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UNION CARBIDE SAYS 1986 LONG-TERM DEBT WAS 3.06 BILLION DLRS VS 1.71 BILLION in 1985

UNION CARBIDE SAYS OPERATING PROFITS FOR 4th qtr WERE 181 MLN DLRS VS LOSS THREE MLN DLRS

MONEY MARKET FUND ASSETS ROSE 552.5 MLN DLRS IN LATEST WEEK TO 237.46 BILLION

TORONTO DOMINION PLANS GREEN LINE ANNOUNCEMENT

<Toronto Dominion Bank> will hold a news conference tomorrow to make "a major announcement" about its Green Line Investor Service, which provides discount brokerage services to customers, a bank spokesman said. The spokesman declined further comment except to say bank president Robert Korthals would be available to answer questions tomorrow. Toronto Dominion started Green Line in February 1984 and became the first Canadian bank to offer discount brokerage services. The Ontario government recently said banks will be permitted to buy brokerage firms after June 30. Reuter 

COMBINED INTERNMATIONAL <PMA> SEES STRONG 1987

Combined International Corp should have another strong year, President Patrick G. Ryan told analysts, although he declined to forecast earnings specifically. In 1986, the company reported operating income of 5.51 dlrs a share, up from 4.84 dlrs a share a year earlier. Revenues increased to 1.81 billion dlrs from 1.36 billion dlrs. Ryan said Combined is testing a direct response long-term care product through its Union Fidelity Life Insurance Co and has plans to offer it through Ryan Insurance Group. In answer to a question on Combined's possible exposure to AIDS-related health claims, Ryan said it was "minimal" although he conceded that every carrier who provides coverage is vulnerable. Reuter 

CANADA DLR DRIVEN BY FOREIGN BUYERS - WILSON

Finance Minister Michael Wilson said large inflows of capital into Canada, principally into the country's bond market, is a major reason behind the sharp recovery in the Canadian dollar. He said the inflow of funds, mainly from Japan, Europe and the United States, is the result of "confidence in the direction this country is going in." "That is the reason why the (Canadian) dollar today is higher than 75 cts (U.S.) compared to this time last year (when it was) a little over 69 cts," Wilson told the House of Commons daily question period. Figures released this week show foreigners purchased a record 23.1 billion dlrs of Canadian bonds in 1986, more than double the previous year, with Japan investing a record 9.5 billion dlrs in the market. Wilson was responding to opposition party questions about a possible loss of jobs from the rise in Canadian investment abroad. Canadian investment, including the buying of foreign companies, stocks and bonds, rose to 12.53 billion dlrs from 6.19 billion dlrs in 1985. The minister said the flow of funds from abroad would generate many new jobs in Canada. Reuter 

FORD <F> CREDIT UNIT SELLS NOTES AT 6.95 PCT

Ford Motor Credit Co, a unit of Ford Motor Co, is raising 250 mln dlrs via an offering of notes due 1990 yielding 6.95 pct, said lead underwriter Goldman Sachs. The notes have a 6-7/8 pct coupon and were priced at 99.80 to yield 47 basis points more than comparable Treasury securities. Non-callable for life, the issue is rated A-1 by Moody's and AA by Standard and Poor's. On October 7, 1986, the credit unit sold 200 mln dlrs of same-maturity notes, rated A-1/A, that were priced to yield 7.172 pct or 77 basis points over Treasuries. Reuter 

SUMITOMO TRUST SELLS CD NOTES AT 7.28 PCT

Sumitomo Trust and Banking Co Ltd is offering 100 mln dlrs of certificate of deposit notes due 1992 yielding 7.28 pct, said sole manager Shearson Lehman Brothers Inc. The notes have a 7-1/4 pct coupon and were priced at 99.875 to yield 61 basis points more than comparable Treasury securities. Non-callable to maturity, the issue is rated a top-flight Aaa by Moody's Investors Service Inc but AA by Standard and Poor's Corp. Reuter 

CHARTWELL GROUP LTD <CTWL> 4th qtr net

Shr nine cts vs three cts Net 549,000 vs 72,000 Rev 7.0 mln vs 2.8 mln Year Shr 49 cts vs 32 cts Net 2,441,000 vs 801,000 Rev 19.6 mln vs 9.7 mln Reuter 

PITT-DES MOINES INC <PDM> TO ACQUIRE STEEL UNIT

Pitt-Des Moines Inc said it will acquire <Chicago Steel Corp> in exchange for a portion of its stock. Reuter 

GIANT BAY <GBYLF> DETAILS GORDON LAKE DEPOSIT

Giant Bay Resources Ltd said a metallurgical study of its Gordon Lake gold deposit indicated an overall recovery of 95 pct to 96 pct of the gold can be achieved by either direct cyanidation of ore or flotation followed by cyanidation of concentrate. Continuation of an underground program on the property will begin in June, extending an existing drift along the 200-foot-level where the main ore zone was encountered, Giant Bay said. The company did not elaborate on production figures for the property. Reuter 

ALLTEL <AT> DEBENTURES YIELD 8.90 PCT

Alltel Corp is raising 50 mln dlrs through an offering of debentures due 2022 yielding 8.90 pct, said lead manager Merrill Lynch Capital Markets. The debentures have an 8-7/8 pct coupon and were priced at 99.726 to yield 135 basis points over the off-the-run 9-1/4 pct Treasury bonds of 2016. Non-callable for five years, the issue is rated A-3 by Moody's Investors Service Inc and A by Standard and Poor's Corp. Stephens Inc co-managed the deal. Reuter 

EVANS/SUTHERLAND <ESCC> FILES FOR DEBT OFFERING

Evans and Sutherland Computer Corp said it filed with the Securities and Exchange Commission a registration statement covering a 50 mln dlr issue of convertible subordinated debentures due 2012. Proceeds will be used for working capital, Evans and Sutherland said. The company named Hambrecht and Quist Inc as lead underwriter of the offering. Reuter 

MANOR CARE INC <MNR> CHAIRMAN RESIGNS

Manor Care Inc said its chairman and chief executive officer, Stewart Bainum Sr., has resigned his post. The company said he is being replaced by his son, Stewart Bainum Jr., who has served as vice chairman the past five years. Bainum Sr. was the founder of Manor Care, a nursing home and hotel operator. Reuter 

NIPSCO <NI> OUTLAYS TO BE INTERNAL FUNDS

Northern Indiana Public Service Co said its five-year construction budget for 1987-1991 will be 793 mln dlrs, almost all of which will be internally generated. The utility said in its 1986 annual report that this budget, primarily for electric and gas equipment and facilities, is some 57 mln dlrs lower than its estimate a year ago of spending for 1986-1990. Such spending at its peak was 2.6 billion dlrs for 1980-1984. It said the Tax Reform Act of 1986 will probably not have a material effect on its operating results. In December it cut 59.4 mln dlrs from a 135.8 mln dlrs rate request before the Indiana Public Service Commission because of the affect the tax act will have on operating results. The rate request is still pending, a spokesman said. Reuter 

ATLANTIC CITY ELECTRIC <ATE> TO REDEEM STOCK

Atlantic City Electric Co said it will redeem all of its outstanding 5-7/8 pct cumulative convertible preferred stock. The stock will be redeemed April 30 at the scheduled redemption price of 101.50 dlrs a share plus accrued and unpaid dividends. The shares are also convertible until the redemption date into common stock at the rate of 3.5 common shares for each preferred share. The company has 10,855 of the 5-7/8 pct preferred shares outstanding, it said. Reuter 

CONSENSUS BUILDS FOR WORLD AGRICULTURAL REFORM

Top U.S. and European farm trade and government representatives called for a sweeping reform of world agriculture to redress a critical demand and supply imbalance. Speakers at a conference on world agricultural markets here demonstrated a growing U.S.-European consensus on the need for an urgent and collective overhaul of world farm trade and production. "It is vital that we work together to bring more freedom and harmony into the world agricultural trade...(if not) the disruptions in markets may grow even more severe, the walls of protection climb higher and the level of possible retaliation become more harmful," U.S. Department of Agriculture Deputy Administrator William Bailey said. Bailey said his attendance at the two-day meeting, which ends tomorrow, demonstrated the U.S. recognises the need to adjust its policies to the changing market environment. The need for urgent reforms is justified by the "imbalance and tensions of the world economy," the secretary general of the Organisation for Economic Cooperation and Development Jean-Claude Paye said. And the forum for such a reform is the General Agreement on Tariffs and Trade, he noted. Paye stressed the need for a progressive and joint reduction of agricultural subsidies as well as social measures to help farmers in unprofitable areas. Another possible solution would be to stop supporting farm prices, allowing them to be fixed by supply and demand, and instead help farmers through income support and adjustment aids, proposed James Howard, Executive Vice-president of Cargill (USA), one of the world's largest cereal houses. Franz-Josef Feiter, agricultural adviser to West German Chancellor Helmut Kohl, agreed the European Community must take greater heed of market constraints in fixing farm prices. However, "differentiated policy treatment is required" to take account of large disparities in the situation around the EC, he said. "Agriculture is an efficient sector of the European economy and will remain so if the right policy is pursued within the Community," he said. Reuter 

NORTHGATE <NGX> NAMES NEW PRESIDENT

Northgate Exploration Ltd said it appointed John Kearney as president of the company, effective immediately. A company spokesman said Patrick Hughes, who previously was both president and chairman, will continue as chairman and chief executive officer. Kearney had been executive vice-president of Northgate. Reuter 

REXCOM <RXSC> TO ACQUIRE MARKETING FIRM

Rexcom Systems Corp said it agreed to buy all the assets of Postech Inc from Comtech Group International Ltd, a Canadian computer service company, for 70 pct of Rexcom's voting shares. The purchase will be for Rexcom common and preferred stock. Postech, the Canadian firm's U.S. marketing arm, sells computerized restaurant management systems and security systems in the U.S. The deal is subject to approval by the boards of Postech and Rexcom. Reuter 

ASCS BUYS PEANUT PRODUCTS, VEG OIL/SHORTENING

The Agricultural Stabilization and Conservation Service (ASCS) bought 2.3 mln pounds of peanut products at a cost of 2.1 mln dlrs and 7.4 mln pounds of vegetable oil/shortening for 2.0 mln dlrs, for domestic distribution April 1-15 and April 16-30, an ASCS spokesman said. Reuter 

GENERAL REFRACTORIES CO <GRX> 4TH QTR NET

Shr 17 cts vs 84 cts Net 709,000 vs 3,605,000 Rev 86.4 mln vs 87.0 mln Year Shr 1.79 dlrs vs 1.10 dlrs Net 7,452,000 vs 4,695,000 Rev 362.8 mln vs 316.0 mln NOTE: 1986 net includes gains from sale of non-operating assets of 800,000 dlrsm versus 1.2 mln dlrs in 1985. 1985 net includes nonrecurring cost of 2.6 mln dlrs and provision for separation pay of 1.5 mln dlrs. Reuter 

FEDERATED DEPARTMENT STORES <FDS> GETS OFFICERS

Federated Department Stores Inc said Norman Matthews has been elected president and chief operating officer. Matthews has been vice chairman of the company since 1984, and corporate executive vice president prior to that post, the company said. The president's position has been vacant since 1982, it added. Federated also said it elected Allen Questrom as its executive vice president. Questrom will continue in his present position as chairman and chief executive officer of the Los Angeles-based Bullock's/Bullocks Wilshire department store division, a subsidiary of Federated, the company said. Reuter 

VENEZUELA WILL REPROGRAM SIX BILLION DLRS IN DEBT

Venezuela's recent agreement with its creditor banks reprograms six billion dlrs of its 21 billion dlr public sector foreign debt rescheduling and reduces repayments due between 1987 and 1992, Finance Minister Manuel Azpurua said. Azpurua was commenting in a television interview on Friday's agreement to lower the interest margin to 7/8 pct over Libor from 1-1/8 pct and extend the period to 14 years from 12-1/2. He said in addition to the reduction in amortizations over the next three years sought by the government, agreed at 1.35 billion dlrs instead of 3.335 billion, Venezuela will also pay less in the subsequent three years. The accord runs till 1999. Azpurua said that in 1990, payments of restructured debt are lowered to 1.05 billion dlrs from 1.339 mln, to 1.25 billion from 1.994 mln in 1991 and to 1.45 billion from 2.403 billion in 1992. He said the contingency clause implemented by Venezuela soon after the original rescheduling was signed in February 1986 stays in effect and that the new payment schedule is based on an assumption of oil prices varying between 15 and 18 dlrs a barrel. Venezuela, hit by a 40 pct drop in oil income last year, had sought a direct link between repayments and the level of oil income, but banks resisted on the grounds this could create a dangerous precedent for other Latin American debtors. Azpurua said the new terms have been telexed to Venezuela's 450 creditor banks for acceptance with information on government plans to draw up debt capitalization rules and return to the capital markets. Public finances director Jorge Marcano said the government plans to issue dollar, mark and yen denominated bonds this year for amounts varying between 100 and 150 mln dlrs. He noted that some existing Republic of Venezuela bond issues are maturing, and that the government intends to replace them with new issues to maintain its presence in the capital markets and encourage new investments through an enhanced credit image. Reuter 

MOODY'S MAY DOWNGRADE DUQUESNE LIGHT CO'S TWO BILLION DLRS OF DEBT SECURITIES

HOUSE 0/92 FARM PLAN MARKUP DELAYED TILL TUESDAY

A House Agriculture Committee meeting to draft a disaster aid bill containing a controversial 0/92 provision has been postponed until next Tuesday, committee staff members announced. The bill contains a provision implementing a 0/92 acreage reduction plan for 1986 wheat and 1987 winter wheat, thereby making payments available to farmers who were not able to plant last year's winter wheat crop because of flooding. Controversy exists over whether the 0/92 provisions of the bill should be expanded, cut back or left as is. Reuter 

PACIFIC SOUTHWEST AIRLINES <PSWA> LOAD FACTOR

Pacific Southwest Airlines said its average load factor during February was 54.9 pct, down from 56.1 pct a year earlier. In the first two months of the year the load factor totaled 51.5 pct, down from 54.0 pct a year ago. Revenue passenger miles in February totaled 327.6 mln, compared to 295.5 mln. So far this year, revenue passenger miles totaled 640.2 mln, compared to 600.5 mln. Available seat miles in February totaled 596.6 mln, up from 526.8 mln a year ago. Year to date available seat miles totaled 1.24 billion, compared to 1.11 billion a year ago. Reuter 

FARM CREDIT RESCUE CAUTION URGED BY HOUSE LEADER

House Majority leader Thomas Foley (D-Wash.) has urged Congress to give the farm credit system a few more months to reorganize itself before rushing into a federal rescue of the system, a senior aide to Foley said. Gene Moos, agricultural aide to the Majority leader, told Reuters while Foley believes action will be necessary later this year to rescue the system, a bail-out package is not necessarily needed immediately. Foley's view appears to differ with the Senate leadership who have said they hope to have farm credit legislation under consideration before Congress breaks for Easter April 9. Sen. David Boren (D-Okla.) chairman of the Senate Agriculture subcommittee responsible for the farm credit issue, last week pledged to consider a bill before Easter. Boren said his subcommittee would proceed even if neither the system's regulator, the Farm Credit Administration (FCA) nor the system itself ask for aid. Chairman of the FCA Frank Naylor, like Foley, has expressed caution about rushing to a bail-out, prefering to wait a few months and keep pressure on the system to reform itself, farm credit sources said. "He (Foley) is willing to give Mr. Naylor some time in this regard," Moos said. Moos predicted Congress will begin serious action on a rescue package sometime this summer. Any package of legislation is unlikely to include large federal outlays of money, he said. "I don't see a big infusion of federal bucks," said Moos, adding that the more likely outcome will be federal guarantees of borrower stock and bonds held by investors. Reuter 

UNION CARBIDE <UK> SAYS LONG TERM DEBT RISES

Union Carbide Corp said its 1986 long term debt was 3.06 billion dlrs compared to 1.71 billion dlrs in 1985. The company released its audited 1986 results. The company also said its long term debt was reduced by about 1.5 billion dlrs from the third quarter to the end of the year by asset sales and equity offerings. Union Carbide sold its battery products, home and automobile products and agricultural products businesses in 1986. In the fourth quarter, it offered 30 mln shares of stock, raising about 650 mln dlrs. The asset sales and equity offering were part of a recapitalization plan undertaken by the chemicals company last year. Audited net earnings in 1986 of 496 mln dlrs or 4.78 dlrs a share compared to a 1985 loss of 581 mln dlrs or 2.78 dlrs were unchanged from the company's preliminary earnings report made on Jan 28. The earnings results for the fourth quarter were also unchanged. Included in the 1986 numbers are a 564 mln dlr gain from sale of the different businesses, a 270 mln dlr pension credit and a charge of 473 mln dlrs from the purchase of long term debt at a premium under the recapitalization. In the audited results released today, the company broke down results by business segment. Operating profit in the fourth quarter for all of the company's operations on a consolidated basis, before corporate and interest expense and taxes, was 181 mln dlrs against a loss of three mln dlrs in the 1985 quarter. In the year, operating profit was 791 mln dlrs compared to a loss of 253 mln dlrs in 1985. In a statement, the company said it defeated a hostile takeover attempt, by GAF Corp <GAF>, and recapitalized the company, adding, "While all this was going on, our continuing businesses performed very soundly, with substantial operating profit improvement over 1985." Carbon products posted operating profit of eight mln dlrs in the quarter, down from 29 mln dlrs, and 49 mln dlrs in the year against a loss of 146 mln dlrs. Chemicals and plastics had fourth quarter operating profit of 122 mln dlrs compared to a year-ago loss of 49 mln dlrs. In the year, chemicals and plastics earned 472 mln dlrs against losses of 142 mln dlrs in 1985. Operating income at industrial gases rose to 64 mln dlrs from 55 mln in the quarter and to 276 mln dlrs from 222 mln in the year. The company's specialties and services segment cut its losses in the quarter to 13 mln dlrs from 40 mln dlrs and in the year to three mln dlrs from 181 mln dlrs. Eliminations of business conducted between the company's industry segments contributed two mln dlrs to fourth quarter 1985 profits but did not affect the 1986 quarter. The eliminations caused losses of three mln dlrs compared to six mln dlrs in the year. The 1985 operating results include a host of unusual writeoffs and depreciation charges totaling 134 mln dlrs in the quarter and 906 mln dlrs in the year. Capital expenditures rose to 524 mln dlrs in 1986 from 501 mln dlrs. By segment, spending at carbon products fell to 42 mln dlrs from 57 mln dlrs and spending fell at specialties and services to 126 mln dlrs from 143 mln dlrs. At chemicals and plastics, expenditures rose to 147 mln dlrs from 133 mln and at industrial gases they rose to 209 mln dlrs from 168 mln dlrs. The company's cash and equivalents fell to 299 mln dlrs at year end from 430 mln dlrs at year end 1985, after a net decrease of 131 mln dlrs during 1986. Current assets at year-end fell to 2.41 billion dlrs from 4.43 billion dlrs and current liabilities fell to 1.88 billion dlrs from 2.38 billion. Reuter 

FIRST COMMERCIAL BANCORP <FCOB> 4TH QTR LOSS

Shr loss 49 cts vs loss 1.36 dlrs Net loss 928,835 vs loss 1,648,665 Year Shr loss 33 cts vs loss 4.21 dlrs Net loss 593,533 vs loss 4,970,951 Assets 203.9 mln Loans 151.5 mln Deposits 192.0 mln Note: 1986 loss included non-recurring expenses of 1,275,000 dlrs comprised of asset write-downs, legal proceeding and a 930,000-dlr provision for loan losses. Reuter 

EUROTUNNEL TO OFFER CHOICE OF INVESTMENTS

Eurotunnel, the Anglo-French channel tunnel consortium, will offer potential backers a wide choice of ways to invest in a planned 750 mln stg capital issue later this year, co-Chairman Alastair Morton said. Speaking to reporters after a shareholders meeting, he said Eurotunnel would offer "a menu of securities" designed to overcome investor reluctance. Details are still to be worked out but investors could be offered a choice of paying immediately for shares or buying them on a part-paid basis, or buying convertible bonds, or bonds with warrants giving a right to buy shares at a later date, he said. Reuter 

CABOT MEDICAL <CBOT> HAS LASER SURGERY ACCESSORY

Cabot Medical Corp said it has introduced a new high flow insufflator for laparoscopy, a minimally invasive form of adominal surgey. The company said the KLI high-Flow Insufflator has features and capabilities which were previously available only in insuffulators costing three to four times as much. Labaroscopy procedures, especially involving lasers, have grown in popularity, it pointed out. Reuter 

ANALYST TO START MONEY MANAGEMENT FIRM

Kurt Wulff, oil analyst at Donaldson, Lufkin and Jenrette Securities, said he has retired from the brokerage firm and will work as a consultant to the firm. Wulff said he also plans to start a money management firm. As a consultant to Donaldson, Lufkin, Wulff will continue to give advice on oil stock values to DLJ clients. He will also continue to write reports that will be published by the brokerage firm. Wulff is a shareholder activist and has several resolutions pending before oil companies for vote at their annual meetings. Reuter 

HARCOURT BRACE JOVANOVICH INC <HBJ> 4TH QTR NET

Shr 23 cts vs 28 cts Net 8,877,000 vs 9,530,000 Revs 342 mln vs 278.9 mln Avg shrs 39.4 mln vs 34 mln Year Shr 1.91 dlrs vs 1.62 dlrs Net 70.5 mln vs 50.5 mln Revs 1.3 billion vs 990.5 mln Avg shrs 37 mln vs 31.3 mln NOTE: On Dec one, 1986, company acquired Holt, Rinehart and Winston and W.B. Saunders and The Dryden Press and their foreign subsidiaries. By including these companies for the single month of December 1986, 4th qtr earnings were raised by seven cts per shr and for the year by eight cts per shr. Reuter 

LONE STAR<LCE> AGREES TO BUY CONCRETE OPERATIONS

Lone Star Industries Inc said it has agreed to acquire ready-mixed concrete and aggregates businesses from <Riedel International Inc> of Portland, Ore., for an undisclosed amount of cash. Lone Star's one sentence statement gave no further details and company spokesmen were not available. Reuter 

SHELL FRANCAISE RETURNS TO PROFIT IN 1986

Shell Francaise <SFMF.PA>, a subsidiary of <Shell Petroleum NV>, returned to the black last year for the first time since 1982, with parent company net profit of 43 mln francs against losses of 968 mln in 1985 and 1.07 billion in 1984. In 1982 it posted a profit of 329 mln. The company said in a statement that cash flow had improved strongly although it remained negative at 182 mln francs against 1.34 billion in 1985, due largely to improved performances by its main profit centres. It said the results could have been even better had it not been for the collapse of refining and sales profit margins in the last quarter of the year. In 1986 Shell sold 14.74 mln tonnes of oil products against 14.52 mln tonnes in 1985. The company said the results were in line with its targets for the second year of its three-year recovery programme. Meanwhile, <Societe Shell Chimie) said it also returned to profit in 1986, for the first time since 1976, posting net profit of 160 mln francs against a 1985 loss of 57 mln. No other details were available. Reuter 

BRAZIL SUSPENDS IMPORT OF 500,000 TONNES MAIZE

Brazil has suspended the importation of 500,000 tonnes of maize ordered last year because of the excellent domestic maize harvest expected this year, Agriculture Minister Iris Resende said. The Agriculture Ministry expects a record maize crop of 27.7 mln tonnes, a 36 pct increase on last year's crop of 20.3 mln tonnes. Brazil's total grain crop is expected to be 65.3 mln tonnes. "This is a record in the history of Brazilian agriculture," a ministry spokesman said. Resende announced suspension of the maize imports at a news conference in Brasilia yesterday. The ministry spokesman said he had no other details on the maize transaction. Reuter 

FAIRMOUNT CHEMICAL CO INC <FMTC> 4TH QTR LOSS

Shr loss 28 cts vs loss 29 cts Net loss 584,100 vs loss 459,500 Sales 1,339,800 vs 1,6390,800 Year Shr loss 64 cts vs loss 79 cts Net loss 1,314,700 vs loss 1,237,100 Sales 7,249,600 vs 6,311,500 Reuter 

VMS HOTEL <VHT> APPROVES 19.4 MLN DLR LOAN

VMS Hotel Investment Trust said it agreed to fund a 19.4 mln dlr secured loan for the Santa Barbara Biltmore Hotel in Santa Barbara, Calif. It said the financing will be applied toward renovating and refurbishing the hotel. Separately, VMS Short Term Income Trust <VST> said it agreed to fund or extend four loans totaling 70.9 mln dlrs for income producing properties in the southwest. The announcements were made by VMS Realty Partners, the trusts' investment advisors. Reuter 

PROFIT TECHNOLOGY <PRTE> TO MAKE LOTUS PROGRAM

Profit TEchnology INc said it will produce an eletronic summary of "LOTUS 1-2-3 Simplified," a leading textbook for the industry-standard spreadsheet program. Terms of the agreement between Profit Technology, the book's author David Bolocan and the publisher Tab Books INc were not disclosed. The electronic version of the book is scheduled for release in late Spring, it said. Reuter 

HUMANA INC <HUM> REGULAR DIVIDEND

Qtly div 19 cts vs 19 cts in prior qtr Payable May one Record April two Reuter 

U.S. COMMERCIAL PAPER FALLS 1.27 BILLION DLRS IN FEB 25 WEEK, FED SAYS

N.Y. BUSINESS LOANS RISE 523 MLN DLRS IN FEB 25 WEEK, FED SAYS

EDISON BROTHERS STORES <EBS> FEBRUARY SALES UP

Edison Brothers Stores Inc said its February sales rose 5.6 pct to 56.7 mln dlrs from 53.7 mln dlrs a year ago. For the eight weeks ended February 28, it said sales increased to 109.4 mln dlrs from 109.3 mln dlrs. Reuter 

VMS REALTY PARTNERS UNITS COMMIT TO LOANS

<VMS Realty Partners> said three of its investment subsidiaries will fund or extend loans totalling approximately 97 mln dlrs for various properties in California. The company said its its VMS Short Term Trust <VST> unit agreed to fund or extend four loans totalling 70.9 mln dlrs. It also said its VMS Hotel Investment Trust <VHT> unit will fund a 19.4 mln dlr secured loan for the Santa Barbara Hotel in California. And its VMS Mortgage Investors II <VMTGZ> division approved a loan of 6,547,000 mln dlrs for a retail office building in downtown San Francisco, the company said. VMS Realty Partners is a full service real estate firm focusing on acquiring, developing and managing hotels, office buildings, shopping centers, highrise apartment complexes, townhouses and garden apartments, it said. Reuter 

NPPC ELECTS NEW PRESIDENT

Delegates at the American Pork Congress in Indianapolis elected Tom Miller of Maricopa, Ariz as the new president of the National Pork Producers Council (NPPC). Miller, who was vice president of the NPPC the past two years, replaces Ron Kahle who served the maximum two-year term as president, the NPPC said. Miller said the white meat campaign and the checkoff program are very important, but based on talk at the pork congress, farm credit is next in line. Ray Hankes of of Fairbury, Ill was elected Vice President. Hankes was active in development of the "Pork - The Other White Meat" campaign, the NPPC said. reuter 

MITEL <MLT> AWARDS SELLING RIGHTS TO TWO FIRMS

Mitel Corp said it awarded exclusive rights to units of <British Columbia Telephone Co> and provincially owned Alberta Government Telephones to sell its new SX-200 Digital systems in the western Canadian provinces of British Columbia and Alberta. The SX-200 is a telephone switching system for voice and data for customers using up to 400 telephone lines. Reuter 

FINANCIAL CORP <FIN> UNIT BUYS BRANCHES

Financial Corporation of America's American Savings and Loan Association unit said it signed a definitive agreement to buy three retail savings branches from Gibraltar Financial Corp's <GFC> Gibraltar Savings unit. The purchase, which must be approved by the Federal Home Loan Bank and the California Department of Savings and Loans, would increase American Savings' deposits by about 40 mln dlrs. The branches are in La Jolla, La Mesa and San Juan Capistrano, Calif. Reuter 

PORK DELEGATES VOTE ON FARM BILL, FARM CREDIT

Delegates from the National Pork Producers Council, NPPC, attending the American Pork Congress in Indianapolis, voted overwhelmingly to recommend the U.S. congress not to change the farm bill. While there are no specific pork items in that legislation, feed grain prices directly affect pork producer profits, the NPPC said. Don Gingerich, a delegate from Iowa, said "to have unpredictable changes come along periodically makes it very difficult to plan and causes a lot of disruption." Other members said the farm bill has some imperfections but that's a price pork producers are willing to pay for legislative stability, an NPPC spokesman said. Delegates also passed unanimously a resolution that Congress and the administration should act swiftly to identify problems in the farm credit system. Farm Credit Task Force chairman and newly elected Vice President of the NPPC Ray Hankes, said delegates wanted a program that all commodity groups can work with and bring a resolution to this problem with legislators in Washington. Hankes added that the National Pork Producers Council will work to save farmers and keep credit available, but not to save or create any one credit system. Reuter 

CONFIDENCE IN OPEC FIRMS U.S. ENERGY FUTURES

Renewed confidence in OPEC's ability to limit production helped U.S. energy futures settle above yesterday's closing prices, according to analysts. They also said the heating oil contract found additional support from a short-covering rally on the close. April crude closed 24 cts higher to 17.75 dlrs. April heating oil was 1.47 cts higher to 47.91 cts a gallon. "Most traders expected follow through profit-taking from yesterday but the market found suport from bullish reports that OPEC is producing within its quota," said Simon Greenshields, a vice president with Morgan Stanley and Co Inc. News today, including OPEC President Rilwanu Lukman statement that OPEC February production did not exceed its official quota of 15.8 mln barrels per day, helped bouy prices, traders said. A Reuter survey found OPEC production in early March was 14.7 mln bpd. In addition to short-covering, heating oil found support from traders buying it against sales of gasoline and crude, as well as from expectations for continued drawdowns in stocks as refiners shut down for maintenance, traders said. Unleaded gasoline for April finished 0.55 cent higher to 51.24 cts a gallon. Reuter 

TWA <TWA> PILOTS WELCOME BID FOR USAIR <U>

The Airline Pilots Association said members working at Trans World Airlines Inc welcomed their airline's announced proposal to acquire USAir Group Inc,. Union leaders for the TWA pilot group said the offer of 52 dlrs a share was a positive indication that Carl Icahn intends to build TWA into a viable air carrier. Reuter 

GM <GM> GETS 61.1 MLN DLR NAVY CONTRACT

Hughes Aircraft Co, a division of General Motors Corp, has received a 61.1 mln dlr contract for electronic display equipment for U.S., Australian and Spanish surface ships, the Navy said. reuter 

TREASURY SAYS ONLY REAGAN, BAKER SPEAK ON DLR

The U.S. Treasury repeated a White House statement that only President Reagan and Treasury Secretary James Baker are authorized to speak on the dollar. A Department spokesman was commenting on remarks by Commerce Department Under-Secretary Robert Ortner that the yen was undervalued 10 or 15 pct against the dollar but European currencies were fairly priced against the U.S. currency. "As Larry Speakes said on January 14 this year, only two people in this administration are authorized to speak on the dollar and that is the president and the secretary of the treasury," the spokesman told Reuters. reuter 

GREAT AMERICAN FIRST SAVINGS <GTA> OFFERS NOTES

Great American First Savings Bank said it is offering collateralized Euroyen notes worth about 100 mln dlrs, or 15 billion yen, only to investors outside the U.S. The bank said the notes will be offered through a syndicate with Nikko Securities Co, in conjnction with Goldman Sachs International Corp. The issue price will be 101.75 pct of the principal. The notes will mature April 2, 1992 at par. Reuter 

GE <GE> GETS 42.7 MLN DLR ARMY CONTRACT

General Electric Co has received a 42.7 mln dlr contract for work on 97 engines for Sea Hawk, Super Cobra and CV helicopters, the Army said. reuter 

MNX <MNXI> COMPLETED SHARE OFFERING

MNX Inc said it completed an offering of 1,225,000 shares of common at 17.25 dlrs per share. Reuter 

USDA COMMENTS ON EXPORT SALES

Corn sales gained 2,494,900 tonnes in the week ended February 26, the highest weekly total since August 1984 and two and three-quarter times the prior week's level, the U.S. Agriculture Department said. In comments on its Export Sales Report, the department said sales of 1.0 mln tonnes to the USSR -- previously reported under the daily reporting system -- were the first sales for delivery to the USSR under the fourth year of the U.S.-USSR Grains Supply Agreement, which began October 1. Japan added 689,700 tonnes to previous purchases and sales to unknown destinations rose by 429,800 tonnes. Wheat sales of 362,400 tonnes for the current season and 151,000 for the 1987/88 season were down by more than half from the previous week's combined sales, it said. Egypt, Japan and Iraq were the major wheat buyers for delivery in the current year, while sales to China decreased by 30,000 tonnes for the current season, but increased by 90,000 tonnes for the 1987/88 season, which begins June 1. Net sales of soybeans totalling 274,200 tonnes equaled the preceding week, but were nearly a third below the four week average. Major increases were for Belgium, South Korea, Mexico and Italy, it said. Soybean cake and meal sales of 103,700 tonnes were 2-3/4 times the previous week's marketing year low, but six pct less than the four week average. Major increases for West Germany, Belgium, Spain, Italy and Australia were partially offset by declines to unknown destinations. Soybean oil sales of 5,400 tonnes were the result of increases for Venezuela and reductions of 500 tonnes for unknown destinations. Combined sales activity in cotton of 75,200 running bales -- 44,700 bales for the current year and 30,500 bales for the 1987/88 bales -- were 56 pct below the prior week's good showing, the department said. Major purchasers for the current season were South Korea, Japan, Taiwan and Thailand, while South Korea and Indonesia were the major buyers for the 1987/88 season, which begins August 1. Reuter 

GEN DYNAMICS <GD> GETS AIR FORCE CONTRACTS

General Dynamics Corp has received two contracts totaling 29.2 mln dlrs for upgrade and retrofit work on F-16A/B aircraft, the Air Force said. REUTER 

FAIRFIELD COMMUNITIES INC <FCI> 10 MOS DEC 31

Shr loss 1.62 dlrs vs profit 83 cts Net loss 17.2 mln vs profit 8.3 mln Revs 264.0 mln vs 338.0 mln NOTE:Year ago figures based on 12 months ended February 28, 1986 because company changed reporting period to end December 31. 1986 10 months loss includes 10.3 mln dlrs writedown of certain assets. Reuter 

CARVER CORP <CAVR> 4TH QTR NET

Shr 20 cts vs 17 cts Net 680,000 vs 533,000 Sales 6,473,000 vs 5,996,000 Year Shr 57 cts vs 84 cts Net 1,967,000 vs 2,099,000 Sales 20.8 mln vs 19.0 mln Reuter 

INTER-CITY GAS CORP 4TH QTR SHR 36 CTS VS 68 CTS

COMPUTER POWER INC <CPWR> REPORTS RECORD ORDERS

Computer Power Inc said it booked 10.1 mln dlrs in orders for 1986, a record year for the company. The company also announced a new low cost product will be introduced in the second quarter of 1987. Computer Power manufactures and markets Uninterruptible Power Systems, line conditioners and related components for the protection of the computer and emergency lighting industries. Reuter 

UNICORP <UAC>, LINCOLN IN DEFINITVE PACT

Unicorp American Corp said it signed a definitive agreement to acquire Lincoln Savings Bank FSB. Under terms of the agreement announced in January, Lincoln would be acquired by a unit of Unicorp which is minority-owned by Lincoln president Alton Marshall. The acquisition will take place through a voluntary conversion of Lincoln to a federally chartered stock savings bank from a mutual federal savings bank. In connection with the conversion, Unicorp will contribute 150 mln dlrs in cash to Lincoln. Reuter 

MOODY'S MAY DOWNGRADE DUQUESNE LIGHT <DQU> DEBT

Moody's Investors Service Inc said it may downgrade Duquesne Light Co's two billion dlrs of debt. Moody's said it would assess the likely financial consequences of the 19 mln dlr rate reduction ordered today by the Pennsylvania Public Utility Commission. The unexpected order raises significant doubts about the quality of Duquesne's regulatory support and financial prospects. The Commission's determination that Perry Unit 1's power is not needed could depress Duquesne's earnings and cash flow well into the future. Duqusne has Baa-1 senior debt and preferred stock and Baa-2 debentures and preference stock. Reuter 

WESTINGHOUSE ELECTRIC CORP <WX> MOVING UNIT

Westinghouse Electric Corp said it is moving its Unimation operations from Danbury, Conn, to other existing Westinghouse facilities, affecting approximately 210 employees. The engineering, product integration, administration and final assembly functions will be moved to the Westinghouse automation division headquarters at O'Hara Township, near Pittsburgh, the company said. The manufacturing of Unimation controls is being consolidated in existing automation division manufacturing facilities, the company said. The moves are scheduled to be completed by the third quarter of this year, Westinghouse said, and said they are part of its plan to increase competitiveness in the factory automation market. Reuter 

U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS IN FEB 23 WEEK, FED SAYS

U.S. BANK DISCOUNT BORROWINGS AVERAGE 233 MLN DLRS A DAY IN MARCH 4 WEEK, FED SAYS

COFFEE FALL NOT SEEN AFFECTING COLOMBIA'S DEBT

The sharp fall in international coffee prices will not affect Colombia's external credit situation, finance minister Cesar Gaviria told reuters. He said the current depression on world coffee markets was not totally unexpected and would have no immediate bearing on Colombia's financial state which he described as sound. "Our foreign debt is high, but we can pay and I hope the foreign banking community will maintain its position toward us," he said. Colombia, the only major latin american country not to have rescheduled its external public debt, has a total foreign debt of 13.6 billion dlrs. Calls for a rescheduling of the debt have come this week from the opposition conservative party and the biggest trade union following the coffee price drop. Gaviria said lower coffee prices this year could mean a loss of 1.5 billion dlrs in revenues for 1987. Gaviria submitted to the world bank and the inter-american bank last week in new york a borrowing plan, for a total of 3.054 billion dlrs to be disbursed over the next four years, which he said was approved. Reuter 

U.S. M-1 MONEY SUPPLY RISES 1.9 BILLION DLRS

U.S. M-1 money supply rose 1.9 billion dlrs to a seasonally adjusted 738.5 billion dlrs in the February 23 week, the Federal Reserve said. The previous week's M-1 level was revised to 736.6 billion dlrs from 736.7 billion dlrs, while the four-week moving average of M-1 rose to 736.7 billion dlrs from 735.0 billion. Economists polled by Reuters had forecast M-1 in a range from down 500 mln dlrs to up 4.5 billion dlrs. The average forecast called for a 2.2 billion dlr M-1 rise. Reuter 

HUNT BUILDING CORP GETS NAVY CONTRACT

Hunt Building Corp of El Paso, Texas, has received a 31.7 mln dlr contract for construction of 492 family housing units and a 75-space mobile home park at the Marine Corps combat training center at Camp Pendleton, Calif., the Navy said. REUTER 

HUMANA <HUM> DECLARES SHAREHOLDERS RIGHTS PLAN

Humana Inc said its board approved a shareholder rights plan, or so-called poison pill plan, to ensure its shareholders receive fair treatment in the event of a proposed takeover. Humana said it is now aware of any effort to gain control of the company. Under the plan its board declared a dividend distribution of one right for each outstanding common share held as of March 16. It said each right entitles holders to purchase a unit of 1/100 of a share of newly authorizes series A participating preferred at 75 dlrs per unit. Humana said the rights become effective after an entity acquires 20 pct or more of its outstanding common or tenders for 30 pct of its stock. After such an acquisition, then each right entitles holders to purchase securities of the company or an acquiring entity having a market value of twice the right's exercise price. Humana said the rights expire March 4, 1997, unless redeemed earlier. It said the rights may be redeemed by the company for one ct per right at any time prior to 10 days following a public announcement that a 20 pct position has been acquired. Reuter 

FREMONT GENERAL CORP <FRMI> 4TH QTR OPER NET

Oper shr profit 63 cts vs loss 1.15 dlrs Oper net profit 6,629,000 vs loss 12.4 mln Revs 23.6 mln vs 22.4 mln Year Oper shr profit 1.65 dlrs vs loss 1.28 dlrs Oper net profit 17.5 mln vs loss 13.8 mln Revs 93.1 mln vs 86.8 mln Note: Oper data does not include loss from discontinued operations of 7,932,000 dlrs, or 73 cts per shr in 4th qtr 1985, loss of 40.5 mln dlrs, or 3.83 dlrs per shr in the 1986 year or gain of 104.3 mln dlrs, or 9.68 dlrs per shr in 1985. Also does not include 4th qtr 1985 extraordinary loss of 1,028,000 dlrs, or ten cts per shr. Reuter 

RIVERBEND <RIV> BEGINS TRADING ON AMEX

The American Stock Exchange said 5,500,000 shares of Riverbend International Corp began trading today under the symbol RIV. It said the agricultural concern, based in Sanger, Calif., opened on 37,000 shares at nine. AMEX said the company is the 14th initial public offering to be listed on AMEX this year. Last year AMEX listed 53 initial public offerings. Reuter 

ALASKA AIR GROUP <ALK> OFFERS STOCK

Alaska Air Group Inc said it has registered with the Securities and Exchange Commission to offer 1.8 mln shares of common stock, plus 180,000 shares to cover over-allotments. The company said Merrill Lynch, Pierce, Fenner and Smith Inc and The First Boston Corp will lead the underwriting syndicate. Proceeds will be used to reduce debt and for working capital and capital expenditures, the company said. Reuter 

GREAT WESTERN FINANCIAL <GWF> UNIT BUYS BANKS

Great Western Financial Corp's subsidiary Great Western Bank said it will purchase three retail banking branches in south Florida with total deposits of 90 mln dlrs. Great Western said it will purchase branches in Deerfield Beach and Hollywood with approximately 80 mln dlrs in deposits from Guardian Savings and Loan Association, and one in Palm Beach with approximately 10 mln in deposits from Goldome Savings Bank. Reuter 

HUGHES <HT> CHANGES STANCE ON MERGER AFTER SUIT

A one billion dlr lawsuit pushed Hughes Tool Co into an about-face on its rejection of a proposed merger with Baker International Corp <BKO>, Wall Street analysts said. Last night, Hughes said the planned merger with Baker was off. Baker then filed a suit seeking punitive damages from Hughes for calling off the merger. At midday today Hughes said it was still interested in the merger. The analysts also said Hughes may be worried that its troubles could make it a takeover candidate. There was speculation today that Harold Simmons, the Dallas investor, might try to acquire Hughes, but Simmons told Reuters he is not interested. Simmons said he intends to file a 13-D with the Securities and Exchange Monday reporting a stake of five pct or more in some publicly traded company. He declined to identify the target other than to rule out Hughes. One analyst said another factor in the latest Hughes turnabout was Borg-Warner Corp <BOR>, which owns 18.5 pct of Hughes. Borg-Warner ex-chairman J.F. Bere, who serves on the Hughes board, is believed to favor the merger with Baker. Despite the Hughes statement that it is interested in a merger, and Baker's response that a merger is still possibile, analysts said no one could be certain where the situation was going. "I think the merger is not going through," said Phil Pace, analyst at Kidder, Peabody and Co. He said the merger "lost a lot of its appeal" when the U.S. Department of Justice required that Baker sell off its Reed Tool Co operation. Although the Reed operation is relatively small in view of the total size of a combined Baker-Hughes, Pace said "30 to 40 pct of the cost savings are tied up in that." "They (Hughes) are obviously concerned about the lawsuit," said James Crandell, analyst at Salomon Brothers Inc. "Apparently they are willing to continue discussions but whether they will alter their position, I don't know. "It's getting a little confusing," said James Carroll, analyst at PaineWebber Group Inc. He said the arguments cited by Hughes yesterday for not doing the merger "tend to be weak." Hughes said yesterday that as a condition of the merger it wanted Reed Tool and other businesses sold prior to April 22, the projected merger date. A government decree allowed a longer period of time. Hughes contended it was better to formally combine the companies with the status of Reed already settled. Baker apparently sees no reason to speed up the sale. Carroll said Baker had previously estimated 110 to 130 mln dlrs in savings if the companies were combined without selling Reed. But he said Baker now thinks 75 to 85 mln dlrs will be saved while Hughes sees a saving of only 50 to 60 mln dlrs. Carroll also noted that since the merger accord was first signed "the outlook for the industry has improved materially." Hughes may simply feel the pressure on the oil service industry is lifting. Reuter 

ARMTEK <ARM> SELLS TIRE, TRUCK TIRE BUSINESS

Armtek Corp, formerly known as Armstrong Rubber Co, said it signed agreements with <Condere Corp> for the sale of its Natchez, Miss. tire plant and its S and A Truck Tire Sales and Services Corp. Terms were not disclosed. Armtek spokesman John Sievers said S and A is a 50 mln dlr business. Earlier this week, Armtek announced the sale of its industrial tire and assembly business division to Dyneer Corp of Scotsdale, Ariz. Cash proceeds from both sales will be used to reduce outstanding debt. Under a long term supply agreement with Condere, it is anticipated that truck tires produced at the Natchez plant will be supplied to the Armstrong Tire Co, an Armtek operating company, the company said. The closing is scheduled to be concluded by March 31, it said. Reuter 

BAY STATE GAS <BGC> PREFERRED UPGRADED BY S/P

Standard and Poor's Corp said it raised to A from A-minus Bay State Gas Co's preferred stock. S and P affirmed the company's A-rated senior debt and A-1 commercial paper. Bay State has 75 mln dlrs of long-term debt and preferred outstanding. The rating agency said its action mainly reflected debt redemptions. S and P also said the outlook for firm sales growth is positive because of a vibrant regional economy. Reuter 

ELXSI LTD <ELXSF> 4TH QTR LOSS

Shr loss four cts vs loss 34 cts Net loss 2,922,000 vs loss 19.9 mln Revs 4,071,000 vs 8,012,000 Year Shr loss 23 cts vs loss 79 cts Net loss 17.3 mln vs loss 46.2 mln Revs 22.4 mln vs 28.6 mln Reuter 

<NEWSCOPE RESOURCES LTD> YEAR LOSS

Shr loss 94 cts vs profit 28 cts Net loss 6,319,337 vs profit 1,702,016 Revs 2,899,513 vs 5,239,106 Note: 1986 net includes 5,250,000 dlr writedown of oil and gas properties. Reuter 

FERC ISSUES TAKE-OR-PAY GAS POLICY PLAN

The Federal Energy Regulatory Commission (FERC) issued a proposed policy statement for the recovery of take-or-pay costs imposed by existing natural gas contracts between producers and pipelines. It put out the statement, by 5-0 vote, for a 30-day comment period. It also put out an alternative policy statement by Commissioner Charles Stalon. FERC said in a press release that "the proposed policy statement estblishes an exception to the commission's general policy that take-or-pay buy-out and buy-down costs must be recovered through pipeline' commodity sales rates." FERC added that "specifically, in cases where pipelines assume an equitable share of buy-out or buy-down costs, the commission proposes to permit the pipelines to recover the remaining costs through their demand rates." It said it wanted guidelines for buying out and reforming existing contracts to help spread the impact of these take-or-pay costs in a responsible, fair and equitable way. Commission chairwoman Martha Hesse said "this proposal represents the commission's sincere attempt to help the industry through this difficult period of transition to a more competitive market." Hesse said "it is my hope that our proposed policy will encourage and guide the timely resolution of take-or-pay contractual disputes that have impeded the industry's transition to a more competitive environment. It is vital to the industry that we get this problem behind us." reuter 

NATIONAL MEDICAL <NME> OPENS HOSPITALS

National Medical Enterprises Inc said its Rehab Hospital Services Corp unit opened four facilities and plans to contruct three physical rehabilitation hospitals. The company said the seven hospitals represent a total investment of 44.5 mln dlrs. The three to be constructed will be in Montgomery, Ala., Fort Myers, Fla. and Monroeville, Penn. Of the four recently opened, three were in Florida and one in Arkansas. Reuter 

TIMES MIRROR CO <TMC> QUARTERLY DIVIDEND

Qtly div 41 cts vs 41 cts Pay June 10 Record May 29 Reuter 

INTER-CITY GAS CORP <ICG> 4TH QTR NET

Shr 36 cts vs 68 cts Net 10.0 mln vs 16.1 mln Revs 441.6 mln vs 470.8 mln YEAR Shr 86 cts vs 1.77 dlrs Net 29.1 mln vs 44.1 mln Revs 1.43 billion vs 1.54 billion Note: 1986 fl-yr net includes 9.3 mln dlr writedown of U.S. oil and gas properties partly offset by 1.1 mln dlr extraordinary gain from tax gains and proceeds from sale of Minnesota utility operations. 1985 net includes extraordinary gain of 892,000 dlrs. Shr after preferred divs. Reuter 

BROWN TRANSPORT CO INC <BTCI> 4TH QTR NET

Shr profit 26 cts vs profit 10 cts Net profit 1,371,000 vs profit 482,000 Revs 48 mln vs 45.7 mln Avg shrs 5.20 mln vs 5.15 mln 12 mths Shr profit 1.05 dlrs vs loss 34 cts Net profit 5,454,000 vs loss 1,766,000 Revs 191.7 mln vs 185.2 mln Avg shrs 5.20 mln vs 5.15 mln Reuter 

HEXCEL CORP <HXL> PLANS NEW PLANT

Hexcel Corp said it plans to build a manufacturing facility in Chandler, Arizona. The company said construction will begin this summer, with completion scheduled for early in 1988. The facility will produce engineered and structural products and employ about 200 people, it said. Reuter 

FIRST FEDERAL <FARK> BUYS BACK CAPITAL NOTES

First Federal Savings of Arkansas FA said it bought back 4.75 mln dlrs of its 15-3/8 pct subordinated capital notes. There are now 14.25 mln dlrs of these notes outstanding, compared to an original issue of 25 mln dlrs sold in September 1985, First Federal said. Reuter 

GM <GM> STOCK BUYBACK WON'T AFFECT S/P RATINGS

Standard and Poor's Corp said that General Motors Corp's planned five billion dlr stock repurchase would not affect the carmaker's debt ratings. S and P said the parent company would generate sufficient cash flow over the next several years to fund the stock buyback program without weakening its financial position. S and P affirmed the AA ratings on the senior debt of GM, General Motors Acceptance Corp, GMAC Grantor Trust and various overseas units. Also affirmed were GM's AA preferred stock, and GMAC's AA-minus subordinated debt and A-1-plus commercial paper. Reuter 

METRO MOBILE CTS INC <MMCT> FIRST QTR LOSS

Qtr ends Dec 31 Shr loss 33 cts vs loss 16 cts Net loss 5,632,426 vs loss 2,373,358 Revs 3,277,976 vs 1,535,550 Avg shrs 16.9 mln vs 14.4 mln Reuter 

ENDOTRONICS <ENDO> TO CUT WORKFORCE BY 33 PCT

Endotronics Inc said it is restructuring its workforce to reduce payroll costs by terminating 75 full-time and four part-time employees, or 33 pct of its total ranks. The company said despite the cutbacks it remains commited to development of promising new areas and it intends "to maintain our research commitment to our programs in cancer immunotherapy and a new Hepatitis-B vaccine." Reuter 

<SPAR AEROSPACE LTD> YEAR NET

Shr basic 42 cts vs 1.41 dlrs Shr diluted 42 cts vs 1.33 dlrs Net 4,394,000 vs 13,070,000 Revs 191.0 mln vs 223.3 mln Reuter 

PESCH UNIT SEEKS BALANCE OF REPUBLIC HEALTH

Alpha Health Systems Corp, a wholly-owned subsidiary of Pesch and Co, said it submitted a merger proposal to the board of REPH Acquisition Co, the parent company of Republic Health Corp, which is 64 pct owned by Pesch interests. The balance of REPH's common stock is owned by members of Republic management, McDonnell Douglas Corp <MD>, Donaldson, Lufkin and Jenrette and Pacific Asset Holdings L.P. Republic currently owns 44 hospitals and manages 46 other facilities, in 25 states. Details of the proposal were not disclosed. Company representatives were not immediately available. The proposal provides that REPH would become a wholly-owned subsidiary of Alpha and that the existing REPH common stockholders would become stockholders of Alpha, it said. REPH's board has appointed a special committee to negotiate terms of the proposed merger, Pesch said. Last year, Republic was acquired by REPH in a leveraged buyout transaction led by Dr. LeRoy Pesch, the principal shareholder of Pesch and Co. Alpha recently submitted a second offer to acquire the stock of American Medical International Inc (AMI) at 22 dlrs a share in cash and securities, which is still being considered by American Medical's board, Pesch said. Reuter 

SPAR SEES SEES STRONG FIVE-YEAR GROWTH

<Spar Aerospace Ltd>, reporting a sharply lower 1986 profit, said it anticipated solid profit and revenue growth during the next five years. "Looking to the longer term, Spar is confident that its continuing concentration on advanced robotics, satellite-based communications and electro-optical defense systems will lead to significant growth in revenues and earnings over the next five years," the company said. It also forecast higher 1987 sales due to an increased order backlog. Revenues last year fell to 191 mln dlrs from 223.3 mln while profit fell to 4.4 mln dlrs from 13.1 mln. Spar added that lower development costs in the communications group and a return to normal operations in gears and transmissions and aviation services "will remove a serious drain on profits" this year. It attributed its reduced 1986 earnings to communications group losses resulting from continued heavy investment in new products and market development, a four-month strike at its Toronto plants and delays in receipt of authorization from customers to start work on new programs. Reuter 

WRIGHT SAYS DEMOCRATS FAVORABLE TO TAX HIKE

House Speaker James Wright, a Texas Democrat, said he found a favorable response from key House Democratic taxwriters to a general idea of raising 18 billion dlrs in unspecified taxes for the 1988 financial year. Wright met with House Ways and Means Committee chairman Dan Rostenkowski of Illinois and other Democrats to discuss a plan broached by the House Budget Committee to spread 36 billion dlrs deficit reduction through 9 billion dlrs in domestic cuts, 9 billion dlrs in defense spending and the rest in tax hikes. "They are realists," Wright said of the tax writers after the private meeting. Reuter 

CHESAPEAKE UTILITIES CORP <CHPK> REGULAR DIV

Qtly div 28-3/4 cts vs 28-3/4 cts prior Pay April three Record March 13 Reuter 

MEATPACKERS REJECT OCCIDENTAL <OXY> UNIT OFFER

United Food and Commercial Workers Union Local 222 rejected a new contract proposal from Iowa Beef Processors Inc and remain out of work, union spokesman Allen Zack said. In mid-December, Iowa Beef, a subsidiary of Occidental Petroleum Corp, closed its beef processing plant at Dakota City, Nebraska, because it said "it had no alternative to threats by meatpackers to disrupt operations." About 2,800 UFCWU members are affected by what the union terms as a lockout. A 3-1/2 year labor contract at the plant expired December 13. Zack said IBP's proposal included elimination of a two-tier wage structure, a 60 cent an hour wage cut for slaughterers and a 45 cent an hour wage reduction for processors. The new proposal also included a bonus system of 1,000 dlrs for workers who had been at the plant for two years, Zack said. The annual turnover rate at the facility is 100 pct, he said. Reuter 

SWIFT INDEPENDENT PACKING CO <SFTPr> 1ST QTR NET

Periods ended January 31 Net 1,443,000 vs 3,539,000 Revs 765.2 mln vs 685.8 mln Reuter 

CHEMLAWN SAYS IT REJECTS 27 DLRS PER SHARE TENDER OFFER FROM WASTE MANAGEMENT

USG <USG> DEBENTURES YIELD 8.77 PCT

USG Corp is raising 200 mln dlrs through an offering of debentures due 2017 yielding 8.77 pct, said lead manager Salomon Brothers Inc. The debentures have an 8-3/4 pct coupon and were priced at 99.784 to yield 120 basis points over the off-the-run 9-1/4 pct Treasury bonds of 2016. Non-refundable for 10 years, the issue is rated A-1 by Moody's and A by Standard and Poor's. A sinking fund starting in 1998 to retire five pct of the debentures annually can be increased by 150 pct at the company's option, giving them estimated average lives of 20.5 or 14.5 years, Salomon said. Reuter 

FRANCE, YUGOSLAVIA COMMISSION TO BOOST TRADE

France and Yugoslavia agreed to set up a joint economic commission as part of efforts to promote commercial links and industrial cooperation between the two countries. The French Finance Ministry said the commission, to be composed of businessmen, was agreed during talks between Foreign Trade Minister Michel Noir and Yugoslavian minister without portfolio Egon Padovan. A ministry statement said both sides had agreed on the need to boost trade links in keeping with an accord signed last year calling for a 50 pct rise in commercial exchanges between the two countries over the next six years. French trade with Yugoslavia has grown little over the past two years. Reuter 

CHEMLAWN <CHEM> REJECTS WASTE'S <WMX> OFFER

ChemLawn Corp said its board rejected Waste Management Inc's 27 dlr-per-share tender offer and urged its shareholders not to tender their shares. ChemLawn said its board asked management and its financial advisor, Smith Barney, Harris Upham And Co Inc, to seek other purchasers of the company to maximize shareholder value. ChemLawn also said it adopted a shareholder rights plan, or "poison pill," during a 120-intermin safeguard period its board adopted to deter attempts to acquire the company through any means other than an all-cash tender offer while it seeks other purchasers. ChemLawn also said it began litigation against Waste Management in federal court in Columbus, seeking injunctive and other relief. The suit alleges, among other things, that certain Waste Management officers and directors purchased ChemLawn's stock before making the tender offer. ChemLawn claimed such purchases possibly violated the officers' fiduciary duties and the Securities and Exchange Commission's insider trading rules. Last week, Waste Management made a tender offer to acquire ChemLawn for 27 dlrs per share or 270 mln dlrs. ChemLawn said its board was determined that Waste's offer was inadequate and not in the best interest of shareholders, and could "adversely affect" the interests of its employees, suppliers, creditors, and customers. "Our board carefully reviewed Waste Management offer and concluded that it does not fully reflect the value of the company. We strongly urge our shareholders not to tender their shares to Waste Management," said Chairman L. Jack Van Fossen. ChemLawn said its rights plan is designed to protect shareholders against abusive tactics, such as "market accumulations by Waste Management or others." Under the plan, one comon stock purchase right will be distributed as a dividend on each outstanding share of ChemLawn common. ChemLawn said its rights holders can buy a share of its common for one dlr if any entity acquires 25 pct or more of its commmon, other than by an all cash tender offer for all its shares or an approved acquisition agreement by its board. It said the rights expire July three 1987, or 60 days after they become exercisable if later than that date. It said its board may redeem the rights for five cts per right any time prior to their exercise date. ChemLawn said the plan will not be triggered by purchases purusant to Waste Management's present tender offer. It said the dividend will be paid to shareholders of record March 20. Reuter