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BAHIA COCOA REVIEW

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

STANDARD OIL <SRD> TO FORM FINANCIAL UNIT

Standard Oil Co and BP North America Inc said they plan to form a venture to manage the money market borrowing and investment activities of both companies. BP North America is a subsidiary of British Petroleum Co Plc <BP>, which also owns a 55 pct interest in Standard Oil. The venture will be called BP/Standard Financial Trading and will be operated by Standard Oil under the oversight of a joint management committee. Reuter 

TEXAS COMMERCE BANCSHARES <TCB> FILES PLAN

Texas Commerce Bancshares Inc's Texas Commerce Bank-Houston said it filed an application with the Comptroller of the Currency in an effort to create the largest banking network in Harris County. The bank said the network would link 31 banks having 13.5 billion dlrs in assets and 7.5 billion dlrs in deposits. Reuter 

TALKING POINT/BANKAMERICA <BAC> EQUITY OFFER

BankAmerica Corp is not under pressure to act quickly on its proposed equity offering and would do well to delay it because of the stock's recent poor performance, banking analysts said. Some analysts said they have recommended BankAmerica delay its up to one-billion-dlr equity offering, which has yet to be approved by the Securities and Exchange Commission. BankAmerica stock fell this week, along with other banking issues, on the news that Brazil has suspended interest payments on a large portion of its foreign debt. The stock traded around 12, down 1/8, this afternoon, after falling to 11-1/2 earlier this week on the news. Banking analysts said that with the immediate threat of the First Interstate Bancorp <I> takeover bid gone, BankAmerica is under no pressure to sell the securities into a market that will be nervous on bank stocks in the near term. BankAmerica filed the offer on January 26. It was seen as one of the major factors leading the First Interstate withdrawing its takeover bid on February 9. A BankAmerica spokesman said SEC approval is taking longer than expected and market conditions must now be re-evaluated. "The circumstances at the time will determine what we do," said Arthur Miller, BankAmerica's Vice President for Financial Communications, when asked if BankAmerica would proceed with the offer immediately after it receives SEC approval. "I'd put it off as long as they conceivably could," said Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and Smith. Cohn said the longer BankAmerica waits, the longer they have to show the market an improved financial outlook. Although BankAmerica has yet to specify the types of equities it would offer, most analysts believed a convertible preferred stock would encompass at least part of it. Such an offering at a depressed stock price would mean a lower conversion price and more dilution to BankAmerica stock holders, noted Daniel Williams, analyst with Sutro Group. Several analysts said that while they believe the Brazilian debt problem will continue to hang over the banking industry through the quarter, the initial shock reaction is likely to ease over the coming weeks. Nevertheless, BankAmerica, which holds about 2.70 billion dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the interest rate is reduced on the debt, and as much as 200 mln dlrs if Brazil pays no interest for a year, said Joseph Arsenio, analyst with Birr, Wilson and Co. He noted, however, that any potential losses would not show up in the current quarter. With other major banks standing to lose even more than BankAmerica if Brazil fails to service its debt, the analysts said they expect the debt will be restructured, similar to way Mexico's debt was, minimizing losses to the creditor banks. Reuter 

NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE

The U.S. Agriculture Department reported the farmer-owned reserve national five-day average price through February 25 as follows (Dlrs/Bu-Sorghum Cwt) - Natl Loan Release Call Avge Rate-X Level Price Price Wheat 2.55 2.40 IV 4.65 -- V 4.65 -- VI 4.45 -- Corn 1.35 1.92 IV 3.15 3.15 V 3.25 -- X - 1986 Rates. Natl Loan Release Call Avge Rate-X Level Price Price Oats 1.24 0.99 V 1.65 -- Barley n.a. 1.56 IV 2.55 2.55 V 2.65 -- Sorghum 2.34 3.25-Y IV 5.36 5.36 V 5.54 -- Reserves I, II and III have matured. Level IV reflects grain entered after Oct 6, 1981 for feedgrain and after July 23, 1981 for wheat. Level V wheat/barley after 5/14/82, corn/sorghum after 7/1/82. Level VI covers wheat entered after January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs). n.a.-not available. Reuter 

ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS

Argentine grain board figures show crop registrations of grains, oilseeds and their products to February 11, in thousands of tonnes, showing those for futurE shipments month, 1986/87 total and 1985/86 total to February 12, 1986, in brackets: Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total 2,692.4 (4,161.0). Maize Mar 48.0, total 48.0 (nil). Sorghum nil (nil) Oilseed export registrations were: Sunflowerseed total 15.0 (7.9) Soybean May 20.0, total 20.0 (nil) The board also detailed export registrations for subproducts, as follows, SUBPRODUCTS Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total 111.8 (82.7) . Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8 (87.4). Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0, total 166.1 (218.5). Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5, total 149.8 (145.3). Vegetable oil registrations were : Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil, Jun 10.0, total 182.4 (117.6). Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8, (76.1). Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0, Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER 

RED LION INNS FILES PLANS OFFERING

Red Lion Inns Limited Partnership said it filed a registration statement with the Securities and Exchange Commission covering a proposed offering of 4,790,000 units of limited partnership interests. The company said it expects the offering to be priced at 20 dlrs per unit. It said proceeds from the offering, along with a 102.5 mln dlr mortgage loan, will be used to finance its planned acquisition of 10 Red Lion hotels. Reuter 

USX <X> DEBT DOWGRADED BY MOODY'S

Moody's Investors Service Inc said it lowered the debt and preferred stock ratings of USX Corp and its units. About seven billion dlrs of securities is affected. Moody's said Marathon Oil Co's recent establishment of up to one billion dlrs in production payment facilities on its prolific Yates Field has significant negative implications for USX's unsecured creditors. The company appears to have positioned its steel segment for a return to profit by late 1987, Moody's added. Ratings lowered include those on USX's senior debt to BA-1 from BAA-3. Reuter 

CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT

Champion Products Inc said its board of directors approved a two-for-one stock split of its common shares for shareholders of record as of April 1, 1987. The company also said its board voted to recommend to shareholders at the annual meeting April 23 an increase in the authorized capital stock from five mln to 25 mln shares. Reuter 

COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE

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

COBANCO INC <CBCO> YEAR NET

Shr 34 cts vs 1.19 dlrs Net 807,000 vs 2,858,000 Assets 510.2 mln vs 479.7 mln Deposits 472.3 mln vs 440.3 mln Loans 299.2 mln vs 327.2 mln Note: 4th qtr not available. Year includes 1985 extraordinary gain from tax carry forward of 132,000 dlrs, or five cts per shr. Reuter 

OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET

Ohio Mattress Co said its first quarter, ending February 28, profits may be below the 2.4 mln dlrs, or 15 cts a share, earned in the first quarter of fiscal 1986. The company said any decline would be due to expenses related to the acquisitions in the middle of the current quarter of seven licensees of Sealy Inc, as well as 82 pct of the outstanding capital stock of Sealy. Because of these acquisitions, it said, first quarter sales will be substantially higher than last year's 67.1 mln dlrs. Noting that it typically reports first quarter results in late march, said the report is likely to be issued in early April this year. It said the delay is due to administrative considerations, including conducting appraisals, in connection with the acquisitions. Reuter 

AM INTERNATIONAL INC <AM> 2ND QTR JAN 31

Oper shr loss two cts vs profit seven cts Oper shr profit 442,000 vs profit 2,986,000 Revs 291.8 mln vs 151.1 mln Avg shrs 51.7 mln vs 43.4 mln Six mths Oper shr profit nil vs profit 12 cts Oper net profit 3,376,000 vs profit 5,086,000 Revs 569.3 mln vs 298.5 mln Avg shrs 51.6 mln vs 41.1 mln NOTE: Per shr calculated after payment of preferred dividends. Results exclude credits of 2,227,000 or four cts and 4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or six cts and 4,104,000 or 11 cts for prior periods from operating loss carryforwards. Reuter 

BROWN-FORMAN INC <BFD> 4TH QTR NET

Shr one dlr vs 73 cts Net 12.6 mln vs 15.8 mln Revs 337.3 mln vs 315.2 mln Nine mths Shr 3.07 dlrs vs 3.08 dlrs Net 66 mln vs 66.2 mln Revs 1.59 billion vs 997.1 mln Reuter 

NATIONAL INTERGROUP<NII> TO OFFER PERMIAN UNITS

National Intergroup Inc said it plans to file a registration statement with the securities and exchange commission for an offering of cumulative convertible preferred partnership units in Permian Partners L.P. The Permian Partners L.P. was recently formed by National Intergroup to continue to business of Permian Corp, acquired by the company in 1985. The company said Permian will continue to manage the business as a general partner, retaining a 35 pct stake in the partnership in the form of common and general partnership units. It did not say how many units would be offered or what the price would be. Reuter 

ECONOMIC SPOTLIGHT - BANKAMERICA <BAC>

BankAmerica Corp is not under pressure to act quickly on its proposed equity offering and would do well to delay it because of the stock's recent poor performance, banking analysts said. Some analysts said they have recommended BankAmerica delay its up to one-billion-dlr equity offering, which has yet to be approved by the Securities and Exchange Commission. BankAmerica stock fell this week, along with other banking issues, on the news that Brazil has suspended interest payments on a large portion of its foreign debt. The stock traded around 12, down 1/8, this afternoon, after falling to 11-1/2 earlier this week on the news. Banking analysts said that with the immediate threat of the First Interstate Bancorp <I> takeover bid gone, BankAmerica is under no pressure to sell the securities into a market that will be nervous on bank stocks in the near term. BankAmerica filed the offer on January 26. It was seen as one of the major factors leading the First Interstate withdrawing its takeover bid on February 9. A BankAmerica spokesman said SEC approval is taking longer than expected and market conditions must now be re-evaluated. "The circumstances at the time will determine what we do," said Arthur Miller, BankAmerica's Vice President for Financial Communications, when asked if BankAmerica would proceed with the offer immediately after it receives SEC approval. "I'd put it off as long as they conceivably could," said Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and Smith. Cohn said the longer BankAmerica waits, the longer they have to show the market an improved financial outlook. Although BankAmerica has yet to specify the types of equities it would offer, most analysts believed a convertible preferred stock would encompass at least part of it. Such an offering at a depressed stock price would mean a lower conversion price and more dilution to BankAmerica stock holders, noted Daniel Williams, analyst with Sutro Group. Several analysts said that while they believe the Brazilian debt problem will continue to hang over the banking industry through the quarter, the initial shock reaction is likely to ease over the coming weeks. Nevertheless, BankAmerica, which holds about 2.70 billion dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the interest rate is reduced on the debt, and as much as 200 mln dlrs if Brazil pays no interest for a year, said Joseph Arsenio, analyst with Birr, Wilson and Co. He noted, however, that any potential losses would not show up in the current quarter. With other major banks standing to lose even more than BankAmerica if Brazil fails to service its debt, the analysts said they expect the debt will be restructured, similar to way Mexico's debt was, minimizing losses to the creditor banks. Reuter 

NATIONAL HEALTH ENHANCEMENT <NHES> NEW PROGRAM

National Health Enhancement Systems Inc said it is offering a new health evaluation system to its line of fitness assessment programs. The company said the program, called The Health Test, will be available in 60 days. Customers who use the program will receive a computer-generated report and recommendations for implementing a program to improve their physical condition. Reuter 

DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS

Dean Foods Co expects earnings for the fourth quarter ending May 30 to exceed those of the same year-ago period, Chairman Kenneth Douglas told analysts. In the fiscal 1986 fourth quarter the food processor reported earnings of 40 cts a share. Douglas also said the year's sales should exceed 1.4 billion dlrs, up from 1.27 billion dlrs the prior year. He repeated an earlier projection that third-quarter earnings "will probably be off slightly" from last year's 40 cts a share, falling in the range of 34 cts to 36 cts a share. Douglas said it was too early to project whether the anticipated fourth quarter performance would be "enough for us to exceed the prior year's overall earnings" of 1.53 dlrs a share. In 1988, Douglas said Dean should experience "a 20 pct improvement in our bottom line from effects of the tax reform act alone." President Howard Dean said in fiscal 1988 the company will derive benefits of various dairy and frozen vegetable acquisitions from Ryan Milk to the Larsen Co. Dean also said the company will benefit from its acquisition in late December of Elgin Blenders Inc, West Chicago. He said the company is a major shareholder of E.B.I. Foods Ltd, a United Kingdom blender, and has licensing arrangements in Australia, Canada, Brazil and Japan. "It provides ann entry to McDonalds Corp <MCD> we've been after for years," Douglas told analysts. Reuter 

BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA

The Commodity Credit Corporation, CCC, has accepted an export bonus offer to cover the sale of 37,000 long tons of wheat flour to North Yemen, the U.S. Agriculture Department said. The wheat four is for shipment March-May and the bonus awarded was 119.05 dlrs per tonnes and will be paid in the form of commodities from the CCC inventory. The bonus was awarded to the Pillsbury Company. The wheat flour purchases complete the Export Enhancement Program initiative announced in April, 1986, it said. Reuter 

CREDIT CARD DISCLOSURE BILLS INTRODUCED

Legislation to require disclosure of credit card fees and interest rates before the cards are issued have been introduced in the Senate and House. Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said many banks and financial institutions do not disclose all the information about terms of their cards in promotional material sent to prospective customers. "By requiring card issuers to disclose the terms and conditions of their cards at the time of solicitation, the legislation is intended to arm consumers with enough information to shop around for the best deal," Dodd said in a statement. Reuter 

HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS

Hughes/Conserdyne Corp, a unit of <Hughes Capital Corp> said it made Bear Stearns and Co Inc <BSC> its exclusive investment banker to develop and market financing for the design and installation of its micro-utility systems for municipalities. The company said these systems are self-contained electrical generating facilities using alternate power sources, such as photovoltaic cells, to replace public utility power sources. Reuter 

MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS

Magma Copper Co, a subsidiary of Newmont Mining Corp, said it is cutting its copper cathode price by 0.75 cent to 66 cents a lb, effective immediately. Reuter 

BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT

Brown-Forman Inc said its board has approved a three-for-two stock split and a 35 pct increase in the company cash dividend. The company cited its improved earnings outlook and continued strong cash flow as reasons for raising the dividend. Brown-Forman said the split of its Class A and Class B common shares would be effective March 13. The company said directors declared a quarterly cash dividend on each new share of both classes of 28 cts, payable April one to holders of record March 20. Prior to the split, the company had paid 31 cts quarterly. Brown-Forman today reported a 37 pct increase in third quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a seven pct increase in sales to a record 337 mln dlrs. Brown-Forman said nine month profits declined a bit to 66.0 mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08 dlrs a share, a year earlier due to a second quarter charge of 37 cts a share for restructuring its beverage operations. The company said lower corporate tax rates and the restructuring "are expected to substantially improve Brown-Forman's earnings and cash flow in fiscal 1988." Reuter 

ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR

Shr profit 15 cts vs profit four cts Annual div 72 cts vs 72 cts prior yr Net profit 72,000 vs profit 16,000 Revs 7,075,000 vs 2,330,000 12 mths Shr profit 42 cts vs loss 11 cts Net profit 203,000 vs loss 55,000 Revs 16.1 mln vs 3,971,000 NOTE: annual dividend payable April 10, 1987, to stockholders of record on March 27, 1987. Reuter 

SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR

Shearson Lehman Brothers, a unit of American Express Co <AXP>, said Robert Stearns has joined the company as managing director of its merger and acquisition department. Shearson said Stearns formerly was part of Merrill Lynch Pierce, Fenner and Smith Inc's <MER> merger and acquisitions department. Reuter 

BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT

Venezuela and its bank advisory committee have agreed in principle on revisions to the terms of a 21 billion dlr debt-rescheduling package signed last February, bankers said. They declined to disclose details because two or three representatives on the panel have still to obtain the approval of their senior management for the new terms. The committee was meeting in New York this afternoon and could put its final stamp of approval of the deal later today, the bankers said. "A number of details have still to be finalized, but the broad details of the new amortization schedules and interest rates are in place," one senior banker said. The interest rate on the rescheduling was originally set at 1-1/8 pct over Eurodollar rates, but Venezuela requested easier terms because of a 40 pct drop in oil income last year. It also asked for a reduction in the repayments it was due to make in 1987, 1988 and 1989 - after an earlier request that it make no amortizations at all in those years was rebuffed - and sought a commitment from the banks to finance new investment in Venezuela. The breakthrough in the Venezuelan talks, which have been going on intermittently for several months, follows the announcement earlier today of a 10.6 billion dlr debt rescheduling pact between Chile and its bank advisory panel. And last night Citibank said Mexico's financing package, including a 7.7 billion dlr loan, will be signed on March 20. While the sudden progress is to some extent coincidental, bankers acknowledge a desire to chalk up some quick successes after the shock of Brazil's unilateral interest suspension last Friday. By striking swift deals, banks hope to reduce the incentive for other debtors to emulate Brazil. Reuter 

UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET

Shr 39 cts vs 50 cts Net 1,545,160 vs 2,188,933 Revs 25.2 mln vs 19.5 mln Year Shr 1.53 dlrs vs 1.21 dlrs Net 6,635,318 vs 5,050,044 Revs 92.2 mln vs 77.4 mln NOTE: Results include adjustment of 848,600 dlrs or 20 cts shr for 1986 year and both 1985 periods from improvement in results of its universal life business than first estimated. Reuter 

TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND

The Tower Commission report, which says President Reagan was ignorant about much of the Iran arms deal, just about ends his prospects of regaining political dominance in Washington, political analysts said. "This is certification of incompetence," private political analyst Stephen Hess told Reuters in commenting on the Tower report made public today. "It's as if he went before a professional licensing board and was denied credentials." In one of the most direct criticisms, board chairman John Tower, a longtime Reagan supporter and former Republican senator from Texas, told a press conference, "The president clearly did not understand the nature of this operation." The report, which lent credence to widespread opinion in Washington that Reagan is not in full command of the government, was particularly damaging because it was prepared by a board of the Republican president's own choosing. The three-member panel made up of Tower, former National Security Adviser Brent Scowcroft and former Secretary of State Edmund Muskie, does not carry the partisan taint of criticism from a Congress controlled by the Democratic party. "We're falling by our own hand," said one Republican political strategist. "What can we say except 'we're sorry, we won't do it again'?" The strategist, who works for one of his party's top 1988 presidential contenders and asked not to be identified, said the report was like "an anvil falling on us." Hess, with the Brookings Institution public policy study group, said the report is the final blow to Reagan's hopes of regaining the upper hand he once had in dealings with Congress, the press and the Washington bureaucracy. The report may also undermine the standing of Defense Secretary Caspar Weinberger and Secretary of State George Shultz, who the report suggests were more interested in keeping their own skirts clean than supporting the president. "They protected the record as to their own positions on this issue. They were not energetic in attempting to protect the president from the consequences," it said. White House chief of staff Donald Regan and former Central Intelligence Agency Director William Casey also received strong criticism, but the blows were expected in their cases. Regan, expected to resign or be fired shortly, was savaged for allegedly failing both to help Reagan conduct the Iran initiative and to avoid "chaos" in the disclosure process. Casey, who underwent surgery for removal of a cancerous brain tumor in December, had already resigned for health reasons last month. "This is a story about people who came up somewhat short of being heroes," Tower told reporters. While Reagan retains considerable constitutional powers, including command of the armed forces and the right to veto legislation, analysts say it will be difficult for him to retake control of the country's policy agenda -- particularly with Congress controlled by the Democrats. The crucial remaining question, they said, is whether the man in the street will forsake Reagan over the affair. Although his job approval rating has fallen as much as twenty percentage points in some opinion polls since the arms deal with Iran became public last November, his personal popularity is still relatively high. A Los Angeles Times poll released earlier this week showed that just 37 pct of those surveyed thought Reagan was in control of the government, but 55 pct still thought he was doing a good job as president. American Enterprise Institute analyst William Schneider, a Democrat, says Reagan's loss of support among Washington power brokers could be offset by continued backing of the public. "In the past, he has been able to go around the power elite by appealing directly to the public," Schneider said. Reagan will again plead his case that way in a televised address next week. But one top Republican strategist warned against expecting a dramatic turnaround. "The White House has to avoid building expectations that cannot be met," said the strategist, who requested anonymity. "They have to recognize there is no quick fix." Analysts also point out that Reagan's personal popularity has not always translated into public backing for his policies. They note he was dramatically rebuffed in last November's elections when voters rejected his appeals and restored control of the Senate to the Democrats. Reuter 

JANUARY HOUSING SALES DROP, REALTY GROUP SAYS

Sales of previously owned homes dropped 14.5 pct in January to a seasonally adjusted annual rate of 3.47 mln units, the National Association of Realtors (NAR) said. But the December rate of 4.06 mln units had been the highest since the record 4.15 mln unit sales rate set in November 1978, the group said. "The drop in January is not surprising considering that a significant portion of December's near-record pace was made up of sellers seeking to get favorable capital gains treatment under the old tax laws," said the NAR's John Tuccillo. Reuter 

ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK

U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991

SENATORS INTRODUCE EXPORT LICENSING REFORM BILL

Sens. Alan Cranston (D-Cal.) and Daniel Evans (R-Wash.) said they introduced export licensing reform legislation that could save U.S. companies hundreds of thousands of dollars annually. "Our emphasis is two-fold: Decontrol and de-license items where such actions will not endanger our national security, and eliminate the Department of Defense's de facto veto authority over the licensing process," Cranston said. "Our reforms should reduce licensing requirements by 65 to 70 pct," he told reporters. "I am convinced that a more rational...licensing process will boost exports." U.S. export controls are intended to deny Eastern bloc countries access to technology that could further their military capabilities. "By refocusing our control resources on higher levels of technology, technology that is truly critical, we will do a better job of preventing diversion of critical technology to our adversaries while promoting more exports," Cranston said. "We cannot expect to continue to play a leading role in new technology development in the future if we unduly restrict the activities of U.S. firms in the world market-place," Evans told reporters. Reuter 

EXCELAN INC SETS INITIAL STOCK OFFER

Excelan Inc said it is making an initial public offering of 2,129,300 shares of common stock at 12 dlrs per share. Excelan said 1.6 mln of the shares are being sold by the company and 529,300 shares are being sold by stockholders. Excelan designs and manufactures computer-related products. Reuter 

CCX NETWORK <CCXN> SECONDARY OFFERING UNDERWAY

CCX Network Inc said it was offering 220,838 shares of stock at 15.75 dlrs a share though underwriters Stephens Inc and Cazenove Inc. The company said it was selling the stock on behalf of some shareholders, including those who recently received shares in the company in exchange for their businesses. The company said it was receiving no proceeds from the offering. Reuter 

FIRST UNION <FUNC> FILES 100 MLN DLR NOTES ISSUE

First Union Corp said it has filed with the Securities and Exchange Commission for a proposed offering of 100 mln dlrs of fixed rate subordinated notes due 1997. The notes will be sold nationwide through underwriters managed by Shearson Lehman Brothers Inc. Reuter 

OWENS AND MINOR INC <OBOD> RAISES QTLY DIVIDEND

Qtly div eights cts vs 7.5 cts prior Pay March 31 Record March 13 Reuter 

COMPUTER LANGUAGE RESEARCH IN <CLRI> 4TH QTR

Shr loss 22 cts vs loss 18 cts Net loss 3,035,000 vs loss 2,516,000 Revs 20.9 mln vs 19.6 mln Qtly div three cts vs three cts prior Year Shr profit two cts vs profit 34 cts Net profit 215,000 vs profit 4,647,000 Revs 93.4 mln vs 98.7 mln NOTE: Dividend payable April one to shareholders of record March 17. Reuter 

<CINRAM LTD> 4TH QTR NET

Shr 45 cts vs 58 cts Net 1.1 mln vs 829,000 Sales 7.9 mln vs 9.4 mln Avg shrs 2,332,397 vs 1,428,000 Year Shr 1.22 dlrs vs 1.06 dlrs Net 2.9 mln vs 1.5 mln Sales 25.7 mln vs 22.2 mln Avg shrs 2,332,397 vs 1,428,000 Reuter 

DU PONT CO <DD> LAUNCHES IMPROVED ARAMID FIBERS

The Du Pont Co said it has devloped a new generation of high-strength aramid fibers which is stiffer and less absorbant than previous generations. Du Pont said the new product, Kevlar 149, is up to 40 pct stiffer than first generation aramids, and absorbs less than half the moister of other similar aramid fibers. Kevlar was invented by Du Pont in the late 1960s and is five times stronger than steel and 10 times stronger than aluminum on an equal wieght basis, and is used to replace metals in a variety of products, according to the company. Reuter 

STANDARD TRUSTCO SEES BETTER YEAR

Standard Trustco said it expects earnings in 1987 to increase at least 15 to 20 pct from the 9,140,000 dlrs, or 2.52 dlrs per share, recorded in 1986. "Stable interest rates and a growing economy are expected to provide favorable conditions for further growth in 1987," president Brian O'Malley told shareholders at the annual meeting. Standard Trustco previously reported assets of 1.28 billion dlrs in 1986, up from 1.10 billion dlrs in 1985. Return on common shareholders' equity was 18.6 pct last year, up from 15 pct in 1985. Reuter 

HANDY AND HARMAN <HNH> 4TH QTR LOSS

Shr loss 51 cts vs loss three cts Net loss 7,041,000 vs loss 467,000 Rev 138.9 mln vs 131.4 mln 12 months Shr loss 64 cts vs profit 46 cts Net loss 8,843,000 vs profit 6,306,0000 Rev 558.9 mln vs 556.7 mln NOTE: Net loss for 4th qtr 1986 includes charge for restructuring of 2.6 mln dlrs after tax, or 19 cts a share. 1986 net loss includes after tax special charge of 2.7 mln dlrs, or 20 cts a share. Reuter 

ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL

International Coffee Organization, ICO, producing countries will present a proposal for reintroducing export quotas for 12 months from April 1 with a firm undertaking to try to negotiate up to September 30 any future quota distribution on a new basis, ICO delegates said. Distribution from April 1 would be on an unchanged basis as in an earlier producer proposal, which includes shortfall redistributions totalling 1.22 mln bags, they said. Resumption of an ICO contact group meeting with consumers, scheduled for this evening, has been postponed until tomorrow, delegates said. Reuter 

SHULTZ SAYS NO RESIGNATION OVER IRAN REPORT

Secretary of State George Shultz acknowledged failings in the Iran arms affair but declared he would not resign. His role in the scandal that has scarred the Reagan administration attracted harsh criticism from the Tower commission in its report on the affair published today. Shultz, travelling to China for a week-long visit, refused to comment directly on the report, published after he had left Washington. But he repeated -- as he has done since the crisis broke last November -- that he was not going to resign. "You can wipe that off your slate," he said. Reuter 

MCLEAN'S <MII> U.S. LINES SETS ASSET TRANSFER

McLean Industries Inc's United States Lines Inc subsidiary said it has agreed in principle to transfer its South American service by arranging for the transfer of certain charters and assets to <Crowley Mariotime Corp>'s American Transport Lines Inc subsidiary. U.S. Lines said negotiations on the contract are expected to be completed within the next week. Terms and conditions of the contract would be subject to approval of various regulatory bodies, including the U.S. Bankruptcy Court. Reuter 

CHEMLAWN <CHEM> RISES ON HOPES FOR HIGHER BIDS

ChemLawn Corp <CHEM> could attract a higher bid than the 27 dlrs per share offered by Waste Management Inc <WNX>, Wall Street arbitrageurs said. Shares of ChemLawn shot up 11-5/8 to 29-3/8 in over-the-counter- trading with 3.8 mln of the company's 10.1 mln shares changing hands by late afternoon. "This company could go for 10 times cash flow or 30 dlrs, maybe 32 dollars depending on whether there is a competing bidder," an arbitrageur said. Waste Management's tender offer, announced before the opening today, expires March 25. "This is totally by surprise," said Debra Strohmaier, a ChemLawn spokeswoman. The company's board held a regularly scheduled meeting today and was discussing the Waste Management announcement. She said a statement was expected but it was not certain when it would be ready. She was unable to say if there had been any prior contact between Waste Management and ChemLawn officials. "I think they will resist it," said Elliott Schlang, analyst at Prescott, Ball and Turben Inc. "Any company that doesn't like a surprise attack would." Arbitrageurs pointed out it is difficult to resist tender offers for any and all shares for cash. Schlang said ChemLawn could try to find a white knight if does not want to be acquired by Waste Management. Analyst Rosemarie Morbelli of Ingalls and Snyder said ServiceMaster Companies L.P. <SVM> or Rollins Inc <ROL> were examples of companies that could be interested. ChemLawn, with about two mln customers, is the largest U.S. company involved in application of fertilizers, pesticides and herbicides on lawns. Waste Management is involved in removal of wastes. Schlang said ChemLawn's customer base could be valuable to another company that wants to capitalize on a strong residential and commercial distribution system. Both Schlang and Morbelli noted that high growth rates had catapulted ChemLawn's share price into the mid-30's in 1983 but the stock languished as the rate of growth slowed. Schlang said the company's profits are concentrated in the fourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for the full year, and 2.58 dlrs in the fourth quarter. Morbelli noted ChemLawn competes with thousands of individual entrepreuers who offer lawn and garden care sevice. Reuter 

U.S. SUGAR IMPORTS DOWN IN WEEK - USDA

Sugar imports subject to the U.S. sugar import quota during the week ended January 9, the initial week of the 1987 sugar quota year, totaled 5,988 short tons versus 46,254 tons the previous week, the Agriculture Department said. The sugar import quota for the 1987 quota year (January-December) has been set at 1,001,430 short tons compared with 1,850,000 tons in the 1986 quota year, which was extended three months to December 31. The department said the Customs Service has reported that weekly and cumulative imports are reported on an actual weight basis and when final polarizations are received, cumulative import data are adjusted accordingly. Reuter 

BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY

inflation plan, initially hailed at home and abroad as the saviour of the economy, is limping towards its first anniversary amid soaring prices, widespread shortages and a foreign payments crisis. Announced last February 28 the plan froze prices, fixed the value of the new Cruzado currency and ended widespread indexation of the economy in a bid to halt the country's 250 pct inflation rate. But within a year the plan has all but collapsed. "The situation now is worse than it was. Although there was inflation, at least the economy worked," a leading bank economist said. The crumbling of the plan has been accompanied by a dramatic reversal in the foreign trade account. In 1984 and 1985 Brazil's annual trade surpluses had been sufficient to cover the 12 billion dlrs needed to service its 109 billion dlr foreign debt. For the first nine months of 1986 all seemed to be on target for a repeat, with monthly surpluses averaging one billion dlrs. But as exports were diverted and imports increased to avoid further domestic shortages the trade surplus plunged to 211 mln dlrs in October and since then has averaged under 150 mln. Reuter 

N.Z. OFFICIAL FOREIGN RESERVES FALL IN JANUARY

New Zealand's official foreign reserves fell to 7.15 billion N.Z. Dlrs in January from 7.20 billion dlrs in December and compared with 3.03 billion a year ago period, the Reserve Bank said in its weekly statistical bulletin. Reuter 

AGENCY REPORTS 39 SHIPS WAITING AT PANAMA CANAL

The Panama Canal Commission, a U.S. government agency, said in its daily operations report that there was a backlog of 39 ships waiting to enter the canal early today. Over the next two days it expects -- 2/26 2/27 Due: 27 35 Scheduled to Transit: 35 41 End-Day Backlog: 31 25 Average waiting time tomorrow -- Super Tankers Regular Vessels North End: 13 hrs 15 hrs South End: 4 hrs 26 hrs Reuter 

AMERICA FIRST MORTGAGE SETS SPECIAL PAYOUT

<America First Federally Guaranteed Mortgage Fund Two> said it is making a special distribution of 71.6 cts per exchangeable unit, which includes 67.62 cts from return on capital and 3.98 cts from income gains. Reuter 

REPUBLICANS EYE BIGGER U.S. CONSERVATION RESERVE

A group of Republican governors and members of Congress said they intended to explore expanding the conservation reserve program by up to 20 mln acres. Under current law, between 40 and 45 mln acres of erodible land must be enrolled in the program by the end of fiscal 1990. The Republican Task Force on Farm and Rural America, headed by Senate Majority Leader Robert Dole (Kan.), said they would consider drafting legislation to increase the reserve by between 15 and 20 mln acres. Sen. Charles Grassley (R-Iowa) told Reuters he would offer a bill to expand the reserve to 67 mln acres. Reuter 

ARVIN INDS <ARV> PROMOTES EVANS TO PRESIDENT

Arvin Industries Inc said L.K. Evans has been elected president, succeeding James Baker who remains chairman. Evans had been executive vice president. Reuter 

EMHART CORP <EMH> QTLY DIVIDEND

Qtly div 35 cts vs 35 cts prior Payable March 31 Record March nine Reuter 

U.S. DATA POINT TO CAPITAL SPENDING SLOWDOWN

A surprise 7.5 pct drop in U.S. January durable goods orders points to a slowdown in capital spending that could presage lackluster real growth in the U.S. economy in the first quarter of 1987, economists said. With total orders, excluding the volatile defense sector, falling a record 9.9 pct, economists agreed that the report painted a bleak picture for the U.S. economy. But they stressed that the 1987 tax reform laws may be a primary factor behind the drop in orders for business capital investment. "It's a rather gloomy outlook for the economy, said David Wyss of Data Resources Inc. "I'm particularly impressed by the 19.7 pct drop in non-defense capital goods orders because it may be a sign that businesses are reacting more adversely to tax reform than we thought." The Commerce Department pointed out that a record 14.8 pct decline in new orders for machinery was led by declines in office and computing equipment orders. Economists said the drop in computer orders may have been a response to the lengthening of depreciation schedules and the end of the investment tax credit under the new tax laws. "It's more expensive to invest than it used to be, so people just aren't doing it as much," Wyss said. Increases in durable goods orders at year's end reinforced the view that businesses anticipated the changing tax laws, economists said. November durable goods orders rose 5.1 pct and December's increased 1.5 pct, revised upwards from a previously reported 0.9 pct. But most acknowledged that the huge January drop was caused by more than tax reform. "The wash-out that took place in January was far greater than the actual gains that took place in November and December," said Bill Sullivan of Dean Witter Reynolds Inc. "The economy has a weakening bent to it early in the year." "The report definitely points to very sluggish capital spending over the next couple of quarters," said Donald Maude of Midland Montagu Capital Markets Inc. Maude pointed to a continuing decline in order backlogs as evidence that the outlook for new orders is not improving. In November, order backlogs rose 0.6 pct, but in December they fell 0.6 pct and in January 0.7 pct, he said. "It suggests orders in the pipeline are depleting, which may quickly translate to a drop in production," Midland Montagu's Maude said. Wyss cautioned that too much should not be made of January's report, given that other reports have reflected strength. But he acknowledged that the decline occurred despite a 51 pct rise in defense orders, compared with a 57.7 pct decline in December. He also noted that there was a 6.9 pct drop in January shipments, compared with a 5.4 pct rise in December. "Given these numbers, there's no reason for the Fed to tighten," Data Resources' Wyss said. "But there's no reason to ease unless we see more numbers like this. The Fed will wait and see," he added. Sullivan predicted the Fed will ease by Easter. "People aren't talking recession or Fed easing now, but the Fed will have to ease to ensure global growth." Reuter 

SENATORS INTRODUCE EXPORT LICENSING REFORM BILL

Sens. Alan Cranston (D-Cal.) and Daniel Evans (R-Wash.) said they introduced export licensing reform legislation that could save U.S. companies hundreds of thousands of dollars annually. "Our emphasis is two-fold: Decontrol and de-license items where such actions will not endanger our national security, and eliminate the Department of Defense's de facto veto authority over the licensing process," Cranston said. "Our reforms should reduce licensing requirements by 65 to 70 pct," he told reporters. "I am convinced that a more rational...licensing process will boost exports." U.S. export controls are intended to deny Eastern bloc countries access to technology that could further their military capabilities. "By refocusing our control resources on higher levels of technology, technology that is truly critical, we will do a better job of preventing diversion of critical technology to our adversaries while promoting more exports," Cranston said. "We cannot expect to continue to play a leading role in new technology development in the future if we unduly restrict the activities of U.S. firms in the world market-place," Evans told reporters. Reuter 

AM INTERNATIONAL <AM> CITES STRONG PROSPECTS

AM International Inc, reporting an operating loss for the January 31 second quarter, said prospects for the balance of the fiscal year remain good. It said orders at its Harris Graphics subsidiary, acquired in June 1986, "continue to run at a strong pace." For the six months, orders rose 35 pct over the corresponding prior-year period, or on an annualized basis are running at about 630 mln dlrs. The backlog at Harris is up 30 pct from the beginning of the fiscal year, AM said. AM International said its old division are expected to benefit from recent new product introductions and the decline in the value of the dollar. "Research, development and engineering expenditures in fiscal 1987 will be in the 45-50 mln dlr range, and the company said it has allocated another 30-40 mln dlrs for capital expenditures. Earlier AM reported a fourth quarter operating loss of two cts a share compared to profits of seven cts a share a year ago. Revenues rose to 291.8 mln dlrs from 151.1 mln dlrs. Reuter 

CCC CREDITS FOR HONDURAS SWITCHED TO WHITE CORN

The Commodity Credit Corporation (CCC) announced 1.5 mln dlrs in credit guarantees previously earmarked to cover sales of dry edible beans to Honduras have been switched to cover sales of white corn, the U.S. Agriculture Department said. The department said the action reduces coverage for sales of dry edible beans to 500,000 dlrs and creates the new line of 1.5 mln dlrs for sales of white corn. All sales under the credit guarantee line must be registered and shipped by September 30, 1987, it said. Reuter 

ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK

Assets of money market mutual funds increased 720.4 mln dlrs in the week ended yesterday to 236.90 billion dlrs, the Investment Company Institute said. Assets of 91 institutional funds rose 356 mln dlrs to 66.19 billion dlrs, 198 general purpose funds rose 212.5 mln dlrs to 62.94 billion dlrs and 92 broker-dealer funds rose 151.9 mln dlrs to 107.77 billion dlrs. Reuter 

GULF BARGE FREIGHT RATES UP FURTHER ON CALL

Gulf barge freight rates firmed again on the outlook for steady vessel loadings at the Gulf, increasing the demand for barges to supply those ships, dealers said. No barges traded today on the St Louis Merchants' Exchange call session, versus 29 yesterday. Quotes included - - Delivery this week on the Illinois River (Joliet) 135 pct of tariff bid/140 offered, with next week same river (ex Chicago) quoted the same - both up 2-1/2 percentage points. - Next week Mississippi River (St Louis) 120 pct bid/127-1/2 offered - up five points. - Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2 offered - up 7-1/2 points. - On station Illinois River (south Chicago) 135 pct bid/140 offered - no comparison. - March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up 2-1/2 points. - March Ohio River bid at yesterday's traded level of 125 pct, offered at 132-1/2. - March lower Mississippi River (Memphis/Cairo) 112-1/2 pct bid/120 offered - no comparison. - May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered - no comparison. - Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct bid/145 offered, with Sept/Dec same section 125 pct bid/135 offered - no comparison. Reuter 

ARGENTINA COULD SUSPEND DEBT PAYMENTS - DEPUTY

Argentina could suspend payments on its foreign debt if creditor banks reject a 2.15 billion dlr loan request to meet 1987 growth targets, ruling Radical Party Deputy Raul Baglini told a local radio station. "Argentina does not discard the use of (a moratorium) if the negotiations do not produce a result that guarantees the growth of the country," he added. Baglini, an observer at Argentina's negotiations in New York with the steering committee for its 320 creditors banks, told the Radio del Plata in a telephone interview that the banks were divided on the loan request. Baglini said that as a result, today's scheduled second day of talks had been postponed. He said Argentina was prepared to follow the example of Brazil, which last week declared a moratorium on interest payments of a large portion of its 108 billion dlr foreign debt. Argentina's prime objective in renegotiating the debt was to maintain growth, which has been targeted at four pct in 1987, Baglini said. "Debtor nations should not have to take from their own pockets, that is their commercial balance, to meet interest payments," he added. Reuter 

KEY U.S. TAX WRITERS SEEK ESTATE TAX CURBS

The chairmen and senior Republican members of the House and Senate tax writing committees proposed legislation to curb estate tax deduction on sales of stock to an employee stock ownership plan. The proposal would raise federal revenues of 6.7 billion dlrs over the fiscal year period 1987 to 1991. If adopted by Congress it would effect all transactions after Sept 26, 1987. The plan was proposed by House Ways and Means Committee Chairman Dan Rostenkowski (D-Ill), Rep John Duncan (R-Tenn), Senate Finance Committee Chairman Lloyd Bentsen (D-Tex) and Sen Bob Packwood (R-Ore). In a statement Rostenkowski said the estate tax deduction enacted last year as part of the tax reform bill was too broad and would have cost the governmet seven billion dlrs over four years. The narrower deduction would cost the government less than 300 mln dlrs for the same years. He said it was designed to avoid sham transactions which allowed estates to avoid taxes by transferring stock to ESOPs. Senate Finance Committee chairman Lloyd Bentsen said in a statement, "The Tax Reform Act contains a provision that allows many wealthy individuals to avoid the federal estate tax entirely when they die." He added, "The provision was intended to encourage estates to sell stock to employee stock ownership plans as a way of promoting worker ownership; however, the provision was not meant to be broad enough to reduce federal revenues as much as is currently estimated." He added, "The bill I have introduced today calls for the modification of the provision in accordance with its intended purpose." Reuter 

TREASURY BALANCES AT FED ROSE ON FEB 25

Treasury balances at the Federal Reserve rose on Feb 25 to 4.151 billion dlrs from 2.727 billion dlrs the previous business day, the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 25.137 billion dlrs from 25.780 billion dlrs on the same respective days. The Treasury's operating cash balance totaled 29.289 billion dlrs on Feb 25 compared with 28.507 billion dlrs on Feb 24. Reuter 

CANADA'S WILSON SEEKS TEMPORARY BORROWING

Canadian Finance Minister Michael Wilson said he will use temporary authority under the Financial Administration act to borrow an additional 600 mln dlrs in next Thursday's treasury bill auction. In a statement, Wilson said the action would permit the government to proceed with its debt program during a period when there was not sufficient borrowing authority, which is granted by Parliament, to cover the government's needs. Ottawa announced previously it was seeking Parliamentary approval for the additional authority to cover the financing of an increase in the government's foreign reserves. Reuter 

GULF APPLIED <GATS> SELLS UNITS, SEES GAIN

Gulf Applied Technologies Inc said it sold its pipeline and terminal operations units for 12.2 mln dlrs and will record a gain of 2.9 mln dlrs in the first quarter. It added that any federal taxes owed on the transaction will be offset by operating loss carryovers. Reuter 

FARMERS GROUP INC <FGRP> 4TH QTR NET

Shr 80 cts vs 72 cts Net 55,513,000 vs 48,741,000 Revs 290.9 mln vs 264.2 mln Year Shr 3.09 dlrs vs 2.72 dlrs Net 213,470,000 vs 184,649,000 Revs 1.12 billion vs 992.9 mln Avg shrs 69,127,000 vs 68,004,000 Reuter 

POTOMAC ELECTRIC POWER CO <POM> JAN NET

Shr 27 cts vs 29 cts Net 13,555,000 vs 14,635,000 Revs 104,606,000 vs 110,311,000 Avg shrs 47.2 mln vs 47.1 mln 12 mths Shr 4.10 dlrs vs 3.66 dlrs Net 226,653,000 vs 186,790,000 Revs 1.4 billion vs 1.3 billion Avg shr 47.1 mln vs 47.1 mln NOTE: latest 12 mths net includes gain 46 cts per share for sale of Virginia service territory to Dominion Resources Inc <D>. Reuter 

SPRINGBOARD <SPBD> IN DEAL

Springboard Software INc said it signed a contract under which International Technology Development Corp will provide software designers, programmers, project supervisors and technical support personnel to Springboard. International Technology, based in San Francisco and Shanghai, China, employs Chinese computer specialists. Reuter 

<COFAB INC> BUYS GULFEX FOR UNDISCLOSED AMOUNT

CoFAB Inc said it acquired <Gulfex Inc>, a Houston-based fabricator of custom high-pressure process vessels for the energy and petrochemical industries. CoFAB said its group of companies manufacture specialized cooling and lubricating systems for the oil and gas, petrochemical, utility, pulp and paper and marine industries. Reuter 

U.S. WEEKLY SOYBEAN CRUSH 21,782,929 BUSHELS

Reporting members of the National Soybean Processors Association (NSPA) crushed 21,782,929 bushels of soybeans in the week ended Feb 25 compared with 22,345,718 bushels in the previous week and 16,568,000 in the year-ago week, the association said. It said total crushing capacity for members was 25,873,904 bushels vs 25,873,904 last week and 25,459,238 bushels last year. NSPA also said U.S. soybean meal exports in the week were 117,866 tonnes vs 121,168 tonnes a week ago and compared with 84,250 tonnes in the year-ago week. NSPA said the figures include only NSPA member firms. Reuter 

SCHULT HOMES OFFERING PRICED AT FIVE DLRS/UNIT

The underwriters said the initial offering of 833,334 Schult Homes Corp units is being made at five dlrs per unit. The underwriters, managed by Janney Montgomey Scott Inc and Woolcott and Co Inc, said each unit consits of one common share and one warrant to purchase one-half a common share at 5.50 dlrs per share until September one 1989 and thereafter at 6.50 dlrs per share until March 1991. The underwriters were granted an over-allotment option of 125,000 units. They said the company will use its proceeds to pay a portion of its subordinated note payable to Inland Steel Urban Development Corp issued in connection with the acquisition of Schult from Inland. Based in Elkhart, Ind., Schult is the country's oldest manufactured home producer. Reuter 

TULTEX CORP <TTX> SETS QUARTERLY DIVIDEND

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

BURLINGTON <BUR> GETS 30.5 MLN DLR CONTRACT

Burlington Menswear of New York City, a division of Burlington Industries Inc, has received a 30.5 mln dlr defense contract for 3.69 mln yards of tropical cloth, the Defense Logistics Agency said. reuter 

ROCKWELL <ROK> GETS 28.3 MLN DLR B-1 CONTRACT

Rockwell International Corp has received a 28.3 mln dlr contract for work on the B-1B bomber in the current fiscal year, the Air Force said. reuter 

ATICO FINANCIAL CORP <ATFC> 4TH QTR NET

Shr 30 cts vs 5.92 dlrs Net 1,142,000 vs 16.0 mln Revs 10.6 mln vs 24.2 mln Year Shr 90 cts vs 6.20 dlrs Net 3,320,000 vs 16.9 mln Revs 45.00 mln vs 26.2 mln NOTE: 1986 4th qtr and yr amounts include acquisition of 98.8 pct of common of Atico, formerly Peninsula Federal Savings and Loan Association, on January 24, 1986. 1985 4th qtr and yr net include net gain of 15.9 mln dlrs or 5.86 dlrs per share on exchange of common of Pan America Banks Inc for common of NCNB Corp purusant to a merger of the companies. Reuter 

ICO EXPORTERS TO MODIFY NEW PROPOSAL

International Coffee Organization (ICO) exporters will modify their new proposal on quota resumption before presenting it to importers tomorrow, ICO delegates said. The change, which will be discussed tonight informally among producers, follows talks after the formal producer session with the eight-member producer splinter group and will affect the proposed quota distribution for 12 months from April one, they said. The proposed share-out would still include shortfall declarations, they said. Reuter 

U.S. COMMERCIAL PAPER FALLS 375 MLN DLRS IN FEB 18 WEEK, FED SAYS

N.Y. BUSINESS LOANS FALL 195 MLN DLRS IN FEB 18 WEEK, FED SAYS

NEW YORK BANK DISCOUNT WINDOW BORROWINGS 64 MLN DLRS IN FEB 25 WEEK

QUEBECOR <PQB> HEAD SEES NEW VENTURES LIKELY

Quebecor Inc, one of Canada's largest publishing and printing companies, is likely to launch a new daily newspaper in Montreal, probably this fall, president Pierre Peladeau told Reuters in an interview. The company, which last week won a bid to buy the Quebec government's 55 pct interest in pulp and paper company <Donohue Inc>, will also likely go ahead with plans to build a new paper mill in Matane, Quebec, Peladeau said. "I would say we will move (ahead with the daily).... This is not definite but i think we will," he said, adding that he plans to announce a decision early next week. Quebecor, which had revenues of 446 mln Canadian dlrs last year and profit of 16.2 mln dlrs, already publishes three daily newspapers, including the tabloid Le Journal de Montreal, the second-largest circulation paper in Canada. A new daily would give Montreal its second English- language paper and its sixth daily newspaper, making the city the most crowded metropolitan newspaper market in North America, analysts have said. Peladeau said market studies have indicated a new English language tabloid would have circulation of 50,000 within six months. He said he is waiting to determine whether the new venture would have the support of major advertisers. Peladeau, who together with family members owns about 55 pct of Quebecor, said he has recieved offers from the heads of two major Canadian companies who are interested in the project but has not decided whether he would take partners in the newspaper venture. He said he would consider launching the newspaper with one of the companies as a prelude to other joint ventures. "It would be the possibility of doing something else in the short term," Peladeau said. Peladeau said the joint acquisition of Donohue with Robert Maxwell's British Printing and Communications Corp plc <BPCL.L> does not mean Quebecor will have to hold off on other projects. Peladeau and Maxwell's companies teamed up to buy the stake in Donohue, which resulted in Quebecor buying 51 pct of the govvernment's stake for about 165 mln Canadian dlrs and British printing acquiring the other 49 pct. "In 1976 or 77 there was a tremendous shortage of newsprint. There were days when we didn't have enough paper to print the paper," Peladeau said. "When I lived that, I said to myself...next time we'll be ready." Peladeau said most of Donohue's current total newsprint capacity however, is already committed to other buyers. Quebecor uses about 100,000 metric tons of newsprint a year and Maxwell's company, which publishes Britain's Daily Mirror newspaper, uses about 200,000 tonnes. Peladeau said even with a new 170 mln dlr paper machine, 49 pct owned by the New York Times, (NYT.A), adding to Donohue's 540,000 metric tonne capacity this fall, the companies will have to install another paper machine at Amos, Quebec, or build another mill to meet their demands . He said a new mill, which would produce either newsprint or other types of paper, would cost 400-500 mln dlrs and could be on stream in two years. He said a mill in Matane, a depressed area with high unemployment, would be heavily subsidized by the government. Peladeau said he is interested in further joint ventures with Maxwell's company, either in the newspaper market in France or in the U.S., where the company owns two large printing plants and is looking to expand its newspaper empire. He said Maxwell's sons, who are French citizens, would provide an entree into the French market, where foreigners are prevented from buying newspapers. Peladeau said he would consider either buying into or starting daily newspapers in France or the U.S. Quebecor is also in the process of expanding its chain of about 40 weekly newspapers, with the possible acquisition of two groups of weekly newspapers in the U.S., and is negotiating the acquisition of two weekly newspaper chains in Canada, Peladeau said. He said the company may consider starting daily newspapers in two small Quebec cities and buying radio stations in the province. Peladeau said Quebecor may also consider trading in its listing on the American stock exchange for a New York Stock Exchange listing. Reuter 

NEW YORK BUSINESS LOANS FALL 195 MLN DLRS

Commercial and industrial loans on the books of the 10 major New York banks, excluding acceptances, fell 195 mln dlrs to 65.06 billion in the week ended February 18, the Federal Reserve Bank of New York said. Including acceptances, loans declined 114 mln dlrs to 65.89 billion. Commercial paper outstanding nationally dropped 375 mln dlrs to 336.63 billion. National business loan data are scheduled to be released on Friday. Reuter 

N.Y. BANK DISCOUNT BORROWINGS 64 MLN DLRS

The eight major New York City banks had 64 mln dlrs in average borrowings from the Federal Reserve in the week to Wednesday February 25, a Fed spokesman said. The week marked the second half of the two-week bank statement period that ended on Wednesday. The banks had no borrowings in the prior week. Commenting on the latest week, a Fed spokesman said that all of the borrowing occurred yesterday and was done by fewer than half of the banks. National data on discount window borrowings are due to be released at 1630 EST (2130 GMT). Reuter 

PHILIPPINE LONG DISTANCE <PHI> YEAR NET

Shr primary 95.30 pesos vs 29.71 pesos Shr diluted 61.11 pesos vs 18.49 pesos Qtly div 1.25 pesos vs 1.25 pesos Net 1.9 billion vs 779 mln Revs 6.1 billion vs 4.7 billion NOTE: Full name Philippine Long Distance Telephone Co. Figures quoted in Philippine Pesos. Dividend payable April 15 to holders or record March 13. Exchange rate on day of dividend declaration was 20.792 pesos per dollar. Reuter 

LIBERTY ALL-STAR EQUITY FUND INITIAL DIV

Qtly div five cts vs N.A. Payable April two Record March 20 NOTE:1986 dividend includes special two cts per share for the period beginning with the fund's commencement of operations on Novebmer three through December 31, 1986. Reuter 

COLUMBIA GAS SYSTEM INC <CG> REDEEMS DEBENTURES

The Columbia Gas Systems Inc said it will redeem 4.7 mln dlrs principal amount of its 9-1/8 pct debentures, series due May 1, 1996, and five mln dlrs principal amount of its 10-1/4 pct debentures, series due May 1, 1999. The company said it is redeeming the debentures to meet mandatory sinking fund requirements. In addition, Columbia said it will call for the optional sinking fund redemption on May 1, 1987, the 4.7 mln dlrs principal amount of the 9-1/8 debentures and 7.5 mln dlrs of the 10-1/4 pct debentures. Reuter 

COMBUSTION ENGINEERING INC <CSP> REGULAR DIV

Qtly div 25 cts vs 25 cts prior Pay April 30 Record April 16 Reuter 

TONKA CORP <TKA> RAISES DIVIDEND

Qtly div two cts vs 1.7 cts Pay March 26 Record March 12 Reuter 

BDM INTERNATIONAL <BDM> INCREASES QTRLY DIVS

Annual div Class A 14 cts vs 12 cts prior Annual div Class B 12.1 cts vs 10.4 cts prior Payable April one Record March 20 NOTE: full name is BDM International Inc. Reuter 

SORG <SRG> STOCKHOLDERS FORM GROUP

Sorg Inc said a group composed of one-third of the stockholders in Sorg agreed not to sell their holdings without the consent of the entire group. Sorg said the group also agreed to vote as a body on any proposed merger or election of directors. The company further said it retained the First Boston Corp to act as its financial advisor. The company was not immediately available to provide further details on the group or its aims. Reuter 

SYSTEMATICS INC <SYST> REGULAR PAYOUT

Qtly div three cts vs three cts prior Pay March 13 Record February 27 Reuter 

TEXAS INSTRUMENTS <TXN> DEVELOPS NEW CHIP

Texas Instruments Inc said it has developed the first 32-bit computer chip designed specifically for artificial intelligence applications. The company said the new microprocessor, measuring one-centimeter square and containing 553,687 transistors, is the densest chip ever made. The chip was designed, Texas Instruments said, for use with the Lisp langugage, which is used widely by software programmers in the artificial intelligence field. The company added that it is working on a production version of the chip. Reuter 

CONSOLIDATED GAS <CNG>UNIT SAYS NO RULES BROKEN

Consolidated Natural Gas System's Consolidated Gas Transmission Corp said it is in compliance with all federal regulations regarding the disposal of polychlorinated biphenyls, or PCBs. The company said it successfully cleaned up the only earthen pit at which PCBs were reported to be above Environmental Protection Agency standards. Reuter 

U.S. M-1 MONEY SUPPLY RISES 2.1 BILLION DLRS IN FEB 16 WEEK, FED SAYS

<IVACO INC> YEAR NET

Shr 1.11 dlrs vs 1.04 dlrs Net 44,092,000 vs 35,145,000 Revs 1.94 billion vs 1.34 billion Note: 1986 results include extraordinary gain of 1,035,000 dlrs or six cts a share from secondary share offering of Canron unit. Reuter 

U.S. BANK DISCOUNT BORROWINGS AVERAGE 310 MLN DLRS IN FEB 25 WEEK, FED SAYS

U.S. BANK NET FREE RESERVES 644 MLN DLRS IN TWO WEEKS TO FEB 25, FED SAYS

INVESTMENT FIRMS CUT CYCLOPS <CYL> STAKE

A group of affiliated New York investment firms said they lowered their stake in Cyclops Corp to 260,500 shares, or 6.4 pct of the total outstanding common stock, from 370,500 shares, or 9.2 pct. In a filing with the Securities and Exchange Commission, the group, led by Mutual Shares Corp, said it sold 110,000 Cyclops common shares on Feb 17 and 19 for 10.0 mln dlrs. Reuter 

ASCS TERMINAL MARKET VALUES FOR PIK GRAIN

The Agricultural Stabilization and Conservation Service (ASCS) has established these unit values for commodities offered from government stocks through redemption of Commodity Credit Corporation commodity certificates, effective through the next business day. Price per bushel is in U.S. dollars. Sorghum is priced per CWT, corn yellow grade only. WHEAT HRW HRS SRW SWW DURUM Chicago -- 3.04 2.98 -- -- Ill. Track -- -- 3.16 -- -- Toledo -- 3.04 2.98 2.90 -- Memphis -- -- 3.05 -- -- Peoria -- -- 3.11 -- -- Denver 2.62 2.63 -- -- -- Evansville -- -- 2.99 -- -- Cincinnati -- -- 2.96 -- -- Minneapolis 2.65 2.71 -- -- 3.70 Baltimore/ Norf./Phil. -- -- 3.06 2.98 -- Kansas City 2.87 -- 3.17 -- -- St. Louis 3.03 -- 3.03 -- -- Amarillo/ Lubbock 2.64 -- -- -- -- HRW HRS SRW SWW DURUM Lou. Gulf -- -- 3.16 -- -- Portland/ Seattle 3.07 3.08 -- 3.10 3.70 Stockton 2.78 -- -- -- -- L.A. 3.23 -- -- -- 4.05 Duluth 2.65 2.71 -- -- 3.70 Tex. Gulf 3.10 -- 3.16 -- -- CORN BRLY OATS RYE SOYB SORG Chicago 1.47 -- -- -- 4.81 2.49 Ill. Track 1.49 2.04 -- -- 4.85 2.52 Toledo 1.41 2.04 1.50 -- 4.78 2.39 Memphis 1.59 1.95 1.71 -- 4.90 2.86 Peoria 1.51 --- -- -- 4.80 2.60 Denver 1.56 1.56 -- -- -- 2.54 Evnsvlle 1.54 2.04 1.50 2.17 4.90 2.61 Cinci 1.52 2.04 1.50 2.17 4.85 2.58 Mpls 1.34 1.75 1.50 1.85 4.68 -- Balt/Nor/ Phil 1.70 1.80 -- -- 4.98 3.12 KC 1.49 1.56 1.64 -- 4.76 2.58 St Lo 1.54 -- 1.66 -- 4.90 2.91 Amarlo/ Lubbck 1.84 1.40 -- -- 4.75 2.92 Lou Gulf 1.73 -- -- -- 5.05 3.12 Port/ Seattle 1.87 2.10 1.68 -- -- -- Stockton 2.18 2.23 2.10 -- -- 4.00 LA 2.54 2.50 -- -- -- 4.38 Duluth 1.34 1.75 1.50 1.85 4.68 -- Tex Gulf 1.73 1.48 1.73 -- 5.05 3.12 Reuter 

CORADIAN CORP <CDIN> 4TH QTR NET

Shr profit three cts vs loss three cts Net profit 363,000 vs loss 197,000 Revs 3,761,000 vs 2,666,000 Year Shr profit one cent vs loss 37 cts Net profit 129,000 vs loss 1,715,000 Revs 11.4 mln vs 10.9 mln Avg shrs 10,694,081 vs 4,673,253 Reuter 

N.Z. TRADING BANK DEPOSIT GROWTH RISES SLIGHTLY

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