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BAHIA COCOA REVIEW

Showers continued throughout the week in the Bahia cocoa zone, alleviating the drought since early January and improving prospects for the coming temporao, although normal humidity levels have not been restored, Comissaria Smith said in its weekly review. The dry period means the temporao will be late this year. Arrivals for the week ended February 22 were 155,221 bags of 60 kilos making a cumulative total for the season of 5.93 mln against 5.81 at the same stage last year. Again it seems that cocoa delivered earlier on consignment was included in the arrivals figures. Comissaria Smith said there is still some doubt as to how much old crop cocoa is still available as harvesting has practically come to an end. With total Bahia crop estimates around 6.4 mln bags and sales standing at almost 6.2 mln there are a few hundred thousand bags still in the hands of farmers, middlemen, exporters and processors. There are doubts as to how much of this cocoa would be fit for export as shippers are now experiencing dificulties in obtaining +Bahia superior+ certificates. In view of the lower quality over recent weeks farmers have sold a good part of their cocoa held on consignment. Comissaria Smith said spot bean prices rose to 340 to 350 cruzados per arroba of 15 kilos. Bean shippers were reluctant to offer nearby shipment and only limited sales were booked for March shipment at 1,750 to 1,780 dlrs per tonne to ports to be named. New crop sales were also light and all to open ports with June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs per tonne FOB. Routine sales of butter were made. March/April sold at 4,340, 4,345 and 4,350 dlrs. April/May butter went at 2.27 times New York May, June/July at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at 2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and 2.27 times New York Dec, Comissaria Smith said. Destinations were the U.S., Covertible currency areas, Uruguay and open ports. Cake sales were registered at 785 to 995 dlrs for March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times New York Dec for Oct/Dec. Buyers were the U.S., Argentina, Uruguay and convertible currency areas. Liquor sales were limited with March/April selling at 2,325 and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith said. Total Bahia sales are currently estimated at 6.13 mln bags against the 1986/87 crop and 1.06 mln bags against the 1987/88 crop. Final figures for the period to February 28 are expected to be published by the Brazilian Cocoa Trade Commission after carnival which ends midday on February 27.

Commodities and Trade

COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE

Computer Terminal Systems Inc said it has completed the sale of 200,000 shares of its common stock, and warrants to acquire an additional one mln shares, to <Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs. The company said the warrants are exercisable for five years at a purchase price of .125 dlrs per share. Computer Terminal said Sedio also has the right to buy additional shares and increase its total holdings up to 40 pct of the Computer Terminal's outstanding common stock under certain circumstances involving change of control at the company. The company said if the conditions occur the warrants would be exercisable at a price equal to 75 pct of its common stock's market price at the time, not to exceed 1.50 dlrs per share. Computer Terminal also said it sold the technolgy rights to its Dot Matrix impact technology, including any future improvements, to <Woodco Inc> of Houston, Tex. for 200,000 dlrs. But, it said it would continue to be the exclusive worldwide licensee of the technology for Woodco. The company said the moves were part of its reorganization plan and would help pay current operation costs and ensure product delivery. Computer Terminal makes computer generated labels, forms, tags and ticket printers and terminals.

Commodities and Trade

N.Z. TRADING BANK DEPOSIT GROWTH RISES SLIGHTLY

New Zealand's trading bank seasonally adjusted deposit growth rose 2.6 pct in January compared with a rise of 9.4 pct in December, the Reserve Bank said. Year-on-year total deposits rose 30.6 pct compared with a 26.3 pct increase in the December year and 34.5 pct rise a year ago period, it said in its weekly statistical release. Total deposits rose to 17.18 billion N.Z. Dlrs in January compared with 16.74 billion in December and 13.16 billion in January 1986.

Other

NATIONAL AMUSEMENTS AGAIN UPS VIACOM <VIA> BID

Viacom International Inc said <National Amusements Inc> has again raised the value of its offer for Viacom's publicly held stock. The company said the special committee of its board plans to meet later today to consider this offer and the one submitted March one by <MCV Holdings Inc>. A spokeswoman was unable to say if the committee met as planned yesterday. Viacom said National Amusements' Arsenal Holdings Inc subsidiary has raised the amount of cash it is offering for each Viacom share by 75 cts to 42.75 dlrs while the value of the fraction of a share of exchangeable Arsenal Holdings preferred to be included was raised 25 cts to 7.75 dlrs. National Amusements already owns 19.6 pct of Viacom's stock.

Financial Reports

ROGERS <ROG> SEES 1ST QTR NET UP SIGNIFICANTLY

Rogers Corp said first quarter earnings will be up significantly from earnings of 114,000 dlrs or four cts share for the same quarter last year. The company said it expects revenues for the first quarter to be "somewhat higher" than revenues of 32.9 mln dlrs posted for the year-ago quarter. Rogers said it reached an agreement for the sale of its molded switch circuit product line to a major supplier. The sale, terms of which were not disclosed, will be completed early in the second quarter, Rogers said.

Corporate News

ISLAND TELEPHONE SHARE SPLIT APPROVED

<Island Telephone Co Ltd> said the previously announced two-for-one common share split was approved by shareholders at the annual meeting.

Financial Reports

U.K. GROWING IMPATIENT WITH JAPAN - THATCHER

Prime Minister Margaret Thatcher said the U.K. Was growing more impatient with Japanese trade barriers and warned that it would soon have new powers against countries not offering reciprocal access to their markets. She told Parliament that the bid by the U.K.'s Cable and Wireless Plc <CAWL.L> to enter the Japanese telecommunications market was being regarded by her government as a test case. "I wrote to the prime minister of Japan, Mr Nakasone, on the fourth of March to express our interest on the Cable and Wireless bid. I have not yet had a reply. We see this as a test on how open the Japanese market really is," Thatcher said. Thatcher told Parliament that "shortly ... We shall have more powers than we have now, when, for example the powers under the Financial Services Act and the Banking Act become available, then we shall be able to take action in cases where other countries do not offer the same full access to financial services as we do." Cable and Wireless is seeking a stake in the proposed Japanese telecommunications rival to Kokusai Denshin Denwa. But the Japanese minister for post and telecommunications was reported as saying that he opposed Cable and Wireless having a managerial role in the new company.

Financial Reports

QUESTECH INC <QTEC> YEAR NET

Shr loss nil vs profit 19 cts Net loss 3,175 vs profit 284,945 Revs 13.6 mln vs 10.6 mln Year Shr profit 13 cts vs profit 56 cts Net profit 195,202 vs profit 857,006 Revs 47.5 mln vs 42.9 mln Note: Current year net includes charge against discontinued operations of 1,060,848 dlrs.

Financial Reports

CANADA OIL EXPORTS RISE 20 PCT IN 1986

Canadian oil exports rose 20 pct in 1986 over the previous year to 33.96 mln cubic meters, while oil imports soared 25.2 pct to 20.58 mln cubic meters, Statistics Canada said. Production, meanwhile, was unchanged from the previous year at 91.09 mln cubic feet. Natural gas exports plunged 19.4 pct to 21.09 billion cubic meters, while Canadian sales slipped 4.1 pct to 48.09 billion cubic meters. The federal agency said that in December oil production fell 4.0 pct to 7.73 mln cubic meters, while exports rose 5.2 pct to 2.84 mln cubic meters and imports rose 12.3 pct to 2.1 mln cubic meters. Natural gas exports fell 16.3 pct in the month 2.51 billion cubic meters and Canadian sales eased 10.2 pct to 5.25 billion cubic meters.

Financial Reports

COFFEE, SUGAR AND COCOA EXCHANGE NAMES CHAIRMAN

The New York Coffee, Sugar and Cocoa Exchange (CSCE) elected former first vice chairman Gerald Clancy to a two-year term as chairman of the board of managers, replacing previous chairman Howard Katz. Katz, chairman since 1985, will remain a board member. Clancy currently serves on the Exchange board of managers as chairman of its appeals, executive, pension and political action committees. The CSCE also elected Charles Nastro, executive vice president of Shearson Lehman Bros, as first vice chairman. Anthony Maccia, vice president of Woodhouse, Drake and Carey, was named second vice chairman, and Clifford Evans, president of Demico Futures, was elected treasurer.

Financial Reports

MOST EC STATES SAID TO BE AGAINST OILS/FATS TAX

A majority of European Community (EC) member states are either against or have strong reservations over a tax on both imported and domestically-produced oils and fats proposed by the European Commission, senior diplomats said. They said a special committee of agricultural experts from EC member states had voiced strong objections over the measure during a meeting charged with preparing the ground for the annual EC farm price-fixing which begins next Monday. They added that only France and Italy had indicated they would support the Commission proposal which would lead to a tax initially of 330 Ecus per tonne during the 1987/88 price round.

Other

GOULD<GLD> COMPLETES SALE OF FRENCH BATTERY UNIT

Gould Inc said it has completed the sale of its French battery business, Compagnie Francaise D'Electro Chimie, to a group of investors including the unit's employees and <GNB Inc> of Minnesota. Gould did not disclose terms of the deal. Gould said the move is part of its previously announced plan to divest assets unrelated to its computer and electronics businesses.

Other

SHOE TOWN INC <SHU> YEAR ENDED JAN THREE 1987

Shr 51 cts vs 75 cts Net 5,524,000 vs 8,094,000 Revs 142.4 mln vs 137.2 mln NOTE: 1986 and 1985 year net includes loss 785,000 dlrs or eight cts a share and 59,000 dlrs or one ct a share, respectively, for discontinued operations. 1985 year ended December 28, 1985.

Financial Reports

FIRST WISCONSIN <FWB> TO BUY MINNESOTA BANK

First Wisconsin Corp said it plans to acquire Shelard Bancshares Inc for about 25 mln dlrs in cash, its first acquisition of a Minnesota-based bank. First Wisconsin said Shelard is the holding company for two banks with total assets of 168 mln dlrs. First Wisconsin, which had assets at yearend of 7.1 billion dlrs, said the Shelard purchase price is about 12 times the 1986 earnings of the bank. It said the two Shelard banks have a total of five offices in the Minneapolis-St. Paul area.

Financial Reports

AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET

Period ended Feb 28 Shr profit five cts vs profit four cts Net profit 191,000 vs profit 108,000 Sales 6,561,000 vs 5,896,000 Nine mths Shr loss 28 cts vs loss 40 cts Net loss 871,000 vs loss 990,000 Sales 9,310,000 vs 8,894,000 Avg shrs 3,086,386 vs 2,465,996 NOTE: Full name is American Nursery Products Inc

Financial Reports

NATIONAL FSI INC <NFSI> 4TH QTR LOSS

Shr loss six cts vs profit 19 cts Net loss 166,000 vs profit 580,000 Revs 3,772,000 vs 5,545,000 Year Shr loss 13 cts vs profit 52 cts Net loss 391,000 vs profit 1,425,000 Revs 15.4 mln vs 16.6 mln NOTE: 1985 year figures pro forma for purchase accounting adjustments resulting from March 1985 reeacquisition of company by its original shareholders before August 1985 initial public offering.

Other

DISCUS CORP <DISC> 4TH QTR LOSS

Shr loss six cts vs loss seven cts Net loss 125,000 vs loss 140,000 Rev 2.4 mln vs 2.2 mln Year Shr loss 13 cts vs loss 14 cts Net loss 271,000 vs loss 211,000 Rev 10.1 mln vs 8.2 mln

Market and Economy

ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL

ENTERTAINMENT PUBLICATIONS SEES 31 CTS/SHR 3RD QTR LOSS ON UNITS DISPOSAL

Financial Reports

PAY 'N PAK STORES INC <PNP> 4TH QTR FEB 28 NET

Shr 11 cts vs 13 cts Net 1,129,000 vs 1,301,000 Revs 83.2 mln vs 74.5 mln Year Shr 57 cts vs 82 cts Net 5,686,000 vs 8,168,000 Revs 398.4 mln vs 333.8 mln

Financial Reports

(CORRECTED) - MOBIL <MOB> TO UPGRADE REFINERY UNIT

Mobil Corp said it will spend over 30 mln dlrs to upgrade a gasoline-producing unit at its Beaumont, Texas, refinery. It said the unit is a catalytic reformer, which converts low-octane components of gasoline into high-octane components for use in Super Unleaded gasoline. The company said the modernization will allow the unit to regenerate catalysts on a continuous basis without shutdown. Currently, it must be shut twice a year. The unit produces 46,000 barrels of gasoline components a day. Construction will start late this year, with completion set for mid-1989. (Correcting unit's output to barrels/day from barrels/year)

Financial Reports

AMERICAN NURSERY PRODUCTS <ANSY> 3RD QTR NET

Qtr ends Feb 28 Shr profit five cts vs profit four cts Net profit 191,000 vs profit 108,000 Revs 6,561,000 vs 5,896,000 Avg shrs 3.6 mln vs 2.5 mln Nine mths Shr loss 28 cts vs loss 40 cts Net loss 871,000 vs loss 990,000 Revs 9,310,000 vs 8,894,000 Avg shrs 3.1 mln vs 2.5 mln NOTE: Full name American Nursery Products Inc.

Financial Reports

VOLVO 1986 RESULT OFF SLIGHTLY FROM 1985

AB Volvo <VOLV.ST> said the weakening dollar caused the drop in its 1986 profits, but company chief executive Pehr Gyllenhammar said 1986 was one of Volvo's best years ever. In its final report released earlier, the company said the group's 1986 profits before allocations and taxes was 7.53 billion crowns compared with 1985's 7.60 billion. Despite the fall, Gyllenhammar said, "Sales of industrial products have never been higher, and Volvo Cars and Volvo Trucks were both completely sold out at year-end. Operating income was slightly higher than a year earlier." He said the company's financial strength gave it exceptional opportunities to invest for the future. Although industrial sales were up, the company's yearend report said total sales were 84.09 billion crowns against 1985's 86.19 billion.

Financial Reports

<MERIDIAN ENERGY>, CASTONE END LETTER OF INTENT

<Meridian Energy Inc> and Castone Development Corp, a privately-held company, jointly announced that they have decided to terminate the letter of intent under which Meridian would have acquired Castone.

Commodities and Trade

REPORT EXPECTS SHARP DROP IN WORLD IRON IMPORTS

World seaborne iron ore imports will fall sharply by the year 2000 with declining imports to the EC and Japan only partially offset by increased demand from South East Asia, a report by Ocean Shipping Consultants said. The report predicts annual world seaborne iron ore imports of 267.7 mln tonnes by 2000 versus 312.4 mln tonnes in 1985. It estimates that total bulk shipping demand from the iron ore sector will fall by almost 10 pct, or 200 billion tonne miles, with shipping demand associated with the coking trade down about 17 pct or 130 billion tonne miles. The report sees EC imports falling to 91.7 mln tonnes in 2000 from 123.6 mln in 1985 with Japanese imports falling to 89 mln from 124.6 mln tonnes. Imports to South East Asia are seen rising to 58.6 mln from 32.6 mln tonnes in 1985. It predicts that EC steel production will fall to 109 mln tonnes in 2000 from 135.7 mln in 1985 with Japanese production falling to 92 mln from 105.3 mln. South Korea and Taiwan are expected to double their output to 40 mln tonnes with Chinese production increasing by 25 mln tonnes to 80 mln, it added.

Corporate News

GOLDFIELD CORP <GV> 4TH QTR NET LOSS

Shr loss four cts vs loss five cts Net loss 527,065 vs loss 1,204,080 Revs 622,470 vs 613,205 Year Shr profit four cts vs loss 13 cts Net profit 1,099,778 vs loss 3,282,478 Revs 7,579,547 vs 6,068,254 NOTE: 1985 excludes loss from discontinued operations of four cts per share in the quarter and loss 10 cts in the year. 1986 year excludes extraordinary gain of two cts a share.

Corporate News

BRITISH, FRENCH MINISTERS DISCUSS PUBLIC SPENDING

French Finance Minister Edouard Balladur discussed the need to control public spending in talks here today with British Chancellor of the Exchequer Nigel Lawson, a Treasury spokesman said. The spokesman said the ministers reviewed their economies, and public spending, domestic and European Community-wide. He declined to comment on whether the subject of concerted action to shore up the dollar had arisen. The U.S. Currency dipped sharply earlier this week after a month of relative stability after an agreement by six major industrialised nations in Paris on February 22 to stabilise their currencies.

Commodities and Trade

FED'S HELLER URGES BROAD REFORM TO AID BANKING

Federal Reserve Board Governor Robert Heller said the banking system could be strengthened by permitting formation of financial services holding companies involved in areas like banking, insurance, real estate and securities. In a speech prepared for delivery in New York to the Bank and Financial Analysts' Association, Heller said, "I believe that increased diversification along geographic and product lines is the key to strengthening the American banking system." He said he supported the idea of financial services holding companies advocated by the Association of Bank Holding Companies in which regulation of various bank, thrift, insurance, investment, securities and real estate subsidiaries would be handled on functional lines. "Limits would be placed on the extension of credit by the bank to the associated institutions, and all transactions would have to be on an arms-length basis," Heller said. Measures would be necessary to avoid abuse of the banks' special position by such holding companies or subsidiaries. Heller said he "would require the holding company to serve as a 'source of strength' to the bank by making a commitment to maintain the bank's capital. "In other words, the bank would not be allowed to fail as long as the holding company has a positive net worth." Heller also said commercial enterprises should be permitted to own a financial services holding company, again with the provision that capital would flow to the financial enterprise if necessary. Heller said the effects of these actions "would be banks that are at least as strong as the corporations holding them" in which customer deposits were assured while any incentive to "loot the bank" was removed. Such diversification would give access to national and international financial services to corporations across the United States. Heller said that would mean "the steady decline of America's banks in the world financial league tables would be arrested" by permitting them to become more competitive.

Market and Economy

FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT

FEDERATED DEPARTMENT STORES INC UPS QTLY DIV BY 10.5 PCT, SETS 2-FOR-1 STOCK SPLIT

Other

GOULD <GLD> SELLS FRENCH BATTERY UNIT

Gould Inc said it sold its French Battery unit, Cie Francaise d'Electro Chimie, to a group of investors including the unit's employees and <GNB Inc> of Minnesota. Terms of the sale were not disclosed. The unit had 1986 sales of 65 mln dlrs.

Industrial and Sector News

ADVANCED GENETIC SCIENCES <AGSI> YEAR LOSS

Shr loss 30 cts vs loss 73 cts Net loss 3,895,267 vs loss 8,250,222 Revs 3,237,235 vs 234,745 Note: 4th qtr data not available

Financial Reports

FEDERATED DEPARTMENT <FDS> RAISES QTLY DIVIDEND

Federated Department Stores Inc said it raised its quarterly common stock dividend to 74 cts a share, from 67 cts, an increase of 10.5 pct. The company said it also approved a two-for-one stock split in the form of a 100 pct stock dividend. At the same time, Federated said it will ask shareholders to approve an increase in the number of authorized shares to 400 mln, from 200 mln. Federated said the dividend is payable on a pre-split basis on April 24 to shareholders of record April 10. New shares from the stock split will be distributed May 11, it said.

Financial Reports

DANZAR INVESTMENT <DNZR> SETS SPECIAL DIVIDEND

Danzar Investment Group Inc said it received 60 mln shares of <Commonwealth Capital Ltd> in settlement of a debt and that it will distribute the shares to its stockholders as a dividend. Danzar said the dividend will also include 18,750,000 Commonwealth shares it already holds. The dividend of 39.9 shares per Danzar share held will be paid to shareholders of record April 15, the company said.

Financial Reports

FIDELITY <FNF> UNIT ACQUIRES CALIFORNIA CONCERN

Fidelity National Financial Inc said its Fidelity National Title Insurance Co subsidiary acquired the operations of Safeco Title Insurance Co in the northern California counties of Alameda, Contra Costa and San Mateo. Terms of the acquisition were not disclosed.

Commodities and Trade

HOME SAVINGS BANK <HMSB> SETS INITIAL DIVIDEND

Qtly div nine cts Pay April 30 Record April six

Market and Economy

FINAL 1986 CROP U.S. COTTON GINNINGS

Final 1986 crop U.S. cotton ginnings totaled 9,438,425 running bales, vs 12,987,834 bales at the end of the 1985 season and 12,544,866 bales at end-1984 season, the U.S. Census Bureau said. The bureau said upland cotton ginnings from the final 1986 crop totaled 9,237,296 bales, vs 12,837,088 bales in 1985 and 12,418,749 bales in 1984. American Pima ginnings from the final 1986 crop totaled 201,129 bales, vs 150,746 bales in the 1985 crop and 126,117 bales in 1984, the bureau said.

Industrial and Sector News

AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS

AMERICAN BRANDS SEES RECORD FIRST QUARTER RESULTS

Financial Reports

BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER

BP MANAGING DIRECTOR SAYS COMPANY DOES NOT PLAN TO HIKE 70 DLRS STANDARD OFFER

Financial Reports

SECURITY <SPC>, USERS, END MERGER TALKS

Security Pacific Corp and <Users Inc>, a credit union data processing concern, said they have mutually agreed to withdraw from further merger negotiations. Users said that since it signed a letter of intent to merge with Security in November, it has received a strong show of support for continuing the credit union ownership of the company with credit unions committing themselves to purchase additional Users common. Users also said it is in the strongest financial position in its 24-year history.

Financial Reports

ENTERTAINMENT PUBLICATIONS <EPUB> SEES LOSS

Entertainment Publications Inc said it expects an after-tax loss of 31 cts a share in its third quarter from the disposal of three units it closed. The company said its board approved a plan to discontinue the operations of three subsidiaries, which are primarily involved in direct mail marketing. "The discontinued units were not likely to meet the growth and profit goals of the company in the future," Entertainment Publications said. The three units lost 900,000 dlrs, or 19 cts a share in the six months ended December 31.

Corporate News

CHRIS-CRAFT INDUSTRIES INC <CCN> REGULAR PAYOUT

Chris-Craft Industies Inc said it declared a regular two pct stock dividend on both its common stock and class B common stock, which is equal the two pct stock dividends the company paid for the prior quarter. The dividends are payable on April 20 to shareholders of record April six.

Other

<PRECAMBRIAN SHIELD RESOURCES LTD> YEAR LOSS

Shr loss 1.93 dlrs vs profit 16 cts Net loss 53,412,000 vs profit 4,479,000 Revs 24.8 mln vs 32.7 mln Note: 1986 shr and net include 51,187,000 dlr writedown on U.S. operations, uneconomic coal operations and other mineral properties

Financial Reports

DENNISON MANUFACTURING <DSN> TO SELL PAPER UNIT

Dennison Manufacturing Co said it has signed a letter of intent to sell its Dunn Paper Co subsidiary to James River Corp <JR> for an undisclosed amount of cash, resulting in a first quarter charge against earnings. The company saiud the loss on the sale may be partly reduced by contingent payments over the next five years and will in the first quarter be more than offset by the gain from the previously-announced sale of its Hygeia Sciences Inc shares. Dunn had sales last year of about 65 mln dlrs. In Richmond, Va., James River said closing is expected by the end of April, subject to approval by both boards and on the reaching of satisfactory labor agreements.

Financial Reports

PILLSBURY <PSY> FILES FOR SECOND BURGER KING MLP

The Pillsbury Co said it filed a registration statement with the Securities and Exchange Commission for the sale of limited partnership interests in a second master limited partnership of its Burger King unit's restaurant properties. Pillsbury said it expects the offering to yield 73-82 mln dlrs, resulting in an after-tax gain of 20-23 mln dlrs. A spokesman for Pillsbury said the company is aiming to get this after-tax gain in the fourth fiscal quarter ending in May. Pillsbury said the sale will occur as soon as practicable, considering the business and legal contigencies. The company said Burger King and another Pillsbury unit, QSV Properties, will be the master limited partnership's general partner. Pillsbury said it expects the interests to be sold to public investors and listed for trading on the New York Stock Exchange. Merrill Lynch will lead the underwriting, Pillsbury said. Pillsbury first sold limited partnership interests in Burger King Investors L.P. in February 1986.

Commodities and Trade

OLD REPUBLIC INT'L CORP <OLDR> HIKES DIVIDEND

Qtly div 20 cts vs 19-1/2 cts prior Pay June 20 Record June 5

Market and Economy

FED'S HELLER SAYS DOLLAR'S CURRENT LEVEL IS APPROPRIATE

FED'S HELLER SAYS DOLLAR'S CURRENT LEVEL IS APPROPRIATE

Market and Economy

CARSON PIRIE SCOTT AND CO <CRN> SETS DIVIDEND

Qtly div 17-1/2 cts vs 17-1/2 cts prior Pay June 5 Record May 22

Market and Economy

BP <BP> DOES NOT PLAN TO HIKE STANDARD <SRD> BID

British Petroleum Co Plc does not intend to raise the price of its planned 70 dlr per share offer for the publicly held 45 pct of Standard Oil Co, BP Managing Director David Simon said. "We don't seen this as any progressive bidding game," he told reporters at a news conference. BP now owns 55 pct of Standard's stock. Simon said BP had carefully considered the amount of its planned bid and he quoted an oil analyst, whom he would not identify, as saying BP's careful evaluation means the company is not going to raise its offer. "I think that (an increase) would be totally wrong. I think the price is very fair and it is much to early to speculate about ligigation," he said. "Let's wait and see how the offer runs." Another official declined to speculate under what circumstances BP might raise its bid. The BP official said the 70 dlrs a share offer is 7.2 times Standard's 1986 cash flow and 56 pct above an independent evaluation of the company's assets, including the value of its oil, natural gas liquids and natural gas reserves. He said the price Royal Dutch/Shell Group <RD> <SC> paid for publicly held Shell Oil Co shares in 1985 was 5.1 times cash flow. The BP official also said the 70 dlr bid is a 40 pct premium over Standard's stock price over the past year. BP Group Treasurer Rodney Chase said more than half to as much as two-third's of the 7.4 billion dlrs BP needs for its offer will come from existing sources. The rest will be financed by new debt. BP will draw in cash from its operating companies around the world and is also arranging a five billion dlr line of credit, he explained. The company's debt to equity ratio will rise 11 or 12 percentage points from the current 33 pct if the offer is completed, Chase said. But the ratio will be back below 40 pct within 12 months, he added. Chase also said 50 to 60 pct of Standard Oil's publicly held shares are held by financial institutions. Simon said Standard's board was informed of the offer on March nine and has been considering it since that time. He said BP does not expect any regulatory problems that would delay completion of the acquisition. "We have informed Washington of our intentions and we've already been an integral part of ownership of U.S. oil reserves," he pointed out. Simon said there is a good chance that current world oil prices of about 18 dlrs a barrel could be maintained, and that the more stable market is due mostly to changes in policy in Saudi Arabia and other OPEC members to control oil production. "We think there are signals that current conditions are more favorable than they have been for sometime," Simon said. "We have hopes for greater stability, but we do not see prices going much higher," he added.

Market and Economy

MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS

MONEY MARKET MUTUAL FUNDS FALL 1.19 BILLION DLRS IN LATEST WEEK, ICI SAYS

Market and Economy

U.K. MONEY MARKET GIVEN FURTHER 437 MLN STG HELP

The Bank of England said it had provided the money market with a further 437 mln stg assistance in the afternoon session. This brings the Bank's total help so far today to 461 mln stg and compares with its revised shortage forecast of 450 mln stg. The central bank made purchases of bank bills outright comprising 120 mln stg in band one at 10-7/8 pct and 315 mln stg in band two at 10-13/16 pct. In addition, it also bought two mln stg of treasury bills in band two at 10-13/16 pct.

Financial Reports

BP<BP> OFFER RAISES EXPECTATIONS FOR OIL VALUES

British Petroleum Plc's plan to pay 7.4 billion dlrs for less than half of Standard Oil Co has signalled higher values in the U.S. oil patch, analysts said. "I think that BP's bid is a very strong affirmation and clear signal that they have confidence in the U.S., and they think the barrel of oil in the ground is going to go higher," said Sanford Margoshes of Shearson Lehman Brothers Inc. BP earlier today said its U.S. unit planned to tender at 70 dlrs per share for the 45 pct of Standard it does not already own. "It's a 7.4 billion dlr price that (shows) OPEC has won the war and oil prices are not going to crack," said Prescott, Ball and Turben analyst Bruce Lazier. "Behind that is a huge implication for the rest of the energy issues out there in the stock market, particularly those that are acquisition targets," Lazier said. One of those mentioned by Lazier was USX Corp, an energy-steel concern which had been courted by investor Carl Icahn and drew the attention of Australian Robert Holmes a Court last year. Rumors continue to swirl around its stock. Margoshes said he does not foresee major U.S. oil firms falling into takeover situations for several years, with the exception of possibly Amerada Hess Corp <AHC>. He said most of the majors found partners in the last round of matchmaking which ended two years ago, and others restructured to the point that they have become unattractive. U.S. oil stocks rallied in response to the offer. Exxon Corp <XON> rose 1-1/8 to 88-1/2. Chevron Corp <CHV> jumped 1-1/8 to 58-7/8, and Texaco <TX> climbed 1/4 to 37-3/4. Unocal Corp <UCL> rose 1-3/4, while Occidental Petroleum Corp <OXY> climbed 1-1/8 to 34-3/4. Amoco Corp <AN> rose 1-3/8 to 83-3/4. Standard Oil's stock was up 6-1/4 in heavy trading to 71-1/8. Earlier in the session it had been at a high of 72-1/4. Wall Street has speculated British Petroleum may boost its offer by several dlrs per share, but the company maintained it would not raise the 70 dlr bid. British Petroleum stock rose 2-1/4 to 59-5/8. Analysts said the fact British Petroleum made such a bid in the first place indicates that the British oil giant has changed its outlook for the oil industry. Analysts said last year British Petroleum held one of the more bearish positions on oil prices. "They said the real price of oil would stay at 15 dlrs (a barrel) for several years, and I think they beat a hasty retreat from that point of view," Margoshes said. "They are more appropriately today looking more optimistically. I believe they are looking at 18 dlrs (long-term)...also in their heart of hearts they believe that will be exceeded," Margoshes said. The U.S. benchmark crude West Texas Intermediate was trading today around 18.60 dlrs per barrel. Analysts said British Petroleum might have been able to buy up the rest of Standard Oil for about 50 dlrs per share when oil prices were falling last year. They said Standard Oil's brightest asset is its slightly more than 50 pct ownership of the Alaskan Prudhoe Bay oil field. Analysts also said the company has other interests in the Alaskan North Slope. Analysts said the Standard investment is extremely attractive to BP because the U.S. is the largest oil market and has hard-to-replace reserves. "I think it just fits in with their long-range plans to increase their position in the U.S. market," Dean Witter analyst Eugene Nowak said. Analysts said it also raises BP's visibility ahead of the British government's announced disposal of 31.7 pct of BP stock. The U.K. government said it would dispose of the holding sometime in the year beginning April one. After acquiring all of Standard, most of BP's reserves would be in the U.S., but only about six pct of its stock is held in the U.S. "The only way they can sell all that stock is to move it into the United States. No other market can handle all that stock," said L.F. rothschild analyst Rosario Ilacqua. In 1986, Standard Oil had net losses of 345 mln dlrs on revenues of 10.02 billion dlrs, compared to a profit the year earlier of 308 mln dlrs on revenues of 13.82 billion dlrs.

Financial Reports

FED'S HELLER SAYS DOLLAR'S LEVEL IS APPROPRIATE

Federal Reserve Board governor Robert Heller said that the dollar's current level is appropriate but declined to comment on widespread market reports of concerted central bank intervention this week. "The dollar is stable again... The current level is the appropriate level," Heller told reporters after a speech to a meeting of financial services analysts. He said last month's six-nation currency accord in Paris did not include target ranges for the dollar in an "academic way." Heller also said that it was too early to determine whether the parties to the six-nation accord were taking appropriate steps to carry out the longer-term economic adjustments agreed to in Paris. "Clearly, they've not been implemented yet... No one expects implementation within a week or two," he said. Earlier today, U.S. Treasury assistant secretary told a Senate banking subcommittee that he did not believe that West Germany and Japan have yet carried out their international responsibilities.

Financial Reports

FALCON CABLE SYSTEMS <FAL> 4TH QTR LOSS

Shr loss 3.49 dlrs vs loss 15 cts Net loss 10.8 mln vs loss 459,000 Revs 4,384,000 vs 2,542,000 Year Shr loss 4.41 dlrs vs loss seven cts Net loss 13.7 mln vs loss 218,000 Revs 13.9 mln vs 8,864,000 Note: net losses included extraordinary losses of 4,904,000 in 4th qtr vs 232,000 year ago and extraordinary losses for year of 2,056,000 vs 460,000 a year ago.

Financial Reports

HOME SAVINGS BANK <HMSB> SETS INITIAL QUARTERLY

Home Savings Bank said its board declared an initial quarterly dividend of nine cts per share, payable April 30, record April Six.

Financial Reports

LOUISIANA-PACIFIC <LPX> TO SELL SAWMILL

Louisiana-Pacific Corp said it plans to sell its sawmill in Lakeview, Oregon and 18,000 acres of timberland to Ostrander Construction Co. The company said the transaciton shoould be finalized in early April. Terms were not disclosed.

Financial Reports

SUBURBAN BANCORP <SUBBA> MERGER APPROVED

Suburban Bancorp Inc said it received approval from the Federal Reserve Board to acquire <Valley National Bank of Aurora> for an undisclosed price. Suburban said it has received shareholder tenders for 100 pct of Valley National's stock.

Market and Economy

UNIVERSAL HOLDING CORP <UHCO> 4TH QTR LOSS

Shr profit nil vs profit nine cts Net profit 2,000 vs profit 195,000 Revs 2,623,000 vs 2,577,000 Year Shr loss 21 cts vs profit 13 cts Net loss 425,000 vs profit 278,000 Revs 15.4 mln vs 8,637,000 Note: Net includes capital gains of 63,000 vs 211,000 for qtr and 304,000 vs 292,000 for year. Current year net includes charge of 716,000 from contract obligation to former chairman.

Financial Reports

GREASE MONKEY HOLDING CORP <GMHC> YEAR NOV 30

Shr nil vs nil Net 130,998 vs 30,732 Revs 1,568,941 vs 1,0053,234

Market and Economy

FREEDOM FEDERAL <FRFE> TO RECOGNIZE GAIN

Freedom Federal Savings Bank said it will recognize in its first-quarter earnings a previously deferred 1.5 mln dlr gain which resulted from the sale of an apartment complex in 1983. It said the recognition comes as a result of repayment of a loan which was granted when the complex was sold.

Market and Economy

PARIS G-6 MEET SET NO TARGETS - LEIGH-PEMBERTON

Bank of England Governor Robin Leigh-Pemberton said the Paris pact agreed between six leading industrialised nations set no nominal exchange rate targets. Leigh-Pemberton said in oral evidence to a select committee that "we did not swap numbers - we reached an understanding" on how to cooperate towards stabilizing currencies at around their current levels. He said the accord had brought Britain into a form of joint currency float - but one which let it still purse an independent monetary policy. "I would concede that, since the Louvre Accord, we are acting as if we are in something," Leigh-Pemberton said. "The Louvre and Plaza accords show there is a very effective role for the (Group of) seven central banks to operate together" towards stabilising exchange rates," Leigh-Pemberton said. He did not mention this week's intervention by central banks to support the dollar, after markets decided to test the accord. Leigh-Pemberton said that "the effectiveness of this (cooperation) is actually larger than many of us had thought in the pre-Plaza days" before September 1985. He did not indicate what exchange rate levels were broadly sought by the six nations, and noted that "we are more effective in our agreement if we can leave the markets guessing." He did not indicate what exchange rate levels were broadly sought by the six nations, and noted that "we are more effective in our agreement if we can leave the markets guessing." Leigh-Pemberton said that, in principle, the Bank of England favoured full EMS membership for sterling, provided such a move did not endanger U.K. Anti-inflation monetary policy. Asked whether he wanted to see U.K. Interest rates lower, he said "the two half point cuts (this month in banks' base lending rates) have been appropriate up until now." Leigh-Pemberton said he preferred a "cautious step-by-step approach" to reducing short term interest rates, not least because "we have a potential problem with inflation." Underlying U.K. Inflation was currently around 4.0 pct, "one of the highest" among industrialised nations, he added. Leigh-Pemberton said the Bank of England had not wanted base rates to fall before the unveiling of the 1987/88 budget on March 17, but he said pressure from financial markets for such a move had proved irresistible. Base rates are now at 10 pct. Regarding sterling's relationship with oil, Leigh-Pemberton said that the pound could be seen being undervalued overall. He said the current oil price of some 18 dlrs a barrel might suggest a level of 74 on the Bank of England's sterling index, when compared with the index's level before oil prices dropped from around the 30 dlr level. The index, base 1975, closed here today at 72.1, unchanged from the previous close.

Corporate News

COMMERCE CLEARING HOUSE INC <CCLR> HIKES DIV

Qtly div 32 cts vs 30 cts prior Pay April 29 Record April 10

Commodities and Trade

QUANTECH ELECTRONICS CORP <QANT> 3RD QTR DEC 31

Shr loss 28 cts vs loss six cts Net loss 561,029 vs loss 114,712 Revs 3,464,269 vs 4,083,833 Nine mths Shr loss 56 cts vs loss 13 cts Net loss 1,104,472 vs loss 261,791 Revs 10.5 mln vs 11.6 mln NOTE: Prior year net includes losses from discontinued operations of 99,209 dlrs in quarter and 202,097 dlrs in nine mths.

Financial Reports

QUANTECH <QANT> NEEDS ADDITIONAL FUNDS

Quantech Electronics Corp said it is investigating available means of raising additional funds needed to finance continuing operations, but there is no assurance that it will succeed. The company said it continues to experience negative cash flow. Today it reported a loss for the third quarter ended December 31 of 561,029 dlrs, compared with a 114,712 dlr loss a year before. Quantech said it has received waivers from Marine Midland Banks Inc <MM> through May 26 on covenants in its loan agreement. The company said Marine Midland has agreed to advance it an additional working capital loan that will be personally guaranteed by chairman Henry Ginsburg. Loans from Marine Midland are secured by substantially all company assets. Quantech also said Bernard Weinblatt has rsigned as president and a director, and until a replacement is found, Ginsberg will act as chief executive and Leonard N. Hecht, formerly chief executive, will act as chief operating officer.

Market and Economy

PDA ENGINEERING <PDAS> HALTS SOFTWARE SHIPMENTS

PDA Engineering said it has temporarily deferred shipmetns of its PATRAN software for IBM computers, due to a technical problem with the program. The company said the deferral will reduce its thrid quarter revenues and earnings. PDA said it anticipates resuming shipments in the fourth quarter.

Market and Economy

P AND F INDUSTRIES INC <PFINA> 4TH QTR NET

Oper shr 16 cts vs 29 cts Oper net 453,924 vs 726,816 Revs 12.0 mln vs 11.2 mln Avg shrs 2,695,206 vs 2,562,160 Year Oper shr 50 cts vs 50 cts Oper net 1,365,655 vs 1,268,847 Revs 40.1 mln vs 33.1 mln Avg shrs 2,695,206 vs 2,562,160 NOTE: Net excludes tax credits of 571,000 dlrs vs 496,000 dlrs in quarter and 1,347,000 dlrs vs 1,107,000 dlrs in year. Share adjusted for one-for-five reverse split in October 1986.

Market and Economy

FAIR LANES <FAIR> SHAREHOLDERS APPROVE MERGER

Fair Lanes Inc said its shareholders approved the previously announced merger with Maricorp Inc, a unit of <Northern Pacific Corp>. Under terms of the merger, Fair Lanes said each of its shares of common stock will be converted into the right to receive 1.3043 shares of <BTR Realty Inc>, which is owned by Fair Lines.

Market and Economy

ALLIED RESEARCH ASSOCIATES INC <ARAI> YEAR NET

Shr 63 cts vs 64 cts Net 2,463,214 vs 2,509,832 Sales 34.4 mln vs 30.6 mln NOTE: Backlog as of February 28 47.4 mln dlrs vs 34.9 mln dlrs a year before.

Market and Economy

26-FEB-1987

26-FEB-1987

Other

ACCEPTANCE INSURANCE HOLDINGS INC <ACPT> YEAR

Oper shr profit 1.80 dlrs vs loss 2.28 dlrs Oper net profit 2,048,0000 vs loss 1,318,000 Revs 25.4 mln vs 12.3 mln Avg shrs 1,135,000 vs 576,000 NOTE: Net excludes realized investment gains of 40,000 dlrs vs 13,000 dlrs. 1986 net excludes 729,000 dlr tax credit.

Commodities and Trade

CARDENAS SEES NO MAJOR DECISIONS AT ICO MEETING

Jorge Cardenas, manager of Colombia's coffee growers' federation, said he did not believe any important decisions would emerge from an upcoming meeting of the International Coffee Organization (ICO). The ICO executive board is set to meet in London from March 31 and could decide to call a special council session by the end of April to discuss export quotas. "It's going to be a routine meeting, an update of what has been happening in the market, but it's unlikely any major decisions are taken," Cardenas told journalists. Earlier this month, talks in London to re-introduce export quotas, suspended in February 1986, ended in failure. Colombian finance minister Cesar Gaviria, also talking to reporters at the end of the weekly National Coffee Committee meeting, said the positions of Brazil and of the United States were too far apart to allow a prompt agreement on quotas. Brazil's coffee chief Jorio Dauster said yesterday Brazil would not change its coffee policies. Cardenas said the market situation was getting clearer because the trade knew the projected output and stockpile levels of producers. He said according to ICO statistics there was a shortfall of nine mln (60-kg) bags on the world market between October, the start of the coffee year, and February.

Commodities and Trade

CB AND T <CBTB> TO MAKE ACQUISITION

CB and T Bancshares Inc said the board of Carrolton State Bank of Carrolton, Ga., has approved a merger into CB and T for an undisclosed amount of stock, subject to approval by regulatory agencies and Carrolton shareholders. Carrolton has 26 mln dlrs in assets.

Financial Reports

AMERICAN BRANDS <AMB> SEES HIGHER 1ST QTR NET

American Brands Inc said it expects first quarter net earnings to exceed the record 118.7 mln dlrs or 1.05 dlrs a share it earned for the year-ago quarter. The company also said it believes sales in the first quarter will surpass record sales of 2.1 billion dlrs last year. The company said unit sales of American Tobacco's Lucky Strike Filter line rose 20 pct last year, which led to a gain for he Lucky franchise. American Brands said it will introduce a new low-priced brand of cigarettes called Malibu. The company's U.K.-based Gallaher Ltd unit had a strong performance in 1986 and became the second-largest contributor to operating earnings, American Brands said.

Market and Economy

USX <X> SAYS TALKS ENDED WITH BRITISH PETROLEUM

USX Corp chairman David Roderick said the company had ended talks with British Petroleum Co Plc <BP> about the possible sale of some energy assets and said USX has no immediate restructuring plans for its oil businesses. "We have terminated our discussions," Roderick told Reuters after a speech to the Petroleum Equipment Suppliers Association here. He said USX was not conducting talks with any other possible buyer of its energy assets. Earlier today, BP said it planned to offer 70 dlrs per share for the Standard Oil Co's <SRD> publicly held stock. USX said in December the company had held formal discussions with BP about the potential sale of some of its overseas oil assets and USX had received expressions of interest from a half dozen other oil companies. Roderick, in response to a question, said USX had no immediate plans to restructure its Marathon Oil Co, or Texas Oil and Gas Corp. He said USX also did not plan to sell any of its 49 pct interest in the giant Yates Field in west Texas. "We want to maintain our production in the Yates Field during these difficult times," Roderick added. In response to a question, Roderick also said he did not know whether Australian investor Robert Holmes a Court was accumulating USX stock. In recent days, traders have suggested Holmes a Court was buying additional shares. Roderick said Carl Ichan, who terminated an eight billion dlr hostile takeover plan for USX in January, continued to hold a sizable interest in the company. "Mr. Ichan still apparently has 11.4 pct. He hasn't bought any more stock or sold any," Roderick said. "He's a very satisfied shareholder right now. I talk with him monthly." In his speech, Roderick predicted the fall in the value of the dollar would set the stage for the U.S. to solve its trade deficit problem which totaled 170 billion dlrs in 1986. "I expect by the early 1990s the U.S. will be running a net trade surplus," Roderick said. "I think the worst is over and we can look forward to stability and upward movement ahead." However, the USX chairman warned that European trading partners may resist the turn in the U.S. trade deficit. "Some economic discomfort must be transferred from the United States to our friends, trading partners and allies."

Corporate News

NY TRADERS SAY SOVIETS MADE LARGE SUGAR PURCHASE

The Soviet Union bought almost 90,000 tonnes of raw sugar from international trade houses last night, with some of the sugar changing hands at discounts to the spot May world sugar contract, according to trade sources. They said Japanese trade houses sold up to three cargoes of Thai sugar for relatively nearby delivery. British and European-based trade houses sold the remaining six cargoes for shipment between April/May/July, they said. Traders said this week's sharp fall in world sugar prices helped to provoke the Soviet Union into covering nearby needs. Yesterday, spot May sugar closed at 7.18 cents a pound.

Market and Economy

MARTIN LAWRENCE LIMITED EDITIONS <MLLE> YEAR NET

Shr 20 cts vs six cts Net 861,000 vs 266,000 Revs 10.2 mln vs 6,036,000 Note: 4th qtr data not given.

Financial Reports

COMMONWEALTH ENERGY SYSTEM <CES> DIVIDEND

Qtly div 68 cts vs 68 cts in prior qtr Payable May one Record April 14

Other

MINSTAR INC <MNST> 4TH QTR NET

Oper shr loss 31 cts vs loss 30 cts Oper net loss 5,429,000 vs loss 5,216,000 Revs 257.5 mln vs 243.6 mln Avg shrs 17.5 mln vs 13.5 mln Year Oper shr loss eight cts vs profit 28 cts Oper net loss 1,324,000 vs profit 4,067,000 Revs 989.5 mln vs 747.9 mln Avg shrs 17.6 mln vs 15.7 mln NOTE: 1986 operating net loss excludes income from discontinued operations equal to 11 cts in the quarter and 66 cts in the year compared with 1.07 dlrs in the quarter and 1.23 dlrs in the respective periods of 1985. 1986 operating net loss also excludes extraordinary charges of 14 cts in the quarter and 54 cts in the year. 1985 operating net profit excludes an extraordinary gain of 47 cts.

Financial Reports

TRANSWORLD TRUST <TWT> SETS INITIAL PAY DATE

Transworld Liquidating Trust said it will distribute proceeds from the sale of Hilton International Co to UAL Inc <UAL> to its holders on April 8. The deal is expected to close March 31, the day trading ceases in the Liquidating Trust shares. UAL will pay 632.5 mln dlrs cash, 2,564,000 shares of UAL common stock and 200 mln dlrs worth of UAL debentures to Transworld, but it may substitute cash for the securities. The initial distribution will include all the cash, stock and debentures received in connection with the sale, the company said. The shares in the Trust formerly represented shares of Transworld Corp common stock. The company said the balance of cash in the Trust will be used to satisfy all liabilities and obligations of the Trust. After satisfaction of the payments, the company will make a second distribution around April 29, it said.

Commodities and Trade

ELECTRO-SENSORS INC <ELSE> VOTES EXTRA PAYOUT

Electro-Sensors Inc said its board voted an extraordinary cash dividend on its common stock of 10 cts a share payable May 15, record April 30. The company paid an extraordinary dividend of 10 cts in May 1986.

Corporate News

U.S. HOME <UH> SEES BEST FIRST QTR SINCE 1983

U.S. Home Corp said its first quarter ending March 31, 1987, will be its most profitable first quarter since 1983. The company said in 1983, it recorded a profit of 8,600,000 dlrs for its first quarter. The three following first quarters resulted in losses of 3,200,000 dlrs, 3,500,000 dlrs and 1,800,000 dlrs, respectively, the company said. U.S. Home declined to put a specific figure on what its net earnings would be for the coming first quarter, but said it would definitely record a profit. In other news, U.S. Home said its shareholders approved an amendment to its company's certificate of incorporation relating to the liability of the company's directors.

Financial Reports

ROCKEFELLER CENTER PROPERTIES <RCP> UPS PAYOUT

Rockefeller Center Properties Inc said it raised its quarterly dividend to 45 cts from 44 cts a share. The dividend is payable April 27 to shareholders of record April 7.

Commodities and Trade

SANDUSTRY PLASTICS INC <SPI> 4TH QTR NET

Shr seven cts vs 26 cts Net 200,000 vs 450,000 Revs 7,291,000 vs 1,177,000 12 mths Shr 37 cts vs 77 cts Net 801,000 vs 1,329,000 Revs 26 mln vs 28.6 mln NOTE: 1985 year includes extraordinary gain of 10 cts per share.

Corporate News

CHINA SWITCHES U.S. WHEAT TO 1987/88 FROM 86/87

China has switched purchases of U.S. wheat totaling 60,000 tonnes from the 1986/87 season, which began June 1, to 1987/88 season delivery, the U.S. Agriculture Department said. The department said outstanding wheat sales to China for the current season amount to 90,000 tonnes and sales for delivery in the 1987/88 season amount to 910,000 tonnes. Total corn commitments for the 1986/87 season total 1,015,800 tonnes, the department said.

Financial Reports

COCOA CHAIRMAN WORKS TOWARDS BUFFER COMPROMISE

International Cocoa Organization's, ICCO, council chairman Denis Bra Kanon continued work towards a compromise plan on how the ICCO buffer stock should buy cocoa, consumer delegates said. Consumer delegates said Bra Kanon had not formally presented the compromise plan to producers and consumers, and it was unlikely he would do so before Friday, they said. There was widespread confidence a result on the outstanding items could be reached by Friday, when the council session is due to end, consumers said. Bra Kanon completed bilateral consultations with several delegations today on the main sticking points in the draft buffer stock rules package, they said. Certain delegations wanted further discussion on the amount of non-member cocoa the buffer stock will be permitted to buy, differentials for different origin cocoas and limits on buffer stock purchases of nearby, and forward material, the delegates said. The buffer stock working group finalized the remaining buffer stock rules, with only minor modifications to the original draft buffer stock package produced last week, the delegates said. The ICCO council is due to elect a new executive director when it reconvenes Friday, producer delegates said. Producers intend to present a single candidate for the post, and this is most likely to be Edouard Kouame from Ivory Coast, they said. Earlier, the existing executive director, Kobena Erbynn from Ghana, was expected to re-nominated, but he is now likely to withdraw, the delegates said. The executive committee is due to meet Friday at 1100 GMT, with the council unlikely to reconvene until late Friday, consumers said.

Financial Reports

FRANCE WILL FIGHT EC FARM PROPOSALS - MINISTER

French Agricultural Minister Francois Guillaume warned that France would flatly reject proposed reforms of the European Community, EC, cereals, sugar and oilseeds sectors, which he said would disrupt these markets. The EC Commission's proposals to shorten the intervention period and lower monthly premiums for cereals and increase the financial burden on the sugar producers will also result in lower real prices for producers, he told farmers here. "I give you my word that France, while it will not reject technical adjustments or serious discussion, will simply reply in the negative to these bad reforms," Guillaume told the annual conference of the country's major farm union, FNSEA (Federation Nationale des Syndicats Dexploitants Agricoles). Community agricultural ministers are due to meet again Monday to try and agree a package of reforms to curb spiralling EC output and fix farm prices for 1987/88. Relations between the government and farmers have become strained in France in recent months. There have been sporadic but frequent demonstrations by farmers protesting over sharp falls in meat and pork prices and further cutbacks in Community milk output. But Guillaume's warning that he would reject reorganisation of the EC cereal and sugar markets -- France being a major producer of both crops -- won him warm applause from the FNSEA's farmers. His pledge to fight the EC proposals and push for the complete dismantling of the system of cross border taxes designed to smooth out currency differences known as Monetary Compensatory Amounts, MCA's, however, are unlikely to avoid further protests by producers. Farm leader Raymond Lacombe said the union planned to go ahead with a series of major protests both in France and abroad against the EC Commission's proposals to overhaul the farm sector. "The Minister's proposals back up our determination to organise union action in the coming weeks," he told reporters, adding that this could also act in Guillaume's favour on a ministerial level. Guillaume was head of the FNSEA for many years before being appointed farm minister last spring. Lacombe refused to say whether the farmers felt that Guillaume was doing a good job as farm minister. There have been certain advances on cutting production costs, reducing fiscal costs and awarding drought aid, but there are still areas where more could be done such as on farmers' indebtedness, he said. Guillaume told the conference the government will make available 2.4 billion francs (396 mln dlrs) to help producers reduce milk output and to encourage older farmers to retire. The government has already announced financial aid for the milk sector and it was not clear how much of the package announced today was new aid, Lacombe said.

Market and Economy

FIRST FINANCIAL <FFMC> BUYS CONFIDATA

First Financial Management Corp said it acquired Confidata Corp, a unit of <North Ridge Bank>, paying 500,000 dlrs in cash and pledging a guarantee on a 500,000 dlr Confidata note held by North Ridge. First Financial, which provides data processing services to community banks and other financial institutions, said the acquisition will expand its customer base.

Market and Economy

COMBUSTION ENGINEERING <CSP> UNIT IN BUYOUT

Combustion Engineering Inc said its C-E Environmental Systems and Services Inc unit agreed in principle to acquire <E.C. Jordan and Co>, a privately held firm based in Portland, Me. Terms of the acquisition were mot disclosed. Combustion Engineering said C-E Environmental, which provides environmental sciences and management services, had 1986 sales of about 24 mln dlrs.

Corporate News

<MARK RESOURCES INC> YEAR LOSS

Shr not given Loss 54.9 mln Revs 27.2 mln Note: Prior year results not given. 1986 results include accounts of 89 pct owned <Precambrian Shield Resources Ltd>, acquired November 5, 1986

Corporate News

PEPCO <POM> TWO MTHS FEB 28 NET

Shr 49 cts vs 57 cts Net 25.1 mln vs 28.9 mln Revs 202.8 mln vs 220.9 mln 12 mths Shr 4.05 dlrs vs 3.66 dlrs Net 223.9 mln vs 186.4 mln Revs 1.35 billion vs 1.34 billion NOTE: Full name Potomac Electric Power Co 1987 year includes extraordinary gain of 21.7 mln, or 46 cts per share, for the June 1986 sale of the company's Virginia service territory to Virginia Power.

Commodities and Trade

ITALIAN 1986 GDP UP 2.7 PCT, UNEMPLOYMENT RISES

Extracts from a report by Italy's Budget Ministry on the country's economic development in 1986 showed gross domestic product (GDP) 2.7 pct higher in real terms than in 1985 but a rise in unemployment. GDP calculated at 1980 prices rose to 434,682 billion lire last year from 423,064 billion in 1985. On a current prices basis, GDP was up 11 pct, totalling 894,362 billion lire in 1986 against 805,754 billion in 1985. But growth was insufficient to prevent a rise in unemployment to 11.1 pct last year from 10.3 pct in 1985, the ministry said. The report said falling oil prices and the depreciation of the dollar during 1986 had favoured oil-importing countries such as Italy. These factors helped Italy cut inflation to an average 6.3 pct in 1986, down from 9.3 pct in 1985. They also helped a major improvement in the trade balance. On the basis of data recently recalculated by the national statistics institute Istat, Italy had a trade deficit in 1986 of 3,722 billion lire, the report said. This slightly revises a previous deficit figure of 3,717 billion issued by Istat and compares with a negative balance of 23,085 billion for 1985.

Financial Reports

26-MAR-1987

26-MAR-1987

Financial Reports

FERRUZZI PARIS UNIT SEEN ABSORBING CPC PURCHASE

Sources close to Italy's <Gruppo Ferruzzi> said <European Sugar (France)>, a French company owned by Ferruzzi, would take over control of <CPC Industrial Division>, the corn wet milling business acquired by the Italian group earlier this week from CPC International Inc <CPC>. The sources told Reuters that European Sugar, owned by Ferruzzi subsidiary Eridania Zuccherifici Nazionali SpA <ERDI.MI>, planned to seek a listing on the Paris bourse and make a share offering there. CPC International announced Tuesday it had agreed in principle to sell its European corn wet millng business to Ferruzzi. The deal is worth 630 mln dlrs.

Financial Reports

DECISION INDUSTRIES <DIC> SEES 1ST QTR LOSS

Decision Industries Corp said it expects to report an operating loss of 19-24 cts a share for the first quarter ending March 31 mainly due to lower profit margins and higher sales and marketing costs. In the 1st quarter of last year, when the company's quarter ended Feb 28, 1986, it earned 957,000 dlrs or 10 cts a share on revenues of 45 mln dlrs. Decision also said it entered into an agreement to sell its International Computerized Telemarketing Inc subsidiary to an investor group headed by the unit's senior management. Terms were not disclosed. Decision also said it consolidated its Decision Development Corp subsidiary into Decision Data Computer Corp, the unit which designs, manufactures and sells its System/3X peripheral products. It said this restructuring will adversely affect its first quarter earnings, but it said it expects to realize a "significant savings" in operating expenses through the remainder of the year.

Financial Reports

LOMAK <LOMK>, STRATA <STRATA> IN MERGER PACT

Lomak Petroleum Inc and Strata Corp, based in Columbus, Ohio, jointly said they entered into a merger agreement for Strata to become a wholly owned subsidiary of Lomak. Under the merger's terms, Strata shareholders will receive 5.7 cts per share of Strata common and warrants to buy about .06 shares of Lomak common at 37.5 cts per share on or before December 31, 1990, for each Strata common share. The merger is subject to approval by the companies' boards and shareholders and agreement of certain Strata creditors, among other things, said the companies.

Financial Reports

TRANSFORM LOGIC <TOOG> REVISES RESULTS DOWNWARD

Transform Logic Corp said it has revised downward its previously reported fourth quarter and year, ended October 31, results to reflect compensation expense for employee stock options. The company said resolution of this disagreement with its auditors came as a result of Securities and Exchange Commission involvement. The company will amend its option-granting procedure to conform to the SEC decision which will eliminate future charges, it added. Transform said its fourth quarter profit was revised to 305,082 dlrs, or two cts a share, from the previously reported 580,955 dlrs, which left the company with a fiscal 1986 loss of 249,814 dlrs, or two cts a share, instead of the reported 26,195 dlrs profit.

Commodities and Trade

CALIFORNIA MICRO <CAMD>, GRUMMAN <GQ> SET PACT

California Micro Devices Corp said it has signed an agreement with Grumman Corp's Tachonics Corp unit to develop and product gallium arsenide seminconductor chips. Under the pact, California Micro Devices will design the chips and Tachonics will manufacture them. Initial products to be developed will be gate arrays with 500 to 2,500 gate complexity and radiation hardening capabilities, the company said.

Financial Reports

N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS

N.Y. BUSINESS LOANS FALL 222 MLN DLRS IN MARCH 18 WEEK, FED SAYS

Financial Reports

U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS

U.S. COMMERCIAL PAPER RISES 35 MLN DLRS IN MARCH 18 WEEK, FED SAYS

Financial Reports

NEW YORK BUSINESS LOANS FALL 222 MLN DLRS

Commercial and industrial loans on the books of the 10 major New York banks, excluding acceptances, fell 222 mln dlrs to 64.05 billion in the week ended March 18, the Federal Reserve Bank of New York said. Including acceptances, loans fell 390 mln dlrs to 64.74 billion. Commercial paper outstanding nationally rose 35 mln dlrs to 339.04 billion. National business loan data are scheduled to be released on Friday.

Financial Reports

N.Y. BANK DISCOUNT BORROWINGS NIL IN WEEK

The eight major New York City banks did not borrow from the Federal Reserve in the week ended Wednesday March 25, a Fed spokesman said. It was the second half of a two-week bank statement period that ended on Wednesday. The banks did not borrow in the first week of the period.

Financial Reports

AMERICANTURE <AAIX> BUYS AMERICAN ADVENTURE

Americanture Inc said it has purchased American Adventure Inc <GOAQC> for cash, the assumption of liabilities and the issuance of American Adventure Inc common and preferred stock to creditors, shareholders and members. The acquisition was pursuant of a Chapter 11 reorganization plan of American Adventure. The company said the transaction involved assets valued at more than 83 mln dlrs.

Corporate News