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El Salvador will tender October 26 for
approximately 26,000 tonnes soybean meal, valued at up to 5.6
mln dlrs, and about 24,500 tonnes bulk corn, with a value of
2.0 mln dlrs, under PL-480 financing, an agent for the country
said.
It said the country is seeking soymeal with 48 pct protein
minimum, 12 pct moisture maximum, and 3.5 pct maximum crude
fiber for delivery from November 15-30.
The U.S. no. 2 or better yellow corn, with 14.5 pct
moisture maximum, is for delivery from November 8-25.
Offers on the soymeal and corn are due at 1530 hrs EDT
(1930 gmt) Oct 26, and will remain valid until 1000 hrs EDT the
next day, the agent said.
Reuter
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The Chase Manhattan Bank, a unit of The
Chase Manhattan Corp <CMB>, said it acquired a portfolio of
about 190,000 consumer revolving credit accounts from Atlantic
Financial Federal <ATLF.O> valued at 370 mln dlrs.
The company said the acquisition makes Chase the second
largest issuer of credit card and other unsecured consumer
credit loans.
Outstandings now exceed 5.6 billion dlrs, the company said.
The company said the portfolio, accessed by checks, is
similar to Chase's Advantage Credit product.
Reuter
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Shr 36 cts vs 35 cts
Net 7,100,000 vs 8,000,000
Net Premiums 61.2 mln vs 58.0 mln
Avg shrs 19,950,000 vs 22,760,000
Nine mths
Shr 1.03 dlrs vs 1.81 dlrs
Net 21.3 mln vs 37.8 mln
Net Premiums 176.3 mln vs 141.8 mln
Avg shrs 20,682,000 vs 20,920,000
Reuter
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Reser's Fine Foods Inc said
certain directors and officers, who currently represent about
85 pct of the company's stock, plan to take Reser's private
through a cash buyout.
The company said the group plans to offer 12.50 dlrs per
share for the 15 pct of its stock currently outstanding.
Reuter
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Shr 32 cts vs 40 cts
Net 882,000 vs 1,109,000
Sales 66.1 mln vs 60.3 mln
Nine mths
Shr 1.13 dlrs vs 90 cts
Net 3,065,000 vs 2,446,000
Sales 198.1 mln vs 178.5 mln
Reuter
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Shr profit five cts vs loss nine cts
Net profit 21,045 vs loss 34,238
Revs 1,156,775 vs 963,890
Six Mths
Shr profit 12 cts vs loss five cts
Net profit 48,711 vs loss 18,300
Revs 2,124,157 vs 2,009,956
Reuter
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Algeria is tendering tonight for
225,000 tonnes of hard red winter wheat at 94.00 dlrs per
tonne, c and f, the balance of its original tender under the
export bonus program, U.S. exporters said.
Algeria bought 75,000 tonnes for November and early
December shipmet at that bid, but USDA rejected the bid on
wheat for later shipments, the sources said.
Reuter
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The Bank of New York Corp <BK> said it
reaffirmed the terms of its offer for Irving Bank Corp despite
the drop in the Bank of New York's share price to 30-1/8, a
Bank of New York spokesman said.
"The offer still stands, we have not changed our offer," a
Bank of New York spokesman said.
Irving would not comment on how the drop in the market
affects its position on the bid or whether it would buy back
any of its own shares.
Earlier this month, Irving rejected the bid as inadequate
and said it wanted to retain its independence.
In late September, Bank of New York offered 80 dlrs per
share in cash for 47.4 pct of Irving. For the remaining 52.6
pct, it offered an exchange of 1.9 shares of its shares for one
Irving share.
At that time, the stock purchase portion was worth close to
80 dlrs per share, but now that portion is worth 53 dlrs per
share for a net price of 68 dlrs, one analyst said.
According to the prospectus offer, shareholders may tender
for all cash or all shares on a first come, first serve basis.
Analysts were mixed about how the stock price drop would
affect the acquisition.
"If it gets to the Irving shareholders, they would approve
it, but Irving hopes the offer won't go to the shareholders,"
said Mark Alpert, banking analyst with Bear Stearns Cos Inc.
"And the market is saying the deal won't go through,"
Alpert said.
"The transaction looks highly unlikely to be completed at
present. If Irving wouldn't go with the offer at 80 dlrs a
share, then they won't go at a lower price," another analyst
said.
The analyst also doubted that Bank of New York could afford
to retain its original offer.
However, industry sources were more uncertain about
prospects for the deal.
"With Irving's price so low, Bank of New York's offer will
look good to Irving shareholders," said Michael Flores, a
consultant at Bank Earnings International, a consulting firm.
The drop of Irving's share to 44 dlrs per share, which is
about a 26 dlr drop from the beginning of last week, increases
the chance that Bank of New York will succeed, Flores said.
Analysts said that the drop in bank stock prices is likely
to depress the level of mergers and acquisition in the banking
industry.
"Bank takeovers are less likely because banks can't use
their own stock to make acquisitions because their share price
is too depressed," Alpert said.
Since only banks can buy another bank, the only other
possible acquirors would be a foreign bank, Alpert said.
"In the market drop the stock of acquirors got clobbered
more than the acquirees," another analyst said.
Reuter
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Shr profit 15 cts vs loss 40 cts
Net profit 1,538,000 vs loss 4,088,000
Revs 70.6 mln vs 73.2 mln
Nine mths
Shr loss eight cts vs loss 57 cts
Net loss 832,000 vs loss 5,821,000
Revs 217.0 mln vs 248.4 mln
NOTE: 1987 qtr and nine mths includes gain 265,000 dlrs, or
three cts per share, from utilization of tax loss carryforward.
Reuter
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Shr one cts vs 20 cts
Net 122,556 vs 2,627,205
Revs 192.2 mln vs 193.3 mln
Nine mths
Shr 27 cts vs 56 cts
Net 3,556,424 vs 7,531,664
Revs 560.6 mln vs 542.3 mln
Reuter
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shr diluted loss 46 cts
net loss 6,300,000
nine mths
shr diluted loss 10.89 dlrs
net loss 309,100,000
NOTE: No comparisons because company was formed in June
1987 through merger of RepublicBank Corp and Interfirst Corp.
Nine mths includes previously reported provision of 325 mln
dlrs in second quarter for possible losses on ldc loans.
Reuter
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The State Department says many U.S.
diplomatic missions overseas are on high alert for possible
retaliation from Iran for Monday's attack on two Iranian oil
platforms by American forces in the Gulf.
At the same time, the Pentagon announced on Tuesday that
U.S. forces have begun escorting another Kuwaiti tanker convoy
southward through the Gulf from Kuwait.
The State Department renewed its warning to Americans not
to travel to Iran because of what spokeswoman Phyllis Oakley
called, "its virulent anti-American policies and support for
terrorism."
"The threat to Americans has increased significantly," she
said in announcing that the department was reiterating advice
it last made in January. The department said about 2,600
American citizens live in Iran, the overwhelming majority dual
nationalities.
Oakley said no specific warning has been issued to U.S.
diplomats and Americans living abroad in the aftermath of the
U.S. attack on the oil drilling platforms, but "many of our
missions are on a high state of alert."
Reuter
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Brazil's September trade surplus
was the best so far this year, totalling 1.494 billion dlrs,
compared with 1.434 billion dlrs in August and 540 mln dlrs in
September last year, Banco do Brasil's Foreign Trade Department
(Cacex) director Namir Salek said in a news conference.
September exports were 2.694 billion dlrs, slightly down
from 2.76 billion dlrs in August. Imports in September amounted
to 1.2 billion dlrs, against 1.32 billion dlrs in August.
Salek said the accumulated surplus in the Jan-Sept period
was 7.857 billion dlrs, compared with 8.667 billion dlrs in a
similar 1986 period.
Coffee accounted with 320 mln dlrs of exports, up from 222
mln dlrs in August and 212 mln in September 1986, Salek said.
The Cacex director said he expected the country's trade
surplus to average 800 mln dlrs in the remaining three months
of the year, estimating the year's overall surplus to reach
10.2 billion dlrs, from 25.6 billion dlrs worth of exports and
15.4 billion dlrs of imports.
He attributed the good surplus on exports of manufactured
and semimanufactured goods. He mentioned car exports, which
accounted alone with sales of 617 mln dlrs in the Jan-Sept
period, against 194 mln dlrs in a similar 1986 period.
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The Canadian Import Tribunal said the
countervailing duty on U.S. corn imports should be cut to 30
Canadian cts a bushel from 1.10 dlrs a bushel.
In a report to the Canadian finance department, the
tribunal said the duty is hurting Canadian farmers and food
processors. The duty was imposed last year after the revenue
department found U.S. corn production was subsidized.
It is now up to the government to decide whether to change
the duty.
Reuter
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As official Washington sought to
restore investor confidence after Monday's Wall Street
collapse, Treasury Secretary James Baker came under fire from
critics who claimed he helped to precipitate the crisis.
Baker's weekend blast at the West German Bundesbank for
boosting interest rates seemed to signal an unraveling of an
international accord to stabilize currency values.
Nigel Lawson, British Chancellor of the Exchequer, was
among those who said the treasury secretary's statements helped
spur a wave of stock sales by making already jittery investors
think that a clash between the two major economic powers would
damage the world economy.
Lawson told a London television interviewer Tuesday, "I
think the scale of the (stock) fall was very great. That, I
think, was partly due to statements that have been made by
senior figures on the other side of the Atlantic." It was a
dispute that should never have happened, he added.
Although Baker appeared to patch over the rift at a
hastily-called meeting with West German officials Monday, he
still faced a storm of criticism on his return to the United
States on Tuesday. Baker cut short a long-planned trip to
Scandinavia to return here to deal with the economic crisis.
Said one U.S. analyst of Baker's weekend remarks, "His
timing could not have been worse."
One government bond salesman in New York said, "He actually
thought that yelling at the Germans, and threatening to smack
the dollar down would work. That doesn't show much
understanding of international monetary gamesmanship."
However, some analysts said West Germany's stubborn march
toward higher interest rates may have forced Baker's hand.
"On the surface Baker may look responsible for this, but if
you go back to see what caused it (unsettling of financial
markets), it was West German policy," said Robert Brusca of
Nikko Securities International in New York.
"All Mr. Baker did was to mention the obvious in public, so
making him responsible for it was a little like killing the
messenger," he said.
After Monday's talks, the U.S. and West German governments
made it clear that the Louvre currency accord, pieced together
in Paris in February, was still in effect.
Wall Street feared that collapse of the agreement might be
a prelude to hyper-inflation and economic malaise similar to
the late 1970s. Analysts believe Monday's Wall Street crash
wiped out about 500 billion dlrs in stock values.
Treasury sources said that Baker, already unhappy about
Bonn's refusal to stimulate its economy in order to keep the
global recovery moving, was angered by a Bundesbank interest
rate boost that seemed destined to do just the opposite.
He felt that the U.S. recovery, inching along in its 59th
month, could no longer be the only engine of global economic
expansion. A growing U.S. economy has been serving as a huge
market for debtor country exports.
Moreover, Baker, the consummate politician, was worried
that the Republican party might face next year's presidential
election with its main showpiece -- a vibrant economy -- badly
tarnished.
A rise in global interest rates might worsen the debt
crisis and completely choke off U.S. economic growth that has
already slowed to a tepid 3.2 pct annual rate.
"There's no doubt that it can have an adverse effect on the
economy, and it's important that the psychology turn around
quickly, or else obviously the panic will feed on itself, and
eventually there'll be a serious price to pay economically,"
former deputy Treasury Secretary Richard Darman said in a
television interview.
In many ways, the official response was mild.
Washington was stunned by the sudden Wall Street retreat,
with President Reagan speaking for most people by admitting
that he was "puzzled."
U.S. government sources said the secretary immediately
returned to the Treasury to be briefed on market developments
and, presumably, their political impact.
For all of this, it seems unlikely that Baker's status in
Washington will diminish because of the market fall.
Asked by reporters if somebody's head should roll because
of the Wall Street retreat, Texas Democratic Senator Lloyd
Bentsen said with some irony, "Oh, I think it's much too late to
be doing that...You have an administration that's taken the
attitude that we can put the country on automatic pilot and ---
retire to the living room to take a nap. You just can't do
that."
Reuter
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A group of firms led by PS Group Inc
<PSG> said it increased its stake in Airlease Ltd depositary
units representing limited partners interest to 700,400 units,
or 15.1 pct of the total outstanding, from a previous figure of
approximately 651,000 units, or 14 pct.
In a filing with the Securities and Exchange Commission,
the group said it bought 49,400 Airlease units between July 16
andf October 15 at 17.23 dlrs to 17.60 dlrs a share.
No reason was given for the recent purchases.
Reuter
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Shr 22 cts vs 24 cts
Net 2,794,000 vs 2,993,000
Revs 91.4 mln vs 66.4 mln
Six mths
Shr 45 cts vs 39 cts
Net 5,677,000 vs 5,700,000
Revs 174.6 mln vs 132.8 mln
NOTE: 2nd qtr end August 31. Per share amounts adjusted for
10 pct stock dividend paid June two, 1987.
Reuter
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Shr 25 cts vs 26 cts
Net 2,200,000 vs 2,100,000
Revs 8,500,000 vs 9,600,000
Nine mths
Shr 77 cts vs 63 cts
Net 6,900,000 vs 4,800,000
Revs 27.9 million vs 25.3 million
Reuter
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President Reagan said he was pleased
with the actions of some banks to reduce their prime lending
rates today and said he sees room for a further decline in
interest rates.
"I believe there is room in the market for a further decline
in interest rates," Reagan said in a statement as he left the
White House to visit his wife Nancy at Bethesda Naval Hospital.
Reagan's statement followed a meeting with his top economic
advisers.
Reagan said he remains concerned about the market, but that
actions taken by the Federal Reserve have helped.
"Interest rates are down across the spectrum," Reagan said.
"Specifically, I am pleased that the bond market is strong
and that foreign exchange markets are stable," Reagan said.
Reuter
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Shr profit seven cts vs loss 24 cts
Net profit 650,000 vs loss 2,327,000
Revs 34.3 mln vs 37.0 mln
Nine mths
Shr profit 38 cts vs profit 67 cts
Net profit 3,673,000 vs profit 6,474,000
Revs 108.4 mln vs 110.0 mln
NOTE: 1987 qtr and nine mths includes gain 5,360,000 dlrs,
or 55 cts per share, and 6,339,000 dlrs, or 65 cts per share,
respectively, from realized gains on investments.
1986 qtr and nine mths includes gain 105,000 dlrs, or one
cent per share, and 342,000 dlrs, or three cts per share,
respectively, from realized gains on investments.
1986 qtr and nine mths includes charge 4,860,000, or 50 cts
per share from strengthening reserve for casualty claims.
Reuter
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Shr six cts vs 17 cts
Net 1,064,000 vs 2,676,000
Revs 144.6 mln vs 129.4 mln
Avg shrs 17.1 mln 16.1 mln
Six mths
Shr 13 cts vs 25 cts
Net 2,167,000 vs 4,029,000
Revs 248.0 mln vs 249.2 mln
Avg shrs 17.1 mln vs 16.1 mln
Reuter
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Dart Group Corp <DARTA.O> affiliate
Madison Partners said that given current market conditions it
has dropped its takeover bid for Dayton Hudson Corp.
The company said it sold 1.4 mln of its 4.6 mln shares of
Dayton Hudson stock.
It said it intends to sell the rest of its Dayton Hudson
shares. At current market levels, it would suffer a 70 mln dlr
aftertax loss on its holding, a spokesman said.
Dart said it will not solicit authorization to call a
meeting of Dayton Hudson shareholders.
Dart had offered to buy Dayton Hudson for 68 dlrs per
share, valuing the Minneapolis based retailer at 6.6 billion
dlrs. That offer was rejected by the company.
Following the selloff in takeover stocks last week, and the
market's decline this week, Dayton Hudson stock closed at
27-1/2 today, off 2-1/2.
Dart's holdings amounted to just under five pct of Dayton
Hudson.
A Dart spokesman said the 1.4 mln shares were sold in the
market today.
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A new convoy of tankers escorted by
American warships headed down the Gulf on Wednesday, towards
Iranian oil platforms still oozing smoke after having being
blasted by U.S. Navy raiders.
Some Gulf sea captains were reported to be steering well
clear of Iran's Silkworm missiles, however, and frontline
emirate Kuwait redeployed air defences to counter the threat.
"I think the predominant feeling ... Is of being scared this
conflict will escalate," a top West German Foreign Ministry
official, Helmut Schaefer, told reporters in Bahrain after a
tour of three Gulf states.
b
Shipping sources said on Tuesday night at least six sea
captains had voiced fears that Iran would avenge Monday's U.S.
Raids by unleashing more Silkworm missiles at ships plying the
Gulf.
Belgium decided two minesweepers en route for the Gulf
would stay out for the time being following Monday's U.S.
Action.
But there was no sign that the prospect of more tit-for-tat
assaults had reduced the level of shipping activity in the
area.
Iran, having vowed to react strongly after Monday's U.S.
Action, launched a barrage of threats and ridicule.
For its part, Washington warned Iran again on Tuesday that
it was ready for any further hostile action.
Pentagon officials then announced that a U.S. Guided
missile destroyer began escorting two Kuwaiti tankers flying
the U.S. flag southwards--the 80,000 tonne product carrier
Ocean City and 46,000 tonne petroleum tanker Gas King.
Reuter
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Metropolitan Consolidated Industries Inc
said it will make a tender offer for all or any of the
outstanding shares of common stock of Metex Corp <MTX> not
currently held by or under option to Metropolitan for 7.75 dlrs
per share.
The company said the offer will be subject ot securing
satisfactory financing.
Metropolitan currently owns about 25.7 pct of Metex common
and holds options to purchase about an additional 16 pct of
Metex common stock.
Metropolitan said the offer will be made no later than
October 27.
Reuter
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Shr 22 cts vs 50 cts
Net 1.2 mln vs 2.2 mln
Sales 41.7 mln vs 38.3 mln
Note: BII Enterprises Inc
Reuter
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Artillery shells from an exchange of fire
between Iran and Iraq fell on Kuwait's northern border on
Tuesday but caused no casualties, the Kuwait News Agency KUNA
said, quoting a Defense Ministry official.
There were rumors in world oil markets on Tuesday that Iran
had fired shells at an oil camp in northern Kuwait in
retaliation for U.S. Attacks on Iranian oil platforms in the
Gulf on Monday. "Several shells fell in a random manner on the
northern border of the country," the official told KUNA. "It
seems these shells arose from an exchange of fire between Iran
and Iraq... No one was wounded and there were no losses."
Diplomats said shells from the nearby Iran-Iraq warfront
had in the past fallen in the northern Kuwaiti desert.
A senior Kuwait Petroleum Corporation official had earlier
told Reuters he was unaware of any attack against Kuwaiti oil
installations.
Reuter
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Shr 27 cts vs 20 cts
Net 3,411,000 vs 2,487,000
Revs 34.7 mln vs 31.9 mln
Six mths
Shr 51 cts vs 41 cts
Net 6,372,000 vs 5,090,000
Revs 68.1 mln vs 63.7 mln
Avg shrs 12.6 mln vs 12.5 mln
Reuter
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Shr 54 cts vs 53 cts
Net 4,193,000 vs 4,052,000
Revs 75.2 mln vs 63.9 mln
Nine mths
Shr 1.98 dlrs vs 1.75 dlrs
Net 15.4 mln vs 13.5 mln
Revs 223.4 mln vs 199.5 mln
Reuter
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The United States may lift an
additional 84 mln dlrs in trade sanctions against Japan later
this month, Reagan Administration officials said.
President Reagan imposed 300 mln dlrs in sanctions on
Japanese goods last April for its failure to honor a 1986
agreement to end dumping semiconductors in the U.S. and third
country markets and to open its home market to U.S. goods.
The move raised tariffs to 100 pct from about five pct on
Japanese color television sets, hand-held power tools and
portable computers.
Reagan lifted 51 mln dlrs of the sanctions last June after
Japan ended selling the semiconductors on the U.S. market at
below production costs.
Semiconductors are the small silicon chips used for memory
and recall purposes in a wide variety of computers.
The Administration officials said Commerce Department
monitors showed that Japan was ending its dumping of the
semiconductors in third countries, where they had been taking
sales away from American-made semiconductors.
They said it was likely the 51 mln dlrs in sanctions would
be lifted by the end of the month.
The United States and Japan remain at odds over opening the
closed Japanese markets to U.S. goods.
U.S. and Japanese officials reviewed Japan's compliance
with the agreement earlier this week.
The periodic reviews are to continue and the remaining
sanctions to stay in force, the officials said, until Japan is
in full compliance with the semiconductor agreement.
reuter
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Shr 83 cts vs 67 cts
Net 10,052,000 vs 7,929,000
Avg shrs 12,161,000 vs 11,824,000
Nine mths
Shr 2.33 dlrs vs 1.91 dlrs
Net 28,110,000 vs 22,386,000
Avg shrs 12,078,000 vs 11,729,000
Assets 5.9 billion vs 5.7 billion
Deposits 5.3 billion vs 4.8 billion
Loans and leases 4.2 billion vs 4.0 billion
Reuter
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Trace Products Inc said its stock-swap
merger agreement with privately held Central Point Software has
been suspended indefinitely because of uncertainty in the stock
market.
Trace Products, which manufactures diskette and tape
duplication equipment for software publishers, had earlier
agreed to acquire Portland, Ore.-based Central Point for 5.5
mln shares of its common stock.
Reuter
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Shr profit one cent vs loss 29 cts
Net profit 116,000 vs loss 4,195,000
Revs 20.2 mln vs 6,393,000
Reuter
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Oper shr 38 cts vs 1.84 dlrs
Oper net 973,000 vs 4,497,000
Nine mths
Oper shr 1.22 dlrs vs 1.31 dlrs
Oper net 3,133,000 vs 3,410,000
NOTE: Results exclude extraordinary gain from net loss
carryforward of 672,000 dlrs or 27 cts in 1987 3rd qtr, 918,000
dlrs 38 cts in 1986 3rd qtr, and 1,071,000 dlrs or 44 cts in
1987 nine months. 1986 results include 5.1 mln dlr gain from
termination of defined benefit pension plan.
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President Reagan said the United
States remains committed to the Louvre accord in which the
seven major industrial nations agreed to stabilize currency
exchange rates.
"The United States remains committed to the Louvre
agreement," Reagan said in a statement following a meeting with
his top economic advisers.
Reagan said the United States, Japan and West Germany had
all reaffirmed their commitment to coordinate economic
policies.
Reagan said Japanese Prime Minister-designate Noboru
Takeshita said in a telephone conversation Tuesday morning that
"his (Takeshita's) top priority was to maintain stable economic
relations with the United States."
Reagan noted that Treasury Secretary James Baker met with
West German financial officials and reaffirmed their commitment
to the Louvre agreement.
They "reaffirmed our agreement to coordinate economic
policies to provide for non-inflationary growth and stable
exchange rates," Reagan said.
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A shareholder group including
Entregrowth Interational Ltd, of Auckland, New Zealand, said it
lifted its stake in Suave Shoe Corp common stock to 319,600
shares, or 11.5 pct of the total outstanding, from a previous
figure of approximately 238,400 shares, or 8.6 pct.
In a filing with the Securities and Exchange Commission,
the group said it bought 81,200 Suave Shoe common shares in
open market transactions between October 1 and 19 at 8.34 dlrs
to 10.07 dlrs a share.
No reason was given for the purchases.
Reuter
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Shr 51 cts vs 36 cts
Net 5,600,000 vs 4,000,000
Revs 115.4 mln vs 91.2 mln
Nine mths
Shr 1.13 dlrs vs 61 cts
Net 10.7 mln vs 5,800,000
Revs 308.2 mln vs 249.5 mlln
NOTE: 1986 resutls restated on pro forma basis to reflect
comparable treatment of Budget's leveraged buyout on September
30, 1986, and initial common stock offering on May 22, 1987.
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Shr 12 cts vs 10 cts
Net 1,600,000 vs 1,314,000
Revs 17.6 mln vs 12.2 mln
Nine mths
Shr 58 cts vs 43 cts
Net 7,624,000 vs 5,336,000
Revs 56.8 mln vs 40.1 mln
Reuter
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Net 1,137,000 vs 1,185,000
Nine mths
Shr 2.17 dlrs vs 2.03 dlrs
Net 3,645,000 vs 3,384,000
Assets 374.4 mln vs 355.4 mln
NOTE: Per shr data in qtr not disclosed.
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Shr loss 15 cts vs loss 19 cts
Net loss 2,161,000 vs loss 2,873,000
Revs 24.5 mln vs 22.6 mln
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Shr 10 cts vs two cts
Net 262,000 vs 38,000
Revs 11.2 mln vs 5,858,000
Avg shrs 2,589,045 vs 2,588,364
Nine mths
Shr 46 cts vs 26 cts
Net 1,179,000 vs 601,000
Revs 32.7 mln vs 18.7 mln
NOTE: All per shr data adjusted to reflect 10 pct stock
dividend distributed in 2nd qtr 1987.
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Shr loss 35 cts vs profit 18 cts shr
Net loss 946,300 vs profit 502,500
Revs 17.3 mln vs 16.8 mln
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Shr 1.24 dlrs vs 1.16 dlrs
Net 10.1 mln vs 8,910,000
Nine mths
Shr 2.42 dlrs vs 3.30 dlrs
Net 19.8 mln vs 25.4 mln
Assets 4.3 billion vs 3.8 billion
Deposits 3.4 billion vs 3.1 billion
Loans 2.6 billion vs 2.3 billion
Reuter
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Southland Corp said it was told the
Securities and Exchange Commission ordered a private
investigation into Southland stock trading and statements made
by the company this year.
"Southland has been advised that the Commission has issued
a private order of investigation concerning the trading of
Southland stock during various times in 1987 and the issuance
of various public statements by Southland," Southland said in a
proxy statement to shareholders.
Southland did not elaborate on the SEC order of
investigation, and company officials could not be reached for
comment late Tuesday.
The SEC has a long-standing policy against confirming or
denying the existence of investigations.
The proxy statement, filed with the Securities and Exchange
Commission, is required for a November 5 shareholders meeting
called to approve the previously announced acquisition of
Southland by a company controlled by Southland chairman John
Thompson and members of his family.
Earlier this year, a group led by Thompson acquired
majority ownership of Southland through a 77 dlrs a share
tender offer for 31.5 mln shares of Southland common stock.
If the merger is approved, common stock still outstanding
will be converted into the right to receive 61.32 dlrs a share
in cash plus a fraction of a share of preferred stock.
Reuter
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Qtr ends Aug 31
Shr 22 cts vs 24 cts
Net 2,794,000 vs 2,993,000
Revs 91.4 mln vs 66.4 mln
Six mths
Shr 45 cts vs 45 cts
Net 5,677,000 vs 5,700,000
Revs 174.6 mln vs 132.8 mln
NOTE: full name of company is continental information
systems corp.
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Shr 15 cts vs 27 cts
Net 4,358,947 vs 7,786,640
Revs 140.8 mln vs 121.2 mln
Year
Shr 86 cts vs 1.06 dlrs
Net 24.8 mln vs 30.5 mln
Revs 560.3 mln vs 487.7 mln
Reuter
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Shr 28 cts vs 21 cts
Net 4,653,815 vs 3,564,451
Revs 34.0 mln vs 12.8 mln
Nine mths
Shr 61 cts vs 53 cts
Net 10.4 mln vs 8,881,825
Revs 61.8 mln vs 38.4 mln
NOTE: Per shr amounts are after giving retroactive effect
for a 2-for-1 split effected as a 100 pct stock dividend which
was paid June 1, 1987.Net includes net realized investment
gains of 1,213,471 vs 937,801 in nine mths 1987 vs 1986, and
604,172 vs 474,556 in qtr 1987 vs 1986. Net includes net
investment income of 12.5 mln vs 11.2 mln in nine mths 1987 vs
1986, and 4,480,540 vs 3,781,245 in qtr 1987 vs 1986.
Reuter
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Shr eight cts vs 12 cts
Net 1,016,552 vs 980,834
Revs 6,786,579 vs 4,356,561
NOTE: Invitron went public on October seven.
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Shr 1.04 dlrs vs 78 cts
Net 109.2 mln vs 83.9 mln
Revs 561.3 mln vs 460.5 mln
Nine mths
Shr 2.61 dlrs vs 1.91 dlrs
Net 273.8 mln vs 206.6 mln
Revs 1.56 billion vs 1.27 billion
NOTE: Per shr amounts reflect the 2-for-1 split to
shareholders of record on June 1, 1987.
For qtr and nine mths 1987, exchange rate fluctuations had
a favorable sales impact of 25.9 mln dlrs and 70.3 mln dlrs,
respectively.
Net in nine mths 1986 includes income from discontinuing
operations of 10.1 mln or nine cts per shr, and income of 3.9
mln dlrs or four cts per shr in qtr 1986.
Reuter
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TLX Partners, a group led by Asher
Edelman, does not see any problems with its 65 dlr per share
bid for Telex Corp, a Shearson Lehman official advising the
group said.
Several other takeover proposals have crumbled following
declines in financial markets, leading to speculation that
Edelman might also drop his offer. Telex fell 11 to 34-1/4.
Earlier today, Carl Icahn dropped his bid to take Trans
World Airlines Inc <TWA> private and Dart Group Corp <DARTA.O>
said it abandoned plans to acquire Dayton Hudson Corp <DH>.
Both cited market conditions.
"Nothing fundamental has changed with the company. The
stock price has changed, but the company hasn't changed so
there's no reason for us to change," said Daniel Good, head of
Shearson Lehman merchant banking.
"Things are proceeding as planned, and we fully expect that
at the time we have to pay for the shares the financing will be
in place," Good said.
Shearson has agreed to provide bridge financing of up to
600 mln dlrs for the Edelman group.
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Shr 46 cts vs 55 cts
Net 3,532,000 vs 4,217,000
Revs 54 mln vs 52.4 mln
Nine mths
Shr 1.97 dlrs vs 1.98 dlrs
Net 15.0 mln vs 14.8 mln
Revs 176.2 mln vs 176.9 mln
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Shr primary 92 cts vs 1.09 dlrs
Shr diluted 82 cts vs 97 cts
Net 21.8 mln vs 26.1 mln
Nine mths
Shr primary 3.07 dlrs vs 2.96 dlrs
Shr diluted 2.72 dlrs vs 2.44 dlrs
Net 73.2 mln vs 65.3 mln
Assets 14.29 billion vs 12.35 billion
Deposits 9.52 billion vs 8.69 billion
Loans 8.79 billion vs 8.69 billion
Reuter
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The U.S. Senate on Tuesday backed
President Reagan's retaliatory strike against Iranian targets
in the Gulf as it moved to take a greater role in making policy
in the volatile region.
Senators voted 92-1 for a non-binding measure that endorsed
Monday's U.S. attack on two Iranian oil platforms in
retaliation for an Iranian attack last Friday on a Kuwaiti ship
flying the American flag.
The measure said the attack was a firm indication of U.S.
resolve that Iran "cannot take military action against the
United States with impunity."
Earlier, the Senate cut off Republican stalling tactics and
set a vote on a measure that could give Congress a larger role
in making Gulf policy. The measure, however, does not require
Reagan to comply with the 1973 War Powers Act, which could lead
to a pullout of U.S. forces from the Gulf.
While Democrats and Republicans praised the U.S.
retaliatory strike, many voiced new fears about the growing
U.S. involvement in the Gulf and some demanded that Reagan
comply with the War Powers Act.
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Canada will propose at the new round of
international trade talks that most trade-distorting farm
subsidies be phased out over a five year period, Trade Minister
Pat Carney said.
"Agricultural subsidies and trade barriers have created a
vicious circle which continues to cause problems of
overproduction and low commodity prices," Carney told the House
of Commons.
Carney was outlining the government's new position on the
farm trade problem that was tabled on Tuesday in Geneva in the
multilateral talks under the GATT (General Agreement on Tariffs
and Trade).
While few details were released, Carney said the government
would also be pressing for an improvement in market access and
new measures to ensure countries do not erect artificial
barriers.
"Under the Canadian proposal, all countries would have to
ensure that domestic policies and programs to address the
specific needs of their farm sectors do not distort trade," a
government background paper said.
"Furthermore, in assessing the trade impact of programs,
credit could be given to countries which effectively control
the output of farm products," the papers said.
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Shr 1.18 dlrs vs 87 cts
Net 149.6 mln vs 134.0 mln
Revs 1.10 billion vs 956.4 mln
Nine mths
Shr 3.36 dlrs vs 2.42 dlrs
Net 428.1 mln vs 373.7 mln
Revs 3.13 billion vs 2.70 billion
Avg shrs 127.3 mln vs 154.5 mln
NOTE: 1986 results include 25 mln dlr reduction of
operating income for the relaunch of Contac.
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First Commercial Bancorp said it will
acquire the three-branch Citizens Bank of Roseville in a stock
swap.
The value of the agreement will be based on Citizens'
adjusted book value at year end and the trading price of First
Commercial's stock.
Citizens' book value was about 1.9 mln dlrs at the end of
the third quarter, according to the bank's counsel, Guy Gibson.
Under the agreement, Citizens shareholders could also trade
their stock for a five-year debenture issued by First
Commercial. Terms of the debenture have not been established.
Reuter
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United Artists Communications Inc and
<United Cable Television Corp> said they have indefinitely
suspended negotiations on a proposed merger of their companies
previously announced.
The companies cited a combination of extraordinary market
conditions and unresolved terms of the merger as contributing
to the action.
Reuter
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Shr 41 cts vs 33 cts
Net 10.2 mln vs 8,309,000
Revs 193.3 mln vs 157.7 mln
Nine months
Shr 1.29 dlrs vs 1.02 dlrs
Net 32.1 mln vs 25.4 mln
Revs 582 mln vs 486.5 mln
Reuter
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Shr 56 cts vs 68 cts
Net 8,327,000 vs 9,738,000
Nine mths
Shr 2.19 dlrs vs 1.67 dlr
Net 32.8 mln vs 24.8 mln
Avg shrs 15.0 mln vs 14.9 mln
Assets 5.58 billion vs 4.34 billion
Deposits 3.60 billion vs 3.27 billion
Loans 2.96 billion vs 2.90 billion
Reuter
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Sept 30 end
Shr six cts vs 17 cts
Net 1,064,000 vs 2,676,000
Revs 144.6 mln vs 129.4 mln
Avg shrs 17,121,000 vs 16,065,000
Six months
Shr 13 cts vs 25 cts
Net 2,167,000 vs 4,029,000
Revs 248 mln vs 249.2 mln
Avg shrs 17,121,000 vs 16,065,000
Reuter
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National Self Storage said
has sold nine storage facilities to Southmark Corp for 37.1 mln
dlrs.
National Self, a developer of storage space for business
records, said the purchase includes nine storage facilties.
National Self also said it and Southmark plan a two-year 100
facility expansion program in South Florida and across the
country.
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Trade Representative Clayton Yeutter
said on Monday that the U.S. free trade agreements with Canada
and Israel should help to pave the way for liberalizing the
global trading system.
He said the Canadian and Israeli pacts will not set back
worldwide reform efforts under the General Agreement on Tariffs
and Trade (GATT) as some critics feared but help them.
The GATT talks began a year ago in Punta del Este, Uruguay
to liberalize the global trading system and to include in it
trade in agriculture and services such as banking.
Yeutter made his remarks at a U.S.-Israeli trade meeting
marking the second year of their bilateral accord. The
Canadian-U.S. pact, signed by two sides two weeks ago, has yet
been approved by the U.S. Congress and Canadian Parliament.
The two free trade agreements (FTA) would gradually remove
tariffs and other barriers to cross-border trade in goods and
many services.
Yeutter said in the aftermath of the Canadian and Israeli
pacts "other countries have realized that if they want to
continue to have access to the world's largest market, they had
better get serious about improving the GATT."
The pact with Israel, he said, is gradually increasing
shipments both ways and the Canadian pact will substantially
increase the gross national products in both countries.
Yeutter also said the Canadian and Israeli pacts should
serve as important precedents for progress in GATT.
Yeutter said, "increasing trade is one of the keys to
enhanced political and economic stability around the globe."
He said, "a stronger GATT will enhance prosperity, not only
for advanced industrial nations, but also for other countries
that need to increase trade in order to better their standards
of living."
Yeutter added it was important not to risk the progress
made in the Israeli and Canadian trade pacts by resorting to
protectionism.
He was referring to trade legislation pending in Congress
that would force the United States to take retaliatory actions
against nations with large trade surpluses with the United
States if the countries practiced unfair trade.
The legislation was prompted by a growing U.S. trade
deficit that hit 156 billion dlrs last year and is still
rising.
Yeutter said the pressures for Congress to act were hard to
resist, but the pending legislation would undermine President
Reagan's efforts to liberalize the world trade.
Yeutter renewed the threat of a White House veto.
He said, "President Reagan will veto any bill that contains
serious flaws, and I believe that veto would be sustained."
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News of a meeting between U.S. Treasury
Secretary James Baker and West German Finance Minister Gerhard
Stoltenberg on Monday soothed currency markets, allowing the
dollar to recoup much of the day's losses, dealers said.
News of the meeting, which took place in Frankfurt in great
secrecy, came after the dollar fell sharply on criticism by
Baker of West German monetary policy, which had provoked fears
that the Louvre pact on currency stability was in jeopardy.
The dollar reacted immediately to the news, rising over two
pfennigs in after hours New York trading, dealers there said.
The announcement of the meeting, also attended by
Bundesbank President Karl Otto Poehl, was made simultaneously
in Bonn and Washington, timed for after the closure of New York
markets.
Baker, Stoltenberg and Poehl agreed to pursue the policies
accepted under the February Louvre accord, a finance ministry
spokesman in Bonn said.
The dollar rose to 1.7970/90 marks from New York's close of
1.7730/40. It had closed there on Friday at 1.7975/85 marks.
The dollar had tumbled nearly three pfennigs as the market
reacted to Baker's criticism of rising West German interest
rates, and stock markets crashed worldwide. Baker had said that
West Germany was apparently breaching the Louvre accord.
Under the accord, leading industrial democracies pledged to
coordinate economic policies to foster currency stability, with
the surplus countries, West Germany and Japan, stimulating
their economies and the U.S. promising to cut its budget
deficit.
West German government sources said rising West German
money market rates could not be seen as a breach of the Louvre
pact. They were rather a direct reaction to higher interest
rates in the United States. U.S. Bond yields have been rising
since May on inflationary fears and in early September the Fed
raised the discount rate to 6.00 pct from 5.50.
German yields have also risen over this period, but less
markedly, and since late September the Bundesbank has nudged up
short-term rates by changing the terms on its security
repurchase pacts, its principal instrument for steering the
money market.
The allocation rate on the last facility was 3.85 pct,
compared with 3.60 pct. This was partly due to West Germany's
inability to uncouple itself from U.S. interest rate trends,
but also reflected concern among monetary conservatives in the
Bundesbank central bank council about excessive monetary
growth, which raised fears of domestically produced inflation,
bank economists said.
This monetary tightening reflected a switch from the
pragmatic line pursued by Bundesbank President Karl Otto Poehl
since early this year to stabilise the mark externally, to the
more cautious approach of Vice President Helmut Schlesinger.
In an apparent gesture to Baker, coinciding with his visit,
the Bundesbank repeatedly added money market liquidity this
morning. Dealers said this was clearly a move to appease U.S.
anger over the most recent West German interest rate rises.
"They (the Bundesbank) just don't want to come too much
under American fire," said Chris Zwermann, currency adviser at
Swiss Bank Corp here.
"It seems to me that this is the Bundesbank beating quite a
significant retreat from its position," added Giles Keating,
economist at Credit Suisse First Boston Ltd in London.
The significance that retreat will emerge from the terms of
the Bundesbank's next tender for a securities repurchase pact
on Tuesday, and its result on Wednesday, money market
economists said.
Today's injection of liquidity shows that the Bundesbank
does not want a further strong rise in the tender allocation
rate, which is likely to turn out at between 3.80 and 3.90 pct,
little changed from the 3.85 pct on the last facility.
The Bundesbank and Finance Ministry had given no indication
that the meeting would take place, although the Finance
Ministry spokesman said it had been arranged last week.
Earlier on Monday the Finance Ministry spokesman, asked to
comment on the apparent U.S.-German clash over the Louvre
accord, went no further than quoting Stoltenberg as saying he
assumed monetary cooperation would continue.
The spokesman said he believed Baker had already left West
Germany for Sweden on Monday. This week he is also due to visit
Denmark and Belgium.
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Dwindling global crude oil reserves and
the lack of any major new discoveries in recent years will send
the world into an energy crisis by 1990, the former Atlantic
Richfield Co chairman Robert O. Anderson said.
"It's going to come sooner than anyone thinks," Anderson
told reporters after addressing a Houston business lunch. "I
believe we're going to see a change in the world oil markets in
two to three years because oil is becoming harder to find."
Anderson, who retired from Arco last year to form Hondo Oil
and Gas Co, said world oil consumption is approaching 60 mln
barrels a day but a current excess capacity cushion of about
4.5 mln barrels a day will rapidly disappear.
"If you looked around the world, you could not scrape up
one mln barrels a day in shut-in production outside the Middle
East," he said. "We're soon going to be right back where we
were in 1973 and 1979."
Anderson predicted that world oil prices would end 1987 at
about 24 dlrs a barrel and continue a gradual climb.
"There's no way prices can stay flat because there isn't
enough supply," he said. "There have been no major oil
discoveries for the past 15 to 20 years."
Alaska's Prudhoe Bay oil reserves, the last major world
discovery, has already produced about five billion barrels of
oil or more than half of its estimated reserves, he said.
Reuter
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Venezuela will back Ecuador's bid to
raise its OPEC quota above 221,000 barrels per day (bpd)
because it is a justifiable demand, Venezuelan Energy Minister
Arturo Hernandez Grisanti said on Monday.
He told reporters the country deserved a higher quota in
compensation for the five months it was forced to suspend oil
production when its main pipeline was destroyed by an
earthquake last March.
"For this five-month period, Ecuador did not exercise its
right to produce 221,000 bpd," he said. "We should recognize
Ecuador's right to increase its quota ... There is a basis of
justice in that country's petition."
He added however, the quota increase should be gradual to
avoid harming the market, he added.
Hernandez Grisanti said he understood Ecuador would
formally submit the request for a higher quota at the next
ministerial conference of the Organization of Petroleum
Exporting Countries (OPEC) opening December 9 in Vienna.
Reuter
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Shr profit 1.07 dlrs vs loss 1.19 dlrs
Net profit 3,326,000 vs loss 3,446,000
Nine mths
Net profit 9,714,000 vs profit 3,665,000
NOTE: Latest and prior nine month per share amounts not
given.
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The United States invoked the right
of self-defense in destroying an Iranian oil platform in the
Gulf, the American delegation told the United Nations.
Lieutenant General Vernon Walters sent letters about the
incident to Security Council President Maurizio Bucci, the
delegate of Italy, and Secretary General Javier Perez de
Cuellar.
U.N. press secretary Francois Giuliani said the Secretary
General had no comment on the attack, which followed his appeal
last Friday for restraint in the crisis while he pursued
efforts to obtain a ceasefire between Iran and Iraq.
In his explanation, Walters said the United States took
defensive action in response to an Iranian attack against
American ships in the Gulf.
He cited an Iranian Silkworm missile strike last Friday in
Kuwait waters against the United States-flag ship Sea Isle
City.
Walters said that military forces on the destroyed Iranian
platform had engaged in a variety of actions against United
States-flag and other nonbelligerent vessels and planes.
"In accordance with Article 51 of the United Nations
(Charter), I wish, on behalf of my government, to report that
United States forces have exercised the inherent right of
self-defense under internation law by taking defensive action
in response to attacks by . . . Iran against United States
vessels in the Gulf," Walters said.
Members of the Security Council met behind closed doors on
Monday to discuss developments in the Gulf war, but no
statement was issued afterwards.
Reuter
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France voiced its comprehension for a U.S.
Attack on an Iranian target while calling for a swift halt to
the Gulf War to avoid further escalation.
"The French authorities reaffirm their attachment to the
freedom and security of navigation and to the right of all
states to take action under international law and the United
Nations charter to halt attacks such as that of October 16," the
Foreign Ministry spokesman said in a statement.
The United States said its forces destroyed an Iranian oil
platform in the Gulf and struck at a second on Monday in
retaliation for a recent Iranian missile attack on a
U.S.-flagged Kuwaiti ship.
Washington said the platforms were used to monitor shipping
and to launch small-boat attacks on shipping. The French
statement described the target as "an Iranian military platform."
But the French statement added that "everything must be done
now to avoid that these military developments lead to a new
escalation of the conflict."
Reuter
| [
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Shr loss 1.73 dlrs vs nil
Net loss 16.3 mln vs profit 2,206,000
Sales 69.1 mln vs 29.1 mln
Note: per share is after payment of preferred dividends.
Reuter
| [
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Shr 22 cts vs 20 cts
Net 4,033,000 vs 3,398,000
Sales 125.3 mln vs 99.1 mln
Avg shrs 18.4 mln vs 17.5 mln
Nine mths
Shr 89 cts vs 78 cts
Net 15.9 mln vs 13.6 mln
Sales 413.7 mln vs 345.0 mln
Avg shrs 17.8 mln vs 17.5 mln
NOTE:1987 3rd qtr per share reflects issuance of two mln
shares in initial public offering. 1986 nine mth results
include extraordinary gain of 3,843,000 dlrs or 22 cts
Reuter
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Fifth Third Bancorp and <C and H
Bancorp> said they reached a preliminary agreement to merge.
C and H Bancorp has assets of 257 mln dlrs and is the parent
company of Citizens Heritage Bank N.A.
The companies said the agreement calls for each of the
about one mln shares of C and H Bancorp to be exchanged for one
share of Fifth Third Bancorp. Based on its financial
expectations, Fifth Third said the dilution in per share
earnings for the merger will be negligible.
Reuter
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Shr 25 cts vs NA
Net 3,081,000 vs 2,063,000
Nine mths
Shr 86 cts vs NA
Net 10.5 mln vs 6,966,000
NOTE: Year-ago per share amounts not available as bank
converted to stock ownership August 13, 1986.
1987 amounts include operations of Burgdoff Realtors
acquired during December 1986 and other operations.
Reuter
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American lawmakers rallied behind
President Reagan for the U.S. strike against Iranian targets in
the Gulf but the attack fueled a sharp new White House-Congress
debate over limits on his powers to make war.
The Pentagon announced on Monday that U.S. warships
destroyed a non-producing oil platform used for monitoring Gulf
ship traffic and military operations, and also raided a second
Iranian oil rig in retaliation for an earlier Iranian attack on
a Kuwaiti ship flying the American flag.
Many Democrats, who control Congress, and Republicans
expressed support for the attack and praised it as an
appropriate "measured response."
But Democrats and liberal Republicans voiced new fears that
the growing confrontation between Tehran and the United States
could erupt into a major war, and demanded that Reagan comply
with the 1973 War Powers Act, which could lead to a pullout of
American forces from the waterway.
"Those who contend the strike was necessary must realize
their words are easily construed as a tacit endorsement of war
with Iran," said Sen Mark Hatfield of Oregon, a Republican.
Reuter
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U.K. Chancellor of the Exchequer Nigel
Lawson welcomed on Monday the reaffirmation by the U.S. And
West Germany of the Louvre accord aimed at stabilising
currencies.
His office said Lawson had welcomed the outcome of a
meeting between U.S. Treasury Secretary James Baker, Bundesbank
President Karl Otto Poehl, and West German Finance Minister
Gerhard Stoltenberg in Frankfurt.
After the meeting, a Bonn finance ministry spokesman quoted
Stoltenberg as saying he was confident that foreign currencies
could be stabilised at around current levels.
The meeting came after Baker criticised West Germany for
increasing key interest rates, saying they were not in line
with last February's Louvre accord.
Reuter
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Shr 28 cts vs 46 cts
Net 1,634,000 vs 2,007,000
Avg shrs 5,850,000 vs 4,400,000
Nine Mths
Shr 82 cts vs 1.77 dlrs
Net 4,788,000 vs 7,792,000
Avg shrs 5,850,000 vs 4,400,000
Loans 586.9 mln vs 481.5 mln
Deposits 697.4 mln vs 606.2 mln
Assets 797.2 mln vs 683.4 mln
Note: Full name Sun State Savings and Loan Association.
Reuter
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Shr 2.10 dlrs vs 1.83 dlrs
Net 5,919,000 vs 5,168,000
Revs 35.0 mln vs 34.3 mln
Nine Mths
Shr 5.09 dlrs vs 3.55 dlrs
Net 14,391,000 vs 10,099,000
Revs 88 mln vs 83.7 mln
Note: Curent nine mth figures include 2.2 mln dlr, or 79
cts per share, gain resulting from change in accounting method
for unbilled revenues.
Reuter
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The Great Atlantic and Pacific Tea
Co Inc said it withdrew its offer to acquire Delchamps Inc
<DLCH.O> for 27 dlrs a share or about 175 mln dlrs, which was
made earlier this month.
Michael Rourke, A and P vice president, said the company
withdrew the offer because Delchamps did not respond favorably
to it and because of market conditions.
He would not comment on whether A and P would make another
offer to acquire Delchamps.
Reuter
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Shr 38 cts vs 52 cts
Net 3,980,000 vs 5,524,000
Revs 37.4 mln vs 44.8 mln
Nine mths
Shr 76 cts vs 99 cts
Net 7,983,000 vs 10.5 mln
Revs 100.4 mln vs 123.6 mln
NOTE: 1987 qtr and nine mths includes loss 9,000 dlrs and
432,000 dlrs, or four cts per share, from repurchase and
retirment of debt.
Reuter
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|
Italian Prime Minister Giovanni Goria told
the cabinet on Monday he was worried about the increased
tension in the Gulf, but said America's retaliation against
Iran had been limited.
A statement issued after a cabinet meeting said Goria had
been informed by the United States that it would take action
against an Iranian target in the Gulf, but had not known
beforehand that the action would involve an attack on an oil
platform.
"The prime minister expressed his concern over the possible
consequences of increased tension in the Gulf, at the same time
recognizing the limited character of the American military
reaction to the attacks it has suffered in the past few days,"
the statement said.
Goria said Italy's own ships were far from the platform at
the time of the attack and the fleet had been advised to follow
events with caution.
Italy has sent eight ships, including three frigates and
three minesweepers, to the Gulf to protect Italian merchant
shipping there.
Reuter
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Shr 59 cts vs 27 cts
Net 6,398,000 vs 2,979,000
Revs 91.0 mln vs 94.1 mln
Avg shrs 10.8 mln vs 11.2 mln
Nine mths
Shr 1.58 dlrs vs 1.06 dlrs
Net 17.2 mln vs 12.2 mln
Revs 279.7 mln vs 289.1 mln
Avg shrs 10.9 mln vs 11.4 mln
Reuter
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Media General Inc's chairman, D.
Tennant Bryant, said his family would not sell its controlling
share block, so it would be impossible for an investor group
led by <Giant Group Ltd> to gain control of the company.
The investor group, which includes Barris Industries
<BRRS.O>, recently reported that it acquired a 9.8 pct stake of
Media General's class A shares and might seek control.
Bryant said the company's class A stock elects only 30 pct
of the board, with the remaining 70 pct being elected by class
B shares, two-thirds of which are controlled by the Bryant
family trust, which has no intention of selling its shares.
Reuter
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U.S. Treasury Secretary James Baker met West
German Finance Minister Gerhard Stoltenberg and Bundesbank
President Karl Otto Poehl in Frankfurt on Monday, a Bonn
Finance Ministry spokesman said.
After the meeting the spokesman quoted Stoltenberg as
saying he was confident that foreign currencies could be
stabilised at around current levels.
The meeting came after Baker criticised West Germany for
increasing short-term money market interest rates. He had said
the rise was not in line with the spirit of the Louvre accord
aimed at stabilizing the U.S. dollar last February.
The meeting had been arranged last week, the spokesman
said. Baker, Stoltenberg and Poehl had agreed to pursue the
policies agreed under the Louvre pact with reference to
currency stability and monetary policy.
Earlier on Monday the Bundesbnak injected liquidity into
the West German money market in a move which money market
dealers interpreted as an attempt by the West German monetary
authority to curb interest rate rises.
The spokesman described Monday's talks, which he called
private, as very positive.
Reuter
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Iranian foreign minister ali akbar
velayati, here on a two-day official visit, informed cuban
foreign ministry officials on monday on the tense situation in
the gulf, diplomatic sources said.
They said the envoy's trip, to be followed from tuesday by
a visit to nicaragua, could be linked to a possible mediation
of the non-aligned movement in the seven-year-old iran-iraq war
but they ruled out any prominent cuban role in it.
Velayati could not be reached for comment on the U.S.
Attack on an abandoned iranian oil rig on monday which tehran
vowed to avenge.
Reuter
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Shr loss nine cts vs loss 1.03 dlrs
Net profit 100,000 vs loss 11.6 mln
Revs 125.2 mln vs 71.8 mln
Nine mths
Shr loss 2.46 dlrs vs loss 98 cts
Net loss 26.9 mln vs loss 8.5 mln
Revs 355.4 mln vs 215.6 mln
NOTE: 1987 qtr includes loss 5.9 mln dlrs non-recurring
after-tax charges due almost entirely to the company's recent
buyout of its Tilden Mine debt obligations.
1987 nine mths includes loss 23.7 mln dlrs pre-tax charge
to reduce the carrying value of the company's 17 land drilling
rigs.
1987 nine mths includes pre-tax gain 1.2 mln dlrs on sale
of uranium reserves.
1986 nine mths includes pre-tax gain 20.6 mln dlrs on sale
of iron ore interest in western Australia.
Reuter
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Shr three cts vs two cts
Net 456,000 vs 272,000
Sales 15 mln vs 14.4 mln
Nine mths
Shr six cts vs 23 cts
Net 992,000 vs 3,812,000
Sales 41.1 mln vs 45.4 mln
Order backlog 46 mln vs 24.3 mln
Note: 1986 figures include a gain of 2.9 mln dlr or 17 cts
a share from life insurance proceeds.
Reuter
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Oper shr 45 cts vs 42 cts
Oper net 33.0 mln vs 31.1 mln
Revs 749.8 mln vs 716.5 mln
Nine mths
Oper shr 1.23 dlrs vs 1.11 dlrs
Oper net 91.1 mln vs 81.3 mln
Revs 2.2 billion vs 2.1 billion
NOTE: Prior nine mths and qtr excludes loss of 2.3 mln dlrs
due to discontinued operations.
Reuter
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Gary Associates LP, which said
previously it may seek control of Gull Inc, said it increased
its stake in Gull common stock to 388,900 shares, or 7.7 pct of
the total outstanding, from a previous figure of approximately
318,000 shares, or 6.2 pct.
In a filing with the Securities and Exchange Commission,
Gary Associates said it made net purchases of 70,900 Gull
common shares at 15 dlrs to 18.62 dlrs a share.
Gary Associates made no mention of a possible takeover
attempt in its report to the SEC.
Reuter
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Shr 92 cts vs 91 cts
Net 24.1 mln vs 22.7 mln
Avg shrs 25.4 mln vs 24.8 mln
Nine mths
Shr 20 cts vs 2.58 dlrs
Net 6,028,000 vs 62.7 mln
Avg shrs 25.4 mln vs 24.3 mln
Assets 10.3 billion vs 9.21 billion
Deposits 7.10 billion vs 6.32 billion
Loans 6.52 billion vs 5.60 billion
Reuter
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Unocal Corp said it raised its posted
prices for most U.S. grades of crude oil by 50 cts a barrel,
effective October 16.
The move brings the price the company will pay for the U.S.
benchmark grade, West Texas Intermediate, and West Texas Sour
to 19 dlrs a barrel.
The price was last changed September 9, Unocal said.
Reuter
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Shr 18 cts vs 14 cts
Net 1,852,000 vs 1,488,000
Revs 44.7 mln vs 35.9 mln
Nine mths
Shr 41 cts vs 34 cts
Net 4,233,000 vs 3,512,000
Revs 123.8 mln vs 98.4 mln
NOTE: Full Name is American Management Systems Inc.
Reuter
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European Community Commission
President Jacques Delors called for a swift convening of a
meeting of the G-7 countries following the instability in
today's trading on world money and stock markets.
He told a press conference here: "G-7 should meet discreetly
and quickly."
Delors said if the dollar were to fall further against the
mark to levels around 1.60, the European Monetary System would
undergo a "test by fire."
Delors said the current problems in the markets had been
caused by excessive growth in financial trading, excessive
deregulation and the failure of the fundamentals of the world
economy to adapt themselves quickly enough to changing
circumstances.
He said it was "profoundly unjust" to blame it on recent
increases in West Germany.
Reuter
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U.S. Treasury Secretary James Baker
met West German Finance Minister Gerhard Stoltenberg and
Bundesbank President Karl Otto Poehl today in West Germany and
agreed to support the Louvre pact, the Treasury Department
said.
The Treasury described the meeting as "a very positive,
private meeting in Frankfurt, West Germany which had been
agreed upon last week. "The parties agreed to continue economic
cooperation under the Louvre agreement and its flexible
application including cooperation on exchange rate stability
and monetary policies," the Treasury said.
The Treasury said Baker and Stoltenberg "are consulting with
their G-7 colleagues and are confident that this will enable
them to foster exchange rate stability around current levels."
The Louvre pact is an agreement between the Group of Seven
leading industrial countries including the United States and
West Germany to promote currency stability.
Baker was scheduled to visit Scandinavia and Belgium this
week and the department earlier refused to release details of
his travel itinerary, citing security considerations.
Reuter
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Shr 23 cts vs 18 cts
Net 249,920 vs 194,369
Revs 3,752,641 vs 3,355,563
NOTE: Full name is Scicom Data Services Ltd.
Reuter
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Subsets and Splits