From cd344b8df0e1d196d748e9f1ad2023eac1115cb2 Mon Sep 17 00:00:00 2001 From: Grant Ingersoll Date: Thu, 10 Sep 2009 13:59:45 +0000 Subject: [PATCH] SOLR-868: removed sample.sgm git-svn-id: https://svn.apache.org/repos/asf/lucene/solr/trunk@813446 13f79535-47bb-0310-9956-ffa450edef68 --- .../example/reuters/testdata/sample.sgm | 3980 ----------------- 1 file changed, 3980 deletions(-) delete mode 100644 client/javascript/example/reuters/testdata/sample.sgm diff --git a/client/javascript/example/reuters/testdata/sample.sgm b/client/javascript/example/reuters/testdata/sample.sgm deleted file mode 100644 index 0ad9a6e3277..00000000000 --- a/client/javascript/example/reuters/testdata/sample.sgm +++ /dev/null @@ -1,3980 +0,0 @@ - - -26-FEB-1987 15:01:01.79 -cocoa -el-salvadorusauruguay - - - - - -C T -f0704reute -u f BC-BAHIA-COCOA-REVIEW 02-26 0105 - -BAHIA COCOA REVIEW - SALVADOR, Feb 26 - Showers continued throughout the week in -the Bahia cocoa zone, alleviating the drought since early -January and improving prospects for the coming temporao, -although normal humidity levels have not been restored, -Comissaria Smith said in its weekly review. - The dry period means the temporao will be late this year. - Arrivals for the week ended February 22 were 155,221 bags -of 60 kilos making a cumulative total for the season of 5.93 -mln against 5.81 at the same stage last year. Again it seems -that cocoa delivered earlier on consignment was included in the -arrivals figures. - Comissaria Smith said there is still some doubt as to how -much old crop cocoa is still available as harvesting has -practically come to an end. With total Bahia crop estimates -around 6.4 mln bags and sales standing at almost 6.2 mln there -are a few hundred thousand bags still in the hands of farmers, -middlemen, exporters and processors. - There are doubts as to how much of this cocoa would be fit -for export as shippers are now experiencing dificulties in -obtaining +Bahia superior+ certificates. - In view of the lower quality over recent weeks farmers have -sold a good part of their cocoa held on consignment. - Comissaria Smith said spot bean prices rose to 340 to 350 -cruzados per arroba of 15 kilos. - Bean shippers were reluctant to offer nearby shipment and -only limited sales were booked for March shipment at 1,750 to -1,780 dlrs per tonne to ports to be named. - New crop sales were also light and all to open ports with -June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs -under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs -per tonne FOB. - Routine sales of butter were made. March/April sold at -4,340, 4,345 and 4,350 dlrs. - April/May butter went at 2.27 times New York May, June/July -at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at -2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and -2.27 times New York Dec, Comissaria Smith said. - Destinations were the U.S., Covertible currency areas, -Uruguay and open ports. - Cake sales were registered at 785 to 995 dlrs for -March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times -New York Dec for Oct/Dec. - Buyers were the U.S., Argentina, Uruguay and convertible -currency areas. - Liquor sales were limited with March/April selling at 2,325 -and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New -York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York -Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith -said. - Total Bahia sales are currently estimated at 6.13 mln bags -against the 1986/87 crop and 1.06 mln bags against the 1987/88 -crop. - Final figures for the period to February 28 are expected to -be published by the Brazilian Cocoa Trade Commission after -carnival which ends midday on February 27. - Reuter - - - -26-FEB-1987 15:02:20.00 - -usa - - - - - -F Y -f0708reute -d f BC-STANDARD-OIL-<SRD>-TO 02-26 0082 - -STANDARD OIL <SRD> TO FORM FINANCIAL UNIT - CLEVELAND, Feb 26 - Standard Oil Co and BP North America -Inc said they plan to form a venture to manage the money market -borrowing and investment activities of both companies. - BP North America is a subsidiary of British Petroleum Co -Plc <BP>, which also owns a 55 pct interest in Standard Oil. - The venture will be called BP/Standard Financial Trading -and will be operated by Standard Oil under the oversight of a -joint management committee. - - Reuter - - - -26-FEB-1987 15:03:27.51 - -usa - - - - - -F A -f0714reute -d f BC-TEXAS-COMMERCE-BANCSH 02-26 0064 - -TEXAS COMMERCE BANCSHARES <TCB> FILES PLAN - HOUSTON, Feb 26 - Texas Commerce Bancshares Inc's Texas -Commerce Bank-Houston said it filed an application with the -Comptroller of the Currency in an effort to create the largest -banking network in Harris County. - The bank said the network would link 31 banks having -13.5 billion dlrs in assets and 7.5 billion dlrs in deposits. - - Reuter - - - -26-FEB-1987 15:07:13.72 - -usabrazil - - - - - -F -f0725reute -u f BC-TALKING-POINT/BANKAME 02-26 0105 - -TALKING POINT/BANKAMERICA <BAC> EQUITY OFFER - by Janie Gabbett, Reuters - LOS ANGELES, Feb 26 - BankAmerica Corp is not under -pressure to act quickly on its proposed equity offering and -would do well to delay it because of the stock's recent poor -performance, banking analysts said. - Some analysts said they have recommended BankAmerica delay -its up to one-billion-dlr equity offering, which has yet to be -approved by the Securities and Exchange Commission. - BankAmerica stock fell this week, along with other banking -issues, on the news that Brazil has suspended interest payments -on a large portion of its foreign debt. - The stock traded around 12, down 1/8, this afternoon, -after falling to 11-1/2 earlier this week on the news. - Banking analysts said that with the immediate threat of the -First Interstate Bancorp <I> takeover bid gone, BankAmerica is -under no pressure to sell the securities into a market that -will be nervous on bank stocks in the near term. - BankAmerica filed the offer on January 26. It was seen as -one of the major factors leading the First Interstate -withdrawing its takeover bid on February 9. - A BankAmerica spokesman said SEC approval is taking longer -than expected and market conditions must now be re-evaluated. - "The circumstances at the time will determine what we do," -said Arthur Miller, BankAmerica's Vice President for Financial -Communications, when asked if BankAmerica would proceed with -the offer immediately after it receives SEC approval. - "I'd put it off as long as they conceivably could," said -Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and -Smith. - Cohn said the longer BankAmerica waits, the longer they -have to show the market an improved financial outlook. - Although BankAmerica has yet to specify the types of -equities it would offer, most analysts believed a convertible -preferred stock would encompass at least part of it. - Such an offering at a depressed stock price would mean a -lower conversion price and more dilution to BankAmerica stock -holders, noted Daniel Williams, analyst with Sutro Group. - Several analysts said that while they believe the Brazilian -debt problem will continue to hang over the banking industry -through the quarter, the initial shock reaction is likely to -ease over the coming weeks. - Nevertheless, BankAmerica, which holds about 2.70 billion -dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the -interest rate is reduced on the debt, and as much as 200 mln -dlrs if Brazil pays no interest for a year, said Joseph -Arsenio, analyst with Birr, Wilson and Co. - He noted, however, that any potential losses would not show -up in the current quarter. - With other major banks standing to lose even more than -BankAmerica if Brazil fails to service its debt, the analysts -said they expect the debt will be restructured, similar to way -Mexico's debt was, minimizing losses to the creditor banks. - Reuter - - - -26-FEB-1987 15:10:44.60 -grainwheatcornbarleyoatsorghum -usa - - - - - -C G -f0738reute -u f BC-average-prices 02-26 0095 - -NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE - WASHINGTON, Feb 26 - The U.S. Agriculture Department -reported the farmer-owned reserve national five-day average -price through February 25 as follows (Dlrs/Bu-Sorghum Cwt) - - Natl Loan Release Call - Avge Rate-X Level Price Price - Wheat 2.55 2.40 IV 4.65 -- - V 4.65 -- - VI 4.45 -- - Corn 1.35 1.92 IV 3.15 3.15 - V 3.25 -- - X - 1986 Rates. - - Natl Loan Release Call - Avge Rate-X Level Price Price - Oats 1.24 0.99 V 1.65 -- - Barley n.a. 1.56 IV 2.55 2.55 - V 2.65 -- - Sorghum 2.34 3.25-Y IV 5.36 5.36 - V 5.54 -- - Reserves I, II and III have matured. Level IV reflects -grain entered after Oct 6, 1981 for feedgrain and after July -23, 1981 for wheat. Level V wheat/barley after 5/14/82, -corn/sorghum after 7/1/82. Level VI covers wheat entered after -January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs). -n.a.-not available. - Reuter - - - -26-FEB-1987 15:14:36.41 -veg-oillinseedlin-oilsoy-oilsun-oilsoybeanoilseedcornsunseedgrainsorghumwheat -argentina - - - - - -G -f0754reute -r f BC-ARGENTINE-1986/87-GRA 02-26 0066 - -ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS - BUENOS AIRES, Feb 26 - Argentine grain board figures show -crop registrations of grains, oilseeds and their products to -February 11, in thousands of tonnes, showing those for futurE -shipments month, 1986/87 total and 1985/86 total to February -12, 1986, in brackets: - Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total -2,692.4 (4,161.0). - Maize Mar 48.0, total 48.0 (nil). - Sorghum nil (nil) - Oilseed export registrations were: - Sunflowerseed total 15.0 (7.9) - Soybean May 20.0, total 20.0 (nil) - The board also detailed export registrations for -subproducts, as follows, - SUBPRODUCTS - Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total -111.8 (82.7) . - Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8 -(87.4). - Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0, -total 166.1 (218.5). - Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5, -total 149.8 (145.3). - Vegetable oil registrations were : - Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil, -Jun 10.0, total 182.4 (117.6). - Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8, -(76.1). - Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0, -Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER - - - -26-FEB-1987 15:14:42.83 - -usa - - - - - -F -f0755reute -d f BC-RED-LION-INNS-FILES-P 02-26 0082 - -RED LION INNS FILES PLANS OFFERING - PORTLAND, Ore., Feb 26 - Red Lion Inns Limited Partnership -said it filed a registration statement with the Securities and -Exchange Commission covering a proposed offering of 4,790,000 -units of limited partnership interests. - The company said it expects the offering to be priced at 20 -dlrs per unit. - It said proceeds from the offering, along with a 102.5 mln -dlr mortgage loan, will be used to finance its planned -acquisition of 10 Red Lion hotels. - Reuter - - - -26-FEB-1987 15:15:40.12 - -usa - - - - - -F A RM -f0758reute -u f BC-USX-<X>-DEBT-DOWGRADE 02-26 0103 - -USX <X> DEBT DOWGRADED BY MOODY'S - NEW YORK, Feb 26 - Moody's Investors Service Inc said it -lowered the debt and preferred stock ratings of USX Corp and -its units. About seven billion dlrs of securities is affected. - Moody's said Marathon Oil Co's recent establishment of up -to one billion dlrs in production payment facilities on its -prolific Yates Field has significant negative implications for -USX's unsecured creditors. - The company appears to have positioned its steel segment -for a return to profit by late 1987, Moody's added. - Ratings lowered include those on USX's senior debt to BA-1 -from BAA-3. - Reuter - - - -26-FEB-1987 15:17:11.20 -earn -usa - - - - - -F -f0762reute -r f BC-CHAMPION-PRODUCTS-<CH 02-26 0067 - -CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT - ROCHESTER, N.Y., Feb 26 - Champion Products Inc said its -board of directors approved a two-for-one stock split of its -common shares for shareholders of record as of April 1, 1987. - The company also said its board voted to recommend to -shareholders at the annual meeting April 23 an increase in the -authorized capital stock from five mln to 25 mln shares. - Reuter - - - -26-FEB-1987 15:18:06.67 -acq -usa - - - - - -F -f0767reute -d f BC-COMPUTER-TERMINAL-SYS 02-26 0107 - -COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE - COMMACK, N.Y., Feb 26 - Computer Terminal Systems Inc said -it has completed the sale of 200,000 shares of its common -stock, and warrants to acquire an additional one mln shares, to -<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs. - The company said the warrants are exercisable for five -years at a purchase price of .125 dlrs per share. - Computer Terminal said Sedio also has the right to buy -additional shares and increase its total holdings up to 40 pct -of the Computer Terminal's outstanding common stock under -certain circumstances involving change of control at the -company. - The company said if the conditions occur the warrants would -be exercisable at a price equal to 75 pct of its common stock's -market price at the time, not to exceed 1.50 dlrs per share. - Computer Terminal also said it sold the technolgy rights to -its Dot Matrix impact technology, including any future -improvements, to <Woodco Inc> of Houston, Tex. for 200,000 -dlrs. But, it said it would continue to be the exclusive -worldwide licensee of the technology for Woodco. - The company said the moves were part of its reorganization -plan and would help pay current operation costs and ensure -product delivery. - Computer Terminal makes computer generated labels, forms, -tags and ticket printers and terminals. - Reuter - - - -26-FEB-1987 15:18:59.34 -earn -usa - - - - - -F -f0772reute -r f BC-COBANCO-INC-<CBCO>-YE 02-26 0058 - -COBANCO INC <CBCO> YEAR NET - SANTA CRUZ, Calif., Feb 26 - - Shr 34 cts vs 1.19 dlrs - Net 807,000 vs 2,858,000 - Assets 510.2 mln vs 479.7 mln - Deposits 472.3 mln vs 440.3 mln - Loans 299.2 mln vs 327.2 mln - Note: 4th qtr not available. Year includes 1985 -extraordinary gain from tax carry forward of 132,000 dlrs, or -five cts per shr. - Reuter - - - -26-FEB-1987 15:19:15.45 -earnacq -usa - - - - - -F -f0773reute -u f BC-OHIO-MATTRESS-<OMT>-M 02-26 0095 - -OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET - CLEVELAND, Feb 26 - Ohio Mattress Co said its first -quarter, ending February 28, profits may be below the 2.4 mln -dlrs, or 15 cts a share, earned in the first quarter of fiscal -1986. - The company said any decline would be due to expenses -related to the acquisitions in the middle of the current -quarter of seven licensees of Sealy Inc, as well as 82 pct of -the outstanding capital stock of Sealy. - Because of these acquisitions, it said, first quarter sales -will be substantially higher than last year's 67.1 mln dlrs. - Noting that it typically reports first quarter results in -late march, said the report is likely to be issued in early -April this year. - It said the delay is due to administrative considerations, -including conducting appraisals, in connection with the -acquisitions. - Reuter - - - -26-FEB-1987 15:20:13.09 -earn -usa - - - - - -F -f0775reute -r f BC-AM-INTERNATIONAL-INC 02-26 0065 - -AM INTERNATIONAL INC <AM> 2ND QTR JAN 31 - CHICAGO, Feb 26 - - Oper shr loss two cts vs profit seven cts - Oper shr profit 442,000 vs profit 2,986,000 - Revs 291.8 mln vs 151.1 mln - Avg shrs 51.7 mln vs 43.4 mln - Six mths - Oper shr profit nil vs profit 12 cts - Oper net profit 3,376,000 vs profit 5,086,000 - Revs 569.3 mln vs 298.5 mln - Avg shrs 51.6 mln vs 41.1 mln - NOTE: Per shr calculated after payment of preferred -dividends. - Results exclude credits of 2,227,000 or four cts and -4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or -six cts and 4,104,000 or 11 cts for prior periods from -operating loss carryforwards. - Reuter - - - -26-FEB-1987 15:20:27.17 -earn -usa - - - - - -F -f0776reute -u f BC-BROWN-FORMAN-INC-<BFD 02-26 0043 - -BROWN-FORMAN INC <BFD> 4TH QTR NET - LOUISVILLE, Ky., Feb 26 - - Shr one dlr vs 73 cts - Net 12.6 mln vs 15.8 mln - Revs 337.3 mln vs 315.2 mln - Nine mths - Shr 3.07 dlrs vs 3.08 dlrs - Net 66 mln vs 66.2 mln - Revs 1.59 billion vs 997.1 mln - Reuter - - - -26-FEB-1987 15:20:48.43 - -usa - - - - - -F -f0778reute -r f BC-NATIONAL-INTERGROUP<N 02-26 0047 - -NATIONAL INTERGROUP<NII> TO OFFER PERMIAN UNITS - PITTSBURGH, Feb 26 - National Intergroup Inc said it plans -to file a registration statement with the securities and -exchange commission for an offering of cumulative convertible -preferred partnership units in Permian Partners L.P. - The Permian Partners L.P. was recently formed by National -Intergroup to continue to business of Permian Corp, acquired by -the company in 1985. - The company said Permian will continue to manage the -business as a general partner, retaining a 35 pct stake in the -partnership in the form of common and general partnership -units. - It did not say how many units would be offered or what the -price would be. - Reuter - - - -26-FEB-1987 15:21:16.13 - -usabrazil - - - - - -RM -f0781reute -u f BC--ECONOMIC-SPOTLIGHT-- 02-26 0104 - -ECONOMIC SPOTLIGHT - BANKAMERICA <BAC> - by Janie Gabbett, Reuters - LOS ANGELES, Feb 26 - BankAmerica Corp is not under -pressure to act quickly on its proposed equity offering and -would do well to delay it because of the stock's recent poor -performance, banking analysts said. - Some analysts said they have recommended BankAmerica delay -its up to one-billion-dlr equity offering, which has yet to be -approved by the Securities and Exchange Commission. - BankAmerica stock fell this week, along with other banking -issues, on the news that Brazil has suspended interest payments -on a large portion of its foreign debt. - The stock traded around 12, down 1/8, this afternoon, -after falling to 11-1/2 earlier this week on the news. - Banking analysts said that with the immediate threat of the -First Interstate Bancorp <I> takeover bid gone, BankAmerica is -under no pressure to sell the securities into a market that -will be nervous on bank stocks in the near term. - BankAmerica filed the offer on January 26. It was seen as -one of the major factors leading the First Interstate -withdrawing its takeover bid on February 9. - A BankAmerica spokesman said SEC approval is taking longer -than expected and market conditions must now be re-evaluated. - "The circumstances at the time will determine what we do," -said Arthur Miller, BankAmerica's Vice President for Financial -Communications, when asked if BankAmerica would proceed with -the offer immediately after it receives SEC approval. - "I'd put it off as long as they conceivably could," said -Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and -Smith. - Cohn said the longer BankAmerica waits, the longer they -have to show the market an improved financial outlook. - Although BankAmerica has yet to specify the types of -equities it would offer, most analysts believed a convertible -preferred stock would encompass at least part of it. - Such an offering at a depressed stock price would mean a -lower conversion price and more dilution to BankAmerica stock -holders, noted Daniel Williams, analyst with Sutro Group. - Several analysts said that while they believe the Brazilian -debt problem will continue to hang over the banking industry -through the quarter, the initial shock reaction is likely to -ease over the coming weeks. - Nevertheless, BankAmerica, which holds about 2.70 billion -dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the -interest rate is reduced on the debt, and as much as 200 mln -dlrs if Brazil pays no interest for a year, said Joseph -Arsenio, analyst with Birr, Wilson and Co. - He noted, however, that any potential losses would not show -up in the current quarter. - With other major banks standing to lose even more than -BankAmerica if Brazil fails to service its debt, the analysts -said they expect the debt will be restructured, similar to way -Mexico's debt was, minimizing losses to the creditor banks. - Reuter - - - -26-FEB-1987 15:24:48.56 - -usa - - - - - -F -f0789reute -d f BC-NATIONAL-HEALTH-ENHAN 02-26 0076 - -NATIONAL HEALTH ENHANCEMENT <NHES> NEW PROGRAM - PHOENIX, Ariz., Feb 26 - National Health Enhancement -Systems Inc said it is offering a new health evaluation system -to its line of fitness assessment programs. - The company said the program, called The Health Test, will -be available in 60 days. - Customers who use the program will receive a -computer-generated report and recommendations for implementing -a program to improve their physical condition. - Reuter - - - -26-FEB-1987 15:26:26.78 -earn -usa - - - - - -F -f0796reute -r f BC-DEAN-FOODS-<DF>-SEES 02-26 0101 - -DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS - CHICAGO, Feb 26 - Dean Foods Co expects earnings for the -fourth quarter ending May 30 to exceed those of the same -year-ago period, Chairman Kenneth Douglas told analysts. - In the fiscal 1986 fourth quarter the food processor -reported earnings of 40 cts a share. - Douglas also said the year's sales should exceed 1.4 -billion dlrs, up from 1.27 billion dlrs the prior year. - He repeated an earlier projection that third-quarter -earnings "will probably be off slightly" from last year's 40 -cts a share, falling in the range of 34 cts to 36 cts a share. - Douglas said it was too early to project whether the -anticipated fourth quarter performance would be "enough for us -to exceed the prior year's overall earnings" of 1.53 dlrs a -share. - In 1988, Douglas said Dean should experience "a 20 pct -improvement in our bottom line from effects of the tax reform -act alone." - President Howard Dean said in fiscal 1988 the company will -derive benefits of various dairy and frozen vegetable -acquisitions from Ryan Milk to the Larsen Co. - Dean also said the company will benefit from its -acquisition in late December of Elgin Blenders Inc, West -Chicago. - He said the company is a major shareholder of E.B.I. Foods -Ltd, a United Kingdom blender, and has licensing arrangements -in Australia, Canada, Brazil and Japan. - "It provides ann entry to McDonalds Corp <MCD> we've been -after for years," Douglas told analysts. - Reuter - - - -26-FEB-1987 15:26:54.12 -wheatgrain -yemen-arab-republicusa - - - - - -C G -f0798reute -u f BC-/BONUS-WHEAT-FLOUR-FO 02-26 0096 - -BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA - WASHINGTON, Feb 26 - The Commodity Credit Corporation, CCC, -has accepted an export bonus offer to cover the sale of 37,000 -long tons of wheat flour to North Yemen, the U.S. Agriculture -Department said. - The wheat four is for shipment March-May and the bonus -awarded was 119.05 dlrs per tonnes and will be paid in the form -of commodities from the CCC inventory. - The bonus was awarded to the Pillsbury Company. - The wheat flour purchases complete the Export Enhancement -Program initiative announced in April, 1986, it said. - Reuter - - - -26-FEB-1987 15:32:03.12 - -usa - - - - - -F A -f0804reute -d f BC-CREDIT-CARD-DISCLOSUR 02-26 0111 - -CREDIT CARD DISCLOSURE BILLS INTRODUCED - WASHINGTON, Feb 26 - Legislation to require disclosure of -credit card fees and interest rates before the cards are issued -have been introduced in the Senate and House. - Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said -many banks and financial institutions do not disclose all the -information about terms of their cards in promotional material -sent to prospective customers. - "By requiring card issuers to disclose the terms and -conditions of their cards at the time of solicitation, the -legislation is intended to arm consumers with enough -information to shop around for the best deal," Dodd said in a -statement. - Reuter - - - -26-FEB-1987 15:33:23.61 - -usa - - - - - -F -f0809reute -d f BC-HUGHES-CAPITAL-UNIT-S 02-26 0086 - -HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS - FORT LAUDERDALE, Fla., Feb 26 - Hughes/Conserdyne Corp, a -unit of <Hughes Capital Corp> said it made Bear Stearns and Co -Inc <BSC> its exclusive investment banker to develop and market -financing for the design and installation of its micro-utility -systems for municipalities. - The company said these systems are self-contained -electrical generating facilities using alternate power sources, -such as photovoltaic cells, to replace public utility power -sources. - Reuter - - - -26-FEB-1987 15:34:07.03 -copper -usa - - - - - -C M F -f0810reute -u f BC-magma-copper-price 02-26 0036 - -MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS - NEW YORK, Feb 26 - Magma Copper Co, a subsidiary of Newmont -Mining Corp, said it is cutting its copper cathode price by -0.75 cent to 66 cents a lb, effective immediately. - Reuter - - - -26-FEB-1987 15:34:16.30 -earn -usa - - - - - -F -f0811reute -u f BC-BROWN-FORMAN-<BFDB>-S 02-26 0053 - -BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT - LOUISVILLE, Ky., Feb 26 - Brown-Forman Inc said its board -has approved a three-for-two stock split and a 35 pct increase -in the company cash dividend. - The company cited its improved earnings outlook and -continued strong cash flow as reasons for raising the dividend. - Brown-Forman said the split of its Class A and Class B -common shares would be effective March 13. - The company said directors declared a quarterly cash -dividend on each new share of both classes of 28 cts, payable -April one to holders of record March 20. Prior to the split, -the company had paid 31 cts quarterly. - Brown-Forman today reported a 37 pct increase in third -quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a -seven pct increase in sales to a record 337 mln dlrs. - Brown-Forman said nine month profits declined a bit to 66.0 -mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08 -dlrs a share, a year earlier due to a second quarter charge of -37 cts a share for restructuring its beverage operations. - The company said lower corporate tax rates and the -restructuring "are expected to substantially improve -Brown-Forman's earnings and cash flow in fiscal 1988." - Reuter - - - -26-FEB-1987 15:35:16.67 -earn -usa - - - - - -F -f0814reute -h f BC-ESQUIRE-RADIO-AND-ELE 02-26 0072 - -ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR - NEW YORK, Feb 26 - - Shr profit 15 cts vs profit four cts - Annual div 72 cts vs 72 cts prior yr - Net profit 72,000 vs profit 16,000 - Revs 7,075,000 vs 2,330,000 - 12 mths - Shr profit 42 cts vs loss 11 cts - Net profit 203,000 vs loss 55,000 - Revs 16.1 mln vs 3,971,000 - NOTE: annual dividend payable April 10, 1987, to -stockholders of record on March 27, 1987. - Reuter - - - -26-FEB-1987 15:35:39.38 - -usa - - - - - -F -f0815reute -h f BC-SHEARSON-LEHMAN-NAMES 02-26 0061 - -SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR - NEW YORK, Feb 26 - Shearson Lehman Brothers, a unit of -American Express Co <AXP>, said Robert Stearns has joined the -company as managing director of its merger and acquisition -department. - Shearson said Stearns formerly was part of Merrill Lynch -Pierce, Fenner and Smith Inc's <MER> merger and acquisitions -department. - Reuter - - - -26-FEB-1987 15:36:44.78 - -usabrazilvenezuela - - - - - -V RM -f0817reute -b f BC-/BANKERS-REPORT-BREAK 02-26 0092 - -BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT - NEW YORK, Feb 26 - Venezuela and its bank advisory -committee have agreed in principle on revisions to the terms of -a 21 billion dlr debt-rescheduling package signed last -February, bankers said. - They declined to disclose details because two or three -representatives on the panel have still to obtain the approval -of their senior management for the new terms. - The committee was meeting in New York this afternoon and -could put its final stamp of approval of the deal later today, -the bankers said. - "A number of details have still to be finalized, but the -broad details of the new amortization schedules and interest -rates are in place," one senior banker said. - The interest rate on the rescheduling was originally set at -1-1/8 pct over Eurodollar rates, but Venezuela requested easier -terms because of a 40 pct drop in oil income last year. - It also asked for a reduction in the repayments it was due -to make in 1987, 1988 and 1989 - after an earlier request that -it make no amortizations at all in those years was rebuffed - -and sought a commitment from the banks to finance new -investment in Venezuela. - The breakthrough in the Venezuelan talks, which have been -going on intermittently for several months, follows the -announcement earlier today of a 10.6 billion dlr debt -rescheduling pact between Chile and its bank advisory panel. - And last night Citibank said Mexico's financing package, -including a 7.7 billion dlr loan, will be signed on March 20. - While the sudden progress is to some extent coincidental, -bankers acknowledge a desire to chalk up some quick successes -after the shock of Brazil's unilateral interest suspension last -Friday. By striking swift deals, banks hope to reduce the -incentive for other debtors to emulate Brazil. - Reuter - - - -26-FEB-1987 15:36:53.42 -earn -usa - - - - - -F -f0818reute -d f BC-UNITED-PRESIDENTIAL-C 02-26 0073 - -UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET - KOKOMO, Ind., Feb 26 - - Shr 39 cts vs 50 cts - Net 1,545,160 vs 2,188,933 - Revs 25.2 mln vs 19.5 mln - Year - Shr 1.53 dlrs vs 1.21 dlrs - Net 6,635,318 vs 5,050,044 - Revs 92.2 mln vs 77.4 mln - NOTE: Results include adjustment of 848,600 dlrs or 20 cts -shr for 1986 year and both 1985 periods from improvement in -results of its universal life business than first estimated. - Reuter - - - -26-FEB-1987 15:38:26.23 - -usa -reagan - - - - -V RM -f0823reute -r f AM-REAGAN-IMPACT-(NEWS-A NALYSIS) 02-26 0092 - -TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND - By Michael Gelb, Reuters - WASHINGTON, Feb 26 - The Tower Commission report, which -says President Reagan was ignorant about much of the Iran arms -deal, just about ends his prospects of regaining political -dominance in Washington, political analysts said. - "This is certification of incompetence," private political -analyst Stephen Hess told Reuters in commenting on the Tower -report made public today. - "It's as if he went before a professional licensing board -and was denied credentials." - In one of the most direct criticisms, board chairman John -Tower, a longtime Reagan supporter and former Republican -senator from Texas, told a press conference, "The president -clearly did not understand the nature of this operation." - The report, which lent credence to widespread opinion in -Washington that Reagan is not in full command of the -government, was particularly damaging because it was prepared -by a board of the Republican president's own choosing. - The three-member panel made up of Tower, former National -Security Adviser Brent Scowcroft and former Secretary of State -Edmund Muskie, does not carry the partisan taint of criticism -from a Congress controlled by the Democratic party. - "We're falling by our own hand," said one Republican -political strategist. "What can we say except 'we're sorry, we -won't do it again'?" - The strategist, who works for one of his party's top 1988 -presidential contenders and asked not to be identified, said -the report was like "an anvil falling on us." - Hess, with the Brookings Institution public policy study -group, said the report is the final blow to Reagan's hopes of -regaining the upper hand he once had in dealings with Congress, -the press and the Washington bureaucracy. - The report may also undermine the standing of Defense -Secretary Caspar Weinberger and Secretary of State George -Shultz, who the report suggests were more interested in keeping -their own skirts clean than supporting the president. - "They protected the record as to their own positions on this -issue. They were not energetic in attempting to protect the -president from the consequences," it said. - White House chief of staff Donald Regan and former Central -Intelligence Agency Director William Casey also received strong -criticism, but the blows were expected in their cases. - Regan, expected to resign or be fired shortly, was savaged -for allegedly failing both to help Reagan conduct the Iran -initiative and to avoid "chaos" in the disclosure process. - Casey, who underwent surgery for removal of a cancerous -brain tumor in December, had already resigned for health -reasons last month. - "This is a story about people who came up somewhat short of -being heroes," Tower told reporters. - While Reagan retains considerable constitutional powers, -including command of the armed forces and the right to veto -legislation, analysts say it will be difficult for him to -retake control of the country's policy agenda -- particularly -with Congress controlled by the Democrats. - The crucial remaining question, they said, is whether the -man in the street will forsake Reagan over the affair. - Although his job approval rating has fallen as much as -twenty percentage points in some opinion polls since the arms -deal with Iran became public last November, his personal -popularity is still relatively high. - A Los Angeles Times poll released earlier this week showed -that just 37 pct of those surveyed thought Reagan was in -control of the government, but 55 pct still thought he was -doing a good job as president. - American Enterprise Institute analyst William Schneider, a -Democrat, says Reagan's loss of support among Washington power -brokers could be offset by continued backing of the public. - "In the past, he has been able to go around the power elite -by appealing directly to the public," Schneider said. - Reagan will again plead his case that way in a televised -address next week. - But one top Republican strategist warned against expecting -a dramatic turnaround. - "The White House has to avoid building expectations that -cannot be met," said the strategist, who requested anonymity. -"They have to recognize there is no quick fix." - Analysts also point out that Reagan's personal popularity -has not always translated into public backing for his policies. - They note he was dramatically rebuffed in last November's -elections when voters rejected his appeals and restored control -of the Senate to the Democrats. - Reuter - - - -26-FEB-1987 15:39:41.92 -housing -usa - - - - - -F -f0827reute -r f BC-JANUARY-HOUSING-SALES 02-26 0103 - -JANUARY HOUSING SALES DROP, REALTY GROUP SAYS - WASHINGTON, Feb 26 - Sales of previously owned homes -dropped 14.5 pct in January to a seasonally adjusted annual -rate of 3.47 mln units, the National Association of Realtors -(NAR) said. - But the December rate of 4.06 mln units had been the -highest since the record 4.15 mln unit sales rate set in -November 1978, the group said. - "The drop in January is not surprising considering that a -significant portion of December's near-record pace was made up -of sellers seeking to get favorable capital gains treatment -under the old tax laws," said the NAR's John Tuccillo. - Reuter - - - -26-FEB-1987 15:41:56.54 -money-supply - - - - - - -A -f0835reute -f f BC-******ASSETS-OF-MONEY 02-26 0012 - -******ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK -Blah blah blah. - - - - - -26-FEB-1987 15:43:14.36 - -usa - - - - - -A -f0840reute -b f BC-******U.S.-TAX-WRITER 02-26 0013 - -******U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991 -Blah blah blah. - - - - - -26-FEB-1987 15:43:59.53 - -usa - - - - - -F -f0842reute -d f BC-SENATORS-INTRODUCE-EX 02-26 0110 - -SENATORS INTRODUCE EXPORT LICENSING REFORM BILL - WASHINGTON, Feb 26 - Sens. Alan Cranston (D-Cal.) and -Daniel Evans (R-Wash.) said they introduced export licensing -reform legislation that could save U.S. companies hundreds of -thousands of dollars annually. - "Our emphasis is two-fold: Decontrol and de-license items -where such actions will not endanger our national security, and -eliminate the Department of Defense's de facto veto authority -over the licensing process," Cranston said. - "Our reforms should reduce licensing requirements by 65 to -70 pct," he told reporters. "I am convinced that a more -rational...licensing process will boost exports." - U.S. export controls are intended to deny Eastern bloc -countries access to technology that could further their -military capabilities. - "By refocusing our control resources on higher levels of -technology, technology that is truly critical, we will do a -better job of preventing diversion of critical technology to -our adversaries while promoting more exports," Cranston said. - "We cannot expect to continue to play a leading role in new -technology development in the future if we unduly restrict the -activities of U.S. firms in the world market-place," Evans told -reporters. - Reuter - - - -26-FEB-1987 15:44:36.04 - -usa - - - - - -F -f0845reute -r f BC-EXCELAN-INC-SETS-INIT 02-26 0061 - -EXCELAN INC SETS INITIAL STOCK OFFER - SAN JOSE, Calif., Feb 26 - Excelan Inc said it is making an -initial public offering of 2,129,300 shares of common stock at -12 dlrs per share. - Excelan said 1.6 mln of the shares are being sold by the -company and 529,300 shares are being sold by stockholders. - Excelan designs and manufactures computer-related products. - Reuter - - - -26-FEB-1987 15:45:19.65 - -usa - - - - - -F -f0847reute -d f BC-CCX-NETWORK-<CCXN>-SE 02-26 0074 - -CCX NETWORK <CCXN> SECONDARY OFFERING UNDERWAY - CONWAY, Ark., Feb 26 - CCX Network Inc said it was offering -220,838 shares of stock at 15.75 dlrs a share though -underwriters Stephens Inc and Cazenove Inc. - The company said it was selling the stock on behalf of some -shareholders, including those who recently received shares -in the company in exchange for their businesses. - The company said it was receiving no proceeds from the -offering. - Reuter - - - -26-FEB-1987 15:45:26.55 - -usa - - - - - -F -f0848reute -r f BC-FIRST-UNION-<FUNC>-FI 02-26 0055 - -FIRST UNION <FUNC> FILES 100 MLN DLR NOTES ISSUE - NEW YORK, Feb 26 - First Union Corp said it has filed with -the Securities and Exchange Commission for a proposed offering -of 100 mln dlrs of fixed rate subordinated notes due 1997. - The notes will be sold nationwide through underwriters -managed by Shearson Lehman Brothers Inc. - Reuter - - - -26-FEB-1987 15:45:35.37 -earn -usa - - - - - -F -f0849reute -r f BC-OWENS-AND-MINOR-INC-< 02-26 0025 - -OWENS AND MINOR INC <OBOD> RAISES QTLY DIVIDEND - RICHMOND, Va. Feb 26 - - Qtly div eights cts vs 7.5 cts prior - Pay March 31 - Record March 13 - Reuter - - - -26-FEB-1987 15:45:39.20 -earn -usa - - - - - -F -f0850reute -r f BC-COMPUTER-LANGUAGE-RES 02-26 0070 - -COMPUTER LANGUAGE RESEARCH IN <CLRI> 4TH QTR - CARROLLTON, Texas, Feb 26 - - Shr loss 22 cts vs loss 18 cts - Net loss 3,035,000 vs loss 2,516,000 - Revs 20.9 mln vs 19.6 mln - Qtly div three cts vs three cts prior - Year - Shr profit two cts vs profit 34 cts - Net profit 215,000 vs profit 4,647,000 - Revs 93.4 mln vs 98.7 mln - NOTE: Dividend payable April one to shareholders of record -March 17. - Reuter - - - -26-FEB-1987 15:45:47.29 -earn -usa - - - - - -E F -f0851reute -d f BC-<CINRAM-LTD>-4TH-QTR 02-26 0051 - -<CINRAM LTD> 4TH QTR NET - Scarborough, Ontario, Feb 26 - - Shr 45 cts vs 58 cts - Net 1.1 mln vs 829,000 - Sales 7.9 mln vs 9.4 mln - Avg shrs 2,332,397 vs 1,428,000 - Year - Shr 1.22 dlrs vs 1.06 dlrs - Net 2.9 mln vs 1.5 mln - Sales 25.7 mln vs 22.2 mln - Avg shrs 2,332,397 vs 1,428,000 - Reuter - - - -26-FEB-1987 15:46:36.16 - -usa - - - - - -F -f0855reute -h f BC-DU-PONT-CO-<DD>-LAUNC 02-26 0105 - -DU PONT CO <DD> LAUNCHES IMPROVED ARAMID FIBERS - WILMINGTON, Del., Feb 26 - The Du Pont Co said it has -devloped a new generation of high-strength aramid fibers which -is stiffer and less absorbant than previous generations. - Du Pont said the new product, Kevlar 149, is up to 40 pct -stiffer than first generation aramids, and absorbs less than -half the moister of other similar aramid fibers. - Kevlar was invented by Du Pont in the late 1960s and is -five times stronger than steel and 10 times stronger than -aluminum on an equal wieght basis, and is used to replace -metals in a variety of products, according to the company. - Reuter - - - -26-FEB-1987 15:47:16.17 -earn -canada - - - - - -E F -f0859reute -r f BC-STANDARD-TRUSTCO-SEES 02-26 0099 - -STANDARD TRUSTCO SEES BETTER YEAR - Toronto, Feb 26 - Standard Trustco said it expects earnings -in 1987 to increase at least 15 to 20 pct from the 9,140,000 -dlrs, or 2.52 dlrs per share, recorded in 1986. - "Stable interest rates and a growing economy are expected to -provide favorable conditions for further growth in 1987," -president Brian O'Malley told shareholders at the annual -meeting. - Standard Trustco previously reported assets of 1.28 billion -dlrs in 1986, up from 1.10 billion dlrs in 1985. Return on -common shareholders' equity was 18.6 pct last year, up from 15 -pct in 1985. - Reuter - - - -26-FEB-1987 15:48:26.92 -earn -usa - - - - - -F -f0865reute -u f BC-HANDY-AND-HARMAN-<HNH 02-26 0068 - -HANDY AND HARMAN <HNH> 4TH QTR LOSS - NEW YORK, Feb 26 - - Shr loss 51 cts vs loss three cts - Net loss 7,041,000 vs loss 467,000 - Rev 138.9 mln vs 131.4 mln - 12 months - Shr loss 64 cts vs profit 46 cts - Net loss 8,843,000 vs profit 6,306,0000 - Rev 558.9 mln vs 556.7 mln - NOTE: Net loss for 4th qtr 1986 includes charge for -restructuring of 2.6 mln dlrs after tax, or 19 cts a share. - 1986 net loss includes after tax special charge of 2.7 mln -dlrs, or 20 cts a share. - - Reuter - - - -26-FEB-1987 15:49:27.16 -coffee -uk - -ico-coffee - - - -C T -f0871reute -b f BC-ICO-PRODUCERS-TO-PRES 02-26 0109 - -ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL - LONDON, Feb 26 - International Coffee Organization, ICO, -producing countries will present a proposal for reintroducing -export quotas for 12 months from April 1 with a firm -undertaking to try to negotiate up to September 30 any future -quota distribution on a new basis, ICO delegates said. - Distribution from April 1 would be on an unchanged basis as -in an earlier producer proposal, which includes shortfall -redistributions totalling 1.22 mln bags, they said. - Resumption of an ICO contact group meeting with consumers, -scheduled for this evening, has been postponed until tomorrow, -delegates said. - Reuter - - - -26-FEB-1987 15:49:44.93 - -usairan - - - - - -V RM -f0873reute -u f AM-REAGAN-SHULTZ-1STLD 02-26 0108 - -SHULTZ SAYS NO RESIGNATION OVER IRAN REPORT - ANCHORAGE, Alaska, Feb 26 - Secretary of State George -Shultz acknowledged failings in the Iran arms affair but -declared he would not resign. - His role in the scandal that has scarred the Reagan -administration attracted harsh criticism from the Tower -commission in its report on the affair published today. - Shultz, travelling to China for a week-long visit, refused -to comment directly on the report, published after he had left -Washington. But he repeated -- as he has done since the crisis -broke last November -- that he was not going to resign. - "You can wipe that off your slate," he said. - Reuter - - - -26-FEB-1987 15:49:56.01 -acqship -usa - - - - - -F -f0874reute -r f BC-MCLEAN'S-<MII>-U.S.-L 02-26 0094 - -MCLEAN'S <MII> U.S. LINES SETS ASSET TRANSFER - CRANFORD, N.J., Feb 26 - McLean Industries Inc's United -States Lines Inc subsidiary said it has agreed in principle to -transfer its South American service by arranging for the -transfer of certain charters and assets to <Crowley Mariotime -Corp>'s American Transport Lines Inc subsidiary. - U.S. Lines said negotiations on the contract are expected -to be completed within the next week. Terms and conditions of -the contract would be subject to approval of various regulatory -bodies, including the U.S. Bankruptcy Court. - Reuter - - - -26-FEB-1987 15:51:17.84 -acq -usa - - - - - -F -f0881reute -u f BC-CHEMLAWN-<CHEM>-RISES 02-26 0106 - -CHEMLAWN <CHEM> RISES ON HOPES FOR HIGHER BIDS - By Cal Mankowski, Reuters - NEW YORK, Feb 26 - ChemLawn Corp <CHEM> could attract a -higher bid than the 27 dlrs per share offered by Waste -Management Inc <WNX>, Wall Street arbitrageurs said. - Shares of ChemLawn shot up 11-5/8 to 29-3/8 in -over-the-counter- trading with 3.8 mln of the company's 10.1 -mln shares changing hands by late afternoon. - "This company could go for 10 times cash flow or 30 dlrs, -maybe 32 dollars depending on whether there is a competing -bidder," an arbitrageur said. Waste Management's tender offer, -announced before the opening today, expires March 25. - "This is totally by surprise," said Debra Strohmaier, a -ChemLawn spokeswoman. The company's board held a regularly -scheduled meeting today and was discussing the Waste Management -announcement. She said a statement was expected but it was not -certain when it would be ready. - She was unable to say if there had been any prior contact -between Waste Management and ChemLawn officials. - "I think they will resist it," said Elliott Schlang, -analyst at Prescott, Ball and Turben Inc. "Any company that -doesn't like a surprise attack would." - Arbitrageurs pointed out it is difficult to resist tender -offers for any and all shares for cash. Schlang said ChemLawn -could try to find a white knight if does not want to be -acquired by Waste Management. - Analyst Rosemarie Morbelli of Ingalls and Snyder said -ServiceMaster Companies L.P. <SVM> or Rollins Inc <ROL> were -examples of companies that could be interested. - ChemLawn, with about two mln customers, is the largest U.S. -company involved in application of fertilizers, pesticides and -herbicides on lawns. Waste Management is involved in removal of -wastes. - Schlang said ChemLawn's customer base could be valuable to -another company that wants to capitalize on a strong -residential and commercial distribution system. - Both Schlang and Morbelli noted that high growth rates had -catapulted ChemLawn's share price into the mid-30's in 1983 but -the stock languished as the rate of growth slowed. - Schlang said the company's profits are concentrated in the -fourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for -the full year, and 2.58 dlrs in the fourth quarter. - Morbelli noted ChemLawn competes with thousands of -individual entrepreuers who offer lawn and garden care sevice. - Reuter - - - -26-FEB-1987 15:51:28.42 -sugar -usa - - - - - -C T -f0882reute -b f BC-sugar-imports 02-26 0120 - -U.S. SUGAR IMPORTS DOWN IN WEEK - USDA - WASHINGTON, Feb 26 - Sugar imports subject to the U.S. -sugar import quota during the week ended January 9, the initial -week of the 1987 sugar quota year, totaled 5,988 short tons -versus 46,254 tons the previous week, the Agriculture -Department said. - The sugar import quota for the 1987 quota year -(January-December) has been set at 1,001,430 short tons -compared with 1,850,000 tons in the 1986 quota year, which was -extended three months to December 31. - The department said the Customs Service has reported that -weekly and cumulative imports are reported on an actual weight -basis and when final polarizations are received, cumulative -import data are adjusted accordingly. - Reuter - - - -26-FEB-1987 15:51:51.24 -trade -brazil - - - - - -C G L M T -f0884reute -d f AM-CRUZADO 02-26 0114 - -BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY - RIO DE JANEIRO, Feb 26 - Brazil's "Cruzado" anti- inflation -plan, initially hailed at home and abroad as the saviour of the -economy, is limping towards its first anniversary amid soaring -prices, widespread shortages and a foreign payments crisis. - Announced last February 28 the plan froze prices, fixed the -value of the new Cruzado currency and ended widespread -indexation of the economy in a bid to halt the country's 250 -pct inflation rate. - But within a year the plan has all but collapsed. - "The situation now is worse than it was. Although there was -inflation, at least the economy worked," a leading bank -economist said. - The crumbling of the plan has been accompanied by a -dramatic reversal in the foreign trade account. In 1984 and -1985 Brazil's annual trade surpluses had been sufficient to -cover the 12 billion dlrs needed to service its 109 billion dlr -foreign debt. - For the first nine months of 1986 all seemed to be on -target for a repeat, with monthly surpluses averaging one -billion dlrs. But as exports were diverted and imports -increased to avoid further domestic shortages the trade surplus -plunged to 211 mln dlrs in October and since then has averaged -under 150 mln. - Reuter - - - -26-FEB-1987 15:52:15.10 -reserves -new-zealand - - - - - -RM -f0886reute -u f BC-N.Z.-OFFICIAL-FOREIGN 02-26 0049 - -N.Z. OFFICIAL FOREIGN RESERVES FALL IN JANUARY - WELLINGTON, Feb 27 - New Zealand's official foreign -reserves fell to 7.15 billion N.Z. Dlrs in January from 7.20 -billion dlrs in December and compared with 3.03 billion a year -ago period, the Reserve Bank said in its weekly statistical -bulletin. - Reuter - - - -26-FEB-1987 15:52:25.60 -ship -usapanama - - - - - -G T M -f0888reute -d f BC-panama-canal-ships 02-26 0071 - -AGENCY REPORTS 39 SHIPS WAITING AT PANAMA CANAL - WASHINGTON, Feb 26 - The Panama Canal Commission, a U.S. -government agency, said in its daily operations report that -there was a backlog of 39 ships waiting to enter the canal -early today. Over the next two days it expects -- - 2/26 2/27 - Due: 27 35 - Scheduled to Transit: 35 41 - End-Day Backlog: 31 25 - Average waiting time tomorrow -- - Super Tankers Regular Vessels - North End: 13 hrs 15 hrs - South End: 4 hrs 26 hrs - Reuter - - - -26-FEB-1987 15:52:33.04 -earn -usa - - - - - -F -f0889reute -d f BC-AMERICA-FIRST-MORTGAG 02-26 0046 - -AMERICA FIRST MORTGAGE SETS SPECIAL PAYOUT - OMAHA, Neb., Feb 26 - <America First Federally Guaranteed -Mortgage Fund Two> said it is making a special distribution of -71.6 cts per exchangeable unit, which includes 67.62 cts from -return on capital and 3.98 cts from income gains. - Reuter - - - -26-FEB-1987 15:52:57.49 - -usa - - - - - -C G -f0894reute -d f BC-REPUBLICANS-EYE-BIGGE 02-26 0112 - -REPUBLICANS EYE BIGGER U.S. CONSERVATION RESERVE - WASHINGTON, Feb 26 - A group of Republican governors and -members of Congress said they intended to explore expanding the -conservation reserve program by up to 20 mln acres. - Under current law, between 40 and 45 mln acres of erodible -land must be enrolled in the program by the end of fiscal 1990. - The Republican Task Force on Farm and Rural America, headed -by Senate Majority Leader Robert Dole (Kan.), said they would -consider drafting legislation to increase the reserve by -between 15 and 20 mln acres. - Sen. Charles Grassley (R-Iowa) told Reuters he would offer -a bill to expand the reserve to 67 mln acres. - Reuter - - - -26-FEB-1987 15:53:05.48 - -usa - - - - - -F -f0895reute -h f BC-ARVIN-INDS-<ARV>-PROM 02-26 0037 - -ARVIN INDS <ARV> PROMOTES EVANS TO PRESIDENT - COLUMBUS, IND., Feb 26 - Arvin Industries Inc said L.K. -Evans has been elected president, succeeding James Baker who -remains chairman. Evans had been executive vice president. - Reuter - - - -26-FEB-1987 15:53:54.56 -earn -usa - - - - - -F -f0899reute -s f BC-EMHART-CORP-<EMH>-QTL 02-26 0024 - -EMHART CORP <EMH> QTLY DIVIDEND - FARMINGTON, Conn., FEb 26 - - Qtly div 35 cts vs 35 cts prior - Payable March 31 - Record March nine - - Reuter - - - -26-FEB-1987 15:54:55.20 - -usa - - - - - -V RM -f0901reute -u f BC-/U.S.-DATA-POINT-TO-C 02-26 0102 - -U.S. DATA POINT TO CAPITAL SPENDING SLOWDOWN - By Kathleen Hays, Reuters - NEW YORK, Feb 26 - A surprise 7.5 pct drop in U.S. January -durable goods orders points to a slowdown in capital spending -that could presage lackluster real growth in the U.S. economy -in the first quarter of 1987, economists said. - With total orders, excluding the volatile defense sector, -falling a record 9.9 pct, economists agreed that the report -painted a bleak picture for the U.S. economy. - But they stressed that the 1987 tax reform laws may be a -primary factor behind the drop in orders for business capital -investment. - "It's a rather gloomy outlook for the economy, said David -Wyss of Data Resources Inc. "I'm particularly impressed by the -19.7 pct drop in non-defense capital goods orders because it -may be a sign that businesses are reacting more adversely to -tax reform than we thought." - The Commerce Department pointed out that a record 14.8 pct -decline in new orders for machinery was led by declines in -office and computing equipment orders. - Economists said the drop in computer orders may have been a -response to the lengthening of depreciation schedules and the -end of the investment tax credit under the new tax laws. - "It's more expensive to invest than it used to be, so -people just aren't doing it as much," Wyss said. - Increases in durable goods orders at year's end reinforced -the view that businesses anticipated the changing tax laws, -economists said. - November durable goods orders rose 5.1 pct and December's -increased 1.5 pct, revised upwards from a previously reported -0.9 pct. - But most acknowledged that the huge January drop was caused -by more than tax reform. - "The wash-out that took place in January was far greater -than the actual gains that took place in November and -December," said Bill Sullivan of Dean Witter Reynolds Inc. "The -economy has a weakening bent to it early in the year." - "The report definitely points to very sluggish capital -spending over the next couple of quarters," said Donald Maude -of Midland Montagu Capital Markets Inc. - Maude pointed to a continuing decline in order backlogs as -evidence that the outlook for new orders is not improving. In -November, order backlogs rose 0.6 pct, but in December they -fell 0.6 pct and in January 0.7 pct, he said. - "It suggests orders in the pipeline are depleting, which -may quickly translate to a drop in production," Midland -Montagu's Maude said. - Wyss cautioned that too much should not be made of -January's report, given that other reports have reflected -strength. - But he acknowledged that the decline occurred despite a 51 -pct rise in defense orders, compared with a 57.7 pct decline in -December. - He also noted that there was a 6.9 pct drop in January -shipments, compared with a 5.4 pct rise in December. - "Given these numbers, there's no reason for the Fed to -tighten," Data Resources' Wyss said. - "But there's no reason to ease unless we see more numbers -like this. The Fed will wait and see," he added. - Sullivan predicted the Fed will ease by Easter. "People -aren't talking recession or Fed easing now, but the Fed will -have to ease to ensure global growth." - Reuter - - - -26-FEB-1987 15:56:00.50 - -usa - - - - - -C -f0903reute -d f BC-SENATORS-INTRODUCE-EX 02-26 0110 - -SENATORS INTRODUCE EXPORT LICENSING REFORM BILL - WASHINGTON, Feb 26 - Sens. Alan Cranston (D-Cal.) and -Daniel Evans (R-Wash.) said they introduced export licensing -reform legislation that could save U.S. companies hundreds of -thousands of dollars annually. - "Our emphasis is two-fold: Decontrol and de-license items -where such actions will not endanger our national security, and -eliminate the Department of Defense's de facto veto authority -over the licensing process," Cranston said. - "Our reforms should reduce licensing requirements by 65 to -70 pct," he told reporters. "I am convinced that a more -rational...licensing process will boost exports." - U.S. export controls are intended to deny Eastern bloc -countries access to technology that could further their -military capabilities. - "By refocusing our control resources on higher levels of -technology, technology that is truly critical, we will do a -better job of preventing diversion of critical technology to -our adversaries while promoting more exports," Cranston said. - "We cannot expect to continue to play a leading role in new -technology development in the future if we unduly restrict the -activities of U.S. firms in the world market-place," Evans told -reporters. - Reuter - - - -26-FEB-1987 15:57:48.22 -earn -usa - - - - - -F -f0906reute -r f BC-AM-INTERNATIONAL-<AM> 02-26 0092 - -AM INTERNATIONAL <AM> CITES STRONG PROSPECTS - CHICAGO, Feb 26 - AM International Inc, reporting an -operating loss for the January 31 second quarter, said -prospects for the balance of the fiscal year remain good. - It said orders at its Harris Graphics subsidiary, acquired -in June 1986, "continue to run at a strong pace." For the six -months, orders rose 35 pct over the corresponding prior-year -period, or on an annualized basis are running at about 630 mln -dlrs. - The backlog at Harris is up 30 pct from the beginning of -the fiscal year, AM said. - AM International said its old division are expected to -benefit from recent new product introductions and the decline -in the value of the dollar. - "Research, development and engineering expenditures in -fiscal 1987 will be in the 45-50 mln dlr range, and the company -said it has allocated another 30-40 mln dlrs for capital -expenditures. - Earlier AM reported a fourth quarter operating loss of two -cts a share compared to profits of seven cts a share a year -ago. Revenues rose to 291.8 mln dlrs from 151.1 mln dlrs. - Reuter - - - -26-FEB-1987 15:58:07.34 -graincorn -usahonduras - - - - - -C G -f0907reute -u f BC-CCC-CREDITS-FOR-HONDU 02-26 0097 - -CCC CREDITS FOR HONDURAS SWITCHED TO WHITE CORN - WASHINGTON, Feb 26 - The Commodity Credit Corporation (CCC) -announced 1.5 mln dlrs in credit guarantees previously -earmarked to cover sales of dry edible beans to Honduras have -been switched to cover sales of white corn, the U.S. -Agriculture Department said. - The department said the action reduces coverage for sales -of dry edible beans to 500,000 dlrs and creates the new line of -1.5 mln dlrs for sales of white corn. - All sales under the credit guarantee line must be -registered and shipped by September 30, 1987, it said. - Reuter - - - -26-FEB-1987 15:58:19.46 -money-supply -usa - - - - - -A RM -f0908reute -u f BC-ASSETS-OF-U.S.-MONEY 02-26 0072 - -ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK - WASHINGTON, Feb 26 - Assets of money market mutual funds -increased 720.4 mln dlrs in the week ended yesterday to 236.90 -billion dlrs, the Investment Company Institute said. - Assets of 91 institutional funds rose 356 mln dlrs to 66.19 -billion dlrs, 198 general purpose funds rose 212.5 mln dlrs to -62.94 billion dlrs and 92 broker-dealer funds rose 151.9 mln -dlrs to 107.77 billion dlrs. - Reuter - - - -26-FEB-1987 15:58:47.73 -ship -usa - - - - - -G C -f0910reute -u f BC-gulf-grain-barge-frgt 02-26 0117 - -GULF BARGE FREIGHT RATES UP FURTHER ON CALL - ST LOUIS, Feb 26 - Gulf barge freight rates firmed again on -the outlook for steady vessel loadings at the Gulf, increasing -the demand for barges to supply those ships, dealers said. - No barges traded today on the St Louis Merchants' Exchange -call session, versus 29 yesterday. - Quotes included - - - Delivery this week on the Illinois River (Joliet) 135 pct of -tariff bid/140 offered, with next week same river (ex Chicago) -quoted the same - both up 2-1/2 percentage points. - - Next week Mississippi River (St Louis) 120 pct bid/127-1/2 -offered - up five points. - - Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2 -offered - up 7-1/2 points. - - On station Illinois River (south Chicago) 135 pct bid/140 -offered - no comparison. - - March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up -2-1/2 points. - - March Ohio River bid at yesterday's traded level of 125 pct, -offered at 132-1/2. - - March lower Mississippi River (Memphis/Cairo) 112-1/2 pct -bid/120 offered - no comparison. - - May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered -- no comparison. - - Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct -bid/145 offered, with Sept/Dec same section 125 pct bid/135 -offered - no comparison. - Reuter - - - - -26-FEB-1987 15:01:01.79 -cocoa -el-salvadorusauruguay - - - - - -C T -f0704reute -u f BC-BAHIA-COCOA-REVIEW 02-26 0105 - -BAHIA COCOA REVIEW - SALVADOR, Feb 26 - Showers continued throughout the week in -the Bahia cocoa zone, alleviating the drought since early -January and improving prospects for the coming temporao, -although normal humidity levels have not been restored, -Comissaria Smith said in its weekly review. - The dry period means the temporao will be late this year. - Arrivals for the week ended February 22 were 155,221 bags -of 60 kilos making a cumulative total for the season of 5.93 -mln against 5.81 at the same stage last year. Again it seems -that cocoa delivered earlier on consignment was included in the -arrivals figures. - Comissaria Smith said there is still some doubt as to how -much old crop cocoa is still available as harvesting has -practically come to an end. With total Bahia crop estimates -around 6.4 mln bags and sales standing at almost 6.2 mln there -are a few hundred thousand bags still in the hands of farmers, -middlemen, exporters and processors. - There are doubts as to how much of this cocoa would be fit -for export as shippers are now experiencing dificulties in -obtaining +Bahia superior+ certificates. - In view of the lower quality over recent weeks farmers have -sold a good part of their cocoa held on consignment. - Comissaria Smith said spot bean prices rose to 340 to 350 -cruzados per arroba of 15 kilos. - Bean shippers were reluctant to offer nearby shipment and -only limited sales were booked for March shipment at 1,750 to -1,780 dlrs per tonne to ports to be named. - New crop sales were also light and all to open ports with -June/July going at 1,850 and 1,880 dlrs and at 35 and 45 dlrs -under New York july, Aug/Sept at 1,870, 1,875 and 1,880 dlrs -per tonne FOB. - Routine sales of butter were made. March/April sold at -4,340, 4,345 and 4,350 dlrs. - April/May butter went at 2.27 times New York May, June/July -at 4,400 and 4,415 dlrs, Aug/Sept at 4,351 to 4,450 dlrs and at -2.27 and 2.28 times New York Sept and Oct/Dec at 4,480 dlrs and -2.27 times New York Dec, Comissaria Smith said. - Destinations were the U.S., Covertible currency areas, -Uruguay and open ports. - Cake sales were registered at 785 to 995 dlrs for -March/April, 785 dlrs for May, 753 dlrs for Aug and 0.39 times -New York Dec for Oct/Dec. - Buyers were the U.S., Argentina, Uruguay and convertible -currency areas. - Liquor sales were limited with March/April selling at 2,325 -and 2,380 dlrs, June/July at 2,375 dlrs and at 1.25 times New -York July, Aug/Sept at 2,400 dlrs and at 1.25 times New York -Sept and Oct/Dec at 1.25 times New York Dec, Comissaria Smith -said. - Total Bahia sales are currently estimated at 6.13 mln bags -against the 1986/87 crop and 1.06 mln bags against the 1987/88 -crop. - Final figures for the period to February 28 are expected to -be published by the Brazilian Cocoa Trade Commission after -carnival which ends midday on February 27. - Reuter - - - -26-FEB-1987 15:02:20.00 - -usa - - - - - -F Y -f0708reute -d f BC-STANDARD-OIL-<SRD>-TO 02-26 0082 - -STANDARD OIL <SRD> TO FORM FINANCIAL UNIT - CLEVELAND, Feb 26 - Standard Oil Co and BP North America -Inc said they plan to form a venture to manage the money market -borrowing and investment activities of both companies. - BP North America is a subsidiary of British Petroleum Co -Plc <BP>, which also owns a 55 pct interest in Standard Oil. - The venture will be called BP/Standard Financial Trading -and will be operated by Standard Oil under the oversight of a -joint management committee. - - Reuter - - - -26-FEB-1987 15:03:27.51 - -usa - - - - - -F A -f0714reute -d f BC-TEXAS-COMMERCE-BANCSH 02-26 0064 - -TEXAS COMMERCE BANCSHARES <TCB> FILES PLAN - HOUSTON, Feb 26 - Texas Commerce Bancshares Inc's Texas -Commerce Bank-Houston said it filed an application with the -Comptroller of the Currency in an effort to create the largest -banking network in Harris County. - The bank said the network would link 31 banks having -13.5 billion dlrs in assets and 7.5 billion dlrs in deposits. - - Reuter - - - -26-FEB-1987 15:07:13.72 - -usabrazil - - - - - -F -f0725reute -u f BC-TALKING-POINT/BANKAME 02-26 0105 - -TALKING POINT/BANKAMERICA <BAC> EQUITY OFFER - by Janie Gabbett, Reuters - LOS ANGELES, Feb 26 - BankAmerica Corp is not under -pressure to act quickly on its proposed equity offering and -would do well to delay it because of the stock's recent poor -performance, banking analysts said. - Some analysts said they have recommended BankAmerica delay -its up to one-billion-dlr equity offering, which has yet to be -approved by the Securities and Exchange Commission. - BankAmerica stock fell this week, along with other banking -issues, on the news that Brazil has suspended interest payments -on a large portion of its foreign debt. - The stock traded around 12, down 1/8, this afternoon, -after falling to 11-1/2 earlier this week on the news. - Banking analysts said that with the immediate threat of the -First Interstate Bancorp <I> takeover bid gone, BankAmerica is -under no pressure to sell the securities into a market that -will be nervous on bank stocks in the near term. - BankAmerica filed the offer on January 26. It was seen as -one of the major factors leading the First Interstate -withdrawing its takeover bid on February 9. - A BankAmerica spokesman said SEC approval is taking longer -than expected and market conditions must now be re-evaluated. - "The circumstances at the time will determine what we do," -said Arthur Miller, BankAmerica's Vice President for Financial -Communications, when asked if BankAmerica would proceed with -the offer immediately after it receives SEC approval. - "I'd put it off as long as they conceivably could," said -Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and -Smith. - Cohn said the longer BankAmerica waits, the longer they -have to show the market an improved financial outlook. - Although BankAmerica has yet to specify the types of -equities it would offer, most analysts believed a convertible -preferred stock would encompass at least part of it. - Such an offering at a depressed stock price would mean a -lower conversion price and more dilution to BankAmerica stock -holders, noted Daniel Williams, analyst with Sutro Group. - Several analysts said that while they believe the Brazilian -debt problem will continue to hang over the banking industry -through the quarter, the initial shock reaction is likely to -ease over the coming weeks. - Nevertheless, BankAmerica, which holds about 2.70 billion -dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the -interest rate is reduced on the debt, and as much as 200 mln -dlrs if Brazil pays no interest for a year, said Joseph -Arsenio, analyst with Birr, Wilson and Co. - He noted, however, that any potential losses would not show -up in the current quarter. - With other major banks standing to lose even more than -BankAmerica if Brazil fails to service its debt, the analysts -said they expect the debt will be restructured, similar to way -Mexico's debt was, minimizing losses to the creditor banks. - Reuter - - - -26-FEB-1987 15:10:44.60 -grainwheatcornbarleyoatsorghum -usa - - - - - -C G -f0738reute -u f BC-average-prices 02-26 0095 - -NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE - WASHINGTON, Feb 26 - The U.S. Agriculture Department -reported the farmer-owned reserve national five-day average -price through February 25 as follows (Dlrs/Bu-Sorghum Cwt) - - Natl Loan Release Call - Avge Rate-X Level Price Price - Wheat 2.55 2.40 IV 4.65 -- - V 4.65 -- - VI 4.45 -- - Corn 1.35 1.92 IV 3.15 3.15 - V 3.25 -- - X - 1986 Rates. - - Natl Loan Release Call - Avge Rate-X Level Price Price - Oats 1.24 0.99 V 1.65 -- - Barley n.a. 1.56 IV 2.55 2.55 - V 2.65 -- - Sorghum 2.34 3.25-Y IV 5.36 5.36 - V 5.54 -- - Reserves I, II and III have matured. Level IV reflects -grain entered after Oct 6, 1981 for feedgrain and after July -23, 1981 for wheat. Level V wheat/barley after 5/14/82, -corn/sorghum after 7/1/82. Level VI covers wheat entered after -January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs). -n.a.-not available. - Reuter - - - -26-FEB-1987 15:14:36.41 -veg-oillinseedlin-oilsoy-oilsun-oilsoybeanoilseedcornsunseedgrainsorghumwheat -argentina - - - - - -G -f0754reute -r f BC-ARGENTINE-1986/87-GRA 02-26 0066 - -ARGENTINE 1986/87 GRAIN/OILSEED REGISTRATIONS - BUENOS AIRES, Feb 26 - Argentine grain board figures show -crop registrations of grains, oilseeds and their products to -February 11, in thousands of tonnes, showing those for futurE -shipments month, 1986/87 total and 1985/86 total to February -12, 1986, in brackets: - Bread wheat prev 1,655.8, Feb 872.0, March 164.6, total -2,692.4 (4,161.0). - Maize Mar 48.0, total 48.0 (nil). - Sorghum nil (nil) - Oilseed export registrations were: - Sunflowerseed total 15.0 (7.9) - Soybean May 20.0, total 20.0 (nil) - The board also detailed export registrations for -subproducts, as follows, - SUBPRODUCTS - Wheat prev 39.9, Feb 48.7, March 13.2, Apr 10.0, total -111.8 (82.7) . - Linseed prev 34.8, Feb 32.9, Mar 6.8, Apr 6.3, total 80.8 -(87.4). - Soybean prev 100.9, Feb 45.1, MAr nil, Apr nil, May 20.0, -total 166.1 (218.5). - Sunflowerseed prev 48.6, Feb 61.5, Mar 25.1, Apr 14.5, -total 149.8 (145.3). - Vegetable oil registrations were : - Sunoil prev 37.4, Feb 107.3, Mar 24.5, Apr 3.2, May nil, -Jun 10.0, total 182.4 (117.6). - Linoil prev 15.9, Feb 23.6, Mar 20.4, Apr 2.0, total 61.8, -(76.1). - Soybean oil prev 3.7, Feb 21.1, Mar nil, Apr 2.0, May 9.0, -Jun 13.0, Jul 7.0, total 55.8 (33.7). REUTER - - - -26-FEB-1987 15:14:42.83 - -usa - - - - - -F -f0755reute -d f BC-RED-LION-INNS-FILES-P 02-26 0082 - -RED LION INNS FILES PLANS OFFERING - PORTLAND, Ore., Feb 26 - Red Lion Inns Limited Partnership -said it filed a registration statement with the Securities and -Exchange Commission covering a proposed offering of 4,790,000 -units of limited partnership interests. - The company said it expects the offering to be priced at 20 -dlrs per unit. - It said proceeds from the offering, along with a 102.5 mln -dlr mortgage loan, will be used to finance its planned -acquisition of 10 Red Lion hotels. - Reuter - - - -26-FEB-1987 15:15:40.12 - -usa - - - - - -F A RM -f0758reute -u f BC-USX-<X>-DEBT-DOWGRADE 02-26 0103 - -USX <X> DEBT DOWGRADED BY MOODY'S - NEW YORK, Feb 26 - Moody's Investors Service Inc said it -lowered the debt and preferred stock ratings of USX Corp and -its units. About seven billion dlrs of securities is affected. - Moody's said Marathon Oil Co's recent establishment of up -to one billion dlrs in production payment facilities on its -prolific Yates Field has significant negative implications for -USX's unsecured creditors. - The company appears to have positioned its steel segment -for a return to profit by late 1987, Moody's added. - Ratings lowered include those on USX's senior debt to BA-1 -from BAA-3. - Reuter - - - -26-FEB-1987 15:17:11.20 -earn -usa - - - - - -F -f0762reute -r f BC-CHAMPION-PRODUCTS-<CH 02-26 0067 - -CHAMPION PRODUCTS <CH> APPROVES STOCK SPLIT - ROCHESTER, N.Y., Feb 26 - Champion Products Inc said its -board of directors approved a two-for-one stock split of its -common shares for shareholders of record as of April 1, 1987. - The company also said its board voted to recommend to -shareholders at the annual meeting April 23 an increase in the -authorized capital stock from five mln to 25 mln shares. - Reuter - - - -26-FEB-1987 15:18:06.67 -acq -usa - - - - - -F -f0767reute -d f BC-COMPUTER-TERMINAL-SYS 02-26 0107 - -COMPUTER TERMINAL SYSTEMS <CPML> COMPLETES SALE - COMMACK, N.Y., Feb 26 - Computer Terminal Systems Inc said -it has completed the sale of 200,000 shares of its common -stock, and warrants to acquire an additional one mln shares, to -<Sedio N.V.> of Lugano, Switzerland for 50,000 dlrs. - The company said the warrants are exercisable for five -years at a purchase price of .125 dlrs per share. - Computer Terminal said Sedio also has the right to buy -additional shares and increase its total holdings up to 40 pct -of the Computer Terminal's outstanding common stock under -certain circumstances involving change of control at the -company. - The company said if the conditions occur the warrants would -be exercisable at a price equal to 75 pct of its common stock's -market price at the time, not to exceed 1.50 dlrs per share. - Computer Terminal also said it sold the technolgy rights to -its Dot Matrix impact technology, including any future -improvements, to <Woodco Inc> of Houston, Tex. for 200,000 -dlrs. But, it said it would continue to be the exclusive -worldwide licensee of the technology for Woodco. - The company said the moves were part of its reorganization -plan and would help pay current operation costs and ensure -product delivery. - Computer Terminal makes computer generated labels, forms, -tags and ticket printers and terminals. - Reuter - - - -26-FEB-1987 15:18:59.34 -earn -usa - - - - - -F -f0772reute -r f BC-COBANCO-INC-<CBCO>-YE 02-26 0058 - -COBANCO INC <CBCO> YEAR NET - SANTA CRUZ, Calif., Feb 26 - - Shr 34 cts vs 1.19 dlrs - Net 807,000 vs 2,858,000 - Assets 510.2 mln vs 479.7 mln - Deposits 472.3 mln vs 440.3 mln - Loans 299.2 mln vs 327.2 mln - Note: 4th qtr not available. Year includes 1985 -extraordinary gain from tax carry forward of 132,000 dlrs, or -five cts per shr. - Reuter - - - -26-FEB-1987 15:19:15.45 -earnacq -usa - - - - - -F -f0773reute -u f BC-OHIO-MATTRESS-<OMT>-M 02-26 0095 - -OHIO MATTRESS <OMT> MAY HAVE LOWER 1ST QTR NET - CLEVELAND, Feb 26 - Ohio Mattress Co said its first -quarter, ending February 28, profits may be below the 2.4 mln -dlrs, or 15 cts a share, earned in the first quarter of fiscal -1986. - The company said any decline would be due to expenses -related to the acquisitions in the middle of the current -quarter of seven licensees of Sealy Inc, as well as 82 pct of -the outstanding capital stock of Sealy. - Because of these acquisitions, it said, first quarter sales -will be substantially higher than last year's 67.1 mln dlrs. - Noting that it typically reports first quarter results in -late march, said the report is likely to be issued in early -April this year. - It said the delay is due to administrative considerations, -including conducting appraisals, in connection with the -acquisitions. - Reuter - - - -26-FEB-1987 15:20:13.09 -earn -usa - - - - - -F -f0775reute -r f BC-AM-INTERNATIONAL-INC 02-26 0065 - -AM INTERNATIONAL INC <AM> 2ND QTR JAN 31 - CHICAGO, Feb 26 - - Oper shr loss two cts vs profit seven cts - Oper shr profit 442,000 vs profit 2,986,000 - Revs 291.8 mln vs 151.1 mln - Avg shrs 51.7 mln vs 43.4 mln - Six mths - Oper shr profit nil vs profit 12 cts - Oper net profit 3,376,000 vs profit 5,086,000 - Revs 569.3 mln vs 298.5 mln - Avg shrs 51.6 mln vs 41.1 mln - NOTE: Per shr calculated after payment of preferred -dividends. - Results exclude credits of 2,227,000 or four cts and -4,841,000 or nine cts for 1986 qtr and six mths vs 2,285,000 or -six cts and 4,104,000 or 11 cts for prior periods from -operating loss carryforwards. - Reuter - - - -26-FEB-1987 15:20:27.17 -earn -usa - - - - - -F -f0776reute -u f BC-BROWN-FORMAN-INC-<BFD 02-26 0043 - -BROWN-FORMAN INC <BFD> 4TH QTR NET - LOUISVILLE, Ky., Feb 26 - - Shr one dlr vs 73 cts - Net 12.6 mln vs 15.8 mln - Revs 337.3 mln vs 315.2 mln - Nine mths - Shr 3.07 dlrs vs 3.08 dlrs - Net 66 mln vs 66.2 mln - Revs 1.59 billion vs 997.1 mln - Reuter - - - -26-FEB-1987 15:20:48.43 - -usa - - - - - -F -f0778reute -r f BC-NATIONAL-INTERGROUP<N 02-26 0047 - -NATIONAL INTERGROUP<NII> TO OFFER PERMIAN UNITS - PITTSBURGH, Feb 26 - National Intergroup Inc said it plans -to file a registration statement with the securities and -exchange commission for an offering of cumulative convertible -preferred partnership units in Permian Partners L.P. - The Permian Partners L.P. was recently formed by National -Intergroup to continue to business of Permian Corp, acquired by -the company in 1985. - The company said Permian will continue to manage the -business as a general partner, retaining a 35 pct stake in the -partnership in the form of common and general partnership -units. - It did not say how many units would be offered or what the -price would be. - Reuter - - - -26-FEB-1987 15:21:16.13 - -usabrazil - - - - - -RM -f0781reute -u f BC--ECONOMIC-SPOTLIGHT-- 02-26 0104 - -ECONOMIC SPOTLIGHT - BANKAMERICA <BAC> - by Janie Gabbett, Reuters - LOS ANGELES, Feb 26 - BankAmerica Corp is not under -pressure to act quickly on its proposed equity offering and -would do well to delay it because of the stock's recent poor -performance, banking analysts said. - Some analysts said they have recommended BankAmerica delay -its up to one-billion-dlr equity offering, which has yet to be -approved by the Securities and Exchange Commission. - BankAmerica stock fell this week, along with other banking -issues, on the news that Brazil has suspended interest payments -on a large portion of its foreign debt. - The stock traded around 12, down 1/8, this afternoon, -after falling to 11-1/2 earlier this week on the news. - Banking analysts said that with the immediate threat of the -First Interstate Bancorp <I> takeover bid gone, BankAmerica is -under no pressure to sell the securities into a market that -will be nervous on bank stocks in the near term. - BankAmerica filed the offer on January 26. It was seen as -one of the major factors leading the First Interstate -withdrawing its takeover bid on February 9. - A BankAmerica spokesman said SEC approval is taking longer -than expected and market conditions must now be re-evaluated. - "The circumstances at the time will determine what we do," -said Arthur Miller, BankAmerica's Vice President for Financial -Communications, when asked if BankAmerica would proceed with -the offer immediately after it receives SEC approval. - "I'd put it off as long as they conceivably could," said -Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and -Smith. - Cohn said the longer BankAmerica waits, the longer they -have to show the market an improved financial outlook. - Although BankAmerica has yet to specify the types of -equities it would offer, most analysts believed a convertible -preferred stock would encompass at least part of it. - Such an offering at a depressed stock price would mean a -lower conversion price and more dilution to BankAmerica stock -holders, noted Daniel Williams, analyst with Sutro Group. - Several analysts said that while they believe the Brazilian -debt problem will continue to hang over the banking industry -through the quarter, the initial shock reaction is likely to -ease over the coming weeks. - Nevertheless, BankAmerica, which holds about 2.70 billion -dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the -interest rate is reduced on the debt, and as much as 200 mln -dlrs if Brazil pays no interest for a year, said Joseph -Arsenio, analyst with Birr, Wilson and Co. - He noted, however, that any potential losses would not show -up in the current quarter. - With other major banks standing to lose even more than -BankAmerica if Brazil fails to service its debt, the analysts -said they expect the debt will be restructured, similar to way -Mexico's debt was, minimizing losses to the creditor banks. - Reuter - - - -26-FEB-1987 15:24:48.56 - -usa - - - - - -F -f0789reute -d f BC-NATIONAL-HEALTH-ENHAN 02-26 0076 - -NATIONAL HEALTH ENHANCEMENT <NHES> NEW PROGRAM - PHOENIX, Ariz., Feb 26 - National Health Enhancement -Systems Inc said it is offering a new health evaluation system -to its line of fitness assessment programs. - The company said the program, called The Health Test, will -be available in 60 days. - Customers who use the program will receive a -computer-generated report and recommendations for implementing -a program to improve their physical condition. - Reuter - - - -26-FEB-1987 15:26:26.78 -earn -usa - - - - - -F -f0796reute -r f BC-DEAN-FOODS-<DF>-SEES 02-26 0101 - -DEAN FOODS <DF> SEES STRONG 4TH QTR EARNINGS - CHICAGO, Feb 26 - Dean Foods Co expects earnings for the -fourth quarter ending May 30 to exceed those of the same -year-ago period, Chairman Kenneth Douglas told analysts. - In the fiscal 1986 fourth quarter the food processor -reported earnings of 40 cts a share. - Douglas also said the year's sales should exceed 1.4 -billion dlrs, up from 1.27 billion dlrs the prior year. - He repeated an earlier projection that third-quarter -earnings "will probably be off slightly" from last year's 40 -cts a share, falling in the range of 34 cts to 36 cts a share. - Douglas said it was too early to project whether the -anticipated fourth quarter performance would be "enough for us -to exceed the prior year's overall earnings" of 1.53 dlrs a -share. - In 1988, Douglas said Dean should experience "a 20 pct -improvement in our bottom line from effects of the tax reform -act alone." - President Howard Dean said in fiscal 1988 the company will -derive benefits of various dairy and frozen vegetable -acquisitions from Ryan Milk to the Larsen Co. - Dean also said the company will benefit from its -acquisition in late December of Elgin Blenders Inc, West -Chicago. - He said the company is a major shareholder of E.B.I. Foods -Ltd, a United Kingdom blender, and has licensing arrangements -in Australia, Canada, Brazil and Japan. - "It provides ann entry to McDonalds Corp <MCD> we've been -after for years," Douglas told analysts. - Reuter - - - -26-FEB-1987 15:26:54.12 -wheatgrain -yemen-arab-republicusa - - - - - -C G -f0798reute -u f BC-/BONUS-WHEAT-FLOUR-FO 02-26 0096 - -BONUS WHEAT FLOUR FOR NORTH YEMEN -- USDA - WASHINGTON, Feb 26 - The Commodity Credit Corporation, CCC, -has accepted an export bonus offer to cover the sale of 37,000 -long tons of wheat flour to North Yemen, the U.S. Agriculture -Department said. - The wheat four is for shipment March-May and the bonus -awarded was 119.05 dlrs per tonnes and will be paid in the form -of commodities from the CCC inventory. - The bonus was awarded to the Pillsbury Company. - The wheat flour purchases complete the Export Enhancement -Program initiative announced in April, 1986, it said. - Reuter - - - -26-FEB-1987 15:32:03.12 - -usa - - - - - -F A -f0804reute -d f BC-CREDIT-CARD-DISCLOSUR 02-26 0111 - -CREDIT CARD DISCLOSURE BILLS INTRODUCED - WASHINGTON, Feb 26 - Legislation to require disclosure of -credit card fees and interest rates before the cards are issued -have been introduced in the Senate and House. - Sen. Chris Dodd, D-Conn, a co-sponsor of the bill, said -many banks and financial institutions do not disclose all the -information about terms of their cards in promotional material -sent to prospective customers. - "By requiring card issuers to disclose the terms and -conditions of their cards at the time of solicitation, the -legislation is intended to arm consumers with enough -information to shop around for the best deal," Dodd said in a -statement. - Reuter - - - -26-FEB-1987 15:33:23.61 - -usa - - - - - -F -f0809reute -d f BC-HUGHES-CAPITAL-UNIT-S 02-26 0086 - -HUGHES CAPITAL UNIT SIGNS PACT WITH BEAR STEARNS - FORT LAUDERDALE, Fla., Feb 26 - Hughes/Conserdyne Corp, a -unit of <Hughes Capital Corp> said it made Bear Stearns and Co -Inc <BSC> its exclusive investment banker to develop and market -financing for the design and installation of its micro-utility -systems for municipalities. - The company said these systems are self-contained -electrical generating facilities using alternate power sources, -such as photovoltaic cells, to replace public utility power -sources. - Reuter - - - -26-FEB-1987 15:34:07.03 -copper -usa - - - - - -C M F -f0810reute -u f BC-magma-copper-price 02-26 0036 - -MAGMA LOWERS COPPER 0.75 CENT TO 66 CTS - NEW YORK, Feb 26 - Magma Copper Co, a subsidiary of Newmont -Mining Corp, said it is cutting its copper cathode price by -0.75 cent to 66 cents a lb, effective immediately. - Reuter - - - -26-FEB-1987 15:34:16.30 -earn -usa - - - - - -F -f0811reute -u f BC-BROWN-FORMAN-<BFDB>-S 02-26 0053 - -BROWN-FORMAN <BFDB> SETS STOCK SPLIT, UPS PAYOUT - LOUISVILLE, Ky., Feb 26 - Brown-Forman Inc said its board -has approved a three-for-two stock split and a 35 pct increase -in the company cash dividend. - The company cited its improved earnings outlook and -continued strong cash flow as reasons for raising the dividend. - Brown-Forman said the split of its Class A and Class B -common shares would be effective March 13. - The company said directors declared a quarterly cash -dividend on each new share of both classes of 28 cts, payable -April one to holders of record March 20. Prior to the split, -the company had paid 31 cts quarterly. - Brown-Forman today reported a 37 pct increase in third -quarter profits to 21.6 mln dlrs, or 1.00 dlr a share, on a -seven pct increase in sales to a record 337 mln dlrs. - Brown-Forman said nine month profits declined a bit to 66.0 -mln dlrs, or 3.07 dlrs a share, from 66.2 mln dlrs, or 3.08 -dlrs a share, a year earlier due to a second quarter charge of -37 cts a share for restructuring its beverage operations. - The company said lower corporate tax rates and the -restructuring "are expected to substantially improve -Brown-Forman's earnings and cash flow in fiscal 1988." - Reuter - - - -26-FEB-1987 15:35:16.67 -earn -usa - - - - - -F -f0814reute -h f BC-ESQUIRE-RADIO-AND-ELE 02-26 0072 - -ESQUIRE RADIO AND ELECTRONICS INC <EE> 4TH QTR - NEW YORK, Feb 26 - - Shr profit 15 cts vs profit four cts - Annual div 72 cts vs 72 cts prior yr - Net profit 72,000 vs profit 16,000 - Revs 7,075,000 vs 2,330,000 - 12 mths - Shr profit 42 cts vs loss 11 cts - Net profit 203,000 vs loss 55,000 - Revs 16.1 mln vs 3,971,000 - NOTE: annual dividend payable April 10, 1987, to -stockholders of record on March 27, 1987. - Reuter - - - -26-FEB-1987 15:35:39.38 - -usa - - - - - -F -f0815reute -h f BC-SHEARSON-LEHMAN-NAMES 02-26 0061 - -SHEARSON LEHMAN NAMES NEW MANAGING DIRECTOR - NEW YORK, Feb 26 - Shearson Lehman Brothers, a unit of -American Express Co <AXP>, said Robert Stearns has joined the -company as managing director of its merger and acquisition -department. - Shearson said Stearns formerly was part of Merrill Lynch -Pierce, Fenner and Smith Inc's <MER> merger and acquisitions -department. - Reuter - - - -26-FEB-1987 15:36:44.78 - -usabrazilvenezuela - - - - - -V RM -f0817reute -b f BC-/BANKERS-REPORT-BREAK 02-26 0092 - -BANKERS REPORT BREAKTHROUGH ON VENEZUELAN DEBT - NEW YORK, Feb 26 - Venezuela and its bank advisory -committee have agreed in principle on revisions to the terms of -a 21 billion dlr debt-rescheduling package signed last -February, bankers said. - They declined to disclose details because two or three -representatives on the panel have still to obtain the approval -of their senior management for the new terms. - The committee was meeting in New York this afternoon and -could put its final stamp of approval of the deal later today, -the bankers said. - "A number of details have still to be finalized, but the -broad details of the new amortization schedules and interest -rates are in place," one senior banker said. - The interest rate on the rescheduling was originally set at -1-1/8 pct over Eurodollar rates, but Venezuela requested easier -terms because of a 40 pct drop in oil income last year. - It also asked for a reduction in the repayments it was due -to make in 1987, 1988 and 1989 - after an earlier request that -it make no amortizations at all in those years was rebuffed - -and sought a commitment from the banks to finance new -investment in Venezuela. - The breakthrough in the Venezuelan talks, which have been -going on intermittently for several months, follows the -announcement earlier today of a 10.6 billion dlr debt -rescheduling pact between Chile and its bank advisory panel. - And last night Citibank said Mexico's financing package, -including a 7.7 billion dlr loan, will be signed on March 20. - While the sudden progress is to some extent coincidental, -bankers acknowledge a desire to chalk up some quick successes -after the shock of Brazil's unilateral interest suspension last -Friday. By striking swift deals, banks hope to reduce the -incentive for other debtors to emulate Brazil. - Reuter - - - -26-FEB-1987 15:36:53.42 -earn -usa - - - - - -F -f0818reute -d f BC-UNITED-PRESIDENTIAL-C 02-26 0073 - -UNITED PRESIDENTIAL CORP <UPCO> 4TH QTR NET - KOKOMO, Ind., Feb 26 - - Shr 39 cts vs 50 cts - Net 1,545,160 vs 2,188,933 - Revs 25.2 mln vs 19.5 mln - Year - Shr 1.53 dlrs vs 1.21 dlrs - Net 6,635,318 vs 5,050,044 - Revs 92.2 mln vs 77.4 mln - NOTE: Results include adjustment of 848,600 dlrs or 20 cts -shr for 1986 year and both 1985 periods from improvement in -results of its universal life business than first estimated. - Reuter - - - -26-FEB-1987 15:38:26.23 - -usa -reagan - - - - -V RM -f0823reute -r f AM-REAGAN-IMPACT-(NEWS-A NALYSIS) 02-26 0092 - -TOWER REPORT DIMINISHES REAGAN'S HOPES OF REBOUND - By Michael Gelb, Reuters - WASHINGTON, Feb 26 - The Tower Commission report, which -says President Reagan was ignorant about much of the Iran arms -deal, just about ends his prospects of regaining political -dominance in Washington, political analysts said. - "This is certification of incompetence," private political -analyst Stephen Hess told Reuters in commenting on the Tower -report made public today. - "It's as if he went before a professional licensing board -and was denied credentials." - In one of the most direct criticisms, board chairman John -Tower, a longtime Reagan supporter and former Republican -senator from Texas, told a press conference, "The president -clearly did not understand the nature of this operation." - The report, which lent credence to widespread opinion in -Washington that Reagan is not in full command of the -government, was particularly damaging because it was prepared -by a board of the Republican president's own choosing. - The three-member panel made up of Tower, former National -Security Adviser Brent Scowcroft and former Secretary of State -Edmund Muskie, does not carry the partisan taint of criticism -from a Congress controlled by the Democratic party. - "We're falling by our own hand," said one Republican -political strategist. "What can we say except 'we're sorry, we -won't do it again'?" - The strategist, who works for one of his party's top 1988 -presidential contenders and asked not to be identified, said -the report was like "an anvil falling on us." - Hess, with the Brookings Institution public policy study -group, said the report is the final blow to Reagan's hopes of -regaining the upper hand he once had in dealings with Congress, -the press and the Washington bureaucracy. - The report may also undermine the standing of Defense -Secretary Caspar Weinberger and Secretary of State George -Shultz, who the report suggests were more interested in keeping -their own skirts clean than supporting the president. - "They protected the record as to their own positions on this -issue. They were not energetic in attempting to protect the -president from the consequences," it said. - White House chief of staff Donald Regan and former Central -Intelligence Agency Director William Casey also received strong -criticism, but the blows were expected in their cases. - Regan, expected to resign or be fired shortly, was savaged -for allegedly failing both to help Reagan conduct the Iran -initiative and to avoid "chaos" in the disclosure process. - Casey, who underwent surgery for removal of a cancerous -brain tumor in December, had already resigned for health -reasons last month. - "This is a story about people who came up somewhat short of -being heroes," Tower told reporters. - While Reagan retains considerable constitutional powers, -including command of the armed forces and the right to veto -legislation, analysts say it will be difficult for him to -retake control of the country's policy agenda -- particularly -with Congress controlled by the Democrats. - The crucial remaining question, they said, is whether the -man in the street will forsake Reagan over the affair. - Although his job approval rating has fallen as much as -twenty percentage points in some opinion polls since the arms -deal with Iran became public last November, his personal -popularity is still relatively high. - A Los Angeles Times poll released earlier this week showed -that just 37 pct of those surveyed thought Reagan was in -control of the government, but 55 pct still thought he was -doing a good job as president. - American Enterprise Institute analyst William Schneider, a -Democrat, says Reagan's loss of support among Washington power -brokers could be offset by continued backing of the public. - "In the past, he has been able to go around the power elite -by appealing directly to the public," Schneider said. - Reagan will again plead his case that way in a televised -address next week. - But one top Republican strategist warned against expecting -a dramatic turnaround. - "The White House has to avoid building expectations that -cannot be met," said the strategist, who requested anonymity. -"They have to recognize there is no quick fix." - Analysts also point out that Reagan's personal popularity -has not always translated into public backing for his policies. - They note he was dramatically rebuffed in last November's -elections when voters rejected his appeals and restored control -of the Senate to the Democrats. - Reuter - - - -26-FEB-1987 15:39:41.92 -housing -usa - - - - - -F -f0827reute -r f BC-JANUARY-HOUSING-SALES 02-26 0103 - -JANUARY HOUSING SALES DROP, REALTY GROUP SAYS - WASHINGTON, Feb 26 - Sales of previously owned homes -dropped 14.5 pct in January to a seasonally adjusted annual -rate of 3.47 mln units, the National Association of Realtors -(NAR) said. - But the December rate of 4.06 mln units had been the -highest since the record 4.15 mln unit sales rate set in -November 1978, the group said. - "The drop in January is not surprising considering that a -significant portion of December's near-record pace was made up -of sellers seeking to get favorable capital gains treatment -under the old tax laws," said the NAR's John Tuccillo. - Reuter - - - -26-FEB-1987 15:41:56.54 -money-supply - - - - - - -A -f0835reute -f f BC-******ASSETS-OF-MONEY 02-26 0012 - -******ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 720.4 MLN DLRS IN LATEST WEEK -Blah blah blah. - - - - - -26-FEB-1987 15:43:14.36 - -usa - - - - - -A -f0840reute -b f BC-******U.S.-TAX-WRITER 02-26 0013 - -******U.S. TAX WRITERS SEEK ESTATE TAX CURBS, RAISING 6.7 BILLION DLRS THRU 1991 -Blah blah blah. - - - - - -26-FEB-1987 15:43:59.53 - -usa - - - - - -F -f0842reute -d f BC-SENATORS-INTRODUCE-EX 02-26 0110 - -SENATORS INTRODUCE EXPORT LICENSING REFORM BILL - WASHINGTON, Feb 26 - Sens. Alan Cranston (D-Cal.) and -Daniel Evans (R-Wash.) said they introduced export licensing -reform legislation that could save U.S. companies hundreds of -thousands of dollars annually. - "Our emphasis is two-fold: Decontrol and de-license items -where such actions will not endanger our national security, and -eliminate the Department of Defense's de facto veto authority -over the licensing process," Cranston said. - "Our reforms should reduce licensing requirements by 65 to -70 pct," he told reporters. "I am convinced that a more -rational...licensing process will boost exports." - U.S. export controls are intended to deny Eastern bloc -countries access to technology that could further their -military capabilities. - "By refocusing our control resources on higher levels of -technology, technology that is truly critical, we will do a -better job of preventing diversion of critical technology to -our adversaries while promoting more exports," Cranston said. - "We cannot expect to continue to play a leading role in new -technology development in the future if we unduly restrict the -activities of U.S. firms in the world market-place," Evans told -reporters. - Reuter - - - -26-FEB-1987 15:44:36.04 - -usa - - - - - -F -f0845reute -r f BC-EXCELAN-INC-SETS-INIT 02-26 0061 - -EXCELAN INC SETS INITIAL STOCK OFFER - SAN JOSE, Calif., Feb 26 - Excelan Inc said it is making an -initial public offering of 2,129,300 shares of common stock at -12 dlrs per share. - Excelan said 1.6 mln of the shares are being sold by the -company and 529,300 shares are being sold by stockholders. - Excelan designs and manufactures computer-related products. - Reuter - - - -26-FEB-1987 15:45:19.65 - -usa - - - - - -F -f0847reute -d f BC-CCX-NETWORK-<CCXN>-SE 02-26 0074 - -CCX NETWORK <CCXN> SECONDARY OFFERING UNDERWAY - CONWAY, Ark., Feb 26 - CCX Network Inc said it was offering -220,838 shares of stock at 15.75 dlrs a share though -underwriters Stephens Inc and Cazenove Inc. - The company said it was selling the stock on behalf of some -shareholders, including those who recently received shares -in the company in exchange for their businesses. - The company said it was receiving no proceeds from the -offering. - Reuter - - - -26-FEB-1987 15:45:26.55 - -usa - - - - - -F -f0848reute -r f BC-FIRST-UNION-<FUNC>-FI 02-26 0055 - -FIRST UNION <FUNC> FILES 100 MLN DLR NOTES ISSUE - NEW YORK, Feb 26 - First Union Corp said it has filed with -the Securities and Exchange Commission for a proposed offering -of 100 mln dlrs of fixed rate subordinated notes due 1997. - The notes will be sold nationwide through underwriters -managed by Shearson Lehman Brothers Inc. - Reuter - - - -26-FEB-1987 15:45:35.37 -earn -usa - - - - - -F -f0849reute -r f BC-OWENS-AND-MINOR-INC-< 02-26 0025 - -OWENS AND MINOR INC <OBOD> RAISES QTLY DIVIDEND - RICHMOND, Va. Feb 26 - - Qtly div eights cts vs 7.5 cts prior - Pay March 31 - Record March 13 - Reuter - - - -26-FEB-1987 15:45:39.20 -earn -usa - - - - - -F -f0850reute -r f BC-COMPUTER-LANGUAGE-RES 02-26 0070 - -COMPUTER LANGUAGE RESEARCH IN <CLRI> 4TH QTR - CARROLLTON, Texas, Feb 26 - - Shr loss 22 cts vs loss 18 cts - Net loss 3,035,000 vs loss 2,516,000 - Revs 20.9 mln vs 19.6 mln - Qtly div three cts vs three cts prior - Year - Shr profit two cts vs profit 34 cts - Net profit 215,000 vs profit 4,647,000 - Revs 93.4 mln vs 98.7 mln - NOTE: Dividend payable April one to shareholders of record -March 17. - Reuter - - - -26-FEB-1987 15:45:47.29 -earn -usa - - - - - -E F -f0851reute -d f BC-<CINRAM-LTD>-4TH-QTR 02-26 0051 - -<CINRAM LTD> 4TH QTR NET - Scarborough, Ontario, Feb 26 - - Shr 45 cts vs 58 cts - Net 1.1 mln vs 829,000 - Sales 7.9 mln vs 9.4 mln - Avg shrs 2,332,397 vs 1,428,000 - Year - Shr 1.22 dlrs vs 1.06 dlrs - Net 2.9 mln vs 1.5 mln - Sales 25.7 mln vs 22.2 mln - Avg shrs 2,332,397 vs 1,428,000 - Reuter - - - -26-FEB-1987 15:46:36.16 - -usa - - - - - -F -f0855reute -h f BC-DU-PONT-CO-<DD>-LAUNC 02-26 0105 - -DU PONT CO <DD> LAUNCHES IMPROVED ARAMID FIBERS - WILMINGTON, Del., Feb 26 - The Du Pont Co said it has -devloped a new generation of high-strength aramid fibers which -is stiffer and less absorbant than previous generations. - Du Pont said the new product, Kevlar 149, is up to 40 pct -stiffer than first generation aramids, and absorbs less than -half the moister of other similar aramid fibers. - Kevlar was invented by Du Pont in the late 1960s and is -five times stronger than steel and 10 times stronger than -aluminum on an equal wieght basis, and is used to replace -metals in a variety of products, according to the company. - Reuter - - - -26-FEB-1987 15:47:16.17 -earn -canada - - - - - -E F -f0859reute -r f BC-STANDARD-TRUSTCO-SEES 02-26 0099 - -STANDARD TRUSTCO SEES BETTER YEAR - Toronto, Feb 26 - Standard Trustco said it expects earnings -in 1987 to increase at least 15 to 20 pct from the 9,140,000 -dlrs, or 2.52 dlrs per share, recorded in 1986. - "Stable interest rates and a growing economy are expected to -provide favorable conditions for further growth in 1987," -president Brian O'Malley told shareholders at the annual -meeting. - Standard Trustco previously reported assets of 1.28 billion -dlrs in 1986, up from 1.10 billion dlrs in 1985. Return on -common shareholders' equity was 18.6 pct last year, up from 15 -pct in 1985. - Reuter - - - -26-FEB-1987 15:48:26.92 -earn -usa - - - - - -F -f0865reute -u f BC-HANDY-AND-HARMAN-<HNH 02-26 0068 - -HANDY AND HARMAN <HNH> 4TH QTR LOSS - NEW YORK, Feb 26 - - Shr loss 51 cts vs loss three cts - Net loss 7,041,000 vs loss 467,000 - Rev 138.9 mln vs 131.4 mln - 12 months - Shr loss 64 cts vs profit 46 cts - Net loss 8,843,000 vs profit 6,306,0000 - Rev 558.9 mln vs 556.7 mln - NOTE: Net loss for 4th qtr 1986 includes charge for -restructuring of 2.6 mln dlrs after tax, or 19 cts a share. - 1986 net loss includes after tax special charge of 2.7 mln -dlrs, or 20 cts a share. - - Reuter - - - -26-FEB-1987 15:49:27.16 -coffee -uk - -ico-coffee - - - -C T -f0871reute -b f BC-ICO-PRODUCERS-TO-PRES 02-26 0109 - -ICO PRODUCERS TO PRESENT NEW COFFEE PROPOSAL - LONDON, Feb 26 - International Coffee Organization, ICO, -producing countries will present a proposal for reintroducing -export quotas for 12 months from April 1 with a firm -undertaking to try to negotiate up to September 30 any future -quota distribution on a new basis, ICO delegates said. - Distribution from April 1 would be on an unchanged basis as -in an earlier producer proposal, which includes shortfall -redistributions totalling 1.22 mln bags, they said. - Resumption of an ICO contact group meeting with consumers, -scheduled for this evening, has been postponed until tomorrow, -delegates said. - Reuter - - - -26-FEB-1987 15:49:44.93 - -usairan - - - - - -V RM -f0873reute -u f AM-REAGAN-SHULTZ-1STLD 02-26 0108 - -SHULTZ SAYS NO RESIGNATION OVER IRAN REPORT - ANCHORAGE, Alaska, Feb 26 - Secretary of State George -Shultz acknowledged failings in the Iran arms affair but -declared he would not resign. - His role in the scandal that has scarred the Reagan -administration attracted harsh criticism from the Tower -commission in its report on the affair published today. - Shultz, travelling to China for a week-long visit, refused -to comment directly on the report, published after he had left -Washington. But he repeated -- as he has done since the crisis -broke last November -- that he was not going to resign. - "You can wipe that off your slate," he said. - Reuter - - - -26-FEB-1987 15:49:56.01 -acqship -usa - - - - - -F -f0874reute -r f BC-MCLEAN'S-<MII>-U.S.-L 02-26 0094 - -MCLEAN'S <MII> U.S. LINES SETS ASSET TRANSFER - CRANFORD, N.J., Feb 26 - McLean Industries Inc's United -States Lines Inc subsidiary said it has agreed in principle to -transfer its South American service by arranging for the -transfer of certain charters and assets to <Crowley Mariotime -Corp>'s American Transport Lines Inc subsidiary. - U.S. Lines said negotiations on the contract are expected -to be completed within the next week. Terms and conditions of -the contract would be subject to approval of various regulatory -bodies, including the U.S. Bankruptcy Court. - Reuter - - - -26-FEB-1987 15:51:17.84 -acq -usa - - - - - -F -f0881reute -u f BC-CHEMLAWN-<CHEM>-RISES 02-26 0106 - -CHEMLAWN <CHEM> RISES ON HOPES FOR HIGHER BIDS - By Cal Mankowski, Reuters - NEW YORK, Feb 26 - ChemLawn Corp <CHEM> could attract a -higher bid than the 27 dlrs per share offered by Waste -Management Inc <WNX>, Wall Street arbitrageurs said. - Shares of ChemLawn shot up 11-5/8 to 29-3/8 in -over-the-counter- trading with 3.8 mln of the company's 10.1 -mln shares changing hands by late afternoon. - "This company could go for 10 times cash flow or 30 dlrs, -maybe 32 dollars depending on whether there is a competing -bidder," an arbitrageur said. Waste Management's tender offer, -announced before the opening today, expires March 25. - "This is totally by surprise," said Debra Strohmaier, a -ChemLawn spokeswoman. The company's board held a regularly -scheduled meeting today and was discussing the Waste Management -announcement. She said a statement was expected but it was not -certain when it would be ready. - She was unable to say if there had been any prior contact -between Waste Management and ChemLawn officials. - "I think they will resist it," said Elliott Schlang, -analyst at Prescott, Ball and Turben Inc. "Any company that -doesn't like a surprise attack would." - Arbitrageurs pointed out it is difficult to resist tender -offers for any and all shares for cash. Schlang said ChemLawn -could try to find a white knight if does not want to be -acquired by Waste Management. - Analyst Rosemarie Morbelli of Ingalls and Snyder said -ServiceMaster Companies L.P. <SVM> or Rollins Inc <ROL> were -examples of companies that could be interested. - ChemLawn, with about two mln customers, is the largest U.S. -company involved in application of fertilizers, pesticides and -herbicides on lawns. Waste Management is involved in removal of -wastes. - Schlang said ChemLawn's customer base could be valuable to -another company that wants to capitalize on a strong -residential and commercial distribution system. - Both Schlang and Morbelli noted that high growth rates had -catapulted ChemLawn's share price into the mid-30's in 1983 but -the stock languished as the rate of growth slowed. - Schlang said the company's profits are concentrated in the -fourth quarter. In 1986 ChemLawn earned 1.19 dlrs per share for -the full year, and 2.58 dlrs in the fourth quarter. - Morbelli noted ChemLawn competes with thousands of -individual entrepreuers who offer lawn and garden care sevice. - Reuter - - - -26-FEB-1987 15:51:28.42 -sugar -usa - - - - - -C T -f0882reute -b f BC-sugar-imports 02-26 0120 - -U.S. SUGAR IMPORTS DOWN IN WEEK - USDA - WASHINGTON, Feb 26 - Sugar imports subject to the U.S. -sugar import quota during the week ended January 9, the initial -week of the 1987 sugar quota year, totaled 5,988 short tons -versus 46,254 tons the previous week, the Agriculture -Department said. - The sugar import quota for the 1987 quota year -(January-December) has been set at 1,001,430 short tons -compared with 1,850,000 tons in the 1986 quota year, which was -extended three months to December 31. - The department said the Customs Service has reported that -weekly and cumulative imports are reported on an actual weight -basis and when final polarizations are received, cumulative -import data are adjusted accordingly. - Reuter - - - -26-FEB-1987 15:51:51.24 -trade -brazil - - - - - -C G L M T -f0884reute -d f AM-CRUZADO 02-26 0114 - -BRAZIL ANTI-INFLATION PLAN LIMPS TO ANNIVERSARY - RIO DE JANEIRO, Feb 26 - Brazil's "Cruzado" anti- inflation -plan, initially hailed at home and abroad as the saviour of the -economy, is limping towards its first anniversary amid soaring -prices, widespread shortages and a foreign payments crisis. - Announced last February 28 the plan froze prices, fixed the -value of the new Cruzado currency and ended widespread -indexation of the economy in a bid to halt the country's 250 -pct inflation rate. - But within a year the plan has all but collapsed. - "The situation now is worse than it was. Although there was -inflation, at least the economy worked," a leading bank -economist said. - The crumbling of the plan has been accompanied by a -dramatic reversal in the foreign trade account. In 1984 and -1985 Brazil's annual trade surpluses had been sufficient to -cover the 12 billion dlrs needed to service its 109 billion dlr -foreign debt. - For the first nine months of 1986 all seemed to be on -target for a repeat, with monthly surpluses averaging one -billion dlrs. But as exports were diverted and imports -increased to avoid further domestic shortages the trade surplus -plunged to 211 mln dlrs in October and since then has averaged -under 150 mln. - Reuter - - - -26-FEB-1987 15:52:15.10 -reserves -new-zealand - - - - - -RM -f0886reute -u f BC-N.Z.-OFFICIAL-FOREIGN 02-26 0049 - -N.Z. OFFICIAL FOREIGN RESERVES FALL IN JANUARY - WELLINGTON, Feb 27 - New Zealand's official foreign -reserves fell to 7.15 billion N.Z. Dlrs in January from 7.20 -billion dlrs in December and compared with 3.03 billion a year -ago period, the Reserve Bank said in its weekly statistical -bulletin. - Reuter - - - -26-FEB-1987 15:52:25.60 -ship -usapanama - - - - - -G T M -f0888reute -d f BC-panama-canal-ships 02-26 0071 - -AGENCY REPORTS 39 SHIPS WAITING AT PANAMA CANAL - WASHINGTON, Feb 26 - The Panama Canal Commission, a U.S. -government agency, said in its daily operations report that -there was a backlog of 39 ships waiting to enter the canal -early today. Over the next two days it expects -- - 2/26 2/27 - Due: 27 35 - Scheduled to Transit: 35 41 - End-Day Backlog: 31 25 - Average waiting time tomorrow -- - Super Tankers Regular Vessels - North End: 13 hrs 15 hrs - South End: 4 hrs 26 hrs - Reuter - - - -26-FEB-1987 15:52:33.04 -earn -usa - - - - - -F -f0889reute -d f BC-AMERICA-FIRST-MORTGAG 02-26 0046 - -AMERICA FIRST MORTGAGE SETS SPECIAL PAYOUT - OMAHA, Neb., Feb 26 - <America First Federally Guaranteed -Mortgage Fund Two> said it is making a special distribution of -71.6 cts per exchangeable unit, which includes 67.62 cts from -return on capital and 3.98 cts from income gains. - Reuter - - - -26-FEB-1987 15:52:57.49 - -usa - - - - - -C G -f0894reute -d f BC-REPUBLICANS-EYE-BIGGE 02-26 0112 - -REPUBLICANS EYE BIGGER U.S. CONSERVATION RESERVE - WASHINGTON, Feb 26 - A group of Republican governors and -members of Congress said they intended to explore expanding the -conservation reserve program by up to 20 mln acres. - Under current law, between 40 and 45 mln acres of erodible -land must be enrolled in the program by the end of fiscal 1990. - The Republican Task Force on Farm and Rural America, headed -by Senate Majority Leader Robert Dole (Kan.), said they would -consider drafting legislation to increase the reserve by -between 15 and 20 mln acres. - Sen. Charles Grassley (R-Iowa) told Reuters he would offer -a bill to expand the reserve to 67 mln acres. - Reuter - - - -26-FEB-1987 15:53:05.48 - -usa - - - - - -F -f0895reute -h f BC-ARVIN-INDS-<ARV>-PROM 02-26 0037 - -ARVIN INDS <ARV> PROMOTES EVANS TO PRESIDENT - COLUMBUS, IND., Feb 26 - Arvin Industries Inc said L.K. -Evans has been elected president, succeeding James Baker who -remains chairman. Evans had been executive vice president. - Reuter - - - -26-FEB-1987 15:53:54.56 -earn -usa - - - - - -F -f0899reute -s f BC-EMHART-CORP-<EMH>-QTL 02-26 0024 - -EMHART CORP <EMH> QTLY DIVIDEND - FARMINGTON, Conn., FEb 26 - - Qtly div 35 cts vs 35 cts prior - Payable March 31 - Record March nine - - Reuter - - - -26-FEB-1987 15:54:55.20 - -usa - - - - - -V RM -f0901reute -u f BC-/U.S.-DATA-POINT-TO-C 02-26 0102 - -U.S. DATA POINT TO CAPITAL SPENDING SLOWDOWN - By Kathleen Hays, Reuters - NEW YORK, Feb 26 - A surprise 7.5 pct drop in U.S. January -durable goods orders points to a slowdown in capital spending -that could presage lackluster real growth in the U.S. economy -in the first quarter of 1987, economists said. - With total orders, excluding the volatile defense sector, -falling a record 9.9 pct, economists agreed that the report -painted a bleak picture for the U.S. economy. - But they stressed that the 1987 tax reform laws may be a -primary factor behind the drop in orders for business capital -investment. - "It's a rather gloomy outlook for the economy, said David -Wyss of Data Resources Inc. "I'm particularly impressed by the -19.7 pct drop in non-defense capital goods orders because it -may be a sign that businesses are reacting more adversely to -tax reform than we thought." - The Commerce Department pointed out that a record 14.8 pct -decline in new orders for machinery was led by declines in -office and computing equipment orders. - Economists said the drop in computer orders may have been a -response to the lengthening of depreciation schedules and the -end of the investment tax credit under the new tax laws. - "It's more expensive to invest than it used to be, so -people just aren't doing it as much," Wyss said. - Increases in durable goods orders at year's end reinforced -the view that businesses anticipated the changing tax laws, -economists said. - November durable goods orders rose 5.1 pct and December's -increased 1.5 pct, revised upwards from a previously reported -0.9 pct. - But most acknowledged that the huge January drop was caused -by more than tax reform. - "The wash-out that took place in January was far greater -than the actual gains that took place in November and -December," said Bill Sullivan of Dean Witter Reynolds Inc. "The -economy has a weakening bent to it early in the year." - "The report definitely points to very sluggish capital -spending over the next couple of quarters," said Donald Maude -of Midland Montagu Capital Markets Inc. - Maude pointed to a continuing decline in order backlogs as -evidence that the outlook for new orders is not improving. In -November, order backlogs rose 0.6 pct, but in December they -fell 0.6 pct and in January 0.7 pct, he said. - "It suggests orders in the pipeline are depleting, which -may quickly translate to a drop in production," Midland -Montagu's Maude said. - Wyss cautioned that too much should not be made of -January's report, given that other reports have reflected -strength. - But he acknowledged that the decline occurred despite a 51 -pct rise in defense orders, compared with a 57.7 pct decline in -December. - He also noted that there was a 6.9 pct drop in January -shipments, compared with a 5.4 pct rise in December. - "Given these numbers, there's no reason for the Fed to -tighten," Data Resources' Wyss said. - "But there's no reason to ease unless we see more numbers -like this. The Fed will wait and see," he added. - Sullivan predicted the Fed will ease by Easter. "People -aren't talking recession or Fed easing now, but the Fed will -have to ease to ensure global growth." - Reuter - - - -26-FEB-1987 15:56:00.50 - -usa - - - - - -C -f0903reute -d f BC-SENATORS-INTRODUCE-EX 02-26 0110 - -SENATORS INTRODUCE EXPORT LICENSING REFORM BILL - WASHINGTON, Feb 26 - Sens. Alan Cranston (D-Cal.) and -Daniel Evans (R-Wash.) said they introduced export licensing -reform legislation that could save U.S. companies hundreds of -thousands of dollars annually. - "Our emphasis is two-fold: Decontrol and de-license items -where such actions will not endanger our national security, and -eliminate the Department of Defense's de facto veto authority -over the licensing process," Cranston said. - "Our reforms should reduce licensing requirements by 65 to -70 pct," he told reporters. "I am convinced that a more -rational...licensing process will boost exports." - U.S. export controls are intended to deny Eastern bloc -countries access to technology that could further their -military capabilities. - "By refocusing our control resources on higher levels of -technology, technology that is truly critical, we will do a -better job of preventing diversion of critical technology to -our adversaries while promoting more exports," Cranston said. - "We cannot expect to continue to play a leading role in new -technology development in the future if we unduly restrict the -activities of U.S. firms in the world market-place," Evans told -reporters. - Reuter - - - -26-FEB-1987 15:57:48.22 -earn -usa - - - - - -F -f0906reute -r f BC-AM-INTERNATIONAL-<AM> 02-26 0092 - -AM INTERNATIONAL <AM> CITES STRONG PROSPECTS - CHICAGO, Feb 26 - AM International Inc, reporting an -operating loss for the January 31 second quarter, said -prospects for the balance of the fiscal year remain good. - It said orders at its Harris Graphics subsidiary, acquired -in June 1986, "continue to run at a strong pace." For the six -months, orders rose 35 pct over the corresponding prior-year -period, or on an annualized basis are running at about 630 mln -dlrs. - The backlog at Harris is up 30 pct from the beginning of -the fiscal year, AM said. - AM International said its old division are expected to -benefit from recent new product introductions and the decline -in the value of the dollar. - "Research, development and engineering expenditures in -fiscal 1987 will be in the 45-50 mln dlr range, and the company -said it has allocated another 30-40 mln dlrs for capital -expenditures. - Earlier AM reported a fourth quarter operating loss of two -cts a share compared to profits of seven cts a share a year -ago. Revenues rose to 291.8 mln dlrs from 151.1 mln dlrs. - Reuter - - - -26-FEB-1987 15:58:07.34 -graincorn -usahonduras - - - - - -C G -f0907reute -u f BC-CCC-CREDITS-FOR-HONDU 02-26 0097 - -CCC CREDITS FOR HONDURAS SWITCHED TO WHITE CORN - WASHINGTON, Feb 26 - The Commodity Credit Corporation (CCC) -announced 1.5 mln dlrs in credit guarantees previously -earmarked to cover sales of dry edible beans to Honduras have -been switched to cover sales of white corn, the U.S. -Agriculture Department said. - The department said the action reduces coverage for sales -of dry edible beans to 500,000 dlrs and creates the new line of -1.5 mln dlrs for sales of white corn. - All sales under the credit guarantee line must be -registered and shipped by September 30, 1987, it said. - Reuter - - - -26-FEB-1987 15:58:19.46 -money-supply -usa - - - - - -A RM -f0908reute -u f BC-ASSETS-OF-U.S.-MONEY 02-26 0072 - -ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK - WASHINGTON, Feb 26 - Assets of money market mutual funds -increased 720.4 mln dlrs in the week ended yesterday to 236.90 -billion dlrs, the Investment Company Institute said. - Assets of 91 institutional funds rose 356 mln dlrs to 66.19 -billion dlrs, 198 general purpose funds rose 212.5 mln dlrs to -62.94 billion dlrs and 92 broker-dealer funds rose 151.9 mln -dlrs to 107.77 billion dlrs. - Reuter - - - -26-FEB-1987 15:58:47.73 -ship -usa - - - - - -G C -f0910reute -u f BC-gulf-grain-barge-frgt 02-26 0117 - -GULF BARGE FREIGHT RATES UP FURTHER ON CALL - ST LOUIS, Feb 26 - Gulf barge freight rates firmed again on -the outlook for steady vessel loadings at the Gulf, increasing -the demand for barges to supply those ships, dealers said. - No barges traded today on the St Louis Merchants' Exchange -call session, versus 29 yesterday. - Quotes included - - - Delivery this week on the Illinois River (Joliet) 135 pct of -tariff bid/140 offered, with next week same river (ex Chicago) -quoted the same - both up 2-1/2 percentage points. - - Next week Mississippi River (St Louis) 120 pct bid/127-1/2 -offered - up five points. - - Next week Ohio River (Owensboro/south) 125 pct bid/132-1/2 -offered - up 7-1/2 points. - - On station Illinois River (south Chicago) 135 pct bid/140 -offered - no comparison. - - March Illinois (ex Chicago) 132-1/2 pct bid/140 offered - up -2-1/2 points. - - March Ohio River bid at yesterday's traded level of 125 pct, -offered at 132-1/2. - - March lower Mississippi River (Memphis/Cairo) 112-1/2 pct -bid/120 offered - no comparison. - - May Illinois River (ex Chicago) 100 pct bid/107-1/2 offered -- no comparison. - - Sept/Nov Lower Mississippi River (Memphis/Cairo) 137-1/2 pct -bid/145 offered, with Sept/Dec same section 125 pct bid/135 -offered - no comparison. - Reuter - - \ No newline at end of file