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ADVANCED MAGNETICS <ADMG> IN AGREEMENT

Advanced Magnetics Inc said it reached a four mln dlrs research and development agreement with ML TEchnolgy Ventures LP, a limited partnership sponsored by Merrill LYnch Capital Markets. Under the agreement, Advanced Magnetics will develop and conducts clinical trials of its contrast agents for magnetic resonance imaging. The agreement includes a warrant permitting MLTV to buy up to 380,000 shares of Advanced Magnetics common stock through February 1994 at 10.50 dlrs per sahre. Reuter 

HEALTH RESEARCH FILES FOR BANKRUPTCY

<Health Research and Management Group> said it has filed for protection under Chapter 11 of the federal bankruptcy law. The company said it filed the petitions to reorganize debt and eliminate contingent liabilities it incurred while attempting to expand nationally. Health Research also said it owes about 750,000 dlrs of its 1.1 mln dlrs in debt to <MedPro Group Inc>, a former jont venture partner. The company added it has asked the Minnesota Department of Commerce to suspend trading of its common stock pending dissemination of current financial information. Also, the company said George Frisch has been elected chairman of the board, president and chief executive officer, replacing Daniel Zismer, who resigned as chairman of the board and O. Frederick Kiel, who resigned as president and chief executive officer. Reuter 

NUMEREX CORP <NMRX> 2ND QTR JAN 31 LOSS

Shr loss seven cts vs profit five cts Net loss 149,421 vs profit 103,120 Sales 1,698,345 vs 1,920,010 Six Mths Shr loss five cts vs profit nine cts Net loss 100,472 vs profit 191,614 Sales 3,836,794 vs 3,650,322 Reuter 

U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 30 TO PAY DOWN 1.2 BILLION DLRS

U.S. 2-YEAR NOTE AVERAGE YIELD 6.43 PCT, STOP 6.44 PCT, AWARDED AT HIGH YIELD 85 PCT

COMMODORE <CBU>, ATARI IN SETTLEMENT

Commodore International Ltd said it settled and discontinued all pending litigation with Atari Corp. The company issued a statement which said the case had been settled on terms satisfactory to both sides. Company officials were not immediately available for comment. Reuter 

BALDRIGE SUPPORTS NIC TALKS ON CURRENCIES

Commerce Secretary Malcolm Baldrige said he supported efforts to persuade newly-industrialized countries (NICS) to revalue currencies that are tied to the dollar in order to help the United States cut its massive trade deficit. "We do need to do something with those currencies or we will be substituting Japanese products for Taiwanese products," or those of other nations with currencies tied to the dollar, Baldrige told a House banking subcommittee. The U.S. dollar has declined in value against the Yen and European currencies, but has changed very little against the currencies of some developing countries such as South Korea and Taiwan because they are linked to the value of the dollar. As a result, efforts to reduce the value of the dollar over the past year and a half have done little to improve the trade deficits with those countries. Baldrige told a House Banking subcommittee that the Treasury Department was attempting to persuade those countries to reach agreement with the United States on exchange rates. Reuter 

TRIANGLE <TRI> BEGINS EXCHANGE OFFER

Triangle Industries Inc said it began a previously announced offer to exchange one share of Triangle common stock for each share of participating preferred stock. The offer will expire April 21. Triangle said that sales in 1987 will exceed four billion dlrs. For the year ended December 31, 1986, Triangle reported sales of 2.7 billion dlrs and net income of 47.6 mln dlrs. Reuter 

SOUTHMARK <SM> UNIT IN PUBLIC OFFERING OF STOCK

Southmark Corp's National Heritage Inc said it has started the initial public offering of 2,000,000 shares of common stock at 9.50 dlrs per share. It said all shares are being traded though NASDAQ under the symbol <NHER>. The lead underwriter for the offering is Drexel Burnham Lambert Inc, with Bear, Stearns and Co Inc., and E.F. Hutton and Co Inc acting as co-underwriters, the company said. Proceeds will be used to augment working capital, complete scheduled renovations at some National Heritage leased facilities and repay certain debts to Southmark, it said. Reuter 

EASTMAN KODAK CO TO SELL HOLDINGS IN ICN PHARMACEUTICALS AND VIRATEK INC

FEUD PERSISTS AT U.S. HOUSE BUDGET COMMITTTEE

A feud among Democrats and Republicans persisted at the House Budget Committee, stalling the writing of a fiscal 1988 U.S. budget plan. Republicans failed to appear at a drafting session called by Democratic committee chairman William Gray as a make-up meeting to end bickering that has delayed budget activity for a week and threatens the ability of Congress meeting an April 15 deadline for completing the deficit-cutting budget. Republicans told Gray yesterday they would appear today and participate if the meeting was held behind closed doors. He said the Republicans were prepared to make a "good faith" effort to cooperate if the budget deliberations were held behind closed doors and not in public as is the normal procedure. However, they failed to appear today and Gray said he had been told they wanted House Speaker Jim Wright to answer a series of budget questions posed by House Republican leader Bob Michel before they would cooperate in budget matters. The budget feuding led the Washington Post today to editorialize that it was childish, similar to an eraser fight among fourth grade students. Reuter 

TREASURY BALANCES AT FED ROSE ON MARCH 23

Treasury balances at the Federal Reserve rose on March 23 to 3.332 billion dlrs from 3.062 billion dlrs on the previous business day, the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 15.513 billion dlrs from 17.257 billion dlrs on the same respective days. The Treasury's operating cash balance totaled 18.845 billion dlrs on March 23 compared with 20.318 billion dlrs on March 20. Reuter 

FARM CREDIT SYSTEM SEEN NEEDING 800 MLN DLRS AID

A member of the board which regulates the farm credit system said Congress should plan to provide at least 800 mln dlrs in fiscal 1988 to bailout the troubled system, but other members of the board differed. Jim Billington, Farm Credit Administration (FCA) board member told a House Agriculture Appropriations subcommittee hearing "I feel your subcommittee should plan on providing at least 800 mln next year to assist the Farm Credit System." However, FCA board member Marvin Duncan differed, saying "it is premature to talk about the cost of a solution until we know what kind of solution." Chairman of the FCA board, Frank Naylor, said it might be possible to structure a rescue of the system with government guarantees or a line of credit which requires little or no upfront government money. However, Billington said Congress must provide help immediately because "this system needs some assurance that it will get some help." The FCA estimates the system could lose up to 1.4 billion dlrs in 1987, exhausting the remainder of its working capital, Naylor said. The farm credit system is expected to present its own proposals for government aid to a Senate Agriculture subcommittee hearing on Thursday. Naylor said the Treasury Department is continuing to refine Reagan administration ideas on how a rescue should be structured. Congressional sources said they hope to begin drafting a rescue bill for the farm credit system as early as next week. Reuter 

USX <X> USS UNIT RAISES PRICES

USX Corp's USS subsidiary said that effective with shipments beginning July 1 prices for all leaded grades and 1200-series grades of hot rolled bar and semi-finished products from its Lorain, Ohio, facility will be increased by 15 dlrs a ton over the prices in effect June 1. It said the increase is being made to reflect current market conditions. Reuter 

UNIONIST URGES RETALIATION AGAINST JAPAN

William Bywater, president of the International Union of Electronic Workers, called on President Reagan to retaliate against Japan for unfair practices in semiconductor trade. He said in a statement a crash program was needed in the semiconductor industry to prevent the United States from becoming "one of the world's industrial lightweights." Bywater's remarks came as the White House Economic Policy Council prepared for a Thursday meeting to decide what sanctions if any should be taken against Japan for alleged violations of a U.S.-Japanese semiconductors agreement. The pact, agreed to last July, called for Tokyo to end selling semiconductors at below cost and to open its home market to U.S. goods. In return, Washington agreed to forego antidumping duties on Japanese semiconductors. But U.S. officials have said that while Japan has stopped dumping in the U.S. market, it has not ended third country dumping; nor has it opened its market to U.S. semiconductors. Japan yesterday, in an effort to ward off U.S. action, ordered a cutback in semiconductors production as a way to force prices up and end the dumping. Bywater, in his statement, said he backed a Defense Science Board task force proposal to set up a consortium to develop new electronic products and manufacturing processes and make the U.S. industory more competitive. But he added the industry could not wait for legislation to pass and that action was required now to help the depressed electronic industry. Bywater said, "I urge the Reagan Administration to take full and severe action immediately against Japan by invoking the retaliatory steps that are permitted under U.S. law and GATT (General Agreement on Tariffs and Trade)." Reuter 

EXXON (XON) GETS 99.2 MLN DLR CONTRACT

Exxon Co USA of Houston has been awarded a 99.2 mln dlr contract for jet fuel, the Defense Logistics Agency said. Reuter 

EATON (ETN) GETS 53.0 MLN DLR CONTRACT

Eaton Corp's AIL Division has received a 53.0 mln dlr contract for jamming system work for the EA-6B electronic warfare aircraft, the Navy said. Reuter 

ZAIRE AUTHORIZED TO BUY PL 480 RICE - USDA

Zaire has been authorized to purchase about 30,000 tonnes of U.S. rice under an existing PL 480 agreement, the U.S. Agriculture Department said. It may buy the rice, valued at 5.5 mln dlrs, between March 31 and August 31, 1987, and ship it from U.S. ports by September 30, the department said. The purchase authorization covers the entire quantity of rice provided under the agreement. Reuter 

MCDONNELL DOUGLAS GETS 30.6 MLN DLR CONTRACT

McDonnell Douglas Corp (MD) has received a 30.6 mln dlr contract for work on development of the standoff land attack missile (SLAM), the Navy said. REUTER 

MIDIVEST ACQUIRES ASSETS OF BUSINESS AVIATION

<Midivest Inc> said it acquired all the assets of <Business Aviation Inc> of Sioux Falls, S.D., for an undisclosed amount of stock. Midivest said it expects to sell 10 to 20 of the renovated Beechcraft planes next year. It said management will also lease these airborne intensive care units to hospitals and government subdivisions through Metropolitan Leasing, a wholly-owned subsidiary of Midivest. Reuter 

U.S. WHEAT CREDITS FOR JORDAN SWITCHED

The Commodity Credit Corporation (CCC) has switched 25.0 mln dlrs in wheat credit guarantees to Jordan under the Export Credit Guarantee Program to the Intermediate Export Credit Guarantee Program, the U.S. Agriculture Department said. The switch reduces the total value of GSM-102 guarantees for the current fiscal year to 30.0 mln dlrs. The credit terms extended for export sales under the Intermediate Export Credit Guarantee Program (GSM-103) must be in excess of three years but not more than seven years. All sales must be registered and exports completed by September 30, 1987, the department said. Reuter 

DOLLAR EXPECTED TO FALL DESPITE INTERVENTION

Central bank intervention in the foreign exchange markets succeeded in staunching the dollar's losses today, but senior dealers here believe the U.S. currency is headed for a further retreat. Although the intervention was widespread, dealers perceive that the six major industrial nations have differing levels of commitment to their recent accord to stabilize currencies. Moreover, hard economic realities hold greater sway over the currency market than central bank intervention and these argue for a further dollar decline, dealers said. "The market can be bigger than the central banks. And economic fundamentals will always come to the fore," said a dealer at one major U.S. bank. As the dollar dropped to post-World War II lows against the yen today foreign exchange traders said the Bank of Japan, Federal Reserve Board and Bank of England intervened in the markets on behalf of the U.S. currency. Reports of the authorities' actions helped the dollar recover to about 149.45 yen in New York this afternoon from the post-war low of 148.20 yen in the Far East. But it still failed to regain Monday's U.S. closing level of 150.00/05 yen. Tokyo dealers said the Bank of Japan bought one to 1.5 billion dlrs in Tokyo today and may also have purchased dollars yesterday in the U.S. via the Federal Reserve. Meanwhile, there were strong rumors in New York that the Fed also bought a modest amount of dollars around 148.50 yen today. Talk also circulated that the Bank of England purchased a small amount of dollars for yen. The Fed's last confirmed intervention was on January 28 when it bought 50 mln dlrs in coordination with the Bank of Japan. But on March 11 the Fed also was rumored to have signalled displeasure with a dollar surge above 1.87 marks. The authorities' actions appeared to back up the February 22 Paris pact between the U.S., Japan, West Germany, Britain, France and Canada under which the nations agreed to cooperate to foster exchange rate stability around prevailing levels. But foreign exchange dealers were not overly impressed by the authorities' intervention which they said can only soften extreme moves in the market. For one thing, some dealers believed that the Fed's purchases were done on behalf of the Bank of Japan rather than for the U.S. central bank's own account, suggesting a rather watered-down American commitment to the currency accord. The Bank of England's action also was thought to be completed on behalf of the Japanese central bank, reinforcing the market's view that Japan is the most resolute of the six nations in its support of the currency pact. "No-one doubts the Bank of Japan is serious. But the other two central banks seem to be making more token gestures than anything else," said Chris Bourdain of BankAmerica Corp. "I'm not convinced the intervention was concerted," said Earl Johnson of Harris Trust and Savings Bank in Chicago. "It's a yen problem more than anything else." Some dealers said a rising wave of trade protectionist sentiment in the U.S. limits the extent to which the American authorities can endorse a stronger dollar against the yen. "The dollar's break below the key 150 yen level ties the Treasury's hands behind its back. The U.S. cannot intervene on its own account because of the strength of protectionism here," said Albert Soria of Swiss Bank Corp. Such comments reflect the view that the currency markets are becoming increasingly politicized. Despite official denials, some traders still feel the U.S. would countenance a lower dollar to help trim the nation's trade deficit. The majority of the 170 billion dlr merchandise trade deficit in 1986 was with Japan. Indeed U.S. Treasury secretary James Baker's comment on Sunday that the February currency pact had not established dollar targets was read by the market as a signal to sell the U.S. currency and kicked off the latest retreat. "The dollar still has more room on the downside against the yen based on the frictions in trade and financial services. The currency market is becoming very political," said Natsuo Okada of Sumitomo Bank Ltd. Okada expects the dollar to trade between 148 and 150 yen this week but sees the chance of a drop to 140 yen by the end of April or early May. Even if West Germany and Japan succeed in stimulating their economies, it may not be enough to solve structural economic imbalances in the near future, dealers said. "Even if Japan and West Germany do expand this year, it won't be enough to help the trade situation much," said Bourdain of BankAmerica, who also expects the dollar to drop to 148 yen in the next couple of days. Reuter 

U.S. TO SELL 12.8 BILLION DLRS IN BILLS

The U.S. Treasury said it will sell 12.8 billion dlrs of three and six-month bills at its regular auction next week. The March 30 sale, to be evenly divided between the three and six month issues, will result in a paydown of 1.2 billion dlrs as maturing bills total 13.99 billion dlrs. The bills will be issued April 2. Reuter 

INLAND STEEL <IAD> TO BUILD NEW PLANT IN INDIANA

Inland Steel Industries and Governor Robert Orr of Indiana said the new joint venture cold- rolled steel plant between Inland Steel and Nippon Steel Corp will be built on a site in St. Joseph County Indiana. Inland Steel said yesterday that the joint venture, to be named I/N Tek, will cost more than 400 mln dlrs and will employ over 200 people by the time the companies complete the project in 1990. Reuter 

EASTMAN KODAK <EK> TO SELL HOLDINGS

Eastman Kodak Co said it plans to sell its 2.3 pct holding in ICN Pharmaceuticals <ICN> and part of its nine pct holdings in Viratek <VIRA>. It said the purpose of the investments had been to lay the groundwork for the creation of its Nucleic Acid Research Institute. Since that has been achieved, there is no longer any reason to maintain the equity positions, Kodak said. Kodak holds 470,000 sahres of ICN, currently trading at about 18-3/4 and 700,000 of Viratek, trading at 44. Reuter 

GUINNESS SUES BOESKY IN FEDERAL COURT

<Guinness PLC> has joined investors suing former Wall Street speculator Ivan Boesky, alleging it was deceived into putting money into his one billion dlr investment partnership in 1986. Guinness, the largest limited partner in Ivan F. Boeksy and Co. L.P., is the latest to file suit in federal court in Manhattan against Boesky, court papers show. About 40 other investors have also filed suit over similar allegations, including that Boesky did not reveal his illegal insider trading activities. Guinness is charging it was induced to join in the Boesky partnership through a prospectus that contained "material untrue statements and omissions." The suit also alleged that the Boesky Corporation, which became a part in the formation of the investment partnership, Ivan F. Boesky and Co., L.P., "had achieved its extraordinary rates of return as a result of trading on inside information and other violations of the securities laws." In addition, the suit charged that Boesky and other defendants unlawfully "schemed with and provided substantial assistance to one another to evade the registration provisions" of securities law. Reuter 

FIRM REDUCES SCEPTRE RESOURCES <SRL> HOLDINGS

Montreal-based Noverco Inc told the Securities and Exchange Commission it reduced its stake in Sceptre Resources Ltd to 1,232,200 shares or 4.8 pct of the total outstanding. Noverco said it sold off 400,500 shares "to reduce the investment of Noverco in Sceptre." "Additional common shares of Sceptre may be sold or purchased by Noverco, depending upon market conditions," Noverco said. Reuter 

GENCORP BOARD WITHDRAWS PROPOSALS TO STAGGER DIRECTORS TERMS

<ACKLANDS LTD> 1ST QTR FEB 28 NET

Shr three cts vs 11 cts Net 126,000 vs 434,000 Revs 84.0 mln vs 80.2 mln Avg shrs 4,948,731 vs 3,870,511 Reuter 

BULL AND BEAR GROUP A <BNBGA> CUTS FUND PAYOUTS

Bull and Bear Group A said it lowered its monthly dividends on three of its funds. It said it lowered its Tax Free Income Fund <BLTFX> to 10.3 cts from 10.6 cts; its U.S. Government Guaranteed Securities Fund <BBUSX> to 11.5 cts from 11.8 cts; and its High Yield Fund <BULHX> to 14 cts from 14.2 cts. All dividends are payable March 31 to shareholders of record March 25, the company said. Reuter 

CALTEX TO RAISE BAHRAIN OIL PRODUCT PRICES

Caltex Petroleum Corp said it will raise posted prices for naphtha and several grades of residual fuel in Bahrain, effective March 25. Caltex, a joint venture of Chevron Corp <CHV> and Texaco INC <TX>, said its naphtha posting is up four cts a gallon to 43 cts. It said it is raising its marine diesel oil posting by 30 cts a barrel to 20.24 dlrs a barrel. Light, medium, and heavy fuel oil postings are up 1.50 dlrs a barrel, the company said. This will bring the light fuel oil price to 16.90 dlrs, medium to 15.50 dlrs, and heavy to 14.60 dlrs, the company said. Reuter 

CHARTER CO <QCHR> TO COMPLETE REORGANIZATION

Charter Co, the huge petrochemical concern in bankruptcy proceedings stemming from hundreds of dioxin-related claims, said it and all of its subsidiaries, except the Independent Petrochemical Corp, will complete their reorganization on March 31. It said that on that date, it will deposit with an escrow agent 288.8 mln dlrs in cash, 66.7 mln dlrs in notes and 31 mln shares of its common for distribution. Company officials were not immediately available for comment. As previously reported, Charter settled dioxin-related claims for about 1,200 individuals and the state of Missouri, resolving claims against it and all subsidiaries except Independent Petrochemical. Charter said some of the settlements remain subject to appeals and final court approvals and resolve claims against charter and its subsidiaries except Independent Petrochemical. It said about 500 individual claims against it and certain of its units remain pending as disputed claims in bankruptcy court. It said about 300 of these claims have been filed since confirmation of the joint plan of reorganization. Charter said its two creditors, an equity committee in its bankruptcy proceedings and <American Financial Corp>, which will own 50.5 pct of its common after the reorganization, have waived the requirement that Charter resolve all dioxin-related claims against it prior to completing its reorganization. That requirement excludes claims against Independent Petrochemical. Charter also said a plan for liquidation of Independent has been approved by the bankruptcy court and will be completed after March 31. Earlier, Charter reported net income for the year of 153.2 mln dlrs, which included a gain of 28.5 mln dlrs for discontinued operations and 114.8 mln dlrs for the settlement of claims in its reorganization proceedings. In 1985, it reported earnings of 1,274,000 dlrs, which included a loss of 36.3 mln dlrs for discontinued operations and 29.4 mln dlrs for extraordinary items. For the fourth quarter, it reported earnings of 118.8 mln dlrs, including a gain of 28.6 mln dlrs for discontinued operations and 90.5 mln dlrs mainly for claims settlements. In the year-ago period, Charter reported a loss of 13 mln dlrs. Reuter 

NASHUA <NSH> TO PURCHASE PRIVATE DISC MAKER

Nashua Corp said it signed a letter of intent to purchase <Lin Data Corp>, a private manufacturer of high-capacity rigid discs for storage of computer data. Under the terms of the letter, Nashua said it will acquire all classes of Lin stock for 24 mln dlrs. In addition, it said it will loan Lin 1,200,000 dlrs to support its operations. The closing of the sale is set for the second quarter of 1987, the company said. Reuter 

ALTRON INC <ALRN> 4TH QTR JAN 3

Shr loss 56 cts vs loss five cts Net loss 1.9 mln vs loss 164,000 revs 6.9 mln vs 5.4 mln Year Shr loss 1.15 dlrs vs profit 52 cts Net loss 3.8 mln vs profit 1.7 mln Revs 25.6 mln vs 29.8 mln NOTE: 1987 net loss includes loss 6.5 mln dlrs for nonrecurring reserve for closing costs of facility, writeoffs and sales of real estate. Reuter 

COLLINS FOODS <CF> MOVES UP WARRANT CONVERSION

Collins Foods International Inc said it moved up the conversion date for its warrants to purchase common stock to April 24. There are currently 2,160,000 warrants outstanding, the company said. It said each warrant entitles the holder to buy one Collins common share at 12.11 dlrs per share. Collins also said the warrants were originally scheduled to expire on December 15, 1988. But the agreement under which the warrants were issued permits the company to accelerate the date if the closing price of its common stock equals or exceeds 21.78 dlrs per share for 10 consecutive trading days, the company said. It also pointed out that the stock price closed at 22.75 dlrs per share on March 23. Reuter 

GENCORP <GY> PROPOSALS WITHDRAWN FROM MEETING

GenCorp Inc said it withdrew from consideration at its annual meeting on March 31 proposals aimed at providing for a stock split and an increased dividend so that it could focus its energies on responding to the takeover offer made last week by a partnership of AFG Industries Inc <AFG> and Wagner and Brown. In addition to proposing an increase in the number of its outstanding common shares, GenCorp had suggested the adoption of a classified or "staggered" board and the elimination of cumulative voting. GenCorp said these proposals could "distract energy and attention from the real task at hand -- to respond to the tender offer in a manner which is in the best interests of the company, its shareholders and its other constituencies." GenCorp said the proposal to increase its outstanding shares was made with the aim of declaring a stock split and a dividend increase. The other proposals, it said, would provide for greater long-term stability and cohesiveness for the GenCorp board. The company did not indicate when it might resubmit the proposals for approval by its shareholders. Reuter 

WEEKLY ELECTRIC OUTPUT UP 2.4 PCT FROM 1986

U.S. power companies generated a net 47.47 billion kilowatt-hours of electrical energy in the week ended March 21, up 2.4 pct from 46.36 billion a year earlier, the Edison Electric Institute (EEI) said. In its weekly report on electric output, the electric utility trade association said electric output in the week ended March 14 was 48.31 billion kilowatt-hours. The EEI said power production in the 52 weeks ended March 21 was 2,557.44 billion kilowatt hours, up 2.1 pct from the year-ago period. Electric output so far this year was 602.26 billion kilowatt hours, up 2.2 pct from 589.51 billion last year, the EEI said. Reuter 

MONOLITHIC <MMIC> TO DROP GATE ARRAY LINE

Monolithic Memories Inc said it plans to discontinue marketing its gate array integrated circuit product line and focus efforts on the market for field-programmable products. It said the current market dynamics will hinder profitability in the gate array market for some time. Monolithic also said it does not expect the move to have a negative impact on earnings, adding, the company has estimated that the gate array products would have contributed only one pct of revenues in fiscal 1987. Reuter 

API SAYS DISTILLATE STOCKS OFF 4.07 MLN BBLS, GASOLINE OFF 2.69 MLN, CRUDE UP 8.53 MLN

VERMONT FINANCIAL SERVICES <VFSC> SETS PAYOUT

Vermont Financial Services Corp said its board approved a regular 20 cts per share cash dividend payable April 25 to shareholders of record March 26. Reuter 

RESORTS INTERNATIONAL GETS BUYOUT PROPOSAL FROM KSZ CO INC

VR BUSINESS BROKERS EXPANDS OPERATIONS

<VR Business Brokers> said it sold a master franchise license to one of the largest independent groups of management consultants in the Caribbean. It said that under the master license the group will operate under the name VR Caribbean Inc and will cover countries of the Caribbean basin and Central America and Dade County, Fla. Terms of the sale were not disclosed. Reuter 

CORRECTED - ATT <T> FORMS COMPUTER SALES GROUPS

American Telephone and Telegraph Co said it formed a 600-member sales force dedicated exclusively to its computers and other data systems products. Separately, ATT denied reports that it plans to buy back a large chunk of its stock. ATT's stock is up 1/4 points at 25-1/8 in heavy trading. The company said it also created a separate 500-member team that will educate the computer sales force and its other sales groups on ATT's computer products. This group, ATT said, reports directly to Vittorio Cassoni, senior vice president of its computer unit. (Corrects sales support team size to 500) REUTER 

GREAT ATLANTIC AND PACIFIC TEA CO INC <GAP> DIV

Qtly div 10 cts vs 10 cts prior Payable May one Record April 15 Reuter 

GARTNER GROUP <GART> ACQUIRES COMTEC PROGRAM

Gartner Group Inc said it acquired sole ownership of the COMTEC Market Research Program. Gartner said its wholly-owned subsidiary purchased the interests of its former partners for an aggregate price of 1,125,000 plus a percentage of net sales proceeds on future sales of certain products. Prior to the acquisition, Gartner Group owned one-third in the COMTEC partnership, it said. Reuter 

U.S. CAR SALES DOWN 3.9 PCT IN MID-MARCH

Sales of U.S.-made cars during mid-March, the traditional start of the spring selling season, dropped 3.9 pct behind last year's level, analysts say. Automakers sold about 204,000 cars in the March 11-20 selling period, 10,000 fewer than last year. Analysts said the decline may auger poorly for the rest of the spring season. Buyers shied away from the showrooms of American Motors Corp <AMO>, the target of a 1.5 billion dlr takeover bid from Chrysler Corp <C>. Analysts said consumers were anxious about the whether Chrysler will retain some American Motors models, causing a 62 pct drop in American Motors sales in mid-March. Chrysler's mid-March sales fell 3.6 pct. "During the spring selling season, you usually look for some kind of seasonal uplift in sales. It doesn't look like it's happening," said Joseph Philippi, analyst with E.F. Hutton and Co. "There may be less bloom to the spring selling season this year than last," one auto company official conceded. General Motors Corp <GM>, still working to regain consumer interest in its cars, led the drop with a 14.8 pct decline. Ford Motor Co's <F> sales increased 15.2 pct for the period. But analysts said the rise compares to a 1986 period for Ford, leaving it down 10 pct in two years. "The total industry (mid-March sales) was slightly less than expected," the company official said. American Motors' decline caught analysts eye. "American Motors took it on the chin--big," said Philippi. Given the prospective takeover by Chrysler, "people might be a little leary about going to (American Motors) dealers," he said. American Motors sold 790 domestic cars in the period, meaning each of American Motors 1,050 dealers "is selling a car about every other day," Philippi said. Potential American Motors buyers are afraid their car models "might disappear," he said. Chrysler, in its purchase agreement with American Motors' majority stockholder <Renault>, has agreed not to undercut sales of American Motors' new Medallion and Premier cars, made by Renault. On a company by company basis, sales of U.S. made cars from the March 11 to 20 period were--GM 105,438, down 14.8 pct, Ford 67,672, up 15.2 pct, Chrysler 30,909, down 3.6 pct, American Motors 790, down 6.2 pct, American Honda 7,447 compared with 5,031, Nissan Motor Corp, 3,358, up 10.7 pct, Volkswagon U.S. Inc 1,330, down 35 pct. Reuter 

RESORTS INT'L <RT.A> RECEIVES TAKEOVER OFFER

Resorts International Inc said it received a proposal from <KSZ Co Inc> under which holders of Resorts class B stock would receive 140 dlrs a share in cash and one share of common stock in a new company to be formed through the takeover. Under the offer, Resorts said holders of its class A shares would receive 15 dlrs a share in cash and three shares of common stock in the new company. Resorts said the offer from KSZ calls for a merger of Resorts with RI Acquisition Co Inc, a newly formed Delaware corporation. Resorts said that prior to the merger, RI Acquisition would be capitalized with about 100 mln dlrs of debt and about 220 mln dlrs of equity. It said 200 mln dlrs of the equity would be in the form of special preferred stock. The KSZ offer, Resorts said, indicates that KSZ has a commitment from <M. Davies Cos> to buy all of the special preferred stock. Resorts said the offer will expire at 1700 EST on March 27. It said it asked its investment advisor, Bear, Stearns and Co, to advise its board on the offer. Earlier this month, the estate of James M. Crosby and certian members of his family agreed to sell their class B shares to New York real estate tycoon Donald Trump for 135 dlrs a share. The estate and family members hold 78 pct of the 752,297 class B shares outstanding. Trump also agreed to pay 135 dlrs a share for the remaining class B shares outstanding. Resorts also has about 5,680,000 shares of outstanding class A stock. These shares carry one one-hundredth the voting power of the class B shares. Trump's offer beat out a rival bid of 135 dlrs a share made by Pratt Hotel Corp <PRAT>. Resorts said that under the proposal made by KSZ, existing class A and class B shareholders would control about 96 pct of the outstanding common of the new company formed to acquire Resorts. Resorts said the new company, upon completion of the merger, would hold the 220 mln dlrs of debt and that the special preferred stock would immediately be converted into exchangeable participating preferred of the new company. This preferred, Resorts said, would pay a dividend based on the net cash flows from the new company's Paradise Island operations. A Resorts spokesman said the KSZ offer was made in a two-page letter and that Resorts could not comment on it because it did not contain enough information. Resorts has asked Bear, Sterns to obtain complete data, he said. The spokesman said Resorts is not familiar with KSZ but that it believes the company is controlled by Marvin Davis, the Denver oilman. Calls to Davis were referred to Lee Solters, who handles public relations for Davis. Solters, said to be travelling, was not immediately available for comment. Donald Trump was also unavailable for comment, as was a spokesman for the Crosby estate. Reuter 

CITICORP <CCI> SEES DOUBLING IN RETAIL BANK NET

Citicorp expects net income in its individual banking sector to top one billion dlrs by 1993, compared with 462 mln dlrs in 1986, said Richard Braddock, head of Citicorp's individual banking division. "We can double our earnings over the next five to seven years," he told a banking analysts meeting, adding that this forecast may be on the conservative side. He said that bank card operations and the New York branch system would continue to turn in hefty profits but also picked out other developing areas, such as U.S. mortgage and international consumer, as major potential earners. Braddock and his sector heads made the following more specific predictions: - Cost of funds and net credit loss levels in the U.S. bankcard unit will taper off in coming years from 1986's relatively inflated levels. - Customer net revenue in the mortgage banking area will rise to 464.7 mln dlrs in 1987 from 374.3 mln in 1986. - The international consumer business will show 22 pct compound annual growth in earnings between 1986 and 1992. - Private banking earnings will hit 100 mln dlrs in 1987 and top 200 mln dlrs in 1992. Reuter 

WD-40 CO <WDFC> 2ND QTR FEB 28 NET

Shr 35 cts vs 40 cts Net 2,642,000 vs 3,017,000 Sales 19.1 mln vs 18.9 mln Six Mths Shr 69 cts vs 70 cts Net 5,178,000 vs 5,299,000 Sales 35.6 mln vs 33.8 mln Reuter 

NASD TO BEGIN SEARCH FOR NEW PRESIDENT

The National Association of Securities Dealers, which will launch a search for a new president later this week, will probably concentrate on candidates with an extensive background in the financial markets, officials of the organization said today. Gordon Macklin, 58, who has served as president for 17 years, today announced his decision to leave the organization of 6,658 broker-dealers. Macklin will join Hambrecht and Quist as chairman and co-chief executive officer. Association chairman Joseph Hardiman will appoint a search committee later this week. The committee will have its first meeting as early as next week. The new president is expected to be someone knowledgable about the over-the-counter markets and committed to the concept of self-regulation. Macklin joined the association as president in 1970, leaving a position at McDonald and Co. The National Association of Securities Dealers Automated Quotations System, which currently lists 5200 securities of 4400 companies, was ushered in 10 months after Macklin's arrival. Reuter 

BRAZIL COMPUTER MARKET TO REMAIN CLOSED-MINISTER

Brazilian Science and Technology Minister Renato Archer said Brazil will keep its computer market closed to foreign goods in order to give its own infant industry time to develop. "Every country establishes laws to protect its interests. The United States closed their borders at a certain stage to some foreign goods and therefore protected its industrial development. Now it is time for Brazil to do likewise," Archer said at the opening of a national software conference. After several meetings, Brazil and the U.S. Have made no major progress in their computer row, which they have been trying to resolve for the past 18 months. The Reagan administration has objected to Brazil protecting its computer industry from imports. Reuter 

METALBANC IN OFFERING

Metalbanc Corp said signed a letter of intent for a proposed public offering of one mln units, consisting of four shares of common stock and stock purchase warrants for two additional shares. The units are expected to be sold at between five dlrs and 6.50 dlrs per unit. Reuter 

NORTHERN INDIANA PUBLIC SVC <NI> AGAIN OMITS DIV

Northern Indiana Public Service Company said it again omitted its quarterly common stock dividend which would have been payable in May. NIPSCO said it has not paid a qtly dividend since December 1985 following an adverse decision by the Indiana Supreme Court denying amortization of about 191 mln dlrs NIPSCO invested in its Bailly N-1 project. Reuter 

FED'S JOHNSON SAYS DOLLAR STABILIZED AFTER FED TOOK APPROPRIATE ACTION

FED CHAIRMAN VOLCKER SAYS BANK PROPOSALS A WORRY

The chairman of the Federal Reserve Board, Paul Volcker, has written to the chairman of the House Banking Committee to raise concerns about legislative proposals scheduled for consideration Wednesday. Volcker told committee chairman Fernand St. Germain a proposal to deny primary dealer status to firms from countries that do not grant U.S. firms equal access to their government debt markets might invite retaliation against U.S. firms abroad. He added, "even Japan, against whom this proposal seems to be particularly directed," has started opening its markets. In his letter, made available at the Treasury, Volcker also said a proposal to ease debt problems of developing countries by setting up a public facility to buy their debts owed to commercial banks, was a problem. "I believe that the prospect of debt relief would undermine the difficult internal efforts of the borrowing countries to achieve the structural reform that is needed regardless of the policies that are followed on servicing external debt," Volcker said. It might also cause private lenders to become reluctant to extend more credit to the borrowing countries, he said. Volcker said he endorsed comments by Treasury Secretary James Baker "about the inappropriateness of using public resources for purchasing private commercial bank debt, which we both see as an inherent aspect of the proposed international debt facility." He also said a proposal for establishing formal procedures for international negotiations on currency exchange rates "is unrealistic and could well have damaging effects." "For example, the bill's directive to intitiate negotiations in order to achieve a competitive exchange rate for the dollar -- a matter upon which there can be considerable difference among analysts -- runs the risk of building up potentially destabilizing market expectations," Volcker said. He recommended "we should not lock ourselves into formalized procedures for international negotiations" on exchange rates but instead use other, more flexible means like the recent mmeting in Paris between U.S. treasury and central bank representatives and those of major trade allies. Reuter 

BORMAN'S INC <BRF> DECLARES QTLY DIVIDEND

Qtly div five cts vs five cts prior Pay June 15 Record May 18 Reuter 

INTERLEUKIN-2 <ILTO> DETAILS WARRANT CONVERSION

Interleukin-2 Inc said the registration of warrants became effective March 20 and that 3.5 mln warrants will be convertible into 1.75 mln shares of the company's common stock, giving the company a maximum of 2.4 mln dlrs. The warrants must be exercised by June 22. Reuter 

U.S. CORN ACREAGE SEEN NEAR RECORD LOW

U.S. corn acreage this year is likely to drop to the lowest level since the unsurpassed acreage reductions of the 1983 PIK year and could rank as one of the lowest corn plantings in the United States in sixty years, Agriculture Department officials said. USDA releases its official plantings report on March 31. Agriculture Department analysts said next week's figures will likely show a sharp drop in acreage to as low as 65 mln acres, down 22 pct from last year's plantings of 83.3 mln acres. Assuming an 18 mln acre drop in plantings, U.S. corn production will also decrease significantly. Analysts said 1987 corn production could drop by over one billion bushels to around seven billion bushels. Expected signup of up to 90 pct in the 1987 feed grains program, along with 1.9 mln acres enrolled in the conservation program, will cause acreage to plummet, Department feedgrain analysts said. "There's no question that there will be a sharp decrease in corn acreage," one said. "It's difficult for any farmer to not go along with the program this year." Soybean acreage is also expected to decline this year but at a much slower rate of around four pct, USDA analysts said. Soybean plantings could drop to 59 mln acres or below, they said, compared to last year's level of 61.5 mln acres. If analysts' unofficial estimates prove correct then the drop in u.s. corn acreage will be the largest since 1983 when farmers idled 22 mln acres in the Payment-In-Kind program. Farmers planted only around 60 mln acres of corn in 1983. A severe drought that summer in major producing states caused yields to tumble and final crop production to total only 4.2 billion bushels. Given normal weather conditions this year, USDA analysts said the 1987 corn crop could end up around seven billion bushels, down from last year's crop of 8.3 billion bushels. "This kind of acreage reduction will mean a significant reduction in production," an analyst said. A crop of seven billion bushels is close to the annual U.S. corn usage, so surplus stocks, while not decreasing, would not increase significantly, a specialist said. High producing corn belt states are expected to show the greatest acreage reductions, based upon historical participation in government programs, analysts said. In contrast, soybean acreage is likely to be cut the most in marginal producing areas of the southeast and the western corn belt, a USDA soybean analyst said. "Soybean acreage in the eastern corn belt will not budge," he said. Neither does he expect any significant acreage cuts in higher-producing delta areas. Soybean production could drop fractionally from last year's 2.0 billion bushels to 1.8 to 1.9 billion, he said. U.S. soybean acreage, after soaring to 71.4 mln acres in 1979 from only 52 mln acres five years prior to that, has steadily declined in the 1980's. U.S. corn acreage, with the exception of 1983, has been in the low to mid 80-mln acre range for the past 10 years. The highest corn plantings reported in the 60 years that USDA has kept such records was in 1932 when farmers planted 113 mln acres and obtained average yields of 26.5 bushels per acre. Last year U.S. farmers obtained record corn yields averaging 119.3 bushels per acre. "We have absolutely no trouble producing an eight billion bushel crop on only 80 mln acres or so," an analyst said. Corn acreage will probably level at around 65 mln acres as long as government program provisions remain the same, analysts said. Currently farmers enrolling in the program are required to set aside 20 pct of their base acreage and then are eligible for payments of two dlrs per bushel by idling an additional 15 pct of their acreage. "To get to the PIK level of 60 mln acres, we would have to provide more incentives," an analyst said. Reuter 

KIRSCHNER <KMDC> COMPLETES PURCHASE

Kirschner Medical corp said it completed the acquisition of Minnesota Mining and Manufacturing's <MMM> orthopedic metal implant line division. The acquisition price is 12.0 mln dlrs in cash, a six mln dlr three year note and 100,000 shares of Kirschner common stock. The division had sales of 11.3 mln dlrs in 1986. Reuter 

U.S. SENATORS SEEK TO EXPAND USDA EXPORT BONUS

Leading U.S. farm state senators are seeking to insert into the Senate's omnibus trade bill a provision that would broaden eligibility requirements under the U.S. Agriculture Department's export enhancement program, EEP, to include traditional buyers of U.S. farm products, including the Soviet Union, Senate staff said. Under existing criteria, USDA can offer EEP subsidies to recoup export markets lost to competing nations' unfair trading practices. Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.) is leading a group of farm state senators in an effort to broaden the criteria in such a way as to enable Moscow to be eligible for the subsidies, sources said. The senators -- including Senate Finance Committee Chairman Lloyd Bentsen (D-Tex.), Max Baucus (D-Mont.), David Pryor (D-Ark.), John Melcher (D-Mont.) and Thad Cochran (R-Miss.) -- also may fold into the trade bill a measure to shield pork producers and processors from Canadian imports. The measure, sponsored by Sen. Charles Grassley (R-Iowa), would clarify the definition of "industry" in determining whether or not imports were causing injury to U.S. producers. Grassley's bill stems from a 1985 decision by the International Trade Commission that imports from Canada of live swine -- but not fresh, chilled and frozen pork -- were harming U.S. producers. The bill's proponents have argued Canada has simply replaced shipments of live hogs with fresh pork. Reuter 

FED'S JOHNSON SAYS FED ACTED TO STABILIZE DOLLAR

Federal Reserve Board Vice Chairman Manuel Johnson said the dollar has stabilized against other currencies after action taken by the Fed. "We have taken the appropriate action and the dollar has stabilized," Johnson said after testifying to a House Banking subcommittee. He did not elaborate on the nature of the action nor when it was taken, but said that it was in the spirit of the agreement reached by six industrial nations in Paris recently. Johnson said the dollar's decline against other currencies such as the Japanese yen has been gradual. Since the accord by the United States, Britain, West Germany, Japan, France and Canada, foreign exchange markets have been closely watching for indications of intervention by central banks to determine the committment by those nations to their agreement. The nations agreed that currency exchange rates were at about the correct levels when the pact was signed earlier this year. Reuter 

XOMA <XOMA> FILES FOR PUBLIC OFFERING

Xoma Corp said it filed a registration statement with the Securities and Exchange Commission covering a proposed public offering of 1.3 mln common shares. Xoma, a biotechnology company which produces monoclonal antibody-based products to treat some forms of cancer, said proceeds will be used to fund research and product development, human clinical trials and the expansion of manufacturing capacity and working capital. It said Dillon Read and Co Inc and Alex Brown and Sons Inc will manage the underwriting. Reuter 

REPUBLIC AMERICAN <RAWC> PLANS EXCHANGE OFFER

Republic American Corp said it began an offer to exchange a new issue of 9-1/2 pct subordinated debentures due 2002 for a portion of its common stock. Republic said it is offering to acquire its stock at a rate of 17.50 dlrs principal amount of debentures per common share. The offering, which expires on April 27 unless extended, is for up to 2,250,000 shares, with the company reserving the right to accept three mln shares, Republic also said. Reuter 

MARYLAND NATIONAL <MDNT> SEES NEW NAME

Maryland National Corp, the parent of Maryland National Bank which earlier this month merged with American Security Bank, said its shareholders will vote on a new name for the regional bank holding company at its April 29 annual meeting. It said MNC Financial Inc is the proposed new name for the parent company. The banks merged on March 16, and have combined assets of about 14 billion dlrs. Maryland said the new name only will be used for the parent and it does not plan to change the names of Maryland National Bank, American Security Bank or non-bank affiliates. Reuter 

VENEZUELA TO ANNOUCE PARTNER FOR COAL VENTURE

Petroleos de Venezuela S.A will announce within two weeks the name of a foreign consortium it has chosen to help exploit the coal deposits at Guasare in western Zulia state, PDVSA president Juan Chacin Guzman said. Chacin told reporters the foreign partner will provide capital as well as technical and marketing expertise to the Carbozulia project, which the state oil company will manage. PDVSA officials said that among those who bid for the partnership is a consortium between Agip Carbone, a subsidiary of Italy's Ente Nazionale Idrocarburi (ENI), and Atlantic Richfield <ARC> of the United States. Minister of Energy and Mines Arturo Hernandez Grisanti said discussions are currently taking place to finalize the terms of the contract with the foreign partner. PDVSA vice-president Pablo Reimpell said last week the first shipment of coal from the Carbozulia project should be made during the final quarter of 1987, and would measure between 100-150,000 metric tons. Plans call for production to eventually reach 500,000 mt annually. Reimpell said the original investment in the project will be approximately 8 billion bolivars. Reuter 

GOTTSCHALKS INC <GOT> 4TH QTR NET

Shr 37 cts vs 50 cts Net 2,776,000 vs 2,756,000 Sales 46.9 mln vs 38.8 mln Avg shrs 7,508,000 vs 5,550,000 Year Shr 58 cts vs 55 cts Net 4,021,000 vs 3,005,000 Sales 125.9 mln vs 112.8 mln Avg shrs 7,090,000 vs 5,500,000 Reuter 

BORG-WARNER SAYS IT DISCUSSED POSSIBLE TAKEOVER WITH IRWIN JACOBS

CYCLOPS CORP SAYS CYACQ'S AMENDED OFFER RESTATES ORIGINAL CONDITIONS

U.S. SUGAR QUOTA MAY BE EASED, CONGRESSMAN SAYS

The United States may soon ease its 1987 sugar import quota of one mln short tons by bringing forward to the third quarter some shipments scheduled for the fourth quarter of 1987, Jerry Huckaby, a leading Congressman representing sugar growers told Reuters in an interview. Huckaby, a Louisiana Democrat and chairman of the House subcommittee which deals with the sugar program, indicated the easing of the quota might be a way to calm the concern about the impact of the severe cut in U.S. sugar imports this year. "With imports coming down from 1.8 mln (last year) to one mln, there is legitimate concern about the impacts on Caribbean countries and the Philippines," Huckaby said. By bringing forward to the third quarter some imports, the quota would effectively be eased by about 250,000 tons. Huckaby said by simply bringing forward to the third quarter of the year sugar imports scheduled for the September to December period "we could get away without having to increase the quota." He noted that some in the sugar industry believe an increase in the quota is justified. Earlier this month, representatives of U.S. cane sugar refiners met with U.S. Agriculture Department officials to request a quota increase of at least 200,000 tons. The refiners said the increase is needed because the quota is so restrictive there could be some spot shortages of sugar in the U.S later this year, a refiner spokesman said. However, the official slaid the USDA replied only that it would consider the request. Following the refiners' request, representatives of the Florida sugarcane producers met with USDA to express opposition to any quota expansion, industry sources said. The statement by Huckaby, who as a representative from a sugar growing district in Louisiana is a leading architect of the current sugar program, indicates at least some grower officials are concerned enough to support an easing of the import quota, industry officials said. Any final decision on easing the quota must be made by the Reagan administration's interagency sugar policy group. Asked about possible quota changes, A USDA official said "As far as I know, changing the quota volume or the quota year is not under active consideration." Reuter 

MOBIL <MOB> UNIT NAMES GROUP PRESIDENT

Montomgery Ward and Co, a subsidiary of Mobil Corp, said it named John Weil as president of its Apparel Group, replacing Richard Bourret, who has resigned. It said Weil has been a consultant to the company since 1986. Reuter 

SONY <SNE> TO SHIP SAMPLE OPTICAL DISKS

Sony Corp said it plans to begin shipping samples in the fall of a 130 millimeter erasable magneto-optical disk system used for data storage. It said it estimates the cost of the sample drives will be one mln yen with sample media costing 30,000 yen. Sony said it will ship samples to potential customers in Japan or overseas depending on demand. Sony said the product's development stems from continued progress in key technologies such as newly structured recording layers using a polycarbonate base and high power lasers with high-speed data transfers, among other things. Reuter 

CALIFORNIA MICROWAVE <CMIC> TAKES 3RD QTR CHARGE

California Microwave Inc said it will take non-recurring charges of 9.7 mln dlrs to pre-tax earnings in the third quarter ended March 31. The company said earnings from operations in the second half, ending June 30, 1987, excluding the charges, are expected to be in the break-even range. In the second half of 1986 net earnings were 2,297,000 dlrs, or 29 cts per share. The company said the charges relate to its telecommunications products area and three other areas. California Microwave previously estimated the write-downs in the six to eight-mln-dlr range. It said it will add to that a reserve for investment losses in Argo Communications Corp. Also to be included in the write-down are charges against its advances to an Arizona-based communications electronics firm the company has an option to acquire, it said. In addition, accruals are being made for costs associated with the company's reduction in its Sunnyvale work force. California Microwave said the write-downs should have a nominal cash impact, as the company already has paid for the assets being written down. Reuter 

CRS SIRRINE PLANS MAJOR RESTRUCTURING, WRITE OFF OF UP 43 MLN DLRS

H.F. AHMANSON AND CO <AHM> QTLY DIVIDEND

Shr 22 cts vs 22 cts prior qtr Pay June one Record May 12 Reuter 

BORG-WARNER <BOR> TELLS OF TALKS WITH JACOBS

Borg-Warner Corp said it has had discussions with Irwin Jacobs on his interest in the possibility of Minstar Inc <MNST>, a Jacobs controlled company, being given access to certain non-public information about Borg-Warner. In late February, an investor group headed by Jacobs offered 44 dlrs a share, or 3.29 billion dlrs, to take over Borg-Warner. Borg-Warner said it advised Jacobs that before its board would give Minstar access to company records Minstar would have to provide satisfactory evidence that sufficient financing was committed to carry out whatever transaction was proposed. A Borg-Warner spokesperson said the discussions with Jacobs and other Minstar officials focused on terms and conditions under which the company would consider granting Minstar access to the information it was seeking. The Borg-Warner spokesperson said the company has not been able to reach an agreement with Minstar, and Borg-Warner has not granted Minstar access to any records. There can be no assurance that there will be further discussions with Jacobs or that any agreement will be reached, the company added. Reuter 

CANADA VOWS TO FIGHT U.S. POTASH ACTION

External Affairs Minister Joe Clark today vowed to do everything possible to fight the U.S. action against Canadian potash exports, but also warned against raising the alarm too early in the dispute. In the latest flashpoint in Canadian-U.S. trade relations, the U.S. International Trade Commission ruled unanimously Monday that Canadian potash shipments valued at 270 million U.S. dlrs last year were injuring the U.S. industry. "We certainly intend to do everything we can to insure that Canadian interests are well protected," Clark told the House of Commons in the daily question period. But he said the opposition parties should be careful "not to raise false alarms too early." The case now goes before the U.S. Commerce Department's trade division to determine if a duty should be imposed. Potash producers from New Mexico, claiming unfair government subsidies, are seeking a 43 pct tariff on Canada's shipments. Canada, the world's largest potash producer, exported 9.8 mln metric tonnes of potash last year, with nearly a third going to the U.S. Most of the potash, used in the production of fertilizer, comes from provincially owned mines in Saskatchewan. In the Commons, Liberal member Lloyd Axworthy branded the ruling as just another "trade harrassment" from the U.S. and criticized Clark's assurances the country's interests would be protected. "We received exactly the same kind of assurances in the softwood lumber case that was totally fumbled and bumbled," Axworthy said. Canada's Progressive Conservative government agreed to impose a 15 pct duty on its softwood lumber exports earlier this year to end a long and bitter bilateral trade dispute with the U.S. Axworthy urged the government to present Canada's case to world trade authorities under the General Agreement on Tariffs and Trade. But Clark maintained the potash dispute was another example of why Canada needs to find a new way to settle bilateral irritants in the free trade negotiations under way with the U.S. "What we are seeking to do is put in place a better system," Clark said. Meanwhile, Saskatchewan Trade Minister Bob Andrew expressed confidence Canada would win its case, claiming the problem stems from low international commodity prices and not government subsidies. "The reality of the problem and the injury is caused worldwide," he said. "It's caused by a downturn in the commodity price for fertilizer, whether it's potash fertilizer, nitrogen fertilizer or whatever." Reuter 

TRINTOC, UNION CARBIDE TO BUILD METHANOL PLANT

Trinidad and Tobago is finalizing arrangements with Union Carbide <UK> of the United States and Snamprogetti of Italy for the construction of a 1,500 tonnes per day methanol plant, Energy Minister Kelvin Ramnath said. Ramnath said the ministry is now holding talks with Union Carbide on the price of natural gas to be used in the plant, which will be constructed near the Trinidad and Tobago oil company (Trintoc) refinery at Point Fortin on the west coast. Snamprogetti built the first methanol refinery on trinidad five years ago. Trintoc is likely to put up land, refinery plant and machinery as equity. If negotiations go smoothly, ramnath said, construction could begin by next january. The government of prime minister A.N.R. Robinson is hoping to lue new investors to the twin-island state's petrochemical industry, in order to make use of new findings of natural gas. Reuter 

ORMAND INDUSTRIES <OMD> UNIT TO REPAY DEBT

Ormand Industries INc said its General Can Co Inc unit has finalized all transactions needed to repay about 3.3 mln dlrs of past-due accounts to its unsecured lenders. The plan calls for payment of about 1.5 mln dlrs in cash and the issuance of a new class of preferred stock by Ormand Industries. The company said it anticipates full distribution to the creditors during March. Reuter 

VOLCKER CALLS DOLLAR SLIDE ENOUGH

Federal Reserve Board Chairman Paul Volcker said that the dollar's slide in currency markets has been enough, a Fed spokesman said. The spokesman confirmed that Volcker, who spoke to a group of financial analysts, said in answer to a question about the dollar's recent slide that "enough is enough." Volcker has often expressed concern about the dollar falling too rapidly in currency markets. Reuter 

NASDAQ MARCH SHORT INTEREST WAS 184.9 MLN SHRS VS 215.7 MLN SHARES IN FEBRUARY

RB INDUSTRIES <RBI> COMPLETES STORE SALES

RB Industries Inc said it completed the sale of its W and J SLoane Division to Laurence Crink Jr and a group of investors. The definitive agreement provides for a closing on April 1, 1987. The division consists of four W and J Sloane furniture store in Los Angeles and Orange counties. RB Industries also said it recently secured a five-year 8.573 pct secured 9.9-mln-dlr loan on its Irvine property from a major institution. Proceeds will be used to retire existing bank debt, for working capital and to retire a portion of its outstanding 12 pct debentures. Reuter 

TRAVELERS <TIC> UNIT SELLS MORTGAGE CERTIFICATES

Travelers Mortgage Services Inc, a unit of Travelers Corp, is issuing nearly 75.2 mln dlrs of mortgage pass-through certificates, said sole manager Morgan Stanely and Co Inc. The certificates have a 6-1/2 pct coupon and initial price of 89.6 for a bond equivalent yield of 8-1/2 pct. Morgan said the certificates will be reoffered at various prices and have an average life of 9.6 years. Principal and interest will be payed each month beginning May 25. Standard and Poor's is expected to rate the certificates AA, Morgan said. Reuter 

NASDAQ SHORT INTEREST IN MARCH FALLS

NASDAQ said short interest as of mid-march totaled 184.9 mln shares compared to 215.7 mln shares for the month of February. NASDAQ said the mid-March figures are based on 3,983 securities and the February figures are based on 3,842 securities. Reuter 

GOLDMAN SACHS SELLS SIGNET <SBK> UNIT NOTES

Goldman, Sachs and Co, acting as lead manager, said it is offering 100 mln dlrs of deposit notes due 1992 that it purchased from Bank of Virginia Co, a unit of Signet Banking Corp. The notes have a 7-1/2 pct coupon and were priced at 99.75 to yield 7.56 pct, or 74 basis points more than comparable Treasury securities. Non-callable to maturity, the issue is rated Aa-2 by Moody's Investors Service Inc. L.F. Rothschild co-managed the deal. Reuter 

NMS PHARMACEUTICAL <NMSI> SETS NEW BLOOD TEST

NMS Pharmaceuticals Inc said it has launched a new over-the-counter urinary blood test that will be sold through drugstores soon. The test, called EZ Detect Urinary Blood Test, detects minute amounts of blood in the urine that cannot be detected by the naked eye. It has been approved by the Food and Drug Administration. Reuter 

AMERICAN CAN <AC> SELLS CONVERTIBLE EUROBONDS

American Can Co said it is issuing in the Euromarkets 175 mln dlrs of convertible Eurodollar bonds due 2002 with a 5-1/2 pct coupon and par pricing. The Eurobonds are convertible into the company's common stock at 66.75 dlrs per share, representing a premium of 27.5 pct over today's closing stock price, American Can said. Proceeds will be used for general corporate purposes, which could include refinancing outstanding debt, business acquisitions or investments. The debt is being offered via a syndicate managed by Morgan Stanley International, Credit Suisse First Boston and Salomon Brothers International. Reuter 

GENCORP <GY> TAKEOVER GROUP CANCELS HEARING

The investor group seeking to acquire GenCorp Inc said it agreed to cancel a court hearing after GenCorp withdrew three proposals that, if approved, would have made it more costly and difficult to acquire the Akron, Ohio-based company. Earlier today GenCorp said it will not ask shareholders to approve an increase in the number of its outstanding shares, the election of a staggered board of directors and the elimination of cumulative voting. However, the group said it will continue to try to block GenCorp's poison-pill provision. The group, a partnership of AFG Industries Inc <AFG> and <Wagner and Brown>, was to go to court on March 27 to block GenCorp for having the three proposals voted on by shareholders at its annual meeting. GenCorp said it withdrew the proposals so that it could focus its attention on the takeover offer. The takeover partnership said it has asked to meet with GenCorp to negotiate a repeal of the company's poison pill plan. Reuter 

GENCORP <GY> FIXES RIGHTS SEPARATION DATE

Gencorp Inc said that because it is continuing to evaluate General Acquisition Inc's tender offer it has fixed April 3, subject to further extension, as the date the rights to purchase preferred shares will trade separately from the common stock as a result of the tender offer. This extension of the expiration date is conditioned on no person acquiring beneficial ownership of 20 pct or more of Gencorp's common stock prior to April 3, it said. Gencorp said it could distribute the rights certificates to shareholders 10 to 30 days after the March 18 acquisition offer was made. However, rather than leaving the expiration date in a range, the board decided to set April 3 as the day it will distribute the preferred share purchase rights. Reuter 

CANADA ENERGY MINISTER TO MAKE STATEMENT

Canadian Energy Minister Marcel Masse will hold a news conference at noon est Wednesday, following a meeting with his Alberta counterpart, Neil Webber, his office announced. Published reports in Canada, quoting government sources, said Masse will announce a major aid package for the province's struggling energy industry. An unidentified Alberta member of Parliament said the plan will include drilling incentives and tax measures. Reuter 

AMERICAN INTERNATIONAL <AIG> SELLS AFRICAN UNIT

American International Group Inc said it sold its South African subsidiary, American International Insurance Co Ltd, to Johannesburg Insurance Holdings Ltd, a holding company owned by a consortium of shareholders led by Rand Merchant Bank. Terms were not disclosed and company officials were unavailable for comment. With the conclusion of the sale, American International has entirely divested itself of its holdings in South Africa. Reuter 

OXFORD INDUSTRIES INC <OXM> 3RD QTR FEB 27

Shr 25 cts vs 21 cts Net 2.8 mln vs 2.3 mln Revs 135.0 mln vs 119.0 mln Nine months Shr 80 cts vs 70 cts Net 8.9 mln vs 7.7 mln Revs 407.7 mln vs 403.7 mln Reuter 

UNION TAKES AMERICAN AIRLINES TO COURT

The Association of Professional Flight Attendants announced today that it was seeking a court order prohibiting any additional actions by AMR Corp's American Airlines restricting the right of its members to communicate with the public. Patt A. Gibbs, president of the 10,000-member APFA, said the union took the action following the firing of 17 flight attendants who had been handing out information brochures at American's terminals at the Dallas-Fort Worth airport. The union has been negotiating for a new contract with the American Airlines for the past seven months. The union is seeking abolishment by the airline of a two-tier wage system for flight attendants. Gibbs said at a press conference today that American had fired seven flight attendants "on the spot" last Sunday, and by Monday a total of 17 had been fired. Reuter 

PORTUGAL MAY HAVE PURCHASED U.S. CORN

Portugal may have purchased a 30,000 tonne cargo at its tender today for up to 43,000 tonnes of number two yellow corn (14.5 pct maximum moisture) for arrival by April 30, shipment via Gulf ports, U.S. exporters said. Reuter 

TAIWAN TENDERING THURSDAY FOR U.S. CORN

Taiwan will tender Thursday, March 26, for a total of 356,000 tonnes of U.S. number two yellow corn (14.5 pct moisture) for various Sept/Dec shipments via Gulf or Pacific Northwest ports, U.S. exporters said. Reuter 

SRI LANKA TENDERING OVERNIGHT FOR WHEAT

Sri lanka will tender overnight for 52,500 tonnes of U.S., Canadian and/or Australian wheats for April 8/16 shipment, under the Export Enhancement Program if U.S. origin, U.S. exporters said. Reuter 

BRAZIL ANNOUNCES NEW PLANNING MINISTER

Brazil's new planning minister is Anibal Teixeira de Souza, the former head of a national welfare program, the government said. Teixeira replaces economist Joao Sayad, who last week became the latest victim of the turmoil in Brasilia over government economic policy. Sayad disagreed with Finance Minister Dilson Funaro, the most important minister for economic affairs, on a range of policy issues and submitted his resignation. Reuter 

<DIGIGRAPHIC SYSTEMS CORP> 4TH QTR OPER LOSS

Oper shr loss one ct vs loss seven cts Oper net loss 80,640 vs loss 787,738 Revs 933,183 vs 3,346,627 Avg shrs 6,122,378 vs 8,451,578 Year Oper shr loss 75 cts vs loss 1.10 dlrs Oper net loss 5,120,206 vs loss 9,288,996 Revs 5,846,962 vs 18,679,090 Avg shrs 6,805,951 vs 8,387,802 NOTE: Earnings exclude losses from discontinued operations of 178,437 dlrs, or three cts a share vs 154,767 dlrs, or two cts a share in the quarter and losses of 706,984 dlrs, or 10 cts a share vs 572,100 dlrs, or seven cts a share for the year 1986 year earnings exclude gain from early extinguishment of debt of 11,318,289 dlrs, or 1.66 dlrs a share Reuter 

BAYOU <BYOU> IN DEFINITIE MERGER AGREEMENT

Bayou Resources Inc said it reached an definite agreement to be acquired by Patrick Petroleum Co through a stock and cash transaction valued at six dlrs per Bayou share. Bayou also reported net loss of three cts or 23,024 dlrs for the fourth quarter compared with a net income of 10,128 dlrs or one cts a year. Revenues fell to 532,807 dlrs from 769,465 dlrs a year ago. For the year, Bayou reported a net loss of 14 cts or 116,793 dlrs compared to a net income of 23 cts or 203,372 dlrs. Revenues fell to 2.4 mln dlrs from 3.3 mln dlrs. Reuter 

APACHE <APA> FILES FOR 100 MLN DLR OFFERING

Apache Corp said it filed with the Securities Exchange Commission a 100 mln dlr convertible subordinated debenture offering. It said the offering will be underwritten by Smith Barney, Harris Upham and Co Inc, E.F. Hutton and Co Inc, Morgan Stanley and Co Inc, Dean Witter Reynolds Inc and Piper, Jaffray and Hopwood Inc and will provide a security convertible into Apache at any time prior to maturity in the year 2012 unless redeemed earlier by the company. In connection with the offering, Apache said preliminary results for the first two months of 1987 reflected a loss of about 600,000 dlrs, or three cts a share, on consolidated revenues of 33 mln dlrs. Reuter 

TRANSCONTINENTAL <TGP> FILES NEW OFFER

Transcontinental Gas Pipe Line Corp said that it is not willing to accept the Federal Energy Regulatory Commission's conditioned approval of its proposed offer of settlement dated May 13. Transco said it filed a revised settlement proposal which would permit it to become an open access transporter while restructuring gas sales services. The new offer includes a gas supply inventory charge to customers who fail to buy 60 pct of their annual contract quantities and 35 pct of their summer contract quantities. Reuter