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TRADERS DETAIL FRENCH CEREAL EXPORT REQUESTS

French operators last Friday requested licences to export 10,500 tonnes of free market maize, 11,950 tonnes of free market barley and 13,000 of soft wheat flour to non-EC countries, at prefixed daily (droit commun) rebates, French trade sources said. The latest requests for the maize were for export to Switzerland, Austria and Lichtenstein at a maximum daily rebate prefixed last Friday at 141 Ecus a tonne against a previous 20 Ecu daily rebate. The special daily rebate for maize was set in the context of a Commission commitment to grant this season rebates for the export of 500,000 tonnes of French maize to non-EC countries, in compensation for concessions to the U.S. in the recent dispute over grain sales to Spain. If the latest French requests are accepted as expected, this will bring the total of French maize exported in this context to 25,500 tonnes. The Commission last Thursday granted weekly rebates for the sale of 15,000 tonnes of free market maize to non-EC countries. Requests for barley were for export to Switzerland, Austria and Lichtenstein, Ceuta and Melilla at an unchanged pre-fixed restitution of 125 Ecus a tonne, while requests for soft wheat flour were for export to various non-EC countries at an unchanged 178 Ecus a tonne. Reuter 

STUDY GROUP URGES INCREASED U.S. OIL RESERVES

A study group said the United States should increase its strategic petroleum reserve to one mln barrels as one way to deal with the present and future impact of low oil prices on the domestic oil industry. U.S. policy now is to raise the strategic reserve to 750 mln barrels, from its present 500 mln, to help protect the economy from an overseas embargo or a sharp price rise. The Aspen Institute for Humanistic Studies, a private group, also called for new research for oil exploration and development techniques. It predicted prices would remain at about 15-18 dlrs a barrel for several years and then rise to the mid 20s, with imports at about 30 pct of U.S. consumption. The study cited two basic policy paths for the nation: to protect the U.S. industry through an import fee or other such device or to accept the full economic benefits of cheap oil. But the group did not strongly back either option, saying there were benefits and drawbacks to both. It said instead that such moves as increasing oil reserves and more exploration and development research would help to guard against or mitigate the risks of increased imports. Reuter 

NCR CORP <NCR> UNIT SIGNS DISTRIBUTION PACT

NCR Corp's Personal Computer division said it signed an agreement to distrubute its personal computer products to 544 <Computerland Corp> stores in the U.S. The company said the agreement covers its entire PC line, which will be sold by Computerland franchises, Computerland Stores Inc, and for major corporate bids, through the Computerland National Accounts Program. Computerland said it is planning a direct mail campaign and other publicity on its private satellite network to promote the NCR line. The primary products to be sold by Computerland stores include the PC8 AT-compatible unit, the PC6 dual-speed model and the 2114/PC Retail Management System, according to NCR. Reuter 

CARBIDE <UK> LOOKS TO ACQUISITIONS FOR GROWTH

Union Carbide Corp is looking to acquisitions and joint ventures to aid its chemicals and plastics growth, according the H.W. Lichtenberger, president of Chemicals and Plastics. Describing this as a major departure in the company's approach to commercial development, he told the annual new business forum of the Commercial Development Association "We are looking to acquisitions and joint ventures when they look like the fastest and most promising routes to the growth markets we've identified." Not very long ago Union Carbide had the attitude "that if we couldn't do it ourselves, it wasn't worth doing. Or, if it was worth doing, we had to go it alone," Lichtenberger explained. He said "there are times when exploiting a profitable market is done best with a partner. Nor do we see any need to plow resources into a technology we may not have if we can link up profitably with someone who is already there." He said Carbide has extended its catalyst business that way and is now extending its specialty chemicals business in the same way. Reuter 

CORRECTED - BANKAMERICA NEGOTIATING SALE OF UNITS

Bank of America NT and SA's <BAC.N> West German branch said it is negotiating the sale of Bankhaus Centrale Credit AG, a small local West German bank it acquired in 1965, and of its West German Visa credit card operation. Michael Seibel, Bank of America vice-president and regional manager, said the negotiations were proceeding well. He declined to give further details. Bank of America's West German branch lost some 32 mln marks in 1985. The result includes profit and loss transfers from Bankhaus Centrale Credit and the Visa organisation. The sale of the units is part of the bank's worldwide restructuring plan. REUTER 

<FRANKLIN GOLD FUND> CUTS DIVIDEND

Semi div 13 cts vs 18 cts prior Pay March 13 Record March Two Reuter 

COLUMBIA GAS <CG> FORMS ERIE PIPELINE SUBIDIARY

Columbia Gas System Inc said it has formed Columbia Erie Pipeline Corp as a subsidiary to participate with Coastal Corp's <CGP> ANR Pipeline Co in construction and operation of the Erie Pipeline System. As previously announced, Columbia Gas and ANR Pipeline signed a letter of intent to form a partnership to construct and operate the Erie system, which will run from ANR's facilities in Defiance County, Ohio, to Clinton, County, Pa. Columbia said specific terms of participation are to be spelled out in a partnership agreement to be negotiated within the next 60 days. Reuter 

<FRANKLIN CALIFORNIA TAX-FREE INCOME FUND>PAYOUT

Mthly div 4.5 cts vs 4.5 cts prior Pay March 13 Record March Two Reuter 

<FRANKLIN AGE HIGH INCOME FUND> SETS PAYOUT

Mthly div 3.6 cts vs 3.6 cts prior Pay March 13 Record March Two Reuter 

R.J.R. NABISCO UNIT FORMS OVERSEEING COMMITTEE

R.J. Reynolds Tobacco Co, a unit of R.J.R. Nabisco Inc <RJR>, said it has formed an executive management committee to oversee the company's worldwide tobacco operations. Reynolds Tobacco said the committee's members will be senior managers of Reynolds Tobacco Co, R.J. Reynolds Tobacco USA, and R.J. Reynolds International Inc. R.J.R. Nabisco is reportedly attempting to form a master limited partnership out of its tobacco unit, part of which will be sold to the public. Reuter 

PETRO-CANADA CUT CRUDE PRICES BY 1.43 CANADIAN DLRS/BBL EFFECTIVE MARCH ONE

<FRANKLIN FEDERAL TAX-FREE INCOME FUND> PAYOUT

Mthly div 7.7 cts vs 7.7 cts prior Pay March 13 Record March Two Reuter 

<FRANKLIN NEW YORK TAX-FREE INCOME FUND> PAYOUT

Mthly div 7.3 cts vs 7.3 cts prior Pay March 13 Record March Two Reuter 

<FRANKLIN U.S. GOVERNMENT SECURITIES FUND>PAYOUT

Mthly div six cts vs six cts prior Pay March 13 Record March Two Reuter 

GM <GM> UNIT TO OFFER PRE-APPROVED CREDIT

General Motors Corp's GMAC Financial Services said it plans to offer 25 billion dlrs in pre-approved credit to more than two mln "preferred customers" in a nationwide direct mail campaign. The GM unit said the program is the largest automotive credit offer of its kind in history. GMAC Financial Services said the mailing will be completed by early March. Selected current GMAC customers will receive offers of pre-approved credit equal to the cash selling price of the vehicles they are currently financing, rounded up to the next 1,000 dlrs. Within this group, Buick owners will also receive a special discount of 300 dlrs that would be provided by GM's Buick motor division if they accept GMAC's offer to finance or lease a new Buick. Reuter 

CANADA RULING ON U.S. CORN INJURY DUE THIS WEEK

The Canadian government is expected to announce later this week its final ruling whether U.S. corn exports to Canada have injured Ontario corn growers, U.S. government and farm group representatives said. The deadline for a final determination is March 7. U.S. officials said they are encouraged by the outcome in a similar case covering European pasta imports. In that case, Canada decided pasta imports, which take about ten pct of the Canadian market, did not injure domestic producers. U.S. corn exports represent only about five pct of the Canadian market. Canada slapped a 1.05 dlrs per bushel duty on U.S. corn imports in November 1986, but reduced the duty to 85 cts last month because the Canadian government said U.S. subsidies to corn producers were less than Canada earlier estimated. Reuter 

FIRST MISSISSIPPI CORP <FRM> SETS PAYOUT

Qtly div six cts vs six cts prior Pay April 28 Record March 31 Reuter 

ROTTERDAM PORT UNION AND EMPLOYERS TO MEET

Dutch port and transport union, FNV, agreed to an employers' request to reconvene abandoned peace talks tonight to try to end strikes that have disrupted Rotterdam's general cargo sector for the past six weeks, a union spokesman said. Talks broke down Thursday when the union walked out after employers tabled their final offer to end the strikes which started January 19 in protest at planned redundancies of 800 from the sector's 4,000 workforce, starting with 350 this year. The employers' invitation to restart the talks comes on the day a deadline set by Minister of Social Affairs Louw de Graaf for a resolution of the dispute expires. De Graaf said if the dispute had not ended by today he would withdraw the 10 mln guilder annual labour subsidy to the sector. No comment was immediately available from the employers' organization. Reuter 

FED SETS 1.5 BILLION DLR CUSTOMER REPURCHASE, FED SAYS

AIRGAS <AGA> DECLINES TO COMMENT ON STOCK MOVES

The New York Stock Exchange said Airgas Inc declined to comment on its stock activity after a request for an explanation by the exchange. The company's stock was up 1-1/8 points to 11 dlrs. Reuter 

JIM WALTER CORP <JWC> SETS PAYOUT

Qtly div 35 cts vs 35 cts prior Pay April One Record March 14 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 6-3/16 pct when the Fed began its temporary and indirect supply of reserves to the banking system. Reuter 

SONY TO EXPAND U.K. TELEVISION OUTPUT

Sony (U.K.) Ltd said it would be doubling capacity at its Bridgend, Wales, television and components factory over the next three years in a 30 mln stg expansion. The expansion, backed by Welsh office grants, would make Bridgend Sony's biggest tv manufacturing plant in Europe with output of about 500,000 tv sets per year, a spokesman said. The move will add 300 jobs at Bridgend, bringing the total workforce to 1,500 at the end of the three-year period. The expansion is part of a wider move by Sony Corp <SNE.T> to locate more production capacity nearer its markets, a spokesman said. Reuter 

JAPAN'S NTT FORECASTS PROFITS FALL IN 1987/88

<Nippon Telegraph and Telephone Corp> (NTT) expects its profits to fall to 328 billion yen in the year ending March 31, 1988 from a projected 348 billion this year, the company said. Total sales for the same period are expected to rise to 5,506 billion yen from a projected 5,328 billion this year, NTT said in a business operations plan submitted to the Post and Telecommunications Ministry. NTT said it plans to make capital investments of 1,770 billion yen in 1987/88, including 109 billion for research and development, as against a total of 1,600 billion this year. Reuter 

EC COMMISSION GIVEN PLAN TO SAVE STEEL INDUSTRY

European Community steelmakers presented the Executive Commission with a controversial plan for the future of the industry which diplomats say it may be forced reluctantly to accept. Under the plan steel output would remain subject to restrictive quotas and imports would be firmly controlled for years to come while steel firms undertook a massive slimming-down operation to adjust capacity to lower demand. Industry Commissioner Karl-Heinz Narjes has proposed the ending of the quota system by December 1988. He has proposed a return to the free market, which under EC law is supposed to exist except in times of "manifest crisis." But diplomats said some ministers who meet to discuss this idea on March 19 will argue that steel firms are in crisis in their countries, with orders falling as customers switch to alternative products and accounts firmly in the red. Ministers from the EC's major steel producing countries are likely to shy away from Narjes' proposals and could back the industry's own plan instead, in the hope of minimising the political impact of plant closures, they said. Industry sources said the plan presented to Narjes by the EC steelmakers' lobby group Eurofer would retain the quota production system at least until the end of 1990. Eurofer said in a statement consultants working for it identified scope for closing plants on a "voluntary" basis to reduce capacity by 15.26 mln tonnes a year. Cuts were still insufficient in one production area, that of hot rolled coils, and further talks were needed. Eurofer added the industry would need the support of the Commission and governments in carrying out a closure program, particularly with social costs such as redundancy payments. The EC steel industry has already shed 240,000 jobs this decade while reducing annual capacity by 31 mln tonnes. Reuter 

LONDON STOCK EXCHANGE TO CLOSE TRADING FLOOR

The London Stock Exchange said its ruling council has decided to close the trading floor for government bonds (gilts) and equities in due course because most of the business is now done between brokers' offices. A trading floor for traded options will be retained. Dwindling activity on the exchange floor reflects the introduction of the new dealing system, known as SEAQ, which was part of the Big Bang restructuring of the market last October. Since then, brokers and market-makers have been dealing on the basis of competing share quotes displayed on screens. REUTER 

EAGLE TELEPHONICS <EGLA> SELLS TELEPHONES

Eagle Telephonics Inc said it signed a two-year agreement under which Pacific Telesis Group's <PAC> Pacific Bell unit will buy its Eagle line of electronic key telephone systems for internal use. Terms of the contract were not disclosed. Reuter 

DURO-TEST CORP <DUR> 2ND QTR JAN 31 NET

Shr 10 cts vs 14 cts Net 531,896 vs 727,781 Revs 16.0 mln 16.8 mln Six mths Shr 30 cts vs 39 cts Net 1,532,431 vs 2,000,732 Revs 32.7 mln vs 34.5 mln Reuter 

<FRANKLIN UTILITIES FUND> SETS PAYOUT

Qtly div 14 cts vs 14 cts prior Pay March 13 Record March Two Reuter 

GELCO CORP <GEL> 2ND QTR JAN 31 NET

Shr 67 cts vs 23 cts Net 5,220,000 vs 3,143,000 Revs 236.1 mln vs 256.2 mln Avg shrs 7.8 mln vs 13.7 mln Six Mths Shr 85 cts vs 59 cs Net 8,919,000 vs 8,158,000 Revs 483.8 mln vs 515.5 mln Avg shrs 10.4 mln vs 13.7 mln NOTE: Fiscal 1987 second quarter and first half earnings include a gain of 3.4 mln dlrs and exclude preferred dividend requirements of five mln dlrs in the quarter and 5.6 mln dlrs in the first half. Fiscal 1986 net reduced by currency losses equal to six cts a share in the second quarter and equal to nine cts in the six months. Reuter 

INTERNCHANGE FINANCIAL SERVICES <ISBJ> PAYOUT UP

Qtly div 10 cts vs 8-1/3 cts prior Pay April 21 Record March 20 NOTE: Interchange Financial Services Corp. Reuter 

KAPOK CORP <KPK> IN TECHNICAL DEFAULT

Kapok Corp said it is in techical default of its loans from Southeast Banking Corp <STB> and Murray Steinfeld but is negotiating with the lenders. It said neither has declared the loans due. The company said it has agreed to sell the Peter Pan Restaurant in Urbana, Md., for 1,100,000 dlrs, or one mln dlrs after the payment of expenses. Reuter 

NEWPORT CORP <NESP> 2ND QTR JAN 31 NET

Shr 11 cts vs 13 cts Net 1,037,690 vs 1,270,460 Sales 10.1 mln vs 9,215,836 Six Mths Shr 25 cts vs 31 cts Net 2,319,376 vs 2,930,507 Sales 21.2 mln vs 18.9 mln Reuter 

KAPOK CORP <KPK> 1ST QTR DEC 31 LOSS

Shr loss 14 cts vs loss 21 cts Net loss 353,000 vs loss 541,000 Revs 2,668,000 vs 2,525,000 Avg shrs 2,452,3000 vs 2,552,300 Reuter 

PREFERRED HEALTHCARE LTD <PHCC> 4TH QTR NET

Shr six cts vs four cts Net 383,189 vs 241,857 Revs 1,506,756 vs 793,459 12 mths Shr 24 cts vs 15 cts Net 1,520,797 vs 929,017 Revs 5,268,486 vs 2,617,995 Reuter 

TRANZONIC COS <TNZ> SETS QUARTERLY

Qtly div 11 cts vs 11 cts prior Pay April 17 Record March 20 Reuter 

NUEUTROGENA <NGNA> TO BUY BACK STOCK

Neutrogena Corp said it may purchase up to 100,000 shares of its outstanding common stock from time to time in the open market to reduce dilution from the future issue of employee stock options. The company said it currently has 9.2 mln shares outstanding. It said the shares that may be purchased and those currently outstanding will be adjusted to reflect a three-for-two stock split effective March two. Reuter 

CRONUS INDUSTRIES INC <CRNS> 4TH QTR LOSS

Oper Shr loss 40 cts vs loss 10 cts Oper net loss 2,136,000 vs loss 467,000 Revs 21.9 mln vs 12.9 mln 12 mths Oper shr loss 63 cts vs loss 30 cts Oper net loss 3,499,000 vs loss 1,756,000 Revs 82.0 mln vs 54.5 mln NOTE: Excludes income from discontinued operations of 1,478,000 vs 952,000 for qtr, and 31.2 mln vs 6,500,000 for year. Excludes extraordinary charge of 2,503,000 for current qtr, and 4,744,000 for year. Reuter 

MERCURY ENTERTAINMENT CORP <MCRY> YEAR NOV 30

Shr loss four cts vs loss one ct Net loss 413,021 vs loss 163,932 Revs 600,971 vs 665,800 Reuter 

CME PLANS RULE CHANGES TIGHTENING S/P TRADING

Directors of the Chicago Mercantile Exchange will meet Wednesday to consider a membership petition asking the exchange to tighten rules covering trading activities in the widely-popular Standard and Poor's 500 Stock Index futures pit, an exchange executive said. The petition calls for elimination of dual trading, a legal practice where traders execute customer orders as well as trade for their own account. But exchange officials noted this practice also provides an opportunity for a trader to engage in what is called "front-running", where traders enter orders for their own account before executing orders for their customers. Leo Melamed, CME special counsel, said directors will rule on the petition on Wednesday, but added that a special S and P Advisory Committee has been studying S and P 500 futures trading conditions for the last six months and is expected to submit a complete list of recommendations within 30 days. In addition to a recommendation on dual trading, Melamed said the special committee will also make suggestions about a possible automatic order entry and execution system for S and P 500 futures and futures-options and rule changes that would alleviate congested conditions in the trading pit. Melamed said directors are likely to approve the recommendations of the special committee because "most actions of the board are in line with committee recommendations." CME senior vice president Gerald Beyer said if the board accepts the member's petition this week, a rule change will be submitted to the Commodity Futures Trading Commission for approval. If the board does nothing, or rejects the petition request, a rule change must then be submitted to the exchange membership for a vote within 15 days, Beyer said. Melamed also added that if the petition must be ruled on before the recommendations from the special committee are made "it will confuse the issue." Not all traders agree on the need to eliminiate or restrict dual trading. Although Jonathan Wolff, senior vice president at Donaldson Lufkin and Jenrette, noted dual trading is evident on most exchanges. "It's a question of the integrity of the person you do business with," Wolff said. Futures traders who act as brokers, however, maintain that trading for their own accounts is necessary in order to make up for errors they inevitably make when filling customer orders in chaotic futures trading pits. "To have an absolute ban on dual trading makes it difficult for a broker to function because of his errors," said John Michael, vice president at First Options of Chicago. "What it comes down to is the ethics of the people involved," he said. Furthermore, the competitive nature of futures brokerage makes front-running risky to a broker's livelihood, he said. "If I ever discovered a broker doing it (front-running), or even suspected him of doing it, I would cut him off," Michael said. An average broker in the Treasury bond futures pit, for instance, will fill orders for 5,000 to 10,000 contracts a day at 1.25 dlrs per contract, floor sources said. Even figuring what is considered a typical 25 pct loss for errors such brokerage can be lucrative. Front-running by brokers not only runs the market risk of an adverse price move, but also the risk of losing the brokerage business, Michael said. Reuter 

BENGUET CORP <BE> CALENDAR 1986

Net income 154.7 mln pesos vs 127.5 mln Operating revenues 4.42 billion vs 3.3 billion Operating profit 621.2 mln vs 203.4 mln Earnings per share 4.80 vs 3.95 NOTE: Company statement said gold operations contributed 74 pct of consolidated earnings. Reuter 

POGO <PPP> CONSOLIDATES TWO DIVISIONS

Pogo Producing Co said it has consolidated its onshore and offshore Gulf Coast divisions into a Southern Division responsible for its onshore and offshore oil and gas exploration and development activities in the Gulf Coast and Gulf of Mexico areas. Reuter 

UNOCAL <UCL> UNIT CUTS CRUDE OIL POSTED PRICES

Unocal Corp's Union Oil Co said it lowered its posted prices for crude oil one to 1.50 dlrs a barrel in the eastern region of the U.S., effective Feb 26. Union said a 1.50 dlrs cut brings its posted price for the U.S. benchmark grade, West Texas Intermediate, to 16 dlrs. Louisiana Sweet also was lowered 1.50 dlrs to 16.35 dlrs, the company said. No changes were made in Union's posted prices for West Coast grades of crude oil, the company said. Reuter 

PANHANDLE'S <PEL> TRUNKLINE REDUCES GAS RATES

Panhandle Eastern Corp's Trunkline Gas Co pipeline subsidiary said it is reducing the commodity component of its wholesale natural gas rate four pct, effective immediately. In a filing with the Federal Energy Regulatory Commission, Trunkline said, it is reducing its commodity rate -- the portion of the total rate based on the price of gas -- to 2.58 dlrs per mln Btu from 2.69 dlrs per mln Btu. The company said the lower rate results from a reduction in the average price the pipeline is paying for gas, adding this reflects contract reformation agreemats with producers. Reuter 

INVESTOR GROUP HAS TALKS WITH PESCH ON AMI <AMI>

WEDGE Group Inc, a Houston investment firm with a 5.5 pct stake in American Medical International Inc, said it has had talks with Pesch and Co, which is seeking control of the company. In a filing with the Securities and Exchange Commission, WEDGE, which is owned by Issam Fares, a Lebanese citizen living in Switzerland, also said it discussed the possibility of joining with others in its own bid to seek control of AMI. WEDGE stressed that it has no current plans to seek control of AMI, but refused to rule out a takeover try in the future. WEDGE said it has had discussions with AMI management, Pesch, the closely held health care and investment concern controlled by Chicago physician LeRoy Pesch, and other AMI shareholders. It did not specify in its SEC filing which issues -- selling its AMI stake or joining with others in a takeover try -- were discussed with which group. But it said the talks did not produce any agreements or understandings. WEDGE said it believes that "some form of restructuring of AMI and its business would be highly desirable and appropriate at this time." WEDGE, which holds 4.8 mln shares of AMI common stock, said it plans to hold further talks with company management, Pesch and other shareholders. Pesch last week sweetened his bid for the company to 22 dlrs a share in cash and securties, or 1.91 billion dlrs based on AMI's total outstanding, from an all-cash 20 dlr a share bid, which the company rejected. Reuter 

I.M.S. INTERNATIONAL INC <IMSI> SETS QUARTERLY

Qtly div four cts vs four cts prior Pay March 27 Record March 13 Reuter 

BANNER <BNR> COMPLETES TENDER FOR REXNORD <REX>

Banner Industries Inc said 19.8 mln of the outstanding 20 mln shares in Rexnord Inc were tendered pursuant to its 26.25 dlr a share offer that closed at midnight EST Feb 27. Together with the five mln Rexnard shares it already owns, the company said it now holds a 97 pct stake in the company. It said the completion of the deal is subject to approval by Rexnard holders and to other closing conditions. It expects the deal to close in about 60 days. Reuter 

MUTUAL OF OMAHA INTEREST SHARES <MUO> QTLY DIV

Qtly div 36 cts vs 36 cts prior Pay April one Record March 13 Reuter 

MOBIL <MOB> UNIT TO PRODUCE FOOD PACKAGING

Mobil Corp's Mobil Chemical Co's subsidiary, the world's largest producer of disposable plastic products, said it will enter the food packaging market. Mobil said it will begin making clear container food packaging for supermarkets and institutions in March and will sharply raise production in the fall to an annual rate of more than 20 mln pounds of finished products. It said industry demand for the products is projected to rise 15 pct annually over the next five years, and it is prepared to boost production substantially with future plant additions. Mobil's Chemical's Plastic Packaging Division, which will make and sell the new product line, operates nine plants in the U.S. and one in Canada. It also said the clear containers, seen in packaging for cookies, candy and bakery trays, grocery sald bar items, and other items, will be made from oriented polystyrene at the company's Canandiagua, N.Y., plant. Reuter 

CORRECTED - BANKAMERICA NEGOTIATING UNITS SALE

Bank of America NT and SA's <BAC.N> West German branch said it is negotiating the sale of Bankhaus Centrale Credit AG, a small local West German bank it acquired in 1965, and of its West German Visa credit card operation. Michael Seibel, Bank of America vice-president and regional manager, said the negotiations were proceeding well. He declined to give further details. Bank of America's West German branch lost some 32 mln marks in 1985. The result includes profit and loss transfers from Bankhaus Centrale Credit and the Visa organisation. The sale of the units is part of the bank's worldwide restructuring plan. -- corrects year of loss in third paragraph in item which originally ran February 27. Reuter 

OSR <OSRC> TO MAKE ACQUISITION

OSR Corp said it has agreed to acquire the properties and assets of Telcom International Group for 10.5 mln common shares, which would give former Telcom owners an 84 pct interest in the combined company. Telcom is an international film and television distributor. The assets being acquired consist mostly of distribution rights to films valued at over one mln dlrs, the company said. OSR said as part of the acquisition agreement is is required to sell its 80 pct interest in Standard Knickerbocker Ltd, which makes jeans in Canada. OSR said it expects to net about 150,000 dlrs on the sale of Standard Knickerbocker. The company said both transactions are subject to approval by shareholders at a meeting to be held in April or May, it said. Reuter 

MERCURY ENTERTAINMENT <MCRY> SEES BETTER RESULTS

Mercury Entertainment Corp said it expects improved results in 1987. The company today reported a loss for the year ended November 30 of 413,021 dlrs on revenues of 600,971 dlrs, compared with a loss of 163,932 dlrs on revenues of 665,800 dlrs a year before. Reuter 

CRONUS INDUSTRIES INC <CRNS> SELLS UNIT

Cronus Industries Inc said it agreed to sell its heat transfer equipment business, Southwestern Engineering Co, for a slight premium over book value, plus a release of Cronus from liability on approximately three mln dlrs of subsidiary indebtedness. The company said the sale to a subsidiary of Senior Engineering Group PLC, a British company, will take place this month. Reuter 

UNISYS CORP <UIS> SETS QUARTERLY

Qtly div 65 cts vs 65 cts prior Pay May Seven Record April Seven Reuter 

JACOBSON <JCBS> VOTES SPLIT, INCREASES PAYOUT

Jacobson Stores Inc said its board voted a three-for-two stock split, payble March 30, record March 13. In other action, Jacobson's directors approved an increase in its quarterly dividend to 11 cts on a post split basis payable April 14, record March 30. The new dividend rate represents a 32 pct increase over the 12-1/2 cts paid quarterly on a pre-split basis. Reuter 

AW COMPUTER <AWCSA> IN SUPPLY AGREEMENT

AW Computer Systems Inc said it signed an 850,000 dlr agreement with TEC America Inc <TCK> to develop and supply intelligent cash register controllers. Under terms of the agreement, AW Computer said it will design and manufacture intelligent controllers for resale by TEC worldwide. The company said the controller will allow TEC's new FT-70 point-of-sale terminal system to communicate with IBM PC/AT personal computers and compatibles. The controller will be ready for shipment by October, the company said. Reuter 

HARLEY-DAVIDSON INC <HDI> 4TH QTR NET

Oper shr 18 cts vs 51 cts Oper net 1,048,000 vs 1,870,000 Revs 72.2 mln vs 73.5 mln Avg shrs 5,910,000 vs 3,680,000 Year Oper shr 82 cts vs 72 cts Oper net 4,307,000 vs 2,637,000 Revs 295.3 mln vs 287.5 mln Avg shrs 5,235,000 vs 3,680,000 NOTE: Results exclude one-time gains of 223,000 or four cts and 564,000 or 11 cts for 1986 qtr and year vs gains of 6,359,000 or 1.73 dlrs and 7,318,000 or 1.99 dlrs for prior periods. Reuter 

<HOECHST AG> COMPLETES CELANESE <CZ> ACQUISITION

Hoechst AG of West Germany said it has completed the acquisition of Celanese Corp. Hoechst acquired a majority of Celanese shares in a recent tender offer at 245 dlrs per common share. Reuter 

AMERICUS TRUST <HPU> EXTENDS DEADLINE

Americus Trust for American Home Products Shares said it extended its deadline for accepting tendered shares until November 26, an extension of nine months. The trust, which will accept up to 7.5 mln shares of American Home Products <AHP>, said it has already received tenders for about four mln shares. The trust is managed by Alex. Brown and Sons Inc <ABSB> and was formed November 26, 1986. Reuter 

MORSE SHOE INC <MRS> 4TH QTR NET

Shr 59 cts vs 48 cts Net 3,244,000 vs 2,584,000 Revs 169.3 mln vs 156.0 mln 12 mths Shr 1.78 dlrs vs 1.32 dlrs Net 9,733,000 vs 7,164,000 Revs 585.6 mln vs 541.0 Reuter 

BENETTON IN FINANCIAL SERVICES JOINT VENTURE

Benetton Group Spa <BTOM.MI> said it reached agreement with textiles concern GFT-Gruppo Finanziario Tessile Spa for a joint venture in the financial services sector. A Benetton spokeswoman said details of the accord would be outlined at a news conference on Thursday in Milan. The Italian clothing group has targeted financial services as a sector in which to expand its activities. In January, Benetton acquired a large minority stake in the Italian unit of the U.K. Financial services group Prudential Corp PLC [PRUL.L]. Reuter 

ICO QUOTA TALKS CONTINUE, OUTCOME HARD TO GAUGE

Talks at the extended special meeting of the International Coffee Organization (ICO) on the reintroduction of export quotas continued, but chances of success were still almost impossible to gauge, delegates said. Producer delegates were meeting to examine a Colombian proposal to resume historical quotas from April 1 to September, with a promise to define specific new criteria by which a new quota system would be calculated in September for the new crop year, they said. Opinions among delegates over the potential for reaching a quota agreement varied widely. Some consumers said the mood of the meeting seemed slightly more optimistic. But Brazil's unwillingness to concede any of its traditional 30.55 pct of its export market share looks likely to preclude any accord, other delegates said. No fresh proposals other than the Colombian initiative had been tabled formally today, delegates said. A full council meeting was set for 1900 hours for a progress report, delegates said. Reuter 

SEC STAFF ADVISES FRAUD CHARGES AGAINST WPPSS

The staff of the federal Securities and Exchange Commission (SEC) plans to recommend that the Washington Public Power Supply System (WPPSS) be charged with securities fraud in connection with its July 1983 default on 2.25 billion dlrs of bonds, a WPPSS official told Reuters. WPPSS attorney Ron English said the system was advised by SEC staff attorneys that the five SEC commissioners would be asked to charge WPPSS in connection with its official statements about its plans to build its No. 3 and No. 4 nuclear power plants in the Pacific Northwest at the time it was selling the bonds. English, in a telephone interview, said the SEC staff planned to allege that WPPSS had overstated the demand for power in the region and had understated the cost of the plants, which were to built with the bonds' proceeds. English denied the allegations. He said WPPSS had made no public forecasts of power demand in connection with the bond sale and had never understated the cost of the plants. "We at all times told the public everything we knew about the costs," he said. English said WPPSS had no indication when the SEC might meet on the staff's recommendations. The SEC, as a matter of policy, never comments on its enforcement activities. The SEC's WPPSS investigation began in late 1983 and the agency's slow pace on the probe has been publicly criticized on several occasions since then by Rep. John Dingell, the Michigan Democrat who chairs the House panel responsible for the SEC's budget and operations. Of the five nuclear plants originally envisioned by WPPSS, one has been completed, two remain under construction, and two others--those for which the defaulted bonds were sold-- have been terminated. Reuter 

PACIFIC WESTERN FUSES MANAGEMENT WITH CP AIR

<Pacific Western Airlines Corp> said it integrated the senior management of Pacific Western and recently acquired Canadian Pacific Air Lines Ltd in preparation for the companies' merger this summer. Pacific Western said it appointed president and chief executive Rhys Eaton as chairman and chief executive in the new management structure, and Murray Sigler as president. Sigler was previously president of Pacific Western's airline unit, Pacific Western Airlines Ltd. Pacific Western acquired Canadian Pacific Air Lines for 300 mln dlrs last December from Canadian Pacific Ltd <CP>. Canadian Pacific Air Lines said president and chief executive Donald Carty and four senior vice-presidents resigned last week. Carty said in a company memorandum that he accepted another senior post in commercial aviation and that some of the vice-presidents were taking early retirment and others were resigning for personal reasons. Pacific Western said the new management structure "will facilitate our objective of proceeding quickly to successfully position ourselves in the marketplace as a single airline network beginning this summer." Reuter 

AMGEN <AMGN> TO FORM PARTNERSHIP

Amgen Inc said it signed a letter of intent for an estimated 75 mln dlr research and development limited partnership to fund the clinical investigation of certain pharmaceutical products currently under development. Neither terms of the arrangement nor the products covered by the partnership were disclosed, but Amgen said the limited partnership units will include warrants to purchase Amgen common stock. Reuter 

BENETTON IN FINANCIAL SERVICES JOINT VENTURE

Benetton Group Spa [BTOM.MI] said it reached agreement with textiles concern [GFT-Gruppo Finanziario Tessile Spa] for a joint venture in the financial services sector. A Benetton spokeswoman said details of the accord would be outlined at a news conference on Thursday in Milan. The Italian clothing group has targeted financial services as a sector in which to expand its activities. In January, Benetton acquired a large minority stake in the Italian unit of the U.K. Financial services group Prudential Corp PLC [PRUL.L]. Reuter 

AIBD, CEDEL, EUROCLEAR JOIN IN TRADE MATCH SYSTEM

The Association of International Bond Dealers, AIBD, said it will cooperate with major clearing agencies Cedel and Euroclear on a eurobond trade confirmation and matching system to come into force by September this year. The system, designed to give market participants a fast and reliable way of checking whether transactions are matched, will initially cover reporting of confirmed and mismatched trades. It will include recording additional trade data, checking, comparison and matching any new elements but will only apply initially to delivery against payment transactions, AIBD said. The AIBD said in a statement it would be responsible for developing suitable rules to back up the two clearing systems when they introduce their new matching matching facilities and confirmation systems by September this year. Euroclear and Cedel intend to bring a "trade date-plus-one" matching capacity, reporting on a given day on trades entered by 1000 London time, designed to work with a planned AIBD rule requiring the entry of previous day's trades by that time. The confirmation system covering critical trade data is designed to aid the trader and the settlements department and also reduce trading risks in volatile markets, AIBD said. REUTER 

ZAPATA <ZOS> WON'T PAY INTEREST ON DEBENTURES

Zapata Corp said it does not intend to pay the interest due March 15 on its 10-1/4 pct subordinated debentures due 1997 or the interest due May One on its 10-7/8 pct subordinated debentures due 2001. Zapata said the results of continuing discussions with its bank lenders and the company's future financial position will determine Zapata's ability to meet its obligations to holders of the subordinated debentures. The company said deferrals of payment obligations and covenant waivers provided by all of its bank lenders, which were scheduled to expire February 28, have been extended through April 30. Zapata stopped paying interest on the debentures in April 1986. Reuter 

HARNISCHFEGER INDUSTRIES INC <HPH> 1ST QTR NET

Shr 24 cts vs 1.20 dlrs Net 5.8 mln vs 20.2 mln Revs 193.5 mln vs 107.0 mln Avg shrs 16.4 mln vs 12.3 mln NOTE: 1987 net includes tax credits equal to 18 cts. 1986 net includes tax credits of 17 cts and a gain of 1.16 dlrs from a change in accounting for pensions. Periods end January 31, 1987 and 1986, respectively. Reuter 

IRISH OIL CONCERN HAS 8.5 PCT OF CYNERGY <CRG>

Bryson Oil and Gas Plc, a Belfast, Northern Ireland, oil company, said it has acquired an 8.5 pct stake in Cynergy Corp and took steps to help it consider the possibility of seeking control or influencing the company. In a filing with the Securities and Exchange Commission in which it disclosed its stake, Bryson said it also asked Cynergy for a list shareholder list in case it decided to communicate with the holders. Shareholder information would be vital to anyone planning a tender offer and is commonly requested by individuals or groups mulling takeover attempts. Bryson told the SEC it may review the feasibility of trying to influence the management policies of Cynergy, or of trying to gain control of the company through representation on its board of directors. A shareholder list would also be necessary for a group trying to mount a campaign for the election of directors. Bryson, which said it has retained D.F. King and Co Inc to work on its Cynergy dealings, said it bought 841,887 Cynergy common shares for 5.4 mln dlrs to gain an "equity position" in the company. Last week, Texas developer James Sowell told the SEC he sold his entire 823,387-share stake in the company. Reuter 

ALCAN ALUMINIUM LTD SETS THREE FOR TWO STOCK SPLIT

ALBERTSON'S INC <ABS> 4TH QTR JAN 29 NET

Shr 92 cts vs 83 cts Net 30.8 mln vs 27.5 mln Sales 1.40 billion vs 1.32 billion Year Shr 3.00 dlrs vs 2.57 dlrs Net 184.8 mln vs 154.8 mln Sales 5.38 billion vs 5.06 billion Reuter 

U.S. INTEC INC <INTK> 4TH QTR NET

Qtly div six cts vs five cts Net 188,000 vs 130,000 Sales 12.2 mln vs 10.1 mln Avg shrs 3,029,930 vs 2,764,544 Year Shr 81 cts vs 1.45 dlrs Net 2,463,000 vs 3,718,000 Sales 52.4 mln vs 47.5 mln Avg shrs 3,029,930 vs 2,566,680 NOTE: 1985 year net includes gain 500,000 dlrs frol life insurance on deceased director. 1985 quarter net includes 150,000 dlr tax credit. Reuter 

FRANKLIN RESOURCES <BEN> FORMS THREE FUNDS

Franklin Resources Inc said it formed three mutual funds that free Pennsylvania residents of taxes levied by the state's counties on stocks, bonds and mutual fund shares. The funds include the Franklin Pennsylvania Investors U.S. Government Securities Fund, which invests in Ginnie Mae securities, and the Franklin Pennsylvania Investors High Income Fund, investing in high-yield corporate bonds. Both funds pay monthly dividends. The Franklin Pennsylvania Investors Equity Fund invests in stocks of U.S. companies and pays semi-annual dividends. Reuter 

CINCINNATI BELL INC <CSN> RAISES QUARTERLY

Qtly div 48 cts vs 44 cts prior Pay May One Record April One Reuter 

CINCINNATI BELL <CSN> SETS STOCK SPLIT

Cincinnati Bell Inc said its board declared a two-for-one stock split, subject to two thirds approval at the annual meeting on April 20 of an increase in authorized common shares to 120 mln from 60 mln. It said the split would be payable May 20 to holders of record May Five. Reuter 

BRT REALTY TRUST <BRT> RAISES QUARTERLY PAYOUT

BRT Realty Trust said it raised its quarterly dividend to 50 cts a share from the 42 cts paid in the previous quarter. It said the dividend is payable March 31 to shareholders of record March 17. BRT also said it filed a registration statement with the Securities and Exchange Commission for the public offering of 1.2 mln shares of common stock. BRT, which has about 3.3 mln common shares currently outstanding, said Merrill Lynch Capital Markets will be the sole manager of the offering. Reuter 

UNIVERSAL HEALTH REALTY <UHT> IN INITIAL PAYOUT

Universal Health Realty Income Trust, which recently went public, said its board has declared an initial quarterly dividednd of 33 cts per share, payable MArch 31 to holders of record March 16. Reuter 

QED EXPLORATION INC <QEDX> 2ND QTR JAN 31 NET

Shr six cts vs 12 cts Net 132,151 vs 261,560 Revs 622,909 vs 968,4287 1st half Shr nine cts vs 24 cts Net 204,765 vsd 539,769 Revs 1,181,424 vs 1,867,892 Reuter 

PREFERRED HEALTH CARE LTD <PHCC> YEAR DEC 31 NET

Shr 24 cts vs 15 cts Net 1,520,797 vs 929,017 Revs 5,268,486 vs 2,617,995 Reuter 

AOI COAL CO <AOI> 4TH QTR NET

Oper shr one ct vs one ct Oper net 147,000 vs 40,000 Revs 13.5 mln vs 14.1 mln Year Oper shr five cts vs 20 cts Oper net 621,000 vs 2,274,000 Revs 54.3 mln vs 56.0 mln NOTE: 1986 net excludes tax credits of 60,000 dlrs in quarter and 218,000 dlrs in year. Results reflect acceleration of depreciation on certain classes of mining equipment that resulted in the assets being fully depreciated in 1986. Reuter 

AIBD, CEDEL, EUROCLEAR JOIN IN TRADE MATCH SYSTEM

The Association of International Bond Dealers, AIBD, said it will cooperate with major clearing agencies Cedel and Euroclear on a eurobond trade confirmation and matching system to come into force by September this year. The system, designed to give market participants a fast and reliable way of checking whether transactions are matched, will initially cover reporting of confirmed and mismatched trades. It will include recording additional trade data, checking, comparison and matching any new elements but will only apply initially to delivery against payment transactions, AIBD said. The AIBD said in a statement it would be responsible for developing suitable rules to back up the two clearing systems when they introduce their new matching matching facilities and confirmation systems by September this year. Euroclear and Cedel intend to bring a "trade date-plus-one" matching capacity, reporting on a given day on trades entered by 1000 London time, designed to work with a planned AIBD rule requiring the entry of previous day's trades by that time. The confirmation system covering critical trade data is designed to aid the trader and the settlements department and also reduce trading risks in volatile markets, AIBD said. Reuter 

WESTERN DIGITAL <WDC> ADDS E-MAIL PACKAGE

Western Digital Corp said it signed a licensing agreement under which it will sell an electronic mail software package from <Consumers Software>, Gilroy, Calif. Western Digital said the software package, named Network Courier, allows computer users operating on a local area network to exchange messages and files without having to exit their current applications. Western Digital said the agreement marks its intention to widen the market for local area network products by selling specific applications rather than components. Reuter 

MIDWAY <MDWY> TO EXPAND SERVICE

Midway Airlines Inc said will begin to serve several new cities in the United States this year, starting April five with new flights to Atlanta from Chicago. The carrier will fly three daily Atlanta flights out of Chicago's Midway Airport using two new airplanes and aircraft acquired from KLM. Reuter 

FOOTHILL <GFI> ARRANGES DEBT PLACEMENT

Foothill Group Inc said its Foothill Capital Corp unit arranged the private placement of 23 mln dlrs in senior debt and 27 mln in senior subordinated debt. The senior and senior subordinated debt was purchased by institutional lenders and will bear interest at 9.4 pct and 10.15 pct, respectively, Foothill said. It said completion of the transaction will increase the company's capital funds to 138 mln dlrs. Reuter 

KEVEX CORP <KEVX> 2ND QTR JAN 31 NET

Shr eight cts vs one ct Net 399,000 vs 44,000 Sales 9,603,000 vs 7,107,000 Six Mths Shr 10 cts vs one ct Net 503,000 vs 69,000 Sales 17.3 mln vs 13.8 mln Reuter 

WESTERN UNION <WU> NAMES NEW PRESIDENT

Western Union said John Pope Jr has been elected president of the telegraph company and executive vice president of the corporation. Western Union said Pope, formerly the executive vice president of the company, succeeds Robert Leventhal. The company said Leventhal will remain chairman and chief executive officer of the corporation and company, the prinipal subsidiary of Western Union Corp. Reuter 

NORTH ATLANTIC INDUSTRIES INC <NATL> YEAR NET

Shr 40 cts vs 30 cts Net 1,408,000 vs 1,038,000 Sales 35.2 mln vs 31.6 mln NOTE: Results restated for change to FIFO inventory accounting from LIFO, which reduced 1985 net 192,000 dlrs or five cts a share. Reuter 

CHURCHILL TO MARKET WESTERN UNION <WU> SERVICES

<Churchill Communications Corp> said it signed an agreement under which it will sell and service Western Union Corp's telex, electronic mail and long distance services to customers not directly assigned to Western Union representatives. Churchill, a privately held firm that processes electronic mail services, said the agreement extends for two years, with options for renewal. Reuter 

COMBUSTION ENGINEERING <CSP> SETS CHINA PACT

Combustion Engineering Inc said it won a contract worth more than 50 mln dlrs for parts and services for a 600 megawatt coal-fired power plant run by the China National Technical Import Corp. It said it will supply plant engineering, steam generator components and air quality control systems. Initial delivery is set for early 1988. Reuter 

ALCAN ALUMINIUM LTD <AL> SETS STOCK SPLIT

Alcan Aluminium Ltd said its board declared a three-for-two stock split, subject to shareholder approval at the April 23 annual meeting. The company said the split would be payable to shareholders of record on May Five and the split would take effect at the close of business on that date. New certificates will be issued around June Five. Reuter 

BUFFETS INC <BOCB> 4TH QTR NET

Shr 10 cts vs nine cts Net 388,000 vs 328,000 Sales 7.1 mln vs 4.1 mln Avg shrs 4,066,309 vs 3,688,890 Year Shr 37 cts vs 30 cts Net 1,415,000 vs 955,000 Sales 27 mln vs 13.1 mln Avg shrs 3,849,659 vs 3,133,446 Reuter 

STANDARD OIL SETS 154 MLN SWISS FRANC NOTE WITH 3-1/4 PCT COUPON AND CURRENCY WARRANTS

STANDARD MOTORS PRODUCTS INC <SMP> 4TH QTR NET

Shr 38 cts vs 26 cts Net 4,955,000 vs 3,444,000 Revs 81.7 mln vs 59.3 mln 12 mths Shr 1.41 dlrs vs 80 cts Net 18.6 mln vs 10.5 mln Revs 286.4 mln vs 242.8 mln Reuter 

COMMERCIAL CREDIT <CCC> TO HAVE GAIN ON SALE

Commercial Credit Co said it has completed the sale of its domestic vehicle leasing unit, McCullagh Leasing Inc, the New England Merchants Leasing Corp for an after-tax gain of 17 mln dlrs. Commercial Credit said it received 68 mln dlrs and the repayment of 250 mln dlrs in debt for McCullagh. It said its Canadian vehicle leasing unit, Commercial Credit Corp Ltd, will also be sold to New England Merchants, with closing expected in March subject to Canadian regulatory approval. Reuter 

AIR WIS SERVICES INC <ARWS> 4TH QTR NET

Shr 32 cts vs five cts Net 2,362,000 vs 384,000 Revs 29.5 mln vs 31.2 mln Year Shr 66 cts vs 18 cts Net 4,869,000 vs 1,336,000 Revs 119.2 mln vs 120.2 mln NOTE: Net includes tax credits of 963,000 dlrs vs 720,000 dlrs in quarter and 613,000 dlrs vs 1,460,000 dlrs in year. Year net includes gains on sale of assets of 35 cts shr vs 14 cts shr. Reuter 

OPEC PRESIDENT SAYS OIL MARKET BEING MANIPULATED

OPEC president Rilwanu Lukman accused "oil market manipulators" of drawing down their own stocks and spreading rumours to give the impression OPEC was breaking its 15.8 mln barrels per day output ceiling, set last December. Lukman told reporters the aim was to pull prices below the 18 dlrs per barrel reference level set by OPEC. "People are playing a waiting game to test the will of OPEC by drawing down more on their stock than normal, and this is having the effect of giving an apparent excess supply on the market which we know is not real," Lukman said. Lukman, Nigeria's oil minister, said that despite probable "minor deviations" by one or two member countries, "basically OPEC is producing around what it said it would produce." After OPEC's price and production accord last December, the market firmed steadily but spot prices fell in the last week to around 16 dlrs. Industry reports estimated the organization was producing up to one mln bpd above its ceiling during February. But Lukman was confident OPEC would maintain its discipline, in view of past experience. "We have the experience of what happened in 1986 behind us, when violations of agreements led to the collapse of the market," he said. Lukman was in Kingston as a guest of the state-owned Petroleum Corp of Jamaica. REUTER 

ARBOR DRUGS INC <ARBR> 2ND QTR JAN 31 NET

Shr 30 cts vs 36 cts Net 1,914,388 vs 1,906,095 Sales 58.7 mln vs 40.6 mln Six mths Shr 47 cts vs 53 cts Net 2,961,718 vs 2,817,439 Sales 107.6 mln vs 74.9 mln Avg shrs 6,342,353 vs 5,342,353 Reuter 

EPITOPE <EPTO> SETS THREE FOR ONE STOCK SPLIT

Epitope Inc said its board of directors has authorized a three-for-one common stock split for which shareholder approval is expected in the next two weeks. The company announced a two-for-one split last week, but said the board reconvened and agreed to change it to a three-for-one split. Epitope is involved in the production of monoclonal antibodies for diagnostic and therapeutic use in AIDS and other immunological diseases. Reuter 

AMC SAYS STEPS BEING TAKEN TO BUILD NEW JEEP AT ALTERNATE SITE AFTER UAW TALKS FAIL