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COMPUTER SCIENCES <CSC> WINS LARGE NASA CONTRACT

Computer Sciences Corp said it won a contract with the National Aeronautics and Space Administration (NASA) that could be worth one billion dlrs if NASA exercises all its options. The contract is for systems engineering and analysis services for the Mission Operations and Data Systems Directorate at Goddard Space Flight center in Greenbelt, Maryland. Expected to be efective November 15, the contract will consist of a 34-1/2 month base performance period, a two-year priced option and five unpriced annual renewal options. The value of the basic and priced-option periods is about 310 mln dlrs. The company estimates the total value of the award at about one billin dlrs over the full ten-year period. The contract will consolidate work currently performed by Computer Sciences under three separate contract that total about 40 mln dlrs in annual revenues. The company also expects a revenue increase of about 25 mln dlrs annually for additional work to be performed under the contract. Computer Sciences said about 25 pct of the contract value will go to subcontractors, the largest of which is Ford Motor Co's <F> Ford Aerospace and Communications Corp. Computer Sciences' Systems Sciences division in Silver Spring, Maryland, will perform the work at its facilities at Beltsville and Greenbelt, Maryland. The contract is the largest in the company's history. Reuter 

GATT TO DEBATE U.S. CHARGES OF AIRBUS SUBSIDIES

The U.S. Will pursue its complaint that European governments unfairly subsidise the Airbus Industrie aircraft consortium in proceedings at the GATT civil aircraft committee, a GATT spokesman said today. The U.S. Presented its case for the first time to the aircraft committee of the General Agreement on Tariffs and Trade (GATT) during a special two-day session ending today. GATT rules cover some 80 pct of world commerce. The 20-member committee agreed to open debate on the U.S. Complaint, starting with informal consultations and then holding a special session in July, trade officials said. "The tension has eased," the permanent trade ambassador of the 12-member European Community Tran Van Thinh told reporters. "The U.S. Has decided to go through proper channels." U.S. Trade officials again made clear their anger over what they call unfair government support for Airbus, voiced during a visit to European capitals in February. In a letter calling for the special committee meeting, Washington charged France, West Germany, the U.K., Spain and the EC Commission with unfair practices on behalf of Airbus. The U.S. Charges that the Europeans are violating rules laid down in the 1979 Agreement on Trade in Civil Aircraft. Washington presented its reading of rules on inducement to purchase aircraft and support for development of airlines during the special session and asked the committee to confirm its view. Official sources in the delegations said the U.S. Views would be considered during the informal consultations but the Europeans would also be free to bring up any complaints against American civil aircraft practices. Some delegates said the U.S. Position appeared to give such broad interpretation to the rules as to suggest that the civil aircraft accord needed re-negotiating. All these matters would be considered during the informal meetings. Reuter 

UK OFFICIAL SEES TRANSATLANTIC AIR TRAFFIC RISE

U.K. Minister for Aviation Michael Spicer said transatlantic traffic should increase at least five pct this year, after dropping nearly six pct last year. "We expect at least a five pct increase and it may exceed that, reaching at least the peak levels of 1985," Spicer said at a press conference. The figures refer to air traffic between North America and Europe. Spicer also said transport ministers of the European Community meeting next week are expected to agree on liberalizing air traffic regulations in Europe. Spicer said fears of terrorism dissuaded Americans from traveling to Europe last year, resulting in pent up demand that will be released this year. He said the ministers, scheduled to meet in Brussels Monday and Tuesday, should agree on allowing more than one airline to fly particular routes between European cities, removing some fare restrictions and easing capacity restrictions. Spicer also said he has asked U.S. officials to consider allowing investment in U.S. carriers, particularly in smaller commuter airlines, by foreign companies. He also wants U.S. officials to allow British carriers to fly more freely between U.S. destinations. Reuter 

LEADING ECONOMISTS CALL FOR MORE GROWTH ABROAD

A panel of four leading economists told a congressional hearing today that foreign economies will need to expand to avoid recession as the U.S. trade deficit declines. C. Fred Bergsten, a former senior Treasury Department official, and Robert Solomon of the Brookings Institution told the Senate Foreign Relations Committee, the major exporting countries risk recession if they do not expand because U.S. demand for imports is expected to fall. "They need to beef up domestic demand as their trade surplus falls," or unemployment will keep growing, Bergsten said. Bergsten predicted the U.S. trade deficit, which hit 169 billion dlrs last year, will fall 30-40 billion dlrs a year for the next two years as a result of the dollar's 35-40 pct decline since September 1985. The government should intervene to push the dollar down further if the previous declines do not lead to an improvement in the trade picture, if the U.S. budget deficit is not reduced and if foreign expansion does not occur, he added. Solomon said the dollar must fall further to compensate for the huge interest payments required on U.S. foreign debt. The Paris agreement between the major industrialized countries provided only for a pause in its decline, he said. Rimmer de Vries, senior vice president of Morgan Guaranty Trust Co., said the U.S. trade deficit problem is a problem of lagging growth in industrial economies, prolonged currency misalignment, debt problems of the developing countries, and unbalanced growth in the Asian industrializing countries. John Makin of the American Enterprise Institute, suggested foreign tax cuts to increase demand and pick up the slack from the U.S. trade deficit fall. Reuter 

MONFORT OF COLORADO INC 2ND QTR SHR 1.03 DLRS VS 1.34 DLRS

U.S. HOUSE BUDGET WRITING PROCESS COLLAPSES

Rep William Gray (D-Pa), Chairman of the House Budget Committee, abruptly canceled the committee's budget writing process when Republican members said they would continue a vote strike begun yesterday. "I'm not going to continue a markup in which my Republican colleagues won't participate," Gray told reporters. He said he asked Republicans to tell him by Monday whether they would vote in future open sessions. If they choose not to, he threatened to again draft a budget behind closed doors with only Democrats present, as had been done the previous two years. "If they do not want to participate in an open process ... then I will make a decision as to how the Democrats will proceed," Gray said. "If there is not possibility of Republican participation, I will go back to what we've done in the past," he said. Republicans yesterday had voted "present" in a series of committee votes on fiscal 1988 defense spending. The Republicans had said they were protesting the Democrats' failure to present alternatives to President Reagan's budget. Reuter 

CANADIAN MONEY SUPPLY M-1 FALLS 1.16 BILLION DLRS IN WEEK, BANK OF CANADA SAID

MORRISON KNUDSEN <MRN>GETS 200 MLN DLR CONTRACT

Morrison Knudsen Corp said a unit was awarded an 11-1/2-year contract totaling about 200 mln dlrs for the operation of a steam coal mine near Montgomery, W.Va. The company said the contract carries an option for an additional 10 years. Of the 200 mln dlrs, the company said that only the first five years, or about 90 mln dlrs, were included in its first quarter backlog. The contract was awarded by <Cannelton Industries Inc>, the company said. Reuter 

NO FORCE MAJEURE ON LEAD FROM CAPPER PASS

U.K. Smelter Capper Pass denied rumours that the company had declared, or was about to declare, force majeure on lead deliveries. This followed trader talk on the London Metal Exchange, LME, after broker bids were made at increased premiums for Capper Pass brand material. Traders said some slight production problems seem to exist but are unlikely to have any impact on the market. Lead values on the LME today were unchanged around 299 stg per tonne for three months delivery after thin business in a one stg range. Reuter 

AFFILIATED PUBLICATIONS <AFP> TO BUY BILLBOARD

Affiliated Publications Inc said it agreed to acquire all the outstanding stock of <Billboard Publications Inc> for 100 mln dlrs in cash from a shareholder group led by <Boston Ventures Limited Partnership.> Affiliated, which owns the company that publishes the Boston Globe, said the acquisition will give it a strong position in the growing market for specialty magazines. Under a separate agreement, Affiliated said that certain members of Billboard's management plan to buy up to 10 pct of the equity in Billboard following Affiliated's acquisition of the company. Billboard publishes eight specialty magazines, including Billboard magazine, and 15 annual directories. It also publishes and distributes speciality books under four imprints and operates two book clubs. Affiliated is the parent company of Globe Newspaper Co, publisher of the Boston Globe. It also has interests in cellular telephone and paging services providers. Reuter 

UNIQUE EXPORT FINANCING BEING ARRANGED FOR MEXICO

A single purpose company, <Italfunding Ltd>, has been created for the purpose of obtaining funds on the international capital markets to refinance 44.3 mln dlrs of Mexico's official debt to Italy at very attractive rates, Morgan Grenfell and Co Ltd said as lead manager and arranger. The transaction will be accomplished by Italfunding obtaining a 44.3 mln dlr euronote facility in the market and then using the proceeds to provide a loan for the same amount to Mexico. The loan will be 100 pct guaranteed by SACE, the official Italian export credit agency. Morgan Grenfell has used special purpose vehicles in the past to help refinance export credits for other indebted countries, such as Brazil and Ecuador. The Brazil financing, for example, involved the use of a floating rate note. This transaction makes use of another sector of the capital markets -- that for short-term note facilities -- to finance a medium term credit. The financing is being arranged in connection with a bilateral agreement between Mexico and SACE earlier this year to refinance Mexico's official debt to Italy. The bilateral accord followed a multilateral rescheduling agreement reached last September of Mexico's official debt to the Paris Club of western creditor governments. The Paris Club accord, in turn, was part of a broad-based rescheduling package covering 77 billion dlrs of Mexico's foreign debt. That package -- heralded as the first to incorporate all aspects of U.S. Treasury Secretary James Baker's plan to aid indebted countries -- included a 7.7 billion dlr loan, which was signed today in New York. The new financing for Italfunding, being syndicated among about five major international banks, will be a fully underwritten, revolving facility with an average life of seven years and the facility will fund the loan. All Paris Club agreements contain a generally accepted outline for a rescheduling, but the specific terms must then be negotiated on a bilateral basis. Banking sources noted that the use of a special-purpose vehicle will provide Mexico with particularly attractive financing at a rate of about 1/4 to 1/2 pct over the London Interbank Offered Rate (Libor). The cost of the new financing compares with a spread of 13/16 pct on the loans in the new commercial bank package. This is because the intermediary providing the funds, in this case Italfunding, can obtain its funds relatively cheaply on the international markets. At the same time, the deal benefits the banks, which will still get a reasonable return on the note facility, which is pure Italian risk. The bankers noted that if the financing had been arranged in Italy, the cost to Mexico and the Italian banks would have been higher since the Italian banks would use a different source of funding. REUTER 

D AND P LIFTS GENERAL PUBLIC UTILITIES<GPU> UNIT

Duff and Phelps today raised the ratings on General Public Utilities' Pennsylvania Electric Co. subsidiary fixed income securities. First mortgage bonds and collateralized pollution control revenue bonds have been raised to D&P-6 (middle A) from D&P-7 (low A), debentures raised to D&P-7 from D&P-8 (high BBB), and preferred stock raised to D&P-8 from D&P-9 (middle BBB). About 766 mln dlrs of debt is affected. The upgrade reflects general improvement in the company's financial condition, Duff and Phelps said, citing the partial restoration of service, and rates, to Three Mile Island. Reuter 

FIRM HAS ALLEGHENY INT'L <AG> PREFERRED STAKE

Spear, Leeds and Kellogg, a New York brokerage partnership, said it has acquired 136,300 shares of Allegheny International Inc's 11.25 dlr convertible preferred stock, or 7.1 pct of the total outstanding. In a filing with the Securities and Exchange Commission, Spear Leeds said it bought the stake for 11.7 mln dlrs as part of its normal trading activities. Reuter 

WTD INDUSTRIES <WTDI> SAWMILL OFFER REJECTED

WTD Industries Inc said its offer to buy the bankrupt Harris Pine sawmill in Pendleton, Oregon was rejected by the bankruptcy court trustee. The company said the bid was rjected in favor of a higher offer. Reuter 

CBT HITS CFTC'S FOREIGN FUTURES PROPOSALS

Proposed federal regulations governing the sale of foreign futures and options contracts to U.S. citizens would strap U.S. exchanges, an official of the Chicago Board of Trade, CBT, said. Frederick Grede, CBT vice president of administration and planning, told the Futures Industry Association that rules proposed by the Commodity Futures Trading Commission, CFTC, would "handicap the ability of U.S. exchanges and futures commission merchants to compete internationally." The CFTC rules generally would require additional registration and disclosure. Grede said that speculative positions, hedging and aggregation do not exist on most overseas exchanges, and that the regulations would impose onerous requirements relating to the segregation of customer funds. CFTC Chairman Susan Phillips, acknowledging that the proposal was "controversial," said the commission would consider revising the proposals. Reuter 

CELINA <CELNA> SHAREHOLDERS APPROVE SALE

Celina Financial Corp said shareholders at a special meeting approved a transaction in which the company transferred its interest in three insurance companies to a wholly owned subsidiary which then sold the three companies to an affiliated subsidiary. It said the company's interests in West Virginia Fire and Casualty Co, Congregation Insurance co and National Term Life Insurance Co had been transferred to First National Indemnity Co, which sold the three to Celina Mutual for cash, an office building and related real estate. Reuter 

GROUP HAS 5.1 PCT OF UNICORP AMERICAN <UAC>

Two affiliated New York investment firms and an investment advisor told the Securities and Exchange Commission they have acquired 555,057 shares of Unicorp American Corp, or 5.1 pct of the total outstanding. The group, which includes Mutual Shares Corp, said it bought the stake for 5.3 mln dlrs for investment purposes and has no intention of seeking control of Unicorp American. Reuter 

CANADIAN MONEY SUPPLY FALLS IN WEEK

Canadian narrowly-defined money supply M-1 fell 1.16 billion dlrs to 32.94 billion dlrs in week ended March 11, Bank of Canada said. M-1-A, which is M-1 plus daily interest chequable and non-personal deposits, fell 1.31 billion dlrs to 75.39 billion dlrs and M-2, which is M-1-A plus other notice and personal fixed-term deposit fell 1.01 billion dlrs to 177.70 billion dlrs. M-3, which is non-personal fixed term deposits and foreign currency deposits of residents booked at chartered banks in Canada, fell 1.29 billion dlrs to 216.33 billion dlrs. Reuter 

REVLON BUYS GERMAINE MONTEIL COSMETICS FROM BEECHAM GROUP FOR UNDISCLOSED TERMS

REVLON <REV> BUYS BEECHAM'S COMSMETICS UNIT

Revlon Group Inc said it bought Germaine Monteil's cosmetics business in the U.S. from the Beecham Group PLC. Terms of the sale were not disclosed. The sale includes the rights to Germaine Monteil in North and South America and in the Far East, as well as the worldwide rights to the Diane von Furstenberg cosmetics and fragrances lines and the U.S. distribution rights to Lancaster beauty products. Meanwhile in London a statement from Beecham said the business was sold to Revlon for 2.5 mln dlrs in cash and a royalty payment. Reuter 

MONFORT OF COLORADO INC <MNFT> 2ND QTR NET

Qtr ended Feb 28 Shr 1.03 dlrs vs 1.34 dlrs Net 4,385,000 vs 5,792,000 Revs 474.4 mln vs 381.4 mln Six mths Shr 2.46 dlrs vs 2.71 dlrs Net 10.5 mln vs 11.7 mln Revs 906.0 mln vs 757.6 mln Reuter 

QUOTRON IN PACT WITH MERRILL LYNCH <MER>

<Quotron Systems Inc> said it signed a contract to deliver financial information services to more than 500 Merrill Lynch Pierce Fenner and Smith offices. The agreement provides all the offices served by Quotron be extended through November 1989, and gives Merrill Lynch the option to extend the contract through February 1993, the company said. The cost of the contract was not disclosed. Quotron is a wholly-owned subsidiary of Citicorp <CCI>, and is not traded publicly. Reuter 

GEODOME RESOURCES <GOEDF> TO PROCEED WITH MINE

Geodome Resources Ltd said based on a feasibility study of its Sunbeam Mine it will proceed with contruction and pre-production stripping as rapidly as possible. The company said eight of nine holes drilled on the new ore zone have an average grade of 0.046 ounces of gold per ton and 2.1 ounces of silver per ton. The deposit is 400 to 500 yards from the newly designed Sunbeam pits, has large tonnage and will be drilled off this summer, the company said. The study said ore reserves including dillution were 3,302,000 tons at 0.77 ounces of gold per ton at a cut off grade of 0.026 ounces per ton and stripping ratio of 4.24 to one. It said gold production will average 41,000 ounces per year for the mine life and 99,000 ounces of silver per year. It said gold production in the first three years should average 50,000 ounces per year. Operating costs are expected to average 201 dlrs per ounce of gold for the mine life and 171 dlrs per ounce in the first three years. Reuter 

MARK IV CORRECTS AGREEMENT WITH BAIRD <BATM>

Mark IV Industries Inc <IV>, which has said it may consider a bid to seek control of Baird Corp, said Baird has not agreed to hold off on any defensive measures without giving Mark IV at least 24 hours notice. In a filing with the Securities and Exchange Commission, Mark IV corrected a statement it made yesterday in another SEC filing in which it listed several agreements reached with Baird, including that Baird would not take any anti-takeover steps without providing at least 24 hours notice. Mark IV said it was later told by Baird that Baird had given no such assurance. Reuter 

GENERALE DE BANQUE, HELLER BUY FACTORING UNIT

Generale de Banque SA <GENB.BR> and <Heller Overseas Corp> of Chicago have each taken 50 pct stakes in factoring company SA Belgo-Factors, Generale de Banque said in a statement. It gave no financial details of the transaction. SA Belgo-Factors' turnover in 1986 was 17.5 billion Belgian francs. Reuter 

<OSHAWA GROUP LTD> 4TH QTR NET

Shr 52 cts vs 51 cts Net 16.5 mln vs 16.2 mln Revs 870.2 mln vs 800.7 mln Year Shr 1.48 dlrs vs 1.29 dlrs Net 47.3 mln vs 41.0 mln Revs 3.53 billion vs 3.10 billion Avg shrs 31,867,658 vs 31,831,050 Reuter 

HARLEY-DAVIDSON <HDI> UNIT FILES NOTE OFFERING

Harley-Davidson Inc said its wholly owned subsidiary, Holiday Rambler Corp, filed a registration statement covering 70 mln dlrs of subordinated notes due 1997. Holiday-Rambler, which manufactures recreational vehicles, was acquired by Harley-Davidson in December 1986. Proceeds of the offering will be used to repay 60 mln dlrs of debt, with the balance to reduce any outstanding borrowings under the company's revolving credit loan agreement and for working capital purposes. Reuter 

PAN AM CORP 4TH QTR LOSS 197.5 MLN DLRS VS PROFIT 241.4 MLN DLRS

WESTPAC PERPETUAL FRN NO INSTANT CURE, DEALERS SAY

Morgan Guaranty Ltd's novel and complex repackaging of Westpac Banking Corp's perpetual floating rate note (FRN) may attract some investors, but is unlikely to aid current holders of the Westpac securities or the FRN market, FRN traders said. "It actually does nothing for anyone who has been stuffed and right now, that's the problem," said a trader at one U.K. Clearing bank that has also issued its own perpetuals. Trading in perpetual issues, which pay interest but never mature, has come to a virtual halt. Prices have fallen so far that only about five firms still make markets in them. The Westpac perpetual notes are technically now the property of a newly formed single-purpose finance subsidiary, Pacific Securities. If Morgan tried to find a home for the actual Westpac notes, as is, they would be paid no more than 85 cents on the dollar, at most, traders said. But the repackaging allows them to target a new class of investor for the notes and take the old issues off their books without registering a loss, the traders said. "The only one the repackaging favours is Morgan," a trader said. Meanwhile, the end-holders of perpetual notes, most of whom are Japanese banks, must still find a way to value them by year-end, now a week away. From Morgan's point of view, the repackaging does aid the present holders of the notes as well as offering value to a new class of investors. "At least we've put a floor under the price of the notes. We've created a way to set a real value for them," one Morgan official said. Morgan had earlier attempted, but abandoned, another plan to repackage the Westpac securities. Morgan's holdings of Westpac paper create special problems for it because of the way U.S. Regulators view bank holdings of the primary capital of other banks, traders said. Therefore, it is crucial that a vehicle for selling the paper be found. And indeed, note traders said, the FRN portion of the repackaged securities -- which Westpac has offered to redeem for cash in 15 years -- does have real value. For one thing, traders noted, it pays about the highest rate over the London Interbank Offered Rate of virtually any newly issued security. The spread is 50 basis points. However, the other portion of the security, in which the investor pays 20 cents on the dollar for a zero coupon 15-year bond, is of dubious value unless the Westpac perpetual assumes a market value near par 15 years from now, traders said. The zero-coupon portion could provide value for an account which for tax purposes, wants to take a large capital loss, the traders said. In the 15-year period between the time the note is purchased and the time it is redeemed, no interest is paid. When repayment finally occurs, it is not in cash like an ordinary zero-coupon bond. Instead, the investor receives one of the Westpac perpetual floaters. REUTER 

VIRCO MANUFACTURING CORP <VIR> 4TH QTR NET

Qtr ended Jan 31 Shr 67 cts vs 69 cts Net 1,525,000 vs 1,570,000 Revs 41.2 mln vs 40.2 mln Year Shr 1.75 dlrs vs 1.54 dlrs Net 4,001,000 vs 3,522,000 Revs 172.3 mln vs 168.7 mln Note: figures include losses from discontinued operations in qtr of 309,000 dlrs, vs 253,000 dlrs a year earlier and for the year of 309,000 dlrs vs 1,559,000 dlrs a year ago. Reuter 

COOPER <CBE> ASKS FTC TO END ACQUISITION LIMITS

Cooper Industries Inc asked the Federal Trade Commission to vacate a 1979 order that requires the company to get FTC approval before making certain acquisitions, the FTC said. The order was issued as part of a settlement of FTC charges that Cooper's merger with Gardner-Denver Co would lessen competion and increase concentration in the gas compressor and industrial air tool industries, the FTC said. The order requires that, until 1989, Cooper must get FTC approval before acquiring companies in the natural gas compressor or hand-held industrial pneumatic tool businesses. Reuter 

SWISS PAVING WAY TO INDEX FUTURES, OPTIONS

Switzerland expects to launch fully computerized trading of financial futures and options in the near future, a senior Swiss official said. Alexis Lautenberg, minister for economic and financial services at the Department of Foreign Affairs, said a stock index based on issues traded on the three major Swiss exchanges is expected to be completed this month, marking "an important step towards the introduction of an option market and index futures." Trading of options will begin next year "with more than a dozen of the most actively traded shares ... and non-voting equities," he told the Futures Industry Association. The Swiss envision requiring dealers to handle transactions on the computerized system and market makers to trade specific equities, Lautenberg said. The Swiss official also said there would be limits on the positions and exercise of option rights and that firms would have to comply with minimum capital requirements under Swiss banking law. He also said "intensive consultations" were under way with a view toward allowing profits earned from traded options and financial futures to be considered capital gains. "It would follow that only when a buyer would exercise his option right by realizing a physical transaction would the stamp duty, or securities tax, be levied," Lautenberg said. Reuter 

EIB ISSUES 300 MLN LUXEMBOURG FRANC PLACEMENT

The European Investment Bank is issuing a 300 mln Luxembourg franc, seven-year private placement with a coupon of 7-3/8 pct and priced at par, lead manager Caisse d'Epargne de l'Etat, Banque de l'Etat said. Payment date is April 9 and coupon date April 10 annually, with final maturity on that date in 1994. The issue can be redeemed early on April 10, 1991, 1992 or 1993 with 45 days' notice. REUTER 

ZUERCHER ZIEGELEIEN SETS 60 MLN SFR WARRANT BOND

Zuercher Ziegeleien AG plans a 60 mln Swiss franc, 2-1/4 pct domestic bond with warrants for participation certificates, lead manager Swiss Bank Corp said. The 10-year par-priced bonds of 5,000 francs' face value carry two warrants (A and B), each of which entitle holders to acquire one certificate of 100 francs' nominal value. The A warrants may be exercised from June 1, 1987, to March 30, 1990, at 800 francs, and the B warrants from June 1, 1987, to March 30, 1992, at 820 francs. The exercise prices remain in force after the dilution through an announced rights issue to be conducted on May 11. REUTER 

THOMPSON MEDICAL CO INC <TM> DECLARES QTLY DIV

Qtly div 10 cts vs 10 cts prior Pay April 15 Record March 30 Reuter 

NEW ENGLAND ELECTRIC SYSTEM <NES> TWO MONTHS NET

ended February Shr 69 cts vs 66 cts Net 37.7 mln vs 34.9 mln Revs 255.8 mln vs 288.8 mln Avg shrs 54.7 mln vs 53.2 mln 12 mths ended Feb Shr 3.23 dlrs vs 3.17 dlrs Net 174.8 mln vs 166.3 mln Revs 1.4 billion vs 1.5 billion Avg shrs 54.1 mln vs 52.4 mln Reuter 

DILLARD DEPT STORES INC <DDS> DECLARES QTLY DIV

Qtly div three cts vs three cts prior Pay May 1 Record March 31 Reuter 

PAN AM CORP <PN> 4TH QTR LOSS

Shr loss 1.44 dlrs vs profit 1.79 dlrs Net loss 197.5 mln dlrs vs profit 241.4 mln Revs 797.3 mln vs 906.7 mln 12 mths Shr loss 3.42 dlrs vs profit 45 cts Net loss 462.8 mln vs profit 51.8 mln Revs 3.04 billion vs 3.48 billion Note: Net includes special charges of 65 mln dlrs vs special gain of 341 mln dlrs for the qtr and year. Reuter 

FTC EASES ALLIED-SIGNAL <ALD> UNIT RESTRICTIONS

The Federal Trade Commission said it eased a requirement that Allied-Signal Inc's Allied Corp subsidiary get prior FTC approval before making certain acquisitions in the high-purity acid market. The FTC said it ended the prior approval requirement because Allied no longer has businesses covered by the order. Other restrictions still apply, it said. The restrcitions stem from a 1983 order by the FTC settling charges that Allied's 1981 acquisition of Fisher Scientific Co reduced competition in three high-purity acid markets. Reuter 

SAN JUAN BASIN ROYALTY <SJT> HIKES DISTRIBUTION

Cash distribution 4.2621 cts vs 3.2384 cts prior Pay April 14 Record March 31 NOTE: Company's full name is San Juan Basin Royalty Trust. Reuter 

SHL SYSTEMHOUSE INC <SHKIF> 2ND QTR FEB 28 NET

Shr 23 cts vs nine cts Net 5,700,000 vs 1,920,000 Revs 35.5 mln vs 19.8 mln 1st half Shr 41 cts vs 17 cts Net 10.0 mln vs 3,100,000 Revs 69.3 mln vs 36.7 mln NOTE: Share adjusted for two-for-one stock split approved in December 1986. Net includes tax credits of 2,970,000 dlrs vs 980,000 dlrs in quarter and 5,210,000 dlrs vs 1,590,000 dlrs in half. Backlog 230 mln dlrs vs 147 mln dlrs at start of fiscal year and 148 mln dlrs at the end of the first quarter. Reuter 

U.K. LEAD AND ZINC OFFTAKE RISES IN JANUARY

U.K. Consumption of lead and zinc in all forms during January rose to 26,314 and 18,778 tonnes, from 24,967 and 17,929 tonnes respectively in December, latest figures by the World Bureau of Metal Statistics (WBMS) show. Refined lead consumption rose to 23,992 tonnes from 23,194, while scrap offtake was 2,322 tonnes against 1,773. Slab zinc consumption was 14,257 tonnes against 14,190 during December, while offtake of scrap and re-melted metal was 4,521 tonnes against 3,739. Meanwhile production of refined lead in January rose to 28,188 tonnes from 23,693 in December, but slab zinc production fell to 4,490 tonnes from 5,793, the WBMS figures showed. Stocks of slab zinc totalled 14,780 tonnes, down from December's 15,008. Reuter 

PHOTRONIC LABS INC <PLAB> 1ST QTR JAN 31 NET

Shr 10 cts vs seven cts Net 249,143 vs 175,476 Sales 3,034,010 vs 2,745,288 Reuter 

AMEX LISTS LANDMARK TECHNOLOGY <LCO>

The American Stock Exchange said it has listed the common stock of Landmark Technology Corp, which had been traded on the NASDAQ system. Reuter 

PERMIAN BASIN ROYALTY <PBT> HIKES DISTRIBUTION

Cash distribution 3.9737 cts vs 3.0577 cts Pay April 14 Record March 31 NOTE: Trust's full name is Permian Basin Royalty Trust. Reuter 

TRUST AMERICA <TRUS> IN DEAL WITH ITT <ITT>

Trust America Service Corp said it has signed an agreement to provide ITT Corp's <ITT> ITT Mortgage Corp affiliate with a monthly flow of residential conventional mortgage loans. It said the arrangement is expected to be an "important: source of revenue. Reuter 

UNIVERSAL RESOURCES <UVR>HOLDERS APPROVE MERGER

Universal Resources Corp said its shareholders approved the merger of the company with Questar Corp <STR>. Separately, Universal said it will redeem its 15.75 pct debentures due December 15, 1996, on April 19, at 104.8 pct of face amount plus accrued interest. Universal said it will operate as a wholly owned unit of Questar under its current name. Under terms of the merger, which took effective today, Universal said its shareholders will receive three dlrs a share in cash. It said its stock will no longer trade on the AMEX. Reuter 

ENDOTRONICS <ENDO> HALTED PENDING NEWS RELEASE

Endotronics Inc, halted at 1-3/4 on NASDAQ pending release of a news report, on Monday said it was expecting "substantial losses" for the quarter ending March 31, 1987 and the fiscal year ending Sept 30, 1987. The company had cited a dispute over payment by Yamaha Inc, one of its Japanese distributors, over payment of a promissory note for 3,686,000 dlrs in overdue accounts. Reuter 

LAWSON PLEDGES TO MAKE INFLATION TOP PRIORITY

British Chancellor of the Exchequer Nigel Lawson pledged to continue making defeat of inflation a top priority. Speaking to the ruling Central Council of the Conservative Party, Lawson said "We will continue to make defeat of inflation a top priority until it is eliminated altogether." Year on year inflation is running at 3.7 pct. Lawson said that under the government's program of selling off state industries to the private sector the number of share- holders in the country had trebled since 1979 and now represented one in five of the adult population. REUTER 

TEXAS INSTRUMENTS INC <TXN> SETS QUARTERLY

Qtly div 50 cts vs 50 cts prior Pay April 20 Record March 31 Reuter 

SOUTHEAST BANKING CORP <STB> DECLARES QTLY DIV

Qtly div 22 cts vs 22 cts prior Pay April 10 Record March 30 Reuter 

SWISS BANKS MEET CHURCHES OVER S. AFRICA LOANS

Swiss banks are holding talks with Protestant and Roman Catholic officials to hear church complaints about lending to South Africa, the Swiss Bankers' Association said. In a statement the Association said the parties had disagreed over economic sanctions. But all participants -- representatives of the three biggest Swiss banks, the Bankers' Association itself, the churches and church charities -- agreed to condemn South Africa's apartheid policy both publicly and in contacts with business and government offices there. After two private sessions last August and on March 10, they agreed the meetings should continue. Swiss banks are criticised by the churches who say they are in effect lending support to the South African government. The banks assured the churchmen that their lending had declined substantially last year and that they had no intention of building it up as banks from other countries withdrew. Pius Haffner of the Catholic charity Justitia et Pax told Reuters, "It is at least a small step forward when the banks say publicly they will not jump in when other banks pull out." REUTER 

UNIFORCE <UNFR> TO FILE REGISTRATION

Uniforce Temporary Personnel Inc said it will file in April a registration statement with the Securities and Exchange Commission for an offering of 128,250 shares of common stock issuable upon exercise of common stock purchase warrants. The offering is being made at the request of a holder of the warrants which were issued in 1984 at the time of Uniforce's initial public offering. Reuter 

FTC URGES VETO OF GEORGIA GASOLINE STATION BILL

The Federal Trade Commission said its staff has urged the governor of Georgia to veto a bill that would prohibit petroleum refiners from owning and operating retail gasoline stations. The proposed legislation is aimed at preventing large oil refiners and marketers from using predatory or monopolistic practices against franchised dealers. But the FTC said fears of refiner-owned stations as part of a scheme of predatory or monopolistic practices are unfounded. It called the bill anticompetitive and warned that it would force higher gasoline prices for Georgia motorists. Reuter 

ARMSTRONG WORLD <ACK> UNIT BUYS PLANT

Armstrong World Industries Inc said its Gilliam Furniture affiliate has purchased a 130,000 square foot building in Troutman, N.C., for undisclosed terms. It said the new plant is expected to be in operation before year-end and and will more than double Gilliam's production capacity for upholstered furniture. Reuter 

INDUSTRIAL ELECTRONIC <IEHC> GETS ORDER

INdustrial Electronic Hardware Corp said it received a 2.1 mln dlrs order from an undisclosed leading defense contractor. INdustrial Electronic manufactures electronic connectors for the aerospace market. Reuter 

HUDSON'S BAY CO YEAR OPER SHR PROFIT 32 CTS VS LOSS 1.23 DLRS

COOK UNITED INC EXPECTS LOSS OF 16 MLN DLRS FOR FISCAL 1987

HUDSON'S BAY CO HAD 1986 WRITEDOWN OF 40.4 MLN DLRS MAINLY ON STAKE IN DOME PETROLEUM

U.N. Conference formally adopts new International Natural Rubber Agreement - chairman

YORK FINANCIAL CORP <YFED> DECLARES QTLY DIV

Qtly div 17 cts vs 17 cts prior Pay May five Record April 20 Reuter 

COOK UNITED INC IN TALKS TO SELL STAKE TO PRIVATE INVESTORS

ENDOTRONICS INC SAID TWO FEDERAL AGENCIES INVESTIGATING THE COMPANY

COMBINED INT'L <PMA> RAISES PAYOUT, VOTES SPLIT

Combined International Corp said its board voted to increase the quarterly dividend 7.1 pct to 60 cts a share from 56 cts payable May 26, record May 12. It said directors also approved a two-for-one stock split, subject to approval by shareholders of a proposed capital stock amendment at the annual meeting in April. The record and pay dates would be announced later, it said. Reuter 

AMERICAN CABLESYSTEMS <ACN> TO BUY CABLE SYSTEM

American Cablesystems Corp said it agreed in principal to buy a cable television system in Los Angeles County from Heritage Communications Inc <HCI> for 15.5 mln dlrs. The company said the system being purchased serves about 12,000 subscribers in the towns of Compton, South El Monte, Hawaiian Gardens and the communities of Willowbrook, Athens, Firestone, Florence and East Compton. It said the acquisition will bring to seven the number of cable systems it owns, manages or has agreed to buy in the Los Angeles area. Reuter 

YORK FINANCIAL <YFED> SPLITS STOCK

York Financial Corp, parent company of York Federal Savings and Loan Association, said its board of directors declared a five-for-four stock split in the form of a 25 pct stock dividend. The company said it will distribute the split on May 5, to shareholders of record April 20. Reuter 

CHEMLAWN <CHEM> HAS NO COMMENT ON NEW OFFER

ChemLawn Corp said it had no comment on a sweetened offer from Waste Management Inc <WMX>. Waste Management amended its 27 dlr per share tender offer, raising it to 35 dlrs per share. ChemLawn had rejected Waste Management's earlier 27 dlr per share offer, saying it was an undervalued bid. ChemLawn earlier told its shareholders not to tender to Waste Management. ChemLawn rose 1-7/8 to 36 in over-the-counter trading. Reuter 

TOYOTA <TOYOY> HIKES 1987 PRICES

Toyota Motors Sales U.S.A. Inc said it will raise the price of its 1987 cars by an average 1.8 pct, or 208 dlrs, effective immediately. Toyota cited the higher yen as the reason for the increase. Prices on some models will not be increased, Toyota noted. Reuter 

ESSO SAF <ESSF.PA> YEAR ENDED DEC 31 1986

Net profit 305 mln francs vs 258 mln. Net dividend 25 francs vs 20 francs. Operating loss 696 mln francs vs 1.46 billion. Note - The company, which is the French subsidiary of Exxon Corp. <XON.N>, said its net profit result included the reintegration of 1.2 billion francs of provisions for exchange fluctuations. Reuter 

PAN AM'S <PN> MAIN UNIT TO REPORT SMALLER LOSS

Pan Am Corp said its largest division, the Atlantic, will report a first quarter loss that will be substantially lower than that reported a year ago. In the 1986 1st qtr, Pan Am reported a net loss of 118.4 mln dlrs, which included foreign exchange losses of 19.3 mln. The company did not say how much the Atlantic division lost. Pan Am also said it is encouraged by passenger traffic results so far this year as well as booking trends. In January and February, the airline said total systemwide revenue passenger miles were up five pct and 11 pct, respectively, over the same months last year. It also said that based on current trends, its largest division should report vastly improved second-quarter traffic compared to last year, which resulted in a load factor of 45.7 pct for the second quarter of 1986. Pan Am also said its principal subsidiary, Pan American World Airways, had a 1986 net loss of 469.3 mln dlrs, compared with a profit of 38.7 mln dlrs in 1985, which included a gain of 341 mln dlrs for the sale of its Pacific Division. It said the airline's operating loss for the year was 325.5 mln dlrs compared with a operating profit of 196.5 mln dlrs in 1985. Reuter 

COOK <CCF> TO POST LOSS, SELL STAKE

Cook United INc said it expects to report a loss a loss of 16 mln dlrs, before an extraordinary credit of 44 mln dlrs resulting from its Chapter 11 reorganization, on sales of 217 mln dlrs for the year ended January 31, 1987. For 1986, Cook reported a loss of 30.8 mln dlrs on sales of 257 mln dlrs for the prior year. Cook also said it began preliminary talks with private investors looking to buy a stock position in order to provide Cook with additional cash and assist its posture in its negotation with its banks. Cook is negotiating with its bank lenders and private sources for a borrowing facility to relieve its current working capital requirements. Cook said it believes the reasons for its losses since OCtober have been identified and are mostly non-recurring. Shutting down 12 unprofitable stores since November has effectuated cost controls and improved merchandising, it said. It anticipates the turnaround will contine and that profitability with be restored. Cook now operates a total of 29 stores. Reuter 

ENDOTRONICS <ENDO> TARGET OF INVESTIGATION

Endotronics Inc said it is the target of a formal private investigation by the Securities and Exchange Commission as well as the Federal Bureau of Investigation. The company also said its independent accounts, Peat, Marwick, Mitchell and Co, served notice that its report on Endotronics' financial statements as of Sept 30, 1986 and for the year then ended should no longer be relied upon. Endotronics said the notice from its accountants stated "we cannot satisfy ourselves as to the true facts of the situation to a degree necessary to continue to be associated with such consolidated financial statements." Endotronics recently reported that it was reviewing the need to establish a reserve for all or a portion of approximately 3,686,000 dlrs in overdue accounts receivable and to assess the impact, if any, on prior period financial statements in light of a dispute with one of its Japanese distributors over payment of the overdue accounts. Endotronics said it was providing documentation to the Securities and Exchange Commission in connection with that agency's investigation. It also said Michael Gruenberg resigned from the company's board of directors. Reuter 

UN CONFERENCE FORMALLY ADOPTS NEW RUBBER PACT

A new International Natural Rubber Agreement, INRA, was formally adopted by a United Nations Conference today. The new accord is due to replace the current one, which expires in October. Conference chairman Manaspas Xuto of Thailand said the formal adoption represented "a historic moment." The latest round of talks, which began March 9, represented the fourth attempt to negotiate a new INRA in nearly two years. Xuto described the negotiations as "by no means easy, and we often faced problems." The new pact is due to enter into force provisionally when ratified by countries accounting for 75 pct of world net exports and 75 pct of net imports. The new INRA will enter into force definitively when governments accounting for at least 80 pct of net exports and 80 pct of net imports have ratified it. It will be open for signature from May 1 to December 31 this year. It is expected that provisional entry into force will take at least 12 to 14 months from now, delegates said. During the hiatus between the two agreements buffer stock operations will be suspended, but the International Natural Rubber Council will remain in place. Xuto told the conference both the 1979 agreement and its successor were aimed at meeting the needs of producers and consumers of natural rubber over the long term. Both had interest in stabilising prices and supplies, Xuto added. He also praised "the spirit of 'give' and 'take' that prevailed throughout this session." Ahmed Farouk of Malaysia, speaking on behalf of producers, said the conclusion of the new pact showed that the mutuality of interests between producers and consumers is now as valid as it was when negotiations of the first agreement began in the 1970s. Farouk said the ability to manage inventories on the basis of predictable stable prices is "a vital consideration for multinational tire companies, whether or not consuming countries as a whole claimed to be no longer so seriously concerned about security of the rubber supply." He said producers considered that the 1979 agreement had served the purpose for which it was created. Farouk urged consuming countries to promote early accession to the new pact "to avoid an undue gap between the old and the new. Gerard Guillonneau of France, speaking for consumers, agreed that the 1979 agreement had worked relatively well. But as economic conditions had changed, he said, consumers had been led to make proposals for improving its functioning. He added that the adoption of the new agreement "attests to the importance of rubber and confidence in the rubber industry." Reuter 

ADVANCED INSTITUTIONAL <AIMS> CUTS WORKFORCE

Advanced Institutional Management Software Inc said it has cut its workforce to 53 from 74 and closed its Atlanta office to cut expenses and improve profitability. The company said it is also in the process of reducing its office space in four of its six offices nationwide. Advanced also said it has named executive vice president Steven B. Sheppard chief operating officer. The company said president and chief executive officer Morris Moliver had been chief operating officer as well. Reuter 

SUN STATE SAVINGS <SSSL> SEES HIGHER EARINGS

Sun State Savings and Loan expects to report an earnings increase this year over 1986, Chairman Edward Janos told shareholders at the company's annual meeting. In a statement, Janos said core earnings are expected to average 1.5 mln dlrs per quarter, or six mln dlrs for the year, while sales of real estate joint ventures will add another five mln during the year. In 1986, Sun State reported earnings of 9,427,000 dlrs, or 2.05 dlrs per share. Reuter 

ATT <T> CHAIRMAN SAYS DIVIDEND WILL NOT BE CUT

American Telephone and Telegraph Co does not plan to reduce its regular quarterly dividend of 30 cts a share on its common stock, said James E. Olson, chairman. "It has been the intent to set the dividend at a level so that it could be sustained through the ups and downs of the business cycle," Olson told a meeting of securities analysts. "We see no reason to change that policy," he said. Although ATT will maintain its current dividend, Olson said the company wants to decrease the percentage of earnings paid in dividends by increasing earnings. Industry analysts had speculated that ATT might cut its common dividend, especially after the company posted a fourth quarter net loss of 1.17 billion dlrs and earned only five cts a share for the full year. The loss included a one-time restructuring charge of 1.7 billion dlrs. Olson said he expects ATT's cash flow to remain strong despite the poor earnings. Reuter 

MAJOR TIN CENTERS PARALYSED BOLIVIA UNION SAYS

A strike by 9,000 miners employed by the state corporation Comibol has paralysed tin production in the major centers of Huanuni, Corocoro, Siglo, Catavi and Colquiri, the Conflicts Secretary of the Bolivian Miners Federation, Cristobal Aranibar, told Reuters. The strike began at midnight to press demands for higher wages and more funds for the nationalised mining industry. The miners federation left the door open to negotiations with the government but "only if the authorities show their intention to find solution to our demands", Aranibar said. The government of president Victor Paz Estenssoro, faced with mounting social unrest against its economic policies, has said the miners strike was part of a campaign to discredit it during the visit of West German president, Richard von Weizsaecker, who arrives today for a four-day official visit. The government froze salaries as part of its efforts to pull Bolivia out of a deep economic crisis. According to central bank forecasts inflation will reach an annual 10 pct rate versus up to 20,000 pct in 1985. In addition to the miners' strike, about 1,000 railway factory workers of the bolivian labour organization (COB) began a second day of a hunger strike in the country's main cities to press for substantial wage increases, a union leader said. Reuter 

ECHLIN INC 2ND QTR SHR 24 CTS VS 20 CTS

ALLIED-LYONS SEES HIRAM WALKER PROFITS RISING

<Allied-Lyons PLC> sees rising profits from 51-pct-owned liquor producer Hiram Walker-Gooderham and Worts in the current fiscal year ending in early March, 1988, chairman Derrick Holden-Brown said in a speech prepared for delivery to Toronto analysts. "We anticipate that Hiram Walker profits will be well above those of the plateau years," he said, referring to the four years up to 1985. "In other words, we will have regained the 1985 position and improved on it," Holden-Brown said. Allied-Lyons won control of Hiram Walker-Gooderham last year in a battle against Gulf Canada Corp, which finally got a 49 pct stake after an out-of-court settlement. Hiram Walker Resources Ltd, the previous owner, reported liquor profits of 282 mln Canadian dlrs in the fiscal year ending Sept. 30, 1985, 278 mln dlrs in 1984, 267 mln in 1983, 294 mln in 1982 and 280 mln in 1981. Holden-Brown said Allied-Lyons' financial results for the fiscal year just ended March seven would include three months of Hiram Walker-Gooderham profits, but he did not provide actual figures. He said Hiram Walker-Gooderham's profit improvement in the current year will come from a previously announced reorganization put into effect March 1, 1987 and a close partnership with Allied-Lyons' existing Allied Vintners division. Reuter 

ECHLIN INC <ECH> 2ND QTR FEB 28 NET

Shr 24 cts vs 20 cts Net 11,784,000 vs 8,302,000 Rev 269.1 mln vs 211.9 mln Six months Shr 48 cts vs 40 cts Net 23,191,000 vs 16,556,000 Rev 517.5 mln vs 429.3 mln Reuter 

AMERICAN CAN SEES HIGHER 1ST QTR, YR NET

DST SYSTEMS INC SAYS ITS PRESIDENT DIED OF A HEART ATTACK

<HUDSON'S BAY CO> 4TH QTR NET

ended January 31 Oper shr profit 3.98 dlrs vs profit 4.35 dlrs Oper net profit 123.6 mln vs profit 108.3 mln Revs 1.88 billion vs 1.76 billion Year Oper shr profit 32 cts vs loss 1.23 dlrs Oper net profit 33.0 mln vs loss 9,055,000 Revs 5.69 billion vs 5.27 billion Note: 1986 excludes writeoff of 40.4 mln dlrs, primarily due to investment in Dome Petroleum Ltd <DMP>. Reuter 

<GENDIS INC> 4TH QTR JAN 31 NET

Shr 53 cts vs 61 cts Net 9,909,000 vs 11,489,000 Revs 185.9 mln vs 161.5 mln Year Shr 1.20 dlrs vs 1.37 dlrs Net 22,522,000 vs 25,667,000 Revs 588.5 mln vs 521.7 mln Reuter 

DST SYSTEMS <DSTS> PRESIDENT DIES

DST Systems Inc said its president and director, Robert L. Gould, died of an apparent heart attack. It said his duties will be assumed by Thomas McDonnell, the company's chief executive officer. Mr. Gould had served as president and chief operating officer since October, 1984. Reuter 

GREAT AMERICAN FIRST SAVINGS <GTA> OPENS UNITS

Great American First Savings Bank Arizona said it has opened four new branches located in Fry's Food Stores. The branches are all in the Tucson area. Great American opened nine branches in Fry's Food Stores in 1986 and opened two earlier this year. The company said two more will open next week. Reuter 

<BIFLYX> 2ND QTR DEC 31 NET

Shr nil vs nil Net profit 24,000 vs loss 66,000 Revs 235,000 vs 93,000 Six mths Shr nil vs nil Net profit 40,000 vs loss 153,000 Revs 394,000 vs 99,000 Reuter 

IBC PRESIDENT LEAVES FOR PRODUCER MEETING - IBC

Jorio Dauster, president of the Brazilian Coffee Institute, IBC, left Brazil early today to attend a weekend meeting of Latin American coffee producers in Managua, an IBC official said. Carlos Brasil, an adviser to the IBC president, said Dauster had left Rio de Janeiro for Managua early this morning. There were rumours on the London coffee market earlier today that Dauster would not attend the meeting. Reuter 

BANCO DI ROMA UNIT ARRANGES EURO-PAPER PROGRAM

Banco di Roma (London branch) has arranged a 200 mln dlr nominal Euro-commercial paper program, Swiss Bank Corporation International Ltd said as sold dealer. The borrower will be able to issue paper with maturities of seven to 365 days in other avialable currencies, such as European Currency Units. However, it could not issue sterling commercial paper because Bank of England rules prohibit an issuer of certificates of deposit to issue paper denominated in stg. Banco di Roma (London branch) has a certificate of deposit program in the market under which the securities are traded. The program will be aimed at end investor placement. Reuter 

SPANISH COAL MINERS CALL STRIKES OVER LAYOFFS

Miners at Spain's state-owned Hulleras del Norte S.A. (Hunosa) coal company have called a 72-hour strike starting on Monday to protest against a restructuring plan that entails layoffs, union sources said. They said more stoppages would follow in coming weeks. The unions rejected a company compromise proposal to extend the period of the restructuring plan to four years instead of two and said there should be no job losses. The company wants to shed some 2,000 jobs and start cutting back on production to help boost productivity by five pct yearly to the year 2000. 

MOUNTAIN VIEW ACQUIRES MARATECH COMMUNICATIONS

(Mountain View Investment Corp), Phoenix, Ariz., said it acquired Maratech Communications Cos Inc. Under terms of the transaction, the present directors of Mountain View have resigned and have elected directors of Maratech as new directors of Mountain View. It said a combined shareholders' meeting will soon be held to vote on the acquisition. Reuter 

MEXICO WARNS OF WORSENING THIRD WORLD DEBT WOES

High interest rates, sluggish global economic growth and creeping protectionism are deepening the third world debt crisis, senior Mexican officials said. Finance minister Gustavo Petricioli said today's signing of a 76 billion dlr new-loan and rescheduling package for Mexico was the most comprehensive and far-reaching effort in debt management yet achieved for a sovereign borrower. But, in remarks prepared for the signing ceremony, he warned against complacency. "The debt problem is not solved. If anything, it has been exacerbated by recent events." "The inequities of the international economic environment conspire against the welfare and stability of developing countries," Petricioli added. The debt problem will not be solved unless developing countries are allowed to grow, he argued. "There will be no solution without the further development of trade throughout the world.". Director of public credit Angel Gurria told reporters that Mexico's economy should resume growth this year, but he said external conditions are not favorable. Latin America is grappling with adverse terms of trade, for instance, as underlined by the recent slide in coffee prices. Interest rates remain unacceptably high in real terms, Gurria added. "Inflation has literally disappeared from the face of the earth in the industrialized world, but interest rates are still near seven pct." Industrial powers must also improve the coordination of their economic policies to boost unacceptably low growth rates and to keep export markets open, said Gurria, who is Mexico's chief debt negotiator. The officials also had a blunt warning for those banks that refuse to participate in the loan package: Do not expect to get much business with Mexico in the future. About 60 of Mexico's 430 or so creditor banks worldwide have still to join the loan, but four more acceptances were received today, according to senior Citibank executive William Rhodes, who is co-chairman of Mexico's advisory committee. "Those who supported us today can be sure that Mexico will continue to be open and willing to share with them the business opportunities which its future growth will create. "Those few who have denied their responsibility have turned their backs on this remarkable effort of international cooperation, on the financial system and on their enlightened colleagues," Petricioli said. One way that Mexico could punish recalcitrant banks would be to deny, or at least slow down, applications to convert Mexican debt into equity investments within the country. "We will be a lot more expeditious in processing the requests of banks that have supported us," Gurria said, adding, "We have long memories." Debt-equity conversions are an attractive way for banks to provide clients with subsidized pesos for investment in Mexico and to collect handsome brokerage fees or reduce their own Mexican exposure in the process. The growing popularity of the scheme was underlined this week when American Express Bank, which has joined the new Mexican package, said it plans to convert 100 mln dlrs of its own loans into an equity stake in hotel projects in Mexico. Mexico halted the debt-equity program on Feb. 25 to force banks to concentrate on wrapping up the financing pakcage, and Gurria said it would resume once the first part of the six billion dlr loan that forms the core of the deal is disbursed. The loan is now 99 pct subscribed. Gurria said Mexico hopes to close the books by the middle of April in time for a drawdown by the end of April. Although the agreements were signed in the sumptuous surroundings of a midtown Manhattan hotel, the atmosphere of the signing ceremony was rather subdued, with bankers and officials showing little of the elation and relief that normally follows the conclusion of a mammoth deal. After five months of arduous work syndicating the loan, debt fatigue was apparent and the talk was of ways to make the financing process less cumbersome. "This (package) has been harder than all the others... I hope we find a way that's not so debilitating for the people who have to put them together," Gurria said. Reuter 

AMERICAN CAN <AC> SEES HIGHER YEAR NET

American Can Co chairman Gerald Tsai said the company will record higher earnings in the first quarter and for the full year. Addressing analysts, Tsai said "First quarter results have been extremely encouraging and results for all of 1987 will show significant improvement over 1986." American Can earned 196.3 mln dlrs, or 3.21 dlrs per share, adjusted for a two-for-one stock split, in 1986. In the 1986 first quarter, the company reported net income of 67.5 mln dlrs, including one-time gains from sale of assets, or 2.30 dlrs per share, before the stock adjustment. In the 1987 first quarter, American Can will record a one-time gain of 28 cts per share from the sale of shares in its Musicland Group subsidiary. The gain is slightly higher than the expected gain the company predicted in February because additional shares of the unit were sold. In response to a question, Tsai said American Can's investment in Jefferies and Co is "very small". "We treat it as just another passive investment," he said. According to press reports, American Can owns 20 pct of Jefferies and is its largest single shareholder. Yesterday, Boyd Jefferies, chairman and founder of the brokerage firm bearing his name, resigned from the firm and said he would plead guilty to two felony charges for breaking securities laws. Responding to another question, Tsai said AIDS-related claims were a small portion of claims made with American Can's insurance subsidiaries in 1986. Reuter 

CENTRAL BANKING SYSTEM INC <CSYS> QTLY DIVIDEND

Qtly div ten cts vs ten cts Pay April 15 Record April 1 Reuter 

CHARTER-CRELLIN <CRTR> TO ACQUIRE SEBRO PLASTICS

Charter-Crellin Inc said it signed a letter of intent to acquire all outstanding shares of <Sebro Plastics Inc's> capital stock. Charter-Crellin, a molded plastic product maker, said Sebro is a precision molder of engineered specialty plastic products for the automotive industry. The company said the deal is subject to the execution of a definitive purchase agreement. Reuter 

NEW YORK STATE ELECTRIC <NGE> ENDS ACQUISITION

New York State Electric and Gas Corp said it has terminated its effort to acquire Corning Natural Gas Corp. It cited as reasons the uncertain regulatory climate in New York State and the depresed price of New York State Electric stock which has been caused by the delay in the Nine Mile Point Unit Two nuclear plant. The company had said in December that it had been interested in acquiring Corning Natural Gas. Reuter 

BLACK HAWK MINING CAN'T EXPLAIN STOCK RISE

<Black Hawk Mining Inc> said it knows of "no major activities" to account for the recent rise in the company's stock price. The shares rose 11 cts to 88 cts on the Toronto Stock Exchange yesterday. The company added that its application for its proposed acquisition of <Platinova Resources Ltd> and financings are still before the listing committee of the stock exchange. Reuter 

SEAGRAM <VO> UNIT REALIGNING OPERATIONS

Seagram Co Ltd's Joseph E. Seagram and Sons Inc said it is realigning its Fine Wine operations following last week's sale of its medium-priced table wines business. Seagram Vintners, the entity under which all fine wine operations were group, is being dissolved, the company said. The Seagram Classic Wine Co will move its operations to the West Coast, the company said. Seagram Chateau and Estate Wines Co will continue to be headquartered in New York, the company said. Reuter 

SENATOR WANTS STRONGER AIR MERGER REGULATION

The chairman of the Senate antitrust subcommittee said the Transportation Department was allowing too many airline mergers and proposed its authority be transfered to the Justice Department. "The Transportation Department's antitrust enforcement has been disastrous, permitting rampant merger mania," Ohio Democrat Howard Metzenbaum said in a statement. "The nine largest airlines now control 94 per cent of the market. That's bad for competition and bad for the consumer," he said. Metzenbaum said he introduced a bill to transfer antitrust authority over airline mergers to the Justice Department in hopes it would more restrictive than the Transportation Department. Reuter 

SHARPER IMAGE CORP SETS STOCK OFFERING

Sharper Image Corp said it registered with the Securities and Exchange Commission to offer 1,445,000 shares of its common stock. The offering would be comprised of 1.2 mln shares of newly issued stock and 245,000 shares offered by certain selling shareholders. Net proceeds would be used to finance the opening of new stores and for working capital. The offering is scheduled for April and would be underwritten by a group managed by L.F. Rothschild, Unterberg, Towbin Inc and Dean Witter Reynolds Inc. Reuter