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1500 cst. Fresh pork loins 14-18 lbs generally steady and 18-22 lbs steady/up 2.00 dlrs boston butts generally steady skd hams off 9.00/14.00 dlrs and sdls bellies steady/up 2.00 dlrs. trade moderate to active for light to moderate offerings and demand. Sales reported on 61 loads of fresh pork cuts and two loads of trimmings and boneless processing pork. FRESH PORK CUTS - FOB OMAHA BASIS 22.0 Loins - Regular - 14-18 94.00-103.00 1.5 18-22 98.00-100.00 2.0 Boston Butts - 4-8 70.00-75.00 Picnics - no trade Skinned Hams - 7.0 17-20 70.50-73.50 8.0 20-26 70.00-70.50 Sdls Bellies Skin on fresh - 1.0 10-12 58.00 5.0 12-16 59.50-62.00 5.0 16-18 57.00-59.00 3.0 18-20 52.00-53.00 2.0 20-25 48.00-49.50 Reuter | CENTRAL U.S. CARLOT PORK TRADE - USDA - APRIL 7 |
 ST LOUIS GRAIN PRICES no2 soft red winter wheat 285-289 NO2 YELLOW CORN 163-164 No1 Yellow Soybeans 505-509 Reuter  | |
 NYMEX ESTIMATED VOLUMES/APRIL 7 MONTH CRUDE OIL HEATING OIL UNLEADED GASOLINE MAY 16175 3282 3215 JUNE 15789 2493 3449 JULY 7175 793 1358 AUGUST 2665 325 388 SEPTEMBER 1403 159 104 OCTOBER 136 40 42 NOVEMBER 118 3 19 DECEMBER 750 86 33 JANUARY 170 2 ----- TOTAL 44380 7268 8693  | |
 NYSE-CONSOLIDATED CLOSING ACTIVES 6695600 GCA CP 1/4 UNCH 4009700 TEXACO 34 UP 3/8 3298700 USX CORP 29 3/8 UP 1/8 2442900 BELLSOUTH 38 7/8 OFF 5/8 2326700 UNITED AIR 65 3/4 UNCH 2249700 GEN MOTORS 82 1/4 UP 3/4 2090300 IBM 146 1/2 OFF 2 7/8 1907200 FORD MOTOR 88 7/8 OFF 1 1/4 1778400 GENCORP 118 UNCH 1772500 ATT 23 7/8 OFF 3/8 ADVANCES 366 DECLINES 944  | |
 AMEX-CONSOLIDATED CLOSING ACTIVES 806200 WICKES COS 4 1/8 OFF 1/8 599500 WESTERN DIG 25 UP 3/8 581700 TEXAS AIR 40 1/8 OFF 2 3/8 508700 ALZA CP 37 7/8 UP 2 1/4 470300 WANG LAB B 15 1/8 OFF 1/4 320500 DOME PETE 7/8 OFF 1/16 288500 LORIMAR TELE 18 7/8 UNCH 287500 AMDAHL CP 37 1/2 OFF 1 3/8 263000 HORN+HARD 13 1/2 OFF 1/2 240600 NY TIMES A 45 UP 1 1/4 ADVANCES 276 DECLINES 319  | |
 NYFE COMPOSITE INDEX FUTURES CLSG 7-APR OPEN HIGH LOW JUN 17175H 17155L 17320 16740 SEP 17280H 17280L 17435 16880 DEC 17415A B 17545 17210 CLOSE SETT PSETT JUN7 16780H 16760L 16770 17230 SEP7 16880H 16880L 16885 17345 DEC7 -- B A 16995 17455  | |
 BARGE TERMINAL DAILY GRAIN PRICES Sioux City FOR APRIL 7 (DLRS A BU) TRUCK DLVD GRAIN PRICES FOR INDICATED AREAS MISSISSIPPI RIVER - SOUTHERN IOWA POINTS 2 YELLOW CORN 1.57-1.58 f/h april 1.59-1.60 l/h april 1 YELLOW SOYBEANS 4.98-5.01 f/h april 5.00-5.02 l/h april MISSISSIPPI RIVER - NORTHERN IOWA POINTS 2 YELLOW CORN 1.50-1.56 f/h april 1.51-1.57 l/h april 1 YELLOW SOYBEANS 4.92-4.98 f/h april 4.94-4.99 l/h april MISSISSIPPI RIVER - SOUTHERN MINNESOTA POINTS 2 YELLOW CORN 1.48-1.50 f/h april 1.50-1.52-1/2 l/h april 1 YELLOW SOYBEAN 4.89-4.93-1/2 f/h april 4.94-4.96-1/2 l/h april Reuter  | |
The International Monetary Fund said the exchange value of the U.S. dollar against the SDR was 1.28435 compared with 1.28224 yesterday and 1.06584 on July 1 1974. Other currency values against the SDR (July 1 1974 rates in parentheses) were: Deutsche Mark 2.33983 (3.06809) French Franc 7.78573 (5.82126) Japanese Yen 186.937 (343.773) Pound Sterling 0.792907 (0.505474) Australian Dlr 1.81329 (0.809889) Aust Schilling 16.4384 (22.0097) Belgian Franc 48.4585 (45.9249) Canadian Dlr 1.67646 (1.16295) Danish Krone 8.82862 (7.23304) Ecuadoran Sucre N/A (30.1503) Indonesian Rupiah 2111.47 (501.291) Iranian Rial 92.3000 (81.6734) Italian Lira N/A (779.746) Kuwait Dinar 0.350461 (0.351685) Dutch Guilder 2.64062 (3.20316) Norwegian Krone 8.75413 (6.59386) N/A--not available. Saudi Arab Riyal 4.80989 (4.25788) S.A. Rand 2.61578 (0.80200) Spanish Peseta 163.996 (69.0742) Swedish Kronor 8.14920 (5.31489) Swiss Franc 1.94130 (3.19548) U.A.E. Dirham 4.71485 (4.76057) Venezuelan Bolivar N/A (5.08749) S.A. Rand July 2 Australian Dlr Aug 1 Canadian Dlr July 2 Indonesian Rupiah July 19 Venezuelan Bolivar Aug 27 Iranian Rial July 22 Saudi Riyal Aug 9 all 1974. Swiss Franc Sept 16 1975. N/A--not available Reuter | U.S.-SDR RATE MOVES TO 1.28435 |
Standard and Poors Corp said it downgraded RepublicBank Corps 550 mln dlrs of debt. Cut were the firms senior debt to BBB-plus from A subordinated debt to BBB from A-minus and preferred stock to BB-plus from BBB. Its A-2 commercial paper was maintained. S and P said the action reflected a heightened risk profile for RepublicBank because of its proposed acquisition of InterFirst Corp <IFC>. However the agency pointed out that the merger is a unique opportunity for RepublicBank to expand its already strong market position. InterFirst will remain on creditwatch until the transaction is closed S and P said. Reuter | REPUBLICBANK <RPT> DEBT DOWNGRADED BY S/P |
Nacco Industries Inc said it will report a gain in the second quarter of about 11.5 mln dlrs or 1.25 dlrs a share from the sale of stock of a subsidiary. Nacco said its North American Coal Corp unit has received notice that Consolidation Coal Co a unit of Du Pont Co <DD> will exercise an option to buy all of the stock of Quarto Mining Co a subsidiary of North American Coal. For the stock North American Coal will receive about 15.2 mln dlrs 5.2 mln of which will be paid at closing April 10 and the rest in installments the company said. In addition Quarto will pay a dividend to North American Coal of about 10 mln dlrs from retained earnings before closing. The funds were previously used to finance mining operations. Consolidation Coal got the option from the Capco Group of utilities which received the option from Nacco in 1981. Nacco reported earnings of 10.8 mln dlrs or 1.11 dlrs a share in last years second quarter. In 1986 Quarto generated 5.9 mln dlrs in net income equal to 62 cts a share of Naccos total 1986 earnings of 3.48 dlrs a share. Quarto produced about 3.6 mln short tons of the 24.3 mln tons produced by North American Coal in 1986 Nacco said. Reuter | NACCO INDUSTRIES <NC> TO REPORT 2ND QTR GAIN |
The New York Futures Exchange will move its trading operations to the floor of the New York Cotton Exchange NYFE president Lewis J. Horowitz and Cotton Exchange president Joseph ONeill announced. NYFE will become an affiliate of the Cotton Exchange through a licensing agreement while remaining a wholly-owned subsidiary of the New York Stock Exchange. NYFEs trading floor and floor support staff will move to the Cotton Exchange which is located in the Commodity Exchange Center at Four World Trade Center. The move should be completed by the first quarter of next year a Cotton Exchange spokeswoman said. The plan was approved today by the board of the Cotton Exchange and previously by the New York Stock Exchange. The move will offer traders from both exchanges access to each others contracts. Cotton exchange members will have trading rights to NYFEs New York Stock Exchange composite index futures and options contracts and its Commodity Research Bureau Index contract. NYFE members will have the opportunity to trade the Cotton Exchanges U.S. dollar index futures and options contracts and its European Currency Unit futures contract. They will not have trading rights to cotton and frozen concentrated orange juice futures. Reuter | NYFE TO MOVE TO N.Y. COTTON EXCHANGE |
Interface Flooring Systems Inc said it announced a public offering of 2800000 shares of the companys Class A common stock at a price of 21.25 dlrs per share. The underwriting group was co-managed by the Robinson-Humphry Co Inc and PaineWebber Inc it said. Reuter | INTERFACE FLOORING SYSTEMS <IFSIA> IN OFFERING |
CLOSE CDT APRIL 7 CENTS PER LB CHANGE BELLIES 12-14 61-1/2 up 1-1/2 14-16 61-1/2 up 1-1/2 16-18 57-58-1/2 unch-up 1-1/2 HAMS 14-17 74-1/2 no comparison 17-20 73-73-1/2 unch LOINS 14-18 98-101 unch to up 1 18-22 100 unch Reuter | CASH WHOLESALE PORK PRICES |
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 |
Brokers reported the following Brazilian soybean and product basis levels. SHIPMENT BASIS CBT MONTH PREV Soybean (cents per bushel) Fob Paranagua May 2/1 D May unch Jun/Jly 2/1 D Jly unch Aug 3/2 D Aug unch Fob Rio Grande May 9/7 D May unch Jun/Jly 12/9 D Jly unch SHIPMENT BASIS CBT MONTH PREV Soybean Pellets (dlrs per short ton 48 pct profat) Fob Paranagua Apr/Sep 8/10 P May/Sep 8.5/10 P May 7.5/9 P May 8/9.5 P May/Sep 7/8 P May/Sep 7.5/8.5 P Jun/Jly 6/7.5 P Jly unch Soybean Meal (dlrs per short ton 45/46 pct profat) Fob Rio Grande May 4.5 PB May 3 PB SHIPMENT BASIS CBT MONTH PREV Soybean Oil (points per lb crude degummed) Fob Paranagua May 260/230 D May 270/250 D Jun 290/280 D Jly 290/280 D Jun/Jly 300/270 D Jly 320/300 D Aug 290/280 D Aug unq REUTER | BRAZILIAN SOYBEAN AND PRODUCT MARKET |
Buffton Corp said it will conduct an investigation on a plant designated as a Superfund Site which will result in a charge of about six cts per share in its second quarter. In the year ago second quarter Buffton reported net income of 10 cts a share or 330000 dlrs on sales of 10.3 mln dlrs. The study should be completed in nine months and will determine any clean-up or remedial action that may be required. Robintech Inc the plants former owner will split the cost. Buffton said its share will cost 400000 dlrs. Reuter | BUFFTON <BUFF> TO POST INVESTIGATION CHARGE |
CLOSE CDT APRIL 7 CENTS PER LB CHANGE CHOICE STEERS YIELD GRADE 3 600/700 98-1/2b no comparison 700/800 98-1/2b no comparison 800/900 98-1/2b no comparison CHOICE HEIFERS 500/550 87-88 unch 550/700 97-1/2-98 no comparison Reuter | CASH WHOLESALE BEEF PRICES |
Over-investment and over-production are at the root of many of the difficult trade issues that have soured relations between the United States and some of its major trading partners trade representative Clayton Yeutter said. He told a conference held by the University of Chicagos Graduate Business School that much of this was caused by governments getting their finger in the pot. Yeutter referred specifically to the problems of agricultural trade where subsidized exports have been a point of contention most notably between the United States and the European Community. Think of the vast waste of financial and other resources he said. Yeutter said much of the problem underlying the dispute with Japan over semiconductors was due to overproduction. The trade representative called for a long-term approach to international trade and said the recent commitment to a free-trade agreement between the United States and Canada was a step in the right direction. Theres a lot of work to be done in the next six months but we have set October 1 as a target date for an agreement to be reached he added. Were trying to create an environment that will facilitate and foster free and open trade in the world he said. Reuter | YEUTTER BLAMES OVERPRODUCTION FOR TRADE PROBLEMS |
The Agricultural Stabilization and Conservation Service (ASCS) has established these unit values for commodities offered from government stocks through redemption of Commodity Credit Corporation commodity certificates effective through the next business day. Price per bushel is in U.S. dollars. Sorghum is priced per CWT corn yellow grade only. WHEAT HRW HRS SRW SWW DURUM Chicago --- 3.03 3.24 --- --- Ill. Track --- --- 2.99 --- --- Toledo --- 3.03 3.04 2.99 --- Memphis --- --- 3.07 --- --- Peoria --- --- 2.96 --- --- HRW HRS SRW SWW DURUM Denver 2.65 2.66 --- --- --- Evansville --- --- 3.01 --- --- Cincinnati --- --- 2.99 --- --- Minneapolis 2.70 2.70 --- --- 3.80 Baltimore/ Norf./Phil. --- --- 3.07 2.92 --- Kansas City 2.98 --- 3.18 --- --- St. Louis 2.90 --- 2.90 --- --- Amarillo/ Lubbock 2.64 --- --- --- --- HRW HRS SRW SWW DURUM Lou. Gulf --- --- 3.17 --- --- Portland/ Seattle 3.11 3.12 --- 3.00 3.80 Stockton 2.71 --- --- --- --- L.A. 3.19 --- --- --- 4.20 Duluth 2.70 2.70 --- --- 3.80 Tex. Gulf 3.14 --- 3.17 --- --- CORN BRLY OATS RYE SOYB SORG Chicago 1.55 --- --- --- 5.01 2.63 Ill Track 1.58 2.04 --- --- 5.06 2.70 Toledo 1.55 2.04 1.55 --- 5.04 2.63 Memphis 1.64 1.95 1.76 --- 5.12 2.74 Peoria 1.59 --- --- --- 5.01 2.76 Denver 1.66 1.66 --- --- --- 2.76 Evnsvlle 1.63 2.04 1.55 2.02 5.07 2.77 Cinci 1.60 2.04 1.55 2.04 5.06 2.72 Mpls 1.49 1.75 1.55 1.70 4.92 --- Balt/Nor/ Phil 1.77 1.80 --- --- 5.24 3.04 CORN BRLY OATS RYE SOYB SORG KC 1.55 1.66 1.70 --- 4.94 2.71 St.Lo 1.62 --- 1.71 --- 5.07 2.89 Amarlo/ Lubbck 1.89 1.52 --- --- 4.90 3.17 Lou Gulf 1.81 --- --- --- 5.29 3.26 Port/ Seattle 1.96 2.11 1.55 --- --- --- Stockton 2.30 2.26 1.94 --- --- 3.95 LA 2.67 2.43 --- --- --- 4.58 Duluth 1.49 1.75 1.55 1.70 4.92 --- Tex Gulf 1.79 1.54 1.87 --- 5.29 3.22 Reuter | ASCS TERMINAL MARKET VALUES FOR PIK GRAIN |
ISRAEL INTRODUCES SUMMER TIME. | SUMMER/WINTER TIME CHANGES. |
 N.Y. MONEY CLOSING -APR 07 TREASURY BILLS 90 days 5.55-5.54 pct 180 days 5.70-5.69 pct 360 days 5.80-5.79 pct PRIMARY CERTIFICATES OF DEPOSIT 30-59 days 5.95 60-119 days 6.00 120-269 days 6.08 270-359 days 6.15 360-390 days 6.20 COMMERCIAL PAPER THROUGH DEALERS 30-59 days 6.22 60-89 days 6.22 90-179 days 6.22 COMMERCIAL PAPER PLACED DIRECTLY 30-59 days 6.16 60-89 days 6.15 90-119 days 6.12 120-179 days 6.05 180-239 days 6.02 240-270 days 6.02 BANKERS ACCEPTANCES (TOP NAME DEALERS BIDS) 30-59 days 6.16 60-89 days 6.16 90-119 days 6.16 120-149 days 6.15 150-179 days 6.15 180-209 days 6.14 BANKERS ACCEPTANCES (BANKS BIDS/ASK) 30-59 days 6.17/6.07 60-89 days 6.17/6.07 90-119 days 6.17/6.07 120-149 days 6.17/6.07 150-179 days 6.17/6.07 180- days 6.17/6.07 FEDERAL FUNDS AT 1700 EDT 6-1/4 High 6-1/4 Low 6-1/16 Prime Rate 07.75 Broker Loan Rate 07.50-07.25 MOODYS YIELD FIGURES AAA Corp 8.53 AAA Utilities 8.45 AA Rails 8.59  | |
SIR 20 from Palembang traded for April shipment at 34-1/2 cents a lb and 34-5/8 cents a lb FOB sight brokers said. SIR 20 from Padang traded for April shipment at 34-5/8 cents a lb FOB sight brokers said. Belawan SIR 20 was offered but unsold for April shipment at 35 cents a lb they said. Reuter | N.Y. RUBBER REPORT |
American Dynamics Corp and <Meridian Reserve Inc> said they signed a definitive agreement under which Meridian will buy 81.9 mln shares or 51 pct of American Dynamics common stock. Under terms of the agreement Santa Ana Calif.-based Meridian said it will pay Columbus-based American Dynamics one mln dlrs in cash and notes over five years and about 500000 shares of its common stock. Meridian said it has the option to issue an additional 1500000 shares of its common over the next two years in payment of certain of the notes. Meridian an oil and gas company whose operations are primarily in Oklahoma said the acquisition will increase its its consolidated assets to 30 mln dlrs and its contractually committed gas reserves to more than 40 mln dlrs at discounted present value. American Dynamics is engaged in gas gathering transmission and liquids extraction also in Oklahoma. The companies said they have five extracting plants and about 525 miles of transmission lines in five adjoining Oklahoma counties. Reuter | AMERICAN DYNAMICS <AMDC> TO SELL 51 PCT STAKE |
ITT Corp said it will redeem the outstanding shares of its four-dlr convertible series H 4.50-dlr convertible series I and four-dlr convertible series J cumulative preferred stock. ITT said the shares will be redeemed for 100 dlrs a share plus dividend accrued through June eight the redemption date. ITT said the right to convert the series H issue will end June one while the right to convert the series I and J issues will end June eight. ITT has about 124000 shares of series H outstanding 839000 shares of series I and 142000 shares of series J. Earlier today the company said its board authorized the buy back of up to 10 mln shares of common and preferred stock. Reuter | ITT <ITT> TO REDEEM THREE PREFERRED ISSUES |
THE COMMODITY RESEARCHBUREAU FUTURES PRICES INDEX Apr 7 - 212.28 up 1.71 COMPARED WITH 210.2 unch year ago. (BASE 1967 EQUALS 100). IMPORTS 311.72 up 4.12 INDUSTRIES 227.11 up 1.38 GRAINS 162.80 up 0.82 OILSEEDS 182.03 up 2.98 LIVESTOCKS/MEATS 204.40 unch PRECIOUS METALS 334.78 up 5.09 MISCELLANEOUS 269.98 up 2.68 ENERGY 163.55 up 1.08 INTEREST RATES 104.25 off 0.57 CURRENCY 123.18 up 0.19 Reuter | COMMODITY RESEARCH BUREAU PRICES INDEX New York, |
 N.Y. SUGAR FREIGHTS - April 7 Nil reuter  | |
 PACIFIC STOCK EXCHANGE CLOSING ACTIVES 355600 TEXACO 34 UP 3/8 285300 TEXAS AIR CORP PR I 9-7/8 UP 1/8 221200 GOLD STANDARD 1-7/8 OFF 1/4 159900 TEXAS AIR CORP PR G 30-5/8 DOWN 1-1/2 131500 ATT 23-7/8 OFF 3/8 120300 BETHLEHEM STEEL 11-1/4 UNCHGED 110800 CALIFORNIA FEDERAL 35-3/8 OFF 1/8 105400 PACIFIC GAS AND ELECTRIC 22-1/8 OFF 1/4 81300 GENERAL MOTORS 82-1/4 UP 3/8 76000 BANKAMERICA 12-1/8 UP 1/4 --- VOLUME - 9147000 --- AFTER NEW YORK - 370100 Reuter  | |
Erie Lackawanna Inc said Consolidated Rail Corp filed with the U.S. Supreme Court seeking review of a Court of Appeals opinion which held Erie as not being liable for damages allegedly resulting from operations prior to its emergence from reorganization in 1982. The claims are for damages for asbestosis and other work-related injuries claimed by former employees of the Erie Lackawanna. Erie said it intends to oppose Conrails request. Reuter | CONRAIL FILES PETITION AGAINST ERIE <ERIE> |
boxed beef movement and demand very good amid light to moderate supplies. Estimated gross boxed beef cut-out for tuesday April 7 1987 choice 2-3 550-700 lb carcasses up 1.19 at 103.24 700-850 lbs up 2.12 at 103.78 and goods 2-3 up 1.15 at 99.75. These values based on carlot prices of fabricated beef cuts FOB omaha basis and industry yields. CH 2-3 CH 2-3 GD 2-3 fab cut trmgs 550/700 700/850 550/up loads loads tues 4/7 103.24 103.78 99.75 414 113 mon 4/6 102.05 101.66 98.60 87 12 tues 3/31 102.42 102.30 98.75 182 45 FOB OMAHA CHOICE 2-3 550/700 WGT VALUE CHANGE PRICE 112 RIBEYE LIP ON 11-dn 10.85 dn 7.00 3.20 120 BRISKET 6-10 2.89 up 2.00 1.06 126 ARM CHUCK 55-82 22.78 up 3.00 0.96 167 KNUCKLE 8-11 3.93 up 3.00 1.37 168 TOP ROUND 14-20 9.08 up 3.00 1.56 170 BOTTOM ROUND 18-25 8.57 unch 1.18 180 STRIP LOIN 10-12 11.14 unch 2.85 184 TOP BUTT 10-12 6.27 up 1.00 1.85 189 TENDERLOIN 5-7 6.94 unch 3.40n Reuter | BOXED BEEF CUT-OUT VALUE/MOVEMENT-USDA |
 USSR EXCHANGE RATES - SOVIET STATE BANK EFFECTIVE APRIL 8 1987 ROUBLES PER HUNDRED UNLESS STATED U.S. 63.85 (63.60) STG 103.47 (102.56) BFR (1000) 16.90 (17.01) DMK 35.06 (35.43) DFL 31.00 (31.20) LIT (10000) 4.91 (4.94) CAN 48.85 (48.79) DKR 9.28 (9.32) NKR 9.38 (9.34) FFR 10.52 (10.59) SKR 10.06 (UNCH) FIN MRK 14.20 (UNCH) SFR 42.03 (42.33) YEN (1000) 4.37 (4.34) AUS SCH 4.98 (5.01) AUS DLR 44.77 (UNCH) PAK RUP 3.74 (UNCH) IND RUP 5.10 (UNCH) IRN RYL 0.88 (UNCH) LIB DIN (ONE) 2.09 (UNCH) MRC DRHM 7.78 (UNCH)  | |
U.S. trade reprepresentative Clayton Yeutter said that if Congress were to require trade retaliation it would only close markets and would result in less trade. Many Congressional proposals do not appear to be overtly protectionist yet their undeniable effect would be to close off market opportunitites just as exchange rate movement is unleashing such opportunities for the first time in several years he said in remarks prepared for an address to members of the University of Chicagos Graduate School of Business. CHICAGO - The rally in soybean prices may prompt farmers to plant more soybean acres than the USDA projected in last weeks acreage report especially if new crop futures stay above the psychologically important 5.00 dlr a bushel mark traders and analysts said. NEW YORK - Magma Copper Co a subsidiary of Newmont Mining Corp said it is lowering its copper cathode price by 0.50 cent to 65.50 cents a lb effective immediately. LONDON - Brazil is likely to adopt a conservative coffee sales policy given the absence of International Coffee Organization export quotas at least until October this year according to the latest monthly coffee report from London trade house E.D. and F. Man. LONDON - Delegates to this weeks quarterly session of the International Tin Council expect Indonesia to vote for an extension of the sixth International Tin Agreement. HAVANA - Cuban president Fidel Castro told a congress of the union of young communists here that the production of crude sugar during the harvest still in progress is 800000 tonnes behind schedule. In a speech Sunday published in todays official paper Granma Castro said unseasonable rains since January seriously interrupted harvesting and milling operations especially in the central and western parts of the island. Reuter | REUTER COMMODITY HIGHLIGHTS 2100 GMT APRIL 7 |
There were six grain ships loading and six ships were waiting to load at Portland according to the Portland Merchants Exchange. Reuter | GRAIN SHIPS LOADING AT PORTLAND |
Italys state-owned Ente Nazionale Idrocarburi (ENI) will invest 197 mln dlrs in two joint ventures in coal and petrochemicals with Petroleos de Venezuela S.A ENI president Franco Reviglio said. Speaking at a news conference Reviglio said the two projects will eventually bring in some 300 mln dlrs annually in foreign exchange to Venezuela and help diversify the countrys export base. Joint ventures are the principal instrument for allowing the resources of the industrialized countries to be channeled to the developing world so as to lead future growth for both Reviglio said. ENIs subsidiary Ecofuel will join Pequiven the petrochemical subsidiary of PDVSA in building a 160 mln dlr plant to produce mtbe a gasoline additive used to increase octane levels. The 500000 mt per year plant will be constructed at Jose in eastern Venezuela and fed by butane produced at PDVSAs eastern cryogenic complex. ENI owns 48 pct of the joint venture company Super Octanos C.A. while Pequiven has 49 pct with the remaining three pct to be sold to private investors. Production is set to begin in third quarter 1989. Ecofuel officials said the plant is modeled after one in Saudi Arabia. Another ENI subsidiary Agip Carbone will sign a letter of intent in Caracas tomorrow to enter a partnership with PDVSA to mine the coal deposits at guasare in western zulia state he said. Feasibility studies are still being done on the carbozulia project with a definitive accord slated for august he added. Agip carbone and atlantic richfield coal an arco subsidiary have formed a consortium which will own 48 pct of the carbozulia project whose total cost is estimated at 500 mln dlrs the company said. Agip carbone will invest 24 pct or 120 mln dlrs in the project it said. Reuter | ITALY'S ENI TO INVEST IN VENEZUELAN PROJECTS |
Brokers reported the following domestic prices for Brazilian soybean and products (byr/slr unless stated) - TODAY PREV Soybean (cruzados per 60-kilo bag) P.Grossa 196.00 B unch Interior R.Grande Do Sul 175.00 T 185.00 T TODAY PREV Soybean Pellets (cruzados per kilo) Parana 3.70 S unch Paranagua 3.65 B 3.50 B Soybean Oil (cruzados per kilo inc 12 pct sales tax immediate deliv 30 days pymt) Sao Paulo 8.65/8.80 unch REUTER | BRAZILIAN DOMESTIC SOYBEAN AND PRODUCT |
Drexel Burnham Lambert Inc is telling clients getting nervous about the volatile U.S. stock market to take a look at European and other foreign stock markets. Were still pushing for a fully invested position (in U.S. stocks) but we also recognize the market is up 40 pct since September says Burton Siegel investment strategist. Rein van der Does director of international research admits to being cautious and somewhat confused about certain developments in the Tokyo market such as Nippon Telephone shares trading at 250 times earnings. The firm recently dropped its recommendation on Jaguar plc <JAGRY> following a sharp runup in the shares. About the same time says analyst Khaled Abdel Majeed Drexel issued a buy recommendation on the West german automaker BMW. He says a new plant and new models brighten the outlook for 1987 and 1988. The company trades in Germany on the parent companys earnings but on worldwide consolidated earnings the multiple is seven or eight half that of competitors. By contrast Jaguars share price to earnings multiple is about 12 and Daimler-Benz AG is around 14 or 15. Drexel analyst Lucille Palermo recently upgraded recommendations on some Canadian gold stocks. With no recession in sight she sees improved physical demand plus new buying interest from the Middle East. Also expectation of a higher inflation rate stimulates demand. On the supply side she thinks people are overlooking the problems in South Africa. Palermo says all of this will push the bullion price to 475 dlrs an ounce by the end of the year. Her current buy recommendations are Agnico-Eagle Mines Ltd <AEAGF> American Barrick Resources Corp <ABX> and Echo Bay Mines Ltd <ECO>. Palermo also believes the overall Canadian stock market has greater potential this year than last. Although the Canadian dollar has moved up slightly it is below levels of several years ago. Canadian exports of all types look relatively cheap to foreigners - resources manufactured goods bonds and stocks. Other European stocks favored by Drexel include Club Mediterranee <CMI> Pernod-Ricard Royal Dutch Petroleum <RD> Unilever <UN> British Petroleum Co plc <BP> and Imperial Chemical Industries plc <ICI>. Drexel cautions U.S. investors that foreign dividends may be subject to withholding tax. Reuter | DREXEL TELLS U.S. STOCK BUYERS TO LOOK ABROAD |
slaughter cattle steady in slow trade amid moderate demand the usda said. sales confirmed on 400 steers and 1100 heifers. week to date 2700 head. steers - choice with end good 2-3 1075-1100 lbs 69.25. heifers - choice with end good 2-3 975-1025 lbs 67.00-68.00. Reuter | EASTERN KANSAS FEEDLOT CATTLE STEADY - USDA |
 AMEX OPTIONS CLOSING ACTIVES 13765 MMI APR 495 3/16 OFF 1/2 8958 MMI APR 475 2 11/16 OFF 3 5/16 8781 MMI APR 490 5/8 OFF 15/16 8039 MMI APR 480 1 5/8 OFF 2 1/4 6968 MMI APR 470 4 OFF 4 1/2 8074 MMI APR 460P 5 3/4 UP 3 9/16 5857 MMI APR 465P 8 1/4 UP 4 7/8 4852 MMI APR 470P 11 1/2 UP 6 4824 MMI APR 450P 2 1/2 UP 1 11/16 4713 MMI APR 455P 3 5/8 UP 2 3/8 ADVANCES 755 DECLINES1098  | |
slaughter cattle steady to firm instances up 0.50 dlr in moderate trade amid good demand usda said. sales confirmed on 3100 steers and 3700 heifers. week to date 27100 head. steers - mostly choice 2-3 1150-1175 lbs 69.75-70.00. heifers - mostly choice 2-3 950-1050 lbs 68.50-68.75. Reuter | WESTERN KANSAS FEEDLOT CATTLE STDY/UP 0.50 - USDA |
 WALL STREET INDICES CLSG-APR 7 NYSE HIGH LOW CLSG Comp 171.64 168.35 168.35 off 2.61 Inds 208.59 204.39 204.39 off 3.09 Trans 143.13 140.94 140.94 off 2.08 Utils 75.77 74.29 74.29 off 1.53 Finance 158.45 156.46 156.46 off 1.84 Volume 186410000 Up 504 Down 1121 Unch 351 AMEX Index 341.64 off 0.59 Volume 14224000 Up 282 Down 326 Unch 240 NASDAQ Comp 434.01 off 3.77 Ind 459.53 off 5.46 Bank 510.34 off 2.13 Insur 450.11 off 2.52 OTHER Finance 528.78 off 1.67 Trans 411.72 off 2.17  | |
TEXACO CONFIRMS IT FILED PETITION FOR RELIEF FROM BOND PROVISIONS IN TEXAS APPEALS COURT |
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RepublicBank Corp said it has placed 182.6 mln dlrs of all intermediate and term loans to Brazil on a non-accrual basis as of March 31. It said the reclassification will reduce first quarter earnings by 2.8 mln dlrs after taxes and 11 mln dlrs after taxes for all of 1987 if Brazil does not change its position of a moratorium on interest payments. RepublicBank also said its net income for the first quarter is expected to be about 10.4 mln dlrs or 30 cts a share on a fully diluted basis. In the year-ago first quarter the company earned 23.1 mln dlrs or 75 cts a share. The company also said its first quarter results are expected to include a provision for loan losses of 55 mln dlrs about 20 mln dlrs over net loan-charge-offs of about 35 mln dlrs. It said the provision will increase loan losses to about 328 mln dlrs or 2.2 pct of loans. RepublicBank with total assets of about 21 billion dlrs announced in December an agreement with InterFirst Corp <IFC> to form First RepublicBank Corp. If the merger is approved by regulatory agencies and stockholders it would create the 12th largest bank holding company in the United States. Reuter | REPUBLICBANK <RPT> TO RECLASSIFY BRAZIL LOANS |
Petroleum futures rallied today in a market that was expecting declines in domestic supplies and became further unsettled by escalated Mideast fighting. Crude oil gasoline and heating oil all posted gains on the New York Mercantile Exchange with crude oil prices matching life-of-contract highs. Crude for delivery in May closed 17 cents higher at 18.84 dlrs a barrel. Crude futures could jump above 19 dlrs a barrel but will not remain there long if products are not strong Robert Murphy account executive at E.F. Hutton said. Traders said prices were supported by anticipation that the American Petroleum Institute would report a decline in domestic inventories of petroleum products in a weekly report. Traders said prices also were supported by an escalation in the Iran-Iraq war with the Iranians reportedly launching a new offensive against Iraqi positions and Iraq attacking offshore oil fields and an oil export depot. Buying by speculators continued to prompt gains in gold and silver futures on the Commodity Exchange in New York. Gold prices retreated at midday but rallied before the close with support from the silver market which was approaching two-year highs traders said. Soybean futures posted strong gains on the Chicago Board of Trade while corn and wheat were mostly higher. Traders said cash sales have been slow in the country and the soybean harvest in Brazil has been delayed by rain which is limiting supplies. In addition the Agriculture Department last week projected a substantial drop in soybean acreage this year. Mondays report that the USDA inspected 46 mln bushels of corn for export last week was unexpectedly high and coupled with a lack of farm sales provided support for the corn market traders said. Live hogs and frozen pork bellies rallied on the Chicago Mercantile Exchange while cattle ended lower. Live hogs pushed ahead on a lack of supplies because many farmers are turning their attention to spring planting rather than marketing livestock traders said noting that cash sales have been lighter than expected this week. The lack of marketing also has supported pork bellies but prices drifted lower for moderate losses in nearby months as speculators sold contracts to take profits traders said. Cattle prices closed lower but continued to show strength related to tight supplies. Prices pushed ahead to new contract highs extending gains past three-year peaks set Monday as tight supplies forced meat packers to bid aggressively for available animals. However some traders sold contracts to take profits after the extended rally which has seen the April delivery contract soar to 69.90 cents a pound from 56 cents a pound at the start of the year. New York coffee futures closed higher on trade talk Brazil would not be an aggressive seller near term analysts said. Reuter | SUPPLIES, MIDEAST TENSION FUEL GAINS IN OIL |
U.S. stock index futures dropped in active late afternoon trade and closed near daily lows. The selloff followed an early rally that had sent June S and P 500s to a new contract high of 306.10. Arbitrage buy programs were triggered when the June S and P reached a 3.20 point premium over the spot index traders said. However weakness in the bond market in afternoon trade sparked selling in June S and Ps sending the nearby contract to a discount which triggered the unwinding of buy programs traders said. June S and Ps fell through chart support at 296.00 which also sparked technical selling. Value Line futures closed down 6.85 to 7.00 S and P 500 futures fell 7.65 to 7.85 NYSE futures dropped 4.60 and MMI futures ended 10.65 to 11.00 points lower. Reuter | U.S. STOCK INDEX FUTURES PLUMMET IN LATE TRADE |
Canadian bonds extended mild losses from early activity to close up to 3/4 of a point lower in moderate trading dealers said. The decline reflected investor concern about economic trends coupled with the sharp afternoon downturn in U.S. bond markets on firm oil prices and the uncertain outlook for the U.S. dollar traders said. The benchmark Canada 9-1/2 pct of 2001 off 1/8 in early trading closed behind 5/8 at 105-3/4 7/8 while the 8-1/2 pct of 2011 lost 3/4 from last night to 96-5/8 7/8. Reuter | CANADIAN BONDS CLOSE LOWER |
 N.Y. GRAIN FREIGHTS - April 7 Yukong took Nichiku Maru 52000 tonnes North Pacific to Japan April-May dates 9.75 dlrs 11 days all purposes Peavey took Maria Sitinas 26000 tonnes U.S. Gulf to Puerto Cabello and Guanta prompt 15.25 dlrs four days load 1500 discharge Puerto Cabello 1000 Guanta Portline took Sky Crest 35000 tonnes U.S. Gulf to Lisbon spot 15.25 dlrs 7000 load 5000 discharge Feruzzi took Alecos M. 31000 tonnes barley Rouen completing Le Havre to Jeddah 15.35 dlrs 5000 load 3000 discharge Chinese charterers took Patricia VI 25000 tonnes River Plate completing Buenos Aires or Bahia Blanca to China April dates 29.00 dlrs Buenos Aires or Bahia Blanca only 28.00 dlrs 2500 load 3000 discharge Comanav took Sea Song 30000 tonnes U.S. Gulf to Morocco April-May dates 13.50 dlrs one-to-one option 14.50 dlrs one-to-two 5000 load 5000 discharge reuter  | |
FOB U.S. gulf corn values were slightly firmer as active gulf interest boosted gulf FOB and CIF values today exporters said. Loading programs and relatively slow country movement kept gulf interest lively. There were indications that 50000 tonnes traded for August shipment at 20 cents over September that 50000 tonnes traded yesterday for June at 20-1/2 cents over July and that 25000 tonnes of number three corn traded yesterday off the Atlantic at 23 over May for May 1-20. Hard wheat offers were firm amid tight pipeline supplies. Dealers quoted the following afternoon FOB U.S. gulf values basis Chicago futures except hard red winter wheat basis Kansas City. (In cents per bushel) Corn (Number three grade) April - 23 ov May bid 26 offered. May - 23 ov May bid 26 offered. June - 21 ov Jly bid 23 offered. Soybeans L/H April - No bids 26 ov May offered. May - No bids 25 ov May offered. June - No bids 26 ov Jly offered. HRW wheat April - No bids 43 ov May offered. May - No bids 43 ov May offered. June - No bids 45 ov Jly offered. July - 35 ov Jly bid 39 offered. August - 35 ov Sep bid 39 offered. September - 36 ov Sep bid 40 offered. SRW wheat March - No bids or offers. July - 15 ov Jly bid 19 offered. August - 15 ov Sep bid 19 offered. September - 16 ov Sep bid 23 offered. Reuter | FOB U.S. GULF CORN VALUES SLIGHTLY FIRMER |
 NASDAQ CLOSING ACTIVE - APRIL 7 Anchor Save Bank 3652400 12-3/4 up 1-1/4 Genetic Inc 3166200 50-1/4 off 3-3/4 Network Systems 1609500 13-3/4 up 5/8 Interface flooring 1400300 21 off 1/2 Pic N Save 1322900 26-1/2 off 5/8 Intel Corp 1301300 42 off 1/2 Apollo Computer 1182700 18-5/8 off 1-1/4 Apple Computer 1162400 67-3/4 off 2-1/4 Glaxo Holding 1153300 24-1/4 unch Dasa Corp 1130300 1-3/16 unch (volume = shares) Total Share Volume: 169112500 please note volume based on shares rather than dollar volume.) Reuter  | |
API SAYS DISTILLATE STOCKS UP 628,000 BBLS, GASOLINE UP 2.29 MLN, CRUDE UP 8.52 MLN |
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 WALL STREET INDICES CLOSING 2-APR 7 STANPOOR HIGH LOW CLSG Comp 303.65 296.67 296.69 off 5.26 Ind 351.83 343.67 343.70 off 5.79 Trans 235.99 231.51 231.56 off 3.27 Utils 115.42 112.56 112.57 off 2.85 Fin 30.14 29.52 29.52 off 0.53  | |
Posted county prices in 99 southern Texas counties have been changed to reflect only one market differential instead of the usual two-terminal market pricing system a senior Agriculture Department official said. Interior grain and soybean prices in the affected counties will now be based solely against the Texas Gulf. Prior to the change county prices were also priced against the Amarillo market. The changes were made to better reflect local market conditions said Ralph Klopfenstein deputy administrator for commodity operations at USDA. The Texas Gulf has always been the dominant market in those counties. Amarillo never became effective for that area Klopfenstein told Reuters. Reuter | SOUTHERN TEXAS GRAIN DIFFERENTIALS ADJUSTED |
Texaco Inc said it filed a petition in the Texas Court of Appeals for relief of the bond and lien provisions of the 10.3 billion dlr judgement in its legal dispute with Pennzoil Co <PZL>. Earlier today a lawyer for Pennzoil told Reuters a filing had been made in the Texas court of Appeals. The petition asks the court to determine a reasonable security arrangement between Texaco and Pennzoil Texaco said in a statement. Texaco also said it asked the court for a temporary restraining order against Pennzoils enforcement of the 10.3 billion dlr judgement until the petition is resolved. According to Texas law Texaco could be forced to post the full amount of the judgement as a bond. If it fails to do so Pennzoil could seek liens against Texacos assets for the full amount of the judgement. Yesterday the U.S. Supreme Court stuck down a lower federal court ruling which had cut Texacos bond to one billion dlrs. It said the issue should first be considered in Texas state Courts. Earlier the attorney for Pennzoil said Texaco had suggested a bond of one to 1.5 billion dlrs as a reasonable amount in todays filing. But a Texaco spokesman had no immediate comment on the figure. Reuter | TEXACO <TX> CONFIRMS TEXAS COURT FILING |
Firm oil prices a sharp stock price fall and widespread fear that the dollar has much more room to decline sent bond prices tumbling dealers said. The key 7-1/2 pct Treasury bonds of 2016 fell 1-3/32 points to close at 95-1/32 and a 7.94 pct yield that was up 10 basis points from Monday and was 1987s highest closing yield. Investors threw in the towel today. The long bond seems headed for eight pct within the next few days a trader said. That would correspond to a price of about 94-3/8. Treasury bill rates increased two to eight basis points. Notes prices declined 1/8 to 3/4. Bond traders said the main negative is recent instability of the dollar and growing feeling that even concerted central bank support will not be able to prevent a further sharp decline in the U.S. currency. The dollar came under mild downward pressure early and finished with modest net losses. The currency was largely unaffected by generally supportive comments by Federal Reserve Chairman Paul Volcker and Japanese Finance Minister Kiichi Miyazawa. Miyazawa once again said he and Treasury Secretary James Baker agree on the need for stable foreign exchange rates. Fed Chairman Paul Volcker told Congress that 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. Despite favorable comments by Volcker and Miyazawa there appears to be broad agreement among currency and bond market participants that a huge Federal budget deficit and a wide although narrowing trade gap will further depress the dollar. That could mean Japanese and other foreign investors will buy fewer U.S. bonds or even start selling them. There has been no evidence of large-scale sales of U.S. bonds by the Japanese. Some dealers said that these investors actually purchased a modest amount of U.S. debt today but they focused on shorter maturities in the two-year area rather than on long bonds. To the extent that overseas investors back away from the U.S. bond market dealers said that higher yields will be needed to lure others to take their place. A late Federal funds rate rise contributed slightly to the bond market retreat. After averaging 6.20 pct yesterday funds opened at 6-1/8 pct and traded between 6-1/16 and 6-1/4 pct. The Federal funds rate rise occurred despite the Feds unexpected direct supply of temporary reserves. The Fed arranged two-day System repurchase agreements with funds trading at 6-1/8 pct. Treasury bill rates increased largely in response to the higher funds rate. Rates on new three and six-month bills rose two and seven basis points from Mondays auction averages to close at 5.55/54 pct and 5.70/69 pct. Year bills at 5.81/80 pct were up eight basis points from yesterdays close. Among notes the 6-3/8s of 1989 dropped 1/8 to 99-9/16 with the 7-1/4s of 1996 down 3/4 at 97-3/8. Reuter | U.S. CREDIT MARKETS CLOSE SHARPLY LOWER |
 N.Y. TANKERS - April 7 Ashland took Majestic Pride 45000 tons dirty April 12 East Coast Mexico to U.S. Gulf worldscale 120 Frota took Fidelity L 49000 tons dirty April 21 Brazil to United States worldscale 118 CPC took Eisho Maru 220000 tons dirty April 12 Mideast Gulf to Taiwan worldscale 35 Citgo took Friendship Venture 67000 tons dirty April 16 Caribbean to U.S. Gulf worldscale 89 MSC took Loire 52000 tons dirty April 10 East Coast Mexico to U.S. Gulf worldscale 92.5 reuter  | |
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 to 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 underlying 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 |
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 |
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" |
Over-investment and over-production are at the root of many of the difficult trade issues that have soured relations between the United States and some of its major trading partners trade representative Clayton Yeutter said. He told a conference held by the University of Chicagos Graduate Business School that much of this was caused by governments getting their finger in the pot. Yeutter referred specifically to the problems of agricultural trade where subsidized exports have been a point of contention most notably between the United States and the European Community. Think of the vast waste of financial and other resources he said. Yeutter said much of the problem underlying the dispute with Japan over semiconductors was due to overproduction. The trade representative called for a long-term approach to international trade and said the recent commitment to a free-trade agreement between the United States and Canada was a step in the right direction. Theres a lot of work to be done in the next six months but we have set October 1 as a target date for an agreement to be reached he added. Were trying to create an environment that will facilitate and foster free and open trade in the world he said. Reuter | YEUTTER BLAMES OVERPRODUCTION FOR TRADE PROBLEMS |
 API WEEKLY REPORT ON FUEL PRODUCTION AND STOCKS (In Thousands of Barrels a Day Except Stocks) 4/03/87 3/27/87 4/04/86 Gasoline Production 6633 6423 6051 Gasoline Stocks 247908 245617-R 216393 Distillate Produc 2518 2388 2662 Distillate Stocks 106958 106330-R 96129 Residual Fuel Produc 970 948 925 Resid Fuel Stocks 38254 37976-R 39074 Jet Fuel Production 1361 1305 1174 Jet Fuel Stocks 48958 48822 47449 Crude Oil Stocks 337732 329208-R 338410 Crude Oil Imports 3403 3598-R 3252 Refinery Runs 12536 12205 12002 Pct of Capacity 80.4 78.3 77.4 Reuter  | |
Amoskeag Bank Shares Inc and <Portsmouth Savings Bank> said they will file motions for a rehearing with the New Hampshire Supreme Court of its March 30 ruling that overturned state regulatory approval of Amoskeags acquisition Portsmouth. The ramifications of this decision we believe go well beyond the affiliation of Amoskeag and Portsmouth Savings Bank said Amoskeag chairman William S. Bushnell. The transaction was opposed by a group of Portsmouth investors who wanted the bank to remain independent according to press reports. Reuter | AMOSKEAG BANK <AMKG> TO SEEK REHEARING |
Grain and oilseed complex export business reported since yesterday by government agencies and private exporters - Japanese crushers bought a total of 5000 tonnes of Canadian rapeseed in export business overnight for late May/early June shipment...Results still awaited on a tender by Jordan for 225000 tonnes of U.S. hard and soft wheats for various April/Nov shipments under the U.S. Department of Agricultures (USDA) export enhancement program... (Continued) - Spain will shortly sign with Saudi Arabia an order for an undisclosed amount of barley for April/May delivery...Sesostris the Spanish subsidiary of the international grain trader Dreyfus sold 18000 tonnes of barley to Greece for April 14/30 delivery via Mediterranean ports. Tenders - nil Market talk and comment - Pakistan was rumored to have rejected offers at its tender today for an additional 6000 tonnes of Malaysian PBD palm oil... Market talk and comment (continued) - Thailand exported 75160 tonnes of rice in the week ended March 31 down from 88785 tonnes the previous week plus concluded advance weekly sales for 22086 tonnes against 44483 tonnes the previous week...Pakistan has offered 50000 tonnes of rice as emergency aid in Bangladeshs current food crisis Bangladesh commerce ministry officials told reporters...Honduras will tender April 13 under PL-480 for U.S. and non-U.S. flag vessels to deliver approximately 52500 tonnes of various wheats in bulk with laydays from June 20 through September 25 an agent for Honduras said... Market talk and comment (continued) - The Commodity Credit Corp reallocated 5.0 mln dlrs in credit guarantees previously earmarked for sales of U.S wheat to cover sales of vegetable oil to Bangladesh plus authorized 2.0 mln dlrs in credit guarantees to cover sales of seeds to Algeria and transferred 21.0 mln dlrs in credit guarantees previously earmarked for sales of U.S. corn and 5.0 mln dlrs for oilseeds to increase available coverage on sales of U.S. poultry meat to Iraq the USDA said...Japan was rumored to be tendering tomorrow April 8 for an undisclosed amount of optional origin wheat for June shipment... Market talk and comment (continued) - Tunisia was rumored to have tendered for 100000 tonnes of optional origin soft wheat for May/June shipments...Egypt was rumored to be tendering tomorrow for 125000 tonnes of U.S. wheat flour for May/June shipment using PL-480 allocated funds...Morocco was rumored to be tendering Thursday April 9 for 120000 to 210000 tonnes of U.S. wheat for May/June shipment using PL-480 funds...Egypt was rumored to have withdrawn its tender for 200000 tonnes of U.S. soft wheat for May/June shipment ...North Yemen was rumored to have taken 75000 tonnes of Australian wheat for April/May shipment and rejected U.S.... Market talk and comment (continued) - Algeria was rumored to be tendering overnight for optional origin corn...Taiwan was rumored to be tendering overnight for 35000 tonnes of U.S. sorghum...The Philippines were rumored to have rejected offers at a tender for 450000 tonnes of spring wheat. Reuter | EXPORT BUSINESS - GRAINS/OILSEEDS COMPLEX |
 API PETROLEUM REPORT -ADDITIONAL STATISTICS CHANGE ON PRODUCT 04/03/87 03/27/87 04/04/86 WEEK YEAR CRUDE OUTPUT 8.431 8.431 9.002 ---- -0.571 RESID OUTPUT 970 948 925 22 45  | |
Egypt has cancelled its Export Bonus tender for 200000 tonnes of soft red winter wheat for May-June shipment after failing to bid a price acceptable to USDA private export sources said. Reuter | EGYPT SAID TO CANCEL PL480 SOFT WHEAT TENDER |
Energy Secretary John Herrington told Congress that a federally chartered corporation would be the best way to manage and operate the governments uranium enrichment program. He said in a letter to Congressmen that unless the program now run by the Energy Department is improved sales worth five billion dlrs could be lost between 1990 and 2000. The program now has annual commercial sales of about one billion dlrs and holds 50 pct of the free world market for enrichment services. A department official said the world market for enriched uranium for reactors for power utilities is increasingly competitive and private entity could better tap it. The Administrations plan to spin off the departments uranium enrichment operation is in line with it effort to reduce the federal governments role in areas where it feels private enterprise could be more efficient. reuter | DOE RECOMMENDS SPECIAL UNIT TO ENRICH URANIUM |
Red Lion Inns L.P. said it began an initial public offering of 4.9 mln units priced at 20 dlrs a unit. Proceeds and a 105.87 mln dlrs mortgage loan will be used to finance the acquisition of 10 Red Lion hotels it said. Reuter | RED LION INNS L.P. BEGINS OFFERING |
Jordan has boosted its bids for U.S. soft and hard wheat under Export Bonus private export sources said. Jordan today bid 74 dlrs per tonne for soft wheat and 75 dlrs per tonne for hard red winter wheat in its tender for 225000 tonnes of hard and soft wheat for April through November shipment. Earlier today USDA rejected its bids of 70 dlrs for both varieties they said. Reuter | JORDAN BOOSTS BIDS IN EXPORT BONUS WHEAT TENDER |
Morocco will tender Thursday for 120000 to 210000 tonnes of U.S. wheat cheapest variety preferred for May and June shipments under PL 480 private export sources said. The tender will consist of three lots of up to 70000 tonnes each for shipment May 1-30 May 10-June 10 and May 25-June 25 they said. Reuter | MOROCCO TENDERS THURSDAY FOR PL 480 WHEAT |
 U.S. CONSOLIDATED CLOSING 1 ALCOA 43 3/4 M OFF 1 3/8 AMER CAN 49 N OFF 1/4 AMER ELEC 27 3/4 X OFF 5/8 AMER BRAND 47 3/4 N OFF 1 5/8 AMR CORP 53 1/4 N OFF 2 1/4 AMER EXPR 73 1/2 P OFF 1 1/4 BURL NOR 70 3/8 P OFF 3/8 BETH STL 11 1/4 P UNCH CARO FRG 34 3/4 N OFF 1/4 COLUMB GAS 47 3/4 N OFF 1 1/2 CONS FRGT 35 1/4 N UNCH CONS N-GAS 41 3/8 N OFF 1 1/8 CAN-PACIF 19 N OFF 1/8 CSX CORP 33 P OFF 1/2 COMW ED 34 3/4 P OFF 1 1/8 DELTA AIR 54 7/8 P OFF 3 3/8 DU PONT 119 1/4 M OFF 2 3/4 DET ED 17 1/4 N OFF 3/8 CON ED NY 43 1/4 P OFF 5/8 EAST KODAK 78 3/8 P OFF 1 5/8 GEN ELEC 108 1/8 P OFF 3 5/8 GEN MOTORS 82 1/4 P UP 3/4 GOODYEAR 59 N OFF 1/2 NAVISTAR 6 7/8 P OFF 1/4 HOUS IND 34 7/8 P OFF 1 1/8 IBM 146 1/2 P OFF 2 7/8 INTL PAPER 112 3/8 M OFF 2 1/8 MINN MIN 133 3/4 M OFF 1/8 MERCK 160 P OFF 5 5/8 INCO 16 1/2 N OFF 1/8 NIAG MOHWK 16 1/2 P OFF 1/2 NORFOLK 32 M OFF 1/8 NWA INC 64 3/4 P OFF 1 1/8 RYDER SYS 41 1/2 P OFF 3/4 PAC G&E CO 22 1/8 P OFF 1/4 PHIL ELEC 21 1/4 P OFF 7/8 PSEG 38 7/8 N OFF 5/8 PANHAND PI 32 N UNCH PROCT GAM 95 N OFF 1 3/4 PHILLIPS P 16 1/2 P OFF 1/2 PLY-GEM IN 16 1/4 A OFF 1/2 PEOPLS EGY 22 1/2 N OFF 1 1/4 PAN AM CP 4 1/2 N OFF 1/4 REICH CHEM 46 7/8 N OFF 1/4 SEARS ROE 54 P OFF 1 3/8 SOU CALIF 31 P OFF 1 1/2 CHEVRON CO 59 1/4 P OFF 1 1/8 SANTA FE 39 5/8 P OFF 3/8 ATT 23 7/8 P OFF 3/8 TEXACO 34 P UP 3/8 UNITED AIR 65 3/4 P UNCH UNION CARB 29 5/8 P UP 5/8 UNION PAC 77 5/8 P UP 3/8 UNITED TEC 51 1/8 M OFF 5/8 USX CORP 29 3/8 P UP 1/8 WEST ELEC 65 3/4 N OFF 1 1/2 WOOLWORTH 52 1/4 P OFF 1 5/8  | |
Oil price firmness a sharp stock price fall and widespread fear that the dollar has much more room to decline sent bond prices tumbling dealers said. The key 7-1/2 pct Treasury bonds of 2016 fell 1-3/32 points to close at 95-1/32 and a 7.94 pct yield that was up 10 basis points from Monday and was 1987s highest closing yield. Investors threw in the towel today. The long bond seems headed for eight pct within the next few days a trader said. That would correspond to a price of about 94-3/8. Treasury bill rates increased two to eight basis points. Notes prices declined 1/8 to 3/4. Bond traders said the main negative is recent instability of the dollar and growing feeling that even concerted central bank support will not prevent a further drop in the dollar. Reuter | U.S. CREDIT MARKETS CLOSE SHARPLY LOWER |
House Agriculture Livestock Dairy and Poultry Subcommittee reviews Agriculture Departments meat inspection program. (1000) -- Agriculture Department releases weekly world production and trade report. (1500) -- Agriculture Department releases survey on agricultural resources. (1500) Reuter | COMMODITIES TODAY IN WASHINGTON FOR APRIL 8 |
 CBOE CLOSING ACTIVES 8272 IBM APR 150 1 3/8 OFF 1 3/8 7507 IBM APR 155 7/16 OFF 11/16 6543 GM JUN 85 2 3/8 UP 1/8 3940 IBM APR 145 3 1/4 OFF 2 1/2 3716 ATT APR 25 3/16 UNCH 4672 GENCP JUN 105P 3 1/4 UNCH 3898 IBM APR 145P 2 1/8 UP 1 3201 IBM APR 150P 5 3/8 UP 2 1/8 1947 GENCP JUN100P 1 1/2 UP 3/8 1548 IBM APR 140P 3/8 UP 1/8 ADVANCES 760 DECLINES1164  | |
Treasury Secretary James Baker and Federal Reserve Board Chairman Paul Volcker held a meeting with senior West German monetary officials including Finance Minister Gerhard Stoltenberg Volcker said. Volcker emerged after two-hours in the Treasury building but declined to comment on the subjects they discussed. Stoltenberg accompanied by other senior West German officials attending the spring meeting of the International Monetary Fund left the Treasury without speaking to reporters. Reuter | BAKER, VOLCKER MEET WEST GERMAN OFFICIALS |
Lac Minerals Ltds exploration spending will rise this year to 25 mln dlrs from 16.3 mln dlrs last year the gold miner said in its annual report. The 1987 budget involves 16 mln dlrs for advanced exploration on a tin project in New Brunswick Bousquet mine number two in Quebec and the Ortiz property in New Mexico and nine mln dlrs for pure exploration. Total capital and exploration spending will rise this year to about 130 mln dlrs from 98 mln dlrs last year with 77 mln dlrs of the 1987 amount set for the Page-Williams mine in Hemlo Ontario Lac said. A decision is imminent on Lacs appeal of an Ontario court ruling last year ordering Lac to hand over Page-Williams to <International Corona Resources Ltd>. Lacs total 1986 gold production rose to 478394 ounces from 265925 ounces the previous year. Production excluding Page-Williams eased last year to 245232 ounces from 255556 ounces in 1985. Reuter | LAC <LAC> BOOSTING EXPLORATION SPENDING |
<Trilon Financial Corp> said it declared a stock dividend of one class A share for each two class A shares held payable May 15 to shareholders of record on April 30. Reuter | TRILON DECLARES STOCK DIVIDEND |
Lac Minerals Ltds exploration spending will rise this year to 25 mln dlrs from 16.3 mln dlrs last year the company said in its annual report. The 1987 budget involves 16 mln dlrs for advanced exploration on a tin project in New Brunswick Bousquet mine number two in Quebec and the Ortiz property in New Mexico and nine mln dlrs for pure exploration. Total capital and exploration spending will rise to about 130 mln dlrs from 98 mln dlrs last year with 77 mln dlrs of the 1987 amount set for the Page-Williams mine in Hemlo Ontario Lac said. Lacs total 1986 gold production rose to 478394 ounces from 265925 ounces the previous year. Production excluding Page-Williams eased to 245232 from 255556 ounces in 1985. Reuter | LAC MINERALS BOOSTING EXPLORATION SPENDING |
Logicon Inc said it has received a 12 mln dlr add-on contract including options to continue developing the Joint Analytic Warfare System for the Organization of the Joint Chiefs of Staff. The new award increases the total contract value including options to over 13.8 mln dlrs including two mln dlrs for the initial nine-month period and another ten mln dlrs in options over the next five years. Reuter | LOGICON INC <LGN> GETS CONTRACT ADD-ONS |
Distillate fuel stocks held in primary storage rose by 628000 barrels in the week ended April three to 106.96 mln barrels from a revised 106.33 mln the previous week the American Petroleum Institute said. In its weekly statistical bulletin the oil industry trade group said gasoline stocks rose 2.29 mln barrels to 247.91 mln barrels from a revised 245.62 mln and crude oil stocks were up 8.52 mln barrels to 337.73 mln from a revised 329.21 mln. It said residual fuel stocks rose 28000 barrels to 38.25 mln from a revised 37.98 mln barrels. API said refinery runs in the week rose to 12.54 mln barrels per day from 12.21 mln and refinery use of operating capacity was 80.4 pct up from 78.3 pct. Crude oil imports in the week fell to 3.40 mln bpd from a revised 3.60 mln API added. Reuter | API SAYS DISTILLATE, GASOLINE STOCKS UP IN WEEK |
Lawmakers from Ontario asked their U.S. counterparts to exempt Canada from the mandatory trade retaliation provisions in a major trade bill being considered by the U.S. congress. MONTREAL - Consolidated-Bathurst Inc said it expects improvement in the pulp and paper sector shown in the second half of 1986 to continue this year. MONTREAL - Alcan Aluminium Ltd set up a new business development position in Europe to be managed by its Geneva-based Alcan Alumium S.A. unit. TORONTO - Trilon Financial Corp said the Canadian government is sympathetic to Trilons concerns about possible limits placed on its expansion by government proposals to deregulate financial institutions. MONTREAL - Diamond-Bathurst Inc should return to profitability this year after reporting a 6.2 mln U.S. dlr loss in 1986 CB Pak Inc which owns 45 pct of the company said. Reuter | REUTER CANADA BUSINESS HIGHLIGHTS |
Japanese Finance Minister Kiichi Miyazawa said that he and U.S. Treasury Secretary James Baker were in agreement on the need for currency stability. (NRKI 1821) WASHINGTON - Federal Reserve Board Chairman Paul Volcker said the performance of the dollar in exchange markets could be a factor in the U.S. central banks decisions on monetary policy. (NRGG 1458) NEW YORK - Firm oil prices and fears of renewed dollar declines sent both U.S. equities and bond prices tumbling with the Dow Jones Industrial Average down 45 to 2361 and the key long bond down 1-3/32 to 95-1/32. (MRUA 2019 NYFK 2123) NEW YORK - The dollar ended with modest net losses in a final bout of position-squaring ahead of tomorrows crucial monetary talks in Washington. The dollar slipped to 145.60/70 yen from 145.85/90 yesterday. (NYFD 2044) WASHINGTON - U.S. consumer credit rose a seasonally adjusted 1.77 billion dlrs in February after a revised rise of 789 mln dlrs in January the Federal Reserve said. (NRKX 2024) WASHINGTON - The Treasury said it will sell 13.2 billion dlrs of bills at its regular auction on April 13.(NRKV 2009) NEW YORK - Gold bullion rose to 422.25/423.25 dlrs an ounce from 418.10/60 at the previous finish (MMGU 1926). Reuter | REUTER MONEY NEWS HIGHLIGHTS 2145 GMT APRIL 7 |
<First Toronto Capital Corp> said it completed an issue of a five mln dlrs convertible debenture to Arcalex B.V. a Dutch corporation that owns 54.3 pct of First Torontos outstanding common shares. The debenture is convertible to one mln common shares of First Toronto for a period of five years. Reuter | FIRST TORONTO COMPLETES ISSUE |
Allegheny International Inc which has agreed to a merge with a jointly-formed First Boston Inc affiliate in a deal worth 500 mn dlrs said shareholders of its preferred stock have filed a class action complaint against the company. The complaint alleges among other things that the company and its board agreed to pay First Boston an illegal seven mln dlr topping fee if it received a higher offer for the company prior to the buyout. The suit contends that this fee hampers Alleghenys ability to attract other offers or take other actions that would benefit holders of preferred stock. The complaint also alleges federal securities laws violations and breach of fiduciary duty. The suit requests an injunction against proceeding with the pending offer being made by Sunter Acquisition to acquire Allegheny. Sunter Acquisition Corp and Sunter Holdings Corp were formed by First Boston and Allegheny. Allegheny said it and the Sunter concerns intend to vigorously defend the complaints charges. The complaints were filed by Robert Moss and other parties who are believed to own about 230000 shares of Alleghenys preferred stock. Reuter | ALLEGHENY <AG> PREFERED SHAREHOLDERS FILE SUIT |
Capital Cities/ABCs ABC Television Network said its Newsone news service reached a cooperative agreement with Potomac Telecommunications Group to offer ABC affiliates expanded coverage of Washington news. Potomac will work with ABC to transmit stories at rates lower than current transmitting costs. Potomac covers Washington for 150 stations. The deal affects about 219 ABC affiliates and does not affect Potomacs other customers. The deal does not affect ABCs network news coverage which is currently involved in a strike. Reuter | CAPITAL CITIES/ABC'S <CCB> ABC TV IN DEAL |
TAP Air Portugal said it signed a contract for three <Airbus Industrie> A310-300 aircraft confirming a commitment made in January. Air Portugal said it has taken options on two further aircraft which may be either A310-300s or A340s. Reuter | TAP AIR PORTUGAL SIGNS CONTRACT FOR AIRBUS |
A group of Canadian lawmakers from Ontario today asked their U.S. counterparts to exempt Canada from the mandatory trade retaliation provisions in a major trade bill being considered by the U.S. Congress. At a meeting of the Northeast-Midwest Coalition an organization of U.S. legislators David Cooke chairman of the Ontario Parliaments Select Committee on Economic Affairs said the exemption would help trade relations. The trade legislation to be considered by the full House in late April would require President Reagan to retaliate against foreign unfair trade practices unless the trade actions would harm the U.S. economy. Currently Reagan can reject trade sanctions on any grounds. Cooke a member of the Liberal party told the U.S. congressmen I can understand (the trade bill). I think it has to do with concerns you have with the other parts of the world. I would suggest to you that we are your best friends. You do not have those concerns with Canada and you should sincerely consider exempting our country from that bill he added. Canada is the United States largest trading partner with two-way trade more than 113 billion dlrs in 1985 according to the coalition. But the U.S. ran up a 23 billion dlr deficit in manufactured goods that year compared to a 14 billion dlr surplus in services trade with its neighbour. Reuter | CANADIANS URGE EXEMPTION FROM U.S. TRADE BILL |
 U.S SPOT PRODUCTS--FINAL--APRIL 7 1745 EST Spot oil product prices retraced early gains after the weekly api report. Products were down about 0.50 cent in the New York Harbor and 0.50 to 0.75 cent in the U.S. Gulf traders said. A build of 2.3 mln barrels in gasoline stocks and 628000 barrels in distillate stocks was perceived as bearish for product prices they said. But even more bearish was the 8.5-mln-barrel increase in crude oil stocks and the 2.1 percentage point rise in the capacity at which u.s. refineries operated traders said adding that higher crude stocks and higher runs portend further increase in products stocks. In usg may unleaded gasoline traded at 50.75 cts down 0.75 cent after the api report traders said. Reuter  | |
Interface Flooring Systems Inc said it began a public offering of 2.8 mln shares of Class A stock at 21.25 dlrs a share. Proceeds will be used to finance the acquisition of 50 pct of Debron Investments PLC and to reduce debt. Reuter | INTERFACE <IFSIA> BEGINS OFFERING |
Chevron Corps Chevron U.S.A. Inc said it has begun the installation of an oil drilling platform called Platform Gail in the Sockeye field located in federal waters in the Santa Barbara Channel offshore southern California. Chevron said a 25-mln dlr eight leg platform jacket was launched from a barge Sunday and secured in position in 739 feet of water. Modules for crew quarters drilling and production operations are to be completed later this year the company said. The three-deck platform 11 miles west of Port Hueneme will be equipped with 36 drilling slots Chevron said. Production from the first of 25 planned wells in the 100-pct Chevron-owned field is slated to begin in early 1988 the company said. The estimated total cost of the platform is 150 mln dlrs Chevron said. Reuter | CHEVRON <CHV> LAUNCHES PLATFORM OFF CALIFORNIA |
Maritrans GP Inc said it began an offering of 12.25 mln depositary units representing limited partnership interests of Maritrans Partners L.P. at 9.75 dlrs per unit. After completion of the offering Maritrans will own and operate the tug and barge business currently owned by Sonat Marine Inc and other subsidiaries of Sonat. Reuter | MARITRANS L.P. BEGINS OFFERING |
Shr profit one cts vs loss three cts Net profit 641000 vs loss 992000 Revs 26.0 mln vs 19.0 mln Six months Shr profit six cts vs loss six cts Net profit 2.8 mln vs loss 1.8 mln Revs 39.0 mln vs 37.4 mln NOTE:1987 six months includes gain of four cts from change in accounting principle. Reuter | AMERICAN AGRONOMICS CORP <AGR> 2ND QTR FEB 28 |
Boeing Co said the National Aeronautics and Space Administration selected it for negotiations leading to a contract for the Technical and Management System project in support of the Space Station program. NASAs initial commitment is about 40 mln dlrs. Under terms of the contract Boeing will design and operate an information exchange network to support development of the proposed space station. Reuter | NASA PICKS BOEING <BA> FOR SYSTEM CONTRACT |
JAPAN SEEKS TO STRENGTHEN PARIS ACCORD ON CURRENCIES, JAPANESE OFFICIALS SAY |
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CURRENCY TARGET ZONES WILL NOT BE DISCUSSED AT G-7 MEETING, JAPANESE OFFICIALS SAY |
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Stocks fell steeply from the 2400 level in an avalanche of selling unleashed by a jump in credit market interest rates and renewed fears that the dollar could fall further. After first extending the rally that hit an all-time closing high of 2405.54 Monday the Dow Jones industrial average skidded 44.60 points to 2360.94 the fifth-largest point drop on record. --- WASHINGTON - Japanese Finance Minister Kiichi Miyazawa said he and U.S. Treasury Secretary James Baker were in agreement on the need for stable foreign exchange rates. Speaking after an hour-long meeting with Baker Miyazawa also said he was satisfied with U.S. intervention to support the dollar against the yen. He expected the Group of Seven countries which are due to meet tomorrow to reaffirm the so-called Louvre accord to stabilize foreign exchange rates. --- NEW YORK - The dollar bounced higher near the close of trading as the stock and bond markets went into a steep slide but most traders are awaiting results from top-level meetings in Washington before committing themselves. --- NEW YORK - Texaco Inc said it asked the Texas Court of Appeals to block enforcement of a 10.3 billion dlr judgment bond won by Pennzoil Co until appeals are decided. Texaco said Monday that if it had to pay the full bond it would be forced to seek protection under Chapter 11 of the Bankruptcy code. --- NEW YORK - AFG Industries Inc and Wagner and Brown ended their hostile bid to acquire GenCorp Inc after the companys dramatic announcement Monday of sweeping anti-takeover measures. GenCorp a large diversified manufacturing concern announced a 1.6 billion dlr or 130 dlr a share buyback of 54 percent of its stock and the sale of its tire and soft drink bottling units. --- NEW YORK - A firm comprised of an E.F. Hutton Group unit and Purolator Courier Corp executives agreed to end its 268 mln dlr pact to buy Purolator allowing Emery Air Freight Corp to proceed with its 306 mln dlr bid for the worlds largest ground carrier. In response Emery said it would renew its request for a merger with the Basking Ridge N.J.-based courier service. --- NEW YORK - ITT Corp authorized the repurchase of 10 million shares of its common and preferred stock as part of a program to enhance its earnings and shareholder value. ITT also said it will redeem three series of its preferred stock. --- PARIS - Airbus Industrie the European airplane manufacturer said it would buy engines for its proposed A340 wide-body jet from a joint-venture linking General Electric Co. and SNECMA of France. The move is a boost for GEs aerospace division and bad news for the International Aero Engine consortium. The IAE group was selected to provide engines for the A340 in December when an earlier GE engine was dropped for use in the plane. International Aero Engine includes the worlds other leading engine manufacturers Rolls-Royce Pratt & Whitney and Japans Aero Engines. --- WASHINGTON - Michael Davidoff head trader for Ivan Boeskys Seemala Corp has consented to Securities and Exchange Commission penalities and agreed to help in its continuing investigation of insider trading the SEC said. Davidoff recently pleaded guilty in federal court to violating the governments net capital requirements for brokers and traders. --- NEW YORK - Several major computer companies launched new computers with Italys Olivetti becoming the first major firm to promise products to compete with International Business Machines new personal computers launched last week. Motorola Wang Laboratories Unisys and Honeywell Bull all launched new products although they were seen as only modest advances in product lines. --- NEW YORK - Avon Products Inc one of the worlds leading cosmetics manufacturers said it will purchase Giorgio Inc maker of the best-selling Giorgio perfume for 185 mln dlrs in cash. Reuter | REUTER BUSINESS NEWS HIGHLIGHTS, APRIL 7 |
The State of Texas faced with a record 5.8 billion dlr budget deficit over the next two years may have to consider introducing income taxeconomic analysts said. Such a possibility was unthinkable a few years back when the states enormous wealth from oil and gas revenues easily allowed Texans the luxury of paying no personal or corporate income tax. However last years dramatic slump in oil prices not only sent the Texas economy into a tailspin but cut heavily into the states tax revenues. Both Moodys Investor Services and Standard and Poors cut their credit ratings of the state to double A from the top triple A in early March. Moodys Vice President George W. Leung said it was the first time Texas rating had been lowered since 1962 adding the report noted that while the Legislature is now considering proposals to restore budget balance medium term prospects for full recovery are weak. With only a slight improvement in the economy seen by State Comptroller Bob Bullock the Texas Legislature must grapple with a one billion dlr deficit by August 31 and another 4.8 billion dlr deficit by the end of the next biennium. No other state in U.S. history has faced such a deficit. There is a strong independent streak in Texans and five years ago I would never have dreamed the State Legislature would institute an income tax said George Bland Assistant Professor of Political Science at North Texas State University adding Now my contacts at the Legislature tell me its coming its inevitable its only a matter of time. State taxes on oil and gas production traditionally supplied as much as a third of the states revenues. However that source has fallen to about 15 pct in recent years and with last years price slump the states dependence on sales taxes is approaching 50 pct. Bland said he believes the Tax Reform Act will be a major factor in the states decision because under it sales taxes are no longer deductible from federal income tax while state income tax is. John Kennedy senior research associate at the Austin-based Texas Research League said There is a great deal of popular sentiment against it plus the first plank of Governor Clements platform was no tax increases let alone a new tax. However he said that since the oil price fall the state faced a choice of either instituting an income tax or broadening and possibly raising the sales tax. Steve Pejovich director of the Center for Free Enterprise at Texas A and M University and an opponent of income taxes said he favored reforming the present tax system to take account of the changed structure of the economy. We should rely less on traditional sources such as oil and agriculture and real estate and more on service industries manufacturing and high-tech Pejovich said. Tony Proffitt an aide to State Comptroller Bob Bullock said Bullock is opposed to an income tax but has warned the Legislature that if they get tired of looking at everything else thats the only option. Apart from Texas states which have no individual income tax are Alaska Florida Nevada New Hampshire South Dakota Washington and Wyoming For the time being Attorney General Jim Mattox has ruled that the Legislature may carry over the current one billion dlr deficit into the next biennium even though the state consitution requires a balanced budget. But as State Treasurer Ann Richards said last Thursday Jim Mattoxs decision today turns the heat down on the pressure cooker but we must not think that the goose isnt still cooking. Opponents to new or higher taxes argue in favor of spending cuts. But the state is already under pressure from a Federal District Court to clean up its overcrowded prison system -- or face 24 mln dlrs a month in fines. And U.S. Education Secretary William Bennett has accused the state among others of lax education reform. Earlier this year both houses of the Legislature citing financial restraints as well as teacher morale passed bills abandoning plans to require teachers to take competency tests. Bland said he believes the state will set up a commission next year to study alternative revenue sources with an income tax being instituted as early as January 1989. If the political leaders are educated about (the effects of the Tax Reform Act) I think there will be a gradual drift toward income tax he said. Reuter | TEXAS MAY CONSIDER INCOME TAX TO SOLVE BUDGET WOES |
Gynex Inc said that Gynex Labs and G.D. Searle a unit of Monsanto Co <MTC> have terminated the distribution agreement under which Searle had exclusive rights to market Gynexs line of generic oral contraceptives. This means that Gynex Labs 50 pct owned by Gynex and 50 pct by Watson Laboratories will not get remuneration under the distribution agreement beyond the 650000 dlrs received from Searle in February and March 1986. This has been applied to the costs of inventories. Searle and Gynex Labs will both bear costs involved with a product recall. Gynex Labs cost is estimated at 900000 dlrs to be shared equally by Gynex Inc and Watson it said. The companies ended the agreement when it was determined that Searles product line sales and marketing commitment would not allow it to commit the necessary resources for the relaunch of the Gynex line of oral contraceptives Gynex said. After launching the first two Gynex products in early February Searle voluntarily recalled them in March as a preventive measure because a limited number of packages may have contained out of order or missing tablets. Gynex has made changes that should prevent a recurrence of the problem and is ready to reinitiate production it said. Talks are underway with other potential distributors. Reuter | GYNEX <GYNXU>, SEARLE END MARKETING PACT |
Qtly div eight cts vs seven cts prior Payable May 15 Record APril 29 Reuter | HELIG-MEYERS CO <HMY> INCREASES DIVIDEND |
Shr 1.30 dlrs vs 1.07 dlrs Net 13.6 mln dlrs vs 10.2 mln Revs 271.2 mln vs 182.3 mln NOTE:1986 results reflect year 11 month period because company changed fiscal year to end February 28 from March 31. Reuter | HELIG-MEYERS CO <HMY> YEAR FEB 28 |
Nanometrics Inc said it is reducing its domestic workforce of 141 people by about 17 pct. The comapny said the action coupled with other cost reduction measures is intended to address the continuing slow sales of its semiconductor measurement and inspection equipment. Reuter | NANOMETRICS INC <NANO> REDUCES WORKFORCE |
The Reagan administration is secretly developing plans for an early deployment of President Reagans controversial Star Wars anti-missile system according to a Senate study. Near-term deployment is an absurd and dangerous course for America said Sen. Bennett Johnston in a statement issued with the report. It would force us to break the bank throw out the ABM treaty and commit us to an arms race in space. The Reagan administration is engaged in an internal debate over the Strategic Defense Initiative (SDI) as the land and space-based anti-missile system is called and may decide later this month to reinterpret the 1972 Anti-Ballistic Missile treaty to justify an acceleration of SDI research to include development and space testing. Johnston of Louisiana and fellow Democrat William Proxmire of Wisconsin whose staff prepared the report accused the administration of covertly seeking early deployment as a political ploy to commit the United States to strategic defenses even after Reagan leaves office in 1989. This report exposes the fact that without a presidential directive or congressional consent the SDI program ... is being changed to pursue a near-term deployment of strategic defenses Proxmire chairman of the powerful Senate Appropriations Defense Subcommittee said. In other words theyre covertly reorienting the SDI program without congressional approval. Reuter | SENATE REPORT - REAGAN PLANS EARLY SDI DEPLOYMENT |
Shr 36 cts vs 43 cts Net 1.3 mln vs 1.7 mln Revs 9.0 mln vs 7.9 mln Reuter | KELLY OIL AND GAS PARTNERS <KLY> YEAR DEC 31 |
<Trans-Canada Resources Ltd> said it received an Alberta court order extending to April 20 from April six the filing of a plan of arrangement with the court under the Companies Creditors Arrangement Act. It said the order also extended the stay of legal proceedings against the company to May 20 and provided for shareholders and creditors meetings by May 15. Reuter | TRANS-CANADA RESOURCES WINS FILING EXTENSION |
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