower) in January, the
  ABMS said.
  

"
training/3216	0	acq	"<SHARON STEEL CORP> EXTENDS EXCHANGE OFFER
  Sharon Steel Corp said it extended
  from March six to March 31 the expiration date for its debt
  exchange offer to allow time to complete the sale of its
  Mueller Brass Co unit and to meet other conditions of the
  offer.
      The exchange offer covers Sharon's outstanding 13.5 pct
  subordinated sinking fund debentures due 2000 and its 14.25 pct
  subordinated sinking fund debentures due 1990.
      Sharon said that as of March six, 31.6 pct of the 13.5 pct
  notes and 20.9 pct of the 14.25 pct notes were tendered. The
  Mueller sale is conditioned on receipt of 80 pct of the notes.
  

"
training/3217	43	ship	"FERRY DISASTER CLAIMS COULD TOP 30 MLN STG
  U.K. Insurers could face more than 30 mln
  stg of insurance claims following the Zeebrugge ferry disaster,
  a spokesman for Lloyds of London said.
      It could take weeks before the extent of the compensation
  claims for passengers, crew and cargo was known and also before
  it was known how much, if any, of the ship could be salvaged,
  said David Larner of Lloyds.
      The hull and machinery of the Herald of Free Enterprise
  were valued at 25 mln stg and were insured by Townsend
  Thoresen's parent company Peninsular and Oriental Steam
  Navigation Co Plc <PORL.L>.
      The vessel was in turn reinsured in the London market with
  Lloyds and various other companies, Larner said.
      Passengers, crew and cargo were insured by the Standard
  Steamship Protection and Indemnity Association, one of several
  shipowners' mutual insurance funds worldwide. These were also
  underwritten by Lloyds and other companies.
      Larner said claims from passengers could be expected to
  total at least five mln stg, given the number of deaths and the
  normal level of liability set by the Athens Convention of 1974
  of between 30,000 stg and 50,000 in case of death.
      Shipping sources said, however, that these claims could
  soar if a court found there was negligence or design faults
  involved.
      Larner said estimates of compensation claims ""were pure
  guess work"" at this time. But if the ship could not be salvaged,
  the claims would total at least 30 mln stg.
      Shares of insurances on the London stock exchange fell
  across the board in a generally weak market.
      General Accident fell 21p to 936, Royal Insurance dropped
  18p to 966 and Prudential fell 9p to 888.
      P and O shares stood at a late 616, 27p lower on the day.
  

"
training/3219	22	interest	"CITIBANK FOLLOWS U.K. BASE RATE CUT TO 10.5 PCT
  <Citibank NA> said it has cut its British
  base lending rate to 10.5 pct from 11 pct, with effect from
  tomorrow.
      This move follows similar cuts by four major British
  clearing banks, led by National Westminster Bank Plc <NWBL.L>.
      Lower rates were signalled by the Bank of England this
  morning in an attempt to curb recent upward pressure on the
  pound, market sources said.
  

"
training/322	22	interest	"JAPAN TO PROMOTE INTEREST RATE LIBERALISATION
  The Bank of Japan decided at a policy
  board meeting to promote further interest rate liberalisation
  by lowering the minimum denomination of regulation-free large
  deposits and by raising the interest rate ceiling on money
  market certificates (MMCs), a central bank official said.
      The new guideline will go into effect on April 6, the bank
  said.
      Under the guideline, the minimum denomination of
  regulation-free large deposits will be lowered to 100 mln yen
  from 300 mln.
      The interest rate ceiling of MMCs with maturities of
  between one year and two years will be set at 0.5 percentage
  point below the prevailing certificate of deposit rate, the
  bank said.
      But the ceiling on MMCs with maturities of one year or less
  will remain the same, or 0.75 percentage point below the CD
  rates.
      The minimum denomination of MMCs will be lowered to 10 mln
  yen from 30 mln.
      The bank also said time deposit rates will be lowered by
  0.37 point, effective March 16, in line with the half-point cut
  in the official discount rate on February 23.
      New interest rates on two-year and one-year deposits at
  banks, for example, will be 3.64 pct and 3.39 pct per annum,
  respectively.
      Demand deposit rates, however, will remain the same.
  

"
training/3222	32	money-fx	"BANK OF ZAMBIA PAYS OUT FOREIGN CURRENCY ARREARS
  The Bank of Zambia has paid out foreign
  exchange arrears from three auctions conducted last year, a
  bank spokesman said.
      ""We have now cleared three auctions and are left with only
  four, worth eight mln dlrs,"" the spokesman said without
  specifying the amount paid out.
      The bank had not paid foreign exchange to private firms
  since it suspended the weekly auctions on January 28.
      It has said the auctions were suspended because it planned
  to introduce a modified system after talks with the World Bank
  and the International Monetary Fund.
      President Kenneth Kaunda announced last month that the
  auction would be retained for allocating foreign exchange to
  approved private sector bidders, but would not be used to
  determine the kwacha's exchange rate.
      Last week, he said the auction had run into trouble because
  of a shortage of foreign exchange.
      The government has fixed the exchange rate at nine kwacha
  per dollar, effectively revaluing the kwacha by 67.7 pct.
  

"
training/3223	0	acq	"INVESTORS HAVE 5.5 PCT OF DATAREX SYSTEMS <DRX>
  A small investor group led by Melvyn
  Gelch, a Providence, R.I., surgeon, told the Securities and
  Exchange Commission it has acquired 60,840 shares of Datarex
  Systems Inc, or 5.5 pct of the total outstanding common stock.
      The Gelch group said it bought the stake for about 935,000
  dlrs for investment purposes only.
  

"
training/3225	4	cocoa	"GHANA COCOA PURCHASES FALL, CUMULATIVE STILL UP
  The Ghana Cocoa Board said it purchased
  1,323 tonnes of cocoa in the 21st week, ended February 26, of
  the 1986/87 main crop season, compared with 1,961 tonnes the
  previous week and 1,344 tonnes in the 21st week ended March six
  of the 1985/86 season, the board said.
      Cumulative purchases so far this season stand at 216,095
  tonnes, still up on the 201,966 tonnes purchased by the 21st
  week of last season, the Board said.
  

"
training/3228	45	sugar	"EC SUGAR IMPORT LEVIES
  The following import levies for white
  and raw sugar are effective tomorrow, in European currency
  units (ecu) per 100 kilos.
      White sugar, denatured and non-denatured 49.70 versus 50.05
  previously.
      Raw sugar, denatured and non-denatured 41.35 versus 41.35
  previously.
      The rate for raws is based on 92 pct yield.
  

"
training/3229	0	acq	"INVESTOR HAS TECHNOLOGY DEVELOPMENT <TDCX> STAKE
  Leon Greenblatt, a Chicago investor,
  told the Securities and Exchange Commission he has acquired
  89,450 shares of Technology Development Corp, or 5.3 pct of the
  total outstanding common stock.
      Greenblatt said he bought the stock for 350,000 dlrs soley
  as an investment and has no intention of seeking control of the
  company.
  

"
training/323	40	reserves	"TAIWAN POWER FIRM PLANS MORE FOREIGN DEBT CUTS
  State-owned (Taiwan Power co) will boost
  its domestic borrowings to further cut its foreign debt in line
  with a government policy to trim the island's huge foreign
  exchange reserves, a company official said.
      The company's foreign debt, mainly from the Japanese and
  U.S. Banks, was cut nearly by half to 66.2 billion taiwan dlrs
  equivalent in calendar 1986 from 124.6 billion in 1985, he
  said.
      Its domestic borrowings however rose to 105.2 billion
  taiwan dlrs from 80.6 billion in the same period, he added.
      Taiwan's foreign exchange reserves now stood at 50 billion
  U.S. Dlrs, due to its 1986 record trade surplus of 15.6
  billion.
  

"
training/3235	0	acq	"ANALYST SAYS DART GROUP LIKELY BIDDER FOR SUPERMARKETS GENERAL

  ANALYST SAYS DART GROUP LIKELY BIDDER FOR SUPERMARKETS GENERAL
  

"
training/3239	0	acq	"HARRIS CUTS CYCLOPS <CYL> STAKE TO 11.1 PCT
  Harris Associates L.P., a Chicago
  investment advisory firm, said it cut its stake in Cyclops Corp
  to 437,425 shares, or 11.1 pct of the total outstanding common
  stock, from 524,775 shares, or 13.3 pct.
      In a filing with the Securities and Exchange Commission,
  Harris said it sold 87,350 Cyclops common shares between Jan 6
  and March 2 at prices ranging from 65.75 to 91.00 dlrs a share.
      Harris said its dealings in Cyclops common stock were made
  on behalf of its advisory clients.
  

"
training/3241	0	acq	"CHRYSLER <C> VALUES AMC <AMO> AT 757 MLN DLRS
  Chrysler Corp said it valued its
  proposed buyout of American Motors Corp at 757 mln dlrs, not
  counting the effect of a contingent payment that could reach
  350 mln dlrs based on AMC's future profits.
      A Chrysler spokesman told Reuters that the letter of intent
  signed with Renault, AMC's controlling shareholder with a 46.2
  pct direct stake, includes a provision for Renault to be paid
  35 mln dlrs in cash for AMC's finance subsidiary and 200 mln
  dlrs in the form of an eight pct note. He said he did not know
  the maturity of the note.
  

"
training/3243	12	earn	"ADVO-SYSTEM INC <ADVO> SEES BREAK-EVEN 2ND QTR
  ADVO-System Inc said it could
  report a break even second quarter ending March 28, 1987
  compared with a loss of 1.8 mln dlrs, or 16 cts a share, in
  fiscal 1986's second quarter ended March 29, 1986.
      ADVO said it previously announced it would report a net
  loss for the quarter.
  

"
training/3247	12	earn	"CANADIAN PACIFIC LTD 4TH QTR OPER NET 30 CTS VS 20 CTS

  CANADIAN PACIFIC LTD 4TH QTR OPER NET 30 CTS VS 20 CTS
  

"
training/3249	2	bop	"DUTCH CURRENT ACCOUNT SURPLUS FALLS IN 1986
  The Dutch current account surplus fell
  5.4 billion guilders last year to a provisional 12.1 billion
  guilders, the Finance Ministry said in a statement.
      The surplus is expected to fall further in 1987, the
  statement said, but gave no details. Earlier today, the
  official planning agency CPB said it expected the surplus to
  fall to six billion guilders during 1987.
      The visible goods surplus excluding energy fell by 5.6
  billion guilders in 1986 to 11.4 billion due to declining terms
  of exchange, while more goods were imported as consumer
  spending and investment increased.
      While the energy trade balance surplus rose by 5.4 billion
  guilders, 4.7 billion of this gain was caused by temporary
  improvements of terms of exchange and was aided by the delay
  between the fall in oil and gas prices.
      The current account showed a 5.2 billion guilder deficit on
  invisibles, compared with a balance in 1985, the Finance
  Ministry said, noting the surplus on transport services was
  reduced substantially due to the lower dollar and oil price
  falls.
      The fourth quarter current account showed a deficit, for
  the first time since 1980, of 700 mln guilders, it said.
  

"
training/3251	0	acq	"GRANDVIEW ACQUIRES CONTROL OF U.K. TICKET GROUP
  Consolidated Grandview Inc said it
  acquired a 60 pct stake in <All Ticket Group PLC>, of London,
  for undisclosed terms. The seller was also undisclosed.
      All Ticket is a special events travel company with
  exclusive European rights to UAL Inc <UAL>'s United Airlines
  Apollo system, booking all United Airlines flights in Britain
  and Europe. All Ticket and its subsidiaries will also
  co-sponsor various events this year including the British Open
  golf tournament and rowing's Henley Regatta.
      Its 1986 revenues totaled 12 mln Canadian dlrs.
  

"
training/3252	0	acq	"UNITED CITIES <UCIT> MAKES ACQUISITION
  United Cities Gas Co said it
  has acquired Lyle Propane Gas Co, a Cairo, Ga., propane gas
  distributor, for undisclosed terms.
      It said Lyle has sales of about four mln gallons annually
  and serves about 4,000 customers in seven counties in southwest
  Georgia and north Florida.
  

"
training/3253	22	interest	"U.S. BILL AUCTIONS SEEN AT 5.63-65, 5.59-61 PCT
  The U.S. Treasury's weekly auction is
  expected to produce an average rate of 5.63-65 pct for
  three-month bills and one of 5.59-61 pct for six-month bills,
  dealers said.
      Shortly before auction time on the new bills, the rate on
  the outstanding three-month bills was unchanged at 5.64 pct
  bid, while the rate on the six-month bills was one basis point
  higher at 5.68 pct bid.
  

"
training/3254	12	earn	"MEDICAL PROPERTIES <MPP> SETS MONTHLY DIVIDEND
  The board of Medical Properties
  Inc said it has declared an initial monthly cash dividend of
  11-1/2 cts a share and has adopted a monthly dividend policy.
      The initial dividend will be payable April 10 to
  shareholders of record March 31.
  

"
training/3256	43	ship	"LONDON GRAIN FREIGHTS
  wheat Ria Luna 20,000 mt
  Norrkoping and Djuron/EC Mexico 12.50 dlrs option loading
  Uddevalla at 50 cents less 4,000/1,500 16-23/3 Continental.
      Reference New York Grain Freights 2 of March 6, brokers say
  the charterer of the Saturn from US Gulf to Japan is reported
  to be Nordstrom and Thulin, while the Antigone is reported to
  have been arranged from Tilbury to the Black Sea by Soviet
  charterers.
  

"
training/3258	12	earn	"IMMUCOR <BLUD> SPLITS STOCK
  Immucor Inc said its board of
  directors has declared a five-for-four stock split in the form
  of a 25 pct stock dividend payable April 15 to shareholders of
  record March 27.
  

"
training/3259	43	ship	"BERMUDA STAR LINE <BSL> TO MAKE ACQUISITION
  Bermuda Star Line Inc said it has
  agreed in principle to acquire 815-passenger SS Liberte from
  Barnstead Shipping Ltd for use in its New York/Montreal
  ""Northeast Passages"" cruises, starting this summer.
      The company said it is working to conclude a lease
  financing or other financing for the purchase of the 23,500 ton
  vessel, which is to be delivered in early April and renamed
  Canada Star.
      Terms were not disclosed.
  

"
training/3261	0	acq	"TALKING POINT/CAESARS WORLD <CAW>
  <MTS Acquisition Corp's>
  28-dlr-per-share offering price for Caesars World Inc is
  thought to be much too low and is likely to attract other
  suitors for the hotel/casino company, industry analysts said.
      ""I think someone else will probably come in, or they (MTS)
  will have to raise their bid,"" said Marvin Roffman, an analyst
  at Janney Montgomery Scott Inc.
      MTS, a company formed by Martin Sosnoff, Caesars World's
  largest shareholder, today began a tender offer, valued at
  725.2 mln dlrs, for all shares Sosnoff doesn't already own.
      ""I think the offer is too low by at least five points,""
  said Roffman, who described Caesars World as the operator of
  ""one of the finest casinos in the world.""
      Sosnoff, a New York investor, already owns 13.3 pct of
  Caesars World's 30.3 mln shares.
      Following news of the tender offer Caesars World's shares
  were trading at 27-7/8, up 3-3/8.
      A Caesars World spokesman said the company was declining
  comment on the Sosnoff move for the moment, but Caesars may
  issue a public statement after it has studied the offer.
      Roffman said Caesars World has considerable growth
  potential and he is forecasting fiscal 1988 earnings of two
  dlrs per share.
      Caesars World owns casino hotels in Nevada and honeymoon
  resorts in Pennsylvania's Pocono Mountains. It also controls
  Caesars New Jersey Inc <CJN>, which owns an Atlantic City,
  N.J., casino hotel.
      For its fiscal year ended July 31 Caesars World reported
  net income of 41 mln dlrs, or 1.36 dlrs per primary share.
      The company reported second quarter net income of 12.6 mln
  dlrs, or 41 cts per share, compared with income of 7.5 mln
  dlrs, or 25 cts per share a year earlier.
      Daniel Lee, an analyst at Drexel Burnham Lambert Inc, said
  that although Sosnoff's relatively low bid may attract other
  suitors willing to pay a higher price for Caesars, there is
  little likelihood that a competing bid would start a battle for
  the company.
  
  
  
  

"
training/3263	0	acq	"ALLEGHENY <AG> OFFICERS TO RUN COMPANY
  Allegheny International Inc said its
  chairman and chief operating officer will remain in their
  positions following the merger of the company with an affiliate
  of First Boston Corp.
     ""It is expected that Oliver S. Travers will continue as
  chairman, president and Chief executive officer, and Thomas J.
  Albani will continue as chief operating officer,"" said an
  Allegheny spokesman.
      Allegheny today said it agreed to a buyout from First
  Boston at 24.60 dlrs per share. The transaction was valued at
  500 mln dlrs. Its stock rose 8-5/8 to 24 in active trading.
  

"
training/3264	0	acq	"IC GAS MAKES NO RECOMMENDATION ON TRACTEBEL OFFER
  Imperial Continental Gas Association
  <ICGS.L>, IC Gas, said its board is not making a recommendation
  on the partial tender offfer at 710p per share announced by
  <Tractebel SA> and <Groupe Bruxelles Lambert SA>.
      At the same time, however, the board would not recommend a
  general offer for all the shares at a price of 710p, the
  statement added.
      Shareholders wondering whether to tender either to the
  Tractebel consortium or to the rival 700p per share partial
  offer from <SHV Holdings NV> should consult professional
  advisers.
  

"
training/3266	0	acq	"NAT'L HEALTHCARE <NHCI> TO SELL FIVE HOSPITALS
  National Heathcare Inc said it
  signed an agreement to sell five rural hospitals to a private
  corporation for about 18 mln dlrs, including the assumption of
  six mln dlrs of debt.
      The company said it plans to complete the sales, which are
  subject to various regulatory approvals, by the end of July.
      National Healthcare said it expects no material gain on
  loss on the sales and that substantially all proceeds will be
  used to reduce debt.
  

"
training/3269	12	earn	"CANADIAN PACIFIC (CP) CONFIRMS EARNINGS
  Canadian Pacific Ltd said fourth
  quarter 1986 operating profit rose to 91.6 mln dlrs, or 30 cts
  a share, from 50.7 mln dlrs, or 20 cts a share, a year ago.
      The statement confirmed released preliminary earnings
  figures the company released in February.
      A 102.6 mln dlr gain on the sale of CP's Cominco Ltd
  interest helped raise final 1986 fourth quarter profit to 193.8
  mln dlrs or 65 cts a share.
      The company said a drop in 1986 full-year operating profit
  to 150.1 mln dlrs from a restated 252.7 mln dlrs in 1985 was
  due mainly to lower world oil prices.
      The company said its CP Rail division reported 1986 net
  income of 119.4 mln dlrs, compared with 133.4 mln dlrs in 1985.
  It said grain traffic recovered from drought-affected levels of
  a year ago but was offset by weakness in other traffic areas
  and increased expenses.
      It said the net loss from its Soo Line increased to 33.5
  mln dlrs loss from 8.7 mln dlrs loss in 1985, mainly due to
  restructuring charges.
      Canadian Pacific said favorable developments during the
  year included reduced bulk shipping losses as a result of a
  recovery in tanker markets and a turnaround in the forest
  products sector.
  

"
training/3271	12	earn	"FORD <F> SHARES RISE ON HIGHER EARNING ESTIMATE
  Ford Motor Co's stock rose 1-1/4 to
  82-1/4 after analyst Maryann Keller of Furman Selz Mager Dietz
  and Birney raised earnings estimates on the company, traders
  said.
      Keller said that she expects the company's 1987 earnings to
  rise to between 13.50-to-14 dlrs a share as compared to 12.32
  dlrs a share earned last year.
      She said Ford's already good market share is expected to
  remain favorable and earnings from overseas are expected to
  improve.
      In addition, Keller said, the company is selling more of
  its expensive model cars, which are more profitable.
      The non-automotive operations, including Ford Motor Credit,
  are also expected to post improved earnings this year.
      Keller said she expects the company to split its stock and
  raise its dividend to at least three dlrs a share this year.
      She noted that Chrysler Corp's <C> announcement of a merger
  proposal for American Motors Corp <AMO> should have no short
  term effect on Ford but could cut into Ford's share of the
  truck market in the long term.
  

"
training/3273	12	earn	"DUTCH RETAILER AHOLD SEES UNCHANGED 1987 PROFIT
  Dutch food retailer Ahold
  NV <AHLN.AS> expects unchanged profits in 1987 but said it will
  take advantage of the lower dollar to expand further in the
  U.S.
      Turnover will grow but net profits are expected to remain
  around the 1986 level of 132.4 mln guilders due to higher Dutch
  taxes and a three-year expansion plan, Ahold Chairman Albert
  Heijn told a news conference.
      The profit forecast allows for a dollar rate around current
  levels of just over three guilders.
      Turnover and net profit in 1986 were hit by the dollar,
  which fell to an average 2.46 guilders from 3.35 in 1985.
  

"
training/3275	12	earn	"PITT-DES MOINES <PDM> GETS QUALIFIED AUDIT
  Pitt-Des Moines Inc said it will
  receive a qualified opinion from auditors on its 1986 and 1985
  financial statements.
      It said the qualification related to its inability to
  determine the effects, if any, of the final resolution of a
  suit filed against it by <Washington Public Power Supply
  System>.  The 1985 suit was dismissed in a 1986 lower court
  action, but the ultimate outcome of the matter is still
  uncertain since Washington Public Power has appealed to the
  U.S. Court of Appeals.
  

"
training/3276	0	acq	"READING <RDGC> TO SELL PHILADELPHIA PROPERTIES
  Reading Co said it has agreed in
  principle to convey properties it owns in and around the
  Philadelphia Convention Center site to the city of Philadelphia
  and the Philadelphia Convention Center Authority.
      It said in exchange it will receive about 23 mln dlrs in
  cash, rights to acquire 22 acres adjacent to the Philadelphia
  International Airport and an option to acquire the development
  rights over the Gallery II shopping mall on Market Street in
  downtown Philadelphia.
      Reading said it will be responsible for the demolition and
  cleanup of certain of the properties, for which a portion of
  the cash proceeds will be escrowed.
      The company said it will continue to own and operate the
  Reading Terminal Market in Philadelphia.
      The land it is giving up amounts to about seven acrease and
  includes part of the Reading Terminal Train Shed, it said.
  

"
training/3277	0	acq	"MONTEDISON ACQUIRES ARCO RESEARCH UNIT
  Montedison SpA <MONI.MI> has acquired a 70
  pct stake in <Plant Cell Research Institute - PCRI> of
  California from Atlantic Richfield Co <ARC.N> for ""several tens
  of millions of dollars,"" a senior Montedison executive said.
      Renato Ugo, a member of Montedison's management committee,
  told reporters that <Stanford Research Institute International>
  of Menlo Park, California, had acted as a partner in the
  purchase, itself acquiring a stake in PCRI of under 10 pct.
      PCRI, based in Dublin, California has a biotechnology
  research laboratory.
      Ugo said the price paid included outlays for the laboratory
  technology and staff.
      He said other negotiations were under way with
  biotechnology companies in the health care and diagnostics
  sectors through Montedison's health care subsidiary <Erbamont
  NV>, but gave no details.
      ""We hope they will be concluded by the year end,"" he said.
      Montedison currently invests around 30 billion lire a year
  in biotechnology research and expects to increase this figure
  to around 50 billion lire in the next few years.
  

"
training/3283	22	interest	"PRIMARY EUROSTERLING MARKET BOOMS DESPITE RATE CUT
  Two new eurosterling bonds were launched
  today, making a total of 10 new deals in the sector so far this
  month, as borrowers rush to cash in on a bull sterling market
  fueled by the strength of the pound and pre-budget euphoria.
      The Bank of England finally gave way to a 1/2 point cut in
  banks' base lending rates earlier today, but dealers said this
  had been largely discounted and was not likely to detract from
  the current popularity of sterling-denominated investments.
      ""Sterling, in any shape or form, is flavor of the month and
  we're set to see many more eurosterling deals,"" one dealer said.
      Today's new eurosterling bonds were a 10-year, 100 mln stg
  deal for Sweden at 9-1/2 pct and priced at 101-1/4 pct, lead by
  Baring Brothers and Co Ltd and a 14 year 60 mln stg convertible
  deal for Storehouse Plc launched by SBCI International Ltd. ""We
  thought we saw a proverbial flood of new deals with the 14 we
  had last month but it seems March will beat February hands down
  with 10 already,"" one eurosterling specialist said.
      ""Optically, psychologically, these single figures are much
  more attractive for the borrower. Eurosterling looks like a
  cheap and attractive way to raise your money,"" he added.
      This accounts for the wide variety of borrowers who have
  tapped the sector recently, ranging from sovereigns such as the
  Kingdom of Sweden today, continental banks including
  Commerzbank and Deutsche Bank and British corporations.
      Another U.K. Merchant bank analyst noted that the current
  vogue for eurosterling enabled several corporate borrowers last
  month to offer paper priced below comparative gilt yields.
      A Storehouse official confirmed that the issue was aimed at
  Swiss and German investors who were showing good interest.
      This is the first entry into the long term international
  capital markets by Storehouse, British designer Terence
  Conran's retail conglomerate which incorporates U.K. Chain
  stores Mothercare, British Home Stores and Habitat.
      ""We have been considering the move for quite some time now
  and the current strength of the eurosterling sector provided
  the perfect opportunity and spur for us to finally tap the
  market,"" Lance Moir, corporate treasurer at Storehouse Plc told
  Reuters.
  
  

"
training/3285	43	ship	"EUROPE SHIPPING EXPORTS TO S AFRICA OFF 40 PCT
  The volume of European exports to
  South Africa carried by container line vessels has declined 40
  pct in the last two years, British shipping executive Antony
  Butterwick said.
      Butterwick told reporters that despite the drop and low
  freight rates, the shipping conference he heads will increase
  the frequency of sailings to South Africa as a ""very strong act
  of faith and confidence"" in the country's future.
      He is chairman of the Europe South and South-East African
  Conference Lines and joint managing director of P and O
  Containers Ltd.
      A statement issued by the conference here said frequency of
  Southern Africa/Europe container service sailings is being
  increased from nine to seven days.
      ""This is the most positive development on the shipping front
  between South Africa and its main trading partners in Europe
  for more than four years, when the service last operated
  weekly,"" it said.
  

"
training/3287	0	acq	"MATHEMATICAL APPLICATIONS SETS OPERATIONS SALE
  Mathematical Applications Group
  Inc said it has signed a letter of intent to sell all of its
  operating business and will propose a plan of liquidation
  following the sale.
      If the company is unsuccessful in obtaining the approvals
  needed for the sale and liquidation, it said, the company may
  be required to initiate reorganization proceedings under
  federal bankruptcy law to facilitie the distribution of its
  assets.
      Mathematical Applications said it tentatively agreed to
  sell its direct marketing business to Pagex Inc for 400,000
  dlrs plus an amount equal to the working capital of the
  business at closing as well as a 1.7 mln dlr note payable in
  installments over six years.
      Mathematical Applications said the business' working
  capital is estimated to be about 600,000 dlrs.
      Pagex has been formed by Paul A. Goldner the owner of Pagex
  Systems Inc, which is also engaged in the direct marketing
  computer service business.
      Mathematical Applications said the tentative agreement
  calls for Pagex to buy substantially all of the assets and
  liabilities related to the direct marketing business and
  continue to use the Mathematical Applications name.
      It said the sale is also subject to renegotiation of a real
  estate lease and approval of a definitive agreement by the
  company's board, stock holders and debenture holders.
      The company said it has obtained waivers from holders of
  its six mln dlrs principal amount of debentures due March 31,
  1993, to defer interest payments aggregating 270,000 dlrs
  through March 31, 1987. The company said it will seek waivers
  to defer these interest payments, and those due March 31, for
  enough time to enable the company to accomplish the proposed
  sale of its operations.
      Mathematical Applications said it is talking to debenture
  holders, its landlord, a lessor of equipment to the marketing
  operation and holders of other liabilities not being assumed by
  Pagex to arrange distribution of assets after the proposed
  sale, adding that these assets will be significantly less than
  its liabilities.
      The company said it has obtained waivers from holders of
  its six mln dlrs principal amount of debentures due March 31,
  1993, to defer interest payments aggregating 270,000 dlrs
  through March 31, 1987. The company said it will seek waivers
  to defer these payments, and those due March 31, for enough
  time to accomplish the proposed sale of its operations.
      Mathematical Applications said it is talking to debenture
  holders, its landlord, a lessor of equipment to the marketing
  operation and holders of liabilities Pages is not assuming to
  arrange distribution of assets after the proposed sale, adding
  these assets will be significantly less than its liabilities.
      As part of the distribution of assets, the company said, it
  expects shareholders to receive an amount based on the bid
  price of the company's stock, which was 1/16 on March five.
  

"
training/3290	0	acq	"FINANCIAL CORP <FIN> UNIT COMPLETES PURCHASE
  Financial Corp of America's
  American Savings and Loan Association said it completed the
  previously announced purchase of 16 retail savings branches
  from Great Western Financial Corp's <GWF> Great Western
  Savings.
      American Savings said the purchases boost its deposits by
  about 550 mln dlrs, but do not affect its asset base.
  

"
training/3295	0	acq	"JOHNSON PRODUCTS <JPC> SELLS TWO SUBSIDIARIES
  Johnson Products Co Inc said it
  completed the sale of Debbie's School of Beauty Culture Inc and
  the assets of Ultra Precise Beauty Boutique Inc to management.
      It said the sale price of 2,533,000 dlrs consisted of
  700,000 dlrs cash, a secured promissory note for 1,506,000 dlrs
  and the forgiveness of a debt of 327,000 dlrs owed by Johnson
  Products to Debbie's School.
  

"
training/3298	0	acq	"USAIR <U> SEEKS TWO BILLION LOAN FOR TAKEOVERS
  USAir Group Inc said it seeking two
  billion dlrs in bank debt to complete its takeover of Piedmont
  Aviation Inc <PIE> and its pending acquisition of PS Group
  Inc's Pacific Southwest Airlines.
      In a filing with the Securities and Exchange Commission
  that details its proposed 69 dlr a share cash tender offer for
  Piedmont, USAir said Manufacturers Hanover Trust Co <MHC>
  ""indicates its willingness"" in a March 6 letter to provide up
  to 500 mln dlrs of the financing.
      Manufacturers Hanover would also to act as agent for a bank
  group to raise the rest of the financing, USAir said.
      USAir said a Manufacturers Hanover affiliate is currently
  agent for its 400 mln dlrs revelving credit facility, which
  would be replaced by the proposed two billion dlr financing.
      USAir put its total cost of completing the tender offer at
  1.7 billion dlrs. Its Pacific Southwest takeover, which has
  received federal approval and is due to come up for shareholder
  approval later this month, is for 17 dlrs a share, or 400 mln
  dlrs total.
      USAir said it has already bought 2.3 mln Piedmont common
  shares, or 9.9 pct of the total outstanding from Norfolk
  Southern Corp <NSC> for 161.9 mln dlrs.
      The tender offer, which is being made through a USAir
  subsidiary, USAG Acquisition Corp, would not be valid unless
  USAir is left with more than half of Piedmont's total
  outstanding common stock after the April 3 expiration.
      While negotiations on terms and interest rates of its bank
  loans are not yet complete, USAir said it expects them to be in
  the form of a one billion dlr two-year term loan and a one
  billion dlr seven-year revolving credit facility.
      The company said it expects to repay the two-year loan
  through equity, preferred and debt offerings and possibly
  internal funds and the sale and/or leaseback of aircraft.
  

"
training/330	33	money-supply	"U.K. CONFIRMS JANUARY STERLING M3 RISE
  The Bank of England said the broad
  measure of U.K. Money supply, Sterling M3, rose a seasonally
  adjusted 1.1 pct in January after a 0.2 pct rise in December.
      The unadjusted year-on-year rise was 17.6 pct after 18.1
  pct in the year to December.
      The narrow measure of money supply, M0, fell by a
  seasonally adjusted 0.6 pct in January, and rose by a
  non-adjusted 4.1 pct year-on-year, the Bank said.
      The figures confirm provisional data issued by the Bank two
  weks ago.
      In December, M0 grew by a seasonally adjusted 1.4 pct and
  by a non-seasonally adjusted 5.2 pct year-on-year.
      The Bank said sterling bank lending grew by a
  non-seasonally adjusted 1.75 billion stg in January. This also
  confirmed provisional figures issued in February.
      The measure of private sector liquidity, PSL2, fell 0.2 pct
  in January, but after seasonal adjustment rose 0.6 pct, the
  Bank said.
      The Bank said the public sector contribution to the growth
  in Sterling M3 was contractionary by about 2.3 billion stg.
      Within this, the Public Sector Borrowing Requirement (PSBR)
  showed a repayment of 3.7 billion stg, while the non-bank
  private sector's holdings of government debt fell by about 1.1
  billion stg.
      There was a fall of 290 mln stg in notes and coin in
  January, a fall of 1.5 billion stg in non-interest bearing
  sight deposits, and a rise of 1.6 billion stg in interest
  bearing sight deposits, the Bank said.
  

"
training/3302	0	acq	"JANNOCK ACQUIRES 50 PCT OF INTERCON SECURITY
  <Jannock Ltd> said it acquired a 50 pct
  interest in Intercon Security Ltd for five mln dlrs and
  Intercon founders Brian Legge and Richard Grange will hold the
  remaining 50 pct and will continue to manage the company.
      Intercon Security, employing 850 people, provides a full
  range of security equipment and services, Jannock said.
  

"
training/3303	10	crude	" CANADIAN OIL COMPANIES RAISE CRUDE PRICES
  Petro-Canada, the state-owned oil
  company, said it raised the contract price it will pay for
  crude oil 64 Canadian cts a barrel, effective March six.
      Petro-Canada's posted price for the benchmark light sweet
  grade, Edmonton/Swann Hills at 40 api gravity, now stands at
  21.95 Canadian dlrs/bbl. Their light sour grade is posted at
  19.88 Canadian dlrs/bbl.
      Earlier today, Shell Canada <SHC> said it raised its crude
  postings about 47 Canadian cts/bbl, bringing Edmonton light
  sweet to 21.95 Canadian dlrs/bbl, and the light sour crude to
  19.95 Canadian dlrs/bbl.
      Imperial oil <IMO.A>, a 70 pct owned subsidiary of Exxon
  Corp, said that effective March five it also raised its light
  sweet crude posting to 21.95 Canadian dlrs/bbl.
  

"
training/3305	0	acq	"DART GROUP SAID IT OFFERS TO BUY SUPERMARKETS GENERAL AT 41.75 DLRS/SHR

  DART GROUP SAID IT OFFERS TO BUY SUPERMARKETS GENERAL AT 41.75 DLRS/SHR
  

"
training/3309	0	acq	"BCI HOLDINGS TO SELL BOTTLED WATER DIVISION
  <BCI Holdings Corp>  said its <Beatrice
  U.S. Food Corp> retained Shearson Lehman Brothers Inc to assist
  in the sale of its national bottled water business.
      It said products of the subsidiary, based in Monterey Park,
  Calif., are sold under the Arrowhead brand name in California
  and Arizona, the Ozarka name in Texas and the Great Bear name
  in 11 northeastern states.
  

"
training/331	0	acq	"EXCO BUYS U.S. GOVERNMENT SECURITIES BROKER
  <Exco International Plc>, a subsidiary of
  British and Commonwealth Shipping Co Plc <BCOM.L>, said it had
  agreed in principle to buy an 80 pct stake in <RMJ Holdings
  Corp> for about 79 mln dlrs.
      Exco Chairman Richard Lacy told Reuters the acquisition was
  being made from Bank of New York Co Inc <BK.N>, which currently
  holds a 50.1 pct, and from RMJ partners who hold the remainder.
      Bank of New York and the partners will retain about 10 pct
  each and these stakes will be bought over the next six years.
      RMJ is the holding company of RMJ Securities, one of the
  largest U.S. Government securities brokers.
      It is also involved in broking notes, obligations and other
  instruments sponsored by U.S. Federal agencies.
      Lacy said Exco had been considering buying a U.S.
  Government securities broker for the past four years and had
  made an offer for RMJ when it was sold by Security Pacific Corp
  <SPC.N> in 1985. RMJ was then valued at about 50 mln dlrs.
      B and C managing director Peter Goldie said RMJ would be
  bought at about the same multiple as Exco, suggesting net
  income of around 16 mln dlrs.
      The company's earnings had not been hit by the halving of
  brokerage fees some 14 months ago as volumes had since doubled.
      Lacy said that RMJ employed some 300 people, with 200 in
  the brokerage business and about 70 in its <SMS> unit, which
  provided computer software for the financial services
  community.
      RMJ Securities had offices in New York, where total market
  turnover of U.S. Government securities was 110 billion dlrs a
  day, and in London where it has 15 billion.
      It was also given permission last week to open an office in
  Tokyo where total market turnover had lifted rapidly to about
  five billion dlrs a day.
      The acquisition would contribute between five and 10 pct of
  B and C's share earnings in 1987 on a proforma basis.
  

"
training/3311	17	grain	"USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS  26.0 MLN TONNES VS 23.0 IN FEB, 29.9 IN 1985/86

  USDA ESTIMATES 1986/87 USSR GRAIN IMPORTS  26.0 MLN TONNES VS 23.0 IN FEB, 29.9 IN 1985/86
  

"
training/3312	17	grain	"USDA ESTIMATES 1986 SOVIET GRAIN CROP  AT 210 MLN TONNES VS 210 IN FEB, 192 YEAR-AGO

  USDA ESTIMATES 1986 SOVIET GRAIN CROP  AT 210 MLN TONNES VS 210 IN FEB, 192 YEAR-AGO
  

"
training/3313	0	acq	"DART <DARTA> MAKES OFFER FOR SUPERMARKETS <SGL>
  Dart Group Corp said it offered to
  buy Supermarkets General Corp for 41.75 dlrs per share in cash.
      Earlier Supermarkets General said an ""unsolicited third
  party"" had made the offer. Analysts estimated the value at
  about 1.6 billion dlrs, based on 38.5 mln shares outstanding.
      Kidder, Peabody and Co Inc told Dart that Kidder's
  affiliate will be prepared to advance up to 750 mln dlrs on a
  subordinated basis.
  
  
  

"
training/3315	36	orange	"USDA ORANGE JUICE YIELD ESTIMATE
  The U.S. Agriculture Department
  projected an average yield of 1.47 gallons of frozen
  concentrated orange juice per box (42.0 degree brix equivalent)
  from Florida's 1986/87 crop.
      That compares with 1.46 gallons per box previously and 1.38
  gallons per box from the 1985/86 crop.
      The crop reporting board said the estimates for the 1986/87
  season are based on maturity and yields tests as of March 1.
  

"
training/3317	39	potato	"USDA WINTER/SPRING POTATO ESTIMATES
  The U.S. Agriculture Department
  estimated 1987 winter potato production, based on March 1
  conditions, at 2,788,000 cwts (100 lbs), vs 2,764,000 cwts
  indicated last month and 2,991,000 cwts last year.
      The department estimated winter potato area for harvest at
  11,900 acres, vs 11,900 acres last month and 12,300 acres in
  1986.
      The yield per harvested acre for winter potatoes is
  estimated at 234 cwts per acre, vs 243 cwts last year.
      The department also projected 1987 spring potato crop area
  planted at 79,300 cwts, vs 77,400 cwts last year, and area for
  harvest at 76,700 acres, vs 75,900 acres harvested last year.
  

"
training/3320	0	acq	"CAESARS WORLD <CAW> BID VALUED AT 907 MLN DLRS
  MTS Acquisition Corp said it will need
  about 907 mln dlrs to acquire the 31,781,461 Caesars World Inc
  shares not owned by its owner, Martin T. Sosnoff.
      The estimate came in MTS Acquisition's proxy statement to
  Caesars World shareholders describing its offer of 28 dlrs a
  share for their stock which was announced this morning.
      In that announcement, MTS Acquisition said its bank and
  investor bankers felt they could provide financing totaling 975
  mln dlrs for the offer.
      Sosnoff is Caesars World's largest shareholders with
  4,217,675 of the company's shares. That is about 11.7 pct of
  the outstanding stock on a fully diluted basis, the proxy said.
      Besides being the sole owner of MTS Acquisition, Sosnoff
  owns 61 pct of Atalanta/Sosnoff Capital Corp's <ATL> stock and
  is chairman of that investment management and brokerage firm.
  

"
training/3322	16	gold	"CAROLIN MINES HAS NEW GOLD ASSAY RESULTS
  Carolin Mines Ltd
  said recent assays of tailings at its Hope, British Columbia
  mine ranged from 0.50 to 0.64 ounces of gold per ton. 
      There were only trace amounts of platinum and palladium,
  the company said.
      Carolin said the results sharply disagreed with an earlier
  assay performed by Intergold U.S.A. Inc which showed 1.0 ounce
  of gold per ton and 0.50 ounce of platinum per ton.
      Carolin also said it expects to receive results of further
  tests and assays of the tailings within two to three weeks.
  

"
training/3327	16	gold	"CAROLIN MINES <CRLNF> HAS NEW ASSAY RESULTS
  Carolin Mines Ltd
  said recent assays of tailings at its Hope, British Columbia
  mine indicated that ounces of gold per ton ranged from 0.64 to
  0.50.
      There were only trace amounts of platinum and palladium,
  the company said.
      Carolin said the results sharply disagreed with an earlier
  assay performed by Intergold U.S.A. Inc which showed one ounce
  of gold per ton and 1/2 ounce of platinum per ton.
      Carolin also said it expects to receive results of further
  tests and assays of the tailings within two to three weeks.
  

"
training/3329	43	ship	"SEAMAN'S STRIKE CONTINUES, MARINES UNLOAD SHIPS
  Brazilian marines were today
  working on the unloading of ships at the local port as a
  national strike by 40,000 seamen entered its 10th day without
  signs of an agreement.
      The halt, the first national strike by seamen in 25 years,
  started on February 27, and union leaders said they would not
  return to work unless they received a 275 pct pay rise.
      Shipowners have offered a 100 pct raise, which the seamen
  rejected.
      ""Television reported that the port was operating at full
  speed, but that's not true,"" a striking seaman told Reuters.
      ""The marines are doing their best, but they don't have the
  manpower nor the experience to control the situation in such a
  quick period,"" he said.
      Port officials said the national halt had already caused
  losses estimated at 1.5 mln dlrs.
      Despite the presence of marines, there were no reports of
  incidents.
  

"
training/3332	10	crude	"ECUADOR QUAKE TO CUT OIL REVENUES 800 MLN DLRS
  up to 300 people were feared dead and more
  than 15,000 people left homeless by thursday's earthquake,
  which will cost Ecuador close to 800 mln dlrs in lost petroleum
  revenues, authorities said.
      They estimated the cost of repairing a damaged oil pipeline
  at 150 mln dlrs.
      ""the magnitude of the damages caused by the earthquake is
  gigantic,"" president leon febres cordero said after inspecting
  the damages in napo, the hardest-hit jungle province, 100 miles
  from here.
      The quake damaged 40 km of an oil pipeline, forcing this
  opec nation to suspend crude exports for four months, president
  febres cordero said in a statement issued today by the
  presidential press office.
      The country would lose an estimated 800 mln dlrs in crude
  exports until the pipeline was repaired, the president said. It
  would cost 150 mln dlrs to repair the pipelline which carries
  oil from jungle oil fields over the andes to Balao, a pacific
  ocean port.
      Crude traditionally accounts for up to two-thirds of
  ecuador's exports.
      the quake triggered landslides, swelling the aguarico river
  which burst it banks carrying away homes and huts in napo
  province, health minister jorge brancho told reuters.
      ""we fear that up to 300 people died in napo though there is
  no way of now knowing the exact figure because many people have
  disappeared,"" he said.
      Other estimates ranged as high as 500 dead.
      So far 20 corpses have been recovered, bracho said.
      Information Minister Marco Lara told reporters: ""the number
  of dead and injured is not known ... because we do not know how
  many people lived in the homes hit by the landslides.""
      Bracho said at least 15,000 were left homeless in the
  cayambe district.
  

"
training/3333	0	acq	"BUSINESS EDITOR THEODORE CROSS OFFERS 34 DLRS SHARE FOR HARPER AND ROW

  BUSINESS EDITOR THEODORE CROSS OFFERS 34 DLRS SHARE FOR HARPER AND ROW
  

"
training/3336	0	acq	"BUSINESS EDITOR OFFERS 34 DLRS FOR HARPER <HPR>
  Theodore Cross, editor of Business
  and Society Review, a business publication, said an investor
  group he heads has offered to buy Harper and Row Publishers Inc
  for 34 dlrs a share cash.
      In a filing with the Securities and Exchange Commission,
  Cross said he proposed the takeover to the board of the New
  York publishing house today.
      Cross, whose investor group includes his wife, Mary, said
  they already hold 261,650 Harper and Row common shares, or 6.0
  pct of the total outstanding common stock. They said they have
  spent 3.5 mln dlrs on their stake so far.
      Cross said he proposed in a letter to Harper and Row that
  the company be merged into a company Cross is forming.
      Suggesting that the total cost of completing the merger
  would be 190 mln dlrs, Cross said he would use 20 mln dlrs of
  his own money for the deal and up to 170 mln dlrs which would
  be borrowed from the First National Bank of Boston under a
  revolving credit facility the bank has agreed to provide.
  
  

"
training/3339	29	livestock	"CCC ACCEPTS EXPORT BONUS DAIRY CATTLE TO MOROCCO
  The Commodity Credit Corporation,
  CCC, has accepted a bonus offer from an exporter on the sale of
  13 head of dairy cattle to Morocco, the U.S. Agriculture
  Department said.
      The department said the bonus awarded was 1,505.00 dlrs per
  head and was made to Brown Swiss Enterprises Inc. It will be
  paid in the form of commodities from CCC inventories.
      The cattle are for delivery during March 9-September 30,
  1987.
      The department said the purchase completes the Export
  Enhancement Program initiative for dairy cattle to Morocco
  announced on April 16, 1986.
  

"
training/334	0	acq	"COLOROLL AGREES TO BUY U.S. WALLCOVERINGS COMPANY
  <Coloroll Group Plc> said it has entered
  into a conditional agreement to acquire the business and assets
  of <Wallco Inc> and related companies for 14.5 mln dlrs.
      Miami-based Wallco manufactures and distributes
  wallcoverings and showed a pretax profit of 1.5 mln dlrs on
  turnover of 37 mln in the year ending June 1986. The total U.S.
  Market was estimated to be worth 840 mln dlrs in 1986, having
  grown by 47 pct in the previous five years, Coloroll said.
      The combined sales and profit of the enlarged Coloroll U.S.
  Business would be 67 mln and four mln dlrs respectively.
  

"
training/3340	29	livestock	"CCC EXPORT BONUS DAIRY CATTLE FOR CANARY ISLANDS
  The Commodity Credit Corporation,
  CCC, has accepted a bonus offer from an exporter on the sale of
  75 head of dairy cattle to the Canary Islands, the U.S.
  Agriculture Department said.
      The department said the bonus awarded was 1,459.00 dlrs per
  head and was made to T.K. International Inc. It will be paid in
  the form of commodities from the inventory of CCC stocks.
      The cattle are for delivery during March-June, 1987, it
  said.
      An additional 3,925 head of dairy cattle are still
  available to the Canary Islands under the Export Enahcnement
  Program initiative announced July 28, 1986, it said.
  

"
training/3341	21	instal-debt	"U.S. CONSUMER CREDIT ROSE 536 MILLION DLRS IN JAN VS 144 MILLION DEC GAIN

  U.S. CONSUMER CREDIT ROSE 536 MILLION DLRS IN JAN VS 144 MILLION DEC GAIN
  

"
training/3342	10	crude	"USX <X> UNIT RAISES SOME CRUDE POSTINGS
  Marathon Petroleum Company, a
  subsidiary of USX Corp <X>, said it raised the contract price
  it pays for three grades of crude oil, effective March 6.
      Illinois Sweet and Indiana Sweet are both being raised 50
  cts a barrel to 16.75 dlrs/bbl, and the Southern Michigan grade
  is being raised 25 cts/bbl, also to 16.75 dlrs a bbl.
      The West Texas Intermediate grade was unchanged.
  

"
training/3343	12	earn	"UNITED BRANDS INC 4TH QTR SHR PROFIT SIX CTS VS LOSS 11 CTS

  UNITED BRANDS INC 4TH QTR SHR PROFIT SIX CTS VS LOSS 11 CTS
  

"
training/3344	12	earn	"NATIONAL FUEL GAS <NFG> SETS SPLIT, HIGHER PAYOUT
  National Fuel Gas Co said its board has
  approved a two-for-one stock split and will consider an
  increased cash dividend at its June meeting.
      The company also said management will recommend, at the
  June board meeting, an increase of 12 cts per share in the
  current annual dividend rate of 2.28 dlrs a share, raising it
  to 2.40 dlrs per share, or 1.20 dlrs a share after the split.
      National Fuel Gas said the split will be paid to holders of
  record May 29.  A spokeswoman said the distribution date for
  the split has not been determined.
      The company said the split is subject to approval of the
  Securities and Exchange Commission under the Public Utility
  Holding Act. The company now has 11,928,871 shares outstanding.
  

"
training/3345	0	acq	"SENSORMATIC <SNSR> UPS CHECKROBOT <CKRB> STAKE
  Sensormatic Electronics
  Corp said it upped its investment in CheckRobot Inc in the form
  of 2.5 mln dlrs of convertible preferred stock, raising its
  stake in CheckRobot to 42 pct from 37 pct on a fully diluted
  basis.
  

"
training/3347	43	ship	"UNION, SHIPPERS AGREE TO CUT N.Y. PORT COSTS
  The New York Shipping Association and
  International Longshoremen's Association said they agreed to
  cut cargo assessments at the Port of New York and New Jersey by
  more than 50 pct on some labor intensive cargos.
      The charges on cargo handled by union workers will be
  reduced to 2.85 dlrs a ton from 5.85 dlrs a ton, effective
  April one, according to the agreement between the union and
  shippers. The assessments are used to fund workers' benefits.
      ""What were doing is lowering the price to get more bulk
  cargo flowing through here,"" a spokesman for the New York
  Shipping Association said.
  
  
  

"
training/3348	33	money-supply	"TREASURY BALANCES AT FED ROSE ON MARCH 6
  Treasury balances at the Federal
  Reserve rose on March 6 to 3.879 billion dlrs from 3.467
  billion dlrs the previous business day, the Treasury said in
  its latest budget statement.
      Balances in tax and loan note accounts fell to 12.453
  billion drls from 14.350 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 16.332
  billion dlrs on March 6 compared with 17.817 billion dlrs on
  March 5.
  

"
training/3349	43	ship	"CSX <CSX> UNIT SETS IMPROVED SHIPPING SERVICE
  CSX Corp's Sea-Land Corp unit
  said it will offer improved containership services between
  Puerto Rico and the East Coast and Gulf Coast of the United
  States, beginning March 16.
      The carrier said it will provide shorter door-to-door
  transit times, more convenient cargo availability and better
  rail connections for traffic moving between Puerto Rico and
  North America.
  

"
training/3351	15	gnp	"WORLD BANK REPORT CRITICISES PERU ECONOMIC PLAN
  a confidential world bank report on the
  peruvian economy said the government's strategy does not offer
  good prospects for medium and long-term growth and is likely to
  quickly lead to inflation.
      The report, published today by an economic monthly, the
  peru report, said the success of president alan garcia's
  government in stimulating output last year to achieve eight pct
  gross domestic product growth ""represents gains in the short
  term at the expense of the long.""
      Government officials had no immediate comment on the
  report, which advised a reduction in the overall size of the
  public investment programme and greater emphasis on the
  preservation of peru's export potential.
      The report said that although the government had succeeded
  in cutting inflation 50 pct a year in the first half of 1985 to
  under 70 pct, its stabilisation and reactivation programme was
  encountering increasing difficulties.
      ""an early renewal of inflationary pressures, linked to
  monetary expansion, exchange rate devaluation and an easing of
  price controls, appears not improbable,"" it added.
  
  

"
training/3352	15	gnp	"MINISTERS FEEL EC FORECASTS TOO PESSIMISTIC
  European Community finance ministers
  discussed the economic outlook for the 12-nation bloc and many
  said a recent gloomy forecast by the EC Commission was too
  pessimistic.
      The Commission, the EC's executive authority, two weeks ago
  cut its forecast for economic growth in the Community to 2.3
  per cent for this year from 2.8 per cent predicted last autumn.
      It said economic prospects had been less promising over the
  past few months because of a sharp fall in the value of the
  dollar and a slowing of world trade -- factors which would
  restrain Community exports.
      But diplomats said several member states, led by West
  Germany, Britain and France, felt the forecast was too gloomy,
  especially since it was drafted before a recent agreement
  between the leading Western economic powers to stabilise
  currencies around current levels.
      ""Many delegations feel the (Commission's) report is rather
  too pessimistic,"" said Belgian Finance Minister Mark Eyskens,
  who chaired the meeting.
      The Commission, which slashed its growth forecast for West
  Germany to two per cent from 3.2 per cent, has made clear it
  feels Bonn has room to introduce additional measures to
  stimulate its economy that would benefit the rest of Europe.
      But two top German officials, State Secretaries Otto
  Schlecht and Hans Tietmeyer, told reporters Bonn saw no need at
  the moment for action to bolster the EC's biggest economy.
      The diplomats said they were backed by Britain and France,
  while Italy, Greece and Denmark supported the Commission's view
  that Bonn should bring in new measures to aid EC growth.
  

"
training/3353	21	instal-debt	"U.S. CONSUMER CREDIT ROSE 536 MLN DLRS IN JAN
  U.S. consumer instalment credit rose
  a seasonally adjusted 536 mln dlrs in January after a revised
  rise of 144 mln dlrs in December, the Federal Reserve Board
  said.
      The annual rate of growth in January was 1.1 pct, up from
  0.3 pct in December. Previously the Fed said consumer credit
  rose 105 mln dlrs in December.
      Among the credit categories, auto credit fell in January to
  1.02 billion dlrs from 2.06 billion dlrs in December, the Fed
  said.
      Revolving credit in January fell by 366 mln dlrs after
  rising by 552 mln dlrs in December.
      Mobile home credit was up by 130 mln dlrs after falling by
  21 mln dlrs in December.
      The category referred to as ""other,"" covering bank and credit
  union loans, fell by 250 mln dlrs in January after declining by
  2.44 billion dlrs in December, the Fed said.
      Before seasonal adjustment, consumer credit outstanding
  totaled 580.37 billion dlrs at the end of January, compared
  with 531.29 billion dlrs at the end of January, 1986.
  

"
training/3354	10	crude	"CONOCO RAISES CRUDE OIL PRICES UP TO ONE DLR BARREL, WTI AT 17.50 DLRS

  CONOCO RAISES CRUDE OIL PRICES UP TO ONE DLR BARREL, WTI AT 17.50 DLRS
  

"
training/3356	0	acq	"VIACOM <VIA>, NAT'L AMUSEMENTS SEEK FAST MERGER
  The chiefs of Viacom International Inc
  and <National Amusements Inc> said they met and agreed to work
  together to complete the previously announced merger of the two
  companies ""as expeditiously as possible.""
      A spokeswoman for Viacom declined to say if the executives
  had set a timetable for closing the deal.
      Viacom last week agreed to be acquired by National
  Amusements for a combination of cash and stock with an
  estimated value of 53 dlrs a share, or a total of about 3.4
  billion dlrs.
  

"
training/3359	12	earn	"GENERAL CINEMA CORP 1ST QTR OPER SHR 43 CTS VS 47 CTS

  GENERAL CINEMA CORP 1ST QTR OPER SHR 43 CTS VS 47 CTS
  

"
training/3360	22	interest	"BANK BOARD SAYS MORTGAGE RATES DOWN IN FEBRUARY
  The Federal Home Loan Bank Board said
  interest rates on both fixed rate and adjustable rate home
  mortgage loans were down substantially in early February.
      The bank board said the average effective commitment rate
  for fixed mortgages with a maturity of at least 15 years for
  new home purchases dropped to 9.54 pct in early February, a 30
  basis point decline from early January.
      The commitment rate on adjustable rate mortgages declined
  by 16 basis points in the same period bringing the average rate
  to 8.5 pct, the bank board said.
      The average effective interest rate on all loans closed by
  major lenders declined 27 basis points from early January to
  9.26 pct in early February, the lowest rate since March 1978,
  the bank board said.
      The average effective rate for fixed mortgages was was 9.51
  pct, down 30 basis points from the early January level. The
  average effective rate for adjustable rate mortgages declined
  22 basis points to 8.61 pct, the bank board said.
  

"
training/3363	0	acq	"NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY

  NORANDA TO SPIN OFF FOREST INTERESTS INTO SEPARATE COMPANY
  

"
training/3364	10	crude	"API PRESIDENT SEES OPTIONS TO AVERT OIL CRISIS
  American Petroleum Institute President
  Charles DiBona said no options should be rejected to combat 
  growing U.S. dependence on foreign oil.
      ""No action should be ruled out--import fees or quotas,
  floor prices, tax incentives or other alternatives--while a
  national dialogue on the issue continues,"" DiBona said at a 
  paper institute conference in New York today.
      DiBona said there is no unanimity within the industry on
  how to stimulate energy production but there is consensus on
  removing several government policies that hinder investments in
  new prospects.
      DiBona said the windfall profit tax should be abolished
  immediately and current proposals for increased environmental
  regulations on acid rain and waste disposal should be not
  adopted. He also suggested that the Arctic National Wildlife
  Refuge in Alaska should be opened up for leasing to oil
  companies, DiBona said.
      ""This is a battle the industry cannot afford to lose if the
  nation is to continue to benefit from Alaskan oil,"" DiBona
  said. Since 1986 U.S. oil production has fallen while
  consumption rose and that has raised dependence on imported
  oil, particularly from OPEC, DiBona said.
  

"
training/3365	22	interest	"U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT

  U.S. SELLS 3-MO BILLS AT 5.63 PCT, STOP 5.64 PCT, 6-MO 5.59 PCT, STOP 5.60 PCT
  

"
training/3367	0	acq	"NATIONAL DISTILLERS <DR> CLOSES ALMADEN SALE
  National Distillers and
  Chemical Corp said it completed the sale of Almaden Vineyards
  Inc to Heublein Inc for about 128 mln dlrs.
      Heublein, a former subsidiary of RJR Nabisco Inc <RJR>, was
  recently acquired by <Grand Metropolitan PLC>.
      Almaden, based in San Jose, Calif., makes and sells table
  wines, champagnes and brandies as well as some premium wines
  under the Charles Lefranc Cellars label.
  

"
training/3370	0	acq	"CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF

  CEASARS WORLD SAYS IT IS STUDYING UNSOLICITED 28 DLR-PER-SHR OFFER BY MARTIN SOSNOFF
  

"
training/3371	22	interest	"U.S. BILL AUCTION RATES AVERAGE 5.63, 5.59 PCT
  The U.S. Treasury said its weekly
  auction of three-month bills produced an average rate of 5.63
  pct, with a 5.59 pct rate on six-month bills.
      These rates compared with averages of 5.47 pct for the
  three- and 5.51 pct for the six-month bills sold last week.
      The bond-equivalent yield on three-month bills was 5.81
  pct. Accepted bids ranges from 5.61 pct to 5.64 pct and 29 pct
  of the bids at the high, or stopout rate, were taken. For six
  months, the yield was 5.85 pct and the bids ranges from 5.56
  pct to 5.60 pct with 30 pct of the bids accepted.
      The Treasury said it received 30.9 billion dlrs of bids for
  the three-month bills, including 1.0 billion dlrs in
  non-competitive bids from the public. It accepted 6.6 billion
  dlrs of bids, including 2.2 billion dlrs from the Federal
  Reserve and 9.1 mln dlrs from foreign and international
  monetary authorities.
      Some 25.7 billion dlrs in bids for six-month bills were
  received, including 785 mln dlrs in non-competitives. The
  Treasury accepted 6.6 billion dlrs, including 1.9 billion dlrs
  from the Fed and 942 mln dlrs from foreign and international
  authorities.
      The average price for the three-month bills was 98.577 and
  prices ranged from 98.574 to 98.582.  The average price for the
  six-months bills was 97.174, and prices ranged from 97.169 to
  97.189.
      The average yield on the three-month bills was the highest
  since 5.66 pct on Feb 17. The average yield on the six-month
  bills was the highest since 5.70 pct on Feb 17.
  

"
training/3372	0	acq	"CANADA MULLING SELLING PETRO-CANADA - MULRONEY
  Prime Minister Brian Mulroney said the
  government was considering selling Petro-Canada and the sale
  would proceed if it were in the national interest to do so.
      Mulroney told the House of Commons assets of the huge oil
  company would be examined before a decision was made, just as
  other state-run companies were studied before being sold under
  Ottawa's privatization program.
      ""The government is going to examine assets of this nature
  to ascertain if they continue to play an appropriate role in
  public policy and we will make a determination as we have in
  other cases,"" Mulroney told the daily question period.         
      Asked by opposition members to clairify Finance Minister
  Michael Wilson's statement on Friday that Petro-Canada no
  longer has any pubilic policy role, Mulroney said his
  government has long promised to sell off companies that could
  be better run by the private sector.
      Outside the House, Energy Minister Marcel Masse said
  Petro-Canada would be worth between three and four billion dlrs
  and, because of the size, could be difficult to sell.
      He also said he would prefer to see Canadians participating
  in any privatization, but would not give any details on timing
  of a sale.          
  

"
training/3377	0	acq	"NEWS CORP <NWS> COMPLETES PURCHASE OF NEWSPAPER
  The News Corp said the South China
  Morning Post Ltd of Hong Kong become a wholly-owned subsidiary
  March 7 as previously announced.
  

"
training/3378	0	acq	"RICHMOND HILL<RICH>, RIVERHEAD END MERGER TALKS
  Richmond Hill Savings Bank and
  <Riverhead Savings Bank FSB> said they terminated their
  previously announced merger negotiations.
      The banks gave no reason for ending the talks, which began
  on January 14.
  

"
training/338	48	trade	"SWEDEN TO GO AHEAD WITH S. AFRICAN TRADE SANCTIONS
  Sweden's ruling Social Democratic
  Party gave full power to the government to decree unilateral
  trade sanctions against South Africa, Prime Minister Ingvar
  Calrsson said.
      Carlsson told a news conference the party decided the fight
  against apartheid took priority over Sweden's traditional
  policy of only adopting sanctions with the backing of the U.N.
  Security Council.
      The government will decide later what form the trade
  boycott will take and when it will come into force.
  

"
training/3380	12	earn	"GENERAL CINEMA <GCN> POOR SEASON LOWERS NET
  General Cinema Corp said
  lower attendence at its theatres against last year's record
  Christmas season lowered its first fiscal quarter operating
  earnings nine pct to 15.9 mln dlrs.
      ""While we are not off to as good a start in fiscal 1987 as
  we would like, business has picked up in the last few weeks,""
  chairman Richard Smith said.
      He said that the company expected net pricing to be higher
  and unit volume to improve in the remaining quarters of the
  fiscal year.
      The company added that operating earnings in its theatre
  unit will be higher in fiscal 1987 if the important summer
  season film releases perform well.
      In addition, its other key business, General Cinema
  Beverages, is expected to achieve record operating results for
  the full year, Smith said.
      The company's superstar video business which rents video
  cassettes in supermarkets continues to operate at an expected
  loss, the company added.
      General Cinema said the financing costs associated with its
  purchase of 3.5 mln Carter Hawley Hale Stores Inc <CHH> shares
  for 177.9 mln dlrs, and its 89.7 mln sterling investment in
  <Cadbury Schweppes PLC>, lowered first quarter net.
      But it said the loss was offset by a 2.5 mln dlr gain on
  the sale of common shares of Sea-Land Corp, a unit of CSX Corp
  <CSX>.
  

"
training/3381	0	acq	"CEASARS WORLD <CAW> STUDYING SOSNOFF OFFER
  Ceasars Wold Inc said its board is
  studying the unsolicited and conditional tender offer for all
  its common shares at 28 dlrs per share from Martin T. Sosnoff.
      A company spokesman said the board expects to make a
  recommendation ""shortly"", but could not specify a time period.
      Ceasars World Chairman Henry Gluck in a statement urged
  shareholders not to take any action with respect to the offer
  prior to the board's recommendation.
      Sosnoff made the offer directly to shareholders in a
  newspaper advertisement through a company he formed, called MTS
  Acquisition Corp. It expires April 3.
  

"
training/3382	12	earn	"AMERICUS TRUST <BYU> <BYP> INITIAL QTRLY DIV
  Americus Trust For Bristol Myers shares
  announced an initial dividend of 68.75 cts payable May 12 for
  shareholders of record April 3.
  

"
training/3384	0	acq	"UNITED SECURITY <UNSE> TO BUY ROBERT BROWN UNIT
  United Security Financial Corp of
  Illinois said it has signed a letter of intent to buy Robert
  Co. Brown and Co Inc's <RCBI> MAGIC Insurance Group unit.
      Robert C. Brown and Co would receive newly issued United
  Security stock. United Security said it is anticipated that
  such stock would represent a substantial majority of the shares
  outstanding after the merger.
      United Security's principal subsidiary is United Security
  Life Insurance Co of Illinois. The MAGIC Group owns Pilgrim
  Life Insurance Co of America and Middle Atlantic Life Insurance
  Co.
  

"
training/3387	0	acq	"WARRINGTON SELLS SHOE DIVISIONS
  (Warrington Inc) said it sold its shoe
  divisions to Montreal-based (Taurus Footwear Inc) for
  undisclosed terms.
      The divisions manufacture and distribute Greb, Hush
  Puppies, Kodiak, and Santana brand shoes and had revenues of
  about 69 mln dlrs last year, Warrington said. It said the sale
  of the shoe divisions and the previous sale of its ski boot
  businesses will result in an unspecified net gain.
      Warrington said it plans to concentrate on its Canstar
  Sports Group Inc skate and athletic footwear division, the
  largest ice skate manufacturer and distributor in the Western
  world.
      Warrington said it decided to rationalize the balance of
  its ski businesses, which is expected to result in a divestment
  loss which could outweigh the net gains on the sales of its
  shoe and ski boot divisions.
      Taurus said the acquisition is expected to increase its
  annual sales to about 100 mln dlrs and make it Canada's largest
  footwear manufacturer.
  

"
training/3389	10	crude	"DUPONT <DD> UNIT RAISES CRUDE OIL PRICES
  Conoco Inc, a subsidiary of DuPont
  Corp, said it was increasing its contract prices for crude oil
  between 10 cts and one dlr a barrel, effective today.
      Conoco said the increase brings its price for the U.S.
  benchmark crude West Texas Intermediate to 17.50 dlrs a barrel,
  up one dlr.
      South Louisiana Sweet, also up one dlr, is now 17.85 dlrs.
  West Texas Sour was up 10 cts to 16.60 dlrs a barrel.
      Conoco was the last company to raise prices following a
  series of increases initiated last week by Sun Co <SUN>, which
  reversed the posted price cuts made at the end of February.
  

"
training/3390	17	grain	"CBT DISCUSSES MAJOR CHANGES FOR RENOVATION
  Chicago Board of Trade (CBT)
  agricultural and financial futures markets could be in for a
  period of major upheaval later this year if the exchange goes
  ahead with planned renovation.
      A CBT spokesman told Reuters the exchange was looking at a
  number of options to identify the most cost effective and
  efficient way to proceed, including one which would involve
  moving the entire grains floor out of the building and into the
  nearby MidAmerica Commodity Exchange.
      ""One of (CBT Chairman) Karsten Mahlmann's agenda items has
  been to proceed with renovation in the financial futures room,""
  the spokesman said.
      Another CBT official, executive vice president George
  Sladoje, said the issue would be discussed this Friday at a
  special meeting on the exchange floor.
      A number of presentations have been made with regard to
  renovating the financial futures room, Sladoje said. ""We've
  looked at five or six different alternatives, involving such
  things as flip-flopping the trading rooms,"" he added.
      It is conceivable that under a couple of these plans, we
  might use the MidAmerica Exchange temporarily for some CBT
  markets, Sladoje said.
      ""If we move out of one floor entirely, then the
  construction period will be about a year,"" he said, adding that
  the issue was likely to go to a membership vote first and then
  be on the drawing board for eight months to a year.
      The CBT spokesman stressed that discussions were very
  preliminary at this stage and nothing was likely to begin until
  this summer at the earliest.
      In order to renovate the crowded financial futures pits,
  exchange officials have discussed providing them a temporary
  home next door in the present grains-dominated area.
      This could involve moving CBT markets in U.S. Treasury Bond
  futures, Treasury Notes, Muni-bonds, and options on T-Bonds and
  T-Notes through an adjoining corridor, while utilizing the
  MidAmerica floor for such CBT futures contracts as corn, wheat,
  soybeans, soybean products and agricultural options.
      Any such moves could meet with opposition among some CBT
  members.
      One senior floor trader said the financial futures room
  badly needs renovating.
      ""There is talk the grains floor will shift to the MidAm and
  the financials will move to the grains area,"" he said.
      The CBT spokesman said another option being discussed was
  to renovate the financial floor in quadrants, one quarter at a
  time. ""The first step, after deciding the most effective way to
  proceed, would be to get architectural and engineering
  drawings,"" he said.
      He added that it was difficult at present to determine an
  exact time frame for any possible moves. ""This is a major
  undertaking and a process that would spread out over next
  year,"" he said.
      Floor traders at the MidAmerica Commodity Exchange, which
  merged with the CBT about a year ago, said they were preparing
  to vacate their floor at the end of this month.
      Space has recently been cleared for them at the CBT by
  moving its Major Market Index pit into the area once reserved
  for lightly-traded CBT gold and silver futures, which now share
  their trading area.
      The MidAm specializes in mini-contracts in grains,
  livestock, metals, financials and foreign currencies as well as
  some options contracts.
      ""Rumor has it that the CBT grains are coming over here
  because the bonds are too crowded,"" one MidAm trader said.
      Another source at the MidAm said this change could take
  place by July or August.
  

"
training/3394	0	acq	"GROUP SEEKS PRIME MEDICAL <PMSI> HOLDER LIST
  A group of investment firms led by
  Far Hills, N.J., investor Natalie Koether said it is seeking
  information about the shareholders of Prime Medical Services
  Inc, over which it has said it is seeking control.
      In a filing with the Securities and Exchange Commission,
  the group, which includes Shamrock Associates, included a March
  6 letter to Prime which asks for a complete list of all
  shareholders and their addresses.
      The group said it wants the information so it can contact
  shareholders on issues, including election of an opposition
  slate of directors to the board and other proxy contests.
      The Koether group's letter gives the company five days to
  respond to its request. If there is no response from Prime
  Medical, the group said it would consider the demand refused
  and would take ""other proper steps"" to get the information.
      The group said it already holds 1,483,886 Prime Medical
  shares, or 17.5 pct of the total. It said it has taken legal
  action to try to force the company to set an annual meeting and
  require all directors to stand for election.
      In a previous SEC filing, the group has said it has decided
  to try to seek control of Prime Medical through a tender offer,
  exchange offer, proxy contest or other ways.
  

"
training/3395	0	acq	"<GRAND METROPOLITAN PLC> UNIT TO SELL BUSINESS
  Grand Metropolitan PLC said its
  Grandmet USA Inc unit decided to sell its physical fitness and
  exercise equipment business.
      The company said Morgan Stanely and Co Inc is advising it
  on the sale of the business.
  

"
training/3396	0	acq	"CHRYSLER <C> AMC BUYOUT VALUED AT 1.55 BILLION
  Chrysler Corp's proposed acquisition of
  American Motors Corp is valued at about 1.55 billion dlrs,
  including the cost of acquisition and the 767 mln dlrs in
  American Motor' debt that Chrysler will assume, analysts said.
      They said Chrysler's cost of acquisition was valued at  782
  mln dlrs, paid in cash, notes and Chrysler shares.
      The analysts told Reuters that at a New York briefing
  Chrysler treasurer Fred Zuckerman outlined his company's
  agreement with Renault to assume AMC's debt as well as 332 mln
  dlrs in unfunded pension liabilities, though the latter is not
  included valuing the transaction.
      Analysts were generally positive on Chrysler's proposed
  purchase of its much-smaller rival, but said they expected the
  transaction would carry with it a short-term dilution in
  Chrysler's earnings.
      A Chrysler financial source, speaking anonymously, told
  Reuters that the proposed purchase price was smaller than it
  would have been had a deal been struck last year because the
  impact of the new U.S. tax law removes Chrysler's ability to
  assume AMC's large reserve of tax-loss carryforwards
  accumulated from its losses since 1980.
      ""There were very serious discussions last fall but we
  didn't pull it off,"" the source said in a reference to the
  assassination in November of former Renault chairman Georges
  Besse.
      ""It's too bad because the tax benefits fell on the floor.
  And Renault could have gotten a much better price if we'd done
  it before the end of last year.""
      In addition to AMC's debt and its pension liabilities, the
  source said Chrysler would also assume any liability from
  lawsuits over the safety of Jeeps, which he called ""an overhang
  to the company.""
      Analysts quoted Chrysler officials as having told them that
  the deal includes payment to Renault of 200 mln dlrs principal
  in the form of a 10-year note at eight pct interest, 35 mln
  dlrs cash for Renault's equity in AMC's finance subsidiary, 25
  mln dlrs in cash for ""transaction fees"" in connection with the
  acquisition and 522 mln dlrs worth of Chrysler stock to be paid
  AMC shareholders.
      ""The big number is the 767 mln dlrs in debt assumption,""
  analyst Jack Kirnan of Kidder Peabody and Co told Reuters.
       Moody's Investors Service Inc said it may downgrade 12
  billion dlrs of Chrysler Corp and unit debt due to the deal.
       But the Chrysler source said that in assuming AMC's
  liabilities, his company will refinance at a lower rate any AMC
  debt that is being carried at ""non-market"" rates.
      He said there were difficulties in negotiating with the
  previous Renault management on the acquisition because they
  were committed to the group's business plan of which AMC was an
  integral part.
      ""The new management didn't have that problem - AMC wasn't
  their baby,"" he said.
  

"
training/3399	0	acq	"WASHINGTON NAT'L <WNT> BUYS UNITED PRESIDENTIAL
  Washington National Corp's
  Washington National Insurance Co said it bought the remaining
  15 pct of United Presidential Corp's <UPCO> outstanding shares
  at 19 dlrs a share cash.
      The acquisition of the shares is part of a plan of exchange
  approved by United Presidential shareholders at a special
  meeting March 6.
      The purchase of the remaining United Presidential stake
  follows Washington National's buying 85 pct of United
  Presidential in a 19 dlrs a share tender offer which terminated
  December 12.
  

"
training/3400	0	acq	"CONAGRA <CAG> COMPLETES MERGER WITH TRIDENT
  Conagra Inc said it completed the
  merger of its Sea-Alaska Products Co unit and <Trident Seafoods
  Corp.>
      Conagra said the new company, in which it holds a 45 pct
  stake, will be called Trident Seafoods Corp. Charles Bundrant,
  president of Trident before the merger, was named president of
  the new company, Conagra said.
      Conagra said it also completed the previously announced
  acquisition of <Bristol Monarch Corp> and that Trident
  completed the purchase of the remaining 50 pct stake of <San
  Juan Seafoods Inc.>
  

"
training/3405	12	earn	"<ATCO LTD> SEES GAIN FROM SALE
  Atco Ltd said its Atco
  Development unit agreed to sell the Canadian Utilities Center
  in Edmonton, Alberta and the Canadian Western Center in
  Calgary.
      The sales, together with the previously-announced sale of
  Atco's Australian operations, will gross 114 mln dlrs and
  result in an after-tax gain of 31 mln dlrs, which will be
  reflected in Atco's fiscal year results.
      Its fiscal year ends March 31, the company said. In
  addition, the sales will produce 47 mln dlrs cash after debt
  reduction of 67 mln dlrs, Atco said.
  

"
training/3406	0	acq	"LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY

  LINDNER TELLS SEC HE HAS HAD TALKS WITH TAFT ON SEEKING CONTROL OF COMPANY
  

"
training/3409	0	acq	"BANCROFT <BCV> FILES SUIT AGAINST ZICO
  Bancroft Convertible Fund Inc said it
  filed a lawsuit in federal court in Newark, N.J., seeking to
  block a hostile 30 dlr a share takeover offer by <Zico
  Investment Holdings Inc.>
      Bancroft said the suit also names Michael B. Javett,
  principal officer of Zico, and First Fidelity Bancorp's <FFB>
  First Fidelity Bank unit, the depositary for Zico's offer.
      Bancroft said the suit also names <Georgeson and Co Inc>,
  Zico's information agent, and <Luthie Intercontinentale Inc>, a
  Panamanian corporation.
      Bancroft said its complaint alleges that Zico's tender
  offer materials include false and misleading information and
  that the offer violates the Investment Company Act of 1940.
      The company said its stockholders approved proposals that
  will insure that it remains independent.
  

"
training/3413	0	acq	"LINDNER SAYS HE DISCUSSED CONTROL OF TAFT <TFB>
  Financier Carl Lindner, who holds a
  16.2 pct stake in Taft Broadcasting Co, told the Securities and
  Exchange Commission he has discussed with the company the
  possibility of seeking control of it.
      Lindner, the Cincinnati, Ohio, investor who controls
  American Financial Corp, said his talks with some of Taft's
  managers and directors have been aimed at ""achieving an
  increased ownership position"" in the company.
      Lindner said his increase in ownership would be made either
  by making an offer to acquire control of Taft or taking part in
  a group to acquire the company.
      Lindner, who holds his Taft stake through American
  Financial and its subsidiaries, said he is also considering
  buying more Taft stock on the open market or in private deals.
      He did not say whether the talks with Taft officials led to
  any agreements or understandings.
      But Lindner said he intends to review his investment in
  Taft and may be involved in further talks or take other steps
  regarding the future control and direction of Taft.
      Lindner's investor group recently raised its Taft stake to
  1,489,298 shares, or 16.2 pct from 1,439,498 shares, or 15.6
  pct, after buying 49,800 shares for a total of 5.8 mln dlrs.
      Although he recently received clearance from the Federal
  Trade Commission to raise his stake in the company to 24.9 pct,
  Lindner in previous SEC filings has always stressed that his
  interest in Taft was for investment only and not was not
  seeking to control the company.
      An investor group headed by members of the wealthy Bass
  family of Fort Worth, Texas, also holds about 24.9 pct of
  Taft's common stock.
  

"
training/3415	0	acq	"INVESTORS SET DEADLINE FOR JAPAN FUND <JPN>
  An investor group that includes T.
  Boone Pickens III said it set a deadline of 1600 EST on March
  11 for its offer to acquire Japan Fund Inc.
      The group, which also includes <Sterling Grace Capital
  Management Inc LP> and <Anglo American Security Fund LP>, said
  it was willing to deposit in escrow 100,000 Japan Fund shares,
  worth about two mln dlrs, to insure its ability to obtain
  financing if Japan Fund approves its offer.
      The group said Japan Fund has not responded to its offer,
  worth about 525 mln dlrs at current market prices.
  

"
training/3416	0	acq	"INVESTOR FIRMS HAVE 25.5 PCT OF SYMBION <SYMB>
  A group of affiliated firms led by
  Warburg, Pincus Capital Co L.P., a New York venture capital and
  investment partnership, said it has acquired 1,920,527 shares
  of Symbion Inc, or 25.5 pct of the total outstanding.
      In a filing with the Securities and Exchange Commission,
  the Warburg Pincus group said it bought the stake for
  investment purposes.
      Although the group said it is considering buying more
  shares of Symbion, it said it has no plans to seek control of
  the company.
  

"
training/3417	0	acq	"OFFSHORE INVESTOR HAS 5.9 PCT OF HAUSERMAN<HASR>
  Kindness N.V., a Bahamas-based firm
  owned by U.K. investor and Bahamas resident John Templeton,
  said it has acquired 137,900 shares of Hausereman Inc, or 5.9
  pct of the total outstanding common stock.
      In a filing with the Securities and Exchange Commission,
  Templeton said he bought the shares for investment purposes
  only and has no intention of seeking control of the company.
  

"
training/3418	0	acq	"INVESTMENT FIRMS UP STAKE IN MCGILL MFTG <MGLL>
  A group of affiliated investment
  firms led by Bermuda-based Fidelity International Ltd and
  Boston-based FMR Corp, told the Securities and Exchange
  Commission it raised its stake in McGill Manufacturing Co Inc.
      The group said it raised its stake to 88,580 shares, or 6.2
  pct of the total outstanding common stock, after buying 14,135
  McGill common shares between Jan 19 and March 2 at prices
  ranging from 33.57 to 34.57 dlrs a share.
  

"
training/342	48	trade	"JAPAN, U.S. SET TO BEGIN HIGH-LEVEL TRADE TALKS
  Japan and the U.S. Kick off top-level
  trade talks tomorrow amid signs officials from both sides are
  growing increasingly irritated with each other.
      The talks, held annually at sub-cabinet level to review the
  whole gamut of U.S./Japan economic relations, will pave the way
  for American Secretary of State George Schultz's one day
  stop-over here at end-week on his way home from China.
      Faced with growing Congressional protectionist pressure,
  the U.S. Administration is pressing Japan for speedy action to
  reduce its still huge trade surplus, U.S. Officials said.
      ""We appreciate their frustration,"" a senior Japanese
  government official said. ""But we are also frustrated.""
      The official said the 40 pct rise of the yen over the last
  18 months has hit Japan hard, forcing exporters to slash
  spending and lay off workers to make up for lost sales abroad.
  That has not yet shown up in dollar-based statistics on trade,
  but it will, he said.
      He said the U.S. Administration was ignoring the progress
  that has been made and instead emphasizing the problems that
  remain when it talks with Congress.
      ""It would only take five minutes to list their
  accomplishments,"" a senior U.S. Official replied.
      The talks begin tomorrow with high-level discussions on the
  economic structures of both countries and how they affect the
  bilateral trade imbalance, which last year amounted to 51.48
  billion dlrs in Japan's favour.
      On the following two days, the topics will range from
  multilateral trade talks under the auspices of the General
  Agreement on Tariffs and Trade (GATT) to such bilateral trade
  problems as super computers.
      The structural talks are intended to be free-wheeling
  discussions among senior officials. Tomorrow's topics include
  savings and investment issues such as consumer credit and
  housing, and the implications of government budget deficits.
      These talks come at a particularly delicate time for the
  Japanese government, which is facing increasing domestic
  pressure to abandon its tight-fisted fiscal policy and
  stimulate the sagging economy by spending more.
      Some U.S. Officials complained Japan has no intention of
  boosting domestic demand and imports, as Washington wants.
      Japanese officials in turn pointed the finger at the huge
  U.S. Budget deficit as one of the main culprits for the trade
  imbalance. That budget deficit has meant that the U.S. Is
  buying more imports.
      Japan seems particularly peeved at being singled in a draft
  trade bill before the Senate as a nation following adverserial
  trade practices. ""It condemns Japan without due process,"" one
  Japanese official said.
      That reference spoils what is otherwise a well-thought-out
  bill introduced by Democratic Senator Lloyd Bentsen, he said.
      Japan is also not totally happy with the administration's
  trade bill, particularly its proposal to establish reciprocal
  access to foreign markets as one criteria for retaliatory trade
  action by the U.S., Officials said.
      Nevertheless, Japanese officials said they remain in a weak
  bargaining position, especially with the threat of a trade bill
  overhanging them.
      ""We have no leverage,"" one official admitted.
      As a result, Tokyo is striving to meet U.S. Complaints
  about its trade practices in a variety of fields, including
  super computers.
      The U.S. Is pressing for greater access to the Japanese
  super computer market.
      The Japanese government has sent a long questionnaire to
  public institutions like universities which buy the
  sophisticated machines in hopes of eventually setting up
  informal bidding procedures easily understood by all potential
  sellers, officials said.
  

"
training/3420	12	earn	"CTS <CTS> INCREASES 1986 LOSS
  CTS Corp said it increased its
  1986 loss from continuing operations to 26.6 mln dlrs from the
  previously announced 23.8 mln dlrs loss.
      The 1986 figure was increased to include expenses involved
  with its settlement of a dispute with Dynamics Corp of America
  <DYA>.
      The settlement involved a takeover bid for CTS by Dynamics
  Corp, which had offered to buy the shares of CTS that it did
  not already own.
      CTS made a profit of 7.9 mln dlrs from continuing
  operations in 1985.
      CTS said it charged an additional 2.8 mln dlrs in special
  expenses to its 1986 operations as a result of the Dynamics
  Corp settlement.
      The additional expenses include the obligation to reimburse
  Dynamics Corp, subject to approval of CTS shareholders, a total
  of 2.1 mln dlrs for Dynamics Corp's expenses and other costs
  relating to CTS.
  

"
training/3422	0	acq	"INVESTMENT FIRM RAISES CERTRON <CRTN> STAKE
  Louart Corp, a Los Angeles investment
  firm, said it raised its stake in Certron Corp to 237,000
  shares, or 7.8 pct of the total outstanding common stock, from
  164,000 shares, or 5.4 pct.
      In a filing with the Securities and Exchange Commission,
  Louart said it bought 73,000 Certron shares between Sept 9 and
  March 6 at a total of 109,315 dlrs a share.
      It said its dealings in Certron were for investment only,
  but said it might increase its stake. It said it has no plans
  to seek control of the company.
  

"
training/3425	0	acq	"HOGAN SYSTEMS <HOGN> IN ACQUISITION
  Hogan Systems Inc said it acquired
  <Systems 4 Inc> of Durango, Colo., for 1.7 mln dlrs.
      Hogan said Systems 4 provides integrated applications
  software and processing services to about 30 community banks.
      Systems 4 has revenues of 1.5 mln dlrs a year, Hogan said.
  

"
training/343	45	sugar	"INDIA TO HOLD WHITE SUGAR BUYING TENDER
  India will hold a buying tender on
  Wednesday, March 4, for two to three cargoes of white sugar for
  March/April shipment, traders said.
  

"
training/3430	10	crude	"PICKENS SEES CONTINUED SLUMP IN WORKING RIGS
  T. Boone Pickens, the Texas oilman and
  financier, said he believes the heady days the oil service
  industry had in the early 1980s, when over 4,500 oil rigs were
  once reported operating, will not return in his lifetime.
       Pickens told Reuters he expects the rig count to drop to
  below 600 before recovering. He added that oil prices will
  eventually rise to 35 dlrs, then to 50 dlrs after 1990.
       Currently, some 700 oil rigs are operating in the U.S.,
  down sharply after oil prices slipped from 30 dlrs in late 1985
  to around 10 dlrs in 1986. Prices are now around 18 dlrs. The
  highest number of working rigs was 4,500 in December 1981.
       ""The rigs won't go back to work until the price of oil
  gets above 30 dlrs,"" he said, adding that while he expects to
  see 50 dlr a barrel oil, he does not expect to see 2,000 rigs
  operating in his lifetime. Pickens is 58.
       Pickens, who is currently touring the country promoting
  his autobiography ""Boone,"" said he does not believe the U.S.
  should impose an oil import fee in order to stimulate the
  domestic oil industry.
  

"
training/3433	32	money-fx	"MIYAZAWA SAYS PARIS ACCORD HELPING STABILISE RATES
  Finance Minister Kiichi Miyazawa said the
  Paris currency accord has contributed to the stability of
  exchange rates.
      Miyazawa told a press conference the agreement reached last
  month in Paris by six major industrial nations to cooperate in
  bringing about currency stability has prevented speculative
  concerns from being active in money centres.
      The decision in Paris is being understood by the market, he
  said. The yen-dollar exchange rate has been moving in a narrow
  range since finance ministers of Britain, Canada, France,
  Japan, the U.S. And West Germany reached the accord.
  

"
training/3435	32	money-fx	"AUSTRALIAN RESERVE BANK IN BUYING INTERVENTION
  The Reserve Bank said at 1230 local time
  it was offering to buy short-dated government securities in the
  short-term money market.
      The bank's action followed its purchase of short-dated
  government stock and six-day repurchase agreements earlier in
  the session.
      Money market traders said the move was aimed at easing cash
  market interest rates which had risen on demand for funds to
  meet PAYE tax and treasury note settlement commitments.
  

"
training/3438	42	rubber	"RUBBER LEAF DISEASE SEEN AFFECTING SUPPLY/PRICES
  The leaf disease corenes pora,
  which has affected some rubber trees in Sri Lanka and
  Indonesia, is likely to force a cut in supply and push up
  depressed prices, a Malaysian rubber disease researcher said.
      Trees with leaves hit by the fungus disease cannot be saved
  and must be felled, Chee Kheng Hoy, Head of the Crop Protection
  and Microbiology Division in the Rubber Research Institute of
  Malaysia (RRIM), told Reuters.
      He was commenting on a Reuter report which said corenes
  pora had hit seven pct of Sri Lanka's plantations and may cause
  output to drop below its 1987 target of 143,000 tonnes.
      The report said the Sri Lankan Rubber Research Institute
  may ask estates to remove trees seriously affected by the
  disease and added that most estates affected belong to the
  State Plantations Corp and Janatha Estates Development Board.
      Chee said corenes pora is an old disease which only affects
  certain rubber clones in Sri Lanka and Indonesia and that
  further use of such clones must be discontinued.
      Clones not resistant to the disease are the Rubber Research
  Institute of Sri Lanka clone 103, Indonesia's PPN 2058, 2444,
  2447 and PR 265 and Malaysia's RRIM 725, he said.
      Chee said corenes pora affected trees from the RRIM 725
  clone planted in Malaysia several years ago but had been curbed
  after use of such clones were discontinued.
      Fungicide may be used to curb the disease, which also
  affects leaves of 30 other species of plants, but experience
  has proven that it is uneconomical and expensive, he added.
      ""The disease is extremely difficult to control. If it is not
  curbed in the two affected countries their rubber output may
  drop and prices can rise,"" he said.
      He added that the RRIM was aware of the disease outbreak in
  Sri Lanka and was monitoring the situation.
  

"
training/3440	43	ship	"SEARCH FOR BRITISH FERRY'S TOXIC CARGO CONTINUES
  The search continued for a
  cargo of poisonous chemical substances loaded on the Herald of
  Free Enterprise Ferry which capsized in Zeebrugge harbour
  Friday.
      A total of 72 drums of various toxic materials which were
  loaded on trucks in the ship's hold have been recovered, but
  Belgian authorities warned it was essential to recover a
  further 61 containers of a cyanide-based solution.
      A net has been thrown over the gaping loading doors at the
  front of the ship to prevent any more drums floating out.
      Salvage workers have moved cranes into place alongside the
  wreck of the 7,951 ton roll-on, roll-off ferry which now lies
  partly submerged on a sandbank outside the harbour.
      The ferry's owner is <European Ferries Plc>, majority owned
  by Peninsular and Oriental Steam Navigation Co Plc <PORL.L>.
      The operation to right the vessel began yesterday after
  divers abandoned their search for more bodies. Experts said it
  could take months to refloat the ship and free the 80 bodies
  estimated to be trapped amid debris.
      ""The problem is that in these waters you can normally expect
  one working day out of four,"" said Daan Kaakebeen of Dutch
  Salvage experts Smit Tak International of Rotterdam. He
  estimated the job itself would require 35 working days.
      Using reinforced cables, salvage experts intend to raise
  the ship and set it down into a trench dug alongside.
      Salvage work could pinpoint the exact cause of the loss of
  the ferry, one of three sister vessels plying cross-Channel
  routes from England to continental Europe.
      Suspicion at present is focused on the ferry's main vehicle
  loading doors, set close to water level.
      In London, Transport Secretary John Moore told parliament
  yesterday that the ship keeled over after water gushed in
  through the bow doors. He said a major government inquiry into
  the disaster will be held, all similar ferries sailing from
  Britain will be inspected and owners will be asked to fit
  lights to give warning if bow doors are not properly closed.
      Experts carrying out tank and computer tests to determine
  how the accident occurred will focus attention on the ship's
  doors, its ballast system and crew procedures, he added.
      Two other investigations into the disaster have also begun,
  one Belgian and one by the ferry's owners.
  

"
training/3441	48	trade	"SOVIET ECONOMIST SEES FEW 1987 GAINS IN U.S. TRADE
  There is little chance Soviet exports
  to the United States will rise in 1987, but Moscow's current
  trade reforms should result in more trade in manufactured goods
  in future, a Soviet economist said.
      Sergey Frolov, chief economist at Amtorg Trading Corp, an
  agent for Soviet trade organisations and industries, told a
  U.S.-USSR business meeting the Soviet Union produces few items
  that western nations want.
      But reforms, including upgrading the quality of goods and
  allowing joint ventures with foreign firms, will encourage
  modest export gains in future.
      Frolov said the Soviet Union exported 500 mln dlrs worth of
  goods to the United States in 1986 and imported 1.5 billion
  dlrs worth. He gave no trade forecast for 1987.
      But he said that even if all obstacles were removed, total
  trade between the two countries would remain between two and
  three billion dlrs a year.
      ""The post-detente embargoes have taught the USSR to limit
  its trading with the U.S.,"" he said.
  

"
training/3442	32	money-fx	"CHINA ALLOWS NATIONWIDE FOREIGN EXCHANGE SAVING
  People throughout China can now open
  foreign exchange accounts at the Bank of China, the official
  Shenzhen Economic Zone Daily said.
      Previously only residents of Guangdong and Fujian provinces
  could do this.
      The paper also said the minimum for opening a fixed deposit
  account had been cut to 50 yuan equivalent, from 150 yuan. The
  minimum for a current account is 20 yuan equivalent.
      The paper said depositors could now withdraw all or part of
  their account, subject to a branch's reserves, instead of only
  a fixed amount as previously.
      The paper said deposits may now be opened in French francs
  as well as the already available U.S. Dollar, Hong Kong dollar,
  sterling, yen and marks.
      Bank of China branches in Hainan island also accept
  deposits in Singapore dollars, and those in Wenzhou, Zhejiang
  province, accept deposits in Dutch guilders, the paper said.
      It gave no further details.
  

"
training/3446	48	trade	"ECONOMIC SPOTLIGHT - JAPAN PUSHES ITS CHIPMAKERS
  Japanese microchip makers are being
  strong-armed into compliance with a U.S.-Japan pact on
  semiconductors halting predatory pricing and opening Japan's
  market to foreign chips, industry analysts said.
      But doubts remain over whether the Ministry of
  International Trade and Industry (MITI), which is pressuring
  the firms, can successfully battle market forces and whether
  the U.S. Industry is geared up to take advantage of any
  breathing space, they said.
      U.S. Threats to scrap the agreement signed last September
  have pushed MITI to try harder to get recalcitrant Japanese
  chipmakers to abide by the pact, the analysts said.
      ""MITI has been moving hot and heavy throughout the industry
  to get things done,"" said Bache Securities (Japan) associate
  vice president Peter Wolffe.
      Last month, MITI told chipmakers to cut production for the
  January to March period by 10 pct to help dry up inexpensive
  chips that have escaped from Japan to grey markets not subject
  to the pact's price controls.
      The ministry also asked electronics firms to provide
  distributors with certificates designating them as authorised
  exporters, in an effort to close loopholes through which grey
  marketeers sneak chips out of Japan, market analysts said.
      U.S. Trade negotiators here last week said the pact was in
  jeopardy because of continued dumping in non-American markets
  and little sign of increased foreign sales in Japan.
      But major Japanese firms appear to have agreed to the
  production cuts, several analysts said. Last week, NEC Corp
  said it would cut production in line with MITI's request.
      ""NEC has been the most aggressive in resisting MITI's
  demands,"" said David Keller, analyst at James Capel and Co. ""Once
  NEC cuts production, it means they all have.""
      Still, pressures remain to keep production high. Japanese
  firms need high output to cut unit prices for U.S. Sales that
  the Commerce Department assigns them under the pact.
      ""The best way to lower cost is to produce more,"" said Salomon
  Brothers Asia Ltd analyst Carole Ryavec.
      Preparations for a possible upturn in demand could also
  spur higher production next quarter, Merrill Lynch analyst Matt
  Aizawa said.
      Grey marketeers may also be able to outfox any new
  restrictions, some industry officials said.
      ""It's like tax avoidance schemes,"" said Steve Donovan, head
  of MMI Japan K.K. ""As soon as you close one route, another
  opens.""
      MITI's pressure has annoyed some makers, who had earlier
  shrugged off MITI guidance.
      ""It's getting to be like communism,"" said one.
      But analysts said output cuts could help by making it
  easier to increase prices as planned on April 1 and forcing
  firms to stop extending market share by selling at a loss.
      ""They're going to have to start running their businesses
  like businesses,"" Bache's Wolffe said.
      MITI has also been conducting a highly public campaign
  urging chip users to buy foreign-made chips, but U.S. Industry
  officials said response has been mixed at best.
      ""There has been some change, but it's not across the board,""
  said one U.S. Spokesman. ""The companies have a varying degree of
  urgency.""
      The ultimate impact of all these efforts by MITI on the
  troubled U.S. Industry remains in doubt, analysts added.
      Pressure to cut production of 256 kilobit DRAM (dynamic
  random access memory) chips could merely speed the transition
  to one megabit chips, where Japan now leads, analysts said.
      Whether U.S. Firms are able to stage a comeback in memory
  chips, or interested in doing so, also remains unclear, they
  said.
      Analysts are watching with interest the fate of a new U.S.
  Consortium which hopes to challenge Japan by developing the
  most advanced technology for microchip manufacturing.
      Even in the thorny area of access, much depends on U.S.
  Commitment as well as on Japanese openness, some said.
      ""The SIA (U.S. Semiconductor Industry Association) doesn't
  even have an office here,"" a source close to the industry said.
  ""You could question just how committed they are.""
      In addition, some industry analysts question the
  effectiveness of a bilateral agreement that leaves out third
  country chipmakers such as those in South Korea.
      ""(South) Korea's gaining market share,"" said one analyst.
  ""They're the real winners from the agreement.""
  

"
training/3448	22	interest	"Sumita says little room for Bank of Japan to further ease credit policy

  Sumita says little room for Bank of Japan to further ease credit policy
  

"
training/3449	22	interest	"SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY
  Bank of Japan governor Satoshi Sumita
  said there is little room left for the central bank to further
  ease its credit policy as interest rates levels are now
  approaching their lower limit.
      ""The government should instead seek ways of making the best
  use of its fiscal policy,"" he told a press conference.
      His remarks were concerned with a comprehensive economic
  stimulative package the government plans to adopt in the coming
  days.
      At the recent talks among the six major industrialised
  nations in Paris, Japan promised to work out a comprehensive
  economic package to boost domestic demand, which in turn would
  help increase its imports and reduce its trade surplus.
      Sumita also said the economy will show a gradual upturn in
  the second half of the year if the yen remains stable.
      He said there is caution in the foreign exchange market
  against a further rise of the yen and mark and this explains
  the recent stability in the currency markets. Conflicting
  economic indicators from the U.S. Have also been dampening
  market activity, he added.
  

"
training/345	12	earn	"CARLTON COMMUNICATIONS OPTIMISTIC FOR 1987
  <Carlton Communications Plc> has started
  the current financial year well, with accounts for the first
  four months showing a healthy increase on the same period last
  year, and Chairman M.P. Green told the annual meeting he looked
  forward to 1987 with optimism.
      The issue of 4.6 mln shares in ADR form had now been
  successfully completed, he added.
      Carlton intended to increase its presence in the U.S. Which
  represented 50 pct of the world television market. Conditions
  worldwide in the television industry continued to look buoyant,
  the Chairman noted.
  

"
training/3452	10	crude	"IRANIAN OIL MINISTER IN UAE TALKS
  Iranian Oil Minister Gholamreza
  Aqazadeh is in the United Arab Emirates (UAE) to discuss oil
  prices and the general market situation, Iranian officials
  accompanying him said.
      He will meet UAE President Sheikh Zaid bin Sultan
  al-Nahayan and Oil Minister Mana Said al-Oteiba.
      Aqazadeh arrived last night after a brief stopover in
  Riyadh, where he met Saudi Arabia's Oil Minister Hisham Nazir.
      The official Saudi Press Agency quoted him as saying his
  talks at Riyadh with Nazir had been constructive and good.
      Aqazadeh said Organisation of Petroleum Exporting Countries
  (OPEC) members were agreed on holding production stable and he
  reiterated the importance of maintaining oil prices.
      OPEC members agreed in December to limit production to 15.8
  mln barrels per day for the first half of this year and on a
  benchmark price of 18 dlrs a barrel from February 1.
      Aqazadeh also visted OPEC members Gabon, Algeria and Libya.
  The Iranian news agency, IRNA, quoted him as saying before
  leaving Tripoli that OPEC should do everything possible to make
  oil prices permanently stable.
  

"
training/3455	10	crude	"SAUDI ARABIA'S KING FAHD WANTS STABLE OIL PRICES
  King Fahd said today Saudi Arabia wants
  oil price stability and he called on non-OPEC producers to
  avoid harmful competition with the 13 nation group.
      His plea, in an interview with Reuters and the television
  news agency Visnews, came ahead of a state visit he will make
  to Britain later this month.
      King Fahd was asked whether Saudi Arabia would be prepared
  to reduce its oil output below its OPEC quota of 4.133 mln
  barrels per day (bpd) to defend the 18 dlr benchmark price
  agreed to by OPEC last December.
      The King replied: ""Saudi Arabia doesn't decide prices by
  itself but certainly desires price stability.""
      Non-OPEC countries ""must help us in a framework of common
  interest so that there is no type of competition which could
  prove harmful to everyone,"" he said.
      Asked if he saw the 18 dlr per barrel benchmark as a first
  step towards higher world oil prices, King Fahd said it was not
  for Saudi Arabia but for all OPEC countries to determine such
  issues. Iran and Algeria have already called for a higher
  benchmark.
      In recent weeks the 18 dlr level has come under pressure,
  due partly to quota violations by some OPEC members. King Fahd
  said Saudi Arabia, the world's largest oil exporter, was
  adhering to decisions made at OPEC's December conference which
  set a 15.8 mln bpd output ceiling for the first half of 1987.
      A major non-OPEC producer, Britain has so far resisted the
  group's pleas to curb its North Sea oil output.
      The King also urged the world community to help the
  Palestinians return to their homeland and called for a peaceful
  end to the Iran-Iraq war. The 6-1/2-year-old war could not be
  resolved on the battlefield, he said.
  

"
training/3456	12	earn	"HILLSDOWN HOLDINGS PLC <HLDN.L> 1986 YEAR
  Shr 16.3p vs 12.2p
      Div 2.75p vs 2.25p making 3.8p vs 3.15p adjusted for
      Three-for-one capitalisation
      Pre-tax profit 54.9 mln stg vs 33.4 mln
      Turnover 1.70 billion vs 1.13 billion
      Tax 7.6 mln vs 2.6 mlnProfit attributable 51.9 mln vs 30.1   
   Mln
      Cost of Sales 1.49 billion vs 999.3 mln
      Gross profit 215.9 mln vs 136.2 mln
      Distribution costs 90.3 mln vs 57.2 mln
      Adminstrative expenses 65.9 mln vs 40.8 mln
      Other operating income 3.9 mln vs nil
      Interest payable 8.7 mln vs 4.8 mln
      Minority interests 1.0 mln vs 0.7 mln
      Extraordinary credit (sale of share in S and W Berisford
  Plc) 5.6 mln vs nil
      Operating profit includes -
      Poultry, eggs and animal feed 21.7 mln vs 17.2 mln
      Food processing and distribution 15.4 mln vs 6.9 mln
      Furniture and timber distribution 8.4 mln vs 3.4 mln
      Fresh meat and bacon 8.0 mln vs 4.5 mln
  

"
training/3459	0	acq	"KAUFHOF CONSIDERING TAKING STAKE IN HAPAG-LLOYD
  West German retail group Kaufhof AG
  <KFHG.F> is considering taking a stake in shipping and
  transport group Hapag-Lloyd AG <HPLG.F> but has yet to reach a
  final decision, a spokesman said in response to queries.
      Press reports said Kaufhof wanted a stake of up to 12.5 pct
  in Hapag-Lloyd.
      The Kaufhof spokesman noted any decision on purchasing
  shares in the shipping group would have to be approved by the
  supervisory board, which is due to hold a meeting tomorrow.
      Late last year the Gevaert group of Belgium and West
  Germany's VEBA AG <VEBG.F> said they had each acquired a 12.5
  pct stake in Hapag-Lloyd from Deutsche Bank AG <DBKG.F> and
  Dresdner Bank AG <DRSD.F>.
       Industry sources estimate Deutsche and Dresdner,
  Hapag-Lloyd's majority shareholders, held about 75 pct of
  Hapag-Lloyd's share capital before selling portions of it to
  Gevaert and VEBA.
      The two banks have said they eventually wanted to reduce
  their stake in the shipping group to 15 pct each.
  

"
training/346	44	strategic-metal	"EC OPENS ANTI-DUMPING ENQUIRY INTO SOVIET MERCURY
  The European Community Commission said
  it has opened an enquiry into allegations that the Soviet Union
  is dumping mercury on the European market at below-cost prices.
      The Commission said its decision follows a complaint from
  EC non-ferrous metals producers that the sales of Soviet
  mercury were harming their business and threatening jobs in the
  European industry.
      According to the complaint, Soviet mercury sales in the EC
  had risen from zero in recent years to 100 tonnes between
  August and October last year and threaten to capture 25 pct of
  the EC market if they continue at the same pace.
      The industry said the mercury was being sold at more than
  40 pct below prices charged by EC producers, forcing them to
  cut their prices to levels that no longer covered costs. The
  imports had caused producers heavy financial losses, it said.
      The Commission said the industry would probably be unable
  to hold prices at current levels and that any increase would
  result in loss of sales and jobs.
      The so-called anti-dumping procedure opened by the
  Commission will allow all interested parties to state their
  cases to the authority.
  

"
training/3460	44	strategic-metal	"JAPAN AND THAILAND TO JOINTLY EXTRACT RARE METALS
  Japan's Agency of Natural Resources and
  Energy said it will begin experiments with Thailand at the end
  of March to start commercial production of rare metals in 1989
  under a joint project.
      An agency official said it will set up a 500 mln yen pilot
  plant in Bangkok which will extract high quality rare metals
  such as titanium and niobium from sand left over from tin
  production processes in Thailand.
      The plant wilq use about a tonne of sand per day, although
  it is unclear how much rare metal will be extracted, the
  official said.
  

"
training/3461	32	money-fx	"HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS
  Hungary is to devalue the forint by an
  average of eight pct against Western currencies, the official
  news agency MTI said.
      MTI did not say when the devaluation would become
  effective, but it expected new rates to be announced later
  today.
      Hungary devalued the forint by a similar amount last
  September 23. Western bankers say the forint is more
  realistically valued than currencies of Hungary's COMECON
  allies.
  

"
training/3463	12	earn	"HILLSDOWN SAYS EARLY 1987 RESULTS ENCOURAGING
  Hillsdown Holdings Plc <HLDN.L> said
  early results for 1987 were encouraging, and the combination of
  its investment and acquisition strategies enabled it to look
  forward confidently for an excellent result for the year.
      The company was commenting on 1986 results which showed
  pre-tax profit rising to 54.9 mln stg from 33.4 mln previously
  on turnover that lifted to 1.70 billion from 1.13 billion.
      The figures initially boosted the share price to 286p from
  281p last night, but they then eased back to 283p by 0830 GMT.
      Hillsdown said capital expenditure rose in 1986 to 60 mln
  stg from 31.5 mln and would continue at this high level in
  1987.
      The placing of 82.5 mln shares last year raised 160.7 mln
  stg and enabled shareholders' funds to more than double to 352
  mln at year-end.
      Net borrowings were 20 pct of shareholder's funds and the
  group had listed investments of 47.1 mln.
      The company said it had bought a total of 40 companies
  during the year for a total price of some 180 mln stg. Although
  these had made minor contribution to profits the real benefits
  would come in 1988 and beyond.
  

"
training/3466	12	earn	"NIPPON OIL SEES SHARPLY LOWER SALES AND PROFITS
  Nippon Oil Co Ltd <NPOL.T> predicted
  parent company net profit of about nine billion yen in the year
  ending March 31, down 10.4 pct from a year earlier, president
  Yasuoki Takeuchi told a press conference.
      Current profit for the year was estimated at 17 to 18
  billion yen, down 20 to 24 pct from a year earlier, he said.
      Takeuchi said sales are expected to fall 40 pct to 1,700
  billion yen for the fifth consecutive year-on-year drop. This
  year's fall was due to lower selling prices for end-users,
  which more than offset the yen's appreciation. The company will
  retain six yen dividend for 1986/87.
  

"
training/3468	12	earn	"BEJAM GROUP PLC <BJAM.L> 27 WEEKS TO JANUARY 3
  Shr 5.95p vs 4.41p
      Div 2.25p vs 2.0p
      Pre-tax profit 11.6 mln vs 9.1 mln
      Tax 4.2 mln vs 3.6 mln
      Turnover 256.3 mln vs 185.3 mln
      Note - company said it was unlikely second-half profits
  will show same rate of increase as first. But it had great
  confidence in prospects for future growth.
  

"
training/3469	24	iron-steel	"NIPPON STEEL, INLAND DISCUSSING U.S. JOINT VENTURE
  Nippon Steel Corp <NSTC.T> and <Inland
  Steel Co> of the U.S. Are negotiating to set up a joint steel
  venture in Indiana, a Nippon Steel spokesman said, declining to
  give more details.
      Several local newspapers reported the joint venture would
  be capitalised at 150 mln dlrs, owned 60 pct by Inland and 40
  pct by Nippon Steel, and have annual production capacity of one
  mln tonnes of steel to supply car makers.
  

"
training/3472	26	jobs	"JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88
  The yen's rise against the dollar is
  expected to boost Japan's unemployment rate to an average 3.3
  pct in the 1987/88 fiscal year beginning April 1 from January's
  record three pct, the private Nomura Research Institute said.
      The official 1987/88 estimate is 2.9 pct.
      The research arm of Nomura Securities Co forecast
  unemployment would exceed two mln by mid-fiscal 1987, against
  an estimated 1.75 mln for the current year.
      Nomura urged the government to take pump-priming measures
  to help redress trade imbalances and boost employment.
      Employment in manufacturing during fiscal 1987/88 was
  predicted to fall 550,000 from the current year due to higher
  job losses in the steel, shipbuilding and heavy electrical
  machinery sectors, Nomura said.
      Employment in the non-manufacturing sector will continue to
  increase, the institute said, without giving figures.
  

"
training/3473	43	ship	"WORK AT CHITTAGONG PORT HALTED BY STRIKE
  Cargo handling remains
  halted at Bangladesh's Chittagong port since nearly 7,000
  workers walked out on Monday following a pay dispute, the Port
  Workers Association said today.
      Fourteen ships are stranded at the port.
      Port officials said they would meet Association leaders
  today to try to resolve the dispute.
  

"
training/3474	12	earn	"CREDITANSTALT-BANKVEREIN <CABV.V> YEAR 1986
  Cons banking gp net profit 496.7 mln schillings vs 354.5
  mln
      Cons banking gp balance sheet total at year-end 453.4
      Billion schillings vs 425.4 billion
      Parent bank net profit 370.6 mln vs 253.0 mln
      Parent bank balance sheet total 372.5 billion vs 348.2
      Billion
      Parent bank dividend 12 pct vs 10 pct
      Parent bank div payout 363.0 mln schillings vs 247.5 mln
  

"
training/3476	12	earn	" Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit

   Ultramar 1986 net loss 62.1 mln stg vs 71.6 mln profit
  

"
training/3477	0	acq	"TESCO ASSOCIATE BUYS 4.2 PCT OF HILLARDS
  Tesco Plc <TSCO.L> said that <County
  Ltd> had yesterday bought on its behalf 2.06 mln shares, or
  around 4.2 pct, in <Hillards Plc> for between 302p and 310p a
  share.
      Tesco yesterday launched a 151.4 mln stg bid for the north
  of England supermarket chain, which Hillards promptly rejected.
      Hillards shares were last quoted at 324p, compared with
  last night's close of 313p.
  

"
training/3480	12	earn	"ULTRAMAR PLC <UMAR.L> 1986 YEAR
  Shr 8.1p loss vs 26.3p earnings
      Div 3.25p making 5.25p vs 10.5p
      Net loss 62.1 mln stg vs 71.6 mln profit
      Operating profit before tax 73.6 mln vs 273.8 mln
      Turnover 1.47 billion vs 1.74 billion
      Cost of sales 1.22 billion vs 1.39 billion
      Gross profit 241.8 mln vs 357.6 mln
      Distribution costs and administrative expenses 152.2 mln vs
      123.1 mln
      Share of profits in associates 17.1 mln vs 68.2 mln
      Other operating income 15.8 mln vs 16.9 mln
      Financing charges 48.9 mln vs 45.8 mln
      Tax 63.9 mln vs 169.7 mln
      Exceptional items 4.9 mln debit vs 5.5 mln debit
      Net results of discontinued operations 15.6 mln debit vs
      20.9 mln debit
      Loss on ordinary activities before minority interest 10.8
      Mln vs 77.7 mln profit
      Minority interest 11.3 mln vs 6.1 mln
      Extraordinary debits 40.0 mln vs nil
  

"
training/3481	12	earn	"GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln

  GKN 1986 pretax profit 132.4 mln stg vs 132.7 mln
  

"
training/3482	32	money-fx	"U.K. MONEY MARKET SHORTAGE FORECAST AT 300 MLN STG
  The Bank of England said it forecast a
  liquidity shortage of around 300 mln stg in the market today.
      Among the main factors, the Bank said bills maturing in
  official hands and the treasury bill take-up would drain 483
  mln stg from the system while below target bankers' balances
  and a rise in the note circulation would take out 50 mln and
  100 mln stg respectively.
      Partially offsetting these, exchequer transactions would
  add around 355 mln stg, the Bank added.
  

"
training/3483	32	money-fx	"BELGIAN CENTRAL BANK BUYS CURRENCY TO REPAY DEBT
  The Belgian National Bank bought
  foreign currencies against francs on the open market in the
  week ended March 9, a Bank spokesman said.
      In line with central bank policy he declined to give any
  details of the amount bought.
      The foreign currency purchased was used by the Treasury to
  repay foreign debt and did not affect the Bank's foreign
  exchange reserves. They slipped 394 mln francs to 37.33
  billion, mostly due to sales of dollars for Special Drawing
  Rights, the spokesman said.
  

"
training/3486	12	earn	"GKN PLC <GKNL.L> 1986 YEAR
  Shr 28.5p vs 26.6p.
      Final div 8p, making 13p vs 12p.
      Pre-tax profit 132.4 mln stg vs 132.7 mln.
      Net profit befire minorities  81.0 mln vs 74.4 mln.
      Sales 2.06 billion stg vs 2.20 billion.
      Extraordinary debit 36.5 mln vs 20.4 mln.
      Trading surplus after depreciation 145.7 mln stg vs 158.1
      Mln
      Investment and interest income 5.4 mln vs 3.8 mln
      Interest payable 42.5 mln vs 43.9 mln
      Profits from related companies, less losses, 23.8 mln vs
      14.7 mln
      Tax 51.4 mln vs 58.3 mln
      Profit attributable to outside shareholders' interests 12.6
      Mln vs 11.2 mln
      Note - Extraordinary debit included charge for
  restructuring auto parts distribution in France and loss of 10
  mln stg on sale of steel stock business.
      Trading surplus comprised -
      Automotive components and products 101 mln stg vs 105 mln
      Industrial services and supplies 30 mln vs 21 mln
      Wholesale and industrial distribution 11 mln vs 22 mln
      Steels and forgings four mln vs 10 mln
      By region, Britain contributed 34 mln stg vs 47 mln
      Continental Europe 77 mln vs 56 mln
      U.S.A. 28 mln vs 51 mln
      Rest of world seven mln vs four mln
  

"
training/3488	2	bop	"ECONOMIC SPOTLIGHT - CHINA'S FOREIGN DEBT UP
  China's foreign debt reached 27 billion
  dlrs by the end of 1986, but despite an over-exposure to
  short-term credits and yen borrowing, China remains very
  creditworthy with an improved 1987 export outlook, foreign
  bankers and Chinese officials told Reuters.
      Foreign bankers said China's total debt rose sharply from
  an estimated 20 billion dlrs at end-1985 to cover increased
  import commitments but the debt/equity ratio remains low,
  between eight and 10 pct.
      China remains a cautious and popular borrower, they said.
      Zhang Haoruo, vice minister of Foreign Economic Relations
  and Trade, said last Friday that China signed foreign loan
  agreements for 6.94 billion dlrs last year, 96.6 pct up on
  1985, with actual loans amounting to 4.83 billion, up 93 pct.
      Officials said China would borrow 25 to 30 billion dlrs in
  the 1986-90 five year plan period, but foreign bankers said
  they estimate foreign loans at 30 to 40 billion.
      A Western banker said China's portfolio contains too much
  short-term debt and too much of it is denominated in yen as a
  result of aggressive lending by Japanese banks and attractive
  low interest rates in the Japanese market.
      The strong yen appreciation has cost China dearly and is
  likely to make it reduce new yen borrowings, the banker said.
      A Chinese trade official estimated the yen component of the
  country's total debt at about 30 pct.
      The Peking representative of a Japanese securities house
  said the rapid yen rise had caught China and his firm unawares.
      ""Interest rates in Japan are at a historical low, but China,
  which will remain an active borrower this year, is likely to go
  elsewhere for capital, to get a better currency spread,"" he
  said.
      The Western banker said the excess of short-term loans is
  in part a result of China's inexperience in the foreign capital
  markets, which it entered only in the early 1980s.
      ""Officials do not think of China but of their own department
  or firm. Some loans that were entered into did not have the
  full backing of the People's Republic of China,"" he said.
      ""The dilemma for China, in foreign borrowing as in other
  areas, is to balance central control with giving reasonable
  autonomy to firms. It is searching for the mechanisms to
  exercise indirect controls,"" he said.
      The banker said officials have stressed repeatedly over the
  past six weeks that China's foreign borrowing will not be
  affected by a drive against ""bourgeois liberalism,"" a phrase
  meaning Western political ideas, following the dismissal of
  Communist Party chief Hu Yaobang on January 16.
      A U.S. Banker said there is no evidence that China's
  foreign exchange reserves have fallen below the officially
  stated figure of 10 billion dlrs.
      ""The Bank of China is both a buyer and a seller in the
  market, which would know quickly if it was buying heavily in
  advance of an announcement the reserves were down,"" he said.
      The banker said such buying has not been going on. ""Things
  are normal. Trade deficits such as China had last year and in
  1985 are normal for a country at its stage of development.""
      Customs figures show China had a trade deficit of 11.9
  billion dlrs in 1986, down from 14 billion in 1985.
      A Ministry of Foreign Economic Relations and Trade official
  said this year's outlook for exports, which account for more
  than 75 pct of foreign exchange earnings, is much healthier
  than a year ago.
      The renminbi has matched the U.S. Dollar fall, he said. It
  was quoted at 3.72 today, little changed from 3.7 a year ago.
      The official said China has taken measures to improve its
  export performance, including incentive offers to exporters and
  the establishment of export production bases.
      ""We expect higher prices for our oil exports this year,"" he
  added.
      Official estimates put China's 1986 export losses from the
  drop in world oil prices at three billion dlrs.
      A Western diplomat said China's foreign debt needs careful
  management but its debt service ratio remains very low at six
  to eight pct.
      ""We base our assessment not on China's foreign exchange
  reserves but on its export performance, just as you assess a
  company on its performance, not its bank account,"" he said.
      He said China performed very well in the export field last
  year and remains a very creditworthy country which will have
  few difficulties in increasing its borrowing.
  

"
training/349	10	crude	"GULF ARAB DEPUTY OIL MINISTERS TO MEET IN BAHRAIN
  Deputy oil ministers from six Gulf
  Arab states will meet in Bahrain today to discuss coordination
  of crude oil marketing, the official Emirates news agency WAM
  reported.
      WAM said the officials would be discussing implementation
  of last Sunday's agreement in Doha by Gulf Cooperation Council
  (GCC) oil ministers to help each other market their crude oil.
      Four of the GCC states - Saudi Arabia, the United Arab
  Emirates (UAE), Kuwait and Qatar - are members of the
  Organiaation of Petroleum Exporting Countries (OPEC) and some
  face stiff buyer resistance to official OPEC prices.
  

"
training/3490	12	earn	"ULTRAMAR SAYS FOURTH QUARTER SHOWED IMPROVEMENTS
  Ultramar Plc <UMAR.L> said that while
  its fourth 1986 quarter had improved from the operational point
  of view, several special charges adversely affected results.
      Overall the year had not been a good one, with upstream
  operations dramatically hit by the fall in crude oil prices and
  downstream operations also affected in the first half by large
  losses on inventories.
      But margins improved in the second half and in particular
  refining and marketing in Eastern Canada showed a good
  recovery.
      The company was commenting on results that showed a net
  loss for the year of 62.1 mln stg after a 71.6 mln profit in
  1985.
      The fourth quarter charges included a 20.8 mln stg
  provision on a retroactive price agreement recently initialled
  by Pertamina and Japanese buyers of the company's liquid
  natural gas and 4.7 mln for the early months of its ownership
  of Gulf Canada's marketing assets.
      Ultramar said it had also included the estimated cost of a
  further reorganisation programme, which was partly offset by a
  withdrawal of surplus funds from U.S. Pension schemes, and a
  13.5 mln stg provision for the estimated cost of selling its
  U.S. Flag shipping operation.
      The immediate outlook for crude oil prices was uncertain
  although it was unlikely there would be any sizeable increase
  in the near term. However, Ultramar said it was optimistic
  prices would strengthen over the longer term.
      Its substantial reserves of crude oil and natural gas put
  it in a good position to benefit from any price recovery.
      In the meantime, Ultramar's objectives were to improve
  profitability by selling or restructuring weak operations while
  strengthening core businesses and developing a sound
  operational and financial base.
      Proven, probable and possible reserves at end-1986 totalled
  about 700 mln barrels net on an oil-equivalent basis.
      Ultramar shares firmed on the announcement to 187p from
  181p at last night's close.
  

"
training/3491	0	acq	"QUEENSLAND PRESS BOARD RECOMMENDS MURDOCH OFFER
  The <Queensland Press Ltd> (QPL) board
  said it unanimously recommended the one billion dlr takeover
  bid by <Cruden Investments Pty Ltd>, a family company of News
  Corp Ltd <NCPA.S> chief executive Rupert Murdoch.
      The 23 dlrs a share cash-only offer is nearly double the
  market price before News announced its now-completed bid for
  The Herald and Weekly Times Ltd <HWTA.S> in early December and
  no other offer is likely, it said in a statement.
      Independent adviser, <Wardley Australia Ltd>, had also
  concluded the offer was fair and reasonable, it added.
      QPL is already owned 48.3 pct by HWT.
  

"
training/3492	45	sugar	"EC COMMISSION DECLINES COMMENT ON SUGAR OFFER
  The European Community (EC) Commission
  declined to give an official reaction to reports that a group
  of european operators plan to offer one mln tonnes of sugar
  into intervention in protest at Commission export policies.
      However, a spokesman for the Commission confirmed the
  offers had been made to intervention agencies in various member
  states, and said it would now take up to three weeks for the
  agencies concerned to complete all necessary documentation.
      The spokesman said that under current regulations, the EC
  would have to accept all the offers if there were no technical
  problems.
      The spokesman said the Commission would only have to
  reimburse the member state for the cost of buying-in the sugar
  after the product was sold out of intervention stores at a
  later date.
      He said that at present there was virtually no sugar held
  in intervention stores.
      Last year, 45,000 tonnes were sold into intervention and
  during the 1984-85 campaign 108,000 tonnes.
  

"
training/3504	22	interest	" Belgium cuts discount rate to 8.0 pct from 8.50 - official

   Belgium cuts discount rate to 8.0 pct from 8.50 - official
  

"
training/3505	12	earn	"PREUSSAG SAYS PAYMENT OF A 1986 DIVIDEND NOT CERTAIN
  A spokesman for Preussag
  AG <PRSG.F> said it was not yet certain whether the company
  would pay a dividend on 1986 results
      He was commenting on a Preussag statement which said
  results in 1986 were lower than in 1985. Preussag has
  frequently said its results came under further pressure in 1986
  following a difficult year in 1985.
      Managing board chairman Guenther Sassmannshausen said in
  December the board would prefer to stick to its policy of not
  dipping into reserves to pay dividends. The spokesman noted the
  final dividend decision rests with the supervisory board.
      The Preussag statement said results fell in 1986 compared
  with 1985 because declines in earnings in metals, oil and
  shipping were not entirely compensated by positive trends in
  the group's other divisions.
      The spokesman said it was not clear whether the domestic
  group would show a net profit in 1986, adding this would depend
  partly on the level of provisions.
      Preussag cut its 1985 dividend to eight marks from nine
  marks on 1984 results after parent company net profit dropped
  to 65.0 mln marks from 103.0 mln the year before.
      The Preussag world group made a net loss of 13.1 mln marks
  in 1985 after a net profit of 154.5 mln the year before.
  Domestic group net profit fell to 77.9 mln from 122.2 mln.
      The statement said its results in 1986 were affected by
  unsatisfactory selling prices for metals and oil as well as by
  poor use of capacity in the supply ship sector.
      The reduction in natural gas prices in the fourth quarter
  of 1986 to reflect earlier falls in oil prices was an
  additional factor behind the drop in results.
      Preussag said rationalization measures already introduced
  would not begin to take full effect until this year.
      Preussag's domestic group turnover rose to 4.48 billion
  marks in 1986 from 4.29 billion in 1985, helped by the first
  time consolidation of 951.8 mln marks of turnover from its
  majority-owned oil and gas subsidiary C. Deilmann AG.
      Domestic group turnover in the 1986 fourth quarter alone
  was 1.1 billion marks, it said without giving comparison
  figures.
      Preussag said its domestic crude oil production fell 4.0
  pct to 94,400 tonnes in 1986, while foreign oil production rose
  to 182,900 tonnes from 174,500 tonnes.
      Preussag said its Amalgamated Metal Corporation Plc (AMC)
  subsidiary, whose results are included in the world group
  accounts, made an unspecified profit in the fourth quarter of
  last year.
      AMC's large losses in 1985, caused principally by the
  international tin crisis, were the reason behind the world
  group losses that year.
  

"
training/3507	10	crude	"OIL FIRMS CUT 1987 INDONESIAN EXPLORATION SPENDING
  Foreign oil companies will spend less
  on exploration in Indonesia this year than last, budgeting 2.7
  billion dlrs for calendar 1987 against 1986 spending of 2.8
  billion dlrs, the state oil company Pertamina said.
      Actual spending last year fell short of the budgeted figure
  of 3.2 billion dlrs, as oil companies slashed expenditure
  because of the crash in world oil prices.
      Jumardi Jukardi, head of Pertamina's coordinating board for
  foreign contractors, said foreign companies will drill 110
  exploration wells and 431 development wells this year, against
  108 and 330 last year.
  

"
training/3509	10	crude	"INDONESIA OIL CONTRACT NEGOTIATIONS END THIS MONTH
  Negotiations between Indonesia's state
  oil company Pertamina and foreign oil contractors on extension
  of the standard 30-year production sharing contract will be
  concluded by the end of this month, a Pertamina official said.
      Jumardi Jukardi, head of Pertamina's foreign contractors
  coordinating board, gave no details about the outcome of the
  talks.
      But Pertamina President Abdul Rachman Ramly has said
  priority will be given to extending contracts for companies
  whose exploration and production contracts expire within the
  next seven to 10 years.
      Jukardi, speaking to Indonesian reporters, said the
  negotiations would determine whether the 85-15 production
  sharing split in favour of Pertamina would be adhered to or
  altered in some cases as oil companies are asking for.
      Hardjoko Seputro, spokesman for the Mines and Energy
  Ministry, has said that President Suharto has agreed in
  principle to extension of the standard 30-year production
  sharing contract to reflect better current depressed conditions
  on the international oil market.
  

"
training/3511	45	sugar	"TRADE SAYS EC SUGAR TENDER HARD TO FORECAST
  Traders here and in Paris said the
  results of today's EC white sugar tender are hard to forecast
  because of plans by a group of French, West German, Dutch and
  Belgian operators to sell one mln tonnes of sugar into
  intervention.
      London traders said bids for licences have been reported
  between 43.00 and 44.00 Ecus per 100 kilos and if any licences
  are granted they are likely to be towards the lower end of that
  range, possibly 43.30/43.50 Ecus.
      Traders in Paris said they expect maximum rebates of
  between 43 and 43.50 Ecus.
      Other than the Commission releasing no sugar for export,
  the likely tonnage is expected to be very small, the London
  traders said, while the French sources declined to estimate
  volume in view of the psychological impact of the planned sales
  into intervention in protest against EC export policies.
      Last week licences for 60,500 tonnes were awarded at a
  maximum rebate of 43.147 Ecus.
  

"
training/3514	32	money-fx	"GERMAN CALL MONEY EASES AFTER LIQUIDITY INJECTION
  Call money eased to 3.75/80 pct from
  3.80/85 yesterday following a net injection of 6.7 billion
  marks at a rate of 3.80 pct in fresh funds from this week's
  securities repurchase agreement, dealers said.
      But rates were expected to rise toward the end of the week.
      A major tax payment period by banks on behalf of customers,
  payments for the federal railways loan stock and repayments of
  mark liabilities incurred by foreign central banks with the
  Bundesbank in the framework of the European Monetary System
  (EMS) are likely to significantly burden the system. Banks
  built up minimum reserves today, ahead of the expected outflow.
      The Bundesbank credited banks with a gross 15.2 billion
  marks, but some 8.5 billion left the system at the same time as
  an earlier securities repurchase pact matured.
      Dealers estimated the EMS related outflow as high as six
  billion marks.
      The Bundesbank declined to comment, but a spokesman said
  yesterday although the funds now due may be allowed to roll
  over, the possibility that other central banks may choose to
  redeem them meant a net infusion was needed.
      Dealers forecast tax payments of 25 and 30 billion marks,
  but much of it is expected to burden the system only next week.
      Banks' minimum reserve holdings at the Bundesbank totalled
  53.6 billion marks on Monday, averaging 54.0 billion over the
  first nine days of March.
      Dealers said although the figure was well above an expected
  requirement of around 51 billion marks, the expected outflow of
  funds was so large that banks might find it difficult to meet
  the requirement toward the end of March.
      No securities repurchase agreement is expiring next week,
  but dealers said the Bundesbank could offer fresh liquidity if
  conditions significantly tighten. ""The Bundesbank wants to keep
  rates around 3.80 pct,"" one dealer said.
  

"
training/3517	12	earn	"BTR PLC <BTRX.L> 1986 YEAR
  Shr 21.2p vs 16.0p
      Div 4.75p making 8.25p vs 5.83p
      Pretax profit 505 mln stg vs 362 mln
      Turnover 4.02 billion vs 3.88 billion
      Tax 128 mln vs 85 mln
      Operating profit 527 mln vs 421 mln
      Operating profit includes -
      Other income 30 mln vs 41 mln
      Financial costs 52 mln vs 100 mln
      Minorities 25 mln vs 16 mln
      Earnings 352 mln vs 261 mln
      Extraordinary credit 78 mln vs 34 mln debit.
  

"
training/352	10	crude	"SAUDI ARABIA REITERATES COMMITMENT TO OPEC ACCORD
  Saudi Arabian Oil Minister Hisham Nazer
  reiterated the kingdom's commitment to last December's OPEC
  accord to boost world oil prices and stabilize the market, the
  official Saudi Press Agency SPA said.
      Asked by the agency about the recent fall in free market
  oil prices, Nazer said Saudi Arabia ""is fully adhering by the
  ... accord and it will never sell its oil at prices below the
  pronounced prices under any circumstance.""
      Saudi Arabia was a main architect of December pact under
  which OPEC agreed to cut its total oil output ceiling by 7.25
  pct and return to fixed prices of around 18 dollars a barrel.
  

"
training/3520	26	jobs	"JAPAN'S JOBLESS SEEN RISING TO 3.3 PCT IN 1987/88
  The yen's rise against the dollar is
  expected to boost Japan's unemployment rate to an average 3.3
  pct in the 1987/88 fiscal year beginning April 1 from January's
  record three pct, the private Nomura Research Institute said.
      The official 1987/88 estimate is 2.9 pct.
      The research arm of Nomura Securities Co forecast
  unemployment would exceed two mln by mid-fiscal 1987, against
  an estimated 1.75 mln for the current year.
      Nomura urged the government to take pump-priming measures
  to help redress trade imbalances and boost employment.
      Employment in manufacturing during fiscal 1987/88 was
  predicted to fall 550,000 from the current year due to higher
  job losses in the steel, shipbuilding and heavy electrical
  machinery sectors, Nomura said.
      Employment in the non-manufacturing sector will continue to
  increase, the institute said, without giving figures.
  

"
training/3526	32	money-fx	"HUNGARY TO DEVALUE FORINT AGAINST WESTERN UNITS
  Hungary is to devalue the forint by an
  average of eight pct against Western currencies, the official
  news agency MTI said.
      MTI did not say when the devaluation would become
  effective, but it expected new rates to be announced later
  today.
      Hungary devalued the forint by a similar amount last
  September 23. Western bankers say the forint is more
  realistically valued than currencies of Hungary's COMECON
  allies.
  

"
training/3528	22	interest	"SUMITA SAYS LITTLE ROOM FOR BANK TO EASE POLICY
  Bank of Japan governor Satoshi Sumita
  said there is little room left for the central bank to further
  ease its credit policy as interest rates levels are now
  approaching their lower limit.
      ""The government should instead seek ways of making the best
  use of its fiscal policy,"" he told a press conference.
      His remarks were concerned with a comprehensive economic
  stimulative package the government plans to adopt in the coming
  days.
      At the recent talks among the six major industrialised
  nations in Paris, Japan promised to work out a comprehensive
  economic package to boost domestic demand, which in turn would
  help increase its imports and reduce its trade surplus.
      Sumita also said the economy will show a gradual upturn in
  the second half of the year if the yen remains stable.
      He said there is caution in the foreign exchange market
  against a further rise of the yen and mark and this explains
  the recent stability in the currency markets. Conflicting
  economic indicators from the U.S. Have also been dampening
  market activity, he added.
  

"
training/353	10	crude	"KUWAIT MINISTER SAYS NO EMERGENCY OPEC TALKS SET
  Kuwait's oil minister said in a newspaper
  interview that there were no plans for an emergency OPEC
  meeting after the recent weakness in world oil prices.
      Sheikh Ali al-Khalifa al-Sabah was quoted by the local
  daily al-Qabas as saying that ""none of the OPEC members has
  asked for such a meeting.""
      He also denied that Kuwait was pumping above its OPEC quota
  of 948,000 barrels of crude daily (bpd).
      Crude oil prices fell sharply last week as international
  oil traders and analysts estimated the 13-nation OPEC was
  pumping up to one million bpd over its self-imposed limits.
  

"
training/3531	28	lei	"AUSTRALIA LEADING INDEX CONTINUES RISE IN DECEMBER
  Westpac Banking Corp and the
  Melbourne University Institute of Applied Economic and Social
  Research said their leading index of Australian economic
  activity rose for the ninth successive month in December.
      The index rose to 134.1 (base 1980) from 129.8 in November
  and 122.8 a year earlier, the Westpac-Institute report said.
      Annualised, it rose 13 pct in December against seven pct in
  November and one pct a year earlier, based on the ratio of the
  latest index to the average over the previous 12 months.
      The report said the index is now 12 points or 9.8 pct above
  its trough in March 1986.
      Westpac's chief economist Bob Graham said the consistent
  upward trend in the leading index emphasised the need for a
  tough mini-budget in May. ""An untoward increase in consumption
  spending before the balance of payments improves would have
  disastrous consequences,"" he said.
      The coincident index also rose an annualised three pct in
  December against zero movement in November and a seven pct rise
  a year earlier, Westpac and the Institute said.
      They said this index continued to show the current
  recession is shallow and is more likely to involve a slowing in
  real growth than an absolute fall in economic activity.
  

"
training/3533	32	money-fx	"BANK OF ENGLAND DOES NOT INTERVENE IN MONEY MARKET
  The Bank of England said it did not
  operate in the money market during the morning.
      Initially, the bank forecast a liqudity shortage of some
  300 mln stg for the market today.
      Overnight interbank sterling traded at the 11-1/4 1/8 pct
  level for most of the morning while period rates have eased on
  the strength of sterling, dealers said. At 1200 gmt, sterling's
  trade-weighted index was up 0.6 at 72.7.
  

"
training/3534	22	interest	"U.S. URGES BANKS TO WEIGH PHILIPPINE DEBT PLAN
  The U.S. is urging reluctant
  commercial banks to seriously consider accepting a novel
  Philippine proposal for paying its interest bill and believes
  the innovation is fully consistent with its Third World debt
  strategy, a Reagan administration official said.
      The official's comments also suggest that debtors' pleas
  for interest rate concessions should be treated much more
  seriously by the commercial banks, in cases where developing
  nations are carrying out genuine economic reforms.
      In addition, he signaled that the banks might want to
  reconsider the idea of a ""megabank,"" where Third World debt would
  be pooled, and suggested the administration would support such
  a plan, even though it was not formally proposing it. At the
  same time, however, the official expressed reservations that
  such a scheme would ever get off the ground.
      The Philippine proposal, together with Argentine
  suggestions that ""exit bonds"" be issued to end the troublesome
  role of small banks in the debt strategy, would help to
  underpin the flagging role of private banks within the plan,
  the official said in an interview with Reuters.
      ""All of these things would fit within the definition of our
  initiative as we have asked it and we think any novel and
  unique approach such as those should be considered,"" said the
  official, who asked not to be named.
      In October 1985, Washington outlined a debt crisis strategy
  under which commercial banks and multilateral institutions such
  as the World Bank and the International Monetary Fund (IMF)
  were urged to step up lending to major debtors nations.
      In return, America called on the debtor countries to enact
  economic reforms promoting inflation-free economic growth.
      ""The multilaterals have been performing well, the debtors
  have been performing well,"" said the official. But he admitted
  that the largest Third World debtor, Brazil, was clearly an
  exception.
      The official, who played a key role in developing the U.S.
  Debt strategy and is an administration economic policymaker,
  also said these new ideas would help commercial banks improve
  their role in resolving the Third World debt crisis.
      ""We called at the very beginning for the bank syndications
  to find procedures or processes whereby they could operate more
  effectively,"" the official said.
      Among those ideas, the official said, were suggestions that
  commercial banks create a ""megabank"" which could swap Third World
  debt paper for so-called ""exit bonds"" for banks like regional
  American or European institutions.
      Such bonds in theory would rid these banks of the need to
  lend money to their former debtors every time a new money
  package was assembled, and has been suggested by Argentina in
  its current negotiations for a new loan of 2.15 billion dlrs.
      He emphasised that the ""megabank"" was not an administration
  plan but ""something some people have suggested.""
      Other U.S. Officials said Japanese commercial banks are
  examining the creation of a consortium bank to assume Third
  World debt. This plan, actively under consideration, would
  differ slightly from the one the official described.
      But the official expressed deep misgivings that such a plan
  would work in the United States.
      ""If the banks thought that that was a suitable way to go,
  fine. I don't think they ever will.""
      He pointed out that banks would swap their Third World
  loans for capital in the megabank and might then be reluctant
  to provide new money to debtors through the new institution.
      Meanwhile, the official praised the Philippine plan under
  which it would make interest payments on its debt in cash at no
  more than 5/8 pct above Libor.
      ""The Philippine proposal is very interesting, it's quite
  unique and I don't think it's something that should be
  categorically rejected out of hand,"" the official said.
      Banks which found this level unacceptably low would be
  offered an alternative of Libor payments in cash and a margin
  above that of one pct in the form of Philippine Investment
  Notes.
      These tradeable, dollar-denominated notes would have a
  six-year life and if banks swapped them for cash before
  maturity, the country would guarantee a payment of 7/8 point
  over Libor.
      Until now, bankers have criticised these spreads as far too
  low. The talks, now in their second week, are aimed at
  stretching out repayments of 3.6 billion dlrs of debt and
  granting easier terms on 5.8 billion of already rescheduled
  debt. The country, which has enjoyed strong political support
  in Washington since Corazon Aquino came to power early last
  year, owes an overall 27.8 billion dlrs of debt.
      But the official denied the plan amounts to interest rate
  capitalisation, a development until now unacceptable to the
  banks. ""It's no more interest rate capitalisation than if you
  have a write down in the spread over Libor from what existed
  before,"" the official said in comments suggesting some ought to
  be granted the rate concessions they seek. ""Some people argue
  that (cutting the spread) is debt forgiveness... What it really
  is is narrowing the spread on new money,"" he added.
      He said the U.S. Debt strategy is sufficiently broad as an
  initiative to include plans like the Philippines'.
  

"
training/3535	32	money-fx	"POUND AND CANADIAN DOLLAR CAPTURING ATTENTION
  Interest in the currency futures market
  has shifted to the soaring British pound and the potentially
  explosive Canadian dollar, and away from the dull Continental
  and Japanese currencies, analysts said.
      The June pound, which added 6.3 cents over the past
  week-and-a-half to reach a new contract high of 1.5930 to the
  dollar on Monday, has spawned a new-found speculative boom.
      ""Brokers have to push their clients somewhere...and
  technically, the pound is in the best shape,"" PaineWebber
  analyst Jason Gillard said.
      ""We've tried to take a bullish approach to the pound, and
  we're going to stay with that, there's no reason to change,""
  Smith Barney analyst Craig Sloane said.
      Many traders took on long pound/short West German mark
  futures positions, although some of those cross-trades were
  liquidated yesterday, Sloane said.
       The fundamental keys to the pound's rise have been
  relatively high U.K. interest rates and a vague optimism
  surrounding the British economy, analysts said.
      ""Money seems to be chasing yields,"" William Byers, of Bear
  Stearns, said of the 10-1/2 pct U.K. base lending rate.
      Many analysts are skeptical about further gains in the
  pound, on the inference that the Bank of England will seek to
  relieve upward pressure on the currency by pushing down
  interest rates after the nation's budget is released March 17.
      The budget itself could have an impact, depending on how
  well it is received, but analysts say relative interest rates
  and oil income remain the main influences on the currency.
      However, the market may be able to absorb lower U.K.
  interest rates, as it has done when other countries have cut
  their discount rates, and extend the pound's rally, Sloane
  said.
      The Canadian dollar has not been rising like the pound, but
  Sloane and other analysts cautiously predicted a big move soon.
      The sideways price pattern in the June contract, with
  smaller and smaller price ranges, has formed a ""bull flag"" on
  price charts, technically-oriented analysts said.
      ""It makes for an explosive type of situation that often
  leads to a breakout,"" in this case to the upside, Sloane said.
      Byers agreed there was potential for the June Canadian
  dollar to rally above the 77.00 cent level from the most recent
  close at 74.80 cents to the U.S. dollar.
      ""At this stage of the game I'd call the market long-term
  positive, but for the technical burden of proof you need a
  close above (the previous contract high of) 75.25,"" Byers said.
      As to the traditionally more active currencies, stability
  was the catchword and reluctance the watchword among analysts.
      Sloane said it was important that June Swiss francs and
  June German marks held above support at 0.6400 and 0.5400,
  respectively, closing at 0.6438 and 0.5430.
      Yesterday's rebound showed the market was still very
  respectful of the Paris accord, and the threat of central bank
  intervention by the G-5 nations plus Canada.
      ""We may still probe to see what the parameters are,"" Byers
  said, ""but people are very reluctant because they don't know
  where the central banks will be (to intervene).""
      Gillard said the mark could drop to a previous price
  consolidation area around 0.5250 based on the profoundly
  sluggish West German economy, but that he would be a buyer at
  that level.
  

"
training/3538	12	earn	"NEW WORLD PICTURES TO HAVE GAIN FROM SALE OF FIVE PCT OF TAFT BROADCASTING

  NEW WORLD PICTURES TO HAVE GAIN FROM SALE OF FIVE PCT OF TAFT BROADCASTING
  

"
training/3539	22	interest	"JAMAICA AGREES DRAFT BANK DEBT RESCHEDULING
  Jamaica agreed in principle with its
  bank advisory committee on a rescheduling of 181 mln dlrs of
  foreign commercial bank debt falling due between 1987 and 1989,
  the Jamaican Information Service said.
      Repayments on the debt will be stretched out over 12 years
  with 8-1/2 years' grace at 1-1/4 percentage points over the
  London Interbank Offered Rate, Libor. The margin on previously
  restructured debt also will be cut to 1-1/4 point from 2-1/2.
      The package should save Jamaica about 3.3 mln dlrs a year.
      Prime Minister Edward Seaga, who led the Jamaican
  delegation, called the terms very favourable to his country.
      The agreement in principle with the bank advisory committee
  led by the Bank of Nova Scotia <BNO.TO> comes five days after
  Jamaica successfully concluded a 125.5 mln dlr rescheduling
  accord with the Paris Club of creditor nations.
      That pact in turn followed the International Monetary Fund
  (IMF)'s approval on March 5 of a 85 mln special drawing rights
  standby arrangement and a 40.9 mln sdr drawing under the
  compensatory financing facility.
      Of Jamaica's foreign debt of 3.3 billion dlrs only 12 pct
  is owed to commercial banks, and Seaga yesterday reaffirmed the
  government's policy of not seeking new bank loans.
  REUTER...^M
  

"
training/354	48	trade	"TAIWAN PLANS NEW TARIFF CUTS
  Taiwan plans another round of deep tariff
  cuts this year to help narrow its trade surplus with the U.S.,
  A senior economic planner said.
      Wang Chao-Ming, vice-chairman of the council for economic
  planning and development, told Reuters Taiwan would further
  reduce import tariffs on 1,700 products sometime in the second
  half of this year.
      Cuts of up to 50 pct on those items were made last year and
  Wang said further cuts would go much deeper.
      ""We have to speed up liberalisation and cut import tariffs
  faster and more substantially,"" he said.
      The United States, Taiwan's main trading partner, has said
  the island's import tariffs, still ranging from a high of
  almost 60 pct, were unacceptable. It has criticised the cuts as
  too selective.
       Taiwan's trade surplus with the United States hit 13.6
  billion dlrs last year. The surplus has boosted foreign
  exchange reserves to 50 billion dlrs, which Wang said made
  Taiwan a target for U.S. Protectionism.
      Wang said the trade surplus and the reserves weakened
  Taiwan's position in talks with Washington over export quotas,
  particularly for shoes, textiles and machine tools which are
  among the island's main export-earners.
      A special Taiwanese trade delegation leaves for Washington
  tomorrow to try to renegotiate an agreement signed last year
  limiting exports of Taiwan textiles.
      Under the accord, Taiwan's textile export growth was
  limited to 0.5 pct each year until 1988. Taipei has said it is
  losing markets to South Korea and Hong Kong which were given
  more generous terms.
   REUTER...
  

"
training/3541	2	bop	"PORTUGUESE TRADE DEFICIT NARROWS IN 1986
  Portugal's trade deficit narrowed in
  1986 to 336.5 billion escudos from 354.8 billion in 1985,
  according to provisional National Statistics Institute figures.
      Imports totalled 1,412.6 billion escudos and exports
  1,076.1 billion compared with 1,326.5 billion and 971.7 billion
  in 1985.
      Expressed in terms of dollars, imports rose 21.2 pct and
  exports 26.1 pct and the trade deficit increased by 7.8 pct.
      In its first year as a member of the European Community,
  Portugal recorded a deficit of 98.1 billion escudos in its
  trade with the other Community states compared with a deficit
  of 2.4 billion escudos in 1985.
      Imports from the EC in 1986 totalled 830.2 billion escudos,
  while exports to the Community were 732.1 billion, compared
  with 609.5 billion and 607.1 billion the previous year.
      Portugal's deficit with Spain was 83.2 billion escudos
  against 57.7 billion in 1985, with Italy it was 70.4 billion
  against 30.3 billion, and with West Germany 40.5 billion
  against 19.1 billion.
  

"
training/3542	22	interest	"BRAZIL'S GROS TO MEET BANKS ON TRADE LINE ISSUE
  Brazil's central bank governor
  Francisco Gros will meet senior commercial bankers here today
  in a new attempt to defuse the anger generated by the country's
  unilateral suspension of interest payments on 68 billion dlrs
  of foreign commercial bank debt, bankers said.
      Gros will meet representatives of Citibank, the head of
  Brazil's bank advisory committee, and of co-heads Morgan
  Guaranty Trust Co and Lloyds Bank Plc.
      High on the agenda will be banks' complaints about Brazil's
  accompanying freeze on some 15 billion dlrs of short-term trade
  and interbank lines, the bankers said.
      Brazil's several hundred creditor banks worldwide agreed
  last March to extend the credit lines until March 31, 1987, as
  part of a 31 billion dlr financing package.
      Bankers said the looming expiry of this commitment, coupled
  with Brazil's freeze, raised a spate of technical and legal
  questions that the banks want to discuss with Gros.
      They said they face problems because of the freeze
  requirement that any payment due to be made by a Brazilian bank
  under the trade facility must be deposited instead with the
  central bank. This means foreign bankers cannot easily switch
  their credit lines from one borrower to another.
      The requirement to deposit with the central bank has also
  meant Brazilian banks have been able to negotiate lower
  interest-rate spreads, because foreign banks would rather
  accept a reduced margin than see their money deposited with the
  central bank.
      ""It's caused a lot of ill-will with the banking community,""
  one banker said.
      Gros is also expected to brief the banks on the results of
  a 10-day tour of Europe and Japan that he and finance minister
  Dilson Funaro have just completed to seek official support for
  Brazil's debt stance.
  

"
training/3543	12	earn	"SERVICE RESOURCES CORP <SRC> 4TH QTR NET
  Oper shr profit five cts vs loss 1.71 dlrs
      Oper net profit 196,000 vs loss 2,388,000
      Sales 40.5 mln vs 43.2 mln
      Avg shrs 2,212,000 vs 1,482,000
      Year
      Oper shr profit 71 cts vs loss 6.24 dlrs
      Oper net profit 1,799,000 vs loss 8,991,000
      Sales 154.5 mln vs 145.0 mln
      NOTE: Net excludes losses from discontinued operations of
  712,000 dlrs vs 2,843,000 dlrs in quarter and 1,972,000 dlrs vs
  10.6 mln dlrs in year.
      1986 net excludes extraordinary loss 1,167,000 dlrs in
  quarter and gain 628,000 dlrs in year.
      1986 year net includes gain one mln dlrs from sale of
  building and gain 3,200,000 dlrs from termination of pension
  plan.
  

"
training/3545	12	earn	"TELEPHONE AND DATA SYSTEMS INC <TDS> 4TH QTR NET
  Oper shr 22 cts vs 22 cts
      Oper net 2,058,000 vs 2,129,000
      Revs 44.5 mln vs 35.7 mln
      Avg shrs 9,589,000 vs 9,348,000
      Year
      Oper shr 94 cts vs 94 cts
      Oper net 8,889,000 vs 8,570,000
      Revs 155.0 mln vs 123.4 mln
      Avg shrs 9,450,000 vs 9,174,000
      NOTE: Net excludes discontinued operations gain 1,637,000
  dlrs vs loss 720,000 dlrs in quarter and gain 4,679,000 dlrs vs
  loss 720,000 dlrs in year.
      1986 net both periods includes charge 865,000 dlrs from
  repal of investment tax credits.
  

"
training/3547	0	acq	"NEW WORLD PICTURES <NWP> SELLS TAFT <TFB> STAKE
  New World Pictures Ltd said it sold
  456,900 shares or about five pct of Taft Broadcasting Co common
  stock for a gain of 17.8 mln dlrs.
      The company said in a brief statement that it acquired the
  stock in late 1986.  It gave no further details and company
  officials were not immediately available for comment.
      On Friday, Taft vice chairman Dudley S. Taft and
  Narragansett Capital Inc <NARR> offered to acquire Taft for 145
  dlrs per share.  Dudley Taft and his family have owned 12 pct
  of the company.
      An investment group leds by Robert M. Bass, one of the Bass
  brothers of Fort Worth, Texas, has been reported as owning
  about 25 pct of Taft stock, and <American Financial Corp>
  chairman Carl Lindner has been reported to own about 16 pct. 
  Both Bass and Linder have acquired Taft shares in recent months.
  

"
training/3553	48	trade	"SOVIET ECONOMIST SEES FEW GAINS IN U.S. TRADE
  There is little chance Soviet exports
  to the United States will rise in 1987, but Moscow's current
  trade reforms should result in more trade in manufactured goods
  in future, a Soviet economist said.
      Sergey Frolov, chief economist at Amtorg Trading Corp, an
  agent for Soviet trade organisations and industries, told a
  U.S.-USSR business meeting the Soviet Union produces few items
  that western nations want.
      But reforms, including upgrading the quality of goods and
  allowing joint ventures with foreign firms, will encourage
  modest export gains in future.
      Frolov said the Soviet Union exported 500 mln dlrs worth of
  goods to the United States in 1986 and imported 1.5 billion
  dlrs worth. He gave no trade forecast for 1987.
      But he said that even if all obstacles were removed, total
  trade between the two countries would remain between two and
  three billion dlrs a year.
      ""The post-detente embargoes have taught the USSR to limit
  its trading with the U.S.,"" he said.
  

"
training/3554	32	money-fx	"SWISS SIGHT DEPOSITS FALL 2.88 BILLION FRANCS
  Sight deposits of commercial banks at
  the Swiss National Bank fell 2.88 billion Swiss francs in the
  first 10 days of March to 7.65 billion, the National Bank said.
      Foreign exchange reserves rose 3.30 billion francs to 33.94
  billion.
      Sight deposits are a major indicator of money market
  liquidity in Switzerland.
      The National Bank said banks paid back 5.5 billion francs
  of central bank credit taken out at the end of February for the
  end-month liquidity requirement.
      This drain was offset in part by new currency swaps, which
  had the effect of increasing the National Bank's foreign
  exchange holdings.
      Bank notes in circulation fell 309.1 mln francs to 24.49
  billion, and other deposits on call -- basically government
  funds -- rose 1.06 billion to 2.10 billion.
  

"
training/3556	10	crude	"ECUADOR CRUDE OIL EXPORTS STOPPED FOR FIVE MONTHS
  Ecuador needs 120 mln dlrs to repair the
  damage to its oil export pipeline caused by last week""s
  earthquake, which will stop crude exports for five months,
  energy and mines minister Javier Espinosa Teran said.
      Espinosa said yesterday the pipeline, which carries crude
  from jungle fields to the Pacific Ocean coast of Balao, would
  be repaired with the help of Texaco Inc <TX.N> and a Mexican
  and an Argentine firm.
      President Leon Febres Cordero said two days ago that
  Ecuador, an OPEC member, would have to suspend crude exports
  for four months due to the quake.
      Oil traditionally accounts for up to two-thirds of
  Ecuador's total exports and as much as 60 pct of government
  revenues.
      Deputy energy minister Fernando Santos Alvite said Ecuador
  would have to import six to seven mln barrels of crude oil to
  meet its needs until the line was repaired.
      The Ecuadorean minister at the Presidency, Patricio
  Quevedo, told reporters that Venezuela will lend Ecuador five
  mln barrels of crude, which would repaid in kind after a
  180-day period.
      He added the Caracas-based Andean Development Corp had
  granted a loan of 11.7 mln dlrs towards repairing the pipeline,
  50 km of which had been damaged in the quake.
      In Quito, Foreign Minister Rafael Garcia Velasco yesterday
  summoned ambassadors from about 40 countries to whom he issued
  appeal for emergency aid for the country. Only three countries,
  the U.S., Colombia and Venezuela, had offered assistance.
  

"
training/3557	12	earn	"SOUTHLIFE HOLDING CO <SLHC> 4TH QTR NET
  Oper shr seven cts vs 20 cts
      Oper net 347,855 vs 787,117
      Revs 6,748,868 vs 6,849,499
      Avg shrs 5,391,666 vs 4,277,157
      Year
      Oper shr 56 cts vs 46 cts
      Oper net 2,617,528 vs 2,003,661
      Revs 27.1 mln vs 27.3 mln
      Avg shrs 4,763,793 vs 3,377,157
      NOTE: Net excludes realized gains on investments of 925,576
  dlrs vs 577,389 dlrs in quarter and 1,776,341 dlrs vs 797,932
  dlrs in year.
  

"
training/3559	5	coffee	"ALGERIA REGULATES USE OF COFFEE ADDITIVES
  The Algerian authorities have regulated
  the addition of chickpeas and barley used to make imported
  coffee go further, the official APS news agency reported.
      Taking advantage of scarcity, private roasters were selling
  ground coffee mixtures which were 75 pct non-coffee, it said.
  Since the beginning of March, the coffee market has been
  strictly regulated by the state food marketing monopoly Enapal.
      Now a third of imported coffee will be sold as pure beans
  and two thirds as a ground mixture with a choice of 30 pct
  chickpeas or 30 pct barley. In March private dealers will
  handle 2,050 tonnes of pure coffee and Enapal 6,050 tonnes of
  mixtures.
  

"
training/356	12	earn	"HUTCHISON SEES HIGHER PAYOUT, SATISFACTORY PROFITS
  Hutchison Whampoa Ltd <HWHH.HK>
  expects satisfactory profits in 1987 and will pay a higher
  dividend for the year, chairman Li Ka-shing said.
      He did not make any specific projections for the company's
  earnings this year but he said the firm will pay a dividend of
  not less than 32.5 cents per share after a proposed
  four-for-one stock split and a one-for-four bonus issue.
      It paid total dividends of 1.30 dlrs per share last year,
  equal to 26 cents per share, adjusting for the bonus and share
  split.
      Hutchison, which has operations ranging from trading to
  property and container terminals, earlier reported after-tax
  profits of 1.62 billion dlrs against 1.19 billion dlrs in 1985.
      The 1986 total excluded extraordinary gains of 563 mln
  dlrs, partly from the sale of some of its stake in the South
  China Morning Post, the leading English language newspaper,
  compared with 369 mln dlrs the previous year. It said it
  expects another 277 mln dlr gain in 1987 from the sale of the
  remaining shares.
      Li said Hong Kong's property market remains strong while
  its economy is performing better than forecast with its largely
  export-led growth.
      Gross domestic product grew by nearly nine pct last year
  against an initial government projection of 4.5 pct.
      But he said Hong Kong's large trade deficit with the U.S.
  May result in protectionist measures that will adversely affect
  the British colony.
      He said all of the company's major operations showed
  improved results in 1986.
      Hutchison said earlier it will sell its entire 23.5 pct
  interest in Hongkong Electric Holdings Ltd <HKEH.HK> to
  <Cavendish International Holdings Ltd>, itself a spin-off from
  Hongkong Electric.
      Under a reorganisation announced separately, Hongkong
  Electric will spin off all its non-electricity related
  activities into Cavendish, which will be listed on the local
  stock exchange. Hongkong Electric shareholders will receive one
  share in Cavendish for every Hongkong Electric share.
      Cavendish will buy the 348.2 mln Hongkong Electric shares
  from Hutchison by issuing 975 mln new shares.
      The spin-off and the sale of Hongkong Electric shares will
  give Hutchison a 53 pct stake in Cavendish.
      Li said the decision to spin-off Cavendish is to relieve
  Hongkong Electric of public criticism of the power company for
  making risky investments. But he denied there was pressure from
  the government for the spin-off.
      He said Cavendish will have seven billion dlrs of assets
  and will be almost debt free, with 340 mln dlrs of liabilites.
  Its major assets are the Hong Kong Hilton Hotel, property
  development, and interests in Husky Oil Ltd <HYO.TO> of Canada
  and Pearson Plc <PSON.L> of Britain.
  

"
training/3563	10	crude	"TALKING POINT/OIL SERVICES TURNAROUND SEEN
  The oil services industry is on the
  verge of a recovery because of rising crude prices, oil
  industry analysts said.
      The analysts, who issued buy recommendations on some
  stocks, said the recovery in oil services should begin in the
  second half of 1987, after drilling activity bottoms out in the
  first half, and continue into the next decade.
       ""People, however, cannot afford to wait for drilling to go
  up to start buying,"" said Sandi Haber Sweeney, senior research
  analyst at Sanford C. Bernstein and Co Inc.
      Among the recommended buys are Schlumberger Ltd <SLB>,
  Halliburton Co <HAL>, Dresser Industries <DI>, Baker
  International <BKO>, and McDermott International Inc <MDR>,
  which may be the target of a takeover by Harold Simmons, a
  Dallas-based investor.
      Analysts said although major oil companies are increasing
  exploration and development overseas, they expect the pickup in
  oil services will begin in the U.S.
      ""Activity in the U.S. is so depressed it should move up
  faster,"" said Vishnu Sharp of Goldman Sachs.
      The number of active oil drilling rigs in the U.S. was 766
  last week compared with 1,212 rigs one year ago, Huges Tool Co
  <HT> figures show.
      The average number of working rigs in the U.S. for 1987 is
  projected at 978 versus 964 in 1986, according to Ike Kerridge,
  vice president of stockholder relations at Hughes Tool. ""The
  first significant pickup in drilling activity will occur in the
  second half of 1988,"" Kerridge said.
      Overseas drilling activity is expected to follow a similar
  pattern, Kerridge said.
      ""Halliburton is the best value,"" said Jeffrey Freedman,
  vice president at Smith Barney, Harris and Upham Inc, adding
  the company controls the greatest amount of liquidity of common
  stock market value, is diversifed in non-oil field businesess,
  and has the lowest multiple of stock price to operating cash
  flow including debt.
      Schlumberger is Freedman's second favorite oil service
  stock.
      ""Schlumberger is expected to continue to be the dominant
  technical leader in the industry,"" Freedman said.
      ""Schlumberger's management shift, asset restructuring,
  including a pending merger of Fairchild Semiconductor, and its
  considerable cash horde sets the stage for the company to
  maximize its significant industry advantage and capitalize on
  the project upturn in exploration and development activity,""
  according to a report by George Gaspar, first vice president at
  Robert W. Baird and Co Inc.
      Gaspar estimates earnings per share for Schlumberger at 25
  cts for 1987 and one to 1.75 dlrs in 1988 compared with 20 cts
  in 1986 excluding a fourth quarter special charge of 1.87
  billion dlrs.
      Bernstein's Sandi Sweeney is recommending a group of oil
  service companies and said choosing among them is difficult.
  Her favorite is Baker International, which is involved in a
  possible merger with Hughes Tool Co.
      Dresser Industries will also benefit from the recovery but
  possibly not as much as other companies because it is not a
  pure service company, Sweeney said.
      Dresser is expected to improve profitability owing to cost
  reductions and streamlined operations, including the sale and
  leaseback of its headquarters, said Swarup.
  

"
training/3564	12	earn	"CREDITANSTALT SEES HIGHER 1987 DIVIDEND
  Creditanstalt-Bankverein <CABV.VI> is
  likely to raise its 1987 dividend from the 1986 payment of 12
  pct of share capital, deputy general-director Guido
  Schmidt-Chiari said.
      The 1985 dividend was 10 pct, unchanged from the previous
  year and Schmidt-Chiari noted that the parent bank's share
  capital had risen to 3.1 billion schillings at the end of 1986
  from 2.7 billion a year earlier.
      Schmidt-Chiari made the forecast at a news conference when
  the bank announced a 1986 consolidated banking group net profit
  of 496.7 mln schillings for 1986, against 354.5 mln in 1985.
      Schmidt-Chiari did not elaborate on his dividend forecast.
      The banking group's consolidated balance sheet total rose
  to 453.4 billion schillings at year-end from 425.4 billion.
      General director Hannes Androsch said higher investment
  would lead to continuing growth in profits in future. Last
  year's better profits had resulted from improvements in
  services provided by the bank and also in profits on schilling
  lending.
      Schilling lending had grown last year and interest rate
  margins had also improved but remained unsatisfactory when
  compared with those in other countries, he said.
      Increased provisions for possible bad debts at home and
  abroad, particularly in Latin America, had lowered profits,
  Androsch said, but declined to give an exact figure.
      Schmidt-Chiari said that foreign lending business had
  fallen significantly due to exchange rate fluctuations,
  removing some 22 billion schillings from the balance sheet
  total.
      In an attempt to generate more foreign business,
  representative offices would be opened this year in Tokyo, Hong
  Kong, Moscow and Prague. Androsch welcomed government plans to
  abolish legal controls on foreigners buying voting shares and
  drawing dividends.
      Preference shares of state-controlled Creditanstalt rose
  eight schillings on the Vienna Bourse today to 2,008. Brokers
  said improved results had been widely expected by investors.
      Androsch said industrial holdings had performed better in
  1986 than in previous years, giving a return on investment of
  2.6 pct compared with 1.3 pct in 1985. Creditanstalt, Austria's
  largest bank, holds majority interests in 10 medium-sized and
  large Austrian companies.
      But he forecast its biggest industrial subsidiary, Steyr
  -Daimler-Puch AG <SDPV.VI> would return a 1987 result similar
  to the expected 1986 operating loss of 700 mln schillings.
  

"
training/3565	0	acq	"CPC <CPC> TO SELL UNIT TO HI-PORT <HIPT>
  CPC International Inc
  said it has agreed in principle to sell its Peterson/Puritain
  Inc subsidiary to Hi-Port Industries Inc.
      CPC said the sale is not expected to have a significant
  impact on its earnings and is subject to approval by boards of
  both companies.  Terms were not disclosed.
      Peterson/Purittan is a contract packager of personal care
  and household products.
  

"
training/3569	12	earn	"PULITZER PUBLISHING CO <PLTZC> 4TH QTR NET
  Shr 47 cts vs 40 cts
      Net 4,258,000 vs 5,942,000
      Revs 92.6 mln vs 77.1 mln
      Avg shrs 8,977,000 vs 15.0 mln
      Year
      Shr 1.22 dlrs vs 1.34 dlrs
      Net 16.4 mln vs 20.0 mln
      Revs 329.1 mln vs 272.1 mln
      Avg shrs 13.5 mln vs 15.0 mln
      NOTE: Interest expense 4,384,000 dlrs vs 545,000 dlrs in
  quarter and 6,979,000 dlrs vs 2,425,000 dlrs in year.
      1986 year net reflects undisclosed amount of expenses for
  defense of takeover effort.
  

"
training/3570	0	acq	"HUGHES TOOL SAYS IT APPROVES REVISED TERMS FOR MERGER WITH BAKER INTERNATIONAL

  HUGHES TOOL SAYS IT APPROVES REVISED TERMS FOR MERGER WITH BAKER INTERNATIONAL
  

"
training/3571	10	crude	"OPEC REAFFIRMS COMMITMENT TO FIXED PRICES, CEILING
  OPEC has reaffirmed its commitment to
  fixed crude oil prices of around 18 dlrs a barrel and an
  overall output ceiling of 15.8 mln barrels per day (bpd) to
  defend prices, its president Rilwanu Lukman said.
      He told a news conference here ""After due consultation with
  my colleagues in OPEC, I hereby wish to emphasize that Nigeria
  and all member countries of OPEC remain determined to uphold
  the December agreement by adhering strictly to their various
  quotas and official selling prices.""
      Lukman added no extraordinary OPEC conference was planned.
      ""We are in a position to re-confirm that, despite misleading
  news in foreign media to the contrary, ... OPEC member
  countries as a whole produced below their agreed quota in the
  month of February,"" Lukman, who is Nigerian oil minister, said.
      Lukman put the overall OPEC output shortfall in February at
  900,000 bpd and said this was as a result of their firm
  determination to defend official selling prices of 18 dlrs
  agreed upon last December in Geneva.
      The December agreement set an overall output ceiling for
  OPEC of 15.8 mln bpd for first half 1987 and restored fixed
  prices as from February 1 around a reference point of 18 dlrs.
      Oil prices rallied immediately after the Geneva accord but
  fell again last month on reports that OPEC was producing more
  than the agreed level.
      ""The idea was to suggest that OPEC's agreement would not
  hold and this caused some customers to hold back purchases of
  OPEC oil and resort to destocking to meet their needs,"" Lukman
  said.
      He said the 900,000 bpd shortfall last February was based
  on the verified figure for 10 out of OPEC's 13 members, adding
  that Nigeria alone had a shortfall in production of 100,000
  bpd.
      Iraq disassociated itself from the December agreement,
  while the production figures of Ecuador and the United Arab
  Emirates needed to be verified, Lukman said.
      ""If that is the price we have to pay to make the agreement
  succeed, we are ready ... OPEC is not changing its price level
  of 18 dlrs,"" the group's president said.
      He said the OPEC price differentials committee meeting
  formerly postponed to April had been put off indefinitely.
      ""Furthermore, no extraordinary meeting of the conference is
  at the moment contemplated since most agreements reached in
  December are being adhered to,"" he said.
      Asked if the committee did not need to meet soon to narrow
  the gaps in the prices of the various OPEC crudes -- fixed in
  relation to the 18 dlr benchmark -- Lukman replied ""We consider
  the defence of our prices much more crucial than differentials.""
      Lukman said OPEC was aware that consumers had heavily drawn
  on stocks of both crude oil and refined products to levels well
  below this time last year and soon they would return to the
  market in search of crude.
      ""We don't see that there is going to be any difficulty in
  maintaining the 18 dlr price throughout the rest of the year,""
  Lukman said.
      The OPEC president praised non-OPEC oil producers, which he
  said had contributed to the group's efforts to stabilise
  prices, but he criticised Britain for maintaining its long-held
  view not to do anything to help the market.
      ""We are quite confident, however, that in the long-term with
  two-thirds of the world's reserves in OPEC hands, the future is
  ours. We will use that advantage responsibly,"" he said.
      Lukman described the disruption in Ecuador's output
  following an earthquake as tragic, but refused to say if the
  South American country would be allowed a higher output quota
  when it recovered from the disaster.
  

"
training/3572	43	ship	"DUTCH PORT UNION TO MEET PARLIAMENTARIANS TODAY
  Dutch port and transport union, FNV,
  is presenting its case against 800 planned redundancies in
  Rotterdam's general cargo sector to parliament's standing
  committee on social affairs today, a union spokesman said.
      With 285 of the 4,000-strong workforce on strike, the union
  will tell the committee the government has a duty to help solve
  the dispute that has been disrupting the general cargo sector
  for more than seven weeks, the spokesman added.
      The union will also take its case against the redundancies,
  350 of them planned for this year, to a court in Amsterdam
  tomorrow, he added.
  

"
training/3573	0	acq	"QINTEX AGAIN EXTENDS PRINCEVILLE <PVDC> OFFER
  <Qintex America Ltd> said it is again
  extending its offer of 13 dlrs a share for 3.3 mln Princeville
  Development Corp shares until today from yesterday.
      At midnight yesterday, 7,242,117 Princeville shares had
  been tendered, up from 5,887,165 shares 24 hours earlier.
      Qintex said it is extending the offer to allow Princeville
  to comply with federal law restricting the ownership of U.S.
  airlines by non-U.S. citizens and to finalize the terms and
  conditions of the letter of credit or bank guarantee required
  under the previously announced acquisition agreement.
  

"
training/3575	12	earn	"NOVELL <NOVL> SETS TWO FOR ONE STOCK SPLIT
  Novell Inc said its board
  declared a two-for-one stock split, payable to holders of
  record at the close of business on MArch 31.
      It said shareholders at the annual meeting approved a
  doubling of authorized common shares to 30 mln from 15 mln and
  a limitation of directors' liability.
  

"
training/3577	45	sugar	"AGENCY TO REVIEW JOHNSON/JOHNSON <JNJ> SWEETNER
  Johnson and Johnson said the U.S.
  Food and Drug Administration has notified the company its food
  additive petition for a high-intensity sweetener has been
  formally accepted and now will be reviewed by the agency.
      The company said the product, with the generic name of
  sucralose, is made from sugar and tastes like sugar, but is
  about 600 times sweeter.
      It yields no calories and does not promote tooth decay.
  

"
training/3578	12	earn	"HEART FEDERAL <HFED> SETS TWO FOR ONE SPLIT
  Heart Federal Savings and Loan
  Association said its board declared a two-for-one stock split,
  payable April 30 to holders of record April 15.
      The company said the split is subject to shareholder
  approval at the April 15 annual meeting of an increase in
  authorized common shares to 10 mln from five mln.
  

"
training/3579	12	earn	"NOVO INDUSTRI A/S (NVO.CO) YEAR 1986
  Pre-tax income 788 mln Danish crowns vs 872 mln
      Sales 4.21 billion crowns vs 4.11 billion
      Income after tax 521 mln crowns vs 604 mln
      Earnings per 20-crown share 20.45 crowns vs 23.79
      Dividend 20 pct (unchanged).
  

"
training/3580	12	earn	"OVERMYER CORP <OMCO> REGULAR DIVIDEND
  Qtly div 10 cts vs 10 cts in prior qtr
      Payable March 31
      Record March 23
  

"
training/3582	12	earn	"UNIFORCE TEMPORARY PERSONNEL INC <UNFR> 4TH QTR
  Shr 18 cts vs 14 cts
      Net 556,036 vs 403,945
      Sales 15.6 mln vs 13.6 mln
      Avg shrs 3,132,555 vs 2,934,285
      Year
      Shr 60 cts vs 48 cts
      Net 1,805,229 vs 1,400,247
      Sales 60.1 mln vs 52.3 mln
      Avg shrs 3,012,917 vs 2,940,219
      NOTE: 1985 share data adjusted to reflect three for two
  stock split effective June 30, 1986
  

"
training/3584	32	money-fx	"U.K. MONEY MARKET GIVEN 106 MLN STG ASSISTANCE
  The Bank of England said it gave the
  money market assistance worth 106 mln stg this afternoon,
  buying bank bills at the rates established on Monday.
      The Bank bought 11 mln stg of band one bills at 10-3/8 pct
  and 95 mln stg of band two paper at 10-5/16 pct. This is the
  first time that it has intervened today.
      The Bank has revised its estimate of the liquidity shortage
  in the market down to 250 mln stg from 300 mln initially.
  

"
training/3585	12	earn	"PIC'N'SAVE CORP <PICN> 4TH QTR NET
  Shr 45 cts vs 50 cts
      Net 18.0 mln vs 19.9 mln
      Sales 116.1 mln vs 108.8 mln
      Year
      Shr 1.01 dlrs vs 1.04 dlrs
      Net 39.8 mln vs 41.1 mln
      Sales 304.5 mln vs 278.1 mln
      NOTE: Share adjusted for three-for-two split in June 1986.
  

"
training/3586	0	acq	"GOODYEAR TIRE TO RECEIVE 588 MLN DLRS FOR GOODYEAR AEROSPACE FROM LORAL CORP

  GOODYEAR TIRE TO RECEIVE 588 MLN DLRS FOR GOODYEAR AEROSPACE FROM LORAL CORP
  

"
training/3587	0	acq	"HUGHES TOOL <HT> BOARD APPROVES MERGER
  Hughes Tool Co said its board voted at
  a special meeting last night to approve a new agreement with
  regulators that would allow the company to complete its
  proposed merger with Baker International Corp <BKO>.
      The agreement, approved by the U.S. Department of Justice
  yesterday, will give the merged company, Baker Hughes, six
  months instead of three to sell certain assets.
      The pact also allows a three-month extension, if warranted,
  and limits the obligation of the new company to give financial
  support to the businesses to be divested, pending their sale.
      The company said its board recommended that shareholders
  approve the merger of the oilfield service companies. A
  previously adjourned meeting of Hughes Tool stockholders will
  be resumed this afternoon, it said.
      ""Hughes will work with Baker and the Justice Department
  towards negotiating the final form of the consent decree and
  filing it as soon as possible,"" the company said in a
  statement. Closing of the merger would occur immediately after
  the filing, it said.
      The assets to be sold under the consent decree consist of
  Baker's domestic oilfield drilling bit business and its
  domestic submersible electric pump business. Baker has an
  agreement to sell the pump business to Trico Industries Inc
  <TRO>.
      The financial terms of the merger are unchanged, a Hughes
  spokesman said. Under those terms, each Baker common share and
  Hughes common share would be converted into one share and 8/10
  of a share, respectively, of Baker Hughes Inc, which would be
  formed as a new holding company.
  

"
training/3589	45	sugar	"AGENCY TO REVIEW JOHNSON AND JOHNSON SWEETENER
  Johnson and Johnson said the U.S.
  Food and Drug Administration has notified the company its food
  additive petition for a high-intensity sweetener has been
  formally accepted and now will be reviewed by the agency.
      The company said the product, with the generic name of
  sucralose, is made from sugar and tastes like sugar, but is
  about 600 times sweeter.
      It yields no calories and does not promote tooth decay.
      Johnson and Johnson said the sweetner is being jointly
  developed with Tate and Lyle PLC <TATL>.
      Tate and Lyle is seeking approval in Canada, the United
  Kingdom and other European countries, Johnson and Johnson said.
  The company noted its petition covering the product and its
  safety evaluation were submitted to the FDA last month.
      While awaiting FDA approval, the company said, it is
  proceeding with plans for commercialization through its McNeil
  Specialty Products Co subsidiary.
      Johnson and Johnson said it is operating under a licensing
  agreement with Tate and Lyle, whose collaborative research with
  scientists at Queen Elizabeth College in London led to the
  discovery of Sucralose in 1976.
      Patents and licensing agreements control the use of
  sucralose through the year 2001, Johnson and Johnson said.
      Sucralose is a chlorinated derivative of ordinary sugar.
  The carbon-chloride bonds in sucralose are stable and are not
  broken during digestion or metabolism.
      Sucralose is essentially not metabollized by the body. The
  chlorine content enhances sweetness without providing calories.
  

"
training/3591	0	acq	"HANSON TRUST PLC UNIT TO SELL KAISER CEMENT TERMINAL AND PLANT FOR 50 MLN DLRS

  HANSON TRUST PLC UNIT TO SELL KAISER CEMENT TERMINAL AND PLANT FOR 50 MLN DLRS
  

"
training/3592	10	crude	"TRITON ENERGY <OIL> AFFILIATE IN CANADIAN FIND
  Triton Energy Corp said its 70 pct owned
  <Canadian Worldwide Energy Ltd> affiliate's Lasmo et al
  Tableland 4-36-2-10W2 well in Saskatchewan flowed 567 barrels
  of 37 degree gravity oil through a 17/64 inch choke from depths
  of 8,531 to 8,548 feet and 636 barrels of oil per day through a
  20/64 inch choke from depths of 8,500 to 8,507 feet.
      Triton said because of the well's status as a deep
  exploratory well, production qualifies for a five-year royalty
  holiday under the Saskatchewan drilling incentive products.
      It said the well's initial production is expected to be
  restricted to an allowable level of about 300 barrels a day,
  although it is capable of sustaining much higher rates.
      The company said London and Scottish Marine Oil PLC owns a
  50 pct interest in the well and its spacing unit, Canadian
  Worldwide 25 pct, <Saskatchewan Oil and Gas Corp> 10 pct,
  <Interprovincial Pipeline Ltd's> Home Oil Co Ltd 7.5 pct and
  Scurry-Rainbow Oil Ltd <SRB> 7.5 pct.
      Triton said Royal Dutch/Shell Group's <RD> <SC> Shell
  Canada Ltd <SHC> affiliate retains a convertible overriding
  interest in the well.
  

"
training/3594	10	crude	"ECUADOR DEPUTY MINISTER SEEKS OIL AID IN VENEZUELA
  Ecuador's deputy energy minister
  Fernando Santos Alvite arrived here last night for talks on
  further Venezuelan assistance to his country's oil industry
  following last week's earthquake, officials said.
      Ecuador was obliged to suspend crude oil exports for an
  expected five months as a result of damage to 25 miles of
  pipeline linking its jungle oil fields with the Pacific port of
  Balao. Oil normally accounts for 60 pct of its exports.
      Fellow OPEC member Venezuela has already agreed to lend
  Ecuador five mln barrels of crude, to be repaid in kind after
  180 days, to help meet its domestic consumption needs.
      The officials could neither confirm nor deny reports that
  Venezuela will temporarily produce Ecuador's entire OPEC quota,
  set at 210,000 barrels per day for first half 1987.
      ""All options are open at this moment in the context of
  cooperation on oil production,"" a Venezuelan energy and mines
  ministry source said.
      Discussions are also under way to arrive at a formula to
  compensate Ecuador for the loss in oil export revenue while the
  pipeline is repaired, officials said.
      Santos Alvite last night met Venezuelan energy and mines
  minister Arturo Hernandez Grisanti and will today hold talks at
  technical level, officials said.
      Industry sources said that among the options are for
  Venezuela to produce Ecuador's entire quota, or for Venezuela
  and non-OPEC Mexico to share it and for the latter to supply
  Ecuador's Far Eastern clients.
      But the ministry source said that no decision has yet been
  reached on the matter, and that an announcement would be made
  in due course.
      Santos Alvite said earlier in Quito that Ecuador would have
  to import six to seven mln barrels of crude oil to meet its
  needs until the line was repaired.
      Ecuador energy and mines minister Javier Espinosa Teran
  said last night his country needs 120 mln dlrs to repair the
  damage to the export pipeline caused by the earthquake.
  

"
training/3596	0	acq	"GOODYEAR <GT> TO RECEIVE 588 MLN DLRS FOR UNIT
  Goodyear Tire and Rubber Co said it
  will receive about 588 mln dlrs in cash from Loral Corp <LOR>
  for the business of Goodyear Aerospace Corp.
      Goodyear said the previously announced acquisition by Loral
  is expected to be completed March 13. When Loral announced the
  transaction January 12, the company said it was paying 640 mln
  dlrs for Goodyear Aerospace.
      Goodyear said the price it will receive is after
  adjustments for such items as pension and benefits provision,
  allocation of liabilities and asset valuations. Last year
  Goodyear Aerospace had revenues of 695 mln dlrs.               
  

"
training/3597	12	earn	"VEBA'S RAAB KARCHER RAISES 1986 OPERATING PROFIT
  Raab Karcher AG, a trading
  subsidiary of VEBA AG <VEBG.F>, said it increased operating
  profit in 1986 despite a sharp decline in turnover, and added
  there were good chances this profit level could be held in
  1987.
      Operating profit rose to just under 120 mln marks in 1986,
  from around 100 mln in 1985.
      However, the group's third party sales fell sharply to 7.2
  billion marks from 9.4 billion the year before, largely due to
  lower prices for energy products, particularly oil and coal,
  managing board chairman Klaus Giesel told a news conference.
  

"
training/3598	12	earn	"HOVNANIAN ENTERPRISES <HOV> SPLITS STOCK
  Hovnanian Enterprises Inc said
  its board of directors has declared a two-for-one split of its
  outstanding common stock.
      The company said shareholders will receive one additional
  share for each share held at the close of business on March 23,
  1987 and additional shares will be distributed on April 13,
  1987.
  

"
training/3599	0	acq	"BRITISH AEROSPACE RAISES SYSTEM DESIGNERS STAKE
  British Aerospace Plc <BAEL.L> said it
  has increased its stake in <Systems Designers Plc> to 22.1 pct
  or 25.46 mln ordinary shares following the purchase of 10.45
  mln ordinary shares.
      The British Aerospace Pension Fund holds 2.15 mln ordinary
  shares in Systems, representing a stake of 1.9 pct.
      A spokesman for British Aerospace said it has no present or
  future intention of making a full bid for Systems Designers.
  System Designers shares were nine pence higher at 100 prior to
  the share stake announcement, and have showed little movement
  since.
  

"
training/36	12	earn	"OWENS AND MINOR INC <OBOD> RAISES QTLY DIVIDEND
  Qtly div eights cts vs 7.5 cts prior
      Pay March 31
      Record March 13
  

"
training/3601	12	earn	"ESSELTE BUSINESS SYSTEMS INC <ESB> UPS PAYOUT
  Qtly div 18 cts vs 14 cts prior
      Pay March 31
      Record March 25
  

"
training/3602	12	earn	"KATY INDUSTRIES INC <KT> 4TH QTR NET
  Oper shr profit 32 cts vs loss 66 cts
      Oper net profit 2,454,000 vs loss 3,558,000
      Sales 96.1 mln vs 91.4 mln
      Year
      Oper shr profit 72 cts vs loss 63 cts
      Oper net profit 6,495,000 vs loss 1,833,000
      Sales 368.1 mln vs 322.1 mln
      NOTE: Earnings exclude losses from discontinued
  consolidated operations of 460,000 dlrs, or eight cts a share
  vs 5,364,000 dlrs, or 86 cts a share in the quarter and
  11,334,000 dlrs, or 1.82 dlrs a share vs 11,637,000 dlrs, or
  1.88 dlrs a share for the year
      Earnings exclude a loss on the sale of discontinued
  consolidated operations of 200,000 dlrs, or three cts a share
  in the 1986 quarter and a loss of 4,960,000 dlrs, or 80 cts a
  share vs a gain of 4,404,000 dlrs, or 71 cts a share for the
  year
      NOTE: 1985 earnings exclude losses from discontinued
  unconsolidated operations of 5,488,000 dlrs, or 89 cts a share
  in each period
      1985 earnings exclude gain from termination of defined
  benefit pension plan of 490,000 dlrs, or eight cts a share in
  the quarter and 1,438,000 dlrs, or 23 cts a share for the year
  

"
training/3603	12	earn	"<PMI FUND INC> SETS MONTHLY DIVIDENDS
  PMI Fund Inc said its board declared
  monthly dividends of six cts for April, four cts for May, five
  cts for June, seven cts for July and six cts for August.
      The fund, which customarily omits dividends in March and
  September, last paid six cts in February.  Dividends declared
  today are payable April Three, May Six, June Four, July Three
  and August Six to holders of record March 23, April 17, May 15,
  June 12 and July 17.
  

"
training/3604	12	earn	"MERRY-GO-ROUND ENTERPRISES INC <MGRE> 4TH QTR
  Jan 31 end
      Shr 51 cts vs 38 cts
      Net 3,254,000 vs 2,423,000
      Sales 65.9 mln vs 51.1 mln
      Year
      Shr 1.18 dlrs vs 1.15 dlrs
      Net 7,485,000 vs 7,285,000
      Sales 207.5 mln vs 164.1 mln
  

"
training/3605	12	earn	"TENERA LP <TLPZV> SETS INITIAL QUARTERLY
  TENERA LP said it will make an
  initial quarterly distribution of 17 cts per unit on April 15
  to holders of record March 31.
      The partnership said the dividend is greater than it had
  expectd to pay and was warranted by fourth quarter results and
  anticipated results for this year's first quarter.
      TENERA said it expects a comparable distribution for the
  second quarter.  It said about 13 cts per share of the first
  quarter amount will be taxable income.
  

"
training/3607	0	acq	"HANSON <HAN> UNIT TO SELL KAISER TERMINAL/PLANT
  Hanson Industries, the U.S. arm of
  Hanson Trust PLC <HAN>, said it has proposed to sell, in
  separate transactions, Kaiser Cement's Northwest Terminals and
  Montana City plant, to Lone Star Industries Inc <LCE> and <Ash
  Grove Cement West Inc>, respectively for a total of 50.2
  mln dlrs.
      Hanson said the deals are subject to normal conditions of
  closing.
      Hanson Industries completed the purchase of Kaiser Cement
  on March 3, for about 250 mln dlrs.
      Hanson said Kaiser Cement is now an indirect wholly owned
  unit of Hanson Trust and forms part of its building products
  group.
      ""These sales are a continuation of an asset redeployment
  program at Kaiser Cement and will allow Kaiser to concentrate
  its efforts in the California marketplace, where it is the
  largest cement producer and holds a premiere market position,""
  Hanson Industries chairman Gordon White said.
  

"
training/3609	10	crude	"ECUADOR OFFICIAL SEEKS OIL AID IN VENEZUELA
  Ecuador's deputy energy minister
  Fernando Santos Alvite arrived here last night for talks on
  further Venezuelan assistance to his country's oil industry
  following last week's earthquake, officials said.
      Ecuador was obliged to suspend crude oil exports for an
  expected five months as a result of damage to 25 miles of
  pipeline linking its jungle oil fields with the Pacific port of
  Balao. Oil normally accounts for 60 pct of its exports.
      Fellow OPEC member Venezuela has already agreed to lend
  Ecuador five mln barrels of crude, to be repaid in kind after
  180 days, to help meet its domestic consumption needs.
  

"
training/361	0	acq	"SCIENTIFIC MICRO SYSTEMS <SMSI> ACUIRES SUPERMAC
  Scientific Micro Systems Inc said it
  has acquired Supermac Technology, a rapidly growing supplier of
  enhancement products and disc drive subsystems for the Apple
  personal computer market.
      Scientific Micro said it acquired all the common stock of
  Supermac in exchange for 1.05 mln shares of its own common
  stock. The stock closed at 5.50 dlrs bid on Friday.
      Supermac, a privately held firm based in Mountain View,
  California, as is Scientific Micro, reported a net profit of
  300,000 dlrs on revenue of 9.5 mln dlrs in fiscal 1986. It
  expects its revenue to approximately double in 1987.
  

"
training/3611	45	sugar	"NY TRADERS SAY E.C. SOLD 71,000 TONNES  OF WHITE SUGAR AT TENDER.

  NY TRADERS SAY E.C. SOLD 71,000 TONNES  OF WHITE SUGAR AT TENDER.
  

"
training/3612	32	money-fx	"U.K. MONEY MARKET GIVEN LATE HELP OF 240 MLN STG
  The Bank of England said it provided the
  money market with unspecified late assistance of around 240 mln
  stg.
      This brings its total assistance on the day to 346 mln stg
  compared with a liquidity shortfall it estimated at a revised
  250 mln stg.
      Overnight interbank sterling was being offered at eight pct
  shortly after the Bank's announcement.
  

"
training/3616	45	sugar	" UK INTERVENTION BD SAYS EC SETS WHITE SUGAR TENDER REBATE 43.248 ECUS.

   UK INTERVENTION BD SAYS EC SETS WHITE SUGAR TENDER REBATE 43.248 ECUS.
  

"
training/3619	12	earn	"BAYER USA <BAYRY> AFFILIATES INCREASED SALES
  Bayer USA Inc said sales of its
  affiliated operating cmpanies based in the U.S. increased in
  1986 by 4.4 pct from the previous year.
      Combined sales were 4.2 billion dlrs, up from 4.0 billion
  dlrs in 1985, the company said.
      However, the company said net income was 106.9 mln dlrs,
  three pct below 1985.
      Bayer said its operating companies include Mobay Corp,
  Miles Laboratories Inc, Agfa-Gevaert Inc, Compugraphic Corp,
  Haarmann and Reimer Corp, Deerfield Urethane Inc and Helena
  Chemical Co.
      Bayer said Mobay, its primary chemicals company, reported
  net income of 83.4 mln dlrs, up eight pct of 1985. It also said
  Miles, its pharmaceutical and healthcare company, recorded
  net income of 29 mln dlrs, a 44 pct increase over 1985.
  

"
training/362	0	acq	"AMERICAN EXPRESS <AXP> VIEWING SHEARSON OPTIONS
  American Express Co, rumored to be
  considering a spinoff of part of Shearson Lehman Brothers Inc,
  said it is studying a range of options for its brokerage unit
  that could improve Shearon's access to capital and help it meet
  broadening international competition.
      In a joint statement, American Express and Shearson said
  the actions under consideration are an integral part of
  American Express' worldwide financial services strategy and
  that the two companies have been having both internal and
  external discussions on the matters.
      American Express said no decision has been reached on the
  strategic options and that it and Shearson could ultimately
  decide to follow growth plans already in place.
      Last week, rumors circulated on Wall Street that the
  financial services giant was considering a spinoff of part of
  Shearson and there was speculation it may be considering
  selling a stake to a Japanese firm. Analysts said the
  speculation also focused on American Express selling 20 pct of
  the profitable brokerage firm to the public.
      There was some speculation that American Express had also
  considered a total spinoff of Shearson, but the plan was
  considered highly unlikely, analysts said.
       American Express said in the statement on Sunday that it
  will not comment on rumors and speculation and a spokesman
  would not go beyond the statement. The company also remained
  silent last Thursday and Friday, as rumors drove American
  Express stock up a total of 5-1/2 dlrs in two days to bring it
  to a Friday close at 74.
       It said it issued the statement on Sunday because a
  similar statement was being circulated to employees.
      Analysts have been divided on whether it makes sense for
  American Express to give up a stake in the wholly-owned
  brokerage, which improved its after-tax earnings by about 50
  pct in the last year.
      Some analysts said American Express may consider spinning
  off part of Shearson because it is concerned that its stock
  price does not fully reflect the value of the brokerage firm.
       Shearson contributed 316 mln dlrs of American Express'
  1.25 billion dlr net in 1986.
      American Express' ambitious plans for international growth
  may be also enhanced by the added cash that spinning out part
  of Shearson would bring. Analysts speculated that all of
  Shearson would have a market value of about 3.5 billion dlrs.
      To some however, the need for added capital is puzzling.
  ""(American) Express is in a position where they can raise
  capital if they need to,"" said Larry Eckenfelder of
  Prudential-Bache Securities.
      Analysts said rumors were fed by the reorganization of
  Shearson management Wednesday. Chief operating officer Jeffrey
  Lane got the added, previously vacant, post of president.
       The reorganization also created four new positions for
  chairmen of Shearson's operating divisions, a move analysts
  speculated would allow Shearson to be a stand alone company.
       Analysts, contacted on Sunday said the statement does
  little to clarify last week's market speculation. It does
  confirm, however, that the financial services firm, which
  unsuccessfully attempted to expand Shearson with a major
  acquisition last year, is looking beyond its own walls for
  growth and positioning in the global market competition.
      Late last year, Shearson's takeover offer to the E.F.
  Hutton Group Inc was rejected by Hutton, and analysts said
  there had been speculation that Shearson also was rebuffed when
  it approached another major Wall Street brokerage.        
  

"
training/3620	12	earn	"DEB SHOPS INC <DEBS> SETS STOCK SPLIT
  Deb Shops Inc said its board
  declared a 100 pct stock dividend and will increase the
  quarterly dividend to four cts from 3-1/4 cts after adjustm,ent
  for the split.
      The company said the split is payable April 17 to holders
  of record March 25.  The dividend increase will be effective
  with the April 30 payment, it said.
  

"
training/3621	28	lei	"CANADA LEADING INDICATOR UP 0.4 PCT IN DECEMBER, AFTER 0.4 PCT NOVEMBER GAIN - OFFICIAL

  CANADA LEADING INDICATOR UP 0.4 PCT IN DECEMBER, AFTER 0.4 PCT NOVEMBER GAIN - OFFICIAL
  

"
training/3622	0	acq	"CONTINENTAL HEALTH <CTHL> PURCHASES MARKETECH
  Continental Health
  Affiliates Inc said that it has acquired <Marketech Inc>, an 80
  pct partner in <Diatronics Nutrition Services>.
      Continental said Diantronics Nutrition Services is a joint
  venture with physicians providing patient-ready home infusion
  therapy products and services to outpatients of five northern
  New Jersery hospitals representing over 1,900 inpatient beds.
      Continental said the terms of the deal were not disclosed.
  

"
training/3623	12	earn	"VISUAL GRAPHICS SETS DIVIDENDS
  Visual Graphics Corp <VGCA> <VGCB>
  said its board declared a quarterly dividend of 7-1/2 cts per
  share on its class ""B"" common stock and 8-1/4 cts per share on
  class ""A"" common stock payable April Three to shareholders of
  record as of March 23.
       The company set up the two classes of common stock in
  February. Previously, the company had paid a 7-1/2 cent per
  share quarterly dividend on one class of common stock.
  

"
training/3624	12	earn	"DEB SHOPS INC <DEBS> 4TH QTR JAN 31 NET
  Shr 71 cts vs 57 cts
      Net 5,457,000 vs 4,299,000
      Sales 62.9 mln vs 50.1 mln
      Year
      Shr 1.65 dlrs vs 1.37 dlrs
      Net 12.6 mln vs 10.4 mln
      Sales 181.4 mln vs 147.1 mln
  

"
training/3625	16	gold	"SIGMA MINES DETAILS GOLD ORE RESERVES
  <Sigma Mines (Quebec) Ltd>, 65 pct
  owned by Dome Mines Ltd <DM>, said its Sigma Mine had proven
  and probable reserves at the end of 1986 of 4,902,940 tons,
  with an average grade of 0.139 ounces of gold a ton.
      Sigma said the reserves are equivalent to 10 years future
  production at current milling rates.
      The reserves comprise 1,640,779 tons proven reserves
  grading an average of 0.163 ounces of gold a ton and 3,262,161
  tons probable reserves grading an average of 0.127 ounces of
  gold a ton.
      Sigma said it changed its 1986 reserve reporting method
  following Dome Mines previously reported move to adopt general
  industry practice of reporting proven and probable ore
  reserves.
      Prior to 1986, Sigma conservatively reported only proven
  reserves that could be mined without future development costs.
      Proven reserves as of December 31, 1985 were 978,000 tons
  grading an average of 0.194 ounces of gold a ton, equivalent to
  about two years future production.
  

"
training/3626	12	earn	"REGENCY CRUISES INC <SHIP> 4TH QTR NET
  Shr profit nine cts vs loss two cts
      Net profit 1,419,000 vs loss 314,000
      Revs 8,097,000 vs 4,794,000
      Avg shrs 15.8 mln vs 15.5 mln
      Year
      Shr profit 37 cts vs loss 10 cts
      Net profit 5,695,000 vs loss 1,268,000
      Revs 40.9 mln vs 4,794,000
      Avg shrs 15.6 mln vs 12.5 mln
      NOTE: Company began operations Nov 17, 1985.
  

"
training/3629	12	earn	"SEAMAN FURNITURE CO INC <SEAM> 3RD QTR JAN 31
  Shr 64 cts vs 51 cts
      Net 4,373,000 vs 3,346,000
      Sales 59.8 mln vs 45.5 mln
      Avg shrs 6,808,000 vs 6,600,000
      Nine mths
      Shr 1.57 dlrs vs 1.18 dlrs
      Net 10.7 mln vs 7,745,000
      Sales 167.0 mln vs 123.1 mln
  

"
training/3630	12	earn	"NOVO INDUSTRI EARNINGS FALL DESPITE INCREASED SALES
  Danish-based insulin and enzymes
  producer Novo Industri A/S (NVO.CO) said pre-tax earnings fell
  almost 10 pct in 1986 though sales rose by two pct.
      The pre-tax figure fell to 788 mln crowns from 872 mln in
  1985, on sales increased from 4.1 billion to 4.2 billion,
  giving net earnings of 521 mln crowns against 604 mln in 1985.
      Earnings per 20-crown share went from 23.79 crowns to 20.45
  crowns but the company proposed an unchanged 20 pct dividend.
      ""Foreign exchange fluctuations in 1986 were a very
  significant factor behind developments in the result before and
  after tax,"" Novo said in a statement.
      ""Not only the U.S. Dollar but also other currencies
  essential to Novo fell in 1986 in relation to the Danish crown,""
  the statement added.
      In November 1986, Novo purchased 75 pct of shares in A/S
  Ferrosan, which heads a group specialising in research and
  development of CNS (central nervous treatment) treatments and
  the sale of pharmaceuticals and vitamins in Scandinavia.
      The 357 mln crowns paid in goodwill ""had a very limited
  effect on the 1986 result,"" the Novo statement said.
  

"
training/3631	12	earn	"SCS/COMPUTE INC <SCOM> 3RD QTR JAN 31 LOSS
  Shr loss 30 cts vs loss 43 cts
      Net loss 891,000 vs loss 969,000
      Revs 1,930,000 vs 1,815,000
      Avg shrs 2.9 mln vs 2.2 mln
      Nine Mths
      Shr loss one dlr vs loss 1.36 dlrs
      Net loss 2,622,000 vs loss 3,037,000
      Revs 4,638,000 vs 4,105,000
      Avg shrs 2.6 mln vs 2.2 mln
  

"
training/3632	0	acq	"SECURITIES DEALER HAS LEASEWAY <LTC> STAKE
  Alpine Associates, a Cresskill, N.J.
  securities dealer, told the Securities and Exchange Commission
  it has acquired 565,100 shares of Leaseway Transport
  Corp, or 5.9 pct of the total outstanding common stock.
      Alpine, a limited partnership, said it bought the stock for
  28.1 mln dlrs as an investment in the ordinary course of its
  business as a securities dealer.
      It left open the possibility that it might buy more
  Leaseway stock or sell some or all of its current stake, but
  said it has no plans to seek control of the company.
  

"
training/3633	12	earn	"EMPIRE OF CAROLINA INC <EMP> YEAR NET
  Shr 1.26 dlrs vs 67 cts
      Net 7,299,000 vs 3,607,000
      Revs 52.4 mln vs 40.7 mln
      Avg shrs 6,028,755 vs 2,408,766
      NOTE: 1985 results restated to include Deltona Corp <DLT>
  investment on equity method.
  

"
training/3634	12	earn	"VHC LTD <VHCL> 4TH QTR OPER NET
  Oper shr profit 18 cts vs loss one ct
      Oper net profit 387,832 vs loss 29,312
      Revs 6,872,630 vs NA
      Year
      Oper shr profit 39 cts vs loss 23 cts
      Oper net profit 835,010 vs loss 441,836
      Revs 20.8 mln vs NA
      Avg shrs 2,135,909 vs 1,885,909
      NOTE: Excludes gains of 378,000 dlrs or 18 cts and 715,000
  dlrs or 33 cts in current qtr and year, respectively, from
  benefit of tax loss carryforwards. Year-ago excludes losses of
  75,809 dlrs or four cts in qtr and 146,061 dlrs or eight cts in
  year from discontinued operations. 1985 restated.
  

"
training/3637	12	earn	"TRANSTECH INDUSTRIES INC <TRTI> YEAR NET
  Oper shr 91 cts vs seven cts
      Oper net 4,356,774 vs 289,764
      Revs 69.2 mln vs 50.2 mln
      Avg shrs 4,736,692 vs 4,151,672
      NOTE: 1985 net excludes 3,027,714 dlr loss from
  discontinued operations.
  

"
training/3639	45	sugar	"THAI SUGAR PRODUCTION INCREASES
  Thai sugar production totalled 960,788
  tonnes in January, an increase of 12.7 pct on January 1986,
  according to figures received by the International Sugar
  Organization.
      November and December production figures also exceeded last
  year's totals with the result that output in the first three
  months of the season showed a 23.1 pct increase over 1985/86.
  Production in the November 1986 to January 1987 period totalled
  1.29 mln tonnes.
      Thai exports in December and January were down, however.
  January exports fell from 73,164 to 35,910 tonnes.
      Domestic consumption increased 7.3 pct to 192,069 tonnes
  for the three month period, but this was not sufficient to
  prevent a significant rise in stocks, which climbed to 1.62 mln
  tonnes by the end of January, compared with 1.52 mln a year
  earlier.
      Thai Agricultural Ministry officials have previously
  forecast a decline in 1986/87 raws output to around 2.3 mln
  tonnes from 2.48 mln in 1985/86.
  

"
training/3640	28	lei	"CANADA DECEMBER LEADING INDICATOR UP 0.4 PCT
  Canada's leading composite indicator
  advanced 0.4 pct in December after gaining 0.4 pct in the two
  previous months, Statistics Canada said.
      The unfiltered index rose 0.8 pct in the month, a
  turnaround from the 0.3 pct decline in November, the federal
  agency said.
      The manufacturing groups continued to post advances while
  goods production rose 1.6 pct, the third increase in the last
  four months. The advances, however, were offset by a
  deceleration in household demand.
  

"
training/3643	12	earn	"ANOVA VENTURES SETS DIVIDEND IN DUEVEL SHARES
  <ANova Ventures Corp> said its board
  declared a dividend payable in the form of registered shares of
  stock in <Duvel Corp>, a blind public pool.
      ANova describes itself as a publishing and financial
  services firm specializing in arranging revers acquisitions and
  mergers between blind pools/shells and private companies.
      ANova said it created Duvel to act as a blind pool and will
  seek an operating private company to merger with Duvel. Duvel
  has sold 300,000 common shares to a private investor group to
  finance expenses of registration and 640,000 shares will be
  paid to ANova stockholders as a dividend, it added.
  

"
training/3645	0	acq	"CHRYSLER <C> DEAL LEAVES UNCERTAINTY FOR AMC WORKERS
  Chrysler Corp's 1.5 billion dlr bid to
  takeover American Motors Corp <AMO> should help bolster the
  small automaker's sales, but it leaves the future of its 19,000
  employees in doubt, industry analysts say.
      It was ""business as usual"" yesterday at the American Motors
  headquarters, one day after the proposed merger was unveiled by
  Chrysler and AMC's French parent Renault, according to company
  spokesman Edd Snyder.
      But AMC's future, to be discussed at a board meeting today,
  would be radically different as a Chrysler subsidiary than if
  it had continued with the state-run French car group as its
  controlling shareholder.
      Industry analysts said the future of AMC's car assembly
  plant in Kenosha, Wis., and its Toledo, Ohio, Jeep plant would
  be in doubt if the overcapacity predicted in the North American
  auto industry by the early 1990s comes to pass.
      Both plants are far from ""state of the art"" for car
  manufacturing sites, and AMC has a history of poor labor
  relations at each.
      ""Chrysler doesn't need that many new plants,"" said Michael
  Luckey, automotive analyst for the Wall Street firm Shearson
  Lehman Brothers. ""They probably will close the Toledo plant and
  move Jeep production to Canada.""
      Ronald Glantz of Montgomery Securities said that at the
  very least, the new owner of the Toledo plant would be able to
  wring concessions from the United Automobile Workers union
  local representing Jeep workers.
      ""The UAW won't be able to hold them up for ransom as they
  have AMC because during a down year, Chrysler will have
  underutilized facilities to transfer production,"" he said.
      Analysts said they foresaw no major complications that
  would abort a combination which historians said would be the
  auto industry's biggest merger since American Motors was formed
  in 1954.
      AMC was in need of a financial savior because of its losses
  of more than 800 mln dlrs since 1980 and pressures in France
  for Renault to cut its backing. The company had said it could
  not forecast consistent profitability until 1988 at the
  earliest.
      In announcing the takeover agreement, Chrysler chairman Lee
  Iacocca cited AMC's Jeep division as well as its new 675 mln
  dlr assembly plant at Bramalea, Ontario, and its network of
  1,200 dealers as the major attractions.
      Analysts reasoned that Chrysler might feel moved eventually
  to sell off or close some of the older plants to cut overhead
  costs in view of the new debts and liabilities it would incur
  in the AMC buyout.
  

"
training/3647	12	earn	"NUCOR CORP <NUE> RAISES QUARTERLY
  Qtly div nine cts vs eight cts prior
      Pay May 12
      Record March 31
  

"
training/3649	12	earn	"<KELSEY-HAYES CANADA LTD> YEAR NET
  Shr 1.60 dlrs vs 3.12 dlrs
      Net 10.6 mln vs 20.6 mln
      Revs 162.5 mln vs 214.6 mln
      Note: 1985 shr restated to reflect January 31, 1986 stock
  split.
      73 pct-owned by Kelsey-Hayes Co.
  

"
training/3651	12	earn	"RIGGS NATIONAL CORP <RIGS> SETS QUARTERLY
  Qtly div 27-1/2 cts vs 27-1/2 cts prior
      Pay April 15
      Record March 31
  

"
training/3652	0	acq	"<PACER SYSTEMS> TO MAKE ACQUISITION
  Pacer Systems said it has
  agreed in principle to acquire the assets of Sea Data Corp, a
  maker of low-powered electronic systems including undersea
  intelligent recording sensors and high-density digital data
  recorders, for one mln dlrs.
  

"
training/366	0	acq	"ROPAK <ROPK> HAS 34 PCT OF BUCKHORN <BKN>
  Ropak Corp said it received
  and accepted about 456,968 common shares and 527,035 Series A
  convertible preferred shares of Buckhorn Inc at four dlrs and
  5.75 dlrs each respectively in response to its tender offer
  that expired Friday, and it now owns 34.4 pct of Buckhorn
  voting power.
      The company had owned 63,000 common and 25,100 preferred
  shares before starting the hostile tender.  Ropak said it is
  borrowing the funds needed to buy the Buckhorn shares from its
  bank lender and will not need to use any funds that another
  bank had committed to provide under a margin loan.
      Ropak said it waived minimum acceptance requirements to buy
  the shares and intends to evaluate a number of possible ways of
  completing an acquisition of Buckhorn.  It said it hopes that
  Buckhorn's board will reevaluate its position and enter into
  meaningful negotiations.
  

"
training/3660	40	reserves	"SPAIN QUALIFIES RESERVE REQUIREMENTS STATEMENT
  A Bank of Spain spokesman qualified a
  bank statement announcing an extension of reserve requirements
  to convertible peseta funds held by banks, saying the move
  applied only to future rises above current balances.
      ""The 19 pct reserve requirement will only be applied to
  further increases in bank's convertible peseta funds,"" the
  spokesman said. Convertible peseta funds previously were exempt
  from reserve requirements. The spokesman said the measure was
  intended to curb an influx of short-term foreign speculative
  capital which threatened the government's money supply growth
  target.
  

"
training/3661	33	money-supply	"SPAIN'S MONEY SUPPLY GROWTH DOUBLES IN FEBRUARY
  Spain's broad based M-4 money supply
  rose at an annualised rate of 16.7 pct in February against 8.1
  pct in January and 22.4 pct in February last year, Bank of
  Spain figures show.
      The broad-based money supply is measured as liquid assets
  in public hands plus quasi-monetary assets.
      Money supply growth was 11.4 pct last year. The government
  wants to reduce the rate to eight pct this year.
  

"
training/3666	32	money-fx	"DEALERS WARY OVER STERLING INTERVENTION RUMOUR
  Foreign exchange market rumours that the
  the Bank of England has been selling sterling to halt its rise
  prompted a wary response from dealers who said they saw no
  obvious confirmation, market sources said.
      Bank of England officials were not immediately available
  for comment. Earlier this week, the Bank sanctioned a cut in
  bank interest rates in a surprise move, which aimed at limiting
  sterling's rise ahead of the March 17 budget.
      But today the pound has strengthened to 72.7 on its
  trade-weighted index from 72.1 last night, though the U.K.
  Currency is below its day's high against the dollar.
  

"
training/3667	12	earn	"TELEPHONE SUPPORT SYSTEMS INC <TSSI> 3RD QTR
  Nov 30 end
      Shr four cts vs 11 cts
      Net 62,986 vs 174,158
      Sales 720,906 vs 907,542
      Year
      Shr 18 cts vs six cts
      Net 277,852 vs 94,263
      Sales 2,247,374 vs 2,030,390
  

"
training/3668	12	earn	"NETWORK VIDEO INC <NVID> 3RD QTR FEB 28 NET
  Shr one ct vs five cts
      Net 50,745 vs 161,019
      Revs 478,700 vs 1,048,543
      Avg shrs 4,350,000 vs 3,217,500
      Nine mths
      Shr four cts vs 12 cts
      Net 169,275 vs 390,179
      Revs 1,478,066 vs 2,658,692
      Avg shrs 4,350,000 vs 3,217,500
  

"
training/3669	12	earn	"COMTECH INC <CMTL> 2ND QTR JAN 31 NET
  Oper shr profit one ct vs profit two cts
      Oper net profit 63,000 vs profit 84,000
      Sales 5,009,000 vs 4,042,000
      1st half
      Oper shr profit two cts vs loss 17 cts
      Oper net profit 87,000 vs loss 794,000
      Sales 9,838,000 vs 7,368,000
      Backlog 17.8 mln vs 11.4 mln
      NOTE: Current year net excludes tax credits of 32,000 dlrs
  in quarter and 45,000 dlrs in half.
  

"
training/3672	12	earn	"BALTEK CORP <BTEK> 4TH QTR NET
  Oper shr 21 cts vs 34 cts
      Oper net 480,000 vs 765,000
      Revs 6,386,000 vs 5,862,000
      Year
      Oper shr 1.20 dlrs vs 78 cts
      Oper net 2,692,000 vs 1,732,000
      Revs 25.2 mln vs 20.3 mln
      NOTEL Net excludes tax credit 35,000 dlrs vs reversal of
  credit 40,000 dlrs in quarter and credits 79,000 dlrs vs 72,000
  dlrs in year.
  

"
training/3673	0	acq	"SAHLEN AND ASSOCIATES <SALNU> COMPLETES PURCHASE
  Sahlen and Associates Inc
  said it has completed the purchase of Gleason Securities
  Service Inc of New York and Gleason Plant Security Inc of
  Connecticut.
      Sahlen said the deal's terms were not disclosed, but added
  that the acquired companies had combined annual revenues of
  over 18 mln dlrs.
      Sahlen, a private invetigation company, said the Gleason
  companies provide security guard services to corporations in
  the tri-state area.
  

"
training/3674	12	earn	"MEM CO INC <MEM> DECLARES QTLY DIV
  Qtly div 15 cts vs 15 cts prior
      Pay May 11
      Record March 31.
  

"
training/3676	12	earn	"INSITUFORM OF NORTH AMERICA INC <INSUA> 4TH QTR
  Shr nine cts vs four cts
      Net 658,159 vs 299,930
      Revs 3,770,341 vs 2,614,224
      Avg shrs 7,382,802 vs 6,747,442
      Year
      Oper shr 33 cts vs 18 cts
      Oper net 2,287,179 vs 1,045,799
      Revs 13.1 mln vs 8,577,853
      Avg shrs 6,874,505 vs 5,951,612
      NOTE: 1985 year net includes 13,000 dlr tax credit.
  

"
training/3680	12	earn	"MAJOR REALTY CORP <MAJR> 4TH QTR LOSS
  Shr loss 19 cts vs profit 11 cts
      Net loss 1,140,270 vs profit 590,463
      Revs 1,259,164 vs 3,225,512
      Year
      Shr loss 67 cts vs profit 10 cts
      Net loss 4,004,840 vs profit 580,488
      Revs 3,184,480 vs 9,123,041
  

"
training/3681	12	earn	"NUTMEG INDUSTRIES INC <NUTM> YEAR JAN 31 NET
  Shr 14 cts
      Net 510,917
      Sales 12.3 mln
      NOTE: Share adjusted for five for four stock split in
  January 1987.
      Backlog 13.0 mln dlrs vs 3,733,000 dlrs.
      Company began operating January 27, 1986.
  

"
training/3684	0	acq	"HENRY ANSBACHER HAS 51 PCT OF ADAMS AND PORTER INC
  <Henry Ansbacher Holdings Plc> said it
  has acquired a 51 pct interest in the U.S. Retail and general
  corporate insurance broker <Adams and Porter Inc>.
      The move is the first step in building a new international
  insurance broking group following the appointment of a new
  management team for its Seascope Insurance Holdings unit.
      Ansbacher said A and P has exciting growth potential,
  particularly on the east coast of the U.S. And has an annual
  revenue of more than four mln dlrs. Ansbacher shares were up
  4-1/2p to 90-1/2, helped by the announcement earlier today of a
  1986 pretax profit rise to 5.56 mln stg from 2.74 mln in 1985.
  

"
training/3688	12	earn	"NATWEST, RABO UNIT REPORTS 8.8 PCT PROFIT GROWTH
  Dutch bank F. Van
  Lanschot Bankiers N.V., Co-owned by National Westminster PLC
  <NWBL.L> and RABOBANK B.A. <RABN.A> , said 1986 net profit rose
  8.8 pct to 24.1 mln guilders on a 4.8-pct higher balance sheet
  total of 6.2 billion.
      Van Lanschot Bankiers is a subsidiary of Van Lanschot
  Beleggingscompagnie B.V. In which Britain's National
  Westminster Bank PLC and Dutch cooperative bank RABOBANK
  Nederland B.A. Each have a 40-pct stake. Commercial Union's
  Dutch insurance unit <Delta Lloyd Verzekeringsgroep N.V.> has a
  5.4-pct stake in Van Lanschot, which lowered risk provisions to
  22.5 mln guilders.
  

"
training/369	0	acq	"PENRIL <PNL> SEEKS TO SELL TWO UNITS
  Penril Corp said it is seeking to
  sell its Triplett Electrical Instrument Corp subsidiary in
  Bluffton, Ohio, and Triplett's Alltest division in Hoffman
  Estates, Ill., as part of a plan to concentrate on its three
  profitable division and reduce its debt load.
      The company also said it is evaluating a plan to satisfy
  its obligations under its 10-7/8 pct subordinated notes but
  gave no details.  Interest on the notes is due today.
      Penril further said director Clifford L. Alexander Jr. has
  resigned from the board.  It gave no reason.
      Penril said shareholders at the annual meeting approved the
  limitation of directors' liability.   
  

"
training/3694	32	money-fx	"FED EXPECTED TO ADD RESERVES
  The Federal Reserve is expected to
  intervene in the government securities market to add temporary
  reserves via customer or system repurchase agreements,
  economists said.
      Most economists said the Fed will inject reserves
  indirectly via customer repurchases, but they added that the
  Fed might opt for a direct injection of reserves via overnight
  system repurchases.
      Federal funds opened at 6-3/8 pct and eased to 6-5/16 pct
  in early trading. Funds averaged 6.29 pct yesterday.
  

"
training/3695	12	earn	"BEN AND JERRY'S HOMEMADE INC <BJIC> 4TH QTR NET
  Shr 10 cts vs two cts
      Net 163,832 vs 31,063
      Sales 5,434,430 vs 3,167,735
      Avg shrs 1,712,231 vs 1,533,277
      Year
      Shr 59 cts vs 41 cts
      Net 1,016,375 vs 550,625
      Sales 19.7 mln vs 9,755,018
      Avg shrs 1,710,256 vs 1,327,172
  

"
training/3697	12	earn	"BONNEVILLE PACIFIC CORP <BPCO> 3RD QTR JAN 31
  Shr 52 cts vs 41 cts
      Net 4,921,601 vs 3,157,070
      Revs 35.8 mln vs 31.7 mln
      Avg shrs 8,939,955 vs 7,600,000
      Nine mths
      Shr 52 cts vs 34 cts
      Net 4,604,406 vs 2,585,621
      Revs 36.0 mln vs 32.1 mln
      Avg shrs 8,939,955 vs 7,600,000
  

"
training/3699	12	earn	"JC PENNEY <JCP> UP ON SMITH BARNEY OPINION
  J.C. Penney Co's stock rose sharply 
  after analyst William Smith of Smith Barney recommended the
  stock, based on the company's strong earnings momentum and the
  possibility of a stock buyback, dividend hike or stock split,
  traders said.
      ""I am very impressed with the strong basic earnings story,""
  analyst Smith said, noting that the company has ""fine tuned its
  buying and inventories, and has admirably controlled costs in a
  time that they needed to.""
      The stock jumped 2-1/2 to 98-3/4.
      Smith said the company ended 1986 with a strong cash
  position of about 639 mln dlrs as compared to 158 mln dlrs the
  year before. ""This implies the possibility of a share buyback,
  or significant dividend increase or a stock split,"" he said.
      In addition, he said the company has been gradually
  adjusting its merchandise mix and its gross margins have been
  improving.
      Smith expects the company to earn 8.25-to-8.50 dlrs a share
  in 1987 as compared to the 7.06 dlrs a share earned last year.
  Last year's results include a 69 cent charge for the buyback of
  debt.
  

"
training/37	12	earn	"COMPUTER LANGUAGE RESEARCH IN <CLRI> 4TH QTR
  Shr loss 22 cts vs loss 18 cts
      Net loss 3,035,000 vs loss 2,516,000
      Revs 20.9 mln vs 19.6 mln
      Qtly div three cts vs three cts prior
      Year
      Shr profit two cts vs profit 34 cts
      Net profit 215,000 vs profit 4,647,000
      Revs 93.4 mln vs 98.7 mln
      NOTE: Dividend payable April one to shareholders of record
  March 17.
  

"
training/3701	45	sugar	"GERMAN SUGAR OFFERS PUT AT ABOUT 100,000 TONNES
  The West German intervention board said
  about 100,000 tonnes of sugar have been offered into
  intervention so far.
      A spokesman, speaking from Frankfurt, told Reuters offers
  have increased recently but contracts have not yet been
  concluded. A European Commission spokesman in Brussels earlier
  confirmed that one mln tonnes of sugar had been offered to
  intervention boards in various member states. The intervention
  board spokesman in Frankfurt said, ""One million tonnes is an
  awful lot and the Community's coffers are almost empty. This
  could turn into a serious political problem.""
      West German trade sources said they believed the one mln
  tonne offer by the EC sugar industry into intervention would
  have a neutral market impact overall.
  

"
training/3702	22	interest	"BANKERS TRUST CO RAISES BROKER LOAN RATE
  Bankers Trust Co said it raised its
  broker loan rate to 7-1/4 pct from seven pct, effective
  immediately.
      U.S. Trust Co, which also quotes its broker loan rate
  publicly, is posting a 7-1/2 pct rate.
  

"
training/3704	16	gold	"SIGMA MINES DETAILS GOLD ORE RESERVES
  <Sigma Mines (Quebec) Ltd>, 65 pct
  owned by Dome Mines Ltd, said its Sigma Mine had proven and
  probable reserves at the end of 1986 of 4,902,940 tons, with an
  average grade of 0.139 ounces of gold a ton.
      Sigma said the reserves are equivalent to 10 years future
  production at current milling rates.
      The reserves comprise 1,640,779 tons proven reserves
  grading an average of 0.163 ounces of gold a ton and 3,262,161
  tons probable reserves grading an average of 0.127 ounces of
  gold a ton.
      Sigma said it changed its 1986 reserve reporting method
  following Dome Mines' previously reported move to adopt general
  industry practice of reporting proven and probable ore
  reserves.
      Prior to 1986, Sigma conservatively reported only proven
  reserves that could be mined without future development costs.
      Proven reserves as of December 31, 1985 were 978,000 tons
  grading an average of 0.194 ounces of gold a ton, equivalent to
  about two years future production.
  

"
training/3707	0	acq	"MOORE MCCORMACK <MMC> TO SELL GLOBE UNIT
  Moore McCormack Resources Inc said it
  agreed in principle to sell its Globe Metallurgical Inc unit to
  Cyprus Minerals Co <CYPM> for undisclosed terms.
      The sale, expected to close by mid-April, is subject to
  certain conditions, including board approval at both companies.
      Globe produces silicon metals and magnesium ferrosilicon.
  The products are used in the chemical, aluminum, iron, rubber
  and semiconductor industries.
  

"
training/3708	19	housing	"U.S. HOSUING COMPLETIONS FELL 0.2 PCT IN JANUARY
  U.S. Completions of new homes fell
  0.2 pct in January to a seasonally adjusted rate of 1.884 mln
  units from 1.888 mln in December, the Commerce Department said.
      The January fall came after a strong 6.4 pct rise from
  November's rate of 1.774 mln units and brought completions to
  6.7 pct above the January, 1986 level of 1.765 mln units.
      In January, completions of single-family units rose 0.4 pct
  to a seasonally adjusted 1.183 mln units from 1.178 mln units
  in December while multi-family units fell 1.3 pct to 701,000
  units in January, the department said.
  

"
training/371	0	acq	"<DALE BURDETT INC> FACES DAMAGE CLAIM
  Dale Burdett Inc said it
  faces damages claims totalling about 420,000 dlrs from the
  former owners of Burdett Publications Inc.
      The company said on February 20, 1986, its predecessor
  Nolex Development Inc acquired Burdett Publications Inc in an
  exchange of 17 mln common shares for all Burdett Publications
  shares, but the transaction was not qualified with the
  California Department of Corporations.
      As a result, it said, the former Burdett Publications
  owners have a claim for damages against Dale Burdett as
  successor to Nolex for one yuear starting January 21, 1987,
  with the damages measured by the difference in values of shares
  exchanged plus interest from February 20, 1986.
  

"
training/3711	0	acq	"U.S. JUSTICE DEPARTMENT REVIEWS ICAHN USAIR FILING
  The U.S. Department of Justice (DOJ)
  is reviewing whether Trans World Airlines Inc <TWA> and
  Chairman Carl Icahn violated federal antitrust law by failing
  to seek advance clearance from the DOJ or the Federal Trade
  Commission for his extensive open-market purchases of USAir
  Group Inc <U> stock, a DOJ official told a Senate panel.
      ""This is a matter that is being looked into,"" Charles Rule,
  acting assistant attorney general-antitrust, told the Senate
  Judiciary Committee's Antitrust Subcommittee.
      Rule declined further comment while the review was
  continuing.
      Rule was responding to panel Chairman Howard Metzenbaum
  (D-Ohio), who had asked why the department was not acting
  against ""what appears to be a clear violation of the law.""
      Metzenbaum said Icahn had failed to file a pre-merger
  notification form with the FTC prior to purchasing more than 15
  mln dlrs' worth of USAir stock.
      But Rule said that, for airline companies, a purchaser
  would be exempt from the requirement if it instead had filed a
  merger application with the U.S. Department of Transportation.
      Icahn filed such an application with the DOT, but the
  filing was thrown out by the DOT on Friday.
      The DOT threw out the application late Friday on grounds it
  lacked the necessary data for the government to review the
  proposed USAir takeover bid.
      Icahn refiled a more complete application form Monday.
      Rule pledged to act against Icahn and TWA if a violation
  were found.
  

"
training/3713	12	earn	"T CELL SCIENCES INC <TCEL> 3RD QTR JAN 31 LOSS
  Shr loss one ct vs loss 16 cts
      Net loss 117,989 vs loss 528,394
      Revs 820,484 vs 35,186
      Avg shrs 8,226,577 vs 3,150,000
      Nine mths
      Shr loss seven cts vs loss 37 cts
      Net loss 527,864 vs loss 1,177,434
      Revs 1,975,487 vs 90,875
      Avg shrs 7,277,418 vs 3,150,000
  

"
training/3717	26	jobs	"DUTCH ADJUSTED UNEMPLOYMENT UNCHANGED IN FEBRUARY
  Dutch seasonally-adjusted
  unemployment totalled 690,600 people in February, unchanged
  from January but down from 732,700 in February 1986, a Social
  Affairs Ministry spokesman said.
      The unadjusted figure stood at 708,700 at the end of last
  month, a decline of 3,800 from the January total of 712,500 and
  comparing with 750,000 at the end of February last year.
  

"
training/372	0	acq	"PUROLATOR <PCC> IN BUYOUT WITH HUTTON <EFH>
  New Jersey-based overnight messenger
  Purolator Courier Corp said it has agreed to be acquired for
  about 265 mln dlrs by a company formed by E.F. Hutton LBO Inc
  and certain managers of Purolator's U.S. courier business.
      Analysts have said that Purolator has been for sale for
  some time. Purolator announced earlier it was mulling a
  takeover bid, but analysts wrongly predicted the offer was from
  another courier company.
      Hutton LBO, a wholly owned subsidiary of E.F. Hutton Group
  Inc, will be majority owner of the company.
      Hutton said the acquiring company, PC Acquisition Inc, is
  paying 35 dlrs cash per share for 83 pct of Purolator's stock
  in a tender offer to begin Thursday. The rest of the shares
  will be purchased for securities and warrants to buy stock in a
  subsidiary of PC Acquisition, containing Purolator's U.S.
  courier operations.
      If all the shares of Purolator are tendered, shareholders
  would receive for each share 29 dlrs cash, six dlrs in
  debentures, and a warrant to buy shares in a subsidiary of PC
  Acquisition containing the U.S. courier operations.
      Hutton said in the merger shareholders would get 46 mln
  dlrs aggregate amount of guaranteed debentures due 2002 of PC
  Acquisition and warrants to buy 15 pct of the common stock of
  the PC courier subsidiary. Hutton said the company has valued
  the warrants at two to three dlrs per share.
      Purolator's stock price closed at 35.125 dlrs on Friday.
  While some analysts estimated the company was worth in the mid
  30s, at least one said it would be worth 38 to 42 dlrs.
      This follows sales of two other Purolator units. It agreed
  recently to sell its Canadian Courier unit to Onex Capital for
  170 mln dlrs, and previously sold its auto filters business.
      Purolator retains its Stant division, which makes closure
  caps for radiators and gas tanks. A Hutton spokesman said the
  firm is reviewing its options on Stant.
      Purolator's courier business has been lagging that of its
  U.S. rivals because of the high price it paid in the past
  several years to add air delivery to its ground fleet.
      E.F. Hutton will provide 279 mln dlrs of its funds to
  complete the transaction. This so-called ""bridge"" financing
  will be replaced later with long-term debt most likely in the
  form of bank loans, Hutton said. Hutton LBO is committed to
  keeping the courier business, its president Warren Idsal said.
      ""Purolator lost 120 mln dlrs over the last two years
  largely due to U.S. courier operations, which we believe the
  management is turning around. We belive it will be a very
  serious competitor in the future,"" said Idsal.
      William Taggart, chief executive officer of U.S. Courier
  division, will be chief executive officer of the new company.
      The tender offer will be conditioned on a minimum of two
  thirds of the common stock being tendered and not withdrawn to
  the expiration of the offer as well as certain other conditions.
      The offer will begin Thursday, subject to clearances from
  the staff of the Interstate Commerce Commission and will expire
  20 business days after commencement unless extended.
  

"
training/3720	19	housing	"U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JAN
  Completions of new homes fell 0.2
  pct in January to a seasonally adjusted rate of 1.884 mln units
  from 1.888 mln in December, the Commerce Department said.
      The January fall came after a strong 6.4 pct rise from
  November's rate of 1.774 mln units and brought completions to
  6.7 pct above the January, 1986, level of 1.765 mln units.
      In January, completions of single-family units rose 0.4 pct
  to a seasonally adjusted 1.183 mln units from 1.178 mln units
  in December while multi-family units fell 1.3 pct to 701,000
  units in January, the department said.
  

"
training/3721	12	earn	"MITCHELL ENERGY AND DEVELOPMENT CORP <MND> NET
  4th qtr Jan 31
      Shr five cts vs 28 cts
      Net 2,448,000 vs 13.3 mln
      Revs 156.1 mln vs 225.5 mln
      Avg shrs 47.3 mln vs 47.8 mln
      Year
      Shr 18 cts vs 1.01 dlrs
      Net 8,430,000 vs 48.2 mln
      Revs 587.9 mln vs 843.9 mln
      Avg shrs 47.4 mln vs 47.9 mln
  

"
training/3723	19	housing	"U.S. HOUSING COMPLETIONS FELL 0.2 PCT IN JANUARY
  U.S. Completions of new homes fell
  0.2 pct in January to a seasonally adjusted rate of 1.884 mln
  units from 1.888 mln in December, the Commerce Department said.
      The January fall came after a strong 6.4 pct rise from
  November's rate of 1.774 mln units and brought completions to
  6.7 pct above the January, 1986 level of 1.765 mln units.
      In January, completions of single-family units rose 0.4 pct
  to a seasonally adjusted 1.183 mln units from 1.178 mln units
  in December while multi-family units fell 1.3 pct to 701,000
  units in January, the department said.
  

"
training/3729	32	money-fx	"FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS

  FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
  

"
training/3730	12	earn	"GROUNDWATER TECHNOLOGY INC <GWTI> 3RD QTR JAN 31
  Shr 19 cts vs 12 cts
      Net 850,000 vs 432,000
      Sales 9,850,000 vs 4,783,000
      Avg shrs 4,504,000 vs 3,527,000
      Nine mths
      Shr 57 cts vs 37 cts
      Net 2,400,000 vs 1,281,000
      Sales 25.2 mln vs 12.8 mln
      Avg shrs 4,233,000 vs 3,485,000
  

"
training/3734	12	earn	"SEVEN OAKS INTERNATIONAL INC <QPON> IN PAYOUT
  Qtly div four cts vs four cts prior
      Pay April 15
      Record March 23
  

"
training/3735	32	money-fx	"FED ADDS RESERVES VIA CUSTOMER REPURCHASES
  The Federal Reserve entered the U.S.
  Government securities market to arrange two billion dlrs of
  customer repurchase agreements, a Fed spokesman said.
      Dealers said Federal funds were trading at 6-5/16 pct when
  the Fed began its temporary and indirect supply of reserves to
  the banking system.
  

"
training/3738	12	earn	"PROPERTY TRUST OF AMERICA <PTRAS> YEAR NET
  Ope shr 63 cts vs 80 cts
      Oper net 3,169,000 vs 3,757,000
      Revs 9,585,000 vs 10.2 mln
      Avg shrs 5,070,000 vs 4,721,000
      NOTE: Net excludes gains from sale of investments of
  887,000 dlrs vs 304,000 dlrs.
  

"
training/374	7	cotton	"PAKISTAN COTTON OUTPUT REACHES 7.7 MLN BALES
  Pakistan cotton production during the
  current crop season (Sept/March) reached 7.7 mln bales of 375
  pounds each, up 500,000 from last season, Shafi Niaz, Chairman
  of the Agricultural Prices Commission, said.
      Official sources said Pakistan was likely to use 3.4 mln
  bales of cotton during the current financial year ending June
  after 2.96 mln in 1985/86 and 2.70 mln in 1984/85.
      They said consumption would increase due to a rise in
  demand for cotton yarn in domestic markets and abroad. Pakistan
  produced 540 mln kilos of yarn in fiscal year 1985/86 and
  exported 157 mln.
      The State-owned cotton export corporation was likely to
  export 3.8 mln bales of cotton during the current fiscal year
  compared with 3.86 mln last year, cotton traders said.
      The traders said there would be 1.3 mln bales of cotton
  carryover this fiscal year compared with just over a mln bales
  last year.
  

"
training/3740	12	earn	"CHI-CHI'S INC <CHIC> 3RD QTR JAN 31 LOSS
  Shr loss 38 cts vs profit eight cts
      Net loss 10.4 mln vs profit 2,144,317
      Revs 72.9 mln vs 67.4 mln
      Nine mths
      Shr loss 21 cts vs profit 38 cts
      Net loss 5,747,393 vs profit 10.1 mln
      Revs 224.6 mln vs 200.6 mln
      NOTE: Current year net both periods includes 20.0 mln dlr
  pretax charge for disposition of 21 underperforming
  company-owned restaurants.
      Current year net includes tax credits of 3,205,000 dlrs in
  quarter and 7,305,000 dlrs in year.
  

"
training/3741	0	acq	"CHEMLAWN CORP SAID IT IS TALKING WITH NEW SUITORS ABOUT BEING ACQUIRED

  CHEMLAWN CORP SAID IT IS TALKING WITH NEW SUITORS ABOUT BEING ACQUIRED
  

"
training/3742	12	earn	"CHI-CHI'S <CHIC> TAKES 20 MLN DLR CHARGE
  Chi-Chi's Inc said it has taken
  a 20 mln dlr pretax charge against earnings for the third
  quarter ended January 31 to cover the cost of disposing of 21
  ""underperforming"" company-owned restaurants.
      The company also said it has agreed to repurchase up to
  three mln common shares on the open market.
      The company now has about 27.1 mln shares outstanding.
      Chi-Chi's today reported a loss for the third quarter ended
  January 31, after the pretax charge and a 7,305,000 dlr tax
  credit, of 10.4 mln dlrs, compared with a year-earlier profit
  of 2,144,317 dlrs.
      Chi-Chi's said it believes the disposition of the
  restaurants has the potential of increasing its pretax earnings
  by about two mln dlrs next fiscal year.
      The company said it will use existing cash resources for
  the share repurchases.
  

"
training/3743	12	earn	"DUPONT <DD> UP ON RECOMMENDATIONS
  Shares of Du Pont Co rose today after
  accumulating recommendations from Shearson Lehman Brothers and
  First Boston, traders said.
      Du Pont, which opened with a two point gain, stood at
  109-1/8, up 1-1/8.
      First Boston's analyst was not available for comment.
      Analyst Theodore Semegran of Shearson said he raised his
  earnings estimates for the company to 7.25 dlrs a share in 1987
  and eight dlrs a share in 1988. The company earned 6.35 dlrs a
  share in 1986.
      ""Good domestic demand, higher operating earnings and a
  strng export business, probably benefitting from a lower dollar
  and effects of reduced imports in chemicals will continue to
  aid Du Pont."" He also noted that energy earnings in the first
  quarter are better than expected because of the rise in crude
  prices. Semegran expects first quarter earnings
  of about 1.85 dlrs a share from 1.67 dlrs last year.
      He also expects the company to raise its annual dividend
  about 20 to 30 cts a share, from its current dividend of 3.20
  dlrs a share, ""and a stock split is possible but it has a low
  probablility.""
  

"
training/3744	0	acq	"CHEMLAWN <CHEM> IN TALKS ON BEING ACQUIRED
  ChemLawn Corp said it has
  started talks on the possible sale of the company with ""various
  parties"" that it did not identify.
      The company said the talks began after it considred and
  rejected Waste Management Inc's <WMX> 27 dlr per share tender
  offer for all its sharesd.
      ChemLawn gave no details on the talks.
  

"
training/3747	0	acq	"SHV WITHDRAWS IC GAS OFFER
  SHV Holdings NV said it is
  withdrawing its take-over bid for Imperial Continental Gas
  Association <ICGS.L> after failing to gain the minimum number
  of pledges sought from IC Gas shareholders.
      SHV said in a statement it had sought to gain 750,000 IC
  Gas shares under a 700p offer for IC Gas ordinary stock but was
  informed that level was not reached when the deadline expired.
  ""The tender offer is therefore void,"" it said.
       SHV also offered 252 pence for every one stg nominal of IC
  Gas loan stock under the bid, made by <SHV (United Kingdom)
  Holding Co Ltd>.
  

"
training/3748	42	rubber	"PROGRESS AT RUBBER PACT TALKS REPORTED SLOW
  Negotiators at a United Nations
  conference on natural rubber are making slow progress towards
  reaching an agreement, delegates said.
      The conference, which began Monday, is widely seen as the
  final effort to adopt a new International Natural Rubber
  Agreement (INRA) before the current one expires in October.
      Some 40 producing and consuming countries are taking part
  in the two-week meeting. This is the fourth such conference in
  nearly two years.
      Delegates said both sides still appeared divided on the key
  issue of the price adjustment mechanism.
      Consumers want frequent price reviews at 12 month intervals
  instead of 18 months as at present, a proposal currently
  rejected by producers.
      And while consumers press for the price adjustment to be
  automatic, producers have resisted reducing the role of the
  International Rubber Organization Council in the price
  adjustment procedure.
      Conference chairman Manaspas Xuto of Thailand has said it
  was ""imperative"" to settle outstanding issues this week so that
  technical drafting work can be done next week.
  

"
training/3750	12	earn	"LORD ABBETT AND CO DECLARES MUTUAL FUND DIVS
  LORD ABBETT VALUE APPRECIATION FUND
      Annual div 33 cts vs 23 cts prior
      Long term capital gain 2.06 vs 75 cts prior
      Short term capital gain 18 cts vs 11 cts prior
      Pay April 6
      Record March 12
      
      LORD ABBETT U.S. GOVERNMENT SECURITIES FUND
      Daily div .029 cts vs .029 cts prior
      Pay April 15
      Record April 15
      LORD ABBETT TAX FREE INCOME NATIONAL SERIES
      Daily .068 cts vs .068 prior
      Pay April 15
      Record April 15
      
      LORD ABBETT TAX FREE INCOME FUND NY SERIES
      Daily .067 cts vs .067 cts prior
      Pay April 15
      Record April 15
      
      LORD ABBETT TAX FREE INCOME FUND TEXAS SERIES
      Daily .059 cts vs .059 cts prior
      Pay April 15
      Record April 15
      LORD ABBETT CALIFORNIA TAX FREE INCOME FUND
      Daily .062 vs .063 cts prior
      Pay April 15
      Record April 15
  

"
training/3751	12	earn	"<ASSOCIATES CORP OF NORTH AMERICA> 1ST QTR NET
  Qtr ended Jan 31
      Net 55.3 mln dlrs vs 51.7 mln dlrs
      Revs 419.1 mln vs 391.7 mln
      Note: Revs include investment and other income of 18.4 mln
  dlrs vs 18.5 mln dlrs.
      Company is wholly owned by Gulf and Western Corp <GW>.
  

"
training/3755	12	earn	"NEWPORT PHARMACEUTICALS <NWPH> 3RD QTR LOSS
  Period ended January 31.
      Shr loss six cts vs profit one ct
      Net loss 536,000 vs profit 166,000
      Revs 2,099,000 vs 3,149,000
      Avg shrs 10,429,000 vs 9,943,000
      Nine Mths
      Shre loss nine cts vs loss five cts
      Net loss 790,000 vs loss 377,000
      Revs 7,089,000 vs 7,646,000
      Avg shrs 10,406,000 vs 9,351,000
      Note: Full name Newport Pharmaceuticals International Inc.
  

"
training/3757	12	earn	"THE RAYMOND CORP <RAYM> DECLARES QTLY DIV
  Qtly div 11-3/4 cts vs 11-3/4 cts prior
      Pay March 27
      Record March 13
  

"
training/3758	34	nat-gas	"MITCHELL ENERGY <MND> AGAIN CUTS CAPITAL OUTLAYS
  Mitchell Energy and
  Development Corp said it plans to hold its capital spending in
  fiscal 1988, ending January 31, to 96 mln dlrs, down from the
  123 mln dlrs spent in 1987 and 213 mln dlrs in 1986.
      The company also said its natural gas revenues so far this
  year have been reduced by lower contract customer purchases due
  to mild weather and soft economic conditions.
      ""But the contracts call for the lower 'takes' to be made up
  during the course of the year,"" Mitchell Energy said. Meanwhile
  it will sell additional quantities of gas on the spot market.
      Mitchell Energy said the additional spot sales will tend to
  lower the average price realized for gas in the early part of
  fiscal 1988.
      However, it said the average for the full year is not
  expected to be significantly lower than the 2.99 dlrs per
  thousand cubic feet averaged in fiscal 1987.                   
  

"
training/3759	0	acq	"INVESTOR TO TAKE CONTROL OF RIVER OAKS <ROI>
  River Oaks Industries Inc said
  it agreed in principle to give control of the company to Benson
  Seizer, a New York investor, in return for 2.6 mln dlrs in
  capital.
      The company, a maker of mobile homes, said it terminated
  merger discussions with <Nursing Centers of America>.
      River Oaks said it will place a 2.6 mln dlr convertible
  note with Seizer, who in turn will name six additional members
  to the company's five-member board. One of the new directors
  will take over as chairman and chief executive officer, River
  Oaks said.
      River Oaks said the note will be convertible into two mln
  shares of its common stock at one dlr a share. The company
  currently has 14 mln shares outstanding.
      The company said it will also grant Seizer an option to buy
  an additional 2.6 mln shares during the next four years at 1.25
  dlrs a share during the first year and 1.50 dlrs a share
  thereafter.
      The company said the money raised from Seizer will further
  strengthen its balance sheet and enhance its ability to seek
  selective expansion opportunities.
      Seizer is experienced in turnaround situations and is
  expected to take direct involvement in River Oaks management,
  said Charles F. DeGroot, who will remain a director of the
  company after giving up the post of chairman to one of Seizer's
  board nominees.
      Don Manning will cede his post as chief executive but will
  remain president, the company said.
  

"
training/376	0	acq	"FINANCIAL SANTA BARBARA <FSB> TO MAKE PURCHASE
  Financial Corp of Santa
  Barbara said it has signed a definitive agreement to purchase
  Stanwell Financial, the lending operations unit of mortgage
  banking company <Stanwell Mortgage>, for undisclosed terms.
  

"
training/3760	12	earn	"GEVAERT NV <GEVN.BR> 1986 YEAR
  Consolidated group net profit 1.88 billion francs vs 1.29
  billion.
      Net financial and operating profit 1.11 billion vs 825.1
  mln.
      Extraordinary earnings 774.7 mln vs 462.8 mln.
      Net dividend 165 francs vs 150.
  

"
training/3762	22	interest	"NATIONAL SAVINGS MOVE POINTS TO LOWER U.K. RATES
  U.K. Interest rates look set to move
  lower even after Monday's half-point cut in bank base rates to
  10-1/2 pct, analysts said, citing as evidence the suspension of
  a British National Savings issue yesterday.
      The Department of National Savings, effectively a Treasury
  Department unit, yesterday suspended its 32nd issue, launched
  in October and paying a high tax-free 8-3/4 pct on five-year
  private investments between 25 and 5,000 stg. A spokesman said
  the suspension was just a reaction to yields on national
  savings bonds being way out of line with the rest of the
  market.
      The move was followed by a surprise sell-out within minutes
  today of a Bank of England one-billion stg tap issue, the
  second such issue in as many weeks, analysts noted.
      They said the near-instant sale of the entire new gilts
  issue, for which the Bank of England had required a high 40 pct
  downpayment, was clear evidence that the market thought rates
  had to drop sooner rather than later.
      The sale of the tranche of 8-3/4 pct treasury bonds due
  1997 occurred in an active, bullish gilts market as downward
  pressure on money market rates remained intact, with the
  bellwether three-month interbank rate down 1/8 point at
  10-9-7/8 pct.
       It coincided with another strong sterling rally which
  pushed the pound to four-year highs against the dollar.
      ""That government stock disappeared very quickly indeed,"" said
  Stephen Lewis, head of economic research at stockbrokers
  Phillips and Drew; ""It is an indication that the market believes
  rates are going to fall further ... At least by a half-point
  immediately after the budget (on March 17), and some people
  hope for more.""
      Stockbrokers James Capel said in a comment the move by the
  National Savings Department was ""of considerable significance.""
      It said, ""the real message ... Is that the decks are being
  quickly cleared so as to facilitate a speedy decision by the
  building societies to cut their rates when the inevitable cut
  in bank base rates to 10 pct materialises.""
      Building societies have said a drop in bank base rates
  would normally have to exceed half a point to give rise to a
  reduction in mortgage lending rates.
      Lewis of Phillips and Drew said he too believed the
  National Savings issue suspension may reflect new U.K. Treasury
  policy to point building societies towards a mortgage rate cut.
      ""National Savings has been competing too effectively with
  the building societies of late. Building society income has
  been depressed in recent months,"" he said.
      He and other analysts said Chancellor of the Exchequer
  Nigel Lawson was keen to see mortgage rates fall to keep a lid
  on U.K. Inflation.
      Underlying upward pressure on prices is stronger in Britain
  than in most other Western economies with inflation seen rising
  well above four pct this year and above five pct in 1988 after
  last year's 3.7 pct.
      Emphasising the impact of mortgage rates on consumer
  prices, Lewis said a one-point cut in building society rates
  would reduce inflation in Britain by about 0.4 pct.
      But Lewis and others noted that building societies had been
  complaining to the government about intense competition from
  National Savings, which they argued reduced the scope for early
  mortgage rate cuts.
      ""The Chancellor need not be worried about losing some PSBR
  funding from National Savings, but he must be taking the
  building societies' criticism to heart. It looks like the
  National Savings move reflects this,"" one senior dealer said.
      A Savings Department spokesman refused to comment on this
  interpretation, saying the suspension of the issue was merely a
  reaction to the recent fall in U.K. Interest rates, which had
  pushed yields on national savings bonds way out of line with
  the rest of the market.
      ""We are not politically motivated ... Funding was just
  becoming too expensive and we don't need all that money,"" he
  told Reuters, adding the department had suspended issues at
  least twice in the past, when offered interest rates were above
  or below market rates.
      He said demand for the issue had risen sharply of late as
  U.K. Money market rates continued their steady decline and
  income was threatening to overshoot an unofficial three billion
  stg target set for fiscal 1986 ending March 31.
      In the first 10 months of fiscal 1986, National Saving's
  contribution to government funding totalled 2.72 billion stg,
  compared with 2.01 billion stg in the same period of the
  previous year, official figures show.
      Figures for February, out on Monday, are expected to show a
  further increase of between 300 and 400 mln stg, pushing the
  total for 11 months above target, government officials said.
  

"
training/3763	12	earn	"NICOR INC <GAS> REGULAR DIVIDEND SET
  Qtly div 45 cts vs 45 cts previously
      Pay May 1
      Record March 31
  

"
training/3764	12	earn	"HANDLEMAN CO <HDL> SETS QUARTERLY
  Qtly div 14 cts vs 14 cts prior
      Pay April 10
      Record March 27
  

"
training/3765	12	earn	"PERINI CORP <PCR> SETS QUARTERLY
  Qtly div 20 cts vs 20 cts prior
      Pay June 16
      Record May 22
  

"
training/3766	0	acq	"JONES AND VINING SAID VULCAN CORP OFFERS FIVE DLRS A SHARE FOR JONES

  JONES AND VINING SAID VULCAN CORP OFFERS FIVE DLRS A SHARE FOR JONES
  

"
training/3768	12	earn	"INTERNATIONAL BANKNOTE CO INC <IBK> 4TH QTR LOSS
  Oper shr loss 11 cts vs loss 14 cts
      Oper net loss 1,963,000 vs loss 2,199,000
      Revs 17.5 mln vs 40.9 mln
      Year
      Oper shr profit nine cts vs profit two cts
      Oper net profit 1,555,000 vs 456,000
      Revs 86.3 mln vs 143.7 mln
      NOTE: Net excludes extraordinary tax charges of 115,000
  dlrs vs 995,000 dlrs in quarter and credits 8,096,000 dlrs vs
  1,173,000 dlrs in year.
      1985 year net includes pretax gain 7,400,000 dlrs from
  termination of pension plan.
      1985 net includes pretax charge 1,200,000 dlrs in quarter
  and gain 1,400,000 dlrs in year from restructuring and
  consolidation.
      1985 quarter net includes 1,480,000 dlr tax credit.
      1986 year net includes pretax gain 17.2 mln dlrs from sale
  of foreign subsidiary.
  

"
training/377	1	alum	"ALCAN TO CLOSE WEST GERMAN ALUMINIUM SMELTER
  <Alcan Aluminiumwerke
  GmbH>, a subsidiary of Alcan Aluminium Ltd <AL.N> of Canada,
  said it plans to close its aluminium smelter in Ludwigshafen at
  the end of June.
      A spokesman said Alcan was closing the smelter, with annual
  capacity of 44,000 tonnes and 320 employees, because of high
  electricity costs and the low world market price of aluminium.
      Alkan had said earlier this year it would close half the
  plant's capacity but decided to shut down completely when talks
  with potential cooperation partners failed, the spokesman said.
  He declined to name the other companies involved in the talks.
  

"
training/3770	48	trade	"EC CONCERNED OVER U.S. TEXTILE IMPORT MOVES
  The European Community (EC) expressed
  disquiet over protectionist moves in the United States to limit
  imports of textiles and said it would retaliate immediately if
  EC exports were hit.
      A spokeswoman for the EC Commission said EC External Trade
  Commissioner Willy De Clercq had written to his U.S.
  Counterpart, special U.S. Trade Representative Clayton Yeutter,
  outlining the concerns of the 12-nation Community.
      The draft legislation under consideration by Congress would
  impose permanent quotas on products entering the U.S. and seek
  to limit any increase to a growth in the overall trade.
  

"
training/3771	12	earn	"SPEED-O-PRINT BUSINESS <SBM> 4TH QTR NET
  Shr loss seven cts vs profit 17 cts
      Net loss 102,000 vs profit 258,000
      Revs 1,695,000 vs 1,371,000
      Year
      Shr loss 33 cts vs profit 26 cts
      Net loss 488,000 vs profit 384,000
      Revs 6,700,000 vs 4,774,000
      NOTE: 1986 results include operations of radio stations
  WJYE-FM for the full year and WNNR-AM for the last six months.
      Speed-O-Print Business Machines Corp is full name of
  company.
  

"
training/3772	12	earn	"ASBESTEC INDUSTRIES <ASBS> SETS STOCK SPLIT
  Asbestec Industries Inc said
  its board declared a three-for-two stock split, payable April
  17, record April Three.
  

"
training/3774	12	earn	"QUAKER OATS CO <OAT> REGULAR DIVIDEND
  Qtly div 20 cts vs 20 cts previously
      Pay April 15
      Record March 23
  

"
training/3775	0	acq	"JONES AND VINING <JNSV> GETS VULCAN <VUL> BID
  Jones and Vining Inc said
  Vulcan Corp, one of its main competitors in the production of
  shoe lasts, has offered to acquire Jones and Vining for five
  dlrs a share.
      Jones and Vining said a management effort to take the
  company private will go ahead at 4.50 dlrs per share. The form
  of the buyout has not yet been determined and the buyout is
  subject to a nunber of conditions, it said.
      Jones and Vining said its board believes that a transaction
  with Vulcan would be difficult to complete, but it has asked
  Vulcan for further information to explore the bid.
      On January 23, Jones and Vining said its board had
  recommended that shareholders aprove a management buyout at
  4.50 dlrs a share.
      On February Six, Vulcan initially offered to acquire Jones
  and Vining for five dlrs a share, but Jones and Vining
  dismissed the offer as ""frivolous"" and ""without substance"" and
  said the bid failed to comply with provisions of the Securities
  Act of 1934.
  

"
training/3777	12	earn	"PPG INDUSTRIES <PPG> SEES GROWTH IN 1987
  PPG Industries Inc will continue to
  show earnings growth in 1987 despite a difficult economic
  climate, the company said in its annual report, mailed to
  shareholders today.
      For 1986, the company's earnings rose five pct, to 316 mln
  dlrs, on revenues that increased eight pct, to 4.7 billion
  dlrs. Earnings per share were 2.66 dlrs, compared with 2.27
  dlrs.
      The company added that in 1986 its return on equity reached
  17.3 pct, up from 15.5 pct in 1985 and close to its goal of 18
  pct.
  

"
training/3779	0	acq	"BELGIAN MINISTER UNVEILS PRIVATISATION PLAN
  Belgian Budget Minister Guy
  Verhofstadt has proposed a plan to sell off shares in several
  state-owned enterprises, including national airline Sabena and
  the postal and telecommunications authority, government sources
  said.
      They said the plan could raise more than 25 billion francs
  in revenue over the next five years according to Verhofstadt's
  projections, helping the government to reduce its huge budget
  deficit, targetted this year at 418 billion francs.
      But the scheme had received a guarded reception from the
  Social Christian parties in Belgium's centre-right coalition
  when Verhofstadt unveiled it at a cabinet meeting yesterday.
      Discussion of the plan was likely to be long and difficult,
  the sources said.
      Verhofstadt proposes beginning the selloffs in the last
  quarter of 1987, with the sale of 30 to 40 pct of state
  investment company SNI. He expects the sale to raise three
  billion francs, they added.
      A 25 pct share in Sabena would be sold in mid-1989 for 1.5
  billion francs, while 50 pct of the postal and
  telecommunications authority would be sold off in two stages in
  mid-1990 and early 1992, raising at least seven billion francs.
      Also on Verhofstadt's list are the Maritime Transport
  Authority, leading gas distributor Distrigaz, CGER savings
  bank, CGER, and several other credit institutions.
      Le Soir daily quoted CGER vice-president Paul Henrion as
  expressing strong opposition to the privatisation of his bank.
      ""Public company we are and public company we wish to stay,""
  Henrion told the paper.
  

"
training/378	12	earn	"BBC AG BROWN BOVERI UND CIE <BBCZ.Z> 1986 YEAR
  Parent Company net profit 12.8 mln Swiss francs vs 7.5 mln.
      Orders received 2.21 billion francs vs 2.61 billion.
      Sales 2.25 billion francs vs 2.49 billion.
      Group sales 13.83 billion francs vs 13.88 billion.
      Group orders 11.03 billion francs vs 13.00 billion.
   REUTE
  

"
training/3782	12	earn	"SCIENCE DYNAMICS CORP <SIDY> YEAR NET
  Shr 24 cts vs 13 cts
      Net 704,803 vs 385,081
      Revs 5,669,682 vs 4,142,095
  

"
training/3784	12	earn	"FOODARAMA SUPERMARKETS INC <FSM> 1ST QTR JAN 31
  Shr 42 cts vs 35 cts
      Net 570,000 vs 476,000
      Sales 122.4 mln vs 123.1 mln
      NOTEL Prior year net includes pretax charge 453,000 dlrs
  for reopening of eight stores.
  

"
training/3785	12	earn	"ENGINEERING MEASUREMENTS CO <EMCO> 3RD QTR NET
  Qtr ends Jan 31
      Shr four cts vs 12 cts
      Net 102,508 vs 264,910
      Revs 2,278,083 vs 2,536,312
      Nine mths
      Shr 18 cts vs 15 cts
      Net 489,253 vs 404,877
      Revs 6,679,745 vs 6,613,551
      NOTE: Excludes discontinued operations gain of 40,519 dlrs
  in the third quarter fiscal 1986, and loss of 9,666 dlrs in the
  nine months fiscal 1986.
  

"
training/3786	12	earn	"BOOTHE FINANCIAL CORP <BCMP> 4TH QTR NET
  Shr one ct vs 24 cts
      Net 43,000 vs 1,032,000
      Revs 10 mln vs 4.9 mln
      Avg shrs 3.7 mln vs 4.3 mln
      12 mths
      Shr 1.02 dlrs vs 1.62 dlrs
      Net 3,950,000 vs 7,308,000
      Revs 30.8 mln vs 33.3 mln
      Avg shrs 3.9 mln vs 4.5 mln
      NOTE: 1985 restated to reflect tax loss carryforwards.
  

"
training/3787	12	earn	"CONSOLIDATED NATURAL GAS CO <CNG> IN PAYOUT
  Qtly div 37-1/2 cts vs 37-1/2 cts prior
      Pay May 15
      Record April 15
  

"
training/3788	12	earn	"SANDUSKY PLASTICS INC <SPI> SETS QUARTERLY
  Qtly div six cts vs six cts prior
      Pay March 31
      Record March 20
  

"
training/379	0	acq	"MARRIOTT <MHS> TO SELL HOTEL
  <Four Seasons Hotels> said it and <VMS
  Realty Partners> of Chicago have agreed to purchase the Santa
  Barbara Biltmore Hotel from Marriott Corp for an undisclosed
  amount.
      It said the venture will rename the hotel the Four Seasons
  Biltmore at Santa Barbara and invest over 13 mln dlrs in
  improvements on the 228-room property.
  

"
training/3790	0	acq	"REXNORD <REX> TO SELL RAILWAY EQUIPMENT UNIT
  Rexnord nc said it signed a
  definitive agreement to sell its Railway Maintenance Equipment
  Co subsidiary to Banner Industries Inc. Terms were withheld.
      It said Railway Maintenance had 1986 sales of 16 mln dlrs
  and employs 100 people.
      Rexnord said the sale is part of a major program to divest
  several of its businesses representing about 200 mln dlrs in
  net assets. Still to be divested are the Process Machinery
  Division with sales of 137 mln dlrs and Mathews Conveyer Co,
  with sales of 83 mln dlrs.
  

"
training/3792	45	sugar	"LICHT SEES STAGNANT EUROPEAN BEET AREA
  The overall area devoted to sugar
  beet in Europe is forecast to remain stagnant this year at 7.22
  mln hectares compared with 7.21 mln ha in 1986, West German
  statistician F.O. Licht said.
      It was feared that the recent steep rise in sugar prices
  would have a marked effect on planting intentions this year,
  Licht said, but judging by this first estimate the effect was
  probably minimal.
      The total beet area in the European Community is forecast
  to fall two pct to 1.85 mln ha against 1.89 mln in 1986.
      The total Western Europe area is put at 2.49 mln ha,
  against 2.50 mln in 1986. Eastern Europe area is forecast at
  4.73 mln ha against 4.72 mln.
      Individual West Europe country estimates, in 1,000 hectares
  (with 1986 figures in brackets), are, Belgium/Luxembourg 114
  (118), Denmark 69 (69), France 419 (421), Greece 35 (44),
  Ireland 36 (38), Italy 270 (275), Netherlands 129 (138),
  Portugal 1 (1), Spain 192 (190), U.K. 200 (201), West Germany
  385 (399), Austria 32 (28), Finland 30 (31), Sweden 51 (52),
  Switzerland 15 (14), Turkey 355 (340), Yugoslavia 160 (136).
      Eastern Europe plantings are forecast as follows, USSR 3400
  (3440), Albania 10 (9), Bulgaria 52 (50), Czechoslovakia 195
  (196), East Germany 210 (205), Hungary 108 (96), Poland 460
  (440), Romania 295 (280).
      On the basis of average yields this year, Licht said these
  area forecasts pointed to a total European beet sugar crop in
  1987/88 of 29.8 mln tonnes, raw value, down from 31.4 mln
  tonnes in 1986/87. Licht said sugar yields were fairly high
  last season, thanks to favourable weather, and this increases
  the chances of a significant reduction in production in
  1987/88.
      Based on average yields, EC beet sugar production could
  fall nearly 10 pct this year to 13.5 mln tonnes from 14.9 mln
  in 1986/87, while total Western Europe production could be 16.9
  mln tonnes against 18.1 mln. Eastern Europe production could be
  12.9 mln tonnes against 13.3 mln in 1986/87.
  

"
training/3793	16	gold	"BRITAIN TO MINT NEW ""BRITANNIA"" GOLD COIN
  Britain will from next autumn mint and
  market a new bullion coin called the ""Britannia"" containing one
  ounce of 24 carat gold, together with bullion coins of smaller
  denominations, a Treasury official said.
      The new investment coin, to be sold worldwide, will
  fluctuate in price according to the international price of
  gold.
      The smaller coins will be in denominations of a half ounce,
  a quarter ounce and a tenth of an ounce. REUTER
  

"
training/3795	0	acq	"MEESE SEES A PLUS IN CHRYSLER-AMC MERGER
  Attorney General Edwin Meese said he
  saw some benefit in the proposed purchase of American Motors Co
  <AMO> By Chrysler Corp <C> in that it would return the smallest
  of the U.S. auto manufacturers to American hands.
      Meese told the House Appropriations Subcommittee that
  consideration would be part of the Justice Department's review
  of the proposed merger. He said the agency has not yet received
  a formal notice of the merger which would start the review
  process.
     Chrysler has made a 1.3 billion dlr bid to buy AMC from its
  French parent Renault.
      ""I think one of the things that has to be recognized in that
  merger is that it appears, at least, that a good portion of the
  ownership of American Motors, which has been in overseas hands
  will be put back in American hands,"" Meese told the
  subcommittee.
      ""That may be one of the factors that would be weighed in the
  judgment,"" he added.
      Renault currently holds about 46 pct of AMC.
  

"
training/3796	43	ship	"DUTCH PARLIAMENT OFFERS LITTLE HELP IN PORT ROW
  Dutch members of parliament said they
  could do little to help resolve the dispute over redundancies
  in Rotterdam port's general cargo sector and urged the union
  and employers to sort out their differences themselves.
      Both sides gave evidence to the all-party standing
  committee on Social Affairs today, but committee members said
  they saw little chance of parliamentary intervention.
      The dispute began on January 19 in protest at employers'
  plans for 800 redundancies from the 4,000-strong workforce,
  starting with 350 this year. The port and transport union, FNV,
  is to challenge the redundancies in an Amsterdam court
  tomorrow.
  

"
training/3797	0	acq	"SOSNOFF SAYS CAESARS <CAW> OFFERED STOCK BUYBACK
  Martin Sosnoff, who has offered to
  buy Caesars World Inc for 28 dlrs a share, said senior
  officials of the company have offered to buy back the Caesars
  stake he already holds, now 13.6 pct of the total outstanding.
      In a filing with the Securities and Exchange Commission,
  Sosnoff, a New York investor and money manager, said the offers
  to buy back his stock occurred ""on several occasions during the
  past year.""
      The offers were made by several Caesars World
  representatives, including its chairman, Henry Gluck, he said. 
     Sosnoff said he rejected all of the proposals.
      The Caesars World official suggested various forms of
  payment for Sosnoff's stake, including other securities of the
  company and cash, he said. Sosnoff did not detail the value of
  the proposed compensation.
      Also suggested was a deal involving ""put"" and ""call"" option
  regarding Sosnoff's Caesars World holdings, he said.
      The proposed deals would have also included a ""standstill""
  agreement, which would have restricted Sosnoff's right to buy
  more Caesars World stock or ""to take any action adverse to
  incumbent management,"" he said.
      Sosnoff's report on the offers he received for his Caesars
  World shares were amended to his official offer to purchase the
  company, as well as reported to the SEC.
      Sosnoff now holds about 4.1 mln Caesars World shares, or
  13.6 pct of the company's 30 mln shares outstanding.
      The Sosnoff offer to buy the shares of the company he does
  not already hold has been valued at 725.2 mln dlrs.
  

"
training/38	12	earn	"<CINRAM LTD> 4TH QTR NET
  Shr 45 cts vs 58 cts
      Net 1.1 mln vs 829,000
      Sales 7.9 mln vs 9.4 mln
      Avg shrs 2,332,397 vs 1,428,000
      Year
      Shr 1.22 dlrs vs 1.06 dlrs
      Net 2.9 mln vs 1.5 mln
      Sales 25.7 mln vs 22.2 mln
      Avg shrs 2,332,397 vs 1,428,000
  

"
training/3800	15	gnp	"AUSTRIAN 1987 GROWTH SEEN BETWEEN 0.5 AND 1.5 PCT
  A meeting of leading politicians,
  bankers and economists has forecast Austrian real gross
  domestic product growth for this year at between 0.5 and 1.5
  pct, a government spokesman said.
      This compared with a two pct growth forecast made by the
  semi-official Institute for Economic Research (WIFO) last
  December.
      Helmut Kramer, spokesman for Chancellor Franz Vranitzky,
  told Reuters that the forecast had been made during the meeting
  attended by Vranitzky, Finance Minister Ferdinand Lacina,
  National Bank President Stefan Koren and a WIFO representative.
      Economists have been cutting growth forecasts recently
  mainly due to expectations of a poor export performance this
  year, notably to Eastern Europe and oil exporting states.
      Hannes Androsch, general director of
  Creditanstalt-Bankverein <CABV.VI>, today put 1987 GDP growth
  at between one and 1.5 pct.
      Kramer also said the meeting had heard that unemployment
  for the year would be above the 5.5 pct forecast, but was
  unlikely to be more than six pct.
  

"
training/3801	12	earn	"<FOR BETTER LIVING INC> 4TH QTR NET
  Shr profit primary 91 cts vs loss 86 cts
      Shr profit diluted 90 cts vs loss 86 cts
      Net profit 787,000 vs loss 751,000
      Sales 20 mln vs 12.5 mln
      Year
      Shr profit profit 2.63 dlrs vs profit five cts
      Shr profit diluted 2.59 dlrs vs profit five cts
      Net profit 2,273,000 vs profit 43,000
      Sales 70.1 mln vs 47.1 mln
      Note: Prior qtr and year figures include gains on disposal
  of discontinued operations of 76,000 dlrs and 79,000 dlrs,
  respectively.
  

"
training/3806	12	earn	"NEWPORT ELECTRONICS INC <NEWE> 4TH QTR NET
  Oper shr loss nine cts vs loss four cts
      Oper net loss 108,000 vs loss 55,000
      Sales 3,029,000 vs 2,694,000
      Year
      Oper shr profit 42 cts vs profit 15 cts
      Oper net profit 511,000 vs profit 177,000
      Sales 13.3 mln vs 11.2 mln
      Avg shrs 1,233,136 vs 1,217,981
      Note: Current qtr and year figures exclude operating loss
  carryforward gain of 26,000 dlrs vs gain of 88,000 dlrs in
  prior year periods.
  

"
training/3807	12	earn	"TRANSCO EXPLORATION PARTNERS LTD <EXP> IN PAYOUT
  Qtly div 44 cts vs 44 cts prior
      Pay June One
      Record May Eight
  

"
training/3808	12	earn	"TRANSCO ENERGY CO <E> SETS QUARTERLY
  Qtly div 68 cts vs 68 cts prior
      Pay June One
      Record May Eight
  

"
training/381	12	earn	"BROWN BOVERI OMITS DIVIDEND, PLANS WARRANT BOND
  BBC AG Brown Boveri und Cie
  <BBCZ.Z> said it will omit dividend in 1986 for the second
  consecutive year.
      It said it planned to invite shareholders and non-voting
  stockholders to subscribe to a warrant bond issue of around 150
  mln Swiss francs to be made after the June 2 annual meeting.
      The value of the stock subscription rights should
  correspond roughly to the dividend of 30 francs per share paid
  in 1984. The company also plans to issue participation
  certificates with a par value of 70 mln Swiss francs, from
  which existing shareholders are excluded.
  

"
training/3817	12	earn	"TOTAL ERICKSON RESOURCES LTD <TLEXF> YEAR NET
  Shr profit nine cts vs loss 45 cts
      Net profit 2,500,000 vs loss 9,900,000
      Revs 16,800,000 vs 3,300,000
      Note: 1986 net includes 2.6 mln dlr or nine ct a shr
  writedown of nine pct stake in <Trans-Canada Resources Ltd>.
      1985 results reflect only six mths of mining operations due
  to merger of Erickson Gold Mines Ltd and Total Eastcan
  Exploration Ltd on June 30, 1985.
  

"
training/3821	0	acq	"VERSAR <VSR> TO BUY MARIETTA <ML> UNIT
  Versar Inc said it has agreed
  in principle to acquire Martin Marietta Corp's Martin Marietta
  Environmental Systems unit for about 5,300,000 dlrs.
      Versar said it would use its working capital and an
  established life of credit to find the purchase, which is
  subject to approval by both boards and is expected to be
  completed in April.
      Marietta Environmental had 1986 revenues of about nine mln
  dlrs.
      Versar said the acquisition should have a ""moderately""
  favorable effect on its earnings this year.
  

"
training/3825	22	interest	"U.K. BANKS OFFER FIXED-RATE MORTGAGES AT 10.2 PCT
  Two major U.K. Clearing banks announced
  they will offer a total of 800 mln stg in new mortgages at a
  fixed interest rate of 10.2 pct for the first three years,
  below current bank base lending rates of 10.5 pct.
      Midland Bank Plc <MDBL.L> said it has initially allocated
  500 mln stg for home loans at this rate, while Lloyds Bank Plc
  <LLOY.L> will offer 300 mln stg.
      Earlier this week, Midland said it would cut its standard
  rate of mortgage payment to 11.5 pct from April 1, following a
  half a percentage point reduction in leading banks' base
  lending rates from 11 pct.
      Building society and other bank mortgage rates are largely
  still well above the new base rate level, although last year
  Lloyds offered a fixed rate of 9.9 pct on certain home loans.
      A Midland spokesman said his bank calculated that at the
  current level of 2.7 billion stg, its existing mortgage book
  accounts for about 5 pct of the total British home loan market.
      Lloyds said it has 3.6 billion stg in outstanding mortgage
  loans, but had not estimated its total market share.
      Among other major clearing banks, Barclays Plc <BCS.L> and
  National Westminister Bank Plc <NWBL.L> said they had no
  immediate plans to announce similar fixed rate schemes.
  

"
training/3828	0	acq	"JIM WALTER <JWC> BUSY OWENS-CORNING <OCF> PLANT
  Jim Walter Corp said it completed
  the acquisition of Owens-Corning Fiberglas Corp's mineral
  ceiling and fiberboard plant in Meridian, Miss.
      Terms were not disclosed
      The plant's operations will complement existing ceiling
  materials production within jim Walter's building material's
  group, which last year generated income of 54.9 mln dlrs on
  sales of 740 mln dlrs.
  

"
training/383	0	acq	"VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS

  VIACOM SAID IT HAS NEW NATIONAL AMUSEMENTS, MCV HOLDINGS BIDS
  

"
training/3830	43	ship	"AMERICAN PRESIDENT <APS> TO LEASE MORE SHIPS
  American President Cos Ltd said
  its American President Lines shipping subsidiary  obtained
  final approval from U.S. and Japanese authorities to lease four
  new ships from Lykes Bros Co.
      The move will will enable it to boost service in the
  Pacific by 15 pct in 1987, American President said.
      The company said it will lease the ships for three years
  and hold two additional three-year options.
      It said American President Lines is currently operating at
  capacity in the Pacific and the new ships will arrive in time
  for the normal demand surge of the spring and summer seasons.
  

"
training/3831	12	earn	"BOWNE AND CO INC <BNE> SETS STOCK SPLIT
  Bowne and Co Inc said its board
  declared a two-for-one stock split, payable May 10 to holders
  of record April 17.
  

"
training/3833	0	acq	"INVESTMENT FIRM BOOSTS AMERFORD <AMRF> STAKE
  Louart Corp, a Los Angeles
  investment firm, said it raised its stake in Amerford
  International Corp to 105,615 shares, or 7.8 pct of the total
  outstanding, from 69,715 shares, or 5.2 pct.
      In a filing with the Securities and Exchange Commission,
  Louart said it bought 35,900 Amerford common shares between
  March 19, 1986 and Jan 30, 1987 at prices ranging from 3.92 to
  4.29 dlrs a share.
      It said it bought the shares for investment purposes and
  might increase its stake in the future.
  

"
training/3838	15	gnp	"CORRECTED - AUSTRIA 1987 GROWTH FORECAST REVISED
  Austrian gross domestic product growth
  for this year is likely to be between 0.5 and 1.5 pct, Helmut
  Kramer, head of the semi-official Institute for Economic
  Research (WIFO) said.
      This compared with a two pct growth forecast made by the
  WIFO last December.
      Kramer made the forecast at a meeting today on Austria's
  economic outlook also attended by Chancellor Franz Vranitzky,
  Finance Minister Ferdinand Lacina and National Bank President
  Stefan Koren.
  

"
training/3839	0	acq	"FIRST BOSTON <FBC> SWISS AFFILIATE BOOSTS STAKE
  First
  Boston, the Swiss affiliate of First Boston Inc, said it raised
  its stake in the company to 11,262,307 shares, or 35.5 pct of
  the total, from 10,262,307 shares, or 32.8 pct.
      In a filing with the Securities and Exchange Commission,
  Financiere Credit Suisse said it bought 870,100 First Boston
  common shares between Feb 10 and 27 at prices ranging from
  48.125 to 53.000 dlrs a share, or 22.5 mln dlrs total.
      It said it bought the shares as part of an agreement to
  raise its minority stake in First Boston to 40 pct, the same
  stake level First Boston holds in Financiere Credit Suisse.
  

"
training/3840	12	earn	"NUMAC OIL AND GAS LTD <NMC> YEAR NET
  Oper shr 23 cts vs 77 cts
      Oper net 5,255,179 vs 17.6 mln
      Revs 37.8 mln vs 73.7 mln
      NOTE: Cash flow 19.5 mln dlrs or 86 cts shr vs 36.7 mln
  dlrs or 1.62 dlrs shr.
      1985 net excludes 32 ct shr loss from discontinued
  operations.
      Gross proven and probable reserves of crude oil and natural
  gas liquiids 18.4 mln barrels, off 7.6 pct from a year before.
  

"
training/3841	12	earn	"FARAH <FRA> AGAIN OMITS QUARTERLY DIVIDEND
  Farah Inc said it omitted its
  quarterly common stock dividend for the second consecutive
  quarter.
      The company, which last paid a quarterly common dividend of
  22 cts a share in December, said it will consider future
  dividend payments on the basis of improved profitability and
  cash flow.
      Farah said it expects to turn a profit for the balance of
  1987. For its first quarter ended January 31, Farah lost
  1,891,000 dlrs, or 32 cts a share, on sales of 71 mln dlrs.
      In addition, Farah said it received shareholder approval to
  change its name to Farah Inc from Farah Manufacturing Co.
  

"
training/3843	10	crude	"JORDAN-PETROCANADA AGREE OIL EXPLORATION PROJECT
  A two-year project to search for oil and
  gas in Jordan was agreed in Amman by Jordan's Natural Resources
  Authority (NRA) and the Canadian company, Petrocanada
  International Assistance Corporation (PCIAC).
      The 19.1 mln dlr assistance agreement was signed by
  Jordan's Minister of Energy Hisham al-Khatib and PCIAC chairman
  Peter M. Towe.
      PCIAC is a Canadian government corporation providing
  assistance to countries like Jordan to reduce their dependence
  on oil imports, Towe said.
  

"
training/3846	12	earn	"NUMAC OIL <NMC> SEES RESULTS IMPROVING
  Numac Oil and Gas Ltd said it expects
  significant improvement in operating performance during 1987.
      The company today reported 1986 earnings from continuing
  operations of 5,255,179 dlrs, down from 17.6 mln dlrs a yuear
  earlier, due to lower prices for crude oil and pipeline
  capacity constraints.
      Numac said changes introduced by federal and provincial
  governments during 1986 should help results.
  

"
training/3850	12	earn	"H.J. HEINZ CO 3RD QTR SHR 55 CTS VS 46 CTS

  H.J. HEINZ CO 3RD QTR SHR 55 CTS VS 46 CTS
  

"
training/3851	12	earn	"H.J. HEINZ RAISES QUARTERLY TO 28 CTS FROM 25 CTS

  H.J. HEINZ RAISES QUARTERLY TO 28 CTS FROM 25 CTS
  

"
training/3853	12	earn	"<RANCHMEN'S RESOURCES LTD> YEAR LOSS
  Shr loss seven cts vs loss 3.83 dlrs
      Net profit 1,700,000 vs loss 13,900,000
      Revs 18.7 mln vs 25.6 mln
      Note: Current shr after preferred dividends of 2.0 mln dlrs
      Prior shr and net includes 34.5 mln dlr writedown on oil
  properties
  

"
training/3856	0	acq	"OAK INDUSTRIES <OAK> TO BUY REXNORD <REX> UNIT
  Oak Industries said it signed
  a definitive agreement to buy the stock of Rexnord Inc's
  Railway Maintenance Equipment Co unit, for an undisclosed sum.
      The company said Railway Maintenance had 1986 revenues of
  16 mln dlrs.
      Oak said the acquisition is part of its two-tier strategy
  of buying releated and unrelated businesses.
      Oak had a tax loss carryforward of 125 mln dlrs at the end
  of 1986.
  

"
training/3857	12	earn	"SUMITOMO BANK <SUMI> DECLARES STOCK DIVIDEND
  Sumitomo Bank of California said
  it declared a 7-1/2 pct stock dividend in addition to its
  regular quarterly cash dividend of 29 cts per share.
      Both dividends are payable April 27 to shareholders of
  record March 31, the company said.
  

"
training/3858	12	earn	"LSB BANCSHARES INC <LXBK> RAISES PAYOUT
  Qtly div 18 cts vs 17 cts prior
      Pay April 15
      Record April One
  

"
training/3860	12	earn	"H.J. HEINZ CO <HNZ> 3RD QTR JAN 28 NET
  Shr 53 cts vs 46 cts
      Qtly div 28 cts vs 25 cts prior
      Net 74.7 mln vs 63.2 mln
      Revs 1.08 billion vs 1.01 billion
      Nine mths
      Shr 1.78 dlrs vs 1.60 dlrs
      Net 244.4 mln vs 219.7 mln
      Revs 3.33 billion vs 3.15 billion
      Note: Dividend payable April 10 to shareholders of record
  March 23.
  

"
training/3864	0	acq	"WALL STREET STOCKS/TENNECO INC <TGT>
  Tenneco Inc, a company that has long
  been rumored to be a takeover candidate, rose sharply today
  when speculation surfaced that investor T. Boone Pickens may be
  targeting the company for an acquisition, traders and analysts
  said.
      Tenneco spokesman Joseph Macrum said ""we have no comment to
  make whatsoever."" Pickens was not available for comment.
      Traders noted that activity in the stock increased today
  after a published report linked Pickens to Tenneco.
      Tenneco rose two points to 48-3/4.
      Paul Feretti, an analyst with New Orleans-based Howard,
  Weil, Labouisse, Friedrichs, Inc, said he was not surprised at
  market rumors that Tenneco might be the target of a takeover
  attempt.
      ""It's pure market speculation that Boone Pickens and his
  group may be interested,"" Feretti said.
      ""But Tenneco would be a challenge to run because of its
  sheer size and diversity. Mr. Pickens is a man who likes a
  challenge.""
      Pickens, who made an unsuccessful attempt to take over
  Dallas-based Diamond Shamrock Corp <DIA> last winter, has made
  no secret of his plans to acquire additional natural gas
  reserves in the belief that gas prices will stabilize sooner
  than oil prices. Tenneco holds natural gas reserves estimated
  in excess of 3.5 trillion cubic feet, analysts said.
      Feretti conservatively estimated Tenneco's breakup value at
  58 dlrs a share and said the company generated a cash flow of
  about 10 dlrs a share ""which is probably very attractive to
  Pickens."" Other analysts, however, estimate a breakup value
  well into the 60 dlr a share range.
      ""I strongly doubt that there is going to be any hostile
  takeover,"" Drexel Burnham Lambert Inc's Houston-based analyst
  John Olson said, putting little credence in the rumors.
      ""Tenneco is a gargantuan enterprise with seven billion dlrs
  in long-term debt and preferred stock outstanding."" He said the
  buyer would also have to deal with ""the intractable problems""
  Tenneco faces with its farm equipment unit and energy
  businesses.
      Analysts suggested that Tenneco could use a number of
  defensive strategies to fend off an unwanted buyer, such as
  spin off some of its non-energy businesses directly to
  shareholders, buy back shares or create a limited partnership
  out of its natural gas pipeline interests.
      An analyst who asked to remain unidentified, discouraged
  the Pickens rumor. ""Pickens has a plateful already with his
  holdings in Burlington Northern and Amerada Hess,"" he said. ""I
  don't think he would be willing to take on Tenneco's problems
  with Case (the farm equipment unit), which has been losing
  about 180 mln dlrs annually and is worth less than a billion
  dlrs on the market today.""
  

"
training/3865	12	earn	"SOFTWARE AG <SAGA> SEES WEAK RESULTS
  Software AG Systems Inc said it
  expects to report earnings for its third quarter ""substantially
  weaker"" than earnings of prior periods due to an unexpected
  shortfall in U.S. domestic license revenues.
      For the second quarter ended November 30, Software AG
  earned 2,089,000 dlrs, down from 5,014,000 dlrs a year before.
  In last year's third quarter, Software AG earned 1,598,000
  dlrs.
  

"
training/3867	12	earn	"MILES LABORATORIES INC 4TH QTR NET
  Net 3,563,000 vs 2,821,000
      Sales 318.6 mln vs 305.4 mln
      Year
      Net 28,950,000 vs 20,167,000
      Sales 1.22 billion vs 1.17 billion
      Note: Company is a subsidiary of Bayer AG of West Germany.
  1986 figures exclude Miles' Bayvet animal health business, sold
  Jan. 1, 1986, to Mobay Corp, another Bayer AG affiliate.
  

"
training/387	0	acq	"LAROCHE STARTS BID FOR NECO <NPT> SHARES
  Investor David F. La Roche of North
  Kingstown, R.I., said he is offering to purchase 170,000 common
  shares of NECO Enterprises Inc at 26 dlrs each.
      He said the successful completion of the offer, plus shares
  he already owns, would give him 50.5 pct of NECO's 962,016
  common shares.
      La Roche said he may buy more, and possible all NECO
  shares. He said the offer and withdrawal rights will expire at
  1630 EST/2130 gmt, March 30, 1987.
  

"
training/3870	12	earn	"INTELLIGENT SYSTEMS MLP <INP> 3RD QTR DEC 31 NET
  Shr profit 20 cts vs profit five cts
      Net profit 2,273,000 vs profit 563,000
      Rev 38.7 mln vs 30.3 mln
      Avg shares 11,138,503 vs 10,982,699
      Nine months
      Shr profit 40 cts vs loss 10 cts
      Net profit 4,448,000 vs loss 1,123,000
      Rev 108.4 mln vs 75.2 mln
      NOTE: Third qtr net includes gain from discontinued
  operations of 3.5 mln dlrs, or 31 cts a share, vs 271,000, or
  two cts a share, in fiscal 1985's third qtr. Nine months net
  includes gain from discontinued operations of 3.8 mln dlrs, or
  34 cts a share, vs 731,000 dlrs, or seven cts a share, in the
  first nine months of fiscal 1985.
  
  
  

"
training/3872	12	earn	"SHADOWFAX RESOURCES LTD <SHFXF> YEAR LOSS
  Shr loss three cts vs profit 14 cts
      Net loss 79,778 vs profit 458,176
      Revs 1,063,623 vs 1,165,186
      Note: 1986 year includes 400,000 dlr writedown on Utah oil
  and gas properties
  

"
training/3873	0	acq	"PARALAX <VIDO> AGREES TO ACQUIRE AMERICAN VIDEO
  Paralax Video Enterprises Inc said it
  has agreeed to acquire <American Video Group Inc> in exchange
  for 287,700 Paralax restricted common shares and three year
  warrants to buy 318,600 restricted shares at six dlrs a share.
      Paralax said holders of some American Video convertible
  debentures have elected to exchange them for Paralax restricted
  common with a market value of about 380,000 dlrs with that
  value to be determined in about 45 days.
      American Video is a closely held company operating video
  rental concessions in post and base exchanges at 54 Army, Air
  Force, Navy and Coast Guard installations. In its most recent
  year, the company had revenues of about 1.5 mln dlrs.
      Paralax said the acquisition is scheduled to close March
  16. The company now has about 5.5 mln shares outstanding.
  

"
training/3874	12	earn	"KURZWEIL MUSIC SYSTEMS INC <KURM> 4TH QTR LOSS
  Shr loss 21 cts vs loss 29 cts
      Net loss 1,246,000 vs loss 1,420,000
      Revs 2,120,000 vs 1,186,000
      Avg shrs 5,853,587 vs 4,880,427
      Year
      Shr loss 85 cts vs loss 1.21 dlrs
      Net loss 4,968,000 vs loss 5,274,000
      Revs 6,536,000 vs 5,056,000
      Avg shrs 5,854,543 vs 4,367,864
  

"
training/3875	12	earn	"J.P. MORGAN AND CO INC <JPM> SETS QUARTERLY
  Dividend 34 cts vs 34 cts previously
      Pay April 15
      Record March 23
  

"
training/3879	0	acq	"BAYLY <BAYL> BUYS MAJORITY OF CHUTES
  Bayly Corp said it acquired 55 pct
  of Chutes Corp, a maker of denim-oriented sportswear
  headquartered in Seattle, Wash.
      Terms were not disclosed.
  

"
training/388	12	earn	"<SDC SYDNEY DEVELOPMENT CORP> NINE MTHS LOSS
  Period ended December 31, 1986
      Oper shr loss 1.08 dlrs vs loss 84 cts
      Oper loss 7,700,000 vs loss 1,700,000
      Revs 11,800,000 vs 9,800,000
      Note: Current shr and net exclude extraordinary gain of
  300,000 dlrs or five cts shr, versus extraordinary gain of
  200,000 dlrs or four cts shr
  

"
training/3884	12	earn	"INTELLIGENT SYSTEMS MLP <INP> MAKES CASH PAYOUT
  Intelligent Systems Master
  Limited Partnership said it will make a cash distribution of 25
  cts a unit in early April to unitholders of record as of March
  31.
      The company said continued strength in its results prompted
  the move.
      Intelligent Systems added that if current plans to sell
  some of its assets, as previously announced, are successful, it
  may make further distributions estimated at 15 cts to 25 cts a
  unit.
      Earlier, the company reported fiscal third quarter ended
  December 31 net income of 2.3 mln dlrs, or 20 cts a share, up
  from fiscal 1985 third quarter results of 563,000 dlrs, or five
  cts a share.
      In addition, it reported fiscal 1986 nine months' net
  income of 4.4 mln dlrs, or 40 cts a share, versus a loss of 1.1
  mln dlrs, or 10 cts a share, in fiscal 1985's first three
  quarters.
  

"
training/3886	12	earn	"KURZWEIL <KURM> HAS REDUCED WORK FORCE
  Kurzweil Music Systems Inc said
  it has taken steps this year to reduce costs, including a 10 to
  15 pct reduction in its work force.
      A spokesman said the company now has about 70 employees.
      It said other reductions include the use of professional
  services, administrative costs, manufacturing overhead and
  non-essential development services, adding these cuts are
  expected to have a significant impact beginning in the second
  quarter.
      Earlier today Kurzweil reported a 1986 loss of 85 cts a
  share compared to a 1985 loss of 1.21 dlrs a share.
  

"
training/389	0	acq	"SENIOR ENGINEERING MAKES 12.5 MLN DLR US PURCHASE
  <Senior Engineering Group Plc> said it
  reached agreement with <Cronus Industries Inc> to acquire the
  whole share capital of <South Western Engineering Co> for 12.5
  mln dlrs cash. This sum is being financed by a term loan.
      South Western is one of the U.S.'s leading manufacturers of
  heat transfer equipment, with a turnover of 54.86 mln dlrs and
  pre-tax profits of 1.72 mln in 1986.
      Completion of the deal is conditional on approval under
  U.S. Hart-Scott-Rodino regulations which is expected within 30
  days. Some 350,000 dlrs is payable immediately, 12 mln dlrs
  payable on completion with the balance due by June 30, 1987.
  

"
training/3890	12	earn	"HEINZ <HNZ> HAS HIGHER NET DESPITE HIGHER COSTS
  H.J. Heinz Co said net income for
  the third quarter rose 18.2 pct despite an 17.2 pct increase in
  marketing expenses.
      Meanwhile, the company said it raised its quarterly
  dividend to 28 cts a share from 25 cts a share in part on the
  expectation that its tax rate under the new tax law will result
  in greater cash flow.
      For the third quarter ended January 31, Heinz earned 74.7
  mln dlrs, or 55 cts a share, up from earnings of 63.2 mln dlrs,
  or 46 cts a share, for the year-ago quarter.
      For the nine months, the company posted a profit of 244.4
  mln dlrs, or 1.78 dlrs a share, compared with a profit of 219.7
  mln dlrs, or 1.60 dlrs a share, for the year-ago period.
      ""Based on the company's performance for the first nine
  months, we expect to achieve our 23rd consecutive year of new
  growth records,"" Anthony J.F. O'Reilly, Heinz's newly elected
  chairman.
  

"
training/3892	36	orange	"BRAZILIAN FCOJ OFFICIAL WELCOMES U.S. DUTY CUT
  Mario Branco Peres, president of
  the Brazilian Association of Citrus Juice Industries
  (Abrassuco), welcomed a decision by the U.S. Commerce
  Department sharply cutting its duties on imported frozen
  concentrated orange juice (FCOJ) from Brazil.
      Speaking by telephone from Sao Paulo, Peres said, ""With its
  decision, the U.S. government recognised the honesty of
  Brazilian exporters, who never have the intention of practising
  dumping.""
      In a final ruling yesterday, the U.S. government eliminated
  the duties shipped by Sucocitrico Cutrale and cut to 1.96 pct
  the duty on Citrosuco. Duties of 8.54 pct had been set last
  October.
      Peres said Brazil had enough orange juice to meet the needs
  of its major clients.
      ""We do not have in stock what we would like to have, but we
  certainly have enough orange juice available to supply our
  buyers,"" Peres said, declining to estimate the amount of the
  current stock. ""To keep it a secret is part of our strategy,"" he
  added.
      Peres said the price policy of the orange juice was based
  on market conditions.
      ""There is nothing better than a free trade policy,"" he said.
      Cutrale and Citrosuco officials were not immediately
  available for comment.
  

"
training/3893	12	earn	"WALL STREET STOCKS/ICH CORP <ICH>
  ICH Corp's stock
  continued under pressure because of lower earnings
  expectations, Wall Street analysts said.
      The stock was down one today at 17-1/4, and down about four
  since Thursday, when ICH announced it would be reporting
  lower-than-expected fourth quarter net income.
      The company said it would report full year 1986 net income
  of 2.00 dlrs per share compared to 2.32 dlrs per share in 1985.
  Analysts said they had estimated 1987 net at 3.00-4.00 dlrs and
  were now looking for at 2.50 dlr to 2.80 dlr range.
      ICH officials were unavailable for comment.
  

"
training/3894	12	earn	"INVACARE CORP <IVCR> 4TH QTR NET
  Shr profit 26 cts vs profit 19 cts
      Net profit 1,458,000 dlrs vs profit 1,070,000 dlrs
      Rev 30.9 mln dlrs vs 27.5 mln dlrs
      12 mths
      Shr profit 60 cts vs loss 19 cts
      Net profit 3,367,000 dlrs vs loss 1,061,000 dlrs
      Revs 111.5 mln dlrs vs 94.3 mln dlrs
  

"
training/3895	12	earn	"<RENAISSANCE ENERGY LTD> YEAR NET
  Shr 47 cts vs 31 cts
      Net 4,757,000 vs 2,466,000
      Revs 32.8 mln vs 33.5 mln
      Avg shrs 12,638,000 vs 8,941,000
  

"
training/3898	19	housing	"QUEBEC FEBRUARY HOUSING STARTS FALL
  Quebec housing starts fell in February
  to 2,191, a four pct drop from last year when growth in Quebec
  housing starts was among the highest in the Canada, the Canada
  Mortgage and Housing Corp said.
      The February rate seasonally adjusted now stands at 40,000,
  down from 79,000 in January, the government agency said.
  

"
training/3899	12	earn	"INVACARE <IVCR> EXPECTS HIGHER 1987 SALES
  Invacare Corp chairman, president
  and chief executive officer A. Malachi Mixon III said he
  expects the home healthcare equipment company to post sales
  increases in the 10 to 15 pct range in 1987.
      Mixon said the increases should come from internal growth
  as well as potential acquisitions.
      ""Invacare is aggressively seeking acquisitions to
  complement the company's existing product lines,"" Mixon said.
      Earlier, the company reported fourth quarter 1986 net of
  1.5 mln dlrs, or 26 cts a share, up from 1.1 mln dlrs, or 19
  cts a share, in 1985's fourth quarter.
      Invacare also reported 1986 net income of 3.4 mln dlrs, or
  60 cts a share, up from a loss of 1.1 mln dlrs, or 19 cts a
  share, in 1985.
  

"
training/390	12	earn	"CHEUNG KONG CHAIRMAN SEES STRONG RESULTS IN 1987
  Cheung Kong (Holdings) Ltd <CKGH.HK>
  is expecting strong results this year after reporting better
  than expected profits in 1986, chairman Li Ka-shing said.
      He did not give a specific earnings projection but he told
  reporters the firm will pay total dividends of not less than 19
  cents a share this year after a one-for-four bonus issue and a
  four-for-one stock split.
      The company earlier declared total dividends equal to 15
  cents a share for 1986, adjusting for the stock split and bonus
  issue.
      Cheung Kong's earnings rose to 1.28 billion H.K. Dlrs in
  1986, well above market expectations of 920 mln to one billion
  dlrs. They compared with profits of 551.7 mln dlrs in 1985.
      Cheung Kong also reported extraordinary gains of 983.6 mln
  dlrs mainly from the firm's sale of the Hong Kong Hilton Hotel
  to Hongkong Electric Holdings Ltd <HKEH.HK> for one billion
  dlrs. It had gains of 81.3 mln dlrs in 1985.
      Li attributed the surge in 1986 earnings to a buoyant local
  property market and substantial increases in contributions from
  associated companies.
      ""Looking ahead, 1987 should be another year of stability for
  the property market,"" Li said. ""The growth in (Hong Kong's)
  exports is expected to stimulate the demand for industrial
  buildings.""
      Cheung Kong is cash rich and is looking for new projects in
  the British colony, Li said, noting the firm is interested in a
  land reclamation project along the Hong Kong harbour and is
  exchanging views with the government on a proposal to build a
  second airport.
  

"
training/3900	12	earn	"LAMSON AND SESSIONS CO <LMS> 4TH QTR LOSS
  Oper shr loss 26 cts vs profit five cts
      Oper net loss 1,506,000 vs profit 312,000
      Revs 42 mln vs 27.9 mln
      Year
      Oper shr loss 43 cts vs profit 16 cts
      Oper net loss 2,535,000 vs profit 1,236,000
      Revs 129.9 mln vs 120.3 mln
      NOTE: Excludes discontinued operations loss 1.42 dlrs a
  share versus loss nine cts in the quarter, and loss 1.62 dlrs a
  share versus loss 12 cts in the year.
      Also excludes extraordinary loss of six cts a share in the
  fourth quarter 1985, and gain of 1.81 dlrs a share in full year
  1985.
      Also excludes 1986 full year gain of 80 cts per share from
  accounting change.
  

"
training/3902	48	trade	"SOUTH KOREA TO KEEP TRADE SURPLUS 3-5 YEARS
  South Korean Trade Minister Rha
  Woong Bae said his nation would maintain a trading surplus for
  three to five years as a way to cut its foreign debt.
      He said in an interview with Reuter that after a few years
  it was likely South Korea would drop barriers to foreign goods
  and move toward a more balanced trade position.
      He said the present trade surplus was vital if his nation
  was to reduce its 44.5 billion dlr foreign debt.
      Rha said that 1986 was the first year South Korea had a
  trade surplus - 4.5 billion dlrs, against a 1985 deficit of 
  900 mln dlrs.
      Rha made his remarks at the end of a two-week trade mission
  here during which a team he led agreed to buy U.S. products
  valued at 1.8 billion dlrs.
      About 800 mln dlrs of the purchases here were in goods of
  the type South Korea normally bought from Japan.
      Rha leaves today for Ottawa for trade talks with Canadian
  officials and businessmen.
      Asked if South Korea would retaliate against U.S. goods if
  Congress closed U.S. markets to its products, he said ""at this
  moment, we have no thought of retaliation.""
      South Korea is a major exporter to the U.S. of textiles and
  apparel and electronic goods, such as television sets, video
  cassette records and personal computers.
      Its purchases from the United States include electronic
  testing equipment, grains and cotton.
  

"
training/3903	12	earn	"RESTURANT ASSOCIATES INDUSTRIES INC <RAA>4TH QTR
  Shr 26 cts vs 36 cts
      Shr diluted 25 cts vs 36 cts
      Net 1,389,000 vs 1,412,000
      Revs 56.9 mln vs 35.1 mln
      Avg shrs 5,412,000 vs 3,962,000
      Year
      Shr 90 cts vs 75 cts
      Shr diluted 86 cts vs 75 cts
      Net 4,692,000 vs 2,961,000
      Revs 201.4 mln vs 140.0 mln
      Avg shrs 5,234,000 vs 3,954,000
      NOTE: Results for 14 and 53 week periods ended January 3,
  1987, vs 13 and 52 week periods ended December 28, 1985
      1985 net in both periods includes gain of 99,000 dlrs from
  tax loss carryforward
      Spokeswoman said average shares outstanding on a diluted
  basis were not available
  

"
training/3905	12	earn	"SOUTHERN NEW ENGLAND TELECOM <SNG> DECLARES DIV
  Qtly div 72 cts vs 72 cts prior
      Pay April 15
      Record March 23
      NOTE: Company's full name is Southern New England
  Telecommunications Corp.
  

"
training/3908	12	earn	"EMPIRE OF CAROLINA INC <EMP> 4TH QTR NET
  Shr 71 cts vs 15 cts
      Net 4,234,000 dlrs vs 803,000 dlrs
      Revs 15.4 mln dlrs vs 10.3 mln dlrs
      12 mths
      Shr 1.26 dlrs vs 67 cts
      Net 7,299,000 dlrs vs 3,607,000 dlrs
      Revs 52.5 mln dlrs vs 40.7 mln dlrs
      NOTE: Empire's investment in the Deltona Corp is reported
  on the equity method beginning the fourth qtr of 1986. Amounts
  for 1985 and the first three qtrs of 1986 have been restated to
  reflect the retroactive application.
      During 1986, the 17-1/2 pct debentures and 9-7/8 dlrs
  preferred stock were redeemed or converted resulting in
  6,028,755 common shares outstanding at December 31, 1986 as
  compared to 2,408,766 common shares outstanding at December 31,
  1985.
  

"
training/3909	12	earn	"ENSECO INC <NCCO> 4TH QTR LOSS
  Oper shr loss six cts vs profit seven cts
      Oper net loss 481,517 vs profit 487,432
      Revs 7,492,686 vs 5,575,043
      Avg shrs 8.5 mln vs 7.2 mln
      Year
      Oper shr loss six cts vs profit 34 cts
      Oper net loss 465,043 vs profit 2,283,811
      Revs 29.5 mln vs 19.8 mln
      Avg shrs 7.8 mln vs 6.7 mln
      NOTE: Excludes extraordinary credit of four cts a share in
  fourth quarter 1986, and 15 cts in year.
  

"
training/3910	0	acq	"CORRECTED - REXNORD <REX> TO SELL RAILWAY UNIT
  Rexnord Inc said it signed a
  definitive agreement to sell its Railway Maintenance Equipment
  Co subsidiary to Oak Industries Inc. Terms were withheld.
      Also participating in the agreement was Banner Industries
  Inc, which previously agreed to acquire Rexnord.
      Railway Maintenance had 1986 sales of 16 mln dlrs.
      Rexnord said the sale is part of a major program to divest
  several of its businesses representing about 200 mln dlrs in
  net assets. Still to be divested are the Process Machinery
  Division with sales of 137 mln dlrs and Mathews Conveyer Co,
  with sales of 83 mln dlrs. -- Corrects mame of purchaser
  

"
training/3912	0	acq	"WALL STREET STOCKS/SUPERMARKETS GENERAL <SGL>
  Dart Group Corp <DARTA>, which wants
  to acquire Supermarkets General Corp for 1.62 billion dlrs, is
  not likely to give up without a fight if its target seeks
  another buyer, arbitrageurs said.
      Speculation that Dart's offer of 41.75 dlrs per share could
  be just the beginning of a bidding contest helped Supermarkets
  shares gain one to 42-1/8  on 2.3 mln shares.
      One rumor had Federated Department Stores Inc <FDS> taking
  a look at Supermarkets General. ""Our policy is that we do not
  comment on any rumors or speculation of this nature,"" a
  Federated spokeswoman said.
      An arbitrageur noted that Dart, controlled by chairman
  Herbert H. Haft and his son Robert, last year raised its
  initial bid for Safeway Stores by approximately 10 pct when
  Safeway resisted.
      However, that company was later sold to a buyout group that
  topped the Hafts.
      If history repeats itself, the Hafts could raise their bid
  to 46 dlrs if they are rebuffed by Supermarkets General, the
  arbitrageur said. But another arbitrageur said the Hafts'
  present bid seemed ""quite fair."" He said the offer amounts to
  10 times after-tax-cash flow which is ""probably fully priced.""
  

"
training/3916	0	acq	"AMERICAN MOTORS <AMO> WEIGHS TAKEOVER PROPOSAL
  American Motors Corp said its
  directors met Wednesday to review the takeover proposal which
  the corporation received Monday from Chrysler Corp <C>.
      AMC said its board has retained independent investment and
  legal advisers and expects to meet periodically over the next
  several weeks on the proposal.
  

"
training/3917	12	earn	"BANGOR HYDRO-ELECTRIC CO <BANG> SETS DIVIDEND
  Qtly div 25 cts vs 25 cts
      Pay April 20
      Record March 31
  

"
training/3918	0	acq	"KANSAS CITY SOUTHERN <KSU> MERGER RESPONSE
  Kansas City Southern
  Industries Inc said an attempt by Santa Fe Southern Pacific Co
  <SFX> to reopen the proposed merger of the Atchison, Topeka and
  Santa Fe Railway Co and the Southern Pacific Transportation Co
  offers ""nothing truly new.""
      In a letter to shippers, Kansas City Chairman Landon
  Rowland stated ""This proposed merger is plainly
  anti-competitive, as found by the ICC and urged by the
  Department of Justice. Nothing has changed.""
      Landon said Kansas City Southern is continuing its efforts
  to acquire the transportation operation of Santa Fe Railway.
  

"
training/392	12	earn	"WHITTAKER CORP 1ST QTR OPER SHR 17 CTS VS 25 CTS

  WHITTAKER CORP 1ST QTR OPER SHR 17 CTS VS 25 CTS
  

"
training/3920	0	acq	"COKE AFFILIATE TO SELL DELAURENTIIS <DEG> STAKE
  De Laurentiis Entertainment Group
  Inc said Embassy Communications, a Californai general
  partnership affiliated with Coca-Cola Co <KO>, plans to sell
  its 10.1 pct stake in the company.
      In a filing with the Securities and Exchange Commission for
  a secondary offering, De Laurentiis said Embassy will offer its
  entire stake in the company of 964,936 shares of common stock
  in the public sale.
      De Laurentiis said it has 9.6 mln shares outstanding.
      PaineWebber Inc will underwrite the offering.
  

"
training/3922	12	earn	"HERLEY MICROWAVE <HRLY> 2ND QTR JAN 31 NET
  Shr nine cts vs 17 cts
      Net 275,000 vs 490,000
      Rev 2.4 mln vs four mln
      Six months
      Shr 29 cts vs 31 cts
      Net 885,000 vs 884,000
      Rev 6.1 mln vs 7.1 mln
      NOTE: Company's full name is Herley Microwave Systems Inc.
  

"
training/3926	0	acq	"WILLIAMS COS <WMB> COMPLETES SALE OF UNIT
  Williams Cos said it completed the
  sale of its Agrico Chemical Co unit to Freeport-McMoRan
  Resource Partners L.P. <FRP> for an initial 250 mln dlrs cash.
      The company said it will also receive an additional 100 to
  250 mln dlrs in five years based on the operating performance
  of the unit.
      It said the cash proceeds will be used to lower its debt
  costs.
  

"
training/3928	45	sugar	"EC COMMISSION REJECTS SUGAR THREATS - SOURCES
  The European Community Commission has
  told EC member states that it is not prepared to discuss EC
  sugar prices while sugar traders threaten to make a huge sale
  into intervention stocks to protest against its policies,
  Commission sources said.
      ""Our position is that we are not willing to discuss the
  problems of market prices at a time when traders are making
  threats,"" one source said.
      The sources said the Commission's view was made clear at a
  meeting of its sugar management committee today.
      They said French, West German and Dutch officials had
  informed the committee that traders in their countries intended
  to sell just over 850,000 tonnes of sugar into EC intervention
  stocks.
      The Commission riposted by signalling that it would sell
  the sugar sold into intervention back onto the EC market by
  tender, a move that would push down prices.
      The sources said French traders planned to sell 775,000
  tonnes into intervention stocks, West German traders 7,500
  tonnes and Dutch traders 2,500.
  

"
training/393	0	acq	"VIACOM <VIA> RECEIVES TWO REVISED OFFERS
  Viacom International Inc said it
  received revised merger offers from <National Amusements Inc>
  and <MCV Holdings Inc>.
      The company said the special committee plans to meet later
  today to review both offers.
      Viacom said National Amusements' Arsenal Holdings Inc
  raised the value of its offer for the Viacom shares not held by
  National Amusements in three areas. National Amusements holds
  19.6 pct of Viacom's stock.
      The cash value of the offer was raised to 42.00 dlrs from
  the 40.50 dlrs a Viacom share offered February 23 while the
  value of the fraction of a share of exchangeable preferred
  being offered was increased to 7.50 dlrs a share from six dlrs.
  The interest rate to be used to increase the cash value of the
  merger, if delayed beyond April 30, was raised to nine pct from
  eight pct and 12 pct after May 31.
      A Viacom spokesman said the Arsenal Holdings's offer
  continues to include a 20 pct interest in Arsenal for present
  Viacom shareholders.
      Viacom said MCV Holdings, a group which includes the
  company's senior management and the Equitable Life Assurance
  Society of the United States, raised the value of its offer by
  increasing the value of the preferred being offered to 8.50
  dlrs from 8.00 dlrs a share and raising the ownership in the
  new company to be held by present Viacom shareholders to 45 pct
  from 25 pct. MCV called its previous offer, made February 26,
  the ""final"" proposed revision of its agreement with Viacom.
  

"
training/3930	33	money-supply	"TREASURY BALANCES AT FED FELL ON MARCH 10
  Treasury balances at the Federal
  Reserve fell on March 10 to 2.842 billion dlrs from 3.073
  billion dlrs the previous business day, the Treasury said in
  its latest budget statement.
      Balances in tax and loan note accounts fell to 9.828
  billion dlrs from 11.418 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 12.670
  billion dlrs on March 10 compared with 14.490 billion dlrs on
  March 9.
  

"
training/3931	48	trade	"SOUTH KOREA TO MAINTAIN TRADE SURPLUS 3-5 YEARS
  South Korean Trade Minister Rha
  Woong Bae said his nation would maintain a trading surplus for
  three to five years as a way to cut its foreign debt.
      He said in an interview with Reuters that after a few years
  it was likely South Korea would drop barriers to foreign goods
  and move toward a more balanced trade position.
      He said the present trade surplus was vital if his nation
  was to reduce its 44.5 billion dlr foreign debt.
      Rha said that 1986 was the first year South Korea had a
  trade surplus - 4.5 billion dlrs, against a 1985 deficit of 900
  mln dlrs.
      Asked if South Korea would drop its trade barriers once its
  foreign debt was substantially reduced, he said ""yes, I think
  so.""
      Rha made his remarks at the end of a two-week trade mission
  here during which a team he led agreed to buy U.S. products
  valued at 1.8 billion dlrs.
      About 800 mln dlrs of the purchases are in goods of the
  type South Korea normally bought from Japan.
      Rha was to leave later today for Ottawa for trade talks
  with Canadian officials and businessmen.
      He said in the interview the U.S. purchases were to reduce
  his country's 7.1 billion dlr surplus with the United States
  and also to cut its 5.6 billion dlr shortfall with Japan.
      Rha said it was also due to a shift in exchange rates
  between the U.S. dollar and the yen that made it cheaper to buy
  U.S. goods than Japanese goods.
      He said South Korea heavily relied on foreign trade and he
  hoped the leaders of major trading nations could find a way to
  resolve the growing trend toward protectionist legislation.
      Rha said ""I hope the leaders can get together to find a
  solution by making some mutually satisfactory concessions.""
      But he added ""the leaders seem hesitant to make concessions
  because of domestic political reasons.""
      Speaking of his own country, he said ""We have made a lot of
  concessions already.""
      He cited regulations permitting foreign investment in
  industrial firms, allowing increased foreign banking activity
  and cracking down on piracy of intellectual property by
  strengthening protection of copyrights and patents.
      Rha said South Korea had also lowered many of its tariffs.
      Asked if South Korea would retaliate against U.S. goods if
  Congress closed U.S. markets to its products, he said ""at this
  moment, we have no thought of retaliation.""
      South Korea is a major exporter to the United States of
  textiles and apparel and electronic goods, such as television
  sets, video cassette records and personal computers.
      Its puchases from the United States include electronic
  testing equipment and grains and cotton.
      The trade mission's purchases here included three Boeing
  passenger planes for 400 mln dlrs, four McDonnell Douglas
  planes for 300 mln dlrs; and machinery worth 725 mln dlrs.
  

"
training/3933	0	acq	"HONG KONG FIRM UPS CALMAT <CZM> STAKE TO 9.8 PCT
  Industrial Equity (Pacific) Ltd, a
  Hong Kong investment firm, said it raised its stake in Calmat
  Co to 1,480,830 shares, or 9.8 pct of the total outstanding
  common stock, from 1,217,230 shares, or 8.0 pct.
      In a filing with the Securities and Exchange Commission,
  Industrial Equity, which is principally owned by Brierley
  Investments Ltd, a publicly held New Zealand firm, said it
  bought 263,600 Calmat common shares between Feb 17 and March 9
  for 13.1 mln dlrs.
      It has said it bought the stock for investment purposes,
  but may raise its stake to 15 pct.
  

"
training/3934	0	acq	"PARALAX VIDEO <VIDO> TO BUY AMERICAN VIDEO
  Paralax Video Enterprises Inc said it
  signed a definitive agreement to buy <American Video Group Inc>
  for stock.
      According to the merger proposal, American Video
  shareholders will receive about 287,700 restricted Paralax
  shares, and warrants to buy another 318,600 restricted shares
  at six dlrs a share. The warrants run for three years.
      In addition, it said holders of American Video convertible
  debentures agreed to exchange their holdings for about 380,000
  dlrs worth of Paralax stock.
      American Video operates stores in U.S. military bases.
  

"
training/3937	12	earn	"LAMSON/SESSIONS <LMS>DROPS RAIL PARTS OPERATIONS
  Lamson and Sessions Co said it has
  decided to discontinue operations of Youngstown Steel Door, a
  maker of components and equipment for railroad freight cars.
      The company said the unit is to be sold sometime this year,
  so was included as discontinued operations in its 1986 results
  announced earlier today.
      The company reported a loss from continuing operations of
  2.5 mln dlrs for the year, against a 1985 profit of 1.2 mln
  dlrs. For discontinued operations, it reported a loss of 9.5
  mln dlrs compared to a year earlier loss of 922,000 dlrs.
  

"
training/3939	0	acq	"ROCHESTER TELEPHONE <RTC> TO BUY CANTON PHONE
  Rochester Telephone Corp said
  it agreed to buy <Canton Telephone Co> for undisclosed terms.
      Canton serves customers in northeastern Penn. In 1986, it
  had operating revenues of about 1.3 mln dlrs, the company said.
  

"
training/3942	30	lumber	"OREGON LUMBER COMPANY TO SELL WOOD TO IRAQ
  A Portland-based wood
  products company has signed a 13 mln dlr contract with the
  Iraqi government to supply finished softwood lumber to Iraq,
  Edward Niedermeyer, president of Niedermeyer-Martin Co said
  yesterday.
      Niedermeyer told the House Foreign Affairs sub-committee on
  International Economic Policy and Trade in Washington that the
  sales agreement contains an option that could make lumber
  exported worth more than 20 mln dlrs.
      The delivery of about 8.0 mln dlrs worth of plywood, in
  addition to lumber, hinges on whether the U.S. Department of
  Agriculture will interpret plywood as an agricultural commodity
  under the credit guarantee program, he said.
      Niedermeyer said the government export credit guarantee
  program (GSM-102) administered by the USDA was the key to
  opening the Iraqi market which up to now had been captured by
  Scandinavian lumber producers.
      ""This is the first time we have been able to sell wood
  products in Iraq, he said. Without the USDA program it would
  not have been possible. We hope this will lead to a long term
  export market for U.S. lumber products.""
      He said the contract calls for supplying 21 mln board feet
  to 30 mln board feet of softwood lumber for housing,
  construction and furniture manufacturing. He estimated the
  profit potential for his company on the sale at five to six
  pct.
      Niedermeyer spent two weeks in Baghdad negotiating the sale
  late last month and early March. He is a member of the United
  States-Iraq Business Forum, a non-profit group designed to
  promote commerce with Iraq.
      The forum members include Westinghouse and General
  Electric, but Niedermeyer's company is the only wood products
  firm on the membership roster.
  

"
training/3944	12	earn	"WALLACE COMPUTER SERVICES INC <WCS> DIVIDEND
  Qtly div 15 cts vs 15 cts previously
      Pay June 19
      Record June One
  

"
training/3946	12	earn	"IROQUOIS BRANDS LTD <IBL> 4TH QTR LOSS
  Oper shr loss 97 cts vs loss 73 cts
      Oper net loss 883,000 vs loss 659,000
      Revs 19.4 mln vs 16.7 mln
      12 mths
      Oper shr loss 2.37 dlrs vs loss 1.97 dlrs
      Oper net loss 2,228,000 vs loss 2,145,000
      Revs 72.4 mln vs 63.8 mln
      NOTE: Excludes gain 3.41 dlrs a share versus gain 41 cts in
  the quarter, and gain 5.68 dlrs a share versus gain 1.99 dlrs
  in the year from discontinued and disposed operations.
  

"
training/3948	0	acq	"ALABAMA INVESTOR UPS PENOBSCOT SHOE <PSO> STAKE
  Donaldson Bramham Lee, an investor
  from Birmingham, Alabama, said he raised his stake in Penobscot
  Shoe Co to 40,500 shares, or 6.6 pct of the total outstanding
  common stock, from 33,500 shares, or 5.5 pct.
      In a filing with the Securities and Exchange Commission,
  Lee said he bought 7,000 Penobscot common shares between Feb 12
  and March 2 at prices ranging from 13.75 to 16.25 dlrs a share.
      Lee has said he bought the Penobscot stock for investment
  purposes only and has no plans to seek control of the company,
  although he may buy more stock.
  

"
training/3951	12	earn	"AERO SERVICES <AEROE> SEES BETTER 1987
  Aero Services International Inc
  said it expects to achieve improvements in overall operations
  in the year ending September 30, 1987.
      Earlier, Aero reported a 1986 year end net loss of 3.0 mln
  dlrs compared to a profit of 483,000 dlrs in 1985.
      The company said the loss was attributable to costs
  associated with its acquisition costs and operating losses of
  nine Beckett Aviation fixed base operations purchased in August
  1985 and discontinued weather service and flight simulator
  segments.
  

"
training/3952	12	earn	"AERO SERVICES INTERNATIONAL INC <AEROE> YEAR
  Shr loss 63 cts vs profit 10 cts
      Net loss 3.0 mln vs profit 483,000
      Revs 61.9 mln vs 43.7 mln
      NOTE:1986 net loss includes loss of 1.4 mln dlrs or 28 cts
  a share from discontinued operations. 1986 revenues include
  revenues for the last eight months of Beckett Aviation,
  acquired in September of 1985. Year ended September 30, 1986.
  

"
training/3954	12	earn	"VISTA RESOURCES INC <VIST> 4TH QTR NET
  Shr 1.36 dlrs vs one dlr
      Net 1,010,249 vs 750,856
      Revs 15.2 mln vs 11.9 mln
      12 mths
      Shr 3.24 dlrs vs 2.18 dlrs
      Net 2,407,186 vs 1,627,250
      Revs 57 mln vs 53.1 mln
  

"
training/3957	1	alum	"ALCOA DECLINES SPECIFIC COMMENT ON OPTIONS TRADE
  Alcoa officials acknowledged the
  possibility that they may have a position in the off-exchange
  aluminum options market, but declined specific comment on trade
  speculation that the company is holding a large outstanding
  position.
      An Alcoa (Aluminum Company of America) source involved in
  terminal trading for the company said: ""We use all means
  available to manage our business, so it's a possibility we're
  trading options.""
      ""We won't go into specifics about what we're doing. But
  when you're dealing in un-alloyed ingot, it's a commodity
  business where there are a lot of tools available (for hedging)
  and Alcoa is using all of those tools,"" said Al Posti, Alcoa's
  manager of corporate news.
      Trade sources have said Alcoa is long call options equal to
  30,000 to 50,000 tonnes of aluminum due to mature in April and
  May. However, some New York-based aluminium traders said they
  believe the size of Alcoa's position has been exaggerated.
      The possibility that Alcoa may be long call options is one
  factor indicating that supply tightness may worsen in the
  second quarter, traders said.
      ""If they decide to exercise their right to buy, it would
  mean really squeezing the market,"" one New York trader said,
  noting that aluminum stocks on the London Metal Exchange were
  90,500 tonnes at the end of last week.
  

"
training/3958	12	earn	"BRAE CORP <BRAE> 3RD QTR DEC 31 LOSS
  Shr loss 1.32 dlrs vs profit two cts
      Net loss 5,666,000 vs profit 84,000
      Revs 12.0 mln vs 21.7 mln
      Nine mths
      Shr loss 1.87 dlrs vs loss 71 cts
      Net loss 8,030,000 vs loss 3,062,000
      Revs 40.9 mln vs 53.0 mln
      Note: includes losses from discontinued operations of
  190,000 dlrs vs loss 185,000 dlrs in 3rd qtr and 731,000 dlrs
  loss vs 815,000 dlrs loss in nine mths.
  

"
training/3959	10	crude	"MARATHON TO RAISE CRUDE PRICES 50 CTS/BBL TOMORROW WTI  TO 17.50 DLRS

  MARATHON TO RAISE CRUDE PRICES 50 CTS/BBL TOMORROW WTI  TO 17.50 DLRS
  

"
training/396	12	earn	"WASTE MANAGEMENT CORP VOTES TWO FOR ONE STOCK SPLIT AND BOOSTS QTLY DIVIDEND TO 18 CTS

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

"
training/3960	0	acq	"GENERAL ELECTRIC <GE> TO SELL DATEL UNIT
  General Electric Co's GE
  Semiconductor Business said it agreed to sell its Datel unit to
  a group led by the unit's president, Nicolas Tagaris.
      Terms were not disclosed.
      Tagaris founded the company, which produces precision data
  acquisition, conversion and control components and subsystems,
  in 1970. He sold it to GE in 1979.
  

"
training/3961	0	acq	"TRICO <TRO> SETS DATE FOR ACQUISITION VOTE
  Trico Industries Inc said it
  set March 31 as the date for a special shareholders meeting for
  a vote on the proposed acquisition of the company by Paccar Inc
  <PCAR>.
      In January the two companies announced an agreement
  covering a proposed acquisition by Paccar of Trico's
  approximately 8.2 mln shares outstanding for eight dlrs per
  share in cash.
  

"
training/3964	0	acq	"HUGHES TOOL SHAREHOLDERS APPROVE MERGER WITH BAKER INTERNATIONAL

  HUGHES TOOL SHAREHOLDERS APPROVE MERGER WITH BAKER INTERNATIONAL
  

"
training/3968	12	earn	"<CANADIAN GYPSUM CO LTD> YEAR NET
  Shr 3.13 dlrs vs 2.02 dlrs
      Net 39.1 mln vs 26.9 mln
      Revs 203.2 mln vs 173.8 mln
  

"
training/3970	0	acq	"CREW UNION SETS PACT WITH PACIFIC SOUTHWEST <PSG>
  Pacific Southwest Airlines said it
  reached an agreement with the Southwest Crew Controllers
  Association needed to satisfy conditions of USAir Group's <U>
  proposed acquisition of PSA.
      PSA said this is the third of four unions agreement is
  needed with for USAir's acquisition to be consummated.
      Under the agreement, PSA crew controllers received
  assurances they will be provided with labor protective
  provisions and a seniority integration process.
  

"
training/3971	12	earn	"SOUTHERNNET INC <SOUT> 4TH QTR NET
  Shr 32 cts vs four cts
      Net 3,370,000 vs 353,000
      Revs 27.8 mln vs 20.2 mln
      Year
      Shr 35 cts vs 67 cts
      Net 3,543,000 vs 3,845,000
      Revs 103.6 mln vs 74.8 mln
  

"
training/3973	43	ship	"SENATOR LUGAR CALLS FOR CARGO PREFERENCE REPEAL
  The senior Republican on the U.S.
  Senate Agriculture Committee, Richard Lugar of Indiana, called
  for repeal of the cargo preference law that aids the American
  shipping industry but which he said hurts farmers.
      ""Cargo preference is a costly special interest operated at
  the expense of American farmers and dockworkers,"" Lugar said in
  signing on as a co-sponsor or cargo preference repeal
  legislation.
      The law requires shipment of U.S. goods on American ships
  rather than foreign vessels which are less costly.
  

"
training/3976	10	crude	"EIA SAYS DISTILLATE STOCKS OFF 8.8 MLN, GASOLINE OFF 500,000, CRUDE OFF 1.2 MLN

  EIA SAYS DISTILLATE STOCKS OFF 8.8 MLN, GASOLINE OFF 500,000, CRUDE OFF 1.2 MLN
  

"
training/3977	12	earn	"SYLVAN LEARNING CORP <SLVN> NINE MONTHS DEC 31
  Shr loss 43 cts vs profit eight cts
      Net loss 3.1 mln vs profit 502,896
      Revs 5.6 mln vs 4.2 mln
      NOTE:1986 net includes negative effect of accounting change
  of 354,650 or five cts a share.
  

"
training/398	0	acq	"PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK

  PITTSTON AGREES TO ACQUIRE WTC INTERNATIONAL IN EXCHANGE OF STOCK
  

"
training/3980	10	crude	"EIA SAYS DISTILLATE, GAS STOCKS OFF IN WEEK
  Distillate fuel stocks held in
  primary storage fell by 8.8 mln barrels in the week ended March
  six to 119.6 mln barrels, the Energy Information Administration
  (EIA) said.
      In its weekly petroleum status report, the Department of
  Energy agency said gasoline stocks were off 500,000 barrels in
  the week to 251.0 mln barrels and refinery crude oil stocks
  fell 1.2 mln barrels to 331.8 mln.
      The EIA said residual fuel stocks fell 1.5 mln barrels to
  36.4 mln barrels and crude oil stocks in the Strategic
  Petroleum Reserve (SPR) rose 200,000 barrels to 516.7 mln.
      The total of all crude, refined product and SPR stocks fell
  10.3 mln barrels to 1,564.8, it said.
  

"
training/3982	22	interest	"PHILIPPINE DEBT TALKS DELAYED FOR CONSULTATIONS
  Today's debt rescheduling talks
  between the Philippines government and its bank advisory
  committee were postponed until Thursday to give the banks more
  time to consider Manila's novel proposal for paying part of its
  interest bill in notes instead of cash, bankers said.
      The committee banks met briefly earlier today and decided
  that they needed more time in particular to consider a news
  report which quoted a Reagan Administration official as urging
  that the proposal be given serious consideration.
      ""The banks felt that this was new information and that
  further consultation was called for,"" one banker said.    
      In a despatch yesterday from Washington, Reuters quoted the
  official as saying Manila's plan to pay some interest with
  notes that could be converted into equity investments in the
  Philippines was fully consistent with the Reagan Administration
  strategy for handling developing country debt.
      ""The Philippine proposal is very interesting, it's quite
  unique and I don't think it's something that should be
  categorically rejected out of hand,"" the official said.
      Because of the key role the U.S. plays in the debt crisis,
  foreign banks in particular wanted time to analyze the
  significance of the policymaker's comments, bankers said.
  

"
training/3983	0	acq	"HARPER AND ROW GETS BID FROM HARCOURT BRACE JOVANOVICH FOR 50 DLRS/SHR

  HARPER AND ROW GETS BID FROM HARCOURT BRACE JOVANOVICH FOR 50 DLRS/SHR
  

"
training/3984	0	acq	"HUGHES <HT> APPROVES MERGER WITH BAKER <BKO>
  An overwhelming majority of Hughes Tool
  Co shareholders approved a merger agreement with Baker
  International Corp based on revised terms that allow the
  companies additional time to sell a drilling bit business as
  required by the U.S. Justice Department.
       Hughes chairman William Kistler said the revised terms of
  the proposed consent decree also set a 10 mln dlr cap on how
  much funding the newly combined companies will have to spend on
  the disputed drilling bit business until it is sold.
      An earlier proposed consent decree did not establish a
  funding limit.
      The Baker-Hughes merger, which would would create a 1.2
  billion dlr oilfield services company, almost fell through
  earlier this month when Hughes balked at terms of a proposed
  Justice Department consent decree that would have given the
  companies only three months to find a buyer for the Reed
  business.
      Baker said today it would withdraw the one billion dlr
  lawsuit it had filed to force Hughes to follow through with the
  merger.
      Hughes' Kistler, speaking to reporters after 85 pct of
  Hughes' shareholders approved the merger, said the revised
  terms of the agreement give the companies six months to find a
  buyer for the Reed drilling bit business. The previous
  agreement had proposed a three-month period.
      Kistler said the the government had also indicated it would
  consider granting, if necessary, an additional three-month
  extension to complete the sale.
      He said there were ""several people looking"" at the domestic
  drilling bit business.
      The companies, Kistler said, have also decided to
  voluntarily sell a Reed plant in Singapore.
      Kistler estimated that the merger, which should be
  completed in about two weeks, will result in annual cost
  savings of about 50 mln dlrs. He said he expects ""substantial
  cutbacks"" in the 20,000-member workforce at Baker-Hughes Inc,
  the name the merged company will take.
      Kistler said the cost savings and greater efficiencies
  should put the company on a profitable course. ""We think that
  in the third or fourth quarter after the merger we should see
  something close to breakeven,"" he said.
      In the fourth quarter of 1986, Hughes earned 31.7 mln dlrs
  on sales of 215.7 mln dlrs.
      Baker, in its first fiscal quarter ended December 31, lost
  34.2 mln dlrs on revenues of 297.7 mln dlrs.
  

"
training/3985	10	crude	"USX <X> UNIT TO RAISE MOST CRUDE POSTINGS
  USX's subsidiary, Marathon Petroleum
  Co, said it will raise its contract prices for eleven grades of
  crude oil 50 cts a barrel, effective tomorrow.
      The increase brings Marathon's posted price for West Texas
  Intermediate and West Texas Sour grades to 17.50 dlrs a barrel.
      The Light Louisiana grade was also raised 50 cts to 17.85
  dlrs a barrel.
  

"
training/3989	12	earn	"DOLLAR GENERAL CORP <DOLR> 4TH QTR NET
  Shr 13 cts vs 40 cts
      Net 2,509,000 vs 7,582,000
      Revs 186.2 mln vs 182.1 mln
      Year
      Shr 23 cts vs 95 cts
      Net 4,318,000 vs 17.8 mln
      Revs 564.8 mln vs 584.4 mln
  

"
training/399	12	earn	"TUESDAY MORNING INC <TUES> 4TH QTR NET
  Shr 1.19 dlrs vs 1.46 dlrs
      Net 3,150,185 vs 2,665,284
      Revs 27.9 mln vs 24.1 mln
      Avg shrs 2,653,646 vs 1,826,858
      Year
      Shr 1.45 dlrs vs 1.37 dlrs
      Net 3,611,802 vs 2,502,443
      Sales 62.2 mln vs 52.8 mln
      Avg shrs 2,489,978 vs 1,826,858
  

"
training/3990	0	acq	"<BROAD> ACQUIRES <VOGT AND CONANT> UNIT
  Broad Corp said it acquired
  the construction activities of Vogt and Conant Co of Cleveland.
      The combined companies, to be called Broad, Vogt and Conant
  INc, will be the largest structural steel erection company in
  the U.S. Combined sales of the two operations were more than 40
  mln dlrs in 1986.
  

"
training/3991	0	acq	"HARPER <HPR> GETS BID FROM HARCOURT <HBJ>
  Harper and Row Publishers Inc said it
  received an acquisition offer from Harcourt Brace Jovanovich
  INc to acquire all of Harper and Row's shares at 50 dlrs a
  share in cash.
      Harper said it will consider the proposal, including such
  possible concerns as anti-trust and other legal considerations.
      On Monday, Harper and Row received a surprise 34 dlr-a-
  share bid from investor Theodore Cross, owner of six pct of the
  shares, for the stock he does not own.
       Harcourt made clear in its offer that it will step aside
  if Harper's directors and shareholders reject the bid, Harper
  said.
      Harper said the board has previously expressed a strong
  determination to remain an independent publishing enterprise.
      Harper also said that New World Pictures, a shareholder,
  has requested a copy of Harper's shareholder list to be used in
  soliciting proxies.
      New World has 30,800 shares of the total 4.4 mln shares.
      Harper and Row's stock closed off 3/4 to 33-1/2 after
  rising 9-1/4 points yesterday.
      Shareholders are due to vote April 2 on a shareholders
  rights plan designed to thwart hostile takeovers.
      Ivan Obolensky, an analyst with the investment banking for
  of Sterling Grace and Co said Harper and Row is one of the few
  remaining independent publishers with a ""back list"" of authors
  stretching back 200 years.
      He said as long as the company maintains copyrights with
  the estates of deceased authors, it controls all motion picture
  and television rights to the stories. And he said new printing
  technologies make new editions a profitable business.
      ""Harcourt Brace needs a back list of that nature and is
  willing to pay up for it,"" Obolensky said. But he said Harper
  and Row ""has plenty of beef to warrant a 50 dlr bid.
  

"
training/3993	0	acq	"GOLDMAN SELLS MOST 1ST PENNSYLVANIA <FPA> STOCK
  Goldman, Sachs and Co told the
  Securities and Exchange Commission it sold nearly its entire
  stake in First Pennsylvania Corp of 2,450,598 shares, or 5.2
  pct of the total outstanding common stock.
      Goldman Sachs said it has about 17,800 First Pennsylvania
  common shares remaining. On February 26, the company redeemed
  convertible debentures with common stock, which at once
  increased Goldman's stock holding and the total outstanding.
      Goldman Sachs said it originally bought the stake as part
  of its arbitrage business. Marine Midland Banks <MM> has an
  agreement in principal to acquire First Pennsylvania.
  

"
training/3994	12	earn	"LIONEL CORP <LIO> 4TH QTR JAN 31 OPER NET
  Oper shr 1.05 dlr vs 51 cts
      Oper net 14.1 mln vs 5,669,000
      Revs 163.2 mln vs 133.2 mln
      Avg shrs 13.5 mln vs 11.5 mln
      Year
      Oper shr 65 cts vs 26 cts
      Oper net 8,664,000 vs 1,906,000
      Revs 287.8 mln vs 251 mln
      Avg shrs 13.4 mln vs 8,403,562
      NOTE: Prior year 4th qtr and year oper net excludes 13.1
  mln dlrs and 17.4 mln dlrs, respectively, for income from
  discontinued operations.
      Prior year 4th qtr and year oper net also excludes 19.2 mln
  dlrs and 20.3 mln dlrs, respectively, for operating loss
  carryforwards and other reogranization items.
      Prior year 4th qtr and year ended January 25, 1986.
  

"
training/3996	12	earn	"(MONTREAL CITY, DISTRICT SAVINGS BANK) 1ST QTR
  Shr 33 cts vs 24 cts
      Net 6.2 mln vs 4.9 mln
      Loans not given
      Deposits not given
      Assets 3.8 billion vs not given
      Note: full name Montreal City and District Savings Bank
      Period ended January 31
  

"
training/3997	16	gold	"FRANCO NEVADA SAYS STOCK RISE DUE TO DRILLING
  Franco Nevada Mining Corp Ltd said the
  gain in its stock price today is related to deep drilling being
  conducted by American Barrick Resources Corp at the Goldstrike
  claims in the Carlin camp in northern Nevada.
      Franco Nevada stock is up two at seven dlrs per share on
  the Toronto Stock Exchange.
      Franco Nevada said American Barrick announced on March nine
  that the drilling indicated a number of significant
  intersections of sulfide gold mineralization below a depth of
  about 1,000 feet.
      One vertical drill hole intersected gold continuously from
  1,100 feet to 1,730 feet averaging 0.30 ounces per short ton,
  the announcement said.
  

"
training/3999	0	acq	"BUSINESSMAN HAS 8.9 PCT OF DEL E. WEBB <DWP.A>
  John Cotton, an Arizona businessman,
  told the Securities and Exchange Commission he has acquired the
  equivalent of 213,500 shares of Class A common shares in Del E.
  Webb Investment Properties, or 8.9 pct of the total.
      Cotton, president of Finalco Group Inc, a Paradise Valley,
  Ariz., data processing equipment maker, said he bought the
  stake, which includes warrants to buy 186,300 shares, for
  266,958 dlrs.
      The warrants are exerciseable at 9.50 dlrs a share, he
  said. Cotton said it bought the stock for investment purposes
  only.
  

"
training/40	12	earn	"STANDARD TRUSTCO SEES BETTER YEAR
  Standard Trustco said it expects earnings
  in 1987 to increase at least 15 to 20 pct from the 9,140,000
  dlrs, or 2.52 dlrs per share, recorded in 1986.
      ""Stable interest rates and a growing economy are expected to
  provide favorable conditions for further growth in 1987,""
  president Brian O'Malley told shareholders at the annual
  meeting.
      Standard Trustco previously reported assets of 1.28 billion
  dlrs in 1986, up from 1.10 billion dlrs in 1985. Return on
  common shareholders' equity was 18.6 pct last year, up from 15
  pct in 1985.
  

"
training/400	0	acq	"DIAGNOSTIC/RETRIEVAL SYSTEMS INC MAKES 53 MLN DLR BID FOR ROSPATCH CORP

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

"
training/4000	12	earn	"ASTEC INDUSTRIES INC <ASTE> 4TH QTR DEC 31
  Shr loss nine cts vs profit 22 cts
      Net loss 278,949 vs profit 346,368
      Revs 11.9 mln vs 10.4 mln
      Year
      Shr profit 49 cts vs profit 49 cts
      Net profit 1.2 mln vs profit 949,626
      Revs 61.7 mln vs 52.7 mln
      NOTE:1985 net includes loss of three cts or 49.1 mln dlrs
  in 4th qtr and loss of 13 cts or 258,720 dlrs in year from
  discontinued operations.
  

"
training/401	0	acq	"MILLER TABAK HAS 91.8 PCT OF PENN TRAFFIC <PNF>
  <Miller Tabak Hirsch and Co> said it
  has received an accepted 3,424,729 common shares of Penn
  Traffic Co in response to its 31.60 dlr per share tender offer
  that expired Friday, and together with the 380,728 shares it
  already owned, it now has about 91.8 pct of Penn Traffic.
      The company said Penn Traffic is expected to hold a special
  shareholders' meeting later this month to approve a merger into
  Miller Tabak at the tender price.
      It said two Miller Tabak representatives will be named to
  the Penn Traffic board on March Four to serve as the only
  directors with Penn Traffic president and chief executive
  officer Guido Malacarne.
      The company said it received financing for the transaction
  from First National Bank of Minneapolis and Salomon Inc <SB>.
  

"
training/4012	12	earn	"BANK OF BRITISH COLUMBIA 1ST QTR JAN 31 NET
  Oper shr loss two cts vs profit three cts
      Oper net profit 273,000 dlrs vs profit 1,710,000
      YEAR - period ended October 31, 1986
      Oper shr loss 23 cts vs profit 14 cts
      Oper net loss 4,397,000 vs profit 7,527,000
      Assets 2.67 billion vs 3.25 billion
      Note: 1987 1st qtr net excludes extraordinary loss of 2.2
  mln dlrs or six cts shr.
      1986 yr net excludes extraordinary loss of 66 mln dlrs or
  1.94 dlrs shr involving 22.1 mln dlrs of costs from sale of
  bank assets to Hongkong Bank of Canada, eight mln dlrs for
  contingent liabilities in respect of litigation and potential
  tax reassessment by U.S. govt and 35.9 mln dlrs of deferred tax
  debits.
      Most bank assets sold to HongKong Bank of Canada, a unit of
  <Hong Kong and Shanghai Banking Corp> in Nov, 1986.
      Shr after preferred divs.
  

"
training/4014	12	earn	"RESTAURANT ASSOCIATES INC <RA> 4TH QTR JAN 3
  Shr 25 cts vs 36 cts
      Net 1.4 mln vs 1.4 mln
      Revs 56.9 mln vs 35.1 mln
      Year
      Shr 86 cts vs 75 cts
      Net 4.7 mln vs 3.0 mln
      REvs 201.4 mln vs 140.0 mln
      NOTE:1985 4th qtr includes 99,000 loss from carryforward.
  Shares restated to give effect to 1.4 to one stock split in the
  form a 40 pct class A dividend in August 1985.
  

"
training/4015	12	earn	"MICHIGAN GENERAL CORP <MGL> 4TH QTR
  Shr loss 1.02 dlrs vs 1.01 dlr
      Net loss 18.1 mln vs 11.4 mln
      Revs 96.0 mln vs 90.3 mln
      Year
      Shr loss 2.65 dlrs vs loss 3.06 dlrs
      Net loss 39.3 mln vs 34.6 mln
      Revs 386.0 mln vs 373.0 mln
      NOTE:1986 4th qtr, year loss includes 14.4 mln dlrs, 4.6
  mln dlrs respectively from discontinued. 1985 4th qtr and year
  include loss of 13.1 mln, 1.9 mln dlr respectively.
  

"
training/4019	12	earn	"BANK OF B.C. REVISES SHARE PAYOUT ESTIMATE
  Bank of British
  Columbia said it revised its estimate of shareholder
  distributions from last November's sale of most of the bank's
  assets to HongKong Bank of Canada to between 65 cts and 1.15
  dlrs a share from 55 cts to 1.20 dlrs a share.
      The bank said the estimate could rise to between 1.30 dlrs
  and 1.80 dlrs a share if the full pension surplus is obtained.
  It said it did not know when distributions would be made.
      It earlier reported that operating profit for first quarter
  ended January 31 fell to 273,000 dlrs from 1.7 mln dlrs the
  previous year.
      For full-year 1986 ended October 31, the bank posted an
  operating loss of 4.4 mln dlrs against year-earlier profit of
  7.5 mln dlrs. The bank also posted a 66 mln dlr extraordinary
  loss in fiscal 1986.
      Bank of British Columbia sold most of its assets last
  November to HongKong Bank Canada, a unit of <HongKong and
  Shanghai Banking Corp>, of Hong Kong, for 63.5 mln dlrs.
      It said efforts to wind up the bank's affairs were
  proceeding as quickly as possible.
      The bank said it expected to report positive earnings in
  future periods, barring unforeseen circumstances.
      Loan losses, which the bank previously said figured in its
  move to sell off most of its assets, rose to 105.7 mln dlrs in
  fiscal 1986 from year-earlier 36.1 mln dlrs. The bank said 31.1
  mln dlrs of the 1986 total represented downward adjustments to
  its portfolio of syndicated sovereign risk loans as required
  under the sale to HongKong Bank.
      Since November 27, the bank has confined activities to the
  winding up of affairs, Bank of British Columbia said.
  

"
training/402	5	coffee	"COFFEE QUOTA TALKS CONTINUE BUT NO AGREEMENT YET
  Coffee quota talks at the International
  Coffee Organization council meeting here continued this
  afternoon, but producers and consumers still had not reached
  common ground on the key issue of how to estimate export
  quotas, delegates said.
      The 54 member contact group was examining a Colombian
  proposal to resume quotas April 1 under the ad hoc system used
  historically, with a pledge to meet again in September to
  discuss how quotas would be worked out in the future, they
  said.
      Delegates would not speculate on the prospects for
  agreement at this time.
      ""Anything could happen,"" one delegate said.
  

"
training/4021	12	earn	"<KIENA GOLD MINES LTD> 4TH QTR NET
  Shr 17 cts vs 16 cts
      Net 1,019,000 vs 985,000
      Revs 7,997,000 vs 7,492,000
      YEAR
      Shr 1.18 dlrs vs 64 cts
      Net 6,959,000 vs 3,778,000
      Revs 36.5 mln vs 29.8 mln
  

"
training/4023	12	earn	"KIENA PLANS TWO-FOR-ONE STOCK SPLIT
  <Kiena Gold Mines Ltd> said it planned
  a two-for-one common stock split, pending shareholder approval
  on April 7.
      It said approval would require 66-2/3 pct of votes cast.
  Kiena said 57 pct-owner Campbell Red Lake Mines Ltd <CRK> was
  expected to vote in favor of the split.
  

"
training/4025	12	earn	"ROWE FURNITURE CORP <ROWE> SETS QTLY DIVIDEND
  Qtly div four cts vs four cts prior
      Pay April 15
      Record March 20
  

"
training/4026	48	trade	"U.S. HOUSE PANEL TAKES FIRST TRADE BILL VOTES
  House trade lawmakers took their
  first votes on measures designed to toughen U.S. trade laws but
  held over until tomorrow the most difficult votes on
  controversial plans to protect American industries.
      Meeting in closed session, the House Ways and Means Trade
  Subcommittee failed to resolve one of the most sensitive issues
  in the bill--whether they will force major foreign trading
  partners to severely cut their trade surpluses with the United
  States.
      The subcommittee is considering a toned-down version of
  Democratic-sponsored trade legislation that aims to open
  foreign markets but which drops last year's effort to force
  President Reagan to retaliate with quotas or tariffs.
      Congressional aides who asked not to be identified said the
  lawmakers intend to wrap up their proposals tomorrow and will
  consider a proposal to mandate retaliation without setting
  specific trade penalties.
      The legislation faces another hurdle in the full Ways and
  Means Committee next week before the full House votes on it.
      Rep. Richard Gephardt, a Missouri Democrat who is seeking
  his party's 1988 presidential nomination, said he may offer an
  amendment to call for reductions in the trade surpluses of
  those countries with barriers to imports of U.S. goods.
      This would be a moderated version of his earlier plan to
  force a mandatory ten per cent annual cut in the trade surplus
  with the United States by Japan, South Korea, Taiwan, West
  Germany and other countries with the largest trade imbalances.
      ""My criteria for a good amendment sets a standard for
  getting the trade deficit down,"" he told reporters.
      The trade law changes are to become part of a major
  congressional and administration effort to turn around the
  record U.S. trade deficit of 169 billion dlrs last year by
  opening up foreign markets and making U.S. products more
  competitive.
      House Speaker James Wright, a Texas Democrat, said again
  today he expects the full House will approve the trade bill by
  May and that Reagan will accept the final congressional bill.
      ""I expect whatever is reported (by the Ways and Means
  Committee) will pass. We will have a good bill and an effective
  bill,"" he told reporters.
      The comprehensive trade bill will include work by other
  committees to ease export controls on high technology, to aid
  U.S. workers displaced by foreign competition, to stimulate
  research and development, to remove foreign trade barriers and
  to improve education and worker training.
      The lawmakers agreed that for the first time a U.S.
  industry could charge foreign producers with unfair competition
  if they deny basic worker rights such as collective bargaining,
  safety rules and payment of a minimum wage appropriate to the
  country's economic development.
      They transferred to U.S. Trade Representative Clayton
  Yeutter the powers now held by Reagan to decide whether to
  retaliate against foreign violations of fair trade rules and
  whether an injured industry deserves import relief.
      They agreed to make it easier for a company to get
  temporary relief from import competition but agreed the
  industry should provide a plan to become competitive.
      The administration has not announced its support but
  Yeutter said yesterday, ""I am cautiously optimistic,"" that the
  Democratic-led House will come up with an acceptable bill.
  

"
training/4027	48	trade	"SOVIET MINISTER SAYS TRADE BOOST UP TO FRENCH
  Soviet first deputy prime minister
  Vsevolod Murakhovsky said at the end of a brief visit here his
  country wanted to boost joint business with France, but that a
  reduction of France's trade deficit with the Soviet Union
  depended on the French.
      Murakhovsky, who is also chairman of the State
  Agro-Industrial Committee (GOSAGROPROM), told a news conference
  he had discussed a variety of possible deals with French
  companies Rhone-Poulenc, Pechiney and Imec.
      Declining to put figures on possible contracts he said he
  had discussed plant protection and the processing of highly
  sulphuric gas with Rhone-Poulenc, packaging technology for
  agricultural products with Pechiney, and fruit and vegetable
  juice processing with Imec.
      An official for Pechiney said an agreement of intent on
  packaging could be signed soon, but could not give any other
  details. The other two companies were not immediately available
  for comment.
      Asked whether he foresaw a reduction this year of France's
  trade shortfall, at 7.6 billion francs in the first 11 months
  of 1986 against 5.1 billion for the whole of 1985, Murakhovsky
  told Reuters: ""It all depends on France.""
      At a meeting in Paris last January French and Soviet
  foreign trade ministers said they were committed to increased
  efforts to reduce the deficit. Estimates at the time showed a
  French 190 mln franc surplus for December 1986.
      Murakhovsky said the Soviet Union was prepared to talk with
  anybody with ""interesting"" proposals offering latest technology
  and assuring ""a mutual advantage.""
      He said the Soviet Union had many tasks ahead of it and
  would deal rapidly with proposals it considered interesting.
      He encouraged companies to take advantage of new laws
  guaranteeing ""the interests of foreign partners"" in joint
  ventures.
      But he said no agreements had yet been finalised under the
  new joint venture laws.
      He said concrete deals had not yet been finalised as a
  result of a one billion dollar accord signed in Moscow last
  month with French businessman Jean-Baptiste Doumeng.
      He said Doumeng's Interagra company was preparing proposals
  for further examination by the Soviet Union. Doumeng last month
  said the agreement was to exchange one billion dollars worth of
  goods.
      Murakhovsky said the agreement was one of intent, and
  designed primarily to renew and increase the Soviet Union's
  food production capacity.
  

"
training/4028	10	crude	"VENEZUELA TO LEND OIL TO ECUADOR FOR EXPORT
  venezuela will supply ecuador with an
  as yet undetermined amount of crude oil to help it meet export
  commitments, seriously affected by last week's earthquake,
  energy and mines minister arturo hernandez grisanti said.
      He gave few details about the deal, but said a crude oil
  loan agreement will be made between state oil companies
  petroleos de venezuela (pdvsa) and ecuador's cepe.
      Ecuador was forced to suspend oil exports for an expected
  four months after an earthquake damaged a pipeline. Oil
  accounts for 60 per cent of its export income.
       Hernandez was speaking to reporters at miraflores palace
  on the results of talks with ecuador's deputy energy minister
  fernando santos alvite, who arrived here last night.
      ""the volume lent to ecuador would be discounted from its
  opec quota and would not affect venezuela's,"" he said. ""we would
  from august on produce our own quota and sell the additional
  amounts that ecuador would be repaying us,"" he said.
      He did not elaborate on the quota arrangements but did say
  ecuador would notify opec by telex that venezuela would be
  lending it a certain amount over so many days.
      Venezuela's opec output quota is currently 1.495 million
  barrels a day, and ecuador's has been set at 210,000 bpd.
  

"
training/4029	12	earn	"EAGLE CLOTHES INC <EGL> 2nD QTR JAN 31
  Shr profit 17 cts vs profit 14 cts
      Net profit 1.3 mln vs profit 901,000
      Revs 36.9 mln vs 36.2 mln
      Six months
      Shr profit 18 cts vs loss 11 cts
      Net profit 1.4 mln vs loss 716,000
      Revs 63.6 mln vs 57.7 mln
      NOTE:1986 six months includes increase in provision for
  doubtful accounts to 1.5 mln dlrs. 1986 shares give effect to
  issuance of 1.5 mln shares in exchange for outstanding Series 1
  preferred shares.
  

"
training/4031	48	trade	"BRITAIN CALLS ON JAPAN TO INCREASE IMPORTS
  Britain today called on Japan to
  increase foreign imports or risk the rise of protectionism and
  the harm it would bring to it and other trading nations.
      British Trade and Industry Secretary Paul Channon said
  Japan must heed a report issued by a Japanese government
  advisory body in December calling for faster domestic demand to
  help cut its trade surplus and restructure its economy.
      ""I recognise that the strong yen has brought problems to
  Japan's domestic economy,"" he told a group of Japanese
  businessmen in London.
      ""But these short term difficulties should not be allowed to
  deflect Japan from the fundamental reforms necessary,"" he said.
      ""It is not just a domestic issue for Japan. If import
  propensity does not expand very soon there is a real risk from
  protectionist lobbies, particularly in the U.S. With whom Japan
  has so massive a surplus,"" he said.
      ""They may well succeed in securing action by governments
  which would be highly injurious to trading nations like Japan
  and the U.K.""
      Channon said there had been substantial growth in the
  volume of trade between Japan and Britain, amounting to 6.2
  billion sterling (9.8 billion dlrs) last year.
      But he added: ""Regrettably too much of it was in one
  direction, with the Japanese selling us 3.7 billion sterling
  (5.8 billion dlrs) more than we sold them.""
  

"
training/4032	0	acq	"TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP

  TAFT BROADCASTING REJECTS 145 DLR PER SHARE BUYOUT OFFER FROM THETA CORP
  

"
training/4033	0	acq	"TAFT <TFB> REJECTS 145 DLR/SHR OFFER
  Taft Braodacasting Co said its board
  of directors unanimously decided not to accept the pending
  proposal of Theta Corp, an investor group led by Dudley Taft.
      The decision was based on, among other things, the advise
  of its financial advisors, goldman sachs and co, that the offer
  of 145 dlrs per share was inadequate.
      Taft said the board concluded that the offer failed to
  recognize fully the future propsects of the company and
  directed management to explore alternatives including possible
  financial restructuring.
  

"
training/4035	49	veg-oil	"BRITISH MINISTER CRITICISES PROPOSED EC OILS TAX
  A British minister said that a proposed
  European Community tax on vegetable oils and fats would raise
  the price of fish and chips and he pledged the government would
  fight against it.
      Lord Belstead, a junior agriculture minister, told the
  House of Lords the tax would raise the price of raw materials
  used in many processed foods by about 100 pct.
      He said revenue should not be raised by taxing the consumer
  and called the proposal ""repugnant.""
  

"
training/4036	26	jobs	"AUSTRALIAN UNEMPLOYMENT EASES IN FEBRUARY
  Australia's seasonally-adjusted
  unemployment rate eased to 8.2 pct of the estimated workforce
  in February from 8.3 pct in January, compared with 7.9 pct a
  year earlier, the Statistics Bureau said.
      The number of unemployed declined to 632,100 from 638,300
  in January, against 594,500 in February 1986, it said.
      But unadjusted, the number of jobless rose to 699,800 or
  9.1 pct of the workforce from 671,400 or 8.9 pct in January and
  658,500 or 8.7 pct a year earlier.
  

"
training/4038	32	money-fx	"TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6
  U.S. Treasury Secretary James Baker
  declined comment on the February 22 Paris accord between the
  six major industrial nations under which they agreed to foster
  exchange rate stability.
      Asked by reporters after a speech before the National
  Fitness Foundation banquet what, if any, currency intervention
  levels had been set in Paris, Baker replied: ""We never talk
  about intervention.""
      Baker also declined to comment on his views about the
  foreign exchange markets' reaction to the accord.
  

"
training/4039	10	crude	"ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA
  Ecuador will ask OPEC to raise its oil
  export quota by 100,000 barrels per day to 310,000 to
  compensate for lost output due to last week's earthquake,
  deputy Energy Minister Fernando Santos Alvite said.
      Santos Alvite, who arrived in Caracas last night to discuss
  an aid plan for Ecuador, did not say when the Organisation of
  Petroleum Exporting Countries (OPEC) would be approached.
      The additional output would be related to plans now under
  discussion for Venezuela and Mexico to lend Ecuador crude while
  it repairs a pipeline damaged by the quake.
      Earlier, Venezuelan Energy and Mines Minister Aturo
  Hernandez Grisanti said his country would supply an unspecified
  part of Ecuador's export commitments.
      But Santos Alvite told reporters he hoped a first cargo of
  300,000 barrels could leave Maracaibo this weekend to supply
  refineries near Guayaquil. He added Ecuador also wanted to make
  up for 50,000 bpd it shipped to Caribbean destinations. Mexico
  might supply Ecuador's South Korean market.
      Ecuador may be unable to export oil for up to five months
  due to extensive damage to a 25 mile stretch of pipeline
  linking jungle oilfields to the Pacific port of Balao.
  

"
training/404	12	earn	"WASTE MANAGEMENT <WMX> VOTES SPLIT, UPS PAYOUT
  Waste Management Corp said its
  board voted a two-for-one stock split payable April 21, record
  March 30.
      In other action, Waste Management directors approved an
  increase in the quarterly dividend to 18 cts from 14 cts,
  payable April three, record March 18.
  

"
training/4041	10	crude	"CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS
  China has closed the second round of
  bidding by foreign firms for offshore oil exploration rights,
  the China Daily has reported.
      It quoted a spokesman for the China National Offshore Oil
  Corp (CNOOC) as saying China signed eight contracts with 15
  foreign firms for blocks in the Pearl River mouth and south
  Yellow Sea covering a total area of 44,913 sq km.
      Second round bidding began at the end of 1984 and only one
  well has so far produced results -- Lufeng 13-1-1, 250 km
  south-east of Shenzhen, with an output of 6,770 barrels a day.
  The well was drilled by a group of Japanese companies.
      The spokesman added CNOOC was ready to enter into contracts
  for offshore blocks before third round bidding began. He did
  not say when this would be, but added the contracts would not
  be bound by restrictions imposed during the second round.
      China has signed 36 oil contracts and agreements with 37
  companies from 10 countries since 1979, when offshore
  exploration was open to foreigners. Eleven contracts were
  terminated after no oil was discovered.
      Foreign firms have invested 2.1 billion dlrs on offshore
  China since 1979.
  

"
training/4043	0	acq	"AMC IMPOSES HIRING FREEZE DUE TO TAKEOVER BID
  American Motors Corp <AMO> management
  has ordered a hiring freeze in view of Chrysler Corp's <C> 1.5
  billion dlr takeover bid, a spokesman for AMC said.
      Analysts said the merger is virtually certain to go ahead.
      American Motors directors met for five hours Wednesday to
  review the takeover proposal. ""The board ... Expects to be
  meeting periodically over the next several weeks on the
  Chrysler proposal,"" AMC said in its first formal statement since
  it acknowledged the Chrysler proposal on Monday.
      Chrysler, the number three U.S. Automaker, has said the
  merger is motivated principally by its desire to acquire AMC's
  profitable Jeep business and dealers, as well as a new modern
  car assembly plant in Bramalea, Ontario.
      That means a guaranteed future for much of AMC, but it
  leaves in question the fate of many of its 19,000-plus
  employees, according to industry analysts. AMC's Toledo, Ohio
  Jeep plant has 1,850 hourly workers on indefinite layoff while
  its Kenosha, Wisconsin, car plant has another 2,250 on layoff.
  

"
training/4045	2	bop	"FOREIGN INVESTMENT IN AUSTRALIA JUMPS IN LAST QTR
  The net inflow of foreign investment
  into Australia jumped to 7.3 billion dlrs in the fourth quarter
  of 1986 from 4.32 billion in the third quarter and 4.55 billion
  a year earlier, the Statistics Bureau said.
      The Bureau attributed the increase to a turnaround of 2.08
  billion dlrs in official sector transactions and a 1.09 billion
  turnaround in direct investment.
      The turnaround in official transactions to a 1.52 billion
  inflow from a 555 mln outflow in the third quarter, against a
  520 mln inflow a year earlier, was largely on account of
  government foreign currency borrowings, it said.
      Direct investment recorded a turnaround to a 1.04 billion
  dlr inflow in the fourth quarter from a 57 mln withdrawal in
  the third quarter, against a 546 mln inflow in the fourth
  quarter of 1985, the Bureau said.
      It said the major part of the turnaround reflected an
  injection of funds, estimated at around 700 mln dlrs,
  associated with the previously reported restructuring of the
  Australian operations of General Motors Corp <GM>.
      GM used the funds to pay out or take over certain
  Australian liabilities of its local unit <General
  Motors-Holden's Ltd>, it said.
      However, net borrowings remained the major part of total
  inflow, accounting for 6.16 billion dlrs in the fourth quarter
  against 3.88 billion in the third quarter and 4.03 billion a
  year earlier, the Bureau said.
      Net official borrowings comprised 1.52 billion dlrs against
  a net outflow of 548 mln in the third quarter and a 516 mln
  inflow a year earlier.
      Total private and semi-public authority net borrowings rose
  to 4.64 billion dlrs from 4.42 billion in the third quarter and
  3.51 billion a year earlier.
  

"
training/4048	48	trade	"TAIWAN FURTHER RELAXES FOREIGN GOODS IMPORT CURBS
  Taiwan said it would soon relax import
  controls on some 400 foreign items, including stationery and
  books, in a further effort to allow trading partners,
  especially the U.S., Greater access to its markets.
      Taiwan announced the easing of import curbs on some 600
  farm and industrial products last month, a Council for Economic
  Planning and Development spokesman told Reuters.
      He said the new move was intended to balance trade between
  Taiwan and its trading partners. The island's trade surplus
  reached a record 15.6 billion U.S. Dlrs last year, up from
  10.62 billion in 1985.
      In January, Taiwan cut import tariffs on some 1,700 foreign
  products and allowed imports of U.S. Wine, beer and cigarettes.
      ""We hope the measures will help reduce our trade surplus
  this year, especially with that of the U.S.,"" the spokesman
  said.
      Washington is pressing Taiwan to open its markets wider as
  a way of cutting its trade deficit with the island, which rose
  to 2.35 billion U.S. Dlrs in the first two months of 1987 from
  1.87 billion in the year-earlier period.
  

"
training/405	12	earn	"POREX TECHNOLOGIES <PORX> SETS INITIAL DIVIDEND
  Porex Technologies Corp said its
  board declared an initial annual dividend of 10 cts per share,
  its first payout, payable March 26 to holders of record March
  12.
  

"
training/4051	43	ship	"BANGLADESH PORT WORKERS END STRIKE
  Cargo handling resumed at
  Bangladesh's Chittagong port today after 7,000 workers ended
  their three day walk-out triggered by a pay dispute, port
  officials said.
      Loading and unloading of 14 ships stranded by the strike
  started this morning and will be completed as quickly as
  possible, they said.
      The strikers returned to work after an agreement was
  reached last night between port authorities and the Port
  Workers Association, they said without giving details.
  

"
training/4052	0	acq	"LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES
  The Bank of England does not favour the
  introduction of rules to shield companies from hostile takeover
  attempts, its governor, Robin Leigh-Pemberton, said.
      Instead, merchant banks advising bidding companies must
  show restraint and responsibility to avoid the excesses that
  have marred recent takeovers, he told the Yorkshire and
  Humberside Regional Confederation of British Industries' annual
  dinner.
      Leigh-Pemberton also called on companies to improve ties
  with institutional investors, suggesting representatives of
  those institutions be granted seats on the boards of directors
  of companies they invest in.
      ""Boards cannot expect protection from unwelcome predators,
  for that is but a short step from saying that they should be
  protected from their own shareholders -- who are, after all,
  the proprietors of the company,"" Leigh-Pemberton said.
      He added takeovers and mergers had an important role to
  play in furthering economies of scale, integration and more
  efficient market penetration. ""The degree of success or failure
  (of a takeover) has not in my experience depended on whether or
  not the takeover was contested,"" he said.
      Leigh-Pemberton noted there had been excesses in takeover
  activity in the recent past. ""The aim is to pressurise a
  company's management into action dedicated solely to a
  favourable impact on the share price in the short-term, partly
  or even primarily at the expense of the future,"" he said.
      Such bids ""often depend for their success on creating a
  highly-charged and artificial situation in the share market,
  and give rise to temptations, on both sides of the battle, to
  engage in aggressive, even manipulative tactics that are
  immensely damaging to the interest of the shareholders,"" he
  said.
      In a clear reference recent events, he said ""those in the
  City who act for companies or individuals .. Must, I suggest,
  be ready to accept a full measure of responsibility -- even if
  it entails opprobrium -- for the transactions that may result.""
      They ""should exercise the most careful judgment at the
  outset with respect to the clients for whom they act and the
  activities contenplated. Those who sow wind cannot expect the
  whirlwind to visit elsewhere,"" he added.
  

"
training/4054	37	pet-chem	"TONEN SEKIYU AND EXXON UNIT STUDYING RESIN PROJECT
  <Tonen Sekiyukagaku KK> and <Exxon
  Chemical Co>, a petrochemical division of Exxon Corp <XON>,
  said they agreed to accelerate a study to set up an
  equally-owned joint venture to make waterwhite resin in Japan.
      Details of the venture, to be based on Exxon Chemical
  technology, will be set later, the companies said.
      Waterwhite resins are widely used in adhesive applications
  for baby nappies, medical tapes, and other bonding agents.
      Tonen is a wholly-owned subsidiary of Toa Nenryo Kogyo KK
  <TNEN.T> which is owned 25 pct by Exxon Corp.
  

"
training/4055	0	acq	"JAPANESE PURCHASE OF U.S. HIGH-TECH FIRM OPPOSED
  Commerce Secretary Malcolm Baldrige
  has asked the White House to consider blocking the planned
  Japanese acquisition of a major U.S. Computer and semiconductor
  maker, U.S. Officials said yesterday.
      The officials told reporters Baldrige had serious concerns
  on national security grounds about the sale of Schlumberger Ltd
  <SLB> unit <Fairchild Semiconductor Inc> to Fujitsu Ltd
  <ITSU.T>. The officials said the sale could leave the United
  States overly dependent on a foreign company for equipment used
  in advanced missiles, aircraft electronics and intelligence
  gathering.
      The U.S. Officials added the sale would also worsen the
  strained relations between the two countries stemming from the
  huge Japanese trade surplus.
      The White House Economic Policy Council would consider the
  sale in the coming weeks, they said.
      Defence Secretary Caspar Weinberger's position was not
  known, but in the past, he has opposed the transfer of high
  technology to foreign governments or companies.
      Computers made by U.S. Manufacturers are widely used in the
  world, but Tokyo told U.S. Negotiators recently it prefers
  local manufacturers and would not buy U.S. Supercomputers.
  

"
training/4056	7	cotton	"S.KOREA TO BUY MORE COTTON, ESPECIALLY U.S. COTTON
  South Korea plans to import about 387,000
  tonnes of cotton this year compared to 225,000 tonnes in 1986,
  trade ministry officials said.
      More than three quarters of the total, some 290,000 tonnes,
  will come from the United States. That will be a 93.7 pct
  increase on 1986 when U.S. Imports totalled 150,000 tonnes, an
  official said.
      He said the U.S. Increase is due partly to the
  competitiveness of American cotton and partly to efforts by
  Seoul to reduce its trade surplus with Washington. South Korea
  is the second largest importer of U.S. Cotton after Japan.
  

"
training/406	12	earn	"DAVIS WATER <DWWS> DECLARES STOCK DIVIDEND
  Davis Water and Waste
  Industries Inc said its board declared a 33-1/3 pct stock
  dividend, payable March 23 to holders of record March 12.
  

"
training/4061	43	ship	"STRIKING BRAZIL SEAMEN THREATEN MASS RESIGNATION
  Striking seamen said they would
  offer their collective resignation rather than end their
  13-day-old national strike on management's terms.
      The seamen said they were spurred to their decision after
  marines occupied the ship Docemarte in Santos harbour Tuesday
  night. They said seamen on the vessel were being forced to work
  under duress.
      President Jose Sarney's government despatched troops to
  Brazil's ports and oil installations on Tuesday.
      Seamen in Santos, Brazil's main port, are in defiant mood.
  One of their leaders, Orlando dos Santos, told Reuters that
  most of the 1,100 seamen in the port offered their resignations
  on Wednesday. The national strike headquarters in Rio de
  Janeiro said seamen were offering to resign in all the
  country's main ports.
      The strike by 40,000 seamen comes as Brazil faces a serious
  debt crisis brought on by a sharp deterioration in its trade
  balance. The country needs all the foreign exchange it can get,
  and shipowners have been quick to denounce seamen for the harm
  the strike is doing to exports.
      An advertisement placed in the newspapers by the Shipowners
  Association read, ""The seamen's strike is illegal, irrational
  and unpatriotic.""
      The seamen respond that they cannot live on their present
  salaries. According to officical pay lists available in the
  union's office, the basic pay for ordinary seamen is 1,977
  cruzados a month, while various allowances can bring their
  total pay up to 4,000 cruzados a month.
      At the other end of the scale, captains earn 7,993 cruzados
  a month basic pay, which is brought up to 15,229 cruzados with
  allowances. 
      ""Brazil's seamen are the second worst paid in the world,
  after Ghana's,"" dos Santos said. He said the seamen had not
  received a pay increase since February 1986, and prices have
  doubled since then with the collapse of the government's
  Cruzado Plan price freeze.
      Talks in Rio de Janeiro Wednesday involving Labour Minister
  Almir Pazzionotto, seamen and employers failed to resolve the
  dispute. The seamen are demanding pay raises of about 200 pct
  but have been offered less than half that.
  

"
training/4062	40	reserves	" German net currency reserves rise 400 mln marks to 87.0 billion - Bundesbank

   German net currency reserves rise 400 mln marks to 87.0 billion - Bundesbank
  

"
training/4063	5	coffee	"INDONESIAN COFFEE PRODUCTION MAY FALL THIS YEAR
  Indonesia's coffee production in
  1986/87 ending September 30 may fall slightly from last year's
  level of 360,000 tonnes, Dharyono Kertosastro, chairman of the
  Association of Indonesian Coffee Exporters told Reuters.
      He said shade trees had been damaged by pests and this may
  have affected the crop, though it remains to be seen how
  seriously. Indonesia's main crop is harvested next month.
      He gave no figure for expected output, except to say it
  would probably be down a little from 1985/86. He said stocks
  were about normal at 90,000 tonnes.
      Kertosastro predicted that exports were unlikely to rise
  much from last year's level of 320,000 tonnes. ""I expect exports
  will be a bit more, maybe 330,000 tonnes, but not above that,""
  he said. Exports in 1985/86 were valued at 944 mln U.S. Dlrs,
  but the value could fall by 30 pct this year because of low
  prices, he added.
      Dharyono said production was behind a five year plan target
  of 420,000 tonnes for the current year, but Indonesia is trying
  to boost output through introduction of higher yielding seeds,
  better training for farmers and increased use of fertilizers.
  

"
training/4064	0	acq	"RENOUF SELLS 10.83 PCT NZI STAKE TO BRIERLEY
  <Renouf Corp Ltd> said it sold its
  10.83 pct stake in <NZI Corp Ltd> to <Brierley Investments
  Ltd>, (BIL), for 207.7 mln N.Z. Dlrs.
      Renouf managing director Mike Cashin said in a statement it
  had been Renouf's intention to build up a long-term strategic
  position in NZI. ""But it became clear to us that it was in the
  best interests of both NZI and ourselves for Brierley
  Investments to acquire our holding,"" he said.
      He said Renouf built up its NZI holding over the past six
  months. The sale comprised 74.9 mln shares at 2.725 N.Z. Dlrs a
  share and 2,095 warrants at 1,709 dlrs each.
      The warrants are attached to a 150 mln Swiss franc note
  issue. Each bond of 5,000 francs carries a detachable warrant
  entitling the bearer to 2,486 NZI shares.
      In its 1986 annual report BIL reported that it held a 19
  pct stake in NZI.
      NZI has 673.4 mln ordinary shares on issue. Total capital
  including shares attached to warrants is 678.8 mln shares.
      Cashin said the sale will result in a significant profit
  and places Renouf in a good position to consolidate on recent
  transactions and pursue other opportunities.
      NZI shares were at 2.18 N.Z. Dlrs, BIL at 4.08 and Renouf
  at 6.15 at the close of trading.
      BIL executives were unavailable for comment.
  

"
training/4065	12	earn	"BOLIDEN  AB <BLDS ST> 1986 RESULTS
  Group loss after financial income and expenses 1.08
      Billion vs loss 71 mln crowns
      Sales - 12.38 billion crowns vs 6.16 billion.
      No proposed dividend vs 10 crowns.
      Note - The company this year consolidated wholesale and
  investment conglomerate Ahlsell AB.
  

"
training/4066	16	gold	"BRITAIN TO MINT NEW ""BRITANNIA"" GOLD COIN
  Britain will from next autumn mint and
  market a new bullion coin called the ""Britannia"" containing one
  ounce of 24 carat gold, together with bullion coins of smaller
  denominations, a Treasury official said.
      The new investment coin, to be sold worldwide, will
  fluctuate in price according to the international price of
  gold.
      The smaller coins will be in denominations of a half ounce,
  a quarter ounce and a tenth of an ounce. REUTER
  

"
training/4067	12	earn	"SAUDI BANKS FACE FURTHER LEAN PERIOD
  Saudi Arabia's 11 commercial banks are
  reporting a further decline in profits for 1986 as increasing
  provisions have to be set aside to cover the burden of non-
  performing loans.
      Bankers in the Saudi capital said the need to build
  reserves for bad and doubtful debts may start to decline a
  little this year.
      But the kingdom's still sluggish economy and legal problems
  hampering traditional lending operations mean earnings will
  remain vulnerable.
      One senior bank credit officer said ""The work is largely
  done in terms of identifying bad loans and making provisions,
  but banks are still going to face difficulties earning money.""
      The sudden decline of Saudi Arabia's corporate sector in
  1983 - culminating in a number of debt reschedulings - has
  taken a heavy toll of bank profits, with first results now
  appearing for 1986 showing a fourth successive year of broad
  decline.
      The cumulative net 1985 earnings of the kingdom's banks had
  sunk to 827.9 mln riyals from 2.66 billion in 1982 before world
  oil prices tumbled.
      Of the kingdom's nine joint-venture banks which operate on
  the Gregorian calendar year, four have already reported and
  revealed a further profits decline - or net loss - for 1986 at
  the expense of increased provisions.
      The newest and smallest of the joint ventures, <United Saudi
  Commercial Bank> (USCB) reported a 1986 net loss of 15.9 mln
  riyals, marginally less than 1985's shortfall of 17.0 mln.
      Profits before provisions were sharply higher, in part
  reflecting an 18 pct staff cut last year. But the bank nearly
  trebled the amount set aside against bad and doubtful loans to
  60 mln riyals from 22 mln in 1985.
      Other results released so far show <Saudi American Bank>
  (SAMBA) reporting a 53.8 pct fall in 1986 net profit to 80.7
  mln riyals, while <Al Bank Al Saudi Al Fransi>, known as Saudi
  French, slid 14 pct to 94.9 mln riyals.
      Both Saudi American, owned 40 pct by Citicorp's <CCI.N>
  Citibank NA and Saudi French, 40 pct owned by Banque Indosuez,
  increased provisions sharply.
      <Arab National Bank>'s net profit fell 17.8 pct to 152.1
  mln riyals and provisions were more than doubled to 86.6 mln
  riyals.
      Bankers said there are first signs that the number of non-
  performing loans has stopped growing as the decline in the
  Saudi economy bottoms out.
      Few are willing to predict a sharp upturn in economic
  activity, but one banker said ""The top 50 pct of the Saudi banks
  are now at or close to international levels on provisions.""
      From 1982 to 1985, the kingdom's largest bank <National
  Commercial Bank> (NCB) stashed away 1.7 billion riyals in
  provisions or 8.9 pct of its total loans and advances to the
  private sector, bankers calculated.
      Between 1982 and 1985, <Riyad Bank>, NCB's rival as the
  second biggest of the two all-Saudi shareholding banks, had
  covered 12.8 pct of its loans and advances. Both banks operate
  on an Islamic year that does not coincide with the other nine.
      Although the Saudi Arabian Monetary Agency (SAMA) has been
  tightening supervision, there is still no standardised rule for
  declaring loans as non-performing.
      Bankers say this makes comparison of profit figures
  difficult because some banks still book non-accruing interest
  as revenue while others follow more conservative practices in
  force in major world financial centres.
      Bankers generally said NCB, Riyad Bank and the
  joint-ventures SAMBA, Saudi French and Arab National Bank rank
  as the strongest earners.
      Other banks such as <Saudi British Bank>, 40 pct owned by
  the <British Bank of the Middle East>, are disadvantaged by a
  relatively low deposit base.
      Saudi British slashed 1985 profit 91 pct to just 9.1 mln
  riyals and 1986 accounts due soon are expected to show another
  low figure. But the bank has traditionally been one of the most
  conservative in making provisions.
      Bankers said SAMA has proved it is not prepared to see a
  Saudi bank go under and not only supported <Saudi Cairo Bank>
  after its troubled 1985 accounts came to light but also made
  available cheap deposits to <Saudi Investment Bank> and USCB.
      The banks can on-lend these to generate profit, but
  generally banks are awash with liquidity since they are
  unwilling to risk incurring fresh non-performing loans.
      And while banks in more liberal financial markets can
  attempt to diversify away from traditional lending,
  conservatism in Saudi banking has made it difficult to generate
  fee income from new investment banking products.
      One banker said ""Operating earnings in the Kingdom are not
  good.""
      Reflecting the caution in new lending, the amount of
  advances is showing a declining trend, while the days when
  banks had ample funds in interest-free current accounts to
  invest are disappearing as Saudi customers seek a better return
  on their money.
      In 1979, the ratio of interest-bearing accounts to current
  accounts was 27 to 73 pct. Today, only about 40 pct of customer
  funds are held on current account.
  

"
training/4069	0	acq	"GUINNESS CHALLENGES 5.2 MLN STG PAYMENT TO LAWYER
  Guinness Plc <GUIN.L> , the
  brewing group, has challenged a 5.2 mln stg payment to a U.S.
  Lawyer who says he organised its controversial takeover of
  Scotch whisky maker <The Distillers Co Plc>.
      But attorneys for lawyer Thomas Ward, a member of the
  Guinness board, told a court yesterday in the Channel Island of
  Jersey that Ward saw the payment as his reward for services in
  last year's 2.7 billion stg takeover.
      Britain's Department of Trade and Industry is investigating
  the takeover.
      Guinness says its former chairman Ernest Saunders and Ward
  ""breached their fiduciary duty"" in authorising the payment to
  Ward, via a Jersey-based company, Marketing and Acquisitions
  Consultants and has gone to the Jersey court to recover it.
      MAC said in defence documents that Ward was the main
  negotiator in the battle for Distillers against rival bidder
  Argyll <AYLL.L> Group Plc.
      ""The bid would not have been successful but for the ...
  Services of Mr Ward,"" MAC attorneys said in the documents
  submitted in court. ""The payment was, in all the circumstances,
  reasonable, proper and fully earned.""
  

"
training/407	12	earn	"MEDCO CONTAINMENT <MCCS> SETS INITIAL PAYOUT
  Medco Containment Services
  Inc said its board declared an initial annual dividend of 10
  cts per share, its first payout, payable March 19 to holders of
  record March 12.
  

"
training/4071	5	coffee	"INDONESIA PRESSING FOR COMPROMISE OVER COFFEE
  Indonesian coffee exporters are
  preparing for a period of depressed prices while urging their
  government to lobby for a resolution of the deadlocked issue of
  export quotas, the chairman of the Association of Indonesian
  Coffee Exporters (AICE) told Reuters.
      Dharyono Kertosastro said in an interview that Indonesia,
  the world's third largest producer, is trimming costs and
  improving its marketing while seeking a compromise on quotas.
      ""But as long as Brazil sticks to its hardline position, we
  can never bridge the gap,"" Dharyono said.
      Indonesia was one of a group of eight producing countries,
  along with Costa Rica, the Dominican Republic, Ecuador,
  Honduras, India, Papua New Guinea and Peru, which proposed a
  new quota system at last month's failed International Coffee
  Organistion (ICO) talks in London.
      Brazil, which would have had its quota reduced under the
  Group of Eight scheme, blocked the proposal.
      AICE officials are now hoping Colombia can use its contacts
  with Brazil to suggest a compromise.
      Edward Muda, an AICE official who attended the ICO
  negotiations, said Latin American members of the Group of Eight
  were in contact with Colombia, the world's second largest
  producer, but gave no details.
      ""Colombia has shown interest because they will gain from a
  compromise. Without one, they will suffer if the present market
  stays like it is,"" Muda said.
      He said Indonesia was in contact with consumers such as the
  U.S., Japan, the Netherlands, West Germany and Canada ahead of
  an ICO executive board meeting scheduled for April 1.
      Dharyono said the AICE will send delegations to the U.S.
  And Japan to brief Indonesian embassy officials there and press
  them to present Indonesia's case more firmly.
      He urged the Indonesian government to do more to help the
  country's coffee traders through the ICO negotiations.
      Muda said the Group of Eight had some common ground with
  the big consumers because they agreed on the need for basing
  quotas on what he termed ""realistic criteria.""
      The breakaway group believes the old quota system, which
  gives Brazil a 30 pct share of the quota exports, does not
  reflect up-to-date supply and demand trends.
      Brazil has stuck rigidly to its insistence that the old
  system be applied.
      Export quotas were suspended in February 1986 when market
  prices surged because of the failure of the Brazilian crop.
      Although prices have long since come down to a point where
  export controls could be reintroduced, producers and consumers
  at the 75-member ICO have not been able to agree on new
  guidelines. Brazil and the U.S., The largest consumer, are both
  refusing to alter their positions.
      Dharyono said if new quotas are not agreed he believed
  Indonesia was well placed to survive low prices.
      Indonesian farmers are trimming production costs and the
  AICE is improving its marketing system, Dharyono said.
      Indonesia's coffee output in 1986/87, ending September 30,
  is expected to stagnate or fall slightly from last year's level
  of 360,000 tonnes, he said.
      He said stocks, at 90,000 tonnes, were about average for
  the time of year.
  

"
training/4074	12	earn	"JAPANESE CORPORATE EARNINGS RECOVERY PREDICTED
  Japanese corporate earnings will rise 8.9
  pct in fiscal 1987/88 for the first year-on-year increase in
  three years, partly because of the yen's stable exchange rate,
  the Nomura research institute said.
      Sales of all industries are predicted to rise 1.9 pct in
  the year, which starts April 1, the research arm of Nomura
  Securities Co said in a statement.
      Recurrent profits were estimated to fall 20 pct in the
  current fiscal year with sales forecast to drop 14 pct.
      The forecast assumes an average rate of 148.5 yen to the
  dollar in 1987/88, compared with 160 yen in the current year.
      Corporate efforts to cope with the yen's appreciation, such
  as cutting production costs, are expected to bear fruit next
  fiscal year, the institute said. The economy should also
  benefit from pump-priming expected from the government and a
  halt in rising prices of manufactured goods, it said.
      Recurrent profits of manufacturing industries are projected
  to rise 29.6 pct next fiscal year against an estimated 40.1 pct
  fall in the current year.
      Non-manufacturing sector profits will decline 4.5 pct in
  1987/88 against an estimated 2.2 pct rise in the current year,
  it said.
  

"
training/4075	12	earn	"BOLIDEN SAYS RESULTS BURDENED BY LOSS WRITEOFF
  Swedish mining and metals group
  Boliden AB <BLDS ST> forecast a return to profitability during
  1987 after recording a 1.08 billion crown 1986 loss burdened by
  a massive write-off.
      The company, which consolidated the Swedish wholesale and
  investment conglomerate <Ahlsell AB> this year, said the result
  included restructuring costs and write-offs of 802 mln crowns.
      ""These costs have arisen as a results of a change of
  direction for the group. They are mainly one-off but they have
  burdened the annual accounts,"" the company said in a statement.
      Boliden said the company's liquid assets were 1.36 billion
  crowns at year-end which together with an investment portfolio
  of 1.60 billion made it one of the most liquid Swedish
  companies.
      As a result of the 1986 losses, the board proposed
  cancelling dividend for the year although it predicted a return
  to profitability during 1987, the statement added.
      Swedish tyres, process equipment and components firm
  <Trelleborg AB> has taken a majority stake in Boliden since the
  beginning of this year. Trelleborg then said it had no plans
  for consolidating Boliden.
  

"
training/408	0	acq	"PITTSTON <PCO> AGREES TO ACQUIRE WTC <WAF>
  Pittston Co said it has
  tentatively agreed to acquire WTC International N.V. in a
  tax-free exchange of stock.
      Pittston said it agreed to exchange 0.523 common share for
  each of the about 8,612,000 WTC common shares outstanding.
      Pittston said WTC's three principal shareholders, who own
  62 pct of its stock, are parties to this agreement. They have
  granted Pittston the right of first refusal to their shares.
      WTC has granted Pittston an option to buy WTC shares equal
  to 18.5 poct of its outstanding stock. The agreement is subject
  to approval of both boards and WTC shareholders.
      Pittston said described WTC as a fast growing air freight
  forwarding company with operations throughout the world. Its
  revenues totaled nearly 200 mln dlrs in the year ended November
  30 and for the quarter ended on that date it earned 1.3 mln
  dlrs on revenues of 55.8 mln dlrs.
      Pittston said its Burlington Air Express subsidiary
  generates about two-thirds of its 450 mln dlrs in annual
  revenes with its domestic air freight services.
  

"
training/4080	15	gnp	"MALAYSIA OPTIMISTIC OVER ECONOMIC OUTLOOK FOR 1987
  Malaysia's Central Bank, Bank
  Negara, said the economic outlook for 1987 is good in view of a
  marked improvement in commodity and oil prices in the later
  months of last year.
      It said in its latest quarterly review that real gross
  domestic product averaged an annual growth of 1.1 pct over the
  first nine months of last year compared with a decline of 0.1
  pct in the corresponding period in 1985.
      Growth was generated mainly by the manufacturing sector, it
  added.
  

"
training/4081	12	earn	"ROWNTREE REPORTS PRETAX PROFIT AT 84 MLN STG
  Rowntree Mackintosh Plc <RWNT.L>
  announced it made a pretax profit of 84 mln stg in the 53 weeks
  ending January 3, 1987, compared with 79.3 mln stg in the
  previous year.
      Turnover was up to 1.29 billion stg from 1.2 billion. A
  final dividend of 9.2p was proposed, after a final 8.2p last
  year. Earnings per share rose to 35p from 34.8p.
      The results were broadly in line with market expectations,
  leaving shares at 499p in early trading, up one pence from
  yesterday's close, but slightly off pre-announcement opening
  levels.
      Profit on ordinary activities after tax was 66.2 mln stg,
  up from the previous year's 60.7 mln.
      The U.K. Remained Rowntree's largest centre for trading
  profits, accounting for 47.9 mln stg, up from 45.3 mln in 1985.
  Profit from its second largest geographical area, North
  America, slipped to 34.7 mln stg from 37.2 mln. North American
  profits were affected by the fall of the value of the dollar.
      Operations in continental Europe made 7.8 mln stg in
  trading profit, up from 3.4 mln, with 4.0 mln stg made in
  Australasia, up from 2.3 mln, and 11.3 mln stg from the rest of
  the world, against 13.1 mln in the previous year.
      Extraordinary items amounted to a 11.3 mln debit after a
  16.5 mln debit previously. A company spokesman said this
  represented additional provisions for the cost of
  rationalisation plans announced in earlier years.
      Rowntree expects North American operations will this year,
  ahead of company expectations, be of the same order as those
  from the U.K. And the rest of Europe combined, the statement
  said. A spokesman said no specific figures had been forecast.
      Acquisitions will continue to be sought worldwide,
  including further moves in the speciality retailing business
  which Rowntree first entered in 1983, the statement said.
      Rising profit from Europe this year was forecast by
  chairman Kenneth Dixon in a statement. He added the performance
  of seven businesses bought last year was encouraging.
      The U.K. Confectionery side gained market share and
  increased trading margins. The Sun-Pat British grocery concern
  increased profit and Rowntree's small health food business,
  Holgates, raised earnings 10-fold, the statement said.
      Offsetting factors included currency movements, which cost
  the company nearly 5.0 mln stg. Sales tax hurt Canadian profits
  on confectionery operations, and the company faced strong
  competition in the U.K. Snack and Mid East export markets.
  

"
training/4084	48	trade	"CHINA TRADE DEFICIT FALLS IN JANUARY
  China's trade deficit in January fell to
  310 mln dlrs from 460 mln in January 1986, the China Daily
  Business Weekly said.
      Quoting customs figures, the paper said exports fell to
  1.75 billion dlrs from 1.84 billion and imports fell to 2.06
  billion from 2.3 billion.
  

"
training/4085	12	earn	"JACOBS SUCHARD AG <JACZ.Z> 1986 YEAR
  Net 190.9 mln Swiss francs vs 150.4 mln
      Turnover 5.24 billion vs 5.38 billion
      Dividend 160 per bearer vs 155 francs, 32 francs per
  registered vs 31 francs, 16 francs per participation
  certificate vs 15.50 francs
      Cash flow 294.3 mln vs 242.6 mln
      Note - Confirms forecast of results issued in January.
      Operating profit 337.6 mln vs 265 mln
      Depreciation 103.4 mln, up 12.2 pct
      Capital spending 84.6 mln, down 15.7 pct.
  

"
training/4087	12	earn	" British Telecom third quarter pre-tax profit 506 mln stg vs 452 mln

   British Telecom third quarter pre-tax profit 506 mln stg vs 452 mln
  

"
training/4088	32	money-fx	"BANK OF ENGLAND OFFERS EARLY HELP IN MONEY MARKET
  The Bank of England said it had invited
  the discount houses to make an early round of bill offers to
  help offset a large liquidity shortage in the money market.
      It estimated the shortage at around 1.55 billion stg, one
  adverse factor being the unwinding of a sale and repurchase
  agreement, with the market having to buy back bills worth 542
  mln stg from the Bank.
      Bills maturing in official hands and the treasury bill
  take-up would drain 957 mln stg wile exchequer transactions and
  a note circulation rise would take out 15 mln and 25 mln
  respectively. Above target bankers' balances would add 10 mln.
  

"
training/4089	12	earn	"BRITISH TELECOM 3RD QTR ENDED DEC 31
  Shr 5.1p vs 4.2p, making 15.3p vs 12.7p for nine months.
      Pre-tax profit 506 mln stg vs 452 mln, making 1.51 billion
  stg vs 1.35 billion.
      Net profit before minorities 320 mln vs 268 mln, making 960
  mln vs 807 mln.
      Note - Company's full name is British Telecommunications
  Plc <BTY.L>.
      Third quarter turnover 2.40 billion stg vs 2.11 billion,
  making 7.01 billion vs 6.16 billion for nine months.
      Operating profit 578 mln vs 520 mln, making 1.72 billion vs
  1.56 billion.
      Net interest payable 72 mln vs 68 mln, making 208 mln vs
  203 mln.
      Tax 186 mln vs 184 mln, making 552 mln vs 547 mln.
      Minorities nil vs nil, making two mln vs nil.
  

"
training/409	12	earn	"SDC SYDNEY COST REVIEW MAY ELIMINATE PRODUCTS
  <SDC Sydney
  Development Corp>, earlier reporting an increased nine month
  operating loss, said a cost control review now underway may
  result in cost reduction and elimination of unprofitable and
  non-strategic products and services.
      The company's operating loss for the nine months ended
  December 31, 1986 increased to 7.7 mln dlrs from a loss of 1.7
  mln dlrs in the prior year, it said earlier.
      Revenues increased by 20 pct to 11.8 mln dlrs from
  year-earlier 9.8 mln dlrs.
  

"
training/4091	26	jobs	"DANISH UNEMPLOYMENT RISES TO 7.9 PCT IN JANUARY
  Denmark's seasonally adjusted
  unemployment rate rose to 7.9 pct of the workforce in January
  from 7.8 pct in December, unchanged from January 1986, the
  National Statistics Office said.
      The total of unemployed in January was 216,200 against
  212,200 in December and 216,600 in January 1986.
  

"
training/4092	12	earn	"ROWNTREE MACKINTOSH PLC<RWNT.L> YEAR TO END JANUARY
  Shr 35.0p vs 34.8p
      Div final div 9.2p vs 8.2p
      Pretax profit 84.0 mln stg vs 79.3 mln
      Net after tax 66.2 mln vs 60.7 mln
      Turnover 1,290.4 mln vs 1,205.2 mln
      Trading profit 105.7 mln stg vs 101.3 mln, consisting -
      U.K  47.9 mln vs 45.3
      Europe 7.8 mln vs 3.4 mln
      North America 34.7 mln vs 37.2 mln
      Australasia 4.0 mln vs 2.3 mln
      Rest of world 11.3 mln vs 13.1 mln
  

"
training/4094	12	earn	"GLYNWED INTERNATIONAL PLC <GLYN.L> 1986 YEAR
  Shr, net basis 27.47p vs 22.15p
      Div 6.5p vs 5.4p making 10.1p vs 8.4p
      Pretax profit 46.1 mln stg vs 35.6 mln
      Net after tax 30 mln vs 23.3 mln
      Extraordinary items debit 3.8 mln vs debit 2.3 mln
      Interest payable 2.7 mln vs 4.0 mln
      Net borrowings 7.6 mln vs 16.1 mln
      Turnover 478.9 mln vs 464.1 mln
  

"
training/4096	45	sugar	"DUTCH SUGAR TRADE DENY INVOLVEMENT IN OFFER
  Dutch sugar traders deny involvement
  in a plan to offer more than 850,000 tonnes of sugar to
  intervention in protest at EC export policy and prices, traders
  told Reuters.
      Although some 2,500 tonnes of sugar have been offered to
  intervention in the Netherlands, Dutch producers and traders
  said this sugar was actually Belgian and was being offered by
  the Belgian industry.
      ""We sympathise with the actions of the French, West German
  and Belgian traders and producers, but we are not party to it,""
  a spokesman said.
      EC Commission sources said yesterday French traders planned
  to sell 775,000 tonnes into intervention stocks, West German
  traders 75,000 tonnes and Dutch traders 2,500. Dutch trade
  sources gave the same figure for France, but estimated up to
  110,000 tonnes offered by German traders and producers.
      The Dutch spokesman added, ""The weekly export tender policy
  and prices are squeezing the European sugar industry, and this
  is the only way in which they can really register their
  protest.
      ""These are desperate actions, but we believe that most of
  this offered sugar will be withdrawn within the three-week
  breathing space allowed.""
  

"
training/4097	12	earn	"GLYNWED SEES FURTHER PROGRESS IN 1987
  Glynwed International Plc <GLYN.L> in a
  statement accompanying their results that present indications
  are that 1987 has started well and it is confident that the
  year will be one of further progress.
      The company added that results in the U.S. Were poor and
  the deterioration in the South African economy left its Falkirk
  Industries unit with a loss of one mln stg. But it said there
  was a continuing improvement in its core businesses.
      The extraordinary items debit of 3.8 mln stg arose on the
  closure and disposal of various businesses.
  

"
training/4098	12	earn	"BRITISH TELECOM SEES SATISFACTORY 1986/87 RESULTS
  British Telecommunications Plc <BTY.L>
  expects to announce satisfactory results for its 1986/87
  financial year ending March, chairman Sir George Jefferson said
  in a third quarter statement.
      Full year results will be published in June. In the 1985/86
  financial year, pre-tax profit rose to 1.81 billion stg from
  1.48 billion in the previous period.
      Jefferson said good progress was made in the latest nine
  months, while most customers were able to maintain their normal
  level of calls during the recent strike by company engineers.
      The statement said a positive cash flow of 381 mln stg for
  the first nine months will diminish in the final quarter due to
  corporation tax and dividend payments.
      Earlier, the company reported third quarter pre-tax profit
  for the period ended December 31 of 506 mln stg compared with
  452 mln a year earlier. Nine month pre-tax was 1.51 billion stg
  against 1.35 billion.
      British Telecom shares were last quoted at 246-1/2p, level
  with late yesterday, in the wake of results which were in line
  with market expectations, dealers said.
  

"
training/4099	45	sugar	"INDIA BUYS WHITE SUGAR FROM LONDON TRADERS
  India yesterday bought two cargoes of
  white sugar from London traders for April/May shipment and
  granted the trade houses the option to sell an additional two
  cargoes at the same price for May/June shipment, the firms
  involved said.
      E D and F Man and Woodhouse, Drake and Carey both said they
  sold single cargoes at 237.35 dlrs a tonne cif for April/May
  and were granted options to sell an extra cargo each at the
  same price for May/June at the Indian buying tender for three
  to four cargoes of whites held yesterday. The tender had called
  for a single cargo of prompt and two to three cargoes of
  April/May.
  

"
training/41	12	earn	"HANDY AND HARMAN <HNH> 4TH QTR LOSS
  Shr loss 51 cts vs loss three cts
      Net loss 7,041,000 vs loss 467,000
      Rev 138.9 mln vs 131.4 mln
      12 months
      Shr loss 64 cts vs profit 46 cts
      Net loss 8,843,000 vs profit 6,306,0000
      Rev 558.9 mln vs 556.7 mln
      NOTE: Net loss for 4th qtr 1986 includes charge for
  restructuring of 2.6 mln dlrs after tax, or 19 cts a share.
      1986 net loss includes after tax special charge of 2.7 mln
  dlrs, or 20 cts a share.
  

"
training/410	12	earn	"<MULTI-STEP PRODUCTS INC> SIX MTHS DEC 31 LOSS
  Shr loss 11 cts
      Loss 739,146
      Revs 11,754,251
      Note: initial public listing December, 1986
  

"
training/4100	12	earn	"<NEXT PLC> <NEXL.L> FIVE MONTHS TO END JANUARY
  Shr 7.67p vs 5.34p
      Div 1.5p vs 1.08p
      Pretax profit 30.12 mln stg vs 12.40 mln
      Net interest payable 2.55 mln vs 200 stg
      Net after tax 19.58 vs 7.44 mln
      Turnover excluding VAT 257.66 mln vs 74.09 mln
      Note - The company said it intends to issue a second
  interim statement for the six months to July 1987 and to pay a
  related dividend in early 1988.
  

"
training/4103	7	cotton	"INDIA 1986/87 COTTON EXPORT QUOTA UP 190,000 BALES
  India's raw cotton export quota has
  been raised by 190,000 170-kg bales to 600,000 bales in 1986/87
  ending August, still well below the 1985/86 quota of 1.35 mln
  bales, Minister of State for Textiles R.N. Mirdha said.
      State and private agencies contracted to export 1.34 mln
  bales in 1985/86, he told journalists. But only 433,000 bales
  were shipped that year, with the rest to be delivered in
  1986/87. About 758,000 bales from 1985/86 contracts were
  shipped up to February 2 in 1986/87.
       The government will export 600,000 bales of long and
  extra- long staple cotton in the three years from 1986/87, he
  said.
  

"
training/4105	12	earn	"STE LYONNAISE DES EAUX <LYOE.PA> YEAR ENDED DEC 31
  Consolidated attributable net 1986 profit 360 mln francs vs
  279.8 mln.
      Parent company net profit 191 mln vs 150.9 mln.
  

"
training/4106	12	earn	"LYONNAISE DES EAUX FORECASTS 1987 PROFIT RISE
  Consolidated attributable net profit of
  Ste Lyonnaise des Eaux <LYOE.PA> is likely to rise by at least
  10 pct this year from the 360 mln francs reported for 1986,
  Chairman Jerome Monod told a news conference.
      Group turnover should rise about seven pct from the 15.7
  mln reported for this year, while group investments should
  total around 1.8 billion francs, somewhat above the 1.3 billion
  annual average of the past three years, he added.
      Investments will be aimed mainly at developing the group's
  leisure industry, health and communications activities, Monod
  said.
      In the leisure sector the group planned a joint development
  with Club Mediterranee <CMI.PA>, Club Med, of a 200 hectare
  pleasure park at Puisaye in the Yonne department of Eastern
  Central France, he said.
      Wholly-owned subsidiary Lyonnaise de Developpement
  Touristique would carry out the construction work and financial
  planning of the development which would be leased to Club Med
  as operator of the complex, he said.
      He gave no financial details but said leisure sector
  investments would total about 100 mln francs over the next
  three years.
      Investments in the communications industry would go mainly
  to develop the group's cable television activities and its 25
  pct owned Metropole Television affiliate. Metropole recently
  won the concession to operate a sixth television channel in
  France.
      Financing requirement of Metropole would be about 700 mln
  francs over the next four years, of which Lyonaise des Eaux
  would provide about 175 mln, Monod said.
      Monod said Metropole aimed to win a 15 to 20 pct audience
  share and to capture about 10 pct of the national television
  advertising market.
      Total investment by the group in the communications sector,
  including cable activities, would be between 300 mln and 400
  mln francs over the next five years, mainly concentrated in the
  coming year.
      Investment in cable operations would total between 150 mln
  and 200 mln over the five years, with the aim of widening the
  audience to 280,000 subscribers from 12,000, and boosting
  turnover to around 450 mln francs a year from 10 mln.
  

"
training/4107	0	acq	"GUS MAKES 8.2 MLN STG AGREED OFFER FOR PANTHERELLA
  Great Universal Stores Plc <GUS.L> said
  it has made an agreed offer for <Pantherella Plc>, valuing the
  company at 8.2 mln stg and each Pantherella ordinary share at
  205 pence.
      The offer is based on eight new ""A"" non voting ordinary
  shares in GUS plus 95.16 stg for every 100 ordinary
  Pantherella.
      The new GUS shares will not receive the eight pence per
  share interim dividend in respect of the year ending March
  1987, the statement said.
      GUS has received irrevocable undertakings to accept the
  offer in respect of 39.1 pct of Pantherella shares from the
  company's directors and their families.
      The Pantherella board estimates the company, which
  manufactures socks, will show a 1986 pretax profit of about
  690,000 stg.
  

"
training/4111	12	earn	"<BOND CORP INTERNATIONAL LTD> NINE MOS TO DEC 31
  Shr loss 17.4 H.K. Cents (no comparison)
      Dividend nil (no comparison)
      Net loss 11.49 mln dlrs.
      Notes - Net excluded extraordinary losses 27.91 mln dlrs.
  Property valuation reserve surplus 67 mln dlrs.
      Results reflected trading in subsidiary <Humphreys Estate
  Group> but excluded influence of a bulk of properties which the
  firm bought late last year from Hongkong Land Co Ltd <HKLD.HK>
  for 1.4 billion dlrs.
      Company controlled by Bond Corp Holdings Ltd of Australia.
  

"
training/4113	40	reserves	"GERMAN PUBLIC AUTHORITY BUNDESBANK HOLDINGS FALL
  The net position of federal states
  worsened in the first March week, cutting public authority net
  holdings at the Bundesbank by 500 mln marks, the central bank
  said.
      States' cash deposits at the central bank fell to 800 mln
  and they also drew down 1.2 billion marks in book credit, 900
  mln marks more than in the prior week.
      By contrast, however, the federal government was able to
  reduce its credit drawdown at the central bank by 900 mln marks
  to 900 mln.
      Despite the stronger states' net needs in the week, their
  cash position and other market dependent influences just about
  balanced the outflow of liquidity from the money market through
  an increase in cash in circulation, the Bundesbank said.
      Cash in circulation rose by 1.4 billion marks in the week
  to 122.9 billion.
      Liquidity also came in through the maturing of short-term
  treasury bills bought from the Bundesbank in the prior week.
      Gross currency reserves rose in the week by 400 mln marks
  to 109.9 billion. Foreign liabilities of the Bundesbank were
  largely unchanged at 22.8 billion marks, giving a rise in net
  currency reserves of 400 mln to 87.0 billion, it said.
      The Bundesbank said its balance sheet total fell by 3.77
  billion in the week to 218.45 billion.
  

"
training/4114	48	trade	"CANADA JANUARY TRADE SURPLUS 533 MLN DLRS AFTER DECEMBER 965 MLN DLRS SURPLUS

  CANADA JANUARY TRADE SURPLUS 533 MLN DLRS AFTER DECEMBER 965 MLN DLRS SURPLUS
  

"
training/4115	48	trade	"CANADA JANUARY TRADE SURPLUS 533 MLN DLRS
  Canada had a trade surplus of 533 mln dlrs
  in January compared with an upward revised 965 mln dlrs surplus
  in December, Statistics Canada said.
      The December surplus originally was reported at 964 mln
  dlrs. The January surplus last year was 1.19 billion dlrs.
      January exports, seasonally adjusted, were 9.72 billion
  dlrs against 10.39 billion in December and 10.89 billion in
  January, 1986.
      January imports were 9.19 billion dlrs against 9.43 billion
  in December and 9.71 billion in January 1986.
  

"
training/4117	45	sugar	"HUNGARIAN 1987 SUGAR BEET AREA LITTLE CHANGED
  Hungary is to grow sugar beet on
  105,000 hectares of land this year compared with some 95,000 in
  1986, the official MTI news agency said.
      Diplomats said this reflected Hungary's policy of keeping
  the sugar beet area stable under the current five-year plan
  (1985-89) and producing enough to cover only domestic demand
  despite the recent rise of world prices to 10 month highs.
      Drought cut the 1986 harvest to 3.58 mln tonnes from 4.07
  mln in 1985. But a record yield of 130 kilos per tonne of beet
  kept production at 454,000 tonnes, with 30,000 extra refined in
  Yugoslavia from Hungarian beet. Output was 483,000 in 1985.
  

"
training/4120	12	earn	"KIDSTON SAYS HIGHER NET REFLECTS GOLD SALE RISE
  <Kidston Gold Mines Ltd> attributed
  the rise in 1986 net profit to higher prices and an increase in
  gold sales to 237,969 ounces from 206,467 ounces in 1985.
      The <Placer Development Ltd> offshoot, which operates
  Australia's largest gold mine, in North Queensland, earlier
  reported net profit rose to 60.50 mln dlrs from 50.76 mln in
  the 1985 period of 10 months from the start of production.
      Sales of silver also rose to 165,968 ounces from 109,516.
      Kidston said in a statement it will spend about 5.5 mln
  dlrs to upgrade its mill grinding circuit to a mill-ball,
  mill-crushing circuit to boost output by 25 pct from end-1987.
  

"
training/4122	47	tin	"BULLETIN SAYS TIN PRICE MAY RISE TO 20 RINGGIT
  The tin price is likely to rise to
  20 ringgit a kilo this year because of the producers' accord on
  export quotas and the reluctance of brokers and banks to sell
  the metal at lower prices, a Malaysian government bulletin
  said.
      The Malaysian Tin bulletin said it is in producers'
  interest to keep to their quotas to limit total exports to
  90,000 tonnes and to gradually deplete the 80,000 tonnes
  overhang.
      It said consumption by industrialised countries should stay
  at 160,000 tonnes and that International Tin Council creditors
  and brokers are not likely to dump their stocks excessively
  unless there is a large and abrupt price jump.
      The continued depreciation of the dollar could also help
  push up the price of tin, the bulletin said.
      A depreciation of the dollar means the depreciation of the
  ringgit which is closely pegged to it, making the price of tin
  cheaper in sterling terms, it added.
      ""Even in the absence of economic rationale in the tin
  market, psychological optimism alone is sufficient to secure a
  price recovery of up to 20 ringgit per kilo,"" the bulletin said.
  

"
training/4123	12	earn	"<KIDSTON GOLD MINES LTD> 1986 YEAR
  Shr 48.4 cents vs 40.6
      Yr div 37 cents vs 15
      Net 60.50 mln dlrs vs 50.76 mln
      Turnover 134.54 mln vs 100.63 mln
      Other income 1.02 mln vs 920,000
      Shrs 125 mln vs same.
      NOTE - Company paid total 37 cents in previously declared
  quarterly divs vs 15. Net is after tax 173,000 dlrs vs 285,000,
  interest 9.67 mln vs 8.05 mln and depreciation 11.76 mln vs
  9.59 mln.
  

"
training/4125	10	crude	"CHINA CLOSES SECOND ROUND OF OFFSHORE OIL BIDS
  China has closed the second round of
  bidding by foreign firms for offshore oil exploration rights,
  the China Daily has reported.
      It quoted a spokesman for the China National Offshore Oil
  Corp (CNOOC) as saying China signed eight contracts with 15
  foreign firms for blocks in the Pearl River mouth and south
  Yellow Sea covering a total area of 44,913 sq km.
      Second round bidding began at the end of 1984 and only one
  well has so far produced results -- Lufeng 13-1-1, 250 km
  south-east of Shenzhen, with an output of 6,770 barrels a day.
  The well was drilled by a group of Japanese companies.
      The spokesman added CNOOC was ready to enter into contracts
  for offshore blocks before third round bidding began. He did
  not say when this would be, but added the contracts would not
  be bound by restrictions imposed during the second round.
      China has signed 36 oil contracts and agreements with 37
  companies from 10 countries since 1979, when offshore
  exploration was open to foreigners. Eleven contracts were
  terminated after no oil was discovered.
      Foreign firms have invested 2.1 billion dlrs on offshore
  China since 1979.
  

"
training/4127	0	acq	"LEIGH-PEMBERTON OPPOSES TAKEOVER PROTECTION RULES
  The Bank of England does not favour the
  introduction of rules to shield companies from hostile takeover
  attempts, its governor, Robin Leigh-Pemberton, said.
      Instead, merchant banks advising bidding companies must
  show restraint and responsibility to avoid the excesses that
  have marred recent takeovers, he told the Yorkshire and
  Humberside Regional Confederation of British Industries' annual
  dinner.
      Leigh-Pemberton also called on companies to improve ties
  with institutional investors, suggesting representatives of
  those institutions be granted seats on the boards of directors
  of companies they invest in.
      ""Boards cannot expect protection from unwelcome predators,
  for that is but a short step from saying that they should be
  protected from their own shareholders -- who are, after all,
  the proprietors of the company,"" Leigh-Pemberton said.
      He added takeovers and mergers had an important role to
  play in furthering economies of scale, integration and more
  efficient market penetration. ""The degree of success or failure
  (of a takeover) has not in my experience depended on whether or
  not the takeover was contested,"" he said.
      Leigh-Pemberton noted there had been excesses in takeover
  activity in the recent past. ""The aim is to pressurise a
  company's management into action dedicated solely to a
  favourable impact on the share price in the short-term, partly
  or even primarily at the expense of the future,"" he said.
      Such bids ""often depend for their success on creating a
  highly-charged and artificial situation in the share market,
  and give rise to temptations, on both sides of the battle, to
  engage in aggressive, even manipulative tactics that are
  immensely damaging to the interest of the shareholders,"" he
  said.
      In a clear reference recent events, he said ""those in the
  City who act for companies or individuals .. Must, I suggest,
  be ready to accept a full measure of responsibility -- even if
  it entails opprobrium -- for the transactions that may result.""
      They ""should exercise the most careful judgment at the
  outset with respect to the clients for whom they act and the
  activities contenplated. Those who sow wind cannot expect the
  whirlwind to visit elsewhere,"" he added.
  

"
training/4129	10	crude	"ECUADOR TO ASK OPEC TO RAISE EXPORT QUOTA
  Ecuador will ask OPEC to raise its oil
  export quota by 100,000 barrels per day to 310,000 to
  compensate for lost output due to last week's earthquake,
  deputy Energy Minister Fernando Santos Alvite said.
      Santos Alvite, who arrived in Caracas last night to discuss
  an aid plan for Ecuador, did not say when the Organisation of
  Petroleum Exporting Countries (OPEC) would be approached.
      The additional output would be related to plans now under
  discussion for Venezuela and Mexico to lend Ecuador crude while
  it repairs a pipeline damaged by the quake.
      Earlier, Venezuelan Energy and Mines Minister Aturo
  Hernandez Grisanti said his country would supply an unspecified
  part of Ecuador's export commitments.
      But Santos Alvite told reporters he hoped a first cargo of
  300,000 barrels could leave Maracaibo this weekend to supply
  refineries near Guayaquil. He added Ecuador also wanted to make
  up for 50,000 bpd it shipped to Caribbean destinations. Mexico
  might supply Ecuador's South Korean market.
      Ecuador may be unable to export oil for up to five months
  due to extensive damage to a 25 mile stretch of pipeline
  linking jungle oilfields to the Pacific port of Balao.
  

"
training/4132	12	earn	"JACOBS SUCHARD EXPECTS ANOTHER EXCELLENT YEAR
  Jacobs Suchard AG <JACZ.Z> hopes for
  another excellent year in 1987 after a 27 pct increase in 1986
  net profit. Results in the first few months show it heading in
  the right direction, company president Klaus Jacobs said.
      The group reported 1986 net profit of 190.9 mln Swiss
  francs compared with 150.4 mln in 1985 and raised its dividend
  per bearer share to 160 francs from 155 francs.
      Jacobs said the increase in profit, which far exceeded the
  company's target of five pct real annual growth, had been made
  possible by restructuring measures introduced in January 1986
  which had also made some major acquisitions possible last year.
      Hermann Pohl, general director in charge of economic
  affairs, said the 2.7 pct decline in group turnover to 5.24
  billion francs was due to currency factors.
      A 5.2 pct negative currency influence was partially offset
  by growth in operations and by structural changes within the
  group.
      Turnover in the coffee business fell to 3.10 billion francs
  from 3.56 billion in 1985 while turnover in the chocolate
  sector rose to 2.14 billion francs from 1.82 billion. The
  tonnage sold in both sectors declined due to higher prices and
  lower consumer demand, especially in France and West Germany.
      Jacobs Suchard increased its market share in West Germany
  to 44.9 pct from 39.9 pct in 1985, largely as a result of
  acquisitions. Market share in France was little changed at 25
  pct against 25.3 pct.
      Pohl said the group's average tax rate rose to 32.5 pct
  from 28.8 pct because of the higher profits and despite
  write-offs on the losses of new acquisitions. A further
  increase in tax levels was expected in future.
      Taxes jumped 51.3 pct to 92 mln francs in 1986 from 61 mln
  the previous year.
  

"
training/4135	0	acq	"TAFT <TFB> REJECTS 145 DLR/SHR OFFER
  Taft Broadacasting Co said its
  board of directors unanimously decided not to accept the
  pending buyout proposal of <Theta Corp>, an investor group led
  by Dudley Taft.
      The decision was based on, among other things, the advice
  of its financial advisors, Goldman Sachs and Co, that the offer
  of 145 dlrs per share was inadequate.
      Taft said the board concluded that the offer failed to
  recognize fully the future propsects of the company and
  directed management to explore alternatives including possible
  financial restructuring.
  

"
training/4139	32	money-fx	"TREASURY SECRETARY BAKER DECLINES COMMENT ON G-6
  U.S. Treasury Secretary James Baker
  declined comment on the February 22 Paris accord between the
  six major industrial nations under which they agreed to foster
  exchange rate stability.
      Asked by reporters after a speech before the National
  Fitness Foundation banquet what, if any, currency intervention
  levels had been set in Paris, Baker replied: ""We never talk
  about intervention.""
      Baker also declined to comment on his views about the
  foreign exchange markets' reaction to the accord.
  

"
training/4141	12	earn	"BEL FUSE INC <BELF> 4TH QTR NET
  Shr 22 cts vs 13 cts
      Net 1,063,000 vs 639,000
      Sales 7,489,000 vs 4,656,000
      Year
      Shr 55 cts vs 28 cts
      Net 2,633,000 vs 1,343,000
      Sales 23.3 mln vs 17.9 mln
  

"
training/4142	12	earn	"SOUTHWEST REALTY <SWL> YEAR LOSS
  Shr loss 44 cts vs profit 1.13 dlrs
      Net loss 1,544,000 vs profit 3,912,000
      NOTE: Cash flow 1,010,000 dlrs or 29 cts shr vs 2,835,000
  dlrs or 82 cts shr.
  

"
training/4143	12	earn	"SOUTHWEST REALTY <SWL> HAS LIQUIDITY PROBLEMS
  Southwest Realty Ltd said it believes it
  could make all of its scheduled montly debt service payments
  for 1987 despite the falloff in its rental operations, but
  making the payments would probably severely impair its
  liquidity and restrict its ability to maintain the quality of
  its properties.
      The company today reported a 1986 loss of 1,544,000 dlrs
  compared with a 1985 profit of 3,912,000 dlrs.
      Southwest said in addition to its monthly scheduyled debt
  service payments, a 1,743,000 dlr loan on one of its Houston
  properties is due to mature on April One.
      Southwest said a commitment to reduce the interest rate and
  extend the Houston loan for one year has been accepted.
      It said talks are underway with lenders on other Houston
  properties to obtain partial debt service moratoriums which, if
  granted, would cut 1987 cash deficits from 1986 levels.  The
  loan renegotiations could involve bankruptcy or other
  litigation connected with the specific properties involved and
  could involve the suspension of interest and principal payments
  to some of the lenders.  Southwest said if the attempts to
  restructure debt do not succeed, it could lose one or more of
  the properties.
      Southwest said the Houston properties made up about 10 pct
  of its current value equity as of December 31 of 14.20 dlrs per
  share, down from 16.68 dlrs a year before.
      The company said depending on the success of the talks and
  operating results for 1987, one or two more properties could
  become subject to similar negotiations.  The two additional
  properties comprised about 11 pct of its current value equity
  at year-end, Southwest said.
  

"
training/4144	12	earn	"D.H. HOLMES CO LTD <HLME> SETS PAYOUT
  Qtly div 12-1/2 cts vs 12-1/2 cts prior
      Pay April One
      Record March 20
  

"
training/4145	0	acq	"POPE EVANS <PER> REPURCHASES SHARES
  Pope, Evans and Robbins Inc said it
  has repurchased 780,000 common shares from Putnam Mills Corp
  principals Sidney and Peter Kaplan for 2.25 dlrs per share.
      It said the purchase price will be applied against the
  1,700,000 dlrs Putnam Mills currently owes Pope Evans for
  merchandise.  Pope Evans has about 7.6 mln shares outstanding.
      The company also said it has agreed in principle to acquire
  privately-held Pat Fashions Industries Inc for 18 mln dlrs in
  cash and notes, with financing to come partly from bank
  borrowings, subject to approval by the Pope Evans board and Pat
  shareholders.
      Pat Fashions imports apparel from the Far East and makes
  apparel domestically as well.  In the year ended November 30,
  Pat earned 5,400,000 dlrs pretax on sales of 83.0 mln dlrs.
  

"
training/4146	0	acq	"BAIRD <BATM> GETS TEMPORARY RESTRAINING ORDER
  Baird Corp said the Massachusetts state
  court for Suffolk county has granted it a temporary restraining
  order prohibiting Mark IV Industries Inc <IV> from further
  purchases of Baird stock until Mark IV complies with the
  Massachusetts Anti-Takeover Statute.
      The company said Mark IV currently owns at least 17.6 pct
  of Baird stock and has indicated that it may attempt to acquire
  Baird.
      Baird said the U.S. District Court in Boston has denied
  Mark IV's application for a temporary restraining order to
  prevent enforcement of the Massachusetts takeover law.
  

"
training/4148	0	acq	"DUDLEY TAFT AND NARRAGANSETT CAPITAL TO PURSUE TAFT BROADCASTING BID

  DUDLEY TAFT AND NARRAGANSETT CAPITAL TO PURSUE TAFT BROADCASTING BID
  

"
training/4149	12	earn	"GENERAL MINING UNION CORP LTD (GENM.J) YEAR NET
  Shr 616 cts vs 481
      Final div 150 cts vs 140, making 230 vs 195
      Pre-tax 705.4 mln rand vs 485.2 mln
      Net 591.7 mln vs 458.0 mln
      Tax 79.2 mln vs 82.2 mln
      Attrib to outside shareholders 123.7 mln vs 52.3 mln
  

"
training/4150	41	retail	"U.S. RETAIL SALES ROSE 4.1 PCT IN FEB, NON-AUTO SALES ROSE 1.5 PCT

  U.S. RETAIL SALES ROSE 4.1 PCT IN FEB, NON-AUTO SALES ROSE 1.5 PCT
  

"
training/4152	41	retail	"U.S. RETAIL SALES RISE 4.1 PCT IN FEBRUARY
  U.S. retail sales rose 4.77 billion
  dlrs, or 4.1 pct, in February to a seasonally adjusted 122.29
  billion dlrs, the Commerce Department said.
      The increase came after a revised 7.4 pct drop in January
  sales to a level of 117.52 billion dlrs. The department
  previously reported January retail sales fell 5.8 pct.
      Excluding autos, retail sales in February were up 1.5 pct
  after falling by a revised 0.4 pct in January.
      Department spokesmen said the major cause for the revision
  downward in January sales was a weaker January auto dealer
  sales figure than originally estimated.
      Auto dealer sales were 26.91 billion dlrs in February, a
  14.4 pct rise from January levels. But January sales dropped by
  27.7 pct from December levels to 23.52 billion dlrs, more than
  the 22.4 pct fall originally reported.
      The expiration of the sales tax deduction under new tax
  laws on January 1 was the main reason for the drop in January
  sales, department spokesmen said.
      Sales of durable goods rose in February by 8.8 pct to 46.72
  billion dlrs after dropping by 17.7 pct in January.
      Building materials rose 1.8 pct in February after falling
  by 1.7 pct in January.
      Non-durable goods sales rose by 1.3 pct to 75.58 billion
  dlrs in February after falling by 0.2 pct in January, the
  department said.
      General merchandise stores rose 1.4 pct after increasing
  sales by 1.6 pct in January, and department stores were up two
  pct in February after rising 1.5 pct in January.
      Food store sales increased 0.4 pct after declining by 1.0
  pct in January, while grocery store sales increased 0.3 pct in
  February after falling 0.6 pct in January.
      Gasoline service station sales rose 2.0 pct in February
  after a 1.9 pct January increase.
      Apparel store sales were up 0.8 pct last month after
  falling 3.0 pct in January, while sales at eating and drinking
  places increased 1.5 pct after rising 0.5 pct in January.
      February's retail sales were 4.4 pct above the year-ago
  level of 117.09 billion dlrs, the department said.
  

"
training/4153	0	acq	"DUDLEY TAFT TO PURSUE TAFT BROADCAST <TFB> BID
  Taft Broadcasting Co vice chairman
  Dudley Taft and Narragansett Capital Inc <NARR> said they
  intend to pursue their effort to acquire Taft Broadcasting
  despite the rejection yesterday of their 145 dlr per share
  offer by the Taft Broadcasting board.
      Dudley Taft and Narragansett, in a joint statement, said
  they intend to explore alternatives to achieve the acquisition,
  including further talks with Taft Broadcasting.
      They said they are confident that the Taft Broadcasting
  board will conclude that the resolution of the company's
  current ""unstable situation"" as quickly as possible is in the
  best interests of all parties.
      They said the Taft board did not conclude that their offer
  was not fair to Taft shareholders.  Taft Broadcasting
  yesterday, however, said financial advisor Goldman, Sachs and
  Co found the offer to be inadequate.
  

"
training/4155	12	earn	"HARPER GROUP <HARG> 4TH QTR NET
  Shr 24 cts vs 31 cts
      Net 2,245,000 vs 2,885,000
      Revs 50.7 mln vs 46.5 mln
      Avg shrs 9,396,000 vs 9,270,000
      Year
      Oper shr 96 cts vs 99 cts
      Oper net 8,994,000 vs 9,220,000
      Revs 191.5 mln vs 174.7 mln
      Avg shrs 9,394,000 vs 9,282,000
      NOTE: 1985 year net excludes 1,360,000 dlr loss from
  discontinued operations.
      Share adjusted for three-for-two stock split.    
  

"
training/4156	48	trade	"CANADA LEADERS FAIL TO SET PACT ON FREE TRADE
  Prime Minister Brian Mulroney said he
  held ""frank"" discussions with the Canadian province premiers on
  the pace of free trade talks with the United States, but the
  longstanding issue of provincial ratification remains to be
  settled.
      Speaking to reporters after nearly five hours of meetings
  with the 10 premiers, Mulroney said further discussions would
  be held in June and September to discuss the role of the
  provinces in approving any new trade deal.
      But he maintained progress was being made in the sweeping
  talks with the Unites States that got under nearly two years
  ago.
      ""It appears reasonable progress is being made (in the
  talks),"" Mulroney said.
      Alberta Premier Don Getty agreed, ""Things are running pretty
  quickly now.""
      The talks, launched by Mulroney's Progressive Conservative
  government after concerns about protectionist sentiment in the
  U.S., are aimed reducing the remaining barriers between the
  world's largest trading partnership.
      But the provinces are expected to play a major role in any
  new trading arrangement, and some of the provincial leaders
  complained of a lack of progress on reaching a ratification
  formula.
      ""It's my view that we should be thinking about these things
  right now, along with the questions of the substance of the
  agreement,"" commented Ontario Premier David Peterson, who has
  been highly critical of the talks in the past.
      But Newfoundland Premier Brian Peckford said an agreement
  was more likely to emerge by consensus and there would be no
  need for a ""hard and fast formula.""
      Peckford said it appears Canada is prepared to make
  concessions to the United States on financial services in order
  to make inroads on other bargaining areas, such as agriculture.
      Canadian published reports, quoting government sources, say
  the two countries are close to reaching a trade deal and it
  will involve eliminating border tariffs and many non-tariff
  barriers over the next 10 to 12 years.
      A rough draft of the accord is expected to be presented to
  the premiers at the June meeting while the finished document is
  hoped to be presented to Congress in October.
      ""It's a very tight time frame,"" Ontario's Peterson said last
  night. ""But at this moment it is tough to say what will
  transpire.""
  

"
training/4157	12	earn	"HEALTHSOUTH REHABILITATION CORP <HSRC> 4TH QTR
  Shr profit eight cts vs loss 10 cts
      Net profit 622,000 vs loss 564,000
      Revs 7,508,000 vs 1,913,000
      Year
      Shr profit 15 cts vs loss 28 cts
      Net profit 933,000 vs loss 1,548,000
      Revs 19.8 mln vs 4,799,000
  

"
training/4159	0	acq	"FIRST UNION <FUNC> ACQUISITION ADVANCES
  First Union Corp said
  shareholders of First North Port Bancorp of Northport, Fla.,
  have approved a merger into First Union for 40 dlrs per share,
  or about 5,100,000 dlrs.
      The company said the acquisition is still subject to
  regulatory approvals and is expected to be completed during the
  second quarter.
  

"
training/416	40	reserves	"SWISS SIGHT DEPOSITS RISE 3.10 BILLION FRANCS
  Sight deposits by commercial banks at the
  Swiss National Bank rose by 3.10 billion Swiss francs to 10.53
  billion in the last 10 days of February, the National Bank
  said.
      Foreign exchange reserves fell 3.06 billion francs to 30.64
  billion.
      Sight deposits are an important measure of Swiss money
  market liquidity.
      The decline in foreign exchange reserves reflected the
  dismantling of swap arrangements, the National Bank said.
      Banknotes in circulation rose by 834 mln francs to 24.79
  billion while other deposits on call - mainly government funds
  - fell 1.60 billion francs to 1.04 billion.
  

"
training/4160	12	earn	"SAND TECHNOLOGY <SNDCF> MULLING REVERSE SPLIT
  Sand Technology Systems Inc said it is
  considering a reverse stock split of at least one-for-10 and
  expects to report a second-quarter profit, compared to a loss
  last year.
      The stock consolidation ""is something we're discussing, but
  it's not definite,"" Sand Technology president Jerry Shattner
  told Reuters in an interview.
      A private placement recently brought the number of
  outstanding shares to 106 mln, up from 97.1 mln shares on July
  31, 1986, the fiscal yearend.
      ""The company has always had the aura of a penny stock,""
  Shattner said, adding that Sand plans, at some time, to apply
  for listing on the Montreal Stock Exchange.
      Shattner said the company expects to report a profit of
  five pct, or about 350,000 dlrs, on sales of seven mln dlrs,
  for the second quarter ended January 31. Results for the third
  quarter should be about the same as the second, he added.
      Last year, Sand lost 243,064 dlrs on revenues of 7,012,195
  dlrs in the second quarter.
      After ""a disastrous first quarter,"" Sand hopes to break even
  in the current fiscal year, Shattner said. The company has
  scaled back its sales forecast to about 25 mln dlrs, from the
  33.5 mln dlrs projected in December.
      The rapid appreciation of the Japanese yen against U.S. and
  Canadian dollars last year led to Sand's loss of 2.1 mln dlrs,
  or two cts per share, on sales of 24.9 mln dlrs.
      In the first fiscal quarter this year, the company lost
  1,350,387 dlrs, or one ct per share, on sales of 3,570,585
  dlrs.
      Shattner believes the company will post better results this
  year due to several factors.
      ""Last year, one of our biggest problems was we were buying
  products in Japanese yen. We now buy some products from Hitachi
  in U.S. dollars and the results are starting to show up in the
  second quarter,"" he said.
      Sand Technology sells, under its trademark, computer
  accessories such as disk drives, solid-state memory enhancement
  devices and printers manufactured by Hitachi Ltd <HIT> of
  Japan.
      Shattner said Sand's affiliate in Detroit, ST Systems Inc,
  is developing software that lets large maniframe computers
  handle large databases and share them between applications.
      It is also distributing a new product called Sapiens, which
  is artificial intelligence computer language for use by major
  corporations.
      The company has also reduced costs through some staff
  cutting and a switch to profit sharing plans for sales staff
  instead of straight commissions, Shattner said.
      And Sand plans to market a laser printer in the fourth
  fiscal quarter, Shattner said.
  

"
training/4161	0	acq	"<CONCORDE VENTURES INC> IN MERGER AGREEMENT
  Concorde Ventures Inc said it has signed
  a letter of intent to acquire Englewood, Colo., homebuilder
  Winley Inc for 12 mln common shares.
      The investment company said after the merger the combined
  company will have 15 mln shares outstanding.
      For the year ended January 31, Winley earned 116,000 dlrs
  pretax on revenues of 11.7 mln dlrs.
  

"
training/4164	0	acq	"BORG-WARNER TO SELL INDUSTRIAL PRODUCTS BUSINESS FOR ABOUT 240 MLN DLRS

  BORG-WARNER TO SELL INDUSTRIAL PRODUCTS BUSINESS FOR ABOUT 240 MLN DLRS
  

"
training/4165	15	gnp	"JAPAN ECONOMY MAY BE NEAR BOTTOM, ECONOMISTS SAY
  The worst may be just about over for
  Japan's battered economy but economists said they do not expect
  a vigorous recovery anytime soon. Japanese bank economists
  polled by Reuters said the economy's 18 month-old slowdown is
  likely to end in the first half of this year, helped by rising
  exports, stepped-up government spending and falling prices. ""The
  economy will bottom out in the middle of the year,"" said
  Sumitomo Bank Ltd chief economist, Masahiko Koido.
      Industrial Bank of Japan Ltd senior economist Susumu
  Taketomi agreed. ""It (the bottom) is in the offing,"" he said.
      But he added that the recovery will be slow. Growth in the
  fiscal year beginning next month will only pick-up 2.2 pct,
  from two pct in the current year, he said.
      Signs that the economy has just about weathered the worst
  are increasing.
      The volume of exports in the first two months of the year
  rose slightly on a year-on-year basis, after declining toward
  the end of last year.
      Although this may be due to extraordinary factors such as a
  sharp rise in car exports to rebuild depleted European stocks,
  several economists said it could mark the beginning of a
  recovery.
      Industrial production fell 0.7 pct in January, much smaller
  than expected, and is forecast by the government to rise 0.3
  pct in February and 2.6 pct in March. A Bank of Japan survey
  released last week showed that the decline in Japanese
  corporate earnings may be nearing its end.
      And the Paris currency accord last month has fostered hopes
  the rapid yen rise has come to the end, they said.
      Six nations - the U.K., Canada, France, Japan, the U.S. And
  West Germany - pledged in Paris last month to stabilise
  currencies around current levels.
      The yen's 40 pct climb against the dollar over the last two
  years has hit the export-driven economy hard, by forcing its
  companies to raise prices and lose sales in the U.S. Market.
      ""The important thing is the exchange rate,"" Taketomi said.
      If it stabilises firms will grow more confident and raise
  investment in plant and equipment, although there are no signs
  of that yet, economists said.
      A stable yen would also help exporters regain some of their
  competitive edge just as the U.S economy may be starting to
  recover, economists said.
      Domestically, the economy may get a boost from some
  loosening of the government's tight fiscal policy said Haruo
  Muto, manager of national economics at the Bank of Tokyo Ltd.
      The next reading of the economy's health should come early
  next week with the release of gnp figures for the last quarter,
  1986.
      Most private economists expect a rise of about 0.5 pct from
  the previous quarter. In the third quarter, GNP rose 0.6 pct.
      But a senior government official said the fourth quarter
  figures could surprise by showing a rise of more than one point
  quarter-on-quarter. But he added that would be a statistical
  aberration and not a significant shift in economic activity.
      To maintain year-on-year growth of around 2.5 pct, the
  economy would have had to rise about 1.2 pct in the fourth
  quarter as the final quarter of 1985 was strong.
       The rise in the fourth quarter of 1985 was probably a
  statistical anomaly that was repeated in the final months of
  1986, the official said.
      Economists said the fourth quarter figures were also
  distorted by the government's sale of gold coins in the second
  half of 1986.
      Because the coins were classified as legal tender, their
  purchase did not show up in the statistics on consumer
  expenditure. Consumer spending also tailed off in December
  because of bad weather and smaller-than-normal end-year
  bonuses, they said.
      As the government had to buy back some of the coins from
  retailers because they were unsold, the government's
  contribution to the economy in the fourth quarter may have been
  boosted, economists said.
      Taketomi said it may have received a further boost from
  government buying of farm products as the domestic crop last
  year was good.
      The senior government official said the fourth quarter
  performance of the domestic sector was probably worse than
  generally expected, while that of the external sector was
  better.
  

"
training/4167	0	acq	"QINTEX EXTENDS PRINCEVILLE <PVDC> OFFER
  <Qintex America Ltd> said it is again
  extending its offer of 13 dlrs a share for 3.3 mln Princeville
  Development Corp shares until today from yesterday.
      As reported yesterday, Qintex said, about seven mln
  Princeville shares had been tendered in response to the offer.
      Qintex said it is extending the offer to allow Princeville
  to comply with federal law restricting the ownership of U.S.
  airlines by non-U.S. citizens and to finalize the terms and
  conditions of the letter of credit or bank guarantee required
  under the previously announced acquisition agreement.
  

"
training/4169	12	earn	"CORRECTED-NETWORK VIDEO INC <NVID> 3RD QTR
  Feb 28 end
      Shr five cts vs one ct
      Net 161,019 vs 50,745
      Revs 1,048,543 vs 478,700
      Avg shrs 3,217,500 vs 4,350,000
      Nine mths
      Shr 12 cts vs four cts
      Net 390,179 vs 169,275
      Revs 2,658,692 vs 1,478,066
      Avg shrs 3,217,500 vs 4,350,000
      NOTE: Corrects reversed figures in March 11 item.
  

"
training/4170	32	money-fx	"BANKERS OPPOSE STRICT TAIWAN CURRENCY CONTROLS
  Taiwan imposed currency controls today
  in what bankers called a desperate move to prevent speculation
  as the Taiwan dollar appreciated against the U.S. currency.
      The strict controls will require proof that large
  remittances to Taiwan are connected to commercial transactions
  rather than currency speculation.
      Bankers attacked the controls as ineffective, saying they
  were a panic reaction to pressure from Washington for faster
  appreciation of the Taiwan currency against the U.S. dollar,
  which would slow exports to the United States.
      Remittances exceeding one mln dlrs earned through exports,
  shipping, insurance or bank lending will now need government
  approval, along with remittances of more than 10,000 dlrs from
  any other source.
  

"
training/4172	48	trade	"TAIWAN TO RELAX IMPORT CURBS ON MORE GOODS
  Taiwan will relax import controls on
  more foreign goods, a government spokesman said today.
      The move was to allow greater access to Taiwan markets by
  overseas trading partners, especially the United States, an
  official of the Council for Economic Planning and Development
  told Reuters.
      Import curbs on about 400 foreign goods, including
  stationery and books, would soon be relaxed, he said.
      Taiwan announced it would ease curbs on some 600 farming
  and industrial products last month.
      The official said the moves were intended to balance trade
  between Taiwan and the United States and other trading
  partners. Taiwan's trade surplus reached a record 15.6 billion
  dlrs last year, up from 10.62 billion in 1985.
  

"
training/4173	41	retail	"U.K. RETAILERS SEE GROWTH IN CONSUMER SPENDING
  U.K. Retailers expect consumer spending
  to accelerate in March after a disappointing increase in
  February, according to a monthly survey by the Confederation of
  British Industry (CBI).
      Fifty-nine pct of the 325 retailers questioned for the
  latest Distributive Trades Survey expected sales to be higher
  in March than they were in March 1986, with only six pct
  expecting lower sales.
      The chairman of the Distributive Trades Survey Panel, Nigel
  Whittaker, said a favourable Budget next week would further
  help sales during the summer.
      Figures released earlier this week showed retail sales in
  January fell 2.2 pct, mainly due to exceptionally cold weather.
      ""Sales did not recover in February as much as retailers had
  expected, and they are now looking for better business in
  March,"" today's survey said.
      It reported clothing stores were the most optimistic, with
  80 pct expecting sales in March to be higher than a year ago.
      Wholesalers also expected stronger sales in March, while
  both retailers and wholesalers reported slower growth in import
  penetration, it said.
  

"
training/4174	10	crude	"MOST JAPAN FIRMS NOT RENEWING IRAN TERM CONTRACTS
  Most Japanese companies have decided not
  to renew term contracts to lift Iranian crude oil because spot
  prices remain considerably lower than OPEC's official levels,
  industry sources said.
      They said a cargo of the Mideast benchmark crude Dubai
  traded yesterday at 16.50 dlrs a barrel, compared to its
  official price of 17.42 dlrs.
      Only one Japanese company has renewed its term contract for
  Iranian crude oil for the second quarter, the sources said.
      The sources said Japanese companies had been lifting a
  total of about 185,000 barrels per day (bpd) of Iranian crude
  under term contracts, but only one firm has agreed to lift in
  the second quarter. It is lifting just 10,000 to 15,000 bpd.
      They said this move could inspire Iran to offer discounts
  on cargoes loading in April, but the likelihood of discounts
  depended largely on the levels of spot prices.
      ""If the spot price of Dubai goes above 17.30 dlrs we would
  probably buy Iranian crude at the official price,"" one Japanese
  refiner said.
      ""We don't intend to put pressure on them,"" he added.
      Buyers have little incentive to renew contracts to lift oil
  at official OPEC prices while spot prices on all grades are
  considerably lower, oil traders said.
      They said if spot prices move higher there will be no
  problem finding OPEC crude to purchase at the official prices.
  Qatar has chartered floating storage for its crude oil after
  finding no buyers at official prices in March. The problem is
  likely to recur in April, adding to that country's surplus.
      The traders added that Iraq had dissociated itself from
  OPEC's December production agreement, while agreeing to the
  fixed prices.
      But oil analysts said if OPEC keeps group output close to
  its first-half 1987 ceiling of 15.8 mln bpd, supply and demand
  would be balanced by the end of the second quarter.
      They also said if OPEC holds its official price structure
  based on a reference price of 18 dlrs, spot price fluctuations
  should be limited to a 16.50 to 17.20 dlrs range for Dubai and
  a 17 to 18 dlrs range for the North Sea's Brent blend.
      One Japanese refiner said, ""At the moment there's a lot of
  pressure on OPEC, particularly on Qatar. But if they hold out
  there will be no problem, and I'm beginning to trust their
  ability.""
      Nigerian oil minister and OPEC president Rilwanu Lukman
  told a news conference in Lagos yesterday, ""Nigeria and all
  member countries of OPEC remain determined to uphold the
  December agreement by adhering strictly to their various quotas
  and official selling prices.""
      He said OPEC believed consumers had drawn heavily on stocks
  of both crude oil and refined products, reducing them to levels
  well below this time last year. He said consumers would soon
  return to the market in search of crude.
      A Japanese refiner said, ""The European and U.S. Markets are
  beginning to look better so OPEC might be quite lucky.""
  

"
training/4175	12	earn	"POSSIS <POSS> VOTES 100 PCT STOCK DIVIDEND
  Possis Corp said its board approved
  a 100 pct stock dividend payable May One, record March 27.
      At the company's annual meeting Wednesday, Possis said
  shareholders approved a proposal to increase the authorized
  common shares to 20 mln from eight mln. The company currently
  has about 3.9 mln shares outstanding.
  

"
training/4176	12	earn	"SEAL INC <SINC> 1ST QTR JAN 31 NET
  Shr 29 cts vs 16 cts
      Net 610,000 vs 329,000
      Sales 6,714,000 vs 4,582,000
  

"
training/4177	12	earn	"DOW CHEMICAL CO <DOW> REGULAR DIVIDEND
  Qtly div 50 cts vs 50 cts prior
      Pay April 30
      Record March 31
  

"
training/4178	12	earn	"TELCO <TELC> DELAYS DEFENSIVE RIGHTS OFFERING
  Telco Systems Inc said its plan
  to distribute a dividend of common stock purchase rights to
  shareholders of record on March 16 has been delayed pending the
  completion of necessary regulatory approvals.
  

"
training/418	0	acq	"CONSOLIDATED TVX SAYS IT WILL ISSUE SHARES TO BUY STAKES IN THREE BRAZIL MINING FIRMS

  CONSOLIDATED TVX SAYS IT WILL ISSUE SHARES TO BUY STAKES IN THREE BRAZIL MINING FIRMS
  

"
training/4182	0	acq	"CLAYTON AND DUBILIER NEW JOINT UNIT TO BUY FIRM
  Clayton and Dubilier Inc and senior
  management of a unit of Borg-Warner Corp <BOR> said it will
  form a new company to buy Borg-Warner's industrial products
  group for about 240 mln dlrs.
      Borg-Warner industrial products has sales of about 300 mln
  dlrs from three divisions, which provide advanced technology
  fluid transfer and control equipment, systems and
  services worldwide, Clayton said.
      The new company will have 3,000 employees and be
  headquartered in Long Beach, Calif., the company said.
      Peter Valli, vice president of Borg-Warner Corp and
  president of its industrial products division, will become
  president and chief executive officer of the new company,
  according to Clayton.
      Clayton, a private investment firm, said this was the third
  mangement buyout of a divestiture completed by them since
  December 1986.
  

"
training/4184	12	earn	"U.S. HEALTH INC <USHI> 2ND QTR JAN 31 NET
  Shr 10 cts vs seven cts
      Net 1,541,000 vs 1,056,000
      Revs 20.1 mln vs 17.0 mln
      1st half
      Shr 19 cts vs 11 cts
      Net 2,945,000 vs 1,742,000
      Revs 38.2 mln vs 35.2 mln
  

"
training/4185	12	earn	"K MART CORP 4TH QTR  SHR 2.11 DLRS VS NINE CTS

  K MART CORP 4TH QTR  SHR 2.11 DLRS VS NINE CTS
  

"
training/4189	12	earn	"ENVIRONMENTAL SYSTEMS CO <ESC> 1ST QTR JAN 31
  Shr 13 cts vs 15 cts
      Net 2,193,000 vs 1,918,000
      Revs 18.2 mln vs 15.2 mln
      NOTE: Share after preferred dividends.
  

"
training/4192	12	earn	"GENERAL MINING (GENM.J) CAUTIONS ON 1987 PROFITS
  General Mining Union Corp Ltd
  chairman Derek Keys cautioned that profits may not rise this
  year if the rand stays at its current level of 48 U.S. Cents.
      ""We would do well to repeat last year's results if the rand
  stays depressed,"" Keys said.
      The level of the dividend, however, ""ought not to be
  affected,"" he added, discussing the 1987 outlook.
      General Mining earlier reported that 1986 per share
  earnings rose 28 pct to 616 cts.
  

"
training/4193	12	earn	"COLGATE-PALMOLIVE CO <CL> SETS PAYOUT
  Qtrly div 34 cts vs 34 cts
      Pay May 15
      Record April 24
  

"
training/4194	12	earn	"ISCO INC <ISKO> 2ND QTR ENDS JAN 30 NET
  Shr 12 cts vs 13 cts
      Net 414,968 vs 449,533
      Revs 5,726,722 vs 5,276,627
      Six mths
      Shr 23 cts vs 33 cts
      Net 779,981 vs 1,116,857
      Revs 11.3 mln vs 11.3 mln
  

"
training/4199	49	veg-oil	"CCC REALLOCATES CREDIT GUARANTEES TO EL SALVADOR
  The Commodity Credit Corporation,
  CCC, has reallocated two mln dlrs in credit gurantees
  previously earmarked for sales of U.S. protein meals to cover
  sales of vegetable oil and tallow to El Salvador, the U.S.
  Agriculture Department said.
      The action reduces coverage for sales of protein meals to
  14 mln dlrs from 16 mln dlrs and creates new lines of one mln
  dlrs for tallow and/or greases and one mln dlrs for vegetable
  oils, the department said.
      All sales under the credit guarantee lines must be
  registered and exported by Sepember 30, 1987, it said.
      The guarantee rates include a charge to provide for a
  yearly interest rate coverage of up to 4.5 pct on the
  guaranteed value, the department said.
  

"
training/42	5	coffee	"ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL
  International Coffee Organization, ICO,
  producing countries will present a proposal for reintroducing
  export quotas for 12 months from April 1 with a firm
  undertaking to try to negotiate up to September 30 any future
  quota distribution on a new basis, ICO delegates said.
      Distribution from April 1 would be on an unchanged basis as
  in an earlier producer proposal, which includes shortfall
  redistributions totalling 1.22 mln bags, they said.
      Resumption of an ICO contact group meeting with consumers,
  scheduled for this evening, has been postponed until tomorrow,
  delegates said.
  

"
training/420	12	earn	"WHITTAKER CORP <WKR> 1ST QTR JAN 31 NET
  Oper shr 17 cts vs 25 cts
      Qtly div 15 cts vs 15 cts prior
      Oper net 1,522,000 vs 3,501,000
      Sales 98.0 mln vs 86.3 mln
      NOTE: Prior year net excludes loss from discontinued
  operations of 1,817,000 dlrs.
      Company said common shares outstanding down significantly
  to 7,814,000, reflecting retirement of about 5,200,000 shares
  since start of restructurining in August 1986.
      Dividend pay April 30, record April 16.
  

"
training/4201	0	acq	"BORG-WARNER <BOR> TO SELL UNIT FOR 240 MLN DLRS
  Borg-Warner Corp said it agreed to sell
  its industrial products group to <Clayton and Dubilier Inc>
  and senior management of the group, for about 240 mln dlrs.
      Clayton and Dubilier is a New York-based private investment
  firm, which has completed two other management-led buyout
  transactions since December 1986.
      Borg-Warner's industrial products group, based in Long
  Beach, California, has sales of about 300 mln dlrs and employs
  about 3,000 staff.
      Its businesses include standard and custom engineered
  centrifugal pumps and mechanical seals for the petroleum
  industry and advanced controls for the aerospace and defense
  industries.
      The sale is part of Borg-Warner's planned restructuring.
      the proposed sale is subject to approval by Borg-Warner's
  directors, it said.
  

"
training/4204	0	acq	"GUARDIAN-MORTON SHULMAN AGREES TO TAKEOVER BID
  <Guardian-Morton Shulman Precious
  Metals Inc> said Morton Shulman and Guardman Investment
  Management Services Inc agreed in principle for Andrew Sarlos
  to make a takeover bid for all special shares and series II
  warrants of Guardian-Morton, subject to regulatory approval and
  completion of definitive documentation.
      Guardman Investment, current manager and owner of all
  common shares of Guardian-Morton, also agreed to sell the
  common and its management agreement to a company controlled by
  Sarlos if the takeover bid is successful, Guardian-Morton said.
      Price to be offered for the Guardian-Morton special shares
  under the takeover bid will be 90 pct of the net asset value of
  the special shares at the time of the bid, and two dlrs for
  each series II warrant, the company said.
      Guardian-Morton said the takeover bid will be conditional
  on Sarlos acquiring at least 90 pct of the special shares and
  90 pct of the series II warrants, when combined the number of
  special shares and warrants owned by the offeror at the time of
  the bid.
      Investment companies managed by Sarlos currently own
  slightly less than 10 pct of Guardian-Morton's special shares.
  

"
training/4205	12	earn	"K MART CORP <KM> 4TH QTR JAN 28 NET
  Shr 2.11 dlrs vs nine cts
      Net 285,000,000 vs 10,500,000
      Revs 7.35 billion vs 6.76 billion
      Avg shrs 134,300,000 vs 131,600,000
      Year
      Shr 4.35 dlrs vs 1.73 dlrs
      Net 582,300,000 vs 221,200,000
      Revs 24.13 billion vs 22.33 billion
      Avg shrs 134,300,000 vs 131,600,000
      NOTE: Latest year earnings include a loss in each period of
  16.4 mln dlrs, or 12 cts a share, for a premium paid in the
  early call of a 250 mln dlr 12.75 pct 30-year debenture
      Earnings include a gain from discontinued operations of
  30.8 mln dlrs, or 23 cts a share vs a loss of 238.9 mln dlrs,
  or 1.82 dlrs a share in the quarter and a gain of 28.4 mln
  dlrs, or 21 cts a share vs a gain of 472.0 mln dlrs, or 3.64
  dlrs a share for the year
  

"
training/4210	12	earn	"DORCHESTER HUGOTON LTD <DHULZ> RAISES PAYOUT
  Qtly div 10 cts vs eight cts prior
      Pay April 16
      Record March 31
  

"
training/4212	0	acq	"INTERNATIONAL AMERICAN <HOME> SETS ACQUISITION
  International American Homes inc
  said it has contracted to acquire <Diversified Shelter Group
  Ltd> for about 11,850,000 dlrs to be paid 73 pct in cash and 27
  pct in International American common stock to be valued on a 30
  day trading average prior to closing.
      It said the price is based on Diversified's estimated 3.2
  mln dlrs pro forma pre-tax earnings for 1986 after adjustment
  for certain non-continuing expenses. Diversified, a developer
  of single family housing in the Atlanta market, had 1986
  revenues of about 25.3 mln dlrs. The acquisition if subject to
  International American arranging financing.
  

"
training/4215	24	iron-steel	"EC COMMISSION HAS OPEN ATTITUDE ON STEEL QUOTAS
  The EC Commission said it was
  adopting an ""open attitude"" about whether a system of production
  quotas should remain for the indefinite future on heavy steel
  products which account for about 45 pct of all EC steel goods.
      In a statement, the Commission reiterated its view that the
  industry needs to lose between 25 and 30 mln tonnes of capacity
  by 1990. It had previously said the quota system, started in
  1980, should be wound up completely by the end of next year.
      The industry has argued for the maintenance of existing
  quotas, which cover almost 70 pct of all output, saying almost
  all steelmakers are losing money due to the depressed market.
  

"
training/4216	12	earn	"PRECISION AEROTECH INC <PAR> 3RD QTR JAN 31 NET
  Oper shr 16 cts vs two cts
      Oper net 467,000 vs 52,000
      Sales 8,954,000 vs 6,338,000
      Avg shrs 2,939,459 vs 1,979,916
      Nine mths
      Oper shr 45 cts vs 18 cts
      Oper net 1,068,000 vs 387,000
      Sales 24.5 mln vs 19.6 mln
      Avg shrs 2,299,764 vs 1,979,916
      NOTE: Current year net both periods excludes 176,000 dlr
  gain from retirement of notes.
      Backlog 30.8 mln vs 26.7 mln at start of fiscal year.
  

"
training/4218	12	earn	"GUARDIAN NATIONAL INSURANCE CO LTD <GARJ J> YEAR
  Shr 100.6 cts vs 76.9 cts
      Final div 40 cts vs 32 making 58 cts vs 50
      Pre-tax 14.17 mln rand vs 8.85 mln
      Net 10.06 mln vs 7.69 mln
      Tax 4.10 mln vs 1.16 mln
      Gross premiums 210.16 mln vs 178.69 mln
      Net premiums written 143.99 mln vs 123.88 mln
      Underwriting loss 1.78 mln vs loss 6.25 mln
      Div pay April 10, register March 27.
      Note - period year to December 31 1986.
  

"
training/4219	12	earn	"DATAMETRICS CORP <DMCZ> 1ST QTR JAN 31 NET
  Shr diluted five cts vs 13 cts
      Net 278,780 vs 442,532
      Revs 5,101,747 vs 4,293,393
      Avg shrs diluted 6,050,968 vs 3,414,145
      NOTE: Net includes tax credits of 123,500 dlrs vs 179,000
  dlrs.
  

"
training/422	12	earn	"STOP AND SHOP COS INC <SHP> 4TH QTR JAN 31 NET
  Oper shr 1.80 dlrs vs 1.46 dlrs
      Oper net 25.0 mln vs 20.2 mln
      Sales 1.09 billion vs 996.4 mln
      Avg shrs 13.9 mln vs 13.8 mln
      Year
      Oper shr 3.20 dlrs vs 2.57 dlrs
      Oper net 44.4 mln vs 35.4 mln
      Sales 3.87 billion vs 3.43 billion
      Avg shrs 13.9 mln vs 13.8 mln
      NOTES: Operating net excludes losses of 12.1 mln dlrs, or
  87 cts a share, vs 321,000 dlrs, or two cts a share, in quarter
  and 6.0 mln dlrs, or 43 cts a share, vs 5.1 mln dlrs, or 37 cts
  a share, from discontinued operations. This includes provision
  in latest quarter of 12.2 mln dlrs for closing of Almys
  Department Store Co.
      Operating net in latest quarter and year includes 750,000
  dlrs charge for restructuring announced in early January
  

"
training/4220	12	earn	"WIENER ENTERPRISES INC <WPB> YEAR JAN 31 NET
  Shr 60 cts vs 85 cts
      Qtly div 10 cts vs 10 cts prior
      Net 1,407,000 vs 1,996,000
      Sales 75.4 mln vs 58.2 mln
      NOTE: Dividend pay April 16, record April Nine
  

"
training/4223	12	earn	"K MART <KM> SAYS RECORD 1986 NET ""TURNING POINT""
  K Mart Corp said its record fiscal
  1986 net earnings of 582.3 mln dlrs, a rise from 221.2 mln dlrs
  a year ago, marked a ""major turning point"" for the world's
  second biggest retailer.
      K Mart said the earnings rise for the fourth quarter ended
  January 28 to 285 mln dlrs from 10.5 mln dlrs resulted from 
  ""merchandising, refurbishing and expense control.""
      A year ago, K Mart took a charge of 239 mln dlrs for
  discontinued operations. Earnings from continuing retail
  operations in the quarter totalled 270 mln dlrs or 2.00 dlrs a
  share compared with 249.4 mln dlrs or 1.91 dlrs a year ago.
      K Mart Chairman Bernard Fauber said ""the success of these
  programs is better illustrated by the strong 35.9 pct increase
  in 1986 income from continuing operations before income taxes
  to 1.03 billion dlrs, the first time K Mart Corp has reached
  this milestone.""
      Sales for the 1986 fiscal year reached a record 23.8
  billion dlrs, an 8.1 pct rise from 22.04 billion dlrs the prior
  year. K Mart said 1985 was restated to account for discontinued
  operations. Comparable store sales rose 5.5 pct in 1986 over
  1985, it said.
      Fauber said the sales growth came from greater consumer
  acceptance of K Mart's apparel merchandise, ""a marked increase
  in hardline merchandise sales and a growing contribution from
  specialty retailing operations.""
      K Mart said its fourth quarter pre-tax income from
  continuing operations was 493 mln dlrs, a 32.3 pct gain from
  372.6 mln dlrs last year. It said sales in the period grew 8.8
  pct to 7.23 billion dlrs from a restated 6.65 billion dlrs in
  1985 with comparable store sales up 4.7 pct.
      K Mart said its effective tax rate rose in 1986 to 44.6 pct
  from 37.6 pct in 1985. But it said selling, general and
  administrative expense eased to 23.2 pct of sales from 23.7 pct
  in 1985.
      ""Our performance in 1986 marks a major turning point for K
  Mart,"" Fauber said in a statement.
      ""In the years immediately prior to 1986, we focused on
  changing the look of our stores and the structure of the
  company.""
      K Mart, he said, committed billion of dollars for store
  remodeling and installing a centralized point of sale system,
  upgraded its merchandise mix, acquired three large specialty
  retailers, divested underperforming businesses and restructured
  its long-term debt.
      ""We were forced to pay a temporary price in the form of
  slower earnings growth and a lower rating by the investment
  community. However, beginning with the fourth quarter of 1985,
  our improved performance is proof that our approach is correct
  for the long term,"" the K Mart chairman said.
  

"
training/4227	0	acq	"DAINIPPON INK TO INVEST IN QUIXOTE <QUIX>
  Quixote Corp said Dainippon Ink and
  Chemicals Inc of Japan will buy 526,315 shares of Quixote
  common stock, a 6.7 pct stake, for 10 mln dlrs, or 19 dlrs a
  share.
      It said the two companies also agreed to share the results
  of their research and development activities in optical disc
  technology.
      Dainippon Inc's optical disc technology focuses on the
  development of a new Direct-Read-After-Write optical disc and
  an advanced erasable optical disc.
      Quixote said its wholly owned subsidiary, LaserVideo Inc,
  is making advancements in the art of mastering and
  manufacturing Compact Discs, CD-ROMs and laser-read videodiscs.
      Quixote said the agreement with Dainippon, which has annual
  sales of more than two billion dlrs, provides for a Dainippon
  representative to sit on the LaserVideo board of directors.
  

"
training/4228	12	earn	"CIRCUIT CITY STORES INC <CC> SETS QUARTERLY
  Qtly div 1-1/2 cts vs 1-1/2 cts prior
      Pay April 15
      Record March 30
  

"
training/4229	0	acq	"KNOLL TO BUY AMERICAN SAVINGS <AAA> SHARES
  American Savings and Loan Association of
  Florida said <Knoll International Holdings Inc> has offered to
  purchase 500,000 new shares of American Savings for 10 mln
  dlrs, and the board has accepted Knoll's offer.
      Knoll already owns 796,413 shares or 9.9 pct of American
  Savings.
      American Savings said the purchase will resolve a
  previously-announced disagreement between American Savings and
  the Federal Home Loan Bank of Atlanta on the replacement of the
  capital American Savings used to repurchase common shares in
  January 1985 from former chairman Marvin L. Warner.
      It said completion of the transaction would give Knoll 15
  pct ownership in American Savings.
      American Savings said Knoll also had talks with chairman of
  the executive committee Shepard Broad and chairman Morris Broad
  on the purchase of their American Savings shares as well at 20
  dlrs each but no agreement was reached.
      American Savings said The company said Knoll's offer to buy
  the new shares is not conditioned on other purchase of common
  stock from any person or entity.
      It said its previously-announced engagement of Salomon Inc
  <SB> to evaluate alternatives to enhance shareholder values,
  including the possible sale of American Savings, is still being
  actively pursued.
  

"
training/423	12	earn	"JIM WALTER CORP <JWC> REGULAR DIVIDEND
  Qtly div 35 cts vs 35 cts in prior qtr
      Payable April one
      Record March 14
  

"
training/4231	7	cotton	"IGENE BIOTECHNOLOGY <IGNE> FINDS CROP LOSS AID
  IGENE Biotechnology Inc said its
  research teams at Auburn and Hebrew universities have found its
  patented pesticide is highly effective in combating a disease
  reponsible for approximately three billion dlrs in annual crop
  losses.
      The company said it learned ClandoSan controls nematodes,
  deadly plant pathogens formerly controlled by now-banned
  synthetic chemicals.
      Varieties of the deadly disease attack major cash crops
  such as cotton, vegetables, orchard trees, citrus fruits, and
  garden plants, the company said.
  

"
training/4233	0	acq	"MERRILL LYNCH<MER> CANADA MULLS BUYING BROKER
  Merrill Lynch Canada Inc, wholly owned
  by Merrill Lynch and Co, is considering acquiring another
  Canadian securities company as the result of federal and
  provincial government moves to lift investment dealer ownership
  restrictions on June 30, according to a published report.
      ""We're talking to a number of people,"" Merrill Lynch Canada
  deputy chairman E. Duff Scott told The Toronto Star. ""Whether
  we're going to do something, I don't know,"" he said.
      A Merrill Lynch Canada spokesman declined to comment on the
  newspaper report when queried.
      Scott did not disclose which investment dealers Merrill
  Lynch Canada was considering acquiring, but the Toronto Star
  quoted unidentified industry sources as saying serious
  discussions have already been held with Burns Fry Ltd.
      Burns Fry chairman Jack Lawrence told the newspaper the
  investment dealer has not made a final decision, but was
  examining ""three or four alternatives.""
      Discussions between brokers about possible mergers is to be
  expected pending industry deregulation, one investment industry
  source, who asked not to be named, told Reuters.
      ""It's silly not to take a look (at making a merger or
  acquisition). If you're a businessman, you have to take a look,""
  the industry source said.
      Under federal and provincial government regulations
  expected to be in place by June 30, banks, trust companies and
  foreign companies will be allowed to acquire existing
  investment dealers or establish their own securities
  subsidiaries.
  

"
training/4235	0	acq	"MOST AMERICAN AGGREGATES <AMAG> STOCK ACQUIRED
  <Consolidated Gold Fields
  PLC>'s ARC America Corp subsidiary said it has acquired
  7,521,643 American Aggregates Corp shares, about 95 pct of
  those outstanding, as a result of its tender offer which
  expired February 27.
      As soon as is practicable, ARC America will acquire
  American Aggregates, converting the company's remaining shares
  into the right to receive 30.625 dlrs a share.
  

"
training/4237	0	acq	"BIOTECH CAPITAL <BITC> TO BUY MAGAZINE
  Biotech Capital Corp said it agreed to
  buy High Technology magazine from the Goldhirsh Group of
  Boston.
      Terms were not disclosed.
      The magazine publishes information about emerging
  technologies and their impact on business. It has a circulation
  of 200,000 and is the largest of its kind in the world, the
  company said.
  

"
training/4238	48	trade	"PAKISTAN'S TRADE DEFICIT NARROWS IN FEBRUARY
  Pakistan's trade deficit narrowed to
  2.64 billion rupees (provisional) in February 1987 from 2.85
  billion (final) in January and compared with 2.94 billion in
  February 1986, the Federal Bureau of Statistics figures show.
      Exports fell to 5.04 billion rupees (provisional) in
  February from 5.34 billion (final) in January and compared with
  3.90 billion in February 1986.
      Imports fell to 7.68 billion rupees (provisional) in
  February from 8.19 billion (final) in January and compared with
  6.84 billion in February 1986.
  

"
training/4239	12	earn	"CORRECTED-INSITUFORM OF NORTH AMERICA INC<INSUA>
  4th qtr
      Shr nine cts vs four cts
      Net 658,159 vs 299,930
      Revs 3,770,341 vs 2,614,224
      Avg shrs 7,382,802 vs 6,747,442
      Year
      Oper shr 33 cts vs 18 cts
      Oper net 2,287,179 vs 1,045,799
      Revs 13.1 mln vs 8,577,853
      Avg shrs 6,874,505 vs 5,951,612
      NOTE: 1985 year net excludes 13,000 dlr tax credit.
      Corrects March 11 item to exclude tax credit
  

"
training/424	0	acq	"DIAGNOSTIC <DRS> MAKES A BID FOR ROSPATCH <RPCH>
  Diagnostic Retrieval Systems Inc
  said it has made an offer to acquire, through a wholly owned
  unit, all outstanding shares of Rospatch Corp's common stock
  for 22 dlrs a share cash, or about 53 mln dlrs.
      DRS, a warfare systems producer, said it would make the
  transaction through a cash tender offer for all, but not less
  than 51 pct, of Rospatch's outstanding common stock followed by
  a merger with Rospatch, a labels, high technology and wood
  producer, at the same purchase price per share.
      DRS said the deal is subject to approval by the Rospatch
  board, and the tender offer expires on March 6, 1986.
  

"
training/4240	12	earn	"COLGATE-PALMOLIVE CO <CL> SETS QUARTERLY
  Qtly div 34 cts vs 34 cts prior
      Pay May 15
      Record April 24
  

"
training/4241	12	earn	"CO-OPERATIVE BANCORP <COBK> RAISES QUARTERLY
  Qtly div 12-1/2 cts vs 10 cts prior
      Pay April 15
      Record March 31
  

"
training/4245	12	earn	"WILCOX AND GIBBS INC <WG> SETS PAYOUT
  Semi div 7-1/2 cts vs 7-1/2 cts prior
      Pay April 30
      Record March 31
  

"
training/4246	10	crude	"SAUDI OUTPUT SAID AT YEAR LOW TO HELP OPEC
  Saudi Arabian oil output has fallen to
  its lowest level in more than a year, giving fresh evidence of
  the kingdom's determination to keep oil prices at 18 dlrs a
  barrel, as agreed by Opec last December, oil industry sources
  said.
      They said Saudi output in the first eight days of March
  averaged 2.6 mln barrels per day (bpd) including oil from the
  neutral zone shared with Kuwait, compared to a February average
  of 3.5 mln bpd.
      They said Saudi Arabia was also selling oil from its crude
  oil stocks in tankers around the world, which OPEC says must be
  counted towards a member's production quota. Saudi Arabia's
  quota is 4.133 mln bpd.
      The lower production levels indicated Saudi Arabia, the
  world""s largest oil exporter, was insisting on getting Opec
  official prices, even at the cost of lower production, the
  sources said.
      King Fahd reiterated yesterday, in an interview with
  Reuters and the television news agency Visnews, the Saudi
  commitment to OPEC's December pact to boost oil prices to an
  average 18 dlrs.
      ""Saudi Arabia is completely sticking to OPEC decisions,"" he
  said.
      The sources said the kingdom's exports from Gulf ports
  averaged one mln bpd during the eight days ending last Sunday,
  down from a February average of 1.9 mln bpd.
      They said Saudi Arabia was allowing production to fluctuate
  with lifting nominations and was not trying to maintain
  artificially high levels by putting oil into storage.
      The kingdom's main buyers, the four U.S. Oil firms with
  past stakes in the national oil company Aramco -- Mobil, Exxon,
  Texaco and Chevron -- enjoy considerable flexibility in the
  timing and volume of their liftings but are bound to pay
  official prices, the sources said.
      Spot market prices have firmed in the past two weeks but
  still remain below OPEC levels and major buyers have delayed
  liftings in the hope they would improve, the sources said.
      They expected low early March output to pick up towards the
  end of the month as buyers sought to fulfill their contractual
  obligations.
  

"
training/4249	0	acq	"LEADER <LDCO> BUYS PETROSURANCE STAKE
  Leader Development Corp said it
  has purchased 300,000 shares of convertible preferred stock in
  <Petrosurance Inc> for 1,500,000 dlrs in cash and real estate.
      Petrosurance specializes in property and casualty insurance
  for the oil industry.
      Leader said the stock is convertible into a Petrosurance
  common. Leader said it already owns 12.5 pct of Petrorusrance
  and conversion would give it about 45.0 pct.
      The company said Petrosurance will use the sale proceeds to
  support growth and improve the structure of its reinsurance
  treaties to retain a larger part of premiums written.
  

"
training/4253	12	earn	"FEDERAL REALTY INVESTMENT TRUST <FRT> IN PAYOUT
  Qtly div 27 cts vs 27 cts prior
      Pay April 15
      Record March 25
  

"
training/4255	41	retail	"WHITE HOUSE WELCOMES RETAIL SALES FIGURES
  The White House welcomed the
  February retail sales figures showing a 4.1 pct rise, following
  a slow performance in January.
      Spokesman Marlin Fitzwater told reporters: ""The February
  sales growth was broad-based and good news for the economy.""
      Commerce Department figures showed a larger than expected
  rise following depressed levels of sales and factory orders in
  January.
  

"
training/4257	12	earn	"BEAUTICONTROL COSMETICS INC <BUTI> 1ST QTR NET
  Qtr ends Feb 28
      Shr 10 cts vs 17 cts
      Net 411,275 vs 584,118
      Revs 4,977,818 vs 4,714,581
  

"
training/4258	12	earn	"OLD DOMINION SYSTEMS INC <ODSI> 1ST QTR JAN 31
  Shr loss 11 cts vs profit five cts
      Net loss 279,726 vs profit 76,591
      Revs 1,300,000 vs 2,200,000
  

"
training/4259	48	trade	"SWEDEN SETS OCTOBER DEADLINE FOR S.AFRICA BOYCOTT
  Sweden announced its promised program
  of unilateral economic sanctions against South Africa and gave
  firms an October deadline to cut trading links.
      Foreign Trade Minister Anita Gradin said a trade boycott of
  South Africa and neighbouring Namibia would take effect from
  July 1, followed by a three-month period of grace to give
  companies time to wind down their operations.
      From October 1, no direct trade would be allowed in either
  direction, with certain exceptions covering medical supplies
  and printed matter, Gradin told a news conference.
      She said exceptions would also be granted in cases where a
  Swedish trade boycott would benefit South African firms and
  disadvantage South Africa's black-ruled neighbours, the
  front-line states.
      Gradin cautioned that legislation upon which the boycott
  would be based was not impossible to get round. She said a
  parliamentary committee would investigate ways of closing some
  of the bigger loopholes, including indirect trade with South
  Africa via Swedish subsidiaries in third countries.
  

"
training/4261	12	earn	"FIDELITY NATIONAL FINANCIAL INC <FNF> 1ST QTR
  Jan 31 end
      Shr profit 49 cts vs loss not given
      Net profit 1,360,000 vs loss 241,000
      Revs 20.8 mln vs 14.3 mln
      Avg shrs 2,760,000 vs 1,970,000
  

"
training/4266	12	earn	"BRITISH TELECOM CAUTIOUS ON EARNINGS PROSPECTS
  British Telecommunications Plc's <BTY.L>
  profit growth prospects for the coming years will be reduced by
  increasing competition and continued costs for replacing old
  telephone systems, deputy chairman Graeme Odgers said.
      Speaking at a news conference on the third quarter results
  which were released earlier today, Odgers said the company
  faced heavy costs for installing new digital telephone systems
  in Britain for three to five years.
      He said <Mercury Communications Ltd>, a Cable and Wireless
  Plc <CAWL.L> subsidiary, was becoming a significant competitor.
      Odgers said Mercury was seeking to make inroads into some
  of British Telecom's most profitable areas.
      One company official privately estimated that British
  Telecom still had a 99 pct share of the U.K. Telecommunications
  market but feared that this could slip to 95 or 90 pct.
      The recent two-and-a-half-week engineering strike, which
  lead to some disruption in service, could well have encouraged
  clients to consider using the Mercury system, Odgers said.
      However, he forecast that the last quarter's results
  overall should not be adversely affected by the walkout.
      He calculated salary savings as a result of the strike at
  50 mln stg and while loss of income on telephone calls should
  be limited revenue probably dropped on peripheral activities.
      But on balance Odgers said that group's financial strength,
  economies of scale and the fact that it operates in a growth
  industry will help produce annual profit increases for the
  forseeable future.
      British Telecom will also seek to expand into
  manufacturing, he said, adding that research and development
  expenditure will rise both in terms of value and compared with
  the current proportion of two pct of overall turnover.
      Analysts said the company's downbeat forecasts helped
  shares dip to 242p in mid-afternoon, down 4p from yesterday's
  close and off an early high of 248p.
      Philip Augar of stockbrokers Wood Mackenzie and Co Ltd said
  the market expects slower profit growth, but forecast a seven
  to eight pct rise in both earnings per share and pretax profit
  over the next two years. In the 1985/86 financial year, pre-tax
  profit rose to 1.81 billion stg from 1.48 billion.
      Augar noted that a government-imposed formula linking
  charges to inflation meant that the company's scope for raising
  prices was limited as long as inflation remains low.
  

"
training/4267	5	coffee	"NO NEAR TERM BRAZIL COFFEE MOVES EXPECTED
  The Brazilian Coffee Institute,
  IBC, is unlikely to disclose its future export policy until the
  end of next week at the earliest, trade sources said.
      IBC president Jorio Dauster is meeting government
  ministers, producers, exporters and market analysts to assess
  Brazil's position in the light of the failure of talks in
  London earlier this month to set new International Coffee
  Organization, ICO, export quotas.
      ""The failure of the talks means Brazil has got to rethink
  its position completely,"" one Santos exporter said.
      A meeting of the National Coffee Policy Council is set for
  Thursday, March 19, and Dauster will almost certainly explain
  his plan to members then before announcing any new measures.
      Dauster told reporters on his return from London last week
  that no decisions would be made on exports before he had held
  talks with all sectors of the industry.
      Exporters said Dauster is not under any great pressure to
  start marketing coffee immediately. World prices have been
  recovering from the lows which followed the collapse of the ICO
  talks and Brazil has sold a reasonable 5.5 mln bags of 60 kilos
  for export in the first four months of this year.
      The exporters said the key factor in the eventual opening
  of May and June export registrations will be the amount at
  which the contribution quota is set.
      With little expectation of other sales incentive mechanisms
  such as discounts, bonuses and price fall guarantees being
  introduced, the level of the quota will be decisive in
  determining the competitiveness of Brazilian coffee on world
  markets, they said.
      They noted that on February 16, the eve of a planned
  increase in the quota, April registrations were opened and
  closed after 1.68 mln bags were registered for export, a record
  amount for a single day.
      If May/June registrations are opened under similar
  conditions as before, Brazil would have no difficulty in
  selling at least 2.0 mln bags per month.
      ""The problem would be how to limit sales,"" one exporter said.
      Brazil's present foreign trade and payments problems mean
  there are pressures from the government to boost exports to
  maximise foreign exchange earnings.
      However, the sources said they expect the IBC to adopt a
  marketing strategy aimed at regaining Brazil's dominant
  position as an exporter, but without causing a price war.
      General opinion among exporters was that Brazil would plan
  to export between 17 and 18 mln bags this year of which between
  1.5 and 2.0 mln would be to non-members of the ICO.
      The 15.5 mln to 16 mln bags sold to members would be around
  the figure Brazil had offered to ship if ICO quotas were
  reintroduced, although Dauster has said this offer expired with
  the breakdown of talks.
      With the prospects of a crop of at least 28 mln bags this
  year, Brazil has the capacity to export up to 20 mln bags after
  meeting local consumption of around 7.0 mln, the sources added.
      However, the sources said Brazil is unlikely even to
  consider exporting such quantities, as this would almost
  inevitably lead to a fall in world prices as Brazil tried to
  encroach on other producers' markets.
      Maximum export earnings would be achieved by orderly
  marketing of traditional amounts, thus re-establishing Brazil's
  market share after last year's unusually low exports of 9.9 mln
  bags, enabling it to rebuild stocks and maintaining cordial
  relations with the producer group which backed Brazil's stance
  at the ICO talks, they added.
  

"
training/4273	12	earn	"TENNEY ENGINEERING INC <TNY> 4TH QTR NET
  Shr two cts vs nine cts
      Net 86,469 vs 325,937
      Revs 5,119,637 vs 6,390,995
      12 mths
      Shr 10 cts vs 33 cts
      Net 354,820 vs 1,148,476
      Revs 21.2 mln vs 23.2 mln
  

"
training/4276	12	earn	"MODERN CONTROLS INC <MOCON> 4TH QTR NET
  Shr 10 cts vs 11 cts
      Net 226,000 vs 236,000
      Sales 1.3 mln vs 1.5 mln
      Year
      Shr 38 cts vs 45 cts
      Net 819,000 vs 1,001,000
      Sales 5.8 mln vs 6.4 mln
  

"
training/4277	0	acq	"INSTINET <INET> SETS MEETING ON MERGER
  Instinet Corp said its board has
  scheduled a special shareholders' meeting for May 21 to vote on
  its proposed merger into Reuters Holdings PLC <RTRSY>.
      It said shareholders of record as of April 10 will be
  eligible to vote at the meeting.
      Instinet said the meeting date is subject to adjustment,
  based on the length of time needed for the U.S. Securities and
  Exchange Commission to complete its review of the filing of
  merger proxy materials, which Instinet expects to make before
  the end of March.
      Instinet said the filing of the preliminary merger proxy
  materials is tied to the finalization of audited financial
  statements of Instinet and Reuters for 1986.
      Under a merger agreement entered into in November, Reuters
  tendered for up to 5.10 mln Instinet common shares, or about 45
  pct of those not already owned by Reuters. As a result of the
  tender, Reuters now owns about 49 pct of Instinet shares.
      In the merger, holders of remaining Instinet shares will
  receive 8.50 dlrs of Reuters American Depositary Shares for
  each Instinet share.
      The ADS's will be valued at the average of their closing
  prices in the 10 trading days before the effective date of the
  merger.
      Instinet said it expects the merger to become effective as
  soon as possible after shareholder approval at the special
  meeting.
  

"
training/4279	12	earn	"DAYTON HUDSON CORP 4TH QTR OPER SHR 1.24 DLRS VS 1.55 DLRS

  DAYTON HUDSON CORP 4TH QTR OPER SHR 1.24 DLRS VS 1.55 DLRS
  

"
training/4281	0	acq	"UNION PACIFIC SAYS WILL SIGN PACT IN CARACAS ON MARCH 17 FOR SALE OF HALF ITS CORPUS CHRISTI REFINERY

  UNION PACIFIC SAYS WILL SIGN PACT IN CARACAS ON MARCH 17 FOR SALE OF HALF ITS CORPUS CHRISTI REFINERY
  

"
training/4282	0	acq	"CYACQ OFFERS TO RAISE CYCLOPS BUYOUT TO 92.50 DLRS/SHR FROM 80 DLRS

  CYACQ OFFERS TO RAISE CYCLOPS BUYOUT TO 92.50 DLRS/SHR FROM 80 DLRS
  

"
training/4284	0	acq	"WASTE MANAGEMENT SAYS WAITING PERIOD ENDS ON ITS CHEMLAWN BID 

  WASTE MANAGEMENT SAYS WAITING PERIOD ENDS ON ITS CHEMLAWN BID 
  

"
training/4285	12	earn	"PETRIE STORES CORP <PST> REGULAR PAYOUT
  Qtrly div 17.5 cts vs 17.5 cts prior
      Pay April 20
      Record April 2
  

"
training/4286	12	earn	"UNILEVER FRAGRANCE UNIT HAS LOWER 1986 EARNINGS
  The flavours and
  fragrances firm <Naarden International N.V.>, acquired by
  Anglo-Dutch food and detergents group Unilever Plc N.V. <UN.AS>
  last year, said net profits for 1986 fell 11.4 pct to 19.5 mln
  guilders.
      Naarden said earnings were hit by the fall in the value of
  both the dollar and sterling, noting the figure was in line
  with prior expectations. Net profit was 22.0 mln guilders in
  1985.
      Earnings per share fell to 4.64 guilders from 5.48 in 1985
  on turnover of 627.8 mln, down from 662.6 mln. Naarden set a
  cash dividend of 1.80 guilders, unchanged from last year but
  without last year's share option for payment.
  

"
training/4288	12	earn	"EAGLE-PITCHER INDUSTRIES INC <EPI> 1ST QTR NET
  Shr 81 cts vs 81 cts
      Net 8,750,024 vs 7,772,932
      Revs 157.6 mln vs 162.4 mln
      Avg shrs 10.8 mln vs 9.6 mln
  

"
training/4290	41	retail	"U.S. RETAIL SALES RISE MASKS WEAK TREND - ANALYSTS
  U.S. retail sales rose sharply in
  February but many economists said the underlying consumer
  spending trend remains weak.
      February retail sales jumped 4.1 pct, more than the 2.5-3.0
  pct rise the financial markets had anticipated. But January's
  sales were revised down to a 7.4 pct drop, from a previously
  reported 5.8 pct decline.
      ""The trend is toward continued spending but certainly at a
  much more sluggish pace,"" said Don Maude of Midland Montagu
  Capital Markets Inc.
      Maude averaged out the wide swings in the retail sales data
  over past four months to show that the pace of consumer
  spending is slowing.
      Combining the latest data with a 0.6 pct drop in November
  and a 4.6 pct gain in December, the average retail sales gain
  over the four months was 0.2 pct, he said, compared to to a 0.4
  pct rise for year-over-year sales through February.
      ""You can see a pattern developing,"" Maude said. ""I wouldn't
  be surprised to see a fall-off in March, especially since sales
  probably won't be boosted by auto sales as they were in
  February.""
      Despite the weak underlying trend, economists were
  impressed by a robust 1.5 pct gain in total sales excluding
  autos in February. This compared to a revised 0.4 pct decline
  in January, previously reported as a 0.1 pct decline.
      ""The increase in non-auto sales was broadbased, with gains
  in durable goods as well as non-durables,"" noted Ward McCarthy
  of Merrill Lynch Capital Markets Inc. ""It was a pretty healthy
  report.""
      He noted that building materials rose 1.8 pct in February
  after falling 1.7 pct in January. General merchandise store
  sales gained 1.4 pct after a 1.6 pct rise in January.
      ""There are signs of life in the economy,"" McCarthy said.
  ""But it's jumping to conclusions to extrapolate this report
  into the future."" 
      A 0.7 pct increase in disposable personal income in January
  which may be linked to the new tax laws probably helped boost
  spending in February, he said.
      ""A lot of people may be inadvertently under-withholding
  taxes from their paychecks,"" he said. ""When people in this
  country get an increase in disposable income, the inclination
  is to go out and spend it,"" he said.
      Economists said tomorrow's release of U.S. auto sales for
  the first 10 days of March will be an important indicator of
  how much this sector will add to first quarter spending.
       Auto sales accounted for the lion's share of total
  February sales, rising 14.4 pct. This followed a 27.7 pct drop
  in January, previously reported as a 22.4 pct fall, due largely
  to the expiration of the sales tax deduction under new tax laws
  January 1, the Commerce Department noted.
      Some economists argued that the because the gain in total
  sales excluding autos also followed a decline in January, the
  strength in the February report is less than impressive.
      ""There is strength in the February data, but that's because
  they were compared to low sales levels in January,"" said said
  Beth Reiners of Dean Witter Reynolds Inc. ""We don't see it as a
  precursor of continued strength.""
      Durable goods sales rose 8.8 pct in February, after falling
  17.7 pct in January. February non-durable goods sales gained
  1.3 pct, after declining 0.2 pct in January.
      Gasoline service station sales rose two pct in February,
  following a 1.9 pct gain in January, but economists said higher
  oil prices rather than an increased volume of gas sales
  probably accounted for these gains.
      Reiners also emphasized that the trend in consumer spending
  is weakening. Total retail sales on average were 123 billion
  dlrs in the fourth quarter of 1986, she said. In January, they
  fell to a seasonally adjusted 117.52 bilion dlrs, and in
  February rose to 122.29 billion dlrs.
      ""On average, it looks like they'll total 120 to 121 mln
  dlrs in the first quartrer,"" she said. ""We don't look at this
  as indication that the economy is barrelling along.""
      ""The number is not really that problematic for those of us
  who are constructive on the bond market,"" agreed Elliot Platt
  of Donaldsen Lufkin and Jenrette Securities Corp.
      Platt does not foresee potential for tighter monetary
  policy on the basis of the latest retail sales report.
      ""The Fed is on hold now because the data have been so
  confusing,"" he said.
      ""Before the 337,000 gain in February non-farm payroll
  employment, I would have looked for a discount rate cut in
  March,"" he said. ""But now Fed officials will have to wait for
  the first quarter real U.S. gross national product data in
  April to sort things out.""
  

"
training/4292	12	earn	"RPT-INSITUFORM OF NORTH AMERICA INC <INSUA> NET
  4th qtr
      Shr nine cts vs four cts
      Net 658,159 vs 299,930
      Revs 3,770,341 vs 2,614,224
      Avg shrs 7,382,802 vs 6,747,442
      Year
      Oper shr 33 cts vs 18 cts
      Oper net 2,287,179 vs 1,045,799
      Revs 13.1 mln vs 8,577,853
      Avg shrs 6,874,505 vs 5,951,612
      NOTE: 1985 year net excludes 131,000 dlr tax credit.
  

"
training/4293	32	money-fx	"FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS

  FED SAYS IT SETS TWO BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS
  

"
training/4297	15	gnp	"GERMAN BANKS SAY UNCERTAINTY ABOUT ECONOMY GROWING
  Uncertainty is growing about the prospects
  for the economy as orders for industry fall and companies scale
  back investment plans, the German Savings Banks and Giro
  Association said.
      Exporters expect foreign demand to remain weak, while
  industry is less optimistic than it was, the association said
  in a report.
      However, last month's agreement among the six leading
  western industrialized countries to keep currencies around
  present levels was expected to be a stabilizing influence for
  exporters, it added.
      The banking association said the possibility of using
  monetary policy to stimulate the economy should not be
  overestimated.
      Another small drop in already low interest rates could not
  be expected to cause any significant rise in purchases of
  consumer or capital goods, it said.
      The Bundesbank's half-point cuts in the discount and
  Lombard rates in January have largely exhausted the scope for
  any further monetary moves, the association added.
      On Tuesday the Federal Statistics Office said gross
  national product stagnated in real, seasonally and calendar
  adjusted terms in the fourth quarter of 1986 compared with the
  third quarter.
      The Economics Ministry, commenting on the figures, said GNP
  in the 1987 first quarter was also expected to be relatively
  weak.
      Bank economists have forecast the economy will either
  stagnate or contract slightly in the first quarter. Official
  first-quarter figures are due in early June.
  

"
training/4301	0	acq	"WAITING PERIOD ENDS ON WASTE MANAGEMENT<WMX> BID
  Waste Management Inc said it
  received notice of early termination of the Hart-Scott-Rodino
  waiting period for its 270 mln dlr takeover bid for Chemlawn
  Corp <CHEM>.
      The waiting period was terminated March 11, Waste
  Management said.
      Chemlawn has rejected Waste Management's 27 dlrs a share
  bid. It has said it was talking with other parties about
  selling its business.
  

"
training/4302	12	earn	"ASA LTD <ASA> 1ST QTR FEB 28 NET
  Shr 1.42 dlrs vs 1.61 dlrs
      Net 13.6 mln vs 15.5 mln
      NOTE: Net asset value per share 77.72 dlrs vs 54.35 dlrs.
  

"
training/4303	0	acq	"INVESTORS TO RAISE CYCLOPS <CYL> TENDER PRICE
  Cyacq Corp, an investor group
  bidding for Cyclops Corp, said it would raise its outstanding
  tender offer price for Cyclops common to 92.50 dlrs a share
  from 80 dlrs, if certain conditions were met.
      The increased offer would exceed the 90.25 dlrs a share
  price offered by Dixons Group PLC in a tender offer for Cyclops
  that is part of a definitive agreement to acquire the
  Pittsburgh-based maker of carbon tool and specialty steel
  products.
      Cyacq includes Audio/Video Affiliates Inc and Citicorp
  Capital Investors Ltd and other investors.
      Cyclops has about 4.1 mln shares outstanding.
      For the tender price to be raised, Cyclops must provide
  Cyacq with all non-public information provided to Dixons Group
  and Cyacq must be satisfied with financial projections made in
  offering material by Dixons based on the information, Cyacq
  said.
      Additionally, Dixon Group's rights to buy Cyclops common
  and its rights to fees or expenses if the Dixon-Cyclop merger
  agreement is broken must be rescinded, Cyacq said.
      Cyacq said financial projections it developed for Cyclops
  were materially lower than the financial projections provided
  by Cyclops to Dixons Group.
      A Cyclops spokeswoman said the company had no details of
  the new Cyacq proposal and could not comment. ""We have nothing
  in hand,"" she said.
      In addition to making specialty metal products, Cyclops
  also operates about 115 specialty stores that sell consumer
  electronics products. The stores are located in 17 states
  concentrated in the Northeast, Northwest and Southwest.
      Cyclops employs about 8,900 people in Pennsylvania, Ohio
  and other states. It also has interests in non-residential
  construction.
      In 1986, Cyclops earned 21.3 mln dlrs or 5.26 dlrs a share
  on sales of 1.5 billion dlrs, compared to 1985 earnings of 26.2
  mln dlrs or 6.20 dlrs on sales of 1.4 billion, the spokeswoman
  said.
      The agreement with Dixons Group calls for Cyclops's steel
  and construction businesses to be sold to a unit of Alleghany
  Corp <Y> for about 110 mln dlrs once the merger is completed.
      A Cyacq spokesman said the new conditional tender price
  would be all cash. He had no comment on whether Cyacq plans to
  withdraw its current offer, which is scheduled to expire
  midnight on March six.
      Dixon Group's offer extends to March 17.
  

"
training/4304	12	earn	"DAYTON HUDSON CORP<DH> 4TH QTR JAN 31 OPER NET
  Oper shr 1.24 dlrs vs 1.55 dlrs
      Oper net 120,800,000 vs 150,100,000
      Revs 3.12 billion vs 2.74 billion
      Year
      Oper shr 2.62 dlrs vs 2.89 dlrs
      Oper net 255,000,000 vs 280,500,000
      Revs 9.26 billion vs 8.26 billion
      NOTE: 1986 period ended February One
      NOTE: Results exclude earnings from discontinued operations
  of 9.0 mln dlrs, or nine cts a share vs 3.2 mln dlrs, or three
  cts a share in the quarter and 2.1 mln dlrs, or two cts a share
  vs 3.1 mln dlrs, or three cts a share for the year
      1987 earnings exclude gain on sale of B. Dalton Bookseller
  of 85.2 mln dlrs, or 88 cts a share in each period
      1987 earnings exclude extraordinary charge from purchase
  and redemption of debt of 12.6 mln dlrs, or 13 cts a share in
  the quarter and 32.3 mln dlrs, or 33 cts a share for the year
  

"
training/4306	26	jobs	"SPANISH UNEMPLOYMENT RISES IN FEBRUARY
  The number of Spanish registered
  unemployed rose by 15,608 to 2.98 mln or 21.5 pct of the
  workforce in January in the sixth consecutive monthly increase,
  the Labour Ministry said.
      Registered unemployed totalled 2.81 mln or 21.1 pct of the
  workforce in February 1986.
  

"
training/4307	12	earn	"VSE CORP <VSEC> 4TH QTR NET
  Shr 49 cts vs 39 cts
      Net 886,937 vs 892,323
      Revs 25.9 mln vs 23.7 mln
      Year
      Shr 1.78 dlr vs 1.34 dlr
      Net 3,254,301 vs 2,472,676
      Revs 100.6 mln vs 87.4 mln
      NOTE: 1986 4th qtr and year net includes income loss of
  MetCap subsidiary of 14,881 dlrs and 311,848 dlrs or 17 cts per
  share, respectively.
      1985 4th qtr and year net includes loss in MetCap unit of
  108,598 dlrs and 298,412 dlrs or 16 cts per share,
  respectively.
  

"
training/4310	0	acq	"SECURITY PACIFIC <SPC> BUYS ORBANCO <ORBN>
  Security Pacific Corp said it
  completed its previously announced acquisition of Orbanco
  Financial Services Corp after receiving federal approval of the
  deal.
      Security Pacific said the Federal Reserve Board approved on
  Wednesday its purchase of the Portland, Ore.-based bank holding
  company and financial services concern.
      The purchase of Orbanco, for about 47 mln dlrs in cash and
  common stock, will be effective in 30 days, a Security Pacific
  spokeswoman said.
      Terms call for each share of Orbanco common stock to be
  exchanged for about 14 dlrs of Security Pacific common stock,
  plus 1.50 dlrs cash.
      Each share of Orbanco's 100-dlr par value preferred stock
  will be exchanged for 100 dlrs cash, plus accrued dividends.
      Orbanco, with one billion dlrs in assests, is the holding
  company for the Oregon Bank, Orbanco Real Estate Service Co,
  American Data Service Inc and Orbanco Securities Corp.
      Security Pacific now has four major regional bank purchases
  outside California completed or pending.
      Security Pacific bought The Arizona Bank, with assets of
  four billion dlrs, in the fourth quarter of 1986.
      Pending approval currently is the purchase of Rainier
  Bancorporation <RBAN>, with assets of 9.2 billion dlrs. In
  anticipation of legislative changes that take effect in 1989,
  Security Pacific has also negotiated the future purchase of The
  Nevada Bank, with assets of 615 mln dlrs.
      Security Pacific is the sixth largest U.S. bank holding
  company, with assets of about 61.60 billion dlrs.
  

"
training/4313	12	earn	"DRANETZ TECHNOLOGIES INC <DRAN> YEAR DEC 31 NET
  Shr 46 cts vs 77 cts
      Qtly div six cts vs six cts prior
      Net 2,198,469 vs 3,635,565
      Revs 23.1 mln vs 26.0 mln
      Note: 1986 net includes one-time charge of 249,000 dlrs or
  five cts a share from discontinuation of Boat Sentry and
  Lakontek products.
      Qtly div payable April 15 to shareholders of record March
  24.
  

"
training/4318	12	earn	"LANDS END INC <LEYS> YEAR JAN 31 NET
  Shr 1.46 dlrs vs 1.13 dlrs
      Net 14,650,000 vs 11,270,000
      Sales 265 mln vs 227.1 mln
      Avg shrs 10,020,000 vs 9,980,000
      Note: Earnings are pro forma, including the increase in
  common shares that took place last October when the company
  went public through an initial offering of 1.4 mln shares. Avg
  shrs assume the shares sold to public and employees were
  outstanding during the entire period.
  

"
training/4323	0	acq	"BANCROFT <BCF> SUES ZICO
  Zico INvestment Holdings INc said that
  Bancroft Convertible Fund Inc filed suit seeking to enjoin
  Zico's 30 dlr-a-share tender offer for 500,000 Bancroft shares.
      In its complaint, Bancroft said the tender offer materials
  and letters to shareholders are false and misleading and that
  the tender offer violates the investment company act of 1940.
      Zico said the suit is totally without merit and vigorously
  intends to contest it.
      A motion is scheduled to be heard on March 16.
  

"
training/4327	12	earn	"SEABOARD CORP <SEB> 31 WEEK YEAR NET
  Shr 14.63 dlrs
      Net 21.8 mln
      Revs 252.9 mln
      NOTE: Company changed its reporting period to Dec 31 from
  May 31. It said prior year comparisons were thus not
  applicable.
  

"
training/4328	43	ship	"TURKISH SHIP HEADED FOR FLORIDA AFTER EXPLOSION
  The Turkish ore/bulk/oil vessel Obo
  Engin, 78,078 tonnes dwt, had an explosion in its boiler
  yesterday, Lloyds shipping Intelligence Service reported.
      The vessel has retained some power and yesterday evening
  was in position Lat. 25 57 N., Long. 75 06 W. It is diverting
  to Jacksonville, Florida, with its cargo of 58,000 tons of
  coal.
     The vessel was bound for Iskenderun, Turkey from Lake
  Charles.
  

"
training/4330	12	earn	"REUTER INC <REUT> 4TH QTR
  Shr 67 cts vs six cts
      Net 1.6 mln vs 131,630
      Revs 6.5 mln vs 4.5 mln
      Year
      Shr 85 cts vs 19 cts
      Net 2.0 mln vs 427,749
      Revs 25.1 mln vs 17.4 mln
      NOTE: 1986 net includes 1.4 mln dlrs in tax loss carryback.
  Reuter Inc is a spindle maker. It is not connected with Reuters
  Holdings PLC.
  

"
training/4331	12	earn	"CENTEL CORP <CNT> REGULAR PAYOUT SET
  Qtly div 62-1/2 cts vs 62-1/2 cts previously
      Pay April 30
      Record April Seven
  

"
training/4333	10	crude	"MOBIL <MOB> TO RESTRUCTURE EXPLORATION UNIT
  Mobil Oil Corp said it will
  restructure its Dallas-based Mobil Exploration and Producing
  Services Inc operations April one, to provide stronger
  technological support to its U.S. and overseas operations.
      Mobil said the operation will consist of two new units,
  Technical Services and Application Technology, along with the
  existing Drilling and New Exploration Ventures groups. It said
  R.C. Mills, president and general manager of its Exploration
  and Producing Southeast Inc, has been named vice president and
  general manager of the new operation reporting to P.J.
  Hoenmans, president of its Exploration and Producing division.
  

"
training/4337	12	earn	"EQUITY OIL CO <EQTY> 4TH QTR LOSS
  Shr loss nine cts vs profit 11 cts
      Net loss 1,102,592 vs profit 1,364,763
      Revs 2,836,508 vs 5,547,121
      Year
      Shr loss six cts vs profit 32 cts
      Net loss 789,300 vs profit 3,953,822
      Revs 11.7 mln vs 21.1 mln
      NOTE:  Per share figures reflect five pct stock dividend
  paid December 1986.
  

"
training/4338	12	earn	"FN RESULTS HIT BY STRIKES, DOLLAR IN 1986
  Fabrique Nationale Herstal SA
  <FNHB.BR> said it suffered a net loss of 2.99 billion francs
  last year after being hit by strikes, the falling dollar and
  declining oil prices.
      An FN statement said the loss, which compared with a 6.8
  mln franc profit the previous year, included considerable
  charges for restructuring in 1986 and 1987. Without these the
  net loss would have been 1.45 billion francs, it said.
      It added that the restructuring plan would allow the firm
  to return to long term profitability once it had been approved
  by local authorities, banks and the workforce.
  

"
training/4339	0	acq	"MILLIPORE <MILI> ACQUIRES EQUITY IN PROTEIN
  <Protein Databases
  Inc> said Millipore Corp through its venture capital
  subsidiary, Millicorp, acquired an equity position in the
  company.
      Protein said it and Millipore intend to establish an
  ""interactive relationship.""
      No other details were disclosed about the amount of
  Millipore's investment in Protein.
  

"
training/4340	10	crude	"WILDLIFE UNIT PROPOSES ALASKA REFUGE OIL STUDY
  The National Wildlife Federation 
  rejected an Interior Department draft plan to open wilderness
  lands in Northern Alaska to oil and gas exploration.
      The federation, the nation's largest conservation group,
  said further study was needed to assess any possible damage
  that development might have on the wildlife in the area, the
  coastal plain of the Arctic National Wildlife Refuge.
      Jay Hair, the federation's executive vice president, called
  the Interior's research into the effects of development ""so
  fundamentally flawed that it provides little or no basis on
  which to make a public policy decision.""
      Hair called the department's proposal a ""reflection of a
  largely political decision,"" adding ""we have no confidence in
  Interior to represent the broad public interest in this area.""
      Interior wants to open the 1.5 million acre coastal plain
  to oil and gas exploration, but it said only with tough 
  safeguards to protect the area's caribou and musk-oxen.
      It said a preliminary survey showed the region could hold
  billions of barrels of oil and gas, and that its potential as
  an energy resource would never be known without exploration.
      Interior said oil on the coastal plain could match the 10
  billion barrels found at Prudhoe Bay, just west of the plain.
      Under existing law, Congress must agree to oil and gas
  exploration, and if it does not act, the land will remain a
  wildlife refuge protected from commercial development.
      Hair said Interior's report failed to stress the
  probability that finding recoverable oil is only 19 pct.
      He said Interior's study also failed to weigh oil, gas,
  fish and wildlife information the State of Alaska had gathered
  nor had the department consulted the Environmental Protection
  Agency on the possible effects of exploration.
      The federation, in letters to Congressmen, proposed that a
  nine-member commission be set up to study all aspects of the
  issue and report back to Congress in about two years.
      Hair said the federation was not opposed to the possible
  exploration of oil, only that Interior's study was inadquate to
  make a sound judgement.
      Congressional observers said that at present there was
  little sentiment in Congress to open the wildlife area for
  commercial exploitation dispite increasing concern that the
  United States is becoming overly dependent on foreign oil.
  

"
training/4341	12	earn	"<GEMINI FOOD CORP> SIX MTHS JANUARY 31 NET
  Shr profit one ct vs loss one ct
      Net profit 150,594 vs loss 55,352
      Revs 19.0 mln vs 12.4 mln
  

"
training/4343	0	acq	"MERRILL LYNCH <MER> FIRES VASKEVITCH
  Merrill Lynch and Co Inc fired the
  head of the mergers department in its London office today,
  saying he had been unable to provide a ""satisfactory
  explanation"" in response to insider trading charges filed
  yesterday by the Securities and Exchange Commission.
      Merrill had suspended the official, Nahum Vaskevitch,
  yesterday saying at the time it was ""disappointed and angry"" if
  the SEC charges are true.
      Merrill Lynch's statement at midday today said the firm
  will continue to cooperatie fully with authoriteis in the U.S.
  and London investigating Vaskevitch's activities.
  

"
training/4344	12	earn	"LINCOLN NATIONAL CORP <LNC> VOTES DIVIDEND
  Qtly div 54 cts vs 54 cts prior qtr
      Pay 1 May
      Record 10 April
  

"
training/4345	43	ship	"ST LAWRENCE SEAWAY TO OPEN ON SCHEDULE
  The St Lawrence Seaway and the Welland
  Canal linking Lakes Erie and Ontario were expected to open as
  scheduled on March 31 and April 1, respectively, a St Lawrence
  Seaway official said.
      The entire Seaway is already free of ice due to the mild
  Winter and could be open for navigation today, ""but there
  doesn't seem to be enough demand from shipping companies to
  warrant an early opening,"" the Canadian official said.
      Repairs are continuing at a stepped up pace on the Welland
  Canal and should be completed by the April 1 start-up date, she
  added.
  

"
training/4346	12	earn	"LVI GROUP INC <LVI> 4TH QTR NET
  Oper shr profit two cts vs loss 19 cts
      Oper net profit 523,000 vs loss 2.2 mln
      Revs 102.5 mln vs 39.9 mln
      12 mths
      Oper shr profit 11 cts vs loss 29 cts
      Oper net profit 2.2 mln vs loss 2.9 mln
      Revs 304.4 mln vs 50.3 mln
      NOTE: All 1986 and last two months of 1985 include results
  of NICO Inc acquired Oct 1985.
      Prior year excludes discontinued operations loss of 14 cts
  per share in the quarter and loss 18 cts a share in the year.
      1986 excludes extraordinary gain of two cts per share in
  the quarter and four cts per share in the year.
  

"
training/4347	12	earn	"PROTOCOMDEVICES <PRCM> SEES MORE PROFIT EROSION
  ProtocomDevices Inc said it has seen
  more erosion of its general financial condition since December
  31, and is actively engaged in negotiations to secure
  additional financing. It also said it has undergone a
  restructuring of its management and is instituting further
  staff reductions.
      It said Ramon Morales has relinquished his role as
  president and chief operating officer and assumed the position
  of executive vice president in charge of international sales.
      It also said Rafael Collado has assumed the positions of
  president and chief operating officer in addition to his role
  as chief executive officer.
      For the year ended January 31, 1986, the company had a net
  loss of 51,000 dlrs or 24 cts a share on revenues of 2.8 mln
  dlrs.
  

"
training/4349	5	coffee	"ICO BOARD MEETING DELAYED ONE DAY
  The International Coffee Organization
  (ICO) executive board meeting scheduled for the end of this
  month has been delayed by one day and will now run from March
  31 to April 2 and not March 30 to April 1, ICO officials said.
      On March 30, the ICO ad hoc working group will meet to
  consider management consultants Ernst &amp; Whinney's report on the
  ICO secretariat. This report was commissioned late last year to
  report on the administrative structure of the ICO.
  

"
training/435	12	earn	"WHITTAKER <WKR> TO HAVE GAINS FROM SALES
  Whittaker Corp said it will have a
  gain on the sale of discontinued businesses after any operating
  losses from the businesses up until the dates of disposition,
  but it will defer reporting the gain until its restructuring
  program hsa been substantially completed.
      The company said in the first quarter ended January 31,m it
  completed the divestiture of its health maintenance
  organization operations to Travelers Corp <TIC> , sold its
  Whittar Steel Strip operations to <DofascoxInc> and sold its
  equity investment in Bertram-Trojan Inc to an affiliate of
  <Investcorp>.
      The company said it has entered into definitive agreements
  to sell Whittaker General Medical Corp, Bennes MArrel SA of
  France and Juster Steel Corp as well.
      The company said to date it has received proceeds of about
  90 mln dlrs from divestitures and has used the funds to reduce
  debt incurred in the repurchase of its common shares.
      Whittaker today reported first quarter earnings from
  continuing operations fell to 1,522,000 dlrs from 3,501,000
  dlrs a year before. The year-earlier figure excluded a
  1,817,000 dlr loss from discontinued operations.
  

"
training/4351	12	earn	"PARADISE FRUIT CO INC <PARF> YEAR NET
  Shr 86 cts vs 99 cts
      Net 435,610 vs 497,160
      Sales 16.6 mln vs 17.7 mln
      NOTE: 1986 year net penalized 13 cts shr from loss of
  investment tax credits.
  

"
training/4353	12	earn	"SAMSON ENERGY CO LIMITED PARTNERSHIP <SAM> YEAR
  Net loss 14,144,000 vs loss 863,000
      Revs 10.3 mln vs 16.7 mln
      NOTES: 1986 loss includes write-down of 15.1 mln dlrs in
  the carrying value of oil and gas properties taken in the first
  quarter 
      Cash flow from operationswas 6,237,000 dlrs, or 3.01 dlrs
  per unit, vs 9,315,000 dlrs, or 4.56 dlrs per unit
  

"
training/4357	12	earn	"ACCELERATION CORP <ACLE> 4TH QTR
  Shr 22 cts vs 19 cts
      Net 1.1 mln vs 994,000
      Year
      Shr 83 cts vs 60 cts
      Net 4.3 mln vs 3.1 mln
      NOTE:1985 net includes tax loss carryforward gain of 8,000
  dlrs.
  

"
training/4358	12	earn	"<ENERGY OPTICS INC> 2ND QTR JAN 31 NET
  Shr profit nil vs loss five cts
      Net profit 232 vs loss 124,380
      Revs 143,397 vs 61,901
      1st half
      Shr profit one ct vs loss 10 cts
      Net profit 15,722 vs loss 264,539
      Revs 354,843 vs 120,403
  

"
training/436	0	acq	"THE JAPAN FUND <JPN> GETS BUYOUT OFFER
  The Japan Fund Inc said it has received
  an unsolicited offer from <Sterling Grace Capital Management
  LP>, acting together with certain other persons and entities,
  to purchase all the assets of the fund at five pct below its
  aggregate net asset value.
      The Japan Find said tne deal is subject to obtaining
  satisfactory financing and a due diligence review.
      It added that the proposal has been referred to its Board
  of Directors for consideration.
  

"
training/4360	0	acq	"BLUE GASS BREEDERS <BLGR> COMPLETES ACQUISITION
  Blue Grass Breeders Inc said it has
  completed the acquisition of Equine Enterprises Inc for four
  mln common shares.
      It said it is obligated to deliver another 2,741,660 shares
  on the attainment of a certain level of shareholders' equity
  during any fiscal quarter within 12 months of closing.
      If all the contingent shares are issued, Blue Grass said
  former owners of Equine will have a 75 pct interest in Blue
  Grass.
      Equine is a New Mexico quarter horse breeding and racing
  company.
  

"
training/4361	12	earn	"DIGIMED CORP 2ND QTR DEC 31 LOSS
  Shr loss two cts vs loss five cts
      Net loss 17,334 vs loss 51,507
      Sales 245,560 vs 179,839
      Avg shrs 1,136,785 vs 1,046,785
      Six mths
      Shr profit four cts vs loss 17 cts
      Net profit 47,749 vs loss 174,373
      Sales 721,937 vs 284,809
      Avg shrs 1,136,785 vs 1,046,785
  

"
training/4363	12	earn	"FLIGHT INTERNATIONAL GROUP INC <FLTI> 3RD QTR
  periods ended January 31
      Shr profit 22 cts vs loss 26 cts
      Net profit 439,000 vs loss 522,000
      Revs 5,600,000 vs 3,859,000
      Nine mths
      Shr profit 46 cts vs loss three cts
      Net profit 912,000 vs loss 59,000
      Revs 14.6 mln vs 18.3 mln
      NOTE: Year ago revenues include 400,000 dlrs in quarter and
  2,227,000 dlrs in nine months from operations of subsidiary
  sold in April 1986
  

"
training/4364	12	earn	"NORD EST PLANS 400 MLN FRANC BOND ISSUE
  Financial and industrial holding company
  Nord Est plans to make a convertible bond issue for a total of
  400 mln francs, President Gustave Rambaud said.
      He told a news conference Nord-Est expected to receive
  approval from the Bourse supervisory body COB in the next two
  week, when terms would set according to market conditions.
      He said the issue was meant to boost capital ahead of new
  investments.
      Rambaud said the company would pay a 1986 dividend of 5.25
  francs, unchanged on 1985. Parent company net profit last year
  rose to 99.5 mln francs against 71.1 mln in 1985.
      Provisional consolidated profits were lower at 185 mln
  francs compared with 200 mln in 1985, of which 120 mln, against
  147 mln, was attributable to the group. He said the lower
  profit was mainly due to losses made by steel-tube maker
  Vallourec, in which Nord Est has a 12.5 pct stake.
      Rambaud said he forecast a 1987 parent company net profit
  before provisions of around 135 mln francs.
  

"
training/4365	10	crude	"SOLV-EX <SOLV> SHELL CANADA <SHC> PACT COMPLETE
  Solv-Ex Corp said it
  successfully completed its oil sands pilot testing program
  under its agreement with Shell Canada Limited <SHC> and
  received a 250,000 U.S. dlr bonus payment.
      It also said that Shell Canada exercised its option to take
  over Solv-Ex's 25 pct working interest in the construction of
  the oil facility, relieving it of its obligation to raise about
  62.5 mln Canadian dlrs for plant construction.
      It said 30 pct of that loan was guaranteed by the
  Government of Alberta.
      In exchange for Shell's participation, Solv-Ex said Shell
  is obligated to pay it an up-front royalty and a running
  royalty based on the operating profits of the oil sands
  facility. It said the Shell Canada 7,500 barrel per day oil
  sands project will be built on Shell's oil sand lease about 40
  miles north of Fort McMurray in the Athabasca region of
  northern Alberta.
      Solv-Ex said the project will cost about 260 mln Canadian
  dlrs. It said that following a final feasibility study the
  plant should open in the early 1990s when oil prices are
  expected to exceed 20 U.S. dlrs per barrel.
  

"
training/4366	2	bop	"SPAIN HAS 68 MLN DLR JANUARY PAYMENTS SURPLUS
  Spain had a 68 mln dlr current account
  balance of payments surplus in January compared with a 556 mln
  deficit in December and 370 mln surplus in January last year,
  Bank of Spain figures show.
      The trade deficit rose to 664 mln dlrs in January from 146
  mln in January 1986.
  

"
training/4369	0	acq	"PUROLATOR <PCC> DIRECTOR QUITS OVER BUYOUT
  A Purolator Courier Corp director
  resigned from the company's board, saying he plans to take
  steps to make or find an offer that tops the 265 mln dlr buyout
  deal already accepted by Purolator's board, the company said.
      The director, Doresy Gardner, resigned in a March 10 letter
  to the Purolator board, which was included in a filing made by
  the company to the Securities and Exchange Commission.
      Gardner noted that the terms of the merger agreement in
  which the company would bought out by a group of its managers
  and E.F. Hutton LBO Inc bar directors from taking action to
  solicit, initiate or encourage acquisition proposals.
      ""I, as a shareholder, wish to solicit, initiate or
  encourage such an offer or indication of interest, and believe,
  therefore, that I should resign as a director of the
  corporation,"" Gardner said in the letter.
      ""Accordingly, I hereby resign as a director of Purolator
  Courier Corp, effective immediately,"" he said.
      Gardner said he believes shareholders could get a better
  deal than the buyout offer if the company would agree to be
  sold to some other entity, or if it could sell off all or part
  of its U.S. courier division.
      On March 4, another Purolator shareholder, Rodney Shields,
  filed a class action suit on behalf of the company's
  shareholders charging the company and its board with breaching
  their fiduciary duty by failing to take steps to ensure that
  shareholders got the highest possible price in the buyout.
      The deal would give shareholders 35 dlrs a share in cash if
  just 83 pct of Purolator's 7.6 mln shares are tendered. If more
  are tendered, they would receive 29 dlrs in cash and six dlrs
  in debentures and a warrant to buy stock in the new company in
  exchange for each share.
  

"
training/4370	12	earn	"UNR INDUSTRIES INC <UNRIQ> 4TH QTR NET
  Shr profit 75 cts vs profit 25 cts
      Net profit 2,742,962 vs profit 936,333
      Sales 74.9 mln vs 70.1 mln
      Year
      Shr profit 1.05 dlrs vs loss 1.07 dlrs
      Net profit 3,868,888 vs loss 3,931,580
      Sales 299.3 mln vs 281.1 mln
  

"
training/4371	0	acq	"CENTURY TELEPHONE <CTL> TO SELL PROPERTIES
  Century Telephone Enterprises Inc
  said it has accepted an offer to sell its cable television
  properties in Michigan, Tennessee, Florida, Arkansas and
  Louisiana for a ""substantial"" gain.
      The company said details were not disclosed.
  

"
training/4372	12	earn	"VOLT INFORMATION SCIENCES INC <VOLT> 1ST QTR
  Shr 12 cts vs seven cts
      Net 817,000 vs 512,000
      Revs 107.5 mln vs 99.9 mln
      Avg 6.9 mln vs 7.2 mln
      NOTE: 1987 net includes 2.4 mln dlr pretax gain on
  settlement, 743,000 dlrs gain on securities sale, interest
  expense net of investment income of 2.2 mln dlrs and 920,000
  dlrs in fiscal 1986. Change of European operations method
  resulted in pre-tax translation losses of 1.1 mln dlrs in 1987.
  Period ended January 30.
  

"
training/4374	12	earn	"PARADISE FRUIT <PARF> SETS LOWER DIVIDEND
  Paradise Fruit Co Inc said its
  board declared a dividend of 25 cts per share, payable March 31
  to holders of record March 19.
      The company last paid 50 cts per share in January 1986 and
  before that paid 60 cts in January 1985.
      Paradise said commercial bank lending agreements it entered
  into in June 1986 include retained earnings requirements that
  limit the amount of earnings available for distribution to
  shareholders.
  

"
training/4376	12	earn	"<CANADA MALTING CO LTD> YEAR NET
  Oper shr 1.30 dlrs vs 1.51 dlrs
      Oper net 4.06 mln vs 4.17 mln
      Sales 146.3 mln vs 155.9 mln
      Note: 1985 excludes extraordinary loss of 7.45 mln dlrs, or
  2.70 dlrs per share.
  

"
training/4378	12	earn	"NORTH AMERICAN HOLDING CORP <NAHL> 3RD QTR NET
  Dec 31 end
      Shr profit nil vs loss four cts
      Net profit 6,891 vs loss 590,460
      Revs 6,518,133 vs 2,521,884
      Avg shrs 13.1 mln vs 12.0 mln
      Nine mths
      Shr profit six cts vs loss seven cts
      Net profit 772,703 vs loss 758,620
      Revs 20.1 mln vs 7,599,017
      Avg shrs 13.2 mln vs 10.9 mln
  

"
training/438	12	earn	"<SAMSUNG CO> CALENDAR 1986
  Div 50 won vs 50 won
      Net profit 6.91 billion won vs 6.10 billion
      Sales 4,275.4 billion vs 3,801,7 billion
      Note - Company has set 1987 sales target of 4,800 billion
  won.
  

"
training/4380	12	earn	"GENERAL HOST CORP <GH> SETS QUARTERLY
  Qtly div six cts vs six cts prior
      Pay April Three
      Record March 23
  

"
training/4384	12	earn	"GROW GROUP INC <GRO> SETS QUARTERLY
  Qtly div 7-1/2 cts vs 7-1/2 cts prior
      Pay April 30
      Record April 15
  

"
training/4385	12	earn	"DIGIMED CORP 2ND QTR DEC 31 LOSS
  Shr loss 1.5 cts vs loss five cts
      Net loss 17,334 vs loss 51,507
      Sales 245,560 vs 179,839
      Six mths
      Shr profit four cts vs loss 17 cts
      Net profit 47,749 vs loss 174,373
      Sales 721,937 vs 284,809
  

"
training/4386	10	crude	"POWERINE REFINERY TO RESUME OPERATIONS
  <Powerine Oil Co> said
  its refinery here will resume operation today, with initial
  crude oil runs of 20,000 barrels per day.
      Powerine, a privately-held company, said it expects the
  refinery to become fully operational by May, with crude oil
  throughput at 35,000 bpd.
      Initial oil products deliveries are scheduled for Monday,
  Powerine said. The refinery had been closed due to a change of
  ownership, the company said.
  

"
training/4387	12	earn	"TRINITY INDUSTRIES INC <TRN> SETS QUARTERLY
  Qtly div 12-1/2 cts vs 12-1/2 cts prior
      Pay April 30
      Record April 15
  

"
training/4388	12	earn	"COASTAL BANCORP <CSBK> SETS QUARTERLY
  Qtly div five cts vs five cts prior
      Pay April 15
      Record March 30
  

"
training/4389	12	earn	"IDAHO POWER CO <IDA> SETS QUARTERLY
  Qtly div 45 cts vs 45 cts prior
      Pay May 20
      Record April 24
  

"
training/439	12	earn	"<DAEWOO CORP> CALENDAR 1986
  Div 50 won vs 50 won
      Net profit 35.4 billion won vs 34.2 billion
      Sales 4,214.9 billion won vs 3,779.2 bilion
      Note - company has set 1987 sales target of 5,200 billion.
  

"
training/4397	12	earn	"UNITED STATIONERS INC <USTR> SETS DIVIDEND
  Qtly dividend six cts vs six cts
      Pay April 15
      Record March 31
  

"
training/4398	12	earn	"LINCOLN NATIONAL CORP <LNC> SETS QUARTERLY
  Qtly div 54 cts vs 54 cts prior
      Pay May One
      Record April 10
  

"
training/4399	12	earn	"PETRIE STORES CORP <PST> SETS QUARTERLY
  Qtly div 17-1/2 cts vs 17-1/2 cts prior
      Pay April 20
      Record April 2.
  o
  

"
training/440	0	acq	"CORNING TO OFFER 0.5165 SHARE FOR EACH HAZLETON SHARE UNDER EARLIER AGREEMENT

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

"
training/4401	0	acq	"DESOTO <DSO> SELLS INDUSTRIAL CHEMICAL ASSETS
  DeSoto Inc said it sold the
  plant, inventory and certain other assets of some of its
  industrial chemical operations to Plastic Specialities and
  Technologies Inc, a privately-held company headquartered in
  Parsippany, New Jersey.  Terms were not disclosed.
      Desoto's industrial chemical operations are based in Fort
  Worth, Texas, and has annual sales of about 17 mln dlrs.
  

"
training/4404	12	earn	"SAFEGUARD HEALTH <SFGD> 4TH QTR LOSS
  Shr loss 30 cts vs profit 12 cts
      Net loss 2,374,000 vs profit 970,000
      Revs 15.7 mln vs 13.4 mln
      Year
      Shr loss 13 cts vs profit 46 cts
      Net loss 1,054,000 vs profit 3,425,000
      Revs 61.8 mln vs 49.9 mln
      Note: Full name Safeguard Health Enterprises Inc.
      Current qtr and year figures include 2.9 mln dlr reserve
  for estimated loss from proposed divestment of one-third of
  existing 40 offices.
  

"
training/4405	42	rubber	"RUBBER TALKS CHAIRMAN CITES SLIGHT PROGRESS
  There has been slight progress towards
  reaching a rubber pact, the chairman of a United Nations
  conference on a new International Natural Rubber Agreeement,
  INRA, Manaspas Xuto of Thailand, said.
      ""There has been some slight progress but it is not the end
  of the road yet,"" he said.
      The conference, which began Monday, is seen as the last
  effort to adopt an accord to replace the current one which
  expires in October. Some 40 producing and consuming countries
  are taking part in the two-week meeting.
      Xuto said if the key outstanding issues are not resolved by
  tomorrow he would hold weekend meetings.
      At the beginning of the conference, the fourth such meeting
  in nearly two years, Xuto said it was imperative to settle
  those issues this week so that technical drafting work can be
  done next week.
      Conference sources said it is highly unlikely that
  producers will accept a pact that will provide for any possible
  downward adjustment of the floor price, as proposed by
  consumers under certain circumstances.
      The sources said this means that any possible adjustment
  would centre on the reference price, and the ""may buy"" (or ""may
  sell"") and ""must buy"" (or ""must sell"") levels without changing the
  ""lower indicative price"" (or floor price) of 150
  Malaysian/Singapore cents a kilo in the present pact.
      The present five-day average of the indicator price is
  around 192 Malaysian/Singapore cents.
      Consumers are seeking an adjustment of the reference price,
  set in the current accord at 201.66 Malaysian/Singapore cents a
  kilo, and of the ""lower indicative price"" if the buffer stock,
  currently 360,000 tonnes, rises to 450,000 tonnes.
      Consumers want price reviews at 12-month intervals instead
  of the 18 at present, and the price revision mechanism to
  respond automatically to market trends.
      At present, if the market price has been above or below the
  reference price for six months, the reference price is revised
  by five pct or by an amount decided by the International
  Natural Rubber Organisation council.
      Consumers say that, in these circumstances, the adjustment
  be automatic at five pct or more.
      Producers have resisted reducing the role of the council in
  the price adjustment procedure and have expressed concern that
  changes proposed by consumers would weaken the present pact.
  

"
training/4407	16	gold	"""BRITANNIA"" COIN TO SELL AT PREMIUM
  The new British one ounce gold coin, the
  ""Britannia,"" will be priced on the basis of the gold price on the
  day of purchase plus a ""competitive premium,"" Treasury officials
  said.
      Value added tax will be levied on all purchases by members
  of the U.K. Public, as is currently the case with foreign
  coins, although transactions between members of the London Gold
  Market and all exports of the coins will be zero-rated. No
  decision has yet been taken on the face value of the coins.
      Although a number of gold coins, especially the Canadian
  Maple, have been issued elsewhere in an attempt to take the
  place of the South African krugerrand, the British government
  still feels that there is a gap in the market for a British one
  ounce gold coin. The only British gold coin available at
  present is the sovereign, which contains 0.2354 ounces of gold.
      Gold from South Africa or the Soviet Union will not be used
  in the coin, officials said, adding that bullion would be
  bought on the world gold market. But analysts said it would be
  difficult to ascertain the origins of such purchases.
      No details are yet available on how many coins will be
  issued or how much gold will be bought, but traders said that
  the amounts involved would be unlikely to move the gold price.
      There were some enquiries on the ""Britannia"" from coin
  dealers today, but value added tax would prove a major factor
  in the success of the coin, with the 15 pct tax likely to put
  off many investors, traders said.
      Some said that the ""Britannia"" had come too late, with the
  Canadian Maple Leaf, the American Eagle and other gold coins
  already well established.
  

"
training/4408	0	acq	"CYTRX <CYTR> UNIT BUYS SWEDISH COMPANY
  CytRx Corp said its 60 pct owned CytRx
  Biopool Ltd subsidiary has acquired Biopool AB of Umea, Sweden,
  for undisclosed terms.
      It said former shareholders of Biopool AB own the remaining
  40 pct in CytRx Biopool Ltd. Biopool AB develops cardiovascular
  and fibrinolytic products for diagnostic applications.
      The company said CytRx Biopool is studying the possible
  combination of CytRx Corp's RheothRx drug to reduce platelet
  aggregation and viscosity in blood with Biopool AB's drug t-PA
  for dissolving blood clots.
  

"
training/4409	22	interest	"CANADA 91-DAY T-BILLS AVERAGE 7.03 PCT, MAKING BANK RATE 7.28 PCT

  CANADA 91-DAY T-BILLS AVERAGE 7.03 PCT, MAKING BANK RATE 7.28 PCT
  

"
training/441	0	acq	"BANK OF NEW YORK <BK> TO HAVE GAIN ON UNIT SALE
  Bank of New York Co said it and the
  management of RMJ Securities Corp have agreed to sell 80 pct of
  their interests in RMJ Holding Corp to <British and
  Commonwealth Holdings PLC> and Bank of New York expects to
  realize a substantial gain on the transaction.
      RMJ Holding is the holding company for RMJ Securities, a
  large broker of U.S. government securities and agency
  obligations  Bank of New York owns a majority interest in RMJ
  Holding and management of RMJ Securities the remainder.
      Bank of New York said the sale is expected to be completed
  during the second quarter.
      It said it and RMJ Securities management will continue to
  own 20 pct of RMJ Holding for now, but the agreement provides
  for the sale of that remaining interest to British and
  Commonwealth over the next six years.
  

"
training/4410	12	earn	"NORTH AMERICAN <NAHL> SEES RECORD FOURTH QTR
  North American Holding Corp
  said it expects to have record fourth quarter earnings and for
  sales to exceed 10 mln dlrs.
      For the fourth quarter ended March 30, 1986 the company
  reported net income of 631,720 dlrs on sales of 5.2 mln dlrs.
      It also said it expects revenues for the year to exceed 30
  mln dlrs. For fiscal 1986, North American reported a net loss
  of 126,900 dlrs on sales of 12.8 mln dlrs.
  

"
training/4411	0	acq	"INVESTORS UP INTERMEDICS <ITM> STAKE TO 16.8 PCT
  A group of investment firms told the
  Securities and Exchange Commission they raised their stake in
  Intermedics Inc to 1,721,900 shares, or 16.8 pct of the total
  outstanding, from 1,565,900 shares, or 15.2 pct.
      Bessemer Securities Corp, a New York investment firm,
  Cilluffo Associates L.P., a New York investment partnership,
  and related entities said they bought 156,000 Intermedics
  common shares between February 24 and March 9 for 1.4 mln dlrs.
  

"
training/4412	12	earn	"WAL-MART STORES INC <WMT> RAISES QUARTERLY
  Qtly div six cts vs 4-1/4 cts prior
      Pay April 10
      Record March 23
  

"
training/4419	12	earn	"OPTROTECH LTD <OPTKF> YEAR NET
  Shr 13 cts vs 50 cts
      Net 651,397 vs 2,602,120
      Revs 26.4 mln vs 21.6 mln
      NOTE: 1986 net includes gain 291,027 dlr gain from quantity
  discount rebates on purchases of materials in prior years.
  

"
training/442	0	acq	"CORNING <GLW>, HAZLETON <HLC> SET EXCAHNGE RATIO
  Corning Glass Works said the
  exchange ratio for its previously announced acquisition of
  Hazleton Laboratories Corp has been established at 0.5165
  Corning common share for each Hazleton common share.
      Corning said the prospectus regarding the merger is
  expected to be mailed tomorrow to all Hazleton holders of
  record February 18. Hazleton shareholders will vote on the
  proposed merger at a special meeting on March 31.
  

"
training/4420	12	earn	"NORTH ATLANTIC TECHNOLOGIES <NATT> 4TH QTR
  Shr loss 20 cts vs loss 14 cts
      Net loss 352,000 vs loss 248,000
      Revs 285,000 vs 681,000
      Year
      Shr loss 92 cts vs loss 49 cts
      Net loss 1,613,000 vs loss 842,000
      Revs 1,523,000 vs 2,557,000
      NOTE: Full name is North Atlantic Technologies Inc
  

"
training/4425	10	crude	"MONTEDISON, OTHER REFINERIES TO SHUT FOR WORK
  Selm-Societa Energia Montedison is to
  close its Priolo crude refining units from March 15th to March
  28th for maintenance, a company spokesman said.
      Throughput at the refinery is currently estimated at
  140-150,000 bpd, although total capacity is nearer 200,000 bpd.
      Several other Mediterranean refineries are currently
  shutdown for maintenance, most of which were scheduled some
  months ago. But industry sources said that shutdowns may have
  been rearranged to avoid running negative-netback crude.
       Tighter availabilities of products as a result of the 
  shutdowns in the Med is helping to keep products markets
  bullish, particularly for March deliveries, oil traders said.
      Garrone's refinery at San Quirico (capacity 130,000 bpd) is
  due to shutdown on March 14th for three weeks, and the
  jointly-owned ISAB/Garrone refinery at Mellili, capacity
  220,000 bpd, is due to start up around March 20-25th following
  its closure for maintenance a month ago, a company spokesman
  said.
      The Esso Italiana refineries at Augusta and Siracusa will
  not be closing this spring, a spokesman for the company said.
      In France, the distillation unit at Societe Francaise de
  BP's Lavera refinery has been closed for maintenance since
  March 2, and is due to restart early April. Total capacity is
  181,900 bpd. It is currently operating at around 50 pct
  capacity, a company spokesman said.
      Shell Francaise's Berre l'Etang refinery will shut down in
  early April until mid-June, a company spokesman said. Capacity
  is around 150,000 bpd. Compagnie Francaise de Raffinage (CFR)
  will close the visbreaker at its La Mede refinery in early
  April, but would not affect crude throughput at the refinery, a
  company spokesman said. Current capacity is 136,000 bbl/day.
      Despite current bullish sentiment in the Med, however,
  traders noted that crude netbacks are beginning to look more
  attractive, and most maintenance shutdowns should be finished
  in two to three weeks.
      As a result, oil industry sources suggest that the
  situation may ease by mid-April.
  

"
training/4429	10	crude	"ATTACKS AFFECT COLOMBIA'S OIL OUTLOOK-ECOPETROL
  Continuous rebel raids against oil
  pipelines and foreign exploration camps endanger Colombia's
  present oil bonanza, Franciso Chona, manager of the state-run
  oil company Ecopetrol said.
      ""It seems the subversion wants to end with our oil bonanza,""
  he told reporters.
      He was speaking after a meeting with Defense Minister
  Rafael Samudio, military chiefs and Mines and Energy Minister
  Guillermo Perry to review the security situation in the light
  of a recent upsurge of leftist guerrilla attacks in the
  oil-rich Arauca region, bordering Venezuela.
      Ecopetrol chief of security, Retired General Carlos
  Narvaez, said security measures would be stricter and that the
  armed forces were closely collaborating but gave no details.
      Samudio said new plans had been designed and hoped they
  would be effective. Samudio stressed that, despite the most
  recent attacks, which cost more than four mln dlrs in damage,
  the overall situation had improved compared with last December
  when initial measures were taken to combat a wave of attacks.
      Repeated bombings of a vital pipeline from the Cano Limon
  oilfield to the Caribbean then led to a loss of 51,000 barrels
  of crude.
  

"
training/4431	6	copper	"PERU'S CENTROMIN SAYS NO COPPER FORCE MAJEURE
  Peru's biggest state mining firm,
  Centromin SA, said today there was no immediate force majeure
  possibility on its copper shipments after guerrillas blew up a
  railway line, interrupting train traffic from the Cobriza
  copper mine to the Pacific coast.
      A Centromin spokesman said the managers of the mine at
  Cobriza could always ship the the mineral by road to the coast
  for export if the train line continued interrupted. Cobriza
  produced the equivalent of around 40,600 fine tonnes of copper
  last year.
      Maoist guerrillas using dynamite interrupted train traffic
  two days ago when they blew up railway tracks and derailed a
  train laden with minerals 225 km (135 miles) east of Lima at
  Chacapalca, between the coast and Cobriza.
      An official at Minero Peru Comercial, Minpeco, Peru's state
  minerals marketing firm, confirmed there had been no
  declaration of force majeure on the shipments from Cobriza.
      Officials at National Train Company, Enafer, headquarters
  in Lima, the Peruvian capital, declined to comment on when
  train traffic would be restored to Cobriza.
      But an Enafer official, reached by telephone in the central
  Andean city of Huancayo, near Chacapalca, said traffic could be
  restored by Saturday.
  

"
training/4433	12	earn	"PARKER DRILLING SUSPENDS QUARTERLY DIVIDEND

  PARKER DRILLING SUSPENDS QUARTERLY DIVIDEND
  

"
training/4434	0	acq	"FIRST GRANITE BANCORP INC AGREES TO BE ACQUIRED BY MAGNA GROUP INC FOR STOCK

  FIRST GRANITE BANCORP INC AGREES TO BE ACQUIRED BY MAGNA GROUP INC FOR STOCK
  

"
training/4436	49	veg-oil	"ARGENTINE VEGETABLE OILS SHIPMENTS IN JAN/NOV 1986
  Argentine Vegetable oils shipments
  during January/November 1986 totalled 1,693,951 tonnes, against
  1,469,208 tonnes in the same 1985 period, the Argentine grain
  board said.
      The breakdown was: cotton 4,000 (27,900), sunflower 929,847
  (816,727), linseed 113,827 (132,954), groundnutseed 26,248
  (25,508), soybean 603,335 (448,344), tung 8,402 (10,633), olive
  2,234 (3,465), maize 6,058 (3,677), rapeseed nil (nil), grape
  nil (nil), the board added.
      Shipments during November 1986 amounted to 138,257 tonnes,
  against 109,250 tonnes in the same month of 1985.
      The breakdwon was, in tonnes, cotton nil (nil), sunflower
  27,715 (43,064), linseed 5,228 (4,473), groundnutseed 819
  (3,647), soybean 104,314 (56,901), tung 20 (nil), olive 161
  (858), maize nil (307), rapeseed nil (nil), grape nil (nil),
  the board said.
      The ten principal destinations during January/November
  1986, with comparative figures for the same 1985 period in
  brackets, were, in tonnes:
      Holland 201,660 (204,391), Iran 182,042 (181,228), Soviet
  Union 163,150 (266,389),Egypt 158,119 (159,350), Algeria
  116,330 (11,492), Brazil 101,116 (59,430) , South Africa 94,700
  (101,062) , Cuba 89,957 (98,740) , United States 80,109 (nil),
  India 67,182 (17,403), the board added.
  

"
training/4437	12	earn	"PARKER DRILLING <PKD> SUSPENDS PAYOUT
  Parker Drilling Co said its board
  of directors voted to suspend the payment of dividends to
  shareholders.
      Parker Drilling said it has been paying a quarterly
  dividend of one ct a share of common stock.
      The company said it expects to save 1.3 mln dlrs a year
  through the dividend suspension.
  

"
training/4438	12	earn	"EQK REALTY INVESTORS <EKR> 4TH QTR NET
  Shr nine cts vs 22 cts
      Net 700,000 vs 2,200,000
      Revs 5,400,000 vs 5,700,000
      Avg shrs 7,589,344 vs 10.1 mln
      12 mths
      Shr 43 cts
      Net 3,500,000
      Revs 21.6 mln
      NOTE: 12 mth figures not available for 1985 since company
  started operations March 31, 1985.
  

"
training/4439	12	earn	"MASCO CORP <MAS> REGULAR DIVIDEND SET
  Qtly div nine cts vs nine cts previously
      Pay May 11
      Record April 17
  

"
training/444	41	retail	"TURKISH RETAIL PRICES RISE 2.7 PCT IN FEBRUARY
  Turkish retail prices rose 2.7 pct in
  February after 2.9 pct in January and 1.7 pct in February 1986,
  the State Statistics Institute said.
      Prices in the year to February rose 31.6 pct, compared with
  30.3 pct in the year to January and 38.8 pct in the 12 months
  to February 1986.
      The index (base 1978/79), covering 14 towns and five
  regions, was 1,886.8 in February, 1,837.2 in January and
  1,434.0 in February 1986.
  

"
training/4440	12	earn	"EQK REALTY INVESTORS I <EKR> SETS PAYOUT
  Qtrly div 41.5 cts vs 41.5 cts prior
      Pay July 29
      Record June 15
  

"
training/4445	10	crude	"12-MAR-1987
  12-MAR-1987

"
training/4446	12	earn	"IPCO CORP <IHS> SETS REGULAR PAYOUT
  Qtrly div nine cts vs nine cts prior
      Pay May 1
      Record April 9
  

"
training/4447	0	acq	"FIRST GRANITE <FGBI> AGREES TO BE ACQUIRED
  First Granite Bancorp Inc
  said it agreed in principle to become a wholly owned subsidiary
  of Magna Group Inc <MAGI>.
      Under terms of the agreement, First Granite shareholders
  will receive 2.175 shares of Magna for each First Granite share
  held. First Granite shareholders will be asked to approve the
  tranaction in late summer.
      First Granite, which has 675,000 shares outstanding, as of
  Dec 31, 1986 had assets of 186.5 mln dlrs. It owns First
  Granite City National Bank and Colonial Bank of Granite City,
  Ill.
      Magna Groups as of Dec 31, 1986 had assets of 1.47 billion
  dlrs. It owns 13 banks, a data services company, a mortgage
  company and a trust company, serving St. Louis as well as
  Springfield, Centralia and Decatur, Ill.
  

"
training/4449	22	interest	"CANADIAN IMPERIAL BANK OF COMMERCE CUTS PRIME RATE TO 8.75 PCT FROM 9.25 - TOMORROW

  CANADIAN IMPERIAL BANK OF COMMERCE CUTS PRIME RATE TO 8.75 PCT FROM 9.25 - TOMORROW
  

"
training/4451	12	earn	"THERMWOOD CORP <THM> 2ND QTR JAN 31 NET
  Shr three cts vs three cts
      Net 165,798 vs 143,872
      Sales 1,787,561 vs 1,072,686
      Six mths
      Shr four cts vs four cts
      Net 175,928 vs 191,310
      Sales 3,137,695 vs 2,723,557
      Avg shrs 4,862,046 vs 4,722,150
  

"
training/4452	12	earn	"PERINI INVESTMENT PROPERTIES <PNV> RAISES PAYOUT
  Qtly div 15 cts vs 12 cts in prior qtr
      Payable June 25
      Record May 28
  

"
training/4453	10	crude	"SUN <SUN> RAISES CRUDE POSTINGS 50 CTS
  Sun Co said it raised the contract
  price it will pay for crude oil 50 cts a barrel, effective
  today.
      The increase brings Sun's posted price for the West Texas
  Intermediate and West Texas Sour grades to 17.50 dlrs/bbl. The
  Light Louisiana Sweet grade was also raised 50 cts to 17.85
  dlrs/bbl.
      Sun Co last changed its crude postings on March 4.
  

"
training/4454	12	earn	"PETROLEUM AND RESOURCES CORP <PEO> DIVIDEND
  Interim income dividend 20 cts. Last paid 1.14 dlrs
  February 27, including capital gains of 50 cts.
      Pyable April 20
      Record April eight
  

"
training/4455	22	interest	"ROYAL BANK OF CANADA LOWERS PRIME RATE TO 8-3/4 PCT, DOWN 1/2

  ROYAL BANK OF CANADA LOWERS PRIME RATE TO 8-3/4 PCT, DOWN 1/2
  

"
training/4457	12	earn	"NEW LINE CINEMA CORP <NLN> 4TH QTR NET
  Shr 11 cts vs nine cts
      Net 677,498 vs 461,485
      Revs 6,271,010 vs 5,135,729
      Year
      Shr 81 cts vs 20 cts
      Net 4,406,065 vs 973,967
      Revs 26.5 mln vs 14.1 mln
      Avg shrs 5,457,339 vs 4,978,965
  

"
training/4458	22	interest	"OTTAWA SEEKS EXPLANATION OF CREDIT CARD RATES
  Minister of State for Finance Tom Hockin
  said he has asked the Canadian Bankers Association, an industry
  lobby group, for an explanation of the level of credit card
  interest rates.
      Hockin said he hopes to here the association's response on
  the ""important"" issue soon. Hockin was responding to questions
  in the House of Commons about why credit card rates, which run
  as high as 28 pct per year, remain high when other rates are
  falling.
      Today, the Canadian bank rate fell to 7.28 pct from 7.54
  pct last week and the Canadian Imperial Bank of Commerce cut
  its prime rate, effective tomorrow, to 8.75 pct from 9.25 pct.
  

"
training/4459	12	earn	"IPCO CORP <IHS> REGULAR DIVIDEND
  Qtly div nine cts vs nine cts in prior qtr
      Payable May one
      Record Apreil nine
  

"
training/4460	12	earn	"ASAMERA INC YEAR OPER SHR LOSS 48 CTS VS PROFIT 50 CTS

  ASAMERA INC YEAR OPER SHR LOSS 48 CTS VS PROFIT 50 CTS
  

"
training/4462	10	crude	"DIAMOND SHAMROCK RAISED CRUDE BY 50 CTS/BBL TODAY. WTI UP TO 17.50 DLRS.

  DIAMOND SHAMROCK RAISED CRUDE BY 50 CTS/BBL TODAY. WTI UP TO 17.50 DLRS.
  

"
training/4465	0	acq	"ALLEGHNEY INTERNATIONAL <AG> FACES ADDED COUNT
  Alleghney International Inc said the
  plaintiffs in the existing lawsuits opposing its sale requested
  an amendment to their complaint to include a class action
  count.
      Alleghney said the suit, filed in the U.S. District Court
  for the Western District of Pennsylvania, was aimed at blocking
  the sale of Alleghney to an affiliate of First Boston Inc.
      Allegheney said the additional count sought by the
  plaintiffs alleges the price to be offered for AI's common
  stock, 24.60 dlrs, is grossly unfair and one the purposes of
  the proposed sale is to absolve the individual defendants of
  liability in the lawsuit.
       The additional count among other forms of relief, requests
  an injunction against the defendants from taking any steps to
  accomplish the proposed sale, Alleghney said.
  

"
training/4466	10	crude	"PHILLIPS RAISES CRUDE POSTINGS 50 CTS EFFECTIVE TODAY, WTI TO 17.50 dlrs/bbl

  PHILLIPS RAISES CRUDE POSTINGS 50 CTS EFFECTIVE TODAY, WTI TO 17.50 dlrs/bbl
  

"
training/4468	12	earn	"12-MAR-1987
  12-MAR-1987

"
training/447	0	acq	"BALLY <BLY> COMPLETES PURCHASE OF GOLDEN NUGGET
  Bally Manufacturing Corp said it
  completed the acquisition of the Golden Nugget Casino Hotel in
  Atlantic City, New Jersey from Golden Nugget Inc.
      Bally also acquired from Golden Nugget various parcels of
  real estate in Atlantic City, it noted.
      The transaction included 140 mln dlrs in cash and stock and
  the assumption of a 299 mln dlrs mortgage.
  

"
training/4470	4	cocoa	"PESSIMISM MOUNTS OVER BAHIAN TEMPORAO COCOA CROP
  Pessimism over the effects of a
  prolonged dry spell on the coming Bahian temporao cocoa crop is
  rising with trade forecasts generally in the 2.0 mln to 2.5 mln
  bag range against 2.5 mln to 3.0 mln a fortnight ago.
      Trade sources told Reuters from the state capital of
  Salvador that despite scattered rains since mid-February, which
  broke a six week drought, plantations have not picked up as
  hoped and very little cocoa is expected to be gathered in the
  first three months of the May/September crop.
      The sources said arrivals from May through July might only
  reach around 600,000 bags whereas in normal years a figure of
  1.0 mln to 1.5 mln bags might be expected.
      Arrivals from then should start to pick up sharply as pods
  from current flowering are gathered. However, the sources noted
  a late temporao is always more susceptible to pod rot, which
  flourishes if conditions turn cold and humid, and which is more
  likely from late July on.
      This year's crop is doubly susceptible because poor prices
  mean farmers were not encouraged to invest in fertilisers and
  insecticides and are also unlikely to treat against pod rot.
      A severe attack of pod rot can cause the loss of over
  500,000 bags in a very short period, one source said.
      Because of the increased exposure to pod rot damage,
  estimates of the final outcome of the temporao are extremely
  vulnerable and production could easily drop to below the 2.0
  mln bag mark if the disease hits.
      Although flowering was good following the start of the
  rains, pod setting was not up to expectations, possibly because
  the drought had caused a drop in the insect population which
  pollinates flowers, the sources said.
      However, reports from farms indicate moisture levels are
  now generally back to near normal levels and that current
  flowering and pod setting is good, which should result in
  mature fruit from August through September.
      The sources said they expect no break in the harvesting of
  beans between the end of the temporao and the beginning of the
  main crop, which officially starts on October 1.
      ""The cut-off date is completely artificial. If things go
  well from now on we should see heavy harvesting without a break
  from August through November or even December,"" one said.
      If predictions of a 2.0 to 2.5 mln bag temporao prove
  accurate this would be below the 2.7 mln bag average for the
  past 10 years. The last poor temporao was in 1984 when
  prolonged drought and later pod rot cut production to 1.79 mln
  bags, the lowest since 1974.
      Good growing conditions the following year produced a
  temporao of 3.12 mln bags, just below the 1983 3.17 mln bag
  record, while last year's output, which also suffered some
  drought damage, was 2.77 mln bags.
      Figures for the coming temporao might be distorted upwards
  by the inclusion of undeclared current main crop beans.
      The sources said large quantities of beans are believed to
  have been undeclared from this year's record total harvest and
  they were unsure how much of this would be unregistered by the
  end of the official crop year on April 30.
      Recent official arrivals figures have been swollen by the
  inclusion of beans which had been delivered previously to port
  warehouses but not declared.
      Because of the high turnover of beans this year,
  significant amounts have deteriorated because they were stored
  too long at the back of warehouses. Some of these are expected
  to be held for mixing in with early temporao arrivals.
      With official arrivals figures for the 1986/87 temporao and
  main crops totalling over 6.1 mln bags, and over seven weeks
  still to go to the end of the year, the total outturn should be
  at least a record 6.5 mln bags if all production is declared,
  the sources said.
      This would compare with the previous record set last year
  of 6.03 mln.
      However, there is no way of telling how many current crop
  beans will be declared after the May 1 start of the temporao
  and thus the true size of the 1986/87 harvest may never be
  officially registered.
  

"
training/4472	12	earn	"ROSE'S STORES INC <RSTO> 4TH QTR JAN 28
  Shr 37 cts vs 37 cts
      net 7.6 mln vs 7.5 mln
      Revs 383.9 mln vs 326.3 mln
      Year
      Shr 1.17 dlrs vs 99 cts
      Net 24.0 mln vs 20.3 mln
      Revs 1.2 billion vs 1.0 billion
  

"
training/4474	10	crude	"PHILLIPS <P> RAISES CRUDE POSTINGS 50 CTS
  Phillips Petroleum said it raised the
  contract price it will for all grades of crude oil 50 cts a
  barrel, effective today.
      The increase brings Phillip's posted price for the West
  Texas Intermediate and West Texas Sour grades to 17.50 dlrs a
  bbl.
      Phillips last changed its crude oil postings on March 4.
      The price increase follows similar moves by USX's <X>
  subsidiary, Marathon oil, and Sun Co <SUN> earlier today.
  

"
training/4475	12	earn	"ASAMERA INC <ASM> YEAR LOSS
  Oper shr loss 48 cts vs profit 50 cts
      Oper net loss 11.3 mln vs profit 18.1 mln
      Revs 262.8 mln vs 399.7 mln
      Note: 1986 net excludes tax gain of 1.1 mln dlrs or three
  cts shr vs yr-ago gain of 5.6 mln dlrs or 17 cts shr.
      1986 net includes 15 mln dlr charge for reduction in
  carrying value of refinery and related assets. 1985 net
  includes 10.8 mln dlr gain on sale of Canadian natural gas
  property.
      U.S. dlrs.
  

"
training/4476	12	earn	"LVI GROUP INC <LVI> 4TH QTR OPER NET
  Oper shr profit two cts vs loss 19 cts
      Oper net profit 523,000 vs loss 2,191,000
      Revs 102.5 mln vs 39.9 mln
      Avg shrs 20.0 mln vs 11.1 mln
      Year
      Oper shr profit 11 cts vs loss 29 cts
      Oper net profit 2,240,000 vs loss 2,884,000
      Revs 304.4 mln vs 50.3 mln
      Avg shrs 19.4 mln vs 9,759,000
       NOTE: 1986 4th qtr and year oper net excludes a gain of
  492,000 dlrs and 1,241,000 dlrs, respectively, for
  carryforwards and a loss of 135,000 dlrs and 533,000 dlrs,
  respectively, for early extinguishment of debt.
      1985 4th qtr and year oper net excludes a loss of 1,457,000
  dlrs or 14 cts per share and loss 1,735,000 dlrs or 18 cts per
  share, respectively, for discontinued operations.
  

"
training/4477	0	acq	"TALKING POINT/PUROLATOR COURIER CORP <PCC>
  Purolator Courier corp's stock rose on
  specualtion that a disgruntled former Purolator director would
  find a new suitor for the company, traders said.
      Purolator agreed in late February to a 35 dlr-a-share, 265
  mln-dlr offer from E.F. Hutton LBO Inc and certain members of
  its Purolator courier division's management.
      The stock today hit 36-1/4, up one.
      Today, Purolator revealed in a filing with the Securities
  and Exchange Commission that director Doresy Gardner resigned
  from its board of directors in a letter dated March 10.
      The letter from Gardner said he resigned the board because
  the merger agreement with Hutton barred directors from
  soliciting new offers and he believes shareholders might get a
  better deal. Gardner said he believes a better offer might be
  found if the company would agree to be sold to some other
  entity, or if it could sell off all or part of its U.S. courier
  division.
      ""Basically, (the courier division) is a company that has
  450 mln dlrs in revenues. It's a very large company and it's
  being sold for 50 or 60 mln dlrs,"" said Gardner in a telephone
  interview with Reuters.
      Gardner is an official of Kelso Management, a firm
  associated with Fidelity International Ltd. A group of Fidelity
  companies owns eight pct of Purolator, and Gardner said he
  personally owns 20,000 shares.
      A Purolator official said the company has no comment on the
  letter from Gardner.
      Arbitragers speculated another overnight messenger service
  may emerge as a likely bidder for Purolator. Before the
  transaction with Hutton LBO was announced, analysts had also
  speculated another courier company would be the most likely
  suitor.
      While one arbitrager acknowledged there in fact may be no
  new bidders, he said the possibility one could appear pushed
  the stock into play again.
      ""There's no shortage of possibilities. It's just a question
  of management's willingness to let the process continue,"" said
  one arbitrager.
      Arbitragers said a new buyer might be found because they
  believe Hutton LBO has taken on no risk in the transaction.
  Hutton has begun a tender for 83 pct of Purolator at 35 dlrs
  cash per share. The balance of Purolator's stock will be bought
  for securities and warrants in a new company holding the U.S.
  courier operations.
      The arbitragers said tender offer documents show that
  Hutton does not need to use its cash in the transaction and
  will emerge with a giant, majority equity interest in
  Purolator.
      ""As far as I can tell from the public documents from the
  deal that's on the table, Hutton is basically putting up zero.
  One always likes a situation like that. You always like to
  think if they can do this deal at no risk, there should be
  someone else in the world that could do it higher,"" said one
  arbitrager.
      The firm, however, is supplying temporary financing, and
  sources close to the transaction disputed the claim that the
  firm will not end up paying for its equity position.
      While one scenario mentioned in the tender offer document
  did note that the E.F. Hutton Group subsidiary may not have to
  keep cash in the transaction, the sources said there is some
  risk to the firm.
      ""There are a variety of contingencies and restricted cash,
  and all sorts of things that make it very speculative,"" said
  one of the sources, adding there are also severance payments to
  employees.
      The E.F. Hutton Group subsidiary is supplying 279 mln dlrs
  in so-called ""bridge"" financing for the transaction. The bridge
  financing is a temporary loan from Hutton.
      The financing is to be replaced with permanent financing,
  expected to come from banks. However, it may take some time to
  replace the financing, the source said, resulting in what could
  be a substantial expense to the firm.
      Gardner said Hutton stands to gain fees of 10 to 20 mln
  dlrs from the transaction, but sources close to the transaction
  said fees are at the low end of the scale.
      ""It's a very complex transaction, but basically what
  happens is they ostensibly put up money but the fees recapture
  any investment they might have once the merger takes place,""
  Gardner said.
  

"
training/4480	48	trade	"VOLCKER SEES NO CLEARCUT EVIDENCE THAT U.S. TRADE DETERIORATION HAS YET BEEN REVERSED

  VOLCKER SEES NO CLEARCUT EVIDENCE THAT U.S. TRADE DETERIORATION HAS YET BEEN REVERSED
  

"
training/4481	10	crude	" DIAMOND SHAMROCK <DIA> RAISES CRUDE POSTINGS
  Diamond Shamrock said it raised the
  contract price it will pay for crude oil 50 cts a barrel,
  effective today.
      The increase brings the company's posted price for the
  benchmark grade, West Texas Intermediate, to 17.50 dlrs/bbl.
      Diamond Shamrock last changed its postings on March 4.
  

"
training/4483	22	interest	"TORONTO DOMINION BANK CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT - TOMORROW

  TORONTO DOMINION BANK CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT - TOMORROW
  

"
training/4484	22	interest	"BANK OF MONTREAL CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE FRIDAY

  BANK OF MONTREAL CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE FRIDAY
  

"
training/4486	8	cpi	"VOLCKER SAYS FED REMAINS CONCERNED ABOUT THE POSSIBILITY OF RENEWED INFLATION

  VOLCKER SAYS FED REMAINS CONCERNED ABOUT THE POSSIBILITY OF RENEWED INFLATION
  

"
training/4487	33	money-supply	"ASSETS OF MONEY MARKET MUTUAL FUNDS FELL 35.3 MLN DLRS IN LATEST WEEK TO 237.43 BILLION

  ASSETS OF MONEY MARKET MUTUAL FUNDS FELL 35.3 MLN DLRS IN LATEST WEEK TO 237.43 BILLION
  

"
training/4488	0	acq	"WEINBERGER OPPOSES FUJITSU BUYING U.S. FIRM
  Defense Secretary Caspar Weinberger
  will join Commerce Secretary Malcolm Baldrige in fighting
  Fujitsu Ltd's <ITSU.T> plan to buy 80 pct of <Fairchild
  Semiconductor Corp>, Pentagon officials said.
      ""He (Weinberger) opposes it. It is not in the best interests
  of the country to have more of the micro-electronics business
  leaving the United States,"" one of the Pentagon officials, who
  asked not to be identified, told Reuters.
      Commerce Department officials told Reuters yesterday that
  Baldrige opposed the planned sale and that the White House
  Economic Policy Council will take up the matter within weeks.
      Commerce and defense officials said Baldrige and Weinberger
  feared the U.S. military is already leaning too heavily on
  foreign electronic support.
      But the Defense Department also said today that Weinberger
  and Baldrige differed on the proposed sale of U.S. computer
  equipment to Iran.
      The Commerce Department advised the Pentagon recently that
  defense objections to two proposed sales -- to an Iranian power
  company and the Islamic Republic of Iran News Agency -- were
  not valid and the sales of small and medium computers would go
  through unless more evidence was presented.
  

"
training/449	12	earn	"WARWICK INSURANCE MANAGERS INC <WIMI> 4TH QTR
  Oper shr 17 cts vs 19 cts
      Oper net 636,000 vs 358,000
      Revs 10.6 mln vs 7,024,000
      Avg shrs 3,808,000 vs 1,924,000
      Year
      Oper shr 73 cts vs 65 cts
      Oper net 2,467,000 vs 1,199,000
      Revs 31.5 mln vs 22.9 mln
      Avg shrs 3,372,000 vs 1,785,000
      NOTE: Net excludes investment gains 20,000 dlrs vs 86,000
  dlrs in quarter and 586,000 dlrs vs 195,000 dlrs in year.
      1985 year net excludes 304,000 dlr tax credit.
      Share adjusted for one-for-two reverse split in November
  1985.
  

"
training/4493	0	acq	"SAFEGUARD SCIENTIFIC <SFE> IN EQUITY DEAL
  Safeguard Scientifics Inc
  said it made a 2.5 mln dlr equity investment in <Sanchez
  Computer Associates Inc>, a private computer software firm
  based in Malvern, Pa.
     Safeguard said the investment gives it a ""major ownership
  position"" in Sanchez, which specializes in software products
  for financial institutions.
  

"
training/4494	12	earn	"CORE INDUSTRIES INC <CRI> 2ND QTR FEB 28 NET
  Shr 20 cts vs 22 cts
      Net 1,948,000 vs 2,124,000
      Sales 40.9 mln vs 41.0 mln
      Six mths
      Shr 40 cts vs 50 cts
      Net 3,864,000 vs 4,835,000
      Sales 81.7 mln vs 79.9 mln
      NOTE: 1986 results include gain on sale of land of 571,000
  dlrs, or six cts a share
      1986 results include loss from discontinued operations of
  403,000 dlrs, or four cts a share in the quarter and 598,000
  dlrs, or six cts a share in the six months
  

"
training/4498	12	earn	"FIRST FINANCIAL <FFMC> IN STOCK SPLIT
  First Financial Management Corp said
  its board declared a three-for-two stock split of its common
  stock.
      The split will be effected by a 50 pct stock dividend for
  shareholders of record March 23 to be distributed on April six.
  

"
training/4499	22	interest	"BANK OF NOVA SCOTIA CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE TOMORROW

  BANK OF NOVA SCOTIA CUTS PRIME RATE TO 8-3/4 PCT FROM 9-1/4 PCT, EFFECTIVE TOMORROW
  

"
training/45	0	acq	"CHEMLAWN <CHEM> RISES ON HOPES FOR HIGHER BIDS
  ChemLawn Corp <CHEM> could attract a
  higher bid than the 27 dlrs per share offered by Waste
  Management Inc <WNX>, Wall Street arbitrageurs said.
      Shares of ChemLawn shot up 11-5/8 to 29-3/8 in
  over-the-counter- trading with 3.8 mln of the company's 10.1
  mln shares changing hands by late afternoon.
      ""This company could go for 10 times cash flow or 30 dlrs,
  maybe 32 dollars depending on whether there is a competing
  bidder,"" an arbitrageur said. Waste Management's tender offer,
  announced before the opening today, expires March 25.
      ""This is totally by surprise,"" said Debra Strohmaier, a
  ChemLawn spokeswoman. The company's board held a regularly
  scheduled meeting today and was discussing the Waste Management
  announcement. She said a statement was expected but it was not
  certain when it would be ready. 
      She was unable to say if there had been any prior contact
  between Waste Management and ChemLawn officials.
      ""I think they will resist it,"" said Elliott Schlang,
  analyst at Prescott, Ball and Turben Inc. ""Any company that
  doesn't like a surprise attack would.""
      Arbitrageurs pointed out it is difficult to resist tender
  offers for any and all shares for cash. Schlang said ChemLawn
  could try to find a white knight if does not want to be
  acquired by Waste Management.
      Analyst Rosemarie Morbelli of Ingalls and Snyder said
  ServiceMaster Companies L.P. <SVM> or Rollins Inc <ROL> were
  examples of companies that could be interested.
      ChemLawn, with about two mln customers, is the largest U.S.
  company involved in application of fertilizers, pesticides and
  herbicides on lawns. Waste Management is involved in removal of
  wastes.
      Schlang said ChemLawn's customer base could be valuable to
  another company that wants to capitalize on a strong
  residential and commercial distribution system.
      Both Schlang and Morbelli noted that high growth rates had
  catapulted ChemLawn's share price into the mid-30's in 1983 but
  the stock languished as the rate of growth slowed.
      Schlang said the company's profits are concentrated in the
  fourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for
  the full year, and 2.58 dlrs in the fourth quarter.
      Morbelli noted ChemLawn competes with thousands of
  individual entrepreuers who offer lawn and garden care sevice.
  

"
training/450	23	ipi	"CANADA INDUSTRIAL PRICES UP 0.2 PCT IN MONTH
  Canada's industrial product price index
  rose 0.2 pct in January after falling 0.2 pct in each of the
  two previous months, Statistics Canada said.
      The rise was led by price gains for papers, pharmaceuticals
  and petroleum and coal products. Price declines were recorded
  for meat products, lumber and motor vehicles.
      On a year over year basis, the federal agency said the
  index fell 0.9 pct in January, the largest yearly decline on
  record.
  

"
training/4504	12	earn	"CIRCON CORP <CCON> 4TH QTR
  Shr loss two cts vs profit 10 cts
      Net loss 79,000 vs profit 507,000
      Revs 10.6 mln vs 2,238,000
      12 mths
      Shr profit two cts vs profit 23 cts
      Net 89,000 vs 1,130,000
      Revs 21.4 mln vs 7,766,000
  

"
training/4505	12	earn	"BROWN TRANSPORT <BTCU> DECLARES FIRST PAYOUT
  Brown Transport Co Inc said its board
  declared an initial quarterly dividend of four cts a share,
  payable April 10 to stockholders of record March 31.
  

"
training/4507	14	gas	"WRIGHT SAYS A GAS TAX AN OPTION TO CUT DEFICIT
  House Speaker Jim Wright said a
  gasoline tax is one option to finding a way to reduce the
  deficit, but told reporters in response to a question he will
  not try to dictate a solution to the debt problem.
      Wright has made suggestions for raising taxes about 20
  billion dlrs as part of a budget plan to reduce the deficit.
  Tax proposals are being given consideration by members of the
  House Budget Committee, but the details of any tax increase
  would be made by the tax writing House ways and Means
  Committee.
  

"
training/4509	48	trade	"KEY U.S. HOUSE TRADE SUBCOMMITTEE APPROVES BILL TO TOUGHEN U.S. TRADE LAWS

  KEY U.S. HOUSE TRADE SUBCOMMITTEE APPROVES BILL TO TOUGHEN U.S. TRADE LAWS
  

"
training/4510	0	acq	"<SUMMIT PETROLEUM CORP> SELLS SHARES
  Summit Petroleum Corp said it
  sold 11.3 mln shares, or 29.4 pct, of its common stock to
  <Halbert and Associates Inc>.
      The company said the shares were previously held by
  <Consolidated Energy Corp> and Harken Oil and Gas Inc <HOGI>.
      In addition, David D. Halbert, president and chief
  executive officer of Halbert, an Abilene investment firm, was
  named chairman and chief executive of Summit, the company said.
     Halbert, Charles M. Bruce and James O. Burke were also named
  directors, expanding the board to five, Summit added.
      The company said Burke is president and chief executive of
  <Allied Comprehensive Health Inc>, Abilene, while Bruce is a
  partner in the Washington law firm of Butler and Binion.
      Summit said it intends to actively seek acquisitions to
  increase its asset base.
  

"
training/4513	48	trade	"NO CLEAR EVIDENCE TRADE GAP REVERSED - VOLCKER
  Federal Reserve Board Chairman Paul
  Volcker said current data does not give a clear sign that the
  deterioration in the U.S. trade balance has yet been reversed.
      ""The data we have in hand do not provide clearcut evidence
  that the deterioration in the trade balance has yet been
  reversed,"" Volcker said in remarks prepared for delivery to a
  luncheon for community leaders here.
      However, Volcker said there are encouraging signs,
  particularly the rising volume of exports over the past year,
  achieved despite relatively slow growth abroad.
      Volcker warned it is not sustainable from an economic
  perspective to pile up foreign debt while failing to make the
  investment needed to generate growth and earn the money to
  service the debt.
      He said the process of restoring external balance to the
  U.S. economy requires dealing with the budget deficit. He said
  needed economic adjustment will require a relative shift of
  financial and real resources into internationally competitive
  industry. ""More of our growth will need to be reflected in net
  exports and business investment and less in consumption,""
  Volcker said.
  

"
training/4515	33	money-supply	"N.Y. BUSINESS LOANS FALL 718 MLN DLRS IN MARCH 4 WEEK, FED SAYS

  N.Y. BUSINESS LOANS FALL 718 MLN DLRS IN MARCH 4 WEEK, FED SAYS
  

"
training/4516	33	money-supply	"NEW YORK BANK DISCOUNT WINDOW BORROWINGS NIL IN MARCH 11 WEEK

  NEW YORK BANK DISCOUNT WINDOW BORROWINGS NIL IN MARCH 11 WEEK
  

"
training/4517	12	earn	"TONY LOMA CO INC <TLAM> 4TH QTR
  Shr profit nil vs loss 61 cts
      Net profit 3,000 vs loss 1,148,000
      Revs 18.4 mln vs 17.8 mln
      Year
      Shr loss 94 cts vs loss 28 cts
      Net loss 1,762,000 vs loss 524,000
      Revs 58.5 mln vs 67.3 mln
      NOTE: 1986 net includes extraordinary gain of 569,000 dlrs
  or 30 cts per share.
  

"
training/4518	0	acq	"ALLIED-LYONS SEES NO CHANGE IN HIRAM WALKER STAKE
  Allied-Lyons PLC <ALLD.L> and Canada's
  Reichmann brothers are working well together as partners and
  currently do not plan any change in their joint ownership of
  distiller Hiram Walker-Gooderham and Worts, Allied-Lyons
  chairman Derrick Holden-Brown said.
      Allied-Lyons got 51 pct control of Hiram Walker-Gooderham
  last year for about 600 mln U.S. dlrs, while the Reichmanns'
  <Gulf Canada Corp> acquired 49 pct in an out-of-court pact
  after a hostile battle for the wine and spirits division of
  <Hiram Walker Resources Ltd>.
      ""We are getting along very well as partners ... I hope
  there won't be any change, but there could be,"" Holden-Brown
  told reporters after a speech in Toronto.
      He said Allied-Lyons has a two-year call option that could
  force Gulf Canada to sell its 49 pct stake to Allied-Lyons, and
  Gulf Canada has a two-year put option that could obligate
  Allied-Lyons to buy its 49 pct.
      ""Both we and Gulf hope very much there will be no occasion
  for either the put or call to be exercised,"" Holden-Brown said.
      In answer to a reporter's question, Holden-Brown said it
  would be possible for Gulf Canada to sell off part of its 49
  pct in a public offering with Allied-Lyons' consent. ""I don't
  think we would have any objection to it,"" he added.
      Allied-Lyons maintains control of Hiram Walker-Gooderham's
  board of directors and has total responsibility for its
  management. ""We cannot contemplate giving up our control,"" he
  said.
      Holden-Brown would not disclose how big a profit
  contribution the distiller will make in Allied-Lyons' financial
  results, but he said ""it will be substantial.""
      ""I am not able to give profit forecasts,"" he said.
      Holden-Brown said Allied-Lyons was able to finance the
  Hiram Walker-Gooderham acquisition with cash and borrowings,
  and has no current plans for a stock issue.
      He said the company is not currently negotiating any more
  acquisitions in Canada but has a team of officials evaluating
  possible purchases of wines, spirits, soft drinks or food
  concerns. ""I don't think we shall be looking at the brewery
  scene (which is) highly concentrated already,"" he added.
      Holden-Brown said Allied-Lyons plans to list its shares on
  Canadian stock exchanges, possibly later this year.
  

"
training/4519	33	money-supply	"NEW YORK BUSINESS LOANS FALL 718 MLN DLRS
  Commercial and industrial loans on the
  books of the 10 major New York banks, excluding acceptances,
  fell 718 mln dlrs to 64.87 billion in the week ended March 4,
  the Federal Reserve Bank of New York said.
      Including acceptances, loans fell 581 mln dlrs to 65.63
  billion.
      Commercial paper outstanding nationally dropped 13 mln dlrs
  to 336.02 billion.
      National business loan data are scheduled to be released on
  Friday.
  

"
training/4521	12	earn	"EATON VANCE CORP <EAVN> 1ST QTR JAN 31 NET
  Shr 53 cts vs 34 cts
      Net 2,253,742 vs 1,332,652
      Avg shrs 4,251,553 vs 3,932,064
  

"
training/4523	12	earn	"ADAMS EXPRESS CO <ADX> SETS REGULAR PAYOUT
  Div 12 cts vs 12 cts
      Pay April 20
      Record April 8
      NOTE: company pays dividend of 12 cts three times annually
  with a bulk payment at the end of the fiscal year to equal
  annual dividend of 50 cts.
  

"
training/4524	17	grain	"CARGILL OFFICIAL DEFENDS CERTIFICATE PROGRAMS
  The use of generic in-kind commodity
  certificates has helped ease storage problems and is a
  necessary part of export promotion programs, a senior executive
  for the world's largest grain company said.
      Testifying before the House Agriculture subcommittee on
  wheat, soybeans and feedgrains, Robbin Johnson, vice president
  of Cargill, Inc., disputed claims that U.S. grain companies
  have made huge profits from certificate trading.
      ""The certs program is not in any way a windfall to the
  trade,"" he said. Johnson said that Cargill has been dealing
  with a two pct spread in certificate transactions, and that
  this is within the normal grain marketing levels.
      Johnson recognized current concern over the cost of
  certificates as compared to cash, but said that critics need to
  look more closely at the savings caused by certs, noting for
  example that widespread use of certs in the PIK and Roll
  marketing technique last summer helped ease storage costs.
      Certificates are also an important part of any export
  promotion program, he said.
      ""The more you look at ways to expand export markets, the
  more you have to look at ways to expand certs to put more grain
  into the market to meet demand,"" he said.
      Subcommittee chairman Dan Glickman (D-Kans.) said his
  committee would be looking at the certificate program later
  this year and studying the General Accounting Office report on
  certificate costs.
  

"
training/4525	10	crude	"HOUSE SPEAKER BACKS OIL IMPORT FORECAST PLAN
  House Speaker Jim Wright endorsed a
  proposal to require the president to take action to reduce oil
  imports if they threaten to top 50 pct of U.S. consumption.
      Wright told reporters the plan by Sen. Lloyd Bentsen, a
  fellow Texas Democrat, was positive and useful. Oil imports
  peaked in 1977 at 47 pct, were short of 36 pct last year and
  this year are up over 40 pct, Bentsen said. 
      The Bentsen proposal, supported by 24 other Senators, would
  would require the president to issue annual three-year oil
  import forecasts. In any year they threatened to top 50 pct, he
  would be ordered to propose quotas or other solution.
  

"
training/4532	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS AVERAGE 148 MLN DLRS A DAY IN MARCH 11 WEEK, FED SAYS

  U.S. BANK DISCOUNT BORROWINGS AVERAGE 148 MLN DLRS A DAY IN MARCH 11 WEEK, FED SAYS
  

"
training/4533	33	money-supply	"U.S. BANK NET FREE RESERVES 660 MLN DLRS IN TWO WEEKS TO MARCH 11, FED SAYS

  U.S. BANK NET FREE RESERVES 660 MLN DLRS IN TWO WEEKS TO MARCH 11, FED SAYS
  

"
training/4534	33	money-supply	"U.S. M1 FALLS 600 MLN DLRS IN MARCH 2 WEEK, FEB M2 DOWN 1.6 BILLION, M3 UP 3.0 BILLION

  U.S. M1 FALLS 600 MLN DLRS IN MARCH 2 WEEK, FEB M2 DOWN 1.6 BILLION, M3 UP 3.0 BILLION
  

"
training/4536	0	acq	"PRINCEVILLE <PVDC> TO SELL ITS AIR OPERATION
  Princeville Development Corp and
  <Aloha Inc>, parent of Aloha Airlines Inc, jointly said they
  agreed to terms for the sale of Princeville Airways Inc to
  Aloha. Terms of the agreement were not disclosed.
      Under the proposed sale, the companies said Aloha would
  acquire the entire Princeville Airways commuter operation and
  access to the Princeville Airport on the island of Kauai.
      They said Princeville Airways is expected to operate as a
  subsidiary of Aloha Inc and will continue to use the
  Princeville Aiways name.
  

"
training/4537	0	acq	"NEW HAMPSHIRE SAVINGS <NHSB> TO BUY BANK
  New Hampshire Savings Bank Corp
  said it agreed to buy <Seashore Bankshares Inc> in an exchange
  of stock.
      According to the terms of the deal, it said Seashore's
  61,000 shares will be exchanged for 9.8 mln dlrs of New
  Hampshire Savings stock.
      It said Seashore Bankshares has assets of about 46 mln
  dlrs.
  

"
training/4541	36	orange	"FCOJ MOVEMENT 3,915,370 GALLONS LAST WEEK
  Florida Citrus Processors
  Association said frozen concentrate orange juice movement into
  trade channels in the week ended March 7 totalled 3,915,370
  gallons versus 3,956,126 gallons in the week ended February 28
  and 4,284,693 gallons in the corresponding year-ago period.
      There were 3,814,891 gallons of foreign imports last week
  versus 133,505 gallons the week before. Domestic imports last
  week were 306,031. Retail movement was 1,652,916 versus
  2,015,953 a year ago. Bulk movement was 1,934,494 against
  1,954,103 a year earlier.
      Current season cumulative movement was 60,480,375 gallons
  versus 59,654,702 last year. Cumulative net pack for the season
  was 80,359,978 versus 74,071,755 a year ago. Inventory was
  83,422,435 versus 81,963,040 a year ago.
  

"
training/4544	33	money-supply	"U.S. M-1 MONEY SUPPLY FALLS 600 MLN DLRS
  U.S. M-1 money supply fell 600 mln
  dlrs to a seasonally adjusted 738.0 billion dlrs in the March 2
  week, the Federal Reserve said.
      The previous week's M-1 level was revised to 738.6 billion
  dlrs from 738.5 billion, while the four-week moving average of
  M-1 rose to 737.1 billion dlrs from 736.8 billion.
      Commenting on February growth of the broader monetary
  aggregates, the Fed said that M-2 fell 1.6 billion dlrs, while
  M-3 rose three billion. Economists polled by Reuters had
  projected a 900 mln dlr fall in M-1, a 1.8 billion dlr drop in
  M-2 and no change in M-3.
  

"
training/455	12	earn	"GELCO CORP 2ND QTR SHR 67 CTS VS 23 CTS

  GELCO CORP 2ND QTR SHR 67 CTS VS 23 CTS
  

"
training/4551	12	earn	"AMVESTORS FINANCIAL <AVFC> SETS STOCK DIVIDEND
  AmVestors Financial Corp said it
  declared a 25 pct stock dividend payable June 19 to holders of
  record June one, subject to an increase in authorized shares.
      It said shareholders will vote at the April 23 annual
  meeting to increase authorized shares to 25 mln from 10 mln.
      The company also said it plans to pay an initial quarterly
  dividend of five cts a share on the shares.
  

"
training/4552	48	trade	"U.S. HOUSE PANEL APPROVES TRADE BILL
  The House Ways and Means Trade 
  Subcommittee unanimously approved a toned-down version of
  legislation designed to toughen U.S. trade laws and wedge open
  foreign markets to more U.S. goods.
      The measure now goes to the full House Ways and Means
  Committee next week, but major changes are not expected,
  congressional sources said.
      ""This product could very well be toughening our trade policy
  and doing it in a manner that opens markets without this
  frightening word 'protectionism',"" Ways and Means chairman Dan
  Rostenkowski, an Illinois Democrat said.
      The trade subcommittee backed away from mandating specific
  retaliation against foreign countries for unfair foreign trade
  practices as the House had approved in a trade bill last year.
      But it held over for the full Ways and Means Committee
  debate on a controversial plan by Rep. Richard Gephardt to
  mandate a reduction in trade surpluses with the U.S. by
  countries such as Japan, South Korea and Taiwan.
      Gephardt, a Missouri Democrat, has not decided the exact
  form of his amendment, an aide said. Last year the House
  approved his idea to force an annual ten pct trade surplus cut
  by those countries. 
      The trade bill will be wrapped in with legislation from
  other committees dealing with relaxation of export controls,
  incentives for research, expanded worker training and education
  and other efforts to increase U.S. competitiveness.
      The comprehensive trade bill is to be considered by the
  full House in late April and then will be considered by Senate
  committees.
      It requires President Reagan to retaliate against foreign
  unfair trade practices but do not mandate quotas or tariffs and
  allow an exemption if U.S. economic security would be harmed by
  U.S. actions against other countries.
      The bill would make it easier for U.S. industries to win
  relief from surges of imports of competitive products.
      It extends until January 1993, the administration's
  authority to negotiate trade agreements as part of the new
  round of multilateral talks under the General Agreements on
  Tariffs and Trade.
      And, it includes provisions to tighten trade rules on
  copyrights, patents and telecommunications goods.
  

"
training/4554	12	earn	"STANDARD LOGIC INC <STDL> 1ST QTR LOSS
  Qtr ends Jan 30
      Oper shr loss 45 cts vs profit 44 cts
      Oper Net loss 225,815 vs profit 219,593
      Revs 175,247 vs 827,748
      NOTE: oper net 1987 excludes loss from discontinued
  operations of 125,047 vs loss 34,055 for prior qtr.
      excludes tax carryforward 150,000 for prior qtr.
  

"
training/4555	8	cpi	"INFLATION STILL A CONCERN, VOLCKER SAYS
  Federal Reserve Board Chairman Paul
  Volcker said both the Fed and the financial markets remain
  concerned about the possibility of renewed inflation.
      ""A possibility of renewed inflation remains of concern,
  both in the markets and within the Federal Reserve,"" he said in
  remarks prepared for delivery to a group of business leaders
  here.
      He said one potential channel for renewed inflationary
  pressures would be an excessive fall of the dollar in the
  exchange markets, which would push import prices up sharply.
      He said participants in financial markets and business
  remain skeptical of prospects for lasting price stability.
      ""Should the skepticism about our ability to resist
  inflation be reinforced by bad policy, the consequences for
  interest rates, for exchange rates, and for the economy
  generally would clearly be undesirable...recognition of that
  danger neccesarily must weigh heavily in the formation of
  monetary policy,"" the Fed chairman said.
      Volcker said attempts to drive the dollar much lower would
  undermine the hard won gains against inflation and would risk
  dissipating the flow of foreign capital.
  

"
training/4558	10	crude	"UNOCAL RAISES MOST CRUDE PRICES 50 CTS, TODAY, WTI AT 17.50 DLRS

  UNOCAL RAISES MOST CRUDE PRICES 50 CTS, TODAY, WTI AT 17.50 DLRS
  

"
training/456	12	earn	"STROBER ORGANIZATION INC <STRB> 4TH QTR NET
  Shr 22 cts vs 17 cts
      Net 1,232,000 vs 834,000
      Sales 24.1 mln vs 20.9 mln
      Avg shrs 5,609,000 vs five mln
      Year
      Shr 97 cts vs 69 cts
      Net 4,985,000 vs 3,426,000
      Sales 92.4 mln vs 77.9 mln
      Avg shrs 5,153,000 vs five mln
  

"
training/4560	12	earn	"SHAWMUT CORP <SHAS> SETS REGULARY DIVIDEND
  Qtly div 51 cts vs 51 cts prior
      Pay April one
      Record March 23
  

"
training/4562	12	earn	"ANGLO AMERICAN <AIVJ.J> YEAR TO DEC 31
  Shr 516 cts vs 347
      Final div 135 vs 125 making 190 vs 180
      Pre-tax 133 mln rand vs 137 mln
      Net 260 mln vs 172 mln
      Tax 76 mln vs 42 mln
      Att to outside shareholders 96 mln vs 53 mln
      Pref div 1 mln vs same
      Turnover 3.14 billion vs 2.56 billion
      Div pay May 8, register March 27.
      Note - Full name is Anglo American Industrial Corp Ltd.
  

"
training/4574	12	earn	"ANGLO AMERICAN <AIVJ.J> YEAR TO DEC 31
  Shr 516 cts vs 347
      Final div 135 vs 125 making 190 vs 180
      Pre-tax 133 mln rand vs 137 mln
      Net 260 mln vs 172 mln
      Tax 76 mln vs 42 mln
      Att to outside shareholders 96 mln vs 53 mln
      Pref div 1 mln vs same
      Turnover 3.14 billion vs 2.56 billion
      Div pay May 8, register March 27.
      Note - Full name is Anglo American Industrial Corp Ltd.
  

"
training/4576	10	crude	"UNOCAL <UCL> RAISES CRUDE OIL POSTINGS
  Unocal Corp said it raised the
  contract price it will pay for most grades of crude oil 50 cts
  a barrel, effective today.
      The increase brings Unocal's posted price for the U.S.
  benchmark grade West Texas Intermediate to 17.50 dlrs a barrel.
  It also brought the price for West Texas Sour to 17.50 dlrs a
  bbl. Light Louisiana Sweet was also raised 50 cts to 17.85
  dlrs/bbl.
      Unocal last changed its crude postings on March four, and
  brings it price in line with other major companies, which have
  been raising prices steadily in recent weeks.
      The increase also represents the latest in a series of
  increases that began with USX Corp's <X> Marathon Petroleum
  Corp's notification yesterday evening that, effective today, it
  raised its crude postings 50 cts a barrel, bringing its
  contract price for WTI to 17.50 dlrs a barrel.
      Earlier today, Sun Co <SUN>, Phillips Petroleum <P> and
  Diamond Shamrock <DIA> also said they raised their crude
  postings 50 cts a barrel, bringing their WTI contract price to
  17.50 dlrs a barrel.
      Contract prices have risen in response to higher spot
  market prices, oil traders said.
  

"
training/4578	10	crude	"CITGO RAISES CRUDE POSTINGS 50 CTS, TODAY, WTI TO 17.50 DLRS/BBL

  CITGO RAISES CRUDE POSTINGS 50 CTS, TODAY, WTI TO 17.50 DLRS/BBL
  

"
training/4579	0	acq	"COURT LIFTS RESTRAINING ORDER ON MARK IV <IV>
  Baird Corp <BATM> said the
  Massachusetts State Court for Suffolk County has lifted a  
  temporary restraining order prohibiting Mark IV Industries Inc
  from further purchases of Baird stock.
      According to filings with the Securities and Exchange
  Commission, Mark IV owns at least 17.6 pct of Baird's stock and
  may attempt to acquire Baird, Baird said.
      Baird said the court also issued an order enjoining Baird
  from enforcing the Massachusetts Anti-Takeover Statute against
  Mark IV industries.
  

"
training/4581	12	earn	"CJI INDUSTIRES INC <CJIIA> 4TH QTR NET
  Oper shr profit 60 cts vs loss 55 cts
      Oper net profit 928,000 vs loss 88,000
      Revs 48.7 mln vs 39.7 mln
      Avg shrs 3.7 mln vs 1.5 mln
      Year
      Oper shr loss 1.17 dlrs vs loss 60 cts
      Oper net profit 2,537,000 vs profit 587,000
      Revs 178.8 mln vs 117.6 mln
      NOTE: Per share figures come after preferred dividends.
      Excludes fourth quarter and full year 1986 extraordinary
  gains of 29 cts and 71 cts per share, respectively.
  

"
training/4583	12	earn	"COUNSEL CORP SETS THREE-FOR-TWO STOCK SPLIT
  <Counsel Corp> said it plans a
  three-for-two stock split, pending shareholder approval at the
  April 28 annual meeting.
      The company said it recently reported 1986 profit of 5.9
  mln dlrs, or 1.51 dlrs a share, before extraordinary items,
  compared with 2.2 mln dlrs, or 81 cts, in 1985.
  

"
training/4584	10	crude	"SOUTHLAND <SLC> UNIT RAISES CRUDE POSTINGS
  Southland Corp's Citgo Petroleum Corp
  said it raised the contract price it will pay for crude oil 50
  cts a barrel, effective today.
      The increase bring's Citgo's posted price for the West
  Texas Intermediate and West Texas Sour grades to 17.50 dlrs a
  barrel. The Light Louisiana Sweet South Onshore grade was also
  raised 50 cts to 17.85 dlrs a barrel, and Light Louisiana Sweet
  North was increased to 17.75 dlrs a barrel.
      Citgo last changed its postings on March four.
  

"
training/4585	12	earn	"CANNON <CAN> AUDIT TO SHOW SIGNIFICANT 1986 LOSS
  The Cannon Group Inc said its
  financial statements will show substantial losses for fiscal
  1986 and ""significant downward adjustments in previously
  reported stockholders' equity.""
      The company also said its 1986 audit being conducted by
  <Arthur Young and Co> will cover the year ended January 3,
  1987, instead of the nine-month period ended September 27, 1986
  as previously announced.
      It said it anticipates the results of the audit will be
  available in mid to late April 1987.
  

"
training/4586	0	acq	"EAGER TECHNOLOGY ACQUIRES NUCLAD
  <Eager Technology Inc> said it signed a
  letter of intent to acquire Nuclad Inc, a private Colorado
  corporation, and its subsidiaries.
      Terms of the acquisition were not disclosed.
  

"
training/459	10	crude	"SHELL CANADA CUTS CRUDE OIL PRICES BY UP TO 1.27 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE

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

"
training/4591	0	acq	"INTERCONNECT OFFERS TO BUY GATES LEARJET <GLJ>
  <Interconnect Capital Corp>
  said it sent a letter to the board of Gates Learjet Corp,
  offering to buy the company for 7.07 dlrs a share.
      Gates Corp, which owns 64.8 pct of Gates Learjet, agreed
  earlier this week to sell its shares to a partnership formed by
  privately-held <Cobey Corp> and a unit of Bear Stearns Cos Inc
  <BSC> for 6.50 dlrs a share or 51 mln dlrs. The proposal is
  subject to approval by Gates Learjet's board.
      A spokesman for privately-held Interconnect said it made
  the new proposal to Gates Learjet's board, but would not say if
  it had held talks with the parent company's board.
  

"
training/4592	0	acq	"SEAL <SINC> ACQUIRES ADEMCO LTD
  Seal Inc said it acquired
  Ademco Ltd, a United Kingdom company which distributes mounting
  and laminating equipment and supplies, for a combination of
  cash and stock valued at 2.6 mln dlrs, based on current
  exchange rates.
      Seal said it will pay up to an additional 1.3 mln dlrs
  contingent on the market price of Seal's common on December 31,
  1988, and on certain earnings targets by the acquired business.
  

"
training/4593	10	crude	"BRAZIL CANCELS OIL PURCHASE FROM SAUDI ARABIA
  Brazil's state-oil company,
  Petrobras, cancelled a 40 mln dlr crude oil purchase from Saudi
  Arabia after the Saudis refused to accept credit guarantees
  from the Bank of Brazil, a Petrobras official said.
      Export director Carlos Santana told a press conference the
  Saudis were the first suppliers of oil to impose such
  conditions after Brazil's decision to halt interest payment of
  its commercial debts last month.
      The shipment of 2.2 mln barrels represents two days of oil
  consumption in Brazil.
      But Santana said if the Saudis change their minds and
  decide to respect the terms of the contract, then Petrobras
  will lift the order to cancel the shipment.
      Santana said if the Saudis do not accept Brazil's terms by
  Monday then Petrobras will negotiate elsewhere.
      ""Petrobras has been Saudi Arabia's traditional client since
  1955. If they do not accept our conditions now, it will be much
  better for us, because with the market prices more or less the
  same, buying from Iraq and China is an advantage,"" he said.
      Iraq and China have barter deals with Brazil, importing
  Brazilian goods in exchange for oil, but the Saudis buy nothing
  from Brazil, he said.
      Santana said despite a strike threat by oil industry
  workers and a two-week stoppage by Brazilian seamen, Petrobras
  oil stocks are ""reasonably balanced."" 
      Saudi Arabia is Brazil's second biggest oil supplier, with
  an average 115,000 bpd. Iraq is the main supplier with 235,000
  bpd. China comes third, with 58,000 bpd.
      ""If the Saudis wish to stop our trade relationship, fine, I
  am sure that if they do, we will be getting dozens of offers
  from elsewhere,"" Santana added.
  

"
training/4595	48	trade	"U.S. HOUSE PANEL APPROVES TRADE BILL
  The U.S. House Ways and Means Trade
  Subcommittee unanimously approved a toned-down version of
  legislation designed to toughen U.S. trade laws and wedge open
  foreign markets to more U.S. goods.
      The measure now goes to the full House Ways and Means
  Committee next week, but major changes are not expected,
  congressional sources said.
      ""This product could very well be toughening our trade policy
  and doing it in a manner that opens markets without this
  frightening word 'protectionism',"" Ways and Means chairman Dan
  Rostenkowski, an Illinois Democrat said.
      The trade subcommittee backed away from mandating specific
  retaliation against foreign countries for unfair foreign trade
  practices as the House had approved in a trade bill last year.
      But it held over for the full Ways and Means Committee
  debate on a controversial plan by Rep. Richard Gephardt to
  mandate a reduction in trade surpluses with the U.S. by
  countries such as Japan, South Korea and Taiwan.
      Gephardt, a Missouri Democrat, has not decided the exact
  form of his amendment, an aide said. Last year the House
  approved his idea to force an annual 10 pct trade surplus cut
  by those countries.
  

"
training/46	45	sugar	"U.S. SUGAR IMPORTS DOWN IN WEEK - USDA
  Sugar imports subject to the U.S.
  sugar import quota during the week ended January 9, the initial
  week of the 1987 sugar quota year, totaled 5,988 short tons
  versus 46,254 tons the previous week, the Agriculture
  Department said.
      The sugar import quota for the 1987 quota year
  (January-December) has been set at 1,001,430 short tons
  compared with 1,850,000 tons in the 1986 quota year, which was
  extended three months to December 31.
      The department said the Customs Service has reported that
  weekly and cumulative imports are reported on an actual weight
  basis and when final polarizations are received, cumulative
  import data are adjusted accordingly.
  

"
training/4600	10	crude	"INDIA GETS 140 MLN DLR WORLD BANK LOAN
  The World Bank said it has approved
  a 140 mln dlr loan for India to help lessen that country's
  dependence on imported oil and spur development of its own
  petroleum resources.
      The bank said the loan will be used to boost production by
  injecting gas in the partially depleted Assam oil fields and to
  assist exploration in other areas, including drilling 10
  exploratory wells.
      The bank said the recipient of the 20-year loan will be Oil
  India Ltd (OIL), which is the smaller of two public Indian
  petroleum exploration and production companies.
  

"
training/4603	5	coffee	"COLOMBIA'S COFFEE MARKETING TO BE MORE FLEXIBLE
  Colombia intends to improve the
  marketing of its coffee with the accent on more flexibility on
  setting export registration prices, finance minister Cesar
  Gaviria said.
      Speaking to reporters after announcing a lower export
  registration price, or reintegro, of 1.10 dlr per lb ex-dock
  New York, Gaviria said export mechanisms would be more agile.
      ""In the first stage, we decided not only to lower the
  reintegro but also to adopt a flexible policy of reintegro that
  will allow private exporters to participate more actively in
  Colombia's coffee export policy,"" he said.
      Traders said this means the export registration price will
  change more often in a truer reflection of market trends.
      Gaviria said the measures merely responded to new market
  factors since a return to a system of International Coffee
  Organisation (ICO) export quotas may not occur in the short
  term.
      ICO talks last month in London failed to break a deadlock
  over re-introduction of export quotas, suspended in February
  1986.
      Gaviria stressed that Colombia will not necessarily suffer
  from depressed prices because it can compensate lower prices
  with increased volume.
      ""Colombia will continue to export its traditional amount of
  coffee, between 9.6 and 10 mln bags (of 60 kilos), and will do
  so without an agreement among producers,"" he said.
      He ruled out a much higher volume of exports, or up to 13.5
  mln bags as mentioned in market circles, ""because the idea is
  precisely not to disrupt the market.""
      Colombia exported a record 11.5 mln bags in the 1985/86
  coffee year which ended last September 30.
      Echoing Gaviria's words, Jorge Cardenas, manager of the
  national coffee growers' federation, said Colombia sought to
  adapt its coffee marketing policy to circumstances.
      ""There is great expectation in the world for the policies
  that Brazil and Colombia will adopt. Ours is beginning to
  emerge and no agreement among producers is foreseeable in the
  immediate future,"" he told journalists.
      Trade sources in Rio today said Brazil's future export
  policy was unlikely to be revealed before the end of next week.
      Cardenas said a new ICO meeting could only take place when
  problems that hindered an agreement at the recent London talks
  have been resolved.
      Asked to comment on a Reuter report from Jakarta saying
  Indonesia hoped Colombia could use its contacts with Brazil to
  suggest a compromise on the quota issue, Cardenas said the
  Brazilian stand was quite clear.
      He said Brazil's current quota ""reflects the reality of the
  market, allows for an orderly supply and satisfies demand,"" but
  added more clarity was needed to assess the criteria that
  determined it.
      Cardenas said lows registered immediately after the failure
  of the London talks were triggered by a widespread fear among
  dealers of an imminent price war and the belief that producers
  would go out and sell their coffee as quickly as possible,
  which did not happen.
  

"
training/4604	10	crude	"INDIA GETS 140 MLN DLR WORLD BANK LOAN
  The World Bank said it approved a
  140 mln dlr loan for India to help lessen that country's
  dependence on imported oil and spur development of its own
  petroleum resources.
      The bank said the loan will be used to boost production by
  injecting gas in the partially depleted Assam oil fields and to
  assist exploration in other areas, including drilling 10
  exploratory wells.
      The bank said the recipient of the 20-year loan will be Oil
  India Ltd (OIL), which is the smaller of two public Indian
  petroleum exploration and production companies.
  

"
training/4605	0	acq	"CANNON <CAN> SELLS LIBRARY TO WEINTRAUB
  WEintraub Entertainment Group Inc
  said it agreed to acquire Cannon Group's Screen Entertainment
  film library.
      The library was purchased in May 1986 as part of Cannon's
  acquisition of Screen Entertainment Ltd from Bond Corp Holdings
  Ltd. The library has over 2,000 theatrical motion pictures.
      Terms call for the price to be established through an
  appraisal process beginning immediately and not to exceed 175
  mln dlrs or be below 125 mln dlrs.
  

"
training/4606	0	acq	"GERBER <GRB> BUYS GERBER SYSTEMS <GSTI> SHARES
  Gerber Scientific Inc said
  its GST Acquisition Corp purchased 444,646 shares of its 84 pct
  owned Gerber Systems Technology pursuant to a January 15 tender
  offer.
      Following the purchase, Gerber made a capital contribution
  to GST of all the shares it owned resulting in 95.6 pct
  ownership by GST.
  

"
training/4609	10	crude	"VENEZUELA TO LEND ECUADOR 50,000 BPD OF CRUDE
  Venezuela will lend Ecuador 50,000
  barrels per day of crude oil over the next few months to help
  it meet its export commitments, Energy and Mines Minister
  Arturo Hernandez Grisanti said today.
      He said that under the terms of this loan, agreed during a
  visit here this week by Ecuador's Deputy Energy Minister
  Fernando Santos Alvite, Ecuador will begin repaying the loan in
  August.
      Hernandez Grisanti said the loan will go part way to
  offsetting the loss of Ecuador's 140,000 in exports caused by
  earthquake damage to 25 miles of pipeline last week.
      Ecuador was forced to suspend exports after the pipeline
  connecting its jungle oil fields with the pacific port of Balao
  was put out of action.
      Venezuela has an output quota of 1.495 bpd, while Ecuador's
  is 210,000 bpd. Santos Alvite said Ecuador will ask OPEC to
  allow it to produce 100,000 bpd above its quota when the
  pipeline is repaired to offset present production losses.
      Hernandez Grisanti said also a first 300,000 barrels
  shipment of Venezuelan crude oil will leave for Ecuador this
  weekend to help meet domestic consumption needs.
      The oil, part of a five mln additional crude oil loan by
  Venezuela, will be processed at Guayaquil refineries.
      ""If we had not supplied oil to Ecuador the life of this
  country would have ground to a halt,"" he said.
  

"
training/461	12	earn	"BRENCO INC <BREN> DECLARES QTLY DIVIDEND
  Qtly div three cts vs three cts prior
      Pay April six
      Record March 20
  

"
training/4610	12	earn	"THE ADELAIDE STEAMSHIP CO LTD <ADSA.S> FIRST HALF
  First half ended December 31
      Shr 55.01 cents vs 97.76
      Int div 18 cents vs 16
      Net 75.05 mln dlrs vs 55.68 mln
      Turnover 156.94 mln vs 177.87 mln
      Other revenue 72.50 mln vs 31.18 mln.
      One-for-five rights issue at 11.50 dlrs a share
      One-for-four bonus issue on capital enlarged by rights
  issue
      Shrs 99.36 mln vs 70.94 mln.
      NOTE - Shr applies to total net 54.66 mln dlrs vs 69.48 mln
  after extraordinaries loss.
      Pre-extraordinaries net shr 75.53 cents vs 78.32
      Div pay April 30. Div and rights issue reg March 30. Bonus
  reg May 6. Net equity-accounts share of associates' earnings.
      Pre-equity pre-tax earnings 59.52 mln dlrs vs 64.13 mln.
  Pre-equity net 52.07 mln dlrs vs 43.35 mln after tax 3.45 mln
  vs 16.34 mln, minorities 4.00 mln vs 6.44 mln, interest 33.89
  mln vs 26.11 mln and depreciation 2.67 mln vs 2.72 mln but
  before net extraordinary loss 20.39 mln vs 13.79 mln.
  

"
training/4613	12	earn	"BRYN MAWR BANK CORP <BMTC> UPS DIVIDEND
  Qtly div 30 cts vs 30 cts prior
      Payable May one
      Record April 10
      NOTE:Bryn Mawr was reorganized as a holding company on
  January 2, 1987, resulting in each share of Bryn Mawr Trust Co
  being converted into three shares of the new holding company's
  stock. The 30 cts dividend represents a 15 pct increase over
  prior quarter.
  

"
training/4615	0	acq	"PRICE <PCLB> TO BUY 80 PCT OF TSS-SEEDMAN
  Price Co said it agreed to buy at
  least 81 pct of the stock of <TSS-Seedman's INc> for about 50
  mln dlrs.
      The terms envision a purchase of the entire company, it
  said.
      The transaction is expected to close at the end of April.
  

"
training/4617	43	ship	"TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
  Two small shipping companies have
  reached a pay deal with striking seamen, but union leaders said
  most of Brazil's 40,000 seamen were still on strike.
      A union spokesman in Rio de Janeiro said the seamen had
  accepted a 120 pct pay offer from the companies, Globo and
  Flumar, which have less than 200 employees each.
      The two-week strike comes as Brazil faces a debt crisis and
  is delaying exports badly needed to earn foreign exchange.
      Labour Minister Almir Pazzionotto said the government will
  not force a settlement of the strike, which was ruled illegal
  last Friday.
  

"
training/4620	12	earn	"12-MAR-1987
  12-MAR-1987

"
training/4621	12	earn	"ADSTEAM RIGHTS ISSUE TO RAISE 228 MLN DLRS
  The Adelaide Steamship Co Ltd <ADSA.S>
  (Adsteam) said its one-for-five rights issue at 11.50 dlrs a
  share will raise 228.5 mln dlrs for general working capital and
  investment, both in Australia and overseas.
      The group announced the issue with its first half earnings
  and said in a statement that the rights issue will be followed
  by a one-for-four bonus issue.
      Adsteam's equity-accounted net earnings rose to 75.05 mln
  dlrs in the half ended December 31 from 55.68 mln a year
  earlier and interim dividend to 18 cents from 16.
      Adsteam shares eased to 14.20 dlrs from an opening 14.60
  and yesterday's close of 14.50 on the issue announcement.
      The issue will be underwritten by <Morgan Grenfell
  Australia Ltd> and <McCaughan Dyson Ltd> apart from the shares
  to be taken up by Adsteam's associate and largest shareholder,
  department store retailer <David Jones Ltd>.
      New shares will not rank for the interim dividend but will
  rank equally thereafter.
      Adsteam said it expects to maintain an annual dividend rate
  of 36 cents on capital enlarged to about 149 mln shares by both
  issues from 99.36 mln.
      Adsteam said its diverse industrial interests generally
  performed well and its results, as the ultimate holding company
  and beneficiary, reflected this solid performance.
      David Jones, owned 49.2 pct by Adsteam, earned the largest
  associates' net of 57.38 mln dlrs in the half against 40.29 mln
  a year earlier, Adsteam's figures show.
      Wholly-owned and joint venture companies also did well
  apart from timber, building supplies and real estate, which
  returned below-budget profits due to the housing downturn.
      Adsteam said it sees 1987/88 as a year of reconstruction
  and consolidation with the capital base boosted by the issue.
  

"
training/4622	0	acq	"HEARST BUYS HOUSTON CHRONICLE FOR 400 MLN DLRS
  The <Hearst Corp> is buying the Houston
  Chronicle from Houston Endowment Inc for 400 mln dlrs.
      The announcement was made jointly by Frank Bennack Jr,
  president and chief executive officer of Hearst, and Richard
  Johnson, president of the Chronicle.
      The Houston Endowment is selling the paper to comply with
  federal tax laws requiring charitable institutions to divest
  themselves of profit-making subsidiaries by 1989.
      The Chronicle has a daily circulation of over 425,000 and
  is in competition with the Houston Post, owned by the <Toronto
  Sun Publishing Corp>, with a circulation of about 316,000.
      The acquisition gives Hearst its biggest newspaper holding
  in Texas, where the California-based publisher already owns
  papers in San Antonio, Beaumont and Laredo.
      The chain also owns, among others, the flagship San
  Francisco Examiner, the Los Angeles Herald Examiner and the
  Seattle Post-Intelligencer.
  

"
training/4623	0	acq	"IEL'S ACMEX UNIT TO BID FOR CHEETHAM
  <Industrial Equity Ltd> (IEL) unit
  <Acmex Holdings Ltd> said it proposed to make a formal takeover
  offer for all the issued capital of <Cheetham Ltd>, a producer
  of salt, animal feed and seeds.
      Acmex said in a statement it would offer one share for
  every two Cheetham shares or 3.40 dlrs cash for each share.
      Acmex said it was presently entitled to 5.1 mln Cheetham
  shares or 16.85 pct of its 30.27 mln issued shares.
      The scrip offer values Cheetham at about 110 mln dlrs,
  based on Acmex's current price of 7.20 dlrs, and the cash offer
  at about 104 mln. Cheetham last traded at 3.10 dlrs.
  

"
training/4625	15	gnp	"U.S. OFFICIALS DISAGREE ON REDUCING BUDGET DEFICIT
  Senior U.S. Economic officials
  disagree on the likelihood the government can meet its budget
  deficit reduction targets.
      Beryl Sprinkel, chairman of the Council of Economic
  Advisers, reiterated the Reagan Administration's opposition to
  a tax increase and its pledge to reduce the deficit by cutting
  spending and fostering economic growth.
      By contrast, Rudolph Penner, Director of the Congressional
  Budget Office, said the budget process has broken down and the
  deficit will remain close to 200 billion dlrs for fiscal 1987.
      Sprinkel told a symposium sponsored by New York University
  that spending could be cut by avoiding decisions based on the
  desire to influence votes and by shifting the responsibility
  for local projects to state governments.
      He also suggested a line-item veto, which allows the
  President to veto parts of bill without rejecting all of it, to
  limit wasteful spending. Spending and taxing decisions should
  be linked more closely.
      Sprinkel said the Administration still looks for 2.7 pct
  growth in U.S. Real gross national product (GNP) in 1987 and
  3.5 pct in 1988.
      Asked if the latest economic reports signal this rate of
  economic growth is attainable, Sprinkel said, ""It looks pretty
  good to me. We've had two very strong employment reports.""
      He also said federal reserve policy is appropriate, adding,
  ""It looks like they're on track.""
      While further reductions are needed in the trade deficit,
  Sprinkel said the lower dollar is having an impact.
      The new 1987 tax laws will not hurt the economy and the tax
  reform act of 1986 significantly lowers tax rates and will
  greatly increase private production incentives, he said.
      ""Our estimates at the Council of Economic Advisers suggest
  national net output of goods and services will permanently
  increase by approximately two pct because of the long-run
  consequences of tax reform,"" Sprinkel said. ""In 1986, this would
  have amounted to an increase of approximately 600 dlrs in the
  income of the average American family.""
      Sprinkel also argued the 1981 tax cuts were not responsible
  for the large increase in the budget deficit.
      In fiscal 1986 ending September, federal spending amounted
  to 23.8 pct of GNP, while federal receipts absorbed 18.5 pct of
  GNP, leaving a deficit of 5.3 pct, he said.
      Sprinkel said that, compared with fiscal 1978, the 1986
  federal expenditure share of GNP is 2.7 percentage points
  higher and the revenue share of GNP is virtually the same.
      ""Contrary to the conventional wisdom, therefore, the 1981
  tax cut is not the root cause of the extraordinary budget
  deficits of the past few years,"" Sprinkel said.
      ""This tax cut merely rolled back the inflation-induced tax
  increases that occurred between 1978 and 1981,"" he added.
      However, the Congressional Budget Office's Rudolph Penner
  argued that the tax cut in 1981 was misguided.
      ""Since making the big mistake in 1981 of cutting taxes
  enormously without any plan to decrease spending by the
  Administration or Congress, indeed with increases in defence
  spending, now all the options (for reducing the budget deficit)
  are unpleasant,"" he said.
      Penner said the tax cut resulted from the ideological
  turmoil in the U.S. Caused by the ""biggest sustained inflation
  in our nation's history,"" which helped foster widespread
  distrust of government.
      ""The American people turned on the government with tax
  revolt at the state level and new demands on the government at
  the national level,"" Penner said.
      ""But their dislike of taxes exceeded their general dislike
  of spending programs. Now the correction of that 1981 mistake
  demands that the system change a lot.""
      Penner sees little hope the Gramm-Rudman-Hollings budget
  deficit reduction targets will be met and said the deficit will
  remain at roughly 200 billion dlrs this year.
      He said a budget process that sets targets arbitrarily is
  not likely to succeed.
      ""I feel pretty safe in saying that any process that tries to
  dictate a numerical outcome from above is doomed to fail simply
  because there's no ... Way to enforce it,"" Penner said.
      Penner questioned the methods by which the 1987 budget
  deficit was cut. He said 18 to 19 billion dlrs were eliminated
  by one-time measures, such as a temporary increase in taxes
  related to tax reform and sales of government assets.
      ""Another four billion dlrs was cut by what I call creative
  timing changes, like moving the military payday from the last
  day of fiscal 1987 to the first day of fiscal 1988. That saved
  more than two billion dlrs,"" Penner said.
  

"
training/4630	45	sugar	"CHINA FACES DILEMMA OVER SUGAR IMPORTS
  China has to decide if it will increase
  sugar imports this year to cover falling domestic output and
  rising demand, in view of market predictions that international
  sugar prices will remain firm this year, traders and the
  official press said.
      He Kang, Minister of Agriculture, Animal Husbandry and
  Fisheries, said this week that China has adjusted the
  purchasing price for sugar cane and beet to check a drop in
  production last year but he gave no price details.
      One Japanese trader said domestic demand is rising rapidly
  because of improving living standards and rising demand for
  sweet drinks, cakes and biscuits and other sugary foods.
      ""It will not be easy to cut domestic demand, even in a
  state-controlled economy. China may have to import,"" he said.
      Customs figures show imports fell to 1.182 mln tonnes in
  1986 from 1.909 mln in 1985 and fell to 25,165 tonnes in
  January 1987 from 54,000 in January 1986.
      The official Economic Information newspaper last month said
  production in the 1986/87 crushing season (September-April)
  will be 1.18 mln tonnes short of demand.
      The paper put 1986/87 output at 4.82 mln, down from 5.24
  mln in 1985/86, and domestic demand at about six mln tonnes.
      ""In the last two years, acreage under sugar cane and beet
  has fallen, sugar mills are underutilised, output has dropped
  and cannot meet demand that is rising every day,"" it said.
      ""The country will have to continue imports of sugar and draw
  down stocks to meet market demand,"" it added.
      It quoted the Ministry of Light Industry as blaming the
  drop in output on unreasonable state purchasing prices for cane
  and beet as against other crops, which has resulted in farmers
  refusing to grow them.
      The paper said in 1985 a farmer could earn up to three
  times more per hectare from pineapple and watermelon and up to
  seven times more from bananas than from sugarcane. He could
  sell grain on the free market at 560 yuan a tonne, against only
  70 yuan a tonne for sugarcane.
      Sugar mills are suffering because refined sugar prices have
  not changed for 20 years despite rising costs, it said.
      In Fujian, the cost of producing one tonne rose to 702 yuan
  in 1985 from 520.1 in 1980, cutting the mills' profit to 117
  yuan a tonne from 217.9, it added.
      The paper said unreasonable pricing resulted in 144 of the
  442 sugar mills working in the 1985/86 crushing season losing
  money. China has 521 sugar mills.
      A foreign agricultural expert forecast a drop in cane
  acreage in 1986/87 (September-August) of up to 10 pct in
  Guangdong, which produced 45 pct of China's sugar in calendar
  1985, and a smaller drop in Fujian, which produced 11 pct of
  China's sugar in calendar 1985.
      He said both provinces are more developed than other
  sugar-producing areas and more sensitive to demand from cities.
      But cane acreage in Guangxi and Yunnan, which accounted for
  28 pct of the 1985 crop, has risen by 10 to 30 pct in 1986/87,
  because cane-growing is more economic there, he said.
      He put sugar stocks at 2.333 mln tonnes in September 1986.
      A Hong Kong trader estimated stocks at more than three mln
  at end-January. ""Now they are falling but (they) have not
  reached the critical level, compelling China to import quickly,""
  he said.
      ""China has options not easily available in western
  countries. It controls stocks strictly and can release less
  into the consumer market if stocks fall too quickly,"" he said.
      The Hong Kong trader said calendar 1987 imports will be
  slightly less than those of 1986, because of firm world prices
  and serious foreign exchange constraints which, he said, are
  likely to continue until at least end-1988.
      He said nearly all cane and beet is sold to the state-owned
  mills, with a small amount sold raw to consumers.
      ""Most of the mills are old and inefficient, with many of
  them using Soviet equipment imported in the 1950s,"" he said.
      He said demand in rural areas will in future rise an annual
  four pct, with demand in the cities rising an annual two pct.
  

"
training/4632	48	trade	"JAPAN DENIES BREAKING SEMICONDUCTOR TRADE PACT
  Japan denied breaking a pact with the
  U.S. On semiconductor trade but said prices set out in the pact
  were too high and acknowledged difficulties in implementing the
  accord.
      ""We are faithfully abiding by the ... Agreement but of
  course there are some problems,"" a spokesman for the
  International Trade and Industry Ministry told Reuters.
      He said the high semiconductor prices recommended by the
  agreement were leaving Japanese manufacturers piling up stocks
  of unsellable products. ""We are aiming to reduce production in
  Japan but of course this takes time,"" he said.
      The spokesman said some Japanese companies were selling
  chips in Europe and Asia below stipulated prices, but added: ""It
  is only a matter of time before we solve this problem.""
      The eight month old pact aims to stop Japan selling large
  quantities of chips at knock-down prices to the United States
  and other countries and to increase U.S. Semiconductor sales in
  Japan.
      The U.S. Senate Finance Committee this week called on
  President Reagan in a non-binding resolution to retaliate
  against Japan for violating the agreement.
  

"
training/4634	50	wpi	"GERMAN WHOLESALE PRICES FALL 0.4 PCT IN FEBRUARY
  West German wholesale prices fell 0.4
  pct in February from January to stand 6.9 pct lower than in
  February 1986, the Federal Statistics Office said.
      In January wholesale prices rose 0.8 pct from December to
  stand 8.6 pct below their level in January 1986.
      Wholesale price declines were led by starch products, down
  13 pct, light heating oil 11 pct lower, heavy heating oil 10
  pct lower and green coffee down 6.9 pct.
      Among higher wholesale prices were those for fresh
  vegetables, up 17 pct, fresh fruit up 12 pct and eggs up 8.9
  pct, the statistics office said in a statement.
  

"
training/4635	48	trade	"SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL

  SWISS FEB TRADE DEFICIT 629.7 MLN FRANCS (JAN DEFICIT 209.4 MLN) - OFFICIAL
  

"
training/4637	17	grain	"CHINA'S JANUARY GRAIN EXPORTS FALL
  China's grain exports in January totaled
  386,157 tonnes, down 22.1 pct from January 1986, customs
  figures show.
      They gave no detailed breakdown.
      The official China Economic News quoted the figures as
  showing tea exports rose 9.7 pct to 8,474 tonnes during the
  month.
      Imports of wool rose 117.6 pct to 10,248 tonnes over the
  same period, the figures show.
  

"
training/4638	48	trade	"SWISS FEBRUARY TRADE DEFICIT 629.7 MLN FRANCS
  Switzerland had a trade deficit of 629.7
  mln Swiss francs in February compared with a revised 209.4 mln
  deficit in January and 723.2 mln shortfall in February 1986,
  the Federal Customs Office said.
      February imports were 6.00 billion francs against exports
  of 5.37 billion.
      Imports rose in real terms by 5.1 pct against February 1986
  while exports rose by a real 4.6 pct, the office said.
      But a further improvement in the terms of trade left the
  deficit smaller than last year.
      Last February's figure had also been hit by the import of
  two passenger aircraft.
  

"
training/464	12	earn	"MASSACHUSETTS INVESTORS GROWTH STOCK FUND PAYOUT
  Qtly div from income 5.1 cts vs 3.035 dlrs in prior qtr
  including capital gains of 2.978 dlrs
      Payable March 27
      Record February 27
  

"
training/4640	43	ship	"JAPAN SHIPBUILDERS SEEK CARTEL TO RESTRICT OUTPUT
  Japanese shipbuilders have applied to the
  state's Fair Trade Commission to form a cartel to restrict
  tonnage built to about half of total capacity for the year
  starting April 1, officials of the Shipbuilders Association of
  Japan said.
      Under the plan, 33 yards capable of building ships of more
  than 10,000 gross tons will curtail operations to three mln
  compensated gross registered tonnes (CGRT) a year against
  capacity of about six mln CGRT.
      The Transport Ministry estimates new orders at 3.3 mln CGRT
  in the year to March 1988 and 3.1 mln the following year.
      The industry has curtailed production due to oversupply
  nearly every year since 1977/78, under cartel or Transport
  Ministry guidelines. The latest guidelines call for a ceiling
  of four mln CGRT in the year to March 31.
      The cartels, self-imposed and self-regulated, are not
  legally binding, but industry finds it in its own interest to
  stick to them.
      The slowdown in orders has been caused by the strong yen
  and a protracted worldwide shipbuilding slump.
  

"
training/4641	50	wpi	"SWISS WHOLESALE PRICES FALL 0.3 PCT IN FEBRUARY
  Swiss wholesale prices fell by 0.3 pct in
  February, giving a drop of 4.3 pct from February 1986, the
  Federal Office of Industry, Trade and Labour said.
      Prices had been unchanged in January, giving an annual drop
  of 4.6 pct. They fell by 2.6 pct in the year to February 1986.
      The wholesale price index, base 1963, stood at 168.5 in
  February from 176.1 last year.
      The office said the fall was largely due to lower prices
  for energy, raw materials and semi-finished goods. Consumer
  goods prices rose slightly.
  

"
training/4644	12	earn	"KUBOTA LTD <KUB.T> THIRD QUARTER TO JANUARY 15
  Group shr 53 yen vs 22
      Net profit 3.58 billion vs profit 1.47 billion
      Pretax profit 4.94 billion vs loss 248 mln
      Operating profit 5.36 billion vs profit 789 mln
      Sales 127.34 billion vs 130.22 billion
      Nine months ended January 15
      Group shr 134 yen vs 119
      Net 9.10 billion vs 8.03 billion
      Pretax 19.78 billion vs 14.77 billion
      Operating 17.35 billion vs 16.00 billion
      Sales 430.06 billion vs 446.26 billion
  

"
training/4648	16	gold	"JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES
  The cabinet has approved a bill making it
  easier for the government to issue commemorative coins, a
  Finance Ministry official said.
      The bill, which must still be approved by parliament, would
  take effect in April 1988. It would allow the government to
  issue 1,000, 5,000 and 10,000 yen coins without special
  legislation, although higher-valued coins would still need a
  special law, the official said. At present it can only issue
  coins of 500 yen or less.
  

"
training/4649	12	earn	"SANDOZ AG <SANZ.Z> YEAR 1986
  Group 1986 net profit 541 mln Swiss
  francs vs. 529 mln
      Dividend 105 francs per 250 francs nominal share vs. 100,
  21 francs per 50 franc nominal participation certificate vs 20
      Group Turnover 8.36 billion francs vs. 8.45 billion
      Cash Flow 956 mln francs vs. 941 mln
      Parent company net profit 153.8 mln francs vs. 135.3 mln
  

"
training/4652	12	earn	" ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)

   ALUSUISSE GROUP 1986 NET LOSS 688 MLN SWISS FRANCS (LOSS 756 MLN)
  

"
training/4654	48	trade	"BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE
  The short-term effect of foreign exchange
  rate movements in correcting international trade imbalances
  appears to be waning, and long-term efforts are required to cut
  Japan's chronic dependence on external demand, the Bank of
  Japan said in a monthly report.
      Japan's trade surplus in nominal terms is likely to remain
  high in the near future, the central bank said.
      Fundamental adjustments will be needed as long as Japan
  hopes to benefit from a better international allocation of
  resources and maintain the free trade system, it added.
  

"
training/4656	22	interest	" London - Floating rate note prices open sharply lower, dealers say

   London - Floating rate note prices open sharply lower, dealers say
  

"
training/4657	12	earn	"ALUSUISSE <ALUZ.Z> YEAR 1986
  Net Loss 688 mln Swiss francs vs. Loss
  756 mln
      Gross sales 5.93 billion vs. 8.51 billion
      Operating income 198 mln francs vs 256 mln
      Net extraordinary charges 592 mln vs 472 mln
      Note - Company plans 50 pct capital reduction, banks to
  convert 300 mln francs of credit facilities to subordinated
  loans. No immediate plans for capital increase. Company full
  name Schweizerische Aluminium AG.
  

"
training/4658	10	crude	"Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto

  Opec deliberately under 15.8 mln barrel ceiling to defend price - Subroto
  

"
training/4659	0	acq	"COUNTY INCREASES TESCO STAKE IN HILLARDS
  <County Ltd>, which is acting in concert
  with Tesco Plc <TSCO.L> in its 151.4 mln stg for supermarket
  chain operator <Hillards Plc>, has purchased 300,000 Hillards
  ordinary shares at 316p per share, a statement said.
      These purchases, together with those made by County on 10
  March, represent about 4.8 pct of Hillards issued ordinary
  share capital, it said.
      Tesco's offer, made on March 10, values each Hillards
  ordinary share at 305.5p, a 37.6 pct premium over the previous
  day's  closing price. A cash alternative of 290.55p will be
  made available.
  

"
training/466	12	earn	"<PREMDOR INC> 4TH QTR NET
  Shr 35 cts vs 25 cts
      Net 1,590,000 vs 1,140,000
      Revs 32.2 mln vs 23.0 mln
      YEAR
      Shr 1.16 dlrs vs 68 cts
      Net 5,300,000 vs 3,100,000
      Revs 110.0 mln vs 85.4 mln
  

"
training/4660	50	wpi	"S. AFRICAN PRODUCER PRICE INFLATION FALLS SHARPLY
  South African year-on-year producer
  price inflation fell to 14.9 pct in January against 16.4 pct in
  December, Central Statistics Office figures show.
      The all items index (base 1980) rose a monthly 0.8 pct in
  January to 233.9, after also rising 0.8 pct in December to
  232.1.
      A year ago the index stood at 203.6 and year-on-year
  producer price inflation at 22.2 pct.
  

"
training/4662	10	crude	"SUBROTO SEES OIL MARKET CONTINUING BULLISH
  Indonesian Energy Minister Subroto said
  he sees the oil market continuing bullish, with underlying
  demand expected to rise later in the year.
      He told a press conference in Jakarta at the end of a
  two-day meeting of South-East Asian Energy Ministers that he
  saw prices stabilizing around 18 dlrs a barrel.
      ""The sentiment in the market is bullish and I think it will
  continue that way as demand will go up in the third or fourth
  quarters,"" Subroto said.
      Asked about the prospect for oil prices, he said: ""I think
  they will stabilise around 18 dlrs, although there is a little
  turbulence ...""
      ""Of course the spot price will fluctuate, but the official
  price will remain at 18 dlrs,"" he added.
  

"
training/4664	10	crude	"OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS
  Indonesian Energy Minister Subroto said
  OPEC is deliberately under its production ceiling of 15.8 mln
  barrels to defend its 18 dlr a barrel price target.
      He told reporters at an energy conference in Jakarta that
  OPEC had decided to maintain its price level of 18 dlrs.
      ""We are deliberately defending the price, so OPEC production
  is less than 15.8 (mln) at the moment,"" he stated.
      Asked if OPEC would increase production if prices went
  above 18 dlrs a barrel, he said this would be decided at the
  next OPEC meeting in June. ""We will discuss the market situation
  then,"" he added.
      He said a meeting of the OPEC Differentials Committee had
  been postponed because ""there is no need for the meeting.""
      He did not elaborate. The committee had originally been due
  to meet in Vienna this week.
  

"
training/4665	0	acq	"JAPAN REJECTS U.S. OBJECTIONS TO FAIRCHILD SALE
  A Foreign Ministry official dismissed
  arguments made by senior U.S. Government officials seeking to
  block the sale of a U.S. Microchip maker to a Japanese firm.
      ""They appear to be linking completely unrelated issues,""
  Shuichi Takemoto of the Foreign Ministry's North American
  Division told Reuters.
      U.S. Commerce Secretary Malcolm Baldrige has asked the
  White House to consider blocking the sale of <Fairchild
  Semiconductor Corp> to Japan's Fujitsu Ltd <ITSU.T>, U.S.
  Officials said yesterday.
      Baldrige expressed concern that the sale would leave the
  U.S. Military dependent on a foreign company for vital high
  technology equipment. Pentagon officials said Defence Secretary
  Caspar Weinberger also opposes to the sale.
      U.S. Officials have also said the sale would give Fujitsu a
  powerful role in the U.S. Market for supercomputers while
  Japan's supercomputer market remains closed to U.S. Sales.
      Takemoto said national security should not be an issue
  since the planned purchase of Fairchild from its current owner,
  Schlumberger Ltd <SLB>, does not include Fairchild's main
  defence-related division.
      In addition, Takemoto said tension over the supercomputer
  trade should not affect the sale as Fairchild does not make
  supercomputers.
      Analysts noted that Fairchild does make sophisticated
  microchips used in supercomputers. Fujitsu makes similar chips
  and supplies them to U.S. Supercomputer makers, they said.
      Takemoto also dismissed U.S. Fears that the proposed
  takeover would violate U.S. Antitrust law, saying ""the purchase
  would not result in Fujitsu monopolising the U.S. Semiconductor
  market.""
      Two separate issues appear to have come together to boost
  pressure to block the purchase, industry analysts said.
      The move is in part an attempt to force Japan to open its
  domestic market to more U.S. Supercomputer sales, they said.
      U.S. Officials have repeatedly charged that the Japanese
  public sector is closed to U.S. Supercomputer sales despite
  U.S. Firms' technological lead in the field.
      ""The United States believes Japan will only react when
  bullied, and this is a bullying ploy,"" Salomon Brothers Asia
  analyst Carole Ryavec said.
      However, the analysts said more is at stake than
  supercomputer sales as the U.S. Fears it is losing its vital
  semiconductor industry to Japanese competitors.
      ""The real issue is xenophobia in (the U.S.) Silicon Valley,""
  said Tom Murtha of brokerage James Capel and Co.
      U.S.-Japanese tension over the semiconductor trade has
  failed to subside despite recent efforts by Japan's Ministry of
  International Trade and Industry (MITI) to get Japanese firms
  to abide by a bilateral pact aimed at halting predatory pricing
  and opening Japan's market.
      A MITI official said that while Japan is faithfully abiding
  by the agreement, problems remain in halting the sale of
  microchips in Europe and Southeast Asia at prices below those
  set by the pact.
      ""It is only a matter of time before we solve this problem,""
  he told Reuters.
      Despite the furore, Fujitsu will proceed with talks on the
  acquisition in line with the basic agreement reached with
  Schlumberger last year, a Fujitsu spokeswoman told Reuters.
  

"
training/4666	32	money-fx	"BANK OF ENGLAND OFFERS EARLY HELP TO MONEY MARKET
  The Bank of England said it invited an
  early round of bill offers to help ease tight conditions in the
  money market.
      The bank estimated today's liquidity shortage at about 1.10
  billion stg.
      Bills maturing in official hands and the treasury bill
  take-up would drain 1.21 billion stg from the system while a
  rise in the note circulation and below target bankers' balances
  would take out 265 mln and 180 mln respectively, the bank said.
      Against this, exchequer transactions would add a net 535
  mln stg.
  

"
training/467	0	acq	"AMERICAN NURSERY <ANSY> BUYS FLORIDA NURSERY
  American Nursery Products Inc
  said it purchased Miami-based Heinl's Nursery Inc, for
  undisclosed terms.
      Heinl's Nursery has sales of about 4.5 mln dlrs and owns
  100 acres, of which 75 are in shade houses and about 58,300
  square feet cover greenhouses, shipping and office facilities.
  

"
training/4679	7	cotton	"CHINA TRYING TO INCREASE COTTON OUTPUT, PAPER SAYS
  China's 1987 cotton output must rise
  above the 1986 level of 3.54 mln tonnes or supply will fall
  short of increasing demand, the China Daily said.
      Demand in 1986 rose 10.9 pct over 1985.
      Output in 1986 fell from 4.15 mln tonnes in 1985 and a
  record 6.2 mln in 1984, official figures show. The China Daily
  attributed the decline to several factors, including less
  favorable weather conditions and new state measures to restrict
  cotton production after the 1984 build-up of stocks.
      According to Customs figures, cotton exports rose to
  558,089 tonnes in calendar 1986 from 347,026 in 1985.
      To increase output quickly, the state will raise by 10 pct
  the price it pays for cotton produced above and beyond quota
  levels, the newspaper said. Its official purchasing agencies
  will buy cotton produced in excess of that originally
  contracted for, it added.
      The China Daily said all cotton growing areas in south
  China should be maintained, and growing in the north should be
  concentrated in Hebei, Shandong, Henan and Xinjiang.
      It called for comprehensive planning to coordinate
  production of cotton with that of grain, edible oil and other
  crops, but gave no more details.
  

"
training/4686	33	money-supply	"JAPAN PERSONAL SAVINGS SOAR IN 1986
  Japanese personal savings grew 10.3 pct
  in 1986 from 1985 helped by a sharp increase in stock
  investments by individuals, the Bank of Japan said.
      Outstanding savings on December 31, 1986 totalled 545,303
  billion yen. Funds in investment trusts alone totalled 21,918
  billion yen, up 37.4 pct from a year earlier.
      The outstanding balance also included deposits at banks and
  post offices, up 7.4 pct to 337,867 billion yen, savings in the
  form of insurance, up 18.6 pct to 111,431 billion, corporate
  bond investments, up 7.8 pct to 46,867 billion, and investments
  in trust banks, up 4.1 pct to 27,220 billion.
  

"
training/4687	12	earn	"ALUSUISSE SHARES SUSPENDED ON CAPITAL CUT NEWS
  Trading in shares of Schweizerische
  Aluminium AG, Alusuisse, <ALUZ.Z> was suspended on the Zurich
  stock exchange after today's announcement by the company that
  it would cut its share capital by 50 pct, the bourse said.
      The bourse said trading would resume again on Monday.
      Alusuisse bearer shares closed at 490 francs yesterday,
  registered shares at 170 francs and the participation
  certificates at 45.50.
  

"
training/4689	10	crude	"PETROBRAS CANCELS OIL PURCHASE FROM SAUDI ARABIA
  Brazil's state oil company
  Petrobras has cancelled a 40 mln dlr crude oil purchase from
  Saudi Arabia after the Saudis refused to accept credit
  guarantees from the Bank of Brazil and did not disclose
  reasons, a Petrobras official said.
      Export director Carlos Santana told reporters the Saudis
  were the first suppliers of oil to impose such conditions after
  Brazil's decision to halt interest payment of its commercial
  debts last month. The shipment of 2.2 mln barrels represents
  two days of consumption.
      He said the Saudis reported they would no longer accept
  letters of credit from the Bank of Brazil or even from Saudi
  banks and that Brazil would have to obtain credit guarantees
  from leading international banks.
      In February, Brazil had contracted to buy 125,000 bpd from
  the Saudis until June. Saudi Arabia is Brazil's second biggest
  oil supplier, with an average 115,000 bpd. Iraq is the main
  supplier with 235,000 bpd. China comes third, with 58,000 bpd.
      ""If the Saudis wish to stop our trade relationship...I am
  sure that if they do, we will be getting dozens of offers from
  elsewhere,"" Santana added.
      Santana said if the Saudis change their minds and decide to
  respect the terms of the contract, then Petrobras will lift the
  order to cancel the shipment.
      The Saudis had put similar conditions on a previous
  shipment, he added. ""We telexed them saying that if they
  insisted, we would rather cancel the contract and buy the
  product elsewhere,"" Santana said.
      After Petrobras threatened to cancel the contract, the
  Saudis changed their minds and decided to accept the Bank of
  Brazil's credit guarantees, he said.
  

"
training/4690	0	acq	"MANNESMANN CONSIDERING MAJORITY STAKE IN FICHTEL
  A Mannesmann AG <MMWG.F> spokesman
  said the company has lodged an application with the Federal
  Cartel Office for approval of a possible majority stake in car
  parts company <Fichtel und Sachs AG>.
      He described the application as a precautionary move and
  said no agreement on buying a majority stake had yet been
  reached. Until now Mannesmann has said only that it wanted to
  buy a 37.5 pct stake in Fichtel from the heirs of Ernst Wilhelm
  Sachs, the grandson of the firm's founder.
      The spokesman declined to say from whom it may buy the
  other shares to create a majority stake in the firm.
      Fichtel's other principal shareholders are Commerzbank AG
  <CBKG.F>, with 35.01 pct, and Salzgitter AG <ISLG.F>, with
  24.98 pct. Spokesmen declined to comment directly on the
  possibility of selling Fichtel shares to Mannesmann.
      Mannesmann said in January it hoped to take a 37.5 pct
  stake in Fichtel's holding company Sachs AG in the first
  quarter.
      Last week a spokesman said Mannesmann had a letter of
  intent on the 37.5 pct stake but completion was being delayed
  by legal questions surrounding the inheritance.
  

"
training/4691	12	earn	"SCHWEIZERHALLE FIRE HIT SANDOZ 1986 PROFITS
  Sandoz AG <SANZ.Z> would
  have reported a percentage rise in net profits ""close to double
  figures"" rather than the actual two pct had it not been for
  November's warehouse fire, a senior company official said.
      The official, who declined to be identified, told Reuters
  Sandoz had made a substantial addition to reserves to cope with
  the consequences of the accident at Schweizerhalle, which
  caused severe pollution of the Rhine.
      Sandoz today reported without comment a rise in net profits
  to 541 mln francs from the previous 529 mln and a five pct
  increase in dividend to 105 francs per 250 franc nominal share.
      This year began well, with the performance in January and
  February at least equal to the same period last year, the
  official said.
      The company is expected to give fuller details of its
  results at a news conference on April 22.
      Sandoz has insisted that it is adequately insured to cover
  any liability arising from the accident.
      The official said the addition to reserves was to cover the
  ""one pct"" of claims somehow not covered and any voluntary
  gestures it wanted to compensate for the effects of pollution
  from the fire.
      Sandoz has not given any figure for claims, which have been
  flowing in from Switzerland and other countries bordering the
  Rhine since the accident.
      However, the official said the final figure would be ""much
  less than that cited in earlier comments."" He gave no further
  details.
      In line with fellow chemical giant Ciba-Geigy <CIGZ.Z>,
  which reported last month, Sandoz profit and turnover were also
  hit by the falling dollar, the official said.
      Sales in local currency terms were up by 14 pct, with
  market share increases in the United States and Japan. But this
  was more than offset by a 15 pct negative foreign exchange
  effect, which produced the reported one pct drop in turnover to
  8.36 billion francs,the Sandoz official said.
      Net profit at Ciba-Geigy dropped by 21 pct to 1.16 billion
  francs, while sales fell by 12 pct to 15.95 billion francs.
      The third major Swiss chemical company, F. Hoffmann-La
  Roche and Co <HOFZ.Z> has not yet reported its results.
  

"
training/4692	12	earn	"ALUSUISSE SEES POSSIBLE BREAK-EVEN IN 1987
  Schweizerische Aluminimum AG <ALUZ.Z>
  (Alusuisse) may be able to break even this year after cleansing
  its balance sheet for 1986, chief executive Hans Jucker said.
      ""The threshold of profitability has returned to the
  foreseeable future,"" he said. ""We expect already in 1987
  approximately to break even. That presupposes, however, that
  our industrial environment does not worsen.""
      He said Alusuisse would no longer face the burden of past
  losses.
      Alusuisse made a net loss of 688 mln Swiss francs in 1986
  after a restated 756 mln loss in 1985.
      Gross sales were 5.93 billion francs after 8.51 billion and
  net turnover 5.65 billion after 8.00 billion.
      Alusuisse had originally reported a 692 mln francs loss for
  1985.
      But Jucker and Finance Director Hermann Haerri told a news
  conference the new management installed a year ago had decided
  to restate the previous five years' accounts to eliminate
  rights on Australian bauxite previously in the books as an
  asset.
      Together with other one-off charges, Alusuisse took an
  gross extraordinary charge in 1986 of 698 mln francs, up from
  472 mln in 1985.
      It also had 106 mln extraordinary income in 1986 remaining,
  after provisions, from the sale of its Maremont Corp subsidiary
  in the United States. There were no extraordinary gains in
  1985.
      Jucker said the losses, plus those carried forward from
  1985, had wiped out the company's remaining reserves and
  exceeded legally allowed levels, forcing Alusuisse to adopt a
  50 pct capital cut, to be approved by shareholders on April 22.
      Jucker said he knew shareholders would find this ""radical
  elimination of the mortgages of the past"" painful, but said the
  foundation had been laid for a successful new company strategy.
      Haerri said despite the losses, the company's liquidity was
  strong. Bank debt had been cut by about one-third to 2.56
  billion francs against the end-1985 level of 3.85 billion.
      Cash flow improved substantially to 323 mln francs from 111
  mln and represented 5.7 pct of turnover against a mere 1.4 pct
  in 1985.
      In addition, to reassure other creditors, Alusuisse had
  arranged with three major Swiss banks -- Union Bank of
  Switzerland <SBGZ.Z>, Swiss Bank Corp <SBVZ.Z> and Credit
  Suisse <CRSZ.Z>, to convert 300 mln francs of credits into a
  subordinated loan.
      The main sources of losses in 1986 were book losses and not
  cash losses, Haerri said. Existing credit lines were used only
  to a small extent, and the parent company had been granted a
  new credit line of 200 mln francs from a consortium of Swiss
  banks that would cover most of the loans falling due in 1987.
      Haerri said the company had been criticized for maintaining
  bauxite rights as an asset, and so had restated the accounts.
      That left the 1985 account with a 756 mln franc loss
  instead of 692 mln, 1984 with a 68 mln profit instead of 169
  mln, 1983 with a 217 mln loss instead of 82 mln and 1982 with a
  479 mln loss instead of 179 mln.
      The new accounts show 1985 with shareholders' equity of
  1.15 billion francs instead of 1.75 billion, and similar
  alternations were made for previous years.
      After 1986 losses, shareholder's equity stood at only 895
  mln francs.
  

"
training/4695	12	earn	"JAPAN CORPORATE PROFITS IN LAST 1986 QUARTER UP
  Current profits of Japan's major firms in
  the October-December quarter rose four pct from a year earlier
  to 5,654 billion yen against a 2.6 pct year-on-year rise in the
  preceding quarter, the Finance Ministry said.
      The improved earnings resulted mainly from a 22.5 pct
  profit increase in non-manufacturing industries, supported by
  an 88.7 pct rise for construction firms and a 138 pct gain in
  real estate, according to a ministry survey.
      Total sales of the 15,308 firms with capital of 10 mln yen
  or more which responded to the poll, fell one pct to 217,217
  billion yen against a 1.2 pct fall the previous quarter.
      Current profits of manufacturing industries in the fourth
  quarter dropped 13.7 pct to 2,394 billion yen against a 22.1
  pct fall in the preceding quarter, the ministry said.
      Plant and equipment investments of all firms polled fell
  3.9 pct to 8,004 billion yen, compared with a 1.4 percent fall
  the previoius quarter.
      Ministry officials said the survey showed that the Japanese
  economy is in a delicate stage in which it is hard to tell if
  economic growth has stopped deteriorating or if the economy is
  heading for a recovery.
  

"
training/4697	1	alum	"ALUSUISSE PLANS FURTHER ALUMINIUM CAPACITY CUTS
  Schweizerische Aluminium AG <ALUZ.Z>
  (Alusuisse) plans further drastic cuts in its aluminium
  smelting capacity and more concentration of higher value-added
  products, chief executive Hans Jucker said.
      Elaborating on plans disclosed in outline last September,
  company officials said current smelting capacity of 390,000
  tonnes a year would be cut to between 250,000 and 260,000
  tonnes by 1989 or 1990. They did not say where cuts might be
  made.
      Two years ago, before selling its Ormet Corp subsidiary in
  the United States to local management and staff, Alusuisse had
  an annual capacity of 800,000 tonnes.
  

"
training/4698	26	jobs	"CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID

  CANADA FEBRUARY UNEMPLOYMENT FALLS TO 9.6 PCT FROM JANUARY 9.7 PCT, STATISTICS CANADA SAID
  

"
training/47	48	trade	"BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY
  inflation
  plan, initially hailed at home and abroad as the saviour of the
  economy, is limping towards its first anniversary amid soaring
  prices, widespread shortages and a foreign payments crisis.
      Announced last February 28 the plan froze prices, fixed the
  value of the new Cruzado currency and ended widespread
  indexation of the economy in a bid to halt the country's 250
  pct inflation rate.
      But within a year the plan has all but collapsed.
      ""The situation now is worse than it was. Although there was
  inflation, at least the economy worked,"" a leading bank
  economist said.
      The crumbling of the plan has been accompanied by a
  dramatic reversal in the foreign trade account. In 1984 and
  1985 Brazil's annual trade surpluses had been sufficient to
  cover the 12 billion dlrs needed to service its 109 billion dlr
  foreign debt.
      For the first nine months of 1986 all seemed to be on
  target for a repeat, with monthly surpluses averaging one
  billion dlrs. But as exports were diverted and imports
  increased to avoid further domestic shortages the trade surplus
  plunged to 211 mln dlrs in October and since then has averaged
  under 150 mln.
  

"
training/470	12	earn	"MFS MANAGED SECTORS TRUST DIVIDEND INCREASED
  Semi-annual div from income of 7.3 cts vs 1.0 cent in prior
  period
      Payable March 27
      Record February 27
  

"
training/4700	26	jobs	"CANADA FEBRUARY UNEMPLOYMENT 9.6 PCT
  Canada's February unemployment rate,
  seasonally adjusted, fell to 9.6 pct from 9.7 pct in January,
  Statistics Canada said. The rate was 9.8 pct in February last
  year.
      Seasonally adjusted employment in February was 11,777,000,
  compared with 11,747,000 in January, while unemployment slipped
  to 1,252,000 from 1,255,000.
  

"
training/4708	16	gold	"JAPAN CABINET APPROVES BILL ON GOLD COIN ISSUES
  The cabinet has approved a bill making it
  easier for the government to issue commemorative coins, a
  Finance Ministry official said.
      The bill, which must still be approved by parliament, would
  take effect in April 1988. It would allow the government to
  issue 1,000, 5,000 and 10,000 yen coins without special
  legislation, although higher-valued coins would still need a
  special law, the official said. At present it can only issue
  coins of 500 yen or less.
  

"
training/4711	43	ship	"TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
  Two small shipping companies have
  reached a pay deal with striking seamen, but union leaders said
  most of Brazil's 40,000 seamen were still on strike.
      A union spokesman in Rio de Janeiro said the seamen had
  accepted a 120 pct pay offer from the companies, Globo and
  Flumar, which have less than 200 employees each.
      The two-week strike comes as Brazil faces a debt crisis and
  is delaying exports badly needed to earn foreign exchange.
      Labour Minister Almir Pazzionotto said the government will
  not force a settlement of the strike, which was ruled illegal
  last Friday.
  

"
training/4712	32	money-fx	"MIYAZAWA SAYS EXCHANGE RATES WILL STAY STABLE
  Finance Minister Kiichi Miyazawa told a
  press conference he thinks exchange rates will remain stable
  due to the currency accord reached in Paris last month by six
  major industrialised nations but he did not say for how long.
      The dollar has hovered around 153 yen since the six agreed
  to cooperate to bring about currency stability.
      Asked to comment on remarks by some U.S. Officials calling
  for a further decline of the dollar, Miyazawa said only the
  U.S. President and the U.S. Treasury Secretary can make
  official statements about exchange rates.
  

"
training/4713	10	crude	"SUBROTO SEES OIL MARKET CONTINUING BULLISH
  Indonesian Energy Minister Subroto said
  he sees the oil market continuing bullish, with underlying
  demand expected to rise later in the year.
      He told a press conference in Jakarta at the end of a
  two-day meeting of South-East Asian Energy Ministers that he
  saw prices stabilizing around 18 dlrs a barrel.
      ""The sentiment in the market is bullish and I think it will
  continue that way as demand will go up in the third or fourth
  quarters,"" Subroto said.
      Asked about the prospect for oil prices, he said: ""I think
  they will stabilise around 18 dlrs, although there is a little
  turbulence ...""
      ""Of course the spot price will fluctuate, but the official
  price will remain at 18 dlrs,"" he added.
  

"
training/4714	10	crude	"OPEC DEFENDING 18 DLR PRICE, SUBROTO SAYS
  Indonesian Energy Minister Subroto said
  OPEC is deliberately under its production ceiling of 15.8 mln
  barrels to defend its 18 dlr a barrel price target.
      He told reporters at an energy conference in Jakarta that
  OPEC had decided to maintain its price level of 18 dlrs.
      ""We are deliberately defending the price, so OPEC production
  is less than 15.8 (mln) at the moment,"" he stated.
      Asked if OPEC would increase production if prices went
  above 18 dlrs a barrel, he said this would be decided at the
  next OPEC meeting in June. ""We will discuss the market situation
  then,"" he added.
      He said a meeting of the OPEC Differentials Committee had
  been postponed because ""there is no need for the meeting.""
      He did not elaborate. The committee had originally been due
  to meet in Vienna this week.
  

"
training/4717	48	trade	"BANK OF JAPAN CALLS FOR LONG-TERM EFFORTS ON TRADE
  The short-term effect of foreign exchange
  rate movements in correcting international trade imbalances
  appears to be waning, and long-term efforts are required to cut
  Japan's chronic dependence on external demand, the Bank of
  Japan said in a monthly report.
      Japan's trade surplus in nominal terms is likely to remain
  high in the near future, the central bank said.
      Fundamental adjustments will be needed as long as Japan
  hopes to benefit from a better international allocation of
  resources and maintain the free trade system, it added.
  

"
training/4729	12	earn	"AEP INDUSTRIES INC <AEPI> 1ST QTR JAN 31 NET
  Shr 19 cts vs 32 cts
      Net 586,000 vs 802,000
      Sales 14.2 mln vs 15.1 mln
      Avg shrs 3,006,372 vs 2,506,250
  

"
training/4732	12	earn	"D.H. HOLMES CO LTD <HLME> 4TH QTR NET
  Shr 39 cts vs 1.34 dlrs
      Net 1,392,000 vs 4,686,000
      Sales 81.9 mln vs 81.7 mln
      Year
      Shr 10 cts vs 97 cts
      Net 355,000 vs 3,375,000
      Sales 270.4 mln vs 272.8 mln
      NOTE: Share adjusted for three pct stock dividend in
  January 1987.
      Pretax net profits 3,052,000 dlrs vs 4,498,000 dlrs in
  quarter and loss 572,000 dlrs vs profit 2,922,000 dlrs in year.
      Latest year net includes pretax gains of 166,000 dlrs in
  quarter and 4,420,000 dlrs in year from pension plan
  reversions.
      Prior year net includes gain 1,549,000 dlrs on sale of
  property.
  

"
training/4733	0	acq	"FIRST BOSTON <FBC> STARTS ALLEGHENY <AG> BID
  First Boston Inc said it has started
  its previously-announced tender offer for all common shares,
  2.19 dlr cumulative preference shares and 11.25 dlr convertible
  preferred shares of Allegheny International Inc at 24.60 dlrs,
  20.00 dlrs and 87.50 dlrs respectively.
      In a newspaper advertisement, the company said the offer
  and withdrawal rioghts will expire April Nine unless extended.
  The offer is conditioned on receipt of at least a majority of
  Allegheny voting power on a fully diluted basis and on receipt
  of at least two thirds each of the preference and preferred
  shares.
      A merger approved by the Allegheny board in which remaining
  common, preference and preferred shares would be acquired at
  the tender prices is to follow the offer.
      Receipt of the minimum amounts under the offer would give
  First Boston sufficient voting power to assure approval of the
  merger without the affirmative vote of any other shareholder,
  the company said.
  

"
training/4735	43	ship	"COURT PUTS INJUNCTION ON DUTCH PORT REDUNDANCIES
  Employers in Rotterdam port's
  strike-hit general cargo sector have been served with an
  injunction until May 7 preventing them from continuing with
  plans for 350 redundancies this year, an employers'
  organisation spokesman said.
      An Amsterdam court yesterday ruled there had been a legal
  fault in the employers' redundancy procedure.
      The employers' spokesman said they were likely to restart
  the redundancy procedure afresh next week in an attempt to
  pre-empt the May 7 final court ruling.
      Port and transport union representative Paul Rosenmuller
  described the court ruling as a victory for the union, but
  added there was still a long way to go before the dispute that
  has hit the general cargo sector for the past eight weeks was
  resolved.
      Rosenmuller said there would be a meeting of the sector's
  4,000 workers this afternoon to decide on further action in the
  campaign of lightning strikes that began on January 19 in
  protest at planned redundancies of 800, starting with 350 this
  year.
      The employers said there were no immediate plans for
  meetings with the union either on the proposed redundancies or
  on a new work practice agreement in the sector.
      Meanwhile, discussions on a new work agreement in the
  port's grain sector, due to resume next week, are stalemated,
  although agreement could be close in the coal and ore sector,
  the employers' spokesman added.
  

"
training/4739	43	ship	"STRIKE TO CLOSE NEW ZEALAND PORTS ON MONDAY
  Harbour workers said they will
  strike for 24 hours on Monday, effectively closing all New
  Zealand's ports.
      The strike is over deadlocked wage negotiations.
      A Harbour Employees Workers' Union spokesman told reporters
  there will be no ship movements in and out of ports from
  midnight on Sunday (1200 hrs GMT March 15).
      There will be no loading or unloading involving harbour
  board workers and the Cook Strait ferries, which provide a
  vital link between New Zealand's North and South Islands, will
  not run, he added.
  

"
training/474	0	acq	"ESSELTE BUSINESS <ESB> UNIT BUYS ANTONSON UNIT
  Esselte Business Systems Inc's
  Esselte Meto division said it has acquired the Antonson America
  Co, a subsidiary of <Antonson Machines AB>, of Sweden.
      Esselte said the Antonson unit, based in LaPorte, Indiana,
  manufactures scales and label printers. The company said the
  purchase is part of a plan to increase the range of retail
  electronic scales being offered by Esselte in the U.S.
      It said the acquisition will enble Esselte to increase its
  distribution base in its effort to grow in the U.S.
  

"
training/4740	43	ship	"TWO BRAZILIAN SHIPPING FIRMS SETTLE WITH STRIKERS
  Two small shipping companies reached
  a pay deal with striking seamen late yesterday, but union
  leaders said most of Brazil's 40,000 seamen were still on
  strike.
      A union spokesman in Rio de Janeiro said the seamen had
  accepted a 120 pct pay raise offer from the companies, Globo
  and Flumar, which have less than 200 employees each.
      The two-week strike comes as Brazil faces a debt crisis and
  is delaying exports badly needed to earn foreign exchange.
      Labour Minister Almir Pazzionotto said the government will
  not force a settlement of the strike, which was ruled illegal
  last Friday.
  

"
training/4741	8	cpi	"PORTUGUESE FEBRUARY CONSUMER PRICES RISE ONE PCT
  Portugal's consumer prices rose one pct
  last month after a 1.2 pct increase in January and a 1.3 pct
  rise in February 1986, the National Statistics Institute said.
      The consumer price index (base 1976) rose to 761.3 from
  753.7 in January and compared with 695.4 in February 1986.
      This gave a year-on-year February inflation rate of 9.5 pct
  against 9.8 pct in January and 12.6 pct in February 1986.
      Measured as an annual average rate, inflation in February
  was 11.1 pct compared with 11.4 pct in January.  The government
  forecasts annual average inflation of about eight pct this
  year.
  

"
training/4742	10	crude	"WEATHER CLOSES ALEXANDRIA PORT, SUMED OIL TERMINAL
  Strong winds and high seas
  forced the closure of Egypt's main port of Alexandria and a
  nearby oil terminal, port officials said.
      Tanker loading at the Suez-Mediterranean Arab Petroleum
  Pipelines Co in Sedi Kerir, southwest of here, stopped and
  officials said five tankers were at anchorage awaiting improved
  weather.
  

"
training/4743	50	wpi	"U.S. PRODUCER PRICES ROSE 0.1 PCT IN FEB AFTER 0.6 PCT JAN RISE

  U.S. PRODUCER PRICES ROSE 0.1 PCT IN FEB AFTER 0.6 PCT JAN RISE
  

"
training/4744	50	wpi	"U.S. PRODUCER PRICES RISE 0.1 PCT IN FEBRUARY
  The U.S. Producer Price Index for
  finished goods rose 0.1 pct on a seasonally adjusted basis in
  February, the Labor Department said.
      The increase came after a 0.6 pct increase in producer
  prices in January.
      Higher energy prices were primarily responsible for the
  increase in February, though they rose at a slower pace than
  they had in January, the department said.
      The finished goods index was up 0.1 pct from its February,
  1986 level.
      Before seasonal adjustment, the index for finished goods
  stood at 292.3 over its 1967 base of 100.
      Among finished goods, the index for energy products rose
  four pct in February after a 9.8 pct increase in January. But
  price increases slowed sharply for gasoline and home heating
  oil, the department said.
      There were some price declines, including a 3.4 pct fall
  for passenger cars and 1.3 pct for light trucks from January
  levels. This reflected expanded factory-financed rebates and
  discount loan programs, the department said.
      Before seasonal adjustment, the index for finished goods
  stood at 292.3 over its 1967 base of 100.
      Among finished goods, the index for energy products rose
  four pct in February after a 9.8 pct increase in January. But
  price increases slowed sharply for gasoline and home heating
  oil, the department said.
      There were some price declines, including a 3.4 pct fall
  for passenger cars and 1.3 pct for light trucks from January
  levels. This reflected expanded factory-financed rebates and
  discount loan programs, the department said.
      The index for consumer foods fell 0.5 pct after a 1.8
  pct drop in January as vegetables, pork and coffee cost less.
  The index for intermediate goods rose 0.5 pct following a sharp
  0.9 pct rise in January.
      The department said that energy prices again were the main
  reason, with the index for intermediate energy up 2.7 pct.
      Gasoline and diesel fuel prices were about five pct higher,
  half the 10 pct jump recorded in January.
      The durable manufacturing materials index edged down 0.1
  pct last month after jumping 1.0 pct in January as prices for
  steel, precious metals and copper stabilized.
      The department said lead and zinc prices fell, while
  hardwood lumber and cement cost more. The crude materials index
  rose 1.8 pct in February after a 2.9 pct rise in January. Crude
  energy materials were up 2.6 pct, much less than the 10 pct
  rise in January. Crude petroleum prices rose 4.4 pct last month
  after a sharp 19.7 pct rise in January.
      Price rises accellerated for logs and timber and tobacco,
  but fell for cotton, metal ores and copper and aluminum scrap.
      Among finished goods, gasoline rose 5.5 pct after a 15.7
  pct January increase, and fuel oil was up three pct in February
  after an 18.0 pct increase in January.
  

"
training/4745	12	earn	"FIRST FARWEST CORP <FFWS> 4TH QTR LOSS
  Shr loss 4.22 dlrs vs profit nil
      Net loss 5,568,000 vs profit 11,000
      Revs 42.2 mln vs 37.5 mln
      Year
      Shr loss 3.74 dlrs vs profit 1.02 dlrs
      Net loss 4,898,000 vs profit 1,384,000
      Revs 139.0 mln vs 132.7 mln
      NOTE: 1986 net both periods includes 1,603,000 dlr loss
  from discontinued operations due to settlement of lawsuit and
  redemption of preferred.
  

"
training/4747	12	earn	"HEMOTEC INC <HEMO> 4TH QTR NET
  Shr one ct vs two cts
      Net 22,000 vs 58,000
      Sales 951,000 vs 901,000
      Year
      Shr four cts vs 12 cts
      Net 88,000 vs 293,000
      Sales 4,014,000 vs 3,533,000
      NOTE: Net includes tax credits of 46,000 dlrs vs 84,000
  dlrs in quarter and credit 19,000 dlrs vs provision 37,000 dlrs
  in year.
  

"
training/4748	0	acq	"SERVICE CONTROL BIDS FOR AMERICAN SERVICE
  <Service Control Corp> said it has
  started a tender offer for all shares of <American Service
  Corp> at 37 dlrs each.
      In a newspaper advertisement, the company said the offer
  and withdrawal rights expire April Nine unless extended.  The
  American Service board has approved the offer, which is to be
  followed by a merger at the same price.
      Service Control said the offer is conditioned on receipt of
  at least 534,806 shares.  It said holders of 534,819 shares
  have agreed to tender their shares under the offer and have
  granted Service Control an option to buy them at 37 dlrs each.
  

"
training/4751	12	earn	"DREYER'S GRAND <DRYR> RESTATES 4RTH QUARTER LOSS
  Dreyer's Grand Ice Cream said
  it has restated its previously-reported fourth quarter loss to
  904,000 dlrs or 13 cts per share because it has now decided to
  take a charge of about 700,000 dlrs to provide for losses of
  Midwest Distributing Co, which was acquired December 30.
      Dreyer's said the restatement reduces net income for the
  full year to 5,914,000 dlrs or 80 cts per share.
      The company said the restatement does not indicate any
  change in its thinking on the benefits of the acquisition or
  future prospects in Midwest Distributing's markets.
      Dreyer's Grand previously reported 1986 earnings of
  6,614,000 dlrs or 90 cts per share, down from 7,960,000 dlrs or
  1.08 dlrs a share.  For the first nine months of the year, it
  had earned 6,818,000 dlrs or 92 cts per share, up from
  6,354,000 dlrs or 86 cts a share a year before.
  

"
training/4755	12	earn	"<TURBO RESOURCES LTD> YEAR NET
  Oper shr nine cts vs three cts
      Oper shr diluted eight cts vs three cts
      Oper net 15 mln vs five mln
      Revs 518 mln vs 622 mln
      NOTE: Oper net excludes extraordinary income of seven mln
  dlrs vs four mln on tax loss carryforward, offset by writedowns
  of three mln dlrs vs eight mln on U.S. oil and gas properties
  and other assets.
  

"
training/4756	12	earn	"VW HAS NO COMMENT ON SEAT LOSS REPORTS
  A Volkswagen AG
  <VOWG.F> spokesman said the group had no immediate comment on
  reports of greater than expected losses at its Spanish
  subsidiary Sociedad Espanola de Automoviles de Turismo (SEAT).
      German newspapers reported that Werner Schmidt, SEAT
  supervisory board chairman, had told journalists that SEAT
  losses for 1986 were around 27 billion pesetas, or about 386
  mln marks, almost double original expectations.
      According to the Boersen-Zeitung newspaper, Schmidt said VW
  would invest 42 billion pesetas in SEAT this year and in the
  years to 1995 would spend 462 billion on its new Spanish unit.
  

"
training/4758	0	acq	"BENEFICIAL CORP TO SELL WESTERN NATIONAL LIFE FOR 275 MLN DLRS

  BENEFICIAL CORP TO SELL WESTERN NATIONAL LIFE FOR 275 MLN DLRS
  

"
training/4759	12	earn	"GENERAL MILLS INC 3RD QTR SHR 64 CTS VS 52 CTS

  GENERAL MILLS INC 3RD QTR SHR 64 CTS VS 52 CTS
  

"
training/4761	0	acq	"CAESARS WORLD INC SAID BOARD REJECTS MARTIN SOSNOFF TENDER

  CAESARS WORLD INC SAID BOARD REJECTS MARTIN SOSNOFF TENDER
  

"
training/4763	22	interest	" Top discount rate at U.K. Bill tender falls to 9.3657 pct

   Top discount rate at U.K. Bill tender falls to 9.3657 pct
  

"
training/4765	12	earn	"<MDI MOBILE DATA INTERNATIONAL INC> YEAR NET
  Oper shr 63 cts vs 47 cts
      Oper shr diluted 56 cts vs 38 cts
      Oper net 3,284,955 vs 2,176,925
      Revs 31.6 mln vs 23.0 mln
      NOTE: Current oper net excludes writedown of 344,039 dlrs,
  or seven cts a share, on unidentified investment.
  

"
training/4768	32	money-fx	"UK MONEY MARKET DEFICIT REVISED TO ONE BILLION STG
  The Bank of England said it has revised
  its estimate of today's shortfall to one billion stg, before
  taking account of 646 mln stg morning assistance.
  

"
training/4769	35	nickel	"OUTOKUMPU TO CLOSE NICKEL REFINERY DURING SUMMER
  The Finnish metal and mining group
  Outokumpu Oy said it will close its nickel refinery at
  Harjavalta in central Finland for six weeks in July and August
  this year due to current low prices on the nickel market.
      ""We consider nickel prices as bad at the moment, although
  they have been rising slightly since January,"" refinery sales
  manager Pekka Purra said.
      He said the closure will mean a drop in production of 3,000
  tonnes in 1987 from last year's output of 17,800 tonnes. The
  closure was also a move to cut labour costs as no extra staff
  have to be employed during holidays to keep the plant open.
  

"
training/4770	23	ipi	"U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT AFTER REVISED 0.1 PCT JAN GAIN

  U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT AFTER REVISED 0.1 PCT JAN GAIN
  

"
training/4771	23	ipi	"U.S. FEB INDUSTRIAL PRODUCTION ROSE 0.5 PCT
  U.S. industrial production rose 0.5
  pct in February after a revised 0.1 pct increase in January,
  the Federal Reserve Board said.
      The Fed previously said industrial production rose 0.4 pct
  in January.
      The Fed said the February gain was dominated by a sharp
  rise in motor vehicle production, which boosted output of both
  consumer goods and business equipment. Industrial production
  stood at 127.3 pct of the 1977 average in February and was up
  1.7 pct from a year ago, the Fed said.
      The Fed also revised the December industrial production
  figure to a gain of 0.5 pct from 0.3 pct originally reported.
      Manufacturing output rose 0.5 pct in February after a 0.1
  pct increase in January and included gains of 0.8 pct in
  durables and 0.1 pct in non-durables, the Fed said.
      Manufacturing was 2.4 pct above the year ago level.
      Production of auto assemblies rose to an annual rate of 8.3
  mln units last month from a January rate of 7.5 mln units.
      Output of consumer goods rose 0.6 pct after falling 0.3 pct
  in January and output of consumer durables was up 2.1 pct in
  February after falling by 2.0 pct in January.
      Business equipment production rose 1.0 pct in February,
  reflecting more output of autos and trucks for business use and
  a recovery from strikes in farm equipment industries, the Fed
  said.
      Mining output rose 0.1 pct after a 1.6 pct increase in
  January, but was still six pct lower than a year ago.
      Utilities output rose 0.7 pct in February after a 1.2 pct
  rise in January.
      Output of defense and space equipment was up 0.4 pct, the
  same as in January, and 6.2 pct higher than a year ago.
      Output of construction supplies rose 0.2 pct in February
  after a 1.5 pct January rise.
      Materials output increased by 0.2 pct last month, the
  fourth consecutive monthly increase after declining throughout
  much of 1986. The recent strength in materials has been
  concentrated in textiles, paper and chemicals, the Fed said.
      Output of home goods was up 0.3 pct in February and the Fed
  said production of items like appliances and furniture
  continued strong last month.
  

"
training/4772	0	acq	"CAESARS WORLD <CAW> REJECTS SOSNOFF'S OFFER
  Caesars World Inc said its board
  unanimously rejected a 28 dlr a share takeover offer by New
  York investor Martin T. Sosnoff.
      Caesars said Sosnoff's offer to by all its outstanding
  shares of common stock was inadequate and not in the best
  interests of its shareholders.
      The company recommended that shareholders reject Sosnoff's
  offer, made through his <MTS Acquisition Corp>, and not tender
  any of their shares.
      Caesars said it will explore a variety of alternative
  transactions but did not elaborate.
      Caesars, in a brief statement, did not say whether it would
  seek to buy back its shares held by Sosnoff.
      A Caesars spokesman said the company would not comment
  further on its decision.
      On Wednesday, Sosnoff told the Securities and Exchange
  Commission that he controls 13.6 pct of the company's stock.
      Sosnoff also informed the SEC that Caesars had offered to
  buyout his holdings several times during the past year.
      No one from the Sosnoff organization was immediately
  available for comment.
      Caesars said its financial advisor, Drexel Burnham Lambert
  Inc, had determined that Sosnoff's offer was financially
  inadequate for shareholders other than Sosnoff.
      The company said other factors it considered in rejecting
  the offer were its financial condition, future prospects,
  current market conditions and the numerous conditions on which
  Sosnoff's bid was conditioned.
      Caesars' stock opened up 1/8 point at 28-1/8. That is 1/8
  point above Sosnoff's offer price.
  

"
training/4773	12	earn	"ESSELTE AB <ESB.ST> 1986 RESULTS
  Group profit after net interest items
  742 mln crowns vs 741 mln.
      Sales 11.25 billion crowns vs 10.22 billion.
      Estimated profit per share 10 crowns vs 9.20.
      Proposed dividend four crowns vs 3.38.
  

"
training/4774	0	acq	"CONSECO <CNC> TO BUY BENEFICIAL <BNL> UNIT
  Conseco Inc said it has signed a
  definitive agreement to acquire Western National Life Insurance
  Co from Beneficial Corp for 275 mln dlrs in cash.
      Western National had assets of 1.9 billion dlrs at the end
  of 1986 and 1986 premium and investment revenues.  Western
  issues structured settlement annuities for the settlement of
  personal injury and damage claims and sells tax-sheltered
  annuities.
      The acquisition is subject to regulatory approval.
      Conseco said the acquisition would raise its assets to 2.7
  billion dlrs and annual revenues to about 800 mln dlrs.
      Beneficial had previously announced plans to leave the
  insurance business.  On March Three, it said it agreed in
  principle to sell its American Centennial Insurance Co,
  Beneficial International Insurance Co, Consolidated MArine and
  General Insurance Co Ltd, Consolidated Life Assurance Co Ltd,
  Wesco Insurance Co and Service General Insurance Co
  subsidiaries to a management-led group for 98 mln dlrs in notes
  mostly contingent on performance of the units and 10 mln dlrs
  in cash.
      Conseco had 1986 operating earnings of 4,968,000 dlrs on
  revenues of 84.9 mln dlrs.
  

"
training/4775	12	earn	"GREAT AMERICAN BANCORP <GRTB> 4TH QTR NET
  Shr profit seven cts vs loss 24 cts
      Net profit 151,000 vs loss 523,000
      12 mths
      Shrs loss 1.70 dlrs vs loss 44 cts
      Net loss 3,670,000 vs loss 947,000
      Assets 99.7 mln vs 102.6 mln
      Deposits 91.1 mln vs 90.6 mln
      Loans 44.3 mln vs 51.7 mln
  

"
training/4776	12	earn	"KONINKLIJKE NEDERLANDSE PAPIERFABRIEKEN <KNPN.AS>
  Net 1986 profit 132.6 mln guilders vs 117.3 mln
      Turnover 1.6 billion guilders vs same
      Earnings per share 16.00 guilders vs 15.80 on capital
  expanded by 11 pct to 8.21 mln outstanding shares.
      Proposed dividend per share 5.50 guilders vs 5.00
      Note - Full company name is Koninklijke Nederlandse
  Papierfabrieken NV.
  

"
training/4777	12	earn	"GENERAL MILLS INC <GIS> 3RD QTR FEB 22 NET
  Shr 64 cts vs 52 cts
      Net 56,900,000 vs 46,400,000
      Sales 1.31 billion vs 1.13 billion
      Avg shrs 88.2 mln vs 89.3 mln
      Nine mths
      Shr 2.09 dlrs vs 1.59 dlrs
      Net 185,900,000 vs 141,300,000
      Sales 3.84 billion vs 3.36 billion
      Avg shrs 88.9 mln vs 89.1 mln
      NOTE: 1986 period ended February 23
      Prior year amounts restated to reflect discontinued
  furniture operations
      Earnings include gains from discontinued operations of 1.5
  mln dlrs, or two cts a share in the 1986 quarter and gains of
  8.5 mln dlrs, or 10 cts a share in the fiscal 1987 nine months
  vs 3.0 mln dlrs, or four cts a share a year earlier
  

"
training/4779	12	earn	"NOVELL <NOVL> SETS PAYMENT DATE FOR STOCK SPLIT
  Novell Inc said the dividend to
  effect its previously announced two-for-one stock split will be
  distributed April 13.
      As stated at the time of the original announcement, the
  company said the payment will be made to holders of record
  March 31.
  

"
training/478	0	acq	"FOUR SEASONS BUYING MARRIOTT <MHS> HOTEL
  <Four Seasons Hotels Inc> and VMS Realty
  Partners said they agreed to acquire the Santa Barbara Biltmore
  Hotel in California from Marriott Corp, for undisclosed terms.
      Closing was expected by March 31, they added.
      The companies said they would jointly own the hotel and
  rename it the Four Seasons Biltmore at Santa Barbara. They said
  they would spend more than 13 mln U.S. dlrs ""to enhance the
  Biltmore's position as one of the finest resort hotels in North
  America."" Chicago-based VMS Realty is a real estate and
  development firm.
  

"
training/4780	12	earn	"NORTEK INC <NTK> SETS QUARTERLIES
  Qtly div common 2-1/2 cts vs 2-1/2 cts prior
      Qtly div special common one ct vs one ct
      Pay May Eight
      Record April Three
  

"
training/4781	43	ship	"DUTCH PORT UNION CALLS OFF GENERAL CARGO STRIKES
  Dutch port and transport union, FNV,
  has called off the strikes against planned redundancies that
  have hit Rotterdam port's general cargo sector for the past
  eight weeks, strike leader Paul Rosenmuller told a mass
  meeting.
      The decision followed yesterday's ruling by an Amsterdam
  court preventing the sector's employers continuing with current
  plans for 350 redundancies this year until the court sits again
  on May 7, Rosenmuller told a meeting of the general cargo
  sector's 4,000 workers today.
      The court ruled the employers had made a mistake in the
  complicated legal procedure for obtaining official permission
  for the redundancies, and therefore could not proceed.
      ""There is no need to continue the strikes for the moment now
  the immediate pressure of redundancies has been lifted,""
  Rosenmuller said.
      But he added that the strikes, which began on January 19 in
  protest against plans for 800 redundancies by 1990, could
  resume at any time before May 7 if the employers made any moves
  to re-apply for permission for the redundancies.
      SVZ labour relations manager Gerrard Zeebregts said they
  would be meeting their lawyers today with a view to re-applying
  for this permission next week in the hope of gaining approval
  for the redundancies within a month.
  

"
training/4782	12	earn	"NOVA AN ALBERTA CORP 4TH QTR SHR LOSS 15 CTS VS LOSS 1.09 DLRS

  NOVA AN ALBERTA CORP 4TH QTR SHR LOSS 15 CTS VS LOSS 1.09 DLRS
  

"
training/4785	5	coffee	"UGANDA RE-ROUTES COFFEE EXPORTS THROUGH KISUMU
  Long delays at the railway crossing on
  the Kenyan border have led Uganda to re-route its coffee
  exports through a ferry link with the Kenyan port of Kisumu
  across Lake Victoria, Ugandan officials based in Kenya said.
      Uganda has a direct rail link with the Kenyan port of
  Mombasa through which it conducts 70 pct of its external trade
  but there is a chronic shortage of railway wagons, they said.
      Customs at Kisumu take less than a day compared with two to
  three at the Malaba rail border crossing, a Ugandan Railways
  official said. ""Malaba is now handling only 10 pct of the trade
  and all the coffee and oil goes through Kisumu,"" he said.
      However, an accident recently damaged the wagon ferry which
  plies between Kisumu and the Ugandan port of Jinja, causing
  bottlenecks on the lake route too.
      Sources at the Coffee Marketing Board in Kampala reported
  delays in coffee export shipments last January due to
  congestion on the lake ferries.
      Coffee accounts for about 95 pct of Uganda's export
  earnings and last November President Yoweri Museveni ordered
  all coffee shipments to be carried by rail in order to avoid
  the higher costs of road haulage.
  

"
training/4787	50	wpi	"NORWAY'S WHOLESALE PRICES RISE 0.5 PCT IN FEBRUARY
  Norway's wholesale price index (base 1981)
  rose 0.5 pct in February to 136.0 after a 1.7 pct rise in
  January to 135.0, the Central Bureau of Statistics said.
      The year on year increase for February was 7.9 pct compared
  with 5.7 pct in January and 2.2 pct in February 1986, it added.
  

"
training/4788	12	earn	"HEALTHCO INTERNATIONAL INC <HLCO> 4TH QTR NET
  Oper shr 51 cts vs 43 cts
      Oper shr diluted 47 cts vs 43 cts
      Oper net 3,182,000 vs 2,462,000
      Revs 101.7 mln vs 87.0 mln
      Avg shrs 6,246,664 vs 5,671,607
      Avg shrs diluted 7,501,209 vs 5,671,607
      Year
      Oper shr 1.84 dlrs vs 1.48 dlrs
      Oper shr diluted 1.76 dlrs vs 1.48 dlrs
      Oper net 11.5 mln vs 8,312,000
      Revs 349.2 mln vs 307.0 mln
      Avg shrs 6,238,720 vs 5,616,019
      Avg shrs diluted 6,969,389 vs 5,616,019
      NOTE: 1986 net both periods excludes charge 1,205,000 dlrs
  from distribution system restructuring costs.
      1986 year net excludes 440,000 dlr debt retirement gain and
  gain 12.8 mln dlrs from sale of HPSC Inc <HPSC> stock.
      1986 net both periods includes charge 768,000 dlrs from
  reversal of investment tax credits.
  

"
training/4791	12	earn	"WILFRED AMERICAN EDUCATIONAL CORP <WAE> 4TH QTR
  Shr two cts vs 36 cts
      Net 182,000 vs 3,433,000
      Revs 20.1 mln vs 21.4 mln
      Year
      Shr 71 cts vs 98 cts
      Net 6,706,000 vs 9,275,000
      Revs 85.7 mln vs 75.4 mln
      NOTE: 1985 net both periods includes gain 743,000 dlrs from
  cancellation of debt.
      1986 quarter net includes reversal of 216,000 dlrs in
  investment tax credits.
  

"
training/4792	12	earn	"AL LABORATORIES INC <BMD> 4TH QTR NET
  Shr 10 cts vs 14 cts
      Net 913,000 vs 1,273,000
      Revs 37.7 mln vs 24.7 mln
      12 mths
      Shr 61 cts vs 60 cts
      Net 5,529,000 vs 5,448,000
      Revs 123.6 mln vs 96.8 mln
      NOTE: net for qtr and yr 1986 and 1985 adjusted to reflect
  retroactive effect of three-for-two stock splits distributed to
  shareholders in July 1986 and August 1985.
      1986 net includes results of operations of Parmed
  Pharmaceuticals Inc, acquired May 29, 1986.
  

"
training/4794	12	earn	"NU-MED INC <NUMS> 3RD QTR JAN 31 NET
  Shr 26 cts vs 10 cts
      Net 2,867,000 vs 1,208,000
      Revs 100.0 mln vs 85.0 mln
      Avg shrs 10.4 mln vs 9,791,671
      Nine mths
      Shr 57 cts vs 34 cts
      Net 6,327,000 vs 3,951,000
      Revs 284.4 mln vs 225.4 mln
      Avg shrs 10.1 mln vs 9,831,097
      Current year net both periods includes gain 1,755,000 dlrs
  from change inestimation of useful lives used in depreciation
  of property and equipment.
  

"
training/4795	12	earn	"ALUSUISSE PLANS 50 PCT CAPITAL CUT
  Schweizerische Aluminium AG, Alusuisse,
  plans to reduce share and participation certificate capital by
  50 pct to cover losses in 1986 and those carried forward from
  the previous year, chief executive Hans Jucker said.
      Jucker told a news conference that the greatest drain on
  its financial resources had been stopped, but after
  extraordinary charges the net loss of 688 mln francs in 1986
  was only slightly under the 756 mln loss of the previous year.
      The losses in 1986 and those carried over from 1985 made it
  necessary to reduce capital by 50 pct, he said.
      However, Jucker said the company improved liquidity through
  a recovery in cash flow and conversion of 300 mln Swiss francs
  of credit into a subordinated loan.
      Trading in Alusuisse shares was suspended on the Zurich
  stock exchange after today's announcement by the company that
  it would cut its share capital by 50 pct, the bourse said.
  Trading would resume again on Monday.
  

"
training/4796	12	earn	"DAVIS WATER <DWWS> RELEASES PRE-SPLIT EARNINGS
  Davis Water and Waste
  Industries Inc said it has restated its earnings on a pre-
  stock split basis for fiscal 1987's third quarter and nine
  months ended January 31, which were reported March 10 on a post
  four-for-three stock split basis.
      The company said its earnings per share for the third
  quarter on a pre-split basis, converts to 16 cts from 12 cts
  post-split, versus three cts pre-split from two cts post-split
  for fiscal 1986's third quarter.
      For the nine months, Davis said, earnings per share would
  convert to 77 cts and 44 cts for fiscal 1987 and 1986
  respectively, from 58 cts and 33 cts, respectively.
  

"
training/4797	12	earn	"<NOVA AN ALBERTA CORP> 4TH QTR LOSS
  Shr loss 15 cts vs loss 1.09 dlrs
      Net loss 19.3 mln vs loss 139.6 mln
      Revs 611.7 mln vs 868.6 mln
      Year
      Shr profit 12 cts vs loss 1.31 dlrs
      Net profit 16.1 mln vs loss 167.9 mln
      Revs 2.68 billion vs 3.35 billion
      Avg shrs 134.7 mln vs 128.1 mln
  

"
training/4798	0	acq	"ELDER-BEERMAN <ELDR> GETS OFFER OF 30 DLRS/SHARE
  Elder-Beerman Stores Corp said
  owners of about 70 pct of its stock have offered to take the
  company private by offerring 30 dlrs per share for the
  remaining 30 pct of its stock.
      The company said the proposal will be considered at a
  regularly scheduled board meeting on March 17.
      It said the offer was made by members of the Beerman family
  holding about 70 pct of the company's stock, Chairman Max
  Gutmann, and certain members of the board.
  

"
training/48	40	reserves	"N.Z. OFFICIAL FOREIGN RESERVES FALL IN JANUARY
  New Zealand's official foreign
  reserves fell to 7.15 billion N.Z. Dlrs in January from 7.20
  billion dlrs in December and compared with 3.03 billion a year
  ago period, the Reserve Bank said in its weekly statistical
  bulletin.
  

"
training/480	12	earn	"STONE <STO> SPLITS STOCK, RAISES PAYOUT
  Stone Container Corp said it is
  splitting its common stock 2-for-1 and increasing its dividend
  33-1/3 pct.
      The dividend of 20 cts a share, an increase of five cts
  over the prior 15 cts a share on pre-split shares, is payable
  June 12 to holders of record May 22.
      The stock split also is payable June 12 to holders of
  record May 22.
  

"
training/4801	12	earn	"ECHLIN INC <ECH> DIVIDEND INCREASED 12 PCT
  Qtly div 14 cts vs 12.5 cts in prior qtr
      Payable April 18
      Record April two
  

"
training/4803	12	earn	"NATIONAL ENTERTAINMENT CORP <NENT> 3RD QTR NET
  Jan 31 end
      Shr six cts vs eight cts
      Net 177,000 vs 252,000
      Revs 3,209,000 vs 1,070,000
      Nine mths
      Shr 12 cts vs eight cts
      Net 365,000 vs 247,000
      Revs 7,156,000 vs 2,960,000
      NOTE: Prior year net both periods includes 91,000 dlr tax
  credit.
  

"
training/4804	12	earn	"NATIONAL ENTERTAINMENT <NENT> REVERSE SPLIT SET
  National Entertainment Corp
  said shareholdersapproved a one-for-25 reverse stock split and
  a name change to Major Video Corp, both effective March 16.
      It said its new ticker symbol will be <MAJV>.
      The company also said it expects to add nine company-owned
  and franchised Major Video stores in the next 60 days.  It now
  operates 64.
  

"
training/4805	12	earn	"<PEMBINA RESOURCES LTD> YEAR NET
  Shr 48 cts vs 81 cts
      Net 3,986,000 vs 6,760,000
      Revs 77.3 mln vs 40.5 mln
  

"
training/4806	0	acq	"COMPUTER MEMORIES <CMIN> SETS FILM FIRM MERGER
  Computer Memories Inc, which ended
  its disk drive operations in June 1986, agreed to acquire
  <Hemdale Film Corp> in a transaction which will give Hemdale's
  owner control of the resulting company.
      Computer Memories' principal asset is about 29.4 mln dlrs
  in cash and cash equivalents. It has agreed to exchange newly
  issued shares equaling 80 pct of the aggregate issued to
  acquire Hemdale. That company's owner, John Daly, would then
  become chief executive officer of the combined company which
  would be renamed Hemdale Film Corp.
      Computer Memories said the proposed transaction is subject
  to the results of certain corporate reviews and approval of its
  shareholders, who will hold a special meeting as soon as
  practicable.
      The company said it has 11,109,190 shares outstanding, of
  which about 1,734,000 are held by Intel Corp <INTC>. It is
  anticipated the FIntel shares will be purchased for 2.75 dlrs a
  share in connection with the merger with Hemdale, Computer
  Memories said.
  

"
training/4807	0	acq	"KLM SEEKS STAKE IN BRITISH COURIER SERVICE
  KLM Royal Dutch Airlines <KLM.AS>
  said it is negotiating for a minority stake in a British and
  Commonwealth Shipping Plc <BCOM.L> courier service in a
  transaction which might include a convertible loan issue.
      KLM, already active in the fast growing door-to-door
  delivery market through a 50-pct stake in a Dutch courier
  service, is seeking to buy one-third of <IML Air Services Group
  Ltd> from British and Commonwealth.
      The two companies agreed earlier this month for KLM to take
  a 15-pct stake in British and Commonwealth commuter airline Air
  U.K. Ltd in a deal worth around two mln stg.
  

"
training/4809	32	money-fx	"ECONOMIC SPOTLIGHT - EMS MARKS EIGHTH BIRTHDAY
  The European Monetary System marks its
  eighth anniversary still vulnerable to turmoil in world money
  markets despite creating an island of currency rate stability
  in Europe, economists say. But many economists say the system,
  which holds eight European Community currencies within narrow
  fluctuation bands, remains in its infancy.
      Its new currency, the European Currency Unit (Ecu), has
  been a runaway success with investors and borrowers alike
  seeking an alternative to the volatile dollar.
      And on Wednesday, the long term vision of the Ecu as
  Europe's common currency took a step nearer to becoming reality
  when Belgium minted the world's first Ecu coin.
      But economists say members such as West Germany have so far
  blocked a second stage of development envisaged by the system's
  founding fathers, ex-West German Chancellor Helmut Schmidt and
  former French President Valery Giscard d'Estaing.
      Under this phase, originally due to have started two years
  after the EMS was set up, decision-making was to have been
  transferred from national governments and central banks to an
  autonomous European Monetary Fund.
     But members have jealously guarded their sovereignty in
  economic and monetary matters. ""The basic problem of the EMS is
  that governments are not prepared to make the quantum leap to a
  situation where certain decisions are taken in common,"" said one
  economist who has closely watched the system's development.
      The result is that the EC is often divided over policy on
  third currencies, accentuating what the economists say is the
  system's greatest weakness, its vulnerability to a weak dollar.
      Over the past 18 months, as the U.S. Dollar plunged and
  investors moved into strong currencies, the resulting sharp
  rise of the West German mark severely strained the system. MORE
      As the mark soared against the dollar, it also rose against
  EMS currencies less favoured by international investors. And as
  West Germany last year refused to give in pressure from several
  EC partners and the United States to cut interest rates to slow
  the mark's rise, the EMS had to be realigned twice to ease
  financial and trade strains within the community.
      Two months ago the mark and the Dutch guilder were revalued
  by three pct and the Belgian and Luxembourg francs by two pct
  against other currencies in the system -- the French franc,
  Italian lira, the Irish punt and Danish crown.
     Another frustration has been Britain's failure to lend the
  EMS political support by keeping the pound, still a major world
  currency, outside the system.
      No change in the British government's attitude is expected
  before the country's next general elections, due by mid-1988.
      Meanwhile, the system's last realignment, the 11th since it
  was set up, prompted European finance ministers to ask the EC's
  highly-secretive Monetary Committee and Committee of Central
  Bank Governors to come up with suggestions for reinforcing it.
      Their ideas are due to be unveiled when finance ministers
  hold an informal meeting in Belgium early next month.
      But economists said the proposals are unlikely to involve
  more than tinkering with technical details. They are sceptical
  about the chances for any fundamental change.
      ""Technical measures won't be enough to protect the EMS
  against external factors such as dollar weakness. For that we
  must take the step forward to the institutional level,"" said Leo
  de Corel of Kredietbank's economic research department.
      Economists say the system's fortunes now will depend
  largely on the success of an agreement last month among major
  industrial nations to stabilise exchange rates. If the dollar
  resumes its slide the EMS could be in for more turbulence, they
  predict.
  

"
training/4810	12	earn	"GENERAL MILLS<GIS> SEES STRONG 4TH QTR RESULTS
  General Mills Inc, reporting
  stronger results for the third quarter ended February 22, said
  it expects the momentum to continue in the fourth quarter.
      The company said it expects to report ""strong earnings per
  share growth and a record return on equity in fiscal 1987."" It
  said this should be achieved despite expected non-operating
  charges in the final quarter.
      General Mills said these charges will likely offset
  non-operating gains, which included six cts a share in the
  first half.
      General Mills said at the end of the third quarter, its
  return on average equity was 31.6 pct.
      It said major factors contributing to the third quarter
  improvement were an 11 pct gain in unit volume by Consumer
  Foods, continuing good profit growth at Red Lobster USA and
  strong performance in Specialty Retailing.
      The company reported quarterly earnings of 56.9 mln dlrs,
  or 64 cts a share, up from 46.4 mln dlrs, or 52 cts a share a
  year ago. Sales rose to 1.31 billion dlrs from 1.13 billion
  dlrs. Year-ago data reflect a two-for-one common stock split.
  

"
training/4812	0	acq	"PACKAGING SYSTEMS <PAKS> TO BUY LABEL FIRM
  Packaging Systems Corp said
  it agreed to acquire <Walter-Richter Labels Inc>, a privately
  held maker of woven labels based in Paterson, N.J.
      Terms of the acquisition, which is expected to be completed
  within 60 days, were not disclosed.
  

"
training/4814	12	earn	"MANUFACTURED HOMES INC <MNH> YEAR NET
  Shr 53 cts vs 85 cts
      Net 2,033,425 vs 3,718,325
      Revs 120.6 mln vs 79.5 mln
      NOTE: 1986 net includes 3,300,000 dlr provision for credit
  loss.
      1985 net includes charge 504,571 dlrs from cumulative
  effect of accounting change.
  

"
training/4816	16	gold	"HAITI ANNOUNCES FIND OF ORE-RICH GOLD FIELD
  The  Ministry of Mines
  has announced the discovery of a major gold field in Grand Bois
  in Haiti's mineral-rich North.
      At a press conference yesterday, a Ministry spokesman
  reported the deposit contained an estimated 44 mln tons of ore,
  with each ton capable of containing 7,666 grams of gold. The
  spokesman gave no estimate of what he thought the find,
  discovered on Wednesday, was worth.
      However, mining could only begin after foreign partners
  invest eight mln dlrs needed for technical equipment, the
  spokesman said.
      The Haitian government has never before operated a gold
  mine, but the United Nations has recently completed a three
  year feasibility study which lists Grand Bois and Morne Bossa
  as sites of important gold deposits.
      In 1971, the Sedren copper mine in Gonaives, operated by a
  Canadian firm, closed down after years of mining a concentrate
  containing gold as well as copper.
      ""The new Grand Bois mine represents large amounts of money,""
  said a former official of Sedren Mine.
      ""But like everything else there's a catch. The gold has to
  be extracted, and first someone has to come up with the money
  to finance the operation,"" the official, who asked not to be
  named, told Reuters.
  

"
training/4818	0	acq	"HOLIDAY CORP <HIA>, COMSAT <CQ> CLOSE SALE
  Holiday Corp and Communications
  Satellite Corp said they closed the previously announced sale
  to Comsat of Holiday's 50 pct interest in Hi-Net
  Communications, their joint venture that provides in-room video
  entertainment to hotels by satellite.
      Under terms of the deal, Comsat paid Holiday 25 mln dlrs in
  cash and assumed half of the venture's 50 mln dlrs of
  outstanding debt, the company's said.
      Hi-Net, they added, will continue to provide programming to
  Holiday's hotels.
  

"
training/4819	12	earn	"CONSUMERS FINANCIAL CORP <CFIN> 1986 NET
  Shr 61 cts vs 42 cts
      Net 6,247,000 vs 5,587,000
      Rev 65.4 mln vs 53.6 mln
      NOTE: 1986 net includes investment gains of 25 cts a share,
  versus six cts a share for 1985, and extraordinary gain of
  seven cts a share.
  

"
training/4820	12	earn	"CHICAGO RIVET AND MACHINE CO <CVR> 4TH QTR NET
  Shr 21 cts vs 60 cts
      Net 156,576 vs 443,404
      Sales 5,309,519 vs 5,381,264
      Year
      Shr 1.06 dlrs vs 1.55 dlrs
      Net 788,220 vs 1,151,330
      Sales 22.3 mln vs 23.6 mln
  

"
training/4821	12	earn	"FILTERTEK INC <FTK> SETS QUARTERLY
  Qtly div 11 cts vs 11 cts prior
      Pay May 15
      Record May One
  

"
training/4824	42	rubber	"NEW RUBBER PACT APPEARS IN THE BALANCE
  Negotiations on a new International
  Natural Rubber Agreement, INRA, are approaching the
  make-or-break point and prospects for a future pact appear to
  be in the balance, delegates said.
      Manaspas Xuto of Thailand, chairman of the INRA
  renegotiation conference, is holding consultations with a small
  group of producers and consumers to try to resolve major
  outstanding issues. When the talks began on Monday Xuto said
  those issues should be settled by the end of the first week to
  allow time to draft an agreement during the second week.
      The talks are due to last until March 20.
      Xuto said, ""There is nothing concrete yet, but the
  atmosphere is good."" The discussions are expected to continue
  late into the night, and Xuto said he may hold weekend
  meetings.
      Delegates said negotiations now focus on the degree to
  which price adjustments should be automatic.
      At present, if the market price has been above or below the
  reference price (set at 201.66 Malaysian/Singapore cents a kilo
  in the current agreement) for six months, the reference price
  is revised by five pct or by an amount decided by the
  International Natural Rubber Organisation council.
      Consumers are asking that, in these circumstances, the
  adjustment be automatic at five pct or more.
      Producers want the council to have the last word and have
  resisted reducing its role in the price adjustment procedure.
      Delegates said there seems to be optimism about settling
  another issue -- that of the floor price.
      It now appears that consumers may consider dropping their
  insistence of a downward adjustment of the floor price, called
  the ""lower indicative price,"" under certain circumstances.
      This means that any possible compromise would centre on the
  reference price, and the ""may buy"" (or ""may sell"") and ""must buy"" or
  ""must sell"" levels, without changing the ""lower indicative price""
  -- which is set at 150 Malaysian/Singapore cents in the current
  pact.
      Delegates said that in exchange for consumer flexibility on
  the floor price question, producers may consider agreeing to
  another consumer proposal for more frequent price reviews -- at
  12 month intervals instead of 18 at present.
  

"
training/4827	12	earn	"TRANSACT INT'L INC <TACT> 3RD QTR JAN 31 NET
  Shr one ct vs three cts
      Net 66,922 vs 194,531
      Rev 4.2 mln vs 5.7 mln
      Nine months
      Shr two cts vs four cts
      Net 93,802 vs 260,702
      Rev 10.1 mln vs 13.2 mln
      NOTE: Nine months 1987 period includes gain of 196,043 dlrs
  from sale of Meston Lake Resources shares and a credit of
  127,000 dlrs from a favroable settlement of s state income tax
  assessment. 1986 nine months period includes gain of 160,431
  dlrs, or two cts a share, from sale of Ferrotherm Co.
  

"
training/4829	32	money-fx	"FRANCE REPAYS SOME OF CURRENCY INTERVENTION DEBT
  France today repaid 21.95 billion francs
  of short-term currency intervention debt to the European
  Monetary Cooperation Fund, EMCF, the Finance Ministry said.
      It said the debt was part of a 33.90 billion franc
  liability incurred through the activation of EMCF swap
  facilities to defend the franc before the January 11 European
  Monetary System realignment.
      The realignment, following several weeks of speculative
  pressure, produced a three pct revaluation of the West German
  mark and the Dutch guilder against the French franc and a two
  pct revaluation of the Belgian franc.
  

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

"
training/4831	10	crude	"SHELL CANADA RAISES CRUDE PRICES BY 64 CANADIAN CTS/BBL TODAY AT EDMONTON

  SHELL CANADA RAISES CRUDE PRICES BY 64 CANADIAN CTS/BBL TODAY AT EDMONTON
  

"
training/4832	43	ship	"13-MAR-1987
  13-MAR-1987

"
training/4835	48	trade	"GERMAN BANK SEES GOOD SOVIET TRADE PROSPECTS
  Soviet-West German trade is expected
  to develop favourably due to Moscow's increasing openness to
  East-West economic relations, Dresdner Bank AG's Moscow
  representative Michael Stein said.
      He told a bank presentation the Soviet Union was last year
  hit by the fall in world oil prices, which cut export revenue
  from oil-related products and natural gas, and its overseas
  buying power was also adversely affected by the lower dollar.
     Dresdner Bank economist Alfred Apholte said the Soviet
  Union's large currency and gold reserves had softened the
  impact of the dollar weakening and oil price drop.
  

"
training/484	12	earn	"KAPOK CORP <KPK> YEAR SEPT 30 LOSS
  Shr loss 20 cts vs profit 96 cts
      Net loss 499,000 vs profit 2,369,000
      Revs 11.5 mln vs 10.3 mln
      NOTE: Prior year net includes gain on sale of property of
  4,557,000 dlrs.
  

"
training/4841	0	acq	"NATIONAL PIZZA CO <PIZA> TO ACQUIRE RESTAURANTS
  National Pizza Co said it reached an
  agreement in principle to buy seven Straw Hat pizza restaurants
  and certain related real estate for approximately three mln
  dlrs in cash.
      The acquisitions will be converted to Pizza Hut
  restaurants, said National Pizza, and are expected to generate
  annual sales of approximately eight mln dlrs.
      When the sale is complete, it will bring to 24 the number
  of restaurants operated by National Pizza, the company said.
  

"
training/4843	12	earn	"CITICORP SAYS PLACING BRAZIL LOANS ON CASH BASIS COULD CUT 1ST QTR NET BY 50 MLN DLRS

  CITICORP SAYS PLACING BRAZIL LOANS ON CASH BASIS COULD CUT 1ST QTR NET BY 50 MLN DLRS
  

"
training/4845	43	ship	"SINGAPORE TO SPEND 1.2 BILLION DLRS ON PORTS
  The Port of Singapore Authority (PSA)
  will spend 1.2 billion dlrs to develop port facilities and
  cargo-handling equipment over the next five years,
  Communications Minister Yeo Ning Hong told parliament.
      Yeo said the improvements were needed to cope with an
  expected growth of ship tonnage and cargo handled by the port,
  but gave no further details.
      The PSA handled 529 mln gross-registered tonnes of cargo in
  1985, according to the latest available statistics from the
  port authority.
  

"
training/4848	10	crude	"ORS SEEKS CANADIAN FUNDS FOR HEAVY OIL TEST
  <ORS Corp> said <Dominion
  Securities (Alberta) Inc> has been appointed to offer common
  shares in a new Canadaina company being organized to exploit
  heavy oil production opportunities in Canada and Western
  Europe.
      ORS said the offer for private sale of the stock being made
  on a best efforts basis is designed to raise five mln Canadian
  dlrs which the new company will invest in properties and
  projects using the Electromagnetic Well Stimulation Process
  developed by IIT Research Institute under sponsorship of ORS.
  

"
training/4850	0	acq	"CHRYSLER <C> UNIT BUYS BENEFICIAL <BNL> UNIT
  Chrysler Corp said its Chrysler
  First Inc acquired a major portion of the commercial lending
  portfolio of Beneficial Business Credit Corp, a subsidiary of
  Beneficial Corp.
      It said the acquisition involves about 84 mln dlrs of net
  receivables.
      Chrysler First, a subsidiary of Chrysler Financial Corp,
  had receivables of 4.3 billion dlrs at the end of 1986.
  

"
training/4867	10	crude	"PETROBRAS ASKS ARMY TO WITHDRAW TROOPS
  Brazil's state-oil company
  Petrobras has asked the Army to withdraw the troops which were
  occupying its oil installations since Tuesday, Petrobras said
  in a statement.
      The statement said the request for the withdrawal of the
  troops was made because of the calmness reigning in all of its
  refineries.
      ""The request was also due to the end of the seamen's strike
  and the willingness of the oil industry workers to sit again by
  the negotiating table,"" the statement said.
      Even though the Petrobras statement said the seamen's
  strike was over, a union spokesman said only two small shipping
  companies had reached a pay agreement. The overwhelming
  majority of Brazil's seamen remained on strike.
      The statement said a meeting between Petrobras and oil
  industry leaders was set for next Wednesday in Rio, with the
  presence of Labour Minister Almir Pazzionotto as a mediator.
      Petrobras said the request for the withdrawal of the troops
  was made at 1100 local hours (1400 GMT), but a company
  spokesman said he did not know if the troops had already been
  removed.
  

"
training/4881	22	interest	"ITALIAN INTERBANK RATE RISES IN FEBRUARY
  Italy's average interbank rate
  rose to a provisional 12.18 pct in February from 12.05 pct in
  January, figures from the Bank of Italy show.
      Weighted average rate on bank lending was a provisional
  13.78 pct in February compared with 13.83 in January, while
  average weighted rate paid on deposits eased a provisional 7.49
  pct from 7.66 pct.
      Italy today announced that its official discount rate would
  be cut to 11.5 pct from 12 pct effective tomorrow.
  

"
training/4884	0	acq	"PAINT COMPANY HAS METEX<MTX> STAKE, MAY BUY MORE
  Metropolitan Consolidated Industries
  Inc, a New York paint company, said it has acquired 278,709
  shares of Metex Corp, or 21.2 pct of the total, and left open
  the possibility that it might acquire more through a merger.
      In a filing with the Securities and Exchange Commission,
  Metropolitan said it bought the Metex stock as an investment.
      It also said it may buy additional shares, or sell some or
  all of its current stake. If it buys more shares, Metropolitan
  said it would consider doing so in the open market, in private
  deals, or through an exchange offer, tender offer or merger.
      Metropolitan said it may acquire an option on or may buy
  some or all of the Metex shares owned by William Hack, a Metex
  director, who, together with this wife, holds 149,750 of the
  company's common shares, or 11.4 pct of the total.
      Metropolitan said it already has an option to buy another
  42,750 Metex common shares at 11.25 dlrs each. The option is
  not exercisable until April 12, 1988, it said.
      If Metropolitan were to exercise the option and acquire all
  of Hack's stake, it would have 471,208 Metex common shares, or
  35.9 pct of the total. Metropolitan's SEC filing was
  made as a shareholder group with Hack.
      Metropolitan, which said it spent 3.1 mln dlrs to acquire
  its Metex stake, listed its recent stock purchases as 54,993
  common shares on March 67 at 10 dlrs each and 83,916 shares on
  March 11 at 11.25 dlrs.
  

"
training/4887	0	acq	"BPI SYSTEMS <BPII> IN TALKS TO SELL COMPANY
  BPI Systems Inc said it is
  holding discussions that could lead to the sale of all its
  outstanding shares for about 12 mln dlrs.
      BPI president and chief executive officer David R. Fernald
  declined to identify the other party involved in the talks.
      For the nine months ended December 31, BPI lost 1,286,000
  dlrs on sales of 6,452,000 dlrs.
  

"
training/4889	0	acq	"BALLY MANUFACTURING SAID IT IS CONSIDERING SALE OF SIX FLAGS THEME PARKS

  BALLY MANUFACTURING SAID IT IS CONSIDERING SALE OF SIX FLAGS THEME PARKS
  

"
training/489	10	crude	"STUDY GROUP URGES INCREASED U.S. OIL RESERVES
  A study group said the United States
  should increase its strategic petroleum reserve to one mln
  barrels as one way to deal with the present and future impact
  of low oil prices on the domestic oil industry.
      U.S. policy now is to raise the strategic reserve to 750
  mln barrels, from its present 500 mln, to help protect the
  economy from an overseas embargo or a sharp price rise.
      The Aspen Institute for Humanistic Studies, a private
  group, also called for new research for oil exploration and
  development techniques.
      It predicted prices would remain at about 15-18 dlrs a
  barrel for several years and then rise to the mid 20s, with
  imports at about 30 pct of U.S. consumption.
      It said instead that such moves as increasing oil reserves
  and more exploration and development research would help to
  guard against or mitigate the risks of increased imports.
  

"
training/4890	0	acq	"TELEMEDIA TO BUY HARROWSMITH, EQUINOX MAGAZINES
  (Telemedia Inc) said its (Telemedia
  Publishing Inc) subsidiary agreed to buy privately-owned
  Harrowsmith and Equinox magazines for an undisclosed amount of
  cash.
      Telemedia said the acquisition is expected to have a small
  positive impact on short-term earnings.
      Harrowsmith, an alternative life-style magazine, is
  Canada's seventh-largest paid circulation English-language
  magazine while Equinox is the country's eighth largest. Each
  has a circulation of about 160,000 copies.
       The magazine group had revenues of eight mln dlrs last
  year and employs 50 people, Telemedia said.             
      Telemedia said it will also acquire a 10 pct interest in
  the company which recently launched the U.S. edition of
  Harrowsmith.
      The magazine's U.S. editiion, begun last year, now has a
  paid circulation of 180,000, the company said.
      It said a final deal is expected in mid-April.
      Telemedia said the magazines' founder has agreed to
  continue to provide editorial and publishing direction for the
  magazines.
  

"
training/4892	12	earn	"DIVI HOTELS NV <DVH> 3RD QTR NET
  Shr profit 36 cts vs profit 14 cts
      Net profit 1,162,000 vs profit 464,000
      Revs 16.6 mln vs 11.3 mln
      Nine mths
      Shr loss 89 cts vs loss 79 cts
      Net loss 2,988,000 vs loss 2,673,000
      Revs 35.1 mln vs 25.1 mln
      NOTE: Nine months fiscal 1987 includes extraordinary gain
  of 16 cts per share.
  

"
training/4893	0	acq	"BALLY <BLY> CONSIDERING SALE OF SIX FLAGS
  Bally Manufacturing Corp said it is
  considering the sale of its Six Flag theme amusement park unit
  and would use the proceeds to pay off debt.
      In addition to the possible sale of the amusement parks,
  Bally plans to sell a minority stake in its health club chain
  to the public. The company will register a proposed offering
  with the Securities and Exchange Commission for 20 to 30 pct of
  the health clubs soon, spokesman William Peltier told Reuters.
      ""Selling Six Flags is definitely under consideration,""
  Peltier said in response to an inquiry. He said the company
  would use much of the income from the amusement park chain,
  were it to be sold, to repay debt.
      Six Flags might sell for as much as 300 mln dlrs, analysts
  said. The health club chain, the nation's largest, is valued at
  350 to 375 mln dlrs, they said.
      Bally reportedly already has been approached about Six
  Flags by several prospective buyers.
      The company needs the cash to begin paying back a 1.6 mln
  dlrs mountain of debt.
      Bally recently completed a 439 mln dlrs acquisition of the
  Golden Nugget casino hotel in Atlantic City from Golden Nugget
  Inc <GNG.N>.
      The purchase pushed its long-term debt to 1.6 billion dlrs,
  or almost 2.7 times its equity of 600 mln dlrs.
      Bally's 325-unit health and tennis clubs had revenues in
  1986 of more than 450 mln dlrs, or about 28 pct of Bally's
  total revenues of 1.64 billion dlrs.
      Bally acquired Six Flags for 147.4 mln dlrs in January 1982
  from Penn Central Corp. Bally bought the Great America theme
  park in Gurnee, Ill., in May 1984 for 113.2 mln dlrs from
  Marriott Corp <mhs>.
      In 1986 the parks had pretax operating profit of 48.6 mln
  dlrs on revenues of 369.4 mln dlrs.
      The clubs and equipment unit combined to post operating
  profit of 60.4 mln dlrs on revenues of 475.6 mln dlrs in 1986,
  of which 456.2 mln came from the clubs.
      The company earlier this month said it will take a charge
  to earnings in the first quarter of 17.3 mln dlrs as a result
  of its deal to buy back 2.6 mln of its common shares from real
  estate developer Donald Trump.
      Under a February 21 deal, Bally agreed to buy the 2.6 mln
  of the 3.06 mln shares held by Trump at 24 dlrs a share, or
  62.4 mln dlrs, plus 6.2 mln dlrs related expenses in exchange
  for Trump not seeking control of the company for 10 years.
      The deal also requires Bally to buy Trump's remaining
  shares for 33 dlrs a share if the stock price does not reach
  that level by February 21, 1988.
  

"
training/4894	0	acq	"FRANKLIN RESOURCES <BEN> SAYS NET MAY DOUBLE
  Franklin Resources Inc said
  it believes earnings could double this year as compared to a
  year ago when the company reported income of 32 mln dlrs on 143
  mln dlrs in revenues.
      Franklin Resources is a financial services company. Its
  fiscal year ends September 30.
  

"
training/4898	45	sugar	"CUBA SUGAR CROP SEEN AT LEAST SAME AS LAST YEAR
  Cuban sugar export figures for January
  suggest that this year's crop may be at least as large as last
  year's 7.35 mln tonnes, according to sugar analysts.
      Exports in January totalled 733,000 tonnes raw value, up
  from 725,000 a year earlier, according to figures received by
  the International Sugar Organization.
      January is the first major export month and the figures
  thus give a good indication of the current crop, they said.
  Fourth quarter exports fell to 622,000 tonnes from 909,000
  tonnes a year earlier, but this was because Cuba was destocking
  at the end of 1985, they added.
      Trade house C Czarnikow recently estimated production this
  year at 7.50 mln tonnes.
      Cuban sugar production in the third quarter of 1986 was
  12,000 tonnes, giving a final 1985/86 crop total of 7.35 mln
  tonnes, compared with a 1984/85 crop of 8.10 mln tonnes.
      There is normally no third quarter production in Cuba, but
  a hurricane meant that last year's crop was extended.
      Exports to the USSR were substantially down in January at
  362,000 tonnes from 489,000 in January 1986, but other Comecon
  countries received 210,000 tonnes, against 80,000 tonnes in the
  same month last year, figures received by the ISO show.
      Bulgaria, Czechoslovakia, Poland and Romania all took
  substantially more Cuban sugar.
      Cuba's November 1986 exports totalled 158,000 tonnes,
  compared with 190,000 tonnes in 1985, and December's total was
  237,000 tonnes, down from 518,000 tonnes the year before.
  Calendar year exports for 1986 were also lower at 6.69 mln
  tonnes against 7.21 mln in 1985 -- the lowest level since
  1980's 6.19 mln tonnes, the figures show.
  

"
training/49	43	ship	"AGENCY REPORTS 39 SHIPS WAITING AT PANAMA CANAL
  The Panama Canal Commission, a U.S.
  government agency, said in its daily operations report that
  there was a backlog of 39 ships waiting to enter the canal
  early today. Over the next two days it expects --              
               2/26  2/27
                         Due: 27    35
        Scheduled to Transit: 35    41
             End-Day Backlog: 31    25
      Average waiting time tomorrow --
           Super Tankers  Regular Vessels
   North End:  13 hrs      15 hrs
   South End:   4 hrs      26 hrs
  

"
training/490	12	earn	"K-TRON INTERNATIONAL INC <KTII> 4TH QTR NET
  Oper shr profit 36 cts vs loss 1.48 dlrs
      Oper net profit 1,353,000 vs loss 5,551,000
      Revs 11.3 mln vs 8,142,000
      Year
      Oper shr profit 31 cts vs loss 1.58 dlrs
      Oper net profit 1,165,000 vs loss 5,919,000
      Revs 38.0 mln vs 31.6 mln
      NOTE: Net includes pretax unusual gain 64,000 dlrs vs loss
  4,744,000 dlrs in quarter and losses 3,0077,000 dlrs vs
  4,744,000 dlrs in year.  1986 items include settlement of
  patent suit and provision for investment writeoff and 1985 item
  provision for loss on sale of scale business.
      1986 net both periods excludes 400,000 dlr tax credit.
  

"
training/4900	12	earn	"HELMERICH AND PAYNE INC <HP> INCREASES DIV
  Qtly div 10 cts vs nine cts
      Payable June one
      Record May 15
  

"
training/4901	12	earn	"HOLLY CORP <HOC> 2ND QTR JAN 31 LOSS
  Shr loss 45 cts vs profit 20 cts
      Net loss 1,841,000 vs profit 983,000
      Revs 56.2 mln vs 102.9 mln
      Six mths
      Shr loss 13 cts vs profit 80 cts
      Net loss 534,000 vs profit 4.4 mln
      Revs 121.4 mln vs 209.3 mln
      NOTE: Six months fiscal 1987 includes loss of 17 cts per
  share from discontinued operations.
      Per share figures also reflect partial three-for-one stock
  split effected December 1985.
  

"
training/4903	48	trade	"WHITE HOUSE SAYS TRADE BILL GENERALLY GOOD
  White House spokesman Marlin
  Fitzwater said the administration had some disagreements with
  the trade bill that cleared a House subcommittee yesterday but
  generally felt good about the bill.
      ""Generally we feel very good about the bipartisan
  consideration of the trade legislation. I think we are
  progressing very well,"" he told reporters.
      ""There are wide areas of agreement. There are some areas of
  disagreement,"" he said.                 
  

"
training/4904	0	acq	"SUNTER ACQUISITION BEGINS TENDER FOR ALLEGHENY INTERNATIONAL INC

  SUNTER ACQUISITION BEGINS TENDER FOR ALLEGHENY INTERNATIONAL INC
  

"
training/4908	0	acq	"IRISH OIL CONCERN BOOSTS CENERGY <CRG> STAKE
  Bryson Oil and Gas plc, a Belfast,
  Northern Ireland, oil company which has said it is considering
  seeking control of Cenergy Corp, said it raised its stake in
  the company to 1,281,887 shares, or 13.2 pct of the total.
      In a filing with the Securities and Exchange Commission,
  Bryson said it bought 440,000 Cenergy common shares on March 10
  at eight dlrs each. Previously it had held 841,887 shares, or
  8.5 pct.
      Bryson has request detailed shareholder information from
  Cenergy in case it decided to communicate with shareholders.
  But it said Cenergy has made legal challenges to the request.
  

"
training/4910	0	acq	"SUNTER BEGINS TENDER FOR ALLEGHENY <AG>
  Allegheny International Inc said  
  Sunter Acquisititon Corp, formed by First Boston Inc, began a
  cash tender offer in accordance with their previously announced
  merger agreement for all the outsanding shares of Allegheny's
  common stock, 2.19 dlr cumulative preference stock and 11.25
  dlrs convertible preferred stock.
      The offer expires April 9, unless extended.
      Under terms of the agreement, tendering shareholders will
  receive 24.60 dlrs per common share, 20 dlrs per preference
  share and 87.50 dlrs per preferred share.
      Allegheny said the offer is conditioned upon the valid 
  tender of stock representing a majority of the voting power and
  at least two-thirds of outstanding shares of preference stock
  and preferred stock.
      The merger agreement was announced earlier this week.
  

"
training/4911	12	earn	"<TRANSIT FINANCIAL HOLDINGS INC> 4TH QTR NET
  Shr 35 cts vs 13 cts
      Net 531,840 vs 188,362
      Revs not given
      Year
      Shr 83 cts vs 41 cts
      Net 1,249,000 vs 620,000
      Revs 10,800,000 vs 5,600,000
  

"
training/4914	12	earn	"SPORTING LIFE INC <SPLF> 2ND QTR JAN 31 NET
  Oper shr loss six cts vs profit four cts
      Oper net loss 58,388 vs profit 34,101
      Revs 2,419,203 vs 2,145,967
      1st half
      Oper shr profit six cts vs profit 18 cts
      Oper net profit 61,763 vs profit 172,166
      Revs 5,731,582 vs 4,458,040
      NOTE: Prior year net excludes extraordinary credits of
  4,500 dlrs in quarter and 46,000 dlrs in half.
      Current quarter net includes 47,470 dlr tax credit.
  

"
training/4918	0	acq	"INVESTMENT FIRMS CUT CYCLOPS <CYL> STAKE
  A group of affiliated New York
  investment firms said they lowered their stake in Cyclops Corp
  to 200,500 shares, or 5.0 pct of the total outstanding, from
  260,500 shares, or 6.4 pct.
      In a filing with the Securities and Exchange Commission,
  the group, led by Mutual Shares Corp, said it sold 60,000
  Cyclops common shares since February 26.
  

"
training/4920	12	earn	"<ARGYLL ENERGY CORP> YEAR LOSS
  Shr loss 1.41 dlrs vs profit 27 cts
      Net loss 8,225,052 vs profit 1,566,936
      Revs 4,028,231 vs 6,725,462
      Note: 1986 shr and net after 6,606,646 dlr writedown on
  property and other assets
  

"
training/4922	12	earn	"TRANSIT FINANCIAL SEES 1987 SHARE PROFIT RISE
  <Transit Financial Holdings Inc>,
  earlier reporting higher fourth quarter and full year earnings,
  said it expects 1987 share profit to increase to 1.27 dlrs from
  83 cts in 1986.
      The company said the 1987 share forecast is based on 2.5
  mln shares outstanding, after a one mln common share issue on
  December 30, 1986. Its 1986 and 1985 earnings were based on 1.5
  mln shares outstanding.
      The company earlier reported 1986 profit rose to 1,249,000
  dlrs or 83 cts a shares from year-earlier 620,000 dlrs or 41
  cts a share.
  

"
training/4925	22	interest	"SAN PAOLO DI TORINO CUTS PRIME RATE TO 12.50 PCT FROM 13.00 PCT - OFFICIAL

  SAN PAOLO DI TORINO CUTS PRIME RATE TO 12.50 PCT FROM 13.00 PCT - OFFICIAL
  

"
training/4929	33	money-supply	"CANADIAN MONEY SUPPLY M-1 RISES 592 MLN DLRS IN WEEK, BANK OF CANADA SAID

  CANADIAN MONEY SUPPLY M-1 RISES 592 MLN DLRS IN WEEK, BANK OF CANADA SAID
  

"
training/4930	12	earn	"HOLLY CORP <HOC> 2ND QTR JAN 31 LOSS
  Shr loss 45 cts vs profit 20 cts
      Net loss 1,841,000 vs profit 983,000
      Revs 56.2 mln vs 102.9 mln
      Avg shrs 4,127,000 vs 4,835,000
      1st half
      Oper shr four cts vs 80 cts
      Oper net 172,000 vs 4,359,000
      Revs 121.4 mln vs 209.3 mln
      Avg shrs 4,127,000 vs 5,439,000
      NOTE: Current half net excludes 706,000 dlr loss from
  discontinued oil and natural gas operations.
      Share adjusted for three-for-one stock split and
  recapitalization in December 1985.
      Prior year net both periods includes pretax charge of
  2,300,000 dlrs from recapitalization costs.
  

"
training/4933	0	acq	"CYCLOPS <CYL> WILL NOT GIVE DATA TO GROUP
  Cyclops Corp said its board rejected
  a request by Cyacq Corp, an investor group, for more non-public
  information about Cyclops, a maker of specialty steels and an
  electronics retailer.
      Cyclops cited its agreement to be acquired by Britain's
  Dixons Group PLC for 90.25 dlrs a share under a tender offer
  that expires midnight March 17.
      Cyacq, comprising Audio/Video Affiliates Inc, Citicorp
  Capital Investors Ltd and other investors, yesterday said it
  would increase its tender offer for Cyclops to 92.50 dlrs a
  share from 80 dlrs, subject to certain conditions.
      The conditions were that Cyclops provide Cyacq with
  non-public data given to Dixons and that Cyacq be satisfied
  with financial projections made by Dixons in its offer.
      Cyclops also said its board determined that Cyacq's
  announcement was not an offer. ""Cyacq's press release does not
  amend Cyacq's outstanding tender offer which remains at 80 dlrs
  per share and it does not state that Cyacq has financing
  commitments necessary to carry out its original offer or any
  increased offer that it may make,"" Cyclops said in a statement.
      Its agreements with Dixons are binding and Dixons indicated
  it will not rescind or waive any provisions of the pacts,
  Cyclops said.
      The company also said it was advised that Dixons'
  shareholders approved the merger, satisfying that condition of
  the agreement.
  

"
training/4934	12	earn	"SAN JUAN RACING ASSOCIATION INC <SJR> 3RD QTR
  Shr 22 cts vs 22 cts
      Net 915,911 vs 970,141
      Revs 8.0 mln vs 8.0 mln
      Nine months
      Shr 69 cts vs 56 cts
      Net 3.0 mln vs 2.4 mln
      Revs 23.5 mln vs 22.1 mln
      NOTE:1987 3rd qtr and nine months include extraordainry
  gain of 341,145 dlrs and 480,412 dlrs, respectively, on sale of
  land.
  

"
training/4937	0	acq	"EDELMAN CUTS LUCKY STORES <LKS> STAKE TO 4.8 PCT
  A group led by New York investor
  Asher Edelman said he lowered its stake in Lucky Stores Inc
  <LKS> to 1,827,734 shares, or 4.8 pct of the total outstanding
  common stock, from 1,930,734 shares, or 5.1 pct.
      In a filing with the Securities and Exchange Commission,
  the Edelman group said it sold 103,000 Lucky Stores common
  shares on March 9 and 10 at prices ranging from 28.625 to
  30.375 dlrs a share.
      So long as Edelman's stake is below five pct he is not
  required to report his dealings in Lucky Stores stock.
  

"
training/4938	33	money-supply	"CANADIAN MONEY SUPPLY RISES IN WEEK
  Canadian narrowly-defined money supply
  M-1 rose 592 mln dlrs to 33.36 billion dlrs in week ended March
  4, Bank of Canada said.
      M-1-A, which is M-1 plus daily interest chequable and
  non-personal deposits, rose 778 mln dlrs to 75.95 billion dlrs
  and M-2, which is M-1-A plus other notice and personal
  fixed-term deposit rose 1.09 billion dlrs to 177.95 billion
  dlrs.
      M-3, which is non-personal fixed term deposits and foreign
  currency deposits of residents booked at chartered banks in
  Canada, rose 1.13 billion dlrs to 217.28 billion dlrs.         
      Chartered bank general loans outstanding rose 500 mln dlrs
  to 125.54 billion dlrs.
      Canadian liquid plus short term assets fell 244 mln dlrs to
  35.12 billion dlrs and total Canadian dollar major assets of
  the chartered banks rose 257 mln dlrs to 221.53 billion dlrs.
      Chartered bank net foreign currency assets rose 782 mln
  dlrs to minus 876 mln dlrs.            
      Notes in circulation totalled 16.28 billion dlrs, up 45 mln
  dlrs from the week before.
      Government cash balances rose 1.37 billion dlrs to 5.68
  billion dlrs in week ended March 11.
      Government securities outstanding fell three mln dlrs to
  224.08 billion dlrs in week ended March 11, treasury bills rose
  600 mln dlrs to 75.15 billion dlrs and Canada Savings Bonds
  fell 294 mln dlrs to 44.05 billion dlrs.           
  

"
training/494	12	earn	"PRESIDENTIAL REALTY CORP <PDO> ANNUAL NET
  Shr 1.65 dlrs vs 1.50 dlrs
      Net 5,370,000 vs 4,901,000
      Rev 8.4 mln vs 7.8 mln
      NOTE: 1986 net gain from property investments 717,000 dlrs,
  or 22 cts per share, vs 721,000 dlrs, or 22 cts per share.
  

"
training/4941	42	rubber	"U.S. MAKES CONCILIATORY MOVE AT RUBBER PACT TALKS
  The U.S. Has dropped its insistence that
  the floor price in a new International Natural Rubber
  Agreement, INRA, be revised downward under certain
  circumstances, conference sources said.
      The surprise conciliatory move by the U.S. Meets one of the
  producers' main concerns -- that the floor price, or ""lower
  indicative price,"" remain unchanged, they said.
      It is not clear, however, whether all consuming countries
  will follow suit, as a number of them, in particular Britain,
  West Germany and Belgium, appeared to have strong reservations,
  the sources added.
      The group of consumers has been seeking an adjustment of
  the ""lower indicative price"" (set at 150 Malaysian/Singapore
  cents a kilo in the present pact) if the buffer stock,
  currently 360,000 tonnes, rises to 450,000 tonnes.
      The sources said the question of to what extent price
  adjustments should be automatic remains a problem.
      Conference chairman Manaspas Xuto of Thailand has been
  holding consultations with producers and consumers throughout
  the day.
      The consumers' group is now holding a separate meeting
  ahead of further consultations within the ""president's group""
  tonight.
  

"
training/4952	0	acq	"INTERCONNECT PREFERS FRIENDLY GATES <GLJ> OFFER
  <Interconnect Capital> said it
  seeks to acquire Gates Learjet Corp on friendly terms.
      Late yesterday the company said it has offered 7.07 dlrs
  per share for all Gates Learjet shares.
      Interconnect Capital said it intends to purchase the <Gates
  Corp> loan to Gates Learjet for 13 mln dlrs should its bid be
  successful.
      Interconnect Capital is controlled by <Interconnect Inc>.
      Gates Corp owns 64.8 pct of Gates Learjet.
  

"
training/4954	12	earn	"INFINITE GRAPHICS INC <INFG> 3RD QTR JAN 31 NET
  Shr profit two cts vs loss 11 cts
      Net profit 31,734 vs loss 190,677
      Sales 1,325,978 vs 1,029,921
      Nine Mths
      Shr profit eight cts vs loss 53 cts
      Net profit 142,200 vs loss 939,435
      Sales 4,066,777 vs 2,793,479
  

"
training/4955	0	acq	"MINDSCAPE BUYS HARCOURT BRACE <HBJ> UNIT
  (Mindscsape Inc) said it
  agreed to buy the educational software unit of Holt, Rinehart
  and Winston Inc, a subsidiary of Harcourt Brace Jovanovich Inc,
  for undisclosed terms.
      Sales of the division, which had been purchased by Holt,
  Rinehart from CBS, peaked at about 10 mln dlrs in 1985,
  Mindscape said.
  

"
training/4956	12	earn	"HEALTH-MOR INC <HMI> SETS DIVIDEND
  Qtly dividend 17 cts vs 17 cts
      Pay April 10
      Record March 26
  

"
training/4959	0	acq	"CAESARS WORLD SAYS IT CONSIDERS RESTRUCTURING AND SALE TO OTHER COMPANY

  CAESARS WORLD SAYS IT CONSIDERS RESTRUCTURING AND SALE TO OTHER COMPANY
  

"
training/496	0	acq	"REDSTONE DETAILS SWEETENED VIACOM <VIA> OFFER
  Investor Sumner Redstone, who leads
  one of the two groups vying for control of Viacom International
  Inc, offered to sweeten his bid for the company by 1.50 dlrs a
  share cash and 1.50 dlrs in securities.
      In a filing with the Securities and Exchange Commission,
  Redstone, who controls Dedham, Mass.,-based National Amusements
  Inc, a theater chain operator, offered to raise the cash
  portion of its Viacom offer to 42 dlrs a share from 40.50 dlrs.
      Redstone also raised the face value of the preferred stock
  he is offering to 7.50 dlrs from six dlrs.
      The Redstone offer, which is being made through Arsenal
  Holdings Inc, a National Amusements subsidiary set up for that
  purpose, which also give Viacom shareholders one-fifth of a
  share of Arsenal common stock after the takeover.
      Viacom said earlier today it received revised takeover bids
  from Redstone and MCV Holdings Inc, a group led by Viacom
  management which is competing with Redstone for control of the
  company and already has a formal merger agreement with Viacom.
      The company did not disclose the details of the revised
  offers, but said a special committee of its board would review
  them later today.
      The Redstone group, which has a 19.5 pct stake in Viacom,
  and the management group, which has a 5.4 pct stake, have both
  agreed not to buy more shares of the company until a merger is
  completed, unless the purchases are part of a tender offer for
  at least half of the outstanding stock.
      The two rivals also signed confidentiality agreements,
  which give them access to Viacom's financial records provided
  they keep the information secret.
      In his SEC filing, Redstone, who estimated his cost of
  completing the takeover at 2.95 billion dlrs, said Bank of
  America is confident it can raise 2.275 billion dlrs.
      Besides the financing it would raise through a bank
  syndicate, Bank of America has also agreed to provide a
  separate 25 mln dlr for the limited purpose of partial
  financing and has committed to provide another 592 mln dlrs,
  Redstone said.
      Merrill Lynch, Pierce Fenner and Smith Inc has increased
  its underwriting commitment to 175 mln dlrs of subordinated
  financing debt for the Viacom takeover, from the 150 mln dlrs
  it agreed to underwrite earlier, Redstone said.
      Redstone said his group would contribute more than 475 mln
  dlrs in equity toward the takeover.
      The Redstone equity contribution to the takeover would
  consist of all of his group's 6,881,800 Viacom common shares
  and at least 118 mln dlrs cash, he said.
      The new offer, the second sweetened deal Redstone has
  proposed in his month-long bidding war with management, also
  contains newly drawn up proposed merger documents, he said.
      Last week, the management group submitted what it called
  its last offer for the company, valued at 3.1 mln dlrs and
  consisting of 38.50 dlrs a share cash, preferred stock valued
  at eight dlrs a share and equity in the new company. Redstone's
  previous offer had been valued at 3.2 billion dlrs.
  

"
training/4960	12	earn	"FAIRCHILD INDUSTRIES INC 4TH QTR OPER SHR LOSS 44 CTS VS LOSS EIGHT CTS

  FAIRCHILD INDUSTRIES INC 4TH QTR OPER SHR LOSS 44 CTS VS LOSS EIGHT CTS
  

"
training/4963	0	acq	"ARCO SELLS TWO AGRICULTURAL RESEARCH OPERATIONS
  Atlantic Richfield Co said it sold
  its Plan Cell Research Institute unit and its Arco Seed Co
  operations in two transactions for undisclosed prices.
      The company said it sold Dublin, Calif.-based Plant Cell
  Research to Montedision SpA of Milan, Italy, and ARCO Seed Co
  to U.F. Genetics of Hollister, Calif.
      Atlantic Richfield said the divestitures are in line with
  its policy of focusing resources on oil, gas, chemical and coal
  operations.
  

"
training/4964	0	acq	"CAESARS WORLD <CAW> SAYS IT MULLS RESTRUCTURING
  Caesars World Inc, in rejecting a 28
  dlr a share takeover bid by New York investor Martin Sosnoff,
  said it is considering alternatives that include a
  restructuring of the company and the sale to someone else.
      In a filing with the Securities and Exchange Commission,
  Caesars World said its board decided at a special meeting
  yesterday to ""explore and investigate"" several alternatives in
  an effort to thwart Sosnoff's takeover attempt.
   More
  

"
training/4965	45	sugar	"LOW SUGAR PRICES MAY ATTRACT SOVIET/CHINESE
  Any further decline in raw sugar prices
  is likely to attract buying from the Soviet Union and China,
  Woodhouse, Drake and Carey said in their latest weekly market
  report.
      Present lower terminal values may be a reflection of the
  lack of renewed prompt offtake, particularly from these two
  large consumers, the report said.
      The week has seen good demand for Thai raws, particulary
  for October/December shipment, which has traded above twenty
  points premium to the October New York delivery, it said.
  

"
training/497	0	acq	"MONTEDISON CONCLUDES TALKS WITH ANTIBIOTICOS
  Montedison Spa <MONI.MI> said it has
  concluded its negotiations with Spanish pharmaceuticals company
  <Antibioticos SA>.
      A company spokesman told Reuters ""We have concluded the
  talks and we are now awaiting authorization from Spanish
  authorities."" He declined to comment further.
      Earlier today the Italian company postponed a scheduled
  press conference on its talks with Antibioticos. An Italian
  press report today said Montedison has agreed to acquire
  Antibioticos for 500 billion lire.
  

"
training/4970	0	acq	"CHEMLAWN <CHEM> SEEKS BIDS BY MARCH 18
  ChemLawn corp said it has asked
  potential purchasers of the company to submit their proposals
  by 1700 EST on March 18.
      ChemLawn said if Waste Management Inc <WMX> intends to
  participate in the bidding process, it will have to submit a
  confidentiality agreement to Chemlawn financial advisor Smith
  Barney, Harris Upham and Co Inc.
      Waste Management has a 27 dlr per share tender offer for
  Chemlawn underway that Chemlawn has already rejected as
  inadequate.
      Chemlawn has already said it is holding talks with various
  parties on the sale of the company and said it has informed all
  potential purchasers that they mnust sign confidentiality
  agreemnents to receive confidential information on Chemlawn.
      ChemLawn said if Waste Management were to sign such an
  agreement, ChemLawn would supply it with the same information
  being supplied to other potential purchasers. But it said it
  will not make an exception for Waste Management which would
  give that company an advantage in the bidding process.
  

"
training/4972	12	earn	"GTS CORP <GTSC> 4TH QTR DEC 31 LOSS
  Shr loss 48 cts vs loss 10 cts
      Net loss 1,234,000 vs loss 259,000
      Revs 715,000 vs 1,941,000
      Year
      Shr loss 1.26 dlrs vs loss 34 cts
      Net loss 3,229,000 vs loss 870,000
      Revs 3,001,000 vs 9,767,000
      NOTE: 1986 net both periods includes 672,300 dlr writedown
  of value of seismic laboratory and 165,000 dlr increase in
  reserve for doubtful accounts.
  

"
training/4974	12	earn	"FAIRCHILD INDUSTRIES INC <FEN> 4TH QTR LOSS
  Oper shr loss 44 cts vs oper loss eight cts
      Oper net loss 3,158,000 vs profit 2,035,000
      Rev 166.0 mln vs 162.3 mln
      Year
      Oper shr loss 34 cts vs loss 93 cts
      Oper net profit 7,599,000 vs loss 283,000
      Rev 643.3 mln vs 576.3 mln
      NOTE: Per share results after provision for pfd dividends.
      Fourth qtr earnings exclude loss from discontinued
  operations of 67.6 mln dlrs, or 4.72 dlrs a share, and a loss
  of 25.8 mln dlrs, or 1.81 dlrs a share, from tax reverse,
  versus a gain from discontinued operations of 1.8 mln dlrs, or
  14 cts a share, in 1985's 4th qtr.
       1986 oper earnings excludes loss from discontinued
  operations of 62.5 mln dlrs, or 4.41 dlrs a share, versus a
  loss of 166.8 mln dlrs, or 12.24 dlrs a share, in 1985.
  

"
training/4976	0	acq	"SMARTNAMES TO BUY AMERICAN INFORMATION NETWORK
  SmartNames Inc said it reached
  an agreement in principle to buy American Information Network.
      Terms of the agreement were not disclosed.
      The company said the purchase of American will allow it to
  meet the needs of a broader range of direct mail industry
  customers.
  

"
training/498	0	acq	"UTILICORP <UCU> COMPLETES ACQUISITION
  UtiliCorp United Inc said it
  completed the acquisition of West Virginia Power from Dominion
  Resources for about 21 mln dlrs.
      The sale was approved by the West Virginia Public Service
  Commission in January and became effective March one. West
  Virginia's management will continue to be responsible for
  operating the utility, it said.
  

"
training/4981	0	acq	"ARCO <ACR> SELLS TWO OPERATIONS
  Atlantic Richfield Co said it sold
  its Plan Cell Research Institute unit and its Arco Seed Co
  operations in two transactions for undisclosed prices.
      The company said it sold Dublin, Calif.-based Plant Cell
  Research to <Montedision SpA> of Milan, Italy and ARCO Seed Co
  to U.F. Genetics of Hollister, Calif.
      Atlantic Richfield said the divestitures are in line with
  its policy of focusing resources on oil, gas, chemical and coal
  operations.
  

"
training/4983	10	crude	"ECUADOR BEGINS WORK ON OIL PIPELINE TO COLOMBIA
  Construction workers today began building
  a 26 km (16 mile) pipeline to link Ecuador's jungle oilfields
  to a pipeline in Colombia through which Ecuadorean crude could
  be pumped to the Pacific Coast, Ecuadorean energy minsitry
  officials said.
      They said it would take about two months and at least 15
  mln dlrs to build the pipeline from Lago Agrio in Ecuador to
  Puerto Colon, Colombia for connection to the Colombian
  pipeline, which goes to the port of Tumaco on Colombia's
  Pacific Ocean coast.
      The Lago Agrio to Puerto Colon pipeline is designed to
  transport between 30,000 to 50,000 barrels of day (bpd) of
  Ecuadorean crude to the Colombian pipeline, they said.
      The Colombian pipeline to Tumaco has ample room for
  Ecuadorean crude, they said. It is currently transporting about
  17,000 bpd out of its 100,000 bpd capacity, an Ecuadorean
  energy ministry official said.
      The Ecuadorean crude reaching Tumaco will be shipped by
  boat to Ecuador for refining into oil products to meet domestic
  demand.
      The completion of the pipeline would allow Ecuador to
  resume some of production, paralysed since March six by an 
  earthquake the night before.
      The tremor ruptured the country's main pipeline from jungle
  oilfields to the Ecuadorean port of Balao, on the Pacific
  Ocean.
      Ecuador was pumping about 260,000 bpd before the
  earthquake. It would take about five months to repair the
  pipeline to Balao, government officials said.
      Ecuador estimates that it will cost between 145 to 150 mln
  dlrs to repair oil installations damaged by the earthquake,
  energy ministry Javier Espinosa said.
  

"
training/4987	48	trade	"DUTCH TRADE FULLY IN BALANCE BUT DOWN IN JANUARY
  The Netherlands recorded a flat trade
  balance in January, with both exports and imports totaling 14.2
  billion guilders, a modestly lower compared with December but
  sharply down from January last year, an Economics Ministry
  spokesman said, quoting official statistics.
      January 1986 exports compared with a December figure of
  15.0 billion guilders and were 25 pct below last year's level
  of 18.9 billion.
      January 1986 imports compared with 15.3 billion guilders in
  December and fell 18 pct from 17.4 billion in January last
  year.
  

"
training/4990	12	earn	"DESOTO INC <DSO> REGULAR DIVIDEND SET
  Qtly div 35 cts vs 35 cts previously
      Pay April 17
      Record March 31
  

"
training/4991	12	earn	"METHODE ELECTRONICS INC <METHB> REGULAR PAYOUT
  Qtly div Class B 1-1/2 cts vs 1-1/2 cts prior
      Class A two cts vs two cts prior
      Pay April 30
      Record April 15
  

"
training/4993	23	ipi	"BRAZIL INDUSTRIAL GROWTH RATE SLOWED IN JANUARY
  The growth rate of Brazilian
  industrial output slowed in January to 6.09 pct above the same
  1986 month after rising 6.71 pct in December, Brazilian
  Geography and Statistics Institute figures show.
      The result is in line with the declining trend in the
  growth rate since October, the Institute said.
      In the 12 months to end-January industrial production was
  10.48 pct above the 12 months to end-January last year while in
  calendar 1986 output was 10.89 pct above 1985.
      The biggest output rises in the 12 months to end-January
  were 23.68 pct in pharmaceuticals and 22.12 pct in machinery.
  

"
training/4998	12	earn	"GENERAL CINEMA CORP <GCN> COMMON STOCK DIVIDEND
  Qtly div 15 cts vs 15 cts prior
      Pay April 30
      Recrod April nine
  

"
training/4999	12	earn	"STEPHAN CO <FTC> YEAR NET
  Shr 25 cts vs 18 cts
      Net 109,131 vs 75,793
      Revs 1,811,636 vs 1,280,618
  

"
training/50	12	earn	"AMERICA FIRST MORTGAGE SETS SPECIAL PAYOUT
  <America First Federally Guaranteed
  Mortgage Fund Two> said it is making a special distribution of
  71.6 cts per exchangeable unit, which includes 67.62 cts from
  return on capital and 3.98 cts from income gains.
  

"
training/5001	0	acq	"PLM <PLMA> UNIT ENDS MERGER TALKS
  PLM Cos Inc said its PLM Power Co
  unit broke off merger discussions with Sunlaw Energy Corp of
  Beverly Hills, Calif.
      In January PLM Power entered into a letter of intent to
  negotiate a potential acquisition of Sunlaw, subject to
  substantial due diligence, the company said.
      But it also said the two companies were not able to agree
  on mutually satisfactory final terms and conditions.
  

"
training/5002	5	coffee	"COLOMBIA OPENS APRIL/MAY COFFEE REGISTRATIONS
  Colombia opened coffee export
  registrations for April and May with the National Coffee
  Growers' Federation setting no limit, Gilberto Arango,
  president of the private exporters' association, said.
      He told Reuters the decision not to put any limit responded
  to ""new factors"" which have emerged from recent International
  Coffee Organisation talks in London, where producers and
  consumers failed to agree on a re-introduction of export quotas.
  

"
training/5012	12	earn	"MET-PRO CORP <MPR> TO PAY REGULAR DIVIDEND
  Qtrly 15 cts vs 15 cts prior
      Pay May Eight
      Record April 24
  

"
training/5013	12	earn	"AILEEN INC <AEE> 1SR QTR JAN 31 LOSS
  Shr loss 30 cts vs loss 20 cts
      Net loss 1,553,000 vs loss 1,031,000
      Revs 10.0 mln vs 8,696,000
  

"
training/5015	12	earn	"WOLVERINE WORLD WIDE INC <WWW> 4TH QTR LOSS
  Shr loss six cts vs profit 55 cts
      Net loss 414,000 vs profit 3,936,000
      Sales 109.4 mln vs 126.8 mln
      Year
      Shr loss 1.75 dlrs vs profit 55 cts
      Net loss 12,589,000 vs profit 3,965,000
      Sales 341.7 mln vs 389.5 mln
      NOTE: Year results include 14.0 mln dlr restructuring
  charge in 2nd Qtr of 1986
  

"
training/5018	12	earn	"HURCO COMPANIES INC <HURC> FIRST QTR NET
  Shr profit three cts vs loss 18 cts
      Net profit 124,000 vs loss 370,000
      Rev 11.3 mln vs 11.7 mln
      Avg shares 3,673,000 vs 2,368,000
  

"
training/502	10	crude	"STUDY GROUP URGES INCREASED U.S. OIL RESERVES
  A study group said the United States
  should increase its strategic petroleum reserve to one mln
  barrels as one way to deal with the present and future impact
  of low oil prices on the domestic oil industry.
      U.S. policy now is to raise the strategic reserve to 750
  mln barrels, from its present 500 mln, to help protect the
  economy from an overseas embargo or a sharp price rise.
      The Aspen Institute for Humanistic Studies, a private
  group, also called for new research for oil exploration and
  development techniques.
      It predicted prices would remain at about 15-18 dlrs a
  barrel for several years and then rise to the mid 20s, with
  imports at about 30 pct of U.S. consumption.
      The study cited two basic policy paths for the nation: to
  protect the U.S. industry through an import fee or other such
  device or to accept the full economic benefits of cheap oil.
      But the group did not strongly back either option, saying
  there were benefits and drawbacks to both.
      It said instead that such moves as increasing oil reserves
  and more exploration and development research would help to
  guard against or mitigate the risks of increased imports.
  

"
training/5020	0	acq	"MAXTOR <MXTR> AGREES TO ACQUIRE U.S. DESIGN
  Maxtor Corp and U.S. Design
  Corp <USDC>, said they reached definitive agreement covering
  the acquisition of U.S. Design by Maxtor.
      They said the arrangement, which is subject to a number of
  conditions including U.S. Design shareholder approval, calls
  for Maxtor to issue 12 mln dlrs worth of its own common stock
  in exchange for all of U.S. Design.
      The number of Maxtor shares to be issued will be determined
  by the average closing price of Maxtor stock over the 10
  trading day period prior to the day the acquisition becomes
  effective, the companies also said.
  

"
training/5021	12	earn	"SHARED MEDICAL SYSTEMS CORP <SMED> SETS PAYOUT
  Qtly div 18 cts vs 18 cts prior
      Pay April 15
      Record March 31
  

"
training/5029	12	earn	"WEIGH-TRONIX INC <WGHT> 4TH QTR NET
  Shr 18 cts vs 16 cts
      Net 348,298 vs 308,927
      Sales 4,166,750 vs 3,740,970
      Year
      Shr 72 cts vs 52 cts
      Net 1,409,867 vs 1,020,096
      Sales 16.5 mln vs 15.0 mln
      Avg shrs 1,974,529 vs 1,956,214
  

"
training/5034	12	earn	"MONARCH AVALON INC <MAHI> 3RD QTR JAN 31 LOSS
  Shr loss 11 cts vs profit four cts
      Net loss 199,000 vs profit 81,000
      Rev 1.9 mln vs 2.5 mln
      Nine months
      Shr loss 14 cts vs profit 15 cts
      Net loss 261,000 vs profit 273,000
      Rev 6.4 mln vs 7.6 mln
      NOTE: Per share information adjusted for three-for-two
  stock split on January 31, 1986.
  

"
training/504	0	acq	"CARBIDE <UK> LOOKS TO ACQUISITIONS FOR GROWTH
  Union Carbide Corp is looking to
  acquisitions and joint ventures to aid its chemicals and
  plastics growth, according the H.W. Lichtenberger, president of
  Chemicals and Plastics.
      Describing this as a major departure in the company's
  approach to commercial development, he told the annual new
  business forum of the Commercial Development Association ""We
  are looking to acquisitions and joint ventures when they look
  like the fastest and most promising routes to the growth
  markets we've identified.""
      Not very long ago Union Carbide had the attitude ""that if
  we couldn't do it ourselves, it wasn't worth doing. Or, if it
  was worth doing, we had to go it alone,"" Lichtenberger
  explained.
      He said ""there are times when exploiting a profitable
  market is done best with a partner. Nor do we see any need to
  plow resources into a technology we may not have if we can link
  up profitably with someone who is already there.""
      He said Carbide has extended its catalyst business that way
  and is now extending its specialty chemicals business in the
  same way.
  

"
training/5040	7	cotton	"U.S. COTTON CERTIFICATE EXPIRATION DATE EXTENDED
  Expiration dates on upland cotton
  certificates issued under the 1986 upland cotton program are
  being extended, the Agriculture Department announced.
      The certificates are being extended because of a shortage
  of Commodity Credit Corporation inventory available for
  exchange with certificates, USDA undersecretary Danial Amstutz
  said.
      Presently, upland cotton commodity certificates expire nine
  months from the last day of the month of issuance.
      Under the new procedure, all current outstanding and all
  new upland cotton certificates issued under the 1986 upland
  cotton program will have an expiration date of either February
  29, 1988, or nine months from the last day of the month in
  which the certificate is issued, whichever is later.
  

"
training/5042	12	earn	"BNL ANNOUNCES NET 1986 PROFITS IN BANK SECTOR
  State-owned <Banca Nazionale del Lavoro
  BNL> said 1986 profits for its banking activities equalled 155
  billion lire against 146 billion lire in 1985.
      Consolidated 1986 results for BNL, which also has interests
  in tourism, public works, industrial credit and other sectors,
  are expected to be announced later this year.
      The results for the banking sector are to be presented at a
  shareholders meeting scheduled for April 29.
  

"
training/5043	12	earn	"APPLIED DNA SYSTEMS INC <ADNA> 4TH QTR LOSS
  Shr loss one ct vs nil
      Net loss 148,007 vs loss 58,863
      Revs 198,919 vs 133,071
      Avg shrs 7,476,433 vs 6,633,989
      Year
      Shr loss three cts vs loss six cts
      Net loss 230,949 vs 424,719
      Revs 666,626 vs 509,971
      NOTE: Amounts include losses of a 50 pct owned scientific
  development affiliate, Analytical Biosystems Corp.
  

"
training/5044	0	acq	"OILMAN HAS 8.7 PCT OF QED EXPLORATION <QEDX>
  Kansas oilman Nicholas Powell told
  the Securities and Exchange Commission he has acquired 195,000
  shares of QED Exploration Inc, or 8.7 pct of the total
  outstanding common stock.
      Powell, who heads Prairie Resources Corp and Mack C. Colt
  Inc, both Kansas oil and gas exploration companies, said he
  bought the stock for investment purposes.
      Powell, who said he has already spent 609,831 dlrs on his
  QED stock, said he plans to buy more shares as long as he
  considers them to be undervalued.
  

"
training/5046	12	earn	"JOHN LABATT LTD 3RD QTR SHR DILUTED 32 CTS VS 30 CTS

  JOHN LABATT LTD 3RD QTR SHR DILUTED 32 CTS VS 30 CTS
  

"
training/5048	12	earn	"LIFESTYLE RESTAURANTS INC <LIF> 1ST QTR JAN 24
  Shr loss 31 cts vs loss eight cts
      Net loss 1,780,000 vs loss 449,000
      Revs 13.9 mln vs 17.8 mln
      NOTE: Current 1st qtr loss included a gain of 870,000 dlrs
  and 70,000 dlrs from the sale of restaurant leases.
  

"
training/505	0	acq	"CORRECTED - BANKAMERICA NEGOTIATING SALE OF UNITS
  Bank of America NT and SA's
  <BAC.N> West German branch said it is negotiating the sale of
  Bankhaus Centrale Credit AG, a small local West German bank it
  acquired in 1965, and of its West German Visa credit card
  operation.
      Michael Seibel, Bank of America vice-president and regional
  manager, said the negotiations were proceeding well. He
  declined to give further details.
      Bank of America's West German branch lost some 32 mln marks
  in 1985. The result includes profit and loss transfers from
  Bankhaus Centrale Credit and the Visa organisation. The sale of
  the units is part of the bank's worldwide restructuring plan.
  

"
training/5050	12	earn	"SIERRA HEALTH SERVICES INC <SIE> 4TH QTR LOSS
  Shr loss 52 cts vs profit six cts
      Net loss 2,943,000 vs profit 334,000
      Revs 33.5 mln vs 18.5 mln
      Year
      Shr loss 1.57 dlrs vs profit 16 cts
      Net loss 8,781,000 vs profit 792,000
      Revs 116.0 mln vs 56.5 mln
  

"
training/5051	12	earn	"FIRECOM INC <FRCM> 3RD QTR JAN 31 LOSS
  Shr loss two cts vs profit two cts
      Net loss 104,874 vs profit 90,470
      Sales 3,154,673 vs 1,666,313
      Nine mths
      Shr loss one cent vs profit four cts
      Net loss 39,169 vs profit 159,784
      Sales 8,250,003 vs 4,665,553
  

"
training/5052	23	ipi	"BRAZIL INDUSTRIAL PRODUCTION SLOWED IN JANUARY
  Industrial output in January was
  6.09 pct above the same 1986 month after rising 6.71 pct in
  December, Brazilian Geography and Statistics Institute figures
  show.
      The result is in line with the declining trend in the
  growth rate since October, the Institute said.
      In the 12 months to end-January industrial production was
  10.48 pct above the 12 months to end-January last year, while
  in calendar 1986 output was 10.89 pct above 1985.
      The biggest output rises in the 12 months to end-January
  were 23.68 pct in pharmaceuticals and 22.12 pct in machinery.
  

"
training/5053	12	earn	"WHEELING AND LAKE ERIE RAILWAY CO <WLE> DIV
  Qtly div 1.4375 dlrs vs 1.4375 dlrs
      Pay May 1  
      Record April 3     
      Note: Dividend paid to all shareholders other than Norfolk
  Southern Corp's <NSC> Norfolk and Western Railway Co.
  

"
training/5054	12	earn	"GENERAL CINEMA CORP <GCN> CLASS B DIVIDEND
  Qtly div class B 13.5 cts vs 13.5 cts
      Pay April 30
      Record April 9   
  

"
training/5055	12	earn	"<JOHN LABATT LTD> 3RD QTR JAN 31 NET
  Shr 36 cts vs 31 cts
      Shr diluted 32 cts vs 30 cts
      Net 26,158,000 vs 21,798,000
      Revs 1.05 billion vs 844.2 mln
      Nine mths
      Shr 1.28 dlrs vs 1.22 dlrs
      Shr diluted 1.15 dlrs vs 1.08 dlrs
      Net 92,779,000 vs 77,971,000
      Revs 3.16 billion vs 2.70 billion
      Avg shrs 72.4 mln vs 64.0 mln
  

"
training/5057	48	trade	"TRADE BILL TO CHANGE AGRICULTURE TRADE LAWS
  The House Ways and Means Committee
  is moving toward passage of a trade bill that sponsors said was
  intended to help open foreign markets to U.S. agricultural
  goods and to modify some U.S. agricultural trade laws.
      The trade subcommittee voted to require President Reagan to
  take into account the potential harm to U.S. agricultural
  exports of any trade retaliation he might impose for foreign
  unfair trade practices against other domestic industries.
      The bill would allow U.S. agricultural producers to seek
  government monitoring of imports if there is a reasonable
  chance the industry would be harmed by an import surge.
      The full Ways and Means Committee is to consider the bill
  next week and congressional sources said they expect it will be
  approved.
       In investigations involving a processed agricultural
  product, trade associations of processors or producers would
  have to petition for relief from foreign dumping or unfair
  duties.
       The bill sets out U.S. trade negotiating objectives for
  the Uruguay round of talks under the General Agreement on
  Tariffs and Trade. It would seek fair trade in agriculture,
  seek to discipline restrictive or trade distorting import and
  export practices, to eliminate tariffs, subsidies, quotas and
  non-tariff barriers.
       President Reagan's authority to negotiate a new GATT
  agreement would be extended through January 1993 and authority
  to negotiate a free trade zone with Canada would be extended
  through January 3, 1991.
      The bill extends Reagan's authority to negotiate an
  international coffee agreement through October 31, 1989.
      It allows a refund of import duties paid on raw sugar
  imported from November 1, 1977 to March 31, 1985 for production
  of sugar or products containing sugar and destined for
  re-export. The export of the sugar or products must occur
  before Octoer 1, 1991.
      Presently, to qualify for the refund the sugar must be
  processed within three years after import and exported within
  five years.
      Agriculture would also benefit from more rapid decisions in
  complaints of unfair foreign trade practices or injury from
  imports.
  

"
training/5058	12	earn	"AMERICAN CITY <AMBJ> SETS INITIAL PREFERRED DIV
  American City Business
  Journals Inc said it declared an initial dividend of 15.4 cts a
  share on its recent issue of 1.6 mln shares of convertible
  exchangeable preferred stock.
      The dividend is payable March 31 to shareholders of record
  March 20, American City said, adding that future dividends will
  be paid on a quarterly basis.
      The preferred stock was issued on February 23.
  

"
training/5059	33	money-supply	"U.S. BUSINESS LOANS RISE 377 MLN DLRS IN MARCH 4 WEEK, FED SAYS

  U.S. BUSINESS LOANS RISE 377 MLN DLRS IN MARCH 4 WEEK, FED SAYS
  

"
training/506	12	earn	"<FRANKLIN GOLD FUND> CUTS DIVIDEND
  Semi div 13 cts vs 18 cts prior
      Pay March 13
      Record March Two
  

"
training/5060	33	money-supply	"U.S. BUSINESS LOANS RISE 377 MLN DLRS
  Business loans on the books of major
  U.S. banks, excluding acceptances, rose 377 mln dlrs to 279.085
  billion dlrs in the week ended March 4, the Federal Reserve
  Board said.
      The Fed said that business loans including acceptances
  increased 484 mln dlrs to 281.546 billion dlrs.
  

"
training/5062	12	earn	"WEYERHAEUSER SAID IT SEES SIGNIFICANT INCREASES IN EARNINGS IN 1987

  WEYERHAEUSER SAID IT SEES SIGNIFICANT INCREASES IN EARNINGS IN 1987
  

"
training/5068	12	earn	"VARITY EXPECTS TO REPORT 4TH QTR AND FULL-YEAR 1986 LOSS

  VARITY EXPECTS TO REPORT 4TH QTR AND FULL-YEAR 1986 LOSS
  

"
training/5070	32	money-fx	"AFTER G-6, ROUND ONE GOES TO CENTRAL BANKS
  Central banks have easily beaten back
  the foreign exchange market's first test of the industrialized
  nations' recent pact to stabilize currencies, analysts said.
      In active trading this week, the market pushed the dollar,
  sterling, the Canadian dollar and Australian dollar higher. But
  operators got their fingers burned as one by one the central
  banks signalled their displeasure.
      ""So far G-6 has been a roaring success,""said James O'Neill,
  financial markets economist at Marine Midland Bank NA.
      ""The central banks are sending strong signals that they
  won't tolerate any kind of momentum building behind
  currencies,"" added a senior corporate trader at one U.K. bank.
      On February 22, the finance ministers and central bank
  governors of the U.S., Japan, West Germany, France and the U.K.
  -- the Group of Five -- plus Canada, signed an accord under
  which they agreed to cooperate closely to foster stability of
  exchange rates around prevailing levels.
      The agreement was viewed by many in the market as an
  attempt to put a floor under the dollar after its sizeable
  two-year decline against major world currencies.
      And initially, traders indicated their respect for the
  accord by refraining from pushing the dollar lower.
      But by Wednesday, the dollar climbed to more than 1.87
  marks, about five pfennigs above its levels the Friday before
  the G-6 accord.
      The move was aided by indications that the U.S. economy
  picked up steam in February at the same time as the West German
  economy was regressing.
      But dealers said the Federal Reserve Bank of New York gave
  traders a sharp reminder that the G-6 pact had encompassed the
  idea of limiting inordinate dollar gains as well as declines.
      Dealers differed as to whether the U.S. central bank
  actually intervened to sell dollars above 1.87 marks, or simply
  telephoned dealers to ask for quotes and enquire about trading
  conditions.
      But the dollar quickly backed off. It hovered today around
  1.85 marks. ""The market was surprised that the Fed showed its
  face so soon,"" said Marine Midland NA's O'Neill.
      Also on Wednesday, London dealers said the Bank of England
  intervened in the open market to sell sterling as the U.K.
  currency rose to 1.60 dlrs compared with 1.5355 dlrs before the
  G-6 pact.
      Sterling, along with the other high-yield currencies like
  the Australian dollar and Canadian dollar, was in favor after
  traders surmised that the the chance of intervention pursuant
  to the Paris currency accord left limited room for profit plays
  on dollar/mark and dollar/yen.
      The pound also was boosted by suggestions of an improving
  U.K. economy, anticipation of a popular British budget on March
  17 and public opinion polls showing good chances for the
  incumbent Conservative party in any general election.
      ""There was a real run on sterling,"" said Anne Mills of
  Shearson Lehman Brothers Inc.
      Sterling traded today around 1.5750 dlrs, down from 1.5870
  dlrs last night. It slid to 2.917 marks from 2.950 yesterday
  and from a peak of about 2.98 recently. ""There's been some
  heavy profit-taking on sterling/mark ahead of next Tuesday's
  U.K. budget,"" said James McGroarty of Discount Corp.
      As speculators detected the presence of the U.S. and
  British central banks, they acclerated their shift into
  Canadian and Australian dollars. But here too they were
  stymied. The Bank of Canada acted to slow its currency's rise.
      The Canadian dollar traded at 1.3218/23 per U.S. dollar
  today, down from 1.3185/90 yesterday.
      And the Australian Reserve Bank, using the Fed as agent,
  sold Australian dollars in the U.S. yesterday, dealers said.
      The Australian dollar fell to a low of 67.45/55 U.S. cents
  today from a high of 69.02 Thursday.
      Analysts said the central banks' moves to stifle sudden
  upward movement, leave the market uncertain about its next
  step. Today, the focus shifted to the yen which has held to a
  very tight range against the dollar for several months.
      The dollar fell to 152.35/40 yen from 153.35/40 last night.
  Analysts said the yen also gained as traders unwound long
  sterling/short mark positions established lately.
      ""Because of the change in perceptions about the health of
  the German economy, the funds from those unwinding operations
  are ending up in yen,"" a dealer at one U.K. bank said.
      Recent West German data have shown falling industry orders,
  lower industrial output and slowing employment gains.
      Moreover, the yen is benefitting as Japanese entities who
  have invested heavily overseas, for example in Australian
  financial instruments, repatriate their profits ahead of the
  end of the Japanese fiscal year on March 31.
      Noting that the dollar/yen rate is in a sense the most
  controversial one because of the large U.S. trade deficit with
  Japan, analysts said the stage could be set for another test of
  the dollar's downward scope against the Japanese currency.
      In its latest review of the foreign exchange market through
  the end of January, the Federal Reserve revealed that it
  intervened to protect the dollar against the yen on January 28.
  On that day, the dollar fell as low as 150.40 yen.
      ""Sure, the Fed bought dollars near the 150 yen level in
  January. But the market has to bear in mind that time marches
  on and the situation changes,"" said McGroarty of Discount.
  

"
training/5071	12	earn	"WEYERHAEUSER <WY> SEES HIGHER 1987 EARNINGS
  Weyerhaeuser Co said it should
  have significant increases in earnings in 1987 and 1988 should
  be another very good year.
      Weyerhaeuser reported 1986 earnings of 276.7 mln dlrs, or
  1.91 dlrs per share, on 5.65 billion dlrs in revenues.
      Anticipated improved cash flows will allow the company to
  invest and acquire much more aggressively than it has in the
  past few years, Weyerhaeuser also said.
      Weyerhaeuser, principally a lumber products company, said
  the forecast was made by the company's chief financial officer
  during a meeting of institutional investors in Tokyo.
      It also said its expects to see opportunities in the
  building products area, particularly in composite panels and in
  other engineered products directed toward specific, rather than
  commodity, end-use markets.
      But it said growth may be higher in added-value products,
  in financial services and in other diversified businesses.
      In addition, the company said rising product prices and
  demand for pulp and paper are reflected in all the major world
  markets, except in the case of some light-weighted paper grades
  where overcapacity remains a problem.
      Weyerhaeuser further stated that it has lowered its
  manufacturing cost structure and is obtaining significant
  productivity increases.
  

"
training/5072	12	earn	"LDBRINKMAN CORP <LDBC> 2ND QTR JAN 31 LOSS
  Shr loss seven cts vs profit 12 cts
      Net loss 662,000 vs profit 1,520,000
      Revs 59.1 mln vs 63.1 mln
      Six mths
      Shr profit 23 cts vs profit 20 cts
      Net profit 2,802,000 vs profit 2,543,000
      Revs 138.5 mln vs 126.7 mln
  

"
training/5076	12	earn	"ACS ENTERPRISES INC <ACSE> 4TH QTR LOSS
  Shr loss two cts vs profit three cts
      Net loss 80,333 vs profit 67,967
      Revs 1,162,678 vs 1,009,731
      Avg shrs 3,317,104 vs 2,494.049
      year
      Shr loss 21 cts vs profit four cts
      Net loss 679,520 vs profit 96,724
      Revs 4,191,540 vs 4,702,999
      Avg shrs 3,242,641 vs 2,525,677
      NOTES: Revenues exclude hospital television rental business
  sold Dec 29, 1986
      1986 losses in both periods include gain of 530,000 dlrs on
  sale of discontinued business
  

"
training/5077	0	acq	"TONY LAMA <TLAM> TO BUY <COULSON OF TEXAS INC>
  Tony Lama Co Inc said it signed
  a letter of intent to buy Coulson of Texas Inc, a maker of
  heels and leather components.
      The company said exact terms of the deal have not been
  determined but that it does not expect the acquisition to have
  a material effect on its financial position.
      In addition to buying substantially of all Coulson's
  assets, Tony Lama said it would assume certain of the company's
  liabilities.
  

"
training/5078	12	earn	"TO-FITNESS INC <TFIT> YEAR DEC 31 LOSS
  Shr loss 89 cts vs loss 21 cts
      Net loss 3,030,548 vs loss 548,442
      Revs 1,519,360 vs 1,081,915
      Avg shrs 3,399,993 vs 2,725,425
  

"
training/508	12	earn	"<FRANKLIN CALIFORNIA TAX-FREE INCOME FUND>PAYOUT
  Mthly div 4.5 cts vs 4.5 cts prior
      Pay March 13
      Record March Two
  

"
training/5080	0	acq	"TRIBUNE <TRB> COMPLETES CABLE SYSTEM SALE
  Tribune Co said it completed the sale
  of the Danville, Va., cable television system to Cablevision
  Industries Ltd Partnership, affiliated with Cablevision
  Industries Inc of Liberty, N.Y.
      It said the Danville system was one of two systems acquired
  by Tribune on September 30, 1986 as part of its purchase of The
  Daily Press Inc, publisher of the Newport News Daily Press and
  The Times-Herald. Agreements to sell both systems for a total
  of 100 mln dlrs were reached in October.
      Sale of the Newport News system was completed in December.
  

"
training/5081	0	acq	"GTE <GTE> UNIT TO SELL INFORTEXT PRODUCTS
  Infortext Systems Inc said it
  finalized a two-year agreement under which GTE Services Corp
  and eight affiliates will sell Infortext's line of personal
  computer-based telephone call accounting systems.
      GTE Services, a unit of GTE Corp, evaluated 23 competitive
  call accounting systems, the company said.
  

"
training/5082	0	acq	"SHEPPARD RESOURCES TO MERGE WITH CANCER CLINIC
  Sheppard Resources Inc
  said it signed a letter of intent to merge with Breast Centers
  Inc, an owner, operator and franchiser of clinics that provide
  services for the early detection of breast cancer.
      Terms were not disclosed.
      After the merger, Breast Centers shareholders would become
  the majority shareholders of the combined company.
      Also, if approved, Sheppard will change its name to Breast
  Centers.
  

"
training/5083	12	earn	"FIRSTIER INC <FRST> SETS REGULAR QUARTERLY DIV
  Qtly div 27.5 cts vs 27.5 cts prior
      Pay March 31
      Record March 25
  

"
training/5084	12	earn	"ZONDERVAN CORP <ZOND> 4TH QTR NET
  Shr profit nil vs profit 38 cts
      Net profit 19,000 vs profit 1,239,000
      Revs 31.7 mln vs 31.2 mln
      12 mths
      Shr profit 52 cts vs loss three cts
      Net profit 2,173,000 vs loss 119,000
      Revs 103.5 mln vs 98.6 mln
  

"
training/5085	12	earn	"UNIBANCORP INC <UBCP> REGULAR DIVIDEND SET
  Qtly div 20 cts vs 20 cts previously
      Pay April 15
      Record March 23
  

"
training/5086	12	earn	"SECOND NATIONAL BUILDING <SNBL> RAISES DIVIDEND
  Qtrly seven cts vs six cts
      Pay April 20
      Record March 31
      NOTE: full name of company is Second National Building and
  Loan.
  

"
training/5089	12	earn	"BROADVIEW FINANCIAL CORP <BDVF> 4TH QTR LOSS
  Shr loss 5.67 dlrs vs loss 5.17 dlrs
      Net loss 17 mln vs loss 15.4 mln
      Year
      Shr loss 12.42 dlrs vs loss 9.60 dlrs
      Net loss 37.0 mln vs loss 28.5 mln
      NOTE: 1986 4th qtr and year net includes 11.9 mln dlr and
  43.8 mln dlr provision, respectively, for possible land and
  real estate losses. 1985 4th qtr and year net includes 5.1 mln
  dlr and 13.4 mln dlr provision, respectively, for possible
  losses.
  

"
training/509	12	earn	"<FRANKLIN AGE HIGH INCOME FUND> SETS PAYOUT
  Mthly div 3.6 cts vs 3.6 cts prior
      Pay March 13
      Record March Two
  

"
training/5090	12	earn	"ENZO BIOCHEM INC <ENZO> 2ND QTR JAN 31 NET
  Shr one ct vs three cts
      Net 123,000 vs 371,000
      Revs 2,944,000 vs 2,138,000
      Avg shrs 11.4 mln vs 11.6 mln
      Six mths
      Shr five cts vs six cts
      Net 531,000 vs 725,000
      Revs 6,200,000 vs 4,128,000
      Avg shrs 11.4 mln vs 11.6 mln
  

"
training/5091	0	acq	"TENDER FOR ALLEGHENY INT'L <AG> UNDERWAY
  First Boston Inc's <FBC> Sunter
  Acquisition Corp said it began its previously announced 24.60
  dlr per share tender offer for Allegheny International Inc's
  common stock.
      The company is also offering 20 dlrs for each 2.19 dlr
  cumulative preferred share, and 87.50 dlrs for each share of
  11.25 dlr convertible preferred stock.
      The company said the offer and withdrawal rights will
  expire at midnight April nine unless extended.
  

"
training/5092	12	earn	"VARITY <VAT> EXPECTS 4TH QTR, FULL-YEAR LOSS
  Varity Corp, formerly Massey-Ferguson
  Ltd, said it expected to report on March 25 a loss for the
  fourth quarter and full-year ended January 31.
      A company spokesman said specific figures were unavailable.
      Varity posted a net profit of 3.9 mln U.S. dlrs for the
  previous fiscal year ended January 31, 1986 and a 3.3 mln dlr
  net profit for the previous fourth quarter. Its net loss for
  the nine months ended October 31 totaled 4.7 mln dlrs after a
  19.7 mln dlr third quarter loss tied to strikes and plant
  shutdowns at its British and French operations.
      Varity also said it would seek shareholder approval at a
  special shareholders' meeting on April 9 to authorize a
  transfer of values to the contributed surplus account on its
  balance sheet from the stated capital account for common
  shares.
      The spokesman said the move would help raise company values
  required to pay dividends under Canadian law.
  

"
training/5094	0	acq	"CABLEVISION TO BUY VALLEY CABLE FOR 100 MLN DLR
  <Cablevision Industries Corp>
  said its Cablevision Industries of California Inc subsidiary
  has entered into an agreement to buy substantially all of the
  assets of Valley Cable TV for about 100 mln dlrs.
      The company said it will buy the system from a California
  limited partnership, which is wholly-owned by Toronto-based
  <Hollinger Inc>.
      It said Valley Cable operates a 60,000 subscriber cable
  television systems passing about 180,000 homes in the west San
  Fernando Valley area of Los Angeles.
      Cablevision said it is the nation's 21st largest cable
  company and is ownnd by Alan Gerry, its chairman, president and
  chief executive officer. The company said the agreement is
  subject to regulatory approval.
  

"
training/5095	12	earn	"<ANTHES INDUSTRIES INC> 4TH QTR NET
  Oper shr 16 cts vs nine cts
      Oper net 2,281,000 vs 1,319,000
      Revs not given
      Year
      Oper shr 13 cts vs six cts
      Oper net 2,635,000 vs 1,775,000
      Revs 31.9 mln vs 31.7 mln
      Note: 1986 qtr excludes extraordinary loss of 1,155,000
  dlrs or nine cts share, versus gain of 607,000 dlrs or five cts
  shr
      Note continued: 1986 year excludes extraordinary loss of
  3,101,000 dlrs or 25 cts share, versus extraordinary loss of
  265,000 dlrs or two cts share
  

"
training/5097	0	acq	"BORG-WARNER <BOR> BOARD OKS SALE OF UNIT
  Borg-Warner Corp said its directors
  approved the sale, for about 240 mln dlrs, of its industrial
  products division to a New York-based private investment firm,
  Clayton and Dubilier Inc, and senior management of the group.
      Yesterday, the company said it agreed to sell the division,
  which has annual sales of about 300 mln dlrs and is based in
  Long Beach, California.
  

"
training/5100	12	earn	"<AUTREX INC> 1ST QTR JANUARY 31 NET
  Shr one cts vs two cts
      Net 50,000 vs 58,000
      Revs 467,000 vs 760,000
  

"
training/5102	0	acq	"SOUTHAM UNIT ACQUIRES WINNIPEG COMMUNITY PAPERS
  <Southam Inc> said its Flyer Force unit
  acquired three community newspapers in Winnipeg with a combined
  circulation of 65,000 for undisclosed terms.
      Southam said the newspapers, The Herald, The Lance and
  Metro One, will be printed at its Canadian Publishers division
  in Winnipeg.
      Flyer Force intends to expand distribution of the
  newspapers to begin improved service to the Winnipeg market,
  Southam said.
  

"
training/5105	12	earn	"MLX CORP <MLXX> 4TH QTR LOSS
  Shr loss 12 cts vs profit one ct
      Net loss 1,815,000 vs profit 65,000
      Revs 59.9 mln vs 2,798,000
      Avg shrs 15.8 mln vs 9,775,000
      Year
      Shr loss 11 cts vs loss three cts
      Net loss 1,217,000 vs loss 324,000
      Revs 83.3 mln vs 3,195,000
      Avg shrs 11.2 mln vs 9,775,000
  

"
training/511	10	crude	"PETRO-CANADA CUT CRUDE PRICES BY 1.43 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE

  PETRO-CANADA CUT CRUDE PRICES BY 1.43 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE
  

"
training/5112	0	acq	"FOREST CITY <FECA> COMPLETES SALE
  Forest City Enterprises Inc said it
  completed the previously announced sale of assets of its retail
  store division, excluding real estate, to Handy Andy Home
  Improvement Centers Inc, a private Gurnee, Ill., firm.
      The sale is for cash and notes but exact terms were not
  disclosed.
  

"
training/5113	0	acq	"MINN. BANK, OKLA. THRIFT ACTIONS TAKEN
  Beaver Creek State Bank in Beaver
  Creek, Minn., failed and the bank's insured assets were
  transferred to Citizens State Bank of Silver Lake, Minn., the
  Federal Deposit Insurance Corp. said.
      Separately, the Federal Home Loan Bank Board said Victor
  Federal Savings and Loan Association of Muskogee, Okla., was
  placed into receivership.
      Beaver Creek's two offices will re-open as branches of
  Citizens on Monday.
      The transfer was arranged because there were no bids to buy
  Beaver Creek, the FDIC said.
      Citizens will pay a premium of 30,000 dlrs  to the FDIC and
  purchase Beaver Creek's assets for 5.3 mln dlrs.
      It was the 43rd bank failure in the nation this year.
      The FHLBB said Victor Federal Savings was insolvent and its
  assets were transferred to a newly chartered federal mutual
  association with directors named by the FHLBB.
      Victor was a stock association with 564 mln dlrs in assets.
      The new association is to be known as Victor Savings and
  Loan Association and its assets continue to be insured by the
  Federal Savings and Loan Insurance Corp, the FHLBB said.
  

"
training/5114	12	earn	"LIFESTYLE RESTAURANTS <LIF> ADJUSTS REVENUES
  Lifestyle Restaurants Inc said
  revenues for the first quarter ended January 24, 1985, were
  17.5 mln dlrs and not the 17.8 mln dlrs it had reported
  earlier.
      The company also said a note attached to its earnings
  concerning a gain in 1986 on certain sales was incorrect and
  should be disregarded.
  

"
training/5115	30	lumber	"U.S. SAYS CANADA COMPLYING WITH LUMBER PACT
  The Commerce Department said that
  all Canadian firms had begun to pay an agreed to 15 pct
  surcharge on softwood shipped to U.S. markets.
      It made the statement after talks with Canadian officials
  about press reports and speculation in Canada that some
  exporters were not paying the charge.
      Canada and the United States agreed last December to the 15
  pct charge, ending a lengthy trade dispute over alleged
  Canadian subsidies to Canada's softwood exporters.
      Commerce officials would not say if they found any Canadian
  companies had been evading the charge, but that following the
  talks they were convinced all exporters were complying with the
  agreement.
      Undersecretary of Commerce Bruce Smart said ""We are
  gratified to learn that companies in Canada have begun paying
  the export charge on lumber.""
      He added the agreement was important to the health of the
  U.S. lumber industry and he intended to see that it was fully
  carried out.
  

"
training/5117	0	acq	"INVESTOR DISAPPOINTED AT CAESARS <CAW> RESPONSE
  Investor Martin Sosnoff said in a
  statement that he was disappointed in Caesars World Inc's
  response to his 28 dlrs a share offer to buy the company.
      The company had said the offer was inadequate and that it
  was exploring restructuring or sale of the company to another
  party.
      Sosnoff said he believes the offer is fair to all
  shareholders. ""My primary desire is still to sit down with
  management to negotiate a friendly acquisition,"" he said.
  

"
training/5118	10	crude	"VENEZUELA TO LEND UP TO 12.5 MLN BARRELS OF OIL
  Venezuela will lend Ecuador up to 12.5
  mln barrels of crude oil to help it meet its export commitments
  and its domestic energy demand, Ecuadorean Energy and Mines
  Minister Javier Espinosa said today in a statement.
      Ecuador was forced to suspend exports after the pipeline
  connecting its jungle oil fields with the Pacific Ocean port of
  Balao was damaged last week by an earthquake.
      Venezuela would lend 50,000 barrels per day of crude for a
  total of up to to 7.5 mln barrels to help Ecuador meet export
  commitments, Espinosa said. Also, Venezuela will sell the crude
  and provide the foreign exchange earnings to Ecuador, he said.
       Ecuador would repay Venezuela in crude once it resumed its
  exports after repairing its pipeline to Balao, a task that
  would take an estimated five  months.
      Venezuela is lending Ecuador five mln barrels of crude for
  refining in this country to meet domestic demand. Ecuador would
  repay that loan with crude once the oil pipeline is repaired.
      Both countries are the only Latin American members of the
  Organisation of Petroleum Exporting Countries (OPEC).
      Ecuador was exporting about 140,000 bpd before the
  earthquake, Energy Ministry officials said. Its total output
  was around 260,000 bpd.
  

"
training/5119	10	crude	"PDVSA TO SIGN CHAMPLIN REFINERY DEAL MARCH 17
  Petroleos de Venezuela, S.A. said it
  will sign a contract March 17 to buy a half interest in a
  Corpus Christi, Texas refinery and related operations.
      The contract, to be signed by PDVSA and Champlin
  Petroleum's parent company, the Union Pacific Corp <UNP>, will
  create a new joint venture called Champlin Refining.
      The state oil company said PDVSA will pay on the order of
  30 mln dlrs for the half interest in Champlin.
       Energy minister Arturo Hernandez Grisanti said Wednesday
  the cost would be 33 mln dlrs in cash, plus an additional 60
  mln in crude and refined oil shipments.
      PDVSA and Union Pacific have sought a line of credit from a
  group of North American and Japanese banks to finance the new
  company's working capital, the Venezuelan company said.
      Under the deal, PDVSA will supply up to 140,000 barrels a
  day to the refinery with the option to place 50,000 bpd more -
  mostly gasoline and distillates - through Champlin's
  distribution system in 10 U.S. states.
      The new company will be directed by a six-member board,
  with three representatives each from PDVSA and Union Pacific.
  

"
training/512	12	earn	"<FRANKLIN FEDERAL TAX-FREE INCOME FUND> PAYOUT
  Mthly div 7.7 cts vs 7.7 cts prior
      Pay March 13
      Record March Two
  

"
training/5121	0	acq	"PRATT <PRAT> OFFER FOR RESORTS <RT> EXPIRES
  PH Acquisition Co, a unit of Pratt Hotel
  Corp, said its 135 mln dlrs per share tender offer for all
  shares of Class B common stock of Resorts INternational Inc
  expired.
      As of today, about 45,690 shares were tendered, an
  insufficient number of shares to satisfy the condition that 51
  pct of the voting power be tendered.
      Earlier this week, New yOrk developer Donald Trump made a
  competing bid for the class B shares.
  

"
training/5123	10	crude	"SAUDIS DROP CONDITION FOR OIL SALE TO BRAZIL
  Saudi Arabia has dropped its
  condition that Brazil secure international bank guarantees
  before Saudia Arabia would ship it oil, the state-oil company,
  Petrobras, said in a statement.
      Petrobras said the Saudis will accept Banco do Brasil
  credit guarantees.
      Petrobras cancelled a 40-mln dlr crude oil purchase from
  the Saudis yesterday after they refused to accept a letter of
  credit from the official Bank of Brazil. The Saudis had
  demanded that Brazil get credit guarantees from leading
  international banks.
      Petrobras said the Saudis had been advised that if they did
  not change their mind by Monday, Petrobras would negotiate the
  purchase of oil with other producers.
      The Petrobras statement said the shipment of 2.2 mln
  barrels will be made by the Saudis on March 24 as scheduled.
      The shipment is part contract signed in February for the
  Saudis to supply Brazil with 125,000 barrels per day until
  June.
  

"
training/5125	10	crude	"SAUDI ARABIA DECIDES TO ACCEPT BRAZIL CREDIT
  Saudi Arabia has lifted the
  condition it imposed on the sale of oil to Brazil and will
  accept Banco do Brasil's credit guarantees, state-oil company
  Petrobras said in a statement.
      Petrobras cancelled a 40 mln dlr crude oil purchase from
  the Saudis yesterday, after they refused to accept a letter of
  credit from the Bank of Brazil, demanding guarantees from
  leading international banks.
      It advised the Saudis the company would negotiate oil
  purchases elsewhere unless they changed their mind by Monday.
      The 2.2 mln barrels shipment will be made by the Saudis on
  March 24 as scheduled, the statement said.
      Under a 125,000 bpd contract signed in February the Saudis
  agreed to supply oil to Brazil until June.
  

"
training/5126	12	earn	"MICRON TECHNOLOGY <DRAM> SEES 2ND QTR LOSS
  Micron Technology Inc said it
  expects to record a net loss of about 11 mln dlrs in the second
  quarter compared to a loss of 9.7 mln dlrs in the first quarter
  and 9.8 mln dlrs in the year-ago second quarter.
      Revenues in the quarter ended March five increased to about
  20.4 mln dlrs from 18.8 mln in the preceeding quarter and 9.4
  mln dlrs in the year-ago quarter.
      The company makes semiconductors, memory components and
  related products.
  

"
training/5127	22	interest	"TRADING RANGE LIKELY TO CONTINUE IN DEBT FUTURES
  U.S. economic data due out next week is
  unlikely to hold any surprises that will shake U.S. interest
  rate futures out of their relatively narrow trading range of
  the last 3-1/2 months, financial analysts said.
      ""People don't seem to have any firm conviction about the
  current strength of the economy or about the Federal Reserve
  doing anything,"" said Drexel Burnham Lambert analyst Norman
  Mains.
      The narrow range trading is also taking its toll on trading
  volume, he noted. ""We've had a decline in activity as recent
  economic statistics have not greatly changed people's
  viewpoints on interest rates,"" Mains said.
      The data, which has provided not clear-cut view of the
  economy, coupled with dampened activity in the foreign exchange
  markets after the Paris initiative has made for ""less than
  ebullient market action,"" Mains said.
      He added, however, that Treasury bond futures could be in
  for a retracement after the recent rise as they are near the
  top of the trading range.
      ""My view is that the economy remains relatively strong and
  market participants will see that current prices are
  unjustified,"" Mains said.
      Refco Inc senior vice president Michael Connery also noted
  that the market is showing very little momentum and lacks
  retail interest. ""All of the movement occurs at the opening,""
  afterwhich volume dwindles and momentum fades, Connery said.
      Although data during the week was mildly positive for bond
  prices, the small rise in February producer prices and downward
  revisions in January retail sales and industrial production
  were ""not real exciting,"" said Prudential Bache analyst Fred
  Leiner.
      ""There is no one factor that will push us through the highs
  at this moment,"" Leiner said.
      Next week's revision to fourth quarter U.S. Gross national
  Product is also likely to be of little interest to the market,
  said Kleinwort Benson chief financial economist Sam Kahan.
  Still, forecasts for first quarter GNP could play a role in the
  direction of bond prices over the next month.
      Kahan said his early estimate for first quarter growth is
  around three pct, due largely to a buildup in inventories
  reflected in the January inventory data Friday, which showed
  the largest increase since 1979.
      ""The key question will be not whether there is a large
  increase in first quarter GNP, but whether any increase is
  sustainable or a one shot deal,"" Kahan said.
      He said that a sizable increase in first quarter GNP
  stemming from an increase in inventories will be a drag on
  second quarter growth.
      If that is the case, GNP in the second quarter could ease
  back to a one to two pct growth rate, Kahan said.
  

"
training/5128	12	earn	"<AGRA INDUSTRIES LTD> SIX MTHS JAN 31 NET
  Oper shr 35 cts vs 34 cts
      Oper net 2,313,000 vs 1,646,000
      Revs 100.1 mln vs 77.3 mln
      Note: 1986 net excludes extraordinary loss of 294,000 dlrs
  or four cts vs shr vs yr-ago loss of 579,000 dlrs or 12 cts
  shr. 1986 net includes non-cash loss of 1,436,000 dlrs or 22
  cts shr vs yr-ago loss of 1,922,000 dlrs or 39 cts shr from
  depreciation and amortization allowances on U.S. cable TV
  operation.
      Fewer shrs outstanding.
  

"
training/513	12	earn	"<FRANKLIN NEW YORK TAX-FREE INCOME FUND> PAYOUT
  Mthly div 7.3 cts vs 7.3 cts prior
      Pay March 13
      Record March Two
  

"
training/5132	30	lumber	" U.S. SAYS CANADA COMPLYING WITH LUMBER PACT
  The Commerce Department said all
  Canadian firms have begun to pay an agreed 15 pct surcharge on
  softwood shipped to U.S. markets.
      It made the statement after talks with Canadian officials
  about rumors in Canada that some exporters were not paying the
  charge.
      Canada and the U.S. agreed last December to the 15 pct
  charge, ending a lengthy trade dispute over alleged Canadian
  subsidies to Canada's softwood exporters.
      Commerce officials declined to say if any Canadian
  companies had been evading the charge, but said following the
  talks they were convinced all exporters were complying with the
  agreement.
      Undersecretary of Commerce Bruce Smart said ""We are
  gratified to learn that companies in Canada have begun paying
  the export charge on lumber.""
      He added the agreement was important to the health of the
  U.S. lumber industry and he intended to see that it was fully
  carried out.
  

"
training/5134	5	coffee	"NO HEAVY COFFEE EXPORT IMPLIED-COLOMBIA OFFICIAL
  A decision by Colombia to open coffee
  export registrations for an unlimited amount does not imply the
  country will heavily sell coffee until recently withheld,
  Gilberto Arango, president of the private exporters'
  association, told Reuters.
      Colombia today opened export registrations for april and
  may, with the National Coffee Growers' Federation setting no
  limit.
      Since the start of the coffee year last october, private
  exporters were on average allowed 350,000 bags of 60 kilos per
  month.
      ""Traders will initially interpret this measure as announcing
  heavy sales. Even today it pressured the market. But it will
  quickly become apparent that Colombia does not intend to go
  over the top,"" Arango said in an interview.
      ""Colombia's marketing policy is to sell without haste but
  consistently. No targets for volume will be set. We will react
  to market factors adequately. Colombia has no intention to give
  its coffee away,"" he added.
      Arango described measures adopted here yesterday, including
  a lower export registration price, as a major change in
  Colombia's coffee marketing policy.
      The export registration price, or reintegro, was lowered to
  1.10 dlr per lb ex-dock new york, or 155.83 dlrs per bag of 70
  kilos, from 1.35 dlrs (194.33 dlrs).
      The government announced a more flexible policy of
  reintegro, in order to closely reflect market trends, which
  arango warmly welcomed saying private exporters will
  undoubtedly be more actively present in the market.
      A frequent gap between international market prices and the
  reintegro was unlikely to recur, he said.
  

"
training/5138	42	rubber	"GENEVA - negotiators at U.N. Conference agree basic elements in new rubber pact - chairman

  GENEVA - negotiators at U.N. Conference agree basic elements in new rubber pact - chairman
  

"
training/5139	42	rubber	"MAJOR DIFFERENCES RESOLVED AT RUBBER PACT TALKS
  Negotiators at a United Nations
  conference on a new International Natural Rubber Agreement
  (INRA) have agreed on basic elements in a new pact, conference
  chairman Manaspas Xuto said.
      ""We have resolved major differences of opinion,"" he told
  Reuters.
      Xuto said the way is now cleared for drafting a new accord,
  to replace the current one which expires in October.
      Xuto said: ""I welcome the friendly and cooperative
  atmosphere that has prevailed without interruption"" since the
  talks began last Monday.
      ""It is my hope that delegations will go back home and try to
  ratify the new agreement,"" he added.
      The renegotiation conference, under the auspices of the
  U.N. Conference on Trade and Development (UNCTAD), is the
  fourth such meeting in two years.
      Xuto said producers and consumers had agreed on four
  points:
      1) Regular price reviews will be held every 15 months.
      Previously consumers were proposing 12-month intervals
  between price reviews instead of 18 in the current pact.
      2) If the average of the daily market indicator prices over
  six months prior to a review is below (or above) the lower
  intervention price (or the upper intervention price), the
  reference price will be automatically revised downwards (or
  upwards) by five pct unless the International Natural Rubber
  Organisation council decides on a higher percentage.
      If buffer stock purchases or sales reach 300,000 tonnes,
  the reference price will be lowered or raised by three pct
  unless the council decides on a higher percentage.
      3) If the buffer stock reaches 400,000 tonnes, the price at
  which the additional contingency stock of 150,000 tonnes is
  brought into operation will be two Malaysian/Singapore cents
  above the floor price -- or 152 cents.
      4) The floor price will not be breached. Throughout the
  talks producers had adamantly resisted a consumer proposal to
  lower the floor price of 150 cents if the buffer stock,
  currently 360,000 tonnes, rose to 450,000 tonnes.
      The proposal, initiated by the U.S., Was withdrawn last
  night, setting the stage for compromise.
      Legal drafting of provisions will start next week and
  formal adoption of the new accord by the 40 countries taking
  part in the conference is expected to take place on March 20.
      The current conference was widely seen as the last chance
  to clinch a deal. Three previous attempts to negotiate a new
  five- year pact had failed, the last round breaking down in
  October over consumer demands for tighter controls of the
  buffer stock.
      The United States, Japan, West Germany, France, Italy and
  Britain are the major consumers.
      UNCTAD's latest estimates project an increase of 8.5 pct in
  rubber prices this year and 4.1 pct in 1988.
  

"
training/514	12	earn	"<FRANKLIN U.S. GOVERNMENT SECURITIES FUND>PAYOUT
  Mthly div six cts vs six cts prior
      Pay March 13
      Record March Two
  

"
training/5141	0	acq	"S&amp;L ACQUISITION RAISES U.S. 1987 TOLL TO 12
  The Federal Home Loan Bank Board
  (FHLBB) announced the acquisition of Home Savings and Loan
  Association in Seattle, Washington, by InterWest Savings Bank
  of Oak Harbour, Washington.
      The FHLBB said Home Savings was the 12th troubled savings
  institution requiring federal action this year.
      It said Home Savings had assets of 150.6 mln dlrs in assets
  and InterWest had assets of 342.9 mln dlrs.
  

"
training/5146	48	trade	"SWEDISH TRADE SURPLUS RISES IN FEBRUARY
  Sweden's trade surplus rose to 3.6
  billion crowns in February from 1.5 billion in January and 3.48
  billion in February 1986, the Central Bureau of Statistics
  said.
      The trade surplus for the first two months of the year rose
  to 5.1 billion crowns from 4.9 billion in the corresponding
  period of 1986.
      The report said February imports stood at 20.1 billion
  crowns while exports were 23.7 billion.
  

"
training/5148	24	iron-steel	"YUGOSLAV 1990 STEEL OUTPUT TO HIT 6.3 MLN TONNES
  Yugoslavian steel output will rise by
  one mln tonnes to 6.3 mln tonnes a year between 1986 and 1990
  under a development program adopted by the Yugoslav Iron and
  Steel Metallurgy Association, the official Tanjug news agency
  said.
      The association groups together the main Yugoslav iron and
  steel enterprises.
      Extraction of iron ore should show an annual growth rate of
  nine pct and reach seven mln tonnes by 1990 under the program.
  Iron output is planned to grow at eight pct a year, reaching
  4.5 mln tonnes at the end of the decade.
      Tanjug said the programme would create conditions for
  raising exports of finished steel products.
      The main Yugoslav steel producers plan to market 5.35 mln
  tonnes of steel goods this year, or 150,000 tonnes more than
  last year, with 1.5 mln tonnes going to export.
  

"
training/5149	1	alum	"PECHINEY <PUKG.PA> SIGNS SOVIET PACKAGING ACCORDS
  French state-owned aluminium and special
  metals group Pechiney said it has signed two protocols of
  intent to set up joint ventures with the Soviet Union.
      Pechiney said in a statement one accord was to set up joint
  ventures manufacturing aluminium packaging for food and
  cosmetics, while another was to produce machinery to
  manufacture packaging.
      Under the latter, Pechiney, which does not manufacture
  packaging equipment, will form and lead a consortium of yet
  unspecified European partners, a spokesman said.
      He said it was early to put figures on possible deals, or
  outline what form joint ventures would take.
      The statement said joint working groups for each accord had
  a three-month deadline to come up with contract proposals.
      No firm contracts have yet been finalised under new laws
  enabling joint ventures, First Deputy Prime Minister and
  Chairman of the State Agro-Industrial Committee (GOSAGROPROM)
  Vsevolod Murakhovsky told journalists here on Wednesday.
  

"
training/5154	43	ship	"IRAN HAS ANTI-SHIP MISSILES NEAR GULF - PAPER
  Iran has deployed about six large
  missiles near the Strait of Hormuz which increase the threat to
  shipping in the Gulf, the New York Times said.
      The paper quoted U.S. Intelligence sources as saying the
  missiles appeared to be of a Chinese design known as HY-2 which
  is based on the Soviet SSN2 or Styx missile.
      Styx missiles have a range of up to 50 miles.
      It said the missiles had been deployed at two sites and
  quoted a naval analyst as saying they could be used to sink a
  supertanker and block the Strait of Hormuz.
      Missiles now used by Iran had only a fraction of the
  explosive power of the Styx and could sink a supertanker only
  with a lucky hit, the paper said. None of the new missiles had
  been fired yet, it added.
      The CBS television network reported on Friday that Iran had
  installed new missiles along the Gulf and said Washington had
  warned Tehran not to use them against civilian shipping.
  

"
training/5160	48	trade	"BALDRIGE WARNS OF WORLD TRADE WAR DANGER
  U.S. Commerce Secretary Malcolm
  Baldrige predicted Congress will pass a reasonable trade bill
  this year and said tough protectionist legislation could prompt
  a trade war.
      ""The mood of the Congress right now is as tough on trade as
  I've ever seen it in six years in Washington,"" Baldrige said in
  a television interview.
      ""I think we'll still be able to get a reasonable trade bill
  out in spite of that because the whole Congress is trying to
  work together with the administration, but there is a hardening
  trade attitude,"" he said.
      President Reagan opposes protectionist legislation, but
  agreed to support a trade bill when it became apparent that
  opposition Democrats would pass such legislation.
      However, Baldrige warned measures that would penalise
  trading partners such as Japan, South Korea and Taiwan for
  failing to cut their trade surpluses with the U.S. Could lead
  to retaliation and he said he would urge Reagan to veto any
  such bill.
      When asked if there is a rising danger of a worldwide trade
  war, Baldrige said: ""Yes, I don't think there's any question
  about that.""
  

"
training/5162	0	acq	"DELORS QUOTED FAVOURING FRANCO-GERMAN BID FOR CGCT
  European Commission President Jacques
  Delors, quoted by Le Monde newspaper, said he favoured a
  Franco-German candidate to take over <Cie Generale de
  Constructions Telephoniques>, which has a 16 pct stake in the
  French public telephone switching market.
      ""I wish for a European solution ... That will enable Germany
  and France to move closer together, which is currently
  necessary,"" he was quoted as saying.
      ""Given the situtation of the EC (European Community) and of
  the importance for our future connunications audiences and of
  cooperation already undertaken on the Community level, that
  seems the best choice,"" Delors added.
      Five groups, including an alliance between West Germany's
  Siemens AG <SIEG.F> and France's Schneider S.A. <SCHN.PA>
  subsidiary Jeumont-Schneider, have applied to buy what is
  France's second largest telephone switching firm.
      Under French privatisation law, foreign companies are
  restricted to a 20 pct stake in privatised companies.
  

"
training/5166	10	crude	"SAUDI OIL MINISTER FORESEES NO NEED FOR NEW OPEC MEASURES BEFORE JUNE 25

  SAUDI OIL MINISTER FORESEES NO NEED FOR NEW OPEC MEASURES BEFORE JUNE 25
  

"
training/5167	10	crude	"SAUDI OIL MINISTER SEES NO NEED TO ALTER OPEC PACT
  Saudi Arabian Oil Minister Hisham Nazer
  said OPEC's December agreement to stabilise oil prices at 18
  dlrs a barrel was being implemented satisfactorily and there
  was no immediate need to change it.
      Nazer, in an interview with Reuters and the television news
  agency Visnews, said Saudi Arabia was producing around three
  mln barrels per day (bpd) of crude oil, well below its OPEC
  quota.
      Saudi Arabia, the world's largest oil exporter, will
  continue to restrain production as long as other OPEC members
  adhere to the pact, Nazer said.
      The 13-nation OPEC agreed in December to cut its production
  ceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices
  averaging 18 dlrs a barrel from February 1.
      Nazer, in his first interview since succeeding Ahmed Zaki
  Yamani last October, said: ""I do not foresee any need for new
  measures before the 25th of June when our (next OPEC) meeting
  will take place as scheduled.""
      Nazer said OPEC was producing below 15.8 mln bpd and all
  members were abiding by its agreements.
      ""We've heard news every now and then of violations but they
  were not at all verified,"" he said.
      OPEC production curbs have boosted world oil prices from a
  13-year low of around eight dlrs a barrel last August to near
  18 dlrs after announcement of the December pact.
      Spot market prices slipped some two dlrs in February but
  have firmed in the past two weeks to near OPEC levels as
  traders gained confidence in OPEC price and output discipline.
      Nazer said Saudi Arabia would continue to produce below its
  4.133 mln bpd quota if necessary to defend the 18 dlr price.
      ""As long as all the OPEC members adhere to the program as
  devised in December, Saudi Arabia will continue to adhere to
  the agreement,"" he said.
      Current production of three mln bpd includes oil from the
  Neutral Zone shared with Kuwait, but not sales from floating
  storage, Nazer said.
      King Fahd of Saudi Arabia, in an interview with Reuters and
  Visnews on March 11, said the kingdom wanted oil price
  stability and called on non-OPEC producers to avoid harmful
  competition with OPEC.
      ""Saudi Arabia doesn't decide prices by itself but certainly
  desires price stability,"" he said.
      Nazer said the output level did not mean the kingdom had
  returned to a role of ""swing producer"" within OPEC.
      Saudi Arabia allowed its output to sink as low as two mln
  bpd in August 1985 to compensate for slack demand and
  over-production by some OPEC states.
      ""Saudi Arabia is not playing that role. It is being played
  by OPEC membership as a whole because the reduction in the 15.8
  mln bpd share of OPEC in the market is being shared by other
  members of OPEC,"" Nazer said.
      Nazer said OPEC estimated demand for its oil during third
  quarter this year would be around 16.6 mln bpd.
      But he said if circumstances changed ""I am sure then the
  OPEC members will consult with each other and take the
  necessary measures.""
      Oil analysts say the OPEC pact could come under strain when
  demand for petroleum products generally falls in the northern
  hemisphere spring and summer.
      Nazer said he was satisfied with the extent of cooperation
  from non-OPEC producers. Norway, Egypt and the Soviet Union
  agreed to help OPEC by restraining production or exports after
  he visited them on OPEC's behalf earlier this year.
      ""We did not ask any country to do anything. These were
  programmes they thought were necessary to stabilise market
  conditions and to help themselves attain better pricing
  conditions,"" Nazer said.
      He said it was up to countries that declined to cooperate
  -- such as Britain -- to come up with their own proposals if
  they saw fit.
  

"
training/5168	4	cocoa	"IVORY COAST CONFIRMS PRESENCE AT COCOA TALKS
  A senior Ivory Coast Agriculture
  Ministry official confirmed his country's backing for a new
  international cocoa pact and said Ivorian delegates would be
  present at talks on its buffer stock starting this week.
      The official told Reuters that Ivorian Agriculture Minister
  Denis Bra Kanon would attend the opening of the talks, convened
  by the International Cocoa Organization (ICCO), in London on
  Monday.
      While Bra Kanon is due to return home this week for funeral
  ceremonies for a sister of Ivorian President Felix
  Houphouet-Boigny, scheduled to be held in the country's capital
  Yamoussoukro between March 19-22, senior Ivorian delegates will
  be present throughout the London talks, the official said.
      Bra Kanon is chairman of the ICCO Council and rumours that
  he or Ivorian delegates might be delayed because of public
  mourning in the West African nation helped depress already low
  world cocoa prices Friday.
      The official said Ivory Coast continued to support the new
  pact, which was agreed in principle last year by most of the
  world's cocoa exporters and consumers.
      He also said Bra Kanon would fulfil his duties as ICCO
  Council chairman during the talks, scheduled to end on March
  27.
      The meeting aims to set rules for the operation of the
  pact's buffer stock which producers hope will boost a market
  hit by successive world cocoa surpluses.
      Ivory Coast did not participate in the last international
  cocoa pact and its decision to join the new accord has sparked
  hopes that it will be more successful in supporting prices.
  

"
training/517	12	earn	"FIRST MISSISSIPPI CORP <FRM> SETS PAYOUT
  Qtly div six cts vs six cts prior
      Pay April 28
      Record March 31
  

"
training/5171	10	crude	"SAUDI BUSINESSMEN TO DISCUSS PRIVATE SECTOR
  Saudi Arabian business
  leaders assembled for a conference aimed at thrashing out
  problems facing the private sector of the kingdom's
  oil-dependent economy.
      The meeting of some 500 top businessmen from across Saudi
  Arabia comes at a time of guarded optimism in industry and
  commerce following the OPEC pact to boost world oil prices.
      The four-day conference in this resort town, high in the
  mountains above the Tihamah plain stretching to the Red Sea,
  has been organised by Saudi Arabia's chambers of commerce.
      Finance Minister Mohammed Ali Abal-Khail and Commerce
  Minister Suleiman Abdulaziz al-Salim will attend the first day.
      Bankers and businessmen said the conference will air
  problems facing commerce and industry after last year's slide
  in oil prices and examine ways to promote higher investment in
  a private sector sorely short of finance.
      Government planners have long recognised that Saudi Arabia,
  the world's largest crude exporter, needs to foster private
  enterprise to diversify its oil-based economy.
      The fledgling private sector was hard hit by the Middle
  East recession as early as 1983 and several big manufacturing
  and trading companies ran into problems repaying loans.
      Renewed optimism this year stems largely from the accord
  reached by OPEC last December to curb oil output and boost
  prices to a benchmark level of 18 dlrs per barrel.
      With oil prices recovering, Saudi Arabia went ahead at the
  turn of the year with long-delayed budget plans incorporating a
  52.7 billion riyal deficit to be bridged by drawing down
  foreign reserves.
      The simple act of publishing a budget restored a measure of
  confidence to the business community.
      Some share prices have risen by more than 35 pct since last
  November, while banks are generally reporting a slowdown in the
  number of new non-performing loans.
      But not all bankers are convinced. One senior corporate
  finance manager in Riyadh said: ""Banks are still reluctant to
  lend ... There is certainly more optimism in the air, but I am
  not sure if it is firmly based.""
      Some businessmen and bankers point out that government
  spending is still under tight control and the non-oil economy
  may still be contracting.
      Capital expenditure on large projects has been cut sharply.
  A U.S. Embassy report on Saudi Arabia published just before the
  budget said: ""While industrialisation has continued to be one of
  the government's highest priorities, the recession, the
  payments problem and the lack of financing have reduced Saudi
  and foreign investor interest in industry.""
      It is the lack of fresh investment that is expected to be a
  major issue among the businessmen gathered here.
      Official figures show the number of new licences for
  industrial ventures fell 24 pct in the six months to March
  1986, compared with the same period in 1985.
      Lending by the Saudi Industrial Development Fund, a major
  source of industry backing, has fallen steadily since 1983.
      Trading companies have also been hit, some caught with huge
  inventories of construction equipment as recession bit.
      Some firms laid off workers and cut bloated inventories.
  Others have effectively been liquidated. A few have reached
  agreement with bankers to extend debt repayments.
      The latest rescheduling is for the shipping-to-hotels
  conglomerate REDEC. Its negotiators have just initialled a
  draft accord to restructure payments on 1.3 billion riyals of
  bank debt.
      Bankers and businessmen said the conference was also likely
  to discuss the apparent reluctance of U.S. And British firms to
  step up investment in the kingdom.
      A British government delegation has just left Riyadh after
  holding preliminary talks on ways of offsetting the huge Saudi
  outlay on a defence contract to supply 132 fighter aircraft
  worth five billion stg.
  

"
training/5172	12	earn	"CITROEN EXPECTS HIGHER PROFITS, HELPED BY AX
  Automobiles Citroen expects rising
  sales of its new AX compact car to help boost profits
  significantly this year, continuing a financial recovery after
  six straight years of losses, president Jacques Calvet said.
      Speaking to reporters during weekend trials for the new AX
  sports model, he said: ""All the budgetary forecasts that we have
  been able to make ... Show a relatively significant improvement
  in 1987, compared with 1986,"" he added.
      Citroen, part of the private Peugeot SA <PEUP.PA> group,
  increased its share of the French new car market to 13.7 pct in
  first two months 1987 from 12.1 pct a year earlier. It is
  aiming for an average 12.8 pct share throughout the year after
  11.7 pct in 1986.
      The firm believes it is on target to raise its share of the
  European market, excluding France, to 3.2 pct this year from
  2.9 pct in 1986.
      ""Our first problem is to produce enough vehicles to meet the
  demand,"" Calvet said. ""This is a relatively new problem for us.""
      Citroen lost close to two billion francs in 1984 but cut
  the deficit to 400 mln in 1985, helped by moves to modernise
  its range and improve productivity.
      Calvet indicated last December he expected Citroen's 1986
  profit to be between 250 and 500 million francs.
      This weekend he said that those profit estimates ""remain
  about the same -- perhaps even a little more optimistic.""
      Some of this optimism is due to the early success of the
  AX, launched on the French market last October. It will be
  available throughout most of western Europe within four months.
      The car has registered just over 20,000 sales.
      It is being built at Citroen's large plant at Aulnay-sous-
  Bois in northern Paris, as well as at Rennes in Brittany and
  Vigo in Spain, with production just reaching target level of
  1,000 cars a day.
      The car, which Citroen markets as an intermediate model
  between its long-running 2CV and the Visa, is designed to
  compete with the Renault 5, Volkswagen Polo and Opel Corsa.
      The AX had built up its market share in France to around
  four pct last month. Calvet said: ""Our hope is that once the AX
  is fully developed, we will have between 6.5 and seven per cent
  of the national market.""
  

"
training/5175	45	sugar	"NO TAIWAN SUGAR EXPORTS EXPECTED THIS YEAR
  Taiwan is not expected to export sugar
  this year because of falling production and growing domestic
  consumption, state-owned Taiwan Sugar Corp said.
      A company spokesman told Reuters this will be the first
  time in more than 40 years Taiwan has not exported sugar. Last
  year, sugar exports totalled 149,755 tonnes.
      He said the actual production during the 1986/87 season
  (November/May) is about 480,000 tonnes, barely enough to meet
  local consumption. This compares with actual 1985/86 output of
  570,000. He said the production fall was due to typhoon damage
  to more than 6,000 hectares of canefields last year.
  

"
training/5176	32	money-fx	"LEADING INDUSTRIAL NATIONS TO MEET IN APRIL
  Leading industrial nations will meet
  again next month to review their accord on currency stability,
  but U.S. Officials said financial markets are convinced for now
  the countries will live up to commitments to speed up economic
  growth.
      The narrow currency movements of recent weeks strongly
  suggests the six leading industrial countries have tamed the
  normally unruly financial markets and next month's talks seem
  likely to build on that stability.
      A Reagan administration official said the Paris agreement
  last month was the main reason markets were calm.
      But he said in an interview that financial markets also
  understood, ""That all six countries concluded that the measures
  to be taken over a period of time in the future should foster
  stability of exchange rates around current levels. That is in
  fact what has happened since Paris.""
      Monetary analysts said stability has been helped in part by
  the decision of industrial nations to bury the hatchet and
  cease to quarrel over short-term policy objectives.
      Instead they have focused on medium-term policy goals, but
  left room to adjust their agreements with periodic meetings.
      The official refused to comment, however, on whether the
  agreement included a secret pact to consider further
  coordinated interest rate cuts -- a measure industrial nations
  have taken jointly several times in the past year.
      On February 22, the United States, Japan, West Germany,
  France, Britain and Canada agreed that major currencies were
  within ranges broadly reflecting underlying economic
  conditions, given commitments by Washington to cut its budget
  deficit and by Toyko and Bonn to boost economic growth.
      The shake-up would strengthen the U.S. Position in
  future international talks.
      ""I think these changes will strengthen the President's hand
  politically and the stronger he is politically the better off
  we are with the Congress and the better off we are in
  international fora,"" said the official, an Administration
  economic policymaker. ""So it would be beneficial to the
  continued conduct of our initiatives.""
      But the official also said the Administration would resist
  calls for a tax increase to cut the budget deficit -- a target
  Europeans say is crucial to help curb economic instability.
      Last week, dealers said the Federal Reserve intervened to
  stop the dollar rising against the mark, which had breached
  1.86 to the dollar. British authorities are also understood to
  have intervened to curb sterling's strength.
      International monetary sources say finance ministers and
  central bankers, who will review market performance and their
  own economic prospects, will reassemble again in Washington
  just before the April 9 policymaking meeting of the
  International Monetary Fund.
      The sources said Italy, which refused to join the Paris
  pact, was invited back by Treasury Secretary James Baker.
      Since Paris, there are signs West German growth is slowing,
  while U.S. Officials said they were giving Japan until April to
  show that an economic stimulus package was in the offing.
      Signs of concern about German prospects emerged recently
  when Bundesbank (central bank) president Karl Otto Poehl told
  bankers he would consider cutting West German interest rates if
  the Fed was ready to follow suit.
      A Reagan Administration official said this would show there
  had been some change in approach on the part of the central
  bank in Germany.
      But he declined to comment on the prospects for action by
  the Fed and the Bundesbank.
      ""If there is such a provision it is private and if I talked
  about it, it would no longer be private,"" said the official, who
  asked not to be identified.
      Public comments by Fed officials suggest the central bank
  is keeping credit conditions broadly unchanged, but if the
  major economies continue to show sluggish growth and the U.S.
  Trade deficit remains stubbornly high, further coordinated
  action could be on the April agenda.
   REUTER...
  

"
training/5177	0	acq	"HARPER AND ROW <HPR> TO MULL OPTIONS AFTER BIDS
  Harper and Row Publishers Inc said its
  board of directors decided to take no action on two takeover
  bids that the company has received. Instead, it appointed a
  committee of independent directors to study strategic
  alternatives for the 170-year-old firm.
      The alternatives include continuation of the company's
  existing business plans, possible business combinations, sales
  of stock, restructuring and the sale of all or part of the
  company.
      Kidder Peabody and Co Inc has been retained to advise on
  the alternatives, Harper and Row added.
      Private investor Theodore Cross last week offered 34 dlrs a
  share for Harper and Row, prompting a rival bid of 50 dlrs a
  share from another publishing firm, Harcourt Brace Jovanovich
  Inc <HBJ>.
      After considering the two offers at a meeting on Friday,
  the Harper and Row board decided not to act on them.
      The directors unanimously expressed their strong desire to
  preserve the company's independence and take advantage of its
  ""considerable future prospects,"" according to director Winthrop
  Knowlton, former chief executive and now chairman of the newly
  established independent committee.
      ""However, given the significant current interest in the
  company, we also feel that we should carefully review all the
  options available. The committee will consider all the
  pertinent facts and alternatives.... We intend to make a
  careful and informed decision but will proceed expeditiously to
  a conclusion,"" Knowlton said.
      Pending its deliberations, Harper and Row's board has
  postponed indefinitely a special meeting of stockholders that
  had been scheduled for April 2 to discuss a proposal to
  recapitalize the company's stock to create two classes of
  shares with different voting rights.
  

"
training/5178	23	ipi	"SOVIET FIGURES SHOW ECONOMY STILL SHORT OF TARGETS
  The Soviet economy recovered slightly
  last month after a poor performance in January, but major
  industries, including oil and machinery, are still short of
  production targets, official figures show.
      Central Statistical Board data published in the weekly
  Ekonomicheskaya Gazeta yesterday showed that industrial output
  was only up 0.8 pct in the first two months of 1987 over the
  same period of last year.
      However, the figure for January alone showed a fall in
  output of 0.1 pct from a year earlier. Production is targetted
  to increase 4.4 pct for all of 1987.
      The figures showed that only 77 pct of enterprises met
  their supply obligations in January and February.
      Production of oil, the country's main export to Western
  nations, hit 100 mln tonnes in January and February, up from
  97.3 mln a year earlier, and exceeded its target by 0.5 pct.
      Economists said this reflected the huge investments poured
  into the oil sector in recent months in an effort to reverse
  the stagnation in production which began in November 1983.
      Falling world oil prices last year helped cause a decline
  in Soviet trade with the West to 130 billion roubles from 141.6
  billion in 1985.
      Ekonomicheskaya Gazeta said labour productivity targets
  were also not fulfilled, but did not give figures.
      Economists said the overall data reflected exceptionally
  bad weather at the start of the year and stricter quality
  controls imposed on enterprises.
      Production in the machine-building sector, a priority in
  Moscow's plans for economic renewal, recovered slightly in
  February but was still 3.6 pct lower in the first two months of
  the year compared with the same period of 1986.
      The figures showed that five republics produced less than
  in the first two months of 1986.
  

"
training/518	43	ship	"ROTTERDAM PORT UNION AND EMPLOYERS TO MEET
  Dutch port and transport union, FNV,
  agreed to an employers' request to reconvene abandoned peace
  talks tonight to try to end strikes that have disrupted
  Rotterdam's general cargo sector for the past six weeks, a
  union spokesman said.
      Talks broke down Thursday when the union walked out after
  employers tabled their final offer to end the strikes which
  started January 19 in protest at planned redundancies of 800
  from the sector's 4,000 workforce, starting with 350 this year.
      The employers' invitation to restart the talks comes on the
  day a deadline set by Minister of Social Affairs Louw de Graaf
  for a resolution of the dispute expires.
      De Graaf said if the dispute had not ended by today he
  would withdraw the 10 mln guilder annual labour subsidy to the
  sector.
      No comment was immediately available from the employers'
  organization.
  

"
training/5183	32	money-fx	"TAIWAN SAYS U.S. WANTS TAIWAN DOLLAR TO APPRECIATE
  The United States wants Taiwan's
  currency to appreciate faster to reduce Taiwan's trade surplus
  with the U.S., A senior trade official said.
      Board of Foreign Trade director Vincent Siew told reporters
  on Saturday U.S. Officials told him in Washington last week
  that unless Taiwan allowed its dollar to rise faster it would
  face retaliation.
      Siew returned from Washington on Friday after the U.S
  responded to Taiwan's request to increase its textile export
  quotas by promising further talks in May. Taiwan's surplus with
  the U.S. Hit a record 13.6 billion U.S. Dlrs in 1986.
      Washington signed a three-year accord with Taipei last year
  limiting textile export growth to 0.5 pct a year.
      Siew said the Taiwan dollar had risen by about 15 pct
  against the U.S. Dollar since September 1985.
      It surged last week amid indications Washington was seeking
  a major rise in its value. It rose four cents against the U.S.
  Dollar on Saturday to close at 34.59.
      Western trade sources told Reuters Taiwan and the U.S. Have
  been holding talks on the currency issue but added it is not
  clear how far Washington wants to see the Taiwan dollar rise.
  

"
training/5188	12	earn	"<THE NATIONAL BANK OF NEW ZEALAND LTD>
  Year to December 31, 1986
      Net profit 78 mln N.Z. Dlrs vs 45 mln
      Pre-tax profit 147 mln vs 88 mln
      Total assets 7.7 billion vs 6.4 billion
      Notes - The company is 100 pct owned by Lloyds Bank Plc
  <LLOY.L>. Results include for the time first a pre-tax profit,
  of 11 mln N.Z. Dlrs, from Australian unit <Lloyds Bank NZA
  Ltd>.
  

"
training/5190	32	money-fx	"ZAMBIA, IMF TALKS HIT PROBLEMS OVER FOOD SUBSIDIES
  Zambia's talks with the World Bank and
  International Monetary Fund (IMF) on a financial rescue package
  have run into difficulties on the issue of food subsidies, an
  official newspaper said.
      The Times of Zambia, which is run by the ruling United
  National Independence Party (UNIP), quoted official sources as
  saying the IMF and World Bank had refused to continue financing
  food subsidies and were pressing the government to explain how
  it proposes to pay for them.
      President Kenneth Kaunda tried to abolish maize subsidies
  last December, in line with IMF recommendations, but the move
  caused maize meal prices to double overnight and led to riots
  in which 15 people were killed.
      The subsidies were immediately restored as part of moves to
  quell the disturbances, but they are estimated to cost the
  government about 500 mln kwacha per year.
      The Times of Zambia said another major issue in the
  government's current talks with the IMF and World Bank was the
  remodelling of Zambia's foreign exchange auction.
      The central bank's weekly auction of foreign exchange to
  the private sector has been suspended since the end of January,
  pending modifications to slow down the rate of devaluation and
  dampen fluctuations in the exchange rate.
      The kwacha slid to around 15 per dollar under the auction
  system, losing 85 pct of its value in 16 months. However, since
  the end of January it has been revalued to a fixed rate of nine
  per dollar.
      Banking sources said Zambia was persuaded by the World Bank
  and IMF to lift its proposed ceiling of 12.50 kwacha per dollar
  on the currency's devaluation once the auctions restart.
      According to the Times of Zambia, the IMF team, led by
  assistant director for Africa Paul Acquah, is due to conclude
  its talks with the government on schedule on March 23.
      The IMF mission arrived in Lusaka on February 26 and its
  talks with the government have taken longer than expected.
  

"
training/5191	43	ship	"JAPAN LINE SELLING TANKERS AND BULKERS
  Major tanker operator, Japan Line Ltd
  <JLIT.T>, is selling 20 VLCCs and several bulk carriers for
  scrap or further trading, industry sources said.
      The tanker disposals include Japan Orchid (231,722 dwt),
  Japan Lupinus (233,641 dwt), Sovereign (233,313 dwt), Rosebay
  (274,531 dwt), Saffron (268,038 dwt) and Cattleya (267,807
  dwt), all of which have been reported on the London sale and
  purchase market, they said, but refused to give further
  details.
      Japan Line officials declined to comment.
  

"
training/5192	4	cocoa	"(CORRECTED)-IVORY COAST CONFIRMS PRESENCE AT TALKS
  A senior Ivory Coast Agriculture
  Ministry official confirmed his country's backing for a new
  international cocoa pact and said Ivorian delegates would be
  present at talks on its buffer stock starting this week.
      The official told Reuters that Ivorian Agriculture Minister
  Denis Bra Kanon would attend the opening of the talks, convened
  by the International Cocoa Organization (ICCO), in London on
  Monday.
      While Bra Kanon is due to return home this week for funeral
  ceremonies for a sister of Ivorian President Felix
  Houphouet-Boigny, scheduled to be held in the country's capital
  Yamoussoukro between March 19-22, senior Ivorian delegates will
  be present throughout the London talks, the official said.
      Bra Kanon is chairman of the ICCO Council and rumours that
  he or Ivorian delegates might be delayed because of public
  mourning in the West African nation helped depress already low
  world cocoa prices Friday.
      The official said Ivory Coast continued to support the new
  pact, which was agreed in principle last year by most of the
  world's cocoa exporters and consumers.
      He also said Bra Kanon would fulfil his duties as ICCO
  Council chairman during the talks, scheduled to end on March
  27.
      The meeting aims to set rules for the operation of the
  pact's buffer stock which producers hope will boost a market
  hit by successive world cocoa surpluses.
      Ivory Coast did not participate in the last international
  cocoa pact and its decision to join the new accord has sparked
  hopes that it will be more successful in supporting prices.
  

"
training/5194	8	cpi	"LANGE PREDICTS N.Z. INFLATION TO FALL TO 8-10 PCT
  New Zealand's inflation rate could
  fall to eight pct in the coming year, Prime Minister David
  Lange said.
      He said forecasts to be released soon by research groups
  would predict a rate of around eight or nine pct in the 12
  months to the end of March 1988, against 18.2 pct in calendar
  1986.
      ""I predict it will be something between eight and 10 per
  cent,"" he told a news conference.
      Lange would not name the forecasting groups.
  

"
training/5195	42	rubber	"MALAYSIA WELCOMES ACCORD ON NEW RUBBER PACT
  Malaysian Primary Industries
  Minister Lim Keng Yaik welcomed the basic accord reached over
  the weekend in Geneva between producers and consumers on a new
  International Natural Rubber Agreement (INRA).
      ""This is a good development and if a new pact is adopted
  this week it will augur well for the rubber industry and prices
  in the long term,"" he told Reuters here.
      Negotiators at a United Nations conference on a new INRA
  resolved differences and agreed last Saturday on basic elements
  for a new pact to replace the current one, which expires in
  October.
      Conference Chairman Manaspas Xuto said legal drafting of
  the new pact will begin this week and it is expected to be
  formally adopted by some 40 countries on March 20.
      Malaysia, the world's top producer, acted as spokesman for
  producers at the talks, which began on March 9.
      Malaysian traders said they expected prices to firm by a
  few cents on the news that a pact is expected to be adopted.
      Prices will also firm in the short term because some
  370,000 tonnes of rubber held in INRA buffer stock will not be
  liquidated with a new pact in sight, they said.
  

"
training/5196	23	ipi	"JAPAN JANUARY INDUSTRIAL PRODUCTION REVISED UP
  Japan's January seasonally adjusted
  industrial production index (base 1980) was revised upwards to
  122.3 from a preliminary 122.0, the Ministry of International
  Trade and Industry said.
      The revised adjusted January index was down 0.5 pct from
  December when it rose 3.6 pct from a month earlier.
      The revised unadjusted January index rose 0.5 pct from a
  year earlier, after a one pct year-on-year December rise.
      The adjusted producers' shipment index (base 1980) for
  January was revised upward to 117.7 from a preliminary 117.4.
      The index was down 0.7 pct from December when it rose three
  pct from a month earlier. The revised unadjusted index was up
  1.0 pct from a year earlier after a 1.4 pct year-on-year
  December rise.
      The adjusted index of producers' inventories of finished
  goods (base 1980) for January was unchanged from a preliminary
  105.9. The index was down 0.3 pct from December when it rose
  1.1 pct. Unadjusted, the revised index was down 2.3 pct from a
  year earlier after a 2.1 pct year-on-year drop in December.
  

"
training/5201	32	money-fx	"GERMAN BANKING AUTHORITIES WEIGH SWAP REGULATIONS
  German banking authorities are
  weighing rules for banks' off-balance sheet activities in an
  attempt to cope with the growing volume of sophisticated
  capital market instruments, banking sources said.
      Interest rate and currency swaps and currency options are
  under closest scrutiny, and if revisions are made they may
  resemble regulation jointly proposed by the U.S. And U.K. To
  Japan. Juergen Becker, director of the Bundesbank's division of
  banking law and credit supervision, said the U.S.-British
  proposals were interesting, but declined to elaborate.
      But banking sources said West Germany was more likely to
  produce its own conclusions than to adopt foreign proposals.
      ""There is no formal plan yet, but talks are in the latter
  stages,"" one representative of the German Banking Association in
  Cologne said. Bankers expect rule changes this year.
      All alterations must be approved by the Bundesbank, West
  Germany's four major banking associations and the Federal
  Banking Supervisory Office.
      Talks have been slowed by the fact that fundamental changes
  would require a revision of Germany's credit law, which has
  been in effect since 1934.
      Authorities favour reinterpreting the credit law to fit
  present circumstances in order to avoid the long parliamentary
  political process of changing it, banking sources said.
      Since the beginning of 1984 the banking law has limited
  banks' lending to 18 times shareholders' equity plus reserves,
  on a consolidated basis.
      But lending ratios do not extend to several newer
  instruments such as spot and forward currency contracts,
  currency and interest swaps, commercial paper programs,
  currency options, interest rate futures in foreign currencies
  and various innovative types of interest rate hedges.
      The sources said the main value of the U.S.-U.K. Proposals
  lay in differentiating between different types of risk factor,
  and, for instance, in placing greater weight on currency swaps
  than interest swaps. But even if German banking authorities
  agree with some of the assessments of swaps, they disagree on
  how to find balance sheet equivalents for the risk.
      U.S.-British proposals include a complicated series of
  formulae for assessing the stream of payments involved in
  swaps, whose ultimate risk is borne by the financial
  intermediary, especially when counterparties remain anonymous.
  This is the so-called market-to-market value.
      But German authorities are likely to consider this much too
  complex and to base their evaluation instead on a schedule of
  lending ratings assigned according to the creditworthiness of
  the borrowers involved, the sources said.
      The weightings, also likely if lending ratios are extended
  to include banks' securities portfolios, are zero for public
  authorities, 20 pct for domestic banks, 50 pct for foreign
  banks and 100 pct for other foreign and non-bank borrowers.
      A further complication is that the more flexible
  definitions of equity allowed in the U.S. And the U.K. May put
  German banks at a competitive disadvantage, the sources said.
      Stricter definitions here also mean the use of a version of
  the U.S.-U.K. Proposals could far exceed the intent of the U.S.
  And British authorities, the sources said.
      One specialist for Dresdner Bank AG said a long-dated
  foreign exchange forward transaction could, for instance, be
  brought under the same rule as a cross-currency swap, despite
  the fact that the risk may be entirely different.
      How new regulations will affect foreign banks here was
  uncertain. Many have converted to full subsidiary status and
  applied for a full banking licence over the last two years in
  order to lead-manage mark eurobonds.
      But as their equity capital is fairly small, tight lending
  ratios will severely hamper foreign banks' freedom of movement,
  particularly in the growing business of currency swaps, if they
  are required to include more transactions in the balance sheet,
  the sources added.
  

"
training/5203	0	acq	"BHP TO MERGE BHP MINERALS AND UTAH INTERNATIONAL
  The Broken Hill Pty Co Ltd <BRKN.S>
  said it will merge its BHP Minerals division and <Utah
  International Inc> into a single business unit under a common
  management structure.
      The merger will be effective June 1, coinciding with the
  retirement of Utah International chairman and chief executive
  Bud Wilson, BHP said in a statement.
      The new BHP-Utah Minerals International Group will be
  headed by Jim Curry as executive general manager and chief
  executive officer. Curry is currently executive vice-president
  of Utah International, BHP said.
      <BHP Petroleum (Americas) Inc>, formerly part of Utah
  International, will become a subsidiary of BHP's renamed <BHP
  Petroleum International>, now <BHP Petroleum Pty Ltd>, the
  company said.
      BHP will also bring its Queensland coal operations under
  one management structure and consolidate minerals marketing and
  sales offices in various markets throughout the world.
      BHP acquired Utah from General Electric Co <GE> in 1984.
      Utah's assets include stakes of 40.25 to 52.25 pct in seven
  large Central Queensland coking mines, 49 pct of the Samarco
  iron ore operation in Brazil, 60 pct of La Escondida copper
  deposit in Chile, the Island Copper mine at Port Hardy in
  Canada, 70 pct of a coal mine and 30 pct of a gold mine in
  South Africa and coal and other mines in the U.S.
      BHP Minerals' assets include wholly and partly-owned iron
  ore mines, coal mines, manganese and base-metal operations or
  prospects and 30 pct of the Ok Tedi gold-copper project in
  Papua New Guinea.
  

"
training/5205	41	retail	"GERMAN RETAIL TURNOVER RISES ONE PCT IN JANUARY
  West German retail turnover rose a
  real one pct in January compared with the same month a year
  earlier, according to provisional data from the Federal
  Statistics Office.
      There were 26 shopping days in January this year, the same
  as in January 1986, a Statistics Office statement said.
      A Statistics Office official added retail turnover had
  risen by 7.6 pct in December compared with the year-ago month,
  a slight upward revision from the 7.5 pct increase
  provisionally posted.
  

"
training/5207	33	money-supply	"BANGLADESH MONEY SUPPLY RISES IN DECEMBER
  Bangladesh's broad-based M2 money supply
  rose 6.95 pct to 132.79 billion taka in December after rising
  0.51 pct to 124.16 billion in November and 3.07 pct to 114.22
  billion in December 1985, the Central Bank said.
      On a year on year basis, M2 rose 16.25 pct in the 12 months
  to December, 12.04 pct to November and 16 pct to December 1985.
      Narrowly-based M1 rose 9.55 pct to 50 billion taka against
  a fall of 0.45 pct to 45.64 billion in November and a 3.03 pct
  rise to 45.51 billion to December 1985, it added.
      Year on year, M1 rose 9.86 pct in December.
  

"
training/5209	16	gold	"JAPAN'S DOWA MINING TO PRODUCE GOLD FROM APRIL
  <Dowa Mining Co Ltd> said it will start
  commercial production of gold, copper, lead and zinc from its
  Nurukawa Mine in northern Japan in April.
      A company spokesman said the mine's monthly output is
  expected to consist of 1,300 tonnes of gold ore and 3,700 of
  black ore, which consists of copper, lead and zinc ores.
      A company survey shows the gold ore contains up to 13.3
  grams of gold per tonne, he said.
      Proven gold ore reserves amount to 50,000 tonnes while
  estimated reserves of gold and black ores total one mln tonnes,
  he added.
  

"
training/521	12	earn	"JIM WALTER CORP <JWC> SETS PAYOUT
  Qtly div 35 cts vs 35 cts prior
      Pay April One
      Record March 14
  

"
training/5210	12	earn	"JAPAN BUSINESS DECLINE SEEN BOTTOMING OUT
  The extended decline in Japan's overall
  business performance was likely to bottom out in the current
  January-March quarter, the Finance Ministry said.
      Improved corporate earnings and better prospects for the
  stability of the yen had made companies more optimistic, it
  said after carrying out a quarterly survey.
      The survey, conducted in February, was based on
  questionnaires returned by 8,328 large and small firms in all
  sectors except the finance and insurance industries.
      The survey said overall corporate earnings were expected to
  turn positive with an estimated 0.4 pct year on year increase
  in the second half of fiscal 1986 ending on March 31 after a
  5.4 pct decrease in the first half.
      Corporate earnings will grow further in the first half of
  fiscal 1987, rising an estimated 10.7 pct, it added.
      Manufacturers' earnings, hit hard by the yen's steady rise
  against the dollar, will rise 7.7 pct in first-half fiscal 1987
  after falling 10.7 pct in the second half of fiscal 1986, it
  said.
      Overall earnings of non-manufacturing companies will rise
  11.8 pct year on year in the first half of fiscal 1987 after
  growing 9.8 pct in the second half of fiscal 1986, the survey
  said.
      It said this figure was bolstered by profits of firms such
  as electric power and gas companies which have benefitted from
  the yen's appreciation.
  

"
training/5212	0	acq	"CARLTON BUYS STAKE IN CENTRAL INDEPENDENT TV
  Carlton Communications Plc <CCML.L> said
  in a statement it had purchased a 20 pct stake or some 5.1 mln
  shares in Central Independent Television from Ladbroke Group
  Plc <LADB.L> at 578p per share.
      The consideration of 29.5 mln stg will be met with 18.2 mln
  stg in cash and the issue of one million ordinary Carlton
  shares, it said.
      Central showed pretax profits up by 57 pct to 18.8 mln stg
  for the year ended 30 September 1986.
  

"
training/5214	45	sugar	"EUROPEAN BEET PLANTINGS SEEN LITTLE CHANGED
  European sugar beet plantings are
  expected to show little change from last year, despite recent
  firmness in world prices, analysts and industry sources said.
      A Reuter survey of planting intentions showed that while,
  so far, European Community (EC) growers plan unchanged to lower
  areas, increases are expected in some Eastern European nations.
      Trade analysts said their private reports give similar
  results and do not differ significantly from the first estimate
  of stagnant 1987 European beet plantings made last week by West
  German sugar statistician F. O. Licht.
      Areas may be slightly lower but analysts and agricultural
  experts said the steady rise in yields resulting from improved
  seed varieties and better farming techniques could offset this.
  In recent years, good autumn weather has given yields a late
  boost, making up for lower areas despite some disappointing
  starts to growing seasons.
      Changes in EC areas reflect the extent to which producers
  will grow so-called ""C"" sugar for unsubsidised sale to the world
  market. This is what is produced in excess of the basic area
  needed to meet the EC ""A"" and ""B"" quotas, which receive full and
  partial price support, respectively.
      Some analysts said the open row that broke out last week
  between producers and the EC commission over its export policy
  could have serious implications for future sugar output.
      Beet producers have threatened to effectively dump nearly
  one mln tonnes of white sugar into EC intervention stocks as
  they feel export subsidies have been too low to compensate for
  the gap between high EC internal and low world market prices.
      However, with the EC budget stretched to breaking point,
  this could give treasury ministers extra resolve in resisting
  higher guaranteed sugar prices and build a case for a future
  cut in the basic ""A"" and ""B"" quotas, they added.
      In France, the largest producer of EC quota and non quota
  sugar, the sugar market intervention board FIRS said first
  planting intentions indicate an area about the same as last
  year's 421,000 hectares, nine pct below the previous year.
      ""The basic trend is towards stability,"" a FIRS spokesman
  said. Unlike world market raw sugar prices in dollars, white
  sugar French franc prices are not particularly high and are not
  encouraging higher planting levels, he said. Beet sugar output
  last year was 3.37 mln tonnes, with an average yield of 8.00
  tonnes per ha, the highest in the EC apart from the Netherlands
  but below 8.52 the previous year and a five year average 8.11.
      In West Germany, recent price rises have not altered plans,
  since planting decisions were taken a few months ago, industry
  sources said. The farm ministry said a December survey is still
  valid and plantings should be cut slightly after being trimmed
  by just under four pct in 1986 when yields were above average.
      Licht last week estimated West German plantings at a
  reduced 385,000 hectares against 399,000 last year.
      British Sugar Plc, the monopoly beet processor, has signed
  up U.K. Farmers to grow 8.1 mln tonnes of beet. This should
  yield about 1.25 mln tonnes of whites. Last year's crop
  equalled the second highest ever at 1.32 mln tonnes.
      British Sugar has ""A"" and ""B"" quotas totalling 1.144 mln tonnes
  of whites and its ""C"" output is due to improved yields from more
  consistent disease-resistant seed types.
      Recent price rises have not altered Polish plans, Wincenty
  Nowicki, a deputy director of Cukropol, the Amalgamated Sugar
  Industry Enterprises, said. World prices are still below Polish
  production costs and there is no way to convince farmers to
  increase the area above the already signed contracted level.
      The national plan, set before prices began to rise, put
  plantings this year at 460,000 hectares, against 425,000 in
  1986, Nowicki said. Last year production was 1.74 mln tonnes.
      World prices have less impact in Italy than in France or
  Germany as it is traditionally not an exporter but is geared to
  the domestic market, an official at the national beet growers'
  association said. Italian sowings are not yet complete but
  surveys suggest a drop from last year's 270,000 ha, especially
  in the north where some farmers have switched to soya.
      Beet output last season of 15.5 mln tonnes yielded a higher
  than expected 1.72 mln tonnes of white sugar.
      Dutch plantings are expected to fall to 130,000 ha from a
  record 137,600 in 1986 as a new self-imposed quota system comes
  into force, a spokesman for Centrale Suiker, the second largest
  Dutch sugar processor, said.
      The new system aims for an average of around 915,000 tonnes
  of white sugar and to cut output of ""C"" sugar. Last year, the
  Netherlands produced a record 1.2 mln tonnes of white sugar
  against a combined ""A"" and ""B"" quota of only 872,000 tonnes.
      ""The world price of sugar would have to rise much higher
  than it has done recently to make planned production of ""C"" sugar
  really worthwhile,"" the spokesman said.
      Western agricultural experts in Moscow said Soviet planting
  intentions are likely to be unchanged. Licht put this year's
  Soviet beet area at 3.40 mln ha, against 3.44 mln last year.
      Hungary is expanding its beet area to 105,000 ha from some
  95,000 in 1986, the official MTI news agency said, but
  diplomats said policy is to balance supply with domestic
  demand.
      The Spanish ministry of agriculture said beet sowings are
  estimated unchanged at 180,000 ha this year.
      A spokesman for Denmark's largest beet concern, De Danske
  Sukkerfabrikker A/S, said its 1987 sugar target was unchanged
  from 1986 at 365,000 tonnes from a steady area of 60,000 ha.
      In Sweden, where beet is grown just to meet domestic
  demand, the planted area is seen little changed at 51,000 ha
  against 51,300 last year, according to a spokesman for sugar
  company Svenska Sockerfabriks AB.
      Last year, Irish yields were the lowest for 10 years due to
  late sowings and the state-run Irish Sugar Plc said the 1987
  plantings target is the equivalent of 36,400 hectares, down
  from 37,600 in 1986.
  

"
training/5215	26	jobs	"SWISS UNEMPLOYMENT FALLS TO 0.9 PCT IN FEBRUARY
  Swiss unemployment edged down to 0.9 pct
  of the working population from one pct in January and in
  February 1986, the Federal Office of Industry, Trade and Labour
  said.
      Seasonally adjusted, however, there was a slight rise in
  unemployment.
      The number out of work fell to 28,439, down 1,142 compared
  with the previous month. The number of vacant positions
  registered with employment offices stood at 11,968 against
  10,694 in January.
  

"
training/5216	40	reserves	"MALAYSIA'S GOLD AND FOREIGN EXCHANGE RESERVES RISE
  Malaysia's gold and foreign
  exchange reserves rose to 16.07 billion ringgit in February
  from 15.73 billion in January and 12.23 billion in February
  1986, Bank Negara Malaysia said.
      The central bank said cumulative assets at end-February
  fell to 20.02 billion ringgit from 20.68 billion at end-January
  but were up from 17.07 billion at end-February last year.
      Holdings of federal government securities dropped to 876
  mln ringgit in February from 1.70 billion a month earlier and
  2.30 billion in February 1986.
      Malaysia's special drawing rights rose to 355 mln ringgit
  at end-February from 352 mln at end-January and 286 mln at
  end-February 1986, the bank said.
      The IMF position was unchanged from January at 507 mln but
  was above the 422 mln in February a year ago.
      Currency in circulation in February fell to 7.43 billion
  ringgit from 8.32 billion a month earlier but was up from 7.18
  billion in February last year.
  

"
training/5219	12	earn	"PEARSON PLC <PSON.L> YR ENDED DEC 31
  Shr 37.4p vs 30p.
      Final div 7p, making 12p vs 10p.
      Pre-tax profit 121.1 mln stg vs 109.3 mln.
      Net profit before minorities 76.6 mln stg vs 62.8 mln.
      Turnover 952.6 mln vs 970.1 mln.
      Pre-interest profit 132.1 mln vs 124.6 mln.
      Net interest 11 mln vs 15.3 mln.
      Tax 44.5 mln vs 46.5 mln.
      Minority interests 3.1 mln vs 5.2 mln.
      Extraordinary debit 9.1 mln vs credit 11.5 mln.
      Note - Extraordinary debit reflected full provision for
  discontinuing the Financial Times's printing operations at
  Bracken House in 1988, partly offset by gains on disposals.
  

"
training/5220	48	trade	"CHINA REPORTS 700 MLN DLR TWO-MONTH TRADE DEFICIT
  China's trade deficit totalled 700 mln
  dlrs in the first two months of this year, according to figures
  released by the State Statistics Bureau.
      The New China News Agency quoted the Bureau as saying
  foreign trade totalled 9.3 billion dlrs in the period, of which
  exports were worth 4.3 billion dlrs.
      The bureau said total trade volume was up 2.5 pct on the
  same 1986 period, with exports up 18.1 pct, but it gave no
  other comparative figures.
      China's 1986 trade deficit totalled 12 billion dlrs,
  official figures show.
  

"
training/5222	12	earn	"<POCLAIN> OFFERS PAR RIGHTS ISSUE
  French machinery maker <Poclain>, 40 pct
  owned by <Tenneco Inc>, said it will raise its capital to 791
  mln francs from 91 mln by a 100 for 13 rights offering to
  shareholders priced at par of 10 francs a share.
      The offer, between March 25 and April 13, is the second
  stage of a capital restructuring plan announced in December
  under which Tenneco will become Poclain's majority shareholder.
      In the first stage Poclain reduced its capital to 91 mln
  from 455 mln by reducing the nominal value of its shares to 10
  francs from 50.
      Poclain traded Friday on the Paris Bourse at 38.20 francs.
  

"
training/5223	32	money-fx	"U.K. MONEY MARKET OFFERED EARLY ASSISTANCE
  The Bank of England said it invited an
  early round of bill offers from discount houses after
  forecasting a shortage in the system of some 1.05 billion stg.
      Among the main factors affecting liquidity, bills maturing
  in official hands and treasury bill take-up will drain some
  1.07 billion stg while exchequer transactions will take out
  around 335 mln stg and bankers' balances below target five mln
  stg.
      Partly offseting these outflows, a fall in note circulation
  will add some 355 mln stg to the system today.
  

"
training/5226	0	acq	"MANILA GOVERNMENT TO TAKE OVER SAN MIGUEL BOARD
  A government commission that controls 51
  pct of <San Miguel Corp> (SMC) stock will increase its nominees
  on the firm's 15-member board to nine from six.
      ""We want to correct business practices,"" Ramon Diaz, chairman
  of the Presidential Commission on Good Government (PCGG), told
  Reuters.
      ""Right now there are a lot of companies that keep so many
  things from their shareholders and one of them is San Miguel,""
  he said.
      A San Miguel spokesman declined comment.
      Diaz said New York investment bank Allen and Co Inc told
  the PCGG it was interested in tendering for all outstanding SMC
  stock, with the subsequent dispersal of 60 pct of the stock to
  Filipino investors to comply with investment laws.
      He said Australian businessman and brewer Alan Bond and the
  brewing company Elders IXL Ltd <ELXA.S> were interested in
  buying 40 pct each of SMC stock.
      He added that the PCGG wanted some foreign input but would
  not allow foreign control of the brewing and food conglomerate,
  the Philippines' biggest manufacturing concern.
      Diaz said the PCGG did not plan to remove SMC president
  Andres Soriano from his family company.
      ""He has tremendous prestige to run the company,"" Diaz said.
  ""We appreciate his management, but certainly some practices have
  to be corrected.""
  

"
training/5228	12	earn	"CIE BANCAIRE IN ONE-FOR-FIVE BONUS SHARE ISSUE
  <Cie Bancaire>, a subsidiary of recently
  privatised banking group Cie Financiere de Paribas <PARI.PA>,
  said it is issuing 2.35 mln new 100 francs nominal shares on
  the basis of one for five already held.
      The operation will begin on March 31, a spokesman said.
      Cie Bancaire also said it has increased its capital to 1.41
  billion francs from 1.17 billion by the incorporation of 237.74
  mln francs of reserves.
  

"
training/5231	8	cpi	"ISRAELI INFLATION RATE IS 1.0 PCT IN FEBRUARY
  Israel's inflation rate for February
  was one pct, compared to 2.1 pct in January and 1.6 pct in
  February 1986, a spokesman for the Central Bureau of Statistics
  said.
      Inflation for the 12 months ending in February was 23 pct,
  the spokesman said.
      February price rises were mostly in housing, health,
  education, entertainment and transport.
      Wage and price controls have been in force since August
  1985. Officials said the controls have helped soften the effect
  of a recent 10 pct devaluation of the shekel.
  

"
training/5234	0	acq	"BOND DEFERS RIGHTS ISSUE, MULLS PROJECT PARTNERS
  <Bond Corp International Ltd>, a
  subsidiary of the Australian-based Bond Corp Holdings Ltd
  <BONA.S>, said it would defer its planned rights issue but
  still wants the issue to be made before July 31.
      No date has been set for the issue, announced in January.
      In a document to shareholders, Bond Corp said the delay
  follows its receipt of a 240 mln H.K. Dlr loan from its parent
  company to meet the first payment on the newly acquired Bond
  Centre commercial complex in central Hong Kong.
      It also wants outside partners to take up to 50 pct in the
  project, the company said.
      The January announcement said the rights issue would
  finance Bond Corp's 1.4 billion dlr acquisition of a 23.77 pct
  stake in HK-TVB Ltd <TVBH.HK> from film magnate Run Run Shaw.
      The company then reached an agreement with a consortium led
  by Sino Land Co Ltd <SINO.HK> to buy a commercial complex that
  is still under construction for 1.9 billion dlrs.
      Bond International said in the document that except for the
  240 mln dlr loan, the deal would be financed from internal
  resources and by selling an interest in the building.
      The payments must be completed by the end of 1987.
      Bond International has also sold several residential
  buildings in Hong Kong's mid-levels district for a total of
  68.35 mln dlrs, the statement said.
      The flats were among the properties it bought last year
  from Hongkong Land Co Ltd <HKLD.HK> for 1.4 billion dlrs.
      Analysts said Bond International is heavily geared as it
  has relied on bank borrowings to purchase both the Hongkong
  Land properties and the HK-TVB shares.
      Bond International also said in the document that while it
  plans to sell an interest in the complex it will hold the
  HK-TVB shares as a long-term investment.
  

"
training/5235	22	interest	"PHILIPPINES SEES 1987 GOVERNMENT REVENUE UP 26 PCT
  Philippine government revenue is
  expected to rise 26 pct to 99.9 billion pesos this year from
  79.1 billion in 1986, Finance Secretary Jaime Ongpin said.
      In a report to President Corazon Aquino on his department's
  performance during the year ended February 28, Ongpin said at
  least 15.9 billion pesos were expected to accrue from new tax
  reform measures announced last year.
      He said the goal for official development assistance (ODA)
  this year is two billion dlrs, adding that aid donors have
  committed ODA inflows of 1.7 billion dlrs in 1987, up 30 pct
  from 1.3 billion in 1986.
      Ongpin said steps planned to provide a sound revenue base
  included a value added tax (VAT) system due to be introduced in
  1988. He gave no other details.
      He said treasury bill maturities, interest rate levels and
  the volume of government securities sold to the private sector
  have improved significantly. ""In particular, short-term prime
  interest rates which had gone over 40 pct in 1985, are now down
  to less than 10 pct,"" he said.
      Ongpin said the government's debt-equity scheme, introduced
  in August last year, had attracted more than 276 mln dlrs worth
  of applications, but selective evaluation had resulted in
  approvals of only 61.8 mln dlrs at end-February.
      He said his department aims to accelerate its privatisation
  program and the sale of non-performing assets owned by
  associates of former President Ferdinand Marcos to achieve a
  1987 sales target of four billion pesos which would help
  finance land reform.
      Aquino said earlier this month that all the 24 billion
  pesos the government hopes to raise from the sale of the failed
  companies will be used to finance the land reform plan.
      Ongpin also said the government would pursue efforts to
  obtain 500 mln dlrs in concessional funding for the program
  from a World Bank-led consultative group of multilateral and
  bilateral aid donors.
      The government has said the land reform plan aims to
  distribute 9.7 mln hectares of land to poor peasants.
  

"
training/5236	48	trade	"NORWAY'S TRADE DEFICIT WIDENS IN FEBRUARY
  Norway's trade deficit widened in February
  to 957 mln crowns from 80 mln crowns in January and 492 mln
  crowns in February last year, the Central Bureau of Statistics
  said.
      Exports dropped to 10.66 billion crowns last month,
  compared with 11.11 billion in January and 10.85 billion in
  February 1986, it added.
      Crude oil and natural gas exports totalled 4.56 billion
  crowns in February, against 5.10 billion in January and 5.36
  billion a year ago.
  

"
training/5237	22	interest	"UAE GOVERNMENT PAPER YIELDS UNCHANGED
  Yields on certificates of deposit
  issued by the United Arab Emirates Central Bank were unchanged
  at 6-1/8 pct, the bank said.
      The yield applies to maturities of one, two, three and six
  months.
  

"
training/5238	8	cpi	"DUTCH COST OF LIVING FALLS 1.2 PCT IN FEBRUARY
  The Dutch cost of living index (base
  1980) fell 1.2 pct to 121.5 in the year to mid-February after a
  1.3 pct fall in the year to mid-January 1987, the Economics
  Ministry said.
      The February index was 0.2 pct up on January.
      Clothing, shoe and vegetable prices rose in February while
  prices of coffee, heating oil and most car fuels fell, the
  Ministry added.
  

"
training/524	12	earn	"JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88
  <Nippon Telegraph and Telephone Corp>
  (NTT) expects its profits to fall to 328 billion yen in the
  year ending March 31, 1988 from a projected 348 billion this
  year, the company said.
      Total sales for the same period are expected to rise to
  5,506 billion yen from a projected 5,328 billion this year, NTT
  said in a business operations plan submitted to the Post and
  Telecommunications Ministry.
      NTT said it plans to make capital investments of 1,770
  billion yen in 1987/88, including 109 billion for research and
  development, as against a total of 1,600 billion this year.
  

"
training/5240	23	ipi	"SWEDISH INDUSTRIAL PRODUCTION FALLS IN JANUARY
  Sweden's industrial production fell
  1.8 pct during January compared with a fall of 0.8 pct the
  month before and remains unchanged compared with January 1986,
  according to figures from the Central Bureau of Statistics.
      The bureau attributed the fall to a long Christmas break
  and particularly cold weather, which lowered production in the
  forestry industry.
  

"
training/5243	1	alum	"PECHINEY SIGNS LETTERS OF INTENT WITH SOVIET UNION
  Pechiney <PUKG.PA> said it signed two
  letters of intent with the Soviet Union covering the setting up
  of packaging and packaging materials joint ventures.
      It said one proposed venture would produce  aluminium
  packaging for food and cosmetics. The other envisaged Pechiney
  putting together a consortium of  European partners to set up a
  packaging and equipment manufacturing unit in the Soviet Union.
      A Pechiney spokesman said two working groups would prepare
  detailed projects over the next three months. He said it was
  too soon to estimate the financial value of the two ventures.
  

"
training/5244	10	crude	"MEES SAYS SECOND WEEK MARCH OPEC OUTPUT 14 MLN BPD
  OPEC produced only about 14 mln bpd of
  oil in the second week of March -- 1.8 mln bpd below its
  ceiling -- largely because of pipeline problems in Turkey and
  Ecuador, the Middle East Economic Survey (MEES) estimated.
      A landslide breached Iraq's one mln bpd pipeline through
  Turkey on March 6 for a week, and earthquakes in Ecuador have
  shut down its export pipeline for four to five months. Ecuador
  has an OPEC quota of 210,000 bpd.
      MEES put Saudi Arabian output at 2.9 mln bpd in the first
  week of March and 3.1 mln bpd in the second, in addition to
  output from the Neutral Zone between Saudi Arabia and Kuwait.
      MEES said Saudi Arabia was pumping more than 300,000 bpd of
  its total production into floating storage.
      Saudi Oil Minister Hisham Nazer told Reuters and the
  television news agency Visnews yesterday that Saudi output,
  including Neutral Zone production, was around three mln bpd.
      The Cyprus-based newsletter also said authoritative Libyan
  oil sources said Libya was producing 850,000 bpd, compared with
  its 948,000 bpd quota, and that actual liftings are much lower
  than that.
      It said one major Libyan equity producer had partially
  stopped lifting its 55,000 bpd equity entitlement for March
  because Libya was insisting on official prices, but is still
  lifting 40,000 bpd of debt crude at official prices and a
  further 25,000 bpd of ""purchase crude.""
      It said small equity producers, with entitlements of only
  2,000 to 3,000 bpd, had also told Tripoli they could not lift
  at official prices.
      MEES said Iraq had sent a telex to OPEC and member
  countries calling for the formation of a committee to study
  what it said were inequalities in marketing potential among
  various members.
      The newsletter said the Iraqi letter indicated Baghdad was
  having difficulty selling crude at official prices.
      The Iraqi telex pointed out that some member countries
  export substantial volumes of oil that are not subject to OPEC
  price regulations -- exports of refined products, equity crude
  on which the margins are equivalent to covert discounts and
  ""other forms of hydrocarbons"" which are marketed in package deals
  with crude oil.
  

"
training/5245	8	cpi	"FINNISH INFLATION FALLS TO 3.5 PCT IN FEBRUARY
  Year-on year Finnish consumer prices
  fell to 3.5 pct in February 1986 from 3.7 pct in January and
  4.6 pct in February 1985, the Central Statistical Office said.
      Consumer prices rose 0.3 pct in February after rises of one
  pct in January and 0.5 pct in February 1985.
      The consumer price index, base 1981, was 142.7 in February,
  142.2 in January and 137.8 in February 1986.
  

"
training/525	24	iron-steel	"EC COMMISSION GIVEN PLAN TO SAVE STEEL INDUSTRY
  European Community steelmakers
  presented the Executive Commission with a controversial plan
  for the future of the industry which diplomats say it may be
  forced reluctantly to accept.
      Under the plan steel output would remain subject to
  restrictive quotas and imports would be firmly controlled for
  years to come while steel firms undertook a massive
  slimming-down operation to adjust capacity to lower demand.
      Industry Commissioner Karl-Heinz Narjes has proposed the
  ending of the quota system by December 1988.
      He has proposed a return to the free market, which under EC
  law is supposed to exist except in times of ""manifest crisis.""
      But diplomats said some ministers who meet to discuss this
  idea on March 19 will argue that steel firms are in crisis in
  their countries, with orders falling as customers switch to
  alternative products and accounts firmly in the red.
      Ministers from the EC's major steel producing countries are
  likely to shy away from Narjes' proposals and could back the
  industry's own plan instead, in the hope of minimising the
  political impact of plant closures, they said.
      Industry sources said the plan presented to Narjes by the
  EC steelmakers' lobby group Eurofer would retain the quota
  production system at least until the end of 1990.
      Eurofer said in a statement consultants working for it
  identified scope for closing plants on a ""voluntary"" basis to
  reduce capacity by 15.26 mln tonnes a year.
      Cuts were still insufficient in one production area, that
  of hot rolled coils, and further talks were needed.
      Eurofer added the industry would need the support of the
  Commission and governments in carrying out a closure program,
  particularly with social costs such as redundancy payments.
      The EC steel industry has already shed 240,000 jobs this
  decade while reducing annual capacity by 31 mln tonnes.
  

"
training/5250	12	earn	"PEARSON CONCENTRATES ON FOUR SECTORS
  Pearson Plc <PSON.L> said the recent
  sale of its Fairey Engineering companies, in a 51.5 mln stg
  management buy-out, was part of its policy of concentrating on
  four key sectors.
      In a statement with its 1986 results, the company said its
  information and entertainments sector's Financial Times, FT,
  newspaper had record sales and profits.
      The FT is subject to a 70 mln stg investment programme,
  with the printing and publishing operation moving to a new
  plant in the London docklands next year.
      Its other key sectors are merchant banking, oil and china.
      Commenting on its Camco Inc oil service subsidiary, Pearson
  said it believes the oil business setback is only temporary.
      The group has been acquiring oil properties in both the
  U.S. And Britain which will begin to make a significant impact
  on profits in the 1990s.
      Far East operations of fine china subsidiary Royal Doulton
  Ltd are being expanded in the wake of record recent sales in
  Japan, it added.
      Pearson reported 1986 pre-tax profit of 121.1 mln stg, up
  from 109.3 mln in 1985. Turnover fell to 953 mln from 970 mln.
  

"
training/5251	33	money-supply	" German February central bank money grows annual 7.5 pct (January, same) - prov. Bundesbank data

   German February central bank money grows annual 7.5 pct (January, same) - prov. Bundesbank data
  

"
training/5253	33	money-supply	"GERMAN FEBRUARY CENTRAL BANK MONEY GROWTH STEADY
  West German central bank money stock
  was growing at an annualized 7.5 pct in February, unchanged
  from the 7.5 pct reported in January, provisional data from the
  Bundesbank showed.
      The figure was thus outside the three to six pct range set
  by the Bundesbank for 1987.
      In absolute terms, the measure rose to 223.2 billion marks
  in February from 221.8 billion in the prior month.
      The data showed that the stock grew at an annualized 8.6
  pct over the six months to February, slower than the 9.4 pct
  rise in the same period to January.
      Of the two components comprising central bank money stock,
  cash in circulation rose to 111.7 billion marks in February
  from 110.9 billion in January, the Bundesbank data showed.
      This gave an annualized 8.3 pct rise over the six months to
  February, down from a 10.2 pct increase over the six months to
  January.
      Minimum reserve requirements on domestic liabilities grew
  to 111.5 billion marks in February from 110.9 billion in
  January.
      This yielded an annualized 8.8 pct rise over the six month
  to February, up slightly from an 8.6 pct increase over the same
  period to January.
  

"
training/5254	41	retail	"UK FEB RETAIL SALES RISE PROVISIONAL 2.2 PCT (JAN FALL 2.2 PCT) - OFFICIAL

  UK FEB RETAIL SALES RISE PROVISIONAL 2.2 PCT (JAN FALL 2.2 PCT) - OFFICIAL
  

"
training/5255	16	gold	"GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987
  Gold is expected to continue its rise
  this year due to renewed inflationary pressures, especially in
  the U.S., Hamburg-based Vereins- und Westbank AG said.
      It said in a statement the stabilisation of crude oil
  prices and the Organisation of Petroleum Exporting Countries'
  efforts to achieve further firming of the price led to growing
  inflationary pressures in the U.S., The world's biggest crude
  oil producer.
      Money supplies in the U.S., Japan and West Germany exceed
  the central banks' limits and real growth of their gross
  national products, it said.
      Use of physical gold should rise this year due to increased
  industrial demand and higher expected coin production, the bank
  said.
      Speculative demand, which influences the gold price on
  futures markets, has also risen. These factors and South
  Africa's unstable political situation, which may lead to a
  temporary reduction in gold supplies from that country,
  underline the firmer sentiment, it said.
      However, Australia's output is estimated to rise to 90
  tonnes this year from 73.5 tonnes in 1986.
  

"
training/5256	41	retail	"U.K. RETAIL SALES RISE 2.2 PCT IN FEBRUARY
  The volume of U.K. Retail sales rose a
  provisional, seasonally adjusted 2.2 pct in February after
  falling a final 2.2 pct in January, figures released by the
  Department of Trade and Industry show.
      The February sales index, base 1980, was put at a
  preliminary 125.0 after a final 122.3 in January.
      In the three months from December to February, the level of
  sales was little changed over the previous three months but was
  nearly six pct higher than the same year ago period.
      On a non-seasonally adjusted value basis, retail sales in
  February were a provisional 9.0 pct higher than a year earlier.
      The Department noted the latest figures were similar to the
  average in the fourth quarter last year but well above the
  January index, which was depressed by the effects of severe
  weather.
      The February trading period comprised the four weeks
  February 1 to 28. Final February retail sales figures will be
  published on April 6.
  

"
training/5257	12	earn	"TRANSPORT DEVELOPMENT GROUP PLC <TDGL.L> 1986 YEAR
  Shr 17.15p vs 12.37p
      Final dividend 5.5p, making 7.5p vs 6.2p
      Pre-tax profit 39.4 mln stg vs 29.7 mln.
      Turnover 543.2 mln stg vs 481.5 mln
      Operating profit 48.2 mln stg vs 38.2 mln
      Net interest 8.9 mln vs 8.6 mln
      Tax 14.3 mln vs 11.2 mln
      Profit after tax 25.1 mln vs 18.4 mln
      Minority interest 300,000 vs 615,000
      Net tangible assets per ordinary shr 111.3p vs 101.6p
  

"
training/5258	4	cocoa	"COCOA LATEST FOCUS FOR COMMODITY PACT NEGOTIATORS
  The credibility of government efforts to
  stabilise fluctuating commodity prices will again be put to the
  test over the next two weeks as countries try to agree on how a
  buffer stock should operate in the cocoa market, government
  delegates and trade experts said.
      Only two weeks ago, world coffee prices slumped when
  International Coffee Organization members failed to agree on
  how coffee export quotas should be calculated. This week, many
  of the same experts gather in the same building here to try to
  agree on how the cocoa pact reached last summer should work.
      The still unresolved legal wrangle surrounding the
  International Tin Council (ITC), which had buffer stock losses
  running into hundreds of millions of sterling, is also casting
  a shadow over commodity negotiations.
      The ITC's failure has restricted negotiators' ability to
  compromise as governments do not want to be involved in pacts
  with built-in flaws or unlimited liability, but want clear
  lines drawn between aid and trade.
      A more hopeful sign of cooperation was agreement on basic
  elements of a new International Natural Rubber Agreement in
  Geneva at the weekend.
      Some importing countries insist the International Cocoa
  Organization (ICCO) buffer stock rules must not be muddied with
  quota type subclauses which might dictate the type of cocoa to
  be bought. One consumer country delegate said this would
  ""distort, not support"" the market.
      Trade and industry sources blame uncertainty about the ICCO
  for destabilising the market as the recent collapse in coffee
  prices has made traders acutely aware that commodity pacts can
  founder. On Friday this uncertainty helped push London cocoa
  futures down to eight month lows. The strength of sterling has
  also contributed to the recent slip in prices.
      The ICCO daily and average prices on Friday fell below the
  ""must buy"" level of 1,600 SDRs a tonne designated in the pact,
  which came into force at the last ICCO session in January but
  without rules for the operation of the buffer stock.
      Consumers and producers could not agree on how it should
  operate and what discretion it should be given. The agreement
  limits it to trading physical cocoa and expressly says it
  cannot operate on futures markets.
      A cash balance of some 250 mln dlrs and a stock of almost
  100,000 tonnes of cocoa, enough to mount large buying or
  selling operations, were carried forward from the previous
  agreement.
      Members finance the stock through a 45 dlrs a tonne levy on
  all cocoa they trade. It has an upper limit of 250,000 tonnes.
      The key arguments being faced by the ICCO working group on
  buffer stock rules which is meeting today and tomorrow will be
  over non-member cocoa and differentials the buffer stock should
  pay when trading different types of cocoa. Another working
  group is scheduled to meet Wednesday to discuss administrative
  matters, and the full council meets on Thursday.
      Producers have so far maintained that buffer stock funds
  should not help mop up surplus cocoa produced in non-member
  countries such as Malaysia.
      Consumers say when this cocoa is the cheapest the buffer
  stock should buy it rather than compete with chocolate
  manufacturers for premium-priced high quality cocoas.
      The argument over buying non-member cocoa is closely linked
  to the one over differentials for different qualities.
      European industry and trade advisers have suggested as a
  compromise that the buffer stock have a maximum share that can
  represent non-member cocoa and that it use the London futures
  market's existing differentials for different qualities.
      Currently, good West African cocoa is tendered at par onto
  the London market.
      Discounts, which are currently under review, range up to 50
  stg a tonne for Brazilian and Malaysian cocoa.
      Consumer delegates said the same arguments in reverse would
  operate when prices are high - the buffer stock should sell the
  highest priced cocoa in most demand, forcing all prices lower.
      The January talks were slowed by a split inside the
  European Community, a key ICCO consumer group, with France
  siding with producers. EC representatives met in closed session
  in Brussels on Friday in an attempt to reach a common ground
  and, a diplomatic source said, narrowed the range of positions
  among the 12 nations.
      The source said the EC will be looking for signs of
  flexibility on the part of producers in the next few days and
  will be able to respond if they are there.
      One ICCO delegate describing the producer/consumer split
  said consumer proposals mean buying more cocoa for less and
  backs the concept of the pact which is ""meant to support the
  market where trade buying is not.""
      In contrast, he said, producers seem to want to sell their
  cocoa to the buffer stock rather than consumers.
      Other, more technical, issues still outstanding include
  whether the buffer stock should buy at a single announced
  ""posted price"" as in the previous pact or by announcing it is
  buying then accepting offers.
      In either case, delegates said, it is accepted that
  producers must be given a clear opportunity to make offers of
  cocoa for forward shipment directly to the buffer stock in a
  way that is competitive with spot offers made by dealers.
  

"
training/5260	8	cpi	"YUGOSLAV FEBRUARY INFLATION RISES 7.2 PCT
  Yugoslav retail prices in February
  rose 7.2 pct from January to stand 91.6 pct higher than in
  February 1986, the Federal Statistics Office said.
      In January retail prices rose 6.6 pct from December to
  stand 90.4 pct higher than in January 1986.
      The cost of living, an index that includes services and
  utilities as well as retail prices, was up 7.3 pct in February
  from January and stood 93.6 pct higher than in February 1986.
      In January the cost of living increased by 6.4 pct from
  December and stood 91.8 pct higher than in January 1986.
  

"
training/5264	12	earn	"MAI PLC <MLLL.L> SIX MONTHS TO DECEMBER
  Shr 25.7p vs 21.5p
      Div 6p vs 4p
      Pretax profit 24.13 mln stg vs 16.40 mln
      Net after tax 15.08 mln vs 10.52
      Extraordinary credit 8.71 mln stg vs nil
      Turnover 140.8 mln vs 96.55
      Note - The extraordinary item comprises profit less losses
  on the sale of certain subsidiaries less related tax and
  minority interests.
      Pretax profit comprises -
      Securities and money broking 15.44 mln stg vs 10.75 mln
      Personal financial services 3.6 mln vs 735,000 stg
      Media 3.74 mln vs 3.16 mln
      Market reserch 912,000 stg vs 732,000
      Net interest 438,000 vs 1.03 mln
  

"
training/5268	10	crude	"ECUADOR SAYS IT WILL PAY DEBT WHEN IT CAN
  President Leon Febres Cordero said
  Ecuador would honour its debt when it had the capacity to make
  payments, but said foreign banks had calculated oil would have
  to be 25 dlrs a barrel for Ecuador to meet its commitments.
      Ecuador said on Friday that last week's earthquake was
  forcing it to reaffirm an earlier decision -- based on the
  slide in world oil prices -- to suspend debt payments to
  private foreign banks, which hold two-thirds of its 8.16
  billion dlr foreign debt.
      ""All legitimate debt is a commitment of honour,"" the
  president said during a visit to the quake zone. ""A government
  as a sovereign entity has dignity and prestige to maintain.""
      Private foreign banks and the World Bank had calculated oil
  would have to be at least 25 dlrs a barrel for Quito to be able
  to meet its commitments, Febres Cordero said.
      He added that Ecuadorean crude was now selling for 15 to 17
  dlrs a barrel after having been sold for many months at 12 dlrs
  a barrel and as low as seven dlrs before that.
      Meanwhile, Ecuador announced an austerity program and a
  price freeze on key consumer goods as a result of the
  earthquake, which killed at least 300 people.
      Presidency Minister Patricio Quevedo said the budget would
  be cut by five to 10 pct, government hiring would be frozen and
  salaries of top officials, including the president and cabinet,
  would be reduced.
      He also said a price freeze would be imposed on 20 basic
  consumer items, mainly food staples, while the price of
  gasoline would rise by between 69 and 80 pct and bus fares
  would rise by 20 pct. Gasoline supplies would also be limited.
  

"
training/5269	32	money-fx	"U.K. MONEY MARKET DEFICIT FORECAST REVISED UPWARDS
  The Bank of England said it had revised
  its estimate of the shortage in the money market today up to
  1.15 billion stg before taking account of its early operations.
      Earlier, the bank forecast the deficit at 1.05 billion stg
  and gave 90 mln stg assistance at an early round of bill
  offers.
  

"
training/5270	10	crude	"PARIBAS SEEKING TO ADJUST ECUADOR OIL FACILITY
  Banque Paribas, which arranged a 220
  mln dlr loan for Ecuador last year to pre-finance oil exports,
  wants to adjust the terms of the facility to help the country
  recover from a devastating earthquake, bankers said.
      But the French bank's plan, which would effectively
  postpone repayment of about 30 mln dlrs of the loan for several
  months, is running into stiff resistance from many of the 52
  members of the loan syndicate.
      The pipeline that carries all Ecuador's oil exports was
  ruptured in the March 5 tremor and will take some five months
  to repair at a cost of about 150 mln dlrs to repair.
      President Leon Febres Cordero on Friday estimated total
  damages caused by the quake at one billion dlrs and said that
  Ecuador as a result would maintain January's suspension of
  interest payments on its foreign commercial bank debt.
      Payments were halted in January because of the drop in the
  price of oil, which accounts for nearly two-thirds of Ecuador's
  export earnings and 60 pct of government revenue.
      Although sympathetic to Ecuador's plight, many banks in the
  Paribas facility feel that emergency financial relief is a job
  for international financial organizations and not for
  commercial banks, bankers said.
      The 18-month oil-financing facility, which was signed last
  October 28, is one of the few purely voluntary credits for a
  Latin American nation since the region's debt crisis erupted in
  August 1982.
      Because it was a voluntary deal, many bankers feel strongly
  that the orginal terms must be adhered to. Otherwise, they
  fear, the gradual re-establishment of normal market conditions
  for Latin borrowers will be set back.
      ""There's a lot of reluctance by the other banks. They feel
  it's a different facility, and so any kind of suggestion of a
  restructuring would look bad,"" one banker commented.
  

"
training/5272	0	acq	"BANK OF CHINA TAKES STAKE IN BAII HOLDINGS
  Bank of China has taken a stake in
  Luxembourg-based finance company BAII Holdings SA, a spokesman
  for BAII said.
      The stake was between three and five pct but no further
  details of the deal, which was announced simultaneously in
  Paris, London and Hong Kong, were immediately available.
      BAII, which is 50 pct Arab owned, is looking to expand its
  activities in the Far East and recently established a
  wholly-owned merchant banking subsidiary in Hong Kong, the
  spokesman said.
      The group had earnings of 15.4 mln dlrs in 1985.
  

"
training/5273	10	crude	"SAUDI OIL MINISTER SEES NO NEED TO ALTER PACT
  Saudi Arabian Oil Minister Hisham Nazer
  said OPEC's December agreement to stabilize oil prices at 18
  dlrs a barrel was being implemented satisfactorily and there
  was no immediate need to change it.
      Nazer, in an interview with Reuters and the television news
  agency Visnews, said Saudi Arabia was producing around three
  mln barrels per day (bpd) of crude oil, well below its OPEC
  quota.
      Saudi Arabia, the world's largest oil exporter, will
  continue to restrain production as long as other OPEC members
  adhere to the pact, Nazer said.
      The 13-nation OPEC agreed in December to cut its production
  ceiling by 7.25 pct to 15.8 mln bpd and abide by fixed prices
  averaging 18 dlrs a barrel from February 1.
      Nazer, in his first interview since succeeding Ahmed Zaki
  Yamani last October, said: ""I do not foresee any need for new
  measures before the 25th of June when our (next OPEC) meeting
  will take place as scheduled.""
      Nazer said OPEC was producing below 15.8 mln bpd and all
  members were abiding by its agreements.
      ""We've heard news every now and then of violations but they
  were not at all verified,"" he said.
      OPEC production curbs have boosted world oil prices from a
  13-year low of around eight dlrs a barrel last August to near
  18 dlrs after announcement of the December pact.
      Spot market prices slipped some two dlrs in February but
  have firmed in the past two weeks to near OPEC levels as
  traders gained confidence in OPEC price and output discipline.
      Nazer said Saudi Arabia would continue to produce below its
  4.133 mln bpd quota if necessary to defend the 18 dlr price.
      ""As long as all the OPEC members adhere to the program as
  devised in December, Saudi Arabia will continue to adhere to
  the agreement,"" he said.
      Current production of three mln bpd includes oil from the
  Neutral Zone shared with Kuwait, but not sales from floating
  storage, Nazer said.
      King Fahd of Saudi Arabia, in an interview with Reuters and
  Visnews on March 11, said the kingdom wanted oil price
  stability and called on non-OPEC producers to avoid harmful
  competition with OPEC.
      ""Saudi Arabia doesn't decide prices by itself but certainly
  desires price stability,"" he said.
      Nazer said the output level did not mean the kingdom had
  returned to a role of ""swing producer"" within OPEC.
      Saudi Arabia allowed its output to sink as low as two mln
  bpd in August 1985 to compensate for slack demand and
  over-production by some OPEC states.
      ""Saudi Arabia is not playing that role. It is being played
  by OPEC membership as a whole because the reduction in the 15.8
  mln bpd share of OPEC in the market is being shared by other
  members of OPEC,"" Nazer said.
      Nazer said OPEC estimated demand for its oil during third
  quarter this year would be around 16.6 mln bpd.
      But he said if circumstances changed ""I am sure then the
  OPEC members will consult with each other and take the
  necessary measures.""
      Oil analysts say the OPEC pact could come under strain when
  demand for petroleum products generally falls in the northern
  hemisphere spring and summer.
      Nazer said he was satisfied with the extent of cooperation
  from non-OPEC producers. Norway, Egypt and the Soviet Union
  agreed to help OPEC by restraining production or exports after
  he visited them on OPEC's behalf earlier this year.
      ""We did not ask any country to do anything. These were
  programmes they thought were necessary to stabilise market
  conditions and to help themselves attain better pricing
  conditions,"" Nazer said.
      He said it was up to countries that declined to cooperate
  -- such as Britain -- to come up with their own proposals if
  they saw fit.
  

"
training/5274	48	trade	"TURKISH TRADE DEFICIT WIDENS IN 1986
  Turkey's trade deficit rose to 3.65
  billion dlrs in 1986 from 3.39 billion in 1985 following
  increased imports from Western countries, figures from the
  State Statistics Institute show.
      Exports were down 6.3 pct at 7.45 billion dlrs, compared
  with 7.95 billion in 1985, while imports were down 2.1 pct at
  11.10 billion dlrs from 11.34 billion.
      Total trade with Mid-East Gulf states fell some 40 pct due
  to lower oil prices, with imports at 1.55 billion dlrs,
  compared with 2.74 billion, and exports at 1.65 billion after
  2.72 billion.
      Exports to Organisation for Economic Cooperation and
  Development countries rose to 4.29 billion dlrs from 4.11
  billion in 1985, while imports were 4.56 billion after 3.55
  billion.
      Turkey's trade deficit in December narrowed to 216 mln dlrs
  from 340 mln in November, and compared with 277 mln in December
  1985.
  

"
training/5276	12	earn	"ALUSUISSE SHARES FALL AFTER CAPITAL CUT NEWS
  Bearer shares of Schweizerische
  Aluminium AG <ALUZ.Z> (Alusuisse) fell sharply as trading
  resumed after a one-day suspension on Friday, when the firm
  disclosed plans for a capital cut.
      The bearers, held mainly by foreign investors, dropped 30
  Swiss francs to 460. But volume was not particularly heavy.
  Registered shares were less affected, slipping five to 165. The
  participation certificates fell to 43 francs from 45.50.
      Alusuisse made a net loss of 688 mln francs, after a
  restated 756 mln loss in 1985, and set a 50 pct capital cut.
  The company said it could break even this year.
  

"
training/5278	48	trade	"EGYPT, SOVIETS TO RENEGOTIATE ARMS DEBT TERMS
  Egypt and the Soviet Union are expected
  to sign an agreement in Moscow next week settling Cairo's three
  billion dlr military debt, Egyptian officials said.
      One official, who asked to remain anonymous, told Reuters a
  draft agreement would reduce to zero from two pct future
  interest payable on the 10 year-old debt, and set a 25 year
  repayment term.
      Talks are due to begin in Moscow on Wednesday.
      Economy Minister Youssri Mustapha, who leaves for Moscow on
  Tuesday, met President Hosni Mubarak and Egyptian ambassador to
  Moscow Salah Bassiouni to discuss the issue.
      One official said Egypt would propose a new exchange rate
  for trade with the Soviet Union. Current commerce is based on a
  rate set in the 1960s of 0.38 Egyptian pounds to the dollar
  which Moscow sees as unreasonable. The fluctuating official
  rate is about 1.36 pounds to the dollar.
      The officials said part of the debt would be paid in
  exports of goods such as textiles, leather and furniture.
      Egypt wants to settle the debt problem partly to open the
  door for new cooperation, mainly in modernising Soviet-built
  steel, aluminium and fertiliser plants under a five-year
  development plan ending June 30 1992.
      Egypt, which already imports Soviet coal, wood, newsprint
  and glass, also wanted a debt deal to allow purchases of
  currently blocked spare parts for its ageing Soviet military
  hardware, the officials said.
      An estimated 65 pct of Egypt's arsenal is still made up of
  Soviet-supplied equipment, one official said.
      Cairo stopped repaying Moscow for arms purchases in 1977
  when then-president Anwar Sadat broke with its long-standing
  ally and turned to the U.S..
  

"
training/528	12	earn	"DURO-TEST CORP <DUR> 2ND QTR JAN 31 NET
  Shr 10 cts vs 14 cts
      Net 531,896 vs 727,781
      Revs 16.0 mln 16.8 mln
      Six mths
      Shr 30 cts vs 39 cts
      Net 1,532,431 vs 2,000,732
      Revs 32.7 mln vs 34.5 mln
  

"
training/5281	10	crude	"SAUDIS DROP CONDITION FOR OIL SALE TO BRAZIL
  Saudi Arabia has dropped its
  condition that Brazil secure international bank guarantees
  before Saudia Arabia would ship it oil, state-oil company
  Petrobras said in a statement.
      Petrobras said the Saudis will accept Banco do Brasil
  credit guarantees.
      Petrobras cancelled a 40 mln dlr crude oil purchase from
  the Saudis yesterday after they refused to accept a letter of
  credit from the official Bank of Brazil. The Saudis had
  demanded that Brazil get credit guarantees from leading
  international banks.
      Petrobras said the Saudis had been advised that if they did
  not change their mind by Monday, Petrobras would negotiate the
  purchase of oil with other producers.
      The Petrobras statement said the shipment of 2.2 mln
  barrels will be made by the Saudis on March 24 as scheduled.
      The shipment was part of a contract signed in February for
  the Saudis to supply Brazil with 125,000 barrels per day until
  June.
  

"
training/5283	12	earn	"BSI RAISING 50 MLN SWISS FRANCS VIA RIGHTS ISSUE
  Banca della Svizzera Italiana <BISZ.Z>
  said it planned a one-for-12 rights issue at 300 pct of nominal
  value to raise about 50 mln francs new capital.
      The rights issue would have a theoretical value to
  shareholders of 140 Swiss francs per bearer share and 45 per
  registered share.
      BSI was also seeking shareholder authorization for 200,000
  new participation certificates of a nominal value of 100 francs
  without rights for shareholders, to back future convertible or
  warrant bonds or for other purposes. Existing 500-franc ""B""
  tranche certificates would be split five-for-one.
      The split would improve the marketability of the existing
  certificates, chief executive Giorgio Ghiringhelli told a news
  conference.
      The new bearer shares would be priced at 1,500 francs,
  compared with a closing price last Friday of 3,325 on the
  Zurich Stock Exchange, while the registered shares would be
  issued at 300 francs against a market price of 900.
  

"
training/5284	0	acq	"PEPSICO OFFERS TO ACQUIRE CALNY INC FOR 11.50 DLRS A SHARE

  PEPSICO OFFERS TO ACQUIRE CALNY INC FOR 11.50 DLRS A SHARE
  

"
training/5286	0	acq	"HARPER AND ROW <HPR> TO MULL OPTIONS AFTER BIDS
  Harper and Row Publishers Inc said its
  board of directors decided to take no action on two takeover
  bids that the company has received. Instead, it appointed a
  committee of independent directors to study strategic
  alternatives for the 170-year-old firm.
      The alternatives include continuation of the company's
  existing business plans, possible business combinations, sales
  of stock, restructuring and the sale of all or part of the
  company.
      Kidder Peabody and Co Inc has been retained to advise on
  the alternatives, Harper and Row added.
      Private investor Theodore Cross last week offered 34 dlrs a
  share for Harper and Row, prompting a rival bid of 50 dlrs a
  share from another publishing firm, Harcourt Brace Jovanovich
  Inc <HBJ>.
      After carefully considering the two offers at a meeting on
  Friday, the Harpers and Row board decided not to act on them.
      The directors unanimously expressed their strong desire to
  preserve the company's independence and take advantage of its
  ""considerable future prospects,"" according to director Winthrop
  Knowlton, former chief executive and now chairman of the newly
  established independent committee.
      ""However, given the significant current interest in the
  company, we also feel that we should carefully review all the
  options available. The committee will consider all the
  pertinent facts and alternatives... We intend to make a careful
  and informed decision but will proceed expeditiously to a
  conclusion,"" Knowlton said.
      Pending its deliberations, Harper and Row's board has
  postponed indefinitely a special meeting of stockholders that
  had been scheduled for April 2 to discuss a proposal to
  recapitalize the company's stock in order to create two classes
  of shares with different votinmg rights.
  

"
training/5287	0	acq	"FAILING WASHINGTON STATE S/L IS ACQUIRED
  The Federal Home Loan Bank Board
  (FHLBB) announced the acquisition of Home Savings and Loan
  Association in Seattle, Washington, by InterWest Savings Bank
  of Oak Harbour, Washington.
      The FHLBB said Home Savings was the 12th troubled savings
  institution requiring federal action this year.
      It said Home Savings had assets of 150.6 mln dlrs in assets
  and InterWest had assets of 342.9 mln dlrs.
  

"
training/5288	48	trade	"BALDRIGE WARNS OF WORLD TRADE WAR DANGER
  U.S. Commerce Secretary Malcolm
  Baldrige predicted Congress will pass a reasonable trade bill
  this year and said tough protectionist legislation could prompt
  a trade war.
      ""The mood of the Congress right now is as tough on trade as
  I've ever seen it in six years in Washington,"" Baldrige said in
  a weekend television interview.
      ""I think we'll still be able to get a reasonable trade bill
  out in spite of that because the whole Congress is trying to
  work together with the administration, but there is a hardening
  trade attitude,"" he said.
      President Reagan opposes protectionist legislation but
  agreed to support a trade bill when it became apparent that
  opposition Democrats would pass such legislation.
      However, Baldrige warned measures that would penalize
  trading partners such as Japan, South Korea and Taiwan for
  failing to cut their trade surpluses with the U.S. could lead
  to retaliation and he said he would urge Reagan to veto any
  such bill.
      When asked if there is a rising danger of a worldwide trade
  war, Baldrige said: ""Yes, I don't think there's any question
  about that.""
  

"
training/529	12	earn	"<FRANKLIN UTILITIES FUND> SETS PAYOUT
  Qtly div 14 cts vs 14 cts prior
      Pay March 13
      Record March Two
  

"
training/5291	0	acq	"CALNY <CLNY> GETS BID FROM PEPSICO <PEP>
  Calny Inc said it has
  received an offer to be acquired by PepsiCo Inc, which already
  owns 9.9 pct of Calny stock, for 11.50 dlrs per share, subject
  to approval by PepsiCo and Calny boards and Calny shareholders.
      The company said its board intendsd to schedule a meeting
  in the near future to review the proposal and it has asked
  <Oppenheimer and Co Inc> to assist it in evaluating the offer
  and advise Calny on its alternatives.
      Calny is the largest franchisee of PepsiCo's Taco Bell
  restaurants, operating 143 in California, Oregon, Texas and
  Washington as well as 15 La Petite Boulangerie bakeries in
  Seattle.
      Calny earned 1,192,000 dlrs on sales of 56.2 mln dlrs for
  the nine months ended November Four.
      On December Four, Calny rejected as inadequate an investor
  group led by former president and chairman Robert A. Larive's
  second offer to acquire it because the bid was inadeuqate and
  subject to too many contingencies.  The group offered 11.50
  dlrs and one dlr of 10 pct preferred stock per Calny share.
  

"
training/5293	0	acq	"WARBURG PINCUS STARTS SYMBION <SYMB> BID
  <Warburg, Pincus Capital Corp> said it
  has started a tender offer for up to 2,500,000 common shares of
  Symbion Inc at 3.50 dlrs each.
      In a newspaper advertisement, The firm said the opffer is
  not conditioned on receipt of any minimum number of shares but
  is conditioned on holders of nor more than 400,000 Symbion
  sharesseeking to receive the fair value of their shares under
  provisions of the Utah Business Corporation Act.  Warburg said
  receipt of 2,500,000 shares would raise its interest in Symbion
  to about 59.3 pct from 25.8 pct currently and give it control.
      Warburg said it reserves the right to buy more than
  2,500,000 shares if the offer is oversubscribed but has no
  present intention of doing so.  It said it has asked Symbion to
  provide its shareholder list to help in disseminating the
  offer.
      The firm said the offer, proration period and withdrawal
  rights expire April 22 unless extended.
  

"
training/5295	12	earn	"ZIM ENERGY <ZIMR> TO SELL SHARES PRIVATELY
  ZIM Energy Corp said it has entered
  into an agreement for a group consisting of <Strategy and
  Development Inc>, <Norsk Vikingolje A/S> of Oslo and MIS Gas
  Corp -- which already owns one third of ZIM -- to buy 15 to 20
  mln new common shares at 20 cts each in association with <Polo
  Energy Corp> and <Jaguar Petroleum Corp>.
      The company said the investor group also bought about 6.3
  mln shares from ZIM management. It said James Mitchell, William
  Richardson and Steven Duin have resigned as officers and
  directors.
      ZIM said Chemclear Inc <CMCL> has unilaterally canceled an
  agreement to merge with ZIM, and ZIM's board is studying the
  possiblity of a claim against Chemclear.
      The company said it expects to report a loss for the year
  of about 3,125,000 dlrs due to lower oil and natural gas
  prices, unsuccessful well workover programs and excessive
  overhead and corporate expenses. It said it plans a dramatic
  reduction in overhead costs that should improve results.
      The company said Michel Billard has been named chairman and
  Robert Berckmans has been named president and chief executive,
  and Berckmans and two others have joined the board.
      ZIM said it has agreed to acquire the remaining interest in
  its Buccaneer and Blue Dolphin Pipeline affiliates for about
  one mln dlrs in cash and stock.  It gave no further details.
  

"
training/5296	12	earn	"BLUEFIELD SUPPLY <BFLD> IN LIQUIDATING PAYOUT
  Bluefield Supply Co said its
  board declared its second liquidating dividend of 1.71 dlrs per
  share, payable March 16 to shareholders of record March 13.
      The company paid an initial liquidating dividend of 15.75
  dlrs per share on January Eight.
  

"
training/5297	12	earn	"BERGEN BRUNSWIG CORP <BBCA> 2ND QTR FEB 28 NET
  Shr 33 cts vs 48 cts
      Shr diluted 33 cts vs 44 cts
      Net 4,435,000 vs 6,410,000
      Revs 839.3 mln vs 751.8 mln
      1st half
      Shr 55 cts vs 94 cts
      Shr diluted 55 cts vs 88 cts
      Net 7,374,000 vs 12.6 mln
      Revs 1.68 billion vs 1.51 billion
  

"
training/5299	0	acq	"DIXONS SELLS 8.3 MLN WOOLWORTH SHARES
  Dixons Group Plc <DXNS.L> has sold 8.3
  mln shares in Woolworth Holdings Plc <WLTH.L> through Salomon
  Brothers U.K. Equity Ltd, a statement from Salomon said.
      The shares were placed with about 45 to 50 institutions in
  Europe and the Far East. Dixons retains one mln Woolworth
  shares, a Dixons spokesman added.
      Industry sources said Dixons acquired the Woolworth shares
  in connection with its unsuccessful bid for the company last
  year.
      Dixons paid an average price of 695p per share which
  compares with 819p today. Woolworth closed on Froday at 833p.
      A Dixons spokesman said the decision to retain one mln
  shares reflected Woolworth's buoyant prospects.
  

"
training/53	12	earn	"EMHART CORP <EMH> QTLY DIVIDEND
  Qtly div 35 cts vs 35 cts prior
      Payable March 31
      Record March nine
  

"
training/530	12	earn	"GELCO CORP <GEL> 2ND QTR JAN 31 NET
  Shr 67 cts vs 23 cts
      Net 5,220,000 vs 3,143,000
      Revs 236.1 mln vs 256.2 mln
      Avg shrs 7.8 mln vs 13.7 mln
      Six Mths
      Shr 85 cts vs 59 cs
      Net 8,919,000 vs 8,158,000
      Revs 483.8 mln vs 515.5 mln
      Avg shrs 10.4 mln vs 13.7 mln
      NOTE: Fiscal 1987 second quarter and first half earnings
  include a gain of 3.4 mln dlrs and exclude preferred dividend
  requirements of five mln dlrs in the quarter and 5.6 mln dlrs
  in the first half.
      Fiscal 1986 net reduced by currency losses equal to six cts
  a share in the second quarter and equal to nine cts in the six
  months.
  

"
training/5300	12	earn	"JOULE' INC <JOUL> SETS STOCK SPLIT
  Joule' Inc said its board declared
  a three-for-two stock split, payable April 30, record March 31.
  

"
training/5303	0	acq	"<WHIPPANY PAPER BOARD CO INC> MERGER APPROVED
  Whippany Paper Board Co Inc said
  shareholders at a special meeting approved a merger into NPN
  Inc for 2.50 dlrs per share.
      NPN acquired control of Whippany in a recent tender offer.
  

"
training/5304	0	acq	"NORTHERN AIR FREIGHT <NAFI> GETS, REJECTS, BID
  Privately-held <Pilot Air Freight>
  said it met with officials of Northern Air Freight Inc to try
  to negotiate a friendly acquisition of Northern, but Northern's
  management had no interest in the proposal.
      Northern has annual revenues of about 60 mln dlrs and is
  based in Seattle.
  

"
training/5308	12	earn	"AMERICAN BUILDING MAINTENANCE <ABM> 1ST QTR NET
  Shr 35 cts vs 44 cts
      Net 1,311,000 vs 1,619,000
      Revs 125.2 mln vs 117.2 mln
      NOTE: American Building Maintenance Industries Inc.
  

"
training/5309	0	acq	"RENOUF EXTENDS BENEQUITY HOLDINGS <BH> OFFER
  Renouf Corp International said it has
  extended the expiration of its offer to pay 31 dlrs a unit to
  buy all outstanding units of Benequity Holdings a California
  Limited Partnership to March 24 from March 13.
      As of March 13, Renouf said, about 3,847,375 units had been
  tendered.
      Renouf pointed out this exceeds the minimum number sought
  in the offer, but its statement gave no reason for the
  extention. Benequity has 5.7 mln units outstanding.
  

"
training/531	12	earn	"INTERNCHANGE FINANCIAL SERVICES <ISBJ> PAYOUT UP
  Qtly div 10 cts vs 8-1/3 cts prior
      Pay April 21
      Record March 20
      NOTE: Interchange Financial Services Corp.
  

"
training/5312	12	earn	"NEW WORLD PICTURES LTD <NWP> 4TH QTR NET
  Shr 32 cts vs 21 cts
      Net 4,717,000 vs 2,587,000
      Revs 72.9 mln vs 37.9 mln
      Avg shrs 14.7 mln vs 12.6 mln
      Year
      Oper shr 75 cts vs 41 cts
      Oper net 10.7 mln vs 4,642,000
      Revs 188.9 mln vs 106.6 mln
      Avg shrs 14.2 mln vs 1.4 mln
      NOTE: 1985 year net excludes 495,000 dlr tax credit.
  

"
training/5313	12	earn	"LOWRANCE ELECTRONICS INC <LEIX> 2ND QTR JAN 31
  Shr profit 17 cts vs loss two cts
      Net profit 520,000 vs loss 51,000
      Sales 11.1 mln vs 6,897,000
      1st half
      Shr profit 34 cts vs profit 12 cts
      Net profit 951,000 vs profit 320,000
      Sales 20.6 mln vs 14.9 mln
  

"
training/5314	12	earn	"COMMTRON CORP <CMR> 2ND QTR FEB 28 NET
  Shr 16 cts vs 22 cts
      Net 1,574,000 vs 1,725,000
      Sales 104.2 mln vs 116.0 mln
      Avg shrs 10.1 mln vs eight mln
      1st half
      Shr 37 cts vs 37 cts
      Net 3,675,000 vs 2,925,000
      Sales 244.5 mln vs 230.6 mln
      Avg shrs 10.0 mln vs eight mln
  

"
training/5316	12	earn	"WHOLESALE CLUB INC <WHLS> 4TH QTR JAN 31 NET
  Shr profit two cts vs loss 16 cts
      Net profit 558,000 vs loss 580,000
      Sales 66.2 mln vs 29.5 mln
      Avg shrs 4,476,000 vs 3,615,000
      Year
      Shr loss 61 cts vs loss 79 cts
      Net loss 1,760,000 vs loss 2,180,000
      Sales 158.4 mln vs 76.3 mln
      Avg shrs 4,475,000 vs 2,751,000
  

"
training/5317	12	earn	"MSA REALTY CORP <SSS> 4TH QTR NET
  Shr profit four cts vs loss two cts
      Net profit 247,970 vs loss 57,341
      Revs 2,393,622 vs 2,627,612
      Avg shrs 5,958,423 vs 2,440,100
      Year
      Shr profit 71 cts vs loss 35 cts
      Net profit 3,213,310 vs loss 849,180
      Revs 14,571,434 vs 9,099,767
      Avg shrs 6,177,666 vs 2,440,083
      NOTE: 1986 earnings include a loss from carryforward of
  investment tax credits of 85,000 dlrs in the quarter and a gain
  of 250,000 dlrs, or four cts a share for the year
  

"
training/5318	8	cpi	"ECONOMIC SPOTLIGHT -FRANCE AWAITS ECONOMIC LIFT
  A year after squeezing to power with a
  narrow bare coalition majority, Gaullist Prime minister Jacques
  Chirac has swept away a cobweb of controls and regulations
  choking the French economy.
      But France is still waiting for a promised industrial
  recovery the government says will follow from its free market
  policies. Company profits and the stock market are rising. But
  so is unemployment. Growth is stagnant at about two pct a year
  and the outlook for inflation, held to a 20-year low of 2.1 pct
  in 1986, is uncertain.
      Forced last month to cut the government's 1987 growth
  target and raise its inflation estimate, Finance Minister
  Edouard Balladur ruled out action to stimulate the economy. But
  some government supporters say they fear time for an economic
  miracle may be running out.
      The political clock is ticking towards Presidential
  elections due by April next year.
      France's economic performance, led by a mixed cast of
  right-wing ministers and a socialist President, has won mixed
  reviews from non-partisan analysts.
      For Michel Develle, Director of Economic Studies at
  newly-privatised Banque Paribas, the government's outstanding
  achievement has been to launch ""a veritable intellectual
  revolution"" breaking the staid habits formed by centuries of
  state control.
      ""The figures may look mediocre -- neither good nor bad --
  but set in their context of structural reforms, they are
  excellent,"" Develle said.
      But some analysts say they fear that Balladur, chief
  architect of the government's free market policies, may be
  pursuing a mirage.
      ""The belief that economic liberalism will produce an
  explosion of economic forces is ideological"" said Indosuez chief
  economist Jean Cheval. ""Personally I think it's an illusion.
  Dirigisme (direction) is a basic fact of the French system,
  from school onwards. Ultra-liberalism is impossible.""
      Illusion or not, the government has pushed its vision hard.
  Over the past year foreign exchange and consumer price controls
  have been largely abolished, labour regulations have been
  pruned to ease the sacking of redundant workers and a hugely
  popular programme has been launched to sell state-owned banks
  and industries to private investors.
      Since December, nearly five mln French investors have
  bought shares in Cie Financiere de Paribas <PARI.PA> and glass
  maker Cie de Saint-Gobain SA <SGEP.PA>, the first two state
  companies brought to the stock market under the 300 billion
  franc five-year privatisation plan.
      Encouraged by an amnesty for past illegal exports of
  capital, and the lifting of most currency controls, money has
  flooded into the Paris stockmarket from abroad, helping to lift
  the market 57 pct last year and another 12.5 pct since
  December.
      At the end of last year the government abolished price
  controls that had existed for 42 years on services such as car
  repairs and hairdressing, freeing from state intervention small
  businesses which account for some 60 pct of the French economy.
      The immediate result was a 0.9 pct rise in consumer prices
  in January, partly responsible for a forced revision in the
  official 1987 inflation forecast, to 2.5 pct from two pct or
  less.
      ""But even 2.5 pct would be a fantastic result, when you
  consider that prices are now free for the first time since
  1945,"" commented Develle of Paribas.
      Other achievements include a major reduction in the state's
  foreign debts, and a cut in the state budget deficit to 141.1
  billion francs last year, 2.5 billion francs below target and
  down from 153.3 billion in 1985.
      But despite a healthy balance of payments surplus and a
  gradual improvement in industrial productivity, the French
  franc was forced by speculators in January into a humiliating
  three pct devaluation against the West German mark, its second
  since Chirac took power.
      A recent report by the Organisation for Economic
  Cooperation and Development pilloried French industry for
  failing to produce the goods that its potential customers
  wanted.
      Outside the mainly state-controlled high technology
  sectors, French industrial goods were ""increasingly ill-adapted
  to demand"" and over-priced, the report said.
      French economists, including Cheval at Indosuez, agreed
  with the report. ""One of the assumptions of the government is
  that if you give them freedom, the employers will invest and
  modernise....But nine out of ten will say yes, they like
  freedom, and then wait to be told which way to go,"" he said.
      And despite rising industrial investment and the
  introduction of special incentives to boost youth employment,
  the end-1986 number of jobless was reported at a record 2.7
  million, some 300,000 more than a year earlier.
      The problem for the government is that there may be little
  more it can do to prod the economy into faster growth.
      French producers failed more than most to take advantage of
  last year's oil price falls and growth hopes now rest on the
  shaky prospects of expansion in other industrial countries like
  West Germany and Japan, they say.
   REUTER...
  

"
training/532	0	acq	"KAPOK CORP <KPK> IN TECHNICAL DEFAULT
  Kapok Corp said it is in
  techical default of its loans from Southeast Banking Corp <STB>
  and Murray Steinfeld but is negotiating with the lenders.
      It said neither has declared the loans due.
      The company said it has agreed to sell the Peter Pan
  Restaurant in Urbana, Md., for 1,100,000 dlrs, or one mln dlrs
  after the payment of expenses.
  

"
training/5320	0	acq	"BECOR WESTERN GETS OFFER TO BE ACQUIRED BY NEW GROUP FOR 15.50 DLRS SHARE

  BECOR WESTERN GETS OFFER TO BE ACQUIRED BY NEW GROUP FOR 15.50 DLRS SHARE
  

"
training/5321	12	earn	"EVEREST AND JENNINGS INTERNATIONAL <EJA> 4TH QTR
  Shr profit nine cts vs loss 58 cts
      Net profit 738,000 vs loss 4,643,000
      Sales 50.9 mln vs 43.8 mln
      Year
      Shr profit 1.50 dlrs vs loss 61 cts
      Net profit 12.1 mln vs loss 4,875,000
      Sales 195.3 mln vs 174.2 mln
      NOTE: 1985 net both periods includes 4,952,000 dlr
  provision for plant closing.
      1985 net includes gains on sale of West Los Angeles real
  estate of 650,000 dlrs in quarter and 1,471,000 dlrs in year.
      1986 year net includes gains on sale of West Los Angeles
  real estate of 9,903,000 dlrs.
  

"
training/5323	16	gold	"GERMAN BANK SEES HIGHER GOLD PRICE FOR 1987
  Gold is expected to continue its rise
  this year due to renewed inflationary pressures, especially in
  the U.S., Hamburg-based Vereins- und Westbank AG said.
      It said in a statement the stabilisation of crude oil
  prices and the Organisation of Petroleum Exporting Countries'
  efforts to achieve further firming of the price has led to
  growing inflationary pressures in the U.S.
      Money supplies in the U.S., Japan and West Germany exceed
  central bank limits and real growth of their gross national
  products, it added.
      Use of physical gold should rise this year due to increased
  industrial demand and higher expected coin production, the bank
  said.
      Speculative demand, which influences the gold price on
  futures markets, has also risen, the bank said.
      These factors and South Africa's unstable political
  situation, which may lead to a temporary reduction in gold
  supplies from that country, underscore the firmer sentiment, it
  said.
      However, Australia's output is estimated to rise to 90
  tonnes this year from 73.5 tonnes in 1986.
  

"
training/5326	12	earn	"ENDOTRONICS SEES HEAVY LOSSES IN QTR FROM WITHDRAWAL OF JAPAN DISTRIBUTOR

  ENDOTRONICS SEES HEAVY LOSSES IN QTR FROM WITHDRAWAL OF JAPAN DISTRIBUTOR
  

"
training/5327	12	earn	"ALPINE GROUP INC <AGI> 3RD QTR JAN 31 NET
  Shr profit seven cts vs loss five cts
      Net profit 303,000 vs loss 205,000
      Revs 16,945,000 vs 7,695,000
      Nine mths
      Shr profit 27 cts vs profit 19 cts
      Net profit 1,161,000 vs profit 787,000
      Revs 39.2 mln vs 22.8 mln
      NOTE: Profits include gains of 130,000 dlrs, or three cts a
  share, in quarter and 490,000 dlrs, or 11 cts a share, vs
  52,000 dlrs, or one cent a share, in nine months from tax loss
  carryforward
  

"
training/5328	12	earn	"BSI SAYS EXPECTS ANOTHER GOOD YEAR IN 1987
  Banca della Svizzera Italiana <BISZ.Z>
  said it expected business to be good again this year after
  1986's 15.2 pct increase in net profit to 42 mln Swiss francs.
      Chief Executive Giorgio Ghiringhelli told reporters he
  expected almost all important sectors to expand well in 1987.
  An important exception would be its securities business, which
  would grow more slowly.
      Ghiringhelli also said the bank planned to convert its
  representation in London into a subsidiary at the end of this
  year and further expand activities at its New York subsidiary,
  particularly in private banking.
  

"
training/5329	0	acq	"DIAMOND SHAMROCK SETS 27 PCT PRORATION FACTOR FOR TENDERED SHARES

  DIAMOND SHAMROCK SETS 27 PCT PRORATION FACTOR FOR TENDERED SHARES
  

"
training/533	12	earn	"NEWPORT CORP <NESP> 2ND QTR JAN 31 NET
  Shr 11 cts vs 13 cts
      Net 1,037,690 vs 1,270,460
      Sales 10.1 mln vs 9,215,836
      Six Mths
      Shr 25 cts vs 31 cts
      Net 2,319,376 vs 2,930,507
      Sales 21.2 mln vs 18.9 mln
  

"
training/5330	43	ship	"BRAZILIAN BANK WORKERS DECIDE ON NATIONAL STRIKE
  Brazilian bank workers voted
  to launch a nationwide strike this month, compounding labour
  unrest arising from the failure of the government's
  anti-inflation plan.
      At a rally in this city, about 100 km northwest of Sao
  Paulo, about 5,000 bank workers voted to strike on March 24
  unless their demand for 100 pct pay rises is met.
      Wilson Gomes de Moura, president of the national
  confederation which groups the bank employees' 152 unions
  representing 700,000 workers, told Reuters the indefinite
  stoppage would affect all banks.
      The vote came as a stoppage by seamen entered its third
  week and as 55,000 oil workers threatened action against the
  state-owned petroleum company Petrobras.
  

"
training/5331	0	acq	"BECOR WESTERN <BCW> GETS OFFER TO BE ACQUIRED
  Becor Western Inc said <Investment
  Limited Partnership> of Greenwich, conn., and Randolph W. Lenz
  are offering to acquire Becor for 15.50 dlrs per share, subject
  to Becor's receipt of at least 110 mln dlrs from the proposed
  sale of its Western Gear Corp subsidiary.
      Becor said it has also received expressions of interest
  from other parties seeking information about Becor.
      Becor had previously agreed to sell Western Gear for at
  least 110 mln dlrs and to be acquired by BCW Acquisition Inc
  for 10.45 dlrs in cash and four dlrs in debentures per Becor
  share.  BCW was formed by Becor executives and <Goldman, Sachs
  and Co>.  Both deals are subject to shareholder approval.
  

"
training/5332	0	acq	"CLARK EQUIPMENT <CKL> STAKE ACQUIRED
  Clark Equipment Co said it was
  informed by Arthur M. Goldberg acting on behalf of a group of
  investors that the group had accumulated 1,262,200 shares, or
  about 6.7 pct of Clark's outstanding common stock.
      It said Goldberg recently approached Clark to repurchase
  the shares. However, negotiations for the block repurchase were
  unsuccessful and have been terminated.
  

"
training/5334	5	coffee	"PATON REPORTS U.S. GREEN COFFEE ROASTINGS HIGHER
  U.S. roastings of green coffee in the
  week ended March 7 were about 325,000 (60-kilo) bags, including
  that used for soluble production, compared with 290,000 bags in
  the corresponding week of last year and about 315,000 bags in
  the week ended February 28, George Gordon Paton and Co Inc
  reported.
      It said cumulative roastings for calendar 1987 now total a
  3,295,000 bags, compared with 3,620,000 bags by this time last
  year.
  

"
training/5335	0	acq	"AVIA STOCKHOLDERS SEEK TO BLOCK SALE TO REEBOK
  <Avia Group International Inc> 
  stockholders filed a class a action suit in Multnomah County
  Circuit court seeking to halt the sale of Avia to Reebok
  International Ltd <RBOK>.
      Avia stockholders also seek to receive compensation from
  the defendants, who include most of Avia directors, according
  to court papers.
      The suit grew out a meeting of several dozen dissatisfied
  minority stockholders of Avia following the announcement of
  Reebok's proposed acquisition of Avia and the sudden drop in
  the price of Avia stock.
      The complaint was filed on behalf of Clem Eischen, a
  Portland-area resident, who owns 500 shares of Avia, and Robert
  Withers, also of the Portland-area, who owns 954 shares, and
  other individuals who held stock at the time of Reebok's
  announcement. A jury trial has been requested.
      ""The actions of the small group that contral Avia have hurt
  the little guy,"" said Eischen.
      The stockholders, according to a statement, have organized
  a steering committee.
      The complaint reviews the price action of Avia stock from
  March 1986 and noted the plaintifs who purchased stock between
  19 dlrs and 25 dlrs per share. The price fell from 24 dlrs to
  16.50 dlrs a share following the Reebok announcement.
      The complaint asked the defendants be enjoined from
  proceeding with the Reebok acquisition of Avia. It also
  requests damages to be determined at the time of trial.
      Avia said it had not seen the court papers and said it had
  no comment on the suit.
  

"
training/5339	12	earn	"DWG CORP <DWG> 3RD QTR JAN 31 NET
  Oper shr profit 17 cts vs profit 10 cts
      Oper net profit 5,146,000 vs profit 2,691,000
      Revs 269.5 mln vs 274.4 mln
      Avg shrs 20.5 mln vs 17.0 mln
      Nine mths
      Oper shr profit 14 cts vs loss 45 cts
      Oper net profit 4,131,000 vs loss 7,148,000
      Revs 802.8 mln vs 766.0 mln
      Avg shrs 20.4 mln vs 16.9 mln
      NOTE: Net excludes discontinued operations loss 1,667,000
  dlrs vs profit 42,000 dlrs in quarter and loss 2,123,000 dlrs
  vs profit 1,334,000 dlrs in nine mths.
      Net excludes gains on insurance recovery of 54,000 dlrs vs
  91,000 dlrs in quarter and 1,289,000 dlrs vs 218,000 dlrs in
  nine mths.
      Prior year net excludes 1,103,000 dlr loss from change in
  accounting for textiles inventories.
      Prior year results for discontinuance of apparel segment
  and change in accounting for textile inventories.
      Share adjusted for stock dividends.
      Net includes pretax unrealized loss provision recoveries
  related to marketable securities of 580,000 dlrs vs 824,000
  dlrs in quarter and recovery 640,000 dlrs vs provision 366,000
  dlrs in nine mths.
      Prior nine mths net includes pretax gain on sale of
  marketable securities of 493,000 dlrs.
      Net includes tax credits 5,738,000 dlrs vs 494,000 dlrs in
  quarter and credit 4,194,000 dlrs vs provision 11.2 mln dlrs in
  nine mths.
  

"
training/534	12	earn	"KAPOK CORP <KPK> 1ST QTR DEC 31 LOSS
  Shr loss 14 cts vs loss 21 cts
      Net loss 353,000 vs loss 541,000
      Revs 2,668,000 vs 2,525,000
      Avg shrs 2,452,3000 vs 2,552,300
  

"
training/5340	0	acq	"DIAMOND SHAMROCK <DIA> SETS PRORATION FACTOR
  Diamond Shamrock Corp said it will
  accept about 27 pct of the 73,653,000 shares of its common
  stock tendered in response to the company's offer to pay 17
  dlrs a share for 20 mln shares.
      The company said it expects to mail checks representing the
  purchase price of the 20 mln shares purchased later this week
  and will be returning unpurchased shares shortly thereafter.
  

"
training/5342	12	earn	"<BRALORNE RESOURCES LTD> YEAR LOSS
  Shr loss 2.70 dlrs vs loss 25 cts
      Net loss 60.6 mln vs loss 3,122,000
      Revs 101.0 mln vs 167.7 mln
      Note: 1986 includes charge of 44.1 mln dlrs due to
  writedown of oil and gas interests, writeoff of goodwill and
  patents, provision against disposal of surplus inventory,
  losses on disposition of operating units and writedown of
  assets held for disposal.
  

"
training/5345	12	earn	"H AND R BLOCK <HRB> SEES GAINS FROM TAX REFORM
  With the April 15 tax return deadline
  less than a month away, confused taxpayers will be converging
  on H and R Block Inc's offices to interpret the new tax codes.
      Financial results for the nation's largest tax preparer are
  expected to be good in fiscal 1987 but next year could be a
  ""bonanza,"" analysts say.
      ""For the short term the key word is confusion, Block Vice
  President Tom Bloch said in an interview. ""When Congress
  drastically changes laws, confusion results and tax preparers
  benefit,"" Bloch said.
      ""Next year, when taxpayers take the new forms and place
  them side by side to compare them, more people will throw their
  hands up and say 'I'm going to get help,'"" he said.
  ""Tax forms will look very different next year,"" he added.
      Kidder Peabody analyst Herbert Buchbinder expects Block's
  fiscal 1987 year (to end April 30) to show good gains over
  fiscal 1986 earnings of 60.1 mln dlrs or 2.41 dlrs a share on
  revenues of 606.7 mln dlrs. He estimates Block's fiscal 1987
  earnings at 2.75 to 2.80 dlrs.
      ""Next year, Block could have a bonanza,"" Buchbinder said.
  Based on estimates of a larger work force, Block could show a
  gain of more than five pct in tax forms prepared, he said. In
  the 1986 tax season, Block prepared 9,215,300 U.S. tax returns,
  up 1.5 pct over the previous year.
      The Internal Revenue Service estimates about 100 mln
  individual income tax returns will be filed for the 1987 tax
  season, up from last year's 94 mln forms. Professional tax
  preparers accounted for just over 43 million forms, according
  to the IRS.
      For the longer term, while confusion will continue to bring
  clients into Block's 8,866 tax preparation offices worldwide,
  there are some changes in the act that will have a negative
  effect, Bloch conceded.
      Certain changes in filing requirements will shorten the tax
  return, and in some cases, simplify the form, he noted. In
  addition, some low income wage earners will be taken off the
  tax rolls, he said.
      Block is currently analyzing its price structure to try to
  offset some of the negatives. Last tax season, the average cost
  for each return in the U.S. amounted to 48.05 dlrs and 45.73
  dlrs worldwide, Bloch said. This tax season, rates will be up
  about three or four pct, in line with the inflation rate, he
  said.
      Block expects ""some expansion"" this tax season of its
  electronic filing system which directly feeds into the IRS and
  can speed up the refund process. Block can choose where and by
  how much it wants to expand into the seven cities made
  available for the direct filing by the IRS, Bloch noted.
      The IRS estimates about 90,000 returns will be directly
  filed this tax season, up from the 26,000 returns injected in
  the 1986 tax season.
      First Kansas City analyst Jonathan Braatz said that Block
  will benefit greatly from lower tax rates in fiscal 1988.
      Braatz expects Block's advertising budget to be about the
  same as last year which will be helped a bit by lower costs for
  television ads. ""They may get a little more bang for their
  buck,"" he said.
      He estimates Block has about 150 mln dlrs cash on its
  balance sheet sheet, and says if interest rates rise it could
  be of great benefit to them.
  

"
training/5346	12	earn	"AUSIMONT COMPO NV <AUS> RAISES QUARTERLY
  Qtly div eight cts vs five cts prior
      Pay April 24
      Record April Three
  

"
training/5349	0	acq	"ALDERSHOT AGREES TO ACQUIRE INTRACOASTAL REFINING
  Aldershot Resources Ltd said
  it signed an interim agreement to acquire 100 pct of the
  outstanding shares of Intracoastal Refining Inc of Conroe,
  Texas.
      Aldershot will pay a certain number of shares of common
  stock based on book value, and up to a maximum of one mln
  shares under a formula linked to the next five years' pre-tax
  net revenues.
      The transaction is subject to completion of a definitive
  agreement and to regulatory approval.
  

"
training/535	12	earn	"PREFERRED HEALTHCARE LTD <PHCC> 4TH QTR NET
  Shr six cts vs four cts
      Net 383,189 vs 241,857
      Revs 1,506,756 vs 793,459
      12 mths
      Shr 24 cts vs 15 cts
      Net 1,520,797 vs 929,017
      Revs 5,268,486 vs 2,617,995
  

"
training/5350	0	acq	"DERLAN ACQUIRES 80 PCT OF AURORA INDUSTRIES
  <Derlan Industries Ltd> said it
  acquired 80 pct of Aurora Industries Inc of Montgomery,
  Illinois for an undisclosed price.
      Closing is subject to completion of legal formalities,
  Derlan said.
  

"
training/5351	12	earn	"MARION LABS <MKC> VOTES SPLIT, DIVIDEND HIKE
  Marion Laboratories Inc said
  its board declared a two-for-one common stock split in the form
  of a dividend, with distribution April 21, record March 25.
      The board also said it intends to increase the regular
  quarterly dividend by 43 pct, to five cts a share, reflecting
  the split. It said the increase will be declared at the May
  1987 board meeting and reflected in regular payments beginning
  in July 1987.
  

"
training/5352	0	acq	"DART SEEKS SUPERMARKETS <SGL> NEGOTIATIONS
  <Dart Group Inc> said it is
  preparted to negotiate all terms of its proposed acquisition of
  Supermarkets General Corp.
      Early this month, Dart made an unsolicited offer of 41.75
  dlrs a share in cash for Supermarkets General's stock.
      Releasing a letter sent friday to Supermarkets General,
  Dart said ""we believe that an agreement can be reached which
  will be in the best interests of Supermarkets General, its
  stockholders, management, employees and customers.
      ""To that end, we are prepared to negotiate all terms of an
  acquisition agreement,"" Dart said.
      Dart said it urges a meeting with Supermarkets General
  officials be held promptly.
      The letter pointed out the company has not heard from
  Supermarkets General since making the offer ""other than on this
  past Monday when we were informed that our offer would be
  seriously considered and that you would get back to us on a
  timely basis to arrange a meeting.""
      Dart said it has ""acted openly and amicably"" in an effort
  to facilitate its proposed acquisition, adding it has not
  purchased additional Supermarkets General stock since prior to
  submission of its offer.
      Dart said it continues to be interested in acquiring
  Supermarkets General in a friendly manner, noting it has given
  the company ""the tune that you suggested in order to allow you
  to evaluate the available options.""
      Dart now owns 1.9 mln Supermarkets General shares, slightly
  less than five pct of those outstanding.
  

"
training/5354	12	earn	"DECORATOR INDUSTRIES INC <DII> 4TH QTR NET
  Ended Jan three
      Shr profit five cts vs NA
      Net profit 58,088 vs loss 279,718
      Revs 6,310,841 vs 5,468,893
      Year
      Shr profit 12 cts vs loss 74 cts
      Net profit 126,321 vs loss 773,090
      Revs 23.1 mln vs 19.1 mln
      NOTE: Loss per share not given for quarter.
  

"
training/5355	12	earn	"MCCORMICK AND CO INC <MCCRK> 1ST QTR NET
  Qtr ends Feb 28
      Shr 37 cts vs 35 cts
      Net 4,346,000 vs 4,202,000
      Revs 232,006,000 vs 223,151,000
  

"
training/5356	12	earn	"VALUE LINE INC <VALU> 3RD QTR JAN 31
  Shr 52 cts vs 25 cts
      Net 5,154,000 vs 2,496,000
      Revs 17.7 mln vs 14.4 mln
      Nine months
      Shr 1.16 dlrs vs 70 cts
      Net 11.5 mln seven mln
      Revs 50.3 mln vs 41.2 mln
      NOTE: 1987 periods include pretax investment income
  of 2.9 mln dlrs in capital gains distributions from mutual fund
  investment.
  

"
training/5357	0	acq	"THERMO ELECTRON <TMO> CONSIDERS UNIT STAKE SALE
  Thermo Electron Corp said it has
  entered into talks with underwriters on the possible public
  sale of a minority interest in its packaged cogeneration
  systems subsidiary, Tecogen Inc.
      The company also said it plans to offer convertible
  subordinated debentures publicly.
      It gave no further details.
  

"
training/5358	12	earn	"HONGKONG BANK OF CANADA 1ST QTR JAN 31 NET
  Net 3.1 mln vs not given
      Note: results not comparable with last year due to November
  1986 acquisition of Bank of British Columbia.
      Subsidiary of <Hongkong and Shanghai Banking Corp>
  

"
training/5359	12	earn	"SALANT CORP <QSLT> 4TH QTR NOV 29 NET
  Oper shr profit 45 cts vs profit 56 cts
      Oper net profit 1,492,000 vs profit
      1,842,000
      Sales 36.5 mln vs 38.5 mln
      Year
      Oper shr profit 48 cts vs loss 2.44 dlrs
      Oper net profit 1,596,000 vs loss 8,084,000
      Sales 131.1 mln vs 144.5 mln
      NOTE: 1986 year net includes pretax provision for loss on
  sale of subsidiary of 1,600,000 dlrs.
      1985 year net includes pretax loss 6,600,000 dlrs from
  plant closing provision.
      1986 net excludes tax credits of 1,295,000 dlrs in quarter
  and 2,712,000 dlrs in year.
      1986 net both periods excludes charge 9,400,000 dlrs for
  estimated settlement and expenses connected with Chapter 11
  bankruptcy.
  

"
training/536	12	earn	"TRANZONIC COS <TNZ> SETS QUARTERLY
  Qtly div 11 cts vs 11 cts prior
      Pay April 17
      Record March 20
  

"
training/5360	32	money-fx	"U.K. MONEY MARKET GIVEN 550 MLN STG LATE HELP
  The Bank of England said it provided the
  money market with late assistance of around 550 mln stg.
      This takes the Bank's total help today to some 1.12 billion
  stg and compares with its estimated deficit of around 1.10
  billion.
  

"
training/5362	0	acq	"16-MAR-1987
  16-MAR-1987

"
training/5363	17	grain	"LYNG SAYS TOO LATE FOR CROP DECOUPLING THIS YEAR
  U.S. Agriculture Secretary Richard
  Lyng said it is too late to implement a full 0/92 acreage
  provision, or ""decoupling,"" for 1987 grain crops.
      ""I think there's a chance we'll see that legislation (0/92)
  passed, (but) not for 1987 crops. It's too late,"" Lyng told the
  National Grain and Feed Association convention here.
      Lyng added that there seems some support in Congress for
  0/92 and there was a good chance a pilot 0/92 program will be
  passed as part of a pending disaster bill.
      But he indicated that it is already too late in the year to
  alter the 1987 crop program. Sign-up for spring crops closes
  the end of this month.
      Overall, Lyng predicted very little change will be
  legislated in the 1985 farm bill this year.
  

"
training/5366	12	earn	"SALANT <QSLT> FILES REORGANIZATION PLAN
  Salant Corp said it and its Thomson Co
  Inc and Obion Co Inc subsidiaries have filed a joint
  reorganization plan with the U.S. Bankruptcy Court and expect
  to emerge from Chapter 11 bankruptcy in the near future.
      The company said a hearing on the adequacy of the
  associated disclosure plan is scheduled for April Nine and
  completion of the plan is subject to approval by creditors,
  equity security holders and the bankruptcy court.
      Salant said it has reached agreement for Ray W. williams to
  continue as president and chief executive officer for five
  years from the effective date of the reorganization plan and
  has substantially concluded talks for a new 15 mln dlr
  unsecured credit, effective the same date.
      The company said the committee of its unsecured creditgors
  and the committee of its equity security holders have approved
  the terms of the plan.  As previously announced, creditors will
  receive 450 mln dlrs in cash, 500 dlrs of 13-1/4 pct senior
  subordinated debentures and four common shares for each 1,000
  dlrsd of allowed unsecured claims.
      Salant today reported earnings for the year ended November
  29 of 1,596,000 dlrs, after a 1,600,000 dlr pretax provision
  for loss on the sale of a subsidiary but before a 9,400,000 dlr
  post-tax charge attributable to costs and expenses of Chapter
  11 and the settlement of pre-Chapter 11 claims, as well as a
  2,712,000 dlr tax credit.
      A year before, it lost 8,084,000 dlrs after a 6,600,000 dlr
  pretax provision for plant closings.
  

"
training/5367	12	earn	"ANALOGIC CORP <ALOG> 2ND QTR JAN 31 NET
  Shr 11 cts vs 13 cts
      Net 1,965,577 vs 2,474,357
      Revs 38.3 mln vs 34.7 mln
      1st half
      Shr 61 cts vs 22 cts
      Net 11.3 mln vs 4,132,129
      Revs 84.4 mln vs 66.2 mln
  

"
training/5371	48	trade	"WEST GERMAN EXPORTS TO U.S. DROP SHARPLY
  West German exports to the United
  States fell below four billion marks worth in January for the
  first time since mid-1984, provisional Bundesbank data showed.
      The figures showed exports were 3.85 billion marks in
  January, sharply down from December's 4.40 billion and the
  lowest since the 3.56 billion exported to the U.S. In July
  1984. This compared with 4.86 billion marks in January 1986.
      Total West German exports to Western industrialised
  countries also fell in January to 34.76 billion marks from
  December's 36.45 billion, also posting the lowest monthly total
  since July 1984.
      West German exports to the European Community were 21.60
  billion marks in January, down from 22.14 billion in December
  and 22.94 billion in January last year, the figures showed.
      Exports to developing nations and centrally-planned
  economies also slackened.
      Separately, Commerzbank AG said in a report that the focus
  of West German exports this year was likely to shift to Europe
  because of an expected downturn in growth in the dollar area.
      This was one of the strengths of West German exports
  compared with Japan, which depended in large part on the U.S.,
  OPEC and developing country markets, it added.
  

"
training/5373	0	acq	"TEXAS AIR TO GIVE FORMER CONTINENTAL AIR HOLDERS ANOTHER 3.75 DLRS A SHARE

  TEXAS AIR TO GIVE FORMER CONTINENTAL AIR HOLDERS ANOTHER 3.75 DLRS A SHARE
  

"
training/5375	8	cpi	" French February inflation between 0.1 and 0.2 pct vs 0.9 pct in january - official

   French February inflation between 0.1 and 0.2 pct vs 0.9 pct in january - official
  

"
training/5376	48	trade	"TRADE INTERESTS READY FOR FIGHT IN U.S. CONGRESS
  U.S. lawmakers are gearing up for a
  showdown between protectionists and free traders as a major
  trade bill winds its way through committees to a vote by the
  full House of Representatives in late April.
      In a move to toughen U.S. enforcement of trade laws, a key
  House subcommittee last week approved a toned down version of
  legislation to require President Reagan to retaliate against
  foreign countries that follow unfair trade practices.
      This bill will be the cornerstone of congressional efforts
  to restore competitiveness of American industries and turn
  around last year's record 169 billion dlrs trade deficit.
      Several lawmakers have argued the new trade bill made too
  many concessions to Reagan and said they intend to back
  amendments to ""get tough"" with countries that violate trade
  agreements or keep out U.S. products.
       On the other hand, congressmen known for their allegiance
  to free trade, said the bill ties Reagan's hands too much in
  trade disputes and they will seek to restore his negotiating
  powers.
      Republican Bill Frenzel of Michigan said the subcommittee's
  bill was not one ""that a free trader like me could endorse in
  all respects,"" but he emphasized there was a consensus among
  trade lawmakers to work toward a bill Reagan and Republicans
  would ultimately endorse.
      Frenzel said the goal of trade legislation was, ""to make our
  trade policy stronger without violating our international trade
  agreements. You'll find a lot of people who think we have not
  done the former enough. You'll find poeple who think we haven't
  avoided violating agreements.""
      In a key concession made at the urging of the powerful
  chairman of the House Ways and Means Committee, the trade
  subcommittee backed off a requirement that would have forced
  Reagan to automatically impose quotas or tariffs on imports
  from countries that engage in unfair trade practices.
      It also agreed he may waive any retaliation if it would
  hurt the U.S. economy.
      Ways and Means chairman Dan Rostenkowski, an Illinois
  Democrat, insisted the more moderate approach was necessary if
  the House wanted to pass a bill Reagan would sign into law.
      Reagan last year had blocked Senate consideration of a
  tough House trade bill he branded as protectionist and this
  year only reluctantly agreed to support a trade bill when he
  saw Democratic leaders were determined to pass a bill.
      As an indication of his success, White House spokesman
  Marlin Fitzwater told reporters Friday the administration still
  did not like some provisions. But he added, ""Generally we feel
  very good about the bipartisan consideration of the trade
  legislation. I think we are progressing very well.""
      The first battle will take place next week when the full
  House Ways and Means Committee considers an amendment by Rep.
  Richard Gephardt, a Missouri Democrat, to force countries such
  as Japan, South Korea and Taiwan to cut their trade surpluses
  with the United States.
      The subcommittee limited the Gephardt plan to provide only
  that the existence of a large trade surplus with the United
  States will trigger an investigation of unfair trade practices,
  but would not automatically set off retaliation.
      Rep. Phil Crane, an Illinois Republican and staunch free
  trader, said he will try to further weaken the Gephardt plan.
      Organized labor has pressed lawmakers for more relief from
  imports where jobs have been lost to foreign competition.
  AFL-CIO president Lane Kirkland this year angered the
  administration in a statement that any trade bill Reagan would
  sign would not be worth passage in Congress.
      But Rostenkowski set the tone of the trade debate in a
  statement, ""I'm not trying to write legislation to please Lane
  Kirkland. I'm trying to write legislation that will be signed
  by the president.""
      In writing the bill, the subcommittee rejected calls for
  trade relief for specific industries such as textiles.
      Rep. Ed Jenkins, a Democrat from Georgia, agreed to hold
  off his fight. He intends to push separately a bill to protect
  the domestic textile and shoe industry, an aide said. Reagan
  vetoed a similar measure last year.
      House Speaker Jim Wright, a Texas Democrat, is one of the
  most influential proponents of aid for specific industries
  beset by low priced foreign competition.
      Wright Thursday renewed his call for import relief for the
  domestic oil industry and announced his support for a Senate
  plan to trigger a temporary oil import tariff when imports
  reach half of domestic consumption.
      For the most part, the trade bill's provisions toughen U.S.
  enforcement of trade laws. The bill forces the administration
  to act rapidly on complaints of unfair trade practices such as
  dumping products in the United States at prices below the cost
  of production.
      It also forces the administration to act rapidly when an
  industry complains that a surge in imports threatens its
  existence. Congressmen said the change would have required the
  U.S. International Trade Commission to impose limits on car
  imports in 1981.
  

"
training/5377	12	earn	"ENDOTRONICS <ENDO> EXPECTS LOSS FOR YEAR
  Endotronics Inc said it expects to
  incur ""substantial losses"" for the second quarter ending March
  31 and fiscal year ending Sept 30, 1987.
      As one factor behind the anticipated loss, Endotronics
  cited a dispute by one of its Japanese distributors, <Yamaha
  Inc>, over payment of a 3,686,000 dlr promissory note.
      In a Form 8-K filing with the Securities and Exchange
  Commission, Endotronics said the note was for overdue accounts
  receivable from sales of instruments to Yamaha and another
  Japanese distributor during the company's 1986 fiscal year.
      Endotronics said at its present reduced level of operations
  it will exhaust all currently available cash and credit
  facilities in early May 1987. It said this assumes full use of
  the remaining 1,250,000 dlrs available under a line of credit
  from Celanese Corp, which requires approval of Celanese Corp
  <CZ>.
      The company said its ability to obtain funding was
  adversely affected by a suit filed March 4 by two of its
  shareholders seeking to represent a class of holders against
  three officers of Endotronics.
      Endotronics said the complaint against it alleges
  violations of the federal securities laws in connection with
  statements made in the company's annual and quarterly reports.
      The company also said the Securities Division of the
  Minnesota Department of Commerce is conducting an inquiry into
  the company's Japanese sales for fiscal 1986 and trading by
  insiders and brokers in the company's common shares.
      It said similar inquiries are being conducted by the
  Securities and Exchange Commission. The investigations will
  hurt the company's ability to obtain funding, it said.
      As a result of the dispute over payment of the promissory
  note, the law suit challenging its financial data and the
  various investigations concerning insider trading, the company
  said it no longer expects that anticipated declines in
  instrument sales in Japan in fiscal 1987 will be offset by
  increased instrument sales in other foreign countries and the
  United States.
  

"
training/5378	8	cpi	" French February year on year inflation 3.4 pct vs three pct January - official

   French February year on year inflation 3.4 pct vs three pct January - official
  

"
training/5379	0	acq	"CONTINENTAL AIR HOLDERS TO GET FURTHER PAYMENT
  Texas Air Corp said under a settlement
  of class action litigation with <Mutual Shares Corp>, former
  minority shareholders of Continental Airlines Inc will receive
  an additional 3.75 dlrs per share.
      In February, Texas Air acquired the minority interest in
  Continental that it did not already own for 16.50 dlrs per
  share. Mutual had challenged the adequacy of the price.
      Texas Air said any former Continental holder who has sought
  appraisal rights under Delaware law may continue to seek the
  appraisal remedy in Delaware Chancery Court or accept the
  settlement and drop the appraisal process.
      Texas Air said the settlement has other terms relating to
  employee shareholdrs of Continental, who will receive options
  from Texas Air.  It did not give details.
      The company said the settlement is subject to approval by
  the Delaware Chancery Court, which is expected to take about 60
  days.
  

"
training/538	12	earn	"CRONUS INDUSTRIES INC <CRNS> 4TH QTR LOSS
  Oper Shr loss 40 cts vs loss 10 cts
      Oper net loss 2,136,000 vs loss 467,000
      Revs 21.9 mln vs 12.9 mln
      12 mths
      Oper shr loss 63 cts vs loss 30 cts
      Oper net loss 3,499,000 vs loss 1,756,000
      Revs 82.0 mln vs 54.5 mln
      NOTE: Excludes income from discontinued operations of
  1,478,000 vs 952,000 for qtr, and 31.2 mln vs 6,500,000 for
  year.
      Excludes extraordinary charge of 2,503,000 for current qtr,
  and 4,744,000 for year.
  

"
training/5382	4	cocoa	"COCOA CONSUMERS NARROW GAP ON BUFFER STOCK ISSUE
  Representatives of cocoa consuming
  countries at an International Cocoa Organization, ICCO, council
  meeting here have edged closer to a unified stance on buffer
  stock rules, delegates said.
      While consumers do not yet have a common position, an
  observer said after a consumer meeting, ""They are much more
  fluid ... and the tone is positive.""
      European Community consumers were split on the question of
  how the cocoa buffer stock should be operated when the ICCO met
  in January to put the new International Cocoa Agreement into
  effect, delegates said.
      At the January meeting, France sided with producers on how
  the buffer stock should operate, delegates said. That meeting
  ended without agreement on new buffer stock rules.
      The EC Commission met in Brussels on Friday to see whether
  the 12 EC cocoa consuming nations could narrow their
  differences at this month's meeting.
      The Commissioners came away from the Friday meeting with an
  informal agreement to respond to signs of flexibility among
  producers on the key buffer stock issues, delegates said.
      The key issues to be addressed at this council session
  which divide ICCO members are whether non-member cocoa should
  be eligible for buffer stock purchases and what price
  differentials the buffer stock should pay for different types
  of cocoa, delegates said.
      A consumer delegate said producers and consumers should be
  able to compromise on the non-member cocoa question.
      A working group comprising delegates from all producing and
  consuming member countries met briefly this morning, then broke
  up into a producer meeting and an EC meeting, followed by a
  consumer meeting.
      Producers, who are in favour of the buffer stock buying a
  variety of grades of cocoa and oppose non-member cocoa being
  accepted, reviewed their position ahead of the working group
  meeting this afternoon.
      ""We are waiting to see what consumers say,"" a producer
  delegate said. ""We hope they will be flexible or it will be
  difficult to negotiate.""
      The ICCO comprises 33 member countries. Non-
  members include the U.S., a consumer, and Malaysia, an
  increasingly important producer.
  

"
training/5385	12	earn	"LOWRANCE ELECTRONICS <LEIX> SEES ORDERS OFF
  Lowrance Electronics Inc said
  results from operations in the third and fourth quarter may not
  be comparable to the first and second quarters, which were
  strong because of orders for new sonar equipment.
      For the six months ended Jan 31, the company reported net
  income almost tripled to 951,000 dlrs or 34 cts a share as
  sales rose 38 pct to 20.6 mln dlrs.
      The company, which went public Dec 23, also said it expects
  to be able to fill back orders from the first two quarters
  because of improved supply of computer chip components.
  

"
training/5388	9	cpu	"CANADA MANUFACTURING UTILIZATION RATE RISES
  Utilization of Canadian manufacturing
  capacity rose to 77.2 pct in the fourth quarter of 1986 from 77
  pct in the third quarter, Statistics Canada said.
      ""Although the change was small, this marked the first
  quarter since the third quarter of 1985 in which the
  utilization rates for manufacturing as a whole rose,"" the
  federal agency said.
      Increased residential construction led to strong increases
  in the building materials sector, led by a 3.3 pct increase in
  non-metallic mineral industries.
  

"
training/5389	8	cpi	"FRENCH INFLATION SLOWS IN FEBRUARY
  French inflation slowed in February to
  between 0.1 and 0.2 pct against 0.9 pct in January, the
  National Statistics Institute (INSEE) said.
      The retail price index showed a year-on-year rise of 3.4
  pct against three pct in January. An INSEE official said the
  final figure for February would be released later this month.
      After January's rise the government was forced to revise
  its inflation target for 1987 to 2.5 pct year on year from an
  initial target of two pct, after 2.1 pct in 1986.
      Finance Minister Edouard Balladur said half the January
  rise was due to higher oil prices and forecast a February
  slowing.
  

"
training/539	12	earn	"MERCURY ENTERTAINMENT CORP <MCRY> YEAR NOV 30
  Shr loss four cts vs loss one ct
      Net loss 413,021 vs loss 163,932
      Revs 600,971 vs 665,800
  

"
training/5390	12	earn	"CAPITOL BANCORP <CAPB> TO RESTATE NET TO LOSS
  Capitol Bancorp said it expects to
  restate its results for 1986 to a loss of about one mln dlrs
  due to a reclassification of loans recommended by auditor Ernst
  and Whinney.
      The company said the restatement also reflects a
  substantial increase in reserves of its principal subsidiary,
  Capitol Bank and Trust Co.
      It said it expects to earn 2,250,000 to 2,750,000 dlrs for
  the first quarter of 1987.
      Capitol said to maintain an adequate capital ratio it will
  seek additional equity capital in the near future.
      It also said it has delayed its annual meeting until May
  due to the restatement of annual earnings.
      Capitol said its board raised the quarterly dividend to 23
  cts from 22 cts a share, payable April 28, record MArch 31.
      The company originally reported 1986 earnings of 7,700,000
  dlrs.  It earned 3,848,000 dlrs in last year's first quarter.
      The annual meeting had been scheduled for the second week
  of April.
  

"
training/5392	26	jobs	"SWEDISH UNEMPLOYMENT DOWN AS DATA IS REVISED
  A new method of calculating Sweden's
  unemployment figures reduced the number of jobless by a sixth,
  a spokesman for the Central Bureau of Statistics (SCB) said,
  reporting a substantial drop in the past year.
      According to the revised data there were 94,000 jobless in
  February representing 2.2 pct of the workforce against 120,000
  or 2.8 pct of the workforce in February 1986.
      SCB official Olle Wessberg said the new figures were based
  on a more extensive survey of the unemployed which brought
  Sweden into line with the practises recommended by the
  Geneva-based International Labour Organisation.
      Wessberg said the new method cut the number of unemployed
  by about 16 pct. ""The way we are now collecting data is far more
  accurate and we are asking many more questions to find out
  whether the jobless want work, whether they are able to work
  and whether they have actually looked for work,"" he told
  Reuters.
      The new method was first used for the January figures,
  which showed unemployment dropping to 2.1 pct of the workforce
  from 2.7 pct (old style) in December, but Wessberg said the
  change had apparently not been noticed by the press.
      Recalculated according to the new method, unemployment in
  February 1986 would have stood at 2.2 pct, the SCB said.
  

"
training/5394	32	money-fx	"ECONOMIC SPOTLIGHT - EMS MARKS EIGHTH BIRTHDAY
  The European Monetary System marks its
  eighth anniversary still vulnerable to turmoil in world money
  markets despite creating an island of currency rate stability
  in Europe, economists say. But many economists say the system,
  which holds eight European Community currencies within narrow
  fluctuation bands, remains in its infancy.
      Its new currency, the European Currency Unit (Ecu), has
  been a runaway success with investors and borrowers alike
  seeking an alternative to the volatile dollar.
      And on Wednesday, the long term vision of the Ecu as
  Europe's common currency took a step nearer to becoming reality
  when Belgium minted the world's first Ecu coin.
      But economists say members such as West Germany have so far
  blocked a second stage of development envisaged by the system's
  founding fathers, ex-West German Chancellor Helmut Schmidt and
  former French President Valery Giscard d'Estaing.
      Under this phase, originally due to have started two years
  after the EMS was set up, decision-making was to have been
  transferred from national governments and central banks to an
  autonomous European Monetary Fund.
      But members have jealously guarded their sovereignty in
  economic and monetary matters. ""The basic problem of the EMS is
  that governments are not prepared to make the quantum leap to a
  situation where certain decisions are taken in common,"" said one
  economist who has closely watched the system's development.
      The result is that the EC is often divided over policy on
  third currencies, accentuating what the economists say is the
  system's greatest weakness, its vulnerability to a weak dollar.
      Over the past 18 months, as the U.S. Dollar plunged and
  investors moved into strong currencies, the resulting sharp
  rise of the West German mark severely strained the system.
      Another frustration has been Britain's failure to lend the
  EMS political support by keeping the pound, still a major world
  currency, outside the system.
      No change in the British government's attitude is expected
  before the country's next general elections, due by mid-1988.
      Meanwhile, the system's last realignment, the 11th since it
  was set up, prompted European finance ministers to ask the EC's
  highly-secretive Monetary Committee and Committee of Central
  Bank Governors to come up with suggestions for reinforcing it.
      Their ideas are due to be unveiled when finance ministers
  hold an informal meeting in Belgium early next month.
      But economists said the proposals are unlikely to involve
  more than tinkering with technical details. They are sceptical
  about the chances for any fundamental change.
      ""Technical measures won't be enough to protect the EMS
  against external factors such as dollar weakness. For that we
  must take the step forward to the institutional level,"" said Leo
  de Corel of Kredietbank's economic research department.
      Economists say the system's fortunes now will depend
  largely on the success of an agreement last month among major
  industrial nations to stabilise exchange rates. If the dollar
  resumes its slide the EMS could be in for more turbulence, they
  predict.
  

"
training/5396	0	acq	"INTERMAGNETICS GENERAL <INMA> COMPLETES BUY
  Intermagnetics General Corp
  said it completed the purchase of the advanced products
  department of Air Products and Chemicals Inc <APD>.
      Terms were not disclosed.
      The department, which makes cryogenic equipment, will
  continue operating at its present location in Allentown, Pa.,
  the company said. It will market its products as APD Cryogenics
  Inc.
  

"
training/5398	0	acq	"ITALY'S FERRUZZI TAKES OVER SPANISH MILL
  Italy's Ferruzzi SpA has taken a 67 pct
  stake in Spanish sunflower seed and cotton mill Cooperativa
  Agricola del Guadalete SA (GUADALCO), sources at GUADALCO said.
      The Italian firm's Spanish subsidiary, Ferruzzi Espana SA,
  took the majority equity stake, with the remaining 33 pct
  retained by GUADALCO.
      Ferruzzi plans to set up a sugar division and import some
  30,000 tonnes of industrial sugar from its French factories in
  its first year of operation.
      GUADALCO has a processing capacity of 250 tonnes a day of
  sunflower seeds and 12,000 tonnes a day of raw cotton.
  

"
training/5400	29	livestock	"CCC ACCEPTS BID FOR DAIRY CATTLE TO KUWAIT
  The Commodity Credit Corporation
  (CCC) has accepted a bid for an export bonus to cover the sale
  of 380 head of dairy cattle to Kuwait, the U.S. Agriculture
  Department said.
      The dairy cattle are for shipment on or before May 31,
  1987, it said.
      The bonus of 1,465.00 dlrs per head was made to American
  Marketing Services, Inc, and will be paid in the form of
  commodities from the CCC inventory, it said.
      An additional 761 head of dairy cattle are still available
  to Gulf countries (kuwait, Bahrain, Oman, Qatar and the United
  Arab Emirates under the Export Enhancement Program initiative
  announced October 30, 1986, it said.
  

"
training/5402	12	earn	"<AMERICAN HOECHST CORP> YEAR NET
  Net 38 mln vs 5.7 mln
      Revs 1.71 billion vs 1.69 billion
      NOTE: Fully owned subsidiary of Hoechst AG.
  

"
training/5407	12	earn	"LEVITT CORP <LVT> 4TH QTR NET
  Oper shr 42 cts vs 11 cts
      Oper net 1,433,000 vs 382,000
      Revs 38.6 mln vs 20.1 mln
      Year
      Oper shr 60 cts vs 49 cts
      Oper net 2,033,000 vs 1,682,000
      Revs 90.4 mln vs 73.0 mln
      NOTE: 1985 4th qtr and year excludes extraordinary credit
  of 349,000 dlrs or 11 cts per share.
  

"
training/5408	17	grain	"EEP SHOULD BE USED TACTICALLY, YEUTTER SAYS
  U.S. Trade Representative Clayton
  Yeutter said the Export Enhancement Program, EEP, should be
  used as a ""tactical tool"" and not as a general policy.
      Yeutter made the comment in response to a question whether
  the U.S. should expand the EEP to cover grain sales to the
  Soviet Union.
      He did not comment directly on the Soviet question,
  replying that any decision would be made at the highest levels
  of the Reagan administration, and ""I don't want to preempt that.""
      Yeutter told the National Grain and Feed Association EEP
  should continue to be used as a tactical tool against the
  European Community but not as a general policy. He said
  selective EEP use has been successful in pressuring the E.C.
  

"
training/5409	0	acq	"NATIONAL PIZZA <PIZA> CORRECTS FIGURE
  National Pizza Co said the
  seven Straw Hat Piza restaurants in Los Angeles and
  Bakersfield, Calif., that it announced plans to buy Friday are
  expected to generate annual sales of about 3,800,000 dlrs, not
  the eight mln dlrs the company originally announced.
      The company said it will convert the restaurants to Pizza
  Hut units.  Closing is expected around March 31.
  

"
training/541	12	earn	"BENGUET CORP <BE> CALENDAR 1986
  Net income 154.7 mln pesos vs 127.5 mln
      Operating revenues 4.42 billion vs 3.3 billion
      Operating profit 621.2 mln vs 203.4 mln
      Earnings per share 4.80 vs 3.95
      NOTE: Company statement said gold operations contributed 74
  pct of consolidated earnings.
  

"
training/5410	12	earn	"TBG HOLDINGS N.V. <TGBN.AS> 1986 YEAR NET
  Net profit 34 mln dlrs vs 43 mln dlrs.
      Turnover 1.82 billion dlrs vs 1.83 billion.
      NOTE: Company lowered to nine pct from 13.5 pct interest
  rate on outstanding subordinated loan for period august 1,
  1987, to July 31, 1988.
      TBG, formerly known as <Thyssen-Bornemisza Group>, reports
  in dlrs since December 1, 1984, the start of the 1985 financial
  year.
      TBG said the decline in profits was mainly caused by losses
  in container rental activities.
  

"
training/5411	0	acq	"AVAQ INTERNATIONAL TO SEEK COMMITMENT ON DEAL
  <AVAQ International Inc> said it
  intends to require Gates Learjet Corp <GLJ> to honor its
  agreement to sell its shares to the company.
      AVAQ said it made the statement in response to an offer by
  <Interconnect Capital Corp> for all of Gates Learjet shares
  after what it believed to be an agreement by Gates to accept
  its offer.
      AVAQ said it offered, pusuant to Gates' guidelines, six
  dlrs per share, plus the purchase of Gates Corp's promisary
  note for 23 mln dlrs.
      Interconnect said it offered 7.07 dlrs per share, plus the
  repurchase of the loan for 13 mlns, for an aggregate price in
  the 95 mln dlr range. Interconnect said it made the offer to
  the board of directors of Gates Learjet on March 9.
      AVAQ said Gates Corp and Gates Learjet approved its offer
  Feb 26.
  

"
training/5412	32	money-fx	"SPAIN TO RELAX EXCHANGE CONTROLS
  The Bank of Spain is relaxing exchange
  controls to help put Spanish banks on an equal footing with
  European Community competitors by the 1993 deadline for the
  ending of restrictions, a central bank spokesman said.
      ""The measures to take effect by June were designed to lift
  restrictions on foreign currency operations, in line with
  deregulation in the banking industry,"" he said in a telephone
  interview.
      The spokesman said the relaxation of exchange controls
  highlighted a broader package of reforms announced last Friday.
      The central bank said in a statement the measures included
  increased provisions for high-risk borrowers and a provision
  for future pension fund obligations.
      It said the measures were the latest steps to deregulate
  Spain's financial sector, a move triggered by entry into the
  Community last year.
      Spain has five years to complete bank deregulation, a
  process that began in 1978 when the government allowed foreign
  banks to open branches.
      Since then 39 foreign banks have come into the market and
  they now control about 15 pct of the system's lending assets.
      Residents in Spain can now borrow freely in foreign
  currency up to the equivalent of 1.5 billion pesetas against a
  previous ceiling of 750 mln pesetas.
      The 750 mln peseta limit was set last March. Between that
  date and the end of last year some 430 mln dlrs flowed into the
  country on new foreign currency loans.
      The central bank spokesman said operations over 1.5 billion
  pesetas were technically subject to authorisation, but would be
  given clearance if the government failed to act in 15 days.
      Spanish banks will also be allowed to expand their foreign
  currency funding, formerly obtainable through deposits, by
  issuing certificates of deposit, bonds and commercial paper.
      They can also employ these funds to invest in foreign
  issues, while before they had to be converted into deposits.
      Foreign exchange operations can be in mixed currencies,
  instead of having to borrow and lend in the same currency.
      The central bank has also lifted the restriction on the
  amount of foreign exchange loans, which previously were limited
  to three times a bank's capital equity.
      The latest deregulation measures were welcomed by most
  bankers, in contrast to rulings issued earlier this month which
  imposed a 19 pct reserve requirement on new convertible peseta
  funds held by banks and freed short term deposit rates.
      The reserve requirement, which was already in place on
  normal peseta deposits, was intended to curb short-term foreign
  speculative capital which is entering the country and
  threatening the government's money supply growth target.
      A foreign banker said high reserve requirements, which now
  account for about 30 pct of deposits, placed Spanish banks at a
  disadvantage with European competitors.
      The government reduced fixed asset investment requirements
  to 11 pct from 23 pct to help offset the negative impact of
  interest rate deregulation. ""The real problem is the freeing of
  interest rates,"" the banker said. ""This is going to take a big
  bite out of profits.""
      The ruling lifted a six pct ceiling on interest rates paid
  on deposits of up to 180 days.
      The chairman of one of Spain's leading banks said the
  measure was expected to bring a 20 pct drop in profits this
  year.
  

"
training/5414	12	earn	"STANDARD PRODUCTS CO <STD> RAISES QUARTERLY
  Qtly div 20 cts vs 16 cts prior
      Pay April 24
      Record April 10
  

"
training/5415	12	earn	"AARON SPELLING PRODUCTIONS INC <SP> 2ND QTR NET
  Jan 31 end
      Shr 31 cts vs 44 cts
      Net 5,705,000 vs 8,101,000
      Revs 50.6 mln vs 67.2 mln
      1st half
      Shr 63 cts vs 71 cts
      Net 11.6 mln vs 13.2 mln
      Revs 80.9 mln vs 105.2 mln
      NOTE: Current half net includes 750,000 dlr charge from
  reorganization.
  

"
training/5416	12	earn	"COOPER LASERSONICS INC <ZAPS> 1ST QTR LOSS
  Period ended January 31.
      Shr loss 22 cts vs profit one ct
      Net loss 4,700,000 vs profit 150,000
      Sales 15.0 mln vs 16.7 mln
      Avg shrs 21,538,000 vs 19,259,000
      Note: Prior qtr figures include gain of 1.1 mln dlrs, or
  six cts per share, from discontinued operations.
  

"
training/5417	12	earn	"DIVERSIFIED INDUSTRIES <DEI> 1ST QTR OPER NET
  Period ended Jan 31
      Oper shr two cts vs eight cts
      Oper net 96,000 vs 449,000
      Sales 37.6 mln vs 35.8 mln
      Avg shrs 5,317,900 vs 5,689,277
      NOTE: Full name is Diversified Industries Inc
      Earnings exclude gains from utilization of tax loss
  carryforwards of 62,000 dlrs, or one ct a share vs 358,000
  dlrs, or six cts a share
  

"
training/5421	37	pet-chem	"HOECHST CELANESE SETS EXPANSION PROGRAM
  Hoechst AG's <HFAG.F> U.S. unit,
  Hoechst Celanese Corp, said it has begun projects that will
  cost more than 150 mln dlrs.
      The unit was formed last month when Hoechst completed the
  acquisition of Celanese for 2.84 billion dlrs.
      The company said it will expand its Sanwet super absorbent
  polymers unit and its acrylic acid facility. It also said it
  plans an acetaminophen production plant at Bishop, Texas.
  

"
training/5422	12	earn	"GOLDEN NUGGET INC <GNG> 4TH QTR LOSS
  Oper shr loss 20 cts vs loss 19 cts
      Oper net loss 7,001,000 vs loss 6,761,000
      Revs 93.0 mln vs 90.6 mln
      Avg shrs 35.2 mln vs 34.8 mln
      Year
      Oper shr profit 10 cts vs profit 65 cts
      Oper net profit 3,419,000 vs profit 22.6 mln
      Revs 381.7 mln vs 385.0 mln
      Avg shrs 33.8 mln vs 34.9 mln
      NOTE: Net excludes debt retirement gain 2,001,000 dlrs vs
  loss 316,000 dlrs in quarter and losses 15.9 mln dlrs vs
  1,714,000 dlrs in year.
      1986 net includes tax crdits of 2,942,000 dlrs in quarter
  and 2,729,000 dlrs in year.
  

"
training/5423	12	earn	"OPPENHEIMER INDUSTRIES <OPP> SEES YEAR LOSS
  Oppenheimer Industries Inc said it
  expects to report a loss for the year ended January 31 of about
  980,000 dlrs, compared with a profit of 211,074 dlrs a year
  before.
      The company blamed the loss on the continuing depression in
  agriculture, the discontinuance of several programs due to the
  passage if the 1986 tax bill and the failure to close the sale
  of four ranches in the California Carrizo Plains during the
  year as expected.
      The company said the prospective purchaser forfieted a
  500,000 dlr deposit  It said it is in talks on a new contract.
  

"
training/5426	12	earn	"LUBY'S CAFETERIAS INC <LUB> 2ND QTR FEB 28 NET
  Shr 31 cts vs 26 cts
      Net 5,645,000 vs 4,737,000
      Sales 55.2 mln vs 50.6 mln
      1st half
      Shr 60 cts vs 53 cts
      Net 10.9 mln vs 9,659,000
      Sales 110.4 mln vs 102.2 mln
      NOTE: Current year net both periods includes 474,000 dlr
  gain from land sale.
      Share adjusted for three-for-two split in August 1986.
  

"
training/5429	12	earn	"TESCO FORECASTS PROFITS RISE THIS YEAR
  Tesco Plc <TSCO.L> said in a statement
  it expects pre-tax profits of 166 mln stg for the year ending
  February 28, 1987, before nine mln stg of net property profits.
  This compares with 122.9 mln stg pretax profits and a net 8.1
  mln on property sales the previous year. It said the forecast
  was in its formal offer document sent to <Hillards Plc>
  shareholders today.
      On March 10 Tesco launched a 151.4 mln stg bid for
  Hillards. The offer, of 13 new Tesco ordinary shares for every
  20 Hillards ordinary shares, valued each Hillards ordinary
  share at 305.5p.
  

"
training/543	10	crude	"UNOCAL <UCL> UNIT CUTS CRUDE OIL POSTED PRICES
  Unocal Corp's Union Oil Co said it
  lowered its posted prices for crude oil one to 1.50 dlrs a
  barrel in the eastern region of the U.S., effective Feb 26.
      Union said a 1.50 dlrs cut brings its posted price for the
  U.S. benchmark grade, West Texas Intermediate, to 16 dlrs.
  Louisiana Sweet also was lowered 1.50 dlrs to 16.35 dlrs, the
  company said.
      No changes were made in Union's posted prices for West
  Coast grades of crude oil, the company said.
  

"
training/5431	12	earn	"BUSINESS COMPUTER <BCSI> HAD 4TH QUARTER PROFIT
  Business Computer Solutions Inc said it
  expects to report a profit for the fourth quarter ended
  February 28 -- its first quarterly profit ever -- of about
  175,000 dlrs on revenues of about 750,000 dlrs.
      A year before, it lost 217,852 dlrs on sales of 469,274
  dlrs.  The company attributed the improved results to increased
  purchases of its ZFOUR language and development environment for
  computer software.
      Business Computer said it expects to report a full-year
  loss of about 500,000 dlrs on sales of about 2,100,000 dlrs.
  Last year it lost 1,079,000 dlrs on revenues of 720,000 dlrs.
  

"
training/5434	32	money-fx	"FED SAYS IT SETS THREE-DAY SYSTEM REPURCHASE AGREEMENTS

  FED SAYS IT SETS THREE-DAY SYSTEM REPURCHASE AGREEMENTS
  

"
training/5437	12	earn	"J.W. MAYS INC <MAYS> 2ND QTR JAN 31 NET
  Shr 2.27 dlrs vs 74 cts
      Net 4,945,989 vs 1,612,624
      Revs 28.2 mln vs 27.9 mln
      Six mths
      Shr 1.57 dlrs vs three cts
      Net 3,417,659 vs 73,614
      Revs 47.0 mln vs 46.8 mln
      NOTE: Current periods include pretax gain of 4.3 mln dlrs
  from sale of leasehold of Glen Oaks store in Queens, N.Y. and
  gain of 1.9 mln dlrs from benefit of tax loss carryforwards.
      Year-ago six mths includes gain of 95,988 dlrs from refund
  of prior year's real estate taxes.
  

"
training/5438	12	earn	"CIRCUS CIRCUS ENTERPRISES <CIR> 4TH QTR NET
  Oper shr 16 cts vs 14 cts
      Oper net 5,818,000 vs 5,284,000
      Revs 88.2 mln vs 69.7 mln
      Year
      Oper shr 96 cts vs one dlr
      Oper net 36,101,000 vs 37,375,000
      Revs 374.0 mln vs 307.0 mln
      Note: Current qtr and year figures exclude extraordinary
  losses on early debt retirement of 1.7 mln dlrs, or five cts
  per share and 7.9 mln dlrs, or 21 cts per share, respectively.
      Full name Circus Circus Enterprises Inc.
  

"
training/544	34	nat-gas	"PANHANDLE'S <PEL> TRUNKLINE REDUCES GAS RATES
  Panhandle Eastern Corp's Trunkline Gas
  Co pipeline subsidiary said it is reducing the commodity
  component of its wholesale natural gas rate four pct, effective
  immediately.
      In a filing with the Federal Energy Regulatory Commission,
  Trunkline said, it is reducing its commodity rate -- the
  portion of the total rate based on the price of gas -- to 2.58
  dlrs per mln Btu from 2.69 dlrs per mln Btu.
      The company said the lower rate results from a reduction in
  the average price the pipeline is paying for gas, adding this
  reflects contract reformation agreemats with producers.
  

"
training/5440	12	earn	"NATIONAL FUEL GAS CO <NFG> SETS MAIL DATE
  National Fuel Gas Co said its mail
  date for its previously-announced two-for-one stock split is
  June 19, 1987.
      The company, which announced the split last week, had said
  the record date for the split is May 29, 1987.
  

"
training/5441	0	acq	"COMTECH <CMTL> TO SELL PREMIER MICROWAVE
  Comtech Inc said it agreed in
  principle to sell 95 pct of its outstanding shares in Premier
  Microwave Corp for seven mln dlrs.
      It said the buyers include an investment group composed of
  the unit's management.
      The company said it expects the sale to close in the next
  few weeks. Proceeds will be used to reduce debt.
  

"
training/5442	0	acq	"INVESTMENT FIRMS HAVE 5.9 PCT OF PUROLATOR <PCC>
  A group of affiliated New York-base
  investment firms and funds told the Securities and Exchange
  Commission they have acquired 453,300 shares of Purolator
  Courier Corp, or 5.9 pct of the total outstanding.
      The group, led by Mutual Shares Corp, said it bought the
  stock for investment purposes.
      It also said it is studying the 35 dlr a share leveraged
  buyout offer made by Purolator managers and E.F. Hutton LBO Inc
  but has not decided whether it will tender its stock in the
  offer. The group said it has held talks with the Hutton LBO
  group before and may do so again.
  

"
training/5443	12	earn	"TOFUTTI BRANDS <TOF> SEES PROFIT FOR NEW YEAR
  Tofutti Brands Inc said it is
  changing its fiscal year to a calendar year from a year ending
  July 31, and it expects to be profitable on higher sales in
  1987.
      The company lost 658,000 dlrs on sales of 11.6 mln dlrs in
  the year ended July 31.  A company spokesman said Tofutti will
  be reporting earnings for the last five months of calendar 1986
  by the end of March and will then report calendar first quarter
  results.
  

"
training/5444	12	earn	"DIGITECH INC <DGTC> 1ST QTR JAN 31 NET
  Shr two cts vs eight cts
      Net 270,000 vs 1,212,000
      Revs 1,858,000 vs 1,420,000
      Avg shrs 16,817,618 vs 12,507,671
  

"
training/5447	15	gnp	"BELGIUM REVISES DOWN 1987 GNP GROWTH FORECASTS
  The Belgian government has lowered its
  forecast for the nominal increase in gross national product in
  1987 to 3.5 pct from an originally forecast 3.9 pct, Prime
  Minister Wilfried Martens said in a statement to parliament.
      He said this revision, which brings government forecasts
  more closely into line with those by private institutions,
  takes account of an anticipated slowdown in the world economy
  and international trade.
      But he said the impact on the Belgian economy will be
  limited due to recent agreements on wages and working
  conditions agreed by employers and unions.
      Martens did not say how much the government expected GNP to
  grow in volume terms.
      However, last month the government's Planning Bureau said
  it had revised its 1987 forecast for this to 0.9 pct from 2.0
  pct.
      In 1986, Belgium's gross national product rose 2.15 pct in
  volume terms against a 5.9 pct nominal rise.
  

"
training/545	0	acq	"INVESTOR GROUP HAS TALKS WITH PESCH ON AMI <AMI>
  WEDGE Group Inc, a Houston investment
  firm with a 5.5 pct stake in American Medical International
  Inc, said it has had talks with Pesch and Co, which is seeking
  control of the company.
      In a filing with the Securities and Exchange Commission,
  WEDGE, which is owned by Issam Fares, a Lebanese citizen living
  in Switzerland, also said it discussed the possibility of
  joining with others in its own bid to seek control of AMI.
      WEDGE stressed that it has no current plans to seek control
  of AMI, but refused to rule out a takeover try in the future.
      WEDGE said it has had discussions with AMI management,
  Pesch, the closely held health care and investment concern
  controlled by Chicago physician LeRoy Pesch, and other AMI
  shareholders.
      It did not specify in its SEC filing which issues --
  selling its AMI stake or joining with others in a takeover try
  -- were discussed with which group. But it said the talks did
  not produce any agreements or understandings.
      WEDGE said it believes that ""some form of restructuring of
  AMI and its business would be highly desirable and appropriate
  at this time.""
      WEDGE, which holds 4.8 mln shares of AMI common stock, said
  it plans to hold further talks with company management, Pesch
  and other shareholders.
      Pesch last week sweetened his bid for the company to 22
  dlrs a share in cash and securties, or 1.91 billion dlrs based
  on AMI's total outstanding, from an all-cash 20 dlr a share
  bid, which the company rejected.
  

"
training/5451	12	earn	"CABOT MEDICAL CORP <CBOT> 1ST QTR JAN 31 NET
  Shr four cts vs two cts
      Net 240,902 vs 106,054
      Revs 3,408,481 vs 2,566,769
  

"
training/5452	12	earn	"AMERIHEALTH INC <AHTH> 4TH QTR LOSS
  Oper shr loss one ct vs loss 11 cts
      Oper net profit 89,000 vs loss 323,000
      Revs 9,603,000 vs 6,116,000
      Year
      Oper shr loss six cts vs loss 21 cts
      Oper net profit 158,000 vs loss 629,000
      Revs 34.6 mln vs 22.8 mln
      NOTE: 1986 net excludes tax credits of 170,000 dlrs in
  quarter and 321,000 dlrs in year and gains on termination of
  pension plan of 82,000 dlrs in quarter and 190,000 dlrs in
  year.
      Share after preferred dividends.
  

"
training/5453	15	gnp	"BANKS SEE GERMAN GROWTH OF AT LEAST TWO PCT
  External risks for the economy have
  increased, but growth of two to 2.5 pct this year is still
  possible, according to President of the West German Federation
  of Banks, Hanns Christian Schroeder-Hohenwarth.
      Schroeder-Hohenwarth told a news conference the further
  fall of the dollar since the start of this year and the
  revaluation of the mark against European currencies meant West
  German exporters were facing a ""rough wind.""
      However, domestic demand was continuing to rise and private
  consumption in particular would support the economy, he said.
  He saw good prospects for consumer industries.
      Schroeder-Hohenwarth said economic policy now had to
  concentrate on strengthening this domestic growth. In this
  context, he welcomed a decision by the government to increase
  the scope of tax cuts due in 1988.
      He added, a planned reform of the fiscal system scheduled
  for 1990, which was worked out by coalition partners this
  month, was an ""important step in the right direction.""
      The government plans to cut corporation tax to 50 pct from
  56 pct. However, Schroeder-Hohenwarth said the decision to cut
  the maximum rate of income tax to only 53 pct from 56 pct was
  ""rather half-hearted.""
  

"
training/5454	12	earn	"CAMBRIDGE ANALYTICAL <CAAN> SEES FIRST QTR LOSS
  Cambridge Analytical Associates Inc said
  it expects to incur a loss for the first quarter of fiscal 1987
  equal to or greater than its loss of 240,697 dlrs for the
  fourth quarter ended December 31, 1986.
      Cambridge said it expects revenues for the first quarter to
  be approximately the same as those recorded for the fourth
  quarter ended December 31, 1986, of 1,025,961 dlrs.
      Cambridge recorded a profit of 2,204 dlrs on revenues of
  847,000 dlrs for the first quarter of fiscal 1986, the company
  said.
      The company attributed the expected loss to lower than
  expected sales from its laboratory and consulting business and
  planned major investment in its proprietary treatment
  technology.
      The company said winter is traditionally its slowest
  season.
  

"
training/5455	0	acq	"SETON <SEL> GETS BUYOUT OFFER FROM CHAIRMAN
  Seton Co said its board has
  received a proposal from chairman and chief executive officer
  Philip D. Kaltenbacher to acquire Seton for 15.75 dlrs per
  share in cash.
      Seton said the acquisition bid is subject to Kaltenbacher
  arranging the necessary financing.  It said he intends to ask
  other members of senior management to participate.
      The company said Kaltenbacher owns 30 pct of Seton stock
  and other management members another 7.5 pct.
      Seton said it has formed an independent board committee to
  consider the offer and has deferred the annual meeting it had
  scheduled for March 31.
  

"
training/5456	12	earn	"MRS FIELDS PLANS TO OPEN MORE STORES
  U.S. Based speciality food retailer <Mrs
  Fields Inc>, which earlier announced pre-tax profits of 17.1
  mln dlrs in 1986 against 6.8 mln in 1985, said it plans further
  growth this year with the opening of 125 new stores in the U.S.
      The company, which is quoted on London's Unlisted
  Securities Market (USM), said it also planned to expand its
  outlets internationally.
      However, chairman Randall Fields told a news conference the
  company would not move into any new countries during 1987 but
  would intensify its efforts where it already had stores.
      During 1986 the company opened 81 new stores, including 76
  in the U.S., Two in Australia and one each in Japan, Canada and
  the U.K.
      ""We intend to open a minimum of five more units in London
  for example and it is reasonable that we might open other
  stores in other European countries in 1988,"" Fields said.
      He said the company acquired competitive businesses as a
  matter of routine, and might add others in 1987, but declined
  to say how much the company planned to spend on them.
      Last year turnover rose by 20.8 pct to 87.1 mln dlrs from
  72.6 mln dlrs in 1985.
  

"
training/546	12	earn	"I.M.S. INTERNATIONAL INC <IMSI> SETS QUARTERLY
  Qtly div four cts vs four cts prior
      Pay March 27
      Record March 13
  

"
training/5460	9	cpu	"U.S. INDUSTRIAL CAPACITY USE RATE ROSE TO 79.8 PCT IN FEB FROM 79.6 PCT IN JAN

  U.S. INDUSTRIAL CAPACITY USE RATE ROSE TO 79.8 PCT IN FEB FROM 79.6 PCT IN JAN
  

"
training/5461	12	earn	"BIOTECHNOLOGY DEVELOPMENT <BIOD> 4TH QTR LOSS
  Shr loss five cts vs loss 17 cts
      Net loss 154,654 vs loss 419,606
      Revs 517,699 vs 374,108
      Year
      Shr loss 28 cts vs loss 56 cts
      Net loss 821,979 vs loss 1,368,591
      Revs 1,650,657 vs 1,285,473
  

"
training/5464	12	earn	"HECHINGER CO <HECH> 4TH QTR NET
  Shr primary 28 cts vs 22 cts
      Shr diluted 26 cts vs 21 cts
      Net 8,637,000 vs 6,577,000
      Sales 140.3 mln vs 116.8 mln
      Year
      Shr primary 92 cts vs 77 cts
      Shr diluted 88 cts vs 75 cts
      Net 28.3 mln vs 23.1 mln
      Sales 588.4 mln vs 479 mln
  

"
training/5465	0	acq	"METEX <MTX> CHAIRMAN SELLS SHARES
  Metex Corp said its chairman and
  chief executive officer Alan Cohen sold 78,375 shares of Metex
  common stock to Metropolitan Consolidated Industries Inc
  <MONY>.
      The company said the selling price was 11.25 dlrs per share
  with an option for Metropolitan Consolidated Industries to
  purchase up to 42,750 shares more at the same price.
      Metex also said Mason Carter was elected president and
  chief operating officer of the company. Carter joined Metex in
  1982, where he was formerly its executive vice president.
      In addition, Attilio Petrocelli, president of Metropolitan,
  was named to fill a vacancy on the Metex board of directors,
  the company said.
      Metropolitan owns 21 pct of Metex common stock, the company
  said.
  

"
training/5469	0	acq	"AMERICAN SECURITY <ASEC> TO RELEASE INFORMATION
  American Security Corp said a
  release will be forthcoming shortly regarding its pending
  merger with Maryland National Corp <MDNT>, approved by its
  stockholders October 10.
      American was halted on NASDAQ pending a news announcement.
  

"
training/547	0	acq	"BANNER <BNR> COMPLETES TENDER FOR REXNORD <REX>
  Banner Industries Inc said 19.8 mln of
  the outstanding 20 mln shares in Rexnord Inc were tendered
  pursuant to its 26.25 dlr a share offer that closed at midnight
  EST Feb 27.
      Together with the five mln Rexnard shares it already owns,
  the company said it now holds a 97 pct stake in the company.
      It said the completion of the deal is subject to approval
  by Rexnard holders and to other closing conditions. It expects
  the deal to close in about 60 days.
  

"
training/5470	12	earn	"SVENSKA CELLULOSA AB <SCAB.ST> 1986 YEAR
  Group profit after net financial items 1.39 billion crowns
      vs 1.32 billion
      Sales 15.22 billion crowns vs 12.61 billion
      Profit per share 20.50 crowns vs 19.60
      Proposed dividend five crowns vs 4.40
  

"
training/5471	5	coffee	"COLOMBIA COFFEE EXPORTERS BELIEVE IN PRAGMATISM
  Private coffee exporters say Colombia's
  more pragmatic coffee marketing policy will ensure that the
  country does not suffer excessively from current depressed
  prices and erratic market conditions.
      Gilberto Arango, president of the exporters' association,
  said in an interview that Colombia, the world's second largest
  producer, was in a position to withstand a prolonged absence of
  International Coffee Organization (ICO) export quotas.
      ""Colombia is one of the countries that will benefit most
  from this situation,"" he said.
      Recent ICO talks in London failed to break a deadlock over
  re-introduction of export quotas, suspended in February 1986,
  and no date has been set for a new meeting on the issue.
      Arango said that government measures adopted here last
  week, including a lower export registration price, indicated a
  major change but also disclosed a welcome pragmatism.
      ""This is the start of a new era in Colombia because world
  market conditions are also new,"" he said.
      The government lowered local taxes for exporters and said
  the export registration price, or reintegro, will be changed
  more often in order to closely reflect market trends.
      Arango said an illustration of Colombia's new attitude was
  the decision on Friday to open export registrations for an
  unlimited amount.
      But he added it did not imply the country would begin heavy
  selling of coffee.
      ""Our marketing policy is to sell without haste but
  consistently. No targets for volume will be set. We will react
  to market factors adequately and Colombia has no intention of
  giving its coffee away.""
      Colombia's past records should be the basis for upcoming
  exports, he said.
      ""We will certainly not export seven mln (60-kilo) bags but
  neither are we going to sell like mad. The trade knows full
  well what Colombia's export potential is,"" he said.
      Colombia, with stockpiles standing at about 10 mln bags,
  exported a record 11.5 mln bags in the 1985/86 coffee year
  which ended last September, and 11.3 mln in calendar 1986.
      Arango did not want to commit himself on export predictions
  but said that output for the 1986/87 coffee year would not
  exceed 10.5 mln bags, compared with 12 mln forecast by the
  National Coffee Growers' Federation and 12.5 mln by the U.S.
  Department of Agriculture, a figure he said was ""ridiculous.""
      He said ageing plantations and rust, in particular in the
  number one producing province of Antioquia, meant output was
  likely to fall but that nationwide estimates were rare and
  oscillated between 9.5 mln and 11.5 mln bags.
      On the failure of the recent ICO talks, Arango said
  Colombia understandably felt frustrated at not having managed
  to force a compromise.
      Jorge Cardenas, manager of the national federation and head
  of his nation's delegation in London, has blamed the
  intransigence of some big countries, without naming them.
      However, Arango, like Colombian Finance Minister Cesar
  Gaviria last week, was more explicit and said the United States
  would undoubtedly be under great political pressure in coming
  weeks to revise its policy.
      ""Washington will have to take into account that for many
  countries, and some of its allies for instance in Central
  America, a sharp fall in coffee export revenue would have
  far-reaching political and economic consequences.""
      Arango ruled out a fresh Colombian initiative on export
  quotas saying producers had now to show a common resolve which
  could emerge from continuous contacts.
  

"
training/5472	15	gnp	"BELGIAN GOVERNMENT TO CUT FINANCIAL REQUIREMENT
  Belgian Prime Minister Wilfried
  Martens announced to Parliament a plan to reduce the 1987
  government financing requirement by 20.6 billion francs.
      He said this will enable the requirement to be held to
  419.7 billion francs, against the previous government target of
  417.8 billion, or eight pct of gross national product.
      Martens said following a lowering of government estimates
  of 1987 nominal GNP growth and a re-estimation by government
  departments of 1987 spending, the government calculated that
  unless action was taken, the requirement would exceed the
  target by 22.5 billion francs.
      Martens said the plan involved raising non-fiscal receipts
  by 5.8 billion francs and reducing spending by 14.3 billion.
  The remaining 0.5 billion francs will be raised through
  treasury operations.
      Martens said the money is being found through a series of
  small economies and confirmed that it includes the raising of
  two billion francs through the sale of part of the government's
  50 pct holding in the gas company Distrigaz.
      Last year, the government announced a major program
  designed to cut 1987 spending by 195 billion francs.
      The program was designed to get Belgium out of what the
  government said was a ""snowball effect"" under which the
  government constantly borrowed more to finance budget deficits
  which were due largely to the cost of servicing and repaying
  existing debt.
      In 1986, the government financing requirement is estimated
  at 561 billion francs or 11.0 pct of GNP.
  

"
training/5473	12	earn	"ROYAL TRUST PLOTS AGGRESSIVE GLOBAL EXPANSION
  <Royal Trustco Ltd>, in a move unique
  among Canadian trust companies, is pursuing a bold global
  expansion that could someday lift the foreign share of its
  yearly earnings to 50 pct, president Michael Cornelissen said.
      First Marathon Securities Ltd financial services analyst
  Michael Walsh said Royal Trust's international growth target is
  attainable. But it ""will be a tremendous achievement because
  ... they're going to have to build an international earnings
  base larger than the earnings of a lot of significant domestic
  trust companies,"" Walsh said.
      Global operations, which made up 22 pct of Royal Trust's
  154 mln dlr 1986 net profit, will post 33 pct profit growth
  this year against an expected 15 pct jump in total company
  profit, Cornelissen told Reuters in an interview.
      He said the foreign share of total profit would rise to 26
  pct in 1987 and to 44 pct by 1990.
      Royal Trust, Canada's second largest trust company with
  assets of about 19.54 billion Canadian dlrs, has operated
  internationally since 1929 when it opened a London bank.
      Its aggressive global strategy began in the 1980s, when
  other Canadian trusts, the equivalent of U.S. savings and
  loans, were focusing on domestic retail banking.
      The company's overseas ambitions were whetted by heightened
  domestic competition and impressive growth at its London bank
  operations, which attained full British banking powers in 1980,
  Cornelissen said.
      Last year, Royal Trust moved into continental Europe and
  Asia with its 239 mln Canadian dlr acquisition of Dow Chemical
  Co <DOW>'s Dow Financial Services Corp, which included asset
  management, merchant and private banking companies.
      ""It was a heaven-sent opportunity,"" Cornelissen said of the
  Dow Financial acquisition. ""We achieved in one year what would
  otherwise have taken five to 10 years to set up.""
      Cornelissen stressed that Royal Trust would shun direct
  competition with major global financial institutions in
  activities such as international lending and stock brokerage,
  in order to exploit ""profitable niches"" overseas in traditional
  trust activities such as asset management, private banking and
  advisory services.
      He said that Royal Trust hoped to complete negotiations
  ""before the end of this month"" to sell its London-based Savory
  Milln brokerage, acquired in the Dow Financial deal.
      ""The international market is so big and we have such a
  miniscule share of it that growth opportunities are really
  limited only by our energy and our desire to find more
  business,"" he said, adding that in trust-type services, ""we
  don't think the international markets are well-served.""
      Aiding Royal Trust's foreign growth are greater foreign 
  investment interest in North America and increased Canadian
  investment abroad, Cornelissen said.
      Central to Royal Trust's strategy is Asia, boasting rapid
  economic growth and huge pools of Japanese capital, said
  Cornelissen, whose company administers assets of 71.85 billion
  dlrs, more than any other Canadian trust.
      Citing statistics indicating that by the year 2000, Asia
  will contain two-thirds of the world's population and 50 pct of
  global productive capacity, Cornelissen said, ""We knew we had
  to be there."" Royal Trust's 14 international locations include
  offices in Tokyo, Hong Kong and Singapore. The company also
  recently listed its shares on the Tokyo Stock Exchange.
      The Royal Trust president said the company was stressing
  growth within its overseas units, adding he did not foresee any
  acquisitions in the ""immediate future,"" although ""we have our
  eyes wide open for the right opportunities.""
      Asked about Royal Trust's plans for the U.S., which the
  company abandoned with the 1983 sale of its Florida bank units,
  Cornelissen said the company faced a trust services market well
  covered by hundreds of small regional banks.
      ""That doesn't mean to say we shouldn't be in the U.S.,""
  said Cornelissen. ""That is probably one area that we will
  probably do something with in the next five years.""
      He said the company would continue to emphasize its home
  Canadian market, which Cornelissen and financial services
  analysts agreed would remain vital to Royal Trust.
      Proposed government regulations to allow Canadian banks,
  trusts, insurance and securities dealers full participation in
  one another's actitivies will mean more domestic competition
  for Royal Trust, ""but not drastically more,"" Cornelissen said.
  

"
training/5474	12	earn	"SALOMON RAISES CATERPILLAR <CAT> OPINION
  Salomon Brothers Inc said it raised
  its opinion on Caterpillar Inc's stock to an aggressive buy
  from a hold because of a brighter earnings outlook for 1988.
      Salomon analyst David Sutliff said in a statement he sees
  1988 earnings of 3.35 dlrs a share, up from an earlier forecast
  of three dlrs for the year. The outlook for 1987 remains at
  2.50 dlrs to three dlrs.
      Caterpillar's stock was down 1/2 points at 46-1/4.
      ""Although earnings will be poor for the next two quarters,
  we believe that profits could begin to improve in the second
  half - perhaps significantly - and should surge sharply through
  1988 and 1989,"" he said.
      Sutliff said improved results should come from four factors
  - higher prices, improved market share, reduced costs, and
  improved demand.
      The higher prices will stick because its Japanese
  competitor, Komatsu, has had to raise prices because of the
  increased value of the yen, he said.
  

"
training/5475	12	earn	"ROCKWOOD HOLDING CO <RKWD> 4TH QTR NET
  Shr profit 78 cts vs loss 38 cts
      Net profit 3,108,000 vs loss 1,510,000
      Revs 35.5 mln vs 47.1 mln
      Year
      Shr profit 2.42 dlrs vs loss 2.01 dlrs
      Net profit 9.6 mln vs loss eight mln
      Revs 157.2 mln vs 182.2 mln
      NOTE: Includes extraordinary gains of 22 cts per share and
  36 cts in the fourth quarter and 1986, respectively.
  

"
training/5476	48	trade	"CANADA PRIME MINISTER SAYS A MAJOR TRADE DEAL EMERGING WITH U.S.

  CANADA PRIME MINISTER SAYS A MAJOR TRADE DEAL EMERGING WITH U.S.
  

"
training/5477	0	acq	"FORUM <FOUR> ENDS BEVERLY <BEV> PURCHASE DEAL
  Forum Group Inc said it has
  terminated its agreement in principle to buy eight retirement
  living centers in six states from Beverly Enterprises due to a
  failure to reach a satisfacotry definitive agreement.
  

"
training/548	12	earn	"MUTUAL OF OMAHA INTEREST SHARES <MUO> QTLY DIV
  Qtly div 36 cts vs 36 cts prior
      Pay April one
      Record March 13
  

"
training/5481	16	gold	"SOME 7,000 MINERS GO ON STRIKE IN SOUTH AFRICA
  Some 7,000 black miners went on
  strike at South African gold and coal mines, the National Union
  of Mineworkers (NUM) said.
      A NUM spokesman said 6,000 workers began an underground
  sit-in at the Grootvlei gold mine, owned by General Union
  Mining Corp, to protest the transfer of colleagues to different
  jobs.
     He said about 1,000 employees of Anglo American Corp's New
  Vaal Colliery also downed tools but the reason for the stoppage
  was not immediately clear. Officials of the two companies were
  not available for comment and the NUM said it was trying to
  start negotiations with management.
  

"
training/5483	12	earn	"FBX CORP <FBXC> YEAR NOV 30 NET
  Shr 11 cts vs three cts
      Net 313,000 vs 80,000
      Revs 12.5 mln vs 11.3 mln
  

"
training/5485	9	cpu	"U.S. CAPACITY USE RATE 79.8 PCT IN FEBRUARY
  U.S. factories, mines and utilities
  operated at 79.8 pct of capacity in February, compared with a
  revised 79.6 pct in January and December, the Federal reserve
  Board said.
      The Fed previously said the rate was 79.7 pct in January
  and 79.5 pct in December.
      A surge in automobile assemblies in February and a gain in
  primary metals production helped raise manufacturing to 80.1
  pct capacity from 79.9 pct in January.
      Durables manufacturing increased to 76.8 pct last month
  from 76.3 pct in January, the Fed said.
      Nondurable manufacturing eased to 85.2 pct of capacity use
  from 85.4 pct in January.
      Last month's rate was down from 80.2 pct in February, 1986.
      Fabricated metals increased to 81.4 pct in February from
  81.2 pct in January, while motor vehicles and parts jumped to
  83.6 pct from 80.0 in January.
      Primary metals rose to 67.7 pct from 66.7 pct in January.
      Petroleum products fell to 92.5 pct in February from 94.5
  pct in January.
      Capacity utilization for mining rose to 75.3 pct in
  February from 75.1 pct in January, but was below the February
  1986 rate of 79.4 pct, the Fed said.
      The use rate for utilities was up to 80.8 pct last month
  from 80.4 pct in January.
      Producers of industrial materials operated at 78.9 pct of
  capacity, the same as in January and December, but down from
  the February 1986 rate of 79.6 pct.
      The Fed said the decline in energy materials use and
  durables goods materials were the reason for the decline over
  the past year for producers of industrial materials.
  

"
training/5490	8	cpi	" Balladur maintains 1987 2.5 pct inflation target after February 3.4 pct year-on-year

   Balladur maintains 1987 2.5 pct inflation target after February 3.4 pct year-on-year
  

"
training/5491	4	cocoa	"CSCE TO PUT ADDITIONAL MARGIN ON JULY COCOA
  A 250 dlr spot charge will be added to
  the New York cocoa futures, July delivery, contract starting
  Wednesday, March 18, the Coffee, Sugar and Cocoa Exchange said.
      The March delivery ceases trading March 17, making May and
  July the two nearby unlimited positions. Previously, March and
  May were unlimited.
      The margin requirement for a May or July position will be
  1,000 dlrs--750 dlrs original margin plus 250 dlrs spot fee.
  

"
training/5492	12	earn	"<COOPER CANADA LTD> YEAR NET
  Shr 23 cts vs 42 cts
      Net 1,387,000 vs 2,532,000
      Revs 80.5 mln vs 82.6 mln
  

"
training/5494	12	earn	"TAB PRODUCTS CO <TBP> 3RD QTR FEB 28 NET
  Shr 27 cts vs 22 cts
      Net 1,866,000 vs 1,476,000
      Revs 33.0 mln vs 30.3 mln
      Nine Mths
      Shr 71 cts vs 57 cts
      Net 4,828,000 vs 3,857,000
      Revs 92.0 mln vs 89.0 mln
  

"
training/5495	12	earn	"MARKEL CORP <MAKL> 4TH QTR NET
  Shr 32 cts vs 18 cts
      Net 1,200,466 vs 545,670
      Revs 8.2 mln vs 6.4 mln
      Year
      Shr 1.52 dlrs vs 27 cts
      Net 4,972,683 vs 1,046,460
      Revs 33.3 mln vs 23 mln
  

"
training/5496	12	earn	"SCIENCE ACCESSORIES CORP <SEAS> 1ST QTR NET
  Qtr ends Jan 31
      Shr two cts vs two cts
      Net 78,537 vs 72,364
      Revs 626,942 vs 640,030
  

"
training/5498	48	trade	" French adjusted February trade deficit 400 mln francs vs January deficit 2.5 billion

   French adjusted February trade deficit 400 mln francs vs January deficit 2.5 billion
  

"
training/5499	43	ship	"BIFFEX MEMBERS TO BALLOT ON MERGER
  Members of the Baltic International
  Freight Futures Exchange (BIFFEX) are to be balloted at the end
  of this week on whether it will merge with the London Commodity
  Exchange or come under a new umbrella of Baltic futures
  exchanges, a BIFFEX official said.
      The final decision will be left with the BIFFEX board,
  which will meet at the end of this month, he said.
      Last week three exchanges currently trading on the Baltic
  Exchange, the London Potato Futures Association, the GAFTA Soya
  Bean Meal Futures Association and the London Meat Futures
  Exchange, instructed legal advisers to implement a merger.
  

"
training/550	0	acq	"CORRECTED - BANKAMERICA NEGOTIATING UNITS SALE
  Bank of America NT and SA's <BAC.N>
  West German branch said it is negotiating the sale of Bankhaus
  Centrale Credit AG, a small local West German bank it acquired
  in 1965, and of its West German Visa credit card operation.
      Michael Seibel, Bank of America vice-president and regional
  manager, said the negotiations were proceeding well. He
  declined to give further details.
      Bank of America's West German branch lost some 32 mln marks
  in 1985. The result includes profit and loss transfers from
  Bankhaus Centrale Credit and the Visa organisation. The sale of
  the units is part of the bank's worldwide restructuring plan.
  -- corrects year of loss in third paragraph in item which
  originally ran February 27.
  

"
training/5500	12	earn	"MACHINE TECHNOLOGY <MTEC> SEES 2ND QTR LOSS
  Machine Technology Inc said it
  expects to report a second quarter loss of 13 to 17 cts per
  share on sales of about 4,400,000 dlrs.
      A year earlier, it lost 139,000 dlrs or three cts per share
  on sales of 4,271,000 dlrs.
      The company said it booked over six mln dlrs in the quarter
  and its backlog has risen 35 pct since the end of its fiscal
  year, leading it to expect improved results in the second half.
  

"
training/5501	12	earn	"DOCUGRAPHIX INC <DOCX> 3RD QTR JAN 31 LOSS
  Shr loss six cts vs loss 18 cts
      Net loss 31,896 vs loss 753,518
      Revs 840,075 vs 716,361
      Avg shrs 5.45 mln vs 4.17 mln
      Nine mths
      Shr loss 25 cts vs loss 55 cts
      Net loss 1,271,972 vs loss 2,115,662
      Revs 2,071,676 vs 1,933,562
      Avg shrs 5.02 mln vs 3.85 mln
  

"
training/5502	12	earn	"NBD BANCORP <NBD> REGULAR DIVIDEND SET
  Qtly div 30 cts vs 30 cts previously
      Pay May 11
      Record April Nine
  

"
training/5505	0	acq	"TRIANGLE MICROWAVE <TRMW> IN TALKS ON BUYOUT
  Triangle Microwave Inc said
  it is involved in talks on its possible purchase by a
  ""substantial U.S. company"" it did not identify.
      Triangle said no agreement has yet been reached and there
  can be no assurance that one will be reached. Any acquisitioon
  would be subject to approval by its shareholders and to
  regulatory filings, it said.
      Triangle Microwave makes microwave system components and
  had earnings for the first half ended January 31 of 1,055,000
  dlrs on sales of 7,292,000 dlrs, up from earnings of 763,000
  dlrs on sales of 6,034,000 dlrs a year before.
  

"
training/5506	49	veg-oil	"YEUTTER REPEATS RETALIATION THREAT ON EC OIL TAX
  U.S. Trade Representative Clayton
  Yeutter said the United States will retaliate if the European
  Community adopts a proposed tax on vegetable oils, but he did
  not say what EC products would be singled-out for reprisal.
      Speaking to the National Grain and Feed Association (NGFA)
  convention here, Yeutter said he is ""cautiously optimistic"" the
  controversial oils tax proposal will be rejected by the EC
  Council of Ministers.
      Yeutter said the proposed tax is a ""flagrant violation of
  the spirit of GATT"" because it would imperil the zero binding
  duty on U.S. exports of soybeans to Europe.
      He said the Reagan administration has yet to decide on a
  retaliation list. The administration would not reveal a
  retaliation list unless the EC approved the proposal, he said.
  

"
training/5507	48	trade	"CANADA'S MULRONEY SAYS U.S. TRADE DEAL NEARS
  Prime Minister Brian Mulroney said
  ""significant progress"" was being made in trade talks with the
  United States and a profile of a major deal was emerging.
      Opening a debate on free trade in the House of Commons,
  Mulroney said an accord would create thousands of jobs in
  Canada and bring greater economic prosperity to both countries.
      Mulroney, who offered few new details of the talks, said
  that while the negotiations were risky and difficult, ""a
  profile of a major trade deal is now emerging.""
    In a 50-minute address, Mulroney made an often passionate
  defense of the initiative that he said would give poorer areas
  of the country a major economic boost.
      ""Because of our trading patterns over a period of decades,
  we are in the process of building two Canadas -- one that is
  rich and promising, one that is under-developed and
  under-employed,"" said Mulroney.
      ""What we want is to make sure Newfoundlanders and British
  Columbians and Albertans and others, that they get their
  chance. They must be given the opportunity to trade their way
  to prosperity.""
      Few detials have been released on the trade talks which
  were launched nearly two years ago between the two nations that
  are each others most important trading partners.
      Recent published reports in Canada, quoting senior trade
  sources, said the countries were close to reaching a trade deal
  and it will involve eliminating border trariffs and many
  non-tariff barriers over the next 10 to 12 years.
      It has been reported a key stumbling block in the talks is
  a Canadian proposal to find a new way to settle trade disputes,
  something that would give Canada protection from Washington's
  tough trade remedy laws.
      But Mulroney, sharply critical of protectionist sentiment
  in the U.S, said Canada was a ""fair trader"" and denied the
  government was pursuing the deal to win unfair access to the
  American market.
      He said a trade deal must bring benefits to both sides.
      ""We recognize a good deal must be a fair deal, one that is
  fair to both sides,"" Mulroney said.
  

"
training/5508	48	trade	"FRANCE REDUCES TRADE DEFICIT IN FEBRUARY
  France posted a seasonally adjusted trade
  deficit of 400 mln francs in February after a 2.5 billion franc
  deficit in January, the Finance Ministry said.
      For the first two months of this year the trade deficit, on
  a seasonally adjusted basis, was 2.9 billion francs.
      Unadjusted, the February deficit was 2.4 billion francs and
  the two-month cumulative deficit 8.1 billion, the ministry said
  in a statement.
      The Ministry said February exports totalled 73.8 billion
  francs, an 8.9 pct increase on January, while imports totalled
  74.3 billion francs, an increase of 5.8 pct.
      Farm and food trade showed a two billion franc surplus
  after a surplus of 2.4 billion in January.
      The energy deficit was reduced to 6.5 billion francs from
  eight billion in January, while industrial trade showed a
  surplus of 1.4 billion francs against only 800 mln francs in
  January.
  

"
training/551	0	acq	"OSR <OSRC> TO MAKE ACQUISITION
  OSR Corp said it has agreed
  to acquire the properties and assets of Telcom International
  Group for 10.5 mln common shares, which would give former
  Telcom owners an 84 pct interest in the combined company.
      Telcom is an international film and television distributor.
   The assets being acquired consist mostly of distribution
  rights to films valued at over one mln dlrs, the company said.
      OSR said as part of the acquisition agreement is is
  required to sell its 80 pct interest in Standard Knickerbocker
  Ltd, which makes jeans in Canada.
      OSR said it expects to net about 150,000 dlrs on the sale
  of Standard Knickerbocker.
      The company said both transactions are subject to approval
  by shareholders at a meeting to be held in April or May, it
  said.
  

"
training/5511	12	earn	"NCR <NCR> SEES GOOD CHANCE FOR RECORD YEAR NET
  NCR Corp is very optimistic that it will
  post record revenues and profits for 1987, Charles E. Exley Jr,
  chairman and president, said.
      ""Much of our considerable optimism about the future is
  based on the strength of a continuing flow of new products,""
  Exley told a meeting of securities analysts. ""Our current
  position is the strongest in modern NCR history with
  new-generation offerings deliverable in every major category
  this year.""
      For 1986, NCR's earnings rose nine pct, to 3.42 dlrs a
  share, on sales that increased 13 pct, to 4.9 billion dlrs.
      During the balance of 1987, Exley said NCR will pay close
  attention to increasing its penetration of major accounts,
  expanding its third-party distribution channels and continuing
  its introduction of new products.
      ""In 1986, new products introduced within the proceding 36
  months accounted for more than 65 pct of our major equipment
  order activity,"" he said.
      ""At the end of two months,"" he added,"" I can say we are off
  to a good start"" for 1987.
  

"
training/5516	0	acq	"EQUITABLE BANC <EBNC> BOSS HAS AMERITRUST STAKE
  A group controlled by Equitable
  Bancorp Chairman Alfred Lerner said it has acquired a 9.6 pct
  stake in AmeriTrust Corp <AMTR> and may buy up to 24.9 pct if
  obtains regulatory approval.
      In a filing with the Securities and Exchange Commission,
  the group said it bought its stake of 2.0 mln Ameritrust common
  shares, for 81.1 mln dlrs as an investment.
      But the group, acting through Clevebaco L.P., a Cleveland
  partnership, also said it would seek regulatory approval to
  increase its stake. Lerner owns Clevebaco Corp, which is the
  general partner of Clevebaco L.P.
      The Lerner group said it filed with the Federal Reserve
  Board on March 13 notice of its intent to buy more than 10 pct
  of the common stock of AmeriTrust, a Cleveland bank holding
  company.
      If the Fed approves, Lerner, whose Equitable Bancorp is
  also in Cleveland, said he intends to buy more AmeriTrust
  stock, subject to market conditions and other factors.
      Since Lerner heads a bank holding company with assets
  greater than one billion dlrs, he said he is barred by law from
  serving as a director or officer of AmeriTrust or of having his
  representatives on its board.
      Lerner said he has no intention of influencing AmeriTrust
  management or its policies.
      The group said Clevebaco L.P. bought one mln of its shares
  from Bear, Stearns and Co Inc on March 9 at 41 dlrs a share.
      Lerner said he accumulated the other one mln shares through
  March 3 and sold them to Clevebaco L.P., which he controls, on
  March 10 for 40.10 dlrs a share.
  

"
training/5517	0	acq	"AMERICAN SECURITY <ASEC> BUYOUT COMPLETED
  Maryland National Corp <MDNT> said it
  has completed the acquisition of American Security Corp in an
  exchange of 0.81 Maryland share for each of American's 12 mln
  shares outstanding.
      The company said the mandatory 30-day review by the U.S.
  Justice Department was completed today.
      Maryland National said American Security shareholders will
  be entitled to receive the 32-1/2 ct per share Maryland
  National regular quarterly dividend that is payable March 31 to
  holders of record today.
  

"
training/552	12	earn	"MERCURY ENTERTAINMENT <MCRY> SEES BETTER RESULTS
  Mercury Entertainment Corp said it
  expects improved results in 1987.
      The company today reported a loss for the year ended
  November 30 of 413,021 dlrs on revenues of 600,971 dlrs,
  compared with a loss of 163,932 dlrs on revenues of 665,800
  dlrs a year before.
  

"
training/5520	0	acq	"RAINIER <RBAN> COMPLETES ACQUISITION
  Rainier Bancorp said it completed the
  acquisition of Tacoma, Wash.-based United Bank, for 59 mln dlrs
  worth of Rainier stock.
      United, a savings bank with 607 mln dlrs in assets and 23
  offices, will operate as a wholly-owned subsidiary, Rainier
  said.
      Rainier, which last month agreed to merge with Security
  Pacific Corp <SPC>, said the United acquisition will increase
  its assets to 9.8 billion dlrs from the 9.2 billion reported at
  the end of 1986.
  

"
training/5522	12	earn	"FRANKLIN RESOURCES INC <BEN> SETS QUARTERLY
  Qtly div six cts vs six cts prior
      Pay April 10
      Record March 27
  

"
training/5523	8	cpi	"BALLADUR MAINTAINS 1987 FRENCH INFLATION TARGET
  Finance Minister Edouard Balladur said he
  was maintaining his 2.5 pct inflation target for 1987 after the
  announcement earlier today of a 3.4 pct year-on-year rise in
  retail prices for February.
      He told a radio interviewer he saw no reason to revise his
  target for 1987 after the February monthly result of between
  0.1 to O.2 pct, following a 0.9 pct rise in January (three pct
  year on year) that forced the government to revise an earlier
  target of two pct to a current 2.5 pct.
      He said he was happy with ""a good result"" for February but
  stressed a need for continued ""vigilance"" against inflation.
      A Finance Ministry statement said the year-on-year
  differential between French and lower West German inflation
  rates, calculated on the last three months, had narrowed in
  February to two to 2.3 pct compared to 2.7 pct in January.
      If calculated on the last 12 months, the differential came
  to 3.9 pct, the statement said, adding ""The tendency is
  therefore one of a lessening of the inflation gap with our main
  trading partner.""
  

"
training/5525	12	earn	"GENERAL CINEMA <GCN> SEES FLAT 1987 NET
  General Cinema Corp said it expects
  flat net income for fiscal 1987 ending Oct. 31 against 125.8
  mln dlrs or 3.43 dlrs a share a year ago.
      The company said the costs of a restructuring at its Carter
  Hawley Hale Stores Inc unit and the previous purchase of an 8.5
  pct stake in <Cadbury Schweppes PLC> will lead to the flat net
  figure.
      It also said it may raise its stake in Cadbury Schweppes to
  25 pct, but has not made any additional stock purchases so far.
      According to the restructuring, Carter Hawley plans to
  spin-off its specialty stores, including Neiman-Marcus,
  Bergdorf Goodman and Contempo Casuals, into a new company named
  <Neiman-Marcus Group>, whose shares will trade on the New York
  Stock Exchange, it said.
      As previously announced, General Cinema will own 60 pct of
  the equity and 40 pct of the voting shares in the new company.
  The restructuring is subject to approval by Carter Hawley
  shareholders.
  

"
training/5526	16	gold	"LEVON RESOURCES <LVNVF> GOLD ASSAYS IMPROVED
  Levon Resources Ltd
  said re-checked gold assays from the Howard tunnel on its
  Congress, British Columbia property yielded higher gold grades
  than those reported in January and February.
      It said assays from zone one averaged 0.809 ounces of gold
  a ton over a 40 foot section with an average width of 6.26
  feet. Levon previously reported the zone averaged 0.226 ounces
  of gold a ton over a 40 foot section with average width of 5.16
  feet. Levon said re-checked assays from zone two averaged 0.693
  ounces of gold a ton over a 123 foot section with average width
  of 4.66 feet.
      Levon Resources said the revised zone two assays compared
  to previously reported averages of 0.545 ounces of gold a ton
  over a 103 foot section with average width of 4.302 feet.
      The company also said it intersected another vein 90 feet
  west of zone two, which assayed 0.531 ounces of gold a ton
  across a width of 3.87 feet.
  

"
training/5528	12	earn	"<TEECO PROPERTIES LP> SETS CASH DISTRIBUTION
  Qtly distribution 10 cts per unit vs 10 cts prior
      Pay April 20
      Record March 31
  

"
training/553	0	acq	"CRONUS INDUSTRIES INC <CRNS> SELLS UNIT
  Cronus Industries Inc said it agreed to
  sell its heat transfer equipment business, Southwestern
  Engineering Co, for a slight premium over book value, plus a
  release of Cronus from liability on approximately three mln
  dlrs of subsidiary indebtedness.
      The company said the sale to a subsidiary of Senior
  Engineering Group PLC, a British company, will take place this
  month.
  

"
training/5530	12	earn	"<RADIX VENTURES INC> 2ND QTR JAN 31 LOSS
  Shr loss three cts vs loss 12 cts
      Net loss 25,836 vs loss 88,819
      Revs 50.3 mln vs 45.2 mln
      Six mths
      Shr profit nil vs loss 18 cts
      Net profit 2,843 vs loss 137,653
      Revs 109.3 mln vs 99.3 mln
  

"
training/5532	12	earn	"ADOBE SYSTEMS INC <ADBE> 1ST QTR FEB 28 NET
  Shr 15 cts vs six cts
      Net 1,410,000 vs 550,000
      Revs 6,901,000 vs 2,392,000
      Avg shrs 10,326,000 vs 9,064,000
      Note:  Prior qtr per share figure adjusted for two-for-one
  stock split of February 27.
  

"
training/5533	0	acq	"ARMTEK <ARM> COMPLETES SALE OF ASSETS
  Armtek Corp, formerly
  Armstrong Rubber Co, completed the previously announced sale of
  its Natchez, Miss., tire plant and other assets to <Condere
  Corp>, Condere said.
      Condere, formed to acquire the Armstrong assets, said it
  named Dennis Terwillger, formerly vice president and controller
  of Armstrong's Tire Division, president.
  

"
training/5535	12	earn	"202 DATA SYSTEMS INC <TOOT> 1ST QTR JAN 31 NET
  Shr three cts vs four cts
      Net 101,376 vs 125,922
      Revs 568,884 vs 494,227
  

"
training/5537	12	earn	"VISHAY <VSH> SETS TWO PCT STOCK DIVIDEND
  Vishay Intertechnology Inc said
  its board declared a two pct stock dividend, payable April 10
  to holders of record on March 26.
      The company said the stock dividend will be paid only to
  holders of commons tock who do not exchange for Class B stock
  in Vishay's current exchange offer, which expires March 25.
  

"
training/5538	12	earn	"<ONYX PETROLEUM EXPLORATION CO LTD> YEAR LOSS
  Shr loss 2.82 dlrs vs profit 35 cts
      Net loss 10,556,478 vs profit 1,286,341
      Revs 6,202,157 vs 7,641,290
      Note: 1986 shr and net after 10,282,353 dlr writedown on
  oil and gas property values
  

"
training/554	12	earn	"UNISYS CORP <UIS> SETS QUARTERLY
  Qtly div 65 cts vs 65 cts prior
      Pay May Seven
      Record April Seven
  

"
training/5540	12	earn	"INTEGRATED CIRCUITS <ICTM> SETS RECORD DATE
  Integrated Circuits Inc said it
  set March 17 as the record date for its previously announced 10
  pct stock dividend.
      The company said it will distribute the dividend on March
  31.
  

"
training/5541	16	gold	"BP <BP> UNIT SEES MINE PROCEEDING
  British Petroleum Co PLC said based on
  a feasibility report from <Ridgeway Mining Co>, its joint
  venture Ridgeway Project in South Carolina could start
  commercial gold production by mid-1988.
      The company said the mine would produce at an approximate
  rate of 158,000 ounces of gold per year over the first four
  full years of operation from 1989 through 1992 and at an
  average of 133,000 ounces a year over the full projected
  11-year life of the mine.
      BP's partner in the venture is Galactic Resources Ltd
  <GALCF> of Toronto.
      The company said subject to receipt of all statutory
  permits, finalization of financing arrangements and management
  and joint venture review, construction of a 15,000 short ton
  per day processing facility can start.  Capital costs to bring
  the mine into production are estimated at 76 mln dlrs.
  

"
training/5543	12	earn	"MSA REALTY CORP <SSS> 4TH QTR NET
  Shr profit four cts vs loss two cts
      Net profit 247,970 vs loss 57,341
      Revs 2,393,622 vs 2,627,612
      Avg shrs 5,958,432 vs 2,440,100
      Year
      Shr profit 71 cts vs loss 35 cts
      Net profit 3,213,310 vs loss 849,180
      Revs 14.6 mln vs 9,099,767
      Avg shrs 6,177,666 vs 2,440,083
      NOTE: 1986 4th qtr and yr net includes a loss of 85,000
  dlrs and a gain of 250,000 dlrs, respecitvely, for
  extraordinary item.
      1986 net assumes all warrants exercised for the 2nd qtr
  only. The adjustment to second quarter income for earnings per
  share was 1,175,000 dlrs.
  

"
training/5544	12	earn	"LEAR PETROLEUM PARTNERS LP <LPP> 4TH QTR LOSS
  Oper shr loss nil vs loss nil
      Oper net loss 112,000 vs loss 125,000
      Revs nil vs nil
      Avg shrs 26.7 mln vs 21.9 mln
      Year
      Oper shr loss two cts vs loss two cts
      Oper net loss 450,000 vs loss 503,000
      Revs nil vs nil
      Avg shrs 24.8 mln vs 20.8 mln
      NOTE: Net excludes losses from discontinued oil and natural
  gas operations of 44.7 mln dlrs vs 9,489,000 dlrs in quarter
  and 92.3 mln dlrs vs 80.7 mln dlrs in year.  Company sold all
  its operations at the end of 1986.
  

"
training/5545	12	earn	"WESTRONIC INC <WSTX> YEAR LOSS
  Shr loss 1.13 dlr vs loss 2.04 dlrs
      Net loss 3,674,000 vs loss 3,016,000
      Revs 2,894,000 vs 1,464,000
  

"
training/5546	12	earn	"KENAN TRANSPORT CO <KTCO> SETS QUARTERLY
  Qtly div four cts vs four cts prior
      Pay April 15
      Record March 31
  

"
training/5549	12	earn	"GENCORP 1ST QTR SHR 77 CTS VS 84 CTS

  GENCORP 1ST QTR SHR 77 CTS VS 84 CTS
  

"
training/555	12	earn	"JACOBSON <JCBS> VOTES SPLIT, INCREASES PAYOUT
  Jacobson Stores Inc said its
  board voted a three-for-two stock split, payble March 30,
  record March 13.
      In other action, Jacobson's directors approved an increase
  in its quarterly dividend to 11 cts on a post split basis
  payable April 14, record March 30.
      The new dividend rate represents a 32 pct increase over the
  12-1/2 cts paid quarterly on a pre-split basis.
  

"
training/5554	2	bop	"DANISH CREDIT DOWNGRADING NOT DRAMATIC - MINISTER
  Finance Minister Palle Simonsen said
  today's downgrading of Denmark's credit rating by Standard and
  Poor's Corp should not be over-dramatised.
      Standard and Poor's said it had downgraded the Kingdom of
  Denmark's long-term external debt to AA from AA-Plus, following
  the country's loss of the top AAA rating in January 1983.
      ""This change is regrettable but there is no reason to
  dramatise. This is a change of nuance. Standard and Poor's
  defines the AA category as only slightly different from the top
  AAA rating,"" Simonsen said in a statement.
      ""The direct effect of the lower rating on our borrowing
  capability is unlikely to be very great. But if, against
  expectation, we fail to reduce permanently the external account
  deficit... This will inevitably affect borrowing terms and
  capability,"" he added.
      ""Standard &amp; Poor's has noted that in 1986 there was a series
  of austerity measures designed particularly to cut lending and
  encourage saving. Tax reforms have also gone into effect.
      ""If and when it becomes necessary, the government will be
  ready to take any necessary economic and political initiatives
  as it has in the past,"" Simonsen said.
     Standard and Poor's said weaker international
  competitiveness in the face of rising labour costs would mean a
  deteriorating current account balance and a rise in external
  debt.
      The external current account deficit rose to a record
  preliminary 34.5 billion crowns in 1986 from 29.1 billion in
  1985, bringing total foreign debt to 265 billion crowns,
  according to government statistics.
      Government economists forecast that the external current
  account deficit will fall to 19 billion crowns this year.
      Denmark's net foreign debt rose to 129 pct of total exports
  in 1986 from 83 pct in 1983, S and P said.
  

"
training/5555	12	earn	"MAGNETIC TECHNOLOGIES CORP <MTCC> 1ST HALF NET
  Jan 31 end
      Shr not given
      Net profit 105,013 vs loss 745,641
      Sales 3,661,565 vs 2,810,132
  

"
training/5556	12	earn	"GENCORP <GY> 1ST QTR FEB 28 NET
  Shr 77 cts vs 84 cts
      Net 17 mln vs 19 mln
      Sales 650 mln vs 614 mln
  

"
training/5558	16	gold	"BP UNIT SEES U.S. GOLD MINE PROCEEDING
  British Petroleum Co PLC said based on
  a feasibility report from Ridgeway Mining Co, its joint venture
  Ridgeway Project in South Carolina could start commercial gold
  production by mid-1988.
      The company said the mine would produce approximately
  158,000 ounces of gold per year over the first four full years
  of operation from 1989 through 1992 and at an average 133,000
  ounces a year over the full projected 11 year life of the mine.
      BP's partner is Galactic Resources Ltd of Toronto.
      BP said subject to receipt of all statutory permits,
  finalization of financing arrangements and management and joint
  venture review, construction of a 15,000 short ton per day
  processing facility can start. Capital costs to bring the mine
  into production are estimated at 76 mln dlrs.
  

"
training/5559	0	acq	"SAFETY-KLEEN <SK> TO BUY STAKE IN OIL REFINER
  Safety-Kleen Corp said it has
  tentatively agreed to buy an 80 pct stake in Breslube
  Enterprises of Toronto for 14 mln dlrs in stock, cash and
  equipment.
      Price includes 14 mln dlrs of Safety-Kleen common stock,
  cash and a rerefining plant owned by Safety-Kleen. Closing of
  the deal is expected by May.
      Breslube is a leading rerefiner of used lubricating oils in
  North America, collecting used oils from auto garages, car
  dealers and other businesses. In 1986 it refined 20 mln gallons
  of used oil.
  

"
training/5561	48	trade	"TRADE INTERESTS READY FOR BATTLE IN U.S. HOUSE
  U.S. lawmakers are gearing up for a
  showdown between protectionists and free traders as a major
  trade bill winds its way through committees to a vote by the
  full House of Representatives in late April.
      In a move to toughen U.S. enforcement of trade laws, a key
  House subcommittee last week approved a toned-down version of
  legislation to require President Reagan to retaliate against
  foreign countries that follow unfair trade practices.
      The bill will be the cornerstone of congressional efforts
  to restore competitiveness of American industries and turn
  around last year's record 169 billion dlrs trade deficit.
      Generally, the bill's provisions toughen U.S. enforcement
  of trade laws.
      The trade bill forces the administration to act rapidly on
  complaints of unfair trade practices, such as dumping products
  in the United States at prices below cost of production. It
  also forces the administration to act rapidly when an industry
  complains that a surge in imports threatens its existence.
      In writing the bill, the subcommittee rejected calls for
  trade relief for specific industries such as textiles.
      Several lawmakers have argued the new trade bill made too
  many concessions to Reagan and said they intend to back
  amendments to ""get tough"" with countries that violate trade
  agreements or keep out U.S. products.
      But congressmen known for their allegiance to free trade
  said the bill ties Reagan's hands too much in trade disputes
  and they will seek to restore his negotiating powers.
      Bill Frenzel, R-MI., said the subcommittee's bill was not
  one ""that a free trader like me could endorse in all respects,""
  but he emphasized there was a consensus among lawmakers to work
  toward a bill Reagan and Republicans would ultimately endorse.
      The goal of trade legislation was ""to make our trade policy
  stronger without violating our international trade agreements,""
  he said.
      In a key concession made at the urging of Ways and Means
  Committee chairman Dan Rostenkowski, D-IL., the trade
  subcommittee backed off a requirement that would have forced
  Reagan to impose automatically quotas or tariffs on imports
  from countries that engage in unfair trade practices.
      It also agreed the president may waive any retaliation if
  it would hurt the U.S. economy.
      Rostenkowski insisted the more moderate approach was
  necessary if the House wanted to pass a bill Reagan would sign
  into law.
      Reagan last year blocked Senate consideration of a tough
  House trade bill he branded as protectionist and this year he
  only reluctantly agreed to support a trade bill when he saw
  Democratic leaders were determined to pass such legislation.
      White House spokesman Marlin Fitzwater told reporters late
  last week that the administration still did not like some of
  the bill's provisions, but he added, ""Generally we feel very
  good about the bipartisan consideration of the trade
  legislation. I think we are progressing very well.""
      The first battle will take place next week when the full
  House Ways and Means Committee considers an amendment by Rep.
  Richard Gephardt, D-MO., to force countries like Japan, South
  Korea and Taiwan to cut their trade surpluses with the U.S.
      The subcommittee limited the Gephardt plan to provide only
  that the existence of a large trade surplus with the United
  States will trigger an investigation of unfair trade practices,
  but would not automatically set off retaliation.
      Organized labor has pressed lawmakers for more relief from
  imports where jobs have been lost to foreign competition.
      AFL-CIO president Lane Kirkland this year angered the
  administration when he said any trade bill Reagan would sign
  would not be worth passage in Congress.
      But Rostenkowski set the tone of the trade debate by
  saying, ""I'm not trying to write legislation to please Lane
  Kirkland. I'm trying to write legislation that will be signed
  by the president.""
      Rep. Ed Jenkins (D-GA.) intends to push separately a bill
  to protect the domestic textile and shoe industry, an aide
  said. Reagan vetoed a similar measure last year.
      House Speaker Jim Wright of Texas, one of the most
  influential proponents of aid for specific industries beset by
  low-priced foreign competition, last week renewed his call for
  import relief for the domestic oil industry and announced his
  support for a Senate plan to trigger a temporary oil import
  tariff when imports reach half of domestic consumption.
  

"
training/5563	12	earn	"MAGNETIC TECHNOLOGIES <MTCC> SEES IMPROVEMENT
  Magnetic Technologies Corp said
  it expects the second half to show continued growth in earnings
  and sales.
      The company today reported a profit for the first half
  ended January 31 of 105,013 dlrs, compared with a year-earlier
  loss of 745,641 dlrs, on sales of 3,661,565 dlrs, up from
  2,810,132 dlrs.  In all of last year, Magnetic earned 996,000
  dlrs after a loss from discontinued operations of 359,000 dlrs,
  on sales of 6,084,000 dlrs.
  

"
training/5564	16	gold	"LEVON RESOURCES REPORTS IMPROVED GOLD ASSAYS
  Levon Resources Ltd
  said re-checked gold assays from the Howard tunnel on its
  Congress, British Columbia property yielded higher gold grades
  than those reported in January and February.
      It said assays from zone one averaged 0.809 ounces of gold
  a ton. Levon previously reported the zone averaged 0.226 ounces
  of gold a ton. Levon said re-checked assays from zone two
  averaged 0.693 ounces of gold a ton.
      Levon Resources said the revised zone two assays compared
  to previously reported averages of 0.545 ounces of gold a ton.
      The company also said it intersected another vein 90 feet
  west of zone two, which assayed 0.531 ounces of gold a ton.
  

"
training/5565	12	earn	"WELBILT CORP <WELB> 4TH QTR NET
  Shr 58 cts vs 54 cts
      Net 3,144,000 vs 2,464,000
      Revs 54.6 mln vs 38.6 mln
      Avg shrs 5,394,000 vs 4,602,000
      Year
      Shr 2.03 dlrs vs 1.76 dlrs
      Net 10.5 mln vs 8,084,000
      Revs 201.1 mln vs 152.4 mln
      Avg shrs 5,154,000 vs 4,602,000
  

"
training/5566	12	earn	"SATELLITE MUSIC NETWORK INC <SMNI> YEAR NET
  Oper shr four cts vs three cts
      Oper net 340,036 vs 223,297
      Revs 11.1 mln vs 9,514,115
      Avg shrs 8,926,909 vs 7,672,146
      NOTE: Net excludes tax credits of 252,160 dlrs vs 152,717
  dlrs.
  

"
training/5567	16	gold	"STARREX LINKS SHARE PRICE TO ASSAY SPECULATION
  <Starrex Mining Corp Ltd> said a sharp
  
  rise in its share price is based on speculation for favorable
  results from its current underground diamond drilling program
  at its 35 pct owned Star Lake gold mine in northern
  Saskatchewan.
      Starrex Mining shares rose 40 cts to 4.75 dlrs in trading
  on the Toronto Stock Exchange.
      The company said drilling results from the program which
  started in late February are encouraging, ""but it is too soon
  for conclusions."" Starrex did not disclose check assay results
  from the exploration program.
  

"
training/5568	12	earn	"COMBINED INT'L TO ASK DOUBLING OF AUTHORIZED SHARES, STOCK SPLIT

  COMBINED INT'L TO ASK DOUBLING OF AUTHORIZED SHARES, STOCK SPLIT
  

"
training/557	12	earn	"HARLEY-DAVIDSON INC <HDI> 4TH QTR NET
  Oper shr 18 cts vs 51 cts
      Oper net 1,048,000 vs 1,870,000
      Revs 72.2 mln vs 73.5 mln
      Avg shrs 5,910,000 vs 3,680,000
      Year
      Oper shr 82 cts vs 72 cts
      Oper net 4,307,000 vs 2,637,000
      Revs 295.3 mln vs 287.5 mln
      Avg shrs 5,235,000 vs 3,680,000
      NOTE: Results exclude one-time gains of 223,000 or four cts
  and 564,000 or 11 cts for 1986 qtr and year vs gains of
  6,359,000 or 1.73 dlrs and 7,318,000 or 1.99 dlrs for prior
  periods.
  

"
training/5571	12	earn	"CANBRA FOODS LTD SETS SPECIAL ONE-TIME FIVE DLR/COMMON SHR CASH PAYOUT

  CANBRA FOODS LTD SETS SPECIAL ONE-TIME FIVE DLR/COMMON SHR CASH PAYOUT
  

"
training/5572	12	earn	"CANBRA FOODS LTD YEAR OPER SHR PROFIT 1.52 DLRS VS LOSS 55 CTS

  CANBRA FOODS LTD YEAR OPER SHR PROFIT 1.52 DLRS VS LOSS 55 CTS
  

"
training/5573	12	earn	"WILSON FOODS CORP <WILF> 2ND QTR JAN 31 NET
  Oper shr profit 21 cts vs loss 55 cts
      Oper net profit 1,528,000 vs loss 3,296,000
      Sales 329.4 mln vs 368.0 mln
      1st half
      Oper shr profit 28 cts vs loss 4.55 dlrs
      Oper net profit 2,026,000 vs loss 27.3 mln
      Sales 691.3 mln vs 738.2 mln
      NOTE: Prior half net includes pretax charge 21.4 mln dlrs
  from plant closings and workforce reductions.
      Current year net excludes tax credits of 1,381,000 dlrs in
  quarter and 1,722,000 dlrs in half.
  

"
training/5575	12	earn	"<CANBRA FOODS LTD> YEAR NET
  Oper shr profit 1.52 dlrs vs loss 55 cts
      Oper profit 4,172,188 vs loss 1,502,032
      Revs not given
      Note: 1986 shr and net exclude extraordinary gain of
  1,294,245 dlrs or 47 cts share on sale of Stafford Foods unit
  

"
training/5576	12	earn	"OXFORD FIRST CORP <OFC> 4TH QTR NET
  Oper shr 45 cts vs 24 cts
      Qtly div six cts vs six cts prior
      Oper net 1,766,000 vs 950,000
      Revs 9,321,000 vs 5,298,000
      Year
      Oper shr 1.25 dlrs vs one dlr
      Oper net 4,985,000 vs 3,894,000
      Revs 28.3 mln vs 19.9 mln
      NOTE: Net excludes losses from discontinued operations of
  161,000 dlrs vs 66,000 dlrs in quarter and 464,000 dlrs vs
  226,000 dlrs in year.
      Dividend pay May Five, record April 13.
      Share adjusted for three-for-two stock split.
  

"
training/5579	12	earn	"HARRIS-TEETER PROPERTIES <HTP> REPORTS EARNINGS
  Harris-Teeter Properties Inc
  reported fourth quarter fiscal 1986 earnings per share of 24
  cts on earnings of 601,000 dlrs. 
      The realty investment trust company started operations in
  August and had no comparable figures, it said.
  

"
training/558	0	acq	"<HOECHST AG> COMPLETES CELANESE <CZ> ACQUISITION
  Hoechst AG of West Germany said
  it has completed the acquisition of Celanese Corp.
      Hoechst acquired a majority of Celanese shares in a recent
  tender offer at 245 dlrs per common share.
  

"
training/5582	12	earn	"BSN CORP <BSN> 4TH QTR NET
  Shr two cts vs eight cts
      Net 73,000 vs 233,000
      Revs 21.0 mln vs 9,510,000
      Avg shrs 3,620,000 vs 2,886,000
      Year
      Shr 66 cts vs 37 cts
      Net 2,246,000 vs 1,064,000
      Revs 68.3 mln vs 40.8 mln
      Avg shrs 3,392,000 vs 2,886,000
      NOTE: 1985 year net includes extraordinary gain one ct shr
  and gain two cts from cumulative effect of accounting change.
  

"
training/5583	12	earn	"BSN <BSN> SEES HIGHER 1987 NET
  BSN Corp said it expects revenues of
  about 120 mln dlrs and a substantial increase in net income and
  earnings per share for 1987.
      Today it reported 1986 net income of 2,246,000 dlrs or 66
  cts per share on revenues of 68.3 mln dlrs, up from 1,064,000
  dlrs or 37 cts per share on revenues of 40.8 mln dlrs a year
  before.
  

"
training/5585	12	earn	"COMBINED INT'L <PMA> HOLDERS TO VOTE ON SPLIT
  Combined International Corp said it
  will ask shareholders at the April 23 annual meeting to approve
  the doubling of authorized common shares to 120 mln.
      Holders will also vote on a proposal to create a new class
  of 25 mln shares of serial preferred stock one dlr par value in
  place of its existing classes of authorized and unissued
  preferred stock.
      It said at its regular March board meeting members will
  consider a stock split or stock dividend, which would be
  contingent upon stockholder approval of the changes in the
  capital structure at the April annual meeting.
      Holders will also be asked to approve a new corporate name,
  Aon Corp. It said aon is a Gaelic word meaning unit. The name
  is intended to eliminate confusion between the parent company
  and its principal subsidiary, Combined Insurance Co of America.
      Holders will also vote on a proposal to limit the liability
  of directors and amend the provision for indemnifying
  directors, officers employees an agents. This is being done to
  reduce the costs of liability insurance.
  

"
training/5586	12	earn	"CANBRA FOODS SETS SPECIAL FIVE DLR/SHR PAYOUT
  <Canbra Foods Ltd>, earlier
  reporting a 1986 net profit against a year-ago loss, said it
  declared a special, one-time dividend of five dlrs per common
  share, pay March 31, record March 26.
      Canbra said it set the special payout to allow shareholders
  to participate in the gain on the sale of unit Stafford Foods
  Ltd in November, 1986, as well as the company's ""unusually
  profitable performance"" in 1986.
      Canbra earlier reported 1986 net earnings of 4.2 mln dlrs,
  excluding a 1.3 mln dlr gain on the Stafford sale, compared to
  a year-ago loss of 1.5 mln dlrs.
  

"
training/559	0	acq	"AMERICUS TRUST <HPU> EXTENDS DEADLINE
  Americus Trust for American Home
  Products Shares said it extended its deadline for accepting
  tendered shares until November 26, an extension of nine months.
      The trust, which will accept up to 7.5 mln shares of
  American Home Products <AHP>, said it has already received
  tenders for about four mln shares.
      The trust is managed by Alex. Brown and Sons Inc <ABSB> and
  was formed November 26, 1986.
  

"
training/5592	12	earn	"ADVANCE CIRCUITS INC <ADVC> 2ND QTR FEB 28 NET
  Oper shr profit one cts vs loss 22 cts
      Oper net profit 35,000 vs loss 948,000
      Revs 17.4 mln vs 13.8 mln
      Six mths
      Oper shr loss 23 cts vs loss 48 cts
      Oper net loss 1,025,000 vs loss 2,093,000
      Revs 32.5 mln vs 27.6 mln
      NOTE: Results exclude credits of 1,737,000 or 39 cts shr
  for both 1987 periods from refinancing of debt.
  

"
training/5593	12	earn	"COMMONWEALTH MORTGAGE <CMA> SETS PAYOUT
  Qtrly div 26 cts Class A vs 12 cts
      Qtrly div one cent Class B vs nil
      Pay May 15
      Record March 31
      NOTE: prior qtr pro rated on 45 day basis for abbreviated
  qtr.
      Full name of company commonwealth mortgage of america.
  

"
training/5594	12	earn	"<BKLA BANCORP> DEC 31 YEAR NET
  Shr 90 cts vs 66 cts
      Net 924,000 vs 679,000
      Loans 88.7 mln vs 67.4 mln
      Deposits 165.5 mln vs 106.7 mln
      Assets 181.5 mln vs 124.5 mln
  

"
training/5595	12	earn	"PRECISION TARGET MARKETING <PTMI> 3RD QTR NET
  Qtr ends Jan 31
      Shr profit one ct vs loss two cts
      Net profit 74,000 vs loss 122,000
      Revs 1,657,000 vs 1,416,000
      Nine mths
      Shr profit five cts vs loss 10 cts
      Net profit 299,000 vs loss 624,000
      Revs 5,134,000 vs 3,744,000
      NOTE: Full name Precision Target Marketing Inc.
      Nine months 1987 includes extraordinary gain of two cts per
  share.
  

"
training/5596	0	acq	"CHEYENNE SOFTWARE <CHEY> IN ACQUISITION TALKS
  Cheyenne Software Inc said it is
  in preliminary talks on the acquisition of compouter hardware
  distribution firm F.A. Components Inc and its Freeman-Owings
  Inc subsidiary.
      The company said F.A. had sales of 43.1 mln dlrs for 1986
  and expects to report a loss for the year.
      Cheyenne said the purchase price would be paid in common
  stock and it would provide additional finances for the
  operation of F.A.
  

"
training/5597	0	acq	"HUDSON VALLEY PATROL AGREES TO BUY GUARD FIRM
  Hudson Valley Patrol Inc said it
  agreed to acquire privately held Federal Protection Services
  Inc, a Palm Beach, Fla., security firm, for 200,000 common
  shares and other considerations.
      Hudson Valley, which provides guard and patrol services in
  upstate N.Y., said Federal Protection Services provides
  investigation, uniformed guard and armoured truck services to
  banks, corporations and residential communities in southern
  Florida.
      The company said it will issue 200,000 shares of its common
  at closing and additional shares based on Federal Protection's
  pretax earnings over the next three years.
      Closing is subject to setting a definitive agreement, it
  said.
  

"
training/5598	4	cocoa	"ICCO TO EXAMINE BUFFER STOCK PROPOSAL TOMORRROW
  The International Cocoa Organization,
  ICCO, council adjourned after presenting divergent producer and
  consumer views on buffer stock rules and agreeing to examine a
  draft compromise proposal on the buffer stock issue tomorrow,
  delegates said.
      ICCO Executive Director Kobena Erbynn will draw up what
  some delegates called a ""pre-compromise"" and present it to the
  buffer stock working group at 1130 hrs GMT Tuesday, they said.
      While consumer and producer member nations disagree how a
  buffer stock should be implemented, both sides reiterated they
  were willing to compromise to come to agreement, they said.
      ""I am optimistic we will be able to come to an agreement --
  maybe not tomorrow or the next day, but some time later in the
  session,"" a consumer delegate said.
      Producers say they want the buffer stock to consist only of
  ICCO member cocoa, comprise a representative basket of various
  grade cocoas and pay different prices for different grades,
  delegates said.
      Some consumers would rather the buffer stock manager be
  able to buy non-member cocoa also, and pay a single price for
  the buffer stock cocoa without respect to origin.
      Consumer members were not unified in their views on how the
  buffer stock should operate, with several countries backing
  different aspects of the producer stance, delegates said.
      The semi-annual council meeting is scheduled to run until
  March 27. Consideration of the buffer stock rules is the most
  controversial topic on the agenda, delegates said.
  

"
training/56	12	earn	"AM INTERNATIONAL <AM> CITES STRONG PROSPECTS
  AM International Inc, reporting an
  operating loss for the January 31 second quarter, said
  prospects for the balance of the fiscal year remain good.
      It said orders at its Harris Graphics subsidiary, acquired
  in June 1986, ""continue to run at a strong pace."" For the six
  months, orders rose 35 pct over the corresponding prior-year
  period, or on an annualized basis are running at about 630 mln
  dlrs.
      The backlog at Harris is up 30 pct from the beginning of
  the fiscal year, AM said.
      AM International said its old division are expected to
  benefit from recent new product introductions and the decline
  in the value of the dollar.
      ""Research, development and engineering expenditures in
  fiscal 1987 will be in the 45-50 mln dlr range, and the company
  said it has allocated another 30-40 mln dlrs for capital
  expenditures.
      Earlier AM reported a fourth quarter operating loss of two
  cts a share compared to profits of seven cts a share a year
  ago. Revenues rose to 291.8 mln dlrs from 151.1 mln dlrs.
  

"
training/560	12	earn	"MORSE SHOE INC <MRS> 4TH QTR NET
  Shr 59 cts vs 48 cts
      Net 3,244,000 vs 2,584,000
      Revs 169.3 mln vs 156.0 mln
      12 mths
      Shr 1.78 dlrs vs 1.32 dlrs
      Net 9,733,000 vs 7,164,000
      Revs 585.6 mln vs 541.0
  

"
training/5600	12	earn	"AMCAST INDUSTRIAL CORP <ACST> 2ND QTR MARCH ONE
  Shr profit 10 cts vs loss 2.20 dlrs
      Net profit 687,000 vs loss 14.5 mln
      Sales 68.3 mln vs 54.8 mln
      Avg shrs 7,018,000 vs 6,577,000
      1st half
      Shr profit 38 cts vs loss 1.95 dlrs
      Net profit 2,596,000 vs loss 12.8 mln
      Sales 129.9 mln vs 113.3 mln
      Avg shrs 6,964,000 vs 6,568,000
  

"
training/5602	12	earn	"SCIENTIFIC SYSTEMS SERVICES INC <SSSV> 4TH QTR
  Shr profit four cts vs loss 49 cts
      Net profit 160,700 vs loss 1,867,100
      Revs 4,700,000 vs 5,600,000
      Year
      Shr profit two cts vs loss 1.20 dlrs
      Net profit 84,400 vs loss 4,507,800
      Revs 20.5 mln vs 22.5 mln
  

"
training/5603	12	earn	"SKIPPERS INC <SKIP> SEMI-ANNUAL DIVIDEND
  Semi-annual div four cts vs four cts
      Pay April 30
      Record April 9
  

"
training/5604	12	earn	"ZIEGLER CO INC <ZEGL> SETS QUARTERLY
  Qtly div 13 cts vs 13 cts prior
      Pay April 17
      Record April 3.
  

"
training/5608	0	acq	"BANKING CENTER <TBCX> TO MAKE ACQUISITION
  Banking Center said it has
  signed a letter of intent to acquire First Railroad Mortgage Co
  from First Union Bank of Augusta, Ga., for undisclosed terms.
      The company said First Railroad had loan production of over
  100 mln dlrs in 1986 and was servicing over 435 mln dlrs in
  loans at the end of 1986.
  

"
training/5609	0	acq	"SAN PAOLO DI TORINO TO ACQUIRE CALIFORNIAN BANK
  Italian state bank <Istituto Bancario San
  Paolo di Torino> said its fully-owned <San Paolo U.S. Holding
  Co> of Wilmington in the U.S. had signed a letter of intent to
  acquire <Valley National Bank> of California.
      San Paolo said in a statement that, subject to obtaining
  official authorization from the relevant bodies, it would merge
  Valley National Bank with its subsidiary <First Los Angeles
  Bank>.
      Value of the planned acquisition was not disclosed.
  

"
training/5611	17	grain	"U.S. SENATOR UNCOMMITTED ON OFFERING 0/92 BILL
  Senator Richard Lugar of Indiana,
  ranking Republican on the U.S. Senate Agriculture Committee,
  has not decided whether to introduce an administration-backed
  bill to apply the so-called 0/92 provision to 1988 through 1990
  grain crops, an aide to the senator said.
      The Reagan administration has asked Lugar to offer the
  measure, the aide said.
      However, a number of farm groups have told Lugar they
  oppose the proposal on the grounds it would reopen the 1985
  farm bill, and the senator has decided to take a second look at
  the proposal, the aide said.
      Last week the aide indicated Lugar was planning to offer
  the 0/92 measure and a bill to tighten a payment limitation
  loophole.
  

"
training/5615	0	acq	"INTERNATIONAL FINE FOODS MAKES ACQUISITION
  <International Fine Foods Inc> said it
  has acquired 2001 Distributors Inc of West Babylon, N.Y., for
  875,000 common shares, plus contingent shares based on future
  earnings.
      2001 distributes fresh-squeezed juices and had a loss on
  sales of about one mln dlrs in 1986, its first year of
  operation.
  

"
training/5617	12	earn	"UNITED TOTE INC <TOTE> 1ST QTR JAN 31 NET
  Shr profit nil vs loss 10 cts
      Net profit 2,936 vs loss 170,866
      Revs 4,147,248 vs 1,091,392
  

"
training/562	5	coffee	"ICO QUOTA TALKS CONTINUE, OUTCOME HARD TO GAUGE
  Talks at the extended special meeting of
  the International Coffee Organization (ICO) on the
  reintroduction of export quotas continued, but chances of
  success were still almost impossible to gauge, delegates said.
      Producer delegates were meeting to examine a Colombian
  proposal to resume historical quotas from April 1 to September,
  with a promise to define specific new criteria by which a new
  quota system would be calculated in September for the new crop
  year, they said.
      Opinions among delegates over the potential for reaching a
  quota agreement varied widely.
      Some consumers said the mood of the meeting seemed slightly
  more optimistic. But Brazil's unwillingness to concede any of
  its traditional 30.55 pct of its export market share looks
  likely to preclude any accord, other delegates said.
      No fresh proposals other than the Colombian initiative had
  been tabled formally today, delegates said.
      A full council meeting was set for 1900 hours for a
  progress report, delegates said.
  

"
training/5620	12	earn	"SEVEN OAKS <QPON> IN TELEMARKETING VENTURE
  Seven Oaks International Inc
  said it has formed a new 80 pct owned subsidiary called Seven
  Oaks Direct Inc to offer a full line of telemarketing services.
      It said Seven Oaks direct management will own the remaining
  20 pct.
      The company said initial costs connected with the startupo
  of a new Memphis, Tenn., marketing center for Seven Oaks direct
  may hurt earnings slightly in the first half of the year ending
  in April 1988, but Seven Oaks Direct should operate at no worse
  than breakeven for fiscal 1988 as a whole.
  

"
training/5624	12	earn	"QUADREX CORP <QUAD> 4TH QTR JAN 31 LOSS
  Shr loss eight cts vs loss 20 cts
      Net loss 586,000 vs los 1,497,000
      Revs 13.8 mln vs 14.4 mln
      Year
      Shr loss 15 cts vs loss 18 cts
      Net loss 1,135,000 vs loss 1,377,000
      Revs 57.7 mln vs 55.1 mln
  

"
training/5627	12	earn	"PHILIP CROSBY ASSOCIATES <PCA> EARNINGS DELAYED
  Philip Crosby Associates Inc
  said its fourth quarter and annual earnings report will be
  delayed two more weeks.
      The company cited the recent in-house embezzlement and a
  subsequent review by auditors of its international situation as
  reason for the delay.
      Philip Crosby, however, said it believes its December
  estimate calling for earnings per share between 10 cts and 15
  cts, on revenues of 11 mln dlrs, was still valid.
  

"
training/5629	12	earn	"UNITED TOTE INC <TOTE> 1ST QTR JAN 31 NET
  Shr nil vs loss 10 cts
      Net profit 2,936 vs loss 170,866
      Revs 4,147,248 vs 1,091,392
  

"
training/5632	12	earn	"NEW PLAN REALTY TRUST <NPR> 2ND QTR NET
  Qtr ends Jan 31
      Shr 22 cts vs 19 cts
      Net 4,549,000 vs 3,666,000
      Revs 8,903,000 vs 7,791,000
      Avg shrs 20.9 mln vs 19.9 mln
      Six mths
      Shr 42 cts vs 41 cts
      Net 8,641,000 vs 7,928,000
      Revs 17.5 mln vs 14.6 mln
      Avg shrs 20.8 mln vs 19.4 mln
      NOTE: earnings were restated to reflect the three-for-two
  stock split on April one, 1986.
  

"
training/5634	0	acq	"SCHLUMBERGER SAYS IT TERMINATES PACT TO SELL FAIRCHILD SEMICONDUCTOR BUSINESS TO FUJITSU

  SCHLUMBERGER SAYS IT TERMINATES PACT TO SELL FAIRCHILD SEMICONDUCTOR BUSINESS TO FUJITSU
  

"
training/5641	0	acq	"LYNCH CORP <LGL> UNIT BUYS TELEVISION STATION
  Lynch Corp subisidiary Lynch
  Entertainment Corp said it formed a general partnership called
  Coronet Communications Co, which has acquired WHBF-TV station,
  in Rock Island, Ill.
      The company said the price for the station, a CBS
  television network affiliate, was 20 mln dlrs. The company also
  said the other partner is Lombardo Communications Inc, a
  wholly-owned corporation of Phillip Lombardo.
      Lynch said it will pursue further acquisitions of media and
  entertainment entities with emphasis on broadcasting and cable
  television operations.
  

"
training/5643	0	acq	"SCHLUMBERGER <SLB> ENDS PACT TO SELL FAIRCHILD
  Schlumberger Ltd said it terminated an
  agreement in principle for Fujitsu Ltd to buy 80 pct of its
  Fairchild Semiconductor operations.
      The company said the rising political controversy in the
  U.S. concerning the venture made it unlikely that the sale of
  the Fairchild stake could be completed within a reasonable
  time.
      The sale has been opposed by the U.S. Commerce Department
  and the U.S. Defense Department, in part on national security
  grounds.
      The company said termination of the agreement opened other
  possibilities, including a possible leveraged buyout of the
  semiconductor maker by Fairchild management.
      In the interim, Fairchild would continue its ongoing
  business within Schlumberger, the oilfield services concern
  said.
      Last October, Schlumberger announced the sale of the
  Fairchild stake and said it would take a 200 mln dlrs charge in
  the fourth quarter from the sale. The company ended up
  recording special charges of 2.1 billion dlrs in the fourth
  quarter, leading to a loss of 2.02 billion dlrs for the year.
      Schlumberger never announced a price for the sale, but
  industry analysts have estimated the value of the deal at about
  200 mln dlrs.
      The proposed sale was under antitrust review by the U.S.
  Justice Department. Additionally, Commerce Secretary Malcolm
  Baldridge and other U.S. officials have voiced reservations
  about the transaction since it was announced.
      Government officials have expressed concern that the sale
  could reduce the competitiveness of U.S. chip makers by putting
  key advanced technology into Japanese hands.
      New, high-technology semiconductors are used in
  supercomputers, which are faster and more powerful than
  existing computers.
      Schlumberger is an oilfield services company controlled by
  French interests and headquartered in New York. Fujitsu Ltd is
  a computer and telecommunications company based in Japan.
  

"
training/5644	12	earn	"HENLEY GROUP <HENG> SETS FISHER DISTRIBUTION
  Henley Group Inc said it
  declared a special dividend distribution of one Fisher
  Scientific Group Inc share for every 16 Henley shares.
      Previously, it said it would pay one fisher share for every
  20 outstanding, but it changed the ratio because of the
  reduction in its outstanding shares to 109 mln from 129 mln.
      It said the distribution of about 20 pct of Fisher's common
  stock will be made April six to holders of record March 26.
  Fisher will trade on NASDAQ under the symbol <FSHG>.
  

"
training/5647	12	earn	"GENCORP <GY> 1ST QTR OPERATING EARNINGS ROSE
  GenCorp said its first quarter
  earnings from operations rose four pct as sales increased six
  pct to 650 mln dlrs from 614 mln a year earlier.
      However, the company reported net income declined to 17 mln
  dlrs, or 77 cts a share, in the quarter ended February 28 from
  19 mln dlrs, or 84 cts a year earlier. This year's net included
  700,000 dlrs from the sale of assets while last years was
  increased 3.0 mln dlrs by such sales.
      GenCorp said lower operating profits for the tire and
  plastics and industrial products segments were essentially
  offset by higher wallcovering results.
  

"
training/5650	12	earn	"MCCORMICK AND CO INC <MCCRK> 1ST QTR FEB 28 NET
  Shr 37 cts vs 35 cts
      Net 4,346,000 vs 4,202,000
      Revs 232.0 mln vs 223.2 mln
  

"
training/5652	0	acq	"TWA SAID IT DOES NOT INTEND TO SEEK CONTROL OF USAIR, ACQUIRE MORE STOCK AT THIS TIME

  TWA SAID IT DOES NOT INTEND TO SEEK CONTROL OF USAIR, ACQUIRE MORE STOCK AT THIS TIME
  

"
training/5654	12	earn	"TELEQUEST INC <TELQ> 4TH QTR DEC 31 LOSS
  Shr loss nine cts vs profit 35 cts
      Net loss 299,000 vs profit 1,025,000
      Sales 9,704,000 vs 9,659,000
      Avg shrs 3,792,138 vs 2,892,138
      Year
      Shr profit one ct vs profit 58 cts
      Net profit 45,000 vs profit 1,705,000
      Sales 25.4 mln vs 17.8 mln
      Avg shrs 3,567,138 vs 2,892,138
  

"
training/5655	49	veg-oil	"U.S. EEP VEG OIL PROPOSALS STILL UNDER REVIEW
  U.S. Agriculture Department
  proposals to offer 260,000 tonnes of subsidized vegetable oil
  to four countries are still under consideration by an
  interagency trade policy group, a USDA official close to the
  group said.
      The official, who asked not to be identified, dismissed a
  report circulating in markets today that the interagency trade
  policy review group had rejected the proposals.
      Under the proposals, USDA would offer vegetable oil under
  the export enhancement program, EEP, to four countries,
  including 80,000 tonnes to Turkey and 60,000 tonnes to Algeria,
  Morocco and Tunisia, industry sources said.
      The proposals ""are still under review"" by the interagency
  working group, the USDA official said.
  

"
training/5657	12	earn	"AMCAST INDUSTRIAL CORP <ACST> 2ND QTR NET
  Qtr ends March One
      Shr profit 10 cts vs loss 2.20 cts
      Net profit 687,000 vs loss 14.5 mln
      Revs 68.3 mln vs 54.8 mln
      Avg shrs 7,018,000 vs 6,577,000
      Six mths
      Shr profit 38 cts vs loss 1.95
      Net profit 2,596,000 vs loss 12.8 mln
      Revs 129.9 mln vs 113.3 mln
      Avg shrs 6,964,000 vs 6,568,000
      NOTE: figures for qtr and year prior include pre-tax
  restructuring charge of 22.5 mln.
  

"
training/5658	12	earn	"CHICAGO DOCK AND CANAL <DOCKS> 3RD QTR NET
  Period ended Jan 31
      Shr 16 cts vs 10 cts
      Net 901,000 vs 562,000
      Nine mths
      Shr 1.77 dlrs vs 19 cts
      Net 9,886,000 vs 1,122,000
      NOTE: Full name is Chicago Dock and Canal Trust
      1987 nine months earnings include gain from dispositions of
  real estate of 7,666,000 dlrs, or 1.33 dlrs a share
  

"
training/5659	0	acq	"MCGRAW HILL <MHP> BUYS HARPER/ROW <HPR> UNIT
  McGraw-Hill Inc said it bought
  <Medecines et Sciences Internationales SA>, a French Healthcare
  publisher, from Harper and Row Publishers Inc.
      The sum of the deal was not disclosed.
      It said the French company publishes original titles by
  French authors, as well as translations of American, British
  and German Medical books. The company will be consolidated with
  McGraw-Hill France, it said.
  

"
training/5660	12	earn	"INFINITE GRAPHICS <INFG> SEES HIGHER 4TH QTR
  Infinite Graphics Inc expects earnings
  for the fourth quarter ending April 30 to exceed the 127,587
  dlrs, or seven cts a share posted a year ago, Chairman Clifford
  F. Stritch Jr. told a meeting of financial analysts.
      Stritch also said the company's annual revenues should
  exceed 6.0 mln dlrs, up from 4.1 mln dlrs in the previous
  fiscal year.
      He said the company, which markets advanced computer-aided
  engineering, design and manufacturing systems, plans to double
  its dealers to 50 during the coming fiscal year.
  

"
training/5661	0	acq	"SUBURBAN BANCORP <SUBBA> UNIT WINS JUDGMENT
  Suburban Bancorp said a Cook
  County Circuit Court ruled in favor of one of its companies,
  Suburban Bancorp of Bartlett (formerly Bartlett State Bank) on
  claims against six former directors.
      Suburban Bank of Barlett claimed that the former directors
  breached their fiduciary duties and were negligent in opposing
  Suburban Bancorp's tender offer in January 1985, costing
  Bartlett State Bank several hundred thousand dollars.
      It said a hearing to determine the amount of damages owed
  to the bank was set for April 21.
  

"
training/5662	12	earn	"AFFILIATED PUBLICATIONS INC <AFP> SETS PAYOUT
  Qtrly div eight cts vs eight cts prior
      Pay June 1
      Record May 15
  

"
training/5663	12	earn	"FRANKLIN RESOURCES INC <BEN> QTLY DIVIDEND
  Shr six cts vs six cts prior qtr
      Pay April 10
      Record March 27
  

"
training/5664	0	acq	"TWA FILES APPLICATION SEEKING RIGHT TO RAISE USAIR STAKE TO 25 PCT

  TWA FILES APPLICATION SEEKING RIGHT TO RAISE USAIR STAKE TO 25 PCT
  

"
training/5665	0	acq	"COOPERVISION HAS 6.5 PCT OF COOPER LASER <ZAPS>
  CooperVision Inc <EYE> told the
  Securities and Exchange Commission it has acquired 1,420,500
  shares of Cooper LaserSonics Inc, or 6.5 pct of the total
  outstanding common stock.
      CooperVision said it bought the stake for 2.9 mln dlrs for
  investment purposes.
      It said it might buy additional Cooper LaserSonics common
  shares, but said it does not plan to boost its stake above 10
  pct of the total outstanding.
  

"
training/5667	0	acq	"DNA MEDICAL <DNAM> SIGNS PACT FOR STOCK SALE
  DNA Medical Inc said Walter G.
  Mize had bought about 9,400,000 shares, or about 33 pct of
  DNA's outstanding stock, for 100,000 dlrs cash.
      Under an agreement with Mize, DNA said he will also become
  chairman, and may, at his option, expand the board to provide
  him equal representation with the current board.
      DNA also said it will submit a proposal at its annual
  meeting for it to acquire three companies owned by Mize,
  <Heritage Lite Meat Corp>, <National Lean Beef Corp> and
  <Heritage Cattle <Corp>. DNA said the total value of the
  transactions is 700,000 dlrs.
      DNA said that when the transactions are approved by its
  shareholders, it will issue additional shares of its common so
  that Mize will own 80 pct of its issued and outstanding stock.
      DNA said Mize will replace its current chairman, Donald
  Holbrook, who will remain on the board.
      The company also said it will continue in the medical
  development business as ""long as it is deemed to be
  advantageous.""
  

"
training/5669	12	earn	"<CANADIAN ROXY PETROLEUM LTD> YEAR NET
  Shr profit five cts vs loss 23 cts
      Net profit 916,000 vs loss 2,886,000
      Revs 20.0 mln vs 28.2 mln
  

"
training/5670	0	acq	"CITYFED <CTYF> TO SELL CONSUMER LENDING OFFICES
  CityFed Financial Corp said
  its City Federal Savings Bank has a preliminary agreement to
  sell 14 consumer lending offices to <Goldome FSB> for
  undisclosed terms.
      Goldome is the largest mutual savings bank in the U.S.
      CityFed said it decided to sell its consumer lending
  offices outside its main market areas in New Jersey and Florida
  to concentrate its resources to these markets.
      The offices being sold operate under the name of City
  Consumer Serices Inc in Arizona, Colorado, Illinois, Maryland,
  New Mexico, Oregon and Virginia.
  

"
training/5671	0	acq	"TRANS WORLD AIRLINES <TWA> FILES ON USAIR <U>
  Trans World Airlines said it told the
  Securities and Exchange Commission it does not intend to seek
  control of USAir Group or to acquire more of its stock at this
  time.
      TWA also said it is amending its application with the
  Department of Transportation to seek control of USAir.
      The amendment said TWA reserves the right to seek control
  of USAir in the future, that it intends to maintain its 15 pct
  stake, and that it also is seeking the flexibility to acquire
  up to 25 pct of USAir.
      TWA said all USAir stock owned by it would be in a voting
  trust and voted in the same proportion as the vote of all other
  USAir shareholders.
      TWA filed a 13-D with the Securities and Exchange
  Commission, reporting its holding of 4,023,200 shares of USAir.
  TWA has said the stake amounts to about 15 pct.
      TWA also said that by order of the federal court in
  Pittsburgh, it is temporarily barred from buying additional
  shares of USAir pending a hearing March 23 to reconsider
  USAir's application to expand the temporary restraining order
  to a preliminary injunction.
  

"
training/5672	0	acq	"FIRST BANK <FBS> AGREES TO SELL ANOTHER BANK
  First Bank System Inc said it has
  found a potential buyer for First Bank Luverne and its office
  in Pipestone, Minnesota.
      The bank holding company said 215 Holding Co, a corporation
  controlled by the family of the late Robert Short, will buy
  First Bank Luverne. The bank has 59.2 mln dlrs in assets.
      First Bank, which announced plans in 1985 to restructure
  its banking assets by offering to sell 28 of its banks with a
  total of 45 offices, said agreements have now been signed for
  43 of these offices.
  

"
training/5675	0	acq	"AMERICAN INTERNATIONAL PETROLEUM TO BUY ASSETS
  American International Petroleum Corp
  <AIPN> said it agreed to acquire for one mln dlrs the assets of
  a western Louisiana oil and gas company. American International
  would not identify the company.
      American said assets included nine leases totalling 2,600
  acres, various working interests in 15 oil and gas wells on
  that property, all equipment and machinery necessary for
  operation, and a 50 pct interest in a nine-mile gas pipeline.
  

"
training/5677	12	earn	"THREE D DEPARTMENTS INC <TDD> 2ND QTR JAN 31
  Shr four cts vs 15 cts
      Net 132,851 vs 501,537
      Revs 10 mln vs 15.5 mln
      Six mths
      Shr 12 cts vs 24 cts
      Net 409,383 vs 812,045
      Revs 19.4 mln vs 29.1 mln
  

"
training/5678	12	earn	"<CONSOLIDATED PIPE LINES CO> YEAR NET
  Shr 1.19 dlrs vs 1.38 dlrs
      Net 1,499,234 vs 1,713,941
      Revs 23.2 mln vs 10.3 mln
  

"
training/5679	12	earn	"NEWCOR INC <NEW> 1ST QTR JAN 31 NET
  Shr profit four cts vs loss 58 cts
      Net profit 119,000 vs loss 1,629,000
      Sales 18.4 mln vs 17.0 mln
  

"
training/5680	12	earn	"SKYLINE CORP <SKY> 3RD QTR FEB 28
  Shr 13 cts vs seven cts
      Net 1,487,000 vs 778,000
      Sales 64.4 mln vs 58.3 mln
      Nine mths
      Shr 66 cts vs 55 cts
      Net 7,388,000 vs 6,127,000
      Sales 223.0 mln vs 222.2 mln
      NOTE: 1987 quarter and nine month earnings includes a gain
  on sale of idle facilities of 406,000 dlrs, or four cts a share
      1986 nine months earnings include gain on sale of idle
  facilities of 377,000 dlrs, or three cts a share
  

"
training/5682	12	earn	"TECH DATA CORP <TECD> 4TH QTR ENDS JAN 31 NET
  Shr 24 cts vs 13 cts
      Net 771,000 vs 314,000
      Revs 24.1 mln vs 11.3 mln
      Avg shrs 3,234,000 vs 2,426,000
      12 mths
      Shr 65 cts vs 38 cts
      Net 1,983,000 vs 904,000
      Revs 71.5 mln vs 37.7 mln
      Avg shrs 3,035,000 vs 2,371,000
  

"
training/5684	48	trade	"BRAZIL TRADE SURPLUS RISES IN FEBRUARY
  The trade surplus doubled in
  february to 261 mln dlrs from January's 129 mln, but was  below
  the 628 mln of February 1986, official figures show.
      The director of the Banco do Brasil's foreign trade
  department (CACEX), Roberto Fendt, told reporters the upturn in
  February confirmed a rising trend in exports, which totalled
  1.53 billion dlrs against 1.26 billion in January and, after
  excluding coffee and oil derivitives, was only slightly below
  the same month last year.
      Coffee earnings were down to 110 mln dlrs against 295 mln
  in February 1986 because of lower prices, he added.
      Fendt said that although the February results were lower
  than the average expected for the rest of the year, the
  government's target of an eight-billion-dlr surplus for 1987
  should be achieved. This would compare with a 1986 surplus of
  9.5 billion dlrs.
      Exports this year are expected to total 22.5 billion dlrs
  and imports 14.5 billion, he added. In 1986 exports totalled
  22.4 billion dlrs and imports 12.9 billion.
      Fendt said the rise in imports in February to 1.27 billion
  dlrs from 1.12 billion in February last year was in line with
  government plans to foster economic growth.
      Fendt said that imports were running at levels well above
  the traditional average for Brazil.
      In the first two months of the year imports, excluding oil
  and wheat totalled, 1.8 billion dlrs against 1.47 billion in
  the same 1986 period.
      This rise in import demand reflected the needs of Brazilian
  industry to equip to raise production and is perfectly
  compatible with the government's program for economic growth,
  Fendt added.
  

"
training/5686	0	acq	"ARMTEK <ARM> UNIT LEVERAGED BUYOUT COMPLETED
  Condere Corp, formed by former
  managers of Armtek Corp, said it completed the acquisition of a
  tire plant and other assets of Armtek for undisclosed terms.
      In addition to a tire manufacturing plant, Condere bought
  S. and A. Truck Tire Sales and Service Corp, which operates 51
  Sears Truck Tire Sales and Service Centers through a licensed
  agreement with Sears Roebuck and Co <S>.
      The plant will supply tires to Armtek's Armstrong Tire Co
  as well as to several Sears Centers. Condere said it expects
  first year revenues to be 90 mln dlrs.
  

"
training/5687	12	earn	"HORIZON BANCORP <HZB> SETS REGULAR PAYOUT
  Qtrly div 34 cts vs 34 cts prior
      Pay May 1
      Record April 15
  

"
training/5688	12	earn	"ASHLAND OIL CHAIRMAN SEES LOSS FROM OPERATIONS IN THE SECOND FISCAL QUARTER

  ASHLAND OIL CHAIRMAN SEES LOSS FROM OPERATIONS IN THE SECOND FISCAL QUARTER
  

"
training/5689	12	earn	"HENLEY <HENG> TO ISSUE SUBSIDIARY'S SHARES
  Henley Group Inc said it plans
  to issue 20 pct of the common stock of its Fisher Scientific
  Group Inc unit to Henley Group shareholders.
      The company said it intends to issue one share of Fisher
  Scientific for each 16 Henley shares held to shareholders of
  record March 26. The distribution is scheduled for April six,
  the company also said.
      It said the Fisher shares will trade in the
  over-the-counter market under the symbol FSHG.
  

"
training/5690	0	acq	"SCHLUMBERGER <SLB> MAY HAVE ALTERNATE BUYER
  Schlumberger Ltd most likely has an
  alternate buyer lined up for its Fairchild Semiconductor unit,
  Wall Street analysts said.
      ""I think its clear that in cancelling its agreement with
  Fujitsu, Schlumberger has signaled that it has another deal in
  the works,"" said Paul Johnson, a semiconductor analyst with
  L.F. Rothschild.
      ""There are unquestionably other buyers out there,"" added
  Kidder Peabody analyst Adam F. Cuhney. ""A lot of companies have
  looked at Fairchild and would be willing to buy it.""
      Among the companies that would be interested in bidding for
  Fairchild are Advanced Micro Devices <AMD>, Sunnyvale, Calif.,
  and LSI Logic Corp <LLSI>, Milpitas, Calif., industry analysts
  said.
      Top U.S. chipmakers like National Semiconductor Corp <NSM>,
  Texas Instruments Inc <TXN> and Motorola Inc <MOT> might also
  seek to buy Fairchild, but could possibly run into antitrust
  problems, the analysts added.
      Moreover, Fairchild's management is thought to be
  considering proposing a leveraged buyout of the Cupertino,
  Calif., company, analysts said.
      In a brief statement announcing the termination of the
  agreement with Fujitsu, Schlumberger said the decision opened
  up other possibilities, including a possible buyout by
  Fairchild management.
      The company said it ended the deal, in which Fujitsu would
  have bought 80 pct of Fairchild for an estimated 200 mln dlrs,
  because rising opposition to the deal by the Reagan
  administration made it unlikely that the sale could be
  completed within a reasonable period of time.
      Analysts questioned this explanation, however, arguing that
  the companies did not need government approval to complete the
  transaction. Both Schlumberger and Fujitsu are foreigned-owned
  companies.
      ""Schlumberger would not have terminated the deal because
  the U.S. government didn't want it,"" said Johnson of L.F.
  Rothschild.
      A spokesman for Schlumberger declined to elaborate on the
  company's news release.
      He said only that the company was reviewing a number of
  possible alternatives for the Fairchild unit.
      Officials at Fairchild and Fujitsu were not immediately
  available for comment.
      Analysts noted the significance of the government's
  apparent success in preventing Fujitsu from taking control of
  Fairchild.
      Administration officials, including Commerce Secretary
  Malcolm Baldrige and Defense Secretary Caspar Weinberger,
  feared that the sale to Fujitsu would lead to Japanese control
  of key semiconductor technology for supercomputers and military
  weapons systems.
      ""The government really stood up for the semiconductor
  industry,"" said Johnson of L.F. Rothschild. ""That, I think, is
  the real significance of this.""
      Consequently, analysts said, the Japanese government might
  now feel more pressure to address U.S. complaints about
  Japanese chipmakers' violation of the semiconductor trade
  agreement signed last summer.
  

"
training/5692	48	trade	"BRAZIL'S TRADE SURPLUS DOUBLED IN FEBRUARY
  Brazil's trade surplus doubled
  in February to 261 mln dlrs from January's 129 mln but was well
  below the 628 mln dlrs of February last year, official figures
  show.
      Director of the Banco do Brasil's foreign trade department
  (CACEX), Roberto Fendt, told reporters the upturn in February
  confirmed a rising trend in exports which totalled 1.53 billion
  dlrs against 1.26 billion in January and, after excluding
  coffee and oil derivatives, was only slightly below the same
  month last year.
      Coffee earnings were down to 110 mln dlrs against 295 mln
  in February, 1986, because of lower prices, he added.
      Fendt said although the February results were lower than
  the average expected for the rest of the year, the government's
  target of an eight billion dlr surplus for 1987 should be
  achieved. This would compare with a 1986 surplus of 9.5 billion
  dlrs.
      Exports this year are expected to total 22.5 billion dlrs
  and imports 14.5 billion, he added. In 1986 exports totalled
  22.4 billion dlrs and imports 12.9 billion.
      Fendt said the rise in imports in February to 1.27 billion
  dlrs from 1.12 billion in February last year was in line with
  government plans to foster economic growth.
      Fendt said imports were running at levels well above the
  traditional average for Brazil.
      Imports in the first two months of the year, excluding oil
  and wheat, totalled 1.8 billion dlrs against 1.47 billion in
  the same 1986 period.
      This rise reflected industry's need for equipment to raise
  production and is perfectly compatible with the government's
  program for economic growth, Fendt added.
  

"
training/5694	12	earn	"<SILICON VALLEY BANCSHARES> SETS STOCK PAYOUT
  Silicon Valley Bancshares
  said it declared a five pct stock dividend, payable May 1 to
  shareholders of record April 1.
  

"
training/5701	12	earn	"DI GIORGIO CORP <DIG> QTLY DIVIDEND
  Shr 16 cts vs 16 cts prior qtr
      Pay May 15
      Record April 17
  

"
training/5706	18	heat	"U.S. HEATING OIL FUTURES UP SHARPLY IN APRIL
  A supply shortage of number two oil in
  New York for prompt delivery boosted the April heating oil
  contract on U.S. energy futures, traders said.
      Crude oil futures followed but gasoline futures lagged.
  April heating oil ended 1.24 cts higher to 51.65 cts a gallon,
  while April crude settled 28 cts higher at 18.64 dlrs.
      ""The rally was led by spot month heating oil contract,
  which seemed to move higher because of tigtened prompt
  deliveries in New York Harbor,"" said James Ritterbusch, vice
  president at Paine Webber Inc in Chicago.
      April gasoline was 0.28 cent higher at 53.15 cts a gallon.
      Ritterbusch said the market also found support from a
  report in the Middle East Economics Survey that said that OPEC
  oil output was down to about 14 mln barrels per day in the
  second week of March.
      ""There was not a lot of interest to sell the market because
  of belief in OPEC,"" said Richard Redoglia, a broker with
  Merrill Lynch Futures Inc.
      Redoglia and Ritterbusch said April heating oil could
  continue to rally above 53 cts a gallon, while crude futures
  could test 19 dlrs a barrel before profit-taking stunts the
  move higher.
  

"
training/5707	12	earn	"TRANSAMERICA INCOME <TAI> MONTHLY DIVIDEND
  Shr 19 cts vs 19 cts prior period
      Pay April 15
      Record March 31
      Note: Full name Transamerica Income Shares Inc.
  

"
training/5708	0	acq	"MCDERMOTT <MDR> SAYS STAKE VIOLATES LAW
  McDermott International Inc said
  the purchase of a 5.4 pct block of its stock was an apparent
  violation of the laws of Panama, its country of incorporation.
      The company said a detailed disclosure of an acquisition
  offer must be made to the Panamanian National Securities
  Commission or to the target's board before acquiring more than
  five pct stake.
      It said transfers of securities in violation of these
  Panamanian regulations are invalid.
      The company was not immediately available to say who had
  acquired the 5.4 pct block of stock.
  

"
training/5710	0	acq	"ICAHN SAYS HE IS TARGET OF SEC INVESTIGATION
  Corporate raider Carl Icahn
  acknowledged that he is one of the targets of an investigation
  by the Securities and Exchange Commission into possible
  violations of securities laws.
      Icahn, who heads and controls Trans World Airlines Inc
  <TWA>, made the acknowledgement in a filing TWA was required to
  make with the SEC disclosing its 14.8 pct stake in USAir Group.
      The SEC issued a formal order launching the private
  investigation on Nov 12, 1986, Icahn said in the SEC filing.
      The order empowers SEC investigators to try to find out
  whether any persons, including Icahn, violated securities laws
  and related rules, Icahn said.
      Specifically, the probe is examining the acquisition and
  subsequent sale of more than five pct of the stock of certain
  unspecified companies, he said.
      Federal law requires individuals or groups of individuals
  who have made shareholder agreements, to disclose stakes in
  companies of at least five pct within 10 days.
      Icahn has acknowledged that he has been subpoenaed in
  connection with SEC probes, but this is the first time he has
  disclosed that he is among those being investigated.
      By making the disclosure in a filing with the SEC, which is
  obviously already aware of its own probe, Icahn was also
  alerting current and potential shareholders of TWA.
      It is not uncommon for companies which are aware that they
  or their officers are the targets of government probes to
  acknowledge the existence of the otherwise secret
  investigations to fulfill their legal disclosure requirements
  to their shareholders.
      Icahn said the SEC is looking into whether he and others
  whom he did not name violated securities laws by acquiring and
  selling more than five pct of a company's stock.
      SEC investigations into those kinds of possible securities
  law violations have been spawned by the agency's widening probe
  into the Wall Street insider trading scandal, according to
  published reports.
      Making late filings of 13D forms, which disclose the amount
  of stock over five pct an investor has in a company, or making
  no filing at all could indicate a scheme to ""warehouse"" shares
  of stock.
      In a warehousing scheme, a group of investors acting in
  concert would each amass stock in the company without
  disclosing that they have an agreement among them.
      By failing to disclose that they are acting together the
  market is unware of the amount of stock of a company that is
  controlled by a group acting in concert.
      Last year, the SEC charged members of the wealthy Belzberg
  family of Canada with taking part in a warehousing scheme while
  it was accumulating stock in Ashland Oil Inc.
  

"
training/5711	12	earn	"SMITHKLINE <SKB> AIMS FOR 10 PCT EARNINGS RAISE
  SmithKline Beckman Corp said it is
  pursuing a three-point stragey that will achieve a 10 pct
  annual increase in operating earnings throughout the remainder
  of the decade.
      In 1986, SmithKline earned 521.1 mln dlrs or 6.78 dlrs per
  share on revenues of 3.6 billion dlrs.
      The company said in its annual report that its
  nonpharmaceutical business will play a major role in meeting
  its earnings growth target, and will in fact grow faster than
  its pharmaceutical business.
      SmithKline, whose major product is the antiulcer medication
  Tagamet, said in the report that it intends to improve earnings
  from existing products, expand its product portfolio and
  optimize its financial resources.
      To bolster its position in the antiulcer market, in which
  Tagamet has met stiff competition, SmithKline said its strategy
  to develop an over-the-counter version of Tagamet is bolstered
  by two joint ventures, one with <Wellcome PLC>, and one pending
  venture in Japan.
      SmithKline also said its Allergan Inc eye and skin care
  products division can be a one billion dlr organization in the
  next five years that can grow at more than seven to 10 pct
  annually.
      ""Nondilutive acquisitions are a real possibility,"" Gavin
  Herbert, president of the eye and skin care product group said
  in the report. In 1986, Allergan had worldwide sales of 433 mln
  dlrs.
      It said its Smith Kline and French Laboratories
  pharmaceuticals unit, with 1986 sales of 1.9 billion dlrs, will
  file for Food and Drug Administration marketing approval for a
  number of cardiovascular agents, including tissue plasminogen
  activator, over the next two years.
      It also said SK and F's U.S. sales force will be 20 pct
  larger in 1987, with more than 1,000 sales personnel.
      Smith Kline also said its small clinical laboratory testing
  unit, with 1986 sales of 373 mln dlrs, performs 24 mln tests a
  year, and sees increases in employee drug testing as well as in
  testing for the AIDS antibody.
      Smith Kline said that depending on its share price and the
  cost of money, it may buy back more shares. In the last three
  years, it has bought back about 25 pct of its shares.
      SmithKline begins the year with a new management team,
  including its new chief operating officer George Ebright.
  

"
training/5712	12	earn	"ASHLAND OIL <ASH> SEES 2ND QTR OPER LOSS
  Ashland Oil Inc said it expects to
  report a loss from operations in the second quarter.
      The company also said it expects to report a 10 mln dlrs
  net gain in the quarter from excess pension funds used to pay
  down debt. ""However, it is difficult to determine now whether
  this gain will be sufficient to offset the expected operating
  loss,"" the company said in a statement. A company spokesman
  would not elaborate.
      The company's Ashland Petroleum Co unit operated at a loss
  in January and February since it was unable to raise product
  prices enough to recover higher crude oil costs, Ashland said.
      Although Ashland Petroleum and SuperAmerica, a retail
  marketing operation, are having a difficult quarter, the
  company's Valvoline, Ashland Chemical and coal businesses are
  expected to report good results for the quarter ended March 31.
      In the year-ago quarter, Ashland had income from operations
  of 93.8 mln dlrs before corporate and interest expenses, taxes,
  equity income and other items.
      Net income in the quarter was 39.4 mln dlrs or 1.12 dlrs a
  share on sales of 1.78 billion dlrs.
  

"
training/5713	0	acq	"AMERITRUST <AMTR> SELLS TWO MLN SHARES
  Ameritrust Corp said it sold two mln
  shares of its common stock to an investment group named
  Clevebaco Ltd Partnership.
      The partnership is controlled by Alfred Lerner, and a
  subsidiary of the Progressive Corp <PROG> is the limited
  partner, according to the company.
      Ameritrust said it was advised that the Clevebaco group has
  filed an application with bank regulatory authorities seeking
  permission to acquire up to an additional three mln shares of
  Ameritrust common stock.
      The company said the group indicated to it that it had no
  hostile takeover intent toward Ameritrust, and that the
  purchase was for investment purposes.
  

"
training/5715	12	earn	"BANKAMERICA CHAIRMAN SAYS BANK IS TURNING AROUND, HEADING TO PROFITABILITY

  BANKAMERICA CHAIRMAN SAYS BANK IS TURNING AROUND, HEADING TO PROFITABILITY
  

"
training/5716	12	earn	"<GENERAL LEASEHOLDS LTD> YEAR NET
  Shr 30 cts vs 53 cts
      Net 868,000 vs 728,000
      Revs 7,300,000 vs 6,500,000
      Avg shrs 3,000,000 vs 750,000
  

"
training/5717	48	trade	"BRITISH FARM MINISTER ATTACKS SUBSIDIES
  Farm subsidies and protectionist
  moves threaten healthy trade on both sides of the Atlantic,
  Michael Jopling, British minister of Agriculture, Fisheries and
  Food, warned.
      ""It would not be sensible to provoke another dispute between
  Europe and the United States,"" Jopling said in remarks prepared
  for an evening speech.
      ""But some things are clear and they apply on both sides of
  the Atlantic. We cannot continue to pile up stocks while world
  demand shrinks,"" he said.
      ""Governments must not operate farm policies as if they were
  purely domestic affairs with no impact on others. They also
  have to recognize that they cannot in the long run develop a
  healthy and stable farm sector on the basis of protectionism
  and excessive subisdies.
      ""And above all, Europe and the United States have too many
  common interests to make it worthwhile to engage in trade wars
  and competitive export subsidies which end by benefitting no
  one."" He added, ""It is crucial that the United States and the
  European Community remain friends.""
      Jopling, who is a member of the EC agriculture committee,
  was in Indiana to visit several farms prior to talks with U.S.
  officials in Washington later this week.
      Jopling also criticized a recent proposal still under
  consideration by the EC for a tax on vegetable and fish oils.
      He said his government would oppose such a move because ""We
  do not think it is correct that a shortage of funds to support
  (EC) farmers should be alleviated by raising money at the
  consumer's expense.""
  

"
training/5719	12	earn	"BANKAMERICA <BAC> CHAIR SAYS BANK TURNING AROUND
  BankAmerica Corp Chairman A.W.
  Clausen said the bank holding company is turning around and is
  back on the road to profitability.
      In a speech to the San Francisco Chamber of Commerce,
  Clausen said he was ""absolutely convinced"" BankAmerica would
  return to its position of preeminence.
      ""Fundamental to achieving that goal is to continue to
  reduce costs dramatically, to get our arms around our loan loss
  problems and begin to reduce charge-offs, and to enhance our
  revenue generation,"" Clausen said.
      Clausen said he doubts BankAmerica would be in a position
  this year to make any acquisitions or experience any growth.
      He said BankAmerica will continue to reduce staff and
  operations, noting that expense growth in 1986 increased only
  one pct over 1985 expenses.
      Clausen also said it will continue to phase out its
  overseas retail banking and concentrate on wholesale banking,
  with emphasis on a premium list of multinational corporations.
  

"
training/5720	12	earn	"ROCHESTER TELEPHONE CORP <RTC> SETS DIVIDEND
  Qtly div 66 cts vs 66 cts
      Pay May one
      Record April 15
  

"
training/5721	12	earn	"AUGAT INC <AUG> SETS QUARTERLY DIVIDEND
  Qtly div 10 cts vs 10 cts
      Pay April 30
      Record April 10
  

"
training/5722	12	earn	"PHH GROUP <PHH> REGULAR QTLY DIVIDEND
  Qtly div 26 cts vs 26 cts prior
      Pay April 30
      Record April 10
  

"
training/5723	12	earn	"TELCO SYSTEMS INC <TELC> 2ND QTR MARCH ONE LOSS
  Shr loss nine cts vs profit 14 cts
      Net loss 773,000 vs profit 1,618,000
      Revs 16.3 mln vs 26.7 mln
      Six mths
      Shr loss 56 cts vs profit 27 cts
      Net loss 4,763,000 vs profit 3,398,000
      Revs 29.3 mln vs 49.9 mln
  

"
training/5724	0	acq	"U.S. DECLINES COMMENT ON SCHLUMBERGER<SLB> MOVE
  A U.S. Commerce Department spokesman
  said the agency would have no comment on Schlumberger Ltd's
  announcement that it had terminated an agreement in principle
  to sell its Fairchild Semiconductor Corp unit to Fujitsu Ltd.
      Sclumberger had said that controversy surrounding the
  venture made it unlikely the sale could be completed any time
  soon. The sale was opposed by Commerce and the U.S. Defense
  Department, in part on national security grounds.
      Commerce chief spokesman B.J. Cooper said the department
  had had no contact with Schlumberger about the deal.
      A Defense Department spokesman said the agency was unaware
  of Schlumberger's announcement and would have no immediate
  reaction.
      Officials last week told Reuters that Commerce Secretary
  Malcolm Baldrige and Defense Secretary Caspar Weinberger had
  joined forces to fight the planned sale because it could have
  left the U.S. military overly dependent on foreign sources for
  vital equipment used in high-technology weapons.
      Administration opposition to the deal also stemmed from
  ongoing trade tensions between the United States and Japan,
  officials said.
  

"
training/5725	12	earn	"PRECISION TARGET MARKETING INC <PTMI> 3RD QTR
  Shr profit one cts vs loss two cts
      Net 74,000 vs loss 122,000
      Revs 1.7 mln dlrs vs 1.4 mln
      Nine months
      Shr profit five cts vs loss 10 cts
      Net profit 299,000 vs loss 624,000
      Revs 5.1 mln vs 3.7 mln
      NOTE:3rd qtr ended January 31. 1987 3rd qtr and nine months
  includes 36,000 dlrs and 129,000 dlrs gains respectively from
  tax loss carryforward.
  

"
training/5727	12	earn	"ROYAL BANK/CANADA BRAZIL UNIT SEES GROWTH
  Royal Bank of Canada's <RY> small
  Brazilian commercial bank subsidiary Banco Royal do Canada
  (Brasil) S.A. sees opportunities for its own growth with an
  expected substantial increase in Brazilian exports to Canada,
  Banco Royal president Michael Brennan said.
      ""They (Brazilian exporters) are very interested in the
  Canadian market because it's an untapped market,"" Brennan told
  reporters after a speech to the Brazil/Canada Chamber of
  Commerce.
      Brennan said Brazil is currently exporting products like
  paper machinery and ships to Canada.
      He said he hopes to see medium-term financing facilities
  for Brazilian companies reinstated shortly, following an
  agreement reached in January with international financial
  authorities.
      Brennan estimated Brazilian exports to Canada totalled
  roughly 800 mln Canadian dlrs in 1985 while imports from Canada
  reached about 700 mln dlrs.
      Brennan said he expects Banco Royal profit to increase this
  year from the three mln U.S. dlrs reported for fiscal 1986
  ended September 30 but said he could not predict by how much
  because of the country's uncertain financial climate.
      Brennan said he expects his bank's growth to come from
  increased exports to Canada. Banco Royal is the only
  Canadian-owned commercial bank in Brazil although <Bank of
  Montreal> has a Brazilian investment bank subsidiary, he said.
      Brennan said he expected Brazil to be able to reach an
  equitable agreement with foreign banks on restructuring its 68
  billion U.S. dlr foreign debt, because the Brazilian economy is
  essentially healthy. He said he believed Brazil might be in a
  position to resume debt repayments within a year.
      Brennan said he could not comment on the impact of Brazil's
  interest payment moratorium on the Royal Bank of Canada.
  

"
training/5729	12	earn	"AFFILIATED PUBLICATIONS INC <AFP> SETS DIVIDEND
  Qtly div eight cts vs eight cts
      Pay June one
      Record May 15
  

"
training/5731	12	earn	"ASTRO-MED INC <ALOT> 4TH QTR NET
  Shr 10 cts vs nine cts
      Net 217,000 vs 192,000
      Revs 3,325,000 vs 2,506,000
      Year
      Shr 31 cts vs 43 cts
      Net 660,000 vs 932,000
      Revs 12.2 mln vs 10.7 mln
  

"
training/5732	0	acq	"CENTRAL PENNSYLVANIA <CPSA> BUYS STAKE IN FIRM
  Central Pennsylvania Savings
  Association said it made a 30 pct investment in <Pinnacle
  Mortgage Investment Co>.
      Terms were not disclosed.
      Pinnacle, incorporated in 1985, generates about 60 mln dlrs
  in closed mortgage loans annually.
      Central Pennsylvania also said its directors recently
  approved a letter of intent to acquire Hamilton-Reliance
  Savings Association of Norristown, Pa.
  

"
training/5734	43	ship	"N.Z. PORTS REOPEN, BUT FURTHER CLOSURES POSSIBLE
  Harbour workers returned to work
  this morning after a strike in support of pay claims closed New
  Zealand's 15 ports for 24 hours yesterday.
      But the Harbour Workers Union told reporters the pay
  dispute is not settled and the union's national executive will
  meet here tomorrow to decide its next moves.
      ""Obviously we will be considering further industrial action,""
  Union secretary Ross Wilson said in a radio interview.
      The union rejects employers offers of a 7.5 pct pay rise
  over 15 months. It wants 7.0 pct over 12 months.
  

"
training/5737	12	earn	"ATCOR <ATCO> SAYS OUTLOOK DEPENDS ON STEEL
  Atcor Inc said the magnitude of any
  earnings recovery in fiscal 1987 depends on the direction of
  steel pricing and how fast the company's severe operating
  problems in its consumer segment are resolved.
      Atcor's consumer segment represents about 25 pct of its
  sales. In a letter to shareholders the company said that that
  part of its business continues to be unprofitable.
      Atcor said it does not expect performance improvements in
  the first quarter to be sustained throughout the year due to
  increasing raw material costs.
  

"
training/5738	12	earn	"ZZZZ BEST CO INC <ZBST> 3RD QTR NET
  Shr 14 cts vs four cts
      Net 1,474,000 vs 286,000
      Revs 15.5 mln vs 1.4 mln
      Avg shrs 10.6 mln vs 7.5 mln
      Nine mths
      Shr 38 cts vs eight cts
      Net 3,387,000 vs 588,000
      Revs 33.4 mln vs 2.9 mln
      Avg shrs 8.8 mln vs 7.5 mln
  

"
training/5739	0	acq	"PACIFIC LIGHTING <PLT> CONSIDERS UNIT SALE
  Pacific Lighting Corp said it is
  considering the sale of its land development line of business
  and will be initiating discussions with potential buyers.
      The book value of the company's investment in land
  development operations is 224 mln dlrs. The Pacific Lighting
  Real Estate Group earned 24.2 mln dlrs and employed 800 people
  during 1986, the company said.
      Alternatives to the sale being considered include a master
  limited partnership and an initial public offering of the
  equity in the land development companies, it said.
      Proceeds from the sale would likely be invested in Pacific
  Lightings' new specialty retailing line of business and its oil
  and gas operations, the company said.
      The investment banking firm Morgan Stanley has been
  retained to advise Pacific Lighting on the disposition of the
  land development operations.
      Completion of a transaction, it one is made, is expected by
  the end of the year, the company said.
  

"
training/5740	0	acq	"MLX <MLXX> UNIT AGREES TO BY ABEX UNIT
  MLX Corp said a subsidiary has
  tentatively agreed to acquire a sintered friction materials
  business in Milan, Italy, from a unit of Abex Corp for
  undisclosed terms.
      The deal will close after obtaining Italian government
  approvals, expected in late April.
      The business, which will operated under the name S.K.
  Wellman, will become a member of MLX's specialty friction
  materials group. The business is a manufacturer of high-energy
  friction materials for heavy-duty transmissions and clutches.
  

"
training/5741	12	earn	"MODULINE INTERNATIONAL <MDLN> 3RD QTR OPER LOSS
  Qtr ended Dec 31
      Oper shr loss two cts vs loss 92 cts
      Oper net loss 28,045 vs loss 1,040,700
      Sales 4,943,584 vs 5,613,400
      Nine mths
      Oper shr profit 11 cts vs loss 93 cts
      Oper net profit 124,434, vs loss 1,054,000
      Sales 22.6 mln vs 26.3 mln
      (Mouduline International Inc)
      Note: oper data does not include 1986 gains from tax
  benefit carryforwards of 30,000 dlrs, or three cts per shr, in
  qtr and 110,000 dlrs, or ten cts per shr, in nine mths.
  

"
training/5742	12	earn	"<FINANCIAL TRUSTCO CAPITAL LTD> HIKES PAYOUT
  Qtly div 12.5 cts vs six cts
      Pay March 31
      Record March 24
      Note: Co also declares 12.5 ct qtly div on special shares
  issued in December, 1986, with same pay and record dates.
  

"
training/5743	12	earn	"USP REAL ESTATE <USPTS> HAS GAIN ON SALE
  USP Real Estate Investment
  Trust said it will post a first-quarter gain of 2,258,216 dlrs
  on the sale of the Spanish Villa Apartments in Savannah, Ga.,
  which was completed last week.
  

"
training/5744	12	earn	"BINDLEY WESTERN INDUSTRIES INC<BIND>4TH QTR NET
  Oper shr primary 28 cts vs 17 cts
      Oper shr diluted 24 cts vs 17 cts
      Oper net 1,826,000 vs 1,104,000
      Revs 205.4 mln vs 171.1 mln
      Avg shrs primary 6,512,462 vs 6,510,462
      Avg shrs diluted 10.3 mln vs 10.3 mln
      Year
      Oper shr primary 83 cts vs 76 cts
      Oper shr diluted 77 cts vs 74 cts
      Oper net 5,393,000 vs 4,955,000
      Revs 719.9 mln vs 633.5 mln
      Avg shrs primary 6,511,591 vs 6,508,379
      Avg shrs diluted 10.3 mln vs 9,122,722
      Note: Revs includes investment income 2,323,000 dlrs vs
  2,239 dlrs for qtr and 10.1 mln dlrs vs 6,612,000 dlrs for 12
  mths. 1986 revs also include unrealized loss on equity
  securities of 59,000 dlrs for qtr and 1,155,000 dlrs for 12
  mths.
      Oper net excludes extraordinary gain of 875,000 dlrs vs
  284,000 dlrs for qtr and 1,053,000 dlrs vs 462,000 dlrs for 12
  mths.
  

"
training/5746	12	earn	"CENTEL <CNT> SEES LOWER FIRST QTR PROFITS
  Centel Corp said it sees 1987 first
  quarter results below those of 1986 due to regulatory limits on
  telephone earnings and 15 cts to 20 cts a share dilution from
  1986 acquisitions.
      In the annual report, Chairman Robert Reuss told
  shareholders telephone profits will continued to be limited by
  ceilings imposed by regulators as well as deregulation and
  structural changes within the industry that have slowed growth
  in the investment base for setting rates.
      As such, its first quarter 1987 results will be below last
  year's first quarter of 1.11 dlrs a share, he said.
      ""Several of the company's telephone units may be faced with
  a reduction in the rates of return authorized by their
  regulators,"" Reuss said. ""This could result in some rate
  reductions and refunds to customers.""
      Reuss said he is encouraged by the prospects for progress
  in Centel's business communications, cable television and
  cellular telephone units.
      Centel is asking shareholders at the annual meeting to
  approve the tripling  to 120 mln in authorized shares.
  

"
training/5749	12	earn	"WINGS WEST AIRLINES <WING> 3RD QTR NET
  Qtr ended Jan 31
      Shr one ct vs nine cts
      Net 29,000 vs 349,000
      Revs 7,892,000 vs 4,721,000
      Note: nine mth data unavailable
      .
  

"
training/5750	0	acq	"TWA <TWA> SEES BENEFITS IN USAIR <U> MERGER
  Trans World Airlines Inc, which
  disclosed that it does not intend to seek control of USAir
  Group at this time, said it still believes a combination of the
  two airlines would have benefits to both.
      In a filing with the Securities and Exchange Commission,
  TWA, which is controlled by Carl Icahn, said it continues to
  closely watch the developments of USAir, which has an agreement
  to acquire Piedmont Aviation Inc <PIE>.
      TWA said it spent 178.2 mln dlrs to acquire its 4,043,200
  USAir shares, which amount to 14.8 pct of its total outstanding
  common stock.
      TWA said it would not buy more USAir Group stock, at least
  for the moment.
      But it said it still believes a TWA-USAir combination would
  ""create certain synergies that would be mutually beneficial to
  both carriers.""
      TWA stressed that it reserved the right to revive its
  takeover attempt and said it may continue to explore the
  feasibility and strategies of gaining control of USAir.
      Further purchases of USAir stock would require the approval
  of the Department of Transportation, TWA said.
      Because of Department of Transportation rules, TWA also
  said it put its USAir stock into a voting trust with Fleet
  National Bank as the voting trustee.
      The voting trust agreement requires the bank to vote in
  favor of any acquisition agreement between TWA and USAir and to
  opposed any other merger of USAir.
  

"
training/5751	0	acq	"ADOBE <ADB>, HIGH PLAINS <HPOC> TO MERGE
  Adobe Resources Corp and High Plains Oil
  Corp said they reached an agreement in principle under which
  High Plains will be merged into a unit of Adobe.
      Under terms of the agreement, the companies said each share
  of High Plains common stock not owned by Adobe or held in the
  High Plains treasury will be exchanged for 1.12 shares of newly
  issued Adobe common.
      The exchange, they said, will be made on the effective date
  of the merger, which must be approved by both companies' boards
  and High Plains' shareholders.
  

"
training/5752	48	trade	"EC WARNS U.S. AND JAPAN ON TRADE TENSIONS
  The European Community (EC) delivered
  warnings to both Japan and the United States over trade
  frictions which have hit relations between the Community and
  its main trading partners.
      EC foreign ministers meeting here issued a statement
  deploring Japan's continued trade imbalance and appealed for
  greater effort by the country to open its markets.
      Ministers also issued a statement saying they were
  disturbed by moves in the U.S. to limit imports of textiles and
  warned that the Community would react to any such moves.
      EC External Trade Commissioner, Willy De Clercq has already
  written to his U.S. counterpart, special U.S. Trade
  Representative Clayton Yeutter, outlining the EC's concerns.
      The ministers' said they were ""very disturbed"" by the U.S.
  moves, adding, ""the adoption of such measures would not fail to
  have a negative effect on the process of multilateral
  negotiations just started as well as on bilateral relations.""
      Any unilateral U.S. moves would leave the EC no option but
  to react according to the laws of the world trade body, the
  General Agreement on Tariffs and Trade (GATT), they said.
      In a separate statement on Japan, the EC ministers said
  they ""deplore the continued aggravation of the imbalance in
  trade ... (and) expect Japan to open up its market more.""
      The statement added that the EC continued to insist that
  the Japanese government must boost imports and stimulate
  demand.
      Ministers also called on the European Commission to prepare
  a report on U.S.-Japanese trade for July this year to enable
  them to take action where necessary.
      One diplomat said the call for a report showed ministers
  were determined not to let the Japanese question drop. ""It wil
  be back on the table again and again,"" the diplomat said.
      De Clercq told journalists, ""There is a certain nervousness,
  a growing impatience within the Community on trade relations
  with Japan.""
      But diplomats said the Community is keen to continue
  talking with Tokyo to try and solve the problem rather than
  embark on a costly and damaging trade war.
  

"
training/5754	0	acq	"CEASARS WORLD FILES SUIT AGAINST MARTIN SOSNOFF AND MTS ACQUISITION ON TENDER OFFER

  CEASARS WORLD FILES SUIT AGAINST MARTIN SOSNOFF AND MTS ACQUISITION ON TENDER OFFER
  

"
training/5755	0	acq	"COASTAL <CGP> HIT WITH TWO BILLION DLR LAWSUIT
  TransAmerica Natural Gas Corp said it
  is seeking two billion dlrs in punitive and actual damages in a
  lawsuit it filed today against Coastal Corp, its chairman and
  certain Coastal affiliates.
      TransAmerica, a privately held company that has been in
  bankruptcy since 1983, said its suit alleges that Coastal and
  its chairman, Oscar S. Wyatt Jr, unlawfully interfered with
  agreements it previously reached with its creditors, causing
  the company significant damage.
      TransAmerica also said its suit, filed in state district
  court in Harris County, Texas, seeks injunctions against Wyatt
  and Coastal to enjoin them from interfering with its
  contractual agreements with its creditors.
      The company alleged that beginning in mid-1986, Coastal and
  its chairman took various steps to acquire its gas and other
  assets.
      Coastal has used TransAmerica's bankruptcy proceedings to
  engineer a hostile takeover attempt, the company charged.
      In its suit TransAmerican alleged that Coastal and Wyatt
  are ""notorious corporate raiders who have been restrained in
  the past from taking over other corporations in their attempt
  to create a stranglehold position from which they could control
  and raise gas prices...""
      ""It is obvious that Coastal's efforts to improperly take
  over TransAmerican is a thinly veiled attempt to control a
  larger share of the Texas gas market to the detriment of end
  users and consumers,"" the company alleged.
      Coastal could not be reached for comment. Company name is
  Transamerican.
  

"
training/5756	0	acq	"CAESARS WORLD <CAW> FILES SUIT AGAINST SOSNOFF
  Caesars World Inc said it filed a
  lawsuit against Martin T. Sosnoff and MTS Acquisition Corp
  regarding its March 9 unsolicited tender offer for Caesars
  World stock.
      The company said it filed in the Federal Court in the
  Central District of California, charging the tender offer,
  which its board rejected, violated federal securities laws and
  federal margin regulations.
      The suit charges the offering materials are materially
  false and misleading and misstate and conceal material
  information required to be disclosed to shareholders.
      The suit also charges the offer is illusory and designed to
  manipulate the market in Caesars World stock to enable Sosnoff
  to sell the Caesars World stock he already owns for a
  substantial profit.
      The complaint seeks, among other things, to enjoin the
  tender offer and to require MTS and Sosnoff to correct false
  and misleading statements in the offer.
      Caesars World is expected to seek a friendly suitor,
  restructure operations, or buy back Sosnoff's holdings in an
  attempt to fight off the bid.
      Sosnoff holds about 13.6 pct of the company's stock.
  

"
training/5757	0	acq	"HARRIS UPS CENTERRE BANCORP <CTBC> STAKE
  Harris Associates L.P., a Chicago
  investment advisor, said it raised its stake in Centerre
  Bancorporation to 508,062 shares, or 6.6 pct of the total
  outstanding, from 427,061 shares, or 5.5 pct.
      In a filing with the Securities and Exchange Commission,
  Harris said it bought 81,001 Centerre common shares between Jan
  2 and March 4 at prices ranging from 36.00 to 39.75 dlrs a
  share.
      It said its dealings in the company's stock are on behalf
  of its clients.
  

"
training/5758	12	earn	"PAY'N-SAVE <PAYN> 1ST QTR JAN 31 NET
  Shr profit one ct vs loss 14 cts
      Net profit 279,000 vs loss 1,896,000
      Sales 199.6 mln vs 142.4 mln
  

"
training/5762	0	acq	"AERO SERVICES <AEROE> IN PACT FOR NOMINATIONS
  Aero Services International Inc
  said it signed an agreement with Dibo Attar, who controls about
  39 pct of its common stock, under which three nominees to
  Aero's board have been selected by Attar.
      In addition to Attar, the nominees are Stephen L. Peistner,
  chairman and chief executive officer of <McCrory Corp> and
  James N.C. Moffat III, vice president and secretary of
  <Eastover Corp>.
  

"
training/5764	2	bop	"Australia Feb current account deficit 750 mln dlrs vs Jan 1.23 billion - official

  Australia Feb current account deficit 750 mln dlrs vs Jan 1.23 billion - official
  

"
training/5765	2	bop	"AUSTRALIAN CURRENT ACCOUNT DEFICIT NARROWS IN FEB
  Australia's current deficit narrowed
  to 750 mln dlrs in February from 1.23 billion (revised from
  1.29 billion) in January, the Statistics Bureau said.
      This compared with an 897 mln dlr shortfall a year earlier.
      February merchandise trade recorded a 42 mln dlr surplus
  against a 246 mln shortfall (revised from 287 mln) in January
  and a 162 mln deficit in February 1986.
      The current account deficit fell at the lower end of the
  range of forecasts of 700 mln to one billion dlrs made by
  market economists yesterday.
      February FOB exports rose to 2.82 billion dlrs from 2.74
  billion (revised from 2.72 billion) in January and 2.54 billion
  a year earlier while FOB imports fell to 2.77 billion from 2.99
  billion (revised from 3.01 billion) against 2.70 billion a year
  earlier, the Bureau said.
      It said a four pct decline in rural exports, despite an 11
  pct rise in wheat exports, was more than offset by a seven pct
  rise in non-rural exports, notably minerals and fuels.
      On the import side, the main decreases were falls of 17 pct
  in machinery and transport equipment and 21 pct in fuels, the
  Bureau said.
      The net services deficit narrowed to 146 mln dlrs from 253
  mln (revised from 268 mln) in January and 192 mln a year
  earlier, the Bureau said.
      This made a sharply lower deficit of 104 mln dlrs on the
  balance of goods and services against deficits of 499 mln in
  January and 354 mln a year earlier.
      Deficit on net income and unrequited transfers was 646 mln
  dlrs against 736 mln in January and 543 mln a year earlier.
      Official capital transactions in February showed a surplus
  of 786 mln dlrs against a 2.56 billion surplus in January and a
  505 mln surplus a year earlier.
      Non-official capital and balancing item showed a 36 mln dlr
  deficit against a 1.33 billion deficit in January and a 392 mln
  surplus in February 1986, the Bureau said.
      The cumulative current account deficit for the first eight
  months of fiscal 1986/87 ending June 30 widened to 9.37 billion
  dlrs from 9.32 billion a year earlier.
      The cumulative trade deficit narrowed to 2.09 billion dlrs
  from 2.21 billion and the services deficit to 2.25 billion from
  2.75 billion but the transfers deficit widened to 5.03 billion
  from 4.36 billion. The cumulative official capital surplus
  narrowed to 2.90 billion dlrs from 3.86 billion.
  

"
training/5767	40	reserves	"AUSTRALIAN RESERVES FALL IN FEBRUARY
  Australia's official reserve assets fell
  to the equivalent of 8.50 billion U.S. Dlrs in February, from
  9.15 billion in January, compared with 9.06 billion a year
  earlier, the Reserve Bank said.
      In Australian dollar terms, reserves fell by 1.24 billion
  dlrs to 12.60 billion after falling 1.71 billion to 13.85
  billion in January and rising 792 mln to 12.92 billion in
  February 1986.
      The bank said that excluding valuation effects, it
  estimated reserves fell 853 mln dlrs after falling 2.34 billion
  in January and rising 323 mln a year earlier.
      The individual value of reserve assets in Australian
  dollars at end-February with end-January and year-earlier
  respectively in brackets were.
      Gold 4.71 billion (4.90 billion and 3.83 billion), SDR's
  503 mln (524 mln and 468 mln), IMF reserve position 354 mln
  (365 mln and 312 mln), U.S. Dollars 3.25 billion (both 3.99
  billion), other foreign exchange 3.78 billion (4.07 billion and
  4.32 billion).
  

"
training/5768	50	wpi	"Japan February wholesale prices fall 0.1 pct (0.6 pct January drop) - official

  Japan February wholesale prices fall 0.1 pct (0.6 pct January drop) - official
  

"
training/5769	50	wpi	"JAPAN WHOLESALE PRICES FALL 0.1 PCT IN FEBRUARY
  Japan's overall wholesale price index
  (base 1980) fell 0.1 pct in February from a month earlier to
  86.4 for the second consecutive month-on-month fall, the Bank
  of Japan said.
      Wholesale prices fell 0.6 pct in January from December.
      The index fell 9.1 pct from a year earlier for the 21st
  straight year-on-year drop, the central bank said.
      The reduced month-on-month drop mainly stemmed from the
  recovery in world crude oil prices, it said.
      On a customs-cleared basis, crude oil prices rose to around
  17 dlrs a barrel in February from about 15 dlrs in January.
      The average value of the yen against the dollar rose 0.8
  pct to 153.50 in February from 154.67 in January and was up
  16.8 pct from 184.55 a year earlier, the bank said.
      The export price index in February fell 0.7 pct from a
  month earlier reflecting price cuts in export products like
  cars and precision instruments due to severe foreign
  competition. The index was down 7.1 pct from a year earlier.
      The import price index rose 1.1 pct from a month earlier to
  57.4 for the sixth successive month-on-month gain mainly due to
  the continued strength of world crude oil prices. But the index
  was down 29 pct from a year earlier.
      The domestic price index fell 0.1 pct to 91.9 in February,
  its 24th straight monthly drop, mainly reflecting falls in
  prices of home appliances such as colour televisions due to
  severe sales competition at home. Lower edible oil prices added
  to the decline.
      The index was down 6.7 pct from a year earlier.
      The domestic index marked its largest year-on-year drop of
  7.1 pct in January since the central bank started compiling
  such statistics in 1960 under its current system.
      Wholesale prices are likely to turn upward in March as
  higher world crude oil and raw material prices are expected,
  the bank said.
  

"
training/5780	0	acq	"HONGKONG BANK SAYS CLOSE TO DEAL ON PROPERTY SALE
  Hongkong and Shanghai Banking Corp
  <HKBH.HK> is close to a deal on the sale of a commercial
  building in Hong Kong's Mongkok business district, a bank
  spokesman said.
      He said the 21-storey Wayfoong Plaza was likely to be sold
  for about 280 mln H.K. Dlrs but declined to identify the buyer.
      The spokesman gave no further details.
  

"
training/5782	33	money-supply	"THAI M-1 MONEY SUPPLY RISES IN JANUARY
  Thailand's M-1 money supply rose 9.8
  pct to an estimated 117.3 billion baht in January after
  increasing 6.6 pct in December, the Bank of Thailand said.
      It said year-on-year M-1 grew 23.1 pct in January after an
  18.5 pct increase in December.
      The central bank said M-2 rose 1.7 pct to an estimated
  686.5 billion baht in January after a 2.4 pct increase in
  December while year-on-year it expanded 13.3 pct after a 12.6
  pct rise in December.
  

"
training/5783	15	gnp	"JAPAN TO RELEASE GNP FIGURES LATER TODAY
  The Economic Planning Agency will
  announce gross national product (GNP) figures for the
  October/December quarter today at 1700 hrs local time (0800
  gmt), Agency officials told Reuters.
      In the July/September quarter, GNP rose 0.6 pct from the
  previous three months.
  

"
training/5787	12	earn	"CATHAY PACIFIC 1986 PROFIT SEEN ABOVE TARGET
  Buoyed by low fuel prices and
  favourable currency factors, Cathay Pacific Airways Ltd's
  <CAPH.HK> 1986 profits are expected to surpass the airline's
  forecast of one billion H.K. Dlrs, stock analysts said.
      Analysts said they expect the airline to show net earnings
  of between 1.1 billion and 1.25 billion dlrs when it reports
  results tomorrow for its first year as a public company.
      Cathay, 51 pct owned by Swire Pacific Ltd <SWPC.HK>, made
  its earnings forecast in the prospectus for its flotation in
  May last year.
      Cathay is expected to pay a 13-cent final dividend, making
  a total of 19 cents for the year, as forecast in the
  prospectus, analysts polled by Reuters said.
      They said the airline's performance improved in the second
  half of the year after it reported interim profits of 503 mln
  dlrs.
      The weakness of the local currency, pegged at 7.80 to one
  U.S. Dollar, and low fuel prices moved further in the company's
  favour from the assumptions made in the prospectus at the time
  of the flotation, James Capel (Far East) Ltd said.
      James Capel estimates average fuel prices for the airline
  industry in 1986 at 63 U.S. Cents per gallon, 27 pct below the
  1985 level. It said a one pct movement in fuel prices would
  affect Cathay's net profits by 10 mln dlrs and forecast profits
  of 1.25 billion dlrs.
       Analysts said the company's estimates of fuel price and
  currency movements set out in its prospectus were conservative.
      ""This is reflected in their interim results which showed
  that profit margin has increased,"" said Frederick Tsang of
  Mansion House Securities (F.E.) Ltd.
      Cathay's six-month turnover rose 19.8 pct from year-earlier
  levels, but profits rose 69 pct.
      The rise in oil prices in late 1986 had little impact on
  the company's fuel oil bill last year, as aviation fuel prices
  usually lag behind crude price movements by several months,
  analysts said.
      By last September the yen had risen some 54 pct against the
  Hong Kong dollar from the end of 1985, the mark 43 pct and
  sterling 12 pct.
      ""Overall the weakness of the Hong Kong dollar against
  Cathay's major trading currencies helped push passenger yields
  in the first half up 7.2 pct,"" said James Capel. ""This should
  continue through the second half to enable passenger yields to
  end the year up 7.6 pct.""
      A strong performance from the 2.9 billion dlrs in cash
  under management also improved profits, James Capel said.
      A general improvement in air traffic last year contributed
  to Cathay's revenue increase, but the company's load factor
  declined because of increased competition and an expansion of
  its fleet and services.
      James Capel estimated Cathay's passenger-kilometres flown
  last year rose six pct from 1985 and freight-kilometres flown
  climbed 17 pct, though the airline's load factor probably fell
  to 68.8 pct from 70 pct.
      ""Cathay added new planes, and was forced to fly some routes
  last year because of the threat of competition from Dragon Air,""
  said Tsang. ""This affected its load factor.""
      Fear of possible competition from fledgling carrier <Hong
  Kong Dragon Airways Ltd> may have contributed to Cathay's
  decision to resume service to New Zealand last year, analysts
  said.
  

"
training/5788	6	copper	"RENISON GOLDFIELDS EXTENDS LYELL COPPER MINE LIFE
  The Renison Goldfields Consolidated Ltd
  <RGFJ.S> (RGC) Mt Lyell copper mine in Tasmania will stay open
  for an extra five years following a new aid package from the
  state government, RGC said in a statement.
      The mine had been scheduled to close in 1989 after the 40
  series stopes were mined, but will now stay open until the
  deeper 50 and 60 series have played out, probably in 1994.
      The Australian dollar's fall since 1985 also improved the
  local dollar copper price, making the company profitable and
  justifying the mining of deeper reserves at a copper grade of
  about 1.95 pct against about 1.60 pct now, the firm said.
      Ore output will be cut, but the higher grades will keep
  contained-copper output at current levels of about 24,000
  tonnes a year, it said. Capital expenditure of about 18 mln
  dlrs will be required over the life of the new plan, RGC said.
      The latest aid package is the third since 1977 for RGC, a
  major employer in Queenstown on the thinly populated west coast
  of Tasmania.
      The mine was kept open in 1985 after Tasmania gave RGC 10
  mln dlrs in aid. The new package includes an eight mln dlr
  advance to RGC at the long-term bond rate, power concessions
  and deferred royalties and payroll taxes.
  

"
training/5789	0	acq	"NEW ZEALAND PRESS GROUP BUYS MORE TEXAS NEWSPAPERS
  <Independent Newspapers Ltd> (INL)
  said it bought two more community newspapers in Houston, Texas,
  through a subsidiary there, for an undisclosed sum.
      INL said in a statement <Houston Community Newspapers Inc>
  bought the South West Advocate and the South Bend Advocate,
  with combined circulation of 74,000 copies, and associated
  assets, from <The Advocate Communications Corp Inc>.
      INL publishes Wellington's morning and evening newspapers
  as well as New Zealand provincial dailies and newspapers in
  Rhode Island. Just under 40 pct of INL is owned by <News Ltd>,
  an Australian subsidiary of News Corp Ltd <NCPA.S>.
      Production and administration of the two publications would
  be transferred to the company's existing centre in Houston. INL
  said the acquisition took effect on March 1.
      INL chairman Alan Burnet said the purchase would enable the
  subsidiary to offer advertisers a combined distribution of nine
  community newspapers to 340,000 homes in the greater Houston
  area. Trading conditions in the area are particularly difficult
  because the city's economy depends to a large extent on the
  fortunes of the petroleum industry, but the situation should
  improve in the medium to long term and the investment will
  prove to be sound, he said.
  

"
training/5792	42	rubber	"KOBE RUBBER EXCHANGE TO EXTEND TRADING HOURS
  The Kobe Rubber Exchange said it will
  extend its trading hours from May 1 to enable more operators to
  use the exchange.
      Subject to Ministry of International Trade and Industry
  approval, the Exchange will add a sixth session starting at
  1700 local time, and will close the account for trading at the
  new session the following day before the opening call starts at
  0930 local time, an Exchange official said.
      Trading on the Singapore rubber market, a major producer
  price indicator for Japanese end-users, is usually active after
  the end of the current final session here.
      The introduction of the new session will enable
  participants to trade overnight after taking account of
  Singapore rubber prices, because brokers and members who are
  designated by the Kobe Exchange are allowed to add the volume
  traded overnight to the new final session before the opening
  session starts next day, the official said.
      But because the Kobe Exchange uses the auction system which
  sets a fixed price at each session, the price of contracts
  traded overnight should be a fixed price settled at the sixth
  session, he added.
      Industry sources said they expected the Ministry to approve
  the plan because it has encouraged the Japanese futures
  industry to expand and internationalise.
      The Tokyo Commodity Exchange for Industry, TOCOM, which
  also trades rubber futures in Japan, said it has no plans to
  introduce an extra session.
      TOCOM also has five rubber trading sessions a day. Four
  sessions start 15 minutes later than Kobe Exchange sessions,
  but both Exchanges' final sessions start at the same time.
  

"
training/5793	34	nat-gas	"COASTAL <CGP> SEEKS TO HALT BILLION DLR LAWSUIT
  Coastal Corp said a federal bankruptcy
  court will hear its request today for a restraining order to
  stop a two billion dlr lawsuit against it by <TransAmerican
  Natural Gas Corp>.
      TransAmerican, which entered Chapter 11 bankruptcy
  proceedings in 1983 to reorganise its debts, filed the lawsuit
  to block Coastal from taking control.
      Coastal spokesman Jim Bailey confirmed the company, which
  is an unsecured creditor of TransAmerican, would present its
  own reorganisation plan to the bankruptcy court.
      Under the plan, Coastal would buy the natural gas reserves
  and pipeline system owned by TransAmerican in Texas for an
  undisclosed amount.
      TransAmerican lawyer John Nabors said the company values
  its total assets, including an unused oil refinery, at about
  one billion dlrs.
      The company, the second-largest natural gas producer in
  Texas, said it has gas reserves of 1.2 trillion cubic feet and
  over 1,000 miles of pipeline and gas gathering lines.
      About 80 pct of TransAmerican's gas is available for spot
  market sales in Texas during peak demand, it said.
      Nabors said the TransAmerican reorganisation would repay
  its 770 mln dlr debt with profits from natural gas sales. The
  lawsuit seeks one billion dlrs in actual damages and one
  billion in punitive damages from Coastal.
      Coastal has been trying to break into the Texas gas market
  since 1979, when it was forced to sell <Lo-Vaca Gas Gathering
  Co> to settle over 1.6 billion dlrs in lawsuits by Texas
  customers facing abrupt curtailment of supply.
      Coastal, a natural gas producer and pipeline company,
  earned 71.6 mln dlrs on sales of 6.7 billion in 1986, about
  half the its 1985 profits, due to slumping energy prices.
  

"
training/5796	10	crude	"STUDY PREDICTS U.S. DEPENDENCE ON FOREIGN OIL
  A government study has concluded the
  U.S. Will be dependent on oil from the middle east into the
  next century and must take steps to reduce its vulnerability,
  the New York Times said.
      The newspaper said the inter-agency government study found
  a serious oil-dependency problem due to steadily falling
  domestic production and rising demand for imported oil.
      The study concluded that by 1995 the U.S. Will be relying
  on foreign countries for 50 pct of its oil, more than the peak
  of 48 pct reached in 1977 and far above the 33 pct rate during
  the 1973-74 Arab oil embargo.
      The U.S. Now imports about 38 pct of its oil needs, up from
  27 pct a year ago, the New York Times said.
      It said recommendations sent to the White House by Energy
  Secretary John Harrington include financial incentives to raise
  domestic oil production by one mln barrels a day from the
  current 8.4 mln barrels.
      The newspaper said the administration has placed increased
  emphasis on stockpiling oil reserves. It said the view now held
  is that the Strategic Petroleum Reserve to be tapped in times
  of shortages, should be increased by 100,000 barrels a day,
  rather than 35,000 as called for in the 1988 budget.
     The newspaper said Harrington may propose restoring the
  depletion allowance to major producers.
      ""The administration also plans to renew its efforts to
  ...Repeal the windfall profits tax, remove bars to drilling on
  the outer continental shelf and repeal the law that limits the
  use of natural gas in industrial and utility boilers,"" it added.
      The New York Times quoted Senator Don Nickles of Oklahoma
  as saying the study greatly underestimated potential U.S.
  Demand for imported oil in the next decade and overestimated
  the amount of domestic oil which would be produced.
  

"
training/5797	33	money-supply	"JAPAN M-2 PLUS CD MONEY SUPPLY ROSE 8.8 PCT IN YEAR TO FEBRUARY (JAN 8.6) - OFFICIAL

  JAPAN M-2 PLUS CD MONEY SUPPLY ROSE 8.8 PCT IN YEAR TO FEBRUARY (JAN 8.6) - OFFICIAL
  

"
training/5798	33	money-supply	"JAPAN FEBRUARY MONEY SUPPLY RISES 8.8 PCT
  Japan's broadly defined money supply
  average of M-2 plus certificate of deposits (CDs) rose a
  preliminary 8.8 pct in February from a year earlier, compared
  with an 8.6 pct rise in January, the Bank of Japan said.
      The seasonally adjusted February average of M-2 plus CDs
  supply rose 0.8 pct from January, it said.
      Unadjusted M-2 plus CDs stood at an average 336,000 billion
  yen in February compared with 337,100 billion yen in January.
  

"
training/58	33	money-supply	"ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK
  Assets of money market mutual funds
  increased 720.4 mln dlrs in the week ended yesterday to 236.90
  billion dlrs, the Investment Company Institute said.
      Assets of 91 institutional funds rose 356 mln dlrs to 66.19
  billion dlrs, 198 general purpose funds rose 212.5 mln dlrs to
  62.94 billion dlrs and 92 broker-dealer funds rose 151.9 mln
  dlrs to 107.77 billion dlrs.
  

"
training/5800	17	grain	"CHINA TO IMPORT MORE GRAIN IN 1987
  China's grain imports will rise
  in 1987 because of a serious drought and increasing demand, but
  will be not be as large as in the past, Chinese officials and
  Japanese traders told Reuters.
      They said foreign exchange constraints and national policy
  would not allow a return to large-scale imports, which peaked
  at 16.15 mln tonnes in 1982.
      An agricultural official of the Shanghai government put
  maximum imports at about 10 mln tonnes this year, against 7.73
  mln in 1986 and 5.97 mln in 1985.
      Officials said grain imports rose in 1986 because of a poor
  harvest and rising domestic demand, but remained below exports,
  which rose to 9.42 mln tonnes from 9.33 mln in 1985.
      ""China is short of foreign exchange,"" the Shanghai official
  said. ""We cannot rely on imports, even at current low world
  prices. Only if there is a major disaster will we become a
  major importer.""
      A Japanese trader in Peking said Chinese grain imports
  would rise and exports fall this year because of the drought,
  low world prices and rising domestic demand for human and
  animal consumption.
      ""At current prices, China loses yuan on every tonne of grain
  it exports, though it earns foreign exchange which it badly
  needs,"" the trader said.
      The People's Daily said last Saturday a serious drought is
  affecting 13.3 mln hectares of arable land, which will reduce
  the summer grain harvest from last year's level.
      The paper added that leaders in some areas were not paying
  enough attention to agriculture, especially grain, making it
  difficult to achieve the 1987 grain output target of 405 mln
  tonnes against 391 mln in 1986.
      ""All areas must spare no effort to raise the autumn harvest
  area, especially of corn, sweet potatoes, paddy rice and
  high-yield cash crops,"" it said.
      It added factory production might have to be reduced to
  provide electricity for agriculture if it was needed to fight
  the drought.
      Since January, the press has devoted much attention to
  grain, stressing that growth in output is vital to China's
  economic and political stability and that prices paid to
  farmers are too low.
      Officials in east China have repeatedly said stable grain
  production is a key state policy and outlined the measures
  being taken in their areas to encourage output.
      The Shanghai official said that in one suburb, 10 pct of
  the pre-tax profits of factories are used to subsidise
  agriculture. He said rural industries in other suburbs also set
  aside money for grain and pay the salaries of some of the
  70,000 workers available to help farmers.
      Chu Jinfeng, an official of Fengbing county outside
  Shanghai, said factory workers get 60 yuan a month and three
  years unpaid leave to grow grain and can keep the profits.
      Pan Huashan, an official of the agricultural department of
  Zhejiang Province, said rural industry also subsidises grain
  output in his province.
      ""In addition, we are setting up grain production bases,
  raising the level of science and technology on the farms and
  improving the supply of raw materials, roads and other
  infrastructure,"" he said.
      The Shanghai official said rural residents who work in
  industry or commerce usually keep their land to farm in their
  spare time, or let other family members farm it. In some cases,
  they lease the land to grain farmers.
      The China Daily said last month that grain output should
  reach between 425 and 450 mln tonnes by 1990 and between 480
  and 500 mln by 2000. It said growing grain should be made
  profitable.
      ""The advantages the state promises grain growers actually
  yield tangible profits for them and are not siphoned off by
  intermediate agencies because of bureaucracy or corruption.
  Only this will boost enthusiasm,"" it said.
  

"
training/5803	15	gnp	"Japan October/December GNP up 0.8 pct (July/Sept revised 0.7 rise) - official

  Japan October/December GNP up 0.8 pct (July/Sept revised 0.7 rise) - official
  

"
training/5804	15	gnp	"Japan GNP rises 2.5 pct in calendar 1986 (4.7 pct in 1985) - official

  Japan GNP rises 2.5 pct in calendar 1986 (4.7 pct in 1985) - official
  

"
training/5805	15	gnp	"JAPAN OCTOBER/DECEMBER GNP RISES 0.8 PCT
  Japan's gross national product (GNP) rose
  a real 0.8 pct in the October/December quarter after an
  upwardly revised 0.7 pct increase the previous three months,
  the Economic Planning Agency (EPA) said.
      The rise in the July/September quarter had originally been
  put at 0.6 pct. The annualized growth rate accelerated to 3.2
  pct in October/December from 3.0 pct in July/September.
      In the 1986 calendar year, GNP rose 2.5 pct, after a 4.7
  pct increase in 1985. Last year's performance was the worst
  since 1974, when GNP fell 1.4 pct. Agency officials blamed the
  strong yen for depressing exports and manufacturing industry.
      In nominal terms, GNP rose 0.5 pct in the October/December
  quarter, reflecting stable prices, after a one pct increase in
  the previous three months, the Agency said.
      Domestic real demand increased 0.6 pct in October/December,
  after a one pct rise the previous quarter.
      Domestic demand contributed 0.5 percentage point to real
  GNP growth in October/December, while foreign trade added 0.2.
  The figures do not tally exactly due to rounding.
      In July/September, domestic demand contributed one
  percentage point to GNP growth while foreign trade knocked off
  0.3 point.
      Of the 0.2 point contribution of foreign trade to GNP last
  quarter, falling exports knocked off 0.2 while falling imports
  contributed 0.4 point.
      Total export volume fell 1.2 pct quarter on quarter in
  October/December. Imports also fell, by 2.9 pct.
      Of the 0.5 point contribution of domestic demand to
  October/December GNP growth, the private sector accounted for
  0.4 point and the public sector, 0.2.
      The private sector contribution included 0.3 point for
  housebuilding, 0.4 for corporate capital outlays and 0.1 for
  stockbuilding. Consumer spending had a 0.4 negative impact.
  

"
training/5807	15	gnp	"JAPAN OFFICIALS SEE DIFFICULTY HITTING GNP TARGET
  The government will find it very
  difficult to achieve its new gross national product (GNP)
  forecast of three pct growth in the fiscal year ending March
  31, Economic Planning Agency officials said.
      They made the comment to reporters after news that GNP rose
  0.8 pct in the October/December quarter, after a 0.7 pct
  increase the previous three months.
      For Japan to achieve three pct growth in 1986/87, GNP in
  the January/March period would have to grow 2.6 pct from
  October/December, the officials said. The government lowered
  its GNP forecast for 1986/87 from four pct last December.
  

"
training/5808	0	acq	"FAIRCHILD DEAL FAILURE SEEN MAKING JAPANESE WARY
  Schlumberger Ltd's <SLB.N> decision to
  end an agreement in principle for Fujitsu Ltd <ITSU.T> to buy
  80 pct of its <Fairchild Semiconductor Corp>, and the political
  furore that surrounded the proposed sale, will make Japanese
  companies more cautious in their efforts to acquire U.S. High
  technology firms but will not halt such attempts, industry
  analysts said.
      The collapse of the deal will not be a critical blow to
  Fujitsu but it will boost the cost of future U.S. Expansion by
  the Japanese firm, said analysts polled by Reuters.
      ""The acquisition of Fairchild is not essential to Fujitsu's
  North American operations, but it would have been a great
  boost,"" James Capel and Co analyst Tom Murtha said.
      French-controlled Schlumberger said yesterday it was ending
  the agreement because mounting political controversy in the
  U.S. Made it unlikely that the sale of the Fairchild stake
  could be completed in a reasonable time.
      The sale was opposed by the U.S. Commerce Department and
  Defence Department, partly on national security grounds.
      Fujitsu's acquisition of Fairchild would have given the
  Japanese computer maker control of a comprehensive North
  American sales and distribution system and access to
  microprocessor technology, an area where Fujitsu is weak,
  analysts said.
      The deal would also have given Fujitsu 14 additional
  microchip production facilities worldwide, eight of them in the
  U.S., A report by the Capel firm said.
      ""It was an entry point, a port for semiconductors and a
  marketing channel for other things,"" said Barclays de Zoete Wedd
  analyst Rick May.
      Several analysts said the purchase would not have given
  Fujitsu access to critical defence technology.
      ""(Fairchild) simply doesn't have key technology -- that's a
  thing of the past,"" May said.
      The failure could be a blessing in disguise for Fujitsu as
  it might have had to spend several hundred million dollars to
  modernise Fairchild's production lines, Capel's Murtha said.
      The failure of the deal will doubtless encourage Japanese
  firms to take a lower profile in attempts to acquire U.S. High
  tech firms but they are unlikely to stop, analysts said.
      Most analysts said Fujitsu was likely to go the more costly
  route of expanding its own production and distribution
  facilities in the U.S., Although some said it could use the
  estimated 200 mln dlrs set aside for buying Fairchild to try to
  acquire some less politically symbolic firm.
      ""It may slow the pace of Japanese acquisitions, but the
  necessity of expanding their production and design capacity in
  America remains,"" said Capel's Murtha. ""The Japanese will
  continue to shop for bargains, but it will be harder to find
  ones that are politically acceptable.""
      Japanese firms are likely to favour joint ventures or
  smaller equity stakes in firms to avoid the political backlash
  that blocked the Fairchild sale, analysts said. ""They're not
  going to slow up, they're just going to buy smaller pieces ...
  Because of the political risk,"" said Barclays de Zoete's May.
      Several Japanese firms have already taken 10 to 30 pct
  shares in smaller U.S. High technology firms such as super
  minicomputer makers, he said.
      Opposition of the sort that blocked Fujitsu could end up
  harming U.S. Firms and undermining a trend toward multinational
  tie-ups, some analysts said.
      ""This is not really of benefit to U.S. Firms either,"" said
  Jardine Fleming (Securities) Ltd analyst Nick Edwards. ""The
  pooling of resources in semiconductors is a positive move --
  why should the government step in to prevent it?""
      Japan's Minister of International Trade and Industry Hajime
  Tamura told a press conference that interference by U.S.
  Government officials in the Fairchild deal was inappropriate.
      ""This is entirely a private sector matter and not a matter
  for governments' comment,"" Tamura said. ""I think it was improper
  for U.S. Government officials to intervene to the extent they
  did,"" he said.
      A spokesman told Reuters the ministry's view is that
  international investment flows ought to be free and that such
  flows are of increasing importance in line with the growing
  closeness of U.S.-Japanese economic ties.
  

"
training/5810	48	trade	"S.KOREA SAYS JAPAN COMPLAINS TO GATT ON TRADE PLAN
  Japan has complained to the secretariat
  of the General Agreement on Tariffs and Trade (GATT) that South
  Korea's five-year plan to cut its trade deficit with Japan
  breaks GATT rules, Trade Ministry officials here said.
      They said Japan submitted a report earlier this month
  alleging South Korea's plan to import less from Japan and more
  from the U.S. And elsewhere was tantamount to creating
  non-tariff trade barriers.
      South Korea unveiled the plan in November. It said it hoped
  to narrow its trade deficit with Japan to two billion dlrs by
  1991.
      South Korea's trade deficit with Japan was a record 5.45
  billion dlrs in 1986, and rose to 752 mln dlrs in the first two
  months of 1987 from 727 mln in the same 1986 period.
      The plan envisages giving incentives to importers not to
  import Japanese goods, and to exporters to sell more to Japan.
      The officials said they believed the Japanese action, one
  step short of filing a suit, was designed to bring South Korea
  to the negotiating table and stop the plan.
      The Seoul government wants Tokyo to ease various import
  restrictions and simplify customs inspections for South Korean
  goods to help reduce the trade deficit.
  

"
training/5811	32	money-fx	"AUSTRALIAN CURRENCY TRADING SET RECORD IN JANUARY
  Spot volume in the Australian foreign
  exchange market jumped to a record 22.63 billion dlrs a day in
  January from 16.18 billion in December and 8.27 billion a year
  earlier, the Reserve Bank said in its monthly bulletin.
      The previous record was 17.51 billion dlrs last August.
      The peak broke a steady trading trend of 15 to 17 billion
  dlrs a day seen in the second half of 1986.
      Including forward deals, total deliverable volume was 27.01
  billion dlrs a day (13.43 billion against the Australian
  dollar) against 19.56 billion (8.48 billion) in December and
  9.92 billion (5.88 billion) a year earlier, the bank said.
  

"
training/5815	12	earn	"MITSUBISHI CHEMICAL INDUSTRIES LTD <MCIT.T> YEAR
  Year ended January 31
      Parent shr 5.73 yen vs 5.80
      Div five yen vs same
      Net 7.01 billion vs 6.77 billion
      Current 24.06 billion vs 23.76 billion
      Operating 37.62 billion vs 45.26 billion
      Sales 630.08 billion vs 810.89 billion
      NOTE - Company forecast for current year parent div five
  yen, net seven to eight billion, current 24 billion, sales 610
  billion.
  

"
training/5818	43	ship	"JAPAN FOREIGN SHIPBUILDING ORDERS RISE IN FEBRUARY
  New foreign shipbuilding orders received
  by Japanese yards in February rose to six vessels totalling
  329,999 gross tons from three ships of 79,499 tons in January,
  the Japan Ship Exporters Association said.
      This compared with six ships of 125,150 gross tons a year
  earlier, an association official said.
      The backlog of orders at end-February was 157 ships of 4.41
  mln gross tons against 161 ships of 4.39 mln a month earlier
  and 265 vessels of 6.81 mln a year earlier, an association
  official said.
  

"
training/5819	32	money-fx	"U.K. MONEY MARKET DEFICIT FORECAST AT 450 MLN STG
  The Bank of England said it forecast a
  shortage of around 450 mln stg in the money market today.
      Among the main factors affecting liquidity, bills maturing
  in official hands and the take-up of treasury bills will drain
  some 650 mln stg while banker's balances below target will take
  out around 50 mln stg.
      Partly offsetting these outflows, exchequer transactions
  and a fall in note circulation will add some 200 mln stg and 50
  mln stg to the system respectively.
  

"
training/5822	12	earn	"CCIC FINANCE LTD - YEAR TO DEC 31
  Net profit 16.66 mln H.K. Dlrs vs 11.28 mln
      Total divs to shareholders 7.5 mln vs nil
      Note - Firm underwrote 23 capital market issues in 1986.
  Next industrial transaction in May is syndication of a 35 mln
  U.S. Dlr loan to the Shanghai Ta Chun Tyre Project. The company
  is a joint venture merchant bank between the <Bank of China>,
  <First National Bank of Chicago> and the Industrial Bank of
  Japan <IBJT.T>
  

"
training/5826	17	grain	"SOUTHEAST CHINA CROPS SAVED BY HEAVY RAIN
  The heaviest rains for seven months are
  believed to have saved more than one mln hectares of
  drought-threatened crops in southeast China, the official New
  China News Agency said.
      This week's rains have alleviated drought conditions in
  Guangdong Province, the agency said.
      China has warned that this year's harvest will be affected
  by drought in many areas.
  

"
training/5827	6	copper	"ZAMBIA STOPS SENDING COPPER THROUGH SOUTH AFRICA
  Zambia has stopped sending its copper
  exports through South Africa, the official Times of Zambia
  said.
      The newspaper yesterday quoted highly placed sources as
  saying the state-owned Zambia Consolidated Copper Mines (ZCCM)
  was diverting its mineral exports away from South Africa, but
  it did not say which alternative routes were being used.
      ZCCM officials declined to comment on the report, but
  Standwell Mapara, general manager of the Tanzania-Zambia
  Railway Authority (TAZARA), told Reuters recently virtually all
  Zambian mineral exports had been channelled along the TAZARA
  line to Dar es Salaam for the last three months.
      During that period no Zambian copper had been shipped
  through Zimbabwe to the Mozambican port of Beira - the only
  other available route which avoids South Africa, Mapara said.
      Last December TAZARA carried 36,000 tonnes of Zambian
  mineral ore, the line's record for any one month period, he
  added.
      Copper, cobalt and other mineral exports account for 95 to
  98 pct of Zambia's foreign exchange earnings and President
  Kenneth Kaunda told Reuters in a recent interview it was vital
  for his country to assure new outlets for them, avoiding the
  traditional route through South Africa.
      Referring to Zambia's preparations for a possible cut in
  economic links with South Africa, Kaunda told Reuters in an
  interview on March 1, ""My main concern, of course, is the mines
  because whatever happens we must continue to run the mines.""
      According to Mapara, TAZARA handled 1.1 mln tonnes of
  freight last year and is still working well below its present
  1.4 mln capacity. Kaunda said that once preparations had been
  completed for evacuating Zambia's mineral exports on safe and
  dependable routes his government would look to increase its
  usage of TAZARA for other types of cargo.
      The 1986 annual report of Zambia's state-run Metal
  Marketing Corporation said 81 pct of the country's metal
  exports were channelled through Dar es Salaam last year, versus
  79 pct in 1985. The report said Zambian copper production fell
  to 463,000 tonnes last year from 526,000 in 1985.
      Despite the official optimism about diversifying Zambia's
  export routes, diplomatic sources in Lusaka expressed
  reservations about the capacity of Dar es Salaam and Beira
  ports to handle all of Zambia's mineral exports, even if they
  could be hauled there by train.
      ""The two ports cannot in any way and in their present form
  handle the huge exports of Zambian copper,"" one western diplomat
  said.
      ""A serious disruption in copper movement to the markets
  could be brought about as it would pile up at the two ports
  which lack the facilities and space to handle the copper
  tonnage,"" he added.
  

"
training/5830	8	cpi	"OECD JANUARY ANNUAL INFLATION STEADY AT 2.1 PCT
  Inflation in the 24 industrialised
  nations of the Organisation for Economic Cooperation and
  Development was 2.1 pct in the year to January, unchanged from
  December, the OECD said.
      But monthly inflation throughout the OECD was an average
  0.4 pct in January, a rise compared to the 0.2 pct in the last
  quarter.
      Retail energy prices rose strongly in January, reflecting
  the firming of world oil prices. For OECD states the increase
  was 0.7 pct but the January level of retail energy prices was
  still 11.6 pct lower than a year earlier, the OECD said.
      The increase in consumer prices excluding food and energy,
  at 0.4 pct in January for the whole OECD area, was unchanged on
  the four previous months, but over the year to January OECD
  consumer prices rose by 3.5 pct, against 3.3 pct in December.
      Unadjusted annual inflation for the seven leading
  industrialised nations in January was running at 4.4 pct in
  Italy, 3.9 pct in Britain and Canada, three pct in France, 1.4
  pct in the U.S., Minus 0.8 pct in West Germany and minus 1.5
  pct in Japan, the OECD said.
  

"
training/5835	45	sugar	"INDONESIAN SUGAR OUTPUT FORECAST TO RISE IN 1987
  Indonesian sugar output is forecast by
  the government to reach 2.126 mln tonnes in calendar 1987
  against projected consumption of 2.039 mln tonnes, Agriculture
  Minister Achmad Affandi said.
      Production in 1986, when Indonesia was forced to import
  sugar, is officially estimated at 2.016 mln tonnes against
  1.728 mln in 1985.
      The U.S. Embassy said in its annual Agriculture Report on
  Indonesia there were growing signs that actual output was lower
  than official figures. It estimated 1986 production at 1.8 mln
  tonnes and forecast little change for 1987.
      Indonesia imported 162,000 tonnes of sugar towards the end
  of last year and in early 1987 to boost low stocks.
      Affandi told reporters stocks fel to as low as 159,000
  tonnes at the beginning of 1987. Industry sources said this
  represented under one month's consumption.
      The minister said Indonesia should hold three months'
  supply, or 510,000 tonnes.
      A spokesman for the National Logistics Bureau, which
  distributes and stores sugar, said stocks this month were
  489,437 tonnes. The harvesting season begins in April.
  

"
training/5838	2	bop	"FRENCH JANUARY PAYMENTS SURPLUS 0.3 BILLION FRANCS (3.8 BILLION DECEMBER SURPLUS)-OFFICIAL

  FRENCH JANUARY PAYMENTS SURPLUS 0.3 BILLION FRANCS (3.8 BILLION DECEMBER SURPLUS)-OFFICIAL
  

"
training/5839	50	wpi	"ITALIAN WHOLESALE PRICES UP 1.1 PCT IN JANUARY
  The wholesale price index rose 1.1 pct
  month-on-month in January 1987 after increasing by 0.3 pct in
  December 1986, the national statistics institute Istat said.
      The index, base 1980 equals 100, registered 172.8 in
  January compared with 170.9 in December.
      The January 1987 figure represents a fall over January 1986
  of 1.7 pct after a year-on-year decrease in December 1986 of
  2.5 pct.
  

"
training/5842	2	bop	"FRENCH PAYMENTS SURPLUS SHRINKS IN JANUARY
  France's current account payments surplus
  slipped to a provisional 300 mln francs, seasonally adjusted,
  in January from a downward revised surplus of 3.8 billion in
  December, the Finance Ministry said.
      The December figure was revised from a provisional 4.8
  billion franc surplus reported a month ago.
      On an unadjusted basis, January payments showed a 5.2
  billion franc deficit after a revised 7.1 billion December
  surplus. The December unadjusted surplus was revised down from
  a provisional 8.2 billion.
      The Ministry said trade, measured on balance of payments
  criteria, showed an unadjusted 7.1 billion franc January
  deficit while services showed a 3.7 billion surplus.
      Other items, mainly including unilateral transfers, showed
  a 1.8 billion deficit.
      The current account showed an adjusted surplus of 6.1
  billion francs in January last year, and an unadjusted deficit
  of one billion.
      The full year 1986 current account surplus was reported
  last month at 25.8 billion francs.
  

"
training/5845	23	ipi	"U.K. JAN INDUSTRIAL OUTPUT RISES 0.4 PCT, MANUFACTURING DOWN 2.3 PCT - OFFICIAL

  U.K. JAN INDUSTRIAL OUTPUT RISES 0.4 PCT, MANUFACTURING DOWN 2.3 PCT - OFFICIAL
  

"
training/5848	23	ipi	"U.K. INDUSTRIAL OUTPUT RISES IN JANUARY
  U.K. Industrial production rose a
  provisional 0.4 pct in January after a 0.6 pct decline in
  December 1986, figures from the Central Statistical Office
  show.
      The index for industrial production, base 1980, was set at
  a seasonally adjusted 109.8 in January after December's 109.4
  and compared with 108.2 a year earlier.
      Output of manufacturing industries fell a provisional 2.3
  pct in January after a 0.2 pct rise last December.
      The index for manufacturing, base 1980, fell to 103.9 from
  106.3, and compared with 102.3 a year earlier.
      The CSO said industrial production in the three months to
  January was provisionally estimated to have fallen by 0.7 pct
  from the level of the previous three months, while
  manufacturing output rose by 0.5 pct in the same period.
      In the three months, industrial production was 1.5 pct
  higher than in the same period a year earlier, while
  manufacturing output was two pct higher.
      Within manufacturing, output of the metals industry rose by
  six pct and that of engineering and allied industries by one
  pct between the two latest three month periods. Output of
  chemicals and textiles fell by one pct and minerals by two pct.
      The Office said output of the investment goods industries
  rose 0.1 pct while consumer goods output increased 0.6 pct.
      Output of intermediate goods fell 1.6 pct between the two
  latest three-month periods.
      The figures showed the energy production index, base 1980,
  rose 7.2 pct in January to 126.4 from December's 117.9 and from
  124.6 in January 1986.
      In the latest three months, the energy index, which
  comprises oil, natural gas and coal production, was down 3.5
  pct on the previous quarter and 0.5 pct below the same period a
  year earlier.
  

"
training/5849	15	gnp	"ZIMBABWE GDP RISES 0.2 PCT IN 1986
  Zimbabwe's real gross domestic product
  increased 0.2 pct in 1986, according to preliminary figures
  published by the Central Statistical Office (CSO). This
  contrasts with a rise of more than nine pct in 1985.
      The main reason for the slower rate of economic growth was
  a drop in the real value of agricultural output. This declined
  12 pct in 1986 following a 24 pct improvement the previous
  year. Mining output fell one pct in 1986 but manufacturing
  production increased 1.4 pct.
      The CSO said that at current prices GDP rose 12.7 pct to
  8.2 billion Zimbabwe dlrs, but inflation, measured by the GDP
  deflator, was estimated at 12.2 pct, so there was virtually no
  growth in real output during 1986.
  

"
training/5850	48	trade	"JAPAN SAYS U.S.-JAPAN MICROCHIP PACT WORKING
  Japanese officials sought to convince the
  U.S. That a U.S.-Japan pact on microchip trade is working ahead
  of an April 1 deadline set by the U.S. For them to prove their
  case.
      ""We are implementing the agreement in good faith and the
  situation does not run counter to the pact,"" Osamu Watanabe,
  Director of the Ministry of International Trade and Industry's
  (MITI) Americas and Oceanic Division, told foreign reporters.
      ""The effects of the measures we have taken and are taking
  are emerging in the market place,"" he said.
      U.S. Trade officials have repeatedly accused Japanese
  microchip makers of violating the pact by continuing to sell at
  below cost in markets outside Japan and the United States.
      The agreement, signed last September, aimed at halting
  predatory Japanese pricing policies and increasing U.S.
  Semiconductor firms' access to the Japanese market.
      The comments by MITI officials followed a call by Prime
  Minsiter Yasuhiro Nakasone to clear up any misunderstandings on
  the U.S. Side about the pact, Watanabe said.
      Yukio Honda, director of MITI's Industrial Electronics
  Division, denied that Japanese chipmakers were selling at below
  cost in third countries.
      MITI's call to Japanese chip makers last month to cut
  production of key memory chips in the first quarter of this
  year has begun to dry up the source of cheap chips for sale in
  the non-regulated grey market, Honda said.
      ""The grey market exports from Japan are shrinking now, but
  in contrast U.S. And South Korean companies are expanding
  market share because of their cheaper prices,"" Honda said.
      MITI plans to take further steps to reduce the excess
  supply of inexpensive chips which developed in Japan after the
  pact was formed because of a slump in Japanese semiconductor
  exports to the United States, he added.
      The ministry will soon release its supply-demand guidelines
  for the second quarter and suggested production volumes are
  likely to be lower than that for the first quarter, he said.
      Despite businessmen's ingenuity in finding ways around any
  artificial controls, regulation of supply and demand should
  bring positive results, Watanabe said. ""I am optimistic,"" he
  added.
  

"
training/5854	0	acq	"HANSON SELLS FINLAYS UNIT FOR 16.9 MLN STG
  Hanson Trust Plc <HNSN.L> said it will
  sell its Finlays confectionery, tobacco and newsagent business
  to a specially formed company, <Finlays Plc> for an estimated
  16.9 mln stg cash.
      The chain of stores was acquired when Hanson took over
  <Imperial Group Plc> last year.
  

"
training/5858	32	money-fx	"DOLLAR SEEN FALLING UNLESS JAPAN SPURS ECONOMY
  Underlying dollar sentiment is bearish,
  and operators may push the currency to a new low unless Japan
  takes steps to stimulate its economy as pledged in the Paris
  accord, foreign exchange analysts polled by Reuters said here.
      ""The dollar is expected to try its psychological barrier of
  150.00 yen and to fall even below that level,"" a senior dealer
  at one leading bank said.
      The dollar has eased this week, but remains stable at
  around 151.50 yen. Six major industrial countries agreed at a
  meeting in Paris in February to foster currency stability.
      Some dealers said the dollar may decline in the long term,
  but a drastic fall is unlikely because of U.S. Fears of renewed
  inflation and fears of reduced Japanese purchases of U.S.
  Treasury securities, needed to finance the U.S. Deficit.
      Dealers generally doubted whether any economic package
  Japan could adopt soon would be effective enough to reduce its
  trade surplus significantly, and said such measures would
  probably invite further U.S. Steps to weaken the dollar.
      Under the Paris accord, Tokyo promised a package of
  measures after the fiscal 1987 budget was passed to boost
  domestic demand, increase imports and cut its trade surplus.
      But debate on the budget has been delayed by an opposition
  boycott of Parliamentary business over the proposed imposition
  of a five pct sales tax, and the government has only a slim
  chance of producing a meaningful economic package in the near
  future, the dealers said.
      If no such steps are taken, protectionist sentiment in the
  U.S. Congress will grow, putting greater downward pressure on
  the dollar, they said.
      The factors affecting the U.S. Currency have not changed
  since before the Paris accord, they added.
      ""Underlying sentiment for the dollar remains bearish due to
  a still-sluggish U.S. Economic outlook, the international debt
  crisis triggered by Brazil's unilateral suspension of interest
  payments on its foreign debts and the reduced clout of the
  Reagan administration as a result of the Iran/Contra arms
  scandal,"" said a senior dealer at a leading trust bank.
      ""There is a possibility that the dollar may decline to
  around 140.00 yen by the end of this year,"" said Chemical Bank
  Tokyo branch vice president Yukuo Takahashi.
      But operators find it hard to push the dollar either way
  for fear of possible concerted central bank intervention.
      Dealers said there were widespread rumours that the U.S.
  Federal Reserve telephoned some banks in New York to ask for
  quotes last Wednesday, and even intervened to sell the dollar
  when it rose to 1.87 marks.
      The Bank of England also apparently sold sterling in London
  when it neared 1.60 dlrs on Wednesday, they said.
      But other dealers said they doubted the efficacy of central
  bank intervention, saying it may stimulate the dollar's decline
  because many dealers are likely to await such dollar buying
  intervention as a chance to sell dollars.
      However, First National Bank of Chicago Tokyo Branch
  assistant manager Hiroshi Mochizuki said ""The dollar will not
  show drastic movement at least to the end of March.""
      Other dealers said the U.S. Seems unwilling to see any
  strong dollar swing until Japanese companies close their books
  for the fiscal year ending on March 31, because a weak dollar
  would give Japanese institutional investors paper losses on
  their foreign holdings, which could make them lose interest in
  purchases of U.S. Treasury securities.
      U.S. Monetary officials may refrain from making any
  comments this month to avoid influencing rates, they said.
  

"
training/5868	1	alum	"BILLITON SEEKS CHANGE IN SURINAM POLICIES
  <Billiton
  International Metals B.V.>, the Dutch mining company, has urged
  Surinam to change policies it says are causing heavy losses on
  bauxite mining operations there, a company spokesman said.
      He told Reuters that Billiton, a fully-owned Royal
  Dutch/Shell <RD.AS> subsidiary, presented the demands to Henk
  Heidweiler, a top aide to Surinam military leader Desi
  Bouterse, who visited the Netherlands last week for official
  talks.
      Billiton and <Suralco>, owned by U.S. Conglomerate Alcoa
  <AA.S>, both want devaluation, and lower wages, welfare
  contributions, taxes on bauxite and energy prices.
      The two firms are the biggest private sector employers in
  Surinam. Billiton also urged Heidweiler to improve the safety
  of its employees in the campaign against a jungle guerilla
  group, the spokesman said, adding rebel fighting since July
  1986 had depressed production at Billiton and Suralco plants.
      High voltage cables from the power plant of Afobakka have
  been cut, and a bauxite mine at Moengo has been shut, he added.
      ""We are already making vast losses in Surinam and you can't
  expect any company to remain operating with losses,"" the
  spokesman said.
  

"
training/5870	43	ship	"DUTCH PORT EMPLOYERS RESUME LAY-OFF PLANS
  Employers in Rotterdam's troubled
  general cargo sector have decided to restart stalled redundancy
  procedures within a week, employers' organisation labour
  relations manager Gerard Zeebregts told Reuters.
      Port and transport union spokesman Bert Duim said the
  employers' decision would not lead to the immediate resumption
  of eight weeks of strikes in the sector.
      The strike action was called off on Friday after an interim
  court injunction against the employers' plans for 350
  redundancies this year.
      A court in Amsterdam ruled last week the employers had made
  an error in the complicated procedure for obtaining permission
  for the redundancies and therefore could not proceed until a
  final ruling on May 7.
      Zeebregts said the initiation of new procedure might well
  take up to two months, but the employers were not prepared
  simply to sit and wait for the May 7 court ruling with the
  chance they would have to start all over again in any case.
      ""We cannot afford not to continue with our plans. The
  strikes have already cost a lot of money and damaged business,
  and further delays would do even more damage,"" Zeebregts said.
      The campaign of lightning strikes in the port's general
  cargo sector began on January 19 in protest at employers' plans
  for 800 redundancies from the sector's 4,000 strong workforce
  by 1990, starting with 350 this year.
  

"
training/5873	0	acq	"COMMERCIAL INTERNATIONAL <CMMC> MAKES PURCHASE
  Commercial International Corp said
  it has completed the previously-announced acquisition of most
  of the assets of Growers Distributing International Corp, a
  table grape marketer, for an undisclosed amount.
      It said the entire purchase price will be payable over a
  three-year period and based on a percentage of pre-tax earnings
  of the acquired operation.
      The company said it has an option to acquire Growers' cold
  storage facility and related assets in Tulare County, Calif.
  Growers is owned by Commercial chairman Sid Schuman Jr. and
  director Arnold T. Cattani Jr.
  

"
training/5875	0	acq	"<TIMEX CORP> SELLS UNIT
  <Swiss Corp for Microelectronics and
  Watchmaking Industries> said it has acquired International time
  corp from privately-held Timex corp for undisclosed terms.
      International Time is exclusive distributor of Swiss Corp's
  Tissot watches in the U.S.
  

"
training/5876	0	acq	"<WAVEHILL INTERNATIONAL INC> MAKES PURCHSE
  Wavehill International Ventures Inc
  said it has completed the previously-announced acquisition of
  Personal Computer Rental corp for 500,000 restricted common
  shares, giving former shareholders of Personal Computer a 25
  pct interest in the combined company.
  

"
training/5879	15	gnp	"ECONOMISTS SEE SLUGGISH JAPANESE ECONOMY AHEAD
  The Japanese economy will remain sluggish
  in the months ahead after turning in its worst performance for
  12 years in 1986, private economists said.
      Consumer spending, a main driving force of domestic demand,
  was likely to remain lacklustre although brisk housing and
  business investment would help sustain the economy this year,
  the economists said.
      They said they were shocked by an Economic Planning Agency
  report today that private spending fell 0.7 pct in the Oct/Dec
  quarter for the first time in 12 years.
      The report said Japan's gross national product rose a real
  0.8 pct in Oct/Dec after a revised 0.7 pct increase in the
  previous quarter.
      It said GNP growth for 1986 was a real 2.5 pct, down from
  4.7 pct in 1985. Agency officials said this was the worst
  performance since 1974 when GNP contracted 1.4 pct in the wake
  of the first oil crisis.
      They expressed concern about the 0.7 pct decline in
  consumer spending in the final quarter of 1986 but said it was
  only temporary as exceptionally warm winter weather had
  depressed retail sales.
      But most private economists disagreed and said consumers
  were likely to remain pessimistic in coming months as they saw
  their real income level off.
      ""Sure, consumers may have spent less on winter clothes or
  heating apparatus because of the warm winter this year, but
  they have done so because they have become even more uneasy
  about their future pay rises,"" said Shoji Saito, general manager
  of Mitsui Bank's economic research division.
      He said the outlook for pay increases was gloomy because of
   falling employment in many industries, particularly those hit
  hard by the yen's rise.
      Masao Suzaki, senior economist at the Bank of Tokyo, said
  weakened consumer confidence was the most worrying factor.
  Without brisk consumer spending, Japan can hardly achieve
  domestically generated economic growth as the government has
  put a lid on fiscal measures, he said.
      Other economists said the 0.8 pct growth registered in
  Oct/Dec may have been inflated by special factors, including
  exceptionally heavy spending in the public sector. Johsen
  Takahashi, chief economist at Mitsubishi Research Institute,
  said the 14.4 pct increase in public sector spending in Oct/Dec
  resulted from an issue of gold coins.
      ""This is just a one-shot spending and we can't expect that
  high level of public-sector consumption in the following
  quarter,"" Takahashi said. Agency officials said public spending
  would have risen 1.1 pct in Oct/Dec without the issue, which
  marked 60 years of Emperor Hirohito's reign.
      Takahashi said the economy might contract in the current
  quarter given the lack of additional significant government
  spending and sluggish consumer spending.
      Saito said the most effective government action would be
  income tax cuts and the postponement beyond next January of a
  proposed controversial sales tax.
  

"
training/5880	4	cocoa	"COCOA WORKING GROUP MEETING DELAYED
  The International Cocoa Organization
  (ICCO) buffer stock working group meeting set for 1130 GMT
  today was rescheduled for 1430, ICCO delegates said.
      The meeting was delayed so a draft compromise proposal on
  buffer stock rules could be completed, they said.
      ICCO Executive Director Kobena Erbynn was preparing the
  plan in consultation with other delegates for presentation to
  the full working group, they added.
  

"
training/5883	19	housing	"U.S. FEB HOUSING STARTS ROSE 2.6 PCT TO 1.851 MLN, PERMITS ROSE 4.4 PCT TO 1.764 MLN

  U.S. FEB HOUSING STARTS ROSE 2.6 PCT TO 1.851 MLN, PERMITS ROSE 4.4 PCT TO 1.764 MLN
  

"
training/5886	19	housing	"U.S. HOUSING STARTS ROSE 2.6 PCT IN FEBRUARY
  U.S. housing starts rose 2.6 pct in
  February to a seasonally adjusted annual rate of 1,851,000
  units, the Commerce Department said.
      In January, housing starts fell a revised 0.5 pct to
  1,804,000 units. The department previously said they fell 0.1
  pct.
      The rate at which permits were issued for future
  construction rose in February by 4.4 pct to a seasonally
  adjusted 1,764,000 units after falling 11.52 pct to 1,690,000
  units in January.
      Permits for single-family houses fell in January by 6.6 pct
  to 1,091,000.
      The number of permits for multi-family houses fell in
  February by 11.7 pct to 529,000 units after falling in January
  by 19.3 pct, the department said.
      Housing starts in February included a seasonally adjusted
  5.6 pct rise in single family units to 1,317,000 units and a
  4.1 pct fall in multi-family homes to 534,000 units.
      The seasonally adjusted permits total in February for
  single family units was 1,235,000 and for multi-family units
  was 529,000 units.
  

"
training/5887	31	meal-feed	"SOUTH AMERICAN FISH MEAL PRODUCTION AT RECORD HIGH
  Production of fish meal by the three
  South American producers -- Chile, Peru and Equador -- last
  year reached 2.5 mln tonnes, equalling the record output of
  1970, the International Association of Fish Meal Manufacturers
  (IAFMM) said.
      However, IAFMM said in a statement that it expected Chilean
  and Peruvian fish meal production in the first quarter of 1987
  to be much lower than the 651,000 tonnes produced in the last
  quarter of 1986, due to a ban on sardine fishing in Chile for
  the month of February and to adverse fishing conditions in Peru
  in the same month.
      The statement added that, due to technical market promotion
  and energetic sales by Chile and Peru, the stock position at
  the end of the year remained reasonable.
      Fish meal production outside South America decreased
  slightly, falling from 114,400 to 111,100 tonnes.
      The IAFMM said fish meal consumption in 1986 rose in West
  Germany, Scandinavian countries, Eastern Europe and the Far
  East, but fell in the U.S. And remained static in the U.K.
      It added that fish meal consumption had suffered from
  competition with feed grade tallow in the U.S. And with skimmed
  milk powder in the U.K.
      IAFMM figures for fish oil production in the main producing
  nations, in thousands of tonnes, were -
                      Oct/Dec            Jan/Dec
                   1986    1985       1986     1985
   CHILE             22       8        109       76
   PERU              56      28        238      104
   NORWAY            14      14         97      130
   ICELAND           44      52        102      118
   DENMARK           20      18         88       77
   U.S.              10       8        152      129
   JAPAN             67      91        213      249
  

"
training/5888	6	copper	"TALKING POINT/COPPER STOCKS
  Copper shares, which have lagged
  behind the market, should pick up steam this year on stronger
  demand and improving prices for the metal, analysts said.
      ""Copper prices should move up over the next four to six
  quarters,"" said Daniel Roling of Merrill Lynch and Co <MER>. ""I
  see average copper prices at 70 cts a pound in 1988, up from
  around 63 or 64 cts, based on tight supply and continued world
  economic growth.""
      Other analysts see metal prices ranging from 65 to 68 cts a
  pound this year and 70 to 73 cts in 1988.
      Analysts said Phelps Dodge Corp <PD> will be a strong
  performer because it is the largest U.S. copper producer.
      But Asarco Inc <AR>, with about 45 pct of total sales from
  copper, and Newmont Mining Corp <NEM> are also potential
  winners, they said. Newmont is spinning off 85 pct of its
  copper operations to its shareholders.
      ""In theory, Phelps is the best stock. It's the purest play
  and benefits most from higher copper prices,"" one said.
      William Siedenburg of Smith Barney Harris Upham and Co,
  said Phelps has lowered costs and streamlined mining
  operations. ""They've accomplished a great deal,"" he said.
      The company's move into carbon black, a product used in
  tires, should provide steady earnings, although not rapid
  growth, as a hedge against a copper downturn, Siedenburg said.
  He estimates Phelps will earn 2.45 dlrs in 1987 and 4.45 dlrs
  in 1988, including tax benefits, versus 1.79 dlrs in 1986.
      Other analysts, including Clarence Morrison of Dean Witter
  Reynolds Inc and Merrill's Roling, also recommend Phelps.
      Morrison projects Phelps will earn 3.25 dlrs in 1987 and
  four dlrs in 1988, while Roling sees earnings at 2.75 dlrs this
  year and around 3.50 dlrs next year.
      ""The stock can go to the mid 30s,"" Roling said, from its
  current level of around 30. But others see it climbing to 40.
      ""Their (Phelps Dodge) costs are so low, they don't need
  copper prices higher than 70 cts to make a lot of money,"" said
  Vahid Fathi of Prescott Ball and Turben Inc. ""The shares will
  outperform the market over the next 18 months,"" he said.
      But Nick Toufexis of Prudential-Bache Securities Inc says
  Newmont Mining is a more attractive investment. ""We'd rather
  place our bets with Newmont. Any way you slice it, I see a
  significant premium to the current stock price,"" he said.
      After the spinoff, which closes next month, Newmont will
  have gold operations, including 95 pct of Newmont Gold Co
  <NGC>, a 15 pct stake in its copper unit and energy operations,
  Toufexis noted.
      Analysts see Newmont earning 2.85 dlrs to three dlrs in
  1987 and about 3.75 dlrs in 1988, versus earnings of about 1.40
  dlrs from operations in 1986.
      ""I'd be buying up to 90,"" Toufexis said last week, when the
  stock rose sharply to near that level. ""But the shares are
  probably worth about 108 dlrs (each).""
      Dean Witter's Morrison and Fathi of Prescott Ball like
  Asarco, because of cost cutting and restructuring. Morrison
  sees 1987 earnings at 1.25 dlrs and 1988 at 1.75 against losses
  in 1986. Fathi projects Asarco will earn one dlr in 1987 and
  from three dlrs to 3.25 dlrs in 1988.
      Roling of Merrill Lynch is recommending Cyprus Minerals Co
  <CYPM> in addition to Phelps Dodge. Cyprus has interests in
  coal and other minerals aside from copper.
      But Siedenburg of Smith Barney thinks Cyprus is overpriced
  at current levels. ""I would be willing to sell Cyprus and buy
  Phelps Dodge if I were picking one copper stock,"" he said.
  

"
training/5889	0	acq	"KOHLBERG KRAVIS HAS 96 PCT OWENS-ILLINOIS <OI>
  OII Holdings Corp, a company formed by
  Kohlberg Kravis Roberts and Co, said it received and purchased
  about 58.3 mln shares or 96 pct of Owens-Illinois Inc common
  stock and 50,275 of 4.75 dlr cumulative convertible preference
  shares of Owens, or about 83 pct.
      The company said its tender offer for all common and
  preference shares expired last night. It said Owens-Illinois
  will be merged into a subsidiary of OII Holdings on March 24.
  Common shares not bought in the offer will be converted into
  the right to receive 60.50 dlrs per share in cash, the tender
  price.  The preference stock has been called.
  

"
training/5894	12	earn	"MACGREGOR SPORTING GOODS INC <MGS>2ND QTR JAN 31
  Shr one cent vs nine cts
      Net 51,057 vs 554,878
      Sales 24.5 mln vs 21.3 mln
      First half
      Shr 15 cts vs five cts
      Net 1,026,479 vs 313,676
      Sales 48.4 mln vs 37.4 mln
      NOTE: Net includes gains of 28,000 dlrs, or one cent a
  share, vs 61,000 dlrs, or seven cts a share, in quarter and
  453,000 dlrs, or seven cts a share, vs 61,000 dlrs, or one cent
  a share, in half from tax loss carryforward
  

"
training/5895	48	trade	"EC WARNS U.S. AND JAPAN ON TRADE TENSIONS
  The European Community (EC) yesterday
  warned Japan and the United States, its main trading partners,
  that friction over trade issues is affecting the EC's relations
  with both countries.
      EC foreign ministers issued a statement deploring Japan's
  continued trade imbalance and appealed for the country to make
  a greater effort to open up its markets. They also said they
  were disturbed by a draft bill before the U.S. Congress that
  would impose permanent quotas on textile imports and were
  prepared to react. The U.S. Administration has already
  distanced itself from the bill.
      EC External Trade Commissioner Willy De Clercq has written
  to his U.S. Counterpart, Trade Representative Clayton Yeutter,
  outlining the EC's concerns.
      The statement said ministers were very disturbed by U.S.
  Moves towards protectionism. ""The adoption of such measures
  would not fail to have a negative effect on the process of
  multilateral negotiations just started, as well as on bilateral
  relations,"" it said.
      Any unilateral U.S. Moves would leave the EC no option but
  to react according to the laws of the General Agreement on
  Tariffs and Trade, it said.
      In a separate statement on Japan, the EC ministers said
  they ""deplore the continued aggravation of the imbalance in
  trade (and) expect Japan to open up its market more.""
      The statement said the EC would continue to insist that
  Japan boost imports and stimulate domestic demand.
      Ministers also called on the EC Commission to prepare a
  report on U.S.-Japanese trade for July this year to enable them
  to take appropriate action where necessary.
      One diplomat said the call for a report showed ministers
  were determined not to let the Japanese question drop. ""It will
  be back on the table again and again,"" the diplomat said.
      De Clercq, talking to journalists during the meeting, said,
  ""There is a certain nervousness, a growing impatience within the
  Community concerning trade relations with Japan.""
      But diplomats said the EC is keen to negotiate with Tokyo
  to solve the problem rather than embark on a costly and
  damaging trade war, and the ministers called for more
  cooperation with Japan in industry and research.
  

"
training/5898	12	earn	"MICROBILT CORP <BILT> 4TH QTR JAN 31 NET
  Shr 15 cts vs 14 cts
      Net 614,000 vs 449,000
      Revs 4,186,000 vs 4,124,000
      Avg shrs 4,131,000 vs 3,321,000
      Year
      Shr 47 cts vs 42 cts
      Net 1,768,000 vs 1,394,000
      Revs 15.0 mln vs 12.5 mln
      Avg shrs 3,799,000 vs 3,324,000
  

"
training/5899	0	acq	"SHAMROCK HOLDINGS UNIT AQUIRES SOFTWARE COMPANY
  <Shamrock Holdings Inc> said
  its subsidiary, Shamrock Holdings of California, acquired
  controlling interest in <DBMS Inc> through the purchase of
  575,000 shares of its preferred stock.
      The company said the stock was purchased for an undisclosed
  amount from an unnamed group of investors.
      Shamrock said Raymond Nawara, a former executive vice
  president of DBMS, a privately-held software company, also
  granted it options and voting rights on a major portion of his
  shares of common stock.
     
      The combination of preferred and common stock holdings
  permit Shamrock and Nawara to exercise voting control over
  approximately 53 pct of the shares of the company.
      Shamrock also said Nawara has been elected president of
  DBMS and one of its directors.
  

"
training/59	43	ship	"GULF BARGE FREIGHT RATES UP FURTHER ON CALL
  Gulf barge freight rates firmed again on
  the outlook for steady vessel loadings at the Gulf, increasing
  the demand for barges to supply those ships, dealers said.
      No barges traded today on the St Louis Merchants' Exchange
  call session, versus 29 yesterday.
      Quotes included -
   - Delivery this week on the Illinois River (Joliet) 135 pct of
  tariff bid/140 offered, with next week same river (ex Chicago)
  quoted the same - both up 2-1/2 percentage points.
   - Next week Mississippi River (St Louis) 120 pct bid/127-1/2
  offered - up five points.
   - Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2
  offered - up 7-1/2 points.
   - On station Illinois River (south Chicago) 135 pct bid/140
  offered - no comparison.
   - March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up
  2-1/2 points.
   - March Ohio River bid at yesterday's traded level of 125 pct,
  offered at 132-1/2.
   - March lower Mississippi River (Memphis/Cairo) 112-1/2 pct
  bid/120 offered - no comparison.
   - May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered
  - no comparison.
   - Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct
  bid/145 offered, with Sept/Dec same section 125 pct bid/135
  offered - no comparison.
  

"
training/5900	0	acq	"CREDIT AGRICOLE REPLACES BNP IN HACHETTE TV BID
  French state agricultural bank <Caisse
  Nationale du Credit Agricole> has joined the group led by
  publishing house <Hachette> which is bidding for control of the
  state television station TF1, replacing <Banque Nationale de
  Paris> which has withdrawn, Hachette said in a statement.
      Credit Agricole's stake in the consortium will be 3.5 pct.
      Last week the broadcasting supervisory board asked Hachette
  to remove BNP from the consortium because the bank had acted as
  adviser to the government for the imminent privatisation of
  TF1.
  

"
training/5901	12	earn	"PAYLESS CASHWAYS INC <PCI> 1ST QTR FEB 28 NET
  Shr 10 cts vs seven cts
      Net 3,501,000 vs 2,420,000
      Sales 332.7 mln vs 274.9 mln
      Qtly div four cts vs four cts prior
      Pay April Six
      Record March Six
  

"
training/5902	0	acq	"FRANCE APPROVES WATERMAN ACQUISITION BY GILLETTE
  Gillette Co <GS> exercised an option to
  take a 51.2 pct stake in the French pen firm Waterman which it
  had previously been authorised to do by the French government,
  the French stockbrokers' association (CSAC) said.
      Gillette has given an undertaking to intervene on the
  Bourse until April 7 to prevent Waterman shares from falling
  below 650 francs, it added.
      This compares with yesterday's rate of 625 francs.
      Under the agreement concluded last November between
  Waterman owners Francine and Grace Le Foyer-Gomez and Alice
  Lundgren and the Gillette group, Gillette agreed to acquire
  51.2 pct of the capital of Waterman at 700 francs a share.
      Gillette is buying a total 180,000 shares, valuing the deal
  at 126 mln francs.
  

"
training/5905	32	money-fx	"U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN
  The Bank of England said it had revised
  its forecast of the shortage in the money market today down to
  400 mln stg from 450 mln stg.
  

"
training/5906	12	earn	"NOEL INDUSTRIES INC <NOL> 1ST QTR JAN 31 LOSS
  Shr loss 26 cts vs loss 12 cts
      Net loss 289,649 vs loss 138,372
      Revs 5,944,286 vs 5,902,074
  

"
training/5908	48	trade	"JAPAN ALERTS GATT TO SOUTH KOREA IMPORT PLAN
  Japan told the General Agreement on
  Tariffs and Trade that South Korea's five-year import
  diversification plan violated the spirit of the world trade
  governing body, a Foreign Ministry spokesman said.
      The notification came in Japan's answer to a recent GATT
  questionnaire on unfair trade practices, the spokesman said.
      In the five-year plan, which starts this year, South Korea
  aims to reduce its dependency on Japan as a source of imported
  goods and to increase imports from the U.S. And Europe.
      Japan's move came after several unsuccessful bilateral
  negotiations on the plan, the spokesman said. ""The notification
  does not represent anything resembling a formal complaint, nor
  is it intended to pressure South Korea. It is a routine
  procedure followed by all other GATT member states.""
  

"
training/5909	32	money-fx	"U.K. MONEY MARKET RECEIVES 16 MLN STG ASSISTANCE
  The Bank of England said it had provided
  the money market with 16 mln stg help in the afternoon session.
      The Bank did not operate in the market in the morning and
  earlier revised its estimate of the shortage in the system
  today down to 400 mln stg from 450 mln.
      The central bank purchased bills outright in band one at
  10-3/8 pct comprising two mln stg of local authority bills and
  14 mln stg of bank bills.
  

"
training/5910	0	acq	"ATICO FINANCIAL <ATFC> TO MAKE ACQUISITION
  Atico Financial Corp said it has executed
  a definitive agreement to acquire 93.5 pct of Intercontinental
  Bank of Dade County, Fla., from Intercontinental Bank Holding
  Co for an undisclosed amount of cash and common stock.
      It said closing is subject to regulatory approval.
      Atico said in connection with the acquisition it will apply
  to become a registered bank holding company and convert its 99
  npct owned Atico Savings Bank subsidiary to a state-chartered
  commercial bank.
      Intercontinental had year-end assets of about 487 mln dlrs.
      Atico had year-end assets of about 534 mln dlrs.
  

"
training/5911	12	earn	"CLOTHESTIME INC <CTME> 4TH QTR NET
  Shr 12 cts vs 10 cts
      Net 1,683,000 vs 1,407,000
      Revs 42.2 mln vs 28.8 mln
      12 mths
      Shr 83 cts vs 70 cts
      Net 11.9 mln vs 10.0 mln
      Revs 160.3 mln vs 126.5 mln
      NOTE: prior qtr and yr ended Jan 26.
  

"
training/5912	12	earn	"CHARTER-CRELLIN INC <CRTR> YEAR NET
  Shr 1.40 dlrs vs 1.38 dlrs
      Net 1,928,800 vs 1,485,600
      Sales 35.2 mln vs 33.5 mln
      Avg shrs 1,350,800 vs one mln
  

"
training/5913	12	earn	"<SENSORMATIC CANADA LTD> YEAR NET
  Shr 26 cts vs 18 cts
      Net 879,000 vs 615,000
      Revs 6,394,000 vs 5,561,000
  

"
training/5914	12	earn	"DIME SAVINGS BANK OF WALLINGFORD <DIBK> PAYOUT
  Qtly div 10 cts vs 10 cts prior
      Pay April 30
      Record April Three
  

"
training/5915	0	acq	"BAKER INTERNATIONAL TO SELL ELECTRIC SUBMERSIBLE OILWELL PUMP UNIT

  BAKER INTERNATIONAL TO SELL ELECTRIC SUBMERSIBLE OILWELL PUMP UNIT
  

"
training/5919	0	acq	"BAKER <BKO> TO SELL OILWELL PUMP UNIT
  Baker International Corp said it has
  signed a definitive agreement to sell the assets and business
  of the electric submersible oilwell pump product line in the
  continental U.S. of its Baker Oil Tools Inc subsidiary to Trico
  Industries Inc <TRO> for an undisclosed amount of cash and
  other consideration.
      The company said the transaction is subject to Hughes Tool
  Co <HT> and Baker shareholder approval of the Baker/Hughes
  merger. The U.S. Justice Department has announced that it will
  require divestiture of the product line for approval of the
  merger.
      Baker said the transaction is subject to approval by the
  Justice Department and the boards of Baker, Hughes and Trico.
  

"
training/5922	12	earn	"<CANADIAN FOREMOST LTD> YEAR NET
  Shr 38 cts vs 92 cts
      Net 1,042,000 vs 2,510,000
      Revs 20.6 mln vs 29.6 mln
  

"
training/5925	12	earn	"IMMUNOGENETICS INC <IGEN> YEAR NET
  Oper shr profit eight cts vs loss eight cts
      Oper net profit 604,996 vs loss 615,345
      Sales 18.4 mln vs 17.8 mln
      NOTE: Net excludes losses from discontinued operations of
  156,098 dlrs vs 732,924 dlrs.
      1986 net excludes tax credits of 271,538 dlrs.
      1985 net includes gain 480,0009 dlrs from reversl of
  recapture taxes.
  

"
training/5926	12	earn	"<SCURRY-RAINBOW OIL LTD> 1ST QTR DEC 31 NET
  Shr 31 cts vs 53 cts
      Net 4.2 mln vs 7.1 mln
      Revs 16.1 mln vs 27.2 mln
  

"
training/5930	12	earn	"MCRAE INDUSTRIES INC <MRI.B> 2ND QTR JAN 31 NET
  Shr 19 cts vs three cts
      Net 515,000 vs 87,000
      Revs 6,830,000 vs 4,107,000
      Six mths
      Shr 36 cts vs 12 cts
      Net 955,000 vs 327,000
      Revs 14.2 mln vs 9,755,000
  

"
training/5931	12	earn	"<FRONTIER TEXAS CORP> 2ND QTR NOV 30 NET
  Oper shr profit one ct vs loss four cts
      Oper net profit 104,386 vs loss 196,265
      Revs 8,174,652 vs 2,309,979
      Avg shrs 6,285,714 vs 5,500,000
      1st half
      Oper shr profit nil vs loss eight cts
      Oper net profit 26,541 vs loss 419,758
      Revs 12.0 mln vs 5,088,134
      Avg shrs 5,836,735 vs 5,500,000
      NOTE: Current year net both periods excludes tax credit of
  107,370 dlrs.
  

"
training/5932	16	gold	"<VICEROY RESOURCE CORP> DETAILS GOLD ASSAYS
  Viceroy Resource
  Corp said recent drilling on the Lesley Ann deposit extended
  the high-grade mineralization over a width of 600 feet.
      Assays ranged from 0.35 ounces of gold per ton over a
  150-foot interval at a depth of 350 to 500 feet to 1.1 ounces
  of gold per ton over a 65-foot interval at a depth of 200 to
  410 feet.
  

"
training/5934	0	acq	"CLABIR <CLG> UNIT AGRES TO BUY POPSICLE CANADA
  Clabir Corp said its 86 pct
  owned affiliate, Ambrit Inc <ABI>, has agreed to acquire the
  Popsicle Industries division of <Sara Lee Corp of Canada Ltd>
  for about 37 mln Canadian dlrs in cash.
      Clabir said the purchase from the Sara Lee Corp <SLE>
  subsidiary is worht about 28 mln U.S. dlrs.
      The agreement is subject to Canadian regulatory approval.
      Popsicle Canada, through its 19 licensees, is the largest
  maker and distributor of frozen novelty products in Canada,
  Clabir added.
  

"
training/5935	12	earn	"ST. JUDE MEDICAL <STJM> VOTES DIVIDEND RIGHTS
  St. Jude Medical Inc said its board
  declared a special dividend of one right for each outstanding
  share held of the company's common stock, payable to holders of
  record April Six.
      It said each right entitles the holder to buy one-tenth of
  a share of preferred stock of St. Jude at an exercise price of
  100 dlrs.
      St. Jude said the rights may be exercised only after 10
  days following the acquisition of, or commencement of a tender
  offer for, at least 20 pct of the company's common stock.
      The company added that it has no reason to believe St. Jude
  Medical is a takeover target.
  

"
training/5937	0	acq	"ADAMS-RUSSELL ELECTRONICS <AARE> IN PURCHASE
  Adams-Russell Electronics Co Inc
  said it has acquired Hermetronics PLC, a maker of hermetic
  integrated circuit packages, for about 600,000 dlrs. 
      The company said HErmetronics is expected to have sales of
  over 800,000 dlrs for the year ending this month.
  

"
training/5938	12	earn	"MESA LIMITED PARTNERSHIP <MLP> SETS PAYOUT
  Qtly div 50 cts vs 50 cts prior
      Pay May 15
      Record April Seven
      NOTE: Partnership said holders of common and preference
  units for all of 1987 are expected to have no net taxable
  income.   
  

"
training/5945	32	money-fx	"U.K. MONEY MARKET GIVEN 120 MLN STG LATE HELP
  The Bank of England said it provided the
  money market with late assistance of around 120 mln stg.
      This brings the bank's total help today to some 136 mln stg
  and compares with its forecast of a 400 mln stg shortage in the
  system.
  

"
training/5946	0	acq	"MEMORY PROTECTION <MPDI> SEES BOGEN CLOSING
  Memory Protection Devices Inc said it
  expects to close the previously announced acquisition of the
  assets and liabilities of Bogen, a division of <Lear Siegler
  Inc>, on April one.
      Memory Protection Devices said it received a senior loan
  commitment letter as well as the requisite waiver under the New
  Jersey Environmental Control Reclamation Act, both of which are
  necessary to complete the acquisition. It declined to provide
  further details.
  

"
training/5947	0	acq	"CANADIAN FOREMOST CONTINUES MACEDON SALE TALKS
  <Canadian Foremost Ltd>,
  earlier reporting lower 1986 net profit, said negotiations are
  continuing concerning the previously announced sale of the
  company's 49 pct interest in <Macedon Resources Ltd>.
      If concluded, the sale would be refelected in the company's
  1987 results, Foremost said without elaborating.
      It also said lower revenues from the last half of 1986 are
  expected to continue during 1987, but a strong cash and working
  capital position will enable Foremost to go on developing
  traditional and new markets. It earlier said 1986 earnings fell
  to 1,042,000 dlrs from year-ago 2,510,000 dlrs.
  

"
training/5949	0	acq	"TEXAS INTERNATIONAL <TEI> COMPLETES RESERVE SALE
  Texas International Co said it
  has completed the previously-announced 120 mln dlr sale of its
  domestic oil and natural gas reserves to <Total Compagnie
  Francaise des Petroles>.
      It said on closing it used part of the proceeds to retire
  all 100 mln dlrs of its U.S. bank and U.S. senior debt and the
  rest will be used for general corporate purposes.
  

"
training/5950	12	earn	"TRANS WORLD MUSIC CORP <TWMC> 4TH QTR JAN 31 NET
  Shr 70 cts vs 47 cts
      Net 4,185,000 vs 2,433,000
      Sales 52.9 mln vs 35.7 mln
      Avg shrs 6,000,000 vs 5,200,000
      Year
      Shr 1.20 dlrs vs 71 cts
      Net 6,759,000 vs 3,717,000
      Sales 130.4 mln vs 85.3 mln
      Avg shrs 5,622,000 vs 5,200,000
  

"
training/5951	12	earn	"GRUEN MARKETING <GMC> SEES YEAR NET OFF
  Gruen Marketing Corp said it
  expects to report earnings for the year ended January 31 of 60
  to 65 cts per share on about 7,309,000 average shares, down
  from 78 cts on 6,545,000 shares a year before.
      It said sales fell about 10 pct from the year-earlier 104.9
  mln dlrs.
  

"
training/5954	48	trade	"DUTCH OFFICIAL WARNS OF MORE TRADE CONFLICTS
  Already strained relations between
  the U.S. And the European Community (EC) are likely to get
  worse before they get better, director general of the Dutch
  Economics Ministry's foreign affairs division Frans Engering
  said.
      Speaking at an American Chamber of Commerce lunch in The
  Hague, Engering noted the developing history of crises over
  steel, citrus and pasta, and warned of more to come.
      ""I consider the strident tone of US declarations on Airbus
  ill-advised, and the EC fats and oils tax proposal a dangerous
  provocation,"" he said. ""I feel that we shall probably have to
  deal with quite a few more crises in the foreseeable future.""
      Not only is the US Congress clearly very determined to get
  the American balance of payments into better shape, but the
  risks of brinkmanship are all the greater because the EC has
  its own constraints in meeting outside pressure, Engering
  noted.
      ""If we ask ourselves whether it is perhaps inevitable that
  we keep pushing each other to the brink of actual trade war,
  then I think the answer is probably yes,"" he said.
      In order to reduce these tensions, decision-making in the
  EC must become less self-centred, and the US Administration
  will have to exercise the authority to convince Congress and
  pressure groups of the need for accommodation, he added.
  

"
training/5955	0	acq	"QINTEX AGAIN EXTENDS PRINCEVILLE <PVDC> OFFER
  <Qintex America Ltd> said its offer
  for 3.3 mln Princeville Development Corp shares has been
  extended to March 19 from March 18.
      As of yesterday, Qintex said, 7,060,197 Princeville shares
  had been tendered in response to the offer and not withdrawn,
  down from over 7.2 mln on March 10.
      Qintex said it is extending the offer to allow Princeville
  shareholders to assess the sale announced last week of
  Princeville Airways Inc to Aloha Inc <ALO>, adding a supplement
  to the Quintex offer further detailing the agreement with Aloha
  will be distributed later today.
  

"
training/5957	42	rubber	"NEGOTIATORS DRAFT DETAILS OF NEXT RUBBER PACT
  Rubber producers and consumers, who
  agreed last week on the central elements of a new international
  natural rubber pact, have started work on the legal drafting of
  a future accord, delegates said.
      Compromise on issues blocking an agreement was reached at a
  United Nations conference on an accord to replace the current
  pact, which expires in October.
      The new International Natural Rubber Agreement (INRA) is
  expected to be formally adopted on Friday.
  

"
training/5958	16	gold	"VICEROY RESOURCE CORP DETAILS GOLD ASSAYS
  Viceroy Resource
  Corp said recent drilling on the Lesley Ann deposit extended
  the high-grade mineralization over a width of 600 feet.
      Assays ranged from about 0.35 ounces of gold per short ton
  over a 150-foot interval at a depth of 350 to 500 feet to about
  1.1 ounces of gold per ton over a 65-foot interval at a depth
  of 200 to 410 feet.
  

"
training/5960	12	earn	"FIRST VALLEY CORP <FIVC> REGULAR DIVIDEND
  Qtly div 21 cts
      Payable April 15
      Record March 31
  

"
training/5964	48	trade	"U.S. TREASURY ANNOUNCES OECD TIED-AID PACT
  U.S. Treasury Secretary James Baker
  said an agreement has been reached by members of the
  Organization for Economic Cooperation and Development (OECD) to
  control the unfair trade practice of using tied aid to promote
  trade.
      He said in a statement the agreement culminates the Reagan
  administration's effot to negotiate a virtual end to export
  credit subsidies.
      The practice of other governments using tied aid or mixed
  credits to promote exports has cost the United States lost jobs
  and lost exports, the Treasury said.
      The agreement to be implemented in two stages by July, 1988
  would ban tied aid credit among industrialized countries and
  place limits on permitted aid by developing countries.
      It would also reduce export credits that do not involve aid
  and reduce credit subsidies permitted for relatively poor
  countries, the Treasury said.
      Baker said the agreement imposes particular sacrifices on
  Japan and praised Japan's willingness to accept the pact as a
  demonstration of the Japanese government's willingness to take
  concrete steps to resolve important trade issues.
  

"
training/5965	12	earn	"GULF RESOURCES <GRE> SEES 1ST QTR PRETAX PROFIT
  Gulf Resources and Chemical Corp said
  the sale of its stake in <Imperial Continental Gas Association>
  will result in a pre-tax profit of about 44.1 mln dlrs or 4.69
  dlrs per share, fully duliuted, in the first quarter of 1987.
      Gulf said it sold its remaining stake in Imperial of 
  6,631,222 shares and 100,000 units of loan stock for 74.8 mln
  dlrs, based on an exchange rate of one pound sterling at 1.58
  dlr. As previously reported, it sold 9,534,633 of its Imperial
  shares on March nine.
      Gulf said the sale of the Imperial shares were accepted as
  part of a recent tender offer made by <Groupe Bruxelles Lambert
  S.A.> and <Tractebel S.A.>.
      Under the terms of the offer, Gulf said it is entitled to
  receive a supplementary payment if a general offer to acquire
  Imperial Continental or its Calor Group or Contibel Holdings
  becomes wholly unconditional before Jan 1, 1988 at a price
  above the tender off of 710 pence per share.
  

"
training/5967	12	earn	"STERLING INC <STRL> 4TH QTR JAN 31 NET
  Shr 1.27 dlrs vs not given
      Net 5,097,000 vs 3,164,000
      Sales 48.1 mln vs 31.7 mln
      Year
      Shr 1.42 dlrs vs not given
      Net 5,194,000 vs 3,457,000
      Sales 100.4 mln vs 70.1 mln
      NOTE: Company went public in May 1986.
  

"
training/5968	12	earn	"AUTOMATIX INC <AITX> 4TH QTR LOSS
  Shr loss 20 cts vs loss 12 cts
      Net loss 2,195,000 vs loss 1,402,000
      Revs 3,600,000 vs 5,777,000
      Year
      Shr loss 71 cts vs loss 51 cts
      Net loss 7,851,000 vs loss 5,594,000
      Revs 16.7 mln vs 24.8 mln
  

"
training/5969	12	earn	"IONICS INC <ION> 4TH QTR NET
  Shr 11 cts vs 24 cts
      Net 419,000 vs 938,000
      Revs 16.2 mln vs 16.9 mln
      Year
      Shr 25 cts vs 95 cts
      Net 952,000 vs 3,001,000
      Revs 64.6 mln vs 68.8 mln
      Backlog 30.3 mln vs 31.9 mln
      NOTE: 1986 net includes nonrecurring gain 383,000 dlrs in
  quarter and charge 175,000 dlrs in year.
  

"
training/5972	17	grain	"SOVIETS SAID TO SEE NEW FLOOR FOR GRAIN OUTPUT
  The intensive technology concept for
  grain production has put a new floor under USSR grain
  production, the U.S. Agriculture Department's officer in Moscow
  said in a field report.
      The report, quoting a broadcast on Radio Moscow, said that
  due to intensive technology grain production in a ""bad year"" will
  not fall below 200 mln tonnes, and in a ""good year"" grain
  production could reach 250 mln tonnes.
      The U.S. Agriculture Department currently forecasts this
  year's USSR crop at 210.1 mln tonnes, and if realized this
  would be the third year since 1975 that the Soviet Union's
  grain harvest has exceeded 200.0 mln tonnes.
      The largest crop since 1975 was 237.4 mln tonnes harvested
  in 1978, according to USDA data.
  

"
training/5973	48	trade	"OECD AGREES EXPORT CREDIT REFORMS
  The western industrialised nations have
  agreed reforms in rules by which they provide credit for
  exports to developing countries, the Organisation for Economic
  Cooperation and Development said.
      The reforms tighten the rules for the use of foreign aid to
  subsidise export credits in so-called ""mixed credits,"" the OECD
  said.
      The agreement, to be implemented in two stages in July this
  year and July 1988, means the minimum aid component in mixed
  credits will be raised to 35 pct from 25 pct, and to 50 pct for
  credits covering exports to the world's least developed
  nations.
      Additionally, a new formula will be used for calculating
  the aid element in mixed credits, to take account of different
  interest rates in the exporting countries, the 24-nation OECD,
  which hosted the reform negotiations, said.
      Minimum interest rates for officially subsidised trade
  loans have also been revised with the aim of cutting the
  subsidies, and ending them completely on loans to relatively
  rich developing countries by July next year.
      The reforms follow several years of pressure by the U.S. To
  stop competitors, notably France and Japan, using foreign aid
  to subsidise exports, putting U.S. Firms at a disadvantage.
      OECD officials said the agreement was based on a
  provisional accord reached in January subject to ratification
  by member governments. Some governments, including Austria, had
  linked their final approval to other trade credit issues which
  would be discussed at a meeting here in mid-April, they added.
      By raising the minimum amount of aid required in mixed
  credits the agreement aims to make such hidden subsidies too
  costly for frequent use.
      ""A major loophole in the General Agreement on Tariffs and
  Trade has been closed today,"" a senior U.S. Official here
  commented.
  

"
training/5974	0	acq	"TM COMMUNICATIONS <TMCI> COMPLETES PURCHASE
  TM Communications Inc said it has
  completed the acquisition of radio station KNSS-FM of Reno,
  Nev., for about 2,500,000 dlrs in cash.
  

"
training/5975	0	acq	"PEOPLES HERITAGE <PHBK> TO MAKE ACQUISITION
  Peoples Heritage Bank said it
  has agreed to purchase Northeast Leasing Co Inc, a Portland,
  Maine lessor of office equipment, for about 43,000 common
  shares.
      It said Norhteast had year-end receivables of 2,700,000
  dlrs.
  

"
training/5976	12	earn	"CODENOLL TECHNOLOGY CORP <CODN> 4TH QTR LOSS
  Shr loss 12 cts vs loss 17 cts
      Net loss 484,556 vs loss 620,607
      Sales 2,167,631 vs 1,062,837
      Avg shrs 3,985,924 vs 3,935,969
      Year
      Shr loss 62 cts vs loss 52 cts
      Net loss 2,468,605 vs loss 1,788,406
      Sales 6,603,285 vs 4,650,585
      Avg shrs 3,983,692 vs 3,446,348
  

"
training/5977	0	acq	"OWENS-CORNING <OCF> COMPLETES SALE OF PLANTS
  Owens-Corning Fiberglas Corp said
  it has completed the previously-announced sale of its three
  foam products plants to Atlas Roofing Corp for undisclosed
  terms.
      The sale is part of its restructuring, the company said.
  

"
training/5980	15	gnp	" U.K. Chancellor forecast in budget speech GDP growth of 3.0 pct in 1987

   U.K. Chancellor forecast in budget speech GDP growth of 3.0 pct in 1987
  

"
training/5982	12	earn	"CAMPBELL RESOURCES INC 2ND QTR SHR PROFIT THREE CTS VS LOSS 10 CTS

  CAMPBELL RESOURCES INC 2ND QTR SHR PROFIT THREE CTS VS LOSS 10 CTS
  

"
training/5984	12	earn	"GENETIC LABORATORIES INC <GENL> 2ND QTR LOSS
  Period ended Jan 31
      Net loss 89,255 vs loss 277,536
      Sales 913,136 vs 854,194
      Six mths
      Net profit 481,372 vs loss 555,722
      Sales 1,845,532 vs 1,754,076
  

"
training/5985	15	gnp	"U.K. BUDGET SEES 1987 GDP GROWTH AT THREE PCT
  Chancellor of the Exchequer Nigel
  Lawson, presenting his budget for fiscal 1987/88 to Parliament,
  said U.K. Economic growth was forecast at three pct in calendar
  1987.
      He said the Treasury expected a current account balance of
  payments deficit in 1987 of 2.5 billion stg, after a 1.1
  billion shortfall in 1986.
      Inflation is expected to be 4.0 pct at the end of this
  year, Lawson said.
      ""As I forecast in the Autumn Statement, inflation may
  continue to edge up for a time, perhaps exceeding 4.5 pct by
  the summer, before falling back to 4.0 pct by the end of the
  year,"" he added.
      Turning to the Public Sector Borrowing Requirement (PSBR),
  Lawson said the likely outturn for fiscal 1986/87 was 4.0
  billion stg, or 1.0 pct of GDP.
      The planned PSBR for 1987/88 was set at 4.0 billion stg.
      On monetary policy, Lawson confirmed the target range for
  the narrow M0 measure would be two to six pct in fiscal
  1987/88.
      No explicit target was set for the broad sterling M3
  aggregate, he said. ""But broad money will continue to be taken
  into account in assessing monetary conditions, as of course
  will the exchange rate,"" the Chancellor told Parliament.
      Lawson said the low outturn of the PSBR in 1986/87 ""is
  chiefly attributable to the remarkable buoyancy of non-oil tax
  revenues in general, and the corporation tax paid by an
  increasingly profitable business sector in particular.""
      On oil prices, Lawson said he was sticking to his earlier
  assumption that North Sea crude prices will average 15 dlrs per
  barrel in calendar 1987.
      He said ""it is clear that the increased flow of non-oil tax
  revenues, coupled with the prospective further growth of the
  economy in excess of the growth of public expenditure, puts the
  public finances in a very strong position.""
      Lawson said the Treasury would strive to keep the PSBR at
  1.0 pct of GDP in future.
      ""We have reached what I judge to be the (Medium Term
  Financial Strategy's) appropriate destination - a PSBR of 1.0
  pct of GDP. My aim will be to keep it there over the years
  ahead,"" Lawson said.
      ""Inevitably, this greatly diminishes the scope I have this
  year for reducing the burden of taxation, which of course
  remains a major objective of government policy.""
      ""But I am sure it is right to err on the side of prudence
  and caution, and to build a still firmer base for the future.""
      Lawson said the time had come to strike the Exchange
  Control Act from the Statute book.
      On corporation tax, he said the rate will remain unchanged
  at 35 pct in 1987/88. But companies' capital gains will be
  charged at the ""appropriate corporation tax rate.""
      He said that under the new proposed system, companies
  should be able to set Advanced Capital Tax (ACT) payments
  against tax on capital gains.
      ""Taken together, these changes should yield 60 mln stg in
  1988/89,"" Lawson said.
      Lawson said he will propose that all companies and building
  societies be treated the same way on payment of corporation
  tax, ""with all liable to pay corporation tax nine months after
  the end of the accounting period on which the tax is due.""
      ""I also propose to legislate now to pave the way for a new
  method of collecting corporation tax, to be known as Pay and
  File.""
      This would be part of a wider programme of streamlining tax
  collection, and would not come into force until the early
  1990s.
      Lawson said he planned two reliefs on Petroleum Revenue Tax
  (PRT). As from today, companies may elect to have up to 10 pct
  of the costs of developing certain new fields set against their
  (PRT) liabilities in existing fields, until the income of those
  new fields exceeds the costs incurred.
      Second, there will be a new relief against PRT for spending
  on research into U.K. Oil extraction that is not related to any
  particular field.
      On business employment, Lawson said employers will receive
  tax relief for retraining workers.
      Lawson said that in future, traders registered for Value
  Added Tax (VAT) would be able to choose to account for the tax
  on the basis of cash paid and received.
      Small businesses may account for VAT annually instead of
  quarterly. The VAT compulsory registration period was being
  extended to 30 days, he added, and VAT registration thresholds
  are to be raised to 21,300 stg.
      New measures are planned to combat VAT avoidance, he added.
      The capital gains tax retirement relief limit would now be
  set at 125,000 stg.
      Lawson said he proposed to change the law so that companies
  in multinational groups with dual residence will no longer be
  able to secure tax relief twice on the same interest payment.
  The change will take effect on April 1, 1987, but ""genuine
  trading companies"" will not be affected.
      He also planned to end the present treatment of tax credit
  relief for foreign withholding tax paid on interest on bank
  loans, also from April 1.
      ""In future, banks will be able to offset this tax credit
  only against tax on the profit on the relevant loan,"" he said.
      The standard rate of taxation is being reduced by two
  pence, to 27 pct from 29 pct.
      Lawson reiterated the government's aim of reducing basic
  taxation to 25 pence in the pound, but added ""given my decision
  to use the greater part of the fiscal scope I now have to
  reduce the PSBR, that goal cannot be achieved in this budget.""
      Small companies' corporation tax is also being reduced to
  27 pct, he said.
      On the Lloyd's insurance market, Lawson said he planned to
  change the tax treatment of Lloyd's syndicates, bringing it
  into line with that of provisions for outstanding liabilities
  made by ordinary insurance companies and of comparable
  provisions made by financial traders.
      The Inland Revenue would be told to consult urgently with
  Lloyd's about the details of the legislation, he said.
      ""The new rules will first apply to premiums payable for the
  Lloyd's account which closes on December 31 this year,"" Lawson
  said.
   MORE
  

"
training/5986	0	acq	"ROYAL RESOURCES <RRCO> MAKES ACQUISITION
  Royal Resources Corp said it has
  exercised its optioon to purchase Montagu Mining Investments
  Inc from <Samuel Montagu Ltd> of London for 3,600,000 dlrs in
  cash and 200,000 common shares.
      The company said Montagu's main asset is a 10 pct interest
  in the Hog Ranch Joint Venture, which operates the open cut
  heap leach Hog Ranch gold mine in Washoe County, Nev.  The mine
  now produces gold at over 50,000 ounces a year.
      It said after nine months following closing, Montagu may
  require Royal to register the 200,000 shares for sale.         
      Royal said from six months after closing until one year
  after, Montagu also has the right to require Royal to
  repurchase any or all of the 200,000 shares at 4.50 dlrs each.
  

"
training/5991	12	earn	"CAMPBELL RESOURCES INC <CCH> 2ND QTR DEC 31 NET
  Shr profit three cts vs loss 10 cts
      Net profit 765,000 vs loss 2,600,000
      Revs 9,259,000 vs 14,479,000
      SIX MTHS
      Shr profit three cts vs loss 11 cts
      Net profit 875,000 vs loss 2,303,000
      Revs 17.7 mln vs 29.2 mln
      Note: Campbell changing its yr-end to Dec 31 from June 30.
  

"
training/5993	12	earn	"AMERTEK INC <ATEKF> YEAR NET
  Oper shr 15 cts vs eight cts
      Oper net 517,333 vs 276,240
      Revs 22.4 mln vs 14.0 mln
      Note: 1986 shr and net exclude extraordinary gain of
  1,333,760 dlrs or 40 cts share. 1985 shr and net exclude
  extraordinary gain of 294,859 dlrs or 10 cts share
  

"
training/5994	12	earn	"SYSTEMATICS INC <SYST> 3RD QTR FEB 28 NET
  Shr 33 cts vs 27 cts
      Net 3,588,000 vs 2,981,000
      Revs 37.8 mln vs 31.6 mln
      Nine mths
      Shr 72 cts vs 76 cts
      Net 7,843,000 vs 8,344,000
      Revs 103.3 mln vs 90.8 mln
  

"
training/5998	32	money-fx	"FED MAY SUPPLY RESERVES IN THE MONEY MARKETS
  There is a slightly better than even
  chance that the Federal Reserve will enter the U.S. Government
  securities market to add temporary reserves, economists said.
      They said the Fed would supply the reserves indirectly via
  around 1.5 billion dlrs of customer repurchase agreements.
      Federal funds, which averaged 6.25 pct yesterday, opened at
  6-1/16 pct and moved in a narrow range between there and six
  pct in early trading.
  

"
training/6000	19	housing	"BALDRIGE PREDICTS SOLID U.S. HOUSING GROWTH
  Commerce Secretary Malcolm Baldrige
  predicted 1987 will be the fifth successive year for growth in
  housing starts after a 2.6 pct rise overall in February starts
  to a seasonally adjusted annual rate of 1.851 mln units.
      ""This year should be the fifth solid year in a row for
  homebuilding activity -- with single-family units stronger than
  multi-family units,"" he said in a statement.
      Single-family starts rose last month from January levels by
  5.6 pct to 1.317 mln units on a seasonally adjusted basis while
  multi-family unit starts fell 4.1 pct to 534,000 units, the
  department said.
  

"
training/6003	0	acq	"IRVING TRUST <V> BUYS GULF/WESTERN <GW> UNIT
  Irving Bank Corp said it bought the
  factoring division of Associates Commercial Corp, a unit of
  Gulf and Western Co Inc's Associates Corp of North America.
      The terms of the previously announced deal were not
  disclosed.
      It said the assets were transferred to Irving Commercial
  Corp.
  

"
training/6005	12	earn	"AMRE INC <AMRE> 3RD QTR JAN 31 NET
  Shr five cts vs one ct
      Net 196,986 vs 37,966
      Revs 15.5 mln vs 8,900,000
      Nine mths
      Shr 52 cts vs 22 cts
      Net two mln vs 874,000
      Revs 53.7 mln vs 28.6 mln
  

"
training/6010	12	earn	"PORTA SYSTEMS CORP <PSI> 4TH QTR JAN 31 NET
  Shr 10 cts vs 11 cts
      Net 547,000 vs 579,000
      Sales 11.0 mln vs 11.1 mln
      Year
      Shr 46 cts vs 52 cts
      Net 2,500,000 vs 2,841,000
      Sales 40.7 mln vs 40.5 mln
  

"
training/6013	12	earn	"FEDERATED DEPARTMENT STORES INC 4TH QTR SHR 3.64 DLRS VS 3.16 DLRS

  FEDERATED DEPARTMENT STORES INC 4TH QTR SHR 3.64 DLRS VS 3.16 DLRS
  

"
training/6014	12	earn	"<WARNACO GROUP INC> EIGHT MTHS JAN THREE NET
  Oper net 46.6 mln
      Revs 392 mln
      12 mths
      Oper net 65 mln vs 47.1 mln
      Revs 590 mln vs 591 mln
      NOTE: Eight months represents earnings following
  acquisition in May 1986 when company went private.
      Period ending Jan. 3, 1987 excludes 42.3 mln dlrs of
  interest expenses, 41.6 mln dlrs of acquisition adjusments, and
  1.7 mln dlrs of income taxes.
  

"
training/6017	12	earn	"GANTOS INC <GTOS> 4TH QTR JAN 31 NET
  Shr 43 cts vs 37 cts
      Net 2,276,000 vs 1,674,000
      Sales 31.9 mln vs 23.9 mln
      Avg shrs 5.3 mln vs 4.5 mln
      Year
      Shr 90 cts vs 69 cts
      Net 4,508,000 vs 3,096,000
      Sales 98.4 mln vs 75.0 mln
      Avg shrs 5.0 mln vs 4.5 mln
  

"
training/6018	12	earn	"<ATLANTIC EXPRESS INC> 1ST HALF DEC 31 NET
  Shr not given
      Net 788,099
      Revs 15.5 mln
      NOTE: Company went public during 1986.
  

"
training/6020	0	acq	"SPENDTHRIFT FARMS <SFI> GETS BID FOR CONTROL
  Spendthrift Farm Inc said it has
  received three tentative proposals to acquyire control of the
  company.
      It said it is evaluating the proposals and will not comment
  further unless a definitive agreement is reached.
  

"
training/6023	10	crude	"SHEARSON LEHMAN UPGRADES U.S. OIL STOCKS
  Analyst Sanford Margoshes of Shearson
  Lehman Brothers said he recommended a number of oil stocks
  today now that it is apparent that OPEC has succeeded in
  holding to its prescribed production quotas.
      ""It is clear that OPEC, through jawboning and quota
  restraint, will boost the price of oil,"" Margoshes said.
      Prices of oil stocks rose sharply today in response to
  higher oil prices and optimism about OPEC quotas. Margoshes
  said he recommends Imperial Oil <IMO.A>, up 1/2 to 49-1/8,
  Standard Oil Co <SRD>, 7/8 to 62-3/4, Exxon <XON> one to
  83-1/8, and Chevron <CHV> 1-1/8 to 54-7/8.
      In addition, Margoshes said he recommended Atlantic
  Richfield <ARC> on a short-term basis, though he said he is
  still suspect about its debt situation. Atlantic Richfield rose
  1-3/4 to 77.
      He said ""the market could come down to test the 16 dlr a
  barrel level again, but the main thrust of investing in oil is
  positive right now. Before the year is out we will see higher
  oil prices.""
      He noted that belief that the government is interested in
  raising the strategic reserves is factored into the rise in oil
  stocks today.
  

"
training/6025	6	copper	"ZAMBIAN MINISTER CONFIRMS COPPER DIVERSION
  Minister of Mines Patrick Chitambala
  confirmed that Zambia had ended copper shipments through South
  Africa and announced that its state-run mining company had
  closed down its liaison office in the white-ruled republic.
      He told the official Times of Zambia newspaper in an
  interview the government was diverting all mineral exports
  along rail routes to Dar es Salaam in Tanzania and Beira in
  Mozambique. Chitambala declined to say what volume of copper
  and other minerals were being shipped through these two ports,
  but he said there had not been any problem with the new
  arrangements.
      ""So far our copper has been reaching its destinations
  without hindrance,"" he told the Times.
      The Times of Zambia quoted unnamed sources as saying Zambia
  exported 100,000 tonnes of copper through Dar es Salaam and
  17,000 through Beira in the last quarter of 1986. Diplomatic
  sources in Lusaka had earlier expressed doubts over Zambia's
  ability to ship all its copper through Beira and Dar es Salaam
  without causing massive bottlenecks at the ports.
      Chitambala also said that the state-run Zambia Consolidated
  Copper Mines (ZCCM) had closed its liaison office in
  Johannesburg, since it was now redundant.
  

"
training/6026	0	acq	"TAFT CHAIRMAN'S GROUP RAISES TAFT BROADCASTING BID TO 150 DLRS/SHARE

  TAFT CHAIRMAN'S GROUP RAISES TAFT BROADCASTING BID TO 150 DLRS/SHARE
  

"
training/6027	0	acq	"DEVELOPMENT CORP OF AMERICA <DCA> MERGED
  Development Corp of America
  said its merger with Lennar Corp <LEN> was completed and its
  stock no longer existed.
      Development Corp of America, whose board approved the
  acquisition last November for 90 mln dlrs, said the merger was
  effective today and its stock now represents the right to
  receive 15 dlrs a share.
      The American Stock Exchange said it would provide further
  details later.
  

"
training/6030	0	acq	"TEVA <TEVIY> SELLS PROMEDICO SUBSIDIARY
  Teva Pharmaceutical Industries Ltd,
  based in Israel, said it sold its wholly owned Promedico
  subsidiary, to foreign investors for four mln dlrs.
      It said the book value of the unit is about 2.2 mln dlrs.
      Teva said it will continue to market Promedico's products
  through its wholly owned subsidiary, Salomon, Levin and Elstein
  Ltd.
  

"
training/6033	12	earn	"NEW MILFORD SAVINGS BANK <NMSB> RAISES PAYOUT
  Qtly div 25 cts vs 20 cts prior
      Pay April 21
      Reord March 27
  

"
training/6034	0	acq	"K MART <KM> ENDS TALKS TO SELL STORES
  K Mart Corp said recent talks to sell
  65 remaining Kresge variety stores and their underlying real
  estate to F.W. Woolworth Co <Z> have ended.
      Robert Stevenson, K Mart vice president, told Reuters the
  talks, which began about six weeks ago, ended. He declined to
  give a reason.
      Kresge is the forerunner of what is now the K Mart chain.
  The name was changed to K Mart in 1977, Stevenson said.
      ""We're selling and buying real estate in our real estate
  division, and Woolworth was interested in some of our
  properties. The talks were of a casual nature,"" he said.
      The 65 Kresge stores that are scattered around the country
  in downtown and suburban locations, he said.
      Stevenson said K Mart will continue to operate the stores.
  ""The stores are profitable. The only decision K Mart has made
  is that we will continue to operate them,"" he said
      Kresge had been a nationwide chain of 900 variety stores.
  

"
training/6035	12	earn	"INSTITUTE OF CLINICAL PHARM PLC <ICPYY> YEAR
  Shr 20 ct vs 27 cts
      Net 1,048,000 vs 1,368,000
      Revs 9,457,000 vs 5,386,000
      NOTE: Dollar amounts converted from Irish pounds at noon
  buying rate of the Federal Reserve Bank of New York at Dec 31,
  1986, of 1.4105 dlr per one Irish pound. The equivalent rate at
  Dec 31, 1985, was 1.2470 dlr equals one Irsh pound. Full name
  of company is The Institute of Clinical Pharmacology PLC, based
  in Dulbin, Ireland.
  

"
training/6041	12	earn	"ICN BIOMEDICALS INC <BIMD> 1ST QTR FEB 28 NET
  Shr 10 cts vs eight cts
      Net 856,000 vs 574,000
      Sales 9,593,000 vs 9,232,000
      Avg shrs 8,809,000 vs 6,969,000
  

"
training/6042	12	earn	"APPLIED CIRCUIT TECHNOLOGY <ACRT> 1ST QTR LOSS
  Period ended January 31.
      Shr loss two cts vs loss 12 cts
      Net loss 192,370 vs loss 1,494,146
      Revs 6,751,830 vs 2,278,842
      Note: Full name Applied Circuit Technology Inc.
  

"
training/6043	12	earn	"FRISCH'S RESTAURANTS INC <FRS> SETS QUARTERLY
  Qtly div 5-1/2 cts vs 5-1/2 cts prior
      Pay April 16
      Record April Six
  

"
training/6047	12	earn	"FEDERATED DEPARTMENT STORES INC <FDS> 4TH QTR
  Jan 31 end
      Shr 3.64 dlrs vs 3.16 dlrs
      Net 171.3 mln vs 154.0 mln
      Sales 3.44 billion vs 3.23 billion
      Avg shrs 47.1 mln vs 48.8 mln
      Year
      Oper shr 6.23 dlrs vs 5.88 dlrs
      Oper net 301.9 mln vs 286.6 mln
      Sales 10.51 billion vs 9.98 billion
      Avg shrs 48.5 mln vs 48.8 mln
      NOTE: Latest year net excludes 14.3 mln dlr charge from
  loss on early debt extinguishment.
      Net includes charges 15.7 mln dlrs in both periods of
  latest year vs charges 23.9 mln dlrs in both periods of earlier
  year from merger of divisions.
      Investment tax credits three mln dlrs vs 8,900,000 dlrs in
  quarter and 4,900,000 dlrs vs 16.4 mln dlrs in year.
      Latest year net includes nine mln dlr provision for loss on
  disposition of two Abraham and Strauss stores and preopening
  expenses for another.
      Latest year net includes gain from sale of interest in Fort
  Worth, Texas, shopping center of 9,500,000 dlrs.
      Latest year net both periods includes gain 9,100,000 dlrs
  from sale of interest in Memphis, Tenn., shopping center.
      Prior year net includes gain 6,600,000 dlrs on sale of
  Boston Store division.
  

"
training/6048	12	earn	"CLOTHESTIME INC <CTME> 4TH QTR NET
  Shr 12 cts vs 10 cts
      Net 1,683,000 vs 1,407,000
      Sales 42.2 mln vs 28.8 mln
      Year
      Shr 83 cts vs 70 cts
      Net 11,908,000 vs 10,005,000
      sales 160.3 mln vs 126.5 mln
  

"
training/6051	12	earn	"VIDEO LIBRARY INC <VLVL> 4TH QTR LOSS
  Shr loss two cts vs profit three cts
      Net loss 59,299 vs profit 88,843
      Revs 3,487,693 vs 2,123,488
      Year
      Shr profit 25 cts vs loss two cts
      Net profit 816,395 vs loss 44,541
      Revs 12.2 mln vs 7,413,328
      Avg shrs 3,208,472 vs 2,348,559
  

"
training/6054	12	earn	"CHEMIE LINZ EXPECTS SHARPLY HIGHER 1986 LOSS
  State-owned <Chemie Linz AG> is
  likely to record a 1986 loss of some 600 mln schillings
  compared with a 340 mln loss in 1985, a company spokesman said.
      Falling sales and lower world prices of fertilisers were
  largely responsible for the sharp increase, along with the
  effects of the dollar's fall which has helped to give U.S.
  Fibre producers a competitive edge, he told Reuters.
      The firm would have made a small profit in 1985 had it not
  been for 456 mln schillings lost by subsidiary <Merx
  HandelsgesmbH> on oil trading. Merx has since withdrawn from
  the oil market. The firm will announce 1986 results in July.
  

"
training/6055	12	earn	"<CABRE EXPLORATION LTD> SIX MTHS JAN 31 NET
  Shr 13 cts vs 13 cts
      Net 617,000 vs 604,000
      Revs 1,889,000 vs 1,920,000
  

"
training/6056	0	acq	"DUDLEY TAFT RAISES BID FOR TAFT BROADCASTING<TFB>
  Dudley Taft and Narragansett
  Capital Inc said it was prepared to raise its bid to acquire
  Taft Broadcasting Co to more than 150 dlrs per share.
      Taft, through Theta Co, sent and letter to Taft's board of
  directors stating he was committed to purchasing the
  broadcasting company and was ready to discuss all aspects of
  the purchase.
      The company said items to be discussed included price,
  structure and form of consideration. Taft said he was prepared
  to negotiate a transaction in which Taft Broadcast shareholders
  would receive in excess of 150 dlrs per share.
  

"
training/6058	49	veg-oil	"EC OILS TAX NO LONGER MAJOR ISSUE - ASSOCIATION
  The proposed European Community (EC) tax
  on vegetable oils and fats is no longer a major issue on the
  agenda and the EC Commission merely used it as a threat, the
  West German Feed Stuffs Industry Association (MFI) said.
      Association chairman Ulrich Wagner told a news conference
  the West German feed industry believes the EC does not
  seriously contemplate the introduction of such a tax because it
  would end in another transatlantic trade war.
      ""We have just avoided a trade conflict with the U.S. And the
  Commission used the tax threat to calm national farm lobbies.""
      American Soybean Association (ASA) president-elect Wayne
  Bennett said yesterday in The Hague that U.S. Soybean producers
  were confident the tax would be rejected.
      Bennett, who is leading one of three soybean delegations on
  a lobbying tour of EC capitals, will also visit Bonn on
  Thursday and Friday.
      There are indications the Bonn government will also reject
  the proposed tax, Wagner said.
  

"
training/6059	0	acq	"ALLWASTE <ALWS> TO BUY RELATED COMPANY
  Allwaste Inc said it entered into an
  agreement in principle to acquire all the outstanding common of
  a related air-moving and industrial services company. It did
  not disclose the name of the company.
      Allwaste, which preforms air-moving and related services,
  said it will swap shares of its common, valued at 2.6 mln dlrs,
  with the company it is acquiring.
      It said the acquisition is subject to negotiation of a
  final agreement.
  

"
training/6060	10	crude	"EXXON <XON> MAY CLOSE ONE FRENCH REFINERY
  Exxon Corp, the world's largest oil
  company, said in a published interview today that it was
  reviewing its worldwide refinery operations and might decide to
  close on of its french refineries.
      Lee R. Raymond, Exxon's new president, singled out the
  possibility of a closure of one of Exxon's refineries in France
  during the interview.
      An Exxon spokeswoman confirmed that Raymond had
  specifically mentioned refineries in France but said that no
  specific refinery had been named. She also said that all of
  Exxon's opertations were under constant review.
      Exxon currently has two refineries in France, FOS in the
  mediterranean with a capcity of 175,000 barrels per day and
  Port Jerome west of paris with a similar capacity.
      Petroleum Intelligence Weekly, an influential trade
  journal, said, in its current issue, that they understood that
  Exxon was looking at the possibility of refinery closures in
  Antwerp, Southern France or possibly Italy.
      Paul Mlotok, oil analyst with Salomon Brothers inc said
  that with the closures Exxon made in 1986 in Europe and the
  improvement in the European refining situation, its future
  profits there should be good.
      ""Exxon and other major oil companies have closed a bunch of
  refineries in Europe, upgraded the rest and shaken many of the
  indepedents out of the market. Now with demand for products
  rising and efficient operations, Exxon should show superior
  earnings,"" Mlotok said.
      ""Just after Royal Dutch <RD>, they are seen as one of the
  highest grade refiners in Europe,"" he added.
      Industry sources said that the oil companies were likely to
  feel greater pressure on their operations in Southern Europe
  where competition from the OPEC countries is increasing as
  these producers move further into downstream operations.
      PIW said that refiners in the Mediterranean can expect
  increased shipments from Saudi Arabia and other OPEC export
  refineries.
      PIW said ""sales from Libya, Algeria and elsewhere are
  expected to reclaim markets lost to Italian and other European
  refiners as a result of the abundance of cheap netback oil last
  year.""
  

"
training/6063	7	cotton	"ISRAEL'S FIVE-YEAR PLAN TO BOOST AGRICULTURE
  Israel has drawn up a five-year plan
  for 1987-1991 to raise agricultural production by 500 mln dlrs
  to 2.7 billion dlrs, an annual rise of 3.4 pct, the Israeli
  Ministry of Agriculture said. Agricultural exports are to be
  increased by 180 mln dlrs, or 4.8 pct per year on average.
      The area planted to cotton is to remain at the 1986 level
  of 100,000 to 112,500 acres with exports expected to bring in
  80 to 90 mln dlrs per year. The 34 pct decline from the 1985
  level reflects continued water rationing which will remain in
  force, the ministry said.
      Groundnut production is planned to increase by 13,000
  tonnes, or 57 pct, by 1991 and exports by 9,000 tonnes, or 82
  pct. Maize production is targetted to rise by 48,000 tonnes, or
  48 pct, and exports by 34,000 tonnes, or 45 pct.
  

"
training/6065	0	acq	"SOROS GROUP HAS B.F. GOODRICH <GR> STAKE
  An investor group led by New York
  investor George Soros said it acquired a 6.1 pct stake in B.F.
  Goodrich Co common stock as an investment.
      The group said it paid about 69 mln dlrs for the 1,389,600
  Goodrich shares, which are being held by Quantum Fund N.V., a
  Netherlands Antilles investment firm advised by Soros.
      It said all the shares were bought between Dec. 29 and
  March 9.
      The group said it reserved the future right to buy
  additional shares and to formulate other purposes or plans
  regarding its Goodrich investment.
  

"
training/6067	19	housing	"BALDRIGE PREDICTS SOLID U.S. HOUSING GROWTH
  Commerce Secretary Malcolm Baldrige
  predicted 1987 will be the fifth successive year for growth in
  housing starts after a 2.6 pct rise overall in February starts
  to a seasonally adjusted annual rate of 1.851 mln units.
      ""This year should be the fifth solid year in a row for
  homebuilding activity -- with single-family units stronger than
  multi-family units,"" he said in a statement.
      Single-family starts rose last month from January levels by
  5.6 pct to 1.317 mln units on a seasonally adjusted basis while
  multi-family unit starts fell 4.1 pct to 534,000 units, the
  department reported.
  

"
training/6068	0	acq	"TAFT BROADCASTING SAYS IT WILL CONTINUE TO REVIEW OPTIONS IN RESPONSE TO LATEST BID

  TAFT BROADCASTING SAYS IT WILL CONTINUE TO REVIEW OPTIONS IN RESPONSE TO LATEST BID
  

"
training/6069	0	acq	"COURT ENJOINS ZICO INVESTMENT'S TENDER FOR BANCROFT CONVERTIBLE FUND

  COURT ENJOINS ZICO INVESTMENT'S TENDER FOR BANCROFT CONVERTIBLE FUND
  

"
training/6070	0	acq	"STEINHARDT GROUP HAS 6.6 PCT OF HOLIDAY <HIA>
  A group led by New York investor
  Michael Steinhardt told the Securities and Exchange Commission
  it bought a 6.6 pct stake in Holiday Corp common stock as an
  investment.
      The group said it paid 114 mln dlrs for its 1.6 mln Holiday
  shares, 530,000 of which were bought since Feb. 6.
      At the same time, group members said they held short
  positions in the stock totaling 830,000 shares.
      In addition to Steinhardt himself, the group includes
  Steinhardt Partners and Institutional Partners, two investment
  firms of which Steinhardt is one of the general partners.
  

"
training/6073	12	earn	"SCOR U.S. CORP <SURE> 4TH QTR NET
  Oper shr 29 cts vs 22 cts
      Oper net 3.9 mln vs 1.8 mln
      Year
      Oper shr 63 cts vs four cts
      Oper net 10.1 mln vs 855,000
      NOTE: Excludes gain one ct per share vs loss two cts in the
  quarter, and gain 41 cts per share vs gain six cts in the year
  from investments. Also excludes extraordinary gain of one ct
  per share in fourth quarter 1985, and gain of one ct per share
  vs one ct in the full year period.
  

"
training/6075	12	earn	"GENSTAR SALE BOOSTS BELGIAN SOCIETE GENERALE NET
  Societe Generale de Belgique <BELB.BR>
  said the near doubling of net profits in 1986 was due in large
  part to the sale of shares in Genstar Corp.
      The company, which announced a net non-consolidated profit
  of 5.31 billion francs compared with 2.82 billion in 1985, said
  its current profits rose by 19 pct last year, without giving
  further figures.
      However, it added in a statement that the company made
  major capital gains on sales during the year, in particular
  from the sale of Genstar shares.
      Societe Generale governor Rene Lamy told last November's
  annual meeting that 1986 asset disposals would total around 4.5
  billion francs, including the sale of Genstar shares to Imasco
  Limited <IMS.TO>.
      He predicted a profit on extraordinary items of two billion
  francs after a rough balance in 1985.
      In today's statement, Societe Generale gave no figures for
  extraordinary gains.
  

"
training/6078	12	earn	"WESTERBEKE CORP <WTKB> 1ST QTR JAN 31 LOSS
  Shr loss 11 cts vs profit six cts
      Net loss 217,200 vs profit 83,200
      Revs 3,564,200 vs 3,171,900
      Avg shrs 2,033,750 vs 1,334,950
  

"
training/6082	0	acq	"COURT ENJOINS TENDER FOR BANCROFT <BTV>
  Bancroft Convertible Fund said the
  U.S. District Court for the District of New Jersey issued a
  preliminary injunction, enjoining <Zico Investment Holding
  Inc's> tender offer for Bancroft.
      It said the Court order prevents Zico from buying any
  shares tendered to them during the offer, which began on Feb.
  17, 1987.
      In the tender offer blocked by the Court, Zico offered to
  buy 500,000 shares, or about 22 pct of Bancroft's outstanding
  stock, for 30 dlrs a share.
      Previously, Zico had bought 965,000 Bancroft shares for 31
  dlrs a share, giving it about 28 pct of the company. If the
  recent offer had gone through, the Zico would have owned
  slightly more than 50 pct of Bancroft's outstanding shares.
  

"
training/6083	32	money-fx	"ZAMBIAN EXCHANGE AUCTION TO RESUME AT END OF MARCH
  Zambia will reintroduce a modified
  foreign exchange auction at the end of this month as part of a
  new two-tier exchange rate, central bank governor Leonard
  Chivuno said.
      Chivuno told a press conference at the end of three weeks
  of negotiations with the International Monetary Fund (IMF) that
  there would be a fixed exchange rate for official transactions
  and a fluctuating rate, decided by the auction, for other types
  of business.
      The Bank of Zambia previously held weekly auctions to
  distribute foreign exchange to the private sector and determine
  the kwacha's exchange rate, but these were suspended at the end
  of January.
      President Kenneth Kaunda said at the time that he was
  suspending the auction system in view of the rapid devaluation
  and violent fluctations of the exchange rate which had
  resulted.
      Business and banking sources said another reason for
  suspending the auction was that the central bank was low on
  foreign exchange and was 10 weeks behind in paying successful
  bidders.    The kwacha stood at 2.2 per dollar when the auction system
  was first introduced in October 1985, but it slid to around 15
  per dollar by the time it was suspended 16 months later.
      Since then, Zambia has operated a fixed exchange rate of
  about nine kwacha per dollar.
  

"
training/6084	12	earn	"JAMESWAY CORP <JMY> 4TH QTR JAN 31 NET
  Shr primary 64 cts vs 45 cts
      Shr diluted 60 cts vs 44 cts
      Net 4,524,000 vs 3,212,000
      Revs 202.5 mln vs 171.9 mln
      Avg shrs primary 7,112,480 vs 7,052,964
      Avg shrs diluted 8,034,223 vs 8,008,763
      Year
      Shr primary 1.70 dlrs vs 1.31 dlrs
      Shr diluted 1.65 dlrs vs 1.30 dlrs
      Net 12.1 mln vs 9,252,000
      Year
      Revs 612.4 mln vs 523.4 mln
      Avg shrs primary 7,112,480 vs 7,052,964
      Avg shrs diluted 8,034,223 vs 7,732,544
      Note: Includes after-tax LIFO charges of 441,000 dlrs vs
  359,000 dlrs for qtr and 539,000 dlrs vs 407,000 dlrs for year.
  

"
training/6085	0	acq	"TAFT <TFB> TO CONTINUE TO REVIEW ALTERNATIVES
  Taft Broadcasting Co said its
  board continues to explore alternatives, such as a possible
  financial restructuring, in response to a Theta Corp offer of
  150 dlrs per share for Taft stock.
      Last week Taft rejected a 145 dlr-a-share bid by Theta, an
  investment group headed by Taft's vice chairman, Dudley Taft.
      Taft also said the new proposal would be submitted to the
  board but no decision had been made with respect to the sale of
  the company.
      In the proposal, Theta said it was prepared to discuss all
  aspects of the offer including price, structure and form of
  consideration and would be prepared to negotiate a transaction
  in which shareholders would receive a value in excess of 150
  dlrs per share.
      Taft said Theta requested that the company cooperate and
  provide it with information subject to an appropriate
  confidentiality agreement.
      The company declined to comment beyond this statement.
  

"
training/6086	10	crude	"LAWSON OIL TAX BREAKS TO HELP NEW FIELDS - REVENUE
  Two new U.K. Tax relief measures for oil
  producers, announced today, are aimed at encouraging
  developments in the North Sea to go ahead and boost
  opportunities for the offshore supplies industry, the Inland
  Revenue said in a post-budget statement.
      Earlier, Chancellor of the Exchequer Nigel Lawson announced
  in his annual budget to Parliament that from today, companies
  will be allowed to offset up to 10 pct of qualifying
  development expenditure on certain future oil fields against
  Petroleum Revenue Tax (PRT).
      To date, full relief was allowed for expenditure on an
  individual field itself, when its income stream began, but was
  not immediately available against other development
  expenditure, the statement said.
      The new relief will apply to fields outside the southern
  basin for which development
  consent is first given on or after today, and will improve the
  post-tax economics of new developments and encourage companies
  to proceed with project which might have been delayed, it said.
      Lawson also announced that he would henceforth allow
  certain expenditure on oil related research which does not at
  present qualify for PRT relief to be offset against PRT
  liability.
      This means oil-related expenditure in the U.K. Or on the
  U.K. Continental shelf, which has not become allowable in a
  particular field within three years of being incurred, to be
  allowed against PRT liability in any oil field, the Inland
  Revenue said.
      This brings the scope of PRT relief for research costs more
  in line with corporation tax relief measures, and is planned to
  encourage general research into ways of reducing field
  development costs, it said.
      In due course, the industry should benefit by over 100 mln
  stg a year, it calculated.
      The Inland Revenue statement also included other technical
  measures that Lawson did not comment on in his budget speech.
      These included measures to allow companies to balance their
  shares of PRT-exempt oil allowances through reallocation in two
  past periods of allowance utilisation.
      Tidier rules on incorrectly allowed PRT expenditure reliefs
  were announced, while there were also ammendments on rules on
  corporation tax and Advance Corporation Tax relating to the
  so-called ""ring fence"" of activities in the U.K. And its
  continental shelf. The Finance Bill will have provisions for
  the implementation of measures announced in November, it said.
      Gareth Lewis Davies, a North Sea expert with stockbrokers
  Wood Mackenzie and Co Inc in Edinburgh, thought the two reliefs
  on PRT would help the depressed offshore industry.
      He said the 10 pct cross field allowance relief would
  favour chances that development of smaller North Sea fields
  such Osprey, Don and Arbroath would be brought forward.
      Early development of the larger Miller and Bruce oil fields
  might also be encouraged, he said.
      Lewis Davies said the measure might also aid the offshore
  construction industry, which suffered a huge amount of lay-offs
  under the price slump of more than 50 pct last year.
      He pointed out that the relief only applies to the
  development of new fields outside the Southern Basin.
      This means more jobs could be created, as the fields in the
  central and northern sectors of the North Sea are deeper than
  in the south and thus have greater capital and labour
  requirements as the waters are deeper than in the south.
      He said the PRT relief for certain research expenditure
  would help fundamental research in the oil industry, although
  the benefits of this research would not be seen for several
  year.
  

"
training/6088	12	earn	"SHONEY'S INC <SHON> 1ST QTR FEB 15 NET
  Shr 31 cts vs 27 cts
      Qtly div four cts vs four cts prior
      Net 11.4 mln vs 9,905,528
      Revs 194.3 m ln vs 171.7 mln
      Note: Qtly div is payable April 22 to shareholders of
  record April three.
  

"
training/6090	0	acq	"ATT-PHILIPS BID FOR CGCT OUTLINED
  American Telephone and Telegraph Co and
  Philips Telecommunications BV (APT) would hold 36 pct through
  direct and indirect holdings in France's <Cie Generale de
  Constructions Telephoniques> if a joint bid with French
  partners for the soon-to-be-privatised firm succeeds, a
  director at one of the partner firms said.
      Marc Mathieu of <Societe Anonyme de Telecommunications>
  SAT, told journalists the bid foresaw a direct stake of 20 pct
  for APT, the joint firm set up by the U.S.'s ATT <T.N.> and the
  NV Philips Gloeilampenfabrieken <PGLO.AS>.
      The other 80 pct would be owned by a holding company made
  up of SAT, APT, Cie du Midi <MCDP.PA> and five mutual funds.
     Under French law, foreign investors are restricted to a 20
  pct direct stake in privatised companies but can boost their
  stake to 40 pct through indirect holdings.
      The make-up of the holding company, however, is subject to
  close discussions within the government due to legal queries
  over the nationality of the mutual funds, a Finance Ministry
  official said.
      Although bought by French citizens they are managed by
  foreign banks <Morgan Guaranty Trust Co of New York> and
  <Banque de Neuflize, Schlumberger, Mallet SA>, controlled by
  Algemene Bank Nederland NV <ABNN.AS>, an SAT spokesman said.
      CGCT, which controls 16 pct of the French public telephone
  switching market, is to be sold by the government for 500 mln
  francs by private tender.
      Five groups are bidding for the company and the government
  has said it will choose CGCT's new owner by the end of April.
      APT vice-president Wim Huisman told a news conference a
  capital increase was envisaged if SAT-APT wins CGCT, but
  declined to give details or say how an increase would affect
  foreign stakes in CGCT.
      In 1985, CGCT posted losses of 200 mln francs on sales of
  three billion after 1984 losses of 997 mln francs.
      A joint SAT-APT statement added that buyers were committed
  to investing 240 mln francs in CGCT research and production
  plants. The APT-SAT offer includes a provision for CGCT to
  produce APT 5ESS-PRX switching technology and adapt it to
  French standards.
      The tender was launched after a 1985 draft agreement for
  ATT to take over CGCT was abandoned following the introduction
  of the French government privatisation laws which reopened
  bidding among a wider range of applicants.
      Other candidacies to take over CGCT include West Germany's
  Siemens AG <SIEG.F> allied with Schneider SA <SCHN.PA>
  subsidiary Jeumont-Schneider, Sweden's Telefon AB LM Ericsson
  <ERIC.ST> allied with Matra <MATR.PA> and Bouygues SA
  <BOUY.PA>, Italy's <Italtel>, and Canada's Northern Telecom Ltd
  <NTL.TO>.
  

"
training/6091	22	interest	"ANALYSTS SEE EARLY ONE POINT CUT IN U.K. BASE RATE
  British bank base lending rates are
  likely to fall by as much as one full point to 9-1/2 pct this
  week following the sharp three billion stg cut in the U.K.
  Central government borrowing target to four billion stg set in
  today's 1987 budget, bank analysts said.
      The analysts described Chancellor of the Exchequer Nigel
  Lawson's budget as cautious, a quality which currency and money
  markets had already started to reward.
      Sterling surged on foreign exchange markets and money
  market interest rates moved sharply lower as news of the budget
  measures came through, the analysts said.
      Lloyds merchant bank chief economist Roger Bootle said he
  expected base rates to be cut by one full point tomorrow.
      ""This is very much a safety-first budget in order to get
  interest rates down,"" he said.
      Bootle said the money markets had almost entirely
  discounted such a one point cut, with the key three month
  interbank rate down to 9-11/16 pct from 9-13/16 last night, and
  it would be rather conservative for banks to go for a
  half-point cut now.
      Midland Bank treasury economist David Simmonds said he,
  too, expected base rates would be a full point lower by Friday,
  but this would likely happen via two half-point cuts.
      ""This budget is designed to please both the markets and the
  electorate. The implications for interest rates are very
  favourable, we could have a half-point cut tomrorow and another
  such cut before the end of the week,"" Simmonds said.
      Pointing to buoyant U.K. Retail data released yesterday, he
  said Lawson had done well to resist pressures for a sharp cut
  in income tax rates at the expense of a lower borrowing target.
  ""There is no real need to boost private consumption,"" he said.
      National Westminster Bank chief economist David Kern said
  the lower borrowing target set in the budget had increased the
  likelihood of an early one-point base rate cut.
      Kern said the budget would have to be analysed carefully,
  in particular to see how exactly Lawson planned to achieve the
  sharper than expected borrowing target cut, before a one-point
  base rate cut could be implemented.
   But providing the budget small-print was convincing, ""and I
  suspect it will be, it is entirely possible that we see one
  point off base rates by the end of this week,"" Kern said.
      Bootle of Lloyds said the expected base rate cut would pave
  the way for an early one-point cut in mortgage lending rates.
  This would help achieve Lawson's lower than expected consumer
  price inflation target of four pct at end-1987, he said.
      U.K. Base rates were cut last week to 10-1/2 pct from 11
  pct after sustained pressure from the foreign exchange, money
  and government bonds (gilts) markets.
      But building societies said they would not cut lending
  rates until base rates had fallen by one full point.
  

"
training/6092	0	acq	"TOUSSIE GROUP SELLS HECK'S <HEX> SHARES
  A shareholder group led by New York
  investor Robert Toussie told the Securities and Exchange
  Commission it sold off most of its holdings in Heck's Inc
  common stock but reserved the right to again seek control of
  the company in the future.
      The group, which includes the Edward A. Viner and Co
  brokerage, said it sold 579,600 shares since March 5, leaving
  it with 157,000 shares or 1.8 pct of the total outstanding.
      The group had proposed a takeover of Heck's in September
  but later withdrew the offer, and Heck's on March 5 filed for
  protection from its creditors under federal bankruptcy law.
  

"
training/6093	0	acq	"CYCLOPS <CYL> HOLDER WITHDRAWS TAKEOVER MOTION
  <Dixons Group PLC>, which is in a
  battle with <CYACQ Corp> for control of Cyclops Corp, said a
  Cyclops shareholder had agreed to withdraw a motion in U.S.
  District Court to prevent Dixons from completing its tender
  offer for Cyclops, which expires 2400 EST today.
      Dixons did not name the shareholder and did not disclose
  the holder's stake in Cyclops.
  

"
training/6094	12	earn	"<NOMA INDUSTRIES LTD> YEAR NET
  Shr 72 cts vs 58 cts
      Net 20.8 mln vs 14.9 mln
      Revs 328.7 mln vs 239.8 mln
      Avg shrs 28.9 mln vs 25.7 mln
      Note: Prior year shr restated for June, 1986 two-for-one
  stock split
  

"
training/6096	0	acq	"FIRM HAS COOPERVISION <EYE> STOCK, WILL BUY MORE
  Siebel Capital Management Inc, a
  California investment adviser, told the Securities and Exchange
  Commission (SEC) it bought 1.3 mln CooperVision Inc common
  shares or 5.9 pct of the total outstanding.
      In its SEC filing, the firm said it ""intends to acquire more
  stock and may attempt to influence management of the company to
  make major changes in the company's business or corporate
  structure.""
      Siebel said it made net purchases of 163,200 CooperVision
  shares since Jan. 1.
  

"
training/6101	0	acq	"AMERICAN CYANAMID <ACY> BUYS U.K. COMPANY
  American Cyanamid Co said it bought
  the 50 pct interest of Cyanamid Fothergill Ltd held by
  <Fothergill and Harvey PLC>, making the unit a wholly owned
  subsidiary.
      The unit manufactures structural materials, including
  advanced composites, adhesives, and aluminum honeycomb for the
  European space industry.
      The current management will remain in place and the unit
  will continue at its locations in Wrexham, U.K., the company
  said.
  

"
training/6102	12	earn	"NOEL INDUSTRIES INC <NOL> 1ST QTR JAN 31 LOSS
  Shr loss 26 cts vs loss 12 cts
      Net loss 289,649 vs loss 138,372
      Revs 5,944,286 vs 5,902,074
  

"
training/6103	0	acq	"GROUP BOOSTS GELCO <GEL> STAKE TO 8.2 PCT
  An investor group including New
  York-based Mutual Shares Corp and Mutual Qualified Income Fund
  Inc told the Securities and Exchange Commission it raised its
  stake in Gelco Corp common stock to 575,859 shares or 8.2 pct
  of the total outstanding.
      The group said its most recent purchases included 241,000
  shares bought between January 21 and March 10.
      The group said it purchased the shares for investment
  purposes.
  

"
training/6104	12	earn	"OSHMAN'S SPORTING GOODS INC <OSHM> 4TH QTR NET
  Qtr ended Jan 31
      Shr 92 cts vs 1.28 dlrs
      Net 5,415,000 vs 7,730,000
      Revs 114.2 mln vs 112.9 mln
      Avg shrs 5,864,000 vs 6,030,000
      Year
      Shr 45 cts vs 1.40 dlrs
      Net 2,664,000 vs 8,536,000
      Revs 322.9 mln vs 312.3 mln
      Avg shrs 5,885,000 vs 6,105,000
     
      Note: Net includes LIFO gains of 48,000 dlrs vs 118,000
  dlrs for qtr and charges of 257,000 dlrs vs 225,000 dlrs for
  year.
  

"
training/6105	12	earn	"UNIVERSITY PATENTS INC <UPT> 2ND QTR JAN 31 NET
  Oper shr 24 cts vs 19 cts
      Oper net 1,096,332 vs 794,711
      Revs 803,085 vs 442,420
      Six mths
      Oper shr 53 cts vs 43 cts
      Oper net 2,375,844 vs 1,741,437
      Revs 1,471,257 vs 768,683
      NOTE: Prior year excludes income from discontinued
  operations of 19 cts per share in the quarter and 17 cts per
  share in the year.
  

"
training/6106	12	earn	"FREEDOM FEDERAL <FRFE> SETS INITIAL PAYOUT
  Freedom Federal Savings Bank
  said it voted its first cash dividend of 10 cts a share,
  payable April 10, record March 31.
      The 1987 annual dividend will be 40 cts a share, it said.
  

"
training/6107	12	earn	"HOSPITAL STAFFING SERVICES <HSSI> 1ST QTR NET
  Qtr ends Feb 28
      Shr six cts vs three cts
      Net 189,683 vs 80,499
      Revs 2,874,930 vs 2,594,474
      NOTE: Full name Hospital Staffing Services Inc.
      Prior year includes extraordinary gain of one ct per share.
  

"
training/6111	10	crude	"PLAINS <PLNS> POSTS RESERVES INCREASES
  Plains Resources Inc said that as
  of December 31, its estimated proved oil and gas reserves rose
  by 27 pct to 5.43 mln barrels from 4.27 mln barrels and proved
  developed reserves rose 16 pct to four mln barrels from 3.45
  mln barrels a year ago.
      The company said its year end reserves did not include the
  oil and gas reserves of Houston Oil Fields Co which recently
  agreed to merge with it, pending shareholder approval in
  mid-April. If approved, the merger will add another 3.2 mln
  barrels to the company's reserve base.
  

"
training/6113	12	earn	"OSHMAN'S <OSHM> CITES WEAK REGIONAL ECONOMIES
  Oshman's Sporting Goods Inc said
  earnings for the fourth quarter ended January 31 were affected
  by the weak economies of Texas, Oklahoma and Louisiana,
  resulting in a drop in net earnings to 5,415,000 dlrs or 92 cts
  a share from 7,730,000 dlrs or 1.28 dlrs a share for the
  year-ago quarter.
      The company also said sales on the West Coast were hurt by
  late snows and poor skiing conditions.
      Same-store sales declined 3.2 pct for the quarter and 2.2
  pct for the year.
      For the full year, Oshman's net earnings fell to 2,664,000
  dlrs or 45 cts a share, from 8,536,000 dlrs or 1.40 dlrs a
  share.
      In 1986, the company said it opened nine stores and closed
  three.
      At year-end, the company said it was operating 188 Oshman's
  stores and 27 Abercrombie and Fitch stores.
  

"
training/6115	12	earn	"WORTHINGTON INDUSTRIES INC <WTHG> 3RD QTR NET
  Qtr ended Feb 28
      Shr 24 cts vs 24 cts
      Net 10.0 mln vs 10.1 mln
      Revs 202.8 mln vs 184.6 mln
      Nine mths
      Shr 66 cts vs 67 cts
      Net 27.3 mln vs 27.6 mln
      Revs 588.2 mln vs 539.2 mln
      Note: 1986 shr data adjusted for 3-for-2 stock split paid
  October 1986.
  

"
training/6119	10	crude	"U.S. WARNS OF DEPENDENCE ON FOREIGN OIL
  A White House-ordered report said 
  that growing U.S. reliance on foreign oil into the year 2000
  could have potentially damaging implications for national
  security.
      The Energy Department study discusses several options to
  curb reliance on foreign oil, but makes no recommendations.
      President Reagan and most Congressmen have previously ruled
  out a tax on foreign oil as a way to curb imports and to help
  the depressed domestic oil industry.
      Energy Secretary John Herrington said in a statement that
  ""although we have made gains in energy security in the last six
  years, this report shows that there is justification for
  national concern both over declining competitiveness of our
  domestic oil and gas industry and over rising oil imports.""
      The report said imports last year were 33 pct of U.S.
  consumption and by the mid-1990s could rise to 50 pct.
      Among the report's options to ease U.S. reliance on foreign
  oil are several already advocated by the Reagan Administration.
      President Reagan ordered the study last September, citing a
  determination that the country never again become captive to a
  foreign oil cartel, referring to the OPEC-led oil shortages and
  sharp prices increases of the 1970s.
      The report said an import fee would raise prices and help
  make it economical for U.S. oil firms to find and produce new
  oil, as well as to cut imports, but on the whole the tax would
  depress the nation's economy.
  

"
training/6120	0	acq	"VTX ELECRONICS <VTX> SETS SDTOCK SPLIT
  VTX Electronics Corp said its
  board declared a five-for-four stock split, payable April Nine
  to holders of record March 27.
  

"
training/6121	0	acq	"COASTAL (CGP) SEES INCREASE IN 1987 PROFITS
  Coastal Corp said it expected earnings
  for 1987 ""to be significantly above"" profits of 71.6 mln dlrs
  last year.
      In a letter to shareholders appearing in the company's
  newly-issued 1986 annual report, Coastal chairman Oscar Wyatt
  did not elaborate on how much earnings were expected to
  increase.
      The 1986 profits of Coastal, a natural gas production and
  pipeline company, were halved from 1985 levels due to slumping
  energy prices. The company's sales totaled 6.7 billion dlrs
  last year.
      Coastal also said it sold its natural gas for an average
  price of 2.17 dlrs per mcf in 1986, a drop of 18 pct from the
  previous year. Oil and natural gas liquids sold for an average
  14.20 dlrs a barrel in 1986, a reduction of 37 pct.
      The Houston-based company, which produced a daily average
  of 120 mln cubic feet of gas and 11,149 barrels of oil, said it
  had proved reserves at yearend 1986 of 28.6 mln barrels of oil
  and 954 billion cubic feet of natural gas. Average reserve
  replacement costs were 8.28 dlrs per barrel of oil equivalent
  during the past three-year period, representing a little more
  than half of the industry average, the company said.
      Coastal's more than 800 gasoline retail outlets were
  operated profitably during 1986 ""and are expected to continue
  to do so,"" the company said.
  

"
training/6123	12	earn	"(REPAP ENTERPRISES CORP INC) 4TH QTR NET
  Shr profit 26 cts vs loss nine cts
      Net profit 10.3 mln vs loss 1.0 mln
      Revs 208.2 mln vs 123.3 mln
      Year
      Shr profit 38 cts vs profit nine cts
      Net profit 13.0 mln vs profit 2.8 mln
      Revs 635.5 mln vs 429.3 mln
      Note: 1986 full year results include extraordinary loss of
  one mln dlrs or three cts per share.
  

"
training/6124	0	acq	"NORSTAR <NOR> SETS ACQUISITION FOR STOCK
  Norstar Bancorp said it has agreed
  in principle to acquire United National Bank of Callicoon,
  N.Y., by exchanging three Norstar common shares for each of the
  201,660 United shares outstanding.
      Based on the recent price of Norstar's stock, it said, the
  proposed tax-free exchange would have a market value of about
  20 mln dlrs.
      Norstar said the acquisition is subject to approval by
  United's holders and state and federal regulators. United has
  assets of 90 mln dlrs.
  

"
training/6125	10	crude	"U.S OIL TAX WOULD NOT AFFECT PDVSA-CHAMPLIN DEAL
  an eventual oil import fee in the
  united states will make no difference to champlin petroleum
  corp's joint venture agreement signed today with petroleos de
  venezuela (pdvsa), champlin chairman william adams said.
      ""this was an aspect which was discussed at length during the
  negotiations, but we can say our contract covers all
  eventualities in this regard,"" he told reuters during the
  signing ceremony here.
      Venezuela's energy and mines minister arturo hernandez
  grisanti earlier described the agreement, under which pdvsa
  buys 50 pct of champlin's corpus christi refinery, as ""one more
  step in the maturation and presence of our oil industry in
  world markets.""
     union pacific chairman william cook said the agreement will
  be beneficial to both sides, combining a secure source of
  supply with a modern refinery and access to markets.
      ""we are looking to a long-term relationship, and at a time
  of protectionist tendencies in the U.S. Congress there are
  clear benefits to both sides,"" he said.
      Adams said pdvsa crude would remain competitive even with
  an oil import fee because champlin had invested heavily over
  the years in adapingthe texas refinery to process venezuelan
  heavy crudes with coking and hydro-treating facilities and
  obtain a competitive product yield.
      ""therefore while the danger of an oil import fee has been a
  consideration in the negotiations, and it remains to be seen
  what such a fee would represent, we do not foresee any impact
  on today's agreement,"" adams said.
      He said the refinery could run crude as heavy as
  venezuela's bolivar coastal field (bcf) 17 api without any
  difficultiesand would probably move over time to a heavier diet
  to take advantage of bigger margins.
      The refinery has a capacity to process up to 110,000 bpd of
  venezuelan high sulphur content heavy crude, with an 80-85 pct
  yield of white products.
  

"
training/6128	4	cocoa	"ICCO GROUP LOOKS AT COCOA BUFFER STOCK RULE PLAN
  The International Cocoa Organization,
  ICCO, buffer stock working group began examining a draft
  proposal for buffer stock rules this afternoon, delegates said.
      The plan, presented by ICCO Executive Director Kobena
  Erbynn, represented a compromise between producer, European
  Community, EC, and other consumer views on how the buffer stock
  should operate, they said.
      The proposal involved three key principles. First, the
  buffer stock manager would be open to offers for cocoa rather
  than using fixed posted prices as previously, delegates said.
      Under an offer system, the buffer stock manager would be
  free to choose cocoas of varying prices, they said.
      The second provision was that non-ICCO member cocoa could
  comprise a maximum 10 pct of the buffer stock, while the third
  laid out a pricing system under which the buffer stock manager
  would pay differentials for different grades of cocoa, to be
  set by a formula, the delegates said.
      After the plan was presented, working group delegates met
  briefly in smaller groups of producers, EC consumers and all
  consumers to look at the proposal. Producers gave no reaction
  to the scheme and will respond to it when the working group
  meets tomorrow at 1000 GMT, producer delegates said.
      Consumer members accepted the proposal as a good base to
  work from, one consumer delegate said.
      Delegates said the proposal was only a starting point for
  negotiations on buffer stock rules and subject to change.
  

"
training/6129	12	earn	"VTX ELECTRONICS CORP <VTX> 4TH QTR NET
  Shr 10 cts vs 11 cts
      Net 255,000 vs 242,000
      Sales 7,166,000 vs 6,486,000
      Avg shrs 2,438,000 vs 2,118,000
      Year
      Shr 50 cts vs 40 cts
      Net 990,000 vs 849,000
      Sales 29.0 mln vs 22.8 mln
      Avg shrs 1,972,000 vs 2,118,000
      NOTE: Share adjusted for five-for-four stock split declared
  today.
  

"
training/6130	12	earn	"MORTGAGE GROWTH INVESTORS <MTG> 1ST QTR FEB 28
  Shr 36 cts vs 37 cts
      Net 2,751,000 vs 2,179,000
      Qtly div 40 cts vs 40 cts prior
      Avg shrs 7,699,241 vs 5,943,341
      NOTE: Dividend payable April 10 to shareholders of record
  March 30.
  

"
training/6134	12	earn	"SHONEY'S INC <SHON> 1ST QTR FEB 15 NET
  Shr 31 cts vs 27 cts
      Net 11.4 mln vs 9,905,528
      Revs 194.3 mln vs 171.7 mln
      Avg shrs 36.6 mln vs 36.4 mln
      NOTE: Sixteen-week periods.
  

"
training/6135	0	acq	"FORTUNE SAVINGS TO BUY FINANCIAL <FSSL> BRANCH
  <Fortune Savings Bank> said it
  agreed to buy the deposits and assume the leasehold of a
  Financial Security Savings and Loan Association <FSSL> branch
  here.
      Terms of the agreement were not disclosed.
      Fortune said the agreement is subject to regulatory
  approval. It also said that if the transaction is approved,
  Financial would generate a profit on the sale.
  

"
training/6137	32	money-fx	"GULF ARAB MINISTERS DISCUSS ECONOMIC COOPERATION
  Finance and economy ministers of the
  Gulf Cooperation Council (GCC) opened a two- day meeting to
  discuss further economic integration, officials said.
      They said issues to be discussed by the ministers from
  Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab
  Emirates (UAE) would include a recommendation by central bank
  governors on a common currency exchange rate.
      The governors agreed in January on a denominator on which
  to base currencies of the six states. Any decision will be
  forwarded for final approval to a GCC summit meeting due in
  Saudi Arabia late this year.
      The six states have different currency systems. Saudi
  Arabia, Bahrain, Qatar and the UAE are linked in theory to the
  International Monetary Fund's basket of currencies -- the
  special drawing right (SDR) -- but in practice to the dollar.
      Oman links its currency formally to the dollar, while
  Kuwait pegs its dinar to a trade-weighted basket devised by
  itself.
      The denominator chosen by central bank governors has not
  been disclosed, but some bankers expect the currencies to be
  linked to the SDR or a trade-weighted basket.
      Opening the meeting, Ahmed al-Tayer, the UAE's Minister of
  State for Finance and Industry, said implementation of joint
  economic agreements ""is increasingly linking the interests of
  GCC citizens together.""
      The general assembly of the Gulf Investment Corporation met
  in Abu Dhabi earlier under the chairmanship of Bahrain's
  Finance and National Economy Minister, Ibrahim Abdul-Karim
      The corporation was formed to contribute to joint economic
  and investment projects in the GCC.
      Officials said the corporation's assets rose to 1.31
  billion dollars last year from 1.04 billion at the end of 1985.
  

"
training/6138	12	earn	"PHOTOGRAPHIC SCIENCIES CORP <PSCX> 4TH QTR LOSS
  Oper shr loss six cts vs profit four cts
      Oper net loss 165,000 vs profit 83,000
      Sales 2,413,000 vs 921,000
      Avg shrs 2,908,770 vs 2,203,462
      Year
      Ope shr profit five cts vs profit five cts
      Oper net profit 124,000 vs profit 106,000
      Sales 5,652,000 vs 1,623,000
      Avg shrs 2,369,949 vs 2,061,102
      NOTE: Net excludes losses from discontinued operations of
  548,000 dlrs vs 14,000 dlrs in quarter and 696,000 dlrs vs
  21,000 dlrs in year.
      1985 year net excludes 35,000 dlr tax credit.
      1985 year includes only six months of operations due to
  change in fiscal year.
  

"
training/6146	12	earn	"PUEBLO INTERNATIONAL INC <PII> 4TH QTR JAN 31
  Shr 56 cts vs 46 cts
      Net 2,005,000 vs 1,685,000
      Sales 189.8 mln vs 156.0 mln
      Avg shrs 3,603,000 vs 3,614,000
      Year
      Shr 1.88 dlrs vs 1.77 dlrs
      Net 6,774,000 vs 6,587,000
      Sales 692.1 mln vs 596.8 mln
      Avg shrs 3,604,000 vs 3,713,000
      NOTE: Net includes tax credits of 250,000 dlrs vs 162,000
  dlrs in quarter and 610,000 dlrs vs 1,288,000 dlrs in year.
      Thirteen vs 12 and 53 vs 52-week periods.
      Latest year net includes gain 418,000 dlrs for first nine
  months from change in pension accounting, for which results of
  first three periods restated.
  

"
training/6147	12	earn	"HRE PROPERTIES <HRE> 1ST QTR JAN 31 NET
  Shr 38 cts vs 47 cts
      Net 2,253,664 vs 2,806,820
      Gross income 5,173,318 vs 5,873,904
      NOTE: Net includes gains on sale of real estate of 126,117
  dlrs vs 29,812 dlrs.
  

"
training/6149	12	earn	"PHOTOGRAPHIC SCIENCES CORP <PSCX> 4TH QTR
  Shr loss 25 cts vs profit three cts
      Net loss 713,000 vs profit 69,000
      Revs 2.4 mln vs 921,000
      Six months
      Shr loss 24 cts vs profit six cts
      Net loss 572,000 vs profit 120,000
      Revs 5.7 mln vs 1.6 mln
      NOTE:To effect change from fiscal to calendar year, company
  reported results for six months period ended December 31, 1985.
  1985 six months includes one time gain of 35,000 dlrs. 
  

"
training/6154	12	earn	"FEDERAL PAPER BOARD CO <FBT> SETS PAYOUT
  Qtly div 17-1/4 cts vs 17-1/4 cts prior
      Pay April 15
      Record March 31   
  

"
training/6155	12	earn	"SHONEY'S INC <SHON> SETS PAYOUT
  Qtly div four cts vs four cts prior
      Pay April 22
      Record April Three
  

"
training/6157	0	acq	"TAFT <TFB> STOCK RISES ON PROPOSAL
  Taft Broadcasting Co stock rose almost
  three points today as its vice chairman and an investment group
  proposed to sweeten a takeover offer for the company.
      However, several arbitragers said they would shy away from
  the stock at its current price levels since it is unclear how
  high bidding for the company would go and whether the company
  would agree to a takeover.
      ""There are too many uncertainties,"" said one arbitrager.
      Taft stock rose 2-7/8 to 155-3/4.
      Dudley Taft, Taft vice chairman, and Narragansett Capital
  Inc said they sent a letter to the Taft board, stating they
  were committed to pursuing acquisition of the broadcast company
  and were prepared to negotiate a transaction in excess of 150
  dlrs per share.
      The company responded that the proposal would be submitted
  to the board of directors, but that no decisions have yet been
  made on a sale of the company.
      ""Someone's betting this company will go for 170 (dlrs per
  share),"" said one arbitrager.
      Arbitragers said the stock is a risky buy at current
  levels, unless an offer was accepted in the 170 dlr per share
  range. They said to make an arbitrage investment at this level
  would be chancy since it will take a long time for any
  transaction to be completed because of regulatory approvals
  necessary for the broadcast properites.
      Taft earlier rejected a 145 dlr per share or 1.35 billion
  dlr bid from the investment group. The company said it rejected
  the bid as inadequate based on advice of Goldman, Sachs and Co,
  its financial adviser. It said it would consider alternatives
  such as restructuring.
      Arbitragers speculated a bidding war may erupt for Taft,
  which has two large shareholders in an investment group led by
  Robert Bass and Carl Lindner, chairman of American Financial
  Corp. The Bass group holds 25 pct of Taft and Lindner holds
  16.2 pct. The Taft family, which founded the company almost 50
  years ago, has about 12 pct.
      Lindner last week told the Securities and Exchange
  Commission he may be interested in making a bid for Taft.
      ""I could see if things got really crazy that it might go
  for 175 (dlrs per share),"" said one arbitrager, but he
  speculated it probably would not even be taken over for more
  than a price in the 160s.
      Another speculated that Lindner might bid, but he
  speculated the investor would not really be interested in
  running the company. Lindner was unavailable for comment.
      Dennis McAlpine, an analyst with Oppenheimer and Co, said
  he had speculated the company might be considering a leveraged
  buyout.
      ""Ideally, you'd have to break this thing up to satisfy all
  the interests involved,"" he said, adding the two largest
  shareholders might be interested in pieces of Taft.
      He said the highest takeover price he calculated for the
  company has been about 140 dlrs per share, but that the highest
  estimates on Wall Street have been about 160. He said the
  latter would be based on more optimistic expectations for the
  broadcast industry.
  

"
training/6159	10	crude	"HERRINGTON SAYS HE MAY RECOMMEND TAX BENEFITS FOR U.S. OIL INDUSTRY

  HERRINGTON SAYS HE MAY RECOMMEND TAX BENEFITS FOR U.S. OIL INDUSTRY
  

"
training/6163	10	crude	"HERRINGTON SAYS HE MAY CALL FOR OIL TAX BENEFITS
  Energy Secretary John Herrington
  said he may recommend to the White House that the domestic oil
  industry be given tax benefits to help it produce more oil and
  head off increasing U.S. dependence on foreign oil.
      He said also at a news conference that he would recommend
  to the White House that the fill rate of the Strategic
  Petroleum Reserve be increased from its planned 35,000 barrels
  per day.
      The oil reserve fill rate capacity is 100,000 barrels a
  day.
      Herrington said he had always advocated a greater fill rate
  for the petroleum reserve, but the rate had been kept down
  because of budgetary constraints.
      Herrington did not disclose what tax incentives he might
  advocate, but U.S. officials have shown interest in tax
  benefits for oil and gas exploration and for research and
  development into new ways to extract oil which is now
  considered uneconomical to produce.
      He made the remarks in conjunction with the release of the
  Energy Department's study on oil's impact on national security.
      Herrington said that before he disclosed what
  recommendations for tax benefits for the oil and gas industry
  he might make, he would raise the matter with the White House
  Economic Policy Committee to see if the proposals to increase
  oil production made good tax policy.
      He said he would like to increase U.S. production by one
  mln barrels a day.
      The report said that by the end of the century the United
  States may be relying on foreign sources for 50 pct of its oil
  consumption, posing a serious economic and national security
  threat.
  

"
training/6165	12	earn	"CONSOLIDATED STORES CORP <CNS> 4TH QTR JAN 31 NET
  Shr 17 cts vs 13 cts
      Net 7,602,000 vs 4,879,000
      Sales 141.5 mln vs 71.3 mln
      Avg shrs 45.0 mln vs 42.2 mln
      Year
      Shr 45 cts vs 32 cts
      Net 19.5 mln vs 12.0 mln
      Sales 397.2 mln vs 181.1 mln
      Avg shrs 43.4 mln vs 38.2 mln
      NOTE: Prior year net includes 2,600,000 dlr tax credit.
      Share adjusted for two-for-one stock split in June 1986.
  

"
training/6166	10	crude	"WAINCO OIL <WOL> COMPLETES WILDCAT WELL
  Wainco Oil Corp said it has completed a
  wildcat well on its GrandMarais prspect in Jefferson Davis
  Parish, La., which is currently producing at a rate of 1.1 mln
  cubic feet of gas and 40 barrels of condensate daily.
      The company said it has a 20 pct working interest in the
  well which is flowing from Lower Frion Tweedel Sand
  perforations between 10,104 and 10,110 feet. Additional
  untested but possibly productive zones exist behind the pipe,
  it added. It said the remaining owners are privately held
  petroleum companies.
  

"
training/6169	10	crude	"U.S. WARNS OF DEPENDENCE ON FOREIGN OIL
  A White House-ordered report said 
  that growing U.S. reliance on foreign oil into the year 2000
  could have potentially damaging implications for national
  security.
      The Energy Department study discusses several options to
  curb reliance on foreign oil, but makes no recommendations.
      President Reagan and most Congressmen have previously ruled
  out a tax on foreign oil as a way to curb imports and to help
  the depressed domestic oil industry.
      Energy Secretary John Herrington said in a statement that
  ""although we have made gains in energy security in the last six
  years, this report shows that there is justification for
  national concern both over declining competitiveness of our
  domestic oil and gas industry and over rising oil imports.""
      The report said imports last year were 33 pct of U.S.
  consumption and by the mid-1990s could rise to 50 pct.
      Among the report's options to ease U.S. reliance on foreign
  oil are several already advocated by the Reagan Administration.
      President Reagan ordered the study last September, citing a
  determination that the country never again become captive to a
  foreign oil cartel, referring to the OPEC-led oil shortages and
  sharp prices increases of the 1970s.
      The report said an import fee would raise prices and help
  make it economical for U.S. oil firms to find and produce new
  oil, as well as to cut imports, but on the whole the tax would
  depress the nation's economy.
      The study was outlined in a New York Times report today.
  

"
training/6172	12	earn	"HOSPITAL STAFFING SERVICES INC <HSSI> 1ST QTR
  Feb 28
      Oper shr six cts vs two cts
      Oper net 189,683 vs 47,499
      Revs 2,874,930 vs 2,594,574
      NOTE: Prior year net excludes 33,000 dlr tax credit.
  

"
training/6173	12	earn	"VIATECH INC <VTK> YEAR NET
  Shr 1.53 dlrs vs 18 cts
      Net 841,893 vs 95,477
      Revs 50.3 mln vs 35.1 mln
  

"
training/6175	12	earn	"INTERACTIVE TECHNOLOGIES INC <ITXI> 1ST QTR NET
  Shr nine cts vs eight cts
      Net 373,000 vs 269,000
      Sales 3,501,000 vs 2,507,000
      Avg shrs 4,036,000 vs 3,326,000
      NOTE: Periods end January 31, 1987 and 1986, respectively.
  

"
training/6176	22	interest	"U.S. FHL BANKS SETS 6.70 PCT, 7.10 PCT, 7.65 PCT RATES ON 2.55 BILLION DLR OFFER

  U.S. FHL BANKS SETS 6.70 PCT, 7.10 PCT, 7.65 PCT RATES ON 2.55 BILLION DLR OFFER
  

"
training/6177	10	crude	"OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL
  OPEC believes world oil prices should
  be set around a fixed average price of 18 dlrs a barrel, OAPEC
  Assistant General Secretary Abdelaziz Al-Wattari said today.
      In a speech to a European Community (EC)/OAPEC/OPEC seminar
  in Luxembourg released here, Al-Wattari said: ""OPEC believes
  ...The world energy trade should be kept without restrictions
  and should be built around a fixed average price of 18 dlrs.""
      But he warned that defense of the 18 dlr a barrel level had
  caused hardship for OPEC countries, who had been forced to
  curtail production, and he warned that such cutbacks by OPEC
  states could not be sustained in some cases.
      ""For OPEC to stabilize the world oil price at what is now
  considered the optimal level of 18 dlrs a barrel, its member
  countries have had to undergo severe hardship in curtailing
  production,"" Al-Wattari said.
      ""Such cutbacks ... Cannot, in certain cases, be sustained,""
  Al-Wattari said. As well as financial and marketing pressures,
  some states depended on associated gas output for domestic use
  and oil cutbacks had left insufficient gas supplies, he added.
      Al-Wattari noted that total OPEC output was below the
  organization's agreed ceiling for all member countries in
  February, although this had meant sacrifices.
      The effect of these sacrifices meant that market stability,
  though restored to a good level, was still under pressure,
  Al-Wattari said. ""A lasting stability in the world market
  requires a wider scope of international cooperation,"" he added.
      He said some non-OPEC oil producing countries had shown a
  political willingness after 1986 to cooperate with OPEC.
      But although cutbacks announced by these states were
  politically significant and welcomed by OPEC, they were
  insufficient in terms of volume, he added. ""The overall majority
  of non-OPEC producers have not responded sufficiently to OPEC's
  calls for supply regulation,"" he said.
      Al-Wattari said an 18 dlr a barrel price was optimal as it
  allowed investment in the oil industry outside OPEC to
  continue, while not generating excessive cash flow for
  otherwise unviable high-cost areas outside OPEC. Such a price
  would no longer encourage protectionist measures, he added.
      Fadhil Al-Chalabi, OPEC Deputy Secretary General, also
  addressing the seminar, added that discipline was still needed
  to prevent violent fluctuations in the oil market.
      Cooperation between Arab states and Europe was advantageous
  for both sides, Al-Chalabi said, adding he hoped cooperation
  would ultimately lead to full-fledged Euro-Arab dialogue.
  

"
training/6178	22	interest	"U.S. FHL BANKS SETS RATES ON DEBT OFFERING
  The Office of Finance, Federal Home
  Loan Banks, said it set rates on today's debt offering of 6.70
  pct on its 1.11 billion dlr issue, 7.10 pct on a 1.065 billion
  dlr issue and 7.65 pct on a 375 mln dlr issue.
      It said the issues, which are for settlement March 25, 
  mature March 26, 1990, March 25, 1992 and March 25, 1997,
  respectively.
      The office said telephone confirmation of allotments must
  be received by 1500 hrs EST today and that secondary trading
  will begin at 0930 hrs EST tomorrow.
  

"
training/6179	12	earn	"SANTA ANITA COS <SAR> 4TH QTR NET
  Oper shr 45 cts vs 63 cts
      Oper net 3,805,000 vs 5,155,000
      Revs 12.0 mln vs 10.6 mln
      Year
      Oper shr 1.58 dlrs vs 2.07 dlrs
      Oper net 12,991,000 vs 15,692,000
      Revs 69.8 mln vs 71.7 mln
      Avg shrs 8,265,541 vs 7,598,522
      Note: Current qtr and year figures exclude losses from
  discontinued operations of 761,000 dlrs and 875,000 dlrs,
  respectively and disposition gain of 6.1 mln dlrs in both
  periods.
      Prior qtr and year figures exclude gain from discontinued
  operation of 31,000 dlrs and loss of 2,000 dlrs, respectively.
  

"
training/6180	0	acq	"MIDWAY AIRLINES <MDWY> SETS HOLDER RIGHTS PLAN
  Midway Airlines Inc, which has
  frequently been mentioned as an acquisition target, said it
  declared a shareholder rights plan.
      Holders will get a dividend of one preferred share purchase
  right on each outstanding share of common stock.
      Each right, when exercisable, will entitle the holder to
  purchase one one-hundredth share of Series C Junior
  Participating preferred stock for 50 dlrs.
      The rights are intended to assure that all holders receive
  fair treatment in the event of a takeover. The company said
  this is not in response to a known effort to acquire control.
      The rights will be exercisable 10 days after a person or
  group buys 20 pct of the company's common, or announces or
  commences a tender offer that would result in acquisition of 30
  pct or more of its common.
      Midway can redeem the rights at two cts each at any time
  prior to expieration of 10 days after the acquisition by any
  person of 20 pct or more of the companyt's common, it said.
      If Midway is acquired, each right will entitle its hodler
  to purchase a number of the acquiring company's common shares
  having a market value at that time of twice the right's
  exercise price.
      The dividend will be payable to holders of record April
  six, and expire 10 years later on April 6, 1997.
  

"
training/6181	12	earn	"EQUION CORP <EQUI> 2ND QTR JAN 31 NET
  Oper shr 19 cts vs 18 cts
      Oper net 951,902 vs 987,860
      Revs 19.0 mln vs 17.1 mln
      Six mths
      Oper shr 26 cts vs 35 cts
      Oper net 1,332,273 vs 2,502,868
      Revs 33.6 mln vs 29.2 mln
      Note: Oper net excludes tax credits of 897,925 dlrs vs
  841,511,dlrs for qtr and 1,306,860 dlrs vs 2,132,073 dlrs for
  six mths.
      Note: Year-ago results restated to reflect change in
  accounting principle effective August one, 1985.
  

"
training/6184	10	crude	"VENEZUELA-ECUADOR OIL LOAN UNDER DISCUSSION
  Venezuela has still to work out final
  details of its plan to supply Ecuador with 50,000 barrels per
  day of crude oil to compensate that country for lost exports
  caused by earthquake damage, a senior Petroleos de Venezuela
  (PDVSA) official said.
      ""We have yet to finalize details on how the compensation
  will be carried out and how OPEC production quotas will be
  affected,"" he said during the signing of a joint venture deal
  with Union Pacific Corp today.
      He said an agreement was initialled on a visit last week by
  Ecuador's deputy energy minister Fernando Santos Alvite.
      He pointed out that there are some contractual points to be
  considered. Venezuela, possibly unique among oil exporters,
  requires its clients to sign final destination clauses to
  ensure its oil is not resold on the spot market.
      Ecuador's oil minister Javier Espinosa was quoted today as
  saying Venezuela will export the oil on Ecuador's account and
  remit the revenues to Quito. Ecuador would pay back the oil at
  a rate of 35,000 bpd.
      He said Venezuela's oil would be traded through Ecuadorean
  state oil company Cepe, but the PDVSA official said the company
  never allows third parties to trade its oil.
  

"
training/6185	12	earn	"<TEMCO SERVICE INDUSTRIES INC> 1ST QTR DEC 31
  Shr 31 cts vs 21 cts
      Net 182,839 vs 132,804
      Revs 25.0 mln vs 19.4 mln
  

"
training/6186	12	earn	"<GREAT PACIFIC INDUSTRIES INC> YEAR NET
  Shr 1.93 dlrs vs 2.21 dlrs
      Net 8,371,000 vs 9,576,000
      Revs 18.3 mln vs 15.7 mln
  

"
training/6187	12	earn	"SIMMONS AIRLINES INC <SIMM> 2ND QTR LOSS
  Period end Jan 31
      Shr loss 17 cts vs loss 26 cts
      Net loss 765,808 vs loss 1,216,501
      Revs 15.8 mln vs 18.7 mln
      Six mths
      Shr nil vs profit 54 cts
      Net loss 12.5 mln vs profit 2,538,030
      Revs 32.5 mln vs 42.6 mln
      Avg shrs 4,310,068 vs 4,712,315
      NOTE: Prior yr results restated to reflect change in value
  of aircraft, resulting in increase of 232,000 or five cts shr
  for six mths
  

"
training/6188	0	acq	"<TEMCO SERVICE INDUSTRIES INC> MERGER ENDED
  Temco Service Industries Inc said its
  proposed buyout by chairman Herman J. Hellman and president
  Harvey Newwman has been terminated by mutual consent, and Temco
  has no present intention of being acquired by any other party.
  

"
training/6189	1	alum	"SURALCO ALUMINA EXPORTS DROPPED 75 PCT IN FEB
  The Surinam Aluminum Company
  (SURALCO) registered a 75 pct drop in alumina exports in
  February after its operations were shut down by worker violence
  and guerrilla sabotage, the official Surinam News Agency, SNA,
  reported.
      SNA said Suralco's alumina exports dropped to 23,869 tonnes
  in February from 92,852 tonnes in January. Aluminum exports,
  meanwhile, decreased nine pct in the same period, to 1,511
  tonnes from 1,647 tonnes.
      Suralco's alumina refinery at Paranam, 18 miles south of
  the capital, was shut down February 2 after workers destroyed
  plant and computer equipment in a protest over layoffs at the
  company's nearby aluminum smelter.
      The smelter was shut down January 26 after anti-government
  guerrillas dynamited two electricity towers which transmit
  power to the plant from the Afobaka dam.
      The alumina refinery, owned jointly by Suralco and Billiton
  NV, a Royal Dutch Shell subsidiary, was reopened March 9. But
  the smelter remains closed, as do the Suralco mines at Moengo,
  60 miles east of Paramaribo, which were closed down by
  guerrillas last November.
  

"
training/6198	12	earn	"PUBLIC SERVICE ENTERPRISE <PEG> TWO MTHS NET
  Periods ended February 28
      Shr 89 cts vs 87 cts
      Net 119.5 mln vs 114.6 mln
      Revs 872.3 mln vs 917.4 mln
      Avg shrs 134.9 mln vs 131.7 mln
      12 mths
      Shr 2.87 dlrs vs 3.32 dlrs
      Net 383.4 mln vs 413.5 mln
      Revs 4.5 billion vs 4.4 billion
      Avg shrs 133.7 mln vs 124.7 mln
      NOTES: Year ago results restated to reflect application of
  new accounting for disallowances
      Full name is Public Service Enterprise Group Inc
  

"
training/6199	0	acq	"PENTRON CORP <PEN> UNIT TO BUY ICE CREATIONS
  Pentron Corp said its
  Rotational Molding Inc unit has purchased privately held Ice
  Creations Unlimited for an undisclosed amount of cash and other
  considerations.
      The company said Ice Creations had sales of 1.2 mln dlrs in
  the year ended May 31, 1986.
      Ice creations is a molder of plastics.
  

"
training/6201	10	crude	"U.K. OIL REVENUE FORECAST TO FALL IN 1987/88
  The U.K. Government forecasts that oil
  revenues will fall to four billion stg in the fiscal year
  1987/88, from 4.75 billion in 1986/87 and 11.5 billion in
  1985/86.
      The forecast came in the Treasury's Financial Statement and
  Budget Report issued after the Chancellor of the Exchequer
  Nigel Lawson's annual budget statement to parliament.
      The government is assuming the price of oil will average 15
  dlrs a barrel, in line with its earlier forecasts, and its oil
  revenue calculation is based on an exchange rate remaining
  close to current levels, the Treasury document said.
      The Treasury said the 1987/88 oil revenue shortfall will
  reflect the oil price fall of 1986, as North Sea corporation
  tax is paid after a time lag.
      The statement calculated that a one dlr a barrel difference
  in oil prices this year will change revenue by about 350 mln
  stg for the current fiscal year, and 400 mln stg in a full
  year.
      Oil production is forecast to fall slightly in 1987,
  according to the statement. A change in one mln tonnes in
  production would alter revenue by about 45 mln stg in 1987/88
  and 50 mln stg in a full year, it added.
      Total general government receipts for 1986/87 are now
  estimated to be 159.2 billion stg, 2.75 billion more than the
  1986 Budget forecasts and above the Autumn Statement forecasts,
  despite a shortfall of 1.25 billlion in oil receipts.
      Additional non-North Sea corporation tax of 1.75 billion
  stg and VAT of 750 mln stg account for the bulk of the
  overshoot.
      Total general government receipts were forecast to rise to
  168.8 billion stg in fiscal 1987/88, and among the main items,
  besides diminishing oil revenues, were projected income tax of
  40 billion stg, up from 38.4 billion in the current year.
      Non-North Sea corporation tax is forecast to bring in 13.5
  billion stg in 1987/88, after the revised 11.2 billion in
  1986/87, and VAT revenue should amount to 23.3 billion,
  compared with upwardly revised estimated 21.5 billion this
  fiscal year.
      The general government expenditure for the coming fiscal
  year is expected to total 173.5 billion stg, up from a revised
  164.9 billion in the current year.
      A repayment of 800 mln on public corporations' market and
  overseas borrowings is forecast to bring the total Public
  Sector Borrowing Requirement down to 3.9 billion stg in
  1987/88, from this year's revised 4.1 billion, the Treasury
  said.
  

"
training/6202	12	earn	"REYNOLD METALS <RLM> UP ON FURMAN SELZ REPORT
  Shares of Reynolds Metals Co rose
  sharply after Wall Street firm Furman Selz Mager Dietz and
  Birney issued a report focusing on the strong earnings
  potential from the company's Australian gold holding, traders
  familiar with the report said.
      Traders said the report notes that earnings from Australian
  gold holdings could be worth about 35 cts to 55 cts a share
  this year and 1.40 dlrs to two dlrs a share in 1988.
      Reynolds Metals rose three points to 59-5/8 on volume of
  729,500 shares.
      Reynolds owns stakes in the Mount Gibson gold project and
  the Boddington gold project, both located in Australia. An
  analyst familiar with the two mines said ""the properties,
  together, have a potential value of 20 dlrs to 40 dlrs a share
  for Reynolds.""
      The analyst, who asked not to be identified, said the rise
  in the stock today was likely the result of ""U.S. investors
  that were not completely cognizant of the size or the
  importance of the (Reynolds') holdings in Australia.""
      Traders said the Furman Selz report indicates that gold was
  discovered mixed with bauxite in the Boddington mine.
  Boddington is principally a bauxite mine.
      The traders said the report goes on to say that the profits
  from the Boddington gold with substantially reduce the
  production costs of the other metals mined at Boddington.
      Traders said Furman Selz also boosted its earnings
  estimates, expecting Reynolds Metals to earn 4.10 dlr a share
  in 1987 and eight dlrs a share in 1988.
      Last year, Reynolds reported net earnings of 8.18 dlrs a
  share, which included 3.09 dlrs a share for adoption of new
  accounting rules, 1.01 dlrs a share for tax loss carryforwards
  and other extraordinary items.
  

"
training/6204	12	earn	"17-MAR-1987
  17-MAR-1987

"
training/6205	12	earn	"WESTERN FEDERAL SAVINGS BANK <WFPR> UPS PAYOUT
  Qtly div 15 cts vs 12-1/2 cts prior
      Pay April 15
      Record March 31
  

"
training/6208	10	crude	"OPEC WANTS 18 DLR OIL PRICE - OAPEC OFFICIAL
  OPEC believes world oil prices should
  be set around a fixed average price of 18 dlrs a barrel, OAPEC
  Assistant General Secretary Abdelaziz Al-Wattari said.
      In a speech to a European Community/OAPEC/OPEC seminar in
  Luxembourg released here, Al-Wattari said, ""OPEC believes ...the
  world energy trade should be kept without restrictions and
  should be built around a fixed average price of 18 dlrs.""
      Al-Wattari noted that total OPEC output was below the
  organization's agreed ceiling for all member countries in
  February, although this had meant sacrifices. The effect of
  these sacrifices meant that market stability, though restored
  to a good level, was still under pressure, Al-Wattari said.
      ""A lasting stability in the world market requires a wider
  scope of international cooperation,"" he said.
  

"
training/6211	12	earn	"DIODES INC <DIO> 3RD QTR JAN 31 NET
  Shr profit one cts vs profit four cts
      Net profit 27,490 vs 89,687
      Sales 2,899,189 vs 2,785,931
      Nine mths
      Shr loss four cts vs profit nine cts
      Net loss 78,038 vs profit 184,062
      Sales 8,785,918 vs 8,273,913
  

"
training/6212	0	acq	"ALLEGHENY BEVERAGE SAYS GROUP INTERESTED IN ACQUIRING ITS SERVICE AMERICA CORP UNIT

  ALLEGHENY BEVERAGE SAYS GROUP INTERESTED IN ACQUIRING ITS SERVICE AMERICA CORP UNIT
  

"
training/6213	12	earn	"MONY REAL ESTATE INVESTORS <MYM> 3RD QTR FEB 28
  Oper shr nine cts vs 128 cts
      Qtly div 18 cts vs 22 cts prior
      Oper net 951,000 vs 1,817,000
      Total income 5,010,000 vs 5,575,000
      Nine mths
      Oper shr 39 cts vs 59 cts
      Oper net 4,014,000 vs 5,936,000
      Total income 15.2 mln vs 16.7 mln
      NOTE: Current year net both periods includes 750,000 dslr
  provision for possible losses.
      Net excludes gains from sale of investment of 1,461,000
  dlrs vs 346,000 dlrs in quarter and in nine mths.
      Dividend pay April 15, record March 31.
  

"
training/6214	12	earn	"HILTON <HLT> SEES IMPROVED FIRST QUARTER PROFITS
  Hilton Hotels Corp expects earnings
  per share for first quarter fiscal 1987 to March 31 to be about
  90 cts compared with 70 cts a year earlier, Hilton Hotels
  division president Carl Mottek said.
      He told a news conference the company expected costs for
  its first 10 all-suite hotels, announced today, to be about 150
  mln dlrs. Initial financing would come from the company's cash
  flow. Later, Hilton plans to use borrowings from traditional
  sources, he added.
      Hilton, which hopes to build 50 all-suite hotels within
  five years, may take in partners in the new venture, he added.
  

"
training/6215	12	earn	"H.J. HEINZ <HNZ> POISED FOR RECORD YEAR
  H.J. Heinz Co is ""within sight of our
  22nd consecutive year of new records in financial growth"" for
  the fiscal year ending April 30, Chairman and Chief Executive
  Officer Anthony O'Reilly told investment analysts.
      O'Reilly, who declined to make a specific projection, said
  the food company is ""stronger than at any time in its 118-year
  history.""
      Last week Heinz reported third-quarter earnings rose to 55
  cts a share from 46 cts a share. Sales rose to 1.08 billion
  dlrs from 1.01 billion dlrs a year earlier.
      O'Reilly said Heinz will concentrate on backing its big
  brands, new products and services, new geography, internal
  growth and acquisitions.
      He said Heinz Ketchup has its highest market share in
  history, 55 pct. But in response to a question, the executive
  said a volume falloff in the overall product category ""is a
  concern to us.""
      O'Reilly said Weight Watchers continues to perform well and
  will generate revenue in fiscal 1987 of approximately 940 mln
  dlrs.
      O'Reilly told analysts Heinz is in active negotiations to
  build a second plant in China, where it entered a joint venture
  with the government in 1984, forming Heinz-UFE Ltd, which
  produces dry baby food cereal.
      He said Heinz-Japan is ""making a profit and generating its
  first substantial dividends,"" and implementation of a new
  partnership, Seoul-Heinz Ltd, is moving ahead with a new
  manufacturing plant targeted for completion by June in Seoul,
  South Korea.
      To increase its competitiveness, O'Reilly said Heinz
  implemented a ""lowest cost imaginable"" program targeted at
  manufacturing, sales and marketing and procurement.
      He said a modernization program is in effect at the
  company's United Kingdom operations, where the labor force,
  trimmed to 4,000 from 10,000, is expected to be further reduced
  to 2,500 in 1988.
  

"
training/6217	0	acq	"ALLEGHENY BEVERAGE <ABEV> EXPLORES UNIT SALE
  Allegheny Beverage Corp said it
  has been approached by a group interested in acquiring its
  foodservice unit, Service America Corp.
      The group includes senior management of Service America but
  no officers of Allegheny Beverage, the company said.
      The company has agreed to permit the group and its
  potential lenders to perform a due diligence review of Service
  America, it said.
      Allegheny noted it had previously cancelled plans to spin
  off the foodservice subsidiary.
      The company said the group's review is preliminary and
  there is no assurance that an acquisition proposal will be made
  or, if made, accepted.
      Service America had fiscal 1986 revenues of about 934 mln
  dlrs, or about 83 pct of Allegheny Beverage's total revenues of
  1.13 billion dlrs for the year ended March 29, 1986, a
  spokesman for Allegheny Beverage said.
      He declined to identify the Service America officials in
  the acquisition group.
      On Feb 18, 1987, Allegheny said it was cancelling the spin
  off of Service America, but gave no reason for doing so. It
  said it would place major emphasis on managing Service America
  to improve operations and increase earnings at the unit.
      Service America, which Allegheny acquired in May 1985,
  operates cafeterias and food and beverage vending machines.
  Through other subsidiaries, Allegheny provides coin-operated
  laundry services, building maintenance services and retail
  office and furniture operations.
      In fiscal 1986, Allegheny reported earnings from continuing
  operations of 8.2 mln dlrs or 1.09 dlrs a fully diluted share,
  excluding income of 59.7 mln dlrs from discontinued operations
  and an extraordinary loss of 8.1 mln dlrs. In May 1985,
  Allegheny sold its Pepsi-Cola Bottling Co unit to Pepsico Inc
  <PEP> for 160 mln dlrs.
      Including discontinued operations and the special item, net
  income was 59.8 mln dlrs or 6.21 dlrs a share fully diluted.
  

"
training/6218	16	gold	"INSPIRATION <IRC> IN CANADIAN GOLD FIND
  Inspiration Resources Corp said a gold
  project in northern Manitoba in which it has a 44.8 pct
  interest has yielded estimated total reserves of 1,580,000
  short tons grading an average 0.185 ounce of gold per ton.
      The company said <Manitoba Mineral Resources Ltd> owns the
  remaining interest in the project, which is located about 25
  miles east of Lynn Lake.
      Inspiration said the project has proven reserves of 538,000
  tons assayed at 0.212 ounce of gold per ton, probable reserves
  of 686,000 tons at 0.166 ounce and possible reserves of 355,000
  tons at 0.183 ounce.
      Inspiration said a production decision is expected to be
  made in 1988.
  

"
training/6220	12	earn	"MARCOR <MAAR> EXPECTS FISCAL YEAR PROFIT
  MarCor Development Co Inc said
  it expects to post a profit for its fiscal year ended February
  28 of about two mln dlrs, compared to a year earlier loss of
  3.2 mln dlrs.
      During the prior year the company operated as F and M
  Importing, a publicly-held wholesale food distributor.
      During March last year privately-held Marcor acquired a
  controlling interest in F and M Importing, divested the food
  business, renamed the company and began operating as a real
  estate investment and service company.
  

"
training/6222	12	earn	"VALLEY RESOURCES (VR) SETS STOCK SPLIT, UPS PAYOUT
  Valley Resources Inc said its
  board declared a three-for-two stock split and raised the
  quarterly cash dividend on the pre-split shares to 42 cts from
  38 cts.
      The company said both the split and the dividend are
  payable April 15 to holders of record March 31.
  

"
training/6223	0	acq	"CROSS BOOSTS FROST AND SULLIVAN <FRSL> HOLDINGS
  A shareholder group led by New York
  investor Theodore Cross said in a Securities and Exchange
  Commission filing that it boosted its stake in Frost and
  Sullivan Inc common stock to 208,800 shares or 13.7 pct of the
  total outstanding.
      The group said Cross bought 17,000 shares in the open
  market between Feb. 17 and March 10.
      The group had said previously that its Frost and Sullivan
  share purchases were for investment.
  

"
training/6225	0	acq	"PERU TO SELL 40 STATE FIRMS TO CUT BUDGET DEFICIT
  peru will sell about 40 state-owned firms
  to trim a projected 740 mln dlrs loss this year among
  government-owned companies.
      Some companies would be sold in their entirety and others
  would be privatised only partially, according to jose palomino,
  president of the government's state company holding firm, the
  national development council (conade).
       He told reporters in a radio interview that the aim was to
  slim a projected public sector firm deficit of 11 billion
  intis. He did not say if foreigners would be allowed to buy all
  or part of the companies.
      Independent economists warn that the deficit could push
  inflation to between 60 and 100 pct in 1987, against the
  govenment target of 40-50 pct.
      Palomino said aeroperu, the government flagship airline
  with a 10-jet fleet, would issue stock for purchase by private
  investors. The company in 1986 registered its first profit in
  eight years, earning about 44.6 mln intis in pre-tax profits.
      Peru has about 140 non-financial state firms. Palomino said
  the government would soon publish a list of those to be sold,
  including those whose shares would be offered on the lima stock
  exchange.
      Last november, palomino said conade's plans included the
  possible sale of a company producing palm oil and another
  manufacturing electrical appliances. Shares could also be sold
  in a copper mine, empresa nacional tintaya sa, in the southern
  state of  arequipa.
      Neither Palomino nor conade's general manager, enrique
  estremadoyro, were available for comment on whether foreigners
  would be allowed to purchase the companies. Their secretaries
  said they were out of their offices.
      Jose antonio almenara, the general manager of the lima
  stock exchange, where shares of the state-owned firms could be
  sold, told reuters that the only foreigners who could purchase
  stock at the exchange had to be tax-paying residents of peru.
      He said foreign stockholders cannot remit profits abroad
  until at least july 1988.
  

"
training/6227	12	earn	"INTERDYNE CO <IDYN> 1ST QTR FEB 1 LOSS
  Shr loss 28 cts vs loss 80 cts
      Net loss 2,150,000 vs loss 3,722,000
      Sales 1,478,000 vs loss 2,097,000
  

"
training/6231	12	earn	"KILLEARN PROPERTIES INC <KPI> 3RD QTR NET
  Qtr ends Jan 31
      Shr 23 cts vs eight cts
      Net 309,963 vs 110,356
      Revs 2,503,451 vs 1,351,076
      Nine mths
      Shr 62 cts vs 25 cts
      Net 851,776 vs 331,666
      Revs 6,739,351 vs 4,107,713
  

"
training/6232	12	earn	"<GATEWAY MEDICAL SYSTEMS INC> 3RD QTR LOSS
  Period end Jan 31
      Shr loss one cts vs profit eight cts
      Net loss 52,198 vs profit 602,766
      Revs 18.6 mln vs 7,833,424
      Nine mths
      Shr profit 10 cts vs profit six cts
      Net profit 809,243 vs profit 393,372
      Revs 36.3 mln vs 18.7 mln
  

"
training/6233	12	earn	"SPARTECH CORP <SPTN> 1ST QTR JAN 31 NET
  Shr two cts vs three cts
      Net 369,000 vs 347,000
      Revs 21.3 mln vs 14 mln
      NOTE: Per shr reflects payment of preferred dividends.
  

"
training/6234	12	earn	"ACADEMY INSURANCE GROUP INC <ACIG> 4TH QTR NET
  Shr profit two cts vs loss 1.05 dlrs
      Net profit 1,666,000 vs loss 18,306,000
      Revs 29.1 mln vs 28.3 mln
      Avg shrs 69.1 mln vs 17.5 mln
      Year
      Shr loss 21 cts vs loss 2.72 dlrs
      Net loss 7,571,000 vs loss 45,517,000
      Revs 117.4 mln vs 123.3 mln
      Avg shrs 35.4 mln vs 16.7 mln
      NOTE: Results include losses of nil vs 473,000 dlrs, or
  three cts a share, in quarter and 921,000 dlrss, or three cts a
  share, vs 1,137,000 dlrs or seven cts a share, in year from
  discontinued operations
  

"
training/6235	12	earn	"ESSEX CHEMICAL CORP <ESX> REGULAR DIVIDEND
  Qtly div 15 cts vs 15 cts in prior qtr
      Payable May 11
      Record April 10
  

"
training/6240	12	earn	"HRE PROPERTIES <HRE> 1ST QTR ENDS JAN 31 NET
  Shr 38 cts vs 47 cts
      Net 2,253,664 vs 2,806,820
      Revs 5,173,318 vs 5,873,904
      NOTE: 1987 qtr includes 126,117 dlrs, or two cts per share,
  from gains on sale of property, vs gain 29,812, or less than
  one cent per share, for prior qtr.
  

"
training/6242	12	earn	"JAYARK CORP <JAYA> 3RD QTR ENDS JAN 31 LOSS
  Shr nil vs nil
      Net loss 77,879, vs loss 65,501
      Revs 3,895,741 vs 4,872,163
      Nine mths
      Shr profit nine cts vs profit two cts
      Net profit 488,898 vs profit 118,208
      Revs 13.0 mln vs 15.8 mln
  

"
training/6243	12	earn	"<BIO-VASCULAR INC> 1ST QTR JAN 31 LOSS
  Shr loss three cts vs profit two cts
      Net loss 54,791 vs profit 28,866
      Sales 137,9810 vs 338,886
      Avg shrs 1,602,717 vs 1,331,739
  

"
training/6244	12	earn	"GREAT AMERICAN MANAGEMENT <GAMI> 2ND QTR LOSS
  Period ended Jan 31
      Shr loss 89 cts vs loss 82 cts
      Net loss 5,187,000 vs loss 5,362,000
      Revs 128.4 mln vs 50.3 mln
      Six mths
      Shr loss 1.27 dlrs vs loss 1.04 dlrs
      Net loss 7,015,000 vs loss 6,790,000
      Revs 264.7 mln vs 97.3 mln
      NOTE: Full name is Great American Management and Investment
  Inc
  

"
training/6246	0	acq	"NORSTAR <NOR> TO BUY CALLICOON BANK
  Norstar Bancorp said it reached an
  agreement in principle to buy United National Bank of Callicoon
  through a stock exchange valued at 20 mln dlrs.
      Under terms of the agreement, Norstar would buy all 201,660
  shares of United's common stock at a rate of three Norstar
  shares for each United share.
      With year-end assets of 90 mln dlrs, United has branches
  six upstate New York cities, all of which will become part of
  Norstar Bank of the Hudson Valley, N.A.
      Norstar is an 11.1 billion dlr multibank financial services
  company.
  

"
training/6248	12	earn	"ACADEMY INSURANCE GROUP INC <ACIG> 4TH QTR NET
  Oper shr profit one ct vs loss 1.14 dlrs
      Oper net profit 435,000 vs loss 19.9 mln
      Year
      Oper shr loss 28 cts vs loss 2.78 dlrs
      Oper net loss 10 mln vs loss 46.5 mln
      NOTE: Excludes investment gains of one ct per share vs 12
  cts in the quarter, and gains 10 cts per share vs 13 cts in the
  year. Excludes loss from discontinued operations of three cts
  per share in fourth quarter 1985, and loss of 21 cts per share
  vs loss 2.72 dlrs in the year.
  

"
training/6252	12	earn	"MANUFACTURERS HANOVER CORP <MHC> SETS DIVIDEND
  Qtly div 82 cts vs 82 cts prior
      Pay April 25
      Record April one
  

"
training/6254	12	earn	"WILLIAMS INDUSTRIES INC <WMSI> 2ND QTR NET
  Qtr ended Jan 31
      Shr 10 cts vs three cts
      Net 194,842 vs 54,200
      Revs 22.2 mln vs 11.2 mln
      Six mths
      Shr 50 cts vs 28 cts
      Net 965,924 vs 502,008
      Revs 43.8 mln vs 21.6 mln
      Note: Current six mths revs include 16.8 mln dlrs in revs
  from John F. Beasley Construction Co, a wholly owned unit.
  

"
training/6257	12	earn	"<HANOVER COS INC> 3RD QTR JAN 31 LOSS
  Oper shr loss 26 cts vs profit 22 cts
      Oper net loss 672,879 vs profit 596,760
      Revs 2,188,678 vs 2,364,280
      Nine mths
      Oper shr loss 1.60 dlrs vs profit 92 cts
      Oper net loss 4,278,055 vs profit 2,472,532
      Revs 5,896,322 vs 7,497,782
      Note: Oper net excludes tax gains of 596,000 dlrs for
  year-ago qtr and 2,173,000 dlrs for year-ago nine mths.
  

"
training/6264	10	crude	"SENATOR SAYS ENERGY REPORT ASSUMPTIONS FLAWED
  Sen. Pete Domenici, a main sponsor
  of legislation to set an oil import fee, said the
  administration's energy security report was based on flawed
  economic assumptions.
      The New Mexico Republican said the report did not take into
  account the last few weeks' drop in domestic oil production in
  its statement that an oil fee would raise prices for consumers.
  The report said a decline in economic growth as a result of the
  fee would reduce tax revenues. ""A five dlr (per barrel) oil
  import fee will provide the stimulus to create jobs and
  investment, "" and raise revenues, he said.
  

"
training/6267	17	grain	"USDA OFFICIAL SEES 7-8 BILLION DLRS CERTIFICATES
  There will be seven to eight billion
  dlrs of generic certificates on the market by the end of
  harvest, an Agriculture Department official said.
      The Commodity Credit Corp will ""depend heavily"" on
  certificates to relieve storage problems this year, Ralph
  Klopfenstein, Deputy Administrator for Commodity Operations,
  USDA, told participants at the National Grain and Feed
  Association's annual convention.
      Klopfenstein said that CCC will not be able to relocate
  grain in any significant amount this fall, so certificates will
  be used in various programs to relieve storage tightness.
      Klopfenstein said certificates meet the goal of allowing
  prices to go below loan levels and providing USDA with an
  inventory management tool.
  

"
training/6271	12	earn	"HOWELL CORP <HWL> 4TH QTR LOSS
  Shr profit six cts vs profit 17 cts
      Net profit 269,000 vs profit 833,000
      Revs 28.0 mln vs 30.8 mln
      Nine mths
      Shr loss 4.16 dlrs vs profit 74 cts
      Net loss 20.0 mln vs profit 3,543,000
      Revs 93.1 mln vs 117.7 mln
      Note: Current qtr net includes writedown of 20.4 mln dlrs
  of net investment in company's oil and gas properties.
      Year-ago results restated to reflect reclassification of
  coal mining and marketing segment as ongoing operation rather
  than discontinued operation.
  

"
training/6273	12	earn	"SIGMAFORM CORP <SGMA> 3RD QTR JAN 31 NET
  Shr one ct vs five cts
      Net 42,469 vs 226,791
      Sales 7,963,620 vs 6,886,414
      Nine mths
      Shr 12 cts vs 22 cts
      Net 490,927 vs 949,650
      Sales 24.0 mln vs 18.7 mln
  

"
training/6274	12	earn	"MARCUS CORP <MRCS> 3RD QTR FEB FIVE NET
  Shr 14 cts vs 15 cts
      Net 733,000 vs 788,000
      Revs 31.9 mln vs 28.9 mln
      Nine Mths
      Shr 1.08 dlrs vs 1.20 dlrs
      Net 5,560,000 vs 6,162,000
      Revs 104.5 mln vs 97.2 mln
      NOTE: 1987 net includes tax credits of 25,000 dlrs in the
  third quarter and 100,000 dlrs in the nine months compared with
  370,000 dlrs and 910,000 dlrs in the 1986 periods.
  

"
training/6275	12	earn	"FIRSTCORP INC <FCR> RAISES QTLY DIVIDENDS
  Qtly div class A nine cts vs 7.5 cts prior
      Qtly div class B nine cts vs 7.5 cts prior
      Pay April 30
      Record March 31
  

"
training/6276	0	acq	"HEALTHVEST <HVT> BUYS TENNESSEE MEDICAL COMPLEX
  Healthvest said it acquired the
  Eastwood Hospital medical complex in Memphis from Healthcare
  International Inc for 50 mln dlrs cash.
      Healthcare International will continue to operate the
  hospital under a lease agreement, the company said.
  

"
training/6277	0	acq	"VENTRA BUYS JOINT VENTURE LEASING
  Ventra Management Inc, an over the
  counter company, said it acquired Joint Venture Leasing Inc for
  60 mln Venture shares, valued at 3.6 mln dlrs.
      Joint Venture was organized in September 1986 to establish
  leasing joint ventures with manufacturers and vendors of
  computer equipment.
      As a result of the acquisition and Joint Venture's backlog,
  Ventra said it expects 1987 sales to be 30 mln dlrs with net
  profits of 1.5 mln dlrs.
      Ventra was organized in September 1986 and completed a
  public offering of 30 mln shares in January 1987.
  

"
training/6278	0	acq	"OXFORD FINANCIAL BUYS CLANCY SYSTEMS
  <Oxford Financial Inc> said it acquired
  <Clancy Systems International Inc> for an undisclosed sum.
      The company said Clancy has developed a fully automated
  parking citation system, currently in use in Oklahoma City, the
  University of California at Sacramento, and in a pilot program
  in San Francisco.
  

"
training/6279	12	earn	"REALTY SOUTH INVESTORS INC <RSI> YEAR NET
  Shr 1.03 dlrs vs 82 cts
      Net 1,982,296 vs 1,359,273
      Revs 2,403,481 vs 1,494,304
      Investments 22.4 mln vs 11.5 mln
      NOTE: Shr figures adjusted for 3-for-2 split Feb 23, 1987.
  1985 results reflect operations for eight months ended Dec 31,
  1985. Company began operating May 1985.
  

"
training/6280	12	earn	"TURNER EQUITY INVESTORS INC <TEQ> PAYOUT
  Qtly cash distribution 20 cts vs 20 cts prior
      Pay April eight
      Record March 27
  

"
training/6282	0	acq	"GRACE <GRA> COMPLETES RETAIL UNIT SALE
  W.R. Grace and Co said it completed
  the sale of its Bermans The Leather Experts retail business to
  a new company in a management led buyout.
      Grace received 99.3 mln dlrs cash and will record a pretax
  gain of about 37 mln dlrs in the first quarter, the company
  said. An additional pretax gain of 19 mln dlrs will be deferred
  until realization is more fully assured, it said.
      The diversified chemical and industrial company said the
  sale completes its program to divest retail operations.
      In addition to the cash payment, Grace received warrants to
  buy up to 47.5 pct of the new company and has reinvested about
  19 pct of the proceeds in debt of the new firm.
      Financing was provided by Prudential Insurance Co of
  America and affiliates.
  

"
training/6283	12	earn	"WAUSAU PAPER MILLS CO <WSAU> 2ND QTR NET
  Period ended Feb 28
      Shr 61 cts vs 56 cts
      Net 2,764,000 vs 2,540,000
      Sales 60.4 mln vs 55.8 mln
      Six mths
      Shr 1.27 dlrs vs 1.15 dlrs
      Net 5,741,000 vs 5,269,000
      Sales 122.8 mln vs 109.9 mln
      NOTE: Per-share data restated for 10 pct stock dividends
  paid to holders of record Dec 26, 1986 and Dec 26, 1985
  

"
training/6287	12	earn	"TAUNTON SAVINGS BANK <TSBK> SETS FIRST DIVIDEND
  Taunton Savings Bank said its
  board declared an initial cash dividend of six cts per share.
      Taunton, which went public last June, said the rate was
  based on 3,220,000 outstanding shares.
      It said the dividend was payable April 15 to shareholders
  of record March 31.
      The company said it did not know if it would pay regular
  dividends in the future.
  

"
training/6288	12	earn	"FIBRONICS INTERNATIONAL INC <FBRX> 4TH QTR LOSS
  Shr loss 14 cts vs loss one ct
      Net loss 836,327 vs loss 34,926
      Revs 8,939,390 vs 8,136,160
      Year
      Shr loss 34 cts vs loss nil
      Net loss 2,008,103 vs loss 14,078
      Revs 30.1 mln vs 28.0 mln
      Note: Year-ago results restated to reflect acquisition of
  Spartacus Inc in Febaruary 1986.
  

"
training/6293	12	earn	"TELEPHONE AND DATA SYSTEMS INC <TDS> YEAR NET
  Oper shr 94 cts vs 93 cts
      Oper net 8,889,000 vs 8,570,000
      Revs 155.0 mln vs 123.4 mln
      Avg shrs 9,450,000 vs 9,174,000
      NOTE: Net excludes discontinued operations a gain of
  4,679,000 dlrs, or 50 cts a share vs a loss of 720,000 dlrs, or
  seven cts a share. 1986 net includes charge of 865,000 dlrs
  from repeal of investment tax credits
      Company corrects 1985 year per-share operating net in table
  which originally ran march 10
  

"
training/6294	10	crude	"API SAYS DISTILLATE STOCKS OFF 7.35 MLN BBLS, GASOLINE OFF 2.89 MLN, CRUDE OFF 4.39 MLN 

  API SAYS DISTILLATE STOCKS OFF 7.35 MLN BBLS, GASOLINE OFF 2.89 MLN, CRUDE OFF 4.39 MLN 
  

"
training/6295	12	earn	"CPC INTERNATIONAL INC <CPC> QTLY DIV
  Shr 31 cts vs 31 cts prior
      Payable April 24
      Record March 31
  

"
training/6297	12	earn	"PUBLIC SERVICE ENTERPRISE <PEG> TWO MONTHS NET
  Period ends February 28
      Shr 89 cts vs 87 cts
      Net 119.5 mln vs 114.6 mln
      Revs 872.3 mln vs 917.4 mln
      Year
      Shr 2.87 dlrs vs 3.32 dlrs
      Net 383.4 mln vs 413.6 mln
      Revs 4.45 billion vs 4.45 billion
      NOTE: Full name Public Service Enterprise Group Inc.
  

"
training/6298	12	earn	"DAMON CREATIONS INC <DNI> 4TH QTR JAN THREE NET
  Shr profit 49 cts vs loss 41 cts
      Net profit 543,000 vs loss 457,000
      Revs 10.4 mln vs 14.2 mln
      Year
      Shr loss 71 cts vs loss 2.11 dlrs
      Net loss 781,000 vs loss 2,325,000
      Revs 38.9 mln vs 44.9 mln
  

"
training/6299	12	earn	"GATES LEARJET CORP <GLJ> 4TH QTR LOSS
  Shr loss 12 cts vs loss 99 cts
      Net loss 1,476,000 vs loss 11,965,000
      Sales 83.4 mln vs 110.9 mln
      Year
      Shr loss 1.79 dlrs vs loss 1.90 dlrs
      Net loss 21,720,000 vs loss 22,969,000
      Sales 259.0 mln vs 317.3 mln
  

"
training/6301	10	crude	"API SAYS DISTILLATE, GAS STOCKS OFF IN WEEK
  Distillate fuel stocks held in
  primary storage fell by 7.35 mln barrels in the week ended
  March 13 to 112.74 mln barrels from a revised 120.09 mln the
  previous week, the American Petroleum Institute (API) said.
      In its weekly statistical bulletin, the oil industry trade
  group said gasoline stocks fell 2.89 mln barrels to 248.44 mln
  barrels from a revised 251.33 mln, and crude oil stocks dropped
  4.39 mln barrels to 325.13 mln from a revised 329.52 mln.
      It said residual fuel stocks fell 250,000 barrels to 35.73
  mln from 35.98 mln barrels.
      API said refinery runs in the week rose to 11.80 mln
  barrels per day (bpd) from a revised 11.70 mln and refinery use
  of operating capacity was 75.7 pct, up from a revised 75.0 pct.
      Crude oil imports in the week rose to 3.66 mln bpd from a
  revised 2.67 mln, API added.
  

"
training/6305	12	earn	"CPC INTERNATIONAL INC <CPC> REGULAR DIVIDEND
  Qtly div 31 cts vs 31 cts prior
      Pay April 24
      Record March 31
  

"
training/6306	12	earn	"<CIMARRON PETROLEUM LTD> NINE MTHS NET
  Shr 48 cts vs 64 cts
      Net 1,959,404 vs 2,621,778
      Revs 5,132,626 vs 8,167,401
  

"
training/6309	12	earn	"ELECTRO AUDIO DYNAMICS INC <EAD> 2ND QTR JAN 31
  Shr profit 14 cts vs loss 55 cts
      Net profit 864,000 vs loss 2.1 mln
      Revs 24.2 mln vs 1.5 mln
      Six months
      Shr profit seven cts vs loss 74 cts
      Net profit 434,000 vs loss 2.7 mln
      Revs 42.5 mln vs 2.9 mln
      NOTE:1986 2nd qtr and six months includes loss of 600,000
  dlrs and 285,000 dlrs respectively from discontinued operations
  and exclude operations of Action DRug Co Inc acquired by
  company's 81 pct owned subsidiary, Technodyne, in August 1986.
      1987 net includes gain of 2.0 mln dlrs from sale of
  building and extraordinary gain of 411,000 dlrs from tax loss
  carryforward.
      Share earnings for both periods reflect preferred stock
  dividends.
  

"
training/6310	12	earn	"TECHNODYNE INC <TND> 2ND QTR NET
  Shr profit 14 cts vs loss 17 cts
      Net profit 686,000 vs loss 831,000
      Revs 24.2 mln vs 1.5 mln
      Six mths
      Shr profit 22 cts vs loss 17 cts
      Net profit 1,062,000 vs loss 812,000
      Revs 42.5 mln vs 2.9 mln
      NOTE: Quarter ends January 31.
      1986 excludes extraordinary gain of six cts per share in
  the quarter and 10 cts in the six months. 1985 excludes
  discontinued operations loss of six cts a share in the quarter
  and loss of two cts in the six months.
      Company is 81.5 pct owned by Electro Audio Dynamics <EAD>.
  

"
training/6311	12	earn	"<SCEPTRE INVESTMENT COUNSEL LTD> 1ST QTR NET
  Period ended January 31
      Shr 22 cts vs 16 cts
      Net 518,564 vs 374,198
      Revs 2,090,724 vs 1,614,079
  

"
training/6312	12	earn	"D/P SELECTED UTILITIES <DNP> HIKES PAYOUTS
  Duff and Phelps Selected Utilities Inc
  said it approved payment of higher monthly dividends.
      The closed end-investment company approved payment of 4.5
  cts on April 10, record March 31; of five cts, payable May 11,
  record April 30; and of 5.5 cts, payable June 10, record May
  29.
      Duff and Phelps first monthly dividend of four cts was paid
  on March 10, it noted.
  

"
training/6313	12	earn	"AMERICAN ELECTROMEDICS CORP <AECO> 2ND QTR LOSS
  Qtr ends Jan 31
      Shr loss three cts vs loss six cts
      Net loss 93,000 vs loss 191,000
      Revs 338,000 vs 554,000
      Six mths
      Shr loss four cts vs loss seven cts
      Net loss 108,000 vs loss 219,000
      Revs 854,000 vs 1,283,000
      NOTE: Company is 80 pct owned by Technodyne Inc <TND>, a
  subsidiary of Electro Audio Dynamics Inc <EAD>.
  

"
training/6315	0	acq	"LENNAR <LEN> COMPLETES ACQUISITION
  Lennar Corp said it completed the
  previously announced acquisition of Development Corp of America
  <DCA>.
      Consequently, it said the American Stock Exchange suspended
  trading of Development Corp's common stock, 10 pct subordinated
  debentures due 1993 and 12 pct subordinated debentures due
  1994.
      Lennar said the debentures will continue to be traded
  over-the-counter.
  

"
training/6317	3	carcass	"IBP (OXY) PLANT REOPENS WITHOUT INCIDENT
  Iowa Beef Processors Inc said
  ""hundreds"" of its employees returned to work at its Dakota
  City, Nebraska beef processing plant without incident.
      Last week, Iowa Beef said it would lift a lockout in effect
  at the plant since mid-December, which affected 2,800 members
  of the United Food and Commercial Workers Union.
      Both union and non-union meatpackers who returned to work,
  agreed to comply with Iowa Beef's last contract offer.
      ""Start-up went well today and operations will continue to
  pick up as employees return and others are hired,"" according to
  a company statement. Picketing UFCWU members at the plant did
  not disrupt operations, a company spokesman said.
      ""Our employees are asked to continue to return to work at
  8AM unless otherwise notified,"" he said.
      Iowa Beef, a subsidiary of Occidental Petroleum Corp, said
  it is beginning to take applications for permanent positions at
  the plant.
  

"
training/6323	12	earn	"PHP HEALTHCARE CORP <PHPH> 3RD QTR JAN 31 NET
  Shr 10 cts vs 10 cts
      Net 358,941 vs 299,838
      Revs 8,645,289 vs 4,532,175
      Avg shrs 3,446,752 vs 2,921,173
      Nine mths
      Shr 23 cts vs 12 cts
      Net 705,799 vs 491,076
      Revs 21.5 mln vs 11.0 mln
      Avg shrs 3,093,491 vs 4,068,000
      Note: Net includes tax credits of 164,000 dlrs vs 123,634
  dlrs for qtr and 311,000 dlrs vs 207,719 dlrs for nine mths.
  

"
training/6324	12	earn	"BANKERS TRUST NEW YORK CORP <BT> QTLY DIVIDEND
  Qtly div 41.5 cts vs 41.5 cts prior
      Pay April 28
      Record March 31
  

"
training/6325	12	earn	"HALLWOOD GROUP INC <HWG> 2ND QTR JAN 31 LOSS
  Shr loss nine cts vs profit 23 cts
      Net loss 418,000 vs profit 1,037,000
      Revs 2,872,000 vs 4,700,000
      Six mths
      Shr profit nine cts vs profit 52 cts
      Net profit 418,000 vs profit 2,365,000
      Revs 6,853,000 vs 9,379,000
      NOTE: Includes tax loss carryforward gains of 164,000 dlrs
  vs 551,000 dlrs in quarter, and gains of 365,000 dlrs vs
  1,016,000 dlrs in the six months.
  

"
training/6331	0	acq	"PAPERBOARD PLANS BID TO ACQUIRE BELKIN
  <Paperboard Industries Corp> said it
  planned to make an unconditional 21 dlr a share cash offer for
  <Belkin Inc>'s 7.6 mln common and 2.3 mln non-voting shares.
      Paperboard said Balaclava Enterprises Ltd, owned by Morris
  Belkin, agreed to tender 98.2 pct of Belkin's common shares.
  It added that in case of a competing offer of more than 23
  dlrs, it had the right to match it. If it did not match the
  offer, Balaclava could accept the competing bid.
      The two companies manufacture linerboard and boxboard from
  recycled fibre. Their combined revenues are about 500 mln dlrs.
  

"
training/6333	12	earn	"CATHAY PACIFIC AIRWAYS 1986 NET PROFIT 1.23 BILLION H.K. DLRS VS 777.5 MLN

  CATHAY PACIFIC AIRWAYS 1986 NET PROFIT 1.23 BILLION H.K. DLRS VS 777.5 MLN
  

"
training/6335	12	earn	"CATHAY PACIFIC AIRWAYS LTD <CAPH.HK> YEAR 1986
  Shr 46.5 H.K. Cents vs 29.3
      Final div 14 cents, making 20 cents (no comparison)
      Net 1.23 billion dlrs vs 777.5 mln
      Turnover 9.06 billion dlrs vs 7.52 billion
      Note - Dividend payable May 29, books close May 11 to 22.
      Note - Company floated in April 1986 and is now 50.23 pct
  owned by Swire Pacific Ltd <SWPC.HK>, 16.43 pct by Hongkong and
  Shanghai Banking Corp <HKBH.HK> and 12.5 pct by <China
  International Trust and Investment Corp>.
  

"
training/6337	0	acq	"PAPER SAYS U.S. MAY SEEK TO CURB FOREIGN TAKEOVERS
  The Reagan administration will
  consider curbing foreign takeovers of security-sensitive
  industries such as semiconductors and computers, the New York
  Times said, quoting an unnamed senior administration official.
      ""I think there's a strong sentiment here that some
  industries are not totally up for grabs,"" the paper quoted the
  official as saying.
      ""Two of the most visible (industries) are semiconductor and
  computer companies,"" said the official, who the newspaper said
  was a central figure in the opposition to Japan's Fujitsu Ltd
  <ITSU.T> takeover bid for <Fairchild Semiconductor Corp>.
      The Fairchild-Fujitsu deal was abandoned on Monday, and
  industry analysts said the move was a victory for the Reagan
  administration in its drive to beat back Japanese competition
  in the important computer chip manufacturing industry.
      Officials told Reuters last week that Commerce Secretary
  Malcolm Baldrige and Defence Secretary Caspar Weinberger fought
  the planned sale of Fairchild by French-controlled Schlumberger
  Ltd <SLB> to Japan's largest computer maker because it could
  have left the U.S. Military dependent on foreign sources for
  vital technology.
      The New York Times quoted Baldrige as saying the time had
  come to limit takeovers in security-sensitive areas.
      ""Everybody wants an open investment policy, but there have
  to be some exceptions for the national interest,"" Baldrige was
  quoted as saying.
      The newspaper said Baldrige and Weinberger are expected to
  bring the takeover issue before a top-level interagency
  policymaking group, such as Treasury Secretary James Baker's
  Economic Policy Council or the president's National Security
  Council.
  

"
training/6340	0	acq	"PHILIPPINES SOCIAL SECURITY TO BUY SAN MIGUEL SHRS
  The Philippines' Social Security System
  (SSS) is planning to buy eight mln shares in diversified brewer
  <San Miguel Corp> (SMC), SMC chief financial officer Ramon del
  Rosario said.
      He told reporters the government organisation had expressed
  interest in one seat on SMC's 15-man board and was preparing to
  invest 800 mln pesos, assuming a purchase price of 100 pesos a
  share.
      The shares involved in the proposal were part of the block
  of 38 mln shares owned by the United Coconut Planters Bank
  (UCPB) and sequestered by the government.
      The block is split between class A and class B stock.
      SMC also proposed to sell a further five mln shares to A.N.
  Soriano Corp, the family company of San Miguel president Andres
  Soriano, del Rosario said.
      The shares are worth some 500 mln pesos at recent prices.
      Del Rosario said the 14 mln B shares in the block which are
  open to foreign ownership would probably be sold to
  unidentified foreign purchasers.
      He said SMC and UCPB would meet later this week to try to
  resolve disputes over the pricing of the shares.
      President Corazon Aquino earlier this month established an
  arbitration panel to settle a row over the disposal of the
  shares.
      Their initial sale to Soriano through SMC Hong Kong unit
  Neptunia Corp was blocked by the Presidential Commission on
  Good Government.
      The commission sequestered the stock on suspicion that the
  real owner of the block was Eduardo Cojuanco, the former
  chairman of San Miguel and the UCPB and a close associate of
  deposed former president Ferdinand Marcos.
  

"
training/6341	12	earn	"<SUN HUNG KAI CO LTD> YEAR 1986
  Shr 21.6 H.K. Cents vs 12
      Final div six cents vs three, making nine cents vs 5.5
      Net 121 mln dlrs vs 67.42 mln
      Note - Extraordinary gains 72 mln dlrs vs 2.7 mln. Special
  bonus four cents vs nil. Dividend payable May 25, books close
  April 28 to May 6.
  

"
training/6346	0	acq	"ECONOMIC SPOTLIGHT - JAPAN BUYING OVERSEAS FIRMS
  More U.S. And European firms will be
  falling prey to Japanese corporations bulging with cash and
  eager to extend their reach further overseas, according to
  merger and acquisitions specialists polled by Reuters.
      Already, rich Japanese companies have pounced on U.S.
  Banks, steel and other businesses.
      In the latest attempt, Fujitsu Ltd <ITSU.T> -- Japan's
  biggest computer maker -- unsuccessfully bid for <Fairchild
  Semiconductor Corp>, a U.S. Microchip maker which supplies
  components for supercomputers.
      Nomura Securities Co Ltd <NMSC.T> and Daiwa Securities Co
  Ltd <DSEC.T>, Japan's two largest brokerage firms, are seeking
  a niche in the U.S. And European securities markets, while the
  country's huge banks are looking for strongholds in overseas
  banking, the takeover specialists said.
      Major trading houses, which see their profits evaporating
  in the heat of increased competition in merchandise trade, all
  have foreign businesses on their shopping lists.
      Among manufacturers, car parts makers are under the most
  pressure to buy up overseas companies and follow the big auto
  makers they subcontract for as these move offshore.
      ""The timing is favourable for Japanese parties to buy up
  potential overseas businesses, especially in the U.S. --
  Japan's largest market and where political risks are minimal,"" a
  takeover specialist at one trading company said.
      Japanese companies have become among the world's richest
  after a series of boom export years and as the yen has climbed
  against the dollar by some 40 pct in the past 18 months.
      But the yen's strength, which has also raised the costs of
  Japan's exports and allowed its Asian neighbours to move into
  its traditional markets, has frozen Japanese corporate growth,
  the specialists said.
      Looming trade friction is also threatening to erect more
  barriers against Japanese exports.
      Japanese firms see overseas acquisitions as a way to avoid
  the gloomy growth outlook and put their excess cash to work.
  Domestic interest rates, now at record lows, offer little
  investment opportunity.
      ""Japanese interest in acquisitions has been continuous, but
  the recent economic factors have become a driving force,"" said a
  banking industry source.
      So far, though, the Japanese are being cautious.
      While mergers and acquisitions among U.S. Firms number in
  the thousands, Japanese buyouts of overseas companies have
  totalled just a few dozen, one merchant banker said.
      Another merchant banker said that a flurry of Japanese
  acquisition activity was originally expected five years from
  now, but that time span appeared now to be too long.
      Japanese firms are becoming more aggressive now, he said.
      A turning point seemed to be Dainippon Ink and Chemicals
  Inc's <DIAC.T> takeover bid for <Sun Chemical Corp> of the U.S.
  Last year, which some analysts saw as somewhat hostile, he
  added.
      Dainippon Ink bought Sun Chemical's graphic arts group for
  550 mln dlrs late last year, after an earlier unsolicited bid
  for the whole company. Sun Chemical refused to sell its entire
  business after learning that Dainippon planned to liquidate all
  but its graphic arts-related businesses.
      Hostile takeovers are considered unethical and frowned upon
  by the Japanese, the trading company official says. ""Japanese
  people don't like fighting. They prefer peaceful amicable
  deals."" But now after some experience overseas, Japanese
  companies are acquainted with local practice, he adds. ""This is
  a healthy progression.""
      However, the experts do not expect the Japanese to run the
  board meetings of any giant U.S. Or European concerns.
      ""Japanese companies are not fully confident in managing a
  large U.S. Or European corporation,"" one banker said. ""They will
  expand their operations only gradually, a typical way for
  Japanese business.""
      A foreign merchant banker also noted, ""There are not many
  mega-deals left to do in the United States. A lot of the big
  deals there have already been done.""
      But medium-size and small concerns are potential targets of
  Japanese companies, the specialists said.
      Japanese will be aiming for new businesses in
  high-technology areas. ""Japanese companies had used technology
  and quality to get where they are and are unlikely to deviate
  from that trend,"" one takeover specialist said.
      Many are watching the results of the first acquisitions. If
  these succeed, activity could build, the specialists said.
      But few such specialists are going to sit back and wait
  until the action begins. Already, they said, Japanese trading
  houses, long-term credit and commercial banks, brokerages and
  foreign merchant banks have set up research sections to act as
  go-betweens in deals or find good buys for themselves.
  

"
training/6347	12	earn	"United Biscuits pretax profit 125.2 mln stg vs 102.2 mln in 53 wks to Jan 3

  United Biscuits pretax profit 125.2 mln stg vs 102.2 mln in 53 wks to Jan 3
  

"
training/6348	10	crude	"KUWAIT SAYS NO OPEC MEMBER VIOLATING OUTPUT QUOTA
  Kuwaiti Oil Minister Sheikh Ali
  al-Khalifa al-Sabah said in a newspaper interview that no OPEC
  member was exceeding oil production quotas allocated by the
  13-nation group.
      Sheikh Ali told Kuwait's daily al-Anba ""All OPEC states,
  without exception, are producing within the quotas allocated to
  them. Some of them are producing less.""
      Some oil industry sources had said the United Arab
  Emirates, which had been generally been producing over its
  quota since OPEC returned to quotas last September, was still
  pumping more than its allotted amount in the first months of
  this year.
      Ecuador had also publicly stated it was over its quota, but
  an earthquake early this month stopped that. Iraq has rejected
  its quota, but oil sources say it may be having problems
  marketing at official prices all the oil it wants to sell.
      OPEC agreed in December to cut overall oil production by
  7.25 pct to 15.8 mln barrels per day (bpd) for the first six
  months of this year and abide by fixed prices around 18 dlrs a
  barrel from February 1.
  

"
training/6349	12	earn	"UNITED BISCUITS <UBIS.L> 53 WEEKS TO JANUARY 3
  Shr 20.3p vs 19.1p
      Div 6.0p vs 5.15p making 9.5p vs 8.0p
      Turnover 1.93 billion stg vs 1.91 billion
      Pretax profit 125.2 mln vs 102.2 mln
      Tax 42.5 mln vs 31.1 mln
      Trading profit 138.0 mln vs 122.7 mln
      Trading profit includes -
      UB Foods Europe 88.7 mln vs 78.4 mln
      UB Restaurants 10.3 mln vs same
      UB Foods U.S. 43.8 mln vs 39.1 mln
      Other 3.9 mln vs 3.5 mln
      Unallocated costs 8.7 mln vs 8.6 mln
      Interest 12.8 mln vs 20.5 mln
      Note - full name of company is United Biscuits (Holdings)
  Plc
      Minority interests 0.1 mln vs same
      Extraordinary charges 6.8 mln vs 14.3 mln
      Extraordinary charges and credits include -
      Surplus on bid for Imperial Group Plc 4.9 mln vs nil
      Costs of Philadelphia bakery closure nil vs 19.6 mln
  

"
training/6350	22	interest	"LAWSON EXPECTS INTEREST RATE FALL SOON
  U.K. Chancellor of the Exchequer Nigel
  Lawson said he expected British interest rates to fall soon in
  response to his fiscal 1987/88 budget, but he did not say by
  how much.
      ""I would be very surprised if there is not a very early
  further fall in interest rates,"" Lawson said in a radio
  interview.
      Analysts said they foresaw U.K. Base rates falling as early
  as today by as much as one full percentage point after Lawson's
  announcement yesterday that the public sector borrowing
  requirement in fiscal 1987/88 and 1988/89 was to fall to 1.0
  pct of GDP, or some four billion stg.
      British banks' base lending rates fell a half percentage
  point on March 9 to the current 10.5 pct.
  

"
training/6352	22	interest	"THAI BANKS WEIGH NEW INTEREST RATE CUT
  Officials of five Thai commercial banks
  are expected to meet tomorrow to seek agreement on cutting
  interest rates, banking sources said.
      They said they expect Thai banks to opt for a cut to spur
  domestic loan demand to help reduce persistent high liquidity
  on the money market.
      Many bankers have been urging an average half percentage
  point cut in deposit rates and a one point cut in lending
  rates, they said.
      Six major Thai major banks reduced minimum loan and
  overdraft rates by 0.50 to 0.75 percentage point on February 16
  but the move has not substantially increased loan demand, the
  sources said.
      Excess liquidity has been hitting bank profits since early
  last year despite five interest rate cuts in 1986. The current
  gross 7.25 pct interest rate for one-year fixed bank deposit
  and the 11.5 pct minimum loan rate are the lowest in a decade.
      Bankers said the Thai banking system is saddled with about
  40 to 50 billion baht of surplus funds which have created
  problems for many banks in managing their money effectively.
      Profits of many Thai banks fell sharply last year partly
  because of a mismatch of loan demand and bank deposit growth.
  The Bank of Thailand estimated overall lending by the Thai
  banking system grew 3.8 pct in 1986 against a 12 pct expansion
  in bank deposits.
      Reports of a possible new round of interest rate cuts have
  further buoyed the Thai stock market this week.
      The Securities Exchange of Thailand (SET) Index on Monday
  recorded its biggest daily advance in recent years, shooting up
  4.57 points to a new seven-year high of 223.02.
      Brokers and market analysts said Thai stocks will register
  more gains as long as liquidity remains in the money market.
      Thai and foreign bankers said the liquidity problem will
  grow if the Bank of Thailand does not extend permission for
  local banks to hold foreign exchange positions up to 40 pct of
  bank capital.
      If the regulation is not extended beyond its April 3 expiry
  date, many commercial banks will have to reduce foreign
  exchange holdings to a maximum 20 pct.
      Bankers said such that could add another five billion baht
  of surplus funds to the local money market.
  

"
training/6353	12	earn	"CATHAY PACIFIC FORECASTS GOOD 1987 PERFORMANCE
  Cathay Pacific Airways Ltd <CAPH.HK>
  forecast another good year in 1987 in view of good growth in
  both passenger and cargo traffic volumes early this year over
  the year-earlier period.
      The airline did not quantify its performance in early 1987
  but said it would take delivery of one Boeing Co <BA.N> 747
  freighter and one Boeing 747-300 passenger plane in September
  and November respectively after it took a 747-300 last month.
      It earlier reported a 58.7 pct increase in 1986 net profit
  to 1.23 billion H.K. Dlrs and announced a final dividend of 14
  cents a share.
      But Cathay Pacific recorded sharp increases in net finance
  charges to 124.9 mln dlrs from 44.4 mln a year.
      A spokesman for the firm linked the rise to two aircraft
  deliveries in 1986.
      However, the company said in a statement good returns from
  funds placed with investment managers had partly offset higher
  interest costs resulting from additional lease financing and
  other borrowing.
      It added that the airline last year also saw aviation fuel
  prices fall to an average 4.59 dlrs a gallon from 6.76 dlrs in
  1985.
      Passengers carried by Cathay Pacific totalled 4.2 mln last
  year, up from 3.85 in 1985, with the passengers kilometre
  travelled rising to 14.02 billion from 12.56 billion. But
  passenger load factor was down to 69.1 pct from 71.0 pct.
      The airline's cargo operations recorded growth of 21 pct in
  total tonnage over the previous year and a 35.9 pct rise in
  revenue to 1.79 billion dlrs.
      Cathay Pacific floated its shares in April, 1986 and is now
  50.23 pct owned by Swire Pacific Ltd <SWPC.HK>, 16.43 pct by
  Hongkong and Shanghai Banking Corp <HKBH.HK> and 12.5 pct by
  <China International Trust and Investment Corp>.
  

"
training/6355	12	earn	"Morgan Grenfell 1986 pretax profit 82.19 mln stg vs 68.82 mln

  Morgan Grenfell 1986 pretax profit 82.19 mln stg vs 68.82 mln
  

"
training/6356	12	earn	"<MORGAN GRENFELL GROUP PLC> 1986 YEAR
  Shr basic 39.2p vs 36.0p
      Shr fully diluted 37.2p vs 34.3p
      Div 7.0p making 10.5p vs 8.5p
      Pretax profit 82.19 mln stg vs 68.82 mln
      Tax 27.25 mln vs 27.42 mln
      Minority interest 986,000 debit vs 124,000 credit
      Extraordinary items 411,000 credit vs 219,000 debit
  

"
training/6358	12	earn	"HENDERSON LAND DEVELOPMENT CO LTD <HNDH.HK>
  Six months to Dec 31.
      Shr 16 H.K. Cents vs 11
      Interim div seven cents vs five
      Net 211.03 mln dlrs vs 138.69 mln
      Turnover 583.83 mln dlrs vs 441.04 mln
      Note - Dividend payable May 4, books close April 21 to 27.
  

"
training/6361	0	acq	"SINGAPORE GOVERNMENT TAKES OVER GOODWOOD SHARES
  The Singapore government has taken
  over 82 mln dlrs worth of Goodwood Park Hotel Ltd shares and
  loan stock certificates belonging to the company's chairman,
  Khoo Teck Puat, banking sources said.
      Khoo is a major shareholder of the <National Bank of Brunei
  Bhd> (NBB), which closed in November after the Brunei
  authorities alleged 90 pct of its loans of 1.3 billion Brunei
  dlrs had been extended to Khoo-related firms without
  documentation or guarantee.
      The Goodwood securities are now held by the Commercial
  Affairs Investigation Department, the banking sources said. The
  department declined to comment.
      The government move is aimed at protecting Goodwood's
  minority shareholders and securing Goodwood deposits at the
  NBB, the banking sources said.
      Goodwood had a total of 87.3 mln dlrs in fixed deposits,
  bank balances and accrued interest due from NBB as of last
  November, according to Goodwood's annual report.
  

"
training/6362	22	interest	"BANK OF ENGLAND SIGNALS HALF POINT CUT IN SHORT TERM RATES - DEALERS

  BANK OF ENGLAND SIGNALS HALF POINT CUT IN SHORT TERM RATES - DEALERS
  

"
training/6364	22	interest	"BANK OF ENGLAND SAID IT INVITED BORROWINGS AT 10 PCT LATER TODAY

  BANK OF ENGLAND SAID IT INVITED BORROWINGS AT 10 PCT LATER TODAY
  

"
training/6365	22	interest	"BARCLAYS BANK SAID ITS CUTTING BASE LENDING RATE TO 10 PCT PCT FROM 10.5 PCT.

  BARCLAYS BANK SAID ITS CUTTING BASE LENDING RATE TO 10 PCT PCT FROM 10.5 PCT.
  

"
training/6366	22	interest	"NATIONAL WESTMINSTER BANK SAID IT CUTTING BASE RATE TO 10 PCT FROM 10.5 PCT.

  NATIONAL WESTMINSTER BANK SAID IT CUTTING BASE RATE TO 10 PCT FROM 10.5 PCT.
  

"
training/6368	0	acq	"TOYOTA MOTORS SIGNS PURCHASE AGREEMENT WITH PNB
  The state-owned Philippine National Bank
  (PNB) will fund Toyota Motor Corp's <TOYO.T> planned purchase
  of its bankrupt former local partner's manufacturing facilities
  for at least 193 mln pesos, a bank official told reporters.
      Toyota has informed the Philippine government it plans to
  produce cars again here in joint venture with a local partner.
      It proposes to invest about 400 mln pesos in the
  manufacture of car spare parts and other items, and generate
  about 100 mln pesos in export earnings over five years.
      The banker said today a letter of intent was signed three
  weeks ago but the sale requires approval from government
  agencies charged with selling private sector assets taken over
  by state-owned banks.
      Official sources said Toyota's application was likely to be
  approved.
      Toyota severed ties with its Philippine partner of 20
  years, <Delta Motor Corp>, in 1984 because the local company
  was suffering financial difficulties. PNB later foreclosed on
  Delta's assets.
  

"
training/6369	22	interest	"BANK OF ENGLAND INVITES BORROWING AT 10 PCT
  The Bank of England said it had invited
  those discount houses wishing to use borrowing facilities to do
  so at 1430 GMT today at a rate of 10 pct for 14 days.
      This compares with the Bank's present band one dealing rate
  of 10-3/8 pct.
      The Bank of England's announcement was quickly followed by
  Barclays Bank and National Westminster Bank which announced a
  half-point cut in their base rates to 10 pct from 10-1/2 pct.
      Dealers said the lowering in base rates had been widely
  expected following yesterday's U.K. Budget in which Chancellor
  of the Exchequer Nigel Lawson announced a three billion stg cut
  in the Government's public sector borrowing target for 1987/88
  to four billion stg.
      Many in the market had expected a full one point cut in
  base rates today but some were not surprised by the
  authorities' caution, dealers added.
  

"
training/6371	50	wpi	"GERMAN PRODUCER PRICES FALL 0.3 PCT IN FEBRUARY
  West German producer prices fell 0.3
  pct in February from January and were 4.2 pct below prices in
  February last year, the Federal Statistics Office said.
      In January, producer prices rose 0.2 pct from December, the
  first monthly rise since October 1985, but they were down 4.4
  pct from a year earlier.
      The Statistics Office said light heating oil producer
  prices fell 22 pct in February from January while heavy heating
  oil prices fell 24 pct.
  

"
training/6372	12	earn	"HOLZSTOFF AG <GHOZ.BS> 1986 YEAR
  Net profit 25.5 mln Swiss francs vs 22.2
  mln
      Turnover 717 mln vs 739 mln
      Cash flow 75.4 mln vs 58.1 mln
      Proposed dividend 70 francs vs same
      Note - Company plans one for two rights issue of 40,000
  participation certificates of nominal 50 francs. Conditions not
  yet set.
  

"
training/6373	0	acq	"VEBA SHARE PLACEMENT STILL EXPECTED THIS MONTH
  The sale of the government's 25.55 pct
  stake in VEBA AG <VEBG.F> is still expected this month, banking
  sources closely linked with the transaction said.
      A spokesman for the Finance Ministry said no exact date had
  yet been set for the privatisation, which the government has
  tabled for the second half of March. However, he added a
  scandal at Volkswagen AG <VOWG.F>, VW, over currency losses ""has
  nothing to do"" with the timing of the VEBA sale.
      Finance Minister Gerhard Stoltenberg has said the sale of
  the Federal government's stake in VW, originally scheduled for
  later this year, may be delayed because of the currency affair.
      A banker involved in the VEBA placement said ""Nothing has
  changed in the planning. I still presume that it will take
  place in the second half of March.""
      This banker said there would be no reason to postpone the
  issue of the 10 mln VEBA shares for a few days. He added that
  the consortium which is arranging the deal had completed its
  preparatory work, although the price had not been decided.
      The VEBA share has been weaker ahead of the placement but
  West German stocks have been generally bearish and news of the
  VW scandal last week put further pressure on the market.
  

"
training/6375	23	ipi	"SOVIET ECONOMIST SAYS PRODUCTION FIGURES PADDED
  A leading Soviet economist said the
  practice of padding figures was significantly inflating the
  country's industrial production data.
      ""According to the information of state monitoring organs,
  the padding of figures makes up one-and-a-half to three per
  cent of the volume of production,"" Alexei Sergeyev told the
  official newspaper Sovetskaya Rossiya.
      ""In my opinion, it is significantly higher,"" Sergeyev, who
  works at the Economics Institute of the Soviet Union's Academy
  of Sciences, said.
      Most Western economists have for years allowed for a
  certain padding of figures when analysing Soviet statistics for
  industrial production.
      Sergeyev said about 600 mln roubles was lost annually in
  raw material industries by paying wages and bonuses for work
  which was not in fact performed.
      He said the elimination of figure-padding and other
  malpractices would save billions of roubles and would pay for
  the Soviet Union's social development program up to the year
  2000.
  

"
training/6376	12	earn	"SONY FORESEES CONTINUED SLUMP IN EARNINGS
  Sony Corp <SNE.T> group net income is
  expected to be down 65 pct for the five months ending March 31
  from the same period a year ago at around 10 billion yen, if
  the yendollar rate remains at the present level, managing
  director Tsunao Hashimoto told a press conference.
      Sony will have an irregular five-month business term ending
  March 31, as its financial year will be changed to run from
  April 1 to March 31 from the current October 31 year end.
      Group sales in the same period are estimated at about 550
  billion yen, down five pct from a year earlier, he said.
      The company earlier reported net income of 7.65 billion yen
  in the three month period ended January 31, down 59.2 pct from
  a year earlier, on sales of 343.06 billion, down 6.3 pct.
      The gloomy profits and sales resulted from the yen's recent
  appreciation against the dollar and a sharp drop in market
  prices due to severe sales competition at home and abroad.
      The yen rose 26 pct to an average of 159 yen to the dollar,
  reducing the company's total sales in the three month period by
  40 billion yen, Hashimoto said.
      Sales of 8-mm video camera/recorders totalled 300,000 units
  in the three months, unchanged from a year earlier, while
  Beta-format video tape recorders (vtrs) sales fell to 300,000
  from 350,000. Sales of compact disc players rose to 450,000
  from 300,000 and those of the Walkman rose to 2.25 mln from
  1.30 mln but colour television sales fell to 950,000 from one
  mln due to lower exports to China.
      Sales of 8-mm vtrs had already exceeded Beta-format vtrs
  sales since the beginning of fiscal 1986, Hashimoto said.
  Overseas sales accounted for 68.2 pct of the total in the three
  months compared with 71.3 pct a year earlier.
      Overseas production will account for 35 pct of its total
  production in 1990 from the present 20 pct.
      Hashimoto also said parent current profit in the five-month
  period is estimated at around 17 billion yen, down 33 pct from
  a year earlier, on sales of 400 billion, down 12 pct.
      Sony is hoping to retain at least 1985/86 levels of group
  net profits and sales in the new financial year starting April
  1 1987, he added. The company made 41.9 billion yen group net
  profit in the year ended November 31 1986, down 42.6 pct from a
  year earlier, on sales of 1,325 billion, down 6.7 pct.
  

"
training/6382	0	acq	"KLM DENIES PRESS REPORT OF AIR ATLANTA TAKEOVER
  NV KLM Royal Dutch Airlines <KLM.AS>
  is ""absolutely not"" negotiating a takeover of U.S. Regional
  carrier Air Atlanta, a KLM spokeswoman said in a comment on an
  article in the leading Dutch evening paper NRC Handelsblad.
      ""U.S. Law requires that at least 75 pct of shares in a U.S.
  Airline be owned by American firms or persons,"" the spokeswoman
  added.
      The newspaper said that Air Atlanta, which flies to 11 U.S.
  Cities, has a fleet of five Boeing jets with passenger capacity
  of 110 and employs 400 people, is making losses.
      She said KLM had started talks with Vendex International NV
  <VENN.AS> on their jointly owned courier service XP Express
  Parcel Systems, but declined to confirm an NRC Handelsblad
  report saying it wanted to buy the Vendex stake in XP.
      KLM said last week it is negotiating a minority stake in
  British courier service <IML Air Services Group Ltd>, a
  subsidiary of British and Commonwealth Shipping Plc <BCOM.L>,
  to strengthen its position in the fast-growing worldwide
  door-to-door delivery market.
      The KLM spokeswoman said she expected further announcements
  about the talks with Vendex to be made early next week.
  

"
training/6384	15	gnp	"BELGIAN BANK SAID TO SEE SLOWER GROWTH
  An internal report produced by the
  Belgian National Bank foresees the country's gross national
  product growth falling in 1987 to 1.0 pct from 2.3 pct in 1986,
  the independent newspaper Le Soir said.
      A National Bank spokesman said the newspaper article was
  basically correct, but that the report was produced six weeks
  ago and figures were therefore to some extent out of date.
      The government's planning bureau predicted growth of 0.9
  pct this year in a study published last month.
  

"
training/6385	8	cpi	"SPAIN'S INFLATION RISES 0.4 PCT IN FEBRUARY
  Spain's consumer price index rose 0.4
  pct in February after increases of 0.7 pct the previous month
  and 0.4 pct in February last year, National Statistics
  Institute figures show.
      Year-on-year inflation was six pct compared with the
  government five pct target for 1987. It rose 8.3 pct last year.
  

"
training/6394	32	money-fx	"LAWSON SAYS HE IS CONTENT WITH CURRENT STERLING EXCHANGE RATE

  LAWSON SAYS HE IS CONTENT WITH CURRENT STERLING EXCHANGE RATE
  

"
training/6398	22	interest	"LAWSON SAYS HE FAVOURS GRADUAL APPROACH TO CUTS IN U.K. INTEREST RATES

  LAWSON SAYS HE FAVOURS GRADUAL APPROACH TO CUTS IN U.K. INTEREST RATES
  

"
training/64	12	earn	"GULF APPLIED <GATS> SELLS UNITS, SEES GAIN
  Gulf Applied Technologies Inc said it
  sold its pipeline and terminal operations units for 12.2 mln
  dlrs and will record a gain of 2.9 mln dlrs in the first
  quarter.
      It added that any federal taxes owed on the transaction
  will be offset by operating loss carryovers.
  

"
training/6402	0	acq	"DIXONS HAS 56 PCT OF CYCLOPS CORP
  Dixons Group Plc <DXNS.L> said its
  tender offer for all of the common shares in <Cyclops Corp> of
  the U.S. Expired at midnight yesterday and that it had accepted
  approximately 2.3 mln shares in the company at 90.25 dlrs each.
      This represents just over 54 pct of the outstanding shares
  on a fully diluted basis. But including shares already owned,
  Dixons now holds a total of 56 pct of the fully diluted
  outstanding shares.
      The company said it is now entitled to subscribe for all
  the authorised but unissued and unreserved shares of common
  stock of Cyclops, which total some 5.4 mln shares, at 90.25
  dlrs each.
      Dixons said it has waived its condition that 80 pct of the
  fully diluted outstanding shares be validly tendered and not
  withdrawn.
      Dixons launched the agreed 384 mln dlr offer on February 17
  this year in the wake of its unsuccessful battle to take over
  the U.K. Retail store chain Woolworth Holdings Plc <WLUK.L>.
      Dixons shares were last quoted at 390p, up on last night's
  close of 380p.
      On Friday, <CYACQ Corp>, an investor group formed by
  Audio/Video Affiliates Inc <AVA> and Citicorp <CCI>, said it
  would increase the price it was offering for all Cyclops shares
  to 92.50 dlrs from 80.00 dlrs each if Cyclops would provide it
  with confidential information given to Dixons and if it were
  satisfied that any rights Dixon might have to recover fees or
  expenses from Dixons or to buy Cyclops stock would be rescinded
  or proved invalid.
      Audio/Video's offer is scheduled to expire March 20.
  

"
training/6405	4	cocoa	"ICCO delegates accept principles of buffer stock compromise as negotiation base

  ICCO delegates accept principles of buffer stock compromise as negotiation base
  

"
training/6407	4	cocoa	"ICCO MEMBERS ACCEPT BUFFER STOCK PRINCIPLES
  International Cocoa Organization (ICCO)
  producers and consumers accepted the principles of a compromise
  proposal on buffer stock rules as a basis for further
  negotiation, delegates said.
      The buffer stock working group then asked ICCO Executive
  Director Kobena Erbynn, who wrote up the draft compromise, to
  flesh out details of the principles with the assistance of a
  representative group of delegates, they said.
      The working group broke up for the day, into a smaller
  group of five producers and five consumers to discuss
  administrative rules and into the group headed by Erbynn to
  hammer out buffer stock rules details, delegates said.
      Delegates said many differences of opinion still have to be
  ironed out. ""Whenever we start getting into details the clouds
  gather,"" one delegate said.
      Erbynn is likely to present fleshed out details of the
  buffer stock rules proposal to the working group early
  tomorrow, delegates said.
      The principles of the draft proposal included establishing
  an offer system for buffer stock purchases rather than a posted
  price system, a limit to the amount of non-ICCO member cocoa
  that can be bought, and differentials to be paid for different
  varieties of cocoa comprising the buffer stock, delegates said.
  

"
training/6410	0	acq	"AFG <AFG>, WAGNER/BROWN BID FOR GENCORP <GY>
  <General Partners>, controlled by
  privately-held Wagner and Brown and by AFG Industries Inc, said
  it has started a tender offer for all common shares of GenCorp
  Inc and associated defensive preferred share purchase rights
  for 100 dlrs a share.
      GenCorp stock closed yesterday in composite tape trading at
  90.50 dlrs a share, up two dlrs on the day.
      In a newspaper advertisement, General Partners said the
  offer and withdrawal rights expire April 14 unless extended.
      General Partners said the offer is conditioned on receipt
  of sufficient financing to buy all shares on a fully diluted
  basis and receipt of enough shares to give General Partners at
  least 51 pct voting power, again fully diluted.
      It said the offer is also conditioned on GenCorp redeeming
  the defensive rights or General Partners being satisfied that
  the rights have been invalidated and General Partners obtaining
  from the Federal Communications Commission a special temporary
  authorization allowing completion of the acquisition of GenCorp
  shares.
      General Partners said it would set up voting trust
  arrangements pending review of its long-form application for
  FCC approval of its acquisition of control of GenCorp's
  broadcasting subsidiary.
      The partnership said the offer is further conditioned on
  GenCorp management withdrawing its proposals to amend the
  company's articles of incorporation and code of regulations to
  provide for an increase in authorized common shares, a
  classified board of directors and the elimination of cumulative
  voting.  The latter two changes would make it harder for
  minority shareholders to elect directors.
      General Partners said it is asking GenCorp for its
  shareholder lists for help in disseminating the offer.
      GenCorp has about 22.3 mln shares outstanding, making the
  value of the offer about 2.23 billion dlrs.
      Last fall, AFG and Wagner and Brown offered to acquire
  <Lear Siegler Inc> for about 1.44 billion dlrs but withdrew the
  offer when higher bids emerged and due to complications of the
  Tax Reform Act of 1986.  Lear Siegler eventually went private
  for 1.66 billion dlrs.
      GenCorp is involved in tire and plasticmaking and aerospace
  as well as broadcasting.  The company faces challenges to its
  two television and 12 radio station licenses, partly becuase it
  failed to inform the FCC about allegedly improper foreign
  payments and political contributions.
      GenCorp has agreed to sell its New York-area television
  station WOR to MCA Inc <MCA> for 387 mln dlrs and its Los
  Angeles station KHJ to Walt Disney Co <DIS> for 217 mln dlrs.
  An investor group challenging the Los Angeles license would
  also receive 103 mln dlrs from Disney.
      For the year ended November 30, GenCorp earned 130 mln dlrs
  on sales of 3.10 billion dlrs.
      A GenCorp spokesman said the offer came as a surprise and
  the company was not yet in a position to comment on the bid.
  

"
training/6413	10	crude	"TEXACO <TX> TO CEASE POSTING TEXAS OIL PRICE
  Texaco Refining and Marketing, an
  operating subsidiary of Texaco Inc, said it would cease to post
  crude oil prices for West Texas crudes at the end of this month
  following a decision to discontinue purchase of crude oil from
  leases, a Texaco spokesman in Houston said.
      But it will continue to purchase quantities of U.S. and
  foreign crude oil for use in its refinery system, he added.
       The spokesman also said Texaco Trading and Transport Inc
  would continue to acquire and market Texaco lease production as
  well as other lease production. The company will continue to
  post a Louisiana price, it said.
  

"
training/6414	4	cocoa	"IVORY COAST MINISTER DELAYED FOR COCOA TALKS
  Ivorian Agriculture Minister Denis Bra
  Kanon, chairman of the International Cocoa Organization (ICCO)
  council, will not be able to open the council session here
  tomorrow, an Ivorian ICCO delegate told Reuters.
      He will arrive sometime later during the meetings here, the
  delegate said. The council session will be chaired instead by
  ICCO vice chairman Sir Denis Henry, the delegate from Grenada,
  ICCO officials said.
      Ivorian officials last week said Bra Kanon was due to
  return home for funeral ceremonies for a sister of Ivorian
  President Felix Houphouet-Boigny March 19-22.
  

"
training/6416	15	gnp	"U.S. REAL GNP ROSE REVISED 1.1 PCT IN 4TH QTR INSTEAD OF 1.3 PCT RISE

  U.S. REAL GNP ROSE REVISED 1.1 PCT IN 4TH QTR INSTEAD OF 1.3 PCT RISE
  

"
training/6417	15	gnp	"U.S. GNP PRICE DEFLATOR ROSE 0.7 PCT IN 4TH QTR, UNCHANGED

  U.S. GNP PRICE DEFLATOR ROSE 0.7 PCT IN 4TH QTR, UNCHANGED
  

"
training/6419	12	earn	"MATRIX SCIENCE <MTRX> SETS STOCK SPLIT
  Matrix Science Corp said its
  board declared a two-for-one stock split and a six-cent per
  share (pre stock split) dividend, payable May 7 to stockholders
  of record April 16.
      The company said the dividend is in addition to the ten cts
  per share dividend paid January 2, 1987, making the post stock
  split annual dividend eight cts per share.
  

"
training/6420	12	earn	"SEA GALLEY STORES INC <SEAG> 4TH QTR DEC 28 LOSS
  Shr loss 69 cts vs loss 1.45 dlrs
      Net loss 2,015,000 vs loss 4,268,000
      Revs 16.6 mln vs 16.9 mln
      Year
      Shr loss 1.21 dlrs vs loss 59 cts
      Net loss 3,514,000 vs loss 1,839,000
      Revs 58.8 mln vs 61.4 mln
  

"
training/6422	0	acq	"FAR WEST FINANCIAL <FWFP> TO BUY PROGRESSIVE
  Far West Financial Corp
  said its Far West Savings and Loan Association unit has reached
  an agreement in principle to acquire all the outstanding stock
  of Progressive Savings and Loan Association <PRSL>.
      Far West said it does not expect the cost of the
  transaction to exceed 15 mln dlrs.
      Progressive Savings has ten branches in Southern California
  and about 500 mln dlrs in assets.
  

"
training/6425	34	nat-gas	"COASTAL <CGP> SAYS TRANSAMERICAN SUIT FRIVOLOUS
  Coastal Corp said it belives the two
  billion dlr suit against it by <TransAmerican Natural Gas Corp>
  in Texas state court is frivolous and without merit.
      The company said it intends toi proceed with filing a
  reorganization plan for TransAmerican with the U.S. Bankruptcy
  Court in Houston.
      Yesterday afternoon, the bankruptcy court issued a
  temporary restraining order prohibiting TransAmerican and
  Coastal from taking any action in any court that would
  interfere with the jurisdiction of the bankruptcy court.
      Yesterday's bankruptcy court ruling affirmed Coastal's
  rights as a TransAmerican creditor to file a reorganization
  plan for TransAmerican.
      TransAmerican's suit alleges that Coastla attempted to
  unlawfully gain control of TransAmerican's Texas natural gas
  reserves and pipeline system.
      TransAmerican's bankruptcy proceedings began in 1983.
  

"
training/6427	15	gnp	"U.S. REAL GNP ROSE 1.1 PCT IN FOURTH QUARTER
  The U.S. Gross National Product,
  after removing the impact of inflation, increased at a revised
  annual rate of 1.1 pct in the fourth quarter, the Commerce
  Department said.
      That was down from an earlier preliminary 1.3 pct rise
  estimated a month ago and down from the 2.1 pct rise in the
  fourth quarter of 1985.
      The final fourth quarter revision, however, left unchanged
  the previous estimate of a 2.5 pct increase in GNP for all of
  1986 over 1985.
      The revised estimate for fourth quarter GNP partly
  reflected a downward revision in inventories to a total
  decrease of 28.5 billion dlrs in the fourth quarter, the
  department said.
      The revisions also indicated personal consumption spending
  decreased 2.2 billion dlrs in the fourth quarter after an
  increase of 39.6 billion dlrs in the third quarter.
      Exports of goods and services rose 15.3 billion dlrs after
  a decline of 9.4 billion dlrs in the third quarter. Imports
  decreased 700 mln dlrs in the final quarter, in contrast to an
  increase of 20.9 billion dlrs in the third quarter.
  

"
training/6428	0	acq	"JAPAN TELECOM MERGER COULD INVOLVE U.K.,U.S. FIRMS
  Cable and Wireless PLC <CAWL.L> and the
  Pacific Telesis group <PAC.N> may take part in a proposed
  merger of two rival firms seeking to enter Japan's
  international telecommunications market, a senior industry
  official said.
      Fumio Watanabe, head of a telecommunications committee with
  the Federation of Economic Organisations (Keidanren), told a
  news conference Japanese shareholders in the two consortiums
  agreed that the U.S. And British companies will be invited to
  participate in the new merged firm.
      The planned linkup will satisfy Tokyo's request that only
  one private company should enter the market.
      The two consortiums, <International Digital Communications
  Planning Inc> (IDC) and <International Telecom Japan> (ITJ),
  were set up in 1986 to compete with monopoly <Kokusai Denshin
  Denwa Co> (KDD) after the market was deregulated in 1985.
      Watanabe said the Post and Telecommunications Ministry
  wanted only one competitor for the time being because of the
  size of the Japanese telcommunications market and that foreign
  investors will only be allowed to hold a minority stake.
      He estimated the two foreign firms' share in the merged
  consortium at less than three pct and added that even the
  largest shareholders could own only some five pct .
      Cable and Wireless and Japanese trading house <C. Itoh and
  Co.> each have a 20 pct stake in the IDC consortium while
  Pacific Telesis and Merrill Lynch and Co. Inc. <MER.N> jointly
  hold 13 pct .
      ITJ is headed by a rival group of trading houses. Several
  firms including Toyota Motor Corp. <TOYO.T>  belong to both.
      Watanabe said progress was being made towards a merger
  agreement and added that Japanese industry agreed with the
  government on having only one private consortium as two
  companies might invest ""excessive"" amounts.
      He said talks with Cable &amp; Wireless will continue this
  week.
  

"
training/6430	0	acq	"FERRUZZI NEGOTIATING EUROPEAN ACQUISITION
  Italy's <Gruppo Ferruzzi> is in the
  advanced stages of negotiations that could result in an
  acquisition worth ""some hundreds of billions of lire"" in the
  European agro-industrial sector, a company spokesman told
  Reuters.
      The spokesman declined to identify the other party or
  parties involved in talks, or whether a complete takeover was
  under discussion, but said an Italian newspaper report that
  Ferruzzi was studying the possibility of advancing an offer for
  13 European cereal processing plants owned by the U.S. Group
  CPC International Inc <CPC.N> was incorrect.
      The spokesman said that possibility had been evaluated by
  Ferruzzi but that the company's attention at the moment was
  ""decisively in another direction.""
      The spokesman, responding to a report in the Italian
  economic daily Il Sole-24 Ore that Ferruzzi was considering a
  possible bid for the CPC plants, told Reuters his company hoped
  to conclude the talks currently underway in a couple of months.
      The spokesman said that since the U.K. Government last
  month blocked Ferruzzi's bid to acquire <British Sugar Plc>,
  the company had been looking at other investment opportunities.
  

"
training/6432	10	crude	"MALAYSIA TO CUT OIL OUTPUT FURTHER, TRADERS SAY
  Malaysia's state oil company Petronas
  will cut oil production to 420,000 barrels per day (bpd) from
  May 1, trade sources said.
      Malaysia cut its 510,000 bpd target output by 10 pct last
  September to support Opec moves to boost prices, and the latest
  cut would reduce output by 17.5 pct from 1986's target level.
      Petronas said in February that Malaysia would maintain its
  10 pct production cutback until mid-1987.
      However, the Finance Ministry said in its annual report
  that Malaysia's crude oil output was expected to rise to an
  average 510,000 bpd in 1987.
      The ministry's forecast assumed average 1987 crude prices
  at 13 dlrs/barrel (bbl), but prices have risen enough to permit
  further production cutbacks, the sources said.
      Malaysia's benchmark Tapis blend fetched above 18 dlrs/bbl
  this year against a low of 10.50 dlrs/bbl in July, they said.
      Traders said further reductions by Malaysia would add to
  the tight spot availabilities of Asian grades caused by reduced
  Indonesian and Chinese crude output.
      The cutback will also help Malaysia maintain prices, as
  there is concern some buyers want to reduce term purchases due
  to the availability of cheaper alternatives, the sources said.
      In addition to term sales, Petronas has been offering two
  to three 400,000 bbl spot cargoes of Malaysian crude each month
  for sale through tender, the sources said.
      However, this practice is likely to dwindle given the
  reduced scale of production, they said.
  

"
training/6433	0	acq	"INTERCARE <CARE> SAYS ACQUISITION TERMINATED
  InterCare Inc said it has
  agreed to terminate the proposed acquisition of <Universal
  Care> because <First Jersey Securities> has withdrawn as
  underwriter for a proposed offering of InterCare securities.
      The company said the offering was to have raised 7,500,000
  dlrs for working capital through the sale of equity and debt
  and would have also financed the 1,897,000 dlr cash portion of
  the Universal Care purchase price.  In addition, 1,700,000 dlrs
  would have been used to repay debt.
      InterCare said to date it has incurred about 500,000 dlrs
  in expenses in connection with the proposed offering.
      The company said to improve its working capital position,
  it plans to reduce operating expenses by decreasing hours of
  operation and its workforce and selling some assets.
      As of October 31, the copmpany said it had a working
  capital deficit of 2,301,000 dlrs, on a pro forma basis to
  include recently acquired U.S. Medical Enterprises Inc.
  

"
training/6434	12	earn	"RANK ORGANISATION CURRENT TRADING SATISFACTORY
  Rank Organisation Plc <RANK.L> said
  trading in the current year had continued satisfactorily taking
  into account seasonal fluctuations.
      Association companies, such as <Rank-Xerox Ltd>, indicated
  an improved performance, a statement issued at the annual
  meeting said.
      It said it planned to spend some 15 mln stg on refurbishing
  its Odeon cinema chain and the Rank Film Distributors unit was
  committed to spending 20 mln to secure international
  distribution rights of films.
      Investment in new activities in 1987 should continue at a
  relatively high level to exploit opportunities for growth. Rank
  said it did not exclude the possibility of making large as well
  as small acquisitions.
      In the year to end-October, Rank reported a rise in pretax
  profits to 164.1 mln stg from 136.0 mln previously.
      Rank shares firmed in morning trading to be quoted at 712p
  at 1320 GMT after 697p at last night's close.
  

"
training/6435	0	acq	"HARCOURT BRACE SETS MARCH 30 DEADLINE IN HARPER AND ROW BID

  HARCOURT BRACE SETS MARCH 30 DEADLINE IN HARPER AND ROW BID
  

"
training/6436	43	ship	"SHIPS HELD UP AT CALCUTTA
  Some 10 Indian ships have been held up
  at Calcutta port after four days of industrial action by local
  seamen, a spokesman for the shipowners' association INSA said.
      The dispute has prevented local crewmen signing on and off,
  but has not affected foreign ships with international crews
  docking at Calcutta, which exports tea and jute and imports
  machinery, crude oil and petroleum products, the spokesman
  said.
      Foreign ships may also suffer if dock workers join the
  action, he said. The Shipping Corporation of India (SCI) has
  asked its ships to avoid the port until the dispute is over,
  National Union of Seafarers in India president Leo Barnes said.
  

"
training/6437	12	earn	"COOPERVISION INC <EYE> 1ST QTR JAN 31 NET
  Shr 3.65 dlrs vs 33 cts
      Net 82.5 mln vs 7,300,000
      Sales 94.4 mln vs 85.4 mln
      Avg shrs 22.6 mln vs 21.7 mln
      NOTE: Current year net includes pretax gain 175.2 mln dlrs
  on sale of ophthalmic business and loss 17.9 mln dlrs posttax
  from repurchase of debt.
      Prior year net includes 120,000 dlr loss from discontinued
  operations.
  

"
training/6438	12	earn	"COOPERVISION <EYE> DELAYS ANNUAL MEETING
  CooperVision Inc said it has
  delayed its annual meeting to June 22 from May 14 to allow its
  board to review possible recapitalization options before the
  meeting.
      CooperVision today reported first quarter net income of
  64.6 mln dlrs, after a 175.2 mln dlr pretax gain from the sale
  of its ophthalmic business to Johnson and Johnson <JNJ> for 260
  mln dlrs in cash and a 17.9 mln dlr posttax charge from a debt
  repurchase.  Sales were 94.4 mln dlrs.  A year earlier it
  earned 7,300,000 dlrs after a 120,000 dlr loss from
  discontinued operations, on sales of 85.4 mln dlrs.
      The company said an aggressive program of investment
  spending to maintain or increase market shares its its two core
  businesses will accelerate sales growth this year but hold back
  increases in operating income in the near future.
      CooperVision said ""Furthermore, until the entire net cash
  proceeds from the recent sales of several of our businesses are
  employed to reduce indebtedness, make strategic acquisitions
  and/or are otherwise employed in relation to a possible
  recapitalization of the company, recovery of net income will be
  held back by the loss, particularly of the tax income, of the
  (ophthalmic) pharmaceutical business sold to Johnson and
  Johnson.""
  

"
training/6440	12	earn	"GREAT ATLANTIC AND PACIFIC TEA CO 4TH QTR OPER SHR 55 CTS VS 36 CTS

  GREAT ATLANTIC AND PACIFIC TEA CO 4TH QTR OPER SHR 55 CTS VS 36 CTS
  

"
training/6441	0	acq	"MOBEX SAYS ABOUT 87 PCT OF GRANT <GTX> TENDERED
  Mobex Corp said 2,088,461 Grant
  Industries Inc common shares, about 87 pct of the 2.4 mln
  outstanding, have been tendered in response to Mobex's offer.
      The company said its offer of 7.75 dlrs a share for the
  stock has been extended to 2000 EST March 23 from 2400 March 17.
  

"
training/6442	0	acq	"HARCOURT BRACE <HBJ> SETS HARPER <HPR> DEADLINE
  Harcourt Brace Jovanovich Inc
  said it has told Harper and Row Publishers Inc representatives
  that it intends to withdraw its proposal to acquire Harper and
  Row for 50 dlrs per share in cash if the parties have not made
  satisfactory progress in discussions by the close of business
  on March 30.
      Harcourt Brace said, ""We do not wish to put undue pressure
  on Harper and Row, but we also, in fairness to our own
  shareholders, cannot allow an offer of such magnitude to lie on
  the table too long.""
      Harcourt said three of its senior officers and its
  investment bankers met yesterday with investment bankers for
  Harper and Row to discuss the Harcourt Brace offer.
      Harcourt Brace said it will only pursue the acquisition if
  a mutually-satisfactory merger agreement can be negotiated.
      Last week, a group formed by Theodore Cross offered to
  acquire Harper and Row for 34 dlrs per share.  The group held
  about six pct of Harper and Row.
      In addition, New World Pictures Ltd <NWP>, holder of 4.5
  pct of Harper and Row, had offered to discuss a merger with
  Harper and Row.
  

"
training/6443	0	acq	"DIXONS GROUP SAID IT ACCEPTS 54 PCT OF CYCLOPS SHARES IN TENDER

  DIXONS GROUP SAID IT ACCEPTS 54 PCT OF CYCLOPS SHARES IN TENDER
  

"
training/6445	32	money-fx	"BANKERS TRUST ISSUING STG/DLR CURRENCY WARRANTS
  Bankers Trust International Ltd said it
  is issuing 200,000 stg call/dlr put currency warrants at an
  initial offer price of 31.25 dlrs per warrant.
      The issue is guaranteed by Bankers Trust New York Corp.
      Each warrant entitles the holder to exchange 500 dlrs for
  stg at a rate of 1.60 stg/dlr and the minimum number of
  warrants exercisable or tradeable is 100.
      Exercise period for the warrants will run from April 22,
  1987 until March 17, 1989. Payment is due April 15, 1987.
  

"
training/6447	12	earn	"GREAT ATLANTIC AND PACIFIC TEA CO <GAP> 4TH QTR
  Oper shr 55 cts vs 36 cts
      Oper net 20.7 mln vs 13.6 mln
      Sales 2.34 billion vs 1.58 billion
      Avg shrs 38.1 mln vs 37.7 mln
      Year
      Oper shr 1.82 dlrs vs 1.48 dlrs
      Oper net 69.0 mln vs 56.1 mln
      Sales 7.83 billion vs 6.62 billion
      Avg shrs 38.0 mln vs 37.8 mln
      NOTES: Results for 13 and 53 week periods ended Feb 28,
  1987, and 12 and 52 week periods ended Feb 22, 1986
      Operating net excludes credits from tax loss carryforwards
  of none vs 5.3 mln dlrs, or 14 cts a share in quarter and 26.0
  mln dlrs, or 68 cts a share, vs 32.2 mln dlrs, or 85 cts a
  share, in year
      Company had 1,200 stores inoperation at year end vs 1,045 a
  year earlier
  

"
training/6449	0	acq	"GROUP TENDERING FOR GENCORP SAYS IT HOLDS ABOUT 9.8 PCT OF GENCORP COMMON

  GROUP TENDERING FOR GENCORP SAYS IT HOLDS ABOUT 9.8 PCT OF GENCORP COMMON
  

"
training/6450	48	trade	"ROTTERDAM SIGNS COOPERATION AGREEMENT WITH TOKYO
  The city of Rotterdam today signed an
  agreement in principle to cooperate with the AOMI Cargo
  Distribution Centre in Tokyo.
      Acting Mayor Roel den Dunnen said that cooperation between
  private and public entities in the Tokyo and Rotterdam area,
  and a fruitful exchange of information have a favourable
  influence on the flow of goods and services between the two
  countries.
      The AOMI Cargo Distribution Center, which will start
  operating in October this year, signed a similar agreement with
  Rotterdam's twinned-port of Seattle last September.
  

"
training/6453	22	interest	"WEST GERMAN BANKS SLOWLY CUTTING KEY SAVINGS RATES
  West German commercial banks are
  cautiously cutting key savings and lending rates, banking
  sources said. The cuts follow nearly two months after the
  Bundesbank reduced leading interest rates, far longer than the
  usual interim period.
      A Deutsche Bank AG <DBKG.F> spokesman said it is cutting
  leading savings rate for private customers on a regional basis
  by 0.5 percentage points to two pct. Dresdner Bank AG <DRSD.F>
  and Commerzbank AG <CBKG.F> have initiated similar moves. Bank
  fuer Gemeinwirtschaft AG <BKFG.F> cut rates 0.5 pct generally.
      The delay was partly due to commercial banks' desire to
  gauge customer reaction to a similar move by regional savings
  banks.
      A fall in customer savings because of lower rates could
  reduce cheap refinancing available to banks, forcing them to
  draw down relatively expensive funds from other sources, one
  economist at the German Banking Association said.
      But the volume of savings funds may not be substantially
  undercut by lower savings rates because many customers are
  parking funds in savings accounts in the hope they can reinvest
  them at higher yields in the future, he said.
      He said this may conflict with Bundesbank aims to move more
  funds from relatively short-term deposits to longer-dated
  securities to reduce strong growth in its central bank money
  supply aggregate.
      The aggregate showed annualized growth of a provisional 7.5
  pct in February against the fourth quarter of last year,
  unchanged from January. The growth rate was outside the
  expanded target range of three to six pct.
      Few banks have so far reduced lending rates to private
  customers, though lending rates for corporate customers are
  beginning to decline.
  

"
training/6454	12	earn	"TOYS ""R"" US INC <TOY> 4TH QTR FEB ONE NET
  Shr 89 cts vs 68 cts
      Net 116.0 mln vs 88.1 mln
      Revs 1.17 billion vs 924.0 mln
      12 mths
      Shr 1.17 dlrs vs 93 cts
      Net 152.2 mln vs 119.8 mln
      Revs 2.44 billion vs 1.97 billion
      NOTE: net 1986 were restated to reflect three-for-two stock
  split on June 27, 1986.
  

"
training/6455	12	earn	"MEASUREX CORP <MX> 1ST QTR NET
  Shr 34 cts vs 27 cts
      Qtrly div six cts vs 4.5 cts prior
      Net 6,448,000 vs 4,969,000
      Revs 51.1 mln vs 44.7 mln
      Avg shrs 19.1 mln vs 18.7 mln
      NOTE: pay for dividend was March 11 to shareholders of
  record on Feb 20.
  

"
training/6456	12	earn	"PALMER LEWIS CO INC <LWIS> 4TH QTR NET
  Qtr ends Jan 31
      Shr three cts vs one cent
      Qtrly div seven cts vs seven cts prior
      Net 106,185 vs 28,871
      Revs 46.9 mln vs 30.3 mln
      12 mths
      Shr 33 cts vs 23 cts
      Net 1,306,595 vs 878,484
      Revs 187.2 mln vs 140.8 mln
      NOTE: effective July One, 1986, the company acquired the
  outstanding stock of Western American Forest Product Inc for
  cash and convertible debentures. the acqustion is accounted for
  as a purchase and consolidated statements include Western's
  results of operations from July One, 1986.
      payout for dividend is may six to stockholders of record on
  April 13.
  

"
training/6457	12	earn	"CAPITAL CITIES/ABC <CCB> SETS PAYOUT
  Qtrly div five cts vs five cts
      Pay April 20
      Record March 30
  

"
training/6458	12	earn	"PUBLICKER INDUSTRIES INC <PUL> 4TH QTR LOSS
  Shr loss five cts vs loss 15 cts
      Net loss 619,000 vs loss 1,730,000
      Sales 3,138,000 vs 5,667,000
      Avg shrs 12.5 mln vs 11.5 mln
      Year
      Shr loss four cts vs loss 40 cts
      Net loss 343,000 vs loss 3,963,000
      Sales 13.4 mln vs 35.3 mln
      Avg shrs 12.5 mln vs 10.3 mln
  

"
training/6459	12	earn	"FEDERAL EXPRESS CORP 3RD QTR OPER SHR 69 CTS VS 83 CTS

  FEDERAL EXPRESS CORP 3RD QTR OPER SHR 69 CTS VS 83 CTS
  

"
training/6460	12	earn	"BELL ATLANTIC CORP <BEL> INCREASES PAYOUT
  Qtrly div 96 cts vs 90 cts
      Pay May One, 1987
      Record March 31, 1987
  

"
training/6461	12	earn	"RHODES <RHDS> SEES SHARPLY LOWER 4TH QTR NET
  Rhodes Inc said it now estimates fourth
  quarter, ended February 28, earnings were eight cts a share,
  down from the 25 cts earned in the final quarter of fiscal
  1986.
      The company said the major causes for the reduction were an
  unfavorable LIFO adjustment and softer than projected sales in
  the quarter, due primarily to unfavorable weather.
      Despite the 4th qtr results, Rhodes said, ""net income for
  the year just ended should come close to the record level of
  the previous year"" -- 1.61 dlrs dlrs a share.
  

"
training/6463	0	acq	"GENCORP <GY> GROUP HOLDS 9.8 PCT STAKE
  (General Partners), a Texas general
  partnership equally owned by affiliates of Wagner and Brown and
  AFG Industries Inc <AFG>, said it currently holds 2,180,608
  common shares, or about 9.8 pct, of Gencorp Inc's <GY>
  outstanding common stock.
      General Partners said it began a 100 dlrs a share cash
  tender offer for all of Gencorp, an Akron, Ohio-based concern,
  that is worth nearly 2.3 billion dlrs.
      Gencorp, which has interests in tire- and plastic-making,
  aerospace and broadcasting, has about 22.3 mln shares
  outstanding.
      The General Partners offer is subject to receipt of
  financing, a majority of Gencorp shares and other conditions.
      In a letter to Gencorp chairman and chief executive A.
  William Reynolds describing the offer, General Partners said it
  was willing to negotiate terms of the offer and was prepared to
  meet as soon as possible.
      In a statement, General Partners said it has contributed
  250 mln dlrs in equity financing and also has commitments for 
  a one billion dlr credit line from Wells Fargo and Co <WFC> and
  a 1.25 billion loan from Shearson Lehman Brothers Holdings Inc,
  a unit of American Express Co <AXP>.
      A Gencorp spokesman said the company's management was
  meeting but that its board was not scheduled to meet today. He
  said he was not sure the company had formally received notice
  of the offer but was aware of it through press accounts.
      He declined to say what Gencorp's next move might be or
  whether it would issue a statement later today.
      In the letter, General Partners said it plans to maintain
  Gencorp's corporate headquarters in Akron, and retain the
  company's plastics and industrial products businesses and its
  tires and related products segment.
      The letter did not mention Gencorp's RKO General
  broadcasting subsidiary, which has been involved in disputes
  over license renewals at several of its television stations.
  Gencorp has agreed to sell two of its independent stations, WOR
  in the New York area and KHJ in Los Angeles.
      General Partners officials were not immediately available.
      Gencorp shares were delayed at the opening on the New York
  Stock Exchange because of an imbalance of orders, and the NYSE
  said the shares were indicated to open at 103 to 115. The
  shares closed up two yesterday at 90-1/2, a new 52-week high.
      The financing for the offer includes the 250 mln dlrs in
  equity from General Partners, the 1.25 billion dlr loan from
  Shearson Lehman Brothers, a senior subordinated bridge loan for
  which a binding agreement can be delivered within 24 hours
  after a request from the partnership, and the one billion dlr
  credit line from Wells Fargo.
      Wells Fargo has agreed to lend up to 250 mln dlrs of the
  line itself and form a syndicate of banks to provide the rest,
  the partnership said.
      Shearson Lehman Brothers Inc will act as dealer manager in
  the tender offer, it said.
      In the letter, the partnership said it was confident it
  could obtain the financing and close the transaction promptly.
      Last fall AFG and privately held Wagner and Brown offered
  to acquired (Lear Siegler Inc) for about 1.44 billion dlrs but
  withdrew the offer when higher bids emerged. Lear Siegler
  eventually went private for about 1.66 billion dlrs.
  

"
training/6465	12	earn	"A AND P <GAP> SETS HIGHER CAPITAL SPENDING
  The Great Atlantic and Pacific
  Tea Co said its three-year 345 mln dlr capital program will be
  be substantially increased to accommodate growth and expansion
  plans for Waldbaum Inc and Shopwell Inc over the next two
  years.
      A and P said the acquisition of Shopwell in August 1986 and
  Waldbaum in December ""helped us achieve better than expected
  results in the fourth quarter"" ended February 28. Its net
  income from continuing operations jumped 52.6 pct to 20.7 mln
  dlrs, or 55 cts a share, in the latest quarter as sales
  increased 48.3 pct to 1.58 billion dlrs.
      A and P gave no details on the expanded capital program,
  but it did say it completed the first year of the program
  during 1986.
      A and P is 52.4 pct owned by <Tengelmann
  Warenhandelsgesellschaft> of West Germany.
  

"
training/6466	12	earn	"FEDERAL EXPRESS CORP <FDX> 3RD QTR FEB 28 NET
  Oper shr 69 cts vs 83 cts
      Oper net 35.9 mln vs 42.4 mln
      Revs 798.9 mln vs 659.2 mln
      Avg shrs 52.0 mln vs 50.9 mln
      Nine mths
      Oper shr 2.38 dlrs vs 2.75 dlrs
      Oper net 123.3 mln vs 135.6 mln
      Revs 2.31 billion vs 1.86 billion
      Avg shrs 51.8 mln vs 49.3 mln
      NOTE: Net excludes losses from discontinued operations of
  nil vs 16.1 mln dlrs in quarter and 227.5 mln dlrs vs 42.7 mln
  dlrs in nine mths.
      Quarter net includes gains from sale of aircraft of two mln
  dlrs vs 6,200,000 dlrs.
  

"
training/6471	12	earn	"MORGAN GRENFELL SAYS 1986 PROFITS HIT BY GUINNESS
  <Morgan Grenfell Group Plc> said its
  1986 pre-tax profits were lower than forecast because of
  depreciation in the value of its Guinness Plc <GUIN.L> shares
  and because of securities trading losses in the U.S.
      Morgan chairman Lord Catto said the losses on the group's
  seven mln Guinness shares in addition to a 3.5 mln dlr loss on
  its risk arbitrage operation in New York depressed profits some
  eight mln stg to 82.2 mln.
      He also told a news conference Morgan had received informal
  approaches about a takeover of the group but was not
  interested. No formal offers had been made, but Catto would not
  elaborate.
      Morgan Grenfell acted as merchant banker to Guinness during
  the brewing company's successful bid for Distillers Co Plc
  <DIST.L> in the first half of last year.
      The U.K. Government launched an investigation into the
  affairs of Guinness last December. Public concern has focused
  on the way Guinness may have breached U.K. Company law and the
  Takeover Code by prompting others to support its share price
  during the bid.
      Morgan chief executive Christopher Reeves, head of
  corporate finance Graham Walsh and senior corporate finance
  director Roger Seelig all resigned in January over the Guinness
  affair.
      Another senior Morgan Grenfell executive, Geoffrey Collier,
  resigned late last year on allegations of trading on insider
  information. He currently faces criminal charges.
      Lord Catto said the second half of 1986 had been ""one of the
  most traumatic in our history,"" but that clients and staff had
  been supportive.
      ""I certainly look on the future in a positive way. We have
  the worst behind us and have swept nothing under the carpet.""
      Profits for the year, up 19.4 pct from 1985 pre-tax profits
  of 68.8 mln stg, were mainly due to a high contribution from
  corporate finance activities and progress in asset management.
      Finance Director David Ewart told the news conference the
  performance of the group so far in 1987 was ""within reasonable
  touch of the budget.""
      Lord Catto also said the group was actively seeking a new
  chief executive to replace Sir Peter Carey, who is acting as
  interim director after Reeves' resignation, and hopes to have a
  new chief executive within a few months.
      He also said Reeves and Walsh had been paid a total of
  562,000 stg in compensation following their resignations, but
  declined to say how much each man got. Negotiations were going
  on to determine an amount of compensation for Seelig, he said.
      Morgan Grenfell shares stood at a late 366p, 9p down on
  yesterday's 375p.
   REUTER...
  

"
training/6473	0	acq	"SEC MOVES TO DISCIPLINE ALLEGHENY INT'L <AG>
  The Securities and Exchange
  Commission (SEC) staff is seeking authority to take enforcement
  action against Allegheny International Inc, the
  Pittsburgh-based industrial and consumer products firm said.
      Allegheny made the disclosure in documents filed with the
  SEC in connection with its recent agreement to be taken private
  through a leveraged buyout led by First Boston Inc.
      ""Following announcement of the merger agreement, the company
  was informed by the Enforcement Division of the (SEC) that it
  intends to seek authority from the commission to institute a
  proceeding against the company,"" Allegheny said.
      ""The company is cooperating in the commission's
  investigation which is continuing and now includes the taking
  of testimony of employes and others,"" Allegheny said.
      In the ongoing probe, Allegheny said, the staff has asked
  for information about company executive compensation and
  benefit plans, certain company-owned real estate, travel and
  entertainment spending and the use of corporate aircraft.
      It also has asked for information on acquisitions and
  divestitures, the company's accounting system ""and other
  internal controls,"" Allegheny said.
     The probe began in February 1986, Allegheny said.
      The SEC, as a matter of policy, routinely declines comment
  on its enforcement actions.
      The SEC investigation began just months before Allegheny
  became the target of a series of shareholder lawsuits claiming
  that the company had violated the federal securities laws by
  failing to disclose material matters in recent annual proxy
  statements.
      The suits, later consolidated into a single class-action
  complaint before a Pennsylvania federal court, allege
  securities law violations involving numerous current and former
  Allegheny officers and directors.
      Earlier this month, lawyers for the shareholders asked the
  court to expand the charges to include an allegation that, in
  the buyout, Allegheny had attempted to illegally freeze out its
  public shareholders at an unfair price.
      Allegheny said it intends to vigorously defend itself
  against all charges.
      The charges made in the shareholder suits are widely
  believed to have led to last summer's resignation of Chairman
  and Chief Executive Officer Robert Buckley.
      In the buyout, a group led by First Boston tendered March
  13 for all outstanding Allegheny shares at 24.60 dlrs a share.
  

"
training/6474	12	earn	"UNITED ASSET MANAGEMENT CORP <UAM> UPS PAYOUT
  Qtly div four cts vs three cts prior
      Pay April 15
      Record March 31
  

"
training/6475	12	earn	"KINDER-CARE INC <KNDR> FIRST QTR NET
  Qtr ends dec 31
      Shr one cent vs 15 cts
      Net 466,000 vs 6,866,000
      Revs 123.1 mln vs 93.5 mln
      NOTE: the company changed its fiscal year end from Aug 31
  to Dec 31. qtr prior ended Jan 17, 1986 and included two more
  weeks than current qtr.
      current qtr includes loss 899,000 for accounting change.
  

"
training/6476	12	earn	"ULTRASYSTEMS INC <ULS> 4TH QTR JAN 31 NET
  Shr 26 cts vs 18 ctsd
      Net 2,102,000 vs 1,415,000
      Revs 44.1 mln vs 42.2 mln
      Year
      Shr 21 cts vs 91 cts
      Net 1,678,000 vs 7,105,000
      Revs 155.1 mln vs 149.2 mln
      Avg shrs 7,960,000 vs 7,808,000
      NOTE: Latest year net includes writeoff of investment in
  Dawn Enterprises ethanol refinery of 79 cts shr.
  

"
training/6477	0	acq	"CANAMAX TO ACQUIRE KREZMAR GOLD PROPERTY STAKE
  <Canamax Resources Inc> said it agreed
  to acquire the 50 pct interest it does not already own in the
  Krezmar gold property, near Wawa, Ontario, by paying nine mln
  dlrs to <Algoma Steel Corp Ltd> and granting Algoma a four pct
  net smelter return royalty, which is payable after payback.
      The property's drill indicated reserves to a depth of 1,200
  feet are estimated at over one mln tons averaging 0.25 ounces
  of gold a ton, Canamax said.
  

"
training/6478	12	earn	"NFS FINANCIAL <NFSF> SETS INITIAL DIVIDEND
  NFS Financial Corp said its board
  declared an initial dividend of five cts per share, payable
  April 21 to holders of record March 31.
  

"
training/6481	12	earn	"VW'S AUDI SAYS PROFIT FELL AROUND 50 PCT IN 1986
  Audi AG <NSUG.F>, the 99 pct owned
  subsidiary of Volkswagen AG <VOWG.F>, said profit in 1986 fell
  by around half compared with 1985, when it achieved a record
  221 mln marks net profit, a rise of 19.5 pct on the previous
  year.
      Managing board chairman Wolfgang Habbel told a news
  conference he expected both profit and turnover to rise this
  year compared with 1986, but he said it was questionable
  whether 1987 profit would return to 1985 levels.
      He gave no figure for 1986 profit. Audi had predicted last
  year that 1986 profit would likely fall by an unspecified
  amount from 1985's record levels.
      Habbel said turnover in 1986 rose to 9.9 billion marks from
  9.6 billion in 1985 and looked certain to rise to over 10
  billion this year.
      Asked whether Audi would pay a dividend to VW to help the
  parent company overcome its currency losses, Habbel said Audi
  would ensure VW got a share of profits.
      Audi's entire 1985 net profit was paid into its own free
  reserves to help finance investment. In the previous 10 years
  VW had received 80 pct of Audi's earnings as a dividend.
      Habbel blamed the profit decline on disruptions to output
  caused by the introduction of the new Audi 80 model, on
  currency factors and on negative publicity in the U.S. About
  alleged ""sudden acceleration"" of some of its Audi 5000 models.
      As reported, Audi's sales in the U.S. Dropped nearly 20 pct
  to 59,800 last year.
      Habbel said the U.S. Sales decline would probably bottom
  out in 1987.
      Audi's worldwide car deliveries fell two pct to 363,000.
      Of the total, exports fell 10.5 pct to a rounded 210,000,
  but domestic sales increased to a rounded 154,000 from 137,180
  in 1985.
      Habbel said the new Audi 80 had sold extremely well in the
  first two months of 1987, helping Audi to increase its overall
  market share in West Germany to 8.4 pct from 5.2 pct in the
  same months of 1986. Sales in Europe also rose but U.S. Sales
  fell further, he said without giving details. Worldwide
  deliveries in the first two months increased eight pct to
  57,000.
      Audi said in January that 1987 car production would rise to
  over 400,000 from 384,000 in 1986, when output had fallen
  compared with 1985's 392,000.
      Habbel said Audi expected the rise in output to lead to
  further new hiring of employees.
      At the end of 1986 Audi's workforce stood at a record
  39,800, a rise of 3,400 over 1985.
  

"
training/6483	22	interest	"BANK OF ENGLAND LENDS ONE BILLION STG AT 10 PCT
  The Bank of England said it had lent one
  billion stg to the discount market for fourteen days at 10 pct.
      This brings the Banks total help today to some 1.34 billion
  stg and satisfies the estimated shortage in the system today
  which it had earlier estimated at 1.3 billion stg.
      The Bank's announcement this morning that it was willing to
  lend two-week money at 10 pct was interpreted by the market as
  a sanction for lower U.K. Base lending rates.
      The U.K. Clearing banks swiftly took this up, cutting their
  base rates by a half-point to 10 pct. At midday, the central
  bank lowered its money market dealing rates by the same amount.
  

"
training/6484	45	sugar	" UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 44.819 ECUS.       

   UK INTERVENTION BD SAYS EC SOLD 60,500 TONNES WHITE SUGAR AT REBATE 44.819 ECUS.       
  

"
training/6485	12	earn	"SENSORMATIC ELECTRONICS CORP <SNSR> 3RD QTR NET
  Feb 28 end
      Shr profit 11 cts vs loss 37 cts
      Net profit 3,027,000 vs loss 10.4 mln
      Revs 22.3 mln vs 19.9 mln
      Avg shrs 28.6 mln vs 29.0 mln
      Nine mths
      Shr profit 34 cts vs loss 22 cts
      Net profit 9,560,000 vs loss 6,072,000
      Revs 71.9 mln vs 64.7 mln
      Avg shrs 28.5 mln vs 27.9 mln
      NOTE: Prior year net both periods after 15.2 mln dlr
  writeoff.
  

"
training/6486	45	sugar	"U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES
  A total 60,500 tonnes of current series
  white sugar received export rebates of a maximum 44.819
  European Currency Units (Ecus) per 100 kilos at today's
  European Community (EC) tender, the U.K. Intervention Board
  said.
      Out of this, traders in France received 18,000 tonnes, in
  Denmark 15,000, in West Germany 12,250, in the Netherlands
  12,000 and in Belgium 3,250 tonnes, it added.
      Earlier today, London traders had expected the subsidy for
  the current season whites campaign for licences to end-Aug to
  be between 44.10 and 44.50 Ecus per 100 kilos.
      Traders had also forecast today's total authorised sugar
  tonnage export awards to be between 60,000 and 70,000 tonnes
  versus 71,000 last week when the restitution was 43.248 Ecus.
      Cumulative export authorisations for the current 1986/87
  season now stand at 1,915,270 tonnes (40 weeks).
  

"
training/6488	0	acq	"ANACOMP <AAC> ACQUIRES DATAGRAPHIX
  Anacomp Inc said it acquired
  the common stock of DatagraphiX Inc from General Dynamics Corp
  <GD> for about 128 mln dlrs.
      It said the purchase will be financed with a combination of
  a new bank credit agreement and through private placement of
  senior subordinated notes and convertible preferred stock.
      DatagraphiX, which had 1986 sales of 240.7 mln dlrs,
  manufactures a line of computer output to microfilm hardware
  and supplie.
      Anacomp's sales for the year ended Sept 30, 1986 were 108.8
  mln dlrs.
  

"
training/6491	12	earn	"WINNEBAGO INDUSTRIES INC <WGO> 2ND QTR NET
  Period ended February 28
      Shr 25 cts vs 25 cts
      Net 6,292,000 vs 6,340,000
      Sales 97.0 mln vs 87.0 mln
      Six mths
      Shr 36 cts vs 28 cts
      Net 9,122,000 vs 7,053,000
      Sales 193.2 mln vs 168.6 mln
      NOTE: 1986 period ended March One
  

"
training/6493	4	cocoa	"N.Y. COCOA TRADERS STILL CAUTIOUS ON ICCO
  New York cocoa traders reacted with
  caution to today's developments at the International Cocoa
  Organization talks in London, saying there is still time for
  negotiations to break down.
      ""I would be extremely cautious to go either long or short
  at this point,"" said Jack Ward, president of the cocoa trading
  firm Barretto Peat. ""If and when a final position comes out (of
  the ICCO talks) one will still have time to put on positions.
  The risk at the moment is not commensurate with the possible
  gain.""
      ICCO producer and consumer delegates this morning accepted
  the outlines of a compromise proposal on buffer stock rules as
  a basis for further negotiation. A smaller group of
  representatives is now charged with fleshing out the details.
      ""Market sentiment has reflected optimism, I would't put it
  any stronger than that,"" Ward said.
      ""It seems to put them slightly closer to an agreement...
  but one shouldn't forget how much they have to negotiate,"" said
  another trader of today's developments.
      Many dealers were sidelined coming into the negotiations
  and have remained so, traders said.
      ""The dealers have got historically small positions in
  outright terms,"" one trader said.
      Speculators have gone net long ""but only slightly so,"" he
  added.
      The recent price strength -- gains of about 52 dlrs the
  last two days -- has been due in large part to sterling's rally
  against the dollar and in the process has attracted a measure
  of origin selling, traders said.
  

"
training/6494	15	gnp	"REAGAN UPBEAT ABOUT LATEST GNP FIGURES
  President Reagan said the 1.1 pct
  U.S. economic growth rate during the final quarter of 1986
  ""wasn't all that bad.""
      The Commerce Department said the rate of growth of the
  Gross National Product in the October-December period was only
  slightly less than a preliminary estimate of 1.3 pct made
  earlier.
      At the same time, it said inflation, as measured by the GNP
  price deflator, rose by 0.7 pct during the period.
      Asked his reaction to the GNP report during a White House
  photo session, Reagan replied, ""It wasn't all that bad.""
  

"
training/6495	12	earn	"PENWEST LTD <PENW> 2ND QTR ENDS FEB 28 NET
  Shr 85 cts vs 24 cts
      Net 2,381,000 vs 754,000
      Revs 35.3 mln vs 32.6 mln
      Avg shrs 2,777,620 vs 3,161,603
      Six mths
      Shr 1.35 dlrs vs 44 cts
      Net 3,756,000 vs 1,388,000
      Revs 65.8 mln vs 64.3 mln
      Avg shrs 2,777,620 vs 3,161,603
  

"
training/6496	12	earn	"SIERRA SPRING WATER CO <WTR> 4TH QTR LOSS
  Shr loss 10 cts vs profit six cts
      Net loss 986,000 vs profit 576,000
      Rev 9.6 mln vs 9.1 mln
      Year
      Shr loss seven cts vs profit 27 cts
      Net loss 714,000 vs profit 2,299,000
      Rev 42.8 mln vs 34.6 mln
  

"
training/6497	0	acq	"GELCO <GEL> TO SELL CANADIAN COURIER UNIT
  Gelco Corp said it signed a letter
  of intent to sell its Canadian courier unit, Gelco Express Ltd,
  to Air Canada for about 54 mln dlrs (U.S.).
      It said consummation of the transaction depends on
  execution of a definitive agreement, which is expected in May.
      As part of its restructuring plan, Gelco had announced that
  it would sell four business units. Gelco Express Ltd was one of
  the companies scheduled for divestiture.
  

"
training/6498	0	acq	"SYNTHETECH <NZYM> ENDS SOUTHWEST PHOTO TALKS
  Synthetech Inc said it
  discontinued negotiations on acquiring Southwest Photo chem Inc
  of Pomona, Calif.
      The company cited ""irreconcilable differences"" in the
  financial structure of the deal.
      It said Southwest Photo proposed a significant change in
  terms outlined in the letter of intent signed last month.
  

"
training/6499	0	acq	"RANCO <RNI> HOLDERS APPROVE MERGER
  Ranco Inc said shareholders at a
  special meeting approved a merger into <Siebe PLC> for 40 dlrs
  per share.
  

"
training/65	12	earn	"FARMERS GROUP INC <FGRP> 4TH QTR NET
  Shr 80 cts vs 72 cts
      Net 55,513,000 vs 48,741,000
      Revs 290.9 mln vs 264.2 mln
      Year
      Shr 3.09 dlrs vs 2.72 dlrs
      Net 213,470,000 vs 184,649,000
      Revs 1.12 billion vs 992.9 mln
      Avg shrs 69,127,000 vs 68,004,000
  

"
training/6500	12	earn	"AMERICAN PHYSICIANS SERVICE <AMPH> 4TH NET
  Shr profit five cts vs profit two cts
      Net profit 268,000 vs profit 134,000
      Revs 6,951,000 vs 5,938,000
      12 mths
      Shr profit 14 cts vs loss 11 cts
      Net profit 801,000 vs loss 623,000
      Revs 24.6 mln vs 24.3 mln
      NOTE: full name of company is american physicians service
  group inc.
  

"
training/6502	0	acq	"AIR CANADA TO COMMENT ON GELCO<GEC> UNIT REPORT
  State-owned Air Canada said it will
  make a statement at 1100 EST concerning a published report that
  the airline has agreed to acquire Gelco Corp's Canadian unit,
  Gelco Express Ltd, an Air Canada spokesman said.
      The spokesman declined to comment on the Toronto Globe and
  Mail report when queried.
      The sale of Gelco Express, Canada's second largest courier
  service, is part of the parent company's strategy to repay 350
  mln U.S. dlrs of debt by the end of 1987, the report said,
  quoting a Gelco spokesman. The report did not disclose a price
  for the sale of Gelco's Canadian unit.
  

"
training/6503	12	earn	"PHILIP CROSBY <PCRO> SEES LOWER 4TH QTR RESULTS
  Philip Crosby Associates Inc
  said it expects its audited results for 1986's fourth quarter
  to be lower than its previously estimated 10 to 15 cts per
  share.
      Philip Crosby Jr, executive vice president, said normal
  accounting adjustments, as well as a review of the company's
  international operations due to a previously reported alleged
  embezzlement, resulted in the lower results.
      Philip Crosby reported fourth quarter 1985 results of 1.3
  mln dlrs, or 37 cts a share prior to an August 15 two-for-one
  stock split.
      Crosby said, however, he expects the company to report
  higher first quarter 1987 revenues than the 1986 first quarter
  revenues of 11.8 mln dlrs.
      Crosby said that tuition levels from the management
  consulting service company's courses this month are at the
  highest level in the company's history.
  

"
training/6504	12	earn	"GENZYME CORP <GENZ> 4TH QTR NET
  Shr profit three cts vs loss 44 cts
      Net profit 247,000 vs loss 2,410,000
      Revs 3,845,000 vs 3,264,000
      Avg shrs 8,743,000 vs 5,507,000
      Year
      Shr profit one ct vs loss 53 cts
      Net profit 41,300 vs loss 2,840,000
      Revs 13.0 vs 9,767,000
      Avg shrs 7,497,000 vs 5,384,000
      NOTE: 1985 4th qtr and year net includes two mln dlr loss
  for litigation settlement and 589,000 dlrs for write-off of
  goodwill.
  

"
training/6505	12	earn	"INFORMATION SOLUTIONS INC <ISOL> 1ST QTR JAN 31
  Shr two cts vs six cts
      Net 43,295 vs 147,724
      Revs 3,787,507 vs 4,000,019
  

"
training/6506	12	earn	"FAIRCHILD INDUSTRIES <FEN> SETS REGULAR PAYOUT
  Qtrly div five cts vs five cts
      Pay Apirl 10
      Record March 30
  

"
training/6507	12	earn	"ALFA LAVAL AB <ALFS.ST> 1986 YEAR
  Group profit after financial income and expenses 731 mln
      Crowns vs 651 mln
      Sales 10.15 billion crowns vs 10.05 billion
      Profit per share after full taxes - 31.80 crowns vs 30
      Crowns
      Proposed dividend - 11 crowns vs 10 crowns.
  

"
training/6509	12	earn	"SPECTRUM CONTROL INC <SPEC> SETS QUARTERLY
  Qtly div 1-3/4 cts vs 1-3/4 cts prior
      Pay April 15
      Record April One
  

"
training/6511	0	acq	"ICELAND TO PRIVATISE STATE BANK UTVEGSBANKI
  The Icelandic government said it will
  privatise the state-owned bank Utvegsbanki, the country's
  second largest. Parliament also granted an 800 mln crown cash
  infusion to ease cash flow problems that arose when the bank
  lost 600 mln crowns in a shipping firm bankruptcy two years
  ago.
      Utvegsbanki director Halldor Gudbjarnarson told Reuters the
  decision to privatise the bank was a relief and that foreign
  banks had already expressed interest in taking a share.
      A quarter of the one billion crown total share capital will
  be available to foreign investors, government officials said.
  

"
training/6514	12	earn	"GENOVESE DRUG STORES INC <SPEC> SETS QUARTERLY
  Qtly div five cts vs five cts prior
      Pay April 20
      Record April 13 
  

"
training/6520	12	earn	"ANIMED INC <VETS> 1ST QTR JAN 31 LOSS
  Shr loss six cts vs profit three cts
      Net loss 368,188 vs profit 149,334
      Revs 3,9i3,523 vs 4,129,240
  

"
training/6521	12	earn	"ANIMED <VETS> EXPECTS TO TURN PROFITABLE
  ANIMED Inc said it expects to
  return to profitability during the current year.
      Today it reported a loss for the first quarter ended in
  January of 368,188 dlrs compared with a 149,334 dlr profit a
  year before.
  

"
training/6522	12	earn	"CROWN AUTO INC <CRNI> 4TH QTR DEC 27 LOSS
  Shr loss 14 cts vs loss 31 cts
      Net loss 144,522 vs loss 334,890
      Revs 10,019,828 vs 9,021,835
      Year
      Shr loss 16 cts vs profit 10 cts
      Net loss 170,177 vs profit 105,090
      Revs 36.8 mln vs 36.1 mln
      Avg shrs 1,068,850 vs 1,074,624
      NOTE: 1985 period ended December 28
      1985 earnings include loss in each period from discontinued
  operations of 184,777 dlrs
  

"
training/6523	12	earn	"UNION VALLEY CORP <UVC> 4TH QTR NET
  Shr 20 cts vs 34 cts
      Net 797,000 vs 1,137,000
      Rev 22.2 mln vs 18.2 mln
      Avg shares 3,966,667 vs 3,366,667
      Year
      Shr 73 cts vs one dlr
      Net 2,625,000 vs 3,371,000
      Rev 69.6 mln vs 62.9 mln
      Avg shares 3,583,653 vs 3,366,667
      NOTE: 1986 includes extraordinary gain of 281,000 dlrs, or
  eight cts a share.
  

"
training/6524	12	earn	"GENERAL DEVICES INC <GDIC> YEAR NET
  Shr profit 48 cts vs loss 21 cts
      Net profit 1,308,503 vs loss 561,384
      Revs 56.0 mln vs 66.1 mln
      NOTE: 1986 net includes pretax gain 2,429,563 dlrs from
  sale of Worldwide Computer Services Inc subsidiary and 352,000
  dlr tax credit.
  

"
training/6525	12	earn	"DEUTSCHE BABCOCK TO INCREASE DIVIDEND IN 1986/87
  Deutsche Babcock AG
  <DBCG.F> will increase its dividend on results in the year
  ending September 30, 1987, chief executive Helmut Wiehn said.
      Wiehn told a news conference Deutsche Babcock would double
  the absolute amount it distributes to shareholders. This
  overall increase would also be due partly to an increase of
  nominal share capital by 100 mln marks to 350 mln marks.
      A higher dividend had been anticipated because Deutsche
  Babcock has said in the past that it will only raise capital
  when it can make a lasting improvement in the dividend.
  

"
training/6527	0	acq	"EXOVIR <XOVR> SELLS STOCK FOR 2.8 MLN DLRS
  Exovir Inc said it sold to an
  investor group led by Mark Hammer 200,000 shares of company
  common stock and warrants to purchase an additional 200,000
  shares.
      Exovir said the transaction increases the group's stake
  from 12.9 pct to 18.5 pct.
      The net proceeds to the company total 2.8 mln dlrs, the
  company said. The warrants are exerciseable over the next three
  years at 19.50 dlrs per share of common stock, according to
  Exovir.
  

"
training/6528	12	earn	"BRAD RAGAN INC <BRD> SETS QUARTERLY
  Qtly div three cts vs three cts prior
      Pay May 4
      Record April 3
  

"
training/6529	12	earn	"<BASTIAN INDUSTRIES INC> 2ND QTR JAN 31 LOSS
  Net loss 1,321,000 vs loss 1,397,000
      Sales 31.1 mln vs 29.2 mln
      1st half
      Net loss 94,000 vs loss 1,745,000
      Sales 63.0 mln vs 61.9 mln
      NOTE: Company recently went private.
      Latest quarter net includes 24,000 dlr tax credit.
      Current half net includes gain 2,041,000 dlrs pretax from
  termination of pension plan.
  

"
training/6532	12	earn	"COMMERCIAL NATIONAL CORP <CNCL> CUTS QUARTERLY
  Commercial National Corp said
  it cut its quarterly dividend to 15 cts per share from 25 cts
  due to current expectations for 1987 earnings.
      The company said the dividend is payable April 10 to
  holders of record March 31.
  

"
training/6533	12	earn	"TIMBERLAND INDUSTRIES INC <TIMB> 4TH QTR NET
  Shr 14 cts vs 22 cts
      Net 188,000 vs 307,000
      Sales 14.6 mln vs 12.1 mln
      Year
      Shr 44 cts vs 63 cts
      Net 600,000 vs 852,000
      Sales 51.0 mln vs 45.7 mln
  

"
training/6534	12	earn	"<MUNICIPAL FINANCIAL CORP> 1ST QTR JAN 31 NET
  Shr 34 cts vs 22 cts
      Net 1,280,185 vs 875,692
      Revs 19.0 mln vs 15.8 mln
      Assets 585.6 mln vs 469.1 mln
  

"
training/6537	0	acq	"PEAT MARWICK AND NOLAN NORTON TO MERGE
  <Peat Marwick>, an accounting and
  management consulting firm, and <Nolan, Norton and Co>, an
  information and technology planning concern, said they have
  merged.
      The companies said with the merger Nolan now will be known
  as Nolan, Norton and Co-partners, the information technology
  arm of Peat Marwick.
      Also as part of the merger, Nolan's 21 principals have
  become Peat Marwick partners, the companies said.
  

"
training/6538	0	acq	"TRUS JOIST <TJCO> TO ACQUIRE CANADIAN FIRM
  Trus Joist Corp said it agreed to
  purchase Dashwood Industries Ltd, a Canadian wood window and
  patio door manufacturer, for an undisclosed amount of cash.
      Trus Joist said it expects to close the transaction before
  June 30.
  

"
training/6539	12	earn	"KINDER-CARE <KNDR> SEES HIGHER EARNINGS IN 1987
  Kinder-Care Inc projected its
  1987 earnings to be 44 mln dlrs.
      Richard Grassgreen, president of the company, said earnings
  per share are expected to be between 97 cts and one dlr in
  comparison to 75 cts earnings per share for the fiscal year
  ended August 29, 1986, and 80 cts for the trailing 12 months
  ended November 1986.
      Greengrass said this represents an earnings per share
  increase of approximately 25 to 30 pct.
      The company said it changed its fiscal year end from August
  31 to December 31.
  

"
training/6540	12	earn	"ROBBINS AND MYERS INC <ROBN> 2ND QTR FEB 28 NET
  Shr profit 11 cts vs loss 1.45 dlrs
      Net profit 267,000 vs loss 3,458,000
      Sales 23.6 mln vs 23.0 mln
      First half
      Shr loss 27 cts vs loss 1.91 dlrs
      Net loss 633,000 vs loss 4,548,000
      Sales 46.2 mln vs 49.7 mln
      Avg shrs 2,382,000 vs 2,381,000
      Backlog 26.1 mln vs 36.0 mln
  

"
training/6541	43	ship	"ECONOMIC SPOTLIGHT - JAPAN SHIPBUILDERS RECOVERY
  Japan's ailing shipbuilding industry
  plans to refloat itself in a few years from the twin rocks of
  recession and a strong yen through capacity and workforce cuts
  and greater use of computers, industry sources told Reuters.
      The salvage measures, which include a government-sponsored
  rationalisation program, are aimed at clawing back some of the
  market which Japan, the world leader, has lost to South Korea
  through currency and labour cost disadvantages, they said.
      The sources said South Korea's yards are now some 35 pct
  more competitive than Japan's due to such factors.
      The government plans to help the industry shed 20 pct of
  current capacity within two years through mergers and
  regrouping under legislation put before Parliament this month
  and likely to be approved by May or June, the sources said.
      They said from September a semi-government body will assure
  repayment of about 50 billion yen in liabilities incurred
  through job losses and the sale of excess capacity, and another
  30 billion for buying unneeded land and equipment.
      Last Friday, the Shipbuilders Association of Japan applied
  to the Fair Trade Commission to form a cartel to slash tonnage
  built to about half of total capacity for a year from April 1.
      The commission has held several hearings with the industry
  and approval should be given this month, the sources said.
      A clampdown on output over one or two years combined with a
  planned cost-cutting and streamlining program and state support
  should help Japanese yards recover their international
  competitiveness, they said.
      Under the cartel proposals, 33 yards each capable of
  building ships of more than 10,000 gross tonnes would build a
  maximum of three mln compensated gross registered tonnes (CGRT)
  in 1987/88. This is about half of total capacity.
      This will ease the cut-throat competition which forced most
  yards to sign orders below cost, the sources said.
      The industry is likely to seek to renew the cartel for
  1988/89 as the Transport Ministry sees new orders falling to
  3.1 mln CGRT in 1988/89 from 3.3 mln in 1987/88, they said.
      The rationalisation program includes a cut of 20,000 to
  30,000 of the estimated 100,000 workers in the industry between
  1986 and 1989.
      Japanese yards topped world order books at end-December,
  followed by South Korea and Taiwan, according to Lloyd's
  Register of Shipping.
      However, falling orders and declining international
  competitiveness due to the strong yen led to heavy losses in
  the industry, the sources said.
      Four of Japan's six major heavy machinery and shipbuilding
  companies reported current deficits in the first half of the
  year to March 31 and five of them are expected to report
  current deficits for the whole of 1986/7, they said.
      The shipbuilding companies' streamlining program will raise
  productivity to compete with South Korean yards which have also
  been hard hit by declining orders and low ship prices in recnt
  years, the sources said.
      In Japan, no single yard leads the industry, resulting in
  fierce competition and slow progress in reducing capacity. The
  two largest firms -- Mitsubishi Heavy Industries Ltd <MITH.T>
  and Ishikawajima-Harima Heavy Industries Co Ltd <JIMA.T> --
  account for only 30 pct of ships built, the sources said.
      ""World shipowners hope Japanese yards can manage to ride out
  the recession as their technology is the best in the world,""
  said an official at a major Japanese shipping company.
      The Japanese merchant fleet, the largest after Liberia's,
  has no intention of shifting to other countries to buy ships,
  and this will encourage Japanese yards, the sources said.
  

"
training/6542	12	earn	"CONT'L ILLINOIS SAYS BRAZIL MORATORIUM COULD CUT 1ST QTR NET BY 10 MLN DLRS

  CONT'L ILLINOIS SAYS BRAZIL MORATORIUM COULD CUT 1ST QTR NET BY 10 MLN DLRS
  

"
training/6546	1	alum	"SURALCO BAUXITE REFINERY REOPENED
  The 1.4 mln tonnes capacity bauxite
  refinery at Paranam in Surinam, which closed at the end of
  January after being sabotaged by anti-government rebels, has
  now reopened, a spokesman for Dutch metals company Billiton
  said.
      The refinery is run by Suralco, jointly owned by the U.S.
  Company Alcoa and the Dutch company Billiton, which is a
  wholly-owned subsidiary of Royal Dutch Shell.
      Production of alumina at the refinery is currently running
  at around 3,000 tonnes a day and is expected to get back to
  full capacity of 4,000 tonnes within a week, the Billiton
  spokesman added.
      The refinery was forced to close at the end of January when
  rebels cut the main power line.
      Earlier, the refinery had had to import some supplies of
  bauxite, as rebel activity shut off supplies from Alcoa's mine
  at Moengo in the east of the country.
      Billiton's mine at Onverdacht, between Paranam and the
  capital Paramaribo, is still working but Moengo remains closed
  and the refinery is continuing to import some bauxite, the
  Billiton spokesman said.
  

"
training/6547	12	earn	"CONT'L ILLINOIS<CIL> SAYS MORATORIUM MAY CUT NET
  Continental Illinois Corp said if the
  Brazilian debt moratorium remains in effect, it may place its
  medium and long term loans to Brazil on a cash basis.
      This would increase non-performing loans by about 380 mln
  dlrs and reduce income before taxes and net income by about 10
  mln dlrs in the 1987 first quarter and 35 mln dlrs for the full
  year, company officials told a press briefing.
      Loans to Brazil at 1986 year end totaled 474 mln dlrs,
  according to the annual report released at the briefing.
      In February 1987, the Brazilian government, citing a
  declining level of foreign currency reserves, declared a
  moratorium on the payment of interest on the country's medium
  and long term debt obligations.
      Continental said it may take similar action on its loans to
  Ecuador, which total 25 mln dlrs. This would reduce 1987
  pre-tax and after-tax net by 800,000 dlrs in the first quarter,
  and by two mln dlrs for the full year, the bank-holding
  company's officers said.
  

"
training/6549	12	earn	"CYPRESS SAVINGS ASSOCIATION <CYPSA> 4TH QTR LOSS
  Shr loss 3.26 dlrs vs loss 2.75 dlrs
      Net loss 3,479,744 vs 2,939,619
      Year
      Shr loss 5.58 dlrs vs loss 2.20 dlrs
      Net loss 5,964,454 vs loss 2,341,818
      NOTE: Net includes tax credits of 108,798 dlrs vs 1,445,275
  dlrs in quarter and 838,690 dlrs vs 1,124,805 dlrs in year.
  

"
training/6551	12	earn	"ZENITH LABORATORIES INC <ZEN> 4TH QTR LOSS
  Shr loss 24 cts vs profit 23 cts
      Net loss 5,106,000 vs profit 5,120,000
      Sales 11.4 mln vs 20.4 mln
      Year
      Shr loss 19 cts vs profit 73 cts
      Net loss 4,062,000 vs profit 15.7 mln
      Sales 50.4 mln vs 80.5 mln
      Avg shrs 21.7 mln vs 21.6 mln
      NOTE: 1986 net includes tax credits of 2,742,000 dlrs in
  quarter and 5,903,000 dlrs in year.
  

"
training/6552	12	earn	"CERADYNE INC <CRDN> 4TH QTR LOSS
  Shr loss 22 cts vs profit 10 cts
      Net loss 1,056,000 vs profit 427,000
      Sales 5,440,000 vs 4,982,000
      Avg shrs 5,229,542 vs 4,435,691
      Year
      Shr profit one ct vs profit 26 cts
      Net profit 29,000 vs profit 993,000
      Sales 19.1 mln vs 16.8 mln
      Avg shrs 4,947,632 vs 3,780,543
  

"
training/6556	0	acq	"CHEMCLEAR INC <CMCL> TERMINATES MERGER TALKS
  ChemClear Inc said it terminated
  merger talks with Environmental Systems Co <ESC>.
      ChemClear said it was unable to reach agreement with
  Environmental, which was considering buying ChemClear.
      ChemClear said it is considering other options, including
  other business combinations and financing through commercial
  lending and other financial institutions for internal
  expansion.
  

"
training/6559	12	earn	"VISTA CHEMICAL <VC> SEES YEAR NET HIGHER
  Vista Chemical co said it expects
  earnings for the year ending September 30 to be up
  substantially, but extensive planned downtime at two of its
  plants is expected to affect third quarter results.
      It said it is looking at a number of financial options for
  increasing shareholder value but did not elaborate.
      The company earned 30.2 mln dlrs or 1.66 dlrs per share
  before an extraordinary item in fiscal 1986.
      Vista said sales for the year are expected to be
  ""comparable"" to fiscal 1986's 550.1 mln dlrs.
  

"
training/6561	37	pet-chem	"ARISTECH <ARS> TO INCREASE PRODUCTION CAPACITY
  Aristech Chemical Corp said it plans
  to increase production capacity for three of its key product
  lines: polypropylene, bisphenol-A and phenol.
      Aristech said the polypropylene expansion involves a major
  modernization of its Neal, W. Va., polypropylene plant.
      When completed, Aristech said, the project would increase
  the plant's annual production to 264 mln pounds from 165 mln
  pounds now.
      Aristech said the expansion will increase the company's
  total polypropylene, a thermoplastic resin, capacity to 600 mln
  pounds annually from 515 mln pounds now.
      Aristech also said it will expand bisphenol-A and phenol
  production at its Haverhill, Ohio plant.
      It said the project will raise its bisphenol-A, which is
  used to make polycarbonate and epoxy reins, capacity to 192 mln
  pounds per year from 165 mln pounds now.
      Aristech added that phenol production will increase to 610
  mln pounds per year from 585 mln pounds a year now.
      Phenol is used to make phenolic resins and adhesives for
  engineering plastics, the company said.
  

"
training/6562	0	acq	"CAMCO SIGNS LETTER OF INTENT FOR REED TOOL
  Pearson Plc <PSON.L> said <Camco Inc>,
  its 65.4 pct owned U.S. Oil and oil services subsidiary, signed
  a letter of intent covering Camco's purchase from Baker
  International Corp <BKO.N> of substantially all the business of
  <Reed Tool Co>.
      Reed, a leading manufacturer of drilling bits, had sales
  for 1986 of around 76 mln dlrs.
      The transaction is subject to negotiation of a definitive
  agreement approved by the Baker and Camco boards and by the
  U.S. Department of Justice, with which talks are already taking
  place concerning the combination of Baker and Hughes Tool.
      Baker International has proposed a merger with Hughes Tool
  which could create a 1.2 billion dlr oilfield services company.
      Pearson shares were down 4p to 567 after the announcement.
  

"
training/6568	12	earn	"FIRST CONNECTICUT <FCO> SETS QUARTERLY PAYOUT
  Qtly div 25 cts vs 25 cts prior
      Pay April 24
      Record April Three
      NOTE: First Connecticut Small Business Investment Co.
  

"
training/6572	12	earn	"STONE AND WEBSTER INC <SW> SETS QUARTERLY
  Qtly div 40 cts vs 40 cts prior
      Pay May 15
      Record April One
  

"
training/6573	12	earn	"CREDO PETROLEUM CORP <CRED> 1ST QTR JAN 31 NET
  Shr profit one ct vs loss 27 cts
      Net profit 22,000 vs loss 763,000
      Revs 161,000 vs 316,000
      NOTE: Prior year net includes 1,209,000 dlr writedown of
  oil properites and 314,000 dlr tax credit.
  

"
training/6575	12	earn	"ATT <T> SETS PAYOUT FOR REGULAR DIVIDEND
  Qtrly div 30 cts vs 30 cts prior
      Pay May One
      Record March 31
  

"
training/6576	32	money-fx	"GULF ARAB STATES MOVE TOWARDS ECONOMIC INTEGRATION
  Finance and economy ministers of the
  six-nation Gulf Cooperation Council (GCC) have ended talks
  after adopting resolutions and recommendations aimed at
  boosting economic integration.
      But the ministers from Bahrain, Kuwait, Oman, Qatar, Saudi
  Arabia and the United Arab Emirates (UAE) did not endorse a
  resolution on a common currency exchange rate system.
      The UAE's Minister of State for Finance and Industry, Ahmed
  Humaid al-Tayer, told reporters after the two-day talks that
  the ministers referred the issue back to GCC central bank
  governors for further discussion.
      He said the governors, who agreed in January on a proposed
  denominator on which the six currencies should be based, were
  asked to resubmit the recommendation before July, when finance
  ministers were due to meet in Saudi Arabia.
      Bankers said the central bank governors would meet soon to
  discuss the issue, adding there was a possibility that a new
  system could be submitted for final approval to a GCC summit
  conference scheduled to be held in Saudi Arabia late this year.
      The denominator approved by the governors has not been made
  public, but banking sources said it could be similar to the
  European Monetary System (EMS).
      Tayer said the ministers agreed in principle to allow GCC
  citizens to set up businesses and work in any member state.
  They also agreed in principle on a recommendation for citizens
  to buy and own shares of GCC shareholding firms.
      He said the ministers discussed a report on imported goods
  containing radiation caused by last year's Chernobyl nuclear
  disaster in the Soviet Union, and agreed all products with
  excessive levels should be returned to the country of origin.
  

"
training/6577	12	earn	"HARTFORD STEAM <HBOL> SETS SPLIT, DIVIDEND HIKE
  Hartford Steam Boiler
  Inspection and Insurance Co said its board declared a
  two-for-one stock split and raised the quarterly dividend to 25
  cts postsplit from 20 cts, both payable April 30 to holders of
  record April 10.
  

"
training/6578	10	crude	"DOE SECRETARY FAVORS HIGHER SPR FILL RATE
  Energy Secretary John Herrington
  said he believes the Reagan Administration will review its
  decision to cut the fill rate of the Strategic Petroleum
  Reserve because of a department report issued yesterday warning
  of growing U.S. dependence on oil imports.
      ""As part of this study, I think the Administration will
  take the fill rate under review,"" Herrington said at a House
  Energy subcommittee hearing.
      The Administration has proposed cutting the fill rate from
  75,000 barrels of oil per day to 35,000 bpd in fiscal year 1988
  to save money.
      ""My personal feeling is that is too low. I favor the
  maximum fill rate (of 100,000 bpd),"" Herrington said.
  

"
training/6581	12	earn	"CONT'L ILLINOIS <CIL> SEES IMPACT FROM TAX REFORM
  The Tax Reform Act of 1986 will have a
  substantial impact on Continental Illinois Corp, the company's
  annual report says.
      One provision repeals the reserve method of providing for
  bad debts for banks with over 500 mln dlrs in assets and
  requires that tax loan loss reserves taken in the past, be
  restored to current earnings status, it said.
      As a result, those amounts will be subject to federal
  taxes, it said. No amounts were disclosed.
      Continental said it decided to deal with this change ""in
  its entirety"" in 1987.
      Tax reform will also change foreign tax credit limitation
  rules, and although the impact will not be material in the
  short term, the Act will require, for the first time, that
  income from certain foreign subsidiaries be taxable, the report
  said.
      The new legislation also reduces existing tax credits by
  17.5 pct in 1987 and 35 pct in 1988 and later years, it said.
      Continental's investment tax credits carryforwards of 12.8
  mln dlrs at 1986 year end will be reduced to 10.6 mln dlrs in
  1987 and, if not used in 1987, to 8.3 mln dlrs in 1988, it
  said.
      Another provision of the Act could result in limiting the
  use of tax credits if a change in ownership of Continental
  takes place, the report said.
      This could happen if the Federal Deposit Insurance Corp
  sells enough shares of Continental's common stock over the next
  two years to cause a change in ownership, it noted.
      In December, the FDIC sold about one-third of its junior
  convertible preference stock in Continental to the public in
  the form of common stock.
  

"
training/6583	12	earn	"OESTERREICHISCHE LAENDERBANK AG [OLBV.VI] 1986
  Parent bank net profit 181.5 mln schillings vs 135.1 mln
      Parent bank balance sheet total 197.7 billion vs 182.2
  billion
      Parent bank cash flow 877.4 mln vs 715.5 mln
      Dividend 12 pct vs 10 pct on nominal share capital of 1.5
  billion vs 1.35 billion.
      Cons banking gp balance sheet total 239.7 billion vs 227.3
  billion.
  

"
training/6584	12	earn	"NL INDUSTRIES INC 4TH QTR SHR LOSS 28 CTS VS PROFIT SEVEN CTS

  NL INDUSTRIES INC 4TH QTR SHR LOSS 28 CTS VS PROFIT SEVEN CTS
  

"
training/6586	12	earn	"FHLMC <FREPR> 4TH QTR NET
  net 65 mln vs 57 mln
      year
      shr preferred 14.87 dlrs vs 12.51 dlrs
      shr common 236.77 dlrs vs 197.40 dlrs
      net 247 mln vs 208 mln
      NOTE: Federal Home Loan Mortgage Corp. FHLMC had 14,998,210
  preferred shares outstanding in 1986 vs 14,998,379 in 1985,
  owned by about 3,000 member institutions of the 12 Federal Home
  Loan Banks. FHLMC also has 100,000 shares of common, owned by
  the Home Loan Banks.
  

"
training/6590	12	earn	"HRE PROPERTIES <HRE> CUTS QUARTERLY
  HRE Properties said its board cut the
  quarterly dividend to 45 cts per share from 57 cts, payable
  April 20 to holders of record March 31.
      HRE said the board reduced the dividend due to the
  continuing impact of overbuilding in its office building
  markets and its inability to replace the income from high
  yielding investments that have matured.
      HRE said in the first quarter ended January 31 it earned 38
  cts per share, down from 47 cts a year before.
  

"
training/6591	12	earn	"HORN AND HARDART CO <HOR> 4TH QTR NET
  Shr 1.27 dlrs vs two cts
      Net 18.8 mln vs 357,000
      Revs 126.0 mln vs 98.5 mln
      Avg shrs 14.7 mln vs 12.0 mln
      Year
      Shr loss 2.17 dlrs vs loss 65 cts
      Net loss 28.4 mln vs loss 7,225,000
      Revs 405.0 mln vs 356.2 mln
      Avg shrs 13.1 mln vs 12.2 mln
      NOTE: 1986 net both periods includes 15.0 mln dlr gain from
  sale of real estate.
      1986 year net includes charge 34.0 mln dlrs from
  restructuring of Bojangles' restaurant unit and charge
  4,090,000 dlrs from exchange of notes for common stock.
      1985 year net includes charge 6,900,000 dlrs related to
  foodservice unit and gain 2,400,000 dlrs from sale of
  marketable securities.
  

"
training/6592	12	earn	"NL INDUSTRIES INC <NL> 4TH QTR DEC 31 LOSS
  Shr loss 28 cts vs profit seven cts
      Net loss 10.7 mln vs profit 5,188,000
      Sales 119.3 mln vs 216.1 mln
      Year
      Shr loss 5.80 dlrs vs profit 30 cts
      Net loss 324.2 mln vs profit 21.5 mln
      Sales 549.3 mln vs 859.1 mln
      NOTE: Share after preferred dividends.
      NOTE: In July 1986, company set a dividend on Series C
  preferred, effecting a spin-off of its chemical operations.
  They unit has been accounted for as a discontinued operation.
      Fourth quarter and full year 1986 reflect non-recurring
  charges from change in control at company. Fourth quarter 1986
  also reflects writeoff of 20.7 mln dlrs of goodwill.
      Full year 1986 includes a charge of 224.6 mln dlrs taken in
  the second quarter for asset revaluation and restructuring
  costs.
      In fourth quarter 1986, reversion of pension plan surplus
  assets completed. Fourth quarter and full year 1986 includes
  net income of 81.5 mln dlrs or 1.34 dlrs a share.
      Company also gained 2.4 mln dlrs or four cts a share in
  fourth quarter 1986, and 15.9 mln dlrs or 26 cts a share in
  full year 1986, from adoption of accounting rule SFAS 87.
      In fourth quarter 1986, company also adjusted carrying
  value of non-chemicals discontinued operations assets leading
  to charge of 15.6 mln dlrs.
  

"
training/6594	12	earn	"(CORRECTED) - UNIVERSITY PATENTS INC<UPT> 2ND QTR
  Qtr ends Jan 31
      Oper shr loss 24 cts vs loss 19 cts
      Oper loss 1,096,332 vs loss 794,711
      Revs 803,085 vs 442,420
      Six mths
      Oper shr loss 53 cts vs loss 43 cts
      Oper loss 2,375,844 vs loss 1,741,437
      Revs 1,471,257 vs 768,683
      NOTE: Prior year excludes losses from discontinued
  operations of 13 cts per share in the quarter and 17 cts per
  share in the year. (Corrects March 17 item to show losses
  instead of profits. Also corrects quarter loss from
  discontinued operations.)
  

"
training/6595	5	coffee	"N.Y. TRADERS SAY LATIN COFFEE PRODUCERS TO MEET
  Several traders and analysts here told
  Reuters Latin American coffee producers will meet this weekend
  in Managua, Nicaragua. The purpose, they said, is to review the
  breakdown of International Coffee Organization quota talks last
  month and try to formulate a unified position ahead of possible
  future negotiations.
      Two traders, who asked not to be named, said separately
  Brazil is expected to attend the meeting along with most or all
  of the Central American producers. The Central American
  attendees would include Costa Rica and Honduras, who were part
  of a minority producer group at the February talks that opposed
  Brazil's position, they said.
      Another source, also requesting anonymity, said Colombia
  probably will not attend.
  

"
training/6597	12	earn	"CRAFTMATIC/CONTOUR <CRCC> SEES HIGHER PROFITS
  Craftmatic/Contour Industries Inc
  said it would report substantial profits for the first quarter
  of fiscal 1987 ending March 31.
      The company recorded net income of 732,000 dlrs, or 22 cts
  per share, on revenues of 10.2 mln dlrs.
  

"
training/6598	10	crude	"U.S. OIL TAX BREAK PROPOSAL TO BE EXAMINED
  The White House said a proposal for
  a tax break for the oil industry would undergo review.
      Spokesman Marlin Fitzwater said President Reagan had no
  position on recommendations submitted by Energy Secretary John
  Herrington to encourage investment in the hard hit domestic oil
  industry.
      But Fitzwater noted that Reagan did have a fundamental
  objection to tax rises and special tax breaks.
      He said that even though Herrington's recommendation did
  not agree with existing policy, ""We'll take a look at it.""
      The review will be undertaken by the president's Domestic
  Policy Council.
      Herrington's proposal was reported by the Washington Post
  to have been made in a letter to Reagan submitting a study that
  found the United States would be importing half of its oil by
  the 1990s, threatening U.S. national security.
  

"
training/66	12	earn	"POTOMAC ELECTRIC POWER CO <POM> JAN NET
  Shr 27 cts vs 29 cts
      Net 13,555,000 vs 14,635,000
      Revs 104,606,000 vs 110,311,000
      Avg shrs 47.2 mln vs 47.1 mln
      12 mths
      Shr 4.10 dlrs vs 3.66 dlrs
      Net 226,653,000 vs 186,790,000
      Revs 1.4 billion vs 1.3 billion
      Avg shr 47.1 mln vs 47.1 mln
     
      NOTE: latest 12 mths net includes gain 46 cts per share for
  sale of Virginia service territory to Dominion Resources Inc
  <D>.
  

"
training/6601	12	earn	"WESTERN SAVINGS AND LOAN <WSL> 4TH QTR LOSS
  Shr loss 48 cts vs profit 77 cts
      Net loss 3,923,000 vs profit 11,551,000
      Year
      Shr profit 1.80 dlrs vs profit 2.32 dlrs
      Net profit 30,171,000 vs profit 36,667,000
      Loans 3.38 billion vs 3.17 billion
      Deposits 3.81 billion vs 3.28 billion
      Assets 5.55 billion vs 4.78 billion
      Note: Full name Western Savings and Loan Association.
  

"
training/6603	26	jobs	"FRANCE ANNOUNCES PLAN TO BOOST EMPLOYMENT
  The government announced a three billion
  franc program to combat long-term unemployment amid speculation
  among political and economic analysts that it is positioning
  itself for a period of economic reflation.
      The package presented to the cabinet of Prime Minister
  Jacques Chirac by Social Affairs and Labour Minister Philippe
  Seguin today is to be financed out of a 7.5 billion franc
  contingency fund announced on February 25.
      Finance Minister Edouard Balladur previously ruled out a
  reflationary program.
      Long-term unemployment, defined as being out of work for
  more than one year, affects about 830,000 people or one third
  of French unemployed, government figures show.
      The main measures of the employment program give employers
  financial incentives to offer short-term work contracts of at
  least two years and stress retraining to help the long-term
  unemployed return to the labour market.
      Training subsidies and exemptions from social security
  contributions are the main incentives for employers.
      ""Companies tell us that we have to give them a strong
  incentive to take on people who have fallen out of the labour
  market and that's why the proposals...Are costly,"" an aide to
  Seguin said.
      The analysts said speculation the government is considering
  a reflationary program was sparked by Chirac spokesman Denis
  Baudouin, who said yesterday that ministers were generally
  agreed on the desirability of relaunching the economy.
      He appeared to contradict statements by Balladur ruling out
  economic stimulation despite the government's revision of its
  1987 growth forecast to about 2.0 pct from 2.8.
      Finance ministry officials later clarified Baudouin's
  remarks, saying there was no question of any move to stimulate
  the economy through a boost to consumer spending although
  government policy allowed for increased industrial investment
  from the proceeds of France's five-year privatisation plan.
      The 1987 budget allowed for 30 billion francs in revenue
  from privatisation, to be split between repaying national debt
  and providing state enterprises with fresh capital.
      Some political analysts said Baudouin's comments possibly
  reflect widening differences within the RPR-UDF coalition on
  social issues ahead of next year's presidential elections.
       Divisions began to show last December, when a wave of
  strikes led by transport workers paralysed the country and
  drove the government into a new mood of conciliation with
  labour.
       Officials said that after the success of the privatisation
  of Cie de Saint Gobain <SGEP.PA> and Cie Financiere de Paribas
  <PARI.PA> the government had decided to speed up its five-year
  privatisation program with the aim of completing a third of it
  this year, ahead of the presidential elections expected in
  1988.
      The accelerated program could provide additional unbudgeted
  revenue to boost industrial and research investment and
  spending on infrastructure such as the national motorway
  network.
     The government also today revived a proposal, blocked last
  year by Socialist president Francois Mitterrand, to encourage
  more flexible working hours, which it says will boost jobs by
  improving the competitiveness of French industry.
      The proposals allowing night-shift work by women and
  variations in the standard 39-hour working week are to be put
  to parliament as a self-contained draft bill after being vetoed
  for procedural reasons by Mitterrand and later the Council of
  State.
  

"
training/6604	0	acq	"AIR CANADA TO ACQUIRE CALGARY COURIER COMPANY
  Air Canada, the state-owned airline,
  said it signed a letter of intent to acquire 65 pct of EMS
  Corp, a Calgary-based messenger service which operates in
  Western Canada and the U.S..
      Gelco Corp (GEL) earlier said Air Canada agreed to buy its
  Canadian Gelco Express Ltd unit for 54 mln U.S. dlrs.
      Air Canada said the acquisitions will complement its main
  cargo business. It said it expects the courier market to grow
  by about 25 to 30 pct a year.
  

"
training/6607	12	earn	"MAY DEPARTMENT STORES CO RAISES DIVIDEND TO 28-1/2 CTS FROM 26 CTS A SHARE

  MAY DEPARTMENT STORES CO RAISES DIVIDEND TO 28-1/2 CTS FROM 26 CTS A SHARE
  

"
training/6609	12	earn	"HUNT MANUFACTURING CO <HUN> 1ST QTR NET
  Ended March 1  
      Shr 34 cts vs 27 cts
      Net 2,405,000 vs 1,908,000
      Revs 33.5 mln vs 32.6 mln
      Avg shrs 7,114,000 vs 7,075,000
  

"
training/6611	12	earn	"MAY DEPARTMENT STORES CO 4TH QTR SHR 1.38 DLRS VS 1.24 DLRS

  MAY DEPARTMENT STORES CO 4TH QTR SHR 1.38 DLRS VS 1.24 DLRS
  

"
training/6612	12	earn	"FIRST AMERICAN <FIAMA> SEES GAIN FROM SALE
  First American Bank and
  Trust Co said its 88 pct owned Associated Mortgage Investors
  <AMIMS> subsidiary has sold its New England operations for
  about 2,100,000 dlrs in cash and 1,300,000 dlrs in stock,
  resulting in a first quarter gain for First American of about
  1,200,000 dlrs after tax.
      The company said the sale will complete Associated's
  withdrawal from the general contracting business.
  

"
training/6616	0	acq	"FINANCIAL SECURITY <FSSLA> TO SELL BRANCH
  Financial Security Savings
  and Loan Association said it has agreed to sell its Sunrise,
  Fla., branch to Fortune Financial Group Inc <FORF> of
  Clearwater, Fla., for a ""substantial profit,"" subject to
  regulatory approval.
      Terms were not disclosed.
  

"
training/6619	33	money-supply	"ITALY M-2 UP 2.8 PCT IN 3 MONTHS TO END JANUARY
  Italian M-2 money supply rose a
  provisional 2.8 pct, seasonally adjusted, in the three months
  to end January 1987, the Bank of Italy said.
      The bank said M-2, which measures notes and coins in
  circulation plus bank and post office deposit accounts, fell to
  a provisional 609,457 billion lire in January from a downwards
  revised but still provisional 615,307 billion in December 1986.
      The provisional year-on-year rise in January was 10.2 pct,
  compared with a downward revised and provisional 9.4 pct in
  December.
      M-2A, similar to M-2 but excluding certificates of deposit
  and including proceeds from bank repurchase operations, rose a
  provisional 2.0 pct, seasonally adjusted, over the three months
  to end January 1987.
      The bank said M-2A totalled a provisional 583,806 billion
  lire at end January against a downwards revised and still
  provisional 593,827 billion in December 1986.
      Year-on-year, M-2A increased by a provisional 8.4 pct in
  January, compared with a downwards revised and provisional 8.1
  pct in December.
  

"
training/6620	12	earn	"GOLDEN ENTERPRISES INC <GLDC> 3RD QTR FEB 28 NET
  Shr 15 cts vs nine cts
      Net 2,002,261 vs 1,168,638
      Revs 29.2 mln vs 29.3 mln
      Nine mths
      Shr 49 cts vs 36 cts
      Net 6,404,536 vs 4,623,295
      Revs 92.2 mln vs 88.2 mln
  

"
training/6621	15	gnp	"GERMAN RESEARCH INSTITUTE LOWERS GROWTH FORECAST
  The DIW economic research institute
  said West German economic growth in 1987 is unlikely to reach
  the 1.5 pct rate it had forecast earlier this year.
      The institute, whose forecasts are more pessimistic than
  those of the other four leading German institutes, said the
  economy had passed its peak in the summer of 1986, and its
  prospects had dimmed significantly since the autumn.
      The DIW repeated earlier predictions that gross national
  product (GNP) in the first quarter of 1987 would contract in
  real, seasonally adjusted terms against the weak final quarter
  of last year.
  

"
training/6622	12	earn	"MORRISON KNUDSEN <MRN> SEES YEAR NET FALLING
  Morrison Knudsen Corp said its
  earnings for 1987 are likely to be lower than those for 1986
  due to lower than expected growth in engineering and
  construction and a previously-predicted decline in earnings of
  its National Steel and Shipbuilding unit.
      The company earned 39.4 mln dlrs in 1986, including pretax
  gains of 11.5 mln dlrs from pension income and 7,400,000 dlrs
  from the settlement of vested pension obligations, down from
  41.5 mln dlrs in 1985.
      It said ""Lower than expected levels of new work booked in
  the last quarter of 1986 and the first two-plus months of this
  year have delayed the expected growth in the engineering and
  construction area.""  The company said it will remain profitable
  in 1987 and results should strengthen as the year progresses. 
  It attributed the decline in new work to more stringent bidding
  standards and a competitive market.
  

"
training/6623	31	meal-feed	"U.S. EXPORT BONUS POULTRY FEED FOR NORTH YEMEN
  The Commodity Credit Corporation
  (CCC) accepted a bid for an export bonus to cover the sale of
  7,000 tonnes of mixed poultry feed to North Yemen, the U.S.
  Agriculture Department said.
      The department said the feed is for delivery during April.
      As announced earlier the bonus was 90.00 dlrs per tonne,
  made to The Pillsbury Company and will be paid in the form of
  commodities from CCC stocks.
       An additional 143,000 tonnes of mixed poultry feed are
  still available to North Yemen under the Export Enhancement
  Program announced April 14, 1986, it said.
  

"
training/6629	12	earn	"MAY DEPARTMENT STORES CO <MA> RAISES DIVIDEND
  Qtly div 28-1/2 cts vs 26 cts previously
      Pay June 15
      Record June One
  

"
training/6630	0	acq	"GENCORP <GY> NAMES FINANCIAL ADVISERS
  GenCorp Inc plans to use First Boston
  Corp and Kidder, Peabody and Co as financial advisers on a
  tender offer for the company by General Partners, a GenCorp
  spokesman said.
      The spokesman, in response to questions from Reuters, said
  the company does not yet have a comment on the 100 dlr per
  share tender offer, launched by the partners today.
      First Boston and Kidder have been advisers to GenCorp in
  the past, he said.
      General Partners is comprised of investors Wagner and Brown
  and AFG Industries Inc, a glass manufacturer.
  

"
training/6632	5	coffee	"LATIN COFFEE MEETING TO BE HELD IN MANAGUA
  Representatives from Brazil, Colombia,
  Mexico and Nicaragua will meet here Friday to discuss the
  economic impact of falling coffee prices, a Nicaraguan official
  announced.
      Vice-minister of foreign trade Bernardo Chamorro said that
  participating in the meeting will be the heads of the coffee
  associations from the four countries.
      He did not say if the meeting would continue beyond friday.
      Chamorro said Nicaragua supports the establishment of
  export quotas in an effort to boost sagging world prices.
  

"
training/6635	12	earn	"DCNY CORP <DCY> HIKES QTLY DIVIDEND
  Discount Corp of New York said its
  board of directors increased its quarterly cash dividend to 20
  cts a share from 15 cts a share.
      DCNY said the dividend is payable April 15, 1987 to
  shareholders of record April 1 , 1987.
      Since the last two-for-one stock split in May 1985, the
  corpoartion has customarily declared 15-cnt-per-share dividends
  for the first three quarters and a final fourth quarter
  dividend based on its total earnings for the year.
      As previously announced, DCNY said its board has also
  recommended a two-for-one common stock split to shareholders.
      If the split is approved at the May 13 annual meeting, the
  quarterly dividend rate will be adjusted to 10 cts a share,
  DCNY said.
  

"
training/6636	12	earn	"ST. JOSEPH LIGHT <SAJ> SETS SPLIT, HIKES PAYOUT
  St. Joseph Light and Power Corp
  said its board declared a three-for-two stock split and raised
  the quarterly dividend on presplit shares to 49 cts per share
  from 47 cts.
      The company said the dividend is payable May 18 to holders
  of record May 4 and the split is subject to approval by
  shareholders at the May 20 annual meeting.
  

"
training/6638	0	acq	"BEVIS INDUSTRIES SEEKS BUYER FOR COMPANY
  <Bevis Industries Inc> said it
  retained Tucker Anthony and R.L. Day Inc to seek purchasers of
  the company or its units.
      It issued no further details.
      The company, which makes stainless steel tubing for the
  chemical, petrochemical, and oil industries, earned 1,045,000
  dlrs or 51 cts a share in the nine months ending September 30,
  1986. It had sales of 17.1 mln dlrs in the period.
  

"
training/6639	0	acq	"U.S. HOUSE PLAN SEEKS TO BAR FOREIGN TAKEOVERS
  A House subcommittee voted to give
  President Reagan authority to block foreign takeovers of U.S.
  companies similar to the takeover of Schlumberger Ltd's <SLB>
  Fairchild Semiconductor Corp by Fujitsu Ltd which was
  withdrawn.
      The House Energy and Commerce Subcommittee on Commerce
  approved as an amendment to the overall House trade bill a
  provision giving Reagan the power to block sales to foreign
  companies if the sale was not in the national or economic
  interest.                
      The takeover provision was sent to the full Energy and
  Commerce Committee for consideration as part of the overall
  trade bill which is being written by several House committees.
      The subcommittee's bill would bar imports of digital audio
  recording equipment that is not made with anti-copying chips.
  This provision is designed to protect U.S. companies from the
  unauthorized use of U.S. designs in foreign products.
      The bill calls for an investigation of whether U.S.
  engineering and construction firms are given adequate
  opportunity to bid on Japan's civil works procurement practices
  including the construction of the Kansai airport.
      The Energy and Commerce subcommitte rejected a plan offered
  by Rep. William Dannemeyer, a California Republican, to require
  the U.S. to pay investors one pct for the right to hold their
  gold investments in government storage.
      His amendment called for the government to sell gold coins
  and gold-backed bonds with maturities of 30 to 50 years to
  investors to reduce the federal debt.               
  

"
training/6641	12	earn	"INERTIA DYNAMICS CORP <TRIM> 2ND QTR FEB 28 NET
  Oper shr 35 cts vs 29 cts
      Oper net 1,185,267 vs 1,001,315
      Sales 16.8 mln vs 12.4 mln
      Six mths
      Oper shr 42 cts vs 32 cts
      Oper net 1,420,815 vs 1,105,555
      Note: oper data does not include year ago qtr and six mths
  loss from discontinued operations of 87,449 dlrs, or two cts
  per shr.
  

"
training/6642	12	earn	"ATI MEDICAL INC <ATIM> 2ND QTR JAN 31 NET
  Shr two cts vs eight cts
      Net 118,933 vs 296,272
      Revs 2,742,731 vs 1,840,129
      Six mths
      Shr two cts vs 12 cts
      Net 92,372 vs 444,975
      Revs 4,977,105 vs 3,296,110
  

"
training/6647	12	earn	"SAVANNAH ELECTRIC AND POWER CO <SAV> UPS DIVIDEND
  Qtly div 25 cts vs 22 cts prior
      Payable April 15
      Record April 1
  

"
training/6650	34	nat-gas	"AMOCO SAID WELL OFF TRINIDAD FLOWS 53 MLN CUBIC FEET NATURAL GAS DAILY

  AMOCO SAID WELL OFF TRINIDAD FLOWS 53 MLN CUBIC FEET NATURAL GAS DAILY
  

"
training/6653	12	earn	"MAY DEPARTMENT STORES <MA> 4TH QTR JAN 31 NET
  Shr 1.38 dlrs vs 1.24 dlrs
      Net 213,000,000 vs 195,000,000
      Revs 3.37 billion vs 3.12 billion
      Avg shrs 153,000,000 vs 156,000,000
      Year
      Shr 2.44 dlrs vs 2.20 dlrs
      Net 381,000,000 vs 347,000,000
      Revs 10.38 billion vs 9.54 billion
      Avg shrs 154,800,000 vs 156,000,000
      NOTE: 1985 period ended Feb 1, 1986
      Share data restated for common stock split of July 21, 1986
      1986 and 1985 earnings reflect a charge of one ct a share
  resulting from use of the LFIO method of inventory valuation
      4th Qtr 1986 earnings include pretax capital gain of 71.2
  mln dlrs, or 30 cts a share from sale of Joseph Horne Co
  Division in Pittsburgh
      NOTE: 4th Qtr 1986 earnings include a 62 mln dlr, or 20 cts
  a share, pretax charge for costs associated with combining May
  D and F and the Denver operating divisions
      4th Qtr 1986 earnings include a pretax charge of 26 mln
  dlrs, or nine cts a share, for costs associated with several
  debt repurchase transactions including retirement of 10 mln
  dlrs of 11-7/8 pct debentures
  

"
training/6654	0	acq	"NORSTAR BANCORP, FLEET FINANCIAL GROUP AGREE TO MERGE

  NORSTAR BANCORP, FLEET FINANCIAL GROUP AGREE TO MERGE
  

"
training/6655	0	acq	"FIRST UNION <FUNC> ACQUISITION APPROVED
  First Union Corp said the
  buyout of Commerce National Bank by its First Union National
  Bank of Florida unit was approved by Commerce shareholders.
      According to the terms of the deal, First Union will pay
  8.5 mln dlrs for the outstanding shares of Commerce National, a
  bank with 43.2 mln dlrs in assets.
  

"
training/6657	45	sugar	"SUGAR PRICES TOO LOW TO BOOST LATIN OUTPUT
  Latin American sugar producers
  are awaiting further rises in world market prices before moving
  to boost production, official and trade sources said.
      Although prices have risen to around eight from five U.S.
  Cents per lb in the past six months, they are still below the
  region's nine to ten cents per lb average production cost.
      The recent rise in prices has placed producers on the
  alert, Manuel Rico, a consultant with the Group of Latin
  American and Caribbean Sugar Exporting Countries (GEPLACEA),
  told Reuters.
      However, Rico said, it would require another five to seven
  cents to stimulate notable increases in output.
      ""Producers are taking measures for increasing their
  production when the prices are profitable,"" he said.
      Officials in Mexico, Guatemala and Ecuador said a continued
  rise in prices would stimulate production, but industry leaders
  in Panama and Costa Rica said there was still a long way to go.
      ""The prices are ridiculous,"" said Julian Mateo, vice
  president of Costa Rica's Sugar Cane Industrial-Agricultural
  League. ""At current prices nobody is going to consider
  increasing production.""
      Other producers are wary of committing funds to increasing
  output, given the instability of world markets.
      An official at Colombia's National Association of Sugar
  Cane Growers said they had no plans to raise export targets.
  ""The market is very unstable. What is happening is not yet
  giving way to a pattern and so there is no reason to modify
  anything.""
      In 1985, the latest year for which full figures are
  available, Central and South American nations produced 28 mln
  tonnes, raw value, of sugar of which 12.3 mln were exported. A
  year earlier, they had produced and exported about 800,000
  more, according to the London-based International Sugar
  Organization.
      Years of continuous low prices have plunged the sugar
  industry in many countries in the region into a recession from
  which it will be hard to recover.
      Miguel Guerrero, director of the Dominican Republic's
  National Sugar Institute, said it would be difficult to boost
  production even if prices recovered sharply.
      Output had slumped to under 450,000 tonnes a year from
  900,000 in the late 1970s. Obsolete refineries, poor transport
  and badly maintained plantations were barriers to any short
  term recovery in output, he added.
      Plans of nearby Cuba, the world's largest cane sugar
  exporter, to increase output to 10 mln tonnes a year by the end
  of the decade seem ambitious, trade sources said. Output is
  running well below the record 8.6 mln produced in 1970.
      Cuba suffers from run down plantations, harvesting problems
  and poor processing facilities more than from low world prices,
  since much of its output is sold to Eastern Bloc countries
  under special deals. Last year, bad weather added to its
  troubles, and output fell to 7.2 mln tonnes from 8.2 mln in
  1985.
      The low world prices of recent years have led many
  countries in the region to cut exportable production to levels
  where they barely cover U.S. And, in the case of some Caribbean
  countries, European Community (EC) import quotas, for which
  they receive prices well above free market levels.
      Progressive reductions in the U.S. Quotas have led to
  production stagnating or falling rather than being shifted to
  the free world market.
      Peru, for example, shipped 96,000 tonnes to the U.S. In
  both 1983 and 1984. This fell to 76,000 in 1986 and this year
  its quota is only 37,000.
      A national cooperative official said that, as long as world
  market levels continue at around half of Peru's production
  cost, the future of the industry is uncertain.
      At a meeting of GEPLACEA in Brazil last October officials
  stressed the need to find alternative uses for sugar cane
  which, according to the group's executive-secretary Eduardo
  Latorre, ""grows like a weed"" throughout the region.
      Brazil, the largest cane producer with output of around 240
  mln tonnes, uses over half to produce alcohol fuel. Cane in
  excess of internal demand for alcohol and sugar is refined into
  sugar for sale abroad to earn much needed foreign currency.
      The difference in the price the state-run Sugar and Alcohol
  Institute (IAA) pays local industry and what it receives from
  foreign buyers costs the government some 350 mln dlrs a year.
      Soaring domestic demand for both alcohol and sugar over the
  past year, coupled with a drought-reduced cane crop, has meant
  Brazil will have difficulties in meeting export commitments in
  1987, trade sources said. Negotiations to delay shipments to
  next year have been indecisive so far, the main sticking point
  being how Brazil should compensate buyers for non-delivery of
  sugar it had sold at around five cents per lb and which would
  cost eight cents to replace.
      Brazilian sugar industry sources said new sugar export
  sales were expected to be extremely low for the next year, with
  the Institute wary of exposing itself to domestic shortages of
  either alcohol or sugar and because of the need to rebuild
  depleted reserve stockpiles.
      However, the situation could change dramatically if the
  economy goes into recession and internal demand slumps.
      Sources within Latin America and the Caribbean hold little
  hope for the region's sugar industry to return to profitability
  unless the U.S. And EC change their policies.
      ""The agricultural policies of the European Community and of
  the United States have caused our economies incalculable harm
  by closing their markets, by price deterioration in
  international commerce and furthermore by the unfair
  competition in third countries,"" Brazil's Trade and Industry
  Minister Jose Hugo Castelo Branco told the October GEPLACEA
  meeting.
      The EC has come under prolonged attack from GEPLACEA for
  what the group charges is its continued dumping of excess
  output on world markets. GEPLACEA officials say this is the
  main cause of low prices.
      GEPLACEA sees a new International Sugar Agreement which
  would regulate prices as one of the few chances of pulling the
  region's industry out of steady decline. Such an agreement
  would have to have both U.S. And EC backing and industrialised
  countries would have to see it as a political rather than a
  merely economic pact.
      ""They have to realise that the more our economies suffer,
  the less capcity we have to buy their goods and repay the
  region's 360 billion dollar foreign debt,"" GEPLACEA's Latorre
  said.
  

"
training/6658	16	gold	"MORGAN BANK PLANS WARRANTS FOR GOLD AT 425 DLRS
  Morgan Guaranty Trust Co of New York
  plans an issue of 12,000 warrants for gold bullion at 425 dlrs
  an ounce, lead manager Morgan Guaranty (Switzerland) AG said.
      Each warrant, priced at 955 Swiss francs, entitled holders
  to acquire five-ounce bars of .999 gold in the period from
  April 30, 1987, to July 31, 1991, exercisable on Wednesdays.
      The warrants represented unsecured, unsubordinated
  liabilities of the borrower. Payment was due April 16, and a
  quotation on the Luxembourg bourse was planned.
      The warrants, when exercised, would be repaid in current
  dollars based on the value of gold on the exercise date.
      The conditions represent a premium of about 145 dlrs an
  ounce to the current gold price.
      A Morgan (Switzerland) official said that on the basis of
  the maturity of four years and three months, the pricing
  involved an implicit volatility of gold of 24.5 pct before the
  warrants were in the money, compared with implicit volatility
  of 30 pct for the Indosuez gold warrants and 26 pct for the
  Citibank gold warrants recent issued with maturities of 18 and
  24 months.
  

"
training/6659	0	acq	"NORSTAR <NOR>, FLEET <FLT> TO MERGE
  Norstar Bancorp said that its
  board and the board of Fleet Financial Group have approved a
  definitive agreement to merge.
      A Norstar spokesman said that a press release containing
  further details on the merger would be issued shortly.
  

"
training/6660	34	nat-gas	"AMOCO <AN> IN NATURAL GAS FIND OFF TRINIDAD
  Amoco Corp said its WEQB-1 exploratory
  well 39 miles east of Galeota Point on Trinidad's east coast
  flowed 24 mln cubic feet of natural gas and 500 barrels of
  condensate daily from one zone and 29 mln cubic feet of natural
  gas and 600 barrels of condensate daily from a second.
      The company said both flows were through 40/64 inch chokes
  and from zones between 10,000 and 13,000 feet in depth.  The
  well, in 260 feet of water, was drilled to a total depth of
  14,629 feet, it said.  It said the discovery was made in sands
  previously untested in the area.
  

"
training/6661	12	earn	"ELDORADO BANCORP <ELDB> SETS 10 PCT DIVIDEND
  Eldorado Bancorp said its board
  declared a 10 pct stock dividend, Payable April 17 to
  shareholders of record April three.
  

"
training/6665	0	acq	"TALKING POINT/GENCORP INC <GY>
  The surprise 2.2 billion-dlr tender
  offer for Ohio-based conglomerate GenCorp Inc will not be
  enough to buy the company, analysts said.
      Analysts estimated the 100 dlr-per-share offer from General
  Partners is 10 to 20 dlrs per share below the breakup value of
  GenCorp. However, market sources and analysts said  uncertainty
  surrounds any transaction because of the legal challenges to
  Gencorp broadcasting licenses.
      Gencorp's stock rose 15-3/4 to 106-1/4 in heavy trading.
      ""The expectation is either there will be someone else or
  the bidder will sweeten the offer hoping to get management's
  cooperation,"" said Larry Baker, an analyst with E.F. Hutton
  group.
      Analysts said there is concern about challenges to
  Gencorp's broadcast licenses for two television and 12 radio
  stations. Some of the disputes, dating back about 20 years,
  were brought by groups that alleged improper foreign payments
  and political contributions.
      ""I think it kind of muddies an already muddy situation,""
  said Baker of the offer.
      Some arbitragers said they were concerned the ongoing issue
  might be a stumbling block or result in a long period of time
  for any transaction.
      A source close to General Partners, however, said General
  Partners would apply to the Federal Communications Commission
  for special temporary authority to hold the broadcast stations.
  The source said if approved, the authority would allow a
  transaction to be carried out.
      If it received the ""short-form"" approval, General Partners
  would set up a trust which would hold the broadcasting
  properties until the licensing situation is resolved.
      General Partners is equally owned by investors Wagner and
  Brown and glass-maker AFG Industries Inc.
      Some market sources speculated an outside buyer, such as
  General Partners, might even be be a catalyst to resolution of
  the challenges since it would carry out GenCorp's plan to sell
  the stations.
      GenCorp earlier this month reached an agreement with Walt
  Disney Co to sell its Los Angeles television station, WHJ-TV.
  Disney would pay 217 mln dlrs to GenCorp and 103 mln dlrs to a
  group that challenged the station's license.
      GenCorp also has a pending agreement to sell WOR-TV in
  Secaucus, N.J. to MCA Inc for 387 mln dlrs.
      General Partners said it intends to keep the company's
  plastics and industrial products businesses and its tires and
  related products segment.
      Charles Rose, an analyst with Oppenheimer and Co, said
  that, on a breakup valuation, the company might be worth as
  much as 125 dlrs per share. Rose estimated the aerospace
  business could bring 30 to 40 dlrs per share or one billion
  dlrs, as would DiversiTech, the plastics unit. Broadcasting,
  including assets pending sale, might be 30 to 40 dlrs per
  share, he said.
      The company, formerly known as General Tire
  and Rubber Co, also has a tire business Rose estimated would be
  worth five to 10 dlrs per share. He estimated the bottling
  business might also be worth several dollars per share, he
  said.
      Analysts said GenCorp chairman A. William Reynolds, who
  became chairman last year, has been emphasizing the company's
  Aerojet General and DiversiTech General businesses. GenCorp,
  founded in 1915, became an unfocused conglomerate over the
  years and analysts believe reynolds has helped it to improve.
      ""The management's doing a very fine job in trying to deal
  with the non-strategic assets of the company,"" Rose said.
      Analysts expect GenCorp to resist the tender offer, but
  they declined to predict what steps the company might take.
  They said it would be possible the company might consider a
  leveraged buyout or restructuring to fend off the offer.
      General Partners holds 9.8 pct of GenCorp stock, and there
  was some concern about ""greenmail."" Greenmail is the payment at
  a premium for an unwanted shareholders' stock.
      ""I would doubt they would greenmail them, but nothing
  surprises me anymore,"" said Rose.
      GenCorp has not commented on the offer. It has retained
  First Boston Corp and Kidder, Peabody and Co as advisers.
  

"
training/6666	0	acq	"AMERICAN EXPRESS UP ON RUMORS 10 PCT OF SHEARSON TO BE SOLD TO JAPANESE FIRM, TRADERS SAY

  AMERICAN EXPRESS UP ON RUMORS 10 PCT OF SHEARSON TO BE SOLD TO JAPANESE FIRM, TRADERS SAY
  

"
training/6668	12	earn	"ADMAC INC <JPAC> 3RD QT JAN 31 LOSS
  Shr loss 1.51 dlrs vs profit eight cts
      Net loss 7,377,000 vs profit 384,000
      Sales 1,593,000 vs 4,366,000
      Nine Mths
      Shr loss 2.24 dlrs vs profit 16 cts
      Net loss 11,083,000 vs profit 628,000
      Sales 6,517,000 vs 12.6 mln
      Avg shrs 4,941,000 vs 3,926,000
  

"
training/6669	12	earn	"PACO PHARMACEUTICAL <PPS> 2ND QTR FEB 14 NET
  Shr 19 cts vs 17 cts
      Net 767,000 vs 676,000
      Revs 9,476,000 vs 9,091,000
      Six mths
      Shr 47 cts vs 44 cts
      Net 1,897,000 vs 1,719,000
      Revs 19.5 mln vs 19 mln
      NOTE: Full name Paco Pharmaceutical Services Inc.
  

"
training/6670	12	earn	"PUBLICKER INDUSTRIES INC <PUL> 4TH QTR LOSS
  Shr loss five cts vs loss 15 cts
      Net loss 619,000 vs loss 1,730,000
      Sales 3,138,000 vs 5,667,000
      Avg shrs 12.5 mln vs 11.5 mln
      Year
      Shr loss four cts vs loss 40 cts
      Net loss 343,000 vs loss 3,963,000
      Sales 13.4 mln vs 35.3 mln
      Avg shrs 12.5 mln vs 10.3 mln
      NOTE: 1986 year net includes gain 1,678,000 dlrs from
  settlement of litigation with Belcher Oil Co, 375,000 dlr
  provision connected with resignation of former president, legal
  settlements and costs of 1,074,000 dlrs and 552,000 dlrs in
  expenses from closing of contract packaging division.
  

"
training/6672	12	earn	"BIONOMIC SCIENCES INTERNATIONAL INC <BSII> LOSS
  2nd qtr Jan 31 end
      Shr loss three cts vs loss nine cts
      Net loss 112,400 vs loss 275,400
      Sales 318,100 vs 23,600
      Avg shrs 4,294,300 vs 3,028,326
      1st half
      Shr profit four cts vs loss 14 cts
      Net profit 165,600 vs loss 409,100
      Sales 546,600 vs 44,400
      Avg shrs 4,189,700 vs 3,028,326
      NOTE: Current year net includes gains on sale of assets of
  25,000 dlrs in quarter and 396,000 dlrs in half.
      Net includes extraordinary loss 10,000 dlrs vs nil in
  quarter and loss 10,000 dlrs vs profit 106,300 dlrs in half.
  

"
training/6673	12	earn	"PIEDMONT AVIATION INC <PIE> SETS QUARTERLY
  Qtly div eight cts vs eight cts prior
      Pay May 18
      Record May One
  

"
training/6674	12	earn	"BIONOMIC SCIENCES <BSII> SEES PROFITABILITY
  Bionomic Sciences International Inc
  said it expects to start operating profitably by the fourth
  quarter.
      The company today reported a profit of 165,600 dlrs for the
  first half ended January 31 -- after a 396,000 dlr gain on the
  sale of assets and a 10,000 dlr extraordinary loss.  A year
  before it lost 409,100 dlrs after a 106,300 dlr extraordinary
  gain.
  

"
training/6675	0	acq	"NORSTAR SHAREHOLDERS TO GET 1.2 FLEET FINANCIAL SHRS PER NORSTAR SHARE IN MERGER

  NORSTAR SHAREHOLDERS TO GET 1.2 FLEET FINANCIAL SHRS PER NORSTAR SHARE IN MERGER
  

"
training/6677	42	rubber	"NEGOTIATORS PUT FINAL TOUCHES TO NEW RUBBER PACT
  Rubber producing and consuming
  countries, which agreed on the bases of a new International
  Natural Rubber Agreement (INRA) last weekend, are now putting
  the final touches to the future accord, delegates said.
      They said discussions are focusing on conditions for entry
  into force of the new INRA. The present pact, which expires in
  October, required that governments accounting for 80 pct of
  world exports and 80 pct of world imports approved or ratified
  the pact before it became operational.
      Delegates said figures now being floated range between 65
  and 80 pct.
  

"
training/6679	12	earn	"CERADYNE INC <CRDN> 4TH QTR LOSS
  Shr loss 22 cts vs profit 10 cts
      Net loss 1,056,000 vs profit 427,000
      Sales 5,440,000 vs 4,982,000
      Avg shrs 5,229,542 vs 4,435,691
      Year
      Shr profit one ct vs profit 26 cts
      Net profit 29,000 vs profit 993,000
      Sasles 19.1 mln vs 16.6 mln
      Avg shrs 4,947,632 vs 3,780,543
  

"
training/6680	12	earn	"FINANCIAL BENEFIT GROUP INC <FBGIA> YEAR LOSS
  Shr loss 11 cts vs loss 48 cts
      Net loss 254,000 vs loss 784,000
      Revs 94.1 mln vs 47.3 mln
      Avg shrs 2,317,000 vs 1,642,000
      NOTE: Share adjusted for stock dividend and reverse split.
  

"
training/6681	12	earn	"MEGAPHONE INTERNATIONAL INC <INFL> 4TH QTR LOSS
  Oper shr loss three cts vs loss three cts
      Oper net loss 388,000 vs loss 452,000
      Revs 1,425,000 vs 1,126,000
      Year
      Oper shr loss 26 cts vs loss 15 cts
      Oper net loss 3,604,000 vs loss 2,108,000
      Res 5,712,000 vs 6,604,000
      NOTE: 1986 net both periods excludes 413,000 dlr gain from
  settlement of old obligations.
  

"
training/6682	0	acq	"BUTLER <BTLR> COMPLETES SALE OF LIVESTOCK UNIT
  Butler Manufacturing Co said
  it completed sale of its Livestock Systems division and part of
  its Control division in separate transactions to two unrelated
  parties.
      Butler's livestock systems division was sold to an investor
  group including the president of the operations and certain
  Control division assets were sold to Minneapolis-based Enercon
  Data Corp.
      Terms of the transactions were not disclosed.
  

"
training/6683	12	earn	"CAROLINA POWER AND LIGHT CO <CPL> QTLY DIV
  Qtly div 69 cts vs 69 cts prior
      Payable May one
      Record APril 10
  

"
training/6684	12	earn	"AMERICAN INTERNATIONAL GROUP <AIG> QTLY DIV
  Qtly div 6-1/4 cts vs 6-1/4 cts prior
      Pay June 19
      Record June 5
  

"
training/6685	12	earn	"ROCHESTER GAS AND ELECTRIC CORP <RGS> IN PAYOUT
  Qtly div 55 cts vs 55 cts prior
      Pay April 25
      Record March 31
  

"
training/6686	12	earn	"SERVICE CORP INTERNATIONAL <SRV> SETS QUARTERLY
  Qtly div eight cts vs eight cts prior
      Pay April 30
      Record April 16
  

"
training/6687	12	earn	"VALLEY RESOURCES <VR> SETS SPLIT, RAISES PAYOUT
  Valley Resources Inc said its
  board declared a three-for-two stock split and raised the
  quarterly dividend to 42 cts per share presplit from 38 cts,
  both payable April 15, record March 31.
  

"
training/6689	0	acq	"NORSTAR <NOR>, FLEET <FLT> OUTLINE MERGER
  Fleet Financial Group said
  that its board and the board of Norstar Bancorp have agreed to
  merge the two bank holding companies in a transaction which
  would create a 23 billion dlr asset bank holding company.
      Under terms of the transaction, each Norstar shareholder
  will receive 1.2 shares of Fleet common stock based on the
  number of Fleet shares after giving effect to a previously
  announced April one Fleet stock split.
       The two-for-one stock split will increase Fleet's
  currently 25.7 mln outstanding shares to 51.5 shares. There are
  about 34.9 mln Norstar shares outstanding.
      Fleet said the deal is expected to be completed by July one
  1988, the date on which the nationalization of Rhode Island's
  interstate banking law takes effect.
      For the full year ended december 31, Fleet, a Rhode Island
  based bank holding company, reported net income of 136.7 mln
  dlrs and assets of 11.7 billion dlrs. Norstar, an Albany N.y.
  holding company, reported net income of 104.8 mln dlrs and
  assets of 11.1 billion dlrs.
       Fleet comptroller Irv Goss said it is estimated that the
  transaction will result in minimal dilution in Fleet/Norstar
  earnings per share. It is the intention of both companies that
  cash quarterly dividends following the combination not decline
  for either company's stock holders, the company said.
      For 1986, Norstar issued 1.31 dlrs annually in cash
  dividends on its common stock. Fleet's current annual
  distibution on a pre-split basis would be equivalent to 1.68
  dlrs a share.
      In addition, Fleet and Norstar have each granted the other
  an option to purchase such number of authorized buy unissued
  shares of common stock, that will constitute 24.99 pct of the
  fully diluted shares outstanding.
      The transaction is subject to both regulatory and
  shareholder approval.
      The companies said that after the proposed merger, the
  combined banking holding wil be among the 25 largest in the
  country.
  

"
training/6694	0	acq	"TECK TO INCREASE STAKE IN TRILOGY RESOURCE
  <Trilogy Resource Corp> said
  <Teck Corp> agreed to purchase 4.5 mln Trilogy common shares at
  one dlr per share in a private placement, which would increase
  its stake in Trilogy to 37 pct from 29 pct.
      Trilogy also said its board approved a private placement of
  3.5 mln common shares at a price of 90 cts per share to a group
  of investors.
      The placement will be made through McNeil Mantha Inc.
  

"
training/6695	0	acq	"RABBIT SOFTWARE <RABT> TO MAKE ACQUISITION
  Rabbit Software Corp said it has
  agreed in principle to acquire privately-held communications
  hardware maker Micro Plus II Corp for about two mln common
  shares, with closing expected by May.
  

"
training/6696	12	earn	"<ALTEX RESOURCES LTD> YEAR NET
  Shr six cts vs eight cts
      Net 643,000 vs 889,000
      Revs 3,934,000 vs 4,373,000
  

"
training/6697	0	acq	"<AMOUR INC> TO MAKE ACQUISITION
  Amour Inc said it has entered into
  a letter of intent to acquire <Bard International Associates
  Inc> for 70 mln common shares in a transaction that would give
  former Bard shareholders control of the combined company.
      Bard makes tennis and squash racquets and accessories.
  

"
training/6699	12	earn	"MAY <MA> REPORTS STRONG 1ST QTR START
  May Department Stores Co, reporting
  record results for the fourth quarter ended January 31, said it
  is encouraged about the new fiscal year by a strong start in
  February and March.
      The company said its merger last year with Associated Dry
  Goods, which was accounted for as a pooling of interests, is
  ""going very well."" May said ""We are acting more like one
  company every day. Our expansion schedule is on track.""
      May said it plans to invest more than 600 mln dlrs this
  year to open 11 department stores, eight discount stores and
  more than 240 specialty outlets.
      The company reported fourth quarter earnings of 213 mln
  dlrs, or 1.38 dlrs a share, up from 195 mln dlrs, or 1.24 dlrs
  a share a year earlier. Revenues advanced to 3.37 billion dlrs
  from 3.12 billion dlrs.
  

"
training/6701	12	earn	"CRAMER INC <CRMR> 4TH QTR LOSS
  Shr loss eight cts vs loss 1.39 dlrs
      Net loss 94,000 vs loss 1,569,000
      Sales 6,951,000 vs 5,518,000
      Year
      Shr profit four cts vs loss 2.95 dlrs
      Net profit 41,000 vs loss 3,333,000
      Sales 25.3 mln vs 22.9 mln
  

"
training/6702	0	acq	"AMERICAN TRAVELLERS <ATVC> TO MAKE ACQUISITION
  American Travellers Corp said
  it has entered into an agreement to purchase ISL Life Insurance
  Co of Dallas, a corporate shell with active licenses to operate
  in 12 states, for about 400,000 dlrs.
      The company said closing is expected by late spring and
  will result in American Travellers being licensed in seven new
  states.
  

"
training/6705	12	earn	"OHIO ART CO <OAR> SETS QUARTERLY
  Qtly div six cts vs six cts prior
      Pay May Eight
      Record April 10
  

"
training/6707	0	acq	"AMERICAN EXPRESS <AXP> UP ON SHEARSON RUMORS
  American Express Co climbed 2-1/2 to
  80-1/8 on rumors the company was about to announce an agreement
  to sell 10 pct of its Shearson Lehman Brothers unit to Nippon
  bLife Insurance of Japan, traders said.
      Speculation about an impending deal, rumored to be worth
  600 mln dlrs, also sent shares of other U.S. brokerages up
  sharply. PaineWebber Group Inc <PWJ> gained 1-5/8 to 37-1/8 and
  Merrill Lynch and Co Inc <MER> rose 1-3/8 to 42-7/8.
      American Express officials declined comment but cited a
  statement it released more than two weeks ago in which it said
  it was studying matters of strategic importance.
      American Express officials also pointed out the earlier
  statement, issued March one, said it is company policy not to
  comment on rumors or speculation. The earlier announcement also
  said American Express and Shearson were studying options
  including expansion of capacity to meet international
  competition and broadening access to capital.
      The latest rumors originated in Tokyo, traders said.
      If the rumors are true ""it gives them a nice infusion of
  capital for an attractive price,"" said Lawrence Eckenfelder,
  analyst at Prudential-Bache Securities.
  

"
training/6708	12	earn	"CONT'L ILLINOIS SEES MONTHS OF BRAZIL DEBT TALKS
  Continental Illinois Corp's <CIL>
  Chairman John Swearingen said he sees negotiations to
  reschedule Brazil's debt payments taking at least three to six
  months.
      Brazil declared last month a moratorium on payment of
  interest on its medium- and long-term debts. The moratorium is
  expected to persist the entire time that debt scheduling talks
  are under way.
      ""I believe it will take three to six months, maybe longer,
  for an arrangement to be worked out to reschedule Brazil's
  debt,"" Swearingen told reporters at a press briefing.
      ""I think Brazil will pay its debts in the long run. Just
  how long the run is is anybody's guess,"" Swearingen said.
      Earlier the bank holding company said Brazil's moritorium
  may force it to increase non-performing loans by 380 mln dlrs
  and reduce pretax and net income by 10 mln dlrs in the first
  quarter and 35 mln dlrs for the full year.
      The bank will decide March 31 whether to characterize these
  loans as non-performing, William Ogden, chairman of the
  Continental Illinois National Bank and Trust Co of Chicago,
  Continental's largest subsidiary, said in response to an
  inquiry.
      Ogden said the moratoriums will affect both pretax and net
  income equally because the banking firm has tax credits to use.
      Swearingen predicted an increase in operating profits for
  1987 because he sees higher income and reduced expenses.
  Continental will reduce expenses through job cuts and reducing
  office rental costs. In 1986 it cut about 850 positions.
      In 1986 it had net profits of 165.2 mln dlrs or 60 cts a
  share, up from 150.5 mln dlrs or 53 cts a share.
      The bank transferred 459 mln dlrs of poor-quality loans and
  other assets to the Federal Deposit Insurance Corp, FDIC,
  during 1986. It can transfer bad loans under the terms of the
  1984 restructuring agreement with the government.
      The bank will transfer the remaining 460 mln dlrs that it
  is entitled to transfer to FDIC by September 26, 1987,
  Swearingen said. It will choose loans based on ultimate loss
  rather than their immediate effect on non-performing loans.
      In 1986 the bank's loans to the Midwest's middle market
  rose 20 pct at a time of overall weak loan demand in the U.S.
      Concerning banking acquisitions, Swearingen said the bank
  would like to buy additional suburban Chicago banks. In 1986 it
  bought three small suburban banks.
      Swearingen said he is concerned that Continental will be
  taken over because no bank in the Midwest region is large
  enough to buy it, and New York money center banks are
  prohibited by law from buying Illinois banks.
      He said, however, that the FDIC still has control over who
  will eventually own the firm because it still holds the
  equivalent of 148 mln common shares out of a total 215 mln.
      The FDIC sold 52 mln shares to the public last year and has
  said it intends to sell the rest as quickly as possible. The
  agency received the shares as part of its 4.5 billion dlrs 1984
  bailout of the bank.
      Swearingen, who came out of retirement in 1984 to head the
  struggling banking firm after a career as an oil industry
  executive, said he will retire when the three-year period he
  agreed to be Continental chairman ends in August. He would not
  comment on a successor.
      The bank will expand its First Options of Chicago options
  clearning unit into Tokyo, Swearingen said, but said its
  doubtful lending to Japan will occur because that country
  doesn't need external sources of cash.
  

"
training/6709	12	earn	"RELIABLE LIFE INSURANCE CO <RLIFA> UPS DIVIDENDS
  Qtly div Class A 27.5 cts vs 26.4 cts prior
      Qtly div Class B 2.5 cts vs 2.4 cts prior
      Pay June One
      Record May One
  

"
training/6710	0	acq	"CROSS AND TRECKER <CTCO> TO SELL UNIT
  Cross and Trecker Corp said its
  Warner and Swasey subsidiary will seek to sell its Grinding
  Division to focus on other areas of its business.
      The company said the Grinding Division had sales last year
  of about 18 mln dlrs. It makes grinding machines.
  

"
training/6711	12	earn	"NOVAR ELECTRONICS CORP <NOVR> 4TH QTR JAN THREE
  Shr loss eight cts vs loss eight cts
      Net loss 220,724 vs loss 210,120
      Revs 4,194,466 vs 4,224,633
      Year
      Shr profit eight cts vs profit four cts
      Net profit 207,514 vs profit 98,050
      Revs 17.8 mln vs 16.1 mln
      NOTE: Quarter net includes tax credits of 162,600 dlrs vs
  236,100 dlrs.
  

"
training/6712	34	nat-gas	"CONSOLIDATED NATURAL <CNG> FORMS TRADING UNIT
  Consolidated Natural Gas Co said it
  has received Securities and Exchange Commission approval to
  establish a wholly-owned natural gas marketing subsidiary
  called CNG Trading Co.
      It said the new unit will operate in New York,
  Pennsylvania, Ohio, West Virginia, Louisiana and Texas and
  compete with other markets for delivery of low-cost natural gas
  supplies.
      Consolidated said customers' needs will be met from a wide
  range of low cost sources, including the spot market,
  independent producers and brokers, and Consolidated's producing
  affiliates - CNG Development Co of Pittsburgh, and CNG
  Producing Co based in New Orleans.
  

"
training/6713	12	earn	"18-MAR-1987
  18-MAR-1987

"
training/6714	43	ship	"SHELL CANADA <SHC> TO SELL TANKERS TO SOCANAV
  Shell Canada Ltd said its Shell Canada
  Products Ltd unit will sell three tankers, effective April one,
  1987, to <Socanav Inc>.
      Terms were not disclosed.
      Shell also said it will contract exclusively from Socanav
  normal marine distribution requirements for domestic markets,
  with some exceptions, for an initial 10-year period.
      Shell also said its Shell Canadian Tankers Ltd unit will
  lay off 13 employees and that Socanav will offer jobs to 41
  employees.
     The three Shell vessels are Lakeshell, Eastern Shell and
  Northern Shell, which range in size from 6,000 to 10,000
  tonnes, Shell said.
     Shell Canada is 72 pct owned by Royal Dutch/Shell Group
  <RD>.
  

"
training/6716	48	trade	"EC WARNS CONGRESS ON NEW TRADE BILL
  The European Community (EC) has
  warned the U.S. House of Representatives that tough trade
  legislation it is considering could prompt retaliation by U.S.
  trading partners.
      The warning was sent in a letter from Sir Roy Denman, head
  of the EC delegation in Washington, to Dan Rostenkowski,
  chairman of the House Ways and Means Committee.
      A copy of the letter was made available to Reuters.
      Denman told Rostenkowski, an Illinois Democrat, he backed
  aspects of the bill, such as one backing new talks under the
  GATT and one excluding protection for the textile industry.
      But Denman disagreed with other provisions which would
  require President Reagan to take retaliatory trade action
  against nations with large trade surpluses with the U.S. and
  would set new standards for judging unfair foreign trade
  practices.
      Denman told Rostenkowski that GATT regulations prohibit
  member nations from taking unilateral retaliatory action in
  trade disputes unless the action is GATT-approved.
      He said ""If the Congress makes retaliatory action mandatory,
  then the United States would be in violation of its
  international legal obligations and on a collision course with
  its major trading partners.""
      Denman added that a president should have flexibility in
  enforcing trade laws, saying ""in the last resort, any
  administration must take its decision in light of the overall
  national interest.""
      Otherwise, he said, ""the risk would be counter-reaction by
  trading partners of the United States, i.e., retaliation or
  enactment of mirror image legislation to be employed against
  imports from the United States.""
      Denman also said Congress could prompt retaliation if it
  reduced the threshhold of unfair trade by making it easier for
  firms to file unfair trade practice claims.
      Retaliation could also be prompted by relaxing standards
  for findings that imports were injuring U.S. firms.
      ""Changes in these standards must be agreed upon
  multilaterally. They cannot be imposed by the United States
  alone on the world trading system,"" he said.
      House leaders have rejected a plan by textile-state
  legislators to add to the trade bill a provision to curb
  imports of cloth and clothing, similar to a measure passed two
  years ago but vetoed by President Reagan.
      There was concern by the leaders that Reagan would veto the
  entire trade bill because of the textile amendment.
  

"
training/6719	0	acq	"FAIRCHILD PRESIDENT SEEKING MANAGEMENT BUYOUT
  Fairchild Semiconductor Corp
  president Donald Brooks said he intends to take a management
  buyout proposal to the company's parent at some point in the
  future and substantial funding is available for such a
  purchase.
      Fairchild is owned by Schlumberger Ltd <SLB>.
      Brooks also told a press conference that if management is
  successful, it may later attempt to take the company public.
      ""I am sure that if such a management buyout is to occur,
  and I am hopeful that it does, the public market is one of the
  avenues we will ultimately have to use to raise capital,""
  Brooks said.
      Brooks also said the company would continue to attempt an
  exchange of technology and manufacturing agreement with Fujitsu
  Ltd if successful in its buyout bid.
      Futjitsu withdrew an offer to acquire some 80 pct of
  Fairchild, a semiconductor maker, after U.S. government
  officials expressed opposition to the transaction.
      Brooks told the news conference that any purchase would be
  in the form of a management buyout and not a leveraged buyout.
      He also said the transaction could be financed through a
  debt issue or conventional financing from investors.
      Brooks said management is pleased by a number of investment
  proposals bought to them, but he added, ""the investors must be
  willing to invest in the future growth of the company and not
  just selling off assets.""
      Brooks also said he was not aware of any direct
  intervention by the U.S. in an attempt to block the merger.
      ""I am not aware of any direct contact between Washington
  and Fujitsu, but that doesn't mean it doesn't exist,"" Brooks
  said.
      He also said Fujitsu executives remain enthusiastic about a
  link with Fairchild.
  

"
training/6721	12	earn	"CPC <CPC> SEES 1987 HIGHER EARNINGS PER SHARE
  CPC International Inc said it expects
  1987 earnings per share to increase over 1986 levels.
      ""We are confident that 1987 will top 1986 in earnings per
  share and are optimistic about our longer-term future as well,""
  the company said in its 1986 annual report.
      In 1986, CPC earned 219.2 mln dlrs, or 2.30 dlrs a share,
  on revenues of 4.55 billion dlrs compared with income of 142
  mln dlrs or 1.46 dlrs on sales of 4.21 billion dlrs in 1985.
  The share figures are adjusted for a 2-for-1 split paid in
  January.
      A share buyback program started last year reduced the
  number of shares outstanding to 82.6 mln at year-end 1986 from
  97.2 mln dlrs the end of 1985, adjusted for the split.
      The food and grocery products company also said it was the
  subject of five stockholder lawsuits and one class action suit,
  filed last November and December in Delaware, New York and New
  Jersey.
      The suits are related to the company's purchase of its
  shares from Salomon Brothers Inc after Salomon bought a block
  of the stock from Ronald Perelman, who had acquired nearly 3.7
  mln CPC shares, or 7.6 pct of the company, last year.
      The suits allege the company bought the shares back at an
  artificially inflated price, violating securities laws,
  breaching directors' fiduciary duties and wasting corporate
  assets.
      CPC said the defendants, which include the company, its
  directors, Salomon and Perelman, deny all the allegations of
  improper conduct and are defending the suits.
  

"
training/6723	12	earn	"NOVAR ELECTRONICS <NOVR> SEES RESULTS IMPROVING
  Novar Electronics corp said it
  expects improved earnings this year due to a rapid expansion of
  its Logic One computerized buolding management system customer
  base and expectations of good crime deterrent business.
      The company today reported earnings for the year ended
  January Three of 207,514 dlrs, up from 98,050 dlrs a year
  before.
  

"
training/6725	0	acq	"MITSUI <MITSY>, SECURITY PACIFIC <SPC> SET PACT
  Mitsui and Co Ltd said it has
  signed a letter of intent with Security Pacific Corp to buy 50
  pct of Japan Security Pacific Finance Co Ltd, for an
  undisclosed sum, to form a joint venture.
      Japan Security Pacific has assets of 200 mln dlrs.
      The joint venture will introduce various financial products
  to the customer base of Mitsui and its group of companies, the
  company said.
      Security Pacific will provide expertise in consumer and
  commercial lending, as well as data processing support.
      Japan Security Pacific Finance is a wholly-owned subsidiary
  of Security Pacific International Finance Inc, which is owned
  by Security Pacific Corp.
      Security Pacific said in addition to originating consumer
  and commercial loans and leases, the joint venture will market
  related financial products and services.
  

"
training/6726	12	earn	"CAROLINA POWER <CPL> CANCELS GENERATING UNIT
  Carolina Power and Light Co said
  its board has decided to cancel coal-fired Mayo Unit Two, the
  second unit planned for its Mayo Plant in Person County, N.C.
      The company said the 690,000 kilowatt unit was only about
  one pct complete and was scheduled for commercial service in
  1992.
      Carolina Power said the status of the unit had been under
  review because of a decision by the North Carolina
  Environmental Management Commission that would have required
  the unit to be equipped with expensive sulphur dioxide-removing
  scrubbers.
      Carolina Power said Unit One, which has been in operation
  since 1983, meets all air quality regulations without scrubbers
  through the use of low-sulphur coal, and ""The addition of
  scrubbers to Mayo Unit Two would have produced only marginal
  air quality improvements.""
      The company said it will be able to purchase lower-cost
  power from Duke Power Co <DUK> for intermediate and peaking
  purposes than the projected cost of power from Mayo Two with
  scrubbers.  It said it will retain the Mayo Two site for later
  development of a generating unit.
      Carolina Power said Mayo Two was projected to cost about
  877 mln dlrs, including 200 mln dlrs for scrubbers.  ""The
  higher construction costs, plus higher operating costs, would
  increase the cost of power produced by Mayo Unit Two with
  scrubbers by about 90 mln dlrs per year.""
      A company spokesman said the company has already spent
  about 23 mln dlrs on Mayo Two. He said no estimate has yet been
  made of the cost of canceling the plant, but the company does
  not expect to take a charge against earnings.  He said Carolina
  Power intends to include the cancellation costs in rate filings
  it will make late this year or early next year.
  

"
training/6729	12	earn	"ALLISON'S PLACE INC <ALLS> 4TH QTR NET
  Qtr ends Jan 31
      Shr seven cts vs 20
      Net 1,84,000 vs 387,000
      revs 9.1 mln vs 6.7 mln
      Avg shrs 2,804,752 vs 1,875,000
      12 mths
      shr 13 cts vs 33 cts
      Net 315,000 vs 627,000
      revs 32.4 mln vs 24.6 mln
      Avg shrs 2,475,943 vs 1,875,000
  

"
training/6730	12	earn	"CAROLINA POWER AND LIGHT CO <CPL> SETS PAYOUT
  Qtly div 69 cts vs 69 cts prior
      Pay May One
      Record April 10
  

"
training/6731	0	acq	"PURITAN-BENNETT <PBEN> MAKES ACQUISITION
  Puritan-Bennedtt Corp said
  it has acquired a majority interest in Medicom Inc, which makes
  a heart monitor for use in diagnosing heart disorders, for
  undisclosed terms.
      The company said the device will be sold under the name
  Companion Heart Monitor.
  

"
training/6732	12	earn	"MURRAY OHIO <MUR> SEES HIGHER FIRST QUARTER NET
  Murray Ohio Manufacturing Co
  said it expects first quarter earnings to be higher than the
  year-ago 4,800,840 dlrs or 1.25 dlrs per share due to excellent
  lawn and garden shipments.
      The company said bicycle sales were soft early in the
  period, but recent orders and shipments have been running well
  ahead of last year.
      It said it expects to meet analysts' projections of
  earnings for the full year of 1.50 dlrs per share and it could
  possibly exceed the estimate if orders continue strong.
  

"
training/6733	12	earn	"DEL-VAL FINANCIAL CORP <DVL> SETS PAYOUT
  Mthly div 14-1/2 cts vs 14-1/2 cts prior
      Pay July One
      Record June 17
  

"
training/6734	12	earn	"ENRON <ENE> TO PAY DIVIDENDS ON PREFERRED
  Enron Corp said it will pay accrued
  second quarter dividends on the three series of preferred stock
  it will redeem on May 1.
      The company said it will pay second quarter accrued
  dividends to the redemption date of 53 cts per share on the
  6.40 pct stock, 56 cts on 6.84 pct and 70 cts on 8.48 pct.
  

"
training/6737	12	earn	"ALLISON'S PLACE <ALLS> SALES INCREASE IN FEBRUARY
  Allison's Place Inc president
  Marvin Schenker said company-owned stores sales for February
  increased 82 pct over the same period last year.
      He said comparable store sales in February increased 36
  pct.
      The company, which owns and franchises a total of 237
  clothing outlets where all articles cost six dlrs, will
  increase that figure to seven dlrs starting March 1, Schenker
  said.
      He said the impact of that boost will start to be felt in
  the early part of the company's second quarter and continue
  throughout the year.
      Schenker said costs of the company's merchandise will not
  increase.
  

"
training/6738	12	earn	"BORMAN'S INC <BRF> 4TH QTR NET
  Shr 1.10 dlrs vs 1.33 dlrs
      Net 3,065,000 vs 3,730,000
      Sales 273.9 mln vs 241.0 mln
      Year
      Shr 3.27 dlrs vs 2.62 dlrs
      Net 9,168,000 vs 7,338,000
      Sales 1.07 billion vs 987.2 mln
      NOTE: Fiscal 1987 net includes tax credits of 10 cts for
  the fourth quarter and 1.04 dlrs for the year compared with 43
  cts and 85 cts in the respective periods of fiscal 1986.
  

"
training/6739	12	earn	"(CORRECTED)-BANKERS TRUST NEW YORK <BT> PAYOUT
  Qtly div 41-1/2 cts vs 41-1/2 cts prior
      Pay April 25
      Record March 31
      NOTE: Full name Bankers Trust New York Corp.
      (Company corrects pay date, April 25, not April 28 in story
  that ran yesterday.
  

"
training/6740	12	earn	"NE ELECTRIC <NES> AUDITORS QUALIFY ANNUAL REPORT
  New England Electric System's auditors
  have again qualified the utility's annual report because of
  uncertainty about whether its oil and gas subsidiary can
  recover its investments.
      The qualification was noted in the annual report which New
  England Electric released at a security analysts meeting today.
  The auditors also qualified the company's 1985 report for the
  same reason, noting the sharp drop in oil and gas prices in
  early 1986.
      President Samuel Huntington told analysts the utility will
  have to take a write-down of about 235 mln dlrs if Federal
  regulators do not allow the company to pass on the losses cited
  by the accountants to its rate payers.
  

"
training/6741	12	earn	"CORRECTED - FEDERAL PAPER <FBT> RAISES PAYOUT
  Qtly div 17-1/2 cts vs 17-1/4 cts
      Pay April 15
      Record March 31
      NOTE: Full name Federal Paper Board Co.
      (Corrects headline and dividend figure in item appearing
  March 17 to show dividend was raised.)
  

"
training/6743	12	earn	"RADA ELECTRONIC INDUSTRIES<RADIF> NINE MTHS NET
  Ended December 31
      Shr three cts vs nine cts
      Net 220,000 vs 721,000
      Revs 4,920,000 vs 4,184,000
      Avg shrs 6,425,925 vs 6,599,000
      NOTE: Full name Rada Electronic Industries Ltd.
  

"
training/6746	10	crude	"DOE SECRETARY PROPOSES OIL TAX INCENTIVES
  Energy Secretary John Herrington
  said he will propose tax incentives to increase domestic oil
  and natural gas exploration and production to the Reagan
  Administration for consideration.
      ""These options boost production, while avoiding the huge
  costs associated with proposals like an oil import fee,""
  Herrington told a House Energy subcommittee hearing. ""It is my
  intention to submit these proposals to the domestic policy
  council and the cabinet for consideration and review.""
      ""The goal of the Administration policies is to increase
  domestic production. I would like to shoot for one mln barrels
  a day,"" he said.
      The proposals were based on a DOE study released yesterday
  warning the United States was threatened by a growing
  dependence on oil imports.
      ""We project free world dependence on Persian Gulf oil at 65
  pct by 1995,"" Herrington said.
  

"
training/6747	12	earn	"CHILDREN'S DISCOVERY <CDCRA> 4TH QTR LOSS
  Shr loss 18 cts vs profit six cts
      Net loss 509,471 vs profit 163,840
      Revs 2,623,974 vs 1,835,580
      12 mths
      Shr loss 18 cts vs profit 10 cts
      Net loss 494,352 vs profit 173,948
      Revs 10.1 mln vs 3,551,429
      NOTE: 4th qtr loss reflects 290,000 dlrs of non-recurring
  expenses related to senior management changes.
      Full name of company is Children's Discovery Centers of
  America Inc.
  

"
training/6748	12	earn	"CPI CORP <CPIC> TO POST HIGHER 1986 RESULTS
  CPI Corp said it expects to post
  higher sales and earnings for its fiscal year ended February 7
  when it officially reports results in three weeks.
      It said preliminary figures show total sales of 258 mln
  dlrs, up 30 pct from 198 mln dlrs in its 1985 fiscal year. Net
  earnings from continuing operations rose to 18 mln dlrs, up
  almost 31 pct from 13.9 mln dlrs, while per share earnings from
  continuing operations were 2.22 dlrs, up 23 pct from 1.80 dlrs.
  There were 552,500 additional shares outstanding.
  

"
training/6752	12	earn	"LAIDLAW TRANSPORTATION <LDMFA> SEES BETTER YEAR
  Laidlaw Transportation Ltd said
  earnings per share for the current fiscal year should increase
  by ""substantially more"" than the 30 pct average annual growth
  experienced in the last four years.
      Revenues for the year ended August 31 will be about 1.2
  billion dlrs, including GSX Corp, the U.S. waste services unit
  acquired from Imasco Ltd last year for 358 mln dlrs, Laidlaw
  president Michael de Groote told analysts.
      Last year, Laidlaw had operating earnings of 66.2 mln dlrs,
  or 63 cts per share, on revenues of 717.8 mln dlrs.
      De Groote also said the company expects ""excellent results""
  in the second quarter ended February 28, but would not be more
  specific.
      He said his revenue estimate for fiscal 1987 does not
  include possible further acquisitions and said that the
  addition of GSX will produce increasing benefits in fiscal 1988
  through fiscal 1990.
      De Groote said the increased earnings in the previous four
  quarters was due partly to internal growth of about 15 pct. The
  rest came from acquisitions, he said.
      Laidlaw expects to sell a small rubber recycling operation,
  a subsidiary of GSX, within the next few weeks, but this will
  not make any material contribution to earnings, de Groote said.
      He also said he is ""not very optimistic"" about the ongoing
  negotiations to buy 50 pct of Tricil Ltd, a Toronto-based
  chemical and solid waste services company with Canadian and
  U.S. operations, from <Trimac Ltd> of Calgary.
      De Groote said that, regardless of the outcome of the
  proposed Tricil acquisition, Laidlaw will decide within the
  next 30 days whether to stay in the North American chemical
  waste business through GSX Corp.
      ""We feel it is a profitable business with good growth
  potential and we now want to stay in it if we can get the right
  management,"" de Groote said.
      Laidlaw financed the acquisition of GSX by its U.S.
  subsidiary, Laidlaw Transportation Inc, with the proceeds of a
  200 mln Canadian dlr preferred stock issue and borrowing.
      De Groote said the company will gain about 138 mln dlrs in
  cash by August 31 from the exercise of warrants.
      De Groote also said waste services in fiscal 1987 will
  represent about 49 pct of revenues, school buses will
  contribute 49 pct and trucking about two pct.
      The trucking subsidiary in western Canada is performing
  well and there are no plans to sell it, he said.
      He would not estimate the contribution of each segment to
  earnings per share for the year. He also said that further
  acquisitions of school bus operations in the U.S. are likely
  within the next few months.
  

"
training/6757	48	trade	"PERU SHORT-TERM TRADE LINES RISE TO 430 MLN DLRS
  peru's short-term foreign trade credit
  lines have more than doubled to 430 mln dlrs under president
  alan garcia's 20-month administration.
      Central bank general manager hector neyra told reporters 
  that many of the credits were for 90-day terms and could be
  used several times a year.
      The trade credits stood at 210 million dollars when garcia
  took office on july 28, 1985, and announced foreign debt
  payments would be limited to 10 pct of export earnngs.
      Neyra told reuters that peru was current on interest
  payments on short-term debt, including the trade credit lines
  and on about 750 million dollars in so-called  ""working capital""
  credits.
      Neyra did not specify the source of the trade credit lines.
  

"
training/6758	15	gnp	"BRAZIL'S GDP GREW 8.2 PCT LAST YEAR
  Brazil's Gross Domestic Product,
  GDP, rose by 8.2 pct in real terms last year following an 8.3
  pct increase in 1985, the Geography and Statistics Institute
  said.
      In money terms this equalled 3.6 trillion Cruzados, giving
  per capita GDP of 26,120 Cruzados, or 1.6 pct above the level
  achieved in 1980 before the recession of 1981-1983, the
  Institute said in a statement.
      Agricultural output, hit by adverse weather, fell by 7.3
  pct last year led by coffee production which was 46 pct down.
      Industry grew 12.1 pct, including capital goods by 21.6 pct
  and consumer goods by 20.3 pct, while services were up 8.3 pct.
  

"
training/6759	12	earn	"ENSOURCE INC <EEE> 4TH QTR LOSS
  Shr loss 60 cts vs loss 6.50 dlrs
      Net loss 2,012,000 vs loss 21.9 mln
      Revs 8.6 mln vs 13.5 mln
      Year
      Shr loss 1.04 dlrs vs loss 5.96 dlrs
      Net loss 3.5 mln vs loss 20.2 mln
      Revs 36.6 mln vs 52.1 mln
  

"
training/6761	12	earn	"GREAT LAKES FEDERAL <GLFS> HIKES DIVIDEND
  Qtly div 15 cts vs 10 cts prior qtr
      Pay 17 April
      Record 3 April
      NOTE: Great Lakes Federal Savings and Loan is full name of
  company.
  

"
training/6762	12	earn	"MURRAY OHIO <MYO> SEES HIGHER 1ST QTR EARNINGS
  The Murray Ohio Manufacturing
  Co said it expects first quarter earnings to be higher than the
  4,800,840 dlrs, or 1.25 dlrs per share, it recorded for the
  first quarter of last year.
      The company, which produces lawn mowers and bicycles, said
  earnings are ahead of last year due to increased lawn and
  garden shipments in January and February and a record-setting
  pace in March.
  

"
training/6763	12	earn	"ALLEGHANY CORP <Y> DECLARES 1987 DIVIDEND
  Alleghany Corp said its board 
  declared a stock dividend of one share of its common for every
  50 shares outstanding, as the company's dividend on its company
  for 1987.
      It said the dividend will be distributed on April 30, to
  holders of record on March 30.
      Alleghany said cash will be paid in lieu of any fractional
  shares of its stock.
  

"
training/6764	22	interest	"HOUSE SUBCOMMITTEE VOTES CREDIT CARD RATE CAP
  A House Banking subcommittee has
  approved legislation to limit the interest rates charged by
  banks and other credit card issuers.
      The Consumer Affairs and Coinage subcommittee bill would
  limit credit card interest rates at eight percentage points
  above the yield on one-year Treasury securities.
      If in effect now, the bill would limit credit card rates to
  13.8 pct compared to a nation-wide average of 18 pct, the
  subcommittee said.
      The bill now goes to the full House Banking committee for
  further action.
  

"
training/6765	12	earn	"PREMIER INDUSTRIAL CORP <PRE> 3RD QTR NET
  Ended Feb 28
      Shr 39 cts vs 35 cts
      Net 11.5 mln vs 10.4 mln
      Revs 111.0 mln vs 104.6 mln
      Nine mths
      Shr 1.16 dlrs vs 1.04 dlrs
      Net 34.3 mln vs 30.8 mln
      Revs 335.2 mln vs 320.0 mln
      Avg shrs 26.7 mln vs 29.6 mln
  

"
training/6767	0	acq	"UNION <UCO> TO SELL UNION FLONETICS UNIT
  Union Corp said it agreed
  in principle to sell its Union Flonetics Corp subsidiary to
  Irvin Kaplan, a Houston investor.
      The unit makes valves and marine specialty equipment for 
  the military. Kaplan is also controlling shareholder of <Hunt
  Valve Co Inc>.
      The amount of the cash transaction, expected to close in
  April, was not disclosed.
  

"
training/677	43	ship	"VERSATILE TO BUILD POLAR ICE BREAKER
  Versatile Corp's shipbuilding subsidiary
  has a letter of intent to build a 320 mln dlr polar icebreaker
  for the Canadian coast guard, Transport Minister John Crosbie
  said.
      In a Vancouver address, Crosbie said Versatile Pacific
  Shipyards Inc was the low bidder to build the Arctic Class 8
  icebreaker, but the company must meet certain financial and
  engineering conditions before the contract is awarded.
      The government also announced it will provide up to 13 mln
  dlrs in loan insurance to help Versatile prepare for the
  construction of the vessel.
  said before the contract can be awarded Versatile ""will be
  required to offer assurances that the shipyard is technically
  and financially capable of performing the work.""
      Crosibie said Versatile's bid was 100 mln dlrs lower than
  competing bidders and will generate 1,000 person years of
  direct employment.
      Work on the vessel, which Crosbie said would be the most
  powerful icebreaker in the world, would begin next year and
  completed in 1992.
      The government announced plans to build the icebreaker last
  year following the controversial passage of the U.S. Coast
  Guard's vessel, the Polar Sea, through the disputed Northwest
  Passage. The U.S. government did not seek permission for the
  journey, claiming the area was an international water way.
      The government said the icebreaker was needed to back up
  the country's claim of sovereignty in the Arctic.
  

"
training/6770	12	earn	"U.S. BANK INCOME SHOWS FIRST DROP IN 25 YEARS
  Problems in the farmbelt and
  oilpatch regions contributed to the first decline in overall
  income for U.S. banks in a quarter century, the Federal Deposit
  Insurance Corp (FDIC) said.
      The nation's 14,181 commercial banks had net income of 17.8
  billion dlrs in 1986, down slightly from 1985's record 18.1
  billion dlrs.
      The total was still the second highest ever reported, but
  it was the first time income had not grown since 1961.
      The figures reflected a radical split in the health of
  banks in the two halves of the country, the FDIC said.
      In the East, one in 12 banks had losses last year, while
  one in four banks west of the Mississippi River had losses.
      Nationwide, one out of five banks reported losses, the FDIC
  said in the first of a new series of quarterly banking profiles
  it planned to issue.
      ""I don't remember a time when there was such a clear
  distinction by geographic area,"" FDIC Chairman William Seidman
  told reporters.
      He said that while the figures were not good, they showed
  the problem did not lie with the banking system as a whole but
  with regional differences in economic performance.
      Some 44 banks have failed so far this year, twice as many
  as failed by this time a year ago, but Seidman said he doubted
  the pace would continue. 
      On a positive note, banks increased capital to a record 208
  billion dlrs last year, and there has been a slowing in the
  number of new problem banks in all regions except the
  Southwest, Seidman said.
      Banks' provision for losses from bad loans in the fourth
  quarter increased to 21.7 billion dlrs, a 23 pct rise from a
  year ago.
      Large banks -- those with assets of one billion dlrs or
  more -- reporting fourth-quarter losses totaled 22, the FDIC
  said.
      Seidman said it was too early to say what effect Brazil's
  moratorium on debt interest payments would have on U.S. banks.
      He said bank deregulation had given managers more freedom
  to run their banks and that an increase in failures was to be
  expected.
      But this freedom from regulatory restraints also has meant
  other banks that were better managed have gotten stronger,
  Seidman said.
  

"
training/6771	12	earn	"SOMERSET SAVINGS BANK <SOSA> 4TH QTR FEB 28 NET
  Shr 55 cts vs NA
      Net 2,512,000 vs 773,000
      Year
      Net 7,123,000 vs 3,098,000
      Assets 417.7 mln vs 251.1 mln
      Deposits 329.4 mln vs 230.1 mln
      Loans (net) 366.1 mln vs 205.2 mln
      NOTE: Some per shr amounts not available as company
  converted to public ownership in July 1986.
  

"
training/6773	12	earn	"VESTAR SECURITIES INC <VES> SETS PAYOUT
  Qtrly div 30.1 cts vs 34.1 cts prior
      Pay April 14
      Record March 31
      NOTE: company said prior qtr includes end of year
  additional four cts dividend.
  

"
training/6774	12	earn	"AMERITECH <AIT> REGULAR DIVIDEND SET
  Qtly div 1.25 dlrs vs 1.25 dlrs
      Pay May 1
      Record March 31
      NOTE: Full name is American Information Technologies Corp
  

"
training/6776	12	earn	"HARTFORD NATIONAL CORP <HNAT> DECLARES DIVIDEND
  Qtly div 30 cts vs 30 cts prior
      Pay April 20
      Record March 31
  

"
training/6777	12	earn	"ARKANSAS BEST CORP <ABZ> DECLARES QTLY DIVIDEND
  Qtly div nine cts vs nine cts prior
      Pay April 13
      Record March 30
  

"
training/6778	12	earn	"AUDITORS LIFT QUALIFICATION ON PS INDIANA <PIN>
  Auditors for Public Service
  Co of Indiana Inc lifted a qualification, in effect for two
  years, on its 1986 financial results, according to the
  company's annual shareholders' report.
      PSI's report was qualified in 1984 and 1985 when its
  auditors, Arthur Andersen and Co, questioned the utility's
  ability to recover costs of its Marble Hill nuclear power plant
  and to extend the maturity of its credit agreement.
      The company wrote off 141 mln dlrs of Marble Hill costs in
  November, 1986 and repaid its final 20 mln dlrs in debt in
  October, 1986, it said.
  

"
training/6779	12	earn	"MARSHALL INDUSTRIES <MI> 3RD QTR FEB 28 NET
  Shr 14 cts vs 12 cts
      Net 1,017,000 vs 877,000
      Sales 68.1 mln vs 61.2 mln
      Nine Mths
      Shr 40 cts vs 17 cts
      Net 2,986,000 vs 1,215,000
      Sales 205.3 mln vs 174 mln
      Note: Per share figure reflects two-for-one stock split of
  July 1986.
  

"
training/6783	12	earn	"FINANCIAL BENEFIT GROUP INC <FBGI> YEAR LOSS
  Shr loss 11 cts vs loss 48 cts
      Net loss 254,000 vs loss 784,000
      NOTE: Includes realized gains of one mln dlrs versus
  840,000 dlrs.
  

"
training/6784	12	earn	"ARKANSAS BEST <ABZ> SEES LOWER FIRST QTR NET
  Arkansas Best Corp said its
  1987 first quarter earnings will be significantly lower than
  fully diluted earnings of 22-1/2 cts per share in last year's
  first quarter.
      The company said pricing competition and lower traffic
  levels in the motor carrier industry hurt its first quarter
  results.
      However, the company said its furniture and tire operations
  are more profitable this year than last year.
      Arkansas Best also said that if the industry sustains the
  upcoming 2.9 pct motor carrier rate hike it will offset the
  Teamster labor increase scheduled for April 1.
      It said the labor increase then will be 3.2 pct for ABF
  Freight System, its largest unit.
  

"
training/6785	12	earn	"URS CORP <URS> 1ST QTR JAN 31 NET
  Shr primary 29 cts vs 26 cts
      Shr diluted 27 cts vs 23 cts
      Net 1,500,000 vs 1,008,000
      Revs 30 mln vs 23.1 mln
      Avg shrs pimary 5,254,000 vs 3,821,000
  

"
training/6787	12	earn	"TIE/COMMUNICATIONS INC <TIE> 4TH QTR LOSS
  Oper shr loss 1.28 dlrs vs loss 59 cts
      Oper net loss 46.0 mln vs loss 21.1 mln
      Revs 63.9 mln vs 77.8 mln
      12 mths
      Oper shr loss 1.65 dlrs vs loss 2.09 dlrs
      Oper net loss 59.3 mln vs 75.0 mln
      Revs 298.2 mln vs 321.3 mln
      NOTE: for the qtr and yr 1986, loss reflects pretax loss of
  45.0 mln and 55.5 mln, which included a writedown of inventory
  and restructuring charges amounting to 37.1 mln and 37.9 mln,
  and a tax gain of 940,000 and 3,094,000.
      For the qtr and yr 1985, loss consisted of a pretax loss of
  23.9 mln and 102.3 mln which included a writedown of inventory,
  restructuring charges and loss on the sale of a division
  amounting to 13.0 mln and 61.0 mln, and a tax gain of 3,036,000
  and 28.5 mln.
      qtr 1985, excludes estimated loss 3,354,000 for disposal of
  HCL Leasing Corp sold July 1986, as well as its operating
  results prior to this date.
      year current and prior excludes loss 1,543,000, and
  2,859,000, respectively, for estimated loss on disposal of HCL
  Leasing Corp.
      qtr and year current excludes foreign tax 312,000, and
  1,179,000, respectively, which payment would have been required
  in the absence of foreign operating loss carryforwards from
  prior years.
  

"
training/6788	0	acq	"U.S. HOUSE PLAN SEEKS TO BAR FOREIGN TAKEOVER
  A U.S. House subcommittee voted to
  give President Reagan authority to block foreign takeovers of
  U.S. companies similar to the takeover of Fairchild
  Semiconductor Corp. by Fujitsu Ltd which was withdrawn.
      The Energy and Commerce Subcommittee on Commerce approved
  as an amendment to the overall House trade bill a provision
  giving Reagan the power to block sales to foreign companies if
  the sale was not in the national or economic interest.
      The subcommittee rejected a proposal requiring the U.S. to
  pay investors one pct for the right to hold their gold
  investments in government storage. His amendment called for the
  government to sell gold coins and gold-backed bonds with
  maturities of 30 to 50 years to investors to reduce the federal
  debt.
  

"
training/6789	0	acq	"SIEBE COMPLETES ACQUISTION OF RANCO <RNI>
  <Siebe Plc> of the U.K. said it
  completed the acquisition of Ranco Inc, following approval by
  Ranco shareholders.
      According to the terms of the deal, Ranco holders will
  receive 40 dlrs a share in cash. Ranco will be transferred to
  one of Siebe's U.S. subsidiaries, Robertshaw Controls Co.
      Ranco produces automatic control devices and power controls
  that regulate temperature, pressure, time sequencing, current,
  fluid flow and humidity. Its Teccor unit makes a specialized
  line of semiconductors.
  

"
training/679	0	acq	"<PANTRY INC> INB TALKS ON BEING ACQUIRED
  Privately-held Pantry Inc, which
  operates 477 convenience stores in five Southeastern states,
  said it has engaged Alex. Brown and Sons Inc <ABSB> to explore
  a possbile sale of the company.
      It said it expects to start talks with prospective
  acquirers shortly. The company said it has been approached by a
  number of parties in recent months.
  

"
training/6790	12	earn	"<HAWKER SIDDELEY CANADA INC> YEAR NET
  Shr 1.06 dlrs vs 1.54 dlrs
      Net 9,455,000 vs 13.4 mln
      Sales 418.7 mln vs 422.0 mln
      Note: 59 pct owned by Hawker Siddeley Group PLC
  

"
training/6791	10	crude	"NO IMMEDIATE PLANS TO CLOSE REFINERY - ESSO SAF
  ESSO SAF <ESSF.PA>, the French subsidiary
  of Exxon Corp <XON>, said it had no immediate plans to shut
  down one of its two refineries. Exxon's new president Lee R.
  Raymond said earlier that it could decide to close a French
  refinery.
      An ESSO SAF spokesman said a closure was a hypothesis that
  depended on the evolution of the market and refineries' ability
  to make money. He said Port Jerome west of Paris and Fos sur
  Mer on the Mediterranean had benefitted from new investment
  over 1985-86 and had last year broken even after stock losses.
      The Port Jerome refinery has an annual production capacity
  of seven mln tonnes while Fos sur Mer's is five mln, the
  spokesman added.
      Industry sources said the easiest plant to dispose of would
  be Fos sur Mer because it is a single refinery, while the Port
  Jerome refinery is attached to a wider complex comprising a
  petrochemical plant and a lubricant production plant.
      Raymond was quoted as saying in a published interview that
  Exxon was reviewing its worldwide refinery operations and might
  decide to close one of its French refineries.
  

"
training/6794	12	earn	"TEL OFFSHORE TRUST <TELOZ> UPS QUARTERLY PAYOUT
  Qtly distribution 43.5884 cts vs 37.2427 cts in prior qtr
      Payable April 10
      Record March 31
  

"
training/6797	12	earn	"EMHART CORP <EMH> SET TO INCREASE EARNINGS
  Emhart Corp said it plans to increase
  worldwide revenues and earnings at an annual compounded growth
  rate of 15 pct and about 13 pct, respectively.
      It said these objectives were based on several assumptions,
  including a four pct average inflation rate through 1989 and a
  two pct to three pct GNP real growth.
      In 1986, Emhart reported a net loss of 10 mln dlrs or 35
  cts a share, after a 90 mln after-tax restructuring charge,
  which realigned the company's assets.
      Emhart has divested itself of many of its units to focus on
  three primary markets--industrial products, consumer products,
  and information and electronic systems.
      Emhart said industrial products should account for about 62
  pct of projected 1987 revenues of 2.3 billion dlrs, while
  consumer products should account for about 20 pct of those
  revenues and information and electronic systems about 18 pct.
  

"
training/6798	13	fuel	"BELCHER TO RAISE HEAVY FUELS PRICES
  The Belcher Co of New York, a
  subsidiary of Coastal Corp <CGP>, said it will raise the posted
  prices for number six fuel in New York 25 cts to 1.75 dlrs a
  barrel, depending on grades.
      Effective March 19, the new prices are 0.3 pct sulphur
  22.50 dlrs, up one dlr, 0.5 pct sulphur 21.75 dlrs, up 1.75
  dlrs, 0.7 pct sulphur 21 dlrs, up 1.25 dlrs. One pct sulphur
  20.25 dlrs, up one dlr, two pct sulphur 18.25 dlrs, up 25 cts,
  2.2 pct sulphur 18 dlrs, up 25 cts, 2.5 pct sulphur 17.75 dlrs,
  up 30 cts, and 2.8 pct sulphur 17.50 dlrs, up 50 cts.
  

"
training/6799	12	earn	"GRAPHIC INDUSTRIES INC <GRPH>4TH QTR JAN 31 NET
  Shr 27 cts vs 23 cts
      Net 1,713,000 vs 1,447,000
      Revs 46.9 mln vs 39.3 mln
      Year
      Shr 97 cts vs 78 cts
      Net 6,154,000 vs 4,855,000
      Revs 167.9 ln vs 130.4 mln
  

"
training/68	0	acq	"<COFAB INC> BUYS GULFEX FOR UNDISCLOSED AMOUNT
  CoFAB Inc said it acquired <Gulfex Inc>,
  a Houston-based fabricator of custom high-pressure process
  vessels for the energy and petrochemical industries.
      CoFAB said its group of companies manufacture specialized
  cooling and lubricating systems for the oil and gas,
  petrochemical, utility, pulp and paper and marine industries.
  

"
training/680	12	earn	"CONGRESS VIDEO GROUP INC <CVGI> 3RD QTR NET
  Qtr ends Dec 31
      Shr profit three cts vs loss three cts
      Net profit 129,000 vs loss 85,000
      Revs 4,001,000 vs 4,347,000
      Avg shrs 3,994,347 vs 3,769,347
      Nine mths
      Shr loss 75 cts vs profit 39 cts
      Net loss 2,900,000 vs profit 1,753,000
      Revs 7,472,000 vs 15.3 mln
      Avg shrs 3,845,438 vs 4,470,275
      NOTE: net 1986 includes tax gain carryforward from
  discontinued operations of Master's Merchandise Group in year
  prior.
  

"
training/6801	12	earn	"CENTRAL PENNSYLVANIA FINANCIAL CORP <CPSA>PAYOUT
  Qtly div 10 cts vs 10 cts in prior qtr
      Payable April 22
      Record April 10
  

"
training/6802	12	earn	"HARTFORD NATIONAL CORP <HNAT> REGULAR DIVIDEND
  Qtly div 30 cts vs 30 cts in prior qtr
      Payable April 20
      Record March 31
  

"
training/6804	3	carcass	"BRAZILIAN RED MEAT OUTPUT DOWN SHARPLY - USDA
  Brazilian red meat production in
  1986 fell more than 20 pct to 1.9 mln tonnes due to drought
  which reduced slaughter weight and to herd rebuilding which
  started because of high cattle prices, the U.S. Agriculture
  Department said.
      In its report on World Production and Trade Developments,
  USDA said that in 1987, beef production is expected to reach
  2.3 mln tonnes.
      Pork production in 1986 rose 83 pct to 1.1 mln tonnes due
  to the sharp rise in beef prices and is expected to remain at
  that level this year, USDA said.
  

"
training/6805	0	acq	"GENCORP ASKS SHAREHOLDERS TO POSTPONE ACTION IN TENDER OFFER

  GENCORP ASKS SHAREHOLDERS TO POSTPONE ACTION IN TENDER OFFER
  

"
training/6807	0	acq	"MONY FINANCIAL BUYS UNITED ADMINISTRATORS <UAI>
  <MONY Financial Services> said it
  purchased United Administrators Inc in an effort to secure a
  larger market share for its group insurance line.
      MONY said this acquisition, coupled with its purchase of
  Kelly Associates in 1985, contributes to its goal of expanding
  its group business and improving its product lines.
  

"
training/6809	12	earn	"BFI COMMUNICATIONS SYSTEMS INC 4TH QTR LOSS
  Shr loss 18 cts vs loss 20 cts
      Net loss 629,527 vs loss 697,847
      Revs 404,345 vs 1,558,951
      Year
      Shr loss 56 cts vs loss 1.81 dlrs
      Net loss 1,910,063 vs loss 5,744,588
      Revs 5,999,377 vs 6,347,702
      Avg shrs 3,441,513 vs 3,175,402
  

"
training/6810	0	acq	"FORTUNE <FORF> TO ACQUIRE MARINE SAVINGS
  Fortune Financial Group Inc's
  Fortune Savings Bank subsidiary said it executed a definitive
  agreement to buy <Marine Savings and Loan Association of
  Florida> for 10.1 mln dlrs.
      It said the agreement has been approved by the directors of
  both banks and is subject to approval of Marine shareholders by
  a majority vote.
      Fortune said that under the agreement it will pay 20.10
  dlrs cash for each of Marine's 500,000 shares outstanding,
  among other things.
  

"
training/6811	0	acq	"HAWKER SIDDELEY CANADA TO SELL UNIT
  <Hawker Siddeley Canada Inc> said that,
  due to poor market conditions for railway freight car
  manufacturing, it plans to sell its Trenton Works division in
  Trenton, Nova Scotia.
      Hawker Siddeley said it set aside a provision of 7.7 mln
  dlrs for the proposed sale.
      It also said lower 1986 earnings were due to much lower
  earnings in transportation equipment and losses in steel
  castings and forgings, which offset gains in the mining sector
  and improvements in forestry equipment.
      Hawker Siddeley also said demand for new railway equipment
  was limited with export sales frequently restrained by
  customers' financing difficulties.
      Demand for steel castings and wheels for Canadian railways
  continued to be very depressed with maintenance requirements at
  the lowest level in the past decade.
      However, there was demand for industrial casting due to
  increased hydro-electric power generation, the company said.
      The company said manufacturing of mining machinery and
  tunnelling equipment showed greatly improved results in the
  U.S. and export markets, mainly China and India.
      The Orenda division maintained a high level of activity in
  aircraft engine repair and overhaul and in the manufacture of
  engine components.
      Sawmill equipment and skidder operations were affected by a
  strike in British Columbia and the extended debate on U.S.
  imports of Canadian lumber, but there were encouraging signs at
  yearend, the company said.
  

"
training/6813	12	earn	"CENTRAL ILLINOIS <CIP> 12 MTHS FEB 28 NET
  Shr 2.04 dlrs vs 1.83 dlrs
      Net 76,172,000 vs 71,101,000
      Revs 621.7 mln vs 670.3 mln
      NOTE: Central Illinois Public Service Co is full name of
  company.
      Most recent 12 months net excludes preferred dividends of
  6.4 mln dlrs compared with 8.6 mln dlrs last year.
  

"
training/6814	12	earn	"BOGART CRAFTS CORP <VOGT> YEAR LOSS
  Yr ends Nov 29, 1986
      Shr loss 61 cts vs loss 1.19 dlrs
      Net loss 1,017,000 vs loss 1,987,000
      Revs 10.4 mln vs 10.3 mln
      NOTE: Prior yr ended Nov. 30
  

"
training/6815	0	acq	"GENCORP <GY> GROUP TO SEEK ANTI-GREENMAIL VOTE
  GAMCO Investors Inc, an affiliate of
  Gabelli and Co, plans to propose an anti-greenmail provision at
  the GenCorp Inc annual meeting March 31, according to GAMCO
  Chairman Mario Gabelli.
      Greenmail often involves the repurchase of shares at a
  premium by a company from an unwanted investor. GenCorp today
  received a surprise tender offer from a group that holds 9.8
  pct of its stock.
      Gabelli also said GAMCO has sent a 13-D filing to the
  Securities and Exchange Commission on the 6.5 pct of GenCorp
  stock held by GAMCO and its affiliates.
      The stock amounts to 1,462,000 shares and most of it was
  reported in an earlier 13-G filing. A 13-G is filed by passive
  investors to show holdings of more than five pct.
      Earlier today, General Partners, owned by Wagner and Brown
  and AFG Industries Inc, launched a 100 dlr per share tender
  offer for GenCorp. Analysts said the offer was between 10 and
  20 dlrs per share too low.
      GenCorp has made no comment on the offer.
      Gabelli said he also proposes that management consider
  spinning off all assets, other than the GenCorp broadcast
  properties, to shareholders. The licenses of the broadcast
  properties have long been entangled in a series of challenges.
      ""One thing is going to be clear and that is I'm going to
  the meeting and putting up ""no greenmail,"" Gabelli said.
      Gabelli said he fears that greenmail might be a motivation
  in the offer.
      The annual meeting is to be held in Akron, Ohio.
  

"
training/6816	12	earn	"LAENDERBANK EXPECTS MODEST PROFIT RISE IN '87
  Oesterreichische Laenderbank AG
  [OLBV.VI] expects to maintain its dividend and to record a
  moderate rise in profits this year after the 181.5 mln
  schilling net profit made in 1986, General Director Gerhard
  Wagner said.
      Wagner told a news conference that last year's 34.3 pct
  rise in net profit from 135.1 mln in 1985 was largely due to
  greater domestic business and wider margins on schilling
  interest rates.
      The bank, Austria's third largest, raised its 1986 dividend
  to 12 pct of its 1.5 billion schilling nominal share capital
  from 10 pct on capital of 1.35 billion in 1985.
      Announcing the 1986 results, Wagner said: ""We will endeavour
  to maintain the higher dividend in 1987.""
      Laenderbank's balance sheet total rose five pct to 197.7
  billion schillings against 8.1 pct growth in 1985. Foreign
  currency business last year accounted for some 37 pct of
  balance sheet total compared with about 41 pct in 1985.
      Wagner blamed the realtive shrinkage of foreign business
  chiefly on the dollar's fall against the schilling, which is
  effectively pegged to the mark. The dollar's weakness had wiped
  some 8.9 billion schillings off the balance sheet total.
      Wagner declined to give an exact figure for profits from
  the bank's London branch, which opened in April 1985, but said
  that it came close to one mln stg.
      On schilling lending, profit on interest had risen 18 pct
  to 2.19 billion schillings while commission earnings climbed
  8.7 pct to 738.9 mln.
      According to the 1987 federal budget, the state is due to
  lower its stake 60 pct in Laenderbank, probably to 51 pct.
  Wagner said the exact timing of the move depended on the state.
  

"
training/6817	0	acq	"NATIONAL DATA <NDAC> IN PACT WITH SIGNATURE
  National Data Communications Inc said it
  is no longer obligated to issue its majority shareholder
  <Signature Capital Corp> 20 mln common shares under a previous
  agreement.
      National said it entered into a new agreement with
  Signature, which would have owned about 80 pct of National's
  common under the prior pact.
      Under the new pact, National said it granted Signature a
  five-year option to acquire two mln shares of its common for an
  option price equal to its current market value. National has
  about 15.3 mln shares outstanding.
  

"
training/6818	0	acq	"PILGRIM VENTURE IN MERGER AGREEMENT
  <Pilgrim Venture Corp>
  said it signed a letter of intent to merge with <Marketing
  Technologies Group Inc>, Rockville Center, N.Y.
      Under terms of the agreement, Pilgrim, a publicly held
  corporation, said it will issue two mln shares of authorized
  but unissued restricted common stock to Marketing Technologies
  shareholders. The company said it expects to complete the
  merger by June 17.
      Marketing Technologies is developing a computer-based
  advertising system geared toward large advertisers, the company
  said.
  

"
training/6819	0	acq	"GENCORP <GY> TO STUDY GENERAL PARTNER BID
  GenCorp Inc chairman William
  Reynolds said the company's board and its financial and legal
  advisors will study the unsolicited tender offer from <General
  Partners>.
      ""Right now, our advice to all our shareholders is to wait
  until the board advises them of its position ... which will
  happen on or before March 31,"" Reynolds said.
      Earlier today, General Partners, controlled by Wagner and
  Brown and AFG Industries Inc, said it started a tender offer
  for all of Gencorp's shares and stock purchase rights for 100
  dlrs a share.
      General Partners said the offer, which is due to expire
  April 14, is conditioned on receipt of sufficient financing and
  other conditions.
      ""We are asking our shareholders to postpone any decision on
  whether to accept or reject the offer until the board finishes
  its evaluation,"" Reynolds said in a statement.
      ""The Wagner and Brown-AFG offer does not expire until April
  14, so shareholders have time to make their decision,"" he said.
  

"
training/682	0	acq	"<RENOUF CORP> TO PROCEED WITH BENEQUITY <BH> BID
  Renouf Corp of New Zealand said it
  has decided to proceed with its offer for all outstanding units
  of Benequity Holdings at 31 dlrs per unit.
      The company had been required to redice by March Two
  whether to proceed with the offer or terminate it, based on its
  ability to obtain financing and on its review of Benequity
  operations.  The offer is to expire March 13.
  

"
training/6825	12	earn	"RESTAURANT MANAGEMENT SERVICES <RESM> IN PAYOUT
  Qtly div 1-3/4 cts vs 1-3/4 cts prior
      Pay April 23
      Record April nine
      NOTE: Full name Restaurant Management Services Inc
  

"
training/6827	12	earn	"CITIZENS FIRST BANCORP INC <CFB>RAISES DIVIDEND
  Qtly div 15 cts vs 12.5 cts prior
      Pay May 1
      Record April 17
      Note: Prior dividend is adjusted for recent six-for-five
  stock split.
  

"
training/6828	25	jet	"TEXACO INC <TX> 84.1 MLN DLR DEFENSE CONTRACT
  Texaco Refining and Marketing Inc is
  being awarded a 84.1 mln dlr Defense Logistics Agency contract
  for jet fuel, the Defense Department said.
      It said work on the contract, which was awarded as part of
  a multi-contract procurement program, is expected to be
  completed by March 31, 1988.
  

"
training/6830	12	earn	"ALLISON'S PLACE INC <ALLS> 4TH QTR NET
  Shr seven cts vs 20 cts
      Net 184,000 vs 387,000
      Revs 9,100,000 vs 6,700,000
      Year
      Shr 13 cts vs 33 cts
      Net 315,000 vs 627,000
      Revs 32.4 mln vs 24.6 mln
  

"
training/6831	12	earn	"CONAGRA INC 3RD QTR SHR 36 CTS VS 31 CTS

  CONAGRA INC 3RD QTR SHR 36 CTS VS 31 CTS
  

"
training/6836	14	gas	"PRI <PRI> TO BUY SHELL <RD> HAWAII GAS STATIONS
  Pacific Resources Inc said it signed a
  definitive agreement with Royal Dutch/Shell Group unit Shell
  Oil Co to buy Shell's marketing, terminaling and distribution
  assets in Hawaii for 32 mln dlrs.
      The purchase would include Shell's interest in 39 retail
  gasoline stations and four petroleum product terminals, PRI
  said. The company said it expects the transaction to be
  completed by September 1, 1987.
      The pact includes provisions allowing the continued use of
  the Shell trademark, credit cards and the sale of Shell brand
  products by the gasoline stations, PRI said.
      PRI said all Shell-brand products sold under this agreement
  will be manufactured to Shell specifications.
  

"
training/6837	12	earn	"READING CO <RDGC> 4TH QTR OPER NET
  Oper shr 40 cts vs 30 cts
      Oper net 1,364,000 vs 1,025,000
      Revs 14.7 mln vs 11.0 mln
      Avg shrs 3,372,970 vs 3,425,400
      Year
      Oper shr 86 cts vs 32 cts
      Oper net 2,925,000 vs 1,109,000
      Revs 43.0 mln vs 35.7 mln
      Avg shrs 3,383,651 vs 3,418,594
      NOTE: Year-ago periods exclude extraordinary gain of 1.1
  mln dlrs or 31 cts/shr.
      Includes gains of 988,000 dlrs vs one mln dlrs in qtr and
  2.2 mln dlrs vs 1.1 mln dlrs in year from tax loss
  carryforwards.
  

"
training/684	45	sugar	"CUBA TELLS TRADERS SUGAR EXPORTS MAY BE DELAYED
  Cuba has told international sugar
  operators who have bought its sugar for shipment in March that
  these contracts will take second place to Cuba's direct
  shipments to its export markets, dealers here said.
      Some traders who have received telexes from Cuba said the
  language of the message was not totally clear and some believed
  shipments would be honoured if the traders declare the Soviet
  Union as the destination of their contracts.
      The telexes have fueled rising world prices in the last
  week and reflect a poor Cuban crop, worry over Brazil's export
  availability, and increasing Soviet demand, analysts said.
      Traders said signs of Cuba's shortage of immediately
  available raw sugar to supply its traditional martkets was
  probably the factor behind Syria calling a snap buying tender
  last month.
      Normally Syria calls white sugar buying tenders for forward
  delivery, and last month's spot requirement resulted in the
  sale of several cargoes.
      Cuba in its telex told operators they would not receive
  March shipments as Cuba has to meet its contracts to export
  markets, traders said.
  

"
training/6840	12	earn	"CONAGRA INC <CAG> 3RD QTR FEB 22 NET
  Shr primary 36 cts vs 31 cts
      Shr diluted 36 cts vs 31 cts
      Net 25.1 mln vs 21.7 mln
      Revs 1.53 billion vs 1.39 billion
      Avg shrs primary 68.8 mln vs 68.9 mln
      Avg shrs diluted 70.5 mln vs 71.0 mln
      Nine mths
      Shr primary 1.32 dlrs vs 1.13 dlrs
      Shr diluted 1.30 dlrs vs 1.11 dlrs
      Net 90.8 mln vs 77.6 mln
      Nine mths
      Revs 5.18 billion vs 4.58 billion
      Avg shrs primary 68.9 mln vs 68.8 mln
      Avg shrs diluted 70.6 mln vs 71.0 mln
      Note: Net is before preferred dividend payments.
      Current nine mths net includes after-tax provision of five
  mln dlrs for consolidation of food plants.
      Shr and avg shrs data reflect two-for-one split in December
  1986. Results for year-ago nine mths and current first half
  restated to reflect acquisition of E.J. Miller Enterprises for
  1,040,000 shares in January 1987.
  

"
training/6841	0	acq	"CANADIAN PACIFIC <CP> SEEKS BUYER FOR UNIT
  Canadian Pacific Ltd said it retained
  Wood Gundy Inc to seek a buyer for Maple Leaf Mills Ltd of
  Toronto.
      The company said Maple Leaf had 1986 sales of 819 mln dlrs
  and an after tax profit of 16.3 mln dlrs. It is a diversified
  agriproducts company which produces and sells industrial and
  consumer flour, flour-based products and baked goods.
      It also operates a fully integrated poultry business and a
  rendering businesses, markets livestock and poultry feed and
  distributes grain through a network of country and terminal
  elevators.
  

"
training/6844	0	acq	"AIR CANADA COURIER BUY SHARPLY ALTERS INDUSTRY
  Air Canada's 54 mln U.S. dlr
  acquisition of Gelco Corp's <GEC> Canadian unit has
  dramatically altered Canada's fast growing courier industry,
  largely dominated by U.S. companies until this year, company
  officials and analysts said.
      State-owned Air Canada takes over the country's second
  largest overnight courier business just two months after
  another Canadian company, <Onex Capital Corp Ltd>, approved the
  acquisition of number one ranked Purolator Courier Ltd from New
  Jersey-based Purolator Courier Corp <PCC>.
      But analysts said the two acquisitions were prompted by
  financial restructuring undertaken by the U.S. parent companies
  and likely don't represent an industry trend toward buying out
  foreign owned courier operations.
      ""It's a case of whether you can buy from the right people at
  the right time,"" McLeod Young Weir Ltd transportation analyst
  Tony Hine commented.
      The two acquisitions fit with a larger move by U.S.
  companies embroiled in a take-over or restructuring to sell-off
  their Canadian units to generate ready cash, said Nesbitt
  Thomson Deacon Inc analyst Harold Wolkin.
      ""There is a very good correlation between the U.S. parent
  selling Canadian subsidiaries and the U.S. parent either being
  under siege or taking someone else over,"" he said.
      Gelco Corp, of Minnesota, decided to sell Gelco Express Ltd
  as part of its previously announced program to sell off four
  operating units to buy back shares and pay down debt, Gelco
  Express marketing vice president James O'Neil told Reuters.
      The sale is the first under Gelco's divestiture program,
  and proceeds will be used to help pay down 350 mln U.S. dlrs of
  debt by year-end, the company said.
      While company officials declined to disclose earnings and
  revenue figures, O'Neil said Gelco Express holds a dominant
  position in the industry, handling more than 50,000 packages a
  day and generating revenues of more than 100 mln Canadian dlrs
  a year.
      The earlier move by Purolator to sell its Canadian unit
  formed an important part of a company restructuring program,
  adopted after another Canadian Company, <Unicorp Canada Corp>,
  acquired a 12.6 pct stake in Purolator and said it would
  consider acquiring the whole company.
      Last month, Purolator agreed to be acquired by a company
  formed by E.F. Hutton LBO Inc and certain managers of
  Purolator's U.S. courier business.
      For Air Canada, its acquisition of Gelco's Canadian courier
  business represents an ""excellent financial investment"" in a
  market it sees growing by 25 to 30 pct annually, spokesman
  Esther Szynkarsky said.
      The airline also announced it acquired a 65 pct stake in
  EMS Corp, of Calgary, an in-city messenger service.
      It did not disclose financial terms, but Szynkarsky said
  the two acquisitions totalled about 90 mln Canadian dlrs, and
  the two business have combined yearly revenues of 170 mln dlrs.
      She said the acquisition fit with Air Canada's strategy of
  seeking attractive investments that compliment its main airline
  business.
      Gelco will continue to operate with current management,
  independently of Air Canada, although Air Canada already
  operates its own air cargo business that includes a small
  door-to-door courier operation.
      ""They're well run, they're a good investment, they're doing
  well in a growing market, and that's the way we want to keep
  it,"" Szynkarsky said.
      Analyst Hine said the Gelco and Purolator Canadian units
  will likely retain operating links with their U.S. delivery
  network, generating traffic for the former parent companies
  without them having to tie up capital in Canada.
      ""The nature of the business is that incremental traffic is
  incremental revenue,"" Hine said.
      ""It's sort of a sausage maker business where you put in
  place the sausage grinder, and the more sausage you can stuff
  through, the more money you make,"" he added.
  

"
training/6846	6	copper	"COPPER INDUSTRY ASKS LME FOR STRATEGY STATEMENT
  Representatives of the International
  Wrought Copper Council (IWCC) and major copper producers have
  told the London Metal Exchange (LME) a clear statement of its
  forward strategy would lead to a better understanding between
  industry and the LME.
      In a press release the IWCC said that at the latest meeting
  between the copper industry and the LME to discuss the new
  clearing house system, industry expressed grave concern about
  latest proposals made by at least one LME member for a cash
  cleared market to replace the planned clearing system which
  will retain the prompt date settlement basis.
      Copper industry delegates told the LME a decision to change
  (the planned clearing system) would indicate a fundamental
  change in the function of the LME and in its service to the
  industry, the release said.
      By deterring industry use of the Exchange for hedging and
  physical needs it would remove many of the unique advantages
  currently offered by the LME and make it indistinguishable from
  non-trade orientated markets such as Comex.
      The LME had to decide whether dealer convenience should
  take a higher priority over customer satisfaction, industry
  delegates said.
      The IWCC release also said the LME had confirmed that no
  change would be made to the clearing system planned to start on
  May 29. But it had indicated that consideration would be given
  in due course to the cash clearing proposal, made by
  Amalgamated Metal Trading at a LME members meeting last week.
      A copper industry spokesman suggested that some assurance
  of permanence in the new clearing system would remove industry
  fears of uncertainty resulting from an endless process of
  review and change, the press release said.
  

"
training/6848	12	earn	"NORTH-WEST TELECOM <NOWT> 4TH QTR OPER NET
  Oper shr 64 cts vs 52 cts
      Oper net 872,272 vs 706,836
      Revs 9,271,541 vs 7,744,466
      Year
      Oper shr 2.03 dlrs vs 1.96 dlrs
      Oper net 2,782,7801 vs 2,684,089
      Revs 31.2 mln vs 29.1 mln
      NOTE: Full name is North-West Telecommunications Inc
  

"
training/6849	0	acq	"GROUP RECONSIDERS COMPUTER MEMORIES <CMIN> BID
  A shareholder group led by Far
  Hills, N.J., investor Natalie Koether said it is reconsidering
  its plan to seek control of Computer Memories Inc and now plans
  to sell its entire stake in the company.
      In a filing with the Securities and Exchange Commission,
  the group, which includes Sun Equities Corp, said it sold a net
  365,375 Computer Memories common shares between March 5 and 17
  at prices ranging from 3-3/4 to four dlrs a share, lowering its
  stake to 687,000 shares, or 6.2 pct of the total outstanding.
  The group said it reconsidered its takeover plans after the
  company announced it agreed to a stock swap.
      On March 12, the Chatsworth, Calif., computer disk drive
  concern said it agreed in a letter of intent to exchange 80 pct
  of its stock, all of which would be newly issued, for the
  assets of privately held Hemdale Film Corp, with Hemdale as the
  surviving entity.
      ""In light of these disclosures, Sun found it necessary to
  re-evaluate the feasibility of seeking control of the company
  and has sold a portion of its shares and currently intends to
  sell the balance thereof from time to time,"" the group said.
      The group, which disclosed plans on Dec 29 to seek control
  of the company, reserved the right to change its mind again.
  

"
training/685	42	rubber	"GOODRICH <GR> TO PHASE OUT SOME BUSINESSES
  B.F. Goodrich Co said it will phase
  out the production of aircraft tires, missile and marine
  products and molded rubber products in Akron, Ohio, by the end
  of 1987, laying off about 790 salaried, production, maintenance
  and support services employees.
      The company said layoffs will start within the next few
  weeks.
      Goodrich said it will continue to make chemicals and
  adhesives in Akron, employing about 356.  Another 5000 salaried
  employees in Akron work for Goodrich.
      The company said it has not been able to operate the
  businesses being discontinued in Akron profitably enough to
  justify the large investment that it has in them.
      Goodrich said it will continue to make aircraft tires at
  Norwood, N.C., and sonar domes at Jacksonville, Fla., and will
  relocate its molded rubber products business to a site not yet
  chosen.  It said it will stop making insulators for missiles.
      Goodrich said it is prepared to discuss with officials of
  the United Rubber Workers Union severance benefits for affected
  employees and issues related to the continued operation in
  Akron of the chemical and adhesives businesses and to the
  phaseout of the Akron aircraft tire, missile and marine and
  molded rubber products manufacturing.
      A company spokesman said it does not expect any adverse
  impact on earnings from the move.
  

"
training/6850	12	earn	"AULT INC <AULT> 3RD QTR MARCH ONE NET
  Shr profit eight cts vs loss 16 cts
      Net profit 153,000 vs loss 310,000
      Sales 3,937,000 vs 2,364,000
      Nine Mths
      Shr profit five cts vs loss 53 cts
      Net profit 97,000 vs loss 1,042,000
      Sales 10.2 mln vs 7,564,000
  

"
training/6852	12	earn	"AMERICUS TRUST <ATU> AND <ATP> INITIAL DIVIDEND
  Americus Trust for American Telephone
  and Telegraph Shares Series Two said it will distribute an
  initial dividend of 28.75 cts on May 12 to shareholders of
  record March 31.
  

"
training/6853	0	acq	"XTRA <XTR> TO BUY FRUEHAUF <FTR> UNIT
  XTRA Corp said it agreed to acquire all
  the stock of RentCo Trailer Corp, a wholly owned subsidiary of
  Fruehauf Corp for about 70 mln dlrs.
      RentCo had revenues of about 70 mln dlrs.
      The transaction is expected to be completed in April and is
  subject to regulatory approval.
  

"
training/6855	0	acq	"WICKES COMPANIES <WIX> COMPLETES SALE OF UNIT
  Wickes Companies Inc said
  it completed the sale of its Sequoia Supply division to a new
  company created by the management of that division.
      Paul Hylbert, president of Sequoia, has been named
  president and chief executive officer of the new company.
  

"
training/6856	0	acq	"LDBRINKMAN <LDBC> CHIEF CUTS CENERGY <CRG> STAKE
  LDBrinkman Corp Chairman L.D.
  Brinkman and members of his family said they cut their stake in
  Cenergy Corp to 3,647 shares, or 0.4 pct of the total
  outstanding, from 912,147 shares, or 9.4 pct.
      In a filing with the Securities and Exchange Commission,
  the group said it sold 302,833 Cenergy common shares to Snyder
  Oil Partners L.P. <SOI> on March 14 for 2,725,500 dlrs and gave
  Snyder another 605,667 shares, in exchange for 524,135 units of
  limited partnership interests in Snyder.
  

"
training/6859	12	earn	"INTER-TEL INC <INTLA> 1ST QTR FEB 28 NET
  Shr three cts vs one ct
      Net 235,000 vs 66,000
      Revs 10 mln vs 8,202,000
      Avg shrs 7,972,000 vs 8,545,000
  

"
training/686	12	earn	"THUNANDER CORP <THDR> YEAR NET
  Shr 73 cts vs 58 cts
      Net 1,101,000 vs 901,000
      Sales 32.9 mln vs 29.1 mln
      Note: Results include operations of BMD of New England Inc,
  acquired Sept. 1, 1986.
  

"
training/6860	12	earn	"TEXSTYRENE CORP <FOAM> 11 MTHS DEC 31 LOSS
  Shr loss 83 cts
      Net loss 2,115,000
      Revs 139.6 mln
      Avg shrs 3.6 mln
      NOTE: Company went public February 1986.
  

"
training/6861	12	earn	"FLUOROCARBON CORP <FCBN> QTLY DIVIDEND
  Shr seven cts vs seven cts prior qtr
      Pay April 30
      Record April 15
  

"
training/6862	12	earn	"METRO MOBILE <MMCT> DECLARES STCOK DIVIDEND
  Metro Mobile CTS Inc said it declared
  a 10 pct stock dividend.
      The dividend will be distributed on April 13 to holders of
  record March 30.
  

"
training/6863	12	earn	"LAURENTIAN GROUP SEES HIGHER SHARE NET
  <Laurentian Group Corp> said it
  expects 1987 earnings per share will show about the same
  proportionate increase as in 1986.
      Last year, the company had 25.7 mln dlrs operating profit,
  or 76 cts per share, up from 11.1 mln dlrs, or 59 cts per
  share, in 1985. Shares outstanding increased to 39 mln from
  27.8 mln.
      The American holding company, Laurentian Capital Corp, will
  show a substantial improvement this year, chairman Claude
  Castonguay said before the annual meeting.
      Laurentian Capital Corp, which recently acquired two small
  U.S. life insurance companies, had 1986 profit of 1.1 mln U.S.
  dlrs, or eight cts per share, compared to seven mln U.S. dlrs,
  or 68 cts per share.
      Castonguay said Laurentian Group Corp, the parent firm,
  plans to fill out its national financial services distribution
  system and make further acquisitions if the right opportunity
  occurs.
      The company also may expand this year in continental
  Europe, in conjunction with La Victoire, a French insurance
  company, he said.
  

"
training/6864	12	earn	"METRO MOBILE <MMCT> DECLARES STOCK DIVIDEND
  Metro Mobile CTS Inc said it declared
  a 10 pct stock dividend.
      The dividend will be distributed on April 13 to holders of
  record March 30.
  

"
training/6865	12	earn	"<TRIDEL ENTERPRISES INC> YEAR NET
  Shr 1.05 dlrs vs 51 cts
      Net 8,500,000 vs 4,100,000
      Revs 183.2 mln vs 136.6 mln
  

"
training/6866	48	trade	"PERU SHORT-TERM TRADE CREDIT UP TO 430 MLN DLRS
  Peru's short-term foreign trade credit
  lines, regarded as vital to ensure smooth foreign commercial
  transactions, have more than doubled to 430 mln dollars under
  the 20-month government of president Alan Garcia.
      Central bank general manager Hector Neyra told reporters
  many of the credits were 90-day.
      Trade credits were 210 mln dlrs when Garcia took office in
  1985 announcing a tough stance limiting foreign debt repayments
  to 10 pct of export earnings.
      Neyra told Reuters Peru was current on interest payments on
  short-term debt, including trade credit lines and on about 750
  mln dlrs in so-called  ""working capital"" credits.
      Trade credit lines were 880 mln dlrs in 1982, but fell in
  1984 when Peru stopped some payments to private foreign banks.
  

"
training/6869	0	acq	"U.K. TO SELL OFF REMAINING 31.7 PCT STAKE IN BP
  The British Conservative government said
  it would sell off its remaining 31.7 pct shareholding in
  British Petroleum Co Plc <BP.L> during the next financial year
  which starts on April 1.
      Treasury Financial Secretary Norman Lamont made the
  announcement to Parliament. He said, ""The government's policy is
  to sell its minority holdings in companies as and when
  circumstances permit.
      ""As part of this policy I am now able to announce that,
  subject to market conditions, the government will sell its
  remaining shares in BP during the 1987/88 financial year.""
      The last sale of British government shares in BP was in
  September 1983. The government currently holds some 578.5 mln
  ordinary shares in the company.
      Lamont said the Treasury would appoint financial advisers
  for the sale. Merchant banks and stockbrokers interested in
  being considered for this would be interviewed in early April.
      In September 1983, the U.K. Government sold 150 mln shares
  in an underwritten offer for sale by tender. The striking price
  then was 435 pence - 7.5 pct above the minimum tender price, a
  Treasury spokesman said.
      He said the sale of BP shares would not cut across the
  government's plans to privatise Rolls-Royce, in either April or
  May, or the sale of BAA Plc, the British airports authority
  which is slated for privatisation in either June or July.
  

"
training/687	12	earn	"FINAL TRUST FOR THRIFT INSTITUTIONS PAYOUT SET
  <Massachusetts Financial Services Co>
  said it has set the final income and capital gain distributions
  for <Trust for Thrift Institutions High Yield Series> of 1.069
  dlrs and 7.645 dlrs, respectively, payable today.
  

"
training/6872	16	gold	"EAST RAND MINES EXPECT HIGHER GOLD PRODUCTION
  East Rand Proprietary Mines Ltd
  said that barring any major disruption in production, it
  expects 1987 gold output to top 10 tonnes after dropping to
  9.223 tonnes last year from 10.251 in 1985.
      Chairman Clive Knobbs said in the annual report the mine
  was expected to mill a higher tonnage while capital expenditure
  during 1987 will be around 118.5 mln rand.
     The decline in gold production last year was due to a four
  pct drop in tonnage milled and a seven pct decline in grade.
  

"
training/6873	0	acq	"SNYDER <SOI> BUYS STAKE IN CENERGY
  Snyder Oil Partners LP said
  it acquired 1.2 mln shares, or 12 pct, of Cenergy Corp.
      It said it is continuing to review its investment  and has
  made no determination of its future course of action.
  

"
training/6874	0	acq	"FAR WEST FINANCIAL <FWF> TO BUY PROGRESSIVE
  Progressive Savings and Loan
  Association <PRSL> said it has agreed in principle to be
  purchased by Far West Financial Corp's Far West Savings and
  Loan Association.
      The acquisition would be a cash merger, with Progressive
  shareholders receiving up to three dlrs per share, the company
  said.
      Progressive Savings has assets of about 500 mln dlrs and
  operates ten offices in Los Angeles and Orange counties.
      The agreement is subject to federal and shareholder
  approval.
  

"
training/6875	12	earn	"COMMUNITY SAVINGS BANK <CSBN> QTLY DIVIDEND
  Qtly div six cts vs six cts prior
      Pay April 17
      Record April 3.
  

"
training/6877	12	earn	"TEXSTYRENE <FOAM> SUSPENDS PREFERRED PAYMENTS
  Texstyrene Corp said it has
  suspended quarterly cash dividend payments on its 9.5 pct
  convertible exchangeable preferred stock.
      The suspension effects the March 15 payment, and it said it
  does not expect to pay preferred dividends in the forseeable
  future.
      It said the payments were suspended because of certain
  covenants contained in its loan agreements. A spokesman said
  the company's loss of 2,115,000 dlrs for the first 11 months as
  a public company did not meet an income condition on the loans,
  leading to the suspension.
      The maker of foam cups, food containers and other products
  said it had 733,332 outstanding preferred shares, which had
  been privately placed.
      The dividend payments on the shares amounted to 1,045,000
  dlrs per year, the spokesman said.
  

"
training/688	47	tin	"(RPT) U.S. SAYS TIN DISPOSALS WILL NOT AFFECT ACCORD
  U.S. tin disposals should have little
  effect on an agreement reached last weekend by tin producing
  countries to limit group exports to 96,000 tonnes in the year
  started March 1, a government official said.
      The agreement by the seven-member Association of Tin
  Producing Countries (ATPC) aimed to cut the world surplus and
  boost prices. Following the accord, ATPC Chairman Subroto
  appealed to the United States to restrict its tin releases from
  its strategic stockpile.
      ""We don't think that (the U.S. government) has a large
  influence in the (tin) market at this stage of the game,"" said
  Thomas O'Donnell, Director of International Commodities at the
  State Department. Last year the United States released about
  4,900 tonnes of tin to two ferroalloy firms.
  

"
training/6880	12	earn	"SPECTRAN CORP <SPTR> 4TH QTR
  Shr loss 2.22 dlrs vs profit 16 cts
      Net loss 10.2 mln vs profit 760,443
      Revs 1.1 mln vs 3.7 mln
      Year
      Shr loss 3.68 dlrs vs profit 64 cts
      Net loss 16.9 mln vs profit 2.7 mln
      Revs 3.6 mln vs 15.2 mln
      NOTE:1986 4th qtr includes 6.7 mln dlr restructuring charge
  and writedowns of 280,000 dlrs. year includes writedown of 3.6
  mln dlrs.
  

"
training/6881	12	earn	"<VANGUARD INDEX TRUST> QUARTERLY DIVIDEND
  Qtly div 18 cts vs 18 cts prior
      Pay April 30
      Record March 26.
  

"
training/6884	0	acq	"CANADIAN PACIFIC SEEKS BUYER FOR MAPLE LEAF UNIT
  Canadian Pacific Ltd said it retained
  Wood Gundy Inc to seek a buyer for Maple Leaf Mills Ltd of
  Toronto.
      The company said Maple Leaf had 1986 sales of 819 mln
  Canadian dlrs and an after tax profit of 16.3 mln Canadian
  dlrs. It is a diversified agriproducts company which produces
  and sells industrial and consumer flour, flour-based products
  and baked goods.
      It also operates a fully integrated poultry business and a
  rendering business, markets livestock and poultry feed and
  distributes grain through a network of country and terminal
  elevators.
  

"
training/6886	0	acq	"GREYHOUND CORP <G> COMPLETES BUS LINE SALE
  Greyhound corp said it completed
  the sale of its Greyhound Lines unit to Dallas-based GLI
  Holdings Inc for 350 mln dlrs in cash, securities, royalties
  and other considerations.
      Greyhound said GLI is authorized to continue using the
  familiar running dog logo on a red, white and blue shield,
  while Greyhound Corp will continue to use the running dog alone
  as its symbol.
  

"
training/6887	0	acq	"INTERCARE <CARE> DROPS OFFERING, BUYOUT PLANS
  InterCare Inc said it 
  terminated plans to acquire Universal Care, a California health
  mainenance organization, following First Jersey Securities'
  decision to withdraw as underwriter for InterCare's proposed
  public debt and equity securities offering.
      The acquisition was contingent on its ability to obtain
  financing to fund the 1.9 mln dlr cash portion of the purchase
  price, InterCare said.
      It also said the offering was aimed at raising 7.5 mln dlrs
  for working capital and 1.7 mln to repay debt incurred in
  connection with its recent acquisition of U.S. Medical
  Enterprises Inc.
      The company further stated that it has a 1.7 mln dlr
  working capital deficit and it will therefore reduce operating
  expenses by decreasing operating hours, workforce reductions
  and the sale of certain assets.
  

"
training/6888	0	acq	"PROVIDENCE ENERGY <PVY> FINALIZES ACQUISITION
  Providence Energy Corp said it
  completed the purchase of North Attleboro Gas co.
      Terms were not disclosed.
      North Attleboro serves 2,273 residential customers, 288
  commercial customers, and 40 industrial customers.
  

"
training/689	12	earn	"ROSPATCH TO RESPOND TO DIAGNOSTIC BID

  ROSPATCH TO RESPOND TO DIAGNOSTIC BID
  

"
training/6894	12	earn	"MESA ROYALTY TRUST <MRT> MONTHLY PAYOUT
  Mesa Royalty Trust <MRT> said unit
  holders of record March 31 will receive a distribution
  amounting to 55,192 dlrs or 2.96 cts per unit, payable April
  30.
  

"
training/690	12	earn	"FRANKLIN INSURED TAX-FREE SETS PAYOUT
  Mthly div 7.1 cts vs 7.1 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin Insured Tax-Free Income Fund.
  

"
training/6907	12	earn	"MITEK SYSTEMS EXPECTS LOSS IN CURRENT QUARTER
  <Mitek Systems Inc> said it
  expects to report a loss in the current quarter ending March
  31, due primarily to the government buying cycle.
      The company did not quantify the size of the expected loss.
  It said it expects sales and profits for fiscal 1987, however,
  to exceed those of 1986. In 1986 Mitek reported sales of five
  mln dlrs and a net profit of 14,000 dlrs.
      Mitek als said it has introduced a line of 15 page per
  minute desk top laser printers.
      Limited shipments will begin next quarter, with full
  production planned for the following quarter, it said.
  

"
training/6908	0	acq	"ECHLIN <ECH> BUYS STAKE IN CHAMPION PARTS<CREB>
  Champion Parts Rebuilders Inc
  said Echlin Inc has bought a 20 pct stake in it by acquiring
  600,000 newly issued shares and warrants to buy another 300,000
  shares at 9.20 dlrs each, for a total investment of 5,400,000
  dlrs.
      The newly issued shares raises Champion's outstanding
  shares to 3,113,074.
      There are no voting restrictions on the new shares.
  Champion's board will be expanded to include two or three
  independent persons suggested by Echlin, it said.
      Champion will use the proceeds to pay down long-term debt,
  it said.
      Echlin has agreed to limits on buying additional Champion
  shares and its ability to seek control of Champion during the
  next seven years, Champion said.
      Echlin will also receive protection against the decline in
  price of Champion's stock for seven years. Echlin could receive
  a one-time payment, at its option in cash or stock, ranging
  from up to one dlrs a share in 1989 to four dlrs a share in
  1992 to 1994, to the extent the market price of Champion shares
  is less than nine dlrs a share at those times.
  

"
training/691	12	earn	"FRANKLIN MINNESOTA INSURED SETS PAYOUT
  Mthly div 6.6 cts vs 6.6 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin Minneosta Insured Tax-Free Income Fund.
  

"
training/6912	5	coffee	"IBC PRESIDENT TO ATTEND MANAGUA COFFEE MEETING
  Brazilian Coffee Institute (IBC)
  president Jorio Dauster said he will attend a meeting in
  Managua this weekend.
      He told Reuters by telephone from Brasilia that the
  meeting, involving Brazil, Colombia and Central American coffee
  producers, will be strictly to review the coffee market
  situation.
      ""The meeting is set for Saturday but could also continue on
  Sunday,"" he said.
  

"
training/6913	10	crude	"CANTERRA ENERGY TO DRILL WELL OFF NOVA SCOTIA
  <Canterra Energy Ltd> said it
  will drill an exploratory well on the Scotian shelf, about 280
  kilometers east-southeast of Halifax, Nova Scotia.
      Drilling will begin in late April 1987 in 61 meters of
  water and will be drilled to a total depth of 3,500 meters,
  Canterra said.
      Canterra will operate the well and has a 39 pct interest in
  it. <Petro-Canada Inc> has 26 pct, <Trillium Exploration Corp>
  has 20 pct and <Nova Scotia Resources (Ventures) Ltd> has 15
  pct.
  

"
training/6914	0	acq	"FLEET <FLT> AIMS TO SPEED MERGER WITH NORSTAR
  Fleet Financial Group hopes its
  proposed merger with Norstar Bancorp <NOR>, ranked as the
  largest U.S. banking merger, can be completed by the beginning
  of 1988, according to an executive of Fleet.
      Robert Lougee, director of corporate communications for
  Rhode Island-based Fleet, told Reuters the company is exploring
  the possiblity of seeking a change in the national trigger date
  for the state's reciprocal bank law to Jan 1, 1988 from July
  one. The decision is up to the Rhode Island legislature.
      The merger plan was announced in a midday news release that
  said the deal, worth about 1.3 billion dlrs, would be
  consummated July one when Rhode Island barriers to interstate
  banking outside of New England come down. ""If we can consummate
  the deal earlier that would be better for all concerned,""
  Lougee said. He said to the best of his knowledge a change in
  the Rhode Island law would not be a hardship for any other
  banking institution in the state.
      He said Fleet is optimstic Connecticut law, which only
  permits interstate banking mergers within New England, can be
  amended. Fleet owns First Connecticut Bancorp.
      If the Connecticut law is not amended in time, Lougee said,
  an option would be to spin off that unit with repurchase
  provisions.
      The New England reciprocal banking laws have excluded New
  York as a means of protecting regional banks from being gobbled
  up by the money center giants.
      Wall Street analysts said the merger accord between Fleet
  and Albany, N.Y.-based Norstar demonstrates the rapid pace of
  interstate banking mergers since state legislatures begain
  permitting regional mergers on a reciprocal basis. The U.S.
  Supreme Court decided in mid-1985 to permit the mergers.
      Fleet and Norstar in a joint statement billed the proposed
  merger as ""a partnership of two companies."" Both will continue
  to operate existing headquarters after the merger.
      Norstar holders will receive 1.2 Fleet shares for each one
  of theirs following Fleet's previously announced two-for-one
  split. Fleet shares closed today at 59-1/2, up 1/8, giving the
  deal an indicated value of 1.3 billion dlrs.
      That topped the proposed merger of Los Angeles-based
  Security Pacific Corp <SPC> and Seattle's Rainier Bancorpartion
  <RBAN>. The West Coast deal, announced about four weeks ago, is
  worth an estimated 1.2 billion dlrs.
      Chemical New York Corp's <CHL> acquisition of Texas
  Commerce Bancshares last year was valued at about 1.2 billion
  dlrs, making it similar in size to the Security Pacific-Rainer
  deal. The California combination of Wells Fargo and Co <WFC>
  and Crocker National Corp last year was worth 1.1 billion dlrs
  and there have been several bank mergers in the southeast
  valued in the 700-800 mln dlr range.
      ""It's a merger of equals,"" said analyst John Rooney of
  Moseley Securities Corp. He said Norstar had a book value at
  the end of 1986 of 19.63 dlrs per share, while Fleet's book
  value was 28.02 dlrs.
      Rooney noted that Norstar chairman Peter Kiernan is in his
  60's while Fleet's Terrence Murray is in his late 40's. He said
  Kiernan would probably head the combined company until his
  retirement then Murray could assume the top post.
      Analyst Thaddeus Paluszek of Merrill Lynch and Co said
  Fleet's earnings would have been diluted about two pct in 1986
  on the basis of the merger terms announced today.
      He noted that Fleet has a ""teriffic reputation"" after
  having diversified in a number of financial areas. Fleet has
  established consumer banks in the southeast and is known as an
  innovator in securitization of mortgages.
      The merged banks would have assets in excess of 25 billion
  dlrs and be one of the 25 largest banks in the U.S.  Norstar
  operates in most of New York state but not in New York City.
      Lougee said at some point in the future banking operations
  that both Norstar and Fleet operate in the state of Maine would
  be combined.
      The agreement between Norstar and Fleet includes a
  ""lock-up"" option designed to deter other acquirers. Each
  granted the other an option to purchase authorized but unissued
  shares amounting to 24.99 pct of the fully diluted shares
  outstanding.
  

"
training/6917	12	earn	"<TRIDEL ENTERPRISES INC> SETS INITIAL DIVIDEND
  Qtly div five cts
      Pay April 1
      Record March 27
  

"
training/692	12	earn	"FRANKLIN MICHIGAN INSURED SETS PAYOUT
  Mthly div 6.9 cts vs 6.9 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin Michigan Insured Tax-Free Income Fund.
  

"
training/6920	8	cpi	"BRAZILIAN INFLATION LOWER IN FEBRUARY
  Brazilian consumer prices rose
  13.9 pct in February, compared to January's record rate of 16.8
  pct, the Brazilian Geography and Statistics Institute said in a
  statement.
      The February rise brought the increase in consumer prices
  since the introduction of the anti-inflation Cruzado Plan a
  year ago to 62.5 pct.
  

"
training/6922	22	interest	"VOLATILITY LIKELY TO REMAIN LOW IN DEBT FUTURES
  Financial analysts see little chance
  that U.S. interest rate futures will break out of their narrow
  ranges and low volatility during the remainder of the week.
      ""We got a little volatility Wednesday,"" said Staley
  Commodities International analyst Jerome Lacey. ""But for the
  moment we're still in a trading range.""
      Even unexpected developments concerning the growth of the
  U.S. economy may not be enough to spur the market out of its
  sluggish state, the analysts said.
      ""It (the bond market) has not yet demonstrated that it can
  break out of its very low volatility,"" said Carroll McEntee and
  McGinley analyst Denis Karnosky. ""It needs something, but it's
  not going to be news about the economy,"" he said.
      Karnosky said that the bond market will possibly break out
  of the doldrums if participants perceive that the dollar has
  stabilized and the Federal Reserve has more room to conduct
  monetary policy.
      But even Wednesday, when fed funds were below six pct, the
  dollar strong and oil on the soft side, bond futures attracted
  eager sellers when contracts approached recent highs, he said.
      In addition to a changing perception about the dollar and
  monetary policy, Golden Gate Futures president Norman Quinn
  said the beginning of April could bring foreign investors back
  into the marketplace.
      ""The market is beginning to feel there may be demand at the
  beginning of the fiscal year in Japan on April 1,"" Quinn said.
      Quinn echoed the sentiment of many analysts that there are
  large amounts of cash waiting to be invested. If Japanese
  investment in U.S. securities does materialize at the start of
  Japan's fiscal year, domestic funds may also flow into the bond
  market, he said.
      ""We could get a stiff rally, possibly enough to bring
  yields on long bonds down to seven to 7-1/8 pct,"" compared to
  the current yield of about 7.5 pct, Quinn said.
      In the meantime, even the prospect of new supply is not
  likely to move futures.
      The Treasury's announcement of a 15 billion dlr refunding
  operation did little to move cash government securities prices
  late Wednesday after the close of futures.
      ""I'd be surprised if supply pushed us out of it (the
  trading range),"" Lacey said.
  

"
training/6926	48	trade	"U.S. HOUSE PANEL VOTES TO EASE EXPORT CONTROLS
  A key House panel voted to greatly
  ease government controls on exports as several House committees
  moved rapidly toward approval of major changes in trade laws
  they hope will help solve U.S. trade woes.
      The House Foreign Affairs Subcommittee on International
  Economic Policy voted to direct the administration to cut the
  list of controlled exports by 40 per cent by removing items no
  longer considered important to U.S. military security.
      Industries had complained they were losing sales to foreign
  competitors who were allowed to export freely products U.S.
  companies could not sell abroad.
      The issue has been the subject of administration debate.
  The Commerce Department had held that unnecessary restrictions
  impeded U.S. exports while the Defense Department said current
  controls should be retained but better administered.
      Four congressional panels met today to consider portions of
  a wideranging trade bill that intends to help U.S. companies
  sell more products abroad and to fight unfair foreign trade
  practices.
      Their separate proposals, some of them conflicting, will be
  woven by House Democratic leaders into a final trade bill for a
  vote by the full House in late April.
      Sparked by the proposal of Fujitsu Ltd. to take controlling
  interest in Schlumberger Ltd's Fairchild Semiconductor Corp.,
  the House Energy and Commerce subcommittee on Commerce voted to
  expand Reagan's authority to block foreign takeovers of U.S.
  companies.
      Reagan would be able to block any takeover found to be
  damaging to U.S. economic or national security interests.
      ""We are losing our semiconductors which are at the heart of
  our national security,"" subcommittee chairman James Florio, a
  New Jersey Democrat said.
      The subcommittee also called for the administration to
  consider retaliation against Japan for its restrictive
  government procurement practices.
      The retaliation could be triggered by a requirement that
  the administration investigate whether U.S. companies were
  treated unfairly and whether they have been barred from bids on
  lucrative public works projects such as the eight billion dlr
  Kansai airport construction. U.S. firms have complained they
  were not allowed to bid on its construction.
      At the urging of the U.S. recording industry, the
  subcommittee agreed to bar imports of a new Japanese
  product--digital audio recorders.
      Meeting in closed session, the House Ways and Means
  Committee agreed to allow President Reagan to retaliate against
  foreign countries that refuse to open their markets to U.S.
  telecommunications products.
       Congressional aides said the committee also agreed U.S.
  companies would be allowed to press for relief from imports of
  counterfeit products made in violation of U.S. copyright and
  patent laws.
  

"
training/6927	6	copper	"CHILEAN COPPER WORKERS ELECT LEFT-WING LEADERS
  Chilean left-wing leaders were
  elected by the copper workers union for the first time since
  the left-wing government of Salvador Allende was overthrown in
  a 1973 coup.
       Nicanor Araya, a member of the Popular Democratic Movement
  (MDP), was named president of the Chilean Confederation of
  Copperworkers (CTC), which groups 22,000 workers employed in
  the state-owned copper mines, union officials said.
      Other members of the MDP, which includes the communist
  party and a faction of the socialist party, took five of the
  principal positions on the union's directorate.
      The state-owned copper company of Chile (CODELCO) produces
  around 90 pct of the country's copper output of some one mln
  tonnes per year. Chile is the world's leading copper exporter
  and sales account for just under 50 pct of its export income.
      The MDP won six out of the 14 places on the union's
  directorate in elections earlier this month, with the christian
  democratic party holding five and the remainder being won by
  independents.
      But the left-wing was left in control of the union after
  the christian democrats and independents failed to reach
  agreement on a joint candidate for the presidency and withdrew
  from negotiations.
      Union elections were called following the resignation of
  former president Rodolfo Seguel last October.
      Seguel, a christian democrat and Chile's best-known union
  leader, said he was forced to step down after repeated court
  actions brought by CODELCO prevented the union from operating.
      The labour leader, who now heads the inter-union national
  workers command (CNT), was among 500 workers sacked by CODELCO
  following a strike in 1983.
      The strike, the only copper industry stoppage staged in the
  past 13 years, marked the start of a wave of protests against
  the military rule of President Augusto Pinochet.
       CODELCO argued that Seguel could not continue as union
  leader when no longer employed by the company.
  

"
training/6928	0	acq	"GENCORP <GY> BIDDER PLANS SALE OF AEROSPACE UNIT
  <General Partners>, controlled by
  privately-held Wagner and Brown and by AFG Industries Inc, said
  plans to sell GenCorp Inc's aerospace and soft drink bottling
  divisions if it succeeds in acquiring the company.
      In a filing with the Securities and Exchange Commission,
  General Partners said proceeds from the sale of GenCorp's
  aerospace division would help it repay some of the debt it
  would incur in the 100 dlr a share cash tender offer.
      General Partners, which launched the surprise tender offer
  today, said it already 2,180,608 shares of GenCorp, or 9.4 pct
  of the total outstanding common stock.
      General Partners, which estimated the total cost of the
  takeover at 2.5 billion dlrs, also said it plans to continue
  GenCorp's policy of trying to settle Federal Communications
  Commission charges against two of its television and 12 radio
  station licenses.
      It said it would also continue GenCorp's policy of trying
  to sell its New York-area television station WOR to MCA Inc
  <MCA> for 387 mln dlrs and its Los Angeles station KHJ to Walt
  Disney Co <DIS> for 217 mln dlrs.
      But General Partners said it plans to keep GenCorp's
  headquarter in Akron, Ohio.
      General Partners also said it would maintain GenCorp's
  plastics and industrial products division as well as tires and
  related products.
      But it left open that it might make other changes in
  GenCorp's operations after it completes the merger.
      Besides using 250 mln dlrs of its own equity for the tender
  offer, General Partners said it would seek one billion dlrs
  under a secured margin facility from Wells Fargo Bank N.A.
  and other banks. It also said it would seek 1.25 billion dlrs
  from the sale to Shearson Lehman Brothers Holdings Inc or its
  affiliates of senior subordinated promissory notes.
      In a March 18 letter to GenCorp Chairman William Reynolds,
  which was included in the SEC filing, General Partners
  officials said they were ""confident of our ability to promptly
  obtain the remaining funding as described in our offer
  materials.""
      ""For this reason, we do not forsee any obstacles to a
  prompt consummation of the transaction,"" General Partners said.
      Shearson is dealer manager of the General Partners offer
  for GenCorp.
  

"
training/6929	0	acq	"MONSANTO <MTC> SAYS DEBT WAS CUT IN 1986
  Mondanto Co said it has paid off
  two-thirds of the debt from its 2.8 billion-dlr acquisition of
  G.D. Searle and Co by the end of 1986.
      This lowered the company's debt-to-capitalization ratio
  from 45 pct at the end of 1985 to 35 pct, it said.
      The company also said that chemical sales accounted for 52
  pct of its sales in 1986, down from 70 pct in 1981. This
  underscores its strategy of shifting away from low profit
  commodity chemicals in mature markets into higher value
  chemical businesses in high growth areas, it said.
  

"
training/693	12	earn	"FRANKLIN MASSACHUSETTS INSURED CUTS PAYOUT
  Mthly div 6.5 cts vs 6.8 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.
  

"
training/6930	0	acq	"LIFESTYLE <LIF>, BOMBAY AMEND MERGER AGREEMENT
  Lifestyle Restaurants Inc said it
  reduced the number of Bombay Palace Restaurants inc common
  shares to be received in its previously announced merger
  agreement.
      Under the amended deal, Lifestyle shareholders will get one
  Bombay share for each six instead of five Lifestyle shares.
  Under the amended offer, Bombay will issue about 900,000
  shares, currently 7.2 mln dlrs.
      The amendment also increases the cash consideration to be
  offered on Lifestyle's 13 pct convertible subordinated
  debentures from 55 pct of the principal amount to 57.5 pct.
  

"
training/6931	12	earn	"WEISFIELD'S INC <WEIS> QUARTERLY DIVIDEND
  Qtly div 12-1/2 cts vs 12-1/2 cts
      Pay April 23
      Record April 2
  

"
training/6934	47	tin	"BOLIVIAN TIN MINERS START HUNGER STRIKE
  About 9,000 miners employed by the
  state corporation Comibol went on hunger strike to press for
  higher wages, a miners union spokesman said.
       Victor Lopez, executive secretary of the miners union,
  told a news conference the strikers began to fast in the major
  tin mining districts of oruro and potosi and the action would
  spread tomorrow to la paz and other areas.
       The government has charged that the strike by the miners
  union, crippled by massive layoffs, is part of a left-wing
  destabilisation plan to coincide with the visit of West German
  president Richard von Weizsaecker, who arrives on a four-day
  official tour on Friday.
       But miners union chief Simon Reyes told reporters the
  strike had nothing to do with subversion and was to press for
  more government investment in Comibol.
       The government of president Victor Paz Estenssoro has
  streamlined the deficit-ridden state mining corporation laying
  off about 20,000 miners, two-thirds of the workforce, following
  a collapse of the international tin price in 1985.
  

"
training/6935	45	sugar	"CZARNIKOW EXPECTS LOWER EUROPEAN SUGAR OUTPUT
  European sugar output on the basis of
  three year average yields will be over half a mln tonnes white
  value down on last year although yields do vary widely from
  year to year, broker C Czarnikow said in its market review.
      European Community sowings are likely to be down compared
  with last year. There have been suggestions these sowings might
  respond to the recent upsurge in world prices, but Czarnikow
  said ""it is not the sort of fact that easily becomes known.""
      The broker bases its forecasts on Licht planting estimates
  which put W Germany, the Netherlands and USSR lower but
  Hungary, Romania, Poland, Turkey and Yugoslavia higher.
      Czarnikow's projections in mlns tonnes white value and
  three differing yields include
        '87/88  max      aver      min    1986/87
   France       3.57     3.42     3.28       3.44
   W Germany    3.08     2.88     2.64       3.19
   EC          13.82    13.01    12.13      13.76
   W Europe    17.71    16.45    14.98      16.71
   Poland       2.02     1.80     1.13       1.74
   USSR         8.65     7.60     5.71       8.05
   E Europe    13.87    12.14     9.08      12.44
   All Europe  31.58    28.58    24.06      29.15
  

"
training/6939	45	sugar	"CUBAN SUGAR OUTPUT SEEN AT 7.5 MLN TONNES
  Cuban sugar output this season (1986/87)
  is put at around 7.5 mln tonnes raw value by broker C.Czarnikow
  in its monthly sugar market review.
      Allowing for around 700,000 tonnes for the current year's
  domestic usage it would leave around 6.8 mln tonnes for export
  of which, Czarnikow estimates, about 3.7 mln tonnes will be
  taken by the USSR, 1.530 mln by other socialist countries and
  the remainder for delivery to non-socialist bloc destinations.
      Czarnikow also estimated USSR 1986/87 production at 8.75
  mln tonnes raw value which when added to the 3.7 mln imports
  from Cuba and set against its estimated domestic and export
  needs of 14.2 mln tonnes will leave a gap of 1.75 mln tonnes to
  be acquired from the world market. Soviet purchases to date may
  not be far short of that quantity, Czarnikow said.
  

"
training/6941	43	ship	"U.S. CARGO PREFERENCE FUNDING ACCORD SEEN NEAR
  The U.S. Departments of Agriculture
  and Transportation are close to agreement on how to fund the
  increasing share of food aid to be shipped on U.S. flag vessels
  under a 1985 farm bill provision on cargo preference.
      Melvin Sims, USDA's general sales manager told a House
  Agriculture Appropriations subcommittee hearing that the two
  departments are negotiating a ""memorandum of understanding"" on
  cargo preference.
      Under a 1985 farm bill provision, the percentage of food
  aid shipments carried on U.S. flag vessels was to gradually
  increase over three years to 75 pct in 1988. The increased cost
  of using U.S. vessels was to be funded by the Transportation
  Department instead of USDA. However, USDA officials said
  Transportation has so far contributed no money.
      The agreement between USDA and Transportation is expected
  to resolve the matter, USDA officials said.
      Tom Kay, administrator of the USDA's Foreign Agricultural
  Service said yesterday the requirement that more food aid
  shipments be carried on U.S. vessels has been difficult to
  meet.
      ""As the tonnage (required under cargo preference) goes up,
  its going to be harder and harder to meet,"" Kay said.
      Two farm state Congressmen, Pat Roberts (R-Kan.) and Glenn
  English (D-Okla.) said cargo preference makes U.S. farm export
  programs more costly and the program should be eliminated.
      In the past, farm interests opposed to cargo preference
  have been defeated in Congress by the maritime interests who
  view cargo preference as vital to the U.S. shipping fleet.
  

"
training/6942	15	gnp	"AUSTRALIAN FOURTH QTR GDP RISES 1.1 PCT, AFTER 0.2 PCT THIRD QTR RISE - OFFICIAL.

  AUSTRALIAN FOURTH QTR GDP RISES 1.1 PCT, AFTER 0.2 PCT THIRD QTR RISE - OFFICIAL.
  

"
training/6943	15	gnp	"AUSTRALIAN GDP RISES 1.1 PCT IN FOURTH QUARTER
  Australia's seasonally adjusted real
  gross domestic product (GDP) rose 1.1 pct in the fourth quarter
  of 1986 after rising 0.2 pct in the third quarter, the
  Statistics Bureau said.
      This compares with a 1.1 pct fall in the fourth quarter of
  1985.
      Compared with the year-earlier quarter, GDP also rose 1.1
  pct, the Bureau figures show.
      The annual rise compares with a 0.3 pct fall in the third
  quarter compared with the 1985 third quarter and a 4.3 pct rise
  in the year-earlier period, the Bureau figures show.
      Real non-farm gross product rose 0.9 pct in the fourth
  quarter after zero growth in the third quarter and a 1.3 pct
  fall a year earlier, making an annual rise of 0.8 pct.
      Gross farm product rose 4.3 pct compared with rises of 2.6
  pct in the third quarter and 2.8 pct a year earlier, making
  annual growth of 6.6 pct.
      Elements in the fourth quarter GDP rise included falls of
  0.6 pct and 0.2 pct in private and government final consumption
  expenditure respectively, the Bureau figures show.
      Gross fixed capital expenditure fell 0.1 pct in the quarter
  while exports of goods and services rose 13.0 pct and imports
  2.9 pct.
      Seasonally-adjusted expenditure on GDP at average 1979/80
  prices rose to 36.67 billion dlrs in the fourth quarter from
  36.26 billion in both the third quarter and the year-earlier
  quarter.
      The figures are subject to revision over a long period.
  

"
training/6944	0	acq	"NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE
  <Nippon Life Insurance Co> is pursing a
  possible link with an American securities house to expand its
  overseas investment portfolio, a company spokesman said.
      But he declined to comment on rumours the company would
  take a 10 pct stake in <Shearson Lehman Brothers>, an
  investment banking unit of American Express Co <AXP>.
      He said the firm started to sound out several U.S.
  Investment banks on capital participation about 18 months ago
  and was narrowing the number of prospects, but he did not say
  if it had set its sights on one firm.
      Nippon Life, Japan's largest life insurer, also plans to
  set up a wholly owned investment unit, <Nissei International
  America>, in New York next month and subsidiaries in Canada,
  Singapore, the Cayman Islands and Jersey this year, he said.
      These moves are in line with its long-term strategy to put
  more emphasis on overseas investment management as
  opportunities at home are declining while the company's assets
  are growing.
      The company is especially attracted by the scale and depth
  of U.S. Money and credit markets and wants to establish a firm
  foothold there, the spokesman added.
  

"
training/695	12	earn	"FRANKLIN CALIFORNIA TAX-FREE SETS PAYOUT
  Mthly div 6.5 cts vs 6.5 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin California Insured Tax-Free Income Fund.
  

"
training/6951	26	jobs	"NEW ZEALAND UNEMPLOYMENT FALLS IN FEBRUARY
  New Zealand's unemployment rate fell
  to 6.0 pct of the workforce at the end of February from 6.1 pct
  in January but was above the 4.3 pct level of February 1986,
  the labour department said.
      It said the number of unemployed fell to 78,711 from 81,558
  in January, and compared with 57,103 in February 1986.
  

"
training/6952	48	trade	"JAPAN MARCH INTERIM TRADE SURPLUS FALLS
  Japan's customs-cleared trade surplus
  fell to 1.89 billion dlrs in the first 10 days of March from a
  1.91 billion surplus a year earlier, the Ministry of Finance
  said.
       The March interim surplus compared with a 1.70 billion dlr
  surplus in the same February period.
       FOB exports in the first 10 days of March rose 5.8 pct
  from a year earlier to 5.50 billion dlrs and CIF imports rose
  9.7 pct to 3.61 billion.
       The average yen/dollar rate used for the statistics was
  153.67 yen against 181.23 a year earlier.
  

"
training/6953	0	acq	"MITSUI AND CO BUYS STAKE IN IMATRON
  A Mitsui and Co <MITS.T> spokesman said
  its subsidiary <Mitsui and Co USA Inc> bought two mln dlrs of
  newly-issued shares in <Imatron Inc>, an unlisted
  California-based medical equipment manufacturer.
      Mitsui and Co USA is now Imatron's fifth-largest
  shareholder with 3.1 pct of the firm's outstanding shares.
  Imatron is capitalised at 32.76 mln dlrs, the spokesman said.
      Mitsui and Co intends to import Imatron's computerised
  diagnostic equipment into Japan, he said.
  

"
training/6955	41	retail	"NEW ZEALAND RETAIL SALES SLOW IN JANUARY
  Seasonally adjusted retail sales
  rose by 0.1 pct in January, compared with increases of 5.7 pct
  in December and 1.0 pct a year earlier, the Statistics
  Department said.
      It said in a statement actual retail sales fell to 1.87
  billion N.Z. Dlrs in January against 2.42 billion a month
  earlier and compared with 1.78 billion in January 1986.
      Year-on-year retail sales rose 5.3 pct compared with a 9.6
  pct increase in the year-earlier period.
  

"
training/6957	16	gold	"SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK
  Some 7,000 black workers returned
  to work after staging one-day strikes at two mines on Monday,
  the National Union of Mineworkers and the companies that own
  the mines said.
      About 6,000 miners resumed work at the Grootvlei gold mine
  east of Johannesburg after protesting the transfer of
  colleagues to other jobs at the same mine, owners General
  Mining Union Corp Ltd <GENM.J> said.
      The union said about 1,000 mineworkers at a new coal
  facility owned by Anglo American Corp of South Africa Ltd
  <ANGL.J> also returned to their jobs on Tuesday.
      The workers at Anglo's Vaal Colliery south of Johannesburg
  had struck to protest the alleged refusal of officials of the
  South African homeland of Transkei to allow miners to attend a
  funeral in the homeland, a union spokesman said.
  

"
training/696	12	earn	"DIAGNOSTIC PRODUCTS <DPCZ> SEES EARNINGS GROWTH
  Diagnostic Products Corp president and
  chief executive officer Sigi Ziering said he expects to
  maintain the same compound average annal net income growth in
  1987 as the company has for the past five years.
      ""We expect the same performance in net income over the next
  five years as we have had in the past,"" Ziering said.
      Over the past five years Ziering said the company has had
  average compound net income growth of 32 pct annually with a 27
  pct per year growth in earnings per share. For 1986 the company
  had net income of 6.3 mln dlrs, or 1.07 dlrs per share, vs 3.9
  mln dlrs, or 73 cts per share in 1985.
      Diagnostic manufactures medical immunological diagnostic
  test kits.
      Ziering said he expects the earnings growth to result from
  positive effect of the weaker dollar on the company's exports
  sales as well as accelerated market penetration. Ziering said
  he expected the Food and Drug Administration to approve three
  more of its drug abuse test kits by the end of the year, which,
  depending on approval, should also help earnings growth.
      Ziering said as a result of the new tax laws he expected
  the company's taxes to decrease by five pct to 31 pct of net
  income in 1987.
  

"
training/6961	0	acq	"SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK
  Sanwa Bank Ltd <ANWA.T> has agreed to buy
  a two pct stake in Oporto-based <Banco Portugues de Investmento
  Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
  said.
      Sanwa will purchase the shares from International Finance
  Corp, a BPI shareholder and sister organisation of the World
  Bank, for 351 mln yen, he said.
      The acquisition will be completed this month as both the
  Japanese and Portuguse governments are expected to give
  permission soon.  This is the first time a Japanese bank has
  bought a stake in a Portuguese bank.
      Sanwa plans to increase its stake in BPI to four pct, the
  ceiling for foreign shareholders, the official said.
      The bank has also agreed with <Banco Portugues do
  Atlantico>, a state-owned merchant bank in Oporto, to exchange
  information on customers and help accelerate Japanese
  investment and technological transfers to Portugal, he said.
  

"
training/6964	48	trade	"INDIA TRADE DEFICIT FALLS
  India's trade deficit is
  provisionally estimated at 58.34 billion rupees in the first 10
  months of fiscal 1986/87 ending March, compared with 70.62
  billion in the year ago period, the Commerce Ministry said.
   Exports rose in the latest period to 100.75 billion rupees
  from the a year earlier 86.09 billion and imports to 159.09
  billion from 156.71 billion in the period, the figures show.
      The trade deficit for all of 1986/87 is provisionally
  estimated at around 70 billion rupees from an estimated record
  87.47 billion in 1985/86 and actual 53.18 billion in 1984/85,
  Commerce Minister P. Shiv Shanker told reporters last month .
  

"
training/6965	8	cpi	"SWEDEN REVISES DOWN JANUARY'S INFLATION FIGURE
  Sweden's rate of inflation during
  January has been revised downwards after a fault was made in
  calculating the figures, the Central Bureau of Statistics said.
      The January rise in consumer prices was 1.0 pct instead of
  the previously announced 1.3 pct, the bureau said, without
  explaining how the error arose.
      Consumer prices in February rose 0.3 pct compared with 0.1
  pct in February last year, the bureau said. The total inflation
  rate so far this year is therefore 1.3 pct, allowing for
  January's revised figures, it added.
      Year-on-year inflation rose to 3.4 pct in February, against
  a revised 3.2 pct in January and a year-on-year rate of 5.3 pct
  in February 1986, the bureau said.
      The slowdown in price rises was mainly due to a government
  imposed price freeze which came into force on February 4, the
  bureau added.
  

"
training/6968	24	iron-steel	"TAIWAN STEEL FIRM SEES LOWER EXPORTS, MORE OUTPUT
  State-owned <China Steel Corp> said its
  steel exports will drop to some 600,000 tonnes in the year
  ending June 30, 1987 from more than 810,000 in 1985/86.
      Production by the company, Taiwan's largest steel maker, is
  expected to rise to 3.33 mln tonnes from 3.27 mln, a spokesman
  told Reuters.
      He attributed the export decline to the rise in the Taiwan
  dollar, which has eroded the competitiveness of the company's
  products against those from South Korea.
      The spokesman said the company is undergoing an expansion
  project which calls for a boost in production to 5.65 mln
  tonnes a year from the current level. The project, costing 52.3
  billion Taiwan dlrs, will be completed by April 1988, two
  months ahead of the targetted date, he said.
      The spokesman said the company exports its products to
  Japan, Southeast Asia, Hong Kong, the U.S., The Middle East and
  Africa.
  

"
training/6969	12	earn	" SWISSAIR 1986 NET 64.5 MLN SWISS FRANC VS 68.5 MLN, DIV 33 FRANCS VS 38

   SWISSAIR 1986 NET 64.5 MLN SWISS FRANC VS 68.5 MLN, DIV 33 FRANCS VS 38
  

"
training/697	16	gold	"CURRENCIES COULD INFLUENCE BULLION AGAIN-MONTAGU
  Currency fluctuations may reassert their
  influence on the bullion market in the near future, bullion
  bankers Samuel Montagu and Co Ltd said in a market report.
      But the firm said silver may lag behind gold in any
  reactions to movements on foreign exchanges.
      ""OPEC's failure to address the recent decline in oil prices
  remains a worrying factor however, and on balance it appears
  that the market should be approached cautiously,"" Montagu said.
      The bank said the US economy has shown no noticeable
  long-term improvement and that both Latin American debt and the
  Iranian arms affair could undermine confidence in the dollar.
  

"
training/6970	33	money-supply	"PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS
  Liquidity in the Philippines rose in
  December while loan demand and short-term lending rates fell,
  the Central Bank said.
      A bank official said M-3 rose 9.72 pct to a provisional
  149.80 billion pesos at the end of December from a month
  earlier for a year-on-year gain of 12.72 pct.
      She said short-term bank lending rates fell to an
  annualised 13.88 pct at the end of December, from 14.58 pct a
  month earlier and 19.82 pct at the end of December 1985.
      Poor loan demand was illustrated by a rise in commercial
  bank reserves, the official said.
      The bank official said commercial bank reserves were 22.19
  billion pesos at the end of December, when reserves required
  were 21.59 billion.
      She said the surplus of 597 mln pesos, compared with a
  deficit of 390 mln pesos a month earlier and a deficit of 1.64
  billion at the end of 1985, reflected political uncertainty in
  the last quarter of 1986.
      Reserve money, the total available to monetary authorities,
  was a provisional 52.58 billion pesos at the end of 1986. This
  was 5.19 pct up from 49.98 billion at the end of November and
  41.85 pct up from 37.09 billion in December 1985.
      The bank official noted M-3, which includes M-1 money
  supply, plus savings, time deposits and deposit substitutes.
  Was 132.88 billion pesos at the end of December 1985.
      M-1 money supply rose a provisional 17.3 pct to 42.86
  billion pesos at the end of December 1986 from 36.52 billion a
  month earlier. The year-on-year rise was 19.64 pct, up from
  35.83 billion at the end of December 1985.
      The bank official said the broader M-2 measure, which
  measures notes and coins in circulation plus savings and time
  deposits, rose a provisional 9.7 pct to 140.88 billion pesos at
  the end of December from 128.41 billion a month earlier. It
  rose 13.35 pct from 124.27 billion at the end of December 1985.
      She said deposits with the commercial banking system rose
  to just over 118 billion pesos at the end of December from
  107.89 billion at the end of 1985 and 92.83 billion at the end
  of 1984.
  

"
training/6972	12	earn	"SWISSAIR <SWSZ.Z> YEAR 1986
  Net 64.5 mln Swiss francs vs 68.5 mln
      Div 33 francs per share vs 38
      Turnover 4.03 billion vs 4.35 billion.
  

"
training/6975	50	wpi	"FINNISH WHOLESALE PRICES RISE 0.2 PCT IN FEBRUARY
  Finnish wholesale prices rose 0.2 pct
  in February after a rise of one pct in January and a drop of
  1.2 pct in February 1986, the Central Statistical Office said.
      Year-on-year wholesale prices fell 1.9 pct in February
  after drops of 3.3 pct in January and 1.8 pct in February 1986.
      The wholesale price index, base 1980, was 136.5 in
  February, 136.3 in January and 139.2 in February last year.
  

"
training/6976	48	trade	"CHINA, TAIWAN TRADE VIA HONG KONG FELL IN 1986
  The value of trade between China and
  Taiwan via Hong Kong fell 13 pct to 7.45 billion H.K. Dlrs in
  1986 from 8.59 billion dlrs in 1985, Hong Kong's Census and
  Statistics Department said.
      Taiwan's exports to China through Hong Kong fell to 6.33
  billion dlrs last year from 7.69 billion in 1985, while China's
  exports rose to 1.12 billion dlrs from 904 mln dlrs.
      Economists in Hong Kong told Reuters that China's controls
  on scarce foreign currency hurt its imports of Taiwanese
  consumer goods, such as electric fans and television sets.
      Herbal medicine and textiles were among China's chief
  exports to Taiwan.
      Taiwan does not allow direct trade with China and indirect
  trade is routed mainly through Hong Kong.
  

"
training/698	12	earn	"DUNKIN' DONUTS INC <DUNK> 1ST QTR JAN 24 NET
  Shr 46 cts vs 42 cts
      Net 3,418,000 vs 3,129,000
      Revs 24.7 mln vs 26.2 mln
  

"
training/6981	32	money-fx	"U.K. MONEY MARKET DEFICIT FORECAST AT 450 MLN STG
  The Bank of England said it forecast a
  shortage of around 450 mln stg in the money market today.
      Among the main factors affecting liquidity, bills maturing
  in official hands and the take-up of treasury bills will drain
  some 650 mln stg while a rise in note circulation will take out
  around 30 mln stg.
      Partly offsetting these outflows, bankers' balances above
  target and exchequer transactions will add some 200 mln stg and
  35 mln stg to the system respectively.
  

"
training/6982	8	cpi	"BRAZILIAN MONTHLY INFLATION DIPS SLIGHTLY
  Brazilian consumer prices rose
  13.9 pct in February, compared with January's record rate of
  16.8 pct, the Brazilian Geography and Statistics Institute
  (IBGE) said in a statement.
      The February rise brought the increase in consumer prices
  since the introduction of the anti-inflation Cruzado Plan a
  year ago to 62.5 pct.
  

"
training/6983	40	reserves	" German net currency reserves fall 5.4 billion marks to 81.7 billion - Bundesbank

   German net currency reserves fall 5.4 billion marks to 81.7 billion - Bundesbank
  

"
training/6985	16	gold	"NORTH KOREA TO RESURRECT GOLD MINE TO REPAY DEBT
  Pyongyang and a group of Tokyo-based
  North Korean businessmen plan to resurrect a North Korean
  goldmine and boost annual output to almost one tonne within two
  years from 600 pounds at present, said Li Sangsu, a spokesman
  for <Unzan Mine Development Co>, the venture partner.
      Work will begin on April 3 and the company aims to increase
  output to 10 tonnes within a decade to pay off Pyongyang's 70
  billion yen debt to 30 Japanese companies, Li added.
      ""We expect this mine to be worth about 2,000 billion yen in
  gold deposits,"" he said.
      The mine, started in 1896 by a U.S. Company, is one of six
  or seven virtually untapped mines in the Unzan area, 94 miles
  north of Pyongyang, Li said.
      Li said modern equipment and advanced technology would
  increase yields. ""Up to now, the mining was done with antiquated
  methods and basic equipment.""
      The gold mine scheme is the latest in a series of moves by
  North Korea to clear its debts to Japanese creditors.
      Earlier this year, Pyongyang tried and failed to pay off
  part of its debt with several tonnes of fish.
  

"
training/6986	12	earn	"Legal and General Group 1986 pre-tax profit 83.2 mln stg vs 31.5 mln.

  Legal and General Group 1986 pre-tax profit 83.2 mln stg vs 31.5 mln.
  

"
training/699	12	earn	"CCR VIDEO CORP <CCCR> 1ST QTR NOV 30 NET
  Shr profit two cts vs loss 12 cts
      Net profit 156,726 vs loss 776,000
      Revs 1,157,883 vs 890,138
  

"
training/6993	49	veg-oil	"CARGILL U.K. STRIKE TALKS TO RESUME TUESDAY
  Three consecutive days of talks between
  management and unions aimed at ending the three month old
  strike at Cargill U.K. Ltd's oilseed processing plant at
  Seaforth, ended yesterday without resolving the situation,
  although some progress was made, a company spokesman said.
      Fresh talks have been scheduled for next Tuesday, he said.
  

"
training/6995	51	zinc	"OECD EUROPE ZINC STOCKS RISE IN JANUARY
  Producers zinc stocks in Organization
  for Economic Co-operation and Development (OECD) European
  countries rose to 159,732 tonnes in January from 151,171 in
  December and 127,725 in January 1986, latest International Lead
  and Zinc Study Group (ILZSG) figures show. Other figures were -
                        JAN'87  DEC'86   JAN'86
   Refined production   155,980 164,243 166,968
   Refined deliveries   131,910 122,364 136,727
   Mine output (metal
   content)              77,120 70,560  81,356
  

"
training/6996	10	crude	"ECONOMIC SPOTLIGHT - SAUDI ARABIA RESHAPES ECONOMY
  Higher world oil prices, coupled with a
  new realism ushered in by austerity, could lift Saudi Arabia's
  economy after five years of falling revenue and growing budget
  deficits, bankers and diplomats said.
      The months ahead will prove critical as the government
  attempts a balancing act between defending higher oil prices
  and fostering recovery through a bigger role for the private
  sector.
      Economists said oil earnings could recover this year to
  about 20 billion dlrs and nominal gross domestic product could
  grow by about three pct, the first rise since 1982.
      But the economists said this will be possible only if the
  Organisation of Petroleum Exporting Countries (OPEC) succeeds
  in defending world oil prices and if Saudi Arabia is not forced
  to curtail output for too long.
      Saudi Arabia is now keeping production down to defend
  OPEC's newly-established 18 dlr a barrel benchmark price.
      Oil Minister Hisham Nazer told Reuters output is running at
  about three mln barrels per day (bpd), well down on Saudi
  Arabia's OPEC quota of 4.13 mln set for the first half of 1987.
      King Fahd has stamped his personal authority on OPEC's
  new-found determination to defend prices in a move Western
  diplomats believe underlines the kingdom's need to secure a
  stable source of income for its economy.
      Saudi Arabia, still the world's largest oil exporter, is a
  hugely wealthy country. But the past five years of declining
  revenue have taken their toll. Economists estimate gross
  domestic product fell 10 pct last year and 8.6 pct in 1985.
      Oil revenue last year, when prices briefly dipped below 10
  dlrs per barrel, probably totalled no more than 17.5 billion
  dlrs, compared to a peak 101.8 billion in 1981.
      ""Austerity is still the watchword, but Saudi Arabia will not
  be allowed to dip further into recession ... The Saudis can
  afford to draw down reserves temporarily to offset the worst
  effects,"" a diplomat said.
      In the short-term, the kingdom can lessen the impact of
  lower oil revenues and a gaping budget deficit by drawing on
  foreign reserves, still put at around 100 billion dlrs.
      But such a policy cannot be pursued indefinitely. Bankers
  and diplomats said it would amount to fiscal recklessness in
  the longer term.
      It also increases the dominance of the public sector at a
  time when the government is publicly urging private enterprise
  to take over the lead role in the economy.
      Bankers and diplomats said the government is well aware of
  the risks attached to this policy but is determined to ""tough it
  out"" on the oil front even if that means a short-term depletion
  of reserves.
      The 1987 budget deficit is targetted at a huge 52.7 billion
  riyals or 31 pct of total outlay. The budget explicitly
  recognises the need to draw down reserves while foreign
  borrowing has been ruled out.
      Commerce Minister Suleiman Abdulaziz al-Salim told Saudi
  businessmen this week the government had carefully considered
  the need to stimulate the economy when drawing up its budget
  plans late last year.
      ""It therefore took the bold step of withdrawing more than 50
  billion riyals from its reserves and pumping it into the
  economy,"" he said.
      Reserves were built up during the late 1970's and early
  1980's when Saudi Arabia's breakneck pace of construction and
  tales of high spending became legendary.
      The shrinking economy has wrought huge changes in the
  fabric of the Kingdom's private sector where poor management
  had gone unpunished in the easy days of the oil boom.
      Modern techniques of cost control have been introduced,
  markets expanded and outsized labour forces and inventories cut
  back. The expatriate workforce has fallen sharply.
      The number of new bankruptcies appears to be declining but
  Saudi banks, hit hard by non-performing loans to the corporate
  sector, have become highly selective in extending new credit.
      Government moves to encourage lending and investigate
  company complaints about late public sector contract payments
  could boost confidence but recession has slowed the nation's
  industrialisation program and discouraged foreign investment.
      Private wealth is still very high and banks report more and
  more cash being placed on deposit.
      As Saudi Arabia attempts to shift the weight of economic
  development from the public to the private sector, one of the
  biggest tasks will be to convince businessmen to channel
  personal savings into industrial projects within the kingdom
  and refrain from the temptation to invest abroad.
  

"
training/6998	45	sugar	"EC SUGAR TENDER SEEN AS CONCESSION TO PRODUCERS
  The rebate granted at yesterday's EC
  sugar tender represents some concession to producers'
  complaints that they are losing money on exports outside the
  bloc, EC Commission officials said.
      The maximum rebate of 44.819 European currency units (Ecus)
  per 100 kilos was 1.3 Ecus below what producers say is needed
  to obtain the equivalent price to that offered for sales into
  intervention.
      The rebate at last week's tender was 2.5 Ecus per 100 kilos
  short of the level producers said was needed, the officials
  said.
      The officials said the Commission is not negotiating with
  producers who have offered a total of 854,000 tonnes of sugar
  for sale into intervention in an apparent attempt to persuade
  it to offer higher rebates.
      They said the French and German producers involved are now
  unable to withdraw this offer before April 1 when the sugar
  will officially enter intervention stores.
      Payment for it is due five weeks later, and it will be open
  to them to withdraw their offers at any time between April 1
  and the official payment date when the Commission officially
  takes ownership of the sugar, the officials said.
      The officials said if the Commission has to buy the sugar,
  it is determined to immediately resell it, a move which would
  drive down market prices further.
      They expressed some hope that the operators would not
  eventually go through with their plan for intervention sales.
      ""We think they realise they have gone too far,"" one official
  said.
  

"
training/6999	12	earn	"JOHN FAIRFAX LTD <FFXA.S> FIRST HALF
  26 weeks ended Dec 28
      Net shr 25.9 cents vs 28.2
      Int div 5.5 cents vs 5.0
      Pre-tax 48.30 mln dlrs vs 44.29 mln
      Net 25.94 mln vs 25.35 mln
      Turnover 453.28 mln vs 407.35 mln
      Other income 4.48 mln vs 3.18 mln
      Shrs 100 mln vs 90 mln.
      NOTE - Div pay May 8. Reg April 14.
      Net is after tax 22.09 mln dlrs vs 18.60 mln, interest
  11.60 mln vs 13.92 mln, depreciation 8.52 mln vs 7.06 mln and
  minorities 267,000 vs 346,000 but before net extraordinary
  profit 89.32 rpt 89.32 mln dlrs vs nil.
  

"
training/700	12	earn	"FRANKLIN PUERTO RICO TAX-FREE SETS PAYOUT
  Mthly div 7.1 cts vs 7.1 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin Puerto Rico Tax-Free Income Fund.
  

"
training/7000	12	earn	"Britoil Plc 1986 pre-tax profit 134 mln stg vs 759 mln.

  Britoil Plc 1986 pre-tax profit 134 mln stg vs 759 mln.
  

"
training/7001	12	earn	"FAIRFAX SAYS HIGHER TAX HITS FIRST HALF EARNINGS
  Media group John Fairfax Ltd <FFXA.S>
  said that its flat first half net profit partly reflected the
  impact of changes in the Australian tax system.
      Fairfax earlier reported net earnings edged up 2.3 pct to
  25.94 mln dlrs in the 26 weeks ended December 28 from 25.35 mln
  a year earlier although pre-tax profit rose 9.1 pct to 48.30
  mln from 44.29 mln.
      Net would have risen 10.1 pct but for the increase in
  company tax to 49 pct from 46 and the imposition of the tax on
  fringe benefits, paid by employers and not the recipients, the
  company said in a statement.
      Fairfax also pointed to the cyclical downturn in revenue
  growth in the television industry as another reason for the
  flat first half earnings.
      It said it considered the result satisfactory in view of
  these factors.
      Fairfax said its flagship dailies, The Sydney Morning
  Herald and the Melbourne Age, boosted advertising volume, as
  did the Australian Financial Review, and posted extremely
  satisfactory performances. Magazines also performed strongly.
      But an 8.9 pct rise in television costs outweighed a 4.0
  pct rise in revenue, it said.
      Fairfax said a fall in net interest also contributed to net
  earnings because group borrowings were reduced following the
  receipt of a 96.11 mln dlr capital dividend from <Australian
  Associated Press Pty Ltd> (AAP) after the sale of AAP's ""B""
  shares in Reuters Holdings Plc <RTRS.L>.
      This accounted for the 89.32 mln dlr extraordinary profit.
      Fairfax said it is too early to predict results for the
  full year. Increased borrowings after the recent 320 mln dlr
  acquisition of the HSV-Seven television station in Melbourne
  will hit earnings but networking with the Channel Sevens in
  Sydney and Brisbane will produce some offsetting cost savings.
  

"
training/7003	12	earn	"BRITOIL PLC <BTOL.L> 1986 YR
  Shr 6.56p vs 50.31p
      Final div 6p, making 8p vs 13p.
      Pre-tax profit 134 mln stg vs 759 mln.
      Net profit 33 mln vs 253 mln.
      Turnover 978 mln stg vs 1.80 billion.
      Extraordinary debit 50 mln vs nil.
      Operating profit 149 mln stg vs 756 mln.
      Exceptional debit on rationalisation programme 12 mln vs
  nil
      Petroleum Revenue Taxes 77 mln vs 319 mln,
      U.K. Corporation tax and overseas tax 24 mln vs 187 mln,
      Note - The net effect of accounting changes in 1986 was to
  reduce after tax profits by 47 mln stg. Retained earnings for
  prior years were increased by 209 mln.
      Extraordinary debit of 50 mln stg related to the decision
  to seek a buyer for the company's U.S. Assets.
  

"
training/7004	26	jobs	"19-MAR-1987
  19-MAR-1987

"
training/7005	20	income	"UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL

  UK UNIT WAGE/LABOUR COSTS ROSE 3.3 PCT IN THREE MONTHS ENDING JAN - OFFICIAL
  

"
training/7006	20	income	"UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL

  UK AVERAGE EARNINGS ROSE 7.6 PCT IN JANUARY, UNDERLYING RISE 7.5 PCT - OFFICIAL
  

"
training/7007	33	money-supply	"U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL

  U.K. FEBRUARY ADJUSTED STERLING M3 RISES 2-1/4 PCT, M0 DOWN 3/4 TO ONE PCT - OFFICIAL
  

"
training/7008	12	earn	"LEGAL AND GENERAL GROUP PLC YEAR 1986
  Shr 14.58p vs 7.86p
      Div 6.5p making 9.75p, an increase of 19.4 pct
      Pretax profit 83.2 mln stg vs 31.5 mln
      Net after tax 68.6 mln stg vs 37.7 mln
      Pretax profit 83.2 mln stg vs 31.5
  mln, consists of -
      Long term business 45.9 mln stg vs 43.8 mln
      U.S. Long term business 6.2 mln vs 8.9 mln
      Fund management 4.7 mln vs 6.5 mln
      Short term business 4.7 mln vs loss 29.0 mln
      Associate companies 0.9 mln vs 0.8 mln
      Shareholders other income and outgoings 0.4 mln debit vs
  0.5 mln credit
      Exceptional long-term business profit 21.4 mln vs nil
  

"
training/7009	33	money-supply	"FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL

  FEB STERLING BANK LENDING UP 2.9 BILLION STG AFTER 1.75 RISE IN JAN - OFFICIAL
  

"
training/701	12	earn	"FRANKLIN OHIO INSURED TAX-FREE SETS PAYOUT
  Mthly div 6.1 cts vs 6.1 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin Ohio Insured Tax-Free Income Fund.
  

"
training/7010	26	jobs	"UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL

  UK FEB ADJUSTED UNEMPLOYMENT FELL 44,100 TOTAL 3.07 MLN OR 11.1 PCT - OFFICIAL
  

"
training/7011	48	trade	"JAPAN TO ASK CHIP MAKERS TO SLASH OUTPUT FURTHER
  The Ministry of International Trade and
  Industry will ask Japanese computer microchip makers to further
  slash output in the second quarter in an effort to save its
  semiconductor pact with the United States, MITI officials said.
      The United States has accused Japan of reneging on the
  semiconductor pact by failing to stop the flow of cut-price
  Japanese chips to Asian markets. Washington has threatened to
  take retaliatory action after April 1.
      The pact, agreed last year, calls on Japan to stop selling
  cut-price chips in world markets and to increase its imports of
  American chips to reduce some of its huge trade surplus.
      MITI, anxious to salvage the bilateral agreement, has been
  pressing chip makers to limit production in the hope that will
  boost domestic chip prices and reduce the incentive to export.
      Last month, the ministry asked Japanese chip makers to
  reduce first quarter output by 10 pct. To meet that request,
  they had to slash production by 20 pct over the final six weeks
  of the first quarter.
      If that reduced production level were maintained through to
  the end of June, second quarter output would come in 10 pct
  below that of the first three months of the year.
      MITI officials, who declined to be identified, said the
  ministry has not yet decided on the extent of the second
  quarter cutback.
      One said that Japanese chip makers are losing ground in
  Asia to South Korean and U.S. Competition just as markets there
  are picking up.
      MITI has been criticized privately by some Japanese
  semiconductor makers for what they see as heavy-handed attempts
  to ensure the success of the Japan/U.S. Chip pact.
  

"
training/7012	33	money-supply	"U.K. CLEARING BANK LENDING RISES 1.6 BILLION STG
  Clearing bank sterling lending to the
  U.K. Private sector in February is estimated to have risen by
  an underlying, seasonally-adjusted 1.6 billion stg after a 1.2
  billion stg rise in January, the Banking Information Service
  said.
      The unadjusted rise was 1.31 billion stg, compared with an
  813 mln stg increase in January.
      The Banking Information Service said the adjusted rise of
  1.6 billion stg was well above the recent monthly average of
  about 1.0 billion stg.
      Of the increase, 297 mln stg was accounted for by personal
  lending, which the Banking Information Service said was taken
  up entirely by lending for home purchases.
      Lending for consumption fell around 17 mln stg while about
  182 mln stg of credit card debt was repaid during the month.
      Lending to the manufacturing industry was up 370 mln stg,
  and to leasing companies by 308 mln stg.
      The Banking Information Service said February fell within
  the governmemnt tax season, so much of the lending was probably
  the result of industry's need to pay its tax bills.
      Deposits by the private sector rose an unadjusted 1.1
  billion stg in February and by a seasonally-adjusted 1.75
  billion stg.
      Deposits from the public sector rose 185 mln stg in
  February while deposits from overseas residents rose by 43 mln.
  

"
training/7013	26	jobs	"U.K. UNEMPLOYMENT FALLS IN FEBRUARY
  Unemployment in the U.K. Fell a
  provisional seasonally-adjusted 44,100 in February, to total
  3.07 mln or 11.1 pct of the workforce, the Employment
  Department said.
      In January, seasonally adjusted unemployment fell by a
  revised 1,100 to 11.3 pct, it said. Initially the January
  position was reported as flat.
      The unadjusted jobless total, including school leavers,
  fell to 3.23 mln, or 11.7 pct, from 3.30 mln, 11.9 pct, in
  January.
      February was the seventh successive month that seasonally
  adjusted unemployment registered a fall.
      It was at a peak of 11.7 pct last summer.
      Lord Young, the Employment Minister, said there appeared
  little doubt the monthly fall, which has been running at about
  20,000, will continue.
      A Department spokesman said the sharp fall in February
  reflected some compensation for the flat figure in January and
  continued the downward trend seen in the past six months.
      He said the February fall was spread throughout the country
  and among men and women.
  

"
training/7014	33	money-supply	"STERLING M3 UP 2-1/4 PCT IN FEBRUARY, M0 DOWN
  The main measure of U.K. Broad money,
  sterling M3, grew a provisional, seasonally adjusted 2-1/4 pct
  in February after a rise of 1.1 pct in January, the Bank of
  England said.
      The narrow measure, M0, fell a provisional adjusted 3/4 to
  one pct after a 0.6 pct drop in January, the Bank said.
      Unadjusted annual growth in sterling M3 was 18-3/4 to 19
  pct in the 12 months to February against 17.6 pct in January
  while M0 rose four to 4-1/4 pct after a 5.2 pct rise in
  January.
      Seasonally adjusted, sterling bank lending grew 2.9 billion
  stg after a January rise of 1.75 billion.
      Of the unadjusted counterparts to sterling M3, bank lending
  to the private sector expanded 2.6 billion stg after a 1.4
  billion rise in January, the Bank said.
      The public sector borrowing requirement (PSBR) contracted
  by 300 mln stg after a contraction of 3.7 billion stg in
  January.
      Funding - debt sales to the non-bank private sector and
  external flows to the public sector - rose by 300 mln stg after
  a 1.5 billion stg rise in January. Of this, central government
  debt sales to the public sector were expansionary by 400 mln
  stg after a 1.3 billion expansion in January, the Bank said.
      Other unadjusted counterparts to sterling M3 expanded by
  300 mln stg in February after an expansion of 1.3 billion stg
  in January, the Bank said.
      Unadjusted figures showed a rise in sterling M3 by 1-3/4 to
  two pct in February after a drop of 0.8 pct in January.
      On the same basis, the figures showed a drop of about 1-1/2
  pct in MO in February after a sharp 6-1/2 pct fall in January.
      The Bank said it would publish full, final figures on March
  30.
      The Bank said non-bank private sector holdings of public
  sector debt fell by about 400 mln stg in February while
  external flows to the public sector were about 100 mln stg.
      Combined with a net PSBR repayment of about 300 mln stg,
  the public sector contribution to the growth in sterling M3 was
  therefore about flat, the Bank said.
      It said seasonally adjusted bank lending, at about 2.9
  billion stg in February, compared with an average of about 2.6
  billion stg a month over the preceding six months.
  

"
training/7015	20	income	"U.K. EARNINGS RISE 7.6 PCT IN YEAR TO JANUARY
  U.K. Average earnings rose a seasonally
  adjusted 7.6 pct in the year to end-January after a 7.4 pct
  rise in the year to December, the Department of Employment
  said.
      The underlying rise was 7.5 pct after 7.75 pct in December.
      The January index, base 1980, was set at a provisional
  seasonally adjusted 190.4, down from 193.4 in December.
      The underlying rise, adjusted for factors such as back-pay
  and timing variations, had been steady at 7.5 pct from October
  1985 to October 1986.
      Unit wage costs in U.K. Manufacturing industry rose 3.3 pct
  in the three months to end January, on a year-on-year basis,
  after a 3.1 pct rise in the three months to end December, the
  Department of Employment said.
      In January, the unit wage rise in manufacturing industries
  was 3.6 pct, unchanged from the December rise.
      The Department said the decline in the underlying rate of
  rise in earnings reflected the reduced significance of bonus
  payments in January compared with December.
      The actual increase reflected teacher pay settlements and
  industrial action in the transport and communications sectors
  in January 1987.
  

"
training/702	12	earn	"FRANKLIN HIGH-YIELD TAX-FREE SETS PAYOUT
  Mthly div 7.1 cts vs 7.1 cts prior
      Pay March 31
      Record March 16
      NOTE: Franklin High-Yield Insured Tax-Free Income Fund.
  

"
training/7020	32	money-fx	"U.K. MONEY MARKET SHORTAGE FORECAST REVISED DOWN
  The Bank of England said it revised down
  its estimate of the deficit in the system today to 400 mln stg
  from 450 mln.
  

"
training/7023	16	gold	"SOME 7,000 SOUTH AFRICAN MINERS RETURN TO WORK
  Some 7,000 black workers returned
  to work after staging one-day strikes at two mines on Monday,
  the National Union of Mineworkers and the companies that own
  the mines said.
      About 6,000 miners resumed work at the Grootvlei gold mine
  east of Johannesburg after protesting the transfer of
  colleagues to other jobs at the same mine, owners General
  Mining Union Corp Ltd <GENM.J> said.
      The union said about 1,000 mineworkers at a new coal
  facility owned by Anglo American Corp of South Africa Ltd
  <ANGL.J> also returned to their jobs on Tuesday.
      The workers at Anglo's Vaal Colliery south of Johannesburg
  had struck to protest the alleged refusal of officials of the
  South African homeland of Transkei to allow miners to attend a
  funeral in the homeland, a union spokesman said.
  

"
training/7024	0	acq	"NIPPON LIFE SEEKING TIE WITH U.S. SECURITIES HOUSE
  <Nippon Life Insurance Co> is pursing a
  possible link with an American securities house to expand its
  overseas investment portfolio, a company spokesman said.
      But he declined to comment on rumours the company would
  take a 10 pct stake in <Shearson Lehman Brothers>, an
  investment banking unit of American Express Co <AXP>.
      He said the firm started to sound out several U.S.
  Investment banks on capital participation about 18 months ago
  and was narrowing the number of prospects, but he did not say
  if it had set its sights on one firm.
      Nippon Life, Japan's largest life insurer, also plans to
  set up a wholly owned investment unit, <Nissei International
  America>, in New York next month and subsidiaries in Canada,
  Singapore, the Cayman Islands and Jersey this year, he said.
      These moves are in line with its long-term strategy to put
  more emphasis on overseas investment management as
  opportunities at home are declining while the company's assets
  are growing.
      The company is especially attracted by the scale and depth
  of U.S. Money and credit markets and wants to establish a firm
  foothold there, the spokesman added.
  

"
training/7027	32	money-fx	"U.K. MONEY MARKET GIVEN 181 MLN STG ASSISTANCE
  The Bank of England said it provided the
  money market with 181 mln stg in assistance this morning.
      This compares with the Bank's revised shortage forecast of
  around 400 mln stg.
      The central bank purchased bank bills outright at the new
  dealing rates established yesterday.
      These comprised 65 mln stg in band one at 9-7/8 pct, 114
  mln stg in band two at 9-13/16 pct and two mln stg in band
  three at 9-3/4 pct.
  

"
training/7029	33	money-supply	"PHILIPPINES' LIQUIDITY RISES, LOAN DEMAND FALLS
  Liquidity in the Philippines rose in
  December while loan demand and short-term lending rates fell,
  the Central Bank said.
      A bank official said M-3 rose 9.72 pct to a provisional
  149.80 billion pesos at the end of December from a month
  earlier for a year-on-year gain of 12.72 pct.
      She said short-term bank lending rates fell to an
  annualised 13.88 pct at the end of December, from 14.58 pct a
  month earlier and 19.82 pct at the end of December 1985.
      Poor loan demand was illustrated by a rise in commercial
  bank reserves, the official said.
      The bank official said commercial bank reserves were 22.19
  billion pesos at the end of December, when reserves required
  were 21.59 billion.
      She said the surplus of 597 mln pesos, compared with a
  deficit of 390 mln pesos a month earlier and a deficit of 1.64
  billion at the end of 1985, reflected political uncertainty in
  the last quarter of 1986.
      Reserve money, the total available to monetary authorities,
  was a provisional 52.58 billion pesos at the end of 1986. This
  was 5.19 pct up from 49.98 billion at the end of November and
  41.85 pct up from 37.09 billion in December 1985.
      The bank official noted M-3, which includes M-1 money
  supply, plus savings, time deposits and deposit substitutes.
  Was 132.88 billion pesos at the end of December 1985.
      M-1 money supply rose a provisional 17.3 pct to 42.86
  billion pesos at the end of December 1986 from 36.52 billion a
  month earlier. The year-on-year rise was 19.64 pct, up from
  35.83 billion at the end of December 1985.
  

"
training/703	0	acq	"CONVERGENT TECHNOLOGIES <CVGT> TO BUY OAKLEAF
  Convergent Technologies Inc
  said it has reached an agreement in principle to buy Oakleaf
  Corp, which supplies finance, insurance and leasing computers
  to auto dealers.
      The transaction will involve an exchange of Oakleaf stock
  for cash and debt and is subject to a definitive agreement, the
  companys said. No other terms were disclosed.
      Oakleaf had 1986 sales of about 26 mln dlrs.
  

"
training/7030	0	acq	"SANWA BANK ACQUIRES SMALL STAKE IN PORTUGUESE BANK
  Sanwa Bank Ltd <ANWA.T> has agreed to buy
  a two pct stake in Oporto-based <Banco Portugues de Investmento
  Sarl> (BPI), Portugal's largest merchant bank, a Sanwa official
  said.
      Sanwa will purchase the shares from International Finance
  Corp, a BPI shareholder and sister organisation of the World
  Bank, for 351 mln yen, he said.
      The acquisition will be completed this month as both the
  Japanese and Portuguse governments are expected to give
  permission soon.  This is the first time a Japanese bank has
  bought a stake in a Portuguese bank.
      Sanwa plans to increase its stake in BPI to four pct, the
  ceiling for foreign shareholders, the official said.
      The bank has also agreed with <Banco Portugues do
  Atlantico>, a state-owned merchant bank in Oporto, to exchange
  information on customers and help accelerate Japanese
  investment and technological transfers to Portugal, he said.
  

"
training/7031	22	interest	"BUNDESBANK LEAVES CREDIT POLICIES UNCHANGED
  The Bundesbank left credit policies
  unchanged after today's regular meeting of its council, a
  spokesman said in answer to enquiries.
      The West German discount rate remains at 3.0 pct, and the
  Lombard emergency financing rate at 5.0 pct.
  

"
training/7032	15	gnp	"NO FRENCH REFLATION, SOURCES CLOSE TO BALLADUR SAY
  There is no question of stimulating
  consumption or relying on a systematic budget deficit or other
  reflationary policies to boost the French economy, sources
  close to finance minister Edouard Balladur said.
      Their comments followed remarks by prime minister Jacques
  Chirac's spokesman Denis Baudouin, who said on Monday ministers
  were agreed on the desirability of ""relaunching"" the economy.
      This sparked speculation the government was preparing for a
  reflationary U-turn, but the finance ministry immediately ruled
  out any such move.
      The sources today said the government's policy remained one
  of ""recovery,"" or sound finances and greater efficiency.
      They said that while 8.6 billion of the 30 billion franc
  revenues expected for 1987 from a sweeping privatisation
  program will go to providing public companies with fresh
  capital, 21.4 billion francs, or two-thirds, will go toward
  paying off national debt.
      Any further privatisation revenue this year above the 30
  billion would be distributed between repayment of national
  internal debt and public companies in similar proportions, they
  added.
      The sources said it was absurd to talk of reflation when
  the country's internal debt, expected to grow by 10 pct this
  year from 1,300 billion francs in 1986 was growing twice as
  fast as gross domestic product.
      Nominal GDP is expected to grow by roughly five pct this
  year from 5,000 billion francs last year, broadly in line with
  earlier forecasts. Real GDP will grow by up to 2.5 pct.
      The sources said that with France's economic targets for
  1987 roughly in line with its main trading partners, the
  government had no intention of pushing the economy to grow at
  an artificial pace out of step with neighbouring economies.
  

"
training/7039	0	acq	"AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE

  AMERICAN EXPRESS SAYS IT'S HOLDING TALKS ON SALE OF SHEARSON STAKE TO NIPPON LIFE
  

"
training/704	10	crude	"NYMEX WILL EXPAND OFF-HOUR TRADING APRIL ONE
  The New York Mercantile Exchange set
  April one for the debut of a new procedure in the energy
  complex that will increase the use of energy futures worldwide.
       On April one, NYMEX will allow oil traders that do not
  hold a futures position to initiate, after the exchange closes,
  a transaction that can subsequently be hedged in the futures
  market, according to an exchange spokeswoman.
      ""This will change the way oil is transacted in the real
  world,"" said said Thomas McKiernan, McKiernan and Co chairman.
      Foreign traders will be able to hedge trades against NYMEX
  prices before the exchange opens and negotiate prices at a
  differential to NYMEX prices, McKiernan explained.
       The expanded program ""will serve the industry because the
  oil market does not close when NYMEX does,"" said Frank Capozza,
  secretary of Century Resources Inc.
       The rule change, which has already taken effect for
  platinum futures on NYMEX, is expected to increase the open
  interest and liquidity in U.S. energy futures, according to
  traders and analysts.
      Currently, at least one trader in this transaction, called
  an exchange for physical or EFP, must hold a futures position
  before entering into the transaction.
      Under the new arrangement, neither party has to hold a
  futures position before entering into an EFP and one or both
  parties can offset their cash transaction with a futures
  contract the next day, according to exchange officials.
      When NYMEX announced its proposed rule change in December,
  NYMEX President Rosemary McFadden, said, ""Expansion of the EFP
  provision will add to globalization of the energy markets by
  providing for, in effect, 24-hour trading.""
      The Commodity Futures Trading Commission approved the rule
  change in February, according to a CFTC spokeswoman.
  

"
training/7041	0	acq	"AMERICAN EXPRESS <AXP> MAY SELL SHEARSON STAKE
  American Express Co said it and its
  Shearson Lehman Brothers Inc subsidiary have been holding talks
  on the possible equity investment in Shearson Lehman by <Nippon
  Life Insurance Co> of Japan.
      The company said, ""The discussions have led to a general
  understanding by which Nippon Life would purchase a 13 pct
  equity investment in Shearson Lehman for approximately 530 mln
  dlrs and American Express, Shearson Lehman and Nippon Life
  would explore mutually advantageous, nonexclusive business and
  investment opportunities.""
      The company said a definitive agreement on the matter is
  subject to a number of conditions, including approval of the
  American Express board and the Japanese Ministry of Finance.
      The company said its board is scheduled to meet March 27
  for its regular monthly sessions.
      American Express said it is continuing to evaluate various
  courses of action of strategic importance to Shearson Lehman in
  addition to the possible investment by Nippon Life.
      It said the options range from expanding Shearson's
  capacity to meet international competition, to broadening
  further its access to capital.
      The company also said, ""All the courses of action under
  study reflect the continuing integral role of Shearson Lehman
  in American Express' worldwide financial services strategy.""
  

"
training/7045	0	acq	"<FI-TEK CORP> TO MAKE ACQUISITION
  Fi-Tek Corp said it has signed a letter
  of intent to acquire <Voice Systems and Services Inc> for an
  undisclosed amount of stock.
      It said on completion of the acquisition it would change
  its name to Voice Systems and Services Inc.  It said VBoice
  Systems has received a 3,600,000 dlr contract to provide FLP
  Communications of Dallas with voicemail systems through service
  bureaus located throughout the U.S. and has also contracted to
  provide voicemail systems and administration to M and S
  Communications.
  

"
training/7046	0	acq	"FIRST WISCONSIN <FWB> TO MAKE ACQUISITION
  First Wisconsin Corp said it has
  agreed to acquire North Shore Bancorp Inc of Northbrook, Ill.,
  for 6,160,000 dlrs in cash, or slightly more than twice book
  value, subject to approval by North Shore shareholders and
  regulatory authorities.
      The company said completion is expected in the third
  quarter.
  

"
training/7047	2	bop	"ITALY'S FEBRUARY PAYMENTS BALANCE IN SURPLUS
  Italy's overall balance of payments showed
  a surplus of 1,461 billion lire in February 1987 compared with
  a deficit of 1,145 billion in January, provisional Bank of
  Italy figures show.
      The February surplus compared with a deficit of 1,578
  billion lire in the same month for 1986.
      For the first two months of 1987, the balance of payments
  showed a surplus of 302 billion lire against a deficit of 4,622
  billion in the same 1986 period.
      The Bank of Italy said the cumulative balance for the first
  two months of 1987 does not match the total calculated on the
  individual monthly figures because of the provisional nature of
  certain data.
  

"
training/7048	12	earn	"BELVEDERE CORP <BLV> 4TH QTR LOSS
  Oper shr loss 21 cts vs loss 95 cts
      Oper net loss 666,000 vs loss 2,184,000
      Avg shrs 3,181,805 vs 2,310,200
      Year
      Oper shr loss 30 cts vs loss 23 cts
      Oper net loss 823,000 vs loss 606,000
      Avg shrs 2,757,040 vs 2,614,225
      NOTE: Net excludes realized investment gains of 666,000
  dlrs vs 289,000 dlrs in quarter and 2,274,000 dlrs vs 1,468,000
  dlrs in year.
  

"
training/7049	40	reserves	"ITALIAN NET RESERVES RISE IN FEBRUARY
  Italy's net official reserves rose to
  66,172 billion lire in February 1987 from a previously reported
  62,174 billion in January, the Bank of Italy said.
      Gold holdings at end-February totalled 35,203 billion lire,
  unchanged on January.
      Convertible currencies totalled 18,467 billion lire, up
  from 14,899 billion in January, while European Currency Unit
  (ECU) holdings were 10,156 billion lire against 10,133 billion.
  

"
training/7052	12	earn	"CARTER HAWLEY HALE STORES INC 4TH QTR SHR LOSS 1.58 DLRS VS PROFIT 58 CTS

  CARTER HAWLEY HALE STORES INC 4TH QTR SHR LOSS 1.58 DLRS VS PROFIT 58 CTS
  

"
training/7057	0	acq	"WASTE MANAGEMENT SAYS IT IS PREPARED TO RAISE ITS BID FOR CHEMLAWN TO 33 DLRS A SHARE

  WASTE MANAGEMENT SAYS IT IS PREPARED TO RAISE ITS BID FOR CHEMLAWN TO 33 DLRS A SHARE
  

"
training/7058	12	earn	"TRANSAMERICA <TA> TO HAVE GAIN ON UNIT SALE
  Transamerica Corp said it expects
  to realize a gain of about 75 mln dlrs on the
  previously-announced sale of the group life and health
  operations of its Transamerican Occidental Life Insurance Co
  subsidiary to Provident Life and Accident Co <PACC>.
      But it said its Transamerica Life Cos unit plans to change
  to a more conservative method of amortizing deferred policy
  acquisition costs, resulting in a one-time charge that will
  offset most of the gain from the sale.
      Transamerica said it has now signed a definitive agreement
  for the sale, which will be structured as a reinsurance
  transaction involving about 400 mln dlrs of reserve
  liabilities.
      It said the 75 mln dlr gain from the sale and about 125 mln
  dlrs of statutory surplus that previously supported operations
  of the group being sold will be used to support Transamerica
  Life Cos' efforts to accelerate the growth of its remaining
  businesses.  It said closing is expected by May One, subject to
  regulatory approvals.
  

"
training/706	0	acq	"ROSPATCH <RPCH> TO RESPOND TO DIAGNOSTIC <DRS>
  Rospatch Corp said it will
  have a news release later in response to today's acquisition
  bid by Diagnostic Retrieval Systems Inc for 22 dlrs a share.
      Rospatch earlier requested its stock be halted in over the
  counter trading, last trade 24-1/8.
      Diagnostic said its bid was for a total 53 mln dlrs through
  a cash tender offer for all, but not less than 51 pct of
  Rosptach outstanding common.
      For its fourth-quarter ended December 31, 1986, Rospatch
  reported net loss 2,649,000 or 1.10 dlrs a share compared a
  loss of 627,500 or 35 cts profit for the 1985 period.
      In December the Brookehill Group in New York said it had
  9.7 pct stake. J.A. Parini, Rospatch chief executive, responded
  on January eight by saying the investment was a vote in
  confidence in the company.
  

"
training/7060	12	earn	"AMERITRUST <AMTR> SETS TWO FOR ONE STOCK SPLIT
  AmeriTrust Corp said its board
  declared a two-for-one stock split, and management intends to
  recommend to directors an increase in the quarterly dividend to
  at least 50 cts per share presplit from the current 44 cts.
      The company said shareholders at the May 14 annual meeting
  will be asked to approve an increase in authorized common
  shares to 100 mln from 25 mln, as well as a limitation of
  directors' liability and the establishment of a classified
  board.
      The split is subject to approval of the increase in
  authorized common shares, it said.
  

"
training/7061	12	earn	"CARTER HAWLEY HALE STORES INC <CHH> 4TH QTR LOSS
  ended Jan 31
      Shr loss 1.58 dlrs vs profit 58 cts
      Net loss 24.2 mln vs profit 18.9 mln
      Sales 1.34 billion vs 1.32 billion
      Avg shrs 20.0 mln vs 19.8 mln
      Year
      Shr loss 1.27 dlrs vs profit 92 cts
      Net profit 4.2 mln vs profit 48.0 mln
      Sales 4.09 billion vs 3.98 billion
      Avg shrs 20.2 mln vs 19.6 mln
      NOTES: Share results after provision for preferred
  dividends
      Per share profits from operations were 1.46 dlrs vs 71 cts
  in the quarter and 2.44 dlrs vs 1.05 dlrs in year. On a fully
  diluted basis this was 1.11 dlrs vs 67 cts and 2.42 dlrs vs
  1.58 dlrs, respectively, based on 33.0 mln vs 32.3 mln shares
  outstanding in quarter and 32.8 mln vs 32.1 mln in year
      1986 results in both periods include pre-tax losses pf 2.2
  mln dlr on sale of John Wanamaker and 25.0 mln dlrs related to
  recapitalization, for a combined primary per share charge of
  1.58 dlrs in quarter and 1.57 dlrs in year.
      1986 results also include an after-tax charge 29.3 mln
  dlrs, equal to 1.46 dlrs a share in quarter and 1.44 dlrs in
  year, for premium on early retirement of debt
      1985 net in both periods includes pre-tax loss of 2.4 mln
  dlrs, equal to 13 cts a share, on sale of Holt Renfrew
      Results include LIFO charge 1.7 mln dlrs vs credit 4.4 mln
  dlrs in quarter and credit 1.9 mln dlrs vs credit 6.4 mln dlrs
  in year
  

"
training/7063	12	earn	"FIRST AMERICAN FINANCIAL<FAMR> IN SPECIAL PAYOUT
  First American Financial Corp
  said its board declared a special dividend of 20 cts per share
  and the regular 25 ct quarterly dividend, both payable April 15
  to holders of record March 31.
  

"
training/7064	12	earn	"CARIBOU ENERGY REVERSE SPLIT APPROVED
  <Caribou Energy Inc> said shareholders
  have approved a one-for-100 reverse split that will take effect
  by tomorrow and the company has changed its name to <Texas
  Petroleum Corp>.
  

"
training/7065	0	acq	"NATIONAL CAPITAL <NCETS> TO MAKE SALE
  National Capital Real Estate
  Trust said it has entered into a definitive agreement to sell
  its Irvine Commercial Center in Irvine, Calif., to Shuwa Corp
  of California for 10.85 mln dlrs.
      It said the buyer has pl;aced 250,000 dlrs into an escrow
  account as a nonrefundable deposit.
      The trust said existing debt secured by the property of
  about 6,700,000 dlrs in due on completion of the transaction,
  which is expected in early April.
  

"
training/7066	12	earn	"SWISSAIR REPORTS LOWER PROFIT AND DIVIDEND
  Swissair <SWSZ.Z> reported a 5.8 pct
  drop in 1986 net profit to 64.5 mln Swiss francs and said that,
  in line with its new, flexible dividend policy, it would cut
  its payout to 33 francs per share from 38.
      President Robert Staubli told a news conference that the
  first two months of this year gave hope that 1987 profit would
  at least equal last year's figure, but said much depended on
  outside factors such as fuel prices and the exchange rate.
      The fall was largely due to a 60 mln franc loss on
  Swissair's core flying business last year, against a profit of
  27 mln francs the previous year, he said.
      The net profit figure was reached after receipt of some 68
  mln francs from plane sales, compared with a mere 17 mln francs
  in 1985. Finance Head Martin Juenger said he expected around 20
  mln francs from sales this year, although said much depended on
  the speed with which it decided to sell its DC-10s.
      Gross profit for 1986 reached 340.5 mln francs, with 276
  mln francs subtracted for ordinary depreciation.
      Gross profits for the previous year had been 382.5 mln
  francs, with 314 mln subtracted for depreciation, including 45
  mln francs supplementary depreciation.
      Staubli said the 1986 result, well below predictions made
  this time last year, suffered considerably due to exchange rate
  fluctuations, in particular the strength of the Swiss franc.
      While the negative effects on revenue of the sharp drop in
  the dollar were partially compensated for by cheaper fuel
  prices, there was no such offset for the strength of the franc
  against other European currencies.
      ""Income and profit generated by services to these countries
  shrank by a very substantial margin,"" he said. ""Exchange rate
  trends therefore hit us much more severely than most other
  airlines.""
  

"
training/7067	10	crude	"CANADIAN ROXY IN NEW ALBERTA OIL DISCOVERY
  <Canadian Roxy Petroleum Ltd>
  said a new oil discovery in the Peerless Lake area of
  north-central Alberta is capable of flowing at over 1,000
  barrels of oil a day from a lower zone and more than 1,500
  barrels a day from a separate upper zone.
      Canadian Roxy has a 35 pct interest in the five-year
  royalty free well, known as the Canadian Roxy et Al Trout
  A14-8-89-3 W5M. Texaco Canada Inc holds 25 pct, MLC Oil and Gas
  Ltd 15 pct, Northstar Energy Corp 13.5 pct and Tricentrol Oils
  Ltd 11.5 pct.
      Canadian Roxy said drilling has started on a follow-up
  exploratory well about one mile northwest of the discovery
  well.
      The company said it holds a net 6,500 acres in the vicinity
  of the discovery and a seismic program is underway to evaluate
  further drilling opportunities.
  

"
training/7068	0	acq	"WASTE MANAGEMENT<WMX> TO RAISE CHEMLAWN<CHEM>BID
  Waste Management Inc said it
  sent a letter to the ChemLawn Corp board, saying it is prepared
  to increase its bid for ChemLawn to 33 dlrs a share,
  from 27 dlrs, if ChemLawn promptly negotiates and executes a
  simple two-step merger agreement containing only essential
  covenants and conditions.
      Upon such an agreement, Waste Management said, it would
  amend its 27 dlrs a share cash tender offer.
  

"
training/707	12	earn	"GREEN TREE ACCEPTANCE INC <GNT> SETS DIVIDEND
  Qtly dividend 12-1/2 cts vs 12-1/2 cts
      Pay March 31
      Record March 16
  

"
training/7070	26	jobs	"U.S. FIRST TIME JOBLESS CLAIMS FELL IN WEEK
  New applications for unemployment
  insurance benefits fell to a seasonally adjusted 340,000 in the
  week ended March 7 from 373,000 in the prior week, the Labor
  Department said.
      The number of people actually receiving benefits under
  regular state programs totaled 2,507,000 in the week ended Feb
  28, the latest period for which that figure was available.
      That was up from 2,477,000 the previous week.
  

"
training/7071	4	cocoa	"COCOA DELEGATES OPTIMISTIC ON BUFFER STOCK RULES
  Hopes mounted for an agreement on cocoa
  buffer stock rules at an International Cocoa Organization,
  ICCO, council meeting which opened here today, delegates said.
      Both producer and consumer ICCO members said after the
  opening session that prospects for an agreement on the cocoa
  market support mechanism were improving.
      ""The chances are very good as of now of getting buffer stock
  rules by the end of next week,"" Ghanaian delegate and producer
  spokesman Mama Mohammed told journalists.
      Consumer spokesman Peter Baron called the tone of the
  negotiations ""optimistic and realistic.""
      The ICCO council failed to agree on buffer stock rules when
  a new International Cocoa Agreement came into force in January,
  with deep differences of opinion precluding serious discussions
  on the matter at that time. The existing buffer stock of about
  100,000 tonnes of cocoa was frozen, with a funds balance of 250
  mln dlrs.
      The ICCO made buffer stock rules negotiations a priority at
  this semi-annual council meeting in order to stop the slide in
  world cocoa prices.
      Consumers and producers agreed yesterday on the principles
  as a basis for negotiations.
      The council broke for lunch, and reconvenes at 1500 hrs. A
  working group which has been meeting since Monday will tackle
  the buffer stock rules issue again at 1600 hrs, when ICCO
  executive director Kobena Erbynn presents a fleshed-out version
  of a draft proposal he prepared earlier this week, delegates
  said.
      Mohammed said delegates will have a much clearer indication
  of prospects for an accord after details of the rules are
  elaborated by Erbynn, and after producers and consumers meet
  separately later today to examine the scheme.
      The draft proposal included three principles: a limit to
  non- member cocoa comprising the buffer stock, an offer system
  for buying buffer stock cocoa, and price differentials to be
  paid for various cocoas making up the buffer stock, delegates
  said.
      During the morning council session, the Ivory Coast
  delegation gave ""an open minded statement"" that it is willing to
  work out a buffer stock rules solution which could come into
  effect as soon as possible, Baron said.
      Ivorian Agriculture Minister Denis Bra Kanon, chairman of
  the ICCO council, was now expected to arrive in London Monday
  to attend the talks, Baron said. Vice chairman Sir Denis Henry
  of Grenada chaired the meeting in his place.
      Soviet and East German delegates did not attend the council
  session because of a conflicting International Sugar
  Organization meeting today, but could arrive this afternoon,
  delegates said.
  

"
training/7072	12	earn	"STUARTS DEPARTMENT STORES <STUS> 4TH QTR NET
  Ended Jan 31
      Shr one ct vs 31 cts
      Net 29,000 vs 1,350,000
      Revs 43.7 mln vs 32.4 mln
      Year
      Shr 29 cts vs 62 cts
      Net 1,251,000 vs 2,520,000
      Revs 129.9 mln vs 96.1 mln
      NOTE: Full name Stuarts Department Stores Inc.
  

"
training/7073	12	earn	"IOMEGA CORP <IOMG> EXPECTS QTR AND YEAR LOSSES
  Iomega Corp announced it expected
  revenues for the first quarter of 1987 to be significantly
  lower than planned and that it anticipated a loss for the
  quarter.
      In its annual report to be mailed to stockholders tomorrow,
  the company will announce its first quarter loss will be in
  excess of 10 mln dlrs primarily as a result of lower than
  anticipated revenues.
      The company said it recored net income of 4,572,000 dlrs,
  or 30 cts per share, for its first quarter fiscal 1986, on
  revenues of 35.0 mln.
      The company said it lowered its revenue plan for the
  balance of 1987 and also expects to record a loss for the
  entire 1987 year.
      Iomega said the first quarter loss will place the company
  in default under certain covenants in its bank line of credit
  unless these covenants are modified.
      The company is currently exploring alternatives for raising
  additional funds through a debt for equity financing.
  

"
training/7074	12	earn	"3COM CORP <COMS> 3RD QTR FEB 28 NET
  Shr 22 cts vs 13 cts
      Net 3,166,000 vs 1,780,000
      Sales 30.4 mln vs 16.9 mln
      Avg shrs 14.6 mln vs 14.0 mln
      Nine mths
      Shr 56 cts vs 33 cts
      Net 7,961,000 vs 4,562,000
      Sales 78.8 mln vs 44.7 mln
      Avg shrs 14.3 mln vs 13.9 mln
  

"
training/7075	12	earn	"PORSCHE HALF-YEAR EARNINGS CALLED SATISFACTORY
  Dr. Ing. H.C.F. Porsche AG <PSHG.F>
  said earnings in first half year 1986/87 were ""satisfactory""
  despite burdens caused by the dollar's weakness against the
  mark and stagnating domestic demand.
      In its semi-annual shareholders' report, Porsche said first
  half turnover fell six pct to 1.71 billion marks from 1.83
  billion in the same period of 1985/86.
      However, earnings were satisfactory, it said, without
  giving absolute figures.
      Domestic turnover fell 26 pct to 283 mln marks from 380
  mln.
      Foreign turnover dipped to 1.43 billion marks from 1.45
  billion in the first half of last year, although the export
  quota rose to 83 pct from 79 pct.
      The car sector accounted for 1.51 billion marks of
  turnover, against 1.63 billion the year earlier, it said.
      Production dropped five pct to 25,876 cars from 27,381.
  Manufacture of the 911 and 928 models rose six pct to 11,122
  from 10,533 units but production of 924 and 944 models was cut
  by 12 pct to 14,754 units from 16,848 and would be cut further,
  the report said.
      Car sales fell four pct to 25.269 units from 26,414 in the
  comparable half year, the report said. U.S. Demand continued
  for all models but demand fell in other markets.
      Domestic sales were 39 pct down at 3,267 units from 5,397,
  while sales abroad rose five pct to 22,002 from 21,017. Share
  of exports in sales rose to 87 pct from 80 pct.
      Investments were reduced to 108 mln marks from 125 mln.
      Earnings were hit by lower sales and by the lower value of
  the dollar and currencies in other important markets.
      Nevertheless, sales and turnover would finish the July 11
  year at a ""high level,"" Porsche said.
  

"
training/7076	12	earn	"PROGRESSIVE BANK INC <PSBK> 
  Qtly div seven cts vs seven cts in prior qtr
      Payable April 15
      Record March 31
  

"
training/7077	12	earn	"GERIATRIC AND MEDICAL CENTERS INC <GEMC> PAYOUT
  Qtly div two cts vs two cts prior
      Pay April 24
      Record April Three
  

"
training/7078	12	earn	"CONVENIENT FOOD MART INC <CFMI> 4TH QTR NET
  Period ended Dec 28
      Shr 42 cts vs 35 cts
      Net 941,000 vs 786,000
      Revs 12,798,000 vs 2,269,000
      Year
      Shr 97 cts vs 83 cts
      Net 2,211,000 vs 1,841,000
      Revs 19,027,000 vs 6,474,000
      NOTE: 1985 period ended December 29
      Share results adjusted for five-for-four stock split on
  April 28, 1986 and 10 pct stock dividend issued Dec 10, 1986
  

"
training/7079	12	earn	"MEDCHEM PRODUCTS INC <MDCH> 2ND QTR FEB 28 NET
  Shr 21 cts vs 21 cts
      Net 542,119 vs 520,668
      Sales 2,035,759 vs 1,804,350
      1st half
      Shr 38 cts vs 42 cts
      Net 956,228 vs 1,038,300
      Sales 3,748,357 vs 3,482,066
  

"
training/7080	32	money-fx	"U.K. MONEY MARKET GIVEN FURTHER 191 MLN STG HELP
  The Bank of England said it gave the
  money market a further 191 mln stg assistance in the afternoon
  session. This takes the Bank's total help so far today to 372
  mln stg and compares with its upwards revised estimate of the
  shortage in the system of around 400 mln stg.
      The central bank bought bank bills outright comprising 15
  mln stg in band one at 9-7/8 pct and 176 mln stg in band two at
  9-13/16 pct.
  

"
training/7083	12	earn	"<PAGURIAN CORP LTD> YEAR NET
  Shr 1.64 dlrs vs 90 cts
      Net 64.9 mln vs 28.8 mln
      Revs 73 mln vs 35 mln
      NOTE: Shares outstanding 39.5 mln vs 32.1 mln. Avg shrs not
  given.
      Company recently raised equity and voting interests in
  <Hees International Corp> to 13.4 pct and 16.1 pct,
  respectively.
  

"
training/7085	12	earn	"UNILEVER PLC ADJUSTS DIVIDEND
  Unilever Plc <UN.AS> said a reduction in
  U.K. Advance Corporation Tax, (ACT) has prompted the company to
  adjust its 1986 final dividend to 36.17p per share from the
  originally declared 35.18p.
      Unilever's 1985 final dividend amounted 27.05p
      The adjustment stemmed from the dividend equalisation
  agreement between the British company and its Dutch partner
  Unilever NV. ACT in respect of any dividend paid by Unilever
  Plc has to be treated as part of the dividend.
      Unilever NV final dividend remains 10.67 guilders as
  declared with the 1986 results on March 3.
  

"
training/7087	48	trade	"JORDAN, SUDAN SIGN 100 MLN DLR BARTER TRADE PACT
  Jordan and Sudan signed a barter trade
  agreement under which they will exchange 100 mln dlrs' worth of
  goods a year, Sudanese officials said.
      They said Sudan will export corn, sesame, peanuts, spices
  and cow hides, while Jordan will export cement, tomato puree,
  chemicals and pharmaceuticals.
  

"
training/7088	16	gold	"NEW MARKET EMERGES IN WARRANTS FOR GOLD
  A new market has emerged in warrants to
  buy gold, a vehicle which bankers say brings some of the play
  of commodity options into the field of securities.
      Over the past three weeks, Swiss offices of American banks
  have launched a total of four issues of warrants with varying
  conditions, drawing on renewed inflationary worries and the
  recovery of the gold price last year.
      And Credit Suisse and Credit Suisse-First Boston each
  issued Swiss franc bonds with warrants for gold which have a
  similar character, though they are aimed at a less professional
  market.
      The market is still small. Taken together, the four
  American-led warrant issues raised only about 50 mln Swiss
  francs.
      But banks believe the vehicle meets a need of investors and
  predicted a lively future.
      Andrew Barrett of Citicorp Investment Bank (Switzerland) AG
  said: ""The warrants give smaller investors a chance to have a
  long-term investment in gold with limited risk.""
      Citicorp in Zurich launched the first of these warrants on
  February 27, following it up with a second issue less than a
  week later. The issuer in both cases was Citibank NA.
      The idea found some quick copies. Goldman Sachs in Zurich
  organized and co-led an issue for the Swiss branch of Banque
  Indosuez on March 9 and last night Morgan Guaranty
  (Switzerland) AG did another for Morgan Guaranty Trust Co of
  New York.
      The four issues now offer investors striking prices for
  gold ranging from the Indosuez issue at 410 dlrs an ounce, the
  same price as the underlying commodity, to a 430 dlr level on
  the first one for Citibank.
      The premiums range from 22 pct to 36 pct and maturities
  from 18 months to four years and three months, in all cases
  longer than gold futures and options on U.S. Markets.
      The bankers traced the inspiration for the market back to
  the February report of U.S. Consumer prices for January, when a
  jump of 0.7 pct raised again the threat of inflation.
      ""Many people are worried about inflation again,"" said Mats
  Joensson of Goldman Sachs. ""Money supply in Germany and the
  United States has grown very strongly in the last year and
  people want to take a ride on gold.""
      The gold market, having seen strong gains in 1986, has
  languished just above 400 dlrs an ounce over the past few
  weeks. But the banks saw in warrants the vehicle for a more
  highly leveraged play where the downside risk was limited.
      Barrett said it was natural that the market developed in
  Switzerland. ""People here understand gold, and they understand
  warrants,"" he said.
      Citicorp (Switzerland) pioneered warrants with a series of
  equity-linked covered issues based on Japanese company shares
  over the past two years, and last autumn, Swiss banks launched
  covered warrants in Swiss registered shares in a bid to give
  foreign investors a chance to play in a market otherwise closed
  to all but Swiss citizens, and to play it with higher leverage.
      But after a quick flurry of issues, that market dried up
  when Swiss shares prices fell from their January peaks.
      The issues are being marketed not on the basis of simple
  premiums, but on implicit volatility models devised to provide
  scientific comparisons between titles in the options market.
      Martin Bachem of Morgan Guaranty said his bank's issue was
  competitive despite its relatively high premium. The issue, for
  five ounces at 425 dlrs, was priced at 955 Swiss francs, making
  a premium over the spot gold price of nearly 36 pct.
      Using a Black Sholes options model, he said the issue's
  long, 4.3-year maturity meant the warrants needed an implicit
  volatility of gold of only 24.5 pct for the option to pay off,
  which he claimed was lower than the other issues.
      But Barrett said the Black Sholes variant Citicorp used
  pointed to a higher volatily for the Morgan issue and
  emphasized that the models were at best an inexact science.
      And each bank, using its own model, put the implicit
  volatility needed for its own issue at close to 25 pct.
      Whatever the calculation, the issues have received a warm
  welcome from investors.
      Joensson of Goldman Sachs said there was a lot of demand,
  even among small investors, who were buying 15 or 20 warrants
  apiece. ""The most sophisticated ones wouldn't buy these because
  the premiums are too high,"" he said.
  

"
training/709	0	acq	"ROSPATCH CORP REJECTS OFFER FROM DIAGNOSTIC RETRIEVAL SYSTEMS INC

  ROSPATCH CORP REJECTS OFFER FROM DIAGNOSTIC RETRIEVAL SYSTEMS INC
  

"
training/7090	0	acq	"METRO FUNDING SHAREHOLDERS APPROVE MERGER
  <Metro Funding Corp> said its
  shareholders approved its merger into <Maxcom Corp> and its
  change of incorporation from Nevada to Delaware.
      Metro Funding also said its subsidiary, Comet Corp, will be
  renamed Maxcom USA.
      The company also reported shareholders approved the
  authorization of 500,000 shares of common stock to be set aside
  for an incentive stock option plan.
  

"
training/7092	12	earn	"BLOCKBUSTER ENTERTAINMENT CORP <BBEC> YEAR LOSS
  Oper shr loss 1.25 dlrs vs loss 44 cts
      Oper net loss 2,915,000 vs loss 951,000
      Revs 8,131,000 vs 119,000
      NOTE: 1985 net excludes 625,000 dlr gain from discontinued
  operations.
      Net includes tax credits of 860,000 dlrs vs 285,000 dlrs.
  

"
training/7093	0	acq	"TELECOM <TELE> SAYS SALE CLOSING DELAYED
  Telecom Plus International Inc
  said the closing of the sale of its 65 pct interest in Tel Plus
  Communications Inc to <Siemens AG> has been delayed.
      The company said it will be continuing its talks with
  Siemens and based on current circumstances believes the
  transaction could close next week.
      Closing had been scheduled for March 16.
  

"
training/7096	12	earn	"THE HOME DEPOT INC <HD> 4TH QTR FEB ONE NET
  Shr 27 cts vs 10 cts
      Net 7,684,000 vs 2,587,000
      Revs 273.9 mln vs 203.7 mln
      Year
      Shr 90 cts vs 33 cts
      Net 23.9 mln vs 8,219,000
      Revs 1.01 billion vs 700.7 mln
  

"
training/7097	10	crude	"U.S. ENERGY CHIEF SEES PROMISE IN OIL-TAX CHANGE
  Energy Secretary John Herrington
  said his proposed option to raise the oil depletion allowance
  to 27.5 pct was probably the most economically promising way to
  spur domestic production.
      The White House has said it would consider the option
  although it was generally opposed to any revisions in the new
  tax code.
      Herrington told a meeting of the Mid-Continent Oil and Gas
  Association that the higher depletion allowance on new oil and
  enhanced oil recovery would cost taxpayers about 200 mln dlrs a
  year.
      The option was one of many contained in a report on oil and
  the national security the Energy Department sent to the White
  House on Tuesday.
      Herrington said of the increased depletion allowance
  option: ""that is one that could significantly increase
  production at a very low cost to the American taxpayer.""
      He again rejected an oil import fee as far too costly to
  the overall U.S. economy.
  

"
training/7098	20	income	"U.S. PERSONAL INCOME ROSE 0.9 PCT IN FEBRUARY, SPENDING UP 1.7 PCT

  U.S. PERSONAL INCOME ROSE 0.9 PCT IN FEBRUARY, SPENDING UP 1.7 PCT
  

"
training/7099	20	income	"U.S. PERSONAL INCOME ROSE 0.9 PCT IN FEBRUARY
  U.S. personal income rose 0.9 pct,
  or 32.4 billion dlrs, in February to a seasonally adjusted
  annual rate of 3,581.3 billion dlrs, the Commerce Department
  said.
      The increase followed a revised 0.2 pct rise in personal
  income during January. Earlier, the department estimated
  January personal income was unchanged.
      The February incomes rise was the largest monthly increase
  since a 1.2 pct rise in April 1986, the department said. It
  attributed last month's rise to several factors, including
  subsidy payments to farmers and government pay raises.
      The department said personal consumption expenditures were
  up during February by 1.7 pct or 49.1 billion dlrs to 2,855.9
  billion dlrs after falling by 58.4 billion dlrs or two pct in
  January.
      Purchases of durable goods were up 24.8 billion dlrs last
  month after decreasing by 69.7 billion dlrs in January with
  sales of motor vehicles accounting for most of the February
  increase and the January decline, the department said.
      Purchases of nondurables rose 10.7 billion dlrs in February
  after a 300 mln dlr increase in January.
      The Commerce Department said wage and salary incomes were
  up 15.6 billion dlrs in February after an 8.6 billion dlr rise
  in January.
      Manufacturing payrolls increased by 2.4 billion dlrs last
  month after rising 1.9 billion dlrs in February with the gains
  widespread through durable and nondurable industries, the
  department said.
      Farmers' incomes increased by 12.2 billion dlrs in February
  after declining by 8.7 billion dlrs in January. Both last
  month's increase and January's fall in farm incomes was because
  of government subsidy payments, the department said.
      Personal tax and nontax payments fell 5.5 billion dlrs in
  February following a 19.5 billion dlrs January drop. The 
  declines were a result of the Tax Reform Act of 1986.
      Federal withheld income taxes were up in February from a
  month earlier but that was offset by declines in federal
  nonwithheld taxes and lower state and local income taxes.
      Disposable personal income in February after taxes was up
  1.2 pct or 37.8 billion dlrs to 3,063.4 billion dlrs after
  rising 25.8 billion dlrs in January.
      The personal savings rate eased to 3.6 pct in February from
  four pct in January, the department said.
  

"
training/71	12	earn	"TULTEX CORP <TTX> SETS QUARTERLY DIVIDEND
  Qtly div eights cts vs eight cts prior
      Pay April one
      Record March 13
  

"
training/7100	32	money-fx	"U.K. MONEY MARKET GIVEN 40 MLN STG LATE ASSISTANCE
  The bank of England said it provided the
  money market with late assistance of around 40 mln stg. This
  brings the Bank's total help today to some 412 mln stg and
  compares with its forecast of a shortage in the sytem of around
  400 mln stg.
  

"
training/7102	12	earn	"DEUTSCHE BABCOCK SEES HIGHER 1986/87 PROFITS
  Deutsche Babcock AG
  <DBCG.F> expects profits to rise in the current financial year
  ending September 9 although the earnings level is still
  unsatisfactory, managing board chairman Helmut Wiehn said.
      He told a news conference that business during the year had
  weakened somewhat but was still generally positive.
      Sales during the first five months to February was 1.26
  billion marks, 46.7 pct down from the same 1985/86 period.
  However, he expected turnover for the year to be approximately
  unchanged from the previous year's 5.14 billion marks when
  current orders from major projects are booked.
      Wiehn said incoming orders in the first five months to end-
  February totalled 2.50 billion marks compared with 2.04 billion
  for the same period in 1985/86. They included a 45.8 pct
  increase in domestic orders to 1.57 billion marks.
      Orders in hand for the five months were 16.7 pct higher at
  8.64 billion marks.
      Wiehn added that Babcock was still aiming for a three pct
  yield on turnover. In the year to September 1986 group profits
  totalled 39 mln marks on sales of 5.14 billion against the
  previous year's 32 mln on 5.11 billion marks.
      Parent company turnover was unchanged at 25.6 mln marks.
      Wiehn said Babcock's liquidity had clearly improved in the
  current business year, with financial reserves in the first
  five months rising by 237 mln marks to 831 mln after increasing
  by 408 mln marks to 594 mln in 1985/86.
      He said pre-tax earnings per share for 1985/86, according
  to the DVFA method, were 26.95 marks from 21.40 marks and
  earnings after tax rose to 10 marks from 8.10.
      The company earlier said dividend will be unchanged at
  three marks for ordinary shares and 3.50 marks for preference
  shares.
  

"
training/7104	5	coffee	"DROUGHT MAY REDUCE ZIMBABWE COFFEE OUTPUT -GROWERS
  Zimbabwe's projected coffee output of
  13,000 tonnes for 1987/88 could be reduced by drought, growers
  said.
      The main coffee growing areas in eastern Zimbabwe have
  received little rain since April 1986 and the Coffee Growers'
  Association has begun a survey to assess the effects of the
  drought, a spokesman said.
      Zimbabwe exported 11,000 tonnes of coffee in 1986, mainly
  to West Germany, Britain, Japan, the Netherlands, Switzerland
  and the United States.
  

"
training/7106	12	earn	"PILLSBURY CO 3RD QTR SHR 56 CTS VS 63 CTS

  PILLSBURY CO 3RD QTR SHR 56 CTS VS 63 CTS
  

"
training/7107	12	earn	"CONTROL RESOURCE <CRIX> SEES LOWER EARNINGS
  Control Resource
  Industries Inc said the company estimates 1986 earnings to be
  between 800,000 and 900,000 dlrs, or 22 to 25 cts per share,
  compared with 852,000 dlrs, or 33 cts per share, during 1985.
      The company said preliminary estimates of 1986 revenues is
  24.5 mln dlrs, compared with 7,900,000 for 1985.
      The estimated 1986 results are based on 3,207,000 shares
  outstanding, compared to 2,566,000 shares outstanding for 1985.
      R. Steven Lutterbach, chairman, said net income for 1986
  was adversely affected primarily due to lower operating margins
  at the company's Western Environmental subsidiary, and to an
  increase in bad debt reserves.
      Western Environmental was acquired in March 1986.
  Lutterbach explained the company has taken steps to improve
  financial and accounting controls, primarily at Western, which
  were not adequate at the time of acquisition.
      He noted the final results for the fourth quarter will
  depend on the allocation of increased costs between the second
  and fourth quarters.
      Lutterbach said it is possible second quarter results will
  be restated, though final net income for the year will remain
  in the estimated range.
      He added preliminary indications for first quarter 1987
  revenues were favorable.
  

"
training/7109	0	acq	"MEDIQ <MED> IN AMERICAN MEDICAL <AMI> UNIT BUY
  MEDIQ Inc said its MEDIQ
  Diagnostic Imaging Partners - I LP has signed a letter of
  intent to acquire substantially all the assets of American
  Medical International Inc's AMI Diagnostic Services Inc
  subsidiary for undisclosed terms.
      The company said AMI Diagnostic operates seven magnetic
  resonance and mutli-modality diagnostic imaging centers. MEDIQ
  Diagnostic is a limited partnership of which MEDIQ is general
  partner.
  

"
training/7110	0	acq	"CYCLOPS <CYL>BOARD RESTRUCTURED TO INCLUDE DIXON
  Cyclops Corp said its board has
  been restructured under the terms of the company's merger
  agreement with <Dixons Group plc> following the British
  company's acquisition of 54 pct of Cyclops' stock.
      The company said its board is now composed of three Cyclops
  executives -- Chairman W.H. Knoell, President James F. Will and
  Senior Vice President WIlliam D. Dickey -- and three Dixons
  executives -- Vice-Chairman and Financial Director Egon von
  Greyerz, Corporate Finance Director Gerald M.N. Corbett, and
  Secretary Jeoffrey Budd.
  

"
training/7111	0	acq	"BLOCKBUSTER ENTERTAINMENT <BBEC> SELLING UNIT
  Blockbuster Entertainment Corp said it
  will sell its investment in Amtech Corp to the company
  chairman, David Cook, and president, Kenneth Anderson.
      The company said the sale is taking place because Amtech is
  not compatible with Blockbuster's main line of business, will
  require substaintial additional funding to develop and market
  its product, and is expected to sustain operating losses for
  the forseeable future.
      The company said Cook and Anderson will form a new company
  with the sale called Amtech Holdings Inc.
  

"
training/7113	12	earn	"MANOR CARE INC <MNR> 3RD QTR FEB 28 NET
  Shr 24 cts vs 21 cts
      Net 9,700,000 vs 8,286,000
      Revs 120.6 mln vs 115.7 mln
      Avg shrs 40.0 mln vs 39.9 mln
      Year
      Shr 69 cts vs 68 cts
      Net 27.8 mln vs 27.1 mln
      Revs 374.9 mln vs 358.8 mln
      Avg shrs 40.0 mln vs 39.9 mln
      NOTE: 1986 year net includes charge of 2,396,000 dlrs, or
  six cts a share, for debt redemption
  

"
training/7115	12	earn	"ADTEC INC <JAIL> 3RD QTR FEB 28 NET
  Oper shr 11 cts vs 11 cts
      Oper net 164,000 vs 161,000
      Revs 2,598,000 vs 2,241,000
      Nine mths
      Oper shr 28 cts vs 18 cts
      Oper net 419,000 vs 276,000
      Revs 6,983,000 vs 5,019,000
      NOTE: Net excludes tax loss carryforwards 11,876 dlrs vs
  83,045 dlrs in quarter and 36,684 dlrs vs 144,590 dlrs
  

"
training/7117	41	retail	"CANADA JANUARY RETAIL SALES FALL 0.1 PCT AFTER DECEMBER'S 0.9 PCT GAIN - OFFICIAL

  CANADA JANUARY RETAIL SALES FALL 0.1 PCT AFTER DECEMBER'S 0.9 PCT GAIN - OFFICIAL
  

"
training/7119	43	ship	"ACCORD SAID IN SIGHT IN BRAZIL SEAMEN'S STRIKE
  An accord is in sight in Brazil's
  20-day-old national seamen's strike, which has seriously
  delayed exports, a union official said.
      The official, speaking from strike headquarters in Rio de
  Janeiro, said up to 30,000 of Brazil's 40,000 seamen were still
  on strike.
      He said the others had returned to work over the last week,
  accepting pay offers of 120 pct from four private companies and
  from the Frota Nacional de Petroleiros (Fronape), part of the
  state-owned oil company Petrobras.
      The association grouping private shipowners, Syndarma, has
  also offered 120 pct but talks have so far been deadlocked over
  payment for overtime.
      The union official said he believed this issue would be
  resolved shortly.
  

"
training/712	0	acq	"NORTH AMERICAN GROUP <NAMG> BUYS GEORGIA FIRM
  North American Group Ltd's North
  American Acquisition Corp said it has a definitive agreement to
  buy 100 pct of Pioneer Business Group Inc of Atlanta.
      Terms of the acquisition were not disclosed. Closing of the
  acquisition is scheduled for April.
      North American Acquisition said the agreement is subject to
  due diligence and a satisfactory review of Pioneer's operation.
  Pioneer makes business forms.
  

"
training/7120	12	earn	"PILLSBURY CO <PSY> 3RD QTR FEB 28 NET
  Shr 56 cts vs 63 cts
      Net 48,500,000 vs 55,400,000
      Sales 1.53 billion vs 1.46 billion
      Avg shrs 86.6 mln vs 87.3 mln
      Nine mths
      Shr 1.73 dlrs vs 1.79 dlrs
      Net 150,300,000 vs 156,200,000
      Sales 4.60 billion vs 4.30 billion
      Avg shrs 86.7 mln vs 87.3 mln
      NOTE: 1987 results include gain of 9.7 mln dlrs, or 11 cts
  a share from sale of assets
      1986 results include gain of 161 mln dlrs, or 18 cts a
  share, from sale of assets, offset partly by a restructuring
  provision
      Fiscal 1987 results restated to give effect to adoption of
  financial accounting standards relating to pension costs.
  Segment data for Foods restated to include results of commodity
  marketing, previously reported separately. Earnings restated
  for two-for-one stock split, effective Nov 30, 1986
  

"
training/7123	12	earn	"JIM WALTER CORP 2ND QTR SHR 86 CTS VS 62 CTS

  JIM WALTER CORP 2ND QTR SHR 86 CTS VS 62 CTS
  

"
training/7124	5	coffee	"COLOMBIA WILL NOT ATTEND MANAGUA COFFEE MEETING
  Colombia will not attend a meeting of
  coffee producing countries scheduled for this weekend in
  Nicaragua, Jorge Cadenas, manager of the National Coffee
  Growers' Federation, said.
      ""We prefer to wait until things are better prepared,"" he told
  Reuters. He added the meeting could be postponed.
      Colombia, Brazil and the Central American coffee producing
  countries were invited to the meeting in Managua to analyze the
  market situation
      However, he did not dismiss the idea of dialogue and
  negotiation in preparation for meetings of the International
  Coffee Organization.
      Gilberto Arango, president of Colombia's exporters'
  association, speaking to Reuters earlier this week, ruled out a
  fresh Colombian initiative on export quotas saying producers
  had now to show a common resolve which could emerge from
  continuous contacts.
      The International Coffee Organization executive board is to
  meet in London between March 31 and April 2.
  

"
training/7126	35	nickel	"SOVIET FIRM SAYS TALKS ON FOR PHILIPPINE MINE
  Preliminary talks are on between two
  state-owned Philippine banks and Soviet metal trading and
  equipment sales company Tsvetmetpromexport on rescuing Nonoc
  Mining and Industrial Corp (NMIC) which operates the
  Philippines' only nickel refinery, a Soviet official said.
      G.I. Valentchits, Deputy Trade Minister at the Soviet
  embassy, told Reuters a report earlier this week that
  Tsvetmetpromexport had asked the Philippine government whether
  it could help rehabilitate or operate NMIC was incorrect.
      ""It is the other way round,"" Valentchits said.
      He said the Development Bank of the Philippines (DBP) and
  the Philippine National Bank (PNB), which own NMIC, had
  approached the Soviet state-owned firm in August last year.
      ""We studied the question and asked the banks in which field
  and what area they can help in the project,"" Valentchits said.
      He said there had been no reply yet from NMIC and the talks
  were ""only just initial.""
      NMIC President Arthur Aguilar and other company officials
  were not available for comment.
      Manila banking sources said the situation was serious at
  NMIC, set up by DBP and PNB in August 1984 after the two banks
  foreclosed on the assets of Marinduque Mining and Industrial
  Corp over a 17 billion peso obligation.
      The bankers said NMIC itself has recently filed with the
  Securities and Exchange Commission (SEC) for placing the
  company under receivership and the suspension of its debt
  payments in order to protect it from threats of foreclosure.
      Business Day newspaper said the latest credits extended to
  NMIC include a 127 mln dlr loan, with Chemical Bank as the lead
  agent.
      The newspaper said another 33 mln dlr loan was lead managed
  by Citicorp.
      It said the government's privatisation program has listed
  NMIC at a price of at least 700 mln dlrs, adding that foreign
  investors were wary of taking over the ailing nickel firm.
      The bankers said NMIC was currently burdened with debts of
  at least 15.8 billion pesos and is facing 10 civil lawsuits for
  foreclosures from major creditors.
      The Business Bulletin newspaper said the firm had assets
  totalling 12.2 billion pesos, while DBP and PNB exposures with
  the firm were estimated at 14.9 billion pesos.
      NMIC has not operated its plant in the southern Philippines
  since March 1986 after workers struck demanding payment of
  salaries delayed because of the firm's financial difficulties.
      The firm produced 1,863 tonnes of nickel in the first two
  months of 1986, compared with 2,364 tonnes in the same period
  in 1985. The mine's capacity is 2,000 tonnes a month.
  

"
training/7128	12	earn	"JIM WALTER CORP <JWC> 2ND QTR FEB 28 NET
  Shr 86 cts vs 62 cts
      Shr diluted 86 cts vs 59 cts
      Net 28.0 mln vs 18.3 mln
      Revs 513.5 mln vs 517.0 mln
      First half
      Shr 2.03 dlrs vs 1.78 dlrs
      Shr diluted 2.03 dlrs vs 1.61 dlrs
      Net 65.9 mln vs 50.0 mln
      Revs 1.11 billion vs 1.08 billion
      Avg shrs 32.4 mln vs 28.1 mln
      Avg shrs diluted 32.4 mln vs 32.4 mln
      NOTE: 1987 net includes gains of 645,000 dlrs, or two cts a
  share, in quarter and 12,290,000 dlrs, or four cts a share,
  from reduced pension expense under new accounting procedures
      Net in both 1987 periods also includes gain of 4.0 mln
  dlrs, or 12 cts a share, from sale of land in Alabama.
  

"
training/7129	41	retail	"CANADA RETAIL SALES FALL 0.1 PCT IN JANUARY
  Canada's retail sales, seasonally
  adjusted, fell 0.1 pct in January after gaining 0.9 pct in
  December, Statistics Canada said.
      Retail sales fell to 11.98 billion dlrs from 11.99 billion
  dlrs in December, 1986. Unadjusted sales were 6.9 pct higher
  than in January, 1986.
      In January, automobile sales fell 1.9 pct, department store
  sales slipped 3.2 pct and variety stores sales plunged 14 pct.
  The declines were offset by a 5.5 pct increase in grocery store
  sales and a 9.9 pct gain in hardware sales.
  

"
training/7130	0	acq	"SCAN-GRAPHICS TO MERGE WITH PUBLIC COMPANY
  Scan-Graphics Inc said it will be
  acquired by Captive Venture Capital Inc, a public company,
  in a stock transaction approved by shareholders of both
  companies.
      As a result of the merger, the former shareholders of
  Scan-Graphics will become the majority shareholders of Captive
  Venture Capital. The name of the corporation will be changed to
  Scan-Graphics Inc and its borad of directors will be composed
  of individuals now on the Scan-Graphics board.
      Under the terms of the deal, Capitive Venture Capital will
  issue 1.6 mln shares of restricted convertible preferred stock,
  convertible into 16 mln shares of common stock, in exchange for
  all outstanding stock of Scan-Graphics.
      Upon completing the deal, there will be 2,649,500 common
  shares of Capitive Venture Capital issued and outstanding, of
  which 149,500 shares will be held by the public.
      In addition, there are 95,050 tradeable class A warrants
  and 100,000 B warrants, each of which entitles the holder to
  buy 10 shares of common stock at 1.25 dlrs and 1.50 dlrs,
  respectively, a share.
      Scan-Graphics makes systems that allow users to convert
  graphic documents, such as charts, maps and engineering
  drawings, into computer data that can be displayed, edited and
  stored by computer.
      Currently, Captive Venture Capital stock is traded over the
  counter and will soon trade under the Scan-Graphics name.
  Application for Nasdaq listing is expected as soon as
  requirements are met.
  

"
training/7132	12	earn	"WISCONSIN POWER AND LIGHT CO <WPL>VOTES PAYOUT
  Qtly div 76 cts vs 76 cts prior qtr
      Pay 15 May
      Record 30 April
  

"
training/7133	12	earn	"GOODMARK FOODS INC <GDMK> 2ND QTR FEB 22 NET
  Shr 19 cts vs 18 cts
      Net 835,000 vs 794,000
      Sales 23.9 mln vs 20.5 mln
      Nine mths
      Shr 47 cts vs 91 cts
      Net 2,104,000 vs 3,489,000
      Sales 74.5 mln vs 65.2 mln
      Avg shrs 4,450,675 vs 3,822,894
  

"
training/7135	48	trade	"ECONOMIC SPOTLIGHT - U.S. DEFICIT WITH NICs
  The U.S. trade deficit with Taiwan and
  Korea is expected to widen this year, despite some economic and
  currency adjustments by the two newly industrialized countries,
  economists said.
      ""The surpluses that Taiwan and Korea ran with the U.S. in
  1986 will get bigger. This time next year, the U.S. will be
  screaming at those countries about their exports,"" said Steve
  Cerier of Manufacturers Hanover Trust Co.
      Taiwan is currently the third biggest exporter to the U.S.
  after Japan and Canada, while Korea is the seventh largest.
      Faced with heightened protectionist sentiment in Congress,
  the Reagan administration has been stepping up the rhetoric
  against Taiwan and Korea, urging those countries to allow their
  currencies to appreciate and lift impediments to free trade.
      The thrust has shifted to those newly industrialized
  countries (NICs) amid signs the dollar's steep drop against the
  currencies of Japan and most EC nations -- previously the main
  focus of the U.S. drive to cut its trade gap -- is beginning to
  close the competiveness gap for American goods.
      U.S. Treasury secretary James Baker said recently that he
  expects a reduction in Japan's trade surplus this year.
      But U.S. manufacturers still are losing markets on their
  own doorstep to Taiwan and Korea, whose currencies have not
  risen as much as the yen and the mark. As major beneficiaries
  of soft oil prices and with low labor costs, Taiwanese and
  Korean exporters are well-placed to take up the slack.
      ""In 1986, the fashionable comment in Washington was
  Japan-bashing. Now it's NIC-bashing,"" said Robert Chandross, of
  Lloyds Bank PLC.
      Asia's four main NICs -- Hong Kong, South Korea, Singapore
  and Taiwan -- accounted for almost one-fifth of the overall 170
  billion dlr U.S. merchandise trade deficit for 1986.
      The U.S. trade gap with Taiwan rose to 15.7 billion dlrs in
  1986 from 13.1 billion in 1985, while the bilateral trade
  deficit with South Korea grew to 7.1 billion from 4.8 billion.
      And preliminary U.S. data show that the growth trend is
  continuing. The U.S. trade shortfall with Taiwan was 1.6
  billion dlrs in January, up 24.4 pct from a year earlier. The
  gap with Korea was 700 mln dlrs, up 24.8 pct from a year ago.
      Lately both nations have said they will take steps to
  defuse incipient trade tensions. Korea said it is choosing many
  of the 122 items on which the U.S. wants it to cut import
  tariffs in order to deflect pressure for currency revaluation.
      Still, South Korean trade minister Rha Woong Bae said last
  week that Korea would maintain a trade surplus for three to
  five years as a way to cut its 44.5 billion dlr foreign debt.
      For its part, Taiwan said in January that it will cut
  tariffs on 1,700 goods sometime in the second half of 1987 and
  try to diversify exports. But vice economic minister Wang
  Chien-Shien said last month that he still does not expect
  Taiwan's trade surplus with the U.S. will fall in 1987.
      The NICs have made deep inroads into markets for textiles
  and electronic goods. But Korea is raising its profile in the
  area of ""big-ticket"" manufactured goods, notably cars.
      Korea expects its auto exports -- mostly for North America
  -- to balloon to 675,000 units in 1987 from zero in 1985.
      ""The NICs' exports are almost all manufactured goods. When
  their exports rise it hits the heart of the U.S. manufacturing
  base. It cuts directly to us and to our customers,"" said Bob
  Wendt, manager for economic studies at Bethlehem Steel Corp.
      The U.S. takes 90 pct of Korea's computer products exports,
  72 pct of its electrical appliances and 65 pct of its
  telecommunications equipment.
      A recent study by Morgan Guaranty Trust Co says Taiwan and
  South Korea are the most pressing trade issue for the U.S.
      While Hong Kong and Singapore run trade surpluses with the
  U.S., these are offset by their deficits with other countries.
      But Taiwan and, to a lesser extent, South Korea, stand in
  marked contrast. Both of these nations have moved rapidly into
  large bilateral surplus with the U.S. and major overrall trade
  and current account surpluses, the Morgan study says.
      Morgan expects Taiwan's overall trade surplus to grow to
  18.5 billion dlrs in 1987 from 15.2 billion last year, and
  Korea's to increase to 6.5 billion dlrs from 3.5 billion.
      Concern about the NICs is not confined to the U.S.
      ""A lot of Korea and Taiwan's exports to the U.S. have been
  at Japan's expense,"" said Richard Koss at General Motors Corp.
      February's Paris meeting of six major industrial powers
  exorted NICs to lower trade barriers and revalue currencies.
      But this two-pronged approach has drawn little response
  from the two nations so far and, in any case, will only work
  with a sizeable lag, economists say.
      The U.S. has not said how much it thinks the Taiwan's and
  Korea's currencies should climb. The Taiwan dollar, which is
  pegged to the U.S. dollar, has risen about 15 pct since
  September 1985 while the Korean won has risen about five pct.
      But in real terms the Taiwan dollar has been flat against
  the U.S. unit and the won has lost seven pct, economists say.
      ""We've not seen any lessening of competition from those
  countries that we can attribute to currency changes,"" said
  Bethlehem Steel's Wendt.
      And so far, U.S. pleas for Taiwan and Korea to use their
  hefty export earnings to import more have had little effect.
      Moreover, it is uncertain how far U.S. protectionism will
  get given the administration's free-trade stance. ""It's hard to
  see that anything will be passed much before year-end. And then
  the question is, will it have teeth?"" one economist said.
  

"
training/7136	0	acq	"RANK XEROX <XRX> TO SELL SOUTH AFRICAN UNIT
  Xerox Corp's U.K. unit, Rank Xerox
  Ltd, said it agreed in principle to sell its South African
  company, Rank Xerox South Africa Pty Ltd, to <Altron Group's>
  Fintech unit.
      Terms of the deal were not disclosed.
      Altron said the acquisition was key to making Fintech an
  office systems company.
      The South African Rank Xerox unit sells copiers and
  duplicators throughout South Africa and in Namibia (South West
  Africa). It has over 800 employees, all of whom will be
  retained by Fintech when the deal closes, Rank Xerox said.
  

"
training/7139	12	earn	"COUNTRYWIDE CREDIT INDUSTRIES INC <CCR> 4TH QTR
  Feb 28 end
      Shr 44 cts vs 16 cts
      Shr diluted 37 cts vs 16 cts
      Net 5,378,000 vs 1,987,000
      Revs 26.8 mln vs 14.6 mln
      Avg shrs 12.4 mln vs 12.1 mln
      Shr 1.26 dlrs vs 45 cts
      Shr diluted 1.10 dlrs vs 45 cts
      Net 15.5 mln vs 5,401,000
      Revs 80.3 mln vs 46.4 mln
      NOTE: Share adjusted for stock dividends declared through
  today.   
  

"
training/714	0	acq	"TALKING POINT/VIACOM INTERNATIONAL <VIA>
  A bidding war for Viacom International
  Inc, one of the largest U.S. entertainment companies, pitted a
  management group and other investors against National
  Amusements Inc, a closely held theater operator.
      Both sides raised their bids over the weekend. A source
  close to the management side insisted that timing was on his
  side. He said if outside directors approve the management
  proposal, a merger plan could be put to a vote of shareholders
  with proxy material going out late this week. ""It would take 20
  days from the day we mail,"" said the source.
      The source predicted National Amusements, controlled by
  investor Sumner Redstone, would need ""half a year"" to complete
  a tender offer because of the regulatory approvals that must
  accompany any change in control of Viacom's broadcast licenses
  and cable television franchises.
      Redstone was not available for comment.
      Some of Wall Street's arbitrage players said it was a rare
  situation that could only be enjoyed - a true bidding war. One
  said Redstone could begin a tender offer whenever he wanted and
  if enough people were convinced his proposal was superior to
  the Viacom management plan, he would have a chance to win.
      The independent directors of Viacom were called into a
  meeting today. Word on a decision was expected early tomorrow.
      Viacom shares climbed 2-1/2 to 50-3/8 by midafternoon. One
  major Wall Street firm issued a sell recommendation. ""We think
  we're at the end now, in terms of bidding,"" said the firm's
  arbitrageur, who spoke on condition he not be identified.
      Both Redstone's proposal and the management proposal would
  create a restructured company heavily leveraged with debt. The
  management plan would result in a balance sheet with about 2.5
  billion dlrs in debt and nearly 500 mln dlrs in preferred
  stock, convertible into 45 pct of the common stock.
      Redstone's newest proposal offers holders 42 dlrs in cash,
  a fraction of a share of exchangeable preferred stock with a
  value of 7.50 dlrs, and one-fifth of a share of common stock
  stock of Arsenal Holdings, representing 20 pct of the equity
  interest in the restructured Viacom. One arbitrageur calculated
  the equity in the Redstone plan was worth 2.50 dlrs making the
  total package worth 52 dlrs per share.
      Management offered 38.50 dlrs in cash, exchangeable
  preferred stock worth 8.50 dlrs and a fractional share of
  convertible preferred. The arbitrageur said the equity portion
  was worth about 4.00 dlrs for a total of 51 dlrs.
      Redstone's newest plan raised the amount of interest he
  would pay on the cash portion of his offer for every day beyond
  April 30 that a merger with Arsenal is not consummated. The
  plan calls for intest to be paid at an annual rate of nine pct
  during May and 12 pct thereafter. Previously Redstone offered
  eight pct interest.
      Other arbitrageurs said both Redstone and the management
  group, led by president and chief executive Terrence Elkes,
  were offering high prices. ""Redstone really wants to own the
  company,"" one said. Another said management seemed to have the
  edge on the timing issue.
      Redstone's company owns 19.6 pct ov Viacom's 35 mln shares.
      A Wall Street analyst said it was hard to determine what
  the equity in the newly leveraged company would be worth. He
  noted as an example that new stock in FMC Corp <FMC>, which
  adopted a highly leveraged structure last year, inititally
  traded at 12.50 dlrs per share, dipped to nine dlrs, and is now
  just over 30 dlrs.
      Last week, Viacom reported fourth quarter earnings fell two
  two cts per share from 23 cts. The company said interest costs
  from several acquisitions affected results.
      Shares of Warner Communications Inc <WCI> rose 7/8 to
  31-1/8. Analysts noted Warner owns warrants to purchase 3.25
  mln Viacom shares at 35 dlrs and another 1.25 mln shares at
  37.50 dlrs.
      Chris Craft Industries <CCN>, which owns a stake in Warner,
  rose 1-1/4 to 22-3/4.
      Viacom was created in 1970 and spun off from CBS Inc <CBS>.
  The company has 940,000 cable television subscribers, operates
  nine satellite television services and owns television and
  radio stations. It is one of the largest distributors of films
  and other programs for television.
  

"
training/7141	12	earn	"COUNTRYWIDE CREDIT <CCR> SETS HIGHER DIVIDEND
  Countrywide Credit Industries
  Inc said its board declared an eight ct per share quarterly
  dividend, up from seven cts last quarter, and a two pct stock
  dividend.
      The cash dividend is payable April 14 to holders of record
  March 30 and the stock dividend is payable April 17 to holders
  of record March 31.
  

"
training/7143	5	coffee	"MADAGASCAR COFFEE PRODUCTION SEEN LOWER IN 1987
  Madagascar's available coffee
  output is estimated at 80,725 tonnes this year, down from
  82,210 in 1986, due to a rundown of government agricultural
  services and the poor state of feeder roads in rural areas,
  Agriculture Ministry sources said.
      This is after accounting for the loss of some 15,000 to
  20,000 tonnes due to the transport problems in the countryside,
  they said.
      The sources did not give an estimate for exports in 1987,
  but they noted that shipments declined to 37,200 tonnes last
  year from 41,662 in 1985.
      Low yields from the country's ageing coffee plantations and
  prevalence of the fungal disease Hemileia Vastatrix also
  contributed to the poor performance, the sources said.
      They pointed out that 52 pct of Madagascar's coffee bushes
  were planted before 1930.
      The sources said Madagascar was still a long way from
  reaching the production target of 110,000 tonnes per year and
  the export target of 63,000 tonnes outlined in the government's
  1986-1990 five-year plan.
      In order to reverse the decline in coffee production, the
  government has decided to plant 20,000 hectares with
  high-yielding arabica and canephora varieties, the sources
  said.
      The planting programme will begin this year and is aimed at
  producing 300 to 360 kilos per hectare of beans with a low
  caffeine content.
      The sources added that Madagascar's plan to export roasted
  coffee has failed to take off due to packaging problems. Only
  650 tonnes of roasted coffee were exported last year.
  

"
training/7146	12	earn	"EXCEL INDUSTRIES INC <EXC> BOOSTS DIVIDEND
  Qtly div nine cts vs eight cts prior qtr
      Pay 20 April
      Record 3 April
  

"
training/7148	12	earn	"BAKER, FENTRESS AND CO <BKFR> VOTES DIVIDEND
  Qtly div 25 cts vs 25 cts prior qtr
      Payable 10 June
      Record 15 May
  

"
training/7149	0	acq	"AMCAST <ACST> COMPLETES SALE OF NEWMAN DIVISION
  Amcast Industrial Corp said it
  completed the sale of its Newman Division to Newman
  Manufacturing Inc, a new company formed by Newman's employees.
      The sale price was not disclosed.
      Amcast said Newman's Kendallville, Indiana plant is one of
  the country's largest producers of gray iron castings for the
  automotive and commercial air conditioning and refrigeration
  industries. It said the plant employs 300 people.
      Amcast said it decided to sell the division to move out of
  the gray iron castings business.
  

"
training/715	12	earn	"UP-RIGHT INC <UPRI> 4TH QTR OPER NET
  Oper shr five cts vs 29 cts
      Oper net 151,000 vs 867,000
      Revs 12.7 mln vs 14.1 mln
      Year
      Oper shr 87 cts vs 52 cts
      Oper net 2,650,000 vs 1,565,000
      Revs 54.7 mln vs 49.1 mln
      Note: oper data does not include 4th qtr 1986 extraordinary
  credit of 14,000 dlrs or 4th qtr 1985 extraordinary loss of
  139,000 dlrs, or five cts per shr. For year, does not include
  extraordinary credit of 92,000 dlrs, or three cts per shr, in
  1986 and 161,000 dlrs, or five cts per shr, in 1985.
  

"
training/7154	17	grain	"USDA ASKS TIGHT INSECT RULES FOR GRAIN SHIPMENTS
  The U.S. Agriculture Department is
  proposing tighter federal standards setting allowable limits on
  insect infestations in grain shipments.
      The changes in the standards would include the following:
      -- Establishing equal tolerances for the number of live
  insects in shipments of food grains, feed grains and oilseeds.
      -- Revising the definition of ""infested"" to give equal value
  to all insects injurious to grain.
      -- Establishing lower levels of infestations. In 1988, the
  infested level would be set at three or more live insects per
  representative sample (about 100 grams), in 1990 two or more
  insects, and in 1992 the final infestattion level would be set
  at one or more live insects per representative sample.
      -- Revising the definition of sample grade by adding a
  limit of 10 live or dead insects per sample.
      -- Revising the definition of sample grade for wheat by
  adding a limit of 32 insect-damaged kernels per 100 grams of
  wheat.
      The department asked for public comments on the proposals
  by April 17.
  

"
training/7155	12	earn	"PILLSBURY <PSY> HURT BY RESTAURANT OPERATIONS
  Pillsbury Corp, reporting lower
  earnings for the third quarter ended February 28, said a strong
  performance by its Foods Group was offset by Restaurants Group
  declines.
      Excluding unusual items, it said restaurants operating
  profit was down in the quarter 12 pct from a year ago as sales
  rose four pct.
      It said Burger King USA and Bennigan's reported higher
  operating profit, but profits fell sharply at Steak and Ale,
  which introduced a new menu.
      Pillsbury also reported lower profits at Distron, Burger
  King's distribution arm, and said increased investment spending
  on developing concepts - QuikWok, Bay Street and Key West Grill
  - hurt results.
      It said Foods operating profit, excluding unusual items,
  rose 10 pct with international operations and domestic breads
  and baking products major contributors to improvement in the
  quarter.
      A turnaround in grain merchandising was a major factor in
  profit improvement for the nine months, Pillsbury said.
      Pillsbury said corporate expense showed a 4.3 mln dlr
  profit in the quarter reflecting a 10.5 mln dlr gain on the
  sale of a joint interest in an Australian food company and
  lower corporate expenses, largely as a result of an early
  retirement program initiated a year ago.
      Earlier, Pillsbury reported fourth quarter earnings of 48.5
  mln dlrs, or 56 cts a share, down from 55.4 mln dlrs, or 63 cts
  a share a year ago. Sales advanced to 1.53 billion dlrs from
  1.46 billion dlrs.
      Pillsbury said loss of investment tax credits under the
  1986 Federal Tax Reform Act reduced per-share earnings by nine
  cts in the quarter and 19 cts in the nine months.
      As a result of the act, it said its effective income tax
  rate rose eight points to 48.1 pct in the quarter and 5.5
  percentage points to 49.7 pct for the nine months.
  

"
training/7157	12	earn	"AGENCY RENT-A-CAR INC <AGNC> 4TH QTR JAN 31 NET
  Shr 26 cts vs 21 cts
      Net 5,553,000 vs 4,307,000
      Revs 45.1 mln vs 34.2 mln
      Year
      Shr 86 cts vs 67 cts
      Net 18.2 mln vs 14.0 mln
      Revs 161.1 mln vs 118.3 mln
      NOTE: Share adjusted for stock dividends.
  

"
training/7158	12	earn	"AGENCY RENT-A-CAR <AGNC> SETS STOCK DIVIDEND
  Agency Rent-A-Car Inc said its board
  declared a five pct stock dividend, payable May 22 to holders
  of record on May 8.
      The company also said it plans to increase the size of its
  rental fleet in the year ending January 31 by 20 to 25 pct and
  expand its rental office network.
  

"
training/7161	24	iron-steel	"EC MINISTERS AGREE NEED FOR BIG STEEL CLOSURES
  European Community (EC) industry
  ministers today declared there is a need for a massive round of
  closures of steel plants to bring capacity in the 12-country
  bloc into reasonable balance with demand.
      The ministers were meeting to discuss a plan for voluntary
  plant closures drawn up by the industry lobby group Eurofer
  which it calculates would cost around 22,000 jobs.
      Diplomats said that in their initial reactions to the
  scheme, most ministers declared it was a useful basis for
  discussion, but did not go nearly far enough.
      Eurofer says it has identified scope for the closure of
  plants which have an annual capacity of 15.26 mln tonnes,
  provided the companies concerned can be fully repaid by the EC
  or national governments for redundancy and other social costs.
      But EC Executive Commission sources said Industry
  Commissioner Karl-Heinz Narjes told ministers today that 30 mln
  tonnes of annual capacity was excess to requirements and should
  be closed by the end of 1990.
      He said the Eurofer plan in particular fails to pinpoint
  the scope for closure in heavy hot-rolled wide-strip products,
  typically produced in plants employing thousands of people.
      The sources said no minister challenged Narjes' analysis
  that four or five hot-rolled wide-strip lines would have to
  close.
      They said ministers agreed that the Eurofer plan should be
  expanded and developed through meetings among the industry
  body, the Commission and representatives of member states.
      However, diplomats said it was clear from today's
  discussions that such meetings will be difficult.
      They said member states are split on whether to reduce the
  scope of a quota production system, which at present protects
  EC steelmakers from the full force of competition for 65 pct of
  their products, while talks on the closure plan proceed.
      It was also clear that there will be tough talks on which
  EC member states should bear the brunt of the closures and on
  how much funding for help to those thrown out of work should
  come from Community coffers.
      German minister Martin Bangemann said his country's steel
  industry, the largest in the EC, should not suffer
  proportionately more than others, German sources said.
      But British diplomats said their minister, Giles Shaw,
  insists that the profitability of companies should be taken
  into account.
      The state owned British Steel Corporation, benefitting from
  massive recent write-offs of its accumulated debts, is
  currently one of the few EC steel companies in the black.
      Ministers were this afternoon trying to agree a joint
  statement on the Eurofer plan and the situation in the
  industry.
  

"
training/7166	16	gold	"MURGOLD RESOURCES <MGDVF> DETAILS ASSAYS
  Murgold Resources Inc said assays
  received from 320 feet of drifting on the number-three vein at
  the Chester Township property south of Timmins, Ontario,
  indicate an average of 0.528 ounce of gold per ton across an
  average width of five feet for the 320-foot length.
      The last working face assayed 0.422 ounce of gold per ton
  across 8.5 feet and the drift will be continued eastward from
  that point, the company said.
  

"
training/7167	12	earn	"(CORRECTED) - FEDERAL PAPER BOARD CO <FBO> PAYOUT
  Qtly div 17.5 cts vs 17.5 cts in prior qtr
      Payable April 15
      Record March 31
      (Company corrects amount of previous payment in MARCH 18
  item to show there was no change)
  

"
training/7168	0	acq	"ALCOA <AA> TO SELL AMERICAN POWDERED METALS
  Aluminum Co of America said it has
  signed a letter of intent to sell its American Powdered Metals
  Co subsidiary to R.W. Technology Inc for undisclosed terms,
  with completion expected in early May.
      American Powdered makes metal parts for various industries.
  

"
training/7177	8	cpi	"U.K. REVISES RETAIL PRICE INDEX FROM FEBRUARY
  The U.K. Government tomorrow will
  release the first of its Retail Price Index (RPI) figures
  calculated on a revised group of components and rebased on
  January 1987, as previously announced, the Employment
  Department said.
      The index, Britain's measure of inflation, is for February.
  Earlier data will not be revised as there are no equivalent
  figures including the new components, a spokesman said.
      Previously, the RPI base was January, 1974.
      Market forecasts centre on a 0.4-0.5 pct monthly rise in
  February and a year on year rate about 4.0 pct. The government
  forecasts annual inflation will be 4.0 pct at the end of 1987.
  

"
training/718	48	trade	"TALKS SHOW NEW CANADIAN CONFIDENCE, GROUP SAYS
  Canada's decision to raise the issue
  of a free trade pact with the U.S. was a sign of what many see
  as a new spirit of Canadian self-confidence, a public policy
  study group said 
      ""It suggests the Canada of the immediate post-war period,
  when it was a major player in the process of building a postwar
  world,"" the Washington-based Atlantic Council said.
      U.S. and Canadian negotiators opened talks last summer
  aimed at dismantling trade barriers between the two countries,
  the world's biggest trading partners with crossborder shipments
  of about 150 billion dlrs annually.
      The council's study said the trade talks, with a deadline
  of October for an agreement, are the biggest issue in
  U.S.-Canadian relations.
     The study said liberalized trade between the two countries
  would improve the competitiveness of their economies in world
  markets and lessen trade irritants which now mar their ties.
      The council said ""in the past most Canadians have shied away
  from the notion of a free-trade arrangement, fearing to be
  overwhelmed economically and politically by a closer
  association with a country 10 times their size in population.""
      But at the same time, it added, Canadians realized their
  domestic market was too small to permit the mass production and
  sales needed to raise productivity to the level demanded by an
  increasingly competitive world.
      The council said that in the talks, Canada is chiefly
  interested in minimizing the imposing of U.S. duties against 
  allegedly subsidized exports.
      A recent example was the 15 per cent duty the U.S. imposed
  on Canadian lumber exports on grounds the shipments were being
  subsidized.
      The council said the chief U.S. concerns included ending
  curbs against U.S. banking, insurance, telecommunications, and
  the so-called ""cultural industries"" - publishing, broadcasting
  and films.
      It said other major U.S.-Canadian issues were defense
  cooperation, ""acid rain"" and the U.S. rejection of a Canadian
  assertion of sovereignty over waters of the Northwest Passage.
  

"
training/7184	12	earn	"SAND TECHNOLOGY SYSTEMS <SNDCF> 2ND QTR NET
  ended January 31
      Shr nil vs nil
      Net profit 351,000 vs loss 243,000
      Sales 7,050,000 vs 7,012,000
      Avg shrs 106,780,000 vs 93,666,000
      Six mths
      Shr loss one ct vs loss one ct
      Net loss 999,000 vs loss 563,000
      Sales 10.6 mln vs 13.0 mln
      Avg shrs 106,641,000 vs 92,986,000
  

"
training/7185	12	earn	"RYAN'S FAMILY STEAK HOUSE <RYAN> SETS SPLIT
  Ryan's Family Steak Houses Inc
  said its board declared a three-for-one stock split, payable
  May 20 to holders of record May 6.
      The company said the split is subject to shareholder
  approval of an increase in authorized shares to 100 mln from 20
  mln at the April 22 annual meeting.
  

"
training/7188	40	reserves	" French official reserves 388.68 billion francs at end Feb vs 375.95 billion end Jan

   French official reserves 388.68 billion francs at end Feb vs 375.95 billion end Jan
  

"
training/7189	12	earn	"INERTIA DYNAMICS <TRIM> TO PAY STOCK DIVIDEND
  Inertia Dynamics Corp said it
  declared a 50 pct stock dividend, payable May 1 to shareholders
  of record April 3.
  

"
training/7190	12	earn	"CSP INC <CSPI> 2ND QTR FEB 28 NET
  Shr one ct vs 21 cts
      Net 24,000 vs 612,000
      Sales 2,061,000 vs 3,914,000
      1st half
      Shr eight cts vs 43 cts
      Net 223,000 vs 1,220,000
      Sales 4,584,000 vs 7,912,000
  

"
training/7191	12	earn	"PUBLISHERS EQUIPMENT CORP <PECN> YEAR NET
  Shr profit eight cts vs loss 23 cts
      Net profit 251,000 vs loss 731,000
      Revs 29.1 mln vs 25.9 mln
      Backlog 18.9 mln vs 12.5 mln
  

"
training/7192	12	earn	"CAVALIER HOMES INC <CAVH> 4TH QTR NET
  Shr 10 cts vs 14 cts
      Net 191,465 vs 193,799
      Sales 7,160,945 vs 6,576,670
      Avg shrs 2,000,565 vs 1,400,000
      Year
      Oper shr 33 cts vs 50 cts
      Oper net 605,725 vs 694,785
      Sales 23.3 mln vs 22.1 mln
      Avg shrs 1,840,692 vs 1,400,000
      NOTE: 1985 year net excludes 30,000 dlr tax credit.
  

"
training/7193	12	earn	"COLONIAL COMMERCIAL CORP <CCOM> 4TH QTR NET
  Shr not given
      Oper net profit 405,914 vs loss 145,380
      Revs 2,446,901 vs 1,295,187
      Year
      Shr not given
      Oper net profit 1,211,465 vs loss 178,101
      Revs 9,085,222 vs 4,995,735
      NOTE: Earnings from 1983 on benefit preferred shareholders
  until preferred shareholders' equity equals or exceeds
  liquidating and mandatory redemption values.
  

"
training/7196	43	ship	"PANAMA CANAL OFFICIAL CONFIRMS NO 1988 TOLL RISE
  Panama Canal toll charges will not rise
  in the year to end-September 1988, despite last October's
  landslide which dumped 0.5 mln cubic yards of debris into the
  waterway, Canal Commission Administrator Dennis McAuliffe said.
      He told a press conference that in confirming the
  Commission's earlier announcement of unchanged tolls for 1988,
  he was not necessarily implying there would be a rise in 1989.
      The canal would probably make a five to six mln dlr loss in
  the current financial year but this could be carried over and
  met from next year's revenues.
      This year's deficit resulted from the landslide which cost
  the canal about 15 mln dlrs, McAuliffe said. This included
  eight to nine mln dlrs in immediate costs with the rest being
  spent on earth-moving operations to prevent any further
  landslides.
      He said the landslide was not caused by deforestation and
  he described as grossly exaggerated reports that there was any
  threat to the canal's water supply in the foreseeable future.
      Studies concerning the possibility of widening the Gaillard
  cut would not be affected by the landslide, he said, adding
  that he expected the canal board to determine whether and when
  the canal needed widening by January 1988 at the latest.
  

"
training/7199	0	acq	"RICHARDSON <RELL>TO BUY ITALIAN SEMICONDUCTOR FIRM
  Richardson Electronics Ltd said it
  agreed to buy for undisclosed terms, G.E.B., Giant Electronics
  Brand, a Florence, Italy-based distributor of electron tubes
  and semiconductors.
  

"
training/7204	32	money-fx	"FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS

  FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS
  

"
training/7208	12	earn	"DOMTAR SETS TWO-FOR-ONE STOCK SPLIT TO TAKE EFFECT MAY 14                         

  DOMTAR SETS TWO-FOR-ONE STOCK SPLIT TO TAKE EFFECT MAY 14                         
  

"
training/7209	12	earn	"PUBLIC SERVICE CO OF N.H.<PNH> OMITS DIVIDEND
  Public Service Co of New
  Hampshire said its board voted to omit the quarterly dividend
  which would have been paid on May 15.
      The company said the omission is the thirteenth consecutive
  dividend omission.
  

"
training/7212	12	earn	"REXNORD INC <REX> 1ST QTR JAN  31 LOSS
  Shr loss 76 cts vs profit 50 cts
      Net loss 19,186,000 vs profit 12,438,000
      Sales 157.9 mln vs 149.2 mln
      NOTE: Fiscal 1987 net loss includes a pretax charge of 19.5
  mln dlrs from restructuring and an after tax charge of about
  seven mln dlrs from debt prepayment premiums.
      Fiscal 1986 net profit includes a pretax gain of 7.2 mln
  dlrs on the sale of some land, an after tax loss 1.35 mln dlrs
  from discontinued operations and an after tax gain of 6.7 mln
  dlrs from a change in accounting.
      All results restated to exclude five businesses divested as
  part of the company's restructuring program.
  

"
training/7216	12	earn	"CARSON <CRN> CITES IMPACT OF TAX REFORM ACT
  Carson Pirie Scott and Co said the Tax
  Reform Act of 1986, which repealed investment tax credits, had
  a negative impact of 22 cts a share on earnings for the year
  ended January 31.
      Earlier, Carson reported yearly per-share earnings of 1.83
  dlrs, down from 1.86 dlrs a year ago. Average shares increased
  to 10.2 mln from 9.9 mln a year earlier. Sales gained to 1.41
  billion dlrs from 1.30 billion dlrs.
      Carson said it was ""extremely optimistic about improved
  profit performance in 1987.""
      It said in the first half of 1987 it hopes to reduce
  seasonal-type losses sustained in the 1986 first and second
  quarters.
      The company said that in early April its Oak Brook Hills
  Hotel and Conference Center in suburban Chicago will open under
  its management. Provisions for startup expenses have been made,
  it added.
  

"
training/7217	12	earn	"DOMTAR PLANS TWO-FOR-ONE STOCK SPLIT
  <Domtar Inc> said it plans a
  two-for-one stock split to take effect May 14.
      The company said shareholders will be asked to approve the
  split at the annual meeting on April 29.
      Domtar said its directors believe the split could favorably
  affect marketability of the shares and encourage wider
  distribution.
      The shares have been trading recently in a range of 45
  dlrs. Domtar stock was previously split on a two-for-one basis
  in June, 1985.
  

"
training/7218	0	acq	"FINANCIAL PERFORMANCE <FPCC> PURSUES EXPANSION
  Financial Performance Corp said it
  continued its rapid expansion with a signing of a partnership
  agreement with Gold Sierra Financial Advisors, founded by
  former Bank of America officers in capital markets.
      It said the agreement, under which it owns 50 pct of the
  partnership, enables it to move into the mergers and
  acquisitions business.
  

"
training/722	12	earn	"ALBERTSON'S INC <ABS> RAISES QTLY DIVIDEND
  Shr 24 cts vs 21 cts
      Pay May 25
      Record May eight
  

"
training/7220	0	acq	"FED APPROVES AMSOUTH <ASO> AFFILIATION
  AmSouth Corp said the Federal
  Reserve Board approved the affiliation of First Tuskaloosa Corp
  with Amsouth.
      The approval was the final regulatory step in the
  affiliation process which began in August, Amsouth said.
      Under terms of the affiliation, each First Tuskaloosa
  shareholder will receive 66 dlrs value of AmSouth stock for
  each share held. The total consideration is valued at 105.6 mln
  dlrs.
  

"
training/7221	40	reserves	"FRENCH FEBRUARY OFFICIAL RESERVES RISE
  French official reserves rose 12.73
  billion francs to 388.68 billion francs at the end of February
  from 375.95 billion at the end of January, the Finance Ministry
  said.
      It said in a statement the rise was mainly due to inflows
  of foreign currency through the exchange stabilisation fund,
  which resulted in an increase of 12.41 billion francs.
      Reserves of European Currency Units rose by 25 mln francs
  to 73.27 billion francs, due to interest adjustments, while
  gold reserves rose by two mln francs to 218.46 billion francs.
  
  

"
training/7222	15	gnp	"FRENCH INSTITUTE PESSIMISTIC ON 1987 GROWTH
  French gross domestic product will grow
  by only 1.5 pct in real terms this year, compared with the
  government's forecast of two to 2.5 pct growth, the private
  Institut des Previsions Economiques et Financieres pour le
  Developpement des Entreprises (IPECODE) said.
      However, it expects growth to recover next year to the 1986
  level of two pct.
      IPECODE said demand and production would develop in
  parallel this year, in contrast to last year when production
  was unable to keep pace with the strong rise in domestic
  demand, unleashing higher import demand.
      Claims on the International Monetary Fund (IMF) rose by 298
  mln francs to 19.61 billion francs, due to net withdrawals in
  francs by member nations, and an increase in reserves of
  Special Drawing Rights (SDRs) due mainly to the repayment of
  French debts.
      Its deficit with the European Monetary Cooperation Fund
  (FECOM) remained unchanged in February at 33.90 billion francs.
      French household consumption, which rose by 3.1 pct last
  year, is likely to grow by just 1.1 pct this year and 1.5 pct
  in 1988, it added.
      Industrial investment is expected to rise by 4.3 pct this
  year and 5.5 pct in 1988, down from 6.5 pct in 1986.
      Inflation, which was running at 2.1 pct at the end of 1986,
  is likely to rise to 2.9 pct at the end of this year, IPECODE
  said, while the government has forecast 2.5 pct.
      However, the institute said inflation would fall back to
  2.5 pct at the end of 1988, ""provided that real wage costs
  remain within the framework of productivity rises.""
  

"
training/7225	0	acq	"INDEPENDENCE BANCORP <INBC> COMPLETES MERGER
  Independence Bancorp Inc said
  it completed its merger with Scranton, Penn.-based <Third
  National Bank and Trust Co>, with assets of 316 mln dlrs.
      Independence said its combined assets are now 2.5 billion
  dlrs.
      The company said that each share of Third National common
  will be exchanged for 4.06 shares of its common. Independence
  said the merger will be accounted for as a pooling of
  interests.
  

"
training/7226	12	earn	"RIVERSIDE GROUP INC <RSGI> 4TH QTR
  Shr 55 cts vs 93 cts
      Net 1.6 mln vs 2.6 mln
      Revs 5.3 mln vs 1.2 mln
      Year
      Shr 73 cts vs 1.36 dlrs
      Net 2.0 mln vs 3.0 mln
      Revs 9.1 mln vs 11.0 mln
      NOTE:1985 net includes 2.7 mln dlrs gain on disposal of
  unit. 1986 includes operations of Dependable Insurance Gruop
  Inc.
  

"
training/7229	12	earn	"<I.T.L. INDUSTRIES LTD> 1ST QTR FEB 28 NET
  Oper shr loss two cts vs profit three cts
      Oper net profit 301,000 dlrs vs profit 130,000
      Revs 10.5 mln vs eight mln
      NOTE: Dividends on preferred shares 370,000 dlrs vs 51,000
  dlrs.
      Oper net excludes gains on tax loss carryforward of 247,000
  dlrs vs 118,000 dlrs.
  

"
training/7234	0	acq	"CORROON AND BLACK <CBL> COMPLETES ACQUISITION
  Carroon and Black Corp said it
  completed the acquisition of <Poggi-Harrison Agency Inc> and
  <Risk Control Inc>.
      Terms of the acquisitions were not disclosed.
      Separately, Carroon said it also completed the acquisition
  of <Rosskopf, Rapp and Schmidt Insurance Agency>, based in El
  Monte, Calif.
  

"
training/7235	12	earn	"TULTEX <TTX> INCREASES DIVIDEND
  Qtly div nine cts vs eight cts prior
      Payable July one
      Record June 12
  

"
training/724	0	acq	"WAVEHILL INTERNATIONAL TO MAKE ACQUISITION
  <Wavehill International Ventures Inc>
  said it has agreed to acquire Personal Computer Rental Corp of
  Coral Gables, Fla., in a transaction in which shareholders of
  Personal Computer will receive shares respresenting about a 25
  pct interest in the combined company.
      The company said it will have about two mln shares
  outstanding on a fully-diluted basis after the transaction. It
  said after the acquisition it will infuse Perconal computer
  with cash for expansion.  It said Personal Computer now has 26
  franchised locations and plans to add over 30 in 1987, seeking
  eventually to expand into 420 markets in the U.S. and abroad.
  

"
training/7240	0	acq	"BENETTON OF ITALY SEES EXPANSION, ACQUISITIONS
  <Benetton SpA> of Italy expects to
  further diversify into financial services and is weighing 
  possible acquisitions, a Benetton spokeswoman here said.
      ""We are thinking of diversification outside of the retail
  line,"" the spokeswoman said. ""We are looking at financial
  services and other manfacturing companies.""
      However, she said the company was not targeting the U.S.
  for its planned expansion, but was looking at a number of
  different countries.
      The company's shares are traded in the U.S. as American
  Depository Receipts, which were issued through an offering by
  Morgan Stanley Group Inc <MS> earlier this month.
      Benetton is now holding talks with Wall Street firms about
  the possibility of receiving a quotation of its shares on the
  New York Stock Exchange. ""There's absolutely no timetable. It
  may not even happen,"" the spokeswoman said.
      She also denied reports that the company was considering an
  issue of convertible bonds with warrants in the U.S. ""We're not
  thinking of issuing bonds,"" she said.
      In line with its planned Global expansion efforts, Benetton
  is also holding talks with the Soviet Union to explore the
  possibility of opening up to 150 stores in the country. But the
  spokeswoman pointed out that many companies are holding talks
  with the Soviets.
      ""We are in discussions and are looking forward to some
  response,"" she said. She added the company had no firm
  timetable on when a response might be received.
  

"
training/7244	12	earn	"TULTEX CORP <TTX> 1ST QTR FEB 28
  Shr 23 cts vs 28 cts
      Net 4.3 mln vs 5.1 mln
      Revs 64.5 mln vs 67.1 mln
      NOTE:1986 reflects two for one stock split, effective July
  31
  

"
training/7245	12	earn	"FEDERATED FIN'L SAVINGS <FEDF> INITIAL PAYOUT
  Federated Financial Savings
  said it declared an initial quarterly dividend of 85 cts a
  share April 27, record April 13.
      This is the first dividend paid by Federated since its
  conversion to a stock company from a mutual on Jan 28, 1987.
  

"
training/7247	0	acq	"REXNORD <REX> SEES MAY MERGER WITH BANNER <BNR>
  Rexnord Inc said it expects to
  merge with a wholly-owned subsidiary of Banner Industries Inc
  in early May.
      Late last month, Banner said it completed a tender offer
  for and held 96 pct of Rexnord's common shares.
  

"
training/725	0	acq	"SECURITY PACIFIC <SPC> COMPLETES MERGER
  Security Pacific Corp said it
  completed its planned merger with Diablo Bank following the
  approval of the comptroller of the currency.
      Security Pacific announced its intention to merge with
  Diablo Bank, headquartered in Danville, Calif., in September
  1986 as part of its plan to expand its retail network in
  Northern California.
      Diablo has a bank offices in Danville, San Ramon and Alamo,
  Calif., Security Pacific also said.
  

"
training/7250	12	earn	"<BURKE-PARSONS-BOWLBY> CORP SETS REGULAR PAYOUT
  Qtrly div three cts vs three cts prior
      Pay May 15
      Record April 24
  

"
training/7253	0	acq	"WARBURG BEGINS TENDER OFFER FOR SYMBION <SYMB>
  Symbion Inc said <Warburg, 
  Pincus Capital Co L.P.> began a tender offer to purchase up to
  2.5 mln shares, or about 33 pct, of Symbion's shares at 3.50
  dlrs per share. Warburg already owns about 26 pct of Symbion.
      Symbion has 7,472,000 shares outstanding. The company makes
  artificial hearts.
      Symbion said its board and management are carefully
  reviewing the offer and on or before March 30 will advise its
  shareholders on whether it accepts or rejects the offer. If the
  tender offer is successful, Warburg wll own about 59 pct of
  Symbion.
  

"
training/7256	12	earn	"SEAGRAM CO LTD YEAR SHR 4.45 DLRS VS 3.44 DLRS

  SEAGRAM CO LTD YEAR SHR 4.45 DLRS VS 3.44 DLRS
  

"
training/7259	12	earn	"L'AIR LIQUIDE <AIRP.PA> YEAR ENDED DEC 31
  Parent company net profit 754.45 mln francs vs 674.1 mln.
      Dividend 19.50 francs vs same.
      NOTE - Company said the dividend would apply to shares
  issued under capital increases during 1986. This means a 32 pct
  rise in total dividend payments to 528.14 mln francs on 1986
  results from 399.62 mln the previous year.
  

"
training/7260	0	acq	"SOLAR SYSTEMS <SSDN>, INKEY OF SPAIN SET PACT
  Solar Systems by Sundance Inc said it
  agreed to buy a 45 pct interest in a company that will sell
  condoms produced by INKEY SA of Spain.
      It said a spermicide used in INKEY's condoms contains an
  ingredient that may help prevent the sexual transmission of
  AIDS. The ingredient was cited in an article in the West German
  publication, Aids Forschung. But it said the article was
  about the ingredient and did not mention the spermicide or the
  condoms made by INKEY.
      The company also said it is changing its name to
  Eurocapital Corp shortly.
      Solar Systems said it was buying the 45 pct stake in a
  U.S.-based <Europharmaceutical Co>. INKEY and an affiliate own
  the remaining shares of the company, which was set up to
  distribute condoms and vaginal products that are made, or are
  being developed by INKEY.
      The agreement calls for a two mln dlr payment to Inkey for
  the distributorship. The first 500,000 dlr payment is due 30
  days after the products are approved by the Food and Drug
  Administration. It said Europharmaceutical plans to soon file
  with the FDA to market the condom, but expects the approval
  process to be a lengthy one.
      The company said the active ingredient in the spermicide is
  currently used in the U.S. in antiseptic applications unrelated
  to condoms. As far as it knows, the ingredient has not been
  tested in a spermicide.
      Inkey's condoms will be sold in the U.S. under the brand
  name, ""Carlton."" The exclusive distribution contract for the
  products runs for three years and is renewable for one-year
  periods, the company said.
      It said the condoms are currently sold in Spain but have
  not gone on sale in other European countries.
      It said Europharmaceutical currently does not have the
  resources to make the payments under the distribution agreement
  or fund the studies necessary to obtain marketing approval from
  the FDA.
      The company also said Europharmaceutical is in talks to
  acquire either one or more publicly held companies with little
  or no assets. In the event an acquisition goes through, Solar
  Systems' interest in Europharmaceutical would be diluted below
  its current 45 pct.
  

"
training/7261	12	earn	"MODULAIRE INDUSTRIES <MODX> 4TH QTR LOSS
  Shr loss 12 cts vs profit 37 cts
      Net loss 350,738 vs profit 1,095,991
      Revs 18.8 mln vs 15.8 mln
      Year
      Shr profit 28 cts vs profit 1.29 dlrs
      Net profit 831,901 vs profit 3,000,716
      Revs 60.6 mln vs 48.2 mln
      Avg shrs 2,996,903 vs 2,756,596
      Note: Per share date adjusted to reflect 10 pct stock
  dividend of March 1986.
  

"
training/7263	1	alum	"KENTUCKY SMELTERS GET RELIEF ON HIGHER RATES
  Owners of two aluminum smelters in
  Kentucky received temporary relief from higher electric rates
  after a decision Tuesday by state regulators denying a rate
  hike to (Big Rivers Electric Corp) of Henderson, Ky.
      But the owners of the smelters, (National Southwire
  Aluminum Co) and Alcan Aluminium Ltd <AL>, said further
  viability of the operations would depend in part upon how the
  rate case is eventually settled.
      ""We're hoping for no rate increases but we can't say for
  sure. It's still possible we'll have to close the smelter,"" a
  National Southwire spokesman said. He said there were other
  variables to consider in any decision whether to close or
  continue the smelter, located in Hawesville, about 60 miles
  west of Louisville.
      National Southwire is owned by National Intergroup Inc
  <NII>, which holds about 55 pct, and (Southwire Co), which
  holds the rest, the spokesman said.
      A spokesman for Montreal-based Alcan said, ""The decision is
  48 pages long and is in legal-ese, so it certainly will be a
  long time before we can make a decision"" about what it means
  for the Sebree smelter in Henderson, about 100 miles west of
  Louisville. ""But we're delighted that Big Rivers Electric was
  denied the requested rate increase.""
      A spokesman for the utility, a cooperative that generates
  and wholesales electricity to four distributors, said the
  requested increase was 7.5 mln dlrs a year over 1985 rates.
      The Kentucky Public Service Commission, in denying the
  increase, asked the utility to meet with creditors, which
  include Manufacturers Hanover Corp <MHC> and Irving Bank Corp
  <V>, and the smelters, to renegotiate a rate plan, the utility
  spokesman said.
      The commission suggested that Big Rivers Electric work out
  a flexible rate schedule with the smelters that would index
  their electric costs to the price of aluminum, he said.
      ""We have always been amenable to try, as far as we can, to
  assure that the two aluminum smelters remain viable,"" he said.
      No meetings are scheduled and none have been planned
  between the utility, its creditors and the aluminum plant
  owners. The commission has set a hearing on the rate issue for
  July 28.
  

"
training/7264	12	earn	"SEAGRAM CO LTD <VO> YEAR JAN 31 NET
  Shr 4.45 dlrs vs 3.44 dlrs
      Shr diluted 4.30 dlrs vs 3.34 dlrs
      Net 423.5 mln vs 319.1 mln
      Sales 3.34 billion vs 2.97 billion
      Avg shrs 95.1 mln vs 92.6 mln
      NOTE: U.S. funds.
      Net includes equity in earnings of Du Pont Co <DD> of 169.1
  mln dlrs vs 75.7 mln dlrs and dividend income from Du Pont
  shares of 154.1 mln dlrs vs 150.8 mln dlrs.
      Latest year net includes pretax charge 35.0 mln dlrs from
  sale of wine operations and reorganization of spirits
  operations in U.S. and related reduction in tax expense of 27.7
  mln dlrs.
  

"
training/7266	12	earn	"AIR PRODUCTS AND CHEMICALS INC <APD> IN PAYOUT
  Qtly div 20 cts vs 20 cts prior
      Pay May 11
      Record April Three
  

"
training/7267	12	earn	"J.P. STEVENS AND CO <STN> IN PAYOUT
  Qtly div 30 cts vs 30 cts prior
      Pay April 30
      Record April Three
  

"
training/7272	12	earn	"<TIE/TELECOMMUNICATIONS CANADA LTD> 4TH QTR NET
  Oper shr one ct vs six cts
      Oper net 48,000 vs 556,000
      Revs 19.0 mln vs 26.5 mln
      Year
      Oper shr 19 cts vs 46 cts
      Oper net 1,586,000 vs 3,971,000
      Revs 90.8 mln vs 103.1 mln
      NOTE: Previous oper net excludes 404,000 dlrs of
  extraordinary expenses for qtr and 991,000 dlr gain for year.
      TIE/communications Inc <TIE> holds 65 pct interest.
  

"
training/7275	12	earn	"PEOPLES SAVINGS BANK <PEBW> RAISES QUARTERLY
  Qtly div 12 cts vs 10 cts prior
      Pay April 24
      Record April One
  

"
training/7276	12	earn	"DEP CORP DEPC 2ND QTR JAN 31 NET
  Shr three cts vs 16 cts
      Net 127,000 vs 605,000
      Sales 14.4 mln vs 9,726,000
      Six Mths
      Shr 17 cts vs 30 cts
      Net 678,000 vs 1,141,000
      Sales 24.6 mln vs 19.2 mln
  

"
training/7277	12	earn	"FEDERAL SIGNAL CORP <FSS>  REGULAR DIVIDEND
  Qtly div 20 cts vs 20 cts previously
      Pay June Two
      Record May 12
  

"
training/7278	12	earn	"STATE STREET BOSTON CORP <STBK> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay April 15
      Record April One
  

"
training/7279	12	earn	"MARSH AND MCLENNAN COS INC <MMC> SETS QUARTERLY
  Qtly div 47-1/2 cts vs 47-1/2 cts prior
      Pay May 13
      Record April Six
  

"
training/728	12	earn	"U.S. INTEC INC <INTK> 4TH QTR NET
  Shr six cts vs five cts
      Net 188,000 vs 130,000
      Revs 12.2 mln vs 10.1 mln
      Avg shrs 3,029,930 vs 2,764,544
      12 mths
      Shr 81 cts vs 1.45 dlrs
      Net 2,463,000 vs 3,718,000
      Revs 52.4 mln vs 47.5 mln
      Avg shrs 3,029,930 vs 2,566,680
      NOTE: net for 1985 includes 500,000, or 20 cts per share,
  for proceeds of a life insurance policy.
      includes tax benefit for prior qtr of approximately 150,000
  of which 140,000 relates to a lower effective tax rate based on
  operating results for the year as a whole.
  

"
training/7286	12	earn	"JOHN WILEY AND SONS INC <WILLB> SETS QUARTERLY
  Qtly div Class A 27-1/2 cts vs 27-1/2 cts
      Qtly div Class B 24-1/2 cts vs 24-1/2 cts
      Pay April 10
      Record April Three
  

"
training/7287	10	crude	"API SAYS U.S. CRUDE OIL OUPUT OFF FROM YEAR AGO
  The American Petroleum Institute
  said that U.S. crude oil production in February declined 9.8
  pct from year-ago levels to about 8.3 mln barrels a day.
      In its monthly report on U.S. oil supplies and stocks, API
  said that domestic demand for petroleum products, as measured
  by products supplied, continued to rise reaching 16.3 mln
  barrels a day in the month, up 1.5 pct from February 1986.
      API noted the drop in crude oil output coupled with a
  drop in natural gas liquids production, which was off 11 pct
  from February 1986 levels, represented a decline in U.S.
  production of more than one mln barrels a day.
      API said the decline in domestic production and the rise in
  demand brought petroleum imports to about six mln barrels a day
  in February, a 30.3 pct increase from last year's level.
      So far this year, API said growth in domestic demand, which
  was up 2.9 pct from last year's year-to-date level, has slowed
  in comparison to the accelerated growth in the last half of
  1986.
      It said crude oil production for the first two months of
  1987 was off 8.6 pct from the comparable year-ago period while
  crude imports were up 30.6 pct.
  

"
training/7296	0	acq	"PRIME MEDICAL <PMSI> SAYS MERGER TALKS END
  Prime Medical Services Inc said merger
  talks with National HMO Corp <NHMO> have been terminated.
      Prime gave no reason for the termination of the talks with
  National HMO.
  

"
training/7297	12	earn	"FIRST FEDERAL SAVINGS BANK OF MONTANA <FFSM> DIV
  Qtly div seven cts vs seven cts prior
      Payable April 28
      Record April three
  

"
training/7302	12	earn	"<CCR VIDEO CORP> 1ST HALF FEB 28 NET
  Shr profit 10 cts vs loss one ct
      Net profit 647,390 vs loss 75,967
      Sales 2,120,027 vs 1,666,908
      NOTE: Current year net includes 456,004 dlr gain from debt
  extinguishment.
  

"
training/7304	42	rubber	"NEW RUBBER PACT TO BE FORMALLY ADOPTED TOMORROW
  A new International Natural Rubber
  Agreement (INRA) will be formally adopted tomorrow, chairman of
  the negotiating conference Manaspas Xuto of Thailand said.
      ""The successful negotiation of the new agreement represents
  a significant step forward in international economic
  cooperation,"" he told a news conference. The new INRA is to
  replace the current one which expires in October.
      Delegates at the renegotiation conference, held under the
  auspices of the U.N. Conference on Trade and Development
  (UNCTAD), reached agreement over the central elements of a new
  accord last weekend.
      Xuto said the new INRA retains the reference price -- of
  201.66 Malaysian/Singapore cents per kilo -- and indicative
  prices set in the present pact.
      Price levels will continue to be expressed in the joint
  Malaysian/Singapore currency, he added.
      The new agreement also maintains the basic structure of
  price ranges -- the ""may sell"" and ""may buy"" points at plus and
  minus 15 pct of the reference price, as well as the ""must sell""
  and ""must buy"" zones at plus and minus 20 pct of it.
      Xuto said the new pact maintains the same objectives that
  were set in the present accord. ""The most important of these are
  to stabilise prices and to achieve a balanced growth between
  demand and supply,"" he said. The buffer stock remains the sole
  instrument of market intervention for price stabilisation and
  its maximum capacity is unchanged at 550,000 tonnes, Xuto
  added.
      At this month's session, which was the fourth attempt in
  two years to negotiate a new INRA, the main issue to be
  resolved concerned the mechanism for adjusting the reference
  price.
      It was agreed to conduct reviews of the reference price
  every 15 months -- instead of the current 18-month intervals.
      The extent of the adjustment was also modified.
      Under the present agreement if the daily market indicator
  price has been above the upper intervention (""may sell"") price
  (currently 231 Malaysian/Singapore cents) or below the lower
  intervention price (""may buy"") price (171 cents at present) for
  six months, the reference price is then revised by five pct or
  whatever amount the International Natural Rubber Council
  decides.
      Under the new pact, the adjustment under these
  circumstances will be five pct unless the Council decides on a
  higher adjustment.
      Similarly, when buffer stock purchases or sales amount to
  300,000 tonnes, there would be an automatic adjustment of three
  pct under the new accord unless the Council decides on a higher
  percentage.
      Throughout the talks, which began on March 9, producers had
  strongly opposed a consumer proposal to lower the reference
  price and the ""lower indicative price"" (or floor price) of 150
  cents in the present pact if the buffer stock, currently
  360,000 tonnes, reached 450,000 tonnes.
      The proposal, initiated by the U.S., was withdrawn last
  Friday, setting the stage for compromise at the weekend.
      Since then negotiators have worked on the finer details of
  the new pact.
      On the question of conditions for entry into force of the
  new INRA, Xuto said it was tentatively agreed that governments
  accounting for 75 pct of world exports and 75 pct of world
  imports approved or ratified the new agreement before it became
  operational.
      The present agreement had a figure of 80 pct.
  

"
training/7305	0	acq	"INVESTMENT GROUP HAS MOORE-HANDLEY <MHCO> STAKE
  A group of New York investment
  companies told the Securities and Exchange Commission they have
  acquired 173,000 shares of Moore-Handley Inc, or 6.9 pct of the
  total outstanding common stock.
      The firms, Robert H. Barker and Co, J.M.R. Barker
  Foundation, Quaker Hill Associates L.P., Upland Associates L.P.
  and James M. Barker Trust, said they bought the stock for two
  mln dlrs soley for investment purposes.
      But the group said it might buy more Moore-Handley shares.
  

"
training/7308	45	sugar	"EC MAY OFFER INTERVENTION SUGAR TO LOCAL MARKET
  Sugar which EC producers plan to sell
  into intervention may be offered by the European Commission for
  sale within the Community, broker C. Czarnikow says in its
  latest sugar review.
      The Commission will propose to offer the sugar at a very
  nominal premium of 0.01 European Currency Unit (Ecu) to the
  intervention price, with detrimental consequences for
  producers' returns, Czarnikow says. The move is seen as an
  attempt to persuade the producers to take back the surrendered
  sugar.
      The Commission may also take other steps to dissuade
  producers from their chosen course, such as removing the time
  limit on storage contracts, which presently means that
  intervention stocks have to be removed by the end of September,
  Czarnikow says. There is also the possibility of production
  quotas being reduced.
      If the Commission decided to offer the sugar to traders for
  export, the restitutions would have to be higher than those at
  recent export tenders, Czarnikow notes. To match the difference
  between the EC price and the world market price, the extra
  costs might be as much as 20 Ecus per tonne, it says.
      The producers might have to repay these costs through
  production levies and the proposed special elimination levy,
  Czarnikow says, but it would be several months before any costs
  could be recovered under EC rules.
      The primary cause of the plan to sell 775,000 tonnes of
  sugar into intervention in France is dissatisfaction with the
  EC export program as the restitution has increasingly failed to
  bridge the gap between the EC price and the world market price,
  Czarnikow notes. The French move is thus seen as a form of
  protest designed to force the Commission's hand.
      In West Germany, 79,250 tonnes have been tendered for
  intervention, but Czarnikow says the motive here is to ensure
  that the 1986/87 price is paid for sugar that was produced in
  1986. In addition to a two pct cut in the intervention price,
  West German producers face a further price reduction in July
  with a probable revaluation of the ""green"" mark.
      Even if the immediate crisis is resolved, the problem is
  not expected to disappear permanently. It has appeared to
  traders for some years that the EC's export policy is
  insufficiently responsive to changing patterns of demand, it
  says.
      The weekly tenders should respond to fluctuating demand by
  increasing or reducing the tonnage awarded, Czarnikow says,
  suggesting that the Commission might also take steps to cut
  down the amount of ""unnecessary bureaucracy"" surrounding the
  export tender system.
  

"
training/731	12	earn	"INT'L HYDRON CORP <HYD> 4TH QTR OPER NET
  Oper shr profit six cts vs loss 20 cts
      Oper net profit 734,000 vs loss 2,312,000
      Revs 16.8 mln vs 13.9 mln
      Year
      Oper shr profit 30 cts vs profit three cts
      Oper net profit 3,342,0000 vs profit 318,000
      Revs 67.5 mln vs 52.6 mln
      NOTE: Excludes loss of 41,000 dlrs or nil vs gain 7,000
  dlrs or nil in qtr and gain 247,000 dlrs or two cts vs gain
  88,000 dlrs or one ct in year from net operating loss
  carryforwards.
  

"
training/7310	22	interest	"GERMAN BANKS SEE LOW INTEREST RATES CONTINUING
  The Association of German Cooperative
  Banks said in a financial survey that domestic interest rates
  would continue to remain low for the time being.
      It said the Bundesbank could hold them down despite strong
  foreign influence and it saw no interest-straining factors in
  the economy that could affect the long-term capital market.
      The inflation rate of one pct also gave no occasion for
  higher nominal interest rates. But a probable rise in inflation
  late this year could give very slight grounds for a rise in
  nominal rates at year's end and next year, it said.
      The association said generally low interest rates,
  prospects of lower taxes, a stable dollar rate and expected
  strong domestic demand led it to believe that the investment
  climate would remain friendly and the economy would continue
  its slow but very sure growth.
      The Bundesbank had managed successfully to keep interest
  rates down on the short-term money market although its policies
  had exerted little effect on the long-term capital market,
  which was so important for investment financing and thus for
  the course of the economy, it said.
      In view of the limits to the possibilities monetary policy
  had in influencing the longer-term capital market, the
  association saw little sense in wanting to boost the economy
  through a short-term and expansionist monetary policy.
      On the other hand it also saw no reason for sticking
  dogmatically to the money supply target for the whole of 1987.
      The association said time would show to what extent
  speculative foreign money and short-term invested domestic
  money would distort money supply developments. The Bundesbank
  could hold down money market rates with the highly effective
  instrument of sale and repurchase transactions, it said.
  

"
training/7311	4	cocoa	"ICCO TO EXAMINE BUFFER STOCK DETAILS TOMORROW
  The International Cocoa Council, ICCO,
  adjourned for the day after a detailed proposal on buffer stock
  rules was distributed and executive committee officials were
  elected, delegates said.
      Producers, EC consumers and all consumers are scheduled to
  hold separate meetings tomorrow to review the proposal, written
  by ICCO executive director Kobena Erbynn, they said.
      The buffer stock working group is to meet again on rules
  Monday morning, and the full council is to reconvene Tuesday,
  delegates said.
      Heinz Hofer of Switzerland was elected executive committee
  chairman and Mette Mogstad of Norway vice chairman, they added.
  

"
training/7312	32	money-fx	"FED'S JOHNSON URGES STRONGER ALLIED GROWTH
  Federal Reserve Board Vice Chairman
  Manuel Johnson said that the U.S.'s main industrial partners
  should expand their domestic growth.
      In a speech to a women's group here, Johnson said, ""There is
  room for stronger domestic growth in those countries ... strong
  enough to absorb growth in U.S. export markets.""
      Johnson also said there was a better alignment of exchange
  rates now and the Paris agreement to stabilize currencies has
  brought western nations a long way towards establishing that
  goal.
      Johnson said, ""The Fed supports this pattern of exchange
  rates ... and we'll see if it leads to a convergence in trade.
  Quite possibly it can be achieved.""
      Johnson said the Paris agreement achieved a better
  alignment of exchange rates in exchange for stimulus by the
  major surplus countries.
      He said this was ""a major improvement and a step in the
  right direction"" and added U.S. allies look very strongly to a
  U.S. budget deficit cut. ""There will always be a potential risk
  of breakdown in international cooperation"" without a budget
  deficit cut.
  

"
training/7314	8	cpi	"FED'S JOHNSON SEES INFLATION CONTROLLED
  Federal Reserve Board Vice Chairman
  Manuel Johnson said inflationary pressures are under control
  and noted ""wage and price pressures are very moderate.""
      Johnson told a women's group that the U.S. was not seeing
  the kind of cost pressures of the past.
      He said the trade imbalance was a serious trouble spot and
  strong protectionist pressures, if translated into policies,
  could ultimately lead to higher inflation and a high interest
  rate policy by the Fed.
  

"
training/7315	0	acq	"GREYHOUND <G> BUYS GENERAL MOTORS <GM> BUS UNIT
  Greyhound Corp said it has
  signed a definitive agreement to buy General Motors Corp's U.S.
  Transit Bus and Parts business for an undisclosed sum.
      The agreement, tentatively set in January, includes
  production tooling, design and equipment for urban transit
  buses, inventories and trademark identification.
      The agreement also incudes the right to buy GM's Canadian
  Transit Bus and Parts business, contingent on a satisfactory
  labor agreement.
      Greyhound said it will relocate the production facilities,
  currently in Pontiac, Michigan, to an undetermined location.
  

"
training/7317	12	earn	"EXCEL BANCORP <XCEL> SETS INITIAL DIVIDEND
  Excel Bancorp Inc said its board
  declared an initial dividend of 10 cts per share, payable April
  20 to holders of record on April Six.
  

"
training/7318	30	lumber	"CHAMPION <CHA> TO EXPAND ALBERTA MILL
  Champion International Corp, based in
  Stamford, Conn., said it will expand its mill in Hinton,
  Alberta, at a cost of about 285 mln Canadian dlrs.
      The expansion will double the facility's pulping operation
  to 424,000 short tons per year. The mill produces softwood
  kraft pulp which is sold to other Champion facilities and on
  the open market.
      Champion said it estimates the project will be completed by
  the end of 1989.
  

"
training/7319	0	acq	"MARK IV SAYS IT DOES NOT PLAN BAIRD <BATM> BUY
  Mark IV Industries Inc <IV>, which
  has said it is mulling a bid to seek control of Baird Corp,
  said it has no present plans to acquire more than 25 pct of the
  company's total outstanding common stock.
      In a filing with the Securities and Exchange Commission,
  Mark IV said its top officials told Baird executives at a March
  17 meeting that while Mark IV may buy more Baird common stock,
  it presently intends to hold it to the 25 pct limit.
      Mark IV, which first disclosed its stake and interest in
  Baird on March 10, has reported it holds 391,800 Baird common
  shares, or 17.6 pct of the total outstanding.
      Mark IV said it also agreed at the meeting that if it
  decides to seek control of Baird, it would be through a
  negotiated merger or business combination or through a tender
  offer in which Baird would have at least 24 hours notice.
      Baird, in turn, agreed not to take any defensive measures
  without giving Mark IV at least 24 hours notice, it said.
      Baird also confirmed that a takeover defense plan it
  already has which is triggered by the accumulation of more than
  25 pct of its stock, would not be triggered by a tender offer,
  Mark IV said. Both parties also agreed to adjourn pending
  litigation they have against one another, it added.
  

"
training/732	0	acq	"ALBERTSON'S <ABS> ADOPTS STOCKHOLDER RIGHTS PLAN
  Albertson's Inc said its board has
  adopted a stockholder rights plan intended to protect them in
  the event of any proposed takeover of the company.
      Under the plan, stockholders will receive a dividend
  distribution of one right for each share of common stock held
  on March 23.
      The rights are exercisable ten days after a person or group
  acquires 20 pct or more of Alberston's common stock or
  announces a tender offer for 30 pct or more of the stock.
      Each right will entitle the shareholder to buy one newly
  issued share of Alberston's common stock for 150.00 dlrs.
  

"
training/7320	12	earn	"HARRIS-TEETER PROPERTIES INC <HTP> SETS PAYOUT
  Qtly div 24 cts vs 24 cts prior
      Pay May Eight
      Record April 17
  

"
training/7321	22	interest	"CANADA 91-DAY T-BILLS AVERAGE 6.89 PCT, MAKING BANK RATE 7.14 PCT               

  CANADA 91-DAY T-BILLS AVERAGE 6.89 PCT, MAKING BANK RATE 7.14 PCT               
  

"
training/7322	12	earn	"DRESSER INDUSTRIES <DI> SEES RETURN TO PROFIT
  Dresser Industries Inc said it expects
  the joint ventures it has entered into and a gradual
  improvement in the energy market to allow it to regain
  profitability before the end of the current year.
      Dresser earned 9,600,000 dlrs for the year ended October 31
  -- after a 95.0 mln dlr gain from a change in accounting and
  pension plan curtailment and a 25.3 mln dlr writedown of
  oilfield assets.
  

"
training/7323	24	iron-steel	"EC MINISTERS ANNOUNCE PLAN FOR STEEL CLOSURES
  European Community (EC) industry
  ministers agreed on a plan for voluntary steel plant closures,
  drawn up by industry lobby group Eurofer, and calculated to
  lead to the loss of about 22,000 jobs.
      The ministers resolved that the proposed closures, which
  should bring production capacity more in line with weak demand,
  ""remain considerably below the surplus in capacity.""
      They asked the EC Executive Commission to consult with
  Eurofer, major steel companies and with governments, to
  pinpoint scope for further capacity reductions beyond the
  annual 15.26 mln tonnes identified by Eurofer.
      The Commission will draw up a new system  of steel
  production quotas to protect vulnerable EC firms from the full
  rigors of open competition.
      Commission sources said any new system would cover only
  heavy products representing about 45 pct of the market, instead
  of 65 pct under the present system.
      Ministers hope to approve a closure program when they meet
  again in Brussels on June 1, the sources said.
      Industry Commissioner Karl-Heinz Narjes told ministers
  capacity was 30 mln tonnes in excess of requirements and that
  this excess ought to be eliminated by the end of 1990.
  

"
training/7329	12	earn	"NYNEX INCREASES QTRLY DIV TO 95 CTS FROM 87 CTS end of body

  NYNEX INCREASES QTRLY DIV TO 95 CTS FROM 87 CTS end of body
  

"
training/733	0	acq	"ROSPATCH <RPCH> REJECTS DIAGNOSTIC <DRS> BID
  Rospatch Corp said it
  rejected a proposal by Diagnostic Retrieval Systems Inc to
  acquire its stock at 22 dlrs a share.
      Rospatch's board believes that the long term interests of
  its shareholders will be best served by continuing as an
  independent public company at this time, the company said in
  response to an unsolicited offer from Diagnostic Retrieval.
      Rospatch said Diagnostic's offer of February 27 is a
  variation of a previous offer in January, the nature of which
  was not disclosed.
      Rospatch said it advised Diagnostic Retrieval that ""it
  would be contrary to the best interests of the corporation
  to engage in any discussions concerning a business combination
  with Diagnostic Retrieval.""
  

"
training/7330	12	earn	"BURNUP AND SIMS INC <BSIM> 3RD QTR JAN 31 NET
  Shr profit five cts vs loss 40 cts
      Net profit 669,000 vs loss 4,256,000
      Revs 46.1 mln vs 43.8 mln
      Avg shrs 13.9 mln vs 10.5 mln
      Nine mths
      Shr profit 42 cts vs loss 23 cts
      Net profit 5,529,000 vs loss 2,219,000
      Revs 152.2 mln vs 139.6 mln
      Avg shrs 13.3 mln vs 9,489,000
      NOTE: Current year net both periods includes 1,800,000 dlr
  gain from sale of property.
  

"
training/7331	12	earn	"AARON BROTHERS ART MARTS INC <AARN> 4TH QTR NET
  Qtr ended Jan 31
      Shr 48 cts vs 38 cts
      Net 1,171,000 vs 794,000
      Revs 15.6 mln vs 14.0 mln
      Year
      Shr 85 cts vs eight cts
      Net 1,831,000 vs 266,000
      Revs 50.4 mln vs 46.5 mln
  

"
training/7332	12	earn	"QUAKER STATE <KSF> ARRANGES 100 MLN DLR CREDIT
  Quaker State Oil Refining Corp
  said it signed a 100 mln dlr revolving credit and term loan
  agreement with a group of six banks, for which Mellon Bank N.A.
  is agent.
      The four-year arrangement has an additional four-year term
  loan amortization agreement, Quaker said.
      Quaker said the credit line will be used to finance
  expansion plans. Quaker's total capital spending program for
  1987 is expected to exceed 125 mln dlrs, it said. In 1986, the
  company's capital spending totaled 71.0 mln dlrs.
      Quaker also said costs of new store openings and new
  product introductions will depress earnings in the first half.
  For the first half of 1986, Quaker reported net income of 26.0
  mln dlrs on sales of 473.5 mln dlrs.
      In the first two months, Quaker opened about 25 new stores.
  It said it expects to add 150 Minit-Lube fast lubrication
  service centers in 1987 at a cost of 75 mln dlrs.
      The company said it is optimistic it will recover in the
  second half and report higher earnings for full year fiscal
  1987. The company reported net income of 50.3 mln dlrs on sales
  of 899.1 mln dlrs for 1986.
  

"
training/7337	0	acq	"GREAT <GAMI> TO BUY STANDARD<SRD> UNITS' ASSETS
  Great American Management and
  Investment Inc said its 80 pct-owned subsidiary agreed to buy
  certain assets of two subsidiaries of Standard Oil Co, for 40
  mln dlrs and the assumption of certain liabilities.
      Great American Industrial Group Inc agreed to acquire all
  the U.S. and United Kingdom assets of Pfaudler Co and the stock
  of certain Brazilian, Mexican, and West German subsidiaries of
  Kennecott Mining Corp, it said. Pfaudler and Kennecott are
  subsidiaries of Standard Oil.
  

"
training/7338	12	earn	"KMS INDUSTRIES INC <KMSI> YEAR NET
  Oper shr three cts vs three cts
      Oper net 511,000 vs 550,000
      Revs 19.7 mln vs 17.7 mln
      Avg shrs 15,777,000 vs 16,074,000
      NOTE: Earnings exclude gains from utilization of tax loss
  caryforwards of 398,000 dlrs, or three cts a share vs 455,000
  dlrs, or three cts a share
  

"
training/7339	12	earn	"WICKES COS INC 4TH QTR SHR LOSS TWO CTS VS PROFIT 14 CTS

  WICKES COS INC 4TH QTR SHR LOSS TWO CTS VS PROFIT 14 CTS
  

"
training/734	12	earn	"SYNTECH INTERENATIONAL INC <SYNE> 4TH QTR NET
  Shr profit six cts vs loss 4.51 dlrs
      Net profit 815,167 vs loss 12,955,562
      Revs 7,981,022 vs 2,954,488
      Year
      Shr profit 16 cts vs loss 7.22 dlrs
      Net profit 2,446,100 vs loss 19,175,931
      Revs 23.6 mln vs 14.6 mln
  

"
training/7341	12	earn	"TO-FITNESS <TFIT> IN DISTRIBUTION DEAL
  To-Fitness Inc said it
  has been named exclusive Florida distributor for the hardpack
  version of the frozen dessert Tofutti by Tofutti Brands Inc
  <TOF>, replacing Pillsbury Co's <PSY> Haagen Dazs.
  

"
training/7342	0	acq	"FIRST FINANCIAL <FFMC> BIDS FOR COMDATA <CDN>
  First Financial Management corp said it
  has offered to acquire Comdata Network Inc for 18 dlrs per
  share in cash and stock, or a total of about 342.7 mln dlrs.
      The company said for each Comdata share it would exchange
  half a First Data share and enough cash to bring the total
  value up to 18 dlrs per share, provided that the market price
  of First Financial stock were not less than 28 dlrs per share.
      It said the cash payment would be based on the average
  market price of First Financial during a period shortly before
  closing.
      First Financial said it would not pursue the offer if
  Comdata's board rejected it.  Comdata has already agreed to be
  acquired by a partnership for either 15 dlrs a share in cash or
  at least 10 dlrs in cash and uniuts of securities.
      The partnership that made the first offer for Comdata was
  Welsh, Carson, Anderson and Stowe.  Comdata had previously
  entered into an agreement, which collapsed, for a repurchase of
  six mln shares at 14.50 dlrs each and for the sale of one mln
  shares by a director to <Mason Best Co>. Mason Best already
  owns 1,800,000 Comdata shares.
      A group led by <Rosewood Financial Inc> has also disclosed
  ownership of 6.2 pct of Comdata's 19.0 mln shares outstanding
  and said it might seek to increase its interest to over 15 pct.
      The company said Comdata shareholder approval would also be
  required for its proposal.
  

"
training/7344	0	acq	"POP RADIO <POPX> GETS RITE AID <RAD>
  POP Radio Corp said it has signed a
  seven-year agreement to provide Rite Aid Corp with in-store
  customized disc jocky-hosted radio programs, resulting in an
  increase of more than 50 pct in the total number of stores POP
  now has under contract.
      Value was not disclosed.
  

"
training/7346	12	earn	"ALLIANCE FINANCIAL CORP <ALFL> DIVIDEND SET
  Qtly div 22 cts vs 22 cts previously
      Pay April 15
      Record March 31
  

"
training/7349	12	earn	"NYNEX <NYN> INCREASES QTRLY CASH DIVIDEND
  Nynex Corp said it is raising its
  quarterly dividend to 95 cts from 87 cts payable May 1, 1987,
  to shareholders of record March 31.
      The company said this was the third consecutive year it has
  raised its quarterly cash dividend. It added it had a
  two-for-one stock split in May 1986.
  

"
training/735	0	acq	"INT'L MINERALS <IGL> BUYS ANIMAL PRODUCTS UNIT
  International Minerals and
  Chemical Corp said it completed its acquisition of Johnson and
  Johnson Co's Pitman-Moore unit, a producer of animal health
  products.
      Terms of the acquisition were not disclosed. International
  Minerals and Chemical said annual sales of the unit are about
  45 mln dlrs.
      Pitman-Moore makes health products for pets and for farm
  and feedstock animals.
  

"
training/7352	0	acq	"VULCAN <VUL> WITHDRAWS JONES/VINING <JNSV> BID
  Vulcan Corp said it was
  discontinuing its efforts to negotiate a purchase of the common
  stock of Jones and Vining Inc.
      On February 6, Vulcan, a Cincinnati maker of shoe lasts and
  other products, offered five dlrs a share for all of Jones and
  Vining common, subject to certain conditions.
      Vulcan said it is dropping the proposal because it believes
  subsequent actions by Jones and Vining are hostile and Vulcan
  is only interested in a friendly transaction.
      Jones and Vining makes shoe lasts and shoe components. It
  has about 3.7 mln shares outstanding.
  

"
training/7353	0	acq	"TEMPO <TPO> TO SELL CABLE SYSTEMS TO EAGLE
  Tempo Enterprises Inc said it
  signed a letter of intent to sell seven cable television
  systems, representing about 5,000 subscribers, to <Eagle
  Cable>.
      Terms of the acquisition were not disclosed.
  

"
training/7354	0	acq	"ERBAMONT <ERB> ACQUIRES ANTIBIOTICOS S.A.
  Erbamont N.V. said its major
  shareholder <Montedison SpA>, which owns 85 pct of its common,
  and Farmitalia Carlo Erba, its 75 pct owned subsidiary, have
  acquired <Antibioticos S.A.> and related subsidiaries.
      Terms of the acquisition were not disclosed.
  

"
training/7355	10	crude	"UK CROSS FIELD PRT RELIEF FAVOURS SMALLER FIELDS
  The ""cross field allowance"" relief on
  Petroleum Revenue Tax (PRT) announced by U.K. Chancellor of the
  Exchequer Nigel Lawson this week will favour smaller non-PRT
  paying fields, according to stockbrokers Wood Mackenzie and Co.
      The cross field allowance offsets up to 10 pct of
  qualifying spending on a new oil field against PRT liability of
  other fields. It is restricted to new offshore developments
  outside the southern basin and yet to gain Annex B approval.
      A report by the stockbrokers said that on a new field not
  paying PRT due to its small size, the relief would directly
  benefit in PRT saving on an existing field.
      ""The cross field allowance will mainly benefit participators
  in those fields which have no PRT liability,"" the report said,
  adding that the timing of development of such fields may be
  advanced.
      The government would in effect be subsidising these
  developments at 7.5 pct of capital expenditure before
  corporation tax, the report said.
      On fields likely to pay PRT in the future, the benefit is
  of timing. Although liabilities on other existing fields will
  be reduced immediately, liabilities on larger new fields will
  rise in the future due to the loss of offsets, it said.
      In a study on probable fields, the report said that when
  the rates of return are examined, the rise for a PRT-paying
  field such as Miller, the largest undeveloped oil field in the
  U.K. North Sea, is from 18.7 to 19 pct, while the rise for a
  small non-PRT paying field such as Kittiwake is 15.9 to 17.9
  pct.
      The report added that in fields which pay PRT, there will
  be a cost in being able to have this early relief. Not only
  will these costs be unavailable for offset against the field's
  future profits, but uplift of some 35 pct on these costs will
  be lost.
      Thus, a saving of PRT of 100 when field development starts
  will have to be matched by a rise in PRT of 135 at a later
  time.
  

"
training/7357	36	orange	"RAISE IN BRAZIL FCOJ EXPORT PRICES NOT CONFIRMED
  There is no confirmation
  that Brazil's major processors of Frozen Concentrated Orange
  Juice, FCOJ, will raise export prices of the product to 1,375
  dlrs per tonne from April 1, a spokesman for the Brazilian
  Association of Citrus Juice Industries (Abrassuco) said.
      Asked to comment on a report from New York that Cutrale and
  Citrosuco had sent telexes to customers informing of the price
  raise, Jose Carlos Goncalves said Abrassuco was not aware of
  it.
      ""All we know is that Cacex has increased the dollar amount
  to translate FOB price to ex-dock New York price to 1,050 dlrs
  from 770 dlrs,"" Goncalves said.
      Citrosuco and Cutrale officials were not available for
  comment.
  

"
training/7358	12	earn	"ALDEN ELECTRONICS <ADNEA> SETS LOWER DIVIDEND
  Alden Electronics Inc said
  its board declared an annual dividend of 15 cts per share on
  Class A and B common stock, down from 25 cts last year due to
  an expected drop in earnings for the year ended March 28.
      The dividend is payable April 15 to holders of record on
  April 3.
      Alden earned 1,357,000 dlrs last year.
  

"
training/7359	12	earn	"WICKES COS INC <WIX> 4TH QTR LOSS
  Shr loss two cts vs profit 14 cts
      Net loss 2,515,000 vs profit 28,569,000
      Sales 1.41 billion vs 885.2 mln
      Avg shrs 239.2 mln vs 104.4 mln
      Year
      Shr profit 33 cts vs profit 47 cts
      Net profit 83,750,000 vs profit 76,130,000
      Sales 4.77 billion vs 2.81 billion
      Avg shrs 198.8 mln vs 98.3 mln
      Note: Current qtr and year figures include gains on
  securities sales of 3.9 mln dlrs and 38 mln dlrs, respectively.
      Prior qtr and year figures include gain on securities sales
  of 3.9 mln dlrs.
      Current qtr and year figures include extraordinary loss of
  6.9 mn dlrs and gain of 9.9 mln dlrs, respectively.
      Prior qtr and year figures include operating loss
  carryforward gains of 7.6 mln dlrs and 35.5 mln dlrs,
  respectively.
      Prior qtr and year figures include gains from discontinued
  operations of 6.6 mln dlrs and 12.6 mln dlrs, respectively.
  

"
training/736	0	acq	"JWT <JWT> NOT APPROACHED BY GROUP SEEKING SHARES
  JWT Group Inc has not been approached
  by former Ted Bates Worldwide Chairman Robert Jacoby about the
  possibility of a syndicate buying a 35 pct stake in JWT Group
  on a friendly basis, a company spokesman said.
      He said JWT would have no comment on an Advertising Age
  report that Jacoby is considering heading up a venture capital
  syndicate to purchase a 35 pct stake in JWT group.
      Jacoby was not immediately available for comment on the
  report. Ted Bates is now owned by <Saatchi and Saatchi>, the
  world's largest advertising agency.
  

"
training/7362	0	acq	"AZURE VENTURES TO BUY ADVERTISING UNIT
  <Azure Ventures Ltd> said it
  signed a letter of intent to acquire John Paul Richards and
  Associates Inc.
      The company said if the merger is approved by shareholders
  of both companies, the shareholders of John Paul Richards would
  become majority shareholders, owning 60 pct of the common
  stock, of the new public company.
  

"
training/7363	12	earn	"SCOTT <SCOT> DECLARES FIRST PAYOUT
  Scott and Stringfellow Financial
  Inc said it declared its first quarterly dividend of three
  cents per share payable April 15 to shareholders of record
  April one.
  

"
training/7366	12	earn	"TEXAS COMMERCE <TCB> SEES IMPROVEMENT IN 1987
  Texas Commerce Bancshares Inc said that
  relatively stable oil prices and the bank's planned merger with
  Chemical New York Corp <CHL> would help 1987 earnings increase
  from last year's profits of 20 mln dlrs.
      Texas Commerce chairman Ben Love, in an interview with
  Reuters, did not elaborate on how much the bank expected
  earnings to increase.
      ""We would anticipate that this year would be an improvement
  over last because we are stronger,"" Love said, referring to
  Texas Commerce's pending 1.19 billion dlr merger with Chemical.
  The merger, which may be finalized as early as May 1, will
  lower Texas Commerce's cost of funding by an estimated 10 to 15
  basis points, Love said.
      The Texas Commerce-Chemical merger is the only acquisition
  by a major out-of-state bank since Texas lawmakers approved
  interstate banking effective January 1.
      Hard-hit by loan losses in energy and real estate in Texas'
  struggling economy, the only major Texas banks able to report
  profits in 1986 were Texas Commerce and RepublicBank which
  earned 54.0 mln dlrs. Allied Bancshares Inc <ALBN> lost 17.6
  mln dlrs, MCorp <M> lost 82.1 mln dlrs, InterFirst lost 326.5
  mln dlrs and First City Bancorporation <FBT>, which is actively
  seeking a merger or other form of new capital, lost 402.0 mln
  dlrs.
      Love said Texas Commerce had turned the corner on its
  energy loan portfolio problems, but added that the bank's
  nonperforming real estate loans may increase during 1987.
      ""I think the tidal wave in energy has passed over us,"" he
  said. ""The fact that the real estate market is still moving
  away suggests there could be some continuing growth of
  nonperforming loans.""
      In 1986, about 42 pct of Texas Commerce's net loan losses
  related to real estate lending and 13 pct was due to energy
  loan losses. That compares to 1985 when only 17 pct of the
  bank's losses were in real estate and energy accounted for 43
  pct.
      More than half of Texas Commerce's nonperforming loans,
  which totaled 968 mln dlrs at yearend 1986, up from 840 mln
  dlrs the year before, were in real estate.
      Love said he believed the real estate loan problems for
  Texas Commerce and other major state banks would peak by the
  third or fourth quarter of 1987. Absorption of empty office
  buildings in Houston, which has a current vacancy rate of about
  30 pct, will be a gradual process that could take up to four
  years, he said.
      ""I think we may be beginning to stabilize this economy. Oil
  at 18 dlrs a barrel brings much more confidence than 10 dlrs a
  barrel,"" he said.
      Texas Commerce will retain its name as a separate
  subsidiary of Chemical and plans to aggressively expand its
  holdings throughout Texas, offering additional products to
  build up its consumer banking business, Love said. ""We are
  resuming what we did best for years -- an offensive position,""
  he said.
      In January, Texas Commerce acquired a failed bank in
  Montgomery County, adjacent to the Houston metropolitan area,
  and earlier this month opened a new bank in San Antonio. Texas
  Commerce plans to add more banks in San Antonio and in the
  Dallas-Fort Worth area where it currently has only 16 member
  banks, he said.
      One day after the Texas Commerce acquisition was announced
  in December, InterFirst Corp <IFC> and RepublicBank Corp <RPT>,
  both headquartered in Dallas, agreed to merge in a deal valued
  at 570 mln dlrs.
      The combination of former archrivals RepublicBank and
  InterFirst, giving the two banks a virtual lock on the Dallas
  banking market, has not changed Texas Commerce's expansion
  plans for the state's second-largest city, Love said. ""We think
  we can try to get a little part of their roost,"" he said.
      The Chemical partnership will also give Texas Commerce an
  edge in developing new consumer products, he said.
      ""We have always been a wholesale bank but we have more than
  one million customers all over the state. Chemical will show us
  how to take advantage of enhancing our consumer products,"" he
  said, referring to expansion of such existing products as
  credit cards and investment banking.
  

"
training/7367	5	coffee	"CSCE PUTS ADDITIONAL MARGIN ON JULY COFFEE
  An additional margin of 1,000 dlrs
  will be required on all July 1987 delivery coffee ""C"" contracts
  as of the opening of trade Monday, March 23, the Coffee, Sugar
  and Cocoa Exchange, CSCE, said.
      The March contract ends trading this week, making May and
  July the two ""spot,"" or unlimited, contract months next week.
      Members will then have to obtain a minimum 3,500 dlrs for
  net long or net short positions in the May and July contracts,
  including a 2,500 original margin plus the additional 1,000 dlr
  spot charge.
  

"
training/7370	0	acq	"ODYSSEY FILMPARTNERS <ODYY> DROPS MERGER TALKS
  Odyssey Filmpartners Ltd
  said is terminated discussions to acquire <United Color Labs>,
  pursuant to a Jan 27 letter of intent for it to buy the company
  for stock and cash.
  

"
training/7379	12	earn	"BROWN TRANSPORT <BTCI> SEES RECORD 1987 NET
  Brown Transport Co said it expects to
  report record 1987 results with revenues increasing to 214 mln
  dlrs and earnings per share between 1.25 dlrs and 1.30 dlrs.
      Brown reported 1986 net income of 1.05 dlrs per share, or
  5.45 mln dlrs, on revenues of 191.7 mln dlrs.
      Last week the company declared an initial quarterly
  dividend of four cts.
      the company said it will begin paying a regular quarterly
  dividend in the second quarter but the board has not yet
  determined the exact amount.
  

"
training/7381	12	earn	"BOMBAY <CURY> BASES GROWTH ON LOCATION, COSTS
  Bombay Palace Restaurants Inc, with its
  emphasis on location and low food costs, expects its 1987 sales
  to increase 150 pct to about 22 mln dlrs from about 8.5 mln
  dlrs in 1986, according to President Sant S. Chatwal.
       Chatwal told members of the Dallas financial community at
  a lunchtime briefing, ""we go for prime locations everywhere and
  make sure our leases are very favorable.""
       As previously announced, the company expects to report
  1986 earnings of about 700,000 dlrs, or 31 to 33 cts a share,
  on revenues of 8.5 mln dlrs. Chatwal said the final figures
  would be released in about two days.
  

"
training/7382	12	earn	"AMERITRUST <AMTR> PROPOSES 2-FOR-1 STOCK SPLIT
  AmeriTrust Corp said its board
  proposed a two-for-one split of its common, subject to
  stockholder approval at its May 14 annumal meeting.
      The company also said it intends to recommend an increase
  in its annual regular dividend to at least two dlrs per share
  before the split, beginning with the May dividend. The current
  annual payout is 1.76 dlr per share.
      AmeriTrust currently has about 20.9 mln shares outstanding
  with 25 mln authorized shares. It said shareholders will be
  asked to approve an increase in authorized common to 100 mln
  shares.
      Ameritrust also said it will submit for shareholder
  approval an amendment to the company's charter regarding
  liability and indemnification of directors and a recommendation
  to create a classified board.
      AmeriTrust's total year-end assets were over 11.1 billion
  dlrs.
  

"
training/7385	12	earn	"FIRST FEDERAL OF MICHIGAN <FFOM> DIVIDEND HIKE
  Qtly div 12 cts vs 10 cts previously
      Pay May 11
      Record April 10
  

"
training/7386	0	acq	"UNITED JERSEY BANKS <UJB> TO MERGE TWO BANKS
  United Jersey Banks said it
  plans to merge two of its southern New Jersey member banks into
  one 704 mln dlr organization.
      It said United Jersey Bank/Fidelity Bank, based in
  Pennsauken, will be merged into United Jersey Bank/South in
  order to improve customer service and maximize efficiency
  throughout the southern New Jersey markets.
      Raymond Silverstein, currently chairman of the board of
  United Jersey Bank/Fidelity, will be chairman of the merged
  bank, the company said.
  

"
training/7388	12	earn	"HELDOR INDUSTRIES <HLDR> 1ST QTR LOSS
  Qtr ends Jan 31
      Shr loss 38 cts vs loss 60 cts
      Net loss 1,388,000 vs 2,181,000
      Revs 8,199,000 vs 6,668,000
      NOTE: 1987 qtr includes tax gain 964,000 for insurance
  claims.
      1987 qtr also includes non-recurring expense 150,000 for
  discontinued operations and consolidation of four distribution
  service centers.
  

"
training/739	12	earn	"COEUR D'ALENE MINES CORP <COUR> 4TH QTR LOSS
  Shr loss 18 cts vs loss one ct
      Net loss 1,343,000 vs loss 49,000
      Revs 6,778,000 vs 1,976,000
      Year
      Shr loss 67 cts vs loss ten cts
      Net loss 4,693,000 vs loss 672,000
      Revs 14.0 mln vs 7,034,000
      Note: 1986 loss included one-time loss of 3,624,000 dlrs on
  write-off of certain silver, oil and gas interests.
  

"
training/7391	0	acq	"TALKING POINT/AMERICAN EXPRESS <AXP>
  American Express Co's plan to sell a
  stake in its Shearson Lehman Brothers is believed to be a
  prelude to a public offering of shares in the brokerage unit,
  analysts said.
      American Express earlier said it has a general
  understanding with Nippon Life Insurance Co of Japan to sell a
  13 pct interest in Shearson for 530 mln dlrs.
      The statement triggered a rise in other brokerage stocks,
  as investors speculated on the possibility of more investment
  in the U.S. brokerage industry by Japanese concerns.
      The stocks of brokerage firms also climbed in response to
  the relatively high value Nippon put on its stake in the U.S.
  firm. Analysts said the 530 mln dlrs for 13 pct represents a
  price of 2.7 times book value.
      Perrin Long of Lipper analytical said the brokerage stocks,
  depressed somewhat by the dark cloud of the U.S. insider
  trading scandal, closed out February at a market value of 1.8
  times book value.
      American Express was trading today at 78-1/4, off 3/8. For
  the last several weeks, the stock has been strong on rumors of
  a spinoff of part of Shearson.
      Analysts said American Express and its Shearson unit will
  benefit from the doors Nippon Life can open to the increasingly
  important Tokyo financial markets.
      ""I think this, in all honesty, is a preliminary step,"" said
  Long.
      ""What you will see probably in the future is American
  Express selling an additional 17 pct in the public market and
  have a public vehicle for Shearson,"" Long said.
      ""Normally, investors do not make a major capital commitment
  into an illiquid situation,"" he said of Nippon.
      Some analysts previously speculated a 20 pct stake in
  Shearson might be sold to the public. They said the firm, like
  other investment banks, needs capital to expand globally.
      American express has said the total employees of shearson
  will expand by 20 pct in 1987 internationally. However, that
  number is substantially lower than growth last year, a company
  spokesman said.
      American Express officials would not comment beyond a
  statement made this morning. That statement, however, did not
  close off the possibility of a public offering or other option
  for Shearson.
      David Anthony, a Smith Barney analyst, said it is possible
  Shearson would be partially sold to the public. But he believes
  the firm will digest the Nippon investment first.
      ""I think they'll figure out what they're going to do with
  the money they have,"" he said.
      Joan Goodman, an analyst with Pershing and Co, also said
  American Express could determine to sell shares to the public.
      In its statement, the financial services giant said it is
  continuing to study various plans for Shearson in addition to
  the investment by Nippon.
      American Express said options under study range from
  expanding Shearson's capacity to meet international competition
  to broadening its access to capital.
      American Express also said the options reflect the
  continuing integral role of Shearson in American Express'
  worldwide financial services strategy.
      Shearson follows Goldman, Sachs and Co in finding a
  Japanese partner. Goldman last year sold a 12.5 pct stake to
  Sumitomo Bank in exchange for a 500 mln dlr capital infusion.
      Analysts speculated there will be more such matches.
      ""Those (U.S. brokers) companies have the expertise. They
  don't have the money. There's just not enough internal capital
  growth,"" said Wertheim analyst James Hanbury, who follows other
  U.S. brokerage companies.
      Hanbury said some Japanese companies, flush with cash, are
  interested in the expertise of American brokers. ""Those
  (Japanese) companies have the capital and our companies have
  the capital needs and the growth opportunities to use the
  money. That's a nice marriage,"" he said.
      Morgan Stanley and Co <MS> rose 4-1/4 to 74-7/8. First
  Boston Corp <FBC> was up one to 51-1/4. E.F. Hutton Group <EFH>
  rose 1-1/4 to 41-1/8, and PaineWebber Group <PWJ> climbed 7/8
  to 37-3/4. Merrill Lynch and Co, recommended today by a
  PaineWebber analyst, rose 2-5/8 to 45-3/8.
  

"
training/7394	32	money-fx	"ITALIAN PANEL URGES EXCHANGE LIBERALIZATION
  Liberalization of Italy's foreign exchange
  controls should be ""gradual"" but also ""reasonably rapid,"" a report
  issued by a study committee nominated by the Italian Treasury
  Ministry said.
     The report, looking at the country's financial development
  prospects, said Italy's large public sector deficit and growing
  public debt were among the considerations that made a gradual
  liberalization preferable.
      The report also favoured retention of the lira's six pct
  oscillation band with the European Monetary System (EMS) during
  the liberalization process in order to lessen short-term
  domestic interest rate fluctuations which could result from
  portfolio adjustments.
      The lira's fluctuation margin is currently significantly
  higher than that allowed for other EMS currencies.
      Italy has over recent months announced a series of
  deregulation moves in response to a European Community
  directive aimed at creating a genuine common market in goods,
  services and finance by 1992.
  

"
training/7398	12	earn	" PENSION INSURANCE GROUP <PGAI> 4TH QTR NET
  Shr profit two cts vs profit two cts
      Net profit 216,000 vs profit 265,000
      Revs 1,661,000 vs 1,376,000
      12 mths
      Shr profit four cts vs loss two cts
      Net profit 528,000 vs loss 290,000
      Revs 5,881,000 vs 5,541,000
      NOTE: full name of company is pension insurance group of
  america inc.
  

"
training/74	12	earn	"ATICO FINANCIAL CORP <ATFC> 4TH QTR NET
  Shr 30 cts vs 5.92 dlrs
      Net 1,142,000 vs 16.0 mln
      Revs 10.6 mln vs 24.2 mln
      Year
      Shr 90 cts vs 6.20 dlrs
      Net 3,320,000 vs 16.9 mln
      Revs 45.00 mln vs 26.2 mln
      NOTE: 1986 4th qtr and yr amounts include acquisition of
  98.8 pct of common of Atico, formerly Peninsula Federal Savings
  and Loan Association, on January 24, 1986.
      1985 4th qtr and yr net include net gain of 15.9 mln dlrs
  or 5.86 dlrs per share on exchange of common of Pan America
  Banks Inc for common of NCNB Corp purusant to a merger of the
  companies.
  

"
training/7404	12	earn	"SEA CONTAINERS LTD <SCR> 4TH QTR LOSS
  Shr loss 4.95 dlrs vs loss 75 cts
      Net loss 48.2 mln vs loss 4,644,000
      Revs 133.4 mln vs 135.6 mln
      12 mths
      Shr loss 6.28 dlrs vs profit 2.48 dlrs
      Net loss 67.6 mln vs profit 25.7 mln
      Revs 638.9 mln vs 573.1 mln
      Avg shrs 10,771,260 vs 10,355,728
  

"
training/7406	5	coffee	"LATIN COFFEE PRODUCERS SEEK ICO PRICE SUPPORT
  This weekend's meeting of Latin
  American coffee producers here will call for the International
  Coffee Organisation (ICO) to start talks aimed at firming
  prices, Nicaraguan foreign trade minister Alejandro Martinez
  Cuenca said.
      He said those countries which had confirmed their presence
  were Brazil, Mexico, Guatemala, El Salvador, Costa Rica and
  Panama. Colombia had been invited but he did not know if it
  would attend.
      Martinez Cuenca told reporters central america alone had
  lost some 700 mln dlrs through the weakness of world coffee
  prices, partially caused by lack of an ICO quota agreement.
  

"
training/7407	0	acq	"AMBASSADOR FINANCIAL <AFGI> UNIT TO BUY BUILDER
  Ambassador Financial Group Inc
  said its Ambassador Real Estate Equities Corp, agreed to buy
  Heritage Quality Construction Co Inc.
      Ambassador said its unit would purchase 100 pct of
  Heritage's stock for an initial payment of approximately
  500,000 dlrs and subsequent payments in cash over a five-year
  period equal to 50 pct of the net after-tax profit of Heritage.
      If the acquisition is consummated, Ambassador said it
  agreed to contribute 250,000 dlrs to the existing capital of
  Heritage.
  

"
training/7408	34	nat-gas	"TRANSCO PARTNERSHIP <TXP> GAS RESERVES RISE
  Transco Exploration Partners Ltd said
  participation in 14 new discoveries increased its proved gas
  reserves to 558.1 billion cubic feet in 1986, up from 541.5
  billion cubic feet in the previous year.
      Proved reserves of liquids remained about the same at 25.1
  mln barrels, the company said in the 1986 annual just released
  by Transco Energy Co <E>, the majority owner of the Transco
  Exploration partnership.
      Transco said that anticipated oil and gas prices during
  1987 would continue to exert pressure on the profitability of
  most energy companies.
      The Transco pipeline system reached permanent take-or-pay
  settlements on about half its committed gas deliverability and
  interim agreements for another 38 pct of its deliverability,
  the annual report said. The company said it paid a total of
  about 363 mln dlrs to producers through Februry one out of its
  550 mln dlr reserve to settle the take-or-pay disputes.
      Transco said its gas pipeline delivered more than 1.2
  trillion cubic feet last year and its marketing affiliate sold
  an average of 1.6 billion cubic feet of gas per day.
      The company's exploration partnership received an average
  price of 1.84 dlrs per mln cubic feet for gas sales during
  1986, down from 3.04 dlrs in 1985.
      Sales of oil and condensate averaged 15.86 dlrs per barrel
  last year, down from 27.41 dlrs per barrel in 1985.
  

"
training/741	0	acq	"FOOTE MINERAL <FTE> SELLS CAMBRIDGE PLANT
  Foote Mineral Co said it signed a
  letter of intent with Shieldalloy Corp, a wholly-owned
  subsidiary of <Metallurg Inc>, for the sale of its Cambridge,
  Ohio, business.
      The company said the sale, which will be explained in
  greater detail after the definitive agreement has been signed,
  is part of Foote's previously-announced plan to sell the entire
  company.
  

"
training/7410	12	earn	"<ROYAL GOLD AND SILVER CORP> 1ST QTR NET
  ended January 31
      Shr profit two cts vs loss one ct
      Net profit 130,000 vs loss 46,000
      Sales 5,042,000 vs nil
      Note: 1987 includes gain of 112,000 dlrs from sale.
  

"
training/7413	12	earn	"JP STEVENS AND CO INC <STN> SETS PAYOUT
  Qtrly div 30 cts vs 30 cts prior
      Pay April 30
      Record April 3
  

"
training/7419	33	money-supply	"N.Y. BUSINESS LOANS FALL 572 MLN DLRS IN MARCH 11 WEEK, FED SAYS

  N.Y. BUSINESS LOANS FALL 572 MLN DLRS IN MARCH 11 WEEK, FED SAYS
  

"
training/7420	33	money-supply	"U.S. COMMERCIAL PAPER RISES 2.98 BILLION DLRS IN MARCH 11 WEEK, FED SAYS

  U.S. COMMERCIAL PAPER RISES 2.98 BILLION DLRS IN MARCH 11 WEEK, FED SAYS
  

"
training/7421	33	money-supply	"NEW YORK BUSINESS LOANS DROP 572 MLN DLRS
  Commercial and industrial loans on the
  books of the 10 major New York banks, excluding acceptances,
  fell 572 mln dlrs to 64.297 billion in the week ended March 11,
  the Federal Reserve Bank of New York said.
      Including acceptances, loans fell 475 mln dlrs to 65.16
  billion.
      Commercial paper outstanding nationally increased 2.98
  billion dlrs to 339.00 billion.
      National business loan data are scheduled to be released on
  Friday.
  

"
training/7424	12	earn	"QUEBEC CAISSE EARNS THREE BILLION DLRS IN 1986
  Caisse de depot et placement du
  Quebec, the government agency which manages the province's
  pension funds, said its investment portfolio earned a net
  profit of almost three billion Canadian dlrs in 1986, an
  increase of 300 mln dlrs over 1985.
      The agency said in its annual statement that it had assets
  with a total book value of 25 billion dlrs, or a market value
  of 28 billion dlrs, at the end of 1986.
      These holdings had a rate of return of 13.5 pct in the
  year, which was below the Caisse's average return of 16 pct in
  the past four years and 14.2 pct in the past eight years.
      The Caisse said foreign equity investments represented 3.6
  pct of total assets, while U.S. government securities accounted
  for another 5.2 pct of the overall portfolio.
      The agency's holding of U.S. government securities yielded
  a return of 20.7 pct for the year, significantly more than
  either the 14.1 pct earned on the total bond portfolio or the
  13.5 pct for all funds under management.
      ""These high liquidity securities, which are held on a
  temporary basis and for purposes of strategy and the protection
  of the overall bond portfolio, have been efficient,"" the agency
  said of the U.S. securities.
      The agency said it has 7.9 billion dlrs invested in
  Canadian private sector businesses after channeling 965 mln
  dlrs of new funds into this area in 1986.
      The Caisse said it acquired 825 mln of new Government of
  Quebec bonds and 342 mln dlrs of new securities from other
  Quebec government issuers during the year.
  

"
training/7425	33	money-supply	"U.S. M-1 MONEY SUPPLY RISES 500 MLN DLRS IN MARCH 9 WEEK, FED SAYS

  U.S. M-1 MONEY SUPPLY RISES 500 MLN DLRS IN MARCH 9 WEEK, FED SAYS
  

"
training/7426	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS AVERAGE 228 MLN DLRS A DAY IN MARCH 18 WEEK, FED SAYS

  U.S. BANK DISCOUNT BORROWINGS AVERAGE 228 MLN DLRS A DAY IN MARCH 18 WEEK, FED SAYS
  

"
training/7427	12	earn	"ASEA GROUP <ASEAY> SEES FLAT 1987 EARNINGS
  Asea Group, the diversified industrial
  concern based in Vasteras, Sweden, said it expects 1987
  earnings, after financial income and expense, to be flat
  compared with 1986, when it earned 2.53 billion Swedish crowns,
  or 371.1 mln dlrs.
      A company spokesman said 1986 results were boosted
  significantly by the booking of two large orders for nuclear
  power plants.
      This gain, he said, will be balanced in 1987 by a return to
  profitability by Asea's power transmission segment, which had a
  loss of 183 mln crowns, or 26.9 mln dlrs, last year.
      Currency conversions were made at 6.81 crowns to the dlr.
      The spokesman said the company has built up a strong
  backlog of orders that will contribute to earnings in 1988 and
  beyond.
      At yearend 1986, Asea's order backlog stood at 32.7 billion
  crowns, or 4.8 billion dlrs, up from 30.9 billion, or 4.5
  billion dlrs, at the end of 1985.
      Asea has operations in power generation and transmission,
  transportation equipment, pollution control and robotics.
      Total sales in 1986 were 46 billion crowns, or 6.8 billion
  dlrs.
  

"
training/7428	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS 228 MLN DLRS
  U.S. bank discount window borrowings
  less extended credits averaged 228 mln dlrs in the week to
  Wednesday March 18, the Federal Reserve said.
      Total borrowings in the week rose 83 mln dlrs to 502 mln
  dlrs, with extended credits up three mln dlrs at 274 mln dlrs.
  The week was the first half of a two-week statement period. Net
  borrowing in the prior week averaged 148 mln dlrs.
      Commenting on the two-week statement period that ended on
  March 11, the Fed estimated that banks had daily average net
  free reserves of 759 mln dlrs rather than the 660 mln dlrs
  first reported.
      A Fed spokesman told a press briefing that there were no
  large single day net misses in the Fed's reserve projections in
  the first week of the latest bank statement period.
      None of the 14 large money center banks borrowed from the
  discount window during the week and all of the Wednesday
  borrowing was made by the smallest banks. For the week as a
  whole, the borrowing was split roughly evenly between the large
  regionals and the small banks.
      Natural float ranged from a low of near zero on Thursday --
  for which the Fed spokesman could give no particular reason --
  to a high of nearly 750 mln dlrs on Tuesday.
      The Tuesday peak included about 100 mln dlrs of
  transportation float in mid- and south-Atlantic states. Noting
  that the weather was ""basically good"" for March, the spokesman
  said that transportation float averaged under 500 mln dlrs a
  day for the full week.
      Float related as-ofs were a negative 400 mln dlrs on
  Wenesday due to a number of unrelated cash letter error
  corrections in five districts.
      As-ofs peaked at just over 500 mln dlrs on Tuesday.
  

"
training/7429	32	money-fx	"LAWSON REPEATS HE IS CONTENT WITH STERLING LEVEL
  U.K. Chancellor of the Exchequer Nigel
  today repeated that he was satisfied with the current level of
  sterling, both against the dollar and the West German mark.
      Lawson said in a television interview that he did not
  regard the pound's present exchange rate was uncomfortably
  high.
      ""I think it is round about right,"" he said.
      ""I think there was a time that they (British manufacturers)
  thought the (exchange) rate was uncomfortably high. But I think
  they are very satisfied with the present level.""
      ""But I have made it absolutely clear that I don't want to
  see the pound go through the roof,"" he added.
  

"
training/743	12	earn	"GELCO <GEL> SEES FLAT 1987 PRETAX OPERATING NET
  Gelco Corp said that,
  excluding the effects of a restructuring plan, it expects
  pre-tax operating earnings for the year to end July 31, 1987,
  to be about the same as those of last year.
      For the year ended July 31, 1986, Gelco reported pre-tax
  operating earnings of 14.8 mln dlrs, or 1.08 dlrs a share.
      However, final results will be affected by certain charges
  including legal and investment advisors fees, preferred stock
  dividends and other costs of restructuring, it said.
      Expenses associated with restructuring are expected to be
  offset by ""significant"" gains from the sale of some of Gelco's
  business units, it said.
      The final outcome for the fiscal year will be determined by
  the timing and proceeds from the sale, it added.
  

"
training/7432	12	earn	"BUTLER NATIONAL CORP <BUTL> 3RD QTR JAN 31
  Shr profit nil vs loss one ct
      Net profit 1,136 vs loss 42,840
      Revs 1,490,718 vs 1,151,176
      Nine mths
      Shr profit three cts vs profit five cts
      Net profit 89,900 vs profit 150,523
      Revs 4,520,393 vs 4,078,441
  

"
training/7433	0	acq	"FCS <FCSI> RECEIVES MERGER PROPOSAL
  FCS Laboratories said its
  investment banker, Butcher and Singer Inc, received a
  preliminary merger proposal from another company in the
  healthcare field.
      FCS said that if various aspects of the proposal are better
  defined, its board may consider it. FCS said merger
  negotiations with this other company have been continuing since
  late August.
  

"
training/7437	33	money-supply	"U.S. M-1 MONEY SUPPLY RISES 500 MLN DLRS
  U.S. M-1 money supply rose 500 mln
  dlrs to a seasonally adjusted 738.7 billion dlrs in the March 9
  week, the Federal Reserve said.
      The previous week's M-1 level was revised to 738.2 billion
  dlrs from 738.0 billion, while the four-week moving average of
  M-1 rose to 738.2 billion dlrs from 737.2 billion.
      Economists polled by Reuters said that M-1 would be
  anywhere from unchanged to up five billion dlrs. The average
  forecast called for a 2.3 billion dlr increase.
  

"
training/7438	12	earn	"ART'S-WAY MANUFACTURING CO <ARTW> 3RD QTR NET
  Shr profit 58 cts vs loss 11 cts
      Net profit 726,000 vs loss 145,000
      Sales 4,958,000 vs 2,783,000
      Nine Mths
      Shr profit 1.08 dlrs vs loss 80 cts
      Net profit 1,359,000 vs loss 1,013,000
      Sales 12.6 mln vs 7,145,000
      NOTE: Fiscal 1987 net profit includes tax credits of
  372,000 dlrs in the quarter and 643,000 dlrs in the nine
  months.
      Periods end February 28, 1987 and 1986, respectively.
      Art's-Way Manufacturing Co Inc is full name of company.
  

"
training/7439	12	earn	"PSE INC <POW> 4TH QTR
  Shr loss 18 cts vs profit 11 cts
      Net loss 1.5 mln vs profit 868,000
      Revs 29.3 mln vs 41.1 mln
      Year
      Shr loss 41 cts vs profit five cts
      Net loss 3.1 mln vs profit 409,000
      Revs 99.2 mln vs 231.7 mln
  

"
training/7441	12	earn	"<WARDAIR INTERNATIONAL LTD> YEAR NET
  Shr 12.84 dlrs vs 3.07 dlrs
      Net 46,054,000 vs 11,026,000
      Revs 491.1 mln vs 473.9 mln
      NOTE: Current net includes gain of 8.51 dlrs a share on
  disposal of assets.
      M.W. Ward holds 62 pct voting interest.
  

"
training/7442	12	earn	"SEA CONTAINERS <SCR> EXPECTS BETTER FIRST QTR
  Sea Containers Ltd predicted
  its first quarter fiscal 1987 net earnings would improve by 10
  mln dlrs over the same period a year ago.
      The company said 1987 got off on a much better footing than
  fiscal 1986, from which the company recorded a loss of 67.6 mln
  dlrs, or 6.28 dlrs per share, on revenues of 641.4 mln dlrs.
      James Sherwood, president of the company, said he expects
  to record a loss of approximately 12 mln dlrs for the first
  quarter, compared to losses of approximately 22 mln dlrs for
  first quarter fiscal 1986.
      The company emphasized the first quarter is a traditionally
  slow period for the ferry industry, which is  part of Sea
  Containers' business.
      Sherwoood said the company's losses were largely
  attributable to non-recurring events and provisions. He cited
  the default of 15 container leasees and ship charterers,
  costing the company approximately 25 mln dlrs.
      He also cited a 23 mln dlr cost as a result of a closing
  two of its subsidiary's ferry services, and a 10.3 mln dlr
  provision to cover losses on the sale of container assets and
  severance pay costs.
  

"
training/7443	12	earn	"FIRST INTERSTATE <I> ESTIMATES BRAZIL RISKS
  First Interstate Bancorp said its
  1987 pre-tax income could be reduced by about 33.5 mln dlrs if
  it decides to reclassify its 339 mln dlrs in medium- to
  long-term loans to Brazil as nonperforming.
      But the company stressed in a filing with the Securities
  and Exchange Commission that it believes it is too soon to
  reclassify the debt, despite Brazil's Feb 20 suspension of
  direct interest payments on medium- and long-term loans.
      ""The corporation believes that it is premature to make a
  decsion to classify such medium- and long-term debt as
  nonperforming at this time,"" First Interstate said.
      But First Interstate said that if Brazil's suspension of
  interest payments continues, it may have to reclassify its
  loans as nonperforming and place them on non-accrual, meaning
  that interest previously accrued but not paid would be deducted
  from net income and interest would no longer be accrued.
      Besides its medium- and long-term debt, First Interstate
  said it also has 165 mln dlrs in short-term loans or trade
  lines in Brazil.
      As of Dec 31, 1986, nonperforming Brazilian outstandings
  were about 4.1 mln dlrs, it said.
  

"
training/7444	12	earn	"AMERICAN HOME SHIELD CORP <AHSC> 4TH QTR NET
  Shr profit 15 cts vs profit 15 cts
      Net profit 1,025,000 vs profit 969,000
      Revs 10.9 mln vs 7.8 mln
      12 mths
      Shr profit 33 cts vs loss one cts
      Net profit 2,375,000 vs profit 90,000
      Revs 38.2 mln vs 20.3 mln
      NOTE: Revenues figure shows contract revenue, not gross
  contracts written.
      Fourth quarter and full year 1986 includes extraordinary
  gain of 501,000 dlrs and 1,040,000 dlrs, respectively, from tax
  loss carryforwards.
      Per share figures come after preferred dividend
  requirements.
  

"
training/7447	41	retail	"MAJOR HOME APPLIANCE SHIPMENTS UP IN FEBRUARY
  Shipments of major home appliances in
  February rose 9.1 pct to 3.5 mln, up from 3.2 mln a year ago,
  reported the Association of Home Appliance Manufacturers.
      It said year to date, total major appliance shipments rose
  11.4 pct to 7.6 mln from 6.8 mln a year earlier.
      It said strong shipment gains in four of the five appliance
  categories resulted in the unprecedented monthly levels, with
  records set for shipments of refrigerators, automatic washers,
  disposers, dryers and dishwashers.
  

"
training/7449	12	earn	"TRIANGLE HOME PRODUCTS INC <THP> 4TH QTR LOSS
  Shr loss 17 cts vs loss 19 cts
      Net loss 213,000 vs loss 217,000
      Sales 6,788,000 vs 6,254,000
      Year
      Shr loss 22 cts vs loss five cts
      Net loss 270,000 vs loss 61,000
      Sales 27.0 mln vs 27.0 mln
  

"
training/745	0	acq	"UTILICORP <UCU> ACQUIRES DOMINION <D> SUBSIDIARY
  UtiliCorp United Inc said it
  has closed the previously announced acquisition of West
  Virginia Power from Dominion Resources Inc for about 21 mln
  dlrs.
  

"
training/7452	37	pet-chem	"REICHHOLD <RCI> RAISES SOME MATERIALS PRICES
  Reichhold Chemicals Inc said its
  emulsion polymers division increased by nine cts per dry pound
  the prices of all styrene-butadiene and polystyrene latexes,
  effective May 1.
      It said the increase is in addition to recently announced
  increases and applies to carpet, paper, nonwovens, textiles,
  adhesives and other specialty end uses.
  

"
training/7453	0	acq	"TRI-STAR <TRSP> BUYS CINEPLEX THEATER
  Tri-Star Pictures Inc said it agreed
  to acquire the Roosevelt Field Century Theatre from Canada's
  Cineplex Odeon Corp's RKO Century Warner Theatres Inc for 17
  mln dlrs.
      The recently refurbished and expanded theater is located in
  Garden City, N.Y..
  

"
training/7455	12	earn	"FRANK B. HALL AND CO INC <FBH> 4TH QTR LOSS
  Oper shr loss 30 cts vs loss 25 cts
      Oper net loss 2,138,000 vs loss 2,312,000
      Revs 99.3 mln vs 89.4 mln
      Year
      Oper shr loss 40 cts vs profit 47 cts
      Oper net profit 4,294,000 vs profit 8,793,000
      Revs 390.9 mln vs 360.5 mln
      NOTE: Excludes discontinued operations loss of 1.33 dlrs a
  share vs 5.35 dlrs a share in the quarter, and loss 1.52 dlrs a
  share vs loss 13.64 dlrs in the full year.
      Fourth quarter 1986 includes reserve of nine mln dlrs for
  operations company plans to sell.
      Per share figures come after preferred dividend
  requirements.
  

"
training/7459	12	earn	"WEISFIELD'S INC <WEIS> 4TH QTR NET
  Shr 1.09 dlrs vs 1.20 dlrs
      Net 1,193,000 vs 1,361,000
      Revs 18.7 mln vs 17.3 mln
      Year
      Shr 1.19 dlrs vs 1.52 dlrs
      Net 1,300,000 vs 1,831,000
      Revs 50.6 mln vs 48.8 mln
  

"
training/7462	12	earn	"NORRIS OIL CO <NOIL> DEC 31 YEAR LOSS
  Shr loss 1.55 dlrs vs loss 52 cts
      Net loss 13,191,000 vs loss 2,254,000
      Revs 1,179,000 vs 2,003,000
      Avg shrs 8,520,000 vs 4,330,000
      Note: Current year loss includes 11.8 mln dlr writedown of
  oil and gas properties under full cost accounting method.
  

"
training/7464	0	acq	"DORSEY <DSY> COMPLETES SALE OF UNIT
  Dorsey Corp said it
  completed the sale of substantially all its Dorsey Trailers Inc
  subsidiary assets to <Trailer Acquisition Corp>, whose
  stockholders include a former Dorsey vice president and several
  executives of the Dorsey Trailers management team.
      Terms of the acquisition were not disclosed.
  

"
training/7465	12	earn	"NAPCO INTERNATIONAL <NPCO> 4TH QTR OPER NET
  Oper shr 38 cts vs 5.62 dlrs
      Oper net 400,000 vs 6,173,000
      Revs 1,195,000 vs 392,000
      Year
      Oper shr 94 cts vs 5.65 dlrs
      Oper net 1,006,000 vs 6,257,000
      Revs 2,432,000 vs 1,121,000
      NOTE: 1986 operating net for the quarter and year excludes
  a loss on the disposal of certain businesses of 2.15 mln dlrs
  and a loss from discontinued operations of 297,000 dlrs in the
  quarter and 469,000 dlrs in the year.
      1985 operating net for the quarter and year includes a
  pretax gain of nine mln dlrs from the sale of two divisions and
  a loss from discontinued operations of 2.85 mn dlrs in the
  quarter and 3.7 mln dlrs in the year.
      Napco International Inc is full name of company.
  

"
training/7466	12	earn	"NATIONAL BANCORP INC <NIBCA> YEAR END LOSS
  Oper shr loss 1.02 dlr
      Oper loss 631,000 dlrs
      NOTE: Prior year results are not available as company
  completed its public offering in April 1986.
  

"
training/7468	12	earn	"<BACHELOR LAKE GOLD MINES INC> YEAR LOSS
  Shr loss seven cts vs loss 19 cts
      Net loss 497,452 vs loss 1,306,875
      Revs 10.6 mln vs 9.6 mln
  

"
training/7469	0	acq	"SOROS LIFTS KING WORLD <KWP> STAKE TO 8.1 PCT
  New York investor George Soros, and
  an investment fund he controls, said they raised their stake in
  King World Productions Inc to 2,485,510 shares, or 8.1 pct of
  the total outstanding, from 1,986,710 shares, or 6.5 pct.
      In a filing with the Securities and Exchange Commission,
  Soros said his group bought a net 498,800 King World common
  shares between Jan 8 and March 6 at prices ranging fropm 18.924
  to 21.203 dlrs a share.
  

"
training/7470	0	acq	"CINEPLEX ODEON BUYING COKE <KO> CINEMA UNIT
  <Cineplex Odeon Corp> said it agreed in
  principle to acquire the Walter Reade Organization Inc New York
  cinema chain from Coca-Cola Co's Entertainment Holdings Inc
  unit for 32.5 mln U.S. dlrs.
      Cineplex said the purchase price consisted of 22.5 mln dlrs
  cash and 652,742 Cineplex common shares. The transaction is
  subject to fulfilment of certain unspecified conditions and
  regulatory and board approvals.
      Walter Reade operates 11 screens in eight Manhattan
  locations.
  

"
training/7472	12	earn	"<SUMMIT RESOURCES LTD> YEAR NET
  Shr not given
      Net 540,000 vs 1,890,000
      Revs 4.9 mln vs 7.1 mln
  

"
training/7474	12	earn	"GOULDS PUMPS INC <GULD> SETS REGULAR PAYOUT
  Qtly div 19 cts vs 19 cts prior
      Pay April 15
      Record April three
  

"
training/7475	0	acq	"HENKEL TO INCREASE STAKE IN CLOROX <CLX>
  Clorox Co said <Henkel KGaA> of
  Dusseldorf, West Germany, agreed to increase its holdings in
  Clorox to 30 pct from the current level of 23 pct.
      Henkel, which also holds a subordinated note convertible
  into another 1.7 pct of the company's stock, intends to acquire
  the additional shares in the open market over an extended
  period of time, Clorox said.
      It also said that, for the foreseeable future, Henkel does
  not intend to increase its participation in Clorox above the 30
  pct level.
  

"
training/7476	12	earn	"<SIGMA MINES (QUEBEC) LTD> 4TH QTR NET
  Shr 17 cts vs five cts
      Net 1,442,000 vs 393,000
      Revs 9,771,000 vs 8,052,000
      Year
      Shr 74 cts vs 23 cts
      Net 6,076,000 vs 1,875,000
      Revs 34.9 mln vs 30.3 mln
  

"
training/7477	48	trade	"EC OFFICIAL FAULTS U.S. TRADE BILL
  Sir Roy Denman, Head of the EC
  Delegation in Washington, said pending U.S. trade legislation
  is a misguided attempt to deal with the nation's trade deficit
  and will spark retaliation if passed in its present form.
      ""To think that you can deal with a trade deficit by
  legislation is a mistake,"" he told the Foreign Trade
  Association here.
      Denman told reporters that possible retaliation, which he
  warned of in a letter to House Ways and Means Committee
  Chairman Dan Rostenkowski, would not necessarily be on a
  product-for-product basis.
      ""Retaliation does not have to be matched product to
  product,"" Denman said.
      He said in the case of textiles import restrictions,
  however, retaliation would be against U.S. textile exports.
      ""Certainly, if restrictions were imposed on European
  exports of textiles to the U.S., the Community would be likely
  to retaliate with restrictions on U.S. textile exports to
  Europe,"" Denman said.
      He also took exception to U.S. proposals to require
  countries with large current account surpluses with the U.S. to
  cut those surpluses or face special tariffs.
      ""This would conflict with international obligations, throw
  a large wrench into the current round of trade negotiations and
  could easily boomerang,"" he warned of the tariff proposals.
      Denman also took exception to U.S. efforts to seek
  reciprocity in specific trade sectors.
      ""Forcing reciprocity in one sector by imposing barriers
  would simply lead to retaliation from the other party,"" he
  said, adding that overall reciprocity can only be achieved by
  trading off disadvantages in one sector for advantages in
  another.
  

"
training/748	0	acq	"PESCH SEES SHAREHOLDER SUPPORT IN AMI <AMI> BID
  Chicago physician LeRoy Pesch said he
  has had discussions with several American Medical International
  Inc shareholders and sees support for a restructuring of the
  company.
      Pesch said he has discussed his sweetened, 1.91 billion dlr
  takeover bid for American Medical with several large
  shareholders, including the biggest investor, the Bass family
  of Texas. However, the Bass family has not indicated support
  one way or the other for his offer, he said.
      Pesch, in an interview with Reuters, said based on the
  conversations he held with shareholders, he could not guage
  whether he had majority support. He said, however, there is
  support for his offer.
      Pesch would not identify shareholders with whom he held
  discussions other than the Bass family and the Wedge Group Inc,
  the only other holder of more than five pct of American Medical
  stock.
      Earlier today, Wedge Group, which has a 5.5 pct stake, 
  said it held discussions with Pesch, American Medical
  management and other American Medical shareholders.
      Wedge, in a filing with the Securities and Exchange
  Commission, said it believes a restructuring of American
  Medical and its business would be ""highly desirable and
  appropriate at this time.""
      ""That's the sort of position that I find a large segment of
  shareholders of AMI really share,"" said Pesch.
      Pesch said he held discussions with Wedge about joining his
  takeover effort, in which he is offering 17 dlrs cash, four
  dlrs in preferred stock and one dlr in common stock for each
  American Medical share. Wedge said it has no plans to join in
  an effort to seek control of American Medical, but it would not
  rule out a future takeover try.
      Pesch said he did not discuss a joint takeover proposal
  with the Bass family.
      Some analysts saw the Wedge statement as a boost to Pesch's
  takeover effort and a further sign that there could be some
  shareholder dissatisfaction following American Medical's
  previous rejection of a 20 dlr per share all cash offer from
  Pesch.
      American Medical is expected to resist Pesch's latest bid.
  Larry Feinberg, an analyst with Dean Witter Reynolds Inc said a
  management-led leveraged buyout cannot be ruled out.
      An American Medical spokesman said the company will comment
  on the new Pesch offer by March 10.
      Analysts continue to view the Bass family as a factor in
  the outcome of the bid for control of American Medical.
      The Bass family holds an 11. 6 pct stake in American
  Medical, and the company has previously said the investors
  support management's internal plan to improve the company's
  performance. The Bass family would not comment on American
  Medical or Pesch.
      Pesch, who led the leveraged buyout of Republic Health Corp
  last year, continues to face a credibilty problem on Wall
  Street because of the long time it took to finish the Republic
  acquisition.
      Republic also has substantial debt, and has left wall
  street questioning whether financing can be completed for the
  much larger American Medical takeover proposal.
      Pesch's first offer for American Medical was made without
  an investment banking firm, another cause for concern to Wall
  Street. However, Pesch entered his second offer with
  representation from Donaldson, Lufkin, and Jenrette Securities
  and Security Pacific Merchant Banking Group.
      ""I don't have any doubt that the current transaction can be
  worked out and completed, provided we get to the point where
  Ami management will sit down and talk in a friendly
  environment,"" Pesch said.
      Pesch would not elaborate on what type of financing
  arrangements are being made. He did say if he succeeds in
  acquiring American Medical he plans to keep much of American
  Medical management in place.
      He said he plans to combine the company with Republic to
  form an efficient network of hospitals.
      Analysts said they do not believe a much higher offer could
  be made for American Medical.
      Byron Nimocks of E.F. Hutton Group said improved second
  fiscal quarter earnings could make American Medical stock worth
  about 20 dlrs per share.
      Nimocks estimates American Medical earnings for the second
  quarter ended February 28 could be 35 cts, compared to a 95 ct
  loss last year.
      Nimocks said Pesch's revised offer is not worth much more
  than the 20 dlrs cash offered previously.
      But Feinberg said there is a better chance a transaction
  could be completed because of the revised structure of the
  offer. ""I think it's much more doable,"" he said.
      Analysts have said American Medical has begun a turnaround
  by replacing some members of management and reducing costs.
  

"
training/7481	12	earn	"FRANK B. HALL <FBH> EARNINGS REPORT QUALIFIED
  Frank B. Hall and Co Inc
  said its independent accountants will issue a qualified report
  on its financial statements.
      The company said the opinion is the result of ongoing
  litigation over its discontinued operations. Earlier it said it
  lost 2.1 mln dlrs in the fourth quarter against a loss of 2.3
  mln dlrs a year ago before discontinued operations.
      It also said it decided to sell its claims adjusting and
  admininistrative operations and its automobile dealer insurance
  unit, creating a reserve of about nine mln dlrs in the fourth
  quarter 1986 for the sale.
      The company said it will vigorously defend the litigation
  arising from the discontinued units.
      It also said it will concentrate on its direct brokerage
  and service business.
  

"
training/7482	0	acq	"INTERMARK<IMI> SEEKS MAJORITY PIER 1 <PIR> STAKE
  Intermark Inc, which together with
  one of its subsidiaries already holds a 43.4 pct stake in Pier
  1 Imports Inc, told the Securities and Exchange Commission it
  plans to acquire a majority of the company's voting stock.
      Intermark said it already holds 6,839,827 Pier 1 common
  shares, or 35.66 pct, and its Pier 1 Holdings Inc holds
  1,484,516 shares, or 7.74 pct.
      Intermark said it also has 341,991 shares of Pier 1
  preferred stock, or 35.2 pct of the outstanding, while Pier 1
  Holdings has 74,225 shares, or 7.6 pct.
  

"
training/7483	12	earn	"ELECTRO SCIENTIFIC <ESIO> 3RD QTR FEB 28 LOSS
  Shr loss 15 cts vs nil
      Net loss 877,000 vs profit 22,000
      Sales 13.5 mln vs 18.0 mln
      Nine mths
      Shr loss 35 cts vs profit 20 cts
      Net loss 2,098,000 vs profit 1,184,000
      Sales 43.5 mln vs 55.9 mln
      (Electro Scientific Industries)
  

"
training/7484	0	acq	"JOSTEN'S <JOS> TO SELL UNIT TO CAREERCOM <CRCM>
  Josten's Corp said it agreed
  to sell its proprietary school business to CareerCom Corp, for
  20 mln dlrs in cash and about 1.7 mln CareerCom common shares.
      Upon completion of the proposed transaction, Josten's will
  own 20 pct of CareerCom's stock, which it intends to hold for
  investment purposes, it said.
      Proprietary school sales totaled about 56 mln dlrs and
  accounted for less than 10 pct of Josten's total revenue, it
  added.
  

"
training/7487	12	earn	"NRM ENERGY CO <NRM> SETS REGULAR PAYOUT
  Qtly cash distribution five cts vs five cts prior
      Pay April 15
      Record March 31
  

"
training/7488	12	earn	"MOTEL 6 LP <SIX> SETS CASH DISTRIBUTION
  Qtly cash distribution 30.5 cts vs 18.4 cts prior
      Pay May 15
      Record March 31
      Note: Prior-quarter dividend was an initial payout based on
  operations for a partial fourth quarter in 1986.
  

"
training/7490	0	acq	"GROUP HAS 6.4 PCT OF ATLANTIC RESEARCH <ATRC>
  A group led by Halcyon Investments,
  a New York securities and risk arbitrage partnership, said it
  has acquired 486,400 shares of Atlantic Research Corp, or 6.4
  pct of the total outstanding common stock.
      In a filing with the Securities and Exchange Commission,
  the Halcyon group said it bought the stake for 15.6 mln dlrs
  for no specific purpose.
      The group said it has no plans to seek control of Atlantic
  Research, which has been sought by Clabir Corp <CLG>, but said
  it may buy more stock or sell some or all of what it has.
  

"
training/7491	12	earn	"ULTRASYSTEMS INC <ULS> 4TH QTR NET
  Shr 26 cts vs 18 cts
      Net 2,102,000 vs 1,415,000
      Revs 44.1 mln vs 42.2 mln
      Year
      Shr 21 cts vs 91 cts
      Net 1,678,000 vs 7,105,000
      Revs 155.1 mln vs 149.2 mln
      Note: Current year figures include 10.1 mln dlr writedown
  of costs and investments associated with ethanol refinery
  project.
  

"
training/7494	0	acq	"TAG GROUP TO CUT VALERO ENERGY<VLO> STAKE
  An investor group told the
  Securities and Exchange Commission it plans to cut its stake in
  Valero Energy Corp to 402,925 shares, or 1.6 pct of the total
  outstanding, from 1,522,850 shares, or 6.0 pct.
      The group, led by TAG Group S.A. of Luxembourg, said it
  filed with the SEC on Feb 20 a notice that it proposes to sell
  1,119,925 shares of Valero Energy common stock.
  

"
training/7495	12	earn	"WESTERN TELE-COMMUNICATIONS <WTLCA> 4TH QTR NET
  Oper shr 31 cts vs 34 cts
      Oper net 3,005,000 vs 2,835,000
      Revs 13.1 mln vs 9,478,000
      Year
      Oper shr 1.49 dlrs vs 1.15 dlrs
      Oper net 28.7 mln vs 16.9 mln
      Revs 47.8 mln vs 32.0 mln
      Note: Oper net excludes loss from discontinued operations
  of 726,000 dlrs vs gain of 737,000 dlrs for qtr and gain of
  581,000 dlrs vs gain of 2,350,000 dlrs for year.
      Note: Full name is Western Tele-Communications Inc.
  

"
training/7496	10	crude	"ECUADOR GETS LOAN TO HELP REPAIR OIL PIPELINE
  The Andean Development Corp (CAF) said
  today it is lending 11.7 mln dlrs to Ecuador to help repair 25
  miles of oil pipeline destroyed by an earthquake earlier this
  month.
      the loan was signed here today in the offices of the
  caracas based caf by the corporation's president, galo montano
  perez and ecuadorean ambassador antonio parra gil.
      the loan had originally been intended to finance an
  expansion of the pipeline, but following the earthquake the
  ecuadorean government asked for the terms to be changed so as
  to permit their use in reconstruction.
      Ecuador expects oil production to be suspended for four
  months as a result of the damage, and has asked Venezuela to
  help by supplying 50,000 barrels per day while the pipeline is
  repaired.
      The OPEC member has a production quota of 210,000 bpd but
  has asked the organization to allow it to produce 310,000 bpd
  once the repairs are completed so as to compensate the loss.
  

"
training/7497	0	acq	"HARMON <HRMN> TO BUY RECYCLING FIRM FOR CASH
  Harmon Industries Inc said it
  signed a letter of intent to acquire for about 3.5 mln dlrs, a
  majority of the stock of SNP Inc, a Portland, Oregon-based
  company which has patents to reprocess used railroad ties into
  new ties for resale.
  

"
training/7498	12	earn	"SANTA FE ENERGY PARTNERS LP <SFP> QTLY PAYOUT
  Qtly cash distribution 72 cts vs 72 cts prior
      Pay May 15
      Record March 31
  

"
training/75	5	coffee	"ICO EXPORTERS TO MODIFY NEW PROPOSAL
  International Coffee Organization (ICO)
  exporters will modify their new proposal on quota resumption
  before presenting it to importers tomorrow, ICO delegates said.
      The change, which will be discussed tonight informally
  among producers, follows talks after the formal producer
  session with the eight-member producer splinter group and will
  affect the proposed quota distribution for 12 months from April
  one, they said.
      The proposed share-out would still include shortfall
  declarations, they said.
  

"
training/7500	43	ship	"U.S. SAYS NO SIGNAL BEING SENT BY SHIP MOVEMENTS
  A U.S. Navy battle group led by the
  U.S. aircraft carrier Kitty Hawk is in the northern Arabian Sea
  amid renewed concern about the safety of shipping off the coast
  of Iran, U.S. officials said today.
      But Pentagon spokesman Fred Hoffmann said that reports the
  naval strike force was in the region did not mean the United
  States was sending a new warning to Iran against escalating
  attacks on shipping in the Persian Gulf.
      ""Nothing like that has happened,"" he said. ""No signal is being
  sent.""
      He said that the Kitty Hawk is operating in an area where
  it usually does. ""It's normal. It's in the waters where it's
  supposed to be. It's been there for over a month.""
      The Kitty Hawk and its force of warplanes is the mainstay
  of the U.S. Indian Ocean Battle Group which patrols a vast area
  extending from the Indian subcontinent through the Arabian Sea.
      With the Kitty Hawk and its group in the Arabian Sea to the
  south and the U.S. Mideast Task Force in the Persian Gulf to
  the north, the United States has 10 warships on either end of
  the strategic Straits of Hormuz.
      The Pentagon, as is its custom, declined to confirm the
  exact whereabouts of the ships or what they were up to.
      State Department officials cited concern about the safety
  of ships passing through the Straits on the vital oil supply
  run to the Gulf.
      Iran has conducted repeated attacks on shipping in the Gulf
  and U.S. officials have said that Teheran has recently equipped
  itself with powerful Chinese and Italian-made anti-ship
  missiles, posing a greater threat.
  

"
training/7501	45	sugar	"COSTA RICA SELLS SUGAR TO SOVIET UNION
  Costa Rica has agreed to sell more
  than 32,000 tonnes of sugar this year to the Soviet Union, a
  spokesman for local producers said.
       Miguel Alfaro, president of the agricultural league of the
  sugar cane industry, said the sale follows a recent 50 pct cut
  in Costa Rica's quota for sugar exports to the U.S.
      Alfaro said up to 45,000 tonnes of sugar could be exported
  to the Soviet Union this year under the deal, which is similar
  to one the Soviets made recently with the Dominican Republic.
      A Soviet ship will load 25,000 tonnes at the Pacific port
  of Punta Morales Monday, Alfaro said, and a second ship will
  take an additional 7,107 tonnes two days later.
      Alfaro and other industry sources declined to disclose the
  price at which the sugar was sold.
  

"
training/7504	0	acq	"BAYOU INTERNATIONAL BUYS STAKE IN SOLOMECS
  <Bayou International Ltd> said it
  purchased one-third of the outstanding stock of Solmecs Corp
  N.V., a Netherlands Antilles corporation, for 1,750,000 dlrs.
      Bayou said it will also receive two seats on Solmecs'
  board.
      Bayou Ltd is 55.2 pct owned by Australia Wide Industries
  Ltd.
      Solmecs develops technology relating to energy conversion.
  

"
training/7505	12	earn	"MICROPRO INTERNATIONAL CORP <MPRO> 4TH QTR NET
  Quarter ended Feb 28
      Shr four cts vs seven cts
      Net 500,000 vs 900,000
      Revs 9,200,000 vs 10,500,000
      Year
      Shr four cts vs 12 cts
      Net 600,000 vs 1,500,000
      Revs 17.6 mln vs 20.8 mln
  

"
training/7508	12	earn	"(EXPLOSIVE FABRICATORS INC) 1ST QTR JAN 31 NET
  Net 41,724 vs 120,329
      Revs 1,194,556 vs 1,504,702
  

"
training/7510	45	sugar	"NEW CHIEF ELECTED FOR WORLD SUGAR ORGANISATION
  Dominican Alfredo Ricart will take over
  as executive director of the International Sugar Organization
  (ISO) in mid-April, ISO officer in charge Constantin Politoff
  said.
      Previous ISO chief William Miller retired at end-February
  last year.
      Ricart told Reuters his first aim is put the ""house in order""
  by having a new administrative sugar pact with improved
  allocations of voting rights and financial contributions.
      Once this is done, time can be dedicated to working towards
  a new International Sugar Agreement (ISA) with economic
  clauses, he said.
      Ricart, currently the Dominican Republic's ambassador to
  Austria, the Netherlands and the UN in Geneva, said he will
  visit the four major exporters - Australia, Brazil, Cuba and
  the European Community - to talk to governments and producers
  and find out about problems that are preventing these countries
  finding common ground for a new sugar pact.
  

"
training/7512	45	sugar	"INTERNATIONAL SUGAR PACT TO BE RENEGOTIATED
  The International Sugar Agreement (ISA)
  will be renegotiated, International Sugar Organization (ISO)
  officer in charge Constantin Politoff told Reuters after a
  special session of the pact's council.
      A decision on how to renegotiate will be taken at the ISO
  six monthly session in May. The alternatives are between an
  autumn London conference for another pact without economic
  clauses, but a different voting and budgetary structure, or a
  Geneva-based conference next year for a new pact with economic
  clauses, he said.
      But delegates said the latter would only be considered if
  the world's four major exporters -- Australia, Brazil, Cuba and
  the European Community -- can resolve differences over how
  prices can best be supported and how to share the world
      Today's special session was called because the U.S. earlier
  indicated it would only be able to pay 56 pct of its share of
  the ISO budget.
      At today's council session Politoff said the U.S. would try
  and find a way to pay the balance of about 50,000 stg later
  this year. Currently, about three quarters of this year's ISO
  800,000 stg budget has not been paid but delegates said the
  U.S. caused controversy as it said it might not pay its full
  contribution in the last year of the current pact.
      The Soviet Union has called for changes to the way the ISO
  budget is shared out. Currently it is halved between importers
  and exporters and the Soviet Union has a 30 pct share of the
  importer half. The Soviets want a new sugar pact to have only a
  single category of members who would all share the costs pro
  rata to their share of world sugar trade.
      The ISO executive committee next meets on April 23 with the
  next full council session in the week of May 19.
      There are 12 importing and 44 exporting members of the ISO.
  

"
training/7514	12	earn	"LASER <LSER> SEES IMPACT FROM SUIT ON EARNINGS
  Laser Corp said that costs associated
  with its defense of two shareholder lawsuits could result in a
  net loss for 1987.
      Although Laser expects to post earnings from operations for
  the year, a spokesman said they might be wiped out by legal
  costs, depending on the length of litigation.
      In addition, the company said it will ask shareholders to
  approve proposals to merge the company into its main
  subsidiary, reincorporate in Delaware and change the company's
  name.
  

"
training/7516	12	earn	"PENSION INSURANCE GROUP <PGAI> 4TH QTR
  Shr profit two cts vs profit two cts
      Net profit 216,000 vs 265,000
      Revs 1.7 mln vs 1.4 mln
      Year
      Shr profit four cts vs loss two cts
      Net profit 528,000 vs loss 290,000
      Revs 5.9 mln vs 5.5 mln
      NOTE:1986 net includes realized investment gains of 3,000
  dlrs in year. 1985 4th qtr and year includes realized
  investment gains of 16,000 and 35,000 dlr respectively.
  

"
training/7517	12	earn	"TRANSAMERICA CORP <TA> QUARTERLY DIVIDEND
  Qtly div 44 cts vs 44 cts
      Pay April 30
      Record April 4
  

"
training/7518	12	earn	"SOUTHERN CALIFORNIA EDISON CO <SCE> QTLY DIV
  Qtly div 57 cts vs 57 cts
      Pay April 30
      Record April 3
  

"
training/7519	12	earn	"COMPREHENSIVE CARE CORP <CMPH> QUARTERLY DIV
  Qtly div nine cts vs nine cts
      Pay May 21
      Record May 1
  

"
training/7520	12	earn	"GREAT WESTERN SAVINGS BANK <GWSB> QUARTERLY DIV
  Qtly div 12 cts vs 12 cts
      Pay April 8
      Record April 1
  

"
training/7521	48	trade	"SENATE WANTS JAPAN SEMICONDUCTER PACT ENFORCED
  The U.S. Senate has unanimously
  called for President Reagan immediately to force Japan to live
  up to a pledge to stop dumping its microchips and open its
  markets to U.S. Chipmakers.
      The Senate voted 93 to 0 to urge Reagan to impose penalties
  on Japanese high-technology products containing semiconductors
  in retaliation for what it sees as Japan's violations of the
  semiconductor pact.
      While the measure does not bind Reagan to any action,
  Senate leaders said its adoption would warn Japan stiffer
  legislation would be considered if the violations continue.
      ""We want to send a message to Japan to let it know how the
  Senate feels about this matter,"" Senate Democratic Leader Robert
  Byrd told the Senate.
      Senate Finance Committee chairman Lloyd Bentsen told the
  Senate the measure was not aimed at retaliation but at
  correcting Japan's unfair trade practices.
      A key House trade lawmaker, Representative Richard Gephardt
  also announced he would seek to force Japan and other countries
  with huge trade surpluses to slash their surplus by 10 pct a
  year for three years.
  

"
training/7528	10	crude	"REAGAN SAYS U.S. MUST DO MORE TO LESSEN RELIANCE ON FOREIGN OIL

  REAGAN SAYS U.S. MUST DO MORE TO LESSEN RELIANCE ON FOREIGN OIL
  

"
training/7529	10	crude	"REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS
  President Reagan said the United
  States must do more to lessen its reliance on imported oil.
      President Reagan said during a nationally televised news
  conference that the rising U.S. reliance on foreign oil is a
  problem that the administration is studying.
      ""We have to study this more,"" Reagan said. ""This is why we
  increased the Strategic (Petroleum) Reserve, but we have to do
  more,"" he said.
      Reagan said his administration has already proposed
  deregulating natural gas and eliminating the windfall profits
  tax on crude oil production.
      However, he complained that Congress had not yet approved
  those measures.
      The Department of Energy earlier this week released a
  report that warned of rising U.S. reliance on foreign oil
  imports at a time when domestic production is declining. It
  suggested options for the administration to consider, but made
  no specific recommendations.
  

"
training/7531	48	trade	"TAIWAN'S EXPORT ORDERS FALL IN FEBRUARY
  Export orders for Taiwanese products
  fell 1.37 pct to 3.58 billion U.S. Dlrs in February from 3.63
  billion in January, but rose nearly 43 pct from 2.51 billion a
  year earlier, an Economic Ministry official said.
      He attributed the fall to the rising Taiwan dollar.
      February orders for electric and electronic goods were 619
  mln U.S. Dlrs, up from 574 mln in January and 370 mln in
  February 1986. Garment orders were 324 mln dlrs against 383 mln
  and 283 mln while footwear orders were 297 mln compared with
  333 mln and 200 mln.
  

"
training/7533	47	tin	"BOLIVIAN MINERS CALL GENERAL STRIKE
  About 9,000 miners employed by the
  state corporation, Comibol, declared a general strike as from
  midnight (0400 gmt) to press for higher salaries, a statement
  by the federation for Bolivian mine workers said.
       It said the strike was called to defend the nationalised
  mining industry. The miners were willing to negotiate with the
  government of President Victor Paz Estenssoro, but only if it
  showed an intention to meet the strikers' demands.
       The government said the strike was designed to cause it
  embarrassment during the four-day visit of West German
  President Richard Von Weizsaecker, which starts on Friday.
      The miners statement said police had violently evicted
  Comibol office workers in the city of Oruro after they began a
  hunger strike yesterday.
      The government has sacked about 20,000 miners from its
  deficit-ridden corporation since the collapse in the
  international price of tin. The lay-offs represent about
  two-thirds of the original workforce.
  

"
training/7534	43	ship	"CHINESE PORT UNDERUSED DESPITE CONGESTION NEARBY
  The Chinese port of Ningbo is
  working well below capacity despite being only 130 miles from
  Shanghai, which is seriously congested, a port official said.
      Jiang Feng Xiang said the port -- the deepest in China --
  handled 17.95 mln tonnes of cargo last year, up from 10.44 mln
  in 1985, but well below its potential capacity of 32 mln
  tonnes. Shanghai handled 100 mln tonnes of cargo in 1986.
      Jiang said Ningbo is under-utilised because of its
  inadequate facilities, including a single track rail line
  linking it to Hangzhou, where it joins the national network.
      Ningbo handles crude oil exports and transhipments of coal
  from north to south China and imports include fertiliser and
  soda ash and iron ore from Brazil and Australia. The docks can
  handle ships of up to 150,000 tonnes and oil tankers of up to
  200,000 tonnes can load and unload in the harbour.
      Most of Ningbo's port infrastructure has been built since
  1979, official publications show. A container berth and two
  timber and three general cargo berths will be added during the
  current 1986-90 five-year plan, Jiang said.
      ""The rail line to Hangzhou will be double tracked by 1995.
  By 2000, maybe, we will overtake Shanghai,"" he added.
  

"
training/7539	0	acq	"KRUNG THAI BANK TO TAKE OVER SAYAM BANK
  The state-owned Krung Thai Bank Ltd
  will start taking over state-owned Sayam Bank Ltd and complete
  the process in a year, Finance Minister Suthee Singhasaneh told
  a press conference.
      He said the takeover decision was made this week to stem
  the current heavy losses of Sayam and to avoid competition
  between the two state-owned institutions.
      The minister said some of the existing 30 Sayam Bank
  branches will be merged with their Krung Thai counterparts,
  while others will continue operating but under Krung Thai's
  name.
      Sayam Bank has existed since August 1984 when the Finance
  Ministry took over and re-named the Asia Trust Bank Ltd.
      Sayam president Waree Havanonda told reporters last month
  her bank posted a loss of more than 400 mln baht in 1986. At
  the end of 1985 the bank, with 13.8 billion baht of assets, was
  ranked 12th among Thailand's 16 local commercial banks.
      Waree said Sayam Bank was trying to recall about six to
  seven billion baht of loans extended by its previous private
  management and was taking legal action to collect another four
  to five billion baht of doubtful debts.
      Krung Thai is Thailand's third largest bank.
  

"
training/754	5	coffee	"SENIOR DELEGATES PESSIMISTIC ON ICO TALKS
  Efforts to break an impasse between
  coffee exporting and importing countries over regulating the
  world coffee market in the face of falling prices appear to
  have failed, senior delegates said after a contact group
  meeting. The full ICO council is due to meet this evening.
      President of the Brazilian Coffee Institute (IBC) Jorio
  Dauster told Reuters after the contact group meeting there had
  been no agreement on quotas as consumers had tried to dictate
  market shares rather than negotiate them.
      Dauster said there are no plans yet to renew negotiations
  at a later date.
  

"
training/7541	12	earn	"KOMATSU LTD <KOMT.T> YEAR 1986
  Group shr 17.68 yen vs 26.49
       Net 14.70 billion vs 21.92 billion
       Pretax 35.76 billion vs 48.85 billion
       Operating 32.88 billion vs 51.90 billion
       Sales 788.73 billion vs 796.24 billion
       NOTE - Company forecast for current year is group net
  15.50 billion on sales of 800 billion.
  

"
training/7544	12	earn	"KIRIN BREWERY CO LTD <KNBW.T> YEAR TO JANUARY 31
  Parent shr 37.12 yen vs 34.97
      Div 9.50 yen vs 7.50
      Net 33.34 billion vs 31.05 billion
      Current 79.30 billion vs 73.32 billion
      Operating 72.13 billion vs 65.53 billion
      Sales 1,222 billion vs 1,211 billion
      Outstanding shrs 897.96 mln vs 887.76 mln
      NOTE - 1986/87 dividend included two yen bonus dividend to
  mark 80th anniversary. Company forecast for current year is
  parent shr 37.86 yen, div 7.50 yen, net 34 billion, current 81
  billion and sales 1,250 billion.
  

"
training/7548	0	acq	"RAINBOW AND EQUITICORP PLACE ULTRAMAR STAKE
  New Zealand investment companies
  <Rainbow Corp Ltd> and <Equiticorp Holdings Ltd> have placed
  the majority of their joint shareholding in oil and gas
  conglomerate Ultramar PLC <UMAR.L> at prices up to 2.20 stg per
  share, the companies said in a statement.
      The companies said they had bought their 4.9 pct stake in
  Ultramar for a total of 50 mln N.Z. Dlrs through a joint
  venture company formed for that purpose in October.
      They said the joint venture made a profit of 15 mln N.Z.
  Dlrs on the deal, but they did say how many shares they had
  sold. No further details of the sale were available.
  

"
training/7552	6	copper	"PHILIPPINE COPPER SMELTER FACES SHIPMENT DELAYS
  Copper shipments are likely to be
  delayed because of power problems at <Philippine Associated
  Smelting and Refining Corp> (PASAR), the country's only
  smelter, a company official said.
      Asked to confirm reports by New York copper trade sources
  about PASAR's shipment problems, marketing manager Deogracias
  Madrid told Reuters, ""They are partly correct. There could be a
  probable delay.""
      Madrid declined to give more details, or production and
  export figures, saying the information could lead to
  speculation.
      PASAR's smelter is in the central province of Leyte.
      The New York trade sources said if PASAR's shipments were
  delayed, customers might have to turn to the London Metal
  Exchange for supply.
      ""We have a commitment to our customers and I would not like
  to comment on that,"" Madrid said.
      A spokeswoman for the Chamber of Mines said Philippine
  copper production amounted to 222,644 tonnes in 1986, down
  slightly from 226,157 tonnes in 1985. She said production in
  the first two months of 1987 totalled 34,550 tonnes, compared
  with 36,462 tonnes in the same 1986 period.
  

"
training/7554	33	money-supply	" German M3 rose 2.6 billion marks in February to 1,035.1 billion - Bundesbank

   German M3 rose 2.6 billion marks in February to 1,035.1 billion - Bundesbank
  

"
training/7555	33	money-supply	"GERMAN M3 RISES 2.6 BILLION MARKS IN FEBRUARY
  West German M3 money supply rose a
  seasonally adjusted 2.6 billion marks in February to 1,035.1
  billion, the Bundesbank said.
      The rise compares with a revised 14.8 billion mark increase
  in January and a 2.2 billion rise in February 1986.
  

"
training/7557	24	iron-steel	"NON-COMMUNIST STEEL OUTPUT CONTINUES TO FALL
  Steel output in the major
  non-Communist producing countries fell sharply in February,
  continuing a long-running trend, International Iron and Steel
  Institute figures showed.
      Production in the 30 countries which report their figures
  to it was 6.9 pct below the February 1986 level at 32.03 mln
  tonnes.
      Output in the United States fell 18.5 pct to 5.30 mln
  tonnes, that in Japan 7.8 pct to 7.27 mln and that in the
  European Community 6.5 pct to 9.91 mln.
      The figures continue to indicate a switch away from these
  traditional major producing countries to the more advanced
  developing countries.
      Brazilian February output rose 9.2 pct from year-earlier
  levels to 1.73 mln tonnes and that in South Korea was up 7.5
  pct at 1.17 mln tonnes.
      The 30 countries covered by the figures account for about
  97 pct of world non-Communist steel production, the Institute
  said.
  

"
training/7558	0	acq	"GUINNESS STARTS COURT ACTION AGAINST SAUNDERS
  Guinness Plc <GUIN.L> said it has
  started court proceedings against former chairman and chief
  executive Ernest Saunders and non-executive director Thomas
  Ward for recovery of 5.2 mln stg.
      The money was paid to Ward via Marketing and Acquisition
  Consultants Ltd in Jersey.
      Guinness said earlier it would propose a resolution at the
  annual meeting in May to remove Saunders and Ward as directors
  of the company.  Earlier this month, lawyers for Ward told a
  Jersey court that Ward saw the payment as his reward for
  services in last year's takeover battle for <Distillers Co
  Plc>.
      Guinness has said that both men breached their fiduciary
  duty in authorising the payment.
      Saunders resigned from his executive positions at Guinness
  in January in the aftermath of a government enquiry into share
  dealings during the battle for Distillers but retained his
  position on the board.
      No spokesman for Guinness was immediately available for
  comment on the statement.
  

"
training/756	12	earn	"GLAMIS GOLD LTD <GLGVF> SIX MTHS DEC 31 NET
  Shr 16 cts vs 22 cts
      Net 1,226,597 vs 1,327,016
      Revs 6,598,580 vs 5,921,828
  

"
training/7564	22	interest	"Abbey National said it cutting U.K. Mortgage rate by 1.125 pct to 11.25 pct

  Abbey National said it cutting U.K. Mortgage rate by 1.125 pct to 11.25 pct
  

"
training/7566	30	lumber	"TROPICAL FOREST DEATH COULD SPARK NEW DEBT CRISIS
  The death of the world's tropical rain
  forests could trigger a new debt crisis and social and
  biological disasters, scientists and ecologists involved with
  the International Tropical Timber Organisation (ITTO) said.
      At stake is the ability of developing nations, including
  Brazil, Mexico and the Philippines, to service their debts and
  the loss of trade worth hundreds of billions of dollars in
  important sectors such as agriculture and pharmaceuticals, they
  said.
      The experts, gathering ahead of an ITTO meeting of
  consumers and producers near Tokyo next week, said the problem
  is already acute.
      The Philippines offers a textbook case of the economic
  dangers. ""For many third world nations, the loss of the forest
  is not just a loss of resources,"" said Delfin Ganapin, a
  Philippine government consultant on environmental impact.
      ""In the 1960s we had 16 mln hectares of commercial forest,
  now we have one mln. We have only around 10 years of profitable
  logging left. With a 26 billion dlr debt, the loss of logging
  foreign exchange earnings is serious,"" he said.
      About 14 mln Philippine people depend on upland areas that
  are now denuded and farmers cannot grow crops.
      Government security advisers say that as a direct result,
  the most likely source of revolution in the Philippines is in
  the upland areas, said Ganapin.
      Replanting is uneconomic and replanted tropical hardwoods
  have less than a 50 pct chance of survival. There is no known
  way to reproduce the wood, or the millions of species within.
      ""No replanting programme has been successful,"" said Almy
  Hafild from the Indonesian Network for Forest Conservation.
      Ganapin said three billion dlrs would be needed in the next
  two years alone to save five mln hectares of critically denuded
  land in the Philippines.
      The experts say that without a major initiative from the
  development banks, the vicious circle will continue with
  countries cutting more forest to help service short-term debts
  at the cost of long-term insolvency.
      Yet timber, a five billion dlr a year industry, is not
  necessarily the most direct economic product of the forests,
  and nations must be educated in how best to ""farm"" them, said
  Peter Kramer, World Wildlife Fund (WWF) conservation director.
      There is a four billion dlr annual global trade in the end
  products of rattan, and Brazil nuts earn Brazil 16 mln dlrs a
  year, he said.
      U.S. Pharmacologist Norman Farnsworth has calculated that
  25 pct of all U.S. Prescriptions owe their active ingredients
  to higher plants growing in the forests.
      Deforestation would wipe out the chance of further
  discoveries and force major corporations to research, develop
  and produce man-made substitutes, at a cost which scientists
  say is incalculable.
      By the year 2000, only 10 developing nations will still be
  exporting timber, from 33 currently, and their export earnings
  will drop from a 1980 peak of 6.8 billion dlrs to less than two
  billion, a World Bank and U.N. Sponsored survey said.
      Of the 20.3 billion dlrs advanced by the World Bank,
  Inter-American, African and Asian Development Banks in 1980-84,
  only 100 mln dlrs went to forestry projects, it said.
      WWF statistics show half of the world's tropical forests
  have vanished since the 1940s. Of 2,000 mln hectares remaining,
  up to 16 mln are destroyed each year by destructive logging
  practises and by local farmers.
  

"
training/7568	32	money-fx	"BANK OF FINLAND WILL ANNOUNCE NEW MEASURES
  The Bank of Finland called a news
  conference at 1200 GMT to announce new measures for the
  ""development of the system of monetary control.""
      A spokesman for the Bank declined to give further details.
      Banking sources said they expected the bank to announce it
  will actively take part in the interbank market and buy and
  sell certificates of deposit.
      The state treasury issues government paper with a maturity
  of up to one year. The central bank has so far not issued its
  own paper, the sources said.
  

"
training/7569	45	sugar	"JAPAN SLIGHTLY REDUCES SUGAR CONSUMPTION ESTIMATE
  The Agriculture Ministry said it revised
  its April-June sugar consumption estimate down to 623,300
  tonnes on a refined basis, from 637,800 estimated at the end of
  December.
      It said the estimate for domestically produced sugar supply
  for the same period was revised to 190,400 tonnes from the
  earlier estimate of 195,100 tonnes, while imports were revised
  to 402,000 tonnes from the earlier 435,800 tonnes.
      It did not revise its sugar consumption estimate of 2.53
  mln tonnes for the 1986/87 sugar year ending September 30.
      The ministry said the estimate for the 1986/87 year's
  supply of domestically produced sugar was revised to 881,000
  tonnes, from the earlier estimate of 863,000.
      The estimate for 1986/87 imports was revised to 1.642 mln
  tonnes, from an earlier 1.645 mln tonnes.
  

"
training/757	0	acq	"U.S. APPROVES BUYOUT OF COASTAL BANCORP <CSBK>
  Coastal Bancorp said the U.S.
  Federal Reserve Board approved the acquisition of Coastal by
  Suffield Financial Corp <SSBK>.
      The acquisition still requires approval from the Banking
  Department in Maine, the company noted.
  

"
training/7570	0	acq	"GERMAN VEBA PLACEMENT SAID LIKELY EARLY NEXT WEEK
  The placement of the German federal
  government's 25.6 pct stake in utility Veba AG <VEBG.F> would
  probably take place early next week, banking sources said.
      Share dealers said speculation had arisen in the early
  pre-bourse market that the Veba announcement could come as
  early as today. But one banking source, though confirming that
  most of the details had been worked out, said the chances of an
  announcement today were about nil. He had no price details.
      The 10 mln shares on offer are expected to bring a cash
  call in Germany for well over two billion marks. The share was
  around 253 marks today after a 6.50 drop to 252 yesterday.
  

"
training/7574	1	alum	" Feb daily ave unwrought aluminium output 33,900 tonnes, up 400 tonnes, IPAI.

   Feb daily ave unwrought aluminium output 33,900 tonnes, up 400 tonnes, IPAI.
  

"
training/7576	12	earn	"STANDARD BANK UNABLE TO MAKE EARNINGS FORECAST
  Standard Bank Investment Corp Ltd
  (SPRJ.J) chairman Henri de Villiers said he could not predict
  profits for the bank this year because of South Africa's
  continuing political unrest.
      De Villiers also warned in the annual report that ""failing
  prompt and decisive political action, South Africa faces a
  future of violent deadlock between different racial and
  political groupings."" 
      He said South Africa's future economic prospects are
  ""clouded by political and social issues and in the absence of
  evidence that these are being positively addressed I am unable
  to offer an earnings forecast for 1987.""
      Standard Bank, 39 pct owned by Standard Chartered PLC
   <STCH.L>, London, previously reported that 1986 net income
  rose by 13.8 pct to 209.0 mln rand.
      The bank said its bad debt losses should begin to decline
  this year ""although it may take some time before they return to
  accepted industry norms.""
      The annual report showed that the bank's charge for bad and
  doubtful debts rose in 1986 to 187.6 mln rand from 162.1 mln
  rand in the prior year.
      The bank said net income of its Standard Bank of South
  Africa subsidiary declined 8.2 pct in 1986 to 112.3 mln rand in
  a difficult banking environment caused mainly by low credit
  demand.
  

"
training/7577	1	alum	"NON-COMMUNIST FEBRUARY ALUMINIUM OUTPUT UP, IPAI
  Non-Communist daily average unwrought
  aluminium production in February was 33,900 tonnes, up 400
  tonnes from a downwardly revised 33,500 tonnes in January and
  compared with 32,900 tonnes in February 1986, provisional
  figures from the International Primary Aluminium Institute
  (IPAI) show.
      Total production in February (28 days) was 949,000 tonnes
  compared with a downwardly revised 1.038 mln in January (31
  days) and 920,000 in February 1986.
      The regional breakdown of unwrought aluminium production
  was as follows (in thousands of tonnes) the IPAI said.
                   Feb'87   Jan'87    Feb'86
      Africa           45       50        41
      North America   354      389       353
      Latin America   115      121        98
      East Asia         7        9        16
      South Asia       72       79        72
      Europe          268      293       256
      Oceania          88       97        84
  

"
training/758	12	earn	"LITTLE PRINCE PRODUCTIONS LTD<LTLP>1ST QTR LOSS
  Qtr ended Dec 31
      Shr profit nil vs loss nil
      Net profit 858 vs loss 3,957
      Revs 7,372 vs 1,500
  

"
training/7580	8	cpi	"U.K. FEB RETAIL PRICES UP 0.4 PCT, BASE REVISED, YEAR-ON-YEAR RISE 3.9 PCT - OFFICIAL

  U.K. FEB RETAIL PRICES UP 0.4 PCT, BASE REVISED, YEAR-ON-YEAR RISE 3.9 PCT - OFFICIAL
  

"
training/7581	15	gnp	"UK AVERAGE GDP RISES PRELIMINARY 2.6 PCT IN 1986, UP 0.7 PCT IN 4TH QTR  - OFFICIAL

  UK AVERAGE GDP RISES PRELIMINARY 2.6 PCT IN 1986, UP 0.7 PCT IN 4TH QTR  - OFFICIAL
  

"
training/7583	15	gnp	"U.K. AVERAGE GDP RISES 2.6 PCT IN 1986
  Britain's gross domestic product (GDP)
  on the average basis of output, expenditure and income rose by
  2.6 pct in 1986 after a 3.4 pct increase a year earlier,
  Central Statistical Office (CSO) preliminary figures show.
      In the fourth quarter, GDP rose 0.7 pct over the previous
  quarter and was up 3.3 pct on the same 1985 quarter.
      The average estimate index, seasonally-adjusted and based
  1980, was set at 114.3 in the fourth quarter of 1986 against
  113.5 in the previous quarter and 110.7 in the final quarter of
  1985.
      The CSO said the average GDP estimate index for 1986 as a
  whole was 113.1, up 2.6 pct from 110.2 for 1985.
      On the output measure, GDP rose an upward revised
  seasonally adjusted 0.3 pct in the fourth quarter of 1986 to
  114.9 on the output index from 114.5 in the previous quarter,
  giving a 3.2 pct rise over the fourth 1985 quarter, the CSO
  figures show.
      On income-based GDP, the index in the fourth quarter rose
  by 0.7 pct from the third quarter and was up 3.8 pct on the
  year-ago quarter.
      The indices stood at 115.3, 114.4 and 111.0 respectively.
      Expenditure-based GDP rose 1.2 pct in the fourth quarter of
  1986 from the third quarter and was up 2.9 pct from the same
  1985 quarter.
      The CSO set the expenditure index at 112.9 from 111.6 in
  the third quarter of 1986 and 109.8 in the final 1985 quarter.
      The year-on-year rise for expenditure GDP was 2.3 pct with
  the expenditure index for the whole of 1986 set at 111.9
  against 109.4 a year earlier.
      For income GDP, the year-on-year rise was 2.6 pct against
  against three pct a year earlier. The ouptut GDP measure rose
  2.8 pct year-on-year, down from 3.8 pct in 1985.
      The government usually considers the output measure the
  most reliable way of measuring short-term GDP changes.
      It is based on output data for production industry and
  partial information for the rest of the economy.
      The government had forecast that average measure GDP would
  rise 2.5 pct in calendar 1986 after 3.3 pct in 1985. The budget
  unveiled on Tuesday foresaw GDP growth in 1987 of three pct.
      The GDP deflator, based on expenditure at market prices,
  rose 1.2 pct in the fourth quarter from the third, to give a
  2.4 pct rise over fourth quarter 1985. Year-on-year, the
  deflator rose 3.7 pct.
  

"
training/7584	8	cpi	"U.K. RETAIL PRICES RISE 0.4 PCT IN FEBRUARY
  The Retail Price Index (RPI), Britain's
  measure of inflation, rose 0.4 pct in February on a revised
  basis, to give a year-on-year rise of 3.9 pct, the Employment
  Department said.
      In January, the index rose 0.4 pct for a 3.9 pct
  year-on-year rise on both the previous base and the new index.
      The February RPI was set at 100.4, base January 1987. In
  February 1986, the RPI rose 0.4 pct, giving a 5.1 pct
  year-on-year increase on the old basis.
      The inflation data compares with market forecasts for a
  rise of 0.4 - 0.5 pct in February and a yearly rise of about
  four pct, economists said.
      The Employment Department said the rise in the index
  between January and February was mainly the result of higher
  prices for petrol, fresh vegetables, cars and car maintenance.
  

"
training/7585	50	wpi	"DANISH WHOLESALE PRICES FALL 0.5 PCT IN FEBRUARY
  Denmark's wholesale price index fell
  0.5 pct in February, giving a year-on-year fall of 4.9 pct, the
  National Statistics Office said.
      The index, base 1980, stood at 135 in February, a fall of
  one point compared to January, against 142 in February 1986.
  

"
training/7590	8	cpi	"CANADA CONSUMER PRICE INDEX ROSE 0.4 PCT IN FEBRUARY, STATISTICS CANADA SAID

  CANADA CONSUMER PRICE INDEX ROSE 0.4 PCT IN FEBRUARY, STATISTICS CANADA SAID
  

"
training/7591	8	cpi	"CANADA FEBRUARY CONSUMER PRICES UP 0.4 PCT
  The Canadian consumer price index rose
  0.4 pct in February, to 135.8, base 1981, compared with a 0.2
  pct rise in January and a 0.4 pct rise in February last year,
  Statistics Canada said.
      The February year-one year rise was 4.0 pct compared with a
  3.9 pct rise in January.R
  

"
training/7592	47	tin	"BOLIVIAN MINERS CALL GENERAL STRIKE
  About 9,000 miners employed by the
  state corporation, Comibol, declared a general strike as from
  midnight (0400 gmt) to press for higher salaries, a statement
  by the federation for Bolivian mine workers said.
       It said the strike was called to defend the nationalised
  mining industry. The miners were willing to negotiate with the
  government of President Victor Paz Estenssoro, but only if it
  showed an intention to meet the strikers' demands.
       The government said the strike was designed to cause it
  embarrassment during the four-day visit of West German
  President Richard Von Weizsaecker, which starts on Friday.
      The miners statement said police had violently evicted
  Comibol office workers in the city of Oruro after they began a
  hunger strike yesterday.
      The government has sacked about 20,000 miners from its
  deficit-ridden corporation since the collapse in the
  international price of tin. The lay-offs represent about
  two-thirds of the original workforce.
  

"
training/7593	0	acq	"KLM EXPANDS TALKS WITH BRITISH AND COMMONWEALTH
  KLM Royal Dutch Airways <KLM.AS> said
  it agreed to take full control of a partially owned Dutch-based
  parcel delivery service and will offer a minority stake in it
  to British and Commonwealth Shipping Plc <BCOM.L>
      KLM, seeking to strengthen its market position in the fast
  growing door-to-door delivery market, said it agreed with Dutch
  retailer Vendex International <VENN.AS> to take over Vendex's
  50-pct in their jointly-owned courier, <XP System VOF>.
      Ownership of XP will now be brought into the talks started
  by KLM last week with British and Commonwealth for a one-third
  stake in the latter's <IML Air Services Group Ltd> courier.
      When announcing the negotiations with British and
  Commonwealth last week, KLM said buying a minority stake in IML
  could involve a convertible loan issue.
      A KLM spokeswoman said the Dutch flag carrier would now
  offer a minority stake in XP to British and Commonwealth in the
  negotiations on IML, but declined to elaborate on financial
  aspects of the talks.
      She said KLM would like the two courier services to
  cooperate in future and did not exclude a future merger between
  them to combine IML's strong world-wide network with XP's
  mainly European activities.
      XP System is based in the southern Dutch airport of
  Maastricht and has an annual turnover of 100 mln guilders.
      KLM, which is also negotiating with British and
  Commonwealth for a 15-pct stake in the latter's regional
  airline <Air U.K. Ltd>, says door-to-door delivery courier
  services are seeing substantially faster growth than
  traditional cargo activities.
  

"
training/7596	0	acq	"RAINBOW SAYS BRIERLEY UPSETTING PROGRESSIVE MERGER
  <Rainbow Corp Ltd> said <Brierley
  Investments Ltd> (BIL) is trying to disrupt Rainbow's planned
  merger with <Progressive Enterprises Ltd>.
      Rainbow chairman Allan Hawkins said in a statement, ""In our
  opinion BIL have deliberately tried to create anomalies in the
  market prices of Rainbow and Progressive shares since the
  merger was announced.""
      The merger, announced in February, involves the formation
  of a new company, <Astral Pacific Corp Ltd>, which Rainbow and
  Progressive shareholders will enter into on a one-for-one share
  basis. Both boards have approved the merger.
      BIL has said it was the mystery bidder behind a recent
  stand in the market for three mln Progressive shares.
      ""We simply regard Progressive Enterprises shares to be worth
  approximately twice as much as Rainbow shares and do not think
  the merger, as proposed, is soundly based,"" BIL chief executive
  Paul Collins said in an interview in the weekly National
  Business Review newspaper published today.
      Collins was not immediately available to respond directly
  to Hawkins' statement.
      Hawkins said the merger has been assessed by independent
  consultants and declared fair in all respects, with benefits to
  all shareholders.
      ""We are not going to stand by while other parties distort
  the picture for their own strategic purposes and distract the
  market away from the real benefits of the merger,"" he said.
      ""In our opinion, BIL's actions are clearly not designed to
  be in the long term interests of either Progressive or Rainbow
  shareholders,"" Hawkins said.
  

"
training/76	33	money-supply	"U.S. COMMERCIAL PAPER FALLS 375 MLN DLRS IN FEB 18 WEEK, FED SAYS

  U.S. COMMERCIAL PAPER FALLS 375 MLN DLRS IN FEB 18 WEEK, FED SAYS
  

"
training/7600	48	trade	"TAIWAN PLANS MISSION TO CLOSE TRADE GAP WITH U.S.
  Taiwan's leading industrial organisation
  said it will send its first buying mission to the U.S. Later
  this year in an effort to reduce the country's trade surplus
  with Washington.
      A spokesman for the Chinese National Federation of
  Industries told Reuters the mission was part of a broader plan
  to switch large purchases to the U.S. From Japan.
      The Federation groups all of Taiwan's major industrial
  associations. Last year its members purchased about 4.5 billion
  U.S. Dlrs worth of industrial products from Japan and about 1.8
  billion from the U.S.
      The spokesman said Federation members were now discussing
  the volume of business they could transfer to America.
      He said they had drawn up a list of about 80 industrial
  products they would be shopping for in the U.S. During the
  buying mission in September, but he could give no figure on how
  much would be spent.
      A Board of Foreign Trade official told Reuters the
  government would send two buying missions to America between
  June and July this year and might send others later.
      Taiwan's trade surplus with the U.S. Rose to a record 13.6
  billion dlrs last year from 10.2 billion in 1985.
  

"
training/7602	1	alum	"20-MAR-1987
  20-MAR-1987

"
training/7603	0	acq	"NEWMAN, HAWKER DISCUSS ELECTRIC MOTOR MERGER
  <Newman Industries Plc> said it was
  discussing the possible merger of its electric motor operations
  with Hawker Siddeley Group Plc's <HSID.L> <Brook Crompton
  Parkinson Motors Ltd> unit.
      Newman has electric motor operations in the U.K. And
  Australia. The company gave no further details but said a
  further statement would be made shortly.
      Newman shares eased one penny on the announcement to 43p
  while Hawker was unchanged at 528p, three pence higher on last
  night's close.
  

"
training/7604	0	acq	"AKZO BUYS RHONE-POULENC HOUSEHOLD UNITS
  Dutch chemical group Akzo
  N.V. <AKZO.AS> said it agreed to take over household product
  subsidiaries of French group Rhone-Poulenc <RHON.PA> for an
  undisclosed sum.
      Under the agreement, Akzo will acquire the household
  product activities of the Lyons-based <Rhodic> and
  Remalard-based <Buhler-Fontaine> units of Rhone Poulenc.
  Together, these activities account for over 180 mln French
  francs in annual sales and employ 170, Akzo said.
      Akzo will integrate the firms, to be partially joined with
  its own French activities, in its consumer products division.
  

"
training/7605	0	acq	"SWISS BANKER WANTS BOND RATINGS, SHARE DISCLOSURE
  A top Swiss banker called for an
  obligatory, continuous rating for all Swiss franc bonds and
  said he believed anyone buying more than five pct of a company
  should be made to declare their share.
      In comments at a news conference of <Vontobel Holding AG>,
  chairman Hans Vontobel said he believed it was up to the banks'
  own self-regulating bodies, such as the Swiss Admissions Board,
  to take such action before governmental bodies stepped in.
      A decline in the average quality of borrowers on the Swiss
  franc market and a debate on the use of registered shares to
  prevent takeovers have made both major issues among bankers.
      Vontobel noted that many borrowers already came to the
  market with ratings from the major U.S. Agencies, which were
  readily available to professionals through specialised
  information systems.
      ""We should make this classification obligatory and publish
  it in places that are easily accessible to lay people,"" he said.
  The quick changing nature of the financial market meant these
  ratings should also be continually updated, he said.
      Vontobel also noted that recent years had seen companies,
  worried about takeovers, increasingly issuing registered shares
  and participation certificates rather than bearer shares.
      However, both types of issue had a drawback, he said. The
  recent attempt by Jacobs Suchard AG <JACZ.Z> to take over Hero
  Conserven Lenzburg <HERZ.Z> had shown the limits of a 1961
  pledge by the banks not to sell registered shares to someone
  who was not eligible according to the company's statutes.
      Excessive issue of participation certificates, which do not
  carry voting rights, would also be contrary to the principle of
  greater democracy in the new share law before Parliament.
      ""People buying, for example, more than five pct of a
  company's shares should be made to declare their purchase,"" he
  said.
  

"
training/7606	23	ipi	"ITALIAN JANUARY INDUSTRIAL OUTPUT FALLS 3.4 PCT
  Italian industrial production fell 3.4 pct
  in January, compared with the same month last year, the
  national statistics institute Istat said.
      The rise follows a year-on-year increase in December 1986
  of 4.5 pct.
      Istat's industrial production index, base 1980, not
  seasonally adjusted, registered 93.3, compared with 96.6 in
  January 1986.
      Istat said there were 20 working days in January, the same
  as December, but one fewer than January last year.
      Istat said the year-on-year fall reflected poorer
  performances in the footwear, clothing, textiles, chemicals and
  metals industries.
      It said office machinery and data sectors, wood and
  furniture, precision mechanics, oil and electricity showed
  improved activity.
      Calculations based on Istat figures showed industrial
  production rose 2.4 pct in January, on a month-on-month basis,
  after falling 12.0 pct in December over November.
  

"
training/7609	12	earn	"BERLINER BANK SUFFERS LOSSES ON STUTTGART LOANS
  <Berliner Bank AG> has suffered
  losses of between 10 and 100 mln marks through credits granted
  by its Stuttgart branch by officials there exceeding their
  powers, a bank spokesman said in answer to queries.
      The spokesman declined to say exactly how large the losses
  were. Berliner Bank has suspended the three managers of its
  Stuttgart branch and is continuing an investigation into the
  case, in which state prosecutors are also participating.
      The fact that powers had been exceeded emerged in a routine
  check at the branch. The City of West Berlin owns 74 pct of
  Berliner Bank and the rest is held by small shareholders.
  

"
training/7611	10	crude	"REAGAN SAYS U.S. NEEDS TO LESSEN OIL IMPORTS
  President Reagan said the United
  States must do more to lessen its reliance on imported oil.
      President Reagan said during a nationally televised news
  conference that the rising U.S. reliance on foreign oil is a
  problem that the administration is studying.
      ""We have to study this more,"" Reagan said. ""This is why we
  increased the Strategic (Petroleum) Reserve, but we have to do
  more,"" he said.
      Reagan said his administration has already proposed
  deregulating natural gas and eliminating the windfall profits
  tax on crude oil production.
      However, he complained that Congress had not yet approved
  those measures.
      The Department of Energy earlier this week released a
  report that warned of rising U.S. reliance on foreign oil
  imports at a time when domestic production is declining. It
  suggested options for the administration to consider, but made
  no specific recommendations.
  

"
training/7618	10	crude	"TRICO <TRO> GETS CHINESE CONTRACT
  Trico Industries Inc said it has
  received a six mln dlr contract to supply hydraulic lift
  equipment for heavy crude oil production for the Chinese
  Ministry of Petroleum Industry.
      The company said the equipment is for use in the Laiohe
  oilfield 350 miles northeast of Peking and will equip a
  140-well program.
  

"
training/762	0	acq	"AMCA <AIL> TO SELL SOME DOMINION BRIDGE ASSETS
  AMCA International Ltd said it finalized
  agreement to sell certain assets and inventories of its
  Dominion Bridge steel service center operations to <Federal
  Industries Ltd>'s Russelsteel Inc unit. Terms were undisclosed.
      It said the sale involved assets and operations of the
  general line of steel service centers in Toronto and Edmonton,
  Alberta and steel from inventories of closed AMCA branches.
      The company said the sale was part of a previously
  announced restructuring program to allow it to focus on certain
  core businesses and generate cash to cut debt.
  

"
training/7620	12	earn	"MICRON TECHNOLOGY INC <DRAM> 2ND QTR MARCH FIVE
  Shr loss 46 cts vs loss 51 cts
      Net loss 10.9 mln vs loss 9,782,818
      Revs 20.1 mln vs 9,437,270
      Avg shrs 23.5 mln vs 19.3 mln
      1st half
      Shr loss 90 cts vs loss 1.11 dlrs
      Net loss 20.6 mln vs 21.4 mln
      Revs 38.9 mln vs 14.5 mln
      Avg shrs 22.8 mln vs 19.2 mln
  

"
training/7621	12	earn	"BIOSEARCH MEDICAL PRODUCTS INC <BPMI> 4TH QTR
  Shr loss seven cts vs loss 23 cts
      Net loss 381,000 vs loss 1,071,000
      Sales 4,531,000 vs 4,409,000
      Year
      Shr loss 21 cts vs loss 98 cts
      Net loss 1,098,000 vs loss 4,658,000
      Sales 17.8 mln vs 17.3 mln
  

"
training/7622	12	earn	"MOORE FINANCIAL GROUP INC <MFGI> SETS PAYOUT
  Qtly div 30 cts vs 30 cts prior
      Pay April 16
      Record April Three
  

"
training/7623	23	ipi	"DUTCH JANUARY INDUSTRIAL PRODUCTION RISES 4.8 PCT
  Industrial production rose 4.8 pct on
  a seasonally-adjusted basis in January compared with December
  while rising 2.8 pct from January last year, Central Bureau of
  Statistics figures show.
      In December, industrial production fell by 2.8 pct from
  November while rising 2.9 pct compared with December 1985.
      The industrial production index, base 1980, stood at 109 in
  January compared with a downward revised 104 in December, which
  was initially put at 105. In January last year, the index stood
  at 106 and in December 1985 at 101.
  

"
training/7626	48	trade	"SENATE WANTS JAPAN SEMICONDUCTER PACT ENFORCED
  The U.S. Senate has unanimously
  called for President Reagan immediately to force Japan to live
  up to a pledge to stop dumping its microchips and open its
  markets to U.S. Chipmakers.
      The Senate voted 93 to 0 to urge Reagan to impose penalties
  on Japanese high-technology products containing semiconductors
  in retaliation for what it sees as Japan's violations of the
  semiconductor pact.
      While the measure does not bind Reagan to any action,
  Senate leaders said its adoption would warn Japan stiffer
  legislation would be considered if the violations continue.
      ""We want to send a message to Japan to let it know how the
  Senate feels about this matter,"" Senate Democratic Leader Robert
  Byrd told the Senate.
      Senate Finance Committee chairman Lloyd Bentsen told the
  Senate the measure was not aimed at retaliation but at
  correcting Japan's unfair trade practices.
      A key House trade lawmaker, Representative Richard Gephardt
  also announced he would seek to force Japan and other countries
  with huge trade surpluses to slash their surplus by 10 pct a
  year for three years.
  

"
training/7627	0	acq	"FLEET <FLT> COULD FACE CONNECTICUT DIVESTITURE
  Fleet Financial Group said it might
  have to sell its First Connecticut Corp subsidiary as a result
  of its proposed 1.3 billion dlr acquisition of Norstar Bancorp
  <NOR>.
      Under Connecticut banking law, New England based bank
  holding companies such as Fleet are not allowed to operate
  Connecticut banks if they merge with companies from outside the
  region.  Norstar is based in Albany, N.Y.
      First Connecticut has assets of about two billion dlrs. 
  Fleet has total assets of about 21 billion dlrs.
      Fleet said it will seek to have the Connecticut law amended
  to allow it to retain First Connecticut, which is based in
  Hartford.
      Fleet's acquisition of Norstar is now expected to be
  completed around July 1, 1988, when a change in laws in Fleet's
  home state of Rhode Island allowing interstate banking outside
  New England will go into effect.
  

"
training/7629	16	gold	"GEODOME <GOEDF> TO START MINE CONSTRUCTION
  Geodome Resources Ltd said
  following receipt of a feasibility study from Raytheon Co's
  <RTN> Stearns Catalytic unit, it will proceed with construction
  and pre-production stripping at its Sunbeam Mine in Custer
  County, Idaho, as quickly as possible.
      The company said the study found proven ore reserves of
  3,302,000 short tons grading 0.077 ounce of gold per ton.  It
  said the mine will operate at a rate of 626,000 tons of ore per
  year, with higher-grade ore being mined in the first three
  years for a rapid payback of capital costs.
      The company said the feasibility study calls for gold
  production averaging 41,000 ounces a year for the life of the
  mine and 50,000 ounces a year over the first three years, with
  99,000 ounces of silver per year being produced over the miune
  life.
      Capital costs would be 22.3 mln dlrs with all-new equipment
  and 500,000 to one mln dlrs less with used equipment, it said. 
  It said the mine would be operated by a contract miner but the
  associated mill by Geodome.
      Geodome said a new ore zone discovered last summer is not
  included in reserve calculations. It said eight of the nine
  holes drilled there have an average grade of 0.046 ounce of
  gold and 2.1 ounces of silver per ton. Also excluded are
  reserves of 1,400,000 tons of low-grade material that could be
  milled profitably at 425 dlrs a ton for gold. The feasibility
  study used a 350 dlr gold price.
      Geodome said operating costs of the mine will average 201
  dlr per ounce of gold for the mine life and 171 dlrs for the
  first three years, in constant dollars.
  

"
training/7631	12	earn	"M.D.C. ASSET INVESTORS <MIR> IN INITIAL PAYOUT
  M.D.C. Asset Investors Inc, which
  recently went public, said its board declared an initial
  quarterly dividend of 45 cts per share, payable April 15 to
  holders of record April One.
  

"
training/7632	48	trade	"JAPAN SAYS OECD STUDY ON SUBSIDIES STILL ONGOING
  Japanese Agriculture Ministry officials
  said a study of agriculture subsidies by the Organisation for
  Economic Cooperation and Development, OECD, is still under way
  and will be completed sometime next month.
      The officials said the study has been inaccurate so far,
  and they said Japan would comment on the final results.
      A Reuter report from Washington yesterday said the study
  has found that Japan has the highest agriculture subsidies in
  the world and that dairy farmers benefit more than any other
  commodity producers from subsidies. The study has not been
  officially released due to objections from some countries.
      Japan has withdrawn its objection and decided to accept the
  release of the study, the agriculture ministry officials said.
  OECD directors are expected to approve the release at a meeting
  in mid-May.
      One agriculture ministry source said the study so far was
  based on the years 1979-81. Japanese subsidies have dropped
  sharply since then, partly because of tight budgetary policy,
  and foreign currency factors have also changed, he said.
      ""The study is ... Unfair and unacceptable because it does
  not take account of various differences in farming conditions
  in each country, such as geography,"" the source said.
      He said it is highly likely that the final study will show
  Japan has the highest farm subsidies in the world.
      ""This would increase foreign pressure to open Japan's farm
  market further, but this would have little impact on Japan's
  agriculture policy,"" he said, without giving further details.
      A main purpose of the study is to clarify export subsidies
  by major exporting nations like the United States and the
  European Community, but Japan is a major importer, he said.
  

"
training/7634	12	earn	"(CORRECTED)-MICROPRO INTERNATIONAL CORP <MPRO> NET
  2nd qtr
      Shr four cts vs seven cts
      Net 500,000 vs 900,000
      Revs 9,200,000 vs 10.5 mln
      1st half
      Shr four cts vs 12 cts
      Net 600,000 vs 1,500,000
      Revs 17.6 mln vs 20.8 mln
      NOTE: Period ended February 28.
      Company corrects period in March 19 item
  

"
training/7635	0	acq	"C.O.M.B. <CMCO> TO ACQUIRE REST OF CABLE VALUE
  C.O.M.B. Co said its board has
  approved a proposal to acquire the 50 pct of Cable Value
  Network held by its cable television industry partners in
  exchange for warrants for C.O.M.B. common.
      The company, which already owns the other 50 pct of CVN,
  said it plans to change its name to CVN.
      C.O.M.B. said the proposal calls for its cable partners to
  receive about eight mln five year warrants in exchange for
  their 50 pct interest in CVN and commit to a long-term
  affiliation agreement to carry CVN programming.
      C.O.M.B. said the proposed warrants would carry an exercise
  price of 18.125 dlrs a share.
      It said the 7,869,353 warrants originally offered to cable
  partners will continue to vest on the pre-agreed schedule. The
  company now has about 18.1 mln shares outstanding.
      C.O.M.B. said the transaction is subject to the parties
  entering into an agreement which would be subject to approval
  by its shareholders and regulatory agencies.
  

"
training/7636	12	earn	"HOME SAVINGS DURHAM <HSLD> SETS STOCK DIVIDEND
  Home Savings and Loan Association
  Inc of Durham, N.C., said its board declared a 20 pct stock
  dividend, payable April 28 to holders of record April Three.
  

"
training/7637	0	acq	"TWA IN LEGAL STIPULATION NOT TO PURSUE THE ACQUISITION OF USAIR

  TWA IN LEGAL STIPULATION NOT TO PURSUE THE ACQUISITION OF USAIR
  

"
training/7638	22	interest	" Top discount rate at U.K. Bill tender falls to 9.1250 pct

   Top discount rate at U.K. Bill tender falls to 9.1250 pct
  

"
training/7639	10	crude	"CANADA NORTHWEST TO SELL PREFERRED SHARES
  <Canada Northwest Energy Ltd>
  said it reached agreement in principle to sell one mln
  preferred shares by way of private placement to raise 32.5 mln
  dlrs for oil and gas exploration.
      The 5.4 pct cumulative redeemable convertible series D
  preferred shares will be flow-through shares entitling holders
  to tax deductions not claimed by the company.
      The shares will be convertible anytime after issue into
  common shares at an equivalent conversion price of 32.50 dlrs a
  share. After one year, they will be redeemable at any time by
  the company at 25 dlrs a share plus accrued dividends.
  

"
training/764	0	acq	"SCOTT'S HOSPITALITY ACQUIRES CAPITAL FOOD
  <Scott's Hospitality Inc> said it
  acquired Capital Food Services Ltd, Ottawa's largest catering
  and food service company, for undisclosed terms.
      Scott's said it would operate Capital Food as a separate
  unit under Capital's current name and management.
  

"
training/7641	0	acq	"OHIO EDISON SELLS 30 PCT OF NUCLEAR INTEREST FOR 509 MLN DLRS

  OHIO EDISON SELLS 30 PCT OF NUCLEAR INTEREST FOR 509 MLN DLRS
  

"
training/7642	43	ship	"HIGH WINDS KEEP VESSELS TRAPPED IN BALTIC ICE
  Strong south-easterly winds were
  keeping many vessels trapped in the ice off the Finnish and
  Swedish coasts in one of the worst icy periods in the Baltic
  for many years, the Finnish Board of Navigation said.
      In Finland and Sweden up to 50 vessels were reported to be
  stuck in the ice, and even the largest of the assisting
  icebreakers were having difficulties in breaking through to the
  stranded ships, coastguard officials said.
      However, icy conditions in the southern Baltic at the
  Soviet oil ports of Ventspils and Klaipeda had eased, they said.
      Weather officials in neighbouring Sweden said the icy
  conditions in the Baltic were the worst for 30 years, with
  ships fighting a losing battle to keep moving.
      In the coastal stretches of the Gulf of Bothnia, which
  divides Finland and Sweden, the ice is up to one metre thick,
  with drifts and currents packing it into almost impenetrable
  walls three metres high, Swedish coastguard officials said.
      Weather forecasts say winds may ease during the weekend but
  a further drop in temperature could bring shipping to a
  standstill, the officials said.
  

"
training/7643	48	trade	"EC AND COMECON ENDS TALKS WITH PROGRESS
  The European Community (EC) and
  Soviet-led Comecon ended talks here, having made progress on
  setting up formal trade relations, but no breakthrough because
  of Comecon's refusal to recognise West Berlin as part of the
  EC, delegates said.
      Negotiators were trying to reach agreement on the draft of
  a joint declaration setting up official relations after 30
  years of mutual non-recognition. John Maslen, head of the EC
  delegation, told Reuters as he emerged from the final session:
  ""We made some progress, but we have called for another meeting.""
      Officials, who asked not to be named, said the Comecon team
  had refused to accept a clause in the draft declaration which
  would recognise West Berlin as part of the 12-nation EC.
      Under the 1957 Treaty of Rome all contracts and agreements
  signed by the Community must contain this territorial clause
  stipulating West Berlin is an integral part of the EC. An EC
  negotiator taking part in the three-day talks said: ""We wanted
  the territorial clause in, but Comecon said no.""
      A joint statement issued after the talks said progress was
  made towards clarifying positions, but another meeting would be
  necessary to complete the work.
      Any decision in principle to set up relations would require
  approval by the Community's Council of Ministers and by the
  executive committee of Comecon.
      Zdzislaw Kuroski, deputy director of Comecon, who heads the
  East bloc delegation, told Reuters ahead of today's session: ""We
  have narrowed our differences on a range of questions, but not
  on all questions.""
      Asked whether Comecon would accept EC insistence that any
  joint declaration stipulate West Berlin as part of the
  Community, he replied: ""This question is not contained in the
  draft which our side presented.""
      West German diplomats said they would insist on including
  the clause on West Berlin in any EC-Comecon agreement.
      The talks followed an earlier round between the two trading
  blocs here last September and the first-ever direct talks
  between the EC and the Soviet Union on establishing diplomatic
  relations in January.
      The EC trades with individual Comecon member states despite
  non-recognition of Comecon. Last year, the EC had a five
  billion dlr trade deficit with East European states, about half
  the deficit of the previous year, due to a drop in the price of
  Soviet oil imported by the EC.
  

"
training/7644	0	acq	"OHIO EDISON <OEC> SELLS 30 PCT OF NUCLEAR INTEREST
  Ohio Edison Co said it has
  completed the sale and leaseback of 30 pct of its 30 pct
  interest in Unit One of the Perry Nuclear Power Plant,
  receiving 509 mln dlrs for the interest.
      The utility said the share of its interest in the 1,205
  megawatt generating plant was sold to a group of institutional
  investors which leased it back to the company for a period of
  about 29 years at a negotiated lease payment rate.
      Ohio Edison said the proceeds will be used to finance the
  rest of its 1987 construction program and repay bank loans
  incurred for the retirement of high-interest long-term debt.
      Ohio Edison did not detail the lease payments, but it said
  the ""payments will reduce the amount of revenue the company
  will need to cover our investment in Perry, which translates
  into savings for our customers.""
      The utility said it projects the financing could reduce the
  amount of annual revenue needed by about 20 mln dlrs. It plans
  on filing a rate application with the Public Utilities
  Commission of Ohio to recover the Perry costs later this year.
      It said the sale and leaseback was attractive to the
  investors because they could take quicker advantage of tax
  benefits than the utility could.
  

"
training/7647	12	earn	"STANLEY INTERIORS <STHF> SAYS RESULTS REDUCED
  Stanley Interiors Corp said
  its first quarter shipments and operating income were lower
  than expected due to snowstorms in January and February that
  forced the closing of some of its manufacturing facilities for
  up to six days.
      Stanley said, however, that any reduction in first quarter
  operating income will be offset by reduced interest expense and
  that first quarter net income will be about flat with first
  quarter 1986 net income of 14 cts a share, or 286,000 dlrs.
      Stanely also said the first quarter's sales losses would be
  made up by shipments in the second quarter.
  

"
training/7650	0	acq	"TWA <TWA> IN COURT SETTLEMENT WITH USAIR <U>
  Trans World Airlines Inc said it
  reached an agreement yesterday in federal court with USAir
  Group Inc that prevents TWA from buying additional shares of
  USAir.
      Under the agreement, TWA, which holds about 15 pct of USAir
  stock, will not buy more USAir shares before April 23 and will
  not do so after that date without giving 14 days notice to
  USAir.
      TWA also agreed that it would not knowingly and willingly
  interfere with the consummation of the merger between USAir and
  Piedmont Aviation Inc <PIE>.
      TWA said the court agreement confirms previous
  announcements by the company, in filings with the Securities
  and Exchange Commission, that it does not presently intend to
  seek control of USAir or to acquire additional common stock.
      As a result of the agreement, the court removed a previous
  temporary restraining order against TWA, the company said.
      TWA and USAir have also agreed that all litigation between
  them in Pittsburgh and Delaware will be stayed until April 23.
  TWA said the agreement does not prevent it from commenting to
  regulatory agencies on the USAir, Piedmont merger.
      In a separate statement, USAir said the agreement also
  included a provision that all USAir shares currently owned by
  TWA and its chairman, Carl Icahn, will be voted through a
  voting trust in proportion to the votes of other shares not
  controlled by TWA or Icahn.
  

"
training/7657	12	earn	"CRI INSURED MORTGAGE INVESTMENTS LP <CRM> PAYOUT
  Mthly div 16-1/2 cts vs 16-1/2 cts prior
      Pay May 15
      Record March 31
  

"
training/7659	0	acq	"AMERICAN MOTORS <AMO> BOARD MEETING ON TAKEOVER
  American Motors Corp's board of
  directors is meeting this morning in New York to consider
  Chrysler Corp's <C> 1.5 billion dlr takeover offer, an American
  Motors spokesman said.
      The spokesman reiterated statements made earlier in the
  week that the regularly scheduled meeting was being held.
      The spokesman would not comment on recurring speculation
  that the board might receive a higher offer from Chrysler.
  Analysts have said the fact that American Motors' stock has
  remained above the four dlrs a share Chrysler offer could lead
  the larger company to raise its bid.
      The American Motors spokesman said he had not seen any
  indication that a higher offer would be received from Chrysler,
  although he added, ""I don't know what the conversation is in
  the meeting.""
      He repeated statements made earlier in the week by the
  automaker that today's meeting will probably not result in a
  final decision on the Chrysler bid.
      ""The board first apprised the proposal on the 11th (of
  March). I suspect there will be several more (meetings) after
  this,"" the spokesman said.
      The meeting is expected to go through early afternoon.
  

"
training/7669	32	money-fx	"TREASURY'S BAKER SUPPORTS FED MONETARY POLICY
  Treasury Secretary James Baker said
  in a newspaper interview that he supports the current course of
  Federal Reserve Board monetary policy.
      ""The course of Fed policy is quite adequate as far as we are
  concerned,"" Baker said in an interview with the New York Times.
      In the interview, Baker declined to comment about the
  recent Paris accord among the six leading industrialized
  democracies when he was asked why the U.S. agreed to stabilize
  the dollar at current levels when the trade deficit hit a
  record level last year.
      Baker said in the newspaper interview that it was ""a subject
  I prefer not to talk about.""
      He said that if he explained why the U.S. agreed to help
  maintain the dollar at current levels ""I would of necessity end
  up getting into some of the private agreements that support
  such and agreement"" on the dollar.
      Baker was optimistic about Brazil, which has stopped
  interest payments on much of its outstanding debt with foreign
  commercial banks.
      ""They are, after all, paying on time all the debt service
  and principal on their official debts, having just rescheduled
  with the Paris Club,"" Baker said in the newspaper interview.
      Baker said that Brazilian repreentatives had explained they
  intented to pay their commercial bank debts in full but needed
  time.
  

"
training/767	0	acq	"UNION NATIONAL <UNBC> SIGNS DEFINITIVE PACT
  Union National Corp said it
  signed a definitive agreement under which its First National
  Bank and Trust Co of Washington unit will merge with <Second
  National Bank of Masontown>.
      Under a previously announced merger agreement, each share
  of Second National's common stock will be converted into 25
  shares of Union National common.
  

"
training/7670	0	acq	"UNIVERSAL RESOURCES <UVR> TO VOTE ON MERGER
  Universal Resources Corp said it
  is holding a special shareholders meeting this morning to vote
  on the previously-proposed merger between it and Questar Corp
  <STR>.
      Universal, whose stock was delayed this morning on the
  American Stock Exchange, said it will release a statement later
  in the day on the vote.
  

"
training/7671	14	gas	"SONEX RESEARCH <SONX> CUSTOM AUTO USES MORE GAS
  Sonex Research Inc said its
  modified 1986 British Ford Escort passed the European emissions
  test, but reported the engine consumed 35 pct more fuel than
  the stock engine.
      Sonex said its engine is not equipped with a catalytic
  converter and does not use exhaust gas recirculation or an
  emission air pump. It said the company expected to realize a
  reduced fuel economy, but is working on improving fuel
  consumption.
      The company said after it installs the new fuel system, it
  will retest the automobile.
      In a separate announcement, the company said it received
  confirmation from the European Patent Office that Sonex
  successfully defended its BETA European Patent from a
  competitor.
  

"
training/7672	0	acq	"LOUISIANA PACIFIC <LPX> BUYS OREGON SAWMILL
  Louisiana Pacific Corp has
  agreed to pay 3,475,000 dlrs for the bankrupt Harris Pine
  Sawmill in Pendleton, Ore., the mill's bankruptcy trustee said.
      Louisiana Pacific refused to indicate whether it would
  repoen the lumber mill which was closed after the sawmill owned
  by the Seventh Day Adventist Church filed a bankruptcy petition
  in Portland federal court in December.
      The trustee said the company outbid WTD Industries Inc for
  the lumber mill, harvested logs and contracts to harvest timber
  in the national forest. It outbidhell bankruptcy trustee said.
  

"
training/7673	12	earn	"INTERNATIONAL PAGURIAN HAS FIVE MONTH PROFIT
  <International Pagurian Corp Ltd> said
  it had net profit of 3.3 mln dlrs or three cts a share for the
  period August 15 to December 31, 1986, based on 55.2 mln shares
  outstanding.
      Revenues for the full year ended December 31, 1986 were 5.5
  mln dlrs and net assets at year end were 317.5 mln dlrs.
      The company did not disclose earnings for the 1986 period
  before August 15 or prior year results. A company spokesman
  said prior results were not comparable due to its August 15
  issue of 30 mln common shares.
  

"
training/7674	33	money-supply	"S. AFRICAN M-3 MONEY GROWTH SLOWS IN JANUARY
  South African year-on-year broadly
  defined M-3 money supply growth slowed to 8.62 pct in January
  from 9.32 pct in December, Reserve Bank figures show.
      M-3 fell to 77.98 billion rand in January from 79.31
  billion in December, while preliminary February figures show
  M-3 at 79.42 billion rand for a year-on-year rise of 10.63 pct.
      M-2 showed a rise of 5.09 pct for January at 55.68 billion
  rand after 4.30 pct in December, M-1 16.72 pct at 5.12 billion
  after 12.80 pct and M-1A 22.79 pct at 14.30 billion rand after
  20.54 pct.
  

"
training/7676	12	earn	"COMPUSCAN INC <CSCN> 3RD QTR FEB 28 NET
  Shr loss eight cts vs loss 20 cts
      Net loss 469,000 vs loss 1,104,000
      Revs 3,093,000 vs 3,056,000
      Nine mths
      Shr loss 19 cts vs loss 29 cts
      Net loss 1,098,000 vs 1,646,000
      Revs 9,562,000 vs 12.2 mln
  

"
training/7678	0	acq	"FIRST FEDERAL <FFBN> MERGING INTO BANKEAST <BENH>
  First Federal Bank FSB said it has
  entered into a letter of intent to merge into BankEast Corp for
  60 dlrs per First Federal share in BankEast common stock.
      First Federal said, subject to certain adjustments,
  including First Federal's earnings prior to the close of the
  deal, each share of its common stock shall not be converted
  into less than 2.9 shares or more than 3.5 shares of BankEast
  common.
      First Federal said the proposed move is also subject to
  execution of a definitive agreement, regulatory approval and
  the approval of First Federal shareholders.
  

"
training/7679	0	acq	"ILLINOIS TOOL WORKS <ITW> SELLS TWO DIVISIONS
  Illinois Tool Works Inc said it
  completed the sale of its Drill and End Mill division, Pine
  Bluff, Arkansas and Eclipse Counterbore division, Detroit, to
  newly-formed Eclipse Industrial Pruducts Inc, based in St.
  Louis.  Terms were not disclosed.
      All employees at both locations will be retained, it added.
  

"
training/768	0	acq	"ANALYSTS SEE NO OTHER BIDDER FOR PUROLATOR<PCC>
  Several analysts said they do not
  believe another suitor will top the 265 mln dlr bid for
  Purolator Courier Corp by E.F. Hutton LBO Inc and a management
  group from Purolator's courier division.
      There had been speculation another offer might be
  forthcoming, but analysts mostly believe the 35 dlrs per share
  price being paid by Hutton and the managers' PC Acquisition Inc
  is fully valued.
      Analysts and some Wall Street sources said they doubted
  another bidder would emerge since Purolator had been for sale
  for sometime before a deal was struck with Hutton Friday.
      Purolator's stock slipped 3/8 today to close at 34-3/4. It
  had been trading slightly higher than the 35 dlr offer on
  Friday. At least one analyst Friday speculated the company
  might fetch 38 to 42 dlrs per share.
      analysts and wall street sources doubted a competitive
  offer would emerge since the company has been for sale for
  sometime before the deal with Hutton was struck Friday.
      Hutton had been in talks with Purolator's adviser, Dillon,
  Read and Co since late December, a Hutton spokesman said.
      Hutton is offering 35 dlrs cash per share for 83 pct of the
  shares. If all shares are tendered, shareholders would receive
  29 dlrs cash, six dlrs in debentures, and warrants for stock in
  a subsidiary of PC Acquisition containing the Purolator U.S.
  courier operation. Hutton values the warrants at two to three
  dlrs per share.
      Wall Street sources also said today that a rival bidder
  might be discouraged by a breakup fee Purolator would have to
  pay if it ends its agreement with Hutton. The sources would not
  reveal the amount of the fee, which will be noted in documents
  on the transaction to be made public later this week.
  

"
training/7681	12	earn	"NATIONAL PATENT DEVELOPMENT CORP <NPD> IN PAYOUT
  Qtly div 2-1/2 cts vs 2-1/2 cts prior
      Pay May One
      Record April One
  

"
training/7682	12	earn	"THOMPSON MEDICAL CO INC <TM> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay April 15
      Record March 30
  

"
training/7684	10	crude	"GULF CANADA <GOC> ASSERTS NO DAMAGE FROM SPILL
  Gulf Canada Corp said a
  discharge of material at its Amauligak drilling site in the
  Beaufort Sea caused no danger to the environment.
      Yesterday, the federal department of energy charged Gulf
  Canada with eight counts of illegal dumping for discharging
  powdered cement and drilling mud between September 23 and 30
  last year.
      The charges carry a maximum 50,000 dlr fine on each count.
      Gulf said the government's charges relate to discharging
  materials without a permit, not to environmental damage
  resulting from the action.
      Gulf said it voluntarily informed appropriate government
  officials when the material was discharged.
      The company also said none of the material was discharged
  within 12 miles of the closest shoreline. It added that one of
  the materials cited, barite, is a naturally occurring mineral
  routinely discharged into the sea during drilling operations.
  

"
training/7686	12	earn	"METALLGESELLSCHAFT AG <METG.F>
  Year to September 30, 1986
      Domestic group net profit 69.9 mln marks vs 61.4 mln.
      Parent net profit 53.6 mln vs 43.8 mln.
      Dividend six marks vs same.
      Parent payment to disclosed reserves 20 mln vs 15 mln.
  

"
training/7687	12	earn	"PUBCO <PUBO> DECLARES DIVIDEND RIGHT
  Pubco Corp said its board declared a
  dividend distribution of one common stock purchase right on
  each outstanding share of Pubco's common stock.
      It said each right will entitle shareholders to buy one
  share of common stock at an exercise price of three dlrs.
      The rights will be exercisable only if a person or group
  acquires 20 pct or more of Pubco's common stock or announces a
  tender which would result in ownership by a person or group of
  20 pct or more of the common stock, the company said.
      Pubco said it will be entitled to redeem the rights at 0.1
  cts per right at any time before a 20 pct position has been
  acquired and afterward in certain circumstances. It said the
  exercise price will be substantially reduced in the event of an
  acquisition of 25 pct or more of common stock.
      If Pubco is acquired in a merger or other transaction, each
  right will entitle its holder to purchase, at the right's
  then-current exercise price, a number of the acquiring
  company's common shares having a market value at that time of
  twice the right's exercise price, the company said.
      The dividend distribution will be made March 31, 1987,
  payable to shareholders of record on that date. The rights will
  expire ten years later on March 31, 1987, the company said.
      Pubco said the rights are not being distributed in response
  to any specific effort to change control of Pubco, and the
  board is not aware of any such effort.
  

"
training/7690	12	earn	"TECH DATA <TECD> SETS THREE FOR TWO SPLIT
  Tech Data Corp said its board
  declared a three-for-two stock split, payable April 30 to
  holders of record April 1.
  

"
training/7693	0	acq	"VERTEX <VETX> TO BUY COMPUTER TRANSCEIVER STAKE
  Vertex Industries Inc and
  <Computer Transceiver Systems Inc> jointly announced an
  agreement for Vertex to acquire a 60 pct interest in Computer
  after it completes a proposed reorganization.
      Computer has been in reorganization proceedings under
  chapter 11 since September 1986.
      The companies said the agreement would allow Computer's
  unsecured creditors and debenture holders to receive new stock
  in exchange for exsiting debt, and for shareholders to receive
  one new share of Computer's stock for each four shares
  previously held.
     
      The companies said the United States Bankruptcy court for
  the Southern District of New York has given preliminary
  approval for the proposal, which is subject to formal approval
  by Computer's creditors and the court.
      Under the agreement, Vertex also said it would supply
  Computer with 250,000 dlrs of operating funds, and arrange
  renegotiation of its secured bank debt, among other things.
  

"
training/7694	12	earn	"RENT-A-CENTER <RENT> VOTES 3 FOR 2 SPLIT
  Rent-A-Center Inc said its
  directors approved a three-for-two stock split payable April
  20, record April 3.
  

"
training/7696	12	earn	"USACAFES <USF> SETS HIGHER DIVIDEND
  USACafes LP said its board declared a
  quarterly dividend of 20 cts per unit -- its first since
  converting to a limited partnership.
      The company, as USACafes Inc, had paid a quarterly dividend
  of nine cts per share.
      It said the restructuring as a partnership has
  substantially increased the cash available for distribution to
  unitholders, as it had predicted.
  

"
training/7698	0	acq	"COOPER CANADA SAID IT RECEIVED TAKEOVER OFFERS
  <Cooper Canada Ltd> said it has
  received takeover offers from ""a number of companies.""
      The company also said that ""discussions are continuing, but
  no definitive arrangements have been made.""
      It gave no further details.
  

"
training/77	33	money-supply	"N.Y. BUSINESS LOANS FALL 195 MLN DLRS IN FEB 18 WEEK, FED SAYS

  N.Y. BUSINESS LOANS FALL 195 MLN DLRS IN FEB 18 WEEK, FED SAYS
  

"
training/7702	12	earn	"FREEPORT-MCMORAN OIL AND GAS <FMR> PAYOUT RISES
  Mthly div 14.248 cts vs 4.912 cts prior
      Pay April 10
      Record March 31
  

"
training/7704	0	acq	"ILLINOIS REGIONAL <ILLR> MULLS AFFILIATION
  Illinois Regional Bancorp said
  it is evaluating whether to affiliate with a larger bank
  holding company or continue to remain independent.
      The 500 mln dlr-asset bank holding company said that in
  view of recent investor interest in suburban Chicago banks, it
  retained Merrill Lynch Capital markets to advise it on its
  alternatives.
      Last year, Illinois Regional had discussions with
  Milwaukee-based Marine Corp <MCRP> but no agreement was
  reached, a company spokesman said.
  

"
training/7707	12	earn	"SHELDAHL <SHEL> VOTES THREE-FOR-TWO STOCK SPLIT
  Sheldahl Inc said its
  directors approved a three-for-two stock split, payable April
  24, record April 3.
  

"
training/7709	12	earn	"RUSS TOGS INC <RTS> SETS QUARTERLY
  Qtly div 19 cts vs 19 cts prior
      Pay April 15
      Record April One
  

"
training/7710	32	money-fx	"BANK OF FINLAND TO TRADE IN BANKS' CERTIFICATES
  The Bank of Finland said it has
  started dealings in banks' certificates of deposits (CDs) with
  immediate effect and that it was prepared to issue its own
  paper to stimulate operations on the domestic money market.
      Bank of Finland Governor Rolf Kullberg told a news
  conference the Bank will also limit credits on the call money
  market from March 30, 1987, by introducing a maximum credit
  amount and a penalty rate if banks exceed this ceiling.
      ""The recent introduction of three-month money and these new
  regulations are decreasing the role of the call money market
  and the discount rate as monetary instruments,"" Kullberg said.
      Bankers welcomed the central bank measures saying these
  were needed to accelerate the domestic money market. The Bank
  of Finland had never before been allowed to issue its own CDs,
  they said.
      ""The central bank for the first time has an instrument with
  which it really can influence the price of money in this
  country,"" one banker said.
      Under the new rules banks are limited to call money credits
  to a maximum of 7.5 pct of the total of their equity capital
  and cash reserves. A penalty rate of interest of 19 pct is now
  introduced if the limit is exceeded.
      Director Sixten Korkman at the Bank of Finland's monetary
  department said he expected the bank to pursue an active policy
  on the interbank market as an issuer of own-CDs.
      ""We are free to do it, so maybe on Monday we will issue the
  first, just to see how the system functions. Overall I think we
  will issue at least a few times a week,"" Korkman told Reuters.
      He said the bank was likely to aim at CDs with a
  three-month maturity at first as the market was best developed
  for paper of that maturity.
      The Bank of Finland introduced last December three-month
  credits and deposits at rates determined by the central bank
  and the commercial banks as a shift away from the traditional
  overnight call money market.
      Liquidity on the call credit market has fallen from around
  nine billion markka in early December to 167 mln last week,
  while three-month credits have risen to three to four billion.
      On the interbank market there has been an increasing trade
  in banks' CDs, estimated to be some eight billion markka. In
  addition, commercial paper accounts for around five billion
  markka and Treasury Bills two billion.
  

"
training/7715	0	acq	"CARTERET SAVINGS<CBC> COMPLETES SALE OF BRANCHES
  Carteret Savings Bank said it
  has completed the previously announced sale of six Virginia
  branches to Charter Federal Savings and Loan Association
  <CHFD>.
      Carteret said it has opened a retail banking office in
  Vienna, Va., as the next step in its move to build a strong
  presence in the Washington, D.C., Baltimore, Md., area.
      Carteret said the new bank has two offices outside
  Baltimore, which were acquired last June when Carteret merged
  with Admiral Builders Savings and Loan Association.
      The company said it plans to open a retail banking office
  in downtown Washington this summer, plus several more offices
  in Baltimore County and others in Fairfax County, Va. Carteret
  said it may open more loan offices in Virginia and Maryland.
  

"
training/7722	12	earn	"MCDONALD'S <MCD> UP ON REAFFIRMED RECOMMENDATION
  The stock of McDonald's Corp rose
  sharply this morning after analyst Daniel Lee of Drexel Burnham
  Lambert Inc reiterated his recommendation of the stock, traders
  said.
      McDonald's, an operator of fast food restaurants, rose
  1-5/8 to 77-3/8.
      ""Comparable store sales are up 5.6 pct in 1986 vs 1985,""
  Lee said, ""and the stock is trading below the market multiple.""
  He said ""not many companies have a consistent 15 pct annual
  earnings growth rate, return on equity above 20 pct, but trade
  at less than the market multiple.""
      Analyst Lee said ""the introduction of a new line of salads
  this spring, at about the time we are all trying to squeeze
  into bathing suits, should boost sales.""
      He also noted that ""the average McDonald's does about 1.369
  mln dlrs in revenues a year. That compares with 1.1 mln dlrs a
  year for the average Burger King and 800,000 dlrs a year for
  the average Wendy's."" Since it cost about the same to build a
  single store for any one of these chains, he said, ""McDonald's
  can well justify their expansion.""
      Lee expects McDonald's to earn 4.40 dlrs a share in 1986
  and 5.15 dlrs in 1988. Last year it earned 3.72 dlrs a share.
  

"
training/7723	12	earn	"ICN PHARMACEUTICAL INC <ICN> 1ST QTR FEB 28 NET
  Oper shr 14 cts vs four cts
      Oper net 2,959,000 vs 1,103,000
      Sales 22.5 mln vs 25.2 mln
      Note: oper data does not include extraordinary gains of
  3,686,000 dlrs, or 17 cts per shr, in current quarter and
  975,000 dlrs, or eight cts per shr, in year ago quarter from
  sales of certain marketable securities.
  

"
training/7725	12	earn	"AMERICAN FEDERAL COLORADO <AFSL> HALVES PAYOUT
  American Federal Savings and Loan
  Association of Colorado said its board cut the quarterly
  dividend to 7-1/2 cts per share from 15 cts.
      The dividend is payable April 14 to holders of record March
  31.
      The company said earnings will continue under pressure this
  year due to the weakness of the Colorado economy and a high
  level of nonearning assets.
  

"
training/7726	12	earn	"TEXAS UTILITIES CO <TXU> 12 MTHS FEB 28 NET
  Shr 4.50 dlrs vs 4.30 dlrs
      Net 637.4 mln vs 588.5 mln
      Revs 3.95 billion vs 4.10 billion
      Avg shrs 141.7 mln vs 136.9 mln
  

"
training/7728	12	earn	"<GUARDIAN TRUSTCO INC> 4TH QTR NET
  Shr 15 cts vs nine cts
      Net 528,000 vs 374,000
      Revs not given
      Year
      Shr 1.25 dlrs vs 42 cts
      Net 2,853,000 vs 1,579,000
      Revs 55.3 mln vs 46.8 mln
      Note: shr after preferred dividends
  

"
training/7729	0	acq	"ENVIROPACT <VIRO> TO MAKE ACQUISITION
  Enviropact Inc said it has signed a
  letter of intent to acquire Willms Trucking Co Inc for about
  12.5 mln dlrs, with completion expected in 45 days.
      In the year ended September 30, Willms had revenues of
  about 15 mln dlrs.  It transports hazardous waste, sand and
  gravel.
  

"
training/773	12	earn	"WHITEHALL CORP <WHT> 4TH QTR NET
  Shr 15 cts vs 55 cts
      Net 557,000 vs 2,020,000
      Revs 8,872,000 vs 13,908,000
      Year
      Shr 60 cts vs 2.52 dlrs
      Net 2,198,000 vs 9,313,000
      Revs 36.9 mln vs 55.7 mln
  

"
training/7730	12	earn	"VIRATECK INC <VIRA> 1ST QTR FEB 28 OPER LOSS
  Oper shr loss 23 cts vs profit 16 cts
      Oper loss 1,868,000 vs profit 1,293,000
      Revs 183,000 vs 3,400,000
      Note: Oper data does not include year ago extraordinary
  gain of 750,000 dlrs, or nine cts per shr.
  

"
training/7732	12	earn	"PARKWAY CO <PKWY> SETS QUARTERLY
  Qtly div 20 cts vs 20 cts prior
      Pay May 20
      Record May Four
  

"
training/7733	0	acq	"ITALY SETS RULES FOR COMPANY HOLDINGS IN BANKS
  Companies will henceforth be able to own
  stakes in banks, but these should not constitute a ""dominant""
  holding, an Italian government committee ruled.
      The Interministerial Committee on Credit and Savings,
  headed by Treasury Minister Giovanni Goria, said its decision
  reflected the ""need to safeguard the principle of separation
  between banks and non-financial concerns.""
      It did not quantify what might constitute a ""dominant""
  holding.
      The committee also set conditions for the allocation of
  credits by banks to companies or individuals holding stakes in
  them, and stipulates conditions under which the Bank of Italy
  could exercise its powers of control in the case of stakes held
  by banks in companies or other banks.
      Under the ruling, credits given by banks or their
  subsidiaries to groups or individuals holding five pct or more
  of the bank's capital must not exceed defined limits.
      The value of credits given cannot exceed either one-fifth
  of the combined capital and reserves of the bank itself or
  two-fifths of the value of the stake owned in the bank by the
  group or individual concerned.
      Exceptions to these conditions include credits to concerns
  in which the bank itself has a stake and to branches of foreign
  banks. Credits made by foreign companies or banks to
  subsidiaries which have their legal base in Italy will also be
  excluded from the conditions.
      The Bank of Italy will request banks to insert rules in
  their statutes to ensure that companies or individuals holding
  five pct or more of the bank's capital are not given privileged
  treatment with regard to credit allocation and terms.
      With regard to bank holdings in companies, the Bank of
  Italy can exercise supervisory controls when information on a
  bank's consolidated activities show single shareholdings in a
  company or another bank of 25 pct or more, owned directly or
  indirectly.
      Such controls can also be exercised even if the stake held
  is below 25 pct if it can be considered a controlling interest.
      The controls will not be exercised in cases where the value
  of the bank's stake in a concern is below the lesser of two
  predefined limits.
      These limits are set at 15 billion lire or two pct of the
  total assets of the parent company of the shareholding bank.
  

"
training/7734	12	earn	"PARISIAN INC <PASN> 4TH QTR JAN 31 NET
  Shr 58 cts vs 57 cts
      Net 4,313,000 vs 3,824,000
      Sales 72.8 mln vs 61.5 mln
      Avg shrs 7,492,000 vs 6,740,000
      Year
      Shr 1.33 dlrs vs 1.23 dlrs
      Net 9,592,000 vs 8,257,000
      Sales 226.4 mln vs 184.4 mln
      Avg shrs 7,228,000 vs 6,740,000
  

"
training/7735	12	earn	"SPI PHARMACEUTICALS INC <SPIP> 1ST QTR OPER NET
  Qtr ended Feb 28
      Oper shr 31 cts vs 14 cts
      Oper net 3,203,000 vs 1,357,000
      Revs 13.0 mln vs 15.6 mln
      Note: Oper data does not include year ago extraordinary
  gain of 821,000 dlrs, or eight cts per shr.
  

"
training/7736	12	earn	"GUARDIAN TRUSTCO SEES MODEST 1987 OUTLOOK
  <Guardian Trustco Inc>, earlier
  reporting a 198 pct increase in full year earnings per share,
  said the outlook for 1987 is more modest.
      The company said it has started a number of long-term
  growth projects which have a payback period exceeding one year.
  Guardian Trustco did not give a specific earnings forecast.
      The company earlier reported 1986 net profit rose to
  2,853,000 dlrs or 1.25 dlrs a share, from year-earlier
  1,579,000 dlrs or 42 cts a share.
  

"
training/7737	0	acq	"COGECO BUYS FM STATION, PLANS SHARE ISSUE
  <Cogeco Inc> said it agreed to acquire
  100 pct of Quebec City radio station CJMF-FM and will issue
  subordinated voting shares of the company to cover a portion of
  the purchase price.
      It said the purchase price and other terms of the
  transaction have not been disclosed. The transaction is subject
  to approval of the Canadian Radio-Television and
  Telecommunications Commission.
  

"
training/7738	12	earn	"NESTLE 1986 NET 1.79 BILLION SWISS FRANCS VS 1.75 BILLION, DIV UNCHANGED 145 FRANCS

  NESTLE 1986 NET 1.79 BILLION SWISS FRANCS VS 1.75 BILLION, DIV UNCHANGED 145 FRANCS
  

"
training/7739	12	earn	"TEXAS INDUSTRIES INC <TXI> 3RD QTR FEB 28 NET
  Shr loss 50 cts vs profit one ct
      Net loss 4,419,000 vs profit 276,000
      Sales 126.8 mln vs 151.3 mln
      Nine mths
      Shr loss 42 cts vs profit 1.27 dlrs
      Net loss 3,160,000 vs profit 11.2 mln
      Sales 429.9 mln vs 477.5 mln
      NOTE: Current year net includes tax credits of 2,164,000
  dlrs in quarter and 328,000 dlrs in nine mths.
  

"
training/774	12	earn	"SERVICE CORP INTERNATIONAL <SRV> 3RD QTR NET
  Qtr ended Jan 31
      Shr 33 cts vs 29 cts
      Net 14.8 mln vs 11 mln
      Revs 108.6 mln vs 70.0 mln
      Avg shrs 45.2 mln vs 37.6 mln
      Nine mths
      Shr 88 cts vs 76 cts
      Net 36.7 mln vs 28.7 mln
      Revs 260.4 mln vs 193.0 mln
      Avg shrs 41.9 mln vs 37.8 mln
      Note: Net for nine mths includes gains from dispositions of
  1,783,000 dlrs or four cts a share vs 900,000 dlrs or two cts a
  share.
      Avg shrs and shr data restated to reflect three-for-two
  stock split in January.
  

"
training/7743	12	earn	"SUNSHINE MINING CO 4TH QTR SHR LOSS 64 CTS VS LOSS 57 CTS

  SUNSHINE MINING CO 4TH QTR SHR LOSS 64 CTS VS LOSS 57 CTS
  

"
training/7744	23	ipi	"20-MAR-1987
  20-MAR-1987

"
training/7746	12	earn	"GRACO INC <GGG> VOTES QUARTERLY DIVIDEND
  Qtly div 15 cts vs 15 cts prior qtr
      Pay 6 May
      Record 8 April
  

"
training/7747	0	acq	"AUDIO/VIDEO <AVA> SUES OVER CYCLOPS <CYL> BID
  Audio/Video Affiliates Inc said it
  has filed suit against <Dixons Group PLC>, Cyclops Corp,
  Alleghany Corp <Y> and others in connection with Dixons'
  recently completed tender offer in which it raised its
  ownership of Cyclops to 56 pct.
      The company said the suit, filed in U.S. District Court for
  the Southern District of Ohio, seeks a temporary restraining
  order and preliminary injunction requiring Dixons, for 10
  business days, to permit any Cyclops shareholder who previously
  tendered and now wishes to withdraw to do so.
      The company said the order and injunction would also
  prohibit Dixons from exercising a ""lockup"" option granted it by
  Cyclops and prohibit Dixons for 10 business days from
  attempting to exercise any control over Cyclops.
      Audio/Video said the suit also requests the court to order
  Cyclops to immediately provide to all potential bidders for
  Cyclops all information given to Dixons.
      Audio/Video and Citicorp <CCI> have been tendering for all
  Cyclops shares in a competing offer at 80.00 dlrs per share but
  said it could raise its bid to 92.50 dlrs under certain
  circumstances.  Dixons offered 90.25 dlrs in its tender.
      In February Alleghany agreed to buy Cyclops' steel and
  nonresidential construction business for 111.6 mln dlrs in cash
  and the assumption of liabilities.
  

"
training/7749	0	acq	"DIXONS SAYS SEC MOVING ON CYCLOPS <CYL> TENDER
  <Dixons Group PLC> said the 
  Securities and Exchange Commission has authorized, but not
  commenced, the filing of an action against it concerning its
  waiver of a condition in its tender offer for Cyclops Corp.
      Dixons has offered to buy about 80 pct of Cyclops shares.
  The SEC action deals with a waiver by Dixons of a condition in
  the tender offer which was made without an appropriate
  extension of the offer, Dixons said.
      Dixons also said it is currently discussing the matter with
  the SEC. The SEC has a standing policy of never confirming
  or denying investigations or upcoming legal action.
  

"
training/7752	12	earn	"SUNSHINE MINING CO <SSC> 4TH QTR LOSS
  Shr loss 64 cts vs loss 57 cts
      Net loss 34.9 mln vs loss 22.1 mln
      Revs 31.5 mln vs 60.2 mln
      Avg shrs 60.1 mln vs 45.2 mln
      Year
      Shr loss 2.27 dlrs vs loss 1.66 dlrs
      Net loss 103.2 mln vs loss 57.6 mln
      Revs 129.8 mln vs 169.5 mln
      Avg shrs 51.2 mln vs 38.1 mln
      NOTE: Per share results after preferred dividend
  requirements of 3.3 mln dlrs vs 3.5 mln dlrs in quarter and
  12.9 mln dlrs vs 5.7 mln dlrs in year
      1986 4th qtr loss includes accruals, writedowns and
  non-recurring charges aggregating 13.9 mln dlrs including costs
  anticipated in 1987 for the reopening of the Sunshine Mine and
  a writedown of the capitalized costs at the Sixteen-to-One Mine
  by 4.2 mln dlrs
      1986 year loss includes charges totaling 100 mln dlrs
  

"
training/7755	12	earn	"SCAT HOVERCRAFT INC <SCAT> YEAR LOSS
  Shr loss not given
      Net loss 1,300,000
      Sales 3,300,000
      NOTE: Company incorporated in June 1985.
      Fourth quarter loss 895,000 dlrs.
  

"
training/7757	12	earn	"NESTLE SA <NESZ.Z> YEAR 1986
  Div 145 Swiss francs per share and 29 francs per
  participation certificate (unchanged)
      Net 1.79 billion vs 1.75 billion
      Shr 526 vs 515
      Turnover 38.05 billion vs 42.23 billion
      Addition to reserves 170 mln vs 95 mln.
  

"
training/776	12	earn	"PEOPLES BANCORPORATION <PEOP> QUARTERLY DIVIDEND
  Qtly div 25 cts vs 25 cts
      Pay April 24
      Record March 31
  

"
training/7761	12	earn	"SOUTHEAST BANKING CORP <STB> SETS QUARTERLY
  Qtly div 22 cts vs 22 cts prior
      Pay April 10
      Record March 30
  

"
training/7762	12	earn	"BALANCE COMPUTER CORP 3RD QTR JAN 31 LOSS
  Shr loss one ct vs profit five cts
      Net loss 34,496 vs profit 207,165
      Rev 102,691 vs 297,813
      Nine months
      Shr profit one ct vs profit five cts
      Net profit 69,018 vs profit 230,188
      Rev 641,823 vs 666,319
      NOTE: The company was delisted from the NASDAQ in November
  1985. Third qtr 1986 net includes extraordinary credit of
  76,400 dlrs, or four cts a share.
  

"
training/7763	12	earn	"RECOMMENDATION REITERATED ON WANG LABS <WANB>
  Analyst Thomas McCrann of Merrill
  Lynch said he reiterated a ""buy"" recommendation of Wang
  Laboratories Inc, noting that a successful cost cutting
  campaign could reduce the earnings loss expected for the third
  quarter ending in March.
      Wang was the most actively traded stock on the American
  Stock Exchange, rising 3/4 to 16-5/8.
      McCrann said that ""Wang is a little bit ahead of where they
  were expected to be in their cost reductions, and as a result,
  the odds have increased that the loss for the quarter will be
  less than had been expected.""
      McCrann said he expects Wang to report break even earnings
  per share or only a small loss per share for the third quarter.
      He said for the year, however, the company should report a
  loss of about 50 cts a share compared with earnings of about 35
  cts a share a year ago.
  

"
training/7765	0	acq	"JAPAN, BRITAIN DISAGREE ON TELECOM MERGER
  Cable and Wireless Plc <CAWL.L> is
  resisting attempts to merge two Japan-based telecommunications
  firms in the hope that overseas political pressure will force a
  change in those plans, a company executive said.
      Cable and Wireless, which holds a 20 pct stake in one of
  the two Japanese firms, is opposed to plans to reduce its share
  to three pct in the merged firm, director of corporate strategy
  Jonathan Solomon told reporters.
      That plan, put forward by a senior member of the powerful
  business organization Keidanren with the tacit backing of the
  Post and Telecommunications Ministry, has caused a storm of
  protest from abroad that Japan is seeking to exclude foreign
  firms from a meaningful position in the market.
      Pacific Telesis Group <PAC.N> of the United States also
  holds a 20 pct stake in one of the newly formed consortia,
  <International Digital Communications Inc> (IDC).
      Solomon said that both British Prime Minister Margaret
  Thatcher and U.S. Secretary of State George Schultz have
  written to the Japanese government about the planned merger.
      A key U.S. Senate committee, Commerce Secretary Malcolm
  Baldrige and Trade Representative Clayton Yeutter have also
  expressed opposition to the merger, he said.
      The Post and Telecomunications Ministry reiterated again
  that it sees no need for two competitors to <Kokusai Denshin
  Denwa Co Ltd>, which holds a monopoly on international calls
  from Japan. The ministry has also suggested that foreign
  shareholders not hold managerial positions in the new firm.
      In an attempt to hammer out an agreement, Solomon today met
  Fumio Watanabe, the senior Keidanren officer trying to arrange
  the merger. But the two sides remained deadlocked.
      At stake is C and W's 400 mln dlr project to lay fibre
  optic cables between Japan and Alaska, to form part of its
  global network.
      ""C and W wants to start right away on the project, such as
  application and other procedures,"" said Watanabe, who is also
  chairman of <Tokio Marine and Fire Insurance Inc>. The Japanese
  side is saying that the decision on such a plan should be left
  with the new firm, after the merger.
      ""These decisions (on the merger) were made in consideration
  of Japan's economic conditions and legal systems. I told him we
  are not a colony or something,"" said Watanabe.
  

"
training/7766	12	earn	"WINTHROP INSURED MORTGAGE II <WMI> SETS PAYOUT
  Qtly div 35 cts vs 35 cts prior
      Pay April 15
      Record March 31
      NOTE: Winthrop Insured Mortgage Investors II.
  

"
training/7767	33	money-supply	"GERMAN MONEY SUPPLY GROWTH SLOWS IN FEBRUARY
  West Germany's money supply growth
  slowed in February after January's sharp rise but the trend is
  still definitely upward, the Bundesbank said in a statement.
      Growth in the traditionally broad M3 aggregate was only
  moderate in February. While cash in circulation, deposits with
  statutory withdrawal notice and sight deposits grew sharply,
  short-term time deposits fell after expanding unusually
  strongly in January.
      In the six months to February, M3, which excludes holdings
  of German non-banks abroad, grew at a seasonally adjusted
  annual rate of 8.5 pct after 9.8 in the six months to January.
      Compared with February 1986, M3 rose 7-1/2 pct.
      In the six months to February, M2, which excludes time
  deposits with statutory withdrawal notice, rose at a seasonally
  adjusted annual rate of 8.8 pct and M1, which consists of cash
  and sight deposits, rose seven pct.
      International transactions of non-banks again led to a
  significant inflow of funds, the Bundesbank said.
      Net claims of commercial banks and the Bundesbank against
  foreigners, refecting these foreign payments, increased by 9.1
  billion marks in February, little changed from January's rise.
      But in contrast to January, the dampening effect of the
  inflow on domestic credit demand outweighed the expansionary
  effect on money growth, the Bundesbank said.
      Outstanding bank credits to companies and private
  individuals remained virtually unchanged in February.
      A sharp drop in short-term company credits, which reflected
  the foreign funds inflow, was balanced by a moderate rise in
  long-term credits and a sharp rise in credits for securities.
      At the end of February total bank credits to the private
  sector were 4-1/2 pct above the February 1986 level.
      The effect of public authority cash movements on the money
  supply was slightly expansive, the Bundesbank said.
      Although banks acquired large amounts of public authority
  paper, public authorities drew down book credits at commercial
  banks and the Bundesbank.
      Capital formation strengthened in February and slowed money
  supply growth to a larger extent than in January.
      A total of 7.7 billion marks in long-term funds was placed
  with banks after 6.6 billion the previous month.
  

"
training/7768	12	earn	"ENTEX ENERGY DEVELOPMENT LTD <EED> SETS PAYOUT
  Qtly div 15 cts vs 15 cts prior
      Pay May 29
      Record March 31
  

"
training/7771	48	trade	" EC SAYS U.S. BROKE TRADE RULES IN AKZO-DUPONT ROW
  The European Community Commission has
  charged the United States with breaking international trade
  rules by excluding Dutch-made fibres from the U.S. Market and
  said it would take the issue to the world trade body GATT.
      In the latest of a series of trade disputes with
  Washington, the executive authority alleged that a section of
  the U.S. Tariff Act was incompatible with the GATT (General
  Agreement on Tariffs and Trade) because it discriminated
  against imported products in favour of domestically-produced
  goods.
      The Commission said it would ask Geneva-based GATT to rule
  on whether the section in question, which officials said had
  proved a barrier to many EC exporters, conformed to its rules.
      Commission officials did not rule out retaliatory measures
  if, after a GATT decision against it, Washington failed to
  bring the disputed section into line with international rules.
      The executive's decision to go to GATT follows a complaint
  to it by the Dutch company Akzo <AKZO.AS>, whose ""aramid""
  synthetic fibres have been banned from the U.S. Market because
  of charges by the U.S. Firm <Dupont> that the fibres violate
  the American company's patents.
      Akzo alleged that the ban, imposed by the U.S.
  International Trade Commission (ITC), was discriminatory and
  incompatible with GATT provisions.
      The dispute centres on the fact that section 337 of the
  U.S. Tariff Act gives the ITC jurisdiction  over imported
  products. The EC Commission charged that EC producers did not
  have the same possibilities for defending themselves before the
  ITC as they would have in a normal U.S. Court.
      ""Consequently the procedure followed...Is less favourable
  than that which takes places in normal courts of law for goods
  produced in the United States,"" it said in a statement.
  

"
training/7773	0	acq	"U.S. AGENCY TO ALLOW U.S. AIR TO BUY 51 PCT OF PIEDMONT PENDING FINAL OKAY OF MERGER

  U.S. AGENCY TO ALLOW U.S. AIR TO BUY 51 PCT OF PIEDMONT PENDING FINAL OKAY OF MERGER
  

"
training/7774	12	earn	"FINAL TEST INC <FNLT> 4TH QTR LOSS
  Shr loss six cts vs loss 88 cts
      Net loss 128,141 vs loss 1,298,377
      Sales 1,332,218 vs 385,146
      Year
      Shr profit six cts vs loss 1.47 dlrs
      Net profit 120,571 vs loss 2,171,011
      Sales 4,617,034 vs 2,959,141
  

"
training/7776	12	earn	"MICHIGAN NATIONAL CORP <MNCO> VOTES DIVIDEND
  Qtly div 30 cts vs 30 cts prior qtr
      Pay 15 April
      Record 1 April
  

"
training/778	12	earn	"CPL REIT <CNTRS> 4TH QTR NET
  Shr 24 cts
      Net 412,737
      Revs 605,321
      Year
      Shr 93 cts
      Net 1,577,892
      Revs 2,345,261
      NOTE: Full name CPL Real Estate Investment Trust.
      Company was formed Dec 30, 1985.
  

"
training/7782	12	earn	"AUTOCLAVE ENGINEERS INC <ACLV> QTLY DIVIDEND
  Qtly div four cts vs four cts prior
      Pay April 15
      Record March 31
  .
  

"
training/7784	0	acq	"WASTE MANAGEMENT AMENDS CHEMLAWN OFFER, RAISING IT TO 35 DLRS A SHARE FROM 33 DLRS

  WASTE MANAGEMENT AMENDS CHEMLAWN OFFER, RAISING IT TO 35 DLRS A SHARE FROM 33 DLRS
  

"
training/7785	0	acq	"AMERICAN MOTORS SAID DIRECTORS TOOK NO ACTION ON CHRYSLER PROPOSAL, POSTPONES ANNUAL MEETING

  AMERICAN MOTORS SAID DIRECTORS TOOK NO ACTION ON CHRYSLER PROPOSAL, POSTPONES ANNUAL MEETING
  

"
training/7789	0	acq	"WASTE MANAGEMENT<WMX> HIKES CHEMLAWN <CHEM> BID
  Waste Management Inc said it
  amended its offer to buy the outstanding shares of ChemLawn
  Corp to 35 dlrs a share.
      On Thursday the company said it was prepared to bid 33 dlrs
  a share, up from its original 27 dlrs a share offer.
      As a result of the price increase, made through Waste
  Management's wholly owned subsidiary, WMX Acquisition Corp, the
  offer has been extended and the withdrawal rights will not
  expire at midnight EDT April Two, unless further extended.
      Waste Management also said it amended its offer to provide
  that the tender offer price will not be reduced by ChemLawn's
  10 cts a share dividend payable to holders of record April 1,
  1987.
  

"
training/7790	12	earn	"ENTEX ENERGY DEVELOPMENT LTD <EED> YEAR LOSS
  Unit loss 4.36 dlrs vs loss 4.27 dlrs
      Net loss 37.4 mln vs 32.9 mln
      Revs 19.3 mln vs 30.3 mln
      Avg units 8,413,000 vs 7,557,000
      Note: Net includes writedown of oil and gas properties of
  21.0 ln dlrs vs 16.5 mln dlrs and writedown of geothermal
  property of 10.4 mln dlrs vs 10.5 mln dlrs.
  

"
training/7791	0	acq	"U.S. SAYS USAIR <U> MAY BUY 51 PCT OF PIEDMONT
  The Department of Transportation
  said it will allow USAIR Group to acquire up to 51 pct of
  Piedmont Aviation <PIE> voting stocks pending final approval of
  the proposed merger of the two airlines.
      The agency said the stock would have to be held in a voting
  trust controlled by an independent trustee.
      An agency spokesman said that if USAIR, which has proposed
  to buy all of Piedmont shares, controls more than 51 pct of the
  firm's outstanding stock, it will have one week to sell those
  excess shares.
      USAIR asked the Department of Transporation earlier this
  month to approve a voting trust.
      An agency spokesman said this is a device that airlines use
  to get majority control of a company it is trying to acquire
  while their application before the government is pending
  approval.
      The spokesman said the firm had asked the transporation
  agency permission to buy all of Piedmont's voting stock, the
  but agency decided to give approval for 51 pct of shares.
      The spokesman said agency action on the proposed merger
  application could take as long as six months.
  

"
training/7795	0	acq	"AFFILIATED PUBLICATIONS TO BUY BILLBOARD PUBLICATIONS  FOR 100 MLN DLRS

  AFFILIATED PUBLICATIONS TO BUY BILLBOARD PUBLICATIONS  FOR 100 MLN DLRS
  

"
training/7796	0	acq	"AMC <AMO> TAKES NO ACTION ON CHRYSLER <C> BID
  American Motors Corp said its directors
  reviewed a Chrysler Corp merger proposal but took no action on
  it.
      The company said its directors met in New York today at a
  regularly scheduled meeting. The board's review is continuing
  with the company's independent legal and financial advisers,
  American Motors said in a statement issued from New York.
      American Motors' board voted to postpone its annual
  shareholders meeting scheduled for April 29 in Southfield,
  Michigan.
      The next regularly scheduled meeting of American Motors
  board will be April 29, although it is expected that directors
  will meet again prior to that date, according to the statement.
      Early last week, Chrysler said it agreed to buy the 46.1
  pct interest owned by Regie Nationale des Usines Renault in
  American Motors and acquire the balance of American Motors in a
  transaction valued at 1.11 billion dlrs.
      Later that week, AMC said it had retained financial and
  legal advisers and expected to meet periodiocally over the next
  several weeks to consider the proposal.
  

"
training/7797	12	earn	"NESTLE SEEKING AUTHORISATION FOR CERTIFICATE ISSUE
  Nestle SA <NESZ.Z> said it
  would seek shareholder approval to issue participation
  certificates up to 20 pct of share capital, instead of the
  current limit of 10 pct.
      It said it wanted this authorisation in view of future
  certificate issues. Nestle's nominal capital amounts to 330 mln
  Swiss francs.
      Nestle reported net profits of 1.79 billion francs for
  1986, up 2.2 pct from 1985, while turnover fell 9.9 pct to
  38.05 billion as the Swiss franc strengthened against other
  currencies.
      The parent company's net profit rose to 666.6 mln francs
  from 592.9 mln in 1985, and the company planned an unchanged
  dividend of 145 francs per share and 29 francs per certificate
  after placing 170 mln francs in reserves, against 95 mln last
  year.
      The payout represented 27.6 pct of group net profit,
  against 28.2 pct last year.
      Nestle said it had also invited Fritz Leutwiler, former
  president of the Swiss National Bank and currently chairman of
  BBC AG Brown Boveri und Cie <BBCZ.Z>, to join the Nestle board.
  

"
training/78	33	money-supply	"NEW YORK BANK DISCOUNT WINDOW BORROWINGS 64 MLN DLRS IN FEB 25 WEEK

  NEW YORK BANK DISCOUNT WINDOW BORROWINGS 64 MLN DLRS IN FEB 25 WEEK
  

"
training/780	12	earn	"REPUBLIC AUTOMOTIVE PARTS <RAUT> 4TH QTR LOSS
  Shr loss 85 cts vs loss 88 cts
      Net loss 2,410,000 vs loss 2,466,0000
      Revs 24.0 mln vs 23.9 mln
      Year
      Shr loss 1.18 dlrs vs loss 81 cts
      Net loss 3,338,000 vs loss 2,275,000
      Revs 101.4 mln vs 112.3 mln
  

"
training/7802	48	trade	"GATT TO DEBATE U.S. CHARGES OF AIRBUS SUBSIDIES
  The U.S. Will pursue its complaint that
  European governments unfairly subsidise the Airbus Industrie
  aircraft consortium in proceedings at the GATT civil aircraft
  committee, a GATT spokesman said today.
      The U.S. Presented its case for the first time to the
  aircraft committee of the General Agreement on Tariffs and
  Trade (GATT) during a special two-day session ending today.
  GATT rules cover some 80 pct of world commerce.
      The 20-member committee agreed to open debate on the U.S.
  Complaint, starting with informal consultations and then
  holding a special session in July, trade officials said.
      ""The tension has eased,"" the permanent trade ambassador of
  the 12-member European Community Tran Van Thinh told reporters.
  ""The U.S. Has decided to go through proper channels.""
      U.S. Trade officials again made clear their anger over what
  they call unfair government support for Airbus, voiced during a
  visit to European capitals in February.
      In a letter calling for the special committee meeting,
  Washington charged France, West Germany, the U.K., Spain and
  the EC Commission with unfair practices on behalf of Airbus.
      The U.S. Charges that the Europeans are violating rules
  laid down in the 1979 Agreement on Trade in Civil Aircraft.
      Washington presented its reading of rules on inducement to
  purchase aircraft and support for development of airlines
  during the special session and asked the committee to confirm
  its view.
      Official sources in the delegations said the U.S. Views
  would be considered during the informal consultations but the
  Europeans would also be free to bring up any complaints against
  American civil aircraft practices.
      Some delegates said the U.S. Position appeared to give such
  broad interpretation to the rules as to suggest that the civil
  aircraft accord needed re-negotiating. All these matters would
  be considered during the informal meetings.
  

"
training/7805	12	earn	"MONFORT OF COLORADO INC 2ND QTR SHR 1.03 DLRS VS 1.34 DLRS

  MONFORT OF COLORADO INC 2ND QTR SHR 1.03 DLRS VS 1.34 DLRS
  

"
training/7807	33	money-supply	"CANADIAN MONEY SUPPLY M-1 FALLS 1.16 BILLION DLRS IN WEEK, BANK OF CANADA SAID               

  CANADIAN MONEY SUPPLY M-1 FALLS 1.16 BILLION DLRS IN WEEK, BANK OF CANADA SAID               
  

"
training/7809	27	lead	"NO FORCE MAJEURE ON LEAD FROM CAPPER PASS
  U.K. Smelter Capper Pass denied rumours
  that the company had declared, or was about to declare, force
  majeure on lead deliveries.
      This followed trader talk on the London Metal Exchange,
  LME, after broker bids were made at increased premiums for
  Capper Pass brand material.
      Traders said some slight production problems seem to exist
  but are unlikely to have any impact on the market. Lead values
  on the LME today were unchanged around 299 stg per tonne for
  three months delivery after thin business in a one stg range.
  

"
training/781	12	earn	"REALMERICA CO <RACO> YEAR NOV 30 NET
  Shr profit four cts vs loss 16 cts
      Net profit 155,383 vs loss 577,336
      Note: Net includes tax credit of 51,226 dlrs or one ct per
  share.
  

"
training/7810	0	acq	"AFFILIATED PUBLICATIONS <AFP> TO BUY BILLBOARD
  Affiliated Publications Inc said it
  agreed to acquire all the outstanding stock of <Billboard
  Publications Inc> for 100 mln dlrs in cash from a shareholder
  group led by <Boston Ventures Limited Partnership.>
      Affiliated, which owns the company that publishes the
  Boston Globe, said the acquisition will give it a strong
  position in the growing market for specialty magazines.
      Under a separate agreement, Affiliated said that certain
  members of Billboard's management plan to buy up to 10 pct of
  the equity in Billboard following Affiliated's acquisition of
  the company.
      Billboard publishes eight specialty magazines, including
  Billboard magazine, and 15 annual directories. It also
  publishes and distributes speciality books under four imprints
  and operates two book clubs.
      Affiliated is the parent company of Globe Newspaper Co,
  publisher of the Boston Globe. It also has interests in
  cellular telephone and paging services providers.
  

"
training/7813	0	acq	"FIRM HAS ALLEGHENY INT'L <AG> PREFERRED STAKE
  Spear, Leeds and Kellogg, a New York
  brokerage partnership, said it has acquired 136,300 shares of
  Allegheny International Inc's 11.25 dlr convertible preferred
  stock, or 7.1 pct of the total outstanding.
      In a filing with the Securities and Exchange Commission,
  Spear Leeds said it bought the stake for 11.7 mln dlrs as part
  of its normal trading activities.
  

"
training/7814	0	acq	"WTD INDUSTRIES <WTDI> SAWMILL OFFER REJECTED
  WTD Industries Inc said its
  offer to buy the bankrupt Harris Pine sawmill in Pendleton,
  Oregon was rejected by the bankruptcy court trustee.
      The company said the bid was rjected in favor of a higher
  offer.
  

"
training/7816	0	acq	"CELINA <CELNA> SHAREHOLDERS APPROVE SALE
  Celina Financial Corp said
  shareholders at a special meeting approved a transaction in
  which the company transferred its interest in three insurance
  companies to a wholly owned subsidiary which then sold the
  three companies to an affiliated subsidiary.
      It said the company's interests in West Virginia Fire and
  Casualty Co, Congregation Insurance co and National Term Life
  Insurance Co had been transferred to First National Indemnity
  Co, which sold the three to Celina Mutual for cash, an office
  building and related real estate.
  

"
training/7817	0	acq	"GROUP HAS 5.1 PCT OF UNICORP AMERICAN <UAC>
  Two affiliated New York investment
  firms and an investment advisor told the Securities and
  Exchange Commission they have acquired 555,057 shares of
  Unicorp American Corp, or 5.1 pct of the total outstanding.
      The group, which includes Mutual Shares Corp, said it
  bought the stake for 5.3 mln dlrs for investment purposes and
  has no intention of seeking control of Unicorp American.
  

"
training/7818	33	money-supply	"CANADIAN MONEY SUPPLY FALLS IN WEEK
  Canadian narrowly-defined money supply
  M-1 fell 1.16 billion dlrs to 32.94 billion dlrs in week ended
  March 11, Bank of Canada said.
      M-1-A, which is M-1 plus daily interest chequable and
  non-personal deposits, fell 1.31 billion dlrs to 75.39 billion
  dlrs and M-2, which is M-1-A plus other notice and personal
  fixed-term deposit fell 1.01 billion dlrs to 177.70 billion
  dlrs.
      M-3, which is non-personal fixed term deposits and foreign
  currency deposits of residents booked at chartered banks in
  Canada, fell 1.29 billion dlrs to 216.33 billion dlrs.
  

"
training/7819	0	acq	"REVLON BUYS GERMAINE MONTEIL COSMETICS FROM BEECHAM GROUP FOR UNDISCLOSED TERMS

  REVLON BUYS GERMAINE MONTEIL COSMETICS FROM BEECHAM GROUP FOR UNDISCLOSED TERMS
  

"
training/7820	0	acq	"REVLON <REV> BUYS BEECHAM'S COMSMETICS UNIT
  Revlon Group Inc said it bought
  Germaine Monteil's cosmetics business in the U.S. from the
  Beecham Group PLC.
      Terms of the sale were not disclosed.
      The sale includes the rights to Germaine Monteil in North
  and South America and in the Far East, as well as the worldwide
  rights to the Diane von Furstenberg cosmetics and fragrances
  lines and the U.S. distribution rights to Lancaster beauty
  products.
      Meanwhile in London a statement from Beecham said the
  business was sold to Revlon for 2.5 mln dlrs in cash and a
  royalty payment.
  

"
training/7821	12	earn	"MONFORT OF COLORADO INC <MNFT> 2ND QTR NET
  Qtr ended Feb 28
      Shr 1.03 dlrs vs 1.34 dlrs
      Net 4,385,000 vs 5,792,000
      Revs 474.4 mln vs 381.4 mln
      Six mths
      Shr 2.46 dlrs vs 2.71 dlrs
      Net 10.5 mln vs 11.7 mln
      Revs 906.0 mln vs 757.6 mln
  

"
training/7823	16	gold	"GEODOME RESOURCES <GOEDF> TO PROCEED WITH MINE
  Geodome Resources Ltd
  said based on a feasibility study of its Sunbeam Mine it will
  proceed with contruction and pre-production stripping as
  rapidly as possible.
      The company said eight of nine holes drilled on the new ore
  zone have an average grade of 0.046 ounces of gold per ton and
  2.1 ounces of silver per ton.
      The deposit is 400 to 500 yards from the newly designed
  Sunbeam pits, has large tonnage and will be drilled off this
  summer, the company said.
      The study said ore reserves including dillution were
  3,302,000 tons at 0.77 ounces of gold per ton at a cut off
  grade of 0.026 ounces per ton and stripping ratio of 4.24 to
  one.
      It said gold production will average 41,000 ounces per year
  for the mine life and 99,000 ounces of silver per year.
      It said gold production in the first three years should
  average 50,000 ounces per year.
      Operating costs are expected to average 201 dlrs per ounce
  of gold for the mine life and 171 dlrs per ounce in the first
  three years.
  

"
training/7824	0	acq	"MARK IV CORRECTS AGREEMENT WITH BAIRD <BATM>
  Mark IV Industries Inc <IV>, which
  has said it may consider a bid to seek control of Baird Corp,
  said Baird has not agreed to hold off on any defensive measures
  without giving Mark IV at least 24 hours notice.
      In a filing with the Securities and Exchange Commission,
  Mark IV corrected a statement it made yesterday in another SEC
  filing in which it listed several agreements reached with
  Baird, including that Baird would not take any anti-takeover
  steps without providing at least 24 hours notice.
      Mark IV said it was later told by Baird that Baird had
  given no such assurance.
  

"
training/7825	0	acq	"GENERALE DE BANQUE, HELLER BUY FACTORING UNIT
  Generale de Banque SA <GENB.BR> and
  <Heller Overseas Corp> of Chicago have each taken 50 pct stakes
  in factoring company SA Belgo-Factors, Generale de Banque said
  in a statement.
      It gave no financial details of the transaction. SA
  Belgo-Factors' turnover in 1986 was 17.5 billion Belgian
  francs.
  

"
training/7826	12	earn	"<OSHAWA GROUP LTD> 4TH QTR NET
  Shr 52 cts vs 51 cts
      Net 16.5 mln vs 16.2 mln
      Revs 870.2 mln vs 800.7 mln
      Year
      Shr 1.48 dlrs vs 1.29 dlrs
      Net 47.3 mln vs 41.0 mln
      Revs 3.53 billion vs 3.10 billion
      Avg shrs 31,867,658 vs 31,831,050
  

"
training/7828	12	earn	"PAN AM CORP 4TH QTR LOSS 197.5 MLN DLRS VS PROFIT 241.4 MLN DLRS

  PAN AM CORP 4TH QTR LOSS 197.5 MLN DLRS VS PROFIT 241.4 MLN DLRS
  

"
training/783	12	earn	"S-K-I LTD <SKII> 2ND QTR JAN 25 NET
  Shr 81 cts vs 57 cts
      Net 3,660,273 vs 2,437,914
      Revs 28.5 mln vs 23.1 mln
      Six mths
      Shr 29 cts vs 12 cts
      Net 1,325,755 vs 483,559
      Revs 31.7 mln vs 26.4 mln
  

"
training/7830	12	earn	"VIRCO MANUFACTURING CORP <VIR> 4TH QTR NET
  Qtr ended Jan 31
      Shr 67 cts vs 69 cts
      Net 1,525,000 vs 1,570,000
      Revs 41.2 mln vs 40.2 mln
      Year
      Shr 1.75 dlrs vs 1.54 dlrs
      Net 4,001,000 vs 3,522,000
      Revs 172.3 mln vs 168.7 mln
      Note: figures include losses from discontinued operations
  in qtr of 309,000 dlrs, vs 253,000 dlrs a year earlier and for
  the year of 309,000 dlrs vs 1,559,000 dlrs a year ago.
  

"
training/7831	0	acq	"COOPER <CBE> ASKS FTC TO END ACQUISITION LIMITS
  Cooper Industries Inc asked the
  Federal Trade Commission to vacate a 1979 order that requires
  the company to get FTC approval before making certain
  acquisitions, the FTC said.
      The order was issued as part of a settlement of FTC charges
  that Cooper's merger with Gardner-Denver Co would lessen
  competion and increase concentration in the gas compressor and
  industrial air tool industries, the FTC said.
      The order requires that, until 1989, Cooper must get FTC
  approval before acquiring companies in the natural gas
  compressor or hand-held industrial pneumatic tool businesses.
  

"
training/7835	12	earn	"THOMPSON MEDICAL CO INC <TM> DECLARES QTLY DIV
  Qtly div 10 cts vs 10 cts prior
      Pay April 15
      Record March 30
  

"
training/7836	12	earn	"NEW ENGLAND ELECTRIC SYSTEM <NES> TWO MONTHS NET
  ended February
      Shr 69 cts vs 66 cts
      Net 37.7 mln vs 34.9 mln
      Revs 255.8 mln vs 288.8 mln
      Avg shrs 54.7 mln vs 53.2 mln
      12 mths ended Feb
      Shr 3.23 dlrs vs 3.17 dlrs
      Net 174.8 mln vs 166.3 mln
      Revs 1.4 billion vs 1.5 billion
      Avg shrs 54.1 mln vs 52.4 mln
  

"
training/7837	12	earn	"DILLARD DEPT STORES INC <DDS> DECLARES QTLY DIV
  Qtly div three cts vs three cts prior
      Pay May 1
      Record March 31
  

"
training/7838	12	earn	"PAN AM CORP <PN> 4TH QTR LOSS
  Shr loss 1.44 dlrs vs profit 1.79 dlrs
      Net loss 197.5 mln dlrs vs profit 241.4 mln
      Revs 797.3 mln vs 906.7 mln
      12 mths
      Shr loss 3.42 dlrs vs profit 45 cts
      Net loss 462.8 mln vs profit 51.8 mln
      Revs 3.04 billion vs 3.48 billion
      Note: Net includes special charges of 65 mln dlrs vs
  special gain of 341 mln dlrs for the qtr and year.
  

"
training/7839	0	acq	"FTC EASES ALLIED-SIGNAL <ALD> UNIT RESTRICTIONS
  The Federal Trade Commission said it
  eased a requirement that Allied-Signal Inc's Allied Corp
  subsidiary get prior FTC approval before making certain
  acquisitions in the high-purity acid market.
      The FTC said it ended the prior approval requirement
  because Allied no longer has businesses covered by the order.
  Other restrictions still apply, it said.
      The restrcitions stem from a 1983 order by the FTC settling
  charges that Allied's 1981 acquisition of Fisher Scientific Co
  reduced competition in three high-purity acid markets.
  

"
training/7840	12	earn	"SAN JUAN BASIN ROYALTY <SJT> HIKES DISTRIBUTION
  Cash distribution 4.2621 cts vs 3.2384 cts prior
      Pay April 14
      Record March 31
      NOTE: Company's full name is San Juan Basin Royalty Trust.
  

"
training/7841	12	earn	"SHL SYSTEMHOUSE INC <SHKIF> 2ND QTR FEB 28 NET
  Shr 23 cts vs nine cts
      Net 5,700,000 vs 1,920,000
      Revs 35.5 mln vs 19.8 mln
      1st half
      Shr 41 cts vs 17 cts
      Net 10.0 mln vs 3,100,000
      Revs 69.3 mln vs 36.7 mln
      NOTE: Share adjusted for two-for-one stock split approved
  in December 1986.
      Net includes tax credits of 2,970,000 dlrs vs 980,000 dlrs
  in quarter and 5,210,000 dlrs vs 1,590,000 dlrs in half.
      Backlog 230 mln dlrs vs 147 mln dlrs at start of fiscal
  year and 148 mln dlrs at the end of the first quarter.
  

"
training/7843	12	earn	"PHOTRONIC LABS INC <PLAB> 1ST QTR JAN 31 NET
  Shr 10 cts vs seven cts
      Net 249,143 vs 175,476
      Sales 3,034,010 vs 2,745,288
  

"
training/7845	12	earn	"PERMIAN BASIN ROYALTY <PBT> HIKES DISTRIBUTION
  Cash distribution 3.9737 cts vs 3.0577 cts
      Pay April 14
      Record March 31
      NOTE: Trust's full name is Permian Basin Royalty Trust.
  

"
training/7847	0	acq	"UNIVERSAL RESOURCES <UVR>HOLDERS APPROVE MERGER
  Universal Resources Corp said its
  shareholders approved the merger of the company with Questar
  Corp <STR>.
      Separately, Universal said it will redeem its 15.75 pct
  debentures due December 15, 1996, on April 19, at 104.8 pct of
  face amount plus accrued interest.
      Universal said it will operate as a wholly owned unit of
  Questar under its current name. Under terms of the merger,
  which took effective today, Universal said its shareholders
  will receive three dlrs a share in cash.
      It said its stock will no longer trade on the AMEX.
  

"
training/7848	12	earn	"ENDOTRONICS <ENDO> HALTED PENDING NEWS RELEASE
  Endotronics Inc, halted at 1-3/4 on
  NASDAQ pending release of a news report, on Monday said it was
  expecting ""substantial losses"" for the quarter ending March 31,
  1987 and the fiscal year ending Sept 30, 1987.
      The company had cited a dispute over payment by Yamaha Inc,
  one of its Japanese distributors, over payment of a promissory
  note for 3,686,000 dlrs in overdue accounts.
  

"
training/7850	12	earn	"TEXAS INSTRUMENTS INC <TXN> SETS QUARTERLY
  Qtly div 50 cts vs 50 cts prior
      Pay April 20
      Record March 31
  

"
training/7851	12	earn	"SOUTHEAST BANKING CORP <STB> DECLARES QTLY DIV
  Qtly div 22 cts vs 22 cts prior
      Pay April 10
      Record March 30
  

"
training/7855	0	acq	"ARMSTRONG WORLD <ACK> UNIT BUYS PLANT
  Armstrong World Industries
  Inc said its Gilliam Furniture affiliate has purchased a
  130,000 square foot building in Troutman, N.C., for undisclosed
  terms.
      It said the new plant is expected to be in operation before
  year-end and and will more than double Gilliam's production
  capacity for upholstered furniture.
  

"
training/7857	12	earn	"HUDSON'S BAY CO YEAR OPER SHR PROFIT 32 CTS VS LOSS 1.23 DLRS

  HUDSON'S BAY CO YEAR OPER SHR PROFIT 32 CTS VS LOSS 1.23 DLRS
  

"
training/7858	12	earn	"COOK UNITED INC EXPECTS LOSS OF 16 MLN DLRS FOR FISCAL 1987

  COOK UNITED INC EXPECTS LOSS OF 16 MLN DLRS FOR FISCAL 1987
  

"
training/7860	42	rubber	"U.N. Conference formally adopts new International Natural Rubber Agreement - chairman

  U.N. Conference formally adopts new International Natural Rubber Agreement - chairman
  

"
training/7861	12	earn	"YORK FINANCIAL CORP <YFED> DECLARES QTLY DIV
  Qtly div 17 cts vs 17 cts prior
      Pay May five
      Record April 20
  

"
training/7862	0	acq	"COOK UNITED INC IN TALKS TO SELL STAKE TO PRIVATE INVESTORS

  COOK UNITED INC IN TALKS TO SELL STAKE TO PRIVATE INVESTORS
  

"
training/7864	12	earn	"COMBINED INT'L <PMA> RAISES PAYOUT, VOTES SPLIT
  Combined International Corp said its
  board voted to increase the quarterly dividend  7.1 pct to 60
  cts a share from 56 cts payable May 26, record May 12.
      It said directors also approved a two-for-one stock split,
  subject to approval by shareholders of a proposed capital stock
  amendment at the annual meeting in April. The record and pay
  dates would be announced later, it said.
  

"
training/7865	0	acq	"AMERICAN CABLESYSTEMS <ACN> TO BUY CABLE SYSTEM
  American Cablesystems Corp said
  it agreed in principal to buy a cable television system in Los
  Angeles County from Heritage Communications Inc <HCI> for 15.5
  mln dlrs.
      The company said the system being purchased serves about
  12,000 subscribers in the towns of Compton, South El Monte,
  Hawaiian Gardens and the communities of Willowbrook, Athens,
  Firestone, Florence and East Compton.
      It said the acquisition will bring to seven the number of
  cable systems it owns, manages or has agreed to buy in the Los
  Angeles area.
  

"
training/7866	12	earn	"YORK FINANCIAL <YFED> SPLITS STOCK
  York Financial Corp, parent company
  of York Federal Savings and Loan Association, said its board of
  directors declared a five-for-four stock split in the form of a
  25 pct stock dividend.
      The company said it will distribute the split on May 5, to
  shareholders of record April 20.
  

"
training/7867	0	acq	"CHEMLAWN <CHEM> HAS NO COMMENT ON NEW OFFER
  ChemLawn Corp said it had no comment
  on a sweetened offer from Waste Management Inc <WMX>.
      Waste Management amended its 27 dlr per share tender offer,
  raising it to 35 dlrs per share.
      ChemLawn had rejected Waste Management's earlier 27 dlr per
  share offer, saying it was an undervalued bid. ChemLawn earlier
  told its shareholders not to tender to Waste Management.
      ChemLawn rose 1-7/8 to 36 in over-the-counter trading.
  

"
training/7869	12	earn	"ESSO SAF <ESSF.PA> YEAR ENDED DEC 31 1986
  Net profit 305 mln francs vs 258 mln.
      Net dividend 25 francs vs 20 francs.
      Operating loss 696 mln francs vs 1.46 billion.
      Note - The company, which is the French subsidiary of Exxon
  Corp. <XON.N>, said its net profit result included the
  reintegration of 1.2 billion francs of provisions for exchange
  fluctuations.
  

"
training/787	0	acq	"FERRO CORP <FOE> SETS JOINT VENTURE
  Ferro Corp said it has formed a
  joint venture with Paris-based Alsthom Inudstrial Group to
  export U.S. epxertise in specialty composite materials to the
  European market.
      Ferro said although the airframe and aerospace industries
  are the prime users of composite materials today, it plans to
  develop applications for the ground transportation and
  industrial markets in the near future.
      Ferro also announced it has agreed to purchase CompositAir,
  a developer of composit materials applications, for an
  undisclosed sum.
  

"
training/7870	12	earn	"PAN AM'S <PN> MAIN UNIT TO REPORT SMALLER LOSS
  Pan Am Corp said its largest division,
  the Atlantic, will report a first quarter loss that will be
  substantially lower than that reported a year ago.
      In the 1986 1st qtr, Pan Am reported a net loss of 118.4
  mln dlrs, which included foreign exchange losses of 19.3 mln.
  The company did not say how much the Atlantic division lost.
      Pan Am also said it is encouraged by passenger traffic
  results so far this year as well as booking trends.
      In January and February, the airline said total systemwide
  revenue passenger miles were up five pct and 11 pct,
  respectively, over the same months last year.
      It also said that based on current trends, its largest
  division should report vastly improved second-quarter traffic
  compared to last year, which resulted in a load factor of 45.7
  pct for the second quarter of 1986.
      Pan Am also said its principal subsidiary, Pan American
  World Airways, had a 1986 net loss of 469.3 mln dlrs, compared
  with a profit of 38.7 mln dlrs in 1985, which included a gain
  of 341 mln dlrs for the sale of its Pacific Division. It said
  the airline's operating loss for the year was 325.5 mln dlrs
  compared with a operating profit of 196.5 mln dlrs in 1985.
  

"
training/7872	12	earn	"ENDOTRONICS <ENDO> TARGET OF INVESTIGATION
  Endotronics Inc said it is the
  target of a formal private investigation by the Securities and
  Exchange Commission as well as the Federal Bureau of
  Investigation.
      The company also said its independent accounts, Peat,
  Marwick, Mitchell and Co, served notice that its report on
  Endotronics' financial statements as of Sept 30, 1986 and for
  the year then ended should no longer be relied upon.
      Endotronics said the notice from its accountants stated 
  ""we cannot satisfy ourselves as to the true facts of the
  situation to a degree necessary to continue to be associated
  with such consolidated financial statements.""
      Endotronics recently reported that it was reviewing the
  need to establish a reserve for all or a portion of
  approximately 3,686,000 dlrs in overdue accounts receivable and
  to assess the impact, if any, on prior period financial
  statements in light of a dispute with one of its Japanese
  distributors over payment of the overdue accounts.
      Endotronics said it was providing documentation to the
  Securities and Exchange Commission in connection with that
  agency's investigation.
      It also said Michael Gruenberg resigned from the company's
  board of directors.
  

"
training/7873	42	rubber	"UN CONFERENCE FORMALLY ADOPTS NEW RUBBER PACT
  A new International Natural Rubber
  Agreement, INRA, was formally adopted by a United Nations
  Conference today.
      The new accord is due to replace the current one, which
  expires in October.
      Conference chairman Manaspas Xuto of Thailand said the
  formal adoption represented ""a historic moment.""
      The latest round of talks, which began March 9, represented
  the fourth attempt to negotiate a new INRA in nearly two years.
  Xuto described the negotiations as ""by no means easy, and we
  often faced problems.""
      The new pact is due to enter into force provisionally when
  ratified by countries accounting for 75 pct of world net
  exports and 75 pct of net imports.
      The new INRA will enter into force definitively when
  governments accounting for at least 80 pct of net exports and
  80 pct of net imports have ratified it.
      It will be open for signature from May 1 to December 31
  this year.
      It is expected that provisional entry into force will take
  at least 12 to 14 months from now, delegates said.
      During the hiatus between the two agreements buffer stock
  operations will be suspended, but the International Natural
  Rubber Council will remain in place.
      Xuto told the conference both the 1979 agreement and its
  successor were aimed at meeting the needs of producers and
  consumers of natural rubber over the long term.
      Both had interest in stabilising prices and supplies, Xuto
  added. He also praised ""the spirit of 'give' and 'take' that
  prevailed throughout this session.""
      Ahmed Farouk of Malaysia, speaking on behalf of producers,
  said the conclusion of the new pact showed that the mutuality
  of interests between producers and consumers is now as valid as
  it was when negotiations of the first agreement began in the
  1970s.
      Farouk said the ability to manage inventories on the basis
  of predictable stable prices is ""a vital consideration for
  multinational tire companies, whether or not consuming
  countries as a whole claimed to be no longer so seriously
  concerned about security of the rubber supply.""
      He said producers considered that the 1979 agreement had
  served the purpose for which it was created.
      Farouk urged consuming countries to promote early accession
  to the new pact ""to avoid an undue gap between the old and the
  new.
      Gerard Guillonneau of France, speaking for consumers,
  agreed that the 1979 agreement had worked relatively well.
      But as economic conditions had changed, he said, consumers
  had been led to make proposals for improving its functioning.
      He added that the adoption of the new agreement ""attests to
  the importance of rubber and confidence in the rubber industry.""
  

"
training/7874	12	earn	"ADVANCED INSTITUTIONAL <AIMS> CUTS WORKFORCE
  Advanced Institutional Management
  Software Inc said it has cut its workforce to 53 from 74 and
  closed its Atlanta office to cut expenses and improve
  profitability.
      The company said it is also in the process of reducing its
  office space in four of its six offices nationwide.
      Advanced also said it has named executive vice president
  Steven B. Sheppard chief operating officer.
      The company said president and chief executive officer
  Morris Moliver had been chief operating officer as well.
  

"
training/7875	12	earn	"SUN STATE SAVINGS <SSSL> SEES HIGHER EARINGS
  Sun State Savings and Loan
  expects to report an earnings increase this year over 1986,
  Chairman Edward Janos told shareholders at the company's annual
  meeting.
      In a statement, Janos said core earnings are expected to
  average 1.5 mln dlrs per quarter, or six mln dlrs for the year,
  while sales of real estate joint ventures will add another five
  mln during the year.
      In 1986, Sun State reported earnings of 9,427,000 dlrs, or
  2.05 dlrs per share.
  

"
training/7876	12	earn	"ATT <T> CHAIRMAN SAYS DIVIDEND WILL NOT BE CUT
  American Telephone and Telegraph Co does
  not plan to reduce its regular quarterly dividend of 30 cts a
  share on its common stock, said James E. Olson, chairman.
      ""It has been the intent to set the dividend at a level so
  that it could be sustained through the ups and downs of the
  business cycle,"" Olson told a meeting of securities analysts.
      ""We see no reason to change that policy,"" he said.
      Although ATT will maintain its current dividend, Olson said
  the company wants to decrease the percentage of earnings paid
  in dividends by increasing earnings.
      Industry analysts had speculated that ATT might cut its
  common dividend, especially after the company posted a fourth
  quarter net loss of 1.17 billion dlrs and earned only five cts
  a share for the full year.
      The loss included a one-time restructuring charge of 1.7
  billion dlrs.
      Olson said he expects ATT's cash flow to remain strong
  despite the poor earnings.
  

"
training/7877	47	tin	"MAJOR TIN CENTERS PARALYSED BOLIVIA UNION SAYS
  A strike by 9,000 miners employed by the
  state corporation Comibol has paralysed tin production in the
  major centers of Huanuni, Corocoro, Siglo, Catavi and Colquiri,
  the Conflicts Secretary of the Bolivian Miners Federation,
  Cristobal Aranibar, told Reuters.
       The strike began at midnight to press demands for higher
  wages and more funds for the nationalised mining industry.
       The miners federation left the door open to negotiations
  with the government but ""only if the authorities show their
  intention to find solution to our demands"", Aranibar said.
      The government of president Victor Paz Estenssoro, faced
  with mounting social unrest against its economic policies, has
  said the miners strike was part of a campaign to discredit it
  during the visit of West German president, Richard von
  Weizsaecker, who arrives today for a four-day official visit.
      The government froze salaries as part of its efforts to
  pull Bolivia out of a deep economic crisis. According to
  central bank forecasts inflation will reach an annual 10 pct
  rate versus up to 20,000 pct in 1985.
       In addition to the miners' strike, about 1,000 railway
  factory workers of the bolivian labour organization (COB) began
  a second day of a hunger strike in the country's main cities to
  press for substantial wage increases, a union leader said.
  

"
training/7878	12	earn	"ECHLIN INC 2ND QTR SHR 24 CTS VS 20 CTS

  ECHLIN INC 2ND QTR SHR 24 CTS VS 20 CTS
  

"
training/7879	12	earn	"ALLIED-LYONS SEES HIRAM WALKER PROFITS RISING
  <Allied-Lyons PLC> sees rising profits
  from 51-pct-owned liquor producer Hiram Walker-Gooderham and
  Worts in the current fiscal year ending in early March, 1988,
  chairman Derrick Holden-Brown said in a speech prepared for
  delivery to Toronto analysts.
      ""We anticipate that Hiram Walker profits will be well above
  those of the plateau years,"" he said, referring to the four
  years up to 1985.
      ""In other words, we will have regained the 1985 position
  and improved on it,"" Holden-Brown said.
      Allied-Lyons won control of Hiram Walker-Gooderham last
  year in a battle against Gulf Canada Corp, which finally got a
  49 pct stake after an out-of-court settlement.
      Hiram Walker Resources Ltd, the previous owner, reported
  liquor profits of 282 mln Canadian dlrs in the fiscal year
  ending Sept. 30, 1985, 278 mln dlrs in 1984, 267 mln in 1983,
  294 mln in 1982 and 280 mln in 1981.
      Holden-Brown said Allied-Lyons' financial results for the
  fiscal year just ended March seven would include three months
  of Hiram Walker-Gooderham profits, but he did not provide
  actual figures.
      He said Hiram Walker-Gooderham's profit improvement in the
  current year will come from a previously announced
  reorganization put into effect March 1, 1987 and a close
  partnership with Allied-Lyons' existing Allied Vintners
  division.
  

"
training/7880	12	earn	"ECHLIN INC <ECH> 2ND QTR FEB 28 NET
  Shr 24 cts vs 20 cts
      Net 11,784,000 vs 8,302,000
      Rev 269.1 mln vs 211.9 mln
      Six months
      Shr 48 cts vs 40 cts
      Net 23,191,000 vs 16,556,000
      Rev 517.5 mln vs 429.3 mln
  

"
training/7881	12	earn	"AMERICAN CAN SEES HIGHER 1ST QTR, YR NET

  AMERICAN CAN SEES HIGHER 1ST QTR, YR NET
  

"
training/7883	12	earn	"<HUDSON'S BAY CO> 4TH QTR NET
  ended January 31
      Oper shr profit 3.98 dlrs vs profit 4.35 dlrs
      Oper net profit 123.6 mln vs profit 108.3 mln
      Revs 1.88 billion vs 1.76 billion
      Year
      Oper shr profit 32 cts vs loss 1.23 dlrs
      Oper net profit 33.0 mln vs loss 9,055,000
      Revs 5.69 billion vs 5.27 billion
      Note: 1986 excludes writeoff of 40.4 mln dlrs, primarily
  due to investment in Dome Petroleum Ltd <DMP>.
  

"
training/7884	12	earn	"<GENDIS INC> 4TH QTR JAN 31 NET
  Shr 53 cts vs 61 cts
      Net 9,909,000 vs 11,489,000
      Revs 185.9 mln vs 161.5 mln
      Year
      Shr 1.20 dlrs vs 1.37 dlrs
      Net 22,522,000 vs 25,667,000
      Revs 588.5 mln vs 521.7 mln
  

"
training/7887	12	earn	"<BIFLYX> 2ND QTR DEC 31 NET
  Shr nil vs nil
      Net profit 24,000 vs loss 66,000
      Revs 235,000 vs 93,000
      Six mths
      Shr nil vs nil
      Net profit 40,000 vs loss 153,000
      Revs 394,000 vs 99,000
  

"
training/7888	5	coffee	"IBC PRESIDENT LEAVES FOR PRODUCER MEETING - IBC
  Jorio Dauster, president of the
  Brazilian Coffee Institute, IBC, left Brazil early today to
  attend a weekend meeting of Latin American coffee producers in
  Managua, an IBC official said.
      Carlos Brasil, an adviser to the IBC president, said
  Dauster had left Rio de Janeiro for Managua early this morning.
      There were rumours on the London coffee market earlier
  today that Dauster would not attend the meeting.
  

"
training/7891	0	acq	"MOUNTAIN VIEW ACQUIRES MARATECH COMMUNICATIONS
  (Mountain View Investment
  Corp), Phoenix, Ariz., said it acquired Maratech Communications
  Cos Inc.
      Under terms of the transaction, the present directors of
  Mountain View have resigned and have elected directors of
  Maratech as new directors of Mountain View.
      It said a combined shareholders' meeting will soon be held
  to vote on the acquisition.
  

"
training/7893	12	earn	"AMERICAN CAN <AC> SEES HIGHER YEAR NET
  American Can Co chairman Gerald Tsai
  said the company will record higher earnings in the first
  quarter and for the full year.
      Addressing analysts, Tsai said ""First quarter results have
  been extremely encouraging and results for all of 1987 will
  show significant improvement over 1986.""
      American Can earned 196.3 mln dlrs, or 3.21 dlrs per share,
  adjusted for a two-for-one stock split, in 1986.
      In the 1986 first quarter, the company reported net income
  of 67.5 mln dlrs, including one-time gains from sale of assets,
  or 2.30 dlrs per share, before the stock adjustment.
      In the 1987 first quarter, American Can will record a
  one-time gain of 28 cts per share from the sale of shares in
  its Musicland Group subsidiary. The gain is slightly higher
  than the expected gain the company predicted in February
  because additional shares of the unit were sold.
      In response to a question, Tsai said American Can's
  investment in Jefferies and Co is ""very small"".
      ""We treat it as just another passive investment,"" he said.
  According to press reports, American Can owns 20 pct of
  Jefferies and is its largest single shareholder.
      Yesterday, Boyd Jefferies, chairman and founder of the
  brokerage firm bearing his name, resigned from the firm and
  said he would plead guilty to two felony charges for breaking
  securities laws.
      Responding to another question, Tsai said AIDS-related
  claims were a small portion of claims made with American Can's
  insurance subsidiaries in 1986.
  

"
training/7894	12	earn	"CENTRAL BANKING SYSTEM INC <CSYS> QTLY DIVIDEND
  Qtly div ten cts vs ten cts
      Pay April 15
      Record April 1
  

"
training/7895	0	acq	"CHARTER-CRELLIN <CRTR> TO ACQUIRE SEBRO PLASTICS
  Charter-Crellin Inc said it signed a
  letter of intent to acquire all outstanding shares of <Sebro
  Plastics Inc's> capital stock.
      Charter-Crellin, a molded plastic product maker, said Sebro
  is a precision molder of engineered specialty plastic products
  for the automotive industry.
      The company said the deal is subject to the execution of a
  definitive purchase agreement.
  

"
training/7896	0	acq	"NEW YORK STATE ELECTRIC <NGE> ENDS ACQUISITION
  New York State Electric and
  Gas Corp said it has terminated its effort to acquire Corning
  Natural Gas Corp.
      It cited as reasons the uncertain regulatory climate in New
  York State and the depresed price of New York State Electric
  stock which has been caused by the delay in the Nine Mile Point
  Unit Two nuclear plant.
      The company had said in December that it had been
  interested in acquiring Corning Natural Gas.
  

"
training/7897	0	acq	"BLACK HAWK MINING CAN'T EXPLAIN STOCK RISE
  <Black Hawk Mining Inc> said it knows
  of ""no major activities"" to account for the recent rise in the
  company's stock price.
      The shares rose 11 cts to 88 cts on the Toronto Stock
  Exchange yesterday.
      The company added that its application for its proposed
  acquisition of <Platinova Resources Ltd> and financings are
  still before the listing committee of the stock exchange.
  

"
training/7899	0	acq	"SENATOR WANTS STRONGER AIR MERGER REGULATION
  The chairman of the Senate antitrust
  subcommittee said the Transportation Department was allowing
  too many airline mergers and proposed its authority be
  transfered to the Justice Department.
      ""The Transportation Department's antitrust enforcement has
  been disastrous, permitting rampant merger mania,"" Ohio
  Democrat Howard Metzenbaum said in a statement.
      ""The nine largest airlines now control 94 per cent of the
  market. That's bad for competition and bad for the consumer,""
  he said.
      Metzenbaum said he introduced a bill to transfer antitrust
  authority over airline mergers to the Justice Department in
  hopes it would more restrictive than the Transportation
  Department.
  

"
training/7901	12	earn	"GPU <GPU> SEES TMI-2 FUEL PROBLEMS RESOLVED
  General Public Utilities Corp
  said the water-clarity problem delaying the removal of fuel
  from the damaged Unit Two of the Three Mile Island nuclear
  power plant appears to have been resolved.
      The company said the slower than expected removal of the
  fuel, which has been primarily due to the water-clarity
  problems, is now expected to extend fuel removal into 1988.
      A spokesman said the company had previously expected this
  to be completed by the end of 1987 and has not estimated how
  far into 1988 the process will extend. It still expects to
  complete the entire clean-up by the end of 1988, he added.
      GPU said its auditors, Coopers and Lybrand, again qualified
  its opinion of GPU's financial statements, adding the recovery
  of TMI-2 decommissioning costs to the unresolved issues leading
  to the qualified opinion.
      GPU said its operating subsidiaries will seek to recover
  the costs of decommissioning TMI-2 in future rate proceedings.
      As in past years, the qualified opinion continues to list
  other uncertainties associated with the accident, which damaged
  TMI-2 -- the recovery of cleanup costs and any payments for
  damages that might exceed available insurance proceeds.
  

"
training/7902	12	earn	"ECHLIN<ECH> EXPECTS CONTINUED PROFIT GROWTH
  Echlin Inc said it expects
  further earnings increases for the second half of fiscal 1987
  ending in August due to unit sales growth and improved
  operations.
      ""As expected, market conditions have improved so that
  demand for automotive replacement parts is gradually and
  steadily expanding,"" Echlin president Frederick Mancheski said.
      Earlier, Echlin reported first half fiscal 1987, ended Feb
  28, earnings of 23.2 mln dlrs, or 48 cts a share, up from 16.6
  mln, or 40 cts a share, in the prior year's first half.
      Also, Echlin said it had second quarter net income of 11.8
  mln dlrs, or 24 cts per share, compared with net income of 8.3
  mln dlrs, or 20 cts a share, in fiscal 1986's second quarter.
  

"
training/7903	12	earn	"ATT <T> COST-CUTTING EFFORTS ON TARGET
  American Telephone and Telegraph Co
  chairman James E. Olson said he is very pleased with the
  company's efforts so far to cut costs.
      He told a meeting of securities analysts that, although the
  company is not yet at point in its cost-cutting drive to
  improve profit margins, it is ""on the right track.""
      Olson said ATT's cash flow was ""very strong in the first
  two months of the year, better than budgeted.""
      While Olson does not know if the company's earnings and
  revenues will improve by yearend, he said ATT is ""moving in the
  proper direction.""
      For 1986, ATT's earnings dropped to 139 mln dlrs, or five
  cts a share, on revenues of 34.1 billion dlrs, from 1.56
  billion dlrs, or 1.37 dlrs a share, on revenues of 34.4 billion
  dlrs in 1985.
      During 1986 ATT took 3.2 billion dlrs in charges from
  expenses related to reducing its work force by 32,000.
  

"
training/7907	48	trade	"JAPAN OPENS HOME MARKET TO U.S. FISH
  Japan has agreed to drop barriers to
  American-caught herring and pollock, opening the way for
  shipments that could reach 300 mln dlrs annually, U.S. Trade
  Representative Clayton Yeutter announced.
      Yeutter said the accord was reached after extensive
  bilateral negotiations that ended earlier today in Tokyo.
      He said the Commerce Department estimated U.S. shipments of
  processed pollock products and herring should rise to 85 mln
  dlrs this year and to more than 300 mln dlrs annually in later
  years.
      There was no immediate assessment of the value of current
  U.S. shipments, but officials said the pact would lift quotas
  to the point that Americans would be able to ship nearly all
  the pollock and herring ordered by Japanese firms.
      At the same time, Yeutter said Washington was temporarily
  suspending a complaint with the General Agreement on Tariffs
  and Trade (GATT) that Japan was unfairly curbing imports of the
  two fish.
      He said the complaint would be reviewed later this year
  after an assessment to see if Japan lived up to the agreement.
  

"
training/791	10	crude	"NYMEX RULE CHANGE SEEN BOOSTING ENERGY TRADE
  The New York Mercantile Exchange said
  it will introduce exchanges for physicals (EFPS) to its energy
  futures markets April one.
      An exchange spokeswoman said the change will allow oil
  traders that do not hold a futures position to initiate, after
  the exchange closes, a transaction that can subsequently be
  hedged in the futures market.
      EFPs, already in effect for platinum futures on NYMEX, are
  expected to increase the open interest and liquidity in U.S.
  energy futures, according to traders and analysts.
      The Commodity Futures Trading Commission approved the rule
  change in February, according to a CFTC spokeswoman.
  

"
training/7912	0	acq	"FIRST FINANCIAL <FFMC> ACQUIRES TEL-A-DATA
  First Financial Management Corp said it
  acquired the data processing contracts and certain related
  assets of Tel-A-Data L.P. for about 5.7 mln dlrs cash plus the
  assumption of certain liabilities of about 2.5 mln dlrs.
      Tel-A-Data serves about 50 bank and thrift institutions
  through a processing center in Lombard, Illinois.
      First Financial offers data processing services to over 800
  financial institutions through 35 data processing centers.
  

"
training/7913	12	earn	"MCM CORP <MCMC> SETS QUARTERLY
  Qtly div six cts vs six cts prior
      Pay April 10
      Record March 31
  

"
training/7914	12	earn	"THACKERAY CORP <THK> YEAR LOSS
  Oper shr loss 22 cts vs loss 20 cts
      Oper net profit 1,013,000 vs profit
      2,219,000
      Sales 77.0 mln vs 74.0 mln
      Avg shrs 5,107,401 vs 5,361,793
  

"
training/7918	12	earn	"ALLIED-LYONS SEES SUBSTANTIAL SECOND HALF GROWTH
  <Allied-Lyons PLC> will report
  substantial growth in the second half of fiscal 1987 ended
  March 7, chairman Derrick Holden-Brown said in answer to
  reporters' queries.
      ""You will certainly see substantial growth in Allied-Lyons
  in the second half,"" Holden-Brown said following a presentation
  to Toronto securities analysts.
      Holden-Brown declined to say whether second half growth in
  profit before taxes would exceed the 20.7 pct rise reported in
  the first half. Allied-Lyons had first half profit of 148.0 mln
  stg, up from 122.6 mln stg in the prior year.
      Allied-Lyons will also have a full year extraordinary cost
  of slightly more than seven mln stg for defence costs
  associated with Elders IXL Ltd's failed take-over bid for the
  company, Holden-Brown also said.
      But that cost will be more than offset by an extraordinary
  gain of about 60 mln stg on Allied-Lyons' sale of its 24.9 pct
  interest in Australian brewers Castlemaine Toohey, he said.
      ""So with Australians, you win some and you lose some. But
  hopefully you win them all in the end,"" Holden-Brown said.
      Asked if he thought Allied-Lyons is vulnerable to other
  take-over attempts, Holden-Brown replied: ""No, I don't.""
      ""We must never be complacent and we must always be very
  watchful, but I think we would be very expensive,"" he said.
      Holden-Brown said Allied-Lyons' share price to corporate
  earnings ratio is now comparable with other leading companies
  in the food and beverage industry.
      ""That was not the case two years ago. If the Australians had
  come a little bit earlier, they might have had more luck, I
  think,"" Holden-Brown said.
      Holden-Brown said Allied-Lyons' move to acquire Hiram
  Walker-Gooderham and Worts Ltd in March, 1986 during Elders
  take-over bid for the company was ""100 pct a growth action.""
      ""We knew when we did it that it could be misconstrued, and
  that people almost inevitably would say (the acquisition was)
  defensive, but it never was,"" Holden-Brown told reporters.
      Asked by securities analysts if Allied-Lyons plans a share
  issue in Canada after acquiring a 51 pct interest in Hiram
  Walker, Holden-Brown responded: ""Plan might be too strong a
  word. But I must say I do feel the need for Allied-Lyons to be
  better known in Canada.""
  

"
training/7920	36	orange	"U.S. FROZEN ORANGE JUICE STOCKS - MARCH 1  102,618,000 GALLONS VS 97,111,000 YEAR AGO

  U.S. FROZEN ORANGE JUICE STOCKS - MARCH 1  102,618,000 GALLONS VS 97,111,000 YEAR AGO
  

"
training/7921	29	livestock	"U.S. COLD STORAGE STOCKS - MARCH 1 FROZEN PORK BELLIES - LBS - 34,471,000, VS A REVISED 34,900,000 ON FEB 1 AND 51,218,000 A YEAR AGO.

  U.S. COLD STORAGE STOCKS - MARCH 1 FROZEN PORK BELLIES - LBS - 34,471,000, VS A REVISED 34,900,000 ON FEB 1 AND 51,218,000 A YEAR AGO.
  

"
training/7922	12	earn	"<DRYCLEAN USA> YEAR NET
  Shr 82 cts vs 63 cts
      Net 1,661,000 vs 1,251,000
      Revs 14.8 mln vs 11.6 mln
  

"
training/7924	29	livestock	"COLD STORAGE REPORT FOR BELLIES NEUTRAL/NEGATIVE
  Chicago Mercantile Exchange floor
  traders' immediate reaction to the cold storage report for pork
  bellies was neutral to slightly negative.
      Frozen pork belly stocks at 34.5 mln lbs on March 1
  compared with a revised 34.9 mln lbs on February 1 for a net
  out movement of 0.5 mln lbs.
      The number on hand compared with trade guesses of 33.5 to
  36 mln lbs and the year ago figure of 51.2 mln lbs.
      Traders said the figure was toward the upper end of
  expectations and may provide slight downward pressure because
  of recent sharp gains in futures.
  

"
training/7928	0	acq	"COMMERCIAL CREDIT <CCC> UNIT SELLS DIVISION
  Commercial Credit Co said its
  American Health and Life Insurance Co sold its ordinary life
  insurance business to American National Insurance Co <ANAT>.
      American National will assume the business no later than
  August 31, 1987, Commercial Credit said.
      The sale is part of a restructuring program begun by
  Commercial Credit's subsidiary in late 1986, the company said.
  

"
training/793	6	copper	"U.S. REFINERY COPPER STOCKS FALL IN JANUARY
  Refined copper stocks held by U.S.
  refineries fell to 109,200 short tons at the end of January
  from 145,400 short tons at the end of December, the American
  Bureau of Metal Statistics reported.
      Commodity Exchange (Comex) copper stocks climbed to 103,000
  tons in January from 93,300 tons in December. Combined refinery
  and Comex stocks eased to 212,200 tons in January
  from 238,700 tons in December.
      U.S. refined production declined to 117,600 tons in January
  from 137,400 tons in December. Crude output increased to 98,600
  tons in January from 93,300 tons (revised lower) in December.
      Preliminary figures showed U.S. refined deliveries rose to
  151,800 tons in January from 124,800 tons in December.
  

"
training/7930	0	acq	"DELTA SAYS COURT ORDER WILL NOT DELAY MERGER
  Delta Air Lines <DAL> said a court
  order requiring Western Air Lines <WAL> to arbitrate with two
  of its unions will not delay the April 1 merger between the two
  airlines.
      The order, which was issued by the Ninth Circuit Court of
  Appeals, requires Western to discuss with its two unions
  whether Western's labor contracts will be binding for Delta,
  Delta said.
      ""Nevertheless, the court order could cause significant
  personnel problems, including the possible delay of wage
  increases Delta had planned to give the Western personnel on
  April 1,"" Ronald Allen, Delta's president, said.
      Delta said it feels the court has erred and should
  reconsider the order.
  

"
training/7935	0	acq	"INTEGRATED GENERICS <IGN> MAY SELL 10 PCT OF UNIT
  Integrated Generics Inc said it
  is discussing with an unnamed pharmaceutical distributor the
  sale of 10 pct of its A.N.D.A. Development Corp subsidiary for
  200,000 dlrs.
      Integrated said its subsidiary, Biopharmaceutics, is
  negotiating with the same unnamed distributor to sell it five
  prescription drugs.
      The company said it can release no other details at this
  time.
  

"
training/7937	40	reserves	"MEXICO'S RESERVES REACH EIGHT BILLION DLRS
  Additional capital inflows of 1.5
  billion dlrs so far this year have boosted Mexico's reserves to
  about eight billion dlrs, director of public credit Angel
  Gurria told reporters.
      Money has been coming back to Mexico because of improved
  investor confidence and because a tight monetray policy has
  forced credit-starved industries to repatriate capital. Inflows
  totalled a billion dlrs in fourth-quarter 1986.
      Gurria said Mexico is not accumulating reserves for the
  sake of it. He said its new loans will increase the pool of
  funds available for badly needed investment.
      Once the first tranche of its new six billion dlr loan is
  drawn down in the second quarter, Mexico will still only have
  enough reserves to pay for imports and debt service for four or
  five months, Gurria noted.
      Nevertheless, Gurria said Mexico does not expect to draw on
  the commercial banks' 1.2 billion dlr investment-support
  contingency facility. That money will be available until April
  1988 if Mexico's export receipts and the price of oil fall
  below certain levels. But Mexico failed to qualify for the
  first two drawings totalling 451 mln dlrs, and Gurria said
  today, ""We expect we'll never have to use it.""
      Gurria said Mexico will know by June whether it can draw on
  the second contingency facility included in the bank financing
  package - a 500 mln dlr growth co-financing loan with the World
  Bank.
      Finance minister Gustavo Petricioli said he had signed
  yesterday a 250 mln dlr loan with the World Bank to support the
  development of exports of manufactured goods.
      He also said the first 250 mln dlr tranche of a one billion
  dlr loan from the Japanese government to support steel, oil and
  export promotion will be disbursed at the end of the month.
      Mexico is also due to make the third drawing from its
  International Monetary Fund standby credit in the next few days
  based on a successful review of end-1986 economic results.
      Petricioli said Mexico is in the final stages of
  discussions which will determine quantitative economic targets
  for 1987 which will allow it to continue to draw from the IMF
  for the rest of 1987.
      Petricioli reported that Mexico has so far concluded eight
  bilateral accords with government creditors within the Paris
  Club.
      Sixteen governments signed the Paris Club umbrella
  agreement last September, which restructured 1.8 billion dlrs
  of official debt, and Petricioli said he hopes to finalize
  pacts with the remaining eight countries in the next few weeks.
      In keeping with the spirit of the September agreement, he
  said all countries from the Organization of Economic
  Cooperation and Development have continued to provide export
  credit facilities for Mexico, despite the debt restructuring.
  

"
training/7939	12	earn	"NAVISTAR <NAV> UP ON HIGHER EARNINGS OPINION
  Navistar International Corp's stock
  rose after brokerage house Sanford C. Bernstein and Co raised
  its earnings estimate of the company based on expectations of
  better truck orders and truck tonnage, traders said.
      Navistar led the active list with a gain of 1/4 to 7-1/4 on
  volume of 4.2 mln shares.
      Traders familiar with the opinion said that David
  Eisenberg, director of Sanford C. Bernstein and Co's
  institutional strategy committee, raised his earnings estimates
  to 80 cts a share for the current fiscal year ending in
  October. He expects Navistar to earn 1.20 dlrs a share next
  year. In 1986, the company lost 14 cts a share.
      Eisenberg was unavailable for comment.
  

"
training/7940	0	acq	"ICN PHARMACEUTICALS <ICN> SEEKING ACQUISITION
  ICN Pharmaceuticals Inc  has
  about 500 mln dlrs in cash and another 1.50 billion dlrs in
  available credit, which it intends to use to buy a
  pharmaceutical company, Chairman Milan Panic said.
      At the company's annual meeting, he said an acquisition
  could take place in the next 24 months.
      ""The company has nearly two billion dlrs available for
  acquisition today,"" Panic said, adding, ""We are investigating a
  number of companies."" One company being studied could possibly
  be acquired on a friendly basis, he said.
      Panic also said he intends to seek board approval today to
  repurchase up to three mln ICN common shares.
      Discussing the possibility of an acquisition, Panic said
  the such a purchase is necessary because ICN's current
  marketing capability would not be sufficient to support
  distribution of the company's products, given ICN's
  expectations for market growth worldwide.
      ICN's principal product is ribavirin, also known as
  Virazole. The drug is marketed in a number of countries and
  described as a broad-based anti-viral.
      The company has said its possible applications include
  treatment of some types of hepatitis, herpes, influenza,
  childhood diseases and hemorrhagic fevers.
      ICN has been the focus of consirable investor attention in
  recent months because of Virazole, which has undergone clinical
  trials as a possible treatment of some AIDS-related diseases.
      Panic said today he would not discuss the drug with regard
  to AIDS until the Food and Drug Administration completes its
  review of data submitted by the company.
      He said an investigation of the drug being conducted by a
  House Subcommittee is continuing.
      The subcommittee and the FDA have acknowledged they are
  conducting separate investigations to determine whether or not
  ICN witheld data from the FDA on adverse reactions to the drug.
      Virazole is approved for marketing in the U.S. in aerosol
  form as a treatment for an infection that strikes infants,
  called respiratory syncytial virus.
  

"
training/7942	12	earn	"JUSTIN INDUSTRIES INC <JSTN> SETS DIVIDEND
  Qtly div 10 cts vs 10 cts prior
      Pay April 10
      Record March 27
  

"
training/7948	12	earn	"SCHOLASTIC INC <SCHL> 3RD QTR FEB 28 NET
  Shr 1.55 dlrs vs 70 cts
      Net 3,409,000 vs 1,455,000
      Rev 54.1 mln vs 45.3 mln
      Nine months
      Shr 1.60 dlrs vs 10 cts
      Net 3,517,000 vs 211,000
      Rev 144.4 mln vs 127.0 mln
      NOTE: Qtr net includes extraordinary gain of 1.2 mln dlrs,
  versus 155,000 dlrs for fiscal 1986's third quarter, and a
  non-recurring pre-tax gain of 720,000 dlrs.
  

"
training/7949	12	earn	"KLEINWORT BENSON <KBA> UNIT SETS FIRST DIVIDEND
  Kleinwort Benson International
  Investment Ltd's subsidiary, Kleinwort Benson Australian Income
  Fund, a closed end management investment company, declared its
  first quarterly dividend of 36.5 cts payable April 16 to
  shareholders of record April 1.
  

"
training/7950	32	money-fx	"G-10 FINANCE OFFICIALS DISCUSS DEBT, CURRENCIES
  Deputy Finance Ministers from the Group
  of 10 leading western industrialised countries met here to
  discuss the world debt crisis, trade imbalances and currency
  stability today following last month's Paris monetary accord,
  sources close to the talks said.
      The officials met at the offices of the International
  Monetary Fund (IMF) to discuss broad aspects of world monetary
  policy in preparation for the IMF's interim committee meeting
  in Washington in April.
      The talks were the first high-level international review of
  the monetary situation since the accord last month reached by
  the U.S., West Germany, France, Britain, Japan and Canada to
  stabilise world currency markets at around present levels
  following the 40 pct slide in the dollar since mid-1985.
      Other countries represented at today's talks were Italy,
  which refused to attend last month's meeting on the grounds
  that it was being excluded from the real discussions, the
  Netherlands, Belgium and Switzerland.
      Many of the officials had met earlier today and yesterday
  within the framework of the Organisation for Economic
  Cooperation and Development (OECD) to review the slow progress
  being made in cutting the record 170 billion dlr U.S. Trade
  deficit and persuading West Germany and Japan to open their
  economies to more foreign imports.
  

"
training/7953	12	earn	"VERNITRON CORP <VRN> 4TH QTR AND YEAR LOSS
  Oper shr loss 49 cts vs loss 10 cts
      Oper net loss 3,014,000 vs loss 656,000
      Revs 22.7 mln vs 23.6 mln
      12 mths
      Oper shr loss 19 cts vs profit 40 cts
      Oper net loss 1,142,000 vs profit 2,476,000
      Revs 93.3 mln vs 99.0 mln
      NOTE: qtr 1986 and prior qtr excludes loss discontinued
  operations 2,441,000 and 4,078,000, respectively.
      Year 1986 and prior excludes loss discontinued operations
  3,509,000 and 5,278,000, respectively.
      qtr and year 1986 excludes tax loss 1,557,000 and loss
  151,000, respectively.
      qtr and year prior excludes tax gain 833,000 and 3,346,000,
  respectively.
  

"
training/7954	12	earn	"GOODY PRODUCTS INC <GOOD> YEAR END OPER NET
  Oper shr 1.21 vs 88 cts
      Oper net 7,767,000 vs 5,494,000
      Revs 163.7 mln vs 133.5 mln
      NOTE: 1986 and 1985 oper net excludes a loss of 1,332,000
  dlrs and a profit of 319,000 dlrs, respectively, for
  discontinued operations.
      Earnings per shr are restated to reflect 3-for-2 stock
  split effective July one, 1986.
  

"
training/7955	12	earn	"VMS MORTGAGE INVESTORS L.P. <VMLPZ> MONTLY DIV
  DIst nine cts vs nine cts prior
      Payable May 14
      Record April one
  

"
training/7956	12	earn	"PEPS BOYS-MANNY, MOE AND JACK <PBY> SET PAYOUT
  Qtly div 5.5 cts vs 5.5 cts prior
      Pay April 27
      Record April one.
  

"
training/7958	12	earn	"VMS MORTGAGE INVESTORS <VMTGZ> RAISES PAYOUT
  VMS Mortgage Investors LP II said it
  raised its first quarter 1987 cash dividend to 21 cts from 20
  cts the prior quarter payable May 14, 1987, to shareholders of
  record April One, 1987.
  

"
training/7961	43	ship	"FREIGHT, INSURANCE PROPOSED FOR CCC SALES - USDA
  the U.S. Agriculture Department is
  proposing to permit coverage of freight cost and marine and war
  risk insurance for sales  of all agricultural commodities sold
  on credit terms under the Commodity Credit Corporation's, CCC,
  credit guarantee programs.
      The proposal only applies to commodities that are sold by
  exporters on a cost and freight, C and F, or cost, insurance
  and freight, CIF, basis, since these costs would be included in
  the exporter's sale price to the foreign buyer, it said.
      Under current programs, freight costs can be covered only
  for export sales of U.S. breeding animals.
      It asked for comments on the proposal by April 20.
  

"
training/7962	29	livestock	"CCC ACCEPTS EXPORT BONUS FOR CATTLE TO EGYPT
  The U.S. Commodity Credit
  Corporation (CCC) has accepted a bid for an export bonus to
  cover a sale of 186 head of dairy cattle to Egypt, the U.S.
  Agriculture Department said.
      The department said the cattle are for delivery May 7-June
  7, 1987, and the bonus awarded was 1,888.06 dlrs per head.
      The bonus was made to First Interstate Trading Co and will
  be paid to the exporter in the form of commodities from CCC
  stocks, the department said.
      An additional 7,959 head of dairy cattle are still
  available to Egypt under the Export Enhancement Program
  initiative announced September 12, 1986, it said.
  

"
training/7963	0	acq	"CLARK EQUIPMENT <CKL> BUYS 1.3 MLN SHARES
  Clark Equipment Co said it has
  purchased 1,339,000 shares of its common stock from an investor
  group led by Arthur M. Goldberg for 26.375 dlrs a share.
      It said the purchase reduces the number of shares of Clark
  common stock to be purchased under its stock repurchase plan
  announced March 10. At the time the company said it would buy
  back 3.0 mln shares, or 16 pct of the outstanding stock.
       Clark Equipment also said the investor group agreed to
  enter into a standstill agreement which prohibits members of
  the group from purchasing shares of voting securities of Clark
  for 10 years.
  

"
training/7964	0	acq	"YANKEE COS <YNK> UNIT TO SELL ASSSETS
  Yankee Cos Inc's Eskey Inc <ESK>
  subsidiary said it reached an agreement in principle to sell
  its Eskey's Yale E. Key Inc subsidiary to a new concern formed
  by Key's management and a private investor for about 15.5 mln
  dlrs.
      As part of sale, Eskey said the buyers will assume the 14.5
  mln dlrs of publicly held Eskey 10-3/4 pct debentures due 2003.
  It said the debentures will continue to be converted into
  Yankee preferred. The remainder of the price will be a one mln
  dlr note to Eskey. Yankee said the sale will result in a loss
  of 1.5 mln dlrs.
  

"
training/7966	0	acq	"WENDY'S <WEN> DECLNES COMMENT ON MARKET RUMORS
  Wendy's International Inc declined to
  comment on vague rumors by traders that it might be a takeover
  target.
      Wendy's is currently trading up one at 11-3/4 on turnover
  of more than 1.6 mln shares.
      A Wendy's spokesman said it was corporate policy not to
  comment on market rumors.
      He further declined to attribute active trading in Wendy's
  stock to a published report which stated Wall Street
  professionals believe that Wendy's was possibly being studied
  by Coca Cola Co (KO) with view to a possible acquisition.
  

"
training/7967	0	acq	"GOODY <GOOD> TO SELL UNIT TO UNION CAMP <UCC>
  Goody Products Inc said it entered
  into an agreement to sell its J. and P.B. Myers packaging
  business to Union Camp Corp to focus on its consumer products
  and automated distribution system businesses.
      Terms of the agreement were not disclosed.
  

"
training/7968	0	acq	"CHAMPION PARTS<CREB> ASKS DECLARATORY JUDGMENT
  Champion Parts Rebuilders Inc
  said it asked the Federal District Court in Chicago for a
  declaratory judgment upholding its recent 5.4 mln dlr sale of
  common shares and warrants to Echlin Inc <ECH>.
      Champion said in hearings Thursday morning before the
  federal judge on its lawsuit charging federal securities law
  violations against Cormier Corp, Odilon Cormier, Morris Navon
  and other defendants, the Cormier-Navon defendants indicated
  they would challenge the transaction.
      Champion's suit claims that various Champion investors
  alligned themselves with Cormier and Navon who failed to
  disclose properly under federal laws that they were acting in
  concert and they intended to spin off parts of the company and
  sell the balance within two years once they got control.
  

"
training/7969	0	acq	"CYACQ RAISES OFFER FOR CYCLOPS TO 92.50 DLRS/SHARE FROM 80 DLRS

  CYACQ RAISES OFFER FOR CYCLOPS TO 92.50 DLRS/SHARE FROM 80 DLRS
  

"
training/797	0	acq	"CCL UNIT ACQUIRES NESTLE CANADA CAN OPERATIONS
  <CCL Industries Inc>'s Continental Can
  Canada Inc unit said it acquired the Wallaceburg, Ontario,
  metal can making operations of Nestle Enterprises Ltd, wholly
  owned by <Nestle SA>, of Switzerland. Terms were undisclosed.
      Continental Can said it would supply Nestle's equivalent
  can requirements under a long-term agreement.
      Nestle said it decided to stop manufacturing cans ""in order
  to be in a better position to take full advantage of the
  changes underway or on the horizon in food packaging
  technology.""
  

"
training/7970	12	earn	"GREAT COUNTRY BANK <GCBK> 3RD QTR NET
  Qtr ends Feb 28
      Shr 53 cts vs N/A
      Net 1,165,000 vs 575,000
      Nine mths
      Shr 1.54 dlrs vs N/A
      Net 3,363,000 vs 1,535,000
      Assets 375.2 mln vs 320.7 mln
      Deposits 313.8 mln vs 264.2 mln
      Loans 286.3 mln vs 235.9 mln
      NOTE: earnings per share data not presented for 1986 as
  Great Country Bank converted from a mutual to a capital stock
  savings bank on Jan 14, 1986. Such information is misleading
  and inappropriate, the company said.
  

"
training/7971	33	money-supply	"U.S. BUSINESS LOANS FALL 660 MLN DLRS IN MARCH 11 WEEK, FED SAYS

  U.S. BUSINESS LOANS FALL 660 MLN DLRS IN MARCH 11 WEEK, FED SAYS
  

"
training/7972	14	gas	"EC AGREES REDUCTION OF DIESEL EXHAUST EMISSIONS
  The European Community (EC) agreed
  tough new rules to cut diesel exhaust emissions from trucks and
  buses in an attempt to reduce air pollution threatening vast
  stretches of the region's forests.
      Diplomats said EC environment ministers meeting here agreed
  member states would have to reduce by 20 pct over the next few
  years the emission of nitrogen oxide, widely seen as the main
  source of acid rain endangering forests and lakes.
      The reduction would be compulsory for heavy vehicles, with
  tougher standards imposed for new models from April 1988 and
  for all new vehicles from October 1990.
      The EC's executive Commission says the emission level of
  nitrogen oxide was expected to drop to 2.4 mln tonnes a year
  from three mln tonnes within the 12-nation Community if all
  heavy vehicles applied to the new standards.
      There are an estimated nine mln lorries and buses in use in
  the EC, according to Commission figures.
      The ministers also gave West Germany a go-ahead to move
  towards a ban on the sale of leaded regular petrol, after Bonn
  requested permission to do so to encourage the use of
  low-pollution cars, diplomats said.
      West Germany will still need ministers' final approval for
  such a plan. Diplomats said this was expected when EC
  environment ministers meet next on May 21.
      But the ministers added that the go-ahead for West Germany
  did not mean there would automatically follow a Community-wide
  ban on the sale of regular leaded petrol.
      Bonn intends to keep leaded premium petrol pumps, diplomats
  said. They added that, of the 97 mln cars in the EC, only 20
  mln now ran on regular leaded petrol and these would risk no
  damage if they switched over to premium leaded petrol.
      Under EC law, ministers have to give member states special
  permission if they wish to be exempt from Community competition
  laws. This would be the case if West Germany were to implement
  a ban on the sale of leaded regular petrol.
  

"
training/7974	12	earn	"MARCUS <MRCS> VOTES 50 PCT STOCK DIVIDEND
  Marcus Corp said its board
  voted a 50 pct stock dividend to be distributed May 1, record
  April 15.
      It said the dividend applies equally to holders of its
  common stock and Class B common.
  

"
training/7975	12	earn	"VMS MORTGAGE <VMTGZ> CASH DISTRIBUTION RISES
  VMS Mortgage Investors L.P. II said it
  declared a first-quarter 1987 cash distribution of 21 cts a
  depositary unit, up five pct from the prior quarter.
      It said the distribution will be payable May 14, record
  January 1.
  

"
training/7977	0	acq	"AUDIO/VIDEO <AVA>SWEETENS BID FOR CYCLOPS <CYL>
  An investment group led by
  Audio/Video Affiliates Inc said it raised its tender offer to
  acquire Cyclops Corp to 92.50 dlrs a share from 80 dlrs a
  share.
      The group, Cyacq Acquisition Corp, also said it extended
  the offer until April three, from March 20.
      The group said it added several conditions to its offer,
  including receipt of all non-public information about Cyclops
  that was provided to <Dixons Group PLC> in connection with
  Dixon's competing tender offer for Cyclops.
      Cyacq's sweetened offer, totaling about 398 mln dlrs, tops
  Dixon's offer of 92.25 dlrs a share, or about 388 mln dlrs.
      On Wednesday Dixon said it had bought 54 pct of Cyclops'
  4.3 mln shares outstanding, boosting its stake in the company
  to 56 pct.
      Earlier today, however, the Securities and Exchange
  Commisssion ordered Dixons to extended its tender offer until
  March 24.
      Cyacq said it hopes Cyclops shareholders ""will withdraw
  previously tendered shares from Dixons' tender offer to take
  advantage of Cyacq's higher offer.""
      The SEC's order came after Cyacq filed suit to block Dixons
  from taking control of Cyclops and to force an extension of
  Dixons' tender offer.
      A Cyclops spokeswoman said the company had no immediate
  comment on the sweetened bid from Cyacq.
      Cyacq said its new offer is also subject to Cyclops
  rescinding any agreements with Dixons under which the
  U.K.-based firm would receive ""break-up fees"" or expenses from
  Cyclops or could buy Cyclops common stock from the
  Pittsburgh-based company.
  

"
training/7979	12	earn	"EMERALD HOMES <EHP> SETS INITIAL DISTRIBUTION
  Emerald Homes L.P. said its
  general partners declared an initial 30-ct per unit
  distribution payable May 15 to unitholders of record March 31.
      Emerald made its initial public offering February 6.
  

"
training/7980	33	money-supply	"U.S. BUSINESS LOANS FALL 660 MLN DLRS
  Business loans on the books of major
  U.S. banks, excluding acceptances, fell 660 mln dlrs to 277.93
  billion dlrs in the week ended March 11, the Federal Reserve
  Board said.
      The Fed said that business loans including acceptances
  declined 492 mln dlrs to 280.56 billion dlrs.
  

"
training/7983	0	acq	"JEFFERIES MAKES MARKET IN CYCLOPS <CYL>
  Jefferies and Co said it is making a
  market in the stock of Cyclops Corp at 92-1/2 to 95.
      Cyclops received a sweetened offer of 92.50 dlrs per share
  from Cyacq Acquisition Corp, led by Audio/Video Affiliates Inc
  <AVA>.
  

"
training/7984	0	acq	"BEI <BEIH> ACQUIRES IVEY-ROWTON AND ASSOCIATES
  BEI Holdings Ltd said it acquired
  Ivey-Rowton and Associates, a Nashville, Tenn.-based bank
  marketing firm.
      Terms were not disclosed.
  

"
training/7985	16	gold	"LAC MINERALS <LAC> TO CLOSE LAKE SHORE MINE
  LAC Minerals Ltd said it will suspend
  underground mining and exploration at its Lake Shore Mine at
  Kirkland Lake, Ontario, on April 30, pending results of a
  surface exploration drilling program.
      LAC said it does not expect the decision to affect
  earnings, but 44 employees will be affected.
      The company said it has completed mining the crown pillar
  which has produced 71,000 ounces of gold since 1983. In 1986,
  the mine produced 10,600 ounces. LAC said it will continue
  surface drilling in 1987 to determine if further underground
  exploration work is warranted.
  

"
training/7987	12	earn	"SOUTHERN HOME SAVINGS BANK <SHSB> YEAR NET
  Shr 1.86 dlrs vs 1.85 dlrs
      Net 1,923,304 vs 1,897,998
  

"
training/7990	12	earn	"BINKS MFG CO <BIN> REGULAR DIVIDEND SET
  Qtly div 25 cts vs 25 cts previously
      Pay April 17
      Record March 30
  

"
training/7991	12	earn	"20-MAR-1987
  20-MAR-1987

"
training/7992	0	acq	"FIRM SELLS ENTIRE ALLEGHENY INT'L <AG> STAKE
  Southeastern Asset Management Inc
  and its two controlling shareholders said they sold their
  entire 5.6 pct stake in Allegheny International Inc.
      In a filing with the Securities and Exchange Commission,
  Southeastern, a Memphis, Tenn. investment advisor, said it sold
  the entire 604,000-share stake between March 13 and 16 at
  prices ranging from 24.25 to 24.625 dlrs each.
  

"
training/7993	0	acq	"JAPANESE FIRM HAS 10.7 PCT OF SHELDAUL <SHEL>
  Sumitomo Bakelite Co Ltd, a Japanese
  company, told the Securities and Exchange Commission it has
  acquired 325,000 shares of Sheldahl Inc, or 10.7 pct of the
  total outstanding common stock.
      Sumitomo Bakelite said it bought the stock for 4.9 mln dlrs
  for investment purposes.
      Under an between Sumitomo Bakelite and Sheldahl, as long as
  its stake is more than five pct, Sumitomo said it has
  preemptive rights for 60 days following notice of issuance of
  new Sheldahl common stock. As long as its stake is over 10 pct,
  it said it is entitled to Sheldahl board representation.
  

"
training/7994	12	earn	"COMMONWEALTH EDISON CO <CWE> 12 MONTHS NET
  Period ended Feb 28
      Shr 4.66 dlrs vs 4.40 dlrs
      Net 1,048,884,000 vs 959,626,000
      Revs 5.43 billion vs 5.04 billion
      Avg shrs 200,242,000 vs 191,840,000
      NOTE: Per-share earnings reflect payment of preferred
  dividend requirements
  

"
training/7997	0	acq	"JOHN HANCOCK UNITS DUMP STAKE IN PRICE <PR>
  Subsidiaries of John Hancock Mutual
  Life Insurance Co told the Securities and Exchange Commission
  they sold their entire 13.1 pct stake in Price Communications
  Corp back to the company.
      The Hancock subsidiaries said they sold their entire
  1,627,603-share stake in Price Communications to the company
  for 11 dlrs a share on Feb 23.
  

"
training/80	33	money-supply	"NEW YORK BUSINESS LOANS FALL 195 MLN DLRS
  Commercial and industrial loans on the
  books of the 10 major New York banks, excluding acceptances,
  fell 195 mln dlrs to 65.06 billion in the week ended February
  18, the Federal Reserve Bank of New York said.
      Including acceptances, loans declined 114 mln dlrs to 65.89
  billion.
      Commercial paper outstanding nationally dropped 375 mln
  dlrs to 336.63 billion.
      National business loan data are scheduled to be released on
  Friday.
  

"
training/800	6	copper	"COPPER STOCKS OUTSIDE U.S. INCREASE IN DECEMBER
  Refined copper stocks held by
  refineries outside the U.S. increased to a preliminary 277,500
  short tons at the end of December from a preliminary 270,000
  short tons (revised higher) at the end of November, the
  American Bureau of Metal Statistics said.
      London Metal Exchange stocks fell to 193,100 tons in
  December from 194,400 tons in November. Combined refinery and
  LME stocks rose to a preliminary 470,600 tons from 464,400 tons
  (revised higher). January LME stocks were 193,400 tons.
      Preliminary figures showed refined production outside U.S.
  lower at 377,300 tons in December versus 384,000 tons in
  November. Crude output decreased to 421,500 tons from 427,000
  tons (revised higher). Refined copper deliveries decreased to
  359,800 tons from 375,400 tons (revised lower).
  

"
training/8000	12	earn	"NIAGARA MOHAWK <NMK> TO CUT COSTS
  Niagara Mohawk Corp said it is
  ""cautiously optimistic"" about results improvements for 1987 and
  said it is studying measures to cut operating costs.
      These measures include freezing management salaries,
  abolishing vacant positions and reducing overtime.
      A spokesman said the company had no current plans to lay
  off workers. The company declined to say how much the cost
  savings would amount to.
      A five year forecast is expected to be issued in early
  summer, a spokesperson said.
      The company said it has redeemed about 273 mln dlrs in high
  cost debt during 1986 and hopes to redeem more debt this year.
      For 1986, Niagara Mohawk's earnings per share fell to 2.71
  dlrs from 2.88 dlrs in 1985..
      The company said earnings reduced primarily as a result of
  a reduction early in 1986 in earnings return on equity allowed
  by the N.Y. State Public Service COmmission.
      Niagara said it is concerned about the continued lowering
  of authorized return and has reinforced petitions to grant a 
  fair return on equity.
  

"
training/8001	12	earn	"GANTOS INC <GTOS> 4TH QTR JAN 31 NET
  Shr 43 cts vs 37 cts
      Net 2,276,000 vs 1,674,000
      Revs 32.6 mln vs 24.4 mln
      Year
      Shr 90 cts vs 69 cts
      Net 4,508,000 vs 3,096,000
      Revs 101.0 mln vs 76.9 mln
      Avg shrs 5,029,000 vs 4,464,000
      NOTE: 1986 fiscal year ended Feb 1, 1986
  

"
training/8002	0	acq	"CHEMLAWN CORP, ECHOLAB INC SIGN DEFINITIVE MERGER AGREEMENT

  CHEMLAWN CORP, ECHOLAB INC SIGN DEFINITIVE MERGER AGREEMENT
  

"
training/8005	12	earn	"<OE INC> 4TH QTR NET
  Shr 24 cts vs 26 cts
      Net 1.5 mln vs 1.3 mln
      Revs 40.5 mln vs 33.5 mln
      Year
      Shr 80 cts vs 82 cts
      Net 4.9 mln vs 4.1 mln
      Revs 143.0 mln vs 121.1 mln
      Avg shrs 6.1 mln vs 5.0 mln
  

"
training/8007	12	earn	"VMS MORTGAGE LP <VMLPZ> MONTHLY CASH PAYOUT
  VMS Mortgage L.P. said it declared a
  regular monthly cash distribution of nine cts a depositary unit
  for the month of March, payable May 14, record April One.
  

"
training/8008	29	livestock	"LITTLE EFFECT SEEN FROM COLD STORAGE REPORT
  The USDA monthly cold storage report
  for meats is expected to have little, if any, effect on
  livestock and meat futures at the Chicago Mercantile Exchange
  Monday and daily fundamentals will likely provide the bulk of
  direction, livestock analysts said.
      The increase of 66.4 mln lbs in total poultry offsets the
  22.6 mln lbs decline in total red meats. Fundamentals may
  provide most of the direction in futures on Monday, they said.
      ""I think the market is going to be looking at some other
  things and accentuate whatever the action of cash markets might
  be early next week,"" Jerry Gidel, livestock analyst for GH
  Miller, said.
      Shearson Lehman livestock analyst Chuck Levitt said futures
  will be in the shadow of a little larger seasonal hog
  marketings pace next week. Also, Easter ham business was
  completed this week and there may be less aggressive interest
  for pork in general next week.
      ""We needed some help from the cold storage report to avert
  a possible setback next week in the pork complex,"" Levitt said.
      Analysts agreed with CME floor traders and called the belly
  figure neutral to slightly negative. Although belly stocks were
  down 33 pct from last year, they exceeded the average
  expectation and actually showed a lighter than expected decline
  from last month due to an adjustment to last month's holdings,
  they said.
      However, analysts noted that the amount of bellies put in
  storage has been light since the beginning of March and this is
  a potentially bullish situation.
      Glenn Grimes, agronomist at the University of Missouri,
  said, ""I would not look for (belly) storage during the next
  month or two to be heavier than a year ago - I think it will be
  less.""
  

"
training/8010	0	acq	"CHEMLAWN <CHEM>, ECOLAB <ECON> IN MERGER PACT
  Chemlawn Corp and Ecolab Inc
  said they signed a definitive merger agreement under which
  Ecolab will buy all outstanding Chemlawn common stock for 36.50
  dlrs a share in cash, for a total of about 370 mln dlrs.
      Under terms of the agreement, Chemlawn said it rescinded
  its previously announced rights dividend plan.
      Chemlawn previously rejected a 27 dlr a share offer from
  Waste Management Inc <WMX>.
      Yesterday, the Oak Brook, Ill.-based waste disposal company
  said it was prepared to offer 33 dlrs a share, or about 330 mln
  dlrs, for Chemlawn, a lawn-care company.
      Chemlawn had said last week that it was negotiating with
  other possible suitors, which it did not identify.
      A Chemlawn spokesman said further details on the merger
  would be issued later.
      Ecolab is a maker of commercial laundry detergent based in
  St. Paul, Minn. For its first six months ended December 31, the
  company earned 20.4 mln dlrs, or 76 cts a share, on sales of
  421.8 mln dlrs.
      Officials at Waste Management could not be reached for
  immediate comment.
  

"
training/8011	12	earn	"LILCO REVISES 1986 NET TO INCLUDE 16 MLN DLR LOSS PROVISION

  LILCO REVISES 1986 NET TO INCLUDE 16 MLN DLR LOSS PROVISION
  

"
training/8012	12	earn	"FALCON CABLE <FAL> SETS INITIAL DISTRIBUTION
  Falcon Cable Systems Co said
  its set an initial quarterly cash distribution of 53.75 cts per
  unit, payable May 15 to unitholders of record March 31.
      The partnership made its initial public offering in
  December, 1986.
      Falcon said it expects to pay cash distributions to limited
  partners at an annual rate of 2.15 dlrs per unit, through
  December 31, 1989.
  

"
training/8015	10	crude	"BIDS AWARDED FOR ELK HILLS CRUDE OIL
  The U.S. Department of Energy said
  it has awarded bids for about 90,000 barrels per day, bpd, of
  crude oil from the Elk Hills Naval Petroleum Reserve in
  California. The contract period runs from April one through
  July one, the DOE said.
      Successful bidders, the amount of crude oil and the price
  per bbl according to the DOE are as follows - 
      Texaco Inc's <TX> Texaco Trading and Transport 15,000 bpd
  at 15.79 dlrs and 2,200 bpd at 15.19 dlrs, Beacon Oil Co 7,000
  bpd at 15.66 dlrs and 2,500 bpd at 16.04 dlrs, Golden West
  Refining 8,110 bpd at 15.42 dlrs.
      Successful bidders, the amount of oil and price per bbl,
  according to the DOE continue as follows -
      Chevron's <CHV> Chevron USA Inc 3,000 bpd at 14.51 dlrs and
  4,000 bpd at 14.61 dlrs, Chevron International Oil Co 2,600 bpd
  at 14.41 dlrs and 2,800 bpd at 14.51 dlrs, Newhall Refining Co
  6,000 bpd at 15.82 dlrs, Caljet Inc 4,000 bpd at 15.32 dlrs,
  Casey Co 4,000 bpd at 15.45 dlrs.
      Also, Cryssen Refining Inc 4,000 bpd at 15.47 dlrs,
  Edgington Oil Co 4,000 bpd at 15.54 dlrs, Sound Refining Inc
  3,100 bpd at 15.51 dlrs, Atlantic Richfield Co <ARC> 3,000 bpd
  at 15.75 dlrs.
      Successful bidders, the amount of crude oil and the price
  per bbl according to the DOE continue as follows -
      Orkin Inc 2,679 bpd at 15.24 dlrs, Lunday-Thagard Co 2,511
  bpd at 15.27 dlrs, Golden Eagle Refining 2,500 bpd at 15.37
  dlrs, MacMillan Ring-Free Oil Co 1,000 bpd at 15.81 dlrs, 1,000
  bpd at 15.71 dlrs and 230 bpd at 16.02 dlrs, Mock Resources
  2,000 bpd at 15.76 dlrs, Petro-Diamond 2,000 bpd at 15.46 dlrs.
  

"
training/8016	12	earn	"MONTGOMERY STREET INCOME <MTS> MONTHLY DIVIDEND
  Mthly div 15 cts vs 15 cts
      Pay April 15
      Record April 1
  

"
training/8017	12	earn	"<SULLIVAN MINES INC> YEAR LOSS
  Oper shr loss 12 cts vs profit four cts
      Oper loss 1,069,000 vs profit 339,000
      Revs 12.8 mln vs 10.9 mln
      Note: 1986 shr and net exclude extraordinary gain of
  382,000 dlrs or four cts share. 1985 shr and net exclude
  extraordinary gain of 183,000 dlrs or two cts share
  

"
training/8020	0	acq	"INVESTMENT FIRM HAS 7.1 PCT OF CYCLOPS <CYL<
  Halcyon Investments, a New York risk
  arbitrage and securities dealing partnership, told the
  Securities and Exchange Commission it has acquired 288,000
  shares of Cyclops Corp, or 7.1 pct of the total outstanding.
      Halcyon said it bought the stake for 26.1 mln dlrs as part
  of its ordinary risk arbitrage and securities trading business.
  Other than that, the firm said there was no specific purpose in
  its purchases.
      Halcyon said it might buy more stock or sell some or all of
  its current stake. It said it bought the bulk of its stake
  between Feb 6 and March 13.
  

"
training/8021	0	acq	"CHRYSLER'S <C> CREDIT CANADA PLACED ON CREDITWATCH
  Canadian Bond Rating Service said it
  placed Chrysler Credit Canada Ltd, a subsidiary of Chrysler
  Corp <C>, on creditwatch until all financial details concerning
  the proposed acquisition of American Motors Corp <AMO> are
  finalized.
      The creditwatch affects Chrysler Credit Canada's short term
  notes, guaranteed notes, debentures and the recently completed
  75 mln dlr 9.25 Eurobond issue due April 15, 1993.
      Canadian Bond Rating Service said that, based on facts
  currently available on the proposed transaction, it does not
  anticipate the necessity of a downgrade.
      Canadian Bond Rating Service said Chrysler Credit Canada
  short term notes are now rated A-2 (high) and guaranteed notes
  and debentures are rated B plus plus (high).
  

"
training/8022	12	earn	"LILCO <LIL> REVISES 1986 NET TO INCLUDE LOSS
  Long Island Lighting Co said
  it revised its preliminary 1986 net income to include a 16 mln
  dlrs after tax provision for its investment in the Jamesport
  Nuclear units.
      Due to the provision, it said its revised 1986 net income
  was 316.7 mln dlrs or 2.13 dlrs per share after deducting for
  preferred stock dividend requirements, which were not paid in
  either 1986 or 1985.
      It had earlier reported 1986 income of 332.7 mln dlrs or
  2.28 dlrs per share.
      LILCO also said its board authorized contracts for its 
  corporate officers calling for payment of one year's salary,
  and continuation of insurance and retirement benefits if the
  company changes hands and these officers lose their jobs.
      LILCO said none of these contracts will result in
  additional costs to its customers.
      Lilco said the downward revision in its 1986 earnings is a
  reserve established to reflect a settlement agreement with the
  staff of New York State's Public Service Commission respecting
  the utility's spending on a nuclear power station planned for,
  but never built at, Jamestown, N.Y.
      The company declined to detail the settlement, explaining
  the settlement has not been approved by the commission. Lilco
  was seeking to include costs totaling 118 mln dlrs for the
  abandoned nuclear power plant project in its rate base, a
  spokeswoman said.
  

"
training/8023	0	acq	"ROGERS <ROG> ADOPTS RIGHTS PLAN
  Rogers Corp said its board
  approved a shareholder rights plan designed to protect its
  shareholders in the event of an attempted hostile takeover.
      Rogers said the plan is not being adopted in response to
  any specific takeover attempt.
      Under the plan, shareholders may buy one share of common
  stock at 65 dlrs for each share held. The rights will be
  exercisable only if a person or group acquires 20 pct or more
  of Rogers' shares or announces an offer for 30 pct or more.
      The dividend distribution will be made March 30 to holders
  or record on that date.
  

"
training/8025	12	earn	"20-MAR-1987
  20-MAR-1987

"
training/8026	12	earn	"SUNBELT NURSERY GROUP INC <SBN> 2ND QTR FEB 28
  Shr loss 40 cts vs loss 29 cts
      Net loss 1.5 mln vs loss 1.1 mln
      Revs 28.9 mln vs 28.5 mln
      Six months
      Shr loss 99 cts vs loss 69 cts
      Net loss 3.7 mln vs loss 2.6 mln
      Revs 52.5 mln vs 51.7 mln
  

"
training/8027	12	earn	"MARCOM TELECOMMUNICATIONS <MRCM> 2ND QTR JAN 31
  Oper shr loss five cts vs loss six cts
      Oper net loss 157,688 vs loss 96,573
      Revs 1,094,331 vs 1,378,973
      Avg shrs 3,315,654 vs 1,661,023
      Six mths
      Oper shr loss seven cts vs loss 24 cts
      Oper net loss 198,555 vs loss 394,589
      Net 2,243,377 vs 2,440,850
      Avg shrs 2,796,848 vs 1,637,592
      NOTE: Current year 2nd qtr and six mths excludes a loss
  10,767 dlrs for discontinued operations.
      Prior year 2nd qtr and six mths excludes a loss of 54,686
  dlrs and 112,565 dlrs for discontinued operations.
      Full name of company is Marcom Telecommunications Inc.
  

"
training/8028	12	earn	"EASTPARK REALTY TRUST <ERT> QTLY DIV
  Qlty div 25 cts vs 25 cts prior
      Payable April 22
      Record April 10
  

"
training/8029	48	trade	"CANADA'S CLARK SEES TRADE AS MOST URGENT PROBLEM
  Trade is the most urgent problem
  facing U.S.-Canadian relations because of a pressing need to
  reach a new bilateral pact within the coming months, Joe Clark,
  Canadian secretary of state for external affairs, said.
      Negotiators for the two countries have been meeting for
  more than a year in an effort to work out an agreement.
      ""The most urgent problem now is the trade question because
  that has to be decided within the next 10 months,"" Clark told
  the Commonwealth Club of California. ""We have a fast track
  authority from your Congress for approval or rejection of
  whatever the negotiators achieve.""
      Clark said that, as a practical matter, an initial
  agreement must be reached by late September or early October.
      He listed environmental questions, particularly acid rain,
  and defense as the second and third most important bilateral
  issues facing Ottawa and Washington.
      On Wednesday, President Reagan announced that he will seek
  2.5 billion dlrs from Congress to address the acid rain
  problem. Some interpreted the move as a goodwill gesture in
  advance of his annual meeting, on April 5-6 in Ottawa, with
  Prime Minister Brian Mulroney.
      In a question-and-answer session with the public affairs
  group, Clark said that the two countries must find better
  mechanisms for resolving their trade disputes.
      ""This rash of countervailing actions, where we acted on
  corn and you acted on soft wood and we both said they were
  quasijudicial -- the dispute resolution mechanisims in place
  now are not working adequately in either of our interests,"" he
  said.
      Ottawa also is seeking to change some of Washington's rules
  on government procurement that penalize Canadian businesses, he
  said.
      ""There are a number of Canadian companies that, in order to
  secure substantial contracts in the United States, have had to
  move their head offices out of our country into your country
  because you have national procurement requirements,"" he said.
      In turn, he added, the United States would like to change
  some of the procurement requirements that exist at the
  provincial government level in Canada.
      Clark declined to forecast the outcome of the discussions.
      ""What will come out of it remains for the negotiators, in
  the first instance, to propose, and then governments and
  congresses will have judge,"" he said.
      In his prepared remarks, Clark said that the United States
  has tended to take Canada for granted, although it exports to
  its northern neighbor more than twice what it exports to Japan.
  ""Yet you bought almost 10 per cent more from Japan last year
  than you bought from Canada,"" he said. REUTER
  

"
training/8030	12	earn	"ESSEX CORP <ESEX> YEAR END LOSS
  Oper shr loss 11 cts vs profit 33 cts
      Oper net loss 132,000 vs profit 408,000
      Revs 25.2 mln vs 23.0 mln
      NOTE: 1986 and 1985 oper net excludes a loss of 636,000
  dlrs or 52 cts per share and a loss of 994,000 dlrs or 80 cts
  per share for discontinued operations.
  

"
training/8032	12	earn	"<SULPETRO  LTD> YEAR OCT 31 LOSS
  Shr loss 19.22 dlrs vs loss 3.90 dlrs
      Net loss 276.4 mln vs loss 45.6 mln
      Revs 85.4 mln vs 113.3 mln
      NOTE: Shr results after deducting preferred share dividends
  of 13.1 mln dlrs in both periods.
      Current loss includes a 125 mln dlr writedown of oil and
  gas properties, a 67 mln dlr writeoff of deferred charges, a
  22.5 mln dlr loss on disposal of U.K. properties, a 21.2 mln
  dlr equity loss from affiliate Sulbath Exploration ltd and a
  4.6 mln dlr loss on other investments.
  

"
training/8036	12	earn	"STANWOOD CORP <SNW> 4TH QTR JAN 3
  Shr loss 1.12 dlrs vs profit one cts
      Net loss 1.7 mln vs profit 8,000 dlrs
      Revs 31.8 mln vs 42.1 mln
      Year
      Shr loss 51 cts vs profit 57 cts
      NEt loss 780,000 vs profit 876,000
      Revs 117.8 mln vs 117.3 mln
      NOTE:1986 4th qtr includes loss of 911,000 for termination
  of licensing agreement and loss of 319,000 dlr for termination
  of womens wear operation.
  

"
training/8039	12	earn	"SULPETRO LOSS DUE TO WRITEDOWNS, ASSET DISPOSALS
  <Sulpetro Ltd> said its 1986
  fiscal year net loss of 276.4 mln dlrs, or 19.22 dlrs per
  share, was due to several factors, the largest of which was a
  writedown of 125.0 mln dlrs of oil and gas properties.
      Sulpetro also recorded a writeoff of deferred charges
  amounting to 67.0 mln dlrs, a loss of 22.5 mln dlrs on the
  disposal of all properties in the United Kingdom and an equity
  loss of 21.2 mln dlrs from affiliate Sulbath Exploration Ltd.
      There was also a loss on other investments of 4.6 mln dlrs
  and a loss on operations of 36.1 mln dlrs after interest,
  depletion, depreciation and income tax recoveries.
      In the fiscal year ended October 31, 1985, Sulpetro had a
  net loss of 45.6 mln dlrs, or 3.90 dlrs per share.
      The company also said its non-recourse project financing
  for the Irish-Lindergh heavy oil field remains in default due
  to continuing low oil prices.
  

"
training/8040	0	acq	"AMERICAN EXPRESS <AXP> TO DISCUSS SHEARSON DEAL
  American Express Co's board of
  directors Monday will discuss the company's arrangement to sell
  13 pct of Shearson Lehman Brothers Inc to Nippon Life Insurance
  Co, a company spokesman said.
      The spokesman would not say whether the board is planning
  to vote on the understanding between American Express and
  Nippon Life. The Shearson stake is to be sold for 530 mln dlrs,
  American Express has said.
      The spokesman also would not comment on speculation that
  the board was to discuss a sale of securities to the public.
      Monday's board meeting is a regular monthly meeting. The
  plan to sell part of Shearson to Nippon Life must be approved
  by the American Express board and Japan's Ministry of Finance.
      Earlier, American Express and Shearson said they were
  subpoenaed by the Securities and Exchange Commission. American
  Express said it was subpoenaed for documents pertaining to
  securities transactions of American Express and Fireman's Fund.
  Shearson was subpoenaed for documents related to transactions
  with Jefferies and Co and others.
      The American Express spokesman said he could not comment on
  whether any officials of the firm were subpoenaed.
  

"
training/8044	48	trade	"U.S. SENATORS SAY SANCTIONS LIKELY ON MICROCHIPS
  The United States will likely impose
  sanctions soon on imports of Japanese microchips, senators said
  today after a private meeting with Commerce Secretary Malcolm
  Baldrige.
      Although the senators said Baldrige told them no decision
  would be taken until a final determination is made on whether
  Japanese microchips were dumped in the United States, they said
  they were virtually sure Japan would face penalties.
      President Reagan's trade policy advisory group, of which
  Baldrige is a member, will meet on the issue Wednesday.
      ""I am confident we will see action taken,"" Sen. John McCain,
  an Arizona Republican, told reporters.
      ""I am expecting sanctions at least, and even more than
  sanctions,"" Sen. Pete Domenici, a New Mexico Republican, said.
      The senators, several congressmen and U.S. semiconductor
  industry representatives met with Baldrige and State Department
  officials to discuss Japan's alleged violations of a September
  1986 agreement to stop dumping its microchips in the United
  States and other countries.
      They recommended Japanese firms be penalized through
  tariffs or import duties over the next six to 12 months for
  continuing to dump microchips. The violations were worth 100
  mln dls to the Japanese semiconductor industry, they said.
      Asked if Baldrige intended to recommend sanctions, Sen.
  Pete Wilson told reporters, ""The clear import of what he said is
  that there will be.""
      ""Japan can't just say they will comply. We think sanctions
  must be applied,"" for past violations of the agreement, the
  California Republican said.
      The semiconductor industry produces microprocessor chips
  which are used in high technology products ranging from radios
  to defence missile guidance systems.
      Sen. James McClure, an Idaho Republican, said Baldrige told
  them the administration had not made a final determination that
  Japanese companies had dumped semiconductor microchips below
  the cost of production in the United States or other countries.
      But McClure said senators told him, ""There is no doubt
  dumping is going on,"" based on evidence such as invoices of
  purchases of the Japanese products.
      The two countries signed a pact last September in which
  Japan agreed to stop selling its microchips in the United
  States and other countries below production costs and to allow
  the U.S. semiconductor industry access to the Japanese market.
      In return, the United States waived its right to impose
  import duties on the Japanese microchips.
      Japanese officials have said they have lived up to the pact
  and have asked Japanese chip-makers to further slash output to
  save the pact.
      Japan has frequently been the target of congressional
  discouragement over last year's record 169-billion-dlr trade
  deficit. Tokyo had a 59-billion-dlr surplus with the United
  States last year and had large surpluses with other countries.
      The Senate yesterday unanimously passed a resolution
  calling for action against Japan for violations of the pact
  since September. The resolution will be introduced in the House
  next week by Rep. Bob Matsui, a California Democrat.
  

"
training/8045	12	earn	"MULTI-MEDIA SEES YEAR END LOSS
  Multi-Media Barter Ltd said it expects
  to report a net loss of 820,000 dlrs or 17 cts a share for the
  year ended December 31, compared to a loss of 553,000 or 11 cts
  a share in the prior year.
      The fourth quarter resulted in a net loss of 227,000 or
  four cts compared to a loss of 330,000 or six cts a shares last
  year.
      It said it is currently in the process of restructuring by
  reducing expenses and streamlining operations and has cut
  expenses from 50,000 dlrs to less than 15,000 dlrs a month.
  

"
training/8047	12	earn	"NATIONAL HMO CORP <NHMO> 2ND QTR JAN 31
  Shr loss nine cts vs profit nine cts
      Net loss 478,000 vs profit 371,000
      Revs 3.4 mln vs 2.6 mln
      Six months
      Net loss 466,000 vs profit 685,000
      Revs 6.2 mln vs 5.0 mln
      NOTE:1987 net loss includes writeoff of deferred start up
  costs totaling 490,000 dlrs.
  

"
training/8048	12	earn	"MINORCO <MNRCY> HALF YEAR DEC 31
  Shr 26 cts vs 38 cts
      Net 44.0 mln vs 65.0 mln
      NOTE:1986 net includes one mln dlr extraordinary gain and
  1985 net icludes four mln dlrs extraordinary loss.
  

"
training/8050	12	earn	"MINORCO <MNRCY> SEES IMPROVED SECOND HALF
  Minorco said it expects net
  earnings to be substantially stronger than the 44.0 mln dlrs
  reported for the first half.
      In reporting that first half results declined from 65.0 mln
  dlrs, Minorco said the contributions from its 50 pct investment
  in December 1985 in Adobe Resources Corp was negative as a
  result of low oil and gas prices.
  

"
training/8051	12	earn	"MINORCO <MNRCY> SEES IMPROVED SECOND HALF
  Minorco said it expects net
  earnings to be substantially stronger than the 44.0 mln dlrs
  reported for the first half.
      In reporting that first half results declined from 65.0 mln
  dlrs, Minorco said the contributions from its 50 pct investment
  in December 1985 in Adobe Resources Corp was negative as a
  result of low oil and gas prices.
  

"
training/8055	47	tin	"ECONOMIC SPOTLIGHT - BOLIVIA
  Bolivia, once Latin America's most
  delinquent debtor, is preparing for a second International
  Monetary Fund agreement after an economic stabilisation program
  has effectively slowed inflation and reduced public spending.
      A fund spokesman said an IMF team would visit La Paz
  shortly to discuss terms of the new agreement.
      He said the IMF had disbursed 130 mln dlrs here and 20 mln
  dlrs are pending under the one year agreement that ends this
  month. The accord provided for a stand-by loan, a compensatory
  financing facility and a structural adjustment facility.
      The spokesman said that if the agreement is renewed,
  Bolivia can expect a further 60-mln-dlr stand-by loan over the
  next 12 months.
      Bolivia's agreement with the IMF, its first since 1980,
  opened the door to rescheduling negotiations with the Paris
  Club and Argentina and Brazil, which hold 2.5 billion dlrs of
  Bolivia's 4.0-billion-dlr foreign debt.
      Central Bank President Javier Nogales told Reuters the
  negotiations with the Paris Club, which have yet to be
  finalised, had been extremely successful.
      Nogales said the Paris Club had agreed to reschedule
  Bolivia's debt over 10 years with five to six years grace and
  had waived all interest payments until the end of 1988.
      Bilateral discussions on interest rates continue, he said.
      Nogales said Bolivia was expecting some 400 mln dlrs in
  disbursements this year from lender countries and international
  agencies, including the World Bank and the Inter-American
  Development Bank, although diplomatic and banking sources put
  the figure at closer to 300 mln dlrs.
      Nogales said Bolivia's net international reserves are
  around 250 mln dlrs, up from one mln dlrs when President Ictor
  Paz Estenssoro took office in august 1985. Nogales said the
  capital flow on Bolivia's debt servicing versus new credits had
  changed from a net outflow of 200 mln dlrs in 1985 to a net
  inflow of 130 mln dlrs in 1986.
      Bolivia's return from the financial wilderness follows paz
  estenssoro's economic stabilisation program. He inherited
  inflation of 23,000 pct a year, state enterprises that were
  losing hundreds of mlns of dlrs and a currency that traded on
  the black market at up to 16 times its official rate.
      Paz estenssoro froze public sector wages, set a market-
  related rate for the peso, introduced tax reforms and laid off
  thousands of workers in state corporations.
      Inflation has been running at 10 pct a year for the past
  six months, according to the Central Bank, and the government 
  expects the economy to grow three pct this year after a 14 pct
  contraction over the last six years.
      The government is also proposing a novel solution to its
  debt to commercial banks, some 900 mln dlrs, on which interest
  has not been paid since March, 1984.
      Nogales said that over the next few months Bolivia would
  make a one-time offer to buy back all its commercial debt at
  the price it trades on the international secondary market -- 
  10-15 cents on the dlr. He said Bolivia's commercial bank
  steering committee agreed at a meeting in New York to consider
  the proposal, but it is still unclear what proportion of the
  country's creditor banks will take up the offer.
      One foreign banker speculated that Bolivia might be able to
  buy back up to 30 pct of its commercial debt paper under the
  deal, mostly from small banks who have written off their loans
  to the country.
      But he said the larger creditors were more interested in a
  scheme of debt-equity swaps, similar to that which has operated
  in Chile for the past two years.
      The Bolivian government has yet to draw up proposals for
  debt-equity swaps, but the banker said it was planning to
  privatise more than 100 state companies and these could serve
  as a basis for such a scheme.
      Foreign bankers said this type of proposal might prove
  attractive to Bolivia in the long run, especially as the
  government realises that it will have to attract a large amount
  of new capital in order to grow.
      Planning Minister Gonzalo Sanchez de Lozada told Reuters
  that Bolivia was hoping for five to six billion dlrs in new
  investment over the next 10 to 12 years.
      The government realises that in order to remain viable,
  Bolivia will need to develop new exports.
      The price of tin, which accounted for some 45 pct of
  Bolivia's exports in 1984, has collapsed on the world markets,
  and gas, the country's major revenue earner, is in abundant
  supply in the region.
  

"
training/8056	12	earn	"NEOAX INC <NOAX> 4TH QTR
  Shr loss 13 cts vs loss six cts
      Net loss 1.4 mln vs loss 635,000
      Revs 40.3 mln vs 28.5 mln
      Year
      Shr profit 40 cts vs profit 26 cts
      Net profit 4.2 mln vs 2.6 mln
      Revs 166.4 mln vs 94.6 mln
      NOTE:1986 4th qtr and year net reflects dividend
  requirements of 1.5 mln dlrs and 3.3 mln dlrs, and charges of
  257,000 dlrs and 4.6 mln dlrs respectively which is not
  accruable or payable because of pre-reorganization tax loss
  carryforwards.
      1985 4th qtr and year net reflects dividend requirement of
  1.1 mln dlrs and 2.3 mln dlrs, respectively, and charges of
  472,000 dlrs and 2.9 mln dlrs respectively which is not
  accruable or payable because of pre-organization tax loss
  carryforwards.
  

"
training/8060	42	rubber	"MAIN FEATURES OF NEW RUBBER PACT
  The new International Natural Rubber
  Agreement (INRA), like the 1979 pact, will use a buffer stock
  as the sole instrument for market intervention -- excluding
  export quotas or production controls.
      The new INRA was adopted yesterday at a session held under
  the auspices of the United Nations Conference on Trade and
  Development (UNCTAD).
      In many respects the main features in the new pact resemble
  those contained in the present one.
      The reference price, currently 201.66 Malaysian/Singapore
  cts per kilo, will be maintained -- unless between now and
  October 22, when the 1979 INRA expires, the average of the
  daily market indicator price remains above the upper
  intervention (""may sell"") price (231 cts) or below the lower
  intervention (""may buy"") price (171 cts) for six months.
      If this happened -- but delegates said it was unlikely
  considering that the present indicator price averages 196 cts
  -- the price would be revised under the current accord by five
  pct or by whatever amount the International Natural Rubber
  Council decides.
      The new reference price would then be taken over for the
  new agreement.
      Under the same circumstances in the new pact the reference
  price would be automatically revised by five pct unless the
  Council decides on a higher percentage.
      Similarly, if buffer stock purchases or sales amounting to
  300,000 tonnes have been made since the last revision, the
  reference price will be lowered or raised by three pct unless
  the Council decides on a higher percentage.
      Another change introduced in the new INRA is that price
  reviews will be held at 15-month intervals instead of 18.
      Those changes are intended to make the reference price more
  responsive to market trends.
      As in the present accord the ""may buy"" and ""may sell"" levels
  are set at plus or minus 15 pct of the reference price, and the
  ""must buy"" and ""must sell"" levels at 20 pct of it.
      The lower and upper indicative prices (floor and ceiling
  prices) will remain fixed at 150 and 270 cents, unless the
  Council decides to revise them at reviews held every 30 months.
      During the negotiations, consumers abandoned a proposal
  that the floor price be adjusted downward if the buffer stock,
  currently 360,000 tonnes, rose to 450,000 tonnes.
      The maximum size of the buffer stock in the new pact is the
  same as under the present one -- 400,000 tonnes, with provision
  for an additional contingency buffer stock of 150,000 tonnes.
      Under the new accord, the contingency buffer stock will be
  brought in at 152 cts to defend the floor price.
      At last Friday's session, Ahmed Farouk, speaking for
  producers, said producing nations considered that the 1979 pact
  had served the purpose for which it had been created.
      Gerard Guillonneau of France, who spoke for consumers,
  agreed that the current agreement had worked ""relatively well.""
      Asked about the chances of success of the new INRA,
  delegates noted that for nearly its whole life, the 1979 accord
  had maintained the average price above the ""must buy"" level.
      They said the agreement until now did not appear to have
  encouraged excessive production of rubber.
      In addition, provisions for borrowing to finance the buffer
  stock have now been eliminated, ruling out speculation. ""It is a
  sort of middle-of-the-road agreement,"" one delegate said.
      The new pact will be open for signature at U.N.
  Headquarters in New York from May 1 to December 31 this year.
      To become operational, it will require ratification by
  countries accounting for 75 pct of world exports and 75 pct of
  world imports.
      Delegates estimate that this will take 12 to 14 months from
  now. During the hiatus between the two agreements, the
  International Natural Rubber Council will remain in place.
      The pact will enter into force definitively when
  governments accounting for 80 pct of world exports and 80 pct
  of world imports have ratified it.
  

"
training/8063	23	ipi	"TAIWAN INDUSTRIAL OUTPUT FALLS, CURRENCY BLAMED
  Taiwan's industrial production index,
  fell, largely as the result of the rising Taiwan dollar, by
  8.18 pct to 140.06 (base 1981) in February from a revised
  152.53 in January, the Economy Ministry said.
      It was the second consecutive monthly fall, after dropping
  nine pct in January, but it was still 26.49 pct up on February
  1986 following a very extended rise last year.
      The January figure was revised from a preliminary 154.82.
      A ministry official attributed the decline to falling
  production of non-metal products, textiles and transportation
  equipment, and less mining and house construction.
      The official said the decline was also caused by falling
  exports in February due to the climb of the Taiwan dollar,
  which has made Taiwanese products more expensive.
      He expected the decline to continue in the next few months
  because of further appreciation of the local dollar against the
  U.S. Currency.
      The Taiwan dollar advanced more than 15 pct against the
  U.S. Dollar since September 1985. It closed at 34.40 to the
  U.S. Dollar today, and is expected to rise to about 32 to the
  dollar by the end of this year, foreign bankers and economists
  said.
  

"
training/8064	32	money-fx	"NO ZIMBABWE DOLLAR DEVALUATION - CENTRAL BANK
  Zimbabwe's Reserve Bank, the nation's
  central bank, has denied the Zimbabwe dollar would be devalued.
      Bank Governor Kombo Moyana told The Herald daily newspaper
  ""unfortunate and completely unfounded speculation that a
  depreciation of the Zimbabwe dollar was about to occur"" had
  aggravated a serious foreign exchange shortage.
      ""During February and the early part of March this
  (speculation) caused importers to bring forward their payments
  and exporters to delay as long as possible the inward
  remittance of export receipts, resulting in a significant
  slowdown in net foreign exchange inflows,"" he added.
  

"
training/8068	16	gold	"FORMER GOLD FIRM EXECUTIVES ARRESTED IN JAPAN
  The public prosecutors and police
  here arrested five former senior executives of a bankrupt gold
  deposit business group for defrauding about 450 clients of
  about 1.5 billion yen for gold bars which were never delivered,
  police said.
      The case involving the Toyota Shoji Company was highlighted
  when its 32-year-old Chairman Kazuo Nagano was stabbed to death
  here in public view in June, 1985.
      Television crews which had been waiting outside Nagano's
  home filmed two men smashing their way into the home and later
  emerging with a bloodstained bayonet.
      The company, established here in 1981, undertook to hold
  gold on deposit for investors. It grew into a nationwide
  business operation with 87 branch offices and 7,000 employees
  at its peak in early 1985.
      Toyota Shoji's business group collected an estimated 200
  billion yen from about 30,000 clients, many of them pensioners
  and housewives, before the firm went bankrupt in July, 1985,
  according to lawyers.
      Of them, some 18,000 clients claimed they could get back
  neither gold or money, suffering an aggregate loss of 150
  billion yen, local press reports said.
      Police said the five arrested on charge of fraud today
  included Hiroshi Ishikawa, 47, former Toyota Shoji president,
  and a sixth former executive was placed on a wanted list.
      They were suspected of having collaborated with the late
  Nagano in swindling about 1.5 billion yen from about 450 people
  in Osaka and nearby Kobe during a six month period just before
  the firm's bankruptcy, they said.
      Today's arrest came after narly two years of joint
  investigation by the public prosecutors and police, who had
  questioned about 3,000 of the firm's former employees,
  police sources said.
  

"
training/8069	10	crude	"WORLD BANK LIKELY TO URGE CHANGES ON JAKARTA
  World Bank President Barber Conable is
  expected to press Indonesia, the Third World's sixth largest
  debtor, to maintain the momentum of economic policy changes to
  tackle the slump in its oil revenues, western diplomats said.
      Conable, who flew to Indonesia yesterday from Tokyo, will
  meet with President Suharto and senior economic ministers.
      He said on arrival that the economy of South-East Asia's
  largest nation was being managed well, but the slump in world
  oil prices called for major policy adjustments.
      Today the World Bank chief will visit Bank-funded projects
  in the eastern section of Java, Indonesia's most populous
  island. He will see Suharto on Tuesday after a day of detailed
  discussions with ministers tomorrow.
      Indonesia, the only Asian member of OPEC, has been severely
  hit by last year's crash in oil prices, which cut its oil and
  gas revenues in half.
      Japan's state Export-Import Bank last month agreed to
  provide around 900 mln dlrs in untied credits to help Indonesia
  pay for its share of 21 World Bank development projects.
      Indonesia, a country of 168 mln people, has responded to
  the oil slump by cutting spending, devaluing its currency by 31
  pct, and trying to boost exports, while using foreign loans to
  bridge its deficit.
      Diplomats said that Conable was expected to press Suharto
  and leading economic ministers to maintain the pace of policy
  change, particularly in dismantling Indonesia's high-cost
  protected economy.
      ""Oil prices, the debt crisis, the world recession, all call
  for major policy adjustments and external support,"" Conable said
  in his arrival statement.
      But with Indonesia facing parliamentary elections next
  month, he is likely to avoid anything which would imply that
  the Bank is demanding specific changes.
      ""We believe there has been wise leadership here and the
  economy is being very well managed,"" Conable told reporters at
  Jakarta airport.
      Indonesia has official and private overseas debts totalling
  37 billion dlrs, according to the Bank, which makes it the
  Third World's sixth biggest debtor. It has received 10.7
  billion dlrs from the World Bank since 1968.
      Conable did not spell out what further changes he would
  like to see. Last month the Bank endorsed economic changes
  already introduced by Indonesia, but implied it wanted more.
      Giving a 300 mln dlr loan in balance of payments support,
  the Bank said it will monitor progress on implementation of the
  government's trade reform measures, and supported its
  determination to promote efficiency and longer-term growth.
      Indonesia has introduced a series of measures since last
  May to boost non-oil exports, liberalise trade and encourage
  outside investment.
      Suharto has also ordered a government committee to look
  into which of Indonesia's 215 state-run companies could be
  sold.
      But in a report last month, the U.S. Embassy said the
  government appeared divided over how far to take its reforms.
      Western analysts say that in particular the government is
  unsure how far to go with dismantling Indonesia's high-cost
  monopolies, which control core areas of the economy.
      Central bank governor Arifin Siregar said this week that
  Indonesia faced very limited economic choices.
      It could not spend its way out of trouble because this
  would increase the balance of payments deficit and domestic
  inflation.
       He said the main objective was to raise exports outside
  the oil and natural gas sector.
      Indonesia's current account deficit is projected by the
  government to fall to 2.64 billion dlrs in the coming financial
  year which starts on April 1, from an estimated 4.1 billion in
  1986/87.
  

"
training/8074	32	money-fx	"NIGERIA CHANGES AUCTION RULES TO DEFEND THE NAIRA
  Nigeria's Central Bank has changed the
  rules governing its foreign exchange auctions in what analysts
  see as a means of defending the naira currency, which has
  depreciated steadily.
      The bank said in a statement that from April 2, banks
  bidding for foreign exchange would have to pay at the rate they
  offered and not, as presently, at the rate of the lowest
  successful bid made at the auction.
      This should discourage banks from bidding high to ensure
  that they were successful while paying the lower ""marginal"" rate,
  analysts said.
      ""It should act as a brake because banks will know that if
  they bid high they will have to pay what they offered,"" a
  Western diplomat commented.
      The naira has depreciated against the dollar by 62 pct
  since the auctions, known as the Second-Tier Foreign Exchange
  Market (SFEM), began last September 26.
      At last week's session the Nigerian currency was fixed at
  4.0 to the dollar, the third fall in a row.
      ""They were clearly worried... And this is the logical way of
  trying to stop the trend,"" the diplomat said.
      The Central Bank also announced the auctions would be
  fortnightly, not weekly, beginning on April 2.
      It was not immediately clear whether next Thursday's
  scheduled session would still take place, nor if the bank was
  planning to double the 50 mln dlrs which are normally on offer
  at each auction.
      Demand for foreign exchange has consistently outstripped
  supply, encouraging banks to bid high and thus further
  weakening the naira.
      If the normal weekly allocation is not doubled at the
  fortnightly session, high demand could undermine the objective
  of the new system, analysts said.
      Although bidding banks will now pay what they offered, the
  official exchange rate for the naira applying to business
  transactions will continue to be the marginal rate -- the
  lowest successful bid.
      SFEM is a central part of Nigeria's structural adjustment
  program, which is considered to be the most ambitious economic
  recovery plan in Black Africa.
      The program involves setting a realistic exchange rate for
  the naira, which was over-valued for many years, liberalising
  imports, boosting agriculture, removing subsidies and reducing
  inefficient government participation in the economy.
      The World Bank has played a prominent part in designing
  this dramatic blue-print and in selling it to an often
  sceptical public which fears inflation and lower living
  standards.
      Ishrat Husain, the World Bank's representative in Nigeria,
  said yesterday he was satisfied both with the adjustment
  program as a whole and the foreign exchange auctions.
      ""So far so good"" he told a meeting of bankers in Lagos,
  adding that only members of Nigeria's import-dependent elite
  would suffer hardship while the common man would benefit.
      Fears that the program would encourage inflation were
  incorrect, he said.
      Bumper harvests had reduced rural inflation and urban
  prices had already reflected the naira's black market value
  before the currency was allowed to find its true level last
  September.
  

"
training/8080	48	trade	"NEXT WORLD TRADE NEGOTIATIONS MUST SUCCEED - NZ
  Ministers from more than 20
  nations were told by New Zealand that the next international
  negotiations on liberalising trade would be the last this
  century and the cost of failure could not be measured.
      Trade minister Mike Moore told his colleagues at a
  welcoming ceremony before two days of talks here that great
  progress had been made in preparing for the negotiations which
  must not be sidetracked.
      ""We live in troubled and dangerous times for the world
  trading system,"" he said.
      ""We have seen that the failure of the world trading system
  has caused great depression and conflict in the past. Our
  failure to maintain the momentum will be at great cost to us
  all,"" Moore said.
      He added: ""The cost of failure is beyond calculation. It is
  our last hope and best opportunity this century. We will not
  get another chance before the year 2000.""
      The ministers are in New Zealand to review world trade
  since the ""Uruguay round"" talks last Sepember. The meeting is
  also part of preparations for a full-scale conference of the
  General Agreement on Tariffs and Trade (GATT) in Venice in
  June.
      The Uruguay meeting is considered by most countries to have
  been particularly successful, with northern hemisphere
  countries managing to have service industries such as banking
  and insurance included in the next full round.
      The southerners' goal of including agricultural and
  tropical products also was met.
      The meeting at this North Island tourist resort is
  described by participants as informal and no declaration is
  expected.
      Moore said one aim was to ""instil a sense of political
  urgency to avert potential economic tragedy.""
      Another was to seek ways of popularising freer trade to
  people who felt the pain of readjustment but could not see the
  benefits, as well as preventing ""bush fires of confrontation
  while we proceed with orderly negotiations.""
      The meeting is being attended by 25 overseas delegations
  including representatives of GATT and the Economic Community.
      The delegates include U.S. Trade Representative Clayton
  Yeutter.
      American sources say he is ready to state that the best way
  to reverse protectionist sentiment in the United States is to
  implement four key Uruguay proposals:
      -- an end to agricultural subsidies;
      -- inclusion of trade in services and investments in GATT
  regulations;
      -- tightening of restrictions on pirating of so-called
  intellectual property such as trademarks, patents and
  copyrights;
      -- new rules to resolve trade disputes among GATT's 92
  member states.
      Earlier, New Zealand sources had said French Foreign Trade
  Minister Michel Noir had pulled out of the informal GATT talks
  for domestic political reasons.
      Cabinet chief Bernard Prauge will lead the French
  delegation.
  

"
training/8085	0	acq	"AUSTRALIAN OFFER FOR SAN MIGUEL SHARES
  Diversified investment company, <Ariadne
  Australia Ltd>, has offered 3.8 billion pesos for 38 mln shares
  in the Philippine brewing firm <San Miguel>, a Manila newspaper
  reported.
      The Sunday Times quoted a letter sent yesterday to
  President Corazon Aquino from Ariadne's chairman, New Zealander
  Bruce Judge, that he was offering cash equivalent to five pct
  of the nation's yearly budget to buy the shares from the
  government.
      The presidential office and Ariadne representatives in
  Manila were not available for comment on the report.
      The shares are the entire block seized by the government
  from the United Coconut Planters Bank (UCPB) on suspicion that
  the real owner was Eduardo Cojuangco, the former chairman of
  San Miguel and UCPB and a close associate of deposed president
  Ferdinand Marcos.
      The 38 mln shares consist of 24 mln class A stock and 14
  mln class B shares.
      Government officials have said earlier that the more
  valuable class A shares would not be sold to foreigners.
      The offer values each share at 100 pesos -- the price at
  which the Philippine Social Security System suggested it might
  buy eight mln class A shares last week.
      ""Judge's offer of 3.8 billion pesos is about five pct of the
  Philippines' yearly budget,"" Ariadne's Philippine agent Domingo
  Panganiban was quoted as telling reporters yesterday.
      ""Mr Judge's objective in this investment is to make his
  corporation's management expertise available to San Miguel so
  that the company's assets can be fully utilised.""
      San Miguel, the country's largest brewer, is also one of
  the major manufacturers of grocery lines.
      Panganiban is quoted as saying that San Miguel could tap
  food and liquor distribution lines in Australia, Britain, the
  U.S., New Zealand and Hong Kong through <Barwon Farmlands Ltd>,
  a listed Australian firm in which it has 30 pct equity.
      Ariadne, with about one billion dlrs in assets and turnover
  of about two billion, has interests also in mining, real estate
  and agricultural products.
  

"
training/8086	49	veg-oil	"INDONESIA PROTESTS AGAINST EC VEGETABLE OIL DUTY
  Indonesia has protested to the European
  Community (EC) about its plan to raise import duties on
  vegetable oils, which will affect the country's palm oil
  exports to the EC, Trade Minister Rachmat Saleh said.
      ""Indonesia, both individually and together with other
  members of the Association of South-East Asian Nations (ASEAN),
  has protested against the EC plan to increase duties on
  vegetable oil imports,"" he told Indonesian reporters.
      ""We very much regret the community's plan,"" he added.
      He did not say in what form the Indonesian protest was
  made.
      Indonesia is a major palm oil producer.
      According to central bank figures, Indonesia exported
  362,700 tonnes of crude palm oil to EC countries in calendar
  1985 and 301,400 tonnes in the first 10 months of 1986.
  Complete 1986 figures are not yet available.
      Finance Minister Radius Prawiro said recently that the
  increase in EC duties would add a new burden to ASEAN countries
  at a time when they were trying to strengthen their economies
  in the face of lower commodity prices.
  

"
training/8087	12	earn	"ALITALIA SPA <AZPI.MI> CALENDAR 1986
  Provisional net profit 55 billion lire vs 48 billion
      Turnover 3,750 billion vs 3,369 billion.
      NOTE -  Official results for Alitalia, Italy's national
  airline which is controlled by the state industrial holding
  company (Istituto per la Ricostruzione Industriale -IRI), are
  expected to be announced at an annual shareholders meeting in
  April.
  

"
training/8088	37	pet-chem	"RAIMOND EXPECTS EC-GULF PROBLEMS WILL BE SOLVED
  French Foreign Minister Jean-Bernard
  Raimond predicted in a published interview a successful end to
  negotiations to admit Gulf petrochemical exports into the
  European Community (EC).
      Negotiations have been under way between the Community and
  the six-nation Gulf Cooperation Council (GCC) for three years.
      Raimond, due here tomorrow from Oman for his first official
  visit to the United Arab Emirates (UAE), told the semi-official
  daily Al-Ittihad he was confident a solution would soon be
  reached.
      ""I am confident that problems between the two big partners,
  the GCC and the EC, will find a solution. I will work to reach
  that solution,"" he said in the interview conducted in Paris.
      An EC decision to impose tariffs on Gulf petrochemical
  exports over a set quota has strained trade relations between
  the two sides.
      GCC members Saudi Arabia, Kuwait, Bahrain, Qatar, the UAE
  and Oman are threatening to impose heavy customs duties on
  European exports to the Gulf if no solution is reached.
      Raimond said negotiations between the two groups took a
  long time because there were 20 countries involved. But added:
  ""Time is now ripe and all circumstances are appropriate for
  making crucial progress.""
      Referring to the Iran-Iraq war, he said efforts should
  continue to find a solution despite prevailing difficulties.
      He said France was continuing negotiations with Iran. Some
  problems were solved as a result of the contacts while others
  remained unresolved. He gave no details but said: ""France wishes
  to have normal relations with Iran.""
  

"
training/8089	10	crude	"EXPLOSION AT BP OIL REFINERY IN SCOTLAND
  An explosion followed by
  a fire ripped through a British Petroleum (BP) oil refinery,
  killing one man.
      A BP spokesman said the fire was confined to one plant at
  the 700-acre refinery at Grangemouth, 25 miles west of
  Edinburgh. The cause and extent of the damage had yet to be
  determined.
      Two people were killed in a previous explosion and fire at
  the plant on March 13. That incident is still being
  investigated, the spokesman said.
  

"
training/8091	0	acq	"AUSTRALIAN PLANS PHILIPPINE BRANCH FOR TAKEOVER
  The Australia based <Ariadne
  Australia Ltd>, plans to set up a branch in the Philippines to
  fulfill a prerequisite for the takeover of the Philippine
  brewing firm, <San Miguel Corp>, a Hong Kong newspaper said.
      The Hong Kong Economic Journal quoted a spokesman of
  Australian stock broker Jacksons Ltd as saying that <Barwon
  Farmlands Ltd>, a listed Australian firm of which Ariadne owns
  a 30 pct stake, is planning a branch in the Philippines.
      He added Jacksons is arranging an offer by Barwon to pay a
  total 3.8 billion pesos in cash for 38 mln San Miguel shares.
      Barwon is offering 100 pesos each for 24 mln class A San
  Miguel shares and 14 mln class B stock. But the Jacksons
  spokesman noted that the more valuable A stock would only be
  sold to Filipinos or companies registered in the Philippines.
      He said Barwon has approached the Philippine government
  which seized the block of shares from the United Coconut
  Planters Bank, which is believed to be linked with the
  country's deposed President Ferdinand Marcos.
      He added he expects a deal to be concluded between Barwon
  and the Philippine Government in 14 days as it is the only
  offer in cash, the newspaper reported.
      Hong Kong Economic Journal also noted stock market rumours
  that <Neptunia Corp>, a Hong Kong registered company which
  controlled by San Miguel's president Andres Soriano, is the
  other party keen on the block of San Miguel shares.
      The Philippine's Commission on Good Government ruled last
  May against a move of Neptunia to acquire 33 mln San Miguel
  shares controlled by the brewery firm's former chairman Eduardo
  Cojuangco, who is also chairman of United Coconut.
      Commissioner Ramon Diaz said at the time the government
  would not allow a subsidiary to buy into a parent firm, adding
  San Miguel could have offered the shares to other parties.
      The Manila newspaper Sunday Times published a letter sent
  yesterday to President Corazon Aquino from Ariadne's chairman,
  New Zealander Bruce Judge, that he was offering cash equivalent
  to five pct of the nation's yearly budget to buy the shares
  from the government.
      ""Judge's offer of 3.8 billion pesos is about five pct of the
  Philippines' yearly budget,"" Ariadne's Philippine agent Domingo
  Panganiban was quoted as telling reporters yesterday.
      Spokesmen of Ariadne, Jacksons and Neptunia were not
  available for comment, nor any officials of the Philippines.
      <San Miguel Brewery Ltd>, a Hong Kong listed company which
  is 69.65 pct held by Neptunia on behalf of San Miguel Corp,
  closed 40 cents higher at 15.50 H.K. Dlrs on Friday.
  

"
training/8094	12	earn	"ALITALIA REPORTS HIGHER NET PROFITS
  Italy's national airline, Alitalia Spa
  <AZPI.MI>, reporting a 14.6 pct rise in provisional 1986 net
  profit, said it carried seven pct more passengers on domestic
  routes last year, but 11.5 pct fewer passengers on flights from
  North America and Canada.
      Alitalia said the drop in North American traffic had been
  due to a general fall in the numbers of American tourists
  visiting Europe caused by fears of terrorism.
      The airline reported provisional net profit rose to 55
  billion lire from 48 billion in 1985.
      A spokesman said Alitalia was hoping for an increase in
  traffic with the U.S. In 1987.
      It planned to increase the number of flights from Italy to
  New York to 19 per week, to reinstate flights to Boston and to
  re-open the direct Rome-Milan-Los Angeles service.
      The spokesman announced that from March 29, Alitalia would
  be starting a new weekly service to Shanghai.
      For its summer 1987 programme, it would be adding 127 extra
  flights to European destinations -- an increase of 27 pct.
  

"
training/8096	12	earn	"RAFIDAIN BANK'S JORDAN BRANCH RAISES CAPITAL
  The Jordan branch of Iraq's Rafidain Bank
  said it will raise paid-up capital to comply with the country's
  minimum requirement of five mln dinars by drawing on profits
  from its operations in the country.
      Jordan's government asked banks in early 1985 to comply
  with the new capital requirement -- raised from three mln
  dinars -- by the start of 1986.
      Rafidain's Area Manager Adnan Abdul Karim al-Azzawi told
  Reuters the branch had now registered its capital at the higher
  level but did not say how long it would take to pay it in. The
  bank's 1986 balance shows paid-up capital of 3.1 mln dinars.
      Banks in Jordan have generally complied with the higher
  capital requirement except Chase Manhattan which decided
  instead to close its operation, banking sources said.
      Local banks floated shares to raise extra capital, while
  the branches of foreign banks brought in additional cash.
      Banking sources said it appeared that Jordan had made an
  exception in Rafidain's case, allowing it longer to comply.
  They said the gesture refelcted close political ties between
  Jordan and Iraq as well as Baghdad's financial difficulties.
      The Jordan branch saw pre-tax profit rise 80 pct in 1986 to
  550,332 dinars on assets of 12.6 mln dinars.
  

"
training/8098	32	money-fx	"U.S. CREDIT MARKET OUTLOOK - MINI-REFUNDING
  A hefty slice of new U.S. Treasury
  supply is not the most welcome prospect for a slumbering credit
  market, but at least this week's offerings should provide it
  with some focus, economists said.
      ""Banks and mutual funds have cash that should be put to
  work, so the auctions should breathe some life into the market,""
  said economists at Merrill Lynch Capital Markets Inc.
      The Treasury will place a 25 billion dlr package of
  two-year, four-year and seven-year notes on the sales block
  this week.
      The ""mini-refunding,"" which will raise 9.27 billion dlrs in
  new cash, comprises 10 billion dlrs of two-year notes for
  auction on Tuesday, 7.75 billion dlrs of four-year notes on
  Wednesday and 7.25 billion dlrs of seven-year notes on
  Thursday. The market also faces the regular weekly three- and
  six-month bill auction today, amounting to 12.8 billion dlrs.
      The mini-refunding does not come at a particularly
  auspicious time for the market. Bond prices have been drifting
  sideways in a narrow range against the backdrop of a cloudy
  U.S. Economic outlook, diminished chances of a change in
  Federal Reserve Board policy and a stable dollar.
      Moreover, the bond market's inertia has compared
  unfavourably with the rash of activity taking place in
  high-yield markets overseas, like the U.K., As well as in U.S.
  Equities.
      But according to the Merrill Lynch economists, there are
  signs the pall hanging over the U.S. Bond market is lifting a
  bit.
      ""Customer activity has been light, but all on the buy-side,
  and there is a marked absence of selling,"" they said in a weekly
  report.
      Philip Braverman of Irving Trust Securities Inc believes
  banks will snap up the two- and four-year issues at this week's
  sales.
      ""The banks are in need of investments that provide earnings.
  Though the yield spread to the cost of carrying these
  maturities has been wider, it is still positive,"" he said in a
  weekly market review.
      But economists agreed not even the auctions will generate
  enough impetus for a major move. This will only come once the
  overseas markets have had their run.
      ""Based on last week's events, there is little to indicate
  that the appetite for yield has begun to wane,"" said economists
  at Salomon Brothers Inc.
      Indeed, talk persisted last week that Japanese investors
  are planning to re-weight their portfolios in favour of the
  higher-yielding markets at the start of Japan's new fiscal year
  on April 1.
      And while traditionally the Japanese have not been big
  buyers of the shorter-dated issues on offer at this week's U.S.
  Auctions, such reports undermine market confidence.
      Even actions by the British, Australian and Canadian
  monetary authorities to curb the rise of their currencies
  should also enhance the attractiveness of their respective bond
  markets, the Salomon Brothers' economists said.
      Meanwhile, ecomomic releases are unlikely to enliven the
  U.S. Market unless they deviate widely from expectations,
  economists said.
      This week's economic calendar begins on Tuesday with
  February durable goods orders. Economists expect a rebound from
  January's depressed levels.
      Peter Greenbaum of Smith, Barney, Harris Upham and Co said
  several areas, including transport equipment, should have
  bounced back. But a decline in military capital goods will cap
  total new orders. He forecasts a rise of two pct after
  January's 6.7 pct slump. Some other economists foresee a gain
  as large as five pct.
      Friday's consumer price report for February is expected to
  show an increase of about 0.3 pct after a 0.7 pct January gain.
  Economists said energy prices -- the driving force behind the
  January rise -- rose more moderately last month, while food
  prices declined.
      Meanwhile, economists warned that the federal funds rate
  will be subject to volatility in the weeks ahead due to the
  approach of quarter-end and the mid-April tax date.
      Some economists expect the Fed to execute a bill pass this
  week because its adding requirement increases sharply in the
  new statement period beginning on Thursday.
      Fed funds traded at 6-1/16 pct late Friday and are expected
  to open near that level.
  

"
training/81	33	money-supply	"N.Y. BANK DISCOUNT BORROWINGS 64 MLN DLRS
  The eight major New York City banks had
  64 mln dlrs in average borrowings from the Federal Reserve in
  the week to Wednesday February 25, a Fed spokesman said.
      The week marked the second half of the two-week bank
  statement period that ended on Wednesday. The banks had no
  borrowings in the prior week.
      Commenting on the latest week, a Fed spokesman said that
  all of the borrowing occurred yesterday and was done by fewer
  than half of the banks.
      National data on discount window borrowings are due to be
  released at 1630 EST (2130 GMT).
  

"
training/8102	48	trade	"GATT SUCCESS WILL TAKE PRESSURE, N.Z. MINISTER
  Long term pressure by trade
  ministers is necessary if the current Uruguay round of talks on
  the General Agreement on Trade and Tariffs (GATT) is to
  succeed, New Zealand's Overseas Trade minister Mike Moore said.
      Moore told the opening meeting of trade ministers from 22
  nations gathered for informal talks on the GATT that ministers
  ""need opportunities to keep in touch and to consider how the
  political problems inherent in an exercise like this one can be
  faced and resolved.""
      Moore said the Taupo meeting is one of a series of such
  international gatherings, which includes the OECD ministerial
  meeting in May and the G-7 meeting in Venice in June, enabling
  ministers to maintain contact.
      World trade conditions are getting better not worse, he
  said.
      He said New Zealand is ""moving rapidly and of our own
  initiative in the direction of liberalisation, and I warn you
  we shall be looking for partners.""
  

"
training/8103	22	interest	"JAPAN LONG-TERM PRIME SEEN CUT TO RECORD LOW SOON
  Japan's long-term banks will soon cut
  their prime rate, now at a record low 5.5 pct, by 0.2 or 0.3
  percentage point in response to falling secondary market yields
  on their five-year debentures, long-term bankers said.
      The long-term prime rate is customarily set 0.9 percentage
  point above the coupon on five-year bank debentures issued by
  the long-term banks every month.
      The latest bank debentures, at 4.6 pct, have met strong
  end-investor demand on the prospect of further declines in yen
  interest rates, dealers said. The current 5.5 pct prime rate
  has been in effect since February 28.
  

"
training/8105	5	coffee	"COFFEE CONFERENCE ENDS WITH CALL TO CONTINUE TALKS
  A meeting of eight Latin American
  coffee producers ended with a call for continued talks aimed at
  arriving at an agreement to stabilize international prices.
      A statement delivered by the conference's president,
  Nicaragua's External Trade Minister Alejandro Martinez Cuenca,
  said the object of future meetings would be to seek
  negotiations leading to basic export quotas.
      The meeting was attended by representatives from Brazil,
  Mexico, Guatemala, El Salvador, Honduras, Costa Rica and
  Nicaragua. A Panamanian representative attended the meeting as
  an observer.
      Representatives at the meeting said efforts would continue
  to be made to reach a regional consensus on export quotas which
  could be presented to the International Coffee Organization.
      In opening the meeting, Nicaraguan President Daniel Ortega
  said the lack of an accord on export quotas was behind falling
  coffee prices, which he said have caused billions of dollars in
  losses to countries in the region.
      Jorio Dauster, president of the Brazilian Coffee Institute,
  said his government is committed to working towards an
  producers accord in order to bring about higher prices.
  

"
training/8106	48	trade	"YEUTTER SEES U.S., JAPAN VERGING ON TRADE CONFLICT
  The United States and Japan
  are on the brink of serious conflict on trade, especially over
  semiconductors, Japanese unwillingness for public bodies to buy
  U.S. Super-computers, and barriers to U.S. Firms seeking to
  participate in the eight billion dlr Kansai airport project,
  U.S. Trade Representative Clayton Yeutter said.
      He was talking to reporters yesterday on the eve of a
  two-day meeting of trade ministers which will review progress
  made by committees set up after the Uruguay meeting last
  September launched a new round of GATT (General Agreement on
  Tariffs and Trade) talks.
      European Community (EC) commissioner Willy de Clercq
  meanwhile told reporters conflict between the world's three
  major trading and economic powers -- the EC, the U.S. And Japan
  -- set a poor example for other members of GATT.
      Australian Trade Minister John Dawkins told the reporters
  bilateral retaliation at the enormous expense of the rest of
  the world was no way to solve trade disputes.
      New Zealand trade minister Mike Moore told his colleagues
  great progress had been made in preparing for the current round
  of GATT negotiations which must not be sidetracked.
      The ministers have said they want to maintain the momentum
  towards fresh negotiations or avert serious trade conflicts.
      Yeutter said the problem with international trade talks was
  that they tended to get bogged down for years. ""Countries don't
  get very serious about negotiating until the end of the day
  which is, maybe, five or six years in the future.""
      He also said he did not consider the new U.S. Congress as
  protectionist as it was 18 months ago. ""That's a very healthy
  development,"" he added.""If you asked me about that a year or 18
  months ago I would have said that it was terribly
  protectionist.""
      ""Members of Congress, that is the contemplative members of
  Congress, have begun to realise protectionism is not the answer
  to the 170 billion dlr trade deficit,"" Yeutter said.
      ""They've also begun to realise that you cannot legislate
  solutions to a 170 billion dollar trade deficit so they are
  more realistic and, in my judgement, more responsible on that
  issue than they were 12 or 18 months ago.""
      He added, ""Whether that will be reflected in the legislation
  that eventually emerges is another matter.""
  

"
training/8108	34	nat-gas	"NEW COOPER BASIN GAS POOL DISCOVERY REPORTED
  <Delhi Petroleum Pty Ltd> said a
  second gas flow has been recorded in the Epsilon formation of
  the Toolachee Block on PEL five and six signifying a new pool
  discovery.
      The Kerna Four appraisal well flowed gas at 235,038 cubic
  meters a day with four kiloliters of condensate through a 13mm
  surface choke over an interval of 2,374 to 2,399 meters.
      DST 1, in the Epsilon formation, was earlier reported as
  flowing gas at 237,862 cm/day, Delhi said in a statement.
      The well is two km south south east of Kerna 3, 15 km south
  east of the Dullingari field and 75 km east of Moomba.
      Delhi said the remaining objective of the well is the
  Patchawarra formation.
      Other interest holders in the Kerna Four well are: Santos
  Ltd <STOS.S> 50 pct, Delhi 30, <Vamgas Ltd> 10, <South
  Australian Oil and Gas Corp Pty Ltd> 10 pct.
  

"
training/8109	43	ship	"IRAN SAYS IT INTENDS NO THREAT TO GULF SHIPPING
  Iran said reports that it intended to
  threaten shipping in the Gulf were baseless, and warned the
  U.S. And other countries not to interfere in the region.
      Tehran radio, monitored by the BBC, quoted a Foreign
  Ministry spokesman as saying any attempt at interference would
  be met by ""a strong response from Iran and other Moslems in the
  world.""
       U.S. Defence Secretary Caspar Weinberger, in remarks
  apparently unrelated to the broadcast, said the U.S. Would do
  whatever was necessary to keep shipping lanes open in the face
  of new Iranian anti-ship missiles in the Gulf.
      The U.S. State Department said two days ago Tehran had been
  told of U.S. Concern that Iranian anti-ship missiles posed a
  threat to the free flow of oil from the Gulf.
      U.S. Officials have said Iran has new Chinese-made
  anti-ship ""Silkworm"" missiles, which pose a greater threat to
  merchant ships than missiles used before.
      The Iranian spokesman said the reports that Iran intended
  to attack ships were ""misleading propaganda.""
      He said Iraq's President Saddam Hussein was the main cause
  of tension in the Gulf and said Iran would continue to use ""all
  its legitimate means to stem the cause of tension.""
      Weinberger said in a television interview in the U.S. ""We
  are fully prepared to do what's necessary to keep the shipping
  going and keep the freedom of navigation available in that very
  vital waterway.""
      ""We aren't going into any disclosures or discussions of what
  might happen, but we are certainly very sympathetic to and
  listening carefully to any suggestions for our assistance in
  keeping navigation free in that area,"" he said.
      Weinberger said U.S warship movements in the Gulf area were
  not unusual.
      A U.S. Navy battle group led by the aircraft carrier Kitty
  Hawk is currently in the northern Arabian Sea.
      The Iranian spokesman was quoted by Tehran radio as saying
  the U.S. Was trying to build up its military presence in the
  region.
  

"
training/811	12	earn	"MFS MANAGED MUNCIPAL BOND TRUST SETS PAYOUT
  <MFS Managed Muncipal Trust Bond>
  said it declared a monthly payout income distribution of 5.7
  cts a share compared with 5.6 cts for the previous month.
      It said the distribution is payable March 20 to
  shareholders of record March two.
  

"
training/8111	15	gnp	"MALAYSIAN 1987 ECONOMIC GROWTH SEEN ABOVE FORECAST
  The Development Bank of Singapore Ltd
  (DBS) said Malaysia's real gross domestic product growth (gdp)
  in 1987 could be 1.5 to two pct, above a budget target of one
  pct.
      It said in a report that because of an economic recovery
  and higher foreign exchange reserves, the Malaysian ringgit is
  unlikely to face devaluation in the near future.
      The report was presented at a two-day investment conference
  organised by the DBS, one of Singapore's four major banks.
      The report said rising commodity prices and the continued
  expansion of the manufacturing sector coupled with rigorous
  fiscal restraints and a more stable currency are grounds for
  cautious optimism about the Malaysian economy.
      It forecast the ringgit will remain stable at between 2.60
  and 2.70 Malaysian dlrs to the U.S. Dollar for the rest of the
  year.
      But the report said the growth rate of Malaysia's external
  debt remains worrying and should be controlled. It said
  Malaysia's external debt totals 48 to 49 billion Malaysian dlrs
  and its debt service ratio exceeds 20 pct.
  

"
training/8113	24	iron-steel	"GERMAN STEEL SUBSIDIES CANNOT CONTINUE - MINISTER
  Economics Minister Martin Bangemann said
  the state could not continue to pour money into West Germany's
  ailing steel and coal industries because the subsidies
  endangered other parts of the economy.
      ""The situation is completely absurd from an economic point
  of view,"" Bangemann told the newspaper Die Welt in an interview
  released ahead of publication tomorrow.
      ""We are subsidising the production of mineral coal and steel
  to an enormous extent and at the same time putting a huge
  burden on all other branches of industry and making them
  uncompetitive,"" he said.
      Bangemann said the steel and coal industries were no longer
  capable of being competitive. Continued state subsidies would
  not save them but would only prolong their lives artifically
  for a few years, he said.
      ""That is why I have refused to continue subsidising them in
  the way that we have done in the past,"" he said.
      Several steel firms have announced plans to reduce their
  workforces, citing weak prices and lower exports due to the
  strength of the mark and tough foreign competition.
      Bangemann said everything possible would be done to find
  new jobs for the workers affected by the cuts.
  

"
training/8115	0	acq	"DART GROUP FLEXIBLE ON SUPERMARKETS <SGL> BID
  <Dart Group Corp> said it told
  Supermarkets General Corp <SGL> it was flexible on the price it
  would pay to acquire the company.
      Dart has said it would offer 41.75 dlrs cash for each SGL
  share if the SGL board recommended the offer to shareholders.
      SGL has termed the 1.62 billion dlr offer unsolicited.
      In a letter to SGL dated March 20, Dart also said it was
  denied confidential information on SGL that would be given to
  other potential bidders.
      SGL officials could not be reached for comment.
      Dart said it was advised that a selling brochure for the
  sale of SGL had been distributed to about 20 potential buyers,
  but not itself. These purchasers would also be given access to
  SGL's books and records and the opportunity to talk with key
  employees.
      ""We suspect that one or more of the 20 are leveraged buyout
  firms,"" said a source close to Dart. Analysts have said SGL
  management may be considering a leveraged buyout.
      Dart said it remains interested in acquiring SGL on a
  friendly basis and reiterated its willingness to negotiate all
  the terms of its offer.
      Dart said SGL representatives said the company has not
  received any other offer.
      It said it requested the confidential information to better
  understand SGL, but was denied this because it refused to sign
  an agreement prohibiting it from making a bid for SGL without
  SGL's approval.
      The agreement would also have limited its ability to buy
  SGL shares, Dart said. It considered those conditions
  unreasonable in the interest of trying to negotiate a friendly
  transaction, it said.
      Dart has just under five pct of SGL shares.
      Dart said it requested the information before its meeting
  with SGL representatives, but held the meetings in the hope
  representatives would reach an agreement.
      It said it indicated it was flexible on price, but was told
  there were certain issues important to SGL management and while
  they were not conditions to the deal, Dart was expected to take
  them into account in putting together its package.
      It said the issues include an immediate payment of 5.7 mln
  dlrs to SGL chairman Leonard Lieberman, executive vice
  president James Dougherty and financial officer Murray Levine.
      Dart said this payment was intended for the three officers'
  severance agreements, although there was an implication that
  Lieberman and Dougherty would be leaving the company of their
  own volition.
      Dart said under their present agreements, none of these
  officers have any right to such accelerated payments. Also,
  Dart said Lieberman, Dougherty and Levine are to be paid 2.6
  mln dlrs to pay their taxes. It also said top management's
  incentive shares were to be accelerated and paid for at a cost
  of six mln dlrs although there are restrictions on the shares
  unless waived by the company's compensation committee.
      Dart said it was to fund up to five mln dlrs for top
  management's supplemental retirement plan.
      Dart said another issue was to agree to future severance
  obligations and future salary guarantees for top management,
  estimated at more than 15 mln dlrs in excess of obligations
  under the company's present policy.
      Dart said despite such management payments, it agreed to
  discuss all aspects of its offer and in fact did try to
  negotiate a transaction at the March 18 meeting with SGL.
      Supermarkets General owns the Path Mark supermarket chain
  and Rickels home centres.
      Dart also released a copy of a lawsuit that was being filed
  by an SGL shareholder, seeking to stop SGL from taking such
  actions as paying greenmail or enacting a poison pill defence.
      The suit also sought to have directors carry out their
  fiduciary duty.
      Greenmail is the payment at a premium for shares held by an
  unwanted suitor and a poison pill is typically the issue of
  securities to shareholders which make a takeover more
  expensive.
  

"
training/8117	10	crude	"AUSTRALIA SAID TO RELY TOO MUCH ON OIL TAXES
  The government's
  over-reliance on revenue from crude oil is adversely affecting
  Australia's economic performance, Australian Petroleum
  Exploration Association (APEA) chairman Dennis Benbow said.
      Over one-third of Australia's indirect tax income is
  derived from oil at a time of falling domestic output and weak
  crude prices, he told the APEA annual conference here.
      This dependence on oil-generated revenue distorts the
  country's economic performance directly by acting as a
  disincentive to new exploration and indirectly by affecting
  trading competitiveness through high energy costs, he said.
      Australia's medium-term liquid fuel self-sufficiency
  position is posing a major economic threat, yet the
  government's response has been to load new tax burdens on the
  oil industry, Benbow said.
      Domestic oil output from existing fields is expected to
  fall to 280,000 barrels per day (bpd) in fiscal 1992/93 from
  546,000 bpd in 1985/86, reflecting mainly the decline of the
  Bass Strait fields, he said.
      Bass Strait reserves are now two-thirds depleted, with the
  three largest fields 80 pct depleted, he said.
      By 1992/93, Bass Strait output is expected to be just over
  half the 1985/86 level, assuming a number of so far undeveloped
  fields are brought on stream and enhanced recovery from
  existing fields goes ahead, Benbow said.
      Government projections of output from as yet undiscovered
  fields range from 40,000 to 130,000 bpd, he said.
      Australian liquid fuel demand is forecast to rise to
  680,000 bpd in 1992/93 from 565,000 in 1985/86, implying a
  crude oil gap of between 270,000 and 360,000 bpd in five years
  time, he said.
      At present world oil prices and the current value of the
  Australian dollar, annual oil imports in 1992/93 would cost
  between 3.2 billion and 3.6 billion dlrs, Benbow said.
      Despite intensive exploration in the early 1980's, the
  addition to reserves has been inadequate, he said.
      For example, the 409 mln barrels discovered in the five
  years 1980-84 represent about two years' consumption, he said.
      He called on the government to review its tax policies to
  restore incentive to exploration.
  

"
training/8119	8	cpi	"MINISTER PREDICTS ONE PCT INFLATION FOR SINGAPORE
  Singapore will have an inflation rate
  of one pct in 1987, up from a negative 1.4 pct in 1986, Trade
  and Industry Minister Lee Hsien Loong told Parliament.
      He said the 1986 drop in the inflation rate, the first fall
  in a decade, was due largely to lower world prices for oil and
  oil-related items.
      But Lee said the negative inflation rate is unlikely to be
  repeated this year because of projected higher prices for
  primary commodities and oil.
  

"
training/8120	12	earn	"WOOLWORTHS LTD REPORTS 9.27 MLN DLR NET PROFIT YR END FEB 1 VS 63.20 MLN

  WOOLWORTHS LTD REPORTS 9.27 MLN DLR NET PROFIT YR END FEB 1 VS 63.20 MLN
  

"
training/8123	0	acq	"Bell Resources says it buys 57.6 mln BHP shares, taking holding to 29.93 pct

  Bell Resources says it buys 57.6 mln BHP shares, taking holding to 29.93 pct
  

"
training/8125	12	earn	"WOOLWORTHS LTD <WLWA.S> YR ENDED FEB 1
  Shr 4.16 cents vs 28.80
      Final Div nil vs 10.5 cents making six for year vs 16.5
      Pre-tax profit 2.68 mln dlrs vs 107.71 mln
      Net 9.27 mln vs 63.20 mln
      Turnover 5.47 billion vs 4.83 billion
      Other income 65.33 mln vs 51.68 mln
      Shrs 222.94 mln vs 219.54 mln.
      NOTE - Net is after tax credit 6.6 mln vs tax paid 43.39
  mln, depreciation 41.18 mln vs 34.10 mln, interest 42.42 mln vs
  36.23 mln and minorities 11,000 vs 1.12 mln but before
  extraordinary net profit 24.98 mln vs loss 51.71 mln
  

"
training/8126	0	acq	"BELL RESOURCES BOOSTS STAKE IN BHP
  <Bell Resources Ltd> said it has executed
  an underwriting agreement with <Equiticorp Tasman Ltd> to
  acquire 57.6 mln ordinary shares in The Broken Hill Pty Co Ltd
  <BRKN.S> for 540 mln dlrs.
      Bell said in a statement that it now holds 29.93 pct of
  BHP's 1.2 billion shares.
  

"
training/8130	0	acq	"ARIADNE UNIT CONFIRMS BID FOR SAN MIGUEL
  Ariadne group unit <Barwon Farmlands
  Ltd> confirmed it offered 3.8 billion pesos in cash for the 38
  mln shares of Philippine brewing company <San Miguel Corp>.
      The Australia-based Barwon, 30 pct owned by New Zealander
  Bruce Judge's Ariadne group, said in a statement released in
  Hong Kong that a formal offer had been made to the Philippines
  government, which holds the shares.
      It said it was confident the offer will be reviewed
  favourably.
      Newspapers in Manila and Hong Kong reported at the weekend
  that an offer had been made.
      Barwon said it was represented by Australian stockbroker
  <Jacksons Ltd>, which forwarded a formal offer to Philippine
  President Corazon Aquino of 100 pesos for each of the 38.1 mln
  A and B shares of San Miguel.
      The Philippine government seized the shares, which
  represent a 31 pct stake in the brewery firm, from the <United
  Coconut Planters Bank>, alleged by the government to be linked
  with the country's deposed President Ferdinand Marcos.
      The Barwon statement said a deal is expected to be
  concluded between Barwon and the Philippines government in 14
  days.
      Barwon also said it made recommendations to the government
  on how it could purchase the class A shares, which can only be
  held by a Philippine national or a firm which is at least 60
  pct held by a member of the country. It did not elaborate.
      The Hong Kong Economical Journal quoted a spokesman of
  Jacksons as saying Barwon plans to set up a branch in the
  Philippines to meet the criteria.
      <San Miguel Brewery Ltd>, a locally listed firm 69.65 pct
  held by San Miguel's <Neptunia Corp> affiliate, was last traded
  at 16.30 H.K. Dlrs against 15.50 dlrs on Friday.
  

"
training/8131	10	crude	"EXXON OFFICIAL URGES PLANNING FOR NEXT OIL SURGE
  World governments
  should prepare for an inevitable significant increase in the
  price of oil as non-Middle East supplies diminish, Exxon Corp
  <XON> director and senior vice-president Donald McIvor said.
      Policymakers must also face up to the reality that the bulk
  of world oil reserves lies in the Middle East, he said in a
  speech prepared for delivery to the Australian Petroleum
  Exploration Association (APEA) annual conference.
      It appears ever more likely that new discoveries elsewhere
  will not change this fact, he said.
      McIvor said 37 of the world's 30,000 oil fields contain
  about 35 pct of all oil ever discovered.
      Only 11 of these 37 super-giant fields lie outside the
  Middle East and only five of the 37 have been discovered in the
  last 20 years, three of them in the Middle East, he said.
      He also said that since 1970, the world has been consuming
  20 to 25 billion barrels a year while making discoveries at the
  rate of only 10 to 15 billion barrels a year.
      More than half of remaining proved reserves are in the
  Middle East, he said.
      McIvor said it was important to continue to search for oil
  outside the Middle East because each addition contributes to a
  diversity of supply desirable for global political and economic
  stability.
      ""It is important to enhance the likelihood of home-country
  discoveries with measures such as non-discriminatory and stable
  taxation, and minimum regulation, together with opening up of
  acreage for exploration,"" he said.
      Increasing reliance on the Middle East will also boost the
  incentive to use natural gas and synthetic sources of
  petroleum, he added.
  

"
training/8134	10	crude	"AUSTRALIAN OIL TAX CUT SEEN BOOSTING OUTPUT
  A 10 percentage
  point reduction in the Australian government's maximum crude
  oil levy on old oil would stabilize Bass Straits oil output,
  resources analyst Ian Story said here.
      A reduction to 70 pct from 80 pct would enable Bass Strait
  output to be maintained at the current rate of 420,000 barrels
  per day (BPD) for the next year rather than falling to 380,000
  BPD in 1987/88, he told the Australian Petroleum Exploration
  Association annual conference.
      Story is an analyst with and a director of Sydney
  stockbroker Meares and Philips Ltd.
      Windfall profits taxes on Bass Strait crude are no longer
  appropriate in the current economic climate, Story said.
      The maximum 80 pct levy on old oil -- that discovered
  before September 1975 -- is now forcing the Broken Hill Pty Co
  Ltd <BRKN.S>/Exxon Corp <XON> partnership to shut-in
  production, accelerating the decline in output and reducing
  government revenue, he said.
      He said the producer return per barrel at a price of 30
  Australian dlrs a barrel would rise to 2.07 dlrs from 0.80 dlrs
  if the levy was cut to 70 pct.
      ""The economics at an 80 pct levy are simply not attractive
  at oil prices below 30 dlrs,"" Story said.
      Cutting the maximum levy rate to 70 pct would create higher
  levels of self-sufficiency, increase government revenue, boost
  exports and provide incentives for exploration and development,
  he said.
      The government is currently reviewing the oil tax
  structure.
  

"
training/8137	22	interest	"GERMAN BOND YIELDS SEEN FALLING IN NEAR TERM 
  West German bond yields could decline
  over the next few months if recent efforts to stabilize
  exchange rates, as seen in last month's Paris pact, extend to
  keeping down European interest rates, banking economists said.
      But in the longer term domestic yields could rise under
  agreements to stimulate West Germany's economy, they said.
      The Paris agreement has so far successfully stabilized
  currencies with the threat of central bank intervention,
  economists said.
      Economists speculated that G-7 countries may try to bolster
  the pact by uncoupling U.S. and West German interest rates
  further when they meet for the IMF Interim Committee in April.
  ""The recent round of monetary accommodation by the Bundesbank
  and the Bank of Japan and the firming of the Federal Funds rate
  are significant. They mark an uncoupling of movements in U.S.
  and foreign interest rates,"" Salomon Bros Inc said in a recent
  study.
      It said narrowing of international interest rate spreads
  was a major factor in the dollar's fall. These spreads will
  have to be widened if the dollar is to be stabilized.
      West German Bundesbank President Karl Otto Poehl encouraged
  the U.S. not to cut interest rates in January when the
  Bundesbank cut its own rates by half a point, to avoid
  weakening the dollar.
      West German economists see room for further cuts in leading
  West German rates if the dollar resumes its decline.
      ""It's not a taboo,"" Peter Pietsch, spokesman for Commerzbank
  AG said.
      But most economists see room for a cut in West German rates
  only in the first half of the year, as re-emerging inflation
  will limit room for manoeuvre later in the year.
      The Bundesbank's average yield of public paper is already
  nearing last year's low. Last week, yields fell to around 5.50
  pct, not far from the 1986 low of 5.35 pct posted in mid-April.
   Economists said the trend may cause domestic investors to
  shift some funds from short to longer-term paper. Such a move
  would tend to flatten the yield curve between short and
  long-term rates, which has become more pronounced since the
  Bundesbank lowered its discount rate.
      It might also facilitate a further cut in leading rates, as
  the shift out of savings accounts into securities would slow
  growth of the Bundesbank's central bank money stock aggregate.
      But conflicting with this trend are plans to increase West
  German tax cuts, part of the Paris currency pact designed to
  meet U.S. demands for faster West German growth. This move may
  force interest rates up by creating a revenue vacuum which must
  be filled by higher government borrowing.
      This may not occur if private sector demand for credit
  remains weak, but demand could emerge if rates begin rising.
      Economists said it appeared the government had already
  stepped up borrowing this year to accomodate revenue loss from
  other sources, including tax losses resulting from weaker than
  expected economic growth, and higher than expected spending.
      Josef Koerner, chief economist of the West German
  Ifo-Institut, said in a newspaper interview he expected 1987
  tax revenue to be some 11 billion marks below estimates by the
  West German government in November.
      Any tax shortfall in itself is unlikely to push yields up.
  But coupled with other factors such as waning foreign
  speculative buying of mark bonds on the dollar's decline, long
  term yields may to have to rise, economists said.
      Public authority borrowing in 1988 may also rise owing to
  increases in the second phase of Bonn's tax reform package.
      The West German government is raising its total tax cuts in
  1988 by 5.2 billion marks to 14.4 billion.
      West German chancellor Helmut Kohl said last week increased
  borrowing to finance the tax reform is acceptable.
      Finance minister Gerhard Stoltenberg said last Thursday he
  was looking for other ways to finance the reform, such as
  raising indirect taxes.
      But few economists believe the government will be able to
  go through with its tax measures without increasing net
  borrowing.
      The Bundesbank said in its February report that it was
  wrong to believe that the first stage of the tax reform in 1986
  could be managed without increasing deficits.
      The Bundesbank said West German public authorities borrowed
  a large 21.9 billion marks in credit markets in the 1986 final
  quarter compared with 14.8 billion in fourth quarter 1985.
      The federal government took up nearly 10 billion marks of
  the fourth quarter 1986 figures, and also drew on two billion
  marks of Bundesbank advances at the end of the year, when it
  had not required such a credit in the 1985 quarter.
  

"
training/8138	48	trade	"PHILIPPINES POSTS 68 MLN DLR JANUARY TRADE DEFICIT
  The Philippines posted a trade deficit
  of 68 mln dlrs in January, compared with deficits of 57 mln in
  January 1986 and 28 mln in December, government figures show.
      The National Census and Statistics Office (NCSO) said
  imports of 436 mln dlrs in January were up from 371 mln in
  January 1986 and 393 mln dlrs in December, while exports of 368
  mln were up on the 314 mln in January 1986 but lower than
  December's 421 mln.
      The country's 1987-92 medium-term development plan targets
  a 9.8 pct average annual growth in exports and a 10.7 pct
  growth in imports, the NCSO said.
  

"
training/8141	48	trade	"JAPAN SAYS IT TRYING TO EXPAND DOMESTIC DEMAND
  Japan has assured a meeting
  of trade ministers it is making every effort to expand domestic
  demand and restructure its economy.
      Japanese trade representative Tsomu Hata told an informal
  General Agreement on Tariffs and Trade (GATT) meeting that, in
  addition to demand boosting measures adopted last September, a
  comprehensive economic program will be prepared after the
  1987/88 budget is approved.
      Hata, speaking at the first session of the two-day meeting,
  said agriculture is no exception to the goal of restructuring
  the economy, but did not elaborate.
      Hata said protectionist pressures in the international
  economy are as strong as ever, reflecting financial deficits,
  payment imbalances and serious unemployment in many countries.
      Despite great potential, developing economies are still
  confronted by grave difficulties, particularly debt, he added.
      The basis for the talks is the GATT ministerial declaration
  last September in Punta del Este, Uruguay, and the subsequent
  trade negotiating plan agreed in Geneva.
      ""It is essential that we first reaffirm here our commitment
  to implementing that plan as scheduled,"" Hata said.
      Hata added it is not constructive to speed up negotiations
  in some areas at the expense of others.
      In order to rebuild the free trade system, it is important
  for each participant to have domestic policies that will serve
  this end.
      As part of its contribution, Japan plans in April to
  fundamentally improve its generalised system of preferences for
  industrial and mining products to make Japan's domestic market
  more open to developing countries, he said.
  

"
training/8144	22	interest	" Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct

   Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct
  

"
training/8151	48	trade	"AUSTRALIAN MINISTER SAYS AGRICULTURE GATT PRIORITY
  Australian Trade Minister
  John Dawkins said if the General Agreement on Tariffs and Trade
  (GATT) does not give high priority to agricultural trade reform
  it will be neglecting the area of greatest crisis.
      In a statement to the informal GATT trade ministers
  conference here he said agriculture is a problem which involves
  all countries and seriously affects the debt servicing
  abilities of a number of developing countries.
       He said major countries should be showing leadership on
  this problem.
      ""We will be giving close attention to the processes in the
  OECD (Organisation of Economic Cooperation and Development) and
  elsewhere leading to the Venice economic summit where we will
  be looking to the participants to adopt a strong commitment to
  agricultural trade reform,"" Dawkins said.
      The Venice summit is scheduled for June.
      He said Australia's interests in the Uruguay Round, the
  eighth under the GATT, are wide ranging. Dawkins said he sees
  the round as providing a timely opportunity to secure further
  meaningful trade liberalisation in all sectors and to restore
  confidence in the multilateral system.
      Dawkins said initial meetings of the negotiating groups
  established in Geneva after the GATT declaration last September
  in Punta del Este, Uruguay, have made a reasonable start, but
  it is vital that trade ministers maintain the pressure on these
  processes.
      ""We must see that the commitments made at Punta del Este on
  standstill and rollback are carried into practice.""
      The standstill and rollback of protection offers the global
  trading system a chance to hold and wind back protection during
  the negotiations which are expected to last up to four years,
  he said.
  

"
training/8155	12	earn	"BOOKER PLC <BOKL.L> 1986 YEAR
  Shr 27.89p vs 24.24p
      Div 9.0p vs 7.75p making 13.75p vs 12.0p
      Turnover 1.26 billion stg vs 1.19 billion
      Pretax profit 54.6 mln vs 46.5 mln
      Tax 16.5 mln vs 13.5 mln
      Interest paid 2.2 mln vs 2.4 mln
      Minority interests 2.3 mln debit vs same
      Extraordinary items 42.3 mln profit vs 5.4 mln loss
      Pretax profit includes -
      Agribusiness 28.3 mln vs 22.5 mln
      Health products 6.5 mln vs 5.4 mln
      Wholesale food distribution 8.3 mln vs 7.3 mln
      Retail food distribution 4.2 mln vs 5.9 mln
      U.K. 28.7 mln vs 27.2 mln
      U.S. 21.1 mln vs 16.1 mln
  

"
training/816	6	copper	"U.S. BRASS MILL COPPER STOCKS LOWER IN JANUARY
  U.S. brass mill copper stocks fell to
  185,400 short tons (copper content) at the end of January from
  191,200 short tons at the end of December, according to the
  American Bureau of Metal Statistics.
      Consumption by brass mills increased to 60,700 short tons
  in January from 48,900 short tons in December.
      Mills consumed 29,600 tons of refinery shapes in January
  versus 24,000 tons in December. Scrap consumption increased to
  31,100 tons in January from 24,900 tons in December.
      Total brass mill shipments increased to 69,600 tons in
  January from 54,400 tons in December, while receipts rose to
  63,800 tons from 47,100 tons.
  

"
training/8160	10	crude	"BP GRANGEMOUTH REFINERY SHUT, HYDROCRACKER DAMAGED
  The entire British Petroleum Co PLC
  refinery at Grangemouth in Scotland has been shut down
  following the explosion and fire that severely damaged the
  hydrocracker at the site, a refinery spokesman said.
      He said the rest of the 178,500 bpd refinery, including the
  19,000 bpd catalytic cracker, was undamaged. The whole refinery
  was closed pending enquiries but a decision when to reopen the
  main units will be taken in the next couple of days, he said.
      But there was extensive damage to the central part of the
  32,000 bpd hydrocracker, which upgrades heavy oil products to
  gasoline, and it will be out of operation for some months.
      The spokesman said BP will not suffer supply shortages as a
  result of the explosion as it will be able to bring in product
  from other sources. BP has a 437,000 bpd refinery in Rotterdam,
  a 181,900 bpd unit at Ingolstadt, West Germany, a 181,900 bpd
  plant at Lavera in France and a smaller Swedish plant.
      He said the explosion and fire, in which one worker was
  killed, occurred when the hydrocracker was not in operation.
      The refinery as a whole had been operating at about half of
  its capacity since the end of January while an extensive
  overhaul was carried out on the North Side of the complex where
  the hydrocracker is sited, he said.
      This work was scheduled to be completed by mid-April, but
  this is now being assessed following the hydrocracker accident.
      Two people were killed in an explosion and fire in a flare
  line at the Grangemouth refinery on March 13, but the spokesman
  said this incident was some 100 yards from the latest accident.
  

"
training/8162	12	earn	"AUSTRALIA'S WOOLWORTHS LOOKS TO IMPROVED PROFITS
  Woolworths Ltd <WLWA.S> said policy,
  management and financial changes initiated during the 1986/87
  business year should cause profits to reach more acceptable
  levels in 1987/88 end-February 1.
      Net profit reported earlier fell 85.3 pct in the year ended
  February 1.
      Results for the first month of the new year were
  encouraging after a period of uncertain consumer confidence and
  difficult trading conditions, it said in a statement.
      The Big W discount store division and New South Wales
  supermarkets produced very disappointing results, it added.
      Woolworths earlier reported a fall in net profit to 9.27
  mln from 63.20 mln on sales of 5.47 billion against 4.83
  billion. Capital spending for the year was 119 mln dlrs against
  105 mln for the previous year with 50 new stores opened, but
  total sales were below target, Woolworths said.
      The company provided 20 mln dlrs against operating profit
  for the year to cover mark-downs on stock.
      Extraordinary items included a 53 mln dlr profit on the
  sale of properties and investments less a 28 mln provision for
  reorganising the Big W chain.
      Woolworths is unrelated to the U.S. Group F.W. Woolworth
  <Z.N>. It has been the subject of takeover speculation since
  <Industrial Equity Ltd> acquired a 20 pct stake last year.
      New Zealand's diversified investment group <Rainbow Corp
  Ltd> bought Safeway Stores Inc's <SA> 20 pct holding in
  Woolworths for 190 mln dlrs late last year.
      Safeway put its stake up for tender just in time to take
  advantage of changes in U.S. Tax laws effective from the end of
  December, informed sources said.
      Woolworths shares closed on Australian stock exchanges
  today at 3.50 dlrs, down five cents from Friday.
  

"
training/8163	12	earn	"BOOKER SAYS 1987 STARTS WELL
  Booker Plc <BOKL.L> said 1987 had
  started well and the group had the resources to invest in its
  growth business both organically and by acquisition.
      It was commenting on figures for 1986 which showed pretax
  profits rising to 54.6 mln from 46.5 mln previously. Profits
  from the U.S. Accounted for 39 pct of the total. The results
  were broadly in line with analysts' forecasts and the company's
  shares firmed in morning trading to 421p from 413p at Friday's
  close.
      The group ended the year with a cash surplus higher at 54
  mln stg, compared to 26 mln previously, after capital
  expenditure which rose to 54 mln from 43 mln.
      In a statement, the company said the U.K. Agribusiness
  group reported excellent profits growth while health products
  profits rose to 6.5 mln from 5.4 mln.
  

"
training/8167	10	crude	"IRAQ REPORTS RAIDS IRAN'S NOWRUZ OIL FIELD
  Iraq said its warplanes launched two
  bombing raids on Iran's offshore Nowruz oilfield in the
  northern Gulf today.
      A military spokesman, quoted by the official Iraqi news
  agency, said platforms at the field were reduced ""to rubble.""
      He said attacks on the field, 55 miles northwest of Iran's
  Kharg Island oil terminal, were carried out at 0600 GMT. He
  said today's raids ""fall within Iraq's policy to deprive Iranian
  rulers of oil revenue used to serve their aggressive aims.""
      Iraqi planes yesterday raided the nearby Ardeshir oil
  field, resuming attacks on Iranian targets after a month-long
  lull.
  

"
training/8169	12	earn	"23-MAR-1987
  23-MAR-1987

"
training/817	12	earn	"MFS MUNICIPAL INCOME TRUST <MFM> SETS PAYOUT
  MFS Municipal Income Trust said it
  declared a monthly income distribution of 5.7 cts a share
  compared with 5.5 cts a share paid in the previous month.
      It said the distribution is payable March 27 to
  shareholders of record March 13.
  

"
training/8172	15	gnp	"BALLADUR SEES ONLY TWO PCT FRENCH GROWTH IN 1987
  French 1987 growth will probably be about
  two pct, the same as last year, due to an international
  environment that is less favourable than expected, Finance
  Minister Edouard Balladur was quoted as saying.
      Treasury director Daniel Lebegue said last month that gross
  domestic product is expected to grow by between two and 2.5 pct
  this year, against an original target of 2.8 pct.
      Although in line with the latest Organisation for Economic
  Cooperation and Development (OECD) estimate of 2.1 pct growth,
  the forecast will be balanced by growth in investments and
  exports, Balladur said in an interview with the daily Les
  Echos.
      Last month Balladur said French GDP had grown by just two
  pct last year, compared with an initial 1986 target of 2.5 pct
  and 1.1 pct growth in 1985.
      He told Les Echos he aims to reduce the 1988 budget deficit
  to 115 billion francs from this year's figure of 129 billion
  and compared with a 141 billion deficit in 1985.
      He has already announced his intention of cutting the
  deficit to 100 billion francs in 1989.
  

"
training/8176	45	sugar	"BEGHIN-SAY SEES SOLUTION TO EC SUGAR DISPUTE
  A settlement could soon be reached in the
  dispute between European sugar producers and the European
  Community over EC export licencing policies, Jean-Marc Vernes,
  president of French sugar producer Beghin-Say, which is leading
  the protest, told journalists today.
      ""Our contacts with the EC authorities over the past few days
  indicate that we are moving towards a solution,"" he said, adding
  that if this happened the producers would withdraw the 854,000
  tonnes of sugar they have offered into intervention.
      Vernes said that the protest, involving 770,000 tonnes of
  sugar from French producers alone, was prompted by the EC's
  policy since mid-1986 of offering export rebates which failed
  to give producers an equivalent price to that they would obtain
  by offering sugar into EC intervention.
      At last week's tender the EC Commission made an apparent
  concession by offering a maximum rebate only 1.3 European
  currency units (Ecus) per 100 kilos below the level producers
  say is needed, compared with the previous week's rebate which
  was 2.5 Ecus below the necessary level.
      Vernes would not say what form any compromise between the
  producers and the EC would take, but he reaffirmed the
  long-term desire of producers to export to the world market,
  providing they were not losing money by doing so.
      Producers can withdraw their intervention offer after April
  1, when the sugar will officially enter intervention stores, or
  at any time over the following five weeks before the official
  payment date.
      The EC has threatened to put the sugar back on the internal
  market if the producers refuse to withdraw their offers.
  

"
training/8177	12	earn	"DRESDNER DECLINES COMMENT ON SCRIP SHARE REPORT
  A Dresdner Bank AG <DRSD.F> spokesman
  said the bank had no comment on newspaper reports that
  shareholders would be offered free subscription shares.
      Dresdner shares surged to open 10.50 marks higher at
  319.50, before climbing further. Other bank stocks also rose
  strongly and dealers cited speculation already in the market
  that Deutsche Bank AG <DBKG.F> would make a similar move. Such
  ""scrip"" issues, if they occurred, would mark the first time
  German banks had ever issued free shares.
      The varying reports said Dresdner shareholders may be
  offered one free share for every 15, 18 or 20 already held.
  

"
training/8178	28	lei	"U.K. LONGER CYCLICAL INDICATOR RISES IN FEBRUARY
  The U.K. Longer leading cyclical
  indicator rose in February by 5.8 pct after January's 1.9 pct
  rise, figures from the Central Statistical Office show.
      The indicator, base 1980, which shows trends in the economy
  12 months ahead, was put at 108.7 in February compared with
  102.7 in January and 99.5 in February 1986.
      The shorter leading indicator, signalling trends six months
  ahead, was put at 97.1 for January, the latest month for which
  data were available, after December's 96.5. This compared with
  98.4 in January 1986.
      The coincident indicator, designed to signal current
  turning points in the economy, was put at 91.2 in January, down
  from 91.9 in December and 91.6 in january 1986.
      The lagging index, which the CSO says shows a turning point
  in the economy about a year after it happens, was at 92.4 in
  January, down from 92.5 in December and 93.0 a year earlier.
      The Office said leading indicators still do not show a
  consistent picture of the likely future developments of the
  business cycle in Britain.
      It said the strong rise in the longer leading index between
  December and February was due mainly to rises in share prices.
  

"
training/818	12	earn	"PITTWAY CORP <PRY> 4TH QTR NET
  Shr 1.35 dlrs vs two dlrs
      Net 6,195,000 vs 9,202,000
      Sales 157.5 mln vs 151.6 mln
      Year
      Shr 6.02 dlrs vs 6.78 dlrs
      Net 27,608,000 vs 31,117,000
      Sales 585.7 mln vs 541.3 mln
  

"
training/8180	23	ipi	"FRENCH JANUARY INDUSTRIAL PRODUCTION FELL 1.98 PCT - OFFICIAL

  FRENCH JANUARY INDUSTRIAL PRODUCTION FELL 1.98 PCT - OFFICIAL
  

"
training/8184	22	interest	"JAPAN LONG-TERM PRIME SEEN CUT TO RECORD LOW SOON
  Japan's long-term banks will soon cut
  their prime rate, now at a record low 5.5 pct, by 0.2 or 0.3
  percentage point in response to falling secondary market yields
  on their five-year debentures, long-term bankers said.
      The long-term prime rate is customarily set 0.9 percentage
  point above the coupon on five-year bank debentures issued by
  the long-term banks every month.
      The latest bank debentures, at 4.6 pct, have met strong
  end-investor demand on the prospect of further declines in yen
  interest rates, dealers said. The current 5.5 pct prime rate
  has been in effect since February 28.
  

"
training/8186	48	trade	"YEUTTER SEES U.S., JAPAN VERGING ON TRADE CONFLICT
  The United States and Japan
  are on the brink of serious conflict on trade, especially over
  semiconductors, Japanese unwillingness for public bodies to buy
  U.S. Super-computers, and barriers to U.S. Firms seeking to
  participate in the eight billion dlr Kansai airport project,
  U.S. Trade Representative Clayton Yeutter said.
      He was talking to reporters yesterday on the eve of a
  two-day meeting of trade ministers which will review progress
  made by committees set up after the Uruguay meeting last
  September launched a new round of GATT (General Agreement on
  Tariffs and Trade) talks.
      European Community (EC) commissioner Willy de Clercq
  meanwhile told reporters conflict between the world's three
  major trading and economic powers -- the EC, the U.S. And Japan
  -- set a poor example for other members of GATT.
      Australian Trade Minister John Dawkins told the reporters
  bilateral retaliation at the enormous expense of the rest of
  the world was no way to solve trade disputes.
      New Zealand trade minister Mike Moore told his colleagues
  great progress had been made in preparing for the current round
  of GATT negotiations which must not be sidetracked.
      The ministers have said they want to maintain the momentum
  towards fresh negotiations or avert serious trade conflicts.
      Yeutter said the problem with international trade talks was
  that they tended to get bogged down for years. ""Countries don't
  get very serious about negotiating until the end of the day
  which is, maybe, five or six years in the future.""
      He also said he did not consider the new U.S. Congress as
  protectionist as it was 18 months ago. ""That's a very healthy
  development,"" he added.""If you asked me about that a year or 18
  months ago I would have said that it was terribly
  protectionist.""
      ""Members of Congress, that is the contemplative members of
  Congress, have begun to realise protectionism is not the answer
  to the 170 billion dlr trade deficit,"" Yeutter said.
      ""They've also begun to realise that you cannot legislate
  solutions to a 170 billion dollar trade deficit so they are
  more realistic and, in my judgement, more responsible on that
  issue than they were 12 or 18 months ago.""
      He added, ""Whether that will be reflected in the legislation
  that eventually emerges is another matter.""
  

"
training/8190	23	ipi	"FRENCH INDUSTRIAL PRODUCTION FALLS IN JANUARY
  French industrial production fell a
  seasonally adjusted 1.98 pct in January after revised unchanged
  output in December, the National Statistics Institute (INSEE)
  said.
      The figure, which excludes construction and public works,
  put the January index, base 1980, at 99 after 101 in December.
  January output was 1.98 pct down on January 1986.
      INSEE, which from January changed its base year to 1980
  from 1970, originally had December output down 2.2 pct on
  November, using the old base year.
      INSEE said production in January was affected by rail
  strikes and severely cold weather.
      It said output of gas and electricity was very high but
  activity slowed on construction sites, in quarries and in
  certain base industries.
  

"
training/8193	5	coffee	"GOOD DEMAND FOR COLOMBIANS ON BREMEN MARKET
  The Bremen green coffee market attracted
  good buying interest for Colombian coffee last week, while
  Brazils were almost neglected, trade sources said.
      Buyers were awaiting the opening of Brazil's export
  registrations for May shipment, which could affect prices for
  similar qualities, they said.
      Colombia opened export registrations and good business
  developed with both the FNC and private shippers. Prices were
  said to have been very attractive, but details were not
  immediately available.
      Central Americans were sought for spot and afloat.
      In the robusta sector nearby material was rather scarce,
  with turnover limited, the sources said.
      The following offers were in the market at the end of last
  week, first or second hand, sellers' ideas for spot, afloat or
  prompt shipment in dlrs per 50 kilos fob equivalent, unless
  stated (previous week's prices in brackets) -
      Brazil unwashed German quals 100 (102), Colombia Excelso
  105 (110), Salvador SHG 110 (108), Nicaragua SHG 109 (same),
  Guatemala HB 111 (same), Costa Rica SHB 113 (112), Kenya AB FAQ
  142 (134), Tanzania AB FAQ 120 (same), Zaire K-5 105 (unq),
  Sumatra robusta EK-1 91 CIF (same).
  

"
training/8197	43	ship	"IRANIAN TANKER ATTACKED OVER WEEKEND - LLOYDS
  The Iranian steam tanker Avaj, 316,379
  tonnes dw, was attacked and hit at 1715 hours on March 21,
  Lloyds Shipping Intelligence service reported.
      One person was killed. The tanker is owned by the National
  Iranian Tanker Co.
  

"
training/8198	48	trade	"NEXT WORLD TRADE NEGOTIATIONS MUST SUCCEED - NZ
  Ministers from more than 20
  nations were told by New Zealand that the next international
  negotiations on liberalising trade would be the last this
  century and the cost of failure could not be measured.
      Trade minister Mike Moore told his colleagues at a
  welcoming ceremony before two days of talks here that great
  progress had been made in preparing for the negotiations which
  must not be sidetracked.
      ""We live in troubled and dangerous times for the world
  trading system,"" he said.
      ""We have seen that the failure of the world trading system
  has caused great depression and conflict in the past. Our
  failure to maintain the momentum will be at great cost to us
  all,"" Moore said.
     ""The cost of failure is beyond calculation. It is our last
  hope and best opportunity this century. We will not get another
  chance before the year 2000,"" he added.
      The ministers are in New Zealand to review world trade
  since the ""Uruguay round"" talks last September. The talks are 
  also part of preparations for a full-scale June meeting of the
  General Agreement on Tariffs and Trade (GATT) in Venice.
      The Uruguay meeting is considered by most countries to have
  been particularly successful, with northern hemisphere
  countries managing to have service industries such as banking
  and insurance included in the next full round.
      The southerners' goal of including agricultural and
  tropical products also was met.
      The meeting at this North Island tourist resort is
  described by participants as informal and no declaration is
  expected.
      Moore said one aim was to ""instil a sense of political
  urgency to avert potential economic tragedy.""
      Another was to seek ways of popularising freer trade to
  people who felt the pain of readjustment but could not see the
  benefits, as well as preventing ""bush fires of confrontation
  while we proceed with orderly negotiations.""
      The meeting is being attended by 25 overseas delegations
  including representatives of GATT and the Economic Community.
      The delegates include U.S. Trade Representative Clayton
  Yeutter.
      American sources say he is ready to state that the best way
  to reverse protectionist sentiment in the United States is to
  implement four key Uruguay proposals:
      -- an end to agricultural subsidies;
      -- inclusion of trade in services and investments in GATT
  regulations;
      -- tightening of restrictions on pirating of so-called
  intellectual property such as trademarks, patents and
  copyrights;
      -- new rules to resolve trade disputes among GATT's 92
  member states.
      Earlier, New Zealand sources had said French Foreign Trade
  Minister Michel Noir had pulled out of the informal GATT talks
  for domestic political reasons.
      Cabinet chief Bernard Prauge will lead the French
  delegation.
  

"
training/8199	32	money-fx	"SWISS SIGHT DEPOSITS RISE 743.7 MLN FRANCS
  Sight deposits of commercial banks at
  the Swiss National Bank rose 743.7  mln Swiss francs in the
  second 10 days of March to 8.40 billion, the National Bank
  said.
      Foreign exchange reserves fell 392.1 mln francs to 33.55
  billion.
      Sight deposits are a major indicator of money market
  liquidity in Switzerland.
  

"
training/82	12	earn	"PHILIPPINE LONG DISTANCE <PHI> YEAR NET
  Shr primary 95.30 pesos vs 29.71 pesos
      Shr diluted 61.11 pesos vs 18.49 pesos
      Qtly div 1.25 pesos vs 1.25 pesos
      Net 1.9 billion vs 779 mln
      Revs 6.1 billion vs 4.7 billion
      NOTE: Full name Philippine Long Distance Telephone Co.
      Figures quoted in Philippine Pesos.
      Dividend payable April 15 to holders or record March 13.
  Exchange rate on day of dividend declaration was 20.792 pesos
  per dollar.
  

"
training/820	0	acq	"ARMTEK <ARM> TO SELL INDUSTRIAL TIRE UNIT
  Armtek Corp, previously the
  Armstrong Rubber Co, said it agreed to sell its industrial tire
  and assembly division to a Dyneer Corp <DYR> for an undisclosed
  sum.
      It said the agreement covers the division's tire production
  facility in Clinton, Tenn., and its plants serving original
  equipment and replacement markets. Armstrong Tire Co, an Armtek
  unit, will continue to sell replacement industrial tires, the
  company said.
      Final closing is expected in the third fiscal quarter
  ending June 30.
  

"
training/8204	0	acq	"GENERAL PARTNERS IN GENCORP <GY> PROXY FIGHT
  General Partners, the group tendering
  for all GenCorp Inc shares at 100 dlrs each, said it has
  started soliciting proxies against GenCorp's proposals to
  increase its number of authorized shares outstanding, create a
  board with staggered election dates and eliminate cumulative
  voting.
      The proposals are to be voted on at the March 31 annual
  meeting.
      General Partners, a partnership of privately-held <Wagner
  and Brown> and AFG Industries Inc <AFG>, made the disclosure in
  a newspaper advertisement.
      The partnership has already filed suit in U.S. District
  Court in Columbus, Ohio, seeking to block a vote on the
  proposals and to invalidate GenCorp's defensive preferred share
  purchase rights.
      General Partners asked shareholders to either vote against
  the proposals or abstain from voting on them.                  
  

"
training/8205	0	acq	"USAIR <U> CUTS PIEDMONT <PIE> SHARES SOUGHT
  USAir Group Inc said it has amended
  its 69 dlr per share tender offer for shares of Piedmont
  Aviation Inc to reduce the maximum number it will accept to
  9,309,394. Previously it had sought all shares.
      In a newspaper advertisement, USAir said the offer and
  withdrawal rights have not been extended and will still expire
  April 3, along with the new proration period.
      On Friday, the U.S. Department of Transportation approved
  USAir's acquisition of 51 pct of Piedmont. If USAir were to
  acquire more than 51 pct in the tender, it would be required to
  sell the excess within one week.
      USAir said receipt of the 9,309,394 shares -- which is also
  the minimum amount it will accept -- would give it a total of
  about 61 pct of Piedmont shares currently outstanding and 50.1
  pct on a fully diluted basis.
      The company said even if the purchase of the 9,309,394
  Piedmont shares caused it to exceed the 51 pct limit, USAir
  would waive the condition to the offer that the Transportation
  Department approve a voting trust agreement permitting USAir to
  buy and hold shares under the offer pending review of USAir's
  application to gain control of Piedmont, subject to the order
  not being rescinded or modified in an adverse way.
  

"
training/8206	42	rubber	"NEW RUBBER PACT ADOPTED AT GENEVA CONFERENCE
  Producers and consumers representing
  most of world trade in natural rubber adopted a new
  International Natural Rubber Agreement (INRA) aimed at
  stabilizing world prices over the next five years.
      Negotiations for a new INRA, to succeed the present one
  which runs out next October, began nearly two years ago.
      Agreement on the new five-year pact, which uses a buffer
  stock to keep prices stable by selling or buying rubber as
  rates rise or fall, was reached at a two-week session here
  under the auspices of the United Nations Conference on Trade
  and Development (UNCTAD).
  

"
training/8209	10	crude	"STUDY SAYS OIL PRICE FALL SPURS BANKRUPTCIES
  The sharp drop in world oil prices
  the past year triggered a 60 pct increase in bankruptcies in
  the country's oil states, according to a study released by the
  American Petroleum Institute (API).
      API said the Dunn and Bradstreet study found that business
  failures rose nationally by 6.9 pct in 1986 over 1985, but in
  the ""oil patch"" of the Southwest the increase was 59.9 pct.
      It said bankruptcies in Texas were up 57.4 pct, Oklahoma,
  55.9 pct, Colorado, 55.8 pct and Louisiana, 46.6 pct.
      In Alaska, failures rose by 66.2 per cent, it said.
      API also said that three of the states with the highest
  number of bank failures last year were large oil and gas
  producers - Texas, Oklahoma and Kansas.
  

"
training/8211	8	cpi	"S. AFRICAN CONSUMER PRICE INFLATION RISES SLIGHTLY
  South African year-on-year consumer
  price inflation rose slightly to 16.3 pct in February after
  falling sharply to 16.1 pct in January from 18.1 pct in
  December, Central Statistics Office figures show.
      The monthly rise in the all items index (base 1980) was
  1.09 pct to 251.0 in February after a 1.4 pct increase to 248.3
  in January.
      A year ago the index stood at 215.8 and year on year
  consumer price inflation at 18.05 pct.
  

"
training/8212	48	trade	"FINLAND FEBRUARY TRADE SURPLUS AT 641 MLN MARKKA
  Finland had a 641 mln markka trade
  surplus in February following an 80 mln markka surplus in
  January and a 614 mln surplus in February 1986, Customs Board
  preliminary figures showed.
      Exports in February were 6.38 billion markka and imports
  5.74 billion compared with exports of 6.72 billion and imports
  of 6.64 billion in January and exports of 6.92 billion and
  imports of 6.31 billion in February last year.
  

"
training/8214	43	ship	"N.Z. PORTS REOPEN, BUT FURTHER DISRUPTION LIKELY
  New Zealand ports reopened at 0730
  hrs local time (1930 GMT March 22) after being closed since
  March 19 because of a strike over pay claims by watersiders, a
  Waterside Federation spokesman said.
      But industrial action by other port workers is likely to
  cause further disruption, Harbour Workers union secretary Ross
  Wilson told Reuters.
      Wilson said his members are holding stopwork meetings this
  morning to consider further stoppages over their pay claim.
      The two disputes are not related.
      Harbour Workers around the country went on strike for 24
  hours on March 16, but Wilson said any further action will
  occur on a port-by-port basis.
  

"
training/8217	0	acq	"<MICROTEL INC> MAKES ACQUISITION
  Microtel Inc said it has
  completed the acquisition of <American Teledata Corp> and its
  US Dial subsidiary, which provide long distance telephone
  service in northeast Florida. Terms were not disclosed.
      Microtel's shareholders include Norfolk Southern Corp
  <NSC>, M/A-Com Inc <MAI>, Centel Corp <CNT>, Alltel Corp <AT>
  and E.F. Hutton Group Inc <EFH>.
  

"
training/8218	12	earn	"JAMESWAY CORP SETS 2-FOR-1 STOCK SPLIT, UPS CASH PAYOUT 33 PCT

  JAMESWAY CORP SETS 2-FOR-1 STOCK SPLIT, UPS CASH PAYOUT 33 PCT
  

"
training/8219	12	earn	"<AMERICAN VARIETY INTERNATIONAL INC> NINE MTHS
  March 31, 1986 end
      Shr loss seven cts vs loss 11 cts
      Net loss 76,888 vs profit 106,885
      Revs 752,234 vs 922,036
  

"
training/8220	0	acq	"AMERICAN VARIETY ACQUISITION PACT TERMINATED
  <American Variety International
  Inc> said its agreement to acquire <First National
  Entertainment Corp> has been terminated because First National
  was not able to fulfill terms of the agreement.
      It said due to protracted negotiations with First National,
  several American Variety divisions were inoperative in 1986.
      American Variety said it is reevaluating its record and
  tape library for possible conversion to compact discs.
  

"
training/8221	12	earn	"JAMESWAY <JMY> SETS SPLIT, HIGHER CASH PAYOUT
  Jamesway Corp said its board
  declared a two for one stock split and increased the quarterly
  cash dividend by 33 pct.
      The company said the dividend on the pre-split shares was
  increased to four cts from three cts.
      It said both the split and the dividend are payable May 23
  to holders of record April 20, adding the company will have
  about 13,860,000 shares outstanding after the split.
  

"
training/8222	0	acq	"HARPER/ROW <HPR> GETS EXPRESSIONS OF INTEREST
  Harper and Row Publishers Inc said its
  special committee of independent directors has received
  expressions of interest from a considerable number of domestic
  and foreign firms with respect to restructuring or acquisition
  transactions with the company.
      Winthrop Knowlton, chairman of special committee said ""no
  determination has been made by the full board as to any
  transaction.""
      He said the special committee and Kidder Peabody and Co Inc
  intend to engage in discussions with interested parties in an
  effort to come to a conclusion in the near future.
      Formation of the special committee was announced early last
  week when Harper and Row said its board had taken no action on
  two pending acquisition proposals.
      At that time, directors also indefinately postponed a
  planned special shareholders vote on a restructuring proposal
  which would have created a Class B common with 10 votes a share
  and limited transferability.
      The acquisition proposals had come from Theodore L. Cross,
  owner of about six pct of the company's stock who offered 34
  dlrs a share, and Harcourt Brace Jovanovich Inc <HBJ>, which
  offered 50 dlrs a share.
  

"
training/8223	12	earn	"HUMANA INC 2ND QTR SHR 44 CTS VS 54 CTS

  HUMANA INC 2ND QTR SHR 44 CTS VS 54 CTS
  

"
training/8224	0	acq	"FRUIT/LOOM <FTL> TO SELL UNIT FOR 145 MLN DLRS
  Fruit of the Loom Inc said it agreed to
  sell its General Battery Corp subsidiary to Exide Corp for
  about 145 mln dlrs in cash.
      The proposed sale will complete Fruit of the Loom's
  previously announced plan to divest itself of unrelated
  businesses.
      Proceeds from the proposed transaction are more than the
  price projected in the company's recent initial public
  offering, it said.
      Completion of the transaction is subject to a definitive
  agreement, regulatory approvals, financing and certain other
  conditions and is expected to close May one, 1987, the company
  said.
  

"
training/8225	0	acq	"CITYQUEST MAKES 120 MLN STG BID FOR WICKES
  <Cityquest Plc>, a newly formed company,
  is making a recommended 120 mln stg offer for builders
  merchants and DIY (do-it-yourself) company <Wickes Plc>, Wickes
  said in a statement.
      Undertakings to accept what is effectively a management
  buyout have been accepted by holders of 88.9 pct of the shares.
      The statement said the offer was due to a decision by
  Wickes International Corp, a member of the U.S. Wickes
  Companies <WIX.A> Inc group, which holds an 80.5 pct stake, to
  realise much of its investment.
      The offer would enable Wickes to become fully independent
  and once the bid succeeded all the Wickes directors would
  become members of the Cityquest board.
      The offer will be of 345p cash for every Wickes share.
  Wickes was last quoted at 345p compared with 275p at Friday's
  close.
      Wickes shareholders will also have the option of taking one
  Cityquest share or 205p in loan notes for every 205p of the
  cash consideration.
      Henry Sweetbaum is chairman and chief executive of both
  Cityquest and Wickes, and it was intended that Cityquest's name
  would be changed to Wickes in due course.
      Wickes came to the U.K. Unlisted Securities Market in
  January, 1986 with a capitalisation of about 96 mln stg.
      Cityquest has a fully paid share capital of one mln stg. S
  G Warburg Securities has organised commitments from a group of
  investors to subscribe for 65 mln stg in shares and 28.2 mln
  stg in subordinated convertible loan stock. Lead investor is
  Investors in Industry Plc
      Cityquest also has loan facilities of 30 mln stg.
  

"
training/8226	12	earn	"HUMANA INC <HUM> 2ND QTR FEB 28 NET
  Shr 44 cts vs 54 cts
      Net 42.9 mln vs 53.7 mln
      Revs 983.3 mln vs 858.8 mln
      Six mths
      Shr 85 cts vs 1.11 dlrs
      Net 83.1 mln vs 109.8 mln
      Revs 1.91 billion vs 1.66 billion
  

"
training/8227	12	earn	"WINCHELL'S DONUT <WDH> SETS INITIAL QUARTERLY
  Winchell's Donut Houses LP
  said it has declared an initial quarterly dividend of 45 cts
  per unit on Class A and Class B limited partnership units,
  payable May 29 to holders of record March 31.
  

"
training/8229	12	earn	"TRITON GROUP LTD <TRRO> 4TH QTR JAN 31 NET
  Oper shr profit nil vs loss nil
      Oper net profit 671,000 vs loss 138,000
      Sales 104.3 mln vs 70.8 mln
      Avg shrs 101.2 mln vs 66.8 mln
      Year
      Oper shr profit six cts vs profit five cts
      Oper net profit 6,309,000 vs profit
      5,144,000
      Sales 349.8 mln vs 303.4 mln
      Avg shrs 85.0 mln vs 76.3 mln
      NOTE: Net excludes discontinued operations nil vs gain
  196,000 dlrs in quarter and loss 293,000 dlrs vs gain 407,000
  dlrs in year.
      Net excludes tax loss carryforward 1,423,000 dlrs vs
  reversal of tax credit 625,000 dlrs in quarter and credits
  5,437,000 dlrs vs 7,261,000 dlrs in year.
      Results include U.S. Press Inc from November Three
  acquisition.
  

"
training/8234	32	money-fx	"NIGERIA CHANGES AUCTION RULES TO DEFEND NAIRA
  Nigeria's Central Bank has changed the
  rules governing its foreign exchange auctions in what analysts
  see as a means of defending the naira currency, which has
  depreciated steadily.
      The bank said in a statement that from April 2, banks
  bidding for foreign exchange would have to pay at the rate they
  offered and not, as presently, at the rate of the lowest
  successful bid made at the auction.
      This should discourage banks from bidding high to ensure
  that they were successful while paying the lower ""marginal"" rate,
  analysts said.
      The Central Bank also announced the auctions would be
  fortnightly, not weekly, beginning on April 2.
  

"
training/8236	12	earn	"AAR CORP <AIR> 3RD QTR FEB 28 NET
  Shr 37 cts vs 32 cts
      Net 3,892,000 vs 2,906,000
      Sales 71.8 mln vs 64.5 mln
      Nine mths
      Shr 1.08 dlrs vs 91 cts
      Net 10,946,000 vs 8,206,000
      Sales 214.1 mln vs 179.4 mln
      Avg Shrs 10.5 mln vs 9.1 mln
  

"
training/8240	48	trade	"GATT MEETING HEARS PLEA FOR AFRICAN DEBT RELIEF
  Debt among African
  countries will continue to grow and their economies will remain
  stifled unless developed countries lower their interest rates,
  Nigerian Trade Minister Samaila Mamman said today.
      He told an informal meeting of the General Agreement on
  Tariffs and Trade the widening gap between industrialized and
  developing countries and an unfair international economic
  system were major obstacles to growth in developing countries.
      ""I wish to emphasize that the growth in the volume of the
  external indebtedness of African countries reflects the full
  effect of the deflationary monetary and trade policies of the
  developed market economy countries,"" Mamman said.
      Delegates from 23 countries are attending the talks of the
  world trade body in the New Zealand resort of Taupo.
  

"
training/8244	48	trade	"JAPAN SAYS IT TRYING TO EXPAND DOMESTIC DEMAND
  Japan has assured a meeting
  of trade ministers it is making every effort to expand domestic
  demand and restructure its economy.
      Japanese trade representative Tsomu Hata told an informal
  General Agreement on Tariffs and Trade (GATT) meeting that, in
  addition to demand boosting measures adopted last September, a
  comprehensive economic program will be prepared after the
  1987/88 budget is approved.
      Hata, speaking at the first session of the two-day meeting,
  said agriculture is no exception to the goal of restructuring
  the economy, but did not elaborate.
      Hata said protectionist pressures in the international
  economy are as strong as ever, reflecting financial deficits,
  payment imbalances and serious unemployment in many countries.
  

"
training/8245	12	earn	"SUPERMARKETS GENERAL CORP 4TH QTR 50 CTS VS 52 CTS

  SUPERMARKETS GENERAL CORP 4TH QTR 50 CTS VS 52 CTS
  

"
training/8246	43	ship	"WEST GERMAN SHIP SINKS OFF WEST AFRICA
  The West German-registered motor
  vessel Stefan E. Sank off the West African coast early today
  and one of its eight crew members was killed, a Spanish navy
  spokesman said.
      He said the captain of the Singapore-registered tanker Nord
  Pacific reported in a radio message that he had picked up the
  remaining seven crewmen of the 2,223 tonnes dw Stefan E.,
  Together with the body of the dead man.
  

"
training/8252	48	trade	"JAPAN IN LAST DITCH EFFORT TO SAVE CHIP PACT
  Japan has launched a last-ditch effort to
  salvage its computer micro-chip pact with the United States -
  sending a letter to top American policy makers setting out its
  case and instructing its producers to cut output further.
      ""We must make our utmost effort to ward off any catastrophe,""
  Ministry of International Trade and Industry (MITI) Deputy
  Director General Masaji Yamamoto told reporters.
      ""If hasty action is taken in the United States, it will
  create very serious problems.""
      The Reagan Administration's Economic Policy is expected to
  meet Thursday to review Japanese compliance with the bilateral
  agreement hammered out last year. Under the pact, Tokyo agreed
  to stop selling cut-price chips in world markets and to
  increase its imports of American semiconductors.
      Washington has accused Japan of reneging on the deal by
  selling low priced chips in Asia and by failing to boost
  American imports, and has threatened to take retaliatory
  action.
      In an effort to save the agreement, MITI is asking Japanese
  chip makers to limit production in the hope that will boost
  domestic demand and reduce the incentive to export.
      Yamamoto said that Japan will slash output of 256 kilobit
  dynamic random access and erasable programmable read only
  memory chips by 11 pct in the second quarter. This follows a
  cutback of more than 20 pct in the first three months of the
  year.
      He said the cutbacks were already drying up the supply of
  chips available for export through unregulated distributors in
  the so-called grey market.
      ""We have almost no grey market,"" he said. ""Supply is
  diminishing.""
      To help ensure that the cutbacks are implemented, MITI
  called in the president of Japan's largest semiconductor maker,
  NEC Corp <NIPN.T> last week, he said. It is also issuing
  specific instructions on production to the Japanese subsidiary
  of <Texas Instruments Inc>.
      Trade and Industry Minister Hajime Tamura spelled out the
  steps Japan was taking to salvage the pact and appealed for
  U.S. Understanding in a letter to top American policy makers.
      The letter was sent today to U.S. Secretary of State George
  Schultz, Treasury Secretary James Baker, Commerce Secretary
  Malcolm Baldrige and U.S. Trade Representative Clayton Yeutter.
      The four, who make up the Economic Policy Council, are
  expected to consider evidence presented by U.S. Chip maker
  Micron Technology Inc <DRAM.O> of cut-price Japanese sales in
  Hong Kong.
      Yamamoto admitted that <Oki Electric Industry Co>'s Hong
  Kong subsidiary had sold chips at an inappropriate level but
  denied that it was dumping chips at rock-bottom prices.
      ""If the United States uses this as proof of dumping...We
  will present our rebuttal,"" he said.
      The sales though were inappropriate in the light of MITI's
  advice to semiconductor makers to sell chips at well above
  production costs to avoid any hint of dumping, he said.
      He also called the case ""strange,"" but he stopped short of
  endorsing Japanese newspaper accusations that Oki had been
  trapped into making the sales. He did say though that Micron
  publicized the invoice documenting the sales on the same day
  they were made and that Oki was unable to locate the person who
  had bought the chips when it tried to buy them back last week.
  

"
training/8253	12	earn	"AMERICAN MOTORS CORP GETS QUALIFIED AUDIT ON 1986 FINANCIAL STATEMENTS

  AMERICAN MOTORS CORP GETS QUALIFIED AUDIT ON 1986 FINANCIAL STATEMENTS
  

"
training/8254	12	earn	"<ST . CLAIR PAINT AND WALLPAPER CORP> YEAR NET
  Shr 66 cts vs 55 cts
      Net 2,422,000 vs 1,906,000
      Revs 59.3 mln vs 47.4 mln
  

"
training/8255	0	acq	"ALCO STANDARD <ASN> COMPLETES ACQUISITION
  Delta Business Systems Inc said
  it has completed a previously-announced merger into Alco
  Standard Corp.
      Delta said it expects sales of about 30 mln dlrs for the
  year ending in April.
  

"
training/8258	12	earn	"AMERICAN MOTORS <AMO> STATEMENT QUALIFIED
  American Motors Corp said its auditors
  qualified the company's 1986 financial report.
      The report was qualified due to uncertainties surrounding
  the previously announced arbitration award against American
  Motors' former subsidiary, AM General Corp. The award is being
  contested.
      The report was filed today with the Securities and Exchange
  Commission along with a copy of Chrysler Corp's <C> proposal to
  take over American Motors.
      American Motors said earlier than an arbitration award,
  made to Emerson Electric Co <EMR> in February, amounted to 60
  mln dlrs plus legal expenses. American Motors has challenged
  the award.
      The automaker sold the AM General unit to LTV Corp <QLTV>
  in 1983, the same year it was awarded a five-year, 1.2 billion
  dlr procurement contract with the military. LTV and AM General
  last year sought protection under Chapter 11.
      The arbitration proceeding was called after Emerson
  Electric charged AM General violated an agreement covering the
  development of certain components in the contract.
      The components were for the military's ""High Mobility
  Multi-Purpose Wheeled Vehicle"" (HMMWV), American Motors said.
      In selling AM General to LTV, American Motors agreed to
  indemnify LTV against losses incurred by LTV resulting from the
  Emerson Electric claims.
      AMC also said the award has not been confirmed by a court,
  and faces additional legal challenges. It said that, because of
  the LTV and Am General reorganizations, the final amount of a
  confirmed award and the amount of any loss to LTV is uncertain.
  

"
training/8259	0	acq	"ANACOMP <AAC> GETS FUNDS TO BUY DATAGRAPHIX
  Anacomp Inc said it
  finalized the financing of its 128 mln dlrs purchase of
  DatagraphiX Inc from General Dynamics Corp <GD>.
      The financing, arranged by Drexel Burnham Lambert, consists
  of 90 mln dlrs of bank financing, the private placement of 71
  mln dlrs of senior subordinated notes and 25 mln dlrs of
  convertible preferred stock, it said.
      DatagraphiX, a manufacturer of microgrpahics equipment has
  been merged into Anacomp and will be operated as a separate
  division, Anacomp said.  The division is expected to improve
  results for Anacomp this year.
  

"
training/8262	12	earn	"SUPERMARKETS GENERAL CORP <SGL> 4TH QTR JAN 31
  Oper shr 50 cts vs 52 cts
      Oper net 19.2 mln vs 18.8 mln
      Sales 1.43 billion vs 1.30 billion
      Avg shrs 38.6 mln vs 36.0 mln
      Year
      Oper shr 1.65 dlrs vs 1.73 dlrs
      Oper net 62.7 mln vs 61.8 mln
      Sales 5.51 billion vs 4.96 billion
      Avg shrs 38.1 mln vs 35.8 mln
      NOTES: Sales are from continuing operations
      Operating net excludes results from discontinued operations
  of nil vs profit 2,815,000 dlrs, or eight cts a share, in
  quarter and loss 308,000 dlrs, or one cent a share, vs profit
  1,880,000 dlrs, or five cts a share, in year
      Latest year operating net also excludes loss of 1,536,000
  dlrs, or four cts a share, on disposal of discontinued
  department store segment
      Share data adjusted to reflect two-for-one stock split paid
  to holders of record August 1, 1986
      Operating net includes pre-tax LIFO credit 700,000 dlrs vs
  credit 2.0 mln dlrs in quarter and charge 2.8 mln dlrs vs
  charge 4.9 mln dlrs in year
  

"
training/8264	0	acq	"ENERGY FACTORS <EFAC> TO BUY ALLIED <ALD> UNITS
  Energy Factors Inc said it has signed
  an agreement to acquire GWF Power Systems Co and Combustion
  Power Co Inc from Allied-Signal Inc for undisclosed terms.
      The two Allied units operate and are developing
  cogeneration projects and small petroleum-coke fueled power
  plants.
  

"
training/8269	12	earn	"RYLAND GROUP INC <RYL> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay April 30
      Record April 15
  

"
training/8270	12	earn	"H.B. FULLER CO <FULL> 1ST QTR FEB 28 NET
  Shr 38 cts vs 30 cts
      Net 3,649,000 vs 2,789,000
      Sales 137.4 mln vs 119.2 mln
  

"
training/8275	12	earn	"COOPER DEVELOPMENT CO <BUGS> 1ST QTR JAN 31 NET
  Shr profit seven cts vs loss 16 cts
      Net profit 2,144,000 vs loss 4,110,000
      Sales 121.3 mln vs 20.3 mln
      Avg shrs 29.4 mln vs 25.3 mln
      NOTE: Current year net includes pretax gain on sale of
  product line of 11.4 mln dlrs and charge 4,711,000 dlrs posttax
  on expensing of a portion of unamorized debt issuance costs of
  unit.
      Current year results include Technicon Corp, acquired in
  August 1986.
  

"
training/8276	12	earn	"CITIZENS GROWTH <CITGS> OMITS QUARTERLY DIVIDEND
  Citizens Growth Properties said
  it ommitted its regular quartelry dividend as a result of
  decreased earnings, principally attributable to the default by
  a borrower of the trust's laargest mortgage loan.
      The trust last paid 12 cts on January 28.
      The trust said it also reaffirmed a limited share
  repurchase program subject to available cash flow in light of
  the defaulted mortgage.               
  

"
training/8279	0	acq	"PATRICK PETROLUEM HAS DEFINITIVE ACCORD TO BUY BAYOU RESOURCES

  PATRICK PETROLUEM HAS DEFINITIVE ACCORD TO BUY BAYOU RESOURCES
  

"
training/828	12	earn	"PETROLITE CORP <PLIT> SETS PAYOUT
  Qtly dividend 28 cts vs 28 cts
      Pay April 24
      Record April 10
  

"
training/8286	12	earn	"DYNAMIC HOMES INC <DYHM> 4TH QTR NET
  Shr profit 0.2 cts vs loss 2.2 cts
      Net profit 2,900 vs loss 43,500
      Sales 1,660,000 vs 950,000
      Year
      Shr loss 30 cts vs loss 37 cts
      Net loss 578,900 vs 713,300
      Sales 5,112,100 vs 3,659,600
  

"
training/8287	0	acq	"SAFEGUARD SCIENTIFIC <SFE> UNIT BUYS SUBSIDIARY
  Safeguard Scientific Inc
  said its subsidiary, Coherent Communications Systems Corp,
  purchased a telecommunications equipment business for an
  undisclosed amount of cash, notes and Coherent common stock.
      Safeguard said it bought the business unit from Comsat
  TeleSystems Inc, a subsidiary of Communications Satellite Corp
  <CQ>.
  

"
training/8289	12	earn	"WESTWORLD COMMUNITY HEALTH <WCHI> 4TH QTR LOSS
  Shr loss 15.23 dlrs vs profit 12 cts
      Net loss 124,634,000 vs profit 882,000
      Revs 38.4 mln vs 41.0 mln
      Year
      Shr loss 15.46 dlrs vs profit 48 cts
      Net loss 126,434,000 vs profit 3,555,000
      Revs 187.0 mln vs 133.2 mln
      Avg shrs 8,177,000 vs 7,450,000
      Note: Current year results include charges related to
  closing or divestitures of facilities and other assets.
      Full name Westworld Community Healthcare Inc.
  

"
training/8291	12	earn	"KINGS ROAD ENTERTAINMENT INC <KREN> 3RD QTR NET
  Shr loss seven cts vs loss 64 cts
      Net loss 367,000 vs 3,009,000
      Revs 2,516,000 vs 8,787,000
      Avg shrs 4,941,000 vs 4,714,000
      Nine mths
      Shr loss 73 cts vs loss 1.17 dlrs
      Net loss 3,545,000 vs loss 4,573,000
      Revs 6,788,000 vs 13.3 mln
      Avg shrs 4,856,000 vs 3,908,000
      NOTE: Prior year net includes tax credits of 63,000 dlrs in
  quarter and 1,395,000 dlrs in nine mths.
  

"
training/8292	12	earn	"PAYCHEX INC <PAYX> 3RD QTR FEB 28 NET
  Shr 13 cts vs 10 cts
      Net 1,109,000 vs 875,000
      Revs 16.6 mln vs 13.2 mln
      Nine mths
      Shr 44 cts vs 33 cts
      Net 3,770,000 vs 2,851,000
      Revs 46.9 mln vs 36.9 mln
      NOTE: Share adjusted for three-for-two stock split in June
  1986.
  

"
training/8293	0	acq	"IC INDS <ICX> TO SELL CERTAIN ASSETS TO MLX 
  IC Industries Inc said its Abex Corp
  subsidiary agreed to sell its sintered friction materials
  business in Italy to Troy, Michigan-based MLX Corp, for
  undisclosed terms.  Completion of the proposed transaction is
  subject to approval by the Italian government, it said.
  

"
training/8294	12	earn	"RELIABLE LIFE INSURANCE CO <RLIFA> YEAR NET
  Shr 4.87 dlrs vs 2.21 dlrs
      Net 14.6 mln vs 6,639,540
      NOTE: 1986 net includes gain 2,578,887 dlrs from chjange in
  accounting for pension plans and investment gaions of over
  three mln dlrs.
  

"
training/8296	12	earn	"RAVEN INDUSTRIES INC <RAV> 4TH QTR JAN 31 NET
  Shr profit six cts vs loss nine cts
      Net profit 101,000 vs loss 142,000
      Sales 12.6 mln vs 8,736,000
      Year
      Shr profit 1.34 dlrs vs profit 1.02 dlrs
      Net profit 2,122,000 vs profit 1,611,000
      Sales 52.3 mln vs 41.9 mln
  

"
training/8297	12	earn	"HEMODYNAMICS INC <HMDY> YEAR LOSS
  Shr loss 24 cts vs loss 41 cts
      Net loss 148,070 vs loss 251,225
      Sales 1,298,257 vs 319,588
  

"
training/8298	0	acq	"DELOITTE HASKINS SELLS GETS STAKE IN COMPANY
  <Deloitte Haskins and Sells>, an
  accounting and consulting firm, said it bought a stake in
  <Holland Systems Corp>, a software and services company.
      The company also said it set up a venture with Holland
  Systems to develop and market an integrated line of information
  management products and services.
      It said products from the venture are expected to be
  introduced within the next year.
  

"
training/83	12	earn	"LIBERTY ALL-STAR EQUITY FUND INITIAL DIV
  Qtly div five cts vs N.A.
      Payable April two
      Record March 20
      NOTE:1986 dividend includes special two cts per share for
  the period beginning with the fund's commencement of operations
  on Novebmer three through December 31, 1986.
  

"
training/830	33	money-supply	"australian annual broad money supply growth 10.3 pct in January

  australian annual broad money supply growth 10.3 pct in January
  

"
training/8300	12	earn	"MOTO PHOTO INC <MOTO> 4TH QTR NET
  Oper shr profit one ct vs loss six cts
      Oper net profit 148,628 vs loss 249,192
      Revs 3,772,639 vs 1,101,633
      Avg shrs 5,235,233 vs 4,371,795
      Year
      Oper shr loss 10 cts vs loss 19 cts
      Oper net profit 5,760 vs loss 788,042
      Revs 9,899,038 vs 3,819,678
      Avg shrs 4,837,361 vs 4,163,006
      NOTE: Share after poreferred dividends.
      Current year net both periods excludes 15,000 dlr tax loss
  carryforward.
  

"
training/8302	32	money-fx	"U.S. TREASURY'S BAKER SAYS CURRENCIES WITHIN RANGES THAT BETTER REFLECT FUNDAMENTALS

  U.S. TREASURY'S BAKER SAYS CURRENCIES WITHIN RANGES THAT BETTER REFLECT FUNDAMENTALS
  

"
training/8306	45	sugar	"GREECE SEEKING EC SUGAR NEXT MONTH AT TENDER
  Greece will hold a buying tender on
  April 8, for reply by April 10, for 40,000 tonnes of white
  sugar from EC member countries, for delivery in four equal
  tranches in May, June, July and August, traders said.
  

"
training/8308	51	zinc	"ZINC PRODUCERS APPROACH EC ON VOLUNTARY CLOSURES
  A number of individual zinc producing
  companies have approached the European Commission to sound out
  its reaction to a possible industry plan for a voluntary
  reduction of smelting capacity, Commission sources said.
      The companies have been told that the Commission could not
  judge whether a plan would be acceptable under European
  Community, EC, competition rules until it had full details,
  they said.
      In 1983, the industry drew up a plan envisaging the loss of
  about 130,000 tonnes of annual capacity, or about 10 pct of the
  total.
      However, the industry did not proceed with this plan as
  zinc market conditions improved in 1984, the sources noted.
      They said the companies which approached the Commission
  recently -- and which they did not name -- appeared to envisage
  a loss of productive capacity similar to that proposed in 1983.
  

"
training/8309	32	money-fx	"CURRENCIES BETTER REFLECT FUNDAMENTALS - BAKER
  Treasury Secertary James Baker said
  currencies were now within ranges that better reflected
  economic fundamentals.
      In a speech to the annual meeting of the Inter-American
  Development Bank, he said, ""Excchange have moved into ranges
  that better reflect economic fundamentals.""
      He noted that in particular that dollar has fallen from its
  high point in early 1985 helping to moderate protectionist
  pressures in the U.S.
  

"
training/8311	12	earn	"TONKA <TKA> SEES LOWER FISCAL FIRST QUARTER NET
  Tonka Corp said it expects
  results for its fiscal first quarter to end April four, to
  decline from the record earnings of 3.8 mln dlrs or 57 cts a
  share and revenues of 53.2 mln dlrs.
      The toy manufacturer attributed its anticipated lower
  financial results to an an expected moderate decline in
  shipments of its Pound Puppies product line.
      Tonka also said it expects revenues and earnings to remain
  lower through the 1987 first half compared with 1986 record
  results of 125.4 mln dlrs in revenues and 10.3 mln dlrs in net
  earnings or 1.47 dlrs a share.
      The company said its level of shipments is good despite a
  conservative buying pattern on the part of retailers industry
  wide. Tonka's first quarter shipments will be down somewhat
  from 1986 record levels and gross profit margins will be down
  slightly from a year ago, it said.
      Second half sales are expected to be stronger based on a
  return to a more traditional seasonal shipping pattern in which
  retailers order and stock conservatively early in the year and
  time large shipments for the second half, it said.
      Tonka said that while the pace of order writing is trailing
  last year's, bookings are ""very good"" for orders on several of
  its new product introductions for 1987.
  

"
training/8313	12	earn	"CHILD WORLD INC <CWLD> 4TH QTR JAN 31 NET
  Shr 1.34 dlrs vs 1.09 dlrs
      Net 15.4 mln vs 12.6 mln
      Sales 323.6 mln vs 240.2 mln
      Avg shrs 11.5 mln vs 11.5 mln
      Year
      Shr 95 cts vs 91 cts
      Net 10.9 mln vs 9,368,000
      Sales 628.8 mln vs 513.1 mln
      Avg shrs 11.5 mln vs 10.3 mln
      NOTE: Latest year net cut on mln dlrs by investment tax
  credit loss.
  

"
training/8314	12	earn	"BAYERNVEREIN EXPECTS UNCHANGED DIVIDEND FOR 1987
  Bayerische Vereinsbank AG <BVMG.F>
  expects to pay an unchanged dividend of 13 marks on 1987
  earnings but profits will only barely reach last year's record
  levels, management board spokesman Maximilian Hackl said.
      He told the annual news conference that possible credit
  risks, especially those associated with foreign nations, had
  largely been covered. Risk provisions in 1987 were therefore
  unlikely to reach the same high level as in 1986.
      Group bank net profit rose to 275.52 mln marks in 1986 from
  222.73 mln the previous year and parent bank net profit
  increased to 187.63 mln marks from 161.58 mln.
      Hackl said that interest margins in the banking business
  had declined to 2.71 pct last year from 2.78 pct the previous
  year. But in the mortgage sector, the margins had increased
  slightly and stood around 0.7 pct.
      Parent bank commission surplus in the securities business
  had risen almost 15 pct to 358 mln marks in 1986.
      Expenses for personnel had increased 7.5 pct to 782 mln
  marks and others costs had increased 9.4 pct to 272 mln marks.
      The parent bank's 1986 partial operating profit, which
  excludes earnings from trading on its own account, had climbed
  two pct to 671 mln marks.
      The parent bank's balance sheet total rose 5.3 pct to 81.5
  billion marks at end-1986 compared with end-1985, Hackl said.
      It was boosted by a three billion mark rise in mortgage
  business and a 1.1 billion mark increase in banking business.
      The mortgage sector's share in total parent bank business
  volume rose to 46 pct from 45.
      Hackl said that in January and February this year, the
  bank's credit business had not livened up. But despite the
  sharp downturn on German bourses, profits from trading on own
  account had increased in the first two 1987 months compared
  with the same year-ago period. He gave no detailed figures.
  

"
training/8317	12	earn	"DYNAMIC HOMES INC <DYHM> 4TH QTR NET
  Shr nil vs loss two cts
      Net profit 2,900 vs loss 43,500
      Revs 1,660,300 vs 950,000
      12 mths
      Shr loss 30 cts vs loss 37 cts
      Net loss 578,900 vs loss 713,300
      Revs 5,112,100 vs 3,659,600
  

"
training/8318	12	earn	"<CANADA LEASE FINANCING LTD> 3RD QTR DEC 31 NET
  Shr 30 cts vs 12 cts
      Net 727,000 vs 266,000
      Revs 27.8 mln vs 21.1 mln
      Nine mths
      Shr 59 cts vs 48 cts
      Net 1,355,000 vs 1,098,000
      Revs 69.4 mln vs 59.1 mln
  

"
training/8320	12	earn	"PUBLIC SERVICE N.C. <PSNC> RAISES PAYOUT
  Public Service Co of North
  Carolina Inc said its board raised the quarterly dividend to 23
  cts per share from 22-1/2 cts previously, as adjusted for a
  two-for-one stock split that takes effect April 27.
      The dividend is payable July One to holders of record June
  16.
      The company also said it plans to file soon for an offering
  of  up to one mln new shares, which would give it a total of
  about 8,850,000 post-split shares.
  

"
training/8322	12	earn	"WICKES <WIX> PLANS REVERSE SPLIT, CALLS DEBT
  Wickes Cos Inc said its
  board authorized a one-for-five reverse stock split and plans
  to call the company's its 12 pct senior subordianted debentures
  due 1994.
      The company said it will seek shareholder approval of the
  reverse stock split at the annual shareholders meeting
  scheduled for June 18.
      At January 31 Wickes had 239 mln shares outstanding, the
  company also said.
      Wickes also said it will call the debentures on Dec 1,
  1987, assuming market conditions remain essentially the same.
  

"
training/8326	4	cocoa	"ICCO PUTS 1986/87 WORLD COCOA SURPLUS  94,000 TONNES VS 118,000 IN 1985/86 - DELEGATES

  ICCO PUTS 1986/87 WORLD COCOA SURPLUS  94,000 TONNES VS 118,000 IN 1985/86 - DELEGATES
  

"
training/8327	0	acq	"INVESTOR ACQUIRES 9.9 PCT OF MUNFORD <MFD>
  A joint venture controlled by Dallas
  investor Bradbury Dyer said it had acquired 377,000 shares, or
  9.9 pct, of the common stock of Munford Inc.
      In a filing with the Securities and Exchange Commission,
  the concern, which comprises Paragon Associates and Paragon
  Associates II, said it bought the stake for 7,659,000 dlrs and
  may buy more shares.
      Paragon said it bought the shares for investment purposes.
  

"
training/8331	16	gold	"BP <BP> UNIT TO BUILD GOLD EXTRACTION PLANT
  Amselco Minerals Inc, a unit of British
  Petroleum Co PLC, said it approved construction of a new plant
  with Nerco Minerals Co to process carbon ore to recover
  microscopic gold reserves.
      The plant, to be located at the Alligator Ridge Mine near
  Ely, Nev., will process 1,000 tons a day of carbon-bearing ore
  to recover 70,000 ounces of gold over three years, it said.
      The plant will use a chemical process called leaching to
  extract the residual gold, which could not otherwise be
  economically recovered. Operation of the plant, to be jointly
  owned by Amselco and Nerco, is set to start in October.
      The Alligator Ridge Mine is jointly owned by Amselco and
  Nerco, a unit of Nerco Inc <NER>, which is 90.5 pct owned by
  Pacificorp <PPW>, a Portland, Ore., holding company.
      The mine has produced about 60,000 ounces of gold a year
  since 1981 using another leaching process, a BP spokesman said.
  The open pit oxide ore reserves of Alligator Ridge will be
  exhausted by August 1987, as expected, when the work force will
  be reduced to about 72 from 127, the company said.
      The employees remaining after that will operate the new
  plant, it said.
  

"
training/8334	12	earn	"MOTO PHOTO <MOTO> SEES BETTER 1ST QUARTER 1987
  Moto Photo Inc  president, Michael
  Adler, said he expects the company's first quarter earnings for
  fiscal 1987 to be better than the same quarter a year ago.
      Adler said, however, that the quarter would still be a
  loss, primarily because it is the low season for the imaging
  business.
      Photo Moto recored a net loss for the first quarter 1986
  ending March 31 of 328,889 dlrs.
  

"
training/8335	12	earn	"CANADA SOUTHERN PETROLEUM LTD<CSW> 2ND QTR LOSS
  Qtr ends Dec 31
      Shr loss one ct vs profit two cts
      Net loss 52,922 vs profit 220,041
      Revs 481,832 vs 824,554
      Six mths
      Shr loss one ct vs profit four cts
      Net loss 104,129 vs profit 345,515
      Revs 934,685 vs 1,465,153
  

"
training/8337	12	earn	"RECOTON CORP <RCOT> 4TH QTR LOSS
  Shr loss 14 cts vs profit 26 cts
      Net loss 384,000 vs profit 714,000
      Revs 8,367,000 vs 9,909,000
      Year
      Shr profit 19 cts vs profit 57 cts
      Net profit 518,000 vs profit 1,547,000
      Revs 28.7 mln vs 26.7 mln
      NOTE: Includes income tax credits of 302,000 dlrs and 1.3
  mln dlrs in 1986 and 1985, respectively, and 602,000 dlrs in
  1985 qtr. Current qtr after tax provision of 452,000 dlrs.
  

"
training/8338	12	earn	"SANFORD CORP <SANF> 1ST QTR FEB 28 NET
  Shr 28 cts vs 13 cts
      Net 1,898,000 vs 892,000
      Sales 16.8 mln vs 15.3 mln
  

"
training/8339	12	earn	"<CANADA SOUTHERN PETROLEUM LTD> 2ND QTR LOSS
  Period ended December 31, 1986
      Shr loss one ct vs profit two cts
      Net loss 52,922 vs profit 220,041
      Revs 481,832 vs 824,554
      Six mths
      Shr loss one ct vs profit four cts
      Net loss 104,129 vs profit 345,515
      Revs 937,685 vs 1,460,000
  

"
training/834	18	heat	"EXXON <XON> CUTS HEATING OIL BARGE PRICE
  Oil traders in New York said Exxon
  Corp's Exxon U.S.A. unit reduced the price it charges contract
  barge customers for heating oil in New York harbor 0.75 cent a
  gallon, effective today.
      They said the reduction brings Exxon's contract barge price
  to 43.25 cts. The price decrease follows sharp declines in
  heating oil prices on spot and futures markets, traders said.
  

"
training/8340	12	earn	"HOSPOSABLE PRODUCTS INC <HOSP> 4TH QTR NET
  Shr 12 cts vs eight cts
      Net 102,002 vs 59,396
      Sales 3,024,423 vs 2,437,489
      Avg shrs 1,032,000 vs 746,004
      Year
      Shr 64 cts vs 45 cts
      Net 570,491 vs 340,852
      Sales 11.1 mln vs 10.6 mln
      Avg shrs 1,032,000 vs 753,948
  

"
training/8342	24	iron-steel	"BANGEMANN DENIES NEWSPAPER INTERVIEW ON SUBSIDIES
  The West German Economics Minister today
  denied giving a newspaper interview which quoted him as saying
  the state could not continue to pour money into the country's
  ailing steel and coal industries.
      Economics Ministry spokesman Dieter Vogel said in a
  statement Bangemann had contacted him from New Zealand, where
  he is attending a General Agreement on Trade and Tariffs (GATT)
  ministerial meeting, to deny giving the interview to the
  conservative daily Die Welt. The paper quoted Bangemann as
  saying that continued subsidies would endanger other parts of
  the German economy by making them uncompetitive.
      Vogel said Bangemann had pledged that everything possible
  would be done to minimize the effects of reduced coal and steel
  production on the workforces and regions concerned.
      Die Welt said the interview with Bangemann had taken place
  at a meeting of his Free Democratic Party (FDP) in Darmstadt
  last Friday, adding that it had a tape recording of his
  comments which it would publish tomorrow.
  

"
training/8343	22	interest	"FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS

  FED SAYS IT SETS 1.5 BILLION DLRS OF CUSTOMER REPURCHASE AGREEMENTS
  

"
training/8344	22	interest	"FED ADDS RESERVES VIA CUSTOMER REPURCHASES
  The Federal Reserve entered the U.S.
  Government securities market to arrange 1.5 billion dlrs of
  customer repurchase agreements, a Fed spokesman said.
      Dealers said Federal funds were trading at 6-3/16 pct when
  the Fed began its temporary and indirect supply of reserves to
  the banking system.
  

"
training/8347	15	gnp	"SWEDISH GNP ROSE LESS THAN EXPECTED, FIGURES SHOW
  Sweden's Gross National Product rose
  1.3 pct last year against 2.3 pct in 1985, mainly due to a
  lower than forecast growth in exports and a sharp fall in total
  investments, the Central Bureau of Statistics reported.
      Private consumption rose 4.1 pct during 1986 against 2.7
  pct in 1985 whereas the Finance Ministry had expected an
  increase of only 3.6 pct. Total investments fell 0.7 pct
  against a rise of 6.3 pct in 1985. The Finance Ministry had
  forecast a rise of 0.3 pct in 1986.
      Exports rose 2.1 pct last year against 2.3 pct in 1985, but
  the Finance Ministry had predicted a growth of 2.8 pct.
  

"
training/8349	12	earn	"MCDONALD'S <MCD> UP ON REAFFIRMED RECOMMENDATION
  McDonald's Corp rose sharply today
  after receiving a second recommendation in as many sessions,
  traders said.
      Today, analyst Richard Simon of Goldman Sachs and Co
  reaffirmed his recommendation of the stock and put it on his
  ""focus list,"" traders familiar with the recommendation said.
      Simon was unavailable for comment.
      The stock jumped 2-3/4 to 79-7/8.
      On Friday, analyst Daniel Lee of Drexel Burnham Lambert Inc
  reiterated a recommendation of the stock focusing on increased
  comparable store sales and consistent annual earnings growth.
  Friday, the stock closed 1-5/8 points higher.
      Wendy's, another operator of fast food restaurants, rose
  one to 12-3/4 in active trading. Vague rumors that Wendy's is a
  takeover candidate continued to circulate Wall Street, traders
  said.
  

"
training/835	10	crude	"GREECE SAYS IT HAS RIGHT ON AEGEAN OIL DRILLING
  Greece, responding to a warning by Turkey
  against conducting oil activities in the Aegean Sea, said today
  it had the right to decide where and how to do research or
  drilling work in the area.
      A government spokesman said the Greek position was made
  clear to Turkey's ambassador Nazmi Akiman when he met Greek
  Foreign Affairs Undersecretary Yannis Kapsis last week.
      Acting Turkish Prime Minister Kaya Erdem said earlier today
  Greek activities in the northern Aegean contravened the 1976
  Berne Agreement which set the framework for talks on the Aegean
  continental shelf disputed between Ankara and Athens.
      The Greek statement today said, ""Greece is not prepared to
  give up even a trace of its sovereignty rights to the seabed.
  It has been stressed to...Mr Akiman that the decision where or
  how to drill belongs exclusively to the Greek government.""
      ""The Greek government has repeatedly let the Turkish side
  know that it considers the 1976 Berne protocol as inactive
  through the fault of Turkey,"" it said.
      The Greek statement said Athens was ready to put the
  continental shelf issue before international courts.
  

"
training/8350	12	earn	"ALLIED PRODUCTS CORP <ADP> YEAR NET
  Shr 3.36 dlrs vs 3.33 dlrs
      Net 16,173,000 vs 10,603,000
      Sales 420.8 mln vs 276.1 mln
      Avg shrs 4.4 mln vs 3.2 mln
      NOTE: 1985 net includes tax credits of 6.9 mln dlrs or 2.19
  dlrs a share.
  

"
training/8351	0	acq	"AMERICAN TELEVISION <ATCMA> BUYS TIME <TL> UNIT
  American Television and
  Communications Corp said it has completed the acquisition of
  Manhattan Cable Television Inc from Time Inc for about
  9,400,000 Class B common shares.
      American Television was spun off from Time in August 1986.
  The company said following this transaction, Time now owns 82
  pct of American Television.
  

"
training/8353	0	acq	"DWG <DWG> COMPLETES SALE OF UNIT
  DWG Corp said it has completed the
  previously-announced sale of its Texsun Corp subsidiary to
  Texsun Corp subsidiary to Sundor Brands Inc for 27.5 mln dlrs
  and the assumption of liabilities.
      It said proceeds have been placed in escrow pending the
  outcome of talks with lenders.
  

"
training/8355	0	acq	"ALLIED <ASU> SELLING MICHIGAN UNITS
  Allied Supermarkets Inc said it entered
  into a definitive agreement to sell its Michigan operations for
  about 46 mln dlrs in cash and debt plus assumption of
  substantially all of Allied's liabilities other than senior
  subordinated debentures.
      It said the operations will be sold to Meadowdale Foods
  Inc, a corporation formed by members of its existing
  management, including Chairman David Page and President Lon
  Makanoff.
      The transaction is conditioned on  Allied's pending merger
  with the Vons Cos Inc.
  

"
training/8359	0	acq	"KLM SAYS IT IS NOT SEEKING AIR ATLANTA STAKE
  KLM Royal Dutch Airlines <KLM.AS> is
  discussing marketing cooperation with U.S. regional carrier Air
  Atlanta Inc but it is not seeking to take a stake in the
  airline, a KLM spokesman said.
      ""We're not considering taking either a majority or minority
  stake in Air Atlanta, but we are thinking of providing them
  with a loan,"" the spokesman told Reuters in a comment on a Wall
  Street Journal report saying debt-laden Air Atlanta could sell
  as much as 25 pct of its stock to the Dutch airline.
      KLM last week denied a Dutch press report saying it was
  discussing a takeover of Air Atlanta.
      The KLM spokesman said Air Atlanta's regional route
  network, centred on Atlanta, Ga, could serve as a feeder to
  KLM's international network, which includes direct flights
  between Atlanta and Amsterdam.
      KLM and Air Atlanta had been talking ""for some time,"" he
  said, but declined to elaborate further on the talks or give
  details of the loan to Air Atlanta.
  

"
training/836	0	acq	"LEUCADIA <LUK> HAS 7.2 PCT OF MINSTAR <MNST>
  Leucadia National Corp said two of
  its subsidiaries have acquired a 7.2 pct stake in Minstar Inc,
  a corporation controlled by corporate raider Irwin Jacobs and
  used by him in his forays to acquire stock in companies.
      In a filing with the Securities and Exchange Commission,
  Leucadia said its LNC Investments Inc, a Newark, Del.,
  investment firm, and Charter National Life Insurance Co, a St.
  Louis joint stock life insurance company, bought their combined
  1,261,000 Minstar common shares for investment purposes only.
      The Leucadia subsidiaries had held an 11.0 pct stake in
  Minstar, but cut to 1.8 pct, or 313,200 shares, last July.
      Since July, Leucadia said its companies have bought 947,800
  Minstar common shares for a total of 24.7 mln dlrs.
      Leucadia said it bought the Minstar stake to obtain an
  equity position in the company and has no intention of seeking
  control of it.
      Nearly half of Leucadia's common stock is owned by TLC
  Associates, a Salt Lake City, Utah, general partnership, whose
  partners include the chairman and president of Leucadia and
  other investors.
  

"
training/8361	0	acq	"GENCORP SUES GENERAL PARTNERS
  Gencorp Inc said it filed suit
  against the unsolicited 100 dlr-a-share tender offer of Wagner
  and Brown and AFG INdustries.
      Gencorp said it is seeking an injunction against the offer
  because it is violates federal securities laws and margin
  regulations.
      Gencorp also said its board is carefully studying the offer
  and will make a decision on whether or not shareholders should
  accept or reject it by March 31.
  

"
training/8363	23	ipi	"IRISH INDUSTRIAL PRODUCTION INDEX UP 6.2 PCT
  Ireland's industrial production index
  stood at 132.8 in December, a year-on-year rise of 6.2 pct, the
  Central Statistics Bureau reported.
      In November the index, base 1980, stood at 144.8, showing a
  rise of 4.3 pct on a year-on-year basis.
  

"
training/8364	12	earn	"NEW BRUNSWICK SCIENTIFIC CO INC <NBSC> 4TH QTR
  Shr 22 cts vs six cts
      Net 819,000 vs 201,000
      Revs 9.3 mln vs 7.7 mln
      Year
      Shr 40 cts vs 20 cts
      Net 1.5 mln vs 728,000
      Revs 31.5 mln vs 26.6 mln
  

"
training/8366	12	earn	"INTELLIGENT BUSINESS <IBCC> 1ST QTR JAN 31
  Shr three cts vs nil
      Net 328,112 vs 6,374
      Revs 1,401,155 vs 846,253
      NOTE: Full name is Intelligent Business Communications Corp
  

"
training/8367	0	acq	"PRINCIPAL NEO-TECH SELLS UNIT
  <Principal Neo-Tech Inc> said it
  completed the sale of its subsidiary, Neo-Tech Inc, to Seismic
  Holdings Inc and Energy Holdings Inc, of Denver, Colo.
      As part of the price, Principal Neo-Tech received notes and
  preferred shares of Energy Holdings. However, terms were not
  disclosed.
  

"
training/8368	0	acq	"CHARTER FEDERAL, JEFFERSON SAVINGS AGREE TO MERGE

  CHARTER FEDERAL, JEFFERSON SAVINGS AGREE TO MERGE
  

"
training/837	12	earn	"BASIX CORP <BAS> 4TH QTR LOSS
  Oper shr loss eight cts vs profit 20 cts
      Oper net loss 768,000 vs profit 1,962,000
      Revs 49.0 mln vs 43.6 mln
      12 mths
      Oper shr loss 1.41 dlrs vs profit 96 cts
      Oper net loss 13.6 mln vs profit 9,305,000
      Revs 175.3 mln vs 140.7 mln
      Note: Oper excludes loss from discontinued operations of
  4,676,000 dlrs or 48 cts a share for year-ago qtr and 7,571,000
  dlrs or 78 cts a share for year-ago 12 mths.
      Oper includes charge of 1.1 mln dlrs for cumulative effect
  of repeal of the investment tax credit for qtr and writedown of
  21.6 mln dlrs on gas and oil facilities for 12 mths.
      Year-ago shr data restated to reflect two pct stock
  dividend of December 1986.
  

"
training/8370	0	acq	"PHH <PHH> BUYS TWO DESIGN FIRMS
  PHH Group Inc said it acquired
  two design firms for undisclosed terms.
      In 1986, the two firms, Neville Lewis Associates of New
  York and Walker Associates Inc of L.A., produced 15.6 mln dlrs
  in total fees.
  

"
training/8373	0	acq	"CHARTER FEDERAL <CHFD>, JEFFERSON TO MERGE
  Charter Federal Savings and Loan
  Association of Bristol, Va., said it has agreed to acquire
  Jefferson Savings and Loan Association of Warrenton, Va.
      Under terms of the transaction, which would result in a 1.3
  billion dlr thrift institution, stockholders of Jefferson will
  get 30.50 dlrs per share, half in cash and half in shares of
  Charter.
      The resulting association will operate under the name of
  Charter and will be based in Bristol.
      The transaction is valued at about 16.3 mln dlrs, a
  Jefferson spokesman said.
      Charter said the merger is subject to approval of the
  Federal Home Loan Bank Board.
      Jefferson reported a 1.5 mln dlrs loss and assets of 360
  mln dlrs for the year ended September 30, 1986.
      For the year ended June 30, Charter reported net income of
  7.9 mln dlrs. Assets totaled about 844.0 mln dlrs as of
  December 31.
  

"
training/8374	17	grain	"TRADE PROPOSES NEW EC GRAIN INTERVENTION RULES
  The European Community (EC) cereals
  trade lobby organisation Coceral said it has written to EC Farm
  Commissioner Frans Andriessen to propose a new system for sales
  into intervention, which it claims could save the EC budget
  money.
      It proposes that applications for intervention be made
  through a certificate valid for execution three months later.
  If during the three months the trader found a market elsewhere,
  he could buy back the certificate on payment of a one pct
  premium.
      Coceral argues that this would restore the original
  function of intervention as a safety net and would end the
  present situation in which produce is often sold into
  intervention as a precaution.
  

"
training/8378	12	earn	"LOWE'S COS INC <LOW> QTLY DIV
  Qtly div 10 cts vs 10 cts prior
      Payable April 30
      Record April 10
  

"
training/8387	0	acq	"COCA COLA SPOKESMAN SAID RUMORS COKE SEEKING TAKEOVER OF WENDY'S ARE NOT CORRECT

  COCA COLA SPOKESMAN SAID RUMORS COKE SEEKING TAKEOVER OF WENDY'S ARE NOT CORRECT
  

"
training/8388	12	earn	"COMPUTER DEVICES INC 4TH QTR
  Shr loss one cnt vs profit one cnt
      Net loss 35,000 vs profit 42,000
      Revs 881,000 vs 1.3 mln
      Year
      Shr profit seven cts vs profit nine cts
      Net profit 291,000 vs profit 366,000
      Revs 4.4 mln vs 5.9 mln
      NOTE:1985 4th qtr and year includes gain of 7,000 dlrs and
  147,000 dlrs respectivley. 1986 year includes gain of 35,000
  dlrs from tax loss carryforwards.
  

"
training/839	33	money-supply	"AUSTRALIAN JANUARY ANNUAL BROAD MONEY UP 10.3 PCT
  Australia's broad money supply rose 10.3
  pct in the year ended January, up from a revised 9.6 pct in
  December, the Reserve Bank said.
      This compares with the previous January's 13.9 pct.
      In January broad money growth slowed to 0.7 pct from
  December's 1.5 pct and compared with nil growth in January
  1986.
      Within the broad money total, non-bank financial
  intermediaries rose by 0.2 pct from a revised decline of 0.2 
  in December and a previous January's 0.8 pct increase.
      In the January year, NBFI's borrowings rose by 9.5 pct from
  a revised 10.1 in December and compared with a previous
  January's 12.8.
      At the end of January, broad money stood at 175,866 mln
  dlrs dlrs from December's 174,668 mln dlrs and a January 1986
  level of 159,453 mln.
      In the same period, borrowings from the private sector by
  the NBFIs rose to 70,389 mln dlrs from December's 70,237 mln
  and the previous January's 64,299 mln.
  

"
training/8391	12	earn	"DUCOMMON INC <DCO> 4TH QTR LOSS
  Oper shr loss 5.60 dlrs vs loss 1.10 dlrs
      Oper net loss 18,688,000 vs loss 3,662,000
      Sales 107.3 mln vs 108.7 mln
      Year
      Oper shr loss 5.76 dlrs vs loss 98 cts
      Oper net loss 19,213,000 vs loss 3,263,000
      Sales 455.2 mln vs 417.0 mln
      Note: Prior qtr and year figures exclude losses from
  discontinued operations of 279,000 dlrs and 555,000 dlrs,
  respectively and respective losses on sale of discontinued
  operations of 14.6 mln dlrs and 15.9 mln dlrs.
  

"
training/8394	12	earn	"MEM COM INC <MEM> 4TH QTR NET
  Oper shr 93 cts vs 32 cts
      Oper net 2,443,810 vs 847,609
      Revs 30.3 mln vs 21.0 mln
      12 mths
      Oper shr 1.16 dlrs vs 85 cts
      Oper net 3,066,407 vs 2,250,781
      Revs 70.9 mln vs 61.8 mln
      NOTE: qtr 1985 excludes gain 96,327 dlrs for discontinued
  operations of Lebanon Packaging.
      Year 1986 and year prior excludes loss 62,216 dlrs, and
  gain 281,367 dlrs, respectively, for discontinued operations on
  Lebanon sale.
  

"
training/8396	0	acq	"COCA COLA <KO> SAYS RUMORS INCORRECT
  A Coca Cola Co spokesman said rumors
  the company is interested in acquiring Wendy's International
  <WEN> are not true.
      ""Those rumors are not correct,"" said Carlton Curtis, an
  assistant vice president at Coke. ""We have stated many times
  that Coca Cola Co has no interest in an acquisition in the food
  service industry and thereby becoming a competitor to our food
  service customers.""
      Wendy's stock has been flying high on the rumors for two
  days. Today, Wendy's hit a high of 13-3/8 before dropping back
  to 12-3/8, up 5/8 in heavy trading.
  

"
training/8399	12	earn	"SWEET VICTORY INC <SVIC> YEAR
  Shr loss 1.16 dlrs vs loss 61 cts
      Net loss 3.5 mln vs loss 1.3 mln
      Revs 943,938 dlrs vs 480,333 dlrs
  

"
training/840	0	acq	"MICROBIO <MRC> PLANS ACQUISITION, FINANCING
  Microbiological Research Corp
  said it entered into a letter of intent for a proposed business
  combination with privately owned <DataGene Scientific
  Laboratories Inc>, and <Milex Corp> a newly formed company,
  through a stock swap.
      It also said it received 100,000 dlrs from the sale of a
  convertible note to Ventana Growth Fund as part of an overall
  1,100,000 equity financing plan with Ventana. Under that plan,
  a minimum of 400,000 dlrs and a maximum of one mln dlrs of
  additional new capital is to be provided to fund the combined
  operations of the three companies.
      Microbiological also said that if the maximum additional
  capital is raised, it will own about 49 pct of 4,550,00 shares
  of common outstanding in the new combined company, DataGene
  holders will own 29 pct, and Ventana and others will own 13
  pct.
      It said the remaining nine pct will be held by Milex
  shareholder Norman Monson, who will become chief executive
  officer of the combined companies.
  

"
training/8401	22	interest	"STANDARD FEDERAL <SFB> OFFERS ZERO-POINT LOAN
  Standard Federal Bank said it
  introduced a zero-point fixed rate mortgage loan.
      The loan program offers borrowers home mortgage financing
  with no discount fees charged.
      Standard said that fees charged will include an application
  fee, commitment fee and out-of-pocket expenses such as title
  work, survey, recording fees and private mortgage insurance.
  

"
training/8402	10	crude	"IRAQ OIL MINISTER QASSEM AHMED TAQI REPLACED, IRAQI NEWS AGENCY REPORTS

  IRAQ OIL MINISTER QASSEM AHMED TAQI REPLACED, IRAQI NEWS AGENCY REPORTS
  

"
training/8405	10	crude	"IRAQI OIL MINISTER REPLACED - OFFICIAL
  Iraq's Oil Minister Qassem Ahmed Taqi
  has been moved to the Heavy Industries ministry, the official
  Iraqi news agcny INA said tonight.
      It quoted a Presidential decree appointing Oil Ministry
  undersecretary Isam Abdul-Rahim Al-Chalaby as the new Oil
  Minister.
      The Ministers of Industry and Communication and Transport
  had both been relieved of their posts, the news agency said.
      No immediate explanation was given for the changes.
      Al-Chalaby is the head of the Iraqi National Oil Company.
      INA said the decree, signed by President Saddam Hussein,
  relieved the Minister of Heavy Industries, Subhi Yassin Khadeir
  of his post and appointed him a Presidential adviser.
      His ministry was formerly known as the Industry and Mineral
  Resources Ministry. The Minister of Communications and
  Transport, Abdel-Jabbar Abdel-Rahim al-Asadi was also relieved
  of his post and replaced by a member of the ruling Baath party
  regional command, Mohammed Hamza al-Zubeidi. Al-Zubedei is also
  a Presidential adviser. All three ministers involved in the
  reshuffle had spent more than four years in their posts.
  

"
training/8406	0	acq	"ALLEGHENY <AI> SUED OVER PROPOSED BUYOUT
  Allegheny International Inc said it
  and First Boston Inc's <FBC> Sunter Holdings Corp subsidiary
  have been named as defendants in a class action filed in the
  Court of Common Pleas for Allegheny County, Pa., which seeks an
  injunction against Allegheny's proposed merger into Sunter.
      The company said its board and some former directors and
  First Boston were also named as defendants.
      It said it and Sunter intend to vigorously oppose the
  action.
      Allegheny said the class action suit alleges the price to
  be paid in the transaction is grossly unfair. The company said
  the suit's allegations are similar to those contained in an
  earlier federal court suit.
  

"
training/8407	12	earn	"ASTROCOM CORP <ACOM> 4TH QTR NET
  Shr one ct vs five cts
      Net 19,174 vs 118,671
      Revs 3,127,162 vs 2,936,330
      Year
      Shr eight cts vs 30 cts
      Net 198,290 vs 712,087
      Revs 12.4 mln vs 11.6 mln
      Avg shrs 2,603,588 vs 2,376,604
  

"
training/8409	12	earn	"JUNO LIGHTING INC <JUNO> 1ST QTR FEB 28 NET
  Shr 43 cts vs 32 cts
      Net 1,991,000 vs 1,485,000
      Sales 11.7 mln vs 9,479,000
  

"
training/8415	47	tin	"TIN PACT SPECIAL SESSION THIS WEEK ROUTINE
  A further special session of the
  International Tin Council, ITC, held here tomorrow, March 24,
  will give member countries an update on the latest debate over
  the hundreds of millions of sterling lost when its buffer stock
  price support scheme failed in October 1985, delegates said.
      But the ITC quarterly session scheduled for April 8-9 will
  be important, as the council will by then be wanting to decide
  on whether the current pact should be extended beyond June 30
  or just allowed to expire, delegates said. A two year extension
  is possible.
  

"
training/8416	47	tin	"TIN COUNCIL WINDING-UP VERDICT APPEALED
  Amalgamated Metal Trading, AMT, today
  lodged an appeal against the ruling which prevented its
  petition to wind up the International Tin Council, ITC.
      The verdict was given by Mr Justice Millett on January 22,
  when AMT led an effort by ITC creditors to recover sums claimed
  by banks and London Metal Exchange brokers as a result of the
  collapse of the ITC's buffer stock operations in October 1985.
  AMT had until March 26 to lodge its appeal.
      The grounds for the appeal are that the judge erred on
  three points when giving his verdict, Michael Arnold, head of
  the broker creditors group Tinco Realisations, told Reuters.
      The judge ruled that the U.K. Court had no jurisdiction to
  wind up the Tin Council, that the ITC was not an association
  within the meaning of the Companies Act, and that the
  winding-up petition was not a proceeding in respect of an
  arbitration award. AMT will contest all three points.
      The U.K. Companies Act allows the possibility of the
  winding-up of what it defines as an association, and AMT will
  argue that the Tin Council falls within this definition, Arnold
  said.
      The ITC has immunity except for the enforcement of an
  arbitration award, and thus it is important for AMT that the
  court accepts that the winding-up petition represents a move to
  enforce an arbitration ruling.
      The court originally decided that the winding-up petition
  went wider than the enforcement of such a debt, an AMT
  spokesman said.
      The appeal is unlikely to be heard for several months, but
  a case brought by fellow ITC creditor Maclaine Watson is to be
  heard on April 28. This is a move by the metal broker to have a
  receiver appointed over the ITC's assets.
      Since similar arguments will be used in this case, it is
  possible that any appeal in the Maclaine Watson case could be
  consolidated with AMT's appeal, Arnold said.
      Other ITC creditors have brought direct actions against the
  Council's member states and an application by the governments
  to strike out the first of these, brought by J.H. Rayner
  (Mincing Lane) Ltd, is to be heard on May 11.
      Shearson Lehman Brothers action against the LME's tin
  ""ring-out"" in March 1986 is also scheduled to be heard in the
  near future. The hearing date has now been put back slightly to
  June 8.
  

"
training/842	5	coffee	"ICO COUNCIL ENDS IN FAILURE TO AGREE QUOTAS
  A special meeting of the International
  Coffee Organization (ICO) council failed to agree on how to set
  coffee export quotas, ICO delegates said.
      Producers and consumers could not find common ground on the
  issue of quota distribution in eight days of arduous, often
  heated talks, delegates said.
      Export quotas -- the major device of the International
  Coffee Agreement to stabilise prices -- were suspended a year
  ago after coffee prices soared in reaction to a drought in
  Brazil which cut its output by two thirds.
      Delegates and industry representatives predicted coffee
  prices could plummet more than 100 stg a tonne to new four year
  lows tomorrow in response to the results of the meeting.
  

"
training/8422	30	lumber	"TIMBER REALIZATION <TRX> TO SELL REMAINING ACRES
  Timber Realization Co said it has
  agreed to sell its remaining 50,000 acres of timberland
  property in Mississippi for about 11.3 mln dlrs in cash.
      Timber Realization, a limited partnership formed to dispose
  of timberlands and related properties transferred to it by the
  <Masonite Corp>, said that when this sale is completed the
  partnership will have received about 15.2 mln dlrs in cash and
  notes from the sale of its properties since December 23, 1986.
      The partnership said it will terminate before August 3,
  1987.
      Prior to that date, the partnership said it expects to form
  a liquidating trust to provide for unresolved claims and
  liablities.
      Timber Realization said the amount retained in that trust
  will depend on its experience in resolving open items up to the
  termination date, but it added it expects to retain a
  substantial amount in the trust.
      The partnership said it anticipates making a cash
  distribution of an as yet undetermined amount to unitholders at
  or before the liquidation trust's funding date.
  

"
training/8424	12	earn	"PIONEER SYSTEMS INC <PAE> YEAR NOV 29 LOSS
  Oper shr loss five cts vs loss 1.28 dlrs
      Oper net loss 155,000 vs loss 3,982,000
      Sales 37.1 mln vs 34.2 mln
      NOTE: Net excludes losses from discontinued fabric
  finishing operations of 3,431,000 dlrs vs 5,910,000 dlrs.
  

"
training/8425	12	earn	"AMERICAN SHARED HOSPITAL SERVICES <AMSH> YEAR
  Period ended December 31.
      Shr profit 11 cts vs loss 24 cts
      Net profit 224,271 vs loss 511,349
      Revs 7,258,688 vs 7,200,349
  

"
training/8426	12	earn	"GEO. A. HORMEL AND CO <HRL> 
  Qtly div 15 cts vs 15 cts previously
      Pay May 15
      Record April 18
  

"
training/8427	47	tin	"BOLIVIA'S TOP UNION LEADER JOINS MINERS FAST
  Bolivia's top union leader today joined
  a hunger strike by 1,300 state employed miners and workers to
  press for higher wages he said.
      Juan Lechin Oquendo, the veteran secretary general of the
  Bolivian Labour Organization, COB, told reporters: ""I am
  joining the fast to abide with our call for a hunger strike"".
      Lechin, 83, became one of 12 COB leaders to join a hunger
  strike to protest against the austerity programme of the
  government of president Victor Paz Estenssoro.
      The striking leader began his fast as leaders of 9,000
  miners employed by the state corporation COMIBOL were due to
  star negotiations on ways to solve their conflict over pay.
      About 1,300 miners and workers entered today their fourth
  day of fast in union offices and Roman Catholic churches to
  press for a substantial hike in Bolivia's minimum monthly wage,
  which is 40 bolivianos (about 20 dlrs), COB leader Walter
  Degadillo said.
      ""I will take part in the miners' negotiations because that
  does not force me to suspend my fast,"" Lechin told reporters.
      The COMIBOL miners' strike entered its fifth day to press
  for higher wages and more funds for the mining nationalised
  industry.
      About 20,000 miners, or two-thirds of the working force,
  have been laid off through the government's decision to
  streamline the deficit-ridden state corporation following a
  collapse in the international tin price.
      The government, faced with mounting social unrest against
  its economic policies, has called the miners' strike and fasts
  part of a campaign aimed at discrediting it during the visit of
  West German president Richard von Weizsaecker, who began a
  four-day visit last Friday.
      ""I regret not being able to attend an invitation by
  president Weizsaecker to a dinner tonight because I am on a
  hunger strike,"" Lechin told reporters. ""I also have to orga-
  nise the strike.""
      Weizsaecker is hosting a dinner tonight for Paz Estenssoro
  and had invited both Lechin and Victor Lopez, the miners'
  federation top leader. Although lopez has not joined the fast,
  union sources said its unlikely he would attend the dinner.
  

"
training/8428	0	acq	"TWO U.S. BANCORP <USBC> UNITS MERGE
  U.S. Bancorp's Pacific State
  Bank of Lincoln City said it plans to merge with U.S. Bancorp's
  U.S. National Bank of Oregon.
      Under the pact, Pacific State will become part of the U.S.
  Bank branch system.
      The company said the merger is expected to be completed
  after mid-year, following regulatory approval.
      All local staff and management will remain the same, it
  said.
  

"
training/8429	0	acq	"MTS ACQUISITION HAS NEGLIGIBLE NUMBER OF CAESARS WORLD SHARES

  MTS ACQUISITION HAS NEGLIGIBLE NUMBER OF CAESARS WORLD SHARES
  

"
training/8430	0	acq	"WOLVERINE <WWW> TO SELL TWO SUBSIDIARIES
  Wolverine World Wide Inc said
  it signed a letter of intent to sell to an investment group two
  subsidiaries, Kaepa Inc, an athletic footwear maker, and its
  international marketing arm, Kara International Inc.
      Terms were not disclosed.
      Wolverine said the action continues the restructuring
  operation begun last July to make the company more competitive
  and profitable. Wolverine said it will concentrate its effort
  in the athletic footwear market in its Brooks footwear
  division.
      Wolverine said it expects ""favorable results in the second
  half as a result"" of its restructuring. In 1986 it said
  restructuring helped improve its financial capabilities.
      The company reported a 12.6 mln dlr loss, or 1.75 dlrs a
  share, in 1986 due largely to a 9.0 mln dlr restructuring
  charge and a 4.0 mln dlr inventory evaluation readjustment
  taken in the second quarter.
      Since that time, it has sold two small retail operations,
  closed and consolidated five domestic footwear factories and
  closed about 15 retail locations.
  

"
training/8432	0	acq	"PACIFICARE <PHSY> IN TALKS TO ACQUIRE HMO
  PacifiCare Health Systems Inc
  said it is in negotiations to acquire Capital Health Care, a
  40,000 member health maintenance organization servicing Salem
  and Corvallis, Ore.
      The company said it will not disclose terms or other
  details of the acquisition until negotiations are completed.
  

"
training/8433	0	acq	"MTS ACQUISITION HAD TALKS WITH PRATT HOTEL, SOUTHMARK ON CAESARS WORLD PURCHASE

  MTS ACQUISITION HAD TALKS WITH PRATT HOTEL, SOUTHMARK ON CAESARS WORLD PURCHASE
  

"
training/8435	12	earn	"INITIALS PLUS <IINC> SEES SHARP SALES INCREASE
  Initials Plus said it expects sales in
  the year ending January 31, 1988 to exceed 10 mln dlrs.
      The company had sales last year of 256,000 dlrs.
      Initials said it expects to turn profitable some time in
  1988 and sees sales of 100 mln dlrs annually by the end of
  1989.
      The company said it now has over 100 personal retailers
  marketing its products and expects to have more than 1,000 by
  the end of 1987.
  

"
training/8438	0	acq	"SOSNOFF HAS SMALL NUMBER OF CAESARS <CAW> SHARES
  Martin T. Sosnoff said his <MTS
  Acquisition Corp> to date has received only a ""negligible""
  number of Caesars World Inc shares in response to its 28-dlr-
  per-share tender offer for all shares.
      Sosnoff also said he has held preliminary talks with Pratt
  Hotel Corp <PRAT> and Southmark Corp <SM> on forming a joint
  venture to enter into talks to acquire Caesars in a friendly
  transaction in which Sosnoff would have a 50 pct interest and
  Pratt and Southmark the remainder.
      Sosnoff said the talks with Pratt and Southmark are not
  being actively pursued at the presentand may or may not be
  continued in the future.  He said there could be no assurance
  that a joint venture would be formed or that Caesars would
  agreed to talks.  ""Several preliminary contacts with
  representatives of Caesars have not resulted in any indication
  that it wishes to enter into such negotiations,"" Sosnoff said.
      He said based on talks with staff members of gaming
  authorities, there can be no assurance that the necessary
  regulatory review of its bid for Caesars World can be completed
  by the original April Three expiration date.
      Sosnoff said it has extended the tender until May 15.  The
  bid remains subject to regulatory approvals and the arrangement
  of financing.
      Pratt, which owns the Sands Hotel and Casino in Atlantic
  City, N.J., where Caesars operates the Boardwalk Regency Hotel
  and Casino, recently waged an apparently unsuccessful campaign
  to acquire control of Resorts International Inc <RTA> against
  New York developer Donald Trump.  Southmark owns about 37 pct
  of Pratt Hotel.
      Caesars World's boasrd has urged rejection of the offer on
  the grounds that it is inadequate and has said it would
  investigate alternative transactions.  Sosnoff currently owns
  about 13.3 pct of Caesars World.
  

"
training/844	0	acq	"PAINEWEBBER<PWJ> UNIT UPS SHAER SHOE <SHS> STAKE
  Mitchell Hutchins Asset Management
  Inc, a New York investment firm and subsidiary of PaineWebber
  Group Inc, said it raised its voting stake in Shaer Shoe Corp
  to 76,000 shares, or 7.5 pct, from 52,100 shares, or 5.1 pct.
      In a filing with the Securities and Exchange Commission,
  Mitchell Hutchins said it bought 11,900 shares between Jan 8
  and Feb 24 at prices ranging from 12.125 to 12.75 dlrs a share
  and obtained voting control over another 12,000 shares.
      The firm has said it bought the stake as an investment on
  behalf of its clients, but said it has had discussions with
  Shaer management. It did not disclose the topic of the talks.
  

"
training/8441	0	acq	"TALKING POINT/WENDY'S INTERNATIONAL <WEN>
  Takeover speculation buoyed Wendy's
  International Inc's stock, even after Coca Cola Co took the
  fizz out of market rumors by denying it was an interested
  suitor.
      Wendy's retreated from an earlier high of 13-3/8, and lost
  a point when Coca Cola <KO> said the rumors were untrue.
  However, Wendy's remained up 5/8 at 12-3/8 on volume of more
  than three mln shares.
      Several analysts were skeptical of the rumors, yet they
  said they could not conclude a takeover of the fast food
  restaurant chain was impossible.
      Wendy's declined comment on takeover rumors of all kinds.
  Yet, a Wendy's spokesman said the company was aware of a
  Business Week article, which named Coke as a potential suitor
  and which market sources said helped ignite the rumor mill.
      Market sources mentioned Anheuser-Busch Inc <BUD> and
  Pepsico Inc <PEP> as alternatives to Coke as acquirers. Neither
  of those companies would comment, nor would the Wendy's
  official.
      ""It doesn't happen every day, every week, every month, but
  its not unusual for us to be linked with those companies,"" said
  Denny Lynch, Wendy's vice president of communications.
      However, Lynch would not comment specifically on the
  current market rumors.
      Even before Coke denied the rumors, analysts had been
  skeptical of a takeover since Atlanta-based Coke has stated it
  views fast food chains as customers and does not want to become
  a competitor to them.
      ""I can't put another name on it,"" said Kidder peabody
  analyst Jay Freedman as vaguer rumors continued to hold up
  Wendy's stock. ""It very well could be someone's interested.""
      But Freedman said he doesn't believe now is the right time
  for Wendy's to be sold.
      ""They're obviously having operational difficulties. I've
  always believed at the right price Wendy's would consider (an
  offer), but I can't believe this is the right price at the
  right time,"" Freedman said.
      ""If a transaction takes place, the buyer's going to control
  the situation,"" Freedman said.
      ""I just don't think there's anything going on. I don't
  think it's worth much more than where it is,"" said Joseph Doyle
  of Smith Barney.
      Analysts said Wendy's has suffered largely from the ""burger
  wars"" between itself, McDonald's Corp <MCD> and Pillsbury Co's
  <PSY> Burger King chain. Wendy's, the third largest fast food
  hamburger chain in the U.S., lost about 11 pct in same store
  sales last year, analysts said.
      Wendy's also fumbled when it introduced a high-priced
  breakfast, which it has since withdrawn, analysts said. Some
  analysts said the company should be bringing in new products,
  but it is too soon to predict a significant turnaround.
      There are analysts, however, who believe Wendy's may be
  vulnerable to a takeover.
      James Murren of C.J. Lawrence said Wendy's could be worth
  14 to 15 dlrs on a break-up basis. He said the company has
  improved its debt-to-equity ratio and Wendy's owns a high
  percent of its own restaurants - 38 pct of 3,500.
      ""They also have some attractive leaseholds on their
  restaurants,"" Murren said.
      Murren said that despite the downturn in sales last year,
  Wendy's real sales, store for store, turned upwards in the
  fourth quarter. ""That was about the first time in seven
  quarters,"" he said.
      Caroline Levy of E.F. Hutton also believes something could
  be going on with Wendy's. ""My gut feeling is something's going
  to happen. I don't know what,"" she said.
      She estimated a takeover price would be at least 15 dlrs
  per share.
      One analyst speculated that Coke became the rumored suitor
  because Wendy's decided to sell Coke at its fountains instead
  of Pepsi.
      Wendy's is currently embroiled in litigation brought by
  Pepsi, which holds a contract with the company, analysts said.
  Pepsi's soda is still sold in the Wendy's restaurants.
  

"
training/8447	12	earn	"PATIENT TECHNOLOGY INC <PTI> YEAR LOSS
  Shr loss 12 cts vs loss 63 cts
      Net loss 596,000 vs loss 2,934,000
      Revs 7,261,000 vs 6,600,000
      Year
      Oper shr loss 14 cts vs loss 1.28 dlrs
      Oper net loss 683,000 vs loss 5,824,000
      Revs 29.8 mln vs 22.7 mln
      Avg shrs 4,930,000 vs 4,546,000
      NOTE: Year net excludes losses from discontinued operations
  of 764,000 dlrs vs 5,152,000 dlrs.
  

"
training/8448	12	earn	"GEMINI TECHNOLOGY INC <GMTIF> YEAR LOSS
  Shr loss 74 cts
      Net loss 4,192,613
      Revs 2,928,021
      Note: 1986 net includes 3,095,000 dlr write-off tied to
  discontinuation of emulator board production.
      Co's 1st fl-yr of operation.
  

"
training/8449	12	earn	"SOCIETE GENERALE REPORTS HIGHER 1986 PROFITS
  France's Societe Generale <SGEN.PA> bank,
  which will be sold to the private sector in the second half of
  this year, reported increased profits for last year.
      Societe Generale, one of the three largest state-owned
  banking groups, said in a statement that its parent company
  profit for 1986 totalled 800 mln francs, up 21.2 pct on 1985's
  660 mln profit.
      This was in line with earlier forecasts of profit of
  between 770 and 800 mln francs.
      The bank's parent company gross operating profits were up
  5.4 pct at 21.34 billion francs against 20.24 billion in 1985.
      The increase in the bank's gross operating profits was
  mostly due to a rise in french franc deposits and personal
  loans as well as the development of its financial activities,
  Societe Generale said.
      Parent company net banking earnings last year were also up
  at 13.9 billion francs compared with 13.57 billion in 1985
  while operating costs totalled 7.44 billion francs against 6.67
  billion the previous year.
      Societe Generale President Marc Vienot said in December he
  expected group 1986 consolidated profits to rise to between 2.5
  billion and 2.6 billion francs from 1.62 billion in 1985.
  

"
training/8451	41	retail	"FRENCH HOUSEHOLD CONSUMPTION FALLS IN FEBRUARY
  French household consumption of
  industrial goods fell 1.1 pct seasonally adjusted to 21.32
  billion francs last month from 21.55 billion in January, the
  National Statistics Institute (INSEE) said.
      This brought consumption back down to the December 1986
  level, it added.
      INSEE said that the fall was due to a sharp decline in
  purchases of clothing, which were high in January due to the
  cold weather. The decline was partly compensated by a small
  rise in purchases of durable goods.
  

"
training/8453	15	gnp	"FRENCH ECONOMIC COUNCIL PESSIMISTIC ON 1987 GROWTH
  France's Economic and Social Council
  (CES), an advisory body comprising industrialists, trade
  unionists and representatives of other sectors of the French
  economy, said the country's annual growth may not reach two pct
  in 1987.
      French gross domestic product risks not reaching the two
  pct growth registered last year, the Council said in a report
  on first quarter 1987 economic activity without giving any
  specific forecasts. Finance Minister Edouard Balladur was
  quoted today as saying that French 1987 growth will probably be
  about two pct.
      Balladur said in an interview with the financial daily Les
  Echos that the country's economic growth will probably be about
  the same as last year due to a less favourable international
  environment.
      CES President Philippe Neeser said one of the major fears
  for the French economy this year was a resurge in inflation.
      Disinflation was an absolute priority, Neeser told
  journalists, adding that a failure to do this would be
  extremely serious as if would be very difficult to reverse for
  many years.
  

"
training/8454	12	earn	"UNIFORCE TEMPORARY <UNFR> SETS SPLIT
  Uniforce Temporary
  Personnel Inc said it declared a three-for-two stock split,
  payable May 15 to stockholders of record April 14.
  

"
training/8457	12	earn	"MANHATTAN NATIONAL CORP <MLC> 4TH QTR LOSS
  Oper shr loss 20 cts vs loss 81 cts
      Oper net loss 1,042,000 vs loss 4,077,000
      Revs 38.5 mln vs 50.3 mln
      12 mths
      Oper shr loss six cts vs loss 43 cts
      Oper net loss 336,000 vs loss 2,176,000
      Revs 137.8 mln vs 209.1 mln
      NOTE: qtrs 1986 and prior exclude net realized investment
  gains of 74,000 dlrs and 644,000 dlrs, respectively, and years
  1986 and prior exclude realized investment gains of 642,000
  dlrs and 1,979,000 dlrs, respectively.
  

"
training/8458	12	earn	"KIDDIE PRODUCTS INC <KIDD> YEAR NET
  Shr 1.25 dlrs vs 1.14 dlrs
      Net 472,254 vs 446,805
      Revs 21.4 mln vs 19.4 mln
  

"
training/846	12	earn	"TELECREDIT INC <TCRD> 3RD QTR JAN 31 NET
  Shr 32 cts vs 22 cts
      Net 3,454,000 vs 2,224,000
      Revs 33.2 mln vs 28.1 mln
      Nine mths
      Shr 64 cts vs 38 cts
      Net 6,935,000 vs 3,877,000
      Revs 86.8 mln vs 70.9 mln
  

"
training/8467	0	acq	"BELLSOUTH <BLS> COMPLETES PURCHASE FOR SHARES
  BellSouth Corp said it completed its
  previously-announced agreement to acquire <Dataserv Inc> for an
  exchange of shares.
      BellSouth said under the Nov 25, 1986, agreement, it
  exchanged one of its common shares for every 13.3 Dataserv
  common shares. The exchange reflects the Feb 23 three-for-two
  BellSouth stock split, the company said.
  

"
training/8472	0	acq	"REXHAM <RXH> GETS TAKEOVER OFFER
  Rexham Corp, a maker of
  packaging materials and machinery, said it received an
  unsolicited offer of 43 dlrs a share from Nortek Inc <NTK>.
      Nortek, a Providence, R.I., textile manufacturer, has
  disclosed it holds 381,050 Rexham shares, or about 9.1 pct of
  the outstanding, the company said.
      Rexham said it does not welcome the proposal but added its
  board will study the offer and respond in due course.
      Nortek has proposed paying half cash and half Nortek
  convertible preferred stock for Rexham, which has about 4.2 mln
  shares outstanding.
      The cash portion would include the amount previously paid
  for the Rexham stake and the terms of the convertible preferred
  stock would be negotiated, the company said.
      Rexham said it received the takeover offer in a letter from
  Nortek.
  

"
training/8475	12	earn	"BANCA D'AMERICA E D'ITALIA 1986 YEAR
  Net profits for year ended December 31
  1986 1.3 billion lire vs 47.3 billion
      Deposits from clients 3,691.0 billion lire vs 3,419.0
  billion
      Loans to clients 2,448.0 billion lire vs 2,181.5 billion
      Note: The bank, sold by Bankamerica Corp <BK.N> last
  December to West Germany's Deutsche Bank AG <DBKG.F>, said the
  sharp fall in net profit reflected various factors including
  higher set-asides for risk coverage and a high tax burden.
  

"
training/8478	10	crude	"ENERGY ANALYST PROPOSES U.S. OIL TARIFF
  Energy analyst Edward Krapels said
  the United States should consider an oil tariff to keep U.S.
  dependence on imports below 50 pct.
      ""On the supply side, the argument in favor of a contingent,
  variable import tariff is most persuasive,"" Krapels, president
  of Energy Security Analysis, Inc said in a statement at a House
  Energy and Power subcommittee hearing.
      ""An optimal tariff would be one implemented only if the
  international price of crude oil falls below, say, 15 dlrs a
  barrel. On the demand side, the obvious policy is an excise tax
  on transportation fuels,"" Krapels said.
      But William Johnson of the Jofree Corp disagreed with the
  oil tariff proposal, saying Congress should remove price
  controls on natural gas, repeal the windfall profits tax on oil
  companies, allow exports of Alaskan oil and provide tax
  incentives for U.S. oil production, or, at the least, preserve
  exisiting tax incentives for drilling. He also urging filling
  the Strategic Petroleum Reserve at a faster rate.
      Richard Adkerson of Arthur Andersen and Co told the
  subcommittee oil imports were expected to increase because
  funds for exploration and development of domestic oil sources
  cannot now be economically justified due to low oil prices.
  

"
training/8479	12	earn	"SECURITY CAPITAL <SCC> SUSPENDS DIVIDENDS
  Security Capital Corp said it has
  suspended quarterly cash dividend payments indefinitely.
      The company also said its board has withdrawn authroization
  for the company to buy its stock on the open market. Its
  previous dividend payment was five cts on February 24.
      Security Capital said this action was taken in response to
  its continuing operating losses, primarily at Benjamin Franklin
  Savings Association, a Houston-based subsidiary.
  

"
training/848	12	earn	"LASER PRECISION CORP <LASR> 4TH QTR NET
  Shr profit 14 cts vs profit two cts
      Net profit 452,723 vs profit 50,581
      Revs 5,065,543 vs 2,898,363
      Year
      Shr profit 45 cts vs loss 15 cts
      Net profit 1,276,472 vs loss 340,081
      Revs 16.0 mln vs 9,304,466
  

"
training/8480	12	earn	"AUDITORS LIFT QUALIFICATION ON BRUNSWICK <BC>
  Auditors of Brunswick Corp lifted a
  four year qualification on the company's financial statements,
  vice president-finance Frederick Florjancic told securities
  analysts here.
      The financial results for the diversified leisure and
  defense/aerospace company had been qualifed by Arthur Andersen
  and Co since 1982.
      The qualification related to certain tax liabilities,
  amounting to 65 mln dlrs, associated with a medical division
  sold by Brunswick in 1982, he said.
  

"
training/8481	12	earn	"ALC COMMUNICATIONS CORP <ALCC> 1986 LOSS
  Shr loss 4.63 vs loss 2.43
      Net loss 60,780,000 vs loss 28,898,000
      Rev 499.7 mln vs 432.1 mln
      NOTE: 1986 net includes loss of 49.9 mln dlrs for
  restructuring charges.
  

"
training/8487	12	earn	"LESCO INC <LSCO> 1ST QTR FEB 28 LOSS
  Shr loss 24 cts vs profit three cts
      Net loss 982,779 vs profit 104,418
      Revs 11.2 mln vs 12.3 mln
  

"
training/8488	12	earn	"SEISMIC ENTERPRISES INC <SEIS> 4TH QTR LOSS
  Shr loss eight cts vs profit 10 cts
      Net loss 714,905 vs profit 889,679
      Revs 1,091,461 vs 3,156,569
      Year
      Shr loss five cts vs profit 22 cts
      Net loss 422,037 vs profit 1,850,637
      Revs 6,642,490 vs 7,948,312
      Avg shrs 8,808,323 vs 8,412,822
  

"
training/8489	12	earn	"ALC <ALCC> ANTICIPATES 1ST QTR PROFIT
  ALC Communications Corp said
  that because of strong traffic growth and cost reductions it
  anticipates reporting a profit for the first quarter of 1987,
  versus a loss of 1.4 mln dlrs, or 15 cts a share, for the first
  quarter of 1986.
      Earlier, the company reported a net after-tax loss for 1986
  of 60.8 mln dlrs, or 4.63 dlrs a share, compared with a loss of
  28.9 mln dlrs, or 2.43 dlrs a share, in 1985.
  

"
training/849	0	acq	"REXNORD <REX> TO REDEEM RIGHTS
  Rexnord Inc said it will redeem
  all of its preferred stock purchase rights for 10 cts a right
  effective today.
      Rexnord said the rights will be redeemed because it is
  expected its shares will be tendered under a January 30
  takeover offer from Banner Acquisition Corp. The rights trade
  in tandem with Rexnord's common stock.
  

"
training/8490	12	earn	"VARLEN CORP <VRLN> DECLARES QTLY DIVIDEND
  Qtly div 15 cts vs 15 cts prior
      Pay April 30
      Record April 15
  

"
training/8491	12	earn	"ANALYSIS AND TECHNOLOGY INC <AATI> HIKES PAYOUT
  Annual div 11 cts vs 10 cts prior
      Pay April 24
      Record March 31
  

"
training/8493	10	crude	"IRAQ REPLACES OIL MINISTER IN BIG GOVT SHUFFLE
  Iraqi President Saddam Hussein carried
  out his first major government shakeup in five years tonight,
  naming a new oil minister in shuffling three posts.
      One minister was dropped in the shuffle, announced in a
  presidential decree. It gave no reason for the changes in the
  government of the Arab Baath Socialist Party which has ruled
  Iraq since a revolution in 1968.
      The decree named the head of the Iraqi National Oil Company
  (INOC), Isam Abdul-Rahim al-Chalaby, to take over as oil
  minister replacing Qassem Ahmed Taqi.
      Taqi, appointed oil minister in the last significant
  government reorganization in 1982, was moved to be minister of
  heavy industries.
  

"
training/8496	0	acq	"CAESARS <CAW> HAS NO COMMENT ON MTS TALKS
  Caesars World Inc declined
  immediate comment on news that Martin Sosnoff's <MTS
  Acquisition Corp> has held preliminary talks with two companies
  on the possibility of forming a joint venture to pursue the
  acquisition of Caesars.
      Earlier today MTS said it held talks with Pratt Hotel Corp
  <PRAT> and Southmark Corp <SM> on forming a venture to acquire
  Caesars.
      MTS also reported that it received a ""negligible"" number of
  Caesars World shares in response to its 28 dlr per share tender
  offer.
      Earlier this month Caesars World rejected the Sosnoff
  takeover bid and said it is considering alternatives that
  include a restructuring or sale of the company to another
  party.
  

"
training/8497	0	acq	"DIXONS SAYS CITICORP TO WITHDRAW CYCLOPS OFFER
  <Dixons Group PLC> said it received a
  letter on March 19 from Citicorp Capital Investors Ltd, part of
  the Cyacq investor group making a rival bid for Cyclops Corp
  <CYL>, proposing to drop the group's offer if Dixons would sell
  Cyclops industrial businesses to Citicorp.
      ""Cyacq's main equity investor appears ready to pull out and
  deal directly with us for merely part of the company"" said
  Dixons. ""It raises questions as to the strength of their
  consortium and the purpose of their offer.""
      Dixons also said a U.S. Federal Court had refused a request
  by counsel for Cyacq, Audio/Video Affiliates Inc <AVA> and a
  shareholder plaintiff to prevent Dixons from
  completing its tender offer for Cyclops. It also said the court
  refused to require Cyclops to provide Cyacq with confidential
  information previously provided to Dixons.
      On Friday Cyacq Corp, an investor group led by Audio/Video
  Affiliates and Citicorp, raised their offer for Cyclops to
  92.50 dlrs per share from 80 dlrs per share, if certain
  conditions were satisfied.
      Last week Dixons said it won out over rival bidders for
  Cyclops after getting 54 pct of Cyclop's oustanding with a
  90.25 dlr or 384 mln dlr tender offer that expired March 18.
      On Friday, Dixons agreed to reopen its tender offer until
  March 25, Wednesday.
      Dixons today called Cyacq's higher 92.50 dlr a share offer
  for Cyclops ""highly conditional.""
  

"
training/85	12	earn	"COMBUSTION ENGINEERING INC <CSP> REGULAR DIV
  Qtly div 25 cts vs 25 cts prior
      Pay April 30
      Record April 16
  

"
training/850	0	acq	"CANTREX UNIT TO MERGE WITH ONTARIO GROUP
  (Groupe Cantrex Inc) said it plans to
  merge a new wholly-owned subsidiary a merger agreement with
  (CAP Appliance Purchasers Inc), of Woodstock, Ontario, a group
  of about 400 appliance and electronics retailers.
      It said CAP shareholders will receive 140,700 first
  preferred Groupe Cantrex shares entitling the holders to
  receive 6.05 dlrs per share or the equivilant in class A
  subordinate voting Cantrex shares.
      The merger is effective April one and is subject to
  shareholder approval.         
  

"
training/8501	12	earn	"PRIMARK CORP <PMK> REGULAR DIVIDEND
  Qtly div 32.5 cts vs 32.5 cts in prior qtr
      Payable Mary 15
      Record April 15
  

"
training/8502	12	earn	"SAXON OIL DEVELOPMENT PARTNERS <SAX> IN PAYOUT
  Qtly div two cts vs two cts prior
      Pay May 15
      Record March 31
      NOTE: Full name Saxon Oil Development Partners LP.
  

"
training/8506	12	earn	"IBM <IBM> REBOUND SEEN BY BERNSTEIN ANALYST
  International Business Machines Corp,
  hit by a two-year earnings slump, should begin a come-back by
  the end of 1987 and post strong growth in 1988, analyst Rick
  Martin of Sanford C. Bernstein Co Inc said.
      ""There will be increasing momentum in earnings, albeit not
  until later this year,"" Martin said at a technology conference
  sponsored by the investment firm.
      Martin said the coming rebound reflects new product
  introductions in the mid-range area, rather than any drastic
  improvement in economic growth or U.S. capital spending.
      IBM, whose stock hit a 52-week low of 115-3/4 dlrs in
  mid-January, has come back lately. IBM was trading up 7/8 at
  149-1/2 dlrs.
      Analysts, computer industry executives, and the company
  itself, have highlighted the external economic factors
  hampering IBM's growth.
      But Martin said the product cycle was key to understanding
  the rise and fall of IBM and other computer companies, and
  pointed to Digital Equipment Corp <DEC> to support his view.
  ""By replacing the product line, earnings have soared,"" he said
  of DEC's line of VAX computers.
      In contrast to DEC, IBM faultered with an incompatible
  mid-range product line. A new computer code-named ""Fort Knox""
  was supposed to tie together a number of IBM's mid-range
  systems, but the product never got off the ground, he said.
      Instead, aspects of the computer were integrated into the
  IBM 9370 machine introduced last year, and other aspects should
  be unwrapped by 1988, Martin said. ""The major story will be a
  rebound in its mid-range business.""
      He said sales of IBM's mid-range computers fell about 13
  pct in 1986. But the new products will lead to 5.8 pct growth
  in mid-range computers this year and 30.7 pct growth in 1988.
      High-end computers, primarily the Sierra line, are coming
  to the end of their product life cycle. Although growing 22.5
  pct in the midst of IBM's sharply lower 1986 year, growth will
  drop to 1.5 pct in 1987 and 1.9 pct in 1988, he said.
      By 1988, overall revenue growth should rise to about 16
  pct, against 5.8 pct growth in 1987 and 2.4 pct in 1986, Martin
  said. Last year, IBM earned 4.8 billion dlrs on revenues of
  51.3 billion dlrs.
      Investors asked what this all meant to DEC, whose earnings
  and stock have been propelled by a strong slew of product
  introductions in the mid-range area.
      In response, Martin said he did not view IBM as a threat to
  DEC, nor DEC as a threat to IBM, because both companies were
  catering largely to existing customer bases, rather than
  stealing market share from one another.
  

"
training/8509	0	acq	"CITICORP (CCI) SEEKS CYCLOPS <CYL> STEEL UNIT
  Citicorp Capital Investors Ltd, a
  unit of Citicorp, said it wants to buy Cyclops Corp's steel
  assets from Dixons Group PLC and is willing to pay 124.4 mln
  dlrs, nearly 13 mln dlrs more than had been offered for the
  assets by Alleghany Corp.
      The disclosure of the Citicorp unit's interest in Cyclops'
  Industrial Group came in disclosure documents filed by Dixons
  Group with the Securities and Exchange Commission.
      Alleghany's MSL Industries Inc unit had agreed to buy the
  steel assets from Dixons Group for 111.6 mln dlrs.
      Dixons Group has tendered for all outstanding Cyclops
  shares at 90.25 dlrs a share in cash.
      The Citicorp unit said its higher offer came to about three
  dlrs more for each Cyclops share outstanding.
      As a condition of its offer, it said Dixons would have to
  increase the cash price it was to pay for each Cyclops share to
  93.25 dlrs in cash.
      Dixons on Friday extended the expiration time of its tender
  offer until midnight (EST) March 24.
  

"
training/851	0	acq	"INVESTMENT FIRM BOOSTS LDBRINKMAN <DBC> STAKE
  Two affiliated investment firms and
  the investment funds they control said they raised their
  combined stake in LDBrinkman Corp to 653,600 shares, or 10.9
  pct of the total outstanding from 585,600 shares, or 9.7 pct.
      In a filing with the Securities and Exchange Commission,
  Fidelity International Ltd, a Bermuda-based firm, said its
  funds bought 68,000 LDBrinkman common shares between Jan 5 and
  Feb 19 at prices ranging from 5.30 to 5.445 dlrs a share.
      Funds controlled by FMR Corp, a Boston-based investment
  firm affiliated with Fidelity, hold 251,100 shares, bringing
  the combined total to 653,600 shares, Fidelity said.
  

"
training/8510	12	earn	"BRUNSWICK <BC> SEES HIGHER 1987 FIRST QUARTER
  Brunswick Corp expects 1987 first
  quarter sales to be up ""dramatically"" and profits to ""do well,""
  chairman and president Jack Reichert said after a securities
  analysts meeting.
      He declined to be more specific.
      In the 1986 first quarter, Brunswick reported earnings of
  23.8 mln dlrs or 57 cts a share on sales of 396.7 mln dlrs.
      Reichart noted that results of its two newly-acquired boat
  manufacturing companies will be included in the company's first
  quarter report.
      Brunswick expects its recreation centers to benefit from
  increased attention to the sport of bowling resulting from
  acceptance in the 1988 Summer Olympics of bowling as an
  exhibition sport and as a medal sport in the 1991 Pan American
  Games, he said.
      He said field testing of a new bowling concept involving
  electronic features is being readied for test marketing this
  summer, and if successful, could ""materially benefit""
  operations.
      Brunswick is currently test marketing in California a
  health club facility adjoining a bowling center, he said.
      Turning to its defense operations, Reichert said he expects
  the division to receive significant contracts in the near
  future. At 1986 year end, Brunswick's defense contract backlog
  stood at 425 mln dlrs.
      Frederick Florjancic, vice president-finance, told analysts
  Brunswick was disappointed two credit rating services recently
  downgraded the company's debt which stood at about 665.4 mln
  dlrs at 1986 year end.
      ""We are confident we can service our debt and bring it down
  in the very near term,"" based on strong cash flow from
  Brunswick's expanded boat operations, Florjancic said.
      Shareholders at the company's April 27 annual shareholders
  meeting will be asked to approve an increase in the authorized
  common shares outstanding to 200 mln from 100 mln shares, a
  company spokesman said.
  

"
training/8512	0	acq	"MARK IV <IV> UNIT TO BEGIN CONRAC <CAX> TENDER
  Mark IV Industries Inc said it plans
  to begin a tender offer at 25 dlrs a share for all outstanding
  shares of Conrac Corp <CAX>, a Stamford, Conn., maker of
  control instruments and telecommunications products.
      Mark IV said it owns about 670,400 shares or about 9.9 pct
  of Conrac's outstanding shares.
      The offer, to be made through Mark IV Acquisition Corp, a
  wholly owned subsidiary, will not be conditioned on any minimum
  number of shares being tendered, the company said.
      The tender offer will be conditioned upon, among other
  things, the completion of financing arrangements.
      The terms and conditions of the offer will be described in
  documents to be filed with the Securities and Exchange
  Commission and mailed to Conrac shareholders as soon as
  possible.
      Bear Stearns and Co is expected to act as dealer manager
  for the offer, it said.
      A Conrac spokesman declined comment.
      Conrac has about 6.75 mln shares outstanding. Its shares
  closed off 1-3/8 at 21-1/8 as about 84,400 shares changed
  hands.
      Mark IV is a Williamsville, N.Y., maker of pastic products
  and industrial control equipment.
  

"
training/8513	12	earn	"WEATHERFORD <WII> SUSPENDS PREFERRED PAYOUTS
  Weatherford International said it
  suspended indefinitely payment of its regular quarterly
  dividend of 65.6 cts per share on its 2.625 convertible
  exchangeable cumulative preferred stock.
      Weatherford said this will be the sixth non-payment of the
  dividend on the stock. It said payment would have been on April
  15, 1987.
      Weatherford also said the holders of the preferred stock
  will have the right to elect two additional directors to the
  board of directors.
  

"
training/8514	0	acq	"MHI GROUP <MH> AFFILIATED WITH CEMETARY OFFER
  MHI Group Inc said it is
  affiliated with several investors who have entered into a
  letter of intent providing for the purchase of Star of David
  Memorial Gardens and Cemetery.
      The company said those investors will, under certain
  circumstances, cede their rights under the letter of intent and
  any definitive agreement to purchase the Fort Lauderdale, Fla.,
  funeral home and cemetery business to MHI.
  

"
training/8518	0	acq	"HARCOURT <HBJ> DISAPPOINTED WITH HARPER <HPR>
  Harcourt Brace Jovanovich Inc said it
  is disappointed that no negotiations with Harper and Row
  Publishers Inc are underway.
      Harcourt made a 50 dlrs a share unsolicited bid on March
  11.
      On March 17, Harcourt said three of its officers met with
  Harper's financial advisor but has had no discussions since
  then.
      Harcourt said it does not plan to increase its bid.
      Harcourt's bid was preceded by an earlier 34 dlrs a share
  bid by Theodore Cross.
      Harper had no response to Harcourt's announcement. Earlier
  today, Harper said a recently appointed special committee of
  independent directors had received expressions of interest from
  several domestic and foreign firms with respect to
  restructuring or acquisition transactions.
      Harper said no determination had been made as to any
  transaction and that its special committee is continuing in
  talks with interested parties in an effort to come to a
  conclusion in the near future.
  

"
training/852	12	earn	"ITT'S <ITT> HARTFORD UNIT POSTS 4TH QTR GAIN
  Hartford Insurance Group, a unit
  of New York-based ITT Corp, said higher worldwide premiums help
  boost net income for the 1986 fourth quarter to 88.6 mln dlrs,
  from net income of 36.7 mln dlrs for the 1985 quarter.
     For the full year, Hartford said it earned 329 mln dlrs, up
  from 151.4 mln dlrs in 1985.
      Hartford said results for the year were aided by a gain of
  46.5 mln dlrs on the sale of its remaining 52 pct stake in
  Abbey Life Group PLC. For 1985, the company posted a gain of
  14.3 mln dlrs on the sale of 48 pct of Abbey Life.
      Hartford said total property-casualty and life-health
  written premiums rose 25 pct in 1986, to eight billion dlrs,
  from 6.4 billion dlrs in 1985.
  

"
training/8520	12	earn	"CLUB MED INC <CMI> 1ST QTR JAN 31 NET
  Shr 41 cts vs 38 cts
      Net 5,630,000 vs 5,152,000
      Revs 97.1 mln vs 85.4 mln
  

"
training/8521	12	earn	"DRIVER-HARRIS CO <DRH> 4TH QTR NET
  Shr profit 22 cts vs loss 2.15 dlrs
      Net profit 271,000 vs loss 2,530,000
      Revs 16.3 mln vs 15.2 mln
      Avg shr 1,238,000 and 1,177,000
      12 mths
      Shr profit 82 cts vs loss 2.14 dlrs
      Net profit 982,000 vs loss 2,517,000
      Revs 66.5 mln vs 64.5 mln
      Avg shrs 1,193,000 vs 1,177,000
      NOTE: net loss 1985 yr and qtr includes a charge of
  1,042,000, or 89 cts per share, for expenses related to
  restructuring of company's domestic alloy business.
  

"
training/8526	12	earn	"COOPER DEVELOPMENT <BUGS> RESTATES RESULTS
  Cooper Development Co said it
  revised results for the year ended October 31 to a loss of 61.7
  mln dlrs, or 2.33 dlrs per share, down from the
  previously-reported loss of 12.1 mln dlrs, or 46 cts per share.
      The restatement was made because of change in the method of
  accounting for a combination of several company-controlled
  concerns that resulted in a 53.5 mln dlr charge, Cooper
  Development said.
      Last August Cooper Development combined its Cooper
  Biomedical Inc unit and its Cooper Laboratories subsidiary with
  Technicon Instruments Corp, a company acquired from Revlon Inc
  <REV>, a Cooper spokesman said.
      The spokesman said the transaction was accounted for as an
  acquisition, but the Securities and Exchange Commission took
  issue with the accounting method and said it should be
  accounted for as a reorganization of entities under common
  control.
      This treatment requires that the costs associated with the
  transaction be expanded rather than capitalized as an
  intangible asset, the company said.
      It also said that, since the charged required an expensing
  of previously accrued liabilities, the company will experience
  no resulting material change it its cash flow.
  

"
training/8528	12	earn	"AMBRIT INC <ABI> 4TH QTR JAN 31 NET
  Shr 28 cts vs nil
      Net 3,614,000 vs 7,000
      Revs 37.5 mln vs 7,835,000
      Year
      Shr 13 cts vs nil
      Net 1,601,000 vs 30,000
      Revs 145.5 mln vs 51 mln
      NOTE: Per share amounts are after payment of preferred
  stock dividends.
  

"
training/853	0	acq	"SEC PROBES 1986 TRE <TRE> TAKEOVER ATTEMPT
  The federal Securities and Exchange
  Commission (SEC) is looking for possible securities laws
  violations in connection with an unsuccessful 1986 bid by
  Hollywood producer Burt Sugarman to take over TRE Corp,
  attorneys contacted by SEC investigators said.
      During the takeeover attempt, a unit of Sugarman's Giant
  Group Ltd at one point held a 9.9 pct stake in TRE.
      It had help in that effort from Jefferies Group Inc, a Los
  Angeles investment banking firm which sold it an option on a
  portion of the shares Sugarman eventually acquired.
      In addition, a company controlled by Sugarman raised 35 mln
  dlrs in a debt offering underwritten by Drexel Burnham Lambert
  Inc with help from Jefferies, and used a portion of the
  proceeds to buy TRE stock.
      Finally, Reliance Group Holdings Inc acquired nearly six
  pct of TRE, according to an SEEC filing.
      The attorneys, who asked not to be identified, said the SEC
  was investigating whether Sugarman and other firms with TRE
  holdings were working together without disclosing their
  cooperation, as would be required by the federal securities
  laws.
      One attorney said SEC probers also were examining whether
  Sugarman and Drexel had made adequate disclosures of its
  intended usage of the proceeds in the prospectus for the 35 mln
  dlr bond offering.
      A TRE spokesman confirmed that TRE, since December a unit
  of Aluminum Co of America, had been contacted by SEC
  investigators and was cooperating with the probe.
      The spokesman added that TRE Chairman Leopold Wyler had
  been interviewed by the SEC probers.
      A Jefferies spokesman said the SEC had asked for
  information a few months ago as part of an informal probe.
      The spokesman said Jefferies had cooperated with the agency
  and had heard nothing more since that time.
      ""To the best of our knowledge, Jefferies is not the target
  of a formal SEC investigation"" in connection with the TRE bid,
  he said.
      A Drexel spokesman acknowledged that his firm had
  underwritten the debt offering for Sugarman but added:
      ""We had nothing to do with TRE.""
      As a matter of policy, the SEC routinely declines to
  comment on its enforcement activities.
  

"
training/8530	12	earn	"<ATLANTIS INTERNATIONAL LTD> YEAR LOSS
  Shr loss 35 cts vs profit six cts
      Net loss 3,555,293 vs profit 649,715
      Revs 4,451,732 vs 3,910,652
      Note: 1986 net includes 3.7 mln dlr writedown of oil and
  gas properties.
  

"
training/8533	12	earn	"AMERICAN EXPRESS DECLARED A TWO-FOR-ONE STOCK SPLIT 

  AMERICAN EXPRESS DECLARED A TWO-FOR-ONE STOCK SPLIT 
  

"
training/8534	12	earn	"AMERICAN EXPRESS RAISES QTLY DIVIDEND TO 38 CTS FROM 36 CTS

  AMERICAN EXPRESS RAISES QTLY DIVIDEND TO 38 CTS FROM 36 CTS
  

"
training/8536	0	acq	"AMERICAN EXPRESS BOARD APPROVED NIPPON LIFE PURCHASE OF SHEARSON INTEREST

  AMERICAN EXPRESS BOARD APPROVED NIPPON LIFE PURCHASE OF SHEARSON INTEREST
  

"
training/8540	12	earn	"UNITED ILLUMINATING CO <UIL> TWO MONTHS FEB 28
  Shr 1.51 dlr  vs 1.08 dlr
      Net 23.1 mln vs 18.2 mln
      Oper revs 81.1 mln vs 86.5 mln
      12 mths
      Shr 6.41 dlrs vs 5.77 dlrs
      Net 106.5 mln vs 99.2 mln
      Oper revs 465.8 mln vs 509.8 mln
      NOTE: 1987 periods do not reflect the terms of earnings
  stipulation agreement among the company and various departments
  submitted for approval on March 18.
  

"
training/8541	12	earn	"DATA CARD <DATC> SEES LOWER YEAREND RESULTS
  Data Card Corp said it does not
  expect to meet its earnings and revenue targets for the fiscal
  year ending March 28.
      Earlier, the company said it expected earnings per share
  from continuing operations to be 35 to 45 cts a share. Now it
  sees that figure at 15 cts a share, or about 1.5 mln dlrs.
      Data Card said it expects revenues for the year in the
  range of 170 mln to 175 mln dlrs, down from a previous estimate
  of 180 mln to 185 mln dlrs.
      It said integration of Addressograph Farrington Inc, a
  private company acquired on Aug 25, 1986, is proving more
  difficult than expected. The company reported revenues of 154
  mln dlrs and net income of 10.6 mln dlrs in fiscal 1986 ended
  March 26, 1986.
  

"
training/8543	0	acq	"DU PONT <DD> UPS STAKE IN PERCEPTIVE SYSTEMS
  Du Pont Co has increased its equity
  stake in <Perceptive Systems Inc> to 33.5 pct from 20 pct,
  Perceptive Systems said.
      Perceptive Systems, a venture capital firm based in
  Houston, makes digital imaging equipment.
  

"
training/8544	0	acq	"QUAKER OATS <OAT> SELLS VERNELL'S FINE CANDIES
  Quaker Oats Co said Keystone Partners
  Inc has purchased Vernell's Fine Candies Inc, previously an
  indirect subsidiary of Quaker. The price was not disclosed.
      It said Vernell's, based in Bellevue, Wash., had annual
  sales exceeding 30 mln dlrs. Vernell's was acquired by Quaker
  in its acquisition of Golden Grain Macaroni Co in August 1986.
  

"
training/8545	12	earn	"LINCOLN SAVINGS <LNSB> SETS FIRST PAYOUT
  Lincoln Savings Bank said its
  board declared an initial dividend of 10 cts per share, payable
  April 17 to shareholders of record April 10.
  

"
training/8546	0	acq	"GRAPHIC INDUSTRIES <GRPH> ENDS BUYOUT TALKS
  Graphics Industries Inc said it
  terminated negotiations for the acquisition of <Holladay-Tyler
  Printing Corp>, Rockville, Md.
      The companies on March 10 announced that they had signed an
  agreement in principle for the acquisition.
      No reason was given termination of the negotiations.
  

"
training/8547	12	earn	"UNITED <UIL> PACT MAY LOWER NONCASH INCOME
  United Illuminating Co said
  that if the Department of Utility Controls approves an earnings
  stipulation agreement submitted March 18, it will reduce
  through accounting procedures its 1987 noncash earnings by 16
  mln dlrs or 1.15 dlr per share.
      For the two month period ended February 28, 1987, it said
  the amount of the reduction would amount to 19 cts per share.
  Earlier, it reported net income for the two-month period of
  23.1 mln dlrs of 1.51 dlr a share.
      United said the approval would lead it to an equity return
  level comparable with the electric utility industry average.
  

"
training/8553	10	crude	"HUGHES' U.S. RIG COUNT RISES TO 784
  U.S. drilling activity rose last week
  with the number of working rotary rigs up by 23 to 784, against
  1,063 working rigs one year ago, Hughes Tool Co. said.
      The improvement was the first increase this year in the
  weekly rig count, which had dropped steadily since early
  January when a total of 962 rotary rigs were working.
      Among individual states, Texas and Oklahoma reported the
  biggest gains in drilling last week with increases of 21 and
  11, respectively. California and Louisiana were each up by
  three and Wyoming gained two additional working rigs.
      Hughes Tool said it counted a total of 692 rigs drilling on
  land, 74 rigs active offshore and 18 drilling in inland waters.
  In Canada, the rig count was up by two to 183, against 324 one
  year ago.
  

"
training/8554	48	trade	"AMSTUTZ SAYS FARM TRADE ACCORD POSSIBLE IN 1988
  U.S. Agriculture undersecretary
  Daniel Amstutz said it is possible to reach a global agreement
  to scale-back agricultural supports in calendar 1988.
      Speaking to a Senate Agriculture Appropriations committee
  hearing, Amstutz said ""I think we can reach agreement in
  calendar 1988.""
      Amstutz said the U.S. places a high priority on the Uruguay
  round of global trade talks.
      His comments followed a statement by Secretary of State
  George Shultz last week urging agriculture be the highest
  priority item during the upcoming summit of western heads of
  state in Venice, Italy.
  

"
training/8555	12	earn	"CAMPBELL RED LAKE MINES LTD <CRK> QTLY DIV
  Qtly div 10 Canadian cts vs 10 Canadian cts prior
      Pay May 25
      Record April 20
  

"
training/8556	12	earn	"STOKELY USA INC <STKY> REGULAR DIVIDEND SET
  Qtly div three cts vs three cts previously
      Pay April 15
      Record April One
  

"
training/8558	0	acq	"COOPER SAYS OFFER MUST INCLUDE CLASS A SHARES
  <Cooper Canada Ltd> said it told those
  who have expressed interest in acquiring control of the company
  that it would entertain no offer unless it were made to holders
  both of class A non-voting shares and voting common.
  

"
training/8559	12	earn	"KINGS ROAD ENTERTAINMENT <KREN> 3RD QTR LOSS
  Qtr ended Jan 31
      Shr loss seven cts vs loss 64 cts
      Net loss 367,000 vs loss 3,009,000
      Revs 2,516,000 vs 8,787,000
      Nine mths
      Shr loss 73 cts vs loss 1.17 dlrs
      Net loss 3,545,000 vs loss 4,573,000
      Revs 6,768,000 vs 13.3 mln
  

"
training/8562	12	earn	"STERIVET LABS <STVTF> SETS STOCK SPLIT
  Sterivet Laboratories Ltd said it
  authorized a three-for-one split of its common stock.
      The company said the stock split is subject to approval by
  its shareholders at its upcoming annual meeting.
  

"
training/8563	32	money-fx	"CHICAGO FUTURES LEADER SAYS MARKETS CAN ADAPT
  Foreign currency futures
  markets would not be harmed if the leading industrial countries
  agreed to restrict currency movements to within a narrow band,
  said Leo Melamed, chairman of the Chicago Mercantile
  Exchange's, CME, executive committee.
      ""The target zone would not affect our market I think at
  all.... A 10 pct range in the Deutsche mark gives us a healthy
  market,"" Melamed told Reuters in an interview.
      ""We were willing to live in the old Smithsonian era with a
  four pct shift,"" he said, referring to permitted currency
  fluctuations in the early 1970s. ""One thing you can adjust is to
  make each contract a larger value.""
      As chairman of the CME in 1969-71, Melamed was instrumental
  in the development of currency futures, which now are crucial
  to the Chicago exchange.
      Melamed said capital flows -- which he estimated can
  approach 200 billion dlrs a day -- would overwhelm efforts by
  governments to control currency fluctuations.
      ""They can do it for a day, in terms of intervention, an
  hour, a week maybe, but not over a period of time. So it's
  unrealistic and it doesn't work and it's unnecessary.""
      The CME's top policymaker also said a decision by the
  exchange to advance the quarterly settlement time of its stock
  index futures contract to the morning from the afternoon would
  help eliminate dramatic price gyrations in futures and equity
  markets on so-called ""triple-witching"" day.
      ""We think that the settlement in the morning will have a
  salutary effect so that over a longer period of time I think
  this issue (triple witching) will go away because of the change
  in the structure as of next June,"" when the move is scheduled to
  go into effect, he said.
      Melamed said proposed changes in floor practices by traders
  of the popular Standard and Poor's 500 stock index future would
  address complaints of trading abuses and stimulate trading.
      Two weeks ago, the CME board of directors proposed barring
  brokers on the top step of the pit from trading for their own
  account. The board also proposed requiring brokers engaged in
  dual trading elsewhere in the pit to record personal trades to
  the nearest minute and curbing trading between broker groups.
      The changes ""will in time have an extremely positive effect
  on the marketplace. That's going to prove very, very
  instrumental in increasing volume over time,"" he said,
  predicting the increase would come within a year.
      Melamed, also chairman of Dellsher Investment Co Inc, said
  the CME last week withdrew a proposal to put a 12-point limit
  on the S and P 500 index's daily price movement when the
  Commodity Futures Trading Commission told the exchange it could
  not be a temporary program.
      The CME also received ""many negative comments, many more
  than we anticipated,"" Melamed conceded. Many futures commission
  merchants predicted sell orders would accelerate in the event
  the price approached the bottom limit.
  

"
training/8565	12	earn	"TCBY ENTERPRISES INC <TCBY> 1ST QTR FEB 28 NET
  Shr eight cts vs five cts
      Net 1,370,898 vs 823,988
      Sales 7,786,730 vs 4,383,825
      Avg shrs 17,744,333 vs 17,071,236
      NOTE: Per-share amounts adjusted for three-for-two stock
  splits in April and July, 1986
  

"
training/8567	0	acq	"HECLA <HL> BUYS STAKE IN GREENS CREEK VENTURE
  Hecla Mining Co said it agreed to buy a
  28 pct stake in the Greens Creek joint venture from Amselco
  Minerals Inc, a unit of British Petroleum PLC's <BP> BP North
  America Inc unit.
      The Greens Creek venture is engaged in final project
  engineering of a gold-silver-lead-zinc ore body on Admiralty
  Island, about 15 miles southwest of Juneau, Alaska.
      Hecla said it estimates its total investment in the
  project, including its share of production costs, will be about
  45 mln dlrs.
  

"
training/8569	12	earn	"SPRINT OPTIMISTIC DESPITE LOSSES
  US Sprint, the 50-50 telephone venture
  of GTE Corp <GTE> and United Telecommunications Inc <UT> set up
  last June, is optimistic despite expecting to report a net loss
  of about 500 mln dlrs this year.
       David M. Holland, president of US Sprint's Dallas-based
  Southwest Division, told Reuters in an interview that he did
  not know what it would report for the first quarter, but agreed
  that for the year the company should have about the same
  results as last year when it lost ""about 500 mln dlrs.""
       He noted the company was slated to spend 2.3 billion dlrs
  over ""two plus years"" to set up its network.
  
      Holland added that Sprint was still paying almost 500 mln
  dlrs a year to American Telephone and Telegraph Co (T) in order
  to lease its lines.
       He said 16,000 miles of its 23,000 mile fiber optic
  telephone line are now ""in the ground,"" and 7,000 miles are
  operable.
       By the end of the year, he said, 90 pct of the company's
  subscribers will be carried on its fiber optic lines (instead
  of leased ATT lines), compared with 60 pct by the end of the
  second quarter.
      Fiber optic lines, which send digital light impulses along
  microscopic glass lines, is quicker, more accurate and more
  economical than traditional copper cables. A fiber optic line
  the diameter of a dime can carry the same amount of information
  as a copper cable 20 feet in diameter.
       ""By the end of the year, we will have the capacity to
  carry 50 pct of all U.S. long distance phone calls,"" Holland
  said.
      He said ATT currently controls about 80 pct of the U.S.
  long distance market, with MCI Communications Corp <MCIC> about
  10 to 12 pct and Sprint five to seven pct.
       Holland said Sprint's rates, which were 50 pct lower than
  ATT when it did not pay to gain access to local telephone
  exchanges, were now about 10 to 12 pct lower now that all the
  companies have equal access. He said the company was cutting
  back its advertising by about 30 pct this year.
       At the same time, he said Sprint had increased its total
  number of customers to four mln from two mln from July 1986 to
  last January.
      ""We've captured the fiber high ground, shown the importance
  of it,"" he said.
       Concerning the deregulation of ATT, Holland said he
  believed ATT ""should be given some flexibility, but should be
  regulated on pricing plans.""
       ""They're so dominant in the market place,"" he said, adding
  that ATT should be deregulated when ""there is true competition
  in the marketplace.""
       ""It takes time to prove ourselves and a lot of money,"" he
  said, adding, ""maybe two to four years out, it's hard to say.""
      Holland said he was not concerned about talk that Sprint's
  two owners might be squabbling or that corporate raiders, such
  as the Belzberg family in Canada, might be putting pressure on
  them to sell off their loss-making Sprint holdings.
       ""They are two excellent partners who have stated time and
  time again their support of US Sprint,"" he said, adding that he
  was ""amazed"" at industry talk that the two companies might be
  arguing. ""There's no evidence of that,"" he said.
       He said Sprint's progress in such areas as revenues,
  number of customers and construction was on track, even ""ahead
  in many areas.""
      Looking beyond the United States, Holland said Sprint
  currently had direct access to 34 countries and aimed to be in
  90 pct of the Free World nations by 1988.
      ""We want to be in every country that ATT serves,"" he said.
      He said Sprint currently does not have access to Mexico but
  was working on it.
       He noted negotiations between Mexico and GTE Sprint, the
  forerunner of US Sprint, had been broken off by the September
  1985 earthquake which had devastated the nation's telephone
  network.
  

"
training/857	43	ship	"CANADIAN SEAFARERS THREATEN STRIKE
  Canadian seafarers are almost certain
  to go on strike this spring in a refusal to meet rollbacks in
  wages and benefits asked for by their employers, Seafarers'
  International Union official Roman Gralewicz said.
      ""It's 99.9 percent--I guarantee you a strike,"" Gralewicz
  said in an interview.
      The union represents about 2,300 workers on the Great Lakes
  and Canada's East and West coasts. Contract talks broke off in
  January and a conciliator has been appointed to try to help
  settle the dispute. The current contract expires at the end of
  March.
      The seafarers' employers are also asking for a reduction in
  crew levels, a move which the union said would cost about 400
  jobs.
  

"
training/8571	0	acq	"AVALON <AVL> STAKE SOLD BY DELTEC
  Avalon Corp said that <Deltec
  Panamerica SA> has arranged to sell its 23 pct stake in Avalon
  and that Deltec's three representatives on Avalon's board had
  resigned.
      An Avalon spokeswoman declined to indentify the buyer of
  Deltec's stake or give terms of the sale.
      In addition, Avalon said three other directors resigned. It
  said Benjamin W. Macdonald, a director of <TMOC Resources Ltd>,
  the principal holder of Avalon stock, and Hardwick Simmons, a
  vice chairman of Shearson Lehman Bros Inc, were then named to
  the board.
  

"
training/8572	0	acq	"QUAKER OATS <OAT> SELLS UNIT TO KEYSTONE
  The Quaker Oats Co said it sold
  its Vernell's Fine Candies Inc unit to privately-held Keystone
  Partners Inc for an undisclosed price.
      The company said Vernells had sales of around 30 mln dlrs
  in the year ended in August, 1986.
      Quaker Oats acquired Vernells in August, 1986 when it
  purchased Golden Grain Macaroni Co.
  

"
training/8577	12	earn	"CLABIR CORP <CLG> 4TH QTR JAN 31 NET
  Shr profit 26 cts vs loss two cts
      Net profit 6,194,000 vs loss 170,000
      Revs 100.0 mln vs 7,854,000
      Avg shrs 10.7 mln vs 8,787,977
      Year
      Shr profit two cts vs loss 17 cts
      Net profit 7,169,000 vs loss 1,461,000
      Revs 421.4 mln vs 51.1 mln
      Avg shrs 9,604,474 vs 8,807,709
     
  Reuter...
  

"
training/8578	32	money-fx	"U.K. PROFITTED FROM AUTUMN INTERVENTION - LAWSON
  Britain has reaped profits by using a
  stronger pound to buy back dollars used by the government last
  autumn to support sterling during a currency crisis, Chancellor
  of the Exchequer Nigel Lawson said.
      He said in a parliamentary debate, ""I can now tell the House
  (of Commons) that the dollars that were sold from the reserves
  in September and October (1986) have subsequently all been
  repurchased - at a profit of some tens of millions of pounds.""
      Hindsight had proved him right to resist market pressures
  then for a two percentage point interest rate rise, he said.
  The increase in base rates was instead limited then to one
  point.
      During a debate on the 1987/88 British budget which Lawson
  unveiled last week, he said that ""during the period of foreign
  exchange market turbulence which followed the somewhat
  inconclusive Group of Five and Group of Seven meetings at the
  end of September, I authorised the Bank of England to intervene
  unusually heavily in order to buy breathing space that would
  enable me to confine the interest rate rise to one pct rather
  than the two pct the market was then pressing for.""
      He said that that one percentage point increase, effected
  in October 1986, had been reversed by this month's two half
  point cuts in banks' base lending rates. They are now at 10
  pct.
      Treasury figures show that the underlying change in British
  reserves - seen as a guide to possible Bank of England
  intervention on foreign exchange markets - suggest that the
  authorities sold around 1.0 billion dlrs during September and
  October 1986, government sources said.
  

"
training/8579	12	earn	"BAY FINANCIAL CORP <BAY> 3RD QTR FEB 28
  Shr loss 1.34 dlrs vs profit two cts
      Net loss 4.5 mln vs profit 46,000
      Revs 7.6 mln vs 8.9 mln
      Nine months
      Shr loss 1.41 dlrs vs loss two cts
      Net loss 4.7 mln vs loss 76,000
      Revs 30.2 mln vs 23.8 mln
      NOTE:1986 includes gain on disposition of investments of
  2,454 dlrs in 3rd qtr and 5,306 dlrs in nine months
  respectively. 1987 includes gain on disposition of investments
  of five dlrs in 3nd qtr and 7,052 dlrs in nine months.
  

"
training/8580	12	earn	"CORRECTED - MANHATTAN NATIONAL<MLC>4TH QTR LOSS
  Oper shr loss 20 cts vs loss 81 cts
      Oper net loss 1,042,000 vs loss 4,077,000
      Revs 38.5 mln vs 50.3 mln
      12 mths
      Oper shr profit six cts vs loss 43 cts
      Oper net profit 336,000 vs loss 2,176,000
      Revs 137.8 mln vs 209.1 mln
      (Company corrects to show profit rather than a loss for
  current 12 mths oper shr and oper net.)
  

"
training/8581	12	earn	"AMBRIT INC <ABI> 4TH QTR JAN 31 NET
  Shr 28 cts vs nil
      Net 4,568,000 vs 7,000
      Revs 37.5 mln vs 7,835,000
      Year
      Shr 13 cts vs nil
      Net 5,011,000 vs 30,000
      Revs 145.5 mln vs 51.0 mln
      Note: Current year results includes revs of 87.2 mln dlrs
  from Chocolate Co Inc, which was acquired in March 1986.
      Note: Shr results after preferred dividend payments of
  954,000 dlrs for current qtr and 3,410,000 dlrs for current
  year.
      Net includes gains from sale of investment in Sheraton
  Securities International of 5,807,000 dlrs vs 928,000 dlrs for
  qtr and 8,705,000 dlrs vs 928,000 dlrs for year.
      Net also includes extraordinary loss from early retirement
  of debt of 303,000 dlrs for year-ago 12 mths.
  

"
training/8582	12	earn	"COMMUNICATIONS CORP OF AMERICA 2ND QTR DEC 31
  Shr loss 33 cts vs loss 48 cts
      Net loss 1.7 mln vs loss 2.5 mln
      Revs 6.3 mln vs 10.2 mln
      Six months
      Shr loss 54 cts vs loss 75 cts
      Net loss 2.8 mln vs loss 3.9 mln
      Revs 15.2 mln vs 23.4 mln
  

"
training/8585	23	ipi	"CBI SURVEY POINTS TO SURGE IN U.K. OUTPUT
  British manufacturers expect output to
  grow rapidly in the four coming months, a Confederation of
  British Industry (CBI) survey shows.
      The CBI's monthly trends survey for March shows that 43 pct
  of the 1,685 polled U.K. Firms expect to raise output in the
  next four months. Only nine pct expect output to fall while 47
  pct said production would likely remain unchanged.
      The CBI said the positive balance between firms expecting
  production to rise and those forecasting a fall, at 34 pct, was
  the highest such figure recorded since 1977.
      In the CBI's February survey, 37 pct of companies expected
  a rise in output while 54 pct forecast production would remain
  at present levels and eight pct expected production to drop.
      The survey also showed that 23 pct of the polled companies
  consider current order books to be above normal while 58 pct
  view them as normal and only 19 pct regard them as below
  normal.
      This was the highest positive balance since the question
  was first asked more than 10 years ago, the CBI said.
      In February, the figures were 24 pct, 22 pct and 54 pct
  respectively.
      Companies also rated their export possibilities higher. Of
  all polled companies, 23 pct rated their export order books to
  be above normal and 53 pct described them as normal while only
  23 pct believed export orders were below normal levels.
      In February, 25 pct thought their export books were below
  normal and 50 pct believed them to be about normal. At 23 pct,
  the proportion of companies rating their export books above
  normal was unchanged between February and March.
      On prices, the survey showed that 62 pct of companies
  expect average prices at which domestic orders are booked will
  remain unchanged in the coming four months, up from 57 pct in
  February.
      From 38 pct in February, only 31 pct of firms now expect
  prices to rise before July. Six pct forecast prices will fall,
  against four pct a month earlier.
      Commenting on the survey, CBI economic situation committee
  chairman David Wigglesworth said sterling's more competitive
  level against many European currencies had improved exports.
      ""But interest rates are still much higher than in our
  competitor countries and British manufacturers will still have
  to work hard to win new business both in overseas markets and
  in the substitution of British-made goods for imports here at
  home,"" he said.
  

"
training/8586	32	money-fx	"TOKYO - Bank of Japan buys small amount of dollars, dealers said

  TOKYO - Bank of Japan buys small amount of dollars, dealers said
  

"
training/8587	32	money-fx	"Miyazawa says time has come for major nations to act on exchange rates

  Miyazawa says time has come for major nations to act on exchange rates
  

"
training/8588	32	money-fx	"MAJOR NATIONS MUST ACT ON CURRENCIES - MIYAZAWA
  Finance Minister Kiichi Miyazawa said the
  time has come for major industrialised nations to take action
  on exchange rates in line with their agreement last month in
  Paris.
      In Paris, Britain, Canada, France, Japan, the U.S. And West
  Germany agreed to coooperate to hold currency rates around
  their then current levels.
      Miyazawa would not say what specific measures major nations
  would take, but told reporters the measures had been discussed
  in Paris. The dollar fell to a record low against the yen this
  morning, piercing the 150 yen barrier.
  

"
training/859	12	earn	"DALLAS CORP <DLS> 4TH QTR LOSS
  Oper shr loss 22 cts vs profit 10 cts
      Oper net loss 1,626,000 vs pofit 702,000
      Revs 98.3 mln vs 105.1 mln
      12 mths
      Oper shr profit 18 cts vs profit 82 cts
      Oper net profit 1,293,000 vs profit 5,940,000
      Revs 396.2 mln vs 396.7 mln
      Note: Oper net excludes loss from discontinued operations
  of 2,112,000 dlrs or 39 cts a share for year-ago qtr and
  2,036,000 dlrs or 1.10 dlrs a share for year-ago 12 mths.
  

"
training/8592	48	trade	"YEUTTER SEES GATT CONSENSUS ON FARM TRADE REFORM
  U.S. Trade Representative
  Clayton Yeutter said trade ministers meeting here have reached
  a general consensus on agricultural trade reform under the
  latest Uruguay round of the General Agreement on Tariffs and
  Trade (GATT).
      Yeutter gave no precise details of the understanding but
  told journalists the consensus covers the principles involved
  in agricultural trade reform and what needs to be done to
  improve the global situation in agriculture.
      Delegates from 22 countries are meeting informally to
  discuss progress made since the latest GATT round was launched
  in Punta del Este, Uruguay, last September.
      Yeutter said ""at least people seem to be going down the same
  road...But how that translates ultimately into negotiations is
  another matter entirely.""
      There seems to be an understanding of the need to deal with
  the problem quickly and ""a more common understanding of how we
  are going to get from here to there,"" Yeutter said.
      However, the hard work is still to come, with a couple of
  years of tough negotiations ahead, he said.
      ""It is ludicrous for the nations of the world to plough
  immense amounts of financial resources into the production of
  items that nobody wants to buy,"" he said.
      He said the long-term answer is to switch some of the
  financial resources now committed to agriculture to other more
  productive areas. This would help agriculture because some its
  inefficient non-productive segments would stop operating, he
  said.
      Individual segments in many countries may lose in the
  process, but it should result in a more rational system of
  world-wide production within 10 or 15 years, he said.
      It is important that the agriculture negotiations reach a
  relatively early conclusion because the U.S. Is spending 26
  billion dlrs a year and the European Community probably more
  than that, which is an ineffective use of financial resources,
  he said.
      Asked about the prospect of a priority for agriculture in
  the negotiations, he said ""one has to be politically
  realistic... If there is any chance of getting it (agricultural
  trade reform) done in two to three years it's going to have to
  be as part of a larger package.""
  

"
training/8595	12	earn	"SWIRE SEEN REPORTING 20 PCT RISE IN 1986 PROFIT
  Swire Pacific Ltd <SWPC.HKG> is
  likely to show a more than 20 pct rise in 1986 operating
  profits when it reports results tomorrow, reflecting gains in
  its aviation and property businesses, share analysts said.
      Analysts polled by Reuters estimated after-tax profits from
  operations will be between 1.525 billion and 1.8 billion dlrs
  compared with 1.23 billion in 1985.
      They also said Swire will have an extraordinary gain of
  about 1.38 billion dlrs from the flotation of its Cathay
  Pacific Airways Ltd <CAPH.HKG> unit last May.
      Swire had an extraordinary gain of 59.1 mln dlrs in 1985.
      Share analysts said Swire will set a 36 cent final dividend
  for its ""A"" shares, making a total of 54 cents, after 47 cents
  adjusted for a two-for-one bonus issue in 1985.
      Aviation and properties together account for 75 pct of the
  company's net asset value and about 85 pct of its net profits,
  analysts said.
      The company's aviation division consists of its majority
  stake in Cathay Pacific Airways Ltd and its 25 pct interest in
  <Hongkong Aircraft Engineering Co Ltd>, which is also 25 pct
  owned by Cathay.
      Cathay last week reported 1986 profits climbed to 1.23
  billion dlrs from 777 mln in 1985, partly because of lower fuel
  costs and greater traffic.
      Swire's share of Cathay, which stood at 70 pct before the
  flotation, fell to 54.25 pct at the end of last year and has
  since slipped to 50.23 pct.
      Hongkong Aircraft reported this month its 1986 net profits
  rose 29.5 pct to 115.5 mln dlrs.
      Tony Measor, an analyst at Hong Leong Securities Ltd,
  estimates Swire's profits will be 1.525 billion dlrs.
      ""Much depends on properties,"" said Measor. ""And they did a lot
  better in the second half of the year.""
      Estimates of profits from the firm's wholly owned Swire
  Properties Ltd unit range widely from 500 mln dlrs to 700 mln
  compared with 570 mln dlrs in 1985.
      Swire Properties recorded an interim profit of 120 mln dlrs
  for the first half of 1986, well below 260 mln dlrs for the
  same 1985 period, but analysts said that was due mainly to the
  low level of completion of new residential flats. The firm's
  properties consist mainly of the Taikoo Shing residential
  development and two luxury housing projects.
      Hoare Govett Asia Ltd said the completion of 1,100 flats in
  Taikoo Shing will have yielded profits of 300 mln dlrs in
  second-half 1986.
      During the year property prices continued to rise as more
  people bought real estate, benefiting from low interest rates,
  analysts said.
      ""At the end of last year, flats in Taikoo Shing were selling
  at 1,100 dlrs per square foot, up by about 20 pct from a year
  ago,"" said Frederick Tsang of Mansion House Securities (F.E.)
  Ltd.
      Swire is developing a large commercial and hotel complex in
  the central business district of Hong Kong but it will not
  provide income until the first stage is completed next year.
      The company also sold three properties and a part interest
  in a proposed hotel development, which should result in
  extraordinary gains of 60 mln dlrs in 1986, according to James
  Capel (Far East) Ltd.
      Swire's trading and manufacturing operations are expected
  to earn 300 mln dlrs, up 22 pct from 1985 but its shipping and
  offshore services are likely to post a small loss of about 10
  mln dlrs because of depressed market conditions.
  

"
training/8598	10	crude	"AUSTRALIAN MINISTER SEES TARGETED OIL TAX STRATEGY
  Australia's crude
  oil tax strategy is probably best tackled in terms of a
  targeted rather than broadly-based approach, Federal Resources
  and Energy Minister Gareth Evans told a meeting here.
      He told the Australian Petroleum Exploration Association
  (APEA) annual conference there was a prospect of developing a
  package that would recognise the government's economic
  priorities while also meeting some of the industry's concerns.
      Evans was referring to a nearly completed government review
  of oil taxation.
      Evans said there were plenty of examples where targeted
  approaches to oil industry taxation had produced good results
  in recent years.
      These include the reduction in the top marginal crude
  excise rate on 'old' Bass Strait oil found before September
  1975 to 80 pct from 87 pct, and the waiver of excise on onshore
  oil announced last September, he said.
      The industry, through the APEA, has been calling for the
  elimination of secondary taxation on oil in order to boost
  incentives for prospecting against a background of weak prices
  and Australia's relatively low exploration levels.
      ""While nobody wants to add further unnecessary complexity to
  an already complex taxation regime, I am inclined to favour
  these kinds of tailored approaches ahead of sweeping changes,
  which leave (government) revenue much reduced and may still
  leave a lot of uncertainty as to what individual companies are
  going to do in major areas,"" Evans said.
      He said the government did not intend to change its
  resource rent taxation (RRT) legislation, now before
  parliament, in response to industry calls to allow all
  exploration expenditure in a given area to be deductible.
      As previously reported, RRT is a tax of 40 pct limited to
  highly prospective offshore areas, based on profits after a
  certain rate of return has been achieved for individual
  projects.
      APEA has said it is not a true profit-based tax because
  exploration deductibility is limited to successful projects.
      Evans said the decision not to change RRT was based more
  than anything on the government's desire to ensure the
  certainty and stability of the new regime, adding that major
  investments have already been planned on the existing ground
  rules.
  

"
training/8599	48	trade	"GATT ROUND MAY STOP GROWING TRADE PROBLEMS - U.S.
  A successful new GATT
  (General Agreement on Tariffs and Trade) round is needed to
  halt growing bilateral trade problems between major trading
  partners, U.S. Trade Representative Clayton Yeutter said.
      Yeutter, in New Zealand for informal GATT ministerial
  talks, told Reuters bilateral trade disputes are increasing
  because the multilateral system is inefficient.
      ""That is really a strong rationale why we need a new GATT
  round,"" he said. ""The very existence of all these bilateral
  irritants clearly emphasises the need to develop multilateral
  solutions to some of these problems.""
      The eighth GATT round of negotiations was launched at Punta
  del Este in Uruguay in September 1986. Agriculture and services
  were included in the negotiations for the first time.
      The growing debt burden of Latin American and African
  nations will also provide impetus for the GATT round to
  succeed, he said.
      ""Clearly those countries need to develop their export
  endeavours and they need open markets for that to happen and
  that's the basic objective of the new GATT round,"" he said.
      But he said the GATT round is a long term endeavour. It
  will not give any short term relief for debt ridden countries,
  but it will make a difference in 10 to 15 years.
      ""It's a worthwhile activity from their standpoint because
  these debts are not going to go away in the next year or two,""
  he said.
      ""They ought to be very strongly supported in the GATT round
  as a mechanism for relieving their debt burdens or making
  possible debt amortisation in the future,"" he said.
  

"
training/86	12	earn	"TONKA CORP <TKA> RAISES DIVIDEND
  Qtly div two cts vs 1.7 cts
      Pay March 26
      Record March 12
  

"
training/8602	48	trade	"NAKASONE INTERVENES IN MICROCHIP DISPUTE WITH U.S.
  Prime Minister Yasuhiro Nakasone
  intervened to try to resolve Japan's escalating dispute with
  the U.S. Over semiconductor trade, government officials said.
      At today's Cabinet meeting, Nakasone told Trade and
  Industry Minister Hajime Tamura to redouble his efforts to calm
  U.S. Anger over what it sees as Japan's unfair trade practices
  in semiconductors.
      Nakasone intervened only two days before a scheduled
  meeting of the Reagan administration's Economic Policy Council
  to consider whether Japan is reneging on its microchip pact
  with the U.S.
      That pact, agreed last year after months of negotiations,
  calls on Japan to stop selling cut-price chips in world markets
  and to raise its imports of U.S. Semiconductors.
      Senior U.S. Officials have accused Tokyo of failing to live
  up to the accord and have threatened retaliatory action.
      Yesterday, Tamura's Ministry of International Trade and
  Industry (MITI) launched a last-ditch attempt to salvage the
  pact by writing letters to U.S. Policy makers setting out
  Japan's case and telling Japanese chip makers to cut output.
      In his letter, the contents of which were released today,
  Tamura said a MITI survey carried out at the beginning of March
  showed Japanese producers were not selling at cut-rate prices
  in Asian markets.
      In a separate letter sent to senior U.S. Officials, MITI
  vice minister for international affairs Makoto Kuroda suggested
  the two countries could conduct a joint investigation into
  allegations of Japanese chip dumping in such markets.
  

"
training/8603	42	rubber	"NORTHEAST, EASTERN THAILAND FACE SEVERE DROUGHT
  Thirteen provinces, mainly in northeast
  and eastern Thailand, have been suffering a worse than average
  drought since mid-February and the dry spell is expected to
  last until early May, Deputy Interior Minister Santi
  Chaiviratana said.
      Santi told reporters the government is launching a drought
  relief operation mainly involving the use of water trucks to
  send water to affected farming areas.
      He did not say what crops have been damaged in northeast
  Thailand but said large durian orchards in eastern Chanthaburi
  province have suffered heavy losses.
      The Minister said the affected areas include eight
  provinces in the northeast, two in eastern Thailand and three
  rubber growing provinces in the south near the Malaysian
  border.
  

"
training/8605	32	money-fx	"Sumita says Bank of Japan will intervene if necessary

  Sumita says Bank of Japan will intervene if necessary
  

"
training/8606	10	crude	"WORLD BANK CHIEF PLEDGES SUPPORT TO INDONESIA
  World Bank president Barber Conable
  pledged the Bank's support to help Indonesia adjust to lower
  world oil prices, but said further deregulation of its
  protected economy was needed.
      Speaking to reporters after talks with President Suharto,
  he said he expected Jakarta to do more to liberalise the
  economy and deregulate trade policy.
      Indonesia, hurt by the fall in oil prices last year which
  cut the value of its crude exports in half, is the Third
  World's sixth largest debtor. It has received 10.7 billion dlrs
  from the World Bank in the past 20 years.
      Conable said the World Bank, which granted Indonesia a 300
  mln dlr loan last month to help its balance of payments, was
  prepared to back Jakarta in taking the right steps to adjust to
  lower oil and primary commodity prices.
      ""We are prepared to support those steps which we believe are
  consistent with the development of the Indonesian economy,"" he
  said.
      He said Jakarta's willingness to move quickly after last
  year's collapse in oil price saved Indonesia from some of the
  difficulties now faced by other countries.
      Indonesia devalued its currency by 31 pct against the
  dollar in September to avoid a balance of payments crisis, and
  has announced a series of measures since May intended to
  stimulate exports, encourage foreign investment and revitalise
  the economy.
      However, key monopolies in areas like steel and plastics
  and high tariff barriers remain in place.
      Conable arrived in Indonesia on Saturday and has since met
  14 Indonesian cabinet ministers to review the country's
  borrowing needs and the impact of falling oil prices on the
  country.
  

"
training/8607	32	money-fx	"SUMITA SAYS BANK WILL INTERVENE IF NECESSARY
  Bank of Japan Governor Satoshi Sumita
  said in a statement the central bank will intervene in foreign
  exchange markets to stabilise exchange rates if necessary in
  close cooperation with other major industrial nations.
      Sumita said the Bank will take adequate measures including
  market intervention, if necessary, in line with the February 22
  Paris agreement by six major industrial nations.
      Canada, Britain, France, Japan, the U.S. And West Germany
  agreed to cooperate in stabilising exchange rates around
  current levels. Sumita's statement was issued after the dollar
  slipped below 150 yen to hit a record low of 148.40.
      ""It is inevitable that exchange rates fluctuate under the
  system of floating rates,"" Sumita said.
      The fact the dollar plunged below 150 yen does not mean
  anything significant under the floating system, he said.
      The six nations agreed in Paris exchange rates prevailing
  then were broadly consistent with underlying economic
  fundamentals and further substantial rate shifts could damage
  growth and adjustment prospects in their countries, the Paris
  statement said.
  

"
training/8608	48	trade	"YEUTTER SAYS U.S.-JAPAN TRADE DIFFICULTIES REMAIN
  U.S. Trade Representative
  Clayton Yeutter said he was unsure whether some of the trade
  issues straining U.S.-Japanese relations would be resolved
  before the two countries open trade talks in late April.
      ""We are having high level discussions on them (the issues)
  within the United States...The relationship on some of those is
  very strained between us (Japan) at the moment and we need to
  relieve those strains at the earliest possible date,"" he said.
      ""I am not sure we can wait until late April,"" he added.
      Yeutter is in New Zealand for a two-day informal meeting of
  trade ministers who are reviewing the Uruguay round of the
  General Agreement on Trade and Tariffs (GATT).
      He said he will meet the Japanese delegation over the next
  few days but declined to discuss methods of relieving the
  strain between the two countries.
      Yeutter said earlier the three most contentious trade
  issues were semiconductors, Japanese government unwillingness
  to allow public entities to buy U.S. Super-computers and the
  barring of U.S. Firms from the eight billion U.S. Dlr Kansai
  airport project near Osaka.
      The Japanese delegation to the GATT talks said in a
  statement yesterday they are making major efforts to dismantle
  trade barriers in their country.
      ""I am convinced that they are attempting to move their
  policies in the right direction. The question is how far and
  how fast,"" Yeutter said.
  

"
training/8609	12	earn	"P AND O 1986 PRETAX PROFIT 174.1 MLN STG VS 125.6 MLN

  P AND O 1986 PRETAX PROFIT 174.1 MLN STG VS 125.6 MLN
  

"
training/861	12	earn	"DILLARD DEPARTMENT STORES INC <DDS> 4TH QTR NET
  Qtr ended Jan 31
      Shr 1.16 dlrs vs 1.15 dlrs
      Net 32.4 mln vs 33.5 mln
      Revs 629.0 mln vs 538.6 mln
      Avg shrs 32.1 mln vs 29.2 mln
      12 mths
      Shr 2.35 dlrs vs 2.29 dlrs
      Net 74.5 mln vs 66.9 mln
      Revs 1.85 billion vs 1.60 billion
      Avg shrs 31.7 mln vs 29.2 mln
      Note: Shr/avg shrs data show 2-for-1 split in Nov. 1985.
  

"
training/8610	10	crude	"KUWAIT SAYS OPEC 2.4 MLN BPD BELOW CEILING
  Kuwaiti oil minister Sheikh Ali
  al-Khalifa al-Sabah said OPEC was producing well below its oil
  output ceiling and this would help prices move higher,
  according to a Kuwaiti newspaper interview.
      The al-Rai al-Aam newspaper quoted him as saying OPEC was
  pumping 2.4 mln barrels per day (bpd) less than its 15.8 mln
  bpd ceiling, while consumers were drawing down their petroleum
  stocks at a rate of 4.5 mln bpd.
      As long as OPEC maintains its output curbs, demand for its
  oil will rise in April and May, Sheikh Ali said, adding that
  Kuwait was strongly committed to its OPEC quota.
  

"
training/8611	12	earn	"PENINSULAR AND ORIENTAL 1986 YEAR
  Earnings per one stg of deferred stock 41.7p vs 34.9
      Div 11.5p making 19.0 vs 16.0
      Turnover 1.95 billion stg vs 1.63 billion
      Pretax profit 174.1 mln vs 125.6 mln
      Tax 49.4 mln vs 34.9 mln
      NOTE - Company's full name is Peninsular and Oriental Steam
  Navigation Co Plc <PORL.L>
      Net operating costs 1.77 billion stg vs 1.51 billion
      Share of profits of associates 21.1 mln vs 37.9 mln
      Operating profit 206.3 mln vs 154.2 mln
      Investment income 1.7 mln vs 3.6 mln
      Net interest payable 29.5 mln vs 29.2 mln
      Employee profit sharing 4.4 mln vs 3.0 mln
      Minority interests 2.5 mln debit vs 2.4 mln debit
      Extraordinary items 29.8 mln credit vs 0.1 mln credit
      Group operating profit includes -
      Service industries 40.7 mln vs 34.4 mln
      Passenger shipping 19.5 mln vs 13.1 mln
      Housebuilding, construction/development 50.1 mln vs 30.0
  mln
      Container and bulk shipping 43.8 mln vs 34.4 mln
      P and O Australia 6.6 mln vs 9.4 mln
      Banking nil vs 7.7 mln
      Investment property income 45.6 mln vs 25.2 mln
  

"
training/8612	12	earn	"Woolworth Holdings pretax profit 115.3 mln stg vs 81.3 mln, year to end-January

  Woolworth Holdings pretax profit 115.3 mln stg vs 81.3 mln, year to end-January
  

"
training/8613	17	grain	"CHINA SAYS POSSIBLE GOOD HARVEST DESPITE DROUGHT
  China's summer grain harvest may be good
  despite a serious drought because the State Council (cabinet)
  has spent one billion yuan on irrigation and other anti-drought
  work, a Hong Kong newspaper said.
      Wen Hui Bao said the drought, which has affected Shanxi,
  Hebei, Henan and Shandong the most, has eased with March rains
  in south China and March snowfall in the north and as some new
  irrigation projects have come into use.
      ""If the drought does not worsen, there is hope for a bumper
  harvest,"" it quoted experts of the Ministry of Electric Power as
  saying. They gave no figures.
      The 1986 summer grain harvest was a record 93 mln tonnes,
  up from 92 mln in 1985, out of a total 1986 grain harvest of
  391 mln. The 1987 target is 405 mln.
  

"
training/8614	12	earn	"WOOLWORTH HOLDINGS PLC <WLUK.L> YR TO END-JANUARY
  Shr 47.1p vs 37.7
      Shr fully diluted 42.2p vs 33.6
      Div 11p vs 7 making 16 vs 10
      Turnover 1.83 billion stg vs 1.76 billion
      Pretax profit 115.3 mln vs 81.3 mln
      Tax 30.5 mln vs 16.2 mln
      Retail profit -
      B and Q 45.5 mln vs 33.1 mln
      Comet 17.4 mln vs 11.9 mln
      Woolworth 38.7 mln vs 17.6 mln
      Other 4.6 mln loss vs 600,000 loss
      Property income 49.4 mln vs 48.0 mln
      Net interest payable 31.1 mln vs 28.7 mln
      Extraordinary debit 16.0 mln vs 29.1 mln
  

"
training/8615	0	acq	"TMOC TELLS SHAREHOLDERS NOT TO ACCEPT SANTOS BID
  <TMOC Resources Ltd> told shareholders
  not to accept Santos Ltd's <STOS.S> 4.00 dlr a share takeover
  bid pending advice from Macquarie Hill Samuel Corporate
  Services, its corporate advisor.
      It said in a statement the Santos bid was below the
  underlying value of the shares as assessed by Macquarie Hill
  Samuel at between 4.08 dlrs and 4.72.
      TMOC, formerly the Moonie Oil Co Ltd, said the valuation
  was made in response to an earlier and still current bid of
  2.55 dlrs a share by <Elders Resources Ltd>. Elders Resources
  holds 19.9 pct of TMOC's 62 mln shares.
      TMOC said it did not know Elders Resources' response to the
  bid or that of its other major shareholder the <Australian Gas
  Light Co>. The latter has a 10.5 pct stake in TMOC.
      <Avalon Corp> of the U.S. Has a 17 pct stake in TMOC
  through an option agreement.
      Santos, which is 15 pct owned by Elders Resources,
  yesterday said its bid valued TMOC at 248.5 mln dlrs.
      TMOC said today this was not a premium over the share price
  before the bid and that TMOC had traded at up to 4.06 dlrs a
  share in the last two weeks.
      TMOC said in the statement that the bid was unsolicited and
  that Santos had only a 3.07 pct stake despite paying up to four
  dlrs a share on-market.
      TMOC has oil and gas interests and pipelines which
  complement the operations of Santos, the major Cooper Basin oil
  and gas producer.
      TMOC shares today closed five cents up at 4.15 dlrs on
  turnover of 182,000 shares while Santos, due to release its
  profit result today, rose eight cents to 4.50 dlrs on volume of
  245,000 shares.
  

"
training/8616	12	earn	"SANTOS LTD <STOS.S> YEAR END DEC 31 NET PROFIT 88.67 DLRS VS 144.04 MLN

  SANTOS LTD <STOS.S> YEAR END DEC 31 NET PROFIT 88.67 DLRS VS 144.04 MLN
  

"
training/8617	0	acq	"WILLIAMS HOLDINGS SAYS IT BIDDING 542.2 MLN STG FOR NORCROS ORDINARY SHARES

  WILLIAMS HOLDINGS SAYS IT BIDDING 542.2 MLN STG FOR NORCROS ORDINARY SHARES
  

"
training/8618	0	acq	"WILLIAMS HOLDINGS BIDS 542.2 MLN STG FOR NORCROS
  Industrial holding company Williams
  Holdings Plc said it was bidding 542.2 mln stg for the ordinary
  shares of building products and packaging group Norcros Plc.
      The offer would be made on the basis of 29 new Williams
  shares for every 50 in Norcros, or 432.7p a share
      Norcros shares firmed to 410p at 0914 GMT from a close last
  night of 397p.
      A statement by Williams said it was confident of the merits
  of the proposed merger and it had therefore taken care to
  propose from the outset the right terms, including a full cash
  alternative.
      The offer will include a partial convertible alternative
  under which shareholders would receive up to a total of 205.69
  mln new second convertible shares in Williams instead of their
  ordinary share allocations.
      The offer for Norcros preferential shares offers one
  Williams preferential share for each one of Norcros, for a
  value of 130p each and a total of 2.9 mln stg.
      Last week Williams reported that pretax profits for 1986
  rose to 22.9 mln stg from 6.3 mln.
      Speculation about a bid for Norcros had been circulating in
  the market for several months, dealers said. Initially it
  centred on <Bunzl Plc>, which once held a 2.6 pct stake, then
  switched to Williams when it began accumulating shares.
      Earlier this year, Williams suggested holding talks with
  Norcros on a possible merger but was rebuffed by Norcros which
  replied that any benefits that could be achieved could also
  result from normal trading.
      In the six months to end-September, Norcros reported a rise
  in pretax profits to 20.14 mln stg from 18.55 mln on turnover
  that lifted to 311.82 mln from 303.91 mln
      Williams Holdings began expanding from 1982 when it had a
  market capitalisation of around one mln stg. A series of
  acquisitions in the next four years has pushed its
  capitalisation up to around 380 mln.
      The convertible offer would be on the basis of four
  Williams convertibles for every Norcros share, worth 428p a
  share. The cash alternative would offer the equivalent of
  400.2p a share.
      The announcement of the bid pushed Williams share price
  down to 733p from last night's close at 750p.
      Williams said it held a total 850,000 shares in Norcros, or
  0.7 pct, while an associate held a further 1.99 mln or 1.6 pct.
      There was no immediate response from Norcros.
  

"
training/8619	12	earn	"SANTOS LTD <STOS.S> YEAR ENDING DEC 31
  Shr 37.0 cents vs 60.0
      Final div deferred vs 11 cents (1985 full year 20.0)
      Pre-tax 171.05 mln vs 239.97 mln
      Net 88.67 mln vs 144.04 mln
      Turnover 400.42 mln vs 506.51 mln
      Other income 85.44 mln vs 71.04 mln
      Shrs 238.99 vs same.
      NOTE - Final div deferred for tax advantage until after
  July 1 but not expected to be less than nine cents (interim
  seven). Net after tax 82.38 mln vs 95.92 mln, depreciation and
  amortisation 93.29 mln vs 76.19 mln, interest 90.94 mln vs
  116.49 mln, minorities nil vs loss 10,000 but before
  extraordinary loss 6.49 mln vs loss 53.40 mln.
  

"
training/8623	10	crude	"AUSTRALIAN OIL INDUSTRY TO CONTINUE TAX CAMPAIGN
  The council of the
  Australian Petroleum Exploration Association (APEA) said it
  will press on with its campaign for major improvements to
  Australia's petroleum taxation structure.
      The council said in a statement the industry was bitterly
  disappointed by the Australian government's position on
  taxation, as presented in a speech by Resources and Energy
  Minister Gareth Evans to the APEA conference.
      As earlier reported, Evans said he was inclined to target
  any tax changes rather than take a broad-based approach to
  secondary taxation of petroleum.
      APEA had expected the government to make positive responses
  to detailed industry submissions seeking the removal of
  existing secondary tax disincentives to exploration and
  development, the council said.
      It said it plans to reply in detail to issues raised by
  Evans, but its immediate concern was the decision to proceed
  with the current resource rental tax (RRT) legislation.
      Evans told the conference the government did not plan to
  accept industry pleas for changes in the legislation to allow
  deductibility of unsuccessful exploration expenditure.
      ""The government's unwillingness to allow the deduction of
  unsuccessful exploration expenditure within the whole offshore
  area in which RRT applies negates any claim that the tax is
  profit based,"" the APEA council said.
      The government missed a major opportunity to persuade oil
  exploration companies that it had realistic answers to the
  industry's concerns, despite its recognition of the industry's
  problems, the council said.
      The industry has called for the end of all discriminatory
  secondary taxation of petroleum, citing them as major
  disincentives at a time of low oil prices.
  

"
training/8624	48	trade	"GERMAN FEBRUARY IMPORT PRICES FALL
  Import prices in West Germany fell
  0.7 pct in February from January to stand 15.6 pct below their
  level in February 1986, the Federal Statistics Office said.
      In January the import price index, base 1980, was unchanged
  compared with December but 17.8 pct lower against January 1986.
      February export prices, same base as import prices, were
  unchanged compared with January and 2.5 pct lower than in
  February 1986.
      In January export prices fell 0.3 pct against December to
  stand 3.0 pct lower than in January 1986.
  

"
training/8628	0	acq	"NIPPON LIFE, SHEARSON TIE-UP SEEN SETTING TREND
  Nippon Life Insurance Co's 538 mln dlr
  purchase of a 13 pct stake in Shearson Lehman Brothers Inc
  brokerage unit is a shrewd move that other Japanese insurers
  are likely to follow, securities analysts said.
      The investment in one of Wall Street's top brokerage houses
  is likely to pay off in dollars and international market
  position, they said. ""It's part of a trend towards growing
  capital participation by Japanese insurance firms in foreign
  financial institutions,"" said Simon Smithson, an analyst with
  Kleinwort Benson International Inc in Tokyo.
      The investment in Shearson Lehman, a growing firm described
  by some analysts as the top U.S. Retail brokerage, will give
  Nippon Life a ringside seat and possibly lower commissions on
  Wall Street, where it invests an increasing percentage of its
  assets of 90.2 billion dlrs, they said.
      Nippon Life staff will also acquire expertise in business
  sectors which have not yet opened up in Japan, they added.
      The agreement between the two companies calls for a 50-50
  joint venture in London focussing on investment advisory asset
  management, market research, and consulting on financing.
      Nippon Life is Japan's largest insurance company and the
  world's biggest institutional investor, analysts said.
      The Japanese finance ministry is expected to approve the
  deal in April, making Nippon Life the first Japanese life
  insurance firm to take a stake in a U.S. Financial firm.
      The limit on foreign assets as a proportion of Japanese
  insurers' assets was increased to 25 pct from 10 pct last year.
  Since then, they have stepped up purchases of foreign stocks
  and sought to deepen their understandng of foreign markets and
  instruments.
      Last year, a Sumitomo Life Insurance Co official was
  appointed to E.F. Hutton Group Inc unit E.F. Hutton and Co's
  board and Sumitomo Bank Ltd spent 500 mln dlrs to become a
  limited partner in Goldman, Sachs and Co.
      Smithson said Japanese banks started buying smaller and
  problem-plagued banks in 1984. ""But now Japanese are going for
  blue-chip organisations,"" he said.
      ""It's a reflection of what has happened in manufacturing
  industries,"" said Brian Waterhouse at James Capel and Co. ""With a
  historically high yen, and historically low interest rates,
  there's an increasing disincentive to invest in Japan.""
      Competition in fund management has grown along with greater
  Japanese savings. The typical salaried employee has 7.33 mln
  yen in savings, reflecting an annual average savings rate of 17
  to 18 pct, he said.
      To stay competitive, fund managers must invest overseas and
  gain experience with financial instruments which are likely to
  spread to Japan with further deregulation. ""The high regulatory
  environment has delayed (life insurance firms')
  diversification. Now there's a growing number of new products
  in an environment of increasing competition for performance on
  fund management,"" Smithson said.
  

"
training/8629	32	money-fx	"U.K. MONEY MARKET DEFICIT FORECAST AT 300 MLN STG
  The Bank of England said it forecast a
  shortage of around 300 mln stg in the money market today.
      Among the main factors affecting liquidity, bills maturing
  in official hands and the take-up of treasury bills will drain
  some 338 mln stg while bankers' balances below target will take
  out around 25 mln stg.
      Partly offsetting these outflows, a fall in note
  circulation and exchequer transactions will add some 45 mln stg
  and 25 mln stg to the system respectively.
  

"
training/8632	12	earn	"P AND O PLANS WARRANT ISSUE TO MARK ANNIVERSARY
  Peninsular and Oriental Steam Navigation
  Co Plc <PORL.L>, P and O, said it plans a free warrant issue on
  the basis of 10 warrants for every 150 stg nominal of deferred
  stock already held, to mark the 150th anniversary of the
  company.
      Each warrant will give the right to subscribe for one stg
  nominal of deferred stock at 750p during a specified period in
  the five years starting in 1988.
      P and O deferred shares were last quoted at 629p, down 1p
  since yesterday, after the company reported 1986 pre-tax profit
  of 174.1 mln stg against 125.6 mln for 1985.
      P and O said 1986 produced an acceptable level of growth,
  though ground has to be made up in one or two areas.
      The company has a strong balance sheet and considerable
  flexibility for 1987, it added. P and O will concentrate on
  expanding in its established market sectors.
      Commenting on the recent ferry disaster in the North Sea
  off Zeebrugge, the statement said the precise cause is unknown.
  The company has instituted an immediate investigation and both
  the British and Belgian governments are conducting inquiries.
      The stricken ferry, the Herald of Free Enterprise, belongs
  to Townsend Thoresen, which became part of P and O in January.
      P and O is considering listing its shares in Japan and
  other important overseas financial centres, the statement
  added.
  

"
training/8635	48	trade	"CANADA OUTLINES GATT AGRICULTURAL REFORM PLAN
  Canadian Trade Minister Pat
  Carney said that agricultural policies should not hurt world
  international trade and should therefore become more price
  responsive over time.
      She told delegates at the informal meeting of trade
  ministers that this was one of five principles Canada wanted
  adopted in reforming agriculture in the General Agreement on
  Tariffs and Trade (GATT). Secondly, support for agriculture
  should avoid production incentives, and thirdly, countries
  should freeze and seek to reduce government aid measures that
  distorted world prices, Carney said.
      Carney said the fourth principle was that countries should
  not introduce new import barriers not mandated by existing
  legislation and the fifth was that these basic principles must
  be implemented collectively.
      Carney later told Reuters the Canadian guidelines are
  basically compatible with the seven point Australian proposals
  announced in Davos, Switzerland, in January.
      European trade sources said the conference welcomed the
  Canadian initiative but some delegates, and not only the
  European Community, voiced reservations about some of the
  principles.
      Carney said there was a lot of political will among the
  ministers here to complete the Uruguay Round of GATT in under
  four years and that there is also a realisation that it has to
  be done in a balanced way.
      ""The consensus view was to proceed as fast as we can on a
  broad front and see what areas emerge where we can get early
  conclusion,"" she said.
      However, the meeting did not identify what those areas are,
  Carney said.  She said Canada/U.S. Bilateral trade
  negotiations, which must be concluded at least in draft form by
  October, are progressing well.
  

"
training/8636	33	money-supply	"TAIWAN ISSUES MORE CERTIFICATES OF DEPOSITS
  The Central Bank said it issued 4.96
  billion dlrs worth of certificates of deposit (CDs) today,
  after issuing 4.03 billion of similar CDs yesterday, bringing
  the total value of CD issues in 1987 to 139.46 billion.
      The new CDs, with maturities of six months, one year and
  two years, carry interest rates ranging from 4.07 pct to 5.12
  pct, a bank official told Reuters.
      The issues are designed to help curb the growth of m-1b
  money supply, which is expanding as a result of large foreign
  exchange reserves.
      The reserves hit a record 53 billion U.S. Dlrs yesterday.
  

"
training/8637	48	trade	"PHILIPPINE TRADE SECRETARY PLEASED WITH GATT TALKS
  Philippine Secretary of
  Trade and Industry Jose Concepcion, who two days ago expressed
  doubts about agreements produced at international conferences,
  said he was pleased with the latest gathering here.
      Concepcion told Reuters in an interview that the informal
  General Agreement on Tariffs and Trade (GATT) meeting gave
  ministers from more than 20 nations the chance to examine
  issues with which GATT did not have the political will to deal.
      ""Also, the role of the developing countries has been
  emphasised in this particular meeting. Somehow it has been the
  perception of developing countries that GATT is a club of rich
  countries,"" he added in an interview with Reuters.
      ""In fact many of the issues that have been tabled for
  discussion (in the Uruguay round of trade negotiations) will be
  of more benefit to the developed countries,"" he said.
      Concepcion said at the start of the Taupo meeting that the
  Uruguay round was meant to be a ""shining act of faith"" in the
  world trade system.
      Concepcion said the Philippines would address the issues of
  trade in tropical fruit and the improvement of GATT machinery
  to make it more responsive.
      He said tropical fruit came from developing countries but
  faced non-tariff barriers, quantitative restrictions or very
  high duties in other nations. Concepcion named Japan and South
  Korea as examples.
      He said he would go to Wellington for talks with New
  Zealand, which had a surplus in trade with the Philippines, to
  encourage it to switch imports from other countries. He noted
  that New Zealand bought its bananas from Ecuador.
  

"
training/8638	42	rubber	"DROUGHT HITS THAI RUBBER AND FRUIT GROWERS
  A drought that began seven weeks ago is
  hurting orchards and rubber plantations in Thailand and
  officials said it could last until May.
      The government is trucking water into parched farms in
  parts of northeastern, eastern and southern provinces, but not
  enough to satisfy farmers, according to press reports.
      There has been no official estimate of damage.
      Officials of Thailand's rain-making institute said its
  airplanes could help little because few clouds were forming for
  them to seed with rain-making chemicals. Thailand has a rainy
  season that normally starts in May and lasts to October.
  

"
training/8641	32	money-fx	"MIYAZAWA SAYS U.S. LIKELY TO INTERVENE
  Finance Minister Kiichi Miyazawa told
  Parliament's Lower House Finance Committee that the U.S. Is
  expected to intervene in the foreign exchange market to
  stabilise exchange rates, political sources said.
      Asked if the U.S. Federal Reserve Board agreed in Paris
  last month to intervene to stabilise exchange rates, Miyazawa
  said yes, the sources said.
      Miyazawa was also quoted as saying that he is sceptical
  about the effectiveness of currency reference ranges even if
  major nations agree on such an idea as it is extremely
  difficult to set such ranges.
  

"
training/8643	12	earn	"British Aerospace 1986 pretax profit 182.2 mln stg vs 150.5 mln

  British Aerospace 1986 pretax profit 182.2 mln stg vs 150.5 mln
  

"
training/8644	12	earn	"BRITISH AEROSPACE PLC <BAEL.L> 1986 YEAR
  Shr 51.4p vs 56.4p
      Div 11.0p making 17.4p, a 10 pct increase on 1985
      Turnover 3.14 billion stg vs 2.65 billion
      Pretax profit 182.2 mln vs 150.5 mln
      Tax 53.8 mln vs 23.5 mln
      Note - comparisons restated.
      Trading profit 217.2 mln vs 211.1 mln
      Launching costs 47.6 mln vs 51.6 mln
      Share of profit of related companies 3.6 mln vs 3.4 mln
      Net interest receivable 9.0 mln vs 12.4 mln payable
      Extraordinary debit 44.1 mln vs nil
      Trading profit includes  -
      Civil aircraft 7.7 mln loss vs 2.5 mln loss
      Military aircraft and support services 146.0 mln vs 148.3
  mln
      Guided weapon and electronic systems 139.7 mln vs 127.8 mln
      Space and communications 1.9 mln vs 2.0 mln loss
      Company funded research and development 62.7 mln loss vs
  54.9 mln
      Reorganisation costs nil vs 5.6 mln loss
      Launch costs include -
      BAe 146 17.1 mln vs 27.3 mln
      Airbus 19.4 mln vs 6.9 mln
      BAe 125-800 0.3 mln vs 1.5 mln
      ATP 10.8 mln vs 15.9 mln
  

"
training/865	12	earn	"KENTUCKY CENTRAL LIFE <KENCA> SETS PAYOUT
  Kentucky Central Life Insurance
  Co said it declared a semi-annual dividend of 55 cts per share,
  payable March 31 to shareholders or record March 19.
      The dividend is equal to the company's previous semi-annual
  payout.
  

"
training/8654	45	sugar	"GERMAN FEB SUGAR STOCKS UP IN YEAR, DOWN IN MONTH
  West German sugar stocks rose to 2.60 mln
  tonnes, white value, at the end of February from 2.50 mln at
  the same time a year earlier, the sugar industry association
  WVZ said.
      However, stocks were well below the 2.82 mln held at the
  end of January.
      Sugar exports between October 1 and February 28 rose to
  449,253 tonnes from 435,727 in the same period of 1985/86.
  Sales to non-European Community countries rose to 419,541
  tonnes from 349,511, while sales within the EC fell sharply to
  29,712 tonnes from 86,216.
      Imports in October-February fell to 59,605 tonnes from
  76,044 in the same months a year earlier, the sugar industry
  association said.
      Human sugar consumption in October-February rose to 817,856
  tonnes from 799,128 in the year-ago period.
  

"
training/8656	17	grain	"PORTUGUESE GRAIN AGENCY BAN TO REMAIN - EC SOURCES
  A ban by a Portuguese court on the
  state buying agency EPAC taking part in cereals import tenders
  open to private traders will remain unless it is reversed in
  Portugal or challenged in the European Court of Justice,
  European Commission sources said.
      They denied a statement yesterday by Portuguese Agriculture
  Minister Alvaro Barreto that the commission had accepted that
  EPAC should be eligible, saying it had taken no view in the
  matter.
      Under the terms of Portugal's accession to the European
  Community, a grain import monopoly held by EPAC is being
  reduced by 20 pct annually until all imports are liberalised in
  1990.
      Lisbon's civil court decided in a preliminary ruling
  earlier this month that EPAC should not be allowed to take
  part, as it had done in the past, in tenders for the
  liberalised share of annual grain imports.
  

"
training/8658	32	money-fx	"SUMITA SAYS BANK WILL INTERVENE IF NECESSARY
  Bank of Japan Governor Satoshi Sumita
  said in a statement the central bank will intervene in foreign
  exchange markets to stabilise exchange rates if necessary in
  close cooperation with other major industrial nations.
      Sumita said the Bank will take adequate measures including
  market intervention, if necessary, in line with the February 22
  Paris agreement by six major industrial nations.
      Canada, Britain, France, Japan, the U.S. And West Germany
  agreed to cooperate in stabilising exchange rates around
  current levels. Sumita's statement was issued after the dollar
  slipped below 150 yen to hit a record low of 148.40.
      ""It is inevitable that exchange rates fluctuate under the
  system of floating rates,"" Sumita said.
      The fact the dollar plunged below 150 yen does not mean
  anything significant under the floating system, he said.
      The six nations agreed in Paris exchange rates prevailing
  then were broadly consistent with underlying economic
  fundamentals and further substantial rate shifts could damage
  growth and adjustment prospects in their countries, the Paris
  statement said.
  

"
training/866	12	earn	"BANK OF NEW ENGLAND CORP <BKNE> QTLY DIVIDEND
  Qtly div 28 cts vs 28 cts prior
      Pay April 20
      Record March 31
  

"
training/8661	23	ipi	"CBI SURVEY POINTS TO SURGE IN U.K. OUTPUT
  British manufacturers expect output to
  grow rapidly in the four coming months, a Confederation of
  British Industry (CBI) survey shows.
      The CBI's monthly trends survey for March shows that 43 pct
  of the 1,685 polled U.K. Firms expect to raise output in the
  next four months. Only nine pct expect output to fall while 47
  pct said production would likely remain unchanged.
      The CBI said the positive balance between firms expecting
  production to rise and those forecasting a fall, at 34 pct, was
  the highest such figure recorded since 1977.
      In the CBI's February survey, 37 pct of companies expected
  a rise in output while 54 pct forecast production would remain
  at present levels and eight pct expected production to drop.
      The survey also showed that 23 pct of the polled companies
  consider current order books to be above normal while 58 pct
  view them as normal and only 19 pct regard them as below
  normal.
      This was the highest positive balance since the question
  was first asked more than 10 years ago, the CBI said.
      In February, the figures were 24 pct, 22 pct and 54 pct
  respectively.
      Companies also rated their export possibilities higher. Of
  all polled companies, 23 pct rated their export order books to
  be above normal and 53 pct described them as normal while only
  23 pct believed export orders were below normal levels.
      In February, 25 pct thought their export books were below
  normal and 50 pct believed them to be about normal. At 23 pct,
  the proportion of companies rating their export books above
  normal was unchanged between February and March.
      On prices, the survey showed that 62 pct of companies
  expect average prices at which domestic orders are booked will
  remain unchanged in the coming four months, up from 57 pct in
  February.
  

"
training/8662	48	trade	"YEUTTER SEES GATT CONSENSUS ON FARM TRADE REFORM
  U.S. Trade Representative
  Clayton Yeutter said trade ministers meeting here have reached
  a general consensus on agricultural trade reform under the
  latest Uruguay round of the General Agreement on Tariffs and
  Trade (GATT).
      Yeutter gave no precise details of the understanding but
  told journalists the consensus covers the principles involved
  in agricultural trade reform and what needs to be done to
  improve the global situation in agriculture.
      Delegates from 22 countries are meeting informally to
  discuss progress made since the latest GATT round was launched
  in Punta del Este, Uruguay, last September.
      Yeutter said ""at least people seem to be going down the same
  road...But how that translates ultimately into negotiations is
  another matter entirely.""
      There seems to be an understanding of the need to deal with
  the problem quickly and ""a more common understanding of how we
  are going to get from here to there,"" Yeutter said.
      However, the hard work is still to come, with a couple of
  years of tough negotiations ahead, he said.
      ""It is ludicrous for the nations of the world to plough
  immense amounts of financial resources into the production of
  items that nobody wants to buy,"" he said.
      He said the long-term answer is to switch some of the
  financial resources now committed to agriculture to other more
  productive areas. This would help agriculture because some its
  inefficient non-productive segments would stop operating, he
  said.
      Individual segments in many countries may lose in the
  process, but it should result in a more rational system of
  world-wide production within 10 or 15 years, he said.
      It is important that the agriculture negotiations reach a
  relatively early conclusion because the U.S. Is spending 26
  billion dlrs a year and the European Community probably more
  than that, which is an ineffective use of financial resources,
  he said.
      Asked about the prospect of a priority for agriculture in
  the negotiations, he said ""one has to be politically
  realistic... If there is any chance of getting it (agricultural
  trade reform) done in two to three years it's going to have to
  be as part of a larger package.""
  

"
training/8663	48	trade	"NAKASONE INTERVENES IN MICROCHIP DISPUTE
  Prime Minister Yasuhiro Nakasone
  intervened to try to resolve Japan's escalating dispute with
  the U.S. Over semiconductor trade, government officials said.
      At today's Cabinet meeting, Nakasone told Trade and
  Industry Minister Hajime Tamura to redouble his efforts to calm
  U.S. Anger over what it sees as Japan's unfair trade practices
  in semiconductors.
      Nakasone intervened only two days before a scheduled
  meeting of the Reagan administration's Economic Policy Council
  to consider whether Japan is reneging on its microchip pact
  with the U.S.
      That pact, agreed last year after months of negotiations,
  calls on Japan to stop selling cut-price chips in world markets
  and to raise its imports of U.S. Semiconductors.
      Senior U.S. Officials have accused Tokyo of failing to live
  up to the accord and have threatened retaliatory action.
      Yesterday, Tamura's Ministry of International Trade and
  Industry (MITI) launched a last-ditch attempt to salvage the
  pact by writing letters to U.S. Policy makers setting out
  Japan's case and telling Japanese chip makers to cut output.
      In his letter, the contents of which were released today,
  Tamura said a MITI survey carried out at the beginning of March
  showed Japanese producers were not selling at cut-rate prices
  in Asian markets.
      In a separate letter sent to senior U.S. Officials, MITI
  vice minister for international affairs Makoto Kuroda suggested
  the two countries could conduct a joint investigation into
  allegations of Japanese chip dumping in such markets.
  

"
training/8665	12	earn	"Prudential Corp 1986 pretax profit 178.1 mln stg vs 110.1 mln

  Prudential Corp 1986 pretax profit 178.1 mln stg vs 110.1 mln
  

"
training/8666	0	acq	"NIPPON LIFE, SHEARSON TIE-UP SEEN SETTING TREND
  Nippon Life Insurance Co's 538 mln dlr
  purchase of a 13 pct stake in Shearson Lehman Brothers Inc
  brokerage unit is a shrewd move that other Japanese insurers
  are likely to follow, securities analysts said.
      The investment in one of Wall Street's top brokerage houses
  is likely to pay off in dollars and international market
  position, they said. ""It's part of a trend towards growing
  capital participation by Japanese insurance firms in foreign
  financial institutions,"" said Simon Smithson, an analyst with
  Kleinwort Benson International Inc in Tokyo.
      The investment in Shearson Lehman, a growing firm described
  by some analysts as the top U.S. Retail brokerage, will give
  Nippon Life a ringside seat and possibly lower commissions on
  Wall Street, where it invests an increasing percentage of its
  assets of 90.2 billion dlrs, they said.
      Nippon Life staff will also acquire expertise in business
  sectors which have not yet opened up in Japan, they added.
      The agreement between the two companies calls for a 50-50
  joint venture in London focussing on investment advisory asset
  management, market research, and consulting on financing.
      Nippon Life is Japan's largest insurance company and the
  world's biggest institutional investor, analysts said.
      The Japanese finance ministry is expected to approve the
  deal in April, making Nippon Life the first Japanese life
  insurance firm to take a stake in a U.S. Financial firm.
      The limit on foreign assets as a proportion of Japanese
  insurers' assets was increased to 25 pct from 10 pct last year.
  Since then, they have stepped up purchases of foreign stocks
  and sought to deepen their understandng of foreign markets and
  instruments.
      Last year, a Sumitomo Life Insurance Co official was
  appointed to E.F. Hutton Group Inc unit E.F. Hutton and Co's
  board and Sumitomo Bank Ltd spent 500 mln dlrs to become a
  limited partner in Goldman, Sachs and Co.
      Smithson said Japanese banks started buying smaller and
  problem-plagued banks in 1984. ""But now Japanese are going for
  blue-chip organisations,"" he said.
      ""It's a reflection of what has happened in manufacturing
  industries,"" said Brian Waterhouse at James Capel and Co. ""With a
  historically high yen, and historically low interest rates,
  there's an increasing disincentive to invest in Japan.""
      Competition in fund management has grown along with greater
  Japanese savings. The typical salaried employee has 7.33 mln
  yen in savings, reflecting an annual average savings rate of 17
  to 18 pct, he said.
      To stay competitive, fund managers must invest overseas and
  gain experience with financial instruments which are likely to
  spread to Japan with further deregulation. ""The high regulatory
  environment has delayed (life insurance firms')
  diversification. Now there's a growing number of new products
  in an environment of increasing competition for performance on
  fund management,"" Smithson said.
  

"
training/8667	48	trade	"CANADA OUTLINES GATT AGRICULTURAL REFORM PLAN
  Canadian Trade Minister Pat
  Carney said that agricultural policies should not hurt world
  international trade and should therefore become more price
  responsive over time.
      She told delegates at the informal meeting of trade
  ministers that this was one of five principles Canada wanted
  adopted in reforming agriculture in the General Agreement on
  Tariffs and Trade (GATT). Secondly, support for agriculture
  should avoid production incentives, and thirdly, countries
  should freeze and seek to reduce government aid measures that
  distorted world prices, Carney said.
      Carney said the fourth principle was that countries should
  not introduce new import barriers not mandated by existing
  legislation and the fifth was that these basic principles must
  be implemented collectively.
      Carney later told Reuters the Canadian guidelines are
  basically compatible with the seven point Australian proposals
  announced in Davos, Switzerland, in January.
      European trade sources said the conference welcomed the
  Canadian initiative but some delegates, and not only the
  European Community, voiced reservations about some of the
  principles.
      Carney said there was a lot of political will among the
  ministers here to complete the Uruguay Round of GATT in under
  four years and that there is also a realisation that it has to
  be done in a balanced way.
      ""The consensus view was to proceed as fast as we can on a
  broad front and see what areas emerge where we can get early
  conclusion,"" she said.
      However, the meeting did not identify what those areas are,
  Carney said.  She said Canada/U.S. Bilateral trade
  negotiations, which must be concluded at least in draft form by
  October, are progressing well.
  

"
training/8668	12	earn	"PRUDENTIAL CORP PLC <PRUL.L> 1986 YEAR
  Shr 34.5p vs 24.5p adjusted
      Div 19p making 29p vs 24.8p adjusted
      Pretax profit 178.1 mln vs 110.1 mln
      Tax and minorities 60.5 mln vs 32.7 mln
      Profit attributable 117.6 mln vs 77.4 mln
      Pretax profit includes -
      Long term business 145.5 mln vs 137.7 mln
      General insurance business -
      Underwriting loss 99.9 mln vs 131.6 mln
      Investment income 94.8 mln vs 78.2 mln
      Trading loss 5.1 mln vs 53.4 mln
      Investment management, U.K. 6.4 mln vs 1.6 mln
      Shareholders' other income 31.3 mln vs 24.2 mln
      Pretax profit by division includes -
      U.K. Individual division 97.1 mln vs 89.5 mln
      U.K. Group pensions 10.5 mln vs 10.6 mln
      International 13.4 mln vs 12.4 mln
      Mercantile and General 24.5 mln vs 25.2 mln
      Prudential Portfolio managers 6.4 mln vs 1.6 mln
      Prudential Property Services 2.1 mln loss vs nil
  

"
training/867	26	jobs	"JAPAN UNEMPLOYMNENT RISES TO RECORD IN JANUARY
  Japan's seasonally adjusted unemployment
  rate rose to a record 3.0 pct in January, the worst since the
  Government started compiling unemployment statistics under its
  current system in 1953, up from the previous record 2.9 pct in
  December, the government's Management and Coordination Agency
  said.
      Unemployment was up from 2.8 pct a year earlier.
      Unadjusted January unemployment totalled 1.82 mln people,
  up from 1.61 mln in December and 1.65 mln a year earlier.
      Male unemployment in January remained at 2.9 pct, equal to
  the second-worst level set last December. Record male
  unemployement of 3.1 pct was set in July 1986.
      Female unemployment in January remained at 3.0 pct, equal
  to the record level marked in April, August, September and
  December last year.
      January's record 3.0 pct unemployment rate mainly stemmed
  from loss of jobs in manufacturing industries, particularly in
  export-related firms, due to the yen's continuing appreciation
  against the dollar, officials said.
      Employment in manufacturing industries fell 380,000 from a
  year earlier to 14.30 mln including 1.83 mln employed in the
  textile industry, down 190,000 from a year earlier, and 1.06
  mln in transport industries such as carmakers and shipbuilders,
  down 170,000.
  

"
training/8670	32	money-fx	"MAJOR NATIONS MUST ACT ON CURRENCIES - MIYAZAWA
  Finance Minister Kiichi Miyazawa said the
  time has come for major industrialised nations to take action
  on exchange rates in line with their agreement last month in
  Paris.
      In Paris, Britain, Canada, France, Japan, the U.S. And West
  Germany agreed to coooperate to hold currency rates around
  their then current levels.
      Miyazawa would not say what specific measures major nations
  would take, but told reporters the measures had been discussed
  in Paris. The dollar fell to a record low against the yen this
  morning, piercing the 150 yen barrier.
      Asked if major nations were now negotiating on what
  measures to take, Miyazawa said they were not as measures had
  already been agreed in Paris.
  

"
training/8672	10	crude	"KUWAIT SAYS OPEC 2.4 MLN BPD BELOW CEILING
  Kuwaiti oil minister Sheikh Ali
  al-Khalifa al-Sabah said OPEC was producing well below its oil
  output ceiling and this would help prices move higher,
  according to a Kuwaiti newspaper interview.
      The al-Rai al-Aam newspaper quoted him as saying OPEC was
  pumping 2.4 mln barrels per day (bpd) less than its 15.8 mln
  bpd ceiling, while consumers were drawing down their petroleum
  stocks at a rate of 4.5 mln bpd.
      As long as OPEC maintains its output curbs, demand for its
  oil will rise in April and May, Sheikh Ali said, adding that
  Kuwait was strongly committed to its OPEC quota.
  

"
training/8673	22	interest	" Bundesbank allocates 6.5 billion marks in 28-day repurchase pact at 3.80 pct

   Bundesbank allocates 6.5 billion marks in 28-day repurchase pact at 3.80 pct
  

"
training/8674	32	money-fx	"MIYAZAWA SAYS U.S. LIKELY TO INTERVENE
  Finance Minister Kiichi Miyazawa told
  Parliament's Lower House Finance Committee that the U.S. Is
  expected to intervene in the foreign exchange market to
  stabilise exchange rates, political sources said.
      Asked if the U.S. Federal Reserve Board agreed in Paris
  last month to intervene to stabilise exchange rates, Miyazawa
  said yes, the sources said.
      Miyazawa was also quoted as saying that he is sceptical
  about the effectiveness of currency reference ranges even if
  major nations agree on such an idea as it is extremely
  difficult to set such ranges.
  

"
training/8676	48	trade	"YEUTTER SAYS U.S.-JAPAN TRADE DIFFICULTIES REMAIN
  U.S. Trade Representative
  Clayton Yeutter said he was unsure whether some of the trade
  issues straining U.S.-Japanese relations would be resolved
  before the two countries open trade talks in late April.
      ""We are having high level discussions on them (the issues)
  within the United States...The relationship on some of those is
  very strained between us (Japan) at the moment and we need to
  relieve those strains at the earliest possible date,"" he said.
      ""I am not sure we can wait until late April,"" he added.
      Yeutter is in New Zealand for a two-day informal meeting of
  trade ministers who are reviewing the Uruguay round of the
  General Agreement on Trade and Tariffs (GATT).
      He said he will meet the Japanese delegation over the next
  few days but declined to discuss methods of relieving the
  strain between the two countries.
      Yeutter said earlier the three most contentious trade
  issues were semiconductors, Japanese government unwillingness
  to allow public entities to buy U.S. Super-computers and the
  barring of U.S. Firms from the eight billion U.S. Dlr Kansai
  airport project near Osaka.
      The Japanese delegation to the GATT talks said in a
  statement yesterday they are making major efforts to dismantle
  trade barriers in their country.
      ""I am convinced that they are attempting to move their
  policies in the right direction. The question is how far and
  how fast,"" Yeutter said.
  

"
training/8677	22	interest	"BUNDESBANK ALLOCATES 6.5 BILLION MARKS IN TENDER
  The Bundesbank accepted bids for 6.5
  billion marks at today's tender for a 28-day securities
  repurchase pact at a rate of 3.80 pct, a central bank spokesman
  said.
      Banks, which bid for a total 8.6 billion marks liquidity,
  will be credited with the funds allocated tomorrow and must buy
  back securities pledged on April 22.
      The allocation was in line with market expectations the
  Bundesbank would provide more than the 3.4 billion marks
  draining from this week as an earlier facility expires.
      Call money fell to 3.60/70 pct ahead of the allocation from
  3.75/85 pct yesterday, dealers said.
      The excess allocation compensates for public funds leaving
  the system which the Bundesbank added last week via
  government-owned banks.
      However major tax payments by banks on behalf of customers
  drew to a close this week, lessening the need for liquidity.
      The call money declines surprised some dealers, who
  speculated it was because the Bundesbank disbursed further
  government funds today. However, most said this had not
  occurred.
      Banks were well stocked with liquidity, having 47.1 billion
  marks in minimum reserves at the Bundesbank on Friday, up from
  49.9 billion on Thursday. Average daily reserves over the first
  20 days of the month fell to 52.6 billion from 53.1 billion.
  For all of March, banks would be required to hold net daily
  average reserves of 50.7 billion marks, dealers said.
  

"
training/8678	32	money-fx	"U.K. MONEY MARKET GIVEN 115 MLN STG ASSISTANCE
  The Bank of England said it had provided
  the money market with 115 mln stg assistance in the morning
  session. This compares with the Bank's forecast of a 300 mln
  stg shortage in the system today.
      The central bank bought bills outright in band two at
  9-13/16 pct comprising 73 mln stg bank bills and 42 mln stg
  local authority bills.
  

"
training/868	12	earn	"FORD <F> EUROPE EARNINGS UP 71 PCT LAST YEAR
  Ford Europe's net earnings soared by 71
  per cent last year to 559 mln dlrs, Kenneth Whipple, chairman
  of Ford Europe, said.
      Whipple, here to attend the Geneva Auto Show which opens on
  Thursday, said that the Ford Motor Co unit had sold a record
  1.5 million vehicles in Europe in 1986.
      Net earnings were 326 mln dlrs in 1985.
      Sales in 1986 represented 11.8 per cent of the European
  market share, Whipple said. Ford will invest 1.2 billion
  dollars in Europe in 1987, and a total of seven billion over
  the next seven years, he added.
  

"
training/8681	26	jobs	"FRENCH EMPLOYERS CHIEF SEES HOPE FOR GROWTH
  The 1992 deadline for abolishing economic
  barriers within the European Community should help French
  economic growth and create jobs, president of the French
  employers' federation CNPF Francois Perigot said.
      ""Having a market at our disposal which is as homogeneous and
  accessible as that of Europe is an incredible piece of luck,"" he
  told Le Figaro in an interview.
      He said that the majority of French business leaders were
  enthusiastic about the abolition of barriers and saw it as an
  opportunity rather than a danger for their companies.
      ""It can permit us to return to a growth rate which is much
  better than we could achieve in isolation. We know that we have
  to reestablish growth at three pct a year to solve the enormous
  problems confronting us -- and I am referring mainly to
  unemployment,"" Perigot added.
      Finance Minister Edouard Balladur said yesterday that
  French growth would be just two pct this year, the same as last
  year and compared with the government's original 2.8 pct
  target.
  

"
training/8683	45	sugar	"SOVIET SUGAR IMPORTS HIGHER IN OCT/NOV
  Soviet sugar imports in October and
  November were significantly higher than in the same period of
  the year before, according to figures received by the
  International Sugar Organization.
      Imports in October totalled 23,803 tonnes, compared with
  4,685 tonnes in the same month of 1985, while November imports
  were up to 136,029 tonnes from 46,541.
      For the first 11 months of 1986, Soviet imports totalled
  5.12 mln tonnes, against 4.30 mln in the same period of 1985.
      The October 1986 import figure consisted entirely of whites
  from Cuba, while the November total was made up of 84,037
  tonnes Cuban whites and 51,992 tonnes whites from Thailand. Of
  the imports in the January/November period, those from Cuba
  were up to 3.81 mln tonnes from 3.65 mln and from Thailand to
  292,808 tonnes from 22,800.
      Soviet exports also increased in 1986. The January/November
  export total of 289,232 compares with 165,859 tonnes in the
  first 11 months of 1985. Exports in October 1986 were 20,064,
  down from 38,853 a year earlier, while November exports were up
  from 32,796 to 50,855 tonnes.
  

"
training/8684	45	sugar	"WEST GERMAN 1986 SUGAR OUTPUT RISES
  West German sugar production last year
  rose 38,000 tonnes to an estimated 3.17 mln tonnes, the
  Agricultural Ministry said.
      It said the increase was exclusively due to higher beet
  sugar content, which went up to 17.93 pct from 17.3 pct in
  1985.
      Last year's beet deliveries totalled 20.22 mln tonnes, down
  554,000 tonnes from the previous year.
      The ministry estimates West Germany's sugar
  self-sufficiency during the current agricultural year
  (July/June) unchanged at 137 pct.
  

"
training/8685	0	acq	"NORCROS REJECTS 542.2 MLN STG BID FROM WILLIAMS
  Norcros Plc <NCRO.L> the building
  products and packaging group said its board had no hesitation
  in unanimously rejecting this morning's 542.2 mln stg bid from
  <Williams Holdings Plc>, the industrial holding firm.
      The company said Williams' 432.7p per share offer was
  unsolicited and unwelcome and significantly undervalues
  Norcros. By 1228 gmt Norcros shares were quoted at 418p, up
  from 397p at yesterday's close. Williams was 15p higher at 765.
      The Norcros board's detailed views will be sent to
  shareholders when the formal offer document has been issued by
  Williams.
  

"
training/8686	17	grain	"NO PROOF OF MORE CHERNOBYL GRAIN DAMAGE-DIPLOMATS
  Western agricultural attaches in Moscow
  said they had no evidence to substantiate rumours that last
  April's Chernobyl nuclear disaster had a worse effect on Soviet
  grain than first reported.
      Current Soviet interest in chartering ships to carry grain
  from the U.S. Helped prompt the rumours on world markets. But
  the diplomats said they had seen no reports in the state press
  and heard no comments from officials to substantiate them.
      The official media was initially slow in reporting the
  accident but, under Kremlin leader Mikhail Gorbachev's campaign
  for openness, gradually gave more and more details.
      Land around the nuclear plant was contaminated to varying
  degrees. Some is now being used to grow industrial crops
  instead of grain.
  

"
training/8688	43	ship	"IRAN SAID TO TEST FIRE SILKWORM MISSILE IN HORMUZ
  Iran has test-fired its newly acquired
  Silkworm anti-shipping missile in the Strait of Hormuz and has
  set up at least two land-based launching sites in the area, a
  British naval source in the Gulf said.
      The source, who declined to be identified, said Iran had
  fired the Chinese-made missile at a hulk off its southern Gulf
  naval port of Bandar Abbas and scored a hit.
      ""These missiles pack a fairly big punch,"" he told Reuters.
  ""There is no doubt they could be used to target (shipping)
  across the Strait of Hormuz.""
      Tension in the Gulf has risen since U.S. Officials last
  week broke the news that Iran had acquired the Silkworm
  missiles.
      The U.S. Has said it will not allow Iran to use the
  missiles to choke off oil shipments and has offered its
  warships to escort Kuwaiti tankers past the missile batteries.
      But Tehran denied last Sunday it intended to threaten Gulf
  shipping and warned the U.S. Any interference in the region
  would meet a strong response.
      The British naval source said the Silkworms were in place
  at at least two sites around the Strait of Hormuz, but would
  not give the exact location.
  

"
training/8689	0	acq	"MERRILL LYNCH <MER> IN TALKS ON CANADA PURCHASES
  Merrill Lynch and Co Inc is holding
  talks on acquiring Canadian brokerage firms, a company
  spokesman told Reuters.
      He said one of the firms with which Merrill Lynch is
  negotiating is <Burns Fry Corp> of Toronto, which has already
  received an offer from Security Pacific Corp's <SPC> 83 pct
  owned <Hoare Govett Ltd> London-based brokerage unit.  The
  Hoare Govett bid is valued at about 210.4 mln U.S. dlrs.
      The spokesman said the talks are the result of a change in
  Ontario securities laws that takes effect June 30.
      Currently, companies outside the Canadian securities
  industry are prohibited from owning more than 10 pct of a
  Canadian broker.  On June 30, 1987, foreign brokers will be
  allowed to own up to 50 pct of Canadian brokers, and the
  percentage will rise to 100 pct a year later.
  

"
training/8690	0	acq	"MARK IV <IV> STARTS BID FOR CONRAC <CAX>
  Mark IV Industries Inc said it has
  started the 25 dlr per share tender offer for all shares of
  Conrac Corp that it announced yesterday afternoon.
      In a newspaper advertisement, the company said the offer
  and withdrawal rights expire April 20 unless extended.  The
  offer is not conditioned on receipt of any minimum number of
  shares but is conditioned on the arrangement of financing.
      Mark IV already owns about 9.9 pct of Conrac's 6.8 mln
  shares outstanding.
  

"
training/8691	0	acq	"ECOLAB <ECL> STARTS BID FOR CHEMLAWN <CHEM>
  Ecolab Inc said it has started its
  previously-announced tender offer for all shares of ChemLawn
  Corp at 36.50 dlrs each.
      In a newspaper advertisement, the company said the offer
  and withdrawal rights expire April 20 unless extended.  The
  ChemLawn board has approved the tender and a merger at the same
  price that is to follow.
      Ecolab said the offer is conditioned on receipt of at least
  5,325,000 shares.  ChemLawn now has about 10.0 mln shares
  outstanding.
      Ecolab said ChemLawn has granted it a conditional option to
  buy all authorized but unissued and unreseved ChemLawn shares
  at 36.50 dlrs each.  The option is exercisable in the event
  that another party were to acquire 20 pct or more of ChemLawn
  by means other than a tender offer for all shares at a higher
  price than Ecolab is offering.
      The company said if the merger agreement is terminated
  under certain circumstasnces, it will be entitled to receive 20
  mln dlrs in damages from ChemLawn.
      Ecolab said officers and directors of ChemLawn have granted
  it options to acquire an aggregate of 2,535,435 ChemLawn shares
  or about 24.8 pct for the tender price, again unless a higher
  tender were to be made by another party.
      Waste Management Inc <WMX> had originally made a hostile
  tender offer of 27 dlrs per share for ChemLawn which ChemLawn
  rejected as inadequate.  On Friday, Waste Management said it
  would raise its bid to 35 dlrs per share.
  

"
training/8692	48	trade	"TAIWAN PROPOSES FURTHER TARIFF CUTS
  Taiwan said it plans another round of
  tariff cuts, possibly within a month, to try to narrow its
  trade surplus with the U.S.
      Vice Finance Minister Ronald Ho said a high-level economic
  committee recommended tariff cuts on 66 products requested by
  Washington, including apples, chocolates and fruit juice.
      Ho said the cuts may come into effect by the end of next
  month.
      Taiwan's trade surplus with the U.S. Widened in the first
  two months of this year to 2.35 billion dlrs from 1.87 billion
  dlrs in the same period last year.
  

"
training/8696	43	ship	"IRAN SAID TO TEST FIRE SILKWORM MISSILE IN HORMUZ
  Iran has test-fired its newly acquired
  Silkworm anti-shipping missile in the Strait of Hormuz and has
  set up at least two land-based launching sites in the area, a
  British naval source in the Gulf said.
      The source, who declined to be identified, said Iran had
  fired the Chinese-made missile at a hulk off its southern Gulf
  naval port of Bandar Abbas and scored a hit.
      ""These missiles pack a fairly big punch,"" he told Reuters.
  ""There is no doubt they could be used to target (shipping)
  across the Strait of Hormuz.""
  

"
training/8699	48	trade	"TAIWAN PROPOSES FURTHER TARIFF CUTS
  Taiwan said it plans another round of
  tariff cuts, possibly within a month, to try to narrow its
  trade surplus with the U.S.
      Vice Finance Minister Ronald Ho said a high-level economic
  committee recommended tariff cuts on 66 products requested by
  Washington, including apples, chocolates and fruit juice.
      Ho said the cuts may come into effect by the end of next
  month.
      Taiwan's trade surplus with the U.S. Widened in the first
  two months of this year to 2.35 billion dlrs from 1.87 billion
  dlrs in the same period last year.
  

"
training/87	12	earn	"BDM INTERNATIONAL <BDM> INCREASES QTRLY DIVS
  Annual div Class A 14 cts vs 12 cts prior
      Annual div Class B 12.1 cts vs 10.4 cts prior
      Payable April one
      Record March 20
      NOTE: full name is BDM International Inc.
  

"
training/870	28	lei	"SOUTH KOREA'S LEADING INDICATORS FALL IN DECEMBER
  South Korea's index of leading indicators
  fell 0.1 pct to 164.1 (base 1980) in December after a 0.1 pct
  rise in November, representing a 16.1 pct year-on-year gain
  from December 1985, Economic Planning Board provisional figures
  show.
      The index is based on 10 indicators which include export
  values, letters of credit received, warehouse stocks, M-1 and
  M-3 money supply figures and the composite stock exchange
  index.
  

"
training/8701	41	retail	"U.S. FEB DURABLE GOODS ORDERS ROSE 6.0 PCT, NONDEFENSE DURABLES ROSE 3.8 PCT

  U.S. FEB DURABLE GOODS ORDERS ROSE 6.0 PCT, NONDEFENSE DURABLES ROSE 3.8 PCT
  

"
training/8702	12	earn	"STANDARD CHARTERED PLC <STCH.L> 1986 YEAR
  Shr 97.0p vs 85.3p
      Div 22.5p vs 20.0p making 35.0p vs 30.5p
      Pretax profit 253.9 mln stg vs 267.9 mln
      Tax 96.3 mln vs 125.6 mln
      Operating income 1.15 billion vs 998.8 mln
      Operating expenses 759.3 mln vs 692.7 mln
      Trading profit before charge for bad and doubtful debts
      394.4 mln stg vs 306.1 mln
      Charge for bad and doubtful debts 184.2 mln vs 100.7 mln
      Share of profits of associates 43.7 mln vs 62.5 mln
      Minority interests 6.6 mln debit vs 9.6 mln debit
      Extraordinary items 8.7 mln debit vs 15.7 mln credit
      Operating income includes -
      Interest income 2.49 billion vs 2.33 billion
      Interest expenses 1.77 billion vs 1.64 billion
      Other operating income 428.8 mln vs 313.2 mln
      Operating expenses include -
      Staff 405.9 mln vs 376.0 mln
      Premises and equipment 197.0 mln vs 155.2 mln
      Others 156.4 mln vs 161.5 mln
      Pretax profit includes -  North America 65.8 mln vs 49.6
  mln
      Asia Pacific 0.9 mln vs 31.8 mln
      Middle East and south Asia 17.7 mln vs 2.3 mln
      Tropical Africa 47.5 mln vs 44.7 mln
      U.K. 107.6 mln vs 135.7 mln
      South Africa 36.8 mln vs 35.6 mln
  

"
training/8704	0	acq	"KDI <KDI> TO BUY TRIANGLE MICROWAVE <TRMW>
  KDI Corp said it has agreed
  in principle to acquire Triangle Microwave Inc for 6.50 dlrs
  plus a contingent payment for each Triangle share.
      It said holders of the contingent payment units will be
  entitled to receive annual payments to the extent that the
  predepreciation gross profits of Triangle Microwave in each of
  the years 1987 through 1991 exceed threshholds ranging from
  eight mln dlrs in 1987 to 14 mln dlrs in 1991.
      The company said holders of Triangle Microwave options and
  warrants will be entitled to receive the difference between
  6.50 dlrs and their exercise price, plus contingent payments.
      KDI said completion of the transaction is subject to
  governmental approvals and the approval of Triangle Microwave
  shareholders, and the transaction is valued at over 35 mln
  dlrs.
      It said shareholders of Triangle Microwave controlling
  about 30 pct of the company's stock have agreed to vote in
  favor of the deal and to give KDI an option to buy their shares
  under certain components.
      Triangle Microwave makes microwave components.  KDI, a
  diversified company, produces electronic components, technical
  products and swimming pool equipment.                
  

"
training/8705	29	livestock	"STORM BRINGS HEAVY SNOWS TO U.S. PLAINS
  The National Weather Service said a
  powerful winter storm centered over north central Oklahoma was
  spreading snow from western and central Kansas across much of
  Nebraska to southern and eastern South Dakota.
      Rain was reported across parts of Minnesota, Iowa, eastern
  Kansas, Missouri and eastern Oklahoma, with showers and a few
  thundershowers extending from Arkansas through the lower
  Mississippi Valley to Alabama and northwest Florida.
      Strong winds of 20 to 35 mph with some stronger gusts were
  reported across much of the Plains, causing considerable
  blowingand drifting snow. A blizzard warning continued this
  morning across most of western Kansas. A winter storm warning
  was issued this morning over central and northeast Nebraska.
      Weather advisories were posted for this morning over
  central Kansas and central and southeast sections of South
  Dakota where two to five inches of snow could accumulate.
      Locally heavy rains accompanied the storm over portions of
  the central Plains. Flash flood watches were issued for this
  morning across the eastern half of Kansas.
      A flood warning continues today for eastern Nebraska.
  Widespread lowland and small stream flooding is expected to
  continue over most of eastern Nebraska through Wednesday.
      Due to cold, damp and windy conditions, livestock
  advisories were posted this morning across central and
  southeast portions of South Dakota.
      As the storm moves north across the central Plains, winter
  storm watches were issued over south central South Dakota, late
  tonight and Wednesday over west central Minnesota.
      Elsewhere, a travelers advisory remains in effect this
  morning over northeast New Mexico and the Oklahoma and Tecas
  Panhandle for blowing snow and slick roadways and across the
  mountains and deserts of southern California for strong gusty
  winds of 25 to 40 mph. Gale warnings were issued for today
  along the central California Coast.
      Mostly clear skies extended from the Great Lakes and Ohio
  Valley through the central Appalachians to the central Atlantic
  Coast and New England.
  

"
training/8706	41	retail	"U.S. FEB DURABLE GOODS ROSE 6.0 PCT
  New orders for durable goods
  received by U.S. manufacturers rose 5.7 billion dlrs, or 6.0
  pct, in February to 101.2 billion dlrs, the Commerce Department
  said.
      Excluding defense, orders rose 3.8 pct, compared with a
  revised January decline of 7.7 pct.
      In January, durable goods fell a revised 9.9 pct instead of
  the previously reported 7.5 pct. Durables excluding defense
  were reported originally as having fallen 9.9 pct in January.
      The Commerce Department on Monday revised orders statistics
  for 1982 to 1986 to reflect more current inventory valuation
  methods, and the February orders statistics are consistent with
  the revisions, officials said.
      The February order increase was led by transportation
  equipment, up 11.1 pct after an 18.0 pct decline in January.
      Orders for defense capital goods rose 48.9 pct to 6.9
  billion dlrs, following a 38.8 pct decline in January.
      Non-defense capital goods orders fell 1.6 pct in February
  to 26.3 billion dlrs after falling 8.7 pct in January, the
  department said.
      Electrical machinery orders rose in February by 8.2 pct to
  17.2 billion dlrs after falling 15.4 pct in January.
      Primary metals orders were up 13.9 pct to 8.4 billion dlrs
  after a 20 pct decline in January, the department said.
      New orders for non-electrical machinery were up in February
  by 3.9 pct to 16.6 billion dlrs after a three pct orders
  decline in January.
  

"
training/8707	12	earn	"WOOLWORTH U.K. SAYS GROWTH PROSPECTS EXCITING
  Woolworth Holdings Plc <WLUK.L> which
  earlier announced a 1986 pre-tax profits rise of 42 pct over
  1985, said its prospects for growth were very exciting.
      The profit figure of 115.3 mln stg exceeded a forecast by
  some 10 pct made during the hostile bid by Dixons Group Plc
  <DXNS.L> last year and the company said the results were a
  major step towards the aim of making Woolworth the most
  profitable retailing group in the U.K.
      It aimed to produce growth from all its businesses and look
  for opportunities to acquire specialist retail businesses.
      Earlier this month the group said that tentative merger
  talks with the high street pharmacist <Underwoods Plc> had been
  called off and recently announced a 19.2 mln stg recommended
  offer for <Charlie Browns Car Part Centres Plc>.
      The B and Q Do it Yourself centres raised sales by 31 pct
  and retail profit by 37 pct, with its pretax contribution of
  45.5 mln making it the largest single component.
      The company said that the improvement had been achieved by
  substantial organic growth in existing stores as well as by the
  opening of a further 29 new outlets and enhanced margins.
      In other sectors, the Comet electrical chain raised retail
  profits by 46 pct to 17.4 mln stg, while the Woolworth chain
  reported a 120 pct improvement to 38.7 mln.
      The company said its property operations would increase
  substantially following the start of a joint venture deal with
  developers <Rosehaugh Plc>.
      The defence costs against the 1.9 billion stg bid from
  Dixons resulted in a 16.0 mln stg extraordinary charge.
      The results were 10 mln stg up on most analysts forecasts.
  As a result, the group's shares rose strongly, peaking at 865p
  from last night's 842p before easing to 860p at 1155 GMT.
  

"
training/8708	12	earn	"NATIONAL SEMICONDUCTOR CORP <NSM> 3RD QTR LOSS
  March Eight
      Shr loss 31 cts vs loss 47 cts
      Net loss 25.6 mln vs loss 39.4 mln
      Sales 398.1 mln vs 322.3 mln
      Avg shrs 91.6 mln vs 90.0 mln
      Nine mths
      Shr loss 44 cts vs loss one dlr
      Net loss 32.7 mln vs loss 84.4 mln
      Sales 1.36 billion vs 1.08 billion
      Avg shrs 91.2 mln vs 89.6 mln
      NOTE: Twelve and 40-week periods.
      Prior year results restated for change in method of
  recognizing revenue on distributor shipments.  Quarter net loss
  originally reported as 32.0 mln dlrs or 38 cts shr on sales of
  328.9 mln dlrs and nine mth loss as 120.3 mln dlrs or 1.40 dlrs
  shr on sales of 1.11 billion dlrs.
      Prior nine mths net includes 51.2 mln dlr gain from
  cumulative effect of accounting change.
      Prior year net includes extraordinary credits of 1,100,000
  dlrs in quarter and 3,300,000 dlrs in nine mths.
      Current year net both periods includes 15.0 mln dlr pretax
  charge from previously-announced restructuring of Datachecker
  Systems and Semiconductor Group manufacturing operations.
  

"
training/8709	0	acq	"COMDATA NETWORK AGREES TO HIGHER OFFER FROM WELSH CARSON ANDERSON

  COMDATA NETWORK AGREES TO HIGHER OFFER FROM WELSH CARSON ANDERSON
  

"
training/8710	32	money-fx	"SUMITA SAYS BANK WILL INTERVENE IF NECESSARY
  Bank of Japan Governor Satoshi Sumita
  said in a statement the central bank will intervene in foreign
  exchange markets to stabilise exchange rates if necessary in
  close cooperation with other major industrial nations.
      Sumita said the Bank will take adequate measures including
  market intervention, if necessary, in line with the February 22
  Paris agreement by six major industrial nations.
      Canada, Britain, France, Japan, the U.S. And West Germany
  agreed to cooperate in stabilising exchange rates around
  current levels. Sumita's statement was issued after the dollar
  slipped below 150 yen to hit a record low of 148.40.
      ""It is inevitable that exchange rates fluctuate under the
  system of floating rates,"" Sumita said.
      The fact the dollar plunged below 150 yen does not mean
  anything significant under the floating system, he said.
      The six nations agreed in Paris exchange rates prevailing
  then were broadly consistent with underlying economic
  fundamentals and further substantial rate shifts could damage
  growth and adjustment prospects in their countries, the Paris
  statement said.
  

"
training/8711	0	acq	"COMDATA <CDN> ACCEPTS NEW WELSH CARSON BID
  Comdata Network Inc said it
  has entered into a definitive agreement to merge into a company
  formed by <Welsh, Carson, Anderson and Stowe IV> for either
  16.50 dlrs in cash or 10.00 dlrs in cash and a unit of
  securities per Comdata share.
      The company said each unit of securities would consist of
  1.25 common shares in the new company and three dlrs principal
  amount of the new company's 11 pct subordinated debentures due
  1997.
      It said the 16.50 dlr cash alternative is an improvement
  over the 15.00 dlr per share price contemplated under an
  agreement in principle with Welsh Carson announced on March
  Five.
      Comdata said the cash and securities alternaitcve is
  subject to Welsh Carson-affiliated investors owning at least 60
  pct of the stock of the new company.
      The company said investment bankers <Drexel Burnham Lambert
  Inc> and Alex. Brown and Sons Inc <ABSB> found the proposal to
  be fair from a financial point of view.
      It said the transaction is subject to approval by its
  shareholders and to Welsh Carson obtaining up to 230 mln dlrs
  in debt financing. Comdata said it may terminate the agreement
  if financing is not arranged by April Three.
      On Thursday, First Financial Management Corp <FFMC> offered
  to acquire Comdata for 18.00 dlrs per share in stock and cash,
  subject to approval by the Comdata board.
      Under the First Financial proposal, Comdata holders would
  receive no more than four dlrs per share in cash and could
  receive all stock.
      Comdata had originally planned a recapitalization under
  which it would have repurchased up to six mln common shares at
  14.50 dlrs each.
  

"
training/8713	39	potato	"IRELAND PUT ON COLORADO BEETLE ALERT
  The Irish Agriculture Department issued
  a Colorado beetle alert today after three of the beetles were
  found in a box of parsley imported from France.
      Officials said a colony of the black and amber coloured
  beetles can destroy a potato field in a day. The females lay up
  to 2,500 eggs each.
      Some of the 80 boxes in the parsley consignment had already
  been distributed to markets and the department called on all
  shopkeepers and the catering trade to be on the alert.
  

"
training/8716	12	earn	"TRANSNATIONAL INDUSTRIES <TRSL> SEES LOSS
  Transnational Industries Inc said due
  to continuing manufacturing difficulties at its AlloyTek Inc
  jet engine component subsidiary, it expects to report a net
  loss of about 300,000 dlrs or 12 cts per share for the fourth
  quarter ended January 31.
      It said revenues for the period were about 11.9 mln dlrs,
  about even with those of a year earlier.
      For the full fiscal year, the company said it earned about
  775,000 dlrs or 34 cts per share, down from 1,402,000 dlrs or
  76 cts per share a year before.
      The company said an unexpectedly large volume of customer
  inquiries at its Spitz Inc simulation products subsidiary has
  caused higher than expected business development outlays.
      The company said it expects significant contract awards to
  Spitz later this year.
      It said it has started implementing a plan to progressively
  reduce manufacturing costs at AlloyTek over the next several
  quarters.  The company said it may move AlloyTek's plant from
  Grandville, Mich., to a lower labor cost area.
      The company said it discovered the extent of the AlloyTek
  problems during a year-end review of subcontracts and related
  work in progress for production of jet engine components for
  General Electric Co <GE>.
      It said it will release annual results around April 15.
  

"
training/8717	0	acq	"GREAT WESTERN <GWF> SELLS INSURANCE UNIT
  Great Western Financial
  Corp said it agreed to sell its John Alden Life Insurance Co
  and its affiliated operations for 280 mln dlrs to a
  newly-formed company onwed by the John Alden Management Group.
      General Electric Credit Corp delivered a commitment letter
  arranged by the GECC Capital Markets Group Inc for the
  financing.
      Great Western said the pre-tax gain on the sale will be
  approximately 65 mln dlrs, and after tax gain will be 
  approximately 15 mln.
  

"
training/8722	12	earn	"STERIVET <STVTF> SETS THREE-FOR-ONE SHARE SPLIT
  Sterivet Laboratories Ltd said the
  board authorized a three-for-one split of its outstanding
  common shares, subject shareholder approval at the annual
  meeting.
  

"
training/8724	12	earn	"CAMPBELL RED LAKE <CRK> SETS QUARTERLY DIVIDEND
  Qtly div 10 cts vs 10 cts prior
      Pay May 25
      Record April 20
      Note: Canadian funds
  

"
training/8725	48	trade	"GATT ROUND MAY STOP GROWING TRADE PROBLEMS: U.S.
  A successful new GATT
  (General Agreement on Tariffs and Trade) round is needed to
  halt growing bilateral trade problems between major trading
  partners, U.S. Trade Representative Clayton Yeutter said.
      Yeutter, in New Zealand for informal GATT ministerial
  talks, told Reuters bilateral trade disputes are increasing
  because the multilateral system is inefficient.
      ""That is really a strong rationale why we need a new GATT
  round,"" he said. ""The very existence of all these bilateral
  irritants clearly emphasises the need to develop multilateral
  solutions to some of these problems.""
      The eighth GATT round of negotiations was launched at Punta
  del Este in Uruguay in September 1986. Agriculture and services
  were included in the negotiations for the first time.
      The growing debt burden of Latin American and African
  nations will also provide impetus for the GATT round to
  succeed, he said. ""Clearly those countries need to develop their
  export endeavours and they need open markets for that to happen
  and that's the basic objective of the new GATT round.""
      But he said the GATT round is a long term endeavour. It
  will not give any short term relief for debt ridden countries,
  but it will make a difference in 10 to 15 years.
      ""It's a worthwhile activity from their standpoint because
  these debts are not going to go away in the next year or two,""
  he said.
      ""They ought to be very strongly supported in the GATT round
  as a mechanism for relieving their debt burdens or making
  possible debt amortisation in the future,"" he said.
  

"
training/8726	8	cpi	"BELGIAN MARCH CONSUMER PRICES RISE
  Belgian consumer prices rose 0.11 pct
  in March from February to stand 1.27 pct above the level in
  March 1986, the Economic Affairs Ministry said in a statement.
      It said the consumer price index, base 1981, rose to 132.83
  points from 132.69 in February and 131.17 in March 1985.
      Year-on-year inflation stood at 1.00 pct in February and at
  1.53 pct in March 1986.
  

"
training/8728	32	money-fx	"U.K. MONEY MARKET GIVEN FURTHER 104 MLN STG HELP
  The Bank of England said it provided the
  money market with assistance of 104 mln stg in the afternoon
  session.
      This takes the bank's total help so far today to 219 mln
  stg and compares with its estimate of a 300 mln stg shortage.
      The central bank bought outright 104 mln stg in bank bills
  in band two at 9-13/16 pct.
  

"
training/873	10	crude	"OPEC WITHIN OUTPUT CEILING, SUBROTO SAYS
  Opec remains within its agreed output
  ceiling of 15.8 mln barrels a day, and had expected current
  fluctuations in the spot market of one or two dlrs, Indonesian
  Energy Minister Subroto said.
      He told reporters after meeting with President Suharto that
  present weakness in the spot oil market was the result of
  warmer weather in the U.S. And Europe which reduced demand for
  oil.
      Prices had also been forced down because refineries were
  using up old stock, he said.
      He denied that Opec was exceeding its agreed production
  ceiling. Asked what Opec's output level was now, he replied:
  ""Below 15.8 (mln barrels per day)."" He did not elaborate.
      He said there appeared to have been some attempts to
  manipulate the market, but if all Opec members stick by the
  cartel's December pricing agreement it would get through
  present price difficulties.
      He predicted that prices would recover again in the third
  and fourth quarters of 1987.
      He also reiterated that there was no need for an emergency
  Opec meeting.
      He said Opec had expected to see some fluctuations in the
  spot price. ""We hope the weak price will be overcome, and
  predict the price will be better in the third and fourth
  quarters.""
      Refiners, he said, appeared to have used up old stock
  deliberately to cause slack demand in the market and the price
  to fall. But Opec would get through this period if members
  stuck together.
  

"
training/8730	0	acq	"PRINCEVILLE <PVDC> GETS LETTER OF CREDIT
  <Qintex Ltd> of Brisbane said <Westpac
  Banking Corp> of Australia has issued a commitment letter to
  provide Princeville Development Corp with the letter of credit
  required under Qintex's proposed acquisition of Princeville.
      The letter of credit would ensure payment of Princeville's
  contingent subordinated notes to be distributed to shareholders
  of record on the day immediately following completion of
  Qintex's tender for 3,300,000 Princeville share. It said
  issuance of the letter of credit is still subject to conditions
  including appropriate documentation, but the letter is expected
  to be issued around April Three.
      Qintex said as a result it has extended its tender offer
  for Princeville shares until April Three.
      It said through yesterday it had received 7,424,292 shares
  under the offer.
  

"
training/8731	12	earn	"ADVANCED COMPUTER TECHNIQUES <ACTP> YEAR NET
  Shr 41 cts vs 30 cts
      Net 700,000 vs 526,000
      Revs 15.2 mln vs 14.7 mln
  

"
training/8732	12	earn	"NEWS CORP <NWS> UNIT CORRECTS DIVIDEND RATE
  News Corp Ltd's Fox Television
  Stations Inc subsidiary said it will pay an accrued dividend of
  5.44 dlrs per share, not the 5.83 dlrs it reported earlier, in
  connection with the April 15 redemption of 230,000 shares of
  increasing rate exchangeable guaranteed preferred stock for
  1,000 dlrs per share plus accrued dividends.
  

"
training/8733	12	earn	"MCRAE INDUSTRIES <MRI-A> INCREASES PAYOUT
  McCrae Industries Inc said it
  raised its preferred dividend on its Class A common stock to 12
  cts per share from 11 cts per share.
      It said the dividend was payable April 20, 1987, to
  shareholders of record April 6.
  

"
training/8734	0	acq	"COLUMBIA FIRST <CFFS> TAKES OVER BANK
  Columbia First Federal Savings and
  Loan Association said it has acquired the insured deposits of
  first Federal of Maryland, based in Hagerstown, from the
  Federal Savings and Loan Insurance Corp and reopend First
  Federal's six former offices as Columbia First branches.
      The Federal Home Loan Bank Board had closed First Federal
  on March 20 because it was insolvent.  First Federal had assets
  of 115.2 mln dlrs.
  

"
training/8736	12	earn	"CHARMING SHOPPES INC <CHRS> RAISES QUARTERLY
  Qtly div three cts vs 2-1/2 cts prior
      Pay April 15
      Record April Six
  

"
training/8738	12	earn	"ANGELICA CORP <AGL> 4TH QTR JAN 31 NET
  Shr 47 cts vs 40 cts
      Net 4,399,000 vs 3,768,000
      Sales 76.6 mln vs 68.0 mln
      Year
      Shr 1.79 dlrs vs 1.84 dlrs
      Net 16,701,000 vs 17,159,000
      Sales 291.7 mln vs 269.1 mln
      NOTE: FiscaL 1987 year based on 53 weeks compared wqith 52
  weeks a year earlier.
  

"
training/8740	12	earn	"GULL INC <GLL> 3RD QTR FEB 28 NT
  Shr 22 cts vs 14 cts
      Net 917,000 vs 553,000
      Sales 16.1 mln vs 13.6 mln
      Avg shrs 4,195,000 vs 4,090,000
      Nine mths
      Shr 70 cts vs 29 cts
      Net 2,852,000 vs 1,086,000
      Sales 49.2 mln vs 40.7 mln
      NOTE: Prior nine mths net includes gain 250,000 dlrs from
  insurance payment.
  

"
training/8741	12	earn	"AMERIANA SAVINGS BANK <ASBI> 4TH QTR NET
  Shr not given
      Net 328,000 vs 99,000
      Year
      Shr not given
      Net 1,694,000 vs 998,000
      NOTE: Company went public in February 1987.
      Net includes pretax loan loss recovery 41,000 dlrs vs
  provision 50,000 dlrs in quarter and provisions 135,000 dlrs vs
  50,000 dlrs in year.
  

"
training/8742	12	earn	"GRIFFIN TECHNOLOGY INC <GRIF> 4TH QTR NET
  Ended Jan 31
      Shr loss one ct vs loss eight cts
      Net loss 25,800 vs loss 157,100
      Revs 2,323,500 vs 1,930,400
      Year
      Shr profit 19 cts vs profit four cts
      Net profit 401,100 vs profit 93,100
      Revs 10.3 mln vs 8,807,000
  

"
training/8745	12	earn	"PETRIE STORES CORP <PST> 4TH QTR JAN 31 NET
  Shr 90 cts vs 97 cts
      Shr diluted 82 cts vs 88 cts
      Net 42.1 mln vs 43.0
      Revs 379.3 mln vs 352.7 mln
      Avg shrs 46.8 mln vs 44.3 mln
      Avg shrs diluted 52.6 mln vs 50.0 mln
      Year
      Shr 1.58 dlrs vs 1.81 dlrs
      Shr diluted 1.50 dlrs vs 1.76 dlrs
      Net 73.7 mln vs 77.9 mln
      Revs 1.20 billion vs 1.16 billion
      Avg shrs 46.8 mln vs 43.0 mln
      Avg shrs diluted 52.6 mln vs 45.6 mln
  

"
training/8747	48	trade	"INDONESIA URGED TO DEREGULATE ITS ECONOMY
  World Bank President Barber Conable
  linked increased borrowing by Indonesia, the Third World's
  sixth largest debtor, to fresh measures to deregulate trade and
  dismantle protectionist barriers.
      ""We would like to see the Indonesian government continue the
  adjustment process ... To move towards increased deregulation
  of the economy,"" Conable told a press conference at the end of a
  three-day visit to Jakarta.
      Conable directly linked further Bank help for Indonesia's
  hard-pressed balance of payments to further measures by the
  government to reduce protectionism and increase efficiency.
      The World Bank last month granted Indonesia a 300 mln dlr
  trade adjustment loan. He said further loans would depend on
  the economic policies Indonesia adopted.
      But he said that in meetings with both President Suharto
  and leading Indonesian ministers he had not called for specific
  policy changes.
      ""The initiative will have to rest with the Indonesian
  government. We are not here to dictate to them,"" he stated.
      Indonesia, the only Asian member of Opec, has been badly
  hit by last year's slump in oil prices which cut its revenues
  from crude exports in half.
      Conable had what he termed a frank meeting this morning
  with Suharto.
      He voiced support for measures already taken, including
  September's 31 pct devaluation of the rupiah, and efforts to
  deregulate imports and stimulate exports.
      ""The government can rely on the support of the World Bank in
  a continuing program of adjustment to the economic realities of
  today's world,"" he said.
      The Bank has loaned Indonesia 10.7 billion dlrs over the
  past 20 years. Lending is now about one billion a year.
      The World Bank would probably like to see further
  dismantling of tarrif barriers and measures to reduce
  Indonesia's protected monopolies in areas like steel, plastics
  and cement, western bankers and diplomats said.
      The government has already said it will announce further
  deregulation measures, but has given no timetable. It is also
  considering selling off loss-making state companies.
      Conable said the Bank would try to help Indonesia find
  funds to cover its share of development projects, which
  otherwise would have to be scrapped or postponed. Japan's Ex-Im
  bank announced a 900 mln dlr untied credit last month.
  

"
training/8748	0	acq	"ARGYLL SELLS SUBSIDIARY'S ASSETS FOR 14 MLN STG
  Food and drink retailer Argyll Group Plc
  <AYLL.L> said it has agreed to sell its U.K. Subsidiary <George
  Morton Ltd> to <Seagram United Kingdom Ltd> for about 14 mln
  stg in cash.
      The consideration for Morton's fixed assets, stocks,
  debtors and goodwill is payable on completion of the sale. The
  disposal will bring Argyll an extraordinary credit of some 8.4
  mln stg.
      Argyll added the agreements also depend on an indication
  from the U.K. Office of Fair Trading by June 23 that the sale
  will not be referred to the Monopolies Commission. Argyll
  shares were up 12p to 440, firming before the announcement.
  

"
training/875	5	coffee	"COFFEE TRADERS EXPECT SELLOFF AFTER ICO TALKS FAIL
  The failure of the International Coffee
  Organization (ICO) to reach agreement on coffee export quotas
  could trigger a massive selloff in London coffee futures of at
  least 100 stg per tonne today, coffee trade sources said.
      Prices could easily drop to as low as 1.00 dlr or even 80
  cents a lb this year from around 1.25 dlrs now, they said.
      A special meeting between importing and exporting countries
  ended in a deadlock late yesterday after eight days of talks
  over how to set the quotas. No further meeting to discuss
  quotas was set, delegates said.
      Quotas, the major device used to stabilize prices under the
  International Coffee Agreement, were suspended a year ago after
  prices soared following a damaging drought in Brazil.
      With no propects for quotas in sight, heavy producer
  selling initially and a price war among commercial coffee
  roasting companies will ensue, the trade sources predicted.
      Lower prices are sure to trickle down to the supermarket
  shelf this spring, coffee dealers said.
      The U.S. And Brazil, the largest coffee importer and
  exporter respectively, each laid the blame on the other for the
  breakdown of the talks.
      Jon Rosenbaum, U.S. Assistant trade representative and
  delegate to the talks, said in a statement after the council
  adjourned, ""A majority of producers, led by Brazil, were not
  prepared to negotiate a new distribution based on objective
  criteria.
      ""We want to insure that countries receive export quotas
  based on their ability to supply the market, instead of their
  political influence in the ICO.""
      Brazilian Coffee Institute (IBC) President Jorio Dauster
  countered, ""Negotiations failed because consumers tried to
  dictate quotas, not negotiate them.""
      Previously, quotas were determined by historical amounts
  exported, which gave Brazil a 30 pct share of a global market
  of about 58 mln 60-kilo bags. A majority of producers wanted
  quotas to continue under this basic scheme.
      But most consumers and a maverick group of eight producers
  proposed carving up the export market on the basis of
  exportable production and stocks, which would reduce Brazil's
  share to 28.8 pct.
      Consumer delegates said this method would reflect changes
  in many countries' export capabilities and make coffee more
  readily available to consumers when they need it.
      A last-minute attempt by Colombia, the second largest
  exporter, to rescue the talks with a compromise interim
  proposal could not bring the two sides together.
      Delegates speculated Brazil's financial problems,
  illustrated by its recent suspension of interest payments on
  bank debt, have increased political pressure on the country to
  protect its coffee export earnings.
      Developing coffee-producing countries that depend heavily
  on coffee earnings, particularly some African nations and
  Colombia, are likely to be hurt the most by the ICO's failure
  to agree quotas, analysts said.
      The expected drop in prices could result in losses of as
  much as three billion dlrs in a year, producer delegates
  forecast.
      The ICO executive board will meet March 31, but the full
  council is not due to meet again until September, delegates
  said.
  

"
training/8750	12	earn	"VALLEN CORP <VALN> 3RD QTR FEB 28 NET
  Shr 24 cts vs 33 cts
      Net 347,000 vs 469,000
      Sales 16.5 mln vs 14.0 mln
      Nine mths
      Oper shr 93 cts vs 94 cts
      Oper net 1,327,000 vs 1,342,000
      Sales 48.8 mln vs 34.5 mln
      NOTE: Current nine mths net excludes 756,000 dlr gain from
  termination of pension plan.
  

"
training/8755	10	crude	"SHELL TO DECLARE NORWAY'S DRAUGEN FIELD COMMERCIAL
  <A/S Norske Shell>, Royal
  Dutch/Shell Group's <RD.AS> Norwegian subsidiary, said it has
  nearly concluded a 10 billion crown development scheme for
  Norway's Draugen oil field and will declare the field
  commercial in the near future.
      Pending government approval of the scheme, the field could
  come on stream in 1992, making it Norway's northermost field
  development and the first such project on the Haltenbanken
  tract off central Norway.
      Work on the project could begin as early as January 1988, a
  Shell spokesman said.
      Shell has not released projected output levels for the
  field, where water depth is 240-270 meters.
      The spokesman said the field's partners have agreed to
  develop Draugen with a 300-meter, single-leg concrete
  gravity-base platform.
      The scheme also proposes using remote subsea production
  wells to tap the field's reservoir, estimated to contain 375
  mln barrels of oil, and an offshore buoy-loading system to
  transport oil from the field by ship.
      Partners on Draugen are Shell, the operator, with a 30 pct
  stake, British Petroleum Co Plc <BP.L> unit <BP Petroleum
  Development (Norway) Ltd> (20 pct) and state-owned Den Norske
  Stats Oljeselskap A/S <STAT.OL> (Statoil) (50 pct).
  

"
training/8756	0	acq	"BOND CORP HAS NO COMMENT ON ALLIED SPECULATION
  Bond Corp Holdings Ltd  <BONA.S> of
  Australia said it had no comment on an article in a London
  evening newspaper speculating on its plans for a bid approach
  to U.K. dDrinks and food giant Allied Lyons Plc <ALLD.L>.
      Tony Oates, Bond Corp's Executive Director for Finance and
  Administration, said ""The company does not comment on market
  rumors or press conjecture."" He added in all instances of this
  kind problems are likely to arise whatever is said.
      Allied's shares were 3p up at 401p, which values the
  company at around 2.75 billion stg.
      London stock market analysts specializing in brewery shares
  viewed a bid from Bond, which they said has assets of around
  two billion stg, as highly unlikely.
      They added that rumours of a possible bid for Allied have
  surfaced from time to time in the press and the London equity
  market ever since last year's thwarted approach from Elders IXL
  Ltd <ELXA.S> of Australia.
  

"
training/8757	16	gold	"S. AFRICA GOLD MINING INDUSTRY HAD RECORD YEAR
  The gold mining industry had
  another ""exceptional year"" in 1986 with tonnage milled, revenues
  and profits reaching high levels, the Chamber of Mines said.
      Nearly 108 mln tons of ore was milled, three pct higher
  than the prior year, while revenues rose 17 pct to 16.5 billion
  rand and profits increased 6.5 pct to 8.31 billion rand, the
  Chamber reported.
      The profit rise was achieved despite substantial cost
  increases and a 26.1 pct rise in capital expenditures to 2.42
  billion rand, it said.
      The chamber said that a ""comparatively buoyant gold price
  allowed mines to continue the practise of mining lower grade
  ores which has characterised recent years.""
      It said the industry now mines to an average grade of 5.63
  grams per ton compared with 6.09 grams per ton in 1985.
      Gold output for the year declined five pct to 638 tons
  compared with the previous year's 671 tons.
  

"
training/8758	0	acq	"CLAREMONT TELLS SEC IT SEEKS 15 PCT CHAMPION PRODUCTS STAKE, TWO BOARD SEATS

  CLAREMONT TELLS SEC IT SEEKS 15 PCT CHAMPION PRODUCTS STAKE, TWO BOARD SEATS
  

"
training/8760	32	money-fx	"U.K. MONEY MARKET GIVEN 10 MLN STG LATE ASSISTANCE
  The Bank of England said it provided the
  money market with late help of about 10 mln stg.
      This takes the bank's total help today to some 229 mln stg
  and compares with its forecast of a 300 mln stg shortage.
  

"
training/8761	12	earn	"VOLVO GROUP COMPANY PROPOSES TWO-FOR-FIVE ISSUE
  <AB Catena>, in which AB Volvo
  <VOLV.ST> has a 48 pct stake, said it was proposing a
  two-for-five stock issue that will raise the company's equity
  capital to 420 mln crowns from 300 mln.
      Catena reported profits after financial income and costs up
  to only 231 mln crowns from 207 mln in 1985, despite an
  increase in sales to 8.54 billion crowns from 5.59 billion in
  1985.
      The company said that its 1986 performance was best
  reflected by earnings after writeoffs, which rose to 310 mln
  from 221 mln in 1985.
      Catena's increase in sales was mainly due to the takeover
  of Safveans AB in February 1986, which changed the business
  profile of Catena. It had principally operated as a Volvo
  dealer. With the Safveans acquisition it is now mainly a
  trading and industrial company.
      In December 1986 Catena sold its share in the stockbroking
  firm Jacobson och Ponsbach Fondkommission AB. This yielded a
  profit of 386.7 mln crowns and was reflected in Catena's
  pre-tax earnings which rose to 724 mln crowns from 204 mln in
  1985.
  

"
training/8765	10	crude	"U.S. ENERGY SECRETARY OPTIMISTIC ON INCENTIVES
  U.S. Department of Energy Secretary
  John Herrington said he was ""optimistic"" about the chances of
  providing a more generous depletion allowance for oil and gas
  producers, but added that the plan faces strong opposition from
  some members of the Reagan administration.
      Herrington, speaking to Houston oil executives at a
  breakfast meeting, said administration debate over his plan for
  a 27.5 pct annual depletion allowance was ""heavy and strong""
  largely because of some fears that the U.S. oil industry could
  eventually become as dependent on federal subsidies as the
  agriculture industry.
      Herrington's proposed tax incentives for the oil industry
  were issued last week after the Department of Energy released a
  comprehensive report finding U.S. national security could be
  jeopardized by rising oil imports.
      In response to a question from Mitchell Energy and
  Development Corp <MND> chairman, George Mitchell, Herrington
  said the report did not definitively rule out an oil import
  tarrif. ""We intend to keep that debate open,"" Herrington said.
      However, following his speech, Herrington told Reuters that
  the new report shows an oil import fee ""is not economical.""
      Herrington said, for example, a 10 dlr per barrel tariff on
  oil imports would cause the nation's gross national product to
  drop by as much as 32 billion dlrs.
      Herrington also said he believed President Reagan, who
  requested the comprehensive national security study, was
  committed to some action to help the ailing U.S. oil industry.
      ""I'm quite confident he understands the problems and is
  prepared to do something about it,"" Herrington said.
  

"
training/8767	12	earn	"COMMERCIAL METALS CO <CMC> 2ND QTR FEB 28 NET
  Shr 23 cts vs 34 cts
      Net 2,091,000 vs 3,053,000
      Revs 203.5 mln vs 215.7 mln
      Avg shrs 8,967,719 vs 8,863,945
      1st half
      Shr 40 cts vs 69 cts
      Net 3,616,000 vs 6,111,000
      Revs 411.8 mln vs 418.1 mln
      Avg shrs 8,958,100 vs 8,850,656
  

"
training/8768	12	earn	"GEO. A. HORMEL <HRL> VOTES TWO-FOR-ONE SPLIT
  Geo. A. Hormel and Co said its
  directors voted a two-for-one split, payable June one, record
  April 18.
  

"
training/8771	0	acq	"CLAREMONT TO BOOST CHAMPION PRODUCTS <CH> STAKE
  Claremont Group Ltd, a New York
  investment banking firm, said it intends to boost its current
  10 pct stake in Champion Products Inc to as much as 15 pct of
  the total outstanding common stock.
      Claremont added that it asked Champion to put two
  representatives on its nine-member board of directors.
      Claremont previously disclosed in December that it had
  agreed to act in concert with Walsh, Greenwood and Co, an
  affiliated investment firm, to acquire Champion Products.
      Claremont said it made net purchases of 7,800 Champion
  Products shares between Jan. 28 and March 18.
      In a March 20 letter to Champion Chairman John Tanis,
  Claremont and Walsh representatives Stephen Walsh and John
  Cirigliano said they were pleased with the company's
  performance but wanted to take an active management role.
      ""We believe that Champion Products has just begun to evolve
  into the market leader it will eventually become,"" they said. ""As
  significant shareholders with mutual interests with the
  company, we would like to actively participate in this process.""
      Claremont's intentions and the letter were made public in a
  filing with the federal Securities and Exchange Commission.
  

"
training/8777	12	earn	"<SHELL U.K. LTD> YEAR 1986
  Sales proceeds 6.57 billion stg vs 8.81 billion
      Duty and value added tax 1.84 billion vs 1.60 billion
      Net proceeds 4.73 billion vs 7.21 billion
      Net profit 757 mln vs 667 mln
      Average capital employed 3.63 billion vs 3.71 billion
      Capital and exploration expenditure 644 mln vs 618 mln
      Cash surplus 423 mln vs 584 mln.
      NOTE - Company is wholly owned subsidiary of Royal
  Dutch/Shell Group <RD.AS>
  

"
training/8778	0	acq	"CYCLOPS <CYL> SAYS DIXONS AGREEMENTS BINDING
  Cyclops Corp said that as it has
  already stated, its agreements with <Dixons Group PLC> are
  binding and Dixons will not rescind or waive any provisions of
  the agreements.
      The company said its agreement to merge into Dixons does
  not permit it to provide nonpublic information to <CYACQ>,
  which is making a competing offer for Cyclops, that had been
  provided to Dixons.
      It said other provisions Dixons will not waive include its
  rights to recover breakup fees or expenses from Cyclops or buy
  Cyclops common shares from Cyclops.
      Cyclops noted that Dixons' waiver of rights to breakup fees
  or the purchase of common stock directly from Cyclops and the
  provision of nonpublic information to CYACQ are conditions to
  CYACQ's increased 92.50 dlr per share offer to acquire Cyclops
  shares.
      Dixons is tendering for Cyclops shares at 90.25 dlrs a
  share.  Yesterday Citicorp <CCI>, with Audio/Video Affiliates
  Inc <AVA> an owner of CYACQ, said it had offered to acquire
  from Dixons after the merger of Cyclops into Dixons Cyclops'
  industrial businesses for 12.8 mln dlrs more than Alleghany
  Corp <Y> is currently scheduled to pay for them.
      Citicorp said yesterday that its proposal would allow
  Dixons to raise its tender price to 93.25 dlrs per share. 
  Citicorp said if Dixons accepted the proposal, CYACQ would
  terminate its competing offer for Cyclops.
  

"
training/8780	0	acq	"<J.M. RESOURCES INC> IN MERGER AGREEMENT
  J.M. Resources Inc said it has acquired
  a 90 pct interest in DEI Acquisition Corp from InterFirst
  Venture Corp, Sam B. Myers, Neomar Resources Inc and Richard L.
  Morgan, all of Dallas, for warrants to acquire 10.1 mln shares
  of J.M. stock and three mln dlrs of notes.
      The warrants are exercisable at par value, currently 10 cts
  per share, until March 20, 1997.  The company said if the
  warrants were exercised in full, they would represent a 40.7
  pct interest in J.M. common stock.  It said amounts due under
  the notes are payable soleley from proceeds of the sale of
  securities by J.M. and non-oil and natural gas revenues of DEI.
      J.M. said DEI provides specialty insulation installation
  and asbestos removal services.
      J.M. said all of its directors except Jack E. Manning Jr.
  have resigned and Myers and Morgan were named to the board.
      It said Manning has resigned as president in favor of Myers
  and will service as vice president in charge of oil and natural
  gas operations.
  

"
training/8781	0	acq	"ASTROTECH <AIX> DIRECTOR BUYS COMPANY STOCK
  Astrotech International Corp said
  its director S. Kent Rockwell, who controls Rockwell Venture
  Capital Inc, will buy 27 pct of the company's cumulative
  preferred stock.
      It said will buy up to 302,300 shares of Astrotech's 1.80
  dlrs cumulative preferred stock.
      It said the shares are owned by W.F. Rockwell Jr, chairman
  and chief executive officer of Astrotech and S. Kent Rockwell's
  father.
  

"
training/8784	12	earn	"AMERICAN CYANAMID <ACY> CHANGES RECORD DATE
  American Cyanamid Co said subject
  to approval by its board it has changed the record date for the
  quarterly dividend it will pay on June 26 to May 8 from May 29
  to coincide with the record date for a two-for-one stock split
  that was declared at the same time.
      The dividend on a post-split basis is 26-1/4 cts per share.
  

"
training/8785	12	earn	"PNEUMATIC SCALE CO <PNU> SETS QUARTERLY
  Qtly div 25 cts vs 25 cts prior
      Pay May 4
      Record April 20
  

"
training/8788	12	earn	"CURTICE-BURNS FOODS INC <CBI> RAISES PAYOUT
  Qtly div 26 cts vs 24 cts prior
      Pay April 30
      Record April 15
  

"
training/879	12	earn	"CRA Ltd 1986 net profit 138.2 mln dlrs vs 87.8 mln

  CRA Ltd 1986 net profit 138.2 mln dlrs vs 87.8 mln
  

"
training/8791	12	earn	"HYDRAULIC <THC> SPLITS 3-FOR-2, HIKES DIVIDEND
  The Hydraulic Co said its
  board approved a three-for-two stock split of its common stock
  and increased its quarterly cash dividend.
      It said the stock split will occur through a 50 pct stock
  distribution on Hydraulic's common stock, payable April 30 to
  stockholders of record on April 3.
      The quarterly cash dividend, payable April 15 to
  stockholders of record on April 3, is to be paid on Hydraulic's
  pre-split shares that are currently outstanding, the company
  said.
      The dividend will be 54.75 cts per share, up from 52 cts
  per share.It will represent a quarterly common stock cash
  dividend of 36.50 cts per share on the share that will be
  outstanding after the stock split, the company said.
  

"
training/8793	12	earn	"HUGHES SUPPLY INC <HUG> 4TH QTR NET
  Shr 52 cts vs 49 cts
      Shr diluted 1.95 dlrs vs 1.99 dlrs
      Net 1,751,609 vs 1,622,503
      Sales 85.9 mln vs 85.1 mln
      Year
      Shr 2.10 dlrs vs 1.99 dlrs
      Shr diluted 1.95 dlrs vs 1.99 dlrs
      Net 6,822,493 vs 6,601,717
      Sales 347.8 mln vs 324.6 mln
  

"
training/8794	12	earn	"PREWAY INC <PREW> 4TH QTR LOSS
  Shr loss 64 cts vs loss 1.29 dlrs
      Net loss 5,732,000 vs loss 4,924,000
      Sales 18.8 mln vs 23.6 mln
      Avg shrs 9.0 mln vs 3.8 mln
      Year
      Shr loss 1.82 dlrs vs loss 3.65 dlrs
      Net loss 12,267,000 vs loss 13,911,000
      Sales 112.8 mln vs 129.3 mln
      Avg shrs 6.7 mln vs 3.8 mln
  

"
training/8796	32	money-fx	"SUDAN REJECTS IMF DEMAND FOR DEVALUATION
  Sudan has rejected a demand by the
  International Monetary Fund for a currency devaluation because
  such a move would have a negative impact on its economy, the
  official Sudan News Agency (SUNA) reported.
      Finance Minister Beshir Omer, quoted by SUNA, said his
  government also rejected an IMF demand to lift state subsidies
  on basic consumer goods.
      SUNA, monitored by the British Broadcasting Corporation,
  said Omer made the remarks after a meeting in Khartoum
  yesterday with IMF envoy Abdel-Shakour Shaalan.
      Sudan, burdened by a foreign debt of 10.6 billion dlrs, is
  some 500 mln dlrs in arrears to the IMF, which declared it
  ineligible for fresh loans in February last year.
      In February 1985, Sudan announced a 48 pct devaluation of
  its pound against the dollar, adjusting the official exchange
  rate to 2.5 pounds to the U.S. Currency.
      Since then, it has resisted pressure from main creditors
  for more currency adjustments, arguing that past devaluations
  had failed to boost exports but raised local consumer prices.
  Sudan also has an incentive rate of four pounds to the dollar
  for foreign visitors and remittances by expatriate workers.
      Dealers in Khartoum's thriving black market said the dollar
  was sold at 5.5 pounds today.
      With stringent import regulations and the government
  increasingly short of foreign currency, black market dollars
  are used to finance smuggled imports from neighbouring
  countries, mainly Egypt, Kenya, Ethiopia and Zaire.
      Western diplomats in Khartoum say the meetings between IMF
  and Sudanese government officials do not amount to formal
  talks, but rather an effort by the IMF to monitor Sudan's
  economic performance.
      The diplomats said Sudan hoped a planned four-year economic
  recovery program would be acceptable to the IMF as a serious
  attempt to tackle the country's economic troubles and persuade
  its Gulf Arab creditors to pay the IMF arrears.
      This, they said, could provide Sudan with a clean bill of
  health from the IMF that it could take to Western government
  creditors, grouped informally in the so-called Paris Club, to
  reschedule debt payments.
      Twenty-three pct of Sudan's total foreign debt is owed to
  members of the Paris Club, the diplomats said.
      Sudan's Finance Minister said last month the country's IMF
  representative had told him the fund's executive board was ""very
  pleased with the 18.5 mln dlrs arrears we have paid in the past
  couple of months.""
      The representative, Omer Said, said IMF Managing Director
  Michel Camdessus said he would ask Saudi Arabia, to which Sudan
  owes about 1.4 billion dlrs, to help Khartoum to pay more.
      Sudan has an annual debt liability of nearly 900 mln dlrs
  but set aside only some 200 mln dlrs to service debts in the
  fiscal year ending next June 30.
  

"
training/8797	12	earn	"SOUTHERN NATIONAL CORP <SNAT> SETS STOCK SPLIT
  Southern National corp said its
  board declared a three-for-two stock split, payable to
  shareholders of record on May 22.
      A company spokeswoman said the payable date for the split
  has not yet been fixed but would be shortly after the record
  date.
  

"
training/8799	12	earn	"NATIONAL SEMICONDUCTOR<NSM> CITES IMPROVED RESULTS
  National Semiconductor Corp
  said improved results at its Semiconductor Group helped reduce
  losses in the third quarter and nine months.
      In the quarter ended March 8, the group had a modest sales
  increase and major improvement in operating performance
  compared to the year-ago quarter, the company said.
      But results softened from the prior quarter because of low
  bookings last fall for third quarter shipment and holiday
  shutdowns, it said.
      The semiconductor maker cut net losses to 25.6 mln dlrs or
  31 cts a share from 39.4 mln dlrs or 47 cts in the quarter.
      Losses in the nine months were reduced to 32.7 mln dlrs or
  44 cts from 84.4 mln dlrs or one dlr. Sales grew 23.5 pct in
  the quarter to 398.1 mln dlrs and 25.5 pct in the nine months
  to 1.36 billion dlrs.
      Bookings recovered in the latter part of the third quarter,
  the company said. Despite the improvement in order rates and
  operating results year-to-year, pricing continues to be
  ""aggressive for many products,"" it said.
      Nevertheless, it expects the semiconductor business will
  continue to improve this year. The Information Systems Group
  will continue strong sales growth based on recent order trends
  and new product introductions, it said.
  

"
training/880	2	bop	"N.Z. QUARTERLY CURRENT ACCOUNT DEFICIT NARROWS
  New Zealand's current account deficit
  for the quarter ended December 31, 1986 narrowed to 567 mln
  dlrs from 738 mln, revised down from 742 mln, for the September
  quarter and from 733 mln a year earlier, the statistics
  department said.
      The deficit for the year ended December narrowed to 2.75
  billion dlrs from 2.91 billion dlrs, revised down from 2.92
  billion, for the year ended September. The deficit for calendar
  1985 was 2.61 billion.
      The December quarter showed a 182 mln dlr surplus for
  merchandise trade, unchanged from the September quarter surplus
  which was revised down from 271 mln dlrs. The 1985 December
  quarter showed a 13 mln dlr deficit.
      Imports for the December 1986 quarter were 2.655 billion
  against 2.883 billion in the September quarter and 2.454 a year
  earlier. Exports were 2.837 billion against 3.065 billion and
  2.440 billion.
      Imports for the year ended December 1986 were 10.74 billion
  dlrs compared with 11.14 billion in 1985. Exports were 11.20
  billion against 11.36 billion.
      Government borrowing stood at 9.26 billion dlrs for
  calendar 1986 against 3.15 billion for 1985. Borrowing in the
  December quarter rose to 3.92 billion from 1.79 in the
  September quarter and 611 mln a year earlier.
      Repayments stood at 5.5 billion for the year, up from 3.1
  billion in 1985. Repayments in the December quarter accounted
  for 1.4 billion dlrs against 260 mln in the September quarter
  and 334 mln a year earlier.
      Official reserves totalled 7.205 billion dlrs at end
  December compared with 4.723 billion at end September and 3.255
  billion one year earlier.
  

"
training/8802	22	interest	"FED MAY ADD RESERVES, ECONOMISTS SAY
  The Federal Reserve may intervene in
  the government securities market to add reserves today, some
  economists said, although others felt that the Fed was likely
  to refrain from any action.
      Those who believed the Fed will intervene said it would
  probably add temporary reserves indirectly via 1.5 to two
  billion dlrs of customer repurchase agreements.
      But others noted the Fed's current add-need is not large.
  They also expected the federal funds rate to edge lower.
      Fed funds, which averaged 6.21 pct on Monday, opened at
  6-1/8 pct and remained at that level in early trading.
  

"
training/8806	12	earn	"BERLINER BANK OUTLINES LOSSES
  <Berliner Bank AG> has suffered
  losses of between 25 mln and 30 mln marks on credits extended
  by its Stuttgart branch by bank officials who exceeded their
  powers, a bank spokesman said.
      The spokesman, replying to queries about press reports,
  said he could not rule out the possibility that the final loss
  figure may be slightly above this range.
      Late last week the bank said only that the losses from the
  credits in Stuttgart would be in the ""double-digit millions.""
  

"
training/8808	12	earn	"HUGHES SUPPLY INC <HUG> SETS QUARTERLY
  Qtly div 10 cts vs 10 cts prior
      Pay May 22
      Record May 8
  

"
training/8810	12	earn	"KLEINERT'S INC <KLRT> 1ST QTR ENDS FEB 28 NET
  Shr 24 cts vs 18 cts
      Net 359,000 vs 297,000
      Revs 5,724,000 vs 6,430,000
      Avg shrs 1,475,0000 vs 1,668,000
      NOTE: qtrs include tax gain of 147,000 vs 137,000.
      Prior qtr ended March 1, 1986.
  

"
training/8814	12	earn	"MICRODYME CORP <MCDY> 1ST QTR FEB ONE LOSS
  Shr loss nine cts vs profit two cts
      Net loss 397,000 vs profit 76,000
      Revs 3,763,000 vs 6,467,000
  

"
training/882	0	acq	"TRANSAMERICA SELLS OCCIDENTAL LIFE AUSTRALIA
  Equity investment company <Battery
  Group Ltd> said it had agreed to buy <Occidental Life Insurance
  Co of Australia Ltd> from TransAmerica Corp <TA> of the U.S.
  For 105 mln Australian dlrs.
      The acquisition has been made possible by the efforts of
  its major shareholder, <Pratt and Co Financial Services Pty
  Ltd>, Battery Group said in a statement.
      The purchase will be partly funded by the issue of eight
  mln shares at 4.50 dlrs each and four mln free options to the
  Pratt Group, controlled by entrepreneur Dick Pratt, plus four
  mln shares to professional investors at 4.50 each, it said.
      The balance will be funded by debt, Battery Group said.
      The acquisition is subject to the approval of its
  shareholders.
      On completion of the share placements, Pratt Group will
  effectively have 51 pct of Battery's enlarged capital, assuming
  exercise of all options, it said. Battery now has 22 mln shares
  on issue.
      Battery said Occidental Life is a major underwriter of
  individual term life insurance and a recent but fast-growing
  entrant in the individual account superannuation market.
      It has some 200 mln dlrs in funds under management.
  

"
training/8822	0	acq	"CALNY INC REJECTS PEPSICO INC ACQUISITION OFFER

  CALNY INC REJECTS PEPSICO INC ACQUISITION OFFER
  

"
training/8823	0	acq	"DIXONS PLANS TO LET CYCLOPS <CYL> OFFER EXPIRE
  Dixons Group PLC said it does not plan
  to extend the expiration date of its tender offer for any and
  all common shares of Cyclops Corp beyond tonight.
      Dixons said it would accept shares validly tendered and not
  withdrawn by midnight tonight.
      Dixons, which is offering 90.25 dlrs a share for Cyclops,
  said last week it had about 54 pct of Cyclops common shares.
  Its offer originally was scheduled to expire March 17 but was
  extended for one week.
      Yesterday Citicorp <CCI>, with Audio/Video Affiliates Inc
  <AVA> an owner of CYACQ, said it had offered to acquire from
  Dixons after the merger of Cyclops into Dixons, Cyclops'
  industrial businesses for 12.8 mln dlrs more than Alleghany
  Corp <Y> is currently scheduled to pay for them.
      Citicorp said yesterday that its proposal would allow
  Dixons to raise its tender price to 93.25 dlrs per share.
  Citicorp said if Dixons accepted the proposal, CYACQ would
  terminate its competing 92.50 dlr offer for Cyclops.
      Citicorp had suggested yesterday that Dixons extend its
  tender until March 31 in connection with the price increase.
  

"
training/8826	12	earn	"INTERNATIONAL CLINICAL LABORATORIES INC <ICLB>
  Shr nine cts vs seven cts
      Net 676,000 vs 509,000
      Revs 48.5 mln vs 39.9 mln
      1st half
      Shr 12 cts vs 17 cts
      Net 923,000 vs 1,248,000
      Revs 94.1 mln vs 79.5 mln
      NOTE:Current half net includes charge 500,000 dlrs from
  reversal of investment tax credits.
  

"
training/8829	40	reserves	"NORWEGIAN CENTRAL BANK RESERVES FALL IN JANUARY
  Norway's Central Bank reserves totalled
  91.06 billion crowns in January, against 93.07 billion in
  December and 105.29 billion in January 1986, the central bank
  said in its monthly balance sheet.
      Foreign exchange reserves totalled 83.68 billion crowns,
  compared with 85.52 billion in December and 99.19 billion
  crowns a year ago. Gold reserves totalled 284.7 mln crowns,
  unchanged from the previous month and the year-ago figure.
      Central bank special drawing right holdings were 2.82
  billion crowns, compared with 2.89 billion in December and 2.13
  billion a year ago.
  

"
training/883	12	earn	"CRA LTD <CRAA.S> 1986 NET
  Net 138.20 mln dlrs vs 87.80 mln.
      Shr 24.8 cents vs 17.8
      Final div to announced after July 1, vs final 10 cents
  making 15.
      Sales revenue 4.81 billion vs 4.69 billion
      Investment income 116.93 mln vs 60.61 mln
      Shrs 494.35 mln vs 494.22 mln.
      NOTE - Net is after tax 171.03 mln dlrs vs 188.52 mln,
  interest 337.39 mln vs 308.68 mln, depreciation 352.32 mln vs
  333.05 mln but before net extraordinary loss 250.28 mln vs
  profit 28.03 mln.
  

"
training/8830	0	acq	"GNB JOINS IN LEVERAGED BUYOUT OF FRENCH UNIT
  <GNB Inc> said it joined
  with the management of the French company Compagnie Francaise
  d'Electro-Chimie to purchase the company for an undisclosed
  amount.
      The French company, which produces lead-acid batteries, had
  sales in 1986 of 75 mln dlrs, GNB said.
  

"
training/8835	10	crude	"OIL TAX BREAK RIDICULED BY U.S. HOUSE TAXWRITER
  A House taxwriter said Energy
  Secretary James Herrington's ""outrageous"" plan to restore an old
  tax break for oil companies was both bad tax and energy policy.
      Rep. Pete Stark, a California Democrat and senior House
  Ways and Means Committee member, said Herrington's plan for a
  27.5 pct depletion allowance--which in effect is a special 27.5
  pct tax deduction --would cost seven billion dlrs a year.
      ""He must have missed the last two years of federal tax
  reform by sleeping as soundly as Rip Van Winkle,"" Stark said.
      He said in a statement the oil industry already pays an
  effective lower rate of U.S. tax on investment, 15 pct versus
  aggregate corporate tax on all investment of 34 pct, according
  to a recent Congressional Research Service study.
  

"
training/8836	0	acq	"CALNY <CLNY> REJECTS PEPSICO ACQUISITION OFFER
  Calny Inc said its board
  rejected as inadequate the unsolicited offer by PepsiCo Inc
  <PEP> subsidiary Taco Bell Corp for all Calny's outstanding
  common stock at 11.50 dlrs cash per share.
      Taco Bell recently acquired 9.9 pct of Calny's outstanding
  stock, Calny said.
      Calny said it retained Oppenheimer and Co Inc to consider
  various financial and strategic alternatives available to the
  company.
  

"
training/8837	12	earn	"K MART CORP RAISES DIVIDEND 17.6 PCT, VOTES THREE-FOR-TWO STOCK SPLIT

  K MART CORP RAISES DIVIDEND 17.6 PCT, VOTES THREE-FOR-TWO STOCK SPLIT
  

"
training/884	42	rubber	"MALAYSIA RE-IMPOSES EXPORT DUTIES ON RUBBER
  The Malaysian government said it
  has re-imposed export duties on rubber at 3/8 cent per kilo
  after the gazetted price moved above the threshold price of 210
  cents per kilo.
      The gazetted price, effective March 1, rose to 213-1/2
  cents per kilo from February's 207.
      The duty for research remains at 3.85 cents per kilo and
  the replanting duty is also unchanged at 9.92 cents.
  

"
training/8845	32	money-fx	"FED GOVERNOR SUPPORTS COMMODITY PRICE GUIDE
  Robert Heller, a member of the Board
  of Governors of the Federal Reserve System, said commodity
  prices could form a useful guide for setting domestic and
  international monetary policy.
      Speaking to the conservative Heritage Foundation, Heller
  said, ""A broadly based commodity price index may be worth
  exploring"" as a guide to monetary policy.
      ""In times of rising commodity prices, monetary policy might
  be tightened and in times of falling commodity prices, monetary
  policy might be eased,"" he said.
      Commodities are also standardized to avoid measurement
  problems and occur at the beginning of production so as to give
  ""early warning"" signs of wholesale and retail changes.
      ""There is no need to react to every small fluctuation in
  commodity prices or to do so on a daily basis,"" Heller said in a
  prepared text.
      ""But if commodity prices exhibit a broad trend, a policy
  action might be considered,"" he said.
      Heller said using a broad-based commodity price index as an
  indicator for monetary policy would also contribute to
  stabilized currency exchange rates.
      Commodity prices are generally uniform worldwide and prices
  for them are more consistent than for other types of goods, he
  said.
      He said other beneficial effects would be to stabilize
  export commodity prices for developing countries by using a
  commodity basket as a guidepost for monetary policy.
  

"
training/8846	12	earn	"K MART <KM> RAISES PAYOUT, VOTES SPLIT
  K mart Corp said its board approved
  a 17.6 pct increase in the quarterly dividend and declared a
  three-for-two stock split.
      The company raised its dividend to 43.5 cts a presplit
  share, up from the previous 37 cts a share. After the split,
  the new quarterly dividend rate is equivalent to 29 cts a
  share. It is payable June Eight, record May 21.
      It said the additional shares will be distributed June
  Five, record May 21.
  

"
training/8849	0	acq	"SOUTHMARK <SM> SELLS NATIONAL HERITAGE STAKE
  National Heritage Inc, a unit of
  Southmark Corp, said it began an initial public offering of two
  mln shares of common stock at a price of 9.50 dlrs a share.
      All the shares are being offered by National Heritage,
  which will trade under symbol NHER on Nasdaq, through lead
  underwriter Drexel Burnham Lambert Inc.
      Proceeds will be used to increase working capital, complete
  renovations at leased facilities and repay certain debts to
  Southmark.
      After the offer, Southmark will retain about 82 pct of the
  11 mln outstanding common shares of National Heritage, which
  operates 201 long-term nursing care facilities.
  

"
training/8850	4	cocoa	"GHANA COCOA PURCHASES STILL AHEAD OF LAST YEAR
  The Ghana Cocoa Board said it purchased
  456 tonnes of cocoa in the 23rd week, ended March 12, of the
  1986/87 main crop season, compared with 684 tonnes the previous
  week and 784 tonnes in the 23rd week ended March 20 of the
  1985/86 season.
      Cumulative purchases so far this season stand at 217,235
  tonnes, ahead of the 203,884 tonnes purchased by the 23rd week
  of last season, the board said.
  

"
training/8853	0	acq	"OWENS-ILLINOIS <OI> ACQUISITION COMPLETED
  OII HoLdings Corp, a concern formed by
  Kohlberg Kravis Roberts and Co, said it completed its
  previously announced acquisition of Owens-Illinois Inc.
      Under terms of the February 10 agreement, OII paid 60.50
  dlrs per common share and 363 dlrs per 4.75 dlrs convertible
  preferred share.
      OII said each common share still outstanding at the time of
  the merger has been converted into the right to receive 60.50
  dlrs per share and all preference shares not converted will be
  redeemd on April 22 at a redemption price of 100 dlrs per
  preference share plus accrued and unpaid dividends.
      OII said it has assumed Owen's 3-3/4 pct sinking fund
  debentures due June 1, 1988, 9.35 pct sinking fund debentures
  due November 1, 1999, and 7-5/8 pct debentures due April 1,
  2001.
      OII said the New York Stock Exchange said the securities
  will be delisted as a result of the merger. OII said it is
  anticipated that the securities will be traded in the over-the-
  counter market.
      The surviving company will be known as Owen-Illinois Inc,
  it said.
  

"
training/8855	0	acq	"CHRYSLER, LAMBORGHINI STILL IN JOINT VENTURE TALKS
  Joint venture talks that could
  lead to Chrysler Corp <C> taking a stake in Italian car maker
  <Automobili Lamborghini SpA> are continuing, a Lamborghini
  spokesman said.
      He told Reuters the two companies are discussing a number
  of topics ranging from ""a joint venture in the production area
  to Chrysler becoming a shareholding partner"" in the Italian
  firm.
      The spokesman declined to comment on whether Chrysler was
  interested in acquiring control of Lamborghini or if the two
  sides were close to an accord.
      He said the two companies are discussing the possibility of
  jointly developing a sports car aimed primarily at the U.S.
  Market.
      The spokesman said Chrysler officials in Detroit had
  already visited Lamborghini's production plant in Bologna and
  another visit may be scheduled.
      Lamborghini, which is controlled by the Mimran Group of
  Switzerland, broke even last year on sales of 29 billion lire,
  he said.
      Chrysler also holds a 15 pct interest in Italian sports car
  producer <Alfieri Maserati Spa>.
  

"
training/8857	16	gold	"BELGIUM DETAILS PRICING PLAN FOR ECU GOLD COIN
  The 50 European Currency Unit gold
  coins which go on sale tomorrow in Belgium will be priced at a
  premium of seven pct to the value of the gold they contain, a
  Finance Ministry spokesman said. The price will be calculated
  daily, based on the daily gold fixing in London.
      Belgium is minting an initial 50,000 gold coins to
  celebrate the 30th anniversary of the European Community's
  founding Treaty of Rome, but final production is expected to be
  around 200,000. Each 17.27 gram coin will contain 55 grams of
  fine metal.
      Two mln silver coins, face value five Ecus, will be sold at
  500 francs each.
  

"
training/8858	12	earn	"DATA ARCHITECTS INC <DRCH> 1ST QTR FEB 28 NET
  Shr 19 cts vs 14 cts
      Net 487,000 vs 344,000
      Revs 7,492,000 vs 5,883,000
  

"
training/8859	12	earn	"PASSPORT TRAVEL INC <PPTI> 1ST QTR FEB 28 NET
  Shr two cts vs nil
      Net 20,406 vs 2,348
      Sales 6,191,000 vs 6,249,000
  

"
training/886	12	earn	"comalco ltd 1986 net profit 57.1 mln dlrs vs loss 69.1 mln

  comalco ltd 1986 net profit 57.1 mln dlrs vs loss 69.1 mln
  

"
training/8860	12	earn	"HI-SHEAR INDUSTRIES INC <HSI> 3RD QTR FEB 28 NET
  Oper shr 28 cts vs 33 cts
      Oper net 1,647,000 vs 1,910,000
      Revs 19.7 mln vs 17.5 mln
      Nine mths
      Oper shr 82 cts vs 84 cts
      Oper net 4,787,000 vs 8,748,000
      Revs 55.9 mln vs 53.0 mln
      NOTE: Prior year net excludes tax credits of 29,000 dlrs in
  quarter and 1,761,000 dlrs in nine mths.
      Prior nine mths net includes gain from sale of real estate
  of 3,820,000 dlrs.
  

"
training/8861	12	earn	"PRUDENTIAL RECORDS BEST RESULTS IN SIX YEARS
  <Prudential Corporation Plc>, which
  earlier announced a 62 pct rise in 1986 pre-tax profits, said
  it had recorded its best general insurance result for six years
  but had not reached satisfactory levels of profit in other
  areas.
      Group Chief Executive Brian Corby told a news conference
  that despite returning to trading profits, the International
  division and the Mercantile and General division had not
  reached satisfactory levels.
      But he said he welcomed Mercantile and General trading
  profits in 1986 and was optimistic about both that and the
  International division.
      The acquisition of the U.S. Life company <Jackson National>
  had a small effect in 1986 but its full effect would be felt in
  the 1987 results, Corby said.
      The Group also intended to expand the number of its estate
  agency firms bought last year, and hoped they will comprise
  between 10 and 15 pct of total company profits in the future.
      ""We hope they will be very profitable very shortly. We are
  looking for profits from the estate agencies themselves as well
  as the insurance products associated with them,"" Corby said.
      Prudential's pre-tax profits rose from 1985's 110.1 mln stg
  to 178.1 mln stg in 1986.
  

"
training/8863	12	earn	"CRS SIRRINE <DA> TO TAKE WRITE-OFF
  CRS Sirrine Inc said it plans a major
  restructuring of its balance sheet that will include a
  write-off of between 39 mln and 43 mln dlrs, most of which
  would be intangible goodwill from the company's past
  acquisitions.
      The company said the remainder of its write-off would
  include a one-time expense for future costs related to early
  retirement programs, office consolidations and an increase in
  the general reserve for adjustments and contingencies.
      Bruce Wilkinson, president of the company, said the charges
  to the company's third quarter earnings, for the period ending
  March 31, would ""significantly impact"" third quarter results
  but would not affect the company's cash position.
      ""We expect to have the biggest operating backlog in the
  company's history by June 30, 1987, the end of our fiscal
  year,"" Wilkinson said. ""We believe the action being proposed
  will begin to contribute to improved earnings in the fourth
  quarter of our fiscal 1987 and throughout fiscal 1988.""
      The company, which is one of the nation's largest
  construction firms, also said termination of its defined
  benefit retirement plan would produce a pre-tax benefit of
  about 10 mln dlrs due to overfunding of the plan.
      In its second quarter ended Dec. 31, CRSS had net earnings
  of 800,000 dlrs on revenues of 82.5 mln dlrs.
  

"
training/8865	12	earn	"FLOWERS INDUSTRIES INC <FLO> 3RD QTR MARCH 7
  March 7 end
      Shr 17 cts vs 23 cts
      Net 3,998,000 vs 5,317,000
      Sales 189.4 mln vs 159.6 mln
      Nine mths
      Shr 64 cts vs 68 cts
      Net 14.9 ln vs 15.9 mln
      Sales 540.9 mln vs 464.7 mln
      NOTE: Twelve and 36-week periods.
  

"
training/8866	12	earn	"FLOWERS INDUSTRIES <FLO> SEES LOWER YEAR NET
  Flowers Industries Inc said it
  expects lower earnings for the current year due to operating
  losses incurred by recent acquisitions and possible
  nonrecurring losses resulting from its restructuring efforts.
      For the year ended June 28, Flowers earned 29.5 mln dlrs.
  Today it reported nine month earnings of 14.9 mln dlrs, down
  from 15.9 mln dlrs a year before.
      Flowers said it expects fiscal 1988, however, to show the
  best growth in profits in its history due to the growing
  profitability of ongoing businesses, cost control efforts,
  higher productvitiy and lower taxes.
      Flowers said losses suffered in its West Texas operations
  and in five plants acquired at the start of the third quarter
  from <CFS Staley Continental> and <Wolf Baking Co> severely
  hurt results.
      It said the CFS and Wolf plants are expected to be
  contributing to profit by the end of the fiscal year and it is
  seeking to bring the West Texas operations to acceptable levels
  of profitability by the end of the fourth quarter as well.
  

"
training/8868	12	earn	"TECHNITROL INC <TNL> 4TH QTR
  Shr 54 cts vs 47 cts
      Net 1.1 mln vs 941,000
      REvs 8.9 mln vs 10.3 mln
      Year
      Shr 1.65 dlrs vs 1.64 dlrs
      Net 3.3 mln vs 3.3 mln
      Revs 37.4 mln vs 39.0 mln
  

"
training/887	12	earn	"COMALCO LTD <CMAC.S> 1986 NET
  Net profit 57.1 mln dlrs vs loss 69.1 mln.
      Net is equity accounted
      Pre-equity accounted net 39.90 mln dlrs vs loss 49.11 mln
      Pre-equity shr profit 7.1 cents vs loss 8.7
      Final div to be announced after July 1 vs first and final
  1.0 cent.
      Sales 1.88 billion vs 1.78 billion
      Other income 52.75 mln vs 15.22 mln
      Shrs 560.61 mln vs same.
      NOTE - Net is after tax paid 46.85 mln dlrs vs credit 5.02
  mln, interest 127.68 mln vs 117.19 mln, depreciation 109.29 mln
  vs 100.73 mln and minorities 1.50 mln vs loss 331,000.
      But net is before net extraordinary loss 140.5 mln vs nil.
  Extraordinaries comprise exchange losses 102.9 mln, provision
  for Goldendale smelter closure costs 27.3 mln and increase in
  future tax provision 10.3 mln.
  

"
training/8873	1	alum	"ALCAN UPS ALUMINIUM INGOT AND BILLET PRICES
  Alcan Aluminium Ltd. in Montreal said
  it increased yesterday its prices for unalloyed ingot and
  extrusion billet by two cents a lb, effective with shipments
  beginning May 1.
      The new price for unalloyed ingot is 64.5 cents a lb while
  the new price for extrusion billet is 72.5 cents a lb.
      ""We feel very confident about raising our prices because we
  see demand over supply as being sustainable for some time,""
  said Ian Rugeroni, Alcan's president of metal sales and
  recycling - U.S.A.
      Rugeroni said sheet and can bookings for Alcan aluminium
  were up at a time when the company's total 1.1 mln tonne North
  American smelter system had less than a week's supply.
      ""We're short and we're buying,"" he said.
      Rugeroni added that Alcan expects the International Primary
  Aluminum Institute to report a drop in total non-Socialist
  stocks in February and March. He estimated supply in the latter
  month will have fallen 100,000 to 150,000 tonnes, based in part
  on current low inventories of aluminium in Japan and on the
  London Metal Exchange.
  

"
training/8879	12	earn	"GENERAL NUTRITION INC <GNC> 4TH QTR NET
  Qtr ends Jan 31
      Shr profit eight cts vs loss 38 cts
      Net profit 2,466,000, vs loss 12,691,000
      Revs 111.1 mln vs 106.8 mln
      12 mths
      Shr profit 20 cts vs loss 47 cts
      Net profit 6,591,000 vs loss 15.5 mln
      Revs 342.6 mln vs 370.4 mln
      NOTE: includes provision for store closings of foreign
  operations of 3,897,000 for 1986 qtr, and 1,403,000 for qtr
  prior.
      includes provision for store closing costs and unproductive
  inventory of 1,000,000 for 1986 qtr, and 25.1 mln for qtr
  prior.
  

"
training/8880	0	acq	"CP AIR, PACIFIC WESTERN AIRLINES SET NEW NAME
  <Pacific Western Airlines Corp>
  said the airline resulting from the previously announced merger
  of its Pacific Western Airlines Ltd unit and Canadian Pacific
  Air Lines Ltd would be named Canadian Airlines International
  Ltd, effective April 26.
      Pacific Western said the two airlines' services and
  schedules would also be integrated on April 26. It previously
  appointed management for the new airline.
      The new airline, Canada's second largest, will have 81
  planes flying to 89 destinations in 13 countries.
      Pacific Western recently acquired Canadian Pacific Airlines
  for 300 mln dlrs from Canadian Pacific Ltd <CP>.
  

"
training/889	26	jobs	"JAPAN'S UNEMPLOYMENT RATE SEEN RISING TO 3.5 PCT
  Japan's unemployment rate is expected to
  continue to climb to about 3.5 pct within the next year from
  January's three pct record, senior economists, including Susumu
  Taketomi of Industrial Bank of Japan, said.
      December's 2.9 pct was the previous worst level since the
  government's Management and Coordination Agency began compiling
  statistics under its current system in 1953.
      ""There is a general fear that we will become a country with
  high unemployment,"" said Takashi Kiuchi, senior economist for
  the Long-Term Credit Bank of Japan Ltd.
      The government, which published the January unemployment
  figures today, did not make any predictions.
      ""At present we do not have a forecast for the unemployment
  rate this year, but it is difficult to foresee the situation
  improving,"" a Labour Ministry official said.
      Finance Minister Kiichi Miyazawa said the government had
  expected the increase and had set aside money to help 300,000
  people find jobs in fiscal 1987 beginning in April.
      Prime Minister Yasuhiro Nakasone told a press conference
  the record rate underlines the need to pass the 1987 budget
  which has been held up by opposition to proposed tax reforms.
      The yen's surge has caused layoffs in the mainstay steel
  and shipbuilding industries. Other export-dependent industries,
  such as cars and textiles, have laid off part-time employees
  and ceased hiring, economists said.
      Although the growing service industry sector has absorbed a
  great number of workers the trend is starting to slow down,
  said Koichi Tsukihara, Deputy General Manager of Sumitomo Bank
  Ltd's economics department.
      However, other economists disagreed, saying the service
  sector would be able to hire workers no longer needed by the
  manufacturing sector over the next five years.
      The economists said the service sector should grow as the
  government stimulates domestic demand under its program to
  transform the economy away from exports.
      Although Japanese unemployment rates appear lower than
  those of other industrialised nations, methods for calculating
  statistics make them difficult to compare, economists warned.
      ""The three pct figure  could translate into a relatively
  high figure if European methods were used,"" one economist said.
  More than half of January's 170,000 increase in jobless from a
  year earlier were those aged between 15 and 24, Sumitomo's
  Tsukihara said.
  

"
training/8890	12	earn	"PLENUM PUBLISHING CORP <PLEN> 4TH QTR NET
  Shr 63 cts vs 45 cts
      Net 3,623,067 vs 2,607,977
      Gross income 10.1 mln vs 10.1 mln
      Year
      Shr 2.12 dlrs vs 1.74 dlrs
      Net 12.2 mln vs 10.0 mln
      Gross income 38.1 mln vs 36.8 mln
      NOTE: Share adjusted for five-for-two stock split effective
  yesterday.
      Net includes gains on sale of securities pretax of
  1,860,213 dlrs vs 392,975 dlrs in quarter 5,023,401 dlrs vs
  3,223,008 dlrs in year.
  

"
training/8892	12	earn	"HONEYBEE INC <HBE> 4TH QTR NET
  Oper shr 11 cts vs five cts
      Oper net 248,000 vs 122,000
      Sales 7,269,000 vs 5,481,000
      Year
      Oper shr 55 cts vs 14 cts
      Oper net 1,288,000 vs 333,000
      Sales 26.2 mln vs 17.6 mln
      NOTE: Net excludes discontinued operations nil vs gain
  103,000 dlrs in quarter and losses 82,000 dlrs vs 50,000 dlrs
  in year.
      1986 year net excludes 133,000 dlr provision for loss on
  disposal of discontinued operations.
  

"
training/8893	12	earn	"SCIENTIFIC MEASUREMENT SYSTEMS INC <SCMS> NET
  2nd qtr Jan 31
      Shr loss three cts vs loss seven cts
      Net loss 352,000 vs loss 568,000
      Revs 636,000 vs 640,000
      Avg shrs 12.7 mln vs 8,377,000
      1st half
      Shr loss six cts vs loss 10 cts
      Net loss 594,000 vs loss 865,000
      Revs 1,245,000 vs 1,063,000
      Avg shrs 10.5 mln vs 8,333,000
  

"
training/8895	17	grain	"EC MEMBER STATES COOL ON CEREAL PLANS
  European Community (EC) member states
  have generally given a cool initial reaction to proposals by
  the European Commission for cereal price changes and related
  measures in the coming season, EC diplomats said.
      They said that in meetings of the EC Special Committee on
  Agriculture representatives of most member states had said the
  changes, taken together, would have too harsh an impact on
  farmers' incomes.
      Only Britain and the Netherlands had shown willingness to
  accept the commission's overall package, they said.
      As well as cuts of over two pct in common prices for most
  cereals, the commission proposes a limitation of intervention
  to the February to March period and reduced monthly increments
  in intervention prices.
      EC Farm Ministers will have a first discussion of the
  proposals at a meeting beginning next Monday.
  

"
training/8898	12	earn	"PUBLIC SERVICE CO OF COLORADO <PSR> IN PAYOUT
  Qtly div 50 cts vs 50 cts prior
      Pay May One
      Record April 10
  

"
training/8899	12	earn	"CORRECTED - MANHATTAN NATIONAL CORP <MLC> 4TH
  Oper shr loss 20 cts vs loss 81 cts
      Oper net loss 1,042,000 vs loss 4,077,000
      Revs 38.5 mln vs 50.3 mln
      12 mths
      Oper shr loss six cts vs loss 43 cts
      Oper net loss 336,000 vs loss 2,176,000
      Revs 137.8 mln vs 209.1 mln
      NOTE: In item moved March 23, company corrects its error to
  show loss for current 12 mths and qtr, not profit.
  

"
training/89	12	earn	"SYSTEMATICS INC <SYST> REGULAR PAYOUT
  Qtly div three cts vs three cts prior
      Pay March 13
      Record February 27
  

"
training/890	2	bop	"SOUTH KOREAN TRADE SURPLUS NARROWS IN FEBRUARY
  South Korea's customs-cleared trade
  surplus narrowed to 110 mln dlrs in February from 525 mln in
  January, provisional trade ministry figures show.
      In February 1986 there was a deficit of 264 mln dlrs.
      February exports rose to 2.87 billion dlrs, fob, from 2.83
  billion in January and 2.30 billion in February 1986. CIF
  imports were 2.76 billion against 2.31 billion in January and
  2.57 billion in February last year.
  

"
training/8903	5	coffee	"COLOMBIA COFFEE REVENUE SHARPLY DOWN IN JAN/FEB
  Colombia's coffee export revenue dropped
  97 mln dlrs to 233.6 mln dlrs for the first two months of the
  year against 330.9 mln dlrs in the similar period of 1986,
  central bank preliminary figures show.
      Experts attributed the fall to lower world market prices
  following the failure to re-introduce international coffee
  export quotas, but they said Colombia could compensate the drop
  with higher exports in calendar 1987.
      Coffee export revenue for 1986 was 2.33 billion dlrs,
  according to the bank.
      Jorge Cardenas, manager of the National Coffee Growers'
  Federation, last week estimated the recent drop of 30 cents a
  lb in coffee prices would mean a net loss revenue of 457 mln
  dlrs for Colombia.
      But he stressed that Colombia, with stockpiles of 10 mln
  (60-kg) bags, had the capacity to export more and would use a
  recently-introduced more flexible marketing policy to do so.
  

"
training/8905	12	earn	"STE FRANCAISE DES PETROLES BP <PBPF.PA> 1986 YEAR
  Net result breakeven (no profit or loss) vs breakeven
      Operating loss 836 mln francs vs 654 mln
      Net turnover 12.70 billion francs vs 24.34 billion
      Sales of petroleum products 9.7 mln tonnes vs 10.6 mln
      Note - Company said in a statement 1986 results were
  affected by the sharp fall in crude oil prices. Net result
  included an extraordinary recovery of 731 mln francs from
  provisions for currency fluctuations and 361 mln francs in
  depreciation of fixed assets. Company is a subsidiary of The
  British Petroleum Co Plc <BP.L>.
  

"
training/8906	0	acq	"OLIVETTI DOES NOT EXCLUDE STAKE IN SGS-THOMSON
  Ing C Olivetti EC SpA <OLIV.M> does not
  exclude the possibility of investing in a semiconductor venture
  currently under discussion between Italy's <STET - Societa
  Finanziaria Telefonica P.A.> and France's Thomson-CSF
  <TCSF.PA>, an Olivetti spokesman said.
      He said that if Olivetti were approached by the two
  partners involved and the financial conditions of any proposal
  were considered interesting, the company did not exclude the
  possibility of investing in the venture. However, Olivetti had
  made no decision on any such investment and did not have at its
  disposal information to evaluate such a move.
       Stet and Thomson said last Thursday they were negotiating
  an accord involving their respective subsidiaries <SGS
  Microelettronica SpA> and <Thomson Semiconducteurs> in the
  civil semiconductor field.
      They said the accord, once concluded, would be put for
  approval to the French and Italian authorities.
      The Olivetti spokesman was responding to a Reuters query
  about Italian press reports today saying that Olivetti might
  participate in the venture with a two pct stake.
  

"
training/8908	12	earn	"ENSERCH CORP <ENS> SETS QUARTERLY
  Qtly div 20 cts vs 20 cts prior
      Pay June One
      Record May 15
  

"
training/8909	0	acq	"NESTLE TO ACQUIRE NABISCO CANADA BUSINESSES
  Swiss-based <Nestle S.A.>'s Nestle
  Enterprises Ltd unit said it signed a letter of intent to
  acquire <Nabisco Brands Ltd>'s Club, Melrose, Dickson and Chase
  and Sanborn businesses for undisclosed terms.
      Nestle said the final agreement, subject to required
  approvals, would be signed shortly.
      The businesses involved in the deal provide products to
  hotels, restaurants and other parts of the food and beverage
  industry. Nabisco is 80 pct-owned by RJR Nabisco Inc <RJR>.
  

"
training/8911	48	trade	"FED'S HELLER SAYS HE WANTS TO SEE STRONGER JAPANESE DEMAND FOR AMERICAN GOODS

  FED'S HELLER SAYS HE WANTS TO SEE STRONGER JAPANESE DEMAND FOR AMERICAN GOODS
  

"
training/8912	12	earn	"METROPOLITAN FINANCIAL CORP <MFC> VOTES PAYOUT
  Qtly div 11 cts vs 11 cts prior qtr
      Pay 30 April
      Record 15 April
  

"
training/8914	10	crude	"GOODYEAR <GT> UNIT TO START UP PIPELINE
  Goodyear Tire and Rubber Co said the All
  American Pipeline of its Celeron Corp subsidiary will start
  line fill activities on March 30 as it begins operating.
      The company said about five mln barrels of oil will be
  required to pack the completed segment of the line, which runs
  1,225 miles from near Santa Barbara, Calif., to existing
  pipeline connections in West Texas.  Construction has also
  staqrted this week on a 43-mile, 16-inch diameter gathering
  line to deliver 75,000 to 100,000 barrels a day of oil from the
  San Joaquin Valley in California.  The 30-inch main underground
  line can transport over 300,000 barrels daily.
  

"
training/8915	12	earn	"MICROSIZE INC <MSIZ> 2ND QTR ENDS FEB 28 NET
  Shr profit one cent vs loss 2.6 cts
      Net profit 59,198 vs loss 132,702
      Revs 634,616 vs 485,730
      six mths
      Shr profit one cent vs loss four cts
      Net profit 49,669 vs loss 208,278
      Revs 1,056,452 vs 944,330
  

"
training/8916	0	acq	"<PAUL'S PLACE INC> CONTROL CHANGES
  Paul's Place Inc said chairman,
  president and treasurer Paul D. Lambert has sold 240 mln common
  shares to other board members, advisory board members Alan H.
  Marcove and Gerald M. Marcove and an unaffiliated purchaser it
  did not name.
      Terms were not disclosed.
      The company said Alan Marvoce has been named to replace
  Lambert as chairman and chief executive officer and Michael T.
  Fuller has been named president.
      Fuller was formerly president of <Mr. Steak Inc>.
  

"
training/8918	0	acq	"CYACQ AMENDS CYCLOPS OFFER CONDITIONS, SAYS CITICORP EXPANDS FINANCING 

  CYACQ AMENDS CYCLOPS OFFER CONDITIONS, SAYS CITICORP EXPANDS FINANCING 
  

"
training/8919	0	acq	"GORDON JEWELRY <GOR> COMPLETES SALE OF UNIT
  Gordon Jewelry Corp said it has
  completed the previously-announced sale of the assets of its
  catalog showroom stores to privately-held Carlisle Capital Corp
  for an undisclosed amount of cash and notes in excess of book
  value.
  

"
training/8925	12	earn	"TAJON RANCH CO <TRC> 4TH QTR NET
  Shr five cts vs nine cts
      Net 560,000 vs 1,247,000
      Revs 7,597,000 vs 4,619,000
      Year
      Shr ten cts vs 17 cts
      Net 1,225,000 vs 2,161,000
      Revs 26.5 mln vs 23.3 mln
  

"
training/8928	12	earn	"CENTERIOR ENERGY CORP <CX> SETS QUARTERLY
  Qtly div 64 cts vs 64 cts prior
      Pay May 15
      Record April 16
  

"
training/8930	12	earn	"SUFFIELD FINANCIAL CORP <SFCP> RAISES QUARTERLY
  Qtly div five cts vs three cts prior
      Pay April 10
      Record March 31
  

"
training/8932	0	acq	"CYACQ CUTS CONDITIONS ON CYCLOPS <CYL> BID
  Cyacq Corp, an investor group bidding
  for Cyclops Corp, said it amended its outstanding 92.50 dlrs a
  share tender offer for Cyclops to eliminate two conditions and
  modify a third one.
      The group, which includes Audio/Video Affiliates Inc and a
  unit of Citicorp <CCI>, said it also obtained additional
  financing commitments, including an increased commitment from
  Citicorp Capital Investors Ltd.
      The conditions that were eliminated are Cyacq's request for
  non-public information about Cyclops that was previously
  provided to Dixons Group PLC and Cyacq's being satisified that
  the information provides an adequate basis for Cyclop's
  published financial projections.
      Cyclops has agreed to be acquired Dixons Group, which has a
  90.25 dlrs a share tender offer for Cyclops outstanding. Dixons
  said earlier it would allow the offer to expire tonight.
      The condition that was modified, which required Cyacq to be
  satisfied that break up fees or other obligations to Dixons
  were rescinded or ineffective, now says Cyclops shall not have
  paid any such fees or expenses to Dixons prior to the
  consummation of Cyacq's offer.
      Cyacq's amended offer expires midnight New York time on
  April three, 1987, unless extended.
      Manufacturers Hanover Trust Co and CIT Group/Business
  Credit Inc increased its tender offer commitment to 197 mln
  dlrs from 166 mln dlrs and its merger commitment to 275 mln
  dlrs from 250 mln dlrs.
      Additionally, the Citicorp unit and Audio/Video have
  increased their commitments to Cyacq to 185 mln dlrs. Of the
  new total, 150 mln dlrs has been committed by Citicorp.
      Cyacq said it estimates that it needs 407.5 mln dlrs to buy
  all Cyclops shares that may be tendered and pay related fees
  and expenses.
      It said it is seeking to arrange the balance of about 25.5
  mln dlrs necessary to complete the offer.
      All previously announced conditions regarding the lending
  group led by Manufacturers Hanover remain in effect, except
  that the loans are subject to the concurrent receipt by Cyacq
  of equity contributions and other financing of not less than
  210.5 mln dlrs for the tender offer facility and 213.5 mln dlrs
  for the merger facility.
      Cyacq also said the Citicorp unit had received no
  indications of interest in an alternative offer it had made
  from Dixons, Cyclops or Alleghany Corp <Y>, which has agreed to
  acquire Cyclops' industrial group from Dixons.
      Under the alternative offer, the Citicorp unit, with
  Cyacq's approval, proposed to acquire the industrial group from
  Dixons.
  

"
training/8933	47	tin	"TIN PACT EXTENSION LIKELY - ITC DELEGATES
  An extension of the sixth International
  Tin Agreement, ITA, for one or two years beyond June 30 is
  increasingly likely, International Tin Council, ITC, delegates
  said following a special council session today.
      A formal decision will be taken at the quarterly council
  session on April 8-9 when decisions are needed on the budget
  and activities for the year beginning July one, they stated.
      Delegates said most countries now favour a continued legal
  ITC presence to answer the still unresolved legal disputes over
  the outstanding debts of its buffer stock with court hearings
  likely to continue well after the June 30 expiry of the pact.
      The ITC was informally told of the appeal made yesterday by
  Amalgamated Metal Trading Ltd, AMT, against the January court
  ruling against it in the legal bid it led on behalf of ITC
  creditor brokers to have the ITC wound up.
      In January the judge ruled that the U.K. Court had no
  jurisdiction to wind up the tin council, the ITC was not an
  association within the meaning of the U.K. Companies act, and
  the winding-up petition was not a proceeding in respect in
  respect of an arbitration award.
      AMT is appealing on all points and has said it is important
  for the court to accept that a winding-up petition is a move to
  enforce an arbitration ruling.
  

"
training/8935	12	earn	"SIGMA RESEARCH ONC <SIGR> 2ND QTR DEC 31 LOSS
  Shr loss 27 cts vs profit one ct
      Net loss 532,376 vs profit 15,584
      Revs 1,899,719 vs 2,432,256
      Six mths
      Shr loss 78 cts vs profit two cts
      Net loss 1,521,002 vs profit 30,145
      Revs 3,235,907 vs 5,276,119
      Note: year ago net includes gain from tax carryforwards of
  5,000 dlrs in quarter and 9,000 dlrs in year.
  

"
training/894	48	trade	"JAPAN MOVES TO TIGHTEN CHIP-EXPORT CURBS
  The Ministry of International Trade and
  Industry (MITI) acted to tighten restrictions on microchip
  exports to countries other than the U.S. To preserve a
  U.S.-Japan pact on semiconductor trade, but major Japanese
  chipmakers doubt its usefulness.
      A MITI spokesman said his ministry had asked chipmakers to
  issue certificates to specified trading houses stating they are
  authorised exporters.
      Trading houses applying for a MITI export licence will be
  required to show such a certificate, but those without it will
  not automatically be denied licences, he said.
      But some industry officials predicted any government
  measures were likely to have limited effect as long as the
  world semiconductor market remained weak.
      U.S. Government and industry officials have complained
  repeatedly that Japanese chipmakers continue to sell at below
  cost to third countries despite the July agreement.
      Japanese firms and officials in turn argue the flow of
  cheap chips to third countries is due to grey-market sales by
  third-party brokers, who seek to profit from the gap between
  low prices in Japan and higher prices based on production costs
  and set for Japanese makers under the agreement.
      The MITI spokesman said, ""If the percentage of grey market
  is increasing for one specific company, it suggests they are
  distributing their products through their sales network knowing
  they will be exported by some means. In that case we will ask
  them what they are doing to reduce the figure.""
      MITI earlier asked makers to cut output of certain chips by
  10 pct in first-quarter 1987, spokesmen for the firms said.
      But they doubt the usefulness of the latest move. ""As long
  as there is a gap between prices set under the pact and market
  prices, there will be people who want to exploit the gap to
  make money,"" a Hitachi Ltd <HIT.T> spokesman said.
  

"
training/8940	12	earn	"KODAK <EK> TO CUT POLYESTER FIBER OPERATIONS
  Eastman Kodak Co said it will
  reduce capacity and employment levels in two polyester fiber
  operations of its Eastman Chemicals division.
      A company spokesman said the company will take ""some
  writeoff"" in connection with the action in the first quarter
  and there will probably be a further ""carryover"" writeoff in
  the second quarter.  The writeoffs will cover the costs of
  plants and equipment involved, as well as expenses connected
  with the staff cuts.
      Kodak said the division will discontinue production of
  polyester partially-oriented filament yarn, or POY, at its
  Carolina Eastman Co plant in Columbia, S.C., and will idle 100
  mln pounds of older polyester staple fiber production capacity,
  mostly in Columbia.
      The company said about 350 jobs will be affected in
  Columbia, most of which are now performed by contract workers,
  and about 225 jobs at its Tennessee Eastman Co plant in
  Kingsport, Tenn.
      Kodak said part of the staff reduction will be achieved
  through an enhanced voluntary separation and retirement plan
  for employees of Carolina Eastman, Eastman Chemical Products
  Inc and other Kodak units in Kingsport, except Holsten Defense
  Corp. Most of the workforce reduction is expected to be
  completed by April 30.
      Kodak said depressed prices and poor financial performance
  have led to the decision. It said about 50 mln pounds of POY
  production will be shut down as a result of its exit from the
  business. All Kodak POY production has been at Carolina Eastman
  since last year.
      The company said annual capacity for production of Kodel
  polyester staple fiber will be reduced to 400 mln pounds from
  500 mln due to lesser demand.
      It said it will proceed with a previous decision to phase
  in a new 100 mln pound staple fiber plant at Carolina Eastman.
      Carolina Eastman employs about 1,350 and the Kingsport
  units affected about 10,800.
      The company spokesman later said the charges will be
  insignificant and will have no impact on earnings estimates.
  

"
training/8943	17	grain	"ILLINOIS CO-OP FUTURES DISSOLUTION VOTE SET
  The shareholders of Illinois
  Cooperative Futures Co., the futures trading arm of many
  Midwest farm cooperatives for more than 25 years, will vote
  Wednesday on its possible dissolution.
      The directors of the company called a special meeting and
  recommended its dissolution last month, citing falling volume
  and increasing costs.
      Sources close to the organization told Reuters the pullout
  of Growmark, Inc., which holds more than 70 pct of the capital
  stock, led to the call for dissolution.
      The possible demise of the cooperative has set clearing
  houses scrambling for the trading business of the 85 regional
  and local cooperatives that comprise its membership.
      Ironically, it was Growmark, at that time a regional farm
  cooperative with major river terminal elevators, that founded
  Illinois Cooperative Futures on December 1, 1960.
      But Growmark became affiliated last year with Archer
  Daniels Midland of Decatur, Ill., and markets its grain through
  a joint subsidiary of the two companies, ADM/Growmark.
      With that relationship, Growmark no longer needs to trade
  futures through the cooperative, said Tom Mulligan, president
  of the co-op.
      Membership in the company, which Mulligan termed a
  cooperative of cooperatives, has declined from 99 in 1982. A
  notable loss was AgriIndustries of Iowa, which became
  affiliated with Cargill, Inc.
      Illinois Co-op's other members include such regional
  cooperatives as Indiana Grain, based in Indianapolis, Goldkist,
  of Atlanta, Ga., Midstates in Toledo, Ohio, Farmland Industries
  in Kansas City, Mo., Farmers Commodities, Des Moines, and
  Harvest States in Minneapolis.
      Some observors said the demise of Illinois Cooperative
  Futures Co. is a serious blow to the cooperative system.
      Instead of banding together, the individual cooperatives
  are forced to go their own ways, said the floor manager of one
  cash house at the Chicago Board of Trade.
      Such a move would destroy the cohesiveness that gives farm
  cooperatives an advantage in the market at a time that a few
  major commercial companies are growing dominant, he said.
      Don Hanes, vice president for communications with the
  National Council of Farm Cooperatives, said 5,600 cooperatives
  exist today, down from 6,700 five years ago.
      ""The period we've gone through in the past five years has
  been quite a crunch,"" he said. ""There's been a lot of
  consolidation in the marketing co-ops.""
      One problem, he said, is the co-ops sell the grain to the
  major commercials for export, rather than exporting it
  themselves, losing potential profits.
      But exporting grain requires heavy investments, and the
  multi-million-dollar loss posted six years ago by Farmers
  Export Co., a co-op set up to export grains, served ""to make
  folks gun-shy,"" Hanes said.
      Mulligan said he believes the dissolution, if it is
  approved, is a result of change in the futures industry rather
  than a change in U.S. agricultural economics.
      A grain dealer at one member co-op said the futures arm
  ""was a convenience, something that saved us a little bit of
  money. (Its dissolution) will force us to change our way of
  doing business.""
      ""We're sorry to see the co-op go by the wayside,"" he said.
  ""But there are lot of people out there to do business with.
  There are plenty of capable firms.""
      Steven W. Cavanaugh, vice president for grain marketing
  with Indiana Grain, said he would prefer to trade futures
  through a Chicago-based cooperative.
      ""In terms of clearing our business as a unit as opposed to
  individuals, there would be economic savings,"" he said but
  added, ""The times change and with changing times, come
  different opinions of what businesses ought to be around.""
      Cavanaugh said the possible demise of the futures arm had
  nothing to do with its profitability. ""I would guarantee you
  that this company is not in trouble. It is a sound, healthy
  organization.""
      In the year ended February 28, 1986, the Illinois
  Cooperative reported income of 10.2 mln dlrs and members'
  equity, or net worth, of 8.3 mln dlrs. The annual report for
  the most recent year has not been filed.
      Under the cooperative system, income from operations is
  returned as ""patronage refunds"" to the members.
      Income and refunds in the past five years have been
  declining. In the year ended February 28, 1982, the co-op
  reported income of 17.4 mln dlrs and patronage refunds of 17.0
  mln dlrs. Patronage refunds in the year ended February 28,
  1986, totalled 9.5 mln dlrs.
      ""You're dealing with substantially lower volume,"" Mulligan
  said. ""Lower volume translates into higher costs.""
      According to the company's 1986 annual report, Growmark
  owns 90 pct of the preferred shares and four pct of the common
  shares of Illinois Cooperative Futures Co.
      Mulligan declined to speculate on how much of the capital
  Growmark is entitled to. He said he could not determine the
  figure unless the shareholders decide in favor of dissolution.
  Equity is distributed according to each member's trading volume
  and, as a result, changes from year to year.
      However, Mulligan said the company could continue to meet
  minimum capital requirements to trade futures even if Growmark
  pulled out.
  

"
training/8944	0	acq	"CONRAC <CAX> SOARS FOLLOWING MARK IV <IV> BID
  Heavy buying by speculators boosted
  Conrac Corp 7-7/8 to 29, higher than a 25-dlr-per-share cash
  tender offer announced by Mark IV Industries Inc <IV>.
      ""It's a case of ChemLawn euphoria,"" said one arbitrageur,
  referring to a recent hostile tender that began at 27 dlrs per
  share and ended when ChemLawn Corp <CHEM> found a white knight
  willing to bid 36.50 dlrs.
      For Conrac, the arbitrageur said, 28 dlrs per share seemed
  like an ""appropriate price."" Another said ""it's too early to
  project the outcome.""
      ""The market is speaking for itself and saying the 25 dlr
  offer is inadequate,"" the second arbitrageur said. But he added
  it was hard to make a case for Conrac being worth much more
  than the 29 dlrs where the shares traded today.
      He noted the stock recently sold in the high teens and
  there could be a downward risk of 10 dlrs or more if Conrac is
  able to thwart Mark IV.
      Conrac urged shareholders to take no action while its board
  studies the offer and confers with advisers. Conrac said it
  would make a recommendation by April 17.
      A third arbitrageur noted Mark IV had been involved in
  several takeovers previously and has proven itself to be a
  determined bidder. ""They're not beginners,"" he said.
      Another said Conrac might have trouble if it tried to find
  another buyer. ""It's a hodge-podge of non-related businesses,""
  he said. ""There is only a small universe of people who would
  want to own the company as it's presently structured.""
      Conrac is involved in video displays, computer software,
  aircraft instruments, telephone answering machines, welding
  equipment and other products.
      ""I'm telling retail clients to sell and leave the rest for
  those who can take the risk,"" said Rudolph Hokanson, analyst at
  Milwaukee Co.
      He called the 25-dlr offer by Mark IV ""fair value but on
  the low side."" ""I don't think management was looking for a
  buyer in any way before this offer,"" he said.
      Hokanson said Conrac has conservative finances and has
  developed a reputation for quality products that serve niche
  markets. He said management has done a good job of turning
  around the telephone answering machine business.
  

"
training/8945	0	acq	"LASER PHOTONICS <LAZR> SELLS COMMON SHARES
  Laser Photonics Inc said it sold
  615,385 shares of its common stock to investors for one mln
  dlrs under a previously-announced agreement.
      In connection with the investment, the company said it will
  restructure its board. There will be eight members, three of
  whom were designated by the new investors, the company said.
  The group of investors include affiliates of <Radix
  Organization Inc>, the company said.
      Richard Gluch Jr resigned from the board. Joining the board
  were Leonard Lichter, Pierre Schoenheimer and Roger Kirk, the
  investors' designates, the company added.
      Other members of the board are chairman Don Friedkin,
  president and chief executive officer Mark Fukuhara, and Jay
  Watnick, Ira Goldstein, Thurman Sasser and Michael Clinger.
  

"
training/8946	12	earn	"CROWLEY, MILNER AND CO<COM> 4TH QTR JAN 31 NET
  Shr 4.11 dlrs vs 3.51 dlrs
      Net 2,091,000 vs 1,785,000
      Sales 38.8 mln vs 34.3 mln
      Year
      Shr 3.42 dlrs vs 3.57 dlrs
      Net 1,740,000 vs 1,815,000
      Sales 113.0 mln vs 104.1 mln
      Qtly div 25 cts vs 25 cts previously
      Pay April 30
      Record April 15
  

"
training/8947	0	acq	"CONRAC <CAX> URGES NO ACTION ON BID
  Conrac Corp said it is asking
  shareholders to take no action on the 25-dlr-per-share tender
  offer for all its shares launched this morning by Mark IV
  Industries Inc <IV>.
      The company said its board will study the offer with
  financial and legal advisors and make a recommendation to
  shareholders by April 17.
  

"
training/8948	16	gold	"<D'OR VAL MINES LTD> FINDS HIGH-GRADE ORDER
  D'Or Val Mines Ltd said a recent
  drill hole from the surfrace has intersected high-grade ore in
  a downdip extension of the Discovery Vein in its D'Or Val Mine
  in northern Quebec.
      The company said 42.3 feet of the hole graded 0.92 ounce
  per short ton of gold, including a 17.5 foot section grading
  2.17 ounces.
      It said the zone is just below the projection of the
  seventh level of the mine about 1,450 feet below the surface
  and 820 feet west of the shaft.
      D'Or Val said this find and other recent ones will make
  substantial contributions to the mine's ore reserves and grade.
  

"
training/895	26	jobs	"FINNISH UNEMPLOYMENT AT 6.7 PCT IN DECEMBER
  Finnish unemployment was 6.7 pct in
  December last year compared with 6.8 pct in November and 6.1
  pct in December 1985, the Central Statistical Office said.
      It said 173,000 people were unemployed in December 1986,
  174,000 in November and 157,000 in December 1985.
  

"
training/8951	22	interest	"FED BUYS 500 MLN DLRS OF BILLS FOR CUSTOMER
  The Federal Reserve purchased about
  500 mln dlrs of U.S. Treasury bills for a customer, a
  spokeswoman said.
      She said that the Fed bought bills maturing in June and
  July, and on August 27 and September 10 for regular delivery
  tomorrow.
      Dealers said that Federal funds were trading at 6-1/8 pct
  when the Fed announced the operation.
  

"
training/8956	12	earn	"PENN TRAFFIC CO <PNF> 4TH QTR JAN 31 NET
  Shr 33 cts vs 46 cts
      Net 1,350,000 vs 1,886,000
      Revs 150.1 mln vs 127.9 mln
      Year
      Shr 1.76 dlr vs 1.59 dlr
      Net 7,300,000 vs 6,567,000
      Revs 548 mln vs 510.5 mln
      NOTE: First three quarters of 1986 have been restated to
  reflect adoption in 4th qtr of new pension accounting procedure
  which increased net income in first three qtrs 204,000 dlrs or
  five cts per share. Procedure increased fourth qtr income
  73,000 dlrs or two cts per share.
  

"
training/896	40	reserves	"BANKERS SEE SHARP RISE IN THAI FOREIGN RESERVES
  Thailand's improving economy will likely
  cause foreign reserves to increase to at least five billion
  dlrs by end-1987 from a record of nearly 4.2 billion at
  end-February, private bankers said.
      Bank of Thailand statistics show foreign reserves rose to
  3.95 billion at end-January from 3.03 billion a year earlier.
      Nimit Nonthapanthawat, chief economist at the <Bangkok Bank
  Ltd>, said Thailand's strong export performance, its relatively
  high interest rates, foreign participation in its stock market,
  and growing foreign investment, especially from Japan,
  contributed to the projected sharp rise.
      Thai exports rose 19.4 pct in 1986 and are expected to
  expand another 15 pct this year, bankers said.
      A U.S. Embassy report said last month Thailand could
  achieve five pct real gross domestic product growth in 1987, up
  from a projection of 3.8 pct for 1986 and 3.7 pct in 1985.
      Nonthapanthawat said if economic growth continues at its
  current pace and oil prices and major currencies remain stable
  the five billion 1987 reserves target can easily be reached.
      Thailand calculates foreign reserves to include gold,
  special drawing rights and convertible currencies. The target
  is equivalent to five-and-a-half months' worth of imports.
  

"
training/8961	4	cocoa	"COCOA BUFFER STOCK ACCORD CLOSER, DELEGATES SAY
  The International Cocoa Organization
  (ICCO) moved closer to an agreement on buffer stock rules, with
  many delegates saying they expect to reach an accord by Friday.
      ""Everyone is convinced the buffer stock rules should be in
  place by Friday so the buffer stock can be put into operation
  Monday,"" a consumer delegate said. ""The atmosphere is excellent.""
      Other delegates said the buffer stock might not be
  operational by Monday but could be in place by around April 1,
  if the rules are agreed by Friday.
      A detailed package on how the buffer stock manager will buy
  and sell cocoa was presented to a buffer stock working group
  this afternoon -- a big step toward a ""very interesting stage of
  negotiations,"" delegates said.
      The package, based on negotiating principles informally
  agreed by delegates, has been forged bit by bit during
  fortnight-long meetings by ICCO Executive Director Kobena
  Erbynn and a small group of other delegates.
      Producers, the European Community (EC) and consumers are
  scheduled to consider the paper separately and then jointly
  tomorrow.
      Under the proposal, the buffer stock manager would buy
  cocoa from origins or the second-hand market on an offer
  system. He would alert the market via news agencies as to when
  he wanted to buy cocoa and include shipment details and tonnage
  desired, delegates said.
      The manager would buy cocoa on a competitive basis, rather
  than choosing the cheapest cocoa as before, giving preference
  to ICCO member-country exporters. Standard price differentials
  would be fixed for each origin, similar to golf handicaps, to
  determine the relative competitiveness of offers of various
  cocoas from different origins, they said.
      The differentials could be reviewed at the request of a
  member country or recommendation of the buffer stock manager,
  the delegates said. Revision would be decided by a majority
  vote of the ICCO council.
      Buffer stock purchases from non-ICCO member countries would
  not be allowed to exceed 10 pct of the total buffer stock, they
  said.
      The purchases would be limited to 5,000 tonnes of cocoa per
  day and 20,000 tonnes per week, and could be bought in nearby,
  intermediate and forward positions, they added.
      One of the underlying ideas of the rules package is
  ""transparency,"" meaning virtually all the buffer stock manager's
  market activities will be public and he will have as little
  discretion as possible, delegates said.
      After the tin market collapse in 1985, when the
  International Tin Council buffer stock ran out of funds, cocoa
  delegates are anxious to install safeguards in the cocoa market
  mechanism, they said.
       Earnest debate on the buffer stock proposal is expected to
  begin late tomorrow, as delegations feel the pressure of the
  approaching Friday deadline, when the ICCO meeting is due to
  adjourn, delegates said.
      The ICCO failed to agree buffer stock rules in January when
  the new International Cocoa Agreement came into force. The
  existing buffer stock of 100,000 tonnes of cocoa was frozen in
  place with its bank balance of 250 mln dlrs -- both untouchable
  until rules are agreed.
       Though the current semi-annual council meeting is not the
  last chance for delegates to cement buffer stock rules,
  producers are keen to get the wheels of the market-stabilizing
  mechanism turning to stem the decline in world prices,
  delegates said.
  

"
training/8962	0	acq	"FINANCIAL CORP <FIN> NOT HOLDING BUYOUT TALKS
  Financial Corp of America said
  it is not holding discussions with anyone regarding a buyout of
  the company.
      But a spokeswoman pointed out that Financial Corp has said
  publicly for nearly two years that in the company's view a
  merger would be one method of increasing the company's capital.
      ""If an opportunity arises for us to strengthen our capital
  position quickly we would be very open to it,"" the spokeswoman
  said.
      Financial Corp would need over one billion dlrs to bring
  its regulatory net worth up to Federal Savings and Loan
  Insurance Corp requirements, the spokeswoman said.
      In addition, she said that the Federal Home Loan Bank
  Board, in a letter dated January 26, 1987, stated that through
  March 31, 1988 it will continue to support the company's
  efforts to restructure its balance sheet, maintain profitable
  operations and augment net worth.
  

"
training/8965	12	earn	"AMERICAN NETWORK INC <ANWI> DEC 31 YEAR NET
  Shr profit 16 cts vs loss 1.40 dlrs
      Net profit 3,000,000 vs loss 6,570,000
      Revs 91.7 mln vs 66.9 mln
      Avg shrs 19,078,072 vs 4,708,896
      Note: Current year net includes nine mln dlr net gain from
  settlement of litigation.
  

"
training/8968	12	earn	"SIGNET BANKING CORP REGULAR DIVIDEND
  Qtly div 31 cts vs 31 cts prior
      Payable APril 22
      Record April three
  

"
training/8969	12	earn	"MOTT'S SUPER MARKETS INC <MSM> 4TH QTR JAN 3
  Shr loss 15 cts vs loss 1.12 dlrs
      Net loss 414,331 vs loss 3.1 mln
      Revs 73.8 mln vs 69.1 mln
      Year
      Shr loss 99 cts vs loss 1.69 dlr
      Net loss 2.7 mln vs loss 4.7 mln
      Revs 276.9 mln vs 290.1 mnln
  

"
training/897	2	bop	"SWEDEN HAS CURRENT PAYMENTS SURPLUS IN 1986
  Sweden had a 1986 current balance of
  payments surplus of 7.6 billion crowns compared with a deficit
  of 10.1 billion the preceding year, according to preliminary
  figures from the central bank.
      The December current account had a 100 mln crowns deficit
  against a yearago 200 mln deficit.December trade balance was
  2.3 billion surplus against yearago two billion.
      The trade balance showed a 1986 surplus of 33.2 billion
  crowns compared with a 15.8 billion surplus in 1985, the bank
  said .
  

"
training/8970	12	earn	"ALEXANDER'S <ALX> 2ND QTR FEB 7
  Shr 57 cts vs 72 cts
      Net 2.7 mln vs 3.3 mln
      Six months
      Shr 45 cts vs 84 cts
      Net 2.1 mln vs 3.8 mln
      NOTE:1987 six months includes 790,000 dlr charge. 1986 six
  months includes 679,000 net gain.
  

"
training/8972	12	earn	"NORTHEAST UTILITIES <NU> YEAR
  Shr 2.78 dlrs vs 2.55 dlr
      NEt 302.0 mln vs 271.6 mln
      REvs 2.0 billion vs 2.1 billion
  

"
training/8975	0	acq	"MOBEX COMPLETES GRANT INDUSTRIES <GTX> TENDER
  Mobex Corp, a private building
  product concern, said as of late yesterday it had accepted
  about 2.3 mln shares or 98 pct of Grant Industries Inc under a
  tender offer.
      The 7.75 dlrs a share cash offer expired at 2000 EST
  yesterday. Mobex said its Mobex Acquisition Corp unit accepted
  2,316,940 shares of Grant common, or about 98 pct of the
  2,369,799 shares presently outstanding, at the tender price.
  

"
training/8976	12	earn	"LEUCADIA NATIONAL CORP <LUK> 4TH QTR NET
  Shr 3.28 dlrs vs 22 cts
      Shr diluted 2.99 dlrs vs 22 cts
      Net 46.0 mln vs 3,328,000
      Avg shrs 14.0 mln vs 15.2 mln
      Year
      Shr 5.41 dlrs vs 1.56 dlrs
      Shr diluted 4.94 dlrs vs 1.50 dlrs
      Net 78.2 mln vs 25.9 mln
      Avg shrs 14.5 mln vs 15.1 mln
      NOTE: earnings per share reflect the two-for-one split
  effective January 6, 1987.
      per share amounts are calculated after preferred stock
  dividends.
      Loss continuing operations for the qtr 1986, includes gains
  of sale of investments in Enron Corp of 14 mln dlrs, and
  associated companies of 4,189,000, less writedowns of
  investments in National Intergroup Inc of 11.8 mln and BRAE
  Corp of 15.6 mln.
  

"
training/8977	0	acq	"TELECOM <TELE> COMPLETES SALE
  Telecom Plus INternational Inc
  said it completed the sale of its 65 pct interest in Tel Plus
  Communications Inc to Siemens Information Systems INc for about
  173 mln dlrs.
      Telecom received 107 mln dlrs at closing with the balance
  to be paid in installments. Siemen said it will dispute various
  matters in the financial statement issues and other matters, it
  said.
  

"
training/8978	4	cocoa	"HAITI, CZECHOSLOVAKIA JOIN COCOA ORGANIZATION
  Haiti and Czechoslovakia have joined the
  International Cocoa Organization (ICCO), bringing membership in
  the United Nations charter body to 18 importing countries and
  17 exporters, ICCO officials said.
      Haiti has provisionally applied to the ICCO as an exporting
  member, and accounts for 0.92 pct of world cocoa exports, they
  said. Czechoslovakia joined as an importer.
  

"
training/8979	12	earn	"INTEGRATED RESOURCES INC <IRE> 4TH QTR NET
  Oper primary shr 1.03 dlr vs 2.55 dlrs
      Oper diluted shr 94 cts vs 1.76 dlrs
      Oper net 15.2 mln vs 23.4 mln
      Revs 272.0 mln vs 232 mln
      Avg shrs primary 7,625,000 vs 5,534,000
      Avg shrs diluted 12.3 mln vs 10.3 mln
      Year
      Oper shr 1.06 dlr vs 3.17 dlrs
      Oper net 39 mln vs 56.1 mln
      Revs 830.2 mln vs 657.9 mln
      Avg shrs 7,490,000 vs 5,557,000
      NOTE: 1986 oper net excludes 10.4 mln dlrs for discontinued
  operations.
      1985 4th qtr excludes a loss of 4,570,000 dlrs and
  6,330,000 dlrs, respectively, for discontinued operations.
      1986 oper net excludes a 10.5 mln dlr or 1.40 dlr per shr
  loss from early extinquishment of notes.
      1986 and 1985 oper per share amounts are reported after
  paying 31.0 mln dlrs and 38.5 mln dlrs, respectively, for
  preferred stock dividends.
      1986 and 1985 4th qtr per share amounts are reported after
  paying 7,292,000 dlrs and 9,333,000 dlrs, respectively, for
  preferred stock dividends.
      1985's discontinued operations are restated.
  

"
training/8981	12	earn	"WEAN UNITED INC <WID> 4TH QTR
  Shr loss one dlr vs profit seven cts
      Net loss 3.0 mln vs profit 349,000
      Revs 35.6 mln vs 49.3 mln
      Year
      Shr loss 2.87 dlrs vs loss 2.71 dlrs
      Net loss 8.4 mln vs loss 7.9 mln
      Revs 140.3 mln vs 169.2 mln
      NOTE:earnings reflect preferred dividend requirements, 1986
  year includes one-time gain of 1.2 mln dlrs
  

"
training/8982	48	trade	"U.S. HOUSE PANEL EASES SOVIET EXPORT CONTROLS
  The U.S. House Foreign Affairs
  Committee voted to ease restrictions on exports that are now
  kept from shipment to Soviet-bloc countries but are no longer a
  threat to U.S. national security.
      The Democratic-controlled committee said the
  administration's export control policies, which restrict
  shipment of thousands of products, contributed to last year's
  record 169 billion dlr U.S. trade deficit.
      The committee said the legislation will cut government red
  tape and make it easier for U.S. companies to compete with
  foreign producers since many of the goods are readily available
  from other countries.
      Rep. Don Bonker, chairman of the International Economic
  Policy subcommittee, said the unnecessary restrictions had cost
  the U.S. 17 billion dlrs in exports a year.
      ""This is Congress' number one opportunity to attack the
  trade deficit in a positive way by exporting more,"" the
  Washington Democrat said.
      The legislation would order the Commerce Department to lift
  controls on 40 pct of goods on the restricted export list over
  the next three years unless other countries agree to comparable
  controls.
      Most of these are of the least sophisticated type of
  technology such as medical instruments.
      It would also give the Commerce Department primary
  authority to decide which exports will be permitted and limit
  the Defense Department to an advisory role in reviewing
  requests to export highly-sensitive technology.
  

"
training/8984	32	money-fx	"BALDRIGE SAYS CHANGES NEEDED IN EXCHANGE RATES OF CURRENCIES PEGGED TO DOLLAR

  BALDRIGE SAYS CHANGES NEEDED IN EXCHANGE RATES OF CURRENCIES PEGGED TO DOLLAR
  

"
training/8985	12	earn	"CHARTER CO 4TH QTR NET PROFIT 118.8 MLN DLRS VS LOSS 13 MLN DLRS

  CHARTER CO 4TH QTR NET PROFIT 118.8 MLN DLRS VS LOSS 13 MLN DLRS
  

"
training/8986	12	earn	"ALEXANDER'S <ALX> 2ND QTR ENDS FEB 27 NET
  Shr 57 cts vs 72 cts
      Shr diluted 57 cts vs 66 cts
      Net 2,699,000 vs 3,250,000
      Revs 190.8 mln vs 195.9 mln
      Six mths
      Shr 45 cts vs 84 cts
      Shr diluted 45 cts vs 79 cts
      Net 2,092,000 vs 3,784,000
      Revs 304.2 mln vs 304.6 mln
      NOTE: includes a change in accounting for investment tax
  credit of 1,408,000, or 31 cts per share, in six mths prior.
      first qtr 1987 includes non-recurring charge of 1,488,000
  for company's abandoning of its plan to convert to a limited
  partnership.
  

"
training/8987	0	acq	"STANADYNE <STNA>, UNITED TECHNOLOGIES END TALKS
  Stanadyne Inc said it terminated
  discussions about its proposed purchase of United Technologies
  Corp's Diesel Systems <UTX> unit.
      The reason was not disclosed.
  

"
training/899	12	earn	"FISONS PLC <FISN.L> YEAR TO END-1986
  Shr 27.5p vs 24.3p
      Div 3.95p vs 3.34p making 6.5p vs 5.5p
      Pre-tax profit 85.1 mln stg vs 72.3 mln
      Turnover 702.6 mln vs 646.7 mln
      Tax 18.4 mln vs 15.2 mln
      Finance charges 4.1 mln vs 5.4 mln
      Minority interest 0.1 mln vs 0.5 mln
      Extraordinary debit, being closure and restructuring costs
  4.9 mln vs 3.7 mln
      Operating profit includes -
      Pharmaceutical 49.8 mln vs 39.0 mln
      Scientific equipment 23.2 mln vs 19.2 mln
      Horticulture 8.0 mln vs 8.7 mln
      Note - company said it plans one-for-one capitalisation
  

"
training/8991	22	interest	"CITICORP <CCI> RULES OUT CREDIT CARD PRICE WAR
  American Express Co's <AXP> recent
  launch of a new ""OPTIMA"" credit card, with relatively low
  interest rates and fees, will increase competition with bank
  credit-card issuers but will not lead to a pricing war, a
  senior Citicorp offical said.
      ""Over the next two to three years, a very interesting
  marketing battle will be fought ... competition will not be on
  price but on product features,"" Pei-yuan Chia, head of the U.S.
  card products group, told a banking analysts meeting.
      Citicorp is the leading U.S. bank credit-card issuer, with
  some 10 mln accounts and an 11 pct market share.
      Chia said that Citicorp would focus its credit card
  marketing efforts on acceptance, noting that Visa and
  Mastercard currently enjoy a two-to-one advantage over American
  Express in terms of worldwide acceptance.
      He also doubted the popularity of American Express' plan to
  link interest charges on the new OPTIMA card to the bank prime
  lending rate. ""The consumer likes to have a fixed rate
  instrument,"" he said.
      Richard Braddock, head of the whole individual banking
  division, added that when there is increased competition, ""it
  is not the big people who get crunched but the small ones.""
  

"
training/8992	12	earn	"NEW PROCESS CO <NOZ> SETS QTLY PAYOUT
  New Process Co said it declared a
  quarterly dividend of 12-1/2 cts, the regular dividend it pays
  during the first three quarters of the year.
      The dividend is payable May 1 to shareholders of record
  April 10.
      Last year, New Process paid an annual dividend of 1.18 dlrs
  by paying 12-1/2 cts a share in each of the first three
  quarters and a fourth quarter dividend of 80-1/2 cts.
  

"
training/8995	12	earn	"PETROLEUM EQUIPMENT TOOLS CO <PTCO> 4TH QTR
  Shr loss 57 cts vs loss 30 cts
      Net loss 5.9 mln vs loss 3.2 mln
      Revs 5.6 mln vs 16.3 mln
      Year
      Shr loss 2.11 dlrs vs loss 95 cts
      Net loss 22.0 mln vs loss 9.9 mln
      Revs 29.3 mln vs 66.3 mln
  

"
training/8996	0	acq	"SUNDOR GROUP BUYS DWG <DWG> UNIT'S ASSETS
  <Sundor Group Inc> said it
  purchased DWG Corp's Texun Inc's line of regional juice
  products.
      The purchase terms were not disclosed, the company said.
  

"
training/8997	12	earn	"QUICK AND REILLY GROUP <BQR> 4TH QTR FEB 28
  Shr 72 cts vs 57 cts
      Net 4.5 mln vs 3.6 mln
      Revs 25.1 mln vs 21.9 mln
      Year
      Shr 2.47 dlrs vs 1.87 dlr
      Net 15.6 mln vs 11.8 mln
      Revs 89.1 mln vs 73.3 mln
  

"
training/8998	0	acq	"HAYES-ALBION <HAY> COMPLETES GOING PRIVATE DEAL
  Hayes-Albion Corp said its shareholders
  approved a plan to merge with and become a wholly onwed
  subsidiary of privately held Harvard Industries Inc.
      St. Louis-based Harvard Industries, a manufacturer and
  distributor of automobile supplies, held 80 pct of Hayes
  following completion of a 13 dlrs a share cash tender offer in
  December.
      Under the merger agreement, remaining shareholders of
  Hayes, a Jackson, Mich.-based maker of auto supplies, will
  receive 13 dlrs cash for their shares.
      Trading in Hayes common will cease at the close of business
  today, the company said.
  

"
training/8999	12	earn	"CHARTER CO <QCHR> 4TH QTR OPER LOSS
  Oper shr loss one ct vs loss four cts
      Oper net loss 336,000 vs profit 2,631,000
      Revs 237.2 mln vs 382.3 mln
      Avg shrs 47.4 mln vs 16.5 mln
      Year
      Oper shr profit 21 cts vs profit 12 cts
      Oper profit 9,922,000 vs profit 15.1 mln
      Revs 1.1 billion vs 1.6 billion
      Avg shrs 47.4 mln vs 16.5 mln
      NOTE: 1986 4th qtr and year oper net excludes a gain of
  28.6 mln dlrs and 28.5 mln dlrs or 60 cts per share,
  respectively, for discontinued operations.
      1986 4th qtr and year oper net excludes a gain of 90.5 mln
  dlrs or 1.91 dlr per share and 114.8 mln dlrs or 2.42 dlrs per
  share, respectively, mainly for settlement of dioxin-related
  claims in reorganization proceedings.
      1985 4th qtr and year oper net excludes a loss of 41.2 mln
  dlrs or 2.51 dlrs per share and a loss of 36.3 mln dlrs or 2.21
  dlrs per share, respectively, for discontinued operations.
      1985 4th qtr and year oper net excludes a gain of 25.6 mln
  dlrs or 1.56 dlr per share and 29.4 mln dlrs or 1.79 dlrs per
  share for settlement of claims and utilization of tax loss
  carryforward.
      1985 year oper net also excludes a loss of seven mln dlrs
  for change in inventory evaluation method.
  

"
training/9	12	earn	"CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT
  Champion Products Inc said its
  board of directors approved a two-for-one stock split of its
  common shares for shareholders of record as of April 1, 1987.
      The company also said its board voted to recommend to
  shareholders at the annual meeting April 23 an increase in the
  authorized capital stock from five mln to 25 mln shares.
  

"
training/900	22	interest	" MAJOR SWISS BANKS RAISE CUSTOMER TIME DEPOSIT RATES 1/4 POINT TO THREE PCT - CREDIT SUISSE

   MAJOR SWISS BANKS RAISE CUSTOMER TIME DEPOSIT RATES 1/4 POINT TO THREE PCT - CREDIT SUISSE
  

"
training/9003	12	earn	"NUMEREX CORP <NMRX> 2ND QTR JAN 31 LOSS
  Shr loss seven cts vs profit five cts
      Net loss 149,421 vs profit 103,120
      Sales 1,698,345 vs 1,920,010
      Six Mths
      Shr loss five cts vs profit nine cts
      Net loss 100,472 vs profit 191,614
      Sales 3,836,794 vs 3,650,322
  

"
training/901	22	interest	" CORRECTED - MAJOR SWISS BANKS RAISE CUSTOMER TIME DEPOSIT RATES 1/4 POINT TO 3-1/4 PCT - CREDIT SUISSE

   CORRECTED - MAJOR SWISS BANKS RAISE CUSTOMER TIME DEPOSIT RATES 1/4 POINT TO 3-1/4 PCT - CREDIT SUISSE
  

"
training/9010	0	acq	"EASTMAN KODAK CO TO SELL HOLDINGS IN ICN PHARMACEUTICALS AND VIRATEK INC

  EASTMAN KODAK CO TO SELL HOLDINGS IN ICN PHARMACEUTICALS AND VIRATEK INC
  

"
training/9012	22	interest	"TREASURY BALANCES AT FED ROSE ON MARCH 23
  Treasury balances at the Federal
  Reserve rose on March 23 to 3.332 billion dlrs from 3.062
  billion dlrs on the previous business day, the Treasury said in
  its latest budget statement.
      Balances in tax and loan note accounts fell to 15.513
  billion dlrs from 17.257 billion dlrs on the same respective
  days.
      The Treasury's operating cash balance totaled 18.845
  billion dlrs on March 23 compared with 20.318 billion dlrs on
  March 20.
  

"
training/9014	24	iron-steel	"USX <X> USS UNIT RAISES PRICES
  USX Corp's USS subsidiary said
  that effective with shipments beginning July 1 prices for all
  leaded grades and 1200-series grades of hot rolled bar and
  semi-finished products from its Lorain, Ohio, facility will be
  increased by 15 dlrs a ton over the prices in effect June 1.
      It said the increase is being made to reflect current
  market conditions.
  

"
training/9015	48	trade	"UNIONIST URGES RETALIATION AGAINST JAPAN
  William Bywater, president of the
  International Union of Electronic Workers, called on President
  Reagan to retaliate against Japan for unfair practices in
  semiconductor trade.
      He said in a statement a crash program was needed in the
  semiconductor industry to prevent the United States from
  becoming ""one of the world's industrial lightweights.""
      Bywater's remarks came as the White House Economic Policy
  Council prepared for a Thursday meeting to decide what
  sanctions if any should be taken against Japan for alleged 
  violations of a U.S.-Japanese semiconductors agreement.
      The pact, agreed to last July, called for Tokyo to end
  selling semiconductors at below cost and to open its home
  market to U.S. goods. In return, Washington agreed to forego
  antidumping duties on Japanese semiconductors.
      But U.S. officials have said that while Japan has stopped
  dumping in the U.S. market, it has not ended third country
  dumping; nor has it opened its market to U.S. semiconductors.
      Japan yesterday, in an effort to ward off U.S. action,
  ordered a cutback in semiconductors production as a way to
  force prices up and end the dumping.
      Bywater, in his statement, said he backed a Defense Science
  Board task force proposal to set up a consortium to develop new
  electronic products and manufacturing processes and make the
  U.S. industory more competitive.
      But he added the industry could not wait for legislation to
  pass and that action was required now to help the depressed
  electronic industry.
      Bywater said, ""I urge the Reagan Administration to take full
  and severe action immediately against Japan by invoking the
  retaliatory steps that are permitted under U.S. law and GATT
  (General Agreement on Tariffs and Trade).""
  

"
training/9020	0	acq	"MIDIVEST ACQUIRES ASSETS OF BUSINESS AVIATION
  <Midivest Inc> said it acquired
  all the assets of <Business Aviation Inc> of Sioux Falls, S.D.,
  for an undisclosed amount of stock.
      Midivest said it expects to sell 10 to 20 of the renovated
  Beechcraft planes next year. It said management will also lease
  these airborne intensive care units to hospitals and government
  subdivisions through Metropolitan Leasing, a wholly-owned
  subsidiary of Midivest.
  

"
training/9025	0	acq	"EASTMAN KODAK <EK> TO SELL HOLDINGS
  Eastman Kodak Co said it plans
  to sell its 2.3 pct holding in ICN Pharmaceuticals <ICN> and
  part of its nine pct holdings in Viratek <VIRA>.
      It said the purpose of the investments had been to lay the
  groundwork for the creation of its Nucleic Acid Research
  Institute.
      Since that has been achieved, there is no longer any reason
  to maintain the equity positions, Kodak said.
      Kodak holds 470,000 sahres of ICN, currently trading at
  about 18-3/4 and 700,000 of Viratek, trading at 44.
  

"
training/9027	0	acq	"FIRM REDUCES SCEPTRE RESOURCES <SRL> HOLDINGS
  Montreal-based Noverco Inc told the
  Securities and Exchange Commission it reduced its stake in
  Sceptre Resources Ltd to 1,232,200 shares or 4.8 pct of the
  total outstanding.
      Noverco said it sold off 400,500 shares ""to reduce the
  investment of Noverco in Sceptre.""
      ""Additional common shares of Sceptre may be sold or
  purchased by Noverco, depending upon market conditions,"" Noverco
  said.
  

"
training/9029	12	earn	"<ACKLANDS LTD> 1ST QTR FEB 28 NET
  Shr three cts vs 11 cts
      Net 126,000 vs 434,000
      Revs 84.0 mln vs 80.2 mln
      Avg shrs 4,948,731 vs 3,870,511
  

"
training/903	32	money-fx	"PHILIPPINE PLANNING CHIEF URGES PESO DEVALUATION
  The Philippines must devalue the peso if
  it wants its exports to remain competitive, Economic Planning
  Secretary Solita Monsod told Reuters.
      ""The peso/dollar rate has to be undercut to make our exports
  more competitive,"" Monsod said an interview. ""No question about
  it. I'm saying you cannot argue with success. Taiwan, South
  Korea, West Germany, Japan, all those miracle economies
  deliberately undervalued their currencies.""
      The peso has been free-floating since June 1984. It is
  currently at about 20.50 to the U.S. Dollar.
      Finance Secretary Jaime Ongpin has said the government does
  not intend to devalue the peso and wants it to be flexible and
  able to continue to respond to market conditions.
      Monsod said Ongpin was looking at the exchange rate from
  the point of view of finance. ""If the dollar rate goes higher,
  our debt service in terms of pesos gets higher, so the
  financing is very difficult,"" she said. ""But I am looking at it
  in terms of the economy.""
      She said she was not trying to oppose official policy.
      ""I'm just saying, keep it competitive. I do not want it to
  become uncompetitive because then we are dead.""
      Monsod said, ""The ideal movement in the peso/dollar rate is
  a movement that will reflect differences in inflation (rates)
  of the Philippines versus the other country. It's an arithmetic
  thing.""
      Official figures show Philippine inflation averaged 0.8 pct
  in calendar 1986. Ongpin told reporters on Saturday it was
  expected to touch five pct this year.
      He said the government and the International Monetary Fund
  had set the peso/dollar 1987 target rate at 20.80.
      The peso lost 22.2 pct in value to slump to 18.002 to the
  dollar when it was floated in 1984.
  

"
training/9030	12	earn	"BULL AND BEAR GROUP A <BNBGA> CUTS FUND PAYOUTS
  Bull and Bear Group A said it lowered
  its monthly dividends on three of its funds.
      It said it lowered its Tax Free Income Fund <BLTFX> to 10.3
  cts from 10.6 cts; its U.S. Government Guaranteed Securities
  Fund <BBUSX> to 11.5 cts from 11.8 cts; and its High Yield Fund
  <BULHX> to 14 cts from 14.2 cts.
      All dividends are payable March 31 to shareholders of
  record March 25, the company said.
  

"
training/9031	10	crude	"CALTEX TO RAISE BAHRAIN OIL PRODUCT PRICES
  Caltex Petroleum Corp said it will
  raise
  posted prices for naphtha and several grades of residual fuel
  in Bahrain, effective March 25.
       Caltex, a joint venture of Chevron Corp <CHV> and Texaco
  INC <TX>, said its naphtha posting is up four cts a gallon to
  43 cts. It said it is raising its marine diesel oil posting by
  30 cts a barrel to 20.24 dlrs a barrel.
      Light, medium, and heavy fuel oil postings are up 1.50 dlrs
  a barrel, the company said. This will bring the light fuel oil
  price to 16.90 dlrs, medium to 15.50 dlrs, and heavy to 14.60
  dlrs, the company said.
  

"
training/9032	37	pet-chem	"CHARTER CO <QCHR> TO COMPLETE REORGANIZATION
  Charter Co, the huge
  petrochemical concern in bankruptcy proceedings stemming from
  hundreds of dioxin-related claims, said it and all of its
  subsidiaries, except the Independent Petrochemical Corp, will
  complete their reorganization on March 31.
      It said that on that date, it will deposit with an escrow
  agent 288.8 mln dlrs in cash, 66.7 mln dlrs in notes and 31 mln
  shares of its common for distribution.
      Company officials were not immediately available for
  comment.
      As previously reported, Charter settled dioxin-related
  claims for about 1,200 individuals and the state of Missouri,
  resolving claims against it and all subsidiaries except
  Independent Petrochemical.
      Charter said some of the settlements remain subject to
  appeals and final court approvals and resolve claims against
  charter and its subsidiaries except Independent Petrochemical.
      It said about 500 individual claims against it and certain
  of its units remain pending as disputed claims in bankruptcy
  court. It said about 300 of these claims have been filed since
  confirmation of the joint plan of reorganization.
      Charter said its two creditors, an equity committee in its
  bankruptcy proceedings and <American Financial Corp>, which
  will own 50.5 pct of its common after the reorganization, have
  waived the requirement that Charter resolve all dioxin-related
  claims against it prior to completing its reorganization.
      That requirement excludes claims against Independent
  Petrochemical. Charter also said a plan for liquidation of
  Independent has been approved by the bankruptcy court and will
  be completed after March 31.
      Earlier, Charter reported net income for the year of 153.2
  mln dlrs, which included a gain of 28.5 mln dlrs for
  discontinued operations and 114.8 mln dlrs for the settlement
  of claims in its reorganization proceedings.
      In 1985, it reported earnings of 1,274,000 dlrs, which
  included a loss of 36.3 mln dlrs for discontinued operations
  and 29.4 mln dlrs for extraordinary items.
      For the fourth quarter, it reported earnings of 118.8 mln
  dlrs, including a gain of 28.6 mln dlrs for discontinued
  operations and 90.5 mln dlrs mainly for claims settlements. In
  the year-ago period, Charter reported a loss of 13 mln dlrs.
  

"
training/9033	0	acq	"NASHUA <NSH> TO PURCHASE PRIVATE DISC MAKER
  Nashua Corp said it signed a
  letter of intent to purchase <Lin Data Corp>, a private
  manufacturer of high-capacity rigid discs for storage of
  computer data.
      Under the terms of the letter, Nashua said it will acquire
  all classes of Lin stock for 24 mln dlrs. In addition, it said
  it will loan Lin 1,200,000 dlrs to support its operations.
      The closing of the sale is set for the second quarter of
  1987, the company said.
  

"
training/9034	12	earn	"ALTRON INC <ALRN> 4TH QTR JAN 3
  Shr loss 56 cts vs loss five cts
      Net loss 1.9 mln vs loss 164,000
      revs 6.9 mln vs 5.4 mln
      Year
      Shr loss 1.15 dlrs vs profit 52 cts
      Net loss 3.8 mln vs profit 1.7 mln
      Revs 25.6 mln vs 29.8 mln
      NOTE: 1987 net loss includes loss 6.5 mln dlrs for
  nonrecurring reserve for closing costs of facility, writeoffs
  and sales of real estate.
  

"
training/904	0	acq	"U.K. CLEARS CONS GOLD U.S. PURCHASE
  The U.K. Trade Department said it would
  not refer Consolidated Goldfields Plc's <CGLD.L> purchase of
  <American Aggregates Corp> to the Monopolies Commission.
      Cons Gold said last month that its <ARC America Corp> unit
  had agreed to buy the Ohio-based company for 30.625 dlrs a
  share cash, or 242 mln dlrs, in a deal recommended by the
  Aggregates board.
  

"
training/9040	12	earn	"VERMONT FINANCIAL SERVICES <VFSC> SETS PAYOUT
  Vermont Financial Services
  Corp said its board approved a regular 20 cts per share cash
  dividend payable April 25 to shareholders of record March 26.
  

"
training/9041	0	acq	"RESORTS INTERNATIONAL GETS BUYOUT PROPOSAL FROM KSZ CO INC

  RESORTS INTERNATIONAL GETS BUYOUT PROPOSAL FROM KSZ CO INC
  

"
training/9044	12	earn	"GREAT ATLANTIC AND PACIFIC TEA CO INC <GAP> DIV
  Qtly div 10 cts vs 10 cts prior
      Payable May one
      Record April 15
  

"
training/9045	0	acq	"GARTNER GROUP <GART> ACQUIRES COMTEC PROGRAM
  Gartner Group Inc said it
  acquired sole ownership of the COMTEC Market Research Program.
      Gartner said its wholly-owned subsidiary purchased the
  interests of its former partners for an aggregate price of
  1,125,000 plus a percentage of net sales proceeds on future
  sales of certain products.
      Prior to the acquisition, Gartner Group owned one-third in
  the COMTEC partnership, it said.
  

"
training/9047	0	acq	"RESORTS INT'L <RT.A> RECEIVES TAKEOVER OFFER
  Resorts International Inc
  said it received a proposal from <KSZ Co Inc> under which
  holders of Resorts class B stock would receive 140 dlrs a share
  in cash and one share of common stock in a new company to be
  formed through the takeover.
      Under the offer, Resorts said holders of its class A shares
  would receive 15 dlrs a share in cash and three shares of
  common stock in the new company.
      Resorts said the offer from KSZ calls for a merger of
  Resorts with RI Acquisition Co Inc, a newly formed Delaware
  corporation.
      Resorts said that prior to the merger, RI Acquisition would
  be capitalized with about 100 mln dlrs of debt and about 220
  mln dlrs of equity.
      It said 200 mln dlrs of the equity would be in the form of
  special preferred stock.
      The KSZ offer, Resorts said, indicates that KSZ has a
  commitment from <M. Davies Cos> to buy all of the special
  preferred stock.
      Resorts said the offer will expire at 1700 EST on March 27.
  It said it asked its investment advisor, Bear, Stearns and Co,
  to advise its board on the offer.
      Earlier this month, the estate of James M. Crosby and
  certian members of his family agreed to sell their class B
  shares to New York real estate tycoon Donald Trump for 135 dlrs
  a share. The estate and family members hold 78 pct of the
  752,297 class B shares outstanding.
      Trump also agreed to pay 135 dlrs a share for the remaining
  class B shares outstanding.
      Resorts also has about 5,680,000 shares of outstanding
  class A stock. These shares carry one one-hundredth the voting
  power of the class B shares.
      Trump's offer beat out a rival bid of 135 dlrs a share made
  by Pratt Hotel Corp <PRAT>.
      Resorts said that under the proposal made by KSZ, existing
  class A and class B shareholders would control about 96 pct of
  the outstanding common of the new company formed to acquire
  Resorts.
      Resorts said the new company, upon completion of the
  merger, would hold the 220 mln dlrs of debt and that the
  special preferred stock would immediately be converted into
  exchangeable participating preferred of the new company.
      This preferred, Resorts said, would pay a dividend based on
  the net cash flows from the new company's Paradise Island
  operations.
      A Resorts spokesman said the KSZ offer was made in a
  two-page letter and that Resorts could not comment on it
  because it did not contain enough information. Resorts has
  asked Bear, Sterns to obtain complete data, he said.
      The spokesman said Resorts is not familiar with KSZ but
  that it believes the company is controlled by Marvin Davis, the
  Denver oilman.
      Calls to Davis were referred to Lee Solters, who handles
  public relations for Davis. Solters, said to be travelling, was
  not immediately available for comment.
      Donald Trump was also unavailable for comment, as was a
  spokesman for the Crosby estate.
  

"
training/9048	12	earn	"CITICORP <CCI> SEES DOUBLING IN RETAIL BANK NET
  Citicorp expects net income in its
  individual banking sector to top one billion dlrs by 1993,
  compared with 462 mln dlrs in 1986, said Richard Braddock, head
  of Citicorp's individual banking division.
      ""We can double our earnings over the next five to seven
  years,"" he told a banking analysts meeting, adding that this
  forecast may be on the conservative side.
      He said that bank card operations and the New York branch
  system would continue to turn in hefty profits but also picked
  out other developing areas, such as U.S. mortgage and
  international consumer, as major potential earners.
      Braddock and his sector heads made the following more
  specific predictions:
      - Cost of funds and net credit loss levels in the U.S.
  bankcard unit will taper off in coming years from 1986's
  relatively inflated levels.
      - Customer net revenue in the mortgage banking area will
  rise to 464.7 mln dlrs in 1987 from 374.3 mln in 1986.
      - The international consumer business will show 22 pct
  compound annual growth in earnings between 1986 and 1992.
      - Private banking earnings will hit 100 mln dlrs in 1987
  and top 200 mln dlrs in 1992.
  

"
training/9049	12	earn	"WD-40 CO <WDFC> 2ND QTR FEB 28 NET
  Shr 35 cts vs 40 cts
      Net 2,642,000 vs 3,017,000
      Sales 19.1 mln vs 18.9 mln
      Six Mths
      Shr 69 cts vs 70 cts
      Net 5,178,000 vs 5,299,000
      Sales 35.6 mln vs 33.8 mln
  

"
training/9051	48	trade	"BRAZIL COMPUTER MARKET TO REMAIN CLOSED-MINISTER
  Brazilian Science and Technology
  Minister Renato Archer said Brazil will keep its computer
  market closed to foreign goods in order to give its own infant
  industry time to develop.
      ""Every country establishes laws to protect its interests.
  The United States closed their borders at a certain stage to
  some foreign goods and therefore protected its industrial
  development. Now it is time for Brazil to do likewise,"" Archer
  said at the opening of a national software conference.
      After several meetings, Brazil and the U.S. Have made no
  major progress in their computer row, which they have been
  trying to resolve for the past 18 months.
      The Reagan administration has objected to Brazil protecting
  its computer industry from imports.
  

"
training/9053	12	earn	"NORTHERN INDIANA PUBLIC SVC <NI> AGAIN OMITS DIV
  Northern Indiana Public Service
  Company said it again omitted its quarterly common stock
  dividend which would have been payable in May.
      NIPSCO said it has not paid a qtly dividend since December
  1985 following an adverse decision by the Indiana Supreme Court
  denying amortization of about 191 mln dlrs NIPSCO invested in
  its Bailly N-1 project.
  

"
training/9056	12	earn	"BORMAN'S INC <BRF> DECLARES QTLY DIVIDEND
  Qtly div five cts vs five cts prior
      Pay June 15
      Record May 18
  

"
training/9059	0	acq	"KIRSCHNER <KMDC> COMPLETES PURCHASE
  Kirschner Medical corp said it
  completed the acquisition of Minnesota Mining and
  Manufacturing's <MMM> orthopedic metal implant line division.
      The acquisition price is 12.0 mln dlrs in cash, a six mln
  dlr three year note and 100,000 shares of Kirschner common
  stock.
      The division had sales of 11.3 mln dlrs in 1986.
  

"
training/9064	0	acq	"MARYLAND NATIONAL <MDNT> SEES NEW NAME
  Maryland National Corp, the parent of
  Maryland National Bank which earlier this month merged with
  American Security Bank, said its shareholders will vote on a
  new name for the regional bank holding company at its April 29
  annual meeting.
      It said MNC Financial Inc is the proposed new name for the
  parent company. The banks merged on March 16, and have combined
  assets of about 14 billion dlrs.
      Maryland said the new name only will be used for the parent
  and it does not plan to change the names of Maryland National
  Bank, American Security Bank or non-bank affiliates.
  

"
training/9065	10	crude	"VENEZUELA TO ANNOUCE PARTNER FOR COAL VENTURE
  Petroleos de Venezuela S.A will
  announce within two weeks the name of a foreign consortium it
  has chosen to help exploit the coal deposits at Guasare in
  western Zulia state, PDVSA president Juan Chacin Guzman said.
      Chacin told reporters the foreign partner will provide
  capital as well as technical and marketing expertise to the
  Carbozulia project, which the state oil company will manage.
      PDVSA officials said that among those who bid for the
  partnership is a consortium between Agip Carbone, a subsidiary
  of Italy's Ente Nazionale Idrocarburi (ENI), and Atlantic
  Richfield <ARC> of the United States.
      Minister of Energy and Mines Arturo Hernandez Grisanti said
  discussions are currently taking place to finalize the terms of
  the contract with the foreign partner.
      PDVSA vice-president Pablo Reimpell said last week the
  first shipment of coal from the Carbozulia project should be
  made during the final quarter of 1987, and would measure
  between 100-150,000 metric tons.
      Plans call for production to eventually reach 500,000 mt
  annually. Reimpell said the original investment in the project
  will be approximately 8 billion bolivars.
  

"
training/9066	12	earn	"GOTTSCHALKS INC <GOT> 4TH QTR NET
  Shr 37 cts vs 50 cts
      Net 2,776,000 vs 2,756,000
      Sales 46.9 mln vs 38.8 mln
      Avg shrs 7,508,000 vs 5,550,000
      Year
      Shr 58 cts vs 55 cts
      Net 4,021,000 vs 3,005,000
      Sales 125.9 mln vs 112.8 mln
      Avg shrs 7,090,000 vs 5,500,000
  

"
training/9067	0	acq	"BORG-WARNER SAYS IT DISCUSSED POSSIBLE TAKEOVER WITH IRWIN JACOBS

  BORG-WARNER SAYS IT DISCUSSED POSSIBLE TAKEOVER WITH IRWIN JACOBS
  

"
training/9068	0	acq	"CYCLOPS CORP SAYS CYACQ'S AMENDED OFFER RESTATES ORIGINAL CONDITIONS

  CYCLOPS CORP SAYS CYACQ'S AMENDED OFFER RESTATES ORIGINAL CONDITIONS
  

"
training/9069	45	sugar	"U.S. SUGAR QUOTA MAY BE EASED, CONGRESSMAN SAYS
  The United States may soon ease its
  1987 sugar import quota of one mln short tons by bringing
  forward to the third quarter some shipments scheduled for the
  fourth quarter of 1987, Jerry Huckaby, a leading Congressman
  representing sugar growers told Reuters in an interview.
      Huckaby, a Louisiana Democrat and chairman of the House
  subcommittee which deals with the sugar program, indicated the
  easing of the quota might be a way to calm the concern about
  the impact of the severe cut in U.S. sugar imports this year.
      ""With imports coming down from 1.8 mln (last year) to one
  mln, there is legitimate concern about the impacts on Caribbean
  countries and the Philippines,"" Huckaby said.
      By bringing forward to the third quarter some imports, the
  quota would effectively be eased by about 250,000 tons.
      Huckaby said by simply bringing forward to the third
  quarter of the year sugar imports scheduled for the September
  to December period ""we could get away without having to
  increase the quota.""
      He noted that some in the sugar industry believe an
  increase in the quota is justified.
      Earlier this month, representatives of U.S. cane sugar
  refiners met with U.S. Agriculture Department officials to
  request a quota increase of at least 200,000 tons. The refiners
  said the increase is needed because the quota is so restrictive
  there could be some spot shortages of sugar in the U.S later
  this year, a refiner spokesman said.
      However, the official slaid the USDA replied only that it
  would consider the request.
      Following the refiners' request, representatives of the
  Florida sugarcane producers met with USDA to express opposition
  to any quota expansion, industry sources said.
      The statement by Huckaby, who as a representative from a
  sugar growing district in Louisiana is a leading architect of
  the current sugar program, indicates at least some grower
  officials are concerned enough to support an easing of the
  import quota, industry officials said.
      Any final decision on easing the quota must be made by the
  Reagan administration's interagency sugar policy group.
      Asked about possible quota changes, A USDA official said
  ""As far as I know, changing the quota volume or the quota year
  is not under active consideration.""
  

"
training/9072	12	earn	"CALIFORNIA MICROWAVE <CMIC> TAKES 3RD QTR CHARGE
  California Microwave Inc said
  it will take non-recurring charges of 9.7 mln dlrs to pre-tax
  earnings in the third quarter ended March 31.
      The company said earnings from operations in the second
  half, ending June 30, 1987, excluding the charges, are expected
  to be in the break-even range.
      In the second half of 1986 net earnings were 2,297,000
  dlrs, or 29 cts per share.
      The company said the charges relate to its
  telecommunications products area and three other areas.
      California Microwave previously estimated the write-downs
  in the six to eight-mln-dlr range. It said it will add to that
  a reserve for investment losses in Argo Communications Corp.
      Also to be included in the write-down are charges against
  its advances to an Arizona-based communications electronics
  firm the company has an option to acquire, it said.
      In addition, accruals are being made for costs associated
  with the company's reduction in its Sunnyvale work force.
      California Microwave said the write-downs should have a
  nominal cash impact, as the company already has paid for the
  assets being written down.
  

"
training/9073	12	earn	"CRS SIRRINE PLANS MAJOR RESTRUCTURING, WRITE OFF OF UP 43 MLN DLRS

  CRS SIRRINE PLANS MAJOR RESTRUCTURING, WRITE OFF OF UP 43 MLN DLRS
  

"
training/9074	12	earn	"H.F. AHMANSON AND CO <AHM> QTLY DIVIDEND
  Shr 22 cts vs 22 cts prior qtr
      Pay June one
      Record May 12
  

"
training/9075	0	acq	"BORG-WARNER <BOR> TELLS OF TALKS WITH JACOBS
  Borg-Warner Corp said it has had
  discussions with Irwin Jacobs on his interest in the
  possibility of Minstar Inc <MNST>, a Jacobs controlled company,
  being given access to certain non-public information about
  Borg-Warner.
      In late February, an investor group headed by Jacobs
  offered 44 dlrs a share, or 3.29 billion dlrs, to take over
  Borg-Warner.
      Borg-Warner said it advised Jacobs that before its board
  would give Minstar access to company records Minstar would have
  to provide satisfactory evidence that sufficient financing was
  committed to carry out whatever transaction was proposed.
      A Borg-Warner spokesperson said the discussions with Jacobs
  and other Minstar officials focused on terms and conditions
  under which the company would consider granting Minstar access
  to the information it was seeking.
      The Borg-Warner spokesperson said the company has not been
  able to reach an agreement with Minstar, and Borg-Warner has
  not granted Minstar access to any records.
      There can be no assurance that there will be further
  discussions with Jacobs or that any agreement will be reached,
  the company added.
  

"
training/9076	48	trade	"CANADA VOWS TO FIGHT U.S. POTASH ACTION
  External Affairs Minister Joe Clark
  today vowed to do everything possible to fight the U.S. action
  against Canadian potash exports, but also warned against
  raising the alarm too early in the dispute.
      In the latest flashpoint in Canadian-U.S. trade relations,
  the U.S. International Trade Commission ruled unanimously
  Monday that Canadian potash shipments valued at 270 million
  U.S. dlrs last year were injuring the U.S. industry.
      ""We certainly intend to do everything we can to insure that
  Canadian interests are well protected,"" Clark told the House of
  Commons in the daily question period.
      But he said the opposition parties should be careful ""not
  to raise false alarms too early.""
      The case now goes before the U.S. Commerce Department's
  trade division to determine if a duty should be imposed. Potash
  producers from New Mexico, claiming unfair government
  subsidies, are seeking a 43 pct tariff on Canada's shipments.
      Canada, the world's largest potash producer, exported 9.8
  mln metric tonnes of potash last year, with nearly a third
  going to the U.S.
      Most of the potash, used in the production of fertilizer,
  comes from provincially owned mines in Saskatchewan.
      In the Commons, Liberal member Lloyd Axworthy branded the
  ruling as just another ""trade harrassment"" from the U.S. and
  criticized Clark's assurances the country's interests would be
  protected.
      ""We received exactly the same kind of assurances in the
  softwood lumber case that was totally fumbled and bumbled,""
  Axworthy said.
      Canada's Progressive Conservative government agreed to
  impose a 15 pct duty on its softwood lumber exports earlier
  this year to end a long and bitter bilateral trade dispute with
  the U.S.
      Axworthy urged the government to present Canada's case to
  world trade authorities under the General Agreement on Tariffs 
  and Trade.
      But Clark maintained the potash dispute was another example
  of why Canada needs to find a new way to settle bilateral
  irritants in the free trade negotiations under way with the
  U.S.
      ""What we are seeking to do is put in place a better
  system,"" Clark said.
      Meanwhile, Saskatchewan Trade Minister Bob Andrew expressed
  confidence Canada would win its case, claiming the problem
  stems from low international commodity prices and not
  government subsidies.
      ""The reality of the problem and the injury is caused
  worldwide,"" he said. ""It's caused by a downturn in the
  commodity price for fertilizer, whether it's potash fertilizer,
  nitrogen fertilizer or whatever.""
  

"
training/908	47	tin	"ZAIRE ACCEPTS TIN-EXPORT QUOTA, ATPC SAYS
  Zaire agreed to limit its tin
  exports to 1,736 tonnes for 12 months from March 1 in line with
  an Association of Tin Producing Countries (ATPC) plan to curb
  exports, the ATPC said.
      ATPC Executive Director Victor Siaahan told Reuters he
  received a telex from Zaire indicating its willingess to take
  part in the plan to limit total ATPC exports to 96,000 tonnes
  for a year from March 1.
      Siaahan said Zaire is expected to produce 1,900 tonnes of
  tin in calendar 1987, and that in 1986 its output and exports
  were about 1,200 tonnes.
      The ATPC hopes to cut the 70,000-tonne world surplus by
  20,000 tonnes and boost prices.
      All ATPC members except Zaire and Australia recently agreed
  to adhere to the export quotas allocated them under the plan.
  Australia said its quota of 7,000 tonnes was roughly equal to
  its expected output this year.
      The ATPC consists of Malaysia, Indonesia, Thailand,
  Bolivia, Australia, Nigeria and Zaire.
      China and Bolivia, important producers of tin, are not
  members.
  

"
training/9081	0	acq	"RB INDUSTRIES <RBI> COMPLETES STORE SALES
  RB Industries Inc said it completed
  the sale of its W and J SLoane Division to Laurence Crink Jr
  and a group of investors.
      The definitive agreement provides for a closing on April 1,
  1987. The division consists of four W and J Sloane furniture
  store in Los Angeles and Orange counties.
      RB Industries also said it recently secured a five-year
  8.573 pct secured 9.9-mln-dlr loan on its Irvine property from
  a major institution. Proceeds will be used to retire existing
  bank debt, for working capital and to retire a portion of its
  outstanding 12 pct debentures.
  

"
training/9087	0	acq	"GENCORP <GY> TAKEOVER GROUP CANCELS HEARING
  The investor group seeking to acquire
  GenCorp Inc said it agreed to cancel a court hearing after
  GenCorp withdrew three proposals that, if approved, would have
  made it more costly and difficult to acquire the Akron,
  Ohio-based company.
      Earlier today GenCorp said it will not ask shareholders to
  approve an increase in the number of its outstanding shares,
  the election of a staggered board of directors and the
  elimination of cumulative voting.
      However, the group said it will continue to try to block
  GenCorp's poison-pill provision.
      The group, a partnership of AFG Industries Inc <AFG> and
  <Wagner and Brown>, was to go to court on March 27 to block
  GenCorp for having the three proposals voted on by shareholders
  at its annual meeting.
      GenCorp said it withdrew the proposals so that it could
  focus its attention on the takeover offer.
      The takeover partnership said it has asked to meet with
  GenCorp to negotiate a repeal of the company's poison pill
  plan.
  

"
training/9088	0	acq	"GENCORP <GY> FIXES RIGHTS SEPARATION DATE
  Gencorp Inc said that because it is
  continuing to evaluate General Acquisition Inc's tender offer
  it has fixed April 3, subject to further extension, as the date
  the rights to purchase preferred shares will trade separately
  from the common stock as a result of the tender offer.
      This extension of the expiration date is conditioned on no
  person acquiring beneficial ownership of 20 pct or more of
  Gencorp's common stock prior to April 3, it said.
      Gencorp said it could distribute the rights certificates to
  shareholders 10 to 30 days after the March 18 acquisition offer
  was made.
      However, rather than leaving the expiration date in a
  range, the board decided to set April 3 as the day it will
  distribute the preferred share purchase rights.
  

"
training/9090	0	acq	"AMERICAN INTERNATIONAL <AIG> SELLS AFRICAN UNIT
  American International Group Inc said
  it sold its South African subsidiary, American International
  Insurance Co Ltd, to Johannesburg Insurance Holdings Ltd, a
  holding company owned by a consortium of shareholders led by
  Rand Merchant Bank.
      Terms were not disclosed and company officials were
  unavailable for comment.
      With the conclusion of the sale, American International has
  entirely divested itself of its holdings in South Africa.
  

"
training/9091	12	earn	"OXFORD INDUSTRIES INC <OXM> 3RD QTR FEB 27
  Shr 25 cts vs 21 cts
      Net 2.8 mln vs 2.3 mln
      Revs 135.0 mln vs 119.0 mln
      Nine months
      Shr 80 cts vs 70 cts
      Net 8.9 mln vs 7.7 mln
      Revs 407.7 mln vs 403.7 mln
  

"
training/9097	12	earn	"<DIGIGRAPHIC SYSTEMS CORP> 4TH QTR OPER LOSS
  Oper shr loss one ct vs loss seven cts
      Oper net loss 80,640 vs loss 787,738
      Revs 933,183 vs 3,346,627
      Avg shrs 6,122,378 vs 8,451,578
      Year
      Oper shr loss 75 cts vs loss 1.10 dlrs
      Oper net loss 5,120,206 vs loss 9,288,996
      Revs 5,846,962 vs 18,679,090
      Avg shrs 6,805,951 vs 8,387,802
      NOTE: Earnings exclude losses from discontinued operations
  of 178,437 dlrs, or three cts a share vs 154,767 dlrs, or two
  cts a share in the quarter and losses of 706,984 dlrs, or 10
  cts a share vs 572,100 dlrs, or seven cts a share for the year
      1986 year earnings exclude gain from early extinguishment
  of debt of 11,318,289 dlrs, or 1.66 dlrs a share
  

"
training/9098	0	acq	"BAYOU <BYOU> IN DEFINITIE MERGER AGREEMENT
  Bayou Resources Inc said it reached an
  definite agreement to be acquired by Patrick Petroleum Co
  through a stock and cash transaction valued at six dlrs per
  Bayou share.
      Bayou also reported net loss of three cts or 23,024 dlrs
  for the fourth quarter compared with a net income of 10,128
  dlrs or one cts a year. Revenues fell to 532,807 dlrs from
  769,465 dlrs a year ago.
      For the year, Bayou reported a net loss of 14 cts or
  116,793 dlrs compared to a net income of 23 cts or 203,372
  dlrs. Revenues fell to 2.4 mln dlrs from 3.3 mln dlrs.
  

"
training/9100	34	nat-gas	"TRANSCONTINENTAL <TGP> FILES NEW OFFER
  Transcontinental Gas Pipe Line Corp
  said that it is not willing to accept the Federal Energy
  Regulatory Commission's conditioned approval of its proposed
  offer of settlement dated May 13.
      Transco said it filed a revised settlement proposal which
  would permit it to become an open access transporter while
  restructuring gas sales services.
      The new offer includes a gas supply inventory charge to
  customers who fail to buy 60 pct of their annual contract
  quantities and 35 pct of their summer contract quantities.
  

"
training/9101	12	earn	"COMPUTER IDENTICS CORP <CIDN> 4TH QTR
  Shr loss 44 cts vs loss 20 cts
      Net loss 2.4 mln vs loss 880,000
      Revs 2.4 mln vs 2.6 mln
      Year
      Shr loss 87 cts vs loss 11 cts
      Net loss 4.3 mln vs loss 494,000
      Revs 9.0 mln vs 12.0 mln
      NOTE:1986 includes restructuring charges of 2.1 mln dlrs
  and loss of foreign affiliates of 2.0 mln dlrs. 1985 includes
  loss from foreign affiliates of 173,000 dlrs.
  

"
training/9102	0	acq	"FLEET TO ACQUIRE ASSETS OF MARK IV <IV> UNIT
  <Fleet Aerospace Corp>
  said it agreed in principle to acquire the assets and
  operations of the Engineered Magnetics division of Gulton
  Industries Inc, a unit of Mark IV Industries Inc.
      Terms were undisclosed.
      Los Angeles-based Engineered Magnetics designs and produces
  custom power conversion systems mainly for use in the defense
  and aerospace industries. Its revenues for the year ended
  February 28 totaled about 20 mln Canadian dlrs.
  

"
training/9103	12	earn	"MIKRON INSTRUMENT CO <MIKR> 1ST QTR JAN 31
  Shr three cts vs four cts
      Net 30,969 vs 18,230
      Revs 956,971 vs 702,994
  

"
training/9104	16	gold	"GOLDEN NORTH HAS ENCOURAGING DRILL RESULTS
  Golden North
  Resource Corp said said surface and underground drilling on the
  Canty project and Mascot fraction at its Nickel Plate Mountain
  property in British Columbia returned encouraging gold assays.
      It said one Canty hole encountered several mineralized
  intervals including 11 feet grading 0.342 ounce gold a short
  ton from 86 to 97 feet and 17 feet grading 0.756 ounce gold ton
  from 170.5 feet to 187.5 feet.
      A Mascot fraction hole returned assays including 0.190
  ounce gold ton over seven feet between 57 and 64 feet, it said.
  

"
training/9107	33	money-supply	"AUSTN FEB ANNUAL M3 MONEY SUPPLY RISES 11.2 PCT
  The annual growth of Australia's m3
  money supply rose by 11.2 pct in the year ended February
  compared with January's 10.7 pct, the Reserve Bank said.
      This was down from 14.0 pct in February last year.
      In February m3 rose by 0.6 pct compared with 0.8 in January
  and a February 1986 rise of 0.1 pct.
   More
  

"
training/9108	0	acq	"PS GROUP <PSG>, USAIR <U> MOVE UP DEADLINE
  PS Group Inc said it and
  USAir Group agreed to move up the completion date of USAir's
  acquisition of Pacific Southwest Airlines to April 30 from
  September 30 originally.
      If the acquisition does not take place by April 30, either
  party may terminate the agreement, the company said.
      The deadline has been moved up because the Department of
  Transportation and PS Group shareholders have already approved
  the transaction, the company said.
      A Teamsters Union agreement to certain labor contract
  conditions remains to be resolved under the pact.
  

"
training/9110	0	acq	"MERGERS, PUBLIC OFFERS SEEN AMONG CAR DEALERS
  Automobile dealerships have become
  large, multi-store operations, and the largest sell more than 1
  billion dlrs a year worth of vehicles a year.
      Around the auto industry there is talk of mergers and
  buyouts among dealerships, and there are rumors that the
  largest are considering offering shares to the public, analysts
  say.
      Retail car sales ""are at a point of transition. There's not
  much that's off the table in terms of creative thinking"" about
  ways to sell cars, says David Cole, analyst with the University
  of Michigan's Transportation Research Institute.
      The retail car market is ""much more freeform now"" than it
  was in 1956, the year things began to change, says Detroit
  analyst Arvid Jauppi of Arvid Jauppi and Associates.
      Thirty years ago, in 1956, the situation was different.
  Dealerships sold one kind of car--a ""Chevy"" or a Ford or a
  Studebaker. The average dealer had 17 employees and sold
  738,000 dlrs worth of vehicles, according to the National
  Automobile Dealers Association.
      That year a tiny car from overseas--Germany's Volkswagen
  Beatle--began to gain popularity. The ""Bug"" caused ""a
  rebellion"" among dealers, who demanded greater freedom from
  restrictions placed on them by the major American automakers,
  says Jauppi.
      One of the most visible changes in retail car sales has
  been in the size of dealerships, auto analysts say. Last year,
  the average dealership had 11.2 mln dlrs in sales--a 15-fold
  increase from 1956--and employed 34 workers.
      ""I had one of these guys tell me he makes six, seven mln
  dlrs a year and didn't know what to do with all his money,""
  says Cole.
      ""There's a whole lot more rich guys who sell cars than that
  make cars,"" he says.
      With the increase in size, large dealers have been buying
  up other dealerships, and auto analysts see few signs the trend
  will let up.
      Donald Keithley, vice president, dealer services, for J.D.
  Power, a California-based market research firm, says that, by
  1990, 12,000 people will own dealerships compared to 16,800
  principal owners today.
      Many dealers are experimenting with owning several
  franchises, some of which might compete against each other. ""It
  used to be a Chevrolet dealer was a Chevrolet dealer. Now a
  Chevrolet dealer might handle several lines,"" Jauppi says.
      As dealers get bigger, industry officials are talking about
  the possibility that some of them might become publicly-owned
  or open international operations.
      Offering shares to the public is an option large dealers,
  ""are obviously thinking of very seriously,"" says Cole.
      Although some say the franchise system might get in the way
  of a public offering, Jauppi says there are few obstacles to
  trading in car dealer shares.
      ""Dealers are large enough now to go public. The only thing
  the manufacturer cares about is that the dealer sells those
  cars. It could happen any time,"" Jauppi says.
      ""If you look at the whole merger mania, and look at the
  scale some of these dealers, it's going to be very hard to
  resist taking them public,"" said another analyst.
      And Jauppi says that dealerships can be expected to become
  international.
      ""We're going to have international dealers--dealer networks
  that are worldwide,"" he says. U.S. dealers will be attracted
  particularly to Europe, where the market will expand faster
  than the U.S., he says.
      ""It's not totally off the wall,"" says Cole.
  

"
training/9111	12	earn	"COMPREHENSIVE CARE CORP <CMPH> 3RD QTR NET
  Qtr ended Feb 28
      Shr 17 cts vs 22 cts
      Net 2,041,000 vs 3,329,000
      Revs 46.6 mln vs 48.9 mln
      Nine mths
      Shr 65 cts vs 82 cts
      Net 9,290,000 vs 12.7 mln
      Revs 142.7 mln vs 139.8 mln
  

"
training/9113	12	earn	"VESTAR INC <VSTR> YEAR LOSS
  Shr loss 98 cts vs loss 1.11 dlrs
      Net loss 3,863,000 vs loss 3,483,000
      Revs 1,081,000 vs 799,000
      Note: 4th qtr data not given.
  

"
training/9115	12	earn	"<STERLING BANCORP> YEAR NET
  Shr 1.13 dlrs vs 87 cts
      Net 1,064,489 ca 780,712
      Assets 106.8 mln vs 102.5 mln
      Note: 4th qtr data not given.
  

"
training/9116	12	earn	"FIRST NEW HAMPSHIRE BANKS INC DIV
  Qtly div 15 cts vs 15 cts prior
      Payable May one
      Record April 10
  

"
training/9117	12	earn	"HOUSE OF FABRICS <HF> QUARTERLY DIVIDEND
  Qtly div 12 cts vs 12 cts
      Pay July 1
      Record June 12
  

"
training/9124	45	sugar	"JAPAN'S 1986/87 SUGAR CANE OUTPUT SEEN FALLING
  An Agriculture Ministry survey has
  estimated the nation's 1986/87 crop sugar cane output at 2.14
  mln tonnes, down from 2.62 mln a year earlier.
      Ministry officials said the decline was due to bad weather
  and a reduction in the land under sugar cane this season, which
  totals 34,800 hectares, down from 35,700 in 1985/86, they said.
      Harvesting stretches from December 1986 to April 1987
      Japan's final output will be announced at the beginning of
  June, they said.
  

"
training/9127	12	earn	"WEEKS PETROLEUM LTD <WPMA.MEL> CALENDAR 1986
  Shr 16.7 cents vs 29.4
      Final div nil vs same making nil vs same
      Pre-tax profit 21.31 mln dlrs vs 26.42 mln
      Net 10.84 mln vs 19.15 mln
      Turnover 17.17 mln vs 25.94 mln
      Other income 101.99 mln vs 125.18 mln
      Shrs 65.13 mln vs same.
      NOTE - Net is after tax 10.47 mln vs 7.27 mln, interest
  2.58 mln vs 9.55 mln, depreciation 5.06 mln vs 7.61 mln and
  minorities nil vs same. Other income: 72.39 mln from sale of
  investments (103.04 mln 1985), interest 25.75 mln (21.49 mln),
  and dividends 1.64 mln (nil). Co is 93.7 pct owned by <Bell
  Resources Ltd>.
      Note - All figures in U.S. Dollars as the company is
  registered in Bermuda.
  

"
training/9131	32	money-fx	"Current exchange rates almost within levels agreed by major nations - Sumita

  Current exchange rates almost within levels agreed by major nations - Sumita
  

"
training/9132	32	money-fx	"Sumita says major nations cooperated to stabilise currencies.

  Sumita says major nations cooperated to stabilise currencies.
  

"
training/9133	40	reserves	"THAILAND'S FOREIGN RESERVES FALL IN FEBRUARY
  Thailand's foreign reserves of gold,
  special drawing rights and convertible currencies fell to 3.86
  billion dlrs at end-February from 3.95 billion the previous
  month, but were above the 3.08 billion held at the same time
  last year, the Bank of Thailand said.
      It said the reserves were equal to about five months' worth
  of imports.
  

"
training/9134	32	money-fx	"EXCHANGE RATES ALMOST WITHIN G-6 LEVELS - SUMITA
  Bank of Japan governor Satoshi Sumita
  said that current exchange rates are almost within the levels
  agreed to by six major nations last month in Paris.
      Asked whether a dollar/yen rate of 148 or 149 reflected
  economic fundamentals, he said current rates almost reflect
  fundamentals.
      Sumita told reporters major nations have cooperated to
  bring about currency stability in line with the Paris
  agreement, which stipulated that they would closely cooperate
  to that end. He repeated the central bank will intervene if
  necessary, adding he did not think a dollar free-fall was
  likely.
      But Sumita said he could not say exactly what currency
  levels would be considered in line with underlying economic
  fundamentals.
      In Paris on February 22, Britain, Canada, France, Japan,
  the U.S. And West Germany agreed to cooperate to hold
  currencies around their then current levels.
      Sumita said he could not find any specific reasons behind
  the fall of the dollar to a record low against the yen
  yesterday. But he said the market rushed to sell dollars as it
  nervously reacted to statements abroad and to developments
  surrounding trade tensions.
      U.S. Treasury Secretary James Baker said over the weekend
  that the Paris pact did not encompass fixed tragets for the
  dollar. U.S. Trade Representative Clayton Yeutter called
  U.S/Japan relations on certain key trade issues very strained.
      The market reacted nervously because the dollar has been
  moving narrowly against the yen since mid-January, Sumita said.
  He added he does not expect the yen/dollar exchange rate to
  remain unstable because the market is concerned about a sharp
  rise of the yen.
      The Bank of Japan will keep a close watch on exchange rates
  in line with the Paris accord, he added.
  

"
training/9135	48	trade	"N.Z. TRADE SURPLUS 119.1 MLN DLRS IN FEBRUARY
  Preliminary trade figures for
  February show an excess of exports over imports of 119.1 mln
  N.Z. Dlrs, a Statistics Department statement said.
      This compares with a 3.3 mln dlr deficit (revised from 1.7
  mln) in January and a 36.1 mln dlr deficit in February 1986.
      Exports rose to 998.4 mln dlrs, from 889.2 mln (revised
  from 889.5) in January and 903.2 in February 1986. Imports
  dropped to an estimated 879.4 mln dlrs from 892.5 (revised from
  891.2) in January and 939.3 in February 1986. The deficit for
  the eight months to the end of February was 15.3 mln dlrs, as
  against 1.057 billion dlrs in the same period a year ago.
  

"
training/9137	22	interest	"Sumita says Bank of Japan has no intention of lowering its discount rate

  Sumita says Bank of Japan has no intention of lowering its discount rate
  

"
training/9139	12	earn	"JARDINE MATHESON PROFITS SEEN UP SHARPLY IN 1986
  A strong performance by its retail
  businesses and affiliates will enable Jardine Matheson Holdings
  Ltd <JARD.HKG> to report on Friday a big leap in net profit in
  1986, stock analysts said.
      They told Reuters they expect the firm to show earnings of
  between 420 mln and 450 mln H.K. Dlrs last year against 157 mln
  in 1985.
      The analysts also said they expect Jardine Matheson to pay
  a total dividend of 15 to 20 cents a share against 10 cents a
  share in 1985.
      James Capel (Far East) Ltd estimates Jardine Matheson's
  1986 profits at 450 mln dlrs and attributes most of the income
  to retail sales.
      Analysts said the group's 7-Eleven retail stores and its
  franchises, among them Canon cameras, Christian Dior luxury
  goods and Mercedes Benz cars, produced a strong cash flow.
      Alan Hargreaves of Hoare Govett Asia Ltd also put Jardine
  Matheson's 1986 net profits at 450 mln dlrs and said he
  estimates pre-tax earnings from retail operations at about 465
  mln dlrs against 339 mln in 1985.
      But Hargreaves said Jardine Matheson's earnings from its 35
  pct stake in Hong Kong Land Co Ltd <HKLD.HKG> will fall to
  about 230 mln dlrs from 281 mln dlrs in 1985.
      The reduced contribution reflects the spin-off from Hong
  Kong Land of <Dairy Farm International Ltd> last September.
      Jardine gained a direct holding of 35 pct of Dairy Farm as
  a result of the spin-off. Analysts said Jardine will book
  revenues from its Dairy Farm stake for the final months of the
  year as part of its retail business, which will increase its
  overall retail income figures.
      Analysts said Jardine Matheson will also enjoy sharply
  increased revenues from financial services, mainly its 50 pct
  share of <Jardine Fleming Holdings Ltd>.
      Jardine Fleming yesterday reported record profits for 1986
  of 209.5 mln dlrs against 104.7 mln in 1985.
      Analysts said Jardine Matheson made net interest payments
  of about 200 mln dlrs last year, slightly below the 213 mln
  dlrs of 1985, while the company's term debt remained at about
  the 1985 level of 2.7 billion dlrs.
      But Jardine was also subject to increased taxes of 340 mln
  dlrs last year against 292 mln in 1985, they said.
      Jardine Matheson is undergoing a series of reorganisations
  that will in effect turn it into a holding company for its
  diverse interests.
      It previously announced a plan to sell its stakes in both
  Hong Kong Land and Dairy Farm to newly created <Jardine
  Strategic Holdings Ltd> in which it has a 41 pct interest.
      A company statement issued last month said the firm will
  use the proceeds to repay all debt, leaving it with an
  additional 500 mln dlrs in cash on hand.
      Though Jardine Matheson will be deprived of a direct stake
  in the high-yield Hong Kong Land and Dairy Farm units, it is
  likely to develop its own business, analysts said.
      ""The future of the stock will depend on the firm's ability
  to creatively structure some new acquisitions,"" said Hargreaves
  of Hoare Govett.
      He noted the firm has suggested financial services as a key
  sector, and he said it may add some insurance firms to its
  existing business.
  

"
training/9142	12	earn	"CHINA'S FIRST JOINT VENTURE BANK REPORTS PROFIT
  China's first joint venture bank, Xiamen
  International Bank (XIB), reported a group net profit of about
  14 mln Hong Kong dlrs in 1986, the bank's first full year of
  operation.
      General manager Liu Shuxun declined to give a 1987 profit
  forecast, saying targets were under study.
      Assistant general manager Wang Hongshan said the group's
  outstanding loans at end-1986 totalled 620 mln Hong Kong dlrs,
  up from 530 mln at end-1985. Deposits and interbank borrowings
  rose to 680 mln dlrs from 550 mln, he told Reuters.
      Liu said most of the group's profit came from the parent
  company rather than its two wholly-owned subsidiaries <Xiamen
  International Finance Co Ltd> in Hong Kong and <Luso
  International Bank Ltd> in Macao.
      The joint venture bank began operating in September 1985
  but did not officially open until March 1986.
      Liu said the share in the joint venture of the foreign
  partner, Hong Kong-listed <Panin Holdings Ltd>, had been cut
  last year to 49 pct from 60 pct. This was done because foreign
  banks felt the XIB's reputation would be improved if the three
  Chinese partners collectively held a majority stake, he said.
      Liu said news reports about problems concerning Panin were
  unfounded, but he did not elaborate. Panin Holdings reported a
  loss of 1.99 mln Hong Kong dlrs in 1986 after a net profit of
  268,000 dlrs in 1985.
      The Chinese partners are Industrial and Commercial Bank of
  China, Fujian branch, whose share rose to 23.5 pct from 15,
  Fujian Investment and Enterprise Corporation 17.5 pct (15) and
  Xiamen Construction and Development Corporation 10 pct (10).
      One foreign banker said Xiamen International Bank faced the
  same problems as foreign bank branches in trying to compete on
  unequal terms with state-owned banks.
      The foreign banking market in Xiamen is thin and almost
  saturated, he added.
      Officials of the joint venture bank said they benefitted
  from contacts made through its three Chinese partners. But the
  foreign banker, who asked not to be named, said it faced
  internal competition from the Industrial and Commercial Bank.
      Apart from Xiamen International Bank and the International
  Agricultural Development Bank planned by the World Bank and the
  state-owned Agricultural Bank of China, Xiamen has eight
  foreign bank branches or representative offices, mostly of Hong
  Kong or overseas Chinese banks.
  

"
training/9146	24	iron-steel	"TWO JAPANESE STEELMAKERS TO CUT CAPITAL SPENDING
  Nippon Steel Corp <NSTC.TOK> said it will
  cut its capital spending by 36.4 pct to 105 billion yen in the
  year starting April 1 from a year earlier due to the
  postponement of furnace improvements.
      <Nisshin Steel Co Ltd> said it will spend 10.7 billion yen
  in 1987/88 for rationalisation and facility improvements, down
  from 32.1 billion a year earlier, after completion of large
  construction projects in 1986/87.
      But capital spending by Nippon Kokan K.K. <NKKT.TOK> to
  improve and increase its production facilities will rise to
  94.90 billion yen from 64 billion, the company said.
  

"
training/9147	0	acq	"NISSAN AFFILIATE TO ACQUIRE U.S. AUTOPARTS MAKER
  <Kokusan Kinzoku Kogyo Co Ltd> (KKK), a
  Japanese autoparts maker owned 25 pct by Nissan Motor Co Ltd
  <NSAN.T>, has exchanged a memorandum to acquire over 50 pct of
  U.S. Autoparts firm <Master-Cast Co> to avoid losses on U.S.
  Sales caused by the yen's rise against the dollar, a KKK
  spokesman said.
      The final agreement should be signed this year when KKK
  forms the new company <Alfa K Technology>, he said.
      The new firm should supply all the U.S. Major car makers,
  including Ford Motor Co <F>, General Motor Corp <GM> and
  Chrysler Corp <C>, he said.
  

"
training/915	32	money-fx	"SAUDI RIYAL DEPOSIT RATES EASE
  Saudi riyal interbank deposit rates
  eased across the board in a dull market which was long in
  day-to-day funds, dealers said.
      Today's quiet market continued a lull of several days in
  which traders were said to be waiting on the sidelines ahead of
  further clues to the direction of oil prices and the Saudi
  economy.
      Dealers cited some borrowing interest in two, three, and
  six-month deposits but said activity focused on short dates and
  one-month deposits as banks tried to lend surplus funds.
      Spot-next was put at 5-3/4, 5-1/4 pct, down from six, 5-1/2
  yesterday while one-week rates were steady at six, 5-1/2 pct.
      One-month deposits declined to 6-1/4, 1/8 pct from 6-1/2,
  1/4 on Monday, while three months was barely changed at seven,
  6-15/16 pct.
      The spot riyal was little changed at 3.7501/03 to the
  dollar after quotes of 3.7498/7501 yesterday.
  

"
training/9152	0	acq	" BRUSSELS - Ferruzzi says it will pay 630 mln dlrs to CPC International for European mills.

   BRUSSELS - Ferruzzi says it will pay 630 mln dlrs to CPC International for European mills.
  

"
training/9155	10	crude	"MADAGASCAR EXTENDS AMOCO OIL EXPLORATION AGREEMENT
  Madagascar extended its oil
  exploration agreement with the U.S. Firm Amoco Corp <AN> for 17
  months to allow for further studies of the Morondava basin on
  the southwest coast, a government statement said.
      It said the existing five-year agreement, due to expire
  this July 24, was extended until the end of 1988 to allow for
  additional geological and geophysical studies.
      Amoco has so far laid 7,100 km of seismic lines and sunk
  five exploration wells in the Morondava basin. It may drill a
  further three wells before the end of the extended exploration
  period, the statement said.
      Madagascar has signed oil exploration agreements with four
  foreign oil companies since 1981. But despite promising
  indications of large reserves, no commercial production plans
  have yet been announced.
      The foreign firms - Amoco, Occidental Petroleum Corp <OXY>,
  Mobil Corp <MOB> and a unit of <Ente Nazionale Idrocarburi> -
  are working in partnership with the National Military Office
  for Strategic Industries (OMNIS).
      Roland Ratsimandresy, the director general of OMNIS, said
  at a ceremenony to sign the extension of the Amoco agreement
  that his department would intensify oil exploration with its
  existing partners and would soon offer a new round of
  exploration licences.
  

"
training/9156	0	acq	"FERRUZZI DEAL WITH CPC WORTH 630 MLN DLRS
  The Ferruzzi Group's holding company
  Agricola Finanziara SpA will pay 630 mln dlrs for the European
  corn wet milling business of CPC International Inc under the
  agreement reached in principle between the two companies, a
  statement by Ferruzzi released by its Brussels office said.
      When CPC announced the agreement yesterday in New York, it
  said only that the price would be in excess of 600 mln dlrs.
      Ferruzzi said the deal is subject to agreement on several
  clauses of the contract and needs government authorisations.
      It said the deal would involve 13 starch factories
  employing about 5,000 people in eight European Community
  countries plus facilities and commercial operations in other EC
  states.
      The factories have a capacity to produce the equivalent of
  1.6 mln tonnes of starch in starch and by-products a year, or
  about one third of EC production, from about 2.7 mln tonnes of
  cereals.
      Ferruzzi said the acquisition of these assets would extend
  its presence in the European agro-industrial industry both
  geographically and in terms of products.
      It said it is already the principal EC producer of sugar
  and of soya oil and cake, and the major cereal trader.
      It noted that EC output of isoglucose is subject to maximum
  quotas, of which CPC currently holds a 25 pct share, and said
  it foresaw an increase in other industrial uses of starch in
  the future, notably in the production of ethanol for fuel.
      Raul Gardini, president of the Ferruzzi Group, said the
  present management of the CPC milling business will be asked to
  remain in their posts.
  

"
training/9158	12	earn	"SWIRE PACIFIC LTD <SWPC.HKG> YEAR 1986
  Shr ""A"" 138.9 H.K. Cents vs 97.4 (adjusted)
      Shr ""B"" 27.8 cents vs 19.5
      Final div ""A"" 44 cents vs 32.3, making 62 vs 47 (adjusted)
      Final div ""B"" 8.8 cents vs 6.5, making 12.4 vs 9.4
      Net 1.78 billion dlrs vs 1.23 billion
      Turnover 16.6 billion vs 13.7 billion
      Note - Net profits excluded extraordinary gains of 1.38
  billion dlrs vs 59.1 mln. The non-recurrent earnings mainly
  derived from the firm's sale of a 15.75 pct stake in Cathay
  Pacific Airways Ltd <CAPH.HKG> in April.
      Note - Earnings per share and dividends have been adjusted
  for the firm's two-for-one bonus issue made in April.
      Note - Bonus issue one-for-five for both ""A"" and ""B"" shares
  against two-for-one.
      Note - Dividends payable June 2, books close April 16 to
  24.
      Note - Net asset value per ""A"" share 6.94 dlrs vs 4.81 and
  per ""B"" share 1.39 dlrs vs 0.96.
  

"
training/9159	12	earn	"BAT Industries 1986 pretax profit 1.39 billion stg vs 1.17 billion

  BAT Industries 1986 pretax profit 1.39 billion stg vs 1.17 billion
  

"
training/9160	12	earn	"BAT INDUSTRIES PLC <BTI.L> 1986 YEAR
  Shr 53.51p vs 45.72p
      Div 8.8p vs 7.35p making 14.3p vs 12.1p
      Turnover 19.17 billion stg vs 17.05 billion
      Operating profit 1.48 billion vs 1.29 billion
      Pretax profit 1.39 billion vs 1.17 billion
      Tax 524 mln vs 430 mln
      NOTE - The company said shareholders would be given the
  option of receiving dividend in cash, ordinary shares or
  combination of the two.
      Operating profit includes -
      Commercial activities 1.08 billion vs 988 mln
      Financial services 263 mln vs 135 mln
      Share of associated companies 139 mln vs 163 mln
      Investment income 150 mln vs 166 mln
      Interest paid 238 mln vs 286 mln
      Minorities 76 mln vs 63 mln
      Extraordinary credit 75 mln vs 34 mln debit
      Transfer to revaluation reserve 85 mln vs 106 mln
      Profit attributable 793 mln vs 673 mln
      Required inflation retention 77 mln vs 147 mln
      Trading profit 1.51 billion vs 1.29 billion
      Trading profit includes -
      Tobacco 764 mln vs 738 mln
      Retailing 211 mln vs 186 mln
      Paper 217 mln vs 168 mln
      Financial services 282 mln vs 135 mln
  

"
training/9161	12	earn	"SWIRE PLANS BONUS ISSUE ON HIGHER 1986 PROFITS
  Swire Pacific Ltd <SWPC.HKG> said it
  plans for a one-for-five bonus issue for both its ""A"" and ""B""
  shares following an earlier report of a 44.7 pct jump in 1986
  net profits to 1.78 billion H.K. Dlrs.
      The company also announced final dividends of 44 cents per
  ""A"" share and 8.8 cents per ""B"" share against 32.3 and 6.5 cents a
  year ago.
      It recorded extraordinary gains of 1.38 billion dlrs which
  mainly derived from the sale in April of a 15.75 pct stake in
  Cathay Pacific Airways Ltd <CAPH.HKG> in line with the
  floatation of the airline.
  

"
training/9163	45	sugar	"SRI LANKAN GOVERNMENT TO STOP IMPORTING SUGAR
  The Food Department will no longer
  import sugar from April 1, senior officials of the Food and
  Cooperatives Ministry and the Department told Reuters.
      They said the decision was taken after the Sugar Importers
  Association asked that the sugar trade be further liberalised.
      ""The Food Department will cease trading in sugar and will no
  longer hold a buffer stock,"" a senior official said.
      He said the government has finalised an agreement with
  E.D.F.Man (Sugar) Ltd under which E.D.F.Man will hold a buffer
  stock on the government's behalf of 20,000 tonnes, against the
  45,000 tonne buffer stock usually held by the Department.
      Officials said the size of the buffer stock has been
  reduced because the private sector will hold its own stocks.
      The agreement with E.D.F. Man includes details such as
  trigger pricing mechanisms, they said.
      Four months ago the Department allowed the private sector
  to import sugar without government clearance. The Department
  and the private sector each imported around 115,000 tonnes of
  sugar last year, when national consumption was 280,000 tonnes.
      An Importers Association official said that ""even if the
  Department no longer imports sugar, we would not necessarily
  buy more.""
      This is because the Association would still have to compete
  with the Cooperatives Wholesale Establishment (CWE), he said.
      The CWE is a semi-government body and the official said
  arrangements are being made for state cooperatives and holders
  of food subsidy stamps to draw their sugar from it, starting
  April 1.
      Ministry officials said the CWE can either import sugar or
  buy it from a local bonded warehousing scheme run by E.D.F. For
  the past two years.
  

"
training/9165	8	cpi	"DANISH FEBRUARY CONSUMER PRICES FALL 0.1 PCT
  Consumer prices fell 0.1 pct in
  February, after a rise of 0.2 pct in January and no change in
  February 1986, the National Statistics Office said.
      The index, base 1980, fell to 154.5 in February from 154.6
  in January, against 147.4 in February 1986, giving a
  year-on-year increase of 4.8 pct.
  

"
training/9170	32	money-fx	"MIDDLE EAST CURRENCY MARKET SEES KEY CHANGES
  Middle East currency dealers meet in
  Abu Dhabi this weekend at a time of fundamental change in their
  business, which has seen a growing volume of trade shift from
  the Arab world to London.
      The 14th congress of the Inter-Arab Cambiste Association
  also comes at a time when the prospect of a unified Gulf
  currency system is more real that at any time this decade.
      Foreign exchange traders and bank treasurers said these
  issues, and the slide of the Lebanese pound, can be expected to
  be major talking points.
      About 250 traders and treasurers from some 115 banks --
  including some in London and other major non-Arab financial
  centres -- are expected to attend the conference which begins
  on on Saturday.
      Bankers said it is hard to avoid the impression that a
  growing proportion of transactions in the Saudi riyal market,
  by far the largest in the region, is being carried out in
  London.
      The market had been dominated by Saudi Arabia's 11 banks,
  foreign exchange houses in the Kingdom and offshore banks in
  Bahrain. But bankers said more and more Saudi and Bahrain-based
  banks are boosting their treasury operations in London.
      As recession hit the Middle East and the need for trade
  finance in the region declined, many offshore banks in Bahrain
  ran down their currency operations. None of the four major U.K.
  Clearing banks now has a dealing room on the island.
      The two major Bahrain-based international banks, <Arab
  Banking Corp> and <Gulf International Bank BSC> have increased
  their presence in London and Saudi banks are busy upgrading
  representative offices to branch status to allow dealing.
      One economist said: ""It is cheaper to run a riyal book in
  London than staff an expensive offshore operation in Bahrain...
  There is now the nucleus of a two-way market in London.""
      Jeddah-based <Riyad Bank> set up as a licensed deposit
  taker in London in 1984, while its main rival in Saudi Arabia,
  <National Commercial Bank> (NCB) won a licence in November
  1986.
      The major market maker has traditionally been London-based
  consortium bank <Saudi International Bank> but the kingdom
  joint-venture <Saudi American Bank> (SAMBA) also upgraded its
  London operation to deposit taker status in mid-February.
      One senior currency trader in Riyadh said: ""Inevitably the
  volume of business in London has gained pace with the two new
  licences for NCB and SAMBA, but there is no question that most
  of the liquidity still rests in Saudi Arabia.""
      Currency traders said the shift to London in the Saudi
  riyal market is difficult to quantify.
      Bahrain Monetary Agency figures show regional currency
  deposits held by offshore banks, most in Saudi riyals, dropped
  to the equivalent of 12.2 billion dlrs at end-September 1986
  from 13.4 billion at end-1985 and a 1983 peak of 15.0 billion.
      The shift has prompted changes in dealing habits. Riyal
  trading in the Gulf on Saturdays and Sundays has become very
  quiet with London closed while some Saudi and Bahrain banks now
  staff offices on Friday, the Gulf weekend. Traders also expect
  <Arab National Bank> to step up London operations.
      Traders say it is difficult to foresee the riyal market
  moving completely out of the region, partly because of local
  demand and partly because of what is seen as the Saudi Arabian
  Monetary Agency's (SAMA) desire to moderate
  internationalisation of the riyal and protect it from undue
  speculation.
      There have been far fewer signs of the Kuwaiti dinar market
  shifting from its natural base of Kuwait and trading in Bahrain
  and London is still limited.
      But for the first time since the formation of the six
  nation Gulf Cooperation Council (GCC) in 1981 there are signs
  that a much mooted currency union could come into force soon.
      Currency traders said it remains unclear what form a final
  currency union would take for the six states -- Saudi Arabia,
  Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates.
      But plans to link the six currencies in a European Monetary
  System style with a common peg have been discussed at high
  level and could be a topic on the GCC's annual summit expected
  to be held in Saudi Arabia late in the year.
      One dealer said: ""A lot of exposure is being given to
  discussions and plans appear to be quite advanced. But in the
  end a political decision has to be taken to give the go-ahead.""
      One open question is that of a common peg for currencies.
      The idea of linking the six currencies has been debated
  since the start of the GCC. The Kuwaiti dinar is currently
  linked to a basket of currencies while the other five
  currencies are either officially or in practice linked to the
  U.S. Dollar.
      Some traders said a currency union could mean speculation
  against the Saudi riyal rubbing off on other Gulf currencies,
  but plans call for a permitted divergence in the system of
  7-1/4 pct, large enough to avoid sudden strains.
      Another topic for debate is expected to be the continued
  slide of the Lebanese pound against the dollar and the
  undermining of the effective capital base of Lebanese banks.
  

"
training/9171	48	trade	"BELGOLUX TRADE SWINGS INTO JANUARY DEFICIT
  The Belgo-Luxembourg Economic Union
  recorded a provisional trade deficit of 9.45 billion francs in
  January after a December surplus of 15.32 billion francs,
  revised upwards from a provisional surplus of 11.94 billion,
  the National Statistics Office said.
      In January 1986, the union recorded a deficit of 23.31
  billion francs.
      January imports fell to a provisional 228.86 billion francs
  from 240.24 billion in December and 281.65 billion a year
  earlier, but exports were also lower, at 219.41 billion francs
  against 255.56 billion and 258.34 billion respectively.
  

"
training/9172	0	acq	"GUINNESS SEEKS U.K. INJUNCTION AGAINST SAUNDERS
  Guinness Plc <GUIN.L> will seek an
  injunction in the U.K. High Court today to freeze the assets of
  former Chairman Ernest Saunders in its attempts to recover 5.2
  mln stg paid to a Jersey company as part of the company's
  takeover battle for <Distillers Co Plc>, a spokesman said.
      He said the court move aimed to freeze Saunders' assets up
  to the value of the sum it wanted to recover. It was uncertain
  whether the court would reach any decision on the request
  today. Guinness said last week it planned to take legal action
  to recover the funds, paid to non-executive director Thomas
  Ward via the Jersey company.
      Lawyers representing Ward have said he saw the funds as his
  reward for services performed during the takeover of
  Distillers.
      Guinness is also planning a resolution at the annual
  meeting in May to remove both Saunders and Ward from the
  company's board.
  

"
training/9175	12	earn	"BASF U.S. PROFIT,TURNOVER BOOSTED BY ACQUISITIONS
  BASF AG <BASF.F>
  said net profit of its U.S. Operating company, BASF Corp, rose
  last calendar year to 105 mln dlrs from 39 mln in 1985.
      Turnover rose by by more than one billion dlrs to 3.6
  billion, the parent company said in a statement. The rise,
  however, partly reflected the inclusion of the first full
  business year of three acquisitions made in 1985. Excluding
  these, BASF Corp turnover rose four pct from 1985.
      Acquisitions were the high-performance connecting materials
  operations of Celanese Corp, Inmont Corp bought from United
  Technologies and American Enka bought from AKZO NV <AKZO.AS>.
      BASF said it expected a U.S. Investment of 240 mln dlrs in
  1987, part of a five-year programme totalling one billion.
      U.S. Projects completed in 1986 included the second acrylic
  acid plant in Freeport, Texas, a technical centre in
  Southfield, Michigan, in which paint lines from automotive
  plants can be refitted, and the new agricultural research
  centre in Research Triangle Park in Durham, North Carolina.
      BASF said that work this year had begun in Geismar,
  Louisiana, on plants for production of special amines and
  polytetrahydrofuran, as well as for expansion of capacity for
  producing tetrahydrofuran.
  

"
training/9177	12	earn	"BICC PLC <BICC.L> 1986 YEAR
  Shr 22.7p vs 20.3p.
      Final div 8.25p, making 11.75p vs 11p.
      Pre-tax profit 101 mln stg vs 92 mln.
      Attributable profit 45 mln vs 39 mln.
      Turnover 2.14 billion stg vs 2.11 billion.
   MORE
  

"
training/9178	33	money-supply	"TAIWAN MONEY SUPPLY RISES 48.22 PCT IN YEAR
  Taiwan's M-1B money supply rose a
  seasonally adjusted 48.22 pct in the year to end-February,
  after rising 54.96 pct in the year to January, a central bank
  spokesman said.
      Month on month, M1-B fell 5.19 pct from January.
      Unadjusted February M1-B was 1,168 billion dlrs against
  1,232 billion in January and 788 billion in February 1986.
      Money supply grew faster in January because the central
  bank issued more currency for bonus payments made to workers at
  the Lunar New Year, which fell on January 29 this year, banking
  sources said.
  

"
training/918	10	crude	"PEMEX SIGNS 500 MLN DLR JAPAN LOAN FOR PIPELINE
  Mexican state oil firm Petroleos Mexicanos
  (Pemex) signed for a 500 mln dlruntied loan from the
  Export-Import Bank of Japan to finance its Pacific Petroleum
  Project, Pemex Japan representative Tito Ayal said.
      No further details on the loan were immediately available.
      Ayala told an oil seminar the project, due for completion
  in 1988, is aimed at improving distribution of oil products in
  the domestic market, mainly along the Pacific coast.
      The project consists of a pipeline linking Nueva Teapa on
  the Gulf of Mexico with Salina Cruz on the Pacific Coast, and
  construction of the second phase of the Salina Cruz refinery.
      The project also includes construction of liquified
  petroleum gas (LPG) storage tanks at Santa Cruz, additional
  crude oil storage at both ends of the pipeline, an ammonia
  complex at Lazaro Cardenas on the Pacific Coast and expansion
  of the infrastructure of the port of Salina Cruz, Ayala said.
      Pemex will buy 80 mln dlrs worth of foreign equipment and
  materials for the project, he said. The new pipeline will
  enable Japan to load Mexico's Maya crude oil at Salina Cruz
  rather than in the Gulf of Mexico. Pemex will also have some
  LPG surplus available in Salina Cruz that may help Japan
  diversify its supply sources of that product, he added.
  

"
training/9181	12	earn	"NIPPON STEEL TO REDUCE DIVIDEND
  Nippon Steel Corp <NSTC.T> plans to
  reduce its dividend to three yen in the year ending March 31
  1987 from the five yen of 1985/86, a company spokesman said.
      The company estimated parent company current losses at 15
  billion yen in 1986/87, including a gain of 95 billion yen from
  the sale of securities. This compares with a 36.07 billion yen
  profit a year earlier.
      Sales in 1986/87 are seen at 2,150 billion yen, down from
  2,685 billion a year ago.
      Poor business prospects were attributed to the yen's rise
  and slow world steel demand. Nippon is expected to report
  parent company results in late May.
      Total 1986/87 crude steel production is estimated at 25.57
  mln tonnes, down from 27.98 mln a year earlier.
      Crude steel production is likely to be below 1986/87 output
  but forecasts for profits and sales in the year starting April
  1 are unavailable yet, he said.
  

"
training/9182	12	earn	"BAT SEES STRONG PERFORMANCE FROM ALL SECTORS
  A strong performance from all BAT
  Industries Plc's <BTI.L> major sectors enabled the group's 1986
  pretax profits to pass the one billion stg level for the third
  year running, Chairman Patrick Sheehy said in a statement.
      The group earlier reported a 19 pct rise in profits to 1.39
  billion, which Sheehy said was achieved without any help from
  exchange rate fluctuations or acquisitions.
      Good results were achieved by its Argos and Saks Fifth
  Avenue in retailing and by Wiggins Teape and Appleton in paper.
      Tobacco accounted for about 50 pct of profit with a four
  pct gain to 764 mln stg and a two pct increase in world volume.
      The results were largely in line with analysts expectations
  and BAT shares firmed by two pence to 537p at 0955 GMT.
      BAT said the U.S. Brown and Williamson unit held most of
  its 1985 gains and increased profit 18 pct in dollar terms.
      Financial services saw profits double to 282 mln with both
  Eagle Star and Allied Dunbar achieving further growth.
      Allied Dunbar reported a 51 pct rise in life annual
  premiums to 39 mln stg. BAT said it increased new business by
  38 pct in the last nine months after a relatively slow first
  quarter. Its permanent health insurance was now the market
  leader and its Unit Trust group was now the second largest in
  the U.K.
      Eagle Star general premiums rose 32 pct to 1.03 billion.
  Its life activities also grew 39 pct with better underwriting
  results in the second half.
      Cash flow was strong and the gross debt to equity ratio
  dropped to 41 pct from 51 pct. The net ratio, at 26 pct, left
  the group strongly placed to pursue its further development.
      Profits from paper and pulp grew 29 pct to 217 mln stg,
  nearly three times the 1982 level, with Wiggins Teape's sales
  rising 36 pct to pass one billion stg.
      BAT said in 1986 it had sold 88 BATUS stores in the U.S.
  For 644 mln dlrs and sold Grovewood Securities for 142 mln stg.
  

"
training/9184	48	trade	"TAIWAN SEES ITS INVESTMENT IN U.S. RISING SHARPLY
  Taiwanese investment in the U.S. Is
  expected to nearly double to 80 mln U.S. Dlrs in calendar 1987
  and rise to 400 mln dlrs a year by 1991, a five-year forecast
  by the Economic Ministry showed.
      Taiwanese investment in the U.S. Last year totalled 46 mln
  dlrs, the ministry document said. The investment was mainly in
  electronics, trading, food and service industries.
      Lee Ming-Yi, deputy director of the ministry's Industrial
  Development and Investment Centre, said the forecast rise is
  due to planned government incentives and growing willingness
  among Taiwanese to invest abroad.
      Lee told Reuters the incentives, to be introduced in May or
  June, include bank loans and a reduction in capitalisation
  requirements for businesses seeking to invest in the U.S. To 10
  mln Taiwan dlrs from 20 mln.
      He said the moves to encourage investment in the U.S. Are
  part of Taiwan's efforts to cut its trade surplus with
  Washington, which rose to a record 13.6 billion U.S. Dlrs in
  1986 from 1985's 10.2 billion.
      Taiwanese manufacturers can create jobs for Americans and
  avoid import quotas if they set up plants in the U.S., He
  added.
  

"
training/9187	12	earn	"BABCOCK INTERNATIONAL PLC <BABK.L> YEAR 1986
  Div 4.7p making 8.7, an increase of 13.9 pct
      Shr 16.3p vs 17.9p adjusted
      Pretax profit 37.09 mln stg vs 34.55 mln
      Net 22.12 mln vs 24.13 mln
      Interest payable 8.10 mln vs 5.35 mln
      Share of associated co's 6.88 mln vs 5.42 mln
      Turnover 1.22 billion stg vs 1.10 billion
  

"
training/9189	12	earn	"DELTA GROUP <DLTL.L> YEAR TO JAN 3.
  Shr net basis 24.8p vs 24.5p
      Shr nil basis 22.7p vs 20.9p
      Div 5p making 7.6p vs 6.5p
      Pretax profit 57.78 mln stg vs 50.61 mln
      Net after tax 37.47 mln vs 36.49 mln
      Outside shareholders interests 1.75 mln vs 1.32 mln
      Extraordinary debit 370,000 vs 1.93 mln
      Turnover 533.59 mln vs 555.81 mln
      Profit breakdown by activity -
      Electrical equipment 28.59 mln stg vs 27.60 mln
      Engineering 10.75 mln vs 11.13 mln
      Industrial services 18.78 mln vs 16 mln
      Corporate finance 340,000 vs 4.12 mln
      Making total pre-tax profit 57.78 mln vs 50.61 mln.
  

"
training/9190	16	gold	"PLACER PACIFIC SAYS BIG BELL GOLD STUDY EXPANDING
  <Placer Pacific Ltd> said it will
  undertake a full feasibility study of Western Australia's Big
  Bell gold prospect.
      Results of an economic evaluation of the find, in which
  Placer has an option with <Australian Consolidated Minerals
  Ltd> (ACM) to earn a 50 pct interest, were encouraging enough
  to warrant a full study, Placer said in a statement.
      Big Bell, in the Murchison goldfield 540 km north east of
  Perth, was founded in 1904. Between 1937 and 1955 it yielded
  22.8 tonnes of gold and 7.8 tonnes of silver while milling
  about 30,000 tonnes of ore a month.
      Placer has said the prospect has an estimated 14 mln tonnes
  of ore with a three-gram-per-tonne concentration accessible by
  open-pit mining and a further 4.5 mln tonnes with a
  4.4-gram-a-tonne concentration between 300 and 600 meters
  underground.
      It said it was obliged to produce the feasibility study no
  later than December 31 this year by which time it would have
  spent three mln dlrs on Big Bell.
      If the results are positive and a commitment to develop
  made then construction would take about 12 months, Placer said.
  

"
training/9192	12	earn	"BABCOCK EXPECTS FURTHER PROGRESS IN 1987
  Babcock International Plc <BABK.L> said
  in a statement accompanying final results for 1986, showing
  pretax profits up to 37.09 mln stg from 34.55 mln in 1985, that
  overall further progress is expected in 1987.
      The predicted slowdown of the U.S. Automobile industry is
  affecting the North American group although the improved
  performance in the FATA European group during 1986 is expected
  to continue into this year.
      In the U.K. Overall profitability will improve when the
  Central Electricity Generating Board's ordering programme for
  both nuclear and fossil-fired fuels starts.
  

"
training/9194	48	trade	"CHINA TO TIGHTEN IMPORT CONTROL, CUT EXPORT COSTS
  China should tighten imports of ordinary
  goods and restrict or even forbid import of goods which can be
  made domestically, Premier Zhao Ziyang said.
      He told the National People's Congress, China's parliament,
  that the country's foreign exchange is limited and must be used
  where it is most needed.
      ""We should expand production of import substitutes and
  increase their proportion,"" he said.
      On exports, China should increase its proportion of
  manufactured goods, especially textiles, light industrial
  goods, electronics and machinery, he said.
      Zhao said China should lower the cost of exports and
  control the export of goods that incur too much loss. In 1986
  China had a trade deficit of 11.9 billion dlrs, down from a
  record 14 billion in 1985.
      Zhao said China should work to provide a more favourable
  investment environment for foreign businessmen. It should use
  foreign funds for production and construction, with stress on
  firms making goods for export or import substitutes.
      China should also earn more foreign exchange from tourists
  and contracted labour abroad, he added.
  

"
training/9196	15	gnp	"SINGAPORE GDP TO GROW SIX PCT IN FIRST QUARTER
  Singapore's gross domestic product
  will grow six pct in the first quarter and five pct in the
  second quarter this year, with further growth expected in the
  second half, Trade and Industry Minister Lee Hsien Loong told
  parliament.
      The figures compared with 3.4 pct contraction and 1.2 pct
  growth respectively for the first and second quarters of 1986.
      The estimates were based on a tentative leading indicator
  incorporating new business orders, company inventories and
  share prices used by his ministry, Lee said, without giving
  further details of the new indicator.
      Singapore's economy grew 1.9 pct last year, after shrinking
  1.8 pct in 1985. The government has forecast growth rate of
  three to four pct for 1987.
  

"
training/92	33	money-supply	"U.S. M-1 MONEY SUPPLY RISES 2.1 BILLION DLRS IN FEB 16 WEEK, FED SAYS

  U.S. M-1 MONEY SUPPLY RISES 2.1 BILLION DLRS IN FEB 16 WEEK, FED SAYS
  

"
training/920	12	earn	"STC PLC <STCL.L> YEAR TO END-1986
  Shr profit 15.9p vs 2.25p loss
      Div 3p making 4.5p vs nil
      Turnover 1.93 billion stg vs 1.99 billion
      Pretax profit 134.2 mln vs 11.4 mln loss
      Tax 47.2 mln vs nil
      Operating profit 163.0 mln vs 92.7 mln
      Interest less investment income 13.8 mln vs 37.2 mln
      Exceptional debit 15.0 mln vs 66.9 mln
      Minorities 0.3 mln vs 0.4 mln
      Extraordinary credit 16.4 mln vs 42.0 mln debit
      Operating profit includes -
      International computers 90.2 mln vs 61.7 mln
      Communications systems 56.1 mln vs 48.7 mln
      Components and distribution 20.0 mln vs 1.5 mln
      Defence 9.4 mln vs 13.1 mln
  

"
training/9201	31	meal-feed	"BRITISH COMPOUND FEED PRODUCTION DETAILED
  Feed compounds, balancers and
  concentrates produced in Britain in the five weeks ended
  January 31 totalled 973,400 tonnes, against 966,200 tonnes
  produced in the same 1986 period, Ministry of Agriculture
  figures show.
      However, cattle/calf feed output, the largest single
  component, was 7.2 pct down at 435,900 tonnes against 469,900
  tonnes. Pig feed was 170,800 tonnes versus 171,600, and poultry
  feed 287,600 compared with 256,600. Other smaller components
  included in the total all showed increases.
  

"
training/9202	12	earn	"KLOECKNER UND CO'S 1986 PROFIT FALLS ABOUT 20 PCT
  Kloeckner &amp; Co KGaA, the
  international trading group, said its 1986 domestic group net
  profit fell by around 20 pct against 1985, adding that the
  profit resulted largely from a writing back of reserves.
      The company, which gave no 1986 profit figures, posted a
  domestic group net profit of 41 mln marks in 1985.
      It said the 1986 profit was made possible through a 40 mln
  mark write-back of reserves that had been created to cover
  possible price rises. These reserves were no longer necessary
  because of recent declines in raw material prices.
      Kloeckner attributed the profit decline to the fall in
  prices as well as the lower value of the dollar.
      It said it would pay an unchanged dividend on its ordinary
  share capital, which is entirely in private hands and held
  largely by family foundations.
      Kloeckner's nominal 100 mark profit-participation
  certificates, issued in October 1986, will pay a likely yield
  of around 10 pct. Holders of the certificates are entitled to a
  quarter of the 1986 payment, or around 2.50 marks, the company
  added.
  

"
training/9203	42	rubber	"MIXED ASIAN REACTION TO NEW RUBBER PACT
  Governments of major Asian
  producing countries have welcomed the conclusion of a new
  International Natural Rubber Agreement (INRA), but growers and
  traders are unhappy with the development, according to views
  polled by Reuter correspondents.
      Officials in Malaysia, Indonesia and Thailand, which
  produce the bulk of the world's rubber, said they expected the
  new pact to continue to stabilise prices and help their rubber
  industries remain viable in the long-term.
      But traders and growers said they were against the new pact
  because its buffer stock mechanism was likely to interefere
  with free market forces and prevent sharp rubber price rises.
      The new INRA, to replace the current one which expires on
  October 22, was formally adopted by most of the world's
  producers and consumers in Geneva last Friday.
      It will be open for signature at the U.N. Headquarters in
  New York from May 1 to December 31 this year and will enter
  into force provisionally when ratified by countries accounting
  for 75 pct of world rubber exports and 75 pct of world imports.
      Malaysian Primary Industries Minister Lim Keng Yaik said
  the formal adoption of a new pact had dispelled fears of
  liquidation of some 360,000 tonnes of INRA buffer stock rubber
  and a possible depression of prices.
      He expressed confidence that the new INRA would continue to
  keep prices stable by selling or buying rubber as prices rose
  or fell through its buffer stock system.
      Malaysia was also happy that in the new INRA financing of
  purchases for the normal buffer stock of 400,000 tonnes and a
  contingency buffer stock of 150,000 tonnes would be done
  through direct cash contributions from members, he said.
      Under the existing pact, members can borrow from banks to
  finance INRA's buffer stock purchases. This has been viewed
  with concern by some members who fear the INRA may become
  indebted and ultimately face collapse, like the International
  Tin Agreement.
      ""This will ensure the buffer stock operation is carried out
  without any financial encumbrance,"" Lim said.
       Malaysia, the world's largest producer, was seeking
  cabinet approval to join the new INRA and hoped other producers
  and consumers would also become members, he said.
      Officials in Jakarta said the new pact would bring benefit
  to Indonesia's rubber industry's by stabilising prices.
      It was unlikely to collapse like the tin agreement because
  its new financial provisions had been tightened, they said.
      Thai officials told Reuters they were optimistic the new
  pact was viable because it strictly limited the extent of debt
  the INRA buffer stock manager might commit to his market
  operations.
       Malaysian growers, however, said they preferred a free
  rubber market because an INRA had a tendency to keep prices at
  levels that were only acceptable to consumers.
      ""With the INRA's ability to keep prices at a certain stable
  level, consumers are assured of rubber at almost a fixed price,
  while producers may never see sharp price rises,"" a Malaysian
  Rubber Producers Council source told Reuters.
      Producers also wanted a free rubber market without the
  overhang of a 360,000 tonne INRA buffer stock which had
  psychologically prevented price rises, he said.
      State plantation officials in Sri Lanka said prices had
  been depressed since INRA's inception and the creation of a
  buffer stock, and they seemed unlikely to rise.
      Sri Lanka should not be a member of the INRA because it was
  expensive to maintain a buffer stock, they added.
      Traders in the region, meanwhile, said prices might be
  pressured by the new pact in the long term as its potential to
  stabilise prices and buffer stock capacity would spur producers
  to produce more.
      Most Malaysian and Singapore traders said the new pact's
  conclusion had little impact on prices and it was unlikely to
  allow sharp price fluctuations in future.
      ""The 360,000 tonnes in the INRA buffer stock must be
  liquidated and a free market returned,"" a Malaysian trader said.
      Japanese traders said the new pact had a chance for success
  as most world producers and consumers had adopted it, but they
  questioned the ability of some financially-strapped producers
  to finance buffer stock operations.
  

"
training/9204	37	pet-chem	"CIBA-GEIGY, PHILLIPS PETROLEUM IN JOINT VENTURE
  Ciba-Geigy AG <CIGZ.Z> said it would
  establish a joint venture with Phillips Petroleum Co. In Europe
  to manufacture a high performance engineering thermoplastic.
      Initially, the Swiss chemicals firm will manufacture
  polyphenylene sulfide compounds using resins from Phillips.
      The two firms will later set up a joint venture to produce
  the polyphenylene resins and compounds, which will be marketed
  independently under their respective trademarks. A Ciba-Geigy
  spokesman declined to say how much the venture would cost.
      Polyphenylene sulfide is widely used in the electronic,
  automotive, and petroleum fields.
  

"
training/9205	24	iron-steel	"KRUPP TO BUILD SOUTH KOREAN STEEL PLANT
  Fried. Krupp GmbH said its
  Krupp Industrietechnik GmbH subsidiary has won a 130 mln marks
  joint order with Samsung Shipbuilding and Heavy Industries Co.
  Ltd of Seoul for a steel works in Pohang, South Korea.
      It said the order, awarded by the Pohang Iron and Steel Co.
  Ltd, involves a works due to go on stream in 1989 producing
  250,000 tonnes of non-corrosive quality steels annually.
      The consortium partners will supply the plant, supervise
  its construction and advise on product processing, with Krupp
  providing a 100-tonne capacity arc furnace and a converter for
  steel refining.
      The West German company will supply ladles, vehicles,
  electrical and exhaust cooling apparatus and dust filters. It
  will also fit out the plant's laboratory.
      Among other things Krupp said it will provide know-how for
  all production phases and train the Korean workforce.
      It said Samsung will take care of the Korean part of the
  engineering and electrical work, the water treatment and other
  mechanical equipment, according to Krupp basic engineering.
      Extruded ingots from the plant will be converted to sheet
  in an existing hot rolling mill. The sheet will be processed in
  facilities which are to be erected, Krupp said.
  

"
training/9206	12	earn	"SWIRE EXPECTS CONTINUED GROWTH THIS YEAR
  Swire Pacific Ltd <SWPC.HKG> expects
  continued growth in all divisions this year though it sees
  problems in the marine sector, chairman Michael Miles said.
      He told reporters:""1987 has started well for Cathay Pacific
  Airways which looks forward to another good year... Swire
  Properties expects further good results both from properties
  under development for sale and from its investment property
  portfolio.""
      He did not give any specific projections for earnings. The
  company earlier reported 46 pct higher 1986 net profits at 1.78
  billion H.K. Dlrs from a year ago.
      Swire also had an extraordinary profit of 1.38 billion dlrs
  mainly from the sale of a 15.25 pct interest in Cathay Pacific
  Airways Ltd <CAPH.HKG>.
      Miles said the company will use the money to develop its
  business, primarily in Hong Kong.
      Swire's stake in Cathay was first reduced to 54.25 pct from
  70 pct when Cathay was publicly floated, and then cut to 50.25
  pct when Cathay issued new shares amounting to 12 pct of the
  enlarged capital to the state-owned <China International Trust
  and Investment Corp>. Cathay last week reported its 1986
  profits rose to 1.23 billion dlrs from 777 mln a year ago.
      Miles said despite last year's rapid expansion in Cathay's
  flights and fleet, load factor is still holding up at 70 pct.
      He said Cathay's growth last year was the result of ""a
  marginal increase in the revenue load factor coupled with
  savings in fuel costs.""
      ""At present fuel prices are stable and will remain stable
  for the rest of this year,"" he said, ""though there might be a bit
  of increase later this year.''
      Miles said Swire is not abandoning its offshore oil service
  operations, even though the marine sector is generally
  depressed. ""Obviously the marine industry is not getting any
  better,"" he said.
      The real estate market remained strong and Swire last year
  revalued its property portfolio up 634 mln dlrs compared with
  an increase of 864.4 mln dlrs the previous year.
      Miles said he expects the property market to remain firm
  but said the firm has no available land for a major housing
  project such as its Taikoo Shing development on Hong Kong
  island now near completion.
      He said the company's 50 pct unit <Hongkong United Dockyard
  Ltd> is negotiating with the government for the development of
  an existing petroleum storage depot into a major housing
  estate. ""But it's not as big as Taikoo Shing,"" he said.
  

"
training/9207	45	sugar	"UNCERTAINTY SURROUNDS EC SUGAR TENDER RESULT-TRADE
  Considerable uncertainty surrounds the
  outcome of today's EC white sugar tender, traders here said,
  noting it remains overshadowed by European operator threats to
  move over 800,000 tonnes of sugar into intervention.
      They said that due to the dispute between the Commission
  and producers over the issue, it is not clear whether the
  Commission will authorise any exports at all or grant licences
  on a large tonnage.
      The subsidy is seen being set above 45.00 Ecus per 100
  kilos, although traders are reluctant to predict a precise
  level after prices fell yesterday.
      Earlier, traders in Paris said they expected the Commission
  to award licences for around 50,000 tonnes of white sugar with
  a maximum export rebate of 45.75 to 46.0 Ecus.
      Last week, the Commission granted licences to end August on
  60,500 tonnes of whites at a maximum rebate of 44.819.
  

"
training/9208	10	crude	"ABU DHABI TO REOPEN GULF OILFIELD HIT IN 1986 RAID
  Abu Dhabi's offshore Abu al-Bukhoosh
  oilfield in the Gulf, shut since an aerial attack last
  November, will reopen when new anti-aircraft defences are
  ready, and this could be in the next two months, oil industry
  sources said.
      They said the Abu Dhabi government and Compagnie Francaise
  des Petroles (Total) <TPN.PA>, whose Total Abu al-Bukhoosh
  subsidiary owns 51 pct of the field, have agreed on the
  reopening, but that a date has not been definitely fixed.
      Unidentified planes hit the field, 100 miles off Abu Dhabi,
  last November 25.
      The raid killed eight workers and destroyed the main living
  quarters and a bridge linking a wellhead to the main production
  platform.
      Western diplomats in the region say Iran was responsible
  but Tehran has blamed its Gulf War enemy Iraq.
      Abu al-Bukhoosh was producing 57,000 barrels per day (bpd)
  at the time of the attack, but the sources said it would resume
  at a maximum of half that level because of reduced staff and
  the fact only four of five wellheads were now operable.
      The sources said only 80 personnel can be housed in
  remaining accomodations, the sources said.
      Facilities being installed to protect the field include
  aircraft detection equipment, anti-aircraft missiles, housing
  for military personnel and helicopter landing pads, the sources
  said.
      Abu Dhabi is the largest oil producer in the United Arab
  Emirates, accounting for about 800,000 bpd of its total 1.15
  mln bpd production, the sources said.
      They also said Iran was working to reopen its Sassan field,
  part of the same reservoir as Abu al-Bukhoosh and located only
  a few miles away. Sassan was heavily damaged by an Iraqi air
  raid only 10 days before Abu al-Bukhoosh was attacked.
  

"
training/9210	0	acq	"RAINBOW LIFTS PROGRESSIVE STAKE TO 52 PCT
  <Rainbow Corp Ltd> said it has
  lifted its stake in supermarket group <Progressive Enterprises
  Ltd> to 52 pct from 44 pct.
      It said in a statement it has bought an extra 9.4 mln
  shares at prices ranging from 3.80 N.Z. Dlrs to 4.80.
      Progressive is currently the subject of both a proposed
  merger with Rainbow and a full takeover bid from <Brierley
  Investments Ltd> (BIL). The BIL bid, launched on Monday, is at
  4.20 dlrs a share. The Rainbow merger involves shareholders in
  both Rainbow and Progressive being issued shares in a new
  company, <Astral Pacific Corp Ltd>, on a one-for-one basis.
      Rainbow chief executive Craig Heatley said, ""In our opinion
  BIL's actions over the last few days have been undertaken for
  their own strategic purposes which conflict with the desire of
  both companies to merge their interests.""
      BIL has said it is against the merger because it sees
  Progressive shares as being worth twice as as much as
  Rainbow's.
      Progressive traded today at 4.42, Rainbow at 3.66 and BIL
  at 4.30 at the end of morning trading on the New Zealand Stock
  Exchange.
  

"
training/9217	32	money-fx	"U.K. MONEY MARKET FORECAST REVISED TO SHOW SURPLUS
  The Bank of England said it had revised
  its forecast of the liquidity position in the money market
  today to a surplus of 150 mln stg after it estimated a flat
  position earlier this morning.
  

"
training/9218	32	money-fx	"BANK OF ENGLAND DOES NOT OPERATE IN MONEY MARKET
  The Bank of England said it had not
  operated in the money market during the morning session.
      Earlier, the Bank revised its forecast of the liquidity
  position in the system today to a surplus of 150 mln stg from
  its original estimate of a flat position.
  

"
training/922	12	earn	"CRA EXPECTS TO PAY FINAL DIVIDEND OF 10 CENTS
  CRA Ltd <CRAA.S> said it expected to
  pay a final 1986 dividend of not less than 10 cents a share
  after July 1, making 13 cents forthe year against 15 in 1985.
      The mining and smelting group earlier reported 1986 net
  earnings rose to 138.2 mln dlrs from 87.8 mln in 1985, against
  analysts' forecasts yesterday of 125 mln to160 mln.
      CRA said it was deferring consideration of a dividend until
  later this year to provide the benefit of dividend imputation
  to its shareholders. After July 1, dividends will be tax-free
  to shareholders provided they come out of earnings on which the
  full 49 pct company tax rate has been pid.
      The company operates on a substituted tax year, not the
  fiscal year ending June 30, and as a result has incurred tax at
  the 49 pct rate on 1986 earnings, CRA said in a statement.
      Consequently, it has funds available for distribution with
  dividend imputed but is waiting to see the imputation
  legislation before determining the final payout, it said.
      Despite the higher net earnings, CRA said 1986 was a poor
  year for the minerals industry, with the notable exception of
  gold producers.
      Prices for major metals expressed in real U.S. Dollars
  declined to the lowest levels in about 50 years, it said.
      Fluctuating exchange and interest rates added volatility
  and uncertainty, while the revaluation of the yen is leading to
  substantial restructuring of Japanese industry, CRA said.
      World demand for metals is growing slowly. Inventories have
  steadily declined, with supply and demand in better balance,
  but overcapacity continues, CRA said.
      Turning to contributions to its earnings, CRA said
  Bougainville Copper Ltd <BUVA.S> contributed 31.3 mln dlrs
  while its share of Comalco Ltd's <CMAC.S> net was 37.8 mln.
      Net earnings from iron-ore operations were 111.8 mln dlrs
  against 149.2 mln in 1985, it said.
      Lead, zinc and silver mining and smelting operations
  incurred a net loss of 66.8 mln dlrs against a 38.1 mln loss in
  1985, CRA said.
      Coal activities resulted in a net profit of 36.7 mln dlrs
  against 34.1 mln, while salt raised its contribution to 4.7 mln
  from 2.8 mln.
      CRA's share of earnings from the Argyle diamond project
  amounted to 12.0 mln dlrs against nine mln in 1985.
      CRA said the main item in its 250.28 mln dlr extraordinary
  loss was a 172.9 mln writeoff of unrealised foreign exchange
  losses on borrowings as required by a new accounting standard.
      Other extraordinary items were 63.3 mln dlrs provided for
  closures and writedown of assets and a 14.1 mln increase in
  future tax provisions, CRA said.
      Cash flow continued at a high level, being 950.6 mln dlrs
  before capital expenditure against 1.02 billion in 1985. The
  strong cash flow, coupled with the proceeds of the 1986 rights
  issue and the use of existing cash balances, enabled group debt
  to be reduced by nearly 500 mln dlrs.
      CRA said it held forward contracts at year-end to buy 985
  mln U.S. Dlrs to hedge part of its foreign debt. This cost 47.0
  mln dlrs after tax, included in the net interest cost.
  

"
training/9220	32	money-fx	"EXCHANGE RATES ALMOST WITHIN G-6 LEVELS - SUMITA
  Bank of Japan governor Satoshi Sumita
  said that current exchange rates are almost within the levels
  agreed to by six major nations last month in Paris.
      Asked whether a dollar/yen rate of 148 or 149 reflected
  economic fundamentals, he said current rates almost reflect
  fundamentals.
      Sumita told reporters major nations have cooperated to
  bring about currency stability in line with the Paris
  agreement, which stipulated that they would closely cooperate
  to that end. He repeated the central bank will intervene if
  necessary, adding he did not think a dollar free-fall was
  likely.
      But Sumita said he could not say exactly what currency
  levels would be considered in line with underlying economic
  fundamentals.
      In Paris on February 22, Britain, Canada, France, Japan,
  the U.S. And West Germany agreed to cooperate to hold
  currencies around their then current levels.
      Sumita said he could not find any specific reasons behind
  the fall of the dollar to a record low against the yen
  yesterday. But he said the market rushed to sell dollars as it
  nervously reacted to statements abroad and to developments
  surrounding trade tensions.
      U.S. Treasury Secretary James Baker said over the weekend
  that the Paris pact did not encompass fixed tragets for the
  dollar. U.S. Trade Representative Clayton Yeutter called
  U.S/Japan relations on certain key trade issues very strained.
      The market reacted nervously because the dollar has been
  moving narrowly against the yen since mid-January, Sumita said.
  He added he does not expect the yen/dollar exchange rate to
  remain unstable because the market is concerned about a sharp
  rise of the yen.
      The Bank of Japan will keep a close watch on exchange rates
  in line with the Paris accord, he added.
  

"
training/9228	12	earn	"25-MAR-1987
  25-MAR-1987

"
training/9229	12	earn	"OCEAN TRANSPORT AND TRADING PLC <OTTL.L> YEAR 1986
  Shr net basis 21.4p vs 17.5p
      Div 6.1p making 9p vs 6.5p
      Pretax profit 37.2 mln stg vs 31.9 mln
      Net after tax 25.7 mln vs 20.3 mln
      Minority interest 700,000 vs 1.1 mln
      Extraordinary debit 1.9 mln vs 3.5 mln
      Turnover 827 mln vs 766.9 mln
      Note - The company said the sale of the minority holding in
  OCL in 1986 has transformed the balance sheet and enables it to
  accelerate development.
  

"
training/9230	0	acq	"DART GROUP RAISES SUPERMARKETS GENERAL <SGL> BID
  <Dart Group Corp> said it has
  raised its offer to acquire Supermarkets General Corp to 42.00
  dlrs in cash and three dlrs in exchangeable preferred stock per
  Supermarkets General share from 41.75 dlrs per share in cash.
      The company said it would also be willing to negotiate a
  plan with the Supermarkets General board under which
  Supermarkets General shareholders would have a common stock
  interest in the combined company.  It said it remains willing
  to negotiate all terms of the proposed acquisition.
      The original bid was worth about 1.62 billion dlrs.
      Dart said the preferred stock in the new bid would be
  exchangeable for a new class of Supermarkets General debt
  securities that would be developed by Dart and Supermarkets.
      The new proposal would be subject to approval by the
  Supermarkets General board, it said.  The new bid was contained
  in a letter to the Supermarkets General board.
      In Woodbridge, N.J., Supermarkets General -- responding to
  a previous letter to its board by Dart -- said ""Your conduct
  indicates to us that no transaction involving trust and
  confidence can be entered into with you.  Your propaganda and
  missstatements will not panic our board.""
      Dart, in its previous letter, had alleged that Supermarkets
  General executives were seeking millions of dollar in severance
  and tax payments from Dart.
  

"
training/9231	12	earn	"OLSON INDUSTRIES INC <OLSN> 4TH QTR NET
  Oper shr 28 cts vs 1.16 dlrs
      Oper net 194,000 vs 1,255,000
      Sales 27.5 mln vs 30.5 mln
      Year
      Oper shr 2.68 dlrs vs 63 cts
      Oper net 1,880,000 vs 684,000
      Sales 100.5 mln vs 115.6 mln
      Avg shrs 700,086 vs 1,079,165
      NOTE: 1986 net excludes tax credits of 1,042,000 dlrs in
  quarter and 1,603,000 dlrs in year.
      Net excludes discontinued operations gain 330,000 dlrs vs
  loss 385,000 dlrs in quarter and gain 485,000 dlrs vs loss
  2,692,000 dlrs in year.
  

"
training/9232	12	earn	"OLSON <OLSN> TO HAVE LOSS FROM EGG UNIT SALE
  Olson Industries Inc said
  it is in final negotiations on the sale of its remaining egg
  operations and expects the sale to generate a charge of about
  two mln dlrs against 1987 net income.
      The company said, however, that the sale will generate
  substantial cash flow to pay off bank debt and improve working
  capital, eliminate unmanageable effects on profits of the price
  instability of the egg business and allow it to concentrate on
  its plastics packaging business.
  

"
training/9234	0	acq	"E.D. And F. MAN TO BUY INTO HONG KONG FIRM
  The U.K. Based commodity house E.D.
  And F. Man Ltd and Singapore's Yeo Hiap Seng Ltd jointly
  announced that Man will buy a substantial stake in Yeo's 71.1
  pct held unit, Yeo Hiap Seng Enterprises Ltd.
      Man will develop the locally listed soft drinks
  manufacturer into a securities and commodities brokerage arm
  and will rename the firm Man Pacific (Holdings) Ltd.
  

"
training/9235	12	earn	"ORACLE CORP <ORCL> 3RD QTR FEB 28 NET
  Shr 16 cts vs eight cts
      Net 4,834,000 vs 2,052,000
      Revs 34.9 mln vs 16.0 mln
      Avg shrs 31.1 mln vs 26.8 mln
      Nine mths
      Shr 26 cts vs 13 cts
      Net 8,006,000 vs 3,310,000
      Revs 80.9 mln vs 34.5 mln
      Avg shrs 30.8 mln vs 26.3 mln
      NOTE: Share adjusted for two for one stock split.
      Current year net includes capitalized software costs of
  1,295,000 dlrs in quarter and 3,701,000 dlrs in nine mths.
  

"
training/9237	12	earn	"ENTERRA CORP <EN> 4TH QTR LOSS
  Shr loss 4.14 dlrs vs loss 19 cts
      Net loss 37.1 mln vs loss 1,712,000
      Revs 27.3 mln vs 33.4 mln
      Year
      Shr loss 5.51 dlrs vs loss 73 cts
      Net loss 49.3 mln vs loss 6,544,000
      Revs 109.0 mln vs 141.9 mln
      NOTE: 1986 net both periods includes 34.8 mln dlr
  weritedown of assets of services segment and Southeast Asian
  joint venture.
  

"
training/9238	12	earn	"JOHNSTOWN/CONSOLIDATED REALTY TRUST <JCT> NET
  4th qtr
      Shr 15 cts vs eight cts
      Net 1,800,000 vs one mln
      Year
      Shr 51 cts vs 1.10 dlrs
      Net 6,200,000 vs 13.2 mln
      NOTE: Net includes loan loss provisions of 14 cts shr vs 18
  cts in quarter and 24 cts shr vs 36 cts in year.
  

"
training/9239	0	acq	"DURIRON <DURI> COMPLETES VALTEK <VALT> PURCHASE
  Duriron Co Inc said it has
  completed the acquisition of Valtek Inc for 11.75 dlrs per
  share following Valtek shareholder approval yesterday.
  

"
training/924	48	trade	"SWISS CAPITAL EXPORTS RISE IN JANUARY
  Swiss capital exports rose to 4.64
  billion francs in January after 2.54 billion in December and a
  year earlier 3.64 billion, the Swiss National Bank said.
      New bond issues accounted for 4.12 billion of the total
  after December's 2.15 billion, and credits 525.1 mln after
  389.9 mln.
      In January 1985, before the National Bank ended the
  distinction between notes and bonds, bond issues totalled 1.66
  billion francs, notes 1.39 billion and credits 597.5 mln.
  

"
training/9240	12	earn	"WASHINGTON FEDERAL SAVINGS <WFSL> QUARTERLY DIV
  Qtly div 17 cts vs 17 cts
      Pay April 24
      Record April 7
      Note: year ago adjusted to reflect March 19 three-for-two
  stock split.
      (Washington Federal Savings and Loans Association)
  

"
training/9242	12	earn	"ROWLEY-SCHER <RSCH> TO HAVE LOSS FOR YEAR
  Rowley-Scher Reprographics Inc
  said it expects to report an operating loss and a loss from the
  sale of its Mid South Repro subsidiary for the year ending
  MArch 31.
      Last year, the company reported earnings of 977,000 dlrs.
      Rowley-Scher did not disclose details of the sale of Mid
  South Repro.
      It said the sale has eliminated an unprofitable operation.
      The company also said it will open two new reprographic
  centers in the Washington/Baltimore area within the next three
  weeks, brining the total there to 11, and a new downtown Boston
  location in the same time period, brining the number in the
  Boston area to four.
  

"
training/9243	0	acq	"DIXONS SAID IT GOT AND ACCEPTED ONLY 20 PCT OF CYCLOPS SHARES IN TENDER

  DIXONS SAID IT GOT AND ACCEPTED ONLY 20 PCT OF CYCLOPS SHARES IN TENDER
  

"
training/9246	0	acq	"DIXONS GETS ONLY 20 PCT OF CYCLOPS <CYL> IN BID
  <Dixons Group PLC> said only about
  852,000 shares of Cyclops Corp common stock, or 20 pct on a
  fully diluted basis, were tendered and not withdrawn under its
  bid for all shares that expired yesterday, but the companmy has
  still decided to accept all shares validly tendered.
      The company said it now has about 22 pct ownership of
  Cyclops on a fully diluted basis and expects to proceeds toward
  completion of its proposed acquisition of Cyclops.
      Last week, before extending its Cyclops offer for one week
  at the request of the Securities and Exchange Commission,
  Dixons had reported that 54 pct of Cyclops' stock had been
  tendered in response to its 90.25 dlrs per share offer which
  expired at 2400 EST yesterday.
      Yesterday, CAYACQ Corp dropped certain conditions of its
  92.50 dlrs a share offer for Cyclops and firmed up the
  financing for the proposed transaction. CAYACQ, an investor
  group led by Audio/Video Affiliates Inc and Citicorp, raised
  the value of its offer from 80 dlrs per Cyclops share on Friday.
  

"
training/925	48	trade	"CHINA CALLS FOR BETTER TRADE DEAL WITH U.S.
  China called on the United States to
  remove curbs on its exports, to give it favourable trading
  status and ease restrictions on exports of high technology.
      But the U.S. Embassy replied that Chinese figures showing
  13 years of trade deficits with the U.S. Out of the last 15 are
  inaccurate and said Peking itself would have to persuade
  Congress to change laws which limit its exports.
       The official International Business newspaper today
  published China's demands in a  editorial to coincide with the
  visit of U.S. Secretary of State George Shultz.
       ""It is extremely important that the U.S. Market reduce its
  restrictions on Chinese imports, provide the needed facilities
  for them and businessmen from both sides help to expand Chinese
  exports,"" the editorial said.
       ""The U.S. Should quickly discard its prejudice against
  favourable tariff treatment for Chinese goods and admit China
  into the Generalised System of Preference (GSP).
       ""Despite easing of curbs on U.S. Technology exports in
  recent years, control of them is still extremely strict and
  influences normal trade between the two countries,"" it added
       The paper also printed an article by China's commercial
  counsellor in its Washington embassy, Chen Shibiao, who said
  that ""all kinds of difficulties and restrictions"" were preventing
  bilateral trade fulfilling its full potential.
       He named them as U.S. Protectionist behaviour, curbs on
  technology transfer and out-of-date trade legislation.
       The paper also printed a table showing that, since
  bilateral trade began in 1972, China has had a deficit every
  year except 1972 and 1977. It shows the 1986 and 1985 deficits
  at 2.09 billion and 1.722 billion dlrs.
       A U.S. Embassy official said the U.S. Did not accept
  Peking's trade figures at all, mainly because they exclude
  goods shipped to Hong Kong and then trans-shipped to U.S. While
  U.S. Figures are based on country of origin.
       He said that, if China wants to obtain GSP status, it will
  have to lobby Congress itself to persaude it to amend several
  laws which currently prevent Peking getting such status.
       The U.S. Trade Act of 1974 says that to qualify for GSP,
  China must be a member of the General Agreement of Tariffs and
  Trade (GATT), for which it applied in July 1986, and ""not be
  dominated or controlled by international Communism.""
       The official said China was well aware of the laws, some
  of which date to the anti-Communist early 1950's, but that
  there is not sufficient political will in the U.S. To change
  them.
       China has been the subject of about a dozen cases
  involving anti-dumping in the U.S. Within the last two years,
  which the U.S. Side won, he said.
       But, for the first time, China signed last week an
  agreement which it itself initiated to voluntarily restrain
  exports of at least two categories of steel goods, which may
  lead the U.S. Side to withdraw the anti-dumping case, he added.
       Another diplomat said willingness to provide such
  voluntary export restraints would be an important issue in
  bilateral trade issues and in Peking's application to GATT.
       ""China has the potential to disrupt world markets,
  especially in textiles. Other GATT countries will be nervous
  about China in this respect. But there is a precedent for other
  centralled planned economies in GATT,"" the diplomat said.
       Poland, Czechoslovakia, Hungary and Romania are members of
  GATT but none has China's massive market potential for imports
  or its vast labour pool to produce cheap exports.
       In a speech today in the northeast city of Dalian, U.S.
  Secretary of State George Shultz said his country welcomed
  China's interest in participating in GATT.
       ""The process of Chinese accession will not be accomplished
  overnight -- the GATT rules were not designed for a large
  economy of the Chinese type,"" Shultz said.
       ""China can play an important role by actively joining GATT
  discussions seeking to expand general trading opportunities and
  enhance market access for exports worldwide. China can further
  develop its foreign trade system so as to gain the maximum
  benefit from its GATT participation,"" he said.
       The problems facing U.S.-China trade and GATT membership
  are similar -- a pricing system which many foreign businessmen
  regard as arbitrary and not related to actual costs, especially
  for exports, and a de facto dual currency system.
       In a memorandum backing its application presented to GATT
  last month, China said it was gradually reforming its economic
  system and replacing mandatory instruction with ""guidance
  planning"" and economic levers.
       The diplomat said that, to join GATT, China had much to
  do.
  

"
training/9250	12	earn	"KAUFMAN AND BROAD HOME CORP <KBH> 1ST QTR FEB 28
  Shr 17 cts vs seven cts
      Net 4,678,000 vs 1,856,000
      Revs 110.5 mln vs 61.7 mln
      Avg shrs 27.0 mln vs 25.0 mln
  

"
training/9252	0	acq	"RENOUF HAS 93.4 PCT OF BENEQUITY <BH> UNITS
  <Renouf Corp International> said it
  now owns 93.4 pct of Benequity Holdings a California Limited
  Partnership.
      Renouf  said it has accepted for payment all 3,914,968
  units of Benequity Holdings tendered in response to its 31 dlrs
  per unit offer. Along with the 1,449,550 units already held by
  Renouf, it now owns 93.4 pct of the 5,745,706 units outstanding.
  

"
training/9253	10	crude	"OIL ANALYST SEES PAPUA NEW GUINEA AS GOOD PROSPECT
  Papua New Guinea
  (PNG) provides the most exciting new prospect in the
  Asia-Pacific region for oil production, energy analyst Fereidun
  Fesharaki said here.
      The recent successful find at Iagifu is likely to put PNG
  on the list of major oil exporters by the early 1990s, he told
  the Australian Petroleum Exploration Association annual
  conference.
      Fesharaki, leader of the Energy Program at the East-West
  Center in Honolulu, Hawaii, was speaking on the Asia-Pacific
  petroleum outlook.
      With domestic demand of around 12,000 barrels per day (bpd)
  and prospects of production of over 100,000 bpd by late 1991,
  PNG would become an Ecuador-level crude exporter, Fesharaki
  said.
      The Iagifu wells in the Papuan Basin have recorded the best
  oil flows in more than 60 years of exploration in PNG.
      The PNG government's Geological Survey in a paper
  distributed at the conference estimates Iagifu reserves at
  about 500 mln barrels.
      PNG enjoys the most liberal tax regime in the region with
  no secondary taxes, Fesharaki said.
      ""We expect a much larger oil search in Papua New Guinea, and
  discovery of much larger volumes of oil, similar in quality to
  (light) Bass Strait crude,"" Fesharaki said.
      There are also large pockets of high quality condensates to
  be produced, notably in the Juha field near Iagifu which is
  capable of producing 30,000 to 40,000 bpd, he said.
      But prices should be somewhat higher than the present
  levels to justify development of the Juha field, he said.
      The PNG Geological Survey paper noted there are five large
  prospective but little-explored sedimentary basins in PNG.
  

"
training/9255	12	earn	"USAIR GROUP INC <U> SETS QUARTERLY
  Qtly div three cts vs three cts prior
      Pay April 30
      Record April 16
  

"
training/9258	0	acq	"MCFARLAND <MCFE> TO BUY PETROMINERALS <PTRO>
  McFarland Energy Inc
  said its board and that of Petrominerals Corp have approved a
  definitive agreement for McFarland to acquire Petrominerals in
  an exchange of stock.
      McFarland said it would exchange one common share for each
  5.4 Petrominerals shares.  McFarland said former holders of
  Petrominerals will have a 25 pct interest in the combined
  company.
      The merger is still subject to approval by shareholders of
  both companies.
  

"
training/9259	0	acq	"TIMMINCO ACQUIRES UNIVERSAL ADHESIVES
  <Timminco Ltd> said it acquired
  Universal Adhesives Inc, of Memphis, for undisclosed terms, in
  a move to expand Timminco's operations into the United States.
      The company said Universal Adhesives, with five U.S.
  plants, has annual sales of 12 mln U.S. dlrs, which will double
  Timminco's presence in the North American adhesives market.
      Timminco said Universal Adhesives will complement the
  company's Canadian-based industrial adhesives division and is a
  key step in its long-term goal for expansion in the specialty
  chemical field.
  

"
training/9260	12	earn	"<PALOMA PETROLEUM LTD> YEAR NET
  Shr 32 cts vs 29 cts
      Net 3,320,206 vs 2,990,695
      Revs 13.5 mln vs 14.9 mln
  

"
training/9263	12	earn	"<AMERICAN RESOURCE CORP LTD> YEAR NET
  Shr five cts vs 51 cts
      Net 2,300,000 vs 22,500,000
      Revs not given
      Note: Prior shr and net include 20.3 mln U.S. dlr gain on
  sale of equity holdings
      Results in U.S. funds
  

"
training/9264	0	acq	"WASTE MANAGEMENT ENDS TENDER OFFER FOR CHEMLAWN

  WASTE MANAGEMENT ENDS TENDER OFFER FOR CHEMLAWN
  

"
training/9265	5	coffee	"WEST GERMAN JAN COFFEE IMPORTS DOWN ON YEAR-AGO
  West German gross green coffee imports
  in January fell sharply to 38,616 tonnes from 54,576 in January
  last year, figures from the Federal Statistics Office show.
      Imports of decaffeinated unroasted coffee were 396 tonnes
  against nil a year earlier.
  

"
training/9266	12	earn	"ONE VALLEY BANCORP <OVWV> RAISES QUARTERLY
  Qtly div 26 cts vs 25 cts prior
      Pay April 15
      Record March 31
      NOTE: One Valley Bancorp of West Virginia Inc.
  

"
training/9267	12	earn	"NATIONAL DATA CORP <NDTA> 3RD QTR FEB 28 NET
  Shr 31 cts vs 26 cts
      Net 3,516,000 vs 2,972,000
      Revs 40.0 mln vs 36.3 mln
      Avg shrs 11.4 mln vs 11.2 mln
      Nine mths
      Shr 89 cts vs 73 cts
      Net 10.0 mln vs 8,146,000
      Revs 116.8 mln vs 105.0 mln
      Avg shrs 11.3 mln vs 11.1 mln
  

"
training/9268	12	earn	"NVHOMES <NVH> SETS TWO-FOR-ONE SPLIT
  NVHomes LP said its board declared
  a two-for-one split of Class A units, payable to shareholders
  of record on April 20.
      It said certificates will be distributed about two weeks
  after the record date.
  

"
training/9270	12	earn	"VANGUARD TECHNOLOGIES INTERNATIONAL INC <VTI>
  Shr 19 cts vs 10 cts
      Net 653,464 vs 287,606
      Revs 10.6 mln vs 7,600,000
      Year
      Shr 68 cts vs 46 cts
      Net 2,309,181 vs 1,408,813
      Revs 38.4 mln vs 26.0 mln
  

"
training/9271	12	earn	"THOMSON MCKINNON U.S. GOVERNMENT FUND DIVIDEND
  Mthly div 7.3 cts vs 7.5 cts in prior month
      Payable April six
      Record Marcxh 30
  

"
training/9272	12	earn	"THOMSON MCKINNON INCOME FUND DIVIDEND
  Mthly div 8.5 cts vs 9.2 cts in prior month
      Payable April six
      Record Marcxh 30
  

"
training/9273	12	earn	"(OAKRIDGE HOLDINGS INC) 2ND QTR DEC 31 NET
  Shr 48 cts vs four cts
      Net 882,000 vs 82,000
      Sales 968,000 vs 784,000
      Six mths
      Shr 53 cts vs 11 cts
      Net 970,000 vs 202,000
      Sales 2,001,000 vs 1,521,000
      NOTE: 1986 net includes a gain of 26 cts a share from the
  sale of a funeral home, and tax credits of 20 cts. 1985 net
  includes tax credits of one cent in the quarter and 3.7 cts in
  the six months period.
  

"
training/9274	12	earn	"GENERAL COMPUTER CORP <GCCC> 3RD QTR FEB 28 NET
  Shr 10 cts vs 20 cts
      Net 146,000 vs 230,000
      Revs 3,766,000 vs 3,271,000
      Avg shrs 1,458,000 vs 1,125,000
      Nine mths
      Shr 15 cts vs 58 cts
      Net 212,000 vs 653,000
      Revs 10.6 mln vs 9,561,000
      Avg shrs 1,458,000 vs 1,125,000
  

"
training/9277	0	acq	"BRIERLEY OFFER FOR PROGRESSIVE STILL VALID
  <Brierley Investments Ltd>, (BIL),
  said its offer of 4.20 N.Z. Dlrs per share for supermarket
  group <Progressive Enterprises Ltd> still stands, although
  <Rainbow Corp Ltd> said today it has 52 pct of Progressive.
      BIL said in a statement it will review events on a daily
  basis.
      Rainbow announced earlier that it had increased its stake
  in Progressive to 52 pct from 44 pct through the purchase of
  9.4 mln shares at between 3.80 and 4.80 N.Z. Dlrs per share.
      BIL chief executive Paul Collins said: ""All Rainbow has done
  is to outlay a substantial amount of cash to purchase shares
  from parties who presumably were supportive of the merger.""
      Rainbow has proposed a merger with Progressive to form a
  new company, <Astral Pacific Corp Ltd>. Under the merger,
  shareholders in both Progressive and Rainbow will be issued
  shares in the new company on a one-for-one basis.
      ""Quite simply, Rainbow should now bid for the balance of
  Progressive Enterprises at 4.80 N.Z. Dlrs per share,"" Collins
  said.
  

"
training/9278	12	earn	"AVATAR HOLDINGS INC <AVTR> YEAR NET
  Oper shr 32 cts vs seven cts
      Oper net 2,599,000 vs 550,000
      Revs 94.4 mln vs 69.4 mln
      NOTE: Net excludes tax credits of 1,405,000 dlrs vs
  3,538,000 dlrs.
  

"
training/9279	10	crude	"NORWAY OFFERS 11TH LICENCE ROUND OFFSHORE BLOCKS
  Norway has offered 10 new offshore blocks
  to foreign and domestic applicants in the first phase of the
  country's eleventh concession round, government officials said.
      Company shares in each of the licences proposed by the Oil
  and Energy Ministry are not final. The ministry has given the
  companies 10 days to accept or decline the proposed shares.
      French companies Ste Nationale Elf Aquitaine <ELFP.PA> and
  Total Cie Francaise des Petroles <TPN.PA>, which were expected
  to receive operatorships following France's agreement last
  autumn to purchase gas from Norway's Troll field, were not
  offered operatorships in this round, industry sources said.
      Three eleventh round blocks were awarded in the
  Haltenbanken exploration tract off central Norway, including
  the Smoerbukk West field where Den Norske Stats Oljeselskap A/S
  <STAT.OL> (Statoil) was appointed operator.
      Statoil will share the licence with subsidiaries of U.S.
  Oil companies Tenneco Inc <TGT.N> and Texas Eastern Corp
  <TET.N> and the Italian oil company <Agip SpA>'s Norwegian
  subsidiary.
      E.I. Du Pont de Nemours <DD.N> subsidiary Conoco Norway Inc
  was named operator on Haltenbanken block 6406/8 and will share
  the licence with Statoil.
      Norsk Hydro A/S <NHY.OL> will operate nearby block 6407/10
  with partners Statoil, Norsk Agip A/S, Royal Dutch/Shell
  Group's <RD.AS> A/S Norske Shell and <Deminex> unit Deminex
  (Norge) A/S.
      Statoil has been offered the operatorship on a new block in
  the relatively unexplored Moere South exploration area south of
  Haltenbanken, with A/S Norske Shell, Texas Eastern and
  <Petroleo Brasileiro SA> (Petrobras) also offered stakes in the
  block.
      Norwegian companies landed operatorships on all six blocks
  opened in the Barents Sea area off northern Norway. The blocks
  were awarded in three licenses, each covering two blocks.
      Statoil will head exploration on blocks 7224/7 and 7224/8,
  sharing the licence with Exxon Corp's <XON.N> Norwegian
  subsidiary Esso Norge A/S, The British Petroleum Co PLC's
  <BP.L> BP Petroleum Development (Norway) Ltd, Shell, Norsk
  Hydro and Saga Petroleum A/S <SAGP.OL>.
      Blocks 7219/9 and 7220/7 were awarded to Norsk Hydro, the
  operator, Statoil, Mobil Corp's <MOB.N> Mobil Exploration
  Norway, Petrofina SA's <PETB.BR> Norske Fina A/S and BP.
      The third Barents Sea licence, covering blocks 7124/3 and
  7125/1, went to Saga Petroleum A/S, the operator, Statoil,
  Atlantic Richfield Co's <ARC.N> Arco Norge A/S, Total Marine
  Norge A/S and Amerada Hess Corp <AHC.N>.
      The oil ministry withheld awards on four strategic blocks
  included in the eleventh round's second phase.
      The ministry is accepting applications for phase two blocks
  until early April and the awards will likely be announced this
  summer, officials said.
  

"
training/9280	12	earn	"PERCEPTION TECHNOLOGY <PCEP> TO TAKE CHARGE
  Perception Technology Corp said
  it expects to take a charge of about 686,000 dlrs or 19 cts per
  share against earnings for the second quarter ended March 31
  due to the bankruptcy proceeding of customer T.C. of New York
  Inc.
      Perception said it has outstanding lease receivables from
  T.C. of about 2,480,000 dlrs.
      It said the exact amnount of the charge will depend on the
  extent of recovery of the leased equipment involved and on
  arrangements that might be made with the bankruptcy court on
  the equipment.
  

"
training/9283	0	acq	"REUTERS TO BUY I P SHARP OF CANADA
  Reuters Holdings Plc <RTRS.L> said it
  had agreed in principle to buy <I P Sharp Associates Ltd> of
  Toronto for 30.4 mln stg.
      Sharp is a time-sharing network and database company
  specialising in finance, economics, energy and aviation. It
  operates a global packet-switching network and global limits
  systems for foreign exchange trading.
      Sharp shareholders will be offered cash, shares or a
  mixture of the two in settlement. The acquisition, which is
  subject to Canadian government approval, would be through
  amalgamation into a specially-created company.
      Reuters said it had been given options by a number of Sharp
  shareholders covering 67 pct of the common stock pending
  completion of a Reuters review of the company.
      Sharp operates 38 offices in 20 countries. In 1986 it
  reported revenue of 55 mln Canadian dlrs with a pretax loss of
  1.6 mln compared with a 1.9 mln profit in 1985.
      However, Sharp said that internal accounts showed the
  company was in profit in the first two months of 1987.
      End-1986 net assets totalled 11.85 mln dlrs.
      A Reuters statement said the acquisition would fit
  perfectly into its package for the banking and securities
  industries.
  

"
training/9284	12	earn	"HORIZON BANK <HRZB> SETS STOCK SPLIT
  Horizon Bank said its board
  declared a three-for-two stock split, payable April 21 to
  holders of record April Seven.
  

"
training/9285	0	acq	"WASTE <WMX> ENDS OFFER FOR CHEMLAWN <CHEM>
  Waste Management Inc said its
  wholly owned subsidiary, WMX Acquisition Corp, ended its tender
  offer to buy shares of ChemLawn Corp at 35 dlrs a share.
      All shares tendered to Waste Management will be returned to
  shareholders as soon as practical, it said.
      Earlier this week, ChemLawn agreed to accept a merger
  proposal at 36.50 dlrs a share from Ecolab Inc in a transaction
  valued at about 370 mln dlrs.
  

"
training/9287	12	earn	"<ACKERLY COMMUNICATIONS INC> YEAR LOSS
  Shr loss 1.44 dlrs vs loss 1.50 dlrs
      Net loss 10.1 mln vs loss 8,866,000
      Revs 122.3 mln vs 112.5 mln
      Avg shrs 7,671,855 vs 6,520,928
  

"
training/9288	0	acq	"UNITED MEDICAL <UM> TO SELL UNIT
  United Medical Corp said it
  has reached a definitive agreement to sell its hospital
  distribution unit to <Myriad Group Inc> for undisclosed terms,
  with closing expected in the next several weeks.
  

"
training/929	8	cpi	"ITALY CONSUMER PRICES RISE 0.4 PCT IN FEBRUARY
  Italy's consumer price index rose 0.4 pct
  in February compared with January after rising 0.6 pct in
  January over December, the national statistics institute
  (Istat) said.
      The year-on-year rise in February was 4.2 pct down from 4.5
  pct in January and compared with 7.6 pct in February 1986.
      Istat said its consumer prices index for the families of
  workers and employees (base 1985) was 109.1 in February against
  108.7 in January and 104.7 in February 1986.
  

"
training/9290	29	livestock	"CCC ACCEPTS BONUS BID ON CATTLE FOR EGYPT - USDA
  The Commodity Credit Corporation has
  accepted a bid for an export bonus to cover the sale of 760
  head of dairy cattle to Egypt, the U.S. Agriculture Department
  said.
      The delivery period for the cattle is April, 1987-June,
  1988, it said.
      The bonus of 1,870.00 dlrs per head was made to Esmah
  Nevada Inc and will be paid in the form of commodities from the
  CCC inventory.
      An additional 7,199 head of dairy cattle are still
  available to Egypt under the Export Enhancement Program
  initiative announced September 12, 1986, the department said.
  

"
training/9293	10	crude	"THATCHER DEFENDS UK OIL POLICY IN SAUDI INTERVIEW
  British Prime Minister Margaret Thatcher
  denied in an interview published in Saudi Arabia today that her
  government's oil policy contributed to weakness in world oil
  prices.
      She said the government was determined not to intervene to
  influence production decisions by oil companies operating in
  the North Sea.
      ""We believe these must be a matter for the commercial
  judgment of the oil companies,"" she told the Arabic language
  daily al-Sharq al-Awsat in an interview coinciding with a visit
  to London by King Fahd of Saudi Arabia.
      Thatcher said this policy had not contributed to the fall
  in oil prices as North Sea production was now about the same as
  in 1984 when prices were close to 30 dlrs a barrel.
      British production was on a plateau and was unlikely to
  increase in the future, she said.
      ""We naturally share the concern of Saudi Arabia and other
  OPEC members about the harmful effects of oil market volatility
  for both producer and consumer countries,"" Thatcher said.
      ""On our part, we are careful to avoid any actions which
  might add to such volatility.""
  

"
training/9294	8	cpi	"MARCH PRICES FELL IN GERMAN STATE ON YEAR-AGO
  The cost of living in North
  Rhine-Westphalia, Germany's most populous state, fell 0.1 pct
  in the month to mid-March to stand 0.5 pct lower than at the
  same time a year earlier, the regional statistics office said.
      Prices had risen 0.3 pct in the month to mid-February but
  had fallen 0.7 pct year-on-year.
      The regional figures are considered a good guide to
  national inflation trends. The Federal Statistics Office is due
  to publish provisional national figures for March by the end of
  this month.
  

"
training/9296	0	acq	"CROSSLAND SAVINGS <CRLD>ACQUIRES WESTERN SAVINGS
  CrossLand Savings FSB said it has
  acquired Western Savings and Loand Co with the assistance of
  the Federal Savings and Loan Insurance Corp.
      CrossLand said Salt Lake City based Western has been
  combined with its two Florida-based thrift subsidiaries. The
  parent company contributed 50 mln dlrs in cash to the resulting
  1.7 billion dlr asset subsidiary which will operate under the
  name CrossLand Savings FSB with headquarters in Salt Lake City.
      CrossLand said Western, with assets of 400 mln dlrs,
  operated 13 branch offices in the states of California, Oregon,
  Utah and Washington.
      To facilitate the acquisition, CrossLand said, Western was
  converted from a mutual to a stock association in a voluntary
  supervisory conversion. Crossland and the FSLIC executived an
  assistance agreement indemnifying CrossLand from certain losses
  that could occur in connection with Western's loan portfolio.
      The company said James J. Heagerty, chairman and chief
  executive officer of CrossLand Savings FSLA in Bradenton, Fla.,
  will serve in that capacity for the new subsidiary resulting
  from the merger.
      Western's president, Christopher J. Sumner, will be
  president of the combined unit, CrossLand said.
  

"
training/9299	32	money-fx	"BANK OF ENGLAND DRAINS MONEY MARKET LIQUIDITY
  The Bank of England said it drained
  liquidity from the money market when it sold 167 mln stg of
  treasury bills due March 27 at rates between 9-9/16 and 10 pct.
      Earlier, the bank estimated a surplus of around 250 mln stg
  in the system today.
  

"
training/93	12	earn	"<IVACO INC> YEAR NET
  Shr 1.11 dlrs vs 1.04 dlrs
      Net 44,092,000 vs 35,145,000
      Revs 1.94 billion vs 1.34 billion
      Note: 1986 results include extraordinary gain of 1,035,000
  dlrs or six cts a share from secondary share offering of Canron
  unit.
  

"
training/930	10	crude	"MOBIL PLAN TO OPEN PEKING OFFICE, CHINA DAILY SAYS
  Mobil Corp <MOB.N> of the U.S. Plans to
  open an office in Peking to develop oil exploration
  opportunities in China, the China Daily said.
      It quoted Mobil president Richard Tucker, currently in
  Peking, as saying he is optimistic about investment prospects
  in China and that Peking will continue to encourage foreign
  private businesses to invest here.
      It said Mobil bought 73 mln dlrs of crude oil and oil
  products from China in 1986 and sold it lubricant and
  fertiliser, but gave no more details.
  

"
training/9301	12	earn	"VICORP RESTAURANTS INC <VRES> 1ST QTR FEB 15 NET
  Shr profit 1.17 dlrs vs loss 12 cts
      Net profit 11.3 mln vs loss 1,038,000
      Revs 104.6 mln vs 128.7 mln
      NOTE: Current year net includes gain 9,500,000 dlrs from
  the sale of its specialty restaurants unit, charge 1,200,000
  dlrs from addition to insurance reserves, 4,600,000 dlr tax
  credit and 660,000 dlr charge from debt repayment.
  

"
training/9302	0	acq	"COMMERZBANK TO ACQUIRE AND FLOAT LINOTYPE
  Commerzbank AG <CBKG.F> said it will
  acquire <Linotype GmbH>, Europe's largest manufacturer of
  type-setting and printing communications technology from Allied
  Signal Inc <ALD.N> and float off the shares in the company.
      Commerzbank declined to say how much it had paid for
  Linotype.
      Linotype's group turnover in 1986 rose 15 pct to more than
  500 mln marks, the bank said. The group's net return on capital
  was seven pct.
  

"
training/9304	45	sugar	"EC EXPORT LICENCES FOR 59,000 TONNES WHITE  SUGAR AT REBATE 45.678 ECUS - FRENCH TRADERS

  EC EXPORT LICENCES FOR 59,000 TONNES WHITE  SUGAR AT REBATE 45.678 ECUS - FRENCH TRADERS
  

"
training/9305	45	sugar	"U.K. INTERVENTION BOARD DETAILS EC SUGAR SALES
  A total 59,000 tonnes of current series
  white sugar received export rebates of a maximum 45.678
  European Currency Units (Ecus) per 100 kilos at today's
  European Community (EC) tender, the U.K. Intervention Board
  said.
      Out of this, traders in West Germany received 34,750
  tonnes, in the U.K. 13,000, in Denmark 7,250 and in France
  4,000 tonnes, it added.
      Earlier today, London traders had expected the subsidy for
  the current season whites campaign for licences to end-Aug to
  be more than 45.00 Ecus per 100 kilos but Paris traders were
  more precise by forecasting a rebate level of 45.75 to 46.0
  Ecus.
      London traders were also reluctant earlier to predict the
  likely tonnage to be authorised for export in view of the
  on-going dispute between the Commission and European producers
  over the threatened action by the producers to move over
  800,000 tonnes to intervention.
      Last week saw 60,500 tonnes whites athuorised for export at
  a maximum rebate of 44.819 Ecus per 100 kilos.
  

"
training/9306	12	earn	"PIONEER-STANDARD ELECTRONICS INC <PIOS> PAYOUT
  Qtly div three cts vs three cts prior
      Pay May One
      Record April Eight
  

"
training/9308	48	trade	"HOUSE WAYS AND MEANS CMTE FINISHES WORK ON BILL TO TOUGHEN TRADE LAWS

  HOUSE WAYS AND MEANS CMTE FINISHES WORK ON BILL TO TOUGHEN TRADE LAWS
  

"
training/9311	12	earn	"FABRI-CENTERS <FCA> 4TH QTR ENDS JAN 31 NET
  Shr 40 cts vs 41 cts
      Net 1,979,000 vs 2,101,000
      Revs 67.7 mln vs 63.6 mln
      12 mths
      Shr 36 cts vs 20 cts
      Net 1,798,000 vs 1,034,000
      Revs 239.4 mln vs 233.2 mln
  

"
training/9312	12	earn	"TSENG LABORATORIES INC <TSNG> 4TH QTR NET
  Shr profit one ct vs loss nil
      Net profit 200,052 vs loss 56,782
      Revs 2,394,198 vs 706,393
      Avg shrs 17.8 mln vs 19.8 mln
      Year
      Shr profit one ct vs profit one ct
      Net profit 258,125 vs profit 164,553
      Revs 4,225,731 vs 3,027,892
      Avg shrs 17.9 mln vs 19.5 mln
  

"
training/9313	12	earn	"PARK ELECTROCHEMICAL CORP <PKE> SETS PAYOUT
  Qtly div three cts vs three cts prior
      Pay May 20
      Record April 20
  

"
training/9314	43	ship	"BRAZIL SEAMEN SAY STRIKE NEAR END
  About half of Brazil's 40,000 seamen
  have returned to work after accords with 22 companies, and the
  national strike which began on February 27 looks close to
  ending, a union spokesman said.
      The spokesman, speaking from strike headquarters in Rio de
  Janeiro, estimated that 80 ships were strike-bound.
      The seamen have settled for 120 pct pay increases with the
  individual companies but are still discussing the issue of
  overtime payments with the shipowners' association, Syndarma.
  

"
training/9315	48	trade	"KEY U.S. HOUSE PANEL FINISHES MAJOR TRADE BILL
  The House Ways and Means Committee
  completed action on legislation to toughen U.S. trade laws,
  chairman Dan Rostenkowski said.
      The committee's consideration of one of the most
  controversial provisions, a plan to force major trade surplus
  countries to cut their trade imbalance with the United States,
  was deferred until the full House considers the trade bill, its
  sponsor Rep. Richard Gephardt said.
      Gephardt, a Missouri Democrat, told Reuters he was not
  certain the exact form his trade surplus reduction proposal
  would take. Last year the House approved his plan to force a 10
  pct surplus cutback each year for four years, by countries such
  as Japan.
      The Ways and Means Committess' trade bill forces President
  Reagan to retaliate against unfair trade practices that violate
  international trade agreements but it allows him to wave
  retaliatory tariffs or quotas if the action would hurt the U.S.
  economy.
      The trade bill gives U.S. Trade Representative Clayton
  Yeutter more authority in trade negotiations and in decisions
  to grant domestic industries import relief.
      It also gives him authority to decide whether foreign trade
  practices are unfair and violate U.S. trading rights. These
  powers are currently held by President Reagan.
      The administration has strongly objected to this transfer
  of authority from Reagan to Yeutter.
      The bill also extends U.S. authority to negotiate
  multilateral trade agreements. The bill will be wrapped into
  other trade legislation and voted on in the House in April.
  

"
training/9316	12	earn	"RUSS TOGS INC <RTS> 4TH QTR JAN 31 NET
  Shr 82 cts vs 76 cts
      Net 4,200,000 vs 3,954,000
      Sales 58.7 mln vs 60.6 mln
      Year
      Oper shr 2.68 dlrs vs 2.47 dlrs
      Oper net 13.8 mln vs 13.0 mln
      Sales 274.3 mln vs 276.8 mln
      NOTE: Prior year net excludes loss 1,120,000 dlrs from
  discontinued operations and loss on disposal of 922,000 dlrs.
  

"
training/932	0	acq	"KLM TO TAKE 15 PCT STAKE IN AIR UK
  KLM Royal Dutch Airlines <KLM.A> said
  it agreed to take a 15 pct stake in Air U.K. Ltd, a subsidiary
  of British and Commonwealth Shipping Plc <BCOM.L>, in a
  transaction worth around two mln stg.
     A KLM spokesman said KLM already cooperated closely with Air
  UK, which runs 111 flights a week to Amsterdam's Schipol
  airport from nine UK cities.
     British and Commonwealth Shipping said last week it held
  preliminary talks about a KLM minority stake in Air U.K. But
  gave no further details. KLM said it hoped the move would
  attract more British feeder traffic to Amsterdam Airport.
  

"
training/9324	0	acq	"THERMO PROCESS <TPSI> ACQUISITION TERMINATED
  Thermo Process Systems Inc said
  its proposed acquisition of the Surface Combustion Division of
  privately-held <Midland-Ross Corp> has been terminated because
  mutually satisfactory terms could not be established.
  

"
training/9326	1	alum	"NORANDA RAISES PRIMARY ALUMINUM PRICES
  Noranda Aluminum Inc. said it has
  increased its primary aluminum prices by two cents a lb,
  effective with new orders as of March 25 and all shipments
  beginning May 1.
      The new price for unalloyed ingot will be 64.5 cents a lb
  while the new price for extrusion billet will be 72.5 cents a
  lb.
  

"
training/9328	12	earn	"UTILICORP <UCU> SEES HIGHER 1987 FIRST QUARTER
  Utilicorp United Corp
  said it expects to report 1987 first quarter earnings of about
  12 mln dlrs or about 1.12 dlrs a share and revenues of about
  190 mln dlrs.
      In the comparable quarter a year ago, Utilicorp earned 8.5
  mln dlrs or 87 cts on revenues of 203 mln dlrs.
      There are 9.6 mln shares outstanding this year, up from the
  8.5 mln shares in 1986, Utilicorp's president Richard Green
  told financial analysts here.
      First quarter 1987 results include one month contribution
  of West Virginia Power, which became a division on March 1,
  1987, Green said in remarks prepared for delivery to analysts.
      Higher earnings for the period reflected reduced operating
  and maintenenace expenses and about 10 mln dlrs in rate
  increases in Iowa, Minnesota, Kansas and Colorado, he said.
      However, Utilicorp's Missouri Public Service division is
  experiencing the effect of a 5.9 pct rate reduction authorized
  in September 1986, he noted.
      Of Utilicorp's total revenues expected for the 1987 first
  quarter, about 43 mln dlrs will be derived from electric
  operations and about 147 mln dlrs will come from gas
  operations, he said.
      Operating income derived from electric operations in the
  first three months of 1987 is estimated to be eight mln dlrs,
  while the contribution from gas operations will be about 10 mln
  dlrs, Green said.
      Green told analysts that Utilicorp received regulatory
  approval from various states and the Federal Energy Regulatory
  Commission to reincorporate in Delaware, effective April one.
      Utilicorp signed an agreement with Cominco Ltd of Vancouver
  to extend the deadline to May 31, 1987, for completion of the
  company's purchase of West Kootenay Power and Light of British
  Columbia, due to a longer than expected regulatory approval
  process, he said.
      Hearings were completed in February and a decision by the
  British Columbia Utilities Commission on the 60 mln dlrs
  purchase by Utilicorp is pending, he said.
  

"
training/9330	12	earn	"TSENG <TSNG> SEES SALES INCREASE FIRST QTR 1987
  Tseng Laboratories Inc said it
  expects first quarter 1987 sales to exceed total sales for the
  entire 1986 year, and said it expects earnings for the quarter
  to grow at a faster rate than sales.
      Tseng posted total revenues for 1986 of 4,255,731, and net
  income of 258,125, or 14 cts per share.
      Jack Tseng, president of the company, attributed the high
  expectations to increased orders from major costomers, as well
  as accelerated business from its growing reseller network.
      Tseng posted first quarter 1986 sales of 549,950, and net
  income of 19,163, the company said.
  

"
training/9332	0	acq	"STOCKHOLDER SYSTEMS <SSIAA> MAKES ACQUISITION
  Stockholder Systems Inc said it has
  agreed in principle to acquire privately-held Software Concepts
  Inc, which provides software for check processing, mortgage
  application processing and safe deposit box accounting, for
  undisclosed terms.
      Software Concepts had revenues of about 3,200,000 dlrs for
  the year ended June 30.
  

"
training/9333	12	earn	"CONCEPT INC <CCPT> 2ND QTR FEB 28 NET
  Shr 11 cts vs five cts
      Net 656,000 vs 314,000
      Sales 8,868,000 vs 6,499,000
      Avg shrs 5,823,000 vs 5,705,000
      1st half
      Shr 22 cts vs 13 cts
      Net 1,296,000 vs 795,000
      Sales 17.3 mln vs 13.5 mln
      Avg shrs 5,809,000 vs 5,973,000
      NOTE: Share adjusted for five-for-four split in February
  1987.
  

"
training/9334	12	earn	"LIFE OF INDIANA CORP <LIFI> 4TH QTR LOSS
  Shr loss two cts vs profit six cts
      Net loss 103,000 vs profit 319,000
      Revs 4,357,000 vs 6,494,000
      Avg shrs 5,415,185 vs 5,646,185
      Year
      Shr profit 22 cts vs profit 10 cts
      Net profit 1,236,000 vs profit 570,000
      Revs 22.2 mln vs 24.8 mln
      Avg shrs 5,638,596 vs 5,646,185
      NOTE: 1986 net includes tax credits of 30,400 dlrs in
  quartger and 58,000 dlrs in year.
  

"
training/9335	12	earn	"B.F. SAUL REAL ESTATE INVESTMENT <BFS> PAYOUT
  Qtly div five cts vs five cts prior
      Pay April 30
      Record April 10
      NOTE: B.F. Saul Real Estate Investment Trust.
  

"
training/9337	12	earn	"MAYTAG <MYG> SEES CAPITAL SPENDING UP IN 1987
  Maytag Co said it expects capital
  spending in 1987 to increase to about 60 mln dlrs from 49 mln
  dlrs in 1986.
      Maytag chairman and chief executive officer Daniel Krumm
  said the company plans a ""significant"" investment at its
  Admiral refrigerator plant in Galesburg, Ill., as well as
  continued spending for product improvement and increased
  efficiency at other Maytag facilities.
      Earlier, the company reported 1986 net income of 111.2 mln
  dlrs, or 2.57 per share, versus net income of 124.9 mln dlrs,
  or 2.89 dlrs a share, in 1985.
  

"
training/9338	0	acq	"TRAVELERS <TIC> UNIT TO BUY REALTY DIVISIONS
  The Travelers Corp's Travelers
  Mortgage Services said it signed a letter of intent to buy two
  subsidiaries of the privately-held <Equitable Life Assurance
  Society of the U.S.>
      The company said it plans to acquire the Equitable
  Relocation Management Corp and the Equitable Realty Network
  Inc.
      The company said the acquisitions will give it broader
  distribution of its corporate relocation service and mortgage
  programs.
  

"
training/9339	12	earn	"COMMUNICATIONS AND CABLE INC <CCAB> 1ST QTR NET
  Oper shr seven cts vs loss nil
      Oper net 988,000 vs loss 52,000
      Revs 2,267,000 vs 791,000
      NOTE: Net excludes gains from discontinued operations of
  65,000 dlrs vs 75,000 dlrs.
      Current year net includes gain 1,025,000 dlrs from sale of
  cellular telephone investment.
      Prior year figures restated for discontinued operations.
  

"
training/9343	0	acq	"DALLAS INVESTOR CUTS STAKE IN MCDERMOTT (MDR)
  A group led by Dallas investor
  Harold Simmons told the Securities and Exchange Commission it
  had reduced its stake in McDermott International Inc by one
  pct, to under five pct.
      The group had said in a March 10 filing, announcing
  acquisition of 5.4 pct of the firm's stock, that it might
  consider seeking control of the company.
  

"
training/9345	38	platinum	"INTN'L PLATINUM, DEGUSSA IN JOINT VENTURE TALKS
  International Platinum Corp said it
  signed a letter of intent to enter into further negotiations on
  a joint venture exploration agreement with Degussa A.G., of
  West Germany, regarding several North American platinum
  properties.
      Conclusion of the agreement is subject to completion of
  further detailed examination by Degussa, as well as board and
  regulatory approvals.
      Under terms of the letter of intent, Degussa would
  contribute substantially to a three year exploration budget of
  4.5 mln dlrs in return for a 50 pct interest in the venture.
      Degussa's contribution to the exploration budget will be
  based on it matching International Platinum's past exploration
  and acquisition costs, estimated at about two mln dlrs, and
  then contributing on a pro rata basis, International Platinum
  said.
      Degussa's contribution would provide a major portion of
  International Platinum's exploration budget, especially during
  the first and second year of the proposed joint venture, the
  company said.
  

"
training/9346	12	earn	"WESTWOOD ONE INC <WONE> 1ST QWTR FEB 28 NET
  Shr 12 cts vs eight cts
      Net 1,440,000 vs 830,000
      Revs 15.9 mln vs 11.2 mln
      Avg shrs 12,342,000 vs 10,826,000
  

"
training/9348	43	ship	"IRAN SAYS HAS BETTER WEAPONS THAN SILKWORM
  Iranian Prime Minister Mir-Hossein
  Mousavi said Iran had ""more effective"" missiles at its disposal
  than the shore-to-sea missiles which had provoked U.S. Concern,
  Tehran Radio reported.
      A U.S. State Department spokesman said last week Iran had
  acquired Chinese-made Silkworm missiles which posed a greater
  threat to shipping in the Gulf than the weapons previously
  used.
      Tehran Radio, monitored by the British Broadcasting Corp,
  quoted Mousavi as saying that Tehran officially announced after
  its forces overran southern Iraq's Faw peninsula in February
  last year that it had shore-to-sea missiles.
      ""The fact that the Americans, after so much delay, are now
  thinking of expressing their concern with panic is because
  Reagan needs this sensation now,"" said Mousavi, speaking after a
  cabinet meeting in Tehran.
      ""We also announce today that these missiles are not the
  limit of our war capabilities in the Gulf,"" he added.
      Mousavi said the security of the Gulf region had nothing to
  do with the U.S. But Iran would resort to any action to defend
  the Gulf, ""even those actions which are not thought probable by
  Westerners.""
  

"
training/9349	45	sugar	"EC COMMISSION DETAILS SUGAR TENDER
  The European Community Commission
  confirmed it granted export licences for 59,000 tonnes of
  current series white sugar at a maximum export rebate of 45.678
  European Currency Units (ECUs) per 100 kilos.
      Out of this, traders in West Germany received 34,750
  tonnes, in the U.K. 13,000, in Denmark 7,250 tonnes and in
  France 4,000 tonnes.
  

"
training/9352	12	earn	"TRICENTROL TO CONCENTRATE ON PROVEN RESERVES
  Tricentrol Plc <TCT.L> said it will
  concentrate most of its efforts this year on its proven oil and
  gas reserves in order to maximise benefits to shareholders in
  the mid to long-term.
      It said in a statement ""We are confident that substantial
  development funds will be available to Tricentrol and that we
  will be able to minimise further disposal of our interests.""
      Tricentrol wrote off 57.5 mln stg on the reorganisation of
  its North American operations last year, when oil prices
  plunged. The group incurred a 1986 net loss of 3.7 mln stg
  against a 25.4 mln profit the previous year.
  

"
training/9354	12	earn	"BROOKLYN UNION GAS CO <BU> SETS PAYOUT
  Qtrly div 41.5 cts vs 41.5 cts prior
      Pay May One
      Record April 6
  

"
training/9356	43	ship	"ARGENTINE PORT WORKERS TAKE INDUSTRIAL ACTION
  Argentine port workers began an
  indefinite protest against safety conditions at the port of
  Buenos Aires, stopping work for one hour per shift, a press
  spokesman said.
      He said three port workers had died over the last month in
  accidents. He said the decision to take action was made after a
  port worker died yesterday after being electrocuted.
  

"
training/9357	0	acq	"NOVAMIN SAYS IT RECEIVED PROPOSED TAKEOVER BID FROM BREAKWATER

  NOVAMIN SAYS IT RECEIVED PROPOSED TAKEOVER BID FROM BREAKWATER
  

"
training/9363	0	acq	"NOVAMIN IN PROPOSED BUYOUT BY BREAWATER <BWRLF>
  <Novamin Inc> said it received a
  proposed takeover offer from Breakwater Resources Ltd involving
  a swap of one Breakwater share for two Novamin common shares.
      It said the proposal also called for conversion of
  outstanding Novamin warrants into Breakwater common shares on
  the same basis, provided the exercise price was paid by the
  warrant holders.
      Novamin, a mineral exploration company, said directors
  would meet next Tuesday to deal with the proposal, which, it
  said, was subject to approval by Breakwater directors.
  

"
training/9364	12	earn	"LILLY INDUSTRIAL COATINGS INC <LICIA> 1ST QTR
  Feb 28 end
      Shr 18 cts vs 13 cts
      Net 1,541,000 vs 1,122,000
      Sales 36.7 mln vs 33.5 mln
      Avg shrs 8,517,000 vs 8,441,000
      NOTE: Share adjusted for five pct stock dividend in August
  1986.
  

"
training/9365	0	acq	"COMMONWEALTY REALTY <CRTYZ>, BAY <BAY> END TALKS
  Commonwealth Realty Trust said
  preliminary merger talks with Bay Financial Corp have been
  terminated due to a failure to agree on terms.
  

"
training/9366	12	earn	"MET-PRO CORP <MPR> 4TH QTR ENDS JAN 31 NET
  Shr 19 cts vs 18 cts
      Net 362,692 vs 347,868
      Revs 6,311,808 vs 5,827,538
      12 mths
      Shr 60 cts vs 80 cts
      Net 1,152,746 vs 1,534,503
      Revs 24.7 mln vs 25.2 mln
  

"
training/9369	12	earn	"CENTRAL MAINE POWER CO <CTP> SETS QUARTERLY
  Qtly div 35 cts vs 35 cts prior
      Pay April 30
      Record April 10
  

"
training/937	40	reserves	"U.K. RESERVES SHOW UNDERLYING RISE IN FEBRUARY
  Britain's gold and currency reserves
  showed an underlying rise of 287 mln dlrs in February, after a
  72 mln dlrs rise in January, the Treasury said.
      The underlying trend, which is a guide to Bank of England
  operations to support the pound on foreign exchanges, is net of
  borrowings and repayments.
      This was above market expectations for a 100 mln dlrs rise.
      The Treasury said the Bank of England used the opportunity
  of strong demand to rebuild reserves after losses last autumn
  and said the underlying rise was still relatively modest.
      Actual reserves rose by 305 mln dlrs in February to 22.26
  billion dlrs, after rising 29 mln in January to 21.95 billion.
      Accruals of borrowings under the exchange cover scheme were
  36 mln dlrs last month, after 163 mln in January, while
  repayments were 16 mln dlrs after the previous 151 mln, a
  Treasury spokesman said.
      Capital repayments totalled two mln dlrs. In January,
  capital repayments totalled 14 mln dlrs, with a valuation
  change that resulted in a fall of 41 mln dlrs due to the
  quarterly rollover from the European Monetary Cooperation Fund
  swap.
      The Treasury would not comment on the Bank of England's
  market operations, but currency traders reported moderate Bank
  of England intervention to curb upward pressure on the pound
  today.
      A Treasury spokesman, commenting on the reserves figures,
  said that the government does not want sterling either to rise
  too far or to fall substantially from current levels.
      He noted that the Chancellor of the Exchequer Nigel Lawson
  stressed this after the recent Paris currencies meeting.
  

"
training/9371	12	earn	"PEP BOYS <PBY> SETS SPLIT, RAISES QUARTERLY
  Manny, Moe and Jack Inc
  said its board declared a three-for-one stock split and raised
  the quarterly dividend to six cts presplit from 5-1/2 cts.
      Both are payable July 27 to holders of record July One and
  the
      The split is subject to shareholder approval at the May 18
  annual meeting of an increase in authorized common shares to
  500 mln from 40 mln, the company said.
  

"
training/9372	12	earn	"PEP BOYS - MANNY, MOE AND JACK INC <PBY> 4TH QTR
  Jan 31 end
      Shr 45 cts vs 37 cts
      Net 8,349,000 vs 6,187,000
      Sales 126.7 mln vs 103.7 mln
      Year
      Shr 1.55 dlrs vs 1.29 dlrs
      Net 28.1 mln vs 21.1 mln
      Sales 485.9 mln vs 388.9 mln
      NOTE: Latest year net includes three cts shr gain from sale
  of assets.
  

"
training/9373	12	earn	"HOVNANIAN ENTERPRISES <HOV> EARNINGS TO RISE
  Hovnanian Enterprises Inc said the
  company's earnings for year would exceed the 1.65 dlrs a share
  previously announced and could go as high as 1.75 dlrs for
  fiscal year ended  Feb 28, 1987.
      The company posted net earnings of 11.5 mln dlrs, or 1.72
  dlrs per share, on revenues of 199.3 mln dlrs for fiscal year
  1986. These figures reflect two three-for-two stock splits in
  March and August 1986.
      At the Annual Drexel Burnham Lambert Construction
  Conference here, Hovnanian executive vice presidnt Ara
  Hovnanian said the company expects an earnings range of between
  2.35 dlrs and 2.55 dlrs per share for fiscal 1988.
      Total revenues for the year ending Feb 29, 1988, should be
  between 320 mln and 350 mln, he said.
  

"
training/9374	45	sugar	"NY TRADERS SAY TURKEY MADE LARGE SUGAR PURCHASE
  Turkey bought an estimated 100,000
  tonnes of white sugar from three trade houses today for April
  to June shipment, according to trade sources.
      They said a large U.K. trade house sold 50,000 tonnes, a
  U.S. house traded 25,000 tonnes, and a Swiss-based dealer house
  25,000 tonnes.
      Price details were unclear but reports this morning
  suggested that Turkey was offered sugar at prices ranging down
  to 212 dlrs a tonne, c and f basis.
  

"
training/9378	12	earn	"SUNSTAR FOODS INC <SUNF> 2ND QTR FEB 28 NET
  Shr 23 cts vs not reported
      Net 282,000 vs 1,000
      Sales 18.6 mln vs 18.7 mln
      Six mths
      Shr 48 cts vs 17 cts
      Net 583,000 vs 213,000
      Sales 37.8 mln vs 37.5 mln
     NOTE: 1987 six months net includes a loss from discontinued
  operations equal to two cts a share.
      1986 net includes losses from discontinued operations of
  four cts in the quarter and six cts in the six months.
  

"
training/9381	0	acq	"HADSON <HADS> TO ACQUIRE 85 PCT OF SEAXE <SEAX>
  Hadson Corp said it has signed a
  definitive agreement to acquire 85 pct of the outstanding
  common stock of Seaxe Energy Corp.
      The company said it will buy the 85 pct interest in Seaxe
  from shareholders owning restricted or controlled shares for
  less than 200,000 Hadson common shares.
      It said closing is subject to the approval of title
  assignments by the French government.  Seaxe is involved in oil
  and natural gas exploration and development in the Paris Basin
  of France.
  

"
training/9382	0	acq	"REUTERS TO BUY I P SHARP OF CANADA
  Reuters Holdings Plc <RTRS.L> said it
  had agreed in principle to buy <I P Sharp Associates Ltd> of
  Toronto for 30.4 mln stg.
      Sharp is a time-sharing network and database company
  specialising in finance, economics, energy and aviation. It
  operates a global packet-switching network and global limits
  systems for foreign exchange trading.
      Sharp shareholders will be offered cash, shares or a
  mixture of the two in settlement. The acquisition, which is
  subject to Canadian government approval, would be through
  amalgamation into a specially-created company.
      Reuters said it had been given options by a number of Sharp
  shareholders covering 67 pct of the common stock pending
  completion of a Reuters review of the company.
      Sharp operates 38 offices in 20 countries. In 1986 it
  reported revenue of 55 mln Canadian dlrs with a pretax loss of
  1.6 mln compared with a 1.9 mln profit in 1985.
      However, Sharp said that internal accounts showed the
  company was in profit in the first two months of 1987.
      End-1986 net assets totalled 11.85 mln dlrs.
      A Reuters statement said the acquisition would fit
  perfectly into its package for the banking and securities
  industries.
  

"
training/9383	12	earn	"TCBY ENTERPRISES <TCBY> SPLITS STOCK
  TCBY Enterprises Inc said its
  board has approved a three-for-two split of its common stock
  with a distribution to be made on April 24 to stockholders of
  record on April 9.
      The split will increase the number of outstanding shares to
  over 26 mln from about 17.3 mln shares now, the company said.
      TCBY Enetrprises is a franchisor and operator of retail
  stores specializing in frozen yogurt-related treats.
  

"
training/9385	12	earn	"RAYTHEON CO <RTN> SETS QUARTERLY
  Qtly div 45 cts vs 45 cts prior
      Pay April 30
      Record April 10
  

"
training/9388	12	earn	"P.H. GLATFELTER CO <GLP> INCREASES DIVIDEND
  P.H. Glatfelter said its
  board increased its quarterly dividend on its common stock to
  14 cts per share, from 12.5 cts per share the prior quarter.
      It said the dividend is payable May 1, 1987, to
  shareholders of record April 15, 1987.
      In addition, the company said it authorized the repurchase
  of up to an additional one mln shares of its common stock.
      On March 27, 1985, the board had authorized the repurchase
  of up to two mln shares, as adjusted for a two-for-one split,
  effected in April 1986, the company said.
      The company said 521,508 shares may still be repurchased
  under the 1985 authorization. It added any shares repurchased
  would be added to the treasury and will be available for future
  issuance.
      The company said it has no present plans to issue any of
  the shares which may be repurchased. The company said it
  presently has 24,614,352 common shares outstanding.
  

"
training/9389	12	earn	"LIFE OF INDIANA CORP <LIFI> 4TH QTR LOSS
  Shr loss 19 cts vs profit 57 cts
      Net loss 103,005 vs profit 319,344
      Year
      Shr profit 22 cts vs profit 10 cts
      Net profit 1,236,347 vs profit 570,222
  

"
training/939	0	acq	"ULTRAMAR SELLS U.K. MARKETING UNITS FOR 50 MLN STG
  Ultramar Plc <UMAR.L> said it had reached
  agreement in principle to sell its wholly owned U.K. Marketing
  companies to Kuwait Petroleum Corp for around 50 mln stg.
      Ultramar's marketing units include <Ultramar Golden Eagle
  Ltd> which in 1985 made a profit of around 1.4 mln stg before
  financing and group administration charges. A small loss was
  recorded for the first nine months of 1986.
      The sale is due to take place on April 1 with the proceeds
  intended to reduce group debt in the short term. But Ultramar
  said the funds would ultimately be used for further development
  of its core businesses in the U.K. And North America.
  

"
training/9392	0	acq	"CONSOLIDATED NOREX TO ACQUIRE TRIWEB RESOURCES
  <Consolidated Norex Resources
  Ltd> said it agreed to acquire all issued and outstanding
  shares of Triweb Resources Ltd, a privately held oil and gas
  company with land holdings and production base in Alberta and
  Saskatchewan.
      The company said specific details relating to purchase
  price and other terms will be released on closing of the
  transaction, expected by May 15.
  

"
training/9393	45	sugar	"THAI SUGAR PRODUCTION CONTINUES HIGH IN FEB
  Thai sugar production continued at a
  high level in February, latest figures received by the
  International Sugar Organization (ISO) show.
      The figures show stocks at end-February of 2.49 mln tonnes
  raw value against 2.33 mln a year earlier. Analysts said this
  was a new peak for the date.
      Production in February was 961,000 tonnes against 888,000
  in February 1986 and took the Nov/Feb total for the current
  crop to 2.25 mln tonnes. Production normally tails off sharply
  after March, but in recent years production from March to the
  end of the crop has been over 500,000 tonnes, analysts said.
      Thailand's exports in February were 32,800 tonnes and
  consumption 57,800.
      Last month the Thai Agriculture Ministry said 1986/87
  production was expected to fall to 2.3 mln tonnes from 2.48 mln
  in 1985/86.
  

"
training/9397	0	acq	"REICHHOLD CHEMICALS INC EXPLORING POSSIBLE SALE OF EUROPEAN SUBSIDIARY

  REICHHOLD CHEMICALS INC EXPLORING POSSIBLE SALE OF EUROPEAN SUBSIDIARY
  

"
training/9398	45	sugar	"NY TRADERS EXPECT CHINA TO STEP UP SUGAR BUYING
  Trade house sources said China is
  expected to step up its sugar purchases following yesterday's
  steep drop in world sugar prices.
      The consensus is that the Chinese will buy between 200,000
  and 400,000 tonnes of raw sugar.
      ""China is short of foreign exchange and a drop in prices is
  usually taken as a buying opportunity by Peking,"" one trader
  said.
      Yesterday, prices on the New York world sugar market
  plummeted by 0.58 to 0.50 cent on heavy liquidation by
  speculators, disenchanted over the market's lack of rallying
  power.
      Speculation is that China will need the sugar for the
  May/July period.
  

"
training/9399	12	earn	"ROSS STORES INC <ROST> 4TH QTR JAN 31 LOSS
  Shr loss 1.30 dlrs vs profit 29 cts
      Net loss 33.4 mln vs profit 7,386,000
      Sales 168.2 mln vs 128.4 mln
      Year
      Shr loss 1.61 dlrs vs profit 30 cts
      Net loss 41.4 mln vs profit 7,055,000
      Sales 527.5 mln vs 366.7 mln
      NOTE: Latest year net both periods includes 39.4 mln dlr
  provision for closing 25 underperforming stores.
  

"
training/94	33	money-supply	"U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS

  U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS
  

"
training/940	33	money-supply	"HONG KONG M3 RISES 2.2 PCT IN JANUARY
  Hong Kong's broadly defined M3 money
  supply rose 2.2 pct to 607.17 billion H.K. Dlrs in January,
  after a 3.1 pct rise in December, for a year-on-year rise of
  23.3 pct, the government said in a statement.
      Local currency M3 rose 3.6 pct to 280.36 billion dlrs from
  December when it was up 3.4 pct from November, for a rise of
  16.3 pct on the year.
      Total M2 rose 3.3 pct to 535.26 billion dlrs in January
  from December when it rose 3.5 pct on the previous month. Local
  M2 rose 4.7 pct to 249.03 billion dlrs in January from December
  when it climbed 4.2 pct.
      Total M2 and local M2 rose 32.5 pct and 23.9 pct on the
  year-ago month, respectively.
      Total M1 rose 12 pct to 62.84 billion dlrs in January after
  a 5.0 pct rise the previous month. Local M1 rose 12.3 pct to
  57.97 billion dlrs after a 6.2 pct rise. Total M1 and local M1
  year-on-year growth was 32.5 and 32.6 pct, respectively.
      Total loans and advances rose 3.3 pct to 517.19 billion
  dlrs from December when they rose 1.2 pct.
      Loans for financing Hong Kong's visible trade rose 3.4 pct
  to 36.72 billion dlrs after a 1.8 pct rise in December.
  

"
training/9403	12	earn	"NAVISTAR <NAV> STILL EXPECTS HIGHER 1987 NET
  Navistar International Corp chairman
  Donald Lennox repeated that benefits from recapitalization are
  likely to boost future earnings for fiscal 1987.
      Lennox told the annual meeting that future quarterly and
  full year earnings from ongoing operations should be
  ""significantly above 1986 results.""
      In his remarks, Lennox said management has no plans to
  recommend reinstatement of the company's common stock dividend
  in the foreseeable future.
      He said the outlook for the medium duty truck market
  continues to point to little or no change. But recent order
  receipts indicate a ""firmer tone in the heavy duty truck
  segment,"" which could result in a five to eight pct increase in
  industry shipments for the full year, he said.
      After restructuring under the holding company format, the
  company's present truck and engine subsidiary will be known as
  Navistar International Transportation Corp. Neil Springer
  currently president and chief operating officer of Navistar
  International was named chairman of the new subsidiary.
      James Cotting, now vice chairman and chief financial
  officer, was named to succeed Lennox as chairman and chief
  executive officer of Navistar International Corp. Lennox will
  retire March 31.
      Shareholders at the meeting approved a change in the
  company's structure to a holding company format, to be
  effective April 1.
  

"
training/9405	12	earn	"CORRECTED-LILLY INDUSTRIAL COATINGS INC <LICIA>
  1st qtr Feb 28 end
      Shr 18 cts vs 13 cts
      Net 1,541,000 vs 1,122,000
      Sales 39.7 mln vs 33.5 mln
      Avg shrs 8,517,000 vs 8,441,000
      NOTE: Share adjusted for five pct stock dividend in August
  1986.
      Company corrects current year sales.
  

"
training/9408	12	earn	"BAT SHARES UNDERVALUED, SAY STOCK MARKET ANALYSTS
  BAT Industries Plc <BTI.L> 1986 results,
  which were at the upper end of market expectations, showed the
  company was in a strong position and that its shares were
  probably undervalued, share analysts said.
      BAT shares were down at 524p in late afternoon trading
  after a previous 535p close. They touched a high of 538p
  earlier on news of a 19 pct rise in annual profits to 1.39
  billion pre-tax.
      Stock market analysts said today's generally weak stock
  market plus unwinding of positions after heavy buying of BAT
  shares in the run-up to the results caused the fall in the
  share price.
      ""In the current market, people almost expect companies to
  beat expectations,"" said one analyst, adding that pretax profits
  of 1.35 to 1.40 billion stg had been forecast.
      BAT's 1986 figure of 1.39 billion stg compared with a 1985
  pretax profit of 1.17 billion.
      Brokers noted that BAT's shift away from its
  underperforming industries and the decreasing share of the
  tobacco portion of the group were seen as good signs.
      BAT Chairman Patrick Sheehy told a news conference that the
  tobacco sector of the company had declined to 50 pct from 74
  pct four years ago.
      Sheehy said he could see the tobacco portion of the company
  declining further as other sectors increased in importance.
      He said BAT was looking to expand in the area of financial
  services, in particular in the U.S.
      Sheehy also said the group had ""no sizeable acquisitions"" in
  sight in the near future.
      Analysts said BAT's increasingly good performance in the
  U.K. Insurance area was encouraging.
      Its declining debt-to-equity ratio of currently about 16
  pct also made it likely that BAT would soon be looking to make
  major acquisitions, they said.
  

"
training/941	0	acq	"WOOLWORTH, UNDERWOODS FAIL TO AGREE ON BID
  <Underwoods Plc> said it had not been
  possible to agree terms on a bid to be made by Woolworth
  Holdings Plc <WLUK.L> during talks.
      The two companies had been holding exploratory discussions.
  No spokesman for either company was immediately available to
  say why terms could not be agreed, nor whether the possibility
  of a bid was now being abandoned.
      Last week, Underwoods shares rose 49p to 237p ahead of any
  announcement of the talks. The announcement today brought them
  back down to 214p from last night's close at 241p. Woolworth
  was unchanged at 758p.
  

"
training/9410	0	acq	"REICHHOLD <RCI> EXPLORING SALE OF EUROPEAN UNIT
  Reichhold Chemicals Inc said
  it is exploring the sale of its stake in its European
  subsidiary Reichhold Chemie AG.
      Reichhold Chemie Ag, headquartered in Rausen, Switzerland,
  had sales in excess of 75 mln dlrs last year. It is 83 pct
  owned by Reichhold. The rest is owned by German and Swiss
  shareholders.
      Reichhold said it is seeking the sale to focus on its
  adhesives business.
  

"
training/9412	0	acq	"UAL SAID DONALD TRUMP WAS INTERESTED IN UAL STOCK ""AS INVESTMENT""

  UAL SAID DONALD TRUMP WAS INTERESTED IN UAL STOCK ""AS INVESTMENT""
  

"
training/9413	12	earn	"INT'L BROADCASTING <IBCA> SETS REVERSE SPLIT
  International Broadcasting
  Corp said shareholders at its annual meeting approved a one for
  25 reverse stock split.
      The split will be effective after completion of filing
  requirements, it said. New certificates will be needed, it
  added.
      The media company said it currently has 40,950,000 common
  shares issued and outstanding and, upon completion of the
  reverse split, will have 1,638,000 shares outstanding.
  

"
training/9414	12	earn	"BI INC <BIAC> SETS REVERSE SPLIT
  BI Inc said it is implementing a
  one-for-15 reverse split to shareholders of record today.
      It said any fractional shares will be redeemed for cash,
  reducing its free-trading stock in public hands to 1,300,000
  shares from 20 mln and its total shares outstanding to
  1,993,000 from 29.9 mln.
      Shareholders approved the reverse split in October.
  

"
training/9415	48	trade	"BALDRIGE SAYS JAPAN MUST OPEN ITS MARKETS
  Commerce Secretary Malcolm Baldrige
  said the United States will not stand idly by and let Japan
  dominate the world electronics market.
      Baldrige told the Senate Finance Committee the United
  States would insist Japan open its markets to U.S. products as
  the U.S. market is open to Japanese products.
      Asked after his testimony if this meant the United States
  would close its markets to Japan if they did not open theirs,
  Baldrige said, ""I'm not prepared to say that, but it certainly
  would be one of the alternatives studied.""
      Baldrige said in his testimony Japan had a closed
  supercomputer market and a restricted telecommunications
  market.
      ""I can only conclude that the common objective of the
  Japanese government and industry is to dominate the world
  electronics market. Given the importance of this market to U.S.
  industry in general and our defense base in particular, we
  cannot stand by idly,"" he said.
      He said it was these concerns about national security which
  led him to express reservations over the proposed acquisition
  of Fairchild Semiconductor by Fujitsu of Japan.
  

"
training/9417	12	earn	"BASF CORP YEAR NET
  Net 105 mln dlrs vs 39 mln
      Sales 3.6 billion vs 2.6 billion
      NOTE: Wholly-owned by <BASF AG> of West Germany.
  

"
training/9422	12	earn	"MONTANA POWER CO <MTP> VOTES QUARTERLY DIVIDEND
  Qtly div 67 cts vs 67 cts prior qtr
      Pay 30 April
      Record 10 April
  

"
training/9423	0	acq	"UAL <UAL> SAID TRUMP TALKED WITH UAL CHAIRMAN
  Real estate magnate Donald Trump told
  UAL Inc Chairman Richard Ferris that he was interested in UAL
  stock as an investment, according to a UAL executive.
      Trump, who was unavailable for comment, is believed by
  market sources to have a sizeable position in UAL, which he
  began accumulating several weeks ago. UAL stock today was up
  three at 63 in active trading.
      ""They (ferris and Trump) talked last week. Apparently,
  Trump said he was interested in it as an investment. He didn't
  say how much stock he had. He didn't say what he would or
  wouldn't do about it,"" said UAL senior vice president Kurt
  Stocker.
      Trump is believed to have close to five pct of UAL's stock,
  market sources said.
  

"
training/9425	12	earn	"TEAM INC <TMI> 3RD QTR FEB 28 NET
  Shr profit five cts vs loss 18 cts
      Net profit 91,000 vs loss 355,000
      Revs 11.5 mln vs 11.7 mln
      Nine mths
      Shr profit six cts vs loss 1.45 dlrs
      Net profit 127,000 vs loss 2,846,000
      Revs 31.8 mln vs 34.9 mln
  

"
training/9426	12	earn	"TODD SHIPYARDS CORP OMITS QTLY COMMON DIV, SETS PREFERRED PAYOUT

  TODD SHIPYARDS CORP OMITS QTLY COMMON DIV, SETS PREFERRED PAYOUT
  

"
training/9427	12	earn	"RSI CORP <RSIC> 2ND QTR FEB 28 NET
  Shr 33 cts vs 13 cts
      Net 2,266,000 vs 849,000
      Revs 24.1 mln vs 16.0 mln
      1st half
      Shr 61 cts vs 24 cts
      Net 4,236,000 vs 1,619,000
      Revs 47.4 mln vs 33.5 mln
      NOTE: Share after stock splits.
      Net includes discontinued operations loss four cts shr vs
  nil in quarter and loss seven cts vs gain one ct in half.
  

"
training/9428	12	earn	"RCM TECHNOLOGIES INC <RCMT> 1ST QTR JAN 31 LOSS
  Shr loss one ct vs loss one ct
      Net loss 89,844 vs loss 85,731
      Revs 3,384,726 vs 4,646,285
  

"
training/9429	12	earn	"MCCLAIN INDUSTRIES INC <MCCL> 1ST QTR DEC 31 NET
  Shr 24 cts vs 13 cts
      Net 380,325 vs 211,183
      Sales 5,046,578 vs 3,941,764
      NOTE: Current year net includes gain from sale of Sterling
  Heights, Mich., plant of 174,000 dlrs.  Another 698,000 dlrs of
  gain from sale sale has been treated as deferred income.
  

"
training/9431	0	acq	"SYNALLOY <SYO> ENDS PLANS TO SELL UNIT
  Synalloy Corp said it has
  ended talks on the sale of its Blackman Uhler Chemical Division
  to Intex Products Inc because agreement could not be reached.
      The company said it does not intend to seek another buyer.
  

"
training/9432	0	acq	"C-I-L ACQUIRING TRIMAC'S STAKE IN TRICIL
  <C-I-L Inc> said it would exercise its
  right to acquire <Trimac Ltd>'s stake in their jointly owned
  Tricil Ltd for 91 mln dlrs, with closing expected May 22.
      C-I-L added that the final price could be less, however,
  depending on an Ontario court ruling resulting from a
  previously reported legal action launched by C-I-L.
      Mississauga, Ontario-based Tricil is a waste management
  company with operations in the U.S. and Canada.
  

"
training/9433	8	cpi	"EC INFLATION STARTS TO RISE AGAIN IN FEBRUARY
  Inflation in the European Community,
  which fell to its lowest since the 1960s between November and
  January, started to take off again last month, figures from the
  EC statistics office Eurostat showed.
      Consumer prices were on average three pct higher than in
  February 1986, the office said. This compared with a year on
  year rise of 2.7 pct in January, the lowest for 25 years, and
  was the highest figure since October.
      Prices rose in February by 0.3 pct from January, after
  rises of 0.4 pct in January and of 0.2 pct in each of the last
  three months of 1986.
  

"
training/9434	0	acq	"PANTERA'S <PANT> TO BUY TEN PIZZA RESTAURANTS
  Pantera's Corp said it agreed to
  buy ten pizza restaurants in southeastern Colorado from
  creditors foreclosing on the facilities.
      The purchase price includes 1.25 mln dlrs in cash and
  company stock, it said.
      Separately, Pantera's said it issued an area development
  agreement with a franchisee group for northeastern Colorado,
  including the Denver area, for the opening of about 20
  franchised Pantera's pizza restaurants.
  

"
training/9435	0	acq	"ALLIED-SIGNAL INC TO SELL LINOTYPE GROUP TO COMMERZBANK OF WEST GERMANY

  ALLIED-SIGNAL INC TO SELL LINOTYPE GROUP TO COMMERZBANK OF WEST GERMANY
  

"
training/9437	12	earn	"TODD SHIPYARDS <TOD> OMITS COMMMON DIVIDEND
  Todd Shipyards Corp said it
  omitted payment of the quarterly dividend on its common stock
  and lowered the dividend on its series A preferred stock to 75
  cts from 77 cts a share.
      Todd said the 75 ct preferred dividend will be paid May one
  to shareholders of record April 15.
      The company said it omitted the common dividend to cover
  both losses from a commercial ship conversion contract and
  increased reserves for previously announced discontinued
  shipyard operations.
      In addition, the company said its lenders agreed to
  temporarily reduce the net worth requirement of its revolving
  credit and term-loan pact to 140 mln dlrs from 130 mln.
      The reduction will hold through May 15, it said.
      Todd said the reduction in the net worth requirement
  allowed for the payment of the preferred dividend and prevented
  it from violating covenants of its credit agreement.
      The company said it is also negotiating with its lenders to
  extend the reduced net worth terms beyond May 15.
      Todd added that it has suffered financially because of the
  U.S. Navy's unwillingness to release certain retentions under
  completed ship construction contracts and a general decrease in
  U.S. military spending.
  

"
training/9438	12	earn	"IMO DELAVAL <IMD> SETS INITIAL DIVIDEND
  Imo Delaval said its board
  declared an initial quarterly dividend of 14 cts per share,
  payable April 24 to holders of record on April 6.
  

"
training/9441	12	earn	"NATIONAL COMPUTER SYSTEMS INC <NLCS>4TH QTR NET
  Shr 25 cts vs 31 cts
      Net 4,798,000 vs 5,380,000
      Revs 65.3 mln vs 58.2 mln 
      Avg shrs 19.2 mln vs 17.5 mln
      Year
      Shr 84 cts vs 89 cts
      Net 15,750,000 vs 15,191,000
      Revs 262.1 mln vs 215.8 mln
      Avg shrs 18.8 mln vs 17.1 mln
  

"
training/9443	0	acq	"ALLIED-SIGNAL <ALD> TO SELL LINOTYPE UNIT
  Allied-Signal Inc said it
  agreed to sell its Linotype Group unit to <Commerzbank AG>
  of West Germany for an undisclosed amount.
      Allied-Signal said Commerzbank is expected to offer shares
  of the unit to the public later this year.
      The company said the agreement is subject to approval by
  the government and its shareholders.
      The Linotype unit, based in Eschborn, West Germany, had
  revenues in 1986 of more than 200 mln dlrs, the company said.
      The company said top management of Linotype plan to remain
  with the unit, which has operations in the United States, West
  Germany and the United Kingdom.
      Allied-Signal announced in December that it planned to sell
  the Linotype unit as well as six other businesses in its
  electronics and instrumentation segment.
      Linotype is a supplier of type and graphics composition
  systems.
  

"
training/9444	12	earn	"CONTINENTAL HEALTH AFFILIATES INC <CTHL> 4TH QTR
  Shr 10 cts vs five cts
      Net 512,000 vs 230,000
      Revs 16.8 mln vs 9,025,000
      Year
      Shr 55 cts vs 34 cts
      Net 2,662,000 vs 1,541,000
      Revs 57.5 mln vs 32.3 mln
  

"
training/9445	10	crude	"CANADA SETS OIL INDUSTRY AID PACKAGE
  Canada's federal government
  will provide a 350 mln dlr oil industry aid package that
  includes cash incentives designed to cover one-third of a
  company's oil and gas exploration and development costs, Energy
  Minister Marcel Masse announced.
      The aid program will inject about 350 mln dlrs a year into
  the oil and gas industry and could lead to more than one
  billion dlrs in new investment, Masse told a news conference.
      The program will affect drilling done anywhere in Canada on
  or after April 1, 1987.
      Masse told reporters that the government's oil industry aid
  package is aimed at small and medium sized companies.
      The aid package, called the Canadian Exploration and
  Development Incentive Program, will restrict the total payments
  that any individual company can claim to 10 mln dlrs a year.
      Masse said the program will probably generate new
  employment equivalent to 20,000 people working for a year.
      He said oil industry aid is needed because exploration and
  development spending dropped by at least 50 pct since world oil
  prices fell during the first half of 1986.
      Energy Minister Masse said the federal government decided
  to provide cash incentives so a large number of non-tax paying
  companies, mainly small Canadian firms, will receive the full
  value of the incentive. Such companies would not immediately
  benefit from tax benefits, he said.
      The federal government also wanted to deliver an aid
  program outside the tax system. Finance Minister Michael Wilson
  is now reviewing Canada's tax system and plans to announce tax
  reform proposals later this spring.
      An important feature of the aid program is a decision to
  let companies issue flow-through shares, allowing investors to
  benefit from the subsidy rather than restricting benefits to
  only participating companies, he said.
      Allowing flow-through shares under the program will make it
  easier for companies to attract investors in exploration and
  development, Masse said.
      He told reporters his department is still considering
  whether to allow partnerships and other entities to qualify for
  the subsidy.
  

"
training/945	10	crude	"MOBIL PLANS TO OPEN OFFICE IN PEKING
  Mobil Oil Corp of U.S. Plans to open an
  office in Peking to develop oil exploration opportunities in
  China, the China Daily said.
       It quoted Mobil president Richard Tucker, currently in
  Peking, as saying he is optimistic about investment prospects
  in China and that Peking will continue to encourage foreign
  private businesses to invest here.
       It said Mobil bought 73 mln dlrs of crude oil and oil
  products from China in 1986 and sold it lubricant and
  fertiliser, but gave no more details.
  

"
training/9450	4	cocoa	"COCOA TALKS SLOW AT CRUCIAL STAGE - DELEGATES
  International Cocoa Organization (ICCO)
  talks on buffer stock rules have slowed during a crucial phase
  of negotiations, delegates said, but they remained confident
  about prospects for reaching agreement by Friday.
      Cocoa producers, European Community (EC) consumers and all
  consumers separately reviewed technical details of a buffer
  stock rules package distributed yesterday.
      The buffer stock working group of consumers and producers
  was set to meet later today to debate the proposal jointly for
  the first time, they said.
      Delegates said major sticking points were likely to be the
  amount of non-member cocoa allowed to be bought for the buffer
  stock, and the fixed price differentials at which different
  origin cocoas will be offered to the buffer stock manager.
      Producers would prefer that non-member cocoa not be
  included in the buffer stock because, if it is, countries such
  as Malaysia benefit from the cocoa agreement without joining
  it, the delegates said.
  

"
training/9453	16	gold	"NEWMONT GOLD <NGC> SEES GOLD SALES RISING
  Newmont Gold Corp expects gold sales
  in 1987 to rise about 22 pct to 577,000 ounces from 1986's
  474,000 ounces, the company said in its annual report.
      Newmont Gold, 95 pct owned by Newmont Mining Corp <NEM>,
  said it expects significant increases in gold sales in 1988 and
  1989 as well.
  

"
training/9454	0	acq	"MESSIDOR TO MERGE WITH TRITON BELEGGINGEN
  Messidor Ltd said it signed a letter
  of intent to acquire 100 pct of the outstanding shares of
  Triton Beleggineng Nederland B.V., a European investment
  portfolio management company.
      If approved, two mln shares of stock held by the Messidor
  Ltd officers and directors would be issued to Triton
  shareholders.
      Triton will become a subsidiary of Messidor, it said.
      If approved, the president of Triton, Hendrik Bokma, will
  be nominated as chairman of the combined company.
      There are about 1.5 mln Messidor units issued to the public
  consisting of one share of common stock, four Class A common
  stock warrants, four class B common stock warrants and four
  class C common stock warrants.
      In addition there are four mln restricted shares
  outstanding.
      Messidor said the acquisition is expected to be completed
  by June three.
  

"
training/9463	12	earn	"ENCOR ENERGY CORP INC YR NET LOSS 406.6 MLN VS PROFIT 35.4 MLN

  ENCOR ENERGY CORP INC YR NET LOSS 406.6 MLN VS PROFIT 35.4 MLN
  

"
training/9465	12	earn	"MIDDLE SOUTH <MSU> TO FORM NEW DIVIDEND POLICY
  Middle South Utilities Inc is taking a
  conversative approach to formulating a new common stock
  dividend policy, chairman Edwin Lupberger said.
      He told securities analysts that when the company's common
  dividend is resumed, ""the initial rate will appear conservative
  to you by industry standards and in relation MSU's net income
  and cash flow.""
      ""Our progress will determine how soon we can reinstate a
  dividend to our common stockholders, he said.""
      The company last paid a common dividend of 44.5 cts a share
  in July 1985.
      Lupberger told the analysts that the company's primary
  objective is ""to create financial strength, enough strength so
  that what happened to us and our stockholders over the past
  couple of years never happens again.""
      The company has faced regulatory challenges to rates
  proposed to cover the cost of its Grand Gulf nuclear plant.
      He said Middle South's net income is expected to post
  ""modest growth"" over the next three years.
      In 1986, the company earned 451.3 mln dlrs or 2.21 dlrs a
  share on revenues of 3.49 billion dlrs.
      Lupberger said, ""A good portion of the improvement
  projected for the next three years comes from keeping the lid
  on operating and maintenance expenses.""
  

"
training/9469	0	acq	"TWA SOLD FOUR MLN SHARES OF USAIR BELIEVED TO INSTITUTIONS, WALL STREET SOURCES

  TWA SOLD FOUR MLN SHARES OF USAIR BELIEVED TO INSTITUTIONS, WALL STREET SOURCES
  

"
training/9472	0	acq	"INVESTORS INCREASE STAKE IN FROST, SULLIVAN
  One of a pair of private investors
  in Frost and Sullivan Inc told the Securities and Exchange
  Commission he increased his stake in the firm by about two pct,
  to 15.4 pct.
      He is Theodore Cross, Princeton, N.J., editor of Business
  and Society Review.
      The other investor is Mason Slaine, Cos Cob, Mass,
  president of Dealers' Digest Inc.  He holds a 3.3 pct stake.
      Cross told the SEC he bought the new shares at between 7.75
  and 8.0 dlrs.
  

"
training/9473	43	ship	"LIBERIAN ORE CARRIER IN COLLISION IN RIVER ELBE
  The Liberian motor bulk carrier, Trave
  Ore, 106,490 dwt, loaded with ore, and the 2,852 dwt West
  German motor vessel Christa, collided late last night on the
  River Elbe near buoy 129, Lloyds Shipping Intelligence said.
      The Trave Ore proceeded by its own means to Hamburg. The
  Christa was taken in tow with a damaged bow.
      The Liberian vessel was concluding a trip from Seven
  Islands to Hamburg.
  

"
training/9475	12	earn	"HERSHEY OIL CORP <HSO> 4TH QTR LOSS
  Shr loss 19 cts vs loss 2.37 dlrs
      Net loss 1,140,000 vs loss 13,608,000
      Revs 1,069,000 vs 1,940,000
      Year
      Shr loss 53 cts vs loss 2.34 dlrs
      Net loss 3,012,000 vs loss 13,433,000
      Revs 4,945,000 vs 6,705,000
  

"
training/9477	12	earn	"EG AND G INC <EGG> SETS QUARTERLY
  Qtly div 14 cts vs 14 cts prior
      Pay May Eight
      Record April 17
  

"
training/9478	12	earn	"<ENCOR ENERGY CORP INC> YEAR LOSS
  Shr not given
      Net loss 406.6 mln vs profit 35.4 mln
      Revs 138.1 mln vs 211.9 mln
      Note: 1986 net includes 545.7 mln dlr asset writedown
  before 139.2 mln dlr recovery of deferred taxes.
      48 pct-owned by Dome Petroleum Ltd <DMP>.
  

"
training/9479	43	ship	"BRAZILIAN LABOUR UNREST SPREADS, MANY BANKS SHUT
  Brazil's labour unrest is spreading,
  with many banks, universities and government statistical
  offices on strike and more pay disputes looming.
      Bankworkers' leaders said that a national strike launched
  yesterday to press for a 100 pct immediate pay rise and monthly
  salary adjustments had the support of most of the 700,000
  workforce.
      The strike today closed the stock exchanges of Sao Paulo
  and Rio de Janeiro.
      For the government the one positive development on the
  labour front was the gradual return to work of the nation's
  40,000 seamen, who began a national strike on February 27.
      A union spokesman in Rio de Janeiro told Reuters about half
  the seamen had returned to work after accords with 22 companies
  and that the strike looked close to an end.
      Otherwise the labour scene looked bleak, with the bank
  strike posing the most serious problems for Brazil's
  crisis-laden economy.
      ""If this goes on for more than a few days it will have a
  serious effect because normal financial operations will grind
  to a halt,"" said a western diplomat in Sao Paulo.
      Today Brazil's 50,000 university teachers in the 42 federal
  universities launched a national strike, with a broad political
  demand as well as a pay claim.
      David Fleischer, head of the political science department
  in Brasilia university, told Reuters the National Association
  of Higher Education Teachers wanted a full congressional
  inquiry into what had happened to government education funds.
      He said the universities were strapped for cash and that
  the association suspected the junior partner in the coalition
  government, the Liberal Front Party, PFL, of using education
  funds for projects which had helped their candidates in
  elections. The PFL holds the Education Ministry.
      Hardly any sectors of the economy are proving immune to the
  current labour unrest, caused by the return of high inflation,
  officially pegged at 33 pct for January-February.
      Other possible strikes looming include stoppages by oil
  industry workers and social security workers.
  

"
training/9484	12	earn	"<ASTA GROUP INC> UNIT IN LOAN PURCHASE
  Asta Group Inc said its 50 pct
  owned Liberty Service Corp affiliate has purchased about 50 mln
  dlrs face value of credit card installment receivables from a
  major financial institution it did not name for a significant
  discount from face value.
      It said the portfolio consists mostly of charged off loans.
      The company also said it expects to realize a profit of
  about 300,000 dlrs on its 25 pct interest in the Briarcliff
  Manor condominium project in New York, with about 140,000 dlrs
  of the profit being reflected in the year ending September 30.
  

"
training/9486	12	earn	"ARDEN INTERNATIONAL <AIKI> 4TH QTR DEC 27 NET
  Oper shr one ct vs two cts
      Oper net 30,000 vs 62,000
      Revs 2,315,000 vs 2,355,000
      Year
      Oper shr four cts vs nine cts
      Oper net 95,000 vs 204,000
      Revs 9,214,000 vs 9,950,000
      Avg shrs 2,492,000 vs 2,351,000
      NOTE: Full name is Arden International Kitchens Inc
   More
  

"
training/9487	0	acq	"TWA <TWA> SELLS POSITION IN USAIR <U>
  Trans World Airlines Inc sold four mln
  shares it held in USAir Group Inc, Wall Street sources said.
  The sources said the buyers are believed to be a group of
  institutions.
      Bear Stearns handled the trade. It crossed the four mln
  shares at 45, off 1/8. Bear Stearns would not comment on buyers
  or sellers.
      USAir and TWA had no immediate comment.
      USAir later said it did not buy the stock. A company
  spokesman would not comment further.
      TWA earlier this month reported holding slightly more than
  four mln shares, or about 15 pct of USAir. It had also proposed
  a takeover of USAir, which at the time was negotiating its
  proposed merger with Piedmont Aviation Inc.
      On March 16, TWA withdrew its bid, saying it did not intend
  to seek control of USAir Group or to acquire more of its stock
  at the time.
      TWA also said in the filing with the Securities and
  Exchange Commission that its chairman, Carl Icahn is the target
  of an SEC probe of alleged violations of securities laws.
      In its filings with the SEC, TWA said it paid 178.2 mln
  dlrs for its USAir stock.
      ""With this out of the way, if it indeed was bought by
  institutions, it paves the way for better value for USAir stock
  later,"" said Janney Montgomery analyst Louis Marckesano of
  TWA's sale of its stock.
      ""Technically, as long as that block was overhanging the
  market you didn't know what was going to happen,"" he said.
      USAir stock was trading at 44-3/8, off 3/4 on volume of 4.4
  mln shares. TWA stock rose one to 28-1/4.
  

"
training/9488	12	earn	"COMBUSTION ENGINEERING<CSP> SEES 1ST QTR NET OFF
  Combustion Engineering Inc said
  it expects first quarter earnings to be 20 to 25 pct below the
  year-ago 13.6 mln dlrs, mainly due to financing costs resulting
  from the January 1987 acquisition of AccuRay Corp.
      The company said it has filed for an offering of four mln
  common shares and 150 mln dlrs of subordinated debentures due
  2017, with proceeds to be used to refinance the short-term bank
  debt incurred for the AccuRay acquisition, to finance other
  costs of the transaction and for general corporate purposes.
      Combustion said 3,500,000 shares will be sold in the U.S.
  and the remainder overseas.
      Combustion paid about 218 mln dlrs for AccuRay, a maker of
  computer-based measurement and control systems used in pulp and
  paper mills.
      The company said it expects to release first quarter
  results in the third week in April.
      Combustion said it expects further restructuring of core
  businesses -- particularly Lummus Crest -- this year through
  staff reductions downsizings and the consolidation of
  facilities.
      Combustion said the restructuring at Lummus Crest is
  expected to substantially reduce but not eliminate this year
  losses in the Engineering and Construction segment.
      But it said improvement at Lummus Crest is expected to be
  approximately offset by a number of factors, including a
  somewhat lower level of earnings in the Power Generation
  segment than in 1986, financing costs of the AccuRay
  acquisition, costs associated with integrating AccuRay
  technology and operations and delays in waste to energy
  projects.
  

"
training/9489	16	gold	"NEWMONT GOLD SEES ITS SALES RISING 22 PCT
  Newmont Gold Corp expects gold sales
  in 1987 to rise about 22 pct to 577,000 ounces from 1986's
  474,000 ounces, the company said in its annual report.
      Newmont Gold, 95 pct owned by Newmont Mining Corp, said it
  expects significant increases in gold sales in 1988 and 1989 as
  well.
  

"
training/949	12	earn	"Unilever Plc and Nv combined 1986 pre-tax profit 1.14 billion stg vs 953 mln.

  Unilever Plc and Nv combined 1986 pre-tax profit 1.14 billion stg vs 953 mln.
  

"
training/9491	12	earn	"25-MAR-1987
  25-MAR-1987

"
training/9493	48	trade	"TREASURY'S BAKER SAYS EXCHANGE RATE CHANGES WILL REDUCE TRADE DEFICIT THIS YEAR

  TREASURY'S BAKER SAYS EXCHANGE RATE CHANGES WILL REDUCE TRADE DEFICIT THIS YEAR
  

"
training/9497	0	acq	"GATEWAY SPORTING BUYS INNOVATIVE DENTAL
  Gateway Sporting Goods Co said it
  acquired all of the shares of stock of Innovative Dental
  Services Inc for an undisclosed amount of cash.
      Gateway said the acquired company has contracts with 102
  dentists in 144 locations.
  

"
training/9499	0	acq	"CYCLOPS CORP REFORMS BOARD AFTER DIXONS GROUP FAILS TO GET MAJORITY OF CYCLOPS STOCK

  CYCLOPS CORP REFORMS BOARD AFTER DIXONS GROUP FAILS TO GET MAJORITY OF CYCLOPS STOCK
  

"
training/95	33	money-supply	"U.S. BANK NET FREE RESERVES 644 MLN DLRS IN TWO WEEKS TO FEB 25, FED SAYS

  U.S. BANK NET FREE RESERVES 644 MLN DLRS IN TWO WEEKS TO FEB 25, FED SAYS
  

"
training/9502	12	earn	"PAN ATLANTIC RE INC <PNRE> 4TH QTR NET
  Oper shr 15 cts vs 1.07 dlrs
      Oper net 372,000 vs 2,601,000
      Year
      Oper shr 80 cts vs 61 cts
      Oper net 1,952,000 vs 1,491,000
      NOTE: Net excludes realized investment loss 13,000 dlrs vs
  gain 986,000 dlrs in quarter and gains 1,047,000 dlrs vs
  1,152,000 dlrs in year.
      1986 year net excludes tax credit 919,000 dlrs.
  

"
training/9503	12	earn	"QUAKER CHEMICAL CORP <QCHM> SETS QUARTERLY
  Qtly div 12-1/2 cts vs 12-1/2 cts prior
      Pay April 30
      Record April 17
  

"
training/9505	12	earn	"MIDDLE SOUTH <MSU> TO CONSIDER DIVIDEND
  Middle South Utilities Inc will not
  consider payment of a common stock dividend until there is
  another ruling on a Mississippi Supreme Court order rolling
  back rates at the company's Mississippi Power and Light Co
  subsidiary, chairman Edwin Lupberger said.
      He told security analysts Middle South was close to
  recommending resumption of the common stock dividend when the
  Mississippi court ordered the rate rollback. Following the
  order, he noted, the unit cancelled a planned sale of preferred
  stock. Middle South has petitioned the court for a rehearing or
  a stay of the order while it is being appealed.
  

"
training/9509	0	acq	"BELGIUM PLANS TO OUTLAW INSIDER TRADING
  A Belgian finance ministry spokesman
  said new rules planned on insider trading would enable
  offenders to be fined and imprisoned for up to a year, and be
  compelled to forfeit gains.
      The new rules require parliamentary approval, and
  government sources said it was unclear when they would come
  into force. Insider trading is currently not an offence in this
  country.
      The cabinet approved a separate bill that analysts said
  includes provisions to make more difficult the build-up of
  major new stakes in Belgian companies.
      The bill would make obligatory the declaration of major
  stakes in companies quoted on the bourse with own resources of
  more than 200 mln francs.
      The Minister for Economic Affairs would need to be informed
  in advance of deals under which foreign interests planned to
  buy a new stake of more than ten pct of the voting shares in a
  large Belgian company, or to increase an existing stake to more
  than 20 pct.
  

"
training/9510	0	acq	"OWENS-CORNING FIBERGLAS <OCF> SELLS FOAM UNIT
  Owens-Corning Fiberglas Corp said
  it sold its controlling interest in its French foam insulation
  producing subsidiary to a Lafarege Corp <LAF> subsidiary.
      Owens-Corning said it sold its interest in Sentuc Porxpan
  SA for an undisclosed price.
  

"
training/9511	12	earn	"U.S. SHOE INC 4TH QTR SHR 31 CTS VS 56 CTS

  U.S. SHOE INC 4TH QTR SHR 31 CTS VS 56 CTS
  

"
training/9515	48	trade	"TREASURY'S BAKER OUTLINES TRADE BILL CRITICISMS
  Treasury Secretary James Baker said
  that some of the trade bills proposed by Congress conflict
  significantly with certain basic principles the Reagan
  administration considers critical.
      Baker told a Senate committee that the administration would
  resist such measures as a general import surcharge,
  sector-specific protection such as import quotas for individual
  products, mandatory retaliation, and limits on presidential
  discretion in negotiating more open markets abroad and other
  trade steps.
  

"
training/9519	12	earn	"U.S. SHOE CORP <USR> 4TH QTR JAN 31 NET
  Shr 31 cts vs 56 cts
      Net 13.7 mln vs 25.2 mln
      Sales 610.9 mln vs 575.9 mln
      Avg shrs 45.0 mln vs 44.8 mln
      Year
      Shr 57 cts vs 1.46 dlrs
      Net 25.5 mln vs 64.9 mln
      Sales 2.00 billion vs 1.92 billion
      Avg shrs 45.0 mln vs 44.5 mln
      NOTE: Current year net both periods includes gain five cts
  shr from sale of Just for Kids! and Giggletree mail order
  catalogs and charges of 10 cts shr from writedowns of assets
  related to the closing of linens and domestics stores and
  leased departments and of leased shoe departments.
      Year net includes LIFO inventory charges six cts shr vs two
  cts shr.
  

"
training/952	10	crude	"OPEC WITHIN OUTPUT CEILING, SUBROTO SAYS
  Opec remains within its agreed output
  ceiling of 15.8 mln barrels a day, and had expected current
  fluctuations in the spot market of one or two dlrs, Indonesian
  Energy Minister Subroto said.
      He told reporters after meeting with President Suharto that
  present weakness in the spot oil market was the result of
  warmer weather in the U.S. And Europe which reduced demand for
  oil.
      Prices had also been forced down because refineries were
  using up old stock, he said.
      He denied that Opec was exceeding its agreed production
  ceiling. Asked what Opec's output level was now, he replied:
  ""Below 15.8 (mln barrels per day)."" He did not elaborate.
      He said there appeared to have been some attempts to
  manipulate the market, but if all Opec members stick by the
  cartel's December pricing agreement it would get through
  present price difficulties.
      He predicted that prices would recover again in the third
  and fourth quarters of 1987.
      He also reiterated that there was no need for an emergency
  Opec meeting.
      He said Opec had expected to see some fluctuations in the
  spot price. ""We hope the weak price will be overcome, and
  predict the price will be better in the third and fourth
  quarters.""
      Refiners, he said, appeared to have used up old stock
  deliberately to cause slack demand in the market and the price
  to fall. But Opec would get through this period if members
  stuck together.
  

"
training/9525	12	earn	"VERTEX INDUSTRIES INC <VETX> 2ND QTR JAN 31 NET
  Oper shr loss three cts vs loss four cts
      Oper loss 40,870 vs loss 39,827
      Revs 584,855 vs 727,432
      Six mths
      Oper shr loss two cts vs loss two cts
      Oper loss 24,311 vs loss 26,947
      Revs 1,246,992 vs 1,497,251
      NOTE: Current periods exclude net gain of 150,865 dlrs from
  termination of retirement plan for salaried employees. Also
  excludes gain of 83,100 dlrs from in current qtr and gain
  90,400 dlrs in six mths from benefit of tax loss carryforwards.
      Company went public in September 1986.
  

"
training/9526	0	acq	"CYCLOPS <CYL> SAYS DIXONS APPOINTEES RESIGN
  Cyclops Corp said the three
  members of its board appointed last week by <Dixons Group PLC>
  had resigned and that it named three Cyclops executives to
  replace them.
      Cyclops said the moves followed the announcement earlier
  today by Dixons that it received only 20 pct of Cyclops
  outstanding common stock under an extended tender offer that
  expired yesterday.
      Dixons initially ended its 90.25 dlr a share tender offer
  on March 17 after receiving 54 pct of Cyclops shares.
      However, the Securities and Exchange Commission last Friday
  pressed Dixons to reopen the offer because the U.K.-based
  company had dropped a condition that at least 80 pct of Cyclops
  stock be tendered by the close of the offer.
      Dixons then extended the offer until yesterday and earlier
  today indicated that a substantial number of tendered Cyclops
  shares had been withdrawn, leaving it with only 852,000 shares,
  or just over 20 pct of the roughly 4.26 mln Cyclops shares
  outstanding.
      Dixons said today that it purchased the tendered shares,
  which, when combined with the shares it already holds, gives it
  a 21.7 pct stake in Cyclops.
      Cyclops said its reconstituted board includes the three
  newly named directors and five outside directors, all of whom
  were on the board prior to Dixons tender offer.
      The three Cyclops directors were replaced by Dixons
  appointees on March 17 under an agreement reached between the
  two companies.
  

"
training/9527	10	crude	"ECUADOR NEGOTIATES WITH NIGERIA FOR LENDING OIL
  Earthquake-stricken Ecuador is
  negotiating with Nigeria to have the African country lend it
  10,000 barrels per day (bpd) of crude for export, Deputy Energy
  Minister Fernando Santos Alvite told Reuters.
      He said Ecuador was negotiating a shipments schedule and
  the terms of repaying the loan. Ecuador has suspended crude
  exports for about five months until it repairs a pipeline
  ruputured by a March five tremor.
      Santos Alvite added Ecuador is finalizing details for a
  program under which Venezuela would temporarily lend the
  country 50,000 bpd for export.
  

"
training/9530	12	earn	"NORTHERN STATES POWER CO <NSP> VOTES QUARTERLY
  Qtly div 47-1/2 cts vs 47-1/2 cts prior qtr
      Pay 20 April
      Record 6 April
  

"
training/9531	12	earn	"SUMMIT TAX EXEMPT BOND FUND <SUA> SETS PAYOUT
  Qtrly div 40 cts vs 40 cts prior
      Pay  Aug  14, 1987
      Record April One, 1987
  

"
training/9532	48	trade	"U.S. SENATE TRADE LEADER CONCERNED ABOUT CANADA
  The chairman of the U.S. Senate
  committee with jurisdiction over trade said he was concerned
  about a resolution on bilateral trade negotiations adopted by
  the Canadian House of Commons last week.
      The resolution supports negotiation of a bilateral trading
  agreement with the United States while protecting Canadian
  political sovereignty, social programs, agricultural marketing
  systems, the auto industry and Canada's cultural identity.
      Senate Finance Committee chairman Lloyd Bentsen said the
  resolution may jeopardize the viability of the proposed free
  trade agreement between the two countries, which are each
  other's largest trading partners.
      ""We need a truly free trade agreement, which means both
  countries have to work toward a deal that is mutually
  beneficial and comprehensive, a large agreement,"" the Texas
  Democrat said in a statement.
      ""I do not question Canada's right to protect its political
  sovereignty or cultural identity. However, if these phrases
  mean the government of Canada means to take important economic
  issues off the table in these negotiations, I am deeply
  concerned,"" he added.
      Bentsen said Canada restricts trade 15 different ways while
  the United States uses only six trade restriction methods. He
  said if Canada proposes an agreement where both countries get
  rid of six methods of trade restriction, it would not be fair
  and might not win Senate approval.
      ""I am deeply concerned that when the President visits Prime
  Minister (Brian) Mulroney next month, he will be presented with
  this kind of argument, and I hope he makes it clear -- as I did
  when I was in Canada -- that only a mutually beneficial
  agreement will be successful,"" Bentsen said.
      Reagan and Mulroney are scheduled to meet April 5-6 in
  Ottawa.
      Bentsen urged Mulroney to withdraw a proposal that would
  ban imports of independently produced films into Canada by
  non-Canadians, which the senator called a protectionist
  measure.
  

"
training/9534	32	money-fx	"BAKER SAYS U.S. WILLING TO COOPERATE TO STABILIZE EXCHANGE RATES

  BAKER SAYS U.S. WILLING TO COOPERATE TO STABILIZE EXCHANGE RATES
  

"
training/9535	32	money-fx	"BAKER SAYS U.S. WANTS TO STABILIZE EXCHANGE RATES
  Treasury Secretary James Baker said
  the United States and other nations were willing to cooperate
  to stabilize foreign exchange rates at the levels that existed
  at the time of an international agreement last month.
      ""Our position with respect to the dollar goes back to the
  Paris Agreement that the currencies were within ranges broadly
  consistent with underlying economic conditions,"" Baker told a
  Senate committee.
      Baker continued, ""We said further that we and others are
  willing to cooperate closely to foster stability in exchange
  rates around those levels.""
      He referred to a February agreement by six leading
  industrial nations to cooperate on monetary matters.
      Baker refused to answer a question whether Japan and
  Germany had done enough to stimulate their domestic economies
  for the United States to support the dollar.
      ""I will not comment because the foreign exchange market
  reads more or less than is intended in my statements,"" Baker
  said.
      Baker said that the other signatories recognized that they
  must carry their share of the load of correcting external
  imbalances that have hindered the world's economy.
      He cited news reports that Germany would increase a
  proposed tax cut for 1988 by about five billion marks to
  stimulate domestic growth.
      Japan also agreed to consider stimulative measures after
  the Japanese budget was made final.
      Baker said those nations were stimulating their economies
  in a manner consistent with gains against inflation.
  

"
training/9538	0	acq	"FIRST FEDERAL DELAWARE AGREEMENT EXTENDED
  <First Federal Savings Bank>
  of Delaware said its agreement to negotiate exclusively for its
  sale with <Oxford Financial Group> has been extended until
  April 8 from March 18.
      The company said it is in the final stages of talks with
  Oxford over the terms of the proposed acquisition.  Under a
  nonbinding letter of intent signed in June 1986, Oxford would
  pay 11 dlrs per First Federal share, subject to First Federal
  shareholder approval.
  

"
training/9539	0	acq	"EDELMAN GROUP IN PLAN TO BUY MORSE SHOE <MRS>
  A group led by New York investor
  Asher Edelman said Morse Shoe Inc agreed to provide it
  confidential company information and that his group would make
  an offer to buy Morse only in a friendly, negotiated deal.
      The group also said in a filing with the Securities and
  Exchange Commission that its members would not, without Morse
  approval, buy or offer to buy any company securities giving the
  group a 10 pct or more stake in the company.
      Edelman and his group said his terms held until the earlier
  of 90 days from March 3 or the date on which Morse announces a
  definite agreement for its sale.
      At the same time, the Edelman group said it cut its stake
  in Morse to 8.4 pct from 9.7 pct.
  

"
training/9543	12	earn	"JOHN LABATT SEES GOOD FOURTH QUARTER, YEAR
  <John Labatt Ltd> anticipates a good
  fourth quarter and a new peak in sales and earnings for the
  fiscal year ending April 30, president Peter Widdrington told
  financial analysts.
      He would not make any specific forecast, but said he was
  optimistic for further growth in fiscal 1988 in the company's
  brewing and food products operations.
      Labatt's earnings rose to 92.8 mln dlrs in the nine months
  ended January 31 from year-earlier 78 mln dlrs. Revenue for the
  nine months rose to 3.20 billion dlrs from 2.70 billion dlrs.
      Widdrington said Labatt's three-year business plan, now
  being updated, targets total sales of about six billion dlrs,
  including 2.50 billion dlrs in the U.S.
      Labatt, Canada's leading brewer, has expanded in the U.S.
  food products industry by acquisitions.
      Widdrington said Labatt's strategy for U.S. expansion
  stemmed partly from its strong market position in the Canadian
  food and beverage industry. The U.S. share of revenues for this
  year will be about 35 pct, rising to 40 pct in fiscal 1988, he
  said.
  

"
training/9544	0	acq	"HUSKY <HYO> SETS MEETING TO APPROVE MERGER
  Husky Oil Ltd said the board
  called a special meeting for April 22 for shareholders to vote
  on its previously announced agreement for Hong Kong-based
  Hutchison Whampoa Ltd and Hongkong Electric Holdings Ltd to
  acquire a 43 pct interest in the company.
      The acquisition requires two-thirds approval by Husky
  shareholders other than <Nova, An Alberta Corp>, which owns a
  57 pct interest in Husky.
      If approved by shareholders, the amalgamation will take
  effect April 30, Husky said.
      Following completion, Oil Term Holdings Ltd, a new company
  controlled by Nova, will hold a 43 pct stake in Husky.
  Hutchison and Hongkong will indirectly hold 43 pct, Victor T.K.
  Li will own nine pct and <Canadian Imperial Bank of Commerce>
  will have a five pct interest.
      Husky said a special committee of five outside directors
  recommended the board approve the transaction after determining
  that the deal was in the best interests of Husky and fair to
  shareholders.
      Husky previously announced shareholders will have the
  option to receive 11.80 Canadian dlrs cash for each common, or
  6.726 dlrs cash and one common share of Oil Term Investment
  Ltd, which will be controlled by Nova through Oil Term Holdings
  and own an insterest in Husky.
      U.S. shareholders will be restricted to the right to
  receive 11.80 Canadian dlrs cash per share, which will be paid
  in U.S. funds, the company said.
  

"
training/9547	12	earn	"WASHINGTON GAS LIGHT CO <WGL> HIKES PAYOUT
  Qtly div 45 cts vs 44 cts prior
      Pay May one
      Record April 10
  

"
training/9549	12	earn	"FERC DECISION COULD CUT COLUMBIA GAS <CG> NET
  Columbia Gas System Inc said a
  Federal Energy Regulatory Commission decision today on natural
  gas cost recovery could reduce its 1987 earnings by about 1.25
  dlrs a share.
      The company said ""this could bring earnings for 1987 below
  Columbia's stated goal of earning no less than its 3.18 dlrs
  per share dividend."" It earned 2.12 dlrs a share in 1986.
      It said management expects to recommend to the board that
  the dividend rate be maintained in 1987.
      Columbia Gas said the impact of the FERC decision may be
  offset by a one-time accounting change rleated to future tax
  liabilities under the new federal tax laws.
      The company recorded these liabilities based on older,
  higher tax rates, but an action being considered by the
  Financial Accounting Standards Board could result in a gain of
  about 1.20 dlrs a share in 1987, it explained.
      ""Thus there is a good chance that we will attain our 1987
  earnings goal -- although not in the way originally planned,""
  Columbia Gas said.
      Columbia Gas said the FERC decision would limit the
  recovery of certain gas contract costs by Columbia Gas
  Transmission Corp, the company's principal pipeline subsidiary.
      It said the decision specifically excluded from a purchased
  gas adjustment filing by the pipeline costs related to
  amortizing payments made to producers to reform gas purchase
  contracts. These were excluded on the grounds the subsidiary
  failed to sufficiently support cost recovery.
      The company said its subsidiary is not precluded from
  making a new filing to provide sufficient support.
  

"
training/955	26	jobs	"JAPAN'S UNEMPLOYMENT RATE SEEN RISING TO 3.5 PCT
  Japan's unemployment rate is expected to
  continue to climb to about 3.5 pct within the next year from
  January's three pct record, senior economists, including Susumu
  Taketomi of Industrial Bank of Japan, said.
      December's 2.9 pct was the previous worst level since the
  government's Management and Coordination Agency began compiling
  statistics under its current system in 1953.
      ""There is a general fear that we will become a country with
  high unemployment,"" said Takashi Kiuchi, senior economist for
  the Long-Term Credit Bank of Japan Ltd.
      The government, which published the January unemployment
  figures today, did not make any predictions.
      ""At present we do not have a forecast for the unemployment
  rate this year, but it is difficult to foresee the situation
  improving,"" a Labour Ministry official said.
      Finance Minister Kiichi Miyazawa said the government had
  expected the increase and had set aside money to help 300,000
  people find jobs in fiscal 1987 beginning in April.
      Prime Minister Yasuhiro Nakasone told a press conference
  the record rate underlines the need to pass the 1987 budget
  which has been held up by opposition to proposed tax reforms.
      The yen's surge has caused layoffs in the mainstay steel
  and shipbuilding industries. Other export-dependent industries,
  such as cars and textiles, have laid off part-time employees
  and ceased hiring, economists said.
      Although the growing service industry sector has absorbed a
  great number of workers the trend is starting to slow down,
  said Koichi Tsukihara, Deputy General Manager of Sumitomo Bank
  Ltd's economics department.
      However, other economists disagreed, saying the service
  sector would be able to hire workers no longer needed by the
  manufacturing sector over the next five years.
  

"
training/9550	49	veg-oil	"U.S. OFFERS MORE CREDITS FOR VEG OIL TO N. YEMEN
  The U.S. Commodity Credit
  Corporation (CCC) has authorized an additional 10.0 mln dlrs in
  credit guarantees to cover sales of U.S. vegetable oils to
  North Yemen, the U.S. Agriculture Department said.
      The department also said at the request of the North Yemen
  Government five mln dlrs in credit guarantees previously
  earmarked for sales of wheat have been switched to cover sales
  of mixed poultry feed.
      The actions increase the value of credit guarantees for
  vegetable oil for the current fiscal year to 38 mln dlrs,
  reduce the guarantee coverage for sales of wheat to eight mln
  dlrs and increase the coverage for sales of mixed poultry feed
  to 10 mln dlrs.
      All exports must be completed by September 30, 1987.
  

"
training/9551	12	earn	"PUERTO RICAN CEMENT CO <PRN> SETS PAYOUT
  Qtly div five cts vs five cts prior
      Pay May 13
      Record April 14
      NOTE: Company said up to 20 pct of dividend payment may be
  withheld in accordance with Puerto Rico tax law.
  

"
training/9554	24	iron-steel	"CANADA MAY MONITOR STEEL SHIPMENTS
  Canada may begin monitoring steel
  flowing in and out of the country to determine if any steel is
  being illegally ""trans-shipped"" to the U.S., senior government
  trade officials said.
      The officials, asking not to be identified, said the
  government will investigate an industry contention that steel 
  imported from countries such as South Korea and Taiwan is being
  diverted to the U.S. and ultimately exasperating concerns about
  the level of Canadian exports south of the border.
      But the senior officials, asking not to be indentified,
  said that despite intense pressure from the Reagan
  Administration, Ottawa was not considering any kind of formal
  limits on Canadian shipments to the U.S.
      ""In a sense what I hope we are doing is buying some time,""
  said one official who claimed Canadian companies were ""fair
  traders"" in the big American market.
      If approved by the Canadian cabinet, the officials said a 
  monitoring system will be established in the next three or four
  months.
      ""I guess if we find trans-shipment is a problem, we would
  have to do something about it,"" said a trade official.
      Canadian steel shipments to the U.S. have risen to 5.7 pct
  of the U.S. market in recent months, almost double the level
  just two years ago.
      The increase in Canadian shipments comes at a time of
  growing anger in the U.S. over rising steel imports from
  several countries in the face of a decline among domestic steel
  producers.
      Some U.S. lawmakers have proposed Canada's share of the
  American market be limited to 2.4 per cent.
      The Ontario Government has urged Ottawa to require foreign
  companies to obtain permits to import steel into the country.
  Currently, import licences are required only for carbon or raw
  steel, which makes up less than half the steel market.
      Canada exported two billion Canadian dlrs worth of steel in
  1986, while importing 944-mln dlrs worth of the product in the
  same year.
  

"
training/9556	12	earn	"WESCO FINANCIAL CORP <WSC> 4TH QTR NET
  Shr 79 cts vs 5.05 dlrs
      Net 5,628,000 vs 35,936,000
      Revs 41.8 mln vs 39.4 mln
      Year
      Shr 2.32 dlrs vs 7.24 dlrs
      Net 16,524,000 vs 51,541,000
      Revs 160.2 mln vs 114.9 mln
      Note:  Current qtr figures include securities gain of 2.1
  mln dlrs, or 29 cts per share, vs gain of 34.3 mln dlrs, or
  4.81 dlrs per share.
      Current year figures include security gain of 4.6 mln dlrs,
  or 64 cts per share, vs gain of 41.5 mln dlrs, or 5.83 dlrs per
  share.
  

"
training/9557	0	acq	"HELM <H> SELLS ADDITIONAL SHARES IN BAMBERGER
  Helm Resources Inc said that, pursuant
  to the exercise of an overallotment option by underwriters in
  Bamberger Polymers INc's initial public offering, it has sold
  another 35,000 Bamberger shares and reduced its ownership in
  Bamberger to 51 pct from 55 pct.
      To date, Helm has sold 435,000 Bamberger's for 3.5 mln
  dlrs.
      Bamberger has sold a total of 600,000 shares and received
  net proceeds of about 4.8 mln dlrs since the February 1987
  offering.
  

"
training/9558	12	earn	"AMPAL-AMERICAN ISRAEL CORP <AIS.A> YEAR NET
  Shr 27 cts vs 25 cts
      Net 6,416,000 vs 5,988,000
      Revs 112.2 mln vs 99.8 mln
      NOTE: 1985 includes extraordinary income of 647,000 dlrs or
  three cts/shr. 1985 restated.
  

"
training/9559	4	cocoa	"COCOA COUNCIL CHAIRMAN SEEKS BUFFER COMPROMISE
  International Cocoa Organization, ICCO,
  Council chairman, Denis Bra Kanon, said he will attempt to
  reach a compromise on buffer stock rules for the International
  Cocoa Agreement.
      Bra Kanon called for bilateral consultations among
  producers and consumers Thursday morning to resolve outstanding
  differences on how much non-member cocoa the buffer stock can
  purchase and differentials to be fixed for different origin
  cocoa, consumer delegates told reporters.
      Bra Kanon is expected to meet with about eight delegations
  individually in attempt to iron out remaining problems.
      Producers and consumers indicated support ""in principle"" for
  the draft buffer stock rules package formulated over the past
  week by a small working group, consumer delegates said.
      Despite remaining differences delegates remained confident
  a buffer stock accord would be agreed to by Friday when the
  council session ends, but certain technical points need further
  clarification, the delegates said.
      Certain consumers are concerned that differentials included
  in the draft buffer stock package are out of line with market
  realities, consumer delegates said.
      Unless these are modified there are fears it would promote
  purchases of quality cocoas, such as Ghana origin, which are
  normally required by manufacturers, they said.
      Restrictions on buffer stock purchases of non-member cocoa
  might lead to a supply overhang in Malaysian cocoa, which would
  depress prices, they added.
  

"
training/9560	12	earn	"SNC GROUP EXPECTS HIGHER 1987 EARNINGS, SALES
  <SNC Group Inc> expects 1987 earnings
  to rise to 1.20-1.40 dlrs a share from 91 cts a share last
  year, with revenues climbing to about 430 mln dlrs from last
  year's 350 mln dlrs, president Alex Taylor said before the
  annual meeting.
      SNC, Canada's second biggest engineering and construction
  group, became the country's largest ammunition manufacturer
  last year with its 90 mln dlr acquisition of Canadian Arsenals
  Ltd from the Canadian government.
      The impact of that and several smaller deals will be felt
  fully in 1987, Taylor said.
      Defense preoducts and other manufacturing operations will
  account for more than half SNC's total 1987 revenues, helping
  to counterbalance the more cyclical engineering and
  construction acivities, Taylor said.
      Last year, SNC earned 8.7 mln dlrs, including a small
  extraordinary gain.
      In 1987, a total manufacturing activities will generate
  about 235 mln dlrs in revenues, and engineering and
  construction about 200 mln dlrs, he said, adding that defense
  products operations should be a major contributor to earnings.
  

"
training/9561	0	acq	"MINE SAFETY <MNES> SELLS SOUTH AFRICA UNIT
  Mine Safety Appliances Co said it
  will sell through its German subsidiary, Auergesellschaft, its
  controlling interest in MSA (Africa), (PTY) Ltd, of
  Johannesburg, South Africa to Boart International, a wholly-
  owned subsidiary of Anglo American Corp of South Africa Ltd
  <ANGL>.
      The company said the terms of the sale were not disclosed.
      The company will operate as Boart-MSA (PTY) Ltd, it said.
      L.N. Short Jr, president of the company, said it sold the
  unit because of slumping profits due to South Africa's economic
  decline.
  

"
training/9562	12	earn	"MEDAR INC <MDXR> 4TH QTR DEC 31 LOSS
  Shr loss 10 cts vs loss nine cts
      Net loss 558,800 vs loss 469,200
      Sales 5.5 mln vs two mln
      Nine mths ended Dec 31
      Shr profit two cts vs loss four cts
      Net profit 91,045 vs loss 207,000
      Sales 17.3 mln vs 8.4 mln
      Avg shrs 5,465,433 vs 5,037,819
      Year ended March 31
      Shr loss 28 cts vs profit 19 cts
      Net loss 1,356,321 vs profit 818,723
      Sales 10.9 mln vs 12.2 mln
      Avg shrs 4,862,499 vs 4,683,591
      Note: Medar changed end of fiscal year to December 31 to be
  more in phase with business cycle of its major customers.
  

"
training/9563	12	earn	"MEDAR <MDXR> CHANGES FISCAL YEAR
  Medar Inc said it
  changed the end of its fiscal year to December 31 from March
  31.
      The company, in reporting its annual results, said the
  change was made to bring its financial reporting in phase with
  the order cycle of its major customers.
      Medar earlier said it lost 558,800 dlrs in its final 1986
  quarter, compared to a loss of 469,200 dlrs in the same 1985
  quarter.
  

"
training/9565	0	acq	"U.S. SECURITIES INDUSTRY ASSN BACKS RESTRAINTS ON TAKEOVERS, INSIDER TRADING

  U.S. SECURITIES INDUSTRY ASSN BACKS RESTRAINTS ON TAKEOVERS, INSIDER TRADING
  

"
training/9566	12	earn	"CHEMFIX TECHNOLOGIES INC <CFIX> 2ND QTR NET
  Ended Feb 28
      Shr profit one ct vs loss four cts
      Net profit 53,040 vs loss 255,568
      Revs 2,252,246 vs 755,605
      Six mths
      Shr profit three cts vs loss eight cts
      Net profit 217,884 vs loss 517,538
      Revs 4,895,720 vs 1,569,662
  

"
training/9570	0	acq	"ALLIS-CHALMERS <AH> SELLS SWISS UNIT
  Allis-Chalmers Corp said it
  has sold its Elex Ag unit in Zurich, Switzerland, to private
  investors for an undisclosed amount.
      The company said Elex produces electrostatic precipitators
  used in air pollution control.
  

"
training/9572	12	earn	"FLORIDA EMPLOYERS INSURANCE CO <FLAE> YEAR 1986
  Shr 29 cts vs nine cts
      Net 651,000 vs 214,000
      NOTE: 1986 net includes loss of 500,000 dlrs for
  extraordinary item.
  

"
training/9573	25	jet	"SHELL OIL GETS 104.3 MLN DLR CONTRACT
  Shell Oil Co of Houston has been
  awarded a 104.3 mln dlr contract for jet fuel, the Defense
  Logistics Agency said.
  

"
training/9576	12	earn	"NIKE INC <NIKE> 3RD QTR FEB 28 NET
  Shr 12 cts vs 30 cts
      Net 4,255,000 vs 11.5 mln
      Revs 199.4 mln vs 258.7 mln
      Nine mths
      Shr 64 cts vs 1.19 dlrs
      Net 24.4 mln vs 45.5 mln
      Revs 639.7 mln vs 824.3 mln
  

"
training/9577	12	earn	"ZENITH NATIONAL INSURANCE <ZNAT> QTLY DIVIDEND
  Shr 20 cts vs 20 cts prior qtr
      Pay May 14
      Record April 30
      Note: Full name Zenith National Insurance Corp.
  

"
training/9578	12	earn	"REDKIN LABORATORIES INC <RDKN> QTLY DIVIDEND
  Shr five cts vs five cts prior qtr
      Pay April 17
      Record April 3.
  

"
training/958	12	earn	" 3-MAR-1987 07:35:58.11
   3-MAR-1987 07:35:58.11

"
training/9580	12	earn	"COOPERVISION INC <EYE> QTLY DIVIDEND
  Shr 10 cts vs 10 cts prior qtr
      Pay April 17
      Record April 9.
  

"
training/9582	0	acq	"U.S. SECURITIES GROUP BACKS INSIDER RESTRAINTS
  The Securities Industry Association
  backed a variety of restraints on insider trading and hostile
  corporate takeovers and asked Congress to define insider
  trading in law.
      The industry trade association called on U.S. securities
  firms to take steps to protect sensitive corporate secrets to
  guard against illegal trading by employees.
      The association also backed broad federal restrictions on a
  variety of tactics used in hostile corporate takeovers.
      But it said investment banking firms should be allowed to
  continue to engage in both arbitrage and merger and acquisition
  activities so long as those functions were kept separate.
      The SIA, in a report adopted yesterday by its board of
  directors, backed a higher enforcement budget for the federal
  Securities and Exchange Commission and called on U.S. stock
  exchanges to beef up their supervision of member brokerages.
      The report said securities firms ""should be more rigorous in
  restricting sensitive information on a need-to-know basis.""
      It said firms should train their employees to understand
  the need for confidentiality of market-sensitive information.
      It said legislation to define insider trading should avoid
  expanding current law in a way that would impede the market.
      It said an insider trading definition should exempt a
  securities firm from liability for law violations by its
  employees unless the firm had participated in or was aware of
  the wrongdoing.
      In the mergers and acquisitions area, the association
  advocated a ban on greenmail payments or poison pill takeover
  protection plans without prior shareholder approval.
      It said a group or individual buying up a company's stock
  should be required to file a public disclosure statement before
  acquiring more than five pct of the company's shares. Under
  current law, disclosure may be made as late as ten days after
  exceeding the five pct limit.
      The association said all purchases exceeding 20 pct of a
  company's voting stock shouls be made only through a tender
  offer open to all shareholders. Under current law there is no
  limit on open market purchases.
      The group said the federal government should preempt state
  regulation of defensive takeover tactics.
      The group said all tender offers should remain open for at
  least 30 calendar days.
      The current requirement is expressed in business days.
      It said so-called ""lockup"" devices, in which securities are
  issued to a friendly investor to seal a takeover deal or fend
  off an unfriendly predator should be limited to 18.5 pct of the
  target company's total common stock.
      Association president Edward O'Brien said the group acted
  out of concern over the ad hoc restructuring of corporate
  America on Wall Street and investor fears about insider trading
  and fairness in the marketplace.
  

"
training/9587	12	earn	"PULITZER PUBLISHING CO <PLTZC> DECLARES QTLY DIV
  Qtly div 10 cts vs 10 cts prior
      Pay May 1
      Record April 10
  

"
training/9588	12	earn	"FEDERAL CO <FFF> SETS REGULAR PAYOUT
  Qtly 29-1/2 cts vs 29-1/2 cts prior
      Payable June 1 
      Record May 1.
  

"
training/9590	12	earn	"SOUTHWESTERN BELL <SBC> SEES EARNINGS DILUTION
  Southwestern Bell Corp said that
  its planned acquisitions of cellular telephone and paging
  systems, including those of <Metromedia Inc>, will result in
  some initial earnings dilution and an increase in debt ratio.
      In a letter to shareholders in its 1986 annual report, the
  regional Bell company did not indicate the degree of earnings
  dilution it expects from the acquisitions, which total some
  1.38 billion dlrs. However, the company said the rise in its
  debt ratio will be temporary and will leave its debt level
  within an acceptable range.
      In its 1986 yearend financial statement, Southwestern Bell
  listed a debt-to-equity ratio of 43.4 pct, down slightly from
  43.7 pct in 1985.
      In 1986, the company earned 1.02 billion dlrs, or 10.26
  dlrs a share, compared with 996.2 mln dlrs, or 10 dlrs a share
  in 1985. Revenues dipped to 7.90 billion dlrs from 7.93 billion
  dlrs.
      Southwestern Bell said it expects the new tax law to have a
  negative impact on its cash flow, due mainly to the loss of
  investment tax credits.
      By mid-year, however, the company said a reduced corporate
  tax rate should have a positive impact on its net income and
  cash flow.
      In addition, the company said it is projecting a 1.7 pct
  gain in customer telephone lines and a three to four pct
  increase in long distance calling volumes.
      Southwestern Bell said 1987 capital expenditures will be
  lower that the 1.97 billion dlrs spent in 1986, a year in which
  expenditures were held below budget.
  

"
training/9597	0	acq	"LEAR SIEGLER HOLDING CORP PLANS TO DIVEST AEROSPACE SUBSIDIARY

  LEAR SIEGLER HOLDING CORP PLANS TO DIVEST AEROSPACE SUBSIDIARY
  

"
training/9598	12	earn	"VARITY CORP YEAR SHR LOSS 21 CTS VS LOSS 16 CTS

  VARITY CORP YEAR SHR LOSS 21 CTS VS LOSS 16 CTS
  

"
training/9599	12	earn	"NORDSON <NDSN> SETS 3-FOR-2 SPLIT
  Nordson Corp said its board
  declared a 3-for-2 stock split to be paid as a 50 pct stock
  dividend on April 30 to shareholders of record April 10.
      As a result, the number of shares outstanding will increase
  to 10.2 mln from 6.8 mln, the maker of industrial equipment
  said.
  

"
training/96	0	acq	"INVESTMENT FIRMS CUT CYCLOPS <CYL> STAKE
  A group of affiliated New York
  investment firms said they lowered their stake in Cyclops Corp
  to 260,500 shares, or 6.4 pct of the total outstanding common
  stock, from 370,500 shares, or 9.2 pct.
      In a filing with the Securities and Exchange Commission,
  the group, led by Mutual Shares Corp, said it sold 110,000
  Cyclops common shares on Feb 17 and 19 for 10.0 mln dlrs.
  

"
training/960	0	acq	"HK HOTELS SOARS ON TAKEOVER SPECULATION
  The price of Hongkong and Shanghai
  Hotels Ltd <SHLH.HK>'s stock soared on speculation of a
  takeover battle between major shareholders the Kadoorie family
  and the Evergo Industrial Enterprise Ltd <EVGH.HK> group, stock
  brokers said.
      They noted heavy buying in Hk Hotel shares after an
  announcement by Evergo's <China Entertainment and Land
  Investment Co Ltd> unit that it bought about 20 pct of Hk
  Hotels from the firm's deputy chairman David Liang for 1.06
  billion dlrs. The stock rose 12 H.K. Dlrs to 62 dlrs today.
      Thomas Lau, Evergo's executive director, declined comment
  on whether the group is seeking a further stake in Hk Hotels.
  But he told Reuters the group will hold the 20 pct stake bought
  from Liang as long term investment.
      He said Evergo ""was attracted by the underlying strength of
  Hk Hotels.""
      Analysts said Evergo may be looking for a possible
  redevelopment of the Peninsula Hotel, one of Asia's best known
  hotels, and another site on Hong Kong island. Both are owned by
  Hk Hotels.
      <Lai Sun Garment Co ltd> yesterday said it acquired a 10
  pct stake in Hk Hotels from Liang for 530 mln dlrs.
      Lau denied any link between China Entertainment and Lai Sun
  on their acquisitions of the Hk Hotels stake.
      ""It is purely coincidence,"" he said.
      But analysts were not so certain, saying that the Evergo
  group, which has a reputation as a corporate raider, may team
  up with Lai Sun Garment for a takeover.
      Lau also denied any contact with the Kadoorie family, which
  analysts estimate has more than 20 pct of Hk Hotels. Michael
  Kadoorie is chairman of Hk Hotels.
      Lau said two representatives of Evergo will be nominated to
  the Hk Hotels board.
      A source close to the Kadoorie family said the family has
  not considered any countermoves so far.
      Analysts said it would be difficult for Evergo and the
  Kadoorie family to cooperate because of different management
  styles.
      ""Evergo may want to split up the hotel management and
  property developments of Hk Hotels but that strategy may not
  fit the conservative Kadoorie family,"" said an analyst who asked
  not to be named.
      Another analyst noted the price of Hk Hotels had been
  distorted by the takeover talks because its net asset value is
  only worth about 50 dlrs a share. The offers by Evergo and Lai
  Sun were for 53 dlrs a share, though that is well below the
  current trading price.
      Trading was suspended today in shares of Lai Sun, Evergo,
  China Entertainment and the group's associate <Chinese Estates
  Ltd>.
      Chinese Estates lost 25 cents to 20.15 dlrs yesterday,
  China Entertainment five to 8.60 dlrs and Evergo one to 74
  cents. Lai Sun gained 50 cents to 70.50 dlrs.
  

"
training/9600	48	trade	"BALDRIGE SEES U.S. TRADE DEFICIT STARTING TO DECLINE IN FEB OR MARCH DATA

  BALDRIGE SEES U.S. TRADE DEFICIT STARTING TO DECLINE IN FEB OR MARCH DATA
  

"
training/9603	48	trade	"BALDRIGE SEES U.S. TRADE GAP DROPPING SOON
  Commerce Secretary Malcolm Baldrige
  said the U.S. trade deficit should start to decline soon,
  possibly in the figures for February or March.
      ""We could see the trade deficit start down in February or
  March,"" Baldrige said in an appearance before the Senate
  Governmental Affairs Committee.
      He predicted the trade deficit, which was 170 billion dlrs
  in 1986, would decline by 30 to 40 billion dlrs in 1987 and in
  1988.
      Baldrige said he was making his prediction without having
  seen the February trade figures, but he said that the volume of
  imports has dropped beginning with the fourth quarter of 1986
  and will continue to drop in this quarter.
      The eventual turnaround in the monthly trade figures will
  reflect the impact of the decline in the dollar, Baldrige said.
      Ealier, Treasury Secretary James Baker told the committee
  that the trade deficit had levelled off, but Baldrige said he
  was more optimistic, adding, ""I think we turned the corner in
  February.""
  

"
training/9604	43	ship	"NORMAL WORK RESUMES AT NEW ZEALAND PORTS
  Normal work has resumed at New
  Zealand ports as negotiations between harbour board workers and
  employers continue.
      Wellington Harbour Board Workers' Union secretary Ross
  Wilson told reporters talks late yesterday ended with agreement
  to take unresolved issues before an industrial conciliator.
      Wilson said the only remaining issue is the length of the
  union award. The dispute originally was about wage rates and
  the form of industry negotiations.
      Cook Strait ferry sailings resumed after Marlborough
  Harbour Board workers returned to work this morning, ending
  their industrial action a day early.
      The Waterside Workers' Federation, which struck for most of
  last week and held more than one mln tonnes of shipping in
  ports, meets on Monday and Tuesday in conciliation with the
  Waterfront Employers' Association.
      Union Secretary Sam Jennings said: ""We've got two days of
  talks. If it's not all cleaned up by then ... I don't know what
  will happen.""
  

"
training/9605	12	earn	"VARITY CORP <VAT> 4TH QTR JAN 31 LOSS
  Shr loss 13 cts vs loss one ct
      Net loss 18,600,000 vs profit 3,300,000
      Revs 394.0 mln vs 351.0 mln
      YEAR
      Shr loss 21 cts vs loss 16 cts
      Net loss 23,300,000 vs profit 3,900,000
      Revs 1.36 billion vs 1.29 billion
      Note: Current yr loss includes reorganization charge of
  15.2 mln dlrs vs yr-ago reorganization charge of 17.6 mln dlrs.
      Shr after preferred divs.
      U.S. dlrs.
  

"
training/9606	12	earn	"INDIANA FEDERAL <IFSL> 4TH QTR NET
  Net 492,000 vs 677,000
      Year
      Net 2,650,000 vs 2,566,000
      NOTE: Company's full name is Indiana Federal Savings and
  Loan Association. Per share information not available. Bank
  went public on February 11, 1987.
  

"
training/9607	0	acq	"LEAR-SIEGLER HOLDING TO DIVEST AEROSPACE UNIT
  Forstmann Little and Co said Lear
  Siegler Holding Corp plans to divest its aerospace group
  subsidiary, comprised of the Defense Electronics Group and the
  Components Group.
      Divestitures had been expected since Lear-Siegler, a
  diversified conglomerate, was acquired last December in a 2.1-
  billion-dlr-leveraged buyout by the Wall Street firm of
  Forstmann Little.
      Lear's aerospace group revenues for fiscal 1987 are
  expected to be about 700 mln dlrs, said Forstmann.
      The Defense Electronics Group designs and manufactures
  weapons, management systems, flight control systems, remotely
  piloted vehicles and reference and navigation systems, mainly
  for military markets.
      The Defense Group subsidiaries are Astronics Corp, which is
  based in Santa Monica, Calif., and employs 1,076 people;
  Instrument and Avionic Systems Corp, based in Grand Rapids,
  Mich., and employs 3,479 people; International Corp, based in
  Stamford, Conn., and employs 266 people; and Development
  Sciences Corp, based in Ontario, Calif., and employs 237
  people.
      The Components Group manufactures pumps, bearings, and
  other industrial components as well as nuclear control drive
  rod mechanisms and valves.
      The Group's subsidiaries include Power Equipment Corp,
  based in Cleveland, which employs 880 people; Energy Products
  Corp, based in Santa Ana, Calif., which employs 755 people; 
  Romek Corp, based in Elyria, Ohio, which employs 262 people;
  and Transport Dynamics in Santa Ana, which employs 254 people.
      Overall, Lear's Aerospace Group's eight subsidiaries
  employs 7,200 people.
      Lear Siegler said it plans to retain Management Services
  Corp, engaged in aircraft maintenance modification for various
  Department of Defense agencies.
      Morgan Stanley and Co will act as financial advsiors for
  the group's divestitures.
      Last month, Lear Siegler said it planned to sell its Smith
  and Wesson handgun business, Starcraft Recreational Products
  Ltd, the Peerless truck trailer operations, and other units, as
  part of its restructuring plans.
      Lear apparently will retain its Piper Aircraft unit.
  

"
training/9608	0	acq	"RUBBERMAID <RBD> COMPLETES ACQUISITIONS
  Rubbermaid Inc said it completed
  the previously announced acquisitions of Viking Brush Ltd, a
  Canadian maker of brushes, brooms and other cleaning aids, and
  the Little Tikes' manufacturing licensee in Ireland.
      Terms were not disclosed.
      The acquisition of the Tikes' licensee is part of the
  expansion of Little Tikes in the European toy market.
  

"
training/9610	12	earn	"CRYSTAL OIL CO <COR> 4TH QTR LOSS
  Oper shr loss 16 cts vs loss 44 cts
      Oper net loss 8,926,000 vs loss 14.4 mln
      Revs 9,920,000 vs 21.2 mln
      Year
      Oper shr loss 4.30 dlrs vs loss 2.24 dlrs
      Oper net loss 221.8 mln vs loss 53.7 mln
      Revs 51.4 mln vs 94.4 mln
      Note: Oper net excludes losses from discontinued operations
  of 228,000 dlrs vs 4,253,000 dlrs for qtr and 10.4 mln dlrs vs
  14.2 mln dlrs for year.
  

"
training/9611	12	earn	"CHEMFIX TECHNOLOGIES <CFIX> 2ND QTR FEB 28 NET
  Shr profit one ct vs loss four cts
      Net profit 53,040 vs loss 255,568
      Rev 2,252,246 vs 755,605
      Six months
      Shr profit three cts vs loss eight cts
      Net profit 217,884 vs loss 517,538
      Rev 4.9 mln vs 1.6 mln
      NOTE: Company's full name is Chemfix Technologies Inc.
  

"
training/9612	12	earn	"FEDERAL-MOGUL CORP <FMO> SETS REGULAR DIVIDEND
  Qtly div 40 cts vs 40 cts prior
      Pay June 10
      Record May 27
  

"
training/9613	12	earn	"IOWA RESOURCES INC <IOR> DECLARES QTLY DIVIDEND
  Qtly div 41 cts vs 41 cts prior
      Pay May 1
      Record April 8
  

"
training/9615	19	housing	"U.S. HOME RESALES UP IN FEBRUARY, REALTORS SAY
  The National Association of Realtors
  said sales of previously owned homes rose six pct during
  February from January levels to a seasonally adjusted annual
  rate of 3.69 mln units.
      The realtors' group said the sales rise was apparent across
  the country and reflected lower mortgage interest rates as well
  as more housing demand.
      Actual resales of homes during February totaled 241,000, up
  11.6 pct from the January total of 216,000, the association
  said.
  

"
training/9618	12	earn	"FIDUCIARY TRUST CO IN FIVE-FOR-ONE STOCK SPLIT
  <Fiduciary Trust Co International>
  said its shareholders at the annual meeting approved a
  five-for-one stock split effective May 15, 1987, to holders of
  record on April 15, 1987.
      The company said the split would increase the number of
  authorized common shares from 440,000 to 2,200,000 shares
  issued. In addition, the company said it authorized another
  800,000 shares, but would not issue them at this time.
      The company also changed the stock's par value from 10 dlrs
  a share to 2.50 dlrs a share.
      It explained it transferred 1,100,000 dlrs from its
  undivided profits account to its capital account in order to
  raise the new par value from two dlrs, under the five-for-one
  split, to 2.50 dlrs.
  

"
training/9619	0	acq	"MODULAIRE <MODX> BUYS BOISE HOMES PROPERTY
  Modulaire Industries said it
  acquired the design library and manufacturing rights of
  privately-owned Boise Homes for an undisclosed amount of cash.
      Boise Homes sold commercial and residential prefabricated
  structures, Modulaire said.
  

"
training/9625	12	earn	"LA QUINTA MOTOR INNS INC<LQM>3RD QTR FEB 28 NET
  Shr profit 25 cts vs loss nine cts
      Net profit 3,433,000 vs loss 1,310,000
      Revs 37.1 mln vs 39.0 mln
      Nine mths
      Shr profit 28 cts vs profit 27 cts
      Net profit 3,883,000 vs profit 3,908,000
      Revs 133.2 mln vs 132.0 mln
      Avg shrs 13.8 mln vs 14.2 mln
      Note: Current net includes gain on sale of 31 inns of
  7,719,000 dlrs for qtr and 7,975,000 dlrs for nine mths.
  

"
training/9626	0	acq	"KANSAS CITY SOUTHERN INDUSTRIES SAYS IT EAGER TO PURCHASE SOUTHERN PACIFIC RAILROAD

  KANSAS CITY SOUTHERN INDUSTRIES SAYS IT EAGER TO PURCHASE SOUTHERN PACIFIC RAILROAD
  

"
training/9628	48	trade	"U.S. CHIPMAKERS URGE SANCTIONS AGAINST JAPAN
  The Semiconductor Industry
  Association urged the U.S. government to impose trade sanctions
  against Japan for violating the U.S.-Japan Semiconductor Trade
  Agreement.
      In a letter to Treasury Secretary James Baker the group
  said sanctions should be imposed against Japanese chipmakers as
  of April 1 and should continue until the United States is
  satisfied that there is full compliance with the agreement.
      The group said action by Japan to cut back on semiconductor
  exports is not what is required.
      ""America's interests require that agreements be honored and
  that U.S. industries not bear the burden for the persistent
  unwillingness or inability of the government of Japan to
  deliver on its commitments,"" the trade group said.
      The White House Economic Policy Council is expected to
  discuss possible sanctions against Japan at a meeting scheduled
  for Thursday.
      The trade group said Japan has not lived up to the terms of
  the agreement last year which was aimed at ending Japanese
  dumping of semiconductors and at opening Japanese markets to
  foreign-based manufacturers.
  

"
training/963	0	acq	"BRYSON PAYS 5.4 MLN DLRS FOR CENERGY CORP STAKE
  <Bryson Oil and Gas Plc> said it paid a
  cash consideration of around 5.4 mln dlrs for about 8.6 pct of
  <Cenergy Corp>, a U.S. Oil and gas exploration and production
  company.
      Bryson said its board has been considering a number of
  possible investments to expand the company's interests and
  believes the opportunity to acquire an investment in Cenergy
  provides a suitable extension to its existing U.S. Interests.
      Cenergy reported a net loss of 7.27 mln dlrs in the nine
  months to September 30, 1986 while total stockholders equity on
  the same date was 40.72 mln dlrs.
  

"
training/9635	0	acq	"FED APPROVES CHEMICAL BANK ACQUISITION OF TEXAS COMMERCE BANCSHARES

  FED APPROVES CHEMICAL BANK ACQUISITION OF TEXAS COMMERCE BANCSHARES
  

"
training/9637	0	acq	"KANSAS CITY <KSU> READY TO BUY SOUTHERN PACIFIC
  Kansas City Southern Industries Inc
  said it is ready to promptly purchase the Southern Pacific
  Transportation Co from Santa Fe Southern Pacific Corp <SFX> if
  the Interstate Commerce Commission rejects Sante Fe's attempt
  to reopen the merger of Southern and the Atchison, Tokepa and
  Santa Fe Railway.
      In a filing with the ICC late today, the company outlined
  four conditions of its offer to acquire Southern Pacific.
      Among the conditions are that Santa Fe enter into an
  agreement to indemnify Kansas City for any contigent liabilites
  of Southern Pacific existing as of the closing date, and that
  the financial condition of Southern remain largely unchanged
  from today onward.
      ""We are willing, even eager, to make a fair market value
  offer in cash for the Southern Pacific,"" said Kansas City
  Southern president and chief executive officer Landon H.
  Rowland.
      ""This offer disproves the constant derogation of the
  Sourthern Pacific by SFSP management, best exemplified by SFSP
  Chief Executive John Schmidt's comment in ICC hearings that the
  Southern Pacific was 'bankrupt,'"" said Rowland.
      He said that merging Southern with Kansas City will achieve
  the benefits of an end-to-end merger while preseving the
  independece of the Southern Pacific versus its existing prime
  competitor, Santa Fe.
      Kansas said that Southern's management had estimated the
  value of the railroad in 1983 in the range of 281 mln dlrs to
  1.2 billion dlrs.
      It said that Morgan Stanley and Co Inc and Salomon Brothers
  Inc, hired in 1983 to advise Southern and Santa Fe in their
  merger, appraised Southern as worth between 500 mln dlrs and
  800 mln dlrs less than Southern's own internal valuations.
      Kanasa City Southern said it will make an offer for
  Southern after its books, records and properties are examined.
      ""Once that examination has been completed (and even in the
  absence of a willingnes of SFSP to negotiate) KCSI will make an
  offer in writing...."" said the company.
      Kansas also said it argued in the ICC filing that Santa Fe
  had not met the legal requirements justifying the Commission's
  reconsideration of the proposed merger of Santa Fe and Southern
  Pacific, two railroads that it said basically parallel each
  other throughout their routes.
      ICC voted four to one last summer to reject the merger as
  inherently anticompetitive. Kansas said Santa Fe in petitioning
  for reconsideration now argues that the trackage agreements
  with the Union Pacific, the Denver and Rio Grande Western and
  other railroads, adds to the value of the merger.
  

"
training/9638	0	acq	"GENCORP <GY> BID COULD BE RAISED, GROUP SAYS
  An investor group said it might be
  willing to raise its 100 dlr per share offer for GenCorp but so
  far the company has turned down requests for a meeting.
      ""We might be able to see some additional value if we could
  meet"" and get more financial data, said Joel Reed, speaking for
  the investor group.
      Reed told Reuters that GenCorp chairman A. William Reynolds
  ""was not interested in sitting down and talking with us at this
  time."" Cyril Wagner sought the meeting in a recent telephone
  conversation with Reynolds, Reed said.
      Wagner and Brown, along with AFG Industries Inc <AFG>,
  recently launched a surprise tender offer for GenCorp. The
  offer is worth 2.23 billion dlrs.
      Reed said under the circumstances the 100 dlr per share
  tender offer, which expires April 15, is a fair offer. GenCorp
  gained 3-1/2 to 114 today on the NYSE.
      Reed outlined a plan to reshape GenCorp in the event his
  group wins control. He said aerospace, soft drink bottling and
  entertainment units are potential divestiture candidates. He
  said the tire business, which the group wants to keep, may be
  more viable if merged with another tire company.
      ""One option would be to try to grow the tire business
  through combination or an acquisition,"" Reed said. He said he
  believes such a merger could create a stronger force in the
  tire industry.
      Gary Miller, chief financial officer of AFG, said his
  company has a record of acquiring mature businesses and
  boosting productivity. Automation and incentives tied to profit
  sharing have been used with success, he said.
      In the case of GenCorp's RKO General broadcasting stations,
  Reed said the plan of the partners is to step into GenCorp's
  shoes and proceed with plans to  sell the stations.
      The partners said if they succed in acquiring GenCorp they
  intend to consummate sale of WOR-TV in New York to MCA Inc
  <MCA>. GenCorp last year entered into an agreement to sell the
  station for 387 mln dlrs.
      The partners also said if they acquire Gencorp they would
  also proceed with the proposed sale of KHJ-TV in Los Angeles to
  Walt Disney Co <DIS>. RKO General would receive 217 mln dlrs
  and Fidelilty Television, which challenged the license, would
  get about 103 mln dlrs.
      The partners also said the Federal Communications
  Commission established an expedited schedule for receiving
  comments on their request for special temporary authorization
  of proposed trust arrangements while the FCC considers a formal
  application for transfer of the broadcast unit.
      Reed said he was pleased with the expedited schedule
  because it provides time for the agency to act on the request
  before the expiration of the tender offer.
      He said it was the aim of the partners to move as quickly
  as possible to eliminate uncertainty surrounding the stations.
      Asked about criticism of the takeover attempt voiced by
  some municipal officials in Akron, Ohio, where GenCorp is
  headquartered, Reed said, ""the plan of the partners offers long
  term growth for Ohio.""
      He noted that the aerospace business, slated for
  divestiture under the partners' plan, is located in California.
  ""Our program is one that overall would provide the greatest
  long term growth for all segments,"" he said.
  

"
training/9640	0	acq	"FED APPROVES CHEMICAL NEW YORK <CHL> MERGER
  Chemical New York Corp and Texas
  Bancshares Inc <TCB> said the Federal Reserve Board approved
  their proposed 1.19 billion dlr merger.
      The companies also said the Securities and Exchange
  Commission declared effective as of March 24 the registration
  statement covering the securities Chemical will issue to Texas
  Bancshares shareholders as part of the merger.
      The companies said they expect to complete the merger,
  which will create a bank with 80 billion dlrs of assets, by the
  end of the second quarter. The merger still requires
  shareholder approval.
  

"
training/9641	12	earn	"VARITY<VAT> SEES IMPROVED RESULTS AFTER 1ST QTR
  Varity Corp, earlier reporting a full
  year loss against a prior year profit, said improvement is
  expected in the balance of fiscal 1987 as new products fill the
  inventory pipeline, cutbacks in operating costs are realized
  and its newly acquired Dayton Walther business is fully
  integrated.
      However, operating results are likely to remain under
  pressure in the first quarter ending April 30, it said.
      Varity earlier reported a loss for fiscal 1986 ended
  January 31 of 23.3 mln U.S. dlrs, compared to a year-earlier
  profit of 3.9 mln dlrs.
      Varity said continued deterioration in major markets, a
  weakening U.S. dollar and unforeseen delays in launching major
  new lines of tractors contributed to the full year loss.
      Industry demand for farm machinery continued to erode
  during the latest fiscal year, with worldwide industry retail
  sales of tractors sliding more than 10 pct below last year's
  depressed levels, the company said.
      However, Varity increased its share of the global tractor
  market by more than one pct to 18.2 pct, it said.
      The combined impact of costly sales incentives and foreign
  exchange adjustments on margins was substantial, Varity said.
  

"
training/9642	0	acq	"CAMPBELL RESOURCES <CCH> UPS MESTON LAKE STAKE
  Campbell Resources Inc said it raised
  its voting stake in <Meston Lake Resources Inc> to about 64 pct
  from 52 pct through acquisition of another 870,000 Meston Lake
  shares in its previously reported takeover bid.
      Campbell, in its bid that expired March 23, offered 80 cts
  cash and 1.25 ""legended"" Campbell shares for each Meston share.
  The legended shares are not tradeable for one year.
      It said the 3.4 mln Meston shares not tendered in the offer
  were held by about 550 stockholders, including Quebec's La
  Societe de developpement de la Baie James, with 1.3 mln shares.
  

"
training/9644	0	acq	"METROBANC <MTBC> SHAREHOLDERS APPROVE MERGER
  Metrobanc, a federal
  savings bank, said its shareholders approved the previously
  announced merger with Comerica Inc <CMCA>, a bank holding
  company.
      Metrobanc said the merger is still subject to regulatory
  approval.
  

"
training/9647	12	earn	"PLAINS RESOURCES INC <PLNS> YEAR LOSS
  Oper shr loss 31 cts vs profit three cts
      Oper net loss 887,886 vs profit 646,250
      Revs 9,724,418 vs 10.8 mln
      Note: Year-ago oper net excludes tax credit of 230,000
  dlrs.
  

"
training/9652	12	earn	"GV MEDICAL INC <GVMI> 4TH QTR LOSS
  Shr loss 20 cts vs loss 26 cts
      Net loss 798,289 vs loss 777,667
      Rev 262,738 vs nil
      Avg shares 3,930,360 vs 2,959,029
      Year
      Shr loss 96 cts vs loss 1.25 dlrs
      Net loss 3,202,355 vs loss 3,060,407
      Rev 676,341 vs nil
      Avg shares 3,339,174 vs 2,445,423
  

"
training/9654	5	coffee	"IBC PRESIDENT NOT TO ATTEND ICO EXECUTIVE BOARD
  Brazilian Coffee Institute (IBC)
  president Jorio Dauster said he will not attend the ICO
  executive board meeting and was surprised to hear that a report
  of his absence had a slightly depressing effect on the New York
  coffee market today.
      ""I have too much work to accomplish here in Brazil at the
  moment. Besides the presence of the IBC president at an ICO
  executive board meeting is not a tradition,"" Dauster said.
      Dauster said except in rare cases, Brazil has always sent
  its London-based representative to ICO board meetings.
  Ambassador Lindenberg Sette will attend the meeting, he said.
  

"
training/9657	48	trade	"U.S. CHIPMAKERS URGE SANCTIONS AGAINST JAPAN
  The Semiconductor Industry
  Association urged the U.S. government to impose trade sanctions
  against Japan for violating the U.S.-Japan Semiconductor Trade
  Agreement.
      In a letter to Treasury Secretary James Baker the group
  said sanctions should be imposed against Japanese chipmakers as
  of April 1 and continue until the U.S. is satisfied there is
  full compliance with the agreement.
      The group said action by Japan to cut back on semiconductor
  exports is not what is required.
      ""America's interests require that agreements be honored and
  that U.S. industries not bear the burden for the persistent
  unwillingness or inability of the government of Japan to
  deliver on its commitments,"" the trade group said.
      The White House Economic Policy Council is expected to
  discuss possible sanctions against Japan at a meeting scheduled
  for Thursday.
      The trade group said Japan has not lived up to the terms of
  the agreement last year which was aimed at ending Japanese
  dumping of semiconductors and at opening Japanese markets to
  foreign-based manufacturers.
  

"
training/9661	0	acq	"CLABIR <CLG>, AMBRIT <ABI> CALL OFF MERGER
  Clabir Corp and AmBrit Corp
  said they called off their plans for Clabir to buy the 16 pct
  voting interest in AmBrit that it does not already own.
      The companies said they agreed not to pursue the merger
  because several actions recently taken by AmBrit would mean
  substantial delays in completing the deal.
      They said they might revive merger plans at a later date or
  seek other ways for Clabir to increase its holdings in AmBrit.
  

"
training/9668	0	acq	"DAILY TELEGRAPH IN DEAL WITH NEWS INTERNATIONAL
  <Hollinger Inc> said 58 pct-owned <The
  Daily Telegraph PLC>, of London, agreed to form a joint venture
  printing company in Manchester, England with <News
  International PLC>. Financial terms were undisclosed.
      It said the deal involved News International's acquisition
  of a 50 pct stake in the Telegraph's Trafford Park Printing Ltd
  subsidiary. The joint company will continue to print northern
  editions of the Telegraph and Sunday Telegraph, with spare
  capacity used to print The Sun and News of the World.
      The arrangement will significantly cut Telegraph costs,
  Hollinger said.
  

"
training/9671	12	earn	"FRIEDMAN INDUSTRIES INC <FRD> QUARTERLY DIV
  Qtly div seven cts vs seven cts prior
      Pay June one
      Record May four
  

"
training/9674	10	crude	"LATIN OIL PRODUCERS TO MEET IN CARACAS
  Five regional oil producing nations
  will gather in Caracas tommorrow for a two-day meeting expected
  to center on ways to combat proposals for a U.S. tax on
  imported petroleum, the Venezuela's ministry of energy and
  mines said.
      Oil ministers from Mexico, Trinidad and Tobago, Ecuador and
  Venezuela will be on hand for the fifth meeting of the informal
  group of Latin American and Caribbean Petroleum Exporters,
  formed in 1983, it said. Colombia will also attend for the
  first time, as an observer nation, the ministry said.
      Energy and Mines Minister Arturo Hernandez Grisanti said
  the conference has no set agenda but one entire session Friday
  will be devoted to proposals for a tax on imported oil.
      Two of the group's members, Venezuela and Mexico, are
  second and third largest foreign suppliers of oil to the United
  States, respectively, following Canada.
      Venezuela, concerned about the effect such a tax would have
  on its exports, undertook a diplomatic push to coordinate
  strategy against such measures. In February, Canadian Energy
  Minister Marcel Masse was invited to Caracas for talks with
  Hernandez on proposals for an oil import tax.
  

"
training/9675	22	interest	"AUSTRALIAN RESERVE BANK CUTS REDISCOUNT RATE
  The Reserve Bank of Australia this morning
  cut the rediscount rate from 17.30 pct to 17.00 pct.
      The rediscount is the rate at which the bank buys back
  treasury notes.
      Market sources said the cut reflected the recent easing in
  market interest rates. They also pointed to yesterday's
  treasury note tender where the 400 mln dlrs of 13-week notes
  went at an average yield of 15.473 pct, down from 15.870 last
  week. The 100 mln dlrs of 26-week notes went at an average
  15.414 from 15.790 last week.
  

"
training/9677	0	acq	"GENOVA <GNVA> SIGNS DEFINITIVE MERGER AGREEMENT
  Genova Inc said it signed a
  definitive agreement for the previously announced merger with
  <Genova Products Inc>.
      Under the agreement, Genova Products will pay 5-3/8 dlrs a
  share for the 29 pct of Genova's outstanding common shares it
  does not already own.
      The company said it plans to complete the transaction,
  which requires shareholder approval, by the end of March.
  

"
training/9678	12	earn	"PENOBSCOT SHOE CO <PSO> 1ST QTR FEB 27 NET
  Shr 69 cts vs six cts
      Net 421,306 vs 44,132
      Revs 3,721,178 vs 3,125,935
      Note: Current qtr net includes a gain of 281,000 dlrs,
  mostly from the sale of securities and property.
  

"
training/968	12	earn	"ASHTON-TATE <TATE> 4TH QTR NET
  Shr 43 cts vs 30 cts
      Net 10.6 mln vs 5,967,000
      Revs 62.9 mln vs 41.5 mln
      Avg shrs 200.7 mln vs 20.2 mln
      Year
      Shr 1.26 dlrs vs 85 cts
      Net 30.1 mln vs 16.6 mln
      Revs 210.8 mln vs 121.6 mln
      Avg shrs 23.9 mln vs 19.4 mln
      NOTE: Share adjusted for January 1987 two-for-one split.
  

"
training/9680	5	coffee	"DAUSTER SAYS NO CHANGE IN BRAZIL'S COFFEE POLICY
  Brazil will not announce any
  changes to its coffee export policy, Brazilian Coffee Institute
  (IBC) president Jorio Dauster said.
      He told Reuters Brazil was not planning to modify the
  position it held before the recent International Coffee
  Organisation meeting.
      Earlier this month, talks in London to set new ICO export
  quotas failed.
      Commenting on the outcome of a coffee producers' meeting in
  Managua last weekend, Dauster said that they discussed nothing
  involving the market.
      ""In the meeting we agreed to work on behalf of the union of
  the producers in matters related to an international agreement,""
  Dauster said.
      The Managua meeting was attended by representatives from
  Brazil, Mexico, Guatemala, El Salvador, Honduras, Costa Rica,
  Nicaragua and Panama, the latter represented at the meeting
  merely as an observer.
  

"
training/9681	32	money-fx	"EXCHANGE RATE BILL CLEARS U.S. HOUSE PANEL
  The House Banking Committee adopted
  legislation to direct the U.S. Treasury to begin negotiations
  aimed at seeking regular adjustment of exchange rates by  
  countries such as Taiwan and South Korea whose currencies are
  pegged to the value of the U.S. dollar.
      The measure was adopted as part of a wide-ranging trade
  bill that will be considered by the full House in April before
  it moves onto the Senate.
      The bill's many provisions also set as a priority for the
  U.S. the negotiation of stable exchange rates and urge
  government intervention as necessary to offset fluctuations.
  

"
training/9682	12	earn	"CONSOLIDATE CAPITAL TRUST <CIOTS> 4TH QTR NET
  Shr 32 cts vs nil
      Net 1.2 mln vs 100,000
      Avg shrs 3,692,000 vs 3,148,000
      Year
      Shr 1.02 dlrs vs 54 cts
      Net 3.7 mln vs 800,000
      Avg shrs 3,607,000 vs 1,461,000
      Note: Net is after depreciation.
      Full name is Consolidated Captial Income Opportunity
  Trust/2.
  

"
training/9686	32	money-fx	"TREASURY'S BAKER SAYS HE STANDS BY PARIS PACT TO FOSTER STABLE CURRENCIES

  TREASURY'S BAKER SAYS HE STANDS BY PARIS PACT TO FOSTER STABLE CURRENCIES
  

"
training/9689	32	money-fx	"BAKER SAYS HE STANDS BY PARIS CURRENCY AGREEMENT
  Treasury Secretary James Baker said
  he stood by the Paris agreement among leading industrial
  nations to foster exchange rate stability around current
  levels.
      ""I would refer you to the Paris agreement which was a
  recognition the currencies were within ranges broadly
  consistent with economic fundamentals,"" Baker told The Cable
  News Network in an interview.
      ""We were quite satisfied with the agreement in Paris
  otherwise we would not have been a party too it,"" he said.
      Baker also noted the nations agreed in the accord to
  ""co-operate to foster greater exchange rate stability around
  those levels.""
      He refused to comment directly on the current yen/dollar
  rate but said flatly that foreign exchange markets recently
  tended ""to draw unwarranted inferences from what I say.""
      Baker was quoted on British Television over the weekend as
  saying he has no target for the U.S. currency, a statement that
  triggered this week's renewed decline of the dollar.
      ""I think the Paris agreement represents evidence that
  international economic policy co-ordination is alive and well,""
  Baker said.
      The Treasury Secretary stressed however it was very
  important for the main surplus countries to grow as fast as
  they could consistent with low inflation to resolve trade
  imbalances.
      He added that Federal Reserve Board chairman Paul Volcker
  has also ""been very outspoken"" in suggesting main trading
  partners grow as fast as they can.
      Baker noted that the J-curve, the delayed beneficial effect
  of a weakening of a currency on that country's trade balance,
  takes 12 to 18 months to work its way through to the trade
  deficit and it is now 18 months since the Plaza agreement to
  lower the dollar's value.
      He also said improvements in the trade deficit should come
  from other sources besides the exchange rate, and pointed out
  the administration's package to improve U.S. Competitiveness
  was now before Congress.
  

"
training/969	43	ship	"NEITHER SIDE OPTIMISTIC ON ROTTERDAM PORT ISSUES
  Employers and the port union, FNV, are
  to meet again this afternoon to attempt a settlement of the
  six-week-old dispute in Rotterdam's general cargo sector, but
  neither side is optimistic, spokesmen for both sides told
  Reuters.
      Little progress was made in last night's three hours of
  talks, with both sides largely reiterating their positions.
      ""There is still a very large gap between the employers and
  the FNV, and I can't say that we expect to reach any agreement.
  But at least we are still talking,"" a union spokesman said.
      Employers organization chairman, Jacques Schoufour, accused
  the FNV of intransigence in refusing to alter its stance at all
  over the past two months.
      ""The FNV is not serious about our discussions and I am
  really not optimistic about it changing its point of view at
  all.""
      ""If we find this afternoon that the FNV still refuses to
  accept the necessary redundancies in the general cargo sector,
  then we will break off the talks and the redundancies may begin
  later this month,"" Schoufour said.
      The series of strikes, which employers say has cost them
  more than seven mln guilders in lost import business in the
  past six weeks, began on January 19 in protest at plans for 800
  redundancies from the sector's 4,000 workforce starting with
  350 this year.
      Late last month Social Affairs minister Louw de Graaf said
  unless the dispute was settled by yesterday he would withdraw
  the sector's 10 mln guilder annual labour subsidy.
      Both sides wrote to the minister yesterday setting out
  their cases, but Schoufour said he did not expect to hear from
  him before Wednesday at the earliest.
  

"
training/9697	48	trade	"BAKER SEES 15 TO 20 BILLION DLR DROP IN TRADE GAP
  Treasury Secretary James Baker said
  he expected the U.S. Trade deficit to fall by 15 billion to 20
  billion dlrs in 1987.
      Commenting on the deficit during an interview on Cable News
  Network, Baker said ""I think you're going to see a 15 to 20
  billion dlr reduction this year."" The deficit was 170 billion
  dlrs in 1986.
      Baker noted that the benefits of a weaker currency take 12
  to 18 months to affect the trade balance, and said it is now 18
  months since the Plaza agreement to lower the dollar's value.
  

"
training/9699	32	money-fx	"Sumita says major nations will continue to cooperate to stabilize currencies

  Sumita says major nations will continue to cooperate to stabilize currencies
  

"
training/9700	33	money-supply	"N.Z. MONEY SUPPLY RISES 2.4 PCT IN JANUARY
  New Zealand's broadly defined,
  seasonally adjusted M-3 money supply grew an estimated 2.4 pct
  in January against a 3.4 pct (revised from 3.6) rise in
  December and a 0.7 pct rise in January 1986.
      It said unadjusted M-3 increased to an estimated 30.13
  billion N.Z. Dlrs from 30.08 (revised from 30.06) billion in
  December and 25.18 billion in January 1986.
      Year-on-year M-3 rose 19.66 pct in January from 17.80 pct
  (revised from 17.77) in December and 20.10 pct in January 1986.
      Narrowly defined year-on-year M-1 growth was 21.94 pct in
  January against 15.89 pct in December and 14.10 pct a year
  earlier.
      M-1 grew to an estimated 4.72 billion dlrs against 5.03
  billion in December and 3.87 billion in January 1986.
      Year-on-year private sector credit, PSC, grew 31.07 pct in
  January against 30.64 pct (revised from 30.68) in December and
  21.40 pct in January 1986. PSC grew to 22.69 billion dlrs from
  22.24 billion in December and 17.31 billion in January 1986.
  

"
training/9704	48	trade	"EC LINKS AGRICULTURAL TRADE TALKS TO OTHER REFORM
  The European Community (EC) considers
  talks on agricultural trade reform to be inseperable from talks
  on other trade reform in the present GATT round, Willy de
  Clercq, external relations commissioner of the EC, said.
      He told reporters here the EC would not bow to pressure to
  reach an early, seperate agreement on agricultural trade.
      He said the EC wanted to stick to the four-year schedule
  agreed by members of the General Agreement on Tariffs and Trade
  (GATT) in Punta del Este, Uruguay, last year. That included
  agricultural trade liberalisation for the first time in the
  lengthy program to re-negotiate the GATT.
      Other trade issues being discussed in the current GATT
  round include reform of trade in merchandise and services.
      De Clercq is on his way to China after attending a two-day
  conference for 22 GATT trade ministers held in New Zealand.
      Several of those ministers criticised the EC for what they
  saw as restrictive agricultural trade practices and called for
  urgent reforms. U.S. Trade representative, Clayton Yeutter,
  also said it was important agreement on agricultural trade
  reform was reached as early as possible.
      But de Clercq said the GATT program had been reached after
  long and hard negotiations, and the EC did not want changes.
      ""We just want to stick to the agreement which was reached,
  and that was very clear -- that the new round would be one
  undertaking. It is a global negotiation with no two tracks, no
  fast track, no slow track. It has just one track, the track -
  and that's all,"" de Clercq said.
      ""If you start selecting priorities, your priority is not my
  priority. We say that agriculture is urgent, but it's not the
  only urgent thing,"" he said.
      He said the Punte del Este agreement had taken eight months
  to prepare and eight days of negotiations.
  

"
training/9706	12	earn	"LINDE TURNOVER UP IN FIRST TWO MONTHS OF 1987
  Engineering group Linde
  AG's <LING.F> world group turnover rose to 518.6 mln marks in
  the first two months of 1987, 5.2 pct more than in the same
  1986 period, management board chairman Hans Meinhardt said.
      But world group incoming orders fell 2.2 pct to 587.3 mln
  marks, Meinhardt told the annual news conference. Excluding
  exchange rate movements, world group turnover rose 8.9 pct and
  incoming orders increased 1.0 pct.
      Linde expects satisfactory results and increased sales this
  year but Meinhardt gave no detailed forecast. Domestic group
  1986 net profit rose to 105.79 mln marks from 80.71 mln.
      Meinhardt said domestic group turnover rose 6.7 pct to
  394.1 mln marks in the first two 1987 months against the same
  period last year but incoming orders fell 5.2 pct to 456.6 mln.
      Linde will ask shareholders at the annual meeting on May 13
  to raise authorised share capital by a maximum 30 mln marks
  nominal for the issue of share warrant bonds with a maximum
  issue volume of 200 mln marks. Linde's authorised share capital
  currently stands at a nominal 49.6 mln marks.
      Meinhardt said the authorisation would give the company the
  necessary flexibility in case Linde needed additional funds for
  acquisitions. He declined to give further details.
      While world group turnover rose 7.2 pct to 3.88 billion
  marks in 1986, incoming orders were barely changed at 3.91
  billion marks. Meinhardt said without the sharp appreciation of
  the mark against major trading partner currencies, incoming
  orders would have been four pct above the prior year's level.
      World group turnover in heavy plant construction rose 7.4
  pct to 777 mln marks, but incoming orders dropped 5.7 pct to
  739 mln marks in the wake of the dollar and oil price plunge.
      World sales for technical gases rose 5.1 pct to 1.05
  billion marks and incoming orders gained 5.2 pct to 1.05
  billion marks.
      Meinhardt said Linde strengthened its market position in
  the refrigeration sector, with particularly strong turnover and
  order gains in Austria, Italy and Norway. World group sales in
  the sector fell 2.5 pct to 493 mln marks, but incoming orders
  rose 2.5 pct to 513 mln marks.
      The fork lift truck and hydraulic sector saw world group
  sales rising 12.4 pct to 1.52 billion marks and incoming orders
  gaining 8.0 pct to 1.57 billion marks.
      Domestic group turnover rose 8.2 pct to 2.93 billion marks
  and incoming orders increased 1.9 pct to 2.92 billion marks.
  The company was producing at full capacity in 1986.
  

"
training/9707	12	earn	"LINDE AG <LING.F> 1986 YEAR
  Domestic group net profit 105.79 mln marks vs 80.71 mln
      Turnover 2.93 billion marks vs 2.71 billion
      Incoming orders 2.92 billion marks vs 2.86 billion
      Order book at end December 2.28 billion vs 2.37 billion
      Tax payments 104.98 mln marks vs 88.67 mln
      Depreciation of fixed assets 107.25 mln marks vs 150.75 mln
      New investment in fixed assets 148.88 mln vs 148.22 mln
      Dividend already announced 12 marks vs 11
      DVFA earnings per share 32.22 marks vs 27.54 marks
      Shareholders annual meeting May 13, dividend date May 14
      World group turnover 3.88 billion marks vs 3.62 billion
      Incoming orders 3.91 billion marks vs 3.91 billion
      New investment in fixed assets 247 mln marks vs 252 mln
      No world group profit figures given
      Parent company net profits 95.04 mln marks vs 74.91 mln
      Turnover 2.28 billion marks vs 2.14 billion
  

"
training/971	12	earn	"UNILEVER IMPROVES IN MOST SECTORS DURING 1986
  The Unilever Plc and NV <UN.A> group saw
  improved performance in almost all sectors during 1986, the
  Anglo-Dutch group said in its results statement.
      Very good progress was made last year, while the recent
  acquisition of Chesebrough-Pond's Inc <CBM.N> was a significant
  addition which will greatly benefit the group in the years to
  come.
      Earlier, Unilever reported combined fourth quarter pre-tax
  profit of 276 mln stg, level with the year earlier period,
  making 1.14 billion stg compared with 953 mln for the 1986 full
  year.
      Unilever said it plans to change its depreciation policy to
  the more conventional practice of depreciating assets
  individually rather than depreciating fixed assets at average
  rates. The new method is expected to lead to a reduction in the
  accumulated provision for depreciation and thereby increase the
  net book value of tangible asssets by about 300 mln stg as at
  January 1, 1987.
      Unilever Plc shares are up 25p since yesterday at 2,575p in
  buoyant response to the results and share split proposal,
  though 1986 profits were not ahead of market forecasts, dealers
  added.
  

"
training/9712	48	trade	"TRADE SURPLUS CUT WOULD BENEFIT JAPAN - SUMITA
  Bank of Japan Governor Satoshi Sumita
  said it is in Japan's national interest to make greater efforts
  to reduce its trade surplus.
      He told business executives the most important issues for
  the world economy are the correction of international trade
  imbalances and a solution to the world debt problem.
      To this end, Japan and the U.S. Must make medium- and
  long-term efforts to alter economic structures which have
  expanded the trade gap between the two nations. World economic
  growth and therefore an expansion of debtor countries' export
  markets are needed to solve the debt issue, he added.
  

"
training/972	28	lei	"U.S. LEADING INDICATORS FELL 1.0 PCT IN JAN AFTER REVISED 2.3 PCT DEC RISE

  U.S. LEADING INDICATORS FELL 1.0 PCT IN JAN AFTER REVISED 2.3 PCT DEC RISE
  

"
training/9720	32	money-fx	"MIYAZAWA SAYS MAJOR NATIONS ACTING ON PARIS ACCORD
  Finance Minister Kiichi Miyazawa said
  major nations are taking action to stabilise exchange rates in
  line with their agreement in Paris last month, government
  sources said.
      Miyazawa told an Upper House session the six nations --
  Britain, Canada, France, Japan, the U.S. And West Germany --
  are abiding by the Paris accord. The six agreed to cooperate to
  stabilise exchange rates at around current levels.
      Miyazawa said he wishes to attend a meeting of seven major
  nations (G-7) expected just before the IMF/World Bank Interim
  Committee meeting in Washington starting on April 9.
      The sources quoted Miyazawa as saying Japan is trying to
  prevent a further rise of the yen. Japan is taking the matter
  seriously, he added.
      Asked if the six nations had agreed to stabilise the dollar
  at about 153 yen, the rate prevailing at the time of the Paris
  talks, Miyazawa declined to give specific figures and said any
  mention of specific rates would create an ""unexpected situation.""
  

"
training/9723	12	earn	"Hoechst AG 1986 world group pretax profit 3.21 billion marks vs 3.16 billion

  Hoechst AG 1986 world group pretax profit 3.21 billion marks vs 3.16 billion
  

"
training/9727	32	money-fx	"BANK OF FRANCE LAUNCHES MONEY MARKET INTERVENTION TENDER - OFFICIAL

  BANK OF FRANCE LAUNCHES MONEY MARKET INTERVENTION TENDER - OFFICIAL
  

"
training/9728	12	earn	"HOECHST AG <HFAG.F> YEAR 1986
  Year ended December 31.
      World group pretax profit 3.21 billion marks vs 3.16
  billion.
      Turnover 38.01 billion marks vs 42.72 billion.
      World group turnover comprised domestic sales 10.83 billion
  vs 10.80 billion, foreign sales 27.18 billion vs 31.92 billion.
      Parent pretax profit 1.82 billion marks vs 1.62 billion.
      Turnover 14.09 billion vs 15.35 billion.
      Parent turnover comprised domestic sales 6.47 billion vs
  6.84 billion, foreign sales 7.62 billion vs 8.51 billion.
      Parent investment in fixed assets 960 mln marks vs 831 mln.
      Depreciation of fixed assets 935 mln marks vs 847 mln.
      Investment in new participations 2.53 billion marks vs 294
  mln.
  

"
training/9731	0	acq	"BP says it will tender for remaining 45 pct of Standard Oil at 70 dlrs a share cash

  BP says it will tender for remaining 45 pct of Standard Oil at 70 dlrs a share cash
  

"
training/9733	0	acq	"BP TO OFFER 7.4 BILLION DLRS FOR STANDARD SHARES
  British Petroleum Co Plc <BP.L> said it
  intended to make a tender offer for the 45 pct of Standard Oil
  Co <SRD.N> it does not already own at 70 dlrs a share cash, for
  a total of 7.4 billion if the offer is fully accepted.
      The offer would be made through its <BP North America Inc>
  unit and was intended to commence not later than April 1. The
  offer would not be conditional on any minimum number of shares
  being tendered.
      BP said in a statement the 70 dlr a share price was based
  on its own valuation as well as those of its financial
  advisers. It took into account reviews of both public and
  non-public information.
      Standard closed in New York last night at 64-7/8 dlrs, down
  1-3/4 dlrs.
      BP shares dropped on the announcement to 877p from 888p at
  last night's close.
      About a third of the cash payable would be met from BP's
  own resources.
      The remainder would come from new borrowings, partly from
  banks under a four-year committed revolving credit facility and
  partly from a a new U.S. Dlr commercial paper programme. The
  company said it was in the course of arranging these
  facilities.
      BP Chairman Sir Peter Walters said that the group's
  investment in Standard was its largest single asset. Full
  ownership would enable investment and operating decisions to be
  made without the limitations of a minority interest.
      BP also believed the acquisition represented the optimum
  use of its financial resources. It was confident oil prices
  were likely to remain within a range sufficient to justify the
  investment.
      Walters added that it also felt that, due to management
  changes in 1986, Standard could now operate successfully even
  in a lower oil price environment.
      Standard's net assets at end-1986 were 7.02 billion dlrs
  and in the year it reported a loss of 1.08 billion dlrs before
  tax and before an extraordinary item of 608 mln dlrs.
      Analysts said that the move by BP had come as a surprise.
  One noted that it was not immediately clear why the group
  should spend so much money buying a company it already
  controlled.
      BP could also have bought up the remainder of Standard
  shares considerably cheaper had it moved six months ago.
      It was also unclear what effect the tender would have on
  the U.K. Government's recent announcement that it intended to
  dispose of its remaining 31.7 pct stake in BP sometime in the
  1987/88 financial year, analysts said.
      Analyst Paul Spedding of brokers Kleinwort Grieveson noted
  that any effect on the government sale of its stake in BP would
  depend on the reaction of the markets.
      The deal would probably push BP's gearing up to around 59
  pct from 20 pct currently, he said.
      However, with the likelihood that oil prices would not
  repeat last year's rapid drop the prospects for Standard
  returning to profitability this year -- and BP benefitting from
  its cash flow -- were good.
      Standard was a high cost oil producer, the analysts noted.
      Spedding noted that it needed about 12 dlrs a barrel to
  make money, and at about 15 dlrs a barrel revenue from
  production and its downstream activities would push it
  comfortably into surplus.
      BP initially took a stake in Standard following the
  discovery of oil in Alaska's Prudhoe bay in 1969. BP had
  inadequate distribution facilities in the U.S. While Standard,
  which was strong on marketing and refining, was short on crude
  oil.
      The analysts said that BP had promoted a major management
  reorganisation of Standard in the past year.
      The probability that much of the shake-up at Standard was
  now complete was one possible factor behind the timing of the
  tender offer, Spedding said.
      BP's willingness to take hard decisions such as major
  balance sheet write offs and the sale of assets had been well
  received in the markets.
      The lower costs that should now be possible -- especially
  after the rationalisation of the loss making minerals division
  -- should allow the benefits of an oil price recovery to come
  straight through to 1987 profits without being cut back by
  other sectors.
  

"
training/9734	12	earn	"HOECHST RAISES PROFITS ON LOWER SALES
  Hoechst AG <HFAG.F> said in a
  statement it increased its pretax profits in 1986 despite a
  fall in turnover due to lower foreign sales.
      The lower sales were due to the fall in the dollar and
  other currencies against the mark. Other factors were pressure
  on selling prices because of a sharp fall in the prices of
  crude oil and petrochemical raw materials and the sale of
  polystyrene business in the U.S. And Netherlands.
      World group pretax profit rose to 3.21 billion marks in
  1986 from 3.16 billion in 1985, with sales falling to 38.01
  billion from 42.72 billion.
      Within group turnover, foreign sales fell to 27.18 billion
  marks in 1986 from 31.92 billion in 1985, a drop of 14.9 pct.
      The statement made no mention of net profit figures.
  Hoechst will announce its dividend proposal on April 23.
      In the first quarter of this year sales were hit by the
  cold weather at the start of the year. If the dollar continues
  at present low levels, 1987 sales will again be below the
  previous year, although in volume terms they are unchanged from
  1986, Hoechst said.
      Sales of paints and dyes, fibres, sheeting and information
  technology all rose in 1986 but plant construction sales fell.
      Hoechst attributed its good results to the performance of
  the parent company, other units in West Germany, and to
  <American Hoechst Corp>.
      Improved earnings in the U.S. Largely reflected the
  restructuring of styrene and polystyrene activities.
      Roussel Uclaf <RUCF.PA> and most domestic non-consolidated
  partners did not perform as well as in 1985.
      Hoechst attributed the 12 pct rise in parent company pretax
  profits to 1.82 billion marks above all to a rise in earnings
  from interest and holdings in other companies, and a fall in
  extraordinary costs.
      The fall in raw material prices was not enough to
  compensate for the decline in turnover due to lower prices and
  currencies, Hoechst said.
      The bulk of the 2.53 billion marks investment in new
  projects, up from 294 mln marks in 1985, went on the capital
  increase of Hoechst Capital Corp in connection with the
  acquisition of <Celanese Corp>.
      Celanese was merged with American Hoechst in February to
  form <Hoechst Celanese Corp>.
  

"
training/9735	22	interest	"Danish overnight money market rate cut to 10 pct from 10.5 - central bank

  Danish overnight money market rate cut to 10 pct from 10.5 - central bank
  

"
training/9736	12	earn	"BHP NET SEEN AROUND 600 MLN DLRS FOR NINE MONTHS
  Australia's largest company, The Broken
  Hill Pty Co Ltd <BRKN.S> (BHP), is expected to report a net
  profit of around 600 mln to 620 mln dlrs tomorrow for the first
  nine months ended February 28, share analysts polled by Reuters
  said.
      This would be well below the 813.0 mln dlrs earned in the
  first three quarters of 1985/86. In the full year ended May 31
  1986 the group earned a record 988.2 mln dlrs.
      The analysts estimated that the group would report a third
  quarter net in the region of 200 mln to 220 mln dlrs, against
  238.6 mln a year earlier and 220.3 mln in the second quarter.
      BHP's earnings in the first half ended November 30 amounted
  to 397.0 mln dlrs, sharply down from 589.3 mln a year earlier.
      The analysts predicted that BHP will report an upturn in
  petroleum earnings compared with the first quarter, reflecting
  some improvement in crude oil prices from the Bass Strait
  fields, but these gains would be offset by lower mineral and
  steel earnings.
      They said the mineral group has been hit by lower coal
  prices and shipments to Japan while the steel division has been
  affected by industrial and production problems.
      The analysts noted that the third quarter is normally BHP's
  lowest-earning period owing to a number of seasonal factors,
  and they predicted a sharp rise in fourth quarter net to around
  300 mln dlrs.
      One key factor in the fourth quarter is expected to be a
  tax break of some 70 mln dlrs for the investment allowance on
  capital expenditure in the steel division, they said.
      They said they saw BHP's full year earnings at around 900
  mln to 920 mln dlrs. They added that such a decline from
  1985/86 would be no surprise, noting BHP has said that it would
  be difficult to equal its record 1985/86 net profit.
  

"
training/9737	0	acq	" BP units seek five billion dlr revolving credit to support Standard Oil tender

   BP units seek five billion dlr revolving credit to support Standard Oil tender
  

"
training/9738	1	alum	"INDIAN PLANT SIGNS FIRST ALUMINA EXPORT CONTRACT
  An unnamed Norwegian firm agreed to
  buy 100,000 tonnes of alumina a year from a refinery in eastern
  Orissa state due to start operations in the next 12 months, a
  Commerce Ministry official told Reuters.
      He said the state-owned National Aluminium Co, which owns
  the plant, and the state-owned Mineral and Metals Trading Corp
  signed its first long-term export agreement with the company,
  but gave no further details.
      Of the plant's 800,000 tonnes annual capacity, 425,000 will
  be smelted into 218,000 tonnes of aluminium and the remaining
  375,000 will be exported, the official said.
  

"
training/974	28	lei	"U.S. LEADING INDEX FELL 1.0 PCT IN JANUARY
  The U.S. index of leading indicators
  fell a seasonally adjusted 1.0 pct in January after a revised
  2.3 pct December gain, the Commerce Department said.
      The department previously said the index rose 2.1 pct in
  December.
      The decline in January was the biggest for any month since
  July, 1984, when the index fell 1.7 pct.
      The January decrease left the index at 183.8 over its 1967
  base of 100, and was led by a fall in contracts and orders for
  plant and equipment.
      A total of six of 10 indicators available for January
  contributed to the decline.
      Besides contracts and orders for plant and equipment, they
  were building permits, manufacturers' new orders for consumer
  goods, a change in sensitive materials prices, slower
  deliveries from vendors and higher average weekly claims for
  state unemployment insurance.
      Four of 10 indicators were positive, including stock
  prices, new business formation, average work week and money
  supply.
      The main factor for the December upward revision was new
  business formation.
      There was no revision in the 0.9 pct increase in the
  leading indicators index for November.
      The index of coincident indicators, which measures the
  current economy, fell 0.1 pct in January after increases of 0.7
  pct in December and 0.2 pct in November.
      The index of lagging indicators, which measures past
  economic activity, rose 0.5 pct in January after a decrease of
  0.5 pct in December and an increase of 0.2 pct in November.
  

"
training/9741	12	earn	"LUCAS INDUSTRIES PLC <LUCS.L> HALFYEAR ENDED JAN 31
  Shr 22.9p vs 26.9p.
      Interim div 2.6p vs same.
      Pre-tax profit 40.0 mln stg vs 38.0 mln.
      Net profit before minorities 29.6 mln vs 30.9 mln.
      Turnover 825.0 mln vs 791.6 mln.
      Trading profit 52.8 mln stg vs 52.5 mln.
      Related companies profit 3.1 mln vs 1.4 mln.
      Interest payable 12.3 mln vs 14.6 mln.
      Reorganisation and redundancy costs 3.6 mln vs 1.3 mln.
      Tax 10.4 mln vs 7.1 mln.
      Minorities 1.5 mln vs 2.4 mln.
      Extraordinary charges 1.3 mln vs 34.2 mln.
  

"
training/9742	0	acq	"BP UNITS SEEK FIVE BILLION DLR REVOLVING CREDIT
  BP International and BP North America
  are seeking a five billion dlr, four year syndicated credit
  facility in support of British Petroleum Co Plc's tender offer
  for the 45 pct of Standard Oil Co it does not already own,
  Morgan Guaranty Trust Co of New York said as arranger.
      The facility, to be guaranteed by British Petroleum Co Plc
  <BP.L> is probably the largest credit facility ever arranged in
  Europe, bond analysts said. Full terms will be announced either
  later today or tomorrow morning. BP said earlier it planned a
  tender offer for the 45 pct of Standard it does not already own
  for 70 dlrs a share cash.
      The financing being arranged by Morgan Guaranty will take
  the form of a fully committed revolving credit. As announced
  earlier, BP also is arranging a U.S. Commercial paper program
  in connection with the tender and part of the revolver will be
  used to support that program.
      The exact size of the U.S. Program has not been decided and
  the dealers have not yet been chosen.
      The credit facility will also allow the borrower to issue
  cash advances with maturities of one, three or six months
  through a tender panel, which will be comprised of banks
  committed to the facility.
      Despite the unprecedented size of this euromarket facility,
  Morgan Guaranty said that it was being syndicated only among
  BP's relationship banks.
      As a result, banks were being offered lead manager status
  at 200 mln dlrs, co-lead management at 125 mln and manager at
  75 mln.
      Although pricing on many credit facilities has become
  extremely fine in recent years because of the keen competition
  to win mandates, Morgan Guaranty said banks would be
  compensated fairly since this is a special purpose facility
  which must be completed quickly, with signing expected in about
  10 days.
  

"
training/9744	12	earn	"CLUB MEDITERRANEE <CMI.PA> - YEAR ENDED OCTOBER 31
  Parent company 1986 net profit 202.55 mln francs vs 171.31
  mln
      Dividend 13.02 francs vs same, including 4.34 francs tax
  credit.
      (Note -  company earlier reported consolidated net profit
  315.9 mln francs vs 302.08 mln and consolidated attributable
  profit of 293.3 mln vs 266.6 mln.)
  

"
training/9745	32	money-fx	"U.K. MONEY MARKET LIQUIDITY POSITION EXPECTED FLAT
  The Bank of England said it has forecast
  a flat position in the money market today.
      Among the main factors, maturing assistance and take-up of
  treasury bills will drain 545 mln stg and a rise in note
  circulation 35 mln stg but the outflow will be offset by 490
  mln stg exchequer transactions and bankers balances above
  target 70 mln.
  

"
training/9746	45	sugar	"EC SUGAR TENDER SEEN AS FURTHER CONCESSION
  The rebates granted at yesterday's EC
  sugar tender represent a further concession to producers'
  complaints that they are losing money on exports outside the
  bloc, trade sources said.
      They said the maximum rebate of 45.678 European currency
  Units (Ecus) per 100 kilos was 0.87 Ecus below what producers
  claim is needed to obtain the equivalent price to that offered
  for sales into intervention.
      The rebate at last week's tender was 1.3 Ecus short of the
  level producers thought necessary and that of the previous week
  was 2.5 Ecus below this level.
      But the sources said producers who have offered a total of
  854,000 tonnes of sugar into intervention in an apparent
  attempt to persuade the Commission to set higher maximum
  rebates have given no formal indication to the Commission that
  they intend to withdraw these offers.
      The French and German operators involved would be able to
  withdraw the offers up to five weeks after April 1 when the
  sugar will officially enter intervention stores.
      The five-week period is the normal delay between sugar
  going into intervention and payment being made for it.
      EC officials have said that if the Commission has to buy
  the sugar, it is determined immediately to resell it, a move
  which could drive down market prices further.
  

"
training/9747	2	bop	" German Feb current account surplus 6.6 billion marks (Jan surplus 4.8 billion) - official

   German Feb current account surplus 6.6 billion marks (Jan surplus 4.8 billion) - official
  

"
training/9748	48	trade	" German February trade surplus 10.4 billion marks (Jan surplus 7.2 billion) - official

   German February trade surplus 10.4 billion marks (Jan surplus 7.2 billion) - official
  

"
training/9752	33	money-supply	"TAIWAN'S SAVINGS AT RECORD HIGH
  Taiwan has over one trillion Taiwan dlrs
  in savings, official statistics show.
      Figures released yesterday show all forms of savings by
  individuals and public and private firms, including bank
  deposits, certificates of deposits and bond's, are running at
  about 37 pct of gross national product (GNP).
      GNP rose by 14.35 pct in 1986 to 2.74 trillion dlrs.
      Taiwan's strict foreign exchange controls and lack of
  incentives to invest abroad mean its huge export earnings are
  mainly deposited in bank savings accounts, earning below four
  pct interest each year.
  

"
training/9753	32	money-fx	"SHORT-DATED SAUDI RIYAL RATES FIRM IN QUIET MARKET
  Short-dated Saudi riyal interest rates
  firmed but other rates were steady in quiet trading, dealers
  said.
      ""Day-to-day money is a bit tighter,"" one trader said.
      Overnight rose two points to six pct, while most quotes for
  tomorrow/next and spot/next were 1/2 point higher at around
  six, 5-1/2 pct.
      The periods were essentially steady at 5-7/8, 5/8 pct for
  one month, 6-1/2, 3/8 pct for three, and 6-7/8, 11/16 for six
  months.
      The spot riyal stood at 3.7500/05 to the dollar after
  3.7506/09 yesterday.
  

"
training/9755	0	acq	"FOREIGN FIRMS HOPE TO JOIN JAPAN TELECOM COMPANY
  One of two rival firms seeking to enter
  Japan's international telecommunications market said it will
  offer a stake in the company to 10 foreign firms.
      President of <International Telecom Japan Inc> (ITJ), Nobuo
  Ito, decline to specify what share the firms would take, but
  told Reuters they would not participate in its management.
      ITJ and <International Digital Communications Planning Inc>
  (IDC), in which both Cable and Wireless Plc <CAWL.L> and
  Pacific Telesis Group <PAC.N> own 20 pct stakes, are set to
  merge into a new entity to compete against <Kokusai Denshin
  Denwa Co Ltd> (KDD).
      The Ministry of Posts and Telecommunications has urged the
  two rival firms to merge so KDD would have only a single
  competitor. The ministry has also rejected foreign management.
      Japan's law limits foreign ownership of any new
  international telecommunications entrant to 33 pct, so C and
  W's and Pacific's stakes could be three pct in the merged firm,
  sources said. Those seeking to join are General Electric Co
  <GE.N>, Ford Motor Co <F.N>, <Citibank NA>, BankAmerica Corp
  <BAC.NYSE>, <Shearson Lehman Bros Inc>, <Saloman Brothers>,
  <Asia Boeing Computer Service>, Unisys Corp <UIS.N>, <Societe
  Generale> and Deutsche Bank AG <DBKG.FRA>.
      The merger plan has been criticised for excluding foreign
  firms from a meaningful position in the market.
      The U.K.'s Prime Minister Margaret Thatcher, U.S. Secretary
  of State George Shultz, U.S. Commerce Secretary Malcolm
  Baldrige and U.S. Trade Representative Clayton Yeutter have all
  expressed such opposition.
      Japanese Prime Minister Yasuhiro Nakasone will draft a
  reply to the criticism following further discussion, a Posts
  and Ministry official said.
  

"
training/976	12	earn	"BURLINGTON COAT FACTORY WAREHOUSE CORP <BCF> NET
  Jan 31 end
      Shr 1.40 dlrs vs 1.10 dlrs
      Net 16.4 mln vs 12.9 mln
      Revs 196.2 mln vs 157.5 mln
  

"
training/9760	12	earn	"SIEMENS SEES SALES NEAR 52 BILLION MARKS THIS YEAR
  World group turnover of Siemens AG
  <SIEG.F> should rise to 51 or 52 billion marks in the current
  year to September 31 after a 19 pct upturn in the first five
  months, management board chairman Karlheinz Kaske said.
      Siemens reported world group turnover in 1985/86 of 47.02
  billion marks.
      Kaske told the annual shareholders meeting turnover rose to
  21.2 billion marks in the first five months of 1986/87, about
  19 pct above the same year-ago period. The rise was mainly due
  to payment in January for a West German nuclear power station
  which led to a jump in domestic sales of 36 pct.
      In the first five 1986/87 months, turnover abroad showed a
  three pct increase, Kaske said, without giving figures.
      In the same period incoming orders rose five pct to 21.8
  billion marks against the same 1985/86 period.
      For the year as a whole incoming orders should rise between
  one and two billion marks to around 51 or 52 billion.
      Apart from payments for the nuclear power station, the
  communications and telecommunications sectors in particular
  should contribute to growth this year, Kaske said.
      But it was not possible to make a profit forecast for
  1986/87 because of uncertainty about the direction of the
  dollar, Kaske said.
      Siemens already reported that first quarter 1986/87 group
  net profit fell marginally to 296 mln marks from 298 mln in the
  same period in the previous year.
      Turnover in the first five months rose particularly
  strongly in the installations and automotive technology,
  communications and telecommunications sectors, but components
  and energy and automation showed a sharp decline.
      Kaske said domestic orders rose to 10.2 billion marks in
  the first five months of this year, or nine pct above their
  level in the same 1985/86 period, boosted in particular by
  orders for the fully owned Kraftwerk Union AG subsidiary.
      Foreign orders grew one pct to 11.6 billion marks. An
  increase in orders through newly acquired subsidiaries abroad
  was balanced by the decline in the dollar.
      While the installations and automotive technology sector
  showed a sharp rise in orders, energy and automation and
  communications orders were below the level achieved in the same
  period of 1985/86.
      Telecommunications orders remained at roughly the same
  level.
      Kaske said investments were expected to remain around six
  billion marks in 1986/87 after a 50 pct increase the previous
  year. Research and development were likely to rise 13 pct to
  6.1 billion marks or around 12 pct of turnover.
  

"
training/9761	12	earn	"KRUPP HAS SATISFACTORY 1986 RESULTS
  The Fried. Krupp GmbH
  <KRPG.D> steel and engineering group said it had a satisfactory
  1986 despite a provisional 12 pct fall in total group sales to
  18.1 billion marks from 20.7 billion the previous year.
      Third party turnover declined to 15.9 billion from 18.5
  billion in 1985 while orders slipped to 15.5 billion marks from
  16.9 billion, it said in a preliminary statement.
      Despite these figures, which reflected the dollar's
  weakness against the mark and oil and raw materials price
  falls, it said 1986 was a satisfactory year.
      The reason was the continued expansion of the machinery and
  plant sector, which accounted for 42 pct of total sales.
      Krupp added that some areas of the mechanical engineering
  business achieved notable growth rates and acquisitions had
  underpinned machinery and component activities.
      An orders decline in the steel and, in particular, the
  trading and services sectors, affected the group's total order
  figures.
      However, ""all business sectors contributed to the positive
  results achieved in 1986,"" Krupp added, without giving details.
      Domestic orders decreased by five pct to 9.6 billion marks
  from the previous year and foreign orders fell 14 pct to 5.9
  billion, it said. Foreign business accounted for 38 pct of
  orders against 40 pct in 1985.
      Orders received by the machinery and plant sector, 11
  member companies which comprise the core area of the group,
  rose by four mln marks last year to 6.9 billion, Krupp said.
      The group's orders in hand amounted to 9.1 billion marks at
  end-December 1986 from 10.3 billion at the start of the year.
      Orders received by the steel sector last year decreased by
  three pct to 6.2 billion marks from 1985, it said.
      The steel market weakened increasingly over the year,
  mainly because of exchange rate movements, the deterioration in
  foreign trade and a downturn in a number of customer
  industries.
      The difficult market for sections and flats of quality
  steel depressed order tonnages by around seven pct, Krupp said.
  But special steel boosted by strong demand for stainless
  cold-rolled flats, grew by five pct in tonnage terms.
  

"
training/9763	48	trade	"NO PESSIMISM FOR GERMAN EXPORTERS, MINISTRY
  Firms need not be pessimistic about export
  prospects even though foreign markets have become more
  difficult because of the mark's strength the Economics Ministry
  said.
       The ministry's parliamentary state secretary Ludolf Georg
  von Wartenberg, told a business conference German exports could
  start rising again in real terms during 1987, reversing the
  lower export trend which emerged in mid-1986.
      But even if the turnaround did not occur, there would be no
  need to worry about the economy as long as the weakness of
  exports did not affect currently good domestic demand.
      Von Wartenberg said consumer demand remained quite good but
  noted there had been a cooling in the investment climate. ""This
  is certainly a reason for heightened watchfulness but not for
  stimulative steps,"" he said.
      The best way for Bonn to help its exporters is to work
  actively to promote free world trade, he added.
      Von Wartenberg said the economy still had good export
  opportunities. Price alone was not the only factor in
  international competitiveness, he said, adding German firms
  have a reputation for high quality standards, prompt delivery
  times and good service.
      Von Wartenberg said the government was in a difficult
  position on its trade figures.  It faced international pressure
  to reduce its trade surplus, but West Germans were worried
  about the effect of the mark's strength on the country's
  exporters.
      Reports about the trade surplus, especially overseas,
  tended to concentrate on nominal trade figures, which rose to a
  record 112.2 billion marks in 1986, he said. But this rise was
  due entirely to the lower value of imports caused by the
  decline of both the dollar and oil prices. German exports have
  in fact been falling in real terms for sometime, he said.
  

"
training/9764	32	money-fx	"MONETARY AUTHORITIES SAID TO LOSE CREDIBILITY
  The monetary authorities of the major
  industrialised countries lost their credibility this week as
  the dollar was sold off despite pleas from ministers and
  widespread central bank intervention, dealers said.
      The dollar's fall below 150 yen, which follows last month's
  Paris currency stabilisation agreement by the U.S., Japan, West
  Germany, Britain, France and Canada, is a dramatic reversal of
  the success of the Group of Five (G-5) 1985 New York Plaza
  meeting to weaken the dollar, they said.
      The G-5 and the market agreed in 1985 that the dollar was
  overvalued but this time the market and the authorities are on
  different sides, dealers said.
      Apparent confusion in the ranks of the G-5 nations has
  encouraged the market to challenge the authorities despite
  concerted intervention by the central banks of the United
  States, Japan, Britain and West Germany, they said.
      Pleas by Japanese Finance Minister Kiichi Miyazawa for
  action to stabilise the dollar were matched over the weekend by
  comments by U.S. Treasury Secretary James Baker that there was
  no target zone for the dollar. The dollar was sold anyway.
      Yesterday's comment by Baker that he stood by the Paris
  accord did nothing to reverse sentiment, dealers said.
      The intervention, backed by remarks by Fed Chairman Paul
  Volcker and Japanese central bank governor Satoshi Sumita,
  which a few months ago would have brought the dollar fall to a
  halt, has done little but slow the rate of its decline, they
  noted.
      The situation has again raised the question of whether
  intervention can succeed against the trend in today's huge
  currency markets. Dealers said the market's cool response to
  intervention reflected a basic oversupply of dollars.
      ""This means that the current dollar selling is not of a
  sheer speculative nature but backed by real demand,"" said Koichi
  Miyazaki, deputy general manager at Sanwa Bank.
      Dealers said the dollar will remain weak despite the
  intervention and it is only a matter of time before some
  operators try to push it below 148 yen. The dollar closed in
  Tokyo today at 149.40 against New York's 149.30/40. Its record
  low was 148.40 in Tokyo last Tuesday.
      Dealers said the dollar will gain only temporary support to
  rise above 150 yen toward early April when the Group of Seven
  industrial nations meets to discuss currencies again.
      The market expects the seven nations (the Paris six plus
  Italy) to try to agree on another way to stabilise currencies
  apart from intervention, a chief dealer at a U.S. Bank said.
      Dealers said they were unsure what other methods could be
  used and they are sceptical anyway about how long the Paris
  accord nations, particulary the U.S., Will remain willing to
  prevent a further dollar fall given the continuing high U.S.
  Trade deficit, especially with Japan.
      Further pressure from a protectionist U.S. Congress for a
  lower dollar is also limiting Washington's options, they said.
      The market now thinks the central bank action is to slow
  the dollar fall, not to push it back over 150 yen, said
  Tadahiko Nashimoto, manager at Long Term Credit Bank of Japan.
      Another bearish factor for the dollar is expected large
  forward dollar sales from April to June for export bills
  falling due for Japanese exporters from April to September.
      The exporters had delayed in expectation of a further yen
  depreciation, dealers said.
      Yesterday's request to 30 trading houses by the Ministry of
  International Trade and Industry to restrict dollar sales looks
  ineffective in light of this real demand, they said.
      The market is also anticipating active institutional dollar
  sales to hedge currency risks on bond holdings from the new
  business year starting April 1, dealers said.
      ""The market seems to have established a new dollar trading
  range between 147 and 149 yen,"" one dealer said.
      The dollar traded between 151 and 153 yen after the Paris
  accord on February 22 and 150 yen was then considered the low
  end for the dollar against the yen, he said.
      Some dealers now believe that if the dollar falls below 148
  yen, it will pick up renewed downward momentum and slide to
  145.
  

"
training/9767	48	trade	"UK FEB TRADE DEFICIT 224 MLN STG VS DEFICIT 527 MLN IN JAN - OFFICIAL.

  UK FEB TRADE DEFICIT 224 MLN STG VS DEFICIT 527 MLN IN JAN - OFFICIAL.
  

"
training/9769	15	gnp	"MALAYSIAN CENTRAL BANK SEES HIGHER 1987 GROWTH
  Gross domestic product (GDP)
  growth in 1987 is expected to grow by between 1.5 and two pct,
  up from one pct in 1986, the central bank said.
      The forecast compares with the one pct GDP growth forecast
  made by the Treasury last October.
      Bank Negara also said in its annual report that gross
  national product (GNP) is expected to grow by 3.5 to four pct,
  after declining 7.3 pct in 1986.
      It said that a turnaround in investor confidence since last
  November had been spurred by a moderate improvement in oil and
  commodity prices and a rise in manufacturing exports.
      Growth in 1987 is expected to come from the anticipated
  rise in export earnings if the industrialised countries sustain
  their average GNP growth at 2.5 to three pct, it added.
      Bank Negara said its forecast assumes that crude oil will
  average 15.50 dlrs a barrel, rubber at 210 cents a kilo, palm
  oil at 850 ringgit a tonne, tin at 17 ringgit a kilo and a rise
  of 12 pct in manufacturing exports.
      It said Malaysia's international terms of trade will turn
  around to rise by two pct in 1987 after declining 12 pct in
  1986 and five pct in 1985.
      ""In 1987, income will be higher, private consumer spending
  is likely to recover and expand... The budget will remain under
  strict control... The resource gap in the government's finances
  on current account will be bridged over the near term,"" Bank
  Governor Jaafar Hussein said in the report.
      The current account deficit is expected to narrow to 1.19
  billion ringgit in 1986 or 1.8 pct of GNP from 1.79 billion or
  2.5 pct of the GNP the previous year.
      The bank forecasts the inflation rate will increase by 1.5
  pct, after its 0.7 pct rise in 1986.
  

"
training/977	5	coffee	"COFFEE PRICE FALL SHORT TERM - DUTCH ROASTERS
  This morning's sharp decline in coffee
  prices, following the breakdown late last night of negotiations
  in London to reintroduce International Coffee Organization,
  ICO, quotas, will be short-lived, Dutch roasters said.
      ""The fall is a technical and emotional reaction to the
  failure to agree on reintroduction of ICO export quotas, but it
  will not be long before reality reasserts itself and prices
  rise again,"" a spokesman for one of the major Dutch roasters
  said.
      ""The fact is that while there are ample supplies of coffee
  available at present, there is a shortage of quality,"" he said.
      ""Average prices fell to around 110 cents a lb following the
  news of the breakdown but we expect them to move back again to
  around 120 cents within a few weeks,"" the roaster added.
      Dutch Coffee Roasters' Association secretary Jan de Vries
  said although the roasters were disappointed at the failure of
  consumer and producer ICO representatives to agree on quota
  reintroduction, it was equally important that quotas be
  reallocated on a more equitable basis.
      ""There is no absolute need for quotas at this moment because
  the market is well balanced and we must not lose this
  opportunity to renegotiate the coffee agreement,"" he said.
      ""There is still a lot of work to be done on a number of
  clauses of the International Coffee Agreement and we would not
  welcome quota reintroduction until we have a complete
  renegotiation,"" de Vries added.
      With this in mind, and with Dutch roasters claiming to have
  fairly good forward cover, the buying strategy for the
  foreseeable future would probably be to buy coffee on a
  hand-to-mouth basis and on a sliding scale when market prices
  were below 120 cents a lb, roasters said.
  

"
training/9771	12	earn	"LUCAS SEES CONTINUED GROWTH IN SECOND HALF
  Lucas Industries Plc <LUCS.L> said its
  underlying performance would continue to improve in the second
  half but profits would be restrained by low activity in U.K.
  Commercial vehicle and tractor markets as well as in North
  American electronics.
      The company earlier reported a two mln stg rise in pretax
  profit to 40 mln in the six months to end-January. The figure
  was some five mln below forecasts and Lucas shares dropped
  sharply to 557.5p at 1130 GMT from last night's close of 590p.
      It said it would continue with plans for all its activities
  to be internationally competitive and profitable.
      Costs of restructuring, reorganisation, employee training
  and retraining, particularly in the UK automotive businesses,
  together with high research and development spending would
  affect profits in the short term.
      But Lucas said it was exploiting growth opportunities in
  automotive markets, especially in vehicle breaking and engine
  management systems. Recent acquisitions in North America had
  strengthened Lucas Aerospace and Lucas Industrial systems.
  

"
training/9772	17	grain	"IWC ups Soviet grain 1986/87 import estimate three mln tonnes to 29 mln - official

  IWC ups Soviet grain 1986/87 import estimate three mln tonnes to 29 mln - official
  

"
training/9777	48	trade	"TRADE SURPLUS CUT WOULD BENEFIT JAPAN - SUMITA
  Bank of Japan Governor Satoshi Sumita
  said it is in Japan's national interest to make greater efforts
  to reduce its trade surplus.
      He told business executives the most important issues for
  the world economy are the correction of international trade
  imbalances and a solution to the world debt problem.
      To this end, Japan and the U.S. Must make medium- and
  long-term efforts to alter economic structures which have
  expanded the trade gap between the two nations. World economic
  growth and therefore an expansion of debtor countries' export
  markets are needed to solve the debt issue, he added.
  

"
training/9779	0	acq	"COMMISSION APPROVES RAINBOW/PROGRESSIVE MERGER
  The Commerce Commission has approved
  a proposed merger between <Progressive Enterprises Ltd> and
  <Rainbow Corp Ltd>, Rainbow said in a statement.
      The merger involves the formation of a new company <Astral
  Pacific Corp Ltd> which will acquire all shares in both
  companies on a one-for-one share exchange basis.
      Rainbow earlier this week lifted its stake in Progressive
  to 52 pct from 44 pct. The statement said a new private
  company, <Transcapital Corp Ltd>, fully owned by Rainbow
  directors Craig Heatley, Gary Lane and Ken Wikeley, will
  purchase this stake for an undisclosed cash sum.
      The Commission has also approved Transcapital acquiring up
  to 45 pct of Astral Pacific, Rainbow said.
      <Brierley Investments Ltd>, which has been a frequent
  critic of the merger, launched a full bid for Progressive at
  4.20 N.Z. Dlrs a share last Monday.
  

"
training/978	0	acq	"GREENWOOD RESOURCES <GRRL> SELLS COMPANY STAKE
  Greenwood Resources Inc said it has sold
  its 4,300,000 common share majority holding in <New London Oil
  Ltd> of London to an affiliate of <Guinness Peat Group PLC> of
  London and an affiliate of <Sidro SA> of Belgium for a total of
  1,700,0000 dlrs in cash.
      The company said it will apply the proceeds of the sale to
  support its line of credit and as part of a proposed debt
  restructuring with Colorado National Bancshares <COLC> and
  Greenwood shareholders.
      It said it will retain a seat on the New London board.
  

"
training/9781	32	money-fx	"U.K. MONEY MARKET FORECAST REVISED TO DEFICIT
  The Bank of England said it revised its
  estimate of today's money market shortfall to around 350 mln
  stg from a flat position.
  

"
training/9787	40	reserves	"GERMAN NET CURRENCY RESERVES RISE
  West German net currency reserves
  rose by 300 mln marks in the third week of March to 82.0
  billion, following a fall of 5.4 billion marks in the previous
  week, the Bundesbank said.
      Non-currency reserves were unchanged at about 2.5 billion
  marks, bringing net monetary reserves to 84.5 billion.
  

"
training/9792	32	money-fx	"CURRENCY EXCHANGE LOSS PUSHES MALAYSIA'S DEBT UP
  An exchange loss of 7.6 billion
  ringgit in 1986 pushed Malaysia's outstanding external debt up
  to 50.99 billion ringgit, from 1985's 42.3 billion, the Central
  Bank said in its annual report.
      Bank Negara said although Malaysia's net borrowing dropped
  in 1986, its external debt rose due to the 30 pct appreciation
  of the basket of currencies against which the ringgit is
  pegged.
      The basket comprises principally the U.S. Dollar, yen,
  mark, Swiss franc, French franc, sterling, guilder, Canadian
  and Singapore dollars, it added.
      Bank Negara said growth in external debt, which declined
  progressively from a peak of 58 pct in 1982 to 13.6 pct in
  1985, rose by 20.2 pct in 1986.
      Malaysia's debt serving ratio of 17.6 pct of its exports in
  1986 is within the prudency limit of 20 pct, Bank Negara
  Governor Jaafar Hussein told reporters.
  

"
training/9795	48	trade	"U.S. TREASURY'S BAKER OPPOSES TAX INCREASE
  U.S. Treasury Secretary James Baker
  said that he opposes a Federal tax increase to help reduce the
  budget deficit and favors spending cuts instead.
      ""I don't think it's (a tax increase) is a very good idea
  and I'm quite confident that President Reagan doesn't think
  it's a very good idea,"" Baker said in an interview on Cable
  News Network's ""Moneyline"" television program.
      He said U.S. taxpayers are taxed at a rate of 19 pct of GNP
  which is traditionally where it has been, but the Federal
  Government is spending at a rate of 24 pct of GNP. Baker said
  spending cuts are clearly the best way to cut budget deficits.
      Baker said he opposed a stock transactions tax proposed by
  House Speaker Jim Wright, D-Tex, or other special taxes.
      ""The stock transfer tax would be a particularly unfortunate
  approach to take,"" the Treasury Secretary said. He said the
  United States has some of the most efficient capital markets in
  the world and new taxes would impair efficiency.
      On the international front, Baker said banks must do more
  lending to developing countries. He was questioned about this
  after the Standard and Poor's Corp downgrading today of the
  debt of six major money center bank holding companies, largely
  because of their heavy developing nation loan exposure.
      Baker said that developing countries must adopt free market
  economic policies such as in the United States. He said capital
  flows will be required to support the needed reforms in the
  economic systems of those countries.
      The money must come either through equity or debt and Baker
  said that developing nations' ""investment regimes do not
  support enough equity investment, so you've got to have some
  debt there.""
      Commenting on the U.S. trade deficit, Baker said ""I think
  you're going to see a 15 to 20 billion dlr reduction this
  year.""
  

"
training/9797	32	money-fx	"TREASURY'S BAKER SAYS HE STANDS BY PARIS PACT
  Treasury Secretary James Baker said
  he stood by the Paris agreement among leading industrial
  nations to foster exchange rate stability around current
  levels.
      ""I would refer you to the Paris agreement which was a
  recognition the currencies were within ranges broadly
  consistent with economic fundamentals,"" Baker told The Cable
  News Network in an interview.
      ""We were quite satisfied with the agreement in Paris
  otherwise we would not have been a party too it,"" he said.
      Baker also noted the nations agreed in the accord to
  ""co-operate to foster greater exchange rate stability around
  those levels.""
      He refused to comment directly on the current yen/dollar
  rate but said flatly that foreign exchange markets recently
  tended ""to draw unwarranted inferences from what I say.""
      Baker was quoted on British Television over the weekend as
  saying he has no target for the U.S. currency, a statement that
  triggered this week's renewed decline of the dollar.
      ""I think the Paris agreement represents evidence that
  international economic policy co-ordination is alive and well,""
  Baker said.
      The Treasury Secretary stressed however it was very
  important for the main surplus countries to grow as fast as
  they could consistent with low inflation to resolve trade
  imbalances.
      He added that Federal Reserve Board chairman Paul Volcker
  has also ""been very outspoken"" in suggesting main trading
  partners grow as fast as they can.
  

"
training/9799	16	gold	"GERMAN ANALYSTS SEE GOLD RISING IN 2ND HALF 1987
  The price of gold bullion is likely
  to rise in the second half of the year on increased private
  investor demand, West German analysts said.
      Gold could rise as high as 500 dlrs per ounce later this
  year, said Peter Witte, director of Westdeutsche Landesbank
  Girozentrale's trading division, after a presentation by the
  U.S. Mint to promote its gold and silver Eagle series coins.
      ""A lot will depend on oil prices and developments on stock
  exchanges,"" Witte said, adding he saw gold positioned for
  further rises once it breaks out above 450 dlrs.
      Gold was fixed this morning in London at 411.30 dlrs.
      Despite current strong interest in gold mine stocks, many
  investors still want to buy physical gold, Witte said.
      Interest in gold mine stocks may also wane if stock
  exchange rallies under way in many countries start to waver.
      Hermann Strohmeyer, vice president of Commerzbank AG's
  foreign exchange trading and treasury department, said gold is
  poised to rise to 460 to 470 dlrs an ounce in the second half
  of this year.
      The price is unlikely to fall much below 380 or 390 dlrs an
  ounce, and probably will continue in a range between 380 and
  430 dlrs in the first half of this year, he said.
  

"
training/98	12	earn	"CORADIAN CORP <CDIN> 4TH QTR NET
  Shr profit three cts vs loss three cts
      Net profit 363,000 vs loss 197,000
      Revs 3,761,000 vs 2,666,000
      Year
      Shr profit one cent vs loss 37 cts
      Net profit 129,000 vs loss 1,715,000
      Revs 11.4 mln vs 10.9 mln
      Avg shrs 10,694,081 vs 4,673,253
  

"
training/9804	12	earn	"FIRST INTERSTATE <I> ESTIMATES LOSS ON BRAZIL
  First Interstate Bancorp Chairman
  Joseph Pinola said the bank holding company would lose about 16
  mln dlrs per year, after taxes, if it had to put its medium and
  long-term debt on non-accrual status.
      In an interview, he said that could result in about a 4.5
  pct decline in annual earnings per share.
      Pinola said First Interstate, like other banks, has not yet
  decided to put the loans, which Brazil stopped paying interest
  on last month, on non-accrual status.
      ""None of us really wants to injure negotiations that might
  be going on,"" he said.
      First Interstate reported to the Securities and Exchange
  Commission last week that it has about 339 mln dlrs in
  medium-to long-term loans to Brazil.
      It said on December 31, 1986 its nonperformind Brazilian
  outstanding debt totaled about 4.1 mln dlrs.
      First Interstate also has about 168 mln dlrs in short-term
  loans or trade lines to Brazil.
      Pinola said he believes the solution to the Brazilian debt
  crisis will be more political than economic, which he said he
  finds, ""very disquieting and discomforting.""
  

"
training/9805	26	jobs	"FRENCH UNEMPLOYMENT RISES TO SEASONALLY ADJUSTED 2.65 MLN IN FEBRUARY - OFFICIAL

  FRENCH UNEMPLOYMENT RISES TO SEASONALLY ADJUSTED 2.65 MLN IN FEBRUARY - OFFICIAL
  

"
training/9807	12	earn	"MICKELBERRY CORP <MBC> 4TH QTR NET
  Shr profit 61 cts vs loss 45 cts
      Net profit 3,568,000 vs loss 2,598,000
      Revs 34.6 mln vs 31.6 mln
      Avg shrs 5,861,000 vs 5,776,000
      Year
      Shr profit 56 cts vs loss 32 cts
      Net profit 3,374,000 vs loss 1,759,000
      Revs 132.0 mln vs 131.6 mln
      NOTE: 1985 quarter net includes 665,000 dlr tax credit.
  

"
training/9809	0	acq	"MICKELBERRY <MBC> COMPLETES SALE OF UNIT
  Mickelberry Corp said it has completed
  the previously-announced sale of the 51 pct of its C and W
  Group subsidiary that it had retained to N W Ayer Inc for
  undisclosed terms.
      Ayer bought the other 49 pct next year.
      Mickelberry said it will report a gain on the transaction.
  

"
training/981	12	earn	"F.W. WOOLWORTH CO 4TH QTR SHR 1.78 DLRS VS 1.64 DLRS

  F.W. WOOLWORTH CO 4TH QTR SHR 1.78 DLRS VS 1.64 DLRS
  

"
training/9810	12	earn	"FLUOROCARBON CO <FCBN> 4TH QTR JAN 31 NET
  Shr 26 cts vs 24 cts
      Net 1,144,000 vs 1,063,000
      Sales 23.2 mln vs 24.8 mln
      Year
      Shr 93 cts vs 1.40 dlrs
      Net 4,046,000 vs 6,111,000
      Sales 97.8 mln vs 104.0 mln
      NOTE: Prior year net includes gain 286,000 dlrs from
  discontinued operations in year and loss 375,000 in quarter and
  gain 260,000 dlrs in year from disposal of discontinued.
  

"
training/9812	26	jobs	"FRENCH FEBRUARY UNEMPLOYMENT HITS RECORD 2.65 MLN
  French unemployment rose to a record
  seasonally adjusted 2.65 mln in February from 2.61 mln in
  January and 2.57 mln at the end of last year, the Labour
  Ministry said.
      The rise took the percentage of the workforce out of a job
  to 11.0 pct last month from 10.9 pct in January and 10.7 pct at
  the end of 1986.
      In unadjusted terms unemployment fell by around 30,000 last
  month to 2.70 mln.
  

"
training/9814	0	acq	"PHILIPS ELECTRICAL SELLS STAKE IN UNIDARE
  <Philips Electrical (Ireland) Ltd> has
  arranged the sale of the one mln ordinary shares it holds in
  its subsidiary <Unidare Aluminium Ltd>, Unidare said.
      The placing has been arranged through <Allied Irish
  Investment Bank Plc> at an ex-dividend price of 371 Irish pence
  per share.
  

"
training/9815	12	earn	"AMERICAN MEDICAL INTERNATIONAL INC 2ND QTR SHR PROFIT 32 CTS VS LOSS 95 CTS

  AMERICAN MEDICAL INTERNATIONAL INC 2ND QTR SHR PROFIT 32 CTS VS LOSS 95 CTS
  

"
training/9818	12	earn	"AMERICAN MEDICAL INTERNATIONAL INC <AMI> NET
  2nd qtr
      Shr profit 32 cts vs loss 95 cts
      Net profit 28.0 mln vs loss 82.2 mln
      Revs 950.2 mln vs 862.0 mln
      1st half
      Shr profit 65 cts vs loss 62 cts
      Net profit 56.6 mln vs loss 53.5 mln
      Revs 1.88 billion vs 1.67 billion
      Avg shrs 92.2 mln vs 86.7 mln
      NOTE: Period ended February 28.
      Prior year net both periods includes pretax asset
  writedowns of 114.6 mln dlrs and additions to reserves of 60.0
  mln dlrs.
      Prior year net includes tax credits of 53.7 mln dlrs in
  quarter and 32.9 mln dlrs in half.
  

"
training/982	0	acq	"HEINZ INTERESTED IN BUYING GUINNESS BREWING
  H.J. Heinz <HNZ.N> chairman Tony O'Reilly
  would be interested in buying Guinness PLC <GUIN.L>'s brewery
  division if it were for sale, a spokesman said.
      The spokesman, reacting to Irish and British press reports,
  said ""He continues to be interested were the group to offer the
  brewery side of Guinness for sale. But he has not put together
  a consortium, nor has he been buying shares.""
      He was quoted by the Irish magazine Business and Finance as
  saying he would be interested if it came on the market and that
  he had the support of two international banks if he decided
  such a purchase might be worthwhile.
      In the magazine article, he suggested that if brewing
  profits were calculated to be in the region of 80 mln punts,
  the asking price would not be higher than 800 mln punts.
      ""A multiple of ten times earnings would be the top whack for
  the brewing division in the current Guinness situation,"" he
  said.
      ""This would mean an expensive exercise, right on the edge,
  but not impossible,"" he added.
      The deal would mean buying the Dublin, London, Nigerian and
  Malaysian breweries because ""It could only be sold as an
  integral unit if it was going to be sold at all,"" O'Reilly said.
  

"
training/9822	40	reserves	"FRENCH RESERVES FALL ON DEBT REPAYMENT
  French reserves fell in the week ended
  March 19 following repayment of the bulk of the debt contracted
  during January with the European Monetary Cooperation Fund, the
  Bank of France said in its weekly statement.
      The repayment of capital and interest on this loan, taken
  out during the strong pressure on the franc which preceded the
  European Monetary System (EMS) realignment and the subsequent
  Group of Five meeting in Paris, took place on March 13.
      It comprised the repayment of 11.25 billion francs' worth
  of European Currency Units (ECUs), 9.72 billion francs' worth
  of foreign currency and 1.72 billion francs' worth of special
  drawing rights (SDRs), the Bank said.
      As a result foreign currency reserves fell to 114.69
  billion francs on March 19 from 120.82 billion on March 12,
  while ECU reserves fell to 62.02 billion francs from 73.23
  billion.
      Gold reserves remained stable at 218.32 billion francs.
  

"
training/9823	0	acq	"FOOTE MINERAL CO IN LETTER OF INTENT TO MERGE INTO RIO TINTO-ZINC

  FOOTE MINERAL CO IN LETTER OF INTENT TO MERGE INTO RIO TINTO-ZINC
  

"
training/9824	8	cpi	" German March cost of living 0.2 pct below year ago (Feb 0.5 pct below) - official

   German March cost of living 0.2 pct below year ago (Feb 0.5 pct below) - official
  

"
training/9825	12	earn	"<TRIZEC CORP LTD> 1ST QTR JAN 31 NET
  Shr 12 cts vs 10 cts
      Net 19.6 mln vs 17.6 mln
      Revs 276 mln vs 170.4 mln
      Avg shrs 85.3 mln vs 84.8 mln
      NOTE: Company owns 65 pct of <Bramalea Ltd>.
  

"
training/9827	12	earn	"BOSTON EDISON CO <BSE> REGULAR DIVIDEND
  Qtly div 44.5 cts vs 44.5 cts in prior qtr
      Payable May one
      Record April 10
  

"
training/9829	8	cpi	"GERMAN COST OF LIVING FALLS IN MARCH ON YEAR-AGO
  The cost of living in West Germany
  was provisionally unchanged in March compared with February but
  fell 0.2 pct against March 1986, the Federal Statistics Office
  said.
      In February the cost of living rose 0.1 pct from January
  but fell 0.5 pct compared with February 1986.
      The office said final figures for March will be released in
  about 10 days.
  

"
training/983	12	earn	"EQUATORIAL COMMUNICATIONS <EQUA> TO HAVE LOSSES
  Equatorial Communications
  Co said it expects to report losses of about 57 mln dlrs for
  the fourth quarter and 68 mln dlrs for the full year 1986 on
  revenues of about 10 mln dlrs for the quarter and 52 mln dlrs
  for the year.
      Equatorial said the losses will include a charge of about
  45 mln dlrs from costs associated with the restructuring of its
  business, including adjustments to reflect the market value of
  transponders owned and leased by Equatorial and other reserves
  for inventory, receivables and excess facilities.
      Equatorial said the fourth quarter operating results will
  also include restructuring costs of about 5,500,000 dlrs, in
  addition to the 45 mln dlr charge.
      Equitorial also said that as of March One it is operating
  in technical default under its lease of transponders on the
  Galaxy III satellite due to its inabiliuty to maintain
  agreed-upon financial ratios.  It said it is in talks with the
  lessors in an attempt to restructure lease obligations.
      Further, Equitorial said it is in default of two other
  oblitations in connection with the purchase or lease of
  transponders as a result of cross-default provisions.
      Equatorial said it has signed a memorandum of understanding
  for Contel Corp <CTC> to purchase 10 mln dlrs of Equatorial
  master earth stations, micro earth stations and associated
  equipment and loan Equatorial six mln dlrs over a six-month
  period for repayment starting in December 1988.
      The company said Conteol, under the agreement, would assume
  a portion of Equatorial's rights and obligations under the
  Galaxy III transponder lease with <Burnham Leasing> on the
  occurrence of certain events.
      Equatorial said it would grant Contel an option to buy
  about 3,600,000 common shares at 3.25 dlrs each.
      Equatorial said its understandings with Contel are subject
  to Equatorial's ability to restructure a significant portion of
  its obligations and to obtain concessions from lenders and
  lessors, in particular under its Galaxy III transponder lease.
  It said it hopes to finalize a Contel agreement by April 15.
      Equatorial in 1985 earned 1,807,000 dlrs after a 3,197,000
  dlr gain from early debt retirement on revenues of 56.1 mln
  dlrs. For the first nine months of 1986, the company lost
  9,476,000 dlrs on revenues of 45.4 mln dlrs, compared with a
  1,784,000 dlr profit after the early retirement gain on
  revenues of 38.5 mln dlrs.
  

"
training/9833	0	acq	"FOOTE MINERAL <FTE> TO MERGE INTO RIO TINTO
  Foote Mineral Co said it has signed
  a letter of intent to merge into <Rio Tinto-Zinc Corp PLC> for
  cash.
      The company said at the time of the acquisition, its assets
  will include only lithium and ferrosilicon operations. Foote,
  which is 83 pct owned by Newmont Mining Corp <NEM>, has signed
  a letter of intent to sell its Cambridge operations and said it
  is in talks on the sale of its manganese operations with
  several companies.  Foote said Newmont has informally indicated
  it would vote in favor of the Rio Tinto proposal.
      Foote said terms of the agreement, including price for the
  proposed cash transaction, have not been released because they
  are subject to a continuing due diligence investigation.
      The company said a definitive merger agreement is expected
  to be negotiated within six weeks and shareholders are expected
  to vote on the deal at a meeting expected to be held in June or
  July.
  

"
training/9834	26	jobs	"U.S. FIRST TIME JOBLESS CLAIMS ROSE IN WEEK
  New applications for unemployment
  insurance benefits rose to a seasonally adjusted 341,000 in the
  week ended March 14 from 340,000 in the prior week, the Labor
  Department said.
      The number of people actually receiving benefits under
  regular state programs totaled 2,454,000 in the week ended
  March 7, the latest period for which that figure was available.
      That was up from 2,507,000 the previous week.
  

"
training/9837	12	earn	"BEST PRODUCTS CO INC 4TH QTR SHR 1.44 DLRS VS 83 CTS

  BEST PRODUCTS CO INC 4TH QTR SHR 1.44 DLRS VS 83 CTS
  

"
training/9839	12	earn	"BEST PRODUCTS CO <BES> 4TH QTR JAN 31 NET
  Shr profit 1.44 dlrs vs profit 83 cts
      Net profit 39.0 mln vs profit 22.5 mln
      Sales 816.1 mln vs 865.3 mln
      Year
      Shr loss 95 cts vs profit eight cts
      Net loss 25.6 mln vs profit 2,223,000
      Sales 2,142,118 vs 2,234,768
      NOTE: Current year net both periods includes prtax
  provisions for restructuring operations of 4,868,000 dlrs in
  quarter and 38.1 mln dlrs in year.
      Latest year net includes 1,825,000 dlr tax credit and
  2,600,000 dlr posttax loss from debt extinguishment.
  

"
training/984	12	earn	"TRANSAMERICA <TA> TO HAVE AUSTRALIAN SALE GAIN
  Transamerica Corp said it will have
  an after-tax gain of about 10 mln U.S. dlrs on the sale of its
  Occidental Life Insurance Co of Australia Ltd affiliate to
  <Pratt and Co Financial Services Pty Ltd> of Melbourne for 105
  mln Australian dlrs.
      The sale was announced earlier today in Australia. Proceeds
  will be used to enhance the growth of North American operations
  of its Transamerica Occidental Life subsidiary, the company
  said.
  

"
training/9841	22	interest	"BANK OF SPAIN PROVIDES YEAR RECORD ASSISTANCE FUNDS
  The Bank of Spain provided 1,145 billion
  pesetas in assistance funds which bankers said reflected fears
  of fresh increases in overnight rates.
      The daily auction was the biggest of the year and comes
  after the previous record set last June 6 of 1,240 billion
  pesetas.
      A spokesman for one of Spain top five banks said higher
  overnight call money rates were expected in the short term in
  view of disappointing money supply figures for February.
      The M-4 money supply, measured as liquid assets in public
  hands, rose 16.7 pct last month against 8.1 pct in January and
  compared with this year's eight pct target. Money supply growth
  was 11.4 pct last year.
      The central bank on Tuesday raised overnight rates by a
  quarter of a percentage point to 14 pct on demand for 746
  billion pesetas. Rates stood at 12.1 pct at the start of the
  year and have been increased to drain liquidity on rising
  demand for funds. ""The policy is proving counter-productive and
  rates will have to come down in the long-term,"" the bank
  spokesman said in reply to Reuters enquiries.
      He said higher rates were fuelling an influx of short-term
  speculative capital from abroad.
      ""At least 800 mln dlrs of current excess liquidity in the
  system is convertible pesetas from West Germany and other
  countries with much lower rates,"" he said.
  

"
training/9844	0	acq	"ETHYL CORP <EY> UNITS COMPLETE ACQUISITON
  Ethyl Corp said its subsidiaries
  completed the acquisiton of Nelson Research and Development Co
  <NELR>.
      The merger was approved following completion on Jan 27 of a
  tender offer valued at approximately 55 mln dlrs, the company
  said.
      It added that Nelson, based in Irvine, Calif., will be
  operated as a wholly-owned subsidiary of Ethyl.
      Nelson designs and develops new drugs, Ethyl said.
  

"
training/9847	48	trade	"BRITISH POLITICIANS URGE JAPAN TRADE SANCTIONS
  One hundred members of Britain's ruling
  Conservative Party have signed a motion calling for trade
  sanctions against Japan to force Tokyo to open its domestic
  market to British goods.
      The government announced last week that Japan had a 5.9
  billion dlr trade surplus with Britain in 1986.
      The Department of Trade and Industry said the government
  was drawing up contingency plans to force Japan into opening up
  its domestic markets but a spokesman said such moves were very
  much a last resort.
      Ideas being considered included blocking Japanese companies
  from trading in Britain and revoking licenses of Japanese
  operations in the London financial district.
  

"
training/985	0	acq	"VIACOM INTERNATIONAL INC GETS ANOTHER NEW NATIONAL AMUSEMENTS BID

  VIACOM INTERNATIONAL INC GETS ANOTHER NEW NATIONAL AMUSEMENTS BID
  

"
training/9850	0	acq	"BP <BP> TO HOLD NEW YORK PRESS CONFERENCE
  British Petroleum Co PLC said it has
  scheduled a New York press conference for 1300 EST/1800 gmt
  today at which senior management will discuss the company's
  proposed acquisition of the 45 pct of Standard Oil Co <SRD>
  that it does not already own for 70 dlrs per share.
      The offer is worth about 7.4 billion dlrs.
  

"
training/9851	32	money-fx	"U.S. TREASURY'S MULFORD REAFFIRMS G-6 PACT TO FOSTER CURRENCY STABILITY AROUND CURRENT LEVELS

  U.S. TREASURY'S MULFORD REAFFIRMS G-6 PACT TO FOSTER CURRENCY STABILITY AROUND CURRENT LEVELS
  

"
training/9852	32	money-fx	"TREASURY'S MULFORD SAYS G-6 HAS NO CURRENCY TARGET ZONES, RANGES

  TREASURY'S MULFORD SAYS G-6 HAS NO CURRENCY TARGET ZONES, RANGES
  

"
training/9853	16	gold	"GERMAN ANALYSTS SEE GOLD FIRMING LATER THIS YEAR
  The price of gold bullion is likely
  to rise in the second half of the year on increased private
  investor demand, West German analysts said.
      Gold could rise as high as 500 dlrs per ounce later this
  year, said Peter Witte, director of Westdeutsche Landesbank
  Girozentrale's trading division, after a presentation by the
  U.S. Mint to promote its gold and silver Eagle series coins.
      ""A lot will depend on oil prices and developments on stock
  exchanges,"" Witte said, adding he saw gold positioned for
  further rises once it breaks out above 450 dlrs.
      Gold was fixed this morning in London at 411.30 dlrs.
      Despite current strong interest in gold mine stocks, many
  investors still want to buy physical gold, Witte said.
      Interest in gold mine stocks may also wane if stock
  exchange rallies under way in many countries start to waver.
      Hermann Strohmeyer, vice president of Commerzbank AG's
  foreign exchange trading and treasury department, said gold is
  poised to rise to 460 to 470 dlrs an ounce in the second half
  of this year.
      The price is unlikely to fall much below 380 or 390 dlrs an
  ounce, and probably will continue in a range between 380 and
  430 dlrs in the first half of this year, he said.
  

"
training/9857	32	money-fx	"BANK OF FRANCE LEAVES MONEY MARKET INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL

  BANK OF FRANCE LEAVES MONEY MARKET INTERVENTION RATE UNCHANGED AT 7-3/4 PCT - OFFICIAL
  

"
training/9858	0	acq	"MCO <MCO>, MAXXAM <MXM> HOLDERS APPROVE MERGER
  MCO Holdings Inc said its
  shareholders and those of MAXXAM Group Inc have approved the
  proposed merger of the two companies.
      MCO said one MAXXAM shareholder has filed an objection to
  the proposed settlement of shareholder actions related to the
  merger in the Delaware Court of Chancery. A hearing on the
  settlement proposal is scheduled for March 27... The merger is
  subject to court approval of the settlement as well as to other
  conditions.
  

"
training/986	12	earn	"F.W. WOOLWORTH CO <Z> 4TH QTR JAN 31 NET
  Shr 1.78 dlrs vs 1.64 dlrs
      Net 117 mln vs 106 mln
      Sales 2.02 billion vs 1.85 billion
      Avg shrs 65.6 mln vs 63.9 mln
      Year
      Shr 3.25 dlrs vs 2.75 dlrs
      Net 214 mln vs 177 mln
      Sales 6.50 billion vs 5.96 billion
      Avg shrs 65.6 mln vs 63.9 mln
      NOTE: Share data restated to reflect two for one stock
  split in May 1986
  

"
training/9860	12	earn	"PRICE CO <PCLB> 2ND QTR MARCH 15 NET
  Shr 34 cts vs 29 cts
      Net 16.7 mln vs 13.3 mln
      Sales 678.7 mln vs 531.0 mln
      Avg shrs 48.9 mln vs 45.8 mln
      1st half
      Shr 81 cts vs 69 cts
      Net 39.5 mln vs 31.7 mln
      Sales 1.71 billion vs 1.35 billion
      Avg shrs 48.9 mln vs 45.8 mln
      NOTE: Twelve and 28-week periods.
  

"
training/9861	12	earn	"CAROLIAN SYSTEMS SEES LOWER FISCAL 1987 PROFIT
  <Carolian Systems International Inc>
  said it anticipates profit for fiscal 1987 ending June 30 will
  be lower than fiscal 1986 earnings of 410,000 dlrs, despite an
  expected revenue increase of 37 pct to more than 3.5 mln dlrs.
      After an extraordinary expense associated with the
  December, 1986 withdrawal of a planned common share offering,
  ""we expect to be modestly profitable for the year, but below the
  410,000 dlrs earned in fiscal 1986,"" the company said.
      Carolian previously reported fiscal six month profit of
  12,933 dlrs, excluding an extraordinary loss of 17,210 dlrs,
  compared to earnings of 69,829 dlrs in the prior year.
      The company said it anticipated fiscal 1987 earnings to be
  lower due to withdrawal of its share offering, computer
  equipment shipment delays and costs associated with sales staff
  expansion.
      A strengthening Canadian dollar against U.S. currency will
  also adversely affect revenues and earnings, since 85 pct of
  revenues are generated by sales outside Canada, said Carolian,
  a leading supplier of utility software for Hewlett-Packard
  computer systems.
  

"
training/9866	16	gold	"U.S. GOLD EAGLE SALES PROJECTED AT 3.1 MLN OUNCES
  American Eagle gold bullion coin
  sales are projected at 3.1 mln troy ounces in their first year
  on the market, well above the target of 2.2 mln, Donna Pope,
  director of the U.S. Mint, told journalists.
      World sales, which began on October 20, 1986, reached 2.193
  mln ounces in less than six months of sales. This made it world
  market leader with a share of 37 pct in 1986, Pope said.
      Pope said that in volume terms, nearly half of all gold
  Eagle sales were within North America, roughly 40 pct were in
  Europe and about eight pct in Asia.
      She said despite introduction of several new gold bullion
  coins on the market recently, the Mint is aiming to preserve
  the Eagle's strong market share with extensive publicity.
      The Mint uses mainly newly mined U.S. Gold for the coins,
  as long as this is available at market prices. The remaining
  gold is taken either from U.S. Treasury stocks, or from the
  open market, Pope said.
      Gold analysts said the Eagle is facing competition here
  from the Canadian Maple Leaf, and also to a lesser extent from
  the South African Krugerrand. Some estimated the Maple Leaf's
  West German market share at 60 pct.
      The figures may be distorted, as many German investors buy
  gold bullion in Switzerland or Luxembourg to escape the 14 pct
  value-added tax imposed here. Including the tax, the one-ounce
  coins traded today at 906 marks, they said.
      Competition may also come from new gold coins, including
  Belgium's ECU, which began sales today. Britain and Australia
  also have plans to mint gold bullion coins, the analysts said.
  

"
training/9867	0	acq	"NEOAX <NOAX> TO SELL NOVATRONICS FOR 20 MLN DLRS
  Neoax Inc said it has
  agreed to sell the assets and business of its Novatronics
  Division to Veeco Instruments Inc <VEE> for 20 mln dlrs.
      Neoax said it expects a gain of about nine mln dlrs on the
  transaction which is expected to becomleted during the second
  quarter, adding the gain will be sheltered by its tax loss
  carryforwards.
      Novatronics makes military-specification power supplies and
  avionics components for various prime government defense
  contractors. It had 1986 sales of 21 mln dlrs.
  

"
training/9868	12	earn	"PONCE FEDERAL BANK FSB <PFBS> RAISES DIVIDEND
  Qtly div nine cts vs 7.5 cts in prior qtr
      Payable April 15
      Record March 31
  

"
training/9869	12	earn	"FOOTHILL GROUP <FGI> SEES BETTER FIRST QUARTER
  Don Gevirtz, chairman of The Foothill
  Group Inc, told Reuters the company's first quarter results
  will be up sharply over last year's eight cents a share.
      ""First quarter results will be dramatically better,"" he
  said following a presentation to analysts. He cited a sharp
  drop in non-earning assets, healthy asset growth and lower
  expenses.
      He declined to predict specific results for the first
  quarter. In the 1986 first quarter, the commerical finance
  company earned 606,000 dlrs, or eight cts per share.
      Gevirtz also declined to predict full year results, but
  said, ""We expect an excellent year."" In 1986 Foothill earned
  3,239,000 dlrs, or 41 cts per share.
      Analysts expect Foothill to record earnings of 65 cts to 85
  cts a share in 1987.
      During the presentation Gevirtz said Foothill has reduced
  to less than five pct the company's level of non-performing
  assets, which was as high as eight pct in previous years.
      David Hilton, chief financial officer, said the company's
  general and administrative expenses in 1987 will be reduced to
  about 3.0 to 3.5 pct of average assets from 4.3 pct in 1986.
      The company had average assets of 399.8 mln dlrs from
  continuing operations and 29.8 mln dlrs from discontinued
  operations in 1986, according to its annual report.
  

"
training/9872	0	acq	"STANDARD <SRD> REFERRING BP <BP> BID TO GROUP
  Standard Oil Co said British
  Petroleum Co Plc's proposed offer of 70 dlrs a share for the 45
  pct of Standard's stock not held by BP is being referred to a
  special committee of the company's board.
      This committee, which is composed of the independent,
  non-exective directors of the company, was formed in April 1986
  for the purpose of monitoring the relationship between Standard
  Oil and BP.
      Standard said the group will consider BP's offer in due
  course noting the committee has retained the First Boston Corp
  and Cravath Swaine and Moore as advisers.               
  

"
training/9874	12	earn	"ANCHOR GLASS <AGLS> NOW SEES HIGHER 1ST QTR NET
  Anchor Glass Container Corp said
  first quarter net income is now expected to exceed the 3.1 mln
  dlrs earned before extraordinary items in the year earlier
  quarter.
      Previously, the company had said first quarter results
  would likely be lower than for the 1986 period due to
  production disruptions caused by the large number of production
  line changes scheduled during the first quarter, its statement
  pointed out.
      While the disruptive effects of the production line changes
  had occurred in line with expectations, Anchor Glass said,
  first quarter operating results were helped by lower than
  anticipated operating costs and improved margins on sales as a
  result of a more favorable product mix.
      The company said its income performance for the full year
  remains very good.
      It also said Anchor Hocking Corp <ARH> has converted the
  entire principal balance of its Anchor Glass convertible
  subordinated note to 576,694 Anchor Glass common shares.
      Anchor Glass said the conversion decreased its total debt
  and increased stockholders' equity by about 9.4 mln dlrs and
  increased common shares outstanding to 13,902,716.
      It said the conversion will also reduce its annualized net
  interest expense by about 1.1 mln dlrs, or 600,000 dlrs after
  taxes.
  

"
training/9875	12	earn	"MACNEAL-SCHWENDLER CORP <MNS> RAISES PAYOUT
  Qtly div five cts vs 2-1/2 cts prior
      Pay June 10
      Record May 29
      NOTE: Prior payment adjusted for two-for-one stock split
  declared recently.
  

"
training/9878	12	earn	"VIACOM INTERNATIONAL INC <VIA> SETS QUARTERLY
  Qtly div seven cts vs seven cts prior
      Pay May Eight
      Record April 17
  

"
training/9880	32	money-fx	"U.K. MONEY MARKET GETS 25 MLN STG LATE HELP
  The Bank of England said it provided
  about 25 mln stg in late help to the money market, bringing the
  total assistance today to 266 mln stg.
      This compares with the bank's revised estimate of a 350 mln
  stg money market shortfall.
  

"
training/9884	12	earn	"PHLCORP <PHX> HAS BREAKEVEN RESULTS
  PHLCORP Inc said for November 14
  through December 31, its first reporting period after emerging
  from reorganization proceedings, it earned 86,000 dlrs on
  revenues of 47 mln dlrs, excluding 2,300,000 dlrs in gains on
  the sale of real estate and 800,000 dlrs in tax credits.
      The company is the successor to Baldwin-United Corp.
  

"
training/9891	0	acq	"FOOTE MINERAL TO MERGE INTO RIO TINTO
  Foote Mineral Co said it signed a
  letter of intent to merge into Rio Tinto-Zinc Corp PLC for
  cash.
      Foote, 83 pct owned by Newmont Mining Corp, said Newmont
  has informally indicated it would vote in favor of the Rio
  Tinto proposal.
      Foote said terms of the agreement, including price for the
  proposed cash transaction, have not been released because they
  are subject to a continuing due diligence investigation.
      The company said a definitive merger agreement is expected
  to be negotiated within six weeks and shareholders are expected
  to vote on the deal at a meeting expected to be held in June or
  July.
  

"
training/9892	1	alum	"ALUMINIUM SCRAP RECOVERY AND USAGE TO RISE
  Aluminium scrap recovery and usage and
  output of secondary metal will continue to rise, said Shearson
  Lehman Brothers in a review of the secondary aluminium market
  which details cost and demand factors.
      Although primary smelting costs have declined generally in
  recent years, the still substantial energy cost savings offered
  by secondary smelters will continue to make re-melted material
  increasingly attractive.
      It takes around 15,000 kilowatt hours (kwh) of electricity
  to produce one tonne of primary aluminium compared with around
  550 kwh for one tonne of secondary metal, Shearson said.
      On the demand side, developments in automobiles and
  packaging bode well for secondary aluminium consumption.
      Automobile production, although expected to fall this year,
  is still on an upward trend and will continue to be so for the
  foreseeable future and, in addition, use of aluminium castings
  is gaining wider acceptance in the automobile industry,
  particularly in the U.S.
      In packaging, Shearson does not expect aluminium to
  dominate the beverage can market in any of the other major
  economies to the extent it does in the U.S., But says there is
  evidence recycling is on the increase in other countries.
      In addition to the cost savings involved, technology
  advances now enable alloys of higher purity to be produced by
  the secondary aluminium industry, Shearson said.
      There is not likely to be a problem of availability as the
  U.S. Has a huge scrap reservoir and this is also true of
  several European countries, albeit on a smaller scale.
  

"
training/9893	0	acq	"CROSS AND TRECKER <CTCO> BUYS AUTOMATION UNIT
  Cross and Trecker said it
  agreed to acquire the Alliance Automation Systems division of
  Gleason Corp <GLE> for an undisclosed amount of cash.
      It said the Gleason division manufactures automated
  assembly and test systems used in the production of small to
  medium size components for a number of industries, including
  automotive, electronic and appliance.
      Alliance Automation had 1986 sales of about 35 mln dlrs and
  employs 200.
  

"
training/9894	12	earn	"SALANT CORP <SLT> 1ST QTR FEB 28 NET
  Oper shr profit seven cts vs loss 12 cts
      Oper net profit 216,000 vs loss 401,000
      Sales 21.4 mln vs 24.9 mln
      NOTE: Current year net excludes 142,000 dlr tax credit.
      Company operating in Chapter 11 bankruptcy.
  

"
training/9896	12	earn	"HEALTHMATE INC <HMTE> 4TH QTR LOSS
  Shr loss five cts vs loss six cts
      Net loss 473,784 vs loss 489,257
      Revs 268.8 mln vs 81.7 mln
      Avg shrs 9,245,247 vs 8,035,326
      Year
      Shr loss 17 cts vs loss 20 cts
      Net 1,512,534 vs loss 1,553,592
      Revs 1,448,310 vs 515,225
      Avg shrs 8,745,132 vs 7,619,863
  

"
training/99	33	money-supply	"26-FEB-1987
  26-FEB-1987

"
training/9901	12	earn	"NATIONAL BANC OF COMMERCE CO <NBCC> SETS PAYOUT
  Qtly div 14 cts vs 14 cts prior
      Pay April Eight
      Record March 26
  

"
training/9902	12	earn	"HARSCO CORP <HSC> SETS REGULAR PAYOUT
  Qtrly div 25 cts vs 25 cts
      Pay May 15
      Record April 15
  

"
training/9903	4	cocoa	"MADAGASCAR COCOA PRODUCTION ESTIMATED HIGHER
  Madagascar's cocoa production is
  estimated 13 pct higher this year at 2,720 tonnes, up from
  2,400 in 1986, Agriculture Ministry officials said.
      This improvement reflects the government's efforts over the
  last seven years to extend existing cocoa plantations and plant
  new higher yielding varieties, particularly at the northern tip
  of the island, they said.
      Last year, Madagascar exported 2,189 tonnes of high quality
  cocoa, up from 1,624 in 1985, the Trade Ministry said.
      This year's exports are estimated at 2,400 tonnes.
  

"
training/9904	12	earn	"COMPUTER ASSOCIATES <CA> SETS TWO FOR ONE SPLIT
  Computer Associates
  International Inc said its board has declared a two-for-one
  stock split, payable May Seven, record April Seven.
  

"
training/9905	40	reserves	"SWISS NET CAPITAL EXPORTS RISE IN 1986
  Increased activity by Switzerland's
  banks pushed net capital exports to a provisional 11.7 billion
  francs last year from 10.0 billion in 1985, the National Bank
  said in a pre-publication copy of its annual report.
      It also said the current account surplus of the Swiss
  balance of payments reached a provisional 13.5 billion francs
  last year, from 12.8 billion in 1985.
      The National Bank's currency reserves rose by 1.8 billion
  francs, against a 2.8 billion rise in 1985. However, taking
  into accounts effects of the shift in exchange rates, reserves
  actually fell in value by 1.9 billion.
      The banks' net capital exports climbed to 5.4 billion
  francs, from 5.1 billion in 1985, while capital exports by
  domestic non-banks fell to 5.0 billion from 9.1 billion.
      The National Bank gave the following figures (1985 in
  brackets)
      Current Account +13.5 billion (+12.8 in 1985), made up of:
      Goods                     -7.1 (-8.7)
      Services                  +10.1 (+9.8)
      Factor Income             +12.5 (+13.7)
      Transfers                 -2.0 (-2.0)
   Capital Account -11.7 billion (-10.0 in 1985) made up of
      Direct Investment                          N/A  (-6.3)
      Portfolio Investment                       N/A  (-2.8)
      Capital Traffic of Banks                  -10.4 (-14.2)
      Other Capital Traffic Included             N/A  (+5.6)
      Traffic not Included and Statistical Error N/A  (+7.7)
      Change in Currency Reserves of the National Bank +1.8
  (+2.8)
      Interest Income on Foreign Currency        +2.4 (+3.4)
      Foreign Currency Transactions              -0.6 (-0.6)
  

"
training/9906	43	ship	"ST LAWRENCE SEAWAY OPENING STILL MARCH 31
  The St Lawrence Seaway between Lake
  Ontario and Montreal is still scheduled to open for the
  shipping season on March 31, a Seaway official said.
      The Great Lakes could have been open for traffic earlier
  this month due to the mild Winter, but scheduled repairs to the
  Welland Canal joining Lake Erie with Lake Ontario will keep
  that section closed until the April 1 opening, she said.
      One lock system in the four-lock Soo Canal joining Lake
  Superior with Huron was opened on the morning of March 22, but
  only three commercial vessels have been locked through so far,
  according to an U.S. Army Corps of Engineers official.
      The Soo Canal is currently only open for daylight vessel
  movement, with 24 hour movement allowed beginning March 29, she
  added.
  

"
training/9907	17	grain	"DUTCH GRAIN LEVY TEST CASE TO START IN APRIL
  A large Dutch animal feed compounder
  will begin formal legal proceedings early next month as a test
  case on the way the EC grain co-responsibility levy is applied,
  a spokesman for Dutch grain and feed trade association, Het
  Comite, told Reuters.
      Het Comite has been co-ordinating national actions against
  alleged distortions caused by currency factors in the levy and,
  since December, has lodged more than 80 individual cases with
  the Business Appeal Court in The Hague.
      The basic complaint is that the levy does not take account
  of currency cross-rates of exchange and therefore compounders
  in countries with strong currencies may have to pay more in
  their own currency than is paid to them by producers in another
  country.
      Het Comite has obtained a temporary agreement that
  companies can pay the amount they receive toward the levy
  rather than paying a full guilder amount to the Dutch grain
  commodity board.
      The spokesman said Het Comite will provide financial and
  legal backing to the test case in the Business Administration
  Court in the Hague. Oral proceedings are to begin on April 10.
      The spokesman said Het Comite finally selected the company
  for the test case from among the 80 lodged ""because the bill
  (the firm) received from the commodity board for payment of the
  levy contained significant currency distortions and involved
  grain from a wide variety of origins."" The name of the company
  is not being made public.
      The Administration Court is not expected to make a final
  ruling on the case in the near future. The Het Comite spokesman
  said it was very likely it would refer questions to the Appeal
  Court in Luxembourg, and ""as a result it could easily be another
  nine to 12 months before the matter is finally resolved.""
      Meanwhile, the actions by Dutch animal feed compounders are
  putting pressure on the commodity board to urge the Dutch
  government to follow through on earlier statements and seek a
  complete review in Brussels of the way in which the levy is
  collected, the spokesman said.
      Het Comite, as a member of FEFAC, the association of
  European animal feed manufacturers, is also a party to actions
  protesting the whole levy in the Luxembourg appeal court.
  

"
training/9909	12	earn	"Z-SEVEN FUND SEES HIGHER 1987 NET
  <Z-Seven Fund Inc> said it expects to
  earn six dlrs a share in 1987, up from 4.20 dlrs a share in
  1986.
      The company said the 1986 net earnings were up 30 pct from
  3.22 dlrs in 1985. Net asset value in 1986 rose 35 pct to 16.09
  dlrs a share from 11.89 a year earlier, adjusted for a
  three-for-two stock split.
  

"
training/991	48	trade	"U.S. ASKS JAPAN END AGRICULTURE IMPORT CONTROLS
  The U.S. Wants Japan to eliminate import
  controls on agricultural products within three years, visiting
  U.S. Under-Secretary of State for Economic Affairs Allen Wallis
  told Eishiro Saito, Chairman of the Federation of Economic
  Organisations (Keidanren), a spokesman for Keidanren said.
      The spokesman quoted Wallis as saying drastic measures
  would be needed to stave off protectionist legislation by
  Congress.
      Wallis, who is attending a sub-cabinet-level bilateral
  trade meeting, made the remark yesterday in talks with Saito.
      Wallis was quoted as saying the Reagan Administration wants
  Japanese cooperation so the White House can ensure any U.S.
  Trade bill is a moderate one, rather than containing
  retaliatory measures or antagonising any particular country.
      He was also quoted as saying the U.S. Would be pleased were
  Japan to halve restrictions on agricultural imports within five
  years if the country cannot cope with abolition within three,
  the spokesman said.
      Japan currently restricts imports of 22 agricultural
  products. A ban on rice imports triggered recent U.S.
  Complaints about Japan's agricultural policy.
  

"
training/9912	14	gas	"SPANISH REFINER PLANS GASOLINE ADDITIVE PLANT
  Spain's state refiner Empresa Nacional
  de Petroleo S.A. (EMP) plans to build its second unit for
  production of methyl tertiary butyl ether (MTBE), a gasoline
  additive replacing lead, company sources said.
      The Coruna-based plant, with an annual capacity of 27,000
  tonnes, and a 55,000-tonnes-per-year facility that EMP will
  start up in Tarragona next year, will make the state refiner
  Spain's biggest producer of MTBE.
      Petroleos del Norte S.A. (Petronor) runs a 45,000 tonne a
  year plant in Bilbao and Cia Espanola de Petroleos S.A. (Cepsa)
  plans to put a similar unit onstream next year in Algeciras.
  

"
training/9914	12	earn	"ROY F. WESTON INC <WSTNA> 4TH QTR NET
  Shr 15 cts vs 11 cts
      Net 900,334 vs 482,705
      Revs 28.7 mln vs 18.8 mln
      Avg shrs 6,195,527 vs 4,551,105
      Shr 51 cts vs 31 cts
      Net 2,713,912 vs 1,402,696
      Revs 98.7 mln vs 67.9 mln
      Avg shrs 5,369,833 vs 4,551,105
      NOTE: Share adjusted for three-for-two stock split
  effecitive March 2, 1987.
      Weston said earnings for the firstg quarter will be about
  flat due to the recent substantial addition of management and
  technical staff and an expansion in the Southeastern and
  Northwestern U.S.
      The company said full-year earnings and revenues are
  expected to be higher.  The company today reported 1986
  earnings of 2,713,912 dlrs, up from 1,402,696 dlrs in 1985, and
  revenues of 98.7 mln dlrs, up from 67.9 mln dlrs.
      Weston earned 492,000 dlrs in last year's first quarter.
  

"
training/9915	14	gas	"MOBIL <MOB> TO UPGRADE REFINERY UNIT
  Mobil Corp said it will spend over 30
  mln dlrs to upgrade a gasoline-producing unit at its Beaumont,
  Texas, refinery.
      It said the unit is a catalytic reformer, which converts
  low-octane components of gasoline into high-octane components
  for use in Super Unleaded gasoline.
      The company said the modernization will allow the unit to
  regenerate catalysts on a continuous basis without shutdown.
  Currently, it must be shut twice a year.  The unit produces
  46,000 barrels of gasoline components a year.  Construction
  will start late this year, with completion set for mid-1989.
  

"
training/9918	0	acq	"BLOCKBUSTER <BBEC> TO ACQUIRE LICENSEE
  Blockbuster Entertainment Corp said it
  agreed to buy <Southern Video>, a Blockbuster licensee in San
  Antonio.
      Blockbuster said it will issue 80,460 shares of its common
  stock for all the net assets of Southern Video.
      The company said after the acquisition is complete, it
  intends to open additional Blockbuster Video Superstores in the
  San Antonio market.
  

"
training/9920	0	acq	"CONTEL <CTC> TO BUY WALKER COUNTY TELEPHONE
  Contel Corp said it has agreed in
  principle to acquire <Walker County Telephone Co> of LaFayette,
  Ga., for an undisclosed amount of common stock.
      Walker has 7,600 customers in northeast Georgia.
      The company said the agreement is subject to approval by
  regulatory agencies, both boards and Walker shareholders.
  

"
training/9923	32	money-fx	"MULFORD SAYS G-6 WANTS STABILITY
  Treasury Assistant Secretary David
  Mulford said the Paris agreement among leading industrial
  nations is intended to produce ""reasonable stability"" in exchange
  markets over the next few months.
      He told a Senate Banking subcommittee the Group of Five
  nations and Canada agreed in Paris to ""see if there can't be a
  period of reasonable stability instead of volatility"" to give
  time for the committments in Paris to take place.
      Asked by Sen Phil Gramm (R-Tex) whether U.S. intervention
  was not in fact overvaluing the dollar, Mulford replied that
  the administration judged that after economic adjustments,
  current exchange rates reflect underlying economic
  fundamentals.
      In particular, the stability sought by the nations would
  allow West Germany and Japan to stimulate their economies
  domestically and the U.S. to cut its budget deficit, Mulford
  said in his testimony.
      He stressed that a further sharp fall in the dollar would
  hurt the ability of Germany and Japan to boost growth.
      Mulford noted that half of West Germany's economy was
  affected by international developments.
      He also said increased Japanese domestic growth would
  result in more U.S. exports to Japan and would not necessarily
  lead to greater Japanese capital flows to the U.S., as Gramm
  asserted, if Japan reformed its domestic capital market.
      Commenting on the Paris agreement, Mulford said, ""I think
  exchange rates ought to be stabilized so (Germany's and
  Japan's) efforts can be carried out.
      Mulford rejected Gramm's argument that faster domestic
  growth in Germany and Japan would result in an even lower
  dollar.
      Mulford said the administration wanted to achieve a pattern
  of higher growth overseas as a way of improving the U.S. trade
  deficit.
      Otherwise, he said, the trade deficit would be resolved
  either through a much lower dollar or a U.S. recession, both
  alternatives he termed unacceptable and undesirable.
  

"
training/9925	0	acq	"THERMO PROCESS <TPSI> COMPLETES ACQUSITION
  Thermo Process Systems Inc said
  it completed its purchase of Thermo Process Services Inc, a
  subsidiary of Thermo Electron Corp <TMO>.
      Thermo Process Systems said it issued 2,590,000 shares of
  its common stock to Thermo Electron in connection with the
  sale.
  

"
training/9926	0	acq	"SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S.
  Siemens AG's <SIEG.F>
  fully-owned subsidiary Siemens Informations Systems Inc. Has
  raised its stake in Telecom Plus Communications Inc. By 65 pct
  to 100 pct, a Siemens spokesman said.
      He added that Telecom Plus Communications was the largest
  independent supplier of telephone exchange systems in the U.S.
  And had achieved a turnover of 234 mln dlrs in 1986.
     The stake had been acquired from Telecom Plus International
  Inc. The spokesman declined to comment on U.S. Newspaper
  reports that the purchase price of the remaining stake totalled
  173 mln dlrs.
  

"
training/9927	12	earn	"FRUEHAUF POSTS 20.3 MLN DLR 1986 LOSS
  Fruehauf Corp, which went private in
  December through a leveraged buyout, said the predecessor
  company had a 1986 loss of 60.9 mln dlrs compared to earnings
  of 70.5 mln dlrs in 1985.
      Sales of the predecessor company were 2.68 billion dlrs
  compared to 2.56 billion dlrs in 1985, including the sales by
  the operations which are divestiture candidates.
      Fruehauf said in connection with the buyout acquisition,
  the predecessor company incurred about 97 mln dlrs in expenses
  charged against 1986 operations.
      In addition to the direct expenses, Fruehauf said operating
  results were adversely affected by an unquantifiable amount due
  to the disruption related to a proxy contest and attempted
  hostile takeover which started in early 1986.
      Fruehauf said its board rescheduled the annual meeting to
  June 18 from May 7 to allow for completion and distribution of
  the 1986 results to shareholders.
  

"
training/9928	0	acq	"MICHIGAN GENERAL <MGL> TO SELL KRESTMARK UNIT
  Michigan General Corp said
  it agreed to sell substantially all of the assets and certain
  liabilities of its Krestmark subsidiaries to LCB Holdings Inc
  for 6.5 mln dlrs cash.
      Sale of Texas-based Krestmark, a maker of doors, door
  frames and other products, will allow Michigan General to
  concentrate on retailing through its Diamond Lumber and
  Savannah Wholesale units.
      Proceeds of the sale will be used to reduce debt. The deal
  is subject to execution of a definitive agreement.
      Krestmark had revenues of about 40 mln dlrs and operating
  losses of three mln dlrs in 1986, the company said. It has been
  accounted for as a discontinued operation since last September.
      Dallas-based LCB is a privately-held maker of structural
  steel joists and rack and storage handling systems.
      Michigan General also said its Diamond Lumber homebuilding
  products retail unit closed nine unprofitable stores in the
  first quarter and reduced its headquarters staff by 10 pct. The
  nine closed stores, which had pretax operating losses of 1.7
  mln dlrs in 1986, are being sold to provide cash for
  operations.
      About 4.5 mln dlrs of inventory from the stores is being
  transferred to other locations, the company said.
  

"
training/9929	0	acq	"RABBIT SOFTWARE <RABT> TO MERGE WITH CTI DATA
  Rabbit Software Corp said it
  agreed in principle to merge with <CTI Data Inc>, a privately
  owned communications company.
      According to terms, CTI holders and employees will receive
  200,000 shares of Rabbit stock and royalties on sales of CTI
  Products. CTI will become a wholly owned subsidiary of Rabbit.
      The deal is subject to completion of a definitive merger
  agreement, receipt of third party approvals and other
  conditions, the company said.
  

"
training/9930	12	earn	"COMSTOCK GROUP INC <CSTK> 4TH QTR LOSS
  Shr loss 60 cts vs loss 43 cts
      Net loss 3,012,000 vs loss 2,114,000
      Revs 102.8 mln vs 134.9 mln
      Year
      Shr loss 1.48 dlr vs loss four cts
      Net loss 7,338,000 vs loss 180,000
      Revs 354.9 mln vs 469.2 mln
      NOTE: 1986 4th qtr and year net includes a loss of 623,000
  dlrs and a gain 1,910,000 dlrs or 39 cts per share for an
  extraordinary item.
  

"
training/9933	49	veg-oil	"U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION
  The Senate voted to condemn the
  proposed European common market tax on vegetable and marine
  fats and oils and said it would result in retaliation.
      The non-binding Senate resolution, a sense of Senate
  sentiment, was approved on a 99 to 0 vote.
      ""The administration should communicate to the European
  Community the message that the United States will view the
  establishment of such a tax as inconsistent with the European
  Community's obligations under the General Agreement on Tariffs
  and Trade that will result in the adoption of strong and
  immediate countermeasures,"" the resolution stated.
      The resolution said the European Community Commission has
  proposed establishing a consumption tax on vegetable and fish
  oils and fats in conjunction with the setting of farm prices
  for the 1987/1988 EC marketing year.
      The Senate said the tax would amount to almost 90 pct of
  the current price of soyoil and ""have a restrictive effect"" on
  U.S. exports of soybeans and vegetable oils to the EC.
      It would be ""blatantly inconsistent"" with obligations of the
  EC under the General Agreement on Tariffs and Trade, GATT, the
  resolution said, and ""constitute another egregious attempt"" to
  impose EC agricultural costs on trading partners.
  

"
training/9934	12	earn	"HEALTHMATE INC SAYS AUDITORS INTEND TO QUALIFY ITS FINANCIAL STATEMENTS

  HEALTHMATE INC SAYS AUDITORS INTEND TO QUALIFY ITS FINANCIAL STATEMENTS
  

"
training/9936	12	earn	"HARSCO CORP <HSC> SETS QUARTERLY
  Qtly div 25 cts vs 25 cts prior
      Pay May 15
      Record April 15
  

"
training/9937	12	earn	"MILASTAR CORP <MILA> 3RD QTR JAN 31 LOSS
  Shr loss two cts vs loss four cts
      Net loss 44,000 vs loss 85,000
      Sales 370,000 vs 299,000
      Nine mths
      Shr loss seven cts vs loss three cts
      Net loss 134,000 vs loss 56,000
      Sales 1,211,000 vs 1,069,000
      NOTE: Prior nine mths net includes 10,000 dlr loss on sale
  of marketable securities.
      Prior quarter net includes 1,000 dlr tax credit.
      Current year net includes provisions for loss on investment
  in preferred stock of 4,000 dlrs in quarter and 15,000 dlrs in
  nine mths.
  

"
training/9939	12	earn	"BANK OF BOSTON EXPECTS 1ST QTR EARNINGS FROM 90 CTS TO 1.00 DLRS/SHR VS 79 CTS

  BANK OF BOSTON EXPECTS 1ST QTR EARNINGS FROM 90 CTS TO 1.00 DLRS/SHR VS 79 CTS
  

"
training/9940	12	earn	"BANK OF BOSTON <BKB> SEES IMPROVED 1ST QUARTER
  Bank of Boston Corp expects first
  quarter earnings will range between 90 cts and one dlr a share,
  up from 79 cts a share last year, Chairman William Brown said.
      He told shareholders the company has a 190 mln dlr exposure
  in loans to Brazil if that country defaults on its debt
  payments. If a default does occur, it would first quarter
  earnings by about five cts a share, which would bring the
  bank's in the lower level of the estimated range, he added.
      Brown noted the 1986 first quarter net included a 17 cts
  gain from loan restructurings which will not appear this year.
      Brown said the bank's other nonperforming assets, not
  including its Brazilian exposure, could rise to over 700 mln
  dlrs at the end of this quarter compared with 669 mln dlrs a
  year earlier and 614 mln dlrs at the end of 1986.
      He said the increase includes all of its Equadorian loans
  which he expects will be ultimately repaid after the company
  recovers from an earthquake earlier this year.
      Brown said the increase also includes some Mexican and
  Venezuelan loans as those nations are also facing credit
  problems.
      Brown said the Bank of Boston remains ""cautiously optimitic
  about the full year even if our Brazilian exposure were to be
  on nonaccural all year."" In 1986, the bank earned 3.69 dlrs a
  share, or 232.8 mln dlrs on net interest revenues of 1.08
  billion dlrs.
      President Ira Stepanian told the shareholders's meeting the
  bank's total loans to Argentina, Brazil and Mexico totaled 875
  mln dlrs at the end of 1986, 37 pct of its primary capital.
  Brazil loans total 300 mln dlrs, of which about two-thirds are
  affected by its suspension of interest payments on its medium
  and long term foreign debt.
  

"
training/9941	45	sugar	"LIBYA REPORTEDLY BOUGHT WHITE SUGAR
  Libya is reported to have recently
  bought two cargoes of white sugar from operators at around
  229/230 dlrs a tonne cost and freight, traders said.
      The shipment period required was not specified.
  

"
training/9942	0	acq	"USAIR GETS APPROVAL TO BUY 9,309,394 PIEDMONT SHARES IN TENDER

  USAIR GETS APPROVAL TO BUY 9,309,394 PIEDMONT SHARES IN TENDER
  

"
training/9943	22	interest	"FED EXPECTED TO ADD RESERVES
  The Federal Reserve is expected to
  enter the U.S. government securities market to add reserves
  during its usual intervention period today, economists said.
      With federal funds trading at a steady 6-3/16 pct, most
  economists expect an indirect injection of temporary reserves
  via a medium-sized round of customer repurchase agreements.
      However, some economists said the Fed may arrange more
  aggressive system repurchase agreements.
      Economists would also not rule out an outright bill pass
  early this afternoon. Such action had been widely anticipated
  yesterday but failed to materialize.
  

"
training/995	12	earn	"FIRSTCORP <FCR> SEES GAIN ON CONDEMNATION
  Firstcorp Inc said it weill report
  an after-tax gain of 1,827,000 dlrs or 56 cts per share primary
  and 42 cts fully diluted from the proposed condemnation and
  acquisition of a parking deck it operates by Wake County.
      The company said if it reinvested proceeds in a similar
  property within 24 months, the gain on the sale would be
  deferred for tax purposes.
  

"
training/9952	12	earn	"NORCEN SEES IMPROVEMENT IN 1987 EARNINGS
  <Norcen Energy Resources Ltd>,
  41 pct owned by <Hees International Corp>, said earnings and
  cash flow will improve in 1987, even if oil and gas prices
  remain at 1986 levels.
      The improvement will result from production increases,
  lower taxes and royalties, reduced financing costs and from
  operating efficiencies and downsizing put into place during
  1986, the company said in the annual report.
      Norcen previously reported 1986 earnings, excluding a 20.1
  mln dlr writeoff, declined by 58 pct to 50.0 mln dlrs from
  119.7 mln dlrs in in 1985.
      Norcen's 1986 cash flow fell 10 pct to 204.9 mln dlrs from
  228.9 mln dlrs in the prior year.
      It said the sharp decline in oil prices during 1986 was the
  most significant factor for Norcen's reduced performance.
      ""While financial results are far from the previous year's
  record levels, it is clear that Norcen has withstood declining
  prices and remains financially and operationally strong,"" Norcen
  said. It did not give a specific 1987 profit forecast.
      The company said it is well positioned to capitalize on
  profitable opportunities in its core business areas, and will
  continue to invest to increase revenue and asset values.
  

"
training/9953	4	cocoa	"COCOA COUNCIL HEAD TO PRESENT BUFFER COMPROMISE
  International Cocoa Organization, ICCO,
  council chairman Denis Bra Kanon will present a compromise
  proposal on buffer stock rules to producer and consumer
  delegates either later today or tomorrow morning, delegates
  said.
      Bra Kanon held private bilateral consultations with major
  producers and consumers this morning to resolve outstanding
  differences, mostly on the issues of how much non-member cocoa
  the buffer stock can purchase and price differentials for
  different varieties.
      Delegates were fairly confident the differences could be
  worked out in time to reach agreement tomorrow.
      Some consuming member nations, including Britain and
  Belgium, favour the buffer stock buying more than 10 pct
  non-member cocoa, delegates have said.
      The consumers argue that buying cheaper, lower quality
  non-member cocoas, particularly Malaysian, will most
  effectively support prices because that low quality cocoa is
  currently pressuring the market.
      Producers, meanwhile, say non-member cocoa should make up
  at most a very small percentage of the buffer. They say
  Malaysia should not be able to benefit from the ICCO unless it
  is a member, and if the buffer stock bought Malaysian cocoa
  Malaysia would have no incentive to join, delegates said.
      As to differentials, Ghana apparently wanted a higher
  differential for its cocoa than is outlined in the most recent
  proposal, so it would have a better chance of having its cocoa
  bought for the buffer stock, producer delegates said.
      Some consumers wanted differentials to be adjusted in a way
  that would not promote buffer stock purchases of the more
  expensive cocoas, such as Ghanaian and Brazilian, they said.
      Other technical points need to be sorted out, including
  limits on how much cocoa the buffer stock manager can buy in
  nearby, intermediate and forward positions and the consequent
  effect on prices in the various deliveries, delegates said.
  

"
training/9954	0	acq	"SIEMENS REBUTTS U.S. CRITICISM ON CGCT OFFER
  Siemens AG <SIEG.F> rebutted U.S.
  Criticism it is blocking American Telephone and Telegraph
  Corp's <T.N>, AT and T, entry into French telecommunications
  firm <Compagnie Generale Constructions Telephoniques>, CGCT.
      Management board member Hans Baur told journalists that the
  acquisition of a joint 20 pct stake in CGCT by AT and T and
  Philips Gloeilampenfabrieken NV <PGLO.AS> had not been decided
  on two years ago as claimed by AT and T.
      The French government, which owns CGCT, had asked Siemens
  at the start of 1986 to submit an offer for the stake in CGCT.
  The result of the negotiations was still open.
      Baur said Siemens had first made an offer last summer.
      The Handelsblatt newspaper today quoted AT and T chairman
  James E. Olson as saying that Siemens' attempt to stop AT and T
  and Philips could lead to a resurgence of protectionism in the
  U.S.
      Baur said he expected the French government to decide on
  the winning bid by the end of April. CGCT's share of the French
  switchboard market amounts to around 16 pct.
      The French government has limited CGCT participation by
  foreign companies to 20 pct and set a price of 500 mln francs
  for the whole company.
      Bauer said the 20 pct limitation would only apply to the
  initial stake. He did not rule out a stake increase later but
  said Siemens' aim was to introduce its technology.
      Bauer said Siemens and French telecommunications firm
  <Jeumont-Schneider SA> submitted a joint offer at the start of
  March because of the 20 pct limitation. Both companies will
  form a joint venture to take over the whole of CGCT.
     Siemens will have a 20 pct stake in the new company while
  Jeumont-Schneider will own 80 pct. Apart from investing 100 mln
  francs for the modernisation of CGCT, a new research centre
  with was also being planned.
  

"
training/9955	32	money-fx	"MULFORD DISAPPOINTED IN NEWLY INDUSTRIALIZED (NICS) EFFORTS TO STRENGTHEN CURRENCIES

  MULFORD DISAPPOINTED IN NEWLY INDUSTRIALIZED (NICS) EFFORTS TO STRENGTHEN CURRENCIES
  

"
training/9956	12	earn	"FORD <F> NEARS GM <GM> IN EXECUTIVE BONUSES
  Ford Motor Co neared General Motors
  Corp last year in executive bonuses, while it topped the larger
  automaker in profit sharing payments to workers.
      Ford, which outstripped GM in earnings last year, said its
  1986 incentive bonuses totaled 167 mln dlrs, slightly behind
  General Motors' 169.1 mln.
      General Motors, however, did not make any profit-sharing
  payments to its workers, while Ford made a profit-sharing
  distribution of 372 mln dlrs, or 2,100 dlrs per worker.
      General Motors, which saw its earnings drop to 2.94 billion
  dlrs from 1985's 3.99 billion, said the 1986 profit was ""not
  sufficient to generate a payout under the profit-sharing
  formula.""
      Ford, which earned 3.28 billion dlrs in 1986, up from 2.51
  billion in 1985, said it ""recognizes employees' efforts and
  fulfills its commitment to them in many ways, including
  profit-sharing.""
  

"
training/9959	12	earn	"PIER 1 IMPORTS <PIR> DECLARES STOCK SPLIT
  Pier 1 Imports Inc said its
  board declared a three-for-two split of its common stock and
  its 25 cents preferred stock, and declared a regular quarterly
  dividend of two cents per share on the pre-split shares of
  common stock outstanding.
      Pier 1 also declared a 12.5 pct annual dividend increase
  for the post-split common shares. The split will be effected in
  the form of a 50 pct stock dividend on both classes.
      The company said shareholder approval is required for an
  increase in authorized shares of common stock to 100 mln from
  25 mln.
      It said approval is also needed for an increase in
  authorized shares of preferred stock from one million to five
  million. It said voting will be conducted at its annual
  shareholder meeting on June 24.
      Pier 1 said there are currently 19.1 million shares of
  common stock and 960,000 shares of 25 cts preferred stock
  outstanding.
      The split shares will be distributed on June 29 to
  shareholders of record May 13. The two cts per share quarterly
  cash dividend will be payable May 29 to shareholders of record
  May 13.
      ""The increase in shares outstanding will broaden the base
  of stock ownership in the company, and the dividend increase
  reflects the directors' positive outlook for the future
  prospects of Pier 1 Imports,"" said Clark Johnson, president and
  chief executive officer.
  

"
training/9961	12	earn	"LANCER CORP <LACR> 4TH QTR NET
  Shr 12 cts vs 15 cts
      Net 282,000 vs 360,000
      Revs 5,261,000 vs 5,348,000
      Avg shrs 2,336,000 vs 2,335,000
      Year
      Shr 91 cts vs 1.04 dlrs
      Net 2,149,000 vs 2,075,000
      Revs 28.2 mln vs 28.3 mln
      Avg shrs 2,356,000 vs 2,001,000
      NOTE: 1986 quarter net includes 72,000 dlr charge from
  repal of investment tax credit.
  

"
training/9963	12	earn	"MACNEAL-SCHWENDLER CORP <MNS> 4TH QTR JAN 31 NET
  Shr 16 cts vs 11 cts
      Net 1,888,000 vs 1,307,000
      Revs 7,365,000 vs 5,877,000
      Year
      Oper shr 58 cts vs 40 cts
      Oper net 7,005,000 vs 4,866,000
      Revs 27.1 mln vs 21.1 mln
      NOTE: Prior year net excludes 263,000 dlr loss from
  discontinued operations and 2,073,000 dlrs on disposal.
      Share adjusted for stock dividends.
  

"
training/9964	12	earn	"NICHOLS INSTITUTE <LAB> 1ST QTR FEB 28 NET
  Shr two cts vs one ct
      Net 83,000 vs 32,000
      Revs 11.2 mln vs 7,625,000
  

"
training/9965	12	earn	"FIRST MEDICAL DEVICES CORP <FMDC> YEAR LOSS
  Shr loss 97 cts
      Net loss 1,364,453
      Sales 737,971
      NOTE: Company in development stage.
  

"
training/9967	12	earn	"HEALTHMATE <HMTE> EXPECTS QUALIFIED OPINION
  HealthMate Inc said its
  auditors, Laventhol and Horwath, indicated they will issue a
  qualified opinion on the company's financial statements.
      The company, which went public in March 1985, earlier
  reported losses for the fourth quarter.
      It said the auditor's statement, known as a ""subject to""
  opinion, cautions that, because of continuing operating losses
  and negative cash flow, it must achieve profitable operations
  or acquire additional equity capital or other financing to
  continue in existence.
      HealthMate reported a loss for the year of 1,512,534 dlrs,
  or 17 cts a share on revenues of 1.4 mln dlrs. A year ago, it
  had a loss of 1,553,592 dlrs, or 20 cts a share on revenues of
  515,225 dlrs.
      It said the increased sales reflect initial shipments of
  its FluoroScan Imaging Systems, low radiation X-ray imaging
  devices that recently were classified by Underwriters
  Laboratories Inc.
  

"
training/9970	12	earn	"HEALTHMATE INC <HMTE> 4TH QTR LOSS
  Shr loss five cts vs loss six cts
      Net loss 473,784 vs loss 489,257
      Revs 268,797 vs 81,725
      Avg shrs 9,245,247 vs 8,035,326
      Year
      Shr loss 17 cts vs loss 20 cts
      Net 1,512,534 vs loss 1,553,592
      Revs 1,448,310 vs 515,225
      Avg shrs 8,745,132 vs 7,619,863
  

"
training/9971	0	acq	"USAIR <U> CLEARED TO BUY PIEDMONT <PIE> SHARES
  USAir Group Inc said the U.S.
  Department of Transportation has issued an order allowing it to
  purchase and hold in a voting trust the 9,309,394 Piedmont
  Aviation Inc shares USAir is seeking in its current 69 dlr per
  share tender offer.
      The company said the new order supersedes an order issued
  by the department last Friday that would have required USAir to
  sell within one week of expiration of the tender any Piedmont
  shares it held in excess of 51 pct of the Piedmont stock then
  outstanding.
      The company said the 9,309,394 Piedmont shares, together
  with the 2,292,599 Piedmont shares already owned by USAir,
  constitute about 50.1 pct of Piedmont's shares on a
  fully-diluted basius but about 61.0 pct of shares currently
  outstanding.
      The shares are to be held in a voting trust pending the
  department's review of USAir's application to obtain control of
  Piedmont.
  

"
training/9972	22	interest	"FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS

  FED SETS TWO BILLION DLR CUSTOMER REPURCHASE, FED SAYS
  

"
training/9973	12	earn	"HOUSE OF FABRICS INC <HF> 4TH QTR JAN 31 NET
  Shr 34 cts vs 20 cts
      Net 2,253,000 vs 1,332,000
      Sales 89.7 mln vs 85.9 mln
      Year
      Shr 94 cts vs 64 cts
      Net 6,191,000 vs 4,257,000
      Sales 316.4 mln vs 286.7 mln
      NOTE: Prior year net both periods includes 2,100,000 dlr
  charge from sale of Craft Showcase stores.
  

"
training/9974	41	retail	"GERMAN RETAILERS EXPECT GOOD 1987
  West German retailers expect another good
  year in 1987 even though they will not be able to repeat the
  sharp increase in turnover they enjoyed in 1986, the General
  Association of the German Retail Trade (HDE) said.
      HDE President Wolfgang Hinrichs said retailers would be
  satisfied with a real turnover increase of between 2.5 pct to
  three pct in 1987 after last year's steep 3.7 pct rise.
      Hinrichs said the 1986 turnover increase had brought the
  first hesitant signs of improvement in earnings in the West
  German retail sector.
  

"
training/9975	32	money-fx	"GERMAN WAGE ROUND SAID TO LIMIT MONETARY OPTIONS
  The Bundesbank's options for West
  Germany monetary policy are limited for the foreseeable future
  by the delicate stage of wage negotiations between unions and
  employers, economists and money market dealers said.
      Call money fell in quite active trading today, dropping to
  3.40/50 pct from 3.55/65 pct yesterday, and below the 3.50 pct
  treasury bill rate as a difficult month-end approached.
      But dealers and economists said the Bundesbank was unlikely
  to encourage lower rates in the foreseeable future largely for
  fear of upsetting the current wage round.
      One money market dealer for a major foreign bank said, ""I
  don't think the Bundesbank wants rates to go up whatever
  happens. But it also does not want them to fall. Above all it
  wants to wait to see how the unions wage round goes.""
      In West Germany, unions and employers prepare the ground
  for triennial wage negotiations based on detailed assessments
  of growth and inflation, economists said.
      Ute Geipel, economist with Citibank AG, said if the
  Bundesbank became more accommodating in monetary policy,
  raising fears in some quarters of a return in inflation in the
  medium term, unions would be obliged to curtail wage demands.
      As a result the Bundesbank was concerned to make no move
  that would interfere in the negotiating process, Geipel said.
      In the current round, the country's most powerful union,
  the IG Metall representing metalworkers and engineers, is
  demanding a shortening of the working week to 35 hours from the
  present 38-1/2 and an accompanying five pct increase in wages.
      The engineering employers' association, Gesamtmetall, is
  offering to bring in a 38-hour-week from July 1, 1988, and give
  a two stage wage increase -- a 2.7 pct rise from April 1 this
  year and another 1.5 pct from July 1, 1988.
      The agreement forged by IG Metall -- Europe's largest
  union, with 2.5 mln members -- and the employers would set the
  benchmark for settlements in other industries such as the
  public sector, banks and federal post office. Negotiations
  began in December and unions are hopeful they may conclude by
  early April, ahead of the traditional holiday period in June.
      Though many economists said the unions' current warning
  strikes and rhetoric were part of the negotiating strategy and
  would not lead to a repeat of 1984's damaging seven-week
  strikes, others said unions would not compromise greatly on
  their positions and there could still be conflict.
      This could extend the length of time in which the
  Bundesbank would keep its activity low-key, economists said.
      The money market head said the unions' humiliation by the
  protracted financial problems of the Neue Heimat cooperative
  housing venture would contribute to union obstinacy.
      ""The unions haven't forgotten that and they will put this
  squarely onto the account in the negotiations,"" he said.
      In addition, the newly-elected chairman of the IG Metall
  union, Franz Steinkuehler, was more radical and determined than
  his predecessor Hans Meyer and may be set for a longer battle
  to achieve the best possible settlement for his membership.
      More than 16,000 engineering workers at 45 firms, mainly in
  south Germany, held warning strikes lasting up to two hours
  yesterday. Firms hit included Zahnradfabrik Passau GmbH and
  aerospace group Messerschmitt-Boelkow-Blohm GmbH.
      Today, 28,000 employees from 110 companies came out in
  warning strikes, a statement from IG Metall said.
      Money market dealers said that overnight call money rates
  would rise in the near future in any case and did not depend on
  a politically-inhibited Bundesbank.
      About eight billion marks were coming into the market
  tomorrow from salary payments by the federal government.
      As a result, some banks fell back on the Bundesbank's offer
  to mop up liquidity via the sale of three-day treasury bills,
  anticipating still lower rates before the month-end.
      But a pension payment date by banks on behalf of customers
  was due on Monday, other dealers noted. If banks were short of
  liquidity until the bills matured on Tuesday, rates could soar,
  perhaps to the 5.50 pct Lombard ceiling.
      Banks were well stocked up with funds, having an average
  52.1 billion marks in Bundesbank minimum reserves in the first
  24 days of March, well above the 50.7 billion requirement.
  

"
training/9976	0	acq	"FOREIGN FIRMS HOPE TO JOIN JAPAN TELECOM COMPANY
  President Nobuo Ito of International
  Telecom Japan Inc (ITJ), one of two rival firms seeking to
  enter Japan's international telecommunications market, said it
  will offer a stake in the company to 10 foreign firms.
        But he declined to specify what share the firms would
  take, and told Reuters they would not participate in its
  management.
      ITJ and International Digital Communications Planning Inc
  (IDC), in which both Cable and Wireless Plc and Pacific Telesis
  Group own 20 pct stakes, are set to merge into a new entity to
  compete against Kokusai Denshin Denwa Co Ltd.
  

"
training/9977	0	acq	"SIEMENS RAISES STAKE IN TELECOM PLUS OF U.S.
  Siemens AG's <SIEG.F>
  fully-owned subsidiary Siemens Informations Systems Inc. Has
  raised its stake in <Telecom Plus Communications Inc.> by 65
  pct to 100 pct, a Siemens spokesman said.
      He added that Telecom Plus Communications was the largest
  independent supplier of telephone exchange systems in the U.S.
  And had turnover of 234 mln dlrs in 1986.
     The stake had been acquired from Telecom Plus International
  Inc. The spokesman declined to comment on U.S. Newspaper
  reports that the purchase price totalled 173 mln dlrs.
  

"
training/9978	0	acq	"FIRST INTERSTATE SEEKS ACQUISITION
  Less than two months after First
  Interstate Bancorp withdrew its bold attempt to buy BankAmerica
  Corp, Chairman Joseph Pinola is still looking for a good buy,
  but he is also looking at ways to avoid being bought.
      In a wide-ranging interview, Pinola said he's looking for
  ways to improve profitability and capital between now and 1991,
  ""so as to resist any potential look at us...to maintain our
  independence, if possible.""
      In 1991 federal regulatory changes will allow the major
  East Coast banks to buy banks in California.
      First Interstate, the fourth largest California bank, and
  the nineth largest nationwide, owns 24 banks in 12 western
  states and has franchise operations in four additional states.
      Bank industry sources say it is an attractive target for
  large U.S. or foreign banks, looking to quickly move into the 
  lucrative California market and the West Coast region.
      While declining specifics on his corporate strategy, when
  asked if acquisitions will be part of the plan, Pinola replied,
  ""That's undoubtedly a fair statement...it would be almost naive
  not to think that.""
      Pinola characterized his acquisition strategy as
  ""opportunistic"".
      He said he will look for banks in management trouble that
  he can get at a bargain, then add management to restore
  profitability, or for banks in states where First Interstate
  already operates, then cut costs by combining resources.
      The exception, he said, would be Texas, where he said most
  of the banks are already well managed, but might be purchased
  at a discount because of the depressed regional economy.
      Pinola declined comment on what circumstances might move
  him to rekindle his bid for BankAmerica, saying only, ""We
  continue to monitor and look at a lot of things and a lot of
  people continue to monitor and look at us.""
      Banking analysts, however, consider another First
  Interstate bid at BankAmerica a long shot, not likely to happen
  any time soon.
      Pinola called his decision last month to withdraw his 3.25
  billion dlr bid at the nation's second largest bank, ""a very,
  very difficult decision.""
      With that decision made, however, he acknowledged First
  Interstate may now have a difficult time keeping its number
  four position in the California banking community.
      ""The competition in this state is tough,"" he said, noting
  CityBank's recent purchase of 50 financial service branches
  from Sears Roebuck company. ""CityBank is moving rapidly to move
  us down to fifth and Wells Fargo down to fourth,"" he said.
      Outside California, Pinola acknowledged that Security
  Pacific Corp, with its recent acquisitions in Arizona,
  Washington and Oregon, is quickly becoming a regional
  competitor in areas where First Interstate has long dominated.
      ""Security is, has been and continues to be a highly
  profitable and obviously well managed company,"" he said.
      He added, however, First Interstate, at the moment, has the
  advantages of having owned and managed regional banks longer
  and has the recognition advantage of having given its regional
  banks a common name.
      Pinola said while its coastal state banks are in good
  financial condition, First Interstate continues to sustain
  serious loan losses in its Rocky Mountain states, where energy,
  real estate and agriculture dominate the economy.
      Asked if he thought loan losses in those areas had peaked,
  he said, ""I don't think it has bottomed out, because I think
  most of the problems are real estate-related and the real
  estate problems are going to be with us for several years.""
      Pinola said another failing economic sector, agriculture in
  the Midwest, has slowed expansion of First Interstate's
  franchise operation.
      First Interstate has 42 franchise banks that offer First
  Interstate financial services in ten states.
      While a year ago he was considering taking his franchise
  operation east of the Mississippi River, Pinola said because
  most of the franchise banks are now in the West, expansion into
  the Midwest must come first.
      Calling the franchise system, ""moderately profitable,""
  Pinola said, ""It is going to take a rejuvenation of the
  agriculture sector for us to commence franchising at the speed
  we were generating before the last year or two.""
      On the banking industry in general, Pinola said he thinks
  1987 will be another bad year for loan losses, with only banks
  with minimal holdings in real estate able to improve profits.
  

"
training/998	12	earn	"<NATIONAL SEA PRODUCTS LTD> 4TH QTR NET
  Oper shr 43 cts vs 21 cts
      Oper net 6,846,000 vs 3,386,000
      Revs 137.1 mln vs 107.6 mln
      Year
      Oper shr 1.36 dlrs vs 42 cts
      Oper net 21,764,000 vs 7,239,000
      Revs 516.4 mln vs 454.7 mln
      Note: 1986 qtr excludes extraordinary gain of 784,000 dlrs
  or five cts share, versus extraordinary loss of 110,000 dlrs or
  shr nil in 1985 qtr
      Note continued: 1986 year excludes extraordinary gain of
  14,360,000 dlrs or 94 cts share, versus extraordinary gain of
  2,883,000 dlrs or 19 cts share in prior year
  

"
training/9981	12	earn	"HOUSE OF FABRICS <HF> SEES RESULTS IMPROVING
  House of Fabrics Inc said
  it expects growth in earnings and revenues as the current
  fiscal year progresses.
      It said it will open about 50 super stores this year. 
  House of Fabrics now operates 703 stores.
      The company today reported earnings for the year ended
  January 31 of 6,191,000 dlrs on sales of 316.4 mln dlrs, up
  from prior year earnings of 4,257,000 dlrs on sales of 286.7
  mln dlrs.  The prior year earnings included a 2,100,000 dlr
  charge for the disposition of Craft Showcase stores.
  

"
training/9982	49	veg-oil	"U.S. SENATE HITS EC OILS TAX, VOWS RETALIATION
  The Senate voted to condemn the
  proposed European common market tax on vegetable and fish fats
  and oils and said it would result in retaliation.
      The non binding Senate resolution, a sense of Senate
  sentiment, was approved on a 99 to 0 vote.
      ""The administration should communciate to the European
  Community the message that the United States will view the
  establishment of such a tax as inconsistent with the European
  Community's obligations under the General Agreement on Tariffs
  and Trade that will result in the adoption of strong and
  immediate countermeasures,"" the resolution stated.
  

"
training/9984	0	acq	"KODAK <EK> BUYS STAKE IN BIOTECHNOLOGY COMPANY
  Eastman Kodak Co said it has
  reached an agreement to acquire new stock representing a 16 pct
  interest in industrial biotechnology company <Genencor Inc> for
  undisclosed terms.
      Other Genencor shareholders include Staley Continental Inc
  <STA>, Corning Glass Works <GLW> and Genentech Inc <GENE>.
      The company said it has been granted options to increase
  its equity stake during 1987.  It said it has agreed to make a
  multiyear, multimillion dollar commitment to Genecor research
  products related to food additivies and pharmaceutical
  intermediates.
  

"
training/9985	12	earn	"AVERY <AVY> 1ST QTR FEB 28 NET
  Shr 33 cts vs 30 cts
      Net 13.0 mln vs 11.9 mln
      Sales 330.8 mln vs 249.7 mln
  

"
training/9988	22	interest	"FED SETS TWO BILLION DLR CUSTOMER REPURCHASE
  The Federal Reserve entered the U.S.
  government securities market to arrange two billion dlrs of
  customer repurchase agreements, a spokeswoman for the New York
  Fed said.
      Federal funds were trading at 6-3/16 pct at the time of the
  indirect injection of temporary reserves.
  

"
training/9992	12	earn	"KNIGHT-RIDDER INC <KRN> SETS QUARTERLY
  Qtly div 25 cts vs 25 cts prior
      Pay April 13
      Record April Six
  

"
training/9993	12	earn	"TECHNITROL INC <TNL> SETS QUARTERLY
  Qtly div 12 cts vs 12 cts prior
      Pay April 21
      Record April Seven
  

"
training/9994	12	earn	"NATIONWIDE CELLULAR SERVICE INC <NCEL> 4TH QTR
  Shr loss six cts vs loss 18 cts
      Net loss 89,478 vs loss 178,507
      Revs 3,894,844 vs 1,964,141
      Avg shrs 1,582,790 vs one mln
      Year
      Shr loss 43 cts vs loss 81 cts
      Net loss 534,099 vs loss 811,836
      Revs 12.2 mln vs 5,167,573
      Avg shrs 1,251,337 vs one mln
  

"
training/9995	12	earn	"<A.H.A. AUTOMOTIVE TECHNOLOGIES CORP> YEAR NET
  Shr 43 cts vs 52 cts
      Shr diluted 41 cts vs 49 cts
      Net 1,916,000 vs 2,281,000
      Revs 32.6 mln vs 22.6 mln
  

"