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CITYFED FINANCIAL CORP SAYS IT CUT QTRLY DIVIDEND TO ONE CENT FROM 10 CTS/SHR

HUGE OIL PLATFORMS DOT GULF LIKE BEACONS

Huge oil platforms dot the Gulf like beacons -- usually lit up like Christmas trees at night. One of them, sitting astride the Rostam offshore oilfield, was all but blown out of the water by U.S. Warships on Monday. The Iranian platform, an unsightly mass of steel and concrete, was a three-tier structure rising 200 feet (60 metres) above the warm waters of the Gulf until four U.S. Destroyers pumped some 1,000 shells into it. The U.S. Defense Department said just 10 pct of one section of the structure remained. U.S. helicopters destroyed three Iranian gunboats after an American helicopter came under fire earlier this month and U.S. forces attacked, seized, and sank an Iranian ship they said had been caught laying mines. But Iran was not deterred, according to U.S. defense officials, who said Iranian forces used Chinese-made Silkworm missiles to hit a U.S.-owned Liberian-flagged ship on Thursday and the Sea Isle City on Friday. Both ships were hit in the territorial waters of Kuwait, a key backer of Iraq in its war with Iran. Henry Schuler, a former U.S. diplomat in the Middle East now with CSIS said Washington had agreed to escort Kuwaiti tankers in order to deter Iranian attacks on shipping. But he said the deterrence policy had failed and the level of violence and threats to shipping had increased as a result of U.S. intervention and Iran's response. The attack on the oil platform was the latest example of a U.S. "tit-for-tat" policy that gave Iran the initiative, said Harlan Ullman, an ex-career naval officer now with CSIS. He said with this appraoch America would suffer "the death of one thousand cuts." But for the United States to grab the initiative militarily, it must take warlike steps such as mining Iran's harbors or blockading the mouth of the Gulf through which its shipping must pass, Schuler said. He was among those advocating mining as a means of bringing Iran to the neogtiating table. If vital supplies were cut off, Tehran could not continue the war with Iraq. Ullman said Washington should join Moscow in a diplomatic initiative to end the war and the superpowers should impose an arms embargo against Tehran if it refused to negotiate. He said the United States should also threaten to mine and blockade Iran if it continued fighting and must press Iraq to acknowledge responsibility for starting the war as part of a settlement. Iranian and Western diplomats say Iraq started the war by invading Iran's territory in 1980. Iraq blames Iran for the outbreak of hostilities, which have entailed World War I-style infantry attacks resulting in horrific casualties. Each side has attacked the others' shipping. Reuter 

CCR VIDEO SAYST RECEIVED OFFER TO NEGOTIATE A TAKEOVER BY INTERCEP INVESTMENT CORP

GM <GM> CANADA UNIT MAJOR OFFER ACCEPTED BY UNION

The Canadian Auto Workers' Union said it accepted an economic offer from the Canadian division of General Motors Corp <GM> in contract negotiations. But union president Bob White said many local issues at the 11 plants in Ontario and Quebec still remained unresolved ahead of Thursday's deadline for a strike by 40,000 workers. "It minimizes the possibility of a strike," White told reporters. However, "if we don't have local agreements settled by Thursday, there will be a strike," he said. The local issues still unresolved involved health care, skilled trades and job classifications, White said. GM Canada negotiator Rick Curd said he believed a strike would be avoided. "Even though there are some tough issues to be resolved we're on the right schedule to meet the target," Curd said. "I'm very pleased with the state of the negotiations," he said. Union membership meetings have been scheduled for the weekend in case a tentative settlement, said White. White said the union has also received assurances that a job protection pact negotiated with GM workers in the U.S. does not threaten Canadian jobs. The economic offer for a three-year pact largely matches agreements at Ford <F> and Chrysler <C> in Canada, which include inflation-indexed payments for future retirees and fixed annual payments for current retirees. It also gives workers wage increases of three pct immediately and 1.5 pct in each of the second and third years. Reuter 

CANADA DEVELOPMENT UNIT <CDC.TO> REFINANCES

Canada Development Corp said its <Polysar Ltd> unit completed a refinancing package worth about 830 mln Canadian dlrs. The company said the financing, which involves 24 banks and four syndicated loans, consists of a 380 mln Canadian dlr revolver, a 200 mln Canadian dlr European medium term loan, a 149 mln Canadian dlr revolver and a 100 mln Canadian dlr operating loan. The company said the refinancing will reduce borrowing costs, in addition to having other benefits. Reuter 

DIPLOMATS CALL U.S. ATTACK ON OIL RIG RESTRAINED

A U.S. attack on an Iranian oil platform in the Gulf on Monday appeared to be a tit-for-tat raid carefully orchestrated not to be too provocative or upset Arab allies, Western diplomats in the region said. U.S. Defence Secretary Caspar Weinberger said Monday that U.S. Warships destroyed the oil platform in the southern Gulf in response to a missile strike on the American-registered Kuwaiti tanker Sea Isle City in Kuwaiti waters on Friday. "We consider the matter closed," he said, a signal the U.S. administration did not want the Gulf crisis to escalate. Iran had warned the United States earlier in the day against exacerbating the Gulf crisis, saying military action would endanger American interests. Following the raid, a okesman for Tehran's War Information Headquarters vowed to avenge the attack with a "crushing blow." "The United States has entered a swamp from which it can in no way get out safely," Tehran Radio quoted him as saying. Diplomats noted, however, Iran was also seeking to avoid ostracism by Arab states due to meet at a summit in Amman on November 8 and discuss the Iran-Iraq war. Iranian Prime Minister Mir-Hossein Mousavi is currently in Damascus, and diplomats said he would seek Syrian help in preventing a total Arab breach with Tehran. Further escalation of the war threatening the Gulf Arab states could work against Tehran at the Amman gathering, they said. "The ball is in Iran's court now. It's up to Tehran to respond one way or the other," a diplomat said. President Ronald Reagan warned Iran of stronger American countermeasures if the military escalation continued. Western diplomats and military sources in the area said shelling the platform appeared to be the least provocative act the United States could have taken once it had decided to retaliate for the tanker attack, blamed by both the Americans and Kuwaitis on Iran. "It's interesting that they chose something in international waters because it doesn't implicate any other nation," one diplomat said. "This was better for U.S. Relations with the Gulf Arab states, particularly Kuwait." Commented another diplomat: "Kuwait must be happy that the U.S. Has done something, but relieved that Faw was not attacked on its doorstep." One source said of the attack on the oil platform: "They managed to warn off the crew and hit something that was the least nuisance to everybody." A diplomat commented: "They were very clever in the place they chose. It gets attention, but it hasn't devastated anything because it wasn't working in the first place." A senior Arab banker in the area said after the news broke: "This was a good, measured response without risking a flare-up ... It is a face-saving response (for the Americans)." Reuter 

BROWN DISC TO BUY RHONE-POULENC <RHON.PA> UNIT

Brown Disc Products Co Inc, a unit fo Genevar Enterprises Inc, said it has purchased the ongoing business, trademarks and certain assets of Rhone-Poulenc's Brown Disc Manufacturing unit, for undisclosed terms. Rhone-Poulenc is a French-based chemical company. Under the agreement, Rhone-Poulenc will supply magnetic tape and media products to Brown Disc Products. Reuter 

DOW SINKS TO LOWEST LEVEL OF THE YEAR, DOWN 370 POINTS TO 1876

LANE TELECOMMUNICATIONS PRESIDENT RESIGNS

Lane Telecommunications Inc <LNTL.O> said Richard Lane, its president and chief operating officer, resigned effective Oct 23. Lane founded the company in 1976 and has been its president since its inception, the company said. He said he resigned to pursue other business interests. Kirk Weaver, chairman and chief executive officer, said Lane's resignation was amicable. No replacement has been named. Reuter 

PERKIN-ELMER <PKN> WINS EPA CONTRACT

Perkin-Elmer Corp said it won a contract to provide laboratory information management systems to the Enviromental Protection Agency's 10 regional laboratories. The value and the exact duration of the contract was not disclosed. The company said the contract will include hardware, software, installation, support services, and software analyst consultations. Reuter 

WHIRLPOOL CORP <WHR> REG QTLY DIV

Qtly div 27-1/2 cts vs 27-1/2 cts prior Pay December 31 Record December Four Reuter 

CONSOLIDATED FREIGHTWAYS INC <CNF> 3RD QTR NET

Shr 43 cts vs 63 cts Net 16,362,000 vs 24,325,000 Revs 589.3 mln vs 549.1 mln Nine Mths Shr 1.40 dlrs vs 1.73 dlrs Net 54,011,000 66,591,000 Revs 1.68 1.58 billion Reuter 

LATEST ATTACK SEEN POINTING UP DILEMMAS FOR US

Military experts say the United States faces a dilemma in the Gulf following U.S. destruction of an Iranian oil platform in retaliation for an attack on a U.S.-flagged tanker. The experts told Reuters Tehran holds the initiative and is likely to control the tempo and direction of the conflict as long as America simply reacts to Iranian attacks by launching limited retaliatory strikes. But if Washington seizes the initiative with bolder steps -- such as mining Iran's harbors, blockading its shipping, or destroying key bases -- it could find itself in a major war. "Iran is in the driver's seat in an absolute sense as the cycle of attack and retaliation continues," said Fred Axelgard, a Gulf War expert with the private Center for Strategic and International Studies (CSIS). "It's like a Greek tragedy," said retired Adm. Eugene Carroll of Washington's private Center for Defense Information (CDI) think tank. Some Middle East experts say the only way out is for Washington to join forces with Moscow in pressing for an end to the war between Iran and Iraq. They say it is not feasible for America to withdraw its 30-ship force from the Gulf area, where the Navy began escorting U.S.-flagged Kuwaiti tankers in July. Withdrawal would give the appearance of being chased away by Iran, which President Reagan could never accept. U.S. Defense Secretary Caspar Weinberger told a Pentagon news conference the destroyers Kidd, Young, Leftwich and Hoel fired about 1,000 rounds of five-inch shells at Iran's Rostam oil rig 120 miles east of Bahrain beginning at about 1400 Gulf time (0700 EDT) on Monday. Weinberger said the platform had been used as a military base by Iran and that the attack responded to an Iranian Silkworm missile strike on the U.S.-flagged Kuwaiti tanker Sea Isle City on Friday. Iranians manning the platform were warned in advance and allowed to escape. "We do not seek further confrontation with Iran, but we will be prepared to meet any escalation of military action by Iran with stronger countermeasures," Weinberger said. "We consider this matter closed," he said. Analysts ranging from the liberal CDI to conservatives agreed the U.S. reaction was measured, reasonable and did not escalate the conflict unduly. But they said the question was whether Iran would consider the matter closed. It had not taken this view after earlier clashes. Reuter 

ROCHESTER TELEPHONE CORP <RTC> 3RD QTR NET

Shr 96 cts vs 87 cts Net 10.8 mln vs 9,671,000 Revs 103.9 mln vs 97.5 mln Nine mths Shr 2.73 dlrs vs 2.62 dlrs Net 30.7 mln vs 29.3 mln Revs 325.7 mln vs 302.8 mln Reuter 

NATIONAL CITY <NCTY.O> UNIT BEGINS NEW SERVICE

National City Corp's National City Bank unit said it has begun a personal computer-based financial management service for small businesses. The service, the InTouch Financial Manager, is based on a personal computer system develoed by <Harbinger Comput Services> of Atlanta, and is licensed in Ohio by <Money Station Inc>, an electronic funds transfer network. National City said the service will allow businesses to use a personal computer and a local telephone call to communicate with their bank to initiate transactions and to receive data anmessages. Reuter 

SOUTH CAROLINA NATIONAL CORP <SCNC.O> 3RD QTR

Shr 64 cts vs 55 cts Net 14.0 mln vs 11.8 mln Nine mths Shr 1.83 dlrs vs 1.53 dlrs Net 39.7 mln vs 32.7 mln Assets 4.65 billion vs 4.53 billion Loans 3.24 billion vs 2.92 billion Deposits 3.32 billion vs 3.15 billion Reuter 

MARINE CORP <MCOR.O> 3RD QTR NET

Shr 30 cts vs 30 cts Net 1,804,000 vs 1,800,000 Nine mths Shr 89 cts vs 79 cts Net 5,334,00 vs 4,496,000 NOTE: Earnings per share reflect initial public offering of 534,750 common shares in March 1986 and 2-for-1 stock splits in January and June 1986. Reuter 

STATOIL AWARDS VESLEFRIKK OIL FIELD CONTRACTS

Norwegian state oil company Den Norske Stats Oljeselskap (Statoil) signed contracts worth a total of 1.5 billion Norwegian crowns in connection with the development of the Veslefrikk oil field, Statoil said. Moss Rosenberg Verft of Stavanger has been awarded a contract to convert the the drilling platform West Vision to a floating production platform. The work is to be completed in the summer of 1989. Aker Verdal has been awarded a contract for the engineering, purchasing and construction of the steel jacket for the wellhead platform, also to be completed in 1989, Statoil said. Reuter 

U.K. TREASURY CONFIRMS BP SALE TO GO AHEAD

The British Treasury confirmed that the sale of British Petroleum Co Plc will go ahead as planned, despite Monday's stock market crash which forced BP below the 330p a share set for the 7.2 billion stg issue. "The government are not considering terminating the BP offer. The offer has been fully underwritten," a Treasury spokesman said. The issue, which remains open until October 28, was fully underwritten last week when the issue price was set. BP shares closed down 33p at 317p as the FT-SE 100 share index crashed a record 249.6 points, more than 10 pct. Reuter 

EGYPT TO BUILD HOUSING ESTATES AND ROADS FOR UGANDA

Egypt has agreed to build two housing estates and two new roads in Uganda worth a total of 295 million dollars, Egyptian commercial attache Muhammud el Tahan said. He said Egyptian companies will build 8,000 housing units in Kampala and reconstruct the roads between Fort Portal and Bundibugyo near the Zaire border in western Uganda and between Kapchorwa and Swam near Mount Elgon in the east of the country. Uganda would repay 70 per cent of the Egyptian Government credit to finance the projects in the form of barter goods and 30 per cent in hard currency, Tahan said. Reuter 

UNION ACCEPTS GM CANADA'S ECONOMIC OFFER - MANY LOCAL ISSUES UNRESOLVED

HARMAN INTERNATIONAL <HIII.O> 1ST QTR SEPT 30

Shr 30 cts vs 26 cts Net 2,534,000 vs 1,695,000 Revs 98.8 mln vs 67.1 mln Avg shrs 8,447,000 vs 6,563,000 NOTE: full name of company is harman international industries inc. Reuter 

GERMAN BANKER CALLS FOR SPECIAL MONETARY MEETING

Finance ministers from major industrial nations should hold a special meeting to deal with the U.S. Dollar's sharp decline, Helmut Geiger, president of the West German savings bank association, said. Geiger told Reuters: "Finance ministers should meet soon to take confidence-building measures to limit the damage caused by the dollar's fall." Separately, Geiger told Bild newspaper in an interview released ahead of publication on Tuesday that the lower dollar, which had been artificially talked down by U.S. officials, would damage West German exports and cost jobs. Reuter 

FIRST BOSTON <FBC> STRATEGIC REVIEW IS UNDERWAY

First Boston Inc said it is conducting a strategic review of its operations as part of a general policy to periodically evaluate its business plans. The company said it is too early to predict the outcome of the review, although it does not expect radical changes in its organization. Salomon Inc <SB> last week completed a strategic review that resulted in substantial layoffs. Other brokerage firms are either engaged in reviews or have made major personnel cutbacks. Reuter 

NYSE TRADES MORE THAN 500 MLN SHARES IN RECORD VOLUME

FEDERAL SIGNAL CORP <FSS> REG QTLY DIV

Qtly div 20 cts vs 20 cts prior Pay January Seven Record December 17 Reuter 

ENTERTAINMENT MARKETING <EM> HEAD TO BUY SHARES

Elias Zinn, chairman and chief executive of Entertainment Marketing Inc, said he planned to personally purchase up to 500,000 shares of Entertaiment Marketing common stock from time to time in the open market. Zinn said his purchases would be subject to availability and acceptable price levels. Reuter 

THE BANKING CENTER <TBCX.O> 3RD QTR NET

Shr 25 cts Net 3,081,000 vs 2,063,000 Nine months Shr 86 cts Net 10.5 mln vs 6,966,000 Assets 1.43 billion vs 1.30 billion Deposits 912.5 mln vs 875.8 mln NOTE: Company converted to a stock savings bank on Aug 13, 1986. 1986 results include operations of Realtech Realtors, which was acquired in 1986. 1987 results include operations of Burgdorff Realtors, acquired in December 1986; Cornerstone Mortgage Co, acquired in July 1987; Centerbank Mortgage Co, acquired in July 1987; and Center Capital Corp, formed in August 1987. Reuter 

ROTO-ROOTER <ROTO.O> SEES IMPROVED 4TH QTR NET

Roto-Rooter Inc said it expects fourth quarter profits to exceed the 22 cts a share reported for the final quarter of 1986 and the 23 cts earned in 1987's third quarter. It reported the third quarter profit was up pct from the 20 cts a share earned during the quarter in 1986. Nine month profits were up 23 pct to 64 cts a share from 52 cts last year. Reuter 

CALMAT <CZM> SUES INDUSTRIAL EQUITY

CalMat Co said it filed suit in Los Angeles Superior Court against Industrial Equity (Pacific) Ltd, against certain of its affiliates and against Ronald Langley, president of Industrial Equity's North American operations. The company said its sut charges that Langley missapropriated material non-public information acquired in his capacity as a CalMat director and used the information for the benefit of Industrial Equity. According to its more recent amendment to its Schedule 13D, Industrial Equity owned about 19.17 pct of CalMat's stock at October 14, CalMat said. It said Industrial has also stated that it intends to pursue a possible business combination in the near future. Reuter 

REAGAN CALLS FOR VIGILANCE ON CERTAIN EXPORTS

President Reagan said the Commerce Department should be vigilant in preventing the flow of strategic technology from reaching the the Soviet Union and other communist countries. He was speaking at the swearing in of C. William Verity as Secretary of the Commerce Department. Verity said the U.S. should make certain that militarily sensitive high technology does not wind up in communist nations. But he also said the U.S. must reduce the list of products of a nontechnological nature, thereby allowing manufacturers to increase exports and jobs. Reuter 

WATTS INDUSTRIES INC <WATTA.O> 1ST QTR SEPT 27

Shr 36 cts vs 27 cts Net 4,538,000 vs 3,160,000 Sales 41.8 mln vs 32.8 mln Avg shrs 12.6 mln vs 11.9 mln Reuter 

WHIRLPOOL <WHR> NAMES NEW CHAIRMAN

Whirlpool Corp said it named David Whitwam to the additional position of chairman, effective December One, replacing Jack Sparks, who retires November 30. It said Whitwam was elected president and chief executive officer effective July One. Sparks will continue to serve on Whirlpool's board of directors as chairman of the finance committee. Reuter 

MONITERM CORP <MTRM.O> 3RD QTR OPER NET

Oper shr profit 13 cts vs nil Oper net profit 612,806 vs profit 2,363 Sales 8,317,933 vs 2,823,243 Nine mths Oper shr profit 32 cts vs loss four cts Oper net profit 1,464,338 vs loss 161,315 Sales 20.3 mln vs 8,241,463 NOTE: 1987 earnings exclude gains from utilization of tax loss carryforwards of 321,980 dlrs, or seven cts a share in the quarter and 772,285 dlrs, or 17 cts a share for the nine months Reuter 

SEEQ <SEEQD.O>, NATIONAL SEMI <NSM> IN ACCORD

Seeq Technology Corp and National Semiconductor Corp said they signed a four-year exclusive technology licensing and manufacturing agreement. The agreement allows the two companies to share technology and marketing rights to Seeq's 512-kilobit and one-megabit semiconductors and for National Semiconductor's 256-Kb FLASH EEPROMs, the companies said. Financial terms of the arrangement were not disclosed. Reuter 

ERIE LACKAWANNA INC <ERIE.O> 3RD QTR NET

Shr 1.32 dlrs vs 1.59 dlrs Net 1,217,649 vs 1,471,824 Total income 1,896,018 vs 2,278,642 Nine mths Shr 4.92 dlrs vs 5.38 dlrs Net 4,553,380 vs 4,979,626 Total income 6,918,266 vs 8,134,313 Reuter 

QUANTUM CORP <QNTM.O> 2ND QTR SEPT 27 NET

Shr 44 cts vs 30 cts Net 4,057,000 vs 2,716,000 Sales 49.5 mln vs 29.6 mln Six Mths Shr six cts vs 55 cts Net 518,000 vs 5,167,000 Sales 89.7 mln vs 54.9 mln Reuter 

TERMIFLEX CORP <TFLX.O> 1ST QTR SEPT 30 NET

Shr five cts vs seven cts Net 64,652 vs 96,157 Sales 1,205,321 vs 1,499,591 NOTE: Backlog three mln dlrs vs 2,600,000 as of June 30, 1987. Reuter 

DURAKON <DRKN.O> TO MAKE ACQUISITION

Durakon Industries Inc said it has entered into a definitive agreement to acquire DFM Corp, a maker of bug and gravel protective shields for trucks and cars, for an undisclosed amount of cash and debentures, retroactive to September One. Reuter 

ATLANTIS <AGH> MAY BID FOR CHARTER-CRELLIN<CRTR.O>

Atlantis Group Inc said it bought 100,000 shares of Charter-Crellin Inc common stock, or 6.3 pct of the total outstanding, and may seek control in a negotiated transaction. In a filing with the Securities and Exchange Commission, Atlantis said it has informally discussed a business combination with Charter-Crellin management. But the company said it has not held negotiations with Charter-Crellin and does not intend to initiate further discussions. Pending development of specific proposals, Atlantis said it will continue to purchase additional Charter-Crellin shares in private or open market transactions depending on a range of factors including the market price of the stock. Atlantis said it bought its Charter-Crellin common stock in open market transactions between September 22 and October 7 at 14.91 dlrs to 15.62 dlrs a share, or for a total of about 1.51 mln dlrs. Reuter 

ALLWASTE <ALWS.O> TO MAKE ACQUISITION

Allwaste Inc said it has agreed in principle to acquire a privately-held firm that performs interior cleaning services for tank-trailers for 1,300,000 common shares. It said the firm, which it did not name, earned about 1,500,000 dlrs pretax for the first nine mons of 1987. The company said closing is expected by October 31. Reuter 

TRAVELERS REAL ESTATE <TRAT.O> 3RD QTR NET

Shr 18 cts vs 27 cts Net 444,387 vs 676,593 Revs 549,437 vs 764,901 Nine mths Shr 67 cts vs 81 cts Net 1,690,670 vs 2,031,937 Revs 1,986,938 vs 2,302,278 NOTE: Full name is Travelers Real Estate Investment Trust Reuter 

SAFEGUARD <SFGD.O> TO BUY BACK MORE SHARES

Safeguard Health Enterprises Inc said its board authorized management to step up its stock repurchase program by doubling the repurchase ceiling to 1.6 mln shares. The company also said it has already purchased 691,000 shares through September 30 under the previous authorization to buy 800,000 shares, or 10 pct of the stock then outstanding. Reuter 

NEW YORK TIMES CO <NYT> 3RD QTR NET

Shr 40 cts vs 33 cts Net 32.6 mln vs 26.7 mln Revs 406.5 mln vs 370.1 mln Nine months Shr 1.44 dlrs vs 1.20 dls Net 117.8 mln vs 97.5 mln Revs 1.2 billion vs 1.1 billion Reuter 

SAFEGUARD HEALTH <SFGD.O> 3RD QTR NET

Shr 11 cts vs five cts Net 806,000 vs 384,000 Revs 18.0 mln vs 15.6 mln Nine Mths Shr 28 cts vs 17 cts Net 2,105,000 vs 1,320,000 Revs 51.9 mln vs 46.1 mln Note: Full name Safeguard Health Enterprises Inc. Reuter 

HENLEY <HENG.O> ENDS TALKS WITH SANTE FE

Henley Group Inc said it ended talks with Sante Fe Southern Pacific Corp concerning the possible acquisition of Sante Fe's Southern Pacific Transportation Co subsidiary. The company also said it is reviewing its investment in Santa Fe Southern Pacific in light of Sante Fe's announcement that it recieved several bids ranging from 750 mln dlrs to more than one billion dlrs for its Southern Pafific Transportation subsidiary. Henley said it held discussions with Sante Fe concerning the acquisition by Henley of Bankers Leasing and Financial Corp and certain Sante Fe transportation and real estate assets. Henley said it began talks with Sante Fe after it announced its restructuring program in August 1987. As previously disclosed, Henley made necessary filings under the Hart-Scott-Rodino Antitrust Improvement Acts to permit Henley to increase its investment in Sante Fe to 24.9 pct of the outstanding common stock from 5.03 pct. Henley said that depending on prevailing conditions, including price and availability of Sante Fe stock, substantial developments affecting Sante Fe, other investment and business opportunities available to Henley, Henley may additional Sante Fe shares, or sell all or part of its investment in Sante Fe. Reuter 

MERCURY SAVINGS AND LOAN <MSL> 3RD QTR LOSS

Shr loss 39 cts vs profit 44 cts Net loss 2,169,000 vs profit 2,417,000 Nine Mths Shr profit 56 cts vs profit 1.68 dlrs Net profit 3,111,000 vs profit 9,317,000 Note: Full name Mercury Savings and Loan Association ' Reuter 

CARMIKE <CMIKA.O> OPENS SIX-SCREEN THEATER

Carmike Cinemas Inc said it has opened a six-screen theter called Carmike Six in Milledgeville, Ga. Reuter 

BURNHAM SERVICE CORP <BSCO.O> 3RD QTR NET

Shr 45 cts vs 36 cts Net 2,554,000 vs 1,954,000 Revs 44.4 mln vs 32.5 mln Nine mths Shr 1.00 dlrs vs 75 cts Net 5,461,000 vs 3,756,000 Revs 109.5 mln vs 89.9 mln Reuter 

TEXAS AMERICAN BANCSHARES <TXA> TO SELL UNIT

Texas American Bancshares Inc said it agreed to sell its Texas American Bank/Levelland unit to <First American Bancorp Inc> for about 12 mln dlrs in cash. Texas American said regulatory approval ofthe transaction is expected in December, and the sale will close shortly thereafter. Once the sale is completed, the unit's name will change to First American Bank of Texas. The unit reported total assets of 196.7 mln dlrs on Juen 30, 1987. Reuter 

SUPERMARKETS GENERAL <SGL> SELLS 11 DRUG STORES

Supermarkets General Corp said it agreed to sell 11 super drug stores to <F and M Distributors>. The nine existing and two unopened stores are located in Maryland, Virginia and upstate New York and are operated under the Pathmark Super Drug trade name, the company said. Terms of the transaction were not disclosed. The nine existing stores generated approximately 34.8 mln dlrs of Supermarkets General's total sales of 2.9 billion during the six-month period ended Aug One, 1987. F and M Distributors operates 42 discount drug stores in Michigan, Ohio, Illinois, Indiana and Wisconsin. Reuter 

TRAVELERS REAL ESTATE <TRAT.O> PAYOUT CUT

Travelers Real Estate Investment Trust Qtly div 17 cts vs 23 cts in prior qtr Payable November 25 Record October 30 It said the lower dividend reflects the reduction in cash flow from a mortgage secured by a motel in Covington, La. The trust said an appraisal is being made of the Covington property to determine whether an increase in loss reserve will be required at year end. Travelers REIT said its investment adviser, Keystone Realty Advisers has committed to lend the trust up to 500,000 dlrs for a term of two years to cover past due payables and capital improvements on the Covington motel. Keystone Realty is an affiliate of the Keystone Group, a Traverlers Corp <TIC> subsidiary. Reuter 

ERC INTERNATIONAL INC <ERC> 3RD QTR NET

Shr 31 cts vs nine cts Net 1,345,000 vs 368,000 Revs 31.9 mln vs 26.4 mln Nine mths Shr 91 cts vs 40 cts Net 3,890,000 vs 3,556,000 Revs 89.3 mln vs 71.7 mln NOTE: 1986 qtr and nine mths include loss 831,000 dlrs, or 19 cts per share, and loss 1,872,000 dlrs, or 44 cts per share, respectively, from discontinued operations. Reuter 

KING WORLD <KWP> SAYS SHOW EXTENDED

King World Productions Inc said its syndicated television series "The Oprah Winfrey Show" has been extended through the 1989-90 broadcast season. It said six of the top 10 markets have renewed the series through the end of the decade. Reuter 

PAINEWEBBER GROUP INC <PWG> 3RD QTR NET

Shr 44 cts vs 71 cts Net 14.8 mln vs 21.1 mln Revs 628.6 mln vs 605.6 mln Avg shrs 30,743,000 vs 26,969,000 Nine mths Shr 2.01 dlrs vs 1.93 dlrs Net 65.0 mln vs 57.4 mln Revs 1.89 billion vs 1.81 billion Avg shrs 30,782,000 vs 26,619,000 Reuter 

CANADA JUNE BUDGET DEFICIT 2.66 BILLION DLRS VS YEAR AGO 2.80 BILLION DLRS - OFFICIAL

COUNTRYWIDE <CCR> SEES 3RD QTR NET OF 20 CTS

Countrywide Credit Industries Inc said it expects fiscal third quarter earnings of 20 or 21 cents per fully diluted share, based on 18 mln shares outstanding. The company posted net income of 31 cents per fully diluted share in the previous third quarter ended November 30 last year, based on 12 mln shares outstanding. Angelo Mozilo, vice chairman and executive vice president, also told security analysts that that company should have a total loan servicing portfolio of 11 billion or 12 billion dlrs by the end of the current fiscal year, in February 1988. Countrywide Credit, a financial service company primarily involved in mortgage banking, reported 4.5 billion dlrs in its loan servicing portfolio for the last fiscal year. In addition, Mozilo said the company was continuing to reduce expenses by one mln dlrs a month and should bring total costs down by three mln dlrs at the end of the quarter. He said about 55 pct of the cost cuts were in personnel, and that the company had reduced the number of its offices nationwide by 11 in recent months. Reuter 

ATLANTIS GROUP TELLS SEC IT SEEKS NEGOTIATED PURCHASE OF CHARTER-CRELLIN

DYNASCAN <DYNA.O> COMPLETES MANAGEMENT BUYOUT

Dynascan Corp said it completed the sale of its industrial electronic products group and expects to recognize about a 3.0 mln dlr pretax gain on the transaction in the fourth quarter. It said the group was sold October 15 for 13.5 mln dlrs to Maxtec International Corp, a privately held company created by the company's management team. It said the purchase price was 12 mln dlrs in cash and 1.5 mln dlrs in five-year notes plus warrants to buy 7.0 pct of the stock of Maxtec. Dynascan said the group was projected to provide about 12 pct of its consolidated sales in 1987. Reuter 

HENLEY GROUP REVIEWING INVESTMENT IN SANTA FE SOUTHERN PACIFIC

PALL CORP <PLL> SETS QUARTERLY

Qtly div 8-1/2 cts vs 8-1/2 cts prior Pay Nov 13 Record Oct 30 Reuter 

HENLEY GROUP SAID IT ENDED TALKS ON BUYING SOUTHERN PACIFIC FROM SANTA FE SOUTHERN

PAINEWEBBER GROUP INC 3RD QTR SHARE 44 CTS VS 71 CTS

RENTA INMOBILIARIA SEEKS CANNON GROUP <CAN> ASSETS

Spanish property firm <Renta Inmobiliaria SA> is negotiating to buy the property assets of U.S. media company Cannon Group Inc <CAN>, Renta's finance director Jose Luis Sanchez said. Sanchez told Reuters that Renta's chairman Juan Antonio Robles was currently in the U.S. to negotiate the deal but declined to give other details. Interpart, a Luxembourg-based holding company chaired by Italian financier Giancarlo Paretti, payed around 12.2 billion pesetas in July to acquire a 63.5 pct stake in Renta Inmobiliaria. The Spanish daily newspaper El Pais said the Cannon property assets sought by Renta included the Elstree film studios in Britain and a chain of movie-theaters in Europe and the U.S. Reuter 

STOP AND SHOP <SHP> TO REPURCHASE SHARES

Stop and Shop Cos Inc said its board has authorized the repurchase of up to five pct of its common shares from time to time at prevailing market prices. Reuter 

SOUTHLAND <SLC> UNIT RAISES CRUDE OIL PRICES

Citgo Petroleum Corp, a subsidiary of Southland Corp, said it raised the contract price it will pay for all grades of crude oil by 50 cts a barrel, effective Oct 16 The increase brings Citgo's postings for the West Texas Intermediate and West Texas Sour grades to 19.00 dlrs/barrel, while Light Louisiana SWeet is now priced at 19.35 dlrs. Citgo last changed it crude oil postings on Sept 9. Reuter 

NEW YORK TIMES CO 3RD QTR SHR 40 CTS VS 33 CTS

<THERMASCAN INC> RECEIVES FDA APPROVAL ON DRUG

Thermascan Inc said the U.S. Food and Drug Administration has approved clinical trials of a new, advanced AIDS confirmation test developed by the company. Thermascan said that about 10,000 trials will be taken on the the new test, called Fluorognost in the next three months through blood banks, hospitals and health centers as well as by individual physicians. The trials will be conducted in New York at the Beth Israel Medical Centre, the Sacremento Medical foundation Blood Center, the Karolinska Institute, Stockholm, and the Institute of Hygiene at the University of Innspruck. Reuter 

GOTTSCHALKS <GOT> TO BUY BACK STOCK

Gottschalks Inc said its board authorized management to purchase up to 300,000 of the company's outstanding shares, or about 3.5 pct of the stock outstanding, because the company believes its shares are currently undervalued. It said the purchases will be made from time to time on the open market. Reuter 

GROUP SELLS MOST OF STAKE IN CCX INC <CCX>

A shareholder group including Far Hills, N.J. attorney Natalie Koether said it reduced its stake in CCX Inc common stock to 10,000 shares, or less than one pct of the company's common stock outstanding, from a previous stake of about ten pct. In a filing with the Securities and Exchange Commission, the group said it sold 380,000 CCX common shares on October 15 at four dlrs a share. The group gave no reason for the sales. Reuter 

LEISURE AND TECHNOLOGY <LVX> SELLS NOTES

Leisure and Technology In is raising 40 mln dlrs through an offering of notes due 1999, said sole manager Merrill Lynch Capital Markets. The notes have a 15-3/4 pct coupon and were priced at par. Non-callable for three years and non-refundable for five years, the issue is rated B-2 by Moody's Investors Service Inc and B by Standard and Poor's Corp. Reuter 

ORION <OC> HAS 5.2 PCT TWIN DISC <TDI> STAKE

Orion Capital Corp said it acquired 163,000 shares of Twin Disc Inc common stock, or 5.2 pct of the company's common stock outstanding. In a filing with the Securities and Exchange Commission, Orion Capital said the stock represents "a favorable investment opportunity at current market prices." In open market transactions between August 21 and October 16, an Orion Capital subsidiary bought 56,200 Twin Disc common shares at 21.06 dlrs to 22.43 dlrs a share. The entire 5.2 pct stake was purchased at a cost of 3.2 mln dlrs, Orion Capital told the SEC. Reuter 

MOBIL <MOB> RAISES PLASTIC GROCERY BAG CAPACITY

Mobil Corp's Mobile Chemical Co said it is expanding its plastic grocery sack production by 20 pct with two new manufacturing lines at its Temple, Texas, plant. Mobil said the new lines will begin operation next year. A spokesman said no information on cost or capacity of the equipment is available. Reuter 

QUANTUM <QNTM.O> SETTLES SUIT WITH NEC

Quantum Corp said it agreed to settle a suit which charged NEC Corp and its NEC Information Systems Inc subsidiary with infringing on a Quantum patent for a disk drive architecture. The company said the settlement agreement calls for NEC and NEC Information to pay a total of 2,975,000 dlrs. It said the arrangement follows a recent court order that granted Quantum's motion for summary judgment and ruled that NEC infringed on the Quantum patent. Reuter 

VENEZUELA SEES OIL STABILITY DESPITE GULF ATTACK

Venezuelan Energy Minister Arturo Hernandez Grisanti said he foresaw market stability in the price of crude, despite growing tension in the Gulf augmented by the U.S. military attack on an Iranian oil platform. He told a news conference the market continues to be stable despite all the military action in the Gulf. Reuter 

<EUROPEAN AMERICAN BANCORP> 3RD QTR NET

Net 13,185,000 vs 6,715,000 Nine mths Net 26.2 mln vs 15.3 mln NOTE: Company is owned by a consortium of European banks. Reuter 

NORTHEAST SAVINGS <NSB> ADOPTS RIGHTS PLAN

Northeast Savings F.A. said its board adopted a shareholder rights plan designed to protect the company from coercive takeover tactics and bids not fair to all sharholders. Under the plan, the board declared a dividend of one share purchase right for each of the Northeast common shares held of record as of November two, the company said. Initially, the rights are not exerciseable, rights certificates are not distributed, and the rights automatically trade with Northeast's shares, the company said. However, 20 days following the acquisition of 20 pct or more of Northeast's common shares shares or 20 days following the commencement of a tender offer for 30 pct or more of Northeast's shares, the rights will become exerciseable and separate rights certificates will be distributed, the company said. The rights will entitle holders of Northeast's common shares to purchase additional shares at an exercise price of 60 dlrs a share, the company said. The company said that in the event of certain triggering events described in the rights plan, holders of the rights, other than an acquiring person, will be entitled to acquire Northeast's common shares having a market value of twice the then-current exercise price of the rights. Also, in the event Northeast enters into certain business combination transactions, holders of the rights will be provided a right to acquire equity securities of the acquiring entity having a market value of twice the then-current exercise price of the rights, the company said. Northeast said it will be entitled to redeem the rights at one cent per right until the occurence of certain events. Reuter 

U.S. OIL <USOC.O> HAS NEW MANAGEMENT

United States Oil Co said Dr. V. di Guevara Suardo Fabbri was appointed president and chief exeuctive, effective October 31, replacing William Rueckert, who will resign on that date. Rueckert told Reuters he resigned to puruse other business activities. Last November, Fabbri bought a controlling interest in the company and has since brought in his own management. The company said that three new directors have been elected and that one present director resigned effective October 16. Reuter 

U.S. DRAFTS SANCTIONS IN ARGENTINA SOY CASE

The U.S. is drafting options including possible trade retaliation against Argentina in a dispute over the differential between soybean and product taxes which Buenos Aires levies on exports. The drafting of retaliation options follows the failure of high-level talks earlier this month to resolve a case filed by the U.S. National Soybean Processors Association, U.S. officials said. The NSPA charged that Argentina's differential export taxes implicitly subsidize soyproduct exports in competition with the U.S. "Our only option is some sort of retaliation to restrict (Argentine) access to our market," said one U.S. source. The U.S. shelved the NSPA case earlier this year after Trade Representative Clayton Yeutter said Argentina agreed to end the differential. But when Argentina announced export taxes for the 1987/88 year in July, the differential was narrowed only one pct. Deputy trade representative Michael Smith met Agriculture minister Ernesto Figuerras and Economy minister Juan Sourroille on September 29 and the Argentine officials said they could not narrow the differential further for 1987/88. As a result of the impasse, the U.S. is considering restrictions on imports of items such as Argentine corned beef and finished leather, the U.S. sources said. A decision on reprisals is likely to be made by the Reagan administration soon, they said. Reuter 

KAUFEL GROUP LTD (KFL.TO) 4TH QTR AUG 31 NET

Shr 17 cts vs 13 cts Net 2.1 mln vs 1.03 mln Revs 15.6 mln vs 12 mln Nine mths Shr 58 cts vs 37 cts Net 6.9 mln vs 3.7 mln Revs 56.2 mln vs 27.5 mln Avg shrs 11.9 mln vs 10.0 mln Reuter 

REXON <REXN.O> TO BUY BACK STOCK

Rexon Inc said its board authorized management to buy back up to 15 mln dlrs worth of the company's common shares because the company believes that the stock is an attractive investment at this time. The stock would be used to offset the potentially dilutive effects of options exercises and of other shares which might be issued in the future, Rexon said. Reuter 

MAGNA GROUP INC <MAGI.O> SETS PAYOUT

Qtly div 17 cts vs 17 cts prior Pay Dec 10 Record Nov 15 Reuter 

WEIS MARKETS INC <WMK> SETS PAYOUT

Qtly div 11 cts vs 11 cts prior Pay Jan Six Record Dec 16 Reuter 

EASTERN UTILITIES ASSOCIATES <EUA> SETS PAYOUT

Qtly div 57-1/2 cts vs 57-1/2 cts prior Pay Nov 15 Record Oct 30 Reuter 

ZURN INDUSTRIES INC <ZRN> SETS QUARTERLY

Qtly div 17 cts vs 17 cts prior Pay Jan 15 Record Dec 11 Reuter 

VWR CORP <VWRX.O> SETS QUARTERLY

Qtly div 20 cts vs 20 cts prior Pay Dec Four Record Nov 16 Reuter 

COASTAL <CGP> TO BUY BACK UP TO ONE MLN SHARES

Coastal Corp said it authorized the purchase of up to one mln shares of the company's common stock. Coastal said the purchases were authorized because it believes the current market price of the stock is substantially less than the underlying value of the shares. Coastal has 46.4 mln shares of common stock outstanding. The company said the repurchases would not affect the company's ability to pay down 300 mln dlrs in outstanding debt and preferred stock by year-end. Reuter 

SMITHKLINE <SKB> OPENS PLANT IN CHINA

SmithKline Beckman Corp said it opened an 8.5 mln dlr pharmaceutical manufacturing plant in Tianjin, China. The plant will make pharmaceutical products for the joint venture company, Tianjin Smith Kline and French Laboratories. SmithKline said the joint venture combines Smith Kline and French Laboratories, the pharmaceutical unit of SmithKline Beckman, the <Tianjin Medical Co>, and <Hebel Chemical Plant> in Tianjin. The plant has the capability to produce one billion tablets and 200 mln capsules a year. Reuter 

U.S. EXPORT INSPECTIONS, IN THOUS BUSHELS, SOYBEANS 16,333 WHEAT 30,917 CORN 36,781

TRAVELERS REALTY INCOME <TRIIS.O> PAYOUT CUT

Qtly div 24 cts vs 28 cts in prior qtr Payable November 25 Record Oct 30 NOTE: Full name is Travelers Realty Income Investors. It said the lower dividend reflects the reduction in cash flow from a mortgage secured by a motel in Slicell, La. Reuter 

CCR VIDEO <CCCR.O> IN TALKS ON BEING ACQUIRED

CCR Video Corp said it has received an offer to enter into negotiations for <Intercep Investment Corp> to acquire a controlling interest through a tender offer. The company said "The negotiations would determine the terms under which the CCR board of directors could support the INTERCEP tender offer." It gave no further details. Reuter 

EARLE M. JORGENSEN CO <JOR> QTLY DIVIDEND

Shr 25 cts vs 25 cts prior qtr Pay November 13 Record October 30 Reuter 

FIRST BOSTON INC <FBC> 3RD QTR NET

Shr primary 1.15 dlrs vs 76 cts Shr fully diluted 1.15 dlrs vs 76 cts Net 40.8 mln vs 27.1 mln Revs 369.6 mln vs 263.2 mln Nine mths Shr primary 2.95 dlrs vs 3.44 dlrs Shr fully diluted 2.95 dlrs vs 3.33 dlrs Net 103.8 mln vs 119.0 mln Revs 1.06 billion vs 897.8 mln Reuter 

ITALY SHOWS SEPTEMBER OVERALL PAYMENTS SURPLUS

Italy's overall balance of payments showed a 919 billion lire surplus in September against a deficit of 1,026 billion in August, provisional Bank of Italy figures showed. The September surplus compared with a shortfall of 1,697 billion lire in September 1986. For the first nine months of 1987, the overall balance of payments showed a deficit of 1,921 billion lire against a 1,725 billion deficit in the same 1986 period. The central bank said Italy's one billion dlr Eurobond launched last month contributed to September's surplus. REUTER 

WILLIS FABER NOT SELLING MORGAN GRENFELL STAKE

<Willis Faber Plc> said its 20.8 pct holding in stockbrokers Morgan Grenfell Group Plc <MGFL.L> was not up for sale. The insurance broker issued a statement in reply to recent press speculation which it said was in part "inaccurate and undesirable." "Willis Faber has not received any offers for its stake in Morgan Grenfell," it said, adding that an offer would have to be considered on its merits. "Willis Faber's stake in Morgan Grenfell has been a very successful investment," it said. Reuter 

DOW JONES INDUSTRIAL AVERAGE DOWN MORE THAN 13.2 PCT, EXCEEDS PERCENTAGE DROP IN 1929

UK SEEKS WINDING UP OF JAMES TENNANT COMMODITIES

The U.K. Government said it would seek the compulsory winding up of James Tennant Commodities Ltd on grounds of public interest and that details would be heard in the High Court on November 18. A Department of Trade and Industry spokesman said that James Tennant was relatively small and that its activities had concentrated on allowing investors to participate in pooled trading schemes in commodity futures. No application had been made for the appointment of a provisional liquidator in the case, he added. Reuter 

TRAVELERS REALTY INCOME <TRIIS.O> 3RD QTR NET

Shr 22 cts vs 57 cts Net 504,808 vs 1,281,781 Revs 633,119 vs 1,396,703 Nine mths Shr 87 cts vs 1.32 dlrs Net 1,959,385 vs 2,986,379 Revs 2,342,322 vs 3,346,555 NOTE: Full name of trust is Travelers Realty Income Investors Reuter