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FRANCE SETS 7.5 BILLION FRANC T-BILL TENDER

The Bank of France said it will offer 7.5 billion francs' worth of negotiable Treasury bills at its next public weekly tender on March 9. The total includes two billion francs of 13-week bills, 2.5 billion francs of two-year bills and three billion francs' worth of five year bills. No maximum or minimum price has been set. Reuter 

(NISSAN MOTOR) LATE FEBRUARY U.S. CAR SALES UP

Nissan Motor Corp U.S.A. said domestic car sales in the February 21 to 28 period rose to 3,501 from 2,578 cars at the same time last year. For the month of February, U.S. car sales increased to 7,200 from 6,843 cars in the comparable month a year ago, Nissan Motor, a wholly-owned subsidiary of Nissan Motor Ltd said . For the year-to-date, Nissan Motor domestic sales advanced to 13,769 cars from 12,846 cars in 1986, the automaker said. Reuter 

S/P UPGRADES WILLIAMS COS <WMB> DEBT SECURITIES

Standard and Poor's Corp said it has upgraded approximately two billion dlrs of securities for the Williams Cos. and its related entities. S and P said recent sales of non-regulated oil and gas, coal, fertilizer, and telecommunications assets significantly reduce business risk. With 900 mln dlrs of proceeds available to reduce debt, the financial profile should also improve. Among issues upgraded were Williams' debentures, raised to BB-plus from BB-minus and Williams Natural Gas Co's debentures and preferred stock to BBB-minus from BB-plus. Northwest Pipeline Corp issues also were upgraded. Reuter 

GM <GM> CANADA FEBRUARY CAR SALES OFF 17.8 PCT

General Motors of Canada Ltd, wholly owned by General Motors Corp, said February car sales fell 17.8 pct to 25,779 units from 31,361 units the previous year. Year-to-date car sales fell 23.8 pct from last year, the company said. It did not immediately disclose actual year-to-date figures. Reuter 

ANALYST REITERATES BUY ON SOME DRUG STOCKS

Merrill Lynch and Co analyst Richard Vietor said he reiterated a buy recommendation on several drug stocks today. The stocks were Bristol-Myers Co <BMY>, which rose 2-1/4 to 101, Schering-Plough Corp <SGP> 2-7/8 to 97 and Syntex Corp <SYN> 1-3/8 to 82. Vietor described these stocks as a "middle group" of performers. Vietor said the prices of these stocks, "look pretty cheap relative to the leading performers in the drug group, such as Upjohn Co <UPJ>, Merck and Co Inc <MRK>, and Squibb Corp <SQB>." Vietor said he also mentioned Pfizer Inc <PFE> up two to 72-3/4 and Warner-Lambert Co <WLA> up 1-1/2 to 74-1/2 as being in the middle group. But he did not recommend those stocks, which he rates as neutral. Reuter 

STEEGO CORP <STG> 3RD QTR JAN 31 LOSS

Oper shr loss 16 cts vs loss 10 cts Oper net loss 1,569,000 vs loss 990,000 Sales 50.3 mln vs 50.1 mln Nine mths Oper shr loss nine cts vs loss two cts Oper net loss 849,000 vs loss 199,000 Sales 159.9 mln vs 156.6 mln NOTE: Current nine mths net includes 1,036,000 dlr pretax gain on sale of property. Prior year net both periods includes pretax gain 1,095,000 dlrs on pension plan termination. Current quarter net includes 580,000 dlr tax credit. Prior year net includes losses from discontinued operations of 200,000 dlrs in quarter and 573,000 dlrs in nine mths. Results restated for discontinued operations. Reuter 

MCA <MCA> NAMES SPIELBERG CREATIVE CONSULTANT

MCA Inc said noted film maker Steven Spielberg will serve as creative consultant for Universal Studios Tour Florida. The tour is a joint venture between MCA and Cineplex Odeon Corp that is scheduled to open in 1989. MCA is also planning a major expansion of its Universal Studio Tours. The expansion includes four live-action shows based films and TV series, including Spielberg's "E.T.". MCA's actions are seen as spurred by The Disney Co's <DIS> Chairman Michal Eisner's intention to build a new attraction in the Los Angeles area, possibly a studio tour. Reuter 

E-SYSTEMS INC <ESY> SETS QUARTERLY

Qtly div 12-1/2 cts vs 12-1/2 cts prior Pay April One Record March 13 Reuter 

RESOURCE EXPLORATION <REXI> IN DRILLING PACT

Resource Exploration Inc said it has agreed to let <Langasco Energy Corp> drill 50 oil and natural gas wells on its Clinton Sandstone formation within its Tuscarawas and Harrison County, Ohio area of operation. Resource said it would receive a cash payment and an overriding royalty interest on oil and gas production from wells drilled on the property. Resource said gas produced from the property will be transported through its existing pipeline. Also, Resource said it will provide service work to complete the wells and it will operate the wells after they are completed. Reuter 

CME POSTPONES CONSIDERATION OF PETITION TO BAN DUAL TRADING UNTIL NEXT WEEK

TEXAS OIL REGULATOR CALLS FOR STATE TAX BREAKS

Texas Railroad Commissioner James Nugent, saying that the ailing oilpatch cannot wait for Congress to act, today urged Texas state lawmakers to adopt incentives to find new oil reserves and to exempt severance taxes on oil produced from stripper wells. Nugent said in a speech to the Texas house of representatives that the state must take the initiative in molding U.S. energy policy and finding new ways to assist troubled oil producers. His proposal to revitalize Texas' oil industry would exempt stripper wells that produce 10 barrels of oil or less each day from the state's 4.6 pct severance tax. He said that the majority of Texas' oil wells fall within the stripper well category and a price swing of two to three dlrs a barrel can be crucial in determining if the well remains in production. Nugent also called for state lawmakers to exempt new wildcat wells from the state severance tax for up to five years as a financial incentive to explore for new oil reserves. Secondary and tertiary oil production, expensive methods of production that inject water or gas into the ground to recover oil, should also be exempted from the severance tax, Nugent said. His plan would exempt existing secondary and tertiary wells that produce at a rate of less than three barrels a day for three years, or until the price of oil reaches $25 a barrel. "We've been sitting back and waiting on two federal administrations to develop a coherent energy policy for the nation to follow. I say we have waited long enough," Nugent said. "In other words, let's tell Washington to either lead, follow, or get out of the way." Nugent said that the financial losses to the state treasury by exempting marginal oil production from state severance taxes would be more than made up by stimulating new business for the oil supply and service industry. Reuter 

GM CANADA FEBRUARY CAR SALES OFF 17.8 PCT

General Motors of Canada Ltd, wholly owned by General Motors Corp, said February car sales fell 17.8 pct to 25,779 units from 31,361 units the previous year. Year-to-date car sales fell 23.8 pct from last year, the company said. It did not immediately disclose actual year-to-date figures. Reuter 

CHRYSLER TO IDLE 2,800 WORKERS AT ILLINOIS PLANT

UNICORP AMERICAN CORP <UAC> SETS QUARTERLY

Qtly div 15 cts vs 15 cts prior Pay March 31 Record March 13 Reuter 

COLOMBIA BLASTS U.S. FOR COFFEE TALKS FAILURE

Colombian finance minister Cesar Gaviria blamed an inflexible U.S. position for the failure of last week's International Coffee Organisation, ICO, talks on export quotas. "We understand that the U.S. Position was more inflexible than the one of Brazil, where current economic and political factors make it difficult to adopt certain positions," Gaviria told Reuters in an interview. The U.S. and Brazil have each laid the blame on the other for the breakdown in the negotiations to re-introduce export quotas after being extended through the weekend in London. Gaviria stressed that Colombia tried to ensure a successful outcome of the London talks but he deplored that intransigent attitudes, both from producing and consuming nations, made it impossible. In a conversation later with local journalists, Gaviria said the U.S. attitude would have serious economic and political consequences, not necessarily for a country like Colombia but certainly for other Latin American nations and for some African countries. He told Reuters that Colombia, because of the relatively high level of its coffee stocks, would probably suffer less. According to Gaviria, Colombia can hope to earn about 1,500 mln dlrs this calendar year from coffee exports, which traditionally account for 55 pct of the country's total export revenue. That estimate would represent a drop in revenues of 1,400 mln dlrs from 1986. Colombia, which held stockpiles of 10.5 mln bags at the start of the current coffee year, exported a record 11.5 mln bags in the 1985/86 coffee year ending last September 30. Reuter 

LIBERTY FINANCIAL GROUP <LFG> REGULAR DIVIDEND

Qtly div 12.5 cts vs 12.5 cts in prior qtr Payable March 13 Record February 27 Reuter 

CHRYSLER CANADA FEBRUARY CAR SALES FALL TO 9,640 UNITS FROM YEAR-AGO 11,967

PACTEL <PAC> SEES EARNINGS GROWTH

Pacific Telesis Group chairman Donald Guinn told a meeting of security analysts that the company sees continued earnings growth in 1987 above the 1.08 billion dlrs, or 5.02 dlrs per share, earned in 1986. Guinn also said that capital spending stood at about 1.8 billion dlrs in 1986, and the company expected the figure to remain flat each year through 1989. He noted that all captial spending will be internally financed. Guinn also told analysts that the company faced some regulatory uncertainties in ongoing rate cases at its Pacific Bell operating company. In rates hearings before, the California Public Utility Commission, Guinn said the company faced a potential 76 mln dlr revenue reduction, and due to ongoing discussions with the commission, he said the figure might even be greater. The company also faces some opposition to a 225 mln dlr rate hike requested for 1986. Guinn said the commission found 180 mln dlrs of the hike was based on questionable calculations and assumptions, while 45 mln dlrs might represented unneeded modernization costs. Guinn also said that the company is still studying whether to join an international consortium that plans to lay a transpacific telephone cable between the U.S. and Japan. "We have not agreed to anything," Guinn said, but added he would soon recieve a feasibility study on the venture and the company would make a decision soon on participating. Asked by an analyst about the recent recommendation by the U.S. Department of Justice which would allow the Bell operating companies to offer limited long distance services, Guinn said the company would likely shy away from that type of expansion. "(Long distance services) is a very competitive business. It's a commodity business and becoming more so," he said. "I'm not so sure we would be interested in getting back into that business." However, Guinn generally applauded the U.S. recommendations, saying they would give more latitude for the Bell operating companies to expand into non-regulated businesses and provide more flexibility to form strategic alliances with other companies. He added that while the company welcomes the expansion into new areas, it is not currently involved in any acqusition talks. "We do not have anything actively under consideration," he said. Reuter 

TRANS WORLD AIRLINES MAKES 52 DLR/SHARE CASH MERGER PROPOSAL FOR USAIR

SENATE COMMITTEE ISSUES REVISED BANK BILL

The Senate Banking Committee has issued a revised draft bank regulation bill which would permit so-called non-bank banks to continue all their activities in progress as of March 5, 1987. The bill, which the committee is scheduled to consider tomorrow, would prohibit non-bank banks from beginning any new activities after March 5, increase the number of their locations or cross-market products or services not permissible for bank holding companies. The bill would also impose a one-year moratorium on bank securities or insurance activities. The bill would establish a financing corporation to raise 7.5 billion dlrs for the Federal Savings and Loan Insurance Corp and give federal regulators more power to arrange out-of-state mergers for failed or failing banks with 500 mln dlrs or more in assets. Committee chairman William Proxmire, D-Wis, had wanted to ban all non-bank bank activities started after July 1, 1983, but opposition from other committee members forced him to revise the legislation. The House Banking committee is also considering bank regulation legislation, but is waiting for the Senate to act. Reuter 

TEXAS AIR <TEX> UNIT SETS LAS VEGAS FLIGHTS

Texas Air Corp's Continental Airlines subsidiary said it will serve Las Vegas from several Northeastern cities from its Newark hub starting March 15 with MaxiSaver fares as low as 99 dlrs each way for off-peak and 119 dlrs for peak flights. It said a daily non-stop Newark-Las Vegas flight will carry passengers from such cities as Boston, Buffalo, Hartford, Norfolk, Portland, Providence, Rochester, Syracuse and Washington. Unrestricted coach fares to Las Vegas will be as low as 149 dlrs from Newark, 163 dlrs from Boston and 280 dlrs from Rochester. Reuter 

UNICORP AMERICAN CORP <UAC> 4TH QTR NET

Shr 13 cts vs 70 cts Net 1,279,000 vs 7,979,000 Revs 16.4 mln vs 19.6 mln Year Shr 89 cts vs 2.43 dlrs Net 10.3 mln vs 29.8 mln Revs 56.2 mln vs 83.8 mln Avg shrs 12.1 mln vs 13.1 mlnm NOTE: 1986 year net includes gain 12.9 mln dlrs from sale of eight real estate properties. Reuter 

KENYA SIGNS PACT TO ESTABLISH OWN SHIPPING LINE

Kenya has signed an agreement with British and German interests to establish a shipping line that will handle 40 pct of the country's external trade, sources close to the deal said. The state-owned Kenya Ports Authority, KPA, signed an agreement with the Hamburg-based shipping line Unimar Seetransport to establish the Kenya National Shipping line, with an initial capital of 100 mln shillings, sources said. KPA will hold 70 pct of the shares in the new company. The line will initially charter vessels to operate services between Mombasa and the main ports of industrial Europe, but may eventually build or buy its own ships. The sources said it would aim to carry a large part of Kenya's coffee and tea exports and oil and fertiliser imports. Reuter 

NEW BANK RULES TOUGHER THAN NEEDED, DEALERS SAY

U.S. and U.K. bank regulators are asking banks to set aside more reserves than is necessary to cushion them against the risks posed by the interest rate and currency swap transactions they carry, swap dealers said. After viewing proposed guidelines released jointly today by the Bank of England and the Federal Reserve Board, dealers said that in effect, regulators are asking them to set aside reserves twice for the same risk. Market participants will have 60 days to respond to the proposals. Adoption of stiffer capital requirements is especially significant in the eurobond markets, which saw new issue volume of about 183 billion dlrs in 1986 according to figures compiled by Euromoney magazine. While no firm figures exist, dealers in eurobonds estimate that 80 pct of all new issues are involved in some swap arrangement. Separately, the ISDA estimates that about 300 billion dlrs worth of swap transactions are outstanding. Kenneth McCormick, co-chairman of the International Swap Dealers Association (ISDA) and President of Kleinwort Benson Cross Financing Inc, said that the Association has no comment and will study the proposals. "What they are proposing is really double counting," Patrick de Saint-Aignan, managing director of swaps for Morgan Stanley and Co, said. Instead, he argues, banks should either be required to hold a percentage of the face value -- say one pct per year to maturity -- or to hold a percentage of the cost of replacing the contract in the event of a counterparty default. "The potential risk factors are very large relative to what we had expected," said a director at one U.K. merchant bank. "What they are really doing is asking you to capitalize now -- to borrow money now -- to cushion you against risk you might have 10 years from now," he added.(Adds title first paragraph). Dealers also said they believe that banks not covered by the agreement, such as those based in Japan, will have a competitive advantage because they will not have to pass the costs on to customers. Indeed, regulators are apparently also concerned about the exclusion of other countries from the new requirements. Federal Reserve Board Governor Martha Seger, following approval of the proposed guidelines by the Fed, said she is concerned that Japan was not involved in the U.K.-U.S. effort to draft new capital rules. Dealers said they were somewhat relieved to see that bank regulators recognized the concept of netting, that is, offsetting the amounts receiveable from and payable to a single counterparty against each other. The paper said that regulatory authorities "recognize that such arrangements (netting) may in certain circumstances reduce credit risk." Furthermore, the paper said, if a netting agreement could be reached that would withstand legal tests, it might be willing to reduce capital requirements accordingly. But dealers said they fear regulators may insist on an airtight netting agreement that is impossible to design. "One problem is that there has never been a major default in the swaps market. So we don't know if any of the swap arrangements will really stand up in court," said one bank official. Reuter 

SPEAKES SAYS HE, REAGAN MISLED PUBLIC UNWITTINGLY

Former White House spokesman Larry Speakes said he and President Reagan misled the public unintentionally on the Iran arms scandal because they themselves were misled by others. In a televised interview, Speakes was contrasting the defensive, much-criticized efforts Reagan made in early attempts to cool the scandal with the dynamic speech he expected when the president addressed the nation tonight. "When we went into those press conferences and that nationwide address in November right after the (Iran) story broke, the president did not have the proper information," Speakes said. "And that's why we were misled. And consequently, the president and I misled the public, to a certain extent." "We were badly served by the people that were involved in the Iranian crisis and running the show." Asked whom he meant, Speakes said former National Security Adviser Robert McFarlane; McFarlane successor John Poindexter; and then-National Security Council aide Oliver North. Speakes said those three had prepared a false chronology of events "that misled us into thinking that we had all the facts ..." McFarlane has said that he, North and Poindexter had doctored a White House chronology to obscure and minimize Reagan's role in the arms sales. He said they did that as part of an effort to prepare the president for a November 19 news conference. Reuter 

BANK OF CANADA MADE AGGRESSIVE USE OF T-BILLS

The Canadian government's reduced borrowing needs enabled the Bank of Canada to make "aggressive use" of short term debt instruments and pare the cost of financing in 1986, the central bank said in its annual report. The report, authored by retired governor Gerald Bouey, also noted advances to Canadian banks fell to under one billion dlrs at the end of the year from more than four billion dlrs in January, 1986, and that the country's economy performed unevenly while inflation remained a major concern. Bouey said the bank was able to reduce the number of new bond issues with maturities of 10 years of more, lessen the reliance on Canada Savings Bonds while raising substantailly more through short term treasury bill financings. "The aggressive use of the treasury bill program has meant that the government is now able to maintain lower cash balances and lower financing costs," said Bouey who was replaced by deputy governor John Crow last month. The amount of treasury bills outstanding at year end was 69.7 billion dlrs, an increase of 10.3 billion dlrs over the year and 20 billion dlrs since 1984. The reduction in borrrowing needs was brought about by an eight billion dlr decline in the government's financing requirements, a run down in Ottawa's cash balances, and generation of 2.3 billion dlrs from foreign exchange transactions. Also in pursuit of shorter term financing, the bank made greater use of bond auctions to market new issues with two to five year maturities, Bouey said. Bouey said payments to chartered banks, which are made to banks that are facing liquidity problems, dropped to an average of 832.3 mln dlrs at end of December from a peak of 5.2 billion dlrs in March, 1986. The advances were made largely to four banks, Canadian Commercial Bank, Northland Bank, Continental Bank of Canada and the Bank of British Columbia. The first two banks have been liquidated, which enabled partial repayment of advances, and the remaining two banks were sold and the new owners repaid the advances. Reuter 

SHAW'S SUPERMARKETS INC <SHAW> YEAR JAN 3

Shr 1.23 dlrs vs 1.33 dlrs Semi-annual div six cts vs six cts prior payment Net 16.2 mln vs 14.8 mln Sales 1.09 billion vs 909.4 mln NOTE: Dividend is payable April one to holders of record March nine Reuter 

ROBERT BRUCE <BRUC> DOWNGRADED BY S/P

Standard and Poor's said it lowered Robert Bruce Industries Inc's 15 mln dlrs of subordinated debentures to CCC from B-minus because of a deterioration in earnings and cash flow. Debt leverage has risen to 87 pct and the company has suspended dividend payments to conserve cash, S and P noted. Reuter 

DYNAMICS CORP <DYA> IN SETTLEMENT WITH CTS <CTS>

Dynamics Corp of America said it has reached an agreement with CTS Corp resolving all differences between the two companies. It said as a result of the settlement, CTS's special board committee has stopped soliciting orders to purchase some or all of CTS. Dynamics, which now owns 27.5 pct of CTS' outstanding stock, said it agreed to limit its shareholdings to not more than 35 pct of the outstanding shares for a year following the company's 1987 annual meeting. Dynamics said the CTS board will recommend CTS shareholders vote at the 1987 annual meeting in favor of the company paying Dynamics 2,178,000 dlrs as a reimbursement for its CTS releated costs and granting Dynamics an option to buy enough CTS common at 29.625 dlrs a share to give it ownership of 35 pct of the outstanding stock. Dynamics said the price of stock under the option, exercisable for one year, is based on the average closing price for the stock for the five days ending March two. Dynamics said CTS Chairman George F. Sommer will assume the additional title of President. Former President Robert D. Hostetler is resigning as a director, as is Chief Financial Officer Gary B. Erekson, Ted Ross and Donald J. Kacek. Dynamics said the CTS board will be reduced to seven members for eight with the remaining four members of the current board and three representatives of Dynamics as new directors. Reuter 

CME POSTPONES RULING ON DUAL TRADING PETITION

Chicago Mercantile Exchange, CME, directors have postponed action on a membership petition calling for a ban on dual trading, CME Chairman Jack Sandner told Reuters. Consideration of the petition was scheduled for a regular board meeting today, but directors first wanted the opinions of a special committee that has been studying trading conditions in the Standard and Poor's 500 futures pit for the last six months. "We didn't want to preempt the committee," Sandner said. Instead, Sandner said the board will wait for the findings of the special S and P committee, which is considering some type of restriction on dual trading in S and P 500 futures. Dual trading is the legal practice in which an exchange member can execute customer orders as well as trade for his own account. Critics maintain the practice provides an opportunity for traders to "front-run" or trade their own accounts at more favorable prices before customer orders are executed. Sandner said he expects the special committee to report its findings late next week and the board to act when those findings are presented. In response to reports that the CME board is opposed to a ban on dual trading, Sandner pointed out that the board already unanimously approved a partial ban on dual trading in S and P 500 futures at a prior meeting. The change was withheld, however, at the request of the special committee after a study was released and the committee felt the issue should be addressed more comprehensively, Sandner said. Sandner said that he personally had no aversion to a ban on dual trading and "the leadership (of the CME) is not opposed to a ban on dual trading." Last week, CME special counsel Leo Melamed said the special study committee is considering changes only for S and P 500 futures and options on futures. In addition to the dual trading issue, the committee is also expected to make recommendations on the possibility for electronic order entry and execution for S and P 500 futures and rule changes to alleviate crowded conditions in the S and P trading pit, Melamed said. Melamed said at the time that in matters where a special committee is appointed, recommendations from the committee are usually approved by the exchange board of directors. Reuter 

RENEWAL OF U.S./USSR GRAIN PACT SAID UNCERTAIN

Prospects for renewal of the five-year U.S./USSR grains agreement are uncertain at this point, a Soviet trade official told Reuters. The current trade imbalance between the United States and the Soviet Union, high U.S. commodity prices, and increased world grain production make a renewal of the supply agreement next year less certain, Albert Melnikov, deputy trade representative of the Soviet Union, said in an interview. The current agreement expires on Sept 30, 1988. Melnikov said that world grain markets are different than when the first agreement was signed in 1975. Statements from both U.S. and Soviet officials have indicate that a long term grains agreement might not be as attractive for both sides as it once was. "We have had one agreement. We have had a second agreement, but with the second agreement we've had difficulties with prices," Melnikov said. "I cannot give you any forecasts in response to the future about the agreement.... I do not want to speculate on what will happen after Sept 30, 1988," he said. Melnikov noted that he has seen no indications from Soviet government officials that they would be pushing for a renewal of the agreement. "The situation is different in comparison to three, five or ten years ago ... We can produce more," he said. Reuter 

DANAHER <DHR> EXPECTS EARNINGS INCREASE IN 1987

Danaher Corp said it expects higher earnings in 1987 versus 1986. "We expect significant increases in earnings and revenues in 1987," Steven Rales, Danaher chairman and chief executive officer, said. Earlier, the company reported 1986 net earnings of 15.4 mln dlrs, or 1.51 dlrs a share, versus 13.5 mln dlrs, or 1.32 dlrs a share, in 1985. It also reported fourth quarter net of 7.3 mln dlrs, or 71 cts a share, up from 4.4 mln dlrs, or 43 cts a share, in the previous year's fourth quarter. Reuter 

CHRYSLER <C> TO MODERNIZE ILLINOIS PLANT

Chrysler Corp's Chrysler Motors Corp said it will spend 367 mln dlrs at its Belvidere, Ill., assembly plant to modernize the facility. Chrysler said the plant, its sixth to undergo extensive modernization, will be shut down for model changeover starting March five. Some 2,800 workers of the plant's 3,300 hourly employees will be temporarily laid off for 18 weeks from March five through mid-July. The other 500 workers will remain at the plant in maintenance, retooling and material handling jobs. Chrysler said the 367 mln dlr expenditure is part of a 720 mln dlr development program at Belvidere. The rest of the money will be spent developing Chrysler's New York and Dodge Dynasty four-door sedans to be built at the plant. Modernization of the 22-year-old facility is part of Chrysler's five-year, 12.5 billion dlr company-wide program to bring its manufacturing operations up to current standards. Chrysler said it will increase the number of robots at Belvidere to 244 from 41. The robots will be used in welding, material handling and sealing. Chrysler will also help retrain the plant's workforce. The State of Illinois has committeed 10 mln dlrs in training funds to the project. When the plant reopens in July, Chrysler workers will have completed more than five mln classrom and on-the-job hours in retraining, the company said. The July restart will be on a single-shift basis. Second-shift production will start this fall. Reuter 

DANAHER CORP <DHR> 4TH QTR NET

Shr 71 cts vs 43 cts Net 7,274,000 vs 4,447,000 Rev 161.6 mln vs 77.6 mln Year Shr 1.51 dlrs vs 1.32 dlrs Net 15,401,000 vs 13,525,000 Rev 454.0 mln vs 304.9 mln NOTE: Fourth qtr net includes extraordinary gain of 3.8 mln dlrs, or 37 cts per share, versus 2.9 mln dlrs, or 28 cts a share, in 1985's fourth qtr, and an extraordinary charge of 642,000 dlrs, or six cts a share. 1986 net includes extraordinary gain of 7.4 mln dlrs, or 72 cts a share, versus 8.0 mln dlrs, or 78 cts a share, in 1985. Reuter 

TWA <TWA> MAKES MERGER OFFER FOR USAIR <U>

Trans World Airlines said it has proposed a cash merger of USAir Group with TWA in which the holders of USAir common would receive 52 dlrs in cash in exchange for their stock. TWA said the offer was made in a letter to Edmin Colodny, chairman and president of USAir. TWA said, however, that if the negotiated deal is not acceptable it may make an offer directly to USAir's shareholders for up to 51 pct of USAir's outstanding stock, to be purchased in a voting trust at a price lower than today's offer. TWA said it is filing an application with the Department of Transportation seeking approval of the merger as well as an application for approval, on an expedited basis, of its purchase of up to 51 pct of USAir common and the deposit of the stock in a voting trust, pending DOT approval. TWA said that in respect to USAir's recent offer for Piedmont Aviation <PIE> it believes that USAir's shareholders would prefer a cash merger proposal for USAir over its proposed acquisition of Piedmont. TWA said, however, it also would be interested in discussing a three way deal among USAir, Piedmont and TWA. TWA said the merger is subject to the USAir board redeeming the preferred stock purchase rights (the poison pill) issued to shareholders last year and taking action so that the vote of a majority of the outstanding common stock is required to approve its proposed move. Additionally, TWA said it would need a satisfactory due diligence review of USAir. TWA said it has not yet had an opportunity to obtain the necessary financing for the deal, but added it is confident that it will get it. Reuter 

CHRYSLER <C> CANADA FEBRUARY CAR SALES FALL

Chrysler Canada Ltd, wholly owned by Chrysler Corp, said February car sales fell to 9,640 units from year-earlier 11,967 units. Chrysler Canada said year-to-date car sales fell to 18,094 units from 22,073 units in the same period last year. Reuter 

TEXAS INSTRUMENTS <TXN> EXECUTIVE TO RETIRE

Texas Instruments Incorp said its executive vice president Grant Dove will take an early retirement effective July. The company said Dove will become chairman and chief executive officer of <Microelectronics and Computer Technology Corp> of Austin. He will have worked 28 years with Texas Instruments, the company said. Reuter 

GZB INCREASES BOND ISSUE TO 1.8 BILLION SCHILLINGS

Genossenschaftliche Zentralbank AG <GZB> said that it had increased its three-part bond issue to 1.8 billion schillings from the 1.5 billion orginally planned. GZB said in a statement that the amount being issued between today and March 6 had been raised due to heavy demand. A 12-year tranche caries seven pct interest with an issue price of 100.75 while an eight-year part, issued at 100.5, carries a 6.75 pct. The third, 20-year tranche offers 6.5 pct interest in the first year, but afterwards interest will be fixed annually at the average of secondary market rates. Reuter 

CTS <CTS> AND DYNAMICS <DYA> REACH ACCORD

CTS Corp and Dynamics Corp of America reached an agreement resolving all outstanding differences between them, according to a joint statment. As a result of the settlement, a special committee of the board of directors of CTS stopped soliciting offers to buy all or part of the company, it said. CTS and DCA also agreed to dismiss all pending litigation between the two companies except for one appeal pending before the U.S. Supreme Court relating to the Indiana Control Share Chapter, it said. Under the agreement, the CTS board will immediately be reduced to seven from eight with four current directors and three representatives of DCA being elected to the board, it said. This board will be presented as the slate for CTS' 1987 annual shareholders meeting, it added. CTS' directors will recommend to shareholders that they approve reimbursement to DCA of about 2.2 mln dlrs in expenses relating to CTS, and grant DCA an option to buy up to 35 pct of CTS' shares, it said. In addition, DCA said it agreed to limit its ownership in CTS for the year following the 1987 annual meeting to not more than 35 pct of the outstanding stock. DCA currently holds 27.5 pct of the outstanding shares of CTS. Both companies said they support the agreement and believe it to be fair to both sides. Reuter 

MEASUREX <MX> SELLS SOUTH AFRICAN UNIT

Measurex Corp said it completed the sale of its Measurex (South Africa Pty) subsidiary to a group of employees who manage the operation. Measurex, a maker of computer integrated manufacturing systems, said the subsidiary represented less than one pct of worldwide revenues and the sale will have no impact on this year's earnings. Reuter 

JEFFERIES MAKING MARKET IN USAIR <U>

Jefferies and Co said it is making a market in the stock of USAir Group Inc at 48-1/2 to 50. USAir received an offer from Trans world airlines to buy the airline at 52 dlrs cash per share. USAir was halted on the New York Stock EXcahnge for dissemination of the news. It was indicated at 47 to 54. Reuter 

FEDERAL EXPRESS <FDX> PURSUES OVERSEAS ROUTE

Federal Express Corp said it received a recommendation from an administrative law judge that it be awarded the exclusive air express route between the U.S. and Japan. Federal Express said the recommendation now must be approved by the Secretary of Transporation Elizabeth Dole and President Reagan. Federal Express said it received late last year preliminary approval by a panel over a consortium of United Parcel Service and DHL, and other air express competitors. Reuter 

AMERICAN HONDA MOTOR CO FEBRUARY SALES RISE

Honda Motor Co Ltd of Japan's American Honda Motor Co Inc unit said its February sales rose to 56,704 from 48,443 a year ago. The sales figures include sales of 7,056 cars from its new Acura division, which was not in place a year ago. Year to date sales totaled 102,751 at the end of February, up from 98,724. This included sales of 12,723 from the Acura division. In the company's Honda division, sales of the Accord model led the monthly and year-to-date totals, followed by Civic sales, then Prelude sales. In the Acura division, Intera sales outpaced Legend sales. Reuter 

KLM LOWERS TRANSATLANTIC FARES

KLM Royal Dutch Airlines <KLM.AS>, in a move following similar steps recently by U.S. carrier TWA, said it is cutting its fares on transatlantic flights from April 1. From April 1, a return fare Amsterdam-New York will be cut by eight per cent to 1,099 guilders for the low season until mid-June, when seasonal increases will come into effect. KLM recently rejected invitations by TWA to coordinate price cuts on the Amsterdam route and a spokesman said KLM had only moved now to start up a nationwide promotional campaign in the Netherlands to boost travel to the U.S. Reuter 

ANHEUSER-BUSCH <BUD> TO BUILD PLANT

Anheuser-Busch Cos' Metal Container Corp said it plans to build a beverage can manufacturing plant at Chester, N.Y. The facility is expected to become operational in late 1988. Metal Container operates six can and lid plants in the U.S., and plans to build three more, including the Chester facility. Facilities are under construction at Windsor, Colo., and Riverside, Calif. The Anheuser-Busch unit said it expects to produce six billion cans and eight billion lids in 1987. Reuter 

REAGAN IRAN SPEECH SAID TO ADMIT NEED FOR CHANGE

President Reagan, fighting to recover politically from the Iran-contra scandal, plans to acknowledge in a critical speech to the nation tonight he needs to change his ways, administration officials said. "It will be a forward-looking speech in which he will say he accepts the need for change," said an official who asked not to be identified. "I think the president wants to give his side of the story." The official said Reagan would tell the public what he is doing to set things right in the wake of last week's scorching Tower commission report on the origins of the scandal. It is not clear whether Reagan will heed the advice of many of his political allies and acknowledge that his Iran policy was wrong and he personally made some mistakes. Asked at his daily news briefing if the president would say he erred, White House spokesman Marlin Fitzwater told reporters, "His views are intensely personal and I won't give you any advance on what he intends to say in that area." He said the speech would be 12 or 13 minutes in length and that Reagan would "look beyond the horizon to a revitalized White House that will pursue an active foreign policy." "The president will discuss the Tower board report and its recommendations. He'll focus on changes he's making in the structure of the NSC (National Security Council) and his goals for the next two years," the spokesman said. To date, Reagan has defended his decision to sell arms to Iran and conceded only there were errors in implementation. Senate Republican leader Robert Dole said tonight's speech might be Reagan's last chance to repair his presidency. "It's about the ninth inning ... he has to try and set us on another course. It's hard to do that, he probably won't be able to do it," Dole told reporters. Reuter 

TRANS-LUX <TLX> SETS FIVE PCT STOCK DIVIDEND

Trans-Lux Corp said its board declared a five pct stock dividend payable April nine to holders of record March 20. The company said directors also declared regular quarterly dividends on presently outstanding shares of both classes of common, payable April nine to holders of record March 16. It said an unchanged dividend of two cts will be paid on the common and 1.8 cts on the Class B stock. Reuter 

LACANA <LCNAF> NAMES NEW CEO AND PRESIDENT

<Lacana Mining Corp> said Gil L. Leathley was appointed president and chief executive, replacing William Gross who retired. The company said Gross will continue as a director and executive committee member. Reuter 

NOLAND CO <NOLD> NAMES NEW CHIEF EXECUTIVE

Noland Co said effective April 23, when Lloyd U. Noland Jr. turns 70 and retires as previously announced as chairman and president, Lloyd U. Noland III will become chairman and chief executive officer and Carl Watson president and chief operating officer. The company said Noland III, 43, is vice president, manager of merchandising for plumbing and heating products. Watson, 64, is executive vice president, marketing. It said Noland Jr. will also leave the board on April 23, along with S.Q. Groover a retired Noland executive serving as a consultant on real estate and facilities matters. 

XEROX CREDIT <XRX> NOTES YIELD 8.061 PCT

A 100 mln dlr offering of Xerox Credit Corp 12-year notes was given an eight pct coupon and priced at 99.534 to yield 8.061 pct, Salomon Brothers Inc said as lead manager. The securities of the Xerox Corp unit are not callable for seven years. The yield reflected a premium of 91 basis points over that of comparable U.S. Treasury issues. Moody's Investors Service Inc rates the notes at A-2, compared with A-plus from Standard and Poor's Corp. Reuter 

KANEB ENERGY PARTNERS LTD <KEP> 4TH QTR LOSS

Shr loss one cent Net loss 186,000 Revs 10.7 mln 11 mths Shr loss 7.26 dlrs Net loss 121.4 mln Revs 46.9 mln NOTE: In February 1986, Kaneb Services Inc contributed all of its domestic oil and gas operations to Kaneb Partners, which was newly formed, and exchanged approximately 3,200,000 depositary units respresenting limited partnership interests in KEP for approximately 6,400,000 million shares of the outstanding common stock of Kaneb Servies Inc. Kaneb now owns approximately 82 pct of KEP. During the 11 mths of operation, the partnership wrote down the carrying value of its oil and gas properties by 124.8 mln dlrs. The write downs reduced income by 7.46 dlrs per limited partnership unit. Reuter 

DALTON COMMUNICATIONS INC <DALT> 3RD QTR JAN 31

Shr profit three cts vs loss two cts net profit 157,500 vs loss 60,200 Revs 1.1 mln vs 1.0 mln Nine months Shr profit five cts vs profit six cts Net profit 223,400 vs profit 260,800 Revs 3.2 mln vs 3.1 mln Reuter 

GREEN MOUNTAIN <GMP> TO SELL POWER TO UTILITY

Green Mountain Power Corp said it signed an agreement to provide <Bozrah Light and Power Co>, a private utility based in Gilman, Conn., with all its electric power requirements. Under the agreement, which runs through 1996, Green Mountain said it will sell the utility roughly 30,000 megawatt-hours, generating about 1.5 mln dlrs in revenues. Reuter 

FNMA CLARIFIES CURRENT DEBT OFFERING STATUS

The Federal National Mortgage Association said it wanted to clarify the status of yesterday's offering of one billion dlrs of debentures, due March 10, 1992. It said the offering was a new issue and not a reopening as stated yesterday. FNMA had said the offering was a reopening of a 1972 20-year issue. The debtentures will settle on March 10, 1987. Reuter 

VENTURE FUNDING CORP EXTENDS WARRANT PERIOD

<Venture Funding Corp> said it has extended the exercise period on its outstanding class A and B warrants until April 15, 1988. The original exercise date was April 15, 1987. The company also said it has executed a non-binding letter of intent to acquire three affiliated California corporations that own and operate Mexican food restaurants. It said it has placed "stop transfer" orders to prevent exercise of the warrants until adequate information is made available about the proposed business combination and the businesses to be acquired. Reuter 

DUFF/PHELPS LOWERS PUBLIC SERVICE ELECTRIC <PEG>

Duff and Phelps lowered the ratings assigned to Public Service Electric and Gas Company's fixed income securities valued at a total of 3.44 billion dlrs. The company's 2.61 billion dlrs in first mortgage bonds were downgraded to DP-4 (low AA) from DP-3 (middle AA). The ratings on its debentures and preferred stock valued at 213 mln and 619 mln dlrs, respectively, were lowered to DP-5 (high A) from DP-4. Duff and Phelps said the utility's debt ratings were lowered because of the recent negative rate order for its Hope Creel nuclear plants. "This order included highly stringent performance standards for the company's five nuclear plants," the ratings agency said. Reuter 

ADVANCED GENETIC SCIENCES <AGSI> NAMES DIRECTOR

Advanced Genetic Sciences Inc said Debra Coyman was named director of business development of the company. The company said Coyman was previously director of product development of Agrigenetics Research Corp in Boulder, Colo. Reuter 

WTD INDUSTRIES INC <WTDI> 3RD QTR JAN 31 NET

Shr profit 13 cts vs loss one ct Net profit 853,000 vs loss 22,000 Sales 41.1 mln vs 20.3 mln Avg shrs 6,349,753 vs 4,403,852 Nine Mths Shr profit 57 cts vs profit 28 cts Net profit 2,869,000 vs profit 1,252,000 Sales 119.0 mln vs 67.6 mln Avg shrs 5,054,844 vs 4,403,852 Reuter 

HEALTHVEST <HVT> SELLS SHARES

Healthvest, a Maryland real estate investment trust, said it began selling five mln shares of common stock at 21 dlrs a share. The company said it is also selling 543,237 shares to Healthcare International Inc <HII>, giving the company a 9.8 pct stake in Healthvest. Reuter 

CACEX DENIES BRAZIL FCOJ PRICE RISE RUMOURS

There has been no rise in the price of Frozen Concentrated Orange Juice, FCOJ, a spokesman for the Banco do Brasil's Foreign Trade Department, Cacex, said. He was responding to rumours in the international market that Brazil had raised its FCOJ prices in range of 1,075 to 1,150 dlrs per tonne. Reuter 

EPITOPE <EPTO> TO MARKET AIDS TEST

Epitope Inc said it has developed a Western Blot AIDS test and it will begin worldwide marketing efforts immediately. Reuter 

E-SYSTEMS <ESY> SETS QTRLY PAYOUT

Qtrly div 12.5 cts vs 12.5 cts prior Pay April 1 Record March 13 Reuter 

PIEDMONT MANAGEMENT CO INC <PMAN> 4TH QTR

Shr 70 cts vs 4.91 dlrs Net 3.7 mln vs 26.3 mln Year Shr 1.99 dlrs vs 3.35 dlrs Net 10.7 mln vs 18.0 mln NOTE:1986 year, 4th qtr include capital gains of 3.5 mln dlrs and 1.1 mln dlrs, respectively and extraordinary gain of 3.4 mln dlrs and 1.2 mln dlrs respectively. 1985 year and 4th qtr include capital gains of 24.0 mln dlrs and 23.3 mln dlrs respectively and extraordinary gain of 3.9 mln dlrs. Reuter 

EASTPARK REALTY TRUST <ERT> 4TH QTR NET

Shr 1.52 dlrs vs 17 cts Net 1,306,000 vs 144,000 Rev 758,000 vs 670,000 Year Shr 2.68 dlrs vs 2.63 dlrs Net 2,313,000 vs 2,285,000 Rev 2.8 mln vs 2.7 mln NOTE: Fourth qtr and 1986 had gains on real estate investments of 933,000 dlrs, or 1.08 a share, and 970,000 dlrs, or 1.12 a share, respectively. This compares with a loss of 137,000 dlrs, or 15 cts a share, and again of 1.3 mln dlrs, or 1.45 a share, for the fourth qtr and year respectively in 1985. Reuter 

IRVINE SENSORS <IRSN> COMPLETES UNIT OFFERING

Irvine Sensors Corp said it completed a public offering of 1.25 mln units, consisting of two shares of common stock and one warrant to purchase an additional share. The units were sold at a price of 1.60 dlrs each, Irvine Sensors said, adding, the units will trade under the NASDAQ symbol "IRSNU" and the new warrants under the symbol "IRSNW." Reuter 

NL INDUSTRIES INC <NL> SETS QTRLY PAYOUT

Qtrly div five cts vs five cts qtr Pay April One Record March 16 Reuter 

WTD INDUSTRIES INC <WTDI> 3RD QTR JAN 31 NET

Shr profit 13 cts vs loss one ct Net profit 853,000 vs loss 22,000 Revs 41.1 mln vs 20.3 mln Avg shrs 6,349,753 vs 4,403,852 Nine mths Shr profit 57 cts vs profit 28 cts Net profit 2,869,000 vs profit 1,252,000 Revs 119.0 mln vs 67.6 mln Avg shrs 5,054,844 vs 4,403,000 Note: Company went public in October 1986. Reuter 

ALASKA AIR GROUP INC <ALK> QTLY DIVIDEND

Shr four cts vs four cts prior qtr Pay May five Record April 15 Reuter 

FORMER BANK CHAIRMAN ADMITS ACCEPTING BRIBES

The former chairman of Peoples National Bank of Rockland County, N.Y., pleaded guilty to charges of bribery and income tax evasion. Leonard Slutsky, 41, faces up to five years in prison on each of two counts of bank bribery and tax evasion. He could also be fined up to 745,000 dlrs. In his guilty plea before Judge Charles Brieant of the White Plains, N.Y. branch of U.S. District Court, Slutsky admitted accepting payments from a tax shelter promoter. Peoples had lent money to investors in the tax shelter. The bank was declared insolvent in September, 1984. Another former official of the bank, Samuel Yonnone, 37, pled guilty today to conspiring to accept money from a broker to make false entries in the bank's books. Yonnone, who was senior vice president of the bank, faces five years in jail and a 250,000 dlr fine. The 41-year-old Slutksy admitted accepting 165,000 dlrs in bribes. Reuter 

USAIR <U> HAS NO COMMENT ON TWA <TWA> OFFER

USAir Group Inc said it had no comment on an offer it received from Trans World Airlines to buy USAir for 52 dlrs cash per share. USAir spokesman David Shipley also declined comment on Piedmont Aviation Inc <PIE>. USAir has offered 71 dlrs cash per share for half of Piedmont's stock, and 73 dlrs in its own stock for the balance. Piedmont also received an offer from Norfolk Southern Corp <NSC> of 65 dlrs cash per share. Piedmont's board was meeting today, but the company declined to say what was on the agenda. A spokesman said he could not comment on the twa action. A Norfolk Southern Corp <NSC> spokesman said the company had no comment on TWA's offer for USAir or on its proposal to negotiate a three-way merger between TWA, USAir and Piedmont. "We don't have all the details," a Norfolk Southern spokesman said. The company's 65 dlr-a-share cash offer for Piedmont stands, he said. In its offer, TWA said as an alternative to a merger with USAir, it would be interested in discussing a three-way combination among USAir, Piedmont and TWA. It said the three-way merger would serve the best interests of the shareholders of all three companies, employees and consumers. Reuter 

MORE PRESSURE URGED FOR ASIA TO TAKE U.S. BEEF

Congressmen from beef producing states and representatives of the U.S. livestock industry urged the Reagan administration to press Japan and South Korea to open up their markets to imports of beef. Testifying at a House subcommittee hearing on livestock issues, Rep. Hal Daub (R-Nebr.), said the administration should push hard for greater beef imports by Japan and South Korea. Daub was joined by several other lawmakers. U.S. assistant trade representative Suzanne Earley, replied "we're not going to let Japan off the hook, or Korea." She noted trade representative Clayton Yeutter met with a senior Korean official last week on the beef issue, and that Yeutter and Agriculture Secretary Richard Lyng will visit Tokyo in April for discussions on farm trade issues. Japan maintains a quota on beef imports, set at 58,400 tonnes high quality beef in fiscal 1987. South Korea has banned beef imports but there are indications Seoul may bow to U.S. pressure and allow some imports soon, industry officials said. In testimony today, Tom Cook, director of industry affairs for the National Cattlemens Association said "the Congress, administration and the industry must take a strong, tough and united stand to impress the Japanese that we mean business and that we expect them to open their markets." Reuter 

SOUTH AFRICAN FOREIGN RESERVES UP SHARPLY IN FEB

South Africa's total gold and foreign assets rose by 700 mln rand in February to 6.2 billion rand after rising by almost one billion rand in January, Reserve Bank Governor Gerhard de Kock said. De Kock, interviewed on state-run television, gave no breakdown of the reserves. He also said that to curb inflation, salary increases would have to be below the inflation rate. The state must set an example by keeping wage increases below the inflation rate, he said. Consumer prices rose by 16.1 pct in the year to January. Reuter 

REAGAN CHANGES WHITE HOUSE LAWYERS

President Reagan formally accepted the resignation of White House counsel Peter Wallison and named Arthur Culvahouse, an associate of new White House chief Howard Baker, to replace him. Wallison, who has handled White House legal affairs for the past year, was closely identified with former chief of staff Donald Regan and his departure had been expected. His resignation, which Reagan accepted "with deep regret," is effective on March 20. Culvahouse, a 38-year old Tennessee native who currently practices law in Washington, was Baker's legislative assistant when the new chief of staff was Senate Republican leader. Reuter 

E.F. HUTTON GROUP INC <EFH> NAMES EXECUTIVE

E.F. Hutton Group Inc said it named Jerry Welsh to the newly-created post of senior executive vice president for marketing and strategic development. The company said Welsh was previously executive vice president of worldwide marketing and communications for American Express'<AXP> Travel Related Services Co Inc. Reuter 

U.S. DAIRY PRICE SUPPORT CUT SEEN LIKELY IN 1988

The chairman of the U.S. House subcommittee on dairy, livestock and poultry issues, Rep. Charles Stenholm (D-Tex.), said it is likely the U.S. dairy support price will be cut next year. "It looks like the price cut may take place," Stenholm said at a hearing today on dairy issues. Under the 1985 farm bill, the Agriculture Secretary can lower the U.S. milk price support to 10.60 dlrs per cwt from the current 11.35 dlrs if government purchases of dairy products are forecast to exceed five billion lbs in 1988. The U.S. Agriculture Department forecasts government purchases of dairy products will total six to seven billion lbs in fiscal 1987, but says the level of purchases beyond 1987 will depend on the production decisions of dairy farmers. Reuter 

MORE SOVIET GRAIN BUYING FROM U.S. TIED TO PRICE

Whether the Soviet Union will fulfill its buying obligations under the U.S./USSR grains agreement depends entirely on the United States, a Soviet trade official told Reuters. "How can I tell that we are ready to fulfill the agreement if the United States does not want to offer us grain at competitive prices?" said Albert Melnikov, deputy trade representative of the Soviet Union to the United States. "We are in the market for grains, but it is up to the United States to be the seller ... to offer Soviets competitive prices," he said in an interview. Melnikov said that the United States has not lived up the agreement by failing to make available to Moscow U.S. grain at prevailing market prices. "We are being accused of not implementing this agreement. We do not consider we are at fault," Melnikov said. Article I in the agreement states that "purchases/sales of commodities under this Agreement will be made at the market price prevailing for these products at the time of purchase/sale and in accordance with normal commercial terms." "The United States should supply to the Soviet Union definite quantities of grain at competitive prices ... Is the United States ready to supply this?" he said. The Soviet official said that near-term corn demand has been met by the recent Soviet purchases of U.S. corn, which he confirmed at 1.5 mln tonnes, but said that if U.S. corn prices remain competitive, the Soviets will buy more if they need it. Wheat buying, however, is a different story, Melnikov said. "If the United States is interested in selling its wheat, then they must offer competitive prices, and it's up to the United States to decide how these competitive prices will be offered," he said. Last year's U.S. offer of subsidized wheat to the Soviets was rejected because of an insufficient subsidy, Melnikov said. He said that at the time of the 13 dlr per tonne subsidy offer, U.S. wheat prices were 26 dlrs over world levels. Reuter 

COMPUTER IDENTICS <CIDN> NAMES CHIEF EXECUTIVE

Computer Identics Corp said its board elected Frank Wezniak to the new position of chief executive officer and as director and president, succeeding David Collins. Collins, also founder of the company, said he resigned because the company has progressed beyond the entrepreneurial stage and requires the management experience that Weznkiak possesses. Wezniak has been active in several early stage venture capital investments and serves on a number of high tech corporation boards. The board alkso accepted a plan to issue subordinated demand notes for 600,000 dlrs to one mln dlrs to an investor group including Wezniak. The board also voted to expand to seven the number of directors and ofer a new board seat to a group of investors represented by N.V. Bekaert S.A. Reuter 

VIRGINIA HOUSING AGENCY CMO BOND ISSUE PRICED

A three-part, 160 mln dlr offering of Virginia Housing Development Authority collateralized mortgage obligations was priced, First Boston Corp said as a manager. The package includes 84 mln dlrs of CMOs with an average life of 1.1 years priced to yield 6.88 pct and 23.5 mln dlrs of bonds with a 5.5 year average life and eight pct return. Rounding out the financing is a 52.5 mln dlr tranche of floating rate CMOs. These offer a return at the three-month Libor rate plus 45 basis points. Standard and Poor's rates all of the securities AAA. Reuter 

HARTFORD STEAM BOILER BUYS 600,000 OF ITS SHARES FROM TRAVELERS

TRC COS <TRCC> UNIT GETS EPA CONTRACT

TRC Cos Inc said its wholly owned unit, Alliance Technologies Corp, received a 4.2 mln dlr contract from the U.S. Environmental Protection Agency to develop an inventory of pollutants contributing to acid deposition nationwide. TRC said the program would be the basis for evaluating the relationship between emission sources and their effects on the environment. Reuter 

BIOSPHERICS INC <BINC> QUOTES TO BE LISTED

Biospherics Inc said its common stock quotations will appear in the NASDAQ stock table published in more than 100 newspapers. The company said higher trading volume is expected from the new listing. Previously, Biospherics was listed only in the regional securities sections in the Washington Post and Baltimore Sun. Reuter 

LEASEWAY TRANSPORTATION CORP <LTC> QTLY DIV

Qtly div 37.5 cts vs 37.5 cts prior Pay April eight Record March 16 Reuter 

JOHNSON/JOHNSON <JNJ> UP ON RECOMMENDATION

Shares of Johnson and Johnson rose sharply today following a reiterated recommendation by Kidder Peabody analyst Arnie Snider, traders said. Snider said the stock had also been placed on Kidder's "selected stock list." The stock gained 3-1/2 points to 91. The reiterated recommendation focused on a strong growth rate and the quality of the company's new products. Reuter 

PERU SUGAR HARVEST SEEN LOWER -- USDA

Sugar production in Peru for the 1986/87 season has been revised to 593,000 tonnes (raw value), down 10 pct from the previous forecast and 21 pct below the 1985/86 harvest, the U.S. Agriculture Department said in its World Production and Trade Report. It said while rains in the northern mountain region are improving the supply of irrigation water, the major benefits will not occur until the 1987/88 season. Reuter 

LEGISLATORS COOL TO NEW STOCK TAX IDEA

Key tax and budget lawmakers Wednesday expressed reservations about the suggested new securities tax, which has has aroused concern on Wall Street and put pressure on brokerage stocks. Grappling with the need to either raise taxes or cut federal spending to meet the fiscal 1988 budget deficit target of 108 billion dlrs, House Speaker Jim Wright suggested the tax be studied as one way to raise more federal revenues. The Texas Democrat's idea as first presented to House Ways and Means Committee chairman Dan Rostenkowski this week would tax sales and purchases of securities. A tax of 0.25 to 0.5 percent would raise from 8.5 to 17 billion dlrs a year. Rostenkowski, the chief taxwriter, considers it too early to back any tax increase idea but agreed to add the securities transfer tax to a long list of tax alternatives under review by congressional tax analysts, a spokesman said. The Illinois Democrat has repeatedly stressed this year he is reluctant to back a tax increase so long as President Reagan maintains his staunch opposition. "First we've got to decide whether to raise additional revenues. Only then can we consider the specific options. At this point nothing is on or off the table. It's just too early," Rostenkowski said in a statement. He made no commitment to Wright in a private meeting Tuesday, and in fact was not asked for one, a House source said. The idea was presented only as something that might or might not be valuable, he said. House Budget Committee chairman William Gray agreed it was another option to be looked at, if Congress decided it needed to raise revenues to reduce the deficit, an aide said. The Pennsylvania Democrat does not intend to recommend specific tax proposals, the aide said. The Budget Committee will recommend a certain amount of revenue to be raised in 1988, but will leave to the taxwriting committee the decision on how the taxes will be raised. The securities transfer tax would raise a hefty amount of revenue to ease Congress's difficult task of trimming the deficit by 61 billion dlrs this year to meet the target. But some in Congress feared that such a tax could drive securities business offshore and hurt U.S. investment, and there were uncertainties about the details of the tax. Democrats have not united behind any budget alternatives so far this year. This week they are scheduled to discuss the budget and possible spending cuts or tax increases but no decisions are anticipated, congressional sources said. At the same time, without President Reagan's assent to a general tax increase, they are left with piecemeal taxes that are guaranteed to anger those who must pay. "We could just do all of them," one congressional source said of the various tax ideas -- excise taxes, securities taxes, oil import fee and others. Reuter 

ITEL <ITEL> GETS FINANCING FOR ANIXTER BUY

Itel Corp said it obtained commitments from a syndicate of banks for a six-year secured loan of about 325 mln dlrs and had separately filed registration statements for two public offerings for a total of 150 mln dlrs to fund its December 1986 acquisition of <Anixter Bros Inc>. It said one of the offerings will be a new 75 mln dlrs issue of convertible exchangeable series C preferred and the other will be a 75 mln dlr issue of seven-year senior subordinated notes. Both offerings will be through Merrill Lynch Capital Markets. It said a portion of the proceeds from the offerings, together with the proceeds form the new bank loan, wll be used to repay the 395 mln dlr bridge loan Merrill Lynch and Co Inc <MER> provided for Itel to buy Anixter. Itel said the banks it obtained commitments from include Manufacturers Hanover Trust Co <MHC>, <Chemical Bank of New <York>, and the <First National Bank of Chicago>. Reuter 

HARTFORD STEAM BOILER <HBOL> TO BUY STOCK

The Hartford Steam Boiler Inspection and Insurance Co said it will purchase 600,000 of its own common stock from Travelers Insurance Companies <TIC>. Hartford said it will buy the stock at 60 dlrs per share. It also said the remaining 200,000 shares currently held by the Travelers will be retained for investment purposes. The company said the purchase represents approximately six pct of the 10.6 mln outstanding shares. Reuter 

GREAT AMERICAN <GTA> GAINS OVER 80 MLN IN LOANS

Great American First Savings Bank said the bank recorded gains exceeding 80 mln dlrs on sales of loans and mortgage securities valued at 1.1 billion dlrs. The San Diego-based bank said in a prepared release of its report to analysts here that the gains included 6.6 mln dlrs in arbitrage profits from the premium paid for the separation of interest and principal components of new Federal National Mortgage Association strip securities. The bank said it reported a profit of more than 20 mln dlrs on the transaction, involving 390 mln dlrs of FNMA securities, including the arbitrage gain. Great American recently announced plans to acquire <Capital Savings Bank>, Olympia, Wash., and last year acquired <Home Federal Savings and Loan Association>, Tucson, Ariz., and <Los Angeles Federal Savings Bank>, which resulted in 66 new offices and three billion dlrs in assets. The bank also said it plans to expand into other major western banking markets and is considering an acquisition in Colorado. Reuter 

TANDY BRANDS <TAB> SELLS UNIT

Tandy Brands Inc said it sold its Grate Home and Fireplace division to an investor group that includes some members of Grate's management for 1,600,000 dlrs in cash and secured notes. The company said the sale will not materially offset the 9,848,000 dlr non-recurring charge it took against the sale of the division. Reuter 

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC

The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Intermark Inc <IMI> - Offering of 40 mln dlrs of convertible subordinated debentures due 2007 through Drexel Burnham Lambert Inc. Avery International Corp <AVY> - Offering of two mln shares of common stock through Kidder, Peabody and Co Inc and Goldman, Sachs and Co. Philadelphia Electric Co <PE> - Shelf offering of up to 1.5 mln shares of common stock through Drexel Burnham Lambert Inc. Pennzoil Co <PZ> - Offering of 100 mln dlrs of debentures due April 1, 2017 through Merrill Lynch Capital Markets and Lazard Freres and Co. Reuter 

AMERICAN FARM BUREAU OPPOSES FARM BILL CHANGES

The directors of the American Farm Bureau, the nation's largest farm organization, voted Tuesday to urge Congress to leave the 1985 farm bill in place without alterations. "We are solidly opposed to opening up the 1985 farm bill," said Dean Kleckner, president. "The current farm bill has been in place for just a little over a year and in our judgment there is more to be gained at the present time from maintaining the legislation. "Several independent studies ... indicate the 1985 farm bill is better on balance than any of the alternatives being advanced," Kleckner said. The Farm Bureau also urged Agriculture Secretary Richard Lyng to adjust the loan rate for 1987 crop soybeans as much as he deems possible under the farm bill to keep soybeans competitive in the world market. A Farm Bureau proposal suggests that producers should be eligible for supplemental payments in the form of PIK certificates for the difference between 5.02 dlrs a bushel and the new loan rate. The organization also urged Lyng to authorize deficiency payments to farmers who were unable to plant 1987 winter wheat because of adverse weather. Reuter 

WHITE HOUSE CHIEF HAS NO SECRET TAX PLAN

White House chief of staff Howard Baker said he has no secret plan to raise taxes. Talking to reporters, he pointed out that, "Ronald Reagan is president. I am chief of staff. His program is my program." I have no tax plan at all." Baker's comments came in response to a question as to whether he planned to support higher taxes to reduce the budget deficit. President Reagan has said repeatedly that he opposes higher taxes. Reuter 

BROWING-FERRIS <BFI> DECLARES 2-FOR-1 SPLIT

Browning-Ferris Industires Inc said its board declared a two-for-one stock split payable April 24 to holders of record March 31. Reuter 

EG AND G <EGG> UNIT WINS GOVERNMENT CONTRACT

EG and G said its EG and G Services unit was awarded a contract to provide facilities operations, maintenance and related services for the U.S. government's chemical decontamination training facility at Fort McClellan, Ala. Terms were not disclosed. Reuter 

U.S. SEMICONDUCTOR PLAN RAISES ANTITRUST ISSUE

A plan by U.S. semiconductor firms to cooperate in a manufacturing facility to compete with firms in Japan could conflict with anti-monopoly law, the plan's backers said. The Semiconductor Industry Association announced at a news conference a plan for a consortium to be known as SEMATECH to build an advanced semiconductor manufacturing plant. Asked whether U.S. antitrust regulators might object, Charles Sporck, president of National Semiconductor Corp, said, "That is a possibility." Sporck said the Defense Department had a strong interest in the project but he declined to estimate how much would be sought from the government or how much funding SEMATECH would require. Sporck said the group hopes to have an operational plan ready by June 1. Then it will search for a site for the manufacturing facility and an executive to head up the consortium. The consortium could be operating by the end of the year, and the facility working in 18 months, he said. International Business Machines Corp hopes to participate in the effort, Paul Low, an IBM executive, said. He said the project suppliers of raw materials and others vital to the semiconductor industry, such as toolmakers, would be invited to participate. Sporck said no decision was made on what product would be produced, stressing that the emphasis was on developing technology and sharing that with firms which belonged to SEMATECH. Other aspects were still undecided, such as whether a Japanese firm with a facility in the United States would be allowed to participate, he said. Reuter 

PENNWALT CORP <PSM> QTLY DIVIDEND

Qtly div 55 cts vs 55 cts prior Payable May one Record April three Reuter 

BANNER INDUSTRIES INC <BNR> COMPLETES PURCHASE

Banner Industries Inc said it completed the purchase of all Rexnord Inc <REX> common shares for its 26.25 dlrs per share cash tender offer that ended Feb 27, 1987. The purchase follows Banner receiving earlier today 310 mln dlrs under a credit agreement with Citicorp Industries Credit Inc and the Bank of Nova Scotia, and an additional 260 mln dlrs from offerings made for Banner and its subsidiary through Drexel Burnham and Lambert. As a result of the tender offer, Banner said it will own approximately 96 pct of the outstanding shares of Rexnord. The company said a merger of Rexnord and a subsidiary of Banner will be completed before mid-May. Reuter 

MURPHY RAISES CRUDE OIL POSTED PRICES ONE DLR/BBL. WTI TO 17.00 DLRS TODAY

AUSTRALIA SELLS BONDS IN TWO TRANCHES

The Commonwealth of Australia is offering in the Yankee bond market 400 mln dlrs of bonds in two tranches, said lead manager Morgan Stanley and Co Inc. A 250 mln dlr issue of bonds due 1997 was given a 7-5/8 pct coupon and was priced at 99.25 to yield 7.73 pct, or 60.5 basis points more than comparable Treasury securities. A companion 150 mln dlr offering of 30-year bonds was given an 8-3/8 pct coupon and was priced at 99.875 to yield 8.386 pct, or 82.5 basis points over Treasuries. Both tranches are non-callable for life. Moody's rates the bonds Aa-1 and S and P rates them AA-plus. Reuter