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JAMES RIVER CORP <JR> SETS REGULAR PAYOUT | Qtrly div 10 cts vs 10 cts prior
Pay April 30
Record April 21
Reuter
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THREE D DEPARTMENTS INC <TDD> SETS PAYOUT | Class A qtly div 2-1/2 cts vs 2-1/2 cts prior
Class B qtly div 1-1/2 cts vs 1-1/2 cts prior
Pay May 8
Record April 24
Reuter
|
U.S. EXPORTERS REPORT 300,000 TONNES SOYBEAN MEAL TO IRAQ FOR SPLIT DELIVERY
| |
U.S. EXPORTERS REPORT 100,000 TONNES CORN SOLD TO ALGERIA FOR 1986/87 DELIVERY
| |
BFIM-SOVAC OFFERS BOND REDEMPTION | Banque de Financement Immobilier SOVAC,
BFIM-SOVAC, launched an offer to repurchase its 14.30 pct 1980
bond issue at a price of 2,180 francs per bond, a Paris Bourse
statement said.
The repurchase offer, managed by Lazard Freres et Cie,
opens April 10 and closes April 27. The 140 mln franc issue
comprised 70,000 bonds of 2,000 franc nominal value each.
Reuter
|
WORLD SUPPLY/DEMAND ESTIMATES ISSUED BY USDA | The U.S. Agriculture Department made
the following 1986/87 projections in its world Supply/Demand
report, with comparisons, in mln tonnes, except where noted --
Total World Grain
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Produc 1,682.31 1,686.11 1,663.69 1,663.70
Total
Supply 2,025.71 2,028.45 1,919.18 1,920.13
Trade-X 212.15 211.89 204.42 203.92
Usage 1,635.01 1,630.40 1,575.78 1,577.79
End Stks 390.70 398.05 343.40 342.34
X-Based on export estimate.
All Wheat 1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stks 137.05 136.48 125.54 125.87
Production 529.20 528.40 498.97 498.81
Imports 97.57 98.27 94.56 94.36
Feed Use 101.79 100.82 90.19 90.56
Total Domes 517.26 514.89 487.45 488.20
Exports 101.08 101.20 95.92 95.76
End Stocks 148.99 149.99 137.05 136.48
Note - World imports/exports may not balance due to differing
marketing years, grains in transit and reporting discrepancies.
Coarse Grain
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 181.64 181.10 107.80 108.40
Production 835.21 838.82 844.60 844.84
Imports 95.66 93.77 95.70 95.18
Feed Use 514.07 510.20 510.20 510.80
Total Domes 796.33 793.64 770.76 772.14
Exports 98.97 98.47 96.02 95.76
End Stocks 220.52 226.28 181.64 181.10
Note - World imports/exports may not balance due to differing
marketing years, grain in transit and reporting discrepancies.
Corn (Mln Tonnes)
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 123.08 123.11 61.09 61.75
Production 477.26 480.29 481.86 481.92
Imports 61.03 58.59 62.12 62.08
Feed Use 295.49 289.47 286.53 287.42
Ttl Domes 444.78 439.80 419.88 420.55
Exports 62.80 62.10 62.53 62.15
End Stocks 155.56 163.61 123.08 123.11
Note - World imports/exports may not balance due to differing
marketing years, grain in transit and reporting discrepancies.
Soybeans
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 23.03 22.84 17.59 17.58
Production 99.98 99.43 96.74 96.53
Imports 26.21 26.27 27.08 27.08
Crushings 79.69 79.33 76.16 76.15
Ttl Domes 97.53 96.40 92.36 92.34
Exports 26.45 26.43 26.02 26.01
End Stocks 25.23 25.71 23.03 22.84
Note - Imports and exports do not balance due to differing
marketing years and time lags between reported exports and
imports.
Soybean Meal
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 2.55 2.47 2.79 2.74
Production 62.71 62.40 60.09 60.09
Imports 23.47 23.49 23.48 23.47
Consumption 62.69 62.49 61.06 61.10
Exports 23.51 23.39 22.76 22.74
End Stocks 2.52 2.47 2.55 2.47
Note - Imports and exports may not balance due to differing
marketing years and time lags between reported exports and
imports.
Soybean Oil
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 1.61 1.51 1.37 1.36
Production 14.20 14.13 13.65 13.66
Imports 3.31 3.29 3.08 3.05
Consumption 14.02 14.03 13.33 13.40
Exports 3.33 3.35 3.15 3.16
End Stocks 1.78 1.54 1.61 1.51
Note - Imports and exports do not balance due to differing
marketing years and time lags between reported exports and
imports.
Cotton (Mln Bales)
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 45.87 48.14 42.70 43.11
Production 69.53 69.66 78.94 78.92
Imports 23.07 23.07 21.49 21.45
Mill Use 80.72 77.08 76.84 74.79
Exports 23.37 23.50 20.25 20.28
End Stocks 34.16 39.99 45.87 48.14
Note - Imports and exports may not balance due to cotton in
transit and reporting discrepancies in some countries.
Rice (Milled Basis)
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 24.71 24.75 22.16 22.16
Production 317.90 318.90 320.12 320.05
Imports 10.56 10.63 11.68 11.70
Dom. Use 321.41 321.87 317.58 317.46
Exports 12.11 12.22 12.49 12.39
End Stocks 21.19 21.78 24.71 24.75
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|
RAI RESEARCH <RAC> SEES LOWER SALE IN NEAR TERM | RAI Research Corp said it appears
that the reduced level of sales may continue for the near term.
Earlier, RAI reported that third quarter net declined to
17,806 dlrs on sales of 1.3 mln dlrs from net income of 328,290
dlrs on sales of 2.2 mln dlrs a year ago.
It said sales declined as a result of reduced sales of
permion battery separators to Japanese customers and it does
not know the duration or extent of these factors.
Reuter
|
ADAMS EXPRESS CO <ADX> MARCH 31 ASSETS | Shr 22.50 dlrs vs 21.74 dlrs
Assets 546.9 mln vs 485.2 mln
Shrs out 24.3 mln vs 22.3 mln
NOTE: lastest assets after capital gain distributions of 28
cts a share in February 1987 and 2.55 dlrs a share in December
1986
Reuter
|
PETROLEUM AND RESOURCES CORP <PEO> MARCH 31 | Shr 31.36 dlrs vs 25.23 dlrs
Assets 286.5 mln vs 253.0 mln
Shrs out 9,138,526 vs 8,839,695
NOTE: latest assets after capital gain distributions of 50
cts a share in February 1987 and 83 cts a share in December
1986, and with 29,955,000 stated value 1.676 dlr convertible
preferred stock outstanding.
Reuter
|
CORN SUPPLY/DEMAND BY COUNTRY -- USDA | The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of corn, by country, as follows in mln tonnes --
USSR CORN
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks N.A. N.A. N.A. N.A.
Production 12.50 12.50 14.40 14.40
Imports 8.00 6.00 10.40 10.40
Domes Use 20.50 19.50 24.40 24.40
Exports Nil Nil Nil Nil
End Stocks N.A. N.A. N.A. N.A.
N.A. - Not Available.
SOUTH AFRICA CORN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 1.20 1.20 1.87 1.87
Production 8.50 9.50 8.08 8.08
Imports Nil Nil 0.01 0.01
Domes Use 6.10 6.20 6.00 6.00
Exports 2.10 3.00 2.75 2.75
End Stocks 1.50 1.50 1.20 1.20
EC-12 CORN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 5.17 5.28 2.89 2.89
Production 25.00 25.03 25.70 25.78
Imports 10.69 10.61 12.82 12.82
Domes Use 28.20 29.00 29.46 29.60
Exports 7.91 7.94 6.78 6.61
End Stocks 4.75 3.98 5.17 5.28
ARGENTINA CORN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.52 0.39 0.39 0.39
Production 10.00 11.00 12.10 12.10
Imports Nil Nil Nil Nil
Domes Use 4.60 4.60 4.60 4.60
Exports 5.70 6.50 7.37 7.50
End Stocks 0.22 0.29 0.52 0.39
THAILAND CORN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 0.43 0.33 0.11 0.11
Production 4.10 4.10 5.35 5.15
Imports Nil Nil Nil Nil
Domestic Use 1.55 1.35 1.35 1.25
Exports 2.80 3.00 3.67 3.67
End Stocks 0.18 0.08 0.43 0.33
JAPAN CORN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 1.24 1.24 1.06 1.06
Production Nil Nil Nil Nil
Imports 15.50 15.44 14.55 14.55
Domes Use 15.51 15.45 14.37 14.37
Exports Nil Nil Nil Nil
End Stocks 1.24 1.24 1.24 1.24
Reuter
|
USDA REPORTS EXPORT SALES ACTIVITY | The U.S. Agriculture Department said
private U.S. exporters reported sales of 200,000 tonnes of
wheat to Jordan, 300,000 tonnes of soybean meal to Iraq and
100,000 tonnes of corn to Algeria.
The wheat for Jordan includes 165,000 tonnes of hard red
winter and 35,000 tonnes of soft red winter and is for delivery
during the 1987/88 marketing year.
The soybean meal sales to Iraq includes 180,000 tonnes for
delivery during the 1986/87 season and 120,000 tonnes during
the 1987/88 season, the department said.
The 100,000 tonnes of corn sales to Algeria are for
delivery during the 1986/87 season, it said.
The marketing year for wheat begins June 1, corn September
1, and soybean meal October 1.
Reuter
|
INTERNATIONAL AMERICAN <HOME> TO ACQUIRE COS | International American Homes Inc
said it entered into a conditional contract to acquire the
<Maione-Hirschberg Cos Inc> and affiliated entitles for 19 mln
dlrs.
International American, whose stock was halted on Nasdaq
earlier, said the purchase price is payable 12 mln dlrs in cash
and the balance in its own common shares.
Selling shareholders may earn an additional amount up to a
maximum of eight mln dlrs payable in cash based on the future
performance of the companies acquired during the three years
ending March 31, 1990, International said.
The acquisition is subject to certain conditions, such as
satisfactory results of due diligence investigations, the
company said.
Reuter
|
SONY CHAIRMAN FORECASTS LOWER PROFITS THIS YEAR | Sony Corp <SNE.T> chairman Akio
Morita said Sony's profits would be sharply down in 1987 as a
result of the dollar's decline.
Sony Corp posted net consolidated income of 41.89 billion
yen (290 million dollars) in 1986, 42.6 pct down on 1985's
73.02 billion yen (506 million dollars).
But Morita added that Japan would benefit from the strong
yen by saving on its energy import bill and he expected profits
to recover from 1988 onwards.
He was speaking to reporters at a sony factory opening
here.
Reuter
|
COARSE GRAIN SUPPLY/DEMAND BY COUNTRY -- USDA | The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of coarse grains, by country, as follows in mln
tonnes --
USSR COARSE GRAIN
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks N.A. N.A. N.A. N.A.
Production 103.30 103.30 99.99 99.99
Imports 12.00 10.00 13.70 13.70
Domes Use 112.30 112.30 111.99 111.99
Exports NIL NIL NIL NIL
End Stocks N.A. N.A. N.A. N.A.
N.A. - Not Available.
EC-12 COARSE GRAIN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 14.91 14.93 10.53 10.53
Production 81.22 81.19 88.21 88.28
Imports 16.58 17.26 18.29 18.24
Dom Use 79.64 81.27 82.38 82.55
Exports 19.90 19.96 19.73 19.56
End Stocks 13.18 12.15 14.91 14.93
EASTERN EUROPE COARSE GRAIN, mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 4.07 3.72 5.14 5.14
Production 73.95 74.50 68.28 68.38
Imports 4.90 4.47 5.58 5.26
Dom Use 73.04 73.23 72.65 72.77
Exports 3.55 3.55 2.28 2.28
End Stocks 6.34 5.46 4.07 3.72
JAPAN COARSE GRAIN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 2.32 2.23 1.91 1.91
Production 0.35 0.35 0.39 0.39
Imports 21.56 21.50 21.51 21.51
Dom Use 21.79 21.73 21.49 21.49
Exports NIL NIL NIL NIL
End Stocks 2.44 2.44 2.32 2.32
ARGENTINA COARSE GRAIN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.78 0.53 0.83 0.83
Production 13.99 15.44 17.06 17.14
Imports 0.02 NIL NIL NIL
Domes Use 7.73 7.75 7.76 7.87
Exports 6.60 7.73 9.43 9.58
End Stocks 0.46 0.49 0.78 0.53
CANADA COARSE GRAIN, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 6.19 6.19 4.66 4.61
Production 27.62 27.62 24.95 24.95
Imports 0.30 0.30 0.31 0.31
Dom Use 19.80 19.80 18.99 18.96
Exports 7.41 7.21 4.74 4.72
End Stocks 6.90 7.10 6.19 6.19
THAILAND COARSE GRAINS, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.49 0.38 0.16 0.16
Production 4.40 4.40 5.67 5.47
Imports NIL NIL NIL NIL
Domes Use 1.57 1.37 1.40 1.30
Exports 3.10 3.30 3.94 3.95
End Stocks 0.22 0.11 0.49 0.38
Reuter
|
AMR <AMR> AMERICAN AIR OFFERS TO SHIFT FLIGHTS | AMR Corp's American Airlines said it is
prepared to shift a total of 1,010 flights and add more than 33
hours a day in flying time to assist the process of reducing
flight delays in the nation's air transport system.
American said it proposes to make the changes on June 15 at
its two major conecting hubs, Dallas/Fort Worth and Chicago,
which have been the focal points for wide-ranging schedule
experiments by the airline over the past several weeks.
Reuter
|
EXPORT BONUS WHEAT FOR JORDAN --USDA | The Commodity Credit Corporation
(CCC) accepted eight bonus offers from two exporters on sales
of 190,000 tonnes of hard red winter and 35,000 tonnes of soft
red winter wheat to Jordan, the U.S. Agriculture Department
said.
The department said the bonuses awarded averaged 38.08 dlrs
per tonne and the wheat is for delivery May-November, 1987.
The bonus awards were made to Louis Dreyfus Corp (200,000
tonnes), and Continental Grain Co (25,000 tonnes) and will be
paid in the form of commodities from CCC stocks.
The purchases of U.S. wheat completes the Export
Enhancement Program initiative announced on December 31, 1986.
Reuter
|
ARGENTINE 1986/87 GRAIN OILSEED REGISTRATIONS | Argentine grain board preliminary
figures show 1986/87 crop export registrations of grains and
oilseeds in the week to April 8, were as follows, in tonnes,
compared with the previous week and the comparable week a year
earlier.
BREAD WHEAT nil nil nil
MAIZE 113,500 21,800 51,300
SORGHUM 13,600 nil 26,500
SOYBEAN 30,000 36,000 72,000
SUNFLOWERSEED nil nil 19,100
Cumulative figures export registrations for the 1986/87
crop to April 8, 1987, with comparative figures for the 1985/86
crop up to April 9, 1986, in brackets, were in thousands of
tonnes.
BREAD WHEAT 2,692,4 (4,161.0)
MAIZE 2,305.1 (5,200.0)
SORGHUM 220.5 (625.7)
SOYBEAN 561.3 (524.5)
SUNFLOWERSEED 45.7 (213.2)
REUTER
|
WINN ENTERPRISES <WNN> UNIT SELLS DAIRY | Winn Enterprises' Knudsen Foods Inc
said it entered an agreement to sell its Hawaiian dairy
operations to Foremost Foods Inc for 13 mln dlrs cash.
The company said the purchase price is subject to
adjustment and the entire transaction is subject to approval by
the U.S. Bankruptcy Court for the Central District of
California.
Reuter
|
INTERNATIONAL AMERICAN <HOME> SEES HIGHER REVS | International American Homes Inc
said it expects revenues for the year ending March 31, 1987 to
be approximately 145 mln dlrs.
It said it recorded 30 mln dlrs in revenues for the year
prior, and 115 mln dlrs pro forma revenues for the prior fiscal
year which includes the May 1986 acquistion of the Porten
Sullivan Group.
On a pro forma basis, International said revenues for the
year ended March 31, 1987, would be approximately 200 mln dlrs
if the proposed acquisiton of Maione-Hirschberg Cos Inc and
Diversified Shelter Group are consummated.
Reuter
|
NATIONAL BEVERAGE TO ACQUIRE FAYGO | <National Beverage Corp>
said it agreed to acquire privately held Faygo Beverages Inc
for an undisclosed amount of cash.
The company said Detroit-based Faygo, a soft drink maker,
has annual revenues of more than 100 mln dlrs.
National Beverage, which is also privately held, owns and
bottles Shasta Beverages, Spree All Natural Beverages and
private label brands in its 11 bottling facilities in the
United States.
Reuter
|
SOYBEAN SUPPLY/DEMAND BY COUNTRY -- USDA | The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of soybeans, by country, as follows in mln tonnes --
BRAZIL SOYBEANS
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 4.19 4.01 4.71 4.71
Production 17.00 17.00 13.90 13.70
Imports 0.35 0.35 2.09 0.29
Domestic Use 14.54 14.54 13.51 13.49
Exports 2.50 2.50 1.20 1.20
End Stocks 4.50 4.32 4.19 4.01
ARGENTINA SOYBEANS, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 1.83 1.83 1.80 1.80
Production 7.70 7.70 7.30 7.30
Imports NIL NIL NIL NIL
Domestic Use 4.97 4.97 4.74 4.74
Exports 2.65 2.65 2.54 2.54
End Stocks 1.91 1.91 1.83 1.83
EC-12 SOYBEANS, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 0.51 0.52 0.66 0.66
Production 0.83 0.83 0.33 0.33
Imports 12.89 12.85 12.99 12.96
Domestic Use 13.72 13.68 13.34 13.30
Exports 0.11 0.11 0.13 0.13
End Stocks 0.40 0.41 0.51 0.52
JAPAN SOYBEANS, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.76 0.76 0.79 0.79
Production 0.25 0.25 0.23 0.23
Imports 4.84 4.84 4.80 4.80
Domes Use 5.10 5.10 5.06 5.06
Exports NIL NIL NIL NIL
End Stocks 0.75 0.75 0.76 0.76
Reuter
|
SOYBEAN MEAL SUPPLY/DEMAND BY COUNTRY -- USDA | The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of soybean meal, by country, as follows in mln tonnes
--
ARGENTINA SOYBEAN MEAL --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.13 0.13 0.19 0.19
Production 3.67 3.67 3.49 3.49
Imports NIL NIL NIL NIL
Domes Use 0.35 0.35 0.35 0.35
Exports 3.30 3.30 3.20 3.20
End Stocks 0.15 0.15 0.13 0.13
BRAZIL SOYBEAN MEAL, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.61 0.60 0.72 0.72
Production 10.40 10.39 9.69 9.66
Imports NIL NIL NIL NIL
Domes Use 2.55 2.55 2.41 2.40
Exports 7.85 7.85 7.38 7.38
End Stocks 0.61 0.59 0.61 0.60
EC-12 SOYBEAN MEAL, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/86 04/09/87 03/09/87
Start Stcks 0.40 0.40 0.44 0.44
Production 10.44 10.45 10.18 10.17
Imports 13.03 13.03 13.48 13.48
Domes Use 18.50 18.49 18.59 18.57
Exports 5.07 5.09 5.10 5.11
End Stocks 0.30 0.30 0.40 0.40
Reuter
|
SOYBEAN OIL SUPPLY/DEMAND BY COUNTRY -- USDA | The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of soybean oil, by country, in mln tonnes --
ARGENTINA --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.10 0.10 0.10 0.10
Production 0.77 0.77 0.73 0.73
Imports NIL NIL NIL NIL
Domes Use 0.10 0.10 0.11 0.11
Exports 0.66 0.66 0.63 0.63
End Stocks 0.10 0.10 0.10 0.10
BRAZIL SOYBEAN OIL, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.32 0.28 0.24 0.24
Production 2.52 2.51 2.35 2.35
Imports 0.15 0.15 0.12 0.12
Domes Use 2.00 2.00 1.94 1.98
Exports 0.65 0.65 0.45 0.45
End Stocks 0.34 0.28 0.32 0.28
EC-12 SOYBEAN OIL, in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.22 0.22 0.23 0.22
Production 2.32 2.33 2.26 2.26
Imports 0.44 0.44 0.50 0.50
Domes Use 1.46 1.45 1.38 1.38
Exports 1.29 1.30 1.39 1.39
End Stocks 0.23 0.23 0.22 0.22
INDIA SOYBEAN OIL --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 0.12 0.07 0.21 0.21
Production 0.17 0.17 0.15 0.15
Imports 0.35 0.35 0.25 0.25
Domes Use 0.52 0.52 0.49 0.54
Exports NIL NIL NIL NIL
End Stocks 0.12 0.07 0.12 0.07
Reuter
|
ROYAL DUTCH (RD) UNIT TO RAISE HEAVY FUEL PRICES | Scallop Petroleum Corp, a subsidiary of
Royal Dutch/Shell group, said it will raise contract prices for
heavy fuel 50 cts to one dlr a barrel, effective tomorrow.
The increase brings the price for 0.5 pct sulphur fuel to
21.50 dlrs, up 50 cts, 0.7 pct sulphur to 21 dlrs, up 75 cts,
0.7 pct sulphur to 21 dlrs, up 75 cts, one pct sulphur to 20.25
dlrs, up 75 cts, two pct sulphur to 19.75 dlrs, up one dlr, 2.2
pct sulphur to 19.50 dlrs, up one dlr, 2.8 pct sulphur 19 dlrs,
up one dlr, the company said.
Price for 0.3 pct sulphur was unchanged at 22.25 dlrs, it
said.
Reuter
|
COTTON SUPPLY/DEMAND BY COUNTRY -- USDA | The U.S. Agriculture Department
detailed world supply/demand data for major importers and
exporters of cotton, by country, as follows, in mln 480-lb
bales --
CHINA COTTON --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 16.00 18.30 19.40 19.80
Production 16.30 16.30 19.00 19.00
Imports X X X X
Domes Use 21.00 17.50 19.50 17.50
Exports 2.30 2.50 2.90 2.90
End Stocks 9.05 14.55 16.00 18.30
X - Less than 5,000 bales
PAKISTAN COTTON, in mln 480 bales --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 1.07 1.07 1.05 1.05
Production 6.10 6.10 5.67 5.67
Imports X X X X
Domestic Use 2.50 2.50 2.34 2.34
Exports 3.00 3.00 3.15 3.15
End Stocks 1.51 1.51 1.07 1.07
X - Less than 5,000 bales.
USSR COTTON, in mln 480-lbs bales --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 2.76 2.76 2.62 2.62
Production 11.20 11.20 12.10 12.10
Imports 1.00 1.00 0.65 0.65
Domestic Use 9.70 9.70 9.60 9.60
Exports 2.80 2.80 3.00 3.00
End Stocks 2.46 2.46 2.76 2.76
JAPAN COTTON, in mln 480-lbs bales --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stocks 0.52 0.52 0.61 0.61
Production NIL NIL NIL NIL
Imports 3.10 3.10 3.05 3.05
Domestic Use 3.10 3.10 3.15 3.15
Exports NIL NIL NIL NIL
End Stocks 0.52 0.52 0.52 0.52
Reuter
|
U.S. SELLS 1-YEAR BILLS AT AVERAGE 5.92 PCT, STOP 5.93 PCT, AWARDED AT HIGH YIELD 80 PCT
| |
EXPORT BONUS WHEAT FLOUR TO IRAQ --USDA | The Commodity Credit Corporation
(CCC) accepted a bid for an export bonus to cover a sale of
12,500 tonnes of U.S. wheat flour to Iraq, the U.S. Agriculture
Department said.
The department said the bonus awarded was 105.82 dlrs per
tonne and the wheat flour is for shipment July 1-10, 1987.
The bonus was awarded to The Pillsbury Company and will be
paid in the form of commodities from CCC stocks.
An additional 150,000 tonnes of wheat flour is still
available to Iraq under the Export Enhancement Program
initiative announced January 7, 1987, the department said.
Reuter
|
RICE SUPPLY/DEMAND FOR THAILAND -- USDA | The U.S. Agriculture Department
detailed rice supply/demand milled-basis data for Thailand, the
world's major rice exporter, as follows in mln tonnes --
1986/87 1985/86
04/09/87 03/09/87 04/09/87 03/09/87
Start Stcks 1.32 1.33 1.46 1.46
Production 11.88 12.14 13.00 13.00
Imports NIL NIL NIL NIL
Domes Use 8.73 8.73 8.80 8.80
Exports 3.70 3.70 4.34 4.34
End Stocks 0.77 1.04 1.32 1.33
Reuter
|
USDA FLORIDA ORANGE REPORT CONSIDERED BEARISH | The U.S. Agriculture Department's
latest estimates on 1986/87 Florida orange production and
orange juice yield are bearish for the frozen concentrated
orange juice futures market because the yield increase was
greater than expected, FCOJ traders and analysts said.
The USDA projected an average yield of 1.50 gallons of FCOJ
per box versus last month's estimate of 1.47 gallons.
The government estimated Florida orange production
(excluding Temples) at 122.9 mln boxes versus 124 mln last
month. Temples were unchanged at 3.4 mln boxes.
Traders and analysts said the unexpectedly large yield
increase outweighed the anticipated drop in box count.
reuter
|
JAMES RIVER CORP <JR> SETS REGULAR DIVIDEND | Qtly div 10 cts vs 10 cts prior
Pay April 30
Record April 21
Reuter
|
CANADA SOUTHERN PETROLEUM <CSW> TO SELL STOCK | Canada Southern Petroleum Ltd said its
board authorized the sale of additional limited voting stock
exclusively to the company's shareholders.
A registration statement in connection with the proposed
offering was filed with the U.S. Securities and Exchange
Commission, it said.
Details on the offering have not been determined, it added.
Canada Southern said it has approximately nine mln shares
of limited voting stock outstanding, with 15 mln shares
authorized.
Reuter
|
NORANDA BEGINS SALVAGE OPERATIONS AT MURDOCHVILLE | <Noranda Inc> said it began salvage
operations at its Murdochville, Quebec, mine, where a fire last
week killed one miner and caused 10 mln dlrs in damage.
Another 56 miners were trapped underground for as long as
24 hours before they were brought to safety.
Noranda said the cause and full extent of the damage is
still unknown but said it does know that the fire destroyed
6,000 feet of conveyor belt.
Noranda said work crews have begun securing the ramp
leading into the zone where the fire was located. The company
said extreme heat from the fire caused severe rock degradation
along several ramps and drifts in the mine.
Noranda estimated that the securing operation for the zone
will not be completed before the end of April.
Noranda said the Quebec Health and Safety Commission, the
Quebec Provincial Police and Noranda itself are each conducting
an investigation into the fire.
Production at the mine has been suspended until the
investigations are complete. The copper mine and smelter
produced 72,000 tons of copper anodes in 1986 and employs 680
people.
The smelter continues to operate with available
concentrate from stockpiled supplies, Noranda said. Reuter
Reuter
|
NEWHALL INVESTMENT PROPERTIES <NIP> PAYOUT | Shr 10 cts vs 10 cts prior qtr
Pay June one
Record April 24
Reuter
|
NEWHALL RESOURCES <NR> QTLY DISTRIBUTION | Shr 15 cts vs 15 cts prior qtr
Pay June one
Record April 24
Reuter
|
TREASURY BALANCES AT FED FELL ON APRIL 8 | Treasury balances at the Federal
Reserve fell on April 8 to 3.531 billion dlrs from 4.229
billion dlrs on the previous business day, the Treasury said in
its latest budget statement.
Balances in tax and loan note accounts fell to 11.345
billion dlrs from 12.149 billion dlrs on the same respective
days.
The Treasury's operating cash balance totaled 14.877
billion dlrs on April 8 compared with 16.378 billion dlrs on
April 7.
Reuter
|
DIANA <DNA> NOMINATES FREEDOM <FRFE> DIRECTORS | Diana Corp said it organized the
Stockholders Protective Committee of Freedom Federal Savings
Bank to nominate two candidates for election to the Freedom
board at the April 20 annual meeting.
It said the committee's nominees, Richard Fisher, Diana
chairman and Harold Sampson, a Diana director, will oppose
nominees of the present board of directors.
Diana, which is 60 pct owned by Farm House Foods Corp
<FHFC>, owns 105,554 shares of Freedom Federal common stock.
Diana noted that Freedom Federal's board recently declared
a distribution of Preferred Stock Purchase Rights "with the aid
of which such directors might disapprove, and perhaps prevent,
possible acquisition offers or substantial stock accumulations,
regardless of how beneficial they might be to the
stockholders."
The company said "we want to increase the responsiveness of
the (Freedom Federal) board to stockholder concerns."
Reuter
|
WESTINGHOUSE ELECTRIC CORP 1ST QTR SHR 1.05 DLRS VS 88 CTS
| |
U.S. HOUSE VOTES 1988 BUDGET CALLING FOR CUTS AND TAXES TO REDUCE DEFICIT
| |
U.S. OIL DEPENDENCY SEEN RISING TO RECORD LEVEL | The United States' dependency on
foreign oil sources may reach record levels by the mid-1990s,
according to John H. Lichtblau, president of Petroleum Industry
Research Associates.
Lichtblau, speaking at an alternative energy conference
here, said the U.S. may depend on foreign suppliers for as much
as 52 pct of its oil by 1995, surpasssing the previous high
level of 47 pct in 1977.
"The long term growth in dependency on foreign oil is
inevitable," Lichtblau said. As much as 30 pct of U.S. oil
imports in 1995 could come from OPEC nations, he said.
Lichtblau said the U.S. depended on foreign suppliers for
33 pct of its oil in 1986 and predicted that would increase to
40 pct by 1990.
"However, the rate of this growth can be affected
positively or negatively through government action or
inaction," Lichtblau said.
He said that one of the government's negative actions is
the maintenance of the windfall profits tax which acts as a
disincentive to developing existing fields and reduces cash
flow for oil exploration.
Lichtblau called for the adoption of an international floor
price for crude oil to help stabilize world oil prices.
"An international floor price adopted by all or most
industrial countries would clearly be a much more effective
measure and would be much less distortive for the U.S. than if
we imposed it alone," Lichtblau said.
Development of alternate energy sources such as synthetic
fuels as well as increased development in Alaska could lessen
U.S. dependency on foreign oil, Lichtblau said.
A potential for alternative supplies could limit the
willingness of OPEC nations to raise oil prices, he said.
Lichtblau also called for the federal government to offer
tax abatements for oil drilling, to fill the Strategic
Petroleum Reserve at a faster rate and to develop pilot plans
for alternative energy.
Reuter
|
U.S. ONE-YEAR BILL YIELDS RATE OF 5.92 PCT | The U.S. Treasury said its auction of
9.76 billion dlrs of 52-week bills produced an average rate of
5.92 pct.
The rate was up from 5.68 pct at the last auction of
one-year bills on March 12.
At today's sale, the bond-equivalent yield was 6.30 pct.
Accepted bids ranged from 5.88 pct to 5.93 pct and 80 pct of
bids at the high, or stopout, rate were taken.
The Treasury received 26.7 billion dlrs of bids, including
554 mln dlrs in non-competitive bids from the public.
The average price of the one-year bills was 94.014 and the
range was 94.055 to 94.004.
The average rate of 5.92 pct was the highest since 5.98 pct
on July 8, 1986.
Reuter
|
U.S. HOUSE PASSES TRILLION DLR SPENDING BUDGET | The House approved by a 230-112 vote
and sent to the Senate a trillion dlr spending budget that
calls for domestic and defence cuts and higher taxes to reduce
the 1988 deficit.
The measure proposes cutting the deficit from 171 billion
dlrs to 133 billion dlrs using the non partisan Congressional
Budget Office calculations, or to 108 billion dlrs using more
optimistic assumptions of President Reagan--whose own budget
was defeated earlier.
Reuter
|
GRAIN SHIPS LOADING AT PORTLAND | There were six grain ships loading and
eight ships were waiting to load at Portland, according to the
Portland Merchants Exchange.
Reuter
|
RAYTHEON <RTN> GETS 215.3 MLN DLR CONTRACT | Raytheon Co has been awarded a 215.3
mln dlr contract for production of 1,927 guidance and control
sections and spare components for Sparrow air-to-air missiles,
the Navy said.
REUTER
|
WESTINGHOUSE ELECTRIC CORP <WX> 1ST QTR NET | Shr primary 1.05 dlrs vs 88 cts
Shr dilulted 1.05 dlrs vs 86 cts
Net 151.6 mln vs 135.2 mln
Revs 2.32 billion vs 2.55 billion
Avg shrs 144.6 mln vs 154.5 mln
Reuter
|
OSHKOSH TRUCK <OTRKB> GETS CONTRACT | Oshkosh Truck Corp has been awarded a
189.3 mln dlr contract for 1,403 HEMTT 977 series trucks, the
Army said.
reuter
|
AMOCO <AN> OPTIMISTIC WITH STABLE OIL PRICES | Amoco Corp said it sees a more favorble
outlook because of actions taken last year and a recent
strengthening of oil prices.
"It appears now that the worst is behind us," said Amoco
executive vice president Richard Leet in remarks prepared for
delivery to security analysts in San Francisco. "We face the
future with more optimism than we did a year ago," he said.
In response to last year's steep drop in oil prices, Amoco
reduced and redirected exploration and production spending
plans, expanded its cost cutting efforts and accelerated staff
reductions, he noted.
Reuter
|
GEN DYNAMICS <GD> GETS 182.5 MLN DLR CONTRACT | General Dynamics Corp has received a
182.5 mln dlr contract for production of 1,391 guidance and
control sections and spare sections for Sparrow air-to-air
missiles, the Navy said.
reuter
|
NEW YORK BANK DISCOUNT WINDOW BORROWINGS 169 MLN DLRS IN APRIL 8 WEEK
| |
CCC GUARANTEES TO IRAQ SWITCHED --USDA | The Commodity Credit Corporation
(CCC) has transferred 12.0 mln dlrs in credit guarantees
previously earmarked for sales of U.S. hatching eggs and 7.0
mln dlrs in guarantees for breeder livestock to increase
coverage on sales of U.S. protein concentrates to Iraq, the
U.S. Agriculture Department said.
The action was taken at the request of Iraq's State Trade
Organization for Grains and Foodstuffs and reduces the line for
hatching eggs to zero and the line for breeder livestock from
15.0 mln dlrs to 8.0 mln dlrs, the department said.
The guarantee line for sales of protein concentrates has
been increased from 25.0 mln dlrs to 44.0 mln dlrs, it said.
Reuter
|
NEW YORK BUSINESS LOANS FALL 1.31 BILLION DLRS | Commercial and industrial loans on the
books of the 10 major New York banks, excluding acceptances,
fell 1.31 billion dlrs to 62.70 billion in the week ended April
1, the Federal Reserve Bank of New York said.
Including acceptances, loans dropped 1.34 billion dlrs to
63.23 billion.
Commercial paper outstanding nationally fell 4.80 billion
dlrs to 334.28 billion.
National business loan data are scheduled to be released on
Friday.
Reuter
|
N.Y. BANK DISCOUNT BORROWINGS 169 MLN DLRS | The eight major New York City banks had
daily average borrowings of 169 mln dlrs from the Federal
Reserve in the week ended April 8, a Fed spokesman said.
A Fed spokesman said that all of the borrowings were made
yesterday by fewer than half the banks.
It was the second half of the two-week bank statement
period that ended on Wednesday. Average borrowings by these
banks were 142 mln dlrs in the first week of the period.
Reuter
|
NATIONAL AVERAGE PRICES FOR FARMER-OWNED RESERVE | The U.S. Agriculture Department
reported the farmer-owned reserve national five-day average
price through April 8 as follows (Dlrs/Bu-Sorghum Cwt) -
Natl Loan Release Call
Avge Rate-X Level Price Price
Wheat 2.62 2.40 IV 4.65 --
V 4.65 --
VI 4.45 --
Corn 1.38 1.92 IV 3.15 3.15
V 3.25 --
X - 1986 Rates.
Natl Loan Release Call
Avge Rate-X Level Price Price
Oats 1.58 0.99 V 1.65 --
Barley 1.55 1.56 IV 2.55 2.55
V 2.65 --
Sorghum 2.54 3.25-Y IV 5.36 5.36
V 5.54 --
Reserves I, II and III have matured. Level IV reflects
grain entered after Oct 6, 1981 for feedgrain and after July
23, 1981 for wheat. Level V wheat/barley after 5/14/82,
corn/sorghum after 7/1/82. Level VI covers wheat entered after
January 19, 1984. X-1986 rates. Y-dlrs per CWT (100 lbs).
Reuter
|
U.S. WEEKLY SOYBEAN CRUSH 19,416,000 BUSHELS | Reporting members of the National
Soybean Processors Association (NSPA) crushed 19,416,000
bushels of soybeans in the week ended April 8 compared with
20,115,000 bushels in the previous week and 17,160,000 in the
year-ago week, the association said.
It said total crushing capacity for members was 25,873,904
bushels vs 25,873,904 last week and 25,459,238 bushels last
year.
NSPA also said U.S. soybean meal exports in the week were
70,351 tonnes vs 135,452 tonnes a week ago and compared with
76,065 tonnes in the year-ago week.
NSPA said the figures include only NSPA member firms.
NSPA gave the following breakdown of the soybean crush for
the week, with comparisons, in 1,000 bu:
4/08/87 4/01/87 YEAR-AGO
Illinois 2,576 3,479 X
Ind, Ky, Ohio 3,586 3,376 6,053-Y
South East 3,871 3,791 3,058
South Central 1,631 1,934 1,563
South West 2,426 2,334 2,183
Iowa 3,450 3,550 2,815
Minn, N.D., S.D. 1,875 1,651 1,488
Total U.S. 19,416 20,115 17,160
X-Ill not reported exclusive of Ind, Ky and Ohio in year-ago
period. Y-Includes Ill.
Reuter
|
UNITED TECHNOLOGIES <UTX> GETS NAVY CONTRACT | United Technologies Corp has received
a 130.7 mln dlr contract to exercise an option for seven SH-60F
CV anti-submarine helicopters and associated maintenance
trainers, the Navy said.
reuter
|
KIDDER, PEABODY DEFENDS EMPLOYEE DRUG TESTING | Kidder, Peabody and Co vice president
Edward Weihenmayer said his company was giving drug tests to
all employees to make sure its funds and assets were being
handled properly.
"Drugs are easily available in the Wall Street area,"
Weihenmayer told the Senate Judiciary Committee. "We move
billions of dollars around in tens of thousands of transactions
daily and have a legitimate interest in the safety and security
of those assets."
He said customers had a right to expect that their funds
were being handled by sober and drug-free professionals.
Weihenmayer said almost all Wall Street firms were testing
new employees and many were testing all workers.
He said Kidder, Peabody would try to help anyone found to
be using drugs, but those who failed a second test would almost
certainly be fired.
"Our objective is to strive for a drug-free enviroment," he
said.
Committee chairman Joseph Biden said drug tests posed a
difficult problem in balancing the rights of workers with the
need for companies to eliminate drugs from the work-place.
"There is no easy answer," the Delaware Democrat said.
Reuter
|
FUNDAMENTAL BROKERS BUYS PART OF MKI BROKERS | Fundamental Brokers Institutional
Associates, a leading inter-dealer broker in U.S. government
securities, said it has agreed to acquire certain assets of MKI
Government Brokers Inc for undisclosed terms.
Acquisition documents have been signed and are being held
in escrow pending the receipt of certain consents, it said.
In conjunction with the sale of assets, MKI has ceased
brokering treasury bills, notes and bonds, Fundamental said.
Industry sources told Reuters yesterday that Fundamental
was close to acquiring the government securities brokerage
division of MKI, a major broker of corporate bonds.
Fundamental said it intends to use the facilities formerly
used by MKI to provide a new block brokering service in the
most active Treasury issues.
By separating the execution of wholesale trades from the
heavy volume of smaller lots, large-scale transactions will be
facilitated, the company said.
"The new system is expected to substantially enhance the
liquidity and effiency of markets," Fundamental said.
The wholesale brokering service will begin on or around
April 20.
Reuter
|
ARGENTINA WARNS IT MAY CUT OFF TALKS WITH BANKS | Argentina's Economy Minister Juan
Sourrouille said the "narrow interest" of creditor banks was
holding up an accord to stretch out debt repayments and warned
Argentina may break off negotiations.
"It is inadmissible that the private narrow interest of some
banks threatens to turn into an insurmountable obstacle for a
policy we have agreed with the international community,"
Sourrouille said.
Speaking to the International Monetary Fund's Interim
Committee meeting, Sourrouille said Argentina had given ample
proof that it is negotiating seriously with the banks.
"Today, with that same responsibility, we are clearly
stating that it will be imposible for us to continue
negotiating on that basis."
A monetary source who heard Sourrouille's speech from a
vantage point close to U.S. Treasury Secretary James Baker,
said Baker turned to one of his advisors to ask for the names
of banks that Sourrouille said were stalling on an agreement.
"Let's give them a call right away," the source quoted Baker
as saying.
Sourrouille reminded the Interim Committee that the IMF
last February approved a 1.3-billion-dlr stand-by loan and a
longer-term credit, known as an extended Fund Facility for
another 500,000 dlrs.
But he said that despite Argentina's "disciplined effort" to
achieve inflation-free economic growth, it was unable to obtain
IMF payouts due to the link between that arrangement and
settlement of a separate agreement with creditor banks.
Sourrouille stated flatly that the banks were flouting a
long-established practice under which debtor countries which
reached agreements on economic reforms with the Fund were a
good credit risk for the banks.
"In other words, facts are demonstrating that the current
debt strategy is showing that an IMF agreement is only a weak
signal for the beginning of another discussion (with the
banks)," he stated.
He added the fact that the strategy is not working was also
demonstrated when governments that approved Argentina's program
had to join in a bridge loan for his country.
Sourrouille stated that Argentina has met IMF requirements
regarding its balance of payments and its monetary and fiscal
policies.
Despite this Sourrouille said, "What we are facing is the
inexplicable demands (from the banks) that are blocking
negotations."
Argentina, with a foreign debt of 50 billion dlrs, has been
seeking to reschdule 24 billion dlrs in "old debt" and another
4.2 billion dlrs that had been refinanced in 1985.
The minister also said there were two issues separating
Argentina from an accord with creditor banks, one was a minimum
difference on the interest rate margin above international
levels.
The other condition, of more concern, were suggestions by
the banks that would upset the country's financial system.
Monetary sources said creditor banks have been offering
Argentina the London Interbank rate (Libor) plus 7/8 pct, which
they gave Venezuela in a recent refinancing agreement.
The sources said Argentina is committed to winning the
lower spread Mexico gained last year of 13/16 pct above Libor.
Reuter
|
GE <GE> GETS 30.0 MLN DLR F-111 RADAR CONTRACT | General Electric Corp has received a
30.0 mln dlr contract for lot three of attack radar sets for
the F/FB-111 avionics modernization program, the Air Force said.
reuter
|
NEWHALL INVESTMENT <NIP> SETS SPECIAL PAYOUT | Newhall Investment Properties
said it declared a special distribution of 50 cts per share,
payable June one, to unitholders of record April 24.
Reuter
|
FCOJ MOVEMENT 4,496,533 GALLONS LAST WEEK | Florida Citrus Processors
Association said frozen concentrated orange juice movement into
trade channels in the week ended April 4 totalled 4,496,533
gallons versus 5,058,976 gallons in the week ended March 28 and
4,141,578 gallons in the corresponding year-ago period.
There were 499,967 gallons of foreign imports last week
versus 341,280 gallons the week before. Domestic imports last
week were 24,774. Retail movement was 1,741,139 versus
1,464,490 a year ago. Bulk movement was 2,328,368 against
2,139,383 a year earlier.
Current season cumulative movement was 79,516,753 gallons
versus 76,919,119 last year. Cumulative net pack for the season
was 86,254,846 versus 82,355,864 a year ago. Inventory was
75,212,711 versus 75,985,696 a year ago.
Reuter
|
NATIONAL HERITAGE <NHER> BUYS MANAGEMENT FIRM | National Heritage Inc said it acquired
the assets of Chartham Management Corp of Salem, Ore.
Terms were not disclosed.
The assets acquired will be used to form a new divisional
office serving the northwest, the nursing home operator said.
The newly acquired Salem operation has management
responsibility for about 2,500 beds in 28 nursing homes in
seven states.
Southmark Corp <SM>, which owns 80 pct of National
Heritage, recently agreed to acquire the 28 facilities.
National is the manager of nursing home properties owned by
Southmark.
Reuter
|
MEDIVIX <MEDX> UNIT IN PACT FOR MAIL ORDERS | Medivix Inc said its American
Subscription Plan Inc subsidiary signed a contract with
<Midwest Benefits Corp> to provide mail order prescription
services for employees of 300 companies.
Midwest acts as a third party administrator for the
companies, Medivix said.
The company said it anticipates the new pact will generate
substantial revenues during the next 12 months.
Reuter
|
OHIO MATTRESS <OMT> BUYS SEALY OF MICHIGAN | Ohio Mattress Co said that its
Ohio-Sealy Mattress Manufacturing Co unit completed its
previously announced acquisition of Sealy Mattress Co of
Michigan Inc.
In addition, the company said Sealy Inc, of which its owns
82 pct, redeemed the outstanding Sealy stock held by Michigan
Sealy, thus increasing the company's stake in Sealy to 93 pct.
Reuter
|
LA LAND <LLX>,DU PONT <DD>GET EXPLORATION TRACTS | Louisiana Land and Exploration Co
said it, Du Pont Co's Conoco Inc subsidiary and <Oranje-Nassau
Energie B.V.> have been offered four exploration blocks
offshore The Netherlands.
Louisiana Land said Blocks Q4a, E12c and E15b were offered
to the group in which Conoco has a 67.5 pct interest, Louisiana
Land 20 pct and Orange-Nassau 12.5 pct, while this group along
with a consortium headed by Pennzoil Co <PZL> were offered
Block Q5c. The offers were the result of applications submitted
to the Ministry of Economic Affairs for the Netherlands Sixth
Offshore Licensing Round.
Louisiana Land said the Conoco group intends to provide a
formal acceptance of the blocks with plans to start exploration
this year.
The company also said the two Q blocks immediately offset
other offshore blocks on which hydrocarbons have been found in
commercial quantities.
Reuter
|
AFG INDUSTRIES <AFG> DEBT LOWERED BY S/P | Standard and Poor's Corp said it
lowered the ratings on AFG Industries Inc's subordinated
debentures to B-plus from BB-plus.
The issue is removed from creditwatch where it was placed
on March 18. About 185 mln dlrs of debt is affected.
S/P noted that while AFG's and Wagner and Brown's 2.2
billion dlr offer to acquire Gencorp Inc has been withdrawn,
AFG's participation in the offer, as well as its previous 1.4
mln dlr offer for Lear Siegler Inc, shows a greater appetite
for substantial acquisitions than was previously anticipated.
Reuter
|
MOODY'S UPGRADES SOUTHWEST AIRLINES <LUV> UNIT | Moody's Investors Service said it has
raised its ratings on about 50 mln dlrs of outstanding
securities of Southwest Airlines Co unit, TransStar Airlines
Corp, formerly named Musa Air Corp.
The agency has up the company's senior secured debt to Ba2
from B2.
The action reflects the improvement in the company's
financial position since its acquisition by Southwest.
Southwest operates TransStar as a separate unit and has not
legally assumed its debt.
Reuter
|
PATIENT <PTI> CONSIDERING DEBT RESTRUCTURING | Patient Technology Inc said it
retained an investment banking firm to consider alternatives in
restructuring its long-term debt, including a possible exchange
offer for 20 mln dlrs of outstanding convertible debentures.
On April one, it began consolidating sales, marketing and
manufacturing operations. The consolidation is expected to be
complete by June one and the company said it is now focusing on
restructuring its balance sheet.
The company said the first quarter will be adversely
affected by the consolidation effort.
For the year ago first quarter, the company reported a
profit of 100,000 dlrs on 7.3 mln dlrs.
The company further said that the second quarter will be
transitional period and that earnings growth will resume in the
second half of 1987.
For the year ended December 31, 1986, Patient reported a
net loss of 1.4 mln dlrs on sales of 29.8 mln dlrs, due to
write-offs from discontinued operations and a temporary backlog
of orders.
Reuter
|
NAPCO <NPCO> MANAGEMENT CANNOT RAISE FUNDING | Napco International Inc said it
has suspended its plan to sell its international business to a
group of that business' top managers because the group has
failed to obtain satisfactory financing.
The company also said it still intends to pursue a new
corporate direction, and is exploring acquisition alternatives.
Reuter
|
BANKS OF MID-AMERICA INC <BOMA> 1ST QTR NET | Shr loss 18 cts vs loss 89 cts
Net profit 161,000 vs loss 5,938,000
Assets 3.43 billion vs 3.46 billion
Deposits 2.68 billion vs 2.67 billion
Loans 1.45 billion vs 1.64 billion
Note: Shr data after payment of preferred dividends.
Reuter
|
MCDONNELL DOUGLAS <MD> BUYS COMPUTER FIRM | McDonnell Douglas Corp said it
acquired Frampton Computer Services Ltd, a British software
company that is also known as Isis.
Terms of the acquisition were not disclosed.
Based in Bristol, England, Isis employs 65 workers and has
annual revenues of about five mln dlrs, McDonnell Douglas said.
The company added that Isis will operate as part of
McDonnell Douglas Information Systems International.
Reuter
|
NATIONAL SEMI <NSM>, CANON IN DEVELOPMENT PACT | National Semiconductor Corp
said it and Canon Inc <CANNY> plan to jointly develop
integrated circuits and software products which will be
manufactured by Canon.
The first product will be a laser-beam printer for
National's Series 32000 family of 32-bit microprocessor
products, the company said.
Reuter
|
LIBERTY FINANCIAL GROUP <LFG> PRESIDENT RESIGNS | Liberty Financial Group Charles D.
Cheleden, chairman and chief executive officer, said Harold
Kline has resigned his position as president of the group and
its subsidiary, Liberty Savings Bank, effective May One.
Cheleden said he will assume the offices previously held by
Kline, who will continue to serve on the board of the Liberty
Financal Group and Liberty Savings Bank.
Reuter
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WORLD MARKET PRICE FOR UPLAND COTTON - USDA | The U.S. Agriculture Department
announced the prevailing world market price, adjusted to U.S.
quality and location, for Strict Low Middling, 1-1/16 inch
upland cotton at 50.57 cts per lb, to be in effect through
midnight April 16.
The adjusted world price is at average U.S. producing
locations (near Lubbock, Texas) and will be further adjusted
for other qualities and locations. The price will be used in
determining First Handler Cotton Certificate payment rates.
The department said since the adjusted world price is above
the loan repayment rate of 44 cts per lb for the base quality,
no First Handler Cotton Certificates will be issued during the
period.
Based on data for the week ended April 9, the adjusted
world price for upland cotton is determined as follows, in cts
per lb --
Northern European Price -- 62.88
Adjustments --
Average U.S. Spot Mkt Location -- 9.98
SLM 1-1/16 Inch Cotton -- 1.80
Average U.S. Location -- 0.53
Sum of Adjustments -- 12.32
Adjusted World Price -- 50.63
Reuter
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ROCKY MOUNT <RMUC> HOLDERS SEEK BOARD CONTROL | A shareholder group controlling 48.3
pct of the stock of Rocky Mount Undergarment Co Inc told the
Securities and Exchange Commission it will try to take control
of the company by taking over its board of directors.
The group, which includes David Greenberg, Rocky Mount's
former president, and several other members of the Greenberg
family, said it had been close to an agreement with the company
on board representation when talks broke down.
As a result, it will propose its own slate of directors and
vote for that slate at the company's April 24 annual meeting,
the group said.
David Greenberg had been president and chairman of Rocky
Mount until May 1986 when he resigned at the board's request.
David's younger brother, Herbert Greenberg, was a vice
president until November 1986, when he was fired by the board.
However, Herbert refused to resign his board seat and
remains a company director.
Rocky Mount sued the group in federal court in North
Carolina earlier this month, charging that its accumulation of
Rocky Mount stock amounted to an illegal tender offer in
violation of the federal securities laws.
Reuter
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USDA COMMENTS ON EXPORT SALES REPORT | U.S. corn sales of just over 1.0 mln
tonnes in the week ended April 2 were eight pct above the prior
week, but 25 pct below the four-week average, the U.S.
Agriculture Department said.
In comments on its latest Export Sales Report, the
department said Iraq, Japan and the USSR were the largest
buyers.
Sales for the next marketing year, which begins September
1, totaled 503,200 tonnes and were mainly to Iraq and Taiwan.
Wheat sales of 119,300 tonnes for the current season and
net reductions of 13,700 tonnes for the 1987/88 season were
four-fifths below the combined total for the prior week and the
four-week average, it said.
Sri Lanka was the most active wheat destination with
purchases of 52,500 tonnes for the current year, it said.
Other significant purchasers for the current year were
Mexico and Honduras, it said.
Soybean sales of 240,500 tonnes were one-fifth below the
prior week and nearly one-third below the four-week average.
Japan, Mexico, South Korea, Italy and Israel were the major
purchasers, the department said.
Net sales of 117,700 tonnes of soybean cake and meal fell
31 pct from the previous week and 38 pct below the four-week
average. Major increases for West Germany, Venezuela, the
Netherlands and Saudi Arabia were partially offset by
reductions for unknown destinations, USDA said.
Activity in soybean oil resulted in decreases of 2,400
tonnes, with sales to unknown destinations down by 2,700
tonnes, while sales to Canada increased 200 tonnes, the
Department said.
Combined sales of 71,300 running bales of cotton -- 60,200
bales for the current season and 11,100 bales for 1987/88
season -- were four-fifths higher than the prior week's level
but nine pct below the four-week average.
Mexico was the dominant buyer for the current year followed
by Zaire, Italy, and Spain, the department said.
The primary buyers for the 1987/88 season were South Korea,
Spain, Japan and Taiwan, the department said.
Sorghum sales of 143,300 tonnes were 25 pct less than the
prior week, with Japan and Venezuela the main buyers.
Reuter
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U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS IN MARCH 30 WEEK, FED SAYS
| |
FED SAYS U.S. DISCOUNT WINDOW BORROWINGS 361 MLN DLRS IN APRIL 8 WEEK
| |
U.S. BANK NET FREE RESERVES 447 MLN DLRS IN TWO WEEKS TO APRIL 8
| |
WESTINGHOUSE ELECTRIC <WX> OPTIMISTIC FOR YEAR | Westinghouse Electric Corp chairman
Douglas Danforth said he was encouraged by first quarter
results for fiscal 1987, and said the company was positioned to
capitalize on the economy's modest growth for the rest of the
year.
"I am encouraged by the continuing improvement in
earnings," Danworth said. "The first quarter met our
expectations."
Westinghouse recorded net income for the first quarter of
151.6 mln dlrs, or 1.05 dlrs per share, on revenues of 2.32
billion dlrs.
Danworth attributed the results to an increase in the
operating profit in the energy and advanced technology,
industries and commerical segments.
Reuter
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BSD BANCORP <BSD> 1ST QTR NET | Shr seven cts vs five cts
Net 240,000 vs 136,000
Loans 264.5 mln vs 251.7 mln
Deposits 319.7 mln vs 306.8 mln
Assets 348.6 mln vs 334.6 mln
Reuter
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GATEWAY COMMUNICATIONS INC <GWAY> 1ST QTR NET | Shr 14 cts vs six cts
Net 653,561 vs 251,955
Revs 4,143,056 vs 2,199,238
Reuter
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AMR (AMR) TO START INFORMATION CAMPAIGN IN DISPUTE | AMR Corp's American Airlines will start
its own information campaign in its dispute with the
Association of Professional Flight Attendants.
The company, which has been negotiating with its 10,000
attendants since late last year, will give out information
brochures at its terminals, outlining its position, according
to L.C. Duncan Jr., vice president of corporate communications.
During a news conference, Duncan said the APFA was
conducting a "smear campaign" by handing out leaflets at the
company's terminals. The union says it was trying to win public
support by presenting its position.
Last month, American fired 20 flight attendants for
handing out the leaflets at Dallas-Fort Worth Airport. The
union is fighting the move in court.
In response to a question, Duncan said the company's
latest proposal for a new three-year contract, which was
offered March 11, does away with a two-tiered system of pay,
whereby new employees are paid on a lower scale than those
hired before 1983.
However, the union has contended that the company's
proposal keeps the system in a disguised form.
A union spoksewoman had no immediate response to
American's announcement.
Currently, the airline and the union are in the middle of
a federally-mandated 30-day cooling off period that was
triggered after both sides rejected a federal mediator's offer
of binding arbitration.
When the period ends on April 25, the union is free to
strike and the company is free to unilaterally impose its
latest offer under the Federal Railway Labor Act.
Even though the union has repeatedly said it will not
strike, Duncan confirmed today that the company has received
permission from the Federal Aviation Administration to speed up
the hiring of new attendants.
In response to a question, Duncan denied the company was
thinking of firing attendants who do not comply after the 25th.
"It (the speeded-up hiring) is a precautionary measure,"
he said.
Reuter
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BRITISH AIRWAYS <BAB> SUSPENDS PROMOTION | British Airways said it suspended sale
in the U.S. of its "Europe on Us" for travel from the U.S. due
to disapproval by the U.S. Department of Transporation on
grounds of reciprocity.
Under the promotional program, customers would buy a round
trip from the U.S. to London and would receive a free round
trip ticket from London to one of 45 cities in 16 countries.
A company spokesman said the Transportation Department's
contention was that American carriers could not compete in this
program. British Airways said it is seeking a review of the
decision.
Reuter
|
BAKER COMMUNICATIONS INC <BAKR> YEAR LOSS | Shr loss 42 cts vs loss 56 cts
Net loss 596,354 vs loss 795,009
Revs 3,818,258 vs 2,070,772
Reuter
|
EASTOVER CORP <EASTS> 4TH QTR NET | Shr 39 cts vs 28 cts
Net 491,000 vs 356,000
Revs 890,000 vs 720,000
Year
Shr 1.54 dlrs vs 2.49 dlrs
Net 1,952,00 vs 3,165,000
Rev 3,463,000 vs 3,005,000
Note: Net includes state tax credit of 400,000 for 1986 qtr
and year. Net also includes gains from sale of real estate of
3,000 vs 83,000 for qtr and 563,000 vs 1,317,000 for year.
Reuter
|
MARCH U.S. SAVINGS BONDS SALES RISE STRONGLY | The Treasury said sales of EE U.S.
savings bonds were 17 pct higher during March at 703 mln dlrs
than in March, 1986.
It was the highest savings bond sales total for any March
since 1978.
Total holdings of U.S. savings bonds reached 94.76 billion
dlrs, the highest in the history of the program, the Treasury
said.
March redemptions fell six pct to 441 mln dlrs last month
from 468 mln dlrs in March, 1986.
For the first six months of fiscal 1987, savings bonds
sales have risen 129 pct from the comparable fiscal 1986 period
to 7.01 billion dlrs from 3.07 billion dlrs, the Treasury said.
Reuter
|
U.S. BANK DISCOUNT BORROWINGS 361 MLN DLRS | U.S. bank discount window borrowings
less extended credits averaged 361 mln dlrs a day in the week
to Wednesday, April 8, the Federal Reserve said.
Total daily borrowings in the week fell 99 mln dlrs to 591
mln dlrs, with extended credits down 35 mln dlrs at 230 mln
dlrs. The week was the second half of the two-week statement
period that ended Wednesday. Net borrowings averaged 425 mln
dlrs in the first week of the period.
Commenting on the two-week statement period that ended on
April 8, the Fed said banks had average net free reserves of
447 mln dlrs.
A Fed spokesman told a press conference that there were no
large one-day net misses in the Fed's estimates of reserves in
the week ended Wednesday.
Of the week's borrowings, money center banks accounted for
65 pct, and small banks for almost 35 pct. On Wednesday, when
net borrowings were 1.36 billion dlrs and Fed funds averaged a
high 6.45 pct, money center banks accounted for more than 90
pct of the borrowing.
Borrowings in the latest two weeks averaged 393 mln dlrs a
day, the highest since the statement period ended January 28.
Float ranged from about 250 mln dlrs on Thursday to between
one and 1.25 billion dlrs on Monday and Tuesday.
The spokesman said Monday's float included 500 mln dlrs in
holdover float at one Fed branch due to mechanical problems.
About 500 mln dlrs of Tuesday's float reflected
non-weather-related transportation float in one Eastern Reserve
bank.
As-of adjustments ranged from minus 500 mln dlrs on Monday,
when cash letter errors at two eastern reserve banks were
corrected, to plus 500 mln dlrs on Thursday, when a correction
was made to unposted funds at a single bank.
In the first half of the statement period ended Wednesday,
banks held excess reserves on the first four days of the week
but ran a deficit on Wednesday.
In the second week, they ran a deficit on Thursday, Friday
and Monday but held excess reserves on the final two days.
Reuter
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NORANDA BEGINS MURDOCHVILLE MINE SALVAGE | Noranda Inc said it began salvage
operations at its Murdochville, Quebec mine where a fire last
week killed one miner and caused 10 mln dlrs in damage.
Noranda said the cause and full extent of the damage is
still unknown but the fire destroyed 6,000 feet of conveyor
belt.
The company said extreme heat from the fire caused severe
rock degradation along several ramps and drifts in the mine.
Production at the mine has been suspended until
investigations are complete. The copper mine and smelter
produced 72,000 tons of copper anodes in 1986.
The smelter continues to operate with available
concentrate from stockpiled supplies, Noranda said.
Reuter
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U.S. M-1 MONEY SUPPLY FALLS TWO BILLION DLRS | U.S. M-1 money supply fell two billion
dlrs to a seasonally adjusted 738.9 billion dlrs in the March
30 week, the Federal Reserve said.
The previous week's M-1 level was revised to 740.9 billion
dlrs from 741.0 billion, while the four-week moving average of
M-1 rose to 739.8 billion dlrs from 739.7 billion.
Economists polled by Reuters said that M-1 would be
anywhere from down two billion dlrs to up 1.8 billion.
Reuter
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ASSETS OF MONEY MARKET MUTUAL FUNDS ROSE 1.39 BILLION DLRS IN LATEST WEEK TO 236.77 BILLION
| |
FDIC SAYS BANKS IN TEXAS, OKLAHOMA CLOSED | The Federal Deposit Insurance Corp
said a bank in Texas and one in Oklahoma were closed and their
deposits transferred to other banks for the 54th and 55th bank
failures in the nation this year.
The Southwestern Bank of Houston was closed and its
deposits transferred to OMNIBANC, North Belt, also of Houston.
The failed bank's main office will reopen as a branch of
OMNIBANC. Southwestern had total assets of 14.8 mln dlrs.
First National Bank of Braman, Okla., was closed and its
desposits assumed by Community Bank of Shidler, Okla.
First National had total assets of 12.3 mln dlrs.
Reuter
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HOLDERS PLAN PRIME MEDICAL <PMSI> PROXY CONTEST | A group led by Shamrock Associates
told the Securities and Exchange Commission it will mount a
proxy contest in an effort to elect three class one directors
to the Prime Medical Services Inc board of directors.
The Shamrock shareholder group said its members also
pledged not to sell their holdings back to the company "unless
we sell in connection with a transaction that woulde include
all Prime stockholders."
The group has about 1.5 mln Prime shares or 17.8 pct of the
total outstanding. Shamrock is an investment partnership
controlled by Far Hills, N.J. lawyer Natalie Koether.
Reuter
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BEVIS <BEVI> RECEIVES TAKEOVER INQUIRIES | Bevis Industries Inc, which has
been seeking to be acquired, said it recently received
inquiries concerning the purchase of the company.
The company did not identify the parties that made the
inquiries, but it said they had been referred to its investment
bankers, Tucker, Anthony and R.L. Day Inc, for study.
On March 18, the company said it engaged Tucker, Anthony to
seek purchasers of its operating units, Greenville Tube Corp
and MD Pneumatics Inc.
Reuter
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LTV <QLTV> TO MAKE ONE-TIME BENEFIT PAYMENTS | LTV Corp said it will seek approval from
the U.S. bankruptcy court to make one-time hardship payments to
retired steelworkers who lost some pension benefits when their
retirement plans were terminated.
The payments would range from 100 dlrs to 750 dlrs per
person for more than 9,800 steel company salaried and hourly
retirees, LTV said.
The company's steel unit retirement plans were terminated
in January by the federal Pension Benefit Guaranty Corp, which
said the plans were insolvent.
LTV filed Chapter 11 bankruptcy last July 17.
Under Chapter 11, a company is protected from creditors
while it works out a plan to pay debts.
While most regular pension payments were continued after
LTV Steel Co's pension plans were terminated, some retirees got
a reduction in their supplemental early retirement benefits or
other payments that were more than maximums guaranteed by the
federal agency.
LTV also began talks with the United Steelworkers union,
and both sides have made a commitment to reach a new labor
agreement by May 1, the steel, aerospace and energy concern
said.
LTV has the right to renegotiate its labor contracts while
operating in Chapter 11. At issue are pension and health
benefits for active and retired employees and other items, such
as use of manpower and equipment.
The company plans to present a comprehensive proposal to
the U.S. bankruptcy court in May to deal with pensions and
health care benefits for steel and energy retirees and health
care benefits for aerospace retirees, it said.
All LTV retirees are currently receiving health and life
insurance payments mandated by federal laws passed in October
that have been extended until May 15.
Reuter
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JACOR <JCOR> TO BUY TWO DENVER RADIO STATIONS | Jacor Communications Inc said it
agreed to buy two Denver radio stations from A.H. Belo Corp
<BLC> for 24 mln dlrs in cash and notes.
Jacor said the two stations are KOA-AM and KOAQ-FM.
The acquisitions must be approved by the Federal
Communications Commission, Jacor added.
Reuter
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ASSETS OF U.S. MONEY FUNDS ROSE IN WEEK | Assets of money market mutual funds
increased 1.39 billion dlrs in the week ended yesterday to
236.77 billion dlrs, the Investment Company Institute said.
Assets of 93 institutional funds were up 481.1 mln dlrs to
65.65 billion dlrs, 93 broker-dealer funds rose 285.3 mln dlrs
to 107.31 billion dlrs, and 197 general purpose funds gained
625.5 mln dlrs to 63.8 billion dlrs.
Reuter
|
POLYCAST <PTCC> REDUCES SPARTECH <SPTN> STAKE | Polycast Technology Corp told the
Securities and Exchange Commission it sold off 119,800 of its
Spartech Corp common shares, reducing its stake in Spartech to
30,000 shares or 1.2 pct of the total outstanding.
Polycast said it made the sales April 6-8 in the
over-the-counter market.
It gave no reason for the sales.
Reuter
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SMITHKLINE <SKB> VACCINE GETS APPROVAL OVERSEAS | Smithkline Beckman Corp said its
genetically engineered hepatitis B vaccine has received
regulatory approval for marketing in Switzerland and
Luxembourg.
The vaccine, called Engerix-B, has been approved in several
other countries, including Belgium and Hong Kong.
Smithkline said it is currently considering marketing
avenues in the United States.
Merck and Co <MRK> also has a genetically engineered
vaccine being marketed in several foreign markets, according to
industry sources.
Reuter
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GRAIN SHIPMENTS TO THE USSR -- USDA | There were 287,700 tonnes of U.S.
corn shipped to the Soviet Union in the week ended April 2,
according to the U.S. Agriculture Department's latest Export
Sales report.
That compares with 106,200 tonnes shipped in the prior
week.
There were no wheat or soybean shipments during the week.
The USSR has purchased 2,825,600 tonnes of U.S. corn, as of
April 2, for delivery in the fourth year of the U.S.-USSR grain
agreement.
Total shipments in the third year of the U.S.-USSR grains
agreement, which ended September 30, amounted to 152,600 tonnes
of wheat, 6,808,100 tonnes of corn and 1,518,700 tonnes of
soybeans.
Reuter
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JIFFY LUBE INTERNATIONAL <JLUB> IN AUSTRALIA | Jiffy Lube International Inc said it
plans to expand into the Australian market, as well as
neighboring countries, with its chain of automotive fast oil
change and maintenance centers.
Jiffy Lube said it plans to open its first center in
Brisbane later this year, and have 100 centers open within six
years.
Reuter
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