Datasets:

KushT

/

reuters-21578-train-val-test

like 0

DATRON SYSTEMS <DTSI> SEES LOWER YEAR NET Datron Systems Inc said it expects to report a falloff in earnings for the year ended March 31 of about 25 pct from fiscal 1986 levels. In fiscal 1986, Datron earned 1,776,000 dlrs. The company said new orders for the year just ended, however, rose 50 pct to 26 mln dlrs, bringing backlog at year-end to 19 mln dlrs.

DATA GENERAL TO TAKE 18.2 MLN DLR PRETAX CHARGE TO REDEEM 150 MLN DLRS OF DEBT DATA GENERAL TO TAKE 18.2 MLN DLR PRETAX CHARGE TO REDEEM 150 MLN DLRS OF DEBT

ENTERRA CORP <EN> SELLS TWO UNITS Enterra Corp said it has completed the sale of its Hale Fire Pump co and Macomson Machine Co subsidiaries to a company formed by Los Angeles investment firm McBain, Rose Partners for about 27 mln dlrs in cash. Both Hale and Macomson make fire pumps and related equipment.

<FMD INC> IN MERGER AGREEMENT FMD Inc said it has agreed to acquire Bankers Protective Financial Corp for 28,836,000 common shares, subject to approval by the Texas State Board of Insurance. Bankers Protective is a life insurance company based in Texas.

<BEDFORD COMPUTER CORP> YEAR NET Shr not given Net profit 1,033,000 vs loss 4,346,000 Sales 6,060,000 vs 5,818,000 NOTE: Company operating in Chapter 11 bankruptcy. 1985 sales exclude contract revenues of 3,217,000 dlrs. 1986 net includes reversal of 597,000 dlrs of reserves no longer deemed necessary and tax credit 340,000 dlrs.

INTERCO INC <ISS> 4TH QTR FEB 28 NET Shr 99 cts vs 97 cts Net 31,011,000 vs 30,899,000 Sales 651.5 mln vs 583.1 mln Year Shr 3.13 dlrs vs 2.92 dlrs Net 98,643,000 vs 92,347,000 Sales 2.61 billion vs 2.51 billion NOTE: 1986 results reflect two-for-one stock split of July 23, 1986

HOUSEHOLD INT'L <HI> PROJECTS EARNINGS RISE Household International Inc said it expects its fully diluted earnings per share for the first quarter to be about 35 pct above the same year-ago period. It also looks for 1987 full-year fully diluted earnings to be about 20 pct higher than the record 4.31 dlrs a share reported for 1986. Chairman Donald Clark, in remarks prepared for delivery to New York security analysts, cited increased earnings from Household Financial Services and "excellent return on equity from Household Manufacturing, combined with the impact of our share repurchase program, will result in higher earnings per share and improved return on equity in 1987."

U.K. INTERVENTION WHEAT SOLD TO HOME MARKET A total of 14,685 tonnes of British intervention feed wheat were sold at today's tender for the home market, the Home Grown Cereals Authority said. Bids amounted to 19,115 tonnes against offerings of 31,528. Prices paid were at, or above, the prevailing intervention feed wheat price of 120.71 stg per tonne. Grain traders said a large part of the tonnage on offer was in stores, which would mean high transport costs to deficient areas. The European Commission recently made available 70,000 tonnes for next week's tender.

DATA GENERAL <DGN> TO TAKE 2ND QTR CHARGE Data General Corp said it expects to record an extraordinary pretax charge of about 18.2 mln dlrs in the second quarter ended March 28. The company said the charge will result from a redemption of debt. On May 18, Data General said, it will redeem 150 mln dlrs of outstanding 12-3/8 pct sinking fund debentures due 2015. The redemption price will be 111.138 pct of the total principal amount of notes then outstanding plus accrued interest to the redemption date, it said. No interest will accrue or will be payable on the debentures starting May 18, the computer and communications company said. Data General reported a loss of 1.8 mln dlrs or six cts a share for the second quarter ended March 29, 1986. The loss included a charge of 3.8 mln dlrs from redemption of debentures. In the year-ago quarter, revenues fell less than one pct to 318.8 mln dlrs.

PALM OIL OUTPUT SEEN DROPPING SHARPLY - OIL WORLD Malaysian and Indonesian palm oil production is likely to drop sharply this year, due to lower yields, the Hamburg-based newsletter Oil World said. The publication expects total Malaysian output during Jan/Sept 1987 to decline by eight pct to 3.05 mln tonnes. For East Malaysia, it put production during the period at 297,000 tonnes after 312,000 a year earlier and for West Malaysia 2.75 mln compared with just over 3.0 mln during Jan/Sept 1986. It said new plantings had slowed markedly in both countries, but the effects of this will not be felt until 1988-90. Above normal yields during recent years resulted in trees reacting to the stress by changing the sex ratio to more male inflorescences and/or aborting more female, Oil World said. Yields per hectare are also likely to be adversely affected this year by insufficient rain up to 25 months ago. This could especially affect trees in West Malaysia during April/June, while in East Malaysia the impact will be in February/April and July/Dec, and in Indonesia July/Sept. Last year's cut in fertilizer use will hit this year's yields and bigger effects are expected within the next three years, Oil World said without elaborating. Opening stocks in West Malaysia at the start of this year were put at only 565,000 tonnes compared with 914,000 in January 1986, Oil World said. West Malaysian net exports are therefore expected to drop 500,000 tonnes to 2.54 mln during Jan/Sept, while those of East Malaysia are likely to decline by 10 pct to 280,000 tonnes. Indonesian palm oil production is forecast to fall about eight pct during Jan/May, but to rise from June on. Overall Indonesian output during Jan/Sept is forecast to rise three pct to 933,000 tonnes. Indonesian stocks as of April 1, however, are put at only 65,000 tonnes compared with 160,000 a year ago. Indonesian export commitments and domestic requirements are both running at high levels, Oil World said, and it expects the country's imports to reach a record 110,000 tonnes during Jan/Sept. The bulk of this will arrive during Feb/May, ahead of the April elections and the religious Ramadan festival throughout May, it said. Indonesian net exports, therefore, may fall by 29 pct to 350,000 tonnes, Oil World said. The possibility that recent Indonesian palm oil purchases will not actually enter the country but be transshipped to other countries to fulfill Indonesia's export orders cannot be ruled out, it said.

U.K. MONEY MARKET GIVEN FURTHER 284 MLN STG HELP The Bank of England said it provided the money market with a further 284 mln stg assistance in the afternoon session. This takes the bank's total help so far today to 508 mln stg and compares with its revised estimate of a 900 mln stg shortage in the system which it earlier revised up from 850 mln. The central bank made outright purchases of bank bills comprising 100 mln stg in band one at 9-7/8 pct, 56 mln stg in band two at 9-13/16 pct, 112 mln stg in band three at 9-3/4 pct and 16 mln stg in band four at 9-11/16 pct.

SESOSTRIS SELLS 18,000 TONNES BARLEY TO GREECE Sesostris, the Spanish subsidiary of the international grain trader Dreyfus, sold 18,000 tonnes of barley to Greece for delivery from Mediterranean ports from April 14 to 30, a company spokesman said. He gave no details on price. The barley has a 14 pct humidity.

BOW VALLEY <BVI> TO SELL NORWEGIAN SUBSIDIARY Bow Valley Industries Ltd said it agreed to sell its wholly owned Norwegian subsidiary to Elf Aquitaine Norge A/S of Stavanger, Norway for 13 mln Canadian dlrs. The principal asset of the subsidiary, Bow Valley Exploration Norge A/S, is an eight pct interest in the Heimdal gas and condensate field offshore Norway. The sale is expected to conclude by the middle of April, Bow Valley said.

SYNGOLD DEFINES RESERVES ON DEKA PROPERTY <Syngold Exploration Inc> and <Corp Falconbridge Copper> said they defined undiluted reserves of 911,000 tons of ore with an average grade of 0.43 ounces of gold per ton in two separate deposits on the Deka property located at Noranda, Quebec. Assay results from 20 suface holes drilled on 250 foot centers indicate that the Donalda number one deposit contains possible reserves of 611,000 tons at an average grade of 0.48 ounces of gold per ton. The number one deposit's reserves are contained between a vertical depth of 750 and 1200 feet at a strike length of 900 feet. Reserves of the Donalda number-two deposit, located 1,000 feet below the number-one deposit, were recalculated at 300,000 tons with an average grade of 0.33 ounces of gold per ton. Syngold has earned a 20 pct interest in the Deka property from the operator, Corp Falconbridge Copper.

EMERY AIR FREIGHT SAID HUTTON GROUP ENDS OFFER FOR PUROLATOR COURIER EMERY AIR FREIGHT SAID HUTTON GROUP ENDS OFFER FOR PUROLATOR COURIER

NORANDA BUYS SHARES OF SANIVAN GROUP <Noranda Inc> said it agreed to buy an initial 1,000,501 treasury shares of <Sanivan Group Inc> at 5.25 dlrs per share. Noranda also has an option until June 30, 1988, to acquire an additional 1,000,501 Sanivan treasury shares at 5.75 dlrs per share. Sanivan is the largest hazardous waste management company in Canada.

HUTTON <EFH> ENDS PUROLATOR <PCC> BID Emery Air Freight Corp said it has entered into an agreement with E.F. Hutton Group Inc EFH under which Hutton will terminate its merger agreement with Purolator Courier Corp and its pending 35-dlr-per-share tender offer, effective April 13. Under its merger agreement, Hutton has the right to unilaterally terminate the merger agreement under certain circumstances, including its receipt of less than 66-2/3 pct of Purolator shares or the start of a higher competing tender offer, such as Emery's competing 40 dlr per share offer for Purolator stock. Yesterday, Hutton's PC Acquisition Corp subsidiary extended its tender offer, which was to have expired at midnight, for two more days. It said it only about 450,000 shares, or 6.5 pct, of Purolator shares had been tendered and not withdrawn, down from an 11.5 pct interest held earlier. Emery's bid expires April 28. Emery said pending the termination of PC Acquisition's merger agreement, PC has released Purolator from an agreement not to discuss Emery's acquisition proposal with Emery. Emery said as a result it is renewing its request that Purolatr enter into merger negotiations with it. Emery said if it were to acquire 51 pct of Purolator shares or control of the Purolator board, it has agreed not to dispute PC Acquisition's right to receive fees that Purolator agreed to pay if PC were unsuccessful in acquiring control of Purolator due to the acquisition of control by another party. The company said it has also agreed to let Purolator pay all of PC Acquisition's documented expenses in connection with the merger agreement up to three mln dlrs and Emery has agreed to pay the amounts itself should Purolator fail to do so.

SOUTH AFRICAN GOLD HOLDINGS RISE IN MARCH South Africa gold holdings rose 172.56 mln rand to 4.17 billion rand in March after rising 39 mln rand to 4.0 billion in February, Reserve Bank figures show. In volume terms gold holdings rose to 5.51 mln ounces in March from 5.26 mln ounces in February, valued at 757.24 rand an ounce for March versus 754.59 rand an ounce for February. Total gold and foreign assets rose to 6.30 billion rand from 6.22 billion, of which the gold content increased to 66.22 pct from 64.3 pct. Foreign bills remained at zero in March while investments fell slightly to 105.69 mln rand from February's 106.56 mln rand and other assets to 2.02 billion rand from 2.11 billion, the figures showed. Total liabilities fell to 12.21 billion rand in March after rising to 13.62 billion in February.

SPAIN TO SELL BARLEY TO SAUDI ARABIA Spain will shortly sign with Saudi Arabia an order for barley for April/May delivery, trade sources said. They gave no details on amounts or prices, but said it would be a "major" order. Saudi Arabia bought 500,000 tonnes of Spanish barley last year.

VOLCKER SAYS FURTHER SIZEABLE DECLINE IN DOLLAR COULD BE COUNTERPRODUCTIVE VOLCKER SAYS FURTHER SIZEABLE DECLINE IN DOLLAR COULD BE COUNTERPRODUCTIVE

BRAZILIAN COFFEE RAINFALL THE FOLLOWING RAINFALL WAS RECORDED IN THE AREAS OVER THE PAST 24 HOURS PARANA STATE: UMUARAMA NIL, PARANAVAI NIL, LONDRINA NIL, MARINGA NIL. SAO PAULO STATE PRESIDENTE PRUDENTE NIL, VOTUPORANGA NIL, FRANCA NIL, CATANDUVA NIL, SAO CARLOS NIL, SAO SIMAO NIL. MINAS GERAIS STATE: GUAXUPE 33.0 MILLIMETRES, TRES PONTAS 5.0 MM. REUTER

VOLCKER SAYS EXCHANGE RATE ADJUSTMENT ENOUGH TO NARROW U.S. TRADE DEFICIT VOLCKER SAYS EXCHANGE RATE ADJUSTMENT ENOUGH TO NARROW U.S. TRADE DEFICIT

VOLCKER SAYS REDUCING U.S. BUDGET DEFICIT NEEDED TO IMPROVE TRADE BALANCE VOLCKER SAYS REDUCING U.S. BUDGET DEFICIT NEEDED TO IMPROVE TRADE BALANCE

VOLCKER SAYS MORE STIMULUS ABROAD NEEDED FOR ADJUSTMENTS IN TRADE BALANCES VOLCKER SAYS MORE STIMULUS ABROAD NEEDED FOR ADJUSTMENTS IN TRADE BALANCES

GRAIN RESERVE HOLDINGS -- USDA The U.S. Agriculture Department gave a preliminary breakdown of grain in the Farmer-Owned Grain Reserve as of April 1, with comparisons, based on telephone reports from farmers filed with the department's Kansas City field office, in mln bushels -- April 1 Previous Wheat 657.6 659.7 Corn 1,406.5 1,397.0 Sorghum 95.8 95.5 Barley 122.1 122.0 Oats 3.7 3.7

ON-LINE SOFTWARE <OSI> 3RD QTR FEB 28 NET Shr primary 34 cts vs 17 cts Shr diluted 33 cts vs 17 cts Net 1,487,000 vs 686,000 Rev 19.8 mln vs 8.8 mln Nine months Shr primary 77 cts vs 43 cts Shr diluted 75 cts vs 43 cts Net 3,240,000 vs 1,710, 000 Rev 42.2 mln vs 25.0 mln NOTE: Company's full name is On-Line Software International Inc. The qtr and year-to-date results include the operations, since the end of October 1986, of a business purchase from Martin Marietta Corp <ML>. In fiscal 1987 ending May 31 the company initially adopted FASB statement number 86 and, as required, capitalized certain software deveopment costs. During the qtr and nine months period ended Febraury 28, 1987 the company capitalized pre-tax amounts of 746,000 dlrs and 1,445,000 dlrs of development costs, respectively.

GRAIN RESERVE HOLDINGS BREAKDOWN The U.S. Agriculture Department gave the following breakdown of grain remaining in the farmer-owned grain reserve as of April 1, in mln bushels, by reserve number -- I II III IV V VI Wheat nil nil 0.1 0.3 10.5 479.7 Corn -- -- -- 4.1 1,231.9 -- Sorghum-x -- -- -- 0.1 38.8 -- Barley -- -- -- 0.1 73.9 -- x - mln cwts. Note - USDA says above totals may not match total in reserve numbers.

RUDING AGAINST FURTHER DOLLAR FALL, TRADE CURBS Shifts in domestic economic policy, not a further fall in the dollar or trade restrictions, are the key to reducing imbalances in trade and payments, Dutch Finance Miniister H. Onno Ruding said. Ruding told a meeting of the World Trade Forum here that protectionism would naturally lead to retaliation and aggravate the problems of heavily indebted developing countries. "The main contribution towards resolving the still enourmous U.S. trade deficit is not repeat not a further fall in the dollar, is not still more protectionism in your country." "No, it is - like in other countries - changes in domestic economic and financial policies," Ruding said. Ruding said he was less worried about a crisis of the weakening dollar than he was in January before the Paris accord to stabilize foreign exchange rates. He said the highest priority should be given to policy changes in the United States, especially reducing the budget deficit and encouraging domestic savings. But he said other countries, such as Japan and West Germany, also needed to take greater steps toward reducing their trade surpluses.

CAROLYN BEAN <CBEN> COMPLETES ACQUISITION Carolyn Bean Publishing Ltd said it has completed the acquisition of greeting card company Millen Cards, which had sales of over 1,500,000 dlrs in 1986, for undisclosed terms. The company said 90 pct of Millen's cards have been sold in the northeast and mid-Atlantic states, but Bean expects to increase sales to 2,500,000 dlrs this year by distributing the line nationally. Millen specializes in Jewish religious cards and also sells traditional greeting cards.

CHESAPEAKE <CSK> SEEKS TO SELL UNIT Chesapeake Corp said it has retained Salomon Inc <SB> to help it sell Plainwell Paper Co Inc, a maker of premium coated and uncoated printing papers and technical specialty papers with a capacity of 85,000 short tons a year. The company said it has decided to sell Plainwell in ordfer to focus on the production of kraft and tissue products, containers and treated wood products.

BALL <BLL> TO SUPPLY PENNY BLANKS TO MINTS Ball Corp said it was awarded a one-year 12,750,000 dlr contract to supply copper-plated zinc penny blanks to the U.S. mints in Philadelphia and Denver. The new contract, effective in June, calls for shipping 23,200,000 pounds of blanks to the mint in Philadelphia and 7,600,000 pounds to Denver. It said the blanks will be manufactured in Greenville, Tenn. Ball began supplying blanks to the San Francisco and West Point mints in 1981 when the penny's content was changed to zinc from copper.

VOLCKER URGES INDUSTRIAL NATIONS TO KEEP TRADE MARKETS OPEN TO FOSTER GROWTH VOLCKER URGES INDUSTRIAL NATIONS TO KEEP TRADE MARKETS OPEN TO FOSTER GROWTH

TYCO LABORATORIES <TYC> 3RD QTR FEB 28 NET Shr primary 58 cts vs 66 cts Shr diluted 54 cts vs 66 cts Net 10.1 mln vs 11.4 mln Revs 266.2 mln vs 194.6 mln Avg shrs 17.4 mln vs 17.1 mln Nine mths Shr primary 1.78 dlrs vs 1.58 dlrs Shr diluted 1.65 dlrs vs 1.58 dlrs Net 30.9 mln vs 27.1 mln Revs 823.8 mln vs 511.0 mln Avg shrs 17.4 mln vs 17.3 mln NOTE: prior qtr and nine mths include 3.1 mln dlrs, or 18 cts per share, from gain on partial settlement on an insurance claim. nine mths 1987 includes seven cts gain for partial settlement on an insurance claim. Results of Flow Control operations have been included since its acquisition from ITT Corp on Jan 31 1986. nine mths prior includes extraordinary gain 2.3 mln dlrs, or 14 cts per share, for replacement of a pension plan.

GOLD FIELDS OF S. AFRICA PROFIT FALLS IN QUARTER 1ST QTR TO MARCH 31 Working profit 487.50 mln rand vs 559.59 mln Tax 274.28 mln vs 302.15 mln Net 264.32 mln vs 300.99 mln Tonnes milled 3.74 mln vs 3.72 mln Gold production 30,865 kgs vs 30,236 kgs Gold revenue 846.05 mln rand vs 907.36 mln Working costs 358.56 mln vs 347.77 mln Avg price per kg 27,371 rand vs 29,964 NOTE - Full name of company is Gold Fields of South Africa Ltd <GLDF.J>.

VOLCKER WARNS AGAINST SIZEABLE DLR DECLINE Federal Reserve Board Chairman Paul Volcker said a further large drop in the value of the dollar could be counterproductive for world economic growth. Testifying before the Senate Banking Committee, Volcker said that Europe and Japan were slowing exports and that growth in those countries was also decreasing. "In that kind of situation, further sizeable depreciation of the dollar could well be counterproductive," he said. Domestic expansion in foreign industrial countries has not been enough to offset the effects of slower exports, Volcker said. On the value of the dollar, Volcker said he could not say whether it should be higher or lower to restore balance in trade. "What we do know is that a substantial exchange rate adjustment has already been made," he said. "That adjustment should be large enough, in a context of a growing world economy and fiscal restraint in the United States, to support the widespread expectations of a narrowing in the real trade deficit in the period ahead," he said. Volcker said U.S. exports were now growing substantially while import growth should slow. Volcker said that to improve the trade deficit with a minimum of inflationary pressure, the United States would have to slow its spending growth. It would also have to achieve a better balance between investment and domestic savings if it wants to be able to dispense with foreign capital. "The constructive way to work in the needed direction would be to reduce our budget deficit, year by year, paving the way for improvements in our trade accounts," he said. Relying on depreciation of the dollar alone would risk renewed inflation, he said.

WALL STREET STOCKS/MARION LABS <MKC> Marion Laboratories Inc's stock rose sharply today after the company presented a bullish earnings scenario at a meeting for pharmaceutical analysts Monday, traders and analysts said. The company said it expects earnings for fiscal 1987, ending June 30, to rise more than 75 pct over a year ago. That pronouncement encouraged analyst David Crossen of Sanford C. Bernstein and Co to raise his earnings estimates for the company to 1.28 dlrs a share in 1987, compared to his previous estimate of 1.20 dlrs a share. Last year the company earned 70 cts a share. Marion's stock gained 3-1/4 to 75-1/2. At the meeting of pharmaceutical analysts, Marion's president Fred Lyons Jr. said Wall Street eanrings estimates of 1.10-1.15 dlrs a share for fiscal 1987 "are expected to cause even the aggressive side of this range to be 10 to 15 cts low." Lyons said the strong performance in the second half of this year will result from the fourth quarter introduction of 90 mg and 120 mg Cardizem tablets. Analyst Crossen said that Cardizem, which treats angina, is also expected to be approved for the treatment of hypertension by the end of the year. Crossen said "because Marion is still just a small company, the growth of Cardizem is having a big impact on the bottom line." He raised fiscal 1988 earnings estimates to 2.15 dlrs a share from his previous estimate of 2.05 dlrs a share. "The company has a broad new product pipeline in the industry and as far as I am concerned, it is the most innovative company in the business," he said. For the five years through 1991, Crossen expects Marion to have a growth rate of 55 pct.

U.S. CALLS FOR GREATER GATT CHECKS ON TRADE The United States has appealed for stronger powers for the General Agreement on Tariffs and Trade (GATT) to enforce world trade rules. The call by U.S. Deputy Trade Representative Michael Smith at a special committee meeting into the future of GATT follows a series of bilateral trade rows which have clouded efforts by the 93-nation body to promote fair trade. Today's meeting was part of the Uruguay trade round launched by ministers last September. The round, which covers 13 areas of trade in agriculture, manufactured goods and services will take four years to negotiate. Smith called for boosting GATT's links with financial institutions such as the International Monetary Fund and World Bank. He also urged greater involvement of trade ministers to ensure the success of the Uruguay Round. "The GATT as an institution needs to be strengthened to assure that the GATT plays its proper role in management of the world trading system and the global economy," Smith said. "Rules can and will be ignored if the institution is weak, or perceived as unable to adapt to the changing world economy." He also also urged that member states be accountable to each other for their trade policies. Smith, who flies to Brussels today for talks with European Community (EC) officials, told Reuters the committee wanted to stress GATT's importance and did not discuss specifics. "We are interested in more periodic ministerial involvement...Whether in formal or informal meetings," he said. GATT's ruling council is due to hear a complaint from the 12-nation EC on April 15 about the U.S.-Japanese accord on semiconductors. The EC charges the accord breached GATT trade rules by allowing Tokyo to set minimum prices for Japanese chips sold in third countries and is requesting a GATT dispute panel be set up to review the agreement. President Reagan, who strongly supported the Uruguay trade round to promote freer trade, has said Washington will impose tariffs against Japanese electronic goods. He said Tokyo had not shown willingness to open its markets to U.S. Exports.

CHINA SOYBEAN OUTPUT DOWN SLIGHTLY - USDA REPORT China's soybean crop this year is forecast at 11.5 mln tonnes, down slightly from 11.55 mln estiamted for last year, the U.S. Agriculture Department's officer in Peking said in a field report. The report, dated April 2, said Chinese imports this year are projected at 300,000 tonnes unchanged from last year's level. Exports are forecast to increase to 1.0 mln tonnes from 800,000 tonnes exported last year, the report said. Imports of soybean oil are estimated at 200,000 tonnes, also unchanged from last year.

TURKISH CENTRAL BANK SETS LIRA/DOLLAR, DM RATES The Turkish Central Bank set a Lira/Dollar rate for April 8 of 784.50/788.42 to the Dollar, down from the previous 784.35/788.27. The Bank also set a Lira/Mark rate of 430.60/432.75 to the Mark, down from the previous 429.35/431.50.

VOLCKER URGES QUICK AID TO DEBTOR NATIONS Federal Reserve Board Chairman Paul Volcker said that debtor nations have made much progress in laying the groundwork for economic growth, but a solution to world debt difficulties was endangered by inaction on new financing. "There is clearly a danger that adequate financing arrangements are not being negotiated and put in place in a timely way," Volcker told the Senate Banking Committee. The borrowing countries need to be able to proceed with confidence that the necessary funds will be available to them, he said. Brazil has the potential for becoming a leading world economic power, but it is in a difficult position today, Volcker said. He said it will take a concerted effort to regularize Brazil's external payments. "The key prerequisite is clearly in the hands of Brazilian authorities," he said. Both Brazil and its creditors have a strong incentive to work together, Volcker said. Regarding trade imbalances, Volcker said that it was critically important that markets be kept open by the industrial nations. In addition, the United States must reduce its budget deficit and foreign nations need to provide stimulus to their domestic economies, Volcker said. "We need time for those actions and the earlier depreciation to work their effects," he said.

VOLCKER URGES GREATER EXCHANGE RATE STABILITY Federal Reserve Board Chairman Paul Volcker said international policymakers should make improving the stability of exchange rates a major priority. In testimony before a Senate Banking subcommittee, Volcker said he does not have any specific proposals for improving exchange rate stability, but thought it was worthy goal. "I do think we ought to be thinking about and working toward greater exchange rate stability," Volcker said. "I think that the objective of greater exchange rate stability ought to loom larger among our various policy priorities."

ITALY SAYS G-7 GIVES CHANCE TO VERIFY TOKYO ACCORD This week's Group of Seven (G-7) meeting in Washington provides an opportunity to verify an accord reached at the Tokyo summit last May to include Italy and Canada in Group of Five (G-5) talks on management of the international monetary system and related issues, the Italian Treasury said. It said in a statement the G-7 meeting, which Italy plans to attend, will provide a forum for considering the Tokyo accord in the light of events in Paris in February this year. On February 22, Italy boycotted a meeting in Paris of its G-7 partners - the United States, Japan, West Germany, France, Britain and Canada - after being excluded from an earlier session of talks involving G-5 members. Today's statement from the Italian Treasury said- "Nobody denies the existence of G-5 but we should like it to be remembered that the Tokyo accords provided for the enlargement of the group to Italy and Canada whenever "the management or the improvement of the international monetary economic policy measures are to be discussed or dealt with.'" Italy refused to attend the Paris G-7 meeting on the grounds that G-5, grouping the United States, Japan, West Germany, France and Britain, had reduced Italy's role to rubber stamping agreements already taken. The Italian Treasury said today that Italy was "certain that this time incidents would not occur." But it said it would be opportune to look in depth at the role and the procedures of G-7 in relation to those of G-5.

KUWAIT SAID SEEKING FOREIGN PROTECTION FOR OIL Kuwait has asked at least four countries, including the United States, Soviet Union, Britain and China, for temporary use of their flags or tankers to protect Kuwaiti oil shipments in the troubled Persian Gulf, Reagan Administration officials said. The officials confirmed a New York Times report that Kuwait wants to transfer some of its oil tankers to U.S. or Soviet registration in hopes Iran would be reluctant to launch new "Silkworm" missiles at superpower flags. The United States has vowed to keep the gulf open to international oil traffic and has warned Tehran against using the Chinese-made missiles recently installed in Iran near the mouth of the gulf. "They (the Kuwaitis) have also asked Britain, China and possibly some other European countries to lease tankers to carry their oil," one of the administration officials, who asked not to be identified, told Reuters. The United States is considering the request to temporarily transfer Kuwaiti ships to American registration, but such a move could create insurance and other problems, the officials said. U.S. defense officials told Reuters yesterday that Kuwait had decided for at least the time being not to accept a U.S. offer to use American warships to escort its tankers in the gulf, where both Iran and Iraq have been attacking shipping.

ROLLS APPROACHES FLOAT WITH PROFITS SET TO RISE State-owned engine maker <Rolls Royce Plc> launches its prospectus for privatisation tomorrow with many analysts forecasting higher profits this year. But it is likely to miss contracts to power the proposed <Airbus Industrie> A340 aircraft. The company's so-called "pathfinder prospectus" gives all the details of its stock market flotation except for the price at which shares will be offered. Last month, the company announced that pretax profits rose in 1986 to 120 mln stg from 81 mln the year before. Brokers Barclays de Zoete Wedd, BZW, sees 155 mln profit for 1987. Analyst Tim Harris of Phillips and Drew said rising profits and a low tax charge would be offset by the fact that Rolls operated in a sector which traditionally attracted low ratings. Assuming the company was valued at around eight times earnings, this would give a selling price valuing it at about 1.2 billion, though he said the recent good performance of the aerospace sector could nudge this figure upwards. BZW is currently forecasting a higher sale price at between 1.5 billion and 1.7 billion. The price will be increased by it being likely to have much of its debt wiped off by a government anxious to assure the company's health when it has to fend for itself. Rolls was rescued from bankruptcy and taken into state ownership in 1971. When the government announced the sale, it said it would inject permanent capital equivalent to net debt -- around 250 mln stg at end-1986 -- into the company. Analysts noted this was necessary to ensure Rolls a credit rating to match those of its main competitors such as General Electric Co <GE.N> and United Technologies Corp's <UTX.N> Pratt and Whitney unit.

VOLCKER SEES DOLLAR AS FACTOR IN MONETARY POLICY Federal Reserve Board Chairman Paul Volcker said the performance of the dollar in exchange markets could be a factor in the U.S. central bank's decisions on monetary policy. "The performance of the dollar in the exchange market might become a factor bearing on our provision of reserves," Volcker said in testimony to the Senate Banking Committee. He said that fiscal policy changes in the United States, Germany and Japan would be more important that intervention to instill confidence in current exchange rate levels.

FED EXPECTED TO SET CUSTOMER REPURCHASES The Federal Reserve is expected to intervene in the government securities market to supply temporary reserves indirectly via customer repurchase agreements, economists said. They said the Fed is expected to execute anywhere from 1.5-2.0 billion dlrs of customer repos to offset seasonal pressures on bank reserves. Federal funds, which averaged 6.20 pct yesterday, opened at 6-1/8 pct and remained there in early trading.

VOLCKER PUSHES SPENDING CUTS OVER TRADE BILL Federal Reserve Board Chairman Paul Volcker said reducing the federal budget deficit was a more important goal for Congress than drafting trade legislation. "Reduce the budget deficit," Volcker responded when asked by a member of the Senate Banking Committee about trade legislation priorities. "If you don't deal with the budget deficit, everything else you do is going to be counterproductive," he said.

AMERICAN SPORTS ADVISORS <PIKS> TO LIQUIDATE American sports Advisors Inc said it has agreed to sell its sports handicapping and publication business to Professor Enterprises for about 1,650,000 dlrs and intends to liquidate after closing. The transaction is subject to shareholder approval. Professor is owned by American Sports president Edward C. Horowitz and Mike Warren, it said.

VOLCKER SAYS RESTRICTIVE MONETARY POLICY WOULD HURT INVESTMENT VOLCKER SAYS RESTRICTIVE MONETARY POLICY WOULD HURT INVESTMENT

VOLCKER SEES TIGHT POLICY HURTING INVESTMENT Federal Reserve Board Chairman Paul Volcker said a restrictive monetary policy would be damaging to investment and that a better course would be to restrain spending. "A restrictive monetary policy would hit investment. You don't want to put interest rates up unless you have to," Volcker told the Senate Banking Committee. "That is not a constructive way to proceed," he said. Volcker said that given a choice between squeezing the budget deficit or squeezing investment, he would favor squeezing the budget deficit. In response to a question about banks, Volcker said he would be pleased if Congress decided to give banks a tax writeoff as an incentive for them to take greater reserves against loans to debtor countries. "If you give a tax writeoff for reserving against loans, then we will see more reserving and that would make me happy," Volcker told Committee Chairman Sen William Proxmire (D-Wisc).

NEW BEDFORD INSTITUTION FOR SAVINGS <NBBS> YEAR Net 12.3 mln vs 6,438,000 NOTE: Company went public in March.

PHOTRONICS CORP <PHOT> YEAR FEB 28 NET Shr 64 cts vs 38 cts Net 1,062,000 vs 585,000 Sales 13.6 mln vs 9,262,000

OCEAN BIO-CHEM INC <OBCI> YEAR NET Shr eight cts vs seven cts Net 215,821 vs 196,873 Sales 3,112,571 vs 2,649,003

TELE-COMMUNICATIONS <TCOMA> SELLS CABLE SYSTEMS Knight-Ridder Inc <KRI> said its TKR Cable Co joint venture with Tele-communications Inc has signed a letter of intent to acquire cable television systems with 55,000 basic subscribers in Wildwood, N.J., and Ramapo and Warwick, N.Y., from Tele-Communications for undisclosed terms.

ENVIRONMENTAL POWER CORP <POWR> YEAR NET Shr profit 25 cts vs loss 15 cts Net profit 998,000 vs loss 612,000 Revs 8,086,000 vs 365,000

GERMAN LONG-TERM CAPITAL INFLOW SLUMPS IN FEBRUARY The inflow of long-term capital into West Germany slumped to 606 mln marks in February from January's record 11.91 billion, with foreign purchases of German bonds and shares declining sharply, the Bundesbank said. While foreigners bought only four billion marks worth of German bonds in February after 13 billion in January, they sold a net 500 mln marks in shares and promissory notes of public authorities after sales worth 300 mln in January. With German investors' purchases of foreign securities steady around 1.3 billion marks, only 2.2 billion marks were imported through securities transactions, after 11.2 billion. Direct investment abroad led to a capital outflow of 1.60 billion marks in February after 2.83 billion in January. There was a deficit of 8.14 billion marks in the short-term capital account after a surplus of 194 mln in January. Banks alone exported some 8.6 billion marks in funds while domestic companies increased their short-term financial assets abroad by 700 mln. But public authorities received some one billion marks from abroad, the Bundesbank said in a statement. Combining long and short term capital outflows, West Germany recorded a net outflow of 7.53 billion marks in February against a net inflow of 11.91 billion in January. The Bundesbank confirmed the German trade surplus widened to 10.45 billion marks in February from January's 7.20 billion. Taking the two months together the seasonally adjusted surplus was slightly below the figure for the previous two. In terms of current as well as constant prices, the narrowing of the surplus was progressing, the bank said. Germany's current account surplus widened to 6.63 billion marks in February from 4.79 billion in January, but was down on the 7.26 billion figure for February 1986. Seasonally adjusted, the February current account surplus narrowed against January. While exports in February fell a half pct against the same month last year, imports fell 10-1/2 pct largely due to the drop in prices. Exports grew three pct in volume and imports two pct. In the balance of services, a fall in net investment income led to a 300 mln mark deficit in February after a 300 mln mark surplus in January. The deficit in transfer payments widened to 3.70 billion marks from 2.69 billion, largely due to a sharp jump to 2.3 billion marks from 200 mln in payments to the European Community budget.

EC SOURCES SAY UK WHEAT PLAN YET TO BE APPROVED The European Commission has not taken a decision on applications from the British government for the release of 200,000 tonnes of intervention feed wheat onto the British market in May and June, Commission sources said. They said last week's cereals management committee agreed to release 70,000 tonnes of feed wheat through weekly tenders between April 14 and May 26. It also indicated it planned to allow the release of another 30,000 tonnes from April 23. However, it decided to leave consideration of the release of further wheat until later. The British government had applied for the release of a further 100,000 tonnes in both May and June from British intervention stores to prevent market prices rising. However, the sources said, the Commission wanted to review the market situation nearer the time before giving its approval. The Commission was given new powers last year to control the release of intervention cereals onto the market, the sources noted. Following last week's committee meeting, the U.K. Ministry of Agriculture said the Commission had given an assurance that additional quantities of intervention wheat would be made available in May and June. It also said that it was envisaged that monthly releases would be at least 100,000 tonnes, depending on the state of the market. This lead to the widespread assumption that the Commission had actually approved the release of 300,000 tonnes during the three months of April, May and June at last week's meeting.

BROKERAGE FIRM UPS STAKE IN ALLEGHENY <AG> The New York brokerage firm of Spear, Leeds and Kellogg told the Securities and Exchange Commission it had increased its preferred stock in Allegheny International Inc to 8.6 pct, from 7 pct. It said it may buy additional shares, but had not decided whether to offer its shares in response to a tender offer by Sunter Acquisition Corp, a unit of First Boston Inc. The brokerage firm said it bought the Allegheny shares March 30-April 2 for 86.50-87.25 dlrs each.

MALTA TENDERS FOR WHITE SUGAR TODAY - TRADE Malta is tendering to buy 3,000 tonnes white sugar today for arrival in two equal parts in May and June, traders said.

FED SETS TWO-DAY SYSTEM REPURCHASES, FED SAYS FED SETS TWO-DAY SYSTEM REPURCHASES, FED SAYS

CORROON AND BLACK <CBL> COMPLETE ACQUISITION Corroon and Black Corp said it completed the acuqisition of <Contractors Planning Group Inc> in an exchange of shares. Contractors is headquartered in Garden City, N.Y., and has branch offices in Philadelphia, Boston, and Cheshire, Conn.

COLONIAL <CLBGA> TO ACQUIRE PENSACOLA BANK Colonial BancGroup said it and The Liberty Bank of Pensacola, Fla., signed a letter of intent for Colonial to acquire Liberty. Terms of the acquisition were not dislcosed. Colonial said the acquisition was its first move toward acquiring and out-of-state bank under Alabama's regional interstate banking law. Liberty has total assets of 35 mln dlrs.

SUPER RITE FOODS INC <SRFI> SETS QTRLY PAYOUT Qtrly div five cts vs five cts prior Pay April 27 Record April 20

MILTON ROY CO <MRC> SETS QUARTERLY Qtly div 11 cts vs 11 cts prior Pay June 15 Record May 15

GOLDSIL AND GOLDEN RULE AGREE TO MERGE <Golden Rule Resources Ltd> and Goldsil Resources Ltd said they had agreed to merge. The merged company will issue to each Golden Rule shareholder 1-1/2 shares and one warrant. The warrant will be for a term of two years. Payment of 3.10 dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company, the companies said. Each Goldsil shareholder will receive one share and one-half warrant. The warrant will be for a term of two years. Payment of 3.10 dlrs and delivery of two warrants will entitle the shareholder to one additional share of the merged company.

FED SETS TWO-DAY SYSTEM REPURCHASES The Federal Reserve entered the government securities market to arrange two-day repurchase agreements for system account, a spokeswoman for the New York Fed said. Fed funds were trading at 6-1/8 pct at the time of the direct injection of temporary reserves, dealers said. Most economists had expected a less aggressive injection of reserves via customer repurchase agreements.

COLONIAL BANCGROUP INC <CLBGA> 1ST QTR NET Shr 25 cts vs 55 cts Net 1.3 mln vs 2,460,000 NOTE: 1987 1st qtr includes loan write-offs at banking subsidiary, The Colonial Bank of Mobile, due to loan losses, of 1.3 mln dlrs or 25 cts a share.

Dresdner to propose 1986 dividend 10 marks vs same, one-for-18 bonus share issue Dresdner to propose 1986 dividend 10 marks vs same, one-for-18 bonus share issue

JAPAN CUTS CHIP SUPPLY, MAY PRODUCE SHORTAGE Japan is attempting to cut back semiconductor production to forstall the 300 mln dlrs in U.S. tariffs on Japanese electronic goods set to take effect April 17, industry analysts said. The move is likely to create a sharp price rise and a possible shortage of the key computer components in the next few weeks, the analysts said. "Prices have gone up for memory components, the mainstay of the Japanese semiconductor industry," analyst Drew Peck of Donaldson Lufkin and Jenrette said. But analysts said the price rises have been slight so far, and some questioned whether Japan would be successful in forcing Japanese companies to cut production in the long run. Others, however, were more optimistic, saying evidence was already in hand that Japan has cut back prodution and halted sales to the grey market, the third country brokers that sell chips at below production costs. "We've seen the grey market begin to dry up for D-RAMS, and it has virtually dried up for EPROMS," said Merrill Lynch analyst Thomas Kurlack of the two key memory chips used in computers. "Prices are inching up and lead times on deliveries are stretching," Kurlack added. Industry analysts said Japan's Ministry of International Trade and Industry, or MITI, had requested the cut backs in production to meet the terms of last year's semiconductor accord with the U.S. The Reagan adminsitration recently proposed tariffs on Japanese electronic goods, alleging that Japan had failed to live up to the accord and continued to dump the computer components in the U.S. market. But some analysts said Japan's attempt to mollify the U.S. was a double edged sword, and might be read at a subtle form of trade retaliation for the tariffs proposed by the U.S. As production in Japan is cut, these analysts argue, prices will rise in the U.S. and few American semiconductor manufactures will be able to take up the slack since most long ago exited the market for memory chips. U.S. computer makers that use the chips in their machines will then be pressured. "The Japanese are looking for ways to reduce trade pressures from Washington, but at the same time they're demonstating their muscle," analyst Peck said. The cut backs in Japanese production are expected to benefit U.S. chip makers. "I think this could be a very important factor for U.S. semiconductor manufacturers," industry analyst Elliot Levine of Ladenburg Thalmann Co said. But analyst Peck said, "it will take a few weeks to see whether Japan has genuinely cut production." He said Japanese manufactures were likely to view MITI's request unfavorably because chip capacity was still high and production cut backs would lead to significant write-offs in plant and equipment.

INVESTORS RAISE STAKE IN PUROLATOR <PCC> Two New York management investment firms told the Securities and Exchange Commission they had increased their holdings in Purolator Courier Corp to 7.2 pct, from 6.2 pct. Mutual Shares Corp and Mutual Qualified Income Fund Inc said they were weighing offers to buy Purolator shares from PC Acquisition Inc, a unit of E.F. Hutton LBO Inc, for 35 dlrs a share, and from EAF Acquisitions Corp Inc, a unit of Emery Air Freight Corp. at 40 dlrs They told the commission they had bought their new Purolator shares March 25-27 for 34.875-35.250 dlrs each.

DUTCH MONEY MARKET DEBT RISES IN WEEK Loans and advances from the Dutch Central Bank to the commercial banks rose by 1.2 billion guilders to 10.7 billion in the week up to and including April 6, the Bank's weekly return showed. Paper discounted with the Bank also rose, by 477 mln guilders to 916 mln. These rises were balanced by a 1.6 billion guilders rise in the Treasury's account at the Bank, made up mainly of repayments on housing loans by local authorities. The Treasury's account stood at 8.1 billion guilders, the weekly return showed. The Bank's gold and currency reserves rose by 484 mln to 56.89 billion guilders, while the value of non-gold holdings rose by 140 mln guilders, analysts said. They added that the rise in the reserves was merely the result of commercial currency transactions by the Bank. Call money and period tariffs were only fractionally changed this week and were seen sustaining their stable levels since no dramatic changes in the money market debt, currently around 10.25 billion guilders, are expected. Today call money traded between 5-3/8 to 5-1/2 pct and period tariffs all between 5-5/16 to 5-7/16 pct.

KUWAIT ASKS TO USE FOREIGN FLAG TANKERS, U.S SAYS Kuwait has asked at least four countries, including the United States, Soviet Union, Britain and China, for temporary use of their flags or tankers to protect Kuwaiti oil shipments in the troubled Persian Gulf, Reagan Administration officials said. The officials confirmed a New York Times report that Kuwait wants to transfer some of its oil tankers to U.S. or Soviet registration in hopes Iran would be reluctant to launch new "Silkworm" missiles at superpower flags. The United States has vowed to keep the gulf open to international oil traffic and has warned Tehran against using the Chinese-made missiles recently installed in Iran near the mouth of the gulf. "They (the Kuwaitis) have also asked Britain, China and possibly some other European countries to lease tankers to carry their oil," one of the administration officials, who asked not to be identified, told Reuters. The United States is considering the request to temporarily transfer Kuwaiti ships to American registration, but such a move could create insurance and other problems, the officials said. U.S. defense officials told Reuters yesterday that Kuwait had decided for at least the time being not to accept a U.S. offer to use American warships to escort its tankers in the gulf, where both Iran and Iraq have been attacking shipping.

U.S. GRAIN CERTS SAVE 50-100 MLN DLRS - AMSTUTZ The use of generic commodity certificates, or "certs," for fiscal years 1986-88 will save the government 50 to 100 mln dlrs, Department of Agriculture Undersecretary Daniel Amstutz said. Speaking at a House agriculture subcommittee hearing on the use of the certificates, Amstutz said that the issuance of 8.5 billion dlrs of certificates during fiscal years 1986-88 could result in government outlays of up to 400 mln dlrs. However, the use of certificates preclude the need for 450 to 500 mln dlrs in storage and handling costs, resulting in net savings for the government of 50-100 mln dlrs, he said. Without the use of certificates, Amstutz said nearly the entire 1985 crop which had been put under loan would have been forfeited to the Commodity Credit Corporation, CCC. In addition, 260 mln bushels of grain that have been redeemed from CCC inventory through certificate exchanges would have remained in the goverment inventory, he said. When asked to comment on a recent study by the General Accounting Office that concluded certificates result in a net cost to the government, Amstutz said, "GAO underestimated the benefits and overstated the costs" of the certificate program. Amstutz said while certificates encourage more loan entries, they also encourage heavier loan redemptions rather than forfeitures. GAO underestimated this net loan activity, Amstutz said. "There is no question in the mind of the Department of Agriculture that these certificates have been very useful," Amstutz said. Immediate benefits of certificates include greater market liquidity, improved market price competitiveness, higher farm income, and improved debt situation and decreased carrying costs, he said. Certificates are an integral part of USDA's long-range market-oriented farm policy, he said. Amstutz told subcommittee Chairman Rep. Dan Glickman, D-Kans., that USDA is in the process of preparing an official response to the GAO study on certificates and will submit it to the subcommittee when completed.

VOLCKER SAYS FED POLICY NOT RESPONSIBLE FOR PRIME RATE RISE VOLCKER SAYS FED POLICY NOT RESPONSIBLE FOR PRIME RATE RISE

U.S. URGES SURPLUS NATIONS TO BOOST GROWTH Leading industrial nations will be reviewing the Paris agreement to stabilize exchange rates, foster increased worldwide growth and reduce trade imbalances but the U.S. thinks the accord has been successful so far, a senior U.S. Treasury official said. "The Paris accord will be reviewed at this meeting. It has been successful and continues to be succesfull," a senior U.S. Treasury official told reporters. In a briefing ahead of this week's semiannual IMF and World Bank meetings, he also said the U.S. was looking to West Germany and Japan to bolster their economic growth. The official said both surplus countries, like West Germany and Japan, and deficit countries, like the U.S., agreed to play a role in bringing about more balanced economic growth. He reaffirmed the U.S. would press ahead with efforts to reduce its budget deficit, resist protectionism and boost U.S. competitiveness. The official also said that he expected trade issues, like the dispute between the U.S. and Japan over microchips, to be included in the discussions. The official made no direct comment on the content or schedule of forthcoming Group of Five and Group of Seven discussions. He said that industrial countries are concerned that the large external imbalances remain a threat to the international monetary system. He added that the meetings will also provide an opportunity to discuss economic policy coordination efforts. The official said indicators would be used to measure policy objectives of industrial countries and their economic projections. They would also be used to assess progress of policy goals. Asked whether the U.S. was proposing a new initiative regarding the indicators, the official said the issue would be reported to the Venice Summit in June. Monetary sources said the U.S. proposal envisages using the indicators to make policy coordination agreements, like the Paris Accord, more binding.

ACME PRECISION <ACL> SETS HOLDER VOTE ON BUYOUT Acme Precision Products Inc said it set its annual meeting for May 14 for shareholders to vote on the proposed management-led leveraged buyout of the company. The record date for the meeting will be April 16, with proxy materials to be sent to shareholders on or before April 20. The buyout proposal, which was previously announced, will be structured as a one for 100,000 reverse stock split. It must be approved by a majority of shareholders. Acme Precision has 1,008,857 shares outstanding.

VOLCKER SAYS FED POLICY NOT LINKED TO RATE RISE Federal Reserve Board Chairman Paul Volcker said that he did not believe there was a connection between the Fed's policies and the recent rise in the prime interest rate by most major U.S. banks. Asked by reporters following testimony before the Senate Banking Committee whether the Fed had anything to do with the rise to 7-3/4 pct in the prime, he replied, "not that I was able to detect."

WEIS MARKETS <WMK> IN THREE FOR TWO STOCK SPLIT Weis Markets Inc said its board declared a three-for-two stock split for holders of record May 1, 1987, with a distribution date of May 22, 1987. The company also said a regular quarterly dividend of 16 cts per share on the pre-split shares will be paid May 22 to shareholders of record May 1.

MCCORMICK CAPITAL <MKOR> 1986 YEAR NET Shr primary 24 cts vs 25 cts Shr diluted 21 cts vs 25 cts Net 530,583 vs 493,423 Revs 10.2 mln vs 9,834,578

U.S. SAYS NO PACT ON RELIEF FOR POOREST STATES There is no consensus so far among industrial countries on an agreement providing debt relief for the world's poorest nations, a senior U.S. Treasury official said. The official said, "There has not been a consensus reached yet," when asked about reports the Paris club of western creditors had agreed to long-term stretch outs of African debt at concessional interest rates. The official, briefing reporters on this week's semiannual IMF meetings, said the issue would be discussed this week and the U.S. had an open mind on the proposal but it did object to concessional interest rate relief.

U.S. MINT SEEKING OFFERS ON COPPER, NICKEL The U.S. Mint said it is seeking offers on 3,701,000 lbs of electrolytic copper and 629,000 lbs of electrolytic cut nickel cathodes or briquettes that it intends to purchase. It said both metals are for delivery in the week of May 11 to Olin Corp, East Alton, Ill. Offers for the copper are due by 1100 hrs EDT, April 21, while offers on the nickel are due at 1100 hrs EDT on April 14. The Mint said that firms, in submitting their offers, select to receive payment by standard check or be wire transfer. Awards are determined by whichever of the two methods is most cost advantageous, based on the cost of money at that time. The minimum acceptance periods for each solicitation is three calendar days for the copper and 10 calendar days for the nickel, the Mint said.

FAMILY HEALTH SYSTEMS <FHSY> TO MAKE PURCHASE Family Health System Inc said The Federal Bankruptcy Court in Fort Worth, Texas has approved its offer to purchase <Sheppard Dental Centers Inc's> assets from a Chapter 7 bankruptcy proceeding for about 300,000 dlrs. FHS administers and markets multiple office dental practices in the Dallas metropolitan area as well as dental offices in the Dallas Metroplex. The company said it plans to open 12 locations in Dallas by the end of 1987.

OLD FASHION FOODS INC <OFFI> 3RD QTR FEB 28 NET Shr 10 cts vs 10 cts Net 131,000 vs 135,000 Revs 4,222,000 vs 3,656,000 Avg shrs 1,278,529 vs 1,356,672 Nine mths Shr 31 cts vs 31 cts Net 406,000 vs 426,000 Revs 12.3 mln vs 11.0 mln Avg shrs 1,330,511 vs 1,361,421

CONSOLIDATED-BATHURST SEES BETTER MARKET (Consolidated-Bathurst Inc) said it expects improvement in the pulp and paper sector shown in the second half of 1986 to continue this year. The continued improvement would be due to good market demand, better product prices and high operating capacity, the company said in its annual report. Consolidated-Bathurst, which reported operating profit of 104 mln dlrs last year on sales of 2.02 billion dlrs, said its joint-venture acquisition of a market pulp mill at Castlegar, B.C. last year broadens its product range and will contribute to equity earnings. Last year's results were up from 1985 operating profit of 80 mln dlrs and sales of 1.73 billion dlrs. The company said it views its near-term prospects with improved optimism. It said results from its Bridgewater newsprint mill in the U.K. should improve greatly this year due to stronger capacity and production and more favorable market conditions. It said it anticipates a return to profitability in 1987 for its Diamond-Bathurst Inc (DBH) subsidiary, which lost 6.2 mln U.S. dlrs and underwent a reorganization last year, and expects higher sales and earnings for its other North American packaging divisions. Consolidated-Bathurst said the outlook for its Europa Carton unit is mixed. It said the effect of trade disputes between the United States and the European Economic Community on the West German economy and the higher value of the mark may lead to increased costs which could not be offset by price increases.

MORE U.S. GRAIN CERTIFICATES NEEDED, STUDY SAYS More generic grain certificates should be released onto the market in order for the U.S. certificate program to have its full effect on commodities, according to a study by Sparks Commodities Inc. The Agriculture Department should make grain deficiency payments and paid land diversion payments in a two-third certificate, one-third cash ratio through fiscal year 1989, Carroll Brunthaver, president of Sparks Commodities, told a House agriculture subcommittee hearing on certificates. Thereafter, government payments should be issued in roughly a 50-50 split between cash and certificates, Brunthaver said. The Sparks study on certificates examined two possible scenarios through the 1990 growing season -- a "zero certificate case," where no certificate program was assumed, and an alternative case labeled "adequate certificate case" in which sufficient certificates would be released so that grain prices would not be artificially supported by market shortages due to acreage reduction programs or government holdings. The study showed that total grain use under the adequate certificate scenario would exceed the zero certificate scenario by 11.2 pct. Usage would be markedly more in 1989 and 1990, when grain usage under a certificate program was estimated to exceed the zero certificate case by 15 to 19 pct. For the five-year period examined, government expenditures under the adequate certificate case were 7.0 billion dlrs, or 7.5 pct less than under the zero certificate case. The Sparks study said that 5.1 billion dlrs, or 70 pct of those savings resulted from smaller government storage costs. The study also estimated that government grain stocks under the adequate certificate case would be 4.7 billion bushels below the zero certificate case at the end of the period examined. The Sparks study said that while certificates permit market prices to fall below loan levels, these lower prices increase commodity usage and reduce the net costs of certificates versus cash.

CUMMINS ENGINE <CUM> SEES IMPROVED EARNINGS Cummins Engine Co said it told shareholders higher engine orders to the North American heavy-duty truck market will result in improved earnings in the first quarter. Cummins said the company should make progress this year and next toward its goal of five pct profitability. Cummins recorded net income of 3,743,000 dlrs, or 38 cts per share, on sales of 516.9 mln dlrs. It said it expects 1987 North American heavy-duty truck production to total 135,000 units, an 8.5 pct increase from 1986. Cummins said it expects capital expenditures to total about 155 mln dlrs, down from 274 mln dlrs the year before.

NORTH-WEST TELECOM <NOWT> MAKES ACQUISITION North-West Telecommunications Inc said it acquired the assets and customer base of Com-Tel Systems Inc, a telephone interconnect firm that operates in La Crosse and Stevens Point, Wis. and Rochester, Minn. It said the purchase only includes the businesses in La Crosse and Rochester. Terms were not disclosed.

MILTON ROY CO <MRC> SETS REGULAR DIVIDEND Qtly div 11 cts vs 11 cts prior Pay June 15 Record May 15

OHIO MATTRESS CO <OMT> 1ST QTR FEB 28 NET Shr 15 cts vs 15 cts Net 2,407,000 vs 2,393,000 Revs 117.2 mln vs 67.1 mln Note: Aggregate judgments in antitrust and other suits of 77 mln dlrs not included in year-ago or 1987 1st qtr results. Company said any portion of this amount, including related interest or attorneys' fees, would be proportionately reflected as a reduction in its minority interest of Sealy recorded on its consolidated balance sheet upon final settlement of litigation. Note: Consolidated balance sheet as of end of 1st qtr reflects after-tax impact of 50 mln dlr settlement won by Sealy licensee in Michigan. 1987 results include all operations of all acquired Sealy-brand licensees and 82 pct of Sealy. Remaining 18 pct of Sealy is recorded as minority interest. Proceeds of 170 mln dlrs from sale of stock and debt were used to reduce balance of revolving credit agreement to 80 mln dlrs. Accordingly, 250 mln dlr obligation to banks under credit agreement was recorded as a long-term liability as of end of 1st qtr. Note: In April, company intends to acquire Michigan Sealy licensee and fund transaction with 25 mln dlrs in cash and borrow balance required from banks.

USSR CROP WEATHER SUMMARY -- USDA/NOAA Gradual warming continued in most regions of Western Soviet Union in the week ended April 4, the Joint Agricultural Weather Facility of the U.S Agriculture and Commerce Departments said. In its International Weather and Crop Summary, the agency said most of the region's precipitation fell as rain. The southern snow cover boundary continued to slowly retreat northward and eastward, it said. Moderate to deep snow cover the northern half of the Ukraine, northern North Caucasus, and the lower Volga, about one month later than usual, it said. The agency said average weekly temperatures were below normal in the southeast, near normal in the southwest and northeast, and above normal in the northwest. Winter grains remained dormant over the region, but warm weather promoted greening in crop areas adjacent to the Black Sea coast, it said.

U.S. WEATHER/COTTON SUMMARY -- USDA/NOAA Cotton planting continued progressing in the week ended April 5, but cold, wet weather in the South hampered seedbed preparation, the Joint Agricultural Weather Facility of the U.S. Agriculture and Commerce Departments said. In a summary of its Weather and Crops Bulletin, the agency said planting increased in California as soil temperatures improved. Texas planted 10 pct compared with an average of eight pct. Arizona and Georgia planted 35 pct and two pct, respectively, it said. Oklahoma farmers prepared 10 pct of their cotton seedbeds, 15 points below average, the agency said.

GRAIN SHIPS WAITING AT NEW ORLEANS Nine grain ships were loading and 16 were waiting to load at New Orleans elevators, trade sources said. ELEVATOR LOADING WAITING Continental Grain, Westwego 1 5 Mississippi River, Myrtle Grove 1 0 ADM Growmark 1 2 Bunge Grain, Destrehan 1 0 ELEVATOR LOADING WAITING ST CHARLES DESTREHAN 1 1 RESERVE ELEVATOR CORP 1 0 PEAVEY CO, ST ELMO 1 1 CARGILL GRAIN, TERRE HAUTE 1 4 CARGILL GRAIN, PORT ALLEN 0 0 ZEN-NOH 1 3

GENERAL PARTNERS IS TERMINATING OFFER FOR GENCORP INC GENERAL PARTNERS IS TERMINATING OFFER FOR GENCORP INC

BURLINGTON NORTHERN INC 1ST QTR SHR PROFIT 93 CTS VS LOSS 3.55 DLRS BURLINGTON NORTHERN INC 1ST QTR SHR PROFIT 93 CTS VS LOSS 3.55 DLRS

IOWA GRAIN ELEVATOR EXPLODES, BURNS An explosion and fire today damaged a grain elevator in Bancroft, Iowa, destroying thousands of bushels of grain, authorities said. The pre-dawn explosion ripped the wooden elevator open, and a fire that followed continued burning at late morning but had been contained, according to a dispatcher at the Algona Police Department. No injuries were reported at the Lone Rock Coop facility. The dispatcher said the elevator was filled with corn, and a nearby drying building holding soybeans was on fire. The explosion was the second in four days in Iowa following the destruction of an Archer Daniels Midland elevator in Burlington last Friday.

ARTISTIC GREETINGS <ARTG> SEES RECOVERY IN NET Artistic Greetings Inc said it expects a rebound in profits and an increase in sales in 1987 as costs connected with computerization, staffing, traning and catalog sales start to taper off. Today it reported 1986 earnings of 294,650 dlrs, down from 371,064 dlrs a year before, on revenues of 8,157,864 dlrs, up from 7,054,709 dlrs.

PARTNERSHIP BUYS 5.1 PCT ORANGE-CO <OJ> STAKE Parsow Partnership Ltd, an Elkhorn, Neb., investment partnership, said it bought a 5.1 pct stake in Orange-Co Inc common stock as an investment. In a filing with the Securities and Exchange Commission, Parsow said it had bought all its 220,000 Orange-Co shares in the open market with funds from its working capital. The partnership, whose sole general partner is Elkhorn investor Alan Parsow, said it "has no present intention of effecting any change in the control of Orange-Co Inc."

COOPERATIVE ENERGY TESTS OIL AT TWO WELLS <Cooperative Energy Development Corp> said two exploratory oil wells in the Zama area of Alberta tested 1,020 and 950 barrels a day, and will increase the company's daily oil production by 30 pct. The company did not immediately elaborate on total production figures. The wells, flowing oil from the Keg River formation, will be constrained to combined production of about 450 barrels a day to optimize reserve recovery, the company said. Permanent production facilities are being installed and the wells will produce to pipeline by mid-April.

CUMMINS ENGINE CO INC <CUM> SETS PAYOUT Qtly div 55 cts vs 55 cts prior Pay June 15 Record June 1

CENTRAL BANCSHARES <CBSS> 1ST QTR NET Shr 52 cts vs 45 cts Net 10.9 mln vs 9,498,000 Assets 3.60 billion vs 3.25 billion Deposits 2.45 billion vs 2.23 billion Loans 2.16 billion vs 1.67 billion NOTE: full name of company is Central Bancshares of the South Inc.