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STEWART-WARNER CORP 4TH QTR SHR LOSS 3.86 DLRS VS PROFIT 37 CTS

GROUP TO BOOST FAIRCHILD INDUSTRIES (FEN) STAKE

An investor group led by New York investor George Soros said it was dissatisfied with Fairchild Industries Inc management and was considering boosting its holdings to as much as 49.9 pct of the aerospace and aviation company's outstanding stock. The group already controls 1,647,481 Fairchild Industries shares or 11.5 pct of the total outstanding. The group said it filed on Wednesday with federal antitrust regulators for advance clearance to buy enough additional shares to increase its total stake to up to 49.9 pct of the total outstanding stock. The group said its representatives had met with Fairchild Industries officials to inform them "that they do not believe management has been successful in enhancing or protecting shareholder values." It said it was considering the additional share purchases to enable it to "assert a greater degree of influence over the future management and policies of the issuer." It said a decision on the specific level of share ownership it would seek depended on market prices, future changes in management policies, available financial resources and other factors. The group said it also reserved the right to pursue other measures intended to influence Fairchild management and policies, either alone or in concert with other investors. The group includes Soros and Quantum Fund, an offshore investment firm headquartered in Curacao, Netherlands Antilles that is advised by Soros. The group said that since its last SEC filing, made Jan. 2, it had purchased no additional Fairchild shares and had sold 6,700 shares on the New York Stock Exchange Jan. 19. A Fairchild Industries official later said Soros had told the company he was not dissatisfied with its management. "Contrary to the filing, Mr. Soros has told the company today that he is not dissatisfied with management," Fairchild's Bill Fulwider told Reuters. However, Fulwider said the company would have nothing to say at this time about Soros' disclosure that he may buy up enough additional Fairchild shares to hold as much as 49.9 pct of the company's outstanding stock. Reuter 

PAYLESS CASHWAYS <PCI> SEES BETTER FIRST QTR

Payless Cashways Inc chairman David Stanley told analysts the company's first quarter results to be reported March 17 will be better than the seven cts per share reported in the year ago quarter. "It was not a wonderful sales quarter, but it only represents 14 pct of the year's total results," Stanley said. Stanley also said that 1987 full year sales will be in excess of 1.8 billion dlrs as compared to the 1.5 billion dlrs reported in 1986. He also said that analysts' estimates of 1.55 dlr per shr for 1987 "are not crazy." Payless reported net income of 1.22 dlr per share in 1986. "The economy may not get a lot better, but we expect our advantages in the lumber industry and cost cutting measures to keep us competitive," Larry Kunz, chief financial officer, said. The company acquired Knox Lumber Co for about 24.3 mln dlrs in October 1986. Stanley said the company's stronger-than-optimal balance sheet will enable it to make further acquisitions but no negotiations are going on at the current time. He said some benefits of a new management information system will be felt in 1987 and more substantially in 1988. REUTER...^M 

FED'S HELLER URGES COMPREHENSIVE OVERHAUL OF FINANCIAL SYSTEM REGULATION

FED'S HELLER URGES OVERHAUL OF FINANCIAL SYSTEM

Federal Reserve Board Governor Robert Heller said the U.S. legal and regulatory framework of the U.S financial system needs a complete overhaul so American banks can be more competitive in international markets. "It has become abundantly clear that our financial system must be overhauled to bring it up to the standard that will be required if we are to remain the leading financial power of the world in the coming years," Heller said in a speech prepared for delivery to a financial services industry conference. Heller said a patchwork approach to changing the nation's banking and financial services laws will not work. "Instead, a comprehensive overhaul of the entire financial system is called for," he said. Heller said he was encouraged that Congress would take a comprehensive look at reforming the nation's banking laws after they enact legislation now pending that would recapitalize the Federal Savings and Loan Insurance Corp and give federal regulators more power to deal with failing banks. Heller said he liked the concept of the financial services holding company, which would allow a bank to exist side by side with other financial services companies. He said that would end the debate on securities powers for banks. "The holding company may own both a securities house and a bank, so that both services may be provided to the same customer, subject to safeguards against conflicts of interest," he said. Such an institution be in a better position to compete in the financial services markets around the globe, he said. Heller said he expects world trade to expand more rapidly that domestic production and that traditional trade finance should grow with it. "It may be time to dust off the old letters of credit and to prepare for an increase in traditional export financing opportunities," Heller said. But he warned that protectionist sentiments could "kill the golden goose that is about to provide new profit opportunities for international traders and bankers alike that will benefit consumers by providing them with cheaper goods." Reuter 

STEWART-WARNER CORP <STX> 4TH QTR LOSS

Shr loss 3.86 dlrs vs profit 37 cts Net loss 24,973,000 vs profit 2,389,000 Sales 62.5 mln vs 65.3 mln Year Shr loss 3.22 dlrs vs profit 1.32 dlrs Net loss 20,861,000 vs profit 8,515,000 Sales 268.0 mln vs 272.7 mln NOTE: 1986 earnings include a provision for restructuring costs of 23,675,000 dlrs, or 3.66 dlrs a share (pre-tax) and the effect of adoption of FASB 87 which reduced pension expense by 617,000 dlrs for the quarter and 1,817,000 dlrs for the year before taxes Earnings include nonoperating income from the effect of nonrecurring gains of 1,811,000 dlrs in the 1st Qtr of 1986 from the sale of its minority interest in Plexus Corp and 1,480,000 dlrs in the 3rd Qtr of 1985 related to the sale of excess property Reuter 

MONITERM CORP <MTRM> 4TH QTR LOSS

Shr loss 15 cts vs loss 11 cts Net loss 632,000 vs loss 437,000 Revs 3,206,000 vs 2,650,000 Year Shr loss 19 cts vs loss 24 cts Net loss 793,000 vs loss 1,004,000 Revs 11.5 mln vs 14.4 mln NOTE: Prior year figures restated to reflect merger in March 1986 with Amtron Corp. Reuter 

GATX <GMT> TO REPURCHASE UP TO 750,000 SHARES

GATX Corp said it will buy back up to 750,000 common shares in the open market from time to time within the next year. Morgan Stanley and Co Inc will act as agent. As of December 31, 1986, GATX had nine mln shares outstanding. Reuter 

THE CHUBB CORP <CB> SETS QTRLY PAYOUT

Qtrly 42 cts vs 42 cts prior Pay April 7 Record March 20 Reuter 

SOUTHTRUST <SOTR> TO ACQUIRE FOUR BANKS

SouthTrust Corp, a 5.1 billion dlr multibank holding company, said it entered into agreements to acquire four Florida banks with assets totalling more than 233.2 mln dlrs. Terms of the agreements were not disclosed. The four banks are: Central Bank of Volusia County, with assets of 59.3 mln dlrs, Bank of Pensacola with assets of 63.8 mln dlrs, and Vista Bank, which operates Vista Bank of Volusia County with assets of 37.8 mln dlrs and Vista Bank of Marion County with assets of 72.3 mln dlrs. It said the agreements are subject to regulatory approval. Reuter 

CARLING O'KEEFE SELLS STAR OIL UNIT TO UNITED COAL CANADA FOR 57 MLN DLRS

ADVANCED TELECOMMUNICATIONS REDEEMS DEBENTURES

Advanced Telecommunications Corp <ITEL> said it called for the redemption on April 10, 1987, of all its eight pct convertible subordinated debentures due 2006. The company said the redemption price is 1,080 dlrs per 1,000 dlrs of principal amount of debentures plus accrued interest from Feb One, 1987 to April 10, 1987. The company said the debentures are convertible into ATC's common stock at 8.25 dlrs per share. Reuter 

HUGHES TOOL <HT> UP ON MERGER SPECULATION

Hughes Tool Co rose one to 12-1/4 on 1,658,000 shares, apparently reflecting a belief that Baker International Corp <BKO> will be able to persaude Hughes to go along with a previously announced merger, analysts said. This week Hughes seemed to back out of the merger but then said it was still interested in talking. "It sounds like Baker wants it and if people are convinced a deal is going to go through the stock goes up," said analyst Phil Pace of Kidder, Peabody and Co. Holders of Hughes would get 0.8 share of Baker for each Hughes share. Reuter 

ADVANCED TELECOMMUNICATIONS <ATEL> IN REDEMPTION

Advanced Telecommunications Corp said it has called for redemption on April 10 all of its eight pct convertible subordinated debentures due 2006 at 1,080 dlrs per 1,000 dlrs principal amount plus accrued interest. The debentures are convertible into common stock at 8.25 dlrs per share. Reuter 

AETNA <AET> REACHES AGREEMENT TO BUY COMPANY

Aetna Life and Casualty Co said it reached an agreement to acquire a 49 pct interest in Universal Life and General Insurance Sdn Bhd <ULG>, a Malaysian composite insurance company. The company said the 51 pct balance will continue to be owned by Malaysia Apera Group of private investors. The transaction is valued at approximately 37.8 mln dlrs and is expected to be completed by March 31, 1987. Reuter 

AMEX STARTS TRADING ECOLOGY/ENVIRONMENT <EEI>

The American Stock Exchange said it has started trading one mln Class A common shares of newly-public Ecology and Environment Inc, which provides services related to the management of hazardous and non-haxardous wastes. Reuter 

JAMAICA CORRECTS SIZE OF PARIS CLUB RESCHEDULING

The Jamaican Information Service said the rescheduling agreement reached with the Paris Club of western government creditors covers 125.5 mln dlrs of debt and not 25.5 mln dlrs as it announced yesterday. Under the accord, clinched on Thursday in Paris, 100 pct of the principal and 85 pct of the interest owed between April 1, 1986, and March 31, 1988, is being rescheduled. The debts due in 1986 are being treated as arrears and will be rescheduled over six years with 2-1/2 years' grace, while the rest of the debt will be rescheduled over 10 years with a 5-1/2 year grace period. Reuter 

CARLING O'KEEFE<CKB> SELLS OIL UNIT, TAKES GAIN

Carling O'Keefe Ltd said it sold its Star Oil and Gas Ltd unit to United Coal (Canada) Ltd for about 57 mln dlrs cash. Carling said it will record an extraordinary gain of about two mln dlrs after tax, or nine cts a common share resulting from the sale. The company did not elaborate further on financial terms. A Carling official later said in reply to an inquiry that Carling would record the extraordinary gain in its fourth quarter ending March 31. The move came after Carling's 50 pct-owner <Rothmans Inc> agreed last week to sell its Carling stake to <Elders IXL Ltd>, of Australia, for 196.2 mln Canadian dlrs. Reuter 

CHANNEL FERRY REPORTED SINKING OFF BELGIUM

The channel ferry Herald of Free Enterprise from the British Townsend Thorensen company was sinking off the Belgian coast tonight with 463 people on board, the Dutch newsagency ANP reported today. An unspecified number of people had fallen into the water, it said, quoting the pilot organisation in this south-western Dutch port city near the Belgian border. It said the vessel had capsized after a collision but gave no more details. Dan Kaakebeen a spokesman for the Dutch salvage firm Smit International told Reuters by telephone from Rotterdam that the vessel was just off the Belgian port of Zeebrugge with 463 passengers and crew when the accident occurred at 1850 GMT. Kaakebeen said the firm had one vessel at the scene and another on its way with divers on board. A spokesman at the port authority of nearby Vlissingen said attempts were being made to pull the vessel into shallow waters. Weather conditions were good with no fog or wind, and there were many other vessels in the area. Reuter 

PATRICK PETROLEUM CO <PPC> YEAR LOSS

Shr loss 1.22 dlrs vs profit 27 cts Net loss 8,812,432 vs profit 1,847,560 Revs 7,981,198 vs 10.3 mln Avg shrs 7,187,941 vs 6,828,368 NOTE: Current year includes tax credit of 800,000 dlrs. Reuter 

MONITERM <MTRM> SAYS ORDER RATE STRENGTHENS

Moniterm Corp said sales of its display system and color monitors in the first two months of this year have been strong compared with the fourth quarter of 1986, giving it confidence its sales target of 4.8 mln dlrs for the first quarter of 1987 is attainable. It said sales of these products for January and February were a record 3.1 mln dlrs, it said. For all of 1986 its sales were 11.5 mln dlrs, it said. Reuter 

MOBIL <MOB> REORGANIZES U.S. EXPLORATION, OUTPUT

Mobil Oil Corp said it is reorganizing its U.S. exploration and producing operations into a single affiliate, Mobil Exploration and Producing U.S. Inc, to be headquartered in Dallas, effective April one. The Mobil Corp subsidiary said the operations are presently run from three affiliates located in Denver, New Orleans and Houston. It said about 300 employees will be relocated to Dallas, adding these will be primarily in management, administrative and staff functions. Mobil Oil said most technical and field operating people will remain at their current locations but some staff functions will be reduced. Spokesmen were not immediately available for comment on the impact of any reductions. The company said the new affiliate will comprise four producing divisions and six exploration divisions. Four of the exploration divisions will be located with producing divisions in Denver, Houston, New Orleans, and Midland, Texas. The remaining two will be in Oklahoma City and Bakersfield, Calif. Mobil Oil said the reorganization will "enhance our profitability" by emphasizing technology and improved communications, adding it will be able to respond quickly to changes in business environment. The company said C.E. Spruell, now vice president, international producing operations, has been appointed president and general manager of the new affiliate. Reuter 

ARGENTINE OBSERVER CRITICAL OF DEBT STANCE

A counter-proposal from creditor banks to Argentina's request for rescheduling its 50 billion dlr foreign debt was full of holes, an Argentine observer at negotiations said. "The negotiations are not going to prosper if (the creditor banks) do not change the counter-proposal put to Argentina, as it is a Swiss cheese full of holes," ruling Radical Party Deputy Raul Baglini said. Baglini, who was recently observing negotiations with the steering committee for Argentina's creditor banks in New York, spoke to reporters in Mendoza, 600 miles west of Buenos Aires. Baglini said the counter-proposal did not take into account Argentina's request for a 2.15 billion dlr loan to meet four pct growth targets in 1987. Reuter 

CANADA'S MOVE TO SHORTEN DEBT TERMS AIDS MARKET

The government's move to pare its huge financing costs by shortening debt maturities has left more room for other borrowers and sparked a lively market for treasury bills, senior market analysts said. The Bank of Canada, Ottawa's fiscal agent in the marketplace, revealed this week that sharply reduced borrowing needs has allowed the shift toward shorter bond terms and heavier emphasis on the weekly treasury bill auction, issued in terms of up to one year. "The aggressive use of the treasury bill program has meant that the government is now able to maintain lower cash balances and lower financing costs," the Bank of Canada said in its 1986 annual report released this week. The government has said its budget deficit financing requirements will fall to 24 billion dlrs in the fiscal year ending March 31, 1987, from 30 billion dlrs the prior year. Projected fiscal 1988 requirements are 21.3 billion dlrs. The bank said that of last year's 19 new government bond issues, nearly two-thirds were for maturities of less than 10 years. Greater use was also made of bond auctions to market new issues with terms in the two- to five-year range. Meanwhile, treasury bills outstanding at year end totalled nearly 70 billion dlrs, an increase of 10.3 billion dlrs over the year and 20 billion dlrs since 1984. Although the amount of money saved from moving away from the long bonds was not disclosed, bond experts believe it was considerable because of the much lower interest premiums paid on short term debt. But market watchers were unsure what affect the move will have on Japanese investors--who have been snapping up Canadian bonds at a record clip--because of their traditional preference for long term financings. Bond traders said the Japanese, who purchased a record 9.5 billion dlrs of Canadian bonds last year, have adapted to the changes by buying longer term provincial issues and shifting to the medium term issues offered by Ottawa. "Their (Japanese) buying over the course of the last six months has been very much concentrated in the medium term maturities," noted one Canadian bond trader who asked not to be identified. Yet there was some concern a shortage could eventually develop for bonds that mature in 10 or more years. Said David Gluskin, vice-president of Nesbitt Thomson Bongard Inc, "When interest rates finally seem to have stopped going down, there is going to be a flood of people trying to lock in the long end and not everyone will be able to get in the door." But bonds analysts said at the moment with interest rates trending down, investors appear to welcome the change, especially the greater treasury bill financing. "The wholesale market in treasury bills is very active," said Michael Berry, vice-president of the securities firm, Walwyn Stodgell Cohran Murray Ltd. The change also improves receptivity in the market for other borrowers, including provincial governments, the big utilities and corporations. "There doesn't seem to any lack of bonds in the longer end now, that also may be the result that any percieved shortage has probably been taken up by provincial funding activities," commented Berry. Reuter 

EPITOPE INC <EPTO> 1ST QTR DEC 31 LOSS

Shr loss 24 cts vs loss nine cts Net loss 216,697 vs loss 47,344 Sales 144,403 vs 118,391 Reuter 

<CLARY CORP> 4TH QTR DEC 31 LOSS

Shr loss 12 cts vs loss 16 cts Net loss 214,000 vs 309,000 Revs 3,056,000 vs 2,545,000 Year Shr loss 43 cts vs loss nine cts Net loss 754,000 vs loss 159,000 Revs 11.4 mln vs 11.4 mln Reuter 

LLOYDS BANK CANADA 1ST QTR PROFIT RISES SHARPLY

Lloyds Bank Canada, a unit of <Lloyds Bank International PLC>, said net profit soared to 3,053,000 dlrs for the first quarter ended January 31 from 9,000 dlrs a year earlier. Loan loss provisions, a mandatory five-year averaging of actual loan losses, also rose in the first quarter to 6,375,000 dlrs from year-ago 113,000 dlrs, the bank said. Lloyds Bank Canada became Canada's largest foreign bank last autumn with its 200 mln Canadian dlr acquisition of Continental Bank of Canada. Reuter 

BRAZIL STRIKES CAUSE GOVERNMENT MAJOR PROBLEMS

Strikes by Brazil's 40,000 seamen and by petrol station owners in four states are causing major headaches to a government already wrestling with a debt crisis. A week ago seamen began their first national strike for 25 years and union leaders say they have seriously affected Brazilian exports by making idle 160 ships. On February 20 the Brazilian government suspended interest payments on part of its huge foreign debt following a sharp deterioration in its trade balance. Today the government faced a fresh problem, when most petrol station owners in Sao Paulo, the country's industrial heartland, and in three other states closed down to press for higher fuel prices. There were fears that the combination of the two stoppages could lead to a serious fuel shortage. The seamen's leaders say their strike has halted 48 of the 72 ships belonging to the state oil company Petrobras. The Jornal do Brasil newspaper, in an editorial today entitled "Dangerous Confrontation," said: "From the economic point of view the seamen's strike carries an alarming cost, with grave consequences for the supply situation and for the country's external trade." The seamen are seeking a 275 pct pay rise and have rejected offers of up to 100 pct. Later today the Higher Labour Tribunal in Brasilia is due to rule on whether the seamen's strike is legal. But a senior official of the National Merchant Marine Union, Jorge Luis Leao Franco, told Reuters that the strike would continue regardless of the tribunal's ruling. Labour unrest has worsened in Brazil following the collapse over the last few months of the government's Cruzado Plan price freeze. Prices have been rising at about 15 pct a month. Not only workers but also businessmen are restive. Petrol station owners said many garages had closed indefinitely today in Sao Paulo, Parana, Mato Grosso and Mato Grosso do Sul. Television reports said that in the Parana state capital of Curitiba petrol stations were only supplying fuel for exceptional cases such as ambulances and funeral processions. Brazilian garage owners want to be allowed to raise their profits on alcohol fuel and petrol sales to 1.26 cruzados (six U.S. Cents) a litre from 0.56 cruzados (about 2.5 cents). Queues formed at petrol stations in Sao Paulo late last night as motorists filled up their tanks while they still could. Political sources said the government of President Jose Sarney was closely following the strikes and the overall fuel supply situation. Reuter 

FIRST UNION <FUNC> STARTS INVESTMENT NEWSLETTER

First Union Corp said its Capital Management Group has begun publishing an investment newsletter targeted to private investors. The newsletter, Vision, will be published every three weeks. Annual subscriptions are 126 dlrs, the company said. Reuter 

LYPHOMED<LMED> TO SELL 100 MLN DLRS DEBENTURES

LyphoMed Inc said it intends to file a registration statement with the Securities and Exchange Commission covering the sale of 70 mln dlrs principal amount of convertible subordinated debentures. Concurrent with the debenture offering, LyphoMed said it plans to sell an additional 30 mln dlrs of debentures in Fujisawa Pharmaceutical Co Ltd, which currently owns about 30 pct of the company's common stock. It said the offering will be made only by prospectus. Reuter 

FRANKLIN COMPUTER CORP <FDOS> GETS COURT ORDER

Franklin Computer Corp said it received a court order requiring the manufacturer and distributors of the Laser 128 personal computer to stop selling the computers with operating systems that are the subject of a recently filed copyright infringement suit. The company said <Video Technology Computers> of Hong Kong and its distributors, <Video Technology Computers Inc> and <Central Point Software Inc>, complied with the order. The company said the order was signed by U.S. District Court Judge John Gerry of Camden, N.J. Under the terms of the order, all defendants named in the action are prohibited from selling Apple-compatible computers containing the programs on which Franklin has alleged copyright infringement by Marc 13, the company said. Reuter 

ALASKA AIR <ALK> UNIT HAS LOWER LOAD FACTOR

Alaska Air Group Inc said its Alaska Airlines unit's February load factor fell to 49 pct from 51 pct during the same month last year and its year-to-date load factor was 49 pct, down from 50 a year ago. February revenue passenger miles fell to 171.7 mln from 179 mln and year-to-date revenue miles dropped to 361.5 mln from 377.4 mln. Available seat miles for the month totaled 352.8 mln, up from 348.1 mln and for the two-month period available miles declined to 745.3 mln from the 751.7 mln reported for the same period of 1986, Alaska Air Group said. Reuter 

DOME PETE<DMP> SAID TO BE PRESSED TO SELL ENCOR

Dome Petroleum Ltd is under pressure from one of its largest creditors, <Canadian Imperial Bank of Commerce>, to sell its 42 pct stake in <Encor Energy Corp Ltd>, energy industry analysts said. Dome has pledged its 42.5 mln Encor shares as security for part of its debt to Commerce Bank, estimated last year at 947 mln Canadian dlrs, and the bank wants Dome to sell the stock to pay down debt, analysts said. "The Commerce has been slowly but surely moving Encor in the direction that might make it a saleable asset," said one analyst who asked not to be named. Dome earlier said it was not considering selling Encor Energy, but reaffirmed the company's 23.3 pct interest in Canadian gold producer Dome Mines Ltd <DM> is up for sale "at the right price." Dome, now negotiating a plan to restructure more than 6.10 billion dlrs in debt, sees Encor as a strategic investment that it does not intend to sell, spokesman David Annesley said. The Encor shares do not pay dividends. A Commerce Bank spokesman also declined comment when asked whether it is pressing Dome to sell its Encor stake. At current market prices, Dome's stake in Encor would be valued at about 308 mln dlrs, while its 20.9 mln Dome Mines shares would be worth about 319 mln dlrs. Recent strength in the price of Encor shares may also prompt Commerce Bank to press Dome to divest its holding in the Canadian oil and gas producer, analysts said. "Encor's stock price has improved quite substantially in recent weeks with a runup in crude prices," Peters and Co Ltd oil analyst Wilf Gobert commented. "The possibility is that Commerce Bank would like to see it sold at these levels because they can get more for it now than they have been able to in recent years," he added. Encor traded earlier on the Toronto Stock Exchange at 7-1/8, near its 52-week high of 7-1/2 and up from around six dlrs in early February. The company also recently set up its own operating management, which was previously carried out by Dome Petroleum, Maison Placements Canada Inc analyst Denis Mote commented. Dome and Encor "are actually going to get farther apart. So (the sale) does make a lot of sense," Mote said. However, analysts said Dome will resist any moves to divest Encor in favor of retaining the operating assets since sale proceeds would likely go directly to pay down Dome's debt to Commerce Bank. "I think they'll probably try to hang onto Encor as long as they can," said Bache Securities Inc analyst Doug Weber. Some of Dome's group of 56 major creditors might move to block such a sale, arguing they have a claim on company assets. "Other creditors generally all want to make sure that something they might be able to get a piece of is not being sold out from under them," said analyst Gobert. Another stumbling block would be Encor's 225 mln dlr joint liability in loans to Dome Petroleum advanced by Arctic Petroleum Corp of Japan for Beaufort Sea exploration. Analysts said a similar hurdle could also hinder the possible sale of Dome Petroleum's interest in Dome Mines. Dome Mines has guaranteed 225 mln dlrs of Dome Petroleum's debt and has a "right of consent" to the sale of Dome Petroleum's holding. Presumably, a potential buyer of the Dome Mines shares would seek some type of relief on the company's debt obligations connected with Dome Petroleum, Gobert said. Dome spokesman Annesley earlier declined to specify at what price the company would consider selling its Dome Mines shares, but said current prices of more than 15 dlrs a share "are very attractive." Reuter 

PATRICK PETROLEUM CO <PPC> 4TH QTR NET

Shr nil vs one ct Net 59,608 vs 95,909 Revs 2,921,629 vs 2,918,682 Avg shrs 7,062,172 vs 7,273,020 Year Shr loss 1.22 dlrs vs profit 27 cts Net loss 8,812,432 vs profit 1,847,560 Revs 3,070,327 vs 3,195,710 Avg shrs 7,187,941 vs 6,828,368 Reuter 

EARTHWORM <WORM> ACCEPTS SOVIET INVITATION

Earthworm Tractor Co Inc said it accepted an invitation from the Ministry of Construction, Road Building and Municipal Machinery to visit the Soviet Union next week to explore trading construction and liquefied natural gas equipment. The company said a representative of Prudential Bache Trade Corp will be part of the delegation. Reuter 

INLAND VACUUM INDUSTRIES INC <IVAC> 1ST QTR NET

Qtr ends Jan 31 Shr six cts vs eight cts Net 103,436 dlrs vs 134,360 dlrs Revs 1,762,270 vs 1,282,463 Reuter 

FAA SEES COMMERICAL AVIATION GROWTH CONTINUING

The Federal Aviation Administration said it expected continued growth for commercial aviation in the next 12 years, with passenger traffic increasing at an annual rate of 4.5 pct on major scheduled airlines and 6.7 pct on commuter airlines. However, the FAA forecast projects slower growth for general aviation than for the air carriers. The number of hours flown by private and business flyers, for example, is expected to grow at an annaul rate of less than one pct compared with a six pct rate in the 1960s and 1970s. REUTER 

IRANIAN OIL MINISTER ARRIVES IN ALGERIA

Iranian Oil Minister Gholamreza Aqazadeh arrived in Algiers at the head of a large delegation for talks on stabilizing oil prices, the official news agency APS said. In a brief arrival statement, he said Iran and Algeria were engaged in "continuous and stronger cooperation" on the world petroleum market and had "deployed considerable efforts to stablise petroleum prices." He was greeted on arrival by Belkacem Nabi, the Algerian Minister of Energy, Chemical and Petro-Chemical Industries. Reuter 

DEL LABORATORIES INC <DLI> 4TH QTR NET

Shr 16 cts vs 55 cts Net 232,000 vs 814,000 Revs 22.4 mln vs 22 mln Year Shr 2.07 dlrs vs 2.43 dlrs Net 3,108,000 vs 3,670,000 Revs 106.7 mln vs 101.1 mln NOTE: Per share figures adjusted to reflect four-for-three stock split paid March 26, 1986. Reuter 

U.S. TREASURY OFFICIAL URGES JAPAN OPEN MARKETS

The director of the Treasury Department's office of international banking and portfolio investment said Japan should open its bond and stock markets to more U.S. firms. "The Treasury would like to see greater openness of Jaspanese markets, including more U.S. firms admitted to the Tokyo Stock Exchange, and an increased role for U.S. financial firms in the Japanese Government bond market," Ammerman said in a prepared speech for a conference on financial services sponsored by Georgetown University. Ammerman also said the Reagan administration hopes "any discrimination against U.S. banks wishing to set up in the securities business in Japan in their own name will be eliminated promptly." He said the United States also was pressing Canada to stop giving favored treatment to domestic banks over U.S. competitors and was talking with Canadian representatives. He said the United States will "press vigorously for liberalization" of financial services in all foreign markets. If negotiations fail, "We will not hesitate to take vigorous actions to promote or protect our interests," he added. Reuter 

REXON <TEXN> FILES FOR STOCK SALE

Rexon Inc said it filed a registration statement with the Securities and Exchange Commission covering the primary sale of 1.25 mln common shares through an underwriting group managed by Hambrecht and Quist. Rexon, a maker of tape drives, subsystems and computer-related products, said it plans to use proceeds from the sale for working capital and for capital expenditures, primarily related to the company's tape drive products. Reuter 

OFFICIAL SAYS REAGAN AGAINST EARLY SDI DEPLOYMENT

A senior Defense Department official said he believed President Reagan has decided against an early deployment of the controversial anti-missile defense system known as "Star Wars." But the official, Assistant Defense Secretary Richard Perle, told a luncheon Reagan could decide within a few weeks to adopt a less restrictive interpretation of the 1972 Anti-Ballistic Missile (ABM) treaty to justify a move towards wider "Star Wars" testing and development. "I think the president has made a decision not to proceed with an early deployment of SDI," said Perle, referring to the Strategic Defense Initiative, as Reagan's anti-missile project is formally called. Reuter 

CHILEAN GDP UP 5.7 PCT IN 1986, CENTRAL BANK SAYS

chile's gross domestic product rose 5.7 pct last year to 18.8 billion dollars, compared to a 2.4 pct rise in the previous year, the central bank said. It said initial projections were for a 4.6 pct increase in gdp this year. The sectors which registered the greatest growth in 1986 were fisheries with 10 pct, agriculture at 8.7 pct, transport and communications with 8.1 pct and industry at 8.0 pct, the bank added. Reuter 

FUNARO SAYS CREDITORS WILLING TO HELP BRAZIL

Finance Minister Dilson Funaro, currently on an international tour to seek governmental support for his efforts to solve Brazil's 108-billion-dlr foreign debt crisis, said creditors have expressed willingness to help. In an interview with the Globo television network, transmitted from Rome, Funaro said the reception by representatives of creditor countries with whom he met along the week was always to seek new ways. "Brazil made several adjustments in its economy in the past which affected the goodwill of its people. We now wish to keep the country's growth in order to be able to face the problems of the future," Funaro said. The minister said that he had proposed a "four-year plan" to the creditors, which would include a rescaling of the commitments derived from its debt. "We cannot continue negotiating every year with our creditors, having to face difficulties in the meantime, not knowing whether a new package will or will not be approved, as it is happening to other debtor countries," the minister said. Reuter 

S/P UPGRADES GEORGIA-PACIFIC CORP'S 1.1 BILLION DLRS OF DEBT

COMFED SAVINGS <CFK> UNIT FILES FOR OFFERING

ComFed Savings Bank's wholly-owned subsidiary, ComFed Mortgage Co Inc, said it filed a registration statement with the Securities and Exchange Commission for a proposed public offering of 2,700,000 shares of its common stock. The offering represents 16 pct of ComFed Mortgage's stock, the balance of which it will retain, the company said. Estimated public offering price range for the stock is between nine dlrs and 13 dlrs, the company said. Reuter 

LANDMARK SAVINGS <LSA> COMPLETES OFFICE SALE

Landmark Savings Association said it completed the sale of its Whitehall, Pa., office, including deposits of about 31 mln dlrs, to Parkvale Savings Association. Landmark said it realized a gain of about 1.1 mln dlrs on the sale. The price was not disclosed. Reuter 

U.S. FEEDGRAINS GROUP ATTACKS CANADA CORN RULING

The U.S. Feedgrains Council is surprised and disappointed by the Canadian Import Tribunal's decision that imports of corn from the U.S. are materially injuring Canadian corn producers, a council spokesman said. "At a time when the world is attempting to liberalize trade in the new rounnd of multilateral negotiations, it is incomprehensible that a country that stands to gain so much from the reduction in agricultural trade barriers would threaten that process by caving in to pressures for protectionism," council president Darwin E. Stolte said. Canada's finding will strain the U.S./Canadian trading relationship, could damage the future of U.S. feedgrains support for the free trade negotiations, and also negatively impact farm trade reform with other nations, the council said. Reuter 

HOLLY SUGAR CORP <HLY> SETS REGULAR DIVIDEND

Qtly div 25 cts vs 25 cts prior Pay March 31 Record March 18 Reuter 

CORADIAN CORP <CDIN> YEAR NET

Shr profit one cent vs loss 37 cts Net profit 148,000 dlrs vs loss 1,686,000 Revs 11.4 mln vs 10.9 mln NOTE: Company said net is before extraordinary items and taxes and declined to provide data on those items Reuter 

USDA TO CONDUCT SURVEY FOR AVIAN INFLUENZA

U.S. Agriculture Department animal health officials are conducting a national survey of live-bird markets and auctions to check for signs of avian influenza, an infectious viral disease of poultry, the department said. The survey will locate poultry dealers and live-bird markets that sell live birds directly to the consumer and once the dealers and markets are identified, there will be tests to determine any past or present exposure to avian influenza viruses, it said. In 1983-84, an outbreak of avian influenza in Pennsylvania, Maryland, Virginia and New Jersey cost taxpayers 65 mln dlrs to control and required the destruction of more than 17 mln birds, it said. The survey is expected to be completed by April 15. Reuter 

RJR NABISCO <RJR> FILES 500 MLN DLR DEBT OFFER

RJR Nabisco Inc filed with the Securities and Exchange Commission for a shelf offering of up to 500 mln dlrs of debt securities on terms to be set at the time of sale. The company said proceeds will be used for general corporate purposes including repurchases of RJR securities. Proceeds also may be used for working capital, reduction of short-term debt and capital expenditures, it said. Underwriters for the offering were not named in the draft prospectus. Reuter 

TWO HUNDRED PEOPLE RESCUED FROM SINKING FERRY

About 200 people were rescued, some badly hurt, from a sinking cross Channel ferry carrying approximately 540 people off the Belgian port of Zeebrugge, a port control spokesman said. The spokesman, contacted by telephone, said only one third of car ferry, the Herald of Free Enterprise owned by the British company Townsend Thoresen, remained above water. Divers have been sent down to try to rescue passengers believed trapped in the ferry, which was on its way from Zeebrugge to the English port of Dover and capsized just off the pier, he added Reuter 

LIPOSOME CO <LIPO> AND UNIT TO SPONSOR SEMINAR

The Liposome Co Inc said it and its wholly-owned subsidiary, Liposome Japan Co Ltd, will sponsor a major seminar on liposome at Tokyo University on March 12, 1987. Liposomes are microscopic man-made spheres, composed of lipids, that can be engineered to entrap drugs or other biologically active molecules within the lipid membranes of the spheres or in the aqueous space between the membranes, the company explained. Leading academic, research and government institutions in Japan are expected to attend, the company said. Reuter 

GEORGIA-PACIFIC <GP> DEBT UPGRADED BY S/P

Standard and Poor's Corp said it upgraded Georgia-Pacific Corp's 1.1 billion dlrs of debt. Raised were the company's senior debt to A-minus from BBB-plus, preferred stock to BBB-plus from BBB and preliminary rating on shelf securities to A-minus from BBB-plus. S and P said the action reflected prospects for continued healthy markets over the next few years. The rating agency also said Georgia-Pacific benefitted from cost cutting and has reduced debt by 700 mln dlrs in the past five years. The company now has flexibility to pursue a strategy of increasing its presence in the paper products market. Reuter 

FOXBORO CO <FOX> 4TH QTR LOSS

Oper shr loss one ct vs loss 2.65 dlrs Oper net loss 100,000 vs loss 32.7 mln Revs 142.3 mln vs 168.8 mln 12 mths Oper shr profit 57 cts vs loss 2.76 dlrs Oper net profit 7,072,000 vs loss 34.2 mln Revs 544.0 mln vs 572.2 mln Note: 1986 oper net excludes tax credits of 2,149,000 dlrs for qtr and 2,200,000 dlrs for 12 mths. Includes restructuring charges of 120 mln dlrs for qtr, 527 mln dlrs for 12 mths. Reuter 

LYNG SAYS NO DECISIONS TAKEN AT CABINET COUNCIL

U.S. Agriculture Secretary Richard Lyng said no decisions were taken today at a White House Economic Policy Council meeting. Speaking to reporters on his return from the meeting, Lyng said only about five minutes of the session dealt with agriculture issues. "It was not a decision making meeting," Lyng said. Aides to Lyng earlier said the administration's agriculture legislative proposals would be the farm-related topic on the agenda. Lyng would not comment on what farm issues were discussed. Asked how he would respond to farm groups and Congressmen urging the U.S. to offer a wheat bonus to the Soviet Union, Lyng said he would be listen but be "non-committal." Reuter 

TREASURY BALANCES AT FED FELL ON MARCH 5

Treasury balances at the Federal Reserve fell on March 5 to 3.467 billion dlrs from 3.939 billion dlrs the previous business day, the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 14.350 billion dlrs from 14.391 billion dlrs on the same respective days. The Treasury's operating cash balance totaled 17.817 billion dlrs on March 5 compared with 18.330 billion dlrs on March 4. Reuter 

AMIR MINES COMPLETES PRIVATE PLACEMENT

<Amir Mines Ltd> said it completed negotiations on a private placement with institutional investors in the United Kingdom, Europe and Canada. The placement will consist of one mln shares of Amir Mines at 2.90 Canadian dlrs per share. In London, Continental Carlisle Douglas Securities and Yorkton Securities acted as agents for the placement of 900,000 shares in the U.K. and Europe. The additional 100,000 shares will be purchased by two Canadian gold funds. Amir said proceeds will be used for the acquisition of or joint venture participation in, properties with the potential for low-cost heap leach gold, regional gold exploration in the western U.S. or general working capital. Reuter 

HOLIDAY <HIA> UNIT'S NOTES DOWNGRADED BY S/P

Standard and Poor's Corp said it cut to B from B-plus 900 mln dlrs of notes due 1994 of Holiday Inns Inc, a unit of Holiday Corp. S and P said the action reflected a change in the issue's terms to unsecured from secured. That change was made after S and P's initial rating release on February 20, it noted. After the firm's recapitalization, substantially all of its assets will be pledged to secure bank and other debt totaling 1.4 billion dlrs. S and P said it is making a rating distinction between secured and unsecured debt because of the significant amount of secured in Holiday's capital structure. However, S and P said that if the amount of secured debt decreases meaningfully, then the secured and unsecured debt could be rated equally. The 900 mln dlrs of seven-year notes were priced late yesterday by sole manager Drexel Burnham Lambert Inc. The notes were given a 10-1/2 pct coupon and par pricing. Holiday Inns also sold yesterday via Drexel 500 mln dlrs of subordinated debentures due 1999 with an 11 pct coupon and par pricing. This issue was rated B-minus by S and P. Meanwhile, Moody's Investors Service Inc said its initial rating of B-1 for the notes remained appropriate. Reuter 

FLUOR <FLR> GETS 197.6 MLN DLR CONTRACT

Fluor Constructors Inc, which is owned by Fluor Corp, has received a 197.6 mln dlr contract for work on facilities which will be used in ground-based free electron laser technology, the Defense Department said. REUTER 

NICARAGUA, ROMANIA, PARAGUAY LOSE TRADE RIGHTS

President Reagan formally ended preferential duty-free trade treatment for exports from Nicaragua, Romania and Paraguay under the Generalized System of Preferences (GSP). He took the action after determining that the three countries are not taking steps to give their workers internationally recognized rights. U.S. Trade Representative Clayton Yeutter had announced the intended action on January 2. The United States conducts no trade with Nicaragua and very little trade with Romania and Paraguay. Reuter 

LOCKHEED <LK> GETS 80.0 MLN DLR CONTRACT

Lockheed Corp has received an 80.0 mln dlr contract for engineering support services for high energy laser facilities, the Defense Department said. REUTER 

U.S. FEEDGRAIN 0/92 SUPPORTERS EVALUATE POSITION

Advocates of a 0/92 plan for feedgrains will likely delay offering their proposals if a disaster aid bill before the House Agriculture Committee is scaled back to include only 1987 winter wheat, congressional sources said. The disaster aid bill, introduced by Rep. Glenn English (D-Okla.), sparked sharp controversy with its proposals to implement a 0/92 program for 1987 wheat and 1988 winter wheat. An agreement has been reached to trim the bill back to 1987 wheat, but supporters of a 0/92 feedgrains plan said even that scaled-down version would not be equitable for farmers. Unless the English bill pertains only to 1987 winter wheat, it is more than a simple disaster payment and feedgrains should be treated equally, they said. If the bill is narrowed to just winter wheat, then supporters of a 0/92 feedgrains amendment will probably not offer their proposals next week, sources said. English has agreed to support an amendment by Rep. Charles Stenholm (R-Tex) to narrow the bill to 1987 wheat only, but whether he would also back a further reduction is unclear. Agricultural aides to English said the congressman's first choice is to make the option available to all 1987 wheat farmers. However, if the political reality is that disaster aid for winter wheat farmers would be unavailable because of controversy over spring wheat, then English might consider an even greater cutback in the bill, they said. Under a 0/92 plan, farmers could forego planting and still receive 92 pct of deficiency payments. Rep. Arlan Stangeland (R-Minn.) and Harold Volkmer (D-Mo.) have both expressed interest in expanding the English bill to include a 0/92 program for feedgrains. An aide said Stangeland does not want to reopen the farm bill, but to be fair to all crops. Only a small percentage of spring wheat farmers would likely sign up for 0/92 since the incentives to plant are greater than to idle the land, economists said. Opponents to a 0/92 feedgrains program argue it is premature to make major changes in the farm bill and that the House Agriculture Committee needs to study more closely the impacts of such a program. Reuter 

FMC <FMC> GETS 46.6 MLN DLR NAVY CONTRACT

FMC Corp has received a 46.6 mln dlr contract for work on the MK-41 vertical launching system, the Navy said. REUTER 

ALFIN INC <AFN> 2ND QTR JAN 31 LOSS

Shr loss 20 cts vs profit 14 cts Net loss 1,417,000 vs profit 933,000 Revs 5,623,000 vs 5,403,000 Avg shrs 6,957,300 vs 7,115,248 Six mths Shr loss 18 cts vs profit 43 cts Net loss 1,269,000 vs profit 3,079,000 Revs 15.7 mln vs 14.2 mln Avg shrs 7,195,720 vs 7,115,248 Reuter 

BELL AND HOWELL <BHW> COMPLETES SALE OF UNIT

Bell and Howell Co said it completed the sale of its computer output microfilm business to COM Products Inc, a unit of privately-held <LeBow Industries Inc>. The sum of the deal was not disclosed. The unit makes a device that prints data directly from a computer onto microfilm. Reuter 

FDA APPROVES CEPHRADINE BY ZENITH <ZEN>

Zenith Laboratories Inc said the Food and Drug Administration approved Cephradine, an antibiotic, for marketing. The maker of generic drugs, less costly versions of brand name drugs that have lost their patents, said Cephradine has been available as Velosef from Squibb Corp <SQB> and Anspor from a SmithKline Beckman Corp <SKB> unit. Earlier this week the company said it received FDA marketing approval for Cefadroxil, another antibiotic, which it said it will market once questions "relating to patent applicability are resolved." Reuter 

GENERAL INSTRUMENT <GRL> GETS CONTRACT

General Instrument Corp has received a 36.0 mln dlr contract for electronic support work for P-3C Orion anti-submarine warfare planes and SH-2F anti-submarine helicopters, the Navy said. REUTER 

U.S. BUSINESS LOANS FALL 618 MLN DLRS IN FEB 25 WEEK, FED SAYS

BOEING <BA> GETS 34.6 MLN DLR CONTRACT

The Boeing Co has received a 34.6 mln dlr contract for work on the E-3A AWACS radar plane program, the Air Force said. REUTER 

U.S. BUSINESS LOANS FALL 618 MLN DLRS

Business loans on the books of major U.S. banks, excluding acceptances, fell 618 mln dlrs to 278.88 billion dlrs in the week ended February 25, the Federal Reserve Board said. The Fed said that business loans including acceptances fell 897 mln dlrs to 281.23 billion dlrs. Reuter 

HYPONEX CORP <HYPX> YEAR NET

Shr 85 cts vs 1.20 dlrs Net 5,130,000 vs 7,236,000 Revs 93.6 mln vs 91.9 mln Reuter 

HYPONEX <HYPX> FILES FOR DEBT OFFER

Hyponex Corp said it filed with the Securities and Exchange Commission for a public offering of 100 mln dlrs of senior subordinated debentures due 1999, with an over-allotment option of 15 mln dlrs. Drexel Burnham Lambert Inc is sole manager of the offering, the lawn products company said. Reuter 

AIRGAS <AGA> CHAIRMAN STEPS DOWN

Airgas Inc said chairman and chief executive officer C Perkins resigned but agreed to serve as a consultant on acquisitions and foreign sales. The company said Perkins, under a five year consulting contract, will work closely with his designated successor, president Peter McCausland. McCausland is expected to be appointed chairman at a board meeting in May, it added. Reuter 

BENEFICIAL CORP RATING LOWERED BY STANDARD AND POOR'S, AFFECTS 3.7 BILLION DLRS OF DEBT

HMO AMERICA INC <HMOA> YEAR LOSS

Shr loss 33 cts vs profit 38 cts Net loss 2,359,978 vs profit 2,805,389 Revs 76.2 mln vs 61.8 mln Avg shrs 7,096,886 vs 7,392,586 Reuter 

BRAZIL CRISIS SPURS RETHINK OF DEBT STRATEGY

Brazil's economic crisis is forcing a wholesale re-examination of the established strategy for dealing with developing-country debt, leading bankers say. While finance minister Dilson Funaro is unlikely to succeed in his attempt at seeking an outright political solution to the debt problem, Brazil's suspension of interest payments on 68 billion dlrs of commercial bank debt has convinced at least some bankers that new ideas are needed. "The time has come to look at the alternatives," one seasoned debt rescheduler said. Even before Brazil's move, the difficulty in syndicating the 77 billion dlr financing package for Mexico agreed to in principle last October was prompting top bankers to examine the way they are managing the debt crisis. Federal Reserve Chairman Paul Volcker, too, spoke recently of "debt fatigue" and the need to breathe new life into debt rescheduling procedures. There are already signs of change. Japanese banks are setting up a jointly owned firm to which they will transfer some LDC loans in a bid to strengthen their balance sheets, improve financial management and get tax breaks. But bankers said a move toward a greater governmental role will be gradual. "The process is such that you cannot expect tangible progress in a short period of time," one banker said. Certainly, Funaro got a frosty reception in Washington and several European capitals in the past week when he called on government officials to explain Brazil's crusade for a political dialogue on debt. Assistant U.S. Treasury Secretary David Mulford, for instance, criticized what he called large-scale solutions such as debt forgiveness or the creation of new multilateral lending agencies. "While such approaches may have some political appeal, they are impractical and ultimately counterproductive," Mulford told a House subcommittee this week. He could have added that any proposal that might be construed as a bail-out of U.S. banks would be a non-starter in Congress. But bankers said the Reagan Administration could promote accounting and regulatory changes to foster debt-equity swaps and debt securitization and to enable banks to consider interest capitalization as an alternative to new loans. Experts say the government must also make it easier for banks gradually to write down their third-world loan books. Mulford, in his Congressional testsimony, urged the banks to explore different options. "The banks should be encouraged to look at the so-called menu approach," he said. Bankers said the aim would be to keep the loan syndicates intact or, conversely, to allow small banks to write off their exposure in a way that is not detrimental to major lenders. Big banks say it is unfair that small creditors continue to receive interest on old debt even if they do not contribute to new loans. In effect, large banks say they are making new loans that fund the interest payments on the old debt. To solve this problem - and to streamline the cumbersome negotiating process - Argentina has revived the idea of "exit bonds", which would be issued at a discount to small creditors in exchange for their existing debt, bankers said. The banks would be rid of the loans but would have to recognize a loss. Amid the swirl of new ideas, even the role of the commercial bank advisory committees has come under scrutiny. The principle of consensus on which the panels operate was challenged recently when Citibank - ironically, the original architect of the committee system - stubbornly refused for a time to endorse financing offers to the Philippines and Chile. The strains have not gone unnoticed in Washington. "There does seem to be a lot of speculation about the frailty of the bank advisory committees," a U.S. official said. Brazil's Funaro heavily criticized the panels in London on Monday, charging that they are unresponsive to new ideas and that U.S. banks are over-represented on them. Hannes Androsch, chairman of Austria's Creditanstalt-Bankverein, said there was some truth to the charge. "Sentiment is growing in Europe that we're no longer prepared to bail out the U.S. banks," he told reporters in New York this week. While U.S. bankers obviously see things differently, some have started to wonder whether the advisory committee is still the right tool for the job. "The debt crisis has probably evolved beyond the capacity of commercial banks alone, at least in some cases," one top New York rescheduler said. But, with governments unable or unwilling to play a larger role, bankers see no alternative to the advisory committee. "It's the worst form of government there is apart from all the others," one banker said, paraphrasing former British prime minister Winston Churchill's opinion about democracy. Reuter 

U.S. TO SELL ELECTRONIC EQUIPMENT TO S. KOREA

The United States plans to sell 84 mln dlrs in electronic equipment to South Korea to upgrade that country's Hawk anti-aircraft missiles, the Reagan administration announced. The sale of 28 modification kits to upgrade the I-Hawk (Improved Hawk) missiles already in South Korea is expected to become official in 30 days without objection from Congress. Prime contractor on the sale is the Raytheon Corp <RTN>, which builds the Hawk medium-range missiles. Reuter 

TECHNIGEN PLATINUM CORP IN METALS FIND

Technigen Platinum corp said initial results of a 13-hole drilling program on its R.M. Nicel platinum property in Rouyn-Noranda, Quebec, indicate extensive near-surface zones highly enriched in gold, platinum and palladium. The metals were found in rocks on the periphery of a sulphide deposit. It said values of up to 0.073 ounce of platinum, 0.206 ounce palladium, three pct copper and 4.5 pct nickel were found over a drill section of 13 feet. Reuter 

AMERICAN PORK CONGRESS TO BE OVERHAULED IN 1988

The National Pork Producers Council, NPPC, announced at this year's American Pork Congress, APC, that the Congress and trade show will be divided into two parts in 1988. Next years APC, held in Atlanta, will be a business session only and will continue to be the first week of March. The trade show is being changed into a new international event called the World Pork Expo. The first expo will be held in June 1988 in Des Moines with an expanded format, they said. Executive vice-president Orville Sweet said the decision to spilt the show and Congress came about because there are producers who never get to see the trade show floor. "It makes sense that we divide the business session from the trade show," Sweet said. Reuter 

ICO <ICO> TO BE DELISTED FROM AMEX

ICO Inc said its common stock will be removed from trading on the American Stock Exchange because it failed to meet certain exchange guidelines, including net worth requirements. The company, which has been unprofitable for three out of the last four years, said its stock will be delisted from the AMEX on March 13 and will begin trading on the Boston Stock Exchange on March 16. Reuter 

EGYPT TO RECEIVE 115 MLN DLR CASH GRANT

The United States said it was transferring 115 mln dlrs in aid to Egypt as a cash grant to help boost its ailing economy. The funds are part of 815 mln dlrs in economic aid voted by Congress for 1987. State Department spokeswoman Phyllis Oakley stressed that the transfer was not unexpected, and told reporters "We simply want to point out our continued support for Egypt's reform and the efforts they are taking to reform the economy and create economic growth." Reuter 

<DTD ENTERPRISES INC> IN REORGANIZATION

DTD Enterprises Inc said it filed an 8-K report indicating that <EaglesLair Development Corp> had assumed control of the company under a reorganization plan signed last month. The company said D. Gerald Lach, president of EaglesLair, was named president and a director of DTD. In addition, DTS's board resigned and EaglesLair appointed new directors, the company said. Reuter 

BLACK/DECKER <BDK> CHARGED WITH VIOLATING PATENT

Pittway Corp <PRY> charged Black and Decker Inc with infringing on Pittway's switch mechanism patent for two models of Pittway's First Alert rechargeable flashlights. Pittway said it filed suit in U.S. District Court, Northern District of Illinois, Eastern Division, alleging Black and Decker also violated the copyright and trademark on the flashlights. The charge also covered packaging and design details of the lights. Reuter 

SCHWAB SAFE CO <SS> UPS PAYOUT

Qtly div 13 cts vs 12 cts prior Pay April 17 Record March 31 Reuter 

PHYSICIANS INSURANCE CO <PICO> 4TH QTR NET

Shr 31 cts vs 53 cts Net 960,143 dlrs vs 1,631,011 dlrs Revs 27.4 mln dlrs vs 18.9 mln dlrs Avg shrs 3,079,533 vs 3,096,095 12 mths Shr 1.01 dlrs vs 92 cts Net 3,113,337 dlrs vs 2,855,755 dlrs Revs 106.5 mln dlrs vs 78.3 mln dlrs Avg shrs 3,079,516 vs 3,089,140 NOTE: per share amounts for qtr and year prior have been restated to reflect a six-for-five stock split in August 1986. Revs for qtr include capital gains of 3,049,564 vs 2,010,972, and for year of 9,841,204 vs 5,798,995. Revs for qtr include non-insurance revenues of 1,627,518 vs 1,550,329, and for year of 7,289,973 vs 4,639,162. Revs for qtr include life subsidiary account deposits of 548,538 vs 241,465, and for year of 2,104,840 vs 300,404. Reuter 

KNIGHT-RIDDER <KRI> JANUARY REVENUES RISE

Knight-Ridder Inc said its newspaper advertising revenues for the month of January rose 9.1 pct to 105.1 mln dlrs from 96.3 mln dlrs a year earlier. It said January broadcasting revenues rose 48.8 pct to 6.8 mln dlrs from a year ago, but include the results of three stations absent in the prior year period. Business Information Services revenues rose 5.9 pct to 7.2 mln dlrs, the company said. Reuter 

BENEFICIAL CORP <BNL> DEBT RATINGS CUT BY S/P

Standard and Poor's Corp said it lowered the ratings on about 3.7 billion dlrs of Beneficial Corp's long-term debt. S/P said that its action follows the firm's sizeable 186.6 mln dlr loss at year-end 1986. It also reflects S/P's expectation that Beneficial's profitability will not return to pre-1986 levels soon after the firm's recent corporate restructuring efforts have been completed. Ratings lowered include the company's senior debt to A-minus from A and commercial paper to A-2 from A-1. The issues had been on creditwatch since January 2. Reuter 

BRADLEY <BRLY> ANNOUNCES LONG-TERM LEASE

Bradley Real Estate Trust said it signed a 99-year lease for property in downtown Minneapolis to BCED Minnesota Inc. The lease will increase net income by about 24 cts a share on a post-February 1987 three-for-two stock split basis. For 1986, the Trust reported net income of 1.3 mln dlrs or 38 cts a share on a post-split basis. Bradley will also be entitled to a one-time additional rental payment of 30 cts a share upon BCED entering into a space lease with a prime national tenant and a share in a portion of net cash flow from operations on the property. Reuter 

EGYPT TO RECEIVE 115 MLN DLR CASH GRANT

The United States said it was transferring 115 mln dlrs in aid to Egypt as a cash grant to help boost Cairos' ailing economy. The funds are part of 815 mln dlrs in economic aid voted by Congress for 1987. State Department spokeswoman Phyllis Oakley stressed that the transfer was not unexpected, and told reporters "We simply want to point out our continued support for Egypt's reform and the efforts they are taking to reform the economy and create economic growth." Reuter 

HOGAN SYSTEMS <HOGN> GETS AMSTERDAM CONTRACT

Hogan Systems Inc said it signed a software contract with Amsterdam Rotterdam Bank N.V. The contract is valued at about two mln dlrs over the new two years, Hogan said. Reuter 

SEMICONDUCTOR ASSOCIATION SAYS FEBRUARY BOOK-TO-BILL RISES TO 1.13

HELLER SEES GLOBAL TREND FOR BANK RULES

Federal Reserve Board member Robert Heller said the trend toward global financial markets required that all participants be treated even-handedly on such matters as bank capital requirements. The recent U.S.-U.K. agreement on capital adequacy provided a model for others, including Japan, Heller told a Georgetown University conference on financial markets. "If they (the Japanese bank) want to do more business in Europe or the United States they have got to adhere to international standards," he said. Heller said there were talks currently between the United States and Japan on bank rules. He said the trend toward internationalization in financial services would cause markets to move to centers with the least regulation. "That is not desirable. We want to have a sensible amount of regulation," Heller said. Reuter 

GINNIE MAE DROPS FEE INCREASE ON SECURITIES

The Government National Mortgage Association has decided not to raise its guarantee fee on mortgage securities, Louis Gasper, Ginnie Mae executive vice president said. Ginnie Mae, which guarantees securities backed by Federal Housing Administration and Veterans Administration mortgages, had planned to raise the fee March one from six basis points to 10 basis points. Mortgage bankers strongly opposed the proposed fee increase. Gasper said it became apparent Congress was ready to pass legislation that would have rescinded the fee increase. Reuter 

DUMEZ UNIT HAS 94 PCT OF WESTBURNE (WBI)

(Dumez Investments I Inc) said 94.7 pct of Westburne International Industries Ltd's outstanding common shares have been deposited under its takeover bid. It said it has received about 11,070,000 shares under its 22.50 dlrs per share offer which expired yesterday. Dumez said it will proceed to acquire the remaining common shares to give it 100 pct ownership of Westburne. Dumez is a private company owned jointly by (Dumez S.A.) and (Unicorp Canada Corp). Reuter 

CANADIAN NATURAL RESOURCES TO SELL STAKE

<Canadian Natural Resources Ltd> said it agreed in principle to sell 80 pct of its working interest in certain producing and non-producing natural gas properties located in southwestern Saskatchewan. The transaction is expected to close on April 1, 1987, the company said. It did not identify the buyer nor give the selling price. Proceeds will be used to satisfy a February 1987 repayment demand by one of the company's lenders. Any excess proceeds will be added to working capital, the company said. Reuter 

MALRITE BUYS COX'S RADIO STATION UNIT

<Malrite Guaranteed Broadcast Partners L.P.> said it bought WTRK Inc from <Cox Enterprises Inc> for 13.8 mln dlrs in cash. It said WTRK owns and operates WTRK-FM, a Philadelphia radio station. Transfer of the license for the sation has been approved by the Federal Communications Commission. Malrite Guaranteed said it is a limited partnerhip formed to acquire and operate radio and tv stations. It said Malrite Communications Group Inc <MALR> is the general partner. Reuter 

ANALYSIS/TECHNOLOGY <AATI> WINS NAVY CONTRACTS

Analysis and Technology Inc said it won contracts and increases in existing contracts valued at 2.9 mln dlrs from the U.S. Navy in February. The awards include 1.8 mln dlrs an extension of an existing contract for engineering and technical services and 1.1 mln dlrs in several smaller contracts. Reuter 

FORGED EXXON <XON> ZERO-COUPON EURONOTES FOUND

Exxon Corp said that forgeries of a 20-year zero-coupon Euronote issued by its Exxon Capital Corp subsidiary have been discovered in the European market. The issue involved was launched in 1984 and matures on November 15, 2004. About 1,900 notes with a total face value of 19 mln dlrs and a market value of about four mln dlrs have been identified so far, the company said. Exxon said that Morgan Guaranty Trust Co, the fiscal and paying agent for the issue, Euro-clear and Cedel (the two major European securities clearing systems), and police in London and Brussels are investigating the case. Indications of forgeries came to light on Wednesday at Morgan Guaranty Trust Co in London, which acts as Euro-clear's depositary, and Exxon said they were confirmed today. Euro-clear told Exxon that it has examined to its satisfaction all the notes at the depositary and is checking the authenticity of new deposits of the notes as they enter the Euro-clear System. Cedel is also reviewing all notes within its system, Exxon added. At Exxon's direction, Morgan Guaranty Trust Co stands ready to validate any notes in order to establish their authenticity, Exxon said. A spokeswoman for Exxon was unable to say whether secondary-market trading in the notes had been affected or who would have legal responsibility for reimbursing defrauded investors. Zero-coupon forgeries have turned up in the Euromarket before. Because there are no interest coupons attached to the bond certificates, they are easier to forge than coupon issues, market sources said. Reuter