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NEW DUTCH SPECIAL ADVANCES ANNOUNCED AT 5.3 PCT

The Dutch central bank announced new eleven-day special advances at an unchanged 5.3 pct to aid money market liquidity, covering the period March 9 to 20. The amount will be set at tender on Monday March 9 between 0800 and 0830 GMT. The new facility will replace the current 4.8 billion guilders of seven-day advances expiring Monday. Money dealers estimated today's money market shortage at 11 to 11.25 billion guilders, barely changed from yesterday. They said call money was still relatively high at 6-1/8 to 6-1/4 pct as a result of the tight set of bids accepted by the Bank for the previous seven-day facility. REUTER 

SELECTERM INC <SLTM> 4TH QTR LOSS

Shr loss not given vs profit 16 cts Net loss 309,000 vs profit 426,000 Revs 6,358,000 vs 6,747,000 Year Shr profit 27 cts vs profit 76 cts Net profit 713,000 vs profit 2,021,000 Revs 24.9 mln vs 27.1 mln NOTE: Pretax net profits 113,000 dlrs vs 824,000 dlrs in quarter and 1,863,000 dlrs vs 3,606,000 dlrs in year. Reuter 

COLONIAL MUNICIPAL TRUST SETS INITIAL OFFERING

<Colonial Municipal Income Trust> said it has filed for an initial public offering of six mln shares of beneficial interest through underwriters led by Morgan Keegan and Co Inc, Bateman Eichler, Hill Richards Inc and Piper, Jaffray and Hopwood Inc at an expected price of 10 dlrs per share. It said proceeds will be invested in portfolio securities. Colonial is a closed-end investment company seeking high current income by investing in federally tax exempt medium and lower quality bonds and notes issued by state and local governments. Reuter 

STONE CONTAINER <STO> COMPLETES WAITING PERIOD

Stone Container Corp said it and Southwest Forest Industries Inc <SWF> completed all waiting period requirements under the Hart-Scott-Rodino Anti-Trust Improvements Act of 1976. Stone said it will proceed with its previously proposed acquisition of Southwest. Reuter 

FISHER TRANSPORTATION FILES FOR INITIAL OFFERING

<Fisher Transportation Services Inc> said it has filed for an initial public offering of 1,100,000 common shares at an expected price of six to seven dlrs a share through underwriters led by Laidlaw Adams and Peck Inc. Fisher is an irregular route truckload quantity general commodity carrier operating throughout the continental U.S. Reuter 

ICO QUOTA TALKS FAILURE PARALYSE HAMBURG MARKET

The failure of International Coffee Organization talks on the reintroduction of quotas has paralysed business on the Hamburg green coffee market in the past week, trade sources said. There was only sporadic activity for spot material, which was mainly requirement buying, they said, adding that pre-registered coffees were no longer available. They said they expected Brazil and Colombia to open export registrations for May shipment next week. However, the president of the Brazilian Coffee Institute, Jorio Dauster, said yesterday he had not yet decided when its registrations would reopen. REUTER 

TORONTO DOMINION BANK BUYS SEAT ON TORONTO STOCK EXCHANGE

RESIDENTIAL MORTGAGE INVESTMENTS INC <RMI>PAYOUT

Qtly div 24 cts vs 24 cts prior Pay April 10 Record March 31 Reuter 

SOUTHWEST <SWF>, STONE <STO> COMPLY FOR MERGER

Southwest Forest Industries said it and Stone Container Corp have complied with all federal waiting period requirements for Stone's proposed 32.25 dlr per share cash acquisition of Southwest. Southwest currently has 12.3 mln shares outstanding. The companies entered into a merger agreement on January 27, and made their initial findings with the Department of Justice and the Federal Trade Commission on February three. Southwest said the waiting period expired on March 5, without receiving a formal second request for information. REUTER...^M 

STATE BANK OF SOUTH AUSTRALIA ISSUES NOVEL BOND

The State Bank of South Australia is issuing a novel 50 mln Australian dlr eurobond due April 8, 1992 paying an initial coupon of 16-1/4 pct and priced at 101 pct, lead manager Swiss Bank Corp International said. The coupon will then be re-fixed annually at the one-year Australian Treasury rate. There will also be an investor put option annually at par. The selling concession is 3/4 pct while management and underwriting combined pays 3/8 pct. The non-callable bond is guaranteed by the state of South Australia and will be listed in Luxembourg. Denominations are 1,000 and 10,000 Australian dlrs. Payment date is April 8. REUTER 

OKC LIMITED PARTNERSHIP <OKC> SETS LOWER PAYOUT

OKC Limited Partnership said it will make a five ct per share distribution to unitholders, down from 15 cts in December and payable March 30 to holders of record March 18. The partnership said the payout is the largest quarterly cash distribution allowable under terms of its letter of credit. Reuter 

RAPIDTECH SYSTEMS INC BUYS PATENT RIGHTS

<Rapidtech Systems Inc> said it acquired all rights to the patent for the "pocket modem", which eliminates the need for stand-alone modems that are attached between telephones and computer terminals, as well as modems built into computers. Rapidtech said the patent includes all rights to license and build the modems, as well as a patent application for an optical isolator. The company did not disclose a price for the rights. Reuter 

BIOTECH RESEARCH LABORATORIES INC <BTRL> 4TH QTR

Shr profit one ct vs loss seven cts Net profit 63,761 vs loss 43,006 Revs 1,961,219 vs 1,413,859 Year Shr loss seven cts vs loss 20 cts Net loss 380,273 vs loss 1,108,151 Revs 6,245,012 vs 5,368,522 Shr out 5,950,000 vs 5,462,547 Reuter 

SOUTH AFRICA OPTIMISTIC ABOUT DEBT TALKS

South Africa's director-general of finance Chris Stals said he was optimistic about reaching a mutually acceptable agreement with foreign bank creditors in debt renegotiation talks scheduled to begin next month. Stals, the country's chief foreign debt negotiator, said "we are busy finding out how they (banks) feel. They all have different opinions. There is no consensus." But asked if he was optimistic on agreement for a new debt repayment plan, Stals replied "yes" in a telephone interview from his Pretoria office. He declined to comment further before the major review of the interim debt agreement regarding the moratorium on principal repayments on 13 billion dlrs of South Africa's 24 billion dlr external debt. The agreement on the moratorium with some 330 creditor banks expires on June 30. "We have had a series of discussions with a great number of banks both bilaterally and individually on the foreign debt situation in preparation for April," Stals said. He said no date has been set for the meeting and declined to comment on published reports in the past few months that banks may demand accelerated repayments. Banking sources here said only an escalation of South African political unrest would increase foreign pressure on repayments. Finance Minister Barend du Plessis said last month that in the forthcoming talks South Africa would give a fair deal to all creditors but not agree to "unrealistic demands." REUTER 

MORGAN STANELY <MS> UNIT SELLS FLOATER CMOS

Morgan Stanley Mortgage Trust I, a unit of Morgan Stanley Group, is offering 317.8 mln dlrs of AAA-rated collateralized mortgage obligations that include two floating-rate tranches, said sole manager Morgan Stanley. The floaters have average lives of 7.85 and 15.6 years for maturities of 2012 and 2015. The rate on the shorter term floater will be reset quarterly at 55 basis points over three-month LIBOR while the rate on the longer tranche will be reset at three-month LIBOR plus 65 basis points. Fixed-rate CMO yields are 7.153 to 8.97 pct for maturities of 2004 to 2017 and average lives of 2.5 to 23.99 years. Reuter 

MTECH <MTCH> TO OFFER CONVERTIBLE DEBENTURES

MTech Corp said it expects to file shortly for an offering of subordinated debentures convertibe into common stock. It gave no details on the size of the offering. Reuter 

CANADA UPHOLDS COUNTERVAIL DUTY ON U.S. CORN

The Canadian Import Tribunal ruled today subsidized U.S. corn imports were injurious to Canadian growers and upheld a countervailing duty of 84.9 U.S. cts a bushel set earlier this year. The ruling is the result of trade action launched in 1985 by the Ontario Corn Producers Association that contended U.S. subsidies were driving American corn prices below Canadian production costs. A spokesman for the Department of Revenue said a study of the level of the duty will be undertaken in the next six months to determine if it should be adjusted. Reuter 

FEBRUARY U.S. JOBS GAINS SHOW STRONGER ECONOMY

Momentum in th U.S. economy may be picking up given solid across-the board increases in the February U.S. employment report, economists said. U.S. non-farm payroll employment rose 337,000 in February, twice what the financial markets expected. This follows a 319,000 gain in January, revised down from a previously reported 448,000 increase. "Even if you look at January and February together, this is still a much stronger report than the consensus expectation in the market," said Allan Leslie of Discount Corporation. Economists stressed that gains in hours worked signal much larger gains in February U.S. production and income than previously forecast. The average work week rose 0.2 hours to 35.0 hours from 34.8 hours in January. The average manufacturing work week rose 0.3 hours to 41.2 hours, the longest factory work week since November 1966, the Commerce Department said. "The gains in manufacturing employment point to a very large increase in industrial production of between 0.5 and 0.7 pct," said Joe Carson of Chemical Bank. This compares to a 0.4 pct gain in January U.S. industrial production. Peter Greenbaum of Smith Barney Harris Upham and Co Inc noted that the average wage rate increased to 8.87 dlrs an hour in February from 8.83 dlrs in January. "Combined with the increase in hours worked, this means we'll get a pretty healthy gain in personal income vis-a-vis the wage and salary disbursement," he said. Greenbaum said that February U.S. personal income should rise at least 0.5 pct after being flat in January. He said the February employment gains are consistent with his firm's first quarter U.S. real gross national product growth forecast of 3.7 pct. Economists agreed that the employment data were negative for the credit markets in that they signal a healthier economy and no easing in the Federal Reserve's monetary policy. But most said that the market need not fear tighter policy either. "This report is another reason for the Fed to not consider easing," said Ray Stone of Merrill Lynch Capital Markets Inc. "It gives them more room to address the dollar situation," he said. "If they had to nudge policy tighter, they could do so, but it's most likely they'll sit and wait." "The data have not been uniform," Stone added. "Durable goods were weak in January and now employment is strong." In January, U.S. durable goods orders dropped 7.5 pct, followed by a 4.0 pct drop in U.S. factory goods orders. U.S. retail sales fell 5.8 pct, and the U.S. merchandise trade gap widened to 14.8 billion dlrs. "Things just aren't adding up," said Steve Slifer of Lehman Goverment Securities Inc. "Consumer spending, capital spending, goverment spending, and net exports data show very weak first quarter GNP growth of one pct," he said. "The employment and production data point to a big inventory build-up, but that's what we thought in the fourth quarter and we only got 1.3 pct GNP growth." Manufacturing employment gained 50,000 after falling 15,000 in January. Economists estimated that 30,000 of the gain was accounted for by striking workers in the steel and machinery industries returning to work. Even so, some economists said that the manufacturing gains have resulted from an improving trade outlook. Jason Benderly of Goldman, Sachs and Co noted that the U.S. trade picture improved in the fourth quarter as net exports grew at a 20 pct annual rate while the rate of increase in imports fell to only six pct, and that it continues to improve in the first quarter. "Not only the official statistics for the fourth quarter, but evidence of a pick up in orders from overseas for paper products, chemicals, high-tech goods, and capital goods show that trade is improving," Benderley said. "The economy is moving between extremes," he said. "Some reports are going to look bad and some good, but first quarter GNP is going to grow in the middle at about three pct." A 287,000 gain in services employment comprised the greater part of February's employment gain. Retail services employment rose 129,000 in February, compared to a gain of 117,000 in January, previously reported at 166,000. Construction employment rose a slim 2,000 in February. But this follows a robust 113,000 gain in January, revised down from a previously reported 142,000 gain. The U.S. civilian unemployment rate was unchanged in February at 6.7 pct. This means the jobless rate has stayed at 6.7 pct for three consecutive months, the lowest reading since March 1980, the Commerce Department noted. "The Federal Reserve has to be pleased with this report," Carson said. "This takes away the Fed's flexibility to ease, but there's no reason to tighten. It's way too early for that." Reuter 

AMERICAN STORES CO <ASC> 4TH QTR NET

Shr 1.57 dlrs vs 1.60 dlrs Net 55.7 mln vs 56.5 mln Revs 3.7 billion vs 3.6 billion Year Shr 3.79 dlrs vs 4.11 dlrs Net 144.5 vs 154.5 mln Revs 14.0 billion vs 13.9 billion NOTE: 1986 4th qtr and yr per shr amts includes reduction of 15 cts per shr for establishment of reorganization reserves. Tax increase reduced 1986 yr per shr by 26 cts. Reuter 

BAKER SAYS G-6 PACT JUST A START

Treasury Secretary James Baker said the agreement among industrial nations in Paris last month is only a start in Washington's drive to intensify economic cooperation among leading countries. In a speech to the National Newspaper Association, Baker said "the six steps beginning with the Plaza Agreement and culminating in the Paris Accord, are only a start." He added "we see our role as a steward of a process in which we sit down with our industrial allies to find ways to promote more balanced international growth." The Paris agreements called trade surplus countries to strengthen their growth and on the U.S. to reduce its budget deficit. Under such circumstances, the countries agreed their currencies were within ranges broadly consistent with economic fundamentals. Baker also said he still sees "ominous" signs of pressure for protectionist trade legislation "and this pressure for protectionism is coming from new areas of society." But he also said he believed a coalition was forming that supported free trade. Reuter 

TREASURY'S BAKER FULLY EXPECTS BRAZIL TO STRIKE DEAL WITH PRIVATE CREDITORS

TREASURY'S BAKER FORECASTS REDUCTION IN JAPANESE TRADE SURPLUS THIS YEAR

TREASURY'S BAKER SAYS THERE HAS BEEN NO CHANGE IN U.S. POLICY ON DOLLAR

STONE CONTAINER CORP HIKES CONTAINERBOARD PRICES 30 DLRS A TON ALL GRADES EFFECTIVE APRIL SIX

USG <USG> SELLS 10-YEAR NOTES AT EIGHT PCT

USG Corp is raising 100 mln dlrs through an offering of notes due 1997 with an eight pct coupon and par pricing, said lead manager Salomon Brothers Inc. That is 80 basis points more than the yield of comparable Treasury paper. Non-callable to maturity, the notes are rated A-1 by Moody's and A by Standard and Poor's. Goldman Sachs and Shearson Lehman Brothers co-managed the deal. Yesterday, USG sold 200 mln dlrs of same-rated debentures due 2017 that were priced to yield 8.77 pct, or 120 basis points over Treasuries, through a syndicate headed by Salomon Brothers. Reuter 

FED NOT EXPECTED TO ACT IN MONEY MARKETS

The Federal Reserve is unlikely to operate in the U.S. government securities market during its usual intervention period this morning, economists said. Fed funds opened comfortably at 5-15/16 pct and remained at that level. Yesterday Fed funds averaged 5.99 pct. Reuter 

TORONTO DOMINION TO BUY SEAT ON STOCK EXCHANGE

<Toronto Dominion Bank> said it agreed to acquire a seat on the Toronto Stock Exchange, becoming the first Canadian bank to do so after government proposals to allow banks full involvement in the securities industry. The bank, Canada's fifth largest, said one of its subsidiaries was already a member of the Toronto Futures Exchange and that this further step showed the bank's commitment to active involvement in the securities industry. Toronto Dominion established a discount brokerage service in 1984 called Green Line Investors Service that now serves more investors than any other discount broker in Canada. The bank previously said in January that it preferred to establish its own securities unit rather than acquire an existing investment dealer. "Full TSE access will enable us to provide an even higher level of customer service and maintain Green Line's position as an industry leader," said Toronto Dominion president Robert Korthals in a statement. He told reporters at a news conference that the bank agreed to purchase the seat for 195,000 dlrs from Hector M. Chisholm and Co. The price represents a recent high from the 166,000 dlrs paid for a seat in 1981, but the record price remains 200,000 dlrs paid in 1929. Reuter 

BOFORS MANAGING DIRECTOR RESIGNS

Martin Ardbo, managing director of <AB Bofors>, which is at the centre of a police inquiry into illegal arms shipments to Iran, has resigned, the company said. Ardbo was Bofors marketing head at the time peace groups say the company supplied arms to countries Sweden had blacklisted. Ardbo was stepping down from his post at Bofors but would continue to work for the parent company, Bofors said in a statement. "For the past two years, an inquiry into alleged illegal arms exports has been carried out at Bofors. Arbo has decided that it would be unsuitable if he continued to represent the company," the statement said. It gave no further details. REUTER 

PICTEL CORP <PCTL> INCREASES SIZE OF OFFERING

PicTel Corp said it is filing an amendment to increased the size of its proposed offering of common stock and warrants. It said it is still offering one mln units, but each unit will now consist of five common shares and three warrants, rather than two shares and one warrant. F.N. Wolf and Co Inc is underwriter. Reuter 

BOSTON BANCORP <SBOS> SETS TWO FOR ONE SPLIT

Boston Bancorp said its board declared a two-for-one stock split, payable March 31, record March 17. Reuter 

SOUTH AFRICA OPTIMISTIC ABOUT DEBT TALKS

South Africa's director-general of finance Chris Stals said he was optimistic about reaching a mutually acceptable agreement with foreign bank creditors in debt renegotiation talks scheduled to begin next month. Stals, the country's chief foreign debt negotiator, said "we are busy finding out how they (banks) feel. They all have different opinions. There is no consensus." But asked if he was optimistic on agreement for a new debt repayment plan, Stals replied "yes" in a telephone interview from his Pretoria office. The agreement on the moratorium with some 330 creditor banks expires on June 30. "We have had a series of discussions with a great number of banks both bilaterally and individually on the foreign debt situation in preparation for April," Stals said. He said no date has been set for the meeting and declined to comment on published reports in the past few months that banks may demand accelerated repayments. Banking sources here said only an escalation of South African political unrest would increase foreign pressure on repayments. Finance Minister Barend du Plessis said last month that in the forthcoming talks, South Africa would give a fair deal to all creditors but not agree to "unrealistic demands." Reuter 

BAKER SEES BRAZIL/BANKS REACHING AGREEMENT

U.S. Treasury Secretary James Baker said he believes Brazil will strike an agreement with its private creditors. Answering questions from the National Newspaper Association, Baker said "Brazil is not defaulting on its debt," and pointed out its interest payments moratorium was called because of dwindling foreign reserves. He said that based on discussions with Brazilian officials here last week, he believed Brazil's approach to its problems was "nonconfrontational," adding, "We fully expect Brazil will work this out with its private creditors." Baker pointed out Brazil was paying in full and on time its debts to multilateral institutions, the U.S. government and other western creditor governments. The country has declared an interest payments moratorium on 68 billion dlrs of its 108 billion dlr foreign debt and frozen some 15 billion dlrs in trade and interbank deposits by commercial bank creditors at Brazilian institutions. Reuter 

BAKER DENIES CHANGE IN U.S. POLICY ON DOLLAR

Treasury Secretary James Baker said there has been no change in U.S. policy on the value of the dollar. Baker, when asked if the policy was changed in view of comments yesterday by a senior Commerce Department official who said he thought the Japanese yen was undervalued against the dollar by 10 to 15 pct, replied, "No." Yesterday Robert Ortner, Undersecretary of Commerce for Economic Affairs, said he thought the yen was undervalued but said that was his personal view. This remark caused the dollar to drop as it appeared to conflict with a recent agreement in Paris by the United States and five other industrial nations that currency rates were at about the right level to reflect underlying economic conditions. Baker, who spoke earlier to the National Newspaper Association, declined to elaborate on his statement about U.S. policy. Reuter 

SOME SHIPPING RESTRICTIONS REMAIN ON RHINE

Limited shipping restrictions due to high water remain in force on parts of the West German stretch of the Rhine river between the Dutch border and the city of Mainz but most are expected to be lifted this weekend. water authority officials said The restrictions, caused by high water levels, include speed limits and directives to keep to the middle of the river to prevent damage to the river banks. The high water was expected to recede within two days to below levels at which the restrictions come into force. Traffic was halted briefly late Tuesday night, Wednesday and parts of Thursday on stretches of the Rhine between Bonn and Koblenz but the shipping bans were lifted, the officials said. Shipping is now permitted on all parts of the West German section of the Rhine, with restrictions in some areas. Reuter 

ALLURE COSMETICS <ALUR> SIGNS PACT WITH MOTOWN

Allure Cosmetics Inc said it reached an agreement with <Motown Industries> of Los Angeles to be the exclusive licensee of the Motown name for skin care, cosmetics and hair-care products. Allure said the medium-priced products are scheduled to be introduced at a trade show in Philadelphia in early April. The company said the products will be sold in professional salons, major drug chains and department stores. Allure also said it entered into a merchandising agreement with the U.S. Olympic Committee to use the Olympic designation on suntan, sun treatment, lip care and other facial skin-care products. Alllure said it also introduced a new face lift masque, intended to reduce wrinkles and other signs of aging. Reuter 

HAWKER SIDDELEY OFFER FOR CLAROSTAT <CLR> ENDS

<Hawker Siddeley Group PLC>'s offer of 74 dlrs a share for all of Clarostat Mfg Co Inc's stock was scheduled to expire at 2400 EST yesterday. Company officials were unavailable for comment as to why the American Stock Exchange had stopped trading in Clarostat's stock for a pending news announcement. Reuter 

TAFT <TFB> GIVEN DEADLINE ON BUYOUT PROPOSAL

Narragansett Capital Inc <NARR> said it and Dudley S. Taft have requested a response from Taft Broadcasting Co by March 12. Earlier today, Taft Broadcasting said Taft, the company's vice chairman, and Narragansett had offered 145 dlrs for each of Taft's 9.2 mln outstanding shares. The company said the offer is conditioned on approval of its board, but a spokesman declined comment on whether or not the board has scheduled a meeting. The Narragansett/Taft group will provide the equity portion of the offer by contributing at least 125 mln dlrs in cash and Taft Broadcasting common, Narragansett said. It said the group has been advised by First Boston Inc's <FBC> First Boston Corp that the investment banker is "highly confident that financing for the acquisition can be consummated." Narragansett said the offer is subject to negotiation of a definitive merger agreement and definitive financing agreements as well as approval by regulators, Taft's board and Taft's stockholders. The Narragansett/Taft group said its letter to Taft's board states the group intends to return control over a significant portion of the company's equity to the Taft family while providing other stockholders with a means of realizing a very attractive value for their shares. Reuter 

STONE CONTAINER <STO> RAISING PRICES

Stone Container Corp said that effective April six, prices for all grades of containerboard products will increase 30 dlrs per ton. Stone Container chairman and chief executive officer Roger Stone said that, for example the base price of 42 lb paper delivered to the Northeast, will rise to 380 dlrs a tone from 350 dlrs a ton. The Stone container increase follows International Paper Co's <IP> announcement yesterday it would hike linerboard prices on April six, to 380 per ton from 350 ton, except in the Northeast and West where the new price is 390 per ton. International Paper also said its medium grade linerboard prices would increase to 360 dlrs a ton from 340 dlrs a tone, effective April six, expect in the Northeawst and West, where the news price will be 370 dlrs a ton. Reuter 

SAS CUTS PEAK-SEASON U.S. DISCOUNT AIR FARES

<Scandinavian Airline System> said it has cut the price of its peak-season Super Apex fares from New York to Scandinavia about 150 dlrs. The airline said there will be comparable savings from other U.S. gateways. The new fares, which are subject to government approval, were introduced so SAS can remain competitive with all scheduled carriers from the United States to Scandinavia, it said. SAS said the price of a round-trip Super Apex ticket from New York to Copenhagen, Oslo, Bergen and Gothenburg during the shoulder season -- the month of May and from mid-August to mid-September -- will be 644 dlrs midweek and 694 dlrs on weekends with Stockholm 50 dlrs higher. Reuter 

AMERICAN CAN <AC> TO CHANGE NAME

American Can Co said it plans to change its name to Primerica Corp, subject to approval by shareholders at the April 28 annual meeting. It said its new New York Stock Exchange ticker symbol would be <PA>. American Can sold all its packaging operations -- and rights to the American Can name -- to Triangle Industries Inc <TRI> in November. The company said the new name gives it flexibility as it moves into new areas of enterprise. American Can is now involved in financial services and specialty retailing. Reuter 

SOUND WAREHOUSE <SWHI> SAME-STORE SALES SLIP

Sound Warehouse Inc said revenues for the five weeks ended March One were up 27 pct to 15.0 mln dlrs from 11.9 mln dlrs a year before, with same-store revenues off one pct. It said revenues for the third quarter were up 24 pct to 48.0 mln dlrs from 38.7 mln dlrs a year before, with same-store revenues off one pct, and nine month revenues were up 21 pct to 116.8 mln dlrs from 96.4 mln dlrs, with same-store revenues up three pct. Reuter 

IBM CANADA FILES COPYRIGHT INFRINGEMENT SUIT

<IBM Canada Ltd> said it filed a lawsuit in the federal court of Canada against a number of companies and individuals operating in Montreal under the names Crazy Irving Inc, Irving Le Fou Inc and other names. IBM said the companies are making and distributing copies of IBM personal computer programs that infringe upon IBM copyrights and trademarks. IBM said it is seeking injunctions to prevent the companies from continuing to sell the programs in question. A hearing is expected in the next few weeks. IBM Canada is 100 pct owned by International Business Machines Corp <IBM>. Reuter 

SOUTHDOWN <SDW> DOWNGRADED BY S/P

Standard and Poor's said it lowered its rating of Southdown Inc's 50 mln dlrs of sinking fund debentures to BB-plus from BBB and removed the issue from Creditwatch. The downgrading reflects higher debt levels from the debt-financed repurchase of 89 mln dlrs worth of common shares, combined with a bleaker earnings outlook due to weakness in key energy and Southwest cement markets. Reuter 

<PETER MILLER APPAREL GROUP INC> 3RD QTR LOSS

period ended January 31 Shr loss 28 cts vs profit seven cts Net loss 931,000 vs profit 7,000 Sales 2,303,000 vs 2,006,000 Nine mths Shr loss 55 cts vs profit seven cts Net loss 1,619,000 vs profit 185,000 Sales 7,684,000 vs 7,059,000 Note: per share reflects issue of 600,000 shares in October 1986. Reuter 

QUEBEC CAISSE DESJARDINS BRINGS EUROYEN BOND

La Caisse Centrale Desjardins Du Quebec is issuing a 10 billion yen eurobond due April 7, 1994 paying five pct and priced at 102-3/8 pct, Yamaichi International (Europe) Ltd said as joint book runner for the deal. Tokai International Ltd is other joint book runner. The bond is available in denominations of one mln yen and will be listed in Luxembourg. Fees comprise 1-1/4 pct selling concession and 5/8 pct for management and underwriting combined. REUTER 

SANTA FE SOUTHERN <SFX> APPEALS MERGER RULING

Santa Fe Southern Pacific Corp said it filed a petition asking the U.S. Interstate Commerce Commission to reconsider its earlier rejection of the merger of the holding company's railroad assets. The ICC had rejected in July the merger of the Santa Fe and Southern Pacific Railroads on the grounds that it would reduce competition. Santa Fe in its petition outlines an array of pro-competitive agreements with other railroads which would preserve the economic benefits of the merger for the merged railroad and the public. If the commission agrees that public benefits and competitive enhancements will result, it can vote to reopen the merger case. Interested parties have until March 25 to file statements in response to the supplemental petition. Reuter 

BAKER SEES LOWER JAPANESE TRADE SURPLUS

U.S. Treasury Secretary James Baker said the Japanese trade surplus would begin to decline this year. He told the National Newspaper Association "You're going to see a reduction in the Japanese trade surplus -- some of it this year". But he said the reduction would be due principally to the exchange rate shifts since the Plaza Agreement, and these shifts would take a long time to work their way through the system. Reuter 

CINEPLEX ODEON CORP YEAR OPER SHR BASIC 1.04 DLRS VS 77 CTS

MONFORT <MNFT> SOARS ON ACQUISITION AGREEMENT

Monfort of Colorado Inc soared 21-1/2 to 75 in over-the-counter trading, responding to an announcement late yesterday that the firm will be acquired by Conagra Inc <CAG>. According to a letter of intent signed by both companies, Conagra will offer 2.5 of its own shares for each of Monfort's 4.3 mln outstanding shares. Conagra fell one to 33 on the New York Stock Exchange. Monfort is an integrated beef and lamb producer. Reuter 

TRIANGLE INDUSTRIES <TRI>, UNIT AFFIRMED BY S/P

Standard and Poor's Corp said it affirmed the ratings on 255 mln dlrs of debt of Triangle Industries Inc and the unit National Can Corp. S and P cited an increase in Triangle's equity base to about 450 mln dlrs at year-end 1986 from 102 mln dlrs a year ago. That resulted from a conversion of debt securities and the issuance of equity to American Can Co <AC> as part of the purchase prices for American Can's packaging operations. Affirmed were Triangle's B-minus subordinated debt and preferred stock and National Can's B-plus senior debt and B-minus subordinated debt. Reuter 

NORDBANKEN TO AUCTION ITS FERMENTA SHARES

Sweden's <Nordbanken> banking group said it would sell the 4.2 mln B free shares deposited as loan collateral by Fermenta AB's <FRMS.ST> founder and former chief executive Refaat el-Sayed and it planned to buy them up itself. The bank said the sale - by public auction on March 16 -- was because of a debtor's inability to repay an overdue loan. The B free shares closed at 16.50 crowns on the bourse's unofficial list -- down from a peak of 300 in January 1986. Nordbanken said it did not exclude accepting a suitable bid for the shares although it expected to buy them back itself. The statement said the sale did not represent any withdrawal from Nordbanken's undertakings towards the Fermenta group and that it had been sanctioned by the other main shareholders. Nordbanken is Fermenta's third largest creditor with loans of 155 mln crowns. It was one of the four Swedish banks which last month agreed to advance the group 110 mln crowns to solve its immediate liquidity problems. Together with two other main shareholders, it also advanced Fermenta an additional 65 mln crowns until a new equity issue could be made. Fermenta is due to hold an extraordinary shareholders' meeting on Tuesday to approve the planned equity issue. Nordbanken had to make a provision against a 200 mln crown loan to el-Sayed in its 1986 results. Fermenta's new management originally hoped to raise 160 mln crowns through the new one for four rights issue and an extra 170 mln from an issue to Nordbanken, another major creditor and shareholder <Gotabanken> and the group's new majority owner <Industrivarden AB>. The share price was to be 20 crowns. But there has been doubt over the plans since the stock fell below this level this week after Fermenta's former chairman Kjell Brandstrom said the company was in a much worse state than he thought. REUTER 

VANCOUVER EXCHANGE FEBRUARY VOLUME RISES

The Vancouver Stock Exchange said February volume rose to 362.4 mln shares, up from 274.8 mln a year ago and up 27 pct from the previous volume record for the month set in 1983. The exchange said market value for the month was 469.5 mln dlrs, up from 336.3 mln dlrs a year before and 8.5 pct ahead of the previous record for the month, set in 1980. It said year to date volume was 724.2 mln shares, up 21.1 pct from a year before, and value was up 29.4 pct to 944.4 mln dlrs. Reuter 

COMPUTER FACTORY <CFA> SHARE OFFERING STARTS

Sole underwriter E.F. Hutton Group Inc <EFH> said an offering of 2,100,000 common shares of Computer Factory Inc is under way at 24.50 dlrs per share. The company is selling 1,800,000 shares and a shareholder the rest. Computer Factory and the shareholder have granted Hutton an option to buy up to 315,000 more shares to cover over-allotments. Reuter 

QUEBEC CAISSE DESJARDINS BRINGS EUROYEN BOND

La Caisse Centrale Desjardins Du Quebec is issuing a 10 billion yen eurobond due April 7, 1994 paying five pct and priced at 102-3/8 pct, Yamaichi International (Europe) Ltd said as joint book runner for the deal. Tokai International Ltd is other joint book runner. The bond is available in denominations of one mln yen and will be listed in Luxembourg. Fees comprise 1-1/4 pct selling concession and 5/8 pct for management and underwriting combined. Reuter 

P.S. INDIANA <PIN> BONDS UPGRADED BY S/P

Standard and Poor's Corp said it raised to BBB-plus from BBB Public Service Co of Indiana's first mortgage bonds. The utility's BBB-minus preferred stock was affirmed. The company has one billion dlrs of debt outstanding. S and P cited continuing improvement in earnings protection measures because of a 1986 emergency rate increase. While various writeoffs related to the abandoned Marble Hill nuclear facility have weakened common equity, the retention of all common earnings until at least 1989 will help restore capital structure balance fairly quickly, S/P said. Reuter 

AMERICAN WEST <AWAL> HAS LOWER LOAD FACTOR

America West Airlines said its February load factor slipped to 57.9 pct from 58.1 pct a year earlier and the year-to-date load factor was up slightly at 55.5 pct compared with 55.4 pct a year earlier. February revenue passenger miles rose to 367.6 mln from 209.1 mln and year-to-date revenue miles were up to 730.3 mln from last's year 421.9 mln. Available seat miles for the month increased to 634.4 mln from 360.1 mln a year earlier and for the two-month period available miles totaled 1.32 billion, up from the 761.7 mln reported for the comparable period in 1986, America West said. Reuter 

UNITED INDUSTRIAL CORP <UIC> 4TH QTR LOSS

Shr loss 1.27 dlrs vs profit 43 cts Net loss 17.0 mln vs profit 5,667,000 Sales 67.8 mln vs 70.1 mln Year Shr loss 69 cts vs profit 2.18 dlrs Net loss 9,174,000 vs profit 29.1 mln Sales 272.5 mln vs 269.4 mln Avg shrs 13.3 mln vs 13.4 mln NOTE: 1986 net includes tax credits of 14.5 mln dlrs in quarter and 8,408,000 dlrs in year. 1985 year net includes 616,000 dlr loss from discontinued operations and 10.6 mln dlr gain on their disposal. 1986 net both periods includes 19.1 mln dlr provision for future losses from several major projects in defense contractor subsidiary. Backlog 310 mln dlrs, up six pct from a year before. Share adjusted for 10 pct stock dividend in February 1987. Reuter 

<CINEPLEX ODEON CORP> YEAR NET

Oper shr basic 1.04 dlrs vs 77 cts Oper shr diluted 89 cts vs 60 cts Oper net 31.6 mln vs 12.5 mln Revs 500.6 mln vs 170.9 mln Avg shrs 29.1 mln vs 14.3 mln Note: 1985 net excludes extraordinary gain of 1,756,000 dlrs or 12 cts shr basic and eight cts shr diluted. 1986 net involves 53-week reporting period to reflect change in yr-end to coincide with calendar yr. Reuter 

MINE SAFETY APPLIANCES <MNES> TO SELL UNIT

Mine Safety Appliances Co said it agreed to sell its filter products division to Donaldson Co Inc <DCI> for undisclosed terms. It said the filter products unit will be relocated from its plant in Pennsylvania to a Donaldson facility in Illinois. It said it expects a number of the unit's 100 employees will be offered positions with Donaldson. Reuter 

EQUIMARK <EQK> PARTNERS TO BE DISSOLVED

Equimark Corp said <Equimark Purchasing Partners> will be dissolved, effective February 24. Equimark, a bank holding company with is the limited partership's general partner, said the partnership's dissolution will proceed in accordance with the partnership agreement and the assets are being distributed to partners on a pro rata basis. The assets primarily consist of 27.6 pct of Equimark's stock, it added, saying no individual partner will own in excess of 10 pct of the stock after the distribution. Equimark said the partnership was formed in October 1984 as one of the principal components in the corporation's recapitalization plan. On June 28, 1985, the partnership purchased 9,328,358 Equimark common shares from Chase Manhattan Corp for 25 mln dlrs. The purchase was funded with the proceeds of cash capital contributions made by the partners. Reuter 

GERMAN SECURITIES PURCHASES SET RECORD IN JANUARY

Purchases of West German bonds in January reached a record 13 billion marks' worth as a result of investment from other European countries amid expectations of a European Monetary System realignment, the Bundesbank said. This produced a surplus in the securities item of the long-term capital account of 11.17 billion marks and was the primary contributor to a 10.15 billion surplus in the total capital account, turning round December's 6.48 billion deficit. In January last year, the capital account, combining long and short-term flows, showed a surplus of 2.27 billion marks, the Bundesbank said. The Bundesbank said foreign purchase of German shares in January was, by contrast to the massive bond investments, only about 200 mln marks worth, while overseas purchases of "Schuldschein" promissory notes fell by 500 mln from December. The long-term account in total showed a surplus of 11.17 billion marks, reversing the 2.60 billion deficit in December and up from a surplus of 9.37 billion in January, 1986. Among other items, direct domestic investment abroad posted an outflow of 2.86 billion marks after a deficit of 4.98 billion in December and a surplus of 1.13 billion in January last year. The Bundesbank confirmed earlier figures from the federal statistics office that the current account surplus in January fell to 4.86 billion marks from 8.47 billion last year. The trade surplus in the month was down to 7.20 billion from 11.57 billion in December. In the invisibles account, the surplus on services was 100 mln marks, turning round a deficit of 500 mln marks in December. The balance on payments transfers narrowed to a deficit of 2.40 billion marks from 2.70 billion. REUTER 

PROSPECT GROUP INC <PROSZ> 4TH QTR LOSS

Shr loss 10 cts vs loss 50 cts Net loss 1,830,000 vs loss 3,584,000 Revs 40.7 mln vs 26.8 mln Avg shrs 19.2 mln vs 7,115,847 12 mths Shr profit 10 cts vs loss 91 cts Net profit 1,422,000 vs loss 6,195,000 Revs 185.7 mln vs 126.9 mln Avg shrs 14.8 mln vs 6,811,280 NOTES: In May 1986 Prospect raised 101,810,0000 dlrs from an initial public offering of common stock. The company purchased in March 1986 MidSouth Corp, a regional railroad company in Mississippi and Louisiana, which contributed sales of 39.5 mln dlrs and operating income of 16.3 mln dlrs during first nine months of operation. Reuter 

FRANCE FUND INC <FRN> SETS INITIAL DIVIDEND

France Fund Inc said its board declared an initial dividend of 1.12 dlrs per share, payable April six, to holders of record March 20. The fund said the dividend represents two cts per share for net investment income realized during 1986 and 1.10 dlrs from net taxable gains realized during the year. Reuter 

3COM <COMS> FILES FOR ONE MLN SHR OFFERING

3Com Corp said it filed a registration statement with the Securities and Exchange Commission covering a proposed public offering of one mln common shares. It said the offering will be managed by Goldman Sachs and Co and Montgomery Securities. Proceeds from the proposed offering will be added to working capital to fund future growth, 3Com said. Reuter 

HEINEKEN N.V. <HEIN.AS> 1986 YEAR

Pre-tax profit 513.2 mln guilders vs 545.5 mln Net profit 285.3 mln guilders vs 265.4 mln Consolidated net turnover 6.68 billion guilders vs 6.40 billion Net profit per 25.00 guilder nominal share 11.11 guilders vs 10.33, taking into account one-for-three scrip issue last year Final dividend two guilders vs same, making total 3.50 guilders vs same REUTER 

NATIONAL SECURITY INSURANCE CO <NSIC> 4TH QTR

Oper shr loss 15 cts vs profit 57 cts Oper net loss 151,000 vs profit 570,000 Year Oper shr profit 2.08 dlrs vs loss 12 cts Oper net profit 2,122,000 vs loss 127,000 NOTE: Net excludes realized capital loss 19,000 dlrs vs gain 896,000 dlrs in quarter and gains 1,646,000 dlrs vs 1,331,000 dlrs in year. 1986 net both periods excludes tax credit 1,288,000 dlrs. Reuter 

BAKER <BKO>, HUGHES <HT> STILL ON S/P WATCH

Standard and Poor's Corp said debt ratings on 840 mln dlrs of debt of Baker International Corp and Hughes Tool Co remain on creditwatch. S and P cited the adjournment of a special shareholder meeting in which Hughes objected to certain conditions for the merger of the companies set by the U.S. Justice Department. If the merger is consumated, S and P would rate the newly formed Baker Hughes Inc senior debt at A-minus, subordinated debt at BBB-plus and commercial paper at A-2. But if the merger does not occur, Baker's senior debt would be cut to A-minus from A and commercial paper to A-2 from A-1. Without the merger, Hughes Tool's current ratings of B-plus for senior debt, B-minus for subordinated debt and C for commercial paper would be affirmed, S and P said. That would reflect the continuation of dismal industry conditions and the company's substantially weaker credit profile, S and P explained. Reuter 

WILSON FOODS <WILF> SHARE OFFERING STARTS

Wilson Foods Corp said an offering of 2,500,000 common shares is underway at 10.375 dlrs each through underwriters led by <Smith Barney, Harris Upham and Co Inc>. Reuter 

ROLLINS ENVIRONMENTAL <REN> SHARE OFFER STARTS

Rollins Environmental Services Inc said an offering of 900,000 common shares is under way at 34.625 dlrs a share through underwriter Merrill Lynch and Co Inc <MER>. Reuter 

CYPRUS MINERALS <CYPM> NAMED IN SUITS

Cyprus Minerals Co said along with about 40 other companies, it has been named a defendant in 23 product liability lawsuits filed in California by individual tireworkers aleging injury as a result of exposure to talc and other products. It said other suits are expected to be brought. Cyprus, which produces talc, said it has significant factual and legal defenses and substantial insurance coverage and does not expect the suits to have a material adverse impact on its financial condition. Reuter 

DONALDSON <DCI> TO BUY MINE SAFETY <MNES> UNIT

Donaldson Co Inc said it reached an agreement to buy the assets of the Filter Products Division of Mine safety Appliances Co for undisclosed terms. It said Filter Products will operate as part of Donaldson's Industrial Group and its manufacturing operations will be relocated to Dixon, Ill., from Evans City, Pa. Donaldson said the acquisition complements its microfiltration business and internal research and development efforts. Reuter 

PHILIP CROSBY <PCRO> PROBES POSSIBLE EMBEZZLING

Philip Crosby Associates Inc said it and police authorities are investigating a possible embezzlement by a bonded former employee that may involve several hundred thousand dollars. The company said it does not expect the possible embezzlement to materially affect 1986 earnings. It said the release of results will be delayed for about a week by the investigation. Crosby said the amount may be covered by a fidelity bond and it believes it stands a good chance of recovering much of the money. The company said it intends to prosecute. Reuter 

ARUNDEL CORP <ARL> 4TH QTR NET

Shr 1.73 dlrs vs 1.66 dlrs Net 3,637,000 vs 3,789,000 Revs 27.6 mln vs 26.6 mln Year Shr 3.47 dlrs vs 2.34 dlrs Net 7,815,000 vs 5,340,000 Revs 94.3 mln vs 81.9 mln Reuter 

R.J. REYNOLDS TO REDEEM 1.2 BILLION DLRS OF 11.20 PCT NOTES

MERIDIAN <KITS> LICENSES PARASITE TEST KIT

Meridian Diagnostics Inc said it finalized a licensing agreement with the University of Arizona for the production of a test kit that detects Giardia lamblia, a major cause of traveler's diarrhea. Giardia is a common parasite found in water and Meridian said it is the most common parasite in the U.S. It said it expects to release the product to the hospital market in late 1987. It also said new government regulations indicate a significant need for a product to screen public water surplies for this parasite. Reuter 

GULF STATES UTILITIES <GSU> GETS QUALIFIED AUDIT

Gulf States Utilities Co said auditor Coopers and Lybrand has issued a qualified opinion on 1986 financial statements. Gulf States said the audit opinion satated that without sufficient rate increases or funds from other sources, Gulf states may be unable to maintain its financial viability, which is necessary to permit the realization of its assets and the liquidation of its liabilities in the ordinary course of business. IT said it received a similar qualified opinion in 1985. Reuter 

FED SETS ONE BILLION DLR CUSTOMER REPURCHASE, FED SAYS

GENENTECH <GENE> FILES SUIT AGAINST FDA

Genentech Inc said it filed a suit against the Food and Drug Administration in the U.S. District Court for the District of Columbia over an unresolved issue relating to genetically engineered human growth hormone. At issue, said Genentech, is whether Eli Lilly and Co's <ELI> recombinant human growth hormone and its new recombinant growth hormone, are the same drug. Both drugs are under review by the FDA. Since 1985, Genentech has been marketing Protropin, a recombinant human growth hormone for treating abnormally short children. The biotechnology concern said it has the right to seven years of exclusive marketing for Protropin, granted orphan drug status by the FDA. Orphan drugs are a special category of drugs that are used to treat rare diseases. Genentech said the suit seeks clarification of what constitutes a drug under the standards of the orphan Drug Act. It suggested that without the "clarification," companies that develop orphan drugs may not recover development costs during the period of marketing exclusivity. It said Lilly's growth hormone and its new growth hormone differ slightly, and are produced by different processes. Reuter 

FRANCE SETS PRICE FOR RHONE-POULENC ISSUE

The Finance Ministry said it set a price of 335 francs per investment certificate for a public offering of the state's rights to a 2.5 billion franc one-for-five rights issue of certificates by Rhone-Poulenc <RHON.PA> opening Monday. The price was based on a 12 billion franc minimum value set on Rhone-Poulenc by the independent Privatisation Committee established by the government to oversee its five-year privatisation programme, the Ministry said. A Ministry statement said eight mln privileged investment certificates, a form of non-voting preference share, would be issued, equivalent to one certificate for every five existing shares. It said 10 pct of the certificates would be reserved for Rhone-Poulenc employees at a preferential price, and 1.5 mln certificates would be placed on the U.S. Market by a public offering. About four mln certificates, the remainder of the state's rights entitlement to the issue, would be offered on the Paris Bourse on the basis of 20 francs per lot of five rights and 315 francs per new certificate, making a total 335 francs, it said. Rhone-Poulenc is 88.39 pct state-owned. REUTER 

MIDMISSISSIPPI RIVER OPENS TODAY FOR SEASON

The Mississippi River is now open for barge traffic up to the Twin Cities in Minnesota after repairs were completed and the first barges moved upstream through Lock and Dam 20 near Quincy, Ill at 0600 CST today, an Army Corps of Engineers spokesman said. About 14 to 15 inches of ice were reported between locks three and four on the upper Mississippi River, but other sections were generally free of ice, the spokesman said. Midwestern weather has been so mild that barges probably could have kept loading at Mid-Mississippi River terminals through the winter, if Lock and Dam 20 had not been scheduled for repairs, he said. The Peoria and La Grange locks on the Illinois River are still scheduled to close July 13, for two months of repairs. Reuter 

FIELDCREST CANNON <FLD> TO SELL CONVERTIBLE DEBT

Fieldcrest Cannon Inc said it filed with the Securities and Exchange Commission a registration statement covering a 100 mln dlr issue of convertible subordinated debentures. Proceeds will be used to reduce outstanding bank debt under the company's revolving credit agreement, Fieldcrest Cannon said. The company named Kidder, Peabody and Co Inc as lead underwriter of the offering. Reuter 

FED SETS ONE BILLION DLR CUSTOMER REPO

The Federal Reserve entered the government securities market to arrange one billion dlrs of customer repurchase agreements, a spokesman for the New York Fed said. Fed funds were trading at 5-15/16 pct at the time of the indirect injection of temporary reserves, dealers said. Reuter 

RESIDENTIAL MORTGAGE <RMI> SELLS CMOS

Residential Mortgage Acceptance Inc, a unit of Residential Mortgage Investments Inc, is offering 100 mln dlrs of collateralized mortgage obligations, said sole manager Merrill Lynch Capital Markets. Average lives for two floating-rate classes are 2.36 and 11.27 years for maturities of 2011 and 2016. Rates will be reset at three-month LIBOR plus 35 basis points for the shorter class and plus 60 basis points for the longer one. An inverse floater tranche has an average life of 11.27 years and matures 2016. Its rate will be reset by subtracting the product of 1.8 times LIBOR from 21.975. The Residential CMO package also has three fixed-rate tranches, Merrill Lynch said. Yields on these securities, to be fully paid by dates from 2011 to 2017, range from 7.21 to 8.70 pct. Spreads over comparable Treasury securities run from 90 to 115 basis points. Average lives are 2.36 to 23.28 years. The issue is rated a top-flight AAA by Standard and Poor's Corp. REUTER...^M 

DUFF/PHELPS DOWNGRADES USX CORP <X> DEBT

Duff and Phelps said it has downgraded fixed income securities of USX Corp and its subsidiaries and at the same time took the issues off its watch list. The change affects about 6.6 billion dlrs in debt securities. USX senior debt was lowered to DP-11 (high BB) from DP-9 middle BBB), Marathon oil senior debt to DP-11 from DP-9, United States Steel senior debt to DP-11 from DP-9 and subordinated debt to DP-13 (low BB) from DP-11, USX preferred stock to DP-14 (high B) from DP-12 (middle BB) and preference stock to DP-15 (middle B) from DP-13. The downgrades reflect substantial business risk and increased financial risk, Duff and Phelps said. The steel industry remains intensely competitive and major domestic integrated producers have lost share to imports and minimills, D and P said. In oil and gas, profitability and cash flows are larger, but there is still considerable volatility. As for financial risk, USX has arranged to borrow 1 billion dlrs through a production payment of its Marathon subsidiary. Consequently a selected group of creditors has prior claim to public debt holders for cash flows from this asset, D and P said. Reuter 

GERMAN CASH IN CIRCULATION UP AT FEBRUARY'S CLOSE

Cash in circulation in West Germany rose by 2.8 billion marks in the last week of February to 121.5 billion, a gain of 8.3 pct over the same month last year, the Bundesbank said. Cash in circulation is one of two components of the West German money supply which the German central bank is targeting to grow between three and six pct this year. Gross currency reserves in the week rose by 200 mln marks to 109.5 billion. Foreign liabilities fell 100 mln to 22.9 billion, giving a net currency reserves increase of 300 mln to 86.6 billion. Commercial bank minimum reserve holdings at the Bundesbank fell 300 mln marks to 51.9 billion marks at the end of February, averaging 51.2 billion over the month. The rediscount debt of the banking system fell 800 mln marks to 55.2 billion marks, the Bundesbank said. Banks made heavy use of the Lombard emergency funding facility to meet month-end payments and borrowed 3.1 billion marks, a rise of 2.9 billion over the week before. The net position of public authorities at the Bundesbank declined 6.7 billion marks in the last week of February. The federal government drew down 3.8 billion marks of its Bundesbank cash deposits, which had stood at 4.1 billion in the third week of February, and also borrowed a 1.8 billion in credit from the central bank. Federal states' deposits fell 1.5 billion marks to 1.3 billion and their cash credits dropped 400 mln to 300 mln. The Bundesbank balance sheet total rose around 5.44 billion to 222.22 billion marks. REUTER 

SUN ELECTRIC CORP <SE> 1ST QTR JAN 31 NET

Shr profit 15 cts vs loss six cts Net profit 1,051,000 vs loss 381,000 Revs 50.8 mln vs 41.8 mln Avg shrs 7,033,00 vs 6,557,000 NOTE: 1987 net includes tax credits equal to six cts vs one cent in 1986. Reuter 

ECUADOR SAYS SUSPENDS OIL EXPORTS DUE EARTHQUAKE

Ecuador today suspended its crude oil exports indefinitely due to an earthquake last night that damaged pumping and crude transport installations, an Energy and Mines MInistry statement said. It said the state oil firm Corporacion Estatal Petrolera Ecuatoriana (CEPE) notified foreign customers that it was declaring force majeure on its crude exports due to the tremor. Ecuador"s OPEC oil output quota is 210,000 barrels per day (bpd). A senior energy ministry official said that one pumping station at El Salado on Ecuador's main pipeline was damaged. He also said an 180 metre section of the pipeline attached to the bridge over the Aguarico river collapsed. The pumping station was about 20 km from the Reventador volcano, near the epicentre of the quake, which Ecuadorean seismologists said registered six on the 12-point international Mercalli scale. The Aguarico bridge was also close to the volcano, he said. The quake struck northern Ecaudor and southern Colombia, according to Ecuadorean officials. No injuries were reported. REUTER 

RJR NABISCO<RJR>TO REDEEM 1.2 BILLION DLRS NOTES

RJR Nabisco Inc said it will redeem all 1.2 billion dlrs of its 11.20 pct notes due August 1, 1997 on April Six, using the proceeds from the sale of its Heublein Inc subsidiary to Grand Metropolitan PLC. The company said it completed the previously-announced sale of Heublein, for 1.2 billion dlrs in cash, today. It said the redemption price will be 1,095.22 dlrs, including accrued interest, for each 1,000 dlrs of the notes. Reuter 

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC

The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Evans and Sutherland Computer Corp (ESCC) - Offering of 50 mln dlrs of 25-year convertible subordinated debentures through Hambrecht and Quist Inc. Gould Inc (GLD) - Offering of two mln shares of convertible exchangeable preferred stock through First Boston Corp and Kidder, Peabody and Co Inc. Reuter 

LEASEWAY TRANSPORTATION CORP <LTC> 4TH QTR LOSS

Oper shr loss 39 cts vs profit 62 cts Oper net loss 4,628,000 vs profit 7,256,000 Revs 338.1 mln vs 327.9 mln Year Oper shr profit 1.12 dlrs vs profit 1.88 dlrs Oper net profit 13.2 mln vs 22.2 mln Revs 1.32 billion vs 1.29 billion NOTE: Net excludes gains from discontinued leasing operations of 37.6 mln dlrs vs 40.3 mln dlrs in year and 32.6 mln dlrs vs 34.3 mln dlrs in quarter. Results restated for discontinued operations. 1986 net both periods includes charge 6,300,000 dlrs from elimination of investment tax credits. Reuter 

UAL (UAL) HERTZ UNIT FILES 500 MLN DLR OFFERING

Hertz Corp, a unit of UAL Inc, filed with the Securities and Exchange Commission for a shelf offering of up to 500 mln dlrs of senior debt securities on terms to be set at the time of sale. Underwriters were not named in the draft prospectus. Hertz said offering proceeds would be used for general corporate purposes and to reduce short-term borrowings. Reuter 

NCH CORP <NCH> 3RD QTR JAN 31 NET

Shr 51 cts vs 44 cts Net 4,710,000 vs 4,086,000 Sales 109.2 mln vs 98.2 mln Nine mths Shr 1.62 dlrs vs 1.39 dlrs Net 15.0 mln vs 13.6 mln Sales 314.6 mln vs 279.7 mln Reuter 

ALLIED BANCSHARES <ALBN> DOWNGRADED BY MOODY'S

Moody's Investors Service Inc said it downgraded 50 mln dlrs of debt of Allied Bancshares Inc and the lead bank, Allied Bank of Texas. Cut were the parent's senior debt to Ba-3 from Baa-2 and commercial paper to Not Prime from Prime-2. The lead bank's long-term deposits were reduced to Ba-1 from Baa-2 and short-term deposits were cut to Not Prime from Prime-2. Moody's cited the effects of a weak operating environment on Allied's asset quality and profitability. The rating agency expects nonperforming loans to remain high by industry standards because of exposure to energy and real estate. Reuter 

NATIONWIDE HAD 1986 PROPERTY-CASUALTY LOSS

<Nationwide Mutual Insurance Co> said its property-casualty companies had a net loss of 56 mln dlrs last year while its life insurance operations earned 66.8 mln dlrs. Nationwide said its property-casualty group, the fourth-largest U.S. property-casualty insurer had a 106 mln dlr loss in 1986. Nationwide Life Insurance Co earned 62.8 mln dlrs in 1985, with last year's profit including record capital gains of 14.4 mln dlrs, up from gains of 2.6 mln dlrs the previous year. The company said its property-casualty group had a record loss from insurance operations last year of 859 mln dlrs after policyholders' dividends, up 25 pct from 1985's 710 mln dlrs. Nationwide said a surge in claims from personal auto insurance and the volatile commercial liability coverages during a period of unprecedented sales growth generated the loss. The company said over 576 mln dlrs of last year's group losses came from commercial insurance lines and 282 mln dlrs from its personal auto insurance business. Partially offsetting 1986's record insurance losses, Nationwide said, were record investment gains of 775 mln dlrs and a 28 mln dlr federal tax credit. The investment gains were up 39 pct from 1985's gains of 559 mln dlrs. Reuter 

SUN <SUN> RAISES HEATING OIL BARGE PRICE

Sun Co's Sun Refining and Marketing subsidiary said it increased the price it charges contract barge customers for heating oil in New York harbor 0.50 cent a gallon, effective today. They said the 0.50 cent increase brings Sun's contract barge price to 49 cts. The recent price hike represents the fifth this week, totalling 4.75 cts. The increases are following sharp spot and futures price rises, the company said. Reuter 

FRENCH PRIMARY BOND MARKET SHOWS NEW SPARKLE

The French primary bond market is showing signs of renewed effervescence after several weeks of lethargy and the trend is expected to continue if hopes of imminent interest rate cuts are fulfilled, market operators said. The Bank of France is generally expected to give a signal to the market, possibly at the beginning of next week, by announcing a quarter point cut in its intervention rate, which has stood at eight pct since January 2, or in its seven-day repurchase rate, set at 8-3/4 pct since January 5. The central bank's averaged-out day to day call money rate, the reference rate for interbank money market operators, which reached 8-3/4 pct on February 18 has fallen to 7-3/4 pct this week, dealers noted. The Bank of France's "open market" policy to regulate the money markets since December has been based on a floor and ceiling of rates within the limits of its intervention and seven day repurchase rates. For the moment the sentiment is of "wait and see" on rate cuts, but there are now more optimists than pessimists among market operators, a dealer for a major French bank said. Dealers said there is abundant liquidity on the bond market, noting that this week's monthly Treasury tap issue of 11.87 billion francs had a good reception and was fairly easily absorbed. The Treasury had set an upper limit on the issue of 12 billion francs and was likely to continue to try and sell as much paper as it could over coming months to meet its borrowing needs for this year of around 150 billion, one banker said. Dealers said there was no difficulty in placing liquidity in the primary market at the moment despite competition from the surge in investments on the Paris stock exchange. There has been a flood of large bond issues, but with formulas well adapted to market conditions and investor demand - with warrants or a mix of fixed and floating-rates - which have been snapped up, and with generally broadly negative fees. Dealers pointed to the recent Caisse d'Aide a l'Equipement des Collectivites Locales (CAECL) 8.90 pct two billion franc bond with warrants exchangeable for floating-rate bonds issued over 13 years and 80 days at 97.04 pct with payment date March 9, which was today quoted at -0.90 to -1.10 pct. Even classic fixed-rate issues, after being neglected since the end of last year, are finding buyers, one banker said. Dealers said that now the question was to see how the terms of imminent operations would be set, with great market interest focussed on the likely three next issues. These will include an expected four to five billion franc issue for Electricite de France, to be followed by a bond of around one billion francs for Auxiliaire du Credit Foncier, a subsidiary of the banking group Credit Foncier de France, and a new issue by tender from the mortgage agency Caisse de Refinancement Hypothecaire. REUTER 

U.S. TREASURY SELLING 9.5 BILLION DLRS OF ONE-YEAR BILLS MARCH 12 TO RAISE 275 MLN DLRS

FIRST WOMEN'S BANK INVESTOR GROUP OFFER EXPIRES

The investor group owning about 42 pct of the outstanding capital stock of <The First Women's Bank> said a cash tender offer for the bank's remaining outstanding shares at 11 dlrs per share expired on March three. The investors said about 132,000 shares, or about 20 pct of the outstanding, had been tendered. Reuter 

COMPUTER MEMORIES INC <CMIN> 3RD QTR LOSS

Period ended December 31. Shr loss nine cts vs loss 1.92 dlrs Net loss 950,000 vs loss 21,334,000 Revs 580,000 vs 22.2 mln Nine Mths Shr loss six cts vs loss 1.23 dlrs Net loss 694,000 vs loss 13,710,000 Revs 5,129,000 vs 111.9 mln Note: Current qtr includes tax loss of 118,000 vs loss of 476,000 dlrs. Reuter