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American Credit Card Telephone Co said it has completed arrangements to purchase 500000 of its common shares and 500000 of its warrants as well as all payphone technology software and rights from Digvitech Incs <DGTC.O> Digitech Communications Inc affiliate. Reuter
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AMERICAN CREDIT CARD <ACCT.O> TO MAKE PURCHASE
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The French Treasury will issue between eight and 10 billion francs worth of tap stock depending on market conditions at its next monthly tender on Thursday the French bond issuing committee said. The planned issue will be of two fixed-rate tranches of the 8.50 pct May 1994 and the 8.50 pct December 2012 stock and one tranche of the 12-year variable rate 1999 stock. At its last tender on May 7 the Bank of France sold 8.2 billion francs of tap stock. Reuter
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FRENCH TREASURY DETAILS PLANNED TAP ISSUE
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European free market tin traders made a somewhat muted response to plans for a Kuala Lumpur dollar-based tin futures market due to be launched in October. Traders said the new market would probably be a useful trading medium for Japan and other South East Asian tin interests although European traders generally appear to be reasonably satisfied with the current free market system which has been operating since London Metal Exchange LME tin trading ceased in October 1985. Dealers here will also want to see how acceptable foreign metal will be on the new market and what sort of demand develops for forward deliveries. There is also a view among European traders that while the proposed Kuala Lumpur tin futures market would provide another useful reference point a market inaugurated by the Malaysian government -- in the past viewed as a major player at times by the trade -- would make participants uncomfortable. Some traders expressed a preference for a resumption of trading on the London Metal Exchange but they added that while there has been some behind the scenes discussion on the subject a definite move is unlikely until outstanding High Court litigation actions have been resolved. Spot tin prices on the European free market are currently around 4200 stg per tonne for high grade metal in warehouse Rotterdam. Over the past 18 months the price moved to a ten year low of 3400 stg in March 1986 and rebounded to as high as 4680 stg in December 1986. This compares with 8140 stg last paid when LME trading ceased in October 1985 and a record high tin price of 10350 stg traded for Cash Standard Grade metal in June of that year. LME warehouse stocks are now near a two-year low at 28065 tonnes having fallen steadily from a record high of 72485 tonnes reached in February 1986. Traders said the free market turned bullish during late last year based on producer forecasts of a supply/demand deficit of some 28000/29000 tonnes. Analysts were predicting prices of up to 5000 stg per tonne during 1987. However the trend was reversed following a strong upswing in sterling versus the dollar and values fell back briefly to 4100 stg last month after approaching 4700 stg in December. The decline accelerated as producers who had sold very little metal at the higher levels became competitive sellers. There was also a lack of significant demand from major steel mills who made large purchases prior to the new year. Traders say the 15 ITC creditor banks original tin holdings of nearly 45000 tonnes have now been almost halved and the bulk of material still available is being held by Malaysian and Japanese firms which are reluctant to depress the market with unwanted metal. Some 80000 tonnes were held by banks and brokers after the International Tin Councils ITC buffer stock manager halted support operations on the LME on behalf of the 22 members nations of the International Tin Agreement. The overhang of metal was reduced further by broker Shearson Lehman Brothers which earlier this year reported having sold its ITC-related holdings and halved its overall tin position. Analysts see no immediate sign of a rally in European tin prices and movements are still expected to be largely related to currency fluctuations unless significant consumer demand emerges for the third quarter. The Association of Tin Producing Countries ATPC has made efforts since the collapse of the ITA to achieve higher world prices by attempting to bring all major producers under an export control umbrella but to date Brazil and China two major producers remain unaffected by the ATPC argument and apparently are continuing to offer material at discounts to consumers in main European trading centres dealers said. Reuter
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TIN TRADERS' RESPONSE MUTED TO KL FUTURES MARKET
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Leisure Concepts Inc said it has signed a definitive agreement to be licensing agent for all Lorimar-Telepictures Corp television and film properties formalizing a preliminary agreement reached in January. It said undser the terms Lorimar has received a five-year warrant to buy up to 250000 Leisure Concepts shares at 6.25 dlrs each. Leisure Concepts now has about 3100000 shares outstanding. Reuter
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LEISURE CONCEPTS <LCIC.O>, LORIMAR <LT> IN DEAL
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ICCO buffer stock manager to buy 5,000 tonnes cocoa Tuesday, June 2 - official
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<Hayes Microcomputer Products Inc> said it has introduced five new V-series system products and a new generation communication software package Smartcom III. Hayes said the new V-series includes the V-Series Smartmodem 9600 V-Series Smartmodem 9600B V-Series Smartmodem 2400 and V-series Smartmodem 2400B. These products provide error control adaptive data compression and automatic feature negotiation Hayes said. Hayes also said it has established a network of dealers and distributors aurthorized to sell the new products. The company also said it has introduced a V-series Modem Enhancer and has reduced the estimated retail prices on its current modem product line. Its other new product the Smartcom III is a communications program for the International Business Machines Corp <IBM> PC Compaq Computer <CPQ> and compatible personal computers the company said. Hayes said it has priced the Smartmodem 9600 at 1299 dlrs Smartmodem 9600B at 1199 dlrs (1299 dlrs with Smartcom III) V-Series Smartmodem 2400 at 899 dlrs and V-series Smartmodem 2400B at 849 dlrs (899 dlrs with Smartcom). In addition Hayes said that following an introductory promotional price of 199 dlrs until September 30 the V-series modem enhancer will have an estimated retail price of 349 dlrs. Smartcom III will be priced at 249 dlrs Hayes said adding that all products will be available this month. Reuter
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HAYES MICROCOMPUTER ANNOUNCES NEW MODEMS
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Gull Inc said it has received a contract initially worth about 1500000 dslrs to supply McDonnell Douglas Corp with the control system for an On-Board Inert Gas Generating System to be used in the new C-17A military transport cargo airport. It said under production options in the coutract it could supply controllers for up to 210 aircraft raising the value of the contract to over 25 mln dlrs. Reuter
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GULL <GLL> GETS MCDONELL DOUGLAS <MD> CONTRACT
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Lodgistix Inc said it is expanding distribution in Canada of its automated property management systems for hotel and resorts with the opening of a new ssales office in Calgary Alberta. Reuter
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LODGISTIX <LDGX.O> OPENS OFFICE IN CANADA
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US West Information Systems said it completed an agreement with the Australia and New Zealand Banking Group Ltd <ANZA.S> to provide a turnkey installation of hardware software and support services for a nationwide point-of-sale network in Australia. Financial terms of the five-year agreement were not disclosed. US West Information Systems is a unit of US West Inc. Reuter
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US WEST <USW> UNIT WINS POINT-OF-SALE CONTRACT
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Co-operative Bancorp said it completed the acquisition of all the issued and outstanding stock of the Quincy Co-operative Bank <QBCK.O>. Under the agreement Quincy stockholders will receive 30 dlrs cash for each share owned of the Quincy Co-operative Bank for a total transaction of approximately 50 mln dlrs Co-operative said. Reuter
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CO-OPERATIVE <COBK.O> COMPLETES ACQUISITION
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EPSCO Inc said it has receiveed contracts worth 2800000 dlrs from Raytheon Co for high-powered microwave components and antenna feed subsystems for use on the Patriot air defense missile system. Reuter
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EPSCO <EPSC.O> GETS RAYTHEON <RTN> CONTRACTS
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National HealthCorp LP said it has opened a 120-bed nursing care and phsical therapy center in Pensacola Fla. called Palm Gardens of Pensacola. It said it manages the center for owner Florida Convalescent Centers Inc. Reuter
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NATIONAL HEALTHCARE <NHC> OPENS CENTER
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REAGAN TO CALL FOR WEST GERMAN AND JAPANESE ECONOMIC GROWTH AT VENICE SUMMIT
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REAGAN SAYS U.S., ALLIES MUST HONOR ACCORDS ON EXCHANGE RATE STABILITY
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Monsanto Co said it is acquiring certain commerical assets of <Rhone-Poulenc Chimies> polyphenyl business. Terms of the transaction were not disclosed. Among the assets being acquired are its polyphenyl business worldwide including biphenyl and the heat transfer fluid Gilotherm TH together with associated manufacturing and application technology Monsanto said. Reuter
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MONSANTO <MTC> TO ACQUIRE RHONE-POULENC ASSETS
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The New Jersey operations of Pepsico Incs Pepsicola Bottling Group in the New York metropolitan area have been struck by Teamsters Union Local 125 a Pepsico spokesman said. He said the company has hired temporary drivers to cover deliveries from the struck warehouses in West Caldwell North Brunswick Moonachie and South Carney. Also struck were the companys manufacturing operations at Teeterboro and its food service operations at Hasbrouck Heights the spokesman added. The Pepsico spokesman said the companys contract with the union expirted at 2400 EDT yesterday. He said the company reached a tentative agreement with the union Friday after five weeks of negotiations which was rejected by the rank and file in a vote Saturday. Reuter
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PEPSICO <PEP> NEW JERSEY BOTTLING UNIT ON STRIKE
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International Research and Development Corps earnings per share in its second quarter should be higher than the three cts a share earned in the 1986 period president Francis X. Wazeter told shareholders. He said share earnings in this years second period will be about the same as the six cts a share earned in the 1987 first period. Wazeter said earnings per share this year should be higher than the 15 cts a share made last year and revenues from studies in progress will be higher than last years revenues of 16.1 mln dlrs. Reuter
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INTERNATIONAL RESEARCH <IRDV.O> SEES HIGHER NET
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<Info-Data Inc> said it will acquire <USA Outdoor Advertising Inc> of Jacksonville Fla. in exchange for stock. USA Outdoor Advertising was acquired for 62.4 pct of the outstanding shares of Info-Data Inc the company said. Info-Data said it plans to change its name to USA Outdoor Advertising Inc to reflect the change in the companys operations. Reuter
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INFO-DATA TO ACQUIRE USA OUTDOOR ADVERTISING
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President Reagan said he will use the annual economic summit of major industrialized countries to press for economic expansion by West Germany and Japan. In a pre-summit speech at the White House Reagan said that preserving a growing world economy was the business of every member of the world trading community. It will be made clear especially to our friends in Japan and the Federal Republic of Germany that growth-oriented domestic policies are needed to bloster the world trading system on which they depend he said. Reuter
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REAGAN CALLS FOR W. GERMAN, JAPANESE GROWTH
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President Reagan preparing to depart for the Venice economic summit on Wednesday said the United States and its allies must fulfill agreements on exchange rate stability. Economic policy decisions made last year in Tokyo and at this years meetings of Group of 7 Finance ministers in Paris and in Washington cannot be ignored or forgotten he said. The commitments made at these meetings need to be translated into action Reagan said in a pre-summit speech celebrating the 40th anniversary of the Marshall Plan. Reuter
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REAGAN URGES FULFILLMENT OF EXCHANGE ACCORDS
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Uni Marts Inc said it acquired seven <Gas-N-All Inc> convenience stores for an undisclosed amount of cash. The acquisition bring to 228 the number of convenience stores owned by Uni-Marts the company said. Reuter
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UNI-MARTS <IMMA.O> ACQUIRES GAS-N-ALL STORES
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President Reagan said he would discuss the Mideast Gulf situation with allied leaders at next weeks Venice economic summit and hinted he would seek their help in preserving free navigation. In a speech prepared for delivery as the United States made plans to protect 11 Kuwaiti oil tankers from Iranian attack Reagan said the American people were aware that it is not our interests alone that are being protected. Saying that allied dependence on gulf oil was no secret Reagan declared During the upcoming summit in Venice we will be discussing the common security interests shared by the western democracies in the MIDEAST Gulf. The future belongs to the brave. Free men should not cower before such challenges and they should not expect to stand alone. Reagan will meet the leaders of Britain France West Germany Italy Canada and Japan at the economic summit which will take place in Venice June 8-10. The 13th annual top-level meeting of the major industrial democracies will take place against a backdrop of rising congressional concern over Reagans plan to protect gulf shipping and demands that the allies do more. These concerns were heightened by the May 17 Iraqi missile attack on the U.S. frigate Stark which killed 37 seamen. They died while guarding a chokepoint of freedom deterring aggression and reaffirming Americas willingness to protect its vital interests Reagan said. In a pre-summit speech celebrating the 40th anniversary of the Marshall Plan Reagan who spoke to an audience of foreign affairs experts also pledged to push for economic expansion by West Germany and Japan to bolster the world trading system. While the vibrancy of the U.S. economy has contributed enormously to the world expansion preserving a growing world economy is the business of every member of the world trading community he said. It will be made clear especially to our friends in Japan and the Federal Republic of Germany that growth-oriented domestic policies are needed to bolster the world trading system on which they depend. Reagan coupled this appeal with a call for compliance with allied accords on exchange rate stability. Economic policy decisions made last year in Tokyo and at this years meetings of Group of Seven finance ministers in Paris and in Washington cannot be ignored or forgotten he said. The commitments made at these meetings need to be translated into action. Reuter
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REAGAN HINTS U.S. WANTS HELP IN PATROLLING GULF
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Shr 21 cts vs 20 cts Net 965000 vs 726000 Revs 13.4 mln vs 11.8 mln Avg shrs 4606242 vs 3624528 Reuter
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MERRILL CORP <MRLL.O> 1ST QTR APRIL 30 NET
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Advanced Telecommunications Corp said it reached an agreement in principle to purchase <Teltec Savings Communications Co> a long distance telephone service in Florida. The proposed acquisition price is approximately 17.5 mln dlrs in cash the company said. Reuter
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ADVANCED TELECOMMUNICATIONS <ATEL.O> TO BUY CO
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Shr seven cts vs eight cts Net 278000 vs 340000 Revs 11.4 mln vs 8871000 Year Shr three cts vs one ct Net 113000 vs 33000 Revs 39.7 mln vs 33.1 mln Reuter
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ODETICS INC <OA/OB> 4TH QTR MARCH 31 NET
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Federal Deposit Insurance Corp Chairman L. William Seidman told a bankers meeting he thinks more banks will follow Citicorp <CCI> and Chase Manhattan <CMB> in building up their reserves to meet Latin American debt problems. Seidman speaking to an American Bankers Association trade conference said he did not think regulators would play as big a role in encouraging banks to build up their loan-loss reserves as the marketplace would. My guess is that we as regulators wont become the key factor. I think the market system will get most of the other banks to follow suit Seidman told some 3000 executives attending the ABAs National Operations and Automation Conference. In the past two weeks Citicorp has added three billion dlrs and Chase Manhattan 1.6 billion dlrs to their loan-loss reserves. I think that most banks are going to find it irresistible to move forward on the same type of reserving because if they dont their future earnings will be penalized as they hold up their reserves on a quarter-by-quarter basis Seidman said. He said Chase and Citibank by setting aside huge amounts at one time have put their losses behind them and will show much better future earnings. That he said will put pressure on more banks to follow suit. Reuter
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FDIC CHIEF SAYS MORE BANKS WILL BUILD RESERVES
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The Commodity Credit Corporation (CCC) has reallocated 50.0 mln dlrs in credit guarantees from the previously announced undesignated line to provide additional guarantees for sales of feedgrains oilseeds and wheat to South Korea the U.S. Agriculture Department said. The department said the action increases the feed grains line by 23 mln dlrs to 63 mln the oilseed line by seven mln dlrs to 52 mln and the wheat guarantee line by 20 mln to 165 mln dlrs. The undesignated line is reduced to zero. The commodities are for delivery during the current fiscal year ending this September 30 it said. Reuter
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ADDITIONAL CCC CREDIT GUARANTEES FOR KOREA--USDA
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Federal Deposit Insurance Corporation Chairman L. William Seidman told a bankers meeting he thinks more banks will follow Citicorp and Chase Manhattan in building up their reserves to meet Latin American debt problems. Seidman speaking to an American Bankers Association trade conference said he did not think regulators would play as big a role in encouraging banks to build up their loan-loss reserves as the marketplace. My guess is that we as regulators wont become the key factor. I think the market system will get most of the other banks to follow suit Seidman said. In the past two weeks Citicorp added three billion dlrs and Chase Manhattan 1.6 billion to loan-loss reserves. Reuter
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MORE U.S. BANKS SEEN BUILDING LOSS RESERVES
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BASIN PIPELINE TEXAS/OKLA BORDER WASHED OUT BY FLOODS SOME 300,000 BPD CRUDE AFFECTED.
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Interest rates on commodity loans disbursed by the Commodity Credit Corporation (CCC) this month will carry a 6-7/8 pct interest rate the U.S. Agriculture Department said. That is up from the May rate of 6-1/4 pct and reflects the interest rate charged the CCC by the U.S. Treasury in June USDA noted. Reuter
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CCC INTEREST HIGHER IN JUNE, USDA SAYS
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European Community (EC) Agriculture Commissioner Frans Andriessen said his proposal for a tax of up to 330 European Currency Units per tonne on oils and fats was likely to go up for discussion at next weeks summit meeting of EC leaders. EC farm ministers have been unable to agree the tax one of the main items proposed by Andriessen for the 1987-88 farm price package. The tax which would apply on both domestically-produced and imported oils and fats has been fiercely opposed by the United States and developing countries vegetable and marine oil producers. Reuter
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ANDRIESSEN HINTS FATS/OIL TAX COULD GO TO SUMMIT
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Investor Paul Bilzerian said if Pay N Pak Stores Inc enters into a merger accord with him he will immediately begin a tender offer for 7.5 mln shares for 20 dlrs per share in cash. Bilzerian told Reuters he believes his offer is superior to a leveraged buyout proposal disclosed in an announcement by the company this morning. The company said it is evaluating both proposals. Bilizerian said he was optimistic his offer will be accepted at a meeting of the board of directors Wednesday. Officials of Pay N Pak did were not immediately available for comment. Bilzerian said he has a pool of 150 mln dlrs raised by Shearson Lehman Brothers Inc available for the tender and we may add a bank to that. Weve submitted an agreement were prepared to sign he said. Shares not accepted in Bilzerians tender would be exchangeable for 20 dlrs in convertible preferred stock. Asked what would happen if the leveraged buyout group which the company did not identify topped his offer between now and the board meeting Bilzerian said he expected an opportunity to respond. Pay N Pak gave no details about the buyout group but did say the offer was contingent on financing and on an agrreement regarding managements equity participation. Bilzerian said it was his understanding that the management particpation was nominal. Pay N Pak fell 1-1/2 to 19. Arbitrageurs said there was disappointment that neither of the offers topped 20 dlrs. We were expecting an offer north of (above) 21 or 22 dlrs said one arbitrageur. The leveraged buyout plan was for 17.50 dlrs per share in cash and 2.50 dlrs in 13-1/2 pct cumulative preferred stock. Robert Cheadle analyst at Montgomery Securities said you have to ask yourself why no one in the industry made a bid. Scott Drysdale analyst at Birr Wilson Securities said the company has not made the best strategic moves over the years. They have not done the right things at the right time he said and as a result earnings per share have steadily declined since 1984. The 57 cts per share in earnings reported for the fiscal year ended in February was lower than 1978s earnings he said. Earnings totaled 5.7 mln dlrs on revenue of 398.4 mln dlrs. Drysdale said Pay N Pak has better trained sales people than many competitors but it competes on price even though competitors have lower costs. The result is squeezed margins. He noted that there have been no other publicly identified bidders stepping forward since the company rejected an earlier Bilzerian proposal in mid-April. Another arbitrageur said it might not be too late for another bidder to get in the game. He speculated that someone in the same home improvement business might be able to offer a deal for stock that would top both the buyout proposal and Bilzerians plan. Reuter
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BILZERIAN PREPARED TO TENDER FOR PAY N'PAK <PNP>
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Toronto Sun Publishing Corp said it raised its semi-annual dividend to five cts per share pay June 15 record June nine The company said the annual dividend rate now ten cts per share is an increase of 33 pct after adjusting for a two for one split of the common shares. Reuter
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TORONTO SUN <TSP.TO> RAISES DIVIDEND
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FORSTMANN LITTLE AND CO SAID IT PLANS TO SELL SYBRON CORP UNIT
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PharmaControl Corp said it acquired Private Formulations Inc from <Revco D.S. Inc> for six mln dlrs in cash a 13550000 dlr promissory note and warrants to buy 200000 PharmaControl common shares. PharmaControl said the purchase price was financed along with one mln dlrs in working capital through secured institutional financing. The company said betweenm 11550000 dlrs and 12550000 dlrs f the principal amount of the Revco note plus accrued interest is payable June 30. The balance is payable over three years. PharmaControl said it expects to make the payment due to Revco from proceeds of a proposed offering of units consisting of convertible subordinated debenturers and common stock currently on file with the Securities and Exchange Commission. Upon closing of the public offering the company said it expects the secured institutional financing to increase to a total of 12 mln dlrs. Private Formulations is primarily engaged in the manufacture and distribution of vitamins and private label over-the-counter pharmaceutical products. Reuter
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PHARMACONTROL <PHAR.O> ACQUIRES REVCO UNIT
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ALLIED-SIGNAL SAID IT SOLD MPB CORP FOR 145 MLN DLRS, ASSUMPTION OF DEBT
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Dean Foods Co said its board elected Howard M. Dean the companys president to succeed Kenneth J. Douglas as chief executive officer of the firm. Kenneth will replace Douglas who is also chairman on October one Douglas 65th birthday. Douglas will remain chairman. Reuter
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DEAN FOODS <DF> PICKS CHIEF EXECUTIVE
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Fisher Foods Inc <FHR> said <5300 Richmond Road Corp> its largest shareholder has not yet reached a definitive decision about whether it will buy more Fisher stock through a possible merger tender offer or another acquisition proposal. 5300 is a Delaware corporation formed by <American Seaways Foods Inc> <Rini Holding Co> and <Rego Companies> which owns 1.5 mln shares of Fisher or about 44 pct of its outstanding common stock. Fisher said 5300 had announced on April 20 that they would make a decision on June 1 about the move. Fisher said 5300 also told it they will continue to explore possible advantages and disadvantages of various acquisition proposals. 5300 also said it is continuing to discuss with various financial groups about possible financing for such a move but gave no indication of when any financing or proposal would be finalized Fisher said. Reuter
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FISHER SHAREHOLDER INDECISIVE OVER STOCK BUY
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U.S. EXPORTERS REPORT 150,000 TONNES OF BARLEY SOLD TO SAUDI ARABIA FOR 1987/88-USDA
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The World Bank said it will provide 37.1 mln dlrs to Tanzania and Rwanda through the International Development Association (IDA) the banks concessionary lending affiliate. Tanzania will recieve a 23 mln dlr IDA loan to help rehabilitate its telecommunications network the bank said. The 14.1 mln dlr IDA loan to Rwanda will help finance tropical forest conservation projects and a reforestation program the bank said. The IDA credit is for 50 years including 10 years of grace and carries no interest the bank said. Reuter
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IDA EXTENDS 37.1 MLN DLRS IN AFRICA LOANS
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Private exporters reported sales of 150000 tonnes of barley to Saudi Arabia for delivery in the 1987/88 season the U.S. Agriculture Deapartment said. The 1987/88 season for barley begins today. Reuter
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BARLEY SOLD TO SAUDI ARABIA - USDA
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U.S. Bancorp (Oregon) said it has been advised orally that its application for the acquisition of Old National Bancorp has been approved by the Board of Governors of the Federal Reserve. The company said it has also been advised that it has received Fed approvals for its acquisition of Heritage Bank of Camas Wash. and for its conversion of its subsidiary U.S. Thrift and Loan of Salt Lake City Utah into a commercial bank. In January U.S. Bancorp and Old National reached a definitive agreement covering the acquisition of all the stock of Old National which it does not already own for 171 mln dlrs. U.S. Bancorp currently owns 4.9 pct of Old Nationals stock. Reuter
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U.S. BANCORP <USBC.O> HAS ACQUISITION APPROVAL
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Flooding in the Red River on the Texas/Oklahoma border has shut down the Basin Pipeline a 24-inch pipeline that transports as much as 300000 barrels per day of sweet and sour crudes from Texas to Cushing Okla a Texaco Pipeline Co spokesman confirmed. The water is rushing by so fast that we cant get any divers down to assess the damage but there is some possibility that the pipeline could be up by the end of the week a company source said. The pipeline transmits roughly two-thirds sour crude and one-third sweet crude oil from the Midland Texas region. Texaco sources said that if the pipeline service is restored by Friday there would be little problem in restoring oil which has been lost to the flood. But if the pipeline is down more than 10 days it will be difficult to make up without prorationing and we would not like to proration this pipeline if we dont have to. The Basin Pipeline is jointly owned by Atlantic Richfield Corp <ARC> Shell Oil Co a subsidiary of the Royal Dutch/Shell Group <RD> and Texaco Inc <TX> which is the pipelines operator. Peter Beutel analyst at Elders Futures Inc said crude oil futures contracts on New York Mercantile Exchange rose to new highs this afternoon following news of the pipeline break. July crude futures of West Texas Intermediate traded up to 19.60 dlrs a barrel a rise of more than 20 cts. Cash market prices also firmed on the news with sellers of WTI raising offers to 19.60 dlrs a barrel. Sour crudes which would be most affected by the pipeline shutdown however were slow to react to the news with West Texas Sour and Alaska North Slope holding 50 cts to one dlr a barrel below WTI respectively. Dan Stevens manager of public and government affairs at Texaco said the company hopes to fix the pipeline in five days but that will depend on when the water level of the Red River recedes. There is already evidence that the water level is dropping and it appears the rain has stopped in the area affecting the pipeline Stevens said. He said the segment of the pipeline that was damaged was underground and at a distance from the Red River that flooded. The pipeline runs over the Red River and under the subsoil nearby according to Stevens. He said some of this subsoil was apparently washed away. The potential for environmental damage is being downplayed at this time despite the volume of oil that runs through this line. Texacos Stevens said that aerial surveillance has not found any crude on the water in the river or in Lake Texoma which is nearby. Reuter
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MAJOR U.S. OIL PIPELINE SHUT DOWN BY FLOODS
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Unisys Corp said it will redeem on July one all of its outstanaing 200 mln dlrs of 7-1/4 pct convertible subordinated debentures of 2010. It will buy back the convertibles at 106.525 pct of 1000 dlr par value plus accrued interest. Unisys also said it expected that substantially all of the debentures will be surrendered for conversion into its common stock. Each 1000 dlr debenture is convertible into 12.88 shares of common before the close of business on June 26. The company the conversion of the debt to equity would strengthen its capital structure. Reuter
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UNISYS <UIS> TO REDEEM 7-1/4 PCT CONVERTIBLES
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Shr loss 36 cts vs loss 57 cts Net loss 4589000 vs loss 7339000 Revs 19.9 mln vs 19.6 mln Avg shrs 14.7 mln vs 13.3 mln NOTE: Company is a subsidiary of <British Land Co PLC> Reuter
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BRITISH LAND OF AMERICA INC <BLA> YEAR MARCH 31
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<First Philadelphia Corp> said its Computone Systems Inc unit filed a chapter 11 plan for with the U.S. Bankruptcy Court in Atlanta. Subject to confirmation by the court of the plan the assets of Computones two operating divisions would be transferred to CPX Inc a wholly-owned subsidiary of First Philadelphia the company said. First Philadelphia said it is in the process of raising 1750000 dlrs to complement it initial investment of 750000 dlrs to fund the cost of the reorganization and provide ongoing capital for existing Computone businesses. Reuter
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FIRST PHILADELPHIA UNIT FILES FOR CHAPTER 11
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<Forstman Little and Co> said it plans to sell its Sybron Corp unit a leading maker and marketer of dental and laboratory products for an undisclosed sum. Forstmann Little said it acquired Sybron in February 1986 and since that time Sybron has been substantially restructured with new management lower corporate overhead and a new location in Saddle Brook N.J. Fortsmann Little said <Goldman Sachs and Co> will act as its financial advisor for the move. It added that Sybron expects revenues for the current fiscal year of 242 mln dlrs with operating income of about 51 mln dlrs. Reuter
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FORSTMANN LITTLE AND CO TO SELL UNIT
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E.F. Hutton Group Inc shares rose on speculation the company would receive a takeover offer traders said. Huttons stock also was affected by a newspaper report that First Boston Corp <FBC> accumulated almost five pct of Huttons stock on behalf of an outside client traders said. Traders said the story which appeared in USA Today added speculation which began on the street last week. They said there were rumors the stock was under accumulation and speculation abounded the company would soon receive an offer. A Hutton official declined comment. Huttons stock rose 2-1/4 to 39-3/8. Hutton several months ago rejected a buyout offer from Shearson Lehman Brothers Inc <SHE>. The newspaper story mentioned speculation American Express Co <AXP> the parent of Shearson was a possible buyer. But traders said the rumors today did not name buyers. First Boston officials were not immediatley available for comment. Prudential Bache analyst Larry Eckenfelder said he doubted the speculation about American Express. He said he believed Hutton which is occassionally surrounded by rumors moved up today as a result of the newspaper article. Hutton is still a takeover candidate said Eckenfelder. Reuter
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TAKEOVER SPECULATION LIFTS HUTTON <EFH> SHARES
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Industrial Equity (Pacific) Ltd a Hong Kong investment firm said it raised its stake in Wrather Corp to 2025850 shares or 28.1 pct of the total outstanding common stock from 1808700 shares or 25.1 pct. In a filing with the Securities and Exchange Commission Industrial Equity which is principally owned by Brierley Investments Ltd a publicly held New Zealand firm said it bought 217150 Wrather common shares on May 28 and 29 at 20.00 dlrs a share or 4.3 mln dlrs total. Reuter
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HONG KONG FIRM UPS WRATHER <WCO> STAKE TO 28 PCT
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Allegis Corp may file its plan of recapitalization with the Securities and Exchange Commission later this week a company spokesman said. The spokesman also said the company has no comment on Coniston Partners plan to carry out its solicitation of consents from shareholders to remove Allegis directors. Coniston proposes replacing the board of directors with its own candidates and then selling off one or more units of Allegis. Allegis apparently in response to takeover activity announced a sweeping recapitalization plan which will give shareholders 60 dlrs per share. Allegis shares came under pressure from institutional selling today. The stock slipped 1-3/8 to 85-1/8 on volume of more than 1.6 mln shares. Traders said there was also arbitrage-related buying. PaineWebber Group analyst Edward Starkman said institutions and other long-term holders may want to cash in their gains instead of waiting for the companys special dividend which would be taxed at a higher rate. The recapitalization is subject to shareholder and other approvals. Starkman said he believes Coniston may still have a chance to win the battle for control of Allegis board room despite the recapitalization plan. Coniston Partners would not comment on the recapitalization plan. We said a week ago and we say it again today that the way to maximize value for shareholders is to see these companies traded as independent companies said Keith Gollust one of the partners. Allegis owns United Air Lines Hertz rental cars and Westin and Hilton International hotels. Allegis recapitalization plan does not entail the sale of any of those businesses which its management claims are necessary to its travel services strategy. The recapitalization plan would add three billion dlrs in debt to its balance sheet. Some Wall Street analysts believe such a move could be risky since the airline as well as other travel businesses are dependant on the strength of the economy. Theyve become sort of a super cyclical company Starkman said. The hotels and car rental business represents no diversification. It just makes it worse. Traders and analysts who believe Conistons effort may have a chance believe that Allegis management is not giving shareholders full value. After receiving the dividend shareholders will still hold their stock. Arbitragers and analysts valued the recapitalization in the upper 80s to 100 dlrs per share. Breakup values for the company estimated on Wall Street exceed 110 dlrs per share. Reuter
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ALLEGIS <AEG> FILING MAY BE LATER THIS WEEK
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British Airways is looking forward to industry deregulation in Europe and believes it will be a smoother transition than the turmoil that followed the opening of the U.S. skies its chief executive said. Colin Marshall told Reuters that Europe will phase in deregulation gradually to avoid the problems created in the U.S. in the late 1970s -- fast growth unstable fares new carriers that went bankrupt and ultimately years of losses for even the largest airlines. In Europe we have the benefit of learning from the American experience Marshall said. When you add that to the conservative nature of the Europeans it amounts to an approach that is slower and more cautious. Airline liberalization as it is called must first be approved by the transportation ministers of the European Community nations. This could come this month when the ministers meet to take it up Marshall said in an interview during a U.S. visit to talk to airline industry analysts. As the largest airline in Europe and with the sophisticated computer systems we have to help us with yield and load factors management I think we have a very good chance if not the best chance of doing well in a liberalized situation in Europe Marshall said. Airline market deregulation in Europe will open up new routes between European countries allow established carriers to grow and permit new airlines to begin operations. It will also free airlines to fly more seats on any given route -- something that is highly regulated now -- and to base fares on market forces. Discount fares in Europe might even become more widespread. We think liberalization will help stimulate traffic Marshall said. Lower fares have been offered by British carriers since domestic services in Britain were deregulated in 1984 he said. But passengers taking return flights or from other countries pay higher regulated prices. Marshall said deregulation will spawn more European airlines possibly to be followed by a spate of mergers as is happening in the United States. Two airlines Sabena and Scandinavian Airlines System (SAS) are now discussing a merger. Their success might open up Europe to further merger activity he said. This is because an SAS-Sabena merger could be a test case to determine whether countries are willing to allow landing rights to be transferred from one carrier to another he said. Reuter
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BRITISH AIRWAYS <BAB> SEES SMOOTH TRANSITION
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Rep. Mike Synar said today that while President Reagan is ready to use military force to protect Kuwait tankers in the Gulf the United States is ill-prepared at home to deal with a new energy crisis. Synar Democrat of Oklahoma made his remarks in comments on a study by the General Accounting Office (GAO) on the U.S. participation in the 1985 test of the emergency oil sharing program of the International Energy Agency. The IEA an alliance of 21 oil consuming countries was formed after the 1973-74 Arab oil embargo to find ways to deal with any future oil cutoff. Synar said the president is prepared to take military action to protect Kuwaiti oil tankers but has been unwilling to take less dangerous equally-important action to prepare our nation for the next energy crisis. Reagan said the U.S. military would protect Kuwaiti oilers to assure the West of a continuing supply of Middle East oil increasingly being threatened by the Iranian-Iraqi war. Synar who asked for the GAO report after criticism of U.S. action in a previous IEA test said the United States successfully advocated a test limited to training participants in oil sharing procedures and the systems mechanical aspects. Reuter
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CONGRESSMAN SAYS U.S. UNPREPARED FOR OIL CUTOFF
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Anheuser-Busch Companies Inc said its Metal Container Corp subsidiary will build its planned beverage can manufacturing plant in Orange County New York instead of Chester New York. The site was changed because Metal Container was unable to obtain necessary building permits within its construction schedule requirements it said. The proposed plant which is expected to be completed in late 1988 will produce aluminum spin-neck cans and have an operating capacity of more than two billion cans a year it said. Reuter
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ANHEUSER-BUSCH <BUD> UNIT CHANGES PLANT SITE
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Allied-Signal Inc said it completed the sale of its MPB Corp unit to Bearing Acquisition Corp for 145 mln dlrs plus assumption of certain MPB liabilities. Headquartered in Keene N.H. MPB designs and makes precision ball and roller bearings used in aerospace ordnance and computer applications. Allied-Signal said the unit had 1986 sales of over 90 mln dlrs. It noted the sale to newly formed Bearing Acquisition was announced May 18. Allied-Signal said Bearing Acquisition is a newly-formed corporation owned by an investors group organized by Harold S. Geneen and Donaldson Lufkin and Jenrette Securities Corp. Wells Fargo Bank provided senior debt financing to Bearing Acquisition and Donaldson Lufkin and Jenrette provided bridge financing in the form of subordinated notes preferred stock and common stock in an amount sufficient to fund the purchase price Allied-Signal added. Reuter
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ALLIED-SIGNAL <ALD> COMPLETES SALE OF MPB CORP
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Cominco Ltd said it expects to meet today with two of five United Steelworkers of America locals on strike at its Trail smelter and Kimberley B.C. lead-zinc mine a Cominco spokesman said. It had no meeting scheduled with the other three striking locals which rejected a tentative three-year contract Saturday Cominco spokesman Richard Fish said. Fish said the pact that was rejected contained a cost of living increase tied to the Canadian consumer price index but no wage increase. With 81 pct of the membership voting 54.5 pct voted no and 45.5 pct voted yes the union said. The three locals represent about 2600 production and maintenance workers while the remaining two locals cover about 600 office and technical workers. The office and technical workers last negotiated May 21. Production at Trail and Kimberley has been shut down since the strike began May 9 and Cominco has had to declare force majeure which means the company may be unable to honor contracts for products from the smelter and mine. Each of the five locals have separate contracts all of which expired April 30 but the main issues are similar. The Trail smelter about 400 miles east of Vancouver produced 240000 long tons of zinc and 110000 long tons of lead last year. The Sullivan mine at Kimberley about 450 miles east of Vancouver produced 2.2 mln long tons of ore last year most for processing at the Trail smelter. The smelter also produced cadmium bismuth and indium. Trail smelter revenue was 356 mln Canadian dlrs in 1986. Reuter
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COMINCO <CLT.TO> SEES MEETING WITH STRIKING UNION LOCALS
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An investor group led by members of the Bass family of Fort Worth Texas said it lowered its stake in National Distillers and Chemical Corp to 1159400 shares or 3.6 pct of the total common from 1727200 or 5.3 pct. In a filing with the Securities and Exchange Commission the Bass group said it sold 567800 National Distillers common shares between May 15 and 29 at prices ranging from 59.94 to 63.44 dlrs a share. As long as the groups stake is below five pct it is not required to disclose its further dealings in National Distillers common stock. Reuter
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BASS GROUP CUTS NATIONAL DISTILLERS <DR> STAKE
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Republic American Corp told the Securities and Exchange Commission it raised its stake in Buckeye Partners L.P. to 963200 limited partnership units or 8.0 pct of the total from 744200 units or 6.2 pct. Republic which is controlled by Cincinnati Ohio financier Carl Lindner and his American Financial Corp said it bought 219000 Buckeye units between May 14 and 22 at prices ranging from 22.49 to 23.02 dlrs each or about 5.0 mln dlrs total. Reuter
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REPUBLIC AMERICAN<RAWC.O> UPS BUCKEYE<BPL> STAKE
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Universal Health Realty Income Trust said its board approved the repurchase over the next 12 months of up to one mln shares of beneficial interest of the trust in the open market or subject to obtaining necessary financing. Universal also declared a regular quarterly dividend of 33 cts a share payable June 30 to shareholdres or record June 15. Reuter
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UNIVERSAL HEALTH <UHT> TO BUY BACK SHARES
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Kingsbridge Holdings Ltd said it signed a letter of intent for a merger with <Masco Sports Inc>. The transaction calls for 230 mln sahres of Kingsbridge common stock to be issued to shareholders of Masco. Reuter
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KINGSBRIDGE, MASCO SET MERGER
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Period ended March 31 Oper shr profit four cts vs loss 17 cts Oper net profit 584000 vs loss 2165000 Revs 7493000 vs not given SIX MTHS Oper shr profit eight cts vs loss 14 cts Oper net profit 1177000 vs loss 1778000 Revs 14.8 mln vs not given. reuter
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INTERNATIONAL CORONA <ICR.TO> 2ND QTR NET
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Pepsico Incs Kentucky Fried Chicken said it has committed 40 mln dlrs over the next 90 days to introduce a major new product category. The company said it is introducing Chicken Littles a chicken patty sandwich served on a soft dinner roll which will sell for 39 cts. Reuter
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PEPSICO <PEP> CHICKEN UNIT COMMITS 40 MLN DLRS
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Ralston Purina Co said it formed a new branded foods group to align all of its warehouse-delivered human foods. W. Patrick McGinnis formerly executive vice president of the companys grocery products division was named president of the new group and will report to W.P. Stiritz Ralstons chairman. Reuter
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RALSTON PURINA <RAL> FORMS BRANDED FOODS GROUP
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Oper shr loss three cts vs loss one ct Oper net loss 1796000 vs loss 381000 Revs 2501000 vs 2695000 SIX MTHS Oper shr loss eight cts vs loss four cts Oper net loss 3235000 vs loss 1123000 Revs 4850000 vs 4551000 Note: 1987 net excludes 2nd qtr extraordinary gain of 87 mln dlrs or 1.54 dlrs shr from sale of 51 pct stake of Mascot Gold Mines Ltd <MSG.TO>. Full name Royex Gold Mining Corp. Reuter
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ROYEX GOLD MINING <RGM.TO> 2ND QTR MARCH 31 NET
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DRESSER INDUSTRIES INC TO SELL RELIANCE STANDARD LIFE INSURANCE TO ROSENKRANZ UNIT
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Public Service Co of New Hampshire <PNH> said the owners of the Seabrook nuclear power plant approved a 1.2 mln dlr advertising campaign to inform the public about the plants safe construction. The campaign make a point that nuclear power provides one-third of New Englands electricity and Seabrook is the ninth nuclear plant in the six-state region. Operation of the plant has been delayed by the reluctance of officials in neighboring Massachusets to participate in evacuation drills. New Hampshire Public Service is operator of the plant and has a 35.6 pct interest in the facility. Reuter
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SEABROOK NUCLEAR STATION OWNERS SET ADVERTISING
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U.S. SELLS 3-MO BILLS AT 5.81 PCT, STOP 5.82 PCT, 6-MO 6.10 PCT, STOP 6.11 PCT
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Oper shr 74 cts vs 30 cts Oper net 3034000 vs 1225000 NOTE: 1987 operating net excludes credits of 1043000 dlrs or 25 cts a share. 1986 operating net excludes discontinued operations of 84000 dlrs or two cts and extraordinary charges of 1119000 dlrs or a loss of 27 cts. Reuter
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DIANA CORP <DNA> YEAR MARCH 28 OPER NET
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American Realty Trust said oversubscription pool requests received in a recent rights offering were in excess of five mln shares. As a result all 12.1 mln shares offered will be issued and the trust will receive additional equity of over 45 mln dlrs. Under the offering the Trust distributed to shareholders rights to acquire beneficial interest at 3.75 dlrs per share . Its largest shareholder Southmark Corp <SM> delivered most of its rights to shareholders as a special dividend reducing its share ownership to 42 pct from 84 pct it said. Reuter
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AMERICAN REALTY <ARB> RIGHTS OVERSUBSCRIBED
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Kendall Refining Co a unit of Witco Corp and the <Knox Truck Stop> chain said they have developed one of the nations first fast-oil-change centers for trucks outside of Dallas. The service called Fast Lube offers a 60-minute oil change and inspection service for trucks and also involves a used-oil analysis program that relays engine information to the drivers fleet headquarters the companies said. According to the companies fast-oil-change centers are expected to grow from the current three pct of the oil lubrication market to 15 pct by 1990. In addition Kendall said it recently launched a national Fast Lube program with <Avis Inc> that provides participating Avis Lube franchises with lubricants equipment and marketing support. Reuter
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WITCO <WIT> UNIT OPENS FAST-OIL CHANGE CENTER
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Wyse Technology said it agreed in principle to acquire privately-held Link Technologies Inc in exchange for an undisclosed amount of Wyse Technology shares. Link Technologies develops and markets computer terminals Wyse also said. Reuter
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WYSE <WYSE.O> TO GET LINK TECHNOLOGIES
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LTV Corps LTV Aircraft Products Group said it was awarded a contract valued at more than 10 mln dlrs to continue production of engine covers and thrust reversers for the Challenger 601-3A executive business jet. the aircraft is manufactured by Canadair Ltd. of Montreal it said. Reuter
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LTV <QLTV> GETS CONTRACT
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Lincoln Bancorp said it filed a registration statement with the Securities and Exchange Commission covering a proposed public offering of one mln common shares at an estimated offering price of between eight and nine dlrs per share. The company said First of Michigan Corp will manage the underwriting. It said proceeds will be used for general corporate purposes and for expansion. Reuter
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<LINCOLN BANCORP> FILES FOR PUBLIC OFFERING
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Pueblo International Inc a supermarket operator said it bought 75000 shares last week in two separate transactions from unrelated shareholders as part of its share buy back program. Reuter
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PUEBLO <PII> TO REPURCHASE SHARES
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Shr 11 cts vs 13 cts Net 234326 vs 266653 Revs 5.5 mln vs 5.8 mln Six months Shr 21 cts vs 31 cts Net 445509 vs 646978 Revs 9.4 mln vs 10.8 mln Reuter
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MCLAIN INDUSTRIES INC <MCCL.O> 2ND QTR MARCH 31
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Peter Myers Deputy Secretary of Agriculture will head the U.S. delegation to the World Food Councils Thirteenth Ministerial in Peking China June 8-11 the U.S. Agriculture Department said. The discussions will center on four issues -- the global state of hunger and malnutrition and the impact of economic adjustment on food and hunger problems the impact of international agricultural trade and related national policies on food and development regional cooperation in food and agriculture among developing nations in the Southern hemisphere and activities of multilateral assistance agencies aimed at reducing hunger. The World Food Council is a 36-country United Nations body which recommends how governments and international organizations can work together to alleviate world hunger. Reuter
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MYERS TO HEAD U.S. PARTY TO WORLD FOOD COUNCIL
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Morino Associates Inc said it established a new business unit to establish its presence in Australia New Zealand Spain South and Central AMerica Africa Middle East and the Far East. The new unit will explore opportunities for the establishment of marketing agreements that address secondary markets for the companys technology and will evaluate opportunities in Japan it said. Reuter
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MORINO <MOAI.O> EXPANDS INTERNATIONAL MARKETING
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Cominco Ltd said it expects to meet today with two of five United Steelworkers of America locals on strike at its Trail smelter and Kimberley B.C. lead-zinc mine a Cominco spokesman said. It had no meeting scheduled with the other three striking locals which rejected a tentative three-year contract Saturday Cominco spokesman Richard Fish said. Fish said the pact that was rejected contained a cost of living increase tied to the Canadian consumer price index but no wage increase. With 81 pct of the membership voting 54.5 pct voted no and 45.5 pct voted yes the union said. The three locals represent about 2600 production and maintenance workers while the remaining two locals cover about 600 office and technical workers. The office and technical workers last negotiated May 21. Production at Trail and Kimberley has been shut down since the strike began May 9 and Cominco has had to declare force majeure which means the company may be unable to honor contracts for products from the smelter and mine. Each of the five locals have separate contracts all of which expired April 30 but the main issues are similar. The Trail smelter about 400 miles east of Vancouver produced 240000 long tons of zinc and 110000 long tons of lead last year. The Sullivan mine at Kimberley about 450 miles east of Vancouver produced 2.2 mln long tons of ore last year most for processing at the Trail smelter. The smelter also produced cadmium bismuth and indium. Trail smelter revenue was 356 mln Canadian dlrs in 1986. Reuter
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COMINCO SEEKS MEETING WITH STRIKING UNION LOCALS
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Toyota Motor Cos <TOYO.T> U.S. sales subsidiary said it has been studying the possibility of forming a new division to market upscale cars but denied a published report that it would announce a startup decision this year. Toyota spokesman Jerry Giaquinta told Reuters: All were saying at this point is webe been studying the luxury performance segment and no final decision has been made on whether to enter it or which or several options to follow. The trade paper Automotive News reported in this weeks edition that Toyota will announce such a division in a move similar to rival Honda Motor Cos <HMC> Acura car division. The Toyota spokesman said The Automotive News article is based on speculative assumptions. The paper said Toyota has already identified 100 key dealers who would be offered the unnamed new franchise that would open in the 1989 model year with three luxury-performance car lines. It also said the new Toyota luxury line would have prices likely to start arpund 16000 dlrs and going to the high-20000-dlr range to appeal to buyers of European and American luxury buyers. Reuter
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TOYOTA SAYS IT ONLY STUDYING LUXURY UNIT PLANS
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MOODY'S AFFIRMS MIDDLE SOUTH AND UNITS, AFFECTS FOUR BILLION DLRS OF DEBT
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Shr 73 cts vs 60 cts Net 4.6 mln vs 3.8 mln Revs 112.8 mln vs 104.1 mln NOTE:1987 includes lifo charge of 1.5 mln dlrs pension expenses declined by 879000 dlrs due to change in accounting interest decreased by 382000 dlrs. Reuter
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PHILLIPS-VAN HEUSEN CORP <PVH> 1ST QTR
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Dresser Industries Inc said it signed a definitive agreement to sell its Reliance Standard Life Insurance Co to RSL Holding Co Inc. a subsidiary of the privately-held New York-based investment firm of Rosenkranz and Co. Terms were not undisclosed. Philadelphia-based Reliance earned 25.3 mln dlrs on sales of 201.6 mln dlrs in 1986. Dresser said it will use the proceeds from the sale for stock repurchases debt reduction and possibly complementary acquisitions in the field of engineered products and services for energy producers. Reuter
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DRESSER <DI> TO SELL UNIT TO ROSENKRANZ AND CO
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Atcor Inc said that Roth-American Inc which had signed a letter of intent on May 1 to acquire its Turco and Charmglow operations of its consumer products segment has decided against buying Charmglow. While Roth-American said it is still interested in acquiring Turco Atcor said it is now reviewing its options with other potential buyers who have expressed interest in its consumer products businesses. Reuter
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ATCOR<ATCO.O> SEEKS BUYERS FOR CONSUMER BUSINESS
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Shr profit one cts vs loss three cts Net profit 68607 vs loss 183893 Revs 4.2 mln vs 602665 Reuter
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INTERNATIONAL CONSUMER BRANDS <ICBI.O> 1ST QTR
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share bid made last Wednesday by Union Pacific Corp (UNP) analysts said. The offer is inadequate said Douglas Augenthaler an analyst with E.F. Hutton noting that it does not represent the needed premium over the companys fundamental value based on earnings estimates. USPCI which has 8.7 mln shares outstanding was trading at 48-1/8 down 3/8. USPCI vice president of finance Larry Shelton said he could not comment on the adequacy of the offer or on when the board would meet to consider it. Augenthaler said that while USPCI was trading at only 34 dlrs a share at the time of the takeover bid its announcement that same day of higher earnings expectations changed its value. USPCI said its second quarter earnings would exceed analysts expectations of 24 to 30 cts a share. At that price USPCI could maintain a stock price in the low 40s Augenthaler said. Hutton revised its 1987 earnings estimate for the waste management concern to 1.40 dlrs a share from 1.20 dlrs on the announcment he said. It lifted its 1988 projection to 1.90 dlrs a share from 1.70 dlrs. In addition analysts said the hazardous waste management business holds significant growth potential. The industry has grown from 16 to 35 pct over the last five years based on earnings per share said Jeffrey Klein an analyst with Kidder Peabody and Co. The industry is expected to continue growing at 15 to 35 pct over the next five years he said. Augenthaler said the 43-dlr-a-share offer or 375 mln dlrs total would be a bargain for Union Pacific. The transportation and energy company would both gain entry into a profitable business and win cost-control benefits he said. Union Pacific has what are rumored to be some fairly signficant environmmental problems of its own he said. Herb Mee Jr. president of Beard Oil Co (BEC) which holds a 30.4 pct stake in USPCI said last week Union Pacifics offer was grossly inadequate. Reuter
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USPCI <UPC> SEEN REJECTING UNION PACIFIC BID
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Total Petroleum NA <TPN> shut down several small crude oil pipelines operating near the Texas/Oklahoma border last Friday as a precaution against damage from local flooding according to Gary Zollinger manager of operations. Total shut a 12-inch line that runs across the Ouachita River from Wynnewood to Ardmore with a capacity of 62000 bpd as well as several smaller pipelines a few inches wide with capacities of several thousand bpd or less Zollinger said. The Basin Pipeline a major pipeline running 300000 bpd run by a consortium of other oil companies was closed today. One other small pipeline that Total also closed has a capacity of 3000 to 4000 bpd and crosses the Red River in Fargo Texas Zollinger said. He said the closed pipelines run under river water and could be damaged as the flooded rivers erode the river banks and expose the piping. Zollinger said Total is waiting for the river waters to recede before they reactivate the pipelines. Reuter
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TOTAL PETROLEUM <TPN> SHUTS TEXAS PIPELINES
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Thousands of British Columbian unionized workers staged a one-day general strike to protest proposed new provincial labor legislation. Ferry service was halted there was no garbage collection government offices were closed and some medical services were restricted. Postal workers although covered by federal laws refused to cross picket lines. In Vancouver transit workers also joined in the protest and no buses operated. Management however kept the citys SkyTrain service in operation. Reuter
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B.C. WORKERS STAGE ONE-DAY GENERAL STRIKE
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GM MAY N. AMERICAN CAR OUTPUT 328,221, OFF 26.3 PCT FROM 445,440 LAST YEAR
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The Energy Department said it reached proposed oil pricing settlements totaling 680150 dlrs with the operator and four working interest owners of A.D. LeBlanc No. 1 well Vermillion Parish La. Trigon Exploration Co. Inc operated the well from June 1979 to January 1981 for D. Bryan Ferguson C. William Rogers Omni Drilling Partnership No 1978-2 and Entex Inc. DOE alleged Trigon caused overcharges of 624208 dlrs by improperly classifying its oil as newly discovered crude a classification that allowed charging higher prices during a period of price controls. It said the proposed settlements would resolve disputes over possible violations by the five parties. DOE added that in agreeing to the settlements the five did not admit any violations or non-compliance with its regulations. It said it would receive written comments on the settlements before making it final. reuter
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DOE REACHES PROPOSED OIL SETTLEMENTS
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The Chicago Mercantile Exchange (CME) has proposed a futures contract based on the Nikkei Stock Average a price-weighted index of 225 stocks on the Tokyo Stock Exchange federal regulators said. The Commodity Futures Trading Commission (CFTC) said CMEs proposed contract is designed to be used as a hedging tool for dealers and investors in Japanese equities. The contracts unit of trading would be 500 Japanese yen times the Nikkei index CFTC said. The minimum price fluctuation would be 2500 yen with no daily price limits. Public comment on the proposal is due by July 28. Reuter
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CME PROPOSES NIKKEI STOCK AVERAGE FUTURES
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Moodys Investors Service Inc said it put Hospital Corp of Americas nearly three billion dlrs of long-term debt under review with uncertain direction. Under review are the A-2 senior debt A-3 convertible subordinated debt and Prime-2 commercial paper ratings. Moodys cited the firms planned sale of 104 U.S.-based hospitals to an employee stock ownership plan. The cost would be 1.8 billion dlrs in cash plus preferred stock and warrants. Moodys expects favorable credit implications if the sale includes low-profit hospitals. Reducing Hospitals financial leverage will be needed to maintain credit quality it said. Reuter
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MOODY'S REVIEWS HOSPITAL CORP <HCA> DEBT
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CHRYSLER MAY N. AMERICAN CAR OUTPUT 94,715, OFF 12.8 PCT FROM 108,595 LAST YEAR
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The Chicago Mercantile Exchange (CME) has proposed a futures contract based on the Nikkei Stock Average a price-weighted index of 225 stocks on the Tokyo Stock Exchange federal regulators said. The Commodity Futures Trading Commission (CFTC) said CMEs proposed contract is designed to be used as a hedging tool for dealers and investors in Japanese equities. The contracts unit of trading would be 500 Japanese yen times the Nikkei index CFTC said. The minimum price fluctuation would be 2500 yen with no daily price limits. Public comment on the proposal is due by July 28. Reuter
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CME PROPOSES NIKKEI STOCK AVERAGE FUTURES
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Gerhard Laske a national of West Germany has been appointed treasurer of the International Monetary Fund succeeding Walter Habermeier who took early retirement the agency said. Laske 59 held a senior position at the Bundesbank in the Department for International Organizations. Prior to that he was executive director for Germany. REUTER
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GERHARD LASKE APPOINTED TREASURER OF IMF
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First of America Bank Corp said it acquired (Keystone Bancshares Inc) for 25 mln dlrs. Keystone shareholders will receive 45 dlrs per Keystone share payable in First of America convertible preferred stock having a dividend rate of nine pct. Keystone has two affiliates with combined assets of 205 mln dlrs. First of America has 7.9 billion dlrs in assets. Reuter
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FIRST OF AMERICA (FABK.O) ACQUIRES KEYSTONE
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The U.S. Court of International Trade has upheld the International Trade Commissions refusal to extend countervailing duties on Canadian hogs to include pork products the National Pork Producers Council said. The courts ruling came in an appeal to the Trade Commissions decision filed by the Pork Producers Council. Council president Tom Miller said he was disappointed by the court ruling and said the council will accelerate activities in support of an amendment to the 1930 Tariff Act that would address the objections outlined in the Trade Commissions ruling. The Commission had said there was insufficient economic integration between the pork production industry and the pork packing industry to justify extending the duty on live hogs to fresh chilled or frozen pork. The legislation has already passed the House of Representatives and recently passed the Senate Finance Committee. It is expected to be considered by the full Senate by the end of the summer. An appeal by the Canadian Pork Council that the current countervailing duty on Canadian hogs entering the U.S. be lifted is pending before the Court. Reuter
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NPPC APPEAL ON CANADIAN PORK DISMISSED
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FORD MAY N. AMERICAN CAR PRODUCTION 213,790, UP 2.2 PCT FROM 209,109
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Fluorocarbon Co said it completed the acquisition of Eaton Corps <ETN> industrial polymer division. The company said it paid about 70 mln dlrs in cash for the division which will be renamed Samuel Moore Group. Fluorocarbon also said the division should boost annual sales to 165 mln dlrs from last years 98 mln dlrs. Reuter
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FLUOROCARBON <FCBN.O> COMPLETES ACQUISITION
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Supermarkets General Corp said it redeemed its preferred stock purchase rights on May 29 and will pay five cts a right in the near future to holders of record May 29. Reuter
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SUPERMARKETS <SGL> REDEEMS PURCHASE RIGHTS
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Dekalb Corp said it sold its Heinold Hog Market Inc to the units employees through an Employee Stock Ownership Plan (ESOP). Terms were not disclosed but president Bruce Bickner said the sale will have a positive but not substantial impact on DeKalb as a whole. The company said the hog marketing unit did not fit with its strategy of investing in its core businesses. Reuter
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DEKALB <DKLBB.O> SELLS HEINOLD HOG MARKET
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Chrysler Corp said its May North American car production fell 12.8 pct to 94715 from 108595 a year ago. Chrysler said its May truck production rose 32 pct to 61151 from 46332 last year. Reuter
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CHRYSLER <C> MAY CAR OUTPUT FALLS
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