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MOODY'S DOWNGRADES DAYTON HUDSON'S 1.3 BILLION DLRS OF DEBT |
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Sun Cos Sun Refining and Marketing Co subsidiary said it raised the price it charges contract barge customers for heating oil in New York harbor by 0.50 cent a gallon effective today. The increase brings the contract barge price to 50.50 cts a gallon Sun said. Reuter | SUN <SUN> RAISES HEATING OIL BARGE PRICE |
Wall Street stock prices were pounded lower late this afternoon by futures related sell programs and strong profit taking. A weak bond market ignited concern about rising interest rates and inflation triggering the selloff traders said. The Dow Industrials fell 39 points to 2367. Reuter | WALL STREET STOCKS LOWER IN LATE TRADING |
U.S. SELLING 13.2 BILLION DLRS OF 3 AND 6-MO BILLS APRIL 13 TO PAY DOWN 12.35 BILLION DLRS |
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Levitt Corp said it filed with the Securities and Exchange Commission a registration statement covering a 25 mln dlr issue of convertible subordinated debentures due 2012. Proceeds from the offering will repay the companys debt and will be used for general corporate purposes. Levitt designs builds and sells single-family homes and has recently begun a number of new construction projectsthe company added. Bear Stearns and Co and Merrill Lynch Capital Markets have tentatively been named as underwriters. Reuter | LEVITT <LVT> FILES FOR DEBENTURE OFFERING |
 NYMEX HEATING OIL CLSG 7-APR OPEN HIGH LOW CLOSE MAY7 4900L 4905H 4955 4900 4920L 4930H JUN7 4845L 4855H 4915 4850 4885L 4895H JUL7 4835 4900 4835 4870 AUG7 4880 4930 4875 -- SEP7 4950 5000 4950 -- OCT7 -- 5085 5050 -- NOV7 -- 5130 5110 -- DEC7 -- 5250 5170 5170 JAN8 -- 5219 5219 -- FEB8 -- 5220 5220 -- MAR8 -- -- -- -- APR8 -- -- -- -- MAY8 -- -- -- -- JUN8 -- -- -- -- SETT P SETT SETT P SETT SETT P SETT MAY7 4924 4879 JUN7 4893 4831 JUL7 4870 4816 AUG7 4917 4862 SEP7 4987 4930 OCT7 5062 5009 NOV7 5132 5085 DEC7 5202 5160 JAN8 5252 5219 FEB8 5282 -- MAR8 -- -- APR8 -- 4915 MAY8 -- 85 JUN8 -- --  | |
(Sportscene Restaurants Inc) said it acquired (Cafe Christophe Van Houtte Inc) a cafe chain with ten franchises and one corporate restaurant for an unspecified amount of cash and Sportscene shares. Reuter | SPORTSCENE ACQUIRES CHRISTOPHE VAN HOUTTE CHAIN |
 NYMEX CRUDE OIL CLSG 7-APR OPEN HIGH LOW CLOSE MAY7 1873L 1877H 1892 1873 1883L 1885H JUN7 1842L 1844H 1858 1840 1846L 1850H JUL7 1816L 1819H 1828 1815 1817L 1822H AUG7 1803L 1804H 1812 1799 1802L 1805H SEP7 1797A 1804 1792 -- OCT7 1793 1800 1793 -- NOV7 1793B 1800A 1800 1787 -- DEC7 1793B 1800A 1805 1790 -- JAN8 1792B 1800A 1800 1800 -- FEB8 1792B 1800A 1790 1790 -- MAR8 -- -- -- -- SETT P SETT SETT P SETT SETT P SETT MAY7 1884 1867 SEP7 1794 1788 JAN8 1786 1788 JUN7 1849 1834 OCT7 1790 1786 FEB8 1786 1788 JUL7 1819 1807 NOV7 1788 1786 MAR8 -- -- AUG7 1804 1794 DEC7 1788 1788  | |
 CANADIAN MONEY MARKET RATES CLOSING - APR 07 CANADA TREASURY BILLS 90 days 06.93 180 days 07.20 FINANCE COMPANY PAPER 30 days 07.00 60 days 07.05 90 days 07.08 BANK PAPER 30 days 07.05 60 days 07.08 90 days 07.12 BANKERS ACCEPTANCES 30 days 06.95 60 days 07.00 90 days 07.02 CANADIAN DOLLAR SWAPS 30 days 06.95 60 days 07.10 9O days 07.15 CALL MONEY: 07.00 DAY MONEY: 07.00 PRIME RATE: 08.75 U.S. DLR BASE RATE: 08.25  | |
U.S. CONSUMER CREDIT ROSE 1.77 BILLION DLRS IN FEB VS REVISED 789 MLN JAN GAIN |
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NYSE TUMBLES 45 POINTS ON PROFIT TAKING AND FUTURES RELATED SELL PROGRAMS, TRADERS SAY |
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 SANTOS ENTREGAS DIRETAS COFFEE CLSG APR 7 CRUZADOS PER 60 KG APR 2.00000 MAY 2.10000 JUN 2.20000 MAY/JUN 2.30000 JLY/DEC 2.80000 JAN/JUN 3.20000 QUIET  | |
Shr loss 21 cts vs loss seven cts Net loss 971000 vs loss 318000 Revs 8.3 mln vs 9.2 mln Year Shr loss 43 cts vs profit 14 cts Net loss 1.9 mln vs profit 606000 Revs 32.5 mln vs 31.9 mln NOTE:1986 loss includes reserves of 329000 1985 includes tax benefit of 352000 96000 and 570000 dlrs.1986 4th qtr includes 850000 dlrs writedowns 499000 dlr gain from sale. 1985 net includes extraordinary items of 108000 and gain on sale of 1.6 mln dlrs tax carryforward gain of 246000 dlrs. Reuter | RONSON CORP <RONC> 4TH QTR DEC 31 |
 SANTOS COFFEE SPOTS APR 7 CRUZADOS PER 60 KG ESTILO SANTOS 1.88333 SANTOS RIADO 1.78333 SEM DESCRICAO 1.68333 STEADY  | |
Iraq said its forces were battling to dislodge Iranian troops from territory they gained during a new three-pronged offensive on the war front near the southern city of Basra. The third High Command communique issued during the day said the Iranians launched a major overnight assault on the fronts of three Iraqi divisions the Qutaiba Muthanna and Mohammed al-Qassem forces. The communique said the Iranian troops which attacked the Qutaiba front were annihilated but the invading force managed to gain some footholds on the other fronts. Fierce fighting has been raging since dawn today and all morning where our forces succeeded in dislodging the Iranians from all the positions they gained at the Muthanna front and the situation ended in Iraqs favour the communique said. It said Iraqi forces were continuing counter-attacks to drive the Iranians from the few positions they were still holding on the front of the Mohammed al-Qassem forces. The precise locations of the three fronts were not given. A previous Iranian offensive launched in January towards Basra Iraqs second city was halted with Baghdad saying the Iranians had gained only a narrow strip of Iraqi territory. Reuter | IRAQ REPORTS FIERCE FIGHTING TO REMOVE IRANIANS |
Westmin Resources Ltd said it plans to increase capacity at its Myra Falls British Columbia base and precious metal mine and mill complex by 33 pct to 4400 short tons of ore a day subject to regulatory approvals. The company said the expansion will cost about 24 mln dlrs and could be in operation by 1988. Economies of scale from the expansion should pay back net expansion cost in less than one year Westmin said. The Myra Falls complex processed 3257 tons of ore a day during 1986. Myra Falls 1986 production was 44000 ounces of gold 966266 ounces of silver 45.5 mln lbs of copper 96.2 mln lbs of zinc and 777000 lbs of lead a company spokesman said. Myra Falls 1986 production was 44000 ounces of gold 966266 ounces of silver 45.5 mln pounds of copper 96.2 mln pounds of zinc and 777000 pounds of lead a company spokesman said. Reuter | WESTMIN TO RAISE MYRA FALLS CAPACITY BY 33 PCT |
Treasury balances at the Federal Reserve rose on April 6 to 4.262 billion dlrs from 3.876 billion dlrs on the previous business day the Treasury said in its latest budget statement. Balances in tax and loan note accounts fell to 4.950 billion dlrs from 5.004 billion dlrs on the same respective days. The Treasurys operating cash balance totaled 9.212 billion dlrs on April 6 compared with 8.880 billion dlrs on April 3. Reuter | TREASURY BALANCES AT FED ROSE ON APRIL 6 |
General Physics Corp said it will purchase up to 100000 shares of its common stock from time to time in open market transactions. The purchase would represent approximately 16 pct of the shares in the public float the company said. Yesterday the last bid price of General Physics common stock as quoted by Nasdaq was 15 dlrs the company said. Reuter | GENERAL PHYSICS <GPHY> TO PURCHASE SHARES |
ITT CORP TO BUY BACK UP TO 10 MLN SHARES OF COMMON STOCK |
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 MOODYS COMMODITY INDEX-APR 07 926.0  | |
 SAO PAULO COFFEE CLSG APR 7 MAY 2.34400 JLY 2.85600 SEP 3.36600 DEC 4.83890 MCH 7.02800 MAY 8.55000 PRICES IN CRUZADOS PER 60 KG TRADES 553 LOTS OF 60 KILO BAG FIRM  | |
FOR SUPPLIES DELIVERED TO K.C. WINTER WHEAT 1 Hard Red-- Ordinary Protein 288-292 dn 1 2 Soft Red 292-293 unch-dn 1 2 YELLOW CORN 158-160 up 2-unch 2 YELLOW SORGHUM 271-282 unch-up 3 1 YELLOW SOYBEANS 499-505 up 5 Reuter | KANSAS CITY TRUCK PRICES - USDA |
The U.S. Treasury said it will sell 13.2 billion dlrs of three and six-month bills at its regular auction next week. The April 13 sale to be evenly divided between the three and six month issues will result in a paydown of 12.35 billion dlrs as maturing bills total 25.55 billion dlrs including the 9-day cash management bills issued April 7 in the amount of 11.01 billion dlrs. The bills will be issued April 16. Reuter | U.S. TO SELL 13.2 BILLION DLRS IN BILLS |
 RICHMOND CASH GRAIN no2 red winter wheat 271-281 new crop 253-258 no2 yellow corn 158-183 no1 white corn 233 no1 soybeans 470-495 no2 barley new crop 115 Reuter  | |
 KANSAS CITY DAILY CASH GRAINS-USDA - APRIL 7 (IN CENTS PER BUSHEL EXCEPT SORGHUM IN CWT) 1 Hard red winter wheat Ordinary 297-3/4 dn 1/4 12 PCT 301-3/4 dn 1/4 13 PCT 307-3/4 dn 1/4 14 PCT 314-3/4 up 3/4 1 Soft red winter wheat 317-3/4 dn 1-1/4 2 White Corn 200-220 unch 2 Yel Corn 155-1/2-160-1/2 dn 3/4-up 1/4 2 Yel Sorghum 273-282 up 3 1 Yel Soybeans 499-3/4-504-3/4 up 5 Reuter  | |
Manufacturers Hanover Corp said its OFP Inc unit acquired a Dallas office building through foreclosure. The company said it foreclosed on the Allied Bank Tower a 1.2 mln-square-feet office building at One Fountain Place Dallas. Reuter | MANUFACTURERS <MHC> IN BUILDING FORECLOSURE |
TEXACO FILES IN TEXAS COURT TO ENJOIN 10.3 BILLION DLR BOND, PENNZOIL ATTORNEY |
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ITT STOCK BUYBACK TO INCLUDE COMMON AND PREFERRED SHARES |
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Terrace Bank of Florida said it is selling 500000 shares of stock at 10.50 dlrs per share in its initial offering. The organizers of the bank plan to purchase 81000 of those shares which will have a par value of five dlrs. Individual investors may purchase as few as 100 shares of the stock the bank said. The offering is slated to end by May 15 but could be extended it said. Reuter | TERRACE BANK OF FLORIDA TO SELL 500,000 SHARES |
Qtrly div 11 cts vs 11 cts prior Pay April 28 Record April 20 Reuter | HI-SHEAR INDUSTRIES INC <HSI> SETS PAYOUT |
Coca-Cola Bottling Co Consolidated said it terminated negotiations with the proposed purchaser of its wholly owned subsidiary headquartered in Vancouver B.C. The company said it is vigorously continuing its efforts to sell its Canadian operations substantially on the terms and conditions previously announced. Reuter | COCA-COLA BOTTLING <COKE> TERMINATES TALKS |
Frozen concentrated orange juice futures closed 2.60 to 0.80 cents higher though the market failed to hold early gains of as much as 4.40 cents in the July delivery. Estimated volume was 1000 contracts. May was up 1.70 cents at 132.90 cents off a high of 133.50 cents. July was up 2.60 cents at 131.70 cents. Speculative short covering early in the session pushed the market up after locals succeeded in triggering stops over 132.00 cents in the May. The trade was an early buyer as well but turned seller at the top taking profits and knocking prices off the early highs. The afternoon session was quiet and prices remained steady. Traders said spot May now roughly reflects the ex-dock price of Brazilian juice. Reuter | N.Y. FCOJ FUTURES CLOSE HIGHER |
 PORK CUT OUT FOR APRIL 7 Estimated gross cutout value of 175 lb hog carcasses based on carlot prices of pork cuts and yields from USDA tests. FOB OMAHA BASIS. Grade of Carcass (price per cwt) ONE TWO THREE FOUR Value/cwt 67.72 65.78 63.85 61.91 Change from previous day dn 0.22 dn 0.20 dn 0.17 dn 0.15 Calculations for US No.2 175 lb pork carcasses. CARCASS FOB CUT WEIGHT PCT OMAHA CHANGE Skinned Hams 14-20 21.01 73.50 dn 6.50 Loins/retail 14-22 20.33 112.00 up 5.00 Sdls Bellies 12-14 13.90 61.00 up 1.00 Spareribs 3.5/dn 3.03 143.00 unch Picnics 8-12 10.31 42.50 unch Butts/retail 4-8 7.25 83.00 unch 72 pct trim 2.19 75.00 unch TOTAL PERCENTAGE 94.51 VALUE/CWT 65.78 Reuter  | |
 TSE 300 16:15:00 3871.00 OFF10.20 VOLUME 39746547  | |
 N.Y. EURODEPOSITS CLOSING - APR 7 U.S. DOLLAR One month 6-3/8 6-1/4 Two months 6-7/16 6-5/16 Three months 6-1/2 6-3/8 Four months 6-9/16 6-7/16 Five months 6-9/16 6-7/16 Six months 6-5/8 6-1/2 Year 6-13/16 6-11/16 Reuter  | |
 TORONTO ACTIVE MINES 7-APR-87 16:15:01 VOLUME COMPANY LAST CHANGE 547330 NORANDA INC 32 OFF 1/8 419800 EQUITY MN 12 3/8 UP 1 1/4 342745 HEMLO GOLD 27 1/4 UP 7/8 308700 TOTAL ERICK 5 1/2 UP 0.850 288300 NOVA BEAUG 0.470 UNCH 264138 DOME MINES 16 3/4 OFF 1/4 237000 ATLAS YELLOW0.23 1/2 UP 0.00 1/2 192980 LACANA MN 18 1/2 UP 1 3/8 175425 N S R RES 0.590 UP 0.100 172336 PLACER DVEL 47 1/4 UP 1 1/2  | |
 TORONTO ACTIVE INDUSTRIALS 7-APR-87 16:15:02 VOLUME COMPANY LAST CHANGE 533043 CAN PAC LTD 24 3/4 OFF 1/4 526256 SYNGOLD EXPL 4.700 UP 0.350 480805 B.C.FOREST 20 3/4 UNCH 433945 CONTL BANK 17 3/8 UP 1/8 408683 FALCB LTD 19 3/4 OFF 1/8 401760 NOVA ALB A 9 1/8 OFF 1/8 386889 CARMA LTD CL 0.150 OFF 0.010 381667 MVP CAP CORP 2.250 UP 0.120 375400 SILVERSIDE R 2.000 UP 0.150 352530 INCO LTD 21 5/8 OFF 1/8  | |
ITT Corp said its board authorized the repurchase of up to 10 mln shares of its common and preferred stock as market conditions warrant. The company said the repurchased shares will be held as treasury shares. An ITT spokesman said the board approved the proposed stock buy back as part of its program to enhance shareholder value and increase ITTs per-share earnings. He said ITT would fund the purchases with a portion of the 1.3 billion dlrs in cash it received from selling a majority interest in its telecommunications operations to <Compagnie Generale dElectricite> of France. Reuter | ITT <ITT> TO BUY BACK COMMON, PREFERRED ISSUES |
Winnipeg oilseed futures closed higher in sympathy with strength in the Chicago soybean complex with grains mixed in quiet trade. Rapeseed futures ended with gains of 2.60 to 3.30 dlrs per tonne with flaxseed up 4.90 to 4.00 dlrs. Commission house and commercial short-covering overcame moderate elevator house hedge selling in both oilseeds traders said. Continued Japanese crusher export buying added support to rapeseed with locals net buyers in flaxseed. Rye finished unchanged to up 0.10 dlr with feed grains ranging from down 0.60 dlr in May wheat to up 0.30 in new December barley. Strength in new crop Chicago corn futures kept deferreds here strong relative to nearbys. May and July oats again set new contract lows. Reuter | WINNIPEG OILSEED FUTURES END UP, GRAINS MIXED |
 TORONTO ACTIVE OILS 7-APR-87 16:15:03 VOLUME COMPANY LAST CHANGE 367161 WHARF RES 5 5/8 UP 3/8 310300 SCARBORO 0.10 1/2 OFF 0.010 284900 PENANT RES 0.400 UP 0.040 239115 PLEXUS RES 4.250 OFF 0.550 237420 POCO PETE 16 1/4 UP 1/8 229775 DRUMMOND 0.320 UP 0.020 170751 ENCOR ENERGY 7 3/8 UP 1/8 169700 ASMRA INC 14 5/8 UP 3/8 164518 ULSTER PETE 2.650 UP 0.100 133400 NRTHLND OIL 0.230 UNCH  | |
U.S. power companies generated a net 47.68 billion kilowatt-hours of electrical energy in the week ended April four up 11.1 pct from 42.91 billion a year earlier the Edison Electric Institute (EEI) said. In its weekly report on electric output the electric utility trade association said electric output in the week ended March 28 was 45.56 billion kilowatt-hours. The EEI said power production in the 52 weeks ended April four was 2563.61 billion kilowatt hours up 2.4 pct from the year-ago period. Electric output so far this year was 695.50 billion kilowatt hours up 2.8 pct from 676.58 billion last year the EEI said. Reuter | WEEKLY ELECTRIC OUTPUT UP 11.1 PCT FROM 1986 |
 N.Y. COFFEE PHYSICALS SHIPMENTS - April 7 (ex-dock NY cents per lb unless stated) Santos No. 4 May 96.00N Parana No. 4 Feb UNQ Victoria No. 5 UNQ Colombian MAMs April/May gross 108.50N El Salvador Standards April 103.00N Mexican P. Washed new crop April/May 95.00N Guatemalan prime washed new crop 103.00N Peruvian May 86.00N Ugandan FAQ UNQ Indonesian EK-ones April/May 86.00N Ecuador Three Pcts 80.00N Reuter  | |
U.S. debt futures closed down and near daily lows after a choppy session. Continued weakness in the dollar pressured the market. Bearish sentiment prevailed despite remarks made by Federal Reserve Chairman Paul Volcker that a further large drop in the dollar could be counterproductive to the world economy. New agreements by the G-5 and G-7 nations which are meeting this week on stabilizing currency rates are expected to have little effect on the market traders said. June T-bonds again failed to take out resistance at 98-16/32 as well as fill a chart gap between 98-25/32 and 99-16/32. CBT T-bonds closed 28/32 to 30/32 point lower T-notes fell 20/32 and muni bonds ended down one point. IMM T-bills ranged from 7 basis points lower to 2 basis points higher and Eurodollars closed down 6 to 11 basis points. Reuter | U.S. DEBT FUTURES CLOSE DOWN, NEAR DAILY LOWS |
 N.Y. COFFEE PHYSICALS SPOT - April 7 EX-DOCK NY CENTS PER LB UNLESS INDICATED SANTOS NO. 4 UNQ PARANA NO. 4 UNQ COLOMBIAN MAMS gross 108.50N EL SALVADOR past crop ex-New York 103.00N MEXICAN Prime Washed new crop Laredo 95.25N GUATEMALA extra prime ex-Miami 103.00N UGANDAN FAQ UNQ ETHIOPIAN DJIMMAS 98.68N INDONESIAN EK-ONES 86.00N ECUADORAN 3 PCTS ex-New Orleans 94.50N PERU natural past crop 84.00N Reuter  | |
Moodys Investors Service Inc said it downgraded Dayton Hudson Corps 1.3 billion dlrs of debt. The agency cut to Aa-3 from Aa-2 Dayton Hudsons senior notes debentures revenue bonds and Eurodebt and shelf registration to Provisional Aa-3 from Provisional Aa-2. Moodys said it expected that leverage which has risen because of an aggressive expansion program would remain high due to the companys spending plans. The agency noted that Dayton Hudsons operating returns recently declined. But Moodys also said the companys recent operating problems would probably be temporary. Reuter | DAYTON HUDSON <XXX> DOWNGRADED BY MOODY'S |
 PORTLAND DAILY GRAIN - APRIL 7 (USDA) Bids at 1230 hrs Pacific time for grains arriving at Portland Oregon for April delivery by rail truck or barge in cents per bushel except oats corn and barley per cwt. 1 Soft White Wheat 296-301 dn 1 1 White Club Wheat 296-341 dn 38-dn 1 1 HARD RED WINTER WHEAT--Exporters bids PROTEIN ORDINARY 310 dn 1 10 PCT 310 dn 1 11 PCT 312 dn 1 12 PCT 316 dn 1 13 PCT 328 dn 1 Montana 1 Dark Northern Spring Wheat 13 pct 320 up 1 14 pct 356 up 1 15 pct 384 up 1 2 BARLEY UNIT TRAINS/BARGES-EXPORT - 430-440 unch SINGLE RAIL CARS-DOMESTIC - 435-445 unch-dn 5 INLAND FEEDING AREAS - 405-420 dn 5-unch 2 YELLOW CORN - MIDWEST ORIGIN/DOMESTIC - 370-385 up 3-3/4-dn 5 2 HEAVY WHITE OATS - 475-490 unch-dn 10 Reuter  | |
Japanese crushers bought 5000 tonnes of Canadian rapeseed in export business overnight for late May/early June shipment trade sources said. Reuter | JAPANESE CRUSHERS BUY CANADIAN RAPESEED |
CarePlus Inc said it will seek shareholder approval of its proposed acquisition of certain assets and assumption of certain liabilities of Professional Care Inc <PCI>. In connection with the acquisition shareholders will be requested to approval the merger of CarePlus into its newly formed Delaware subsidiary CarePlus said. CarePlus said its board has tentatively determined that its stock would be exchanged for common stock of the new corporation at the rate of seven for one. Reuter | CAREPLUS <CPLS> SEEKS APPROVAL IN ACQUISITION |
Wall Streets fears about interest rates and inflation were reignited today triggering a sharp selloff in active trading. Profit taking and arbitrage related sell programs taking a cue from falling bond prices combined to pound the market sharply lower. The Dow Jones Industrial Average which soared 85 points to record levels in the past two sessions tumbled 45 points to close at 2361 today. It was the fourth biggest decline in the markets history. Declines led advances three-one as volume rose to 188 mln shares from the 174 mln that traded on Monday. Reuter | WALL STREET CLOSE SHARPLY LOWER |
The New York physical coffee market was lightly traded today dealers said. Indonesian EK-Ones afloat sold for 86.00 cents a lb ex-dock New York. Colombians sold for 108.50 cents a lb gross ex-dock New York dealers said. The Colombian rebate today was 6.4 cents. Mexican prime-washed beans were offered for spot shipment at 9.0 cents under the May futures with buyers ideas at 10.0 cents under ex-dock. Mexicans were also offered for April/May shipment at 9.25 cents under the May futures dealers said. Reuter | N.Y. PHYSICAL COFFEE MARKET SEES LIGHT BUSINESS |
 DAILY PORTLAND GRAIN EXPORT PRICES - APRIL 7 Exporter offers for June shipment FOB ship in cents per bushel. NO 2 OR BETTER SWW WHEAT 295 dn 3 NO 2 OR BETTER WWW WHEAT 297 dn 3 NO 2 OR BETTER HRW WHEAT 316 up 1 NO 2 OR BETTER DNS WHEAT 358 up 2 NO 2 BARLEY 209 unch NO 2 YELLOW CORN 199-3/4 up 1 Reuter  | |
Southern Union Co said it filed with the Securities and Exchange Commission a registration statement covering a 50 mln dlr offering of 10-year notes and a same-sized issue of 30-year debentures. Proceeds will be used to redeem three outstanding debenture issues and repay two outstanding note issues. The company named Goldman Sachs and Co as sole manager of the note and debenture offerings. Reuter | SOUTHERN UNION <SUG> TO SELL NOTES, DEBENTURES |
Toronto stocks higher at midsession closed lower as a bout of profit taking on Wall Street spilled over to Canadian markets analysts said. The composite index dipped 10.20 points to 3871.00 although advances narrowly led declines 518 to 507 on very busy volume of 39.7 mln shares. The 300-share composite index soared 139 points in the last three sessions. By and large we had a good dose of profit taking today Maison Placements Canada Inc analyst John Ing commented. It is more developments in the U.S. that appear to be influencing stock prices up here he added. Interlisted issues led the Toronto market lower analyst Ing said. Seagram fell 2-1/8 to 100-3/8 Northern Telecom slid 1-1/2 to 58-1/2 and leading active trader Canadian Pacific lost 1/4 to 24-3/4. Forest product stocks making strong gains in recent sessions traded mixed. MacMillan Bloedel lost 3/8 to 28-3/4 third top active British Columbia Forest Products was unchanged at 20-3/4 and Canfor Corp rose 1/2 to 35 dlrs. Consolidated-Bathurst firmed 1/8 to 21-1/8. It said it expects the improvement in the pulp and paper sector shown in the second half of 1986 to continue this year. Gold producer Galactic Resources jumped 1-1/8 to 10-3/8. It said yesterday it plans to merge with Quartz Mountain Gold and said Cornucopia Resources granted an option to enter in a Nevada joint venture. Other precious metals strengthened against the lower trend. Hemlo Gold advanced 7/8 to 27-1/4 and Lacana Mining climbed 1-3/8 to 18-1/2. Base metal stocks turned lower in the afternoon after early gains. Falconbridge eased 1/8 to 19-3/4 Inco slipped 1/8 to 21-5/8 and Noranda lost 1/8 to 32 dlrs. Montreals market portfolio index fell 12.52 points to 1922.51. The Vancouver index rose 9.9 points to 1883.9. Reuter | CANADA STOCKS CLOSE LOWER ON PROFIT TAKING |
 TORONTO STATISTICS /VOLUME INDUSTRIALS UP 388 DOWN 428 UNCH 275 VOLUME 28915064 MINES UP 88 DOWN 49 UNCH 30 VOLUME 7276519 OILS UP 41 DOWN 30 UNCH 31 VOLUME 3554964  | |
U.S. energy futures posted modest gains because of a supply squeeze in physical North Sea Brent crude oil and escalation of the Iran/Iraq war traders and analysts said. May crude closed 17 cts higher to 18.84 dlrs. Energy futures were led by the 15-day forward Brent Crude market in Europe said Robert Murphy account executive at E.F. Hutton and Company Inc adding crude futures could jump above 19 dlrs a barrel but will not remain there long if products are not strong he added. April Brent rose as high as 19.57 dlrs a barrel today. Traders said reports that Iran opened a new southern front and Iraq attacked Iranian oil fields were also supportive. Murphy said tonights American Petroleum Institute report will need to show drawdowns in gasoline and distillate of two to four mln barrels each to support firmer crude prices. There is a lot of gasoline around Murphy said. Following crude futures May gasoline closed 0.33 cent higher at 53.27 cts a gallon after trading 8700 contracts. May heating oil traded only 7200 contracts and was up 0.45 cent at 49.24 cts. Reuter | U.S. ENERGY FUTURES SETTLE WITH MODEST GAINS |
U.S. consumer instalment credit rose a seasonally adjusted 1.77 billion dlrs in February after a revised rise of 789 mln dlrs in January the Federal Reserve Board said. The annual rate of growth in February was 3.7 pct up from 1.6 pct in January. Previously the Fed said consumer credit rose 536 mln dlrs in January. Among the credit categories auto credit rose in February by 717 mln dlrs after increasing 416 mln dlrs in January the Fed said. Revolving credit in February rose 1.04 billion dlrs after falling by 23 mln dlrs in January. Mobile home credit was down by 59 mln dlrs in February after rising 141 mln dlrs in January. The category referred to as other covering bank and credit union loans increased by 74 mln dlrs in February after rising by 255 mln dlrs in January the Fed said. Before seasonal adjustment consumer credit outstanding totaled 576.05 billion dlrs at the end of February compared with 530.41 billion dlrs at the end of February 1986. Reuter | U.S. FEB CONSUMER CREDIT ROSE 1.77 BILLION DLRS |
U.S. Trade Representative Clayton Yeutter said President Reagan should have the authority and responsibility for deciding if and when to award import relief. As the only nationally-elected official in the government only the president can weigh all the factors that go into determining whether or not it is in the national economic interest to do so he said in a prepared address to the University of Chicagos Graduate School of Business. Yeutter was commenting on proposed changes in the law which would transfer to the trade representative much of the current retaliatory power held by the White House which has been the target of congressional dissatisfaction on trade issues. Reuter | YEUTTER OPPOSES U.S. RETALIATORY POWER TRANSFER |
quoted in cents per lb versus nearby CBT soyoil contracts. Crude degummed soybean oil NOLA - April offered 0.40 over bid 0.10 over. May offered 0.45 over bid 0.25 over. June offered 0.50 over bid 0.40 over. July through September offered 0.60 over bid 0.50 over. Sunflowerseed oil - May through September offered 0.95 over bid 0.75 over. PBSY Cottonseed oil - April/May offered 4.25 over bid 3.60 over. June offered 4.50 over bid 3.75 over. July through September offered 4.75 over bid 4.00 over. Reuter | GULF EDIBLE OIL PRICES - April 7 |
Texaco Inc made a filing in a Texas Court of Appeals to enjoin the enforcement of the 10.3 billion dlr judgement pending appeal an attorney for Pennzoil Co <PZL> said. They made the filing in the First Court of Appeals in Texas said John Jeffers an attorney at the Houston law firm of Baker and Botts representing Pennzoil. A Spokesman for Texaco had no immediate comment. Attorneys representing Texaco were not immediately available. The filing follows yesterdays decision by the U.S. Supreme Court overturning a lower federal court decision that had cut Texacos bond to one billion dlrs. The high court ruled that the issue should first be considered by Texas state courts. Texaco yesterday said it would soon file to prevent enforcement of the bond but it was unsure whether it would make the filing in a District Court the Court of Appeals or the Texas Supreme Court. Jeffers said Texaco chose the Appeals Court because it currently has jurisdiction in the case. According to Texas state law Texaco could be forced to post the full amount of the judgement as a bond. If it failed to do so Pennzoil could seek liens on Texacos assets for the amount of the judgement. Texacos filing contains a request to cut the amount of the bond to between one and 1.5 billion dlrs Jeffers said. Asked what Pennzoils thought of that amount he said I dont think its enough. Pennzoil has repeatedly said it would not seek to force Texaco to post the full amount of the judgement in the form of a bond but has said it would seek other forms of security. Weve recognized there are other alternatives to a bond Jeffers the Pennzoil attorney said. Pennzoil will also have the right to respond to the filing but Jeffers said he was unsure when the response would be made. The dispute between Texaco and Pennzoil stems from the 1984 takeover of Getty Oil Co by Texaco. Pennzoil said the merger violated a prior agreement it had to buy Getty and sued Texaco. Since then Pennzoils position has twice been upheld by Texas State Courts. The Judgement now stands at 10.3 billion dlrs including interest and is on appeal. Reuter | TEXACO <TX> FILES TO ENJOIN 10.3 BILLION DLR BOND |
Moodys Investors Service Inc said it affirmed the debt ratings of 3.7 billion dlrs of debt of United Technologies Corp and its units. Affirmed were the Aa-3 senior debt of the parent and its units United Technologies Credit Corp United Technologies Financial Services Inc United Technologies Finance N.V. Carrier Corp and Carrier International Finance N.V. Also affirmed were the parents Prime-1 commercial paper Aa-3 Euroyen bonds and A-1 preferred stock. United Technologies Credit Corps A-1 subordinated debt was also affirmed Moodys said. Moodys cited its expectations that the companys programs will be successful in lowering operating costs and improving intermediate-term capital management. This will raise financial measures from current low levels. As operating earnings and cash flow of the companies increase as a result of the programs balance sheet leverage will decrease the agency noted. United Technologies and its units face strong competition but they all dominate their markets Moodys pointed out. Reuter | MOODY'S AFFIRMS UNITED TECHNOLOGIES <UTX> DEBT |
 NYSE CLOSING PRICES 1 ALLIED SIG 47 3/8 ALCOA 43 3/4 AMR CORP 53 1/4 AMER BRAND 47 3/4 AMER CAN 49 AMER ELEC 27 3/4 ATT 23 3/4 BETH STL 11 1/4 BURL NOR 70 1/2 CAN-PACIF 19 CHRYSLER 57 1/2 COLUMB GAS 47 3/4 COMW ED 34 3/4 CON ED NY 43 CONS FRGT 35 1/4 CONS N-GAS 41 3/8 DET ED 17 1/4 DU PONT 119 1/4 EAST KODAK 78 3/8 EXXON 88 3/8 GEN ELEC 108 GEN MOTORS 82 1/4 GOODYEAR 59 HOUS IND 35 INCO 16 1/2 NAVISTAR 6 7/8 INTL PAPER 112 3/8 MANVILLE 2 5/8 NIAG MOHWK 16 1/2 NWA INC 64 3/4 MINN MIN 133 3/4 PAC G&E CO 22 PAN AM CP 4 1/2 PANHAND PI 32 PHIL ELEC 21 3/8 PROCT GAM 95 PEOPLS EGY 22 1/2 PSEG 38 7/8 99 99 SEARS ROE 53 3/4 SOU CALIF 31 99 CHEVRON CORP 59 1/2 TEXACO 33 5/8 99 TW SERVICES 17 1/8 UNITED AIR 65 1/2 UNION CARB 29 5/8 UNION PAC 77 5/8 UNITED TEC 51 1/8 USX CORP 29 3/8 WEST ELEC 65 3/4 WOOLWORTH 52 1/8  | |
U.S. Trade Representative Clayton Yeutter said a textile bill widely expected to be offered as an amendment to trade legislation on the House or Senate floor is pure protectionism. Its attachment to a trade bill would kill the bipartisan cooperative spirit needed to produce growth-oriented market-opening legislation he said in a speech prepared for the University of Chicagos Graduate School of Business. President Reagan vetoed that bill last year and would almost certainly reject this years bill he added. We simply cannot accept legislation that would provoke retaliation against American exporters destroy the Uruguay Round and embroil us in dozens of trade wars the trade representative said. Reuter | YEUTTER CALLS TEXTILE BILL "PURE PROTECTIONISM" |
An investor group including Bessemer Securities Corp and Cilluffo Associates told the Securities and Exchange Commission it asked federal antitrust regulators for advance clearance to hold more than 30 mln dlrs of Intermedics Inc common stock. The group said it currently holds 1.8 mln shares or 17.6 pct of the total outstanding following purchases of 84300 shares March 18-April 1. A group spokesman would not disclose the total purchase price of its current holdings. The group has said it is accumulating Intermedics stock for investment purposes. Reuter | GROUP TO BUY MORE INTERMEDICS <ITM> SHARES |
 CBT GINNIE MAE CDR CLSG 7-APR OPEN HIGH LOW JUN7 -- 105 105 SEP7 -- -- -- DEC7 -- -- -- MAR8 -- -- -- SEP8 -- -- -- DEC8 -- -- -- MAR9 -- -- -- JUN9 -- -- -- SEP9 -- -- -- CLOSE SETT PSETT JUN7 -- 105 05 26/32 SEP7 -- -- -- DEC7 -- -- -- MAR8 -- -- -- SEP8 -- -- -- DEC8 -- -- -- MAR9 -- -- -- JUN9 -- -- -- SEP9 -- -- --  | |
 CBT 10 YEAR NOTES CLSG 7-APR OPEN HIGH LOW JUN7 01 27/32H 01 25/32L 102 101 7/16 SEP7 101 101 7/32 00 11/16 DEC7 00 11/32 00 15/32 100 MAR8 -- -- -- JUN8 -- -- -- SEP8 -- -- -- CLOSE SETT PSETT JUN7 01 15/32H 01 14/32L 101 7/16 102 1/16 SEP7 00 23/32H 00 22/32L 00 11/16 101 5/16 DEC7 100 100 100 5/8 MAR8 -- -- -- JUN8 -- -- -- SEP8 -- -- --  | |
Shr 81 cts vs 24 cts Net 40453000 vs 11833000 Sales 267.1 mln vs 127.0 mln Avg shrs 50226000 vs 48337000 Nine Mths Shr 2.07 dlrs vs 38 cts Net 102564000 vs 18127000 Sales 708.0 mln vs 318.3 mln Avg shrs 49573000 vs 48024000 Reuter | SEAGATE TECHNOLOGY <SGAT> 3RD QTR MARCH 3 NET |
An investor group led by Dart Container Corp a Sarasota Fla. plastic utensil maker told the Securities and Exchange Commission it raised its stake in Texstyrene Corp to 420500 common shares or 11.7 of the total outstanding. The group said it bought the shares for investment and intends to continue to buy Texstyrene stock in the future. The group said its most recent purchases included 106000 shares bought March 10-31 in ordinary brokerage transactions. Reuter | GROUP RAISES TEXSTYRENE <FOAM> STAKE TO 11.7 PCT |
 CBT TREASURY BONDS CLSG 7-APR OPEN HIGH LOW JUN7 97 26/32H 97 24/32L 98 4/32 97 7/32 SEP7 96 27/32H 96 25/32L 97 2/32 96 5/32 DEC7 95 24/32 96 2/32 95 5/32 MAR8 94 28/32 95 3/32 94 9/32 JUN8 93 16/32 93 16/32 93 13/32 SEP8 92 22/32 92 22/32 92 19/32 DEC8 -- 91 26/32 91 26/32 MAR9 91 15/32 91 15/32 91 2/32 JUN9 -- 90 12/32 90 12/32 SEP9 -- 89 24/32 89 24/32 DEC9 -- 89 5/32 89 5/32 CLOSE SETT PSETT JUN7 97 9/32 H 97 7/32 L 97 8/32 98 4/32 SEP7 96 7/32 H 96 5/32 L 96 7/32 97 4/32 DEC7 95 5/32 L 95 7/32 H 95 7/32 96 5/32 MAR8 94 12/32H 94 9/32 L 94 9/32 95 7/32 JUN8 93 16/32H 93 13/32L 93 13/32 94 11/32 SEP8 92 22/32H 92 19/32L 92 19/32 93 16/32 DEC8 -- 91 26/32 92 22/32 MAR9 91 5/32 H 91 2/32 L 91 2/32 91 30/32 JUN9 -- 90 12/32 91 8/32 SEP9 -- 89 24/32 90 20/32 DEC9 -- 89 5/32 90 1/32  | |
 MINNEAPOLIS WEEKLY WHOLESALE PRICES-april 7 Bulk per 10n carlots/deliveried Minneapolis (DLRS PER TON) Soybean meal 44 pct protein 152.60 46-1/2 pct protein 162.50 Linseed meal 34 pct protein 115.00 Sunflower meal 28 pct protein 23 pct fiber 80.00 25 pct protein unq 34 pct protein unq Meat meal 50 pct protein 195.00 Tankage 60 pct 220.00 Yellow grease cent per lb 9-1/2 Feather meal 80 pct protein 150.00 Wheat bran 26.00 Wheat middlngs 26.00 Reground oat hull 3 pct protein 6.00 Alfalfa meal 17 pct dehydrated 90.00 Sunflower crude oil cents per lb 15.50 year ago 19.00 Reuter  | |
Enro Holding Corp said it acquired Enro Shirt Co and Foxcroft Ltd from Wilson Bros for 30 mln dlrs. Enro Holding is owned 50 pct by investors and 50 pct by management and others. The investor group bought 50 pct of the common equity and supplied five mln dlrs in mezzanine financing. Management bought the other 50 pct. Congress Financial Group supplied 28 mln dlrs in senior financing and the seller took back a note for 12.1 mln dlrs. Enro Shirt has annual sales of about 42 mln dlrs and Foxcroft has sales of about 13 mln dlrs. Reuter | ENRO HOLDING BUYS ENRO SHIRT AND FOXCROFT |
slaughter cattle prices rose 0.50 to 1.00 dlr amid good buyer demand and fairly good seller interest the usda said. steers - mostly choice 2-4 1100-1350 lbs 68.00-69.00 fob and delivered. heifers - mostly choice 2-4 975-1150 lbs 66.00-67.00 fob and delivered. Reuter | NEBRASKA FEEDLOT CATTLE UP 0.50/1.00 DLR - USDA |
 TORONTO INDICES CLOSING APR 7 TSE 300 3871.0 off 10.2 METALS/MIN UNAV GOLDS 8771.7 up 141.0 OIL/GAS 4176.3 up 39.4 VOLUME 39746547  | |
Spartech Corp said shareholders at the annual meeting approved a reverse stock split of the common stock on a one-for-five basis. The company said the split was necessary in preparation for an offering of 25 mln dlrs in convertible subordinated debentures expected to be made soon through Kidder Peabody and Co. It said the new common stock will begin trading April 8 under the symbol SPTNd. Separately Spartech said its board appointed Bradley Buechler as president filling a vacancy. It said Lawrence Powers remains as chairman. Buechler prior to his promotion was executive vice president and chief operating officer. He will retain his duties as chief operating officer. Reuter | SPARTECH <SPTN> REVERSE STOCK SPLIT APPROVED |
Shr primary profit two cts vs loss nine cts Shr diluted profit one cent vs loss six cts Net profit 17156 vs loss 89594 Revs 2360220 vs 3208802 Avg shrs 870000 vs 1026627 NOTE: full name of company is People Ridesharing Systems Inc. Reuter | PEOPLE RIDESHARING SYSTEMS <RIDE> 1ST QTR NET |
Standard and Poors Corp said it affirmed the A-minus rating on Supermarkets General Corps 12.2 mln dlrs of industrial revenue bonds. S and P cited the withdrawal by Dart Group of its 1.73 billion dlr bid for Supermarkets General. Supermarkets General had been under review for possible downgrade because of the Dart Group bid. However S and P pointed out that Dart is still interested in Supermarkets General and the possibility exists that another party would try to acquire the company. Reuter | SUPERMARKETS GENERAL <SGL> AFFIRMED BY S/P |
ITT CORP TO REDEEM THREE SERIES OF PREFERRED STOCK |
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An influential member of Congress endorsed a General Accounting Office GAO proposal calling for establishing a federal board to oversee government assistance to the financially-troubled farm credit system. Rep. Ed Jones D-Tenn. chairman of the House Agriculture subcommittee which will draft a farm credit rescue package later this year told reporters following testimony by Comptroller General Charles Bowsher that establishing a federal board to implement the rescue is a good idea. I like the idea of an additional layer of management to oversee the rescue Jones told reporters. Rep. Jones made the remarks following a hearing at which the General Accounting Office GAO outlined its suggestions for a bail-out of the system. Comptroller General Bowsher proposed Congress set up a strong board modeled on the example of the successful Chrysler loan guarantee board to make hard choices on restructuring the failing system. The members of the board would include both representatives of government agencies and some independent officials Bowsher proposed. Reuter | GAO FARM CREDIT PLAN SUPPORTED BY KEY LAWMAKER |
 N.Y. FOREIGN EXCH CLOSING-APR 7 Stg 1.6175/85 Bfr Com 37.83/85 Can 1.3055/60 Ffr 6.0780/10 Lit 1301.00/1302.00 Dfl 2.0615/25 Sfr 1.5145/55 Dmk 1.8270/80 Yen 145.60/70 Aus Sch 12.82/83 Dkr 6.8825/75 Nkr 6.8175/25 Port 141.20/40 Skr 6.3525/75 Bfr Fin 37.85/90 Spain 127.90/128.00 Mexico 1131/1134 Stg one 52-50 disc two 91-89 disc three 131-129 disc six 226-221 disc twelve 404-394 disc Can one 07-09 prem two 13-16 prem three 17-20 prem six 35-40 prem twelve 70-85 prem Reuter  | |
Brazils financial crisis is rapidly becoming a political and social crisis and President Jose Sarney faces increasingly serious questions about his future. As Brazil enters debt talks with creditors in the United States this week political analysts say Sarneys administration has never appeared weaker. The full political price which Sarney will have to pay for the failure of the much-vaunted anti-inflation Cruzado Plan is still not clear. He might have to pay with the presidency. Calls are increasing for direct presidential elections to pick a successor to Sarney early next year. The length of his term will be decided by a Constituent Assembly and Sarney has been lobbying for a six-year term. Sarney came to power without facing presidential elections in March 1985 when the military bowed out after 21 years of rule. Although there was wide public support for direct elections for president the military as one of their last acts insisted an electoral college where it felt it had more influence make the choice. The college chose Tancredo Neves a popular politician who headed the Brazilian Democratic Movement Party (PMDB) which had opposed military rule. In part to smooth relations with the military Neves chose Sarney a supporter of the generals for the purely ceremonial post of vice-president. But Neves died before he could take office and Sarney took power. He won the grudging support of the PMDB and the Cruzado Plan was wildly popular with inflation-weary Brazilians. But the Cruzado Plan failed and politics in Brazil has not been the same. The country is a rudderless ship said a U.S. Diplomat echoing a common view that the government lacks any clear idea of how to tackle the economic crisis. Sarney has appeared increasingly isolated with criticism coming from the business community the trade unions some of the military the media and political opponents. Many businessmen are unhappy with Sarneys decision announced on February 20 to suspend interest payments on 68 billion dlrs of foreign debt. A motor industry executive said: The business community thinks Brazil should go to the IMF. Their rules are sometimes harsh and strict but this is the only way to put the house in order. Trade unions generally support the debt moratorium but disagree with other aspects of government policy. Since the end of February they have organized national strikes of seamen bankworkers and federal university teachers and countless local stoppages and protests. Economic problems have prompted criticism from some military figures including the last army ruler General Joao Figueiredo. It is a sign of the times that almost daily military men deny there is going to be a coup. If the army does stay in the barracks the key arbitors of Sarneys fate will be the PMDBs leaders. So far they have not taken a clear stand on the issue of direct elections. But one PMDB leader Senator Affonso Camargo pointedly said yesterday that it was the sovereign right of the Consituent Assembly to call direct elections for the presidency whenever it wished. In the media Sarney has to contend with strong criticism. One senior political commentator Fernando Pedreira of the Jornal do Brasil wrote in the newspaper last week: President Sarney is ... a man of good intentions but it is just possible that he himself is not aware of the true state of the country and the people since the immense failure of the Cruzado Plan. The disappointment the frustration the irritation the enticement have been (and continue to be) too great too profound.He called for direct elections early in 1988 as the only way out of the present crisis. One of Sao Paulos leading news magazines Senhor said in an editorial this week: The anarcho-populist government of President Jose Sarney has failed. Two years have already been too long for such a disastrous experience. It deserves to be buried as quickly as possible. The natural solution: direct elections soon. The governments inability to control inflation is now bringing with it serious social problems. An explosion in rents in Sao Paulo has thrown tens of thousands of families onto the streets because they can no longer afford to pay even for a wooden shack in the slums. The local press says the city is experiencing the biggest wave of land invasions in its history. According to rental agencies rents have increased 500 pct in little more than a year. Even the cheapest shacks now cost 2000 cruzados (90 dollars) a month half as much again as the minimum wage which is all that many earn. Cardinal Paulo Evaristo Arns the Roman Catholic archbishop of Sao Paulo warned yesterday of the possibility of a social conflict of unimaginable proportions. With his back to the wall politically and with social tensions rising Sarney is no position to compromise on debt. Reuter | BRAZIL'S DEBT CRISIS BECOMING POLITICAL CRISIS |
 KANSAS CITY VALUE LINE INDEX CLSG 7-APR OPEN HIGH LOW VLI -- 27380 27100 JUN 27270L 27280H 27430 26630 SEP 27200 27320 26540 DEC 26550 26550 26500 CLOSE SETT PSETT VLIC -- -- 27328 JUN7 26650L 26670H 26660 27345 SEP7 26560 26560 27260 DEC7 26500 26500 27200  | |
 IOM STANDARD AND POORS 500 INDEX CLSG 7-APR OPEN HIGH LOW INDX -- 30364 29669 JUN7 30320H 30290L 30610 29550 SEP7 30510H 30500L 30795 29760 DEC7 30720 31000 29950 MAR8 31050 31120 30110 CLOSE SETT PSETT INDX -- -- 30195 JUN7 29590L29690H 29640 30405 SEP7 29780T29870B 29825 30600 DEC7 29950L30000H 30015 30800 MAR8 30145A 30145 30930  | |
Prices closed lower in active trading on the New York Stock Exchange. The Dow Jones Industrial Average fell 44.60 to 2360.94 The NYSE Index fell 2.61 to 168.35 Declines led advances 1121 to 504 The average share price was 67 cts lower. Volume was 186410000 shares compared to 173720000 yesterday. Reuter | WALL STREET STOCKS CLOSING AVERAGES |
Prices on the American Stock Exchange closed lower in active trading. The AMEX Index fell 0.59 to 341.64. The Average price per share was three cts lower Declines led advances 326 to 282 AMEX volume rose to 14224710 shares from 12855230 yesterday. Options volume was 345250 compared to 324863 yesterday. Reuter | AMEX STOCK PRICES CLOSE LOWER |
Brazil has set up a special debt commission headed by Finance Minister Dilson Funaro to be responsible for renegotiating Brazils 109 billion dollar foreign debt officials said. The principal negotiator on the commission created by President Jose Sarney will be former foreign minister Ramiro Saraiva Guerreiro. Officials said Guerreiro would be joined on the commission by eight senior officials including a representative of the National Security Council. The creation of the commission is intended to underscore the Brazilian governments contention that the debt issue is essentially political and that a political solution must be found to the problem. On February 20 Brazil suspended interest payments on its 68 billion dlr foreign bank debt to try to force the issue. Creditor banks however have signalled that they are equally determined to resist Brazils demands for debt relief. Yesterday Funaro travelled to the U.S. for fresh debt negotiations with creditors deeply angered by Brasilias suspension of interest payments. Reuter | BRAZIL SETS UP SPECIAL DEBT COMMISSION |
 U.S. SPOT PRODUCTS--LATE AFTERNOON--APRIL 7 1600 EST Spot oil product markets strengthened with prices for two oil and gasoline rising in both markets. But ny harbor products were thinly traded while there was good buying interest in the us gulf coast especially for gasoline they added. brokers said the market does not appear to be anxiously awaiting this weeks api update because most traders dont expect the numbers to be significant enough to affect prices. traders and refiners were seeking april and may gasoline supplies in the us gulf this afternoon brokers said. usg unleaded rose 0.30 cent over monday to 51.75 cts. ny harbor any-April unleaded also rose 0.30 cent to 52.25 cts. usg two oil was 0.20 cent higher at 47 cts while nyh two oil increased 0.40 cent to 49.40 cts. Reuter  | |
(La Confederation des Caisses Populaires et dEconomie Desjardins) the Quebec credit union group said it is lowering the interest rate on unpaid balances on its Visa credit card to 15.9 pct from 18.0 pct effective with June billing statements. The move follows cuts in credit card interest rate charges by several Canadian banks. Reuter | DESJARDINS GROUP LOWERS VISA INTEREST RATE |
 MONTREAL INDICES CLOSING-APR 7 Industrials 1563.99 off 1.17 Utilities 1623.60 up 0.11 Banks 1642.74 off 1.13 Portfolio 1922.51 off 0.65 VOLUME 12455102  | |
 TORONTO EXCHANGES CLOSING APR 7 Stg 2.1120/30 US dlr 1.3055/60 One mth 07-09 prem Two mths 13-16 prem Three mths 17-20 prem Dmk 71.42/52 Yen 89.78/88  | |
 U.S. VEGETABLE OILS - April 7 Cents a lb Peanut oil- Crude FOB Southeast 24.50A Refined New York 31.50N Crude FOB bulk New Orleans 27.00N Refined FAS drums Southeast 38.00N Soybean oil- Crude FOB Mid-west 15.06N Refined tankcars FOB Decatur 18.06N Crude FOB bulk New York 16.31N FAS drums New York 21.81N Cottonseed oil- Crude FOB Mississippi valley 17.50N Refined New York 21.50N Crude FOB bulk New Orleans 18.75N Refined FAS drums New Orleans 24.25N Maize (corn) oil- Crude bulk New York 22.65N Refined bulk New York 27.15N Coconut oil (Philippines)- Crude CIF New York/NOLA April/May 18.00N Crude FOB tankcars Gulf nearby 19.00N Desiccated coconut (Philippines)- FOB West Coast in 10000 lb lots unav Linseed oil- Crude FOB Minneapolis tankcars 25.00N Tung oil (Argentine)- Crude oil tankcars New York 45.00N Castor oil (Brazil) number one- Crude FOB tankcars New York 34.50N Palm oil any origin- Refined bleached deoderized CIF New York/NOLA nearby 17.00N Palm kernel oil any origin- Crude CIF New York/NOLA nearby 18.75N Reuter  | |
Shr profit eight cts vs loss 1.84 dlrs Net profit 785000 vs loss 4279000 Revs 10.4 mln vs 8464000 Avg shrs 9649000 vs 2664000 Six Mths Shr loss nine cts vs loss 4.09 dlrs Net loss 262000 vs loss 9689000 Revs 19.2 mln vs 15.6 mln Avg shrs 2874000 vs 2660000 Reuter | SEEQ TECHNOLOGY INC <SEEQ> 2ND QTR MARCH 31 |
slaughter steers were fully steady and heifers steady to 0.50 dlr higher in moderate trade the usda said. Feedlots reported fairly good interest and inquiry from buying sources. Sales on 6800 steers and 2400 heifers. week to date 48900 head. steers - good and mostly choice 2-3 1025-1150 lbs 69.50-70.00. heifers - good and mostly choice 2-3 925-1025 lbs 68.00-68.50. Reuter | TX/W OKLA FEEDLOT CATTLE STDY/UP 0.50 DLR-USDA |
 CBOT MAJOR MARKET INDEX CLSG 7-APR OPEN HIGH LOW INDX 34052 34052 33668 CLOSE SETT P SETT INDX 34052 34052 33668  | |
Dealers said very little business was done in local oilseeds markets. Coconut oil was nominally 18 cents a lb for April/May shipment CIF New York/Gulf brokers said. Crude wet-milled corn oil FOB Midwest points was nominally 20-3/4 cents a lb for nearby shipment. Based on that price dealers said refined corn oil FOB New York was nominally 27.15 cents a lb. Peanut oil remained offered at 24-1/2 cents a lb for nearby shipment but dealers said market interest was closer to 24 cents. Reuter | N.Y. OILSEEDS REPORT |
 CENTRAL U.S. CARLOT BEEF TRADE-USDA--APRIL 7 FOB Omaha basis and midwest area markets including Texas and Oklahoma as of 1500 CST. choice cattle up 1.00 dlr and goods up 0.50 to 1.50 dlr. demand light in moderate trade amid limited offerings. Sales reported on 101 loads of cattle carcasses. Steer carcasses - FOB Omaha - 3 choice 3 600-900 99.00 4 choice 2 600-900 100.00 50 good 1-3 600-900 97.50-98.50 Heifer carcasses - FOB Omaha - 5 choice 3 550-800 98.00 3 choice 3 500-550 88.00-89.00 3 choice 3 400-500 87.00-88.00 1 choice 2 550-800 99.00 20 good 1-3 550-800 96.50-97.00 Cow carcasses - fob Omaha - no sales Reuter  | |
Closing prices on the Bahia Cocoa Futures Market were as follows (in cruzados per 60 kilo bag delivered Ilheus/Itabuna with previous in brackets) - May 2560 (2560) volume 23 lots July 3248 (3248) volume nil September 3865 (3772) volume 23 lots December 5084 (5000) volume nil Contract in 50 bags REUTER | BAHIA COCOA FUTURES CLSG |
Data General Corp president Edson de Castro said the general outlook for his company and for the industry shows little fundamental improvement. Citing the computer industrys dependence on capital investments de Castro termed the environment lackluster and declined to predict the timing of a possible upturn. Data General is taking its show on the road to educate its customers and targeted prospects de Castro told a press briefing initiating a three-day exposition here of Data Generals computer systems capabilities. Data General has targeted for its future growth increased participation in the industries of banking insurance brokerage health care manufacturing petrochemical and the U.S. government. Reuter | LITTLE INDUSTRY IMPROVEMENT - DATA GENERAL <DGN> |
An estimated 109 high fructose corn syrup futures contracts traded today in the contracts second day of trading at the Minneapolis Grain Exchange (MGE) an exchange spokesman said. Trading was down from yesterdays 137 contracts. Open interest yesterday totaled 42 the spokesman said. July HFCS futures closed at 12.70 dlrs per cwt up 50 cents from its open of 12.20 dlrs. September closed at 12.35 dlrs up 55 and December settled at 11.70 dlrs with no trades up 20 cents from yesterdays close the source said. Reuter | MINNEAPOLIS HFCS TRADE PUT AT 109 CONTRACTS |
The dollar ended with modest net losses against most major currencies as the market conducted a final round of position-squaring ahead of tomorrows crucial Group of Five and Group of Seven meetings dealers said. The dollar was trendless today. People are waiting to see if anything new comes from the meetings tomorrow and will then take it from there said one dealer at a top European bank. As a result generally supportive comments by Federal Reserve Chairman Paul Volcker and Japanese Finance Minister Kiichi Miyazawa went largely unheeded. The dollar closed at 145.60/70 yen down from 145.85/90. However the dollars yen closing level was comfortably above its overseas low of just under 145 yen. Against the mark the dollar finished at 1.8270/80 marks after falling to 1.8180 in Europe and ending at 1.8260/70 here yesterday. In Congressional testimony this morning Fed Chairman Paul Volcker harped on his long-held fears about the potentially catastrophic fallout from a sharp dollar decline. He also said the dollars fall thus far should be large enough in a context of a growing world economy and fiscal restraint in the U.S. to support widespread expectations of a narrowing in the real trade deficit in the period ahead. The market impact of Volckers comments was minimal. It was the same old story. Volcker was just fulfilling his role as a defender of the currency said one trader. The market was similarly dismissive of Japanese Finance Minister Kiichi Miyazawas upbeat appraisal of his hour-long conversation with U.S. Treasury Secretary James Baker this afternoon. Miyazawa said that they both agreed on the need for currency stabilization and that he was satisfied with the role the U.S. has played in coordinated international efforts to prop up the dollar since the late February Paris agreement. Miyazawa can talk until hes blue in the face. The only person who will make a difference is Baker said Alan Rose of First Interstate Bank in Los Angeles. The key question for the currency market is whether the (Reagan) administration will have a change of view on the dollar. If not the dollar is going lower he added. The dollars recent tumble to a 40-year low of 144.70 yen was linked to the markets perception that Washington was unhappy with the rate of adjustment of world trade imbalances and that a continued orderly dollar decline was the least disruptive way of accelerating the process. While most analysts do not expect any marked change of attitude in Washington they were reluctant to open any fresh positions until later in the week. We are reserving judgement for the time being said Doug Madison of Commerzbank Ag. The tranquility of the dollar market spread to sterling trading today. The pound ended unchanged against the dollar at 1.6175/85 and edged up to 2.957 marks from 2.955 yesterday. However underyling sentiment remains positive after a U.K. opinion poll gave the ruling Conservative party its highest popularity rating since it was re-elected in 1983. Sterling still seems to be on the firm side said one dealer. The Canadian currency also retained a generally stronger tone rising to 1.3055/60 to its U.S. counterpart from 1.3080/85 yesterday. According to figures provided by Morgan Guaranty Trust Co the dollars trade-weighted value at midday was 5.7 pct below average market rates in 1980-82 compared with 5.5 pct yesterday. Reuter | DOLLAR ENDS WITH MODEST LOSSES IN NEW YORK |
 BRAZIL ADJUST CRUZADO DOWN AGAINST DOLLAR NEW RATE 22840/22945 PREVIOUS 22690/22803 EFFECTIVE WEDNESDAY APRIL 8  | |
The Senate approved legislation to extend until March 31 1988 the date for the National Commission on Dairy Policy to report on the federal milk price support program and the dairy industry. The report is to recommend whether the Agriculture Department should have continued authority to reduce the milk price support level. The one year extension was required due to delays in setting up the commission. Reuter | SENATE EXTENDS DAIRY COMMISSION REPORT |
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