Datasets:

ajay141

/

ds_articles

like 0

HIGHLAND SUPERSTORES <HIGH> MARCH SALES GAIN

Highland Superstores Inc said its March sales rose to 50.6 mln dlrs from 47.4 mln dlrs a year ago. On a comparable store basis, it said the sales decreased nine pct. Reuter 

INVESTMENT TECHNOLOGIES <IVES> IN REBATE PACT

Investment Technologies Inc said it will make available its online investment advisory service to <Spear Securities Inc> customers. Investment Technologies said that through a Spear rebate program, purchasers of the investment advisory service, VESTOR, can receive a cash rebate of up to the full subscription price of the investment advisory service from Spear Securities. Spear's brokerage commission rebate program will allow money managers or individual investors who purchase VESTOR from Investment Technologies, or from other authorized distributors, to recive a rebate of the brokerage commissions, the company said. Each month Spear will send participating customers a check equal up to 25 pct of monthly commissions generated by the client account, it added. Reuter 

J.P. MORGAN <JPM> NET HURT BY BRAZIL, TRADING

J.P. Morgan and Co Inc said its first-quarter earnings fell by 3.2 pct, largely reflecting its previously announced decision to place on non-accrual status its 1.3 billion dlrs of medium- and long-term loans to Brazil. That decision, spurred by Brazil's suspension of interest payments on February 20, reduced the quarter's net income by 20 mln dlrs to 226.4 mln dlrs, compared with 233.9 mln in the first three months of 1986. Morgan also reported a loss of 1.8 mln dlrs from securities underwriting and trading, in contrast to a gain of 45.4 mln dlrs in the year-earlier period. In the fourth quarter of 1986, Morgan posted other trading losses of 5.5 mln dlrs because of setbacks in the trading and underwriting of Euromarket securities. Conditions in some sectors of the Euromarket remained difficult last quarter, with floating rate notes suffering heavy price falls, but a spokeswoman was unable to say whether Morgan's trading losses were restricted to the Euromarket. On the positive side, Morgan reduced its provision for loan losses to 35 mln dlrs from 70 mln a year earlier. Foreign exchange trading income rose to 82 mln dlrs from 72.6 mln and trust income increased to 95.9 mln dlrs from 75.9 mln. Morgan said other operating income, mainly fees and commissions, rose to 102.2 mln dlrs from 88.4 mln, but net investment securities gains dropped to 43.1 mln from 58.1 mln. Net interest earnings were 490.4 mln dlrs in the first quarter, down from 499.4 mln a year earlier, and net yield fell to 2.79 pct from 3.20 pct. If Brazil had not been placed on non-accrual, which means that interest can be recorded as income only when payments are actually received, net interest earnings would have been 525.9 mln dlrs and net yield 2.99 pct. If Brazil does not resume payments, 1987 net would be cut by 72 mln dlrs, Morgan added. After the provision for loan losses, Morgan's allowance for credit losses at the end of March totaled 953 mln dlrs compared with 910 mln at end-1986 and 815 mln a year earlier. It reported net recoveries of six mln dlrs after charge-offs of eight mln, compared with net charge-offs of 49 mln dlrs after recoveries of three mln a year earlier. Excluding Brazil, non-accruing loans at quarter's end were 583 mln dlrs, down from 633 mln at end-1986 and 684 mln a year earlier. Non-interest expenses rose to 371.1 mln dlrs from 303.5 mln dlrs, with more than half the increase related to personnel costs, Morgan said. Reuter 

ATLAS CONSOLIDATED MINING <ACMB> 4TH QTR

Shr loss 17.3 cts vs 21.5 cts Net loss 14.5 mln vs loss 18.0 mln Revs 27.3 mln vs 23.7 mln Year Shr loss 58 cts vs loss 1.01 dlrs Net loss 48.3 mln vs loss 84.2 mln Revs 111.7 mln vs 141.9 mln Reuter 

AVNET <AVT> FILES CONVERTIBLE DEBT OFFERING

Avnet Inc said it filed with the Securities and Exchange Commission a registration statement covering a 150 mln dlr issue of convertible subordinated debentures due 2012. Proceeds will be used for general working capital and the anticipated domestic and foreign expansion of Avnet's businesses, the company said. Avnet named Dillon, Read and Co Inc as manager of the offering. Reuter 

BRAZIL GRAIN HARVEST FACES STORAGE PROBLEMS

Storage problems with Brazil's record grain crop are likely to result in losses of about five mln tonnes, an Agriculture Ministry spokesman said. Ministry spokesman Leonardo Brito, speaking from Brasilia, told Reuters he believed that about five mln tonnes of this year's estimated crop of 65 mln tonnes would be lost. He said part of this would be the normal loss inevitable in harvesting, but that most of it would stem from storage problems. Brazil has a storage capacity of 66 mln tonnes, theoretically sufficient for the crop. But Brito said that the storage capacity was badly distributed. The states of Sao Paulo, Parana and Rio Grande do Sul had between them 70 pct of the nation's capacity, but were responsible for only 50 to 60 pct of production. The biggest problems are concentrated in the Centre-West growing regions, where rising production has outpaced storage capacity. Brito said the Centre-West, whose crops include soya and maize, had between 30 and 40 pct of the nation's grains production but only 20 pct of its storage space. In addition to the poor distribution of storage units, there is the problem that too much of the capacity is geared to storing grain in sacks, while not enough is suitable for storing loose grain, Brito said. Finally, there is a shortage of lorries to transport the crops. The sheer scale of the task in transporting the record crop has been evident from television reports, which have shown enormous queues of lorries waiting outside granaries. Reuter 

FLEET <FLT> SHAREHOLDERS APPROVE SHARE INCREASE

Fleet Financial Group said its shareholders approved an increase in shares of the company's authorized common stock to 100,000,000 shares from 75,000,000 shares currently. The company said shareholders approved the move at the annual meeting in Providence today when the company reported that its first quarter earnings rose to 38.5 mln dlrs, or 73 cts a share, from 31.7 mln dlrs, or 60 cts a share, in the first quarter 1986. J. Terence Murray, chairman and president of Fleet Financial, said, "Fleet's mortgage banking activities in particular continued to produce signficant income increases (in the first quarter)." Murray said Fleet's mortgage servicing portfolio reached 22.1 billion dlrs by March 31, including 1.8 billion dlrs purchased in March. Reuter 

GM <GM> UNIT OFFERS 500 MLN DLRS OF NOTES

General Motors Acceptance Corp, a unit of General Motors Corp, is raising 500 mln dlrs via offerings of 300 mln dlrs of notes due 1990 and 200 mln dlrs of notes due 1994, said lead manager Merrill Lynch Captial Markets. The three-year notes have a 7-1/4 pct coupon and were priced at 99.682 to yield 7.37 pct, or 52 basis points over comparable Treasury securities. The seven-year notes were priced at 99.473 with an eight pct coupon to yield 8.10 pct, or 71 points over Treasuries. Both issues are non-callable for life and are rated AA-1 by Moody's Investors and AA by Standard and Poor's. Reuter 

ROWE FURNITURE CORP <ROWE> 1ST QTR FEB 28

Shr 42 cts vs 35 cts Net 854,000 vs 839,000 Revs 23.2 mln vs 21.9 mln Reuter 

REUTERS CHAIRMAN URGES FREER INFORMATION FLOWS

Exchanges and telecommunications authorities should abolish their restrictions on full and free dissemination of information to the investment and banking communities, Reuters Holdings Plc <RTRS.L> chairman Sir Christopher Hogg said. In the 1986 annual repoprt, he said lengthy negotiations had brought agreement with the Tokyo and London Stock Exchanges for fuller, but still not complete, access to market data through Reuter services. "Many other markets maintain restrictions," he added. Hogg said members of some markets appear to believe that information restrictions protected their interests. In other cases, exchanges seem to be limiting the distribution of data in order to provide competitive advantage to their own commercial information businesses. He also noted that despite increasing liberalisation in the telecommunications field, some countries continue to protect their state monopolies at the expense of other economic sectors. "Reuter dealing services remain excluded from such countries. As a result, banking communities serving entire economies are put at a competitive disadvantage," he added. Reuters increased its 1986 pre-tax profit by 39 pct from the previous year to 130.1 mln stg on a 43 pct rise in revenues to 620.9 mln stg. Earnings per ordinary share were up 47 pct to 19.4p. The annual shareholder meeting will be held in London on April 29. Reuter 

CCL INDUSTRIES PURCHASES STAKE IN MONOBLOC

<CCL Industries Inc> said it purchased a majority interest in Monobloc U.S.A. from Envases Metalurgicos de Alava of Spain. Terms were not disclosed. CCL also said it agreed to exchange present and future technology with Envases. Reuter 

PARIS GROUP PUBLISHING DAILY FRANC TIN PRICE

The Association of White Metals has decided to publish a daily tin price here in French francs per 100 kilos, the French Federation of Non-Ferrous Metals said. The price, quoted for the first time yesterday, was introduced as the lack of tin quotes was causing problems for some French companies, a spokesman for the non-ferrous metals association said. Today's price was set at 4,776 francs per 100 kilos and Tuesday's at 4,790. The International Chamber of Commerce stopped publishing a tin price after the London Metal Exchange (LME) stopped tin trading on October 24, 1985. The Association has tested the basis it uses to calculate a French franc price over the last few months to ensure it was reliable, the spokesman said. The French franc price is pre-tax, for specified quality, a minimum 99.9 pct purity, at a French port or border railway station and a minimum delivery of 10 tonnes. The French Federation of Non-Ferrous Metals groups various metal associations including the Association of White Metals. Reuter 

AVX <AVX> FILES TO OFFER CONVERTIBLE DEBENTURES

AVX Corp said it filed with the Securities and Exchange Commission a registration statement covering a 75 mln dlr issue of convertible subordinated debentures. The company named Shearson Lehman Brothers Inc as manager of the offering. Reuter 

SHAD WANTS INSIDER TRADING DEFINITION

Securities and Exchange Commission John Shad said he wanted Congress to write a better definition of insider trading but thought action should wait until the Supreme Court ruled on an insider trading case. "I'd like the benefit of the Winans decision before deciding on a definition," Shad told a Senate Appropriations subcommittee hearing. Shad was refering to the appeal by former Wall Street Journal reporter R. Foster Winans of his conviction on insider trading charges for telling a friend in advance what stocks he was going to write about in his column. The stocks usually went up or down in price depending on Winans' recommendation. He said insider trading accounted for only 11 percent of the SEC's enforcement activities last year despite the publicity given to recent major cases. "Insider trading makes up only a tiny fraction of one pct of the 50 billion dlrs of daily securities trading," Shad said. Shad asked for a budget increase so the SEC could enlarge its enforcement staff by 20 this year and 73 next year to deal with all types of securities fraud. Shad said he hoped to start his new duties as U.S. Ambassador to the Netherlands by June. He said he did not know when his successor would be named by President Reagan. Reuter 

FORMER REPUBLIC WORKERS GET STOCK PAYOUT

The Brotherhood of Railway and Airline Clerks said more than 5,500 former Republic Airlines workers will receive an average of 10,000 dlrs each as part of a stock payout. It said some members will receive almost 19,000 dlrs in payments. The total 56 mln dlr payment comes from an employee stock ownership plan negotiated by several unions representing Republic employees before the carrier's takeover by <Northwest Airlines> in 1986, it said. Reuter 

WESTERN DIGITAL CORP <WDC> REDEEMS DEBT

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

OMB'S MILLER SAYS REAGAN WILL REJECT TAX INCREASE IN HOUSE 1988 BUDGET

RHODES INC <RHD> DECLARES DIVIDEND

Qtly div nine cts vs nine cts prior Pay July 15 Record June 15 Reuter 

MADEIRA IN LETTER OF INTENT TO BE ACQUIRED

<Madeira Inc> said it signed a letter of intent to be acquired by Tradevest Inc through a stock-for-stock exchange. After completion of the transaction, Tradevest would own 90 pct of the issued outstanding stock of Madeira. Reuter 

CELLTRONICS <CELT> DECLARES ONE-FOR-10 SPLIT

Celltronics Inc said its directors declared a one-for-10 reverse stock split of its common stock. It said the split will be payable April 17 to shareholders of record April 16. Reuter 

MONTEDISON'S AGRIMONT UNIT 1986 EARNINGS

<Montedison SPA> of Italy said net consolidated profit for its Agrimont Group, formed in June 1986, totalled 1.5 billion lire in 1986. Agrimont SPA, the holding company for Montedison's Agro-Industrial businesses, had sales of 810 billion lire and a net profit of about 1.1 billion lire, after amortization costs of 35 billion lire and a 13 billion lire reduction in the value of inventory due to falling market prices, Montedison said. Agrimont, still wholly owned by Montedison, is taking steps to be traded on the Milan exchange, the company said. The company said that 1986 was characterized by an unstable fertlizer market due to the weak dollar and the decline of international prices for products sold in Europe and the U.S where Agrimont operates through its Conserv division. In pesticides and in animal health care products Agrimont maintained its previous level of revenues and market share in 1986, Montedison said. Montedison said it named Ettore dell'Isola to the newly created position of president of Agrimont. Montedison also said it named Renato Picco, managing director of <Eridania SPA> and Gianfranco Ceroni, managing director of <Italiana Olii e Sifi>, both of whom are members of the the Ferruzzi Group's management board, to Argimont's board of directors. Ferruzzi owns about 40 pct of Montedison, the company said. Reuter 

DATRON <DATR> AGREES TO BUYOUT BY OFFICERS

Datron Corp said it agreed to merge with GGFH Inc, a Florida-based company formed by the four top officers of the company. According to terms of the proposed transaction, each share of Datron common stock, excluding those shares owned by the four officers, will be bought for six dlrs a share, it said. Datron's officers hold about 73 pct of the total 896,000 Datron common shares outstanding. Upon completion of the proposed transaction, the officers of Datron would own 100 pct of the company. The merger is subject to GGHF's receiving financing for the plan, Datron said. Shareholders of Datron will be asked to approve the plan at their annual meeting to be held in June or July, and the merger is expected to be completed by July 31, it said. Reuter 

MILLER SAYS REAGAN WILL REJECT TAX INCREASE

Office of Management and Budget Director James Miller said President Reagan will reject the tax increase called for in the House Budget Committee's 1988 budget proposal which is before the House for a vote today. "It's just completely unacceptable," Miller told a House Appropriations subcommittee on Treasury, Postal Service and General Government Appropriations. The plan, drafted by the Democratic-controlled Budget committee, calls for 22 billion dlrs in higher revenues, of which 18 billion would be from new taxes set by the tax-writing committees. The House committee's budget proposal includes some increases in federal user fees as well as 18 billion dlrs in taxes. Miller warned that failure to reduce the federal deficit would jeopardize the U.S. economy. "If we do not further reduce the deficit... we place this economic expansion that we've had in the last five years at risk," Miller told the subcommittee. "The result of any kind of tax increase would be to increase substantially the prospects that the expansion would come to an end," Miller said. Reuter 

TRUMP AND INTERSTATE PROPERTIES IN TALKS TO ACQUIRE ALEXANDERS

DUTCH CHEMICAL FIRM DSM TO BE PRIVATISED

Dutch state-owned chemical firm NV DSM <DSMN.AS>, the former Dutch state mines, which today reported a 2.5 pct increase in 1986 net profit to 412 mln guilders, said it was poised to be privatised, possibly next year. DSM chairman Hans van Liemt told journalists "We have done our homework. We're ready. It is up to the state now." He said a public sale of 30 pct of DSM's assets in 1988 was not unlikely, but the timing of the sell-off was entirely in the hands of Parliament. Dutch Finance Minister Onno Ruding is known to be a proponent of privatisation, and the centre-right government coalition mentioned plans to privatise DSM in its policy declaration last autumn. Van Liemt would not speculate on a possible market price, but said his company had raised its total 1986 dividend to 98 mln guilders, almost 25 pct of 1986 net profit. "We ought to be able to match our German competitors on price earnings ratio, although the Amsterdam bourse generally has a lower ratio than the world's major exchanges, " he said. The average Dutch price/earnings ratio is 10. Reuter 

SOUND WAREHOUSE INC <SWHI> 3RD QTR FEB 28 NET

Shr 26 cts vs 52 cts Net 1,386,000 vs 2,773,000 Revs 47.7 mln vs 38.5 mln Nine mths Shr 52 cts vs 97 cts Net 2,765,000 vs 5,419,000 Revs 116.9 mln vs 97 mln Reuter 

CNA INCOME SHARES <CNN> FILES FOR NOTE OFFERING

CNA Income Shares Inc said it filed with the Securities and Exchange Commission a registration statement covering a 30 mln dlr issue of convertible extendible notes due 1992. The proceeds will be used for investment purposes, the company said. CNA Inc named Drexel Burnham Lambert Inc as sole underwriter for the offering. Reuter 

TRUMP AND INTERSTATE IN TALKS FOR ALEXANDERS

Donald Trump and Interstate Properties said they were holding preliminary discussions regarding a possible joint acquisition of Alexanders Inc at 47 dlrs per share. The possible acquisition is subject to any applicable real estate gains and transfer taxes, the joint statement said. Trump and Interstate, which presently own about 40 pct of Alexander's common stock, said they intend to keep the company as a retailer if they succed in their acquisition. There can be no assurances that the parties will reach any agreement regarding an acquisition or what price might be offered, the statement said. Reuter 

JAPAN BUYS 4,000 TONNES CANADIAN RAPESEED

Japan bought 4,000 tonnes of Canadian rapeseed overnight at an undisclosed price for last half May/first half June shipment, trade sources said. Reuter 

TELECRAFTER CORP <SWHI> 2ND QTR FEB 28 NET

Shr profit 12 cts vs loss 14 cts Net profit 183,000 vs loss 234,000 Revs 2.4 mln vs 1.5 mln Six months Shr profit 22 cts vs loss 22 cts Net profit 345,000 vs loss 358,000 Revs 5.2 mln vs 2.9 mln NOTE:1987 2nd qtr and six months include gains of 78,000 dlrs and 154,000 dlrs for tax loss carryforward. Reuter 

ENTOURAGE <ENTG> TO SELL SOLID PERFUME

Entourage International Inc said it plans to package solid perfume in a lipstick tube and retail the product, called "Amadeus," for 15 dlrs. The company said the product was first test marketed in Feburary after six months of research and development. Reuter 

TUNISIA EXPECTED TO TENDER FOR FRENCH WHEAT

Tunisia is expected to tender April 14 for 100,000 tonnes of French soft wheat for delivery between May and August and which would be covered by the French export credit agency, COFACE, export credits, traders said here. No official tender has been announced yet by Tunisia, they said. France has sold a total of 200,000 tonnes of soft wheat to Tunisia since the begining of the current campaign which was covered by COFACE export credits. Of this amount, a total of 150,000 tonnes was exported by March 1, they said. Reuter 

GREAT LAKES CHEMICAL <GLK> FILES OFFERING

Great Lakes Chemical Corp said it registered with the Securities and Exchange Commission a proposed public offering of two mln shares of its common stock. Proceeds from the offering will be used to repay debt incurred in the acquisition of two chemical companies, to increase Great Lakes equity investment in Huntsman Chemical Corp and for general corporate purposes, it said. Underwriters are led by First Boston Corp, Goldman, Sachs and Co and Eberstadt Fleming Inc. Reuter 

NORTHERN TELECOM <NT> SENDS SHIPMENT TO NIPPON

Northern Telecom said it shipped the first digital central office switching system it sold to Nippon Telegraph and Telephone under the terms of a 250 mln dlrs supply agreement. The agreement began with the signing of a letter of understanding in December 1985. THe formal seven-year agreement was signed in May 1986. The Northern Telecom systems is the first U.S.-manufactured digital central office switching systems to be installed in the Japanese public telephone network, it said. Reuter 

GERMAN INVESTMENTS ABROAD FALL IN 1986

West Germany's total net direct investments abroad fell to 11.2 billion marks in 1986 from 13.6 billion in 1985, but investments in developing countries rose to 683 mln marks from 358 mln, the Economics Ministry said. Foreign investments in West Germany were a net 5.8 billion marks in 1986, up from 3.6 billion in 1985, with higher European investments largely responsible for this increase. The ministry noted that, despite last year's rise in West German investments in developing countries, the 1986 level was below the investments of over two billion marks seen in 1981, 1982 and 1983. REUTER 

COLT INDUSTRIES INC <COT> 1ST QTR NET

Shr 28 cts vs 16 cts Net 9,387,000 vs 25,617,000 Revs 410.1 mln vs 393.5 mln Avg shrs 35.4 mln vs 164.7 mln NOTE: 1987 net reflects interest expense on debt incurred to finance recapitalization in Oct. 1986. Prior year earnings restated to reflect recapitalization plan. Reuter 

U.S. SENATE BUDGET COMMITTEE APPROVES BUDGET

The Senate Budget Committee ended its stalemate over a budget plan and approved by a single vote a revised 1988 budget proposed by chairman Lawton Chiles to cut the deficit to 133.7 billion next year. The new plan broke last week's gridlock in which the committee failed to approve a similar Chiles plan on a tie vote. Today, the measure was sent to the Senate 13 to 11. Among a series of changes to get the extra vote, Chiles added about 400 million dlrs for additional, unspecified, agricultural spending programs to be paid with partly with higher user fees. Reuter 

YANKEE <YNK> UNIT NOT TO SELL SUBSIDIARY

Yankee Cos Inc said its Eskey Inc <ESK> subsidiary has decided not to sell its Yale E. Key unit. Further details were not disclosed. Reuter 

CME ADDS COMPLIANCE CHIEF, EXPANDS SURVEILLANCE

The Chicago Mercantile Exchange, CME, said it has added a new chief compliance officer and will expand its regulatory surveillance program. Paul O'Kelly, currently assistant regional administrator of the Securities and Exchange Commission, was named vice-president of compliance for the exchange, the CME said. The expanded compliance program, which calls for an increase in the exchange's compliance budget and addition of staff, was in response to recent criticisms that the CME's current surveillance was not able to keep up with increased demands of recent volatility and volume, the CME said. The new surveillance program calls for the addition of three floor investigators and five compliance investigators, the CME said. Some of the new staff will monitor the exchange's new Computerized Trade Reconstruction system, scheduled to start July 1. In addition, three computer programmers will be added to assist in regulatory support for the exchange's management information system department. Recent criticism has been especially directed at the CME's Standard and Poor's stock index futures and options division. A special membership referendum to prohibit CME members from filling customer orders and trading for their own account in S and P 500 futures and options will be voted on April 13. In a letter dated March 12, CME chairman John Sandner and Executive committee chairman Leo Melamed urged members to reject the referendum in favor a series of new rules. Included in the rule changes was the requirement that futures brokers in the S and P pit manually record all personal trades to the nearest minute, intended to "enhance the effectiveness of surveillance and compliance functions," "We made a promise to our members that we have kept," Melamed said in a release today. He said the new surveillance program "represents a commitment to a vigorous enforcement policy." Reuter 

POLAND REASSURES CREDITORS ON ECONOMIC REFORMS

Plans to rejuvenate Poland's economy by reducing central government control would help reassure Western creditors that the country's economy was safe to invest in, a senior Polish official said. "The business of granting loans to Poland is not as bad a business as you might imagine," senior Polish government spokesman Jerzy Urban told a news conference in Stockholm. Urban, visiting the Swedish capital to deliver a lecture at the Foreign Policy Institute, announced earlier this week that Poland would soon offer shares to private citizens in state companies in a bid to make the economy more responsive. This was part of a major economic reform to be announced in the coming weeks, he said. Urban said the main problem with his country's foreign debt burden of 32 billion dollars was short term interest charges but the long term looked more secure. He said he hoped talks under way with the Paris Club, grouping Poland's main government creditors, would shortly solve the problem of short term servicing. Urban told reporters that debt servicing was hampering the expansion of the national economy, but that the new plans for economic reform would "open new vistas for Polish exports." He criticised the blocking efforts of some Western governments, whom he declined to name, for putting political considerations ahead of economic co-operation. "After the lifting of U.S. Sanctions against the Polish economy we considered all political obstacles had been removed, but that has not been the case," Urban said. REUTER 

MAYFAIR SUPER MARKETS INC <MYFRA> 2ND QTR FEB 28

Shr 59 cts vs 46 cts Net 2.4 mln vs 1.9 mln Revs 122.5 mln vs 105.9 mln Six months Shr 1.13 dlrs vs 84 cts Net 4.5 mln vs 3.4 mln Revs 242.5 mln vs 210.1 mln NOTE: 1986 share adjusted for 2-for-1 stock split. Reuter 

IRAN SAYS OFFENSIVE AIMED AT DESTROYING IRAQ ARMY

Iran decided to continue its operations east of Basra to destroy Iraq's forces, Iranian Prime Minister Mir-Hossein Mousavi told Tehran Radio. "That seems to be the best spot for the complete destruction of (Iraqi President) Saddam's forces. This is why it was decided that the operations would forcefully continue there," he said. "At the same time, we have maintained our ability to act throughout the length of the fronts," Mousavi told the radio, monitored by the British Broadcasting Corporation. Tehran Radio reported over 1,500 Iraqi casualties today as Iran continued its Karbala-8 operation launched early yesterday. Iran said over 2,600 Iraqis had been killed or wounded yesterday. Iraq said today its forces had beaten back the latest attacks inflicting heavy casualties. Mousavi told Tehran radio that "on the whole, our advances have broken the back of the military forces of Saddam." Earlier today the Iranian news agency IRNA said Tehran's forces were stabilising new positions after their assault on Iraqi lines defending Basra, Iraq's second city. In Baghdad, a military spokesman said Iraqi warplanes today destroyed an oil pumping station and a production unit at Iran's Ahvaz field. Reuter 

FRANCE SETS 9.5 BILLION FRANC T-BILL TENDER

The Bank of France said it will offer 9.5 billion francs worth of negotiable Treasury bills at its next weekly tender on April 13. The total includes four billion francs worth of 13-week bills, 2.5 billion francs of two-year bills and three billion francs of five-year bills. At this week's tender on Monday the Bank sold a total of 7.7 billion francs worth of 13 and 26-week bills against an original offer of seven billion and demand for 22.66 billion. REUTER 

<BATON BROADCASTING INC> SIX MTHS FEB 28 NET

Shr 33 cts vs 31 cts Net 9,219,017 vs 8,515,539 Revs 112.0 mln vs 95.4 mln Reuter 

UNITED CABLE TELEVISION CORP <UCT> 3RD QTR NET

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

CANADA ALLOWS PUBLISHING TAKEOVER BY HARCOURT

Investment Canada said it has allowed the indirect takeover of Holt, Rinehart and Winston Canada Ltd., W.B. Saunders Co of Canada Ltd and Les Editions HRW Ltd by Harcourt Brace Jovanovich Canada Inc. The government agency said, however, Harcourt Canada has agreed to sell control of the firms to Canadian interests within two years. Harcourt Canada's U.S. parent, Harcourt Brace Jovanovich Inc <HBJ>, indirectly acquired the Canadian book publishing companies when it purchased Holt Rinehart and Winston from CBS Inc <CBS> last October. Reuter 

NEW JERSEY HOSPITAL ASSOCIATION SYMPOSIUM

The New Jersey Hospital Association said it will hold a symposium on the quality of hospital care on Friday, April 10. Thirty-eight health-care executives from 18 nations will be on hand at the symposium. Reuter 

FED SAYS IT BUYS ALL COUPONS FOR REGULAR DELIVERY

TALKING POINT/BURLINGTON INDUSTRIES <BUR>

The largest U.S. textile maker focused on its own business as its competitors found merger partners, but now Burlington Industries Inc may have restructured itself into an attractive takeover candidate, analysts said. The takeover spotlight fell today on Burlington, which rose 4-7/8 to 52-7/8 on speculation that investor Asher Edelman and Dominion Textiles Inc of Canada bought an almost five pct stake. A published report said Edelman and Dominion jointly acquired a stake in Burlington and were weighing a takeover offer. Edelman would not comment, and a spokesman for Montreal-based Dominion called the report just "rumors." Burlington said it did not know if the report was true. Wall Street professionals said they were not convinced of the story or that Edelman and Dominion would be the victors if Burlington actually came into play. Arbitragers said past comments from Dominion, however, added credence to the speculation. Dominion has said that it was looking for a takeover in the U.S. Last year, Dominion unsuccessfully bid for Avondale Mills and has maintained a 120 mln dlr line of credit to be used for a U.S. acquisition. A Dominion spokesman said Canada's largest textile producer has been negotiating with "many" U.S. textile companies, but would not say whether Burlington was among them. "There have been acquisitions in this area. It's not unusual that someone could be looking at Burlington after the housecleaning they've done," said Eileen Gormley of Thomson McKinnon. Burlington sold its domestic operations, which made sheets and other linens, to J.P. Stevens and Co Inc for 110 mln dlrs last year. It also has reorganized management, and focused its operations on businesses that would be less affected by foreign competition, Gormley said. "They've pulled back so as not to be a commodity marketer," said Gormley. She said in moving more heavily into industrial fabrics, Burlington bought C.H. Masland, which supplies carpets and other fabric to the auto industry. "In the past, they just spent and never realized the return on the outlays they did make," she said. "You look at their record over the year, and I think they're poised to be more profitable than they had been in the past," Gormley said. She estimated 1987 earnings of 2.50 dlrs per share, up from 2.01 dlrs per share. Some analysts today recommended clients not buy Burlington at its current levels. Edward Johnson of Johnson Redbook said he recommends selling. He said he believes the stock is worth only about 50 dlrs on a takeover basis and about 46 dlrs on an earnings basis. Some arbitragers, however, said takeover values have been placed on the company of 60 to 65 dlrs per share. "After Asher's (Edelman) recent history, a lot of people don't find him very credible anymore," said one arbitrager. Another, however, said Edelman succeeds in forcing managements to take steps to enhance shareholder values even if he doesn't win the target company. Edelman was unsuccessful last year in offers for Lucky Stores Inc and Fruehauf Corp. He did succeed in buying Ponderosa Inc. The stocks of other textile makers rose along with Burlington. J.P. Stevens <STN> climbed 5/8 to 44-7/8, and Fieldcrest Cannon Inc <FLD>, the result of a merger of Fieldcrest and Cannon, rose 1-1/8 to 39-3/4. West Point-Pepperell Inc <WPM> rose 1-7/8 to 67-1/8. Reuter 

UNITED AIRLINES MARCH LOAD FACTOR RISES TO 70.6 PCT FROM 66.2 PCT

AMPLICON INITIAL OFFERING AT 12.25 DLRS A SHARE

Kidder, Peabody and Co and E.F. Hutton Co Inc, acting as co-managers in the underwriting group, said <Amplicon Inc's> initial public offering of 1,650,000 shares of its common stock was being offered at 12.25 dlrs per share. Of the shares being offered, 1,400,000 are being sold by the company and 250,000 shares are being sold by selling stockholders, Kidder Peabody said. Reuter 

STERIVET LABORATORIES LTD <STVTF> 1ST QTR NET

Shr profit 10 cts vs loss 17 cts Net profit 206,000 vs loss 281,000 Revs 1,022,00 vs 344,000 Reuter 

STERIVET LABORATORIES LTD <STVTF> YEAR LOSS

Shr loss 48 cts vs loss 19 cts Net loss 746,000 vs loss 342,000 Revs 3,213,000 vs 2,925,000 Reuter 

JAPAN IN LAST-DITCH EFFORT TO AVERT TARIFFS

Senior Japanese officials tomorrow open talks with American trade negotiators in a last-ditch effort to avert new high U.S. tariffs to be imposed on a wide variety of Japanese electronic exports. Makoto Kuroda, vice minister of Japan's Ministry of International Trade and Industry (MITI), is to hold two days of meetings with the Deputy U.S. Trade Representative, Michael Smith, and the Under Secretary of Commerce, Bruce Smart. The new tariffs, to go into effect on April 17, are in retaliation for Japan's failure to adhere to an agreement to end dumping semiconductors in world markets at below cost and to open its home market to U.S. semiconductor shipments. They are to be imposed on goods which use semiconductors, including television and audio equipment and computers. Both U.S. and Japanese officials have said there was little likelihood the talks would do anything to avert the 100 pct duties on 300 mln dlrs worth of Japanese shipments. President Reagan announced the planned tariffs on March 27 after he said that close monitoring of the July 1986 U.S.-Japanese semiconductor pact convinced U.S. officials that Japan was not honoring the agreement. In making the annoucement, Reagan said "I am committed to the full enforcement of our trade agreements designed to provide American industry with free and fair trade." Trade analysts said his move was aimed as much at Japan's semiconductor trade practices, which are said to have injured the U.S. semiconductor industry, as Congress, which has complained about presidential timidity on trade issues. Congressional Democrats have pledged to enact aggressive trade laws to counter what they contend has been Reagan's inaction to redress the growing U.S. trade deficit, which last year reached 169.8 billion dlrs. About one-third of the deficit was with Japan. Reagan said there were recent signs Japan was beginning to adhere to the pact and that was why he was not terminating it. Kuroda said on leaving Tokyo today he had no new proposals but did have an explanation of the semiconductor situation. He told the daily newspaper Ashai Shimbun that Reagan's decision was based on inaccurate data and an exaggerated sense of MITI's power to control Japanese traders. "The United States has excessive expectations.," he said. To stabilize supply-demand relations which have been disrupted by excess inventories since 1985 will take some time." He also said that U.S. firms had not been aggressive enough in trying to sell in the Japanese market. Reuter 

EMERSON RADIO <EME> SELLS NOTES PRIVATELY

Emerson Radio Corp said it has sold 10 mln dlrs of eight pct senior notes due March 1992 to a major institutional investor it did not name. The company also said 5,800,000 dlrs of its convertible subordinated notes due 1997 have been converted into 728,476 common shares. Reuter 

HOECHST CELANESE SENDS REPORT ON NEW FACILITIES

<Hoechst Celanese Corp> said it sent propsective customers a confidential report describing its polyester textile fiber facilities in North Carolina and South Carolina. The company did not disclose any prices. The report describes the facilities in Darlington County, S.C., and Fayetteville, N.C., the company said. The report also decribes related manufacturing, marketing, administrative and technical resources that could be made avialable to a buyer. Hoechst Celanese was formed Feb 27 by the merger of Celanese Corp and American Hoechst Corp. The merger took place after an agreement was reached with the Federal Trade Commission that certain domestic polyester textile fiber assets of the combined companies would be divested, it said. Hoechst Celanese said it has the option of divesting either the South Carolina facilities of the former American Hoechst or a package of polyester textile fiber facilities of the former Celanese. Reuter 

MELLON PARTICIPATING MORTGAGE TRUST <MPMTS> DIV

Qtly div 25 cts vs 25 cts prior Payable May 6 Record April 24 Reuter 

U.S. TREASURY SAYS NO PLANS FOR SPECIAL BONDS

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

PUBLIC SERVICE COLORADO <PSR> IN SETTLEMENT

Public Service Co of Colorado said it has reached a preliminary agreement to resolve a territorial dispute with Union Rural Electric Association of Brighton, Colo. The company said, "The tentative agreement protects Union's boundaries and also would set in motion a vote of Union's membership, which could lead to acquisition of Union by Public Service Co." Union provides electrical service to about 14,000 members in cities and rural areas north of Denver. The company said the settlement, which is pending before the Colorado Public Utilities Commission, is under review by the Tri-State Generation and Transmission Association, which supplies power to Union, and is subject to approval by the Public Service Colorado board and Union's membership. It also will be discussed with the Colorado Rural Electric Association. It said legislation that would halt the acquisition of electric utility service territories by annexation will remain active in the Colorado House of Representatives until Union and Public Service assure legislators they are in agreement. Reuter 

ADVANCED MICRO <AMD> UNVEILS COMPUTER CHIPS

Advanced Micro Devices Inc said it is developing a set of five computer chips for use in digital communications systems. The company said the new chips support the integrated services digital network, or ISDN, the international standard for digital voice and data communications. Advanced Micro also said it has signed a licensing agreement with American Telephone and Telegraph Co <T> under which ATT has provided it with certain digital communications specifications. Today's announcement follows the company's introduction last week of a 32-bit microprocessor. "We have now reached a key point in the development of communications devices that implement a worldwide ISDN standard," said John East, group vice president for Advanced Micro's logic businesses. He said the company's new computer chips, to be available by the end of this year, should boost the acceptance and implementation of ISDN services. The chip set includes five separate devices in 100 unit quantities. The devices are priced from 7.25 dlrs to 29.25 dlrs. Similar chip sets for ISDN communications are already being sold by a number of companies including INTEL Corp <INTC>, ATT, Rockwell International <ROK> and a joint venture between Northern Telecom LTd <NT> and Motorola Inc <MOT>. The ISDN standard, portions of which are still being defined, will provide for the simultaneous transmission of voice, data and video. Advanced Micro chip sets will be used in equipment such as private branch exchanges and desktop computers. The company also said it is developing an ISDN protocol controller. It said the controller will connect directly with its current line of ISDN devices. The device supports several digital communications protocols, including ones from International Business Machines Corp <IBM> and ATT. Reuter 

U.K. GEC DECLINES COMMENT ON U.S. PURCHASE RUMOUR

General Electric Co Plc <GECL.L> (GEC) declined comment on rumours on the London stock market that it is planning another purchase in the U.S. Medical equipment field, in addition to its existing U.S. Subsidiary <Picker International Inc>. A GEC spokesman said that it is company policy not to comment on acquisition rumours. Stock Exchange traders said the rumour helped GEC's share price to rise 5p, to a final 206p from yesterday's closing price of 201p. Reuter 

PRESTON CORP <PTRK> SEES FIRST QUARTER LOSS

Preston corp said it expects to report a loss of about 300,000 dlrs or five cts per share for the first quarter, compared with a profit of 1,081,000 dlrs or 19 cts per share a year before. The trucking company attributed the loss to the continued rate of discounted in its primary markets, flat revenues and increased costs, including uninsured claims expense resulting from adverse weather conditions during the last three months. It said results outside the Northeast were strong, and it expects to show improved results for the rest of the year. Reuter 

FED SAYS IT OFFERS TO BUY ALL COUPON ISSUES

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

SYNERGEN <SYGN> FILES TO OFFER SHARES

Synergen Inc said it has filed for an offering of 1,500,000 common shares through underwriters led by Alex. Brown Inc <ABSB>, Hambrecht and Quist Inc and Boettcher and Co Inc. It said proceeds will be used to fund research and testing and for other general corporate purposes. Reuter 

U.S. SENATE BUDGET COMMITTEE APPROVES PLAN

The U.S. Senate Budget Committee ended its stalemate over a budget plan and approved by a single vote a revised 1988 budget proposed by chairman Lawton Chiles to cut the deficit to 133.7 billion next year. The new plan broke last week's gridlock in which the committee failed to approve a similar Chiles plan on a tie vote. Today, the measure was sent to the Senate 13 to 11. Among a series of changes to get the extra vote, Chiles added about 400 mln dlrs for additional, unspecified, agricultural spending programs to be paid with partly with higher user fees. Reuter 

QUEBEC GOVERNMENT TO OFFER HELP TO NORANDA MINE

Quebec mines minister Raymond Savoie said the province is prepared to offer money to help re-open (Noranda Inc)'s Murdochville, Quebec copper mine, shut down by fire last week, but said he could not give a specific figure until damage estimates have been completed. Federal member of parliament for the region, Charles-Eugene Marin, said last week the federal government is also prepared to provide financial help to restart operations as soon as possible. Noranda has estimated damage from the fire at about 10 mln dlrs and a company spokesman said it should have a more specific estimate by the end of the month. Noranda said it had hoped to have an estimate sooner, but has found that it will take longer than expected to gain access to the burned-out area. Noranda said the mine was not insured. "We decided many years ago...that the costs of insuring all of Noranda's underground operations would have been prohibitive," Larry Taylor, Noranda's risk management and insurance director, said. Taylor said before last week's fire, the company had only had one previous mine accident many years ago. Last week's fire killed one miner and trapped 52 other underground, some for up to 24 hours. It was believed to have started on a new conveyor system. Noranda has said it would take four to five months to return the mine to normal operating capacity. It produced 72,0000 tons of copper anode last year, Coffin said. Reuter 

WESTERN DIGITAL <WDC> DEBENTURES CONVERTED

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

EASTMAN KODAK <EK> SELLS 25 MLN DLRS OF NOTES

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

LE PEEP RESTAURANTS SUES OHIO COMPANY

<Le Peep Restaurants Inc> said it is suing an Ohio company, charging it copied its restaurant from its menu to its design. The action is being taken against <Shelly's Inc>, operator of three restaurants in Columbus, Ohio, the company said. The suit alleges copyright infringement and unfair competition, it said. The suit was filed in U.S. District Court of the Southern District in Ohio, and seeks damages in excess of 2,250,000, the company said. Reuter 

AMEX LISTS RED LION INNS <RED>

The <American Stock Exchange> said it has listed Red Lion Inns LP, which went public today. The initial trade of the partnership units was at 19.75 dlrs, it said. Reuter 

WHITE HOUSE STANDING FIRM ON JAPANESE SANCTIONS

Presidential spokesman Marlin Fitzwater said U.S. trade sanctions against Japan were likely take effect on April 17 in spite of a "full court press" by Japanese officials to avoid them. "All indications are they will take effect," he said. "I would say Japan is applying the full court press ... They certainly are putting both feet forward in terms of explaining their position," Fitzwater told reporters. He noted high level meetings on the trade dispute are underway here but said, "I don't think there's anything I can report and I don't believe there's been any official movement." REUTER 

DOW JONES AND CO INC FIRST QUARTER SHR 69 CTS VS 64 CTS

STANFORD TELECOMMUNICATIONS <STII> WINS CONTRACT

Stanford Telecommunications Inc said it was awarded a three-year contract for 2,945,052 dlrs to support the National Aeronautics and Space Administration's Goddard Space Flight Center. The company said its tasks will include mission modeling, ground system specific task assignements, ground system architecture/operations studies, transition planning, frequency management support, radio frequency interference development and system engineering. Reuter 

GUINNESS PLC NON-EXEC CHAIRMAN TO REMAIN

Sir Norman Macfarlane, non-executive chairman of <Guinness PLC>, has agreed to remain in his post for two more years, the company said. The company said its board asked Macfarlane to continue in his capacity. Macfarlane has been in his post since January. Reuter 

<HAYES-DANA INC> 1ST QTR NET

Shr 30 cts vs 28 cts Net 5,000,000 vs 4,600,000 Revs 125.2 mln vs 123.9 mln Note: 52 pct-owned by Dana Corp <DCN>. Reuter 

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC

The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Stone Container Corp <STO> - Secondary offering of 1,633,453 shares of common stock and offering of 300,000 shares of common stock, both through Morgan Stanley and Co Inc and Goldman, Sachs and Co. American Continental Corp <AMCC> - Shelf offering of up to 250,000 shares of 100 dlr cumulative convertible preferred stock through Offerman and Co Inc. Reuter 

WESTERN DIGITAL <WDC> REDEEMS DEBT

Western Digital Corp said it has completed the redemption of its 47 mln dlrs of 6-3/4 pct convertible subordinated debentures due 2011. The debt was surrendered for conversion into comon stock, resulting in 2,685,142 shares being issued. Reuter 

COPYTELE <COPY> GETS FLAT PANEL PATENT

CopyTele Inc said the U.S. Patent Office has issued a structure patent for its high resolution charged particle flat panel display screen. The company said it has successfully developed an experimental model with a 4.5 inch image area measured diagonally, and is continuing development on panels with larger image areas. Reuter 

COCOA TERMINAL DEPOSITS TO BE CUT 25 PCT - ICCH

The basic deposit on cocoa futures contracts will be reduced by 25 pct as from Friday, April 10, taking the required deposit for one 10 tonne lot to 300 stg from 400 previously, a spokesman for the International Commodity Clearing House (ICCH) said. The deposit for spread contracts will be similarly cut, to 150 stg for a one 10 tonne lot from 200 previously, he said. The ICCH had been looking at cocoa market fluctuations over a period of weeks, he said, adding the market's basic stability had warranted a cut in deposit rates. The decision to cut deposits was taken by the ICCH after consultation with the London Cocoa Terminal Market, the spokesman said. The cuts were likely to attract more business to the market, he said. Reuter 

ELECTRO RENT CORP <ELRC> 3RD QTR FEB 28 NET

Shr 20 cts vs 32 cts Net 1,358,000 vs 2,476,000 Revs 27.1 mln vs 26.2 mln Nine Mths Shr 68 cts vs 1.05 dlrs Net 4,957,000 vs 8,129,000 Revs 82.6 mln vs 78.8 mln Reuter 

MUNSON <MGEO> GETS PROJECT FINANCING

Munson Geothermal Inc said it received the necessary financing to complete construction work at its Brady Hot Springs facility and begin commercial delivery of geothermally produced electricity to Sierra Pacific Resouces Corp <SRP> by July this year. Munson has a 30-year contract which calls for it to supply Sierra Pacific with about 23.5 megawatts of electricity per year, a spokesman said. Munson, a wholesale electric utility, said the financing consists of a 1.25 mln dlr credit agreement with a division of Foster Oilfield Co of Houston. Trading in Munson's stock was halted earlier, news pending. It last traded at a bid of 2-3/8 and an offer of 2-1/2. In addition, Munson said that since closing its 1.2 mln dlr limited partnership at Brady in December 1986, the company has raised about 500,000 dlrs through private placements with qualified investors. The funds will be used to help finance commercial startup of the Brady facility, Munson also said. Reuter 

ARVIN <ARV>, SANGO START BUILDING PLANT

Arvin Industries Inc said it and Sango Co Ltd of Japan have started building a new 119,000 square foot joint venture auto exhaust plant in Madison, Wis. The company said the 15.2 mln dlr plant of its Arvin Sango Inc venture with Sango is scheduled to be in operation early in 1988. Reuter 

WASHINGTON ENERGY <WECO> PLANS PUBLIC OFFERING

Washington Energy Co said it plans to file a registration statement later this month covering a planned public offering of 1.2 mln common shares. Proceeds from the offering will be used to reduce short-term bank borrowings incurred to finance capital expenditures, the company said. Reuter 

WHONNOCK PLANS SHARE ISSUE

<Whonnock Industries Ltd> said it agreed to sell two mln class A subordinate voting shares to investment dealers Dominion Securities Inc and Pemberton Houston Willoughby Bell Gouinlock Inc for resale to the public at 7.75 dlrs each. Whonnock said <Toronto Dominion Bank> agreed to sell 500,000 of its Whonnock class A subordinate voting shares to the same investment dealers as part of the public offer. Reuter 

WALGREEN CO 2ND QTR SHR 62 CTS VS 58 CTS

THIRD U.S. MARINE ARRESTED IN SPY SCANDAL

A third Marine has been arrested on suspicion of espionage in a growing sex-spy scandal involving security at both the U.S. Embassy in Moscow and the American Consulate in Leningrad, the Pentagon said. Sgt. John Joseph Weirick, 26, was arrested yesterday in California and jailed for questioning on suspicion of espionage while he served as a guard at the U.S. consulate in Leningrad for a year beginning in October, 1981, Pentagon spokesman Robert Sims said. Two other Marines were earlier charged with espionage at the Moscow Embassy and a third Marine, Staff Sgt. Robert Stufflebeam, was charged yesterday with failure to report contacts with Soviet women in Moscow, Sims told reporters. Reuter 

PHILADELPHIA ELECTRIC <PE> NUCLEAR COST ESTIMATE

Philadelphia Electric Co will have to spend an average of about five mln dlrs a day to replace the electricity which would have been generated by the Peach Bottom nuclear power plant, Chairman J. Lee Everett said. The Nuclear Regulatory Commission ordered the utility to close the plant early last week. "This is the first time an operating plant has been shut down by the NRC specifically because of plant operator problems," Everett told the company's annual meeting. He did not say who would pay for the replacement power -- rate payers or shareholders. Everett told the meeting Philadelphia Electric can not give a definitive answer on the cost of the shutdown until it gets Peach Bottom back in service. He said the utility had been aware for some time it had attitude problems among the operating forces at Peach Bottom and thought it had been making progress toward improvement. "While the attitude of operating personnel at Peach Bottom has been rated poor, the attitudes or our personnel at Limerick, our other nuclear plant, have been rated excellent. We have asked ourselves over and over how two plants, managed by the same company, can be so different." Everett said "Limerick has been the model for improvements we set out to accomplish at Peach Bottom, and remains so." He said a special committee composed of Philadelphia Electric's outside directors will monitor and direct the company's investigation of the problem. Reuter 

JUDY'S INC <JUDY> 4TH QTR JAN 31 LOSS

Shr loss two cts vs profit nine cts Net loss 74,000 vs profit 418,000 Sales 18.2 mln vs 17.5 mln Year Shr profit nine cts vs profit 26 cts Net profit 426,000 vs profit 1,170,000 Sales 58.7 mln vs 56.7 mln Reuter 

ORANGE-CO INC <OJ> 2ND QTR FEB 28 NET

Shr profit 2.26 dlrs vs loss 81 cts Net profit 9,785,000 vs loss 3,422,000 Revs 26.0 mln vs 18.9 mln Avg shrs 4,316,000 vs 4,207,000 1st half Shr profit 2.75 dlrs vs loss 1.07 dlrs Net profit 11.9 mln vs loss 4,486,000 Revs 39.0 mln vs 37.2 mln Avg shrs 4,318,000 vs 4,181,000 NOTE: Current year net both periods includes gain 9,500,000 dlrs from sale of Orange-Co of Florida subsidiary to American Agrnomics Corp <AGR>. Net includes pretax real estate disposition loss 920,000 dlrs vs gain 52,000 dlrs in quarter and loss 863,000 dlrs vs gain 117,000 dlrs in half. Prior year net includes tax credits of 2,132,000 dlrs in quarter and 3,039,000 dlres in half. Current half net includes 2,051,000 dlr pretax gain 2,051,000 dlrs from change in accounting. Reuter 

DOW JONES AND CO INC <DJ> 1ST QTR NET

Shr 69 cts vs 64 cts Net 66,719,000 vs 61,773,000 Rev 285.6 mln vs 259.7 mln NOTE: Earnings include after-tax gain of 29.4 mln dlrs, or 30 cts a share, versus after-tax gain of 31.4 mln dlrs, or 32 cts a share, for 1986 first quarter. Earnings per share reflects a 50 pct stock dividend in the form of a class B common stock distribution on June 30, 1986. Reuter 

LANESBOROUGH'S SUBORDINATED NOTES LOWERED BY S/P

Standard and Poor's Corp said it cut to CCC-plus from B-minus Lanesborough Corp's 50 mln dlrs of senior subordinated notes. S and P said the downgrade reflected Lanesborough's planned purchase of Ampex Corp from Allied-Signal Inc <ALD> for 479 mln dlrs. "The acquisition represents a dramatic departure from management's stated financial policies," S and P said. It also said that Lanesborough is making a major investment in a venture with extremely high financial risk. The company's implied senior debt rating is B. Reuter 

UAL'S (UAL) UNITED AIR MARCH LOAD FACTOR RISES

United Airlines, a subsidiary of UAL Inc, said its load factor in March rose to 70.6 pct from 66.2 pct in the same period a year ago. United said its March traffic jumped 23.2 pct to 6.05 billion revenue passenger miles from 4.91 billion revenue passenger miles in the same month last year. Available seat miles for the month increased 15.4 pct to 8.56 billion from 7.42 billion available seat miles, it said. Total cargo ton miles for March were up 22 pct to 104.4 mln from 85.6 mln cargo ton miles in March 1986, it said. For the January through March period in 1987, United said its load factor advanced to 63.8 pct from 59.9 pct last year. Traffic for the period through March soared 32.7 pct to 15.57 billion revenue passenger miles from 11.73 billion revenue passenger miles in the 1986 period, it said. Available seat miles were ahead by 24.6 pct to 24.42 billion from 19.60 billion available seat miles in the comparable period last year, United said. Total cargo ton miles for the 1987 first quarter rose 30.6 pct to 275.7 mln from 211.1 mln cargo ton miles in the 1986 period, the airline said. Reuter 

LORD ABBETT AND CO MUTUAL FUND DIVIDENDS

LORD ABBETT BOND DEBENTURE FUND Qtly div 28 cts vs 29 cts prior Pay May 5 Record April 9 --- LORD ABBETT U.S. GOVERNMENT SECURITIES FUND Daily div 2.9 cts vs 2.9 cts prior Pay May 15 Record May 15 LORD ABBETT TAX FREE INCOME FUND NATIONAL SERIES Daily div 6.7 cts vs 6.7 cts prior Pay May 15 Record May 15 --- LORD ABBETT TAX FREE INCOME NEW YORK SERIES Daily div 6.7 cts vs 6.7 cts prior Pay May 15 Record May 15 LORD ABBETT TAX FREE INCOME TEXAS SERIES Daily div 5.9 cts vs 5.9 cts prior Pay May 15 Record May 15 --- LORD ABBETT CALIFORNIA TAX FREE INCOME Daily div of 6.2 cts vs 6.2 cts prior Pay May 15 Record May 15 Reuter 

HEINEKEN SEES HIGHER PROFITS, WIDER PENETRATION

Dutch brewer Heineken NV said it hoped to maintain for a number of years a similar earnings growth to the 7.5 pct increase in net profit achieved in 1986, despite continuing investments in a reorganization program and efforts to extend world penetration. Heineken last month reported a 1986 net profit of 285 mln guilders, after 265 mln in 1985. Chairman Freddie Heineken said the company, Europe's leading beer producer with six pct of market share in 1986, said sales increased by 6.3 pct to 42.1 mln hectoliters. The volume increase was due mainly to a rise in the U.S., Where the brand Amstel Lite saw great demand, and in Europe, where sales accounted for 25.5 pct of the total. Turnover, despite losses in guilder terms due to weaker foreign currencies, rose by 4.4 pct, to 6.7 billion guilders. Further consolidation of foreign companies, including the increase of its stake in leading Spanish brewery <El Aguila S.A.> to 51.2 pct, new ventures and modernization, particularly in French and Spanish interests, eroded profit margins. The company still planned to invest 700 mln guilders this year in restructuring and marketing, Heineken said. Heineken's Spanish activities should start yielding profit next year, Heineken said, adding that its French operations had already turned to profit after vast rationalization last year. Vice Chairman Gerard van Schaik said the decision by the European Court of Justice in Luxembourg to allow foreign beer into the closed West German market -- Europe's biggest beer market -- offered interesting possibilities for Heineken. "We have the beer, but distribution and sales is the important point," van Schaik said, adding that since the ruling Heineken had been inundated by German traders seeking joint ventures. "The question is not if we want to penetrate the German market, but how we are to do it," van Schaik said, adding that while the widely traveled Germans seemed to be developing a taste for foreign beer, the internal structure was very regionalized. Heineken board member Hans Coebergh, responsible for African operations, said he saw Africa as one of the most important beer growth markets in the long term. He said the company, present in Africa since 1932 and with majority stakes in six breweries and interests in 25, was hampered by the lack of hard currencies there. Africa, where beer consumption averages only nine liters per head per year and sales are limited by import restrictions and currency risks, nonetheless accounted for 6.5 pct of total 1986 sales. On-site production is rendered expensive by the high price of imports of essential ingredients. But Heineken scientists have been looking at other possibilities. To balance the costs of imported malt, Heinken launched on the Nigerian market a new beer made of 50 pct sorghum, which had sold successfully, Coebergh said. Heineken is urging farmers to grow the traditional raw materials, but Coebergh noted that banana and palm beer were popular in Rwanda . "This is a possibility, but we could not possibly achieve the Heineken flavor," Coebergh said. Chairman Heineken said the company's seven year efforts to penetrate the Soviet market had finally resulted this week in a contract that relaxed some of the restrictions they faced. But again, a lack of hard currencies limited Heineken's market potential. Heineken now has seven bars in Moscow that are enjoying good sales, but the bars only accept western money. Reuter 

RESEARCH INDUSTRIES <REIC> UNVEILS NEW PRODUCTS

Research Industries Corp said it is introducing three additions to its line of cardiovascular specialty products. The company said the products are a patented drainage bicaval cannula for open heart surgery, a proprietary catheter for neonatal thoracic surgery and a line of specialized baloon catheter shunts for carotid artery surgery. Reuter 

ORANGE-CO <OJ> HOLDERS APPROVE NAME CHANGE

Orange-Co Inc said shareholders at the annual meeting approved a name change to Stoneridge Resources Inc. The company said yesterday shareholders of American Agronomics Corp <AGR>, which acquired Orange-Co's Orange-Co of Florida subsidiary late in 1986, approved a name change to Orange-Co Inc. Reuter 

WALGREEN CO <WAG> VOTES QUARTERLY DIVIDEND

Qtly div 13-1/2 cts vs 12-1/2 cts prior qtr Pay 12 June Record 21 May Reuter 

COLOMBIA BUSINESS ASKED TO DIVERSIFY FROM COFFEE

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

GM SETS MAY 29 SHUTDOWN OF MICHIGAN TRUCK LINE, 2,000 COULD BE LAID OFF

TURKEY CALLS FOR DIALOGUE TO SOLVE DISPUTE

Turkey said today its disputes with Greece, including rights on the continental shelf in the Aegean Sea, should be solved through negotiations. A Foreign Ministry statement said the latest crisis between the two NATO members stemmed from the continental shelf dispute and an agreement on this issue would effect the security, economy and other rights of both countries. "As the issue is basicly political, a solution can only be found by bilateral negotiations," the statement said. Greece has repeatedly said the issue was legal and could be solved at the International Court of Justice. The two countries approached armed confrontation last month after Greece announced it planned oil exploration work in the Aegean and Turkey said it would also search for oil. A face-off was averted when Turkey confined its research to territorrial waters. "The latest crises created an historic opportunity to solve the disputes between the two countries," the Foreign Ministry statement said. Turkey's ambassador in Athens, Nazmi Akiman, was due to meet Prime Minister Andreas Papandreou today for the Greek reply to a message sent last week by Turkish Prime Minister Turgut Ozal. The contents of the message were not disclosed. Reuter