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SHAMROCK CAPITAL COMPLETES CENTRAL SOYA SALE

Shamrock Capital L.P, a limited partnership led by Shamrock Holdings Inc, said it completed its sale of Central Soya Co Inc to Ferruzzi Agricola Finanziaria of Italy. Under terms of the sale agreement, which was announced on September 15, Ferruzzi acquired all the equity in Central Soya and assumed subordinated term debt of about 195 mln dlrs in a transaction valued at about 370 mln dlrs. Reuter 

MARTIN MARIETTA <ML> 3RD QTR NET

Shr 1.02 dlrs vs 96 cts Net 55.6 mln vs 53.2 mln Revs 1.3 billion vs 1.2 billion Nine mths Shr 3.13 dlrs vs 2.88 dlrs Net 171.3 mln vs 159.0 mln Revs 3.8 billion vs 3.5 billion NOTE: 1987 3rd qtr and nine mths includes one time after-tax charge of 14.3 mln dlrs or 26 cts a share for previously announced anticipated sale in the fourth quarter of an investment in Equatorial Communications Co. 1986 amounts restated, increasing net by four cts a share, for change in pension expense accounting. Backlog on September 30, 1987 was 9.3 billion dlrs, which company said was a record. Reuter 

STOLTENBERG ASSUMES COOPERATION WILL CONTINUE

The West German government assumes that the commitment to international monetary cooperation which was renewed in Washington last month will continue, a Finance Ministry spokesman quoted Finance Minister Gerhard Stoltenberg as saying. Stoltenberg's statement was a reaction to criticism of rises in West German interest rates voiced by U.S. Treasury Secretary James Baker over the weekend. Reuter 

WANG <WAN> ANNOUNCES FOUR COMPUTERS

Wang Laboratories Inc announced four additions to its VS line of minicomputers which it said will offer double the capacity of the older models they replace. Company officials told a news conference that Wang will also announce new entry level and high end computers within the next 12 months and a family of powerful work stations by the end of this year. Ian Diery, Wang's senior vice president of U.S. operations, said the new models are lower priced than comparable computers from Digital Equipment Corp <DEC>, the world's largest maker of minicomputers. Minicomputers are medium sized machines usually used within a department or work group of a larger company and typically cost between 10,000 and 500,000 dlrs. The VS 5E will replace Wang's entry level VS 5. Priced at 13,000 dlrs, it can support up to 16 users, double the eight supported by the five and has three times the disc capacity of the older system. The VS 6E can support up to 32 users, double the capacity of the model six it replaces, and has three times the storage capacity of the older model. The 6E is priced at 22,000 dlrs. The VS 75E, which replaces the 65, can support 64 users, 60 pct more than the older model and has twice the main memory capacity. It is priced at 44,000 dlrs. The new VS 7010, which acts as an entry level system for Wang's more powerful 7000 family of minicomputers, can support between 30 and 55 users. It is priced at 75,000 dlrs. All the new systems are now available, Diery said. Bob Ano, Wang's senior vice president of corporate marketing, said that before the end of the company's fiscal year on June 30 it will introduce an entry level computer that will have four times the power of the 5E introduced today. Within the next 12 to 18 months, he said, Wang will announce a more powerful high-end machine that will offer double the price/performance of its 7000 series. Ano said the new family of work stations planned for this year will have a 32-bit semiconductor and be able to support the industry standard MS-DOS and UNIX operating systems. Reuter 

SEC HEAD NOT URGING U.S. TRADING HALT AT PRESENT

Securities and Exchange Commission Chairman David Ruder said a brief trading halt has been discussed as one way of restoring order to the stock market, but stressed he is not recommending one at present. Speaking to reporters, Ruder said he has been in frequent contact with New York Stock Exchange Chairman John Phelan about the market's record drop today. "I'm not afraid to say that there is some point, and I don't know what that point is, that I would be quite anxious to talk to the New York Stock Exchange about a very temporary halt in trading," Ruder said. Ruder, who spoke to reporters after addressing an American Stock Exchange-sponsored investors' conference here, said that the SEC does not have the legal authority to order a trading halt. Any trading halt, which would probably last no more than a half-hour, would have to be approved by the stock exchanges, Ruder said. Reuter 

CIRCLE FINE ART <CFNE.O> IN LICENSING AGREEMENT

Circle Fine Art Corp said it completed an exclusive license agreement with the Seiyoken Group of Toyko to open Circle Galleries in Japan. The first Circle Gallery is to open in Tokyo in ealry 1988, with additional Circle Galleries planned, the company said. The license agreement is Circle Fine Art's second expansion outside the U.S. this year. Earlier this year, it formed a joint venture company in Canada. Reuter 

BARRIS IND. SAYS IT LEADS GROUP WITH 9.8 PCT OF MEDIA GENERAL, MAY SEEK CONTROL

NEIMAN-MARCUS GROUP INC <NMG> 2ND QTR AUG 2 LOSS

Shr not given Net loss 69.0 mln vs profit 3,682,000 Revs 258.3 mln vs 229.6 mln Six mths Shr loss 58.8 mln vs profit 13.3 mln Revs 517.9 mln vs 466.5 mln NOTE: Company recently spun off from Carter Hawley Hale Stores Inc <CHH>. Current year net both periods includes 40.8 mln dlrs in pretax charges from Carter Hawley Hale restructuring. Reuter 

SEA GOLD OIL ANNOUNCES PRIVATE PLACEMENT

<Sea Gold Oil Corp> said it has agreed to a private-placement financing of 400,000 common shares of its unissued capital stock with Gulf International Minerals Ltd <GIM.V> at 50 cts per share to raise 200,000 dlrs Canadian. The company said one of the conditions of the placement was the granting of a first right of refusal to Gulf in the event that the company should choose to enter into a joint-venture agreement on any of its mineral claims currently held in the Skyline area. If Gulf should sell any of the 400,000 shares, the first right of refusal will be null and void, the company said. Proceeds will be used for the continued exploration and development of the Sea Gold's mining properties. Reuter 

KEYCORP 3RD QTR SHR 85 CTS VS 77 CTS

TEMPLE-INLAND INC 3RD QTR SHR 1.24 DLRS VS 66 CTS

ALLIED-SIGNAL INC 3RD QTR OPER SHR 1.02 DLRS VS 82 CTS

IGENE BIOTECHNOLOGY <IGNE.O> ENDS LICENSE PACT

Igene Biotechnology Inc said it terminated its license agreement with Hercules Inc <HPC> for the manufacture of Igene's natural food preservative and mold inhibitor. It said the cancellation agreed to by both companies. Igene said its Weyco-Serv product was licensed to Hercules in September 1985. Under the terms of the agreement, Igene regains all rights, title and interest in its proprietary microorganisms, process and product and will repay out of future products sales certain royalties. The cancellation of the contract allows Igene to proceed with plans to produce NaturServ, a modified version of Weyco-Serv, the company said. The new product is expected to be available early next year, Igene said. The company also said it plans to build a new multiproduct fermentation plant to meet anticipated demand for NaturServ and other company natural products. Both Weyco-Serv and NaturServ contain high concentrations of acid salts that naturally inhibit spoilage and molding, the company said. Reuter 

ARIZONA SILVER <ASC> REPORTS ON BURRO CREEK

Arizona Silver Corp said diamond drilling on its Burro Creek Mine Property, located 65 miles southeast of Kingman, Ariz., has begun. The company said a report indicated that the Burro Creek project area which covers 800 acres, could have potential reserves of three to four mln tons of gold and silver mineralization. Drill sites have been established and a diamond drilling program consisting of an initial 5,000 feet of drilling began October 13, the company said. Reuter 

DELUXE CHECK PRINTERS INC <DLX> 3RD QTR NET

Shr 50 cts vs 35 cts Net 42.7 mln vs 29.9 mln Revs 236.5 mln vs 218.2 mln Nine mths Shr 1.24 dlrs vs 1.02 dlrs Net 105.8 mln vs 86.9 mln Revs 702.5 mln vs 642.5 mln NOTE: 1987 nine-month earnings include nonrecurring gain of nine cents a share from sale of the company's Data Card investment. Reuter 

MARTIN MARIETTA CORP 3RD QTR SHR 1.02 DLRS VS 96 CTS

HOUSEHOLD MORTGAGE GETS U.S. PAPER PROGRAM

<Household Mortgage Corp> said it has arranged a 200 mln dlr commercial paper program in the U.S., For which Goldman Sachs and Co will be the sole dealer. The program will be backed by a letter of credit from Australia and New Zealand Banking Corp. The program also is supported by a multiple option facility arranged in the Euromarkets in August. REUTER 

TRANSAMERICA <TA> UNIT BUYS REINSURANCE UNIT

Transamerica Insurance Group, the main property-liability insurance operation of Transamerica Corp, said it signed a definitive agreement to acquire a newly-formed insurer, Commerical Risk Underwriters Insurance Co, from <Clarendon Group Ltd>. Transamerica said the unit, which will be renamed Transamerica Reinsurance Co, will initially be capitalized at about 185 mln dlrs. Transamerica said the acquisition represents its first move into specialty treaty reinsurance. The company said about 28 members of Clarendon will join Transamerica as part of the acquisition, which is expected to close in November and is subject to various regulatory approvals. Reuter 

INDUSTRIAL EQUITY HAS 5.4 PCT OF TRITON <OIL>

A group of firms led by Hong Kong-based Industrial Equity (Pacific) Ltd, said it acquired 969,515 shares of Triton Oil Corp common stock, or 5.4 pct of the company's common stock outstanding. Industrial Equity (Pacific), which is controlled by Brierley Investments Ltd <BRYW.WE> and which has applied with U.S. antitrust regulators to buy up to 50 pct of Triton's common stock, said the current 5.4 pct stake was acquired for investment purposes. The company said it informed Triton of its present "good faith intention" to buy more than 15 mln dlrs worth of Triton stock. It said it also told Triton it "may depending on market conditions acquire 50 pct or more and possibly 100 pct of the voting securities of (Triton)." It said it received clearance to buy up to 50 pct of the stock on September 11. Industrial Equity (Pacific) reported it bought 250,000 shares of Triton common stock on October 8 at 22.50 dlrs a share. Reuter 

SEC CHIEF DOES NOT RECOMMEND STOCK TRADING HALT NOW, BUT MAY CONSIDER URGING ONE

UK SUGAR FACTORY CLOSES DUE TO SHORTAGE OF BEET

British Sugar Plc was forced to shut its Ipswich sugar factory on Sunday afternoon due to an acute shortage of beet supplies, a spokesman said, responding to a Reuter inquiry Beet supplies have dried up at Ipswich due to a combination of very wet weather, which has prevented most farmers in the factory's catchment area from harvesting, and last week's hurricane which blocked roads. The Ipswich factory will remain closed until roads are cleared and supplies of beet build up again. This is the first time in many years that a factory has been closed in mid-campaign, the spokesman added. Other factories are continuing to process beet normally, but harvesting remains very difficult in most areas. Ipswich is one of 13 sugar factories operated by British Sugar. It processes in excess of 500,000 tonnes of beet a year out of an annual beet crop of around eight mln tonnes. Despite the closure of Ipswich and the severe harvesting problems in other factory areas, British Sugar is maintaining its estimate of sugar production this campaign at around 1.2 mln tonnes, white value, against 1.34 mln last year, the spokesman said. British Sugar processes all sugar beet grown in the U.K. The sugar beet processing campaign, which began last month, is expected to run until the end of January. Sugar factories normally work 24 hours a day, seven days a week during the campaign. As of October 11, 12 pct of the U.K. Sugar crop had been harvested, little different to the same stage last year when 13 pct had been lifted. Since then, however, very wet weather has severely restricted beet lifting. Harvesting figures for the week to October 18 are not yet available. Reuter 

HOME SAVINGS BANK OF BROOKLYN <HMSB.O> 3RD QTR

Shr 57 cts vs not given Net 6,889,000 vs 10.7 mln Nine mths Shr 1.67 dlrs vs not given Net 20.1 mln vs 23.0 mln NOTE: Company went public in November 1986. 1986 net both periods includes 5,642,000 dlr pretax gain on sale of branches. Net includes securities and loan sales loss 90,000 dlrs pretax vs gain 46,000 dlrs in quarter and gains 1,213,000 dlrs vs 2,605,000 dlrs in nine mths and loan losxs provisions 125,000 dlrs vs 30,000 dlrs in quarter and 275,000 dlrs vs 90,000 dlrs in nine mths. Reuter 

Stoltenberg says he assumes monetary cooperation will continue

MCI COMMUNICATIONS CORP <MCIC.O> 3RD QTR NET

Shr eight cts vs six cts Net 22 mln vs 18 mln Revs 994 mln vs 910 mln Nine mths Shr 19 cts vs 20 cts Net 55 mln vs 54 mln Revs 2.9 billion vs 2.7 billion NOTE: 1987 3rd qtr and nine mths include pre-tax gains of from antitrust settlement of 2,000,000 dlrs and 6,000,000 dlrs respectively. 3rd qtr 1986 includes pre-tax gain of 65 mln dlrs from sale of MCI Airsignal subsidiary, and after-tax extraordinary loss of 17 mln dlrs from early redemption of 9-1/2 pct subordinated notes. Reuter 

STERLING DRUG INC <STY> 3RD QTR NET

Shr 1.03 dlrs vs 88 cts Net 59.5 mln vs 51.9 mln Revs 641.7 mln vs 557.8 mln Avg shrs 57.4 mln vs 59.0 mln Nine mths Shr 2.51 dlrs vs 2.14 dlrs Net 145.2 mln vs 126.4 mln Revs 1.71 billion vs 1.47 billion Avg shrs 57.8 mln vs 59.0 mln NOTE: 1986 figures restated to reflected change in accounting methods related to pension expenses. Reuter 

CAE <CAE.TO> UNIT WINS LUFTHANSA CONTRACT

CAE Electronics Inc, wholly-owned by Cae Industries Ltd, said it received a contract worth nine mln Canadian dlrs to design and manufacture an A-320 aircraft flight simulator for Lufthansa German Airlines. It said the simulator is scheduled for delivery in late 1989. Reuter 

PHELPS DODGE <PD> NET RISES ON COPPER STRENGTH

Phelps Dodge Corp said net earnings nearly tripled in the third quarter on sharply higher copper prices, increased sales and strong earnings from a new chemicals business. The company also recorded a gain of 21.3 mln dlrs or 57 cents a diluted share from a tax loss carryforward and gain on early debt retirement. Copper prices averaged 78 cents a pound on the New York Commodity Exchange, up from 59 cents in the year-ago quarter. Net earnings rose to 58.2 mln dlrs or 1.77 dlrs a share from 19.4 mln dlrs or 60 cents a share. Copper sales rose 10 pct to 112,900 tons in the quarter and operating earnings from primary metals, mostly copper, grew to 54.2 mln dlrs from 11.1 mln dlrs, the company said. Manufacturing and specialty chemicals had operating earnings of 17.9 mln dlrs, including Columbian Chemicals, acquired at the end of 1986. In the 1986 quarter, the group's operating earnings were 5.2 mln dlrs. Total sales in the quarter more than doubled to 377.4 mln dlrs from 188 mln dlrs. Nine month net rose 98 pct to 100.3 mln dlrs or 2.80 a diluted share as sales grew 72.8 pct to 1.11 billion dlrs. Reuter 

JOHNSON AND JOHNSON <JNJ> SETS QTLY DIVIDEND

Qtly div 42 cts vs 42 cts prior Pay December 10 Record November 20 Reuter 

NEIMAN-MARCUS GROUP 2ND QTR NET LOSS 69.0 MLN VS PROFIT 3,682,000

FPL GROUP INC <FPL> 3RD QTR NET

Shr 1.16 dlrs vs 1.19 dlrs Net 151.4 mln vs 152.4 mln Revs 1.31 billion vs 1.17 billion Avg shrs 130.0 mln vs 127.6 mln 12 mths Shr 3.03 dlrs vs 2.85 dlrs Net 392.7 mln vs 353.0 mln Revs 4.32 billion vs 4.14 billion Avg shrs 129.8 mln vs 123.9 mln Reuter 

French 13-week T-Bill rate rises to 8.54 pct from 7.65 -- Bank of France

WANG LABS <WAN> BETTER NET ON INCREASED REVENUES

Wang Laboratories Inc expects revenues for the year ending June 30, 1988, to increase 12 to 15 pct over fiscal 1987 to 3.2 billion dlrs, President Frederick Wang said. He told a news conference after-tax profit for the year should increase by three to five pct. Earlier Wang said first quarter revenues increased 16 to 693 mln dlrs and profits totaled 22.5 mln dlrs, or 14 cts a share, vs a loss of 30 mln dlrs, or 19 cts a share, in the September quarter last year. Wang told the news conference the company's orders were particularly strong for the high end of its line of VS minicomputers. "For the past six months the high end really surged" while the company's entry level computers dipped slightly, senior vice president of U.S. operations Ian Diery said. For the past six months, earnings for both large and entry level systems in the U.S. increased by 20 pct, he said.. Wang said the company has seen an overall resurgance in its business in the U.S. He said the company's business in Europe "remains fairly firm." Reuter 

MULTIFOODS <IMC> FILES SUIT AGAINST BREGMAN

International Multifoods Corp said it filed a suit charging Bregman Partners and its affiliates unlawfully planned to acquire control of the company. In a suit filed in U.S. District Court, International Multifoods said Bregman Partners and its affiliates, who reportedly hold 7.4 pct of the company's shares, tried to induce Multifood's management to join them in an effort to take the company private and give controlling interest to Bregman Partners. Bregman Partners include the interests of the Belzberg families of Canada. The complaint also discloses that on each occasion, Multifoods management rejected the group's overtures. Multifoods is asking Bregman's group to divest its shares in open market sales in a manner not to further disrupt the market place, according to the suit. The suit seeks compensatory and punitive damages in an amount to be determined. In addition, Multifoods is seeking to stop Bregman Partners from acquiring any more stock, or voting the shares it reportedly owns, the suit said. According to Multifoods, the actions proposed by Bregman Partners would prevent shareholders from realizing the full benefits of the company's restructuring. In the past three years, Multifoods has substantially altered its domestic business mix by divesting its U.S. consumere foods operations and emphasizing growth in selected segments of the U.S. foodservice industry. Reuter 

STERLING DRUG INC 3RD QTR SHR 1.03 DLRS VS 88 CTS

SALOMON NOT PULLING OUT OF EUROYEN BONDS

<Salomon Brothers Inc> is not withdrawing as a market maker in euroyen bonds, contrary to strong market rumours circulating in London, a London-based spokeswoman for the company's New York headquarters said. Earlier, a spokesman for Salomon Brothers' London operations declined to comment at all on rumours that have been circulating here. Euroyen bond traders had said they were informally contacted by their counterparts at Salomon and told that they would no longer be market makers in those securities. The traders said that Salomon had not notified the Association of International Bond Dealers (AIBD) of its plans to withdraw as a market maker. Under new rules recently adopted by the AIBD, notification would be required if the firm decided it no longer wished to make two-way prices at all times in euroyen bonds. According to dealers at several Japanese banks, Salomon's euroyen bond traders have been in a meeting and unavailable to make prices. Market sources said that Salomon had offered the traders a chance to remain with the firm if they were willing to trade eurobonds denominated in other currencies. Dealers noted that at one point this year, euroyen bond issuance had actually outpaced that of eurodollar denominated bonds, the first time the U.S. Unit has been eclipsed as the currency of choice for international borrowers. Dealers said that given the dollar's recent weakness, the yen could once again top the eurobond issuance tables. Last week, Salomon Brothers announced it would trim its worldwide staff by 800 and withdraw from several areas of business, most specifically short term bank lending. REUTER 

AT AND T <T> 3RD QTR NET

Shr 47 cts vs 48 cts Net 505.0 mln vs 533.0 mln Revs 8.47 billion vs 8.43 billion Nine mths. Shr 1.42 dlrs vs 1.16 dlrs Net 1.55 billion vs 1.31 billlion Revs 25.0 billion vs 25.56 billion NOTE: Full name is American Telephone and Telegraph Co. NOTE: Prior quarter and nine mth net reduced by 25 mln dlrs, or two cts per share, for estimated costs to reduce workforce and consolidate various facilities. Prior qtr and nine mths include pretax gain of 73 mln dlrs from damages paid by Republic of Iran and pretax gain of 40 mln dlrs from change in company's ownership in ING C. Olivetti SpA. After tax these gains added 68 mln dlrs, or six cts per shr, to net income. Prior qtr and nine mth results were previously restated to reflect a change in depreciation methods that reduced net income by 175 mln dlrs, or 16 cts per share. Reuter 

GORDON JEWELRY CORP <GOR> 4TH QTR AUG 31 LOSS

Shr loss 13 cts vs loss 20 cts Net loss 1,343,266 vs loss 2,086,086 Revs 82.3 mln vs 80.3 mln Year Shr loss 1.83 dlrs vs profit 1.24 dlrs Net loss 19.2 mln vs profit 13.4 mln Revs 388.1 mln vs 370.3 mln NOTE: 1987 year includes charge 15.0 mln dlrs pre-tax for inventory valuation allowance. 1987 year also includes charge 12.8 mln dlrs from discontinued operations. Reuter 

GM CANADA TO MAKE CONTRACT OFFER TO UNION

The Canadian division of General Motors Corp will make its first economic offer later Monday in contract negotiations with 40,000 members of the Canadian Auto Workers, the union said. The union is seeking the same contract pattern it has reached at the Canadian units of Ford Motor Co and Chrysler Corp including partial pension indexation and wage increases in each year of a three-year pact. The union hareatened to strike at 10 a.m. EDT on Thursday unless General Motors of Canada Ltd meets the pattern and settles a host of local issues at 11 plants in Quebec and Ontario. Reuter 

WEST GERMANY STILL COMMITTED TO LOUVRE ACCORD

West German government sources said Bonn remained committed to the Louvre Accord to stabilise currencies, which was struck by leading western democracies in Paris last February. Over the weekend, U.S. Treasury Secretary James Baker criticised recent rises in West German short-term interest rates and said such developments were not in the spirit of the Louvre pact. He said the agreement may have to be re-examined. The sources said the West German interest rate rises had to be seen in the context of interest rate developments worldwide. Reuter 

U.S. CORPORATE FINANCE - COMPANIES ON SIDELINES

The recent sharp rise in U.S. interest rates sparked turmoil in the fixed-income markets, but underwriters said they doubt company treasurers will rush to borrow before rates increase further. "Corporate treasurers will continue to issue new debt when they believe they are borrowing at an attractive rate," said an underwriter with a major Wall Street house. Said another, "We will not see a flood of new offerings. Treasurers are reassessing the market. We will not see new issuance dry up either." Still, the pace of corporate borrowing in the public finance market has slowed, according to a Reuter tabulation. Last week, which was shortened by the Columbus Day holiday, saw issuance of 1.3 billion dlrs of new debt. That was down from the prior week's tally of slightly more than two billion dlrs of new debt. In contrast, a year ago it was not unusual to see those amounts of new offerings in a single day as companies took advantage of the then decline in interest rates to refinance old, higher-cost debt or to expand operations via financings at low, attractive rates, underwriters noted. "Companies will conduct financings that they believe are essential," said an underwriter with a medium-sized Wall Street firm. "But we will not see much more than that until the market stabilizes." In the meantime, treasurers will probably prefer shorter term issues, analysts said. For instance, of last week's nine issues, only one had a maturity of more than 10 years. The other offerings had maturities of two to seven years, with most clustered in the two to three year area, according to a Reuter tabulation. That is because single-digit interest rates were had last week only among two-year securities. "If people think that interest rates will continue to head higher, then we could see treasurers rushing to market," said a trader with a medium-sized securities house. "But if people think last week's sharp interest rate rise is a fluke, treasurers will sit back and wait for rates to decline before issuing new debt, hoping of course that they are not missing the boat by doing so," she added. Another impediment to new issuance is the lukewarm reception to new issues by institutional and retail investors in recent weeks, traders pointed out. Many investors refrained from buying because they believed rate would rise further. "We saw a lot of buying interest last week, but people are not yet willing to pull the trigger," a broker said. "They would rather wait and see if the recent rate increase can be sustained." Conflicting forecasts on the likely direction of interest rates did not help, analysts said. For instance, Henry Kaufman, chief economist with Salomon Brothers Inc, said in his weekly "Comments on Credit" that the yields of U.S. Treasury bonds would probably rise further because the marketplace expects inflation to rise and the dollar to continue to decline. In contrast, Standard and Poor's Corp said on Friday that prices of debt securities in the fixed-income markets would recover. The rating agency said neither the economy nor the dollar justify current high yields. Meanwhile, the Chicago Board of Trade is slated to hold a press briefing on Tuesday in New York about its plans to list a futures contract based on a corporate bond index. That follows last week's announcement by Commodity Exchange Inc, Comex, that it plans to list on October 29 a new futures contract based on the investment-grade corporate bond index of Moody's Investors Service Inc. Reuter 

GM <GM> CANADA TO MAKE CONTRACT OFFER TO UNION

The Canadian division of General Motors Corp will make its first economic offer later today in contract negotiations with 40,000 members of the Canadian Auto Workers, the union said. The union is seeking the same contract pattern it has reached at the Canadian units of Ford Motor Co <F> and Chrysler Corp <C>, including partial pension indexation and wage increases in each year of a three-year pact. The union has said it will strike on 1000 EDT/1400 GMT on Thursday unless General Motors of Canada Ltd meets the pattern and settles local issues at 11 plants in Quebec and Ontario. Reuter 

FDIC'S SEIDMAN SAYS HIGHER RATES COULD HARM BANKS

Federal Deposit Insurance Corp Chairman William Seidman said he would be concerned about the impact on banks of a further sharp rise in interest rates. However, Seidman, attending the American Bankers Association convention, said he did not expect rates to rise much higher and said the outlook for the U.S. economy and for banking was sound. "The potential for greater interest rate rises gives us concern. We see nothing right now in the outlook that causes us to believe rates are going much higher or that the economy is not sound," Seidman told a news conference. Reuter 

FED SEEN ADDING RESERVES VIA SYSTEM REPOS

The Federal Reserve is expected to enter the government securities market to supply reserves to the banking system via system repurchase agreements, economists said. Most economists said the Fed would execute three-day system repurchases to meet a substantial need to add reserves in the current maintenance period, although some said a more aggressive add via overnight system repos was possible. Federal funds opened at 7-5/8 pct and remained at that level late this morning, compared with an average effective rate of 7.55 pct Friday. Reuter 

MCI COMMUNICATIONS CORP 3RD QTR PER SHR EIGHT CTS VS SIX CTS

INLAND <IAD> PLANS TO PROCEED WITH PLANT

Inland Steel Co said it and the USS Division of USX Corp <X> are continuing to pursue plans for construction of a state-of-the-art line for continuous prepainting of steel coils. It said the proposed line will primarily serve the appliance market. It said a location for the new plant has yet to be selected. Reuter 

STANDARD PRODUCTS CO <SPD> 1ST QTR SEPT 30 NET

Shr 40 cts vs 54 cts Net 4,442,000 vs 6,375,000 Sales 102.8 mln vs 102.5 mln Avg shrs 11.1 mln vs 11.6 mln NOTE: Share adjusted for August 1987 five-for-four split. Reuter 

FINANCIAL CORP <FIN> LOAN SALES DOWN IN QTR

Financial Corp of America, in reporting a third quarter loss, said gains on the sale of loans and mortgage-backed securities, which has been the company's main source of profit during the past two years, fell to 12.4 mln dlrs as compared to a 93.4 mln in the third quarter last year. It said the income was reduced by adverse interest rate fluctuations during the quarter. The company also said it made an additional provision of 70.4 mln dlrs to its reserve for losses on loans and real estate, compared with 76.2 mln dlrs a year ago. Financial Corp said its reserve totaled 1.00 billion dlrs at September 30, 1987, compared with a total of 580.4 mln at the same time a year ago. Financial Corp, the nation's largest thrift, reported a third quarter loss of 75.8 mln dlrs, or 2.20 dlrs per share, compared with an 11.6 mln dlr profit last year. At the end of the quarter scheduled items, or non- or under-performing assets, were 1.34 billion dlrs, or 4.01 pct of total regulatory assets, down from 1.77 billion, or 5.20 pct of assets at the end of the 1986 third quarter, the company said. In reporting third quarter results the company also said its highest priority is to raise capital and strengthen its financial base. "We are responsible to our shareholders and therefore are exploring several alternatives for achieving value while raising capital. "Any proposal to acquire or restructure the company will be viewed by management from this perspective," Financial Corp chairman William Popejoy said in a statement. Last month Financial Corp executives and Federal Home Loan Bank Board members met to discuss a restructuring of FCA, with help from the Federal Savings and Loan Insurance Corp, as a possible solution to the company's financial difficulties. In addition, Ford Motor Co's <F> First Nationwide Financial Corp, has acknowledged that it is interested in acquiring the company. Financial Corp has said it needs about one billion dlrs to bring its regulatory net worth up to Federal Government requirements. In addition, Financial Corp said its real estate group sold properties totaling 154.8 mln dlrs in book value before reserves during the quarter and 435.5 mln dlrs of real estate for the nine months to September 30. The company also said it had a net deposit decrease of 415.4 mln dlrs during the quarter, resulting mainly from institutional deposits reacting to the company's pricing strategy and to its efforts to manage the cost of funds. Reuter 

RORER <ROR> UNIT CLOTTING DRUG APPROVED

Rorer Group Inc's Armour Pharmaceutical Co said it received Food and Drug Administration approval for a blood clotting drug for hemophiliacs. The company said the drug, monoclate antihemophilic factor, will treat hemophilia A, the most common form of hereditary blood clotting disorder. Monoclate is 99 pct free of unwanted contaminants, compared to other blood products which are less than one pct pure, Armour said. Reuter 

AMERICAN TELEPHONE AND TELEGRAPH CO 3RD QTR SHR 47 CTS VS 48 CTS

BANKEAST CORP <BENH.O> 3RD QTR NET

Shr 17 cts vs 37 cts Net 1,783,000 vs 4,028,000 Nine mths Shr 52 cts vs 1.03 dlrs Net 5,587,000 vs 11.1 mln Reuter 

LONDON'S FTSE 100 SHARE INDEX DROPS RECORD 301.5 POINTS TO 2000.4 at 1457 GMT

DALLAS CORP <DLS> 3RD QTR NET

Shr 30 cts vs 12 cts Net 2,191,000 vs 852,000 Sales 106.6 mln vs 102.9 mln Nine mths Shr 44 cts vs 40 cts Net 3,236,000 vs 2,919,000 Sales 297.9 mln vs 297.9 mln Reuter 

SALOMON BROS SAYS IT IS NOT WITHDRAWING FROM EUROYEN BOND MARKET

ANCHOR GLASS CONTAINER CORP <ANC> 3RD QTR NET

Shr 34 cts vs 62 cts Net 4,717,000 vs 8,277,000 Revs 213.4 mln vs 158.7 mln Nine mths Oper shr 1.18 dlrs vs 1.54 dlrs Oper net 16.2 mln vs 17.8 mln Revs 517.2 mln vs 451.4 mln Avg shrs 13.7 mln vs 11.6 mln NOTE: 1986 nine mths net exclude204,000 dlr gain from reversion of pension assets. 1987 net both periods includes pretax charge 692,000 dlrs from amortization of goodwill. Reuter 

SALOMON BROS SAYS IT IS NOT RPT NOT WITHDRAWING FROM EUROYEN BOND MARKET

MIDDLE SOUTH UTILITIES INC <MSU> 3RD QTR NET

Shr 90 cts vs 84 cts Net 185.5 mln vs 171.5 mln Revs 1.08 billion vs 1.07 billion Nine mths Shr 1.85 dlrs vs 1.90 dlrs Net 378.9 mln vs 389.5 mln Revs 2.67 billion vs 2.69 billion 12 mths Shr 2.15 dlrs vs 1.87 dlrs Net 440.7 mln vs 382.0 mln Revs 3.47 billion vs 3.47 billion Reuter 

INDUSTRIAL EQUITY TO MAKE PROPOSAL TO CALMAT<CZM>

Industrial Equity (Pacific) Ltd, a Hong Kong-based investment firm leading a group holding 19.1 pct of Calmat Co's common stock, said it intends to submit to Calmat a proposal for a possible business combination. In a filing with the Securities and Exchange Commission, Industrial Equity (Pacific) did not disclose details of the proposal, but said it would be delivered to Calmat in the near future. Industrial Equity (Pacific) "does not intend to remain a passive investor" in Calmat, the firm told the SEC. In its SEC filing, Industrial Equity (Pacific) said its president of North American operations Ronald Langley met with Calmat officials on October 14 to discuss an acquisition of the company at a premium over the market price of Calmat stock. Industrial Equity (Pacific) added it is considering launching a tender offer for Calmat stock or making a merger proposal to the company, but said it has not decided whether it will pursue a Calmat acquisition on a non-negotiated basis. Industrial Equity (Pacific), which currently holds 5.83 mln Calmat common shares, said it is also evaluating the company's recently adopted shareholder rights plan and its potential effect on Calmat and on possible acquisition proposals made to the company. Between October 2 and 14, Industrial Equity (Pacific) bought 918,900 shares of Calmat common stock at 33 dlrs to 37.55 dlrs a share, or a total of about 33.8 mln dlrs. Reuter 

OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT

Kaiser Steel Corp's plant in Napa, Calif, has been purchased by Oregon Steel Mills for 16 mln dlrs, the privately owned Portland company said. The transaction was approved by the U.S. bankruptcy judge in Denver who is hearing Kaiser Steel's Chapter 11 reorganization case. James Mccaughey, former vice president of sales for Kaiser, has been named general manager for the plant, which will be called Napa Pipe Corp, Oregon Steel said. Reuter 

UNISYS CORP <UIS> 3RD QTR NET

Shr primary 68 cts vs 34 cts Shr diluted 65 cts vs 34 cts Net 129.7 mln vs 52.9 mln Revs 2.22 billlion vs 2.42 billion Avg shrs primary 152.1 mln vs 147.1 mln Avg shrs diluted 199.8 mln vs 147.1 mln Nine mths Shr primary 1.89 dlrs vs 1.00 dlrs Shr diluted 1.84 dlrs vs 1.00 dlrs Net 361.1 mln vs 145.1 mln Revs 6.91 billion vs 4.90 billion Avg shrs primary 151.0 mln vs 146.4 mln Avg shrs diluted 198.7 mln vs 146.4 mln NOTE: Earnings per share for 1986 have been restated to reflect 3-for-1 split effective July 8, 1987. Results for three and nine mths 1986 includes results from July 1, 1986, of Sperry Corp, acquired on Sept 16, 1986, with net income reflecting ownership in Sperry of about 51 pct for the months of July and August, and 100 pct for the month of Sept 1986. Revenue for 1986 periods reflects reclassification of revenue of divested Sperry operations to other income with no effect on net income. Reuter 

WOBURN FIVE CENTS SAVINGS <WOBS.O> 1ST QTR NET

Shr 24 cts vs 26 cts Net 959,000 vs 1,033,000 Assets 273.6 mln vs 236.3 mln Deposits 183.6 mln vs 173.9 mln Loans 133.3 mln vs 104.9 mln NOTE: Full name of company is Woburn Five Cents Savings Bank. Reuter 

GOTAAS-LARSEN SHIPPING CORP <GOTLF.O> IN PAYOUT

Semi div 12 cts vs 12 cts prior Pay Nov 10 Record Oct 27 Reuter 

FIRST FEDERAL SAVINGS <FCHT.O> 1ST QTR NET

Shr 59 cts Qtly div eight cts vs eight cts prior Net 1,675,000 vs 1,302,000 Assets 613.3 mln vs 603.5 mln Deposits 523.7 mln vs 517.8 mln Loans 469.2 mln vs 449.5 mln NOTE: 1986 per share figures not available because bank converted to stock ownership Dec 18, 1986. Dividend payable Dec 11 to shareholders of record Nov 13. Full name of company is First Federal Savings and Loan Association of Chattanooga. Reuter 

COASTAL <CGP> RAISES OIL POSTED PRICES

Coastal Corp said that effective October 16 it had raised posted prices for crude oil by 50 cts a barrel. The increase brings West Texas Intermediate to 9.00 dlrs a barrel and West Texas Sour to 18.10 dlrs a barrel. Sun Co <SUN> announced that it would make a 50 cts a barrel increase late Friday bringing WTI to 19.00 dlrs a barrel and traders said that other oil companies could be expected to increase prices. Reuter 

SALOMON BROTHERS INT'L PULLS OUT OF EUROYEN BOND MARKET - DEALERS

SALOMON BROTHERS INT'L PULLS OUT OF EUROYEN BOND MARKET - DEALERS

DOW JONES INDUSTRIAL AVERAGE FALLS 200 POINTS

STUDY SAYS PORK LEANER THAN USDA FIGURES SHOW

An Iowa State University study showed pork contains considerably less fat than indicated by long-established U.S. Department of Agriculture statistics, the National Pork Producers Council (NPPC) said. Six of the seven muscle cuts evaluated in the study averaged 4.3 pct fat or less, well below American Heart Association guidelines for recommended foods. Eighty pct of all the raw boneless rib chops evaluated in the study contained less than six pct fat, the NPPC said. Meanwhile, USDA Handbook 8-10 - long used as the established authority on nutrient composition, indicates a fat content for center loin pork of 7.3 pct, the NPPC said. Robin Kline, a dietitian and Director of Consumer Affairs for the NPPC said he was not surprised at the wide discrepancy between the study and the USDA handbook. "Handbook 8-10 is based to a certain extent on information that has been accumulated over the past 30 years. The statistics in it about pork do not reflect the hog of today which is about 50 pct leaner than it was 20 or 30 years ago, thanks to genetic improvements and better feeding practices," Kline said. The study, funded by NPPC with producer checkoff money, evaluated pork carcasses from 47 Iowa producers in categories from 0.7 to 1.3 inches of backfat. Researchers measured the fat content of the seven muscles before cooking, and the fat, moisture and tenderness of cooked boneless rib chops. Reuter 

SOVIETS OUTLINE 1988 ECONOMIC TARGETS

The Soviet Union outlined its economic targets for 1988 on Monday, stressing the need to improve standards in the country's sluggish engineering industry. Planning chief Nikolai Talyzin told the Supreme Soviet industrial output should rise by 4.5 pct in 1988, up from a planned 4.4 pct in 1987. It rose 3.6 pct in Jan-Sept 1987. Talyzin said national income, the nearest Soviet equivalent to gross national product, should rise by 4.3 pct against a planned 4.1 pct this year. Gross national product measures the output of a country's goods and services. He said the Kremlin planned to produce 235 mln tonnes of grain in 1988 versus a planned 232 mln this year. Moscow produced 210 mln tonnes in 1986. Kremlin leader Mikhail Gorbachev has described machine-builing as a sector whose rapid modernization is essential if the Soviet Union is to compete effectively on world markets. "Certain difficulties have arisen this year in the machine-building industry. The economy is not receiving a considerable amount of the equipment that it requires," said Talyzin, who heads the state planning committee GOSPLAN. Soviet data show the machine-building industry, which makes machine tools, instruments and other engineering goods, increased output by 3.3 pct in the first nine months of 1987 compared with the same period last year. However, this was far below the 7.3 pct increase planned for the industry for the whole of 1988. Talyzin said the ruling Politburo had concluded at a recent meeting that an improvement in economic performance depended to a large extent on conserving resources better. "Large-scale measures are planned to save resources," he said. Finance Minister Boris Gostev told the Supreme Soviet that defense spending in 1988 would total 32 billion dlrs, the same figure as was announced last year. Western governments view official Soviet estimates for defense spending as highly understated, but say the real figure is hard to calculate because Soviet military industries are intertwined with the civilian economy. Talyzin said the Kremlin also decided to increase spending next year on medical services, education, pensions and social insurance schemes. Reuter 

TASS DENOUNCES U.S. ATTACK ON IRAN AS ADVENTURISM

The official Soviet news agency Tass denounced a U.S. Attack on an Iranian oil-drilling platform in the Gulf on Monday as military adventurism and said it would bring no dividends to the Reagan administration. Tass commentator Mikhail Krutikhin said the administration had embarked on an adventurist path in order to deflect attention from the scandal in which the United States sold arms to Iran and the profits were diverted to Nicaraguan rebels. "The confrontation is a fact now. What is obvious is that the latest military adventure will not bring political dividends to the American administration," Krutikhin said. Soviet leader Mikhail Gorbachev and Foreign Minister Eduard Shevardnadze abruptly left a parliamentary session earlier on Monday, sparking diplomatic speculation that they were concerned with an urgent matter of foreign affairs. Soviet officials have previously criticized the United States for sending naval forces into the Gulf, saying their presence serves to increase tension. Moscow is officially neutral in the war between Iran and Iraq. It is a major arms supplier to Iraq but has also sought broader contacts with Iran in the last year. Krutikhin said: "The United States has undertaken an act of armed aggression against Iran, the probability of which has long been spoken of by Washington officials." Reuter 

U.S. ENERGY SECRETARY IN MOROCCO AFTER GULF TOUR

U.S. Energy Secretary John Herrington arrived in Rabat on Monday after a tour of the Gulf and the Middle East. Herrington, who is scheduled to meet King Hassan during his 24-hour official visit, said on arrival he would discuss regional and international issues with Moroccan leaders. Morocco is the last stop of a tour that has taken Herrington to Iraq, Kuwait, Qatar, Bahrain, Saudi Arabia and Egypt. REUTER 

WORLD TELECOMS WATCHDOG RELAXES CAR PHONE RULES

The International Telecommunications Union, which regulates communications worldwide, decided at the end of a five-week conference to allow mobile phone systems to be linked with satellites, telecommunications officials said. Until now, car phones have been linked with land stations and have been limited mainly to urban areas. The new ruling will make it easier for calls to be made from remote regions. The meeting, which finished over the weekend, also decided to allow a "radio determination satellite system," which would enable fleet owners to trace to within about 15 metres the movements of their lorries or cars or ships around the world. Reuter 

INTERNATIONAL RESEARCH <IRDV.O> 3RD QTR PAYOUT

Qtly div nine cts vs nine cts prior qtr Pay Nov 25 Record Nov 13 Note: Full name is International Research and Development Corp Reuter 

ROHM AND HAAS CO <ROH> 3RD QTR NET

Shr 57 cts vs 54 cts Net 39.3 mln vs 37.3 mln Sales 540.9 mln vs 488.5 mln Nine mths Shr 2.30 dlrs vs 1.58 dlrs Net 158.8 mln vs 108.7 mln Sales 1.67 billion vs 1.60 billion Reuter 

GEORGIA GULF <GGLF.O> TO TAKE REDEMPTION CHARGE

Georgia Gulf Corp said on December One it plans to retire all 50 mln dlrs of its subordinated notes due through 1998, resulting in a charge of about 9,900,000 dlrs against fourth quarter results. The company also said its common stock, which now traded on the NASDAQ system, has been approved for New York Stock Exchange listing, and NYSE trading is to start November Two. Reuter 

INDUSTRIAL EQUITY TELLS SEC IT WILL SEND CALMAT PROPOSAL FOR BUSINESS COMBINATION

IDC SERVICES <IDCS.O> HOLDERS OFFERED 16 DLRS

IDC Services Inc said a new company will begin a cash tender offer by October 26 to acquire all of IDC's outstanding common for 16 dlrs a share. The company said the offer is being made under a definitive agreement reached with the new company, IDC Acquisition Corp, formed by Apollo Partners Ltd and investment clients of <Equitable Capital Management Inc>. The agreement calls for the acquisition of IDC for about 62.4 mln dlrs. IDC Acquisition will also tender for all of IDC's outstanding nine pct convertible subordinated debentures. IDC said the merger agreement also provides for payment of an equivalent amount in respect of employee stock options to be cancelled in the merger. As part of the transaction, the company said, it granted IDC Acquisition an option to acquire up to 20 pct of the company's outstanding shares for 16 dlrs per share. It said the planned tender offer is subject to several conditions, including the tendering of over 50 pct of the company's outstanding stock. MIM Holdings Ltd <MIMA.S>, a substantial shareholder in IDC, has agreed it will not buy any additional IDC shares until February seven and has granted IDC Acquisition a right of first refusal on any IDC shares it sells during that period, the company said. It said Apollo Partners was recently organized by three former senior Viacom Inc <VIA> executives, Terrence A. Elkes, George C. Catell and Kenneth F. Gorman. Reuter 

INTERNATIONAL MULTIFOODS SAID IT FILED SUIT AGAINST BREGMAN PARTNERS

MONSANTO CO <MTC> 3RD QTR NET

Shr 1.30 dlrs vs 1.85 dlrs Net 100,000,000 vs 144,000,000 Sales 1.90 billion vs 1.69 billion Nine mths Shr 5.01 dlrs vs 5.27 dlrs Net 392,000,000 vs 410,000,000 Sales 5.79 billion vs 5.31 billion Note: 1986 figures include 63 mln dlrs, or 81 cts a share, of net gains from facilities and businesses sold, shut down or impaired, and other non-recurring income and expenses Reuter 

CALFED <CAL> POSTS RECORD THIRD QUARTER RESULTS

CalFed Inc said strong loan volume and higher net increase income at its principal subsidiary, the California Federal Savings and Loan Association, contributed to the best third-quarter and nine-month results in the company's history. On a per-share basis, CalFed's fully diluted earnings were 1.80 dlrs for the third quarter of 1987 and 4.87 dlrs for the nine months ended Sept 30, 1987, compared with 1.75 dlrs and 4.76 dlrs in the comparable 1986 period. CalFed is a 23.1 bln dlr diversified financial-services company. "Key factors leading to the company's higher earnings were continued strong loan volume, an increase in net interest income and higher earnings from non-real estate sources," said George Rutland, president and chief executive officer of the firm of CalFed Inc. Net earnings in the third quarter of 1987 were 50 mln dlrs, a 3.1 pct gain over 48.5 mln in the same period last year. They increased 3.9 pct in the first nine months of this year compared with last year, totalling 134.6 mln dlrs against 129.6 mln. California Federal Savings and Loan Association contributed net earnings of 44.5 mln dlrs for the third quarter of 1987 compared with 43.4 mln for the third quarter of 1986. For the nine-month period ended Sept 30, it had net earnings of 116.3 mln dlrs against 114.9 mln in the comparable 1986 period. California Federal's net interest income for the third quarter of 1987 rose 18.1 pct to 131.6 mln dlrs, up from 111.4 mln for the third quarter of 1986. For the first nine months of 1987, it totalled 383 mln dlrs, a 13.9 pct increase over 336.2 mln in the comparable 1986 period. CalFed Inc said that the increase in its subsidiary's net interest income was a result of higher average balances of interest-earning assets for the savings and loan operations. CalFed said the savings and loan unit's loan originations were unchanged in the third quarter of 1987 compared with last year at 1.8 billion dlrs. But for the first nine months of 1987, they rose to 5.4 billion dlrs from 4.9 billion in 1996. California Federal's provision for loan losses rose to 19.4 mln dlrs in the 1987 third quarter compared with 15.5 mln last year and to 63.3 mln for first the nine months of 1987 compared with 30.6 mln. Reuter 

COASTAL SAID RAISED OIL POSTINGS 50 CTS A BARREL OCTOBER 16. WTI NOW 19.00 DLRS.

BANK PURCHASE SLOWS SECURITY PACIFIC <SPC> NET

Security Pacific Corp <SPC> said growth in its third-quarter earnings was slowed by the purchase of Rainier Bancorp and the suspension of interest payments on Brazilian and Ecuadorian loans that were placed on a non-accrual status earlier this year. The bank said it earned 128.1 mln dlrs in the third quarter, up from 118.3 mln a year earlier. On a per-share basis, income was 1.16 dlrs a share, up from 1.09 dlrs. The bank said non-recurring costs of 10.1 mln dlrs associated with the acquisition of Rainier, a 9.5-billion-dlr Seattle-based concern, cut earnings per share by nine cents. Security Pacific also said the suspension of interest payments on the Brazilian and Ecuadorian debt reduced net income by 8.1 mln dlrs, or seven cents a share. Security Pacific completed its acquisition of Rainier on August 31. Security Pacific's results have been restated to reflect the "pooling-of-interests" acquisition. "Our third-quarter performance was strong, clearly demonstrating the stability and balance in our earnings streams," said Richard Flamson, chairman and chief executive officer. "The addition of Rainier," he continued, "adds very significantly to the strength of our western banking network." The inclusion of Orbanco and Arizona Bancwest earnings affected comparison of most financial categories. Fully-taxable equivalent net interest income was 602.4 mln dlrs, up from 538.6 mln. The suspension of interest payments on Brazilizan and Ecuadorian debt reduced net interest income by 41.9 mln dlrs. Non-interest income rose to 471.6 mln dlrs from 412.1 mln. Third-quarter provision for credit losses was 89.6 mln dlrs, down 17.9 mln dlrs. As a percentage of average loans and lease financing, net credit losses were 0.68 pct, down from 0.79 pct a year earlier. Non-performing loans and leases were 2.038 billion dlrs at the end of the quarter, or 3.96 pct of loans and leases, up from 1.377 billion a year ago. Other non-interest expense, composed of staff and other expenses, was 757.6 mln dlrs, up from 616.2 mln. The rise included an increase in staff expenses to 379.7 mln dlrs from 313.0 mln dlrs. Excluding Orbanco and Arizona Bancwest, average loans grew 11 pct. Real estate and international loan growth had the greatest rises of 16 pct and 15 pct, respectively. Shareholders equity was 3.486 billion dlrs at the end of the third quarter, up from 3.381 billion. The primary capital ratio was 7.41 pct, based on period-end capital and quarterly average assets, up from 7.01 pct a year earlier. Reuter 

IC INDUSTRIES <ICX> MAY SELL AEROSPACE UNIT

IC Industries Inc said its board approved a second major step in the reorganization and restructuring of the company. To implement the plan of sharpening its strategic focus on consumer goods and services, the company will give serious consideration to the sale of its Pneumo Abex, its aerospace and defense company, if it can realize a price which will return maximum value to shareholders. In 1986, Pneumo Abex had operating income of 118.1 mln dlrs on sales of 900.5 mln dlrs. IC said it will use the proceeds of any asset sale to invest in new high-return businesses in the consumer goods and services field. The company said it authorized a program to repurchase between 500 mln dlrs and 1.0 billion dlrs of IC's common stock from time to time when conditions warrant. It also said it will begin an immediate cost-reduction program to cust annual operating expenses by 50 mln dlrs. An IC spokesman said the cost-reduction program involved "across-the-board" cuts rather than specific about targeted areas. IC's board earlier approved a plan to spin off the company's Illinois Central Gulf Railroad to shareholders. The company's other major subsidiaries are Pet Inc, Pepsi-Cola General Bottlers, Midas International Corp and Hussmann Corp. Reuter 

MIDDLE SOUTH UTILITIES INC 3RD QTR SHR 90 CTS VS 84 CTS

DOW STOCK MARKET DROPS OVER 100 POINTS

GEORGIA GULF CORP <GGLF.O> 3RD QTR NET

Shr 1.92 dlrs vs 58 cts Net 27.9 mln vs 9,480,000 Sales 176.4 mln vs 137.9 mln Nine mths Shr 3.87 dlrs vs 1.69 dlrs Net 56.7 mln vs 27.6 mln Sales 505.6 mln vs 438.5 mln Reuter 

FINANCIAL CORP OF AMERICA <FIN> 3RD QTR LOSS

Shr loss 2.20 dlrs vs profit 24 cts Net loss 75.8 mln vs profit 11.6 mln Avg shrs primary 35.9 mln vs 36.5 mln Avg shrs diluted 39.3 mln vs 39.9 mln Nine mths Shr primary loss 7.04 dlrs vs profit 1.69 dlrs Shr diluted loss 7.04 dlrs vs profit 1.64 dlrs Avg shrs primary 35.9 mln vs 37.2 mln Avg shrs diluted 39.3 mln vs 46.6 mln Net loss 243.4 mln vs profit 72.2 mln Assets 33.4 billion vs 34.1 billion Loans 10.8 billion vs 12.0 billion Deposits 16.9 billion vs 17.0 billion NOTE: Net includes FSLIC sepcial assessment loss of 5,429,000 vs 5,193,000 in qtr 1987 vs 1986, and 16.3 mln vs 16.0 mln in nine mths 1987 vs 1986. Net includes gain from sale of mortgage-backed securities and loans of 12.4 mln vs 93.4 mln, and 139.7 mln vs 264.0 mln in nine mths 1987 vs 1986. Net includes gain from sale of investments of 64,000 in qtr 1987, and 157,000 vs 1,231,000 in nine mths 1987 vs 1986. Net includes provision for losses and discounts of 70.4 mln vs 76.2 mln in qtr 1987 vs 1986, and 315.7 mln vs 161.7 mln in nine mths 1987 vs 1986. Nine mths 1987 included write off of FSLIC secondary reserve of 22.7 mln. Reuter 

ARNOX <ARNX.O> STILL IN MERGER TALKS WITH TXL

Arnox Corp said a special committee of its board is continuing talks with <TXL Corp> on the terms of TXL's offer to acquire Arnox at 10 dlrs per share. It said TXL has arranged preliminary financing. Reuter 

J.P. MORGAN AND CO INC <JPM> 3RD QTR NET

shr profit 1.18 dlrs vs profit 1.15 dlrs net profit 219.2 mln vs profit 211.5 mln nine mths shr loss 84 cts vs profit 3.72 dlrs net loss 140.8 mln vs profit 682.4 mln assets 79.69 billion vs 71.99 billion loans 33.93 billion vs 35.33 billion deposits 45.68 billion vs 41.22 billion NOTE: 1987 nine mths include previously reported 875 mln dlr addition to loan loss reserve in 2nd qtr for ldc debts Reuter 

ROHM AND HAAS CO 3RD QTR SHR 57 CTS VS 54 CTS

MONSANTO CO 3RD QTR SHR 1.30 DLRS VS 1.85 DLRS

CAIRNS GROUP SAID INFLUENTIAL IN TRADE TALKS

Australian Minister for Trade Negotiations Michael Duffy said his country and Third World commodity producers have formed an effective lobby group against farm export subsidies and market access restrictions. Duffy told a press conference the Cairns Group of 14 major agricultural producers, to which Australia and Thailand belong, has emerged as an important third force in any multilateral trade talks. "There's no doubt that the Cairns Group is being seen as a third force to be reckoned with both inside the General Agreement on Tariffs and Trade and in other international trade negotiations," he said. Duffy, here on a three-day visit after talks in the United States, The European Community (EC) and Latin America, said considerable progress has been made by the group towards fighting costly protectionist policies pursued by developed countries. The minister said the EC Commission's new farm trade paper will recognise the heavy financial burdens imposed by its Common Agricultural Policy and its future expansion. He said the Reagan Administration has also displayed a determination to resist the currently strong protectionist sentiment in the U.S. Congress. Reuter 

TURKEY CURRENT ACCOUNT DEFICIT WIDENS IN JULY

Turkey's current account deficit widened in July to 674 mln dlrs from 454 mln in June but fell from 1.22 billion in July last year, the State Statistics Institute said. The cumulative trade position in July showed a 1.85 billion dlr deficit after 1.33 billion in June and 1.89 billion a year earlier, with exports at 4.91 billion and imports, both FOB, at 6.76 billion. The government aims to narrow the current account deficit for the whole of 1987 to 975 mln dlrs, compared with 1.52 billion last year, up from 1.01 billion in 1985. Bankers forecast the 1987 deficit will exceed one billion dlrs, because a spurt in exports is expected to slow considerably in the last five months following a massive drawdown of inventories. REUTER 

IBC'S INTERSTATE BAKERIES<IBC>BID OVERSUBSCRIBED

IBC Acquisition Corp said it received about 8,857,807 Interstate Bakeries Corp shares in response to its tender offer for up to 8,053,181 shares that expired October 16, and it will purchase about 90.9 pct of the shares tendered. It said a final proration factor should be announced and payment for shares start October 26. IBC is made up of Interstate management, First Boston Inc <FBC> and George K. Braun and Co. Reuter 

OREGON STEEL BUYS KAISER'S NAPA VALLEY PLANT

<Kaiser Steel Corp>'s plant in Napa, Calif., has been purchased by Oregon Steel Mills for 16 mln dlrs, the privately owned Portland company said. The transaction was approved by the U.S. bankruptcy judge in Denver who is hearing Kaiser Steel's Chapter 11 reorganization case. James Mccaughey, former vice president of sales for Kaiser, has been named general manager for the plant which will be called Napa Pipe Corp, Oregon Steel said. Reuter 

AMERICAN VISION <AMVC.O> ELECTS NEW PRESIDENT

American Vision Centers Inc said Michael C. Barlerin has been elected president and chief operating officer of the company, replacing Robert S. Cohen, who will remain a member of the company's board. Barlerin was previously senior vice president and director of marketing for Zale Corp. American Vision also said two Kay Corp <KAY> officers, Anthonie C. van Ekris and Thomas E. Hitselberger, and John C. Belknap, chief financial officer of Seligman and Latz Inc, were elected to American Vision's board. Kay last week completed the acqusition of 52 pct of American Vision's outstding shares. The new members will succeed Alan R. Cohen, Edward M. Cohen and Robert Gertler. Separately, American Vision said its board has approved a proposal to borrow up to 2.5 mln dlrs from Kay Acquisition Corp, a unit of Kay Corp, for additional working capital. The loan, which is subject to a number of conditions, would include a market rate of interest and would be in the form of a senior convertible debt instrument. American Vision owns and franchises retail eyecare stores. Reuter 

MILLIPORE <MILI> FILES FOR DEBENTURE OFFERING

Millipore Corp filed with the Securities and Exchange Commission for a proposed offering of up to 75 mln dlrs of convertible subordinated debentures due November 15, 2012. First Boston Corp and Alex. Brown and Sons Inc will act as underwriters for the proposed offering. Millipore said it will use proceeds from the offering to repay debt and for general corporate purposes. Reuter 

XIDEX <XIDX.O> NAMES NEW CHIEF EXECUTIVE

Xidex Corp said Lester L. Colbert Jr. will be succeeded as president and chief executive officer by executive vice president and chief operating officer Bert Zaccaria but will remain chairman. The company said Colbert has decided to take a less active role in management. Reuter 

CMS <CMS> CITES HIGHER ELECTRIC SALES

CMS Energy Corp, parent of Consumers Power Co, said the fivefold improvement in its third quarter earnings was the result of higher electric sales. The company also cited its ongoing refinancing program which it said significantly reduced high-cost debt and preference stock, and capitalized interest on assets which will be used in the company's Midland cogeneration venture. CMS reported quarterly earnings of 56.0 mln dlrs, or 65 cts a share, up from 8.8 mln dlrs, or 10 cts a share a year earlier. It said electric sales were up 4.6 pct due to continued economic growth and warmer than normal weather. Reuter 

DAHLBERG <DAHL.O> COMPLETES SEARS<S> AGREEMENT

Dahlberg Inc said it completed a previously announced agreement with Sears, Roebuck and Co to operate hearing aid centers in sears stores on a national basis. Dahlberg currently operates some 142 hearing aid centers on a concession basis in Sears stores. In connection with the program, the company said it granted Sears an option to buy up to 300,000 shares of Dahlberg stock at 12 dlrs a share. Reuter 

ALLIANT COMPUTER INTRODUCES MINISUPERCOMUPTER

Alliant Computer Systems Corp <ALNT.O> said it introduced a parallel vector minisupercomputer priced at less than 100,000 dlrs. The company said the new FX/4 makes multi-user supercomputing affordable for the first time to workgroups in industrial and commercial markets. The company said it also introduced high-performance compiler and algorithm products for the FX/Series systems. Alliant said it achieved the low price for the FX/4 through a combination of new packaging technology and cost decreases due to semiconductor price improvements and manufacturing efficiencies. The company also released the FX/C compiler, which it said can double the performance of C programs. The company said its newly released algorithm products, the FX/Linpack and FX/Eispack libraries, are collections of mathematical subroutines that programmers can call from all Alliant languages. Reuter