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TWA <TWA> GETS APPROVAL FOR LONDON ROUTE

Trans World Airlines Inc said the U.S. Department of Transportation has granted preliminary approval for service between Baltimore/Washington International Airport and London. It said once a final decision is reached, it will proceed with plans to start service on the route. Reuter 

BANCO SANTANDER TO BUY WEST GERMANY'S CC-BANK

<Banco Santander> signed a letter of intent with Bank of America <BAC> to purchase its West German affiliate <Bankhaus Centrale Credit AG>, CC-Bank, the bank said in a statement amplifying an earlier report from Frankfurt. "The incorporation of CC-Bank in our group will provide a major boost...For chanelling investment between Spain and the European Community," the statement said. "This operation enables us to take up a solid position in West Germany ahead of Spain's full integration into the EC's financial system in five years' time." The deal included the license for Visa credit cards. REUTER 

CANADIAN IMPERIAL SEES LOWER LOAN LOSSES

<Canadian Imperial Bank of Commerce>, earlier reporting higher net income for the first quarter ended January 31, said it expects loan losses to be lower than last year's 697.0 mln dlrs. However, the bank said it will maintain the high level of provisioning for loan losses established last year because of many market uncertainties. Commerce bank set loan loss provisions of 636.0 mln dlrs in fiscal 1986, ended October 31. The bank earlier said first quarter net income rose to 96.5 mln dlrs from 87.0 mln dlrs in the prior year. Profit per basic share after dividends fell to 61 cts from year-ago 64 cts. Commerce Bank said because of market uncertainties, it used an estimate of 600.0 mln dlrs for fiscal 1987 loan losses in calculating first quarter results. The bank's first quarter provision for loan losses rose to 172.0 mln dlrs, from 152.0 mln dlrs in the prior year. Commerce Bank also said it will continue to adopt an agressive posture in adding to its general provisions against loan exposure to 34 countries designated by the federal government's Inspector General of Banks. First quarter net partly benefitted from net interest income, up to 561.8 mln dlrs from year ago 540.9 mln dlrs. Commerce Bank said improved other income, which rose to 213.6 mln dlrs from year-earlier 170.1 mln dlrs, and net income was partially offset by the increased loan loss provisions, non-interest expenses and income taxes. The bank said first quarter total assets increased to 83.92 billion dlrs from 78.93 mln dlrs in the prior year, due mainly to continued expansion in consumer loan and mortgage fields. Return on assets increased by two cts to 46 cts per 100 dlrs of average assets from the first quarter in fiscal 1986, but declined two cts from fiscal 1986 fourth quarter. The bank also said total non-accrual loans increased to 2.4 billion dlrs in the first quarter from year-ago 1.8 billion dlrs. However, non-accrual loans declined 130 mln dlrs from fiscal 1986 year-end. "Despite the recent announcement of the suspension of interest payments by Brazil, virtually all of the bank's loans to this country were income producing up to January 31, 1987, and there was little adverse impact on the bank's earnings prior to the announcement," Commerce bank said. The bank did not disclose a forecast of the impact on future earnings by Brazil's suspension of interest payments. Reuter 

LOWE'S <LOW> FEBRUARY SALES UP SEVEN PCT

Lowe's Cos Inc said sales for the four weeks ended February 27 were up seven pct to 136.6 mln dlrs from 127.4 mln dlrs a year earlier. Reuter 

MERCANTILE STORES CO INC <MST> 4TH QTR NET

Qtr ends Jan 31 Shr 3.26 dlrs vs 3.17 dlrs Net 47.9 mln vs 46.7 mln Revs 673.1 mln vs 630.2 mln 12 mths Shr 7.54 dlrs vs 6.95 dlrs Net 111.1 mln vs 102.4 mln Revs 2.03 billion vs 1.88 billion . 

INDIA BOUGHT AT LEAST EIGHT CARGOES SUGAR--TRADE

India bought eight cargoes of white sugar at a buying tender this week but also gave sellers options to sell an extra eight cargoes at the same prices, traders said. Four international firms shared the business which gave each of them sales of two cargoes of Mar/Apr shipment sugar at 233 dlrs CIF and options on two cargoes of Apr/May. This brings recent options India has given traders to some 200,000 tonnes at fixed prices and makes future Indian purchases very dependent on price fluctuations, traders said. At 233 dlrs CIF the sugar sold this week was at a discount of up to 10 dlrs to current prices, some traders said. Reuter 

UNITEL VIDEO SHAREHOLDER PROPOSES POSSIBLE SALE OR LIQUIDATION OF COMPANY

ROSS STORES <ROST>FEBRUARY SAME-STORE SALES FLAT

Ross Stores Inc said sales for the four weeks ended February 28 were up 33 pct to 40 mln dlrs from 30 mln dlrs a year earlier, with same-store sales flat. Reuter 

TELEMATICS IN INITIAL PUBLIC OFFERING

<Telematics International Inc> said 2,550,000 shares of common at 12 dlrs per share are being offered in an initial public offering. It said it is offering 2,050,000 and certain shareholders are offering 500,000 shares. <Alex. Brown and Sons Inc> and Robertson, Colman and Stephens are the managers of the syndicate offering the larger number of shares, and Alex. Brown, Colman and Hambros Bank Limited are the managers of the international offering of 500,000 shares. Reuter 

TOKHEIM CORP <TOK> ENTERS JOINT VENTURE

Tokheim Corp said its advanced products and electronics division has reached a four-year manufacturing and marketing agreement with <TechVend>, a New Jersey-based corporation which had developed a credit card activated video cassette rental machine. Tokheim said the agreement gives it exclusive manufacturing and servicing rights for all TechVend machines, as well as exclusive marketing rights for convenience stores and other petroleum market-related installations. The company said the vending machines are a springboard into the video cassette rental industry. Reuter 

ALLEGHENY POWER SYSTEM INC <AYP> SETS PAYOUT

Qtly div 73 cts vs 73 cts prior Pay March 31 Record March 16 Reuter 

<SELKIRK COMMUNICATIONS LTD> 4TH QTR NET

Oper shr 57 cts vs 73 cts Oper net 6,051,000 vs 7,818,000 Revs 50.0 mln vs 56.0 mln Year Oper shr 1.06 dlrs vs 1.24 dlrs Oper net 11,301,000 vs 13,203,000 Revs 171.9 mln vs 207.4 mln NOTE: Current oper net excludes extraordinary income of 180,000 dlrs in qtr and 1,119,000 dlrs in year vs previous losses of 2,345,000 dlrs and 515,000 dlrs, respectively. Reuter 

HOUSTON OIL ROYALTY TRUST <RTH> PAYOUT LOWER

Mthly div 2.108 cts vs 2.158 cts prior Pay March 26 Record March 16 Reuter 

JUTLAND TELEPHONE ISSUES 75 MLN SFR 10 YEAR BOND

Jutland Telephone Co has launched a 75 mln 10 year bond with a 4-3/4 pct coupon and par issue price, market sources said. They said the issue is led by Union Bank of Switzerland. The bond is on sale until March 19 with payment due April 10. REUTER 

SAPPORO BREWERIES ISSUES FIVE YEAR SFR NOTES

Sapporo Breweries Ltd of Japan is issuing 100 mln Swiss francs of five year notes with a 4-5/8 pct coupon and 100-1/4 issue price, lead manager Swiss Bank Corp said. The issue is guaranteed by Fuji Bank. Payment is due March 17. Reuter 

ENGELHARD CORP SETS THREE FOR TWO STOCK SPLIT AND RAISES QUARTERLY

PARIS TRADE DETAILS EC GRAIN TENDER RESULT

The EC Commission rejected all bids for free market bread-making and feed wheat and all bids for the special West German tender at today's weekly EC cereals tender, trade sources said here. It granted export licences for 123,000 tonnes of free market barley at a maximum rebate of 138.75 Ecus per tonne and 25,000 tonnes of maize at a maximum rebate of 133.75 Ecus, they said. Licences for 100,000 tonnes of the barley were awarded to French trade houses, they added. Reuter 

ERICSSON'S U.S. UNIT WINS 1.4 MLN DLR CONTRACT

Ericsson Corp, the U.S. unit of <LM Ericsson Telephone Co> of Sweden, said it won a 1.4 mln dlr contract from California's Somona State University for computer communications equipment. The contract includes Ericsson's MD110 digital private branch exchange and a local area network, supplying voice services to 1500 campus computer users and greater computer access, the company said. Reuter 

HOLDER PROPOSES UNITEL <UNV> SALE OR LIQUIDATION

Michael Landes, a major stockholder in Unitel Video Inc, said he has asked the company to consider liquidating, or selling some or all of its assets. "Mr. Landes has requested the company to implement a program to maximize shareholder values, which might include a sale of all or part of the company or a liquidation," he said in a filing with the Securities and Exchange Commission. Landes and another Unitel Video investor, Albert Schwatz, have formed a shareholder group and together hold 329,225 common shares, or 15.2 pct of the total outstanding common stock. Landes and Schwartz had reached an agreement in principle with the New York video tape service company on a 12.50 dlr a share takeover proposal last September, but subsequent merger talks broke down in October. The investors told the SEC they are continuing to review their positions company and may acquire more shares or sell some or all of their current stake. Reuter 

HUGES TOOL COMPANY SAYS BAKER INTERNATIONAL MERGER PLAN NOT TERMINATED

ROYAL DUTCH/SHELL GROUP OF COS 4TH QTR NET

Shr Royal Dutch Petroleum Co <RD> 2.30 dlrs vs 2.90 dlrs Final Royal Dutch dividend of 8.30 guilders for total 12.80 guilders vs 12.80 guilders for 1985 Shr Shell Transport and Trading Co PLC <SC> 1.38 dlrs vs 1.65 dlrs Final Shell Transport dividend 118.0 pence for total of 172.0 pence vs 140.0 pence for 1985 Group Net 1.07 billion vs 1.24 billion Group Sales 20.42 billion vs 25.84 billion Year Shr Royal Dutch 8.65 dlrs vs 9.11 dlrs Net Shell Transport 4.78 dlrs vs 5.16 dlrs Group Net 3.71 billion vs 3.88 billion Group Sales 81.40 billion vs 94.57 billion NOTES: Group is 60 pct owned by Royal Dutch and 40 pct by Shell Transport Dollar amount of Royal Dutch dividend will depend on guilder/dollar exchange rate on May 14. Final dividend is payable June 16 to holders of record May 26 Shell Transport dividend and per share results based on New York shares, which are equal to four ordinary shares. Dollar final dividend will be determined by sterling/dollar exchange rate May 18. At current rate, with tax credits, is equal to 2.59 dlrs. Final dividend is payable May 28 to holders of record April 10 Fourth quarter U.S. dollar figures for group translated from sterling at average rate of exchange for the quarter which was 1.43 dlrs per pound in 1986 and 1.44 dlrs in 1985. Full year U.S. dollar figures are sum of sterling translations to U.S. dollars for first, second, third and fourth quarters Net includes FIFO inventory gain 217 mln dlrs vs loss 80 mln dlrs in quarter and loss 1.23 billion dlrs vs loss 178 mln dlrs in year. If LIFO accounting had been used, company said, Royal Dutch per share net would have been 1.78 dlrs vs 3.17 dlrs in quarter and 11.60 dlrs vs 9.53 dlrs in year, Shell Transport per share net would have been 1.10 dlrs vs 1.81 dlrs in quarter and 6.36 dlrs vs 5.40 dlrs in year Net includes restructuring credit 114 mln dlrs vs charge 72 mln dlrs in quarter and credit 67 mln dlrs vs charge 467 mln Per share impact of restructuring on Royal Dutch was credit 27 cts vs charge 17 cts in quarter and credit 16 cts vs charge 1.10 dlrs in year, on Shell Transport was credit 15 cts vs charge 10 cts in quarter and credit nine cts vs charge 62 cts in year Net also includes currency exchange losses of 20 mln dlrs vs 69 mln dlrs in quarter and 170 mln dlrs vs 401 mln dlrs in year. Exchange losses had per share impact on Royal Dutch of 14 cts vs 31 cts in quarter and 96 cts vs 1.26 dlrs in year and on Shell Transport of eight cts vs 17 cts in quarter and 51 cts vs 71 cts in year. Reuter 

U.S. HOUSE SPEAKER SEES ACTION ON FSLIC FUNDING

House Speaker Jim Wright said he expects the House Banking Committee to approve legislation in "a week or so" for an infusion of funding for the cash-short Federal Savings and Loan Insurance Corporation (FSLIC). The agency, which insures depositors in thrift institutions against losses, only has about 1.9 billion dlrs left, House Banking Committee officials said. The administration wants legislation for a long term 15 billion dlr replenishment, but Wright is pushing for an emergency, short-term five billion funding effort. Wright made his prediction in a talk with reporters. Reuter 

WORLD GRAIN TRADE RECOVERY MAY BE UNDERWAY

World grain trade could be turning the corner and heading toward recovery in the 1986-87 season, a Cargill, Inc. analyst said. Writing in the March issue of the Cargill Bulletin, David Rogers of Cargill's Commodity Marketing Division cited a gradual rise in world wheat trade in recent months, with a slow rise in wheat prices after recent historic lows. He said the wheat trade, because wheat can be produced in many nations, is a good barometer of world grain trade and could lead to more activity in other grain markets. Rogers said that with world grain prices at their lowest level in over a quarter of a century in real terms, demand has begun to rise while producing nations are re-examining their expensive price-support policies and reducing planted acres. Reuter 

INVESTMENT FIRM BOOSTS PUROLATOR <PCC> STAKE

Halcyon Investments, a New York investment partnership that deals mainly in risk arbitrage and stock trading, said it raised its Purolator Courier Corp stake to 726,700 shares, or 9.5 pct, from 474,900, or 6.2 pct. In a filing with the Securities and Exchange Commission, Halcyon, whose managing partner is Alan B. Slifka and Co, said it bought 201,800 Purolator common shares between Feb 3 and March 2 at prices ranging from 28.689 to 34.811 dlrs each. Halcyon, which said it has spent 20.1 mln dlrs for its Purolator common shares, said it also acquired options on Feb 27 giving it the right to buy 50,000 shares for 1.8 mln dlrs. Reuter 

AETNA <AET> TO SELL CANADIAN OPERATIONS

Aetna Life and Casualty Co said its Aetna Life and Casualty of Canada Ltd subsidiary has agreed in prnciple to sell its casualty-property subsidiary, Aetna Casualty Co of Canada to <Laurentian Group> of Montreal for undisclosed terms. The company said the agreement is subject to Canadian government approval. Reuter 

NPPC DELEGATES APPROVE DISEASE AND DRUG PROGRAMS

Delegates from the National Pork Producers Council, NPPC, yesterday approved programs for control and eradication of pseudorabies and establishment of a national safe drug use program. The delegate body, attending the American Pork Congress in Indianapolis, approved a pseudorabies control and eradication program at the state level after a recommendation from NPPC's PRV (pseudorabies virus) oversight committee. The PRV committee received results of a three year, five state pilot project which had a 97.5 pct success rate in eradication of the disease within 116 hog herds. The project was jointly funded by the USDA and NPPC. "Primarily it (the program) allows individual states to deal with their own problems according to a timetable that suits them best," Mike Wehler, member of the NPPC's PRV oversight committee said. In regards to safe drug use, the delegates approved a plan asking that NPPC be active in establishing a national safe drug use program. The program would establish better relationships between producers and veterinarians and eventually lead to a quality assurance program in pork production, according to the plan. "This program basically communicates to the FDA that we are concerned about safe drug use and will do our part to use drugs safely, if FDA will allow the same policy to continue in effect," Wehler said. Reuter 

SOUTHERN MINERAL CORP <SMIN> 4TH QTR LOSS

Shr loss two cts vs profit three cts Net loss 77,400 vs profit 134,000 Revs 418,500 vs 435,900 Year Shr profit eight cts vs profit 27 cts Net profit 315,100 vs profit 1,082,700 Revs 1,761,900 vs 2,511,200 NOTE: Per-share figures adjusted for four-for-three stock distribution effective Dec 14, 1984 1985 results include an extraordinary tax benefit of 55,000 dlrs, or one ct a share in each period Reuter 

BANK OF ENGLAND RESISTS PRESSURE FOR RATE CUT

The Bank of England again fought against money and bond market pressure for a pre-Budget interest rate cut, leaving the pound to take the strain with a further rise in its trade-weighted index to a six-month high. It closed at its best level since September 12, at 71.4 pct of its 1975 value on the index, as foreign investors continued to buy into a currency which offers high relative returns and the possibility of short-term capital gains, dealers said. Meanwhile, opinion is divided over whether the Bank can stop a cut before Budget Day, March 17, and why it should want to. The Bank's latest strong signal to the market that it wants rates to stay steady for the moment came in midafternoon, when it lent to the discount houses at a penal rate of 11-3/4 pct to relieve a money market shortage. "They're really making the discount houses suffer," said Stephen Lewis, economist at brokerage house Phillips and Drew. "Eleven and three-quarters pct is way above money market rates." This money market signal was apparently not accompanied by any sterling sales on the foreign exchanges, talk of which had inhibited strong rises yesterday and Tuesday, so buyers came strongly into the pound. The pound surged to a high of 1.5798/808 dlrs at the London close, up from the previous finish at 1.5650/60, and 2.8900/60 marks, up from 2.8720/50. "If this pressure keeps up...There is a possibility that rates could drop before the Budget," said Jeremy Hale, economist at finance house Goldman Sachs International Corp. Some gilt traders are forecasting a half-point cut in the base rate from the current 11 pct as early as tomorrow. However, analysts said the Bank of England will need to be convinced that the present rise is a fundamental re-rating rather than a result of short-term speculative gains. There are valid reasons for the Bank to be cautious, said Peter Fellner, U.K. Economist at brokers James Capel and Co. Markets have become highly optimistic about the chances of a Conservative Party victory in any early general election, and disappointment if Prime Minister Margaret Thatcher decides to hold back could lead to a decline in the pound and a setback for bonds, Fellner said. An election could be delayed until mid-1988, but most forecasts say it will be this year. Others note that the pound could yet prove vulnerable to oil price losses or a change of fortune for the dollar. However, analysts agree the Bank is largely trying to set the timing of a cut than holding out against one altogether. The authorities traditionally prefer a single sustainable rate move, one way or the other, to half points here and there. Some add the Bank will be influenced by signs that at least a proportion of the latest bout of sterling buying is long-term capital coming into the London market, notably from Japan. They argue that the pound is being perceived as a safer bet than the dollar, given the latters recent sharp falls and current political upheavals in Washington. The Bank may want to see another few points on the trade-weighted index before the Budget, argued Lewis. "But by then sterling should be firm enough to satisfy even the Bank of England," he added. The Bank declined to comment on its reasons for resisting pressure for a rate move before the budget, but banking sources said the authorities see the recent rise in sterling as more than just marking up by foreign exchange traders. Meanwhile, analysts noted the market ignored potentially harmful news on the trade front, today's figures showing that the current account deficit in 1986 was 1.1 billion stg. This was above previous estimates of the current account deficit and compares with a surplus of 2.9 billion stg in 1985. Fellner said that under more normal conditions this would have given the bond and currency markets a pause, but that they were too bullish to worry about such fundamentals. The guessing game over the timing of a cut has the clearing banks divided as well as the markets. Privately, some bank officials forecast the Bank will hold out at least for this week, but at least one bank says a rise is possible tomorrow. If a move comes before March 17, forecasts are for a half-point cut, with another half or full point about Budget day. REUTER 

BALDRIGE SAYS U.S. MAY RETALIATE ON KANSAI

Commerce Secretary Malcolm Baldrige said he may recommend that the United States retaliate against Japan if the Japanese do not permit U.S. construction firms to participate in building the eight billion dlr Kansai airport. But he said he had a personal commitment from Japanese Prime Minister Yasuhiro Nakasone that U.S. firms would have a chance at the work. "I think he will honor that commitment," Baldrige told the Senate Appropriations subcommittee on commerce affairs." He said one form of retaliation could be to curb Japanese firms' two billion dlr construction work in the United States. reuter 

ENGELHARD CORP <EC> SETS STOCK SPLIT

Engelhard Corp said its board declared a three-for-two stock split and raised the quarterly dividend to 19-1/2 cts per share presplit from 19 cts, both payable March 31 to holders of record March 17. Reuter 

EGYPTIAN 1986 CRUDE OIL OUTPUT DOWN ON 1985

Non-Opec Egypt produced 40.3 mln tonnes (about 295 mln barrels) of crude in 1986 against 44.3 mln tonnes (about 323 mln barrels) in 1985, according to official figures released today by the Egyptian General Petroleum Corp. (EGPC). Officials say Egypt can produce up to one mln bpd per day, but production was cut when world prices plunged last year. In an attempt to help OPEC stabilize the world market, Egypt cut its 1987 production target of 940,000 bpd to its current output of 870,000 bpd. Egypt, which exports a third of its output, currently sells its top Suez and Ras Bahar blends for 17.25 dlrs a barrel. REUTER 

TRADERS DETAIL IRISH INTERVENTION BARLEY TENDER

The European Commission authorised the export of 33,500 tonnes of Irish intervention barley at today's tender for non-European Community destinations at 53.10 Ecus per tonne, grain traders said. Reuter 

MERRILL LYNCH <MER> PARTNERSHIP FULLY SUBSCRIBED

Merrill Lynch, Pierce, Fenner and Smith Inc said it has fully subscribed the 120 mln dlrs in partnership interests it offered in the ML Venture Partners II, LP. The firm said ML Venture Partners II will make equity investments in new and developing privately held companies in high technology industries, or young privately held companies offering innovative services or advanced manufacturing processes. Merrill Lynch said the partnership will make another cash distribution of 364 dlrs per 5000 dlrs invested this month. Reuter 

H AND H OIL TOOL CO <HHOT> 4TH QTR LOSS

Shr loss six cts vs profit two cts Net loss 196,000 vs profit 71,000 Revs 2,512,000 vs 5,776,000 Year Shr loss 1.09 dlrs vs loss 18 cts Net loss 3,509,000 vs loss 587,000 Revs 12.0 mln vs 21.0 mln Note: 1986 year includes special charge of 1,600,000 dlrs, or 50 cts per shr on write-down of rental equipment. Reuter 

CHRYSLER <C> OVERSEAS UNIT REDEEMING DEBENTURES

Chrysler Overseas Capital Corp said it authorized redemption on April 17 of its 4-3/4 pct and five pct convertible debentures due 1988. The Chrysler Corp unit said the move is prompted by the parent company's three-for-two stock split, which requires a recalculation of the debentures' conversion prices that will adversely affect those prices by at least five pct. Chrysler said holders converting debentures before the stock split becomes effective March 23 will receive a greater number of shares on a post-split basis than if they convert afterwards. Reuter 

CB AND T FINANCIAL CORP <CBTF> YEAR NET

Shr 2.10 dlrs vs 1.72 dlrs Shr diluted 1.98 dlrs vs 1.72 dlrs Net 2,228,000 vs 1,730,000 Reuter 

AMOSKEAG BANK <AMKG> TO ACQUIRE ENTREPO

Amoskeag Bank said it signed an agreement to acquire <Entrepo Financial Resources Inc>, a Philadelphia-based company which leases and remarkets high technology equipment. Terms of the acquisition were not disclosed. It said Entrepo has assets of 20 mln dlrs. Reuter 

WASHINGTON NATIONAL CORP <WNT> VOTES DIVIDEND

Qtly div 27 cts vs 27 cts prior qtr Pay 1 April Record 16 March Reuter 

KAINES SELLS JORDAN TWO CARGOES OF WHITE SUGAR

Trade house Kaines said it sold Jordan two cargoes of white sugar at its buying tender today. The sale comprised two 12,000 to 14,000 tonne cargoes (plus or minus 10 pct) for Mar/Apr shipment, a Kaines trader said. Traders said the business was done at 235.5 dlrs a tonne cost and freight. Reuter 

COMMUNITY BANK SYSTEM <CBSI> BUYS NICHOLS BANK

Community Bank Systems Inc and the <Nichols National Bank> said they have signed a definitive agreement for Nichols to become a member of the CBSI Group of banks for an exchange of stock worth 2.8 mln dlrs. CBSI said it expects to complete the deal, pending Nichols' shareholder and regulatory approval, later this year. Reuter 

ELI LILLY <LLY> SUES INT'L PHARMACEUTICAL <IPPI>

International Pharmaceutical Products Inc said Eli Lilly and Co has filed a patent infringement suit against it for marketing Vincristine Sulfate for injection. International Pharmaceutical said it believes that becaue of differences in formulation, it is not infringing on Eli Lilly's patent. Vincristine Sulfate is a chemotherapeutic product used to treat cancer. Reuter 

POLISH TRADE OFFICIAL CALLS FOR FREER MARKET

Deputy Foreign Trade Minister Janusz Kaczurba told Reuters that Poland would have to diverge from traditional Communist bloc centrally-planned economic policies if it wanted to bring about economic renewal and compete in world markets. Stressing his commitment to a series of reforms recently introduced to streamline the economy and boost export-oriented industry, he also called for an expansion in the role of the private sector. Asked whether the policies the government was advocating did not represent a departure from the strictly controlled economic model within the Soviet bloc, he said in an interview with Reuters "I don't see any alternative but to try to proceed along the lines of economic reasoning." He referred specifically to bankruptcies, which he said would be "the logical outcome of a more stringent economic policy," once the state stopped propping up enterprises to guarantee jobs, regardless of how inefficient they were. He added, "We should follow the policy of creating a system whereby managers will be really responsible for the overall economic effect of enterprises. This can be done in one way only, through the reduction of subsidies." But he also noted the need to curtail bureaucracy of branch ministries, allow domestic prices to reflect the world market, make foreign exchange rates more realistic, provide incentives to export-oriented industry and encourage private business. Kaczurba was talking to Reuters about the effect on the economy of U.S. Sanctions imposed in 1982 in response to the suppression of the Solidarity trade union under martial law. He acknowledged that Poland's economic decline would add to its problems in trying to regain markets and support from Western creditors even after Washington lifted remaining restrictions and restored Most Favoured Nation trading status last month. Western officials say Polish goods have to be more competitive and of better quality in the face of trade wars and protectionism amongst U.S., Japanese and European competitors. Reaffirming the government's view that the key to solving some of those problems and meeting payments on a 33.5 billion dlr foreign debt lay in increasing hard currency exports, Kaczura said private enterprise could play a greater role. "I think we could have some 20,000 small private enterprises active in export-oriented business if such operators are successfully convinced that the policy towards the (private) sector is stabilised," he said. Poland already has a more developed private sector than most other East European countries. Among economic reforms already under way, Kaczurba listed easier access to hard currency profits, tax incentives, access to investment credits and two devaluations of the zloty to increase competitivity of prices. He said such policies had been welcomed by the World Bank and International Monetary Fund, through which Poland is hoping to gain new credits, but Poles were caught in a "vicious circle." Creditors wanted proof that the policies were directed towards improving exports, but in order to fulfil their expectations Poland first needed fresh inputs, he said. REUTER 

TAIHEI KOGYO ISSUES 40 MLN SFR FIVE YEAR NOTES

Taihei Kogyo Co Ltd is launching 40 mln Swiss francs of five year notes with a 4-3/4 pct coupon and 100-1/4 issue price, lead manager Swiss Bank Corp said. Payment is due March 18. REUTER 

EASTMAN KODAK ACQUIRES 18.7 PCT INTEREST IN ENZON INC

EURATOM ISSUES 50 MLN ECU BOND

Euratom, the European Atomic Energy Community, is issuing a 50 mln Ecu, six-year bond with a coupon of 7-1/2 pct and priced at 101-1/2, lead manager Banque Generale du Luxembourg SA said. The bond features a sinking fund from 1989 which will retire 10 mln Ecus worth each year thereafter, giving the issue an average life of four years. Payment date is April 8 and the issue matures on the same date in 1993. The bond will be denominated in lots of 1,000 Ecus and will be listed in Luxembourg. Fees total 1-7/8 pct, with 1-1/4 pct for selling and 5/8 for management and underwriting, including a praecipuum of 1/8 pct. REUTER 

TURKEY SEEKING 100,000 TONNES SUGAR - TRADE

Turkey is holding a buying tender for 100,000 tonnes of white sugar on March 24, traders here said. The sugar is being sought for early arrival and will probably be met with April/May shipment sugar, they added. Earlier today newspapers in Turkey carried an advertisement from Turkish Sugar Factories inviting offers of 100,000 tonnes of crystal sugar with a 50 pct option to increase or decrease the amount. Over the 1983/85 period Turkey each year has exported between 240,000 and 350,000 tonnes of whites to Iran and between 62,000 and 230,000 tonnes to Iraq. Following lower sugar crops in the past two years analysts said Turkey needs to import sugar now if it is to continue filling these export contracts, and may need to buy more. Last month London broker C Czarnikow estimated Turkish 1986/87 production at 1.42 mln tonnes raw value against 1.4 mln in 1985/86 and an average 1.76 mln in the previous three seasons. The semi-official Anatolian Agency recently quoted Turkish Minister of Industry and Trade Cahit Aral as saying Turkey would export 100,000 tonnes of sugar this year and import the same amount. REUTER 

SHAD FAVORS SHORTENING DISCLOSURE PERIOD

Securities and Exchange Commission Chairman John Shad said the SEC favors shortening the current 10-day period for disclosing takeover attempts but opposes putting restrictions on the use of so-called junk bonds. "We favor shortening the disclosure period to two days," Shad told members of the House Telecommunications and Finance subcommittee when asked for his recommendation. He said the SEC's responsibility was to provide full disclosure for securities, including junk bonds, and not to make decisions based on merit. He said junk bonds had some value because of their liquidity. Shad said he opposes proposals to require those attempting takeovers to file a statement on the impact the takeover would have on the communities involved. "We've opposed it in the past. It goes far beyond investor protection," Shad said. He said he had no comment on a proposal by House Speaker Jim Wright, D- Texas, to tax securities transactions. Reuter 

ALCAN <AL> UNIT BEGINS PREFERRED SHARE OFFER

Aluminum Co of Canada Ltd, a unit of Alcan Aluminium Ltd, said it began an offer of 400,000 shares of a new series of preferred stock after its board approved the final prospectus. The offering, which is being made in Canada, is for 400,000 shares of cumulative redeemable retractable preference shares at 25 dlrs apiece. The quarterly dividend on the stock, to be known as series F, will be 50 cts Canadian, equal to eight pct a year, the company said. Reuter 

CORRECTED - PEGASUS GOLD INC<PGULF> 4TH QTR NET

Shr profit 20 cts vs loss two cts Net profit 2,665,000 vs loss 202,000 Revs 12,141,000 vs 5,993,000 Year Shr profit 35 cts vs loss 11 cts Net profit 4,653,000 vs loss 1,167,000 Revs 35.1 mln vs 18.0 mln NOTE: company corrects reporting period to 4th qtr and year from 3rd qtr and nine mths Reuter 

MFS MULTIMARKET <MMT> INITIAL OFFERING UNDERWAY

Lead underwriters Wheat, First Securities Inc and E.F. Hutton Group Inc <EFH> said an initial public offering of 110 mln shares of beneficial interest of MFS Multimarket Income Trust is under way at 10 dlrs per share. The trust has granted underwriters an option to buy up to 16.5 mln more shares to cover overallotments. Reuter 

HUGHES TOOL <HT> SAYS BAKER <BKO> MERGER ALIVE

Hughes Tool Co Chairman W.A. Kistler said its counter proposal to merge with Baker International Corp was still under consideration and that a merger was in the best interests of both companies. "Our hope is that we can come to a mutual agreement that is good for both companies," Kistler said of the proposed merger that would result in a 1.2 billion dlr oil field service company. "We're working very hard on this merger." Hughes' board today again adjourned a shareholders meeting to vote on the proposed merger and rescheduled it for March 11 to give Baker more time to consider the counter proposal. The Hughes board, which had previously expressed concern about a U.S. Department of Justice consent decree that would require Baker to sell its drilling bit operations and submersible pump business, met yesterday and threatened to terminate the proposed merger. The Hughes board made a counter proposal that the two companies first find acceptable buyers for the businesses before signing the decree. The directors of Baker immediately after receiving the counter proposal filed a law suit in Texas in a Texas state court to force to Hughes to complete the merger. "The uncertainty as to the price and conditions that might be imposed by the Department of Justice makes us very nervous about what the outcome might be," Kistler said, in explaining why Hughes had made the counter proposal. "We need additional time to understand why Baker did not accept our proposal." Kistler also said that the law suit filed by Baker "was not a factor" in the board's decision to keep its merger proposal on the table. He declined to comment on the allegations in the lawsuit. Kistler said Hughes would be willing to consider a compromise counter proposal, but declined to be more specific. The Justice Department in January said it would block the Hughes and Baker merger on anti-trust grounds unless both companies agreed to sign a consent decree that would provide for the sale of the assets after the merger took place. The Hughes board said it would not sign the decree because its was too "unreasonable." Hughes said that Baker should instead complete the sale of the disputed assets before the merger is finalized and given government approval. Under the decree, if Baker is unable to find acceptable buyers within a specified period of time after the decree is approved, a federal trustee would become responsible for finding a buyer. Kistler said that under those terms, the trustee could take up to 10 years to complete the sales. He also expressed concern that the combined companies might be required by the government's conditions to license some of its technology to any purchaser of the assets. Baker said last night in a statement that the required assets to be sold would reduce revenues by about 65 mln dlrs, representing about three pct of the revenues of the combined companies. Reuter 

AEQUITRON MEDICAL INC <AQTN> 3RD QTR LOSS

Period ended January 31 Shr loss five cts vs profit eight cts Net loss 247,100 vs profit 345,300 Sales 4,529,300 vs 3,482,800 Nine mths Shr profit six cts vs profit 18 cts Net profit 261,300 vs profit 793,700 Sales 12.3 mln vs 9,957,200 Reuter 

LOWE'S COS INC <LOW> 4TH QTR JAN 31 NET

Shr 18 cts vs 31 cts Net 7,168,000 vs 11.3 mln Sales 497.4 mln vs 475.6 mln Avg shrs 39.6 mln vs 37.1 mln Year Shr 1.34 dlrs vs 1.64 dlrs Net 52.2 mln vs 59.7 mln Sales 2.28 billion vs 2.07 billion Avg shrs 39.0 mln vs 36.5 mln NOTE: Current year net both periods includes charge 2,885,000 dlrs or seven cts shr from early note retirement and charge seven cts shr from reversal of tax credits. Current year net both periods includes gain six cts shr from plywood manufacturers litigation settlement. Reuter 

SHOE-TOWN <SHU> FEBRUARY SALES UP 21.8 PCT

Shoe-Town Inc said <shu> it had record February sales of 10,052,000 up 21.8 pct from 8,252,000 dlrs in the year earlier months. The company said sales for the eight weeks ended February 28 were 19.5 mln dlrs up 19.9 pct 14.1 mln dlrs a year earlier. Reuter 

TEKELEC <TKLC> SETS PACT WITH BRITISH TELECOM

Tekelec said it signed a license agreement with British Telecommunications PLC <BTY.L> to make and market a test instrument for digital microwave communications equipment. Tekelec said the new product is expected to be priced at 25,000 dlrs and to be shipped in the second half of 1987. The 20-year, non-exclusive agreement grants Tekelec the right to manufacture and market the instrument in North America and Japan. Reuter 

SPANISH METAL WORKERS REJECT 1987 WAGE OFFER

Spain's metal workers, the biggest organised labour force, broke off talks with employers over 1987 wages, union sources said. The main Socialist and Communist unions rejected an offer from the Confemetal employers' organization for a six pct wage rise, one point above the government inflation target for 1987. The metal working industry has 900,000 workers in 60,000 factories. The unions said they were considering a bid to resume talks next week. REUTER 

FRANCE TO SELL STAKE IN SOCIETE GENERALE UNIT

The French government is to sell to the public its 47.42 pct direct holding in Societe Generale <STGN.PA>'s regional bank subsidiary <Societe Generale Alsacienne de Banque>, SOGENAL, from next Monday, SOGENAL officials said. SOGENAL, founded in 1881 and nationalised in 1982, is the leading French regional bank and has branches in Austria, Belgium, Luxembourg, East and West Germany and Switzerland. Chairman Rene Geronimus told a news conference the share offer price, expected to be announced tomorrow by Finance Minister Edouard Balladur, would be between 110 and 130 francs. Societe Generale, which will itself be privatised later this year, will retain its 52.58 pct majority holding in the bank, Chairman Marc Vienot said. SOGENAL officials said they forecast 1987 consolidated group profit of around 170 mln francs after an estimated 160 mln this year and 159 mln in 1985. SOGENAL's privatisation will be preceded by a capital increase to 320 mln francs from 263 mln, earning about 250 mln francs in new funds. Its shares will be divided by eight, giving a capital of 12.8 mln shares of 25 francs nominal. The bank will be listed on the Nancy stock exchange, in line with the Finance Ministry and government's aim of a regional operation, Geronimus said. He said he was hoping for shareholders to total around 30,000 to 35,000 against the 12,500 before nationalisation. Ten pct of the capital to be floated will be reserved for employees with the rest offered to the public. There will not be a share reserved for foreign investors. "This is too small an operation and anyway they will be able to buy shares in France," he said. Stockbroker sources said that a likely share offer price of 120 francs would value SOGENAL at 1.5 billion francs. Geronimus said the bank's future aim would be to reinforce its existing strong points, with no major projects planned apart from the opening soon of a Basle branch. SOGENAL is the only French bank in Austria, it set up the first foreign exchange dealing room outside Paris at its Strasbourg headquarters in 1985, and is the only foreign banking subsidiary to be a broker on the Zurich Bourse. The government's banking adviser for the operation was <Banque Privee de Gestion Financiere>, BPGF, owned by French financier Pierre Moussa's <Pallas> group, assisted by Britain's <Hambros Bank Ltd>. REUTER 

TEXAS AIR CORP <TEX> UNIT FILES FOR DEBT OFFER

Continental Airlines Inc, a unit of Texas Air Corp, said it filed a registration statement with the Securities and Exchange Commission for an offering of 350 mln dlrs of equipment certificates. Continental plans to raise 125 mln dlrs through an issue of first priority secured equipment certificates due 1992, 125 mln dlrs through second priority certificates due 1995 and 100 mln dlrs via third priority certificates due 1999. Interest will be payable March 15 and September 15, starting September 1987. Lead manager will be Drexel Burnham Lambert Inc. It also plans a filing of 100 mln dlrs of 10-year notes. Reuter 

MIDLAND <MLA> SETS STOCK SPLIT

Midland Co said its board declared a two-for-one stock split, subject to approval of a doubling of authorized common shares at the annual meeting on April 9, and an increase in the quarterly dividend to 12 cts pre-split from 10 cts. The dividend is payable April 8, record March 17, and the split would be payable May 7, record April 23. Reuter 

PRUDENTIAL INSURANCE YEAR EARNINGS

The Prudential Insurance Company of America, a privately held company, said today that net income in 1986 rose to 2.8 billion dlrs from the 2.3 billion dlrs reported the year earlier. Assets under management rose to 177.5 billion dlrs in 1986 from 150.1 billion dlrs in 1985, while consolidated assets jumped to 134.5 billion dlrs from 115.7 billion dlrs. Discussing its major subsidiaries, the company said that Prudential Capital and Investment Services Inc, the holding company for brokerage house Prudential-Bache Securities and certain other related subsidiaries, earned 142 million dlrs in 1986. Of that, the securities operations of Prudential-Bache netted 81.7 mln dlrs after taxes and a charge of 25 mln dlrs. Reuter 

FIRST INTERSTATE <I> FILES FOR PREFERRED OFFER

First Interstate Bancorp, which last month withdrew its takeover proposal for BankAmerica Corp <BAC>, filed with the Securities and Exchange Commission for an offering of 1,500 shares of auction preferred stock. Proceeds from the sale will be used for general purposes, mainly to fund or make loans to its subsidiaries, it said. Goldman, Sachs and Co will be lead underwriter, it said. The company also said its loans to Brazil, which suspended interest payments on medium and long-term bank debt, were 504 mln dlrs on Dec 31, while nonperforming Brazilian outstandings were 4.1 mln dlrs and interest receiveable was 5.0 mln dlrs. Reuter 

BP CAPITAL BV PLANS DUAL-CURRENCY BOND ISSUE

Amro Bank NV announced a 150 mln guilder seven-year dual-currency bond issue with a 6.5 pct coupon on behalf of BP Capital BV, guaranteed by British Petroleum Co Plc <BP.L> subsidiary BP Maatschappij Nederland BV. The par-priced public issue will be redeemed in full at 487.80 dlrs per 1,000 guilder bond on April 15, 1994. Amro said the bonds, the second dual-currency issue in the Dutch market in two weeks, is aimed at investors who expect the dollar to rise in the medium term. Interest payments during the life of the loan are, however, not exposed to exchange rate fluctuations. Early redemption will not be allowed. Subscriptions on the loan close at 1400 gmt on March 13. Payment date is April 15. The issue is underwritten by a management group led by Amro, Algemene Bank Nederland NV and Pierson, Heldring and Pierson NV. REUTER 

FED'S JOHNSON SAYS PRICE STABILITY CRITICAL FOR NON-INFLATIONARY EXPANSION

EC OPENS SPECIAL REBATE FOR MAIZE - PARIS TRADE

The EC Commission decided to open a special daily export rebate today for maize exports to Morocco, Israel, Canary Islands and zone 5c (Sub-Saharan Africa), trade sources said here. The rebate was set at 153 European currency units per tonne for March and 133 for April through July. Reuter 

AEQUITRON <AQTN> SEES 4TH QTR CHARGE

Aequitron Medical Inc said costs related to its previously announced plan to consolidate Life Products operations in Boulder, Colo, are expected to total 720,000 dlrs, or eight cts a share for the fourth quarter ending April 30. It said the costs including moving expenses, severance pay and future lease payments. The company said it will consolidate Life Products into the company's headquarters and manufacturing operations in Minneapolis. Reuter 

BIG B INC <BIGB> 4TH QTR JAN 31 NET

Shr 23 cts vs 17 cts Net 1,742,000 vs 1,1512,000 Sales 62.6 mln vs 53.6 mln Avg shrs 7,854,000 vs 6,617,000 Year Shr 61 cts vs 61 cts Net 4,469,000 vs 4,039,000 Sales 209.8 mln vs 175.4 mln Avg shrs 78,369,000 vs 6,610,000 Reuter 

PAKISTAN COMPLAINS ABOUT AFGHAN AIR RAIDS

Pakistan complained to the United Nations today that planes from Afghanistan attacked Pakistani villages last Thursday and Friday, killing 90 people and wounding 230 others. "These wanton and barbarous attacks are unprecedented in the scale of the casualties inflicted and damage caused," Pakistan's acting U.N. representative Aneesuddin Ahmed said in a letter to Secretary General Javier Perez de Cuellar. Ahmed, who did not request any specific U.N. action, said the attacks took place immediately after the start of the current round of U.N.-sponsored talks on Afghanistan in Geneva and indicated that "the Kabul regime is deliberately aggravating tensions and vitiating the prospects of the talks." Reuter 

WILSHIRE <WOC> CHIEF NAMED TO JACOBS <JEC> BOARD

Wilshire Oil Co of Texas, which has a 9.8 pct stake in Jacobs Engineering Group Inc, said its chairman, Siggi Wilzig, was appointed to the Jabobs board. In a filing with the Securities and Exchange Commission, Wilshire, which holds 417,100 Jacobs common shares, said Wilzig was appointed to the Jacobs board of directors on March 3 after the company's annual shareholder meeting. Wilshire also said that Jacobs Chairman Joseph Jacobs has agreed to recommend a second Wilshire nominee for election to the board if the person was found to be qualified. Reuter 

FEBRUARY U.S. RETAIL SALES NOT SIGN OF UPTURN

U.S. retailers posted stronger than expected sales in February, but not enough to prompt analysts to change their expectations of sluggish sales growth for the first half of 1987. "My feeling is that it (February) borrowed some of the business we normally see later in the quarter and the real strength of general merchandise sales will be in the second half of 1987," said Bear Stearns and Co analyst Monroe Greenstein. "I don't think March will be as strong because Easter falls in April this year," said Morgan Stanley analyst Walter Loeb. Analysts generally average the sales results of March and April to account for the variation of Easter's occurrence. Analyst Edward Johnson of Johnson Redbook Associates said sales for February rose between six and 6.5 pct, compared to a 3.6 pct increase last year. Analysts noted that February is considered a small, transitory month between winter and spring. In addition, sales comparisons were boosted by an especially soft February last year which was adversely affected by severe weather. Apparel sales outshone other product groups in sales, according to retailers and analysts. "February's strong sales reflected a lot of fresh merchandise on the shelves and higher consumer income due to tax reductions," said Greenstein of Bear Stearns. Analysts expect apparel sales to remain good as sales of durable and houseware items grow softer due to the continuing high levels of consumer debt. May Department Stores Co <MAY> and K Mart Corp <KM> were among the strong performers, posting comparable store sales gains of 9.4 pct and 8.2 pct, respectively. May had an overall sales gain of 15.0 pct and K Mart had a 13.1 pct sales gain last month. "Favorable consumer response to our merchandise programs continued to positively impact our sales comparisons. IN addition to the strong contribution by K Mart stores, all our specialty retailing companies had excellent February sales," said K Mart chairman Bernard Fauber. Sears Roebuck and Co <S> posted a 4.9 pct increase. "Domestic sales were led by better than average increases in apparel, home fashions and hardware and especially strong catalog sales," said Sears chairman Edward Brennan. Analysts were a little disappointed by J.C. Penney Co Inc <JCP> which started out with especially strong sales early in the month. Penney posted a 5.5 pct increase on a comparitive store basis and a 5.3 pct gain in overall sales. Penney chairman William Howell said, "store sales were strongest during the early part of the month, while catalog demand was consistently strong throughout the period. Store sales activity varied throughout the country, ranging from good in the East to weak in the depressed southwest. Analysts also said gross profit margins were high as retailers were not overly promotional due to leaner inventories than a year ago. "February is not a big month seasonally but these numbers suggest a fairly good trend for consumer spending," said Drexel Burnham Lambert analyst Jeff Edelman. FEBRUARY SALES FOR MAJOR U.S. RETAILERS STORE PCT 1987 1986 SEARS 4.9 1.8 BILL 1.8 BILL K MART 13.1 1.5 BILL 1.3 BILL WAL-MART 44.0 885 MLN 615 MLN JC PENNEY 5.3 780 MLN 741 MLN FEDERATED 9.6 720 MLN 657 MLN MAY 15.0 632 MLN 550 MLN DAYTON HUDSON 19.5 602 MLN 504 MLN ZAYRE 25.7 327 MLN 260 MLN MONTGOMERY WARD 11.1 277 MLN 249 MLN Reuter 

QUARTZ ENGINEERING AND MATERIALS <QRTZ> 1ST QTR

Qtr ended Dec 31 Shr nil vs nil Net loss 59,922 vs loss 357,203 Revs 714,263 vs 926,964 Reuter 

KODAK <EK> BUYS STAKE IN ENZON <ENZN>

Eastman Kodak Co said it has acquired an 18.7 pct equity interest in Enzon Inc, a pharmaceutical company specializing in protein therapy. Kodak said it secured worldwide marketing rights for three of Enzon's PEG enzymes used in the treatment of oxygen toxicity disorders, hyperuricemia and gout. The company said it acquired two mln Enzon shares for 15 mln dlrs, with loans to Enzon of two mln dlrs and interest of 30,000 dlrs credited against the purchase price. Kodak said the drugs covered by the marketing rights are in initial stages of the U.S. Food and Drug Administration approval process. It said the investment should provide the necessary capital to complete the FDA review process and provide a marketing outlet for the drugs. The drugs are PEG-superoxide disdmutase and PEG-catalase, for use against oxygen toxicity disorders that cause the often-fatal tissue damage associated with severe burns, organ transplants, heart attacks and trauma, and PEG-uricase, for treatment of gout and other conditions caused by the buildup of high levels of uric acid in the body. Reuter 

GECC ISSUES 75 MLN AUSTRALIAN DLR EUROBOND

General Electric Credit Corp is issuing a 75 mln Australian dlr eurobond due April 16, 1990 paying 15 pct and priced at 101-3/8 pct, lead manager Hambros Bank Ltd said. The non-callable bond is available in denominations of 1,000 Australian dlrs and will be listed in Luxembourg. The selling concession is one pct while management and underwriting combined pays 1/2 pct. The payment date is April 16. REUTER 

GEMCRAFT INC <GEMH> YEAR NET

Shr 42 cts vs 1.21 dlrs Net 2,317,000 vs 5,847,000 Sales 360.0 mln vs 282.4 mln Avg shrs 5,463,000 vs 4,829,000 NOTE: 1986 net includes 4,700,000 dlr pretax charge from writedown of land and abandonment of land and pretax charges of 5,800,00 dlrs from pending rescission offer, settlements with U.S. agencies, adjustment of the prior booking of residuals arising from collateralized mortgage obligation bond issues, writedowns of land held by a joint venture, startup costs associated with entering new markets, an increase in reserves for customer service and writeoffs and reserves for mortgage-related receivables to reflect current market values. Reuter 

BROWN-FORMAN <BFD> FILES 200 MLN DLR DEBT OFFER

Brown-Forman Corp said it filed a shelf registration covering up to 200 mln dlrs of debt securities guaranteed by its parent company, Brown-Forman Inc. Proceeds will be used to retire commercial paper, to repay some long-term debt and for general corporate purposes. Reuter 

APPLIED SOLAR ENERGY CORP <SOLR> 1ST QTR NET

Qtr ended Jan 31 Shr profit nine cts vs loss 30 cts Net profit 317,000 vs loss 997,000 Sales 6,338,000 vs 3,119,000 Note: 1986 net includes extraordinary gain of 90,000 dlrs, or two cts per shr. Reuter 

PACIFIC NUCLEAR SYSTEMS IN <PACN> 4TH QTR LOSS

Shr loss 19 cts vs profit seven cts Net loss 851,000 vs profit 227,000 Revs 2,600,000 vs 4,800,000 Year Shr loss 46 cts vs profit 19 cts Net loss 2,100,000 vs profit 600,000 Revs 9,900,000 vs 15.9 mln Reuter 

WITCO <WIT> TO OFFER CONVERTIBLE DEBENTURES

Witco Corp said it filed with the Securities and Exchange Commission a registration statement covering a 100 mln dlr issue of convertible subordinated debentures due 2012. Proceeds will be used to finance acquisitions and for general corporate purposes, the company said. Witco named Smith Barney, Harris Upham and Co Inc as lead manager and Goldman, Sachs and Co as co-manager of the offering. Reuter 

FED'S JOHNSON STRESSES PRICE STABILITY

Federal Reserve Board Vice Chairman Manuel Johnson said that maintaining price stability was critical to achieving non-inflationary economic growth in the world and said that progress was being made. "It is worth reiterating that the Federal Reserve's promotion of price stability is critical to the successful implementation of virtually all of the important ingredients for growth," he told the Eastern Economic Association. Johnson said initial progress has been made on a variety of fronts. "Federal Reserve monetary policy, the Gramm-Rudman-Hollings legislation, the G-6 agreement, and the Baker debt initiative for example all have moved us in the right direction," he said. G-6 is comprised of U.S., Britain, France, Japan, West Germany and Canada. On the budget deficit, Johnson said meeting precise numerical goals was less important than a continuing commitment toward slowing the growth of federal spending. There was evidence deficits as a pct of Gross National Product were declining and would continue to drop, he said. But Johnson warned against reliance on inflow of foreign capital to finance investment and the budget deficit and keep interest rates stable. "This situation, however, cannot continue indefinitely. Sooner or later progress must be made in controlling excessive federal spending," he said. A disinflationary monetary policy should continue to be the main objective of the Fed, Johnson said. He also said a more stable and sustainable alignment of exchange rates was needed for long-term growth. On the trade deficit, Johnson warned against "quick fix" solutions, which he identified as excessive dollar depreciation or protectionist trade legislation. "What is important is that we attempt to maintain healthy returns to capital and adopt policies encouraging genuine economic growth," he said. Such an approach would finance the trade deficit but allow for its gradual resolution over time. Reuter 

ANGLO AMERICAN GOLD INVESTMENT CO LTD <AAGIY>

Year to Feb 28 Shr 1,700.3 cts vs 1,533.0 Pre-tax 373.3 mln rand vs 341.0 mln Net 373.3 mln vs 336.5 mln Tax nil vs 4.5 mln Final div 900 cts making 1,600 cts vs 1,450 Div payable April 24, register March 20 Reuter 

SWISS GIVE ARGENTINA CREDIT FOR NUCLEAR PLANT

Switzerland's three major banks have offered Argentina an extra 110.5 mln Swiss franc credit to help finance the building of a heavy water plant there by Gebrueder Sulzer AG <SULZ.Z>, Union Bank of Switzerland, UBS said. The three -- UBS, Credit Suisse and Swiss Bank Corp -- provided an initial 409 mln franc credit after Argentina signed a contract with Sulzer in 1980. The plant will supply its nuclear power industry. The extra credit, provided at market rates, covers extra costs incurred due to building delays, a UBS spokesman said. REUTER 

HARRIS CUTS TRIAD SYSTEMS <TRSC> STAKE TO 18 PCT

Harris Associates L.P., a Chicago investment advisory partnership, said it lowered its stake in Triad Systems Corp to 1,355,296 shares, or 17.9 pct of the total outstanding, from 1,463,962 shares, or 19.3 pct. In a filing with the Securities and Exchange Commission, Harris said it sold a net 108,666 Triad common shares between Dec 16 and Feb 23 at prices ranging from 10.00 to 14.25 dlrs a share. It said its dealings in Triad common stock were done on behalf of its advisory client. Reuter 

BAHRAIN PASSES DECREE TO SET UP STOCK EXCHANGE

Bahrain has passed a decree approving the establishment of the country's first stock exchange, the Gulf News Agency reported. The decree placed responsibilty for the stock exchange with the Ministry of Commerce and Agriculture. There was no indication when the exchange will open. Banking sources said government officials are finalising details of a building to house the exchange. Stock trading in Bahrain is currently conducted via a telephone market. Reuter 

DIAMOND-BATHURST <DBH> SAYS FURNACE EXPLODES

Diamond-Bathurst Inc said an explosion yesterday during a furnace rebuild at its Antioch, Calif., facility completely destroyed the furnace. The glassmaker said the rest of the facility was undamaged and there were no serious injuries. It said it believes it is fully covered by insurance. The company said it cannot yet determine the impact on the plant's operations. Reuter 

ALLIS-CHALMERS <AH> ON S/P CREDITWATCH, DEVELOPING

Standard and Poor's Corp said it placed on creditwatch with developing implications Allis-Chalmers Corp because of the company's recapitalization plans and intention to sell most of its businesses. Allis-Chalmers' restructuring plan would include the sale of its fluids handling and solid materials processing businesses, S and P noted. That would leave the company with its profitable American Air Filter Co unit. The company plans to drastically reduce debt with proceeds from asset sales. In addition, it plans to exchange debt for common stock shares, S and P said. Allis-Chalmers carries B-minus senior debt and C-rated preferred stock. The firm has nearly 97 mln dlrs of debt and preferred outstanding. Reuter 

DATATMETRICS CORP <DMCZ> WINS ARMY CONTRACT

Datametrics Corp said it won a 4.9-mln-dlr contract from the U.S. Army. The company said Datametrics will deliver printer/plotters to the Army's Redstone Arsenal, beginning in September, 1987. Datametrics said it had a record backlog of funded and unfunded projects of 31.8 mln dlrs on March 1, 1987. Reuter 

U.S. TREASURY SAYS NO COMMENT ON YEN VALUE

A Treasury Department spokesman refused comment on statements by Robert Ortner, undersecretary of economic affairs for the Commerce Department, that the Japanese yen was undervalued. Ortner, senior economist at the Commerce Department, told an Export-Import Bank conference "the yen is still a little bit undervalued," and "could go up another 10 or 15 pct." Asked for reaction, a Treasury spokesman said officials were aware of Ortner's comments but had no intention of making any comment on them. Ortner, who stressed he was expressing personal views, said he thought the U.S. dollar was "fairly priced" against most European currencies and added "I do not regard the dollar as undervalued at this point against the yen," he said. But the yen should go up 10 or 15 pct in value, Ortner said, because it is undervalued against the dollar. The United States and major trade allies West Germany, France, Britain, Japan and Canada met recently in Paris to discuss maintaining stability in international currency values. Reuter 

ROYAL TRUST PLANS NO BROKERAGE UNIT

<Royal Trustco Ltd> said it does not plan to enter the brokerage business when ownership of Ontario investment dealers is opened to other financial institutions on June 30. "The short answer is no, we do not intend to get directly into the brokerage business, but we will compete with it," chief executive Michael Cornelissen told the annual meeting in reply to a shareholder's inquiry. Cornelissen said Royal Trust, Canada's second biggest trust company, was concerned about a possible conflict of interest between its current asset management functions and brokerage and stock promotion activities. Cornelissen also cited the heavy competition in the Canadian securities industry as a factor in Royal Trust's decision to avoid direct involvement in a brokerage firm. He told shareholders, however, that Royal Trust would continue to compete with investment dealers through its asset management programs and discount processing of retail stock trades. Royal Trust also plans to take further advantage of networking possibilities offered by its involvement in financial conglomerate <Trilon Financial Corp>, 50 pct-owner of Royal Trust, Cornelissen said. Afterward, Cornelissen told reporters that Royal Trust's Dow Financial Services Corp unit planned no more divestitures after its previously reported agreement yesterday to restructure its financial operations in Asia with joint owner <MBF Holdings Ltd>. Cornelissen also told reporters the company was confident of achieving its targeted 15 pct growth in earnings per share this year. Royal Trust's basic per share earnings rose 16 pct in 1986 to 2.20 dlrs. "With two months of the year gone, we are ahead of it (the 15 pct growth target)," he said. Reuter 

FRENCH AGRICULTURAL BANK ISSUES 300 MLN FRANC BOND

Banque Francaise de l'Agriculture said it is issuing for its own account a 300 mln franc, variable-rate, seven year and 13 day domestic bond which it will lead along with l'Union de Garantie et de Placement. The bond, issued at 98.30 pct, will have interest based on the annualised money market rate (TAM) with the first coupon paid on April 6. Denominations are of 5,000 francs nominal and the issue will be quoted on the Paris Bourse. REUTER 

CADBURY REQUESTS STOCK EXCHANGE ENQUIRY

Cadbury-Schweppes Plc <CADB.L> said it had asked the London Stock Exchange to launch a formal enquiry into dealings in the company's shares in recent months. It said it believed such a move was in the best interests of shareholders following recent charges being made under U.K. Insider dealing laws about the shares. Last week, former <Morgan Grenfell Group Plc> executive Geoffrey Collier was charged with insider dealing in Cadbury shares. Collier resigned from the bank last year and was later charged with offences on deals in shares of AE Plc <AENG.L>. A Stock Exchange spokeswoman said she could give no specific details about the request. An investigation would be requested from the Exchange as it had access to the relevant dealing records. If it appeared that some offence had been committed details would be passed to the U.K. Trade Department, which had the power to bring charges under the Companies' Act. No spokesman for Cadbury was immediately available for comment. Reuter 

IDEA INC <IDEA> TO BUY PRIVATE FIRM

IDEA Inc said it signed a letter of intent to buy privately-held Structural Instrumentation Inc. The purchase, for an undisclosed sum, will be made mostly with IDEA common stock, the company said. IDEA said the purchase will add about 32 cts per share to its fiscal 1988 earnings. IDEA reported earnings of four cts per share for the quarter ended October 31, 1986. Reuter 

FIRSTIER <FRST> NAMES NEW CHIEF EXECUTIVE

FirsTier Inc said president William C. Smith has been named chief executive officer, succeeding Charles W. Durham, who remains chairman. The company said Durham had been chief executive on an interim basis only. Reuter 

FRANCE'S FSGT ISSUES 1.7 BILLION FRANC BOND

The Fonds Special de Grands Travaux (FSGT) is issuing a 1.7 billion franc, 9.10 pct, 12-year domestic bond at 99.30 pct, lead manager Societe Generale said. The bond, guaranteed by the state, will carry warrants exchangeable for variable-rate bonds with interest based on the average monthly yield of long-term state bonds (TME). Denominations are of 5,000 francs nominal and the first coupon of 455 francs will be paid on March 23, 1988. Both the bonds and the warrants will be quoted on the Paris Bourse. Reuter 

INTERSTATE BAKERIES <IBC> SIGNS PACT

Interstate Bakeries Corp said it has entered into a joint venture with Pain Jacquet S.A., Europe's leading bread baker, for distribution of a three item French bread line. Interstate said terms of transaction were not disclosed. Reuter 

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC

The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Audiotronics Corp <ADO> - Shelf offering of up to five mln dlrs of convertible subordinated debentures due 2002 through H.J. Meyers and Co Inc. Georgia Gulf Corp <GGLF> - Offering of four mln shares of common stock through Goldman, Sachs and Co. Reuter 

BEVERLY ENTERPRISES <BEV> DEBT LOWERED BY S/P

Standard and Poor's Corp said it downgraded 225 mln dlrs of debt of Beverly Enterprises. Cut were the company's senior debt to BB-minus from BB and subordinated debt to B-plus from BB-minus. The implied senior secured debt rating is BB. S and P said the action reflected Beverly's aggressive plans to repurchase stock that would increase financial risk while earnings prospects become more clouded. Despite the planned use of proceeds from asset sales for a portion of the buy back's costs, decapitalization would raise adjusted debt leverage above the 75 pct level of recent years. Reuter 

DUCOMMUN INC <DCO> SELLS DIVISION

Ducommun Inc said it sold its Airdrome Parts Co division to a group of investors headed by Airdrome's management for a cash price of 12 mln dlrs. Ducommun said the sale, coupled with its sale last month of Metermaster, were steps taken to improve the company's balance sheet and that no further sales are being contemplated. Reuter 

HOOPER HOLMES SHERLOCK INC <HOOP> 4TH QTR NET

Shr 22 cts vs 25 cts Net 472,000 vs 454,000 Revs 16.2 mln vs 15.2 mln Avg shrs 2,135,315 vs 1,835,325 12 mths Shr 71 cts vs 70 cts Net 1,393,000 vs 1,285,000 Rwevs 61,805,000 vs 55,367,000 Avg shares 1,960,319 vs 1,835,325 Reuter 

ITALY'S SME IN VENTURE TALKS WITH FOREIGN FIRMS

State-owned food company <Societa Meridionale Finanziaria Spa - SME> is discussing possible share exchanges and joint ventures with Unilever PLC-NV <UN.A> and Swiss firm Jacobs Suchard AG <JACZ.Z>, a SME parent company spokesman said. A spokesman for state holding company <Istituto Per La Ricostruzioni Industriale - IRI>, which controls SME, said the talks were centered on "possible swaps of minority stakes and production collaboration." He declined to say if SME was close to an accord with one or both of the foreign firms. Reuter 

MIDWAY AIR <MDWY> FEBRUARY LOAD FACTOR OFF

Midway Airlines Inc said its February load factor declined 1.6 pct to 55.9 pct from 57.5 pct in the same month last year. February traffic increased 23.7 pct to 167.4 mln revenue passenger miles from 135.3 mln revenue passenger miles at the same time in 1986, Midway said. Available seat miles rose 27.2 pct to 299.5 mln seat miles, it said. For the year-to-date, Midway's load factor also decreased 1.6 pct to 54.3 pct from 55.9 pct, it said. Traffic for the year-to-date advanced 17.7 pct to 332.9 mln revenue passenger miles from 282.8 mln revenue passenger miles in the comparable period a year ago, Midway said. Available seat miles jumped 21.2 pct to 613.0 seat miles, it said. Reuter