Datasets:

ingeniumacademy

/

reuters_articles

like 0

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

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

BANKERS TRUST <BT> RAISES BROKER LOAN RATE

Bankers Trust Co said it is raising its broker loan rate to 7-1/2 pct from 7-1/4 pct, effective immediately. U.S. Trust Co, the only other bank to publicize its broker rate, was already posting 7-1/2 pct. Reuter 

MOODY'S MAY DOWNGRADE IRVING BANK CORP, AFFECTS 950 MLN DLRS OF DEBT

PENNZOIL<PZL> TO CONTEST TEXACO <QTX> BANKRUPTCY

Pennzoil Co lawyers said they plan to file documents challenging Texaco Inc's Chapter 11 bankruptcy proceedings in the Southern District of New York. John Jeffers, a Houston lawyer representing Pennzoil in its 10.53 billion dlr dispute with Texaco over the acquisition of Getty Oil Co, said he expected the challenge to be filed sometime this week. "We'll challenge it as a bad faith filing," Jeffers told Reuters following a brief hearing before a Texas State Court of Appeals. The court had been scheduled to hear arguments on a Texaco motion to reduce the amount of bond required for it to appeal the judgement. Instead, the court agreed with Texaco lawyers that the issue was moot because of Texaco's bankruptcy petition filed yesterday that stays all of its debts and obligations. "We think they abused the process," Jeffers said, referring to Texaco's bankruptcy filing. D. J. Baker, a lawyer representing Texaco, told reporters that the nation's third largest oil company was forced to seek bankruptcy protection because of its precarious fianncial condition and problems with suplliers and bankers stemming from the 10.53 billion dlr judgement. "All activity after the filing can be conducted on normal business terms," Baker said. He said Texaco would seek permission from the court to continue its appeal in Texas courts of the Pennzoil judgement. "There will be no bond required because all state court litigation has been stayed," Baker said. When asked whether Texaco's reorganization plan would include major restructuring of the company, Baker declined to say what the eventual plan might include. "I think Texaco will succesfully complete its Chapter 11 proceedings and have a reorganization plan approved by the court," he said. Baker said Texaco expected Pennzoil to seek a seat on a creditors' committee to be appointed by the bankruptcy courts but added he did not know whether Texaco would oppose such an attempt. Lawyers for both sides also said that each company continued to be interested in a possible settlement, but declined to say whether any negotiations were scheduled between the two companies. "Texaco has tried to settle and will continue and try and settle," Baker said. The two companies reportedly remain far apart in what each considers to be a fair settlement, with Pennzoil seeking between three and five billion dlrs, while Texaco has maintained it cannot pay more than about one billion dlrs, according to analysts. Reuter 

PENTLAND TO REDUCE REEBOK <RBK> HOLDINGS

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

SEARS ROEBUCK SAID IT WILL REDEEM ALL ADJUSTABLE RATE PREFERRED SHARES, FIRST SERIES

U.S. HOME LOAN BANKS SET 2.135 BILLION DLR OFFER

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. Reuter 

CANADA JANUARY LEADING INDICATOR UP 0.4 PCT

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

<NATIONAL WESTMINSTER BANK PLC> 1ST QTR NET

Net 17.7 mln vs 15.3 mln NOTE: <National Westminster Bank PLC> subsidiary. Loan loss provision 13.8 mln vs 13.0 mln Investment securitiesd gaons 2,003,000 dlrs vs 169,000 dlrs. Figures in dollars. Reuter 

IRVING BANK <V> CITES LOANS IN EARNING DECLINE

Irving Bank Corp said the decline in its first quarter earnings to 28.6 mln dlrs from 30.4 mln dlrs in the year-ago period were due to the placement on a non-accrual basis of 215 mln dlrs and 33 mln dlrs of medium and long-term loans to borrowers in Brazil and Equador. Excluding the impact of the non-accrual loans, Irving said its first quarter net income would have rose 8.4 pct to 32.9 mln and per share amounts would have risen eight pct to 1.75 dlr. In the first quarter the bank reported earnings per share of 1.51 dlr compared to 1.62 dlr in the same period last year. Reuter 

SEARS <S> TO REDEEM ADJUSTABLE RATE PREFERRED

Sears, Roebuck and Co said it will redeem all its outstanding adjustable rate preferred shares, first series. The redemption price is 103.79 dlrs a share, which includes accrued and unpaid dividends from April 1, 1987, to the date of redemption of 79 cts a share. Of the 50 mln shares authorized, 2.5 mln were issued, the company said. It said no dividends will accrue on the shares after May 15, 1987. Reuter 

GLOBAL LOWERS HEAVY FUELS PRICES

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

CHEMICAL NEW YORK CORP <CHL> 1ST QTR NET

shr 1.58 dlrs vs 1.93 dlrs net 86,220,000 vs 102,629,000 avg shrs 50,831,512 vs 49,156,828 assets 61.04 billion vs 57.95 billion loans 38.76 billion vs 39.68 billion deposits 38.20 billion vs 33.14 billion return on assets 0.57 pct vs 0.71 pct return on common equity 11.47 pct vs 15.19 pct NOTE: 1987 qtr net reduced by 12 mln dlrs because 1.04 billion dlrs of Brazil loans were placed on non-accrual Reuter 

CCC ACCEPTS BONUS ON CATTLE TO CANARY ISLANDS

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

AFG INDUSTRIES INC <AFG> 1ST QTR NET

Shr primary 54 cts vs 41 cts Shr diluted 51 cts vs 38 cts Net 9,098,000 vs 5.924,000 Revs 111.7 mln vs 85.0 mln Avg shrs primary 16,889,254 vs 14,500,737 Reuter 

WORK ON GREEK ALUMINA PLANT TO START END MAY

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

<NEW MILFORD SAVINGS BANK> 1ST QTR NET

Shr 62 cts vs 26 cts Net 2,312,000 vs 944,000 NOTE: 1987 includes five ct shr charge from loan loss provision. Reuter 

COMMONWEALTH ALUMINUM PUTS PLANT ON THE BLOCK

Commonwealth Aluminum (Comalco) said it put its Goldendale, Wash., smelter back on the market after would-be buyer, Columbia Aluminum Corp, of Hermiston, Ore., failed to pull together financing by an April one deadline. The plant, which has an asking price of 18.7 mln dlrs plus several mln more dlrs for inventory, it said. Commonwealth said it is continuing talks with Columbia, but has also opened talks with other interested parties. Commonwealth bought the plant in January 1985 and closed it Feb 15, 1987, leaving about 400 workers jobless. Reuter 

ALZA CORP ISSUES 75 MLN DLR CONVERTIBLE BOND

Alza Corp <AZA>, a U.S. Pharmaceutical products concern, is issuing a 75 mln dlr convertible eurobond due May 8, 2002 with an indicated coupon of 5-1/2 to 5-3/4 pct and par pricing, lead manager Merrill Lynch Capital Markets said. The bond is available in denominations of 1,000 and 10,000 dlrs and will be listed in Luxembourg. Fees comprise 1-1/2 pct selling concession and 1/2 pct management and underwriting combined. The conversion premium is indicated at 17 to 22 pct. Final terms will be fixed before April 21. REUTER 

INTERFINCO SETS 50 MLN SFR FIVE-YEAR CONVERTIBLE

Interfinco S.A. Of Luxembourg is launching a 50 mln Swiss franc five-year convertible bond with an indicated coupon of 2-1/2 pct, lead manager S.G. Warburg Soditic SA said. The issue, guaranteed by Cofide-Compagnia Finanziaria de Benedetti SpA of Turin, Italy, is convertible into shares of <CIR SpA - Compagnie Industriali Riunite> at an indicated premium of five pct. REUTER 

S/P DOWNGRADES TEXACO'S <TX> DEBT TO 'D'

Standard and Poor's Corp said it downgraded to D about 8.4 billion dlrs of debt of Texaco Inc and the oil company's subsidiaries. The rating agency cited Texaco's filing over the weekend for protection under Chapter 11 of the Bankruptcy Code while Texaco seeks judicial relief from an 8.5 billion dlr, plus interest and costs, judgement against it in the suit brought by Pennzoil Co <PZL>. S and P uses the D rating grade for securities issued by companies in Chapter 11 reorganization, the agency said. Reduced to D from B were the senior debt of Texaco, Getty Oil Co, Getty Oil International (Caribbean) N.V., Pembroke Capital Co Inc, Reserve Oil and Gas Co, Texaco Capital Inc, Texaco Capital N.V., Texaco Convent Refining Inc, Tidewater Oil Co and Loop Inc. Cut to D from C were MAGEC Finance Co and from CCC the subordinated debt of Texaco Capital N.V. Reuter 

H.F. AHMANSON AND CO <AHM> 1ST QTR NET

Shr 84 cts vs 80 cts Net 82,416,000 vs 67,819,000 Revs 703.9 mln vs 759.7 mln Avg shrs 98,369,307 vs 84,807,498 Loans 19.06 billion vs 19.51 billion Deposits 21.60 billion vs 19.86 billion Assets 27.16 billion vs 27.15 billion Note: Prior qtr per shr figure adjusted for three-for-one stock split of May 1986. Reuter 

DU PONT <DD> UNIT TO REDEEM NOTES

Du Pont Overseas Capital N.V., a unit of Du Pont Co, said it will redeem on May 15 all 189 mln dlrs of its outstanding 13-3/4 pct guaranteed retractable notes due 1997. It will buy back the notes at par value plus accrued interest, Du Pont Overseas said. Reuter 

BERKEY <BKY> ELECTS CHAIRMAN, RAISES 4 MLN DLRS

Berkey Inc said it elected Jonathan Taplin as its chairman, replacing A. Michael Victory, who will remain as a company director. Taplin was formerly a director of the company, Berkey said. In addition, the company said it will raise four mln dlrs through a privately-placed convertible preferred stock offering and other securities. It said the offering will give holders upon exercise the right to acquire approximately 1.5 mln shares of the company's common stock. Reuter 

PAKISTAN REPORTEDLY BOUGHT WHITE SUGAR AT TENDER

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

bank of england to auction up to 3.25 billion stg in gilts, first auction in mid-may

EKN BANK SETS 25 MLN SWISS FRANC WARRANT BOND

EKN Bank of Nidwalden is launching a 25 mln Swiss franc 2-1/2 pct 10-year bond with warrants at par, lead manager Bank Leu AG said. Each 1,000-franc bond carries a warrant entitling the holder to buy one 200-franc nominal EKN bearer share for 510 francs. Subscriptions close April 24. REUTER 

MOODY'S MAY DOWNGRADE THREE FRENCH BANKS

Moody's Investors Service Inc said it may downgrade the top-flight Aaa ratings of Societe Generale, Banque Nationale de Paris and Credit Lyonnais. The rating agency cited the ongoing deregulation of the French banking industry and financial markets. Moody's said it anticipates increasing competition and reduced profitability of the banks' core businesses. The senior debt and certificates of deposit of the three banks are rated Aaa. However, their Prime-1 commercial paper ratings are not under review. Issues supported by long-term letters of credit of the banks may also be affected. Reuter 

FED EXPECTED TO SET THREE-DAY REPURCHASE PACTS

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

ALLIED STORES <ALS> SELLS DILLARD <DDS> TWO UNITS

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

TEXACO <QTX> NOT REQUIRED TO POST BOND

A Texas State Court of Appeal agreed that Texaco Inc's bankruptcy petition effectively stays the company's obligation under Texas law to post a bond in its 10.53 billion dlr litigation against Pennzoil Co <PZL>. In a brief hearing before a three-judge appeals court, Texaco attorney James Sales said the company's motion to reduce the amount of bond required to appeal the case was moot because Texaco's Chapter 11 petition protects the company from all previously existing debts and obligations. Lawyers for Pennzoil, which won the 10.53 billion dlr judgment in a struggle over Texaco's acquisition of Getty Oil Co, did not object. Texaco lawyers said they planned to pursue the appeal in Texas courts and in Federal courts, if necessary. The Texaco lawyers said the company would seek permission from the bankruptcy court in the Southern District of New York to pursue the Pennzoil litigation. Reuter 

CBT MMI STOCK INDEX FUTURES TO EXPIRE THURSDAY

The Chicago Board of Trade's (CBT) April Major Market Index (MMI) stock index futures will expire 1515 CDT Thursday instead of Friday because of the Good Friday holiday, the exchange said. The Chicago Board Options Exchange said April options on the Standard and Poor's 100 and 500 stock indexes, currency options and about one-third of the listed individual equity options will expire at their normal time Saturday, April 18, although the last day of trading will be Thursday in those contracts. Reuter 

HUGHES' U.S. RIG COUNT DOWN THREE THIS WEEK

U.S. drilling activity slowed marginally in the week ended today as the number of active rotary rigs fell by three to 749 against 917 one year ago, Hughes Tool Co said. The latest total included 662 working land rigs, 70 offshore rigs and 17 in inland waters. Among individual states, California dropped by three, Colorado by six , Wyoming by one, West Virginia by six. Drilling increases were reported in Kansas where five rigs were added, in Michigan three, in Louisiana one and Oklahoma 11. Rig counts were unchanged in New Mexico and Texas. Reuter 

NCR <NCR> CONTINUES TO EXPECT EARNINGS GROWTH

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

GENETICS INSTITUTE INC <GENI.O> 1ST QTR LOSS

Period ended February 28 Shr loss 11 cts vs loss 11 cts Net loss 1,309,000 vs loss 937,000 Revs 5,271,000 vs 4,417,000 Avg shrs 11,690,000 vs 8,724,000 Reuter 

PRIME COMPUTER <PRM> TO INTRODUCE NEW MACHINES

Prime Computer Inc said tomorrow it will introduce two new high-end superminicomputers. The company said the machines will significantly expand the performance of its 50 Series product line. It gave no further details. Reuter 

ENTRE COMPUTER <ETRE.O> CLOSING OVERSEAS UNITS

Entre Computer Centers Inc said it is discontinuing its European and Australian operations. The company today reported a loss for the second quarter ended February 28 of 2,733,000 dlrs, after a 6,705,000 dlr pretax provision for the shutdown of the overseas units and a 2,511,000 dlr tax credit. A year earlier it earned 911,000 dlrs. It said the overseas operations lost 400,000 dlrs in the second quarter and did not appear strong enough to provide for future growth. Reuter 

MOODY'S MAY DOWNGRADE IRVING <V> DEBT

Moody's Investors Service Inc said it may downgrade 950 mln dlrs of debt of Irving Bank Corp and lead bank Irving Trust Co. The rating agency said it will assess Irving's ability to substantially improve operating results in increasingly competitive markets. The review will also focus on Irving's shifting risk profile in light of its modest capital base. Moody's cited the bank's significant exposure to less developed countries. Under review are the parent's Aa-3 senior debt, A-1 subordinated debt and Aa-3 preferred stock and Irving Trust's Aa-1 long-term desposits and letters of credit. Reuter 

ITALY'S BANCA COMMERCIALE TO LAUNCH EUROLIRE BONDS

State bank Banca Commerciale Italiana (BCI) said it is launching a 50 billion lire eurobond on behalf of Merrill Lynch & Co. Due May 26, 1992 paying 10 pct and priced at 100 -1/2 pct. BCI said in a statement that it is leading an international underwriting consortium of 25 banks and financial institutions. The bank said Merrill Lynch International and Co is co-lead manager. The non-callable bond is available in denominations of two mln lire and will be listed in Luxembourg, BCI said. REUTER 

ENTRE COMPUTER CENTERS INC <ETRE> 2ND QTR LOSS

Shr loss 29 cts vs profit 10 cts Net loss 2,733,000 vs profit 911,000 Revs 21.5 mln vs 18.5 mln 1st half Shr loss 23 cts vs profit 26 cts Net loss 2,154,000 vs profit 2,445,000 Revs 37.8 mln vs 37.7 mln NOTE: Current year net both periods includes 6,705,000 dlr pretax provision for closing overseas operations and tax credits 2,511,000 dlrs in quarter and 1,977,000 dlrs in half. Reuter 

MERRILL LYNCH <MER> INVESTMENT REVENUES UP

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

DSC COMMUNICATIONS <DISI.O> AMENDS SUPPLY PACT

DSC Communications Corp said it amended an existing long term supply contract with MCI Communications Corp <MCIC> for deliveries of a new tandem switch. Deliveries of the switch, the DEX 600E, are scheduled to begin in third quarter of 1988 and end by year-end 1989, the telecommunications systems company said. The new switch increases the port capacity of DSC's existing 600 switches, it said. Under the amended agreement, DSC will also deliver signal point transfer products to MCI. Reuter 

WOODWARD AND LOTHROP PRESIDENT RESIGNS

Woodward and Lothrop Inc said president David Mullen resigned, and will be replaced by Tom Roach effective April 20, 1987. Woodward and Lothrop, a privately held retailer, said Mullen has stated his desire to pursure other business interests. Roach joined J.W. Robinson Inc of Los Angeles as chairman in March, 1986, resigning shortly after parent company Associated Dry Goods was acquired by May Co. Reuter 

STANDARD MICROSYSTEMS CORP <SMSC.O> 4TH QTR NET

Feb 28 end Shr profit four cts vs loss nil Net profit 448,000 vs loss 28,000 Revs 15.1 mln vs 11.5 mln Avg shrs 11.2 mln vs 11.1 mln Year Shr profit four cts vs profit nil Net profit 459,000 vs profit 51,000 Revs 53.2 mln vs 44.5 mln Avg shrs 11.2 mln vs 11.1 mln NOTE: Net includes tax credits of 53,000 dlrs vs 1,023,000 dlrs in quarter and 48,000 dlrs vs 2,557,000 dlrs in year. Reuter 

PENNSYLVANIA REAL ESTATE INVESTMENT TRUST <PEI>

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

ALLWASTE INC <ALWS.O> 2ND QTR FEB 28

Shr profit four cts vs loss one cts Net profit 172,000 vs loss 180,000 Revs 4.2 mln vs 883,000 Six months Shr profit nine cts vs loss four cts Net profit 315,000 vs loss 107,000 Revs 7.4 mln vs 1.8 mln Avg shrs 4.4 mln vs 2.6 mln Reuter 

COMBUSTION ENGINEERING <CSP> IN SYSTEMS PACT

Combustion Engineering Inc said its C-E Environmental Systems and Services Inc unit agreed to work with Keeler/Dorr-Oliver, a unit of Standard Oil Co <SRD>, to develop systems to destroy hazardous wastes. Under the teaming arrangement, Keeler/Dorr-Oliver will supply fluid bed technology, equipment and services. C-E Environmental will provide environmental consulting and site investigations, engineering and construction services and operation, maintenance and training services. Reuter 

SCOTT AND STRINGFELLOW <SCOT.O> 3RD QTR MAR 31

Shr 37 cts vs 37 cts Net 687,888 vs 441,659 Revs 7.9 mln vs 6.8 mln Nine months Shr 1.12 dlrs vs 1.07 dlrs Net 1.8 mln vs 1.3 mln Revs 23.2 mln vs 19.7 mln Avg shrs 1.6 mln vs 1.2 mln NOTE:Full name is Scott and Stringfellow Financial Corp. Reuter 

GENERAL NUTRITION <GNC> SHARES TO BE SOLD

General Nutrition Inc said it has filed for a secondary offering of eight mln common shares. It said all the shares are being sold by the estate of founder David B. Shakarian. Lead underwriter will be Kidder, Peabody and Co Inc. General Nutrition has about 33.0 mln shares outstanding. Reuter 

WALL STREET STOCKS/TEXACO <QTX>, PENNZOIL <PZL>

Texaco Inc's decision to file for protection under the bankruptcy code had a chilling effect on its stock, and sent Pennzoil Co's shares sharply lower as well, traders said. Texaco dropped 3-1/2 to 28-3/8 and Pennzoil fell 12-7/8 to 79-3/8. "A lot of people had bid up Pennzoil, expecting a settlement of two to five billion dlrs in this case," energy analyst Rosario Ilacqua of L.F. Rothschild said, "and now nobody knows where this is going to settle out." "It seems to me that the hope of an out of court settlement in this long running court case had a greater relative impact on Pennzoil's stock then on Texaco's," analyst Sanford Margoshes of Shearson Lehman Brothers said, citing the sharper decline in Pennzoil this morning. The litigation arose when Pennzoil sued Texaco for interfering in its 1984 agreement to acquire Getty Oil. In 1985, a Texas state court ruled in favor of Pennzoil and ordered Texaco to pay 10.53 billion dlrs in damages. Citing the burden of the court case and a Supreme Court ruling last week in favor of Pennzoil concerning the amount Texaco must put up as a bond while appealing the case, Texaco filed for the Chapter 11 protection on Sunday. "That decision puts Pennzoil in the unsecured creditor catagory and that means they have lost their preferred position, which is causing the most damage to the stock today," Margoshes said. "They will only be able to collect payment after secured creditors have collected," he said. "From the standpoint of the attractiveness of Texaco's stock," Margoshes said, "I have turned quite bullish." "I think there is an overreaction in the downside of the (Texaco) stock today, with some investors believing that Texaco cannot effectively conduct its business. But only Texaco Inc and two subsidiaries are under protection, and there is no indication that they will not be able to proceed adequately," Margoshes said. In addition, he noted, "there are insitutions that just cannot legally--according to their own regulations--hold a stock that is in bankruptcy. That caused much of the selling at the opening," he said. L.F. Rothschild's Ilacqua said "you have to wonder if an interim settlement can be reached between the two or if this thing is going to go the full legal route, and that is what investment decisions hinge on." He said "if this whole thing settles with Texaco owing a lot less than the 10 billion dlrs, speculating in Texaco stock could be quite interesting." He expects the stock to trade 25 dlr to 30 dlr a share range for as long as it takes for a decision to made in the case. Reuter 

JOHN MOWLEM ARRANGES 50 MLN STERLING CP PROGRAM

John Mowlem Plc, the U.K. Building and construction company, has arranged a 50 mln stg commercial paper program, with an option to issue notes in U.S. Dollars, Mowlem treasurer Philip Ridal said. He said the company hopes to make the first drawings in May to take advantage of lower borrowing costs and the greater flexibility afforded by this program. It also should increase the company's arbitrage opportunities, he added. The program was arranged by Kleinwort Benson Ltd, which will act as a dealer along with Morgan Grenfell and Co Ltd and Swiss Bank Corp International Ltd. The sterling notes will be sold in denominations of one mln and 500,000 stg and will have maturities of seven to 364 days. Ridal said the new program will complement a note issuance facility the company arranged last year and also increase the investor base. REUTER 

FOSTER <FWC> UNIT AUDIT REVEALS DISCREPANCIES

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

THE HAGUE LAUNCHES SECOND TRANCHE OF CP PROGRAM

Bank Mees en Hope NV, a fully-owned subsidiary of Algemene Bank Nederland NV, said it launched the second tranche of a 100 mln guilders commercial paper program for the city of The Hague. Mees en Hope declined to comment on the size of the second tranche but said the first tranche, ended March 10, was for 50 mln guilders. The second tranche is for the period April 14 to July 14. Denominations are one mln guilders and the issue price, on a discount to yield basis, is to be set tomorrow at 1000 hours local. Clearing and delivery of the program will be via the short term paper clearing institute of the Dutch Central Bank. The Hague was the first Dutch city to start a commercial paper program, allowed on the Dutch capital markets since January 1986. Rotterdam and Amsterdam have since followed with programs of 400 mln and 300 mln guilders respectively. REUTER 

HUGHES' CANADA RIG COUNT DOWN 19 THIS WEEK

Drilling activity slowed down substantially in Canada. The number of active rotary rigs fell by 19 in the week ended today, Hughes Tool Co reported. A total of 66 rigs were working during the week, compared with 71 one year ago, it said. Reuter 

TAIWAN ANNOUNCES NEW ROUND OF IMPORT TARIFF CUTS

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

U.S. JUNK BONDS UNAFFECTED BY TEXACO <TX> FILING

Despite a sharp early fall in Texaco Inc bonds, the 125 billion dlr U.S. junk bond market was largely unaffected by Texaco's weekend filing for protection under Chapter 11 of the Bankruptcy Code, analysts said. "Texaco's filing had little, if any, effect on junk bond prices this morning. It should not spill over to the overall market like LTV Corp's <LTV> bankruptcy filing did last summer," said one analyst. Traders said some Texaco debt issues fell over 30 points this morning in thin trading, but recouped about half that. "Because of the Texaco filing, some investors bid down its paper to the mid-60 area (around 650 dlrs per 1,000 dlr face value) from around 95 Friday," said a dealer in high-yield, low rated bonds. "But sellers could not be found at those levels and the bids soon rebounded to the 75 to 85 area," he added, referring to such issues as Texaco's 13 pct notes of 1991, the 13-1/4s of 1999 and 13-5/8s of 1994. All were in the mid-90s Friday. The rebound occurred after Standard and Poor's Corp downgraded the debt ratings of 8.4 billion dlrs of debt of Texaco and its subsidiaries to D, traders noted. S and P cited the weekend bankruptcy filing. The agency said it uses the D grade for securities issued by companies in Chapter 11 reorganization. Moody's Investors Service Inc followed suit, cutting most of the debt of Texaco and its units to Caa. The junk bond market experienced a short-lived downturn last summer when LTV's bankruptcy filing sparked worries that credit conditions of other steel companies would also worsen. "This is clearly not the case with Texaco," said one trader. Because of their high yields, junk bonds have lately outperformed investment grade corporates, he and others said. Analysts and portfolio managers said they viewed Texaco's bankruptcy filing as a defensive move. Indeed, a Texas State Court of Appeal this morning said the bankruptcy petition effectively stays Texaco's obligation under Texas law to post a bond in its 10.53 billion dlr litigation against Pennzoil Co <PZL>. "The filing was not the result of credit weakness. The company got through the oil crisis alright," said one portfolio manager. Others who run junk bond portfolios agreed with that assessment and said they would still buy high-yield issues. Reuter 

BULGARIA, ROMANIA GRAIN CROP SEEN LESS FAVORABLE

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

ELCOR CORP <ELK> 3RD QTR MARCH 31

Shr 21 cts vs eight cts Net 1.5 mln vs 536,000 Revs 26.6 mln vs 17.7 mln Nine months Shr 1.11 dlrs vs 43 cts Net 7.8 mln vs 3.0 mln Revs 86.9 mln vs 82.9 mln NOTE:Shares adjusted for 2-for-1 stock split payable May 28, 1987 to holders of record May 14, 1987. 1987 3rd qtr and nine months includes tax loss carryforward gain of 695,000 dlrs and 3.6 mln dlrs, respectively. 1986 3rd qtr nine months includes tax loss carryforward gains of 260,000 dlrs and 1.4 mln dlrs, respectively. Reuter 

CAPITAL MARKET BORROWING FALLS IN MARCH, OECD SAYS

Borrowing on the international capital markets contracted significantly in March with 23.1 billion dlrs of medium and long-term funds raised, down 3.4 billion from February and about nine billion dlrs less than in March 1986, the Organisation for Economic Cooperation and Development said in its latest monthly report. Borrowing on external bond markets totalled 19.7 billion dlrs, some 1.1 billion below the February figure. The market for floating rate notes saw further setbacks and the volume of new offerings fell to only 800 mln dlrs from 1.4 billion in February. For the first quarter as a whole, the OECD said, funds raised on the floating rate bond market totalled three billion dlrs, the lowest figure since the third quarter of 1982. Activity on the straight bond market was also less buoyant than in previous months while equity-related offerings continued to benefit from the good performance of major stock markets. Exchange rate uncertainties continued to have a major impact on the currency composition of new bonds. Dollar issues totalled 6.8 billion dlrs, accounting for only 35 pct of total offerings, but borrowing was particularly heavy on the euroyen market (3.3 billion dlrs) and in sterling (2.8 billion dlrs). Offerings of mark bonds declined to 1.3 billion dlrs from around three billion dlrs in the two previous months, whilst strong advances were recorded in the euro-Australian and euro-Canadian dollar sectors, where new offerings exceeded one billion dlrs, the OECD said. In the syndicated credit market, the volume of new loans fell to 2.4 billion dlrs in March from 4.2 billion in February. Similarly, activity on the market for note issuance and other back-up facilities fell to one billion dlrs from 1.5 billion. In March, OECD borrowers accounted for over 90 pct of total borrowing. Japan was the largest fund-raiser with 4.5 billion dlrs, followed by the U.S. With 3.9 billion and Britain with 2.4 billion dlrs. France, West Germany and Norway raised funds of over one billion dlrs each. Borrowing by developing countries totalled one billion dlrs, about the same amount as in February. But borrowing by east European countries fell to 300 mln dlrs from 600 mln in February, the OECD added. REUTER 

SAUDI ARABIA BUYS RBD PALM OLEIN

Saudi Arabia bought 4,000 tonnes of Malaysian refined bleached deodorised palm olein for June 1/10 shipment at around 356 dlrs per tonne cost and freight Jeddah, traders said. Reuter 

ABINGTON SAVINGS BANK <ABBK.O> 1ST QTR NET

Shr 27 cts vs not given Net 617,000 vs 550,000 Loans 92.8 mln vs 84.7 mln Deposits 121.9 mln vs 119.4 mln Assets 155.4 mln vs 152.4 mln Note: prior share not given due to June 18, 1986 conversion to stock ownserhip Reuter 

GREAT LAKES <GL.TO> IN 390 MLN DLR EXPANSION

Great Lakes Forest Products Ltd said it plans a 390 mln dlr modernization and expansion of its fine paper and newsprint operations in northwestern Ontario over the next five years. It will install a 175 mln dlr fine paper machine at Dryden and a 215 mln dlr newsprint machine at Thunder Bay to replace two aging machines. The Dryden machine will have capacity to produce 175,000 metric tons of fine papers annually when it starts up in the 1989 third quarter, while the Thunder Bay machine will have design capacity of 240,000 metric tons annually and is expected to be in operation by early 1991. Great Lakes said it expects to pay for the program mainly with internally generated cash flow, but external financing will be available to support peak spending periods. It said the expansion's effect on company employment levels will be minimal. Great Lakes said a decision on a joint venture with five publisher-partners to construct a newsprint mill in northeastern Washington State should be coming from the partners in the near future. Great Lakes' capital investment in this project would be about 60 mln dlrs. Reuter 

BANKING CENTER <TBCX> 1ST QTR NET

Shr 29 cts vs not given Net 3,508,000 vs 2,483,000 NOTE: Company went public in August 1986. 1986 figures restated. Net includes loan loss provision 550,000 dlrs vs 203,000 dlrs, gain on sale of securities of 309,000 dlrs vs 638,000 dlrs and gain on sale of loans 403,000 dlrs vs 553,000 dlrs. Reuter 

SOVIET TANKERS SET TO CARRY KUWAITI OIL

Kuwait has agreed to charter tankers from the Soviet Union in a move to protect its oil exports through the Mideast Gulf, diplomatic sources said. They said the agreement followed months of talks with the Soviet Union and the U.S. On ways to secure its oil exports after Iran started to attack Kuwaiti-connected vessels in retaliation for Kuwait's backing for Iran's war enemy Iraq. Diplomats said they expect three Soviet tankers initially to reinforce other flags already supporting Kuwait's 22-tanker fleet. The diplomats said they knew of no deal for Moscow to provide a naval escort for its own vessels, but "the idea of protection is implicit," one said. They said Soviet cargo ships bound for Kuwait in the past to unload arms and materiel for road delivery to Iraq were known to have sailed under escort. So far, none of the Soviet ships are known to have been attacked by Iran. Diplomats said they expected the chartered Soviet tankers to sail between Kuwait and Khor Fakkan on the United Arab Emirates (UAE) coast a short way outside the Strait of Hormuz at the mouth of the Gulf. Reuter 

CHEMICAL <CHL> NET HURT BY BRAZIL, EXPENSES

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

CAPITAL MARKET BORROWING FALLS IN MARCH, OECD SAYS

Borrowing on the international capital markets contracted significantly in March with 23.1 billion dlrs of medium and long-term funds raised, down 3.4 billion from February and about nine billion dlrs less than in March 1986, the Organisation for Economic Cooperation and Development said in its latest monthly report. Borrowing on external bond markets totalled 19.7 billion dlrs, some 1.1 billion below the February figure. The market for floating rate notes saw further setbacks and the volume of new offerings fell to only 800 mln dlrs from 1.4 billion in February. Reuter 

GENETICS <GENI.O> SEES HIGHER 87 LOSSES

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

INVESTOR BOOSTS TRANS-LUX <TLX> STAKE

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

SOLITRON DEVICES INC <SOD> 4TH QTR NET

Period ended February 28 Shr 40 cts vs 15 cts Net 1,747,000 vs 775,000 Revs 13.2 mln vs 13.3 mln Avg shrs 4,321,376 vs 5,148,318 Year Shr 67 cts vs 67 cts Net 3,300,000 vs 3,299,000 Revs 49.5 mln vs 50.2 mln Avg shrs 4,895,788 vs 4,951,177 Note: 1986 year after 819,000 dlr tax provision and 660,000 dlr tax credit 1985 year after 559,000 dlr credit for anticipated income tax settlement for 1970 and 331,000 dlr tax provision Reuter 

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

NATIONAL COMPUTER <NLCS.O> TO BUY SHARES

National Computer Systems Inc said its board authorized the company to repurchase up to 2.0 mln shares of its common stock in the open market. The company currently has about 19 mln shares outstanding. It said the shares will be retained for use in the employee stock purchase plan, stock option plans and for general corporate use. Reuter 

PEOPLES HERITAGE BANK <PHBK> 1ST QTR NET

Shr 51 cts vs not given Net 4,661,000 vs 2,499,000 NOTE: Net includes securities gains of 663,000 dlrs vs 1,173,000 dlrs. Company went public in December 1986. Reuter 

AMERITECH <AIT> MICHIGAN UNIT TO LOWER RATES

The Michigan Attorney General said it reached a settlement with Michigan Bell Telephone Co, a subsidiary of American Information Technologies Corp, which will reduce rates, resulting in 79.6 mln dlrs lower revenues to Michigan Bell. The settlement reflects Michigan Bell's reduced federal income taxes resulting from tax reform legislation, and will be submitted for approval to the Public Service Commission, the Attorney General's office said. The lower rates are expected to become effective July one, when Michigan Bell's tax rate falls to 34 pct from 46 pct. Reuter 

STUART HALL CO INC <STUH.O> 1ST QTR FEB 28 NET

Shr 11 cts vs 12 cts Net 301,820 vs 248,419 Revs 12.1 mln vs 10.2 mln Avg shrs 2,855,966 vs 2,033,881 Reuter 

CLAYTON HOMES INC <CMH> 3RD QTR MARCH 31 NET

Shr 21 cts vs 18 cts Net 2,256,000 vs 1,915,000 Revs 38.2 mln vs 35.3 mln Nine mths Shr 62 cts vs 56 cts Net 6,474,000 vs 5,808,000 Revs 125.9 mln vs 112.3 mln Backlog nine mln vs six mln NOTE: Share adjusted for five-for-four stock split in June 1986. Reuter 

COMMAND AIRWAYS<COMD.O> MARCH LOAD FACTOR RISES

Command Airways Inc said its March load factor rose to 44.6 pct from 40.8 pct in March 1986. Revenue passenger miles rose 43.2 pct in March to 4,573,200 from 3,192,700 and 34.3 pct year-to-date to 41.6 mln from 30.9 mln, the company said. Available seat miles increased 30.8 pct in March to 10.2 mln from 7,832,800 and 25.9 pct in the 10 months to 101.4 mln from 80.6 mln. Year-to-date load factor rose to 41 pct from 38.4 pct, it said. Reuter 

SWIFT TO SELL SOUTH DAKOTA PORK PLANT

Swift Independent Packing Co said it agreed in principle to sell its Huron, South Dakota, pork plant to Huron Dressed Beef, for undisclosed terms. Completion of the proposed transaction is subject to Huron's ability to hire an experienced work force at competitive rates, and receive government approval of the purchase and operation of the plant, Swift said. Reuter 

U.S. TRUST CORP <USTC.O> 1ST QTR NET

Shr primary 88 cts vs 83 cts Shr diluted 84 cts vs 78 cts Net 8,869,000 vs 8,176,000 Avg Assets 2.62 billion vs 2.42 billion Deposits 2.06 billion vs 1.80 billion Reuter 

PRIMARY GILTS DEALERS NEED NOT BUY AT AUCTIONS

Primary dealers in U.K. Government gilts will not be required to underwrite the government's offering of its securities when the first auctions begin in Mid-May, the Bank of England said. In an official notice released today, the Bank said "There will be no formal or informal underwriting arrangement for the auctions but the Bank encourages all gilt-edged market makers, as part of their commitment to the market, to participate actively in the auction process." The Bank was originally believed to have favoured requiring the dealers to underwrite auctions, which are patterned after those in the U.S. Treasury market. However, the Treasury was believed to have baulked at the request by the 27 market makers for an allotment commission which would discourage the largest institutional investors from placing orders for new stock directly through the Bank of England, thus denying primary dealers some of their best customers. Commission would have been passed along to customers who did place orders via the primary dealers, making it less expensive to buy through them than to go directly to the Bank. Market sources said the Bank had, in its discussions with the dealers about the upcoming auctions, agreed that the allotment commission was reasonable if the dealers had a concurrent commitment to buy at the auction regardless of market conditions. Indeed, the Bank and the gilts dealers are believed to be disappointed that the Treasury has not agreed to go along with the plan. However, in its paper, the Bank suggested that any conditions applied for the first few auctions may be abandoned or modified in future sales of gilts if they prove inefficient or unwieldy. Among other items in the document, the Bank said its first auction will consist of up to 1.25 billion stg in conventional short-dated stock and have a maturity of seven years or less. Subsequent auctions to be held in the 1987-88 financial year would first be of up to one billion stg of long-dated stock having a maturity of 15 years or longer and then of up to one billion stg of medium dated stock of seven to 15 years in maturity. The remainder of the gilt-edged funding program would be met by traditional tap offerings of stock via the government broker. To protect the buyers of the newly auctioned stock, the Bank has agreed to establish a so-called fallow period, a 28-day period during which it agrees not to issue any new stock of the same type, and it will not necessarily resume selling the stock once the fallow period expires. In the event that prices offered for the stock to be sold are substantially out of line with market conditions, the Bank will agree to take the stock onto its own books. The bank would then be free to sell the stock during the fallow period but not at a price below the minimum tender price. The Bank also said that at least initially, auctions will be alloted on a bid price basis, a system under which bidders are allotted stock at the price which they bid. However, the Bank said it reserves the right to limit any money market maker from buying more than 25 pct of a single auction. The Bank is widely believed to be concerned about preventing a single market maker from cornering a stock to drive the price up. The Bank has repeatedly signalled its intention to prevent dealers from cornering the market in a stock, issuing additional stock, on occasion, to end a market shortage. The Bank has also agreed to publish information about the auction results as soon as possible after the sale is complete, which is widely expected to be on the same day. Information to be released will include the amount of stock allotted in terms of both competitive and non-competitive bids, and the highest, lowest and average price of the successful bids. REUTER 

GULF OF MEXICO RIG COUNT DOWN SLIGHTLY THIS WEEK

Utilization of offshore mobile rigs in the Gulf of Mexico fell about 0.5 percentage point to 35.0 pct this week, with a total of 82 working and 152 idled, Offshore Data Services said. In the European-Mediterranean area, utilization remained about unchanged at 46.1 pct, after rising four percentage points in the previous two weeks. Out of a total of 154 rigs, 71 were working and 83 idled, it said. Worldwide utilization of offshore rigs was steady at 53.8 pct, reflecting 391 rigs working and 336 idled. Reuter 

FED ADDS RESERVES VIA CUSTOMER REPURCHASES

The Federal Reserve entered the U.S. Government securities market to arrange 1.5 billion dlrs of customer repurchase agreements, a Fed spokesman said. Dealers said Federal funds were trading at 6-1/2 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Most had expected the Fed to supply reserves directly via System repurchase agreements or to add them indirectly through two billion dlrs or more of customer repurchase agreements. Some believe the Fed is adding fewer reserves than are needed to keep upward pressure on rates and so help the dollar. Reuter 

BURROUGHS-WELLCOME SETS RESEARCH SPENDING

(Burroughs-Wellcome Inc) said it plans to invest 10 mln dlrs in research and development-related activities over the next five years if changes planned to Canada's patent act become law. The company said it would increase its commitment to clinical research if the patent act is changed to provide further protection for patent rights, as planned. Reuter 

DESPTP OMC <DSO> 1ST QTR NET

Shr 54 cts vs 51 cts Net 2,151,000 vs 2,439,000 Sales 90.3 mln vs 96.8 mln Avg shrs 3,960,000 vs 4,782,000 Reuter 

PARK COMMUNICATIONS INC <PARC.O> 1ST QTR MAR 31

Shr 15 cts vs 14 cts Net 2,028,000 vs 1,879,000 Revs 32.1 mln vs 29.5 mln Reuter 

SOFTWARE SERVICES <SSOA> EXTENDS WARRANTS

Software Services of America Inc said its board has extended the expiration date of its warrants until August 31 from April 30. Reuter 

FEDERAL GUARANTEE CORP <FDGC.O> 1ST QTR NET

Shr 34 cts vs 32 cts Net 2,891,844 vs 2,666,278 Revs 13.7 mln vs 12.7 mln Reuter 

BACHE SECURITIES SETS NAME CHANGE, EXPANSION

Bache Securities Inc, 80 pct-owned by Prudential-Bache Securities Inc, a unit of Prudential Insurance Co of America, said it would change its name on April 15 to Prudential-Bache Securities Canada Ltd as the first part of a major expansion in Canada. The investment dealer said the expansion would involve increased research and retail staff, three new Canadian branches by year-end and enhanced corporate financing ability. Bache chief executive George McGough told a news conference that Bache might expand its 20 mln Canadian dlr capital base by up to seven times over the next several years. McGough said the move resulted from the proposed June 30 deregulation of Ontario's securities industry, which will lift existing restrictions on the growth of foreign dealers such as Bache and allow it access to its U.S. parent's 134 billion U.S. dlrs of capital and products offered by Prudential Insurance Co of Canada, also owned by Bache's U.S. parent. Stressing that company growth would be internal, McGough told reporters "that our game plan does not call for an acquisition," saying Bache recently rejected merger overtures from three other investment dealers in Canada. McGough declined to identify the names of the three dealers that approached Bache. He said that Bache hoped to rank in the top five Canadian investment dealers within the next few years. It now ranks about 14th. McGough voiced confidence that Bache's plans would be unaffected by any delay past June 30 in the implementation of financial deregulation resulting from an ongoing dispute between the Canadian and Ontario governments over regulatory jusisdiction. He said regulators had already approved the name change and indicated they would approve Bache's expansion. Reuter 

ANGELL CARE MASTER LP <ACR> RAISES QUARTERLY

Shr 38 cts vs 36 cts prior Pay July 31 Record June 23 Reuter 

CHARTERHOUSE GETS 310 MLN DLRS IN NEW CAPITAL

<Charterhouse Group International>, which specializes in leveraged buyouts and purchasing troubled companies, said it has raised 310 mln dlrs in new capital to help it compete in the acquisition market for U.S. companies. Charterhouse said that it has formed Charterhouse Mezzanine Partners, a limited partnership capitalizaed at 152 mln dlrs, to provide subordinated financing in leveraged buyout transactions. Charterhouse also said it recently received an infusion of 100 mln dlrs of new capital from its shareholders. In addition, the company said it has completed forming the Recovery Group, a limited partnership established to invest in distressed companies. Then Recovery Group, to be co-managed by Charterhouse and two investors, Jay Goldsmith and Harry Freund, is capitalized at 58 mln dlrs from investors in Europe and America, the company said. Charterhouse said the group will acquire equity or debt securities of distressed companies. Reuter 

FRANKLIN MICHIGAN INSURED SETS LOWER PAYOUT

Mthly div 6.6 cts vs 6.9 cts prior Pay April 30 Record April 15 NOTE: Franklin michigan Insured Tax-Free Income Fund. Reuter 

FRANKLIN HIGH YIELD SETS HIGHER PAYOUT

Mthly div eight cts vs 7.1 cts prior Pay April 30 Record April 15 NOTE: Franklin High Yield Tax-Free Income Fund. Reuter 

FRANKLIN PENNSYLVANIA TAX-FREE IN INITIAL PAYOUT

Franklin Pennsylvania Tax-Free Income Fund said its board declared an initial monthly dividend of six cts per share, payable April 30 to holders of record April 15. Reuter 

GENERAL PARTNERS SELLS GENCORP <GY> STAKE

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

FRANKLIN PENNSYLVANIA U.S. SETS INITIAL PAYOUT

Franklin Pennsylvania Investors U.S. Government Securities Fund Fund said its board declared an initial monthly dividend of 7.8 cts per share, payable April 30 to holders of record April 15. Reuter 

DUFF/PHELPS DOWNGRADES MELLON BANK CORP <MEL>

Duff and Phelps today lowered the senior debt rating of Mellon Bank Corp. to D&P-8 (High BBB) from D&P-6 (middle A) and lowered the preferred stock rating to D&P-9 (middle BBB) from D&P-7 (low A). These rating changes affect approximately 607 mln dlrs of securities. In addition, the certificate of deposit rating of Mellon Bank has been lowered to Duff one minus from Duff one. The rating affects approximately 2.7 bln dlrs on CDs. "A sharp deterioration in asset quality," resulting in a "significant" first-quarter loss were cited in the change. Reuter 

GAF <GAF> STUDYING BORG-WARNER <BOR> PLAN

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

NATIONAL WESTMINSTER BANK USA 1ST-QTR NET RISES

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

LASER PHOTONICS INC <LAZR.O> 4TH QTR DEC 31

Shr loss 26 cts vs loss one cts Net loss 699,000 vs loss 20,617 Revs 883,000 vs 1.1 mln Year Shr loss 62 cts vs loss eight cts Net loss 1.7 mln vs loss 185,003 Revs 3.6 mln vs 4.5 mln Reuter