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<!DOCTYPE lewis SYSTEM "lewis.dtd">
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14522" NEWID="9001">
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<DATE>24-MAR-1987 15:59:17.10</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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f2412reute
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u f BC-ADVANCED-MAGNETICS-<A 03-24 0066</UNKNOWN>
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<TITLE>ADVANCED MAGNETICS <ADMG> IN AGREEMENT</TITLE>
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<DATELINE> CAMBRIDGE, Mass., March 24 - </DATELINE><BODY>Advanced Magnetics Inc said it
17
reached a four mln dlrs research and development agreement with
18
ML TEchnolgy Ventures LP, a limited partnership sponsored by
19
Merrill LYnch Capital Markets.
20
Under the agreement, Advanced Magnetics will develop and
21
conducts clinical trials of its contrast agents for magnetic
23
The agreement includes a warrant permitting MLTV to buy up
24
to 380,000 shares of Advanced Magnetics common stock through
25
February 1994 at 10.50 dlrs per sahre.
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14523" NEWID="9002">
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<DATE>24-MAR-1987 15:59:39.63</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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d f BC-HEALTH-RESEARCH-FILES 03-24 0108</UNKNOWN>
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<TITLE>HEALTH RESEARCH FILES FOR BANKRUPTCY</TITLE>
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<DATELINE> MINNEAPOLIS, Minn., March 24 - </DATELINE><BODY><Health Research and
44
Management Group> said it has filed for protection under
45
Chapter 11 of the federal bankruptcy law.
46
The company said it filed the petitions to reorganize debt
47
and eliminate contingent liabilities it incurred while
48
attempting to expand nationally.
49
Health Research also said it owes about 750,000 dlrs of its
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1.1 mln dlrs in debt to <MedPro Group Inc>, a former jont
52
The company added it has asked the Minnesota Department of
53
Commerce to suspend trading of its common stock pending
54
dissemination of current financial information.
55
Also, the company said George Frisch has been elected
56
chairman of the board, president and chief executive officer,
57
replacing Daniel Zismer, who resigned as chairman of the board
58
and O. Frederick Kiel, who resigned as president and chief
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14524" NEWID="9003">
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<DATE>24-MAR-1987 16:00:01.29</DATE>
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<TOPICS><D>earn</D></TOPICS>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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h f BC-NUMEREX-CORP-<NMRX>-2 03-24 0052</UNKNOWN>
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<TITLE>NUMEREX CORP <NMRX> 2ND QTR JAN 31 LOSS</TITLE>
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<DATELINE> MINNEAPOLIS, MINN., March 24 -
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</DATELINE><BODY>Shr loss seven cts vs profit five cts
79
Net loss 149,421 vs profit 103,120
80
Sales 1,698,345 vs 1,920,010
82
Shr loss five cts vs profit nine cts
83
Net loss 100,472 vs profit 191,614
84
Sales 3,836,794 vs 3,650,322
88
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14525" NEWID="9004">
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<DATE>24-MAR-1987 16:01:25.88</DATE>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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f f BC-******U.S.-SELLING-12 03-24 0015</UNKNOWN>
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<TEXT TYPE="BRIEF">
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******<TITLE>U.S. SELLING 12.8 BILLION DLRS OF 3 AND 6-MO BILLS MARCH 30 TO PAY DOWN 1.2 BILLION DLRS
102
</TITLE>Blah blah blah.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14526" NEWID="9005">
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<DATE>24-MAR-1987 16:02:17.95</DATE>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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f f BC-******U.S.-2-YEAR-NOT 03-24 0015</UNKNOWN>
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<TEXT TYPE="BRIEF">
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******<TITLE>U.S. 2-YEAR NOTE AVERAGE YIELD 6.43 PCT, STOP 6.44 PCT, AWARDED AT HIGH YIELD 85 PCT
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</TITLE>Blah blah blah.
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14527" NEWID="9006">
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<DATE>24-MAR-1987 16:03:55.80</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-COMMODORE-<CBU>,-ATAR 03-24 0056</UNKNOWN>
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<TITLE>COMMODORE <CBU>, ATARI IN SETTLEMENT</TITLE>
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<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>Commodore International Ltd said it
141
settled and discontinued all pending litigation with Atari
143
The company issued a statement which said the case had been
144
settled on terms satisfactory to both sides.
145
Company officials were not immediately available for
150
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14528" NEWID="9007">
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<DATE>24-MAR-1987 16:04:42.31</DATE>
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<TOPICS><D>trade</D><D>money-fx</D></TOPICS>
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<PLACES><D>usa</D><D>taiwan</D><D>japan</D><D>south-korea</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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b f BC-/BALDRIGE-SUPPORTS-NI 03-24 0088</UNKNOWN>
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<TITLE>BALDRIGE SUPPORTS NIC TALKS ON CURRENCIES</TITLE>
164
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Commerce Secretary Malcolm Baldrige
165
said he supported efforts to persuade newly-industrialized
166
countries (NICS) to revalue currencies that are tied to the
167
dollar in order to help the United States cut its massive trade
169
"We do need to do something with those currencies or we
170
will be substituting Japanese products for Taiwanese products,"
171
or those of other nations with currencies tied to the dollar,
172
Baldrige told a House banking subcommittee.
173
The U.S. dollar has declined in value against the Yen and
174
European currencies, but has changed very little against the
175
currencies of some developing countries such as South Korea and
176
Taiwan because they are linked to the value of the dollar.
177
As a result, efforts to reduce the value of the dollar over
178
the past year and a half have done little to improve the trade
179
deficits with those countries.
180
Baldrige told a House Banking subcommittee that the
181
Treasury Department was attempting to persuade those countries
182
to reach agreement with the United States on exchange rates.
187
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14529" NEWID="9008">
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<DATE>24-MAR-1987 16:05:14.04</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-TRIANGLE-<TRI>-BEGINS 03-24 0044</UNKNOWN>
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<TITLE>TRIANGLE <TRI> BEGINS EXCHANGE OFFER</TITLE>
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<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>Triangle Industries Inc said it began
202
a previously announced offer to exchange one share of Triangle
203
common stock for each share of participating preferred stock.
204
The offer will expire April 21.
205
Triangle said that sales in 1987 will exceed four billion
207
For the year ended December 31, 1986, Triangle reported
208
sales of 2.7 billion dlrs and net income of 47.6 mln dlrs.
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14530" NEWID="9009">
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<DATE>24-MAR-1987 16:05:42.34</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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r f BC-SOUTHMARK-<SM>-UNIT-I 03-24 0108</UNKNOWN>
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<TITLE>SOUTHMARK <SM> UNIT IN PUBLIC OFFERING OF STOCK</TITLE>
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<DATELINE> DALLAS, March 24 - </DATELINE><BODY>Southmark Corp's National Heritage Inc
228
said it has started the initial public offering of 2,000,000
229
shares of common stock at 9.50 dlrs per share.
230
It said all shares are being traded though NASDAQ under
231
the symbol <NHER>.
232
The lead underwriter for the offering is Drexel Burnham
233
Lambert Inc, with Bear, Stearns and Co Inc., and E.F. Hutton
234
and Co Inc acting as co-underwriters, the company said.
235
Proceeds will be used to augment working capital, complete
236
scheduled renovations at some National Heritage leased
237
facilities and repay certain debts to Southmark, it said.
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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14531" NEWID="9010">
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<DATE>24-MAR-1987 16:06:25.01</DATE>
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<TOPICS><D>acq</D></TOPICS>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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f f BC-******EASTMAN-KODAK-C 03-24 0013</UNKNOWN>
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<TEXT TYPE="BRIEF">
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******<TITLE>EASTMAN KODAK CO TO SELL HOLDINGS IN ICN PHARMACEUTICALS AND VIRATEK INC
255
</TITLE>Blah blah blah.
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<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14532" NEWID="9011">
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<DATE>24-MAR-1987 16:07:44.11</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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r f BC-FEUD-PERSISTS-AT-U.S. 03-24 0105</UNKNOWN>
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<TITLE>FEUD PERSISTS AT U.S. HOUSE BUDGET COMMITTTEE</TITLE>
274
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>A feud among Democrats and
275
Republicans persisted at the House Budget Committee, stalling
276
the writing of a fiscal 1988 U.S. budget plan.
277
Republicans failed to appear at a drafting session called
278
by Democratic committee chairman William Gray as a make-up
279
meeting to end bickering that has delayed budget activity for
280
a week and threatens the ability of Congress meeting an April
281
15 deadline for completing the deficit-cutting budget.
282
Republicans told Gray yesterday they would appear today and
283
participate if the meeting was held behind closed doors.
285
He said the Republicans were prepared to make a "good faith"
286
effort to cooperate if the budget deliberations were held
287
behind closed doors and not in public as is the normal
289
However, they failed to appear today and Gray said he had
290
been told they wanted House Speaker Jim Wright to answer a
291
series of budget questions posed by House Republican leader Bob
292
Michel before they would cooperate in budget matters.
293
The budget feuding led the Washington Post today to
294
editorialize that it was childish, similar to an eraser fight
295
among fourth grade students.
299
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14533" NEWID="9012">
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<DATE>24-MAR-1987 16:07:51.39</DATE>
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<TOPICS><D>interest</D></TOPICS>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-TREASURY-BALANCES-AT 03-24 0084</UNKNOWN>
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<TITLE>TREASURY BALANCES AT FED ROSE ON MARCH 23</TITLE>
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<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Treasury balances at the Federal
314
Reserve rose on March 23 to 3.332 billion dlrs from 3.062
315
billion dlrs on the previous business day, the Treasury said in
316
its latest budget statement.
317
Balances in tax and loan note accounts fell to 15.513
318
billion dlrs from 17.257 billion dlrs on the same respective
320
The Treasury's operating cash balance totaled 18.845
321
billion dlrs on March 23 compared with 20.318 billion dlrs on
326
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14534" NEWID="9013">
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<DATE>24-MAR-1987 16:08:11.64</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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f2444reute
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r f BC-FARM-CREDIT-SYSTEM-SE 03-24 0112</UNKNOWN>
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<TITLE>FARM CREDIT SYSTEM SEEN NEEDING 800 MLN DLRS AID</TITLE>
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<DATELINE> WASHINGTON, MARCH 24 - </DATELINE><BODY>A member of the board which
341
regulates the farm credit system said Congress should plan to
342
provide at least 800 mln dlrs in fiscal 1988 to bailout the
343
troubled system, but other members of the board differed.
344
Jim Billington, Farm Credit Administration (FCA) board
345
member told a House Agriculture Appropriations subcommittee
346
hearing "I feel your subcommittee should plan on providing at
347
least 800 mln next year to assist the Farm Credit System."
348
However, FCA board member Marvin Duncan differed, saying
349
"it is premature to talk about the cost of a solution until we
350
know what kind of solution."
351
Chairman of the FCA board, Frank Naylor, said it might be
352
possible to structure a rescue of the system with government
353
guarantees or a line of credit which requires little or no
354
upfront government money.
355
However, Billington said Congress must provide help
356
immediately because "this system needs some assurance that it
358
The FCA estimates the system could lose up to 1.4 billion
359
dlrs in 1987, exhausting the remainder of its working capital,
361
The farm credit system is expected to present its own
362
proposals for government aid to a Senate Agriculture
363
subcommittee hearing on Thursday.
364
Naylor said the Treasury Department is continuing to refine
365
Reagan administration ideas on how a rescue should be
367
Congressional sources said they hope to begin drafting a
368
rescue bill for the farm credit system as early as next week.
372
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14535" NEWID="9014">
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<DATE>24-MAR-1987 16:09:09.08</DATE>
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<TOPICS><D>iron-steel</D></TOPICS>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-USX-<X>-USS-UNIT-RAIS 03-24 0068</UNKNOWN>
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<TITLE>USX <X> USS UNIT RAISES PRICES</TITLE>
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<DATELINE> LORAIN, Ohio, March 24 - </DATELINE><BODY>USX Corp's USS subsidiary said
387
that effective with shipments beginning July 1 prices for all
388
leaded grades and 1200-series grades of hot rolled bar and
389
semi-finished products from its Lorain, Ohio, facility will be
390
increased by 15 dlrs a ton over the prices in effect June 1.
391
It said the increase is being made to reflect current
396
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14536" NEWID="9015">
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<DATE>24-MAR-1987 16:10:06.45</DATE>
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<TOPICS><D>trade</D></TOPICS>
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<PLACES><D>japan</D><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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d f BC-UNIONIST-URGES-RETALI 03-24 0108</UNKNOWN>
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<TITLE>UNIONIST URGES RETALIATION AGAINST JAPAN</TITLE>
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<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>William Bywater, president of the
411
International Union of Electronic Workers, called on President
412
Reagan to retaliate against Japan for unfair practices in
414
He said in a statement a crash program was needed in the
415
semiconductor industry to prevent the United States from
416
becoming "one of the world's industrial lightweights."
417
Bywater's remarks came as the White House Economic Policy
418
Council prepared for a Thursday meeting to decide what
419
sanctions if any should be taken against Japan for alleged
420
violations of a U.S.-Japanese semiconductors agreement.
421
The pact, agreed to last July, called for Tokyo to end
422
selling semiconductors at below cost and to open its home
423
market to U.S. goods. In return, Washington agreed to forego
424
antidumping duties on Japanese semiconductors.
425
But U.S. officials have said that while Japan has stopped
426
dumping in the U.S. market, it has not ended third country
427
dumping; nor has it opened its market to U.S. semiconductors.
428
Japan yesterday, in an effort to ward off U.S. action,
429
ordered a cutback in semiconductors production as a way to
430
force prices up and end the dumping.
431
Bywater, in his statement, said he backed a Defense Science
432
Board task force proposal to set up a consortium to develop new
433
electronic products and manufacturing processes and make the
434
U.S. industory more competitive.
435
But he added the industry could not wait for legislation to
436
pass and that action was required now to help the depressed
438
Bywater said, "I urge the Reagan Administration to take full
439
and severe action immediately against Japan by invoking the
440
retaliatory steps that are permitted under U.S. law and GATT
441
(General Agreement on Tariffs and Trade)."
445
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14537" NEWID="9016">
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<DATE>24-MAR-1987 16:12:10.73</DATE>
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<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-EXXON-(XON)-GETS-99.2 03-24 0030</UNKNOWN>
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<TITLE>EXXON (XON) GETS 99.2 MLN DLR CONTRACT</TITLE>
459
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Exxon Co USA of Houston has been
460
awarded a 99.2 mln dlr contract for jet fuel, the Defense
461
Logistics Agency said.
465
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14538" NEWID="9017">
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<DATE>24-MAR-1987 16:12:45.97</DATE>
468
<PLACES><D>usa</D></PLACES>
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<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-EATON-(ETN)-GETS-53.0 03-24 0035</UNKNOWN>
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<TITLE>EATON (ETN) GETS 53.0 MLN DLR CONTRACT</TITLE>
479
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Eaton Corp's AIL Division has
480
received a 53.0 mln dlr contract for jamming system work for
481
the EA-6B electronic warfare aircraft, the Navy said.
485
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14539" NEWID="9018">
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<DATE>24-MAR-1987 16:12:53.77</DATE>
487
<TOPICS><D>grain</D><D>rice</D></TOPICS>
488
<PLACES><D>usa</D><D>zaire</D></PLACES>
491
<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-ZAIRE-AUTHORIZED-TO-B 03-24 0077</UNKNOWN>
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<TITLE>ZAIRE AUTHORIZED TO BUY PL 480 RICE - USDA</TITLE>
499
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Zaire has been authorized to
500
purchase about 30,000 tonnes of U.S. rice under an existing PL
501
480 agreement, the U.S. Agriculture Department said.
502
It may buy the rice, valued at 5.5 mln dlrs, between March
503
31 and August 31, 1987, and ship it from U.S. ports by
504
September 30, the department said.
505
The purchase authorization covers the entire quantity of
506
rice provided under the agreement.
510
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14540" NEWID="9019">
511
<DATE>24-MAR-1987 16:13:26.14</DATE>
513
<PLACES><D>usa</D></PLACES>
516
<EXCHANGES></EXCHANGES>
517
<COMPANIES></COMPANIES>
520
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u f BC-MCDONNELL-DOUGLAS-GET 03-24 0036</UNKNOWN>
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<TITLE>MCDONNELL DOUGLAS GETS 30.6 MLN DLR CONTRACT</TITLE>
524
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>McDonnell Douglas Corp (MD) has
525
received a 30.6 mln dlr contract for work on development of the
526
standoff land attack missile (SLAM), the Navy said.
530
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14541" NEWID="9020">
531
<DATE>24-MAR-1987 16:15:17.01</DATE>
532
<TOPICS><D>acq</D></TOPICS>
533
<PLACES><D>usa</D></PLACES>
536
<EXCHANGES></EXCHANGES>
537
<COMPANIES></COMPANIES>
540
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r f BC-MIDIVEST-ACQUIRES-ASS 03-24 0080</UNKNOWN>
543
<TITLE>MIDIVEST ACQUIRES ASSETS OF BUSINESS AVIATION</TITLE>
544
<DATELINE> ROANOKE, Va., March 24 - </DATELINE><BODY><Midivest Inc> said it acquired
545
all the assets of <Business Aviation Inc> of Sioux Falls, S.D.,
546
for an undisclosed amount of stock.
547
Midivest said it expects to sell 10 to 20 of the renovated
548
Beechcraft planes next year. It said management will also lease
549
these airborne intensive care units to hospitals and government
550
subdivisions through Metropolitan Leasing, a wholly-owned
551
subsidiary of Midivest.
555
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14542" NEWID="9021">
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<DATE>24-MAR-1987 16:15:59.31</DATE>
557
<TOPICS><D>grain</D><D>wheat</D></TOPICS>
558
<PLACES><D>usa</D><D>jordan</D></PLACES>
561
<EXCHANGES></EXCHANGES>
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<COMPANIES></COMPANIES>
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u f BC-U.S.-WHEAT-CREDITS-FO 03-24 0113</UNKNOWN>
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<TITLE>U.S. WHEAT CREDITS FOR JORDAN SWITCHED</TITLE>
569
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>The Commodity Credit Corporation
570
(CCC) has switched 25.0 mln dlrs in wheat credit guarantees to
571
Jordan under the Export Credit Guarantee Program to the
572
Intermediate Export Credit Guarantee Program, the U.S.
573
Agriculture Department said.
574
The switch reduces the total value of GSM-102 guarantees
575
for the current fiscal year to 30.0 mln dlrs.
576
The credit terms extended for export sales under the
577
Intermediate Export Credit Guarantee Program (GSM-103) must be
578
in excess of three years but not more than seven years.
579
All sales must be registered and exports completed by
580
September 30, 1987, the department said.
584
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14543" NEWID="9022">
585
<DATE>24-MAR-1987 16:17:44.35</DATE>
586
<TOPICS><D>money-fx</D><D>dlr</D></TOPICS>
587
<PLACES><D>usa</D><D>japan</D><D>uk</D></PLACES>
590
<EXCHANGES></EXCHANGES>
591
<COMPANIES></COMPANIES>
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r f BC-DOLLAR-EXPECTED-TO-FA 03-24 0108</UNKNOWN>
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<TITLE>DOLLAR EXPECTED TO FALL DESPITE INTERVENTION</TITLE>
598
<AUTHOR> By Claire Miller, Reuters</AUTHOR>
599
<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>Central bank intervention in the
600
foreign exchange markets succeeded in staunching the dollar's
601
losses today, but senior dealers here believe the U.S. currency
602
is headed for a further retreat.
603
Although the intervention was widespread, dealers perceive
604
that the six major industrial nations have differing levels of
605
commitment to their recent accord to stabilize currencies.
606
Moreover, hard economic realities hold greater sway over
607
the currency market than central bank intervention and these
608
argue for a further dollar decline, dealers said.
609
"The market can be bigger than the central banks. And
610
economic fundamentals will always come to the fore," said a
611
dealer at one major U.S. bank.
612
As the dollar dropped to post-World War II lows against the
613
yen today foreign exchange traders said the Bank of Japan,
614
Federal Reserve Board and Bank of England intervened in the
615
markets on behalf of the U.S. currency.
616
Reports of the authorities' actions helped the dollar
617
recover to about 149.45 yen in New York this afternoon from
618
the post-war low of 148.20 yen in the Far East. But it still
619
failed to regain Monday's U.S. closing level of 150.00/05 yen.
620
Tokyo dealers said the Bank of Japan bought one to 1.5
621
billion dlrs in Tokyo today and may also have purchased dollars
622
yesterday in the U.S. via the Federal Reserve.
623
Meanwhile, there were strong rumors in New York that the
624
Fed also bought a modest amount of dollars around 148.50 yen
625
today. Talk also circulated that the Bank of England purchased
626
a small amount of dollars for yen.
627
The Fed's last confirmed intervention was on January 28
628
when it bought 50 mln dlrs in coordination with the Bank of
629
Japan. But on March 11 the Fed also was rumored to have
630
signalled displeasure with a dollar surge above 1.87 marks.
631
The authorities' actions appeared to back up the February
632
22 Paris pact between the U.S., Japan, West Germany, Britain,
633
France and Canada under which the nations agreed to cooperate
634
to foster exchange rate stability around prevailing levels.
635
But foreign exchange dealers were not overly impressed by
636
the authorities' intervention which they said can only soften
637
extreme moves in the market.
638
For one thing, some dealers believed that the Fed's
639
purchases were done on behalf of the Bank of Japan rather than
640
for the U.S. central bank's own account, suggesting a rather
641
watered-down American commitment to the currency accord.
642
The Bank of England's action also was thought to be
643
completed on behalf of the Japanese central bank, reinforcing
644
the market's view that Japan is the most resolute of the six
645
nations in its support of the currency pact.
646
"No-one doubts the Bank of Japan is serious. But the other
647
two central banks seem to be making more token gestures than
648
anything else," said Chris Bourdain of BankAmerica Corp.
649
"I'm not convinced the intervention was concerted," said
650
Earl Johnson of Harris Trust and Savings Bank in Chicago.
651
"It's a yen problem more than anything else."
652
Some dealers said a rising wave of trade protectionist
653
sentiment in the U.S. limits the extent to which the American
654
authorities can endorse a stronger dollar against the yen.
655
"The dollar's break below the key 150 yen level ties the
656
Treasury's hands behind its back. The U.S. cannot intervene on
657
its own account because of the strength of protectionism here,"
658
said Albert Soria of Swiss Bank Corp.
659
Such comments reflect the view that the currency markets
660
are becoming increasingly politicized. Despite official
661
denials, some traders still feel the U.S. would countenance a
662
lower dollar to help trim the nation's trade deficit.
663
The majority of the 170 billion dlr merchandise trade
664
deficit in 1986 was with Japan.
665
Indeed U.S. Treasury secretary James Baker's comment on
666
Sunday that the February currency pact had not established
667
dollar targets was read by the market as a signal to sell the
668
U.S. currency and kicked off the latest retreat.
669
"The dollar still has more room on the downside against the
670
yen based on the frictions in trade and financial services. The
671
currency market is becoming very political," said Natsuo Okada
672
of Sumitomo Bank Ltd.
673
Okada expects the dollar to trade between 148 and 150 yen
674
this week but sees the chance of a drop to 140 yen by the end
675
of April or early May.
676
Even if West Germany and Japan succeed in stimulating their
677
economies, it may not be enough to solve structural economic
678
imbalances in the near future, dealers said.
679
"Even if Japan and West Germany do expand this year, it
680
won't be enough to help the trade situation much," said
681
Bourdain of BankAmerica, who also expects the dollar to drop to
682
148 yen in the next couple of days.
686
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14544" NEWID="9023">
687
<DATE>24-MAR-1987 16:17:58.20</DATE>
689
<PLACES><D>usa</D></PLACES>
692
<EXCHANGES></EXCHANGES>
693
<COMPANIES></COMPANIES>
696
f2475reute
697
u f BC-/U.S.-TO-SELL-12.8-BI 03-24 0066</UNKNOWN>
699
<TITLE>U.S. TO SELL 12.8 BILLION DLRS IN BILLS</TITLE>
700
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>The U.S. Treasury said it will sell
701
12.8 billion dlrs of three and six-month bills at its regular
703
The March 30 sale, to be evenly divided between the three
704
and six month issues, will result in a paydown of 1.2 billion
705
dlrs as maturing bills total 13.99 billion dlrs.
706
The bills will be issued April 2.
710
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14545" NEWID="9024">
711
<DATE>24-MAR-1987 16:22:32.09</DATE>
713
<PLACES><D>usa</D></PLACES>
716
<EXCHANGES></EXCHANGES>
717
<COMPANIES></COMPANIES>
720
f2482reute
721
r f BC-INLAND-STEEL-<IAD>-TO 03-24 0081</UNKNOWN>
723
<TITLE>INLAND STEEL <IAD> TO BUILD NEW PLANT IN INDIANA</TITLE>
724
<DATELINE> SOUTH BEND, Ind., March 24 - </DATELINE><BODY>Inland Steel Industries and
725
Governor Robert Orr of Indiana said the new joint venture cold-
726
rolled steel plant between Inland Steel and Nippon Steel Corp
727
will be built on a site in St. Joseph County Indiana.
728
Inland Steel said yesterday that the joint venture, to be
729
named I/N Tek, will cost more than 400 mln dlrs and will employ
730
over 200 people by the time the companies complete the project
735
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14546" NEWID="9025">
736
<DATE>24-MAR-1987 16:22:41.79</DATE>
737
<TOPICS><D>acq</D></TOPICS>
738
<PLACES><D>usa</D></PLACES>
741
<EXCHANGES></EXCHANGES>
742
<COMPANIES></COMPANIES>
745
f2483reute
746
b f BC-******EASTMAN-KODAK-C 03-24 0093</UNKNOWN>
748
<TITLE>EASTMAN KODAK <EK> TO SELL HOLDINGS</TITLE>
749
<DATELINE> ROCHESTER, N.Y., March 24 - </DATELINE><BODY>Eastman Kodak Co said it plans
750
to sell its 2.3 pct holding in ICN Pharmaceuticals <ICN> and
751
part of its nine pct holdings in Viratek <VIRA>.
752
It said the purpose of the investments had been to lay the
753
groundwork for the creation of its Nucleic Acid Research
755
Since that has been achieved, there is no longer any reason
756
to maintain the equity positions, Kodak said.
757
Kodak holds 470,000 sahres of ICN, currently trading at
758
about 18-3/4 and 700,000 of Viratek, trading at 44.
762
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14547" NEWID="9026">
763
<DATE>24-MAR-1987 16:23:12.76</DATE>
765
<PLACES><D>usa</D></PLACES>
766
<PEOPLE><D>boesky</D></PEOPLE>
768
<EXCHANGES></EXCHANGES>
769
<COMPANIES></COMPANIES>
772
f2485reute
773
u f BC-GUINNESS 03-24 0094</UNKNOWN>
775
<TITLE>GUINNESS SUES BOESKY IN FEDERAL COURT</TITLE>
776
<DATELINE> NEW YORK, March 24 - </DATELINE><BODY><Guinness PLC> has joined investors
777
suing former Wall Street speculator Ivan Boesky, alleging it
778
was deceived into putting money into his one billion dlr
779
investment partnership in 1986.
780
Guinness, the largest limited partner in Ivan F. Boeksy and
781
Co. L.P., is the latest to file suit in federal court in
782
Manhattan against Boesky, court papers show.
783
About 40 other investors have also filed suit over similar
784
allegations, including that Boesky did not reveal his illegal
785
insider trading activities.
786
Guinness is charging it was induced to join in the Boesky
787
partnership through a prospectus that contained "material untrue
788
statements and omissions."
789
The suit also alleged that the Boesky Corporation, which
790
became a part in the formation of the investment partnership,
791
Ivan F. Boesky and Co., L.P., "had achieved its extraordinary
792
rates of return as a result of trading on inside information
793
and other violations of the securities laws."
794
In addition, the suit charged that Boesky and other
795
defendants unlawfully "schemed with and provided substantial
796
assistance to one another to evade the registration provisions"
801
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14548" NEWID="9027">
802
<DATE>24-MAR-1987 16:23:23.82</DATE>
803
<TOPICS><D>acq</D></TOPICS>
804
<PLACES><D>usa</D><D>canada</D></PLACES>
807
<EXCHANGES></EXCHANGES>
808
<COMPANIES></COMPANIES>
811
f2486reute
812
r f BC-FIRM-REDUCES-SCEPTRE 03-24 0078</UNKNOWN>
814
<TITLE>FIRM REDUCES SCEPTRE RESOURCES <SRL> HOLDINGS</TITLE>
815
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Montreal-based Noverco Inc told the
816
Securities and Exchange Commission it reduced its stake in
817
Sceptre Resources Ltd to 1,232,200 shares or 4.8 pct of the
819
Noverco said it sold off 400,500 shares "to reduce the
820
investment of Noverco in Sceptre."
821
"Additional common shares of Sceptre may be sold or
822
purchased by Noverco, depending upon market conditions," Noverco
827
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14549" NEWID="9028">
828
<DATE>24-MAR-1987 16:23:35.03</DATE>
833
<EXCHANGES></EXCHANGES>
834
<COMPANIES></COMPANIES>
837
f2487reute
838
b f BC-******GENCORP-BOARD-W 03-24 0011</UNKNOWN>
839
<TEXT TYPE="BRIEF">
840
******<TITLE>GENCORP BOARD WITHDRAWS PROPOSALS TO STAGGER DIRECTORS TERMS
841
</TITLE>Blah blah blah.
846
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14550" NEWID="9029">
847
<DATE>24-MAR-1987 16:26:21.04</DATE>
848
<TOPICS><D>earn</D></TOPICS>
849
<PLACES><D>canada</D></PLACES>
852
<EXCHANGES></EXCHANGES>
853
<COMPANIES></COMPANIES>
856
f2496reute
857
d f BC-<ACKLANDS-LTD>-1ST-QT 03-24 0029</UNKNOWN>
859
<TITLE><ACKLANDS LTD> 1ST QTR FEB 28 NET</TITLE>
860
<DATELINE> TORONTO, March 24 -
861
</DATELINE><BODY>Shr three cts vs 11 cts
862
Net 126,000 vs 434,000
863
Revs 84.0 mln vs 80.2 mln
864
Avg shrs 4,948,731 vs 3,870,511
868
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14551" NEWID="9030">
869
<DATE>24-MAR-1987 16:30:25.13</DATE>
870
<TOPICS><D>earn</D></TOPICS>
871
<PLACES><D>usa</D></PLACES>
874
<EXCHANGES></EXCHANGES>
875
<COMPANIES></COMPANIES>
878
f2511reute
879
d f BC-BULL-AND-BEAR-GROUP-A 03-24 0078</UNKNOWN>
881
<TITLE>BULL AND BEAR GROUP A <BNBGA> CUTS FUND PAYOUTS</TITLE>
882
<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>Bull and Bear Group A said it lowered
883
its monthly dividends on three of its funds.
884
It said it lowered its Tax Free Income Fund <BLTFX> to 10.3
885
cts from 10.6 cts; its U.S. Government Guaranteed Securities
886
Fund <BBUSX> to 11.5 cts from 11.8 cts; and its High Yield Fund
887
<BULHX> to 14 cts from 14.2 cts.
888
All dividends are payable March 31 to shareholders of
889
record March 25, the company said.
893
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14552" NEWID="9031">
894
<DATE>24-MAR-1987 16:30:42.93</DATE>
895
<TOPICS><D>crude</D></TOPICS>
896
<PLACES><D>usa</D></PLACES>
899
<EXCHANGES></EXCHANGES>
900
<COMPANIES></COMPANIES>
903
f2513reute
904
r f BC-CALTEX-TO-RAISE-BAHRA 03-24 0107</UNKNOWN>
906
<TITLE>CALTEX TO RAISE BAHRAIN OIL PRODUCT PRICES</TITLE>
907
<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>Caltex Petroleum Corp said it will
909
posted prices for naphtha and several grades of residual fuel
910
in Bahrain, effective March 25.
911
Caltex, a joint venture of Chevron Corp <CHV> and Texaco
912
INC <TX>, said its naphtha posting is up four cts a gallon to
913
43 cts. It said it is raising its marine diesel oil posting by
914
30 cts a barrel to 20.24 dlrs a barrel.
915
Light, medium, and heavy fuel oil postings are up 1.50 dlrs
916
a barrel, the company said. This will bring the light fuel oil
917
price to 16.90 dlrs, medium to 15.50 dlrs, and heavy to 14.60
918
dlrs, the company said.
922
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14553" NEWID="9032">
923
<DATE>24-MAR-1987 16:31:01.12</DATE>
924
<TOPICS><D>pet-chem</D></TOPICS>
925
<PLACES><D>usa</D></PLACES>
928
<EXCHANGES></EXCHANGES>
929
<COMPANIES></COMPANIES>
932
f2515reute
933
u f BC-CHARTER-CO-<QCHR>-TO 03-24 0093</UNKNOWN>
935
<TITLE>CHARTER CO <QCHR> TO COMPLETE REORGANIZATION</TITLE>
936
<DATELINE> JACKSONVILLE, Fla., March 24 - </DATELINE><BODY>Charter Co, the huge
937
petrochemical concern in bankruptcy proceedings stemming from
938
hundreds of dioxin-related claims, said it and all of its
939
subsidiaries, except the Independent Petrochemical Corp, will
940
complete their reorganization on March 31.
941
It said that on that date, it will deposit with an escrow
942
agent 288.8 mln dlrs in cash, 66.7 mln dlrs in notes and 31 mln
943
shares of its common for distribution.
944
Company officials were not immediately available for
946
As previously reported, Charter settled dioxin-related
947
claims for about 1,200 individuals and the state of Missouri,
948
resolving claims against it and all subsidiaries except
949
Independent Petrochemical.
950
Charter said some of the settlements remain subject to
951
appeals and final court approvals and resolve claims against
952
charter and its subsidiaries except Independent Petrochemical.
953
It said about 500 individual claims against it and certain
954
of its units remain pending as disputed claims in bankruptcy
955
court. It said about 300 of these claims have been filed since
956
confirmation of the joint plan of reorganization.
957
Charter said its two creditors, an equity committee in its
958
bankruptcy proceedings and <American Financial Corp>, which
959
will own 50.5 pct of its common after the reorganization, have
960
waived the requirement that Charter resolve all dioxin-related
961
claims against it prior to completing its reorganization.
962
That requirement excludes claims against Independent
963
Petrochemical. Charter also said a plan for liquidation of
964
Independent has been approved by the bankruptcy court and will
965
be completed after March 31.
966
Earlier, Charter reported net income for the year of 153.2
967
mln dlrs, which included a gain of 28.5 mln dlrs for
968
discontinued operations and 114.8 mln dlrs for the settlement
969
of claims in its reorganization proceedings.
970
In 1985, it reported earnings of 1,274,000 dlrs, which
971
included a loss of 36.3 mln dlrs for discontinued operations
972
and 29.4 mln dlrs for extraordinary items.
973
For the fourth quarter, it reported earnings of 118.8 mln
974
dlrs, including a gain of 28.6 mln dlrs for discontinued
975
operations and 90.5 mln dlrs mainly for claims settlements. In
976
the year-ago period, Charter reported a loss of 13 mln dlrs.
980
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14554" NEWID="9033">
981
<DATE>24-MAR-1987 16:32:07.68</DATE>
982
<TOPICS><D>acq</D></TOPICS>
983
<PLACES><D>usa</D></PLACES>
986
<EXCHANGES></EXCHANGES>
987
<COMPANIES></COMPANIES>
990
f2518reute
991
r f BC-NASHUA-<NSH>-TO-PURCH 03-24 0083</UNKNOWN>
993
<TITLE>NASHUA <NSH> TO PURCHASE PRIVATE DISC MAKER</TITLE>
994
<DATELINE> NASHUA, N.H., March 24 - </DATELINE><BODY>Nashua Corp said it signed a
995
letter of intent to purchase <Lin Data Corp>, a private
996
manufacturer of high-capacity rigid discs for storage of
998
Under the terms of the letter, Nashua said it will acquire
999
all classes of Lin stock for 24 mln dlrs. In addition, it said
1000
it will loan Lin 1,200,000 dlrs to support its operations.
1001
The closing of the sale is set for the second quarter of
1002
1987, the company said.
1006
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14555" NEWID="9034">
1007
<DATE>24-MAR-1987 16:34:49.02</DATE>
1008
<TOPICS><D>earn</D></TOPICS>
1009
<PLACES><D>usa</D></PLACES>
1012
<EXCHANGES></EXCHANGES>
1013
<COMPANIES></COMPANIES>
1016
f2522reute
1017
r f BC-ALTRON-INC-<ALRN>-4TH 03-24 0072</UNKNOWN>
1019
<TITLE>ALTRON INC <ALRN> 4TH QTR JAN 3</TITLE>
1020
<DATELINE> WILMINGTON, Mass, March 24 -
1021
</DATELINE><BODY>Shr loss 56 cts vs loss five cts
1022
Net loss 1.9 mln vs loss 164,000
1023
revs 6.9 mln vs 5.4 mln
1025
Shr loss 1.15 dlrs vs profit 52 cts
1026
Net loss 3.8 mln vs profit 1.7 mln
1027
Revs 25.6 mln vs 29.8 mln
1028
NOTE: 1987 net loss includes loss 6.5 mln dlrs for
1029
nonrecurring reserve for closing costs of facility, writeoffs
1030
and sales of real estate.
1035
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14556" NEWID="9035">
1036
<DATE>24-MAR-1987 16:38:19.15</DATE>
1038
<PLACES><D>usa</D></PLACES>
1041
<EXCHANGES></EXCHANGES>
1042
<COMPANIES></COMPANIES>
1045
f2534reute
1046
r f BC-COLLINS-FOODS-<CF>-MO 03-24 0077</UNKNOWN>
1048
<TITLE>COLLINS FOODS <CF> MOVES UP WARRANT CONVERSION</TITLE>
1049
<DATELINE> LOS ANGELES, March 24 - </DATELINE><BODY>Collins Foods International Inc
1050
said it moved up the conversion date for its warrants to
1051
purchase common stock to April 24.
1052
There are currently 2,160,000 warrants outstanding, the
1053
company said. It said each warrant entitles the holder to buy
1054
one Collins common share at 12.11 dlrs per share.
1055
Collins also said the warrants were originally scheduled to
1056
expire on December 15, 1988.
1057
But the agreement under which the warrants were issued
1058
permits the company to accelerate the date if the closing price
1059
of its common stock equals or exceeds 21.78 dlrs per share for
1060
10 consecutive trading days, the company said.
1061
It also pointed out that the stock price closed at 22.75
1062
dlrs per share on March 23.
1066
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14557" NEWID="9036">
1067
<DATE>24-MAR-1987 16:38:34.38</DATE>
1068
<TOPICS><D>earn</D><D>acq</D></TOPICS>
1069
<PLACES><D>usa</D></PLACES>
1072
<EXCHANGES></EXCHANGES>
1073
<COMPANIES></COMPANIES>
1076
f2535reute
1077
u f BC-GENCORP-<GY>-PROPOSAL 03-24 0098</UNKNOWN>
1079
<TITLE>GENCORP <GY> PROPOSALS WITHDRAWN FROM MEETING</TITLE>
1080
<DATELINE> AKRON, Ohio, March 24 - </DATELINE><BODY>GenCorp Inc said it withdrew from
1081
consideration at its annual meeting on March 31 proposals aimed
1082
at providing for a stock split and an increased dividend so
1083
that it could focus its energies on responding to the takeover
1084
offer made last week by a partnership of AFG Industries Inc
1085
<AFG> and Wagner and Brown.
1086
In addition to proposing an increase in the number of its
1087
outstanding common shares, GenCorp had suggested the adoption
1088
of a classified or "staggered" board and the elimination of
1090
GenCorp said these proposals could "distract energy and
1091
attention from the real task at hand -- to respond to the
1092
tender offer in a manner which is in the best interests of the
1093
company, its shareholders and its other constituencies."
1094
GenCorp said the proposal to increase its outstanding
1095
shares was made with the aim of declaring a stock split and a
1097
The other proposals, it said, would provide for greater
1098
long-term stability and cohesiveness for the GenCorp board.
1099
The company did not indicate when it might resubmit the
1100
proposals for approval by its shareholders.
1104
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14558" NEWID="9037">
1105
<DATE>24-MAR-1987 16:39:39.76</DATE>
1107
<PLACES><D>usa</D></PLACES>
1110
<EXCHANGES></EXCHANGES>
1111
<COMPANIES></COMPANIES>
1114
f2540reute
1115
r f BC-WEEKLY-ELECTRIC-OUTPU 03-24 0073</UNKNOWN>
1117
<TITLE>WEEKLY ELECTRIC OUTPUT UP 2.4 PCT FROM 1986</TITLE>
1118
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>U.S. power companies generated a net
1119
47.47 billion kilowatt-hours of electrical energy in the week
1120
ended March 21, up 2.4 pct from 46.36 billion a year earlier,
1121
the Edison Electric Institute (EEI) said.
1122
In its weekly report on electric output, the electric
1123
utility trade association said electric output in the week
1124
ended March 14 was 48.31 billion kilowatt-hours.
1125
The EEI said power production in the 52 weeks ended March
1126
21 was 2,557.44 billion kilowatt hours, up 2.1 pct from the
1128
Electric output so far this year was 602.26 billion
1129
kilowatt hours, up 2.2 pct from 589.51 billion last year, the
1134
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14559" NEWID="9038">
1135
<DATE>24-MAR-1987 16:40:00.41</DATE>
1137
<PLACES><D>usa</D></PLACES>
1140
<EXCHANGES></EXCHANGES>
1141
<COMPANIES></COMPANIES>
1144
f2541reute
1145
r f BC-MONOLITHIC-<MMIC>-TO 03-24 0096</UNKNOWN>
1147
<TITLE>MONOLITHIC <MMIC> TO DROP GATE ARRAY LINE</TITLE>
1148
<DATELINE> SANTA CLARA, Calif., March 24 - </DATELINE><BODY>Monolithic Memories Inc
1149
said it plans to discontinue marketing its gate array
1150
integrated circuit product line and focus efforts on the market
1151
for field-programmable products.
1152
It said the current market dynamics will hinder
1153
profitability in the gate array market for some time.
1154
Monolithic also said it does not expect the move to have a
1155
negative impact on earnings, adding, the company has estimated
1156
that the gate array products would have contributed only one
1157
pct of revenues in fiscal 1987.
1161
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14560" NEWID="9039">
1162
<DATE>24-MAR-1987 16:40:32.83</DATE>
1163
<TOPICS><D>crude</D><D>gas</D></TOPICS>
1167
<EXCHANGES></EXCHANGES>
1168
<COMPANIES></COMPANIES>
1171
f2543reute
1172
u f BC-******API-SAYS-DISTIL 03-24 0015</UNKNOWN>
1173
<TEXT TYPE="BRIEF">
1174
******<TITLE>API SAYS DISTILLATE STOCKS OFF 4.07 MLN BBLS, GASOLINE OFF 2.69 MLN, CRUDE UP 8.53 MLN
1175
</TITLE>Blah blah blah.
1180
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14561" NEWID="9040">
1181
<DATE>24-MAR-1987 16:41:16.33</DATE>
1182
<TOPICS><D>earn</D></TOPICS>
1183
<PLACES><D>usa</D></PLACES>
1186
<EXCHANGES></EXCHANGES>
1187
<COMPANIES></COMPANIES>
1190
f2547reute
1191
r f BC-VERMONT-FINANCIAL-SER 03-24 0038</UNKNOWN>
1193
<TITLE>VERMONT FINANCIAL SERVICES <VFSC> SETS PAYOUT</TITLE>
1194
<DATELINE> BRATTLEBORO, Vermont, March 24 - </DATELINE><BODY>Vermont Financial Services
1195
Corp said its board approved a regular 20 cts per share cash
1196
dividend payable April 25 to shareholders of record March 26.
1200
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14562" NEWID="9041">
1201
<DATE>24-MAR-1987 16:41:51.89</DATE>
1202
<TOPICS><D>acq</D></TOPICS>
1206
<EXCHANGES></EXCHANGES>
1207
<COMPANIES></COMPANIES>
1210
f2551reute
1211
f f BC-******RESORTS-INTERNA 03-24 0011</UNKNOWN>
1212
<TEXT TYPE="BRIEF">
1213
******<TITLE>RESORTS INTERNATIONAL GETS BUYOUT PROPOSAL FROM KSZ CO INC
1214
</TITLE>Blah blah blah.
1219
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14563" NEWID="9042">
1220
<DATE>24-MAR-1987 16:42:09.41</DATE>
1222
<PLACES><D>usa</D></PLACES>
1225
<EXCHANGES></EXCHANGES>
1226
<COMPANIES></COMPANIES>
1229
f2554reute
1230
d f BC-VR-BUSINESS-BROKERS-E 03-24 0073</UNKNOWN>
1232
<TITLE>VR BUSINESS BROKERS EXPANDS OPERATIONS</TITLE>
1233
<DATELINE> BOSTON, March 24 - </DATELINE><BODY><VR Business Brokers> said it sold a
1234
master franchise license to one of the largest independent
1235
groups of management consultants in the Caribbean.
1236
It said that under the master license the group will
1237
operate under the name VR Caribbean Inc and will cover
1238
countries of the Caribbean basin and Central America and Dade
1240
Terms of the sale were not disclosed.
1244
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14564" NEWID="9043">
1245
<DATE>24-MAR-1987 16:42:29.98</DATE>
1247
<PLACES><D>usa</D></PLACES>
1250
<EXCHANGES></EXCHANGES>
1251
<COMPANIES></COMPANIES>
1254
f2556reute
1255
u f BC-CORRECTED---ATT-<T>-F 03-24 0112</UNKNOWN>
1257
<TITLE>CORRECTED - ATT <T> FORMS COMPUTER SALES GROUPS</TITLE>
1258
<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>American Telephone and Telegraph Co
1259
said it formed a 600-member sales force dedicated exclusively
1260
to its computers and other data systems products.
1261
Separately, ATT denied reports that it plans to buy back a
1262
large chunk of its stock. ATT's stock is up 1/4 points at
1263
25-1/8 in heavy trading.
1264
The company said it also created a separate 500-member team
1265
that will educate the computer sales force and its other sales
1266
groups on ATT's computer products. This group, ATT said,
1267
reports directly to Vittorio Cassoni, senior vice president of
1268
its computer unit. (Corrects sales support team size to 500)
1273
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14565" NEWID="9044">
1274
<DATE>24-MAR-1987 16:44:02.04</DATE>
1275
<TOPICS><D>earn</D></TOPICS>
1276
<PLACES><D>usa</D></PLACES>
1279
<EXCHANGES></EXCHANGES>
1280
<COMPANIES></COMPANIES>
1283
f2558reute
1284
s f BC-GREAT-ATLANTIC-AND-PA 03-24 0024</UNKNOWN>
1286
<TITLE>GREAT ATLANTIC AND PACIFIC TEA CO INC <GAP> DIV</TITLE>
1287
<DATELINE> NEW YORK, March 24 -
1288
</DATELINE><BODY>Qtly div 10 cts vs 10 cts prior
1294
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14566" NEWID="9045">
1295
<DATE>24-MAR-1987 16:44:47.92</DATE>
1296
<TOPICS><D>acq</D></TOPICS>
1297
<PLACES><D>usa</D></PLACES>
1300
<EXCHANGES></EXCHANGES>
1301
<COMPANIES></COMPANIES>
1304
f2559reute
1305
d f BC-GARTNER-GROUP-<GART> 03-24 0077</UNKNOWN>
1307
<TITLE>GARTNER GROUP <GART> ACQUIRES COMTEC PROGRAM</TITLE>
1308
<DATELINE> STAMFORD, Conn., March 24 - </DATELINE><BODY>Gartner Group Inc said it
1309
acquired sole ownership of the COMTEC Market Research Program.
1310
Gartner said its wholly-owned subsidiary purchased the
1311
interests of its former partners for an aggregate price of
1312
1,125,000 plus a percentage of net sales proceeds on future
1313
sales of certain products.
1314
Prior to the acquisition, Gartner Group owned one-third in
1315
the COMTEC partnership, it said.
1319
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14567" NEWID="9046">
1320
<DATE>24-MAR-1987 16:48:46.78</DATE>
1322
<PLACES><D>usa</D></PLACES>
1325
<EXCHANGES></EXCHANGES>
1326
<COMPANIES></COMPANIES>
1329
f2569reute
1330
r f BC-U.S.-CAR-SALES-DOWN-3 03-24 0117</UNKNOWN>
1332
<TITLE>U.S. CAR SALES DOWN 3.9 PCT IN MID-MARCH</TITLE>
1333
<DATELINE> Detroit, March 24 - </DATELINE><BODY>Sales of U.S.-made cars during
1334
mid-March, the traditional start of the spring selling season,
1335
dropped 3.9 pct behind last year's level, analysts say.
1336
Automakers sold about 204,000 cars in the March 11-20
1337
selling period, 10,000 fewer than last year. Analysts said the
1338
decline may auger poorly for the rest of the spring season.
1339
Buyers shied away from the showrooms of American Motors
1340
Corp <AMO>, the target of a 1.5 billion dlr takeover bid from
1341
Chrysler Corp <C>. Analysts said consumers were anxious about
1342
the whether Chrysler will retain some American Motors models,
1343
causing a 62 pct drop in American Motors sales in mid-March.
1344
Chrysler's mid-March sales fell 3.6 pct.
1345
"During the spring selling season, you usually look for
1346
some kind of seasonal uplift in sales. It doesn't look like
1347
it's happening," said Joseph Philippi, analyst with E.F. Hutton
1349
"There may be less bloom to the spring selling season this
1350
year than last," one auto company official conceded.
1351
General Motors Corp <GM>, still working to regain consumer
1352
interest in its cars, led the drop with a 14.8 pct decline.
1353
Ford Motor Co's <F> sales increased 15.2 pct for the
1354
period. But analysts said the rise compares to a 1986 period
1355
for Ford, leaving it down 10 pct in two years.
1356
"The total industry (mid-March sales) was slightly less
1357
than expected," the company official said.
1358
American Motors' decline caught analysts eye. "American
1359
Motors took it on the chin--big," said Philippi.
1360
Given the prospective takeover by Chrysler, "people might
1361
be a little leary about going to (American Motors) dealers," he
1363
American Motors sold 790 domestic cars in the period,
1364
meaning each of American Motors 1,050 dealers "is selling a car
1365
about every other day," Philippi said.
1366
Potential American Motors buyers are afraid their car
1367
models "might disappear," he said.
1368
Chrysler, in its purchase agreement with American Motors'
1369
majority stockholder <Renault>, has agreed not to undercut
1370
sales of American Motors' new Medallion and Premier cars, made
1372
On a company by company basis, sales of U.S. made cars from
1373
the March 11 to 20 period were--GM 105,438, down 14.8 pct, Ford
1374
67,672, up 15.2 pct, Chrysler 30,909, down 3.6 pct, American
1375
Motors 790, down 6.2 pct, American Honda 7,447 compared with
1376
5,031, Nissan Motor Corp, 3,358, up 10.7 pct, Volkswagon U.S.
1377
Inc 1,330, down 35 pct.
1381
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14568" NEWID="9047">
1382
<DATE>24-MAR-1987 16:54:19.43</DATE>
1383
<TOPICS><D>acq</D></TOPICS>
1384
<PLACES><D>usa</D></PLACES>
1387
<EXCHANGES></EXCHANGES>
1388
<COMPANIES></COMPANIES>
1391
f2583reute
1392
u f BC-RESORTS-INT'L-<RT.A> 03-24 0079</UNKNOWN>
1394
<TITLE>RESORTS INT'L <RT.A> RECEIVES TAKEOVER OFFER</TITLE>
1395
<DATELINE> ATLANTIC CITY, N.J., March 24 - </DATELINE><BODY>Resorts International Inc
1396
said it received a proposal from <KSZ Co Inc> under which
1397
holders of Resorts class B stock would receive 140 dlrs a share
1398
in cash and one share of common stock in a new company to be
1399
formed through the takeover.
1400
Under the offer, Resorts said holders of its class A shares
1401
would receive 15 dlrs a share in cash and three shares of
1402
common stock in the new company.
1403
Resorts said the offer from KSZ calls for a merger of
1404
Resorts with RI Acquisition Co Inc, a newly formed Delaware
1406
Resorts said that prior to the merger, RI Acquisition would
1407
be capitalized with about 100 mln dlrs of debt and about 220
1409
It said 200 mln dlrs of the equity would be in the form of
1410
special preferred stock.
1411
The KSZ offer, Resorts said, indicates that KSZ has a
1412
commitment from <M. Davies Cos> to buy all of the special
1414
Resorts said the offer will expire at 1700 EST on March 27.
1415
It said it asked its investment advisor, Bear, Stearns and Co,
1416
to advise its board on the offer.
1417
Earlier this month, the estate of James M. Crosby and
1418
certian members of his family agreed to sell their class B
1419
shares to New York real estate tycoon Donald Trump for 135 dlrs
1420
a share. The estate and family members hold 78 pct of the
1421
752,297 class B shares outstanding.
1422
Trump also agreed to pay 135 dlrs a share for the remaining
1423
class B shares outstanding.
1424
Resorts also has about 5,680,000 shares of outstanding
1425
class A stock. These shares carry one one-hundredth the voting
1426
power of the class B shares.
1427
Trump's offer beat out a rival bid of 135 dlrs a share made
1428
by Pratt Hotel Corp <PRAT>.
1429
Resorts said that under the proposal made by KSZ, existing
1430
class A and class B shareholders would control about 96 pct of
1431
the outstanding common of the new company formed to acquire
1433
Resorts said the new company, upon completion of the
1434
merger, would hold the 220 mln dlrs of debt and that the
1435
special preferred stock would immediately be converted into
1436
exchangeable participating preferred of the new company.
1437
This preferred, Resorts said, would pay a dividend based on
1438
the net cash flows from the new company's Paradise Island
1440
A Resorts spokesman said the KSZ offer was made in a
1441
two-page letter and that Resorts could not comment on it
1442
because it did not contain enough information. Resorts has
1443
asked Bear, Sterns to obtain complete data, he said.
1444
The spokesman said Resorts is not familiar with KSZ but
1445
that it believes the company is controlled by Marvin Davis, the
1447
Calls to Davis were referred to Lee Solters, who handles
1448
public relations for Davis. Solters, said to be travelling, was
1449
not immediately available for comment.
1450
Donald Trump was also unavailable for comment, as was a
1451
spokesman for the Crosby estate.
1455
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14569" NEWID="9048">
1456
<DATE>24-MAR-1987 16:56:59.34</DATE>
1457
<TOPICS><D>earn</D></TOPICS>
1458
<PLACES><D>usa</D></PLACES>
1461
<EXCHANGES></EXCHANGES>
1462
<COMPANIES></COMPANIES>
1465
f2588reute
1466
r f BC-CITICORP-<CCI>-SEES-D 03-24 0111</UNKNOWN>
1468
<TITLE>CITICORP <CCI> SEES DOUBLING IN RETAIL BANK NET</TITLE>
1469
<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>Citicorp expects net income in its
1470
individual banking sector to top one billion dlrs by 1993,
1471
compared with 462 mln dlrs in 1986, said Richard Braddock, head
1472
of Citicorp's individual banking division.
1473
"We can double our earnings over the next five to seven
1474
years," he told a banking analysts meeting, adding that this
1475
forecast may be on the conservative side.
1476
He said that bank card operations and the New York branch
1477
system would continue to turn in hefty profits but also picked
1478
out other developing areas, such as U.S. mortgage and
1479
international consumer, as major potential earners.
1480
Braddock and his sector heads made the following more
1481
specific predictions:
1482
- Cost of funds and net credit loss levels in the U.S.
1483
bankcard unit will taper off in coming years from 1986's
1484
relatively inflated levels.
1485
- Customer net revenue in the mortgage banking area will
1486
rise to 464.7 mln dlrs in 1987 from 374.3 mln in 1986.
1487
- The international consumer business will show 22 pct
1488
compound annual growth in earnings between 1986 and 1992.
1489
- Private banking earnings will hit 100 mln dlrs in 1987
1490
and top 200 mln dlrs in 1992.
1494
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14570" NEWID="9049">
1495
<DATE>24-MAR-1987 16:58:33.67</DATE>
1496
<TOPICS><D>earn</D></TOPICS>
1497
<PLACES><D>usa</D></PLACES>
1500
<EXCHANGES></EXCHANGES>
1501
<COMPANIES></COMPANIES>
1504
f2593reute
1505
d f BC-WD-40-CO-<WDFC>-2ND-Q 03-24 0042</UNKNOWN>
1507
<TITLE>WD-40 CO <WDFC> 2ND QTR FEB 28 NET</TITLE>
1508
<DATELINE> SAN DIEGO, Calif., March 24 -
1509
</DATELINE><BODY>Shr 35 cts vs 40 cts
1510
Net 2,642,000 vs 3,017,000
1511
Sales 19.1 mln vs 18.9 mln
1513
Shr 69 cts vs 70 cts
1514
Net 5,178,000 vs 5,299,000
1515
Sales 35.6 mln vs 33.8 mln
1519
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14571" NEWID="9050">
1520
<DATE>24-MAR-1987 16:59:02.01</DATE>
1522
<PLACES><D>usa</D></PLACES>
1525
<EXCHANGES><D>nasdaq</D></EXCHANGES>
1526
<COMPANIES></COMPANIES>
1529
f2594reute
1530
u f BC-NASD-TO-BEGIN-SEARCH 03-24 0105</UNKNOWN>
1532
<TITLE>NASD TO BEGIN SEARCH FOR NEW PRESIDENT</TITLE>
1533
<DATELINE> NEW YORK, March 24 - </DATELINE><BODY>The National Association of Securities
1534
Dealers, which will launch a search for a new president later
1535
this week, will probably concentrate on candidates with an
1536
extensive background in the financial markets, officials of the
1537
organization said today.
1538
Gordon Macklin, 58, who has served as president for 17
1539
years, today announced his decision to leave the organization
1540
of 6,658 broker-dealers. Macklin will join Hambrecht and Quist
1541
as chairman and co-chief executive officer.
1542
Association chairman Joseph Hardiman will appoint a search
1543
committee later this week.
1544
The committee will have its first meeting as early as next
1545
week. The new president is expected to be someone knowledgable
1546
about the over-the-counter markets and committed to the concept
1548
Macklin joined the association as president in 1970,
1549
leaving a position at McDonald and Co.
1550
The National Association of Securities Dealers Automated
1551
Quotations System, which currently lists 5200 securities of
1552
4400 companies, was ushered in 10 months after Macklin's
1557
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14572" NEWID="9051">
1558
<DATE>24-MAR-1987 17:00:51.46</DATE>
1559
<TOPICS><D>trade</D></TOPICS>
1560
<PLACES><D>brazil</D><D>usa</D></PLACES>
1563
<EXCHANGES></EXCHANGES>
1564
<COMPANIES></COMPANIES>
1566
C G L M T
1567
f2599reute
1568
d f AM-BRAZIL-COMPUTER 03-24 0136</UNKNOWN>
1570
<TITLE>BRAZIL COMPUTER MARKET TO REMAIN CLOSED-MINISTER</TITLE>
1571
<DATELINE> RIO DE JANEIRO, MARCH 24 - </DATELINE><BODY>Brazilian Science and Technology
1572
Minister Renato Archer said Brazil will keep its computer
1573
market closed to foreign goods in order to give its own infant
1574
industry time to develop.
1575
"Every country establishes laws to protect its interests.
1576
The United States closed their borders at a certain stage to
1577
some foreign goods and therefore protected its industrial
1578
development. Now it is time for Brazil to do likewise," Archer
1579
said at the opening of a national software conference.
1580
After several meetings, Brazil and the U.S. Have made no
1581
major progress in their computer row, which they have been
1582
trying to resolve for the past 18 months.
1583
The Reagan administration has objected to Brazil protecting
1584
its computer industry from imports.
1588
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14573" NEWID="9052">
1589
<DATE>24-MAR-1987 17:02:09.20</DATE>
1591
<PLACES><D>usa</D></PLACES>
1594
<EXCHANGES></EXCHANGES>
1595
<COMPANIES></COMPANIES>
1598
f2603reute
1599
d f BC-METALBANC-IN-OFFERING 03-24 0053</UNKNOWN>
1601
<TITLE>METALBANC IN OFFERING</TITLE>
1602
<DATELINE> MIAMI, March 24 - </DATELINE><BODY>Metalbanc Corp said signed a letter of
1603
intent for a proposed public offering of one mln units,
1604
consisting of four shares of common stock and stock purchase
1605
warrants for two additional shares.
1606
The units are expected to be sold at between five dlrs and
1611
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14574" NEWID="9053">
1612
<DATE>24-MAR-1987 17:03:05.68</DATE>
1613
<TOPICS><D>earn</D></TOPICS>
1614
<PLACES><D>usa</D></PLACES>
1617
<EXCHANGES></EXCHANGES>
1618
<COMPANIES></COMPANIES>
1621
f2608reute
1622
d f BC-NORTHERN-INDIANA-PUBL 03-24 0071</UNKNOWN>
1624
<TITLE>NORTHERN INDIANA PUBLIC SVC <NI> AGAIN OMITS DIV</TITLE>
1625
<DATELINE> HAMMIND, Ind., March 24 - </DATELINE><BODY>Northern Indiana Public Service
1626
Company said it again omitted its quarterly common stock
1627
dividend which would have been payable in May.
1628
NIPSCO said it has not paid a qtly dividend since December
1629
1985 following an adverse decision by the Indiana Supreme Court
1630
denying amortization of about 191 mln dlrs NIPSCO invested in
1631
its Bailly N-1 project.
1635
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14575" NEWID="9054">
1636
<DATE>24-MAR-1987 17:03:18.88</DATE>
1637
<TOPICS><D>money-fx</D><D>dlr</D></TOPICS>
1641
<EXCHANGES></EXCHANGES>
1642
<COMPANIES></COMPANIES>
1645
f2610reute
1646
f f BC-******FED'S-JOHNSON-S 03-24 0013</UNKNOWN>
1647
<TEXT TYPE="BRIEF">
1648
******<TITLE>FED'S JOHNSON SAYS DOLLAR STABILIZED AFTER FED TOOK APPROPRIATE ACTION
1649
</TITLE>Blah blah blah.
1654
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14576" NEWID="9055">
1655
<DATE>24-MAR-1987 17:05:30.74</DATE>
1656
<TOPICS><D>money-fx</D><D>trade</D></TOPICS>
1657
<PLACES><D>usa</D><D>japan</D></PLACES>
1658
<PEOPLE><D>volcker</D></PEOPLE>
1660
<EXCHANGES></EXCHANGES>
1661
<COMPANIES></COMPANIES>
1664
f2612reute
1665
r f BC-FED-CHAIRMAN-VOLCKER 03-24 0108</UNKNOWN>
1667
<TITLE>FED CHAIRMAN VOLCKER SAYS BANK PROPOSALS A WORRY</TITLE>
1668
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>The chairman of the Federal Reserve
1669
Board, Paul Volcker, has written to the chairman of the House
1670
Banking Committee to raise concerns about legislative proposals
1671
scheduled for consideration Wednesday.
1672
Volcker told committee chairman Fernand St. Germain a
1673
proposal to deny primary dealer status to firms from countries
1674
that do not grant U.S. firms equal access to their government
1675
debt markets might invite retaliation against U.S. firms
1677
He added, "even Japan, against whom this proposal seems to
1678
be particularly directed," has started opening its markets.
1679
In his letter, made available at the Treasury, Volcker also
1680
said a proposal to ease debt problems of developing countries
1681
by setting up a public facility to buy their debts owed to
1682
commercial banks, was a problem.
1683
"I believe that the prospect of debt relief would undermine
1684
the difficult internal efforts of the borrowing countries to
1685
achieve the structural reform that is needed regardless of the
1686
policies that are followed on servicing external debt," Volcker
1688
It might also cause private lenders to become reluctant to
1689
extend more credit to the borrowing countries, he said.
1690
Volcker said he endorsed comments by Treasury Secretary
1691
James Baker "about the inappropriateness of using public
1692
resources for purchasing private commercial bank debt, which we
1693
both see as an inherent aspect of the proposed international
1695
He also said a proposal for establishing formal procedures
1696
for international negotiations on currency exchange rates "is
1697
unrealistic and could well have damaging effects."
1698
"For example, the bill's directive to intitiate negotiations
1699
in order to achieve a competitive exchange rate for the dollar
1700
among analysts -- runs the risk of building up potentially
1701
destabilizing market expectations," Volcker said.
1702
He recommended "we should not lock ourselves into formalized
1703
procedures for international negotiations" on exchange rates but
1704
instead use other, more flexible means like the recent mmeting
1705
in Paris between U.S. treasury and central bank representatives
1706
and those of major trade allies.
1710
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14577" NEWID="9056">
1711
<DATE>24-MAR-1987 17:08:30.83</DATE>
1712
<TOPICS><D>earn</D></TOPICS>
1713
<PLACES><D>usa</D></PLACES>
1716
<EXCHANGES></EXCHANGES>
1717
<COMPANIES></COMPANIES>
1720
f2615reute
1721
s f BC-BORMAN'S-INC-<BRF>-DE 03-24 0024</UNKNOWN>
1723
<TITLE>BORMAN'S INC <BRF> DECLARES QTLY DIVIDEND</TITLE>
1724
<DATELINE> DETROIT, Mich., March 24 -
1725
</DATELINE><BODY>Qtly div five cts vs five cts prior
1731
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14578" NEWID="9057">
1732
<DATE>24-MAR-1987 17:08:39.15</DATE>
1734
<PLACES><D>usa</D></PLACES>
1737
<EXCHANGES></EXCHANGES>
1738
<COMPANIES></COMPANIES>
1741
f2616reute
1742
r f BC-INTERLEUKIN-2-<ILTO> 03-24 0057</UNKNOWN>
1744
<TITLE>INTERLEUKIN-2 <ILTO> DETAILS WARRANT CONVERSION</TITLE>
1745
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Interleukin-2 Inc said the
1746
registration of warrants became effective March 20 and that 3.5
1747
mln warrants will be convertible into 1.75 mln shares of the
1748
company's common stock, giving the company a maximum of 2.4 mln
1750
The warrants must be exercised by June 22.
1754
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14579" NEWID="9058">
1755
<DATE>24-MAR-1987 17:10:19.66</DATE>
1756
<TOPICS><D>grain</D><D>corn</D><D>oilseed</D><D>soybean</D></TOPICS>
1757
<PLACES><D>usa</D></PLACES>
1760
<EXCHANGES></EXCHANGES>
1761
<COMPANIES></COMPANIES>
1764
f2618reute
1765
u f BC-/U.S.-CORN-ACREAGE-SE 03-24 0134</UNKNOWN>
1767
<TITLE>U.S. CORN ACREAGE SEEN NEAR RECORD LOW</TITLE>
1768
<AUTHOR> by Maggie McNeil, Reuters</AUTHOR>
1769
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>U.S. corn acreage this year is
1770
likely to drop to the lowest level since the unsurpassed
1771
acreage reductions of the 1983 PIK year and could rank as one
1772
of the lowest corn plantings in the United States in sixty
1773
years, Agriculture Department officials said.
1774
USDA releases its official plantings report on March 31.
1775
Agriculture Department analysts said next week's figures will
1776
likely show a sharp drop in acreage to as low as 65 mln acres,
1777
down 22 pct from last year's plantings of 83.3 mln acres.
1778
Assuming an 18 mln acre drop in plantings, U.S. corn
1779
production will also decrease significantly. Analysts said 1987
1780
corn production could drop by over one billion bushels to
1781
around seven billion bushels.
1782
Expected signup of up to 90 pct in the 1987 feed grains
1783
program, along with 1.9 mln acres enrolled in the conservation
1784
program, will cause acreage to plummet, Department feedgrain
1786
"There's no question that there will be a sharp decrease in
1787
corn acreage," one said. "It's difficult for any farmer to not
1788
go along with the program this year."
1789
Soybean acreage is also expected to decline this year but
1790
at a much slower rate of around four pct, USDA analysts said.
1791
Soybean plantings could drop to 59 mln acres or below, they
1792
said, compared to last year's level of 61.5 mln acres.
1793
If analysts' unofficial estimates prove correct then the
1794
drop in u.s. corn acreage will be the largest since 1983 when
1795
farmers idled 22 mln acres in the Payment-In-Kind program.
1796
Farmers planted only around 60 mln acres of corn in 1983. A
1797
severe drought that summer in major producing states caused
1798
yields to tumble and final crop production to total only 4.2
1800
Given normal weather conditions this year, USDA analysts
1801
said the 1987 corn crop could end up around seven billion
1802
bushels, down from last year's crop of 8.3 billion bushels.
1803
"This kind of acreage reduction will mean a significant
1804
reduction in production," an analyst said.
1805
A crop of seven billion bushels is close to the annual U.S.
1806
corn usage, so surplus stocks, while not decreasing, would not
1807
increase significantly, a specialist said.
1808
High producing corn belt states are expected to show the
1809
greatest acreage reductions, based upon historical
1810
participation in government programs, analysts said.
1811
In contrast, soybean acreage is likely to be cut the most
1812
in marginal producing areas of the southeast and the western
1813
corn belt, a USDA soybean analyst said.
1814
"Soybean acreage in the eastern corn belt will not budge,"
1815
he said. Neither does he expect any significant acreage cuts in
1816
higher-producing delta areas.
1817
Soybean production could drop fractionally from last year's
1818
2.0 billion bushels to 1.8 to 1.9 billion, he said.
1819
U.S. soybean acreage, after soaring to 71.4 mln acres in
1820
1979 from only 52 mln acres five years prior to that, has
1821
steadily declined in the 1980's.
1822
U.S. corn acreage, with the exception of 1983, has been in
1823
the low to mid 80-mln acre range for the past 10 years. The
1824
highest corn plantings reported in the 60 years that USDA has
1825
kept such records was in 1932 when farmers planted 113 mln
1826
acres and obtained average yields of 26.5 bushels per acre.
1827
Last year U.S. farmers obtained record corn yields
1828
averaging 119.3 bushels per acre.
1829
"We have absolutely no trouble producing an eight billion
1830
bushel crop on only 80 mln acres or so," an analyst said.
1831
Corn acreage will probably level at around 65 mln acres as
1832
long as government program provisions remain the same, analysts
1834
Currently farmers enrolling in the program are required to
1835
set aside 20 pct of their base acreage and then are eligible
1836
for payments of two dlrs per bushel by idling an additional 15
1837
pct of their acreage.
1838
"To get to the PIK level of 60 mln acres, we would have to
1839
provide more incentives," an analyst said.
1843
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14580" NEWID="9059">
1844
<DATE>24-MAR-1987 17:10:32.59</DATE>
1845
<TOPICS><D>acq</D></TOPICS>
1846
<PLACES><D>usa</D></PLACES>
1849
<EXCHANGES></EXCHANGES>
1850
<COMPANIES></COMPANIES>
1853
f2620reute
1854
r f BC-KIRSCHNER-<KMDC>-COMP 03-24 0065</UNKNOWN>
1856
<TITLE>KIRSCHNER <KMDC> COMPLETES PURCHASE</TITLE>
1857
<DATELINE> TIMONIUM, Md., March 24 - </DATELINE><BODY>Kirschner Medical corp said it
1858
completed the acquisition of Minnesota Mining and
1859
Manufacturing's <MMM> orthopedic metal implant line division.
1860
The acquisition price is 12.0 mln dlrs in cash, a six mln
1861
dlr three year note and 100,000 shares of Kirschner common
1863
The division had sales of 11.3 mln dlrs in 1986.
1867
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14581" NEWID="9060">
1868
<DATE>24-MAR-1987 17:10:45.15</DATE>
1869
<TOPICS><D>trade</D><D>hog</D><D>carcass</D><D>livestock</D></TOPICS>
1870
<PLACES><D>usa</D><D>ussr</D></PLACES>
1873
<EXCHANGES></EXCHANGES>
1874
<COMPANIES></COMPANIES>
1877
f2621reute
1878
r f BC-U.S.-SENATORS-SEEK-TO 03-24 0126</UNKNOWN>
1880
<TITLE>U.S. SENATORS SEEK TO EXPAND USDA EXPORT BONUS</TITLE>
1881
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Leading U.S. farm state senators are
1882
seeking to insert into the Senate's omnibus trade bill a
1883
provision that would broaden eligibility requirements under the
1884
U.S. Agriculture Department's export enhancement program, EEP,
1885
to include traditional buyers of U.S. farm products, including
1886
the Soviet Union, Senate staff said.
1887
Under existing criteria, USDA can offer EEP subsidies to
1888
recoup export markets lost to competing nations' unfair trading
1890
Senate Agriculture Committee Chairman Patrick Leahy (D-Vt.)
1891
is leading a group of farm state senators in an effort to
1892
broaden the criteria in such a way as to enable Moscow to be
1893
eligible for the subsidies, sources said.
1894
The senators -- including Senate Finance Committee Chairman
1895
Lloyd Bentsen (D-Tex.), Max Baucus (D-Mont.), David Pryor
1896
(D-Ark.), John Melcher (D-Mont.) and Thad Cochran (R-Miss.) --
1897
also may fold into the trade bill a measure to shield pork
1898
producers and processors from Canadian imports.
1899
The measure, sponsored by Sen. Charles Grassley (R-Iowa),
1900
would clarify the definition of "industry" in determining whether
1901
or not imports were causing injury to U.S. producers.
1902
Grassley's bill stems from a 1985 decision by the
1903
International Trade Commission that imports from Canada of live
1904
swine -- but not fresh, chilled and frozen pork -- were harming
1906
The bill's proponents have argued Canada has simply
1907
replaced shipments of live hogs with fresh pork.
1911
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14582" NEWID="9061">
1912
<DATE>24-MAR-1987 17:11:15.09</DATE>
1913
<TOPICS><D>money-fx</D><D>dlr</D></TOPICS>
1914
<PLACES><D>usa</D></PLACES>
1917
<EXCHANGES></EXCHANGES>
1918
<COMPANIES></COMPANIES>
1921
f2623reute
1922
b f BC-/FED'S-JOHNSON-SAYS-F 03-24 0088</UNKNOWN>
1924
<TITLE>FED'S JOHNSON SAYS FED ACTED TO STABILIZE DOLLAR</TITLE>
1925
<DATELINE> WASHINGTON, March 24 - </DATELINE><BODY>Federal Reserve Board Vice Chairman
1926
Manuel Johnson said the dollar has stabilized against other
1927
currencies after action taken by the Fed.
1928
"We have taken the appropriate action and the dollar has
1929
stabilized," Johnson said after testifying to a House Banking
1931
He did not elaborate on the nature of the action nor when
1932
it was taken, but said that it was in the spirit of the
1933
agreement reached by six industrial nations in Paris recently.
1934
Johnson said the dollar's decline against other currencies
1935
such as the Japanese yen has been gradual.
1936
Since the accord by the United States, Britain, West
1937
Germany, Japan, France and Canada, foreign exchange markets
1938
have been closely watching for indications of intervention by
1939
central banks to determine the committment by those nations to
1941
The nations agreed that currency exchange rates were at
1942
about the correct levels when the pact was signed earlier this
1947
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14583" NEWID="9062">
1948
<DATE>24-MAR-1987 17:11:23.20</DATE>
1950
<PLACES><D>usa</D></PLACES>
1953
<EXCHANGES></EXCHANGES>
1954
<COMPANIES></COMPANIES>
1957
f2624reute
1958
r f BC-XOMA-<XOMA>-FILES-FOR 03-24 0098</UNKNOWN>
1960
<TITLE>XOMA <XOMA> FILES FOR PUBLIC OFFERING</TITLE>
1961
<DATELINE> BERKELEY, Calif., March 24 - </DATELINE><BODY>Xoma Corp said it filed a
1962
registration statement with the Securities and Exchange
1963
Commission covering a proposed public offering of 1.3 mln
1965
Xoma, a biotechnology company which produces monoclonal
1966
antibody-based products to treat some forms of cancer, said
1967
proceeds will be used to fund research and product development,
1968
human clinical trials and the expansion of manufacturing
1969
capacity and working capital.
1970
It said Dillon Read and Co Inc and Alex Brown and Sons Inc
1971
will manage the underwriting.
1975
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="14584" NEWID="9063">
1976
<DATE>24-MAR-1987 17:12:51.35</DATE>
1978
<PLACES><D>usa</D></PLACES>
1981
<EXCHANGES></EXCHANGES>
1982
<COMPANIES></COMPANIES>
1985
f2625reute
1986
r f BC-REPUBLIC-AMERICAN-<RA 03-24 0088</UNKNOWN>
1988
<TITLE>REPUBLIC AMERICAN <RAWC> PLANS EXCHANGE OFFER</TITLE>
1989
<DATELINE> ENCINO, Calif., March 24 - </DATELINE><BODY>Republic American Corp said it
1990
began an offer to exchange a new issue of 9-1/2 pct
1991
subordinated debentures due 2002 for a portion of its common
1993
Republic said it is offering to acquire its stock at a rate
1994
of 17.50 dlrs principal amount of debentures per common share.
1995
The offering, which expires on April 27 unless extended, is
1996
for up to 2,250,000 shares, with the company reserving the
1997
right to accept three mln shares, Republic also said.
added
removed
test/data/reuters-21578/reut2-009.sgm
