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

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

The People's Construction Bank of China is launching its first international borrowing by mandating four foreign banks for a 150 mln U.S. Dlr loan, one of the lead managers Banque Indosuez said. The other three lead managers are Bank of Tokyo, Citicorp International Ltd and the Industrial Bank of Japan Ltd. The 10 year loan has a 4-1/2 year grace period. Interest is set at 1/8 percentage point over London interbank offered rate for the first eight years, rising to 1/4 pct for the remaining two years. There is a 3/16 pct management fee and an unspecified, but very small, commitment fee. Syndication of the loan is expected to start soon and it should be signed in Shanghai next month. The Construction Bank, which is one of four specialist banks in China, focuses on infrastructure and heavy industrial projects. The funds raised will partly finance two ethylene factories near Shanghai. Construction of the plants, which are a major item in the current five year plan, will begin soon. The plants will cost more than 300 mln dlrs. The remainder of the funds will come from export credits and domestic borrowings.

Italian insurer La Fondiaria Spa said it expects to report consolidated group profit in 1986 significantly higher than the 60 billion lire reported in 1985. The company said in a statement that parent company net profit last year will rise from the 72 billion lire reported in 1985. Consolidated group premiums totaled 1,700 billion lire in 1986 compared with 1,490 billion the previous year. Iniziativa Meta , the financial services unit of Montedison Spa , controls the largest single stake in Florence-based Fondiaria with 49.9 pct.

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

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

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

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

Shr profit 13 cts vs loss 33 cts Net profit 1,149,000 vs loss 2,833,000 Rev 51.8 mln vs 47.8 mln Year Shr profit 24 cts vs loss 18 cts Net profit 2,050,000 vs loss 1,551,000 Rev 200.6 mln vs 180.1 mln

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

The issue amount of Mafina BV's seven year two pct Swiss franc bond with equity warrants has been set at 250 mln Swiss francs, lead manager Credit Suisse said.

Shr 58 cts vs 29 cts Net 3,141,000 vs 1,440,000 Sales 24.7 mln vs 13.0 mln

Toronto Dominion Bank, Nassau Branch is issuing a 40 mln Australian dlr eurobond due May 15, 1990 paying 14-1/2 pct and priced at 101-3/8 pct, lead manager Hambros Bank Ltd said. The non-callable bond is available in denominations of 1,000 Australian dlrs and will be listed in London. The selling concession is one pct, while management and underwriting combined will pay 1/2 pct. The payment date is May 15.

Helen of Troy Corp said it filed with the Securities and Exchange Commission a registration statement covering a 20 mln dlr issue of covertible subordinated debentures due 2007. Proceeds will be used for general corporate purposes, including possible repayment of bank debt, product development and possible acquisitions, Helen of Troy said. The company named Drexel Burnham Lambert Inc as sole underwriter of the offering.

The coupon on the 75 mln dlr, 15-year, convertible eurobond for Atari Corp has been set at 5-1/4 pct compared with indicated range of five to 5-1/4 pct, lead manager Paine Webber International said. The conversion price was set at 32-5/8 dlrs, representing a premium of 20.38 pct over yesterday's Atari share close of 27 dlrs.

Western Digtial Corp said it has completed the redemption of its 47 mln dlr, 6-3/4 pct convertible subordinated debentures due 2011. The redemption resulted in the issuance of 2,685,142 shares of the company's common stock, Western Digital said.

Shr loss 24 cts vs profit seven cts Net loss 5,952,000 vs profit 2,078,000 Revs 55.9 mln vs 50.6 mln Avg shrs 25.2 mln vs 24.7 mln Nine mths Shr loss 11 cts vs profit 24 cts Net loss 2,673,000 vs profit 6,800,000 Revs 162.6 mln vs 143.9 mln Avg shrs 25.0 mln vs 24.4 mln NOTE: Current year net both periods includes pretax charge seven mln dlrs from increase in reserve for investments in broadcast television entities and tax credits of 1,002,000 dlrs in quarter and 520,000 dlrs in nine mths.

A Treasury official said there are no plans to try to reduce the U.S. budget deficit by issuing yen-denominated bonds that would become known as "Reagan bonds." "It simply isn't something that we are planning to do," the official said. He added the Treasury was aware of Japanese news reports suggesting the Reagan administration might issue such bonds as the former Carter administration did when it sold "Carter bonds" denominated in West German marks. But he said the situation was greatly different now. "If you look at the differences between the treasury market now and in the Carter administration years, it is a much more global market now," the official said. "There was not the same ease then for the holder of another currency to buy other countries' securities," he added, "But there is no difficulty now for them to purchase dollars and buy U.S. securities." The United States needs dollars, not Japanese yen, to pay its debts and reduce the deficit and so has no plans to issue yen-denominated bonds, he emphasized.

The Federal Reserve entered the U.S. Government securities market and offered to buy all maturities of Treasury notes and bonds, a Fed spokesman said. He said this coupon "pass," which adds permanent reserves to the banking system, was for regular delivery tomorrow. Dealers said that Federal funds were trading at 6-7/16 pct when the Fed announced the operation. Economists had been expecting the Fed to do this because of the need to offset seasonal factors expected to drain reserves heavily over the next few weeks. The Fed had previously offered to buy all coupon issues on March 31.

Western Digital Corp said its 47 mln dlrs of 6-3/4 pct convertible debentures due 2011, which had been called for redemption, were converted into 2,685,142 common shares.

Eastman Kodak Co is raising 25 mln dlrs through an offering of notes due 1997, said sole underwriter Morgan Stanley and Co Inc. The notes have a 7-1/2 pct coupon and an initial offering price of 99.625 to yield 7.34 pct, or 20 basis points over five-year Treasury notes. Morgan said the notes will be reoffered to investors at variable prices. Non-callable for life, the issue is rated Aaa by Moody's Investors Service Inc and AA by Standard and Poor's Corp. Investors can sell the notes back to the company in 1992.

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

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

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

Shr 1.37 dlrs vs 1.18 dlrs Net 624 mln vs 537 mln Sales 8.32 billion vs 5.88 billion NOTE: Prior year does not include results of RCA Corp.

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

Qtly div 16-1/2 cts vs 16-1/2 cts Pay April 27 Record April 20

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

Qtly div 20 cts vs 20 cts in prior qtr Payable June 10 Record May 22

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

Standard and Poor's Corp said it is keeping 230 mln dlrs of debt of Caesars World Inc and Caesars World Finance Corp on creditwatch with negative implications. S and P cited Caesars World's proposed recapitalization plan that calls for incurring one billion dlrs of bank and other debt to finance a 25 dlr per share special dividend and the repayment of about 222.5 mln dlrs of existing debt. It said the plan's terms would violate dividend convenants in the rated debt's indentures and likely force refinancing of those issues. Caesars was placed on creditwatch for a possible downgrade March nine following investor Martin Sosnoff's bid. Sosnoff bid 28 dlrs per share, or 725.2 mln dlrs, for the 86.4 pct of Caesars World stock he does not already own, Standard and Poor's noted. The rating agency said an increase in Sosnoff's offer is possible. If successful, the stock bid would markedly raise Caesars World's financial risk and lead to a large drop in net income and cash flow, S and P said. Caesars World currently carries BB senior debt and B-plus subordinated debt. The finance unit's subordinated debt, which is guaranteed by the parent, is rated B-plus.

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

The state-owned People's Construction Bank of China is making its first foreign borrowing, 300 mln dlrs to finance a large ethylene plant in Shanghai, the People's Daily said. The newspaper's overseas edition said the plant will produce 300,000 tonnes of ethylene a year. It said the bank last year started foreign exchange services for the first time on an experimental basis in Shenzhen, Zhuhai and Xiamen, but it gave no more details.

and its associate companies said that they had sold 30 mln ordinary shares in the British Printing and Communication Corp Plc and 10.5 mln in together with other securities. No total price was given but the company said the proceeds of the sales would be used to fund Pergamon's expansion programme and worldwide acquisition stategy. The company said that following these sales Pergamon's ordinary shareholdings in both BPCC and Hollis remained above 51 pct. It said it had no intention of further reducing its holdings in either company.

Year 1986 Net profit 635.5 mln guilders vs 603.4 mln. Revenues 17.35 billion guilders vs 17.27 billion. Net profit per nominal 2.50 guilder share 5.79 guilders vs 5.67, corrected for capital increase. (1985 uncorrected figure 5.73). Dividend 2.50 guilders vs 2.38, corrected. (2.40 uncorrected.) Note - Full name is Nationale Nederlanden NV

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

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

The European Investment Bank (EIB) is issuing a 40 billion yen eurobond due May 6, 1994 paying 4-5/8 pct and priced at 101-1/2, lead Nomura International Ltd said. The non-callable bond is available in denominations of one mln yen and will be listed in Luxembourg. The selling concession is 1-1/8 pct while management and underwriting combined pays 1/2 pct. The payment date is May 6. There is a mandatory purchase fund operating in years one and two, except for the first month after the payment date, whereby the EIB can purchase up to five pct of the issue each year if it is trading below par.

The Bank of Japan bought a modest amount of dollars at around 145.10 yen just after the market here opened, dealers said. Just before the opening, the dollar dropped swiftly as speculators concluded the Group of Seven (G-7) comminuique issued in Washington contained nothing basically new, they said. It fell about a half yen, to around 145. The G-7 reaffirmed that their currencies around current levels reflect economic fundamentals. One dealer said the Bank of Japan probably intervened in Australia before the opening here, but could not confirm this.

The yen is likely to start another uneven rise against the dollar and other major currencies because the Group of Seven communique contained nothing new, currency and bond analysts here said. "Is that it? I was expecting something more than that," said one trader at a major Wall Street securities company. Marc Cohen of Republic National Bank of New York said: "The market now has the impetus to drive the dollar lower again." The dollar hovered between 145.50 and 147 yen in the days just before the talks. Dealers restrained their underlying bearishness and squared positions ahead of Wednesday's meeting of the finance ministers and central bankers of the top seven industrialized nations in Washington. After more than four hours of talks, the G-7 issued a communique which merely reaffirmed the recent Paris agreement's view that prevailing currency levels were broadly consistent with economic fundamentals and that exchange rate stability should be fostered around these levels. The dollar sank to 144.75 yen in early Tokyo trading. "They said that the dollar/yen rate was broadly in line with fundamentals when it was 154. Now they are saying it's in line when it's at 146. Will this still be so at 138 or 130?," asked Republic's Cohen. Japanese Finance Minister Kiichi Miyazawa fuelled speculation about the amount of fluctuation the authorities are prepared to tolerate by saying that the current yen level is still inside the range agreed on in Paris in late February. Official statements in recent weeks had indicated that the key psychological level of 150 yen was at the lower end of the authorities' permissible range. Dealers and analysts warned that the dollar's decline would probably be uneven. They anticipated a concerted effort to prop up the dollar and restrain the yen via a mixture of open market intervention and public comments. Shortly after the Tokyo market opened today the Bank of Japan was detected by local dealers buying moderate amounts of dollars. The dollar rebounded to about 145.20 yen. The sources said the market may also be wary of agressively selling dollars for yen before Tuesday's February U.S. Trade data. The figures are expected to show a deficit of 13 billion dlrs, from a provisional 14.8 billion in January.

Galaxy Oil Co said its common stock and nine pct convertible subordinated debentures due 1994 are being delisted from the because the company no longer meets listing criteria. Galaxy filed Chapter 11 bankruptcy on April Six. The company said trading in both issues will be suspended by the Amex at the close on May One but is expected to start elsewhere on May Four.

Shr profit nil vs profit nil Net profit 27,622 vs profit 5,556 Sales 1,031,306 vs 840,906 Nine mths Shr loss one ct vs loss two cts Net loss 195,095 vs loss 445,379 Sales 2,702,085 vs 2,219,961

Burlington Industries Inc is raising 75 mln dlrs through an offering of convertible subordinated debentures due 2012 with a 6-1/4 pct coupon and par pricing, said lead manager Kidder, Peabody and Co Inc. The debentures are convertible into the company's common stock at 63.50 dlrs per share, representing a premium of 18.1 pct over the stock price when terms on the debt were set. Non-callable for three years, the issue is rated Ba-2 by Moody's Investors Service Inc and BBB by Standard and Poor's Corp. Merrill Lynch Capital Markets and Salomon Brothers Inc co-managed the deal.

Shr 52 cts vs 40 cts Qtly div 18 cts vs 15 cts prior Net 793,740 vs 603,661 NOTE: Share adjusted for 10 pct stock dividend in November 1986. Dividend pay May One, record April 25.

Mercantile Stores Co Inc said sales for the five weeks ended April four were up 0.5 pct to 184.7 mln dlrs from 183.7 mln dlrs a year earlier, with same-store sales off 1.7 pct. Mercantile said sales for the first nine weeks of its fiscal year were up 2.9 pct to 297.9 mln dlrs from 289.6 mln dlrs a year before, with same-store sales up 0.5 pct to 288.6 mln dlrs from 287.3 mln dlrs.

Texas International Co said it has retired 2,700,000 dlrs of its 10 pct third delayed convertible snior subordinated notes of 1993 Series A and B. As a result, it said it has eliminated the scheduled May 1987 conversions of 1,300,000 dlrs of Series A notes and 1,400,000 dlrs of Series B notes.

Qtr ends March 31 Shr one dlr vs 76 cts Net 11.9 mln vs 8,929,000 Six mths Shr 1.92 dlrs vs 1.43 dlrs Net 22.8 mln vs 16.8 mln NOTE: full name of bank is washington federal savings and loan association.

Wang Laboratories said it signed an agreement with giving Wang the right to market the Desk Top Financial Planning System for Wang's Office Information Systems (OIS) product line. Wang said the Desk Top Financial Planning System for its OIS comes in two basic packages -- the Advanced Planning System, priced at 2,995 dlrs, and the Budget Reporting System, priced at 1,995 dlrs. Both are avialable on eight inch and 5-1/4 inch diskettes, Wang said.

THE FOLLOWING RAINFALL WAS RECORDED IN THE 24 HOURS UP TO (1200) GMT TODAY PARANA STATE: CASCAVEL NIL, PONTA GROSSA NIL,CAMPO MOURAO NIL, LONDRINA NIL, MARINGA NIL. RIO GRANDO DO SUL STATE: PASSO FUNDO NIL, SANTA MARIA 7.0 MILLIMETRES, CRUZ ALTA 8.5 MM, SAO LUIZ GONZAGA 4.4 MM.

The Bundesbank sees no current reason to change monetary course, vice-president Helmut Schlesinger told Reuters in a telephone interview. Schlesinger was responding to questions following remarks yesterday by Bundesbank board member Claus Koehler and West Berlin state central bank president Dieter Hiss, which, dealers said, revived some speculation that German interest rate cuts may once again be under discussion. Schlesinger said he had no comment on the remarks of his two central bank council colleagues. But he added that the last central bank council meeting on April 2 had discussed the economic situation with a mood of "subdued optimism," particularly influenced by the news brought by several state central bank presidents. "Much is going better than the impression gained by the public from the January figures, which have been in the meantime superseded," he said. German January industrial output fell 3.0 pct after a decline of 0.9 pct in December. New industry orders fell 1.9 pct after they had been unchanged in December. Bank economists said that the two together showed the economy would either stagnate or contract in the first quarter of 1987. Aside from the economic developments, Schlesinger added, a steady monetary course was important to hold the dollar/mark rate around current levels as Bundesbank president Karl Otto Poehl had said while attending the Washington World Bank/IMF meeting. Asked, however, if the Bundesbank could move to cut rates on repurchase agreements at the setting of the next repurchase tender, due next Tuesday, Schlesinger said, "Since the central bank council gives its opinion on this theme only every 14 days, this is hardly probable." Responding to the question whether the Bundesbank had moved away from a policy of targetting monetary growth toward one of targetting currency rates, Schlesinger said he could have no comment on the subject while negotiations were still in progress in Washington.

THE FOLLOWING RAINFALL WAS RECORDED IN THE AREAS OVER THE PAST 24 HOURS PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL, MARINGA NIL. SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL, FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL. MINAS GERAIS STATE: GUAXUPE NIL, TRES PONTAS NIL.

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

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

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

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

(The Canam Manac Group Inc) said its Canam Steel Works unit received a contract valued at 8.5 mln dlrs to supply steel trusses to (Canron Inc) for a new car plant in Ingersoll, Ontario. Canam Manac said it will produce the trusses at its Quebec and Ontario plants and delivery will be completed by August.

K Mart Corp said it was opening branch offices of in 21 of its stores in Florida. The company said this brings to 57 the number of bank branch, which are part of the Nationwide Network, an alliance of 40 independent locally managed financial institutions, locations in Florida.

Oper shr 1.08 dlrs vs 96 cts Oper shr diluted 1.02 dlrs vs 89 cts Oper net 16.1 mln vs 12.8 mln Avg shrs 14.9 mln vs 13.4 mln Avg shrs 16.1 mln vs 14.8 mln NOTE: 1987 net excludes gain 4,820,000 dlrs from cumulative effect of change in calculating depreciation expense.

Shr 3.33 dlrs vs 3.39 dlrs Net 37,069,000 vs 36,902,000 Avg shrs 10.95 mln vs 10.05 mln

The value of colombian exports other than coffee rose 55 pct in january compared with the same period last year, apparently setting a trend for the trade balance in 1987, government statistics institute figures show. They amounted to 180.8 mln dlrs fob compared with 147.5 mln dlrs for coffee, a drop of 42 pct from last year. The trade balance registered a 35 mln dlr surplus, compared with a 56 mln dlr surplus in january 1986. The national planning department forecast that in 1987 coffee, colombia's traditional major export, will account for only one-third of total exports, or about 1.5 billion dlrs.

Antwerp/Libya 5,500 mt bagged flour 14 daps 24-27/4. New Orleans/Guanta 9,387 mt bulk hss 3,000/13 days 25-4/5-5. Naantali/Saudi Red Sea 30,000/35,000 mt barley 4,000/3,000 20-30/4 or early May. Dunkirk/Xingang 12,000 mt bagged flour 1,500/1,700 13-20/4. Toledo/Seaforth 17,000 mt hss offers 18.50 dlrs four days/8,000 13-15/4. River Plate/Malaysia 20,000/22,000 long tons hss 2,000/2,000 Apr.

Shr loss five cts vs profit 10 cts Net loss 381,391 vs profit 736,974 Revs 6,161,391 vs 9,241,882 NOTE: Canadian dollars. Proved oil reserves at year-end 3.3 mln barrels, up 39 pct from a year earlier, and natural gas reserves 4.7 billion cubic feet, off nine pct.

Colombian exports other than coffee rose 55 pct in January compared with the same period last year, figures from the government statistics institute show. Non-coffee exports amounted to 180.8 mln dlrs fob compared with 147.5 mln dlrs for coffee, a drop of 42 pct from last year. The trade balance registered a 35 mln dlr surplus, compared with a 56 mln dlr surplus in January 1986. The national planning department forecast that in 1987 coffee, Colombia's traditional major export, will account for only one third of total exports, or about 1.5 billion dlrs.

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

Eurodollar bonds closed as much as a full point lower as the dollar fell to a post-war low against the yen and interest rates on U.S. Treasuries rose almost to eight pct. The dollar fell to 144.30 yen and recovered only slightly after foreign exchange traders in New York said the Federal Reserve intervened to buy dollars for yen. But despite the dollar's woes, Japan Development Bank, wholly owned by the Japanese government, raised 150 mln dlrs in a seven-year eurobond carrying an eight pct coupon. Lead manager for the issue, Bank of Tokyo, said the deal, at the time of pricing, was to yield 60 basis points over comparable maturity Treasuries. However, by the close of trading, that spread had narrowed to 55 and continued to slide in aftermarket activity. Dealers noted that the spread to Treasuries is wide for a newly-priced AAA-rated borrower like Japan Development Bank. For example, earlier this week, the World Bank raised U.S. Dlrs at only 25 basis points over Treasuries. Dealers said that because the borrower comes to market fairly infrequently -- the last time was about nine months ago, the spread appears wide. But officials at Bank of Tokyo said the spread is intended to compensate for the lack of liquidity and for the uncertainty currently associated with owning dollar securities. The officials said the borrower opted to raise funds in dollars, despite the currency's weakness, because it is the only market deep enough to accommodate an issue of that size. Japan Development Bank is not allowed to raise euroyen. Market sources said the deal is likely to be swapped into yen as the borrowers previous issues were. Late in the day, the deal was trading just inside its fees at less 1.75 less 1.55. Also issued today was a 40 mln dlr five-year offering from Toshiba International Finance (Netherlands) carrying a 7-3/8 pct coupon and priced at 101-1/2. Three equity linked dollar denominated deals were offered, the largest of which was a 200 mln dlr offering by Sekisui Chemical Co and guaranteed by Sanwa Bank Ltd. The issue has equity warrants attached and late in the day it was quoted on brokers' screens at 106-1/2, bid only. The Australian dollar market continued active, with Canadian Imperial Bank of Commerce offering a bond of 125 mln five-year with a zero coupon priced at 54. Late in the day, the deal was quoted at less 1-1/4 bid. A similar deal yesterday by Toronto Dominion, priced slightly higher at 54.37 pct for an effective yield of 13.52 pct, was quoted slightly lower at less 1.37 less 1.25 pct. Dealers said that investors are apparently willing to accept zero-coupon bonds yielding 50 to 100 basis points less than annual-pay bonds because their are tax benefits for retail buyers. Also, the bonds are more volatile and if interest rates fall in Australia as many analysts expect, the potential for capital gains is greater with a zero-coupon. The bonds are also better for those who expect the australian dlr to appreciate. Dealers said that the Australia dlr zero coupon bonds are apparently being placed with retail accounts on the European continent with very little placement being done in Japan. Euroyen issues sank slightly in line with prices on domestic Japanese bond markets but recovered in late trade as the yen soared. After the markets closed, the dollar fell to 144 yen. The European Investment Bank (EIB) issued a 40 mln euroyen issue paying 4-5/8 pct over seven years. This is the second seven-year yen issue in two days -- a sector of the yield curve in Japan that dealers feel has not yet become overpriced.

Gillette Canada Inc is issuing a 70 mln stg bond due October 30, 1993 carrying a coupon of 9-5/8 pct and priced at 101-1/2, Morgan Stanley Ltd said as lead manager. The issue is guaranteed by Gillette Co and is available in denominations of 1,000 and 5,000 stg. Payment date is April 30 and there is a long first coupon. The issue will be listed in Luxembourg. There is a selling concession of 1-1/4 pct and a combined management and underwriting fee of 5/8 pct.

Swiss franc notes issued after May 1 must be provided with a prospectus, virtually erasing the difference in information requirements between notes and public bonds, according to a convention drafted by the Bankers' Federation. The convention requires that lead managers draw up a prospectus naming all syndicate members and providing certain details about the borrower. In contrast to public issues, though, the prospectus must merely be made available to clients on request via all syndicate banks rather than published and distributed in printed form. The convention, which was approved by banks earlier this month, replaces an earlier convention dating from 1984 and deals with what had been widely seen as an increasingly anachronistic distinction between notes and public issues. Its publication follows a long debate among bankers on the amount of information that should be provided by borrowers, heightened by difficulties with Swiss franc issues here on recent occasions . It applies to all notes in units of at least 50,000 Swiss francs, the usual denomination, which are placed directly with customers by the syndicate and not quoted on the bourse. Anything smaller than 50,000 francs will be governed by the unchanged, more demanding rules that apply to public issues. Bankers contacted by Reuters said they did not envisage that the new requirement would present them with problems or push up fees. Many banks said that they had for some time been providing more than the legal minimum of information. Traditionally, notes or private placements, as they were also known, were medium term instruments denominated in 50,000 francs and placed largely with institutional investors. They were normally not brought onto the open market and never quoted on the stock exchange. But over the years the distinction between notes and the publicly quoted and traded bonds gradually broke down. The National Bank therefore last May abolished all remaining restrictions on maturities and denominations which still formally divided them. However, it was not in the competence of the National Bank to rule on prospectuses and banks have since continued largely as before: public issues, generally quoted on stock exchanges, have been provided with detailed prospectuses, while notes, virtually always not-quoted, have been equipped only with "information memorandums" with varying degrees of detail. The new convention attempts to put an end to this. It says each notes prospectus must contain the following seven points: - The precise terms of the issue - Details of the company performance if it is more than six months since the last annual report - Naming of all guarantors - The source of the information - Details of ratings, insofar as they have been made - For equity linked notes, details of where the company's shares are listed and price high and lows over at least the last three years. - That the lead manager has required the borrower to provide information during the lifetime of the notes on the progress of his business. According to figures from Swiss Bank Corp, total note issues by foreign borrowers reached 18.6 billion Swiss francs last year, compared with 23.6 billion francs borrowed in the form of public bonds. A majority of the note issues were for Japanese borrowers.

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

Egypt has cancelled its April 2 tender for 200,000 tonnes of any origin wheat for April 15-30 shipment, trade and Egyptian official sources said. Trade sources said the cancellation followed an offer by an Egyptian company, Islamic Corp, at 85.80 dlrs/tonne cost and freight, undercutting other traders' offers of between 93.90 and 94.49 dlrs/tonne. An Egyptian trade official in Paris confirmed cancellation of the tender following the Islamic Corp offer, which he said the government had refused for legal reasons. The official denied trade reports that the government might have substituted a private deal with Islamic Corp for the original tender.

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

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

The U.S. Agriculture Department gave projected carryover free stocks of feedgrains, corn and wheat under loans, with comparisons, as follows, in mln bushels, except feedgrains, which is in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Under Regular Nine Month Loan -- WHEAT 225 300 678 678 FEEDGRAINS 52.1 68.1 75.7 75.7 CORN 1,800 2,400 2,589 2,589 Special Producer Storage Loan Program -- WHEAT 165 150 163 163 FEEDGRAINS 7.0 6.7 5.3 5.3 CORN 200 200 147 147

VLSI Technology Inc said it plans to file a registration statement with the Securities and Exchange Commission in mid-April covering a proposed underwritten public offering of 50 mln dlrs principal amount of convertible subordinated debentures. The company said it plans to use proceeds from the offering to fund growth and for capital expenditures associated with increasing manufacturing capacity.

Shr 41 cts vs 35 cts Net 2,362,000 vs 1,613,000 Avg shrs 5,567,300 vs 4,070,700

Hawaiian Electric Industries said it has entered a letter of intent to buy the Hawaiian Insurance Companies. The transaction is subject to a definitive agreement, and government and board approvals. The Hawaiian Insurance Companies ad assets at the end of 1986 of 137.4 mln dlrs and earned premiums of 46.1 mln dlrs. Hawaiian Electric said it plans to operate the comapny, which has 226 employees, with current management.

Semi-annual div seven cts vs six cts prior Pay June One Record May One .

The U.S. Agriculture Department made the following 1986/87 projections in its world Supply/Demand report, with comparisons, in mln tonnes, except where noted -- Total World Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Produc 1,682.31 1,686.11 1,663.69 1,663.70 Total Supply 2,025.71 2,028.45 1,919.18 1,920.13 Trade-X 212.15 211.89 204.42 203.92 Usage 1,635.01 1,630.40 1,575.78 1,577.79 End Stks 390.70 398.05 343.40 342.34 X-Based on export estimate. All Wheat 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stks 137.05 136.48 125.54 125.87 Production 529.20 528.40 498.97 498.81 Imports 97.57 98.27 94.56 94.36 Feed Use 101.79 100.82 90.19 90.56 Total Domes 517.26 514.89 487.45 488.20 Exports 101.08 101.20 95.92 95.76 End Stocks 148.99 149.99 137.05 136.48 Note - World imports/exports may not balance due to differing marketing years, grains in transit and reporting discrepancies. Coarse Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 181.64 181.10 107.80 108.40 Production 835.21 838.82 844.60 844.84 Imports 95.66 93.77 95.70 95.18 Feed Use 514.07 510.20 510.20 510.80 Total Domes 796.33 793.64 770.76 772.14 Exports 98.97 98.47 96.02 95.76 End Stocks 220.52 226.28 181.64 181.10 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Corn (Mln Tonnes) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 123.08 123.11 61.09 61.75 Production 477.26 480.29 481.86 481.92 Imports 61.03 58.59 62.12 62.08 Feed Use 295.49 289.47 286.53 287.42 Ttl Domes 444.78 439.80 419.88 420.55 Exports 62.80 62.10 62.53 62.15 End Stocks 155.56 163.61 123.08 123.11 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Soybeans 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 23.03 22.84 17.59 17.58 Production 99.98 99.43 96.74 96.53 Imports 26.21 26.27 27.08 27.08 Crushings 79.69 79.33 76.16 76.15 Ttl Domes 97.53 96.40 92.36 92.34 Exports 26.45 26.43 26.02 26.01 End Stocks 25.23 25.71 23.03 22.84 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Soybean Meal 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 2.55 2.47 2.79 2.74 Production 62.71 62.40 60.09 60.09 Imports 23.47 23.49 23.48 23.47 Consumption 62.69 62.49 61.06 61.10 Exports 23.51 23.39 22.76 22.74 End Stocks 2.52 2.47 2.55 2.47 Note - Imports and exports may not balance due to differing marketing years and time lags between reported exports and imports. Soybean Oil 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.61 1.51 1.37 1.36 Production 14.20 14.13 13.65 13.66 Imports 3.31 3.29 3.08 3.05 Consumption 14.02 14.03 13.33 13.40 Exports 3.33 3.35 3.15 3.16 End Stocks 1.78 1.54 1.61 1.51 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Cotton (Mln Bales) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 45.87 48.14 42.70 43.11 Production 69.53 69.66 78.94 78.92 Imports 23.07 23.07 21.49 21.45 Mill Use 80.72 77.08 76.84 74.79 Exports 23.37 23.50 20.25 20.28 End Stocks 34.16 39.99 45.87 48.14 Note - Imports and exports may not balance due to cotton in transit and reporting discrepancies in some countries. Rice (Milled Basis) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 24.71 24.75 22.16 22.16 Production 317.90 318.90 320.12 320.05 Imports 10.56 10.63 11.68 11.70 Dom. Use 321.41 321.87 317.58 317.46 Exports 12.11 12.22 12.49 12.39 End Stocks 21.19 21.78 24.71 24.75

Winn Enterprises' Knudsen Foods Inc said it entered an agreement to sell its Hawaiian dairy operations to Foremost Foods Inc for 13 mln dlrs cash. The company said the purchase price is subject to adjustment and the entire transaction is subject to approval by the U.S. Bankruptcy Court for the Central District of California.

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

Newhall Investment Properties said it declared a special distribution of 50 cts per share, payable June one, to unitholders of record April 24.

There were 287,700 tonnes of U.S. corn shipped to the Soviet Union in the week ended April 2, according to the U.S. Agriculture Department's latest Export Sales report. That compares with 106,200 tonnes shipped in the prior week. There were no wheat or soybean shipments during the week. The USSR has purchased 2,825,600 tonnes of U.S. corn, as of April 2, for delivery in the fourth year of the U.S.-USSR grain agreement. Total shipments in the third year of the U.S.-USSR grains agreement, which ended September 30, amounted to 152,600 tonnes of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of soybeans.

Shr 67 cts vs 62 cts Net 9,160,000 vs 7,722,000 Assets 4.5 billion vs four billion Note: Shr and net data are before accounting change announced in 1986, which added 30 cts a share to year-ago 1st qtr results.

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

The World Bank said it approved a 25 mln dlr structural adjustment loan for Mauritius to aid that country's industrial sector. The Bank said the 17-year loan will support policy reforms designed to help increase the efficiency of the country's manufacturing sector, develop export enterprises and encourage efficient use of resources. It added, "The increased availability of foreign exchange for imports is expected to help the expansion of industrial output and exports."

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

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

The Electrolytic Refining and Smelting Co of Australia Pty Ltd said it lowered its ex-works Port Kembla Refinery Copper Price by 20 dlrs to 2,160 dlrs a tonne, effective today.

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

China's largest sulphur-iron mine has started trial production at Yunfu in the southern province of Guangdong, the China Daily said. It said the mine has an annual output capacity of three mln tonnes of sulphur-iron ore, which can be used without processing because of its high quality.

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

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

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

Kyushu Electric Power Co Inc will issue a seven-year 20 billion Euroyen bond on April 22, a company spokesman said. The straight bond, to be priced at 101.625, will carry a 4.75 pct coupon to yield 4.445 pct. Lead manager is Nomura International Inc. Issue cost including fees will be 4.8 pct, or 0.9 percentage point below the March issue rates for Japanese electric power company bonds. These are normally between the rates on 10-year government bonds and private corporate bonds.

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

Shr 21 cts vs eight cts Net 6,597,000 vs 2,602,000 Revs 56.4 mln vs 23.2 mln 1st half Shr 57 cts vs 32 cts Net 17.6 mln vs 9,810,000 Revs 137.7 mln vs 76.0 mln

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

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

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

Chicago Mercantile Exchange floor traders and commission house representatives are guesstimating today's hog slaughter at about 280,000 to 300,000 head versus 294,000 week ago and 303,000 a year ago. Cattle slaughter is guesstimated at about 120,000 to 126,000 head versus 120,000 week ago and 124,000 a year ago.

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

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

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

Shr 28 cts vs 32 cts Net 2,823,000 vs 3,216,000 Rev 47.9 mln vs 42.9 mln NOTE: The 1986 earnings per share adjusted for a four for three stock distribution paid May 1986.

The Office of Finance of the Federal Home Loan Banks announced a debt offering totalling 2.135 billion dlrs consisting of three issues. The issues are 1.2 billion dlrs maturing April 25, 1989; 635 mln dlrs maturing April 27, 1992; and 300 mln dlrs maturing April 25, 1994. The office said the issues will be priced and offered for sale tomorrow. Secondary trading will occur April 15. The issues are for settlement April 27, the office said. The office said 120 mln dlrs of the 1989 issue, 63.5 mln dlrs of the 1992 issue and 30 mln dlrs of the 1994 issue will be reserved for the Federal Reserve System for its own or customer accounts. It said the bonds are available in book entry form only in increments of 10,000 dlrs and 5,000 dlrs thereafter. No definitive bonds will be available.

Japanese crushers bought 3,000 to 4,000 tonnes of Canadian rapeseed in export business overnight for last half May/first half June shipment, trade sources said.

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

Mthly div 6.5 cts vs 6.5 cts prior Pay April 30 Reord April 15 NOTE: Franklin Massachusetts Insured Tax-Free Income Fund.

Mthly div 6.6 cts vs 6.6 cts prior Pay April 30 Reord April 15 NOTE: Franklin Minnesota Insured Tax-Free Income Fund.

Mthly div 7.1 cts vs 7.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Insured Tax-Free Income Fund.

Mthly div 6.5 cts vs 6.5 cts prior Pay April 30 Reord April 15 NOTE: Franklin California Insured Tax-Free Income Fund.

Dome Petroleum Ltd shares moved higher in the U.S. and Canada after TransCanada PipeLines Ltd made a 4.3 billion Canadian dlr bid for Dome and Dome said it is in talks with two other unidentified companies. Market speculation is that the other two potential bidders are not Canadian companies and DuPont's

Conoco and Atlantic Richfield Co are mentioned as possibilities, Wilf Gobert of Peters and Co Ltd said. Dome rose 1/4 to 1-1/8 on the American Stock Exchange. TransCanada PipeLines was down 1/4 at 15-3/4 on the New York Stock Exchange. Dome was the most active stock on the Toronto exchange at 1.50 dlrs per share, up 37 cts. Gobert characterized the market action in Dome as "awfully optimistic" but said investors are hoping for a competing offer to the shareholders. TransCanada PipeLines' offer is to Dome management, not to shareholders. However, it proposes issuing new equity in a subsidiary that would operate Dome assets. Current Dome shareholders would own 20 pct of the new subsidiary.

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

Gen Term Corp said it entered into escrow for the 5.2 mln dlr purchase of Lewis-Westco and Co, a privately-held bottler and distributor of wines and distilled spirits. Lewis-Westco had sales of more than 45 mln dlrs for its fiscal year ended June 30, Gen Term also said. Separately, Gen Term, which trades over-the-counter, said it plans to apply for NASDAQ listing after it completes the acquisition.

Grain traders and analysts expect today's weekly U.S. corn export inspection figure to be well above last year, with wheat slightly better and soybeans about the same. Corn export inspection guesses ranged from 40.0 to 44.0 mln bushels for the week ended April 9, compared up 46.6 mln inspected a week earlier and 15.2 mln in the year-ago week. Soybean export estimates ranged from 12.0 to 15.0 mln bushels versus 10.8 mln exported last week and 13.2 mln last year. Export guesses for all wheat ranged from 16.0 to 20.0 mln bushels, compared with 16.4 mln last week and 11.2 mln last year.

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

Canada plans a three part, one billion dlr issue Tuesday, which will be dated and delivered May 1, the finance department said. The bonds will be issued as follows. - 8-1/2 pct bonds due March 1, 1992, - 8-3/4 pct bonds due June 1, 1996, - 9 pct bonds due March 1, 2011. The nine pct bonds will be issued to a maximum of 325 mln dlrs. The Bank of Canada will buy a minimum of 100 mln dlrs of the new issue, including five mln dlrs of the 2011 maturity.

Qtr ended Feb 28 Shr 35 cts vs 38 cts Net 1,682,047 vs 1,817,820 Revs 36.1 mln vs 29.9 mln Six mths Shr 73 cts vs 75 cts Net 3,518,515 vs 3,606,689 Revs 74.1 mln vs 62.7 mln

Shr 1.21 dlrs vs 1.80 dlrs Net 16.9 mln vs 24.6 mln Revs 230.9 mln vs 289.6 mln 12 mths Shr 1.97 dlrs vs 2.37 dlrs Net 27.6 mln vs 32.4 mln Revs 648.6 mln vs 875.7 mln NOTE: company reports earnings qtrly and includes the previous 12 mths figures.

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

Ramada Inc is raising 100 mln dlrs through an offering of subordinated notes due 1999 yielding 11.703 pct, said sole manager Salomon Brothers Inc. The notes have an 11-5/8 pct coupon and were priced at 99.50, Salomon said. Non-callable for three years and non-refundable for five, the issue is rated B-2 by Moody's Investors Service Inc and B-minus by Standard and Poor's Corp.

Moody's Investors Service Inc said it downgraded 110 mln dlrs of debt of Michigan General Corp. Reduced were the company's 10-3/4 pct senior subordinated debentures of 1998 to Caa from B-3. Moody's cited Michigan's ongoing losses which have impaired liquidity, weakened financial flexibility and lessened the likelihood for operating performance to improve. Michigan's principal business, lumber and housebuilding products sales, operates in a cyclical and highly competitve environment so that even debt restructuring would probably not improve earnings, Moody's pointed out.

Convergent Technologies Inc said it expects to report in the first quarter a loss more than twice the size of the 4.8-mln-dlr loss reported in the fourth quarter of 1986. Convergent reported a first quarter 1986 profit of 2,100,000 dlrs, or five cts per share. The company said results declined in the quarter both in its traditional OEM business and its business systems group. The anticipated loss reflects lower than expected operating margins, start-up costs for new product manufacturing and higher than planned expenses.

Dotronix Inc said it agreed in principle to buy Video Monitors Inc, a privately-held company. In payment for the acquisition, Dotronix will issue 312,500 unregistered shares of its common stock, notes worth 1.8 mln dlrs payable over three years, and about 70,000 dlrs in cash. Dotronix said Video Monitors' sales for the fiscal year ended April 30, 1986, were 7.6 mln dlrs. Dotronix had income of 659,663 dlrs on sales of 7.1 mln dlrs for the six months ended Dec. 31, 1986, as previously reported.

The Bank of Japan intervened in Tokyo to buy dollars just after the market opened, dealers said. The dollar opened at 142.05 yen against 142.15/25 in New York and 142.50 at the close here yesterday. The bank stepped into the market amid selling pressure from interbank dealers, dealers said.

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

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

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

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

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

Bush Industries Inc said it expects higher earnings and sales for 1987, partly due to efficiencies in manufacturing that have improved its margins. The company reported first quarter earnings of 1,328,000 dlrs, up from 344,000 dlrs a year before, on sales of 23.0 mln dlrs, up from 12.3 mln dlrs. For all of last year it earned 2,506,000 dlrs on sales of 65.4 mln dlrs.

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

Qtly div 64 cts vs 64 cts prior Pay May 15 Record April 30

Industrial Equity (Pacific) Ltd, a Hong Kong investment firm, said it raised its stake in CalMat Co to 3,712,860 shares, or 12.2 pct of the total outstanding common stock, from 3,312,460 shares, or 10.9 pct. In a filing with the Securities and Exchange Commission, Industrial Equity, which is principally owned by Brierley Investments Ltd, a publicly held New Zealand company, said it bought 400,400 Calmat common shares between April 9 and 13 for a total of 10.5 mln dlrs.

Rowan Cos Inc said it expects to incur substantial losses in 1987 despite expected improvement in drilling levels in the Gulf of Mexico and the North Sea. The offshore and onshore drilling company today reported a first quarter loss of 18.6 mln dlrs after a 12.2 mln dlr tax credit, compared with a year-earlier loss of 5,855,000 dlrs after a tax credit of 8,510,000 dlrs. For all of 1986, Rowan lost 42.1 mln dlrs after a 47.6 mln dlr tax credit.

Shr 56 cts vs 46 cts Qtly div 29 cts vs 27 cts prior Net 9,089,000 vs 7,585,000 Sales 86.8 mln vs 83.0 mln NOTE: Pay May 15, record May One.

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

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

shr 1.35 dlrs vs 1.27 dlrs div 39 cts vs 39 cts prior net 14,291,000 vs 13,211,000 revs 52.6 mln vs 51.1 mln avg shrs 10,234,000 vs 9,936,000

Dixons Group Plc , the British concern that recently acquired operational control of Cyclops Corp, said it is exploring the possibility of selling the Cyclops subsidiary, Busy Beaver Building Centers Inc. In a filing with the Securities and Exchange Commission, Dixons said it has determined to explore the possibility of the sale following its preliminary review of the business and activities of Cyclops. Busy Beaver Building Centers is a Pittsburgh, Pa., lumber and building materials company. Dixons won control of Cyclops with a 95 dlr a share tender offer.

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

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

Mobil Oil Singapore Pte Lte will raise pump prices of petrol from June 2, a spokeswoman said. Grade 97 octane with 0.15 gm lead will be 96.8 cents/litre against 94 cents previously for 0.4 gm lead. Grade 92 octane will be 90.2 cents against 87.6 previously. SPC earlier announced its pump prices of 96.8 cents and 90.6 cents for 97 and 92 octane, respectively, for 0.15 gm lead petrol which is being sold in Singapore from today in line with the Ministry of Environment's regulations.

Bangladesh will import 60,000 tons of high speed diesel oil from the Soviet Union under a barter agreement signed here last week, Bangladesh petroleum Corporation officials said. The oil worth about 10 mln U.S. Dlrs will be shipped by December this year, they added but did not say what Bangladesh would sell in return to the Soviet Union.

Society for Savings Bancorp Inc said it has completed its previously announced plan of acquisition making a new Delaware-chartered bank holding company the parent of Conneticut chartered Society for Savings.

The Bank of England said it provided the money market with late assistance of around 25 mln stg. This takes the Bank's total help today to some 137 mln stg and compares with its latest forecast of a 150 mln stg shortage.

Porex Technologies Corp said it has agreed to merge with its partly-owned subsidiary Medco Containment Services Inc in a deal worth about 380 mln dlrs in cash and common stock to Porex shareholders. The company said under the agreement, Prex holders would receive new Medco shares representing a pro rata share of the 9,159,552 Medco shares now owned by Porex plus a pro rata shares of the cash value of other porex assets, which is estimated at 60 mln dlrs subject to adjustment. Medco now has 16.9 mln shares outstanding. While exact terms may not be determined until the transaction becomes effective, Porex said each Porex share is expected to be exchanged for 0.82 Medco share and 5.38 dlrs in cash, subject to approval by sharehoilders of both companies. As part of the deal, Medco will split its stock five for two. The company said the merger will be accounted for as a corporate reorganization and be recorded at historical book values.

Shr three cts vs three cts Net 421,000 vs 333,000 Revs 2,103,000 vs 2,287,000 Avg shrs 16,068,000 vs 12,041,000

The Federal Reserve is expected to add reserves to the U.S. banking system by arranging a round of customer repurchase agreements during this morning's intervention period, several economists said. Some others, however, judged that the Fed has almost completed its reserve-adding requirement for the statement period ending on Wednesday and will not need to operate today. Fed funds were trading at 6-11/16 pct, compared with Friday's average of 6.63 pct.

Campeau Corp said its Allied Stores Corp entered into a definitive agreement to sell its Garfinckel's division to for 95 mln dlrs. The transaction is expected to close in July, the company said. Garfinckel's net sales for fiscal 1986 were 111.9 mln dlrs, the company said. Campeau said it expects to sell its remaining Allied divisions in the near future. Campeau announced its first agreement to sell an Allied unit in April, the company said.

France is to provide Togo with 475 mln cfa francs of aid for a range of projects that include development of the coffee and cocoa industries and reafforestation in the south of the country, official sources said.

Shr profit three cts vs profit 31 cts Net profit 330,;575 vs profit 1,4;73,100 Revs 1,501,996 vs 2,602,568 Avg shrs 10,964,786 vs 4,446,958 Year Shr loss eight cts vs profit six cts Net loss 91,523 vs profit 746,289 Revs 3,854,821 vs 5,231,598 Avg shrs 6,091,334 vs 4,446,958 NOTE: Share results after preferred dividend requirements of 44,174 dlrs vs 99,901 dlrs in quarter and 377,111 dlrs vs 480,851 dlrs in year Company 40 pct owned by PainWebber Group Inc

A new steel quota system that would strictly limit European Community (EC) support to the industry could be forced on producers if they fail to find their own solution quickly, officials said. EC industry ministers meeting here considered two key proposals aimed at cutting back surplus capacity by 30 mln tonnes by 1990. The first would limit the current quota system, which has protected EC output for seven years, only to flat products and heavy sections, thereby forcing other types of steel products into free market competition. The second proposal would link continuation of a quota system with progress toward plant closures, although less than a month ago the EC steelmakers' lobby group Eurofer said they had abandoned efforts to close plants voluntarily. The ministers stopped short of imposing their own solution immediately, instead urging steel producers to try again to reach agreement on voluntary cutbacks. The EC Commission has said it will come up with detailed proposals in July on the future of the EC steel industry and EC industry ministers meet again in September to reach a final decision.

Computer Associates International Inc's 800 mln dlr merger with Uccel Corp will eliminate its strongest rival, but the company still faces stiff competition from International Business Machines Corp , Wall Street analysts said. "IBM is still the ruling force in mainframe systems software," said Scott Smith, an analyst with Donaldson Lufkin and Jenrette. "But the combination of the two companies will clearly present a much stronger front," he said. Besides IBM, "Computer Associates will be far and away the most powerful company in the field," added E.F. Hutton analyst Terence Quinn. That field is a segment of the market known as system utilities, or software packages that boost the productivity of a company's data processing facilities by increasing the speed, power and efficiency of large mainframe computers. The merger of Uccel and Computer Associates combines the two biggest systems utilities suppliers other than IBM. Analysts said the remaining players are mostly small firms that will find the competition much harder than in the past. For Computer Associates, the merger with Uccel caps a six-year acquisition campaign that has vaulted the Garden City, N.Y.-based company to the top of the software industry. When the deal is completed sometime in August, the company's revenues will exceed 450 mln dlrs, pushing it past Microsoft Corp as the world's largest independent software vendor. Computer Associates founder and chairman Charles B. Wang took the company public in 1981, and since then he has bought 15 companies and boosted annual sales from 18.5 mln to 309.3 mln dlrs for the year ended March 31. Liemandt took charge of Wyly, sold off its non-computer businesses and decided that it would focus solely on mainframe computer software. In 1984, the company was renamed Uccel Corp. Liemandt, who said he will leave the company after the merger is completed, also turned to acquisitions for growth. On the last day of 1986, Uccel completed the buyouts of six companies for a total of about 60 mln dlrs. For 1986, it earned 17.0 mln dlrs, or 1.01 dlrs a share, on sales of 141.5 mln dlrs. The agreement took industry analysts by surprise, largely because the companies had been such bitter rivals. Also, Dallas-based Uccel had engineered a strong comeback from the dark days of 1982, when, as Wyly Corp, it lost 7.7 mln dlrs, or 56 cts a share. At that time, Wyly owned a potpourri of 13 different businesses, only three of which were involved in computer software. In 1983, Walter Haefner, a Swiss financier and a major Wyly investor, lured Gregory J. Liemandt away from his job as chairman of General Electric Co's computer services unit. Computer Associates' Wang and Uccel's Liemandt said at a news conference that the merger would give computer users a single source for a wide range of software products. In addition to system utilities, Computer Associates also sell products for microcomputers, while Uccel has made inroads in the applications software market, where analysts said it has been successful with accounting and banking systems. Wang said Computer Associates would continue to support and enhance both companies' product lines, but noted that the company will eventually weed out duplicate offerings. He said about 20 pct of the companies' products overlap. Analysts said the merger would dilute the holdings of current Computer Associates shareholders by about 10 pct. But they joined Wang in forecasting that the deal will not dilute Computer Associates' earnings for the current fiscal year. Quinn of E.F. Hutton said Wang has a proven track record of completing acquisitions without earnings dilution. Therefore, he said he would not change his 1988 earnings estimate of 1.05 dlrs a share. Wang said he would look closely at the combined operations of the two companies and cut duplication in sales, marketing and research and development. Analysts said Computer Associates paid a premium for Uccel. Based on Friday's closing price, the company will swap 47.50 dlrs worth of its stock for each Uccel share, which is nearly 33 times Uccel's 1987 estimated earnings of 1.45 dlrs a share. Stephen T. McClellan of Merrill Lynch Research said most software companies are currently valued at about 20 times per-share earnings. But the analyst said Uccel was worth the premium because of its earnings potential and customer base. Wang said Haefner, the Swiss investor, would hold about 25 pct of Computer Associates stock after the merger. He currently owns 58 pct of Uccel. The executive said the merger would not alter his target of maintaining sales and earnings growth of 30 pct to 35 pct. In addition, he said he expects no problems in having the deal cleared by the antitrust division of the U.S. Justice Department. Uccel's Liemandt declined to say what he will do after the merger, but he did not rule out working together with Wang.

Co-operative Bancorp said it completed the acquisition of all the issued and outstanding stock of the Quincy Co-operative Bank . Under the agreement, Quincy stockholders will receive 30 dlrs cash for each share owned of the Quincy Co-operative Bank, for a total transaction of approximately 50 mln dlrs, Co-operative said.

Cominco Ltd said it expects to meet today with two of five United Steelworkers of America locals on strike at its Trail smelter and Kimberley, B.C. lead-zinc mine, a Cominco spokesman said. It had no meeting scheduled with the other three striking locals, which rejected a tentative three-year contract Saturday, Cominco spokesman Richard Fish said. Fish said the pact that was rejected contained a cost of living increase tied to the Canadian consumer price index, but no wage increase. With 81 pct of the membership voting, 54.5 pct voted no and 45.5 pct voted yes, the union said. The three locals represent about 2,600 production and maintenance workers, while the remaining two locals cover about 600 office and technical workers. The office and technical workers last negotiated May 21. Production at Trail and Kimberley has been shut down since the strike began May 9 and Cominco has had to declare force majeure, which means the company may be unable to honor contracts for products from the smelter and mine. Each of the five locals have separate contracts, all of which expired April 30, but the main issues are similar. The Trail smelter, about 400 miles east of Vancouver, produced 240,000 long tons of zinc and 110,000 long tons of lead last year. The Sullivan mine at Kimberley, about 450 miles east of Vancouver, produced 2.2 mln long tons of ore last year, most for processing at the Trail smelter. The smelter also produced cadmium, bismuth and indium. Trail smelter revenue was 356 mln Canadian dlrs in 1986.

Atcor Inc said that Roth-American Inc, which had signed a letter of intent on May 1 to acquire its Turco and Charmglow operations of its consumer products segment, has decided against buying Charmglow. While Roth-American said it is still interested in acquiring Turco, Atcor said it is now reviewing its options with other potential buyers who have expressed interest in its consumer products businesses.

U.S. District Court Judge Eugene A. Gordon said he plans to issue a decision tomorrow on Burlington Industries Inc's request for an injunction to stop Samjens Acquisition Corp's takeover bid for the company. Wall Street sources have said the outcome of the case could be pivotal in determining the winner in the fierce takeover battle for Burlington, the largest u.s. textile maker. Gordon presided over six hours of argument today by lawyers for Burlington and Samjens, a partnership formed by Dominion Textile Inc and New York investor Asher Edelman. Hearings are scheduled to continue tomorrow. A preliminary injunction would hold up Samjens 2.47 billion dlr offer until the case is decided. Burlington had previously agreed to a 2.44 billion dlr buyout from Morgan Stanley Group Inc , one dlr per share lower than a sweetened 77 dlr per share bid made by Samjens last week. Burlington has not responded to the new Samjens offer. Burlington has alleged in its lawsuit that Edelman and Dominion used illegally obtained confidential information about the company in making their takeover attempt. That information, Burlington said, was provided by James Ammeen, a former Burlington executive, through PaineWebber Group Inc . Ammeen, who had worked for Burlington for 23 years, had as many as 12 divisions with 50 pct of Burlington's sales reporting to him. When he left Burlington in November, 1985, Burlington said he signed a contract promising never to divulge inside information about the company. Burlington lawyers said shortly after he left he began working with a PaineWebber employee on a hostile plan to "takeover the company, dismember the company and displace its management," Burlington lawyer Hubert Humphrey said. Samjens lawyers acknowledged it received information from PaineWebber, but argued the information was public information and could be obtained either from texitle industry analysts or Burlington's public financial statements. Burlington lawyers said PaineWebber and Ammeen met with Edelman and Dominion in November and continued to meet with them until a couple of days before Edelman and Dominion went public April 24 with their intention to take over the company. Burlington lawyers claim Dominion's board decided to attempt a takeover of Burlington after Ammeen met with the board in February. Burlington lawyers said Edelman and Dominion held discussions with PaineWebber and Ammeen about acting as financial advisers to Samjens. But they allege talks broke off because Painewebber and Ammeen could not satisfy Edelman and dominion with a written statement that they did not provide inside information. Lawyers for Samjens contended that Painewebber and Ammeen withdrew as potential advisers because Burlington chairman Frank Greenberg had called a PaineWebber executive and threatened legal action if PaineWebber got involved in an effort to takeover Burlilgnton. "The ultimate question is not the price per share or the profit, but rather the permissable standards of conduct for those who would takeover an American company," said burlington lawyer Humphrey. Burlington lawyers also contended that Burlington, as the largest manufacturer of denim in the United States, would be in violation of anti-trust laws if it acquired Dominion, Canada's largest textile maker. Dominion has denim manufacturing plants in Georgia, which would reduce competition in the denim market, the lawyers said. Samjens' lawyers discounted the concern. They said the market for denim is more fragmented than Burlington contends and that Burlington has the ability to switch between light weight and heavy weight denim production as demand and price dictate. Samjens lawyers also pointed to a lawsuit filed by Burlington in Canada, in which it said it was considering a bid for Dominion. "Surely, what would have been sauce for the goose would have been sauce for the gander," said Sidney Rosdeitcher, a Samjens lawyer.

Malaysian rubber production should return to normal levels this month after a hard wintering season, the Malaysian Rubber Exchange and Licensing Board said in its latest review. "As packers and remillers expect production to recover to normal levels in June, sellers will remain reserved in the near future," the review, dated May 14, said. Many consumers are holding off, waiting for the best time to buy. The market is mindful of approaching summer holidays in industrial countries and there is an air of uncertainty beyond July, it said. It gave no figures for the output drop.

Year to March 31 Shr 28.0p vs 21.4p Final dividend 9p vs 6.5p making 12p vs 9.3p Pretax profit 53.16 mln stg vs 45.12 mln Turnover 641.1 mln stg vs 639.7 mln Group operating profit 57.63 mln stg vs 49.06 mln Share of associates' profits 1.33 mln stg vs 3.87 mln Investment income 1.59 mln stg vs 2.19 mln Interest payable 7.38 mln stg vs 10.01 mln Tax 16.48 mln stg vs 17.60 mln Leaving 36.68 mln vs 27.51 Minorities debit 1.58 mln stg vs debit 1.39 mln Extraordinary items credit 2.95 mln stg vs debit 8.12 mln Operating profits breakdown, by class of business, - building materials manufacture 23.7 mln stg vs 20.9 mln - distribution 10.1 mln stg vs 7.5 mln - specialist print and pack 12.6 mln stg vs 9.6 mln - international 6.0 mln stg vs 5.6 mln - head office and property 4.6 mln stg vs 3.6 mln - discontinued, sold businesses 589,000 stg vs 2.4 mln Operating profits, geographic breakdown: - Britain 51.4 mln stg vs 43.3 mln - Africa 3.3 mln stg vs 3.4 mln - Australasia 1.4 mln stg vs 854,000 stg - North America 1.5 mln stg vs 1.6 mln NOTE - full name is Norcros Plc .

Figures for first quarter 1987 West German GNP will be published on June 11 after they were provisionally scheduled for June 4, an official at the Federal Statistics Office said. The official said there had been a delay in gathering information for the data, which are expected to show that the West German economy contracted in the period. A spokesman for the Economics Ministry in Bonn said there was no political motivation behind publishing the figures on June 11, the day after the Venice economic summit ends. "There is no political motivation. It is a purely technical matter," he added. The West German government is expected to come under pressure in Venice from both the U.S. And its European partners to stimulate domestic demand as a way of reducing international trade imbalances and contributing to world economic growth. However, government officials have ruled out any further tax reduction packages to supplement a major program of stimulatory fiscal measures already underway. Helmut Schlesinger, vice-president of the West German central bank, the Bundesbank, said in Tokyo today that GNP, the widest measure of a country's economic activity, fell in real terms by a seasonally adjusted 1/2 to one pct in the first quarter compared with the fourth 1986 period. The government has confirmed that growth was negative in the first 1987 quarter. But year-on-year growth is expected to be about two pct. Schlesinger today repeated the Bundesbank's reluctance to cut its official interest rates further. Its key discount rate, at three pct, is just above historical lows. West German officials are likely to emphasise at the Venice summit that domestic demand, which draws in goods from abroad, is already outstripping export performance, which has suffered from an 80 pct rise of the mark against the dollar in just over two years. The government has pointed out that depressed exports are the main reason for the current weakness in the economy, but says that later in the year stronger domestic demand will compensate for this setback. It expects GNP growth for the whole of 1987 of just under two pct, after a 2.4 pct rise in 1986.

French industrial gas group has decided to back the takeover bid by Swedish industrial gases group Aga AB , ending a lengthy battle between rival bidders from France, Spain and West Germany, Duffour et Igon Chairman Jean Igon said. The board agreed late last night to back the Aga bid and advise its shareholders to accept the Swedish group's latest offer of 4,410 francs per share, he told Reuters. The other main bidders were Union Carbide Corp's French subsidiary and West Germany's Linde AG . Aga topped rival bids for the gases distribution group in May by raising its offer to 4,410 francs from 4,000 francs. This was accepted by Spain's which sold Aga six pct of Duffour et Igon's stock and the right of first refusal on the remaining nine pct of stock it holds. It also won over the French Midi-Pyrenees development authority which agreed to sell Aga its 20 pct stake in Duffour et Igon. Under Aga's offer, shareholders can either accept a cash bid or exchange one share in Duffour et Igon for one bond of a nominal value of 4,410 francs with a 10 pct coupon issue by Aga France SA. The bond issue is guaranteed by the parent Aga AB. The takeover battle for the Toulouse-based company, which controls eight pct of the French industrial gas distribution market, began on April 2 with an offer of 2,100 francs per share from Union Carbide France . Aga's offer, which puts a price of 587 mln francs on the company, closes on June 24 and the results will be announced on July 21. Duffour et Igon shares were quoted yesterday at 4,410 francs, with no buyers, after a series of suspensions during the takeover tussle. They traded at 856 francs on January 9 before the first suspension.

Santos Ltd said it would buy from . Total Exploration had interests ranging from 18.75 to 25 pct in four blocks in permit ATP259P in south-west Queensland, Santos said in a statement. The Santos group stakes will rise to between 52.5 and 70 pct of the four ATP259P blocks as a result of the purchase. The price was not disclosed. Santos said a number of oil and gas fields have been discovered in the Total Exploration areas and that it regards them as having very good prospects for further discoveries. Total's reserves amount to 75 billion cubic feet of gas and 5.5 mln barrels of oil and condensate, it said. It said it will promote a vigorous exploration program in the areas for the rest of 1987 and in the future. The acquisition is the latest in a series by Santos as part of a program to expand from its origins in the South Australian Cooper Basin.

Saudi Arabia's Oil Minister Hisham Nazer said Riyadh would not agree to a cut in oil prices and would not accept a "mad" increase that would drive consumers away. He told al-Riyadh newspaper, "Saudi Arabia follows a balanced petroleum policy. It does not approve of a decrease in prices from current levels and it also does not accept a mad increase that would drive consumers away and make them try and find alternative sources (for energy)." OPEC agreed last December to cut production after world prices hit new lows in 1986. They agreed on a pricing system aimed to stabilise the market around 18 dlrs a barrel. OPEC is scheduled to meet in Vienna on June 25, where it will review its current oil price and production policy. Saudi Arabia's King Fahd said last month that he wanted oil prices to remain stable for the next two years. Saudi Arabia is the architect of the current pricing and production pact, which is backed by Kuwait and the UAE. The current pact set a production ceiling for first half 1987 of 15.8 mln bpd, and implemented fixed prices based on an 18 dlrs a barrel average.

Britain's gold and currency reserves rose a record underlying 4.76 billion dlrs in May, following April's 2.9 billion dlrs increase, the Treasury said. The underlying trend indicates the level of recent Bank of England intervention on currency markets to curb sterling's strength. It was above market expectations which had been for a rise of between one billion and three billion dlrs. The Treasury declined comment on the figures. Actual reserves rose 4.87 billion dlrs in May, compared with April's 2.8 billion increase, to a total value of 34.68 billion dlrs, compared with 29.81 billion at the end of April. Borrowings under the exchange cover scheme were 238 mln dlrs, against April's 66 mln. Repayments under the scheme were 85 mln dlrs, after 90 mln previously, with capital repayments of eight mln, after three mln last month. Repayments of government debt amounted to 33 mln dlrs. The underlying reserves increase is net of borrowings and repayments. It was larger than the previous record 3.04 billion dlrs rise seen in October 1977. The May increase represents the seventh monthly rise, with reserves up 9.947 billion dlrs in that period, and up 9.816 billion since the start of 1987.

Acme Precision Products Inc said a management group has withdrawn a six dlr per share leveraged buyout offer. Acme said the management group dropped its bid due to continued weakness in the machine tool industry and in Acme Precision's operating results and to the inability of the management group to obtain modifications to terms of its financing commitment. It said, "The effect of these factors led the management group to conclude that the six dlr per share price was excessive under current conditions."

Raycomm Transworld Industries Inc said it has agreed in principle subject to board approvals to acquire Spiridellis Consulting Group Inc, a privately-held computer services consulting firm, for a number of common shares to be determined based on pretax earnings of Spiridellis over a five-year period. The company said it will gaurantee that almost all of the issued shares will attain price levels ranging from five to nine dlrs each for two years after their issuance. It said Spiridellis had revenues of 3,500,000 dlrs in calendar 1986.

quarter ended May 2 Shr 20 cts vs 17 cts Net 2,319,000 vs 1,950,000 Sales 92.4 mln vs 72.2 mln Six mths Shr 1.60 dlrs vs 1.27 dlrs Net 18.7 mln vs 14.8 mln Sales 285.9 mln vs 227.1 mln NOTE: Full name is Burlington Coat Factory Warehouse Corp.

President Reagan called for continued nondiscriminatory treatment for Romanian exports to the United States in the face of congressional opposition because of the Bucharest government's record on human rights. A White House statement said Reagan's decision to press for continuation of so-called Most Favored Nation (MFN) status for Romania had been "exceptionally difficult" and came after "all options were seriously considered." But the statement said that despite concerns about human rights abuses by the Bucharest government, the president had decided that should be continued because it helped stimulate emigration from Romania and gave the United States influence on human rights practices there. The statement was issued as Reagan sent to Congress requests for one-year extensions of MFN for Romania, Hungary and China. The House of Representatives has attached to a trade bill legislation that would temporarily deny MFN for Romania pending certification by Reagan that the country had made progress on human rights. There is no controversy over continuation of MFN for Hungary and China.

Oper shr eight cts vs two cts Oper net 119,000 vs 32,000 Sales 12.0 mn vs 11.3 mln Note: Current qtr figures exclude loss from discontinued operations of 30,000 dlrs, or two cts per share, vs loss of 54,000 dlrs, or four cts per share.

Mexico has no intention of leaving the International Coffee Organization (ICO), in the event of Brazil withdrawing from the group, the Mexican Coffee Institute (IMC) said. The IMC said in a statement the ICO is an important instrument for ensuring producers obtain an adequate price. Mexico currently produces around five mln 60-kilo bags of coffee per year. Brazil said during a meeting of coffee producers in Rio de Janeiro over the weekend that it would consider leaving the ICO if its export quota was reduced by the organization.

Ninety-six pct of Alberta and northeastern British Columbia crops have been seeded, about a week ahead of the 10 year average, according to the Alberta wheat pool report. Hard red spring wheat accounts for most acreage with 6.0 mln estimated for this year, little changed from last year. Oats acreage of 1.95 mln is unchanged on last year and barley area of 5.9 mln is also similar to last year. Rapeseed planting of an estimated 3.24 mln is expected five pct up on 1986. The south and south central areas of Alberta lacked moisture with germination patchy at best. Growth prospects in northern areas are generally in the good to very good range. Soil moisture is better in the north central and Peace areas, the wheat pool said.

the venezuelan state aluminum company venalum is negotiating a total of 123.9 mln dlr in credits from abroad for a planned expansion of production faciities, finance minister manuel azpurua said. Azpurua spoke to reporters after meeting representatives of the kreditanstalt fur wiederaufbau (kfw) bank of germany, who tommorrow will sign a agreement to grant 100 mln marks (54.9 mln US dlrs) in credits to venalum. The agreement will have an eight and one-half year term and a fixed interest rate of 6.13 pct. Azpurua said venalum is negotiating credits of 14.9 mln dlrs from the swiss bank corporation, 14 mln dlrs from mitsubishi of japan and 40 mln dlrs from eksportfinans of norway. "this proves we are achieving our goal of reestablishing the financial flows to the country," said azpurua. The credits would go to the installation of a fifth production line in venalum, one of three state aluminum companies, which produces primarily for the export market.

The House today approved a bill requiring the Reagan administration to report to Congress on its Mideast Gulf policy but not restricting its actions. The vote in favor was despite a last-minute revolt by an alliance of liberal Democrats and conservative Republicans who sought to defeat it as a signal that a growing number of legislators oppose President Reagan's policies in the region. In the Senate, a leading Republican senator, former Senate Appropriations Committee Chairman Mark Hatfield of Oregon, said he would try to prevent consideration of the bill. He said he will put a so-called "hold" on the bill until he finds out whether the War Powers Act applies to protecting Kuwaiti tankers. Congressional leaders complain they were not consulted about plans to put the U.S. flag on Kuwaiti ships and some charged the policy could lead the U.S. into the Iran-Iraq war. Conservative Republicans said increasing the U.S. military obligation in the gulf would place impossible burdens on American servicemen and equipment, and warned it could lead to war. "It is a real snake pit at best and a powder keg that will blow sky-high at worst," said Wisconsin Rep. Toby Roth.

South Korea's wholesale price index, base 1980, rose 0.4 pct to 127.0 in May after a 1.1 pct rise in April and was 1.5 pct higher than in May 1986, the Bank of Korea said. The May consumer price index, which has the same base, rose 1.4 pct to 149.1 after a 0.3 pct gain in April, for a year-on-year rise of 3.5 pct. Wholesale prices rose 2.0 pct in the first five months of 1986, while consumer prices rose by 3.2 pct. Bank officials said the rises were due to a strong yen which made imports of Japanese parts, raw and intermediary materials more expensive.

Brazil's new economic plan should enable Brazil to renew negotiations with creditors on its 111-billion dlr foreign debt within the next 30 days, Finance Minister Luiz Carlos Bresser Pereira said. The plan, which predicted the economy would grow 4.5 pct this year and inflation would drop to 10 pct a month by December from 20 pct at present, would be officially announced "within three or four weeks," he told a news conference. The minister said he presented an outline of the program during a cabinet meeting in which President Jose Sarney declared "a total war" on inflation. Sarney told the meeting an austerity plan to trim government spending would be introduced. Bresser Pereira said Brazil faced the risk of economic recession, but he estimated the gross national product would grow 4.5 pct this year. It grew 8.3 pct last year. Its April inflation rate was a record 20.96 pct and contributed to an accumulated rate of 84.19 pct in the first four months of 1987. Bresser Pereira said the economic plan would seek to keep the economy growing, to build an eight billion dlr trade surplus and to force a sharp drop in the inflation rate.

Prime Minister Yasuhiro Nakasone said the dollar's sharp fall against the yen overnight was only temporary. The dollar dropped sharply in New York after news that Paul Volcker would step down as chairman of the U.S. Federal Reserve. Nakasone told reporters he did not expect U.S. Policy to change after Volcker steps down.

said in a statement it is making a tender offer for 22 pct of Kwik Save Discount Group Plc of Britain for a total 146.6 mln stg. Dairy Farm said it will offer to buy up to 32.58 mln Kwik Save shares at 4.50 stg each. The offer will bring Dairy Farm's stake in Kwik Save to 25 pct from the present 3.5 pct, or 5.25 mln shares. The offer, which will begin on Monday and ends June 30, requires that the shares tendered will bring its stake to at least 15 pct. Dairy Farm said it will finance the acquisition by placing 89 mln shares with affiliate Jardine Strategic Holdings Ltd at 5.10 H.K. Dlrs each for a total of 454 mln dlrs. The placement will raise Jardine Strategic's stake in Dairy Farm to 39.75 pct from the current 35.3 pct. It said the Kwik Save purchase will also be financed with a loan from the Hongkong and Shanghai Banking Corp . It did not give the size of the loan but it said it would raise its net bank borrowings to a maximum of 2.2 billion H.K. Dlrs. Dairy Farm said it would reduce its bank borrowings by the proceeds from the previously announced sale of its office building in Sydney for 625 mln dlrs. It will consider raising additional capital, most probably through a placement of convertible preference shares in the Euromarket, it added. Company chairman Simon Keswick said the U.K. Market "offers attractive opportunities for competitively priced food retailers" and that "a strategic investment in Kwik Save offers the best vehicle to pursue those opportunities."

Japanese compound feed output rose 2.3 pct to 25.80 mln tonnes in 1986/87 ended March 31 from 25.23 mln a year earlier, the Agriculture Ministry said. The marginal rise reflected slight growth in demand for poultry raising and a moderate increase in demand for beef cattle raising, Ministry officials said. Compound feed sales totalled 26.01 mln tonnes in 1986/87 against 25.40 mln a year ago, while end-March stocks were 217,554 tonnes against 224,101. Corn use in feed output in 1986/87 rose to 11.71 mln tonnes from 11.02 mln a year earlier due to low import prices. The officials said corn imports rose because the world surplus and the yen's strength against the dollar reduced Chicago prices. The corn compounding ratio rose to 45.2 pct in 1986/87 from 43.4 pct a year earlier. Sorghum use rose marginally to 4.80 mln tonnes in 1986/87 from 4.79 mln, but the compounding ratio fell to 18.5 pct from 18.9 pct because of greater corn use. Higher import prices due to poor harvests last year in major producing nations such as Argentina made feed makers reluctant to use sorghum. Soybean meal use fell to 2.58 mln tonnes from 2.63 mln and the compounding ratio declined to 10.0 pct from 10.3 pct. The drop in soybean meal consumption resulted from increased use of cheaper rapeseed meal, the officials said. Rapeseed consumption in 1986/87 was 563,889 tonnes against 528,152 a year earlier. The compounding ratio rose to 2.2 pct from 2.1 pct.

U.K. Unemployment fell a record provisional, seasonally-adjusted 64,300 in May to a total 2.95 mln or 10.6 pct of the workforce, the Employment Department said. In April, seasonally-adjusted unemployment fell by an upwardly revised 21,600 to 3.02 mln or 10.9 pct, it said. The unadjusted jobless total in May, including school leavers, alos fell a record 121,000 to 2.99 mln or 10.8 pct from April's 3.11 mln, 11.2 pct. May was the eleventh successive decline from a peak last summer of 11.6 pct, the Employment Department said. "Unemployment has fallen to under three mln for the first time in over three years. The May fall of 64,000 was the largest drop since records were first kept (in 1948)," Employment Minister Norman Fowler said. All regions have seen above average falls in long term unemployment during the past year, he added. The last time the adjusted total of unemployed was below three mln was July 1984, while the unadjusted total was last below this level in June 1983.

Three U.S. Senators said they will propose a temporary ban on imports of all Toshiba products due to the company's illegal sales of sensitive high-technology goods to the Soviet Union. Senator Jake Garn, John Heinz and Richard Selby said at a hearing of the senate banking committee on export control, they will offer the proposal as part of a major trade bill when it is brought before the senate this summer. Garn, a Utah Republican, said "I am talking about specific retribution on a company that endangers the security of their own country and ours."

European coffee traders and roasters may propose a new formula for calculating International Coffee Organization (ICO) coffee quotas at the end of their meeting here this week, traders and officials told Reuters. Although traders were unwilling to reveal details of the possible new formula, they said it would give Brazil, the world's biggest coffee producer, unchanged ICO quotas for the next two years and could be a basis for renegotiation. "The main sticking point on quotas has been Brazil's attitude, and this compromise could be a solution, " one said. However, the European coffee trade federation meeting, which began here today and is to continue to the end of the week, has revealed gaps in the European position on re-introducing quotas. Traders said that, as a whole, the trade side was against re-introduction of ICO quotas, while roasters were generally in favour with the single proviso that there had to be some formula basis for re-allocating quota shares among producing countries. The roasters said the positions were generally fairly close, and problems with some Government officials. Germany and Italy were cited as the extremes of polarized Government attitudes, with most other countries on the fence. Sources said Germany was the most extreme against quota re-introduction, while the Italians were most in favour. "Nevertheless, we expect to find enough common ground by the end of the week to at least present a common European Community (EC) view at the next meeting of consumer members of the International Coffee Agreement (ICA) in July," one trader said. "We hope we can present the compromise proposal and that not only the consumer side, but the producer side will accept it," one official said. "We have learned that we can live without the quotas that were suspended in February last year, but would prefer the stability they can bring to the market as long as we do not simply return to the old and outdated status quo as far as quota allocation is concerned," he added. Overall, however, trader and roaster opinion on the likelihood of a successful re-negotiation was mildly pessimistic, varying between a 50-50 chance and 60-40 against. "Our main difficulty will be to persuade the U.S. On the consumer side and Brazil on the producer side to agree to quota re-introduction, " he said. "The U.S. Position has, if anything, hardened, while the new Brazilian Coffee Institute president has adopted the least negotiable position of any of his predecessors," one trader said. "However, with many producers starting to swing in favour of the consumer position that quotas have to be re-allocated under a new formula, Brazil is becoming increasingly isolated, which gives at least some hope of a compromise at the ICO quota meeting in September," the official said.

Mr. Rooter Corp said it rescinded a recent agreement calling for to to buy a majority of Mr. Rooter's stock for four dlrs a share. The company said it has also demanded repayment of a 150,000 dlr loan made to United Western. Since announcing the agreements, Mr. Rooter said, it discovered additional information relating to United Western and the unaffiliated privately held corporation which had guaranteed all of United Western's obligations under the agreements. Mr. Rooter said the agreements were rescinded d"in light of this additional information," without providing details. It said talks are in progress with United Western with regard to the repayment terms of the loan.

Federal Reserve Board Governor Martha Seger said there were signs of helpful stability in foreign exchange markets in recent weeks. "I think we are beginning to see more calm in those markets," Seger told reporters after a speech to the U.S. League of Savings Institutions. "I think it is very healthy when you can get into a period of stability," she said. She said market forces have a major influence on exchange rates and said she did not know the right value for the dollar against the Yen or the Mark. Seger told the Savings and Loan executives that she was concerned about financial markets' absorption with exchange rate influences. "I am concerned that we have gotten so nervous," about exchange rates, Seger said. She said the Fed takes into account additional factors in determining monetary policy than the value of the dollar against other currencies. On the economy, Seger called the latest figures in gross national product a modest upward revision.

The Federal Reserve will enter the government securities market to supply reserves via either a large round of customer repurchase agreements or by overnight or possibly four-day system repurchases, economists said. They said the Fed has a fairly large add need and is likely to face the most reserve dislocations early in the new statement period started today as corporate tax payments swell Treasury balances at the Fed. Fed funds hovered at 6-3/4 pct after averaging 6.80 pct yesterday.

Italy's net official reserves fell to 67,110 billion lire in May from a previously reported 68,455 billion in April, the Bank of Italy said. Gold holdings totalled 35,243 billion lire at end May, unchanged from end April. Convertible currencies totalled 18,277 billion lire in May, down from 20,028 billion in April, while European Currency Unit holdings were 10,610 billion against 10,528 billion.

Ecuador posted a trade surplus of 10.6 mln dlrs in the first four months of 1987 compared with a surplus of 271.7 mln in the same period in 1986, the central bank of Ecuador said in its latest monthly report. Ecuador suspended sales of crude oil, its principal export product, in March after an earthquake destroyed part of its oil-producing infrastructure. Exports in the first four months of 1987 were around 639 mln dlrs and imports 628.3 mln, compared with 771 mln and 500 mln respectively in the same period last year. Exports of crude and products in the first four months were around 256.1 mln dlrs, compared with 403.3 mln in the same period in 1986. The central bank said that between January and May Ecuador sold 16.1 mln barrels of crude and 2.3 mln barrels of products, compared with 32 mln and 2.7 mln respectively in the same period last year. Ecuador's international reserves at the end of May were around 120.9 mln dlrs, compared with 118.6 mln at the end of April and 141.3 mln at the end of May 1986, the central bank said. gold reserves were 165.7 mln dlrs at the end of May compared with 124.3 mln at the end of April.

Allegheny International Inc said it has sold its Chemetron Railway Products Inc, True Temper Railway Appliances Inc and Allegheny Axle Co units to newly-formed Chemetron Railway Products Inc for undisclosed terms. It said the new company was formed by senior management of the three railway product units and Kleinwort Benson Group of London.

Leaseway Transportation Corp said it has completed the previously-announced sale of its Leaseway of Puerto Rico Inc subsidiary to Caguas Central Federal Savings Bank for undisclosed terms. The company said the sale satisfied a condition for its proposed acquisition by an investor group led by Citicorp .

The Brazilian Coffee Institute, IBC, gave details of its plans to pay the 18 companies that bought 630,000 bags of robusta coffee in the London market on its behalf last September. An IBC spokesman told Reuters that a 15 mln dlr loan from the Banco do Brasil would be used to pay five mln dlrs a month in June, July and August to creditors. He said an auction of coffee would raise additional money and added that a Reuter report on June 16 gave the wrong impression that the auction was necessary to raise part of the 15 mln dlrs. No date has yet been set for the auction.

Shr 36 cts vs 28 cts Net 2,002,000 vs 1,518,000 Sales 166.0 mln vs 159.5 mln

Pennwalt corp said it has agreed in principle to acquire a line of fungicides, insecticides and herbicidesand related manufacturing facilities from Le Raffineries de Soufre Reunies of Marseilles for undisclosed terms, subject to approval by bothe boards and government authorities. The company said the acquired products are sold mostly in FRance for use on grapevines, wheat and sugar beets and sales are about 40 mln dlrs annually.

Reynolds Metals Co said it plans to restart the last idle potline at its Troutdale, Ore., primary aluminum plant. With the restart of this 22,700 tonne a year production line, Reynolds said it will be operating at 100 pct of its consolidated primary aluminum capacity of 695,000 tonnes per year. Reynolds said work on the restart will begin in the near future and it is expected that actual metal production will begin September 1. The company said the start-up was necessitated by continuing strong demand for aluminum and dwindling worldwide inventories, and that the metal is needed to supply Reynolds' various fabricating businesses.

Inspiration Consolidated Copper Co, a subsidiary of Inspiration Resources Corp, said it is lowering its base price for full-plate copper cathodes by 0.50 cent to 74.0 cents a lb, effective immediately.

China has added 30,000 tonnes of U.S. corn to its previous commitments, according to the U.S. Agriculture Department's latest Export Sales report. The report, covering transactions in the week June 11, the additional corn resulted from changes in destinations. Total corn commitments for delivery in the 1986/87 season amount to 1,083,400 tonnes.

Carter Hawley Hale Stores Inc said it has set June 29 as the record date for shareholders voting on the company's proposed restructuring at its annual meeting. The company has yet to set a date for the meeting, but has said it will be held before the end of August. Under the proposal, Carter Hawley would split into a specialty store company and a department store company. Shareholders would get 17-dlrs in cash and a share in each of the two new companies for each existing common share they hold. The restructuring was announced in December, after Carter Hawley rejected a buy-out offer by Retail Partners.

Cargo handling companies said they were hiring twice the usual number of dockers to offset an intermittent strike in Spanish ports. Spanish dockers began a nine-day strike on Wednesday in which they only work alternate hours in protest at government plans to partially privatize port services.

Chrysler Corp said Electrospace Systems Inc agreed to be acquired under a merger agreement in which Chrysler will tender 27 dlrs a share for 100 pct of the Richardson, Texas-based defense electronics contractor. It said total cost to Chrysler to buy all of the outstanding stock would be about 367 mln dlrs. Electrospace Systems designs, develops and installs communications and electronic systems and equipment for the specialized needs of military and commercial customers worldwide. Chrysler said Electrospace will help its Gulfstream operations grow in military and commercial aircraft sales. But it said there are no plans to merge Gulfstream and Electrospace. Rather, they will operate as "sister companies," it said. Chrysler said its tender offer is expected to begin by June 25 and will be managed by First Boston Corp. For the fiscal year ended April 3, 1987, Electrospace Systems had earnings of 10 mln dlrs on sales of 191 mln dlrs. The company employs 2,500 people. About 92 pct of its sales were to the military.

Becor Western Inc said has amended its offer for the company. Becor said the cash portion of the offer remains unchanged at 10.45 dlrs a share but the principal amount of debentures would increase to 3.50 dlrs from 3.00 dlrs a Becor share. The amended offer also includes 1.50 dlrs face value of the surviving corporation's 12.5 pct nonvoting cumulative preferred not included in the previous offer, and reduces the amount of the surviving corporation's common to be held by present shareholders to 55 pct from 60 pct. Becor Western the amended Davis Mining offer is suject to confirmation of certain due diligence information. Becor also said discussions continue with one other possible bidder which it still has not been identified. Again, the company said it expects discussions with the other possible investor to conclude shortly. At that time, the board will evaluate all the then existing offers for Becor, it added.

U.S. crude oil prices are at their highest level in more than a year ahead of next week's OPEC meeting, even though most industry analysts do not expect any policy changes from the session. They said prices, which have steadily climbed since the organization's accord in December, have risen on technical factors within the market and concerns about supplies because of the Iran-Iraq war, which could disrupt deliveries from the Gulf. The U.S. benchmark crude West Texas Intermediate is trading around 20.55 dlrs in the July contract on New York Mercantile Exchange's energy futures and in the spot market. That is its highest level since January 1986. OPEC conference president Rilwanu Lukman, who is Nigeria's oil minister, said Friday he expects the meeting in Vienna to be brief and calm and that OPEC's current price and production agreement may only need a slight review. Although most industry experts expect just a reaffirmation of the December agreement, oil prices continue to climb due to a desire to hedge positions in case of any surprises. Analysts expect the higher prices to continue until soon after the OPEC meeting. At that point, barring any increased tension in the Gulf or changes in OPEC's policies, prices should begin easing. "OPEC will probably not do anything it hasn't already agreed to in December because oil prices are firm," said John Hill, a vice president at Merrill Lynch Futures. OPEC agreed in December to maintain official oil prices at 18 dlrs a barrel and raise the group's production ceiling to 16.6 mln barrels per day in the third quarter and to 18.3 mln barrels in the fourth quarter. This agreement helped send prices sharply higher, rising from 15 dlrs a barrel in early December. Several OPEC members who are price hawks, including Iran, Algeria and Libya, will seek a higher official price and a reduction in output. "And if U.S. West Texas Intermediate crude continues to trade above 20 dlrs a barrel, there is a greater chance that OPEC will raise its official 18 dlrs price," said Nauman Barakat, analyst at Smith Barney, Harris Upham and Co. But most analysts expect the more moderate producers, such as Saudi Arabia, to block any changes in policy. "The meeting will be a non-event with no change in the official prices because OPEC, and in particular the Saudis, are committed to stabilizing the market," said Rosario Ilacqua, analyst with L.F. Rothschild. However, some analysts said OPEC may need to hold a meeting in September to re-evaluate market conditions. Overproduction by OPEC will become a real problem in the fourth quarter when the quota is raised to 18.3 mln barrels a day and Iraq's pipeline through Turkey brings another 500,000 barrels to the market each day, said John Lichtblau, president of Petroleum Industry Ressearch Foundation. Most expect Saudi Arabia to oppose a price increase at this meeting but many look for an increase by year-end to 20 dlrs to offset the decline in the dollar. Oil prices are denominated throughout the world in dollars, so as the currency declines, producers receive less money for their oil. "The only real production restraint in OPEC is Saudi Arabia," said Sanford Margoshes, analyst at Shearson Lehman Brothers. "In the second half of the year we expect the Saudis not to produce at their 4.1 mln barrel a day quota and therefore act as a vehicle to stablize the market and pave the way for a two dlrs a barrel price increase at the December 1987 meeting," he said. One uncertain factor is the course of the Iran-Iraq war. "The wild card is the increased tensions in the Persian Gulf," said Frank Knuettel, analyst with Prudential-Bache Securites. Oil tankers taking oil from Iraq and Kuwait have been regular targets for Iranian planes. The Reagan administration is planning to put Kuwait tankers under the protection of the U.S. flag, with naval escorts. "Extra (oil) inventories are needed during a time of crisis like this, and just general nervousness over an incident that could disrupt oil supplies drives prices up," Knuettel said.

The New York Times Co said it had an agreement to buy the Gwinnett Daily News, an evening newspaper published in Lawrenceville, Ga., Terms were not disclosed. The company said Gwinnett has a weekday circulation of about 27,500 and a Sunday circulation of about 30,900. The New York Times also said Gwinnett County, a northeast suburb of Atlanta, is the fastest-growing county in the country. The purchase agreement includes the Forsyth County News, published on Wednesday and Sunday and the Winder News, a weekly, among other publications.

European coffee roasters and traders have agreed to propose a new formula for calculating International Coffee Organization, ICO, quotas, Dutch Coffee Trade Association chairman chairman Frits van Horick said. Van Horick, who is a council member of the European Coffee Federation, was speaking at the end of the ECF annual meeting. The new formula is based on six-year moving averages and would give Brazil, the world's biggest coffee producer, an unchanged quota for the remaining two years of the current coffee agreement, van Horick said. If accepted by the consumer and producer members of the ICO, the formula could also be a basis for negotiating a new agreement, van Horick said. Coffee quotas were suspended in February last year when prices shot up on fears of a drought-induced crop disaster in Brazil. Although prices are now considerably lower, consumers and producers have been unable to agree on re-introduction. "Brazil has been the most strongly against any change in the formula because it feared a lower quota. But our proposal leaves it very little to object to," van Horick said. "The existing quota system is far too rigid and does not reflect supply and demand reality," he said. "Our formula builds flexibility into the system and will benefit almost everyone." Although full implications of the new formula have still to be worked out, initial estimates suggest countries such as Colombia, Kenya, Indonesia and Costa Rica would get slightly higher quotas, while others such as the Ivory Coast, El Salvador and Nicaragua would lose quota share, van Horick said. Because the proposal provides that future quota distribution must reflect current demand and actual supply, it should also prevent under-shipment of quota as countries doing so would automatically prejudice their following year's quota. "If the ICO consumers accept our proposal it stands at least a fair chance of being accepted by the producers at the September meeting, most of whom are generally in favour of a new quota formula, " van Horick said. At the same time much will depend on Brazil's attitude. "Brazil is increasingly isolated on the producer side. If there is no frost damage to its coffee crop over the next two months and most other producers favour our proposal, we might just get an agreement," van Horick added.

Brazil has bought 75,000 tonnes of French wheat at tender, a Brazilian Wheat Board spokesman said. He said the Board accepted offers for 25,000 tonnes of wheat from grain firm J. Souffle at 80.49 dlrs per tonne Fob for August shipment. For September shipment, the Board bought 25,000 tonnes from Graniere at 79.32 dlrs per tonne Fob, and for October shipment it accepted 25,000 tonnes from Andre and Companie at 79.47 dlrs per tonne Fob. The next tender, for Aug/Sept/Oct shipment, was set for June 24, the spokesman said.

Murphy Oil Corp said its board proposed a reorganization in which it would acquire the 23 pct of common shares of its Canadian subsidiary not owned by the parent. Under the proposal, which would be undertaken as a court-approved plan of arrangement, shareholders of Murphy Oil Co Ltd of Calgary, Alberta, Canada, would be offered the option to receive 31 dlrs (Canadian) a share cash or the equivalent market value of common shares of the parent company.

Oper shr two cts vs three cts Oper net 529,000 vs 579,000 Sales 322.0 mln vs 173.8 mln Nine mths Oper shr six cts vs eight cts Oper net 1,619,000 vs 1,700,000 Sales 875.1 mln vs 482.3 mln Note: oper data does not include extraordinary gains from tax loss carryforwards of 291,000 dlrs, or one ct per shr, vs 316,000 dlrs, or one ct per shr in qtr and 890,000 dlrs, or four cts per shr vs 992,000 dlrs, or four cts per shr in nine mths.

Investor Irwin Jacobs said he has an investment in Gillette Co amounting to less than five pct of the consumer products company's stock. Jacobs, who made his comment in response to an enquiry, did not comment further. Yesterday, Gillette rebuffed a takeover proposal from Revlon Inc. Under an agreement between the two companies, Revlon must have the permission of Gillette's board before making an offer to shareholders. The board declined to grant that permission. Gillette has been the topic of takeover speculation for several weeks. Its stock has traded heavily, and arbitragers said they believe Jacobs may not be the only investor who has a sizeable position in the company.

April 30 end Shr losses not given Net loss 449,000 vs loss 155,000 Revs 84,000 vs 52,000 Nine mths Shr losses not given Net loss 810,000 vs loss 394,000 Revs 173,000 vs 144,000

Malaysia is to urge fellow tin producing countries to contribute more money towards research into new uses for the metal, Malaysian primary industries minister Lim Keng Yaik told Reuters in an interview. Lim, in Brussels on a tour of Europe and America, said he had instructed Malaysia's representatives on the executive committee of the Association of Tin Producing Countries, ATPC, to draw up a paper on the matter. Lim earlier met European Community farm commissioner Frans Andriessen and industry commissioner Karl-Heinz Narjes. He said though it now appeared likely Commission proposals for a tax on vegetable and marine oils and fats would be defeated, he feared the Commission would revive the idea. Lim noted Andriessen this week promised that if the tax was adopted and third countries suffered export losses as a result, they would be compensated through access to the EC for alternative exports. "Since most of our products are commodity based, I cannot see how this would work out in our case," Lim said. Malaysian palm oil exports to the EC are worth about 250 mln dlrs a year. The tin research proposal would be presented at an ATPC meeting to be held in Kuala Lumpur in September. "Not enough research and development effort has been put in by tin producers and we have been pushed out by substitutes such as aluminium, paper and plastics," Lim said. He mentioned the use of inorganic tin in pesticides as an exciting possible new application. Lim said he could not estimate the amount of extra money which needed to be spent on research into new uses before the new paper was produced. He said Narjes told him there appeared no fundamental barriers to EC states quickly ratifying the new International Rubber Agreement, INRA, although translations of the accord into some EC languages are still being awaited. Lim, who will sign and ratify the agreement on Malaysia's behalf when he visits New York during his current tour, said it was important there should not be a long "interregnum" between the old agreement lapsing in October and the new one coming into force. He described the present accord as a model for commodity agreements due to its being signed by nearly all producing and consuming countries and by virtue of its review systems and control over buffer stock management.

VR Business Brokers Inc said it closed the sale of a controlling interest in its comon and preferred stock to VR Acquisition Corp, a Delaware corporation controlled by an investment group led by C. Robin Relph of London. Under the agreement dated April 28, VR Business agreed to sell 5,008,120 shares of common stock and 11,846 shares of 10 pct cumulative stock. VR Business said it issued 3,964,000 shares of common stock and 11,846 shares of preferred stock, with the remaining shares of common to be listed within the next week to 10 days.

The World Bank said it has loaned Uganda 13 mln dlrs through the International Development Association (IDA), the bank's concessionary lending affiliate. The IDA loan will support a project that hopes to preserve the country's natural forests and meet its demand for wood products by rehabilitating Uganda's forestry management agency, the bank said. It also said the project plans to increase the area and management of protected forests, establish pilot wood farms and nurseries, and rehabilitate soft wood plantations.

Reed International Plc denied rumours on the U.K. Stock market that it was the target of a takeover bid and said it had received no approach. "In view of the increase in our share price today, I want to make clear that we have not received any bid approaches," Reed's chairman Leslie Carpenter said in a statement. Rumours that U.S. Publisher Harcourt Brace Jovanovich Inc might bid for Reed, a paper and printing company, pushed Reed shares up 54p at 600p at one stage today before they eased back to 564p at the close against a background of a widespread decline in U.K. Equity prices. Share market analysts said speculators were buying the stock on belief that Harcourt would bid for Reed in an effort to escape the unwelcome two billion dlr bid from Robert Maxwell's British Printing and Communication Corp . Such a move would have made Harcourt too big for BPCC to take it over, analysts added. They also said there was some speculation that if BPCC's bid for Harcourt was unsuccessful, it could turn its attention to Reed.

Tektronix Inc said it began its previously announced Dutch Auction cash tender offer for up to 10 mln of its own common shares. Under the terms of the offer the company will select a single cash purchase price for the stock, based on the number of shares tendered, not to exceed 40 dlrs per share or be lower than 35 dlrs per share, Tektronix said. The company also said it does not intend to spend more than 380 mln dlrs for the shares tendered. It further stated that the tender offer expires on July eight, unless extended.

A U.S. government trade official responsible for coffee policy said prospects for an accord on coffee quotas are still uncertain despite recent Colombian efforts to bridge differences between producers and consumers. Jon Rosenbaum, an assistant U.S. trade representative just back from trade talks in Colombia, said most producing countries now accept some sort of standardized criteria must be agreed to reintroduce coffee quotas. "There is one country which evidently still does not," Rosenbaum said in an obvious reference to Brazil, which has been negative recently on a reintroduction of quotas. Rosenbaum said because of the stance of Brazil the outlook for an agreement to reintroduce coffee quotas at the September International Coffee Organization meeting is hard to predict. He said that during the visit to Bogota he held technical discussions with Colombian officials. While he did not meet with Jorge Cardenas, head of the Colombian coffee producers federation, who was in Europe, Cardenas left a "positive letter," Rosenbaum said. The Cardenas letter responded to a U.S. letter last month which praised Colombia for trying to find a compromise formula for the reintroduction of quotas, but outlined several concerns with the technical details of the Colombian plan. Rosenbaum could not be reached later in the day for comment on a new formula for calculating ICO quotas agreed to by European coffee roasters and traders. Dutch coffee trade association chairman Frits van Horick said in Amsterdam the new formula is based on six year moving averages and would give Brazil an unchanged export quota for the remaining to years of the current coffee agreement. The U.S. has said it will not agree to any coffee quotas unless "objective criteria" which reflect recent changes in the coffee market are used to set export limits.

Italy's Foreign Trade Minister Mario Sarcinelli, commenting on speculation in the Italian press, said a sharp balance of payments deficit in May could not be attributed to recent moves liberalizing the purchase of foreign securities. Sarcinelli was reacting to suggestions that last month's overall 3,211 billion lire deficit, which compares with April's 2,040 billion surplus, could be linked to a May 13 decree abolishing obligatory non-interest-bearing deposits on foreign securities purchases. "The deficit can be better attributed to premature and delayed foreign trade payments and receipts (leads and lags) rather than capital outflow to portfolio investment," Sarcinelli said in a statement. Earlier today the newspaper La Repubblica cited remarks by the Bank of Italy, which announced the deficit for May and said it had been partly caused by "non-banking capital outflows." "In practice, it seems that there has been a constant flow of capital to foreign securities or investments outside our borders," said the newspaper. But the newspaper added that it was still not possible to say how far the move to abolish foreign securities purchase deposits had affected Italy's balance of payments.

A group of companies including Chicago-based Coronet Insurance Co and Sunstates Corp, a Jacksonville., Fla., real estate firm, said it raised its stake in Tandy Brands Inc to 175,900 shares, or 6.9 pct of the total. In a filing with the Securities and Exchange Commission, the group said it bought 43,600 Tandy common shares between May 21 and June 9 for 633,333 dlrs in addition to the 132,300 shares, or 5.2 pct, it had held previously.

Privately-held Joe Franklin Productions Inc said it entered into a preliminary agreement to merge with Assets Development Corp, a public company. Terms were not disclosed. The companies said they expected the merged group to qualify for listing on NASDAQ.

venezuela may turn to the international monetary fund for credits as part of the country's overall effort to reestablish financial flows from abroad, finance minister manuel azpurua said today. "this is no secret. It's just one of the steps the executive has begun taking to reestablish financial flows to the country," azpurua told reporters at the finance ministry. He did not specify what types of loans venezuela would seek from the fund or the amounts involved. A technical team from the imf is currently in caracas gathering data for its annual report on the venezuelan economy, the finance minstry said. Members of the mission met today with officials from the ministry's public finance department. Venezuela is one of the few latin american debtors which has not drawn standby or extended fund facilty loans from the imf since the region's financial crisis began in 1982. The country has an imf quota of 1.371 mln sdr's (1.75 billion dollars), according to the fund's 1986 report.

Brazil's coffee exports could amount to 19 mln bags this year, because of the excellent crop estimate of 35.2 mln bags, an IBC spokesman said. He said exports could surpass the average annual 18 mln bags mark, especially if the final harvest to be conducted in October and November confirms the crop at over 35 mln bags. He said the average limit of errors for the official crop harvest could be set at five pct above or below the first estimates officially published today. He said the IBC agreed with a request by producers for the Institute to ask the government for a monthly indexation of the guarantee minimum price.

The World Bank is prepared to play a more aggressive role in promoting Third World development and easing the debt crisis, bank president Barber Conable said. "We must be realistic about the immediate prospects for an expansion in voluntary commercial bank lending, with the World Bank playing an even more vigorous role in the debt crisis," Conable said in an interview with Newsweek magazine. Conable said the bank must step in to help relieve the debt crisis, which has prompted a number of U.S. Commercial banks to write off a portion of their Third World loans. "Our plans include initiatives on the debt front, as well as greater emphasis on debt-equity swaps and the promotion of private investment in Third World countries through our affiliate, the International Finance Corporation," Conable said. "The bank is primarily a development institution, not a debt-management agency. But debt must be managed effectively or it hampers development." Conable defended his reorganisation plan for the bank, which he said was aimed at improving efficiency and limiting bureaucracy. He added environmental considerations would play a larger role in the evaluation of proposed projects.

Ivory Coast rainfall this season has been less than in previous years, but 1986/87 cocoa and coffee production has not suffered, the official Ivorian daily Fraternite Matin reported. The newspaper did not speculate on whether recent dry conditions seriously threatened the main 1987/88 cocoa crop. Trade sources said the weather up to now could be irrelevant if there is good rainfall in coming weeks. Precipitation during the present campaign has been lowest in northern savannah regions, where the cotton crop has especially benefitted from the dry weather, Fraternite Matin said. Agriculture Minister Denis Bra Kanon said earlier this month 1986/87 cotton output would be a record 213,506 tonnes, compared with 190,000 tonnes in 1985/86. Fraternite Matin said the mainstays of Ivorian agriculture had been little affected by the dry weather. Coffee does not need very much water to survive and only old cocoa plants have been affected in some regions, it added. London-based dealer Gill and Duffus recently forecast 1986/87 Ivory Coast cocoa output at a record 590,000 tonnes, which compares with 585,000 estimated for 1985/86. It described early development of the new main crop as patchy. The U.S. Agriculture Department (USDA) earlier this year forecast a drop in 1986/87 coffee production in the Ivory Coast due to drought in the western part of the country. It estimated the crop at 3.84 mln bags compared with the previous year's 4.33 mln bag harvest. Ivorian officials have only described this year's coffee crop as "normal."

Year to March 31, 1987 Share 106 rupees vs 130 Pre-tax profit 995.2 mln rupees vs 1.57 billion Net profit 875.2 mln vs 1.07 billion Sales 14.16 billion vs 12.85 billion Dividend 25 pct vs same Tax 120 mln vs 500 mln Note - Full company name is Tata Iron and Steel Co Ltd . Dividend is payable to shareholders on Aug 12.

The European Community's annual inflation rate fell marginally to 3.2 pct in May from 3.3 pct in April, the EC's statistics office Eurostat said. Prices in the 12-nation bloc rose 0.2 pct in May after 0.6 pct in April. But the annual rate stayed below that of the U.S. For the second month in succession, following the release of figures showing U.S. Inflation of 3.8 pct in both April and May. However, Eurostat said the EC was still beaten by Japan, where prices were provisionally 0.1 pct lower in May than a year earlier.

Utilicorp United Inc said its UtilCo Group subsidiary completed the purchase of a 38 pct interest in Westwood Energy Properties Limited Partnership for about 10 mln dlrs. The company said the partership is building and will operate a 30-megawatt electric generation facility in Schuykill County, Penn., scheduled to begin commercial operation in July. It said the 38 pct interest was sold by Westwood Funding Corp, a wholly-owned subsidiary of Combustion Engineering Inc . Westwood Funding retains an interest in the partership and serves as a general partner, it said.

The Reserve Bank of India, RBI, announced new rules to allow exporters of 25 products to use foreign exchange up to 10 pct of their firm's total annual export earnings for export promotion abroad. The move is designed by the government to improve India's trade deficit. Products eligible for the new Blanket Exchange Permit Scheme include tea bags, cigarettes, coffee, leather, various textiles, chemicals, pharmaceuticals, plastics, engineering and electronic goods, ready-made garments, processed food, sports goods, fabricated mica and consultancy services. The scheme replaces current rules which allow different amounts of foreign exchange to be used only when firms attain a minimum annual turnover prescribed for each product. RBI said under the new rule, 16 other products will qualify, on a discretionary basis, for overseas promotional spending of not more than two pct of the freight-on-board value of annual export earnings. These include oil cakes, cereals, raw cotton, raw and semi-processed leather, gems, castor and sandalwood oil, psyllium husks and seeds, opium and various mineral ores. RBI said exporters of products not covered by either of the two groups will be eligible to use up to five pct of their freight-on-board value of their annual export earnings. Industry sources said the new entitlements, considerably higher than the previous limits, are also more flexible because holders of new permits no longer need to frequently apply to RBI for release of foreign exchange for export purposes.

Federal Resources Corp said it has acquired the capital stock and related real estate assets of , a regional consumer electronics specialty retailer. Terms of the acquisition were not disclosed. New Generation has annual sales volume of about 30 mln dlrs, Federal Resources said. Federal Resources said it will search for additional acquisitions including, but not limited to, specialty retailers.

Enetertainment Marketing Inc and its president Elias Zinn have demanded a list of Crazy Eddie Inc shareholders from the company and said they may pursue a merger of the Edison, N.J. electronics retailer. In a filing with the Securities and Exchange Commission, Zinn said the demand for the shareholder list was made on June 26 because he may desire to communicate with other Crazy Eddie shareholders "regarding the affairs" of the company. Zinn and his firm, which disclosed they hold a 5.1 pct stake in Crazy Eddie common stock, said they may acquire more shares through a negotiated merger or tender offer. Entertainment Marketing was informed on June 25 by Shearson Lehman Brothers Inc., acting on behalf of Crazy Eddie, that it would be provided with "certain information" about Crazy Eddie, it told the SEC. Entertainment Marketing, a Houston-based firm involved in electronics wholesaling and televised home shopping sales, proposed an eight dlr a share merger acquisition of Crazy Eddie on May 29, and modified the proposal on June 9 to include the possible participation of Crazy Eddie management. Entertainment Marketing told the SEC it expects to meet with Crazy Eddie representatives in the near future. Entertainment Marketing also disclosed that it retained Drexel Burnham Lambert Inc as its financial advisor and investment banker. In light of a June 17 announcement from Crazy Eddie that Chemical Bank would no longer fund a 52 mln dlr credit facility with the company, plus further declines in the price of its stock, Entertainment Marketing and Zinn said they are "continuing to evaluate their alternatives with respect to their investment" in Crazy Eddie stock. Depending on its evaluation of the company, including actions by Crazy Eddie's board and any possible third party bids for the company, Entertainment Marketing and its president said they may hold their present stake in the company, sell some of their shares, or purchase more shares on the open market, through private purchases or in connection with a merger or tender offer. According to the SEC filing, Entertainment Marketing and Zinn bought their current holdings of 1,560,000 Crazy Eddie common shares between May 20 and June 17 at 7.42 dlrs to 7.93 dlrs a share, or a total of about 11.9 mln dlrs.

May 31 end Shr 27 cts vs 14 cts Net 5,664,000 vs 2,812,000 Revs 68.2 mln vs 54.7 mln Avg shrs 21,254,054 vs 20,167,714 NOTE: First quarter report

Consumer countries should not intervene in the distribution of coffee export quotas, Brazilian Coffee Institute president Jorio Dauster said. "Distribution of export quotas should be in the hands of producers as has been traditional," Dauster, a delegate at the recent coffee symposium here, told journalists. "When consumers want to get involved, talks are much more difficult." The main consumer country the United States and main producer Brazil failed to reach agreement on quota distribution when the International Coffee Organisation (ICO) met in February. Dauster said Brazil's role when the ICO meets in London in September will be to support the world coffee pact, defend its market share and argue for distribution of quotas to be in the hands of producer countries. "We have sacrificed a great deal already," he said. "this year we have a crop of 35 mln bags, we have economic problems and we are not in a position to do favours."

Gunnar Gold Inc said it and Mill City Gold Inc signed an option and joint venture agreement with Tyranex Gold Inc on the Tyranite gold property in Ontario. Gunnar said it and Mill City can earn a 50 pct interest in Tyranex's option to buy the Tyranite gold mine by spending up to five mln dlrs on exploration, development, and feasibility studies by 1990. It said the companies may form a joint venture partnership to bring the mine to full commercial production.

Lomas and Nettleton Financial Corp said its shareholders approved at a special meeting the company's acquisition of Equitable Life Leasing Corp for 263.3 mln dlrs. Equitable Life Leasing Corp is a subsidiary of Equitable Investment Corp, which is owned by the Equitable Life Assurance Co of U.S. Lomas said the acquistion price will consist of one mln in cash, 1.5 mln shares of the company's common stock, 71,000 shares of a new series C preferred stock, and 8.944 mln dlrs principal amount of nine pct senior notes due 1994. The company added that the acquisition will close June 30.

The World Bank said it has extended loans totalling 241 mln dlrs to Niger and Zaire to help support economic reforms through structural adjustment programs. The loans have been made through the International Development Association (IDA), the bank's concessionary lending arm, and the African Facility, a three-year IDA-administered fund that supports economic policy reforms in sub-Saharan Africa, the bank said. Zaire's structural adjustment program, supported by a 67 mln dlr IDA loan and a 94 mln dlr African Facility loan, hopes to lay the basis for sustained economic growth, the bank said. Included in the program's goals are strengthening private sector incentives, aiding macroeconomic management, and unspecified changes in transportion and agricultural policies, the bank said. Niger's structural adjustment program, supported by a 60 mln dlr IDA loan and a 20 mln dlr African Facility loan, hopes to aid public spending controls, support pricing reforms, and encourage private sector competition, the bank said.

Qtr ended April 30 Shr profit one ct vs loss three cts Net profit 146,000 vs loss 203,000 Revs 2,001,000 vs 1,493,000 Year Shr profit four cts vs loss 13 cts Net profit 445,000 vs loss 827,000 Revs 7,135,000 vs 5,237,000 NOTE: Full name is Precision Target Marketing Inc. Latest year and quarter includes extraordinary gains of 214,000 dlrs, or three cts a share, and 85,000 dlrs, or one ct a share.

Pakistani government allowed freer cotton and rice export in a three-year new trade policy aimed at narrowing the country's yawning trade gap. Commerce and Planning Minister Mahbubul Haq said in a televised speech the government had also decided to allow duty-free import of cotton yarn to make the textile industry more competitive, and to link bulk tea imports to the export of Pakistani products. Cotton and rice are Pakistan's main exports, which have been handled exclusively by state corporations since early 1970s. But Haq said now the private sector would also export cotton and rice along with the corporations, which meets a long-standing demand of the local traders. The duty-free import of cotton yarn has been allowed to bring down prices and help the local ancillary industries compete effectively in the world market, he said. Haq said the new policy, effective from the fiscal year 1987/88 beginning on July 1, would be for three years but reviewed every year. It was a departure from the previous practice of announcing trade policies for a single fiscal year, and Haq said it would enable the businessmen to plan their market strategies over a longer period. He said an export credit of 250 mln dlrs had been provided for the export of engineering goods to selected third world countries on soft credit terms. Pakistan's 1986/87 exports at 3.6 billion dlrs, 18.2 per cent more than in the previous year, and imports at 5.23 billion dlrs compared to 5.63 billion dlrs in 1985/86. He said the government policy was to rationalise and streamline import controls. "It has been observed that due to restrictions on imports, specially on raw materials and intermediate goods, local industry has been suffering for want of necessary inputs," he said. "Prices have been on the increase and quality of goods produced has been low. This restrictive policy also gave rise to smuggling and hampering of exports." He said that to correct this situation, 136 items had freed from import restrictions. Previously, Pakistan has met its trade gap largely from remittances from its nationals working abroad, mainly in the Gulf. However, the remittances have begun to fall after the drop in oil prices in recent years leading to the spectre of a balance of payments crisis for Pakistan.

Japan said it understood why the U.S. Attacked an Iranian oil platform on Monday. "Japan, deeply concerned over the increasing threat to the ships navigating in the Gulf, understands the circumstances that have led the United States government to take these measures," the Foreign Ministry said in a statement. The statement added that the threat to free and safe navigation had increased after the missile attack on a U.S.-flagged tanker in Kuwaiti territorial waters last Friday.

West German Finance Minister Gerhard Stoltenberg said the Louvre accord was vital to West Germany. Stoltenberg told a news conference "Given West Germany's unusually high dependence on world trade and exports, it is vital for West Germany ... To continue its constructive contribution to trusting (international) cooperation on the basis of the Louvre accord." Some monetary analysts have speculated that inflation-conscious Bundesbank vice president Helmut Schlesinger may have been leading the central bank to a course of tighter monetary policy. Stoltenberg is due to attend a routine Bundesbank meeting on Thursday in West Berlin. He declined to forecast what, if any, policy decisions the Bundesbank might take.

Shr 60 cts vs 48 cts Net 35.0 mln vs 27.8 mln Revs 147.2 mln vs 131.6 mln Nine mths Shr 1.67 dlrs vs 1.38 dlrs Net 97.3 mln vs 77.9 mln Revs 422.4 mln vs 385.5 mln Avg shrs 58.4 mln vs 56.5 mln

A voluntary compliance system for monitoring U.S. coffee imports under quotas is viewed skeptically by many in the coffee industry, said analysts and trade sources. "Many sectors of the trade, including large roasters and importers, are adamant against voluntary compliance because of the past, which was subject to tremendous irregularities as it became a matter of the trade monitoring each other," one analyst said. On Monday, a National Coffee Association newsletter said the Office of U.S. Trade Representative will implement a voluntary compliance system temporarily because legislation to monitor imports is tied up in the Congressional trade bill. Under the arrangement, milar to one in 1980, coffee importers would voluntarily present needed documents to the U.S. government until Congress approves the monitoring authority, but if coffee arrives without valid certification, it will still be allowed entry. While many believe producers will not seek to add to the overburdened stock situation in the U.S., others believe some will ship outside of the quota requirements in lieu of monitoring controls, trade sources said. "Last time, there was a lot of false information submitted to customs which resulted in a lot of indictments and fines," a U.S. Customs spokesman said. "Customs can do a good job when given the tools, but when its hands are tied, it doesn't have the authority to demand Form O (documents tracking merchandise from source to destination)," he said. Many see it as a true test of whether producers and importers will abide by the quota system. "It is a key to seeing whether there are any teeth in the quota agreement," said one major U.S. roaster. "Last time we had a gentleman's agreement, the trade did not act as a gentleman," said another analyst adding, "without the need to submit documents, the ball will be in the producers' hands." Some feel that importers will take advantage of the voluntary compliance due to development of a two-tier market, in which non-member countries buy coffee at a big discount. Many fear that dealers will buy coffee destined for non-member countries at discounts and then bring it into the U.S. falsely labelled. According to customs officials, several green coffee importers confessed in 1985 that they had imported coffee fraudulently after buying it for non-member destinations, forging landing certificates and then relabelling it as navy beans. "If there's that much of a discrepancy between prices for one country and another, producers may be teted to get rid of their stocks of coffee by selling to non-member nations and by circumventing the quota provisions," said Paine Webber analyst Bernie Savaiko. Still, others believe that producers will not be hard pressed to aggravate the overburdened coffee stock situation in the U.S. in the near term. "It would be naive to suggest that any agreement would not have some share of connivance, but I think the voluntary system seemed to suffice and, coupled with the fact that we have so much coffee, I don't think that it poses that much of a threat," one trader said.

Shr 37 cts vs 42 cts Net 26.6 mln vs 30.0 mln Sales 805.4 mln vs 690.6 mln Avg shrs 70.6 mln vs 71.0 mln Nine mths Shr 1.23 dlrs vs 1.23 dlrs Net 86.8 mln vs 88.5 mln Sales 2.30 billion vs 2.01 billion Avg shrs 70.3 mln vs 72.2 mln

Shr 28 cts vs 14 cts Net 3,110,000 vs 1,286,000 Sales 112.7 mln vs 93.8 mln Avg shrs 11.2 mln vs 9.1 mln Nine Mths Shr 58 cts vs 15 cts Net 6,377,000 vs 1,332,000 Sales 307.8 mln vs 233.8 mln Avg shrs 10.9 mln vs 9.1 mln NOTE: Effective September 25, 1987, Primerica Corp owned 81.4 pct of Musicland's common shares.

Shr 95 cts vs 87 cts Net 51.6 mln vs 47.3 mln Revs 1.39 billion vs 1.26 billion Nine mths Shr 2.27 dlrs vs 1.93 dlrs Net 123.5 mln vs 104.6 mln Revs 3.92 billion vs 3.53 billion

ended sept 30 Shr 22 cts vs 18 cts Net 4,127,000 vs 3,177,000 Sales 70.2 mln vs 48.6 mln NOTE: Share adjusted for July 1987 two-for-one stock split.

Shr 1.46 dlrs vs 1.41 dlrs Net 277.5 mln vs 268.3 mln dlrs Revs 2.13 billion vs 2.14 billion Nine Mths Shr 3.95 dlrs vs 3.78 dlrs Net 750.5 mln vs 718.4 mln Revs 6.28 billion vs 6.22 billion

Shr 44 cts vs 1.23 dlrs Net 2,889,010 vs 8,105,462 Sales 105.8 mln vs 119.6 mln

Sri Lanka has postponed until November its tender for 75,000 tonnes of wheat under the export bonus program, originally scheduled for today, U.S. exporters said.

Shr 14 cts vs 15 cts Net 867,000 vs 956,000 Revs 9,203,000 vs 5,304,000 Six mths Shr 18 cts vs 34 cts Net 1,111,000 vs 1,747,000 Revs 16.7 mln vs 10.4 mln NOTE: 1987 2nd qtr and six mths net includes 279,000 dlrs and 432,000 dlrs for tax credits. 1986 2nd qtr and six mths net includes 361,000 dlrs and 1,747,000 dlrs for tax credits.

Shr 35 cts vs 30 cts Net 3,997,000 vs 3,442,000 Nine mths Shr 1.04 dlrs vs not given Net 12.0 mln vs 8,161,000 NOTE: Company went public in July 1986. Net includes loan loss provisions of 500,000 dlrs vs 105,000 dlrs in quarter and 1,100,000 dlrs vs 105,000 dlrs in nine mths. Net includes pretax gains on sale of assets of 162,000 dlrs vs 400,000 dlrs in quarter and 877,000 dlrs vs 1,229,000 dlrs in nine mths.

Shr profit 23 cts vs profit 49 cts Net profit 24.1 mln vs profit 49.6 mln Revs 755.4 mln vs 708.3 mln Nine mths Shr loss 84 cts vs profit 1.53 dlrs Net loss 80.7 mln vs profit 152.3 mln Revs 1.19 billion vs 2.32 billion NOTE: Per shr reflects payment of preferred dividends. Results include loss of 7,435,000 or eight cts shr in prior nine mths from discontinued operations. Latest nine month results include one-time charge of 1.09 dlrs share relating to US Sprint. Revenues exclude those for US Sprint, a joint venture with GTE Corp .

Shr 70 cts vs 61 cts Net 200.2 mln vs 173.9 mln Sales 1.38 billion vs 1.26 billion Nine mths Shr 1.87 dlrs vs 1.54 dlrs Net 535.6 mln vs 437.8 mln Sales 4.04 billion vs 3.63 billion NOTE: Share adjusted for two-for-one stock split.

New York-based Bastian Technologies Corp said it acquired a five pct stake in Cosmo Communications Corp, and is considering a move to seek control of the company or to secure a role in its affairs. "Bastian Technologies believes that with the appropriate management policies and business strategies, the company can once again become profitable and maximize for all shareholders the underlying value of their company," Bastian said in a filing with the Securities and Exchange Commission. Bastian said alternatives being considered include an attempt to acquire Cosmo through a merger, tender or exchange offer, seeking to influence the company's management and policies, and seeking representation on Cosmo's board of directors through a proxy contest or otherwise. Bastian said it may contact third parties regarding its intentions toward Cosmo, adding it intends to request a meeting with Cosmo representatives to discuss its investment in Cosmo stock. Bastian currently holds 253,700 Cosmo common shares, or five pct of the total outstanding. The shares were purchased from Nasta International Inc on October 16 for about 1.15 mln dlrs, Bastia said.

Shr primary 1.79 dlrs vs 1.72 dlrs Shr diluted 1.39 dlrs vs 1.34 dlrs Net 12.1 mln vs 11.7 mln Nine mths Shr primary 5.56 dlrs vs 4.41 dlrs Shr diluted 4.30 dlrs vs 3.74 dlrs Net 37.3 mln vs 29.1 mln Assets 3.92 billion vs 3.83 billion Loans 3.05 billion vs 2.99 billion NOTE: 1987 qtr and nine mths includes gain 6,016,000 dlrs and 18.7 mln dlrs, respectively, from utilization of net operating loss carryforward. 1986 qtr and nine mths includes gain 6,233,000 dlrs and 15.5 mln dlrs, respectively, from utilization of net operating loss carryforward. Full name of company is american savings bank fsb of new york.

Iran's top war spokesman Ali Akbar Hashemi Rafsanjani on Tuesday called the U.S. Attacks on two of its Gulf oil platforms an escalation and promised retaliation. "God willing, we will carry out our duty in the coming days and make them sorry," said Rafsanjani in a speech to Parliament later broadcast by Tehran Radio. The Tehran leadership have been quick to threaten vengeance after the U.S. Raids on the rigs, one of which was destroyed. President Ali Khamenei, Prime Minister Mir-Hossein Mousavi and now Rafsanjani within 24 hours of the U.S. Action have all vowed retaliation. Rafsanjani, the parliamentary speaker, said, "It is not a threat or an attempt at intimidation when we say we will respond to aggression -- it is a reality and we have proved it in practice." He added that the American attack "squares neither with its superpower image nor its claim of concern with security, nor reason and wisdom." U.S. Warships shelled an Iranian offshore oil platform and American special forces boarded another, destroying equipment. The U.S. Government said the attack was a measured response to an Iranian missile attack on the American-flagged Kuwaiti tanker Sea Isle City in Kuwaiti waters last Friday.

French Finance Minister Edouard Balladur has been in contact with several Finance Ministers from the Group of Seven leading industrial countries, in particular West German Finance Minister Gerhard Stoltenberg, to discuss the crisis on world markets, Finance Ministry sources said. They did not say whether the contacts had led to concerted action on the markets or merely an exchange of views. But they added that French ministry officials were continuing the contacts to exchange views on market performance.

LASMO Exploration (Canada) Ltd, a subsidiary of London & Scottish Marine Oil Plc , is merging with , LASMO said. The merger is to be made by Onyx buying LASMO Exploration, in a share swap. A new company, LASMO Canada Inc, will be formed. LASMO will control 70 pct of the equity, worth some 76 mln Canadian dlrs based on the current Onyx share price. The new company will have proven reserves of 9.5 mln barrels of oil and 20.9 billion cubic feet of gas, LASMO said.

Shr 72 cts vs 74 cts Net 11.9 mln vs 11.9 mln Nine mths Shr 2.18 dlrs vs 2.18 dlrs Net 35.0 mln vs 34.6 mln Assets 4.6 billion vs 4.3 billlion Loans 3.1 billion vs 2.8 billion NOTE: 1986 3rd qtr includes securities after tax gain of 1,519,000 dlrs or 10 cts a share.

Shr profit seven cts vs profit 32 cts Net profit 154,398 vs profit 694,521 Revs 17.7 mln vs 19.5 mln Year Shr profit 86 cts vs loss 50 cts Net profit 1,862,986 vs loss 1,078,535 Revs 78.2 mln vs 81.4 mln NOTE: 1987 year results include extraordinary credit of 459,000 dlrs or 21 cts per shr due to utilization of tax loss carryforward. Fiscal 1987 nonrecurring income items totaled 4,322,342 vs 1,393,187 in 1986. Qtr 1987 includes 446,000 dlrs or 20 cts per shr extraordinary charge due to duction in utilization of tax loss carryforward. Nonrecurring income items totaled 2,564 in three mths 1987 vs 1,211,196 in three mths 1986. Nonrecurring income for year 1987 included pretax gain of 4,307,180 dlrs on sale of company's leasehold of Glen Oaks store on Dec 16, 1986. The company discontinued operations in that unit on Jan. 17, 1987. Nonrecurring income for three and 12 months 1986 included 575,000 for settlement of litigation and a gain of 618,719 dlrs on surrender of leaseholds. The 12 month period also included refund of prior year's real estate tadxes of 136,964.

Shr 65 cts vs 47 cts Net 17.7 mln vs 11.9 mln Revs 131.9 mln vs 128.4 mln Nine mths Shr 1.77 dlrs vs 1.02 dlrs Net 49.0 mln vs 27.0 mln Revs 341.7 mln vs 269.5 mln

Shr 40 cts vs 75 cts Qtly div 15-1/2 cts vs 15-1/2 cts prior Net 11.7 mln vs 21.4 mln Revs 447.5 mln vs 445.2 mln Nine mths Shr 1.04 dlrs vs 1.99 dlrs Net 29.9 mln vs 56.8 mln Revs 1.30 billion vs 1.28 billion NOTE: Full name is Yellow Freight System Inc. Dividend is payable November 23, record November 9.

Shr 32 cts vs 26 cts Net 722,000 vs 597,000 Nine mths Shr 92 cts vs 69 cts Net 2,100,000 vs 1,500,000 NOTE: full name of company is florida employers insurance co.

The Brazilian Coffee Institute (IBC) has given shippers until close of business on Thursday to submit details of past export performance in order that individual quotas can be allocated, an IBC spokesman said. He told Reuters IBC President Jorio Dauster has confirmed acceptance of National Coffee Policy Council (CNPC) proposals to establish individual export quotas based 65 pct on export performance, 25 pct on stocks and 10 pct by auction. Shippers can choose their best period of 12 consecutive months between April 1, 1985, and September 30, 1987, to be used for calculating the export performace portion. The IBC will total all the figures, calculate each shippers participation and use this as a basis for allocation of individual quotas, the IBC spokesman said. He said the IBC has already settled with the Sao Paulo Mercantile Exchange how the auction system will operate. Shippers can bid a premium over the contribution quota payable on coffee exports and the succesful bidder will add this premium to the contribution quota when he submits his export sales declaration form. Auctions will not start until after the opening of export registrations. The spokesman could not say when this might be but trade sources said an announcement could come at the end of the week, opening registraions from Monday. A meeting has been set for tomorrow in Brasilia of the CNPC's export marketing committee to establish a system for allocating the 25 pct of export quotas based on stock levels, the spokesman added. A system of individual export quotas is being reestablished in Brazil - a previous system was abandoned in 1985 - to ensure shipments are kept in line with the country's ICO quota.

Period ended September 26 Shr 28 cts vs 14 cts Net 3,300,000 vs 1,300,000 Sales 24.7 mln vs 11.2 mln Avg shrs 11,871,751 vs 9,398,952 Nine mths Shr 76 cts vs 35 cts Net 9,000,000 vs 3,200,000 Sales 69.3 mln vs 32.0 mln Avg shrs 11,833,883 vs 9,059,692

Oper shr 71 cts vs 78 cts Oper net 42.9 mln vs 46.6 mln Revs 294.0 mln vs 274.9 mln Avg shrs 55.5 mln vs 54.0 mln Nine mths Oper shr 2.88 dlrs vs 3.07 dlrs Oper net 169.2 mln vs 181.5 mln Revs 993.4 mln vs 961.4 mln Avg shrs 55.2 mln vs 54.0 mln 12 mths Oper shr 3.67 dlrs vs 3.76 dlrs Oper net 216.2 mln vs 224.4 mln Revs 1.31 billion vs 1.26 billion Avg shrs 54.9 mln vs 53.9 mln NOTE: 1987 nine month and 12 month operating net excludes charges of 269 mln dlrs and 25 mln dlrs reflecting disallowed costs of utility's 18 pct share of Nine Mile Point Number two nuclear power plant and the abandoned Jamesport nuclear project, respectively. The charges resulted in nine month share loss of 2.44 dlrs and 12 month share loss of 1.68 dlrs.

Shr profit 3.64 dlrs vs profit 1.64 dlrs Net profit 541 mln vs profit 247 mln Nine mths Shr loss 13.30 dlrs vs profit 5.11 dlrs Net loss 1.78 billion vs profit 752 mln NOTE: Net in nine mths 1987 vs 1986 includes provision for possible credit losses of 4.19 billion vs 1.32 billion. Net in qtr 1987 vs 1986 includes provision for possible crit losses of 320 mln vs 431 mln. Assets 200 billion vs 186 billion Loans 129.3 billion vs 122.3 billion Deposits 118.1 billion vs 111.0 billion 3rd qtr 1987 reflects previously announced aftertax gain of 163 mln from recognition of pension plan over funding and 139 mln of tax benefits from the three billion provision. Net write offs in qtr 1987 vs 1986 totaled 338 mln vs 342 mln and in year to date 1987 vs 1986 of 1.06 billion vs 988 mln.

Shr four cts vs 36 cts Net 254,000 vs 2,063,000 Revs 130.0 mln vs 107.8 mln Nine mths Shr 23 cts vs 1.16 dlrs Net 1,336,000 vs 6,659,000 Revs 370.9 mln vs 313.7 mln

Commerce Undersecretary J. Michael Farren opposed language in the trade bill before Congress to limit foreign takeovers of U.S. companies. "Anything that would serve to have a chilling effect on foreign investment is going to cost us jobs and economic growth," Farren said before a congressional coittee. House and Senate negotiators are ironing out differences in trade bills passed by both chambers. Once the negotiators reach agreement, the bill will be sent to President Reagan for his signature.

The International Coffee Organization (ICO) Executive Board is to hold a meeting on November 3/4, its first since export quotas were re-introduced early this month. An ICO spokesman said the session, for the first time under the chairmanship of Bruno Caron of France, will review the market situation and the operation of quotas. On November 5 the six exporters making up the ICO Board of Management of the Promotion Fund will review its program for the 1987/88 year (Oct/Sept) and items left over from 1986/87. On November 2 a six nation working group will consider stock verification in Papua New Guinea.

Shr 30 cts vs 10 cts Net 560,000 vs 177,000 Revs 9,700,000 vs 7,700,000 Avg shrs 1,877,203 vs 1,839,752 Nine mths Shr 80 cts vs 28 cts Net 1,480,000 vs 524,000 Revs 28.3 mln vs 22.8 mln Avg shrs 1,854,478 vs 1,899,769

Qtr ended Sept 30 Shr 40 cts vs 20 cts Net 797,000 vs 403,000 Sales 30.8 mln vs 27.3 mln

Shr 17 cts vs 16 cts Net 1,315,000 vs 1,161,000 Revs 43.2 mln vs 36.5 mln Avg shrs 7,916,000 vs 7,490,000 Nine mths Shr 50 cts vs 51 cts Net 3,899,000 vs 3,821,000 Revs 123.7 mln 104.6 mln Avg shrs 7,808,000 vs 7,491,000

Shr 14 cts vs 14 cts Net 213,000 vs 210,000 Revs 229 mln vs 229 mln Nine months Shr 42 cts vs 42 cts Net 630,000 vs 628,000 Revs 689,000 vs 689,000 NOTE: Full name Pittsburgh and West Virginia Railroad.

Oper shr 40 cts vs 47 cts Oper net 2,292,000 vs 2,688,000 Sales 81.9 mln vs 78.9 mln Nine mths Oper shr 1.20 dlrs vs 1.40 dlrs Oper net 6,842,000 vs 7,978,000 Sales 244.7 mln vs 234.2 mln NOTE: 1986 net both periods excludes 2,223,000 dlr special charge.

Shr loss 39 cts vs loss 4.83 dlrs Net 16.3 mln vs loss 223.0 mln Revs 47.4 mln vs 30.7 mln Nine mths Shr loss 3.37 dlrs vs loss 7.30 dlrs Net loss 151.6 mln vs loss 340.3 mln Revs 118.9 mln vs 161.8 ml NOTE: 1987 qtr includes loss 1,500,000 dlrs for mobilization costs associated with two offshore drilling rigs. 1986 qtr includes charge 187 mln dlrs for write-down of oilfield services equipment and offshore drilling rigs.

Shr 50 cts vs 47 cts Net 2,646,000 vs 2,611,000 Sale 41.4 mln vs 38.7 mln Nine mths Shr 1.13 dlrs vs 1.04 dlrs Net 6,038,000 vs 5,545,000 Sales 117.2 mln vs 108.4 mln

Spanish farm minister Carlos Romero, speaking at a meeting of EC farm ministers, called for action to help the Spanish maize market, Spanish diplomatic sources said. Spain is threatened with massive imports from third countries by the end of the year, they said. They said the imports are due to come in as a result of the accord by which the EC has promised the United States it will import two mln tonnes of maize and 300,000 tonnes of sorghum into Spain from third countries this year. Around a sixth of this tonnage has so far come in under a reduced levy system and the EC cereals management committee may decide this week to authorise the Spanish intervention board to make direct purchases. The sources said Romero urged that other EC countries should take some of the imports to prevent disturbance of the Spanish market. They said he threatened to withhold support for the EC Commission plan for new limits on farm output which if breached would mean price cuts unless Spain received some help. The sources said no direct reply was given to Romero at the meeting.

Shr 44 cts vs 33 cts Net 1,026,000 vs 769,000 Nine mths Shr 1.30 dlrs vs 1.06 dlrs Net 3,035,000 vs 2,472,000

The American Stock Exchange said, as previously reported, that Bear Stearns and Co has purchased , a specialist unit on the Amex trading floor. Amex said the unit, which trades stocks and options is small in comparison to other specialist units. The personel and operations remain the same, the exchange added. The price was not disclosed. A specialist unit is authorized by a stock exchange to deal as an agent for other brokers to keep a stable market in one or more particular stocks.

Period ended September 30 Shr profit one ct vs loss three cts Net profit 65,000 vs 292,000 Sales 18.1 mln vs 16.7 mln

Sphinx Mining Inc said leased mining claims in Alaska could produce revenues between 322 mln dlrs and 966 mln dlrs from gold reserves. The range of the value of the reserves is attributed to the wide range of grade estimates of the ore, the company said. A 1984 feasibility study put the grade at 0.008 ounces per cubic yard, while subsequent exploration work proved that areas of higher-grade gravel of up to 0.027 ounces/yard do exist, Sphinx said. The claims are located 80 miles northwest of Fairbanks.

The Chase Manhattan Bank, a unit of The Chase Manhattan Corp , said it acquired a portfolio of about 190,000 consumer revolving credit accounts from Atlantic Financial Federal valued at 370 mln dlrs. The company said the acquisition makes Chase the second largest issuer of credit card and other unsecured consumer credit loans. Outstandings now exceed 5.6 billion dlrs, the company said. The company said the portfolio, accessed by checks, is similar to Chase's Advantage Credit product.

The State Department says many U.S. diplomatic missions overseas are on high alert for possible retaliation from Iran for Monday's attack on two Iranian oil platforms by American forces in the Gulf. At the same time, the Pentagon announced on Tuesday that U.S. forces have begun escorting another Kuwaiti tanker convoy southward through the Gulf from Kuwait. The State Department renewed its warning to Americans not to travel to Iran because of what spokeswoman Phyllis Oakley called, "its virulent anti-American policies and support for terrorism." "The threat to Americans has increased significantly," she said in announcing that the department was reiterating advice it last made in January. The department said about 2,600 American citizens live in Iran, the overwhelming majority dual nationalities. Oakley said no specific warning has been issued to U.S. diplomats and Americans living abroad in the aftermath of the U.S. attack on the oil drilling platforms, but "many of our missions are on a high state of alert."

As official Washington sought to restore investor confidence after Monday's Wall Street collapse, Treasury Secretary James Baker came under fire from critics who claimed he helped to precipitate the crisis. Baker's weekend blast at the West German Bundesbank for boosting interest rates seemed to signal an unraveling of an international accord to stabilize currency values. Nigel Lawson, British Chancellor of the Exchequer, was among those who said the treasury secretary's statements helped spur a wave of stock sales by making already jittery investors think that a clash between the two major economic powers would damage the world economy. Lawson told a London television interviewer Tuesday, "I think the scale of the (stock) fall was very great. That, I think, was partly due to statements that have been made by senior figures on the other side of the Atlantic." It was a dispute that should never have happened, he added. Although Baker appeared to patch over the rift at a hastily-called meeting with West German officials Monday, he still faced a storm of criticism on his return to the United States on Tuesday. Baker cut short a long-planned trip to Scandinavia to return here to deal with the economic crisis. Said one U.S. analyst of Baker's weekend remarks, "His timing could not have been worse." One government bond salesman in New York said, "He actually thought that yelling at the Germans, and threatening to smack the dollar down would work. That doesn't show much understanding of international monetary gamesmanship." However, some analysts said West Germany's stubborn march toward higher interest rates may have forced Baker's hand. "On the surface Baker may look responsible for this, but if you go back to see what caused it (unsettling of financial markets), it was West German policy," said Robert Brusca of Nikko Securities International in New York. "All Mr. Baker did was to mention the obvious in public, so making him responsible for it was a little like killing the messenger," he said. After Monday's talks, the U.S. and West German governments made it clear that the Louvre currency accord, pieced together in Paris in February, was still in effect. Wall Street feared that collapse of the agreement might be a prelude to hyper-inflation and economic malaise similar to the late 1970s. Analysts believe Monday's Wall Street crash wiped out about 500 billion dlrs in stock values. Treasury sources said that Baker, already unhappy about Bonn's refusal to stimulate its economy in order to keep the global recovery moving, was angered by a Bundesbank interest rate boost that seemed destined to do just the opposite. He felt that the U.S. recovery, inching along in its 59th month, could no longer be the only engine of global economic expansion. A growing U.S. economy has been serving as a huge market for debtor country exports. Moreover, Baker, the consummate politician, was worried that the Republican party might face next year's presidential election with its main showpiece -- a vibrant economy -- badly tarnished. A rise in global interest rates might worsen the debt crisis and completely choke off U.S. economic growth that has already slowed to a tepid 3.2 pct annual rate. "There's no doubt that it can have an adverse effect on the economy, and it's important that the psychology turn around quickly, or else obviously the panic will feed on itself, and eventually there'll be a serious price to pay economically," former deputy Treasury Secretary Richard Darman said in a television interview. In many ways, the official response was mild. Washington was stunned by the sudden Wall Street retreat, with President Reagan speaking for most people by admitting that he was "puzzled." U.S. government sources said the secretary immediately returned to the Treasury to be briefed on market developments and, presumably, their political impact. For all of this, it seems unlikely that Baker's status in Washington will diminish because of the market fall. Asked by reporters if somebody's head should roll because of the Wall Street retreat, Texas Democratic Senator Lloyd Bentsen said with some irony, "Oh, I think it's much too late to be doing that...You have an administration that's taken the attitude that we can put the country on automatic pilot and --- retire to the living room to take a nap. You just can't do that."

Shr profit seven cts vs loss 24 cts Net profit 650,000 vs loss 2,327,000 Revs 34.3 mln vs 37.0 mln Nine mths Shr profit 38 cts vs profit 67 cts Net profit 3,673,000 vs profit 6,474,000 Revs 108.4 mln vs 110.0 mln NOTE: 1987 qtr and nine mths includes gain 5,360,000 dlrs, or 55 cts per share, and 6,339,000 dlrs, or 65 cts per share, respectively, from realized gains on investments. 1986 qtr and nine mths includes gain 105,000 dlrs, or one cent per share, and 342,000 dlrs, or three cts per share, respectively, from realized gains on investments. 1986 qtr and nine mths includes charge 4,860,000, or 50 cts per share from strengthening reserve for casualty claims.

Dart Group Corp affiliate Madison Partners said that given current market conditions it has dropped its takeover bid for Dayton Hudson Corp. The company said it sold 1.4 mln of its 4.6 mln shares of Dayton Hudson stock. It said it intends to sell the rest of its Dayton Hudson shares. At current market levels, it would suffer a 70 mln dlr aftertax loss on its holding, a spokesman said. Dart said it will not solicit authorization to call a meeting of Dayton Hudson shareholders. Dart had offered to buy Dayton Hudson for 68 dlrs per share, valuing the Minneapolis based retailer at 6.6 billion dlrs. That offer was rejected by the company. Following the selloff in takeover stocks last week, and the market's decline this week, Dayton Hudson stock closed at 27-1/2 today, off 2-1/2. Dart's holdings amounted to just under five pct of Dayton Hudson. A Dart spokesman said the 1.4 mln shares were sold in the market today.

A shareholder group including Entregrowth Interational Ltd, of Auckland, New Zealand, said it lifted its stake in Suave Shoe Corp common stock to 319,600 shares, or 11.5 pct of the total outstanding, from a previous figure of approximately 238,400 shares, or 8.6 pct. In a filing with the Securities and Exchange Commission, the group said it bought 81,200 Suave Shoe common shares in open market transactions between October 1 and 19 at 8.34 dlrs to 10.07 dlrs a share. No reason was given for the purchases.

Net 1,137,000 vs 1,185,000 Nine mths Shr 2.17 dlrs vs 2.03 dlrs Net 3,645,000 vs 3,384,000 Assets 374.4 mln vs 355.4 mln NOTE: Per shr data in qtr not disclosed.

Shr eight cts vs 12 cts Net 1,016,552 vs 980,834 Revs 6,786,579 vs 4,356,561 NOTE: Invitron went public on October seven.

News of a meeting between U.S. Treasury Secretary James Baker and West German Finance Minister Gerhard Stoltenberg on Monday soothed currency markets, allowing the dollar to recoup much of the day's losses, dealers said. News of the meeting, which took place in Frankfurt in great secrecy, came after the dollar fell sharply on criticism by Baker of West German monetary policy, which had provoked fears that the Louvre pact on currency stability was in jeopardy. The dollar reacted immediately to the news, rising over two pfennigs in after hours New York trading, dealers there said. The announcement of the meeting, also attended by Bundesbank President Karl Otto Poehl, was made simultaneously in Bonn and Washington, timed for after the closure of New York markets. Baker, Stoltenberg and Poehl agreed to pursue the policies accepted under the February Louvre accord, a finance ministry spokesman in Bonn said. The dollar rose to 1.7970/90 marks from New York's close of 1.7730/40. It had closed there on Friday at 1.7975/85 marks. The dollar had tumbled nearly three pfennigs as the market reacted to Baker's criticism of rising West German interest rates, and stock markets crashed worldwide. Baker had said that West Germany was apparently breaching the Louvre accord. Under the accord, leading industrial democracies pledged to coordinate economic policies to foster currency stability, with the surplus countries, West Germany and Japan, stimulating their economies and the U.S. promising to cut its budget deficit. West German government sources said rising West German money market rates could not be seen as a breach of the Louvre pact. They were rather a direct reaction to higher interest rates in the United States. U.S. Bond yields have been rising since May on inflationary fears and in early September the Fed raised the discount rate to 6.00 pct from 5.50. German yields have also risen over this period, but less markedly, and since late September the Bundesbank has nudged up short-term rates by changing the terms on its security repurchase pacts, its principal instrument for steering the money market. The allocation rate on the last facility was 3.85 pct, compared with 3.60 pct. This was partly due to West Germany's inability to uncouple itself from U.S. interest rate trends, but also reflected concern among monetary conservatives in the Bundesbank central bank council about excessive monetary growth, which raised fears of domestically produced inflation, bank economists said. This monetary tightening reflected a switch from the pragmatic line pursued by Bundesbank President Karl Otto Poehl since early this year to stabilise the mark externally, to the more cautious approach of Vice President Helmut Schlesinger. In an apparent gesture to Baker, coinciding with his visit, the Bundesbank repeatedly added money market liquidity this morning. Dealers said this was clearly a move to appease U.S. anger over the most recent West German interest rate rises. "They (the Bundesbank) just don't want to come too much under American fire," said Chris Zwermann, currency adviser at Swiss Bank Corp here. "It seems to me that this is the Bundesbank beating quite a significant retreat from its position," added Giles Keating, economist at Credit Suisse First Boston Ltd in London. The significance that retreat will emerge from the terms of the Bundesbank's next tender for a securities repurchase pact on Tuesday, and its result on Wednesday, money market economists said. Today's injection of liquidity shows that the Bundesbank does not want a further strong rise in the tender allocation rate, which is likely to turn out at between 3.80 and 3.90 pct, little changed from the 3.85 pct on the last facility. The Bundesbank and Finance Ministry had given no indication that the meeting would take place, although the Finance Ministry spokesman said it had been arranged last week. Earlier on Monday the Finance Ministry spokesman, asked to comment on the apparent U.S.-German clash over the Louvre accord, went no further than quoting Stoltenberg as saying he assumed monetary cooperation would continue. The spokesman said he believed Baker had already left West Germany for Sweden on Monday. This week he is also due to visit Denmark and Belgium.

Shr profit 1.07 dlrs vs loss 1.19 dlrs Net profit 3,326,000 vs loss 3,446,000 Nine mths Net profit 9,714,000 vs profit 3,665,000 NOTE: Latest and prior nine month per share amounts not given.

Shr 38 cts vs 52 cts Net 3,980,000 vs 5,524,000 Revs 37.4 mln vs 44.8 mln Nine mths Shr 76 cts vs 99 cts Net 7,983,000 vs 10.5 mln Revs 100.4 mln vs 123.6 mln NOTE: 1987 qtr and nine mths includes loss 9,000 dlrs and 432,000 dlrs, or four cts per share, from repurchase and retirment of debt.

Shr 59 cts vs 27 cts Net 6,398,000 vs 2,979,000 Revs 91.0 mln vs 94.1 mln Avg shrs 10.8 mln vs 11.2 mln Nine mths Shr 1.58 dlrs vs 1.06 dlrs Net 17.2 mln vs 12.2 mln Revs 279.7 mln vs 289.1 mln Avg shrs 10.9 mln vs 11.4 mln

A proposal to require imported tropical oils to be labeled as saturated fats suffered a narrow and possibly debilitating defeat in the U.S. Senate. The Senate Agriculture Committee rejected the proposal by a 10-8 vote, virtually snuffing out U.S. soybean producers' hopes the plan would be adopted this year. A similar proposal has made no headway in the House. Sen. Tom Harkin (D-Iowa) offered the proposal as an amendment to a farm spending reduction package. "I don't see this as a trade issue. I see it as giving American consumers the information they need," he said. Proponents of the measure, including the American Soybean Association, have claimed palm, palm kernel and coconut oils are high in saturated fat and can contribute to heart disease. The U.S. soybean industry believes labels indicating tropical oils are high in saturated fats would discourage consumption of the oils, imported primarily from Malaysia, Indonesia and the Philippines. But Sen. Richard Lugar (R-Ind.) read a letter from U.S. Trade Representative Clayton Yeutter, who said the proposal "blatantly discriminates" against imports, would be impossible to defend under international trade law and would harm relations with the Philippines, Malaysia and Indonesia. Yeutter's letter also said Americans derive most of their saturated fats from meat and dairy products and relatively little from tropical oils. The committee voted largely along party lines, with three Democrats joining seven Republicans to oppose the measure.

Shr five cts vs eight cts Net 100,000 vs 176,000 Revs 4,027,000 vs 3,649,000 NOTE: 1986 qtr includes gain 90,000 dlrs, or four cts per share, from tax gain.

Atlantic Richfield's Arco Oil and Gas Co said it increased contract prices for crude oil by 50 cts a barrel, effective today. Arco said the 50 cts increase brings its posted price for West Texas Intermediate, the U.S. benchmark grade, to 19.00 dlrs a barrel. The price of West Texas Sour was increased to 18.10 dlrs. Light Louisiana Sweet was raised to 19.35 dlrs. The price was last changed on September 30.

Shr 39 cts vs 39 cts Net 24.4 mln vs 23.8 mln Revs 425.9 mln vs 396.2 mln Nine mths Shr 1.23 dlrs vs 1.04 dlrs Net 76.3 mln vs 64.1 mln Revs 1.26 billion vs 1.12 billion NOTE: Net adjusted to account for the recent 2-for-1 split of the company's common. Qtr 1986 includes a seven cts per shr gain due to net after-tax foreign currency exchange effect.

Shr 19 cts vs 38 cts Net 397,000 vs 788,000 Nine mths Shr 80 cts vs 1.19 dlrs Net 1,674,000 vs 2,455,000 NOTE: Company would not provide assets, deposits, and loans figures.

Oper shr profit 62 cts vs profit seven cts Oper net profit 3,492,000 vs profit 401,000 Revs 62.8 mln vs 62.0 mln Nine mths Oper shr profit 1.26 dlrs vs loss 42 cts Oper net profit 7,131,000 vs loss 2,344,000 Revs 190.3 mln vs 180.0 mln NOTE: 1986 period ended September 28. Results exclude extraordinary gain from net loss carryforward of 228,000 dlrs or three cts a shr in the 1987 3rd qtr and 1,043,000 dlrs or 18 cts in the 1987 nine mths. 1986 nine mth results exclude earnings from discontinued operations of 7,549,000 dlrs or 1.34 dlrs.

Shr 11 cts vs nine cts Net 105,489 vs 88,929 Revs 2,306,697 vs 2,066,636 Nine mths Shr 17 cts vs 14 cts Net 167,960 vs 136,856 Revs 6,714,468 vs 6,026,343 NOTE: 1987 qtr and nine mths includes tax gain 64,200 dlrs and 102,200 dlrs, respectively. 1986 qtr and nine mths includes tax gain 78,000 dlrs and 107,000 dlrs, respectively.

Shr profit 22 cts vs loss 22 cts Net profit 430,373 vs loss 433,395 Sales 7,723,838 vs 6,219,157 Nine mths Shr profit 49 cts vs loss 1.20 dlrs Net profit 960,008 vs loss 2,338,286 Sales 23.2 mln vs 19.9 mln NOTE: 1986 data restated to reflect operations discontinued in 1986 1986 earnings exclude loss from discontinued operations of 319,055 dlrs, or 16 cts a share in the quarter and 906,962 dlrs, or 46 cts a share for the nine months

Shr 16 cts vs 14 cts Net 954,000 vs 777,000 Revs 24.7 mln vs 21.5 mln Avg shrs 6,000,000 vs 6,000,000 Nine mths Shr 39 cts vs 34 cts Net 2,314,000 vs 1,805,000 Revs 69.2 mln vs 59.3 mln Avg shrs 6,000,000 vs 5,363,000

CCR Video Corp said it received an offer to enter into negotiations for of Vancouver, B.C., to acquire a controlling interest in the company through a tender offer. CCR said the negotiations would determine the terms under which the CCR board could support an Intercep tender offer. Additional details were not immediately available.

Shr 44 cts vs 30 cts Net 4,057,000 vs 2,716,000 Sales 49.5 mln vs 29.6 mln Six Mths Shr six cts vs 55 cts Net 518,000 vs 5,167,000 Sales 89.7 mln vs 54.9 mln

Atlantis Group Inc said it bought 100,000 shares of Charter-Crellin Inc common stock, or 6.3 pct of the total outstanding, and may seek control in a negotiated transaction. In a filing with the Securities and Exchange Commission, Atlantis said it has informally discussed a business combination with Charter-Crellin management. But the company said it has not held negotiations with Charter-Crellin and does not intend to initiate further discussions. Pending development of specific proposals, Atlantis said it will continue to purchase additional Charter-Crellin shares in private or open market transactions depending on a range of factors including the market price of the stock. Atlantis said it bought its Charter-Crellin common stock in open market transactions between September 22 and October 7 at 14.91 dlrs to 15.62 dlrs a share, or for a total of about 1.51 mln dlrs.

Citgo Petroleum Corp, a subsidiary of Southland Corp, said it raised the contract price it will pay for all grades of crude oil by 50 cts a barrel, effective Oct 16 The increase brings Citgo's postings for the West Texas Intermediate and West Texas Sour grades to 19.00 dlrs/barrel, while Light Louisiana SWeet is now priced at 19.35 dlrs. Citgo last changed it crude oil postings on Sept 9.

Shr primary 1.15 dlrs vs 76 cts Shr fully diluted 1.15 dlrs vs 76 cts Net 40.8 mln vs 27.1 mln Revs 369.6 mln vs 263.2 mln Nine mths Shr primary 2.95 dlrs vs 3.44 dlrs Shr fully diluted 2.95 dlrs vs 3.33 dlrs Net 103.8 mln vs 119.0 mln Revs 1.06 billion vs 897.8 mln

Italy's overall balance of payments showed a 919 billion lire surplus in September against a deficit of 1,026 billion in August, provisional Bank of Italy figures showed. The September surplus compared with a shortfall of 1,697 billion lire in September 1986. For the first nine months of 1987, the overall balance of payments showed a deficit of 1,921 billion lire against a 1,725 billion deficit in the same 1986 period. The central bank said Italy's one billion dlr Eurobond launched last month contributed to September's surplus.

Federal Reserve Board Vice-Chairman Manuel Johnson cautioned against seeking "quick-fix solutions" to persistent U.S. trade and federal budget deficits. In particular, he told an American Stock Exchange conference, a decline in the dollar below current levels would exacerbate financial market conditions. "Trying to artificially depress the dollar severely below current levels ... would exacerbate financial market conditions and lead to further potential for financial problems." Nowhere, Johnson said, are Fed officials hearing that U.S. businesses cannot compete at current exchange rates. He acknowledged the U.S. trade deficit was persisting despite a decline in the dollar's value of 40 to 50 pct in the past two years. But the deficit is improving in volume terms and will soon begin showing improvement. "The stage I think is being set for a healthy, constructive expansion without inflationary instability," he said.

Shr 43 cts vs 55 cts Net 6,262,000 vs 7,948,000 Nine mths Shr 1.30 dlrs vs 1.54 dlrs Net 18.8 mln vs 22.3 mln Assets 2.4 billion vs 2.1 billion NOTE: Prior year amounts restated to reflect 2-for-1 stock split effective May 15, 1987.

Colombia has opened export registrations for November coffee shipments, trade sources said. No further details were available.

Shr 1.13 dlrs vs 87 cts Net 5,010,000 vs 3,868,000 Nine mths Shr 4.91 dlrs vs 4.84 dlrs Net 21.8 mln vs 21.5 mln NOTE: Current quarter figures include gain of 4.7 mln dlrs on property sales vs gain of 2.9 mln in prior year's quarter. Current nine month figures include gain of 20.5 mln dlrs on property sales vs gain of 19 mln dlrs.

Shr 23 cts vs 15 cts Net 2,641,000 vs 1,295,000 Revs 15.6 mln vs 7,925,000 Avg shrs 11.6 mln vs 8,900,000 Nine mths Shr 65 cts vs 37 cts Net 6,805,000 vs 3,308,000 Revs 42.7 mln vs 20.6 mln Avg shrs 10.5 mln vs 8,900,000

Sept 30 Shr 44 cts Net 905,000 vs 631,000 Six months Shr 88 cts Net 1,793,000 vs 1,378,000 Assets 221 mln vs 223.2 mln Deposits 186.4 mln vs 189.8 mln Loans 176.5 mln vs.7 mln

International monetary officials will rush to paper over the deep cracks that have appeared in the Louvre accord on currency stability to prevent a dollar free-fall and to calm turmoil in world capital markets, economists and currency traders said. "I don't think the Louvre is dead because if it breaks up in an acrimonious way, the potential outcome is a rout of the dollar, higher interest rates and collapsing stock markets. It's in the Group of Seven's interest to calm things down," said Douglas Madison, corporate trader at BankAmerica Corp. In a weekend television interview, U.S. Treasury secretary James Baker sharply criticised a recent rise in West German money market rates and said the eight month-old Louvre pact to foster exchange rate stability needs to be reviewed. His comments rocked the currency markets and helped send the already-fragile U.S. and overseas stock markets into a tailspin. The dollar lost more than two pfennigs in the U.S. to about 1.7740/50 marks and about one yen to 141.25/35 yen. The Dow Jones Industrial Average slumped more than 200 points at one stage and U.S. Treasury bonds dropped about 1-3/4 points.

Shr 26 cts vs 18 cts Net 5,281,000 vs 3,496,000 Revs 48.8 mln vs 32.1 mln Nine mths Shr 64 cts vs 51 cts Net 12.9 mln vs 9,822,000 Revs 129.0 mln vs 89.2 mln

Oper shr profit four cts vs profit 13 cts Oper net profit 456,000 vs profit 1,633,000 Revs 37.8 mln vs 34.0 mln Avg shrs 13.0 mln vs 13.0 mln Nine mths Oper shr profit 12 cts vs loss 39 cts Oper net profit 1,614,000 vs loss 4,877,000 Revs 109.2 mln vs 88.3 mln Avg shrs 13.1 mln vs 12.5 mln NOTE: 1987 net excludes tax credits of 156,000 dlrs in quarter and 716,000 dlrs in nine mths. 1987 net both perioods includes charge one mln dlrs from restructuring of Computer Products Division.

Shr 55 cts vs 48 cts Net 2,520,000 vs 2,211,000 Nine mths Shr 1.57 dlrs vs 1.41 dlrs Net 7,223,000 vs 6,475,000

Shr 24 cts vs 15 cts Net 24,057,000 vs 14,508,000 Revs 156.1 mln vs 111.2 mln Nine mths Shr 63 cts vs 40 cts Net 63,183,000 vs 36,464,000 Revs 405.0 mln vs 295.8 mln

Arizona Silver Corp said diamond drilling on its Burro Creek Mine Property, located 65 miles southeast of Kingman, Ariz., has begun. The company said a report indicated that the Burro Creek project area which covers 800 acres, could have potential reserves of three to four mln tons of gold and silver mineralization. Drill sites have been established and a diamond drilling program consisting of an initial 5,000 feet of drilling began October 13, the company said.

British Sugar Plc was forced to shut its Ipswich sugar factory on Sunday afternoon due to an acute shortage of beet supplies, a spokesman said, responding to a Reuter inquiry Beet supplies have dried up at Ipswich due to a combination of very wet weather, which has prevented most farmers in the factory's catchment area from harvesting, and last week's hurricane which blocked roads. The Ipswich factory will remain closed until roads are cleared and supplies of beet build up again. This is the first time in many years that a factory has been closed in mid-campaign, the spokesman added. Other factories are continuing to process beet normally, but harvesting remains very difficult in most areas. Ipswich is one of 13 sugar factories operated by British Sugar. It processes in excess of 500,000 tonnes of beet a year out of an annual beet crop of around eight mln tonnes. Despite the closure of Ipswich and the severe harvesting problems in other factory areas, British Sugar is maintaining its estimate of sugar production this campaign at around 1.2 mln tonnes, white value, against 1.34 mln last year, the spokesman said. British Sugar processes all sugar beet grown in the U.K. The sugar beet processing campaign, which began last month, is expected to run until the end of January. Sugar factories normally work 24 hours a day, seven days a week during the campaign. As of October 11, 12 pct of the U.K. Sugar crop had been harvested, little different to the same stage last year when 13 pct had been lifted. Since then, however, very wet weather has severely restricted beet lifting. Harvesting figures for the week to October 18 are not yet available.

Federal Deposit Insurance Corp Chairman William Seidman said he would be concerned about the impact on banks of a further sharp rise in interest rates. However, Seidman, attending the American Bankers Association convention, said he did not expect rates to rise much higher and said the outlook for the U.S. economy and for banking was sound. "The potential for greater interest rate rises gives us concern. We see nothing right now in the outlook that causes us to believe rates are going much higher or that the economy is not sound," Seidman told a news conference.

The official Soviet news agency Tass denounced a U.S. Attack on an Iranian oil-drilling platform in the Gulf on Monday as military adventurism and said it would bring no dividends to the Reagan administration. Tass commentator Mikhail Krutikhin said the administration had embarked on an adventurist path in order to deflect attention from the scandal in which the United States sold arms to Iran and the profits were diverted to Nicaraguan rebels. "The confrontation is a fact now. What is obvious is that the latest military adventure will not bring political dividends to the American administration," Krutikhin said. Soviet leader Mikhail Gorbachev and Foreign Minister Eduard Shevardnadze abruptly left a parliamentary session earlier on Monday, sparking diplomatic speculation that they were concerned with an urgent matter of foreign affairs. Soviet officials have previously criticized the United States for sending naval forces into the Gulf, saying their presence serves to increase tension. Moscow is officially neutral in the war between Iran and Iraq. It is a major arms supplier to Iraq but has also sought broader contacts with Iran in the last year. Krutikhin said: "The United States has undertaken an act of armed aggression against Iran, the probability of which has long been spoken of by Washington officials."

Qtly div nine cts vs nine cts prior qtr Pay Nov 25 Record Nov 13 Note: Full name is International Research and Development Corp

IBC Acquisition Corp said it received about 8,857,807 Interstate Bakeries Corp shares in response to its tender offer for up to 8,053,181 shares that expired October 16, and it will purchase about 90.9 pct of the shares tendered. It said a final proration factor should be announced and payment for shares start October 26. IBC is made up of Interstate management, First Boston Inc and George K. Braun and Co.

Warner Communications Inc said its Warner Communications Investors Inc unit acquired stock and warrants representing 416,668 shares of Berkey Inc common stock, or the equivalent of 8.2 pct of the company's common stock outstanding. In a filing with the Securities and Exchange Commission, Warner Communications Investors said it paid about one mln dlrs to Berkey on September 23 to acquire 104,167 shares of Berkey Series B convertible preferred stock. The preferred stock is convertible into 208,334 Berkey common shares, and warrants to buy another 208,334 shares. Warner Communications and its subsidiary said the Berkey stock is held as an investment which they will review and evaluate from time to time.

Shr 71 cts vs 49 cts Net 64.3 mln vs 43.7 mln Revs 838.2 mln vs 742.6 mln Avg shrs 89.9 mln vs 89.9 mln

Telex Corp said its board has directed management and financial advisor Drexel Burnham Lambert Inc to investigate possible alternatives to the tender offer of Asher Edelman's TLX Partners for all Telex shares that may include seeking other purchasers for Telex. The company said the board at an October 16 meeting decided to defer until a board meeting later this week a recommendation on the Edelman offer and said the board expects to make a recommendation by October 23.

Restaurant Associates Industries Inc said the management group led by chairman Martin Brody and president Max Pine through October 16 had received 1,796,727 Class A and 1,766,091 Class B shares in response to its tender offer for all shares at 18 dlrs each, giving thema majority of each class of shares. The company said the tender has been extended until November 6.

Shr 13 cts vs 12 cts Net 1,612,000 vs 1,571,000 Revs 28.8 mln vs 25.0 mln Avg shrs 12.8 mln vs 13.3 mln

Thai traders plan to establish a company to regulate maize forward trading, in what could be a first step towards a commodities futures exchange, maize dealers said. Traders and Internal Trade Department officials agreed last week to commission a study on a structure to regulate maize forward trading and to set up a company, Thailand Commodity Exchange Co Ltd, with 30 businesses as shareholders who will act as brokers in the futures market. Chanthong Pattamapong, a commodities trader asked to to draw up the study, said if the maize futures market succeeds it may be extended to other commodities, perhaps sugar and rubber.

Trafalgar House Plc said it has acquired the entire share capital of of the U.S. For 20 mln dlrs in cash. Capital Homes builds single family homes in the Washington D.C. Area and is also active as a land developer both for its own use and for sale to other builders. In the financial year to end February, 1987, Capital recorded pre-tax profits of 3.7 mln dlrs on a turnover of 58 mln dlrs from the sale of 421 homes. Capital has a land bank of some 2,600 units and in the current year the company expects to sell 500 homes, Trafalgar House said.

The West German Finance Ministry declined to comment on weekend criticism by U.S. Treasury Secretary James Baker of recent West German interest rate increases. Baker said the U.S. Would re-examine the February Louvre Accord to stabilise currencies reached by leading industrial democracies. The rise in West Germany short term interest rates was not in the spirit of an agreement by these nations in Washington, which reaffirmed the Louvre pact, he said. A Finance Ministry spokesman, asked for an official ministry reaction to Baker's remarks, said he could make no comment.

The Cyprus vessel Fearless, 31,841 tonnes dw, which was on fire, grounded then towed to Yantai, China, in August, had all its cargo reloaded but the cargo in the no. 3 hold caught fire on October 15. The fire was put out with salt water and water from the no.4 hold has spread over most of the cargo. Some water is also in the no.5 hold. Bottom patching was reported complete but only the no.4 starboard wing tank has been pumped out and remains dry. The engine room is flooded to about three metres. The ship was originally loaded with 10,000 tonnes of animal feed.

The Philippine 1987 inflation rate will rise to 4.8 pct from 0.74 pct in 1986 if the government implements an employers' association recommendation for a 10 pct increase in the 54 peso minimum daily wage this month, Economic Planning Secretary Solita Monsod said. The government's own proposal for an across-the-board daily pay rise of six pesos for non-agricultural workers and eight pesos for agriculture workers, would push the full year average higher to 5.4 pct, she told the Senate last week. The 10 pct rise in the minimum wage is recommended by the Employers Confederation of the Philippines (ECOP). The ECOP proposal would push the year-on-year inflation rate to 11.6 pct in December compared with the predicted 14.4 pct if the government's recommendation is implemented, Solita said. Both were proposed last month. Annual inflation for 1987 was forecast at four to 4.5 pct by the National Economic and Development Authority early this month. In the first three months of the year, inflation was a negative 0.5, 0.6 and 0.7 pct respectively, rising to 1.0, 2.5 and 4.6 pct in April May and June, the National Statistics Office said. The annual inflation rate rose to 5.8 pct in June, 6.2 pct in July and 6.15 and 6.188 pct in August and September respectively, the National Statistics Office said. It attributed the acceleration to higher fuel and water prices. The government's six and eight peso wage increases would displace up to 20,000 workers, Monsod said, bringing the number of unemployed to 4.2 mln or 19.2 pct of the population.

The Group of Seven (G-7) industrial nations still comply with last February's Louvre accord to stabilize currencies, a senior Bank of Japan official said. And U.S. Treasury Secretary James Baker's remarks at the weekend indicating the need to revise it do not herald a lower range for the dollar, other senior officials from the Bank of Japan and Finance Ministry agreed in interviews. "The exchange market is apparently reacting too much, and anyone who sold the dollar on the Baker comment will regret it later on," the Bank of Japan official told Reuters. The Bank official said Baker did not mean to talk the dollar down. A lower dollar would harm the U.S. Economy, he noted. A Finance Ministry official who was directly involved in monetary talks with other nations also said the U.S. Would never attempt to lower the reference range for the dollar against the mark or the yen. The market assumes the dollar reference range to be between 140-150 yen and between 1.70 and 1.90 marks. The dollar closed in Tokyo today at 1.7730/35 marks and 141.35 yen. "Behind Baker's remark was U.S. Frustration over higher interest rates abroad, especially in West Germany, but this does not represent its readiness to scrap the basic framework of the Louvre accord," the Finance Ministry official said. He said that on the contrary Baker wanted to avoid any further rise in U.S. Interest rates because it would not only hurt the U.S. Economy but aggravate the Third World debt problem. Higher U.S. Interest rates would merely raise their interest payment burden and depress U.S. Stock and bond markets further, the monetary officials said. Both the ministry and central bank officials, who declined to be named, noted the U.S. No longer wants to see a further decline of the dollar because that could also fan inflationary expectations in the U.S. "That's why Baker did not fail to add that the Louvre agreement is still operative," the senior ministry official said. Baker said in a U.S. Television interview on Sunday that Washington would reexamine the Louvre accord because of West Germany's increase in short-term interest rates. The market at first interpreted this as indicating the U.S. Would be ready to scrap the Louvre accord and let the dollar decline further unless surplus countries, notably West Germany, try harder to stimulate their economies as pledged in the accord, foreign exchange dealers said. But the market on reflection also noted Baker's additional statement that "the Louvre agreement is still operative," and this caused some dollar short-covering in Tokyo today, the dealers said. Uncertainty, however, remained the flavour of the day in Tokyo currency markets. The Japanese monetary officials said Baker's undisguised pressure on West Germany to refrain from guiding interest rates higher may be part of a process of multilateral surveillance, or international economic policy coordination. The G-7, comprising the U.S., Japan, West Germany, Britain, France, Italy and Canada, have agreed to monitor each other's economic policies and from time to time apply "peer pressure" to persuade others to change their policies to a desired course, they noted. "Without such a basic agreement of multilateral surveillance, Baker would never have criticized the West German policy so openly," the ministry official said. The U.S.-West German squabble over Bonn's monetary policy should thus be regarded as a process of healthy policy coordination and not as any indication of a possible collapse of the Louvre agreement, the official said. He also said Japan has not received any specific request from the U.S. On its monetary policy, although its short-term money rates have been edging higher. "This is because we, unlike the Germans, are not taking policy to guide interest rates higher, and the marginal rate rise in recent days is primarily for seasonal reasons," he added.

Nine months ended August 31 Group shr 118.66 yen vs 100.89 yen Group shr per ADS 237.32 vs 201.78 Net 14.28 billion vs 12.14 billion Pretax 34.48 billion vs 29.45 billion Sales 288.08 billion vs 278.50 billion Company's full name is TDK Corp .

Uganda plans to export roasted coffee to Europe by the end of 1988, a prominent local businessman said. A.R. Sendi said on Sunday that Uganda's Ministry of Industry supports his plan to build a factory to roast, grind and pack local coffee for export. Construction will start in December and the factory should be ready by next October. He said the Marketing Ministry has authorised the Coffee Marketing Board to supply his company with 24,000 tonnes of beans a year for processing and export. Sendi also told reporters he had negotiated a 69.7 mln French franc loan from the Banque Industrielle d'Afrique Oriental in Paris. Uganda is the world's fifth largest coffee producer, and expects to produce about 200,000 tonnes this year. Market sources say roasted coffee exports will benefit Uganda's economy as they will not be included in the 2.38 mln (60 kg) bag export quota assigned to the country under the latest International Coffee Agreement. In addition, the value of roasted coffee should be substantially higher than that of unroasted beans, they said. The U.S. Is the biggest buyer of Ugandan coffee, most of which is used to produce instant coffee.