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JAMES RIVER CORP <JR> SETS REGULAR PAYOUT

Qtrly div 10 cts vs 10 cts prior Pay April 30 Record April 21 Reuter 

THREE D DEPARTMENTS INC <TDD> SETS PAYOUT

Class A qtly div 2-1/2 cts vs 2-1/2 cts prior Class B qtly div 1-1/2 cts vs 1-1/2 cts prior Pay May 8 Record April 24 Reuter 

U.S. EXPORTERS REPORT 300,000 TONNES SOYBEAN MEAL TO IRAQ FOR SPLIT DELIVERY

U.S. EXPORTERS REPORT 100,000 TONNES CORN SOLD TO ALGERIA FOR 1986/87 DELIVERY

BFIM-SOVAC OFFERS BOND REDEMPTION

Banque de Financement Immobilier SOVAC, BFIM-SOVAC, launched an offer to repurchase its 14.30 pct 1980 bond issue at a price of 2,180 francs per bond, a Paris Bourse statement said. The repurchase offer, managed by Lazard Freres et Cie, opens April 10 and closes April 27. The 140 mln franc issue comprised 70,000 bonds of 2,000 franc nominal value each. Reuter 

WORLD SUPPLY/DEMAND ESTIMATES ISSUED BY USDA

The U.S. Agriculture Department made the following 1986/87 projections in its world Supply/Demand report, with comparisons, in mln tonnes, except where noted -- Total World Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Produc 1,682.31 1,686.11 1,663.69 1,663.70 Total Supply 2,025.71 2,028.45 1,919.18 1,920.13 Trade-X 212.15 211.89 204.42 203.92 Usage 1,635.01 1,630.40 1,575.78 1,577.79 End Stks 390.70 398.05 343.40 342.34 X-Based on export estimate. All Wheat 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stks 137.05 136.48 125.54 125.87 Production 529.20 528.40 498.97 498.81 Imports 97.57 98.27 94.56 94.36 Feed Use 101.79 100.82 90.19 90.56 Total Domes 517.26 514.89 487.45 488.20 Exports 101.08 101.20 95.92 95.76 End Stocks 148.99 149.99 137.05 136.48 Note - World imports/exports may not balance due to differing marketing years, grains in transit and reporting discrepancies. Coarse Grain 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 181.64 181.10 107.80 108.40 Production 835.21 838.82 844.60 844.84 Imports 95.66 93.77 95.70 95.18 Feed Use 514.07 510.20 510.20 510.80 Total Domes 796.33 793.64 770.76 772.14 Exports 98.97 98.47 96.02 95.76 End Stocks 220.52 226.28 181.64 181.10 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Corn (Mln Tonnes) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 123.08 123.11 61.09 61.75 Production 477.26 480.29 481.86 481.92 Imports 61.03 58.59 62.12 62.08 Feed Use 295.49 289.47 286.53 287.42 Ttl Domes 444.78 439.80 419.88 420.55 Exports 62.80 62.10 62.53 62.15 End Stocks 155.56 163.61 123.08 123.11 Note - World imports/exports may not balance due to differing marketing years, grain in transit and reporting discrepancies. Soybeans 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 23.03 22.84 17.59 17.58 Production 99.98 99.43 96.74 96.53 Imports 26.21 26.27 27.08 27.08 Crushings 79.69 79.33 76.16 76.15 Ttl Domes 97.53 96.40 92.36 92.34 Exports 26.45 26.43 26.02 26.01 End Stocks 25.23 25.71 23.03 22.84 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Soybean Meal 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 2.55 2.47 2.79 2.74 Production 62.71 62.40 60.09 60.09 Imports 23.47 23.49 23.48 23.47 Consumption 62.69 62.49 61.06 61.10 Exports 23.51 23.39 22.76 22.74 End Stocks 2.52 2.47 2.55 2.47 Note - Imports and exports may not balance due to differing marketing years and time lags between reported exports and imports. Soybean Oil 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.61 1.51 1.37 1.36 Production 14.20 14.13 13.65 13.66 Imports 3.31 3.29 3.08 3.05 Consumption 14.02 14.03 13.33 13.40 Exports 3.33 3.35 3.15 3.16 End Stocks 1.78 1.54 1.61 1.51 Note - Imports and exports do not balance due to differing marketing years and time lags between reported exports and imports. Cotton (Mln Bales) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 45.87 48.14 42.70 43.11 Production 69.53 69.66 78.94 78.92 Imports 23.07 23.07 21.49 21.45 Mill Use 80.72 77.08 76.84 74.79 Exports 23.37 23.50 20.25 20.28 End Stocks 34.16 39.99 45.87 48.14 Note - Imports and exports may not balance due to cotton in transit and reporting discrepancies in some countries. Rice (Milled Basis) 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 24.71 24.75 22.16 22.16 Production 317.90 318.90 320.12 320.05 Imports 10.56 10.63 11.68 11.70 Dom. Use 321.41 321.87 317.58 317.46 Exports 12.11 12.22 12.49 12.39 End Stocks 21.19 21.78 24.71 24.75 Reuter 

RAI RESEARCH <RAC> SEES LOWER SALE IN NEAR TERM

RAI Research Corp said it appears that the reduced level of sales may continue for the near term. Earlier, RAI reported that third quarter net declined to 17,806 dlrs on sales of 1.3 mln dlrs from net income of 328,290 dlrs on sales of 2.2 mln dlrs a year ago. It said sales declined as a result of reduced sales of permion battery separators to Japanese customers and it does not know the duration or extent of these factors. Reuter 

ADAMS EXPRESS CO <ADX> MARCH 31 ASSETS

Shr 22.50 dlrs vs 21.74 dlrs Assets 546.9 mln vs 485.2 mln Shrs out 24.3 mln vs 22.3 mln NOTE: lastest assets after capital gain distributions of 28 cts a share in February 1987 and 2.55 dlrs a share in December 1986 Reuter 

PETROLEUM AND RESOURCES CORP <PEO> MARCH 31

Shr 31.36 dlrs vs 25.23 dlrs Assets 286.5 mln vs 253.0 mln Shrs out 9,138,526 vs 8,839,695 NOTE: latest assets after capital gain distributions of 50 cts a share in February 1987 and 83 cts a share in December 1986, and with 29,955,000 stated value 1.676 dlr convertible preferred stock outstanding. Reuter 

CORN SUPPLY/DEMAND BY COUNTRY -- USDA

The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of corn, by country, as follows in mln tonnes -- USSR CORN 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks N.A. N.A. N.A. N.A. Production 12.50 12.50 14.40 14.40 Imports 8.00 6.00 10.40 10.40 Domes Use 20.50 19.50 24.40 24.40 Exports Nil Nil Nil Nil End Stocks N.A. N.A. N.A. N.A. N.A. - Not Available. SOUTH AFRICA CORN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 1.20 1.20 1.87 1.87 Production 8.50 9.50 8.08 8.08 Imports Nil Nil 0.01 0.01 Domes Use 6.10 6.20 6.00 6.00 Exports 2.10 3.00 2.75 2.75 End Stocks 1.50 1.50 1.20 1.20 EC-12 CORN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 5.17 5.28 2.89 2.89 Production 25.00 25.03 25.70 25.78 Imports 10.69 10.61 12.82 12.82 Domes Use 28.20 29.00 29.46 29.60 Exports 7.91 7.94 6.78 6.61 End Stocks 4.75 3.98 5.17 5.28 ARGENTINA CORN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.52 0.39 0.39 0.39 Production 10.00 11.00 12.10 12.10 Imports Nil Nil Nil Nil Domes Use 4.60 4.60 4.60 4.60 Exports 5.70 6.50 7.37 7.50 End Stocks 0.22 0.29 0.52 0.39 THAILAND CORN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 0.43 0.33 0.11 0.11 Production 4.10 4.10 5.35 5.15 Imports Nil Nil Nil Nil Domestic Use 1.55 1.35 1.35 1.25 Exports 2.80 3.00 3.67 3.67 End Stocks 0.18 0.08 0.43 0.33 JAPAN CORN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 1.24 1.24 1.06 1.06 Production Nil Nil Nil Nil Imports 15.50 15.44 14.55 14.55 Domes Use 15.51 15.45 14.37 14.37 Exports Nil Nil Nil Nil End Stocks 1.24 1.24 1.24 1.24 Reuter 

USDA REPORTS EXPORT SALES ACTIVITY

The U.S. Agriculture Department said private U.S. exporters reported sales of 200,000 tonnes of wheat to Jordan, 300,000 tonnes of soybean meal to Iraq and 100,000 tonnes of corn to Algeria. The wheat for Jordan includes 165,000 tonnes of hard red winter and 35,000 tonnes of soft red winter and is for delivery during the 1987/88 marketing year. The soybean meal sales to Iraq includes 180,000 tonnes for delivery during the 1986/87 season and 120,000 tonnes during the 1987/88 season, the department said. The 100,000 tonnes of corn sales to Algeria are for delivery during the 1986/87 season, it said. The marketing year for wheat begins June 1, corn September 1, and soybean meal October 1. Reuter 

INTERNATIONAL AMERICAN <HOME> TO ACQUIRE COS

International American Homes Inc said it entered into a conditional contract to acquire the <Maione-Hirschberg Cos Inc> and affiliated entitles for 19 mln dlrs. International American, whose stock was halted on Nasdaq earlier, said the purchase price is payable 12 mln dlrs in cash and the balance in its own common shares. Selling shareholders may earn an additional amount up to a maximum of eight mln dlrs payable in cash based on the future performance of the companies acquired during the three years ending March 31, 1990, International said. The acquisition is subject to certain conditions, such as satisfactory results of due diligence investigations, the company said. Reuter 

SONY CHAIRMAN FORECASTS LOWER PROFITS THIS YEAR

Sony Corp <SNE.T> chairman Akio Morita said Sony's profits would be sharply down in 1987 as a result of the dollar's decline. Sony Corp posted net consolidated income of 41.89 billion yen (290 million dollars) in 1986, 42.6 pct down on 1985's 73.02 billion yen (506 million dollars). But Morita added that Japan would benefit from the strong yen by saving on its energy import bill and he expected profits to recover from 1988 onwards. He was speaking to reporters at a sony factory opening here. Reuter 

COARSE GRAIN SUPPLY/DEMAND BY COUNTRY -- USDA

The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of coarse grains, by country, as follows in mln tonnes -- USSR COARSE GRAIN 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks N.A. N.A. N.A. N.A. Production 103.30 103.30 99.99 99.99 Imports 12.00 10.00 13.70 13.70 Domes Use 112.30 112.30 111.99 111.99 Exports NIL NIL NIL NIL End Stocks N.A. N.A. N.A. N.A. N.A. - Not Available. EC-12 COARSE GRAIN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 14.91 14.93 10.53 10.53 Production 81.22 81.19 88.21 88.28 Imports 16.58 17.26 18.29 18.24 Dom Use 79.64 81.27 82.38 82.55 Exports 19.90 19.96 19.73 19.56 End Stocks 13.18 12.15 14.91 14.93 EASTERN EUROPE COARSE GRAIN, mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 4.07 3.72 5.14 5.14 Production 73.95 74.50 68.28 68.38 Imports 4.90 4.47 5.58 5.26 Dom Use 73.04 73.23 72.65 72.77 Exports 3.55 3.55 2.28 2.28 End Stocks 6.34 5.46 4.07 3.72 JAPAN COARSE GRAIN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 2.32 2.23 1.91 1.91 Production 0.35 0.35 0.39 0.39 Imports 21.56 21.50 21.51 21.51 Dom Use 21.79 21.73 21.49 21.49 Exports NIL NIL NIL NIL End Stocks 2.44 2.44 2.32 2.32 ARGENTINA COARSE GRAIN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.78 0.53 0.83 0.83 Production 13.99 15.44 17.06 17.14 Imports 0.02 NIL NIL NIL Domes Use 7.73 7.75 7.76 7.87 Exports 6.60 7.73 9.43 9.58 End Stocks 0.46 0.49 0.78 0.53 CANADA COARSE GRAIN, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 6.19 6.19 4.66 4.61 Production 27.62 27.62 24.95 24.95 Imports 0.30 0.30 0.31 0.31 Dom Use 19.80 19.80 18.99 18.96 Exports 7.41 7.21 4.74 4.72 End Stocks 6.90 7.10 6.19 6.19 THAILAND COARSE GRAINS, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.49 0.38 0.16 0.16 Production 4.40 4.40 5.67 5.47 Imports NIL NIL NIL NIL Domes Use 1.57 1.37 1.40 1.30 Exports 3.10 3.30 3.94 3.95 End Stocks 0.22 0.11 0.49 0.38 Reuter 

AMR <AMR> AMERICAN AIR OFFERS TO SHIFT FLIGHTS

AMR Corp's American Airlines said it is prepared to shift a total of 1,010 flights and add more than 33 hours a day in flying time to assist the process of reducing flight delays in the nation's air transport system. American said it proposes to make the changes on June 15 at its two major conecting hubs, Dallas/Fort Worth and Chicago, which have been the focal points for wide-ranging schedule experiments by the airline over the past several weeks. Reuter 

EXPORT BONUS WHEAT FOR JORDAN --USDA

The Commodity Credit Corporation (CCC) accepted eight bonus offers from two exporters on sales of 190,000 tonnes of hard red winter and 35,000 tonnes of soft red winter wheat to Jordan, the U.S. Agriculture Department said. The department said the bonuses awarded averaged 38.08 dlrs per tonne and the wheat is for delivery May-November, 1987. The bonus awards were made to Louis Dreyfus Corp (200,000 tonnes), and Continental Grain Co (25,000 tonnes) and will be paid in the form of commodities from CCC stocks. The purchases of U.S. wheat completes the Export Enhancement Program initiative announced on December 31, 1986. Reuter 

ARGENTINE 1986/87 GRAIN OILSEED REGISTRATIONS

Argentine grain board preliminary figures show 1986/87 crop export registrations of grains and oilseeds in the week to April 8, were as follows, in tonnes, compared with the previous week and the comparable week a year earlier. BREAD WHEAT nil nil nil MAIZE 113,500 21,800 51,300 SORGHUM 13,600 nil 26,500 SOYBEAN 30,000 36,000 72,000 SUNFLOWERSEED nil nil 19,100 Cumulative figures export registrations for the 1986/87 crop to April 8, 1987, with comparative figures for the 1985/86 crop up to April 9, 1986, in brackets, were in thousands of tonnes. BREAD WHEAT 2,692,4 (4,161.0) MAIZE 2,305.1 (5,200.0) SORGHUM 220.5 (625.7) SOYBEAN 561.3 (524.5) SUNFLOWERSEED 45.7 (213.2) REUTER 

WINN ENTERPRISES <WNN> UNIT SELLS DAIRY

Winn Enterprises' Knudsen Foods Inc said it entered an agreement to sell its Hawaiian dairy operations to Foremost Foods Inc for 13 mln dlrs cash. The company said the purchase price is subject to adjustment and the entire transaction is subject to approval by the U.S. Bankruptcy Court for the Central District of California. Reuter 

INTERNATIONAL AMERICAN <HOME> SEES HIGHER REVS

International American Homes Inc said it expects revenues for the year ending March 31, 1987 to be approximately 145 mln dlrs. It said it recorded 30 mln dlrs in revenues for the year prior, and 115 mln dlrs pro forma revenues for the prior fiscal year which includes the May 1986 acquistion of the Porten Sullivan Group. On a pro forma basis, International said revenues for the year ended March 31, 1987, would be approximately 200 mln dlrs if the proposed acquisiton of Maione-Hirschberg Cos Inc and Diversified Shelter Group are consummated. Reuter 

NATIONAL BEVERAGE TO ACQUIRE FAYGO

<National Beverage Corp> said it agreed to acquire privately held Faygo Beverages Inc for an undisclosed amount of cash. The company said Detroit-based Faygo, a soft drink maker, has annual revenues of more than 100 mln dlrs. National Beverage, which is also privately held, owns and bottles Shasta Beverages, Spree All Natural Beverages and private label brands in its 11 bottling facilities in the United States. Reuter 

SOYBEAN SUPPLY/DEMAND BY COUNTRY -- USDA

The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of soybeans, by country, as follows in mln tonnes -- BRAZIL SOYBEANS 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 4.19 4.01 4.71 4.71 Production 17.00 17.00 13.90 13.70 Imports 0.35 0.35 2.09 0.29 Domestic Use 14.54 14.54 13.51 13.49 Exports 2.50 2.50 1.20 1.20 End Stocks 4.50 4.32 4.19 4.01 ARGENTINA SOYBEANS, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.83 1.83 1.80 1.80 Production 7.70 7.70 7.30 7.30 Imports NIL NIL NIL NIL Domestic Use 4.97 4.97 4.74 4.74 Exports 2.65 2.65 2.54 2.54 End Stocks 1.91 1.91 1.83 1.83 EC-12 SOYBEANS, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 0.51 0.52 0.66 0.66 Production 0.83 0.83 0.33 0.33 Imports 12.89 12.85 12.99 12.96 Domestic Use 13.72 13.68 13.34 13.30 Exports 0.11 0.11 0.13 0.13 End Stocks 0.40 0.41 0.51 0.52 JAPAN SOYBEANS, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.76 0.76 0.79 0.79 Production 0.25 0.25 0.23 0.23 Imports 4.84 4.84 4.80 4.80 Domes Use 5.10 5.10 5.06 5.06 Exports NIL NIL NIL NIL End Stocks 0.75 0.75 0.76 0.76 Reuter 

SOYBEAN MEAL SUPPLY/DEMAND BY COUNTRY -- USDA

The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of soybean meal, by country, as follows in mln tonnes -- ARGENTINA SOYBEAN MEAL -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.13 0.13 0.19 0.19 Production 3.67 3.67 3.49 3.49 Imports NIL NIL NIL NIL Domes Use 0.35 0.35 0.35 0.35 Exports 3.30 3.30 3.20 3.20 End Stocks 0.15 0.15 0.13 0.13 BRAZIL SOYBEAN MEAL, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.61 0.60 0.72 0.72 Production 10.40 10.39 9.69 9.66 Imports NIL NIL NIL NIL Domes Use 2.55 2.55 2.41 2.40 Exports 7.85 7.85 7.38 7.38 End Stocks 0.61 0.59 0.61 0.60 EC-12 SOYBEAN MEAL, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/86 04/09/87 03/09/87 Start Stcks 0.40 0.40 0.44 0.44 Production 10.44 10.45 10.18 10.17 Imports 13.03 13.03 13.48 13.48 Domes Use 18.50 18.49 18.59 18.57 Exports 5.07 5.09 5.10 5.11 End Stocks 0.30 0.30 0.40 0.40 Reuter 

SOYBEAN OIL SUPPLY/DEMAND BY COUNTRY -- USDA

The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of soybean oil, by country, in mln tonnes -- ARGENTINA -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.10 0.10 0.10 0.10 Production 0.77 0.77 0.73 0.73 Imports NIL NIL NIL NIL Domes Use 0.10 0.10 0.11 0.11 Exports 0.66 0.66 0.63 0.63 End Stocks 0.10 0.10 0.10 0.10 BRAZIL SOYBEAN OIL, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.32 0.28 0.24 0.24 Production 2.52 2.51 2.35 2.35 Imports 0.15 0.15 0.12 0.12 Domes Use 2.00 2.00 1.94 1.98 Exports 0.65 0.65 0.45 0.45 End Stocks 0.34 0.28 0.32 0.28 EC-12 SOYBEAN OIL, in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.22 0.22 0.23 0.22 Production 2.32 2.33 2.26 2.26 Imports 0.44 0.44 0.50 0.50 Domes Use 1.46 1.45 1.38 1.38 Exports 1.29 1.30 1.39 1.39 End Stocks 0.23 0.23 0.22 0.22 INDIA SOYBEAN OIL -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 0.12 0.07 0.21 0.21 Production 0.17 0.17 0.15 0.15 Imports 0.35 0.35 0.25 0.25 Domes Use 0.52 0.52 0.49 0.54 Exports NIL NIL NIL NIL End Stocks 0.12 0.07 0.12 0.07 Reuter 

ROYAL DUTCH (RD) UNIT TO RAISE HEAVY FUEL PRICES

Scallop Petroleum Corp, a subsidiary of Royal Dutch/Shell group, said it will raise contract prices for heavy fuel 50 cts to one dlr a barrel, effective tomorrow. The increase brings the price for 0.5 pct sulphur fuel to 21.50 dlrs, up 50 cts, 0.7 pct sulphur to 21 dlrs, up 75 cts, 0.7 pct sulphur to 21 dlrs, up 75 cts, one pct sulphur to 20.25 dlrs, up 75 cts, two pct sulphur to 19.75 dlrs, up one dlr, 2.2 pct sulphur to 19.50 dlrs, up one dlr, 2.8 pct sulphur 19 dlrs, up one dlr, the company said. Price for 0.3 pct sulphur was unchanged at 22.25 dlrs, it said. Reuter 

COTTON SUPPLY/DEMAND BY COUNTRY -- USDA

The U.S. Agriculture Department detailed world supply/demand data for major importers and exporters of cotton, by country, as follows, in mln 480-lb bales -- CHINA COTTON -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 16.00 18.30 19.40 19.80 Production 16.30 16.30 19.00 19.00 Imports X X X X Domes Use 21.00 17.50 19.50 17.50 Exports 2.30 2.50 2.90 2.90 End Stocks 9.05 14.55 16.00 18.30 X - Less than 5,000 bales PAKISTAN COTTON, in mln 480 bales -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 1.07 1.07 1.05 1.05 Production 6.10 6.10 5.67 5.67 Imports X X X X Domestic Use 2.50 2.50 2.34 2.34 Exports 3.00 3.00 3.15 3.15 End Stocks 1.51 1.51 1.07 1.07 X - Less than 5,000 bales. USSR COTTON, in mln 480-lbs bales -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 2.76 2.76 2.62 2.62 Production 11.20 11.20 12.10 12.10 Imports 1.00 1.00 0.65 0.65 Domestic Use 9.70 9.70 9.60 9.60 Exports 2.80 2.80 3.00 3.00 End Stocks 2.46 2.46 2.76 2.76 JAPAN COTTON, in mln 480-lbs bales -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stocks 0.52 0.52 0.61 0.61 Production NIL NIL NIL NIL Imports 3.10 3.10 3.05 3.05 Domestic Use 3.10 3.10 3.15 3.15 Exports NIL NIL NIL NIL End Stocks 0.52 0.52 0.52 0.52 Reuter 

U.S. SELLS 1-YEAR BILLS AT AVERAGE 5.92 PCT, STOP 5.93 PCT, AWARDED AT HIGH YIELD 80 PCT

EXPORT BONUS WHEAT FLOUR TO IRAQ --USDA

The Commodity Credit Corporation (CCC) accepted a bid for an export bonus to cover a sale of 12,500 tonnes of U.S. wheat flour to Iraq, the U.S. Agriculture Department said. The department said the bonus awarded was 105.82 dlrs per tonne and the wheat flour is for shipment July 1-10, 1987. The bonus was awarded to The Pillsbury Company and will be paid in the form of commodities from CCC stocks. An additional 150,000 tonnes of wheat flour is still available to Iraq under the Export Enhancement Program initiative announced January 7, 1987, the department said. Reuter 

RICE SUPPLY/DEMAND FOR THAILAND -- USDA

The U.S. Agriculture Department detailed rice supply/demand milled-basis data for Thailand, the world's major rice exporter, as follows in mln tonnes -- 1986/87 1985/86 04/09/87 03/09/87 04/09/87 03/09/87 Start Stcks 1.32 1.33 1.46 1.46 Production 11.88 12.14 13.00 13.00 Imports NIL NIL NIL NIL Domes Use 8.73 8.73 8.80 8.80 Exports 3.70 3.70 4.34 4.34 End Stocks 0.77 1.04 1.32 1.33 Reuter 

USDA FLORIDA ORANGE REPORT CONSIDERED BEARISH

The U.S. Agriculture Department's latest estimates on 1986/87 Florida orange production and orange juice yield are bearish for the frozen concentrated orange juice futures market because the yield increase was greater than expected, FCOJ traders and analysts said. The USDA projected an average yield of 1.50 gallons of FCOJ per box versus last month's estimate of 1.47 gallons. The government estimated Florida orange production (excluding Temples) at 122.9 mln boxes versus 124 mln last month. Temples were unchanged at 3.4 mln boxes. Traders and analysts said the unexpectedly large yield increase outweighed the anticipated drop in box count. reuter 

JAMES RIVER CORP <JR> SETS REGULAR DIVIDEND

Qtly div 10 cts vs 10 cts prior Pay April 30 Record April 21 Reuter 

CANADA SOUTHERN PETROLEUM <CSW> TO SELL STOCK

Canada Southern Petroleum Ltd said its board authorized the sale of additional limited voting stock exclusively to the company's shareholders. A registration statement in connection with the proposed offering was filed with the U.S. Securities and Exchange Commission, it said. Details on the offering have not been determined, it added. Canada Southern said it has approximately nine mln shares of limited voting stock outstanding, with 15 mln shares authorized. Reuter 

NORANDA BEGINS SALVAGE OPERATIONS AT MURDOCHVILLE

<Noranda Inc> said it began salvage operations at its Murdochville, Quebec, mine, where a fire last week killed one miner and caused 10 mln dlrs in damage. Another 56 miners were trapped underground for as long as 24 hours before they were brought to safety. Noranda said the cause and full extent of the damage is still unknown but said it does know that the fire destroyed 6,000 feet of conveyor belt. Noranda said work crews have begun securing the ramp leading into the zone where the fire was located. The company said extreme heat from the fire caused severe rock degradation along several ramps and drifts in the mine. Noranda estimated that the securing operation for the zone will not be completed before the end of April. Noranda said the Quebec Health and Safety Commission, the Quebec Provincial Police and Noranda itself are each conducting an investigation into the fire. Production at the mine has been suspended until the investigations are complete. The copper mine and smelter produced 72,000 tons of copper anodes in 1986 and employs 680 people. The smelter continues to operate with available concentrate from stockpiled supplies, Noranda said. Reuter Reuter 

NEWHALL INVESTMENT PROPERTIES <NIP> PAYOUT

Shr 10 cts vs 10 cts prior qtr Pay June one Record April 24 Reuter 

NEWHALL RESOURCES <NR> QTLY DISTRIBUTION

Shr 15 cts vs 15 cts prior qtr Pay June one Record April 24 Reuter 

TREASURY BALANCES AT FED FELL ON APRIL 8

Treasury balances at the Federal Reserve fell on April 8 to 3.531 billion dlrs from 4.229 billion dlrs on the previous business day, the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 11.345 billion dlrs from 12.149 billion dlrs on the same respective days. The Treasury's operating cash balance totaled 14.877 billion dlrs on April 8 compared with 16.378 billion dlrs on April 7. Reuter 

DIANA <DNA> NOMINATES FREEDOM <FRFE> DIRECTORS

Diana Corp said it organized the Stockholders Protective Committee of Freedom Federal Savings Bank to nominate two candidates for election to the Freedom board at the April 20 annual meeting. It said the committee's nominees, Richard Fisher, Diana chairman and Harold Sampson, a Diana director, will oppose nominees of the present board of directors. Diana, which is 60 pct owned by Farm House Foods Corp <FHFC>, owns 105,554 shares of Freedom Federal common stock. Diana noted that Freedom Federal's board recently declared a distribution of Preferred Stock Purchase Rights "with the aid of which such directors might disapprove, and perhaps prevent, possible acquisition offers or substantial stock accumulations, regardless of how beneficial they might be to the stockholders." The company said "we want to increase the responsiveness of the (Freedom Federal) board to stockholder concerns." Reuter 

WESTINGHOUSE ELECTRIC CORP 1ST QTR SHR 1.05 DLRS VS 88 CTS

U.S. HOUSE VOTES 1988 BUDGET CALLING FOR CUTS AND TAXES TO REDUCE DEFICIT

U.S. OIL DEPENDENCY SEEN RISING TO RECORD LEVEL

The United States' dependency on foreign oil sources may reach record levels by the mid-1990s, according to John H. Lichtblau, president of Petroleum Industry Research Associates. Lichtblau, speaking at an alternative energy conference here, said the U.S. may depend on foreign suppliers for as much as 52 pct of its oil by 1995, surpasssing the previous high level of 47 pct in 1977. "The long term growth in dependency on foreign oil is inevitable," Lichtblau said. As much as 30 pct of U.S. oil imports in 1995 could come from OPEC nations, he said. Lichtblau said the U.S. depended on foreign suppliers for 33 pct of its oil in 1986 and predicted that would increase to 40 pct by 1990. "However, the rate of this growth can be affected positively or negatively through government action or inaction," Lichtblau said. He said that one of the government's negative actions is the maintenance of the windfall profits tax which acts as a disincentive to developing existing fields and reduces cash flow for oil exploration. Lichtblau called for the adoption of an international floor price for crude oil to help stabilize world oil prices. "An international floor price adopted by all or most industrial countries would clearly be a much more effective measure and would be much less distortive for the U.S. than if we imposed it alone," Lichtblau said. Development of alternate energy sources such as synthetic fuels as well as increased development in Alaska could lessen U.S. dependency on foreign oil, Lichtblau said. A potential for alternative supplies could limit the willingness of OPEC nations to raise oil prices, he said. Lichtblau also called for the federal government to offer tax abatements for oil drilling, to fill the Strategic Petroleum Reserve at a faster rate and to develop pilot plans for alternative energy. Reuter 

U.S. ONE-YEAR BILL YIELDS RATE OF 5.92 PCT

The U.S. Treasury said its auction of 9.76 billion dlrs of 52-week bills produced an average rate of 5.92 pct. The rate was up from 5.68 pct at the last auction of one-year bills on March 12. At today's sale, the bond-equivalent yield was 6.30 pct. Accepted bids ranged from 5.88 pct to 5.93 pct and 80 pct of bids at the high, or stopout, rate were taken. The Treasury received 26.7 billion dlrs of bids, including 554 mln dlrs in non-competitive bids from the public. The average price of the one-year bills was 94.014 and the range was 94.055 to 94.004. The average rate of 5.92 pct was the highest since 5.98 pct on July 8, 1986. Reuter 

U.S. HOUSE PASSES TRILLION DLR SPENDING BUDGET

The House approved by a 230-112 vote and sent to the Senate a trillion dlr spending budget that calls for domestic and defence cuts and higher taxes to reduce the 1988 deficit. The measure proposes cutting the deficit from 171 billion dlrs to 133 billion dlrs using the non partisan Congressional Budget Office calculations, or to 108 billion dlrs using more optimistic assumptions of President Reagan--whose own budget was defeated earlier. Reuter 

GRAIN SHIPS LOADING AT PORTLAND

There were six grain ships loading and eight ships were waiting to load at Portland, according to the Portland Merchants Exchange. Reuter 

RAYTHEON <RTN> GETS 215.3 MLN DLR CONTRACT

Raytheon Co has been awarded a 215.3 mln dlr contract for production of 1,927 guidance and control sections and spare components for Sparrow air-to-air missiles, the Navy said. REUTER 

WESTINGHOUSE ELECTRIC CORP <WX> 1ST QTR NET

Shr primary 1.05 dlrs vs 88 cts Shr dilulted 1.05 dlrs vs 86 cts Net 151.6 mln vs 135.2 mln Revs 2.32 billion vs 2.55 billion Avg shrs 144.6 mln vs 154.5 mln Reuter 

OSHKOSH TRUCK <OTRKB> GETS CONTRACT

Oshkosh Truck Corp has been awarded a 189.3 mln dlr contract for 1,403 HEMTT 977 series trucks, the Army said. reuter 

AMOCO <AN> OPTIMISTIC WITH STABLE OIL PRICES

Amoco Corp said it sees a more favorble outlook because of actions taken last year and a recent strengthening of oil prices. "It appears now that the worst is behind us," said Amoco executive vice president Richard Leet in remarks prepared for delivery to security analysts in San Francisco. "We face the future with more optimism than we did a year ago," he said. In response to last year's steep drop in oil prices, Amoco reduced and redirected exploration and production spending plans, expanded its cost cutting efforts and accelerated staff reductions, he noted. Reuter 

GEN DYNAMICS <GD> GETS 182.5 MLN DLR CONTRACT

General Dynamics Corp has received a 182.5 mln dlr contract for production of 1,391 guidance and control sections and spare sections for Sparrow air-to-air missiles, the Navy said. reuter 

NEW YORK BANK DISCOUNT WINDOW BORROWINGS 169 MLN DLRS IN APRIL 8 WEEK

CCC GUARANTEES TO IRAQ SWITCHED --USDA

The Commodity Credit Corporation (CCC) has transferred 12.0 mln dlrs in credit guarantees previously earmarked for sales of U.S. hatching eggs and 7.0 mln dlrs in guarantees for breeder livestock to increase coverage on sales of U.S. protein concentrates to Iraq, the U.S. Agriculture Department said. The action was taken at the request of Iraq's State Trade Organization for Grains and Foodstuffs and reduces the line for hatching eggs to zero and the line for breeder livestock from 15.0 mln dlrs to 8.0 mln dlrs, the department said. The guarantee line for sales of protein concentrates has been increased from 25.0 mln dlrs to 44.0 mln dlrs, it said. Reuter 

NEW YORK BUSINESS LOANS FALL 1.31 BILLION DLRS

Commercial and industrial loans on the books of the 10 major New York banks, excluding acceptances, fell 1.31 billion dlrs to 62.70 billion in the week ended April 1, the Federal Reserve Bank of New York said. Including acceptances, loans dropped 1.34 billion dlrs to 63.23 billion. Commercial paper outstanding nationally fell 4.80 billion dlrs to 334.28 billion. National business loan data are scheduled to be released on Friday. Reuter 

N.Y. BANK DISCOUNT BORROWINGS 169 MLN DLRS

The eight major New York City banks had daily average borrowings of 169 mln dlrs from the Federal Reserve in the week ended April 8, a Fed spokesman said. A Fed spokesman said that all of the borrowings were made yesterday by fewer than half the banks. It was the second half of the two-week bank statement period that ended on Wednesday. Average borrowings by these banks were 142 mln dlrs in the first week of the period. Reuter 

NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE

The U.S. Agriculture Department reported the farmer-owned reserve national five-day average price through April 8 as follows (Dlrs/Bu-Sorghum Cwt) - Natl Loan Release Call Avge Rate-X Level Price Price Wheat 2.62 2.40 IV 4.65 -- V 4.65 -- VI 4.45 -- Corn 1.38 1.92 IV 3.15 3.15 V 3.25 -- X - 1986 Rates. Natl Loan Release Call Avge Rate-X Level Price Price Oats 1.58 0.99 V 1.65 -- Barley 1.55 1.56 IV 2.55 2.55 V 2.65 -- Sorghum 2.54 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). Reuter 

U.S. WEEKLY SOYBEAN CRUSH 19,416,000 BUSHELS

Reporting members of the National Soybean Processors Association (NSPA) crushed 19,416,000 bushels of soybeans in the week ended April 8 compared with 20,115,000 bushels in the previous week and 17,160,000 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 70,351 tonnes vs 135,452 tonnes a week ago and compared with 76,065 tonnes in the year-ago week. NSPA said the figures include only NSPA member firms. NSPA gave the following breakdown of the soybean crush for the week, with comparisons, in 1,000 bu: 4/08/87 4/01/87 YEAR-AGO Illinois 2,576 3,479 X Ind, Ky, Ohio 3,586 3,376 6,053-Y South East 3,871 3,791 3,058 South Central 1,631 1,934 1,563 South West 2,426 2,334 2,183 Iowa 3,450 3,550 2,815 Minn, N.D., S.D. 1,875 1,651 1,488 Total U.S. 19,416 20,115 17,160 X-Ill not reported exclusive of Ind, Ky and Ohio in year-ago period. Y-Includes Ill. Reuter 

UNITED TECHNOLOGIES <UTX> GETS NAVY CONTRACT

United Technologies Corp has received a 130.7 mln dlr contract to exercise an option for seven SH-60F CV anti-submarine helicopters and associated maintenance trainers, the Navy said. reuter 

KIDDER, PEABODY DEFENDS EMPLOYEE DRUG TESTING

Kidder, Peabody and Co vice president Edward Weihenmayer said his company was giving drug tests to all employees to make sure its funds and assets were being handled properly. "Drugs are easily available in the Wall Street area," Weihenmayer told the Senate Judiciary Committee. "We move billions of dollars around in tens of thousands of transactions daily and have a legitimate interest in the safety and security of those assets." He said customers had a right to expect that their funds were being handled by sober and drug-free professionals. Weihenmayer said almost all Wall Street firms were testing new employees and many were testing all workers. He said Kidder, Peabody would try to help anyone found to be using drugs, but those who failed a second test would almost certainly be fired. "Our objective is to strive for a drug-free enviroment," he said. Committee chairman Joseph Biden said drug tests posed a difficult problem in balancing the rights of workers with the need for companies to eliminate drugs from the work-place. "There is no easy answer," the Delaware Democrat said. Reuter 

FUNDAMENTAL BROKERS BUYS PART OF MKI BROKERS

Fundamental Brokers Institutional Associates, a leading inter-dealer broker in U.S. government securities, said it has agreed to acquire certain assets of MKI Government Brokers Inc for undisclosed terms. Acquisition documents have been signed and are being held in escrow pending the receipt of certain consents, it said. In conjunction with the sale of assets, MKI has ceased brokering treasury bills, notes and bonds, Fundamental said. Industry sources told Reuters yesterday that Fundamental was close to acquiring the government securities brokerage division of MKI, a major broker of corporate bonds. Fundamental said it intends to use the facilities formerly used by MKI to provide a new block brokering service in the most active Treasury issues. By separating the execution of wholesale trades from the heavy volume of smaller lots, large-scale transactions will be facilitated, the company said. "The new system is expected to substantially enhance the liquidity and effiency of markets," Fundamental said. The wholesale brokering service will begin on or around April 20. Reuter 

ARGENTINA WARNS IT MAY CUT OFF TALKS WITH BANKS

Argentina's Economy Minister Juan Sourrouille said the "narrow interest" of creditor banks was holding up an accord to stretch out debt repayments and warned Argentina may break off negotiations. "It is inadmissible that the private narrow interest of some banks threatens to turn into an insurmountable obstacle for a policy we have agreed with the international community," Sourrouille said. Speaking to the International Monetary Fund's Interim Committee meeting, Sourrouille said Argentina had given ample proof that it is negotiating seriously with the banks. "Today, with that same responsibility, we are clearly stating that it will be imposible for us to continue negotiating on that basis." A monetary source who heard Sourrouille's speech from a vantage point close to U.S. Treasury Secretary James Baker, said Baker turned to one of his advisors to ask for the names of banks that Sourrouille said were stalling on an agreement. "Let's give them a call right away," the source quoted Baker as saying. Sourrouille reminded the Interim Committee that the IMF last February approved a 1.3-billion-dlr stand-by loan and a longer-term credit, known as an extended Fund Facility for another 500,000 dlrs. But he said that despite Argentina's "disciplined effort" to achieve inflation-free economic growth, it was unable to obtain IMF payouts due to the link between that arrangement and settlement of a separate agreement with creditor banks. Sourrouille stated flatly that the banks were flouting a long-established practice under which debtor countries which reached agreements on economic reforms with the Fund were a good credit risk for the banks. "In other words, facts are demonstrating that the current debt strategy is showing that an IMF agreement is only a weak signal for the beginning of another discussion (with the banks)," he stated. He added the fact that the strategy is not working was also demonstrated when governments that approved Argentina's program had to join in a bridge loan for his country. Sourrouille stated that Argentina has met IMF requirements regarding its balance of payments and its monetary and fiscal policies. Despite this Sourrouille said, "What we are facing is the inexplicable demands (from the banks) that are blocking negotations." Argentina, with a foreign debt of 50 billion dlrs, has been seeking to reschdule 24 billion dlrs in "old debt" and another 4.2 billion dlrs that had been refinanced in 1985. The minister also said there were two issues separating Argentina from an accord with creditor banks, one was a minimum difference on the interest rate margin above international levels. The other condition, of more concern, were suggestions by the banks that would upset the country's financial system. Monetary sources said creditor banks have been offering Argentina the London Interbank rate (Libor) plus 7/8 pct, which they gave Venezuela in a recent refinancing agreement. The sources said Argentina is committed to winning the lower spread Mexico gained last year of 13/16 pct above Libor. Reuter 

GE <GE> GETS 30.0 MLN DLR F-111 RADAR CONTRACT

General Electric Corp has received a 30.0 mln dlr contract for lot three of attack radar sets for the F/FB-111 avionics modernization program, the Air Force said. reuter 

NEWHALL INVESTMENT <NIP> SETS SPECIAL PAYOUT

Newhall Investment Properties said it declared a special distribution of 50 cts per share, payable June one, to unitholders of record April 24. Reuter 

FCOJ MOVEMENT 4,496,533 GALLONS LAST WEEK

Florida Citrus Processors Association said frozen concentrated orange juice movement into trade channels in the week ended April 4 totalled 4,496,533 gallons versus 5,058,976 gallons in the week ended March 28 and 4,141,578 gallons in the corresponding year-ago period. There were 499,967 gallons of foreign imports last week versus 341,280 gallons the week before. Domestic imports last week were 24,774. Retail movement was 1,741,139 versus 1,464,490 a year ago. Bulk movement was 2,328,368 against 2,139,383 a year earlier. Current season cumulative movement was 79,516,753 gallons versus 76,919,119 last year. Cumulative net pack for the season was 86,254,846 versus 82,355,864 a year ago. Inventory was 75,212,711 versus 75,985,696 a year ago. Reuter 

NATIONAL HERITAGE <NHER> BUYS MANAGEMENT FIRM

National Heritage Inc said it acquired the assets of Chartham Management Corp of Salem, Ore. Terms were not disclosed. The assets acquired will be used to form a new divisional office serving the northwest, the nursing home operator said. The newly acquired Salem operation has management responsibility for about 2,500 beds in 28 nursing homes in seven states. Southmark Corp <SM>, which owns 80 pct of National Heritage, recently agreed to acquire the 28 facilities. National is the manager of nursing home properties owned by Southmark. Reuter 

MEDIVIX <MEDX> UNIT IN PACT FOR MAIL ORDERS

Medivix Inc said its American Subscription Plan Inc subsidiary signed a contract with <Midwest Benefits Corp> to provide mail order prescription services for employees of 300 companies. Midwest acts as a third party administrator for the companies, Medivix said. The company said it anticipates the new pact will generate substantial revenues during the next 12 months. Reuter 

OHIO MATTRESS <OMT> BUYS SEALY OF MICHIGAN

Ohio Mattress Co said that its Ohio-Sealy Mattress Manufacturing Co unit completed its previously announced acquisition of Sealy Mattress Co of Michigan Inc. In addition, the company said Sealy Inc, of which its owns 82 pct, redeemed the outstanding Sealy stock held by Michigan Sealy, thus increasing the company's stake in Sealy to 93 pct. Reuter 

LA LAND <LLX>,DU PONT <DD>GET EXPLORATION TRACTS

Louisiana Land and Exploration Co said it, Du Pont Co's Conoco Inc subsidiary and <Oranje-Nassau Energie B.V.> have been offered four exploration blocks offshore The Netherlands. Louisiana Land said Blocks Q4a, E12c and E15b were offered to the group in which Conoco has a 67.5 pct interest, Louisiana Land 20 pct and Orange-Nassau 12.5 pct, while this group along with a consortium headed by Pennzoil Co <PZL> were offered Block Q5c. The offers were the result of applications submitted to the Ministry of Economic Affairs for the Netherlands Sixth Offshore Licensing Round. Louisiana Land said the Conoco group intends to provide a formal acceptance of the blocks with plans to start exploration this year. The company also said the two Q blocks immediately offset other offshore blocks on which hydrocarbons have been found in commercial quantities. Reuter 

AFG INDUSTRIES <AFG> DEBT LOWERED BY S/P

Standard and Poor's Corp said it lowered the ratings on AFG Industries Inc's subordinated debentures to B-plus from BB-plus. The issue is removed from creditwatch where it was placed on March 18. About 185 mln dlrs of debt is affected. S/P noted that while AFG's and Wagner and Brown's 2.2 billion dlr offer to acquire Gencorp Inc has been withdrawn, AFG's participation in the offer, as well as its previous 1.4 mln dlr offer for Lear Siegler Inc, shows a greater appetite for substantial acquisitions than was previously anticipated. Reuter 

MOODY'S UPGRADES SOUTHWEST AIRLINES <LUV> UNIT

Moody's Investors Service said it has raised its ratings on about 50 mln dlrs of outstanding securities of Southwest Airlines Co unit, TransStar Airlines Corp, formerly named Musa Air Corp. The agency has up the company's senior secured debt to Ba2 from B2. The action reflects the improvement in the company's financial position since its acquisition by Southwest. Southwest operates TransStar as a separate unit and has not legally assumed its debt. Reuter 

PATIENT <PTI> CONSIDERING DEBT RESTRUCTURING

Patient Technology Inc said it retained an investment banking firm to consider alternatives in restructuring its long-term debt, including a possible exchange offer for 20 mln dlrs of outstanding convertible debentures. On April one, it began consolidating sales, marketing and manufacturing operations. The consolidation is expected to be complete by June one and the company said it is now focusing on restructuring its balance sheet. The company said the first quarter will be adversely affected by the consolidation effort. For the year ago first quarter, the company reported a profit of 100,000 dlrs on 7.3 mln dlrs. The company further said that the second quarter will be transitional period and that earnings growth will resume in the second half of 1987. For the year ended December 31, 1986, Patient reported a net loss of 1.4 mln dlrs on sales of 29.8 mln dlrs, due to write-offs from discontinued operations and a temporary backlog of orders. Reuter 

NAPCO <NPCO> MANAGEMENT CANNOT RAISE FUNDING

Napco International Inc said it has suspended its plan to sell its international business to a group of that business' top managers because the group has failed to obtain satisfactory financing. The company also said it still intends to pursue a new corporate direction, and is exploring acquisition alternatives. Reuter 

BANKS OF MID-AMERICA INC <BOMA> 1ST QTR NET

Shr loss 18 cts vs loss 89 cts Net profit 161,000 vs loss 5,938,000 Assets 3.43 billion vs 3.46 billion Deposits 2.68 billion vs 2.67 billion Loans 1.45 billion vs 1.64 billion Note: Shr data after payment of preferred dividends. Reuter 

MCDONNELL DOUGLAS <MD> BUYS COMPUTER FIRM

McDonnell Douglas Corp said it acquired Frampton Computer Services Ltd, a British software company that is also known as Isis. Terms of the acquisition were not disclosed. Based in Bristol, England, Isis employs 65 workers and has annual revenues of about five mln dlrs, McDonnell Douglas said. The company added that Isis will operate as part of McDonnell Douglas Information Systems International. Reuter 

NATIONAL SEMI <NSM>, CANON IN DEVELOPMENT PACT

National Semiconductor Corp said it and Canon Inc <CANNY> plan to jointly develop integrated circuits and software products which will be manufactured by Canon. The first product will be a laser-beam printer for National's Series 32000 family of 32-bit microprocessor products, the company said. Reuter 

LIBERTY FINANCIAL GROUP <LFG> PRESIDENT RESIGNS

Liberty Financial Group Charles D. Cheleden, chairman and chief executive officer, said Harold Kline has resigned his position as president of the group and its subsidiary, Liberty Savings Bank, effective May One. Cheleden said he will assume the offices previously held by Kline, who will continue to serve on the board of the Liberty Financal Group and Liberty Savings Bank. Reuter 

WORLD MARKET PRICE FOR UPLAND COTTON - USDA

The U.S. Agriculture Department announced the prevailing world market price, adjusted to U.S. quality and location, for Strict Low Middling, 1-1/16 inch upland cotton at 50.57 cts per lb, to be in effect through midnight April 16. The adjusted world price is at average U.S. producing locations (near Lubbock, Texas) and will be further adjusted for other qualities and locations. The price will be used in determining First Handler Cotton Certificate payment rates. The department said since the adjusted world price is above the loan repayment rate of 44 cts per lb for the base quality, no First Handler Cotton Certificates will be issued during the period. Based on data for the week ended April 9, the adjusted world price for upland cotton is determined as follows, in cts per lb -- Northern European Price -- 62.88 Adjustments -- Average U.S. Spot Mkt Location -- 9.98 SLM 1-1/16 Inch Cotton -- 1.80 Average U.S. Location -- 0.53 Sum of Adjustments -- 12.32 Adjusted World Price -- 50.63 Reuter 

ROCKY MOUNT <RMUC> HOLDERS SEEK BOARD CONTROL

A shareholder group controlling 48.3 pct of the stock of Rocky Mount Undergarment Co Inc told the Securities and Exchange Commission it will try to take control of the company by taking over its board of directors. The group, which includes David Greenberg, Rocky Mount's former president, and several other members of the Greenberg family, said it had been close to an agreement with the company on board representation when talks broke down. As a result, it will propose its own slate of directors and vote for that slate at the company's April 24 annual meeting, the group said. David Greenberg had been president and chairman of Rocky Mount until May 1986 when he resigned at the board's request. David's younger brother, Herbert Greenberg, was a vice president until November 1986, when he was fired by the board. However, Herbert refused to resign his board seat and remains a company director. Rocky Mount sued the group in federal court in North Carolina earlier this month, charging that its accumulation of Rocky Mount stock amounted to an illegal tender offer in violation of the federal securities laws. Reuter 

USDA COMMENTS ON EXPORT SALES REPORT

U.S. corn sales of just over 1.0 mln tonnes in the week ended April 2 were eight pct above the prior week, but 25 pct below the four-week average, the U.S. Agriculture Department said. In comments on its latest Export Sales Report, the department said Iraq, Japan and the USSR were the largest buyers. Sales for the next marketing year, which begins September 1, totaled 503,200 tonnes and were mainly to Iraq and Taiwan. Wheat sales of 119,300 tonnes for the current season and net reductions of 13,700 tonnes for the 1987/88 season were four-fifths below the combined total for the prior week and the four-week average, it said. Sri Lanka was the most active wheat destination with purchases of 52,500 tonnes for the current year, it said. Other significant purchasers for the current year were Mexico and Honduras, it said. Soybean sales of 240,500 tonnes were one-fifth below the prior week and nearly one-third below the four-week average. Japan, Mexico, South Korea, Italy and Israel were the major purchasers, the department said. Net sales of 117,700 tonnes of soybean cake and meal fell 31 pct from the previous week and 38 pct below the four-week average. Major increases for West Germany, Venezuela, the Netherlands and Saudi Arabia were partially offset by reductions for unknown destinations, USDA said. Activity in soybean oil resulted in decreases of 2,400 tonnes, with sales to unknown destinations down by 2,700 tonnes, while sales to Canada increased 200 tonnes, the Department said. Combined sales of 71,300 running bales of cotton -- 60,200 bales for the current season and 11,100 bales for 1987/88 season -- were four-fifths higher than the prior week's level but nine pct below the four-week average. Mexico was the dominant buyer for the current year followed by Zaire, Italy, and Spain, the department said. The primary buyers for the 1987/88 season were South Korea, Spain, Japan and Taiwan, the department said. Sorghum sales of 143,300 tonnes were 25 pct less than the prior week, with Japan and Venezuela the main buyers. Reuter 

U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS IN MARCH 30 WEEK, FED SAYS

FED SAYS U.S. DISCOUNT WINDOW BORROWINGS 361 MLN DLRS IN APRIL 8 WEEK

U.S. BANK NET FREE RESERVES 447 MLN DLRS IN TWO WEEKS TO APRIL 8

WESTINGHOUSE ELECTRIC <WX> OPTIMISTIC FOR YEAR

Westinghouse Electric Corp chairman Douglas Danforth said he was encouraged by first quarter results for fiscal 1987, and said the company was positioned to capitalize on the economy's modest growth for the rest of the year. "I am encouraged by the continuing improvement in earnings," Danworth said. "The first quarter met our expectations." Westinghouse recorded net income for the first quarter of 151.6 mln dlrs, or 1.05 dlrs per share, on revenues of 2.32 billion dlrs. Danworth attributed the results to an increase in the operating profit in the energy and advanced technology, industries and commerical segments. Reuter 

BSD BANCORP <BSD> 1ST QTR NET

Shr seven cts vs five cts Net 240,000 vs 136,000 Loans 264.5 mln vs 251.7 mln Deposits 319.7 mln vs 306.8 mln Assets 348.6 mln vs 334.6 mln Reuter 

GATEWAY COMMUNICATIONS INC <GWAY> 1ST QTR NET

Shr 14 cts vs six cts Net 653,561 vs 251,955 Revs 4,143,056 vs 2,199,238 Reuter 

AMR (AMR) TO START INFORMATION CAMPAIGN IN DISPUTE

AMR Corp's American Airlines will start its own information campaign in its dispute with the Association of Professional Flight Attendants. The company, which has been negotiating with its 10,000 attendants since late last year, will give out information brochures at its terminals, outlining its position, according to L.C. Duncan Jr., vice president of corporate communications. During a news conference, Duncan said the APFA was conducting a "smear campaign" by handing out leaflets at the company's terminals. The union says it was trying to win public support by presenting its position. Last month, American fired 20 flight attendants for handing out the leaflets at Dallas-Fort Worth Airport. The union is fighting the move in court. In response to a question, Duncan said the company's latest proposal for a new three-year contract, which was offered March 11, does away with a two-tiered system of pay, whereby new employees are paid on a lower scale than those hired before 1983. However, the union has contended that the company's proposal keeps the system in a disguised form. A union spoksewoman had no immediate response to American's announcement. Currently, the airline and the union are in the middle of a federally-mandated 30-day cooling off period that was triggered after both sides rejected a federal mediator's offer of binding arbitration. When the period ends on April 25, the union is free to strike and the company is free to unilaterally impose its latest offer under the Federal Railway Labor Act. Even though the union has repeatedly said it will not strike, Duncan confirmed today that the company has received permission from the Federal Aviation Administration to speed up the hiring of new attendants. In response to a question, Duncan denied the company was thinking of firing attendants who do not comply after the 25th. "It (the speeded-up hiring) is a precautionary measure," he said. Reuter 

BRITISH AIRWAYS <BAB> SUSPENDS PROMOTION

British Airways said it suspended sale in the U.S. of its "Europe on Us" for travel from the U.S. due to disapproval by the U.S. Department of Transporation on grounds of reciprocity. Under the promotional program, customers would buy a round trip from the U.S. to London and would receive a free round trip ticket from London to one of 45 cities in 16 countries. A company spokesman said the Transportation Department's contention was that American carriers could not compete in this program. British Airways said it is seeking a review of the decision. Reuter 

BAKER COMMUNICATIONS INC <BAKR> YEAR LOSS

Shr loss 42 cts vs loss 56 cts Net loss 596,354 vs loss 795,009 Revs 3,818,258 vs 2,070,772 Reuter 

EASTOVER CORP <EASTS> 4TH QTR NET

Shr 39 cts vs 28 cts Net 491,000 vs 356,000 Revs 890,000 vs 720,000 Year Shr 1.54 dlrs vs 2.49 dlrs Net 1,952,00 vs 3,165,000 Rev 3,463,000 vs 3,005,000 Note: Net includes state tax credit of 400,000 for 1986 qtr and year. Net also includes gains from sale of real estate of 3,000 vs 83,000 for qtr and 563,000 vs 1,317,000 for year. Reuter 

MARCH U.S. SAVINGS BONDS SALES RISE STRONGLY

The Treasury said sales of EE U.S. savings bonds were 17 pct higher during March at 703 mln dlrs than in March, 1986. It was the highest savings bond sales total for any March since 1978. Total holdings of U.S. savings bonds reached 94.76 billion dlrs, the highest in the history of the program, the Treasury said. March redemptions fell six pct to 441 mln dlrs last month from 468 mln dlrs in March, 1986. For the first six months of fiscal 1987, savings bonds sales have risen 129 pct from the comparable fiscal 1986 period to 7.01 billion dlrs from 3.07 billion dlrs, the Treasury said. Reuter 

U.S. BANK DISCOUNT BORROWINGS 361 MLN DLRS

U.S. bank discount window borrowings less extended credits averaged 361 mln dlrs a day in the week to Wednesday, April 8, the Federal Reserve said. Total daily borrowings in the week fell 99 mln dlrs to 591 mln dlrs, with extended credits down 35 mln dlrs at 230 mln dlrs. The week was the second half of the two-week statement period that ended Wednesday. Net borrowings averaged 425 mln dlrs in the first week of the period. Commenting on the two-week statement period that ended on April 8, the Fed said banks had average net free reserves of 447 mln dlrs. A Fed spokesman told a press conference that there were no large one-day net misses in the Fed's estimates of reserves in the week ended Wednesday. Of the week's borrowings, money center banks accounted for 65 pct, and small banks for almost 35 pct. On Wednesday, when net borrowings were 1.36 billion dlrs and Fed funds averaged a high 6.45 pct, money center banks accounted for more than 90 pct of the borrowing. Borrowings in the latest two weeks averaged 393 mln dlrs a day, the highest since the statement period ended January 28. Float ranged from about 250 mln dlrs on Thursday to between one and 1.25 billion dlrs on Monday and Tuesday. The spokesman said Monday's float included 500 mln dlrs in holdover float at one Fed branch due to mechanical problems. About 500 mln dlrs of Tuesday's float reflected non-weather-related transportation float in one Eastern Reserve bank. As-of adjustments ranged from minus 500 mln dlrs on Monday, when cash letter errors at two eastern reserve banks were corrected, to plus 500 mln dlrs on Thursday, when a correction was made to unposted funds at a single bank. In the first half of the statement period ended Wednesday, banks held excess reserves on the first four days of the week but ran a deficit on Wednesday. In the second week, they ran a deficit on Thursday, Friday and Monday but held excess reserves on the final two days. Reuter 

NORANDA BEGINS MURDOCHVILLE MINE SALVAGE

Noranda Inc said it began salvage operations at its Murdochville, Quebec mine where a fire last week killed one miner and caused 10 mln dlrs in damage. Noranda said the cause and full extent of the damage is still unknown but the fire destroyed 6,000 feet of conveyor belt. The company said extreme heat from the fire caused severe rock degradation along several ramps and drifts in the mine. Production at the mine has been suspended until investigations are complete. The copper mine and smelter produced 72,000 tons of copper anodes in 1986. The smelter continues to operate with available concentrate from stockpiled supplies, Noranda said. Reuter 

U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS

U.S. M-1 money supply fell two billion dlrs to a seasonally adjusted 738.9 billion dlrs in the March 30 week, the Federal Reserve said. The previous week's M-1 level was revised to 740.9 billion dlrs from 741.0 billion, while the four-week moving average of M-1 rose to 739.8 billion dlrs from 739.7 billion. Economists polled by Reuters said that M-1 would be anywhere from down two billion dlrs to up 1.8 billion. Reuter 

ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 1.39 BILLION DLRS IN LATEST WEEK TO 236.77 BILLION

FDIC SAYS BANKS IN TEXAS, OKLAHOMA CLOSED

The Federal Deposit Insurance Corp said a bank in Texas and one in Oklahoma were closed and their deposits transferred to other banks for the 54th and 55th bank failures in the nation this year. The Southwestern Bank of Houston was closed and its deposits transferred to OMNIBANC, North Belt, also of Houston. The failed bank's main office will reopen as a branch of OMNIBANC. Southwestern had total assets of 14.8 mln dlrs. First National Bank of Braman, Okla., was closed and its desposits assumed by Community Bank of Shidler, Okla. First National had total assets of 12.3 mln dlrs. Reuter 

HOLDERS PLAN PRIME MEDICAL <PMSI> PROXY CONTEST

A group led by Shamrock Associates told the Securities and Exchange Commission it will mount a proxy contest in an effort to elect three class one directors to the Prime Medical Services Inc board of directors. The Shamrock shareholder group said its members also pledged not to sell their holdings back to the company "unless we sell in connection with a transaction that woulde include all Prime stockholders." The group has about 1.5 mln Prime shares or 17.8 pct of the total outstanding. Shamrock is an investment partnership controlled by Far Hills, N.J. lawyer Natalie Koether. Reuter 

BEVIS <BEVI> RECEIVES TAKEOVER INQUIRIES

Bevis Industries Inc, which has been seeking to be acquired, said it recently received inquiries concerning the purchase of the company. The company did not identify the parties that made the inquiries, but it said they had been referred to its investment bankers, Tucker, Anthony and R.L. Day Inc, for study. On March 18, the company said it engaged Tucker, Anthony to seek purchasers of its operating units, Greenville Tube Corp and MD Pneumatics Inc. Reuter 

LTV <QLTV> TO MAKE ONE-TIME BENEFIT PAYMENTS

LTV Corp said it will seek approval from the U.S. bankruptcy court to make one-time hardship payments to retired steelworkers who lost some pension benefits when their retirement plans were terminated. The payments would range from 100 dlrs to 750 dlrs per person for more than 9,800 steel company salaried and hourly retirees, LTV said. The company's steel unit retirement plans were terminated in January by the federal Pension Benefit Guaranty Corp, which said the plans were insolvent. LTV filed Chapter 11 bankruptcy last July 17. Under Chapter 11, a company is protected from creditors while it works out a plan to pay debts. While most regular pension payments were continued after LTV Steel Co's pension plans were terminated, some retirees got a reduction in their supplemental early retirement benefits or other payments that were more than maximums guaranteed by the federal agency. LTV also began talks with the United Steelworkers union, and both sides have made a commitment to reach a new labor agreement by May 1, the steel, aerospace and energy concern said. LTV has the right to renegotiate its labor contracts while operating in Chapter 11. At issue are pension and health benefits for active and retired employees and other items, such as use of manpower and equipment. The company plans to present a comprehensive proposal to the U.S. bankruptcy court in May to deal with pensions and health care benefits for steel and energy retirees and health care benefits for aerospace retirees, it said. All LTV retirees are currently receiving health and life insurance payments mandated by federal laws passed in October that have been extended until May 15. Reuter 

JACOR <JCOR> TO BUY TWO DENVER RADIO STATIONS

Jacor Communications Inc said it agreed to buy two Denver radio stations from A.H. Belo Corp <BLC> for 24 mln dlrs in cash and notes. Jacor said the two stations are KOA-AM and KOAQ-FM. The acquisitions must be approved by the Federal Communications Commission, Jacor added. Reuter 

ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK

Assets of money market mutual funds increased 1.39 billion dlrs in the week ended yesterday to 236.77 billion dlrs, the Investment Company Institute said. Assets of 93 institutional funds were up 481.1 mln dlrs to 65.65 billion dlrs, 93 broker-dealer funds rose 285.3 mln dlrs to 107.31 billion dlrs, and 197 general purpose funds gained 625.5 mln dlrs to 63.8 billion dlrs. Reuter 

POLYCAST <PTCC> REDUCES SPARTECH <SPTN> STAKE

Polycast Technology Corp told the Securities and Exchange Commission it sold off 119,800 of its Spartech Corp common shares, reducing its stake in Spartech to 30,000 shares or 1.2 pct of the total outstanding. Polycast said it made the sales April 6-8 in the over-the-counter market. It gave no reason for the sales. Reuter 

SMITHKLINE <SKB> VACCINE GETS APPROVAL OVERSEAS

Smithkline Beckman Corp said its genetically engineered hepatitis B vaccine has received regulatory approval for marketing in Switzerland and Luxembourg. The vaccine, called Engerix-B, has been approved in several other countries, including Belgium and Hong Kong. Smithkline said it is currently considering marketing avenues in the United States. Merck and Co <MRK> also has a genetically engineered vaccine being marketed in several foreign markets, according to industry sources. Reuter 

GRAIN SHIPMENTS TO THE USSR -- USDA

There were 287,700 tonnes of U.S. corn shipped to the Soviet Union in the week ended April 2, according to the U.S. Agriculture Department's latest Export Sales report. That compares with 106,200 tonnes shipped in the prior week. There were no wheat or soybean shipments during the week. The USSR has purchased 2,825,600 tonnes of U.S. corn, as of April 2, for delivery in the fourth year of the U.S.-USSR grain agreement. Total shipments in the third year of the U.S.-USSR grains agreement, which ended September 30, amounted to 152,600 tonnes of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of soybeans. Reuter 

JIFFY LUBE INTERNATIONAL <JLUB> IN AUSTRALIA

Jiffy Lube International Inc said it plans to expand into the Australian market, as well as neighboring countries, with its chain of automotive fast oil change and maintenance centers. Jiffy Lube said it plans to open its first center in Brisbane later this year, and have 100 centers open within six years. Reuter